EDGAR 10-K Filing

Company CIK: 910606
Filing Year: 2025
Filename: 910606_10-K_2025_0000950170-25-021359.json

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ITEM 1. BUSINESS
Item 1. Business
Regency Centers Corporation is a fully integrated real estate company and self-administered and self-managed real estate investment trust that began its operations as a publicly-traded REIT in 1993. Our corporate headquarters are located at One Independent Drive, Suite 114, Jacksonville, Florida. Regency Centers, L.P. is a subsidiary through which Regency Centers Corporation conducts substantially all of its operations, and which owns, directly or indirectly, substantially all of its assets. Our business consists of acquiring, developing, owning, and operating income-producing retail real estate principally located in suburban trade areas with compelling demographics within the United States of America ("USA" or "United States"). We generate revenues by leasing space to necessity, service, convenience, and value-based retailers serving the essential needs of our communities. Regency has been an S&P 500 Index member since 2017.
As of December 31, 2024, we had full or partial equity ownership interests in 482 properties, primarily anchored by market leading grocery stores, encompassing 57.3 million square feet ("SF") of gross leasable area ("GLA"). Our Pro-rata share of this GLA is 48.8 million square feet, including our share of properties owned through unconsolidated real estate partnerships.
We are a preeminent national owner, operator, and developer of neighborhood and community shopping centers predominantly located in suburban trade areas with compelling demographics, formats and locations. Our mission is to create thriving environments for retailers and service providers to connect with surrounding neighborhoods and communities. Our vision is to elevate quality of life as an integral thread in the fabric of our communities. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect with their neighborhoods, communities, and customers.
Our values:
•We are our people: Our people are our greatest asset, and we believe that our highly skilled and talented team makes us better.
•We do what is right: We act with unwavering standards of honesty and integrity.
•We connect with our communities: We promote philanthropic ideas and strive for the betterment of our neighborhoods by giving our time and financial support.
•We are responsible: Our duty is to balance purpose and profit, being good stewards of capital and the environment for the benefit of all our stakeholders.
•We strive for excellence: When we are passionate about what we do, it is reflected in our performance.
•We are better together: When we listen to each other and our customers, we will succeed together.
Our goals are to:
•Own and manage a portfolio of high-quality neighborhood and community shopping centers anchored primarily by market leading grocers and principally located in suburban trade areas in the most desirable metro areas in the United States. We believe that this strategy will result in highly desirable and attractive centers with best-in-class retailers. These centers should command higher rental and occupancy rates resulting in excellent prospects to grow net operating income ("NOI");
•Create shareholder value by increasing earnings and dividends per share that generate total returns at or near the top of our shopping center peers;
•Maintain an industry leading, disciplined development and redevelopment platform to create exceptional retail centers that deliver favorable returns;
•Support our business activities with a conservative capital structure, including a strong balance sheet with sufficient liquidity to meet our capital needs together with a carefully constructed debt maturity profile; and
•Implement ESG practices through our Corporate Responsibility program to support and enhance our business goals and objectives.
Key strategies to achieve our goals are to:
•Generate same property NOI growth that over the long-term consistently ranks at or near the top of our shopping center peers;
•Reinvest free cash flow and portfolio enhancement disposition proceeds into high-quality developments, redevelopments and acquisitions in a long term accretive manner;
•Maintain a conservative balance sheet that provides liquidity, financial flexibility and cost-effective funding of investment opportunities, while also managing debt maturities that enable us to weather economic downturns;
•Pursue investor and business-driven ESG-related practices; and
•Attract, retain, and engage an exceptional team with a range of skills and experiences that is guided by our values while fostering an environment of innovation and continuous improvement.
Competition
We are among the largest owners of shopping centers in the USA based on revenues, number of properties, GLA, and market capitalization. There are numerous companies and individuals engaged in our line of business that compete with us in our targeted markets, including grocery store chains that own shopping centers and also anchor some of our shopping centers. This dynamic results in competition for attracting tenants as well as acquiring existing shopping centers and new development sites. In addition, brick and mortar shopping centers face continued competition from alternative shopping and delivery methods. We believe that our competitive advantages are driven by:
•the market areas in which we operate, and the locations of our shopping centers within those trade areas;
•the quality of our shopping centers including our strategy of maintaining and renovating these centers to our high standards;
•the compelling demographics surrounding our shopping centers;
•our relationships with our anchor, shop, and out-parcel tenants;
•our experienced leadership team and cycle-tested expertise; and
•our ability to successfully develop, redevelop, and acquire shopping centers.
Corporate Responsibility and Human Capital
We strive to create thriving environments for retailers and service providers to connect with surrounding neighborhoods and communities. This is essential for our business and our tenants' businesses. For this reason, corporate responsibility is a foundational strategy of Regency. We believe that alignment of strategy and business sustainability is critical to the long-term success of our Company, our shareholders, the environment, and the communities in which we operate. To achieve this alignment, our corporate responsibility strategy and practices are built on four pillars:
•Our People;
•Our Communities;
•Ethics and Governance; and
•Environmental Stewardship.
These practices are guided by three overarching concepts: long-term value creation, our Regency brand and reputation, and the importance of maintaining our culture, which has been a crucial driver of our long-term success. Our continued commitment to these concepts helps to guide our business strategy, and identify and focus on key corporate responsibility-related drivers that we expect to contribute to our future success.
We regularly review our corporate responsibility strategies, goals, and objectives under these four pillars with our Board of Directors (or the "Board") and its committees, which oversee our programs. More information about our corporate responsibility strategy, goals, performance, and reporting, including our annual Corporate Responsibility Report, and our policies and practices related to corporate responsibility, is available on our website at www.regencycenters.com. The content of our website and other information contained therein, including relating to corporate responsibility, is not incorporated by reference into this Report or in any other report or document we file with the SEC, and any references to our website are intended to be inactive textual references only.
With respect to each of these four pillars:
Our People - Our people are our most important asset, and we strive to ensure that they are engaged, passionate about their work, connected to their teams, and supported to deliver their best performance. Regency recognizes and values the importance to the Company's success of attracting and retaining talented individuals with different skills, backgrounds, and experiences to encourage diversity of thought and ideas. In addition, we strive to maintain a safe and healthy workspace, promote employee well-being, and empower our employees by focusing on their personal and professional development through training and education opportunities.
As of December 31, 2024, we had 500 employees, including 5 part-time employees. We presently maintain 24 market offices nationwide, including our corporate headquarters in Jacksonville, Florida. None of our employees are represented by a collective bargaining unit, and we believe our relationship with our employees is good.
Our strategy focuses on promoting and advancing high-quality skills and experiences across our organization. The goals of this strategy are to attract, recruit, and retain a talented group of employees to grow, develop, and succeed, as we collectively work to implement our mission and contribute to the long-term strategic, operational and financial success of the organization. Furthermore, aligned with our near-and long-term human capital goals, we remained focused on employee engagement, leveraging our annual employee survey to identify opportunities to improve and further engage our people.
Culture - We believe that much of our success is rooted in our teams and our commitment to a vibrant and welcoming culture. We continue to foster a culture in which everyone is respected, valued, and has an opportunity to contribute and thrive.
Human Rights - Regency is committed to a workplace free from discrimination and harassment and is focused on advancing fundamental human rights. Anti-discrimination and anti-harassment training is provided to all employees at orientation, and annually thereafter.
Talent Attraction and Retention - Our core values place a strong importance on our people, which are our greatest asset and whom we believe make us an employer of choice. We understand the importance of attracting and retaining the best talent to sustain our history of success and build long-term value. We strive to offer some of the most competitive pay and benefits in the industry in which we operate and are continually looking for new opportunities to ensure that we attract and retain our people.
Training and Development - We strive to provide an environment where our people are connected to their teams, passionate about what they do, and supported to deliver their best efforts and results. From individual contributors to managers and senior leaders, we want to empower our employees to take control of their career growth and realize their full potential through meaningful training and development opportunities.
Health, Safety, and Well-Being - The safety, health, and well-being of our people are a top priority for Regency. We strive to provide a benefit package that is comprehensive, competitive, and thoughtfully designed to attract and retain the best in the business. We prioritize employee safety at our centers and offices, and require contractors working at our sites to engage in safe work practices.
Our Communities - Our predominately grocery-anchored neighborhood and community shopping centers provide many benefits to the communities in which we live and work, including significant local economic impact in the form of investment, jobs, and taxes. Our local teams are passionate about investing in and engaging with our communities as they customize and curate our centers to create a distinctive environment to bring our tenants and shoppers together for the best retail experience. We are continually reinvesting in our centers, to enhance placemaking and the overall environment for our tenants and shoppers.
We believe philanthropy and charitable giving are important elements of our corporate responsibility commitment to the communities in which we operate. Throughout 2024, Regency supported its employees to serve and invest in community organizations through volunteer and financial support. Charitable contributions were made directly by the Company, as well as by the vast majority of our employees who donated their time and money to local non-profits directly serving their communities.
Ethics and Governance - As long-term stewards of our investors’ capital, we are committed to best-in-class corporate governance. To create long-term value for our stakeholders, we place great emphasis on our culture and core values, the integrity and transparency of our reporting practices, and our overall governance structure in respect of oversight and shareholder rights.
To continue to strive for the best achievable mix of skills, experience, backgrounds, tenures, competencies, and other personal and professional attributes, Regency’s Board of Directors annually reviews its overall composition and succession planning process to ensure that it aligns with Regency’s ongoing commitment to board refreshment and best-in-class corporate governance.
Environmental Stewardship - We believe sustainability of our assets, business, and the environment for the long term is in the best interest of our investors, tenants, employees, and the communities in which we operate. We continue to integrate sustainable practices that aim to promote environmental stewardship and resilience throughout our business operations.
We have identified specific strategic priorities intended to foster sustainable business practices and minimize both our environmental impact and the long-term risks to Regency’s business: green building, energy efficiency, electric vehicle charging stations, renewable energy, greenhouse gas emissions ("GHG") reduction, water conservation, waste management, and climate change as it applies to our real estate portfolio. We believe these strategic priorities are not only the right thing to do to address environmental concerns such as climate change, resource scarcity and pollution (including GHG emissions reduction), but also support our achievement of key strategic financial and business objectives relating to our operations and development and redevelopment projects.
Throughout 2024, we continued to make progress towards our target to reduce GHG emissions and collaborate closely with our tenants to minimize their operational environmental impact. Aligned with the Science Based Targets initiative (SBTi), our target aims to reduce our absolute Scope 1 and 2 GHG emissions by 28% by 2030, measured against a 2019 baseline year, and to achieve net-zero Scope 1 and 2 GHG emissions across all operations by 2050. In addition, the Company has established targets to enhance energy
efficiency, manage water and waste responsibly and invest in renewable energy sources and electric vehicle charging stations. These targets reflect input from our investors and tenants, and our stance in addressing environmental challenges and contributing to a sustainable future. Regency’s progress towards these targets, together with our overall sustainability strategy, are further described in our 2023 Corporate Responsibility Report, which report is not incorporated by reference hereto. Based on our current estimates and asset base, we do not expect the pursuit of these targets to materially impact our operating results and financial condition in the near term.
As a long-term owner, operator, and developer of real estate, we acknowledge the potential for climate change to have a material impact on our properties, people, and long-term success. Regency wants to ensure that our properties can safely, sustainably, responsibly and profitably withstand the test of time. We continue to refine our understanding of our exposure to climate-related impacts by conducting ongoing property-level analysis as well as the risks that climate change may pose to our business.
Compliance with Governmental Regulations
We are subject to various regulatory and tax-related requirements within the jurisdictions in which we operate. Changes to such requirements, or the interpretation of such requirements by applicable regulatory bodies or the judiciary, may result in unanticipated material financial impacts or adverse tax consequences and could materially affect our operating results and financial condition. Significant regulatory requirements include the laws and regulations described below.
REIT Laws and Regulations
We have elected to be taxed as a REIT under the federal income tax laws. As a REIT, we are generally not subject to federal income tax on taxable income that we distribute to our shareholders. Under the Internal Revenue Code (the "Code"), REITs are subject to numerous regulatory requirements, including the requirement to generally distribute at least 90% of taxable income each year, excluding any net capital gains. We will be subject to federal income tax on our taxable income at regular corporate rates if we fail to qualify as a REIT for tax purposes in any taxable year, or to the extent we distribute less than 100% of our taxable income. We will also generally not qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost. Even if we qualify as a REIT for federal income tax purposes, we may be subject to certain state and local income and franchise taxes and to federal income and excise taxes on our undistributed taxable income.
We have elected to treat certain of our subsidiaries as taxable REIT subsidiaries ("TRS"). In general, a TRS may engage in any real estate business and certain non-real estate businesses, subject to certain limitations under the Code. A TRS is subject to federal and state income taxes which, to date, have not been material to us.
Environmental Laws and Regulations
Under various federal, state and local laws, ordinances and regulations (collectively, "environmental laws"), we may be liable for some or all of the cost to assess and remediate certain hazardous substances at our shopping centers. To the extent any environmental issues arise, they most typically stem from the historic practices of current and former dry cleaners, gas stations, automotive repair shops, and other similar businesses at our centers, as well as the presence of asbestos in some structures. These environmental laws often impose liability without regard to whether the owner knew of, or committed the acts or omissions that caused the presence of the hazardous substances. The presence of such substances, or the failure to properly address contamination caused by such substances, may adversely affect our ability to sell or lease the property or borrow using the property as collateral, and could result in claims by and liabilities to third parties relating to contamination that emanated from our properties. Although we have a number of properties that could require or are currently undergoing varying levels of assessment and remediation, known environmental liabilities are not currently expected to have a material impact on our financial condition.
Information About Our Executive Officers
Our executive officers are appointed by our Board of Directors and each of our executive officers has been employed by us for more than five years. As of the date of this Report, our executive officers are:
Name
Age
Title
Executive Officer in
Position Shown Since
Martin E. Stein, Jr.
Executive Chairman of the Board of Directors
2020 (1)
Lisa Palmer
President and Chief Executive Officer
2020 (2)
Michael J. Mas
Executive Vice President, Chief Financial Officer
2019 (3)
Alan T. Roth
East Region President & Chief Operating Officer
2023 (4)
Nicholas A. Wibbenmeyer
West Region President & Chief Investment Officer
2023(5)
(1)Mr. Stein was appointed Executive Chairman of the Board of Directors effective January 1, 2020. Prior to this appointment, Mr. Stein served as Chief Executive Officer from 1993 through December 31, 2019 and Chairman of the Board since 1999.
(2)Ms. Palmer was named Chief Executive Officer effective January 1, 2020, in addition to her responsibilities as President, a position she has held since January 2016. Prior to this appointment, Ms. Palmer served as Chief Financial Officer since January 2013. Prior to that, Ms. Palmer served as Senior Vice President of Capital Markets since 2003 and has been with the Company since 1996.
(3)Mr. Mas was named Executive Vice President, Chief Financial Officer effective August 2019. Prior to this appointment, Mr. Mas served as Managing Director, Finance, since February 2017, and Senior Vice President, Capital Markets, since 2013, and has been with the Company since 2003.
(4)Mr. Roth was named East Region President & Chief Operating Officer, effective January 1, 2024. Prior to this appointment, Mr. Roth served as Executive Vice President, National Property Operations and East Region President, since 2023, and Senior Managing Director, East Region since 2020. Prior to that, he served as Managing Director Northeast Region since 2016 and has been with the Company since 1997.
(5)Mr. Wibbenmeyer was named West Region President & Chief Investment Officer, effective January 1, 2024. Prior to this appointment, Mr. Wibbenmeyer served as Executive Vice President, West Region President since 2023 and Senior Managing Director, West Region since 2020. Prior to that, he served as Managing Director of Florida and the Midwest Region since 2016, and has been with the Company since 2005.
Company Website Access and SEC Filings
Our website may be accessed at www.regencycenters.com. Our filings with the SEC can be accessed free of charge through our website promptly after filing; however, in the event that the website is inaccessible, we will provide paper copies of our most recent annual report on Form 10-K, the most recent quarterly report on Form 10-Q, current reports filed or furnished on Form 8-K, and all related amendments, excluding exhibits, free of charge upon request. These filings are also accessible on the SEC's website at www.sec.gov. The content of our website is not incorporated by reference into this Annual Report on Form 10-K or in any other report or document we file with the SEC, and any references to our website are intended to be inactive textual references only.
General Information
Our registrar and stock transfer agent is Broadridge Corporate Issuer Solutions, LLC ("Broadridge"), Edgewood, NY.
The Company's stock is listed on the NASDAQ Global Select Market, with its common stock traded under the ticker symbol "REG," and the Company's 6.250% Series A Cumulative Redeemable Preferred Stock, and 5.875% Series B Cumulative Redeemable Preferred Stock trade under the ticker symbols "REGCP," and "REGCO," respectively.
Our independent registered public accounting firm is KPMG LLP, Jacksonville, Florida, Firm ID 185.
Non-GAAP Measures
In addition to the required Generally Accepted Accounting Principles ("GAAP") presentations, we use and report certain non-GAAP measures as we believe these measures improve the understanding of our operational results. We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP measures to determine how best to provide relevant information to the public, and thus such reported measures could change.
We do not consider non-GAAP measures an alternative to financial measures determined in accordance with GAAP, rather they supplement GAAP measures by providing additional information we believe to be useful to our shareholders. The principal limitation of these non-GAAP measures is that they may exclude significant expense and income items that are required by GAAP to be recognized in our Consolidated Financial Statements. In addition, they reflect the exercise of management's judgment about which expense and income items are excluded or included in determining these non-GAAP measures. In order to compensate for these limitations, reconciliations of the non-GAAP measures we use to their most directly comparable GAAP measures are provided. Non-GAAP measures should not be relied upon in evaluating the financial condition, results of operations, or future prospects of the Company.
Our non-GAAP measures include the following:
•Adjusted Funds From Operations ("AFFO") is an additional performance measure we use that reflects cash available to fund the Company’s business needs and distribution to shareholders. AFFO is calculated by adjusting Core Operating Earnings ("COE") for (i) capital expenditures necessary to maintain and lease our portfolio of properties, (ii) debt cost and derivative adjustments and (iii) stock-based compensation.
•Core Operating Earnings is an additional performance measure we use because the computation of Nareit Funds from Operations ("Nareit FFO") includes certain non-comparable items that affect our period-over-period performance. Core Operating Earnings excludes from Nareit FFO: (i) transaction related income or expenses, (ii) gains or losses from the early extinguishment of debt, (iii) certain non-cash components of earnings derived from straight-line rents, above and below market rent amortization, and debt and derivative mark-to-market amortization, and (iv) other amounts as they occur. We provide reconciliations of both Net Income Attributable to Common Shareholders to Nareit FFO and Nareit FFO to Core Operating Earnings.
•Nareit Funds from Operations ("Nareit FFO") is a commonly used measure of REIT performance, which Nareit defines as net income, computed in accordance with GAAP, excluding gains on sales and impairments of real estate, net of tax, plus depreciation and amortization, and after adjustments for unconsolidated real estate investment partnerships and joint ventures. We compute Nareit FFO for all periods presented in accordance with Nareit's definition.
Companies use different depreciable lives and methods, and real estate values historically fluctuate with market conditions. Since Nareit FFO excludes depreciation and amortization and gains on sale and impairments of real estate, it provides a performance measure that, when compared year over year, reflects the impact on operations from trends in percent leased, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of our financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, Nareit FFO is a supplemental non-GAAP financial measure of our operating performance, which does not represent cash generated from operating activities in accordance with GAAP; and, therefore, should not be considered a substitute measure of cash flows from operations. We provide a reconciliation of Net Income Attributable to Common Shareholders to Nareit FFO.
•Net Operating Income ("NOI") is the sum of base rent, percentage rent, termination fee income, tenant recoveries, other lease income, and other property income, less operating and maintenance expenses, real estate taxes, ground rent, termination expense, and uncollectible lease income. NOI excludes straight-line rental income and expense, above and below market rent and ground rent amortization, tenant lease inducement amortization, and other fees. We also provide disclosure of NOI excluding termination fees, which excludes both termination fee income and expenses.
Management believes that NOI is a useful measure for investors because it provides insight into the core operations and performance of our properties, independent of the capital structure, financing activities, and non-operating factors. By focusing on property-level performance, NOI allows investors to compare the performance of our real estate assets across periods and with those of other REIT peers in the industry, facilitating a clearer understanding of trends in occupancy, rental income, and operating expense management. In addition to its relevance for investors, management uses NOI as a key performance metric in making operational and strategic decisions. NOI is used to evaluate income generated from shopping centers (i.e., return on assets) and to guide decisions on capital investments. These decisions may include acquisitions, redevelopments, and investments in capital improvements.
•Pro-rata information includes 100% of our consolidated properties plus our economic share (based on our ownership interest) in our unconsolidated real estate investment partnerships.
We provide Pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our consolidated and unconsolidated real estate investment partnerships, when read in conjunction with our reported results under GAAP. We believe presenting our Pro-rata share of assets, liabilities, operating results, and other metrics, along with certain other non-GAAP measures, makes comparisons of our operating results to those of other REITs more meaningful. The Pro-rata information provided is not, nor is it intended to be, presented in accordance with GAAP. The Pro-rata supplemental details of assets and liabilities and supplemental details of operations reflect our proportionate economic ownership of the assets, liabilities, and operating results of the properties in our portfolio
The Pro-rata information is prepared on a basis consistent with the comparable consolidated amounts and is intended to more accurately reflect our proportionate economic interest in the assets, liabilities, and operating results of properties in our portfolio. We do not control the unconsolidated real estate partnerships, and the Pro-rata presentations of the assets and liabilities, and revenues and
expenses do not represent our legal claim to such items. The partners are entitled to profit or loss allocations and distributions of cash flows according to the operating agreements, which generally provide for such allocations according to their invested capital. Our share of invested capital establishes the ownership interests we use to prepare our Pro-rata share.
The presentation of Pro-rata information has limitations which include, but are not limited to, the following:
oThe amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and
oOther companies in our industry may calculate their Pro-rata interest differently, limiting the comparability of Pro-rata information.
Because of these limitations, the Pro-rata financial information should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP financial statements, using the Pro-rata information as a supplement.
Other Defined Terms
The following terms, as defined, are commonly used by management and the investing public to understand, and evaluate our operational results, and are included in this document:
•Development Completion is a Property in Development that is deemed complete upon the earlier of: (i) 90% of total estimated net development costs have been incurred and percent leased equals or exceeds 95%, or (ii) the property features at least two years of anchor operations. Once deemed complete, the property is termed a Retail Operating Property.
•A Non-Same Property is any property, during either calendar year period being compared, that was acquired, sold, a Property in Development, a Development Completion, or a property under, or being positioned for, significant redevelopment that distorts comparability between periods. Non-retail properties and corporate activities, including the captive insurance program, are part of Non-Same Property.
•Property In Development includes properties in various stages of ground-up development.
•Property In Redevelopment includes Retail Operating Properties under redevelopment or being positioned for redevelopment. Unless otherwise indicated, a Property in Redevelopment is included in the Same Property pool.
•Redevelopment Completion is a Property in Redevelopment that is deemed complete upon the earlier of: (i) 90% of total estimated project costs have been incurred and percent leased equals or exceeds 95% for the Company owned GLA related to the project, or (ii) the property features at least two years of anchor operations, if applicable.
•Retail Operating Property is any retail property not termed a Property in Development. A retail property is any property where the majority of the income is generated from retail uses.
•Same Property is a Retail Operating Property that was owned and operated for the entirety of both calendar year periods being compared. This term excludes Properties in Development, prior year Development Completions, and Non-Same Properties. Properties in Redevelopment are included unless otherwise indicated.

