filings.toolsItem 7A. Quantitative and Qualitative Disclosures about Market Risk
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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 8 to the Consolidated Financial Statements, we have a variable interest rate that, as of December 31, 2025, 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 0.685%. SOFR rates charged on our Line change daily, and the applicable margin on the Line is 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, 2025 the Adjusted SOFR plus the applicable margin of 0.685% was 4.445%.
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 also 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 capital market conditions and assess our ability to favorably refinance maturing debt and to fund our commitments. Based on our current credit ratings, the available capacity under our unsecured credit facility, and the number of unencumbered high quality properties we own that could serve as collateral, we believe we will be able to issue new secured or unsecured debt to finance maturing debt obligations; however, the extent to which capital market volatility and changes in interest rates may adversely affect the cost or availability of such financing remains uncertain.
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, 2025. 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, 2025, 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 $1.2 million per year based on $120.0 million floating rate line of credit balance outstanding at December 31, 2025.
Further, the table below incorporates only those exposures that exist as of December 31, 2025, and does not consider exposures or positions that could arise after that date or obligations repaid before maturity. Since firm but unused 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.
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, 2025:
| (dollars in thousands) | 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||
| Fixed rate debt (1) | $ | 360,684 | 757,610 | 360,305 | 527,739 | 607,608 | 2,064,885 | 4,678,831 | 4,554,628 | |||||||||||||||||||||||
| Average interest rate for all fixed rate debt (2) | 4.21 | % | 4.33 | % | 4.32 | % | 4.54 | % | 4.79 | % | 4.81 | % | ||||||||||||||||||||
| Variable rate SOFR debt (1) | $ | — | — | 120,000 | — | — | — | 120,000 | 120,000 | |||||||||||||||||||||||
| Average interest rate for all variable rate debt (2) | 4.45 | % | 4.45 | % | 4.45 | % | — | % | — | % | — | % |
(1)
Reflects amount of debt maturities during each of the years presented as of December 31, 2025.
(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, 2025, was used to determine the average interest rate for all future periods.
Item 8. Financial Statements and Supplementary Data
Regency Centers Corporation and Regency Centers, L.P.
Index to Financial Statements
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.
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, 2025 and 2024, 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, 2025, 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, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, 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, 2025, 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 13, 2026 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 $11.3 billion as of December 31, 2025. 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.
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 13, 2026
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, 2025, 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, 2025, 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, 2025 and 2024, 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, 2025, 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 13, 2026 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 13, 2026
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, 2025 and 2024, 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, 2025, 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, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, 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, 2025, 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 13, 2026 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 $11.3 billion as of December 31, 2025. 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.
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 13, 2026
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, 2025, 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, 2025, 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, 2025 and 2024, 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, 2025, 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 13, 2026 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 13, 2026
RE****GENCY CENTERS CORPORATION
Consolidated Balance Sheets
December 31, 2025 and 2024
(in thousands, except share data)
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Net real estate investments: | ||||||||
| Real estate assets, at cost | $ | 14,561,924 | 13,698,419 | |||||
| Less: accumulated depreciation | 3,267,728 | 2,960,399 | ||||||
| Real estate assets, net | 11,294,196 | 10,738,020 | ||||||
| Investments in sales-type leases, net | 16,727 | 16,291 | ||||||
| Investments in real estate partnerships | 349,856 | 399,044 | ||||||
| Net real estate investments | 11,660,779 | 11,153,355 | ||||||
| Cash, cash equivalents, and restricted cash, including $16,004 and $5,601 of restricted cash at December 31, 2025 and 2024, respectively | 120,661 | 61,884 | ||||||
| Tenant and other receivables, net | 273,862 | 255,495 | ||||||
| Deferred leasing costs, less accumulated amortization of $138,391 and $131,080 at December 31, 2025 and 2024, respectively | 97,253 | 79,911 | ||||||
| Acquired lease intangible assets, less accumulated amortization of $421,433 and $395,209 at December 31, 2025 and 2024, respectively | 254,201 | 229,983 | ||||||
| Right of use assets, net | 315,804 | 322,287 | ||||||
| Other assets | 278,723 | 289,046 | ||||||
| Total assets | $ | 13,001,283 | 12,391,961 | |||||
| Liabilities and Equity | ||||||||
| Liabilities: | ||||||||
| Notes payable, net | $ | 4,619,301 | 4,343,700 | |||||
| Unsecured credit facility | 120,000 | 65,000 | ||||||
| Accounts payable and other liabilities | 391,847 | 392,302 | ||||||
| Acquired lease intangible liabilities, less accumulated amortization of $243,040 and $222,052 at December 31, 2025 and 2024, respectively | 356,454 | 364,608 | ||||||
| Lease liabilities | 242,368 | 244,861 | ||||||
| Tenants' security, escrow deposits and prepaid rent | 89,707 | 81,183 | ||||||
| Total liabilities | 5,819,677 | 5,491,654 | ||||||
| Commitments and contingencies | — | — | ||||||
| Equity: | ||||||||
| Shareholders' equity: | ||||||||
| Preferred stock $0.01 par value per share, 30,000,000 shares authorized; 9,000,000 shares issued and outstanding, in the aggregate, in Series A and Series B at December 31, 2025 and 2024 | 225,000 | 225,000 | ||||||
| Common stock $0.01 par value per share, 220,000,000 shares authorized; 182,902,234 and 181,361,454 shares issued and outstanding at December 31, 2025 and 2024, respectively | 1,829 | 1,814 | ||||||
| Treasury stock at cost, 494,307 and 479,251 shares held at December 31, 2025 and 2024, respectively | (31,075 | ) | (28,045 | ) | ||||
| Additional paid-in-capital | 8,704,138 | 8,503,227 | ||||||
| Accumulated other comprehensive (loss) income | (4,220 | ) | 2,226 | |||||
| Distributions in excess of net income | (1,988,782 | ) | (1,980,076 | ) | ||||
| Total shareholders' equity | 6,906,890 | 6,724,146 | ||||||
| Noncontrolling interests: | ||||||||
| Exchangeable operating partnership units, aggregate redemption value of $264,950 and $81,076 at December 31, 2025 and 2024, respectively | 144,940 | 40,744 | ||||||
| Limited partners' interests in consolidated partnerships | 129,776 | 135,417 | ||||||
| Total noncontrolling interests | 274,716 | 176,161 | ||||||
| Total equity | 7,181,606 | 6,900,307 | ||||||
| Total liabilities and equity | $ | 13,001,283 | 12,391,961 |
The accompanying notes are an integral part of the consolidated financial statements.
RE****GENCY CENTERS CORPORATION
Consolidated Statements of Operations
For the years ended December 31, 2025, 2024, and 2023
(in thousands, except per share data)
| 2025 | 2024 | 2023 | ||||||||||
| Revenues: | ||||||||||||
| Lease income | $ | 1,511,425 | 1,411,379 | 1,283,939 | ||||||||
| Other property income | 13,741 | 14,651 | 11,573 | |||||||||
| Management, transaction, and other fees | 28,358 | 27,874 | 26,954 | |||||||||
| Total revenues | 1,553,524 | 1,453,904 | 1,322,466 | |||||||||
| Operating expenses: | ||||||||||||
| Depreciation and amortization | 405,044 | 394,714 | 352,282 | |||||||||
| Property operating expense | 264,877 | 248,637 | 229,209 | |||||||||
| Real estate taxes | 192,282 | 184,415 | 165,560 | |||||||||
| General and administrative | 99,407 | 101,465 | 97,806 | |||||||||
| Other operating expenses | 8,849 | 10,867 | 9,459 | |||||||||
| Total operating expenses | 970,459 | 940,098 | 854,316 | |||||||||
| Other expense, net: | ||||||||||||
| Interest expense, net | 199,548 | 180,119 | 154,249 | |||||||||
| Provision for impairment of real estate | 4,606 | 14,304 | — | |||||||||
| Gain on sale of real estate, net of tax | (24,464 | ) | (34,162 | ) | (661 | ) | ||||||
| Loss (gain) on early extinguishment of debt | — | 180 | (99 | ) | ||||||||
| Net investment income | (4,077 | ) | (6,181 | ) | (5,665 | ) | ||||||
| Total other expense, net | 175,613 | 154,260 | 147,824 | |||||||||
| Income before equity in income of investments in real estate partnerships | 407,452 | 359,546 | 320,326 | |||||||||
| Equity in income of investments in real estate partnerships | 133,499 | 50,294 | 50,541 | |||||||||
| Net income | 540,951 | 409,840 | 370,867 | |||||||||
| Noncontrolling interests: | ||||||||||||
| Exchangeable operating partnership units ("EOP") | (7,069 | ) | (2,338 | ) | (2,008 | ) | ||||||
| Limited partners' interests in consolidated partnerships | (6,422 | ) | (7,114 | ) | (4,302 | ) | ||||||
| Net income attributable to noncontrolling interests | (13,491 | ) | (9,452 | ) | (6,310 | ) | ||||||
| Net income attributable to the Company | 527,460 | 400,388 | 364,557 | |||||||||
| Preferred stock dividends | (13,650 | ) | (13,650 | ) | (5,057 | ) | ||||||
| Net income attributable to common shareholders | $ | 513,810 | 386,738 | 359,500 | ||||||||
| Net income attributable to common shareholders: | ||||||||||||
| Per common share - basic | $ | 2.82 | 2.12 | 2.04 | ||||||||
| Per common share - diluted | $ | 2.82 | 2.11 | 2.04 |
The accompanying notes are an integral part of the consolidated financial statements.
REG****ENCY CENTERS CORPORATION
Consolidated Statements of Comprehensive Income
For the years ended December 31, 2025, 2024, and 2023
(in thousands)
| 2025 | 2024 | 2023 | ||||||||||
| Net income | $ | 540,951 | 409,840 | 370,867 | ||||||||
| Other comprehensive (loss) income: | ||||||||||||
| Effective portion of change in fair value of derivative instruments: | ||||||||||||
| Effective portion of change in fair value of derivative instruments | (2,659 | ) | 12,523 | (2,448 | ) | |||||||
| Reclassification adjustment of derivative instruments included in net income | (4,738 | ) | (8,895 | ) | (7,536 | ) | ||||||
| Unrealized gain (loss) on available-for-sale debt securities | 436 | (32 | ) | 337 | ||||||||
| Other comprehensive (loss) income | (6,961 | ) | 3,596 | (9,647 | ) | |||||||
| Comprehensive income | 533,990 | 413,436 | 361,220 | |||||||||
| Less: comprehensive income attributable to noncontrolling interests: | ||||||||||||
| Net income attributable to noncontrolling interests | 13,491 | 9,452 | 6,310 | |||||||||
| Other comprehensive (loss) income attributable to noncontrolling interests | (515 | ) | 62 | (779 | ) | |||||||
| Comprehensive income attributable to noncontrolling interests | 12,976 | 9,514 | 5,531 | |||||||||
| Comprehensive income attributable to the Company | $ | 521,014 | 403,922 | 355,689 |
The accompanying notes are an integral part of the consolidated financial statements.
REG****ENCY CENTERS CORPORATION
Consolidated Statements of Equity
For the years ended December 31, 2025, 2024, and 2023
(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, 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 | — | — | — | 13,518 | — | — | 13,518 | (13,518 | ) | — | (13,518 | ) | — | |||||||||||||||||||||||||||||||
| Deferred compensation plan, net | — | — | (1,027 | ) | 1,027 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| Amortization of equity awards | — | 2 | — | 20,439 | — | — | 20,441 | — | — | — | 20,441 | |||||||||||||||||||||||||||||||||
| Tax withholding on stock-based compensation | — | — | — | (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 exchangeable 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 stock/unit (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 Income (Loss) | Distributions in Excess of Net Income | Total Shareholders' Equity | Exchangeable Operating Partnership Units | Limited Partners' Interest in Consolidated Partnerships | Total Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||
| Balance at December 31, 2023 | $ | 225,000 | 1,846 | **(**25,488 | ) | 8,704,240 | **(**1,308 | ) | **(**1,871,603 | ) | 7,032,687 | 42,195 | 117,053 | 159,248 | 7,191,935 | |||||||||||||||||||||||||||||
| Net income | — | — | — | — | — | 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 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| Amortization of equity awards | — | 1 | — | 24,916 | — | — | 24,917 | — | — | — | 24,917 | |||||||||||||||||||||||||||||||||
| Tax withholding on stock-based compensation | — | — | — | (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 exchangeable 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 stock/unit (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 |
| Shareholders' Equity | Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||||
| Preferred Stock | Common Stock | Treasury Stock | Additional Paid In Capital | Accumulated Other Comprehensive Income (Loss) | Distributions in Excess of Net Income | Total Shareholders' Equity | Exchangeable Operating Partnership Units | Limited Partners' Interest in Consolidated Partnerships | Total Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 225,000 | 1,814 | **(**28,045 | ) | 8,503,227 | 2,226 | **(**1,980,076 | ) | 6,724,146 | 40,744 | 135,417 | 176,161 | 6,900,307 | ||||||||||||||||||||||||||||||
| Net income | — | — | — | — | — | 527,460 | 527,460 | 7,069 | 6,422 | 13,491 | 540,951 | |||||||||||||||||||||||||||||||||
| Other comprehensive loss | ||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive loss before reclassification | — | — | — | — | (2,070 | ) | — | (2,070 | ) | (2 | ) | (151 | ) | (153 | ) | (2,223 | ) | |||||||||||||||||||||||||||
| Amounts reclassified from accumulated other comprehensive loss | — | — | — | — | (4,376 | ) | — | (4,376 | ) | (42 | ) | (320 | ) | (362 | ) | (4,738 | ) | |||||||||||||||||||||||||||
| Adjustment for noncontrolling interests | — | — | — | 83,514 | — | — | 83,514 | (95,323 | ) | 11,809 | (83,514 | ) | — | |||||||||||||||||||||||||||||||
| Deferred compensation plan, net | — | — | (3,030 | ) | 3,030 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| Amortization of equity awards | — | 2 | — | 22,085 | — | — | 22,087 | — | — | — | 22,087 | |||||||||||||||||||||||||||||||||
| Tax withholding on stock-based compensation | — | — | — | (6,794 | ) | — | — | (6,794 | ) | — | — | — | (6,794 | ) | ||||||||||||||||||||||||||||||
| Repurchase of EOP units | — | — | — | — | — | — | — | (2,046 | ) | — | (2,046 | ) | (2,046 | ) | ||||||||||||||||||||||||||||||
| Common stock issued under dividend reinvestment plan | — | — | — | 722 | — | — | 722 | — | — | — | 722 | |||||||||||||||||||||||||||||||||
| Common stock issued for exchangeable units exchanged | — | — | — | 200 | — | — | 200 | (200 | ) | — | (200 | ) | — | |||||||||||||||||||||||||||||||
| Common stock issued, net of issuance costs | — | 13 | — | 98,154 | — | — | 98,167 | — | — | — | 98,167 | |||||||||||||||||||||||||||||||||
| Contributions from partners | — | — | — | — | — | — | — | 201,872 | 17,593 | 219,465 | 219,465 | |||||||||||||||||||||||||||||||||
| Distributions to partners | — | — | — | — | — | — | — | — | (40,994 | ) | (40,994 | ) | (40,994 | ) | ||||||||||||||||||||||||||||||
| Dividends declared: | ||||||||||||||||||||||||||||||||||||||||||||
| Preferred stock stock/unit (Series A: $1.562500 per share/unit; Series B: $1.468800 per share/unit) | — | — | — | — | — | (13,650 | ) | (13,650 | ) | — | — | — | (13,650 | ) | ||||||||||||||||||||||||||||||
| Common stock/unit ($2.870 per share/unit) | — | — | — | — | — | (522,516 | ) | (522,516 | ) | (7,132 | ) | — | (7,132 | ) | (529,648 | ) | ||||||||||||||||||||||||||||
| Balance at December 31, 2025 | $ | 225,000 | 1,829 | **(**31,075 | ) | 8,704,138 | **(**4,220 | ) | **(**1,988,782 | ) | 6,906,890 | 144,940 | 129,776 | 274,716 | 7,181,606 |
The accompanying notes are an integral part of the consolidated financial statements.
REG****ENCY CENTERS CORPORATION
Consolidated Statements of Cash Flows
For the years ended December 31, 2025, 2024, and 2023
(in thousands)
| 2025 | 2024 | 2023 | ||||||||||
| Cash flows from operating activities: | ||||||||||||
| Net income | $ | 540,951 | 409,840 | 370,867 | ||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
| Depreciation and amortization | 405,044 | 394,714 | 352,282 | |||||||||
| Amortization of deferred financing costs and debt premiums | 15,011 | 13,096 | 8,252 | |||||||||
| Amortization of above and below market lease intangibles, net | (22,290 | ) | (22,701 | ) | (29,130 | ) | ||||||
| Stock-based compensation, net of capitalization | 19,459 | 23,504 | 20,075 | |||||||||
| Equity in income of investments in real estate partnerships | (133,499 | ) | (50,294 | ) | (50,541 | ) | ||||||
| Gain on sale of real estate, net of tax | (24,464 | ) | (34,162 | ) | (661 | ) | ||||||
| Provision for impairment of real estate, net of tax | 4,606 | 14,304 | — | |||||||||
| Loss (gain) on early extinguishment of debt | — | 180 | (99 | ) | ||||||||
| Distribution of earnings from investments in real estate partnerships | 64,471 | 69,156 | 66,531 | |||||||||
| Deferred compensation expense | 3,272 | 5,256 | 4,782 | |||||||||
| Realized and unrealized gain on investments | (4,119 | ) | (5,930 | ) | (5,571 | ) | ||||||
| Changes in assets and liabilities: | ||||||||||||
| Tenant and other receivables | (18,519 | ) | (24,219 | ) | (13,904 | ) | ||||||
| Deferred leasing costs | (18,961 | ) | (11,703 | ) | (11,156 | ) | ||||||
| Other assets | (1,962 | ) | 1,818 | 3,028 | ||||||||
| Accounts payable and other liabilities | (7,868 | ) | 4,253 | 5,152 | ||||||||
| Tenants' security, escrow deposits and prepaid rent | 6,560 | 3,086 | (316 | ) | ||||||||
| Net cash provided by operating activities | 827,692 | 790,198 | 719,591 | |||||||||
| Cash flows from investing activities: | ||||||||||||
| Acquisition of operating real estate, net of cash acquired of $4,273 in 2025 | (104,153 | ) | (45,405 | ) | (45,386 | ) | ||||||
| Acquisition of UBP, net of cash acquired of $14,143 | — | — | (82,389 | ) | ||||||||
| Real estate development and capital improvements | (435,112 | ) | (343,368 | ) | (232,855 | ) | ||||||
| Proceeds from sale of real estate | 124,992 | 108,615 | 11,167 | |||||||||
| Proceeds from property insurance casualty claims | — | 5,286 | — | |||||||||
| Issuance of notes receivable | (838 | ) | (32,651 | ) | (4,000 | ) | ||||||
| Collection of notes receivable | 687 | 3,115 | 4,000 | |||||||||
| Investments in real estate partnerships | (44,323 | ) | (41,345 | ) | (13,119 | ) | ||||||
| Return of capital from investments in real estate partnerships | 32,549 | 13,034 | 11,308 | |||||||||
| Dividends on investment securities | 1,389 | 453 | 1,283 | |||||||||
| Purchase of investment securities | (103,312 | ) | (101,044 | ) | (7,990 | ) | ||||||
| Proceeds from sale of investment securities | 106,981 | 106,666 | 16,003 | |||||||||
| Net cash used in investing activities | (421,140 | ) | (326,644 | ) | (341,978 | ) |
| 2025 | 2024 | 2023 | ||||||||||
| Cash flows from financing activities: | ||||||||||||
| Net proceeds from common stock issuance | $ | 98,167 | — | (33 | ) | |||||||
| Tax withholding on stock-based compensation | (6,794 | ) | (19,540 | ) | (7,662 | ) | ||||||
| Common shares repurchased through share repurchase program | — | (200,066 | ) | (20,006 | ) | |||||||
| Redemption of exchangeable operating partnership units | (2,046 | ) | — | (9,163 | ) | |||||||
| Proceeds from sale of treasury stock | 502 | 210 | 103 | |||||||||
| Contributions from noncontrolling interests | 16,594 | 6,789 | 10,238 | |||||||||
| Distributions to and redemptions of noncontrolling interests | (40,994 | ) | (12,185 | ) | (7,813 | ) | ||||||
| Distributions to exchangeable operating partnership unit holders | (5,007 | ) | (2,952 | ) | (2,368 | ) | ||||||
| Dividends paid to common shareholders | (511,564 | ) | (490,365 | ) | (453,065 | ) | ||||||
| Dividends paid to preferred shareholders | (13,650 | ) | (13,650 | ) | (3,413 | ) | ||||||
| Repayment of fixed rate unsecured notes | (250,000 | ) | (250,000 | ) | — | |||||||
| Proceeds from issuance of fixed rate unsecured notes, net of debt discount | 397,116 | 722,860 | — | |||||||||
| Proceeds from unsecured credit facilities | 650,000 | 722,419 | 557,000 | |||||||||
| Repayment of unsecured credit facilities | (595,000 | ) | (809,419 | ) | (405,000 | ) | ||||||
| Proceeds from notes payable | 10,000 | 12,000 | 59,500 | |||||||||
| Repayment of notes payable | (80,130 | ) | (131,261 | ) | (61,592 | ) | ||||||
| Scheduled principal payments | (11,144 | ) | (11,209 | ) | (11,235 | ) | ||||||
| Payment of financing costs | (3,825 | ) | (16,655 | ) | (526 | ) | ||||||
| Net cash used in financing activities | (347,775 | ) | (493,024 | ) | (355,035 | ) | ||||||
| Net change in cash, cash equivalents and restricted cash | 58,777 | (29,470 | ) | 22,578 | ||||||||
| Cash, cash equivalents, and restricted cash at beginning of the year | 61,884 | 91,354 | 68,776 | |||||||||
| Cash, cash equivalents, and restricted cash at end of the year | $ | 120,661 | $ | 61,884 | 91,354 | |||||||
| Supplemental disclosure of cash flow information: | ||||||||||||
| Cash paid for interest (net of capitalized interest of $10,289, $6,627, and $5,695 in 2025, 2024, and 2023, respectively) | $ | 179,216 | 161,356 | 147,176 | ||||||||
| Supplemental disclosure of non-cash transactions: | ||||||||||||
| Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid | $ | 143,260 | 133,114 | 126,683 | ||||||||
| Right of use assets obtained in exchange for new operating lease liabilities | $ | 278 | 1,271 | 36,577 | ||||||||
| Sale of leased asset in exchange for net investment in sales-type lease | $ | — | 2,846 | 8,510 | ||||||||
| Acquisition of operating real estate: | ||||||||||||
| Tenant and other receivable and other assets | $ | 1,389 | 231 | 37,799 | ||||||||
| Acquired lease intangible assets | $ | 55,081 | 5,359 | 136,652 | ||||||||
| Notes payable assumed in acquisition, at fair value | $ | 166,480 | — | 284,706 | ||||||||
| Intangible liabilities, accounts payable and other liabilities | $ | 23,198 | 6,580 | 119,750 | ||||||||
| 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 | ||||||||
| Acquisition of previously unconsolidated real estate investments: | ||||||||||||
| Acquired lease intangible assets | $ | 23,237 | — | — | ||||||||
| Notes payable assumed in acquisition, at fair value | $ | 38,485 | — | — | ||||||||
| Intangible liabilities, Accounts payable and other liabilities | $ | 9,918 | — | — | ||||||||
| Acquisition of real estate assets | $ | 127,820 | — | — | ||||||||
| Exchangeable operating partnership units issued for acquisition of real estate | $ | 199,662 | — | 31,253 | ||||||||
| Change in accrued capital expenditures | $ | 8,207 | 14,036 | 8,877 | ||||||||
| Contributions to investments in real estate partnerships | $ | 1,050 | 18,459 | 920 | ||||||||
| Contributions from limited partners in consolidated partnerships | $ | 3,209 | 7,890 | — |
The accompanying notes are an integral part of the consolidated financial statements.
