Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 1-12298 (Regency Centers Corporation)

Commission File Number 0-24763 (Regency Centers, L.P.)

REGENCY CENTERS CORPORATION

REGENCY CENTERS, L.P.

(Exact name of registrant as specified in its charter)

florida (REGENCY CENTERS CORPORATION)		59-3191743
Delaware (REGENCY CENTERS, L.P)	59-3429602
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
One Independent Drive**,** Suite 114 Jacksonville**,** Florida 32202	(904) 598-7000
(Address of principal executive offices) (zip code)		(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Regency Centers Corporation

Title of each class		Trading Symbol		Name of each exchange on which registered
Common Stock, $0.01 par value		REG		The Nasdaq Stock Market LLC
6.250% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share		REGCP		The Nasdaq Stock Market LLC
5.875% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share		REGCO		The Nasdaq Stock Market LLC

Regency Centers, L.P.

Title of each class		Trading Symbol		Name of each exchange on which registered
None		N/A		N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Regency Centers Corporation Yes ☒ No ☐ Regency Centers, L.P. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Regency Centers Corporation Yes ☒ No ☐ Regency Centers, L.P. Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act:

Regency Centers Corporation:

Large accelerated filer	☒	Accelerated filer	☐	Emerging growth company	☐
Non-accelerated filer	☐	Smaller reporting company	☐

Regency Centers, L.P.:

Large accelerated filer	☐	Accelerated filer	☐	Emerging growth company	☐
Non-accelerated filer	☒	Smaller reporting company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Regency Centers Corporation Yes ☐ No ☐ Regency Centers, L.P. Yes ☐ No ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Regency Centers Corporation Yes ☐ No ☒ Regency Centers, L.P. Yes ☐ No ☒

The number of shares outstanding of Regency Centers Corporation's common stock was 181,529,289 as of April 30, 2025.

EXPLANATORY NOTE

This Quarterly Report on Form 10-Q (this "Report") combines the quarterly reports on Form 10-Q for the quarter ended March 31, 2025, of Regency Centers Corporation and Regency Centers, L.P. Unless stated otherwise or the context otherwise requires, references to "Regency Centers Corporation" or the "Parent Company" mean Regency Centers Corporation and its controlled subsidiaries and references to "Regency Centers, L.P." or the "Operating Partnership" mean Regency Centers, L.P. and its controlled subsidiaries. The terms "the Company," "Regency Centers," "Regency," "we," "our," and "us" as used in this Report mean the Parent Company, the Operating Partnership and their controlled subsidiaries, collectively.

The Parent Company is a real estate investment trust ("REIT") and the general partner of the Operating Partnership. As the sole general partner of the Operating Partnership, the Parent Company has exclusive control of the Operating Partnership's day-to-day management. The Operating Partnership's capital includes general and limited common partnership units ("Common Units"). As of March 31, 2025, the Parent Company owned approximately 99.4% of the Common Units in the Operating Partnership. The remaining Common Units, which are all limited Common Units, are owned by third party investors. In addition to the Common Units, the Operating Partnership has also issued two series of preferred units: the 6.250% Series A Cumulative Redeemable Preferred Units (the "Series A Preferred Units") and the 5.875% Series B Cumulative Redeemable Preferred Units (the "Series B Preferred Units"). The Parent Company currently owns all of the Series A Preferred Units and Series B Preferred Units. The Series A Preferred Units and Series B Preferred Units are sometimes referred to collectively as the "Preferred Units."

The Company believes combining the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into this single report provides the following benefits:

Enhances investors' understanding of the Parent Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

Eliminates duplicative disclosure and provides a more streamlined and readable presentation; and

Creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

Management operates the Parent Company and the Operating Partnership as a single business. The management of the Parent Company consists of the same individuals as the management of the Operating Partnership. These individuals are officers of the Parent Company, and officers and employees of the Operating Partnership.

The Company believes it is important to understand the key differences between the Parent Company and the Operating Partnership in the context of how the Parent Company and the Operating Partnership operate as a consolidated company. The Parent Company is a REIT, whose only material asset is its ownership of Common and Preferred Units of the Operating Partnership. As a result, the Parent Company does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing certain debt of the Operating Partnership. Except for $200 million of unsecured private placement debt, the Parent Company does not directly hold any indebtedness, but guarantees all of the unsecured debt of the Operating Partnership. The Operating Partnership, directly or indirectly, is also the co-issuer and guarantor of the Parent Company's $200 million unsecured private placement debt referenced above. The Operating Partnership holds all the assets of the Company and ownership of the Company's subsidiaries and equity interests in its joint ventures. Except for net proceeds from public equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for Common Units or Preferred Units, the Operating Partnership generates all other capital required by the Company's business. These sources include the Operating Partnership's operations, its direct or indirect incurrence of indebtedness, and the issuance of Common Units and Preferred Units.

Shareholders' equity, partners' capital, and noncontrolling interests are the main areas of difference between the Consolidated Financial Statements of the Parent Company and those of the Operating Partnership. The Operating Partnership's capital includes the Common Units and the Preferred Units. The limited partners' Common Units in the Operating Partnership owned by third parties are accounted for in partners' capital in the Operating Partnership's financial statements and outside of shareholders' equity in noncontrolling interests in the Parent Company's financial statements. The Preferred Units owned by the Parent Company are eliminated in consolidation in the accompanying consolidated financial statements of the Parent Company and are classified as preferred units of the general partner in the accompanying consolidated financial statements of the Operating Partnership.

In order to highlight the differences between the Parent Company and the Operating Partnership, there are sections in this Report that separately discuss the Parent Company and the Operating Partnership, including separate financial statements, controls and procedures sections, and separate Exhibit 31 and 32 certifications. In the sections that combine disclosure for the Parent Company and the Operating Partnership, this Report refers to actions or holdings as being actions or holdings of the Company.

As general partner with control of the Operating Partnership, the Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have assets other than its investment in the Operating Partnership. Therefore, while shareholders' equity and partners' capital differ as discussed above, the assets and liabilities of the Parent Company and the Operating Partnership are the same on their respective financial statements.

TABLE OF CONTENTS

		Form 10-Q Report Page
PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
Regency Centers Corporation:
	Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024	1
	Consolidated Statements of Operations for the periods ended March 31, 2025 and 2024	2
	Consolidated Statements of Comprehensive Income for the periods ended March 31, 2025 and 2024	3
	Consolidated Statements of Equity for the periods ended March 31, 2025 and 2024	4
	Consolidated Statements of Cash Flows for the periods ended March 31, 2025 and 2024	5
Regency Centers, L.P.:
	Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024	7
	Consolidated Statements of Operations for the periods ended March 31, 2025 and 2024	8
	Consolidated Statements of Comprehensive Income for the periods ended March 31, 2025 and 2024	9
	Consolidated Statements of Capital for the periods ended March 31, 2025 and 2024	10
	Consolidated Statements of Cash Flows for the periods ended March 31, 2025 and 2024	11
	Notes to Consolidated Financial Statements	13
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	43
Item 4.	Controls and Procedures	45
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	46
Item 1A.	Risk Factors	46
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	46
Item 3.	Defaults Upon Senior Securities	47
Item 4.	Mine Safety Disclosures	47
Item 5.	Other Information	47
Item 6.	Exhibits	48
SIGNATURES		49

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

REGENCY CENTERS CORPORATION

Consolidated Balance Sheets

March 31, 2025 and December 31, 2024

(in thousands, except share data)

