Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2026

or

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

For the transition period from to

Commission File Number 1-12298 (Regency Centers Corporation)

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

REGENCY CENTERS CORPORATION

REGENCY CENTERS, L.P.

(Exact name of registrant as specified in its charter)

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

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

Regency Centers Corporation

Title of each class		Trading Symbol(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 183,096,790 as of April 30, 2026.

EXPLANATORY NOTE

This Quarterly Report on Form 10-Q (this "Report") combines the quarterly reports on Form 10-Q for the quarter ended March 31, 2026, of Regency Centers Corporation and Regency Centers, L.P. Unless stated otherwise or the context otherwise requires, references to "Regency Centers Corporation" or the "Parent Company" mean Regency Centers Corporation and its controlled subsidiaries and references to "Regency Centers, L.P." or the "Operating Partnership" mean Regency Centers, L.P. and its controlled subsidiaries. The terms "the Company," "Regency Centers," "Regency," "we," "our," and "us" as used in this Report mean the Parent Company, the Operating Partnership and their controlled subsidiaries, collectively.

The Parent Company is a real estate investment trust ("REIT") and the general partner of the Operating Partnership. As the sole general partner of the Operating Partnership, the Parent Company has exclusive control of the Operating Partnership's day-to-day management. The Operating Partnership's capital includes general and limited common partnership units ("Common Units"). As of March 31, 2026, 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 is also the guarantor of the Parent Company's $200 million unsecured private placement debt referenced above. The Operating Partnership holds all the assets of the Company and ownership of the Company's subsidiaries and equity interests in its joint ventures. Except for net proceeds from public equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for Common Units or Preferred Units, the Operating Partnership generates all other capital required by the Company's business. These sources include the Operating Partnership's operations, its direct or indirect incurrence of indebtedness, and the issuance of Common Units and Preferred Units.

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

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

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

TABLE OF CONTENTS

		Form 10-Q Report Page
PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
Regency Centers Corporation:
	Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025	1
	Consolidated Statements of Operations for the periods ended March 31, 2026 and 2025	2
	Consolidated Statements of Comprehensive Income for the periods ended March 31, 2026 and 2025	3
	Consolidated Statements of Equity for the periods ended March 31, 2026 and 2025	4
	Consolidated Statements of Cash Flows for the periods ended March 31, 2026 and 2025	5
Regency Centers, L.P.:
	Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025	7
	Consolidated Statements of Operations for the periods ended March 31, 2026 and 2025	8
	Consolidated Statements of Comprehensive Income for the periods ended March 31, 2026 and 2025	9
	Consolidated Statements of Capital for the periods ended March 31, 2026 and 2025	10
	Consolidated Statements of Cash Flows for the periods ended March 31, 2026 and 2025	11
	Notes to Consolidated Financial Statements	13
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	44
Item 4.	Controls and Procedures	45
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	46
Item 1A.	Risk Factors	46
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	46
Item 3.	Defaults Upon Senior Securities	46
Item 4.	Mine Safety Disclosures	46
Item 5.	Other Information	47
Item 6.	Exhibits	48
SIGNATURES		49

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

REGENCY CENTERS CORPORATION

Consolidated Balance Sheets

March 31, 2026 and December 31, 2025

(in thousands, except per share data)

		2026				2025
Assets		(unaudited)
Net real estate investments:
Real estate assets, at cost		$	14,657,529				14,561,924
Less: accumulated depreciation			3,352,228				3,267,728
Real estate assets, net			11,305,301				11,294,196
Investments in sales-type leases, net			16,788				16,727
Investments in real estate partnerships			358,620				349,856
Net real estate investments			11,680,709				11,660,779
Cash, cash equivalents, and restricted cash, including $4,462 and $16,004 of restricted cash at March 31, 2026 and December 31, 2025, respectively			145,560				120,661
Tenant and other receivables, net			267,639				273,862
Deferred leasing costs, less accumulated amortization of $140,264 and $138,391 at March 31, 2026 and December 31, 2025, respectively			99,462				97,253
Acquired lease intangible assets, less accumulated amortization of $431,633 and $421,433 at March 31, 2026 and December 31, 2025, respectively			244,876				254,201
Right of use assets, net			313,508				315,804
Other assets			294,730				278,723
Total assets		$	13,046,484				13,001,283
Liabilities and Equity
Liabilities:
Notes payable, net		$	4,973,934				4,619,301
Unsecured credit facility			30,000				120,000
Accounts payable and other liabilities			200,885				391,847
Acquired lease intangible liabilities, less accumulated amortization of $249,699 and $243,040 at March 31, 2026 and December 31, 2025, respectively			352,202				356,454
Lease liabilities			241,012				242,368
Tenants' security, escrow deposits and prepaid rent			83,544				89,707
Total liabilities			5,881,577				5,819,677
Commitments and contingencies			—				—
Equity:
Shareholders' equity:
Preferred stock $0.01 par value per share, 30,000,000 shares authorized; 9,000,000 shares issued and outstanding, in the aggregate, in Series A and Series B at March 31, 2026 and December 31, 2025			225,000				225,000
Common stock $0.01 par value per share, 220,000,000 shares authorized; 183,088,061 and 182,902,234 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively			1,831				1,829
Treasury stock at cost, 501,159 and 494,307 shares held at March 31, 2026 and December 31, 2025, respectively			(32,207	)			(31,075	)
Additional paid-in-capital			8,702,768				8,704,138
Accumulated other comprehensive loss			(2,687	)			(4,220	)
Distributions in excess of net income			(2,001,870	)			(1,988,782	)
Total shareholders' equity			6,892,835				6,906,890
Noncontrolling interests:
Exchangeable operating partnership units, aggregate redemption value of $290,397 and $264,950 at March 31, 2026 and December 31, 2025, respectively			144,705				144,940
Limited partners' interests in consolidated partnerships			127,367				129,776
Total noncontrolling interests			272,072				274,716
Total equity			7,164,907				7,181,606
Total liabilities and equity		$	13,046,484				13,001,283