RE****GENCY CENTERS, L.P.
Consolidated Balance Sheets
December 31, 2025 and 2024
(in thousands, except unit data)
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Net real estate investments: | ||||||||
| Real estate assets, at cost | $ | 14,561,924 | 13,698,419 | |||||
| Less: accumulated depreciation | 3,267,728 | 2,960,399 | ||||||
| Real estate assets, net | 11,294,196 | 10,738,020 | ||||||
| Investments in sales-type leases, net | 16,727 | 16,291 | ||||||
| Investments in real estate partnerships | 349,856 | 399,044 | ||||||
| Net real estate investments | 11,660,779 | 11,153,355 | ||||||
| Cash, cash equivalents, and restricted cash, including $16,004 and $5,601 of restricted cash at December 31, 2025 and 2024, respectively | 120,661 | 61,884 | ||||||
| Tenant and other receivables, net | 273,862 | 255,495 | ||||||
| Deferred leasing costs, less accumulated amortization of $138,391 and $131,080 at December 31, 2025 and 2024, respectively | 97,253 | 79,911 | ||||||
| Acquired lease intangible assets, less accumulated amortization of $421,433 and $395,209 at December 31, 2025 and 2024, respectively | 254,201 | 229,983 | ||||||
| Right of use assets, net | 315,804 | 322,287 | ||||||
| Other assets | 278,723 | 289,046 | ||||||
| Total assets | $ | 13,001,283 | 12,391,961 | |||||
| Liabilities and Capital | ||||||||
| Liabilities: | ||||||||
| Notes payable, net | $ | 4,619,301 | 4,343,700 | |||||
| Unsecured credit facility | 120,000 | 65,000 | ||||||
| Accounts payable and other liabilities | 391,847 | 392,302 | ||||||
| Acquired lease intangible liabilities, less accumulated amortization of $243,040 and $222,052 at December 31, 2025 and 2024, respectively | 356,454 | 364,608 | ||||||
| Lease liabilities | 242,368 | 244,861 | ||||||
| Tenants' security, escrow deposits and prepaid rent | 89,707 | 81,183 | ||||||
| Total liabilities | 5,819,677 | 5,491,654 | ||||||
| Commitments and contingencies | — | — | ||||||
| Capital: | ||||||||
| Partners' capital: | ||||||||
| Preferred units $0.01 par value per unit, 30,000,000 units authorized; 9,000,000 units issued and outstanding, in the aggregate, in Series A and Series B at December 31, 2025 and 2024 | 225,000 | 225,000 | ||||||
| General partner's common units, 182,902,234 and 181,361,454 units issued and outstanding at December 31, 2025 and 2024, respectively | 6,686,110 | 6,496,920 | ||||||
| Limited partners' common units, 3,838,188 and 1,096,659 units issued and outstanding at December 31, 2025 and 2024, respectively | 144,940 | 40,744 | ||||||
| Accumulated other comprehensive (loss) income | (4,220 | ) | 2,226 | |||||
| Total partners' capital | 7,051,830 | 6,764,890 | ||||||
| Noncontrolling interest: Limited partners' interests in consolidated partnerships | 129,776 | 135,417 | ||||||
| Total capital | 7,181,606 | 6,900,307 | ||||||
| Total liabilities and capital | $ | 13,001,283 | 12,391,961 |
The accompanying notes are an integral part of the consolidated financial statements.
REG****ENCY CENTERS, L.P.
Consolidated Statements of Operations
For the years ended December 31, 2025, 2024, and 2023
(in thousands, except per unit data)
| 2025 | 2024 | 2023 | ||||||||||
| Revenues: | ||||||||||||
| Lease income | $ | 1,511,425 | 1,411,379 | 1,283,939 | ||||||||
| Other property income | 13,741 | 14,651 | 11,573 | |||||||||
| Management, transaction, and other fees | 28,358 | 27,874 | 26,954 | |||||||||
| Total revenues | 1,553,524 | 1,453,904 | 1,322,466 | |||||||||
| Operating expenses: | ||||||||||||
| Depreciation and amortization | 405,044 | 394,714 | 352,282 | |||||||||
| Property operating expense | 264,877 | 248,637 | 229,209 | |||||||||
| Real estate taxes | 192,282 | 184,415 | 165,560 | |||||||||
| General and administrative | 99,407 | 101,465 | 97,806 | |||||||||
| Other operating expenses | 8,849 | 10,867 | 9,459 | |||||||||
| Total operating expenses | 970,459 | 940,098 | 854,316 | |||||||||
| Other expense, net: | ||||||||||||
| Interest expense, net | 199,548 | 180,119 | 154,249 | |||||||||
| Provision for impairment of real estate | 4,606 | 14,304 | — | |||||||||
| Gain on sale of real estate, net of tax | (24,464 | ) | (34,162 | ) | (661 | ) | ||||||
| Loss (gain) on early extinguishment of debt | — | 180 | (99 | ) | ||||||||
| Net investment income | (4,077 | ) | (6,181 | ) | (5,665 | ) | ||||||
| Total other expense, net | 175,613 | 154,260 | 147,824 | |||||||||
| Income before equity in income of investments in real estate partnerships | 407,452 | 359,546 | 320,326 | |||||||||
| Equity in income of investments in real estate partnerships | 133,499 | 50,294 | 50,541 | |||||||||
| Net income | 540,951 | 409,840 | 370,867 | |||||||||
| Limited partners' interests in consolidated partnerships | (6,422 | ) | (7,114 | ) | (4,302 | ) | ||||||
| Net income attributable to the Partnership | 534,529 | 402,726 | 366,565 | |||||||||
| Preferred unit distributions | (13,650 | ) | (13,650 | ) | (5,057 | ) | ||||||
| Net income attributable to common unit holders | $ | 520,879 | 389,076 | 361,508 | ||||||||
| Net income attributable to common unit holders: | ||||||||||||
| Per common unit - basic | $ | 2.83 | 2.12 | 2.04 | ||||||||
| Per common unit - diluted | $ | 2.82 | 2.11 | 2.04 |
The accompanying notes are an integral part of the consolidated financial statements.
REG****ENCY CENTERS, L.P.
Consolidated Statements of Comprehensive Income
For the years ended December 31, 2025, 2024, and 2023
(in thousands)
| 2025 | 2024 | 2023 | ||||||||||
| Net income | $ | 540,951 | 409,840 | 370,867 | ||||||||
| Other comprehensive (loss) income: | ||||||||||||
| Effective portion of change in fair value of derivative instruments: | ||||||||||||
| Effective portion of change in fair value of derivative instruments | (2,659 | ) | 12,523 | (2,448 | ) | |||||||
| Reclassification adjustment of derivative instruments included in net income | (4,738 | ) | (8,895 | ) | (7,536 | ) | ||||||
| Unrealized gain (loss) on available-for-sale debt securities | 436 | (32 | ) | 337 | ||||||||
| Other comprehensive (loss) income | (6,961 | ) | 3,596 | (9,647 | ) | |||||||
| Comprehensive income | 533,990 | 413,436 | 361,220 | |||||||||
| Less: comprehensive income attributable to noncontrolling interests: | ||||||||||||
| Net income attributable to noncontrolling interests | 6,422 | 7,114 | 4,302 | |||||||||
| Other comprehensive (loss) income attributable to noncontrolling interests | (471 | ) | 42 | (731 | ) | |||||||
| Comprehensive income attributable to noncontrolling interests | 5,951 | 7,156 | 3,571 | |||||||||
| Comprehensive income attributable to the Partnership | $ | 528,039 | 406,280 | 357,649 |
The accompanying notes are an integral part of the consolidated financial statements.
REG****ENCY CENTERS, L.P.
Consolidated Statements of Capital
For the years ended December 31, 2025, 2024, and 2023
(in thousands)
| General Partner Preferred and Common Units | Limited Partners | Accumulated Other Comprehensive Income (Loss) | Total Partners' Capital | Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships | Total Capital | |||||||||||||||||||
| Balance at December 31, 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 | ||||||||||||||||||
| Repurchase of EOP units | — | (9,163 | ) | — | (9,163 | ) | — | (9,163 | ) | |||||||||||||||
| 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 | ||||||||||||||||||
| 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 | ||||||||||||||||
| 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 | ||||||||||||||||||
| 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 |
| General Partner Preferred and Common Units | Limited Partners | Accumulated Other Comprehensive Income (Loss) | Total Partners' Capital | Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships | Total Capital | |||||||||||||||||||
| Balance at December 31, 2024 | $ | 6,721,920 | 40,744 | 2,226 | 6,764,890 | 135,417 | 6,900,307 | |||||||||||||||||
| Net income | 527,460 | 7,069 | — | 534,529 | 6,422 | 540,951 | ||||||||||||||||||
| Other comprehensive loss | ||||||||||||||||||||||||
| Other comprehensive loss before reclassification | — | (2 | ) | (2,070 | ) | (2,072 | ) | (151 | ) | (2,223 | ) | |||||||||||||
| Amounts reclassified from accumulated other comprehensive loss | — | (42 | ) | (4,376 | ) | (4,418 | ) | (320 | ) | (4,738 | ) | |||||||||||||
| Adjustment for noncontrolling interests in the Operating Partnership | 83,514 | (95,323 | ) | — | (11,809 | ) | 11,809 | — | ||||||||||||||||
| Contributions from partners | — | 201,872 | — | 201,872 | 17,593 | 219,465 | ||||||||||||||||||
| Distributions to partners | (522,516 | ) | (7,132 | ) | — | (529,648 | ) | (40,994 | ) | (570,642 | ) | |||||||||||||
| 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 | 22,087 | — | — | 22,087 | — | 22,087 | ||||||||||||||||||
| Repurchase of EOP units | — | (2,046 | ) | — | (2,046 | ) | — | (2,046 | ) | |||||||||||||||
| Common units issued as a result of common stock issued by Parent Company, net of issuance costs | 98,167 | — | — | 98,167 | — | 98,167 | ||||||||||||||||||
| Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances | (6,072 | ) | — | — | (6,072 | ) | — | (6,072 | ) | |||||||||||||||
| EOP units exchanged for common stock of Parent Company | 200 | (200 | ) | — | — | — | — | |||||||||||||||||
| Balance at December 31, 2025 | $ | 6,911,110 | 144,940 | **(**4,220 | ) | 7,051,830 | 129,776 | 7,181,606 |
The accompanying notes are an integral part of the consolidated financial statements.
REG****ENCY CENTERS, L.P.
Consolidated Statements of Cash Flows
For the years ended December 31, 2025, 2024, and 2023
(in thousands)
| 2025 | 2024 | 2023 | ||||||||||
| Cash flows from operating activities: | ||||||||||||
| Net income | $ | 540,951 | 409,840 | 370,867 | ||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
| Depreciation and amortization | 405,044 | 394,714 | 352,282 | |||||||||
| Amortization of deferred financing costs and debt premiums | 15,011 | 13,096 | 8,252 | |||||||||
| Amortization of above and below market lease intangibles, net | (22,290 | ) | (22,701 | ) | (29,130 | ) | ||||||
| Stock-based compensation, net of capitalization | 19,459 | 23,504 | 20,075 | |||||||||
| Equity in income of investments in real estate partnerships | (133,499 | ) | (50,294 | ) | (50,541 | ) | ||||||
| Gain on sale of real estate, net of tax | (24,464 | ) | (34,162 | ) | (661 | ) | ||||||
| Provision for impairment of real estate, net of tax | 4,606 | 14,304 | — | |||||||||
| Loss (gain) on early extinguishment of debt | — | 180 | (99 | ) | ||||||||
| Distribution of earnings from investments in real estate partnerships | 64,471 | 69,156 | 66,531 | |||||||||
| Deferred compensation expense | 3,272 | 5,256 | 4,782 | |||||||||
| Realized and unrealized gain on investments | (4,119 | ) | (5,930 | ) | (5,571 | ) | ||||||
| Changes in assets and liabilities: | ||||||||||||
| Tenant and other receivables | (18,519 | ) | (24,219 | ) | (13,904 | ) | ||||||
| Deferred leasing costs | (18,961 | ) | (11,703 | ) | (11,156 | ) | ||||||
| Other assets | (1,962 | ) | 1,818 | 3,028 | ||||||||
| Accounts payable and other liabilities | (7,868 | ) | 4,253 | 5,152 | ||||||||
| Tenants' security, escrow deposits and prepaid rent | 6,560 | 3,086 | (316 | ) | ||||||||
| Net cash provided by operating activities | 827,692 | 790,198 | 719,591 | |||||||||
| Cash flows from investing activities: | ||||||||||||
| Acquisition of operating real estate, net of cash acquired of $4,273 in 2025 | (104,153 | ) | (45,405 | ) | (45,386 | ) | ||||||
| Acquisition of UBP, net of cash acquired of $14,143 | — | — | (82,389 | ) | ||||||||
| Real estate development and capital improvements | (435,112 | ) | (343,368 | ) | (232,855 | ) | ||||||
| Proceeds from sale of real estate | 124,992 | 108,615 | 11,167 | |||||||||
| Proceeds from property insurance casualty claims | — | 5,286 | — | |||||||||
| Issuance of notes receivable | (838 | ) | (32,651 | ) | (4,000 | ) | ||||||
| Collection of notes receivable | 687 | 3,115 | 4,000 | |||||||||
| Investments in real estate partnerships | (44,323 | ) | (41,345 | ) | (13,119 | ) | ||||||
| Return of capital from investments in real estate partnerships | 32,549 | 13,034 | 11,308 | |||||||||
| Dividends on investment securities | 1,389 | 453 | 1,283 | |||||||||
| Purchase of investment securities | (103,312 | ) | (101,044 | ) | (7,990 | ) | ||||||
| Proceeds from sale of investment securities | 106,981 | 106,666 | 16,003 | |||||||||
| Net cash used in investing activities | (421,140 | ) | (326,644 | ) | (341,978 | ) |
| 2025 | 2024 | 2023 | ||||||||||
| Cash flows from financing activities: | ||||||||||||
| Net proceeds from common stock issuance | $ | 98,167 | — | (33 | ) | |||||||
| Tax withholding on stock-based compensation | (6,794 | ) | (19,540 | ) | (7,662 | ) | ||||||
| Common units repurchased through share repurchase program | — | (200,066 | ) | (20,006 | ) | |||||||
| Redemption of exchangeable operating partnership units | (2,046 | ) | — | (9,163 | ) | |||||||
| Proceeds from sale of treasury stock | 502 | 210 | 103 | |||||||||
| Contributions from noncontrolling interests | 16,594 | 6,789 | 10,238 | |||||||||
| Distributions to and redemptions of noncontrolling interests | (40,994 | ) | (12,185 | ) | (7,813 | ) | ||||||
| Distributions to partners | (516,571 | ) | (493,317 | ) | (455,433 | ) | ||||||
| Dividends paid to preferred unit holders | (13,650 | ) | (13,650 | ) | (3,413 | ) | ||||||
| Repayment of fixed rate unsecured notes | (250,000 | ) | (250,000 | ) | — | |||||||
| Proceeds from issuance of fixed rate unsecured notes, net of debt discount | 397,116 | 722,860 | — | |||||||||
| Proceeds from unsecured credit facilities | 650,000 | 722,419 | 557,000 | |||||||||
| Repayment of unsecured credit facilities | (595,000 | ) | (809,419 | ) | (405,000 | ) | ||||||
| Proceeds from notes payable | 10,000 | 12,000 | 59,500 | |||||||||
| Repayment of notes payable | (80,130 | ) | (131,261 | ) | (61,592 | ) | ||||||
| Scheduled principal payments | (11,144 | ) | (11,209 | ) | (11,235 | ) | ||||||
| Payment of financing costs | (3,825 | ) | (16,655 | ) | (526 | ) | ||||||
| Net cash used in financing activities | (347,775 | ) | (493,024 | ) | (355,035 | ) | ||||||
| Net change in cash, cash equivalents and restricted cash | 58,777 | (29,470 | ) | 22,578 | ||||||||
| Cash, cash equivalents, and restricted cash at beginning of the year | 61,884 | 91,354 | 68,776 | |||||||||
| Cash, cash equivalents, and restricted cash at end of the year | $ | 120,661 | 61,884 | 91,354 | ||||||||
| Supplemental disclosure of cash flow information: | ||||||||||||
| Cash paid for interest (net of capitalized interest of $10,289, $6,627, and $5,695 in 2025, 2024, and 2023, respectively) | $ | 179,216 | 161,356 | 147,176 | ||||||||
| Supplemental disclosure of non-cash transactions: | ||||||||||||
| Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid | $ | 143,260 | 133,114 | 126,683 | ||||||||
| Right of use assets obtained in exchange for new operating lease liabilities | $ | 278 | 1,271 | 36,577 | ||||||||
| Sale of leased asset in exchange for net investment in sales-type lease | $ | — | 2,846 | 8,510 | ||||||||
| Acquisition of operating real estate: | ||||||||||||
| Tenant and other receivable and other assets | $ | 1,389 | 231 | 37,799 | ||||||||
| Acquired lease intangible assets | $ | 55,081 | 5,359 | 136,652 | ||||||||
| Notes payable assumed in acquisition, at fair value | $ | 166,480 | — | 284,706 | ||||||||
| Intangible liabilities, accounts payable and other liabilities | $ | 23,198 | 6,580 | 119,750 | ||||||||
| 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 | ||||||||
| Acquisition of previously unconsolidated real estate investments: | ||||||||||||
| Acquired lease intangible assets | $ | 23,237 | — | — | ||||||||
| Notes payable assumed in acquisition, at fair value | $ | 38,485 | — | — | ||||||||
| Intangible liabilities, Accounts payable and other liabilities | $ | 9,918 | — | — | ||||||||
| Acquisition of real estate assets | $ | 127,820 | — | — | ||||||||
| Exchangeable operating partnership units issued for acquisition of real estate | $ | 199,662 | — | 31,253 | ||||||||
| Change in accrued capital expenditures | $ | 8,207 | 14,036 | 8,877 | ||||||||
| Contributions to investments in real estate partnerships | $ | 1,050 | 18,459 | 920 | ||||||||
| Contributions from limited partners in consolidated partnerships | $ | 3,209 | 7,890 | — |
The accompanying notes are an integral part of the consolidated financial statements.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
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 guaranteed by the Operating Partnership, which the Company plans to payoff at maturity in 2026. The Parent Company guarantees all of the unsecured debt of the Operating Partnership.
As of December 31, 2025, the Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis (the "Company" or "Regency") owned 391 properties and held partial interests in an additional 90 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, as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates in the Company's financial statements relate to the net carrying values of its real estate investments, collectibility of lease income, and acquired lease intangible assets and liabilities. It is possible that the estimates and assumptions that have been utilized in the preparation of the Consolidated Financial Statements could change significantly if economic conditions were to change.
The success of the Company's tenants in operating their businesses and their corresponding ability to pay rent may be influenced by evolving political, economic, trade, tax and immigration policies and macroeconomic uncertainty, and the success of the Company's tenants, in the aggregate, is important to the operating and financial success of the Company. These include, without limitation, changes in trade and tariff policies (as well as potential trade disputes and retaliatory actions by other countries), entry into and termination of treaties and trade agreements, and economic sanctions. Additionally, geopolitical and macroeconomic challenges, including the war involving Russia and Ukraine, conflicts and instability in the Middle East and Venezuela, and economic conflicts with China, as well as the slowing of its economy, could impact aspects of the U.S. economy and, therefore, consumer confidence and spending.
The policies implemented by the U.S. government to address these and related issues, including changes by the Board of Governors of the Federal Reserve System of its benchmark federal funds rate, increases or decreases in federal government spending, and economic sanctions and tariffs, could result in adverse impacts on the U.S. economy, including inflation, reduction in consumer confidence and spending, a slowing of growth, and potentially a recession, thereby adversely impacting the costs to our tenants of operating their businesses, demand for their products and services, and their ability to pay rent, and/or decreasing future demand for space in shopping centers, which could adversely impact occupancy rates and rents. The potential impact of current macroeconomic and geopolitical challenges on the Company's financial condition,
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
results of operations, and cash flows is subject to change and continues to depend on the extent and duration of these risks and uncertainties.