		2025				2024
Assets		(unaudited)
Net real estate investments:
Real estate assets, at cost		$	13,910,190				13,698,419
Less: accumulated depreciation			3,037,614				2,960,399
Real estate assets, net			10,872,576				10,738,020
Investments in sales-type leases, net			16,520				16,291
Investments in real estate partnerships			389,175				399,044
Net real estate investments			11,278,271				11,153,355
Properties held for sale, net			16,220				—
Cash, cash equivalents, and restricted cash, including $3,444 and $5,601 of restricted cash at March 31, 2025 and December 31, 2024, respectively			78,537				61,884
Tenant and other receivables, net			250,210				255,495
Deferred leasing costs, less accumulated amortization of $133,046 and $131,080 at March 31, 2025 and December 31, 2024, respectively			85,272				79,911
Acquired lease intangible assets, less accumulated amortization of $402,274 and $395,209 at March 31, 2025 and December 31, 2024, respectively			231,526				229,983
Right of use assets, net			320,317				322,287
Other assets			299,717				289,046
Total assets		$	12,560,070				12,391,961
Liabilities and Equity
Liabilities:
Notes payable, net		$	4,376,240				4,343,700
Unsecured credit facility			265,000				65,000
Accounts payable and other liabilities			340,997				392,302
Acquired lease intangible liabilities, less accumulated amortization of $227,051 and $222,052 at March 31, 2025 and December 31, 2024, respectively			374,606				364,608
Lease liabilities			243,923				244,861
Tenants' security, escrow deposits and prepaid rent			82,864				81,183
Total liabilities			5,683,630				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 March 31, 2025 and December 31, 2024			225,000				225,000
Common stock $0.01 par value per share, 220,000,000 shares authorized; 181,525,936 and 181,361,454 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively			1,815				1,814
Treasury stock at cost, 476,037 and 479,251 shares held at March 31, 2025 and December 31, 2024, respectively			(29,133	)			(28,045	)
Additional paid-in-capital			8,505,489				8,503,227
Accumulated other comprehensive (loss) income			(1,715	)			2,226
Distributions in excess of net income			(2,001,878	)			(1,980,076	)
Total shareholders' equity			6,699,578				6,724,146
Noncontrolling interests:
Exchangeable operating partnership units, aggregate redemption value of $80,890 and $81,076 at March 31, 2025 and December 31, 2024, respectively			40,584				40,744
Limited partners' interests in consolidated partnerships			136,278				135,417
Total noncontrolling interests			176,862				176,161
Total equity			6,876,440				6,900,307
Total liabilities and equity		$	12,560,070				12,391,961

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

REGENCY CENTERS CORPORATION

Consolidated Statements of Operations

For the periods ended March 31, 2025, and 2024

(in thousands, except per share data)

(unaudited)

		Three months ended March 31,
		2025				2024
Revenues:
Lease income		$	371,079				353,106
Other property income			3,021				4,350
Management, transaction, and other fees			6,812				6,396
Total revenues			380,912				363,852
Operating expenses:
Depreciation and amortization			96,774				97,585
Property operating expense			68,459				63,274
Real estate taxes			46,360				44,307
General and administrative			21,600				26,132
Other operating expenses			1,688				2,643
Total operating expenses			234,881				233,941
Other expense, net:
Interest expense, net			48,013				42,868
Gain on sale of real estate, net of tax			(101	)			(11,403	)
Loss on early extinguishment of debt			—				180
Net investment loss (income)			761				(2,431	)
Total other expense, net			48,673				29,214
Income before equity in income of investments in real estate partnerships			97,358				100,697
Equity in income of investments in real estate partnerships			14,495				11,961
Net income			111,853				112,658
Noncontrolling interests:
Exchangeable operating partnership units			(642	)			(642	)
Limited partners' interests in consolidated partnerships			(1,624	)			(2,242	)
Net income attributable to noncontrolling interests			(2,266	)			(2,884	)
Net income attributable to the Company			109,587				109,774
Preferred stock dividends			(3,413	)			(3,413	)
Net income attributable to common shareholders		$	106,174				106,361
Net income attributable to common shareholders:
Per common share - basic		$	0.59				0.58
Per common share - diluted		$	0.58				0.58

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

REGENCY CENTERS CORPORATION

Consolidated Statements of Comprehensive Income

For the periods ended March 31, 2025, and 2024

(in thousands)

(unaudited)

		Three months ended March 31,
		2025				2024
Net income		$	111,853				112,658
Other comprehensive (loss) income:
Effective portion of change in fair value of derivative instruments:
Effective portion of change in fair value of derivative instruments			(2,648	)			8,593
Reclassification adjustment of derivative instruments included in net income			(1,745	)			(2,367	)
Unrealized gain (loss) on available-for-sale debt securities			194				(119	)
Other comprehensive (loss) income			(4,199	)			6,107
Comprehensive income			107,654				118,765
Less: comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests			2,266				2,884
Other comprehensive (loss) income attributable to noncontrolling interests			(258	)			334
Comprehensive income attributable to noncontrolling interests			2,008				3,218
Comprehensive income attributable to the Company		$	105,646				115,547

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

REGENCY CENTERS CORPORATION

Consolidated Statements of Equity

For the three months ended March 31, 2025 and 2024

(in thousands, except per share data)

(unaudited)

																														Noncontrolling Interests
		Preferred Stock				Common Stock				Treasury Stock				Additional Paid In Capital				Accumulated Other Comprehensive Income (Loss)				Distributions in Excess of Net Income				Total Shareholders' Equity				Exchangeable Operating Partnership Units				Limited Partners' Interest in Consolidated Partnerships				Total Noncontrolling Interests				Total Equity
Balance at December 31, 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			—				—				—				—				—				109,774				109,774				642				2,242				2,884				112,658
Other comprehensive income
Other comprehensive income before reclassification			—				—				—				—				7,987				—				7,987				48				439				487				8,474
Amounts reclassified from accumulated other comprehensive income			—				—				—				—				(2,214	)			—				(2,214	)			(13	)			(140	)			(153	)			(2,367	)
Deferred compensation plan, net			—				—				(833	)			833				—				—				—				—				—				—				—
Amortization of equity awards			—				2				—				6,574				—				—				6,576				—				—				—				6,576
Tax withholding on stock-based compensation			—				—				—				(8,578	)			—				—				(8,578	)			—				—				—				(8,578	)
Common stock issued under dividend reinvestment plan			—				—				—				158				—				—				158				—				—				—				158
Common stock issued for exchangeable units exchanged			—				—				—				529				—				—				529				(529	)			—				(529	)			—
Contributions from partners			—				—				—				—				—				—				—				—				1,472				1,472				1,472
Distributions to partners			—				—				—				—				—				—				—				—				(4,364	)			(4,364	)			(4,364	)
Dividends declared:
Preferred stock/unit (Series A: $0.390625 per share/unit; Series B: $0.367200 per share/unit)			—				—				—				—				—				(3,413	)			(3,413	)			—				—				—				(3,413	)
Common stock/unit ($0.670 per share/unit)			—				—				—				—				—				(123,795	)			(123,795	)			(737	)			—				(737	)			(124,532	)
Balance at March 31, 2024		$	225,000				1,848				(26,321	)			8,703,756				4,465				(1,889,037	)			7,019,711				41,606				116,702				158,308				7,178,019
Balance at December 31, 2024		$	225,000				1,814				(28,045	)			8,503,227				2,226				(1,980,076	)			6,724,146				40,744				135,417				176,161				6,900,307
Net income			—				—				—				—				—				109,587				109,587				642				1,624				2,266				111,853
Other comprehensive income
Other comprehensive income before reclassification			—				—				—				—				(2,289	)			—				(2,289	)			(20	)			(145	)			(165	)			(2,454	)
Amounts reclassified from accumulated other comprehensive income			—				—				—				—				(1,652	)			—				(1,652	)			(8	)			(85	)			(93	)			(1,745	)
Adjustment for noncontrolling interests			—				—				—				2,210				—				—				2,210				(2,210	)			—				(2,210	)			—
Deferred compensation plan, net			—				—				(1,088	)			1,088				—				—				—				—				—				—				—
Amortization of equity awards			—				1				—				5,547				—				—				5,548				—				—				—				5,548
Tax withholding on stock-based compensation			—				—				—				(6,760	)			—				—				(6,760	)			—				—				—				(6,760	)
Common stock issued under dividend reinvestment plan			—				—				—				177				—				—				177				—				—				—				177
Contributions from partners			—				—				—				—				—				—				—				2,210				2,977				5,187				5,187
Distributions to partners			—				—				—				—				—				—				—				—				(3,510	)			(3,510	)			(3,510	)
Dividends declared:
Preferred stock stock/unit (Series A: $0.390625 per share/unit; Series B: $0.367200 per share/unit)			—				—				—				—				—				(3,413	)			(3,413	)			—				—				—				(3,413	)
Common stock/unit ($0.705 per share/unit)			—				—				—				—				—				(127,976	)			(127,976	)			(774	)			—				(774	)			(128,750	)
Balance at March 31, 2025		$	225,000				1,815				(29,133	)			8,505,489				(1,715	)			(2,001,878	)			6,699,578				40,584				136,278				176,862				6,876,440