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

REGENCY CENTERS CORPORATION

Consolidated Statements of Operations

For the periods ended March 31, 2026, and 2025

(in thousands, except per share data)

(unaudited)

	Three months ended March 31,
	2026				2025
Revenues:
Lease income	$	402,613				371,079
Other property income		2,907				3,021
Management, transaction, and other fees		6,933				6,812
Total revenues		412,453				380,912
Operating expenses:
Depreciation and amortization		106,422				96,774
Property operating expense		73,300				68,459
Real estate taxes		51,410				46,360
General and administrative		25,606				21,600
Other operating expenses		1,001				1,688
Total operating expenses		257,739				234,881
Other expense, net:
Interest expense, net		52,185				48,013
Gain on sale of real estate, net of tax		(7,194	)			(101	)
Net investment (income) expense		(695	)			761
Total other expense, net		44,296				48,673
Income before equity in income of investments in real estate partnerships		110,418				97,358
Equity in income of investments in real estate partnerships		22,380				14,495
Net income		132,798				111,853
Noncontrolling interests:
Exchangeable operating partnership units		(2,617	)			(642	)
Limited partners' interests in consolidated partnerships		(1,632	)			(1,624	)
Net income attributable to noncontrolling interests		(4,249	)			(2,266	)
Net income attributable to the Company		128,549				109,587
Preferred stock dividends		(3,413	)			(3,413	)
Net income attributable to common shareholders	$	125,136				106,174
Net income attributable to common shareholders:
Per common share - basic	$	0.68				0.59
Per common share - diluted	$	0.68				0.58

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

REGENCY CENTERS CORPORATION

Consolidated Statements of Comprehensive Income

For the periods ended March 31, 2026, and 2025

(in thousands)

(unaudited)

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

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

REGENCY CENTERS CORPORATION

Consolidated Statements of Equity

For the three months ended March 31, 2026 and 2025

(in thousands, except per share data)

(unaudited)