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, 2025, the Parent Company owned approximately 97.9% or 182,902,234 of the 186,740,422 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, 2025, the Company held partial ownership interests in 108 properties through various real estate partnerships, of which 18 are consolidated. These partnerships were formed for the purpose of owning and operating real estate properties. The Company's partners in these arrangements include institutional investors, real estate developers or operators, and passive investors (collectively, the "Partners" or "Limited Partners"). The Company’s involvement in these partnerships is through its ownership of its equity interests and its role in property-level management. The 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.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
The assets of these partnerships are restricted to use by the respective partnerships and cannot be directly reached by general creditors of the Company. Similarly, the obligations of the partnerships are backed by, and can only be settled through the assets of these partnerships or by additional capital contributions by the partners, except to the extent that the Company has provided contractual payment guarantees.. 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.
Some of these entities have been determined to be VIEs under applicable accounting guidelines. This determination is primarily based on the assessment that the Limited Partners lack substantive kick-out rights (i.e., the ability to remove the general or managing partner with a simple majority vote or less) and do not possess substantive participating rights. 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.
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, 2025 | December 31, 2024 | ||||||
| Assets | ||||||||
| Real estate assets, net | $ | 332,759 | 312,873 | |||||
| Cash, cash equivalents and restricted cash | 21,890 | 16,687 | ||||||
| Tenant and other receivables, net | 7,614 | 5,833 | ||||||
| Deferred costs, net | 6,715 | 3,178 | ||||||
| Acquired lease intangible assets, net | 4,328 | 6,293 | ||||||
| Right of use assets, net | 17,656 | 18,148 | ||||||
| Other assets | 775 | 597 | ||||||
| Total Assets | $ | 391,737 | 363,609 | |||||
| Liabilities | ||||||||
| Notes payable | $ | 23,771 | 32,653 | |||||
| Accounts payable and other liabilities | 12,758 | 16,149 | ||||||
| Acquired lease intangible liabilities, net | 10,119 | 10,627 | ||||||
| Tenants' security, escrow deposits and prepaid rent | 960 | 1,260 | ||||||
| Lease liabilities | 19,559 | 19,370 | ||||||
| Total Liabilities | $ | 67,167 | 80,059 |
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
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 and other Receivables
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.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
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, 2025, 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.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
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) | 2025 | 2024 | ||||||
| Tenant receivables | $ | 29,578 | 35,306 | |||||
| Straight-line rent receivables | 180,871 | 157,507 | ||||||
| Other receivables (1) | 63,413 | 62,682 | ||||||
| Total tenant and other receivables, net | $ | 273,862 | 255,495 |
(1)
Other receivables include notes receivables, construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income.
Other Property Income and Management Services
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.
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.
Management, Transaction, and other fees
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 and, in certain cases, specified intentional misconduct. 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 joint venture partnership agreements provide for incentive payments, generally referred to as "promotes" or "earnouts," to Regency for appreciation in property values while Regency is managing member of the partnership. 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.
Transaction Services
The Company also receives transaction fees, as contractually agreed upon with in 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.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
Income within Management, transaction, and other fees is primarily derived from contracts with the Company's unconsolidated 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 | 2025 | 2024 | 2023 | ||||||||||
| Management, transaction, and other fees: | ||||||||||||||
| Property management services | Over time | $ | 16,323 | 15,767 | 14,075 | |||||||||
| Asset management services | Over time | 6,967 | 6,548 | 6,542 | ||||||||||
| Leasing services | Point in time | 3,631 | 3,738 | 3,908 | ||||||||||
| Other transaction fees | Point in time | 1,437 | 1,821 | 2,429 | ||||||||||
| Total management, transaction, and other fees | $ | 28,358 | 27,874 | 26,954 |
The accounts receivable for Total management, transactions, and other fees, which are included within Tenant and other receivables, net in the accompanying Consolidated Balance Sheets, are $17.8 million and $19.7 million, as of December 31, 2025 and 2024, respectively.
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.
(c)
Real Estate Assets
The following table details the components of Real estate assets in the Consolidated Balance Sheets:
| (in thousands) | December 31, 2025 | December 31, 2024 | ||||||
| Land | $ | 4,932,642 | 4,757,704 | |||||
| Land improvements | 899,472 | 807,881 | ||||||
| Buildings | 6,948,538 | 6,456,719 | ||||||
| Building and tenant improvements | 1,634,065 | 1,461,003 | ||||||
| Construction in progress | 147,207 | 215,112 | ||||||
| Total real estate assets | $ | 14,561,924 | 13,698,419 |
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.
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.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
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, 2025 and 2024, the Company had nonrefundable deposits and other pre-development costs of approximately $14.8 million and $10.2 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, 2025, 2024, and 2023, the Company expensed pre-development costs of approximately $2.3 million, $0.9 million, and $0.1 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, 2025, 2024, and 2023, the Company capitalized interest of $10.3 million, $6.6 million, and $5.7 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, 2025, 2024, and 2023, we capitalized $24.9 million, $19.8 million, and $13.3 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.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
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, 2025 and 2024, $16.0 million and $5.6 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
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
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 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 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.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
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 and internal leasing commissions paid to employees for successful execution of lease agreements. 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 Internal Revenue Code (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 taxable REIT subsidiary (“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 income taxes, but its taxable income or loss is reported by its partners, of which the Parent Company, as general partner and approximately 97.9% owner, is allocated its Pro-rata share of tax attributes.
Distributions to shareholders are usually taxable as ordinary dividends, although a portion of the distributions may be designated as qualified dividends, capital gains or may constitute a return of capital. The Company’s distributions for 2025 consisted of a 98.69% ordinary dividend (which includes a 3.37% qualified dividend), and a 1.31% capital gain distribution.
The Company is subject to a 4% federal excise tax if it fails to distribute sufficient taxable income within prescribed time limits. The excise tax equals 4% of the excess, if any, of (a) 85% of the Company’s ordinary income for the calendar year (determined without regard to capital gains), (b) 95% of the Company’s net capital gains for the calendar year, and (c) 100% of the Company’s prior-year undistributed taxable income, over the sum of cash distributions paid during the year and certain taxes paid by the Company. No excise tax was incurred in 2025, 2024, or 2023.
The Company accounts for income taxes related to its taxable REIT subsidiaries in accordance with ASC 740, Income Taxes. Deferred tax assets and liabilities are recognized for temporary differences between the financial statement and tax bases of assets and liabilities using enacted tax rates expected to apply in the periods in which the differences reverse. Deferred tax liabilities are included in Accounts payable and other liabilities, and net deferred tax assets are included in Other assets in the Consolidated Balance Sheets. Our TRSs had a net deferred tax liability of $1.1 million and $10.3 million as of December 31, 2025 and 2024, respectively. The Company evaluates the realizability of deferred tax assets and records a valuation allowance when it is more likely than not that such assets will not be realized. There are no net deferred tax assets as of December 31, 2025 and 2024. The Company believes its income tax positions are adequately supported and that its accruals for income taxes are sufficient for all open tax years. The Company had no material uncertain tax positions as of December 31, 2025.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
(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.
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 its 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 11 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.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
(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.
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 15 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, 2025, 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 24.8%, 19.7%, and 12.6% 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.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
(o) Recent Accounting Pronouncements
The following table provides a brief description of recent accounting pronouncements and the expected impact on our financial statements:
| Standard | Description | Effective date | Effect on the financial statements or other significant matters | |||
| Recently issued: |
| ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ASU 2025-01, Income Statement - Reporting Comprehensive, Income -Expense Disaggregation Disclosures (Subtopic 220-40), Clarifying the Effective Date | ASU 2024-03 requires public business entities to provide additional disclosures that disaggregate certain income statement expense captions into specified categories. The ASU does not impact the presentation of expenses on the face of the income statement but requires additional footnote disclosures to provide users of the financial statements with greater insight into the nature and composition of reported expenses. | Fiscal years beginning January 1, 2027, and interim periods for fiscal years beginning January 1, 2028; Early adoption permitted. | The Company is assessing the impact this ASU will have on the Company’s financial statement disclosures. While the adoption of this standard is not expected to have a material impact on the financial position or results of operations, it will require enhanced footnote disclosures related to the disaggregation of income statement expenses. |
| ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity | ASU 2025-03 clarifies the guidance in determining the accounting acquirer in a business combination effected primarily by exchanging equity interests when the acquiree is a VIE that meets the definition of a business. | January 1, 2027; Early adoption is permitted. | The Company is currently evaluating the impact of this ASU, but the adoption will not have a material effect on the Company’s financial position or results of operations. |
| ASU 2025-06, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software | ASU 2025-06 amends certain aspects of the accounting for and disclosure of software costs and makes targeted improvements for accounting for internally developed software to be sold or marketed externally. | January 1, 2028; Early adoption is permitted. | The Company is currently evaluating the impact of this ASU, but the adoption will not have a material effect on the Company’s financial position or results of operations. |
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
Real Estate Investments
Acquisitions
The following tables detail the properties acquired for the periods set forth below:
| (in thousands) | December 31, 2025 | |||||||||||||||
| 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) | ||||||||
| 1/1/2025 | Putnam Plaza (2) | Carmel Hamlet, NY | Operating | 100% | $ | 31,000 | 16,749 | 4,308 | 460 | |||||||
| 1/10/2025 | Orange Meadows | Orange, CT | Outparcel | 100% | 4,200 | — | 354 | 299 | ||||||||
| 3/14/2025 | Brentwood Place | Nashville, TN | Operating | 100% | 118,500 | 40,060 | 9,371 | 18,295 | ||||||||
| 7/23/2025 | RMV Portfolio (3) | Various, CA | Operating | 100% | 357,000 | 126,860 | 45,356 | 2,224 | ||||||||
| 8/1/2025 | Chestnut Ridge Shopping Center (4) | Montvale, NJ | Operating | 100% | 18,300 | — | 3,070 | 458 | ||||||||
| 8/1/2025 | Baybrook East (4) | Webster, TX | Operating | 100% | 29,097 | 11,778 | 2,978 | 991 | ||||||||
| 8/1/2025 | Baybrook East Phase II | Webster, TX | Redevelopment | 100% | 3,597 | — | — | — | ||||||||
| 9/15/2025 | The Villages at Seven Pines | Jacksonville, FL | Development | 100% | 8,466 | — | — | — | ||||||||
| 9/19/2025 | Ellis Village Center | Tracy, CA | Development | 100% | 1,350 | — | — | — | ||||||||
| 10/1/2025 | GRI DIK Portfolio (5) | Various | Operating | 100% | 113,900 | 9,958 | 12,881 | 2,985 | ||||||||
| 11/4/2025 | Oak Valley Village | Beaumont, CA | Development | 75% | 9,256 | — | — | — | ||||||||
| 12/17/2025 | Lone Tree Village | Lone Tree, CO | Development | 100% | 4,153 | — | — | — | ||||||||
| Total property acquisitions | $ | 698,819 | 205,405 | 78,318 | 25,712 |
(1)
Amounts for purchase price and allocation are reflected at 100%.
(2)
This property was held within a single property unconsolidated real estate partnership, in which the Company held a 66.7% ownership interest. Effective January 1, 2025, the Company purchased its partner's remaining 33.3% ownership interest. Upon acquisition, this property was consolidated into Regency's financial statements.
(3)
In July 2025, the Company completed a $357 million acquisition of five operating properties, all located in Orange County, California. The purchase price was funded through a combination of units of the Operating Partnership issued at $72 per unit, and the assumption of $150 million of secured mortgage debt with a weighted average interest rate of 4.2% and a weighted average remaining term of approximately 12 years.
(4)
These properties were held within single property unconsolidated real estate partnerships, in which the Company held a 50.0% ownership interest in each. Effective August 1, 2025, the Company purchased each of its partners' remaining 50.0% ownership interests. Upon acquisition, these properties were consolidated into Regency’s financial statements.
(5)
In October 2025, an unconsolidated real estate investment partnership in which the Company holds an interest completed a partial distribution-in-kind (“DIK”) transaction involving a total of eleven operating properties. The Company received five of these properties, which had an aggregate fair value of $113.9 million, and assumed an existing fixed rate mortgage loan on one property of $10 million, which was repaid in December 2025. The remaining six properties were distributed to the other partner.
| (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%.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
Property Dispositions
The following table provides a summary of consolidated operating properties and land parcels sold during the periods set forth below:
| Year ended December 31, | ||||||||||||
| (in thousands, except number sold data) | 2025 | 2024 | 2023 | |||||||||
| Net proceeds from sale of real estate investments | $ | 124,992 | 108,615 | 11,167 | ||||||||
| Gain on sale of real estate, net of tax | $ | 24,464 | 34,162 | 661 | ||||||||
| Provision for impairment of real estate sold | $ | 4,606 | 1,330 | — | ||||||||
| Number of operating properties sold | 7 | 6 | — | |||||||||
| Number of land parcels sold | 3 | — | 5 | |||||||||
| Percent interest sold | 100% | 100% | 100% |
Investments in Real Estate Partnerships
The Company's investments in unconsolidated real estate partnerships include the following:
| December 31, 2025 | ||||||||||||||||||||||
| (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 (JV-GRI) (1) | 40% | 55 | $ | 112,235 | 1,330,890 | 115,312 | 275,534 | |||||||||||||||
| Columbia Regency Partners II, LLC (Columbia II) | 20% | 23 | 60,354 | 643,088 | 4,503 | 22,983 | ||||||||||||||||
| Columbia Village District, LLC | 30% | 1 | 6,295 | 97,702 | 2,255 | 7,570 | ||||||||||||||||
| Individual Investors | ||||||||||||||||||||||
| Ballard Blocks | 50% | 2 | 57,830 | 111,957 | 1,699 | 3,725 | ||||||||||||||||
| Bloom on Third | 35% | 1 | 46,860 | 277,647 | 1,802 | 5,213 | ||||||||||||||||
| Others (2) (3) | 12% - 83% | 8 | 66,282 | 205,987 | 7,928 | 15,626 | ||||||||||||||||
| Total investments in real estate partnerships | 90 | $ | 349,856 | 2,667,271 | 133,499 | 330,651 |
(1)
Effective October 1, 2025, the partners completed a partial distribution-in-kind (“DIK”) transaction involving a total of eleven operating properties. The Company received five of these properties, which had an aggregate fair value of $113.9 million, and assumed existing debt of approximately $10 million, which was repaid in December 2025. The remaining six properties were distributed to the other partner. As a result of this transaction, the Company recognized approximately $72.2 million in equity in income of investments in real estate partnerships, representing its share of the partnership’s gains.
(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.
(3)
Effective August 1, 2025, we acquired our partners' 50% shares in two single property partnerships for a combined purchase price of $23.7 million. Following this acquisition, the Company now owns 100% of these properties, and the properties have been consolidated into the Company’s financial statements.
| 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 (JV-GRI) | 40% | 66 | $ | 136,972 | 1,455,471 | 38,729 | 91,447 | |||||||||||||||
| Columbia Regency Partners II, LLC (Columbia II) | 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 | ||||||||||||||||
| Bloom on Third | 35% | 1 | 44,715 | 259,218 | 1,810 | 5,235 | ||||||||||||||||
| Others | 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 |
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
The summarized balance sheet information for the investments in unconsolidated real estate partnerships, on a combined basis, is as follows:
| December 31, | ||||||||
| (in thousands) | 2025 | 2024 | ||||||
| Investments in real estate, net | $ | 2,437,380 | 2,569,765 | |||||
| Acquired lease intangible assets, net | 22,946 | 25,164 | ||||||
| Other assets | 206,945 | 248,228 | ||||||
| Total assets | $ | 2,667,271 | 2,843,157 | |||||
| Notes payable | $ | 1,522,951 | 1,564,551 | |||||
| Acquired lease intangible liabilities, net | 21,573 | 19,045 | ||||||
| Other liabilities | 84,086 | 92,911 | ||||||
| Capital - Regency | 391,512 | 444,354 | ||||||
| Capital - Third parties | 647,149 | 722,296 | ||||||
| Total liabilities and capital | $ | 2,667,271 | 2,843,157 |
The following table reconciles the Company's capital recorded by the partnerships to the Company's investments in real estate partnerships reported in the accompanying Consolidated Balance Sheets:
| December 31, | ||||||||
| (in thousands) | 2025 | 2024 | ||||||
| Capital - Regency | $ | 391,512 | 444,354 | |||||
| Basis difference | (41,656 | ) | (45,310 | ) | ||||
| Investments in real estate partnerships | $ | 349,856 | 399,044 |
The revenues and expenses for the investments in unconsolidated real estate partnerships, on a combined basis, are summarized as follows:
| Year ended December 31, | ||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | |||||||||
| Total revenues | $ | 438,454 | 420,281 | 390,843 | ||||||||
| Operating expenses: | ||||||||||||
| Depreciation and amortization | 99,758 | 96,239 | 88,974 | |||||||||
| Property operating expense | 71,083 | 68,289 | 65,509 | |||||||||
| Real estate taxes | 53,651 | 51,986 | 47,529 | |||||||||
| General and administrative | 5,570 | 5,201 | 5,008 | |||||||||
| Other operating expenses | 4,191 | 5,740 | 3,119 | |||||||||
| Total operating expenses | $ | 234,253 | 227,455 | 210,139 | ||||||||
| Other expense (income): | ||||||||||||
| Interest expense, net | 58,618 | 58,451 | 56,706 | |||||||||
| Gain on sale of real estate | (185,033 | ) | (2,288 | ) | (11,140 | ) | ||||||
| Net investment income | (35 | ) | — | — | ||||||||
| Total other expense (income) | (126,450 | ) | 56,163 | 45,566 | ||||||||
| Net income of the Partnerships | $ | 330,651 | 136,663 | 135,138 | ||||||||
| The Company's share of net income of the Partnerships | $ | 133,499 | 50,294 | 50,541 |
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
Acquisitions
The following table provides a summary of shopping centers and land parcels acquired through our investments in unconsolidated real estate partnerships for the periods set forth below:
| (in thousands) | Year ended December 31, 2025 | ||||||||||||||||
| 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) | ||||||||
| 5/12/2025 | Armonk Square | Armonk, NY | Operating | State of Oregon | 20% | 26,250 | 11,884 | 2,405 | 5,498 | ||||||||
| Total property acquisitions | $ | 26,250 | 11,884 | 2,405 | 5,498 |
(1)
Amounts reflected for purchase price and allocation are reflected at 100%.
| (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 | State of Oregon | 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%.