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

REGENCY CENTERS CORPORATION

Consolidated Statements of Cash Flows

For the periods ended March 31, 2025, and 2024

(in thousands)

(unaudited)

		Three months ended March 31,
		2025				2024
Cash flows from operating activities:
Net income		$	111,853				112,658
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			96,774				97,585
Amortization of deferred financing costs and debt premiums			3,334				2,762
Amortization of above and below market lease intangibles, net			(6,215	)			(5,287	)
Stock-based compensation, net of capitalization			4,966				6,294
Equity in income of investments in real estate partnerships			(14,495	)			(11,961	)
Gain on sale of real estate, net of tax			(101	)			(11,403	)
Loss on early extinguishment of debt			—				180
Distribution of earnings from investments in real estate partnerships			16,076				16,960
Deferred compensation (income) expense			(521	)			2,089
Realized and unrealized loss (gain) on investments			686				(2,358	)
Changes in assets and liabilities:
Tenant and other receivables			9,051				1,220
Deferred leasing costs			(1,748	)			(3,714	)
Other assets			(16,176	)			(15,724	)
Accounts payable and other liabilities			(43,735	)			(19,410	)
Tenants' security, escrow deposits and prepaid rent			1,282				(2,133	)
Net cash provided by operating activities			161,031				167,758
Cash flows from investing activities:
Acquisition of operating real estate, net of cash acquired of $787			(83,232	)			—
Real estate development and capital improvements			(101,386	)			(60,850	)
Proceeds from sale of real estate			—				30,033
Proceeds from property insurance casualty claims			—				4,110
Issuance of notes receivable			—				(29,830	)
Collection of notes receivable			120				1,561
Investments in real estate partnerships			(230	)			(4,156	)
Return of capital from investments in real estate partnerships			—				3,152
Dividends on investment securities			988				122
Purchase of investment securities			(2,233	)			(92,527	)
Proceeds from sale of investment securities			5,825				6,049
Net cash used in investing activities			(180,148	)			(142,336	)
Cash flows from financing activities:
Tax withholding on stock-based compensation			(6,760	)			(8,730	)
Proceeds from sale of treasury stock			462				210
Contributions from noncontrolling interests			2,977				1,472
Distributions to and redemptions of noncontrolling interests			(3,510	)			(4,364	)
Distributions to exchangeable operating partnership unit holders			(773	)			(742	)
Dividends paid to common shareholders			(127,684	)			(123,507	)
Dividends paid to preferred shareholders			(3,413	)			(3,413	)
Proceeds from issuance of fixed rate unsecured notes, net of debt discount			—				398,468
Proceeds from unsecured credit facilities			280,000				132,419
Repayment of unsecured credit facilities			(80,000	)			(254,419	)
Proceeds from notes payable			10,000				—
Repayment of notes payable			(32,787	)			(7,597	)
Scheduled principal payments			(2,548	)			(3,183	)
Payment of financing costs			(194	)			(13,289	)
Net cash provided by financing activities			35,770				113,325
Net increase in cash and cash equivalents and restricted cash			16,653				138,747
Cash and cash equivalents and restricted cash at beginning of the period			61,884				91,354
Cash and cash equivalents and restricted cash at end of the period		$	78,537				230,101

		Three months ended March 31,
		2025				2024
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $2,112 and $1,656 in 2025 and 2024, respectively)		$	64,540				47,981
Cash paid for income taxes, net of refunds		$	—				6,070
Supplemental disclosure of non-cash transactions:
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid		$	131,020				126,807
Right of use assets obtained in exchange for new operating lease liabilities		$	—				829
Sale of leased asset in exchange for net investment in sales-type lease		$	—				703
Acquisition of operating real estate:
Tenant and other receivable and other assets		$	593				—
Acquired lease intangible assets		$	9,725				—
Notes payable assumed in acquisition, at fair value		$	40,060				—
Intangible liabilities, Accounts payable and other liabilities		$	18,957				—
Acquisition of unconsolidated real estate investments:
Tenant and other receivable and other assets		$	941				—
Acquired lease intangible assets		$	4,308				—
Notes payable assumed in acquisition, at fair value		$	16,749				—
Intangible liabilities, Accounts payable and other liabilities		$	1,119				—
Change in accrued capital expenditures		$	13,144				1,619
Stock-based compensation capitalized		$	583				434

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

REGENCY CENTERS, L.P.

Consolidated Balance Sheets

March 31, 2025 and December 31, 2024

(in thousands, except unit data)

		2025				2024
Assets		(unaudited)
Net real estate investments:
Real estate assets, at cost		$	13,910,190				13,698,419
Less: accumulated depreciation			3,037,614				2,960,399
Real estate assets, net			10,872,576				10,738,020
Investments in sales-type leases, net			16,520				16,291
Investments in real estate partnerships			389,175				399,044
Net real estate investments			11,278,271				11,153,355
Properties held for sale, net			16,220				—
Cash, cash equivalents, and restricted cash, including $3,444 and $5,601 of restricted cash at March 31, 2025 and December 31, 2024, respectively			78,537				61,884
Tenant and other receivables, net			250,210				255,495
Deferred leasing costs, less accumulated amortization of $133,046 and $131,080 at March 31, 2025 and December 31, 2024, respectively			85,272				79,911
Acquired lease intangible assets, less accumulated amortization of $402,274 and $395,209 at March 31, 2025 and December 31, 2024, respectively			231,526				229,983
Right of use assets, net			320,317				322,287
Other assets			299,717				289,046
Total assets		$	12,560,070				12,391,961
Liabilities and Capital
Liabilities:
Notes payable, net		$	4,376,240				4,343,700
Unsecured credit facility			265,000				65,000
Accounts payable and other liabilities			340,997				392,302
Acquired lease intangible liabilities, less accumulated amortization of $227,051 and $222,052 at March 31, 2025 and December 31, 2024, respectively			374,606				364,608
Lease liabilities			243,923				244,861
Tenants' security, escrow deposits and prepaid rent			82,864				81,183
Total liabilities			5,683,630				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 March 31, 2025 and December 31, 2024			225,000				225,000
General partner's common units, 181,525,936 and 181,361,454 units issued and outstanding at March 31, 2025 and December 31, 2024, respectively			6,476,293				6,496,920
Limited partners' common units, 1,096,659 and 1,096,659 units issued and outstanding at March 31, 2025 and December 31, 2024 respectively			40,584				40,744
Accumulated other comprehensive (loss) income			(1,715	)			2,226
Total partners' capital			6,740,162				6,764,890
Noncontrolling interest: Limited partners' interests in consolidated partnerships			136,278				135,417
Total capital			6,876,440				6,900,307
Total liabilities and capital		$	12,560,070				12,391,961

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

REGENCY CENTERS, L.P.