																														Noncontrolling Interests
		Preferred Stock				Common Stock				Treasury Stock				Additional Paid In Capital				Accumulated Other Comprehensive Income (Loss)				Distributions in Excess of Net Income				Total Shareholders' Equity				Exchangeable Operating Partnership Units				Limited Partners' Interest in Consolidated Partnerships				Total Noncontrolling Interests				Total Equity
Balance at December 31, 2024		$	225,000				1,814				(28,045	)			8,503,227				2,226				(1,980,076	)			6,724,146				40,744				135,417				176,161				6,900,307
Net income			—				—				—				—				—				109,587				109,587				642				1,624				2,266				111,853
Other comprehensive loss
Other comprehensive loss before reclassification			—				—				—				—				(2,289	)			—				(2,289	)			(20	)			(145	)			(165	)			(2,454	)
Amounts reclassified from accumulated other comprehensive loss			—				—				—				—				(1,652	)			—				(1,652	)			(8	)			(85	)			(93	)			(1,745	)
Adjustment for noncontrolling interests			—				—				—				2,210				—				—				2,210				(2,210	)			—				(2,210	)			—
Deferred compensation plan, net			—				—				(1,088	)			1,088				—				—				—				—				—				—				—
Amortization of equity awards			—				1				—				5,547				—				—				5,548				—				—				—				5,548
Tax withholding on stock-based compensation			—				—				—				(6,760	)			—				—				(6,760	)			—				—				—				(6,760	)
Common stock issued under dividend reinvestment plan			—				—				—				177				—				—				177				—				—				—				177
Contributions from partners			—				—				—				—				—				—				—				2,210				2,977				5,187				5,187
Distributions to partners			—				—				—				—				—				—				—				—				(3,510	)			(3,510	)			(3,510	)
Dividends declared:
Preferred stock			—				—				—				—				—				(3,413	)			(3,413	)			—				—				—				(3,413	)
Common stock/unit			—				—				—				—				—				(127,976	)			(127,976	)			(774	)			—				(774	)			(128,750	)
Balance at March 31, 2025		$	225,000				1,815				(29,133	)			8,505,489				(1,715	)			(2,001,878	)			6,699,578				40,584				136,278				176,862				6,876,440
Balance at December 31, 2025		$	225,000				1,829				(31,075	)			8,704,138				(4,220	)			(1,988,782	)			6,906,890				144,940				129,776				274,716				7,181,606
Net income			—				—				—				—				—				128,549				128,549				2,617				1,632				4,249				132,798
Other comprehensive income
Other comprehensive income before reclassification			—				—				—				—				1,955				—				1,955				43				103				146				2,101
Amounts reclassified from accumulated other comprehensive income			—				—				—				—				(422	)			—				(422	)			2				(45	)			(43	)			(465	)
Deferred compensation plan, net			—				—				(1,132	)			1,129				—				—				(3	)			—				—				—				(3	)
Amortization of equity awards			—				2				—				5,980				—				—				5,982				—				—				—				5,982
Tax withholding on stock-based compensation			—				—				—				(8,672	)			—				—				(8,672	)			—				—				—				(8,672	)
Common stock issued under dividend reinvestment plan			—				—				—				193				—				—				193				—				—				—				193
Contributions from partners			—				—				—				—				—				—				—				—				237				237				237
Distributions to partners			—				—				—				—				—				—				—				—				(4,336	)			(4,336	)			(4,336	)
Dividends declared:
Preferred stock			—				—				—				—				—				(3,413	)			(3,413	)			—				—				—				(3,413	)
Common stock/unit			—				—				—				—				—				(138,224	)			(138,224	)			(2,897	)			—				(2,897	)			(141,121	)
Balance at March 31, 2026		$	225,000				1,831				(32,207	)			8,702,768				(2,687	)			(2,001,870	)			6,892,835				144,705				127,367				272,072				7,164,907

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

REGENCY CENTERS CORPORATION

Consolidated Statements of Cash Flows

For the periods ended March 31, 2026, and 2025

(in thousands)

(unaudited)

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

		Three months ended March 31,
		2026				2025
Cash flows from financing activities:
Tax withholding on stock-based compensation			(8,672	)			(6,760	)
Proceeds from sale of treasury stock			8				462
Contributions from noncontrolling interests			237				2,977
Distributions to and redemptions of noncontrolling interests			(4,336	)			(3,510	)
Distributions to exchangeable operating partnership unit holders			(2,898	)			(773	)
Dividends paid to common shareholders			(275,915	)			(127,684	)
Dividends paid to preferred shareholders			(3,413	)			(3,413	)
Proceeds from issuance of fixed rate unsecured notes, net of debt discount			447,192				—
Proceeds from unsecured credit facilities			255,000				280,000
Repayment of unsecured credit facilities			(345,000	)			(80,000	)
Proceeds from notes payable			—				10,000
Repayment of notes payable			(88,000	)			(32,787	)
Scheduled principal payments			(3,207	)			(2,548	)
Payment of financing costs			(3,899	)			(194	)
Net cash (used in) provided by financing activities			(32,903	)			35,770
Net increase in cash and cash equivalents and restricted cash			24,899				16,653
Cash and cash equivalents and restricted cash at beginning of the period			120,661				61,884
Cash and cash equivalents and restricted cash at end of the period		$	145,560				78,537
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $2,713 and $2,112 in 2026 and 2025, respectively)		$	80,288				64,540
Supplemental disclosure of non-cash transactions:
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid		$	5,376				131,020
Acquisition of operating real estate:
Acquired lease intangible assets		$	2,245				9,725
Notes payable assumed in acquisition, at fair value		$	—				40,060
Intangible liabilities, Accounts payable and other liabilities		$	2,272				18,957
Acquisition of previously unconsolidated real estate investments:
Acquired lease intangible assets		$	1,329				4,308
Notes payable assumed in acquisition, at fair value		$	—				16,749
Intangible liabilities, Accounts payable and other liabilities		$	1,258				1,119
Change in accrued capital expenditures		$	7,823				13,144
Contributions to investments in real estate partnerships		$	14,045				257

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

REGENCY CENTERS, L.P.