Dispositions
The following table provides a summary of operating properties and land parcels disposed of through our investments unconsolidated in real estate partnerships:
| Year ended December 31, | ||||||||||||
| (in thousands, except number sold data) | 2025 | 2024 | 2023 | |||||||||
| Proceeds from sale of real estate investments | $ | — | 2,256 | 30,659 | ||||||||
| Gain on sale of real estate | $ | 185,033 | 2,288 | 11,140 | ||||||||
| The Company's share of gain on sale of real estate | $ | 75,980 | 907 | 3,161 | ||||||||
| Number of operating properties sold | 11 | — | 1 | |||||||||
| Number of land out-parcels sold | — | 1 | — |
Notes Payable
Scheduled principal repayments on notes payable held by our investments in real estate partnerships as of December 31, 2025, 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 | |||||||||||||||
| 2026 | $ | 7,131 | 265,346 | 20,000 | 292,477 | 95,689 | ||||||||||||||
| 2027 | 7,303 | 32,800 | — | 40,103 | 13,417 | |||||||||||||||
| 2028 | 4,097 | 231,235 | — | 235,332 | 81,592 | |||||||||||||||
| 2029 | 2,855 | 104,434 | — | 107,289 | 37,157 | |||||||||||||||
| 2030 | 2,349 | 215,893 | — | 218,242 | 77,886 | |||||||||||||||
| Beyond 5 Years | 2,159 | 634,631 | — | 636,790 | 237,869 | |||||||||||||||
| Net unamortized loan costs, debt premium / (discount) | — | (7,283 | ) | — | (7,283 | ) | (2,604 | ) | ||||||||||||
| Total | $ | 25,894 | 1,477,056 | 20,000 | 1,522,950 | 541,006 |
At December 31, 2025, Company's investments in unconsolidated real estate partnerships had notes payable of $1.5 billion maturing through 2036, of which 94.7% had a weighted average fixed interest rate of 4.0%. The remaining notes payable float with SOFR and had a weighted average variable interest rate of 6.1% at December 31, 2025. These fixed and variable rate notes payable are all non-recourse, and our Pro-rata share was $541.0 million as of December 31, 2025. As notes payable mature, they will be repaid from proceeds from new borrowings and/or capital contributions.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
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 recognized fees as discussed in Note 1, as follows:
| Year ended December 31, | ||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | |||||||||
| Management, transaction, and other fees | $ | 28,026 | 27,874 | 26,954 |
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, 2025 | December 31, 2024 | ||||||
| Goodwill | $ | 166,739 | 166,739 | |||||
| Investments | 51,373 | 51,820 | ||||||
| Prepaid and other | 34,575 | 40,240 | ||||||
| Derivative assets | 6,778 | 12,781 | ||||||
| Furniture, fixtures, and equipment, net | 12,728 | 7,954 | ||||||
| Deferred financing costs, net | 6,530 | 9,512 | ||||||
| Total other assets | $ | 278,723 | 289,046 |
The following table presents the goodwill balances and activity during the year ended:
| December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||
| (in thousands) | Goodwill | Accumulated Impairment Losses | Total | Goodwill | Accumulated Impairment Losses | Total | ||||||||||||||||||
| Beginning of year balance | $ | 292,640 | (125,901 | ) | 166,739 | $ | 294,524 | (127,462 | ) | 167,062 | ||||||||||||||
| Goodwill written off upon dispositions | (19,227 | ) | 19,227 | — | (1,884 | ) | 1,561 | (323 | ) | |||||||||||||||
| End of year balance | $ | 273,413 | (106,674 | ) | 166,739 | $ | 292,640 | (125,901 | ) | 166,739 |
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 loss. 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.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
Acquired Lease Intangibles
The Company had the following acquired lease intangibles as of the periods set forth below:
| December 31, | ||||||||
| (in thousands) | 2025 | 2024 | ||||||
| In-place leases | $ | 570,553 | 522,117 | |||||
| Above-market leases | 105,081 | 103,075 | ||||||
| Total intangible assets | 675,634 | 625,192 | ||||||
| Accumulated amortization | (421,433 | ) | (395,209 | ) | ||||
| Acquired lease intangible assets, net | $ | 254,201 | 229,983 | |||||
| Below-market leases | 599,494 | 586,660 | ||||||
| Accumulated amortization | (243,040 | ) | (222,052 | ) | ||||
| Acquired lease intangible liabilities, net | $ | 356,454 | 364,608 |
The following table provides a summary of amortization and net accretion amounts from acquired lease intangibles:
| Year ended December 31, | ||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | Line item in Consolidated Statements of Operations | ||||||||||
| In-place lease amortization | $ | 43,642 | 49,169 | 44,102 | Depreciation and amortization | |||||||||
| Above-market lease amortization | 8,850 | 8,860 | 6,571 | Lease income | ||||||||||
| Acquired lease intangible asset amortization | $ | 52,492 | 58,029 | 50,673 | ||||||||||
| Below-market lease amortization | $ | 33,422 | 33,883 | 37,831 | Lease income |
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 | ||||||
| 2026 | $ | 38,122 | 21,050 | |||||
| 2027 | 30,003 | 20,534 | ||||||
| 2028 | 24,352 | 20,615 | ||||||
| 2029 | 19,826 | 20,226 | ||||||
| 2030 | 17,109 | 19,319 |
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.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
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) | 2025 | 2024 | 2023 | |||||||||
| Operating lease income | ||||||||||||
| Fixed and in-substance fixed lease income | $ | 1,102,834 | 1,035,225 | 928,364 | ||||||||
| Variable lease income | 388,123 | 356,520 | 324,037 | |||||||||
| Other lease related income, net: | ||||||||||||
| Above/below market rent and tenant rent inducement amortization, net | 24,428 | 24,843 | 30,826 | |||||||||
| Uncollectible straight-line rent | (1,167 | ) | (1,885 | ) | 1,261 | |||||||
| Uncollectible amounts billable in lease income | (2,793 | ) | (3,324 | ) | (549 | ) | ||||||
| Total lease income | $ | 1,511,425 | 1,411,379 | 1,283,939 |
Future minimum rental revenue under non-cancelable operating leases, excluding variable lease payments as of December 31, 2025, are as follows:
| (in thousands) | ||||
| For the year ending December 31, | ||||
| 2026 | $ | 1,121,279 | ||
| 2027 | 1,026,724 | |||
| 2028 | 880,290 | |||
| 2029 | 736,919 | |||
| 2030 | 591,041 | |||
| Thereafter | 2,327,057 | |||
| Total | $ | 6,683,310 |
At December 31, 2025, 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 21 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.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
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) | 2025 | 2024 | 2023 | |||||||||
| Fixed operating lease expense | ||||||||||||
| Ground leases | $ | 15,489 | 15,420 | 14,727 | ||||||||
| Office leases | 3,907 | 3,689 | 4,103 | |||||||||
| Total fixed operating lease expense | 19,396 | 19,109 | 18,830 | |||||||||
| Variable lease expense | ||||||||||||
| Ground leases | 1,571 | 1,953 | 1,586 | |||||||||
| Office leases | 604 | 592 | 729 | |||||||||
| Total variable lease expense | 2,175 | 2,545 | 2,315 | |||||||||
| Total lease expense | $ | 21,571 | 21,654 | 21,145 | ||||||||
| Cash paid for amounts included in the measurement of operating lease liabilities | ||||||||||||
| Operating cash flows for operating leases | $ | 16,871 | 16,212 | 15,823 |
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, 2025, 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 | |||||||||
| 2026 | $ | 12,817 | 3,963 | 16,780 | ||||||||
| 2027 | 12,843 | 3,597 | 16,440 | |||||||||
| 2028 | 12,984 | 2,137 | 15,121 | |||||||||
| 2029 | 13,017 | 855 | 13,872 | |||||||||
| 2030 | 13,012 | 439 | 13,451 | |||||||||
| Thereafter | 675,321 | 913 | 676,234 | |||||||||
| Total undiscounted lease liabilities | $ | 739,994 | 11,904 | 751,898 | ||||||||
| Less imputed interest | (508,492 | ) | (1,038 | ) | (509,530 | ) | ||||||
| Lease liabilities | $ | 231,502 | 10,866 | 242,368 | ||||||||
| Weighted average discount rate | 5.5 | % | 4.6 | % | ||||||||
| Weighted average remaining term (in years) | 47.8 | 3.7 |
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:
| Scheduled Maturity Date | Weighted Average Contractual Rate | Weighted Average Effective Rate | December 31, | |||||||||||
| (in thousands) | 2025 | 2024 | ||||||||||||
| Notes payable: | ||||||||||||||
| Fixed rate mortgage loans | 2/1/2026 - 10/1/2038 | 4.0% | 4.7% | $ | 475,948 | 337,703 | ||||||||
| Variable rate mortgage loans (1) | 10/1/2026 - 2/20/2032 | 4.4% | 4.6% | 270,489 | 282,117 | |||||||||
| Fixed rate unsecured debt | 5/11/2026 - 3/15/2049 | 4.2% | 4.4% | 3,872,864 | 3,723,880 | |||||||||
| Total notes payable, net | 4,619,301 | 4,343,700 | ||||||||||||
| Unsecured credit facility: | ||||||||||||||
| $1.5 Billion Line of Credit (the "Line") (1)(2) | 3/23/2028 | 4.4% | 4.8% | 120,000 | 65,000 | |||||||||
| Total unsecured credit facility | 120,000 | 65,000 | ||||||||||||
| Total debt outstanding | $ | 4,739,301 | 4,408,700 |
(1)
As of December 31, 2025, 76.5% of the Variable rate debt are fixed through interest rate swaps.
(2)
The Company has the option to extend the maturity date by two additional six-month periods. Weighted average effective rate for the Line is calculated based on a fully drawn Line balance using the period end variable rate.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
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 May 13, 2025, the Company issued $400 million of senior unsecured notes due 2032, at a par value of 99.279% and a coupon of 5.0% (the "2025 Notes").
In July 2025, in connection with the acquisition of the RMV portfolio, the Company assumed $150 million of fixed-rate mortgage loans with a weighted average interest rate of 4.2% and a weighted average remaining term to maturity of approximately 12 years.
In November 2025, the Company repaid $250 million of fixed rate unsecured debt and $16 million of fixed rate mortgage loans upon maturity.
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, 2025, the Company was in compliance with all debt 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.
At December 31, 2025, the Line had an available capacity of $1.4 billion after giving effect to outstanding borrowings and commitments from issued letters of credit. The Line accrues interest at a variable rate of SOFR plus an applicable spread of 0.79% and a 0.115% 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, 2025, the Company was in compliance with all financial covenants for the Line.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
Scheduled principal payments and maturities on notes payable and the unsecured credit facility were as follows:
| (in thousands) | December 31, 2025 | |||||||||||||||
| Scheduled Principal Payments and Maturities by Year: | Scheduled Principal Payments | Mortgage Loan Maturities | Unsecured Maturities (1) | Total | ||||||||||||
| 2026 | $ | 12,836 | 147,848 | 200,000 | 360,684 | |||||||||||
| 2027 | 10,051 | 222,558 | 525,000 | 757,609 | ||||||||||||
| 2028 | 8,365 | 51,939 | 420,000 | 480,304 | ||||||||||||
| 2029 | 5,619 | 97,120 | 425,000 | 527,739 | ||||||||||||
| 2030 | 5,445 | 2,163 | 600,000 | 607,608 | ||||||||||||
| Beyond 5 Years | 24,210 | 190,677 | 1,850,000 | 2,064,887 | ||||||||||||
| Unamortized debt premium/(discount) and issuance costs | — | (32,394 | ) | (27,136 | ) | (59,530 | ) | |||||||||
| Total | $ | 66,526 | 679,911 | 3,992,864 | 4,739,301 |
(1)
Includes unsecured public and private debt and unsecured credit facilities.
The Company was in compliance as of December 31, 2025, with all debt covenants.
Derivative Instruments
The Company may use derivative financial instruments, including interest swaps, caps, options, floors, and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The Company does not intend to utilize derivative instruments for speculative transactions or purposes other than mitigation of interest rate risk. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties that meet the Company's stringent standards for creditworthiness. The Company does not anticipate that any of the counterparties will fail to meet their obligations.
Detail on the Company's interest rate derivatives outstanding is as follows:
| (in thousands, except number of instruments data) | December 31, | |||||||
| Interest Rate Swaps | 2025 | 2024 | ||||||
| Notional amount | $ | 299,375 | 301,444 | |||||
| Number of instruments | 15 | 14 |
Detail on the fair value of the Company's interest rate derivatives is as follows:
| (in thousands) | December 31, | |||||||
| Interest rate swaps classified as: | 2025 | 2024 | ||||||
| Derivative assets | $ | 6,778 | 12,781 | |||||
| Derivative liabilities | (1,606 | ) | (423 | ) |
Derivatives in an asset position are included within Other assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts payable and other liabilities.
These derivative financial instruments are all interest rate swaps, which are designated and qualify as cash flow hedges. The Company does not enter into derivative instruments for trading or speculative purposes. As of December 31, 2025, all of the Company's derivatives are designated as cash flow hedges.
The changes in the fair value of derivatives designated and qualifying as cash flow hedges are recorded in Accumulated other comprehensive income ("AOCI") and subsequently reclassified into earnings in the period that the hedged interest payments affects earnings.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
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 | ||||||||||||
| Year ended December 31, | ||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | |||||||||
| Interest rate swaps | $ | (2,659 | ) | 12,523 | (2,448 | ) | ||||||
| Location and Amount of Loss (Gain) Reclassified from AOCI into Income | ||||||||||||
| Year ended December 31, | ||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | |||||||||
| Interest expense, net | $ | (4,738 | ) | (8,895 | ) | (7,536 | ) | |||||
| Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded | ||||||||||||
| Year ended December 31, | ||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | |||||||||
| Interest expense, net | $ | 199,548 | 180,119 | 154,249 |
As of December 31, 2025, the Company expects approximately $0.2 million of accumulated comprehensive income on derivative instruments, including the Company's share from its Investments in real estate partnerships, to be reclassified into earnings during the next 12 months.
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, | ||||||||||||||||
| 2025 | 2024 | |||||||||||||||
| (in thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
| Financial assets: | ||||||||||||||||
| Notes receivable | $ | 31,987 | 32,173 | $ | 31,790 | 31,755 | ||||||||||
| Financial liabilities: | ||||||||||||||||
| Notes payable, net | $ | 4,619,301 | 4,554,628 | $ | 4,343,700 | 4,141,096 | ||||||||||
| Unsecured credit facilities (1) | $ | 120,000 | 120,000 | $ | 65,000 | 65,000 |
(1)
The carrying amounts approximated its fair values due to the variable nature of the terms.
The above fair values represent management's estimate of the amounts that would be received from selling those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants as of December 31, 2025 and 2024, respectively. These fair value measurements maximize the use of observable inputs which are classified within Level 2 of the fair value hierarchy. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company's own judgments about the assumptions that market participants would use in pricing the asset or liability.
The Company develops its judgments based on the best information available at the measurement date, including expected cash flows, appropriate risk-adjusted discount rates, and available observable and unobservable inputs. Service providers involved in fair value measurements are evaluated for competency and qualifications on an ongoing basis. As considerable judgment is often necessary to estimate the fair value of these financial instruments, the fair values presented above are not necessarily indicative of amounts that will be realized upon disposition of the financial instruments.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
(b)
Fair Value Measurements
The following financial instruments are measured at fair value on a recurring basis:
Securities
The Company has investments in marketable securities that are included within Other assets on the accompanying Consolidated Balance Sheets. The marketable securities, which include mutual funds and exchange-traded funds, are measured at fair value using quoted prices in active markets and are classified as Level 1 inputs of the fair value hierarchy.
Changes in the value of securities are recorded within Net investment income in the accompanying Consolidated Statements of Operations, and include the following:
| Year ended December 31, | ||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | |||||||||
| Unrealized Gain | 893 | 4,452 | 4,197 |
Available-for-Sale Debt Securities
Available-for-sale debt securities consist of investments in corporate bonds and agency mortgage-backed securities. These securities are recorded at fair value, which is determined using either recent trade prices for the identical debt instrument or comparable instruments by issuers of similar industry sector, issuer credit rating, duration and security type. The fair value measurements for these are considered Level 2 inputs of the fair value hierarchy. Unrealized gains and losses on these available-for-sale debt securities are recognized through Other comprehensive income.
Interest Rate Derivatives
The fair value of the Company's interest rate derivatives is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements.
Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swaps. As a result, the Company determined that its interest rate swaps valuation in its entirety is classified in Level 2 of the fair value hierarchy.
The following tables present the placement in the fair value hierarchy of assets and liabilities measured at fair value on a recurring basis:
| Fair Value Measurements as of December 31, 2025 | ||||||||||||||||
| (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 | $ | 39,887 | 39,887 | — | — | |||||||||||
| Available-for-sale debt securities | 11,486 | — | 11,486 | — | ||||||||||||
| Interest rate derivatives | 6,778 | — | 6,778 | — | ||||||||||||
| Total | $ | 58,151 | 39,887 | 18,264 | — | |||||||||||
| Liabilities: | ||||||||||||||||
| Interest rate derivatives | $ | (1,606 | ) | — | (1,606 | ) | — |
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
| 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 | ) | — |
As of December 31, 2025, there were no assets and/or liabilities measured at fair value on a nonrecurring basis. 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 as of December 31, 2024:
| 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 | ) |
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, 2025 and 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 |
Dividends Declared
Subsequent to December 31, 2025, the Board declared the following dividends:
| Dividend Declared, per share | Declaration Date | Record Date | Payable Date | |||||||
| Series A Preferred Stock | $ | 0.390625 | February 4, 2026 | April 15, 2026 | April 30, 2026 | |||||
| Series B Preferred Stock | $ | 0.367200 | February 4, 2026 | April 15, 2026 | April 30, 2026 |
Except under certain limited conditions, each series of Preferred Stock is non-voting, has no stated maturity and is redeemable for cash at $25.00 per share at the Company's option. The holders of the Preferred Stock have general preference rights over common stockholders with respect to liquidation and quarterly distributions. In the event of a cumulative arrearage equal to six quarterly dividends, holders of the Preferred Stock (voting as a single class without regard to series) will have the right to elect two additional members to serve on the Company's Board of Directors until the arrearage has been cured. Upon the occurrence of a Change of Control, as defined in the Company's Articles of Incorporation, the holders of the Preferred Stock will have the right to convert all or part of the shares of the Preferred Stock held by such holders on the applicable conversion date into a number of shares of Common Stock.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
Common Stock of the Parent Company
Dividends Declared
On February 4, 2026, the Board declared a common stock dividend of $0.755 per share, payable on April 1, 2026, to shareholders of record as of March 11, 2026.
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 expected to issue 1,339,377 shares of its common stock at a weighted average offering price of $74.66 per share before any underwriting discount and offering expenses.
The Company settled all forward sales agreements entered into during 2024 under its ATM program as follows:
In August 2025, the Company issued 673,172 shares of common stock and received $49.2 million of net proceeds.
In October 2025, the Company issued an additional 666,205 shares of common stock and received $49.1 million of net proceeds. Upon completion of these settlements, the Company had fully settled all forward sales agreements entered into during 2024.
Proceeds from the issuance of shares were used to fund acquisitions of operating properties, fund developments and redevelopments, and for general corporate purposes.
As of December 31, 2025, and after giving effect to the aforementioned forward equity offering, $400 million of common stock remained available for issuance under this ATM Program.
Subsequent to December 31, 2025, on February 04, 2026, the Board reauthorized the issuance and sale of up to $500 million of common stock under its existing ATM program.
Stock Repurchase Program
On July 31, 2024, the Board authorized a common stock repurchase program under which the Company may purchase up to $250.0 million of shares of its outstanding common stock (the "Repurchase Program"). Under the Repurchase Program, the Company may repurchase shares through open market transactions in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act. The Board's authorization for the 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.
During the year ended December 31, 2025, the Company made no repurchases and $250.0 million remained available under the Repurchase Program.
On February 4, 2026, the Board authorized a new common stock repurchase program under which the Company may purchase up to $500 million shares of its outstanding common stock (the "New Repurchase Program"). The New Repurchase Program replaced and superseded the prior 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 February 28, 2029, unless modified, extended or earlier terminated by the Board in its discretion. Any common stock repurchased, if not retired, will be treated as treasury stock.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
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, 2025, unitholders redeemed a total of 31,558 Common Units, consisting of 28,815 units redeemed in exchange for approximately $2.0 million in cash and 2,743 units redeemed in exchange for shares of the Parent Company’s common stock. Cash redemptions were made at amounts equivalent to the market value of the Parent Company’s common stock at the time of redemption, while unit-for-share exchanges were completed on a one-for-one basis.
In July 2025, the Operating Partnership issued 2,773,087 Common Units, valued at $199.7 million based on the market price at the time of issuance, to unrelated third-party sellers as partial purchase price consideration for the acquisition of five properties.
During the year ended December 31, 2024, 10,795 Common Units were exchanged for shares of Parent Company common stock.
General Partners
The Parent Company, as general partner, owned the following Common Units outstanding:
| December 31, | ||||||||
| (in thousands) | 2025 | 2024 | ||||||
| Common Units owned by the general partner | 182,902 | 181,361 | ||||||
| Common Units owned by the limited partners | 3,838 | 1,097 | ||||||
| Total Common Units outstanding | 186,740 | 182,458 | ||||||
| Percentage of Common Units owned by the general partner | 97.9 | % | 99.4 | % |
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) | 2025 | 2024 | 2023 | |||||||||
| Restricted stock (1)(2) | $ | 21,648 | 18,549 | 17,277 | ||||||||
| Directors' fees paid in common stock and other employee stock grants | 439 | 528 | 590 | |||||||||
| Capitalized stock-based compensation | (2,628 | ) | (1,941 | ) | (954 | ) | ||||||
| Stock-based compensation, net of capitalization | $ | 19,459 | 17,136 | 16,913 |
(1)
Includes amortization of the grant date fair value of restricted stock awards over the respective vesting periods.
(2)
In addition, the Company expensed $6.4 million and $3.2 million during 2024 and 2023, respectively, within Other operating expenses in connection with restricted stock expense related to the acquisition of UBP.
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, 2025, there were 3.5 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
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
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, 2025 | ||||||||||||
| Number of Shares | Intrinsic Value (in thousands) | Weighted Average Grant Date Fair Value | ||||||||||
| Non-vested as of December 31, 2024 | 803,789 | |||||||||||
| Time-based awards granted (1) (4) | 160,733 | $ | 71.81 | |||||||||
| Performance-based awards granted (2) (4) | 18,721 | $ | 71.78 | |||||||||
| Market-based awards granted (3) (4) | 145,778 | $ | 83.97 | |||||||||
| Change in market-based awards earned for performance (3) | (33,825 | ) | $ | 70.89 | ||||||||
| Vested (5) | (250,944 | ) | $ | 71.01 | ||||||||
| Forfeited | (9,338 | ) | $ | 67.68 | ||||||||
| Non-vested as of December 31, 2025 (6) | 834,914 | $ | 57,634 |
(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, | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| Expected volatility | 23.8 | % | 25.50 | % | 45.50 | % | ||||||
| Risk free interest rate | 4.25 | % | 4.14 | % | 3.75 | % |
(4)
The weighted-average grant price for restricted stock granted during the years is summarized below:
| Year ended December 31, | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| Weighted-average grant date fair value for restricted stock | $ | 77.26 | $ | 60.36 | $ | 68.28 |
(5)
The total intrinsic value of restricted stock vested during the years is summarized below (in thousands):
| Year ended December 31, | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| Intrinsic value of restricted stock vested | $ | 17,820 | $ | 19,254 | $ | 19,717 |
(6)
As of December 31, 2025, there was $25.5 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.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
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, 2025. 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 $5.7 million, $5.6 million, and $5.3 million for the years ended December 31, 2025, 2024, and 2023, 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) | 2025 | 2024 | Location in Consolidated Balance Sheets | |||||||
| Assets: | ||||||||||
| Securities | $ | 34,113 | 33,555 | Other assets | ||||||
| Liabilities: | ||||||||||
| Deferred compensation obligation | $ | 34,032 | 33,473 | Accounts payable and other liabilities |
Realized and unrealized gains and losses on securities held in the NQDCP are recognized within Net investment income 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.
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) | 2025 | 2024 | 2023 | |||||||||
| Numerator: | ||||||||||||
| Net income attributable to common shareholders - basic | $ | 513,810 | 386,738 | 359,500 | ||||||||
| Net income attributable to common shareholders - diluted | $ | 513,810 | 386,738 | 359,500 | ||||||||
| Denominator: | ||||||||||||
| Weighted average common shares outstanding for basic EPS | 181,902 | 182,817 | 176,085 | |||||||||
| Weighted average common shares outstanding for diluted EPS (1) | 182,234 | 183,040 | 176,371 | |||||||||
| Net income per common share – basic | $ | 2.82 | 2.12 | 2.04 | ||||||||
| Net income per common share – diluted | $ | 2.82 | 2.11 | 2.04 |
(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.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
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 2,304,079, 1,099,187 and 953,085 for the year ended December 31, 2025, 2024 and 2023, 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) | 2025 | 2024 | 2023 | |||||||||
| Numerator: | ||||||||||||
| Net income attributable to common unit holders - basic | $ | 520,879 | 389,076 | 361,508 | ||||||||
| Net income attributable to common unit holders - diluted | $ | 520,879 | 389,076 | 361,508 | ||||||||
| Denominator: | ||||||||||||
| Weighted average common units outstanding for basic EPU | 184,206 | 183,916 | 177,038 | |||||||||
| Weighted average common units outstanding for diluted EPU (1) | 184,538 | 184,139 | 177,324 | |||||||||
| Net income per common unit – basic | $ | 2.83 | 2.12 | 2.04 | ||||||||
| Net income per common unit – diluted | $ | 2.82 | 2.11 | 2.04 |
(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.