Consolidated Statements of Operations

For the periods ended March 31, 2025, and 2024

(in thousands, except per unit data)

(unaudited)

		Three months ended March 31,
		2025				2024
Revenues:
Lease income		$	371,079				353,106
Other property income			3,021				4,350
Management, transaction, and other fees			6,812				6,396
Total revenues			380,912				363,852
Operating expenses:
Depreciation and amortization			96,774				97,585
Property operating expense			68,459				63,274
Real estate taxes			46,360				44,307
General and administrative			21,600				26,132
Other operating expenses			1,688				2,643
Total operating expenses			234,881				233,941
Other expense, net:
Interest expense, net			48,013				42,868
Gain on sale of real estate, net of tax			(101	)			(11,403	)
Loss on early extinguishment of debt			—				180
Net investment loss (income)			761				(2,431	)
Total other expense, net			48,673				29,214
Income before equity in income of investments in real estate partnerships			97,358				100,697
Equity in income of investments in real estate partnerships			14,495				11,961
Net income			111,853				112,658
Limited partners' interests in consolidated partnerships			(1,624	)			(2,242	)
Net income attributable to the Partnership			110,229				110,416
Preferred unit distributions			(3,413	)			(3,413	)
Net income attributable to common unit holders		$	106,816				107,003
Net income attributable to common unit holders:
Per common unit - basic		$	0.59				0.58
Per common unit - diluted		$	0.58				0.58

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

REGENCY CENTERS, L.P.

Consolidated Statements of Comprehensive Income

For the periods ended March 31, 2025, and 2024

(in thousands)

(unaudited)

		Three months ended March 31,
		2025				2024
Net income		$	111,853				112,658
Other comprehensive (loss) income:
Effective portion of change in fair value of derivative instruments:
Effective portion of change in fair value of derivative instruments			(2,648	)			8,593
Reclassification adjustment of derivative instruments included in net income			(1,745	)			(2,367	)
Unrealized gain (loss) on available-for-sale debt securities			194				(119	)
Other comprehensive (loss) income			(4,199	)			6,107
Comprehensive income			107,654				118,765
Less: comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests			1,624				2,242
Other comprehensive (loss) income attributable to noncontrolling interests			(230	)			299
Comprehensive income attributable to noncontrolling interests			1,394				2,541
Comprehensive income attributable to the Partnership		$	106,260				116,224

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

REGENCY CENTERS, L.P.

Consolidated Statements of Capital

For the three months ended March 31, 2025 and 2024

(in thousands)

(unaudited)

		General Partner Preferred and Common Units				Limited Partners				Accumulated Other Comprehensive Income (Loss)				Total Partners' Capital				Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships				Total Capital
Balance at December 31, 2023		$	7,033,995				42,195				(1,308	)			7,074,882				117,053				7,191,935
Net income			109,774				642				—				110,416				2,242				112,658
Other comprehensive income
Other comprehensive income before reclassification			—				48				7,987				8,035				439				8,474
Amounts reclassified from accumulated other comprehensive income			—				(13	)			(2,214	)			(2,227	)			(140	)			(2,367	)
Contributions from partners			—				—				—				—				1,472				1,472
Distributions to partners			(123,795	)			(737	)			—				(124,532	)			(4,364	)			(128,896	)
Preferred unit distributions			(3,413	)			—				—				(3,413	)			—				(3,413	)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization			6,576				—				—				6,576				—				6,576
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances			(8,420	)			—				—				(8,420	)			—				(8,420	)
Exchangeable operating partnership units exchanged for common stock of Parent Company			529				(529	)			—				—				—				—
Balance at March 31, 2024		$	7,015,246				41,606				4,465				7,061,317				116,702				7,178,019
Balance at December 31, 2024		$	6,721,920				40,744				2,226				6,764,890				135,417				6,900,307
Net income			109,587				642				—				110,229				1,624				111,853
Other comprehensive income
Other comprehensive income before reclassification			—				(20	)			(2,289	)			(2,309	)			(145	)			(2,454	)
Amounts reclassified from accumulated other comprehensive income			—				(8	)			(1,652	)			(1,660	)			(85	)			(1,745	)
Adjustment for noncontrolling interests in the Operating Partnership			2,210				(2,210	)			—				—				—				—
Contributions from partners			—				2,210				—				2,210				2,977				5,187
Distributions to partners			(127,976	)			(774	)			—				(128,750	)			(3,510	)			(132,260	)
Preferred unit distributions			(3,413	)			—				—				(3,413	)			—				(3,413	)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization			5,548				—				—				5,548				—				5,548
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances			(6,583	)			—				—				(6,583	)			—				(6,583	)
Balance at March 31, 2025		$	6,701,293				40,584				(1,715	)			6,740,162				136,278				6,876,440

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

REGENCY CENTERS, L.P.

Consolidated Statem****ents of Cash Flows

For the periods ended March 31, 2025, and 2024

(in thousands)

(unaudited)

		Three months ended March 31,
		2025				2024
Cash flows from operating activities:
Net income		$	111,853				112,658
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			96,774				97,585
Amortization of deferred financing costs and debt premiums			3,334				2,762
Amortization of above and below market lease intangibles, net			(6,215	)			(5,287	)
Stock-based compensation, net of capitalization			4,966				6,294
Equity in income of investments in real estate partnerships			(14,495	)			(11,961	)
Gain on sale of real estate, net of tax			(101	)			(11,403	)
Loss on early extinguishment of debt			—				180
Distribution of earnings from investments in real estate partnerships			16,076				16,960
Deferred compensation (income) expense			(521	)			2,089
Realized and unrealized loss (gain) on investments			686				(2,358	)
Changes in assets and liabilities:
Tenant and other receivables			9,051				1,220
Deferred leasing costs			(1,748	)			(3,714	)
Other assets			(16,176	)			(15,724	)
Accounts payable and other liabilities			(43,735	)			(19,410	)
Tenants' security, escrow deposits and prepaid rent			1,282				(2,133	)
Net cash provided by operating activities			161,031				167,758
Cash flows from investing activities:
Acquisition of operating real estate, net of cash acquired of $787			(83,232	)			—
Real estate development and capital improvements			(101,386	)			(60,850	)
Proceeds from sale of real estate			—				30,033
Proceeds from property insurance casualty claims			—				4,110
Issuance of notes receivable			—				(29,830	)
Collection of notes receivable			120				1,561
Investments in real estate partnerships			(230	)			(4,156	)
Return of capital from investments in real estate partnerships			—				3,152
Dividends on investment securities			988				122
Acquisition of investment securities			(2,233	)			(92,527	)
Proceeds from sale of investment securities			5,825				6,049
Net cash used in investing activities			(180,148	)			(142,336	)
Cash flows from financing activities:
Tax withholding on stock-based compensation			(6,760	)			(8,730	)
Proceeds from sale of treasury stock			462				210
Contributions from noncontrolling interests			2,977				1,472
Distributions to and redemptions of noncontrolling interests			(3,510	)			(4,364	)
Distributions to partners			(128,457	)			(124,249	)
Dividends paid to preferred unit holders			(3,413	)			(3,413	)
Proceeds from issuance of fixed rate unsecured notes, net of debt discount			—				398,468
Proceeds from unsecured credit facilities			280,000				132,419
Repayment of unsecured credit facilities			(80,000	)			(254,419	)
Proceeds from notes payable			10,000				—
Repayment of notes payable			(32,787	)			(7,597	)
Scheduled principal payments			(2,548	)			(3,183	)
Payment of financing costs			(194	)			(13,289	)
Net cash provided by financing activities			35,770				113,325
Net increase in cash and cash equivalents and restricted cash			16,653				138,747
Cash and cash equivalents and restricted cash at beginning of the period			61,884				91,354
Cash and cash equivalents and restricted cash at end of the period		$	78,537				230,101

		Three months ended March 31,
		2025				2024
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $2,112 and $1,656 in 2025 and 2024, respectively)		$	64,540				47,981
Cash paid for income taxes, net of refunds		$	—				6,070
Supplemental disclosure of non-cash transactions:
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid		$	131,020				126,807
Right of use assets obtained in exchange for new operating lease liabilities		$	—				829
Sale of leased asset in exchange for net investment in sales-type lease		$	—				703
Acquisition of operating real estate:
Tenant and other receivable and other assets		$	593				—
Acquired lease intangible assets		$	9,725				—
Notes payable assumed in acquisition, at fair value		$	40,060				—
Intangible liabilities, Accounts payable and other liabilities		$	18,957				—
Acquisition of unconsolidated real estate investments:
Tenant and other receivable and other assets		$	941				—
Acquired lease intangible assets		$	4,308				—
Notes payable assumed in acquisition, at fair value		$	16,749				—
Intangible liabilities, Accounts payable and other liabilities		$	1,119				—
Change in accrued capital expenditures		$	13,144				1,619
Stock-based compensation capitalized		$	583				434

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

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

March 31, 2025

1.	Organization and Significant Accounting Policies

General

Regency Centers Corporation (the "Parent Company") began its operations as a REIT in 1993 and is the general partner of Regency Centers, L.P. (the "Operating Partnership"). The Parent Company primarily engages in the ownership, management, leasing, acquisition, development, and redevelopment of shopping centers through the Operating Partnership and has no other assets other than through its investment in the Operating Partnership. Its only indebtedness consists of $200 million of unsecured private placement notes, which are co-issued and guaranteed by the Operating Partnership. The Parent Company guarantees all of the unsecured debt of the Operating Partnership.

As of March 31, 2025, the Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis owned 381 properties and held partial interests in an additional 102 properties through unconsolidated Investments in real estate partnerships (also referred to as "joint ventures" or "investment partnerships").

Basis of Presentation

The information included in this Report should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (the “Annual Report on Form 10-K”), as certain disclosures in this Report that would duplicate those included in such Annual Report on Form 10-K are not included in these consolidated financial statements. The consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. These adjustments are considered to be of a normal recurring nature.

Estimates, Risks and Uncertainties

The preparation of the Consolidated Financial Statements in conformity with Generally Accepted Accounting Principles ("GAAP") requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of commitments and contingent assets and liabilities, as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates in the Company's financial statements relate to the net carrying values of its real estate investments, collectibility of lease income, and acquired lease intangible assets and liabilities. It is possible that the estimates and assumptions that have been utilized in the preparation of the Consolidated Financial Statements could change significantly if economic conditions were to change.

The success of the Company's tenants in operating their businesses and their corresponding ability to pay rent may be influenced by evolving political, economic, trade and immigration policies and macroeconomic uncertainties, and the success of the Company's tenants, in the aggregate, is important to the operating and financial success of the Company. These issues include, but are not limited to, the potential for impacts from tariffs and potential trade disputes, retaliatory actions by other countries, inflation, the cost and availability of labor, including labor shortages related to deportations or threat of deportations, increasing energy prices and interest rates, supply chain disruptions, and access to and cost of capital. Additionally, geopolitical and macroeconomic challenges, including the war involving Russia and Ukraine, the Middle East conflicts and wars, and economic conflicts with China, as well as the slowing of its economy, could impact aspects of the U.S. economy and, therefore, consumer confidence and spending.

The policies implemented by the U.S. government to address these and related issues, including changes by the Board of Governors of the Federal Reserve System of its benchmark federal funds rate, increases or decreases in federal government spending, and economic sanctions and tariffs, could result in adverse impacts on the U.S. economy, including inflation, reduction in consumer confidence and spending, a slowing of growth, and potentially a recession, thereby adversely impacting the costs to our tenants of operating their businesses, demand for their products and services, and their ability to pay rent, and/or decreasing future demand for space in shopping centers, which could adversely impact occupancy rates and rents. The potential impact of current macroeconomic and geopolitical challenges on the Company's financial condition, results of operations, and cash flows is subject to change and continues to depend on the extent and duration of these risks and uncertainties. See Item 1A of Part I of the Company's Annual Report on Form 10-K, as supplemented by the discussion in Item 1A of Part II of this Quarterly Report on Form 10-Q, for a more detailed discussion of the Risk Factors potentially impacting the Company's business and results of operations.

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

March 31, 2025

Investment Risk Concentrations

As of March 31, 2025, no single tenant comprised 10% or more of our aggregate annualized base rent ("ABR"). As of March 31, 2025, the Company had three geographic concentrations that individually accounted for at least 10% of its aggregate ABR. Real estate properties located in California, Florida and the New York-Newark-Jersey City core-based statistical area accounted for 23.1%, 20.4% and 12.6% of ABR respectively. This geographic concentration makes those portions of the portfolio more susceptible to adverse weather, natural disasters or economic events that may specifically and disproportionately impact these areas. None of the Regency's shopping centers are located outside the United States.

Consolidation

The Company consolidates properties that are wholly-owned and properties where it owns less than 100% but holds a controlling financial interest in the entity. Controlling financial interest is determined using an evaluation based on accounting standards related to the consolidation of Variable Interest Entities ("VIEs") and voting interest entities.

Ownership of the Parent Company

The Parent Company currently has a single class of common stock and two series of preferred stock outstanding.

Ownership of the Operating Partnership

The Operating Partnership's capital includes Common Units and Preferred Units. As of March 31, 2025, the Parent Company owned approximately 99.4% of the outstanding Common Units, with the remaining limited partners' Common Units held by third parties ("Exchangeable operating partnership units" or "EOP units"). The Parent Company currently owns all of the Preferred Units.

Real Estate Partnerships

As of March 31, 2025, Regency held partial ownership interests in 121 properties through real estate partnerships, of which 19 are consolidated. Regency's partners include institutional investors, real estate developers and/or operators, and passive investors (the "Partners" or "Limited Partners"). These partnerships have been established to own and operate real estate properties. The Company’s involvement with these entities is through its ownership of its equity interest in the partnerships and management of the properties. The entities were deemed VIEs primarily because the unrelated investors do not have substantive kick-out rights to remove the general or managing partner by a vote of a simple majority or less, and they do not have substantive participating rights. Regency has variable interests in these entities through its equity ownership, with Regency being the primary beneficiary in certain of these real estate partnerships. Regency consolidates the partnerships into its financial statements for which it is the primary beneficiary and reports the limited partners' interests as noncontrolling interests. For those partnerships which Regency is not the primary beneficiary and does not have a controlling financial interest, but has significant influence, Regency recognizes its equity investments in them in accordance with the equity method of accounting.

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.

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

March 31, 2025

The carrying amounts of VIEs' assets and liabilities included in the Company's consolidated financial statements, exclusive of the Operating Partnership, are as follows:

(in thousands)		March 31, 2025				December 31, 2024
Assets
Real estate assets, net		$	451,333				312,873
Cash, cash equivalents and restricted cash			13,098				16,687
Tenant and other receivables, net			5,636				5,833
Deferred costs, net			6,022				3,178
Acquired lease intangible assets, net			15,119				6,293
Right of use assets, net			18,024				18,148
Other assets			1,035				597
Total Assets		$	510,267				363,609
Liabilities
Notes payable		$	73,268				32,653
Accounts payable and other liabilities			90,048				16,149
Acquired lease intangible liabilities, net			28,660				10,627
Tenants' security, escrow deposits and prepaid rent			1,376				1,260
Lease liabilities			19,416				19,370
Total Liabilities		$	212,768				80,059

Revenues, and Tenant and other Receivables

Income within Management, transaction, and other fees is primarily derived from contracts with the Company's investments in real estate partnerships. The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts are as follows:

				Three months ended March 31,
(in thousands)		Timing of satisfaction of performance obligations		2025				2024
Management, transaction, and other fees:
Property management services		Over time		$	4,110				3,961
Asset management services		Over time			1,717				1,602
Leasing services		Point in time			872				574
Other transaction fees		Point in time			113				259
Total management, transaction, and other fees				$	6,812				6,396

The accounts receivable for total management, transactions, and other fees, which are included within Tenant and other receivables in the accompanying Consolidated Balance Sheets, are $18.0 million and $19.7 million, as of March 31, 2025 and December 31, 2024, respectively.

Recent Accounting Pronouncements

The following table provides a brief description of recent accounting pronouncements and the expected impact on our financial statements:

Standard		Description		Date of adoption		Effect on the financial statements or other significant matters
Recently issued**:**
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures.		ASU 2023-09 requires public business entities to disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate for federal, state, and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a specified threshold.		January 1, 2025		The adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements.

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

March 31, 2025

Standard		Description		Date of adoption		Effect on the financial statements or other significant matters
ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses		ASU 2024-03 requires public business entities to provide additional disclosures that disaggregate certain income statement expense captions into specified categories. The ASU does not impact the presentation of expenses on the face of the income statement but requires additional footnote disclosures to provide users of the financial statements with greater insight into the nature and composition of reported expenses.		January 1, 2027		The Company is assessing the impact this ASU will have on the Company’s financial statement disclosures. While the adoption of this standard is not expected to have a material impact on the financial position or results of operations, it will require enhanced footnote disclosures related to the disaggregation of income statement expenses.

ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments		ASU 2024-04 clarifies guidance on the accounting for inducements offered to holders of convertible debt instruments to encourage them to convert the debt into equity securities. Specifically, the ASU clarifies the recognition and measurement of inducement costs and their impact on the issuer’s financial statements.		January 1, 2026		The Company is assessing the impact this ASU will have on the Company’s financial statement disclosures. The adoption is not expected to have a material impact on the financial position or results of operations, as the Company currently does not have any convertible debt instruments in our financing arrangements.

2.	Real Estate Investments

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

(in thousands)		Three months ended March 31, 2025
Date Purchased	Property Name	City/State	Property Type	Regency's Ownership	Purchase Price (1)				Debt Assumed, Net of Discounts (1)				Intangible Assets (1)				Intangible Liabilities (1)
1/1/2025	Putnam Plaza (2)	Carmel Hamlet, NY	Operating	100%	$	31,000				16,749				4,308				460
1/10/2025	Orange Meadows	Orange, CT	Outparcel	100%		4,200				—				354				299
3/14/2025	Brentwood Place	Nashville, TN	Operating	100%		118,500				40,060				9,371				18,295
Total property acquisitions					$	153,700				56,809				14,033				19,054

(in thousands)		Three months ended March 31, 2024
Date Purchased	Property Name	City/State	Property Type	Regency's Ownership	Purchase Price (1)				Debt Assumed, Net of Discounts (1)				Intangible Assets (1)				Intangible Liabilities (1)
2/23/2024	The Shops at Stone Bridge	Cheshire, CT	Development	100%	$	8,000				—				—				—
Total property acquisitions					$	8,000				—				—				—

(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 our partner's remaining 33.3% ownership interest.

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

March 31, 2025

3.	Property Dispositions and Assets Held for Sale

There were no property dispositions during the three months ended March 31, 2025. The following table provides a summary of consolidated shopping centers and land parcels sold during the comparative period:

		Three months ended March 31,
(in thousands, except number sold data)		2024
Net proceeds from sale of real estate investments		$	30,033
Gain on sale of real estate, net of tax			11,403
Number of operating properties sold			1
Percent interest sold		100%

As of March 31, 2025 the Company had one operating property and one land parcel classified as held for sale. There were no liabilities associated with these properties. As of December 31, 2024 the Company did not have any of its properties classified as held for sale. The following table presents the assets associated with the properties classified as held for sale as of March 31, 2025:

(in thousands)		March 31, 2025
Land and improvements		$	12,345
Buildings and improvements			4,858
Less: accumulated depreciation			(983	)
Assets associated with real estate assets held for sale		$	16,220

4.	Other Assets

The following table represents the components of Other assets in the accompanying Consolidated Balance Sheets as of the periods set forth below:

(in thousands)		March 31, 2025				December 31, 2024
Goodwill		$	166,739				166,739
Investments			46,754				51,820
Prepaid and other			58,864				40,240
Derivative assets			10,204				12,781
Furniture, fixtures, and equipment, net ("FF&E")			8,395				7,954
Deferred financing costs, net			8,761				9,512
Total other assets		$	299,717				289,046

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

March 31, 2025

5.	Notes Payable and Unsecured Credit Facilities

The Company's outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following as of the dates set forth below:

(in thousands)		Scheduled Maturity Date		Weighted Average Contractual Rate		Weighted Average Effective Rate		March 31, 2025				December 31, 2024
Notes payable:
Fixed rate mortgage loans		11/5/2025 - 6/1/2037		3.9%		4.4%		$	367,648				337,703
Variable rate mortgage loans (1)		10/1/2026 - 2/20/2032		4.5%		4.6%			283,496				282,117
Fixed rate unsecured debt		11/1/2025 - 3/15/2049		4.1%		4.2%			3,725,096				3,723,880
Total notes payable, net									4,376,240				4,343,700
Unsecured credit facility:
$1.5 Billion Line of Credit (the "Line") (2)		3/23/2028		5.2%		5.5%			265,000				65,000
Total unsecured credit facility									265,000				65,000
Total debt outstanding								$	4,641,240				4,408,700

(1)

As of March 31, 2025, 96.1% of the variable rate mortgage loans are fixed through interest rate swaps.

(2)

The Company has the option to extend the maturity date by two additional six-month periods. Weighted average effective rate for the Line is calculated based on a fully drawn Line balance using the period end variable rate.

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

(in thousands)		March 31, 2025
Scheduled Principal Payments and Maturities by Year:		Scheduled Principal Payments				Mortgage Loan Maturities				Unsecured Maturities (1)				Total
2025 (2)		$	7,635				16,000				250,000				273,635
2026			10,445				147,848				200,000				358,293
2027			7,558				226,308				525,000				758,866
2028			5,734				57,374				565,000				628,108
2029			2,786				97,120				425,000				524,906
Beyond 5 Years			5,170				78,466				2,050,000				2,133,636
Unamortized debt premium/(discount) and issuance costs			—				(11,300	)			(24,904	)			(36,204	)
Total		$	39,328				611,816				3,990,096				4,641,240

(1)

Includes unsecured public and private debt and unsecured credit facilities.

(2)

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

The Company was in compliance as of March 31, 2025, with all debt covenants.

6.	Derivative Instruments

The Company may use derivative financial instruments, including interest swaps, caps, options, floors, and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The Company does not intend to utilize derivative instruments for speculative transactions or purposes other than mitigation of interest rate risk. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties that have high credit ratings. The Company does not anticipate that any of the counterparties will fail to meet their obligations.

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

March 31, 2025

Detail on the Company's interest rate derivatives outstanding as of March 31, 2025 and December 31, 2024 is as follows:

(in thousands, except number of instruments data)
Interest Rate Swaps		March 31, 2025				December 31, 2024
Notional amount		$	303,116				301,444
Number of instruments			15				14

Detail on the fair value of the Company's interest rate derivatives as of March 31, 2025 and December 31, 2024 is as follows:

(in thousands)
Interest rate swaps classified as:		March 31, 2025				December 31, 2024
Derivative assets		$	10,204				12,781
Derivative liabilities			(1,352	)			(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 March 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.

The following table represents the effect of the derivative financial instruments on the accompanying Consolidated Financial Statements:

Location and Amount of (Loss) Gain Recognized in OCI on Derivative										Location and Amount of Gain Reclassified from AOCI into Net Income										Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded
		Three months ended March 31,										Three months ended March 31,										Three months ended March 31,
(in thousands)		2025				2024						2025				2024						2025				2024
Interest rate swaps		$	(2,648	)			8,593			Interest expense, net		$	(1,745	)			(2,367	)		Interest expense, net		$	48,013				42,868

As of March 31, 2025, the Company expects approximately $1.7 million of accumulated comprehensive income on derivative instruments, including the Company's share from its Investments in real estate partnerships, to be reclassified into earnings during the next 12 months.

7.	Leases

Substantially all of the Company's leases are classified as operating leases. The Company's Lease income is comprised of both fixed and variable income. Fixed and in-substance fixed lease income includes stated amounts per lease contracts, which are primarily related to base rent, and in some cases stated amounts for common area maintenance ("CAM"), real estate taxes, and insurance (collectively, "Recoverable Costs"). Income for these amounts is recognized on a straight-line basis.

Variable lease income includes the following two main items in the lease contracts:

Recoveries from tenants represent the tenants' contractual obligations to reimburse the Company for their portion of Recoverable Costs incurred. Generally, the Company's leases provide for the tenants to reimburse the Company based on the tenants' share of the actual costs incurred in proportion to the tenants' share of leased space in the property.

Percentage rent represents amounts billable to tenants based on the tenants' actual sales volume in excess of levels specified in the lease contract.

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

March 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:

(in thousands)		Three months ended March 31,
		2025				2024
Operating lease income
Fixed and in-substance fixed lease income		$	266,737				256,626
Variable lease income			98,378				92,290
Other lease related income, net:
Above/below market rent and tenant rent inducement amortization, net			6,750				5,823
Uncollectible straight-line rent (1)			(400	)			(400	)
Uncollectible amounts billable in lease loss			(386	)			(1,233	)
Total lease income		$	371,079				353,106

(1)

The amounts include straight-line rent adjustments associated with converting between cash basis and accrual basis of accounting for certain leases.

The following table represents the components of Tenant and other receivables, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets:

(in thousands)		March 31, 2025				December 31, 2024
Tenant receivables		$	26,094				35,306
Straight-line rent receivables			162,885				157,507
Other receivables (1)			61,231				62,682
Total tenant and other receivables		$	250,210				255,495

(1)

Other receivables include notes receivable, construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction, and other fee income.

8.	Fair Value Measurements

(a) Disclosure of Fair Value of Financial Instruments

All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximate their fair values, except those instruments listed below:

		March 31, 2025								December 31, 2024
(in thousands)		Carrying Amount				Fair Value				Carrying Amount				Fair Value
Financial assets:
Notes receivable		$	31,702				31,728			$	31,790				31,755
Financial liabilities:
Notes payable, net		$	4,376,240				4,213,402			$	4,343,700				4,141,096
Unsecured credit facilities (1)		$	265,000				265,000			$	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 March 31, 2025, and December 31, 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 Unaudited Consolidated Financial Statements

March 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 fair value of the securities was determined using quoted prices in active markets, which are considered Level 1 inputs of the fair value hierarchy. Changes in the value of securities are recorded within Net investment loss (income) in the accompanying Consolidated Statements of Operations, and include unrealized losses of $2.4 million and unrealized gains of $2.4 million during the three months ended March 31, 2025 and 2024, respectively.

Available-for-Sale Debt Securities

Available-for-sale debt securities consist of investments in corporate bonds, and are recorded at fair value using either recent trade prices for the identical debt instrument or comparable instruments by issuers of similar industry sector, issuer rating, and size, to estimate fair value, which are considered Level 2 inputs of the fair value hierarchy. Unrealized gains or losses on these debt securities are recognized through Other comprehensive income.

Interest Rate Derivatives

The fair value of the Company's interest rate derivatives is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements.

Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swaps. As a result, the Company determined that its interest rate swaps valuation in its entirety is classified in Level 2 of the fair value hierarchy.

The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis:

	Fair Value Measurements as of March 31, 2025
					Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
(in thousands)	Balance				(Level 1)				(Level 2)				(Level 3)
Assets:
Securities	$	34,563				34,563				—				—
Available-for-sale debt securities		12,191				—				12,191				—
Interest rate derivatives		10,204				—				10,204				—
Total	$	56,958				34,563				22,395				—
Liabilities:
Interest rate derivatives	$	(1,352	)			—				(1,352	)			—

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

March 31, 2025

	Fair Value Measurements as of December 31, 2024
					Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
(in thousands)	Balance				(Level 1)				(Level 2)				(Level 3)
Assets:
Securities	$	39,419				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	)			—

9.	Equity and Capital

Preferred Stock of the Parent Company

Terms and conditions of the preferred stock outstanding are summarized as follows:

	Preferred Stock Outstanding as of March 31, 2025 and December 31, 2024
	Date of Issuance		Shares Issued and Outstanding				Liquidation Preference				Distribution Rate		Callable By Company
Series A	8/18/2023			4,600,000			$	115,000,000			6.250%		On demand
Series B	8/18/2023			4,400,000				110,000,000			5.875%		On demand
				9,000,000			$	225,000,000

Each series of Preferred Stock is non-voting, has no stated maturity and is redeemable for cash at $25.00 per share at the Company's option. The holders of the Preferred Stock have general preference rights over common stockholders with respect to liquidation and quarterly distributions. Except under certain limited conditions, holders of the Preferred Stock will not be entitled to vote. In the event of a cumulative arrearage equal to six quarterly dividends, holders of the Preferred Stock (voting as a single class without regard to series) will have the right to elect two additional members to serve on the Company's Board of Directors until the arrearage has been cured. Upon the occurrence of a Change of Control, as defined in the Company's Articles of Incorporation, the holders of the Preferred Stock will have the right to convert all or part of the shares of the Preferred Stock held by such holders on the applicable conversion date into a number of shares of common stock.

Common Stock of the Parent Company

At the Market ("ATM") Program

Under the Parent Company's ATM Program, as authorized by the Board, the Parent Company may sell up to $500 million of common stock at prices determined by the market at the time of sale. The timing of sales, if any, will be dependent on market conditions and other factors.

During 2024, the Company entered into forward sale agreements under its ATM program through which the Parent Company is obligated to issue 1,339,377 shares of its common stock at a weighted average offering price of $74.66 per share before any underwriting discount and offering expenses.  The shares under the forward sales agreements must be settled within one year of their trade dates, which vary by agreement, and range from November 26, 2025, to December 5, 2025.  Upon settlement, subject to certain exceptions, the Company may elect, in its sole discretion, to physically settle, cash settle, or net share settle all or any portion of our obligations under any forward sale agreement.

No shares to be issued under the 2024 forward sales agreements have been settled as of March 31, 2025. Proceeds from the issuance of shares are expected to be approximately $100.0 million before any underwriting discount and offering expenses and are expected to be used to fund acquisitions of operating properties, fund developments and redevelopments, and for general corporate purposes.

As of March 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.

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

March 31, 2025

Stock Repurchase Program

On July 31, 2024, the Board authorized a common stock repurchase program under which the Company may purchase up to a maximum of $250 million of its outstanding common stock through open market transactions, and/or in privately negotiated transactions (referred to as the "Repurchase Program"). The timing and price of stock repurchases, if any, are dependent upon market conditions and other factors. The stock repurchased, if not retired, is treated as treasury stock. The Board's authorization for the Repurchase Program expires on June 30, 2026, unless modified, extended or earlier terminated by the Board in its discretion.

During the three months ended March 31, 2025, the Company made no repurchases and $250 million remained available under the Repurchase Program.

Preferred Units of the Operating Partnership

The number of Series A Preferred Units and Series B Preferred Units, respectively, issued by the Operating Partnership is equal to the number of Series A Preferred Stock and Series B Preferred Stock, respectively, issued by the Parent Company.

Common Units of the Operating Partnership

Common Units are issued, or redeemed and retired, for each share of the Parent Company stock issued or redeemed, or retired, as described above.

10.	Stock-Based Compensation

The Company granted 305,041 shares of restricted stock with a weighted-average grant-date fair value of $77.61 per share and 322,159 shares of restricted stock with a weighted-average grant-date fair value of $60.31 per share during the three months ended March 31, 2025 and the three months ended March 31, 2024, respectively. The Company records stock-based compensation expense within General and administrative expenses in the accompanying Consolidated Statements of Operations, and recognizes forfeitures as they occur.

		Three months ended March 31,
(in thousands)		2025				2024
Restricted stock (1)		$	5,443				4,640
Directors' fees paid in common stock and other employee stock grants			105				152
Capitalized stock-based compensation			(583	)			(434	)
Stock-based compensation, net of capitalization		$	4,965				4,358

(1)

In addition, during the three months ended March 31, 2024, the Company expensed $1.9 million within Other operating expenses in connection with vesting of restricted stock units related to the 2023 acquisition of UBP.

11.	Earnings per Share and Unit

Parent Company Earnings per Share

The following summarizes the calculation of basic and diluted earnings per share:

		Three months ended March 31,
(in thousands, except per share data)		2025				2024
Numerator:
Net income attributable to common shareholders - basic		$	106,174				106,361
Net income attributable to common shareholders - diluted		$	106,174				106,361
Denominator:
Weighted average common shares outstanding for basic EPS			181,449				184,678
Weighted average common shares outstanding for diluted EPS (1)			181,813				184,770
Net income per common share – basic		$	0.59				0.58
Net income per common share – diluted		$	0.58				0.58

(1)

Includes the dilutive impact of unvested restricted stock.

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

March 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 1,096,659 and 1,101,104 for the three months ended March 31, 2025 and 2024, respectively.

Operating Partnership Earnings per Unit

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

		Three months ended March 31,
(in thousands, except per unit data)		2025				2024
Numerator:
Net income attributable to common unit holders - basic		$	106,816				107,003
Net income attributable to common unit holders - diluted		$	106,816				107,003
Denominator:
Weighted average common units outstanding for basic EPU			182,546				185,779
Weighted average common units outstanding for diluted EPU (1)			182,910				185,872
Net income per common unit – basic		$	0.59				0.58
Net income per common unit – diluted		$	0.58				0.58

(1)

Includes the dilutive impact of unvested restricted stock.

The effect of the assumed exchange of certain other exchangeable units had an anti-dilutive effect upon the calculation of net income attributable to the common unit holders per share. Accordingly, the impact of such assumed exchanges has not been included in the determination of diluted net income per unit calculations.

12.	Segment Information

The Company's portfolio is located throughout the United States. Management does not distinguish or group its operations on a geographical basis for purposes of allocating resources or capital. The Company’s chief operating decision maker ("CODM") evaluates operating and financial performance for each property on an individual property level; therefore, the Company defines an operating segment as its individual properties. The individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the centers, tenants and operational processes, as well as long-term average financial performance.

The following tables provide information about the Company's reportable segment's revenues, significant expenses, NOI and the reconciliation of NOI to the Company’s consolidated Net income:

	Three months ended March 31,
	2025				2024
Lease income	$	408,088				386,349
Other property income		3,379				4,594
Less:
Straight-line rent on lease income		(6,451	)			(5,511	)
Above/below market rent amortization, net		(7,005	)			(6,012	)
Total real estate revenues		398,011				379,420
Operating expenses (1)		(73,464	)			(68,072	)
Real estate taxes		(51,009	)			(48,410	)
NOI	$	273,538				262,938

(1)

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

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

March 31, 2025

	Three months ended March 31,
	2025				2024
Reconciliation of NOI to Net income:
NOI	$	273,538				262,938
Consolidated:
Straight-line rent on lease income		5,607				5,594
Above/below market rent amortization, net		6,750				5,823
Management, transaction, and other fees		6,812				6,396
Straight-line rent on ground rent		(337	)			(341	)
Above/below market ground rent amortization		(535	)			(535	)
Depreciation and amortization		(96,774	)			(97,585	)
General and administrative		(21,600	)			(26,132	)
Other operating expenses		(1,688	)			(2,643	)
Other expense, net		(48,673	)			(29,214	)
Add: Share of noncontrolling interests excluded from NOI		2,204				2,046
Less: Equity in income of investments in real estate excluded from NOI		(13,451	)			(13,689	)
Net income	$	111,853				112,658

13.	Commitments and Contingencies

Litigation

The Company is a party to litigation and other disputes that arise in the ordinary course of business. While the outcome of any particular lawsuit or dispute cannot be predicted with certainty, in the opinion of management, the Company's currently pending litigation and disputes are not expected to have a material adverse effect on the Company's consolidated financial position, results of operations, or liquidity. Legal fees are expensed as incurred.

Environmental

The Company is subject to numerous environmental laws and regulations. With respect to applicability to the Company, these pertain primarily to chemicals historically used by certain current and former dry cleaning tenants, the existence of asbestos in older shopping centers, underground petroleum storage tanks and other historic land uses. The Company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations. The Company can give no assurance that existing environmental studies with respect to its shopping centers have revealed all potential environmental contamination; that its estimate of liabilities will not change as more information becomes available; that any previous owner, occupant or tenant did not create any material environmental condition not known to the Company; that the current environmental condition of the shopping centers will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; and that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company.

The Company had accrued liabilities of $17.1 million and $17.3 million for environmental remediation, which are included in Accounts payable, and other liabilities on the Company’s Consolidated Balance Sheets as of March 31, 2025 and December 31, 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 $10.9 million in letters of credit outstanding as of both March 31, 2025 and December 31, 2024.