Consolidated Balance Sheets

March 31, 2026 and December 31, 2025

(in thousands, except unit data)

		2026				2025
Assets		(unaudited)
Net real estate investments:
Real estate assets, at cost		$	14,657,529				14,561,924
Less: accumulated depreciation			3,352,228				3,267,728
Real estate assets, net			11,305,301				11,294,196
Investments in sales-type leases, net			16,788				16,727
Investments in real estate partnerships			358,620				349,856
Net real estate investments			11,680,709				11,660,779
Cash, cash equivalents, and restricted cash, including $4,462 and $16,004 of restricted cash at March 31, 2026 and December 31, 2025, respectively			145,560				120,661
Tenant and other receivables, net			267,639				273,862
Deferred leasing costs, less accumulated amortization of $140,264 and $138,391 at March 31, 2026 and December 31, 2025, respectively			99,462				97,253
Acquired lease intangible assets, less accumulated amortization of $431,633 and $421,433 at March 31, 2026 and December 31, 2025, respectively			244,876				254,201
Right of use assets, net			313,508				315,804
Other assets			294,730				278,723
Total assets		$	13,046,484				13,001,283
Liabilities and Capital
Liabilities:
Notes payable, net		$	4,973,934				4,619,301
Unsecured credit facility			30,000				120,000
Accounts payable and other liabilities			200,885				391,847
Acquired lease intangible liabilities, less accumulated amortization of $249,699 and $243,040 at March 31, 2026 and December 31, 2025, respectively			352,202				356,454
Lease liabilities			241,012				242,368
Tenants' security, escrow deposits and prepaid rent			83,544				89,707
Total liabilities			5,881,577				5,819,677
Commitments and contingencies			—				—
Capital:
Partners' capital:
Preferred units $0.01 par value per unit, 30,000,000 units authorized; 9,000,000 units issued and outstanding, in the aggregate, in Series A and Series B at March 31, 2026 and December 31, 2025			225,000				225,000
General partner's common units, 183,088,061 and 182,902,234 units issued and outstanding at March 31, 2026 and December 31, 2025, respectively			6,670,522				6,686,110
Limited partners' common units, 3,838,188 and 3,838,188 units issued and outstanding at March 31, 2026 and December 31, 2025 respectively			144,705				144,940
Accumulated other comprehensive loss			(2,687	)			(4,220	)
Total partners' capital			7,037,540				7,051,830
Noncontrolling interest: Limited partners' interests in consolidated partnerships			127,367				129,776
Total capital			7,164,907				7,181,606
Total liabilities and capital		$	13,046,484				13,001,283

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

REGENCY CENTERS, L.P.

Consolidated Statements of Operations

For the periods ended March 31, 2026, and 2025

(in thousands, except per unit data)

(unaudited)

		Three months ended March 31,
		2026				2025
Revenues:
Lease income		$	402,613				371,079
Other property income			2,907				3,021
Management, transaction, and other fees			6,933				6,812
Total revenues			412,453				380,912
Operating expenses:
Depreciation and amortization			106,422				96,774
Property operating expense			73,300				68,459
Real estate taxes			51,410				46,360
General and administrative			25,606				21,600
Other operating expenses			1,001				1,688
Total operating expenses			257,739				234,881
Other expense, net:
Interest expense, net			52,185				48,013
Gain on sale of real estate, net of tax			(7,194	)			(101	)
Net investment (income) expense			(695	)			761
Total other expense, net			44,296				48,673
Income before equity in income of investments in real estate partnerships			110,418				97,358
Equity in income of investments in real estate partnerships			22,380				14,495
Net income			132,798				111,853
Limited partners' interests in consolidated partnerships			(1,632	)			(1,624	)
Net income attributable to the Partnership			131,166				110,229
Preferred unit distributions			(3,413	)			(3,413	)
Net income attributable to common unit holders		$	127,753				106,816
Net income attributable to common unit holders:
Per common unit - basic		$	0.68				0.59
Per common unit - diluted		$	0.68				0.58

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

REGENCY CENTERS, L.P.

Consolidated Statements of Comprehensive Income

For the periods ended March 31, 2026, and 2025

(in thousands)

(unaudited)

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

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

REGENCY CENTERS, L.P.

Consolidated Statements of Capital

For the three months ended March 31, 2026 and 2025

(in thousands)

(unaudited)