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.
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.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
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, | |||||||||||
| 2025 | 2024 | 2023 | |||||||||
| Lease income | $ | 1,655,538 | 1,548,929 | 1,413,079 | |||||||
| Other property income | 14,818 | 15,450 | 12,260 | ||||||||
| Less: | |||||||||||
| Straight-line rent on lease income | (27,224 | ) | (22,193 | ) | (13,559 | ) | |||||
| Above/below market rent amortization, net | (25,265 | ) | (25,612 | ) | (31,604 | ) | |||||
| Total real estate revenues | 1,617,867 | 1,516,574 | 1,380,176 | ||||||||
| Operating expenses (1) | (284,468 | ) | (267,660 | ) | (247,792 | ) | |||||
| Real estate taxes | (209,958 | ) | (201,546 | ) | (181,096 | ) | |||||
| NOI | $ | 1,123,441 | 1,047,368 | 951,288 | |||||||
| Reconciliation of Total real estate revenues to Total revenues: | |||||||||||
| Total real estate revenues | 1,617,867 | 1,516,574 | 1,380,176 | ||||||||
| Consolidated: | |||||||||||
| Straight-line rent on lease income | 24,495 | 20,300 | 10,788 | ||||||||
| Above/below market rent amortization, net | 24,428 | 24,843 | 30,826 | ||||||||
| Management, transaction, and other fees | 28,358 | 27,874 | 26,954 | ||||||||
| Add: Share of noncontrolling interests | 12,079 | 11,859 | 10,865 | ||||||||
| Less: Share of unconsolidated real estate partnerships | (153,703 | ) | (147,546 | ) | (137,143 | ) | |||||
| Total revenues | $ | 1,553,524 | 1,453,904 | 1,322,466 |
(1)
Operating expenses include Operating and maintenance, Ground rent and Termination expense
| Year ended December 31, | |||||||||||
| 2025 | 2024 | 2023 | |||||||||
| Reconciliation of NOI to Net income: | |||||||||||
| NOI | 1,123,441 | 1,047,368 | 951,288 | ||||||||
| Consolidated: | |||||||||||
| Straight-line rent on lease income | 24,495 | 20,300 | 10,788 | ||||||||
| Above/below market rent amortization, net | 24,428 | 24,843 | 30,826 | ||||||||
| Management, transaction, and other fees | 28,358 | 27,874 | 26,954 | ||||||||
| Straight-line rent on ground rent | (1,343 | ) | (1,350 | ) | (1,405 | ) | |||||
| Above/below market ground rent amortization | (2,138 | ) | (2,142 | ) | (1,696 | ) | |||||
| Depreciation and amortization | (405,044 | ) | (394,714 | ) | (352,282 | ) | |||||
| General and administrative | (99,407 | ) | (101,465 | ) | (97,806 | ) | |||||
| Other operating expenses | (8,849 | ) | (10,867 | ) | (9,459 | ) | |||||
| Other expense, net | (175,613 | ) | (154,260 | ) | (147,824 | ) | |||||
| Add: Share of noncontrolling interests excluded from NOI | 8,400 | 8,293 | 7,571 | ||||||||
| Less: Equity in income of investments in real estate excluded from NOI | 24,223 | (54,040 | ) | (46,088 | ) | ||||||
| Net income | $ | 540,951 | 409,840 | 370,867 |
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
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 $19.2 million and $17.3 million for environmental assessment and remediation, which are included in Accounts payable, and other liabilities on the Company’s Consolidated Balance Sheets as of December 31, 2025 and 2024, respectively.
Letters of Credit
The Company has the right to issue letters of credit under the Line up to an aggregate amount not to exceed $50.0 million, which reduces the credit availability under the Line. These letters of credit are primarily issued as collateral on behalf of its captive insurance subsidiary and to facilitate the construction of development projects. The Company had $12.9 million and $10.9 million in letters of credit outstanding as of December 31, 2025, and 2024, respectively.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2025
(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 | |||||||||||||||||||||||||||||||
| 111 Kraft Avenue | NY | $ | — | 1,220 | 3,932 | 129 | 1,220 | 4,061 | 5,281 | (266 | ) | 1902 | 2023 | |||||||||||||||||||||||||||||
| 1175 Third Avenue | NY | — | 40,560 | 25,617 | 6,752 | 40,560 | 32,369 | 72,929 | (6,886 | ) | 1995 | 2017 | ||||||||||||||||||||||||||||||
| 1225-1239 Second Ave | NY | — | 23,033 | 17,173 | (87 | ) | 23,033 | 17,086 | 40,119 | (3,831 | ) | 1987 | 2017 | |||||||||||||||||||||||||||||
| 22 Crescent Road | CT | — | 2,198 | 272 | (318 | ) | 2,152 | — | 2,152 | — | 1984 | 2017 | ||||||||||||||||||||||||||||||
| 260-270 Sawmill Road | NY | — | 3,943 | 58 | — | 3,943 | 58 | 4,001 | (10 | ) | 1953 | 2023 | ||||||||||||||||||||||||||||||
| 27 Purchase Street | NY | — | 903 | 2,239 | 133 | 903 | 2,372 | 3,275 | (166 | ) | 2023 | |||||||||||||||||||||||||||||||
| 410 South Broadway | NY | — | 2,372 | 1,603 | — | 2,372 | 1,603 | 3,975 | (105 | ) | 1936 | 2023 | ||||||||||||||||||||||||||||||
| 470 Main Street | CT | — | 1,021 | 4,361 | 133 | 1,021 | 4,494 | 5,515 | (410 | ) | 1972 | 2023 | ||||||||||||||||||||||||||||||
| 48 Purchase Street | NY | — | 1,214 | 4,414 | 32 | 1,214 | 4,446 | 5,660 | (283 | ) | 2023 | |||||||||||||||||||||||||||||||
| 4S Commons Town Center | CA | — | 30,760 | 35,830 | 4,545 | 30,812 | 40,323 | 71,135 | (33,265 | ) | 2004 | 2004 | ||||||||||||||||||||||||||||||
| 6401 Roosevelt | WA | — | 2,685 | 934 | 356 | 2,685 | 1,290 | 3,975 | (248 | ) | 1929 | 2019 | ||||||||||||||||||||||||||||||
| 90 - 30 Metropolitan Avenue | NY | — | 16,614 | 24,171 | 598 | 16,614 | 24,769 | 41,383 | (6,318 | ) | 2007 | 2017 | ||||||||||||||||||||||||||||||
| 91 Danbury Road | CT | — | 732 | 851 | 20 | 732 | 871 | 1,603 | (247 | ) | 1965 | 2017 | ||||||||||||||||||||||||||||||
| 970 High Ridge Center | CT | — | 5,695 | 5,204 | 375 | 5,695 | 5,579 | 11,274 | (455 | ) | 1960 | 2023 | ||||||||||||||||||||||||||||||
| Airport Plaza | CT | — | 1,293 | 11,119 | 35 | 1,293 | 11,154 | 12,447 | (825 | ) | 1974 | 2023 | ||||||||||||||||||||||||||||||
| Alafaya Village | FL | — | 3,004 | 5,852 | 340 | 3,004 | 6,192 | 9,196 | (1,823 | ) | 1986 | 2017 | ||||||||||||||||||||||||||||||
| Alden Bridge | TX | (26,000 | ) | 17,014 | 21,958 | 881 | 17,014 | 22,839 | 39,853 | (4,186 | ) | 1998 | 2002 | |||||||||||||||||||||||||||||
| Aldi Square | CT | — | 6,394 | 1,704 | (28 | ) | 6,394 | 1,676 | 8,070 | (242 | ) | 2014 | 2023 | |||||||||||||||||||||||||||||
| Amerige Heights Town Center | CA | — | 10,109 | 11,288 | 1,860 | 10,109 | 13,148 | 23,257 | (7,760 | ) | 2000 | 2000 | ||||||||||||||||||||||||||||||
| Anastasia Plaza | FL | — | 9,065 | — | 17,378 | 6,793 | 19,650 | 26,443 | (2,280 | ) | In Process | 1993 | ||||||||||||||||||||||||||||||
| Apple Valley Square | MN | — | 5,438 | 21,328 | (4,408 | ) | 5,451 | 16,907 | 22,358 | (3,391 | ) | 1998 | 2006 | |||||||||||||||||||||||||||||
| Arcadian Shopping Center | NY | — | 14,546 | 26,716 | 697 | 14,546 | 27,413 | 41,959 | (2,156 | ) | 1978 | 2023 | ||||||||||||||||||||||||||||||
| Ashburn Farm Village Center | VA | — | 10,418 | 21,185 | 11 | 10,418 | 21,196 | 31,614 | (180 | ) | 1996 | 2025 | ||||||||||||||||||||||||||||||
| Ashford Place | GA | — | 2,584 | 9,865 | 2,380 | 2,584 | 12,245 | 14,829 | (10,358 | ) | 1993 | 1997 | ||||||||||||||||||||||||||||||
| Atlantic Village | FL | — | 4,282 | 18,827 | 2,303 | 4,868 | 20,544 | 25,412 | (7,993 | ) | 2014 | 2017 | ||||||||||||||||||||||||||||||
| Avenida Biscayne | FL | — | 88,098 | 20,771 | 19,325 | 94,992 | 33,202 | 128,194 | (5,853 | ) | In Process | 2017 | ||||||||||||||||||||||||||||||
| Aventura Shopping Center | FL | — | 2,751 | 10,459 | 11,401 | 9,486 | 15,125 | 24,611 | (7,110 | ) | 2017 | 1994 | ||||||||||||||||||||||||||||||
| Baederwood Shopping Center | PA | (24,365 | ) | 12,016 | 33,556 | 1,044 | 12,016 | 34,600 | 46,616 | (4,600 | ) | 1999 | 2023 | |||||||||||||||||||||||||||||
| Balboa Mesa Shopping Center | CA | — | 23,074 | 33,838 | 14,552 | 27,758 | 43,706 | 71,464 | (23,930 | ) | 2014 | 2012 | ||||||||||||||||||||||||||||||
| Banco Popular Building | FL | — | 2,160 | 1,137 | (1,294 | ) | 2,003 | — | 2,003 | — | 1971 | 2017 | ||||||||||||||||||||||||||||||
| Baybrook East | TX | — | 17,144 | 8,429 | 11 | 17,144 | 8,440 | 25,584 | (128 | ) | 2025 | 2025 | ||||||||||||||||||||||||||||||
| Belleview Square | CO | — | 8,132 | 9,756 | 5,308 | 8,323 | 14,873 | 23,196 | (11,969 | ) | 2013 | 2004 | ||||||||||||||||||||||||||||||
| Belmont Chase | VA | — | 13,881 | 17,193 | (122 | ) | 14,372 | 16,580 | 30,952 | (11,531 | ) | 2014 | 2014 | |||||||||||||||||||||||||||||
| Berkshire Commons | FL | — | 2,295 | 9,551 | 3,159 | 2,965 | 12,040 | 15,005 | (10,566 | ) | 1992 | 1994 | ||||||||||||||||||||||||||||||
| Bethany Park Place | TX | (10,200 | ) | 4,832 | 12,405 | 549 | 4,832 | 12,954 | 17,786 | (2,465 | ) | 1998 | 1998 | |||||||||||||||||||||||||||||
| Bethel Hub Center | CT | — | 1,738 | 3,918 | 178 | 1,738 | 4,096 | 5,834 | (354 | ) | 1957 | 2023 | ||||||||||||||||||||||||||||||
| Biltmore Shopping Center | NY | — | 4,632 | 3,766 | 358 | 4,632 | 4,124 | 8,756 | (286 | ) | 1967 | 2023 | ||||||||||||||||||||||||||||||
| Bird 107 Plaza | FL | — | 10,371 | 5,136 | 168 | 10,371 | 5,304 | 15,675 | (1,878 | ) | 1990 | 2017 | ||||||||||||||||||||||||||||||
| Bird Ludlam | FL | — | 42,663 | 38,481 | 1,470 | 42,663 | 39,951 | 82,614 | (12,355 | ) | 1998 | 2017 | ||||||||||||||||||||||||||||||
| Black Rock | CT | (14,939 | ) | 22,251 | 20,815 | 763 | 22,251 | 21,578 | 43,829 | (8,730 | ) | 1996 | 2014 | |||||||||||||||||||||||||||||
| Blakeney Town Center | NC | — | 82,411 | 89,165 | 7,297 | 82,416 | 96,457 | 178,873 | (15,050 | ) | 2006 | 2021 | ||||||||||||||||||||||||||||||
| Bloomfield Crossing | NJ | — | 3,365 | 11,453 | 6 | 3,365 | 11,459 | 14,824 | (919 | ) | 2023 | |||||||||||||||||||||||||||||||
| Bloomingdale Square | FL | — | 3,940 | 14,912 | 23,786 | 8,639 | 33,999 | 42,638 | (17,022 | ) | 2021 | 1998 | ||||||||||||||||||||||||||||||
| Blossom Valley | CA | (22,300 | ) | 31,988 | 5,850 | 1,169 | 31,988 | 7,019 | 39,007 | (1,516 | ) | 1992 | 1999 | |||||||||||||||||||||||||||||
| Boca Village Square | FL | — | 43,888 | 9,726 | 469 | 43,888 | 10,195 | 54,083 | (4,378 | ) | 2014 | 2017 | ||||||||||||||||||||||||||||||
| Boonton ACME Shopping Center | NJ | (10,123 | ) | 8,664 | 9,601 | 26 | 8,664 | 9,627 | 18,291 | (825 | ) | 1999 | 2023 |
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2025
(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 | |||||||||||||||||||||||||||||||
| Boulevard Center | CO | — | 3,659 | 10,787 | 5,360 | 3,659 | 16,147 | 19,806 | (10,859 | ) | 1986 | 1999 | ||||||||||||||||||||||||||||||
| Boynton Lakes Plaza | FL | — | 2,628 | 11,236 | 5,409 | 3,597 | 15,676 | 19,273 | (10,873 | ) | 2012 | 1997 | ||||||||||||||||||||||||||||||
| Boynton Plaza | FL | — | 12,879 | 20,713 | 910 | 12,879 | 21,623 | 34,502 | (6,987 | ) | 2015 | 2017 | ||||||||||||||||||||||||||||||
| Brentwood Place | TN | (43,500 | ) | 38,644 | 86,065 | 139 | 38,644 | 86,204 | 124,848 | (2,559 | ) | 2007/2016 | 2025 | |||||||||||||||||||||||||||||
| Brentwood Plaza | MO | — | 2,788 | 3,473 | 832 | 2,788 | 4,305 | 7,093 | (2,164 | ) | 2002 | 2007 | ||||||||||||||||||||||||||||||
| Briarcliff La Vista | GA | — | 694 | 3,292 | 1,536 | 694 | 4,828 | 5,522 | (3,691 | ) | 1962 | 1997 | ||||||||||||||||||||||||||||||
| Briarcliff Village | GA | — | 4,597 | 24,836 | 6,164 | 5,519 | 30,078 | 35,597 | (24,775 | ) | 1990 | 1997 | ||||||||||||||||||||||||||||||
| Brick Walk | CT | (30,234 | ) | 25,299 | 41,995 | 2,807 | 25,299 | 44,802 | 70,101 | (16,215 | ) | 2007 | 2014 | |||||||||||||||||||||||||||||
| BridgeMill Market | GA | — | 7,521 | 13,306 | 1,802 | 7,522 | 15,107 | 22,629 | (5,561 | ) | 2000 | 2017 | ||||||||||||||||||||||||||||||
| Bridgepark Plaza | CA | (17,383 | ) | 26,014 | 38,774 | 53 | 26,014 | 38,827 | 64,841 | (773 | ) | 2021 | 2025 | |||||||||||||||||||||||||||||
| Bridgeton | MO | — | 3,033 | 8,137 | 806 | 3,067 | 8,909 | 11,976 | (4,547 | ) | 2005 | 2007 | ||||||||||||||||||||||||||||||
| Brighten Park | GA | — | 3,983 | 18,687 | 12,259 | 3,887 | 31,042 | 34,929 | (25,418 | ) | 2016 | 1997 | ||||||||||||||||||||||||||||||
| Broadway Plaza | NY | — | 40,723 | 42,170 | 3,518 | 40,723 | 45,688 | 86,411 | (13,444 | ) | 2014 | 2017 | ||||||||||||||||||||||||||||||
| Brooklyn Station on Riverside | FL | — | 7,019 | 8,688 | 568 | 6,998 | 9,277 | 16,275 | (4,228 | ) | 2013 | 2013 | ||||||||||||||||||||||||||||||
| Brookside Plaza | CT | — | 35,161 | 17,494 | 10,171 | 36,238 | 26,588 | 62,826 | (10,246 | ) | 2006 | 2017 | ||||||||||||||||||||||||||||||
| Buckhead Court | GA | — | 1,417 | 7,432 | 4,831 | 1,417 | 12,263 | 13,680 | (11,147 | ) | 1984 | 1997 | ||||||||||||||||||||||||||||||
| Buckhead Landing | GA | — | 45,502 | 16,642 | 21,883 | 51,819 | 32,208 | 84,027 | (5,393 | ) | 1998/2024 | 2017 | ||||||||||||||||||||||||||||||
| Buckhead Station | GA | — | 70,411 | 36,518 | 3,277 | 70,448 | 39,758 | 110,206 | (13,410 | ) | 1996 | 2017 | ||||||||||||||||||||||||||||||
| Buckley Square | CO | — | 2,970 | 5,978 | 1,901 | 2,921 | 7,928 | 10,849 | (5,716 | ) | 1978 | 1999 | ||||||||||||||||||||||||||||||
| Caligo Crossing | FL | — | 2,459 | 4,897 | 187 | 2,546 | 4,997 | 7,543 | (4,521 | ) | 2007 | 2007 | ||||||||||||||||||||||||||||||
| Cambridge Square | GA | — | 774 | 4,347 | 15,673 | 6,298 | 14,496 | 20,794 | (2,001 | ) | In Process | 1996 | ||||||||||||||||||||||||||||||
| Carmel Commons | NC | — | 2,466 | 12,548 | 6,285 | 3,419 | 17,880 | 21,299 | (14,000 | ) | 2012 | 1997 | ||||||||||||||||||||||||||||||
| Carmel ShopRite Plaza | NY | — | 5,828 | 15,321 | 1,041 | 5,828 | 16,362 | 22,190 | (1,170 | ) | 1981 | 2023 | ||||||||||||||||||||||||||||||
| Carriage Gate | FL | — | 833 | 4,974 | 3,393 | 1,302 | 7,898 | 9,200 | (7,680 | ) | 2013 | 1994 | ||||||||||||||||||||||||||||||
| Carytown Exchange | VA | — | 24,121 | 22,502 | (25 | ) | 24,122 | 22,476 | 46,598 | (7,289 | ) | 2022 | 2018 | |||||||||||||||||||||||||||||
| Cashmere Corners | FL | — | 3,187 | 9,397 | 775 | 3,187 | 10,172 | 13,359 | (4,101 | ) | 2016 | 2017 | ||||||||||||||||||||||||||||||
| Cedar Commons | MN | — | 4,704 | 16,748 | 629 | 4,716 | 17,365 | 22,081 | (3,146 | ) | 1999 | 2011 | ||||||||||||||||||||||||||||||
| Cedar Hill Shopping Center | NJ | (6,585 | ) | 7,266 | 9,372 | 451 | 7,266 | 9,823 | 17,089 | (828 | ) | 1971 | 2023 | |||||||||||||||||||||||||||||
| Centerplace of Greeley III | CO | — | 6,661 | 11,502 | 754 | 4,607 | 14,310 | 18,917 | (8,679 | ) | 2007 | 2007 | ||||||||||||||||||||||||||||||
| Charlotte Square | FL | — | 1,141 | 6,845 | 1,490 | 1,141 | 8,335 | 9,476 | (3,790 | ) | 1980 | 2017 | ||||||||||||||||||||||||||||||
| Chasewood Plaza | FL | — | 4,612 | 20,829 | 7,056 | 6,886 | 25,611 | 32,497 | (23,823 | ) | 2015 | 1993 | ||||||||||||||||||||||||||||||
| Chastain Square | GA | — | 30,074 | 12,644 | 2,519 | 30,074 | 15,163 | 45,237 | (6,370 | ) | 2001 | 2017 | ||||||||||||||||||||||||||||||
| Cherry Grove | OH | — | 3,533 | 15,862 | 6,663 | 3,533 | 22,525 | 26,058 | (16,093 | ) | 2012 | 1998 | ||||||||||||||||||||||||||||||
| Chestnut Ridge Shopping Center | NJ | — | 12,927 | 5,530 | 51 | 12,927 | 5,581 | 18,508 | (220 | ) | 1965 | 2025 | ||||||||||||||||||||||||||||||
| Chilmark Shopping Center | NY | — | 4,952 | 15,407 | 202 | 4,952 | 15,609 | 20,561 | (1,170 | ) | 1963 | 2023 | ||||||||||||||||||||||||||||||