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ITEM 1A. RISK FACTORS
Item 1A. Risk Factors
Our operations are subject to a number of risks and uncertainties including, but not limited to, those listed below. When considering an investment in our securities, carefully read and consider these risks, together with all other information in our other filings and submissions to the SEC, which provide additional information and detail. If any of the events described in the following risk factors actually occur, our business, financial condition and/ or operating results, as well as the market price of our securities, could be materially adversely affected.
Risk Factors Related to the Current Economic and Geopolitical Environments
Interest rates in the current economic environment may adversely impact our cost to borrow, real estate valuation, and stock price.
The Board of Governors of the Federal Reserve System ("the U.S. Federal Reserve") rapidly increased its benchmark interest rate from 2021 through 2023 in response to sustained elevated inflation, which has since moderated. Higher interest rates may negatively impact consumer spending, our tenants' businesses, and/or future demand for space in our shopping centers.
Additionally, high interest rates adversely impact our cost of borrowing. Our exposure to high interest rates in the short term includes our variable-rate debt, which consist of borrowings under our unsecured senior line of credit and variable rate-based secured notes
payable. Increases in interest rates could increase our financing costs over time, either through near-term borrowings on our floating-rate line of credit or refinancing of our existing borrowings that may incur high interest expense related to the issuance of new debt. Prolonged periods of high interest rates may also negatively impact the valuation of our real estate asset portfolio and could result in a decline of our stock price and market capitalization, which may adversely impact our ability to raise equity capital on favorable terms through sales of our common shares, including through our At the Market ("ATM") program.
Although the extent of any prolonged periods of high interest rates remains unknown at this time, negative impacts to our cost of capital may also adversely affect our future business plans and growth, at least in the near term.
Economic challenges and policy changes may adversely impact our tenants and our business.
The success of our tenants in operating their businesses and their corresponding ability to pay us rent continue to be significantly impacted by many current economic challenges, which impact their cost of doing business, including, but not limited to, inflation, labor shortages, supply chain constraints, the potential impact of tariffs, decreasing consumer confidence and discretionary spending, increasing energy prices, and volatile interest rates. Changes in immigration policies or restrictions, as well as shifts in labor availability due to immigration trends, may further contribute to labor shortages, impacting our tenants' operations and profitability. Additionally, macroeconomic and geopolitical risks create challenges that may exacerbate current market conditions in the United States, including the potential for a recession.
These economic challenges could adversely impact our volume of leasing activity, which could include tenant move outs and/or higher levels of uncollectible lease income, as well as negatively affect the business and financial results of our tenants. The aggregate impacts of these current economic challenges may also negatively affect the overall market for retail space, resulting in decreased demand for space in our centers. This, in turn, could result in pricing pressure on rent that we are able to charge to new or renewing tenants, such that future rent spreads could be adversely impacted. Further, we may experience higher costs for tenant buildouts, as costs of materials and labor may increase and supply and availability of both may become more limited.
Unfavorable developments that may affect the banking and financial services industry could adversely affect our business, liquidity and financial condition, and overall results of operations.
Liquidity constraints or lack of available credit, the failure of individual institutions, or the inability of individual institutions or the banking and financial service industry generally to meet their contractual obligations, could significantly impair our access to capital, delay access to deposits or other financial assets, or cause actual loss of funds subject to cash management arrangements. Similarly, these events, concerns or speculation could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us and our tenants to acquire financing on acceptable terms or at all. Additionally, our critical vendors and business partners also could be adversely affected by these risks as described above, which in turn could result in their committing a breach or default under their contractual agreements with us, their insolvency or bankruptcy, or other adverse effects.
Any decline in available funding, lack of credit in the commercial real estate market, or access to cash and liquidity resources, or non-compliance of banking and financial services counterparties with their contractual commitments to us, our tenants or our critical vendors and business partners could, among other risks, have material adverse impacts on our ability to meet our operating expenses and other financial needs, could result in breaches of our financial and/or contractual obligations, and could have material adverse impacts on our business, financial condition and results of operations.
Current geopolitical challenges could impact the U.S. economy and consumer spending and our results of operations and financial condition.
The success of our business, and the businesses of our tenants, largely depends on consumer spending. While we currently own no shopping centers or other assets outside of the U.S. nor have meaningful direct international supply chain exposure, geopolitical challenges and their potential impact on the global macroeconomic environment, including the war involving Russia and Ukraine, Middle East conflicts, instability and wars, and the economic and other possible conflicts involving China (including any slowing of its economy), could impact aspects of the U.S. economy and, therefore, consumer spending. In addition, these geopolitical challenges could impact other areas of the U.S. economy, which could impact our business and the businesses of our tenants through rising inflation and interest rates (and, hence, reduced availability and/or increased costs of borrowing), increased energy prices, labor shortages, supply chain constraints and, potentially, a U.S. economic recession. It is unclear whether and when these geopolitical challenges and uncertainties will be mitigated or resolved, and what effects they may have on global political and economic conditions over the long term. However, a substantial delay in or lack of resolution of any of these challenges could have an adverse impact on the U.S. economy and consumer spending and, therefore, an adverse effect on our results of operations and the financial condition of the Company.
Risk Factors Related to Pandemics or other Public Health Crises
Pandemics or other public health crises, may adversely affect our tenants' financial condition, the profitability of our properties, and our access to the capital markets and could have a material adverse effect on our business, results of operations, cash flows and financial condition.
Although the vast majority of our lease income is derived from contractual rent payments, the ability of certain of our tenants to meet their lease obligations could be negatively impacted by the disruptions and uncertainties of a pandemic, such as COVID-19, or other public health crises. Our tenants' ability to respond to these disruptions and uncertainties, including adjusting to governmental orders and changes in their customers' shopping habits and behaviors, may impact their ability to survive, and as it relates to the Company, their ability to comply with their lease obligations. Therefore, our future results of operations and overall financial performance could be uncertain should a pandemic or other public health crises occur.
Risk Factors Related to Operating Retail-Based Shopping Centers
Economic and market conditions may adversely affect the retail industry and consequently reduce our revenues and cash flow, and increase our operating expenses.
Our properties are leased primarily to retail tenants from whom we derive most of our revenue in the form of base rent, expense recoveries and other income. Therefore, our performance and operating results are directly linked to the economic and market conditions occurring in the retail industry. We are subject to the risks that, upon expiration, leases for space in our properties are not renewed by existing tenants, vacant space is not leased to new tenants, and/or tenants demand modified lease terms, including reduced rents. payment for costs of renovations, or other monetary concessions. The economic and market conditions potentially affecting the retail industry and our properties specifically include the following:
•changes in national, regional and local economic conditions;
•changes in population and migration patterns to/from the markets in which we operate;
•deterioration in the competitiveness and creditworthiness of our retail tenants;
•increased competition from the use of e-commerce by retailers and consumers as well as other concepts that could impact more traditional retail;
•labor challenges and supply delays and shortages due to a variety of macroeconomic factors, including disruptions to global supply chains as a result of wars and geopolitical events, including those involving Russia and Ukraine and Middle East conflicts, as well as the slowing of China's economy, tariffs, pandemics, and/or inflationary pressures;
•tenant bankruptcies and subsequent rejections of our leases;
•reductions in consumer spending and retail sales, including inflationary impacts on consumer behavior;
•reduced tenant demand for retail space;
•oversupply of retail space;
•reduced consumer demand for certain retail categories;
•consolidation within the retail sector;
•increased operating costs attendant to owning and operating retail shopping centers;
•perceptions by retailers and shoppers of the safety, convenience and attractiveness of our properties; and
•other factors which could alter shopping habits or otherwise deter customers from visiting our shopping centers, such as actual or anticipated criminal activity, including civil unrest, acts of terrorism, or other types of violent crimes.
To the extent that any or a combination of these conditions occur, they are likely to impact the retail industry, our retail tenants, the emergence of new tenants, the demand for retail space, market rents and rent growth, capital expenditures, the percent leased levels of our properties, the value of our properties, our ability to sell, acquire or develop properties, our operating results and our cash flows.
Shifts in retail trends, sales, and delivery methods between brick and mortar stores, e-commerce, home delivery, and curbside pick-up may adversely impact our revenues, results of operations, and cash flows.
Retailers with brick and mortar stores face the risk of the impact of e-commerce and changes in customer buying habits, including shopping from home and the delivery or curbside pick-up of items ordered online. Retailers are constantly considering these customer buying habits and other trends when making decisions regarding their brick and mortar stores and how they will compete and innovate in a rapidly changing retail environment. Many retailers in our shopping centers provide services or sell goods which have historically been less likely to be purchased online; however, the continuing change in customer buying habits, including e-commerce sales in all retail categories may cause retailers to adjust the size or number of their retail locations in the future or close stores. For example, our grocer tenants are incorporating e-commerce concepts through home delivery and curbside pick-up, which could reduce foot traffic at our centers. These alternative delivery methods are more likely to impact foot traffic at our centers in certain higher-income markets
where consumers are willing to pay premiums for such services. Changes in customer buying habits and shopping trends may also impact the profitability and financial condition of retailers that do not adapt to changes in market conditions, and therefore may impact their ability to pay rent. This shift may adversely impact our percent leased and rental rates, which would impact our results of operations and cash flows.
Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow.
Economic conditions in markets where our properties are concentrated can greatly influence our financial performance. Our real estate properties located in California, Florida and the New York-Newark-Jersey City core-based statistical area accounted for 23.4% 20.5%, and 12.3% of our annualized base rent ("ABR"), respectively. Our revenues and cash flow may be adversely affected by this geographic concentration if market conditions, such as supply of or demand for retail space, deteriorate more significantly in these states compared to other geographic areas. Additionally, there is a risk that businesses and residents in major metropolitan cities may relocate to different states or suburban markets.
Our success depends on the continued presence and success of our "anchor" tenants.
"Anchor Tenants" (tenants occupying 10,000 square feet or more) operate large stores in our shopping centers, pay a significant portion of the total rent at a property and contribute to the attraction and success of other tenants by drawing shoppers to the property. Our net income and cash flow may be adversely affected by the loss of revenues and incurrence of additional costs in the event a significant Anchor Tenant:
•becomes bankrupt or insolvent;
•experiences a downturn in its business;
•shifts its capital allocation away from brick and mortar formats;
•materially defaults on its leases;
•does not renew its leases as they expire;
•renews at lower rental rates and/or requires a tenant improvement allowance; or
•renews but reduces its store size, which results in down-time and additional tenant improvement costs to the landlord to re-lease the vacated space.
Due to their desirability as tenants, sought-after anchors often exercise considerable leverage in lease negotiations and may obtain favorable provisions relative to other tenants. For example, some anchors have the right to vacate their space and may prevent us from re-tenanting by continuing to comply and pay rent in accordance with their lease agreement. Vacated "Anchor Space" (spaces 10,000 square feet or more), including space that may be owned by the anchor (as discussed below), can reduce rental revenues generated by the shopping center in other spaces because of the loss of the departed anchor's customer drawing power. In addition, if a significant tenant vacates a property, so-called "co-tenancy clauses" in select leases may allow other tenants to modify or terminate their rent payment or other lease obligations. Co-tenancy clauses have several variants: they may allow a tenant to postpone a store opening if certain other tenants fail to open their stores; they may allow a tenant to close its store prior to lease expiration if another tenant closes its store prior to lease expiration; or more commonly, they may allow a tenant to pay reduced levels of rent until a certain number of tenants open their stores within the same shopping center.
Additionally, some of our shopping centers are anchored by retailers who own their space in a location that is not strictly within the boundaries of, or is immediately adjacent to, our shopping center ("shadow anchors"). In those cases, the shadow anchors appear to the consumer as a retail tenant of the shopping center and, as a result, attract additional consumer traffic to the center. In the event that a shadow Anchor Space becomes vacant, it could negatively impact our center as consumer traffic would likely be reduced.
A percentage of our revenues are derived from "local" tenants and our net income may be adversely impacted if these tenants are not successful, or if the demand for the types or mix of tenants significantly change.
At December 31, 2024, tenants with less than three locations ("Local Tenants") represent approximately 22% of annualized base rent. Local Tenants vary from retail shops and restaurants to service providers. These Local Tenants may be more vulnerable to unfavorable economic conditions and changing customer buying habits and retail trends than larger tenants, and may have more limited resources and access to capital than other tenants. As such, in the event of a downturn in economic conditions or adversely changing retail habits and trends, they may suffer disproportionately greater impacts and be at greater risk of lease default than other tenants.
We may be unable to collect balances due from tenants in bankruptcy.
Although lease income is supported by long-term lease contracts, tenants who file for bankruptcy have the legal right to reject any or all of their leases and close related stores. In addition, any unsecured claim we hold against a bankrupt tenant for unpaid rent may be
paid only to the extent that funds are available and only in the same percentage as is paid to all other holders of unsecured claims. As a result, it is likely that we would recover substantially less than the full value of any unsecured claims we hold. Additionally, we may incur significant expense to recover our claim and to re-lease the vacated space. In the event that a tenant with a significant number of leases in our shopping centers files for bankruptcy and rejects its leases, we may experience a significant reduction in our revenues and may not be able to collect all pre-petition amounts owed by the bankrupt tenant.
Many of our costs and expenses associated with operating our properties may remain constant or increase, even if our lease income decreases.
Certain costs and expenses associated with operating our properties, such as real estate taxes, insurance, utilities and common area expenses, generally do not decrease in the event of reduced occupancy or rental rates, non-payment of rents by tenants, general economic downturns, pandemics or other similar circumstances. As such, we may not be able to lower the operating expenses of our properties sufficiently to fully offset such adverse circumstances and may not be able to fully recoup these costs from our tenants. In such cases, our cash flows, operating results and financial performance may be adversely impacted.
Compliance with the Americans with Disabilities Act and other building, fire, and safety regulations may have a material negative effect on us.
All of our properties are required to comply with the Americans with Disabilities Act ("ADA"), which generally requires that buildings be made accessible to people with disabilities. Compliance with ADA requirements may require removal of access barriers, and noncompliance may result in imposition of fines by the U.S. government or an award of damages to private litigants, or both. While the tenants to whom we lease space in our properties are obligated by law to comply with the ADA provisions, and typically under tenant leases are obligated to cover costs associated with compliance, if required changes involve greater expenditures than anticipated, or if the changes must be made on a more accelerated basis than anticipated, the ability of these tenants to cover costs may be adversely affected. In addition, we are required to operate the properties in compliance with fire and safety regulations and building codes as they may be adopted by governmental entities and become applicable to the properties. Costs to be in compliance with the ADA or any other building, fire, and safety regulations could have a material negative impact on our results of operations.
Risk Factors Related to Real Estate Investments
Our real estate assets may decline in value and be subject to impairment losses which may reduce our net income.
Our real estate properties are carried at cost unless circumstances indicate that the carrying value of these assets may not be recoverable, which may result in impairment. We periodically evaluate whether there are any indicators, including declines in property operating performance and general market conditions, such that the value of the real estate properties (including any related tangible or intangible assets or liabilities, including goodwill) may not be recoverable and therefore may be impaired. Our evaluation includes several key assumptions, including rental rates, costs of tenant improvements, leasing commissions, anticipated holding periods, and assumptions regarding the residual value upon disposition, including the exit capitalization rate. These key assumptions are subjective in nature and may differ materially from actual results. Changes in our investment, redevelopment, and disposition strategies or changes in the market where an asset is located may alter management's intended holding period of an asset or asset group, which may result in an impairment loss and such loss may be material to our financial condition or operating performance.
The fair value of real estate assets is subjective and is determined through the use of comparable sales information and other market data if available, or through use of an income approach such as the direct capitalization method or the discounted cash flow approach. Such cash flow projections take into account expected future operating income, trends and prospects, as well as the effects of demand, competition and other relevant criteria, and therefore are subject to management judgment. In estimating the fair value of undeveloped land, we generally use market data and comparable sales information.
These subjective assessments have a direct impact on our net income because recording an impairment charge results in an immediate negative adjustment to net income, which may be material. There can be no assurance that we will not record impairment charges in the future related to our assets.
We face risks associated with development, redevelopment, and expansion of properties.
We actively pursue opportunities for new retail development and existing property redevelopment and/or expansion. Development and redevelopment activities frequently require various government and other approvals for land use entitlements, and any delay in receiving such approvals may significantly delay development and redevelopment projects. We may not recover our investment in our projects for which approvals are not received, and delays may adversely impact our expected returns. Additionally, changes in political leaders due to elections and/or in governmental policies relating to development may impact our ability to obtain favorable approvals for in-process and future developments and redevelopment projects.
We are subject to other risks associated with development and redevelopment projects, including the following:
•we may be unable to lease newly developed or redeveloped projects to full occupancy on a timely basis;
•the occupancy rates and rents of a completed project may not be sufficient to make the project profitable, or otherwise not meet our investment return expectations;
•actual costs of a project may exceed original estimates, possibly making the project unprofitable, or not meet our investment return expectations;
•delays in the development or construction process, including supply chain disruption, may increase our costs;
•construction cost increases may reduce investment returns on development and redevelopment opportunities, or require us to postpone or abandon a project or projects;
•we may abandon development or redevelopment opportunities and lose our investment due to adverse market conditions;
•the size of our development and redevelopment pipeline may strain our labor or capital capacity to complete the development and redevelopment projects within targeted timelines and may reduce our investment returns;
•a reduction in the demand for new retail space may reduce our future development and redevelopment activities, which in turn may reduce our NOI; and
•changes in the level of future development and redevelopment activity may adversely impact our results of operations by reducing the amount of internal overhead costs that may be capitalized.
We face risks associated with the development of mixed-use commercial properties.
If we engage in more complex acquisitions and mixed-use development and redevelopment projects, there could be more unique risks to our return on investment. Mixed-use projects refer to real estate projects that, in addition to retail space, may also include space for residential, office, hotel or other commercial purposes. We have less experience in developing and managing non-retail real estate than we do retail real estate. As a result, if a development or redevelopment project includes a non-retail use, we may seek to develop that component ourselves, sell the rights to that component to a third-party developer, or partner with a developer.
•If we decide to develop the non-retail components ourselves, we would be exposed not only to those risks typically associated with the development of commercial real estate, but also to risks associated with developing, owning, operating or selling non-retail real estate, including but not limited to more complex entitlement processes and multiple-story buildings. These unique risks may adversely impact our return on investment in these mixed-use development projects.
•If we sell the non-retail components, our retail component will be impacted by the decisions made by the other owners, and actions of those occupying the non-retail spaces in these mixed-use properties.
•If we partner with a developer, it makes us dependent upon the partner's ability to perform and to agree on major decisions that impact our investment returns of the project. In addition, there is a risk that the non-retail developer may default on its obligations necessitating that we complete the other components ourselves, including providing necessary financing.
We face risks associated with the acquisition of properties.
Our investment strategy includes investing in high-quality shopping centers that are leased to market-leading grocers, category-leading anchors, specialty retailers, and/or restaurants located in areas with above average household incomes and population densities. The acquisition of properties and/or real estate entities entails risks that include, but are not limited to, the following, any of which may adversely affect our results of operations and cash flows:
•properties we acquire may fail to achieve the occupancy or rental rates we project, within the time frames we estimate, which may result in the properties' failure to achieve expected investment returns;
•we may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties, into our existing operations and platform;
•our investigation of an entity, property or building prior to our acquisition, and any representation we may have received from such seller, may fail to reveal various liabilities including defects, necessary repairs or environmental matters requiring corrective action, which may increase our costs;
•our estimate of the costs to improve, reposition or redevelop a property may prove to be too low, or the time we estimate to complete the improvement, repositioning or redevelopment may be too short, either of which may result in the property failing to achieve our projected return, either temporarily or permanently;
•we may not recover our costs from an unsuccessful acquisition;
•our acquisition activities may distract or strain our management capacity; and
•acquired properties may be located in markets where we may face risks associated with a lack of market knowledge or understanding of the local economy, lack of business relationships in the area, costs associated with opening a new regional office and unfamiliarity with local governmental and permitting procedures.
We may be unable to sell properties when desired because of market conditions.
Our properties, including their related tangible and intangible assets, represent the majority of our total consolidated assets and they may not be readily convertible to cash. Market conditions, including macroeconomic events, interest rate changes, capital availability, and pandemics and other health crises, may impact our ability to sell properties on our preferred timing and at prices and returns we deem acceptable. As a result, our ability to sell one or more of our properties, including properties held in joint ventures, in response to changes in economic, industry, financial market, or other conditions may be limited. The real estate market is affected by many factors, such as general economic conditions, availability and terms of financing, interest rates and other factors, including supply and demand for space, that are beyond our control. There may be less demand for lower quality properties that we have identified for ultimate disposition in markets with uncertain economic or retail environments, and where buyers are more reliant on the availability of third party mortgage financing. If we want to sell a property, we can provide no assurance that we will be able to dispose of it in the desired time period or at all or that the sales price of a property will be attractive at the relevant time or even exceed the carrying value of our investment.
Changes in tax laws could impact our acquisition or disposition of real estate.
Certain properties we own have a low tax basis, which may result in a meaningful taxable gain in the event of a sale. Where appropriate and available, we utilize, and intend to continue to utilize, Code Section 1031 like-kind exchanges to tax-efficiently buy and sell properties; however, there can be no assurance that we will identify properties that meet our investment objectives for acquisitions or that changes to the tax laws do not eliminate the benefits of effectuating 1031 exchanges or significantly modify the requirements for a transaction to qualify for 1031 exchange treatment. In the event that we cannot or do not utilize 1031 exchanges when we sell certain properties, we may be required to distribute the gain proceeds to shareholders or pay income tax, which may reduce our cash flow available to fund our commitments or other priorities.
Risk Factors Related to the Environment Affecting Our Properties
Climate change may adversely impact our properties, some of which may be more vulnerable due to their geographic location, and may lead to additional compliance obligations and costs.
We work with experts to plan for the potential physical, operational and financial impacts of climate change on our business, and we cannot reliably predict the extent, rate, timing, or impact of climate change. To the extent climate change causes adverse changes in weather patterns and natural disasters, our properties in certain markets may experience increases in frequency and intensity of severe weather events, natural disasters and rising sea-levels. Further, population migration may occur in response to these or other factors and negatively impact our centers. For example, climate and other environmental changes may result in more unpredictable or decreased demand for retail space and in shopper traffic at certain of our properties, reduced rent and/or, in extreme cases, our inability to operate certain properties at all.
In addition, a significant number of our properties are located in areas that are susceptible to earthquakes, tropical storms, hurricanes, floods, tornadoes, wildfires, droughts, extreme temperatures, sea-level rise, and other natural disasters and severe weather events that could be exacerbated by climate change. At December 31, 2024, 18.9% of the GLA of our portfolio is located in the state of California, including a number of properties in the San Francisco Bay and Los Angeles areas. Additionally, 22.1% and 7.9% of the GLA of our portfolio is located in the states of Florida and Texas, respectively. Insurance premiums and other related costs for properties in these areas have increased significantly in recent years, and more frequent and intense weather conditions and natural disasters may cause property insurance premiums and other related costs to further increase significantly in the future. We recognize that the frequency and/or intensity of extreme weather events and other natural disasters may continue to increase, and as a result, our exposure to these events may increase, especially in these particularly susceptible locations. Severe weather conditions and other natural disasters may disrupt our business and the business of our tenants, which may affect the ability of some tenants to pay rent and may reduce the ability or willingness of tenants and residents to remain in or move to these affected areas.
In addition to the potential physical, operational and financial impacts to our business, we also cannot reliably predict how the federal government and the state and local governments in the areas in which we operate will legislatively respond to the risks associated with climate change. Certain states in which we own and operate shopping centers, including California, Massachusetts and New York, have passed legislation that may require, for example, overall reductions by the state of greenhouse gas ("GHG") emissions (which may, in turn, result in future legal obligations on business operators like us), and certification and disclosure of estimated direct and indirect GHG emissions by individual companies. The SEC has also proposed rules requiring, among other things, disclosures relating to estimated GHG emissions, potential financial exposure relating to climate change, and company-specific governance of climate-related risks. Litigation has been filed challenging the proposed SEC rules and California legislation, and it is possible that litigation may be filed in respect of other climate-related laws and rules. Additional state and federal laws and rules with respect to climate
change may be enacted in the future and the extent and scope of their requirements and impact on companies like Regency are unknown. Compliance with various and potentially fragmented current and future laws and regulations related to climate change may also require us to make additional investments in or for our properties and incur additional costs, as well as to implement new or additional processes and controls to facilitate compliance.
In sum, taking these risks and potential impacts together, climate change may materially and adversely impact our business by increasing the cost to operate our properties, for example, with respect to infrastructure and facilities construction and maintenance, energy, insurance (and, potentially, the incurrence of uninsured losses), taxes, consultants and advisors, and other unforeseen fees, costs and expenses. We may also face disruptions to our business and the businesses of our tenants, which may result in higher costs or even some tenants being unable to conduct business in certain locations. In addition, we face the risk of the impacts of current, proposed and future legislative and regulatory requirements in response to the perceived risks of climate change. At this time, there can be no assurance that we can anticipate all potential material impacts of climate change, or that climate change will not have a material and adverse effect on the value of our properties and our operational and financial performance in the future.
Costs of environmental remediation may adversely impact our financial performance and reduce our cash flow.
Under various federal, state, and local laws, an owner or manager of real property may be liable for some or all the costs to assess and remediate the presence of hazardous substances on the property, which in our case most typically arise from current or former dry cleaners, gas stations, automotive repair shops, asbestos usage, and historic land use practices. These laws often impose liability without regard to whether the owner knew of, or was responsible for, the presence of hazardous substances, which may adversely impact our financial performance and reduce our cash flow. The presence of, or the failure to properly address the presence of, hazardous substances may adversely affect our ability to sell or lease the property, or borrow using the property as collateral. We can provide no assurance that we are aware of all potential environmental liabilities or their ultimate cost to address; that our properties will not be affected by tenants or nearby properties or other unrelated third parties; and that future uses or conditions, or changes in environmental laws and regulations, or their interpretation, will not result in additional material environmental liabilities to us.
Risk Factors Related to Corporate Matters
An increased focus on metrics and reporting related to environmental, social and governance ("ESG") factors by investors and other stakeholders may impose additional costs and expose us to new risks.
Investors and other stakeholders have become more focused on understanding how companies address a variety of ESG factors, including institutional investors who hold a significant amount of the equity of the Company. As they evaluate investment decisions, many investors look not only at company disclosures but also to ESG rating systems that have been developed by third parties to allow ESG comparisons between companies. Although we participate in a number of these ratings systems, we do not participate in all such systems, and may not score as well in all of the available ratings systems as other REITs and real estate operators. Further, the criteria used in these ratings systems may conflict with each other and change frequently, and we cannot guarantee that we will be able to score well in the future. We supplement our participation in ratings systems by disclosing on our website information about our ESG activities, but some investors may desire additional disclosures that we do not provide. Failure to participate in certain of the third-party ratings systems, failure to score well in those ratings systems or failure to provide certain ESG disclosures could adversely impact us when investors compare us against similar companies in our industry, and could cause certain investors to be unwilling to invest in our stock, which could adversely impact our stock price and our ability to raise capital. ESG disclosures may reflect aspirational goals, targets, and other expectations and assumptions, which are necessarily uncertain and may not be realized. Failure to realize (or timely achieve progress on) aspirational goals and targets could adversely affect the views of our investors, third-party ESG ratings organizations and other stakeholders, thereby potentially adversely impacting our reputation, our business and stock price. Failure to comply with government climate and other ESG-related regulations could also subject us to significant fines and penalties, including risk of litigation. In addition, both advocates and opponents of certain ESG matters are increasingly resorting to a range of activism forms, including media campaigns, shareholder proposals, and litigation, to advance their objectives. To the extent we are subject to such activism, it may adversely impact our business.
An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue on those properties.
We carry liability, fire, flood, terrorism, business interruption, and environmental insurance for our properties. Some types of losses, such as losses from named windstorms, hurricanes, earthquakes, terrorism, or wars may have more limited coverage, or in some cases, can be excluded from insurance coverage. In addition, it is possible that the availability of insurance coverage in certain geographic areas may decrease in the future or become unavailable to us, and the cost to procure such insurance may increase due to lack of market availability or other factors beyond our control. As a result, we may reduce the insurance we procure or we may elect or be compelled to self-insure or otherwise assume some or all of this risk. Should a loss occur at any of our properties that is in excess of the insurance limits of our policies, we may lose part or all of our invested capital and revenues from the impacted property or
properties, which may have a material adverse impact on our operating results, financial condition, and our ability to make distributions to stock and unit holders.
Terrorist activities or violence occurring at our properties also may directly affect the value of our properties through damage, destruction or loss. Insurance for such acts may be unavailable or cost more resulting in an increase to our operating expenses and adversely affect our results of operations. To the extent that our tenants are affected by such attacks and threats of violence, their businesses may be adversely affected, including their ability to continue to meet obligations under their existing leases.
Failure to attract and retain key personnel may adversely affect our business and operations.
The success of our business depends, in significant part, on the leadership and performance of our executive management team and other key personnel, and our ability to attract, retain and motivate talented employees may significantly impact our future performance. Competition for these individuals is intense, and we cannot be assured that we will retain all of our executive management team and other key personnel or that we will be able to attract and retain other highly qualified individuals for these positions in the future. Losing any key personnel may have an adverse effect on us.
Risk Factors Related to Our Partnerships and Joint Ventures
We do not have voting control over all of the properties owned in our real estate partnerships and joint ventures, so we are unable to ensure that our objectives will be pursued.
We have invested substantial capital as a partner in a number of partnerships and joint ventures to acquire, own, lease, develop or redevelop properties. These activities are subject to the same risks as our investments in our wholly-owned properties. However, these investments, and other future similar investments may involve risks that would not be present were a third party not involved, including the possibility that partners or other owners might become bankrupt, suffer a deterioration in their creditworthiness, or fail to fund their share of required capital contributions. Partners or other owners may have economic or other business interests or goals that are inconsistent with our own business interests or goals, and may be in a position to take actions contrary to our policies or objectives.
These investments, and other future similar investments, also have the potential risk of creating impasses on decisions, such as a sale or financing, because neither we nor our partner or other owner has full control over the partnership or joint venture. Disputes between us and partners or other owners might result in a premature termination of the applicable partnership or joint venture, or potentially litigation or arbitration, that may increase our investment and related risk as well as our costs and expenses associated with the investment, and distract management from sufficiently focusing their time and efforts on others areas of our business. In addition, we risk the possibility of being held liable for the actions of our partners or other owners. These factors may limit the return that we receive from such investments or cause our cash flows to be lower than our estimates.
The termination of our partnerships may adversely affect our cash flow, operating results, and our ability to make distributions to stock and unit holders.
If partnerships owning a significant number of properties were dissolved for any reason, we could lose the asset, property management, leasing and construction management fees from these partnerships as well as the operating income of the properties, which may adversely affect our operating results and our cash available for distribution to stock and unit holders. Certain of our partnership operating agreements provide either member the ability to elect buy/sell clauses. The election of these dissolution provisions could require us to invest additional capital to acquire the partners’ interest or to sell our share of the property thereby losing the operating income and cash flow.
Risk Factors Related to Funding Strategies and Capital Structure
Our ability to sell properties and fund acquisitions and developments may be adversely impacted by higher market capitalization rates and lower NOI at our properties which may adversely affect results of operations and financial condition.
As part of our funding strategy, we sell properties that no longer meet our strategic objectives or investment standards and/or those with a limited future growth profile. These sales proceeds are used to fund debt repayment, acquisition of other properties, and new developments and redevelopments. An increase in market capitalization rates (which may or may not be driven by an increase in interest rates) or a decline in NOI may cause a reduction in the value of centers identified for sale, which would have an adverse impact on the amount of cash generated. Additionally, the sale of properties resulting in significant tax gains may require higher distributions to our stockholders or payment of additional income taxes in order to maintain our REIT status.
We depend on external sources of capital, which may not be available in the future on favorable terms or at all.
To qualify as a REIT, the Parent Company must, among other things, distribute to its stockholders each year at least 90% of its REIT taxable income (excluding any net capital gains). Because of these distribution requirements, we may not be able to fund all future capital needs with income from operations. In such instances, we would rely on third-party sources of capital, which may or may not be available on favorable terms or at all. Our access to third-party sources of capital depends on a number of things, including the market's perception of our growth potential and our current and potential future earnings. Our access to debt depends on our credit rating, the willingness of creditors to lend to us and conditions in the capital markets. In addition to finding lenders willing to lend to us, we are dependent upon our joint venture partners to contribute their pro rata share of any amount needed to repay or refinance existing debt when lenders reduce the amount of debt our partnerships and joint ventures are eligible to refinance.
In addition, our existing debt arrangements also impose covenants that limit our flexibility in obtaining other financing. Additional equity offerings may result in substantial dilution of stockholders' interests and additional debt financing may substantially increase our degree of leverage.
Without access to external sources of capital, we would be required to pay outstanding debt with our operating cash flows and proceeds from property sales. Our operating cash flows may not be sufficient to pay our outstanding debt as it comes due and real estate investments generally cannot be sold quickly at a return we believe is appropriate. If we are required to deleverage our business with operating cash flows and proceeds from property sales, we may be forced to reduce the amount of, or eliminate altogether, our distributions to stock and unit holders or refrain from making investments in our business.
Our debt financing may adversely affect our business and financial condition.
Our ability to make scheduled payments or to refinance our indebtedness will depend primarily on our future performance, which to a certain extent is subject to economic, financial, competitive and other factors beyond our control. In addition, we do not expect to generate sufficient operating cash flow to make balloon principal payments on our debt when due. If we are unable to refinance our debt on acceptable terms, we may be forced (i) to dispose of properties, which might result in losses, or (ii) to obtain financing at unfavorable terms, either of which may reduce the cash flow available for distributions to stock and unit holders. If we cannot make required mortgage loan payments, the mortgagee may foreclose on the property securing the mortgage.
Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition.
Our unsecured notes and unsecured line of credit (the "Line") contain customary covenants, including compliance with financial ratios, such as ratio of indebtedness to total asset value and fixed charge coverage ratio. These covenants may limit our operational flexibility and our investment activities. Moreover, if we breach any of the covenants in our debt agreements, and do not cure the breach within the applicable cure period, our lenders may require us to repay the debt immediately, even in the absence of a payment default. Many of our debt arrangements, including our unsecured notes and the Line, are cross-defaulted, which means that the lenders under those debt arrangements can require immediate repayment of their debt if we breach and fail to cure a default under certain of our other material debt obligations. As a result, any default under our debt covenants may have an adverse effect on our financial condition, our results of operations, our ability to meet our obligations, and the market value of our stock.
Increases in interest rates would cause our borrowing costs to rise and negatively impact our results of operations.
Although a significant amount of our outstanding debt has fixed interest rates, we do borrow funds at variable interest rates under our credit facility, and certain secured borrowings. As of December 31, 2024, less than 1.0% of our outstanding debt was variable rate debt not hedged to fixed rate debt. Increases in interest rates would increase our interest expense on any variable rate debt to the extent we have not hedged our exposure to changes in interest rates. In addition, increases in interest rates will affect the terms under which we refinance our existing debt as it matures, to the extent we have not hedged our exposure to changes in interest rates. This would reduce our future earnings and cash flows, which may adversely affect our ability to service our debt and meet our other obligations and also may reduce the amount we are able to distribute to our stock and unit holders.
Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us.
We manage our exposure to interest rate volatility by using interest rate hedging arrangements. These arrangements involve risk, such as the risk that counterparties may fail to honor their obligations under these arrangements, and that these arrangements may not be effective in reducing our exposure to interest rate changes. There can be no assurance that our hedging arrangements will qualify for hedge accounting or that our hedging activities will have the desired beneficial impact on our results of operations. Should we desire to terminate a hedging arrangement, there may be significant costs and cash requirements involved to fulfill our obligations under the hedging arrangement. In addition, failure to effectively hedge against interest rate changes may adversely affect our results of operations.
Risk Factors Related to Information Management and Technology
The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data, or of Regency's proprietary or confidential information stored in our information systems or by third parties on our behalf, could impact operations, and expose us to potential liabilities and material adverse financial impact.
Many of our information technology systems (including the systems of our real estate partners and other third-party business partners and service providers) contain personal, financial or other information that is entrusted to us by our tenants, employees and business partners. Many of our information technology systems contain our proprietary information and other confidential information related to our business.
Like all companies, we face numerous and evolving cybersecurity risks that threaten the confidentiality, integrity and availability of our information technology systems and confidential information, including from diverse threat actors, such as state-sponsored organizations, opportunistic hackers and hacktivists, as well as through diverse attack vectors, such as social engineering/phishing, malware (including ransomware), malfeasance by insiders, human or technological error, and as a result of malicious code embedded in open-source software, or misconfigurations, bugs or other vulnerabilities in commercial software that is integrated into our (or our suppliers’ or service providers’) information technology systems, products or services. To the extent we or a third party were to experience a material breach of our information technology systems that results in the unauthorized access, theft, use, manipulation, destruction or other compromises of our confidential information stored in such systems, including through cyber-attacks such as ransomware, denial of service or other methods, such a breach may cause us to lose tenants and employees, result in adverse financial impact, incur third party claims and cause disruption to our business and plans. Despite planning, preparation, and preventative and risk-management measures, our business may be significantly disrupted if unable to quickly recover. Such security breaches also could subject us to litigation and governmental investigations and proceedings into potential violations of applicable U.S. privacy or other laws. Any of these events could result in our exposure to material civil or criminal liability, and we may not be able to fully recover these expenses from our service providers, responsible parties, or insurance carriers, or that applicable insurance will be available to us in the future on economically reasonable terms or at all. We can provide no assurance that the ongoing significant investments in technology and training we make relating to cybersecurity will avoid or prevent such breaches or attacks.
Cyberattacks are expected to accelerate on a global basis in frequency and magnitude as threat actors are becoming increasingly sophisticated in using techniques and tools-including artificial intelligence-that circumvent security controls, evade detection and remove forensic evidence. Despite the implementation of security measures for our disaster recovery and business continuity plans, our information systems may be vulnerable to damage or other adverse impact from multiple sources other than cybersecurity risks, including computer viruses, energy blackouts, natural disasters, terrorism, war, and telecommunication failure. Any system failure or accident that causes disruption or interruptions to our information systems could result in a material disruption to our operations and business, and cause us to incur material costs to remedy such damages or adverse impacts.
Any actual or perceived failure to comply with new or existing laws, regulations and other requirements relating to the privacy, security and processing of personal information could adversely affect our business, results of operations, or financial condition.
In connection with running our business, we receive, store, use and otherwise process information that relates to individuals, including from and about our tenants, employees and business partners. We are therefore subject to laws, regulations and other requirements relating to the privacy, security and handling of personal information. These laws require us to adhere to certain disclosure restrictions and deletion obligations with respect to the personal information, and allow for penalties for violations and, in some cases, a private right of action. These laws also impose transparency and other obligations with respect to personal information of and provide rights with respect to personal information. The application and interpretation of such requirements are evolving and are subject to change, creating a complex compliance environment. There has been a substantial increase in legislative activity and regulatory focus on data privacy and security, including in relation to cybersecurity incidents.
It is possible that new laws, regulations and other requirements, or amendments to or changes in interpretations of existing laws, regulations and other requirements, may require us to incur significant costs, implement new processes, or change our handling of information and business operations. In addition, any failure or perceived failure by us to comply with laws, regulations and other requirements relating to the privacy, security and handling of information could result in legal claims or proceedings (including class actions), regulatory investigations or enforcement actions. We could incur costs in investigating and defending such claims and, if found liable, pay damages or fines or be required to make changes to our business. These proceedings and any subsequent adverse outcomes may subject us to significant negative publicity and an erosion of trust. If any of these events were to occur, our business, results of operations, and financial condition could be materially adversely affected.
The use of technology based on artificial intelligence presents risks relating to confidentiality, creation of inaccurate and flawed outputs and emerging regulatory risk, any or all of which may adversely affect our business and results of operations.
As with many technological innovations, artificial intelligence (“AI") presents great promise but also risks and challenges that could adversely affect our business. Sensitive, proprietary, or confidential information of the Company, our tenants, employees and business partners could be leaked, disclosed, or revealed as a result of or in connection with the use of generative AI technologies by our employees or vendors. Any such information input into a third-party generative AI or machine learning platform could be revealed to others, including if information is used to train the third party's generative AI or machine learning models. Additionally, where a generative AI or machine learning model ingests personal information and makes connections using such data, those technologies may reveal other sensitive, proprietary, or confidential information generated by the model. Moreover, generative AI or machine learning models may create incomplete, inaccurate, or otherwise flawed outputs, which may appear correct. Due to these issues, these models could lead us to make flawed decisions that could result in adverse consequences to us, including exposure to reputational and competitive harm, customer loss, and legal liability. In addition, uncertainty in the legal and regulatory regime relating to AI may require significant resources to modify and maintain business practices to comply with applicable law, the nature of which cannot be determined at this time. Several jurisdictions have already proposed or enacted laws governing AI and may decide to adopt similar or more restrictive legislation that may render the use of such technologies challenging. These obligations may prevent or limit our ability to use AI in our business, lead to regulatory fines or penalties, or require us to change our business practices. If we cannot use AI, or that use is restricted, our business may be less efficient, or we may be at a competitive disadvantage. Any of these factors could adversely affect our business, financial condition, and results of operations.
Risk Factors Related to Taxes and the Parent Company's Qualification as a REIT
If the Parent Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at regular corporate rates.
We believe that the Parent Company qualifies for taxation as a REIT for federal income tax purposes, and we plan to operate so that the Parent Company can continue to meet the requirements for taxation as a REIT. If the Parent Company continues to qualify as a REIT, it generally will not be subject to federal income tax on income that it distributes to its stockholders. Many REIT requirements, however, are highly technical and complex. The determination that the Parent Company is a REIT requires an analysis of various factual matters and circumstances, some of which may not be totally within our control and some of which involve questions of interpretation. For example, to qualify as a REIT, at least 95% of our gross income must come from specific passive sources, like rent, that are itemized in the REIT tax laws. There can be no assurance that the Internal Revenue Service ("IRS") or a court would agree with the positions we have taken in interpreting the REIT requirements. The Parent Company is also required to distribute to the stockholders at least 90% of its REIT taxable income, excluding net capital gains. The Parent Company will be subject to U.S. federal income tax on undistributed taxable income and net capital gains and to a 4% nondeductible excise tax on any amount by which distributions the Parent Company pays with respect to any calendar year are less than the sum of 85% of our ordinary income, 95% of our capital gain net income and 100% of our undistributed income from prior years. The fact that we hold many of our assets through real estate partnerships and their subsidiaries further complicates the application of the REIT requirements. Furthermore, Congress and the IRS might make changes to the tax laws and regulations, and the courts might issue new rulings, that make it more difficult for the Parent Company to remain qualified as a REIT.
Also, unless the IRS granted relief under certain statutory provisions, the Parent Company would remain disqualified as a REIT for four years following the year it first failed to qualify. If the Parent Company failed to qualify as a REIT (currently and/or with respect to any tax years for which the statute of limitations has not expired), the Parent Company would have to pay significant income taxes, reducing cash available to pay dividends, which would likely have a significant adverse effect on the value of our securities. In addition, the Parent Company would no longer be required to pay any dividends to stockholders in order to maintain its REIT status, and we could be subject to a federal alternative minimum tax and possibly increased state and local taxes. Although we believe that the Parent Company qualifies as a REIT, we cannot be assured that the Parent Company will continue to qualify or remain qualified as a REIT for tax purposes.
Even if the Parent Company qualifies as a REIT for federal income tax purposes, the Parent Company is required to pay certain federal, state, and local taxes on its income and property. For example, if we have net income from "prohibited transactions," that income will be subject to a 100% tax. In general, prohibited transactions include sales or other dispositions of property held primarily for sale to customers in the ordinary course of business. The determination as to whether a particular sale is a prohibited transaction depends on the facts and circumstances related to that sale. While we have undertaken a number of asset sales in recent years, we do not believe that those sales should be considered prohibited transactions, but there can be no assurance that the IRS would not contend otherwise.
New legislation, as well as new regulations, administrative interpretations, or court decisions may be introduced, enacted, or promulgated from time to time, that may change the tax laws or interpretations of the tax laws regarding qualification as a REIT, or the federal income tax consequences of that qualification, in a manner that is adverse to our stockholders.
Dividends paid by REITs generally do not qualify for reduced tax rates.
Subject to limited exceptions, dividends paid by REITs (other than distributions designated as capital gain dividends, qualified dividends or returns of capital) are not eligible for reduced rates for qualified dividends paid by "C" corporations and are taxable at ordinary income tax rates. However, domestic shareholders that are individuals, trusts, and estates generally may deduct up to 20% of the ordinary dividends (e.g., dividends not designated as capital gain dividends or qualified dividend income) received from a REIT for taxable years beginning before January 1, 2026. Although these rules do not adversely affect the taxation of REITs or dividends payable by REITs, investors who are individuals, trusts and estates may perceive investments in REITs to be relatively less attractive than investments in the stocks of non-REIT corporations that pay dividends, which may adversely affect the value of the shares of REITs, including the per share trading price of the Parent Company's capital stock.
Certain non-U.S. stockholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common stock if the Parent Company does not qualify as a "domestically controlled" REIT.
A non-U.S. person, other than certain "qualified shareholders" or "qualified foreign pension funds," as each is defined for purposes of the Code, disposing of a U.S. real property interest, including shares of a U.S. corporation whose assets consist principally of U.S. real property interests is generally subject to U.S. federal income tax on the gain recognized on the disposition. This tax does not apply, however, to the disposition of stock in a REIT if the REIT is "domestically controlled." In general, the Parent Company will be a domestically controlled REIT if, at all times during the five-year period ending on the applicable stockholder’s disposition of our stock, less than 50% in value of our stock was held directly or indirectly by non-U.S. persons. If the Parent Company were to fail to qualify as a domestically controlled REIT, gain recognized by a non-U.S. stockholder on a disposition of our common stock would be subject to U.S. federal income tax unless our common stock was traded on an established securities market and the non-U.S. stockholder did not at any time during a specified testing period actually or constructively own more than 10% of our outstanding common stock.
We seek to act in the best interests of the Parent Company as a whole and do not take into consideration the particular tax consequences to any specific holder of our stock. Non-U.S. persons should inform themselves as to the U.S. tax consequences, and the tax consequences within the countries of their citizenship, residence, domicile, and place of business, with respect to the purchase, ownership, and disposition of shares of our common stock.
Legislative or other actions affecting REITs may have a negative effect on us or our investors.
The rules dealing with federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Department of the Treasury. Changes to the tax laws, with or without retroactive application, may adversely affect the Parent Company or our investors. We cannot predict how changes in the tax laws might affect the Parent Company or our investors. New legislation, Treasury Regulations, administrative interpretations or court decisions may significantly and negatively affect the Parent Company's ability to qualify as a REIT or the federal income tax consequences of such qualification, or the federal income tax consequences of an investment in us. There is also a risk that REIT status may be adversely impacted by a change in tax or other laws. Also, the law relating to the tax treatment of other entities, or an investment in other entities, may change, making an investment in such other entities more attractive relative to an investment in a REIT.
Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.
The REIT provisions of the Code limit our ability to enter into hedging transactions. Generally, income from certain hedging transactions, generally including transactions to manage interest rate changes with respect to borrowings to acquire or carry real estate assets, does not constitute "gross income" for purposes of the 75% or 95% gross income tests, provided that we properly identify the hedging transaction pursuant to the applicable sections of the Code and Treasury Regulations. To the extent that we enter into other types of hedging transactions, or fail to make the proper tax identifications, the income from those transactions is likely to be treated as non-qualifying income for purposes of both gross income tests. As a result of these rules, we may need to limit our use of otherwise advantageous hedging techniques or implement those hedges through a TRS.
Partnership tax audit rules could have a material adverse effect.
Under current federal partnership tax audit rules, subject to certain exceptions, any audit adjustment to items of income, gain, loss, deduction, or credit of a partnership (and a partner’s allocable share thereof) is determined, and taxes, interest, and penalties attributable thereto are assessed and collected, at the partnership level. With respect to any partnership in which we invest, unless such partnership makes an election or takes certain steps to require the partners to pay their tax on their allocable shares of the adjustment, it is possible that such partnership would be required to pay additional taxes, interest, and penalties as a result of an audit adjustment. We could be required to bear the economic burden of those taxes, interest, and penalties even though we may not otherwise have been required to pay additional taxes had we owned the assets of the partnership directly.
Risk Factors Related to the Company's Stock
Restrictions on the ownership of the Parent Company's capital stock to preserve its REIT status may delay or prevent a change in control.
Ownership of more than 7% by value of our outstanding capital stock is prohibited, with certain exceptions, by the Parent Company's articles of incorporation, for the purpose of maintaining its qualification as a REIT. This 7% limitation may discourage a change in control and may also (i) deter tender offers for our capital stock, which offers may be attractive to our stockholders, or (ii) limit the opportunity for our stockholders to receive a premium for their capital stock that might otherwise exist if an investor attempted to assemble a block in excess of 7% of our outstanding capital stock or to affect a change in control.
The issuance of the Parent Company's capital stock may delay or prevent a change in control.
The Parent Company's articles of incorporation authorize our Board of Directors to issue up to 30,000,000 shares of preferred stock (less the shares of preferred stock already issued and outstanding) and 10,000,000 shares of special common stock and to establish the preferences and rights of any shares issued. The issuance of preferred stock or special common stock may have the effect of delaying or preventing a change in control. The provisions of the Florida Business Corporation Act regarding affiliated transactions may also deter potential acquisitions by preventing the acquiring party from consummating a merger or other extraordinary corporate transaction without the approval of our disinterested stockholders.
Ownership in the Parent Company may be diluted in the future.
In the future, a stockholder's percentage ownership in the Company may be diluted because of equity issuances for acquisitions, capital market transactions or other corporate purposes, including equity awards we will grant to our directors, officers and employees. In the past we have issued equity in the secondary market (including in connection with our At the Market ["ATM"] program) and may do so again in the future, depending on the price of our stock and other factors.
In addition, our restated articles of incorporation, as amended, authorizes our Board of Directors to issue, without the approval of our stockholders, one or more classes or series of preferred stock having such preferences, limitations, and relative rights, including preferences over our common stock respecting dividends and distributions, as our Board of Directors generally may determine. The terms of one or more classes or series of preferred stock could dilute the voting power or reduce the value of our common stock. For example, we could grant the holders of preferred stock the right to elect some number of our directors in all events or on the happening of specified events or the right to veto specified transactions. Similarly, the repurchase or redemption rights or liquidation preferences we could assign to holders of preferred stock could affect the residual value of the common stock.
The Parent Company’s amended and restated bylaws provides that the courts located in the State of Florida will be the sole and exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.
The Parent Company’s amended and restated bylaws provide that, unless the Parent Company consents in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Parent Company, (ii) any action asserting a claim for breach of a fiduciary duty owed by any director or officer or other employee of the Parent Company to the Parent Company or its shareholders, (iii) any action asserting a claim against the Parent Company or any director or officer or other employee of the Parent Company arising pursuant to any provision of the Florida Business Corporation Act or the articles of incorporation or bylaws of the Parent Company, or (iv) any action asserting a claim against the corporation or any director or officer or other employee of the corporation governed by the internal affairs doctrine shall be the Federal District Court for the Middle District of Florida, Jacksonville Division (or, if such court does not have jurisdiction, a state court located within the State of Florida, County of Duval).
By becoming a shareholder in our Parent Company, you will be deemed to have notice of and have consented to the provisions of the amended and restated bylaws of our Parent Company related to choice of forum. The choice of forum provisions in the amended and restated bylaws may limit our shareholders’ ability to obtain a favorable judicial forum for disputes with us. Additionally, the enforceability of choice of forum provisions in other companies’ governing documents has been challenged in legal proceedings, and it is possible that, in connection with any applicable action brought against us, a court could find the choice of forum provisions contained in the amended and restated bylaws of the Parent Company to be inapplicable or unenforceable in such action. If so, we may incur additional costs associated with resolving such action in other jurisdictions, which could harm our business, results of operations, and financial condition.
There is no assurance that we will continue to pay dividends at current or historical rates.
Our ability to continue to pay dividends at current or historical rates or to increase our dividend rate will depend on a number of factors, including, among others, the following:
•our financial condition and results of future operations;
•the terms of our loan covenants; and
•our ability to acquire, finance, develop or redevelop and lease additional properties at attractive rates.
If we do not maintain or periodically increase the dividend on our common stock, or if we do not pay dividends on our preferred stock, it may have an adverse effect on the market price of our common stock and other securities.

