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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 September 30, 2025


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

Regency Centers, L.P.


Title of each class		Trading Symbol(s)		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 ☐ Regency Centers, L.P. ☐

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 182,900,978 as of November 3, 2025.

EXPLANATORY NOTE

This Quarterly Report on Form 10-Q (this "Report") combines the quarterly reports on Form 10-Q for the quarter ended September 30, 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 September 30, 2025, the Parent Company owned approximately 97.9% 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 September 30, 2025 and December 31, 2024	1

	Consolidated Statements of Operations for the periods ended September 30, 2025 and 2024	2

	Consolidated Statements of Comprehensive Income for the periods ended September 30, 2025 and 2024	3

	Consolidated Statements of Equity for the periods ended September 30, 2025 and 2024	4

	Consolidated Statements of Cash Flows for the periods ended September 30, 2025 and 2024	6

Regency Centers, L.P.:

	Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	8

	Consolidated Statements of Operations for the periods ended September 30, 2025 and 2024	9

	Consolidated Statements of Comprehensive Income for the periods ended September 30, 2025 and 2024	10

	Consolidated Statements of Capital for the periods ended September 30, 2025 and 2024	11

	Consolidated Statements of Cash Flows for the periods ended September 30, 2025 and 2024	13

	Notes to Consolidated Financial Statements	15

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	31

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	52

Item 4.	Controls and Procedures	54

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	55

Item 1A.	Risk Factors	55

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	55

Item 3.	Defaults Upon Senior Securities	56

Item 4.	Mine Safety Disclosures	56

Item 5.	Other Information	56

Item 6.	Exhibits	57

SIGNATURES		58

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

REGENCY CENTERS CORPORATION

Consolidated Balance Sheets

September 30, 2025 and December 31, 2024

(in thousands, except share data)


	2025			2024
Assets	(unaudited)
Net real estate investments:
Real estate assets, at cost	$	14,342,200			13,698,419
Less: accumulated depreciation		3,180,995			2,960,399
Real estate assets, net		11,161,205			10,738,020
Investments in sales-type leases, net		16,668			16,291
Investments in real estate partnerships		367,837			399,044
Net real estate investments		11,545,710			11,153,355
Properties held for sale, net		53,572			—
Cash, cash equivalents, and restricted cash, including $4,907 and $5,601 of restricted cash at September 30, 2025 and December 31, 2024, respectively		205,595			61,884
Tenant and other receivables, net		255,543			255,495
Deferred leasing costs, less accumulated amortization of $136,359 and $131,080 at September 30, 2025 and December 31, 2024, respectively		88,838			79,911
Acquired lease intangible assets, less accumulated amortization of $412,407 and $395,209 at September 30, 2025 and December 31, 2024, respectively		254,939			229,983
Right of use assets, net		317,580			322,287
Other assets		337,202			289,046
Total assets	$	13,058,979			12,391,961
Liabilities and Equity
Liabilities:
Notes payable, net	$	4,885,954			4,343,700
Unsecured credit facility		30,000			65,000
Accounts payable and other liabilities		396,817			392,302
Acquired lease intangible liabilities, less accumulated amortization of $238,651 and $222,052 at September 30, 2025 and December 31, 2024, respectively		362,040			364,608
Lease liabilities		243,272			244,861
Tenants' security, escrow deposits and prepaid rent		80,840			81,183
Total liabilities		5,998,923			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 September 30, 2025 and December 31, 2024		225,000			225,000
Common stock $0.01 par value per share, 220,000,000 shares authorized; 182,232,143 and 181,361,454 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively		1,822			1,814
Treasury stock at cost, 490,228 and 479,251 shares held at September 30, 2025 and December 31, 2024, respectively		(30,641	)		(28,045	)
Additional paid-in-capital		8,654,914			8,503,227
Accumulated other comprehensive (loss) income		(4,299	)		2,226
Distributions in excess of net income		(2,049,762	)		(1,980,076	)
Total shareholders' equity		6,797,034			6,724,146
Noncontrolling interests:
Exchangeable operating partnership units, aggregate redemption value of $279,804 and $81,076 at September 30, 2025 and December 31, 2024, respectively		137,745			40,744
Limited partners' interests in consolidated partnerships		125,277			135,417
Total noncontrolling interests		263,022			176,161
Total equity		7,060,056			6,900,307
Total liabilities and equity	$	13,058,979			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 September 30, 2025, and 2024

(in thousands, except per share data)

(unaudited)


	Three months ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
Revenues:
Lease income	$	377,761			349,057		$	1,117,945			1,050,008
Other property income		3,089			4,444			10,609			11,464
Management, transaction, and other fees		6,720			6,765			20,776			19,896
Total revenues		387,570			360,266			1,149,330			1,081,368
Operating expenses:
Depreciation and amortization		102,799			100,955			299,108			299,508
Property operating expense		65,471			60,477			194,689			183,242
Real estate taxes		47,080			45,729			140,940			135,514
General and administrative		27,060			25,073			74,140			75,443
Other operating expenses		1,770			3,654			5,402			9,363
Total operating expenses		244,180			235,888			714,279			703,070
Other expense, net:
Interest expense, net		51,323			47,022			149,608			133,068
Provision for impairment of real estate		3,374			—			4,636			—
Gain on sale of real estate, net of tax		(6,198	)		(11,360	)		(6,005	)		(33,844	)
Loss on early extinguishment of debt		—			—			—			180
Net investment income		(2,602	)		(1,372	)		(2,629	)		(4,506	)
Total other expense, net		45,897			34,290			145,610			94,898
Income before equity in income of investments in real estate partnerships		97,493			90,088			289,441			283,400
Equity in income of investments in real estate partnerships		15,124			13,488			43,378			37,763
Net income		112,617			103,576			332,819			321,163
Noncontrolling interests:
Exchangeable operating partnership units		(1,664	)		(593	)		(2,892	)		(1,836	)
Limited partners' interests in consolidated partnerships		(1,580	)		(1,514	)		(4,946	)		(5,416	)
Net income attributable to noncontrolling interests		(3,244	)		(2,107	)		(7,838	)		(7,252	)
Net income attributable to the Company		109,373			101,469			324,981			313,911
Preferred stock dividends		(3,413	)		(3,413	)		(10,239	)		(10,239	)
Net income attributable to common shareholders	$	105,960			98,056		$	314,742			303,672

Net income attributable to common shareholders:
Per common share - basic	$	0.58			0.54		$	1.73			1.66
Per common share - diluted	$	0.58			0.54		$	1.73			1.66

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

REGENCY CENTERS CORPORATION

Consolidated Statements of Comprehensive Income

For the periods ended September 30, 2025, and 2024

(in thousands)

(unaudited)