| Chimney Rock | NJ | — | 23,623 | 48,200 | 1,352 | 23,623 | 49,552 | 73,175 | (25,633 | ) | 2016 | 2016 | ||||||||||||||||||||||||||||||
| Circle Center West | CA | — | 22,930 | 9,028 | 3,715 | 23,173 | 12,500 | 35,673 | (3,694 | ) | 1989 | 2017 | ||||||||||||||||||||||||||||||
| Circle Marina Shops & Mrktplc. (fka Circle Marina Center) | CA | — | 29,303 | 18,437 | 14,726 | 32,173 | 30,293 | 62,466 | (4,970 | ) | 1994 | 2019 | ||||||||||||||||||||||||||||||
| CityLine Market | TX | — | 12,208 | 15,839 | 590 | 12,306 | 16,331 | 28,637 | (8,169 | ) | 2014 | 2014 | ||||||||||||||||||||||||||||||
| CityLine Market Phase II | TX | — | 2,744 | 3,081 | 110 | 2,744 | 3,191 | 5,935 | (1,414 | ) | 2015 | 2015 | ||||||||||||||||||||||||||||||
| Clayton Valley Shopping Center | CA | — | 24,189 | 35,422 | 3,177 | 24,538 | 38,250 | 62,788 | (32,543 | ) | 2004 | 2003 | ||||||||||||||||||||||||||||||
| Clocktower Plaza Shopping Ctr | NY | — | 49,630 | 19,624 | 629 | 49,630 | 20,253 | 69,883 | (6,562 | ) | 1995 | 2017 | ||||||||||||||||||||||||||||||
| Clybourn Commons | IL | — | 15,056 | 5,594 | 618 | 15,056 | 6,212 | 21,268 | (2,619 | ) | 1999 | 2014 | ||||||||||||||||||||||||||||||
| Cochran's Crossing | TX | — | 13,154 | 12,315 | 2,711 | 13,154 | 15,026 | 28,180 | (13,065 | ) | 1994 | 2002 | ||||||||||||||||||||||||||||||
| Compo Acres Shopping Center | CT | — | 28,627 | 10,395 | 1,273 | 28,627 | 11,668 | 40,295 | (3,564 | ) | 2011 | 2017 |
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2025
(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 | 228 | 15,651 | 29,262 | 44,913 | (1,712 | ) | 1953 | 2024 | ||||||||||||||||||||||||||||||
| Concord Shopping Plaza | FL | — | 30,819 | 36,506 | 2,197 | 31,272 | 38,250 | 69,522 | (10,963 | ) | 1993 | 2017 | ||||||||||||||||||||||||||||||
| Copps Hill Plaza | CT | — | 29,515 | 40,673 | 8,605 | 29,514 | 49,279 | 78,793 | (13,147 | ) | 2002 | 2017 | ||||||||||||||||||||||||||||||
| Coral Reef Shopping Center | FL | — | 14,922 | 15,200 | 2,814 | 15,332 | 17,604 | 32,936 | (6,255 | ) | 1990 | 2017 | ||||||||||||||||||||||||||||||
| Corkscrew Village | FL | — | 8,407 | 8,004 | 888 | 8,407 | 8,892 | 17,299 | (5,117 | ) | 1997 | 2007 | ||||||||||||||||||||||||||||||
| Cornerstone Square | GA | — | 1,772 | 6,944 | 2,136 | 1,772 | 9,080 | 10,852 | (7,798 | ) | 1990 | 1997 | ||||||||||||||||||||||||||||||
| Corral Hollow | CA | — | 8,887 | 24,121 | 2,476 | 8,932 | 26,552 | 35,484 | (3,510 | ) | 2000 | 2000 | ||||||||||||||||||||||||||||||
| Corvallis Market Center | OR | — | 6,674 | 12,244 | 1,050 | 6,696 | 13,272 | 19,968 | (9,074 | ) | 2006 | 2006 | ||||||||||||||||||||||||||||||
| Cos Cob Commons | CT | — | 6,608 | 14,967 | 705 | 6,608 | 15,672 | 22,280 | (1,185 | ) | 1986 | 2023 | ||||||||||||||||||||||||||||||
| Cos Cob Plaza | CT | (3,577 | ) | 4,030 | 4,225 | 74 | 4,030 | 4,299 | 8,329 | (324 | ) | 1947 | 2023 | |||||||||||||||||||||||||||||
| Country Walk Plaza | FL | — | 18,713 | 20,373 | 460 | 18,713 | 20,833 | 39,546 | (5,914 | ) | 2008 | 2017 | ||||||||||||||||||||||||||||||
| Countryside Shops | FL | — | 17,982 | 35,574 | 16,274 | 23,175 | 46,655 | 69,830 | (19,566 | ) | 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 | 4,240 | 108,841 | 36,548 | 145,389 | (12,100 | ) | 2000 | 2017 | ||||||||||||||||||||||||||||||
| Danbury Green | CT | — | 30,303 | 19,255 | 2,406 | 30,305 | 21,659 | 51,964 | (6,680 | ) | 2006 | 2017 | ||||||||||||||||||||||||||||||
| Danbury Square | CT | — | 6,592 | 23,543 | 4,362 | 6,697 | 27,800 | 34,497 | (1,928 | ) | 1987 | 2023 | ||||||||||||||||||||||||||||||
| Dardenne Crossing | MO | — | 4,194 | 4,005 | 912 | 4,343 | 4,768 | 9,111 | (3,041 | ) | 1996 | 2007 | ||||||||||||||||||||||||||||||
| Darinor Plaza | CT | — | 693 | 32,140 | 1,095 | 711 | 33,217 | 33,928 | (10,603 | ) | 1978 | 2017 | ||||||||||||||||||||||||||||||
| DeCicco's Plaza | NY | — | 8,890 | 23,368 | 1,975 | 8,890 | 25,343 | 34,233 | (1,850 | ) | 1978 | 2023 | ||||||||||||||||||||||||||||||
| Diablo Plaza | CA | — | 5,300 | 8,181 | 3,481 | 5,300 | 11,662 | 16,962 | (7,931 | ) | 1982 | 1999 | ||||||||||||||||||||||||||||||
| District Shops of Pelham Manor | NY | — | 4,708 | 6,243 | 209 | 4,711 | 6,449 | 11,160 | (482 | ) | 1960 | 2023 | ||||||||||||||||||||||||||||||
| Dunwoody Hall | GA | (13,800 | ) | 15,145 | 12,110 | 957 | 15,145 | 13,067 | 28,212 | (2,459 | ) | 1986 | 1997 | |||||||||||||||||||||||||||||
| Dunwoody Village | GA | — | 3,342 | 15,934 | 8,703 | 3,417 | 24,562 | 27,979 | (20,203 | ) | 1975 | 1997 | ||||||||||||||||||||||||||||||
| East Meadow Plaza | NY | — | 13,135 | 25,070 | 8,831 | 13,186 | 33,850 | 47,036 | (5,094 | ) | In Process | 2023 | ||||||||||||||||||||||||||||||
| East Pointe | OH | — | 1,730 | 7,189 | 2,727 | 1,941 | 9,705 | 11,646 | (8,285 | ) | 2014 | 1998 | ||||||||||||||||||||||||||||||
| East San Marco | FL | — | 4,897 | 14,933 | (141 | ) | 4,752 | 14,937 | 19,689 | (2,107 | ) | 2022 | 2007 | |||||||||||||||||||||||||||||
| Eastchester Plaza | NY | — | 5,017 | 7,379 | 107 | 5,017 | 7,486 | 12,503 | (542 | ) | 1963 | 2023 | ||||||||||||||||||||||||||||||
| Eastport | NY | — | 2,985 | 5,649 | 1,087 | 2,947 | 6,774 | 9,721 | (1,439 | ) | 1980 | 2021 | ||||||||||||||||||||||||||||||
| El Camino Shopping Center | CA | — | 7,600 | 11,538 | 16,063 | 10,328 | 24,873 | 35,201 | (16,384 | ) | 2017 | 1999 | ||||||||||||||||||||||||||||||
| El Cerrito Plaza | CA | — | 11,025 | 27,371 | 9,798 | 11,025 | 37,169 | 48,194 | (18,652 | ) | 2000 | 2000 | ||||||||||||||||||||||||||||||
| El Norte Pkwy Plaza | CA | — | 2,834 | 7,370 | 3,443 | 3,263 | 10,384 | 13,647 | (7,803 | ) | 2013 | 1999 | ||||||||||||||||||||||||||||||
| Emerson Plaza | NJ | — | 8,615 | 7,835 | 553 | 8,699 | 8,304 | 17,003 | (1,392 | ) | 1981 | 2023 | ||||||||||||||||||||||||||||||
| Encina Grande | CA | — | 5,040 | 11,572 | 20,680 | 10,518 | 26,774 | 37,292 | (20,326 | ) | 2016 | 1999 | ||||||||||||||||||||||||||||||
| Fairfield Center | CT | — | 6,731 | 29,420 | 2,326 | 6,731 | 31,746 | 38,477 | (11,061 | ) | 2000 | 2014 | ||||||||||||||||||||||||||||||
| Fairfield Crossroads | CT | — | 9,982 | 9,796 | 18 | 9,982 | 9,814 | 19,796 | (835 | ) | 1995 | 2023 | ||||||||||||||||||||||||||||||
| Falcon Marketplace | CO | — | 1,340 | 4,168 | 602 | 1,246 | 4,864 | 6,110 | (3,565 | ) | 2005 | 2005 | ||||||||||||||||||||||||||||||
| Fellsway Plaza | MA | (33,727 | ) | 30,712 | 7,327 | 10,645 | 35,258 | 13,426 | 48,684 | (10,425 | ) | 2016 | 2013 | |||||||||||||||||||||||||||||
| Ferry Street Plaza | NJ | (8,131 | ) | 7,960 | 24,439 | 246 | 7,960 | 24,685 | 32,645 | (1,824 | ) | 1995 | 2023 | |||||||||||||||||||||||||||||
| Firstfield Shopping Center | MD | — | 5,003 | 13,808 | 26 | 5,015 | 13,822 | 18,837 | (113 | ) | 2014 | 2025 | ||||||||||||||||||||||||||||||
| Fleming Island | FL | — | 3,077 | 11,587 | 4,009 | 3,111 | 15,562 | 18,673 | (10,829 | ) | 2000 | 1998 | ||||||||||||||||||||||||||||||
| Fountain Square | FL | — | 29,722 | 29,041 | 568 | 29,784 | 29,547 | 59,331 | (17,739 | ) | 2013 | 2013 | ||||||||||||||||||||||||||||||
| French Valley Village Center | CA | — | 11,924 | 16,856 | 777 | 11,822 | 17,735 | 29,557 | (16,922 | ) | 2004 | 2004 | ||||||||||||||||||||||||||||||
| Friars Mission Center | CA | — | 6,660 | 28,021 | 3,407 | 6,660 | 31,428 | 38,088 | (21,264 | ) | 1989 | 1999 | ||||||||||||||||||||||||||||||
| Gardens Square | FL | — | 2,136 | 8,273 | 878 | 1,775 | 9,512 | 11,287 | (6,795 | ) | 1991 | 1997 | ||||||||||||||||||||||||||||||
| Gateway Shopping Center | PA | — | 52,665 | 7,134 | 13,887 | 55,087 | 18,599 | 73,686 | (22,900 | ) | 2016 | 2004 | ||||||||||||||||||||||||||||||
| Gelson's Westlake Market Plaza | CA | — | 3,157 | 11,153 | 6,897 | 4,654 | 16,553 | 21,207 | (11,667 | ) | 2016 | 2002 |
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2025
(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 | 2,413 | 4,124 | 15,343 | 19,467 | (7,030 | ) | 1967 | 2010 | ||||||||||||||||||||||||||||||
| Glenwood Green | NJ | — | 26,463 | 28,543 | 1 | 26,463 | 28,544 | 55,007 | (4,449 | ) | 2024 | 2023 | ||||||||||||||||||||||||||||||
| Glenwood Village | NC | — | 1,194 | 5,381 | 891 | 1,194 | 6,272 | 7,466 | (5,417 | ) | 1983 | 1997 | ||||||||||||||||||||||||||||||
| Golden Hills Plaza | CA | — | 12,699 | 18,482 | 4,208 | 11,521 | 23,868 | 35,389 | (15,667 | ) | 2017 | 2006 | ||||||||||||||||||||||||||||||
| Grand Ridge Plaza | WA | — | 24,208 | 61,033 | 6,752 | 24,918 | 67,075 | 91,993 | (38,524 | ) | 2018 | 2012 | ||||||||||||||||||||||||||||||
| Greenwich Commons | CT | (4,461 | ) | 3,831 | 6,990 | (22 | ) | 3,831 | 6,968 | 10,799 | (472 | ) | 1961 | 2023 | ||||||||||||||||||||||||||||
| Greenwood Shopping Centre | FL | — | 7,777 | 24,829 | 1,205 | 7,777 | 26,034 | 33,811 | (8,998 | ) | 1994 | 2017 | ||||||||||||||||||||||||||||||
| H Mart Plaza | NJ | — | 1,296 | 2,469 | — | 1,296 | 2,469 | 3,765 | (169 | ) | 1967 | 2023 | ||||||||||||||||||||||||||||||
| Hancock | TX | — | 8,232 | 28,260 | (9,585 | ) | 4,604 | 22,303 | 26,907 | (12,097 | ) | 1998 | 1999 | |||||||||||||||||||||||||||||
| Harpeth Village Fieldstone | TN | — | 2,284 | 9,443 | 1,587 | 2,284 | 11,030 | 13,314 | (7,431 | ) | 1998 | 1997 | ||||||||||||||||||||||||||||||
| Harrison Shopping Square | NY | — | 6,034 | 5,195 | 659 | 6,353 | 5,535 | 11,888 | (416 | ) | 1958 | 2023 | ||||||||||||||||||||||||||||||
| Hasley Canyon Village | CA | (16,000 | ) | 17,630 | 8,231 | 240 | 17,630 | 8,471 | 26,101 | (1,543 | ) | 2003 | 2003 | |||||||||||||||||||||||||||||
| Heritage 202 Center | NY | — | 1,694 | 5,901 | 368 | 1,695 | 6,268 | 7,963 | (476 | ) | 1989 | 2023 | ||||||||||||||||||||||||||||||
| Heritage Plaza | CA | — | 12,390 | 26,097 | 15,348 | 12,215 | 41,620 | 53,835 | (25,173 | ) | 2012 | 1999 | ||||||||||||||||||||||||||||||
| Hershey | PA | — | 7 | 808 | 13 | 7 | 821 | 828 | (670 | ) | 2000 | 2000 | ||||||||||||||||||||||||||||||
| Hewlett Crossing I & II | NY | — | 11,850 | 18,205 | 2,554 | 11,850 | 20,759 | 32,609 | (4,597 | ) | 1954 | 2018 | ||||||||||||||||||||||||||||||
| Hibernia Pavilion | FL | — | 4,929 | 5,065 | 353 | 4,929 | 5,418 | 10,347 | (4,772 | ) | 2006 | 2006 | ||||||||||||||||||||||||||||||
| High Ridge Center | CT | (10,000 | ) | 26,078 | 21,460 | 805 | 26,092 | 22,251 | 48,343 | (1,741 | ) | 1968 | 2023 | |||||||||||||||||||||||||||||
| Hillcrest Village | TX | — | 1,600 | 1,909 | 271 | 1,600 | 2,180 | 3,780 | (1,353 | ) | 1991 | 1999 | ||||||||||||||||||||||||||||||
| Hilltop Village | CO | — | 2,995 | 4,581 | 4,845 | 3,104 | 9,317 | 12,421 | (6,483 | ) | 2018 | 2002 | ||||||||||||||||||||||||||||||
| Hinsdale Lake Commons | IL | — | 5,734 | 16,709 | 12,248 | 8,343 | 26,348 | 34,691 | (20,509 | ) | 2015 | 1998 | ||||||||||||||||||||||||||||||
| Holly Park | NC | — | 8,975 | 23,799 | 2,743 | 8,828 | 26,689 | 35,517 | (11,070 | ) | 1969 | 2013 | ||||||||||||||||||||||||||||||
| Howell Mill Village | GA | — | 5,157 | 14,279 | 8,108 | 9,610 | 17,934 | 27,544 | (10,198 | ) | 1984 | 2004 | ||||||||||||||||||||||||||||||
| Hyde Park | OH | — | 9,809 | 39,905 | 18,623 | 10,215 | 58,122 | 68,337 | (36,950 | ) | 1995 | 1997 | ||||||||||||||||||||||||||||||
| Indian Springs Center | TX | — | 24,974 | 25,903 | 1,495 | 25,050 | 27,322 | 52,372 | (11,094 | ) | 2003 | 2002 | ||||||||||||||||||||||||||||||
| Indigo Square | SC | — | 8,087 | 9,849 | (26 | ) | 8,087 | 9,823 | 17,910 | (4,075 | ) | 2017 | 2017 | |||||||||||||||||||||||||||||
| Inglewood Plaza | WA | — | 1,300 | 2,159 | 1,373 | 1,300 | 3,532 | 4,832 | (2,525 | ) | 1985 | 1999 | ||||||||||||||||||||||||||||||
| Island Village | WA | — | 12,354 | 23,660 | 726 | 12,361 | 24,379 | 36,740 | (3,545 | ) | 2013 | 2023 | ||||||||||||||||||||||||||||||
| Jordan Ranch | TX | — | 16,465 | 29,318 | — | 16,465 | 29,318 | 45,783 | (294 | ) | 2025 | 2024 | ||||||||||||||||||||||||||||||
| Keller Town Center | TX | — | 2,294 | 12,841 | 1,657 | 2,404 | 14,388 | 16,792 | (9,203 | ) | 2014 | 1999 | ||||||||||||||||||||||||||||||
| Kirkman Shoppes | FL | — | 9,364 | 26,243 | 1,082 | 9,367 | 27,322 | 36,689 | (8,903 | ) | 2015 | 2017 | ||||||||||||||||||||||||||||||
| Kirkwood Commons | MO | — | 6,772 | 16,224 | 1,954 | 6,802 | 18,148 | 24,950 | (8,384 | ) | 2000 | 2007 | ||||||||||||||||||||||||||||||
| Klahanie Shopping Center | WA | — | 14,451 | 20,089 | 1,157 | 14,451 | 21,246 | 35,697 | (6,533 | ) | 1998 | 2016 | ||||||||||||||||||||||||||||||
| Knotts Landing | CT | — | 2,062 | 23,536 | 99 | 2,062 | 23,635 | 25,697 | (1,413 | ) | 1994 | 2023 | ||||||||||||||||||||||||||||||
| Kroger New Albany Center | OH | — | 3,844 | 6,599 | 1,594 | 3,844 | 8,193 | 12,037 | (7,285 | ) | 1999 | 1999 | ||||||||||||||||||||||||||||||
| Lake Mary Centre | FL | — | 24,036 | 57,476 | 3,391 | 24,036 | 60,867 | 84,903 | (21,506 | ) | 2015 | 2017 | ||||||||||||||||||||||||||||||
| Lake Pine Plaza | NC | — | 2,008 | 7,632 | 1,109 | 2,029 | 8,720 | 10,749 | (6,341 | ) | 1997 | 1998 | ||||||||||||||||||||||||||||||
| Lakeview Shopping Center | NY | (10,407 | ) | 6,341 | 22,296 | 1,286 | 6,341 | 23,582 | 29,923 | (2,057 | ) | 1981 | 2023 | |||||||||||||||||||||||||||||
| Lebanon/Legacy Center | TX | — | 3,913 | 7,874 | 1,764 | 3,913 | 9,638 | 13,551 | (8,100 | ) | 2002 | 2000 | ||||||||||||||||||||||||||||||
| Littleton Square | CO | — | 2,030 | 8,859 | (3,274 | ) | 2,433 | 5,182 | 7,615 | (3,882 | ) | 2015 | 1999 | |||||||||||||||||||||||||||||
| Lloyd King Center | CO | — | 1,779 | 10,060 | 1,863 | 1,779 | 11,923 | 13,702 | (8,302 | ) | 1998 | 1998 | ||||||||||||||||||||||||||||||
| Lower Nazareth Commons | PA | — | 15,992 | 12,964 | 4,165 | 16,343 | 16,778 | 33,121 | (15,745 | ) | 2012 | 2007 | ||||||||||||||||||||||||||||||
| Main & Bailey | CT | — | 603 | 13,428 | 293 | 603 | 13,721 | 14,324 | (966 | ) | 1950 | 2023 | ||||||||||||||||||||||||||||||
| Mandarin Landing | FL | — | 7,913 | 27,230 | 13,396 | 10,625 | 37,914 | 48,539 | (9,371 | ) | 2024 | 2017 | ||||||||||||||||||||||||||||||
| Market at Colonnade Center | NC | — | 6,455 | 9,839 | 569 | 6,160 | 10,703 | 16,863 | (6,875 | ) | 2009 | 2009 | ||||||||||||||||||||||||||||||
| Market at Preston Forest | TX | — | 4,400 | 11,445 | 2,402 | 4,400 | 13,847 | 18,247 | (9,544 | ) | 1990 | 1999 |
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2025
(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 Round Rock | TX | — | 2,000 | 9,676 | 10,106 | 1,996 | 19,786 | 21,782 | (12,611 | ) | 1987 | 1999 | ||||||||||||||||||||||||||||||
| Market at Springwoods Village | TX | — | 12,592 | 12,809 | 222 | 12,592 | 13,031 | 25,623 | (6,480 | ) | 2018 | 2016 | ||||||||||||||||||||||||||||||
| Marketplace at Briargate | CO | — | 1,706 | 4,885 | 373 | 1,727 | 5,237 | 6,964 | (3,792 | ) | 2006 | 2006 | ||||||||||||||||||||||||||||||
| McLean Plaza | NY | (5,000 | ) | 12,527 | 12,039 | 231 | 12,534 | 12,263 | 24,797 | (996 | ) | 1982 | 2023 | |||||||||||||||||||||||||||||
| Meadtown Shopping Center | NJ | (8,765 | ) | 9,961 | 15,328 | 633 | 9,961 | 15,961 | 25,922 | (1,302 | ) | 1961 | 2023 | |||||||||||||||||||||||||||||
| Mellody Farm | IL | — | 35,628 | 66,847 | 111 | 35,639 | 66,947 | 102,586 | (24,530 | ) | 2017 | 2017 | ||||||||||||||||||||||||||||||
| Mercantile East | CA | (33,000 | ) | 43,971 | 38,213 | 1,267 | 43,971 | 39,480 | 83,451 | (819 | ) | 2023 | 2025 | |||||||||||||||||||||||||||||