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ITEM 1B. UNRESOLVED STAFF COMMENTS
Item 1B. Unresolved Staff Comments
None.

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ITEM 2. PROPERTIES
Item 2. Properties
The following table is a list of our shopping centers, summarized by state and in order of largest holdings by number of properties, presented for consolidated properties (excludes properties owned by unconsolidated real estate partnerships):
December 31, 2024
December 31, 2023
Location
Number of
Properties
GLA (in
thousands)
Percent of
Total GLA
Percent
Leased
Number of
Properties
GLA (in
thousands)
Percent of
Total GLA
Percent
Leased
Florida
10,558
24.2
%
96.5
%
10,767
24.6
%
95.1
%
California
8,355
19.0
%
96.0
%
8,300
19.0
%
94.9
%
Connecticut
3,924
8.9
%
94.1
%
3,702
8.5
%
92.5
%
Texas
3,518
8.0
%
96.9
%
3,288
7.5
%
97.3
%
New York
3,339
7.6
%
93.3
%
3,399
7.8
%
88.7
%
Georgia
2,125
4.8
%
97.3
%
2,121
4.8
%
94.2
%
New Jersey
1,585
3.6
%
97.0
%
1,585
3.6
%
93.3
%
North Carolina
1,226
2.8
%
98.5
%
1,221
2.8
%
98.1
%
Ohio
1,224
2.8
%
98.7
%
1,221
2.8
%
98.8
%
Colorado
1,097
2.5
%
97.9
%
1,097
2.5
%
97.7
%
Illinois
1,085
2.5
%
94.8
%
1,085
2.5
%
94.1
%
Washington
2.2
%
96.3
%
2.2
%
96.0
%
Virginia
2.1
%
98.3
%
2.1
%
97.7
%
Massachusetts
2.0
%
97.4
%
2.3
%
98.5
%
Oregon
1.7
%
95.3
%
1.7
%
95.0
%
Pennsylvania
1.0
%
97.3
%
1.0
%
99.5
%
Missouri
0.9
%
98.9
%
0.9
%
98.9
%
Tennessee
0.7
%
100.0
%
0.7
%
99.5
%
Maryland
0.7
%
89.9
%
0.6
%
89.9
%
Indiana
0.7
%
100.0
%
0.6
%
100.0
%
Minnesota
0.6
%
84.4
%
0.6
%
100.0
%
Delaware
0.5
%
97.1
%
0.5
%
96.2
%
South Carolina
0.1
%
100.0
%
0.1
%
100.0
%
District of Columbia
0.1
%
100.0
%
0.1
%
100.0
%
Michigan
-
-
0.0
%
0.0
%
0.2
%
74.0
%
Total
43,876
100.0
%
96.2
%
43,758
100.0
%
94.8
%
The weighted average annual effective rent for the consolidated portfolio of properties, net of tenant concessions, is $25.56 and $24.67 per square foot ("PSF") as of December 31, 2024 and 2023, respectively.
The following table is a list of our shopping centers, summarized by state and in order of largest holdings by number of properties, presented for unconsolidated properties (properties owned by our unconsolidated real estate partnerships):
December 31, 2024
December 31, 2023
Location
Number of
Properties
GLA (in
thousands)
Percent of
Total GLA
Percent
Leased
Number of
Properties
GLA (in
thousands)
Percent of
Total GLA
Percent
Leased
California
2,319
17.4
%
98.4
%
2,320
17.8
%
98.4
%
Virginia
1,982
14.8
%
94.1
%
1,982
15.2
%
92.7
%
North Carolina
1,240
9.2
%
98.3
%
1,237
9.5
%
97.9
%
Texas
7.1
%
95.4
%
5.7
%
97.1
%
Washington
6.5
%
95.6
%
6.7
%
98.0
%
Colorado
6.4
%
96.9
%
6.6
%
95.5
%
Maryland
6.3
%
96.1
%
6.5
%
96.0
%
New York
5.8
%
96.6
%
6.0
%
98.0
%
Illinois
5.8
%
99.7
%
5.9
%
98.6
%
Florida
5.0
%
98.4
%
5.1
%
99.0
%
Pennsylvania
4.9
%
97.3
%
5.1
%
96.0
%
Minnesota
3.1
%
99.2
%
3.2
%
98.7
%
New Jersey
2.2
%
91.1
%
2.3
%
85.4
%
Connecticut
1.4
%
98.1
%
1.4
%
98.1
%
Rhode Island
1.2
%
97.0
%
-
-
0.0
%
0.0
%
Indiana
1.0
%
91.6
%
1.1
%
93.0
%
Oregon
0.7
%
97.5
%
0.7
%
100.0
%
South Carolina
0.6
%
100.0
%
0.6
%
100.0
%
Delaware
0.5
%
94.6
%
0.5
%
94.6
%
District of Columbia
0.1
%
100.0
%
0.1
%
100.0
%
Total
13,439
100.0
%
96.8
%
13,067
100.0
%
94.8
%
The weighted average annual effective rent for the unconsolidated portfolio of properties, net of tenant concessions, is $24.51 and $24.04 PSF as of December 31, 2024 and 2023, respectively.
The following table summarizes our top tenants occupying our shopping centers for consolidated properties plus our Pro-rata share of unconsolidated properties, as of December 31, 2024, based upon a percentage of total annualized base rent (GLA and dollars in thousands):
Tenant
GLA
Percent of
Company
Owned GLA
Annualized
Base Rent
Percent of
Annualized
Base Rent
Number of
Leased Stores
Publix
2,925
6.0
%
$
34,154
2.9
%
Albertsons Companies, Inc.
2,112
4.3
%
33,169
2.8
%
TJX Companies, Inc.
1,760
3.6
%
32,405
2.7
%
Amazon/Whole Foods
1,296
2.7
%
31,102
2.6
%
Kroger Co.
2,933
6.0
%
30,658
2.6
%
Ahold Delhaize
1.9
%
22,920
1.9
%
CVS
1.6
%
20,507
1.7
%
L.A. Fitness Sports Club
1.1
%
11,242
0.9
%
Trader Joe's
0.6
%
11,194
0.9
%
JPMorgan Chase Bank
0.4
%
11,109
0.9
%
Nordstrom
0.7
%
10,080
0.8
%
Starbucks
0.3
%
9,531
0.8
%
H.E. Butt Grocery Company
1.3
%
9,400
0.8
%
Ross Dress For Less
1.1
%
9,374
0.8
%
Gap, Inc
0.6
%
8,984
0.8
%
Bank of America
0.3
%
8,487
0.7
%
Target
1.6
%
8,485
0.7
%
Wells Fargo Bank
0.3
%
7,937
0.7
%
Petco Health and Wellness Company
0.6
%
7,426
0.6
%
JAB Holding Company
0.3
%
7,080
0.6
%
Walgreens Boots Alliance
0.5
%
6,961
0.6
%
Kohl's
1.1
%
6,381
0.5
%
Xponential Fitness
0.3
%
6,066
0.5
%
Ulta
0.4
%
6,046
0.5
%
Five Below
0.4
%
5,470
0.5
%
Walmart
1.4
%
5,371
0.5
%
Top Tenants
19,236
39.4
%
$
361,539
30.3
%
Our leases for tenant space under 10,000 square feet generally have initial terms ranging from three to seven years. Leases greater than 10,000 square feet ("Anchor Leases") generally have initial lease terms in excess of five years and are mostly comprised of Anchor Tenants. Many of the leases contain provisions allowing the tenant the option of extending the term of the lease at expiration. Our leases typically provide for the payment of fixed base rent, the tenant’s Pro-rata share of real estate taxes, insurance, and common area maintenance ("CAM") expenses, and reimbursement for utility costs if not directly metered.
The following table summarizes Pro-rata lease expirations (per their terms) for the next ten years and thereafter, for our consolidated and unconsolidated properties, assuming no tenants renew their leases (GLA and dollars of In Place Annual Base Rent Expiring Under Leases in thousands):
Lease Expiration Year
Number of Tenants with Expiring Leases
Pro-rata Expiring GLA
Percent of Total Company GLA
In Place Annual Base Rent Expiring Under Leases
Percent of In Place Annual Base Rent
Pro-rata Expiring Average Annual Base Rent PSF
(1)
0.5
%
$
6,606
0.6
%
$
26.90
1,252
3,200
7.0
%
83,958
7.3
%
26.24
1,266
5,117
11.1
%
127,533
11.1
%
24.93
1,373
6,180
13.4
%
157,864
13.7
%
25.54
1,247
5,940
12.9
%
155,907
13.5
%
26.25
1,201
6,612
14.4
%
155,483
13.5
%
23.51
4,389
9.5
%
108,352
9.4
%
24.69
2,344
5.1
%
62,216
5.4
%
26.55
2,007
4.4
%
58,689
5.1
%
29.24
2,093
4.6
%
60,652
5.3
%
28.97
-
1,787
3.9
%
51,389
4.5
%
28.75
Thereafter
6,040
13.1
%
122,195
10.6
%
20.23
Total
9,224
45,955
99.9
%
$
1,150,844
100.0
%
$
25.04
(1)Leases currently under month-to-month rent or in process of renewal.
During 2025, we have a total of 1,252 leases expiring by their terms, representing 3.2 million square feet of GLA. These expiring leases have an average base rent of $26.24 PSF. The average base rent of new leases signed during 2024 was $34.58 PSF. During periods of macroeconomic uncertainty or weakness, when the percent of our space leased is low, and/or when supply of retail space for lease generally exceeds demand, tenants have more bargaining power, which may result in rental rate declines on new or renewal leases. In periods of macroeconomic strength, when the percent of space leased is relatively high, and/or when supply/demand metrics for retail space favor landlords, we have more bargaining power, which generally results in rental rate growth on new and renewal leases.
Demand for retail space in high quality, community centers located in trade areas with compelling demographics remained strong in 2024 and into early 2025, especially among business operators with a history of success and growing innovative business concepts. However, inflationary challenges and the potential for macroeconomic uncertainty or weakness could result in pressure on base rent growth for new and renewal leases as businesses seek to manage these challenges and uncertainties.
The following table lists information about our consolidated and unconsolidated properties. For further information, see "Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Report.
Property Name
CBSA (1)
State
Owner-
ship
Interest (2)
Year
Acquired
Year
Constructed
or Last Major
Renovation
Mortgages or
Encumbrances
(in 000's)
Gross
Leasable
Area
(GLA)
(in 000's)
Percent
Leased (3)
Average
Base Rent
PSF (4)
MajorTenant(s) (5)
Amerige Heights Town Center
Los Angeles-Long Beach-Anaheim
CA
$
-
96.0%
$
32.58
Albertsons, (Target)
Bloom on Third
Los Angeles-Long Beach-Anaheim
CA
35%
134,146
100.0%
60.42
Whole Foods, CVS, Citibank
Brea Marketplace
Los Angeles-Long Beach-Anaheim
CA
40%
-
97.8%
21.15
24 Hour Fitness, Big 5 Sporting Goods, Childtime Childcare, Old Navy, Sprout's, Target, Smart Parke
Circle Center West
Los Angeles-Long Beach-Anaheim
CA
-
100.0%
40.17
Marshalls
Circle Marina Center
Los Angeles-Long Beach-Anaheim
CA
24,000
90.1%
37.88
Sprouts, Big 5 Sporting Goods, Centinela Feed & Pet Supplies
Culver Center
Los Angeles-Long Beach-Anaheim
CA
-
94.2%
33.71
Ralphs, Best Buy, LA Fitness, Sit N' Sleep
El Camino Shopping Center
Los Angeles-Long Beach-Anaheim
CA
-
98.8%
43.75
Bristol Farms, CVS
Granada Village
Los Angeles-Long Beach-Anaheim
CA
40%
50,000
99.1%
28.82
Sprout's Markets, Rite Aid, PETCO, Homegoods, Burlington, TJ Maxx
Hasley Canyon Village
Los Angeles-Long Beach-Anaheim
CA
16,000
93.0%
25.74
Ralphs
Heritage Plaza
Los Angeles-Long Beach-Anaheim
CA
-
99.8%
45.09
Ralphs, CVS, Daiso, Mitsuwa Marketplace, Big 5 Sporting Goods
Laguna Niguel Plaza
Los Angeles-Long Beach-Anaheim
CA
40%
-
100.0%
33.32
CVS,(Albertsons)
Morningside Plaza
Los Angeles-Long Beach-Anaheim
CA
-
100.0%
26.63
Stater Bros.
Newland Center
Los Angeles-Long Beach-Anaheim
CA
-
100.0%
33.00
Albertsons
Nohl Plaza(6)
Los Angeles-Long Beach-Anaheim
CA
-
91.9%
16.96
Vons
Plaza Hermosa
Los Angeles-Long Beach-Anaheim
CA
-
100.0%
32.49
Von's, CVS
Ralphs Circle Center
Los Angeles-Long Beach-Anaheim
CA
-
98.5%
21.38
Ralphs
Rona Plaza
Los Angeles-Long Beach-Anaheim
CA
-
95.9%
22.36
Superior Super Warehouse
Seal Beach
Los Angeles-Long Beach-Anaheim
CA
20%
-
98.5%
28.21
Pavilions, CVS
Talega Village Center
Los Angeles-Long Beach-Anaheim
CA
-
93.9%
22.85
Ralphs
Tustin Legacy
Los Angeles-Long Beach-Anaheim
CA
-
100.0%
36.22
Stater Bros, CVS
Twin Oaks Shopping Center
Los Angeles-Long Beach-Anaheim
CA
40%
19,000
100.0%
26.34
Ralphs, Ace Hardware
Valencia Crossroads
Los Angeles-Long Beach-Anaheim
CA
-
100.0%
29.83
Whole Foods, Kohl's
Village at La Floresta
Los Angeles-Long Beach-Anaheim
CA
-
100.0%
39.08
Whole Foods
Von's Circle Center
Los Angeles-Long Beach-Anaheim
CA
3,475
100.0%
28.70
Von's, Ross Dress for Less, Planet Fitness
Woodman Van Nuys
Los Angeles-Long Beach-Anaheim
CA
-
100.0%
18.13
El Super
Silverado Plaza
Napa
CA
40%
15,600
95.7%
27.05
Nob Hill, CVS
Gelson's Westlake Market Plaza
Oxnard-Thousand Oaks-Ventura
CA
-
97.5%
32.91
Gelson's Markets, John of Italy Salon & Spa
Oakbrook Plaza
Oxnard-Thousand Oaks-Ventura
CA
-
91.3%
21.83
Gelson's Markets, (CVS), (Ace Hardware)
Westlake Village Plaza and Center
Oxnard-Thousand Oaks-Ventura
CA
-
97.3%
43.41
Von's, Sprouts, (CVS)
French Valley Village Center
Rvrside-San Bernardino-Ontario
CA
-
100.0%
28.72
Stater Bros, CVS
Oakshade Town Center
Sacramento-Roseville-Folsom
CA
3,253
81.4%
21.61
Safeway, Sierra
Prairie City Crossing
Sacramento-Roseville-Folsom
CA
-
100.0%
23.12
Safeway
Raley's Supermarket
Sacramento-Roseville-Folsom
CA
20%
-
100.0%
15.68
Raley's
The Marketplace
Sacramento-Roseville-Folsom
CA
-
100.0%
27.90
Safeway, CVS, Petco
4S Commons Town Center
San Diego-Chula Vista-Carlsbad
CA
93%
-
100.0%
35.25
Restoration Hardware Outlet, Ace Hardware, Cost Plus World Market, CVS, Jimbo'sNaturally!, Ralphs, ULTA
Balboa Mesa Shopping Center
San Diego-Chula Vista-Carlsbad
CA
-
100.0%
30.86
CVS, Kohl's, Von's
El Norte Pkwy Plaza
San Diego-Chula Vista-Carlsbad
CA
-
97.3%
20.91
Von's, Children's Paradise, ACE Hardware
Friars Mission Center
San Diego-Chula Vista-Carlsbad
CA
-
100.0%
41.16
Ralphs, CVS
Navajo Shopping Center
San Diego-Chula Vista-Carlsbad
CA
40%
11,000
96.4%
17.81
Albertsons, O'Reilly Auto Parts, Dollar Tree
Point Loma Plaza
San Diego-Chula Vista-Carlsbad
CA
40%
38,900
98.6%
23.08
Von's, Jo-Ann Fabrics, Marshalls, UFC Gym
Rancho San Diego Village
San Diego-Chula Vista-Carlsbad
CA
40%
-
95.4%
26.54
Smart & Final, 24 Hour Fitness, (Longs Drug)
Property Name
CBSA (1)
State
Owner-
ship
Interest (2)
Year
Acquired
Year
Constructed
or Last Major
Renovation
Mortgages or
Encumbrances
(in 000's)
Gross
Leasable
Area
(GLA)
(in 000's)
Percent
Leased (3)
Average
Base Rent
PSF (4)
MajorTenant(s) (5)
Scripps Ranch Marketplace
San Diego-Chula Vista-Carlsbad
CA
-
99.1%
36.63
Vons, CVS
The Hub Hillcrest Market
San Diego-Chula Vista-Carlsbad
CA
-
90.2%
45.71
Ralphs, Trader Joe's
Twin Peaks
San Diego-Chula Vista-Carlsbad
CA
-
99.1%
24.09
Target, Grocer
200 Potrero
San Francisco-Oakland-Berkeley
CA
-
100.0%
12.27
Gizmo Art Production, INC.
Bayhill Shopping Center
San Francisco-Oakland-Berkeley
CA
40%
28,800
98.9%
29.14
CVS, Mollie Stone's Market
Clayton Valley Shopping Center
San Francisco-Oakland-Berkeley
CA
-
91.5%
23.82
Grocery Outlet, Central, CVS, Dollar Tree, Ross Dress For Less
Diablo Plaza
San Francisco-Oakland-Berkeley
CA
-
98.3%
43.48
Bevmo!, (Safeway), (CVS)
El Cerrito Plaza
San Francisco-Oakland-Berkeley
CA
-
95.1%
29.76
Barnes & Noble, Jo-Ann Fabrics, PETCO, Ross Dress For Less, Trader Joe's, Marshalls, (CVS)
Encina Grande
San Francisco-Oakland-Berkeley
CA
-
100.0%
36.85
Whole Foods, Walgreens
Oakley Shops at Laurel Fields(7)
San Francisco-Oakland-Berkeley
CA
-
80.5%
29.02
Safeway
Persimmon Place
San Francisco-Oakland-Berkeley
CA
-
97.5%
38.02
Whole Foods, Nordstrom Rack, Homegoods
Plaza Escuela
San Francisco-Oakland-Berkeley
CA
-
92.5%
43.89
The Container Store, Trufusion, Talbots, The Cheesecake Factory, Barnes & Noble
Pleasant Hill Shopping Center
San Francisco-Oakland-Berkeley
CA
40%
49,367
100.0%
24.93
Target, Burlington, Ross Dress for Less, Homegoods
Potrero Center
San Francisco-Oakland-Berkeley
CA
-
70.9%
34.88
Safeway, 24 Hour Fitness, Ross Dress for Less, Petco
Powell Street Plaza
San Francisco-Oakland-Berkeley
CA
-
98.1%
37.19
Trader Joe's, Bevmo!, Ross Dress For Less, Marshalls, Old Navy
San Carlos Marketplace
San Francisco-Oakland-Berkeley
CA
-
97.3%
36.80
TJ Maxx, Best Buy, PetSmart, Bassett Furniture, Salon Republic
San Leandro Plaza
San Francisco-Oakland-Berkeley
CA
-
95.3%
39.75
(Safeway), (CVS)
Serramonte Center
San Francisco-Oakland-Berkeley
CA
-
1,074
98.0%
27.87
Buy Buy Baby, Cost Plus World Market, Crunch Fitness, DAISO, Dave & Buster's, Dick's Sporting Goods, Divano Homes, H&M, Macy's, Nordstrom Rack, Old Navy, Party City, Ross Dress for Less, Target, TJ Maxx, Uniqlo, Jagalchi, Koi Palace
Tassajara Crossing
San Francisco-Oakland-Berkeley
CA
-
98.3%
26.72
Safeway, CVS, Alamo Hardware
Willows Shopping Center(6)
San Francisco-Oakland-Berkeley
CA
-
96.4%
29.41
REI, UFC Gym, Old Navy, Ulta, Five Below, Airport Home Appliance
Woodside Central
San Francisco-Oakland-Berkeley
CA
-
98.7%
30.27
Chuck E. Cheese, Marshalls, (Target)
Ygnacio Plaza
San Francisco-Oakland-Berkeley
CA
40%
25,850
100.0%
41.81
Sports Basement,TJ Maxx
Blossom Valley
San Jose-Sunnyvale-Santa Clara
CA
22,300
87.4%
29.28
Safeway
Mariposa Shopping Center
San Jose-Sunnyvale-Santa Clara
CA
40%
26,950
97.4%
23.75
Safeway, CVS, Ross Dress for Less
Shoppes at Homestead
San Jose-Sunnyvale-Santa Clara
CA
-
98.2%
27.08
CVS, Crunch Fitness, (Orchard Supply Hardware)
Snell & Branham Plaza
San Jose-Sunnyvale-Santa Clara
CA
40%
19,200
98.5%
22.46
Safeway
The Pruneyard
San Jose-Sunnyvale-Santa Clara
CA
-
95.5%
44.12
Trader Joe's, The Sports Basement, Camera Cinemas, Marshalls
West Park Plaza
San Jose-Sunnyvale-Santa Clara
CA
-
100.0%
23.13
Safeway, Crunch Fitness
Golden Hills Plaza
San Luis Obispo-Paso Robles
CA
-
87.8%
7.31
Lowe's, TJ Maxx
Five Points Shopping Center
Santa Maria-Santa Barbara
CA
40%
-
97.6%
32.77
Smart & Final, CVS, Ross Dress for Less, Big 5 Sporting Goods, PETCO
Corral Hollow
Stockton
CA
-
100.0%
19.21
Safeway, CVS, Crunch Fitness
Alcove On Arapahoe
Boulder
CO
40%
1957/2019
26,700
94.9%
20.27
Petco, HomeGoods, Jo-Ann Fabrics, Safeway, Ulta Salon
Crossroads Commons
Boulder
CO
20%
34,500
95.8%
30.98
Whole Foods, Barnes & Noble
Property Name
CBSA (1)
State
Owner-
ship
Interest (2)
Year
Acquired
Year
Constructed
or Last Major
Renovation
Mortgages or
Encumbrances
(in 000's)
Gross
Leasable
Area
(GLA)
(in 000's)
Percent
Leased (3)
Average
Base Rent
PSF (4)
MajorTenant(s) (5)
Crossroads Commons II
Boulder
CO
20%
5,500
100.0%
43.00
(Whole Foods), (Barnes & Noble)
Falcon Marketplace
Colorado Springs
CO
-
100.0%
27.59
(Wal-Mart)
Marketplace at Briargate
Colorado Springs
CO
-
100.0%
37.28
(King Soopers)
Monument Jackson Creek
Colorado Springs
CO
-
100.0%
13.36
King Soopers
Woodmen Plaza
Colorado Springs
CO
-
95.6%
14.11
King Soopers
Applewood Shopping Ctr
Denver-Aurora-Lakewood
CO
40%
2017/2020
-
97.0%
17.20
Applejack Liquors, Hobby Lobby, Homegoods, King Soopers, PetSmart, Sierra Trading Post, Ulta, Three Little Mingos
Belleview Square
Denver-Aurora-Lakewood
CO
-
97.9%
22.68
King Soopers
Boulevard Center
Denver-Aurora-Lakewood
CO
-
94.5%
33.57
Eye Care Specialists, (Safeway)
Buckley Square
Denver-Aurora-Lakewood
CO
-
96.4%
12.59
Ace Hardware, King Soopers
Cherrywood Square Shop Ctr
Denver-Aurora-Lakewood
CO
40%
9,650
100.0%
13.29
King Soopers
Hilltop Village
Denver-Aurora-Lakewood
CO
-
97.3%
13.30
King Soopers
Littleton Square
Denver-Aurora-Lakewood
CO
-
96.0%
11.35
King Soopers
Lloyd King Center
Denver-Aurora-Lakewood
CO
-
100.0%
12.79
King Soopers
Ralston Square Shopping Center
Denver-Aurora-Lakewood
CO
40%
-
98.5%
17.26
King Soopers
Shops at Quail Creek
Denver-Aurora-Lakewood
CO
-
100.0%
28.49
(King Soopers)
Stroh Ranch
Denver-Aurora-Lakewood
CO
-
100.0%
14.66
King Soopers
Centerplace of Greeley III
Greeley
CO
-
100.0%
13.11
Hobby Lobby, Best Buy, TJ Maxx
22 Crescent Road
Bridgeport-Stamford-Norwalk
CT
-
100.0%
69.00
-
25 Valley Drive
Bridgeport-Stamford-Norwalk
CT
-
100.0%
47.57
-
321-323 Railroad Ave
Bridgeport-Stamford-Norwalk
CT
-
100.0%
38.85
-
470 Main Street
Bridgeport-Stamford-Norwalk
CT
-
100.0%
31.12
-
91 Danbury Road
Bridgeport-Stamford-Norwalk
CT
-
100.0%
30.96
970 High Ridge Center
Bridgeport-Stamford-Norwalk
CT
-
89.6%
36.55
BevMax
Airport Plaza
Bridgeport-Stamford-Norwalk
CT
-
96.3%
31.20
-
Bethel Hub Center
Bridgeport-Stamford-Norwalk
CT
-
60.8%
15.03
La Placita Bethel Market
Black Rock
Bridgeport-Stamford-Norwalk
CT
80%
15,148
97.8%
30.18
Old Navy, The Clubhouse
Brick Walk(6)
Bridgeport-Stamford-Norwalk
CT
80%
30,591
97.2%
47.49
-
Compo Acres Shopping Center
Bridgeport-Stamford-Norwalk
CT
-
95.9%
57.62
Trader Joe's
Compo Shopping Center
Bridgeport-Stamford-Norwalk
CT
-
86.2%
53.75
CVS
Copps Hill Plaza
Bridgeport-Stamford-Norwalk
CT
-
87.3%
22.42
Stop & Shop, Homegoods, Marshalls, Rite Aid, Michael's
Cos Cob Commons
Bridgeport-Stamford-Norwalk
CT
-
84.3%
54.36
CVS
Cos Cob Plaza
Bridgeport-Stamford-Norwalk
CT
3,742
93.4%
54.62
-
Danbury Green
Bridgeport-Stamford-Norwalk
CT
-
100.0%
27.12
Trader Joe's, Hilton Garden Inn, DSW, Staples, Rite Aid, Warehouse Wines & Liquors
Danbury Square
Bridgeport-Stamford-Norwalk
CT
-
94.9%
13.03
Ocean State Job Lot, Planet Fitness, Elicit Brewing Company, Hobby Lobby
Darinor Plaza(6)
Bridgeport-Stamford-Norwalk
CT
-
100.0%
20.54
Kohl's, Old Navy, Party City
Fairfield Center(6)
Bridgeport-Stamford-Norwalk
CT
80%
-
87.1%
34.74
Fairfield University Bookstore, Merril Lynch
Fairfield Crossroads
Bridgeport-Stamford-Norwalk
CT
-
100.0%
25.28
Marshalls, DSW
Greenwich Commons
Bridgeport-Stamford-Norwalk
CT
4,667
100.0%
90.67
-
High Ridge Center
Bridgeport-Stamford-Norwalk
CT
100%
8,825
99.9%
49.95
Trader Joe's, Barnes & Noble
Knotts Landing
Bridgeport-Stamford-Norwalk
CT
-
100.0%
75.43
-
Main & Bailey
Bridgeport-Stamford-Norwalk
CT
-
78.4%
28.15
-
Newfield Green
Bridgeport-Stamford-Norwalk
CT
18,737
96.1%
41.78
Grade A Market, CVS
Old Greenwich CVS
Bridgeport-Stamford-Norwalk
CT
100%
100.0%
45.00
-
Property Name
CBSA (1)
State
Owner-
ship
Interest (2)
Year
Acquired
Year
Constructed
or Last Major
Renovation
Mortgages or
Encumbrances
(in 000's)
Gross
Leasable
Area
(GLA)
(in 000's)
Percent
Leased (3)
Average
Base Rent
PSF (4)
MajorTenant(s) (5)
Old Kings Market (fka Goodwives Shopping Center)
Bridgeport-Stamford-Norwalk
CT
22,607
93.2%
41.61
Stop & Shop
Post Road Plaza
Bridgeport-Stamford-Norwalk
CT
-
100.0%
59.79
Trader Joe's
Ridgeway Shopping Center
Bridgeport-Stamford-Norwalk
CT
41,940
92.0%
31.53
Stop & Shop, LA Fitness, Marshalls, Michael's, Staples, Old Navy, ULTA, Party City
Shelton Square
Bridgeport-Stamford-Norwalk
CT
-
98.4%
19.65
Stop & Shop, Homegoods, Hawley Lane, Edge Fitness
Station Centre @ Old Greenwich
Bridgeport-Stamford-Norwalk
CT
-
93.9%
37.26
Kings Food Markets
The Dock-Dockside
Bridgeport-Stamford-Norwalk
CT
32,908
99.5%
19.82
Stop & Shop, BJ's Whole Sale, Edge Fitness, West Marine, Petco, Dollar Tree, Osaka Hibachi
The Hub at Norwalk (fka Walmart Norwalk)
Bridgeport-Stamford-Norwalk
CT
-
100.0%
23.66
HomeGoods, Target
Westport Collection (fka Greens Farms Plaza)
Bridgeport-Stamford-Norwalk
CT
-
51.3%
26.64
BevMax
Westport Row
Bridgeport-Stamford-Norwalk
CT
2010/2020
-
100.0%
45.62
The Fresh Market, Pottery Barn
Brookside Plaza
Hartford-E Hartford-Middletown
CT
-
96.5%
16.59
Burlington Coat Factory, PetSmart, ShopRite, Staples, TJ Maxx, LL Bean
Corbin's Corner
Hartford-E Hartford-Middletown
CT
40%
53,000
98.1%
32.70
Best Buy, Edge Fitness, Old Navy, The Tile Shop, Total Wine and More, Trader Joe's
Aldi Square
New Haven-Milford
CT
-
100.0%
16.80
Aldi
Orange Meadows
New Haven-Milford
CT
-
100.0%
24.17
Trader Joe's, TJMaxx, Bob's Discount Furniture, Ulta
Southbury Green
New Haven-Milford
CT
-
88.7%
22.63
ShopRite, Homegoods
The Shops at Stone Bridge(7)
New Haven-Milford
CT
-
79.1%
29.79
Whole Foods, TJ Maxx, Barnes & Noble
New Milford Plaza
Torrington
CT
-
98.9%
9.09
Walmart, Stop & Shop, Club 24, Dollar Tree
Sunny Valley Shops
Torrington
CT
-
93.3%
12.58
Staples, Planet Fitness
Veterans Plaza
Torrington
CT
-
100.0%
12.79
Big Y World Class Market, BevMax
Shops at The Columbia
Washington-Arlington-Alexandri
DC
-
100.0%
40.18
Trader Joe's
Spring Valley Shopping Center
Washington-Arlington-Alexandri
DC
40%
13,000
100.0%
103.05
-
Pike Creek
Philadelphia-Camden-Wilmington
DE
-
97.1%
17.72
Acme Markets, Edge Fitness, Pike Creek Community Hardware
Shoppes of Graylyn
Philadelphia-Camden-Wilmington
DE
40%
-
94.6%
25.82
Rite Aid
Corkscrew Village
Cape Coral-Fort Myers
FL
-
97.8%
15.89
Publix
Shoppes of Grande Oak
Cape Coral-Fort Myers
FL
-
100.0%
18.77
Publix
Millhopper Shopping Center
Gainesville
FL
-
97.7%
19.59
Publix
Newberry Square
Gainesville
FL
-
88.8%
10.67
Publix, Floor & Décor, Dollar Tree
Anastasia Plaza
Jacksonville
FL
-
98.8%
17.63
Publix
Atlantic Village
Jacksonville
FL
-
100.0%
19.50
LA Fitness, Pet Supplies Plus
Brooklyn Station on Riverside
Jacksonville
FL
-
100.0%
29.45
The Fresh Market
Courtyard Shopping Center
Jacksonville
FL
-
100.0%
3.68
Target, (Publix)
East San Marco
Jacksonville
FL
-
100.0%
28.53
Publix
Fleming Island
Jacksonville
FL
-
99.2%
18.22
Publix, PETCO, Planet Fitness, (Target)
Hibernia Pavilion
Jacksonville
FL
-
100.0%
16.72
Publix
John's Creek Center
Jacksonville
FL
20%
9,000
100.0%
17.51
Publix
Julington Village
Jacksonville
FL
20%
10,000
100.0%
18.04
Publix, (CVS)
Mandarin Landing
Jacksonville
FL
-
100.0%
22.70
Whole Foods, Aveda Institute, Baptist Health, Cooper's Hawk
Nocatee Town Center
Jacksonville
FL
-
100.0%
23.94
Publix
Property Name
CBSA (1)
State
Owner-
ship
Interest (2)
Year
Acquired
Year
Constructed
or Last Major
Renovation
Mortgages or
Encumbrances
(in 000's)
Gross
Leasable
Area
(GLA)
(in 000's)
Percent
Leased (3)
Average
Base Rent
PSF (4)
MajorTenant(s) (5)
Oakleaf Commons
Jacksonville
FL
-
96.3%
16.15
Publix
Old St Augustine Plaza
Jacksonville
FL
2017/2020
-
100.0%
11.54
Publix, Burlington Coat Factory, Hobby Lobby, LA Fitness, Ross Dress for Less
Pablo Plaza
Jacksonville
FL
-
100.0%
19.32
Whole Foods, Office Depot, Marshalls, HomeGoods, PetSmart
Pine Tree Plaza
Jacksonville
FL
-
100.0%
15.82
Publix
Seminole Shoppes
Jacksonville
FL
50%
7,500
97.6%
24.72
Publix
Shoppes at Bartram Park
Jacksonville
FL
50%
-
100.0%
23.43
Publix, (Kohl's), (Tutor Time)
Shops at John's Creek
Jacksonville
FL
-
100.0%
28.57
-
South Beach Regional
Jacksonville
FL
-
98.4%
18.88
Trader Joe's, Home Depot, Ross Dress for Less, Staples, Nordstrom Rack, TJ Maxx
Starke(6)
Jacksonville
FL
-
100.0%
27.05
CVS
Avenida Biscayne
Miami-Ft Lauderdale-PompanoBch
FL
-
90.4%
57.09
DSW, Jewelry Exchange, Old Navy, The Fresh Market
Aventura Shopping Center
Miami-Ft Lauderdale-PompanoBch
FL
-
98.9%
39.73
CVS, Publix
Banco Popular Building
Miami-Ft Lauderdale-PompanoBch
FL
-
100.0%
92.31
-
Bird 107 Plaza
Miami-Ft Lauderdale-PompanoBch
FL
-
100.0%
22.87
Walgreens
Bird Ludlam
Miami-Ft Lauderdale-PompanoBch
FL
-
98.1%
26.95
CVS, Goodwill, Winn-Dixie
Boca Village Square
Miami-Ft Lauderdale-PompanoBch
FL
-
100.0%
48.27
CVS, Publix
Boynton Lakes Plaza
Miami-Ft Lauderdale-PompanoBch
FL
-
95.9%
17.82
Citi Trends, Pet Supermarket, Publix
Boynton Plaza
Miami-Ft Lauderdale-PompanoBch
FL
-
100.0%
21.85
CVS, Publix
Caligo Crossing
Miami-Ft Lauderdale-PompanoBch
FL
-
100.0%
46.60
(Kohl's)
Chasewood Plaza
Miami-Ft Lauderdale-PompanoBch
FL
-
96.2%
28.96
Publix, Pet Smart
Concord Shopping Plaza
Miami-Ft Lauderdale-PompanoBch
FL
-
100.0%
15.10
Big Lots, Dollar Tree, Home Depot, Winn-Dixie, YouFit Health Club
Coral Reef Shopping Center
Miami-Ft Lauderdale-PompanoBch
FL
-
98.7%
34.22
Aldi, Walgreens
Country Walk Plaza
Miami-Ft Lauderdale-PompanoBch
FL
16,000
96.5%
27.18
Publix, CVS
Countryside Shops
Miami-Ft Lauderdale-PompanoBch
FL
1991/2018
-
98.0%
23.84
Publix, Ross Dress for Less, Painted Tree Boutique
Fountain Square
Miami-Ft Lauderdale-PompanoBch
FL
-
99.2%
29.78
Publix, Ross Dress for Less, TJ Maxx, Ulta, (Target)
Gardens Square
Miami-Ft Lauderdale-PompanoBch
FL
-
100.0%
20.14
Publix
Greenwood Shopping Centre
Miami-Ft Lauderdale-PompanoBch
FL
-
100.0%
18.41
Publix, Bealls
Hammocks Town Center
Miami-Ft Lauderdale-PompanoBch
FL
-
99.5%
20.37
CVS, Goodwill, Publix, Metro-Dade Public Library, YouFit Health Club, (Kendall Ice Arena)
Pine Island
Miami-Ft Lauderdale-PompanoBch
FL
-
92.5%
16.79
Publix, YouFit Health Club, Floor and Décor, Advanced Veterinary Care Center
Pine Ridge Square
Miami-Ft Lauderdale-PompanoBch
FL
-
98.7%
22.70
The Fresh Market, Marshalls, Ulta, Nordstrom Rack
Pinecrest Place(6)
Miami-Ft Lauderdale-PompanoBch
FL
-
98.3%
44.04
Whole Foods, (Target)
Point Royale Shopping Center
Miami-Ft Lauderdale-PompanoBch
FL
-
99.1%
17.21
Winn-Dixie, Burlington Coat Factory, Pasteur Medical Center, Planet Fitness, Rana Furniture
Prosperity Centre
Miami-Ft Lauderdale-PompanoBch
FL
-
69.6%
25.45
Office Depot, TJ Maxx, CVS
Sawgrass Promenade
Miami-Ft Lauderdale-PompanoBch
FL
-
89.9%
15.72
Publix, Walgreens, Dollar Tree
Sheridan Plaza
Miami-Ft Lauderdale-PompanoBch
FL
1991/2022
-
92.6%
21.00
Publix, Kohl's, LA Fitness, Ross Dress for Less, Pet Supplies Plus, Burlington, Marshalls
Shoppes @ 104
Miami-Ft Lauderdale-PompanoBch
FL
-
98.5%
21.04
Fresco y Mas, CVS
Shoppes at Lago Mar
Miami-Ft Lauderdale-PompanoBch
FL
-
94.3%
17.13
Publix, YouFit Health Club
Shoppes of Jonathan's Landing
Miami-Ft Lauderdale-PompanoBch
FL
-
100.0%
32.51
(Publix)
Shoppes of Oakbrook
Miami-Ft Lauderdale-PompanoBch
FL
-
58.6%
22.33
Publix, Duffy's Sports Bar, CVS
Property Name
CBSA (1)
State
Owner-
ship
Interest (2)
Year
Acquired
Year
Constructed
or Last Major
Renovation
Mortgages or
Encumbrances
(in 000's)
Gross
Leasable
Area
(GLA)
(in 000's)
Percent
Leased (3)
Average
Base Rent
PSF (4)
MajorTenant(s) (5)
Shoppes of Silver Lakes
Miami-Ft Lauderdale-PompanoBch
FL
-
100.0%
21.93
Publix, Goodwill
Shoppes of Sunset
Miami-Ft Lauderdale-PompanoBch
FL
-
81.9%
29.24
-
Shoppes of Sunset II
Miami-Ft Lauderdale-PompanoBch
FL
-
93.4%
25.33
-
Shops at Skylake
Miami-Ft Lauderdale-PompanoBch
FL
-
97.6%
19.13
Publix, LA Fitness, TJ Maxx, Goodwill, Pasteur Medical
University Commons(6)
Miami-Ft Lauderdale-PompanoBch
FL
-
100.0%
34.86
Whole Foods, Nordstrom Rack, Barnes & Noble, Bed Bath & Beyond
Waterstone Plaza
Miami-Ft Lauderdale-PompanoBch
FL
-
100.0%
18.79
Publix
Welleby Plaza
Miami-Ft Lauderdale-PompanoBch
FL
-
94.4%
15.44
Publix, Dollar Tree
Wellington Town Square
Miami-Ft Lauderdale-PompanoBch
FL
-
97.4%
25.44
Publix, CVS
West Bird Plaza
Miami-Ft Lauderdale-PompanoBch
FL
2000/2021
-
97.9%
27.20
Publix
West Lake Shopping Center
Miami-Ft Lauderdale-PompanoBch
FL
-
98.6%
23.62
Fresco y Mas, CVS
Westport Plaza
Miami-Ft Lauderdale-PompanoBch
FL
-
100.0%
23.59
Publix
Berkshire Commons
Naples-Marco Island
FL
-
100.0%
16.53
Publix, Walgreens
Naples Walk
Naples-Marco Island
FL
-
92.8%
19.54
Publix
Pavilion
Naples-Marco Island
FL
-
95.2%
24.34
LA Fitness, Paragon Theaters, J. Lee Salon Suites
Shoppes of Pebblebrook Plaza
Naples-Marco Island
FL
50%
-
97.0%
16.96
Publix, (Walgreens)
Alafaya Village
Orlando-Kissimmee-Sanford
FL
-
87.3%
27.54
-
Kirkman Shoppes
Orlando-Kissimmee-Sanford
FL
-
100.0%
27.21
LA Fitness, Walgreens
Lake Mary Centre
Orlando-Kissimmee-Sanford
FL
-
95.0%
18.61
The Fresh Market, Academy Sports, Hobby Lobby, LA Fitness, Ross Dress for Less, Office Depot
Plaza Venezia
Orlando-Kissimmee-Sanford
FL
20%
36,500
97.1%
35.13
Publix, Eddie V's
Town and Country
Orlando-Kissimmee-Sanford
FL
-
100.0%
11.98
Ross Dress for Less
Unigold Shopping Center
Orlando-Kissimmee-Sanford
FL
-
90.1%
16.19
YouFit Health Club, Ross Dress for Less
Willa Springs
Orlando-Kissimmee-Sanford
FL
16,700
100.0%
25.25
Publix
Cashmere Corners
Port St. Lucie
FL
-
100.0%
17.64
WalMart
The Plaza at St. Lucie West
Port St. Lucie
FL
-
100.0%
27.78
-
Charlotte Square
Punta Gorda
FL
-
92.1%
12.08
WalMart, Buffet City
Ryanwood Square
Sebastian-Vero Beach
FL
-
94.3%
13.13
Publix, Beall's, Harbor Freight Tools
South Point
Sebastian-Vero Beach
FL
-
100.0%
16.14
Publix
Treasure Coast Plaza
Sebastian-Vero Beach
FL
-
99.0%
19.36
Publix, TJ Maxx
Carriage Gate
Tallahassee
FL
-
100.0%
30.01
Trader Joe's, TJ Maxx
Ocala Corners(6)
Tallahassee
FL
-
92.9%
43.62
Publix
Bloomingdale Square
Tampa-St Petersburg-Clearwater
FL
-
99.5%
21.31
Bealls, Dollar Tree, Home Centric, LA Fitness, Publix
Northgate Square
Tampa-St Petersburg-Clearwater
FL
-
100.0%
17.26
Publix
Regency Square
Tampa-St Petersburg-Clearwater
FL
-
98.4%
21.30
AMC Theater, Dollar Tree, Five Below, Marshalls, Michael's, PETCO, Shoe Carnival, TJ Maxx, Ulta, Old Navy, (Best Buy), (Macdill)
Shoppes at Sunlake Centre
Tampa-St Petersburg-Clearwater
FL
-
100.0%
26.31
Publix
Suncoast Crossing(6)
Tampa-St Petersburg-Clearwater
FL
-
100.0%
7.65
Kohl's, (Target)
The Village at Hunter's Lake
Tampa-St Petersburg-Clearwater
FL
-
100.0%
28.89
Sprouts
Town Square
Tampa-St Petersburg-Clearwater
FL
-
100.0%
36.30
PETCO, Barnes & Noble
Village Center
Tampa-St Petersburg-Clearwater
FL
-
100.0%
23.45
Publix, PGA Tour Superstore, Walgreens
Westchase
Tampa-St Petersburg-Clearwater
FL
-
100.0%
18.31
Publix
Ashford Place
Atlanta-SandySprings-Alpharett
GA
-
100.0%
26.58
Harbor Freight Tools
Briarcliff La Vista
Atlanta-SandySprings-Alpharett
GA
-
80.0%
19.82
Michael's
Briarcliff Village
Atlanta-SandySprings-Alpharett
GA
-
99.1%
17.48
Burlington, Party City, Publix, Shoe Carnival, TJ Maxx
Bridgemill Market
Atlanta-SandySprings-Alpharett
GA
-
95.0%
19.62
Publix
Property Name
CBSA (1)
State
Owner-
ship
Interest (2)
Year
Acquired
Year
Constructed
or Last Major
Renovation
Mortgages or
Encumbrances
(in 000's)
Gross
Leasable
Area
(GLA)
(in 000's)
Percent
Leased (3)
Average
Base Rent
PSF (4)
MajorTenant(s) (5)
Brighten Park
Atlanta-SandySprings-Alpharett
GA
-
94.4%
28.84
Lidl, Big Blue Swim School, Kohl's
Buckhead Court
Atlanta-SandySprings-Alpharett
GA
-
98.1%
33.46
-
Buckhead Landing
Atlanta-SandySprings-Alpharett
GA
1998/2024
-
97.6%
34.08
Binders Art Supplies & Frames, Publix, Golf Galaxy
Buckhead Station
Atlanta-SandySprings-Alpharett
GA
-
93.2%
27.35
Cost Plus World Market, DSW Warehouse, Nordstrom Rack, Old Navy, Saks Off 5th, TJ Maxx, Ulta, Bloomingdale's Outlet
Cambridge Square
Atlanta-SandySprings-Alpharett
GA
-
98.7%
24.17
Publix
Chastain Square
Atlanta-SandySprings-Alpharett
GA
-
100.0%
25.43
Publix
Cornerstone Square
Atlanta-SandySprings-Alpharett
GA
-
100.0%
19.53
Aldi, Barking Hound Village, CVS, HealthMarkets Insurance
Dunwoody Hall
Atlanta-SandySprings-Alpharett
GA
13,800
100.0%
22.16
Publix
Dunwoody Village
Atlanta-SandySprings-Alpharett
GA
-
97.2%
23.47
The Fresh Market, Walgreens, Dunwoody Prep
Howell Mill Village
Atlanta-SandySprings-Alpharett
GA
-
100.0%
25.79
Publix
Paces Ferry Plaza
Atlanta-SandySprings-Alpharett
GA
-
100.0%
42.70
Whole Foods
Powers Ferry Square
Atlanta-SandySprings-Alpharett
GA
-
100.0%
36.79
HomeGoods, PETCO
Powers Ferry Village
Atlanta-SandySprings-Alpharett
GA
-
100.0%
10.81
Publix, Barrel Town
Russell Ridge
Atlanta-SandySprings-Alpharett
GA
-
98.7%
13.57
Kroger
Sandy Springs
Atlanta-SandySprings-Alpharett
GA
-
97.8%
28.46
Trader Joe's, Fox's, Peter Glenn Ski & Sports
Sope Creek Crossing
Atlanta-SandySprings-Alpharett
GA
-
98.1%
17.71
Publix
The Shops at Hampton Oaks
Atlanta-SandySprings-Alpharett
GA
-
93.3%
13.74
(CVS)
Williamsburg at Dunwoody
Atlanta-SandySprings-Alpharett
GA
-
95.3%
26.48
-
Civic Center Plaza
Chicago-Naperville-Elgin
IL
40%
22,000
100.0%
11.47
Super H Mart, Home Depot, O'Reilly Automotive, King Spa
Clybourn Commons
Chicago-Naperville-Elgin
IL
-
89.9%
38.45
PETCO
Glen Oak Plaza
Chicago-Naperville-Elgin
IL
-
100.0%
28.06
Trader Joe's, Walgreens, Northshore University Healthsystems
Hinsdale Lake Commons
Chicago-Naperville-Elgin
IL
-
96.7%
17.10
Whole Foods, Goodwill, Charter Fitness, Petco
Mellody Farm
Chicago-Naperville-Elgin
IL
-
98.6%
31.98
Whole Foods, Nordstrom Rack, REI, HomeGoods, Barnes & Noble, West Elm
Naperville Plaza
Chicago-Naperville-Elgin
IL
20%
22,588
100.0%
27.85
Casey's Foods, Trader Joe's, Oswald's Pharmacy
Old Town Square
Chicago-Naperville-Elgin
IL
20%
14,000
97.5%
27.27
Jewel-Osco
Riverside Sq & River's Edge
Chicago-Naperville-Elgin
IL
40%
-
100.0%
19.18
Mariano's Fresh Market, Dollar Tree, Party City, Blink Fitness
Roscoe Square
Chicago-Naperville-Elgin
IL
40%
24,500
100.0%
24.93
Mariano's Fresh Market, Walgreens, Altitude Trampoline Park
Westchester Commons
Chicago-Naperville-Elgin
IL
-
93.5%
19.62
Mariano's Fresh Market, Goodwill
Willow Festival(6)
Chicago-Naperville-Elgin
IL
-
91.6%
19.52
Whole Foods, Lowe's, CVS, HomeGoods, REI, Ulta
Shops on Main
Chicago-Naperville-Elgin
IN
94%
2017/2020
-
100.0%
17.83
Whole Foods, Dick's Sporting Goods, Ross Dress for Less, HomeGoods, DSW, Nordstrom Rack, Marshalls
Willow Lake Shopping Center
Indianapolis-Carmel-Anderson
IN
40%
-
86.4%
18.12
Indiana Bureau of Motor Vehicles, Snipes USA, (Kroger)
Willow Lake West Shopping Center
Indianapolis-Carmel-Anderson
IN
40%
10,000
100.0%
28.57
Trader Joe's
Fellsway Plaza
Boston-Cambridge-Newton
MA
75%
34,300
98.0%
27.44
Stop & Shop, Planet Fitness, BioLife Plasma Services
Shaw's at Plymouth
Boston-Cambridge-Newton
MA
-
100.0%
19.34
Shaw's
Property Name
CBSA (1)
State
Owner-
ship
Interest (2)
Year
Acquired
Year
Constructed
or Last Major
Renovation
Mortgages or
Encumbrances
(in 000's)
Gross
Leasable
Area
(GLA)
(in 000's)
Percent
Leased (3)
Average
Base Rent
PSF (4)
MajorTenant(s) (5)
Shops at Saugus
Boston-Cambridge-Newton
MA
-
100.0%
32.10
Trader Joe's, La-Z-Boy, PetSmart
Star's at Cambridge
Boston-Cambridge-Newton
MA
-
100.0%
41.18
Star Market
Star's at West Roxbury
Boston-Cambridge-Newton
MA
-
98.7%
27.65
Shaw's
The Abbot
Boston-Cambridge-Newton
MA
1912/2024
-
71.9%
98.23
Center for Effective Alturism
Twin City Plaza
Boston-Cambridge-Newton
MA
-
100.0%
23.59
Shaw's, Marshall's, Extra Space Storage, Walgreens, K&G Fashion, Dollar Tree, Everfitness, Formlabs
The Longmeadow Shops
Springfield, MA
MA
13,000
98.9%
31.79
CVS
Festival at Woodholme
Baltimore-Columbia-Towson
MD
40%
18,510
93.7%
41.59
Trader Joe's
Parkville Shopping Center
Baltimore-Columbia-Towson
MD
40%
23,200
96.4%
17.83
Giant, Parkville Lanes, Dollar Tree, Petco, The Cellar Parkville
Southside Marketplace
Baltimore-Columbia-Towson
MD
40%
24,800
94.7%
25.86
Giant
Village at Lee Airpark(6)
Baltimore-Columbia-Towson
MD
-
100.0%
31.87
Giant, (Sunrise)
Burnt Mills
Washington-Arlington-Alexandri
MD
20%
-
100.0%
41.66
Trader Joe's
Cloppers Mill Village
Washington-Arlington-Alexandri
MD
40%
-
94.5%
19.53
Shoppers Food Warehouse, Dollar Tree
Firstfield Shopping Center
Washington-Arlington-Alexandri
MD
40%
-
100.0%
45.97
-
Takoma Park
Washington-Arlington-Alexandri
MD
40%
-
98.2%
15.48
Planet Fitness
Watkins Park Plaza
Washington-Arlington-Alexandri
MD
40%
-
98.6%
30.37
LA Fitness, CVS
Westbard Square
Washington-Arlington-Alexandri
MD
2001/2024
-
98.4%
39.44
Giant, Bowlmor AMF
Woodmoor Shopping Center
Washington-Arlington-Alexandri
MD
40%
18,783
93.3%
38.65
CVS
Apple Valley Square
Minneapol-St. Paul-Bloomington
MN
-
78.7%
19.17
Jo-Ann Fabrics, PETCO, Savers,(Burlington Coat Factory), (Aldi)
Cedar Commons
Minneapol-St. Paul-Bloomington
MN
-
100.0%
30.87
Whole Foods
Colonial Square
Minneapol-St. Paul-Bloomington
MN
40%
19,700
100.0%
28.26
Lund's
Rockford Road Plaza
Minneapol-St. Paul-Bloomington
MN
40%
20,000
99.4%
14.62
Kohl's, PetSmart, HomeGoods, TJ Maxx, ULTA
Rockridge Center
Minneapol-St. Paul-Bloomington
MN
20%
14,500
98.3%
14.85
CUB Foods
Brentwood Plaza
St. Louis
MO
-
92.6%
10.45
Schnucks
Bridgeton
St. Louis
MO
-
100.0%
12.96
Schnucks, (Home Depot)
Dardenne Crossing
St. Louis
MO
-
100.0%
11.85
Schnucks
Kirkwood Commons
St. Louis
MO
-
100.0%
10.42
Walmart, TJ Maxx, HomeGoods, Famous Footwear, (Target), (Lowe's)
Blakeney Town Center
Charlotte-Concord-Gastonia
NC
-
97.9%
27.47
Harris Teeter, Marshalls, Best Buy, Petsmart, Off Broadway Shoes, Old Navy, (Target)
Carmel Commons
Charlotte-Concord-Gastonia
NC
-
100.0%
24.60
Chuck E. Cheese, The Fresh Market, Party City, Edwin Watts Golf
Cochran Commons
Charlotte-Concord-Gastonia
NC
20%
-
100.0%
17.58
Harris Teeter, (Walgreens)
Willow Oaks
Charlotte-Concord-Gastonia
NC
-
100.0%
18.27
Publix
Shops at Erwin Mill
Durham-Chapel Hill
NC
55%
12,000
100.0%
21.04
Harris Teeter
Southpoint Crossing
Durham-Chapel Hill
NC
-
96.1%
18.02
Harris Teeter
Village Plaza
Durham-Chapel Hill
NC
20%
11,515
93.4%
26.20
Whole Foods
Woodcroft Shopping Center
Durham-Chapel Hill
NC
-
97.1%
15.02
Food Lion, ACE Hardware
Glenwood Village
Raleigh-Cary
NC
-
94.4%
19.49
Harris Teeter
Holly Park
Raleigh-Cary
NC
-
99.0%
21.59
DSW Warehouse, Trader Joe's, Ross Dress For Less, Staples, US Fitness Products, Jerry's Artarama, Pet Supplies Plus, Ulta
Lake Pine Plaza
Raleigh-Cary
NC
-
100.0%
14.77
Harris Teeter
Market at Colonnade Center
Raleigh-Cary
NC
-
100.0%
29.08
Whole Foods
Midtown East
Raleigh-Cary
NC
50%
36,000
100.0%
26.43
Wegmans
Ridgewood Shopping Center
Raleigh-Cary
NC
20%
8,759
91.3%
31.17
Whole Foods, Walgreens
Shoppes of Kildaire
Raleigh-Cary
NC
40%
20,000
100.0%
21.87
Trader Joe's, Aldi, Staples, Barnes & Noble
Property Name
CBSA (1)
State
Owner-
ship
Interest (2)
Year
Acquired
Year
Constructed
or Last Major
Renovation
Mortgages or
Encumbrances
(in 000's)
Gross
Leasable
Area
(GLA)
(in 000's)
Percent
Leased (3)
Average
Base Rent
PSF (4)
MajorTenant(s) (5)
Sutton Square
Raleigh-Cary
NC
20%
-
97.0%
22.61
The Fresh Market
Village District
Raleigh-Cary
NC
30%
75,000
99.1%
26.52
Harris Teeter, The Fresh Market, The Oberlin, Wake Public Library, Walgreens, Talbots, Great Outdoor Provision Co., York Properties,The Cheshire Cat Gallery, Crunch Fitness Select Club, Bailey's Fine Jewelry, Sephora, Barnes & Noble, Goodnight's Comedy Club, Ballard Designs
Bloomfield Crossing
New York-Newark-Jersey City
NJ
-
100.0%
16.03
Superfresh
Boonton ACME Shopping Center
New York-Newark-Jersey City
NJ
10,358
100.0%
25.54
Acme Markets
Cedar Hill Shopping Center
New York-Newark-Jersey City
NJ
6,815
100.0%
31.17
Walgreens
Chestnut Ridge Shopping Center
New York-Newark-Jersey City
NJ
50%
-
92.2%
30.97
Fresh Market, Drop Fitness
Chimney Rock(6)
New York-Newark-Jersey City
NJ
-
100.0%
38.34
Whole Foods, Nordstrom Rack, Saks Off 5th, The Container Store, Ulta, LL Bean
District at Metuchen
New York-Newark-Jersey City
NJ
20%
16,000
100.0%
33.14
Whole Foods
Emerson Plaza
New York-Newark-Jersey City
NJ
-
95.3%
14.50
Shoprite, K-9 Resorts Luxury Pet Hotel
Ferry Street Plaza
New York-Newark-Jersey City
NJ
8,471
100.0%
23.41
Seabra Foods, Flaming Grill
H Mart Plaza
New York-Newark-Jersey City
NJ
-
100.0%
46.32
-
Meadtown Shopping Center
New York-Newark-Jersey City
NJ
9,070
100.0%
26.71
Marshalls, Petco, Walgreens
Midland Park Shopping Center
New York-Newark-Jersey City
NJ
17,166
91.9%
25.08
Kings Food Markets, Crunch Fitness
Plaza Square
New York-Newark-Jersey City
NJ
40%
-
80.0%
18.05
Grocer, Retro Fitness
Pompton Lakes Towne Square
New York-Newark-Jersey City
NJ
-
92.2%
26.29
Planet Fitness
Rite Aid Plaza-Waldwick Plaza
New York-Newark-Jersey City
NJ
-
100.0%
30.42
Rite Aid
South Pass Village
New York-Newark-Jersey City
NJ
19,705
100.0%
32.06
Acme Markets
Valley Ridge Shopping Center
New York-Newark-Jersey City
NJ
16,249
93.0%
27.33
Whole Foods
Van Houten Plaza
New York-Newark-Jersey City
NJ
-
100.0%
11.05
Dollar Tree
Waldwick Plaza
New York-Newark-Jersey City
NJ
-
100.0%
28.19
-
Washington Commons
New York-Newark-Jersey City
NJ
100%
8,494
94.2%
23.95
Stop & Shop
Glenwood Green
Philadelphia-Camden-Wilmington
NJ
70%
-
95.6%
16.84
ShopRite, Target, Rendina
Haddon Commons
Philadelphia-Camden-Wilmington
NJ
40%
-
100.0%
18.29
Acme Markets
101 7th Avenue
New York-Newark-Jersey City
NY
-
0.0%
-
-
111 Kraft Avenue
New York-Newark-Jersey City
NY
-
74.1%
50.80
-
1175 Third Avenue
New York-Newark-Jersey City
NY
-
100.0%
112.26
Whole Foods, Five Below
1225-1239 Second Ave
New York-Newark-Jersey City
NY
-
100.0%
83.90
Dumbo Market
260-270 Sawmill Road
New York-Newark-Jersey City
NY
-
100.0%
1.69
-
27 Purchase Street
New York-Newark-Jersey City
NY
-
100.0%
39.59
-
410 South Broadway
New York-Newark-Jersey City
NY
-
100.0%
1.21
-
48 Purchase Street
New York-Newark-Jersey City
NY
-
100.0%
82.38
-
90 - 30 Metropolitan Avenue
New York-Newark-Jersey City
NY
-
100.0%
36.15
Michaels, Staples, Trader Joe's
Arcadian Shopping Center
New York-Newark-Jersey City
NY
-
97.9%
24.78
Stop & Shop, Westchester Community College, The 19th Hole
Biltmore Shopping Center
New York-Newark-Jersey City
NY
-
100.0%
39.90
-
Broadway Plaza(6)
New York-Newark-Jersey City
NY
-
93.2%
41.90
Aldi, Best Buy, Bob's Discount Furniture, TJ Maxx, Blink Fitness
Carmel ShopRite Plaza
New York-Newark-Jersey City
NY
-
96.9%
14.50
Shoprite, Carmel Cinema, Gold's Gyn, Rite Aid
Chilmark Shopping Center
New York-Newark-Jersey City
NY
-
100.0%
32.98
CVS
Property Name
CBSA (1)
State
Owner-
ship
Interest (2)
Year
Acquired
Year
Constructed
or Last Major
Renovation
Mortgages or
Encumbrances
(in 000's)
Gross
Leasable
Area
(GLA)
(in 000's)
Percent
Leased (3)
Average
Base Rent
PSF (4)
MajorTenant(s) (5)
Clocktower Plaza Shopping Ctr(6)
New York-Newark-Jersey City
NY
-
96.9%
48.76
Stop & Shop
DeCicco's Plaza
New York-Newark-Jersey City
NY
-
97.0%
40.53
Decicco & Sons
District Shops of Pelham Manor (fka Pelham Manor Plaza)
New York-Newark-Jersey City
NY
-
74.5%
36.02
Manor Market
East Meadow Plaza
New York-Newark-Jersey City
NY
-
85.6%
25.93
Lidl, Dollar Deal
Eastchester Plaza
New York-Newark-Jersey City
NY
-
100.0%
37.50
CVS
Eastport
New York-Newark-Jersey City
NY
-
94.0%
13.04
King Kullen, Rite Aid
Gateway Plaza
New York-Newark-Jersey City
NY
50%
14,000
100.0%
9.78
Walmart, Bob's Discount Furniture
Harrison Shopping Square
New York-Newark-Jersey City
NY
-
95.2%
23.68
The Goddard School
Heritage 202 Center
New York-Newark-Jersey City
NY
-
93.8%
36.54
-
Hewlett Crossing I & II
New York-Newark-Jersey City
NY
-
100.0%
39.55
-
Lake Grove Commons
New York-Newark-Jersey City
NY
40%
49,246
100.0%
37.39
Whole Foods, LA Fitness
Lakeview Shopping Center
New York-Newark-Jersey City
NY
10,680
97.9%
18.55
Acme, Planet Fitness, Montclare Children's School, Rite Aid
McLean Plaza
New York-Newark-Jersey City
NY
100%
5,000
88.4%
19.92
Acme Markets
Midway Shopping Center
New York-Newark-Jersey City
NY
12%
21,346
97.4%
26.83
Shoprite, JoAnn, Amazing Savings, CVS, Planet Fitness, Denny's Kids, Ulta
New City PCSB Bank Pad
New York-Newark-Jersey City
NY
-
100.0%
102.08
-
Orangetown Shopping Center
New York-Newark-Jersey City
NY
100%
5,885
91.5%
22.26
CVS
Purchase Street Shops
New York-Newark-Jersey City
NY
-
100.0%
37.74
-
Putnam Plaza
New York-Newark-Jersey City
NY
67%
16,916
89.1%
17.62
Tops, Dollar World, Rite Aid, Harbor Freight Tools
Riverhead Plaza
New York-Newark-Jersey City
NY
50%
-
100.0%
39.46
-
Rivertowns Square
New York-Newark-Jersey City
NY
-
93.9%
27.79
Ulta, The Learning Experience, Mom's Organic Market, Look Cinemas
Somers Commons
New York-Newark-Jersey City
NY
-
89.9%
17.79
Level Fitness, Tractor Supply, Goodwill
Staples Plaza-Yorktown Heights
New York-Newark-Jersey City
NY
-
100.0%
11.45
Level Fitness, Staples, Party City, Extra Space Storage
Tanglewood Shopping Center
New York-Newark-Jersey City
NY
2,163
96.6%
44.02
-
The Gallery at Westbury Plaza
New York-Newark-Jersey City
NY
-
98.4%
53.54
Trader Joe's, Nordstrom Rack, Saks Fifth Avenue, Bloomingdale's, The Container Store, HomeGoods, Old Navy, Gap Outlet, Bassett Home Furnishings, Famous Footwear
The Meadows (fka East Meadow)
New York-Newark-Jersey City
NY
-
94.8%
16.48
Marshalls, Stew Leonard's, Net Cost Market, Catch Air
The Point at Garden City Park(6)
New York-Newark-Jersey City
NY
-
100.0%
31.29
King Kullen, Ace Hardware
The Shops at SunVet (fka SunVet)(6)(7)
New York-Newark-Jersey City
NY
100%
-
73.3%
45.92
Whole Foods, Nordstrom Rack
Towne Centre at Somers
New York-Newark-Jersey City
NY
-
98.2%
31.74
CVS
Valley Stream
New York-Newark-Jersey City
NY
-
95.0%
31.10
King Kullen
Village Commons
New York-Newark-Jersey City
NY
-
87.6%
39.47
-
Wading River
New York-Newark-Jersey City
NY
-
96.4%
24.56
King Kullen, CVS, Ace Hardware
Westbury Plaza
New York-Newark-Jersey City
NY
88,000
100.0%
28.10
WalMart, Costco, Marshalls, Total Wine and More, Olive Garden
Marine's Taste of Italy
Torrington
NY
-
100.0%
28.73
-
Cherry Grove
Cincinnati
OH
-
96.0%
13.34
Kroger, Shoe Carnival, TJ Maxx, Tuesday Morning
Hyde Park
Cincinnati
OH
-
100.0%
17.41
Kroger, Kohl's, Walgreens, Ace Hardware, Staples, Marshalls, Five Below
Red Bank Village
Cincinnati
OH
-
100.0%
8.00
WalMart
Property Name
CBSA (1)
State
Owner-
ship
Interest (2)
Year
Acquired
Year
Constructed
or Last Major
Renovation
Mortgages or
Encumbrances
(in 000's)
Gross
Leasable
Area
(GLA)
(in 000's)
Percent
Leased (3)
Average
Base Rent
PSF (4)
MajorTenant(s) (5)
Regency Commons
Cincinnati
OH
-
84.0%
27.58
-
West Chester Plaza
Cincinnati
OH
-
96.8%
10.20
Kroger
East Pointe
Columbus
OH
-
100.0%
11.65
Kroger
Kroger New Albany Center
Columbus
OH
-
100.0%
14.12
Kroger
Northgate Plaza (Maxtown Road)
Columbus
OH
-
100.0%
12.51
Kroger, (Home Depot)
Corvallis Market Center
Corvallis
OR
-
100.0%
22.79
Michaels, TJ Maxx, Trader Joe's
Northgate Marketplace
Medford
OR
-
96.3%
25.26
Trader Joe's, REI, PETCO
Northgate Marketplace Ph II
Medford
OR
-
96.4%
18.12
Dick's Sporting Goods, Homegoods, Marshalls
Greenway Town Center
Portland-Vancouver-Hillsboro
OR
40%
-
97.5%
17.00
Dollar Tree, Rite Aid, Whole Foods
Murrayhill Marketplace
Portland-Vancouver-Hillsboro
OR
-
90.4%
22.03
Safeway, Planet Fitness
Sherwood Crossroads
Portland-Vancouver-Hillsboro
OR
-
91.9%
12.40
Safeway
Tanasbourne Market(6)
Portland-Vancouver-Hillsboro
OR
-
100.0%
33.11
Whole Foods
Walker Center
Portland-Vancouver-Hillsboro
OR
-
95.7%
28.64
REI
Allen Street Shopping Ctr
Allentown-Bethlehem-Easton
PA
40%
-
100.0%
19.71
Grocery Outlet Bargain Market
Lower Nazareth Commons
Allentown-Bethlehem-Easton
PA
-
100.0%
28.73
Burlington Coat Factory, PETCO, (Wegmans), (Target)
Stefko Boulevard Shopping Center
Allentown-Bethlehem-Easton
PA
40%
-
97.9%
11.44
Valley Farm Market, Dollar Tree, Muscle Inc. Gym
Hershey(6)
Harrisburg-Carlisle
PA
-
100.0%
30.00
-
Baederwood Shopping Center
Philadelphia-Camden-Wilmington
PA
80%
24,365
97.4%
28.52
Whole Foods, Planet Fitness
City Avenue Shopping Center
Philadelphia-Camden-Wilmington
PA
40%
-
96.1%
21.97
Ross Dress for Less, TJ Maxx, Dollar Tree
Gateway Shopping Center
Philadelphia-Camden-Wilmington
PA
-
96.0%
36.71
Trader Joe's, Staples, TJ Maxx, Jo-Ann Fabrics
Mercer Square Shopping Center
Philadelphia-Camden-Wilmington
PA
40%
-
100.0%
23.43
Weis Markets
Newtown Square Shopping Center
Philadelphia-Camden-Wilmington
PA
40%
20,000
96.5%
20.87
Acme Markets, Michael's
Warwick Square Shopping Center
Philadelphia-Camden-Wilmington
PA
40%
-
95.6%
17.47
Grocery Outlet Bargain Market, Planet Fitness
East Greenwich Square
Boston-Cambridge-Newton
RI
70%
26,000
97.0%
20.00
Dave's Fresh Marketplace, Les Isle Rose
Indigo Square
Charleston-North Charleston
SC
-
100.0%
32.01
Greenwise (Vac 8/29/20)
Merchants Village
Charleston-North Charleston
SC
40%
9,000
100.0%
19.16
Publix
Harpeth Village Fieldstone
Nashvil-Davdsn-Murfree-Frankln
TN
-
100.0%
17.43
Publix
Northlake Village
Nashvil-Davdsn-Murfree-Frankln
TN
-
100.0%
16.14
Kroger
Peartree Village
Nashvil-Davdsn-Murfree-Frankln
TN
-
100.0%
20.52
Kroger, PETCO
Hancock
Austin-Round Rock-Georgetown
TX
-
99.2%
20.53
24 Hour Fitness, Firestone Complete Auto Care, H.E.B, PETCO, Twin Liquors
Market at Round Rock
Austin-Round Rock-Georgetown
TX
-
85.6%
21.63
Sprout's Markets, Office Depot
North Hills
Austin-Round Rock-Georgetown
TX
-
98.8%
23.70
H.E.B.
Shops at Mira Vista
Austin-Round Rock-Georgetown
TX
100.0%
27.16
Trader Joe's, Champions Westlake Gymnastics & Cheer
Tech Ridge Center
Austin-Round Rock-Georgetown
TX
-
98.3%
21.47
H.E.B., Pinstack, Baylor Scott & White
University Commons - Austin
Austin-Round Rock-Georgetown
TX
20%
-
93.8%
21.03
HEB
Bethany Park Place
Dallas-Fort Worth-Arlington
TX
10,200
98.6%
12.07
Kroger
CityLine Market
Dallas-Fort Worth-Arlington
TX
-
100.0%
30.87
Whole Foods
CityLine Market Phase II
Dallas-Fort Worth-Arlington
TX
-
100.0%
28.99
CVS
Hillcrest Village
Dallas-Fort Worth-Arlington
TX
-
100.0%
51.47
-
Keller Town Center
Dallas-Fort Worth-Arlington
TX
-
95.9%
17.00
Tom Thumb
Lebanon/Legacy Center
Dallas-Fort Worth-Arlington
TX
-
97.0%
31.71
(WalMart)
Market at Preston Forest
Dallas-Fort Worth-Arlington
TX
-
100.0%
23.28
Tom Thumb
Mockingbird Commons
Dallas-Fort Worth-Arlington
TX
-
100.0%
22.21
Tom Thumb, Ogle School of Hair Design
Property Name
CBSA (1)
State
Owner-
ship
Interest (2)
Year
Acquired
Year
Constructed
or Last Major
Renovation
Mortgages or
Encumbrances
(in 000's)
Gross
Leasable
Area
(GLA)
(in 000's)
Percent
Leased (3)
Average
Base Rent
PSF (4)
MajorTenant(s) (5)
Preston Oaks(6)
Dallas-Fort Worth-Arlington
TX
-
96.2%
41.60
Central Market, Talbots
Prestonbrook
Dallas-Fort Worth-Arlington
TX
-
98.9%
15.73
Kroger
Shiloh Springs
Dallas-Fort Worth-Arlington
TX
-
100.0%
15.84
Kroger
Alden Bridge
Houston-Woodlands-Sugar Land
TX
26,000
97.4%
21.80
Kroger, Walgreens
Baybrook East(7)
Houston-Woodlands-Sugar Land
TX
50%
11,778
91.3%
12.73
H.E.B
Cochran's Crossing
Houston-Woodlands-Sugar Land
TX
-
93.7%
21.16
Kroger
Indian Springs Center
Houston-Woodlands-Sugar Land
TX
-
100.0%
26.92
H.E.B.
Jordan Ranch(7)
Houston-Woodlands-Sugar Land
TX
50%
-
83.2%
14.81
HEB
Market at Springwoods Village
Houston-Woodlands-Sugar Land
TX
53%
3,750
98.9%
18.44
Kroger
Panther Creek
Houston-Woodlands-Sugar Land
TX
-
99.0%
25.47
CVS, The Woodlands Childrens Museum, Fitness Project
Sienna Grande Shops (fka Sienna)(7)
Houston-Woodlands-Sugar Land
TX
75%
-
58.6%
35.60
-
Southpark at Cinco Ranch
Houston-Woodlands-Sugar Land
TX
-
100.0%
14.85
Kroger, Academy Sports, PETCO, Spec's Liquor and Finer Foods
Sterling Ridge
Houston-Woodlands-Sugar Land
TX
-
100.0%
22.98
Kroger, CVS
Sweetwater Plaza
Houston-Woodlands-Sugar Land
TX
20%
20,000
93.7%
18.81
Kroger, Walgreens
The Village at Riverstone
Houston-Woodlands-Sugar Land
TX
-
95.0%
17.44
Kroger
Weslayan Plaza East
Houston-Woodlands-Sugar Land
TX
40%
-
100.0%
22.37
Berings, Ross Dress for Less, Michaels, The Next Level Fitness, Spec's Liquor, Trek Bicycle
Weslayan Plaza West
Houston-Woodlands-Sugar Land
TX
40%
-
98.1%
22.38
Randalls Food, Walgreens, PETCO, Homegoods, Barnes & Noble
Westwood Village
Houston-Woodlands-Sugar Land
TX
-
97.5%
19.60
Fitness Project, PetSmart, Office Max, Ross Dress For Less, TJ Maxx, Kelsey Seybold,(Target)
Woodway Collection
Houston-Woodlands-Sugar Land
TX
40%
25,900
94.2%
32.52
Whole Foods
Carytown Exchange
Richmond
VA
69%
-
100.0%
29.09
Publix, CVS
Hanover Village Shopping Center
Richmond
VA
40%
-
100.0%
10.35
Aldi, Tractor Supply Company, Harbor Freight Tools, Dollar Tree
Village Shopping Center
Richmond
VA
40%
24,250
83.8%
26.94
Publix, CVS
Ashburn Farm Village Center
Washington-Arlington-Alexandri
VA
40%
-
100.0%
18.24
Patel Brothers, The Shop Gym
Belmont Chase
Washington-Arlington-Alexandri
VA
-
100.0%
35.19
Cooper's Hawk Winery, Whole Foods
Centre Ridge Marketplace
Washington-Arlington-Alexandri
VA
40%
11,640
96.2%
20.21
United States Coast Guard Ex, Planet Fitness
Festival at Manchester Lakes
Washington-Arlington-Alexandri
VA
40%
-
96.2%
31.39
Amazon Fresh, Homesense, Hyper Kidz
Fox Mill Shopping Center
Washington-Arlington-Alexandri
VA
40%
22,500
97.6%
27.74
Giant
Greenbriar Town Center
Washington-Arlington-Alexandri
VA
40%
76,200
97.2%
29.79
Big Blue Swim School, Bob's Discount Furniture, CVS, Giant, Marshalls, Planet Fitness, Ross Dress for Less, Total Wine and More
Kamp Washington Shopping Center
Washington-Arlington-Alexandri
VA
40%
-
100.0%
35.50
PGA Tour Superstore
Kings Park Shopping Center
Washington-Arlington-Alexandri
VA
40%
21,800
100.0%
34.87
Giant, CVS
Lorton Station Marketplace
Washington-Arlington-Alexandri
VA
20%
7,300
91.4%
26.76
Amazon Fresh, Planet Fitness, Five Below, LLC
Point 50
Washington-Arlington-Alexandri
VA
-
100.0%
33.27
Amazon Fresh
Saratoga Shopping Center
Washington-Arlington-Alexandri
VA
40%
22,800
95.1%
22.48
Giant
Shops at County Center
Washington-Arlington-Alexandri
VA
-
100.0%
21.74
Harris Teeter, Planet Fitness
Property Name
CBSA (1)
State
Owner-
ship
Interest (2)
Year
Acquired
Year
Constructed
or Last Major
Renovation
Mortgages or
Encumbrances
(in 000's)
Gross
Leasable
Area
(GLA)
(in 000's)
Percent
Leased (3)
Average
Base Rent
PSF (4)
MajorTenant(s) (5)
The Crossing Clarendon
Washington-Arlington-Alexandri
VA
-
96.2%
39.71
Whole Foods, Crate & Barrel, The Container Store, Barnes & Noble, Pottery Barn, Ethan Allen, The Cheesecake Factory, LifeTime, Corobus Sports, Three Notch'd Brewing Company
The Field at Commonwealth
Washington-Arlington-Alexandri
VA
-
100.0%
23.89
Wegmans
Village Center at Dulles
Washington-Arlington-Alexandri
VA
20%
46,000
85.5%
30.62
Giant, CVS, Advance Auto Parts, Chuck E. Cheese, HomeGoods, Goodwill, Furniture Max
Willston Centre I
Washington-Arlington-Alexandri
VA
40%
-
86.5%
30.38
Fashion K City
Willston Centre II
Washington-Arlington-Alexandri
VA
40%
32,000
100.0%
28.50
Safeway, (Target), (PetSmart)
6401 Roosevelt
Seattle-Tacoma-Bellevue
WA
-
100.0%
27.92
-
Aurora Marketplace
Seattle-Tacoma-Bellevue
WA
40%
13,400
100.0%
19.13
Safeway, TJ Maxx
Ballard Blocks I
Seattle-Tacoma-Bellevue
WA
50%
-
98.4%
27.71
LA Fitness, Ross Dress for Less, Trader Joe's
Ballard Blocks II
Seattle-Tacoma-Bellevue
WA
50%
-
99.0%
35.03
Bright Horizons, Kaiser Permanente, PCC Community Markets, Prokarma, Trufusion, West Marine
Broadway Market
Seattle-Tacoma-Bellevue
WA
20%
21,500
94.3%
29.42
Gold's Gym, Mosaic Salon Group, Quality Food Centers
Cascade Plaza
Seattle-Tacoma-Bellevue
WA
20%
-
86.9%
13.24
Big 5 Sporting Goods, Dollar Tree, Jo-Ann Fabrics, Planet Fitness, Ross Dress For Less, Safeway, Aaron's
Eastgate Plaza
Seattle-Tacoma-Bellevue
WA
40%
2018/2021
22,000
100.0%
32.47
Safeway, Rite Aid
Grand Ridge Plaza
Seattle-Tacoma-Bellevue
WA
-
99.5%
27.53
Bevmo!, Dick's Sporting Goods, Marshalls, Regal Cinemas,Safeway, Ulta
Inglewood Plaza
Seattle-Tacoma-Bellevue
WA
-
100.0%
48.11
-
Island Village
Seattle-Tacoma-Bellevue
WA
-
98.7%
16.47
Safeway, Rite Aid
Klahanie Shopping Center
Seattle-Tacoma-Bellevue
WA
-
89.6%
39.15
(QFC)
Melrose Market
Seattle-Tacoma-Bellevue
WA
-
92.7%
37.57
-
Overlake Fashion Plaza
Seattle-Tacoma-Bellevue
WA
40%
-
100.0%
30.71
Marshalls, Bevmo!, Amazon Go Grocery
Pine Lake Village
Seattle-Tacoma-Bellevue
WA
-
98.6%
27.82
Quality Food Centers, Rite Aid
Roosevelt Square
Seattle-Tacoma-Bellevue
WA
-
84.7%
28.96
Whole Foods, Guitar Center, LA Fitness
Sammamish-Highlands
Seattle-Tacoma-Bellevue
WA
-
100.0%
39.83
Trader Joe's, Bartell Drugs, (Safeway)
Southcenter
Seattle-Tacoma-Bellevue
WA
-
100.0%
36.04
(Target)
Regency Centers Total
$
2,186,955
57,315
96.3%
$
25.16
(1) CBSA refers to Core-Based Statistical Area (e.g. metropolitan area).
(2)Represents our percentage ownership interest in the property, if not wholly-owned.
(3)Percentages also include properties where we have not yet incurred at least 90% of the expected costs to complete development and the property is not yet 95% occupied or the anchor has not yet been open for at least two years ("development properties" or "properties in development"). However, if development properties were excluded, the total percent leased would be 94.9% for our Combined Portfolio of shopping centers.
(4)Average base rent PSF is calculated based on annual minimum contractual base rent per the tenant lease, excluding percentage rent and recovery revenue.
(5)Retailers in parenthesis are "shadow anchors" at our shopping centers (as described in Item 1A, "Risk Factors"). We have no ownership or leasehold interest in their space, which is adjacent to our property or on a parcel owned by the shadow anchor that appears to be part of our center.
(6)The ground underlying the building and improvements is not owned by Regency or its unconsolidated real estate partnerships, but is subject to a ground lease.
(7)Property in development.

---

ITEM 3. LEGAL PROCEEDINGS
Item 3. Legal Proceedings
We are a party to various legal proceedings that arise in the ordinary course of our business. We are not currently involved in any litigation, nor, to our knowledge, is any litigation threatened against us, the outcome of which would, in our judgment based on information currently available to us, have a material adverse effect on our financial position or results of operations. However, no assurances can be given as to the outcome of any threatened or pending legal proceedings.
See Note 17 - Commitments and Contingencies in the Notes for discussion regarding material legal proceeds and contingencies.

---

ITEM 4. MINE SAFETY DISCLOSURE
Item 4. Mine Safety Disclosures
Not applicable.
PART II

---

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY
Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities
Our common stock is listed on the NASDAQ Global Select Market under the symbol "REG."
As of February 07, 2025, there were 140,467 holders of our common stock.
We intend to pay regular quarterly distributions to Regency Centers Corporation's common shareholders. Future distributions will be declared and paid at the discretion of our Board of Directors and will depend upon cash generated by our operating results, our financial condition, cash flows, capital requirements, future business prospects, annual dividend requirements under the REIT provisions of the Internal Revenue Code of 1986, as amended, and such other factors as our Board of Directors deems relevant. In order to maintain Regency Centers Corporation's qualification as a REIT for federal income tax purposes, we are generally required to make annual distributions equal to at least 90% of our real estate investment trust taxable income for the taxable year, excluding any net capital gains. Under certain circumstances we could be required to make distributions in excess of cash available for distributions in order to meet such requirements. We have a dividend reinvestment plan under which our shareholders may elect to reinvest their dividends automatically in common stock. Under the plan, we may elect to purchase common stock in the open market on behalf of shareholders or may issue new common stock to such shareholders.
Under the terms of our Line, in the event of any monetary default, we may not make distributions to shareholders except to the extent necessary to maintain our REIT status.
There were no unregistered sales of equity securities during the quarter ended December 31, 2024.
The following table represents information with respect to purchases by Regency of its common stock by month during the three month period ended December 31, 2024:
Period
Total number of
shares
purchased (1)
Total number of shares
purchased as part of
publicly announced plans
or programs (2)
Average price
paid per share
Maximum number or approximate
dollar value of shares that may yet be
purchased under the plans or
programs (2)
October 1, 2024, through October 31, 2024
-
-
$
-
$
250,000,000
November 1, 2024, through November 30, 2024
145,257
-
$
73.77
$
250,000,000
December 1, 2024, through December 31, 2024
-
-
$
-
$
250,000,000
(1)Represents shares purchased to cover payment of withholding taxes in connection with restricted stock vesting by participants under Regency's Long-Term Omnibus Plan.
(2)On July 31, 2024, we announced that our Board has authorized a common stock repurchase program under which we may purchase up to a maximum of $250 million of our outstanding common stock through open market purchases, and/or in privately negotiated transactions. The timing and price of stock repurchases will be dependent upon market conditions and other factors. Any stock repurchased, if not retired, will be treated as treasury stock. This program will expire on June 30, 2026, unless modified, extended or earlier terminated by the Board in its discretion.
The performance graph furnished below shows Regency's cumulative total shareholder return relative to the S&P 500 Index, the FTSE Nareit Equity REIT Index, and the FTSE Nareit Equity Shopping Centers index since December 31, 2019. The following performance graph and table do not constitute soliciting material and should not be deemed filed or incorporated by reference into any other previous or future filings by us under the Securities Act of 1933, as amended (the "Securities Act") or the Securities Exchange Act of 1934, as amended (the "Exchange Act").
12/31/2019
12/31/2020
12/31/2021
12/31/2022
12/31/2023
12/31/2024
Regency Centers Corporation
$
100.00
76.09
130.41
112.72
125.99
144.73
S&P 500
100.00
118.40
152.39
124.79
157.59
197.02
FTSE NAREIT Equity REITs
100.00
92.00
131.78
99.67
113.35
123.25
FTSE NAREIT Equity Shopping Centers
100.00
72.36
119.43
104.46
117.03
136.97

---

ITEM 6. SELECTED FINANCIAL DATA
Item 6. [Reserved]

---

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Executing on our Strategy
During the year ended December 31, 2024, we had Net income attributable to common shareholders of $386.7 million as compared to $359.5 million during the year ended December 31, 2023 with the increase primarily related to the 2023 acquisition of UBP.
During the year ended December 31, 2024:
•Our Pro-rata same property NOI, excluding termination fees, grew 3.1%, primarily attributable to improvements in base rent from increases in year over year occupancy rates, contractual rent steps in existing leases, and positive rent spreads on new and renewal leases.
•We executed 2,032 new and renewal leasing transactions representing 9.9 million Pro-rata SF with positive rent spreads of 9.5% during 2024, compared to 1,839 such transactions representing 6.9 million Pro-rata SF with positive rent spreads of 10.0% in 2023. Rent spreads are calculated on all executed leasing transactions for comparable Retail Operating Property spaces, including spaces vacant greater than 12 months.
•At December 31, 2024, our total property portfolio was 96.3% leased while our same property portfolio was 96.7% leased, compared to 95.1% and 95.7%, respectively, at December 31, 2023.
We continued our development and redevelopment of high quality shopping centers:
•Estimated Pro-rata project costs of our current in process development and redevelopment projects totaled $497.3 million compared to $468.1 million at December 31, 2023.
•Development and redevelopment projects completed during 2024 represented $236.6 million of estimated net project costs, with an average stabilized yield of 8.0%. A stabilized yield for development and redevelopment projects represents the incremental NOI (estimated stabilized NOI less NOI prior to project commencement) divided by the total project costs.
We engaged in successful capital markets transactions and related activity that enabled us to maintain liquidity and the financial flexibility to cost effectively fund investment opportunities and debt maturities:
•We received a credit rating upgrade to A3 with a stable outlook from Moody's Investors Service, and S&P Global upgraded our outlook to 'Positive' and affirmed the Company's BBB+ credit rating.
•On January 8, 2024, we priced a public offering of $400 million of senior unsecured notes due in 2034, with a coupon of 5.25% . We used a portion of the net proceeds to reduce the outstanding balance on the Line and invested the remaining net proceeds in certificates of deposit and short-term U.S. Treasury mutual funds until required for general corporate purposes including the repayment of outstanding debt, as further described below. All such investments matured within the year.
•On June 17, 2024, we repaid $250 million of maturing senior unsecured notes.
•On August 12, 2024, we priced a public offering of $325 million of senior unsecured notes due in 2035, with a coupon of 5.1%. We used the net proceeds from this offering to reduce the outstanding balance on the Line.
•We have $101.6 million of secured loans maturing during the next 12 months, including Regency's pro-rata share of maturities within our unconsolidated real estate partnerships, which we intend to refinance or pay-off as they mature.
•At December 31, 2024, we had $1.4 billion available on the Line, which expires on March 23, 2028 unless we exercise the available options to extend the maturity for two additional six-month periods, in which case the term will be extended in accordance with any such option exercise.
•During November and December 2024, we entered into forward sale agreements with respect to 1,339,377 shares that were purchased in several tranches at a weighted average offering price of $74.66 per share before any underwriting discount and offering expenses. These shares are pledged under forward sale agreements and must be settled within one year of their trade dates, which vary by agreement and are expected to result in net proceeds of approximately $100 million. Proceeds from the issuance of shares are expected to be used to fund acquisitions of operating properties, to fund developments and redevelopments, and for general corporate purposes. No shares have been settled through December 31, 2024.
Leasing Activity and Significant Tenants
We believe our high-quality, neighborhood and community shopping centers located in suburban trade areas with compelling demographics create attractive spaces for retail and service providers to operate their businesses.
Pro-rata Percent Leased
The following table summarizes Pro-rata percent leased of our combined consolidated and unconsolidated shopping center portfolio:
December 31, 2024
December 31, 2023
Percent Leased - All properties
96.3
%
95.1
%
Anchor Space (spaces ≥ 10,000 SF)
98.4
%
96.7
%
Shop Space (spaces < 10,000 SF)
93.0
%
92.4
%
Our percent leased increased primarily due to favorable leasing activity in both our Anchor and Shop Space categories during 2024.
Pro-rata Leasing Activity
The following table summarizes leasing activity, including our Pro-rata share of activity within the portfolio of our real estate partnerships (totals as a weighted-average PSF):
Year Ended December 31, 2024
Leasing
Transactions
SF
(in thousands)
Base
Rent PSF
Tenant
Allowance
and Landlord
Work PSF
Leasing
Commissions
PSF
Anchor Space Leases
New
$
20.06
$
61.64
$
6.77
Renewal
4,778
18.48
0.72
0.09
Total Anchor Space Leases
5,730
$
18.76
$
11.74
$
1.30
Shop Space Leases
New
1,415
$
39.91
$
44.11
$
14.58
Renewal
1,242
2,714
38.39
2.52
0.65
Total Shop Space Leases
1,840
4,129
$
38.92
$
16.98
$
5.49
Total Leases
2,032
9,859
$
27.19
$
13.93
$
3.05
Year Ended December 31, 2023
Leasing
Transactions
SF
(in thousands)
Base
Rent PSF
Tenant
Allowance
and Landlord
Work PSF
Leasing
Commissions
PSF
Anchor Space Leases
New
$
20.37
$
45.96
$
5.38
Renewal
2,916
18.06
0.39
0.10
Total Anchor Space Leases
3,775
$
18.58
$
10.77
$
1.30
Shop Space Leases
New
1,179
$
38.25
$
41.71
$
13.28
Renewal
1,105
1,952
37.55
1.73
0.73
Total Shop Space Leases
1,688
3,131
$
37.82
$
16.79
$
5.45
Total Leases
1,839
6,906
$
27.30
$
13.50
$
3.19
The weighted-average base rent PSF on signed Shop Space leases during 2024 was $38.92 PSF, which is higher than the weighted average annual base rent PSF of all Shop Space leases due to expire during the next 12 months of $35.98 PSF. New and renewal rent spreads, compared to prior rents on these same spaces leased, were positive at 9.5% for the 12 months ended December 31, 2024, compared to 10.0% for the 12 months ended December 31, 2023.
Diversification and Concentration of Tenant Risk
We seek to reduce our risk by limiting concentration. For example, we utilize geographic diversification, as described in "Item 2. Properties" of this Report, and also seek to avoid dependence on any single property, market, or tenant. Based on percentage of annualized base rent, the following table summarizes our most significant tenants, of which four of the top five are grocers:
December 31, 2024
Anchor
Number of
Stores
Percentage of
Company-
owned GLA (1)
Percentage of
Annual
Base Rent (1)
Publix
6.0
%
2.9
%
Albertsons Companies, Inc. (2)
4.3
%
2.8
%
TJX Companies, Inc.
3.6
%
2.7
%
Amazon/Whole Foods
2.7
%
2.6
%
Kroger Co. (2)
6.0
%
2.6
%
(1)Includes Regency's Pro-rata share of unconsolidated properties and excludes those owned by anchors.
(2)In October 2022, Kroger Co. and Albertsons Companies, Inc. announced a proposed merger, and in September 2023, an agreement for a separate transaction was announced to divest certain assets of each company to a third party, C&S Wholesale Grocers. The proposed merger was terminated in the fourth quarter of 2024 after adverse court rulings that enjoined the transaction primarily due to antitrust issues.
Bankruptcies and Credit Concerns
Our management team devotes significant time to researching and monitoring consumer preferences and trends, customer shopping behaviors, changes in delivery methods, shifts to e-commerce, and changing demographics in order to anticipate the challenges and opportunities impacting our industry. We seek to mitigate potentially adverse impacts through maintaining a high quality portfolio, diversifying our geographic and tenant mix, replacing less successful tenants with stronger operators, anchoring our centers with market leading grocery stores that drive customer traffic, and investing in suburban trade areas with compelling demographic populations benefiting from high levels of disposal income. The potential for a recession and the severity and duration of any economic downturn could negatively impact our existing tenants and their ability to continue to meet their lease obligations.
Although base rent is derived from long-term lease contracts, tenants that file for bankruptcy generally have the legal right to reject any or all of their leases and close related stores. Any unsecured claim we hold against a bankrupt tenant for unpaid rent might be paid only to the extent that funds are available and only in the same percentage as is paid to all other holders of unsecured claims. As a result, in a tenant bankruptcy situation it is likely that we would recover substantially less than the full value of any unsecured claims we hold. Additionally, we may incur significant expense to adjudicate our claim and significant downtime to re-lease the vacated space. In the event that a tenant with a significant number of leases in our shopping centers files for bankruptcy and rejects its leases, we could experience a significant reduction in our revenues. As of December 31, 2024, the tenants who are currently in bankruptcy and which continue to occupy space in our shopping centers represent an aggregate of 0.7% of our Pro-rata annual base rent with no single tenant exceeding 0.5% of Pro-rata annual base rent.
For a discussion and analysis of the year ended December 31, 2023, compared to the same period in 2022, see "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 16, 2024.
Results of Operations
The results of operations for the year ended December 31, 2024, include a full year of results from our acquisition of UBP on August 18, 2023 as compared to a partial year in 2023.
Comparison of the years ended December 31, 2024 and 2023:
The changes in revenues are summarized in the following table:
(in thousands)
Change
Lease income
Base rent
$
986,916
897,451
89,465
Recoveries from tenants
345,145
311,775
33,370
Percentage rent
13,777
12,963
Uncollectible lease income
(3,324
)
(549
)
(2,775
)
Other lease income
23,722
20,685
3,037
Straight-line rent
20,300
10,788
9,512
Above/below market rent amortization, net
24,843
30,826
(5,983
)
Total lease income
$
1,411,379
1,283,939
127,440
Other property income
14,651
11,573
3,078
Management, transaction, and other fees
27,874
26,954
Total revenues
$
1,453,904
1,322,466
131,438
Lease income increased by $127.4 million primarily due to the following:
•$89.5 million increase in Base rent, mainly driven by the following:
o$63.0 million increase resulting from the acquisition of UBP;
o$22.5 million increase resulting from same properties, including:
▪$15.1 million increase due to increases from occupancy, rent steps in existing leases, and positive rental spreads on new and renewal leases; and
▪$7.4 million increase due to redevelopment projects that commenced operations in 2024.
o$6.5 million increase from acquisitions of other operating properties in 2024 and 2023;
o$1.9 million increase from rent commencements at completed development properties; partially offset by
o$4.4 million decrease due to dispositions of operating properties.
•$33.4 million increase in contractual Recoveries from tenants which represents their proportionate share of the operating, maintenance, insurance, and real estate tax expenses that we incur to operate our shopping centers. Recoveries from tenants increased, mainly from the following:
o$23.5 million increase from the acquisition of UBP;
o$8.6 million increase from same properties primarily due to higher operating costs in the current year coupled with higher expense recovery rates;
o$2.3 million increase driven by the acquisition of other operating properties in 2023 and 2024 and rent commencements at development properties; partially offset by
o$1.0 million decrease from dispositions of operating properties.
•$2.8 million change in Uncollectible lease income primarily driven by elevated collections in 2023 of previously reserved amounts, which reduced our adjustment in the comparative period.
•$3.0 million increase in Other lease income primarily due to:
o$5.1 million increase driven by acquisition of UBP; partially offset by
o$2.1 million decrease mainly due to lease termination fee income recognized in the comparative period.
•$9.5 million increase in Straight-line rent mainly due to:
o$4.3 million due to timing and degree of contractual rent steps and new lease commencements within same properties;
o$3.4 million increase from the acquisition of UBP, and
o$1.8 million increase from lease commencements at development properties and acquisitions of other operating properties.
•$6.0 million decrease in Above and below market rent, net primarily due to:
o$8.9 million decrease from same properties mainly driven by accelerated below market rent amortization from an early tenant move-out in 2023; partially offset by
o$2.9 million increase from the acquisition of UBP and other operating properties.
Other property income increased by $3.1 million primarily due to business interruption insurance proceeds received in 2024.
There were no significant changes in Management, transaction, and other fees.
Changes in our operating expenses are summarized in the following table:
(in thousands)
Change
Depreciation and amortization
$
394,714
352,282
42,432
Property operating expense
248,637
229,209
19,428
Real estate taxes
184,415
165,560
18,855
General and administrative
101,465
97,806
3,659
Other operating expenses
10,867
9,459
1,408
Total operating expenses
$
940,098
854,316
85,782
Depreciation and amortization increased by $42.4 million, mainly due to the following:
•$33.4 million increase from the acquisition of UBP;
•$6.4 million increase from acquisitions of other operating properties and development properties becoming available for occupancy;
•$3.2 million increase from same properties mainly driven by the timing of capital expenditures being placed in service within our redevelopment projects and accelerated amortization of certain early tenant move-outs; partially offset by
•$1.1 million decrease from dispositions of operating properties.
Property operating expense increased by $19.4 million, mainly due to the following:
•$18.1 million increase from the acquisition of UBP; and
•$1.3 million increase from same properties primarily attributable to higher recoverable common area maintenance and other tenant-related costs.
Real estate taxes increased by $18.9 million, mainly due to the following:
•$14.9 million increase from acquisition of UBP; and
•$3.5 million net increase from same properties primarily due to increases in real estate tax assessments across the portfolio.
•$1.2 million increase from the acquisitions of other operating properties and development properties; offset by
•$0.7 million decrease from dispositions of operating properties.
General and administrative costs increased by $3.7 million, mainly due to the following:
•$6.9 million increase in compensation costs primarily driven by salary increases and performance-based incentive compensation;
•$1.6 million increase primarily attributable to higher costs in technology related spending and professional fees;
•$0.5 million increase due to changes in the value of participant obligations within the deferred compensation plan, which were attributable to increases in the market values of those investments recognized in Net investment income; partially offset by
•$5.3 million change in overhead capitalization due to the number, timing and status of our development and redevelopment projects.
Other operating expenses increased by $1.4 million, mainly due to the acquisition of UBP.
Changes in Other expense, net are summarized in the following table:
(in thousands)
Change
Interest expense, net
Interest on notes payable
$
187,084
154,647
32,437
Interest on unsecured credit facilities
8,566
6,824
1,742
Capitalized interest
(6,627
)
(5,695
)
(932
)
Hedge expense
Interest income
(9,632
)
(1,965
)
(7,667
)
Interest expense, net
180,119
154,249
25,870
Provision for impairment of real estate
14,304
-
14,304
Gain on sale of real estate, net of tax
(34,162
)
(661
)
(33,501
)
Loss (gain) on early extinguishment of debt
(99
)
Net investment income
(6,181
)
(5,665
)
(516
)
Total other expense, net
$
154,260
147,824
6,436
Interest expense, net increased by $25.9 million primarily due to the following:
•$32.4 million increase in Interest on notes payable is primarily due to:
o$21.8 million increase due to a higher weighted average outstanding balance, coupled with incrementally higher weighted average contractual interest rates, and
o$10.6 million increase related to the loans assumed with the UBP acquisition;
•$1.7 million increase in Interest on unsecured credit facilities is primarily due to a higher weighted average outstanding balance under our Line coupled with incrementally higher weighted average contractual interest rates; partially offset by
•$7.7 million increase in interest income primarily due to maintaining higher levels of excess cash in short term investments.
Provision for impairment of real estate of $14.3 million was recognized in 2024 related to the sale of one operating property and the change in expected hold period of another operating property.
During 2024, we recognized gains on sale of $34.2 million mainly from the sale of five operating properties and recognition of two sales type leases. During 2023, we recognized gains on sale of we recognized gains on sale of $0.7 million from three land parcels.
There were no significant changes in Loss (gain) on early extinguishments of debt, Net investment income and Equity in income of investments in real estate partnerships.
The following represents the remaining components that comprise Net income attributable to common shareholders and unit holders:
(in thousands)
Change
Net income
$
409,840
370,867
38,973
Income attributable to noncontrolling interests
(9,452
)
(6,310
)
(3,142
)
Net income attributable to the Company
400,388
364,557
35,831
Preferred stock dividends
(13,650
)
(5,057
)
(8,593
)
Net income attributable to common shareholders
$
386,738
359,500
27,238
Net income attributable to exchangeable operating partnership units ("EOP")
2,338
2,008
Net income attributable to common unit holders
$
389,076
361,508
27,568
The $3.1 million increase in Income attributable to noncontrolling interests is mainly due to the acquisition of UBP.
The $8.6 million increase in Preferred stock dividends is related to the preferred stock issued in connection with the UBP acquisition. The current period includes a full year of dividends as compared to a partial year in 2023, as the UBP acquisition was completed on August 18, 2023.
Supplemental Earnings Information on Non-GAAP Measures
We use certain non-GAAP measures, in addition to certain performance metrics determined under GAAP, as we believe these measures improve the understanding of the operating results. We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes. We provide Pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our consolidated and unconsolidated real estate partnerships, when read in conjunction with our reported results under GAAP. We believe presenting our Pro-rata share of operating results, along with other non-GAAP measures, may assist in comparing our operating results to other REITs. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP measures to determine how best to provide relevant information to the public, and thus such reported non-GAAP measures could change. See "Non-GAAP Measures" in "Item 1. Business" for additional information regarding the definition of and other information regarding the non-GAAP measures we present in this Report.
We do not consider non-GAAP measures as an alternative to financial measures determined in accordance with GAAP, rather they supplement GAAP measures by providing additional information we believe to be useful to our shareholders. The principal limitation of these non-GAAP measures is they may exclude significant expense and income items that are required by GAAP to be recognized in our Consolidated Financial Statements. In addition, they reflect the exercise of management's judgment about which expense and income items are excluded or included in determining these non-GAAP measures. In order to compensate for these limitations, reconciliations of the non-GAAP measures we use to their most directly comparable GAAP measures are provided, including as set forth below. Non-GAAP measures should not be relied upon in evaluating the financial condition, results of operations, or future prospects.
Pro-rata Same Property NOI:
Pro-rata same property NOI, excluding termination fees/expenses, increased $27.8 million from the following major components:
(Pro-rata in thousands)
Change
Base rent
$
976,833
950,572
26,261
Recoveries from tenants
339,865
330,909
8,956
Percentage rent
14,515
14,484
Termination fees
4,879
7,870
(2,991
)
Uncollectible lease income
(3,912
)
(242
)
(3,670
)
Other lease income
13,557
12,488
1,069
Other property income
10,749
9,245
1,504
Total real estate revenue
1,356,486
1,325,326
31,160
Operating and maintenance
226,489
224,837
1,652
Termination expense
-
Real estate taxes
175,975
171,737
4,238
Ground rent
14,169
13,710
Total real estate operating expenses
416,638
410,284
6,354
Pro-rata same property NOI
$
939,848
915,042
24,806
Less: Termination fees
4,874
7,870
(2,996
)
Pro-rata same property NOI, excluding termination fees
$
934,974
907,172
27,802
Pro-rata same property NOI growth, excluding termination fees
3.1
%
Total real estate revenue increased by $31.2 million, on a net basis, as follows:
•Base rent increased by $26.3 million due to rent steps in existing leases, positive rental spreads on new and renewal leases, and increases in occupancy, as well as redevelopment projects completing and operating.
•Recoveries from tenants increased by $9.0 million due to increases in recoverable expenses, expense recovery rates and increased occupancy.
•Termination fees decreased by $3.0 million due to higher termination fees recognized in 2023 due to early tenant move outs.
•Uncollectible lease income adjustment decreased by $3.7 million primarily driven by favorable collections in 2023 of previously reserved amounts, reducing our adjustment in the comparable period.
•Other lease income increased by $1.1 million primarily due to sustainability income and other fees.
•Other property income increased by $1.5 million primarily due to business interruption insurance proceeds received in 2024.
Total real estate operating expenses increased by $6.4 million, on a net basis, as follows:
•Operating and maintenance increased by $1.7 million primary due to increases in common area maintenance and other tenant-recoverable costs.
•Real estate taxes increased by $4.2 million primary due to an increase in real estate assessments across the portfolio.
Reconciliation of Pro-rata Same Property NOI to Net Income Attributable to Common Shareholders:
Our reconciliation of Net income attributable to common shareholders to Same Property NOI, on a Pro-rata basis, is as follows:
(in thousands)
Net income attributable to common shareholders
$
386,738
359,500
Less:
Management, transaction, and other fees
27,874
26,954
Other (1)
49,944
46,084
Plus:
Depreciation and amortization
394,714
352,282
General and administrative
101,465
97,806
Other operating expense
10,867
9,459
Other expense, net
154,260
147,824
Equity in income of investments in real estate excluded from NOI (2)
54,040
46,088
Net income attributable to noncontrolling interests
9,452
6,310
Preferred stock dividends and issuance costs
13,650
5,057
NOI
1,047,368
951,288
Less non-same property NOI
(107,520
)
(36,246
)
Same property NOI
$
939,848
915,042
(1)Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests.
(2)Includes non-NOI income earned and expenses incurred at our unconsolidated real estate partnerships, including those separated out above for our consolidated properties.
Same Property Roll-forward:
Our same property pool includes the following property count, Pro-rata GLA, and changes therein:
(GLA in thousands)
Property
Count
GLA
Property
Count
GLA
Beginning same property count
42,135
41,383
Acquired properties owned for entirety of comparable periods
Developments that reached completion by beginning of earliest comparable period presented
-
-
Disposed properties
(4
)
(415
)
(1
)
(27
)
SF adjustments (1)
-
-
Change in intended property use
-
-
-
Ending same property count
42,510
42,135
(1)SF adjustments arising from re-measurements or redevelopments.
Nareit FFO, Core Operating Earnings and AFFO:
Our reconciliation of net income attributable to common shareholders to Nareit FFO, to Core Operating Earnings, and to AFFO is as follows:
(in thousands, except share information)
Reconciliation of Net income attributable to common shareholders to Nareit FFO
Net income attributable to common shareholders
$
386,738
359,500
Adjustments to reconcile to Nareit FFO:(1)
Depreciation and amortization (excluding FF&E)
422,581
378,400
Gain on sale of real estate, net of tax
(35,069
)
(3,822
)
Provision for impairment of real estate
14,304
-
EOP units
2,338
2,008
Nareit FFO attributable to common stock and unit holders
$
790,892
736,086
Reconciliation of Nareit FFO to Core Operating Earnings
Nareit Funds From Operations
$
790,892
736,086
Adjustments to reconcile to Core Operating Earnings:(1)
Not Comparable Items
Merger transition costs
7,718
4,620
Loss (gain) on early extinguishment of debt
(99
)
Certain Non Cash Items
Straight-line rent
(22,980
)
(11,060
)
Uncollectible straight-line rent
2,446
(1,174
)
Above/below market rent amortization, net
(23,431
)
(29,869
)
Debt and derivative mark-to-market amortization
5,837
2,352
Core Operating Earnings
$
760,662
700,856
Reconciliation of Core Operating Earnings to AFFO:
Core Operating Earnings
$
760,662
700,856
Adjustments to reconcile to AFFO:(1)
Operating capital expenditures
(138,229
)
(112,694
)
Debt cost and derivative adjustments
8,391
6,739
Stock-based compensation
18,549
17,277
AFFO
$
649,373
612,178
(1)Includes Regency's consolidated entities and its Pro-rata share of unconsolidated investment partnerships, net of Pro-rata share attributable to noncontrolling interests.
Liquidity and Capital Resources
General
We use cash flows generated from operating, investing, and financing activities to strengthen our balance sheet, finance our development and redevelopment projects, fund our investment activities, and maintain financial flexibility. A significant portion of our cash from operations is distributed to our common shareholders in the form of dividends in order to maintain our status as a REIT.
Except for $200 million of private placement debt, our Parent Company has no capital commitments other than its guarantees of the commitments of our Operating Partnership. All remaining debt is held by our Operating Partnership, its subsidiaries, or by our real estate partnerships. The Operating Partnership is a co-issuer and a guarantor of the $200 million of outstanding debt of our Parent Company. The Parent Company will from time to time access the capital markets for the purpose of issuing new equity and will simultaneously contribute all of the offering proceeds to the Operating Partnership in exchange for additional partnership units.
We continually assess our available liquidity and our expected cash requirements, including monitoring our tenant rent collections. We have access to and draw on multiple financing sources to fund our operations and our long-term capital needs, including the requirements of our in process and planned developments, redevelopments, other capital expenditures, and the repayment of debt. We expect to meet these needs for the next 12 months and beyond by using a combination of the following: cash flow from operations after funding our common stock and preferred stock dividends, borrowings from our Line, proceeds from the sale of real estate, mortgage loan and unsecured bank financing, distributions received from our real estate partnerships, and when the capital markets are favorable, proceeds from the sale of equity securities or the issuance of new unsecured debt. We continually evaluate alternative financing options, and we believe we can obtain new financing on reasonable terms, although likely at higher interest rates than that of our debt currently outstanding, due to the current interest rate environment.
On January 8, 2024, we priced a public offering of $400 million of senior unsecured notes due in 2034 (the "January 2024 Notes") under our existing shelf registration statement filed with the SEC. The January 2024 Notes were issued at 99.617% of par value with a coupon of 5.25%, and will mature on January 15, 2034. Additionally, on August 12, 2024, we priced a public offering of $325 million of senior unsecured notes due in 2035 (the "August 2024 Notes") under our existing shelf registration statement filed with the SEC. The August 2024 Notes were issued at 99.813% of par value with a coupon of 5.10%, and will mature on January 15, 2035.
We redeemed $250 million of senior unsecured notes that matured in June 2024, and our next maturity of senior unsecured notes occurs in November 2025. We have $101.6 million of secured loan maturities during the next 12 months, including Regency's pro-rata share of maturities within our unconsolidated real estate partnerships, which we intend to refinance or pay-off as they mature. Based upon our available cash balance, sources of capital, our current credit ratings, and the number of high quality, unencumbered properties we own, we believe our available capital resources are sufficient to meet our expected capital needs for the next year, although, in the longer term, we can provide no assurances.
In addition to our $56.3 million of unrestricted cash, we have the following additional sources of capital available:
(in thousands)
December 31, 2024
ATM program (see note 12 to our Consolidated Financial Statements)
Original offering amount
$
500,000
Available capacity (1)
$
400,000
Line of Credit (see note 9 to our Consolidated Financial Statements)
Total commitment amount
$
1,500,000
Available capacity (2)
$
1,424,940
Maturity(3)
March 23, 2028
(1)During November and December 2024, we entered into forward sale agreements with respect to 1,339,377 shares that were purchased in several tranches at a weighted average offering price of $74.66 per share before any underwriting discount and offering expenses. These shares are pledged under forward sale agreements and must be settled within one year of their trade dates, which vary by agreement and are expected to result in net proceeds of approximately $100 million. After giving effect to this forward equity offering as of December 31, 2024, $400 million of common stock remains available for issuance under the ATM program authorized by the Company's Board of Directors, which is subject to change in the discretion of the Board.
(2)Net of letters of credit issued against our Line.
(3)The Company has the option under its Line to extend the maturity for two additional six-month periods, subject to the terms of the Line.
The declaration of dividends is determined quarterly by our Board of Directors. On February 4, 2025, our Board of Directors:
•Declared a common stock dividend of $0.705 per share, payable on April 2, 2025, to shareholders of record as of March 12, 2025;
•Declared a dividend on the Series A Preferred Stock, which will be paid at a rate of $0.390625 per share on April 30, 2025. The dividend will be payable to holders of record of the Series A Preferred Stock as of the close of business on April 15, 2025; and
•Declared a dividend on the Series B Preferred Stock, which will be paid at a rate of $0.367200 per share on April 30, 2025. The dividend will be payable to holders of record of the Series B Preferred Stock as of the close of business on April 15, 2025.
While future dividends will be determined at the discretion of our Board of Directors, we plan to continue paying an aggregate amount of distributions to our stock and unit holders, that, at a minimum, meet the requirements to continue qualifying as a REIT for federal income tax purposes. We have historically generated sufficient cash flow from operations to fund our dividend distributions. During the years ended December 31, 2024 and 2023, we generated cash flows from operating activities of $790.2 million and $719.6 million, respectively, and paid $507.0 million and $458.8 million in dividends to our common and preferred stock and unit holders, in the same respective periods.
We currently have development and redevelopment projects in various stages of planning, design and construction, along with a pipeline of potential projects for future development or redevelopment. After funding our common and preferred stock dividend payments in January 2025, we estimate that we will require capital during the next 12 months of approximately $544.9 million related to leasing commissions, tenant improvements, in-process developments and redevelopments, capital contributions to our real estate partnerships, and repaying maturing debt. These capital requirements are being impacted by inflation resulting in increased costs of construction materials, labor, and services from third party contractors and suppliers. In response, we have implemented mitigation strategies such as entering into fixed cost construction contracts, pre-ordering materials, and other planning efforts. Further, continued challenges from permitting delays and labor and material shortages may extend the time to completion of these projects.
If we start new developments or redevelopments, commit to property acquisitions, repay debt prior to maturity, declare future dividends, or repurchase shares of our common stock, our cash requirements will increase. If we refinance maturing debt, our cash requirements will decrease.
We endeavor to maintain a high percentage of unencumbered assets. As of December 31, 2024, 88.6% of our wholly-owned real estate assets were unencumbered. Our low level of encumbered assets allows us to more readily access the secured and unsecured debt markets and to maintain borrowing capacity on the Line.
Our Line and unsecured debt require that we remain in compliance with various financial covenants customary for debt of this type, which are described in Note 9 of the Consolidated Financial Statements. We were in compliance with these covenants at December 31, 2024, and expect to remain in compliance.
Summary of Cash Flow Activity
The following table summarizes net cash flows related to operating, investing, and financing activities of the Company:
(in thousands)
Change
Net cash provided by operating activities
$
790,198
719,591
70,607
Net cash used in investing activities
(326,644
)
(341,978
)
15,334
Net cash used in financing activities
(493,024
)
(355,035
)
(137,989
)
Net change in cash and cash equivalents and restricted cash
(29,470
)
22,578
(52,048
)
Total cash, cash equivalents, and restricted cash
$
61,884
91,354
(29,470
)
Net cash provided by operating activities:
Net cash provided by operating activities changed by $70.6 million due to:
•$68.0 million increase in cash from operations due to the acquisition of UBP, and timing of receipts and payments
•$2.6 million increase in operating cash flow distributions from Investments in real estate partnerships.
Net cash used in investing activities:
Net cash used in investing activities changed by $15.3 million as follows:
(in thousands)
Change
Cash flows from investing activities:
Acquisition of operating real estate
$
(45,405
)
(45,386
)
(19
)
Acquisition of UBP, net of cash acquired of $14,143
-
(82,389
)
82,389
Real estate development and capital improvements
(343,368
)
(232,855
)
(110,513
)
Proceeds from sale of real estate
108,615
11,167
97,448
Proceeds from property insurance casualty claims
5,286
-
5,286
Issuance of notes receivable
(32,651
)
(4,000
)
(28,651
)
Collection of notes receivable
3,115
4,000
(885
)
Investments in real estate partnerships
(41,345
)
(13,119
)
(28,226
)
Return of capital from investments in real estate partnerships
13,034
11,308
1,726
Dividends on investment securities
1,283
(830
)
Acquisition of investment securities
(101,044
)
(7,990
)
(93,054
)
Proceeds from sale of investment securities
106,666
16,003
90,663
Net cash used in investing activities
$
(326,644
)
(341,978
)
15,334
Significant changes in investing activities include:
•We paid $45.4 million in 2024 to purchase one operating property. In 2023, we paid $45.4 million to purchase two operating properties.
•During 2023, we invested $82.4 million, net of $14.1 million in cash acquired, for the acquisition of UBP, including $39.3 million for UBP debt repaid at closing, and $57.2 million in direct transaction and other costs.
•During 2024, we invested $110.5 million more on real estate development, redevelopment, and capital improvements, as further detailed in a table below.
•We sold six operating properties in 2024 for proceeds of $108.6 million compared to five land parcels and one development project interest in 2023 for proceeds of $11.2 million.
•We received additional property insurance claim proceeds of $5.3 million in 2024 primarily attributable to a single property that was impacted by a weather event in 2019.
•During 2024, in connection with a secured lending transaction entered into by the Company, we issued a note receivable in the amount of $29.8 million at an interest rate of 6.8% maturing in January 2027, secured by a mortgage and the related grocery-anchored shopping center. In addition, we issued $2.9 million short-term notes receivable to real estate partners in 2024, as compared to the issuance of a $4.0 million in 2023.
•We collected $3.1 million in notes receivable during 2024, and collected $4.0 million during 2023.
•Investments in real estate partnerships:
oIn 2024, we invested $41.3 million to fund our share of acquiring one operating property within an existing real estate partnership, and for our share of development and redevelopment activities, including investing in two new ground up development projects,
oIn 2023, we invested $13.1 million, including $2.8 million to fund our share of acquiring one operating property within an existing real estate partnership, and $10.3 million to fund our share of development and redevelopment activities.
•Return of capital from our unconsolidated investments in real estate partnerships includes sales or financing proceeds:
oDuring 2024, we received $13.0 million, which represents our share of proceeds from debt financing activities and the sale of an ownership interest in a real estate partnership.
oDuring 2023, we received $11.3 million, including $3.6 million from our share of proceeds from debt financing activities and $7.7 million from our share of proceeds from real estate sales.
•Acquisition of securities and proceeds from sale of securities pertain to investment activities held in our captive insurance company and our deferred compensation plan. Additionally, we invested approximately $90 million in commercial deposits with proceeds received from the sale of the January 2024 Notes. The commercial deposits were subsequently settled at maturity during the second quarter of 2024.
We plan to continue developing and redeveloping shopping centers for long-term investment. During 2024, we deployed capital of $343.4 million for the development, redevelopment, and improvement of our real estate properties, comprised of the following:
(in thousands)
Change
Capital expenditures:
Land acquisitions
$
16,885
2,580
14,305
Building and tenant improvements
113,550
92,609
20,941
Redevelopment costs
129,553
88,426
41,127
Development costs
61,902
34,981
26,921
Capitalized interest
6,487
5,505
Capitalized direct compensation
14,991
8,754
6,237
Real estate development and capital improvements
$
343,368
232,855
110,513
•In 2024, we acquired three land parcels for development and two income-producing outparcels, compared to one land parcel for development in 2023.
•Building and tenant improvements increased $20.9 million in 2024, primarily related to the timing and volume of capital projects.
•Redevelopment costs are $41.1 million higher than prior year. We intend to continuously improve our portfolio of shopping centers through redevelopment which can include adjacent land acquisition, existing building expansion, facade renovation, new out-parcel building construction, and redevelopment related tenant improvement costs. The size and magnitude of each redevelopment project varies with each redevelopment plan. The timing and duration of these projects could also result in volatility in NOI. See the tables below for more details about our redevelopment projects.
•Development costs are higher in 2024 due to the progress towards completion of our development projects in process. See the tables below for more details about our development projects.
•Interest is capitalized on our development and redevelopment projects and is based on cumulative actual costs expended. We cease interest capitalization when the property is no longer being developed or is available for occupancy upon substantial completion of tenant improvements, but in no event would we capitalize interest on the project beyond 12 months after the anchor tenant opens for business. If we reduce our development and redevelopment activity, the amount of interest that we capitalize may be lower than historical averages.
•We have a staff of employees who directly manage and support our development and redevelopment program. Internal compensation costs directly attributable to these activities are capitalized as part of each project.
The following table summarizes our development projects in-process and completed:
(in thousands, except cost PSF)
December 31, 2024
Property Name
Market
Ownership (3)
Start Date
Estimated Stabilization Year (1)
Estimated / Actual Net
Development
Costs (2) (3)
GLA (3)
Cost PSF
of GLA (2) (3)
% of Costs
Incurred
Developments In-Process
Baybrook East - Phase 1B
Houston, TX
50%
Q2-2022
9,792
%
Sienna Grande - Phase 1
Houston, TX
75%
Q2-2023
9,409
%
The Shops at SunVet
Long Island, NY
100%
Q2-2023
92,863
%
The Shops at Stone Bridge
Cheshire, CT
100%
Q1-2024
68,277
%
Jordan Ranch Market
Houston, TX
50%
Q3-2024
23,006
%
Oakley Shops at Laurel Fields
Bay Area, CA
100%
Q3-2024
34,982
%
Total Developments In-Process
$
238,329
$
%
Developments Completed
Glenwood Green
Metro NYC
70%
Q1-2022
45,880
Total Developments Completed
$
45,880
$
(1)Estimated Stabilization Year represents the estimated first full calendar year that the project will reach our expected stabilized yield.
(2)Includes leasing costs and is net of tenant reimbursements.
(3)Estimated Net Development Costs and GLA are reported based on Regency’s ownership interest in the real estate partnership at completion.
The following table summarizes our redevelopment projects in process and completed:
(in thousands)
December 31, 2024
Property Name
Market
Ownership (3)
Start Date
Estimated Stabilization Year (1)
Estimated Net Project Costs (2) (3)
% of Costs Incurred
Redevelopments In-Process
Bloom on Third
Los Angeles, CA
35%
Q4-2022
$
24,525
%
Serramonte Center - Phase 3
San Francisco, CA
100%
Q2-2023
36,989
%
Circle Marina Center
Los Angeles, CA
100%
Q3-2023
14,986
%
Avenida Biscayne
Miami, FL
100%
Q4-2023
22,743
%
Cambridge Square
Atlanta, GA
100%
Q4-2023
15,002
%
Anastasia Plaza
St. Augustine, FL
100%
Q3-2024
15,607
%
East Meadow Plaza - Phase 1
Long Island, NY
100%
Q3-2024
11,736
%
West Chester Plaza
Cincinnati, OH
100%
Q4-2024
15,442
%
Willows Shopping Center
Bay Area, CA
100%
Q4-2024
16,807
%
Various Redevelopments
Various
20% - 100%
Various
Various
85,120
%
Total Redevelopments In-Process
$
258,957
%
Redevelopments Completed
The Abbot
Boston, MA
100%
Q2-2019
59,854
%
Westbard Square Phase I
Bethesda, MD
100%
Q2-2021
38,826
%
Buckhead Landing
Atlanta, GA
100%
Q2-2022
30,634
%
Mandarin Landing
Jacksonville, FL
100%
Q2-2023
16,422
%
Various Properties
Various
20% - 100%
Various
Various
45,009
%
Total Redevelopments Completed
$
190,745
(1)Estimated Stabilization Year represents the estimated first full calendar year that the project will reach our expected stabilized yield.
(2)Includes leasing costs and is net of tenant reimbursements.
(3)Estimated Net Development Costs are reported based on Regency’s ownership interest in the real estate partnership at completion.
Net cash used in financing activities:
Net cash flows from financing activities increased by $138.0 million during 2024, as follows:
(in thousands)
Change
Cash flows from financing activities:
Net proceeds from common stock issuances
$
-
(33
)
Repurchase of common shares in conjunction with equity award plans
(19,540
)
(7,662
)
(11,878
)
Common shares repurchased through share repurchase program
(200,066
)
(20,006
)
(180,060
)
Contributions from noncontrolling interests
6,789
10,238
(3,449
)
Distributions to and redemptions of noncontrolling interests
(12,185
)
(7,813
)
(4,372
)
Dividend payments and operating partnership distributions
(506,967
)
(458,846
)
(48,121
)
(Repayments of) proceeds from unsecured credit facilities, net
(87,000
)
152,000
(239,000
)
Proceeds from issuance of fixed rate unsecured notes, net of debt discount
722,860
-
722,860
Proceeds from notes payable
12,000
59,500
(47,500
)
Debt repayment
(392,470
)
(72,827
)
(319,643
)
Payment of financing costs
(16,655
)
(526
)
(16,129
)
Proceeds from sale of treasury stock
Redemption of EOP units
-
(9,163
)
9,163
Net cash used in financing activities
$
(493,024
)
(355,035
)
(137,989
)
Significant changes in financing activities include the following:
•We repurchased a portion of the common stock granted to employees for stock-based compensation to satisfy employee tax withholding requirements, which totaled $19.5 million and $7.7 million during the years ended December 31, 2024 and 2023, respectively. The 2024 period includes $10.7 million of these repurchases to satisfy employee tax withholding obligations related to the UBP acquisition.
•During 2024, we paid $200.1 million to repurchase 3,306,709 shares of our common stock under our Repurchase Program, as compared to $20.0 million to repurchase 349,519 shares of our common stock during 2023.
•During 2024, we received $6.8 million in contributions for the limited partners' share of development funding. During 2023, we received $10.2 million of contributions from limited partners for their share of debt repayments and development funding.
•During 2024, we distributed $12.2 million to limited partners, including proceeds to partially redeem a noncontrolling interest in one real estate partnership. During 2023, we distributed $7.8 million in operating distributions.
•We paid $48.1 million more in dividends as a result of an increase in our dividend rate per share and the number of shares of our common stock outstanding, as well as preferred dividends which commenced in late 2023 as a result of the UBP acquisition.
•We had the following debt related activity during 2024:
oWe repaid $87.0 million in net proceeds from our Line,
oWe received $722.9 million in proceeds from issuing unsecured public debt
oWe received $12.0 million in proceeds from issuance of a mortgage loan
oWe paid $392.5 million for debt repayments, including:
▪$250.0 million in unsecured public debt repayments,
▪$131.3 million for repaying seven mortgage loans at maturity, and
▪$11.2 million in principal mortgage payments.
oWe paid $16.7 million in loan costs relating to the recast of the Line as well as the unsecured public debt offerings.
•We had the following debt related activity during 2023:
oWe received $59.5 million in proceeds from issuance of a mortgage refinancing,
oWe paid $72.8 million for debt repayments, including:
▪$11.2 million in principal mortgage payments, and
▪$61.6 million for a combination of repaying or refinancing six mortgage loans at maturity.
•We paid $9.2 million in 2023 for the redemption of exchangable operating partnership units.
Contractual Obligations and Other Commitments
We have material obligations at December 31, 2024, which are discussed in our notes to Consolidated Financial Statements and include:
•Mortgage loans, unsecured notes, and unsecured credit facilities as discussed in note 9, and related interest rate swaps as discussed in note 10;
•We have shopping centers that are subject to non-cancelable long-term ground leases where a third party owns and has leased the underlying land to us to construct and/or operate a shopping center. We also have non-cancelable operating leases pertaining to office space from which we conduct our business. These lease obligations are discussed in note 7;
•Our share of mortgage loans within our Investments in real estate partnerships, as discussed in note 4;
•Letters of credit of $10.9 million issued to cover our captive insurance program and performance obligations on certain development projects, the latter of which will be satisfied upon completion of the development projects;
•Obligations for retirement savings plans due to uncertainty around timing of participant withdrawals, which are solely within the control of the participant, and are further discussed in note 14; and
•We will also incur obligations related to construction or development contracts on projects in process; however, future amounts under these construction contracts are not due until future satisfactory performance under the contracts.
Critical Accounting Estimates
Knowledge about our significant accounting policies is necessary for a complete understanding of our Consolidated Financial Statements. The preparation of our Consolidated Financial Statements requires that we make certain estimates, judgments, and assumptions that impact the balance of assets and liabilities as of the financial statement date and the reported amount of income and expenses during the financial reporting period. These accounting estimates, judgments and assumptions are based upon, but not limited to historical experience, current trends, expected future results, current market conditions, and interpretation of industry accounting standards. While the following is not intended to be a comprehensive list of our accounting estimates, the estimates discussed below are believed to be critical because of their significance to the Consolidated Financial Statements and the possibility that future events may differ from those judgments, or that the use of different assumptions could result in materially different estimates. We review these estimates on a periodic basis to ensure reasonableness; however, the amounts we may ultimately realize could differ from such estimates.
Impairment of Real Estate Investments
In accordance with GAAP, we evaluate our real estate for impairment whenever there are events or changes in circumstances, including property operating performance, general market conditions or changes in expected hold periods, that indicate that the carrying value of our real estate properties (including any related amortizable intangible assets or liabilities) may not be recoverable. If such events or changes occur, we compare the current carrying value of the asset to the estimated undiscounted cash flows that are directly associated with the use and ultimate disposition of the asset. Our estimated cash flows are based on several key assumptions, including rental rates, expected leasing activity, costs of tenant improvements, leasing commissions, expected hold period, comparable sales information, and assumptions regarding the residual value upon disposition, including the exit capitalization rate. These key assumptions are subjective in nature and the resulting impairment, if any, could differ from the actual gain or loss recognized upon ultimate sale in an arm's length transaction. If the carrying value of the asset exceeds the estimated undiscounted cash flows, an impairment loss is recognized equal to the excess of carrying value over the estimated fair value.
The estimated fair value of real estate assets is subjective and is estimated through comparable sales information and other market data if available, as well as the use of an income approach such as the direct capitalization method or the discounted cash flow approach. The discounted cash flow method uses similar assumptions to the undiscounted cash flow method above, as well as a discount rate. Such cash flow projections and rates are subject to management judgment and changes in those assumptions could impact the estimation of fair value. In estimating the fair value of undeveloped land, we generally use market data and comparable sales information. Changes in events or changes in circumstances may alter the expected hold period of an asset or asset group, which may result in an impairment loss and such loss could be material to the Company's financial condition or operating performance.
Recent Accounting Pronouncements
See note 1 to Consolidated Financial Statements.
Environmental Matters
We are subject to numerous environmental laws and regulations, which primarily pertain to chemicals historically used by certain current and former dry cleaning and gas station tenants and the existence of asbestos in older shopping centers. We believe that the relatively few tenants who currently operate dry cleaning plants or gas stations do so in accordance with current laws and regulations. Generally, we endeavor to require tenants to remove dry cleaning plants from our shopping centers or convert them to more environmentally friendly systems, in accordance with the terms of our leases. We carry an environmental insurance policy for certain third-party liabilities and, in certain circumstances, remediation costs on shopping centers for currently unknown contamination. We have also secured environmental insurance policies, where appropriate, on a relatively small number of specific properties with known contamination, in order to mitigate our environmental risk. We monitor the shopping centers containing environmental issues and in certain cases voluntarily remediate the sites. We also have legal obligations to remediate certain sites and we are in the process of doing so.
The Company had accrued liabilities of $17.3 million for environmental remediation, which are included in Accounts payable, and other liabilities on the Company’s Consolidated Balance Sheets as of December 31, 2024. We believe that the ultimate remediation of currently known environmental matters will not have a material effect on our financial position, cash flows, or results of operations. We can give no assurance that existing environmental studies on our shopping centers have revealed all potential environmental contamination; that our estimate of liabilities will not change as more information becomes available; that any previous owner, occupant or tenant did not create any material environmental condition not known to us; that the current environmental condition of the shopping centers will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; or that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to us.

---

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Item 7A. Quantitative and Qualitative Disclosures about Market Risk
We are exposed to two significant components of interest rate risk:
•Under the Line, as further described in note 9 to the Consolidated Financial Statements, we have a variable interest rate that, as of December 31, 2024, was based upon an annual rate of Secured Overnight Financing Rate ("SOFR") plus a 0.10% market adjustment ("Adjusted SOFR") plus an applicable margin of 0.715%. SOFR rates charged on our Line change monthly, and the applicable margin on the Line was dependent upon maintaining specific credit ratings or leverage targets, as well as meeting specific sustainability target thresholds. If our credit ratings were downgraded or if we fail to meet the leverage targets or sustainability target thresholds, the applicable margin on the Line would increase, resulting in higher interest costs. As of December 31, 2024 the interest rate plus applicable margin based on our credit rating ranged from Adjusted SOFR plus 0.640% to Adjusted SOFR plus 1.390%.
•We are also exposed to changes in interest rates when we refinance our existing long-term fixed rate debt. The objective of our interest rate risk management program is to limit the impact of interest rate changes on earnings and cash flows. To achieve these objectives, we borrow primarily at fixed interest rates and may enter into derivative financial instruments such as interest rate swaps, caps, or treasury locks in order to mitigate our interest rate risk on a related financial instrument. We do not enter into derivative or interest rate transactions for speculative purposes. Our interest rate swaps are structured solely for the purpose of interest rate protection.
We continuously monitor the capital markets and evaluate our ability to issue new debt, to repay maturing debt, or to fund our commitments. We continue to believe, in light of our credit ratings, the available capacity under our unsecured credit facility, and the number of high quality, unencumbered properties that we own which could collateralize borrowings, we will be able to successfully issue new secured or unsecured debt to fund maturing debt obligations. It is uncertain the degree to which capital market volatility and higher interest rates will adversely impact the interest rates on any new debt that we may issue.
The table below presents the principal cash flows, weighted average interest rates of remaining debt, and the fair value of total debt as of December 31, 2024. For variable rate mortgages and unsecured credit facilities for which we have interest rate swaps in place to fix the interest rate, they are included in the Fixed rate debt section below at their all-in fixed rate. The table is presented by year of expected maturity to evaluate the expected cash flows and sensitivity to interest rate changes. Although the average interest rate for variable rate debt is included in the table, those rates represent rates that existed as of December 31, 2024, and are subject to change. In addition, we continually assess the market risk for floating rate debt and believe that an increase of 100 basis points in interest rates would decrease future earnings and cash flows by approximately $0.7 million per year based on $74.6 million of floating rate mortgage debt and floating rate line of credit balances outstanding at December 31, 2024.
Further, the table below incorporates only those exposures that exist as of December 31, 2024, and does not consider exposures or positions that could arise after that date or obligations repaid before maturity. Since firm commitments are not presented, the table has limited predictive value. As a result, our ultimate realized gain or loss with respect to interest rate fluctuations will depend on the exposures that arise during the period, our hedging strategies at that time, and actual interest rates.
The table below presents the principal cash flow payments associated with our outstanding debt by year, weighted average interest rates on debt outstanding at each year-end, and fair value of total debt as of December 31, 2024:
(dollars in thousands)
Thereafter
Total
Fair Value
Fixed rate debt (1)
$
308,465
357,768
754,572
341,882
481,406
2,123,633
4,367,726
4,131,301
Average interest rate for all fixed rate debt (2)
4.09
%
4.11
%
4.13
%
4.25
%
4.23
%
4.47
%
Variable rate SOFR debt (1)
$
3,870
70,525
-
-
74,635
74,795
Average interest rate for all variable rate debt (2)
5.55
%
5.49
%
5.48
%
5.48
%
-
%
-
%
(1)Reflects amount of debt maturities during each of the years presented as of December 31, 2024.
(2)Reflects weighted average interest rates of debt outstanding at the end of each year presented. For variable rate debt, the rate as of December 31, 2024, was used to determine the average interest rate for all future periods.

---

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Item 8. Financial Statements and Supplementary Data
Regency Centers Corporation and Regency Centers, L.P.
Reports of Independent Registered Public Accounting Firm (PCAOB ID No. 185)
Regency Centers Corporation:
Consolidated Balance Sheets as of December 31, 2024 and 2023
Consolidated Statements of Operations for the years ended December 31, 2024, 2023, and 2022
Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023, and 2022
Consolidated Statements of Equity for the years ended December 31, 2024, 2023, and 2022
Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023, and 2022
Regency Centers, L.P.:
Consolidated Balance Sheets as of December 31, 2024 and 2023
Consolidated Statements of Operations for the years ended December 31, 2024, 2023, and 2022
Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023, and 2022
Consolidated Statements of Capital for the years ended December 31, 2024, 2023, and 2022
Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023, and 2022
Notes to Consolidated Financial Statements
Financial Statement Schedule
Schedule III - Consolidated Real Estate and Accumulated Depreciation - December 31, 2024
All other schedules are omitted because of the absence of conditions under which they are required, materiality or because information required therein is shown in the Consolidated Financial Statements or notes thereto.
Report of Independent Regist ered Public Accounting Firm
To the Shareholders and the Board of Directors of
Regency Centers Corporation:
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheets of Regency Centers Corporation and subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, equity, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes and financial statement schedule III - Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 14, 2025 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Evaluation of expected hold periods for certain real estate assets
As discussed in Note 1 to the consolidated financial statements and presented on the consolidated balance sheet, real estate assets, less accumulated depreciation was $10.7 billion as of December 31, 2024. The Company evaluates real estate properties (including any related amortizable intangible assets or liabilities) for impairment whenever there are events or changes in circumstances that indicate the carrying value of the real estate properties may not be recoverable.
We identified the Company’s assessment of events or changes in circumstances that could indicate a shortened expected hold period for certain real estate properties as a critical audit matter. Subjective auditor judgment was required to evaluate the events or changes in circumstances assessed by the Company that could indicate shortened expected hold periods for certain real estate properties. A shortening of the expected hold period could indicate a potential impairment.
The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of a control related to the Company’s assessment of events or changes in circumstances that could indicate shortened expected hold periods for certain real estate properties. To evaluate relevant events or changes in circumstances indicating a potential shortening of the expected holding period, we:
•inquired of management and obtained written representations regarding potential property disposal plans, if any
•read minutes of the meetings of the Company’s board of directors
•inquired of the Company’s plans with those in the organization who are responsible for, and have authority over, potential disposition activities
•compared management’s assessment of properties with potential shortened expected hold periods to information obtained from those in the organization responsible for disposition activity
•inspected listings from external sources of real estate properties for sale by the Company.
/s/ KPMG LLP
We have served as the Company's auditor since 1993.
Jacksonville, Florida
February 14, 2025
Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of
Regency Centers Corporation:
Opinion on Internal Control Over Financial Reporting
We have audited Regency Centers Corporation and subsidiaries' (the Company) internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, equity, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes and financial statement schedule III - Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements), and our report dated February 14, 2025 expressed an unqualified opinion on those consolidated financial statements.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ KPMG LLP
Jacksonville, Florida
February 14, 2025
Report of Independent Registered Public Accounting Firm
To the Board of Directors of Regency Centers Corporation
and the Partners of Regency Centers, L.P.:
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheets of Regency Centers, L.P. and subsidiaries (the Partnership) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, capital, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes and financial statement schedule III - Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Partnership as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Partnership’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 14, 2025 expressed an unqualified opinion on the effectiveness of the Partnership’s internal control over financial reporting.
Basis for Opinion
These consolidated financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Evaluation of expected hold periods for certain real estate assets
As discussed in Note 1 to the consolidated financial statements and presented on the consolidated balance sheet, real estate assets, less accumulated depreciation was $10.7 billion as of December 31, 2024. The Partnership evaluates real estate properties (including any related amortizable intangible assets or liabilities) for impairment whenever there are events or changes in circumstances that indicate the carrying value of the real estate properties may not be recoverable.
We identified the Partnership’s assessment of events or changes in circumstances that could indicate a shortened expected hold period for certain real estate properties as a critical audit matter. Subjective auditor judgment was required to evaluate the events or changes in circumstances assessed by the Partnership that could indicate shortened expected hold periods for certain real estate properties. A shortening of the expected hold period could indicate a potential impairment.
The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of a control related to the Partnership’s assessment of events or changes in circumstances that could indicate shortened expected hold periods for certain real estate properties. To evaluate relevant events or changes in circumstances indicating a potential shortening of the expected holding period, we:
•inquired of management and obtained written representations regarding potential property disposal plans, if any
•read minutes of the meetings of the general partner’s board of directors
•inquired of the Partnership’s plans with those in the organization who are responsible for, and have authority over, potential disposition activities
•compared management’s assessment of properties with potential shortened expected hold periods to information obtained from those in the organization responsible for disposition activity
•inspected listings from external sources of real estate properties for sale by the Partnership.
/s/ KPMG LLP
We have served as the Partnership's auditor since 1998.
Jacksonville, Florida
February 14, 2025
	Report of Independent Registered Public Accounting Firm
To the Board of Directors of Regency Centers Corporation
and the Partners of Regency Centers, L.P.:
Opinion on Internal Control Over Financial Reporting
We have audited Regency Centers, L.P. and subsidiaries' (the Partnership) internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Partnership maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Partnership as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, capital, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes and financial statement schedule III - Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements), and our report dated February 14, 2025 expressed an unqualified opinion on those consolidated financial statements.
Basis for Opinion
The Partnership’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Partnership’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ KPMG LLP
Jacksonville, Florida
February 14, 2025
REGENCY CENTERS CORPORATION
Consolidated Balance Sheets
December 31, 2024 and 2023
(in thousands, except share data)
Assets
Net real estate investments:
Real estate assets, at cost
$
13,698,419
13,454,391
Less: accumulated depreciation
2,960,399
2,691,386
Real estate assets, net
10,738,020
10,763,005
Investments in sales-type leases, net
16,291
8,705
Investments in real estate partnerships
399,044
370,605
Net real estate investments
11,153,355
11,142,315
Properties held for sale, net
-
18,878
Cash, cash equivalents, and restricted cash, including $5,601 and $6,383 of restricted cash at December 31, 2024 and 2023, respectively
61,884
91,354
Tenant and other receivables, net
255,495
206,162
Deferred leasing costs, less accumulated amortization of $131,080 and $124,107 at December 31, 2024 and 2023, respectively
79,911
73,398
Acquired lease intangible assets, less accumulated amortization of $395,209 and $364,413 at December 31, 2024 and 2023, respectively
229,983
283,375
Right of use assets, net
322,287
328,002
Other assets
289,046
283,429
Total assets
$
12,391,961
12,426,913
Liabilities and Equity
Liabilities:
Notes payable, net
$
4,343,700
4,001,949
Unsecured credit facility
65,000
152,000
Accounts payable and other liabilities
392,302
358,612
Acquired lease intangible liabilities, less accumulated amortization of $222,052 and $211,067 at December 31, 2024 and 2023, respectively
364,608
398,302
Lease liabilities
244,861
246,063
Tenants' security, escrow deposits and prepaid rent
81,183
78,052
Total liabilities
5,491,654
5,234,978
Commitments and contingencies
-
-
Equity:
Shareholders' equity:
Preferred stock $0.01 par value per share, 30,000,000 shares authorized; 9,000,000 shares issued and outstanding, in the aggregate, in Series A and Series B at December 31, 2024 and 2023
225,000
225,000
Common stock $0.01 par value per share, 220,000,000 shares authorized; 181,361,454 and 184,581,070 shares issued and outstanding at December 31, 2024 and 2023, respectively
1,814
1,846
Treasury stock at cost, 479,251 and 448,140 shares held at December 31, 2024 and 2023, respectively
(28,045
)
(25,488
)
Additional paid-in-capital
8,503,227
8,704,240
Accumulated other comprehensive gain (loss)
2,226
(1,308
)
Distributions in excess of net income
(1,980,076
)
(1,871,603
)
Total shareholders' equity
6,724,146
7,032,687
Noncontrolling interests:
Exchangeable operating partnership units, aggregate redemption value of $81,076 and $74,199 at December 31, 2024 and 2023, respectively
40,744
42,195
Limited partners' interests in consolidated partnerships
135,417
117,053
Total noncontrolling interests
176,161
159,248
Total equity
6,900,307
7,191,935
Total liabilities and equity
$
12,391,961
12,426,913
The accompanying notes are an integral part of the consolidated financial statements.
REGENCY CENTERS CORPORATION
Consolidated Statements of Operations
For the years ended December 31, 2024, 2023, and 2022
(in thousands, except per share data)
Revenues:
Lease income
$
1,411,379
1,283,939
1,187,452
Other property income
14,651
11,573
10,719
Management, transaction, and other fees
27,874
26,954
25,851
Total revenues
1,453,904
1,322,466
1,224,022
Operating expenses:
Depreciation and amortization
394,714
352,282
319,697
Property operating expense
248,637
229,209
196,148
Real estate taxes
184,415
165,560
149,795
General and administrative
101,465
97,806
79,903
Other operating expenses
10,867
9,459
6,166
Total operating expenses
940,098
854,316
751,709
Other expense, net:
Interest expense, net
180,119
154,249
146,186
Provision for impairment of real estate
14,304
-
-
Gain on sale of real estate, net of tax
(34,162
)
(661
)
(109,005
)
Loss (gain) on early extinguishment of debt
(99
)
-
Net investment (income) loss
(6,181
)
(5,665
)
6,921
Total other expense, net
154,260
147,824
44,102
Income before equity in income of investments in real estate partnerships
359,546
320,326
428,211
Equity in income of investments in real estate partnerships
50,294
50,541
59,824
Net income
409,840
370,867
488,035
Noncontrolling interests:
Exchangeable operating partnership units ("EOP")
(2,338
)
(2,008
)
(2,105
)
Limited partners' interests in consolidated partnerships
(7,114
)
(4,302
)
(3,065
)
Net income attributable to noncontrolling interests
(9,452
)
(6,310
)
(5,170
)
Net income attributable to the Company
400,388
364,557
482,865
Preferred stock dividends
(13,650
)
(5,057
)
-
Net income attributable to common shareholders
$
386,738
359,500
482,865
Net income attributable to common shareholders:
Per common share - basic
$
2.12
2.04
2.82
Per common share - diluted
$
2.11
2.04
2.81
The accompanying notes are an integral part of the consolidated financial statements.
REGENCY CENTERS CORPORATION
Consolidated Statements of Comprehensive Income
For the years ended December 31, 2024, 2023, and 2022
(in thousands)
Net income
$
409,840
370,867
488,035
Other comprehensive income (loss):
Effective portion of change in fair value of derivative instruments:
Effective portion of change in fair value of derivative instruments
12,523
(2,448
)
20,061
Reclassification adjustment of derivative instruments included in net income
(8,895
)
(7,536
)
Unrealized (loss) gain on available-for-sale debt securities
(32
)
(1,309
)
Other comprehensive income (loss)
3,596
(9,647
)
19,585
Comprehensive income
413,436
361,220
507,620
Less: comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests
9,452
6,310
5,170
Other comprehensive income (loss) attributable to noncontrolling interests
(779
)
1,798
Comprehensive income attributable to noncontrolling interests
9,514
5,531
6,968
Comprehensive income attributable to the Company
$
403,922
355,689
500,652
The accompanying notes are an integral part of the consolidated financial statements.
REGENCY CENTERS CORPORATION
Consolidated Statements of Equity
For the years ended December 31, 2024, 2023, and 2022
(in thousands, except per share data)
Shareholders' Equity
Noncontrolling Interests
Preferred
Stock
Common
Stock
Treasury
Stock
Additional
Paid In
Capital
Accumulated
Other
Comprehensive
Loss
Distributions
in Excess of
Net Income
Total
Shareholders'
Equity
Exchangeable
Operating
Partnership
Units
Limited
Partners'
Interest in
Consolidated
Partnerships
Total
Noncontrolling
Interests
Total
Equity
Balance at December 31, 2021
$
-
1,712
(22,758
)
7,883,458
(10,227
)
(1,814,814
)
6,037,371
35,447
37,114
72,561
6,109,932
Net income
-
-
-
-
-
482,865
482,865
2,105
3,065
5,170
488,035
Other comprehensive income
Other comprehensive income before reclassification
-
-
-
-
17,008
-
17,008
1,664
1,744
18,752
Amounts reclassified from accumulated other comprehensive income
-
-
-
-
-
Deferred compensation plan, net
-
-
(1,703
)
1,702
-
-
(1
)
-
-
-
(1
)
Restricted stock issued, net of amortization
-
-
16,665
-
-
16,667
-
-
-
16,667
Common stock repurchased for taxes withheld for stock-based compensation, net
-
-
-
(5,858
)
-
-
(5,858
)
-
-
-
(5,858
)
Common stock repurchased and retired
-
(13
)
-
(75,406
)
-
-
(75,419
)
-
-
-
(75,419
)
Common stock issued under dividend reinvestment plan
-
-
-
-
-
-
-
-
Common stock issued for partnership units exchanged
-
-
-
1,275
-
-
1,275
(1,275
)
-
(1,275
)
-
Common stock issued, net of issuance costs
-
-
61,274
-
-
61,284
-
-
-
61,284
Reallocation of noncontrolling interests, net of transaction costs
-
-
-
(6,482
)
-
-
(6,482
)
-
6,266
6,266
(216
)
Contributions from partners
-
-
-
-
-
-
-
-
13,223
13,223
13,223
Distributions to partners
-
-
-
-
-
-
-
-
(14,816
)
(14,816
)
(14,816
)
Dividends declared:
Common stock/unit ($2.525 per share/unit)
-
-
-
-
-
(433,028
)
(433,028
)
(1,873
)
-
(1,873
)
(434,901
)
Balance at December 31, 2022
$
-
1,711
(24,461
)
7,877,152
7,560
(1,764,977
)
6,096,985
34,489
46,565
81,054
6,178,039
Shareholders' Equity
Noncontrolling Interests
Preferred
Stock
Common
Stock
Treasury
Stock
Additional
Paid In
Capital
Accumulated
Other
Comprehensive
Loss
Distributions
in Excess of
Net Income
Total
Shareholders'
Equity
Exchangeable
Operating
Partnership
Units
Limited
Partners'
Interest in
Consolidated
Partnerships
Total
Noncontrolling
Interests
Total
Equity
Balance at December 31, 2022
$
-
1,711
(24,461
)
7,877,152
7,560
(1,764,977
)
6,096,985
34,489
46,565
81,054
6,178,039
Net income
-
-
-
-
-
364,557
364,557
2,008
4,302
6,310
370,867
Other comprehensive loss
Other comprehensive loss before reclassification
-
-
-
-
(2,063
)
-
(2,063
)
(9
)
(39
)
(48
)
(2,111
)
Amounts reclassified from accumulated other comprehensive loss
-
-
-
-
(6,805
)
-
(6,805
)
(39
)
(692
)
(731
)
(7,536
)
Adjustment for noncontrolling interests in the Operating Partnership
-
-
-
13,518
-
-
13,518
(13,518
)
-
(13,518
)
-
Deferred compensation plan, net
-
-
(1,027
)
1,027
-
-
-
-
-
-
-
Restricted stock issued, net of amortization
-
-
20,439
-
-
20,441
-
-
-
20,441
Common stock repurchased for taxes withheld for stock-based compensation, net
-
-
-
(7,074
)
-
-
(7,074
)
-
-
-
(7,074
)
Common stock repurchased and retired
-
(3
)
-
(20,003
)
-
-
(20,006
)
-
-
-
(20,006
)
Repurchase of EOP units
-
-
-
-
-
-
-
(9,163
)
-
(9,163
)
(9,163
)
Common stock issued under dividend reinvestment plan
-
-
-
-
-
-
-
-
Common stock issued for partnership units exchanged
-
-
-
-
-
(198
)
-
(198
)
-
Common stock issued, net of issuance costs
-
-
818,361
-
-
818,497
-
-
-
818,497
Issuance of EOP units
-
-
-
-
-
-
-
31,253
-
31,253
31,253
Issuance of preferred stock
225,000
-
-
-
-
-
225,000
-
-
-
225,000
Contributions from partners
-
-
-
-
-
-
-
-
74,730
74,730
74,730
Distributions to partners
-
-
-
-
-
-
-
-
(7,813
)
(7,813
)
(7,813
)
Dividends declared:
Preferred stock (Series A: $0.781250 per share/unit; Series B: $0.734400 per share/unit)
-
-
-
-
-
(5,057
)
(5,057
)
-
-
-
(5,057
)
Common stock/unit ($2.620 per share/unit)
-
-
-
-
-
(466,126
)
(466,126
)
(2,628
)
-
(2,628
)
(468,754
)
Balance at December 31, 2023
$
225,000
1,846
(25,488
)
8,704,240
(1,308
)
(1,871,603
)
7,032,687
42,195
117,053
159,248
7,191,935
Shareholders' Equity
Noncontrolling Interests
Preferred
Stock
Common
Stock
Treasury
Stock
Additional
Paid In
Capital
Accumulated
Other
Comprehensive
Loss
Distributions
in Excess of
Net Income
Total
Shareholders'
Equity
Exchangeable
Operating
Partnership
Units
Limited
Partners'
Interest in
Consolidated
Partnerships
Total
Noncontrolling
Interests
Total
Equity
Balance at December 31, 2023
$
225,000
1,846
(25,488
)
8,704,240
(1,308
)
(1,871,603
)
7,032,687
42,195
117,053
159,248
7,191,935
Net income
-
-
-
-
-
400,388
400,388
2,338
7,114
9,452
409,840
Other comprehensive income
Other comprehensive income before reclassification
-
-
-
-
11,845
-
11,845
12,491
Amounts reclassified from accumulated other comprehensive income
-
-
-
-
(8,311
)
-
(8,311
)
(50
)
(534
)
(584
)
(8,895
)
Adjustment for noncontrolling interests
-
-
-
(10,833
)
-
-
(10,833
)
2,119
8,714
10,833
-
Deferred compensation plan, net
-
-
(2,557
)
2,557
-
-
-
-
-
-
-
Restricted stock issued, net of amortization
-
-
24,916
-
-
24,917
-
-
-
24,917
Common stock repurchased for taxes withheld for stock-based compensation, net
-
-
-
(19,012
)
-
-
(19,012
)
-
-
-
(19,012
)
Common stock repurchased and retired
-
(33
)
-
(200,033
)
-
-
(200,066
)
-
-
-
(200,066
)
Common stock issued under dividend reinvestment plan
-
-
-
-
-
-
-
-
Common stock issued for partnership units exchanged
-
-
-
-
-
(735
)
-
(735
)
-
Contributions from partners
-
-
-
-
-
-
-
-
14,679
14,679
14,679
Distributions to partners
-
-
-
-
-
-
-
-
(12,185
)
(12,185
)
(12,185
)
Dividends declared:
Preferred stock (Series A: $1.562500 per share/unit; Series B: $1.468800 per share/unit)
-
-
-
-
-
(13,650
)
(13,650
)
-
-
-
(13,650
)
Common stock/unit ($2.715 per share/unit)
-
-
-
-
-
(495,211
)
(495,211
)
(5,193
)
-
(5,193
)
(500,404
)
Balance at December 31, 2024
$
225,000
1,814
(28,045
)
8,503,227
2,226
(1,980,076
)
6,724,146
40,744
135,417
176,161
6,900,307
See accompanying notes to consolidated financial statements.
REGENCY CENTERS CORPORATION
Consolidated Statements of Cash Flows
For the years ended December 31, 2024, 2023, and 2022
(in thousands)
Cash flows from operating activities:
Net income
$
409,840
370,867
488,035
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
394,714
352,282
319,697
Amortization of deferred financing costs and debt premiums
13,096
8,252
5,799
Amortization of above and below market lease intangibles, net
(22,701
)
(29,130
)
(20,995
)
Stock-based compensation, net of capitalization
23,504
20,075
16,521
Equity in income of investments in real estate partnerships
(50,294
)
(50,541
)
(59,824
)
Gain on sale of real estate, net of tax
(34,162
)
(661
)
(109,005
)
Provision for impairment of real estate
14,304
-
-
Loss (gain) on early extinguishment of debt
(99
)
-
Distribution of earnings from investments in real estate partnerships
69,156
66,531
61,416
Deferred compensation expense (income)
5,256
4,782
(6,128
)
Realized and unrealized (gain) loss on investments
(5,930
)
(5,571
)
7,040
Changes in assets and liabilities:
Tenant and other receivables
(24,219
)
(13,904
)
(35,274
)
Deferred leasing costs
(11,703
)
(11,156
)
(10,801
)
Other assets
1,818
3,028
1,292
Accounts payable and other liabilities
4,253
5,152
(9,088
)
Tenants' security, escrow deposits and prepaid rent
3,086
(316
)
7,130
Net cash provided by operating activities
790,198
719,591
655,815
Cash flows from investing activities:
Acquisition of operating real estate, net of cash acquired of $3,061 in 2022
(45,405
)
(45,386
)
(169,639
)
Acquisition of UBP, net of cash acquired of $14,143
-
(82,389
)
-
Real estate development and capital improvements
(343,368
)
(232,855
)
(195,418
)
Proceeds from sale of real estate
108,615
11,167
143,133
Proceeds from property insurance casualty claims
5,286
-
-
Issuance of notes receivable
(32,651
)
(4,000
)
-
Collection of notes receivable
3,115
4,000
1,823
Investments in real estate partnerships
(41,345
)
(13,119
)
(36,266
)
Return of capital from investments in real estate partnerships
13,034
11,308
48,473
Dividends on investment securities
1,283
1,113
Acquisition of investment securities
(101,044
)
(7,990
)
(21,112
)
Proceeds from sale of investment securities
106,666
16,003
21,785
Net cash used in investing activities
(326,644
)
(341,978
)
(206,108
)
Cash flows from financing activities:
Net proceeds from common stock issuance
$
-
(33
)
61,284
Repurchase of common shares in conjunction with equity award plans
(19,540
)
(7,662
)
(6,447
)
Common shares repurchased through share repurchase program
(200,066
)
(20,006
)
(75,419
)
Proceeds from sale of treasury stock
Contributions from noncontrolling interests
6,789
10,238
-
Distributions to and redemptions of noncontrolling interests
(12,185
)
(7,813
)
(7,245
)
Distributions to exchangeable operating partnership unit holders
(2,952
)
(2,368
)
(1,867
)
Redemption of EOP units
-
(9,163
)
-
Dividends paid to common shareholders
(490,365
)
(453,065
)
(428,276
)
Dividends paid to preferred shareholders
(13,650
)
(3,413
)
-
Repayment of fixed rate unsecured notes
(250,000
)
-
-
Proceeds from issuance of fixed rate unsecured notes, net of debt discount
722,860
-
-
Proceeds from unsecured credit facilities
722,419
557,000
95,000
Repayment of unsecured credit facilities
(809,419
)
(405,000
)
(95,000
)
Proceeds from notes payable
12,000
59,500
-
Repayment of notes payable
(131,261
)
(61,592
)
(6,745
)
Scheduled principal payments
(11,209
)
(11,235
)
(11,219
)
Payment of financing costs
(16,655
)
(526
)
(88
)
Net cash used in financing activities
(493,024
)
(355,035
)
(475,958
)
Net change in cash and cash equivalents and restricted cash
(29,470
)
22,578
(26,251
)
Cash and cash equivalents and restricted cash at beginning of the year
91,354
68,776
95,027
Cash and cash equivalents and restricted cash at end of the year
$
61,884
$
91,354
68,776
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $6,627, $5,695, and $4,166 in 2024, 2023, and 2022, respectively)
$
161,356
147,176
141,359
Cash paid for income taxes, net of refunds
$
7,724
Supplemental disclosure of non-cash transactions:
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid
$
133,114
126,683
111,709
Previously held equity investments in real estate assets acquired
$
-
-
17,179
Mortgage loans assumed by Company with the acquisition of real estate
$
-
22,779
Right of use assets obtained in exchange for new operating lease liabilities
$
1,271
36,577
-
Sale of leased asset in exchange for net investment in sales-type lease
$
2,846
8,510
-
UBP Acquisition:
Notes payable assumed in acquisition, at fair value
$
-
284,706
-
Noncontrolling interest assumed in acquisition, at fair value
$
-
64,492
-
Common stock exchanged for UBP shares
$
-
818,530
-
Preferred stock exchanged for UBP shares
$
-
225,000
-
EOP units issued for acquisition of real estate
$
-
31,253
-
Real estate received in lieu of rental revenue
$
1,853
-
-
Change in accrued capital expenditures
$
14,036
8,877
4,888
Stock-based compensation capitalized
$
1,941
Contributions to investments in real estate partnerships
$
18,459
-
Contributions from limited partners in consolidated partnerships
$
7,890
-
5,436
Change in fair value of securities
$
1,658
The accompanying notes are an integral part of the consolidated financial statements.
REGENCY CENTERS, L.P.
Consolidated Balance Sheets
December 31, 2024 and 2023
(in thousands, except unit data)
Assets
Net real estate investments:
Real estate assets, at cost
$
13,698,419
13,454,391
Less: accumulated depreciation
2,960,399
2,691,386
Real estate assets, net
10,738,020
10,763,005
Investments in sales-type leases, net
16,291
8,705
Investments in real estate partnerships
399,044
370,605
Net real estate investments
11,153,355
11,142,315
Properties held for sale, net
-
18,878
Cash, cash equivalents, and restricted cash, including $5,601 and $6,383 of restricted cash at December 31, 2024 and 2023, respectively
61,884
91,354
Tenant and other receivables, net
255,495
206,162
Deferred leasing costs, less accumulated amortization of $131,080 and $124,107 at December 31, 2024 and 2023, respectively
79,911
73,398
Acquired lease intangible assets, less accumulated amortization of $395,209 and $364,413 at December 31, 2024 and 2023, respectively
229,983
283,375
Right of use assets, net
322,287
328,002
Other assets
289,046
283,429
Total assets
$
12,391,961
12,426,913
Liabilities and Capital
Liabilities:
Notes payable, net
$
4,343,700
4,001,949
Unsecured credit facility
65,000
152,000
Accounts payable and other liabilities
392,302
358,612
Acquired lease intangible liabilities, less accumulated amortization of $222,052 and $211,067 at December 31, 2024 and 2023, respectively
364,608
398,302
Lease liabilities
244,861
246,063
Tenants' security, escrow deposits and prepaid rent
81,183
78,052
Total liabilities
5,491,654
5,234,978
Commitments and contingencies
-
-
Capital:
Partners' capital:
Preferred units $0.01 par value per unit, 30,000,000 units authorized; 9,000,000 units issued and outstadning, in the aggregate, in Series A and Series B at December 31, 2024 and 2023
225,000
225,000
General partner's common units, 181,361,454 and 184,581,070 units issued and outstanding at December 31, 2024 and 2023, respectively
6,496,920
6,808,995
Limited partners' common units, 1,096,659 and 1,107,454 units issued and outstanding at December 31, 2024 and 2023, respectively
40,744
42,195
Accumulated other comprehensive gain (loss)
2,226
(1,308
)
Total partners' capital
6,764,890
7,074,882
Noncontrolling interest: Limited partners' interests in consolidated partnerships
135,417
117,053
Total capital
6,900,307
7,191,935
Total liabilities and capital
$
12,391,961
12,426,913
The accompanying notes are an integral part of the consolidated financial statements.
REGENCY CENTERS, L.P.
Consolidated Statements of Operations
For the years ended December 31, 2024, 2023, and 2022
(in thousands, except per unit data)
Revenues:
Lease income
$
1,411,379
1,283,939
1,187,452
Other property income
14,651
11,573
10,719
Management, transaction, and other fees
27,874
26,954
25,851
Total revenues
1,453,904
1,322,466
1,224,022
Operating expenses:
Depreciation and amortization
394,714
352,282
319,697
Property operating expense
248,637
229,209
196,148
Real estate taxes
184,415
165,560
149,795
General and administrative
101,465
97,806
79,903
Other operating expenses
10,867
9,459
6,166
Total operating expenses
940,098
854,316
751,709
Other expense, net:
Interest expense, net
180,119
154,249
146,186
Provision for impairment of real estate
14,304
-
-
Gain on sale of real estate, net of tax
(34,162
)
(661
)
(109,005
)
Loss (gain) on early extinguishment of debt
(99
)
-
Net investment (income) loss
(6,181
)
(5,665
)
6,921
Total other expense, net
154,260
147,824
44,102
Income before equity in income of investments in real estate partnerships
359,546
320,326
428,211
Equity in income of investments in real estate partnerships
50,294
50,541
59,824
Net income
409,840
370,867
488,035
Limited partners' interests in consolidated partnerships
(7,114
)
(4,302
)
(3,065
)
Net income attributable to the Partnership
402,726
366,565
484,970
Preferred unit distributions
(13,650
)
(5,057
)
-
Net income attributable to common unit holders
$
389,076
361,508
484,970
Net income attributable to common unit holders:
Per common unit - basic
$
2.12
2.04
2.82
Per common unit - diluted
$
2.11
2.04
2.81
The accompanying notes are an integral part of the consolidated financial statements.
REGENCY CENTERS, L.P.
Consolidated Statements of Comprehensive Income
For the years ended December 31, 2024, 2023, and 2022
(in thousands)
Net income
$
409,840
370,867
488,035
Other comprehensive income (loss):
Effective portion of change in fair value of derivative instruments:
Effective portion of change in fair value of derivative instruments
12,523
(2,448
)
20,061
Reclassification adjustment of derivative instruments included in net income
(8,895
)
(7,536
)
Unrealized (loss) gain on available-for-sale debt securities
(32
)
(1,309
)
Other comprehensive income (loss)
3,596
(9,647
)
19,585
Comprehensive income
413,436
361,220
507,620
Less: comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests
7,114
4,302
3,065
Other comprehensive income (loss) attributable to noncontrolling interests
(731
)
1,713
Comprehensive income attributable to noncontrolling interests
7,156
3,571
4,778
Comprehensive income attributable to the Partnership
$
406,280
357,649
502,842
The accompanying notes are an integral part of the consolidated financial statements.
REGENCY CENTERS, L.P.
Consolidated Statements of Capital
For the years ended December 31, 2024, 2023, and 2022
(in thousands)
General Partner
Preferred and
Common Units
Limited
Partners
Accumulated
Other
Comprehensive
Loss
Total
Partners'
Capital
Noncontrolling
Interests in
Limited Partners'
Interest in
Consolidated
Partnerships
Total
Capital
Balance at December 31, 2021
$
6,047,598
35,447
(10,227
)
6,072,818
37,114
6,109,932
Net income
482,865
2,105
-
484,970
3,065
488,035
Other comprehensive income
-
-
Other comprehensive income before reclassification
-
17,008
17,088
1,664
18,752
Amounts reclassified from accumulated other comprehensive income
-
Deferred compensation plan, net
(1
)
-
-
(1
)
-
(1
)
Contributions from partners
-
-
-
-
13,223
13,223
Distributions to partners
(433,028
)
(1,873
)
-
(434,901
)
(14,816
)
(449,717
)
Reallocation of limited partners' interest, net of transaction costs
(6,482
)
-
-
(6,482
)
6,266
(216
)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization
16,667
-
-
16,667
-
16,667
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company
(75,419
)
-
-
(75,419
)
-
(75,419
)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs
61,284
-
-
61,284
-
61,284
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances
(5,334
)
-
-
(5,334
)
-
(5,334
)
EOP units exchanged for common stock of Parent Company
1,275
(1,275
)
-
-
-
-
Balance at December 31, 2022
$
6,089,425
34,489
7,560
6,131,474
46,565
6,178,039
Net income
364,557
2,008
-
366,565
4,302
370,867
Other comprehensive loss
Other comprehensive loss before reclassification
-
(9
)
(2,063
)
(2,072
)
(39
)
(2,111
)
Amounts reclassified from accumulated other comprehensive loss
-
(39
)
(6,805
)
(6,844
)
(692
)
(7,536
)
Adjustment for noncontrolling interests in the Operating Partnership
13,518
(13,518
)
-
-
-
-
Contributions from partners
-
-
-
-
74,730
74,730
Issuance of EOP units
-
31,253
-
31,253
-
31,253
Distributions to partners
(466,126
)
(2,628
)
-
(468,754
)
(7,813
)
(476,567
)
Preferred unit distributions
(5,057
)
-
-
(5,057
)
-
(5,057
)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization
20,441
-
-
20,441
-
20,441
Preferred units issued as a result of preferred stock issued by Parent Company, net of issuance costs
225,000
-
-
225,000
-
225,000
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company
(20,006
)
-
-
(20,006
)
-
(20,006
)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs
818,497
-
-
818,497
-
818,497
Repurchase of EOP units
-
(9,163
)
-
(9,163
)
-
(9,163
)
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances
(6,452
)
-
-
(6,452
)
-
(6,452
)
EOP units exchanged for common stock of Parent Company
(198
)
-
-
-
-
Balance at December 31, 2023
$
7,033,995
42,195
(1,308
)
7,074,882
117,053
7,191,935
General Partner
Preferred and
Common Units
Limited
Partners
Accumulated
Other
Comprehensive
Loss
Total
Partners'
Capital
Noncontrolling
Interests in
Limited Partners'
Interest in
Consolidated
Partnerships
Total
Capital
Balance at December 31, 2023
$
7,033,995
42,195
(1,308
)
7,074,882
117,053
7,191,935
Net income
400,388
2,338
-
402,726
7,114
409,840
Other comprehensive income
Other comprehensive income before reclassification
-
11,845
11,915
12,491
Amounts reclassified from accumulated other comprehensive income
-
(50
)
(8,311
)
(8,361
)
(534
)
(8,895
)
Adjustment for noncontrolling interests in the Operating Partnership
(10,833
)
2,119
-
(8,714
)
8,714
-
Contributions from partners
-
-
-
-
14,679
14,679
Issuance of EOP units
-
-
-
-
-
-
Distributions to partners
(495,211
)
(5,193
)
-
(500,404
)
(12,185
)
(512,589
)
Preferred unit distributions
(13,650
)
-
-
(13,650
)
-
(13,650
)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization
24,917
-
-
24,917
-
24,917
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company
(200,066
)
-
-
(200,066
)
-
(200,066
)
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances
(18,355
)
-
-
(18,355
)
-
(18,355
)
EOP units exchanged for common stock of Parent Company
(735
)
-
-
-
-
Balance at December 31, 2024
$
6,721,920
40,744
2,226
6,764,890
135,417
6,900,307
The accompanying notes are an integral part of the consolidated financial statements.
REGENCY CENTERS, L.P.
Consolidated Statements of Cash Flows
For the years ended December 31, 2024, 2023, and 2022
(in thousands)
Cash flows from operating activities:
Net income
$
409,840
370,867
488,035
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
394,714
352,282
319,697
Amortization of deferred financing costs and debt premiums
13,096
8,252
5,799
Amortization of above and below market lease intangibles, net
(22,701
)
(29,130
)
(20,995
)
Stock-based compensation, net of capitalization
23,504
20,075
16,521
Equity in income of investments in real estate partnerships
(50,294
)
(50,541
)
(59,824
)
Gain on sale of real estate, net of tax
(34,162
)
(661
)
(109,005
)
Provision for impairment of real estate
14,304
-
-
Loss (gain) on early extinguishment of debt
(99
)
-
Distribution of earnings from investments in real estate partnerships
69,156
66,531
61,416
Deferred compensation expense (income)
5,256
4,782
(6,128
)
Realized and unrealized (gain) loss on investments
(5,930
)
(5,571
)
7,040
Changes in assets and liabilities:
Tenant and other receivables
(24,219
)
(13,904
)
(35,274
)
Deferred leasing costs
(11,703
)
(11,156
)
(10,801
)
Other assets
1,818
3,028
1,292
Accounts payable and other liabilities
4,253
5,152
(9,088
)
Tenants' security, escrow deposits and prepaid rent
3,086
(316
)
7,130
Net cash provided by operating activities
790,198
719,591
655,815
Cash flows from investing activities:
Acquisition of operating real estate, net of cash acquired of $3,061 in 2022
(45,405
)
(45,386
)
(169,639
)
Acquisition of UBP, net of cash acquired of $14,143
-
(82,389
)
-
Real estate development and capital improvements
(343,368
)
(232,855
)
(195,418
)
Proceeds from sale of real estate
108,615
11,167
143,133
Proceeds from property insurance casualty claims
5,286
-
-
Issuance of notes receivable
(32,651
)
(4,000
)
-
Collection of notes receivable
3,115
4,000
1,823
Investments in real estate partnerships
(41,345
)
(13,119
)
(36,266
)
Return of capital from investments in real estate partnerships
13,034
11,308
48,473
Dividends on investment securities
1,283
1,113
Acquisition of investment securities
(101,044
)
(7,990
)
(21,112
)
Proceeds from sale of investment securities
106,666
16,003
21,785
Net cash used in investing activities
(326,644
)
(341,978
)
(206,108
)
Cash flows from financing activities:
Net proceeds from common stock issuance
$
-
(33
)
61,284
Repurchase of common units in conjunction with equity award plans
(19,540
)
(7,662
)
(6,447
)
Common units repurchased through share repurchase program
(200,066
)
(20,006
)
(75,419
)
Proceeds from sale of treasury stock
Contributions from noncontrolling interests
6,789
10,238
-
Distributions to and redemptions of noncontrolling interests
(12,185
)
(7,813
)
(7,245
)
Distributions to partners
(493,317
)
(455,433
)
(430,143
)
Dividends paid to preferred unit holders
(13,650
)
(3,413
)
-
Redemption of EOP units
-
(9,163
)
-
Repayment of fixed rate unsecured notes
(250,000
)
-
-
Proceeds from issuance of fixed rate unsecured notes, net of debt discount
722,860
-
-
Proceeds from unsecured credit facilities
722,419
557,000
95,000
Repayment of unsecured credit facilities
(809,419
)
(405,000
)
(95,000
)
Proceeds from notes payable
12,000
59,500
-
Repayment of notes payable
(131,261
)
(61,592
)
(6,745
)
Scheduled principal payments
(11,209
)
(11,235
)
(11,219
)
Payment of financing costs
(16,655
)
(526
)
(88
)
Net cash used in financing activities
(493,024
)
(355,035
)
(475,958
)
Net change in cash and cash equivalents and restricted cash
(29,470
)
22,578
(26,251
)
Cash and cash equivalents and restricted cash at beginning of the year
91,354
68,776
95,027
Cash and cash equivalents and restricted cash at end of the year
$
61,884
91,354
68,776
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $6,627, $5,695, and $4,166 in 2024, 2023, and 2022, respectively)
$
161,356
147,176
141,359
Cash paid for income taxes, net of refunds
$
7,724
Supplemental disclosure of non-cash transactions:
Common and Preferred units, and exchangeable operating partnership dividends declared but not paid
$
133,114
126,683
111,709
Previously held equity investments in real estate assets acquired
$
-
-
17,179
Mortgage loans assumed by Company with the acquisition of real estate
$
-
22,779
Right of use assets obtained in exchange for new operating lease liabilities
$
1,271
36,577
-
Sale of leased asset in exchange for net investment in sales-type lease
$
2,846
8,510
-
UBP Acquisition:
Notes payable assumed in acquisition, at fair value
$
-
284,706
-
Noncontrolling interest assumed in acquisition, at fair value
$
-
64,492
-
Common stock exchanged for UBP shares
$
-
818,530
-
Preferred stock exchanged for UBP shares
$
-
225,000
-
EOP units issued for acquisition of real estate
$
-
31,253
-
Real estate received in lieu of rental revenue
$
1,853
-
-
Change in accrued capital expenditures
$
14,036
8,877
4,888
Stock-based compensation capitalized
$
1,941
Contributions to investments in real estate partnerships
$
18,459
-
Contributions from limited partners in consolidated partnerships
$
7,890
-
5,436
Change in fair value of securities
$
1,658
The accompanying notes are an integral part of the consolidated financial statements.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
1.Summary of Significant Accounting Policies
(a)Organization and Principles of Consolidation
General
Regency Centers Corporation (the "Parent Company") began its operations as a REIT in 1993 and is the general partner of Regency Centers, L.P. (the "Operating Partnership"). The Parent Company primarily engages in the ownership, management, leasing, acquisition, development, and redevelopment of shopping centers through the Operating Partnership and has no other assets other than through its investment in the Operating Partnership. Its only indebtedness consists of $200 million of unsecured private placement notes, which are co-issued and guaranteed by the Operating Partnership. The Parent Company guarantees all of the unsecured debt of the Operating Partnership.
As of December 31, 2024, the Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis (the "Company" or "Regency") owned 379 properties and held partial interests in an additional 103 properties through unconsolidated Investments in real estate partnerships (also referred to as "joint ventures" or "investment partnerships").
Acquisition of Urstadt Biddle Properties Inc.
On August 18, 2023, the Company acquired Urstadt Biddle Properties Inc. ("UBP") which was accounted for as an asset acquisition. Under the terms of the merger agreement, each share of Urstadt Biddle common stock and Urstadt Biddle Class A common stock was converted into 0.347 of a share of common stock of the Parent Company. Additionally, each share of UBP’s 6.25% Series H Cumulative Redeemable Preferred Stock and 5.875% Series K Cumulative Redeemable Preferred Stock was converted into one share of newly issued Parent Company 6.25% Series A Cumulative Redeemable Preferred Stock ("Parent Company Series A preferred stock") and 5.875% Series B Cumulative Redeemable Preferred Stock ("Parent Company Series B preferred stock"), respectively (collectively referred to as the "Preferred Stock").
As a result of the acquisition, the Company acquired 74 properties representing 5.3 million square feet of GLA, including 10 properties held through real estate partnerships.
Estimates, Risks, and Uncertainties
The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of commitments and contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates in the Company's financial statements relate to the net carrying values of its real estate investments, collectibility of lease income, and acquired lease intangible assets and liabilities. It is possible that the estimates and assumptions that have been utilized in the preparation of the Consolidated Financial Statements could change significantly if economic conditions were to weaken.
The success of the Company's tenants in operating their businesses and their corresponding ability to pay rent continue to be influenced by current economic challenges, which may impact their cost of doing business, including but not limited to the impact of inflation, the cost and availability of labor, increasing energy prices and interest rates, and access to credit. Additionally, geopolitical and macroeconomic challenges, including the war involving Russia and Ukraine, the current Middle East conflicts and wars, and economic conflicts with China, as well as the slowing of its economy, could impact aspects of the U.S. economy and, therefore, consumer spending. The policies implemented by the U.S. government to address these and related issues, including changes by the Board of Governors of the Federal Reserve System of its benchmark federal funds rate, increases or decreases in federal government spending, and economic sanctions and tariffs, could result in adverse impacts on the U.S. economy, including a slowing of growth and potentially a recession, thereby impacting consumer spending, tenants' businesses, and/or decreasing future demand for space in shopping centers. The potential impact of current macroeconomic and geopolitical challenges on the Company's financial condition, results of operations, and cash flows is subject to change and continues to depend on the extent and duration of these risks and uncertainties.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
Consolidation
The accompanying Consolidated Financial Statements include the accounts of the Parent Company, the Operating Partnership, its wholly-owned subsidiaries, and consolidated partnerships in which the Company has a controlling financial interest. Investments in real estate partnerships not controlled by the Company are accounted for under the equity method of accounting. All significant inter-company balances and transactions are eliminated in the Consolidated Financial Statements.
The Company consolidates properties that are wholly-owned and properties where it owns less than 100% but holds a controlling financial interest in the entity. Controlling financial interest is determined using an evaluation based on accounting standards related to the consolidation of Variable Interest Entities ("VIEs") and voting interest entities. For joint ventures that are determined to be a VIE, the Company consolidates the entity where it is deemed to be the primary beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE.
Ownership of the Parent Company
The Parent Company currently has a single class of common stock and two series of preferred stock outstanding.
Ownership of the Operating Partnership
The Operating Partnership's capital includes Common Units and Preferred Units. As of December 31, 2024, the Parent Company owned approximately 99.4% or 181,361,454 of the 182,458,113 of the outstanding Common Units, with the remaining limited partner's Common Units held by third parties ("Exchangeable operating partnership units" or "EOP units"). The Parent Company currently owns all of the Preferred Units.
Each EOP unit is exchangeable for cash or one share of common stock of the Parent Company, at the discretion of the Parent Company, and the unit holder cannot require redemption in cash or common stock (i.e., registered shares of the Parent). The Parent Company has evaluated the conditions as specified under Accounting Standards Codification ("ASC") Topic 480, Distinguishing Liabilities from Equity, as it relates to EOP units outstanding and concluded that the Parent Company has the right to satisfy the redemption requirements of the units by delivering shares of unregistered common stock. Accordingly, the Parent Company classifies EOP units as permanent equity in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity and Comprehensive Income. The Parent Company serves as general partner of the Operating Partnership. The EOP unit holders have limited rights over the Operating Partnership such that they do not have the power to direct the activities that most significantly impact the Operating Partnership’s economic performance. As such, the Operating Partnership is considered a VIE, and the Parent Company, which consolidates it, is the primary beneficiary. The Parent Company's only investment is the Operating Partnership. Net income and distributions of the Operating Partnership are allocable to the general and limited common Partnership Units in accordance with their ownership percentages.
Real Estate Partnerships
As of December 31, 2024, Regency held partial ownership interests in 122 properties through real estate partnerships, of which 19 are consolidated. Regency's partners include institutional investors, real estate developers and/or operators, and passive investors (the "Partners" or "Limited Partners"). These partnerships have been established to own and operate real estate properties. The Company’s involvement with these entities is through its ownership of its equity interest in the partnerships and management of the properties. The entities were deemed VIEs primarily because the unrelated investors do not have substantive kick-out rights to remove the general or managing partner by a vote of a simple majority or less, and they do not have substantive participating rights. Regency has variable interests in these entities through its equity ownership, with Regency being the primary beneficiary in certain of these real estate partnerships. Regency consolidates the partnerships into its financial statements for which it is the primary beneficiary and reports the limited partners' interests as noncontrolling interests. For those partnerships which Regency is not the primary beneficiary and does not have a controlling financial interest, but has significant influence, Regency recognizes its equity investments in them in accordance with the equity method of accounting.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
The assets of these partnerships are restricted to use by the respective partnerships and cannot be directly reached by general creditors of the Company, except to the extent that the Company has provided payment guarantees. Similarly, the obligations of the partnerships are backed by, and can only be settled through the assets of these partnerships or by additional capital contributions by the partners, or, where applicable, by the Company under such guarantees. As managing member, Regency maintains the books and records and typically provides leasing property and asset management services to the partnerships. The Partners' level of involvement in these partnerships varies from protective decisions (debt, bankruptcy, selling primary asset(s) of business) to participating involvement such as approving leases, operating budgets, and capital budgets.
•Certain partnerships were deemed VIEs primarily because the unrelated investors do not have substantive kick-out rights to remove the general or managing partner by a vote of a simple majority or less, and they do not have substantive participating rights. Those partnerships for which the Partners are involved in the day to day decisions and do not have any other aspects that would cause them to be considered VIEs, are evaluated for consolidation using the voting interest model.
oThose partnerships in which Regency does not have a controlling financial interest are accounted for using the equity method of accounting and Regency's ownership interest is recognized through single-line presentation as Investments in real estate partnerships, in the Consolidated Balance Sheet, and Equity in income of investments in real estate partnerships, in the Consolidated Statements of Operations. Cash distributions of earnings from operations from Investments in real estate partnerships are presented in Cash flows provided by operating activities in the accompanying Consolidated Statements of Cash Flows. Cash distributions from the sale of a property or loan proceeds received from the placement of debt on a property included in Investments in real estate partnerships are presented in Cash flows provided by investing activities in the accompanying Consolidated Statements of Cash Flows. If distributed proceeds from debt refinancing and real estate sales in excess of Regency's carrying value of its investment results in a negative investment balance for a partnership, it is recorded within Accounts payable and other liabilities in the Consolidated Balance Sheets.
The net difference in the carrying amount of investments in real estate partnerships and the underlying equity in net assets is accreted to earnings and recorded in Equity in income of investments in real estate partnerships in the accompanying Consolidated Statements of Operations over the expected useful lives of the properties and other intangible assets, which range from 10 to 40 years.
The majority of the operations of the VIEs are funded with cash flows generated by the properties, or in the case of developments, with capital contributions or third-party construction loans.
The carrying amounts of VIEs' assets and liabilities included in the Company's consolidated financial statements, exclusive of the Operating Partnership, are as follows:
(in thousands)
December 31, 2024
December 31, 2023
Assets
Real estate assets, net
$
312,873
270,674
Cash, cash equivalents and restricted cash
16,687
8,201
Tenant and other receivables, net
5,833
3,883
Deferred costs, net
3,178
2,494
Acquired lease intangible assets, net
6,293
12,099
Right of use assets, net
18,148
44,377
Other assets
Total Assets
$
363,609
342,621
Liabilities
Notes payable
$
32,653
33,211
Accounts payable and other liabilities
16,149
29,919
Acquired lease intangible liabilities, net
10,627
21,456
Tenants' security, escrow deposits and prepaid rent
1,260
1,239
Lease liabilities
19,370
21,433
Total Liabilities
$
80,059
107,258
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
Noncontrolling Interests
The Company accounts for noncontrolling interests in accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the FASB. Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. Noncontrolling interests also include amounts related to partnership units issued by consolidated subsidiaries of the Company in connection with certain property acquisitions. These partnership units have a defined redemption amount and the unit holders generally have the right to redeem their units at any time after a certain period from issuance. For these partnership units, the Company has the option to settle redemption amounts in cash or common stock. The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. The partnership units for which the Company has the option to settle redemption amounts in cash or common stock are included in the caption Noncontrolling interests within the equity section on the Company’s Consolidated Balance Sheets.
Noncontrolling Interests of the Parent Company
The Consolidated Financial Statements of the Parent Company include the following ownership interests held by owners other than the common shareholders of the Parent Company: (i) the EOP units and (ii) the minority-owned interest held by third parties in consolidated partnerships ("Limited partners' interests in consolidated partnerships"). The Parent Company has included all of these noncontrolling interests in permanent equity, separate from the Parent Company's shareholders' equity, in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity. The portion of net income or comprehensive income attributable to these noncontrolling interests is included in net income and comprehensive income in the accompanying Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income of the Parent Company.
The Parent Company also evaluated its fiduciary duties to itself, its shareholders, and, as the managing general partner of the Operating Partnership, to the Operating Partnership, and concluded its fiduciary duties are not in conflict with each other or the underlying agreements. Therefore, the Parent Company classifies such units and interests as permanent equity in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity.
Noncontrolling Interests of the Operating Partnership
The Operating Partnership has determined that limited partners' interests in consolidated partnerships are noncontrolling interests. Subject to certain conditions and pursuant to the terms of the partnership agreements, the Company generally has the right, but not the obligation, to purchase the other members' interest or sell its own interest in these consolidated partnerships. The Operating Partnership has included these noncontrolling interests in permanent capital, separate from partners' capital, in the accompanying Consolidated Balance Sheets and Consolidated Statements of Capital. The portion of net income (loss) or comprehensive income (loss) attributable to these noncontrolling interests is included in Net income and Comprehensive income in the accompanying Consolidated Statements of Operations and Consolidated Statements Comprehensive Income of the Operating Partnership.
(b)Revenues and Tenant Receivable
Leasing Income and Tenant Receivables
The Company leases space to tenants under agreements with varying terms that generally provide for fixed payments of base rent, with stated increases over the term of the lease. Some of the lease agreements contain provisions that provide for additional rents based on tenants' sales volume ("percentage rent"), which are recognized when the tenants achieve the specified targets as defined in their lease agreements. Additionally, most lease agreements contain provisions for reimbursement of the tenants' share of actual real estate taxes and insurance and common area maintenance ("CAM") costs (collectively "Recoverable Costs") incurred.
Lease terms generally range from three to seven years for tenant spaces under 10,000 square feet ("Shop Space") and in excess of five years for spaces greater than 10,000 square feet ("Anchor Space"). Many leases also provide tenants the option to extend their lease beyond the initial term of the lease. If a tenant does not exercise its option or otherwise negotiate to renew, the lease expires and the lease contains an obligation for the tenant to relinquish its space, allowing it to be re-leased to a new tenant. This generally involves some level of cost to prepare the space for re-leasing, which is capitalized and depreciated over the shorter period of the life of the subsequent lease or the useful life of the improvement.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
The Company accounts for its leases under ASC Topic 842, Leases ("Topic 842"), as follows:
Classification
Under Topic 842, new leases or modifications thereto must be evaluated against specific classification criteria, which, based on the customary terms of the Company's leases, are classified as operating leases. However, certain longer-term leases (both lessee and lessor leases) may be classified as direct financing or sales type leases, which may result in selling profit and an accelerated pattern of earnings recognition. At December 31, 2024, the Company classified three leases as sales type leases, with all others classified as operating leases.
Recognition and Presentation
Lease income for operating leases with fixed payment terms is recognized on a straight-line basis over the expected term of the lease for all leases for which collectibility is considered probable. CAM is considered a non-lease component of the lease contract under Topic 842. However, as the timing and pattern of providing the CAM service to the tenant is the same as the timing and pattern of the tenant's use of the underlying lease asset, the Company elected, as part of an available practical expedient, to combine CAM with the remaining lease components, along with tenant's reimbursement of real estate taxes and insurance, and recognize them together as Lease income in the accompanying Consolidated Statements of Operations.
For sales type leases, the Company records any selling profit or loss arising from the lease at inception within Gain on sale of real estate, net of tax in the accompanying Consolidated Statement of Operations, as well as any initial direct costs recorded as an expense if, at commencement, the fair value of the underlying asset differs from its carrying amount, otherwise, they are deferred and included in the net investment in the lease. The net investment in the sales-type lease represents the lease receivable, the components of which are the future lease payments and any guaranteed residual value for the underlying assets, as well as any unguaranteed residual asset expected at the end of the lease term, each measured at net present value discounted using a rate implicit in the lease. Interest income is recorded within Lease income in the accompanying Consolidated Statements of Operations over the lease term so as to produce a constant periodic rate of return on the Company’s net investment in the leases. At the commencement date, the Company derecognizes the carrying amount of the underlying asset. When measuring the net investment in a long-term ground lease, the undiscounted residual value of the land will be limited to its fair value at commencement which will likely equate to its cost.
Collectibility
At lease commencement, the Company generally expects that collectibility of substantially all payments due under the lease is probable due to the Company's credit checks on tenants and other creditworthiness analysis undertaken before entering into a new lease; therefore, income from most operating leases is initially recognized on a straight-line basis. For operating leases in which collectibility of Lease income is not considered probable, Lease income is recognized on a cash basis and all previously recognized straight-line rent receivables are reversed in the period in which the Lease income is determined not to be probable of collection. Should collectibility of Lease income become probable again, through evaluation of qualitative and quantitative measures on a tenant by tenant basis, accrual basis accounting resumes and all commencement-to-date straight-line rent is recognized in that period.
In addition to the lease-specific collectibility assessment performed under Topic 842, the Company may also recognize a general reserve, as a reduction to Lease income, for its portfolio of operating lease receivables which are not expected to be fully collectible based on the Company's historical collection experience. The Company estimates the collectibility of the accounts receivable related to base rents, straight-line rents, recoveries from tenants, and other revenue taking into consideration the Company's historical write-off experience, tenant credit-worthiness, current economic trends, and remaining lease terms. Uncollectible lease income is a direct charge against Lease income. Although we estimate uncollectible receivables and provide for them through charges against income, actual experience may differ from those estimates.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
The following table represents the components of Tenant and other receivables, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets:
December 31,
(in thousands)
Tenant receivables
$
35,306
34,814
Straight-line rent receivables
157,507
138,590
Other receivables (1)
62,682
32,758
Total tenant and other receivables, net
$
255,495
206,162
(1)Other receivables include notes receivables, construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income.
As of December 31, 2024, the Company has an outstanding note receivable in the carrying amount of $29.8 million at an interest rate of 6.8% maturing in January 2027, secured by a grocery-anchored shopping center.
Real Estate Sales
The Company accounts for sales of nonfinancial assets under ASC Subtopic 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets, whereby the Company derecognizes real estate and recognizes a gain or loss on sales when a contract exists and control of the property has transferred to the buyer. Control of the property, including controlling financial interest, is generally considered to transfer upon closing through transfer of the legal title and possession of the property. While generally rare, any retained noncontrolling interest is measured at fair value at that time.
Management Services and Other Property Income
The Company recognizes revenue under ASC Topic 606, Revenue from Contracts with Customers ("Topic 606"), when or as control of the promised services are transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The following is a description of the Company's revenue from contracts with customers within the scope of Topic 606.
Property and Asset Management Services
The Company is engaged under agreements with its joint venture partnerships, which are generally perpetual in nature and cancellable through unanimous partner approval, absent an event of default. Under these agreements, the Company is to provide asset and property management and leasing services for the joint ventures' shopping centers. The fees are market-based, generally calculated as a percentage of either revenues earned or the estimated values of the properties managed or the proceeds received, and are recognized over the monthly or quarterly periods as services are rendered. Property management and asset management services represent a series of distinct daily services. Accordingly, the Company satisfies its performance obligation as service is rendered each day and the variability associated with that compensation is resolved each day. Amounts due from the partnerships for such services are paid during the month following the monthly or quarterly service periods.
Several of the Company's partnership agreements provide for incentive payments, generally referred to as "promotes" or "earnouts," to Regency for appreciation in property values in Regency's capacity as managing member. The terms of these promotes are based on appreciation in real estate value over designated time intervals or upon designated events. The Company evaluates its expected promote payout at each reporting period, which generally does not result in revenue recognition until the measurement period has completed, when the amount can be reasonably determined and the amount is not probable of significant reversal.
Leasing Services
Leasing service fees are based on a percentage of the total rent due under the lease. The leasing service is considered performed upon successful execution of an acceptable tenant lease for the joint ventures' shopping centers, at which time revenue is recognized. Payment of the first half of the fee is generally due upon lease execution and the second half is generally due upon tenant opening or the commencement of rent payments.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
Transaction Services
The Company also receives transaction fees, as contractually agreed upon with each joint venture, which include acquisition fees, disposition fees, and financing service fees. Control of these services is generally transferred at the time the related transaction closes, which is the point in time when the Company recognizes the related fee revenue. Any unpaid amounts related to transaction-based fees are included in Tenant and other receivables within the Consolidated Balance Sheets.
Other Property Income
Other property income includes parking fees and other incidental income from the properties and is generally recognized at the point in time that the performance obligation is met.
Income within Management, transaction, and other fees is primarily derived from contracts with the Company's real estate partnerships. The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts are as follows:
Year ended December 31,
(in thousands)
Timing of
satisfaction of
performance
obligations
Management, transaction, and other fees:
Property management services
Over time
$
15,767
14,075
13,470
Asset management services
Over time
6,548
6,542
6,752
Leasing services
Point in time
3,738
3,908
3,945
Other transaction fees
Point in time
1,821
2,429
1,684
Total management, transaction, and other fees
$
27,874
26,954
25,851
The accounts receivable for Total management, transactions, and other fees, which are included within Tenant and other receivables in the accompanying Consolidated Balance Sheets, are $19.7 million and $18.5 million, as of December 31, 2024 and 2023, respectively.
(c)Real Estate Assets
The following table details the components of Real estate assets in the Consolidated Balance Sheets:
(in thousands)
December 31, 2024
December 31, 2023
Land
$
4,757,704
4,802,583
Land improvements
807,881
758,779
Buildings
6,456,719
6,371,894
Building and tenant improvements
1,461,003
1,302,954
Construction in progress
215,112
218,181
Total real estate assets
$
13,698,419
13,454,391
Capitalization and Depreciation
Real estate assets are stated at cost, less accumulated depreciation, and amortization. The Company periodically assesses the useful lives of its depreciable real estate assets, including those intended to be redeveloped in the near term, and accounts for any revisions prospectively. Expenditures for maintenance, repairs and demolition costs are charged to operations as incurred. Significant renovations and replacements, which improve or extend the life of the asset, are capitalized.
As part of the leasing process, the Company may provide lessees with allowances for the construction of leasehold improvements. These leasehold improvements are capitalized and recorded as tenant improvements and depreciated over the shorter of the useful life of the improvements or the remaining lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of Lease income. Factors considered during this evaluation include, among other things, who holds legal title to the improvements as well as other controlling rights provided by the lease agreement and provisions for substantiation of such costs (e.g. unilateral control of the tenant space during the build-out process). Determination of the appropriate accounting for the payment of a tenant allowance is made on a lease-by-lease basis, considering the facts and circumstances of the individual tenant lease.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
Depreciation is computed using the straight-line method over estimated useful lives of approximately 15 years for land improvements, 40 years for buildings and improvements, and the shorter of the useful life or the remaining lease term.
Development and Redevelopment Costs
All specifically identifiable costs related to development and redevelopment activities are capitalized into Real estate assets in the accompanying Consolidated Balance Sheets, and are included in Construction in progress within the above table. The capitalized costs include pre-development costs essential to the development or redevelopment of the property, construction costs, interest costs, real estate taxes, insurance, legal costs, salaries and related costs of personnel directly involved and other costs incurred during the period of development or redevelopment.
Pre-development costs represent the costs the Company incurs prior to land acquisition or pursuing a redevelopment including contract deposits, as well as legal, engineering, and other external professional fees related to evaluating the feasibility of developing or redeveloping a shopping center. As of December 31, 2024 and 2023, the Company had nonrefundable deposits and other pre-development costs of approximately $10.2 million and $7.7 million, respectively. If the Company determines that the development or redevelopment of a particular shopping center is no longer probable, any related pre-development costs previously capitalized are immediately expensed. During the years ended December 31, 2024, 2023, and 2022, the Company expensed pre-development costs of approximately $0.9 million, $0.1 million, and $0.6 million, respectively, in Other operating expenses in the accompanying Consolidated Statements of Operations.
Interest costs are capitalized into each development and redevelopment project based upon applying the Company's weighted average borrowing rate to that portion of the actual development or redevelopment costs incurred. The Company discontinues interest and real estate tax capitalization when a project is no longer being developed or is available for occupancy upon substantial completion of tenant improvements, but in no event would the Company capitalize interest on a project beyond 12 months after substantial completion of the building. During the years ended December 31, 2024, 2023, and 2022, the Company capitalized interest of $6.6 million, $5.7 million, and $4.2 million, respectively, on our development and redevelopment projects.
We have a staff of employees directly supporting our development and redevelopment program. All direct internal costs attributable to these development activities are capitalized as part of each development and redevelopment project. The capitalization of costs is directly related to the actual level of development activity occurring. During the years ended December 31, 2024, 2023, and 2022, we capitalized $19.8 million, $13.3 million, and $10.8 million, respectively, of direct internal costs incurred to support our development and redevelopment program.
Acquisitions
Upon acquisition of operating real estate properties, the Company estimates the fair value of acquired tangible assets (consisting of land, land improvements, buildings, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting of above and below-market leases and in-place leases), assumed debt, and any noncontrolling interest in the acquiree at the date of acquisition, based on evaluation of information and estimates available at that date. Based on these estimates, the Company allocates the purchase price of the acquired properties based on their relative fair value to the applicable assets and liabilities. Acquisitions of operating properties are generally considered asset acquisitions and therefore transaction costs are capitalized. Fair value is determined based on an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The Company's methodology includes estimating an "as-if vacant" fair value of the physical property, which includes land, building, and improvements. In addition, the Company determines the estimated fair value of identifiable intangible assets and liabilities, considering the following categories: (i) value of in-place leases, and (ii) above and below-market value of in-place leases.
The value of in-place leases is estimated based on the value associated with the costs avoided in originating leases compared to the acquired in-place leases as well as the value associated with lost rental and recovery revenue during the assumed lease-up period. The value of in-place leases is recorded to Depreciation and amortization expense in the Consolidated Statements of Operations over the remaining expected term of the respective leases.
Above-market and below-market in-place lease values for acquired properties are recorded based on the present value of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management's estimate of market lease rates for comparable in-place leases, measured over a period equal to the remaining non-cancelable term of the lease, including below-market renewal options, if applicable. The value of above-market leases is amortized as a reduction of Lease income over the remaining terms of the respective leases and the value of below-market leases is accreted to Lease income over the remaining terms of the respective leases, including below-market renewal options, if applicable.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
The Company does not assign value to customer relationship intangibles if it has pre-existing business relationships with major retailers at the acquired property since they do not provide incremental value over the Company's existing relationships.
Held for Sale
The Company classifies real estate assets as held-for-sale upon satisfaction of all the following criteria: (i) management commits to a plan to sell a property (or group of properties), (ii) the property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such properties, (iii) an active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated, (iv) the sale of the property is probable and transfer of the asset is expected to be completed within one year, (v) the property is being actively marketed for sale, and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Upon the determination to classify a property as held for sale, the Company ceases depreciation and amortization on the real estate property held for sale, as well as the amortization of any related intangible assets. Such properties are recorded at the lesser of the carrying value or estimated fair value less estimated costs to sell.
Valuation of Real Estate Investments and Impairments
The Company continually evaluates whether there are any events or changes in circumstances, that could indicate the carrying values of the real estate properties (including any related amortizable intangible assets or liabilities) may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate assets may not be recoverable, the Company assesses the recoverability of the asset group by estimating whether the Company will recover the carrying value of the asset group through its undiscounted future cash flows, including eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the asset group, an impairment charge will be recorded to the extent that the carrying value exceeds the estimated fair value of the asset group.
Estimated cash flows are based on several key assumptions, including rental rates, expected leasing activity, costs of tenant improvements, leasing commissions, expected hold period, and assumptions regarding the residual value upon disposition, including the exit capitalization rate. These key assumptions are subjective in nature and could differ materially from actual results. Changes in events or changes in circumstances may alter the hold period of an asset or asset group which may result in an impairment loss and such loss could be material to the Company's financial condition or operating performance. If a property previously classified as held and used is changed to held for sale, the Company estimates fair value, less expected costs to sell, which could cause the Company to determine that the property is impaired.
The estimated fair value of real estate assets is subjective and is estimated through comparable sales information and other market data if available, or through use of an income approach such as the direct capitalization method or the discounted cash flow approach. The discounted cash flow approach uses similar assumptions to the undiscounted cash flow approach above, as well as a discount rate. Such cash flow projections and rates are subject to management judgment and changes in those assumptions could impact the estimate of fair value. In estimating the fair value of undeveloped land, the Company generally uses market data and comparable sales information.
(d)Cash, Cash Equivalents, and Restricted Cash
Any instruments which have an original maturity of 90 days or less when purchased are considered cash equivalents. As of December 31, 2024 and 2023, $5.6 million and $6.4 million, respectively, of cash was restricted through escrow agreements and certain mortgage loans.
(e)Other Assets
Goodwill
Goodwill represents the excess of the purchase price consideration from the Equity One merger in 2017 over the fair value of the assets acquired and liabilities assumed. The Company accounts for goodwill in accordance with ASC Topic 350, Intangibles - Goodwill and Other, and allocates its goodwill to its reporting units, which have been determined to be at the individual property level. The Company performs an impairment evaluation of its goodwill at least annually, in November of each year, or more frequently as triggers occur. See Note 5.
The goodwill impairment evaluation is completed using either a qualitative or quantitative approach. Under a qualitative approach, the impairment review for goodwill consists of an assessment of whether it is more-likely-than-not that the reporting unit's fair value is less than its carrying value, including goodwill. If a qualitative approach indicates it is more
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
likely-than-not that the estimated carrying value of a reporting unit (including goodwill) exceeds its fair value, or if the Company chooses to bypass the qualitative approach for any reporting unit, the Company will perform the quantitative approach described below.
The quantitative approach consists of estimating the fair value of each reporting unit using discounted projected future cash flows and comparing those estimated fair values with the carrying values, which include the allocated goodwill. If the estimated fair value is less than the carrying value, the Company would then recognize a goodwill impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to that reporting unit.
Investments
The Company determines the appropriate classification of its investments in debt and equity securities at the time of purchase and reevaluates such determinations at each balance sheet date. The fair value of securities is determined using quoted market prices.
Debt securities are classified as held to maturity when the Company has the positive intent and ability to hold the securities to maturity. Debt securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses recognized through earnings in Net investment (income) loss in the Consolidated Statements of Operations. Debt securities not classified as held to maturity or as trading, are classified as available-for-sale, and are carried at fair value, with the unrealized gains and losses, net of tax, included in the determination of comprehensive income and reported in the Consolidated Statements of Comprehensive Income.
Equity securities with readily determinable fair values are measured at fair value with changes in the fair value recognized through net income and presented within Net investment (income) loss in the Consolidated Statements of Operations.
Derivative Instruments
The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative instruments. Specifically, the Company enters into derivative instruments to manage exposures that arise from business activities that result in the receipt or future payment of known and uncertain cash amounts, the amount of which are determined by interest rates. The Company's derivative instruments are used to manage fluctuations in the amount, timing, and duration of the Company's known or expected cash payments principally related to the Company's borrowings.
All derivative instruments, whether designated in hedging relationships or not, are recorded on the accompanying Consolidated Balance Sheets at their fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.
The Company uses interest rate swaps to mitigate its interest rate risk on a related financial instrument or forecasted transaction, and the Company designates these interest rate swaps as cash flow hedges. Interest rate swaps designated as cash flow hedges generally involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company may also utilize cash flow hedges to lock U.S. Treasury rates in anticipation of future fixed-rate debt issuances. The gains or losses resulting from changes in fair value of derivatives that qualify as cash flow hedges are recognized in Accumulated other comprehensive income (loss) ("AOCI"). Upon the settlement of a hedge, gains and losses remaining in AOCI are amortized through earnings over the underlying term of the hedged transaction. The cash receipts or payments related to interest rate swaps are presented in cash flows provided by operating activities in the accompanying Consolidated Statements of Cash Flows.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company assesses, both at inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows and/or forecasted cash flows of the hedged items.
In assessing the valuation of the hedges, the Company uses standard market conventions and techniques such as discounted cash flow analysis, option pricing models, and termination costs at each balance sheet date. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized.
(f)Deferred Leasing Costs
Deferred leasing costs consist of costs associated with leasing the Company's shopping centers, and are presented net of accumulated amortization. Such costs are amortized over the period through lease expiration. If the lease is terminated early, the remaining leasing costs are written off.
Under ASC Topic 842, the Company, as a lessor, may only defer as initial direct costs the incremental costs of a tenant's operating lease that would not have been incurred if the lease had not been obtained. These costs generally consist of third party broker payments. Non-contingent internal leasing and legal costs associated with leasing activities are expensed within General and administrative expenses.
(g)Income Taxes
The Parent Company believes it qualifies, and intends to continue to qualify, as a REIT under the Code. As a REIT, the Parent Company will generally not be subject to federal income tax, provided that distributions to its shareholders are at least equal to REIT taxable income. All wholly-owned corporate subsidiaries of the Operating Partnership have elected to be a TRS or qualify as a REIT. The TRSs are subject to federal and state income taxes and file separate tax returns. As a pass through entity, the Operating Partnership generally does not pay taxes, but its taxable income or loss is reported by its partners, of which the Parent Company, as general partner and approximately 99.4% owner, is allocated its Pro-rata share of tax attributes.
The Company accounts for income taxes related to its TRSs under the asset and liability approach, which requires the recognition of the amount of taxes payable or refundable for the current year and deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company records deferred tax liabilities within Accounts payable and other liabilities in the Consolidated Balance Sheets. The Company records net deferred tax assets to the extent it believes it is more likely than not that these assets will be realized within Other assets in the Consolidated Balance Sheets. A valuation allowance is recorded to reduce deferred tax assets when it is believed that it is more likely than not that all or some portion of the deferred tax asset will not be realized. The Company considers all available positive and negative evidence, including forecasts of future taxable income, the reversal of other existing temporary differences, available net operating loss carryforwards, tax planning strategies and recent and projected results of operations in order to make that determination.
In addition, tax positions are initially recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions shall initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open tax years (2021 and forward for federal and state) based on an assessment of many factors including past experience and interpretations of tax laws applied to the facts of each matter.
(h)Lease Obligations
The Company has certain properties within its consolidated real estate portfolio that are either partially or completely on land subject to ground leases with third parties, which are all classified as operating leases. Accordingly, the Company owns only a long-term leasehold or similar interest in these properties. The building and improvements constructed on the leased land are capitalized as Real estate assets in the accompanying Consolidated Balance Sheets and depreciated over the shorter of the useful life of the improvements or the lease term.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
In addition, the Company has non-cancelable operating leases pertaining to office space from which it conducts its business. Leasehold improvements are capitalized as tenant improvements, presented in Other assets in the Consolidated Balance Sheets, and depreciated over the shorter of the useful life of the improvements or the lease term.
Under Topic 842, the Company recognizes Lease liabilities on its Consolidated Balance Sheets for its ground and office leases and corresponding Right of use assets related to these same ground and office leases which are classified as operating leases. A key input in estimating the Lease liabilities and resulting Right of use assets is establishing the discount rate in the lease, which since the rates implicit in the lease contracts are not readily determinable, requires additional inputs for the longer-term ground leases, including market-based interest rates that correspond with the remaining term of the lease, the Company's credit spread, and a securitization adjustment necessary to reflect the collateralized payment terms present in the lease. This discount rate is applied to the remaining unpaid minimum rental payments for each lease to measure the operating lease liabilities.
The ground and office lease expenses are recognized on a straight-line basis over the term of the leases, including management's estimate of expected optional renewal periods. For ground leases, the Company generally assumes it will exercise options through the latest option date of that shopping center's anchor tenant lease.
(i)Forward Equity Sales
Our at-the-market (“ATM”) program allows for the sale of common stock through forward sales contracts. These contracts meet all conditions for equity classification, and as such, common stock is recorded at the offering price specified in the contract upon settlement. The Company also accounts for the potential dilution from forward sales contracts in the earnings per share calculations, using the treasury stock method to determine any dilutive impact before settlement. For further details on forward equity sales transactions, refer to Note 12 in the consolidated financial statements.
(j)Earnings per Share and Unit
Basic earnings per share of common stock and unit are computed based upon the weighted average number of common shares and units, respectively, outstanding during the period. Diluted earnings per share and unit reflect the conversion of obligations and the assumed exercises of securities including the effects of shares issuable under the Company's share-based payment arrangements, if dilutive. Dividends paid on the Company's share-based compensation awards are not participating securities as they are forfeitable.
(k)Stock-Based Compensation
The Company grants stock-based compensation to its employees and directors and recognizes the cost of stock-based compensation based on the grant-date fair value of the award, which is expensed over the vesting period.
When the Parent Company issues common stock as compensation, it simultaneously receives an equal number of common units from the Operating Partnership. The Company contributes all deemed proceeds from the share-based awards granted under the Parent Company's Long-Term Omnibus Plan (the "Plan") to the operating partnership. Consequently, the Parent Company's ownership in the Operating Partnership increases in proportion to the deemed proceeds contributed in exchange for the common units received. As a result of the issuance of common units to the Parent Company for stock-based compensation, the Operating Partnership records the effect of stock-based compensation for awards of equity in the Parent Company.
(l)Segment Reporting
The Company's business is investing in retail shopping centers through direct ownership or partnership interests. The Company actively manages its portfolio of retail shopping centers and may from time to time make decisions to sell lower performing properties or developments not meeting its long-term investment objectives. The proceeds from sales are generally reinvested into higher quality retail shopping centers, through acquisitions, new developments, or redevelopment of existing centers, which management believes will generate sustainable revenue growth and attractive returns. It is management's intent that all retail shopping centers will be owned or developed for investment purposes; however, the Company may decide to sell all or a portion of a development upon completion. The Company's revenues and net income are generated from the operation of its investment portfolio. The Company also earns fees for services provided to manage and lease retail shopping centers owned through joint ventures.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
The Company's portfolio is located throughout the United States. Management does not distinguish or group its operations on a geographical basis for purposes of allocating resources or capital. The Company’s chief operating decision maker ("CODM") evaluates operating and financial performance for each property on an individual property level; therefore, the Company defines an operating segment as its individual properties. The individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the centers, tenants and operational processes, as well as long-term average financial performance. For further details on segment information, refer to Note 16 in the consolidated financial statements.
(m)Investment Risk Concentrations
No single tenant comprised 10% or more of our aggregate annualized base rent ("ABR"). As of December 31, 2024, the Company had three geographic concentrations that individually accounted for at least 10.0% of its aggregate ABR. Real estate properties located in California, Florida and New York-Newark-Jersey City core-based statistical area accounted for 23.4%, 20.5% and 12.3% of ABR, respectively. As the result, this geographic concentration of our portfolio makes it potentially more susceptible to adverse weather, natural disasters or economic events that impact these locations. None of the shopping centers are located outside the United States.
(n)Fair Value of Assets and Liabilities
ASC 820, Fair Value Measurements and Disclosures, or ASC 820, defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosures about fair value measurements. ASC 820 emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined by ASC 820 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Therefore, a fair value measurement is determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the Company uses a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from independent sources (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the Company's own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). The three levels of inputs used to measure fair value are as follows:
•Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
•Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.
•Level 3 - Unobservable inputs for the asset or liability, which are typically based on the Company's own assumptions, as there is little, if any, related market activity.
The Company also re-measures nonfinancial assets and nonfinancial liabilities, initially measured at fair value in a business combination or other new basis event, at fair value in subsequent periods if a re-measurement event occurs.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
(n)	Recent Accounting Pronouncements
The following table provides a brief description of recent accounting pronouncements and expected impact on our financial statements:
Standard
Description
Date of adoption
Effect on the financial statements or other significant matters
Recently adopted:
ASU 2023-09,
Income Taxes (Topic 740): Improvements to Income Tax Disclosures.
ASU 2023-09 requires public business entities to disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate for federal, state, and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a specified threshold.
January 1, 2025
Other than additional disclosure, the adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements.
ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
ASU 2024-03 requires public business entities to provide additional disclosures that disaggregate certain income statement expense captions into specified categories. The ASU does not impact the presentation of expenses on the face of the income statement but requires additional footnote disclosures to provide users of the financial statements with greater insight into the nature and composition of reported expenses.
January 1, 2027
The Company is assessing the impact this ASU will have on the Company’s financial statement disclosures. While the adoption of this standard is not expected to have a material impact on the financial position or results of operations, it will require enhanced footnote disclosures related to the disaggregation of income statement expenses.
ASU 2024-04, Debt-Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments
ASU 2024-04 clarifies guidance on the accounting for inducements offered to holders of convertible debt instruments to encourage them to convert the debt into equity securities. Specifically, the ASU clarifies the recognition and measurement of inducement costs and their impact on the issuer’s financial statements.
January 1, 2026
The Company is assessing the impact this ASU will have on the Company’s financial statement disclosures. The adoption is not expected to have a material effect on our financial position or results of operations, as the Company currently does not have any convertible debt instruments in our financing arrangements.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
2.Real Estate Investments
UBP Acquisition
General
With respect to the acquisition of UBP discussed in Note 1 - Acquisition of Urstadt Biddle Properties Inc, the following table provides the components that make up the total purchase price for the UBP acquisition:
(in thousands, except stock price)
Purchase Price
Shares of common stock issued for acquisition
13,568
Closing stock price on August 17, 2023
$
61.03
Value of common stock issued for acquisition
$
828,025
Other adjustments
(9,495
)
Total value of common stock issued
$
818,530
Debt repaid
39,266
Preferred stock converted
225,000
Transaction costs
57,197
Other cash payments
Total purchase price
$
1,140,061
Purchase Price Allocation
The acquisition has been accounted for using the asset acquisition method of accounting in accordance with ASC 805, Business Combinations, which requires, among other things, that the total cost or total consideration exchanged be allocated to the real estate properties and related lease intangibles on a relative fair value basis. All the other assets acquired, and liabilities assumed, including notes payable, are recorded at fair value. The total purchase price, including direct transaction costs capitalized, was allocated as follows:
(in thousands)
Purchase Price Allocation
Real estate assets
$
1,379,835
Investments in unconsolidated real estate partnerships
35,942
Real estate assets
1,415,777
Cash, accounts receivable and other assets
51,902
Lease intangible assets
128,663
Total assets acquired
1,596,342
Notes payable
284,706
Accounts payable, accrued expenses, and other liabilities
37,500
Lease intangible liabilities
69,583
Total liabilities assumed
391,789
Noncontrolling interest
64,492
Total purchase price
$
1,140,061
The acquired assets and assumed liabilities for an acquired operating property generally include, but are not limited to: land, buildings and improvements, identified tangible and intangible assets and liabilities associated with in-place leases, including tenant improvements, leasing costs, value of above-market and below-market leases, and value of acquired in-place leases. This methodology includes estimating an "as-if vacant" fair value of the physical property, which includes land, building, and improvements and also determines the estimated fair value of identifiable intangible assets and liabilities, considering the following categories: (i) value of in-place leases, and (ii) above and below-market value of in-place leases. The fair market value of the acquired operating properties is based on a valuation prepared by Regency with assistance of a third-party valuation specialist. The third-party specialist utilized stabilized NOI and market specific capitalization rates as the primary valuation inputs in determining the fair value of the real estate assets. The fair value of land is generally based on relevant market data, such as a comparison of the subject site to similar parcels that have recently been sold or are currently being offered on the market for sale. Management reviews the inputs used by the third-party specialist as well as the allocation of the purchase price to ensure reasonableness and that the procedures are performed in accordance with management's policy. Management and the third-party valuation specialist prepared their fair value estimates for each of the operating properties acquired. The allocation of the purchase price described above requires a significant amount of judgment and represents management's best estimate of the fair value as of the acquisition date.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
The following table details the weighted average amortization and net accretion periods, in years, of the major classes of intangible assets and intangible liabilities arising from the UBP acquisition:
(in years)
Weighted Average Amortization Period
Assets:
In-place leases
8.0
Above-market leases
7.0
Liabilities:
Below-market leases
18.5
Other Acquisitions
The following tables detail the other properties acquired for the periods set forth below:
(in thousands)
December 31, 2024
Date
Purchased
Property Name
City/State
Property
Type
Regency's Ownership
Purchase
Price (1)
Debt Assumed, Net of Premiums (1)
Intangible
Assets (1)
Intangible Liabilities (1)
2/23/2024
The Shops at Stone Bridge
Cheshire, CT
Development
100%
$
8,000
-
-
-
5/3/2024
Compo Acres North Shopping Center
Westport, CT
Operating
100%
45,500
-
5,360
2,175
7/16/2024
Jordan Ranch Market
Houston, TX
Development
50%
15,784
-
-
-
8/21/2024
Oakley Shops at Laurel Fields
Oakley, CA
Development
100%
2,120
-
-
-
Total property acquisitions
$
71,404
-
5,360
2,175
(1)Amounts for purchase price and allocation are reflected at 100%.
(in thousands)
December 31, 2023
Date
Purchased
Property Name
City/State
Property
Type
Regency's Ownership
Purchase
Price (1)
Debt Assumed, Net of Premiums (1)
Intangible
Assets (1)
Intangible Liabilities (1)
5/1/2023
Sienna Phase 1
Houston, TX
Development
75%
$
2,695
-
-
-
5/18/2023
SunVet
Holbrook, NY
Development
100%
24,140
-
-
-
10/11/2023
Nohl Plaza
Orange, CA
Operating
100%
25,328
-
3,940
10,470
12/1/2023
The Longmeadow Shops
Longmeadow, MA
Operating
100%
31,400
-
4,049
1,876
Total property acquisitions
$
83,563
-
7,989
12,346
(1)Amounts for purchase price and allocation are reflected at 100%.
3.Property Dispositions
The following table provides a summary of consolidated shopping centers and land parcels sold during the periods set forth below:
Year ended December 31,
(in thousands, except number sold data)
Net proceeds from sale of real estate investments
$
108,615
11,167
143,133
Gain on sale of real estate, net of tax
$
34,162
109,005
Provision for impairment of real estate sold
$
1,330
-
-
Number of operating properties sold
-
Number of land parcels sold
-
Percent interest sold
100%
100%
100%
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
4.Investments in Real Estate Partnerships
The Company's investments in real estate partnerships include the following:
December 31, 2024
(in thousands)
Regency's Ownership
Number of Properties
Total Investment
Total Assets of the Partnership
The Company's Share of Net Income of the Partnership
Net Income of the Partnership
GRI - Regency, LLC (GRIR)
40%
$
136,972
1,455,471
38,729
91,447
Columbia Regency Partners II, LLC (Columbia II) (1)
20%
63,024
623,655
3,938
20,121
Columbia Village District, LLC
30%
6,434
99,236
2,220
7,453
Individual Investors
Ballard Blocks
50%
59,596
115,784
1,028
2,380
Town & Country Center
35%
44,715
259,218
1,810
5,235
Others (2)
12% - 83%
88,303
289,793
2,569
10,027
Total investments in real estate partnerships
$
399,044
2,843,157
50,294
136,663
(1)Effective September 1, 2024, Columbia Regency Retail Partners, LLC (Columbia I) merged with and into Columbia II with Columbia II being the surviving entity in the merger.
(2)Effective January 1, 2025, we acquired our partner’s 33.3% share in a single property partnership for a total purchase price of $10.3 million. Following this acquisition, the Company now owns 100% of this property, and has been consolidated into the Company’s financial statements.
December 31, 2023
(in thousands)
Regency's Ownership
Number of Properties
Total Investment
Total Assets of the Partnership
The Company's Share of Net Income of the Partnership
Net Income of the Partnership
GRI - Regency, LLC (GRIR)
40%
$
144,371
1,475,611
35,901
84,224
Columbia Regency Retail Partners, LLC (Columbia I)
20%
7,045
139,224
1,630
8,559
Columbia Regency Partners II, LLC (Columbia II)
20%
42,994
424,672
1,743
8,769
Columbia Village District, LLC
30%
6,123
97,522
2,199
7,383
Individual Investors
Ballard Blocks
50%
62,140
120,379
1,486
3,297
Town & Country Center
35%
42,074
224,579
1,075
3,136
Others
12% - 67%
65,858
208,006
6,507
19,770
Total investments in real estate partnerships
$
370,605
2,689,993
50,541
135,138
The summarized balance sheet information for the investments in real estate partnerships, on a combined basis, is as follows:
December 31,
(in thousands)
Investments in real estate, net
$
2,569,765
2,432,859
Acquired lease intangible assets, net
25,164
16,723
Other assets
248,228
240,411
Total assets
$
2,843,157
2,689,993
Notes payable
$
1,564,551
1,499,702
Acquired lease intangible liabilities, net
19,045
15,112
Other liabilities
92,911
80,457
Capital - Regency
444,354
418,205
Capital - Third parties
722,296
676,517
Total liabilities and capital
$
2,843,157
2,689,993
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
The following table reconciles the Company's capital recorded by the unconsolidated real estate investment partnerships to the Company's investments in real estate partnerships reported in the accompanying Consolidated Balance Sheet:
December 31,
(in thousands)
Capital - Regency
$
444,354
418,205
Basis difference
(45,310
)
(47,600
)
Investments in real estate partnerships
$
399,044
370,605
The revenues and expenses for the investments in real estate partnerships, on a combined basis, are summarized as follows:
Year ended December 31,
(in thousands)
Total revenues
$
420,281
390,843
378,096
Operating expenses:
Depreciation and amortization
96,239
88,974
86,193
Property operating expense
68,289
65,509
61,224
Real estate taxes
51,986
47,529
42,010
General and administrative
5,201
5,008
5,615
Other operating expenses
5,740
3,119
3,851
Total operating expenses
$
227,455
210,139
198,893
Other expense (income):
Interest expense, net
58,451
56,706
54,874
Gain on sale of real estate
(2,288
)
(11,140
)
(49,424
)
Loss on early extinguishment of debt
-
-
Total other expense (income)
56,163
45,566
6,037
Net income of the Partnerships
$
136,663
135,138
173,166
The Company's share of net income of the Partnerships
$
50,294
50,541
59,824
Acquisitions
The following table provides a summary of shopping centers and land parcels acquired through our investments in real estate partnerships for the periods set forth below:
(in thousands)
Year ended December 31, 2024
Date
Purchased
Property
Name
City/State
Property
Type
Real Estate Partner
Regency's Ownership
Purchase Price (1)
Debt Assumed, Net of
Premiums (1)
Intangible Assets (1)
Intangible Liabilities (1)
8/30/2024
East Greenwich Square
East Greenwich, RI
Operating
Other
70%
46,650
-
5,127
1,877
10/17/2024
University Commons - Austin
Round Rock, TX
Operating
Columbia II
20%
68,751
-
6,560
5,120
Total property acquisitions
$
115,401
-
11,687
6,997
(1)Amounts reflected for purchase price and allocation are reflected at 100%.
(in thousands)
Year ended December 31, 2023
Date
Purchased
Property
Name
City/State
Property
Type
Real Estate Partner
Regency's Ownership
Purchase Price