	Three months ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
Net income	$	112,617			103,576		$	332,819			321,163
Other comprehensive loss:
Effective portion of change in fair value of derivative instruments:
Effective portion of change in fair value of derivative instruments		369			(9,305	)		(3,574	)		2,412
Reclassification adjustment of derivative instruments included in net income		(1,063	)		(2,306	)		(3,823	)		(7,113	)
Unrealized gain on available-for-sale debt securities		109			415			397			295
Other comprehensive loss		(585	)		(11,196	)		(7,000	)		(4,406	)
Comprehensive income		112,032			92,380			325,819			316,757
Less: comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests		3,244			2,107			7,838			7,252
Other comprehensive loss attributable to noncontrolling interests		(74	)		(687	)		(475	)		(340	)
Comprehensive income attributable to noncontrolling interests		3,170			1,420			7,363			6,912
Comprehensive income attributable to the Company	$	108,862			90,960		$	318,456			309,845

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

REGENCY CENTERS CORPORATION

Consolidated Statements of Equity

For the three months ended September 30, 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 June 30, 2024	$	225,000		1,815		(27,234	)		8,502,753			5,135			(1,911,741	)		6,795,728			40,738			126,704			167,442			6,963,170
Net income		—		—		—			—			—			101,469			101,469			593			1,514			2,107			103,576
Other comprehensive loss
Other comprehensive income before reclassification		—		—		—			—			(8,357	)		—			(8,357	)		(53	)		(480	)		(533	)		(8,890	)
Amounts reclassified from accumulated other comprehensive income		—		—		—			—			(2,152	)		—			(2,152	)		(14	)		(140	)		(154	)		(2,306	)
Adjustment for noncontrolling interests		—		—		—			(1,305	)		—			—			(1,305	)		1,305			—			1,305			—
Deferred compensation plan, net		—		—		(404	)		404			—			—			—			—			—			—			—
Amortization of equity awards		—		—		—			6,674			—			—			6,674			—			—			—			6,674
Tax withholding on stock-based compensation		—		—		—			119			—			—			119			—			—			—			119
Common stock issued under dividend reinvestment plan		—		—		—			170			—			—			170			—			—			—			170
Common stock issued for partnership units exchanged		—		—		—			206			—			—			206			(206	)		—			(206	)		—
Contributions from partners		—		—		—			—			—			—			—			—			11,424			11,424			11,424
Distributions to partners		—		—		—			—			—			—			—			—			(3,181	)		(3,181	)		(3,181	)
Dividends declared:
Preferred stock (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)		—		—		—			—			—			(121,673	)		(121,673	)		(1,473	)		—			(1,473	)		(123,146	)
Balance at September 30, 2024	$	225,000		1,815		(27,638	)		8,509,021			(5,374	)		(1,935,358	)		6,767,466			40,890			135,841			176,731			6,944,197

Balance at June 30, 2025	$	225,000		1,816		(30,210	)		8,512,308			(3,788	)		(2,027,254	)		6,677,872			38,359			140,709			179,068			6,856,940
Net income		—		—		—			—			—			109,373			109,373			1,664			1,580			3,244			112,617
Other comprehensive income
Other comprehensive income before reclassification		—		—		—			—			447			—			447			7			24			31			478
Amounts reclassified from accumulated other comprehensive income		—		—		—			—			(958	)		—			(958	)		(22	)		(83	)		(105	)		(1,063	)
Adjustment for noncontrolling interests		—		—		—			87,209			—			—			87,209			(99,018	)		11,809			(87,209	)		—
Deferred compensation plan, net		—		—		(431	)		431			—			—			—			—			—			—			—
Amortization of equity awards		—		—		—			5,433			—			—			5,433			—			—			—			5,433
Common stock issued under dividend reinvestment plan		—		—		—			177			—			—			177			—			—			—			177
Common stock issued for partnership units exchanged		—		—		—			200			—			—			200			(200	)		—			(200	)		—
Common stock issued, net of issuance costs		—		6		—			49,156			—			—			49,162			—			—			—			49,162
Contributions from partners		—		—		—			—			—			—			—			199,663			2,283			201,946			201,946
Distributions to partners		—		—		—			—			—			—			—			—			(31,045	)		(31,045	)		(31,045	)
Dividends declared:
Preferred stock (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)		—		—		—			—			—			(128,468	)		(128,468	)		(2,708	)		—			(2,708	)		(131,176	)
Balance at September 30, 2025	$	225,000		1,822		(30,641	)		8,654,914			(4,299	)		(2,049,762	)		6,797,034			137,745			125,277			263,022			7,060,056

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

REGENCY CENTERS CORPORATION

Consolidated Statements of Equity

For the nine months ended September 30, 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		—		—			—			—			—			313,911			313,911			1,836			5,416			7,252			321,163
Other comprehensive income
Other comprehensive income before reclassification		—		—			—			—			2,585			—			2,585			13			109			122			2,707
Amounts reclassified from accumulated other comprehensive income		—		—			—			—			(6,651	)		—			(6,651	)		(41	)		(421	)		(462	)		(7,113	)
Adjustment for noncontrolling interests		—		—			—			(9,999	)		—			—			(9,999	)		1,305			8,694			9,999			—
Deferred compensation plan, net		—		—			(2,150	)		2,150			—			—			—			—			—			—			—
Amortization of equity awards		—		2			—			19,809			—			—			19,811			—			—			—			19,811
Tax withholding on stock-based compensation		—		—			—			(8,375	)		—			—			(8,375	)		—			—			—			(8,375	)
Common stock repurchased and retired		—		(33	)		—			(200,033	)		—			—			(200,066	)		—			—			—			(200,066	)
Common stock issued under dividend reinvestment plan		—		—			—			494			—			—			494			—			—			—			494
Common stock issued for exchangeable units exchanged		—		—			—			735			—			—			735			(735	)		—			(735	)		—
Contributions from partners		—		—			—			—			—			—			—			—			14,425			14,425			14,425
Distributions to partners		—		—			—			—			—			—			—			—			(9,435	)		(9,435	)		(9,435	)
Dividends declared:
Preferred stock stock/unit (Series A: $1.171875 per share/unit; Series B: $1.101600 per share/unit)		—		—			—			—			—			(10,239	)		(10,239	)		—			—			—			(10,239	)
Common stock/unit ($2.010 per share/unit)		—		—			—			—			—			(367,427	)		(367,427	)		(3,683	)		—			(3,683	)		(371,110	)
Balance at September 30, 2024	$	225,000		1,815			(27,638	)		8,509,021			(5,374	)		(1,935,358	)		6,767,466			40,890			135,841			176,731			6,944,197

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		—		—			—			—			—			324,981			324,981			2,892			4,946			7,838			332,819
Other comprehensive income
Other comprehensive loss before reclassification		—		—			—			—			(2,988	)		—			(2,988	)		(20	)		(169	)		(189	)		(3,177	)
Amounts reclassified from accumulated other comprehensive income		—		—			—			—			(3,537	)		—			(3,537	)		(36	)		(250	)		(286	)		(3,823	)
Adjustment for noncontrolling interests		—		—			—			89,419			—			—			89,419			(101,228	)		11,809			(89,419	)		—
Deferred compensation plan, net		—		—			(2,596	)		2,596			—			—			—			—			—			—			—
Amortization of equity awards		—		2			—			16,549			—			—			16,551			—			—			—			16,551
Tax withholding on stock-based compensation		—		—			—			(6,783	)		—			—			(6,783	)		—			—			—			(6,783	)
Repurchase of exchangeable operating partnership units		—		—			—			—			—			—			—			(2,046	)		—			(2,046	)		(2,046	)
Common stock issued under dividend reinvestment plan		—		—			—			550			—			—			550			—			—			—			550
Common stock issued for partnership units exchanged		—		—			—			200			—			—			200			(200	)		—			(200	)		—
Common stock issued, net of issuance costs		—		6			—			49,156			—			—			49,162			—			—			—			49,162
Contributions from partners		—		—			—			—			—			—			—			201,873			10,699			212,572			212,572
Distributions to partners		—		—			—			—			—			—			—			—			(37,175	)		(37,175	)		(37,175	)
Dividends declared:
Preferred stock stock/unit (Series A: $1.171875 per share/unit; Series B: $1.101600 per share/unit)		—		—			—			—			—			(10,239	)		(10,239	)		—			—			—			(10,239	)
Common stock/unit ($2.115 per share/unit)		—		—			—			—			—			(384,428	)		(384,428	)		(4,234	)		—			(4,234	)		(388,662	)
Balance at September 30, 2025	$	225,000		1,822			(30,641	)		8,654,914			(4,299	)		(2,049,762	)		6,797,034			137,745			125,277			263,022			7,060,056

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

REGENCY CENTERS CORPORATION

Consolidated Statements of Cash Flows

For the periods ended September 30, 2025, and 2024

(in thousands)

(unaudited)


	Nine months ended September 30,
	2025			2024
Cash flows from operating activities:
Net income	$	332,819			321,163
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		299,108			299,508
Amortization of deferred financing costs and debt premiums		10,962			9,754
Amortization of above and below market lease intangibles, net		(16,662	)		(17,383	)
Stock-based compensation, net of capitalization		14,817			18,829
Equity in income of investments in real estate partnerships		(43,378	)		(37,763	)
Gain on sale of real estate, net of tax		(6,005	)		(33,844	)
Provision for impairment of real estate, net of tax		4,636			—
Loss on early extinguishment of debt		—			180
Distribution of earnings from investments in real estate partnerships		47,699			49,987
Deferred compensation expense		1,960			3,615
Realized and unrealized gain on investments		(2,681	)		(4,439	)
Changes in assets and liabilities:
Tenant and other receivables		(2,196	)		(8,736	)
Deferred leasing costs		(13,776	)		(7,643	)
Other assets		(13,242	)		(10,738	)
Accounts payable and other liabilities		11,983			13,881
Tenants' security, escrow deposits and prepaid rent		(2,300	)		2,442
Net cash provided by operating activities		623,744			598,813
Cash flows from investing activities:
Acquisition of operating real estate, net of cash acquired of $4,273 and $14,143 in 2025 and 2024, respectively		(103,502	)		(45,205	)
Real estate development and capital improvements		(307,282	)		(235,284	)
Proceeds from sale of real estate		51,084			103,626
Proceeds from property insurance casualty claims		—			5,257
Issuance of notes receivable		(176	)		(32,651	)
Collection of notes receivable		479			3,052
Investments in real estate partnerships		(12,399	)		(25,771	)
Return of capital from investments in real estate partnerships		12,162			12,859
Dividends on investment securities		1,232			296
Purchase of investment securities		(99,770	)		(99,035	)
Proceeds from sale of investment securities		53,461			103,785
Net cash used in investing activities		(404,711	)		(209,071	)


	Nine months ended September 30,
	2025			2024
Cash flows from financing activities:
Net proceeds from common stock issuance		49,162			—
Tax withholding on stock-based compensation		(6,783	)		(8,776	)
Common shares repurchased through share repurchase program		—			(200,066	)
Redemption of exchangeable operating partnership units		(2,046	)		—
Proceeds from sale of treasury stock		462			210
Contributions from noncontrolling interests		10,699			6,533
Distributions to and redemptions of noncontrolling interests		(37,175	)		(9,435	)
Distributions to exchangeable operating partnership unit holders		(2,299	)		(2,215	)
Dividends paid to common shareholders		(383,267	)		(368,999	)
Dividends paid to preferred shareholders		(10,239	)		(10,239	)
Repayment of fixed rate unsecured notes		—			(250,000	)
Proceeds from issuance of fixed rate unsecured notes, net of debt discount		397,116			722,860
Proceeds from unsecured credit facilities		510,000			527,419
Repayment of unsecured credit facilities		(545,000	)		(649,419	)
Proceeds from notes payable		10,000			12,000
Repayment of notes payable		(54,130	)		(110,862	)
Scheduled principal payments		(7,983	)		(8,716	)
Payment of financing costs		(3,839	)		(16,560	)
Net cash used in financing activities		(75,322	)		(366,265	)
Net increase in cash and cash equivalents and restricted cash		143,711			23,477
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	$	205,595			114,831

Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $7,302 and $4,812 in 2025 and 2024, respectively)	$	154,783			137,367
Cash paid for income taxes, net of refunds	$	1,125			7,114
Supplemental disclosure of non-cash transactions:
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid	$	133,451			126,085
Right of use assets obtained in exchange for new operating lease liabilities	$	—			1,271
Sale of leased asset in exchange for net investment in sales-type lease	$	—			2,846
Acquisition of operating real estate:
Acquired lease intangible assets	$	55,081			—
Notes payable assumed in acquisition, at fair value	$	166,480			—
Intangible liabilities, Accounts payable and other liabilities	$	23,198			—
Acquisition of previously unconsolidated real estate investments:
Acquired lease intangible assets	$	10,356			—
Notes payable assumed in acquisition, at fair value	$	28,527			—
Intangible liabilities, Accounts payable and other liabilities	$	6,216			—
Acquisition of real estate assets	$	24,747			—
Exchangeable operating partnership units issued for acquisition of real estate	$	199,662			—
Change in accrued capital expenditures	$	16,032			8,837
Stock-based compensation capitalized	$	1,733			1,383
Contributions to investments in real estate partnerships	$	783			18,242
Contributions from limited partners in consolidated partnerships	$	2,211			7,891

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

REGENCY CENTERS, L.P.

Consolidated Balance Sheets

September 30, 2025 and December 31, 2024

(in thousands, except unit data)


	2025			2024
Assets	(unaudited)
Net real estate investments:
Real estate assets, at cost	$	14,342,200			13,698,419
Less: accumulated depreciation		3,180,995			2,960,399
Real estate assets, net		11,161,205			10,738,020
Investments in sales-type leases, net		16,668			16,291
Investments in real estate partnerships		367,837			399,044
Net real estate investments		11,545,710			11,153,355
Properties held for sale, net		53,572			—
Cash, cash equivalents, and restricted cash, including $4,907 and $5,601 of restricted cash at September 30, 2025 and December 31, 2024, respectively		205,595			61,884
Tenant and other receivables, net		255,543			255,495
Deferred leasing costs, less accumulated amortization of $136,359 and $131,080 at September 30, 2025 and December 31, 2024, respectively		88,838			79,911
Acquired lease intangible assets, less accumulated amortization of $412,407 and $395,209 at September 30, 2025 and December 31, 2024, respectively		254,939			229,983
Right of use assets, net		317,580			322,287
Other assets		337,202			289,046
Total assets	$	13,058,979			12,391,961
Liabilities and Capital
Liabilities:
Notes payable, net	$	4,885,954			4,343,700
Unsecured credit facility		30,000			65,000
Accounts payable and other liabilities		396,817			392,302
Acquired lease intangible liabilities, less accumulated amortization of $238,651 and $222,052 at September 30, 2025 and December 31, 2024, respectively		362,040			364,608
Lease liabilities		243,272			244,861
Tenants' security, escrow deposits and prepaid rent		80,840			81,183
Total liabilities		5,998,923			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 September 30, 2025 and December 31, 2024		225,000			225,000
General partner's common units, 182,232,143 and 181,361,454 units issued and outstanding at September 30, 2025 and December 31, 2024, respectively		6,576,333			6,496,920
Limited partners' common units, 3,838,188 and 1,096,659 units issued and outstanding at September 30, 2025 and December 31, 2024 respectively		137,745			40,744
Accumulated other comprehensive (loss) income		(4,299	)		2,226
Total partners' capital		6,934,779			6,764,890
Noncontrolling interest: Limited partners' interests in consolidated partnerships		125,277			135,417
Total capital		7,060,056			6,900,307
Total liabilities and capital	$	13,058,979			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 September 30, 2025, and 2024

(in thousands, except per unit data)

(unaudited)


	Three months ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
Revenues:
Lease income	$	377,761			349,057		$	1,117,945			1,050,008
Other property income		3,089			4,444			10,609			11,464
Management, transaction, and other fees		6,720			6,765			20,776			19,896
Total revenues		387,570			360,266			1,149,330			1,081,368
Operating expenses:
Depreciation and amortization		102,799			100,955			299,108			299,508
Property operating expense		65,471			60,477			194,689			183,242
Real estate taxes		47,080			45,729			140,940			135,514
General and administrative		27,060			25,073			74,140			75,443
Other operating expenses		1,770			3,654			5,402			9,363
Total operating expenses		244,180			235,888			714,279			703,070
Other expense, net:
Interest expense, net		51,323			47,022			149,608			133,068
Provision for impairment of real estate		3,374			—			4,636			—
Gain on sale of real estate, net of tax		(6,198	)		(11,360	)		(6,005	)		(33,844	)
Loss on early extinguishment of debt		—			—			—			180
Net investment income		(2,602	)		(1,372	)		(2,629	)		(4,506	)
Total other expense, net		45,897			34,290			145,610			94,898
Income before equity in income of investments in real estate partnerships		97,493			90,088			289,441			283,400
Equity in income of investments in real estate partnerships		15,124			13,488			43,378			37,763
Net income		112,617			103,576			332,819			321,163
Limited partners' interests in consolidated partnerships		(1,580	)		(1,514	)		(4,946	)		(5,416	)
Net income attributable to the Partnership		111,037			102,062			327,873			315,747
Preferred unit distributions		(3,413	)		(3,413	)		(10,239	)		(10,239	)
Net income attributable to common unit holders	$	107,624			98,649		$	317,634			305,508

Net income attributable to common unit holders:
Per common unit - basic	$	0.58			0.54		$	1.73			1.66
Per common unit - diluted	$	0.58			0.54		$	1.73			1.66

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 September 30, 2025, and 2024

(in thousands)

(unaudited)


	Three months ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
Net income	$	112,617			103,576		$	332,819			321,163
Other comprehensive loss:
Effective portion of change in fair value of derivative instruments:
Effective portion of change in fair value of derivative instruments		369			(9,305	)		(3,574	)		2,412
Reclassification adjustment of derivative instruments included in net income		(1,063	)		(2,306	)		(3,823	)		(7,113	)
Unrealized gain on available-for-sale debt securities		109			415			397			295
Other comprehensive loss		(585	)		(11,196	)		(7,000	)		(4,406	)
Comprehensive income		112,032			92,380			325,819			316,757
Less: comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests		1,580			1,514			4,946			5,416
Other comprehensive loss attributable to noncontrolling interests		(59	)		(620	)		(419	)		(312	)
Comprehensive income attributable to noncontrolling interests		1,521			894			4,527			5,104
Comprehensive income attributable to the Partnership	$	110,511			91,486		$	321,292			311,653

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 September 30, 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 June 30, 2024	$	6,790,593			40,738			5,135			6,836,466			126,704			6,963,170
Net income		101,469			593			—			102,062			1,514			103,576
Other comprehensive income
Other comprehensive loss before reclassification		—			(53	)		(8,357	)		(8,410	)		(480	)		(8,890	)
Amounts reclassified from accumulated other comprehensive loss		—			(14	)		(2,152	)		(2,166	)		(140	)		(2,306	)
Adjustment for noncontrolling interests in the Operating Partnership		(1,305	)		1,305			—			—			—			—
Contributions from partners		—			—			—			—			11,424			11,424
Distributions to partners		(121,673	)		(1,473	)		—			(123,146	)		(3,181	)		(126,327	)
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		6,674			—			—			6,674			—			6,674
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances		289			—			—			289			—			289
Exchangeable operating partnership units exchanged for common stock of Parent Company		206			(206	)		—			—			—			—
Balance at September 30, 2024	$	6,772,840			40,890			(5,374	)		6,808,356			135,841			6,944,197

Balance at June 30, 2025	$	6,681,660			38,359			(3,788	)		6,716,231			140,709			6,856,940
Net income		109,373			1,664			—			111,037			1,580			112,617
Other comprehensive income
Other comprehensive income before reclassification		—			7			447			454			24			478
Amounts reclassified from accumulated other comprehensive loss		—			(22	)		(958	)		(980	)		(83	)		(1,063	)
Adjustment for noncontrolling interests in the Operating Partnership		87,209			(99,018	)		—			(11,809	)		11,809			—
Contributions from partners		—			199,663			—			199,663			2,283			201,946
Distributions to partners		(128,468	)		(2,708	)		—			(131,176	)		(31,045	)		(162,221	)
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		5,433			—			—			5,433			—			5,433
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company		49,162			—			—			49,162			—			49,162
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances		177			—			—			177			—			177
Exchangeable operating partnership units exchanged for common stock of Parent Company		200			(200	)		—			—			—			—
Balance at September 30, 2025	$	6,801,333			137,745			(4,299	)		6,934,779			125,277			7,060,056

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

REGENCY CENTERS, L.P.

Consolidated Statements of Capital

For the nine months ended September 30, 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		313,911			1,836			—			315,747			5,416			321,163
Other comprehensive income
Other comprehensive income before reclassification		—			13			2,585			2,598			109			2,707
Amounts reclassified from accumulated other comprehensive income		—			(41	)		(6,651	)		(6,692	)		(421	)		(7,113	)
Adjustment for noncontrolling interests in the Operating Partnership		(9,999	)		1,305			—			(8,694	)		8,694			—
Contributions from partners		—			—			—			—			14,425			14,425
Distributions to partners		(367,427	)		(3,683	)		—			(371,110	)		(9,435	)		(380,545	)
Preferred unit distributions		(10,239	)		—			—			(10,239	)		—			(10,239	)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization		19,811			—			—			19,811			—			19,811
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		(7,881	)		—			—			(7,881	)		—			(7,881	)
Exchangeable operating partnership units exchanged for common stock of Parent Company		735			(735	)		—			—			—			—
Balance at September 30, 2024	$	6,772,840			40,890			(5,374	)		6,808,356			135,841			6,944,197

Balance at December 31, 2024	$	6,721,920			40,744			2,226			6,764,890			135,417			6,900,307
Net income		324,981			2,892			—			327,873			4,946			332,819
Other comprehensive income
Other comprehensive loss before reclassification		—			(20	)		(2,988	)		(3,008	)		(169	)		(3,177	)
Amounts reclassified from accumulated other comprehensive income		—			(36	)		(3,537	)		(3,573	)		(250	)		(3,823	)
Adjustment for noncontrolling interests in the Operating Partnership		89,419			(101,228	)		—			(11,809	)		11,809			—
Contributions from partners		—			201,873			—			201,873			10,699			212,572
Distributions to partners		(384,428	)		(4,234	)		—			(388,662	)		(37,175	)		(425,837	)
Preferred unit distributions		(10,239	)		—			—			(10,239	)		—			(10,239	)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization		16,551			—			—			16,551			—			16,551
Repurchase of exchangeable operating partnership units		—			(2,046	)		—			(2,046	)		—			(2,046	)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs		49,162			—			—			49,162			—			49,162
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances		(6,233	)		—			—			(6,233	)		—			(6,233	)
Exchangeable operating partnership units exchanged for common stock of Parent Company		200			(200	)		—			—			—			—
Balance at September 30, 2025	$	6,801,333			137,745			(4,299	)		6,934,779			125,277			7,060,056

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 September 30, 2025, and 2024

(in thousands)

(unaudited)


	Nine months ended September 30,
	2025			2024
Cash flows from operating activities:
Net income	$	332,819			321,163
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		299,108			299,508
Amortization of deferred financing costs and debt premiums		10,962			9,754
Amortization of above and below market lease intangibles, net		(16,662	)		(17,383	)
Stock-based compensation, net of capitalization		14,817			18,829
Equity in income of investments in real estate partnerships		(43,378	)		(37,763	)
Gain on sale of real estate, net of tax		(6,005	)		(33,844	)
Provision for impairment of real estate, net of tax		4,636			—
Loss on early extinguishment of debt		—			180
Distribution of earnings from investments in real estate partnerships		47,699			49,987
Deferred compensation expense		1,960			3,615
Realized and unrealized gain on investments		(2,681	)		(4,439	)
Changes in assets and liabilities:
Tenant and other receivables		(2,196	)		(8,736	)
Deferred leasing costs		(13,776	)		(7,643	)
Other assets		(13,242	)		(10,738	)
Accounts payable and other liabilities		11,983			13,881
Tenants' security, escrow deposits and prepaid rent		(2,300	)		2,442
Net cash provided by operating activities		623,744			598,813
Cash flows from investing activities:
Acquisition of operating real estate, net of cash acquired of $4,273 and $14,143 in 2025 and 2024, respectively		(103,502	)		(45,205	)
Real estate development and capital improvements		(307,282	)		(235,284	)
Proceeds from sale of real estate		51,084			103,626
Proceeds from property insurance casualty claims		—			5,257
Issuance of notes receivable		(176	)		(32,651	)
Collection of notes receivable		479			3,052
Investments in real estate partnerships		(12,399	)		(25,771	)
Return of capital from investments in real estate partnerships		12,162			12,859
Dividends on investment securities		1,232			296
Acquisition of investment securities		(99,770	)		(99,035	)
Proceeds from sale of investment securities		53,461			103,785
Net cash used in investing activities		(404,711	)		(209,071	)


	Nine months ended September 30,
	2025			2024
Cash flows from financing activities:
Net proceeds from common stock issuance		49,162			—
Tax withholding on stock-based compensation		(6,783	)		(8,776	)
Common units repurchased through share repurchase program		—			(200,066	)
Redemption of exchangeable operating partnership units		(2,046	)		—
Proceeds from sale of treasury stock		462			210
Contributions from noncontrolling interests		10,699			6,533
Distributions to and redemptions of noncontrolling interests		(37,175	)		(9,435	)
Distributions to partners		(385,566	)		(371,214	)
Dividends paid to preferred unit holders		(10,239	)		(10,239	)
Repayment of fixed rate unsecured notes		—			(250,000	)
Proceeds from issuance of fixed rate unsecured notes, net of debt discount		397,116			722,860
Proceeds from unsecured credit facilities		510,000			527,419
Repayment of unsecured credit facilities		(545,000	)		(649,419	)
Proceeds from notes payable		10,000			12,000
Repayment of notes payable		(54,130	)		(110,862	)
Scheduled principal payments		(7,983	)		(8,716	)
Payment of financing costs		(3,839	)		(16,560	)
Net cash used in financing activities		(75,322	)		(366,265	)
Net increase in cash and cash equivalents and restricted cash		143,711			23,477
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	$	205,595			114,831

Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $7,302 and $4,812 in 2025 and 2024, respectively)	$	154,783			137,367
Cash paid for income taxes, net of refunds	$	1,125			7,114
Supplemental disclosure of non-cash transactions:
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid	$	133,451			126,085
Right of use assets obtained in exchange for new operating lease liabilities	$	—			1,271
Sale of leased asset in exchange for net investment in sales-type lease	$	—			2,846
Acquisition of operating real estate:
Acquired lease intangible assets	$	55,081			—
Notes payable assumed in acquisition, at fair value	$	166,480			—
Intangible liabilities, Accounts payable and other liabilities	$	23,198			—
Acquisition of previously unconsolidated real estate investments:
Acquired lease intangible assets	$	10,356			—
Notes payable assumed in acquisition, at fair value	$	28,527			—
Intangible liabilities, Accounts payable and other liabilities	$	6,216			—
Acquisition of real estate assets	$	24,747			—
Exchangeable operating partnership units issued for acquisition of real estate	$	199,662			—
Change in accrued capital expenditures	$	16,032			8,837
Stock-based compensation capitalized	$	1,733			1,383
Contributions to investments in real estate partnerships	$	783			18,242
Contributions from limited partners in consolidated partnerships	$	2,211			7,891

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

September 30, 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 September 30, 2025, the Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis owned 384 properties and held partial interests in an additional 101 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, tax 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, tax and other regulatory changes 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

September 30, 2025

Investment Risk Concentrations

As of September 30, 2025, no single tenant comprised 10% or more of our aggregate annualized base rent ("ABR"). As of September 30, 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 24.7%, 20.1% and 12.7% 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 September 30, 2025, the Parent Company owned approximately 97.9% of the outstanding Common Units, with the remaining limited partners' Common Units held by third parties ("Exchangeable operating partnership units" or "EOP units"). The Parent Company currently owns all of the Preferred Units.

Real Estate Partnerships

As of September 30, 2025, the Company held partial ownership interests in 118 properties through various real estate partnerships, of which 17 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 assets of these partnerships are restricted to use by the respective partnerships and cannot be directly reached by general creditors of the Company. Similarly, the obligations of the partnerships are backed by, and can only be settled through the assets of these partnerships or by additional capital contributions by the partners, except to the extent that the Company has provided contractual payment guarantees.

Some of these entities have been determined to be variable interest entities ("VIEs") under applicable accounting guidelines. This determination is primarily based on the assessment that the Limited Partners lack substantive kick-out rights (i.e., the ability to remove the general or managing partner with a simple majority vote or less) and do not possess substantive participating rights.

For those VIE partnerships in which the Company is deemed to be the primary beneficiary in accordance with GAAP, the Company consolidates the entity in its financial statements and the Limited Partners’ ownership interests in such entities are reported as noncontrolling interests.

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

September 30, 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)	September 30, 2025		December 31, 2024
Assets
Real estate assets, net	$	308,343		312,873
Cash, cash equivalents and restricted cash		24,040		16,687
Tenant and other receivables, net		5,257		5,833
Deferred costs, net		5,331		3,178
Acquired lease intangible assets, net		4,599		6,293
Right of use assets, net		17,778		18,148
Other assets		1,068		597
Total Assets	$	366,416		363,609
Liabilities
Notes payable	$	23,849		32,653
Accounts payable and other liabilities		10,397		16,149
Acquired lease intangible liabilities, net		10,208		10,627
Tenants' security, escrow deposits and prepaid rent		942		1,260
Lease liabilities		19,510		19,370
Total Liabilities	$	64,906		80,059

For partnerships in which the Company is not the primary beneficiary and does not hold a controlling financial interest but is able to exercise significant influence, the Company accounts for its investments using the equity method of accounting.

Revenues, and Tenant and other Receivables

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


		Three months ended September 30,				Nine months ended September 30,
(in thousands)	Timing of satisfaction of performance obligations	2025		2024		2025		2024
Management, transaction, and other fees:
Property management services	Over time	$	3,935		3,909	$	12,196		11,765
Asset management services	Over time		1,777		1,693		5,240		4,915
Leasing services	Point in time		902		946		2,777		2,537
Other transaction fees	Point in time		106		217		563		679
Total management, transaction, and other fees		$	6,720		6,765	$	20,776		19,896

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 $18.2 million and $19.7 million, as of September 30, 2025 and December 31, 2024, respectively.

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

September 30, 2025

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	This is an annual disclosure requirement in the Form 10-K and the adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements.


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


ASU 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		The Company is currently evaluating the impact of this ASU, but it is not expected to materially affect the company's consolidated financial statements.

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

September 30, 2025


2.	Real Estate Investments

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


(in thousands)		Nine months ended September 30, 2025
Date Purchased	Property Name	City/State	Property Type	Regency's Ownership	Purchase Price (1)		Debt Assumed, Net of Discounts (Premium) (1)		Intangible Assets (1)		Intangible Liabilities (1)
Consolidated
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	Rancho Mission Viejo 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		—		—		—
Total consolidated					$	571,510		195,447		65,437		22,727
Unconsolidated
5/12/2025	Armonk Square	Armonk, NY	Operating	20%		26,250		11,884		2,405		5,498
Total unconsolidated					$	26,250		11,884		2,405		5,498
Total property acquisitions					$	597,760		207,331		67,842		28,225

(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.

During the three months ended September 30, 2025, the Company acquired its partners’ remaining ownership interests in two existing consolidated properties for a combined purchase price of $29.4 million. Following these transactions, the Company now owns 100% of the equity interests in both properties.

Subsequent to the period ended September 30, 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 approximately $113 million, and assumed an existing fixed rate mortgage loan on one property of $10 million maturing January 2026 with an interest rate of 3.95%. The remaining six properties were distributed to the other partner.

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

September 30, 2025


(in thousands)		Nine months ended September 30, 2024
Date Purchased	Property Name	City/State	Property Type	Regency's Ownership	Purchase Price (1)		Debt Assumed, Net of Discounts (Premium) (1)		Intangible Assets (1)		Intangible Liabilities (1)
Consolidated
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 consolidated					$	71,404		—		5,360		2,175
Unconsolidated
8/30/2024	East Greenwich Square	East Greenwich, RI	Operating	70%		46,650		—		5,127		1,877
Total unconsolidated					$	46,650		—		5,127		1,877
Total property acquisitions					$	118,054		—		10,487		4,052

(1)

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


3.	Property Dispositions and Assets Held for Sale

The following table provides a summary of consolidated operating properties and land parcels sold during the periods set forth below:


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except number sold data)	2025		2024		2025		2024
Net proceeds from sale of real estate investments	$	43,919		11,409	$	51,084		103,568
Gain on sale of real estate, net of tax		6,198		11,360		6,005		33,844
Provision for impairment of real estate sold		3,374		—		4,636		—
Number of operating properties sold		5		1		6		4
Number of land parcels sold		1		—		1		—
Percent interest sold	100%		100%		100%		100%

The following table presents the assets associated with the properties classified as held for sale as of September 30, 2025:


(in thousands)	September 30, 2025
Land and improvements	$	34,091
Buildings and improvements		27,536
Less: accumulated depreciation		(9,005	)
Real estate, net		52,622
Other assets, net		950
Assets associated with real estate assets held for sale	$	53,572

As of September 30, 2025 the Company had one operating property and one land parcel classified as held for sale. There were no liabilities associated with these properties. Both the operating property and the land parcel were subsequently sold in October 2025. As of December 31, 2024 the Company did not have any of its properties classified as held for sale.

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

September 30, 2025


4.	Other Assets

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


(in thousands)	September 30, 2025		December 31, 2024
Goodwill	$	166,739		166,739
Investments		100,002		51,820
Prepaid and other		45,774		40,240
Derivative assets		7,435		12,781
Furniture, fixtures, and equipment, net ("FF&E")		9,969		7,954
Deferred financing costs, net		7,283		9,512
Total other assets	$	337,202		289,046


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	September 30, 2025		December 31, 2024
Notes payable:
Fixed rate mortgage loans	11/5/2025 - 10/1/2038	4.0%	4.4%	$	492,848		337,703
Variable rate mortgage loans (1)	10/1/2026 - 2/20/2032	4.4%	4.6%		271,669		282,117
Fixed rate unsecured debt	11/3/2025 - 3/15/2049	4.2%	4.3%		4,121,437		3,723,880
Total notes payable, net					4,885,954		4,343,700
Unsecured credit facility:
$1.5 Billion Line of Credit (the "Line") (1)(2)	3/23/2028	5.0%	5.3%		30,000		65,000
Total unsecured credit facility					30,000		65,000
Total debt outstanding				$	4,915,954		4,408,700

(1)

As of September 30, 2025, 99.5% of the variable rate debt are fixed through interest rate swaps.

(2)

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

Significant financing activity during 2025 includes:

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 Rancho Mission Viejo 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.

Subsequent to September 30, 2025, the Company repaid $250 million of fixed rate unsecured debt and $16 million of fixed rate mortgage loans upon maturity on November 3 and November 5, 2025, respectively.

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

September 30, 2025

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


(in thousands)	September 30, 2025
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities			Unsecured Maturities (1)			Total
2025 (2)	$	3,160		16,000			250,000			269,160
2026		12,836		147,851			200,000			360,687
2027		10,051		222,558			525,000			757,609
2028		8,365		51,939			330,000			390,304
2029		5,619		97,120			425,000			527,739
Beyond 5 Years		29,655		192,837			2,450,000			2,672,492
Unamortized debt premium/(discount) and issuance costs		—		(33,474	)		(28,563	)		(62,037	)
Total	$	69,686		694,831			4,151,437			4,915,954

(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 September 30, 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.

Detail on the Company's interest rate derivatives outstanding as of September 30, 2025 and December 31, 2024 is as follows:


(in thousands, except number of instruments data)
Interest Rate Swaps	September 30, 2025		December 31, 2024
Notional amount	$	300,642		301,444
Number of instruments		15		14

Detail on the fair value of the Company's interest rate derivatives as of September 30, 2025 and December 31, 2024 is as follows:


(in thousands)
Interest rate swaps classified as:	September 30, 2025			December 31, 2024
Derivative assets	$	7,435			12,781
Derivative liabilities		(1,735	)		(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 September 30, 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 Unaudited Consolidated Financial Statements

September 30, 2025

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 September 30,							Three months ended September 30,							Three months ended September 30,
(in thousands)	2025			2024				2025			2024				2025		2024
Interest rate swaps	$	369			(9,305	)	Interest expense, net	$	(1,063	)		(2,306	)	Interest expense, net	$	51,323		47,022

	Nine months ended September 30,							Nine months ended September 30,							Nine months ended September 30,
(in thousands)	2025			2024				2025			2024				2025		2024
Interest rate swaps	$	(3,574	)		2,412		Interest expense, net	$	(3,823	)		(7,113	)	Interest expense, net	$	149,608		133,068

As of September 30, 2025, the Company expects approximately $0.6 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.

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 September 30,					Nine months ended September 30,
	2025		2024			2025			2024
Operating lease income
Fixed and in-substance fixed lease income	$	278,670		258,185		$	817,014			771,800
Variable lease income		92,904		85,617			285,044			263,991
Other lease related income, net:
Above/below market rent and tenant rent inducement amortization, net		5,784		5,726			18,265			18,990
Uncollectible straight-line rent (1)		350		(129	)		(472	)		(1,340	)
Uncollectible lease income		53		(342	)		(1,906	)		(3,433	)
Total lease income	$	377,761		349,057		$	1,117,945			1,050,008

(1)

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

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

September 30, 2025

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


(in thousands)	September 30, 2025		December 31, 2024
Tenant receivables	$	24,088		35,306
Straight-line rent receivables		174,572		157,507
Other receivables (1)		56,883		62,682
Total tenant and other receivables	$	255,543		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:


	September 30, 2025				December 31, 2024
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Notes receivable	$	31,517		31,665	$	31,790		31,755
Financial liabilities:
Notes payable, net	$	4,885,954		4,813,613	$	4,343,700		4,141,096
Unsecured credit facilities (1)	$	30,000		30,000	$	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 September 30, 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.

(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 and commercial time deposits 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. During the nine months ended September 30, 2025, the Company invested $90 million in commercial time deposits, consisting of two tranches with original maturities of five months and four months, respectively, of which $40 million matured as of September 30, 2025, and the remaining $50 million matured in October 2025. These deposits are classified as Level 2 within the fair value hierarchy.

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

September 30, 2025

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


(in thousands)	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025			2024
Unrealized Gain (Loss)		2,259		1,372		(125	)		4,506

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 that are measured at fair value on a recurring basis:


	Fair Value Measurements as of September 30, 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	$	88,449			38,449		50,000			—
Available-for-sale debt securities		11,553			—		11,553			—
Interest rate derivatives		7,435			—		7,435			—
Total	$	107,437			38,449		68,988			—
Liabilities:
Interest rate derivatives	$	(1,735	)		—		(1,735	)		—


	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	)		—

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

September 30, 2025


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 September 30, 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

Dividends Declared

On August 5, 2025, the Board:

Declared a quarterly cash dividend on the Company’s Series A preferred stock of $0.390625 per share. The dividend was paid on October 31, 2025, to shareholders of record as of October 16, 2025.

Declared a quarterly cash dividend on the Company’s Series B preferred stock of $0.367200 per share. The dividend was paid on October 31, 2025, to shareholders of record as of October 16, 2025.

Subsequent to the period ended September 30, 2025, on October 27, 2025, the Board:

Declared a dividend on the Series A Preferred Stock, which will be paid at a rate of $0.390625 per share on January 30, 2026. The dividend will be payable to holders of record of the Series A Preferred Stock as of the close of business on January 16, 2026.

Declared a dividend on the Series B Preferred Stock, which will be paid at a rate of $0.367200 per share on January 30, 2026. The dividend will be payable to holders of record of the Series B Preferred Stock as of the close of business on January 16, 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.

Common Stock of the Parent Company

Dividends Declared

On August 5, 2025, the Board declared a quarterly cash dividend on the Company’s common stock of $0.705 per share. The dividend was paid on October 2, 2025, to shareholders of record as of September 11, 2025.

Subsequent to the period ended September 30, 2025, on October 27, 2025, the Board declared a quarterly cash dividend on the Company's common stock of $0.755 per share, representing an increase of $0.05 per share, or 7.1%, from the prior quarterly dividend. The dividend is payable on January 6, 2026, to shareholders of record as of December 15, 2025.

At the Market ("ATM") Program

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

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

September 30, 2025

During 2024, the Company entered into forward sale agreements under its ATM program through which the Parent Company expects 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. Proceeds from the issuance of shares are expected to be used to fund acquisitions of operating properties, fund developments and redevelopments, and for general corporate purposes.

The Company settled 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.

Subsequent to quarter end, 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.

As of September 30, 2025, and after giving effect to the aforementioned forward equity offering, $400 million of common stock remained available for issuance under this ATM Program.

Stock Repurchase Program

On 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 Repurchase Program authorized by the Board expires on June 30, 2026, unless modified, extended or earlier terminated by the Board in its discretion.

During the nine months ended September 30, 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, in each case at the Parent Company's election. During the nine months ended September 30, 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. During the same period ended September 30, 2024, 10,795 Common Units were exchanged for Parent Company common stock.

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.

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

September 30, 2025


10.	Stock-Based Compensation

The Company granted 324,608 shares of restricted stock with a weighted-average grant-date fair value of $77.27 per share and 350,391 shares of restricted stock with a weighted-average grant-date fair value of $60.35 per share during the nine months ended September 30, 2025 and September 30, 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 September 30,						Nine months ended September 30,
(in thousands)	2025			2024			2025			2024
Restricted stock (1)	$	5,321			4,776		$	16,219			14,078
Directors' fees paid in common stock and other employee stock grants		112			119			332			400
Capitalized stock-based compensation		(479	)		(503	)		(1,733	)		(1,383	)
Stock-based compensation, net of capitalization	$	4,954			4,392		$	14,818			13,095

(1)

In addition, during the three and nine months ended September 30, 2024, the Company expensed $1.9 million and $5.7 million, respectively, within Other operating expenses in connection with vesting of restricted stock units related to the 2023 acquisition of Urstadt Biddle Properties ("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 September 30,				Nine months ended September 30,
(in thousands, except per share data)	2025		2024		2025		2024
Numerator:
Net income attributable to common shareholders - basic	$	105,960		98,056	$	314,742		303,672
Net income attributable to common shareholders - diluted	$	105,960		98,056	$	314,742		303,672
Denominator:
Weighted average common shares outstanding for basic EPS		181,921		181,498		181,640		183,281
Weighted average common shares outstanding for diluted EPS (1)		182,346		181,772		181,996		183,448
Net income per common share – basic	$	0.58		0.54	$	1.73		1.66
Net income per common share – diluted	$	0.58		0.54	$	1.73		1.66

(1)

Includes the dilutive impact of unvested restricted stock.

The effect of the assumed exchange of the EOP units and certain other exchangeable units had an anti-dilutive effect upon the calculation of net income attributable to the common shareholders per share. Accordingly, the impact of such assumed exchanges has not been included in the determination of diluted net income per share calculations. Weighted average EOP units outstanding were 3,147,659 and 1,099,516 for the three months ended September 30, 2025 and 2024, respectively, and 1,785,189 and 1,100,039 for the nine months ended September 30, 2025 and 2024, respectively.

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

September 30, 2025

Operating Partnership Earnings per Unit

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except per unit data)	2025		2024		2025		2024
Numerator:
Net income attributable to common unit holders - basic	$	107,624		98,649	$	317,634		305,508
Net income attributable to common unit holders - diluted	$	107,624		98,649	$	317,634		305,508
Denominator:
Weighted average common units outstanding for basic EPU		185,068		182,597		183,425		184,381
Weighted average common units outstanding for diluted EPU (1)		185,494		182,872		183,781		184,548
Net income per common unit – basic	$	0.58		0.54	$	1.73		1.66
Net income per common unit – diluted	$	0.58		0.54	$	1.73		1.66

(1)

Includes the dilutive impact of unvested restricted stock.

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


12.	Segment Information

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

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


	Three months ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
Lease income	$	413,947			383,762		$	1,227,950			1,151,343
Other property income		3,201			4,644			11,193			12,016
Less:
Straight-line rent on lease income		(7,642	)		(6,444	)		(20,425	)		(16,258	)
Above/below market rent amortization, net		(5,968	)		(5,916	)		(18,892	)		(19,545	)
Total real estate revenues		403,538			376,046			1,199,826			1,127,556
Operating expenses (1)		(70,073	)		(64,792	)		(209,201	)		(196,951	)
Real estate taxes		(51,597	)		(50,094	)		(154,286	)		(148,115	)
NOI	$	281,868			261,160		$	836,339			782,490

(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

September 30, 2025


	Three months ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
Reconciliation of NOI to Net income:
NOI	$	281,868			261,160		$	836,339			782,490
Consolidated:
Straight-line rent on lease income		6,743			5,163			18,137			14,877
Above/below market rent amortization, net		5,784			5,726			18,265			18,990
Management, transaction, and other fees		6,720			6,765			20,776			19,896
Straight-line rent on ground rent		(336	)		(337	)		(1,009	)		(1,014	)
Above/below market ground rent amortization		(535	)		(536	)		(1,602	)		(1,606	)
Depreciation and amortization		(102,799	)		(100,955	)		(299,108	)		(299,508	)
General and administrative		(27,060	)		(25,073	)		(74,140	)		(75,443	)
Other operating expenses		(1,770	)		(3,654	)		(5,402	)		(9,363	)
Other expense, net		(45,897	)		(34,290	)		(145,610	)		(94,898	)
Add: Share of noncontrolling interests excluded from NOI		1,998			2,099			6,402			6,181
Less: Equity in income of investments in real estate excluded from NOI		(12,099	)		(12,492	)		(40,229	)		(39,439	)
Net income	$	112,617			103,576		$	332,819			321,163


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 $18.8 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 September 30, 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 $13.4 million and $10.9 million in letters of credit outstanding as of September 30, 2025 and December 31, 2024, respectively.

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