| Mercantile West | CA | (40,600 | ) | 20,062 | 45,218 | 42 | 20,062 | 45,260 | 65,322 | (861 | ) | 2025 | 2025 | |||||||||||||||||||||||||||||
| Melrose Market | WA | — | 4,451 | 10,807 | (72 | ) | 4,451 | 10,735 | 15,186 | (2,277 | ) | 2009 | 2019 | |||||||||||||||||||||||||||||
| Midland Park Shopping Center | NJ | (16,588 | ) | 9,814 | 24,226 | 1,874 | 9,814 | 26,100 | 35,914 | (2,239 | ) | 1966 | 2023 | |||||||||||||||||||||||||||||
| Millhopper Shopping Center | FL | — | 1,073 | 5,358 | 6,120 | 1,901 | 10,650 | 12,551 | (8,771 | ) | 2017 | 1993 | ||||||||||||||||||||||||||||||
| Mockingbird Commons | TX | — | 3,000 | 10,728 | 3,822 | 3,000 | 14,550 | 17,550 | (9,975 | ) | 1987 | 1999 | ||||||||||||||||||||||||||||||
| Monument Jackson Creek | CO | — | 2,999 | 6,765 | 1,464 | 2,999 | 8,229 | 11,228 | (7,213 | ) | 1999 | 1998 | ||||||||||||||||||||||||||||||
| Morningside Plaza | CA | — | 4,300 | 13,951 | 1,266 | 4,300 | 15,217 | 19,517 | (10,568 | ) | 1996 | 1999 | ||||||||||||||||||||||||||||||
| Murrayhill Marketplace | OR | — | 2,670 | 18,401 | 15,100 | 2,903 | 33,268 | 36,171 | (22,926 | ) | 2016 | 1999 | ||||||||||||||||||||||||||||||
| Naples Walk | FL | — | 18,173 | 13,554 | 2,476 | 18,173 | 16,030 | 34,203 | (9,601 | ) | 1999 | 2007 | ||||||||||||||||||||||||||||||
| New City PCSB Bank Pad | NY | — | 837 | 1,306 | (2,143 | ) | — | — | — | — | 1973 | 2023 | ||||||||||||||||||||||||||||||
| New Milford Plaza | CT | — | 7,955 | 18,349 | 127 | 7,955 | 18,476 | 26,431 | (1,482 | ) | 1970 | 2023 | ||||||||||||||||||||||||||||||
| Newberry Square | FL | — | 2,412 | 10,150 | 2,085 | 2,412 | 12,235 | 14,647 | (10,978 | ) | 1986 | 1994 | ||||||||||||||||||||||||||||||
| Newfield Green | CT | (18,175 | ) | 22,993 | 7,778 | 107 | 22,993 | 7,885 | 30,878 | (843 | ) | 1966 | 2023 | |||||||||||||||||||||||||||||
| Newland Center | CA | — | 12,500 | 10,697 | 9,509 | 16,276 | 16,430 | 32,706 | (13,687 | ) | 2016 | 1999 | ||||||||||||||||||||||||||||||
| Nocatee Town Center | FL | — | 10,124 | 8,691 | 9,305 | 11,045 | 17,075 | 28,120 | (12,850 | ) | 2017 | 2007 | ||||||||||||||||||||||||||||||
| Nohl Plaza | CA | — | 1,688 | 6,733 | 317 | 1,688 | 7,050 | 8,738 | (801 | ) | 1966 | 2023 | ||||||||||||||||||||||||||||||
| North Hills | TX | — | 4,900 | 19,774 | 2,293 | 4,900 | 22,067 | 26,967 | (13,629 | ) | 1995 | 1999 | ||||||||||||||||||||||||||||||
| Northgate Marketplace | OR | — | 5,668 | 13,727 | 403 | 4,955 | 14,843 | 19,798 | (9,415 | ) | 2011 | 2011 | ||||||||||||||||||||||||||||||
| Northgate Marketplace Ph II | OR | — | 12,189 | 30,171 | 105 | 12,159 | 30,306 | 42,465 | (13,544 | ) | 2015 | 2015 | ||||||||||||||||||||||||||||||
| Northgate Plaza (Maxtown Road) | OH | — | 1,769 | 6,652 | 5,080 | 2,840 | 10,661 | 13,501 | (8,169 | ) | 2017 | 1998 | ||||||||||||||||||||||||||||||
| Northgate Square | FL | — | 5,011 | 8,692 | 1,236 | 5,011 | 9,928 | 14,939 | (6,078 | ) | 1995 | 2007 | ||||||||||||||||||||||||||||||
| Northlake Village | TN | — | 2,662 | 11,284 | 6,353 | 2,662 | 17,637 | 20,299 | (9,371 | ) | 2013 | 2000 | ||||||||||||||||||||||||||||||
| Oakshade Town Center | CA | (2,369 | ) | 6,591 | 28,966 | 4,344 | 6,591 | 33,310 | 39,901 | (14,620 | ) | 1998 | 2011 | |||||||||||||||||||||||||||||
| Oakbrook Plaza | CA | — | 4,000 | 6,668 | 6,432 | 4,766 | 12,334 | 17,100 | (8,273 | ) | 2017 | 1999 | ||||||||||||||||||||||||||||||
| Oakleaf Commons | FL | — | 3,503 | 11,671 | 2,286 | 3,173 | 14,287 | 17,460 | (10,412 | ) | 2006 | 2006 | ||||||||||||||||||||||||||||||
| Oakley Shops at Laurel Fields | CA | — | 10,963 | 22,825 | — | 10,963 | 22,825 | 33,788 | (392 | ) | 2024 | 2024 | ||||||||||||||||||||||||||||||
| Ocala Corners | FL | — | 1,816 | 10,515 | 1,775 | 1,816 | 12,290 | 14,106 | (6,943 | ) | 2000 | 2000 | ||||||||||||||||||||||||||||||
| Old Greenwich CVS | CT | (799 | ) | 3,704 | 2,065 | 7 | 3,711 | 2,065 | 5,776 | (149 | ) | 1941 | 2023 | |||||||||||||||||||||||||||||
| Old Kings Market | CT | (22,111 | ) | 17,091 | 26,274 | 375 | 17,092 | 26,648 | 43,740 | (1,943 | ) | 1955 | 2023 | |||||||||||||||||||||||||||||
| Old St Augustine Plaza | FL | — | 2,368 | 11,405 | 13,655 | 3,455 | 23,973 | 27,428 | (15,723 | ) | 2017/2020 | 1996 | ||||||||||||||||||||||||||||||
| Orange Meadows | CT | — | 6,459 | 19,441 | 1,183 | 6,461 | 20,622 | 27,083 | (2,202 | ) | 1990 | 2023 | ||||||||||||||||||||||||||||||
| Orangetown Shopping Center | NY | — | 4,716 | 15,472 | 1,140 | 5,684 | 15,644 | 21,328 | (1,201 | ) | 1966 | 2023 | ||||||||||||||||||||||||||||||
| Pablo Plaza | FL | — | 11,894 | 21,407 | 12,354 | 14,135 | 31,520 | 45,655 | (13,565 | ) | 2020 | 2017 | ||||||||||||||||||||||||||||||
| Paces Ferry Plaza | GA | — | 2,812 | 12,639 | 21,439 | 13,803 | 23,087 | 36,890 | (17,086 | ) | 2018 | 1997 | ||||||||||||||||||||||||||||||
| Panther Creek | TX | — | 14,414 | 14,748 | 7,378 | 15,212 | 21,328 | 36,540 | (17,724 | ) | 1994 | 2002 | ||||||||||||||||||||||||||||||
| Pavilion | FL | — | 15,626 | 22,124 | 1,546 | 15,626 | 23,670 | 39,296 | (8,822 | ) | 2011 | 2017 | ||||||||||||||||||||||||||||||
| Peartree Village | TN | — | 5,197 | 19,746 | 1,020 | 5,197 | 20,766 | 25,963 | (16,226 | ) | 1997 | 1997 | ||||||||||||||||||||||||||||||
| Persimmon Place | CA | — | 25,975 | 38,114 | 539 | 26,692 | 37,936 | 64,628 | (21,756 | ) | 2014 | 2014 | ||||||||||||||||||||||||||||||
| Pike Creek | DE | — | 5,153 | 20,652 | 10,330 | 5,885 | 30,250 | 36,135 | (18,711 | ) | 2013 | 1998 |
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2025
(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 | 2,217 | 21,086 | 30,340 | 51,426 | (10,921 | ) | 1999 | 2017 | ||||||||||||||||||||||||||||||
| Pine Lake Village | WA | — | 6,300 | 10,991 | 2,299 | 6,300 | 13,290 | 19,590 | (9,185 | ) | 1989 | 1999 | ||||||||||||||||||||||||||||||
| Pine Ridge Square | FL | — | 13,951 | 23,147 | 6,846 | 13,951 | 29,993 | 43,944 | (7,669 | ) | 2013 | 2017 | ||||||||||||||||||||||||||||||
| Pine Tree Plaza | FL | — | 668 | 6,220 | 1,220 | 668 | 7,440 | 8,108 | (5,154 | ) | 1999 | 1997 | ||||||||||||||||||||||||||||||
| Pinecrest Place | FL | — | 4,193 | 13,275 | 73 | 3,805 | 13,736 | 17,541 | (4,858 | ) | 2017 | 2017 | ||||||||||||||||||||||||||||||
| Plaza Escuela | CA | — | 24,829 | 104,395 | 4,305 | 24,829 | 108,700 | 133,529 | (26,616 | ) | 2002 | 2017 | ||||||||||||||||||||||||||||||
| Plaza Hermosa | CA | — | 4,200 | 10,109 | 4,657 | 4,202 | 14,764 | 18,966 | (10,136 | ) | 2013 | 1999 | ||||||||||||||||||||||||||||||
| Point 50 | VA | — | 15,239 | 11,367 | 294 | 14,628 | 12,272 | 26,900 | (3,909 | ) | 2021 | 2007 | ||||||||||||||||||||||||||||||
| Point Royale Shopping Center | FL | — | 18,201 | 14,889 | 7,145 | 19,405 | 20,830 | 40,235 | (9,977 | ) | 2018 | 2017 | ||||||||||||||||||||||||||||||
| Pompton Lakes Towne Square | NJ | — | 12,940 | 16,392 | 379 | 12,943 | 16,768 | 29,711 | (1,384 | ) | 2000 | 2023 | ||||||||||||||||||||||||||||||
| Post Road Plaza | CT | — | 15,240 | 5,196 | 176 | 15,240 | 5,372 | 20,612 | (1,789 | ) | 1978 | 2017 | ||||||||||||||||||||||||||||||
| Potrero Center | CA | — | 133,422 | 116,758 | (87,857 | ) | 85,205 | 77,118 | 162,323 | (19,505 | ) | 1997 | 2017 | |||||||||||||||||||||||||||||
| Powell Street Plaza | CA | — | 8,248 | 30,716 | 5,074 | 8,248 | 35,790 | 44,038 | (22,318 | ) | 1987 | 2001 | ||||||||||||||||||||||||||||||
| Powers Ferry Square | GA | — | 3,687 | 17,965 | 10,632 | 5,758 | 26,526 | 32,284 | (25,022 | ) | 2013 | 1997 | ||||||||||||||||||||||||||||||
| Powers Ferry Village | GA | — | 1,191 | 4,672 | 1,502 | 1,191 | 6,174 | 7,365 | (4,926 | ) | 1994 | 1997 | ||||||||||||||||||||||||||||||
| Prairie City Crossing | CA | — | 4,164 | 13,032 | 632 | 4,164 | 13,664 | 17,828 | (8,392 | ) | 1999 | 1999 | ||||||||||||||||||||||||||||||
| Preston Oaks | TX | — | 763 | 30,438 | 583 | 1,534 | 30,250 | 31,784 | (7,686 | ) | 2022 | 2013 | ||||||||||||||||||||||||||||||
| Prestonbrook | TX | — | 7,069 | 8,622 | (484 | ) | 5,244 | 9,963 | 15,207 | (8,798 | ) | 1998 | 1998 | |||||||||||||||||||||||||||||
| Prosperity Centre | FL | — | 11,682 | 26,215 | 1,153 | 11,681 | 27,369 | 39,050 | (7,616 | ) | 1993 | 2017 | ||||||||||||||||||||||||||||||
| Purchase Street Shops | NY | — | 466 | 1,388 | 21 | 466 | 1,409 | 1,875 | (126 | ) | 2023 | |||||||||||||||||||||||||||||||
| Putnam Plaza | NY | (16,531 | ) | 10,355 | 13,621 | 2,934 | 10,355 | 16,555 | 26,910 | (736 | ) | 1971 | 2025 | |||||||||||||||||||||||||||||
| Ralphs Circle Center | CA | — | 20,939 | 6,317 | 492 | 20,939 | 6,809 | 27,748 | (2,675 | ) | 1983 | 2017 | ||||||||||||||||||||||||||||||
| Red Bank Village | OH | — | 10,336 | 9,500 | 1,668 | 9,755 | 11,749 | 21,504 | (5,696 | ) | 2018 | 2006 | ||||||||||||||||||||||||||||||
| Regency Commons | OH | — | 3,917 | 3,616 | 425 | 3,917 | 4,041 | 7,958 | (3,153 | ) | 2004 | 2004 | ||||||||||||||||||||||||||||||
| Regency Square | FL | — | 4,770 | 25,191 | 16,188 | 6,228 | 39,921 | 46,149 | (30,373 | ) | 2013 | 1993 | ||||||||||||||||||||||||||||||
| Ridgeway Shopping Center | CT | (40,688 | ) | 47,684 | 96,414 | 8,029 | 47,684 | 104,443 | 152,127 | (7,804 | ) | 1952 | 2023 | |||||||||||||||||||||||||||||
| Franklin Pointe (fka Rite Aid Plaza-Waldwick Plaza) | NJ | — | 1,774 | 5,753 | (42 | ) | 1,774 | 5,711 | 7,485 | (370 | ) | 1953 | 2023 | |||||||||||||||||||||||||||||
| Rivertowns Square | NY | — | 15,505 | 52,505 | 5,976 | 16,853 | 57,133 | 73,986 | (14,511 | ) | 2016 | 2018 | ||||||||||||||||||||||||||||||
| Rona Plaza | CA | — | 1,500 | 4,917 | 582 | 1,500 | 5,499 | 6,999 | (3,903 | ) | 1989 | 1999 | ||||||||||||||||||||||||||||||
| Roosevelt Square | WA | — | 40,371 | 32,108 | 8,686 | 40,382 | 40,783 | 81,165 | (10,891 | ) | 2017 | 2017 | ||||||||||||||||||||||||||||||
| Russell Ridge | GA | — | 2,234 | 6,903 | 1,971 | 2,234 | 8,874 | 11,108 | (6,877 | ) | 1995 | 1994 | ||||||||||||||||||||||||||||||
| Ryanwood Square | FL | — | 10,581 | 10,044 | 545 | 10,581 | 10,589 | 21,170 | (4,566 | ) | 1987 | 2017 | ||||||||||||||||||||||||||||||
| Sammamish-Highlands | WA | — | 9,300 | 8,075 | 10,302 | 9,592 | 18,085 | 27,677 | (13,411 | ) | 2013 | 1999 | ||||||||||||||||||||||||||||||
| San Carlos Marketplace | CA | — | 36,006 | 57,886 | 969 | 36,006 | 58,855 | 94,861 | (15,080 | ) | 2018 | 2017 | ||||||||||||||||||||||||||||||
| San Leandro Plaza | CA | — | 1,300 | 8,226 | 1,930 | 1,300 | 10,156 | 11,456 | (6,678 | ) | 1982 | 1999 | ||||||||||||||||||||||||||||||
| Sandy Springs | GA | — | 6,889 | 28,056 | 5,365 | 6,889 | 33,421 | 40,310 | (14,455 | ) | 2006 | 2012 | ||||||||||||||||||||||||||||||
| Sawgrass Promenade | FL | — | 10,846 | 12,525 | 1,796 | 10,846 | 14,321 | 25,167 | (5,165 | ) | 1998 | 2017 | ||||||||||||||||||||||||||||||
| Scripps Ranch Marketplace | CA | — | 59,949 | 26,334 | 1,792 | 59,949 | 28,126 | 88,075 | (7,940 | ) | 2017 | 2017 | ||||||||||||||||||||||||||||||
| Sendero Marketplace | CA | (44,538 | ) | 27,171 | 31,206 | 11 | 27,171 | 31,217 | 58,388 | (565 | ) | 2016 | 2025 | |||||||||||||||||||||||||||||
| Serramonte Center | CA | — | 390,106 | 172,652 | 118,710 | 423,587 | 257,881 | 681,468 | (104,400 | ) | 2018/In Process | 2017 | ||||||||||||||||||||||||||||||
| Shaw's at Plymouth | MA | — | 3,968 | 8,367 | — | 3,968 | 8,367 | 12,335 | (3,207 | ) | 1993 | 2017 | ||||||||||||||||||||||||||||||
| Shelton Square | CT | — | 13,383 | 25,265 | 4,472 | 13,383 | 29,737 | 43,120 | (2,975 | ) | 1982 | 2023 | ||||||||||||||||||||||||||||||
| Sheridan Plaza | FL | — | 82,260 | 97,273 | 16,268 | 83,814 | 111,987 | 195,801 | (35,029 | ) | 1991/2022 | 2017 | ||||||||||||||||||||||||||||||
| Sherwood Crossroads | OR | — | 2,731 | 6,360 | 900 | 2,454 | 7,537 | 9,991 | (4,740 | ) | 1999 | 1999 |
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2025
(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 | |||||||||||||||||||||||||||||||
| Shiloh Springs | TX | — | 5,236 | 11,802 | 1,199 | 5,236 | 13,001 | 18,237 | (2,614 | ) | 1998 | 1998 | ||||||||||||||||||||||||||||||
| Shoppes @ 104 | FL | — | 11,193 | — | 3,414 | 7,078 | 7,529 | 14,607 | (4,967 | ) | 2018 | 1998 | ||||||||||||||||||||||||||||||
| Shoppes at Homestead | CA | — | 5,420 | 9,450 | 2,829 | 5,420 | 12,279 | 17,699 | (8,660 | ) | 1983 | 1999 | ||||||||||||||||||||||||||||||
| Shoppes at Lago Mar | FL | — | 8,323 | 11,347 | 454 | 8,323 | 11,801 | 20,124 | (4,482 | ) | 1995 | 2017 | ||||||||||||||||||||||||||||||
| Shoppes at Sunlake Centre | FL | — | 16,643 | 15,091 | 6,683 | 18,001 | 20,416 | 38,417 | (7,715 | ) | 2008 | 2017 | ||||||||||||||||||||||||||||||
| Shoppes of Grande Oak | FL | — | 5,091 | 5,985 | 1,495 | 5,091 | 7,480 | 12,571 | (6,518 | ) | 2000 | 2000 | ||||||||||||||||||||||||||||||
| Shoppes of Jonathan's Landing | FL | — | 4,474 | 5,628 | 630 | 4,474 | 6,258 | 10,732 | (2,135 | ) | 1997 | 2017 | ||||||||||||||||||||||||||||||
| Shoppes of Oakbrook | FL | — | 20,538 | 42,992 | (2,650 | ) | 20,538 | 40,342 | 60,880 | (12,376 | ) | 2003 | 2017 | |||||||||||||||||||||||||||||
| Shoppes of Silver Lakes | FL | — | 17,529 | 21,829 | 2,496 | 17,529 | 24,325 | 41,854 | (8,888 | ) | 1997 | 2017 | ||||||||||||||||||||||||||||||
| Shoppes of Sunset | FL | — | 2,860 | 1,316 | 975 | 2,860 | 2,291 | 5,151 | (719 | ) | 2009 | 2017 | ||||||||||||||||||||||||||||||
| Shoppes of Sunset II | FL | — | 2,834 | 715 | 739 | 2,834 | 1,454 | 4,288 | (553 | ) | 2009 | 2017 | ||||||||||||||||||||||||||||||
| Shops at County Center | VA | — | 9,957 | 11,296 | 5,385 | 12,917 | 13,721 | 26,638 | (13,139 | ) | 2005 | 2005 | ||||||||||||||||||||||||||||||
| Shops at Erwin Mill | NC | (12,000 | ) | 9,082 | 6,124 | 596 | 9,087 | 6,715 | 15,802 | (4,934 | ) | 2012 | 2012 | |||||||||||||||||||||||||||||
| Shops at John's Creek | FL | — | 1,863 | 2,014 | 76 | 1,501 | 2,452 | 3,953 | (1,876 | ) | 2004 | 2003 | ||||||||||||||||||||||||||||||
| Shops at Mira Vista | TX | (137 | ) | 11,691 | 9,026 | 881 | 11,691 | 9,907 | 21,598 | (4,241 | ) | 2002 | 2014 | |||||||||||||||||||||||||||||
| Shops at Quail Creek | CO | — | 1,487 | 7,717 | 1,591 | 1,448 | 9,347 | 10,795 | (5,414 | ) | 2008 | 2008 | ||||||||||||||||||||||||||||||
| Shops at Saugus | MA | — | 19,201 | 17,984 | 1,204 | 18,974 | 19,415 | 38,389 | (15,091 | ) | 2006 | 2006 | ||||||||||||||||||||||||||||||
| Shops at Skylake | FL | — | 84,586 | 39,342 | 3,210 | 85,117 | 42,021 | 127,138 | (16,034 | ) | 2006 | 2017 | ||||||||||||||||||||||||||||||
| Shops at The Columbia | DC | — | 3,117 | 8,869 | 198 | 3,234 | 8,950 | 12,184 | (1,301 | ) | 1991 | 2006 | ||||||||||||||||||||||||||||||
| Shops on Main | IN | — | 17,020 | 27,055 | 21,768 | 19,648 | 46,195 | 65,843 | (21,761 | ) | 2017/2020 | 2007 | ||||||||||||||||||||||||||||||
| Sienna Grande Shops | TX | — | 5,516 | 6,349 | — | 5,516 | 6,349 | 11,865 | (358 | ) | 2023 | 2023 | ||||||||||||||||||||||||||||||
| Somers Commons | NY | — | 7,019 | 29,808 | 4,230 | 7,019 | 34,038 | 41,057 | (2,968 | ) | 2003 | 2023 | ||||||||||||||||||||||||||||||
| Sope Creek Crossing | GA | — | 2,985 | 12,001 | 3,885 | 3,332 | 15,539 | 18,871 | (11,738 | ) | 2016 | 1998 | ||||||||||||||||||||||||||||||