		General Partner Preferred and Common Units				Limited Partners				Accumulated Other Comprehensive Income (Loss)				Total Partners' Capital				Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships				Total Capital
Balance at December 31, 2024		$	6,721,920				40,744				2,226				6,764,890				135,417				6,900,307
Net income			109,587				642				—				110,229				1,624				111,853
Other comprehensive loss
Other comprehensive loss before reclassification			—				(20	)			(2,289	)			(2,309	)			(145	)			(2,454	)
Amounts reclassified from accumulated other comprehensive loss			—				(8	)			(1,652	)			(1,660	)			(85	)			(1,745	)
Adjustment for noncontrolling interests in the Operating Partnership			2,210				(2,210	)			—				—				—				—
Contributions from partners			—				2,210				—				2,210				2,977				5,187
Distributions to partners			(127,976	)			(774	)			—				(128,750	)			(3,510	)			(132,260	)
Preferred unit distributions			(3,413	)			—				—				(3,413	)			—				(3,413	)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization			5,548				—				—				5,548				—				5,548
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances			(6,583	)			—				—				(6,583	)			—				(6,583	)
Balance at March 31, 2025		$	6,701,293				40,584				(1,715	)			6,740,162				136,278				6,876,440
Balance at December 31, 2025		$	6,911,110				144,940				(4,220	)			7,051,830				129,776				7,181,606
Net income			128,549				2,617				—				131,166				1,632				132,798
Other comprehensive income
Other comprehensive income before reclassification			—				43				1,955				1,998				103				2,101
Amounts reclassified from accumulated other comprehensive income			—				2				(422	)			(420	)			(45	)			(465	)
Deferred compensation plan, net			(3	)			—				—				(3	)			—				(3	)
Contributions from partners			—				—				—				—				237				237
Distributions to partners			(138,224	)			(2,897	)			—				(141,121	)			(4,336	)			(145,457	)
Preferred unit distributions			(3,413	)			—				—				(3,413	)			—				(3,413	)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization			5,982				—				—				5,982				—				5,982
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances			(8,479	)			—				—				(8,479	)			—				(8,479	)
Balance at March 31, 2026		$	6,895,522				144,705				(2,687	)			7,037,540				127,367				7,164,907

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

REGENCY CENTERS, L.P.

Consolidated Statem****ents of Cash Flows

For the periods ended March 31, 2026, and 2025

(in thousands)

(unaudited)

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

		Three months ended March 31,
		2026				2025
Cash flows from financing activities:
Tax withholding on stock-based compensation			(8,672	)			(6,760	)
Proceeds from sale of treasury stock			8				462
Contributions from noncontrolling interests			237				2,977
Distributions to and redemptions of noncontrolling interests			(4,336	)			(3,510	)
Distributions to partners			(278,813	)			(128,457	)
Dividends paid to preferred unit holders			(3,413	)			(3,413	)
Proceeds from issuance of fixed rate unsecured notes, net of debt discount			447,192				—
Proceeds from unsecured credit facilities			255,000				280,000
Repayment of unsecured credit facilities			(345,000	)			(80,000	)
Proceeds from notes payable			—				10,000
Repayment of notes payable			(88,000	)			(32,787	)
Scheduled principal payments			(3,207	)			(2,548	)
Payment of financing costs			(3,899	)			(194	)
Net cash (used in) provided by financing activities			(32,903	)			35,770
Net increase in cash and cash equivalents and restricted cash			24,899				16,653
Cash and cash equivalents and restricted cash at beginning of the period			120,661				61,884
Cash and cash equivalents and restricted cash at end of the period		$	145,560				78,537
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $2,713 and $2,112 in 2026 and 2025, respectively)		$	80,288				64,540
Supplemental disclosure of non-cash transactions:
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid		$	5,376				131,020
Acquisition of operating real estate:
Acquired lease intangible assets		$	2,245				9,725
Notes payable assumed in acquisition, at fair value		$	—				40,060
Intangible liabilities, Accounts payable and other liabilities		$	2,272				18,957
Acquisition of previously unconsolidated real estate investments:
Acquired lease intangible assets		$	1,329				4,308
Notes payable assumed in acquisition, at fair value		$	—				16,749
Intangible liabilities, Accounts payable and other liabilities		$	1,258				1,119
Change in accrued capital expenditures		$	7,823				13,144
Contributions to investments in real estate partnerships		$	14,045				257

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

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

March 31, 2026

1.	Organization and Significant Accounting Policies

General

Regency Centers Corporation (the "Parent Company") began its operations as a REIT in 1993 and is the general partner of Regency Centers, L.P. (the "Operating Partnership"). The Parent Company primarily engages in the ownership, management, leasing, acquisition, development, and redevelopment of shopping centers through the Operating Partnership and has no other assets other than through its investment in the Operating Partnership. Its only indebtedness consists of $200 million of unsecured private placement notes, which are guaranteed by the Operating Partnership, which the Company plans to payoff at maturity in 2026. The Parent Company guarantees all of the unsecured debt of the Operating Partnership.

As of March 31, 2026, the Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis (the "Company" or "Regency") owned 392 properties and held partial interests in an additional 89 properties through unconsolidated Investments in real estate partnerships (also referred to as "joint ventures" or "investment partnerships").

Basis of Presentation

The information included in this Report should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2025 (the “Annual Report on Form 10-K”), as certain disclosures in this Report that would duplicate those included in such Annual Report on Form 10-K are not included in these consolidated financial statements. The consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. These adjustments are considered to be of a normal recurring nature.

Estimates, Risks and Uncertainties

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

The success of the Company's tenants in operating their businesses and their corresponding ability to pay rent may be influenced by evolving political, economic, trade, tax and immigration policies and macroeconomic uncertainty, and the success of the Company's tenants, in the aggregate, is important to the operating and financial success of the Company. These include, without limitation, changes in trade and tariff policies (as well as potential trade disputes and retaliatory actions by other countries), entry into and termination of treaties and trade agreements, and economic sanctions. Additionally, geopolitical and macroeconomic challenges, including the wars involving Russia and Ukraine, the U.S. and Iran, other conflicts and instability in the Middle East and in other parts of the world, and economic conflicts with China, as well as the slowing of its economy, could impact aspects of the U.S. economy and, therefore, consumer confidence and spending.

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

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

March 31, 2026

Investment Risk Concentrations

As of March 31, 2026, no single tenant comprised 10% or more of our aggregate annualized base rent ("ABR"). As of March 31, 2026, the Company had three geographic concentrations that individually accounted for at least 10% of its aggregate ABR. Real estate properties located in California, Florida and New York-Newark-Jersey City core-based statistical area accounted for 24.8%, 19.7% and 12.8% of ABR, respectively. As a result, this geographic concentration of our portfolio makes it potentially more susceptible to adverse weather, natural disasters or economic events that may impact these locations. None of Regency's shopping centers are located outside the United States.

Consolidation

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

Ownership of the Parent Company

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

Ownership of the Operating Partnership

The Operating Partnership's capital includes Common Units and Preferred Units. As of March 31, 2026, the Parent Company owned approximately 97.9% of the outstanding Common Units, with the remaining limited partners' Common Units held by third parties ("Exchangeable operating partnership units" or "EOP units"). The Parent Company currently owns all of the Preferred Units.

Real Estate Partnerships

As of March 31, 2026, the Company held partial ownership interests in 107 properties through various real estate partnerships, of which 18 are consolidated partnerships. These partnerships were formed for the purpose of owning and operating real estate properties. The Company's partners in these arrangements include institutional investors, real estate developers or operators, and passive investors (collectively, the "Partners" or "Limited Partners"). The Company’s involvement in these partnerships is through its ownership of its equity interests and its role in property-level management.

The assets of these partnerships are restricted to use by the respective partnerships and cannot be directly reached by general creditors of the Company. Similarly, the obligations of the partnerships are backed by, and can only be settled through the assets of these partnerships or by additional capital contributions by the partners, except to the extent that the Company has provided contractual payment guarantees.

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

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

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

March 31, 2026

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

(in thousands)		March 31, 2026				December 31, 2025
Assets
Real estate assets, net		$	339,321				332,759
Cash, cash equivalents and restricted cash			18,158				21,890
Tenant and other receivables, net			7,533				7,614
Deferred costs, net			6,607				6,715
Acquired lease intangible assets, net			4,067				4,328
Right of use assets, net			17,535				17,656
Other assets			1,241				775
Total Assets		$	394,462				391,737
Liabilities
Notes payable		$	23,692				23,771
Accounts payable and other liabilities			10,063				12,758
Acquired lease intangible liabilities, net			10,030				10,119
Tenants' security, escrow deposits and prepaid rent			1,060				960
Lease liabilities			19,608				19,559
Total Liabilities		$	64,453				67,167

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

Revenues, and Tenant and other Receivables

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

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

The accounts receivable for total management, transactions, and other fees, which are included within Tenant and other receivables, net in the accompanying Consolidated Balance Sheets, are $16.5 million and $17.8 million, as of March 31, 2026 and December 31, 2025, respectively.

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

March 31, 2026

Recent Accounting Pronouncements

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

Standard		Description		Effective date		Effect on the financial statements or other significant matters
Recently issued:

ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ASU 2025-01, Income Statement - Reporting Comprehensive, Income -Expense Disaggregation Disclosures (Subtopic 220-40), Clarifying the Effective Date		ASU 2024-03 requires public business entities to provide additional disclosures that disaggregate certain income statement expense captions into specified categories. The ASU does not impact the presentation of expenses on the face of the income statement but requires additional footnote disclosures to provide users of the financial statements with greater insight into the nature and composition of reported expenses.		Fiscal years beginning January 1, 2027, and interim periods for fiscal years beginning January 1, 2028; Early adoption permitted.		The Company is assessing the impact this ASU will have on the Company’s financial statement disclosures. While the adoption of this standard is not expected to have a material impact on the financial position or results of operations, it will require enhanced footnote disclosures related to the disaggregation of income statement expenses.

ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity		ASU 2025-03 clarifies the guidance in determining the accounting acquirer in a business combination effected primarily by exchanging equity interests when the acquiree is a VIE that meets the definition of a business.		January 1, 2027; Early adoption is permitted.		The Company is currently evaluating the impact of this ASU, but the adoption will not have a material effect on the Company's financial position or results of operations.

ASU 2025-06, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software		ASU 2025-06 amends certain aspects of the accounting for and disclosure of software costs and makes targeted improvements for accounting for internally developed software to be sold or marketed externally.		January 1, 2028; Early adoption is permitted.		The Company is currently evaluating the impact of this ASU, but the adoption will not have a material effect on the Company’s financial position or results of operations.

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

March 31, 2026

2.	Real Estate Investments

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

(in thousands)		Three months ended March 31, 2026
Date Purchased	Property Name	City/State	Property Type	Regency's Ownership	Purchase Price (1)				Debt Assumed, Net of Discounts (Premium) (1)				Intangible Assets (1)				Intangible Liabilities (1)
1/1/2026	Haddon Commons (2)	Westmont, NJ	Operating	100%	$	10,500				—				1,329				1,217
1/28/2026	Crystal Brook Corner	Brookhaven, NY	Redevelopment	100%		30,000				—				2,245				2,068
Total property acquisitions					$	40,500				—				3,574				3,285

(1)

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

(2)

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

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

(1)

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

(2)

This property was held within a single property unconsolidated real estate partnership, in which the Company held a 66.7% ownership interest. Effective January 1, 2025, the Company purchased its partner's remaining 33.3% ownership interest. Upon acquisition, this property was consolidated into Regency's financial statements.

3.	Property Dispositions

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

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

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

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

March 31, 2026

4.	Other Assets

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

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

5.	Notes Payable and Unsecured Credit Facilities

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

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

(1)

As of March 31, 2026, 99.5% of the variable rate debt are fixed through interest rate swaps.

(2)

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

Significant financing activity during 2026 includes:

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

On February 18, 2026, the Company issued $450 million aggregate principal amount of senior unsecured notes due 2033 (the “2026 Notes”). The 2026 Notes were issued at 99.376% of par and bear interest at a rate of 4.50% per annum.

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

March 31, 2026

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

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

(1)

Includes unsecured public and private debt and unsecured credit facilities.

(2)

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

The Company was in compliance as of March 31, 2026, with all debt covenants.

6.	Derivative Instruments

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

Detail on the Company's interest rate derivatives outstanding is as follows:

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

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

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

Derivatives in an asset position are included within Other assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts payable and other liabilities.

These derivative financial instruments are all interest rate swaps, which are designated and qualify as cash flow hedges. The Company does not enter into derivative instruments for trading or speculative purposes. As of March 31, 2026, all of the Company's derivatives are designated as cash flow hedges.

The changes in the fair value of derivatives designated and qualifying as cash flow hedges are recorded in Accumulated other comprehensive income ("AOCI") and subsequently reclassified into earnings in the period that the hedged interest payments affect earnings.

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

March 31, 2026

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

Location and Amount of (Loss) Gain Recognized in OCI on Derivative										Location and Amount of Gain Reclassified from AOCI into Net Income										Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded
		Three months ended March 31,										Three months ended March 31,										Three months ended March 31,
(in thousands)		2026				2025						2026				2025						2026				2025
Interest rate swaps		$	2,178				(2,648	)		Interest expense, net		$	(465	)			(1,745	)		Interest expense, net		$	52,185				48,013

As of March 31, 2026, the Company expects approximately $0.8 million of accumulated comprehensive income on derivative instruments, including the Company's share from its Investments in real estate partnerships, to be reclassified into earnings during the next 12 months.

7.	Leases

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

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

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

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

The following table provides a disaggregation of lease income recognized as either fixed or variable lease income based on the criteria specified in Topic 842:

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

(1)

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

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

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

(1)

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

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

March 31, 2026

8.	Fair Value Measurements

(a) Disclosure of Fair Value of Financial Instruments

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

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

(1)

The carrying amount approximates its fair value due to the variable nature of the terms.

The above fair values represent management's estimate of the amounts that would be received from selling those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants as of March 31, 2026, and December 31, 2025, respectively. These fair value measurements maximize the use of observable inputs which are classified within Level 2 of the fair value hierarchy. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company's own judgments about the assumptions that market participants would use in pricing the asset or liability.

The Company develops its judgments based on the best information available at the measurement date, including expected cash flows, appropriate risk-adjusted discount rates, and available observable and unobservable inputs. Service providers involved in fair value measurements are evaluated for competency and qualifications on an ongoing basis. As considerable judgment is often necessary to estimate the fair value of these financial instruments, the fair values presented above are not necessarily indicative of amounts that will be realized upon disposition of the financial instruments.

(b) Fair Value Measurements

The following financial instruments are measured at fair value on a recurring basis:

Securities

The Company has investments in marketable securities that are included within Other assets on the accompanying Consolidated Balance Sheets. The marketable securities, which include mutual funds and exchange-traded funds, are measured at fair value using quoted prices in active markets and are classified as Level 1 inputs of the fair value hierarchy.

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

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

Available-for-Sale Debt Securities

Available-for-sale debt securities consist of investments in corporate bonds and agency mortgage-backed securities. These securities are recorded at fair value, which is determined using either recent trade prices for the identical debt instrument or comparable instruments by issuers of similar industry sector, issuer credit rating, duration and security type. The fair value measurements for these are considered Level 2 inputs of the fair value hierarchy. Unrealized gains and losses on these available-for-sale debt securities are recognized through Other comprehensive income.

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

March 31, 2026

Interest Rate Derivatives

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

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

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

	Fair Value Measurements as of March 31, 2026
					Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
(in thousands)	Balance				(Level 1)				(Level 2)				(Level 3)
Assets:
Securities	$	37,150				37,150				—				—
Available-for-sale debt securities		11,247				—				11,247				—
Interest rate derivatives		6,989				—				6,989				—
Total	$	55,386				37,150				18,236				—
Liabilities:
Interest rate derivatives	$	(1,039	)			—				(1,039	)			—

	Fair Value Measurements as of December 31, 2025
					Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
(in thousands)	Balance				(Level 1)				(Level 2)				(Level 3)
Assets:
Securities	$	39,887				39,887				—				—
Available-for-sale debt securities		11,486				—				11,486				—
Interest rate derivatives		6,778				—				6,778				—
Total	$	58,151				39,887				18,264				—
Liabilities:
Interest rate derivatives	$	(1,606	)			—				(1,606	)			—

9.	Equity and Capital

Preferred Stock of the Parent Company

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

	Preferred Stock Outstanding as of March 31, 2026 and December 31, 2025
	Date of Issuance (1)		Shares Issued and Outstanding				Liquidation Preference				Distribution Rate		Callable By Company
Series A	8/18/2023			4,600,000			$	115,000,000			6.250%		On demand
Series B	8/18/2023			4,400,000				110,000,000			5.875%		On demand
				9,000,000			$	225,000,000

(1)

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

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

March 31, 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

At the Market ("ATM") Program

Under the Parent Company's ATM Program, as reauthorized by the Board in February 2026, the Parent Company may sell up to $500 million of common stock at prices determined by the market at the time of sale. The timing of sales, if any, will be dependent on market conditions and other factors.

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

Stock Repurchase Program

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

During the three months ended March 31, 2026, the Company made no repurchases and $500 million remained available under the Repurchase Program.

Preferred Units of the Operating Partnership

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

Common Units of the Operating Partnership

Common Units are issued, redeemed, or retired on a one-for-one basis with shares of the Parent Company’s common stock, as described above.

Dividends Declared

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

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

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

March 31, 2026

10.	Stock-Based Compensation

The Company granted 315,026 shares of restricted stock with a weighted-average grant-date fair value of $81.02 per share and 305,041 shares of restricted stock with a weighted-average grant-date fair value of $77.61 per share during the three months ended March 31, 2026 and March 31, 2025, respectively. The Company records stock-based compensation expense within General and administrative expenses in the accompanying Consolidated Statements of Operations, and recognizes forfeitures as they occur.

		Three months ended March 31,
(in thousands)		2026				2025
Restricted stock		$	5,868				5,443
Directors' fees paid in common stock and other employee stock grants			114				105
Capitalized stock-based compensation			(703	)			(583	)
Stock-based compensation, net of capitalization		$	5,279				4,965

11.	Earnings per Share and Unit

Parent Company Earnings per Share

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

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

(1)

Includes the dilutive impact of unvested restricted stock.

The effect of the assumed exchange of the EOP units and certain other exchangeable units had an anti-dilutive effect upon the calculation of net income attributable to the common shareholders per share. Accordingly, the impact of such assumed exchanges has not been included in the determination of diluted net income per share calculations. Weighted average EOP units outstanding were 3,838,188 and 1,096,659 for the three months ended March 31, 2026 and 2025, respectively.

Operating Partnership Earnings per Unit

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

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

(1)

Includes the dilutive impact of unvested restricted stock.

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

March 31, 2026

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

12.	Segment Information

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

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

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

(1)

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

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

13.	Commitments and Contingencies

Litigation

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

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

Notes to Unaudited Consolidated Financial Statements

March 31, 2026

Environmental

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

The Company had accrued liabilities of $17.8 million and $19.2 million for environmental assessment and remediation, which are included in Accounts payable, and other liabilities on the Company’s Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, respectively.

Letters of Credit

The Company has the right to issue letters of credit under the Line up to an aggregate amount not to exceed $50.0 million, which reduces the credit availability under the Line. These letters of credit are primarily issued as collateral on behalf of its captive insurance subsidiary and to facilitate the construction of development projects. The Company had $12.9 million in letters of credit outstanding as of March 31, 2026 and December 31, 2025, respectively.