| South Beach Regional | FL | — | 28,188 | 53,405 | 16,145 | 28,515 | 69,223 | 97,738 | (19,286 | ) | 1990 | 2017 | ||||||||||||||||||||||||||||||
| South Pass Village | NJ | (19,258 | ) | 11,079 | 31,610 | 649 | 11,079 | 32,259 | 43,338 | (2,511 | ) | 1965 | 2023 | |||||||||||||||||||||||||||||
| South Point | FL | — | 6,563 | 7,939 | 751 | 6,563 | 8,690 | 15,253 | (3,172 | ) | 2003 | 2017 | ||||||||||||||||||||||||||||||
| Southbury Green | CT | — | 26,661 | 34,325 | 9,381 | 29,743 | 40,624 | 70,367 | (13,306 | ) | 2002 | 2017 | ||||||||||||||||||||||||||||||
| Southcenter | WA | — | 1,300 | 12,750 | 2,793 | 1,300 | 15,543 | 16,843 | (10,785 | ) | 1990 | 1999 | ||||||||||||||||||||||||||||||
| Southpark at Cinco Ranch | TX | — | 18,395 | 11,306 | 7,801 | 21,438 | 16,064 | 37,502 | (11,759 | ) | 2017 | 2012 | ||||||||||||||||||||||||||||||
| SouthPoint Crossing | NC | — | 4,412 | 12,235 | 1,816 | 4,382 | 14,081 | 18,463 | (9,702 | ) | 1998 | 1998 | ||||||||||||||||||||||||||||||
| Staples Plaza-Yorktown Heights | NY | — | 7,131 | 47,704 | 1,386 | 7,131 | 49,090 | 56,221 | (3,426 | ) | 1970 | 2023 | ||||||||||||||||||||||||||||||
| Starke | FL | — | 71 | 1,683 | 15 | 71 | 1,698 | 1,769 | (1,529 | ) | 2000 | 2000 | ||||||||||||||||||||||||||||||
| Star's at Cambridge | MA | — | 31,082 | 13,520 | (1 | ) | 31,082 | 13,519 | 44,601 | (4,429 | ) | 1997 | 2017 | |||||||||||||||||||||||||||||
| Star's at West Roxbury | MA | — | 21,973 | 13,386 | 807 | 21,973 | 14,193 | 36,166 | (4,493 | ) | 2006 | 2017 | ||||||||||||||||||||||||||||||
| Station Centre @ Old Greenwich | CT | — | 9,121 | 7,603 | 655 | 9,121 | 8,258 | 17,379 | (782 | ) | 1952 | 2023 | ||||||||||||||||||||||||||||||
| Stefko Boulevard Shopping Center | PA | — | 5,042 | 11,847 | 120 | 5,042 | 11,967 | 17,009 | (154 | ) | 1976 | 2025 | ||||||||||||||||||||||||||||||
| Sterling Ridge | TX | — | 12,846 | 12,162 | 1,703 | 12,846 | 13,865 | 26,711 | (12,323 | ) | 2000 | 2002 | ||||||||||||||||||||||||||||||
| Stroh Ranch | CO | — | 4,280 | 8,189 | 1,278 | 4,280 | 9,467 | 13,747 | (8,113 | ) | 1998 | 1998 | ||||||||||||||||||||||||||||||
| Suncoast Crossing | FL | — | 9,030 | 10,764 | 4,829 | 13,374 | 11,249 | 24,623 | (10,560 | ) | 2007 | 2007 | ||||||||||||||||||||||||||||||
| Sunny Valley Shops | CT | — | 2,820 | 5,055 | 1,331 | 2,820 | 6,386 | 9,206 | (586 | ) | 2003 | 2023 | ||||||||||||||||||||||||||||||
| Talega Village Center | CA | — | 22,415 | 12,054 | 593 | 22,415 | 12,647 | 35,062 | (3,603 | ) | 2007 | 2017 | ||||||||||||||||||||||||||||||
| Tanasbourne Market | OR | — | 3,269 | 10,861 | (294 | ) | 3,149 | 10,687 | 13,836 | (7,642 | ) | 2006 | 2006 | |||||||||||||||||||||||||||||
| Tanglewood Shopping Center | NY | (2,163 | ) | 5,920 | 7,889 | 152 | 5,920 | 8,041 | 13,961 | (678 | ) | 1953 | 2023 | |||||||||||||||||||||||||||||
| Tassajara Crossing | CA | — | 8,560 | 15,464 | 3,345 | 8,560 | 18,809 | 27,369 | (12,549 | ) | 1990 | 1999 | ||||||||||||||||||||||||||||||
| Tech Ridge Center | TX | — | 12,945 | 37,169 | 6,912 | 13,455 | 43,571 | 57,026 | (23,545 | ) | 2020 | 2011 | ||||||||||||||||||||||||||||||
| Terrace Shops | CA | (14,007 | ) | 5,684 | 14,587 | 12 | 5,684 | 14,599 | 20,283 | (256 | ) | 2005 | 2025 |
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2025
(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 Abbot | MA | — | 72,910 | 6,086 | 52,460 | 79,219 | 52,237 | 131,456 | (7,808 | ) | 1912/2024 | 2017 | ||||||||||||||||||||||||||||||
| The Crossing Clarendon | VA | — | 154,932 | 126,328 | 63,230 | 161,409 | 183,081 | 344,490 | (45,436 | ) | 2023/In Process | 2016 | ||||||||||||||||||||||||||||||
| The Dock-Dockside | CT | (32,125 | ) | 20,974 | 49,185 | 270 | 20,974 | 49,455 | 70,429 | (3,690 | ) | 1974 | 2023 | |||||||||||||||||||||||||||||
| The Field at Commonwealth | VA | — | 31,057 | 18,248 | (5,130 | ) | 25,731 | 18,444 | 44,175 | (12,535 | ) | 2018 | 2017 | |||||||||||||||||||||||||||||
| The Gallery at Westbury Plaza | NY | — | 108,653 | 216,771 | 5,213 | 108,653 | 221,984 | 330,637 | (61,933 | ) | 2013 | 2017 | ||||||||||||||||||||||||||||||
| The Hub at Norwalk | CT | — | 20,394 | 21,261 | 1,401 | 21,220 | 21,836 | 43,056 | (4,647 | ) | 2003 | 2017 | ||||||||||||||||||||||||||||||
| The Hub Hillcrest Market | CA | — | 18,773 | 61,906 | 8,376 | 19,611 | 69,444 | 89,055 | (27,554 | ) | 2015 | 2012 | ||||||||||||||||||||||||||||||
| The Longmeadow Shops | MA | (13,000 | ) | 5,451 | 23,738 | 659 | 5,451 | 24,397 | 29,848 | (1,946 | ) | 1962 | 2023 | |||||||||||||||||||||||||||||
| The Marketplace | CA | — | 10,927 | 36,052 | 1,815 | 10,927 | 37,867 | 48,794 | (10,795 | ) | 1990 | 2017 | ||||||||||||||||||||||||||||||
| The Meadows | NY | — | 12,325 | 21,378 | 1,243 | 12,267 | 22,679 | 34,946 | (4,076 | ) | 1980 | 2021 | ||||||||||||||||||||||||||||||
| The Plaza at St. Lucie West | FL | — | 1,718 | 6,204 | 219 | 1,718 | 6,423 | 8,141 | (1,952 | ) | 2006 | 2017 | ||||||||||||||||||||||||||||||
| The Point at Garden City Park | NY | — | 741 | 9,764 | 5,857 | 2,559 | 13,803 | 16,362 | (6,700 | ) | 2018 | 2016 | ||||||||||||||||||||||||||||||
| The Pruneyard | CA | — | 112,136 | 86,918 | 3,710 | 112,136 | 90,628 | 202,764 | (20,903 | ) | 2014 | 2019 | ||||||||||||||||||||||||||||||
| The Shops at Hampton Oaks | GA | — | 843 | 372 | (178 | ) | 297 | 740 | 1,037 | (448 | ) | 2009 | 2017 | |||||||||||||||||||||||||||||
| The Shops at Stone Bridge | CT | — | 21,397 | 40,486 | — | 21,397 | 40,486 | 61,883 | (471 | ) | 2025 | 2024 | ||||||||||||||||||||||||||||||
| The Shops at SunVet | NY | — | 15,628 | 73,756 | — | 15,628 | 73,756 | 89,384 | (2,634 | ) | 2023 | 2023 | ||||||||||||||||||||||||||||||
| The Village at Hunter's Lake | FL | — | 9,735 | 12,988 | 40 | 9,735 | 13,028 | 22,763 | (4,634 | ) | 2018 | 2018 | ||||||||||||||||||||||||||||||
| The Village at Riverstone | TX | — | 17,179 | 13,013 | 116 | 17,179 | 13,129 | 30,308 | (5,123 | ) | 2016 | 2016 | ||||||||||||||||||||||||||||||
| Town and Country | FL | — | 4,664 | 5,207 | 116 | 4,664 | 5,323 | 9,987 | (2,658 | ) | 1993 | 2017 | ||||||||||||||||||||||||||||||
| Town Square | FL | — | 883 | 8,132 | 918 | 883 | 9,050 | 9,933 | (6,308 | ) | 1999 | 1997 | ||||||||||||||||||||||||||||||
| Towne Centre at Somers | NY | — | 3,235 | 30,998 | 345 | 3,236 | 31,342 | 34,578 | (2,225 | ) | 1988 | 2023 | ||||||||||||||||||||||||||||||
| Treasure Coast Plaza | FL | — | 7,553 | 21,554 | 1,800 | 7,553 | 23,354 | 30,907 | (7,704 | ) | 1983 | 2017 | ||||||||||||||||||||||||||||||
| Tustin Legacy | CA | — | 13,829 | 23,922 | 290 | 13,828 | 24,213 | 38,041 | (9,587 | ) | 2017 | 2016 | ||||||||||||||||||||||||||||||
| Twin City Plaza | MA | — | 17,245 | 44,225 | 2,796 | 17,263 | 47,003 | 64,266 | (24,823 | ) | In Process | 2006 | ||||||||||||||||||||||||||||||
| Twin Peaks | CA | — | 5,200 | 25,827 | 9,789 | 6,587 | 34,229 | 40,816 | (21,418 | ) | 2015 | 1999 | ||||||||||||||||||||||||||||||
| Unigold Shopping Center | FL | — | 5,490 | 5,144 | 6,812 | 5,561 | 11,885 | 17,446 | (7,546 | ) | 1987 | 2017 | ||||||||||||||||||||||||||||||
| University Commons | FL | — | 4,070 | 30,785 | 1,121 | 4,070 | 31,906 | 35,976 | (12,707 | ) | 2001 | 2015 | ||||||||||||||||||||||||||||||
| Valencia Crossroads | CA | — | 17,921 | 17,659 | 1,929 | 17,921 | 19,588 | 37,509 | (18,405 | ) | 2003 | 2002 | ||||||||||||||||||||||||||||||
| Valley Ridge Shopping Center | NJ | (15,702 | ) | 13,363 | 19,803 | 993 | 13,363 | 20,796 | 34,159 | (1,640 | ) | 1962 | 2023 | |||||||||||||||||||||||||||||
| Valley Stream | NY | — | 13,297 | 16,241 | 512 | 13,887 | 16,163 | 30,050 | (2,691 | ) | 1950 | 2021 | ||||||||||||||||||||||||||||||
| Veterans Plaza | CT | — | 2,328 | 7,104 | 34 | 2,328 | 7,138 | 9,466 | (608 | ) | 1966 | 2023 | ||||||||||||||||||||||||||||||
| Village at La Floresta | CA | — | 13,140 | 20,559 | 242 | 13,156 | 20,785 | 33,941 | (10,960 | ) | 2014 | 2014 | ||||||||||||||||||||||||||||||
| Village at Lee Airpark | MD | — | 11,099 | 12,975 | 4,354 | 11,803 | 16,625 | 28,428 | (17,368 | ) | 2014 | 2005 | ||||||||||||||||||||||||||||||
| Village Center | FL | — | 3,885 | 14,131 | 10,339 | 5,480 | 22,875 | 28,355 | (15,000 | ) | 2014 | 1995 | ||||||||||||||||||||||||||||||
| Village Commons | NY | — | 312 | 5,950 | 349 | 312 | 6,299 | 6,611 | (602 | ) | 1980 | 2023 | ||||||||||||||||||||||||||||||
| Von's Circle Center | CA | (2,633 | ) | 49,037 | 22,618 | 1,656 | 49,037 | 24,274 | 73,311 | (7,833 | ) | 1972 | 2017 | |||||||||||||||||||||||||||||
| Wading River | NY | — | 14,969 | 18,641 | 1,655 | 14,915 | 20,350 | 35,265 | (3,259 | ) | 2002 | 2021 | ||||||||||||||||||||||||||||||
| Waldwick Plaza | NJ | — | 1,724 | 5,824 | 301 | 1,724 | 6,125 | 7,849 | (493 | ) | 1960 | 2023 | ||||||||||||||||||||||||||||||
| Walker Center | OR | — | 3,840 | 7,232 | 12,731 | 4,404 | 19,399 | 23,803 | (10,154 | ) | 1987 | 1999 | ||||||||||||||||||||||||||||||
| Washington Commons | NJ | (8,210 | ) | 7,829 | 12,182 | 252 | 7,829 | 12,434 | 20,263 | (1,098 | ) | 1992 | 2023 | |||||||||||||||||||||||||||||
| Waterstone Plaza | FL | — | 5,498 | 13,500 | 298 | 5,498 | 13,798 | 19,296 | (4,550 | ) | 2005 | 2017 | ||||||||||||||||||||||||||||||
| Welleby Plaza | FL | — | 1,496 | 7,787 | 2,809 | 1,496 | 10,596 | 12,092 | (9,301 | ) | 1982 | 1996 | ||||||||||||||||||||||||||||||
| Wellington Town Square | FL | — | 2,041 | 12,131 | 3,953 | 2,600 | 15,525 | 18,125 | (9,057 | ) | 2022 | 1996 | ||||||||||||||||||||||||||||||
| West Bird Plaza | FL | — | 12,934 | 18,594 | 374 | 15,386 | 16,516 | 31,902 | (6,209 | ) | 2000/2021 | 2017 | ||||||||||||||||||||||||||||||
| West Chester Plaza | OH | — | 1,857 | 7,572 | 690 | 1,857 | 8,262 | 10,119 | (8,145 | ) | In Process | 1998 |
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2025
(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 | |||||||||||||||||||||||||||||||
| West Lake Shopping Center | FL | — | 10,561 | 9,792 | 1,024 | 10,561 | 10,816 | 21,377 | (3,876 | ) | 2000 | 2017 | ||||||||||||||||||||||||||||||
| West Park Plaza | CA | — | 5,840 | 5,759 | 4,406 | 5,840 | 10,165 | 16,005 | (6,460 | ) | 1996 | 1999 | ||||||||||||||||||||||||||||||
| Westbury Plaza | NY | (88,000 | ) | 116,129 | 51,460 | 6,978 | 117,817 | 56,750 | 174,567 | (18,740 | ) | 2004 | 2017 | |||||||||||||||||||||||||||||
| Westchase | FL | — | 5,302 | 8,273 | 1,522 | 5,302 | 9,795 | 15,097 | (5,582 | ) | 1998 | 2007 | ||||||||||||||||||||||||||||||
| Westchester Commons | IL | — | 3,366 | 11,751 | 11,535 | 4,894 | 21,758 | 26,652 | (12,675 | ) | 2014 | 2001 | ||||||||||||||||||||||||||||||
| Westlake Village Plaza and Center | CA | — | 7,043 | 27,195 | 31,764 | 17,620 | 48,382 | 66,002 | (41,500 | ) | 2015 | 1999 | ||||||||||||||||||||||||||||||
| Westport Collection | CT | — | 4,831 | 3,138 | 1 | 4,831 | 3,139 | 7,970 | (417 | ) | 1958 | 2023 | ||||||||||||||||||||||||||||||
| Westport Plaza | FL | — | 9,035 | 7,455 | 272 | 9,035 | 7,727 | 16,762 | (2,917 | ) | 2002 | 2017 | ||||||||||||||||||||||||||||||
| Westport Row | CT | — | 43,597 | 16,428 | 15,346 | 46,170 | 29,201 | 75,371 | (10,925 | ) | 1988 | 2017 | ||||||||||||||||||||||||||||||
| Westbard Square | MD | — | 128,002 | 21,514 | 40,574 | 114,450 | 75,640 | 190,090 | (7,643 | ) | 2001/2024 | 2017 | ||||||||||||||||||||||||||||||
| Westwood Village | TX | — | 19,933 | 25,301 | 2,314 | 19,378 | 28,170 | 47,548 | (20,083 | ) | 2006 | 2006 | ||||||||||||||||||||||||||||||
| Willa Springs | FL | (16,700 | ) | 13,322 | 15,314 | 3,555 | 13,683 | 18,508 | 32,191 | (2,885 | ) | 1979 | 2000 | |||||||||||||||||||||||||||||
| Williamsburg at Dunwoody | GA | — | 7,435 | 3,721 | 1,474 | 7,444 | 5,186 | 12,630 | (2,270 | ) | 1983 | 2017 | ||||||||||||||||||||||||||||||
| Willow Festival | IL | — | 1,954 | 56,501 | 6,297 | 1,976 | 62,776 | 64,752 | (27,247 | ) | 2007 | 2010 | ||||||||||||||||||||||||||||||
| Willow Lake Shopping Center | IN | — | 6,018 | 9,436 | 14 | 6,018 | 9,450 | 15,468 | (118 | ) | 1987 | 2025 | ||||||||||||||||||||||||||||||
| Willow Lake West Shopping Center | IN | — | 3,297 | 18,075 | 11 | 3,297 | 18,086 | 21,383 | (160 | ) | 2001 | 2025 | ||||||||||||||||||||||||||||||
| Willow Oaks | NC | — | 6,664 | 7,908 | (247 | ) | 6,294 | 8,031 | 14,325 | (4,966 | ) | 2014 | 2014 | |||||||||||||||||||||||||||||
| Willows Shopping Center | CA | — | 51,964 | 78,029 | (6,646 | ) | 51,980 | 71,367 | 123,347 | (20,868 | ) | In Process | 2017 | |||||||||||||||||||||||||||||
| Woodcroft Shopping Center | NC | — | 1,419 | 6,284 | 2,125 | 1,421 | 8,407 | 9,828 | (6,338 | ) | 1984 | 1996 | ||||||||||||||||||||||||||||||
| Woodman Van Nuys | CA | — | 5,500 | 7,195 | 527 | 5,500 | 7,722 | 13,222 | (5,223 | ) | 1992 | 1999 | ||||||||||||||||||||||||||||||
| Woodmen Plaza | CO | — | 7,621 | 11,018 | 1,633 | 7,621 | 12,651 | 20,272 | (13,198 | ) | 1998 | 1998 | ||||||||||||||||||||||||||||||
| Woodside Central | CA | — | 3,500 | 9,288 | 1,145 | 3,489 | 10,444 | 13,933 | (7,121 | ) | 1993 | 1999 | ||||||||||||||||||||||||||||||
| Miscellaneous Investments | — | — | 2,127 | 2,371 | — | 4,498 | 4,498 | (2,243 | ) | |||||||||||||||||||||||||||||||||
| Land held for future development | — | 11,323 | — | (4,608 | ) | 6,715 | — | 6,715 | — | |||||||||||||||||||||||||||||||||
| Construction in progress | — | 22,395 | 29,235 | 95,577 | 22,395 | 124,812 | 147,207 | — | ||||||||||||||||||||||||||||||||||
| (778,831 | ) | $ | 5,737,889 | 7,367,996 | 1,456,039 | 5,854,509 | 8,707,415 | 14,561,924 | (3,267,728 | ) |
(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.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2025
(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 $11.9 billion at December 31, 2025.
The changes in total real estate assets for the years ended December 31, 2025, 2024, and 2023 are as follows:
| (in thousands) | 2025 | 2024 | 2023 | |||||||||
| Beginning balance | $ | 13,698,419 | 13,454,391 | 11,858,064 | ||||||||
| Acquired properties and land | 614,133 | 71,334 | 1,445,428 | |||||||||
| Developments and improvements | 382,635 | 328,133 | 206,085 | |||||||||
| Disposal of building and tenant improvements | (24,855 | ) | (51,671 | ) | (14,149 | ) | ||||||
| Sale of properties | (108,408 | ) | (72,152 | ) | (19,366 | ) | ||||||
| Contributed to unconsolidated joint ventures | — | (17,518 | ) | — | ||||||||
| Properties held for sale | — | — | (21,671 | ) | ||||||||
| Provision for impairment | — | (14,098 | ) | — | ||||||||
| Ending balance | $ | 14,561,924 | 13,698,419 | 13,454,391 |
The changes in accumulated depreciation for the years ended December 31, 2025, 2024, and 2023 are as follows:
| (in thousands) | 2025 | 2024 | 2023 | |||||||||
| Beginning balance | $ | 2,960,399 | 2,691,386 | 2,415,860 | ||||||||
| Depreciation expense | 344,216 | 329,650 | 293,705 | |||||||||
| Disposal of building and tenant improvements | (24,828 | ) | (51,671 | ) | (14,149 | ) | ||||||
| Sale of properties | (12,059 | ) | (7,842 | ) | (569 | ) | ||||||
| Accumulated depreciation related to properties held for sale | — | — | (3,461 | ) | ||||||||
| Provision for impairment | — | (1,124 | ) | — | ||||||||
| Ending balance | $ | 3,267,728 | 2,960,399 | 2,691,386 |
Previous: Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations · Next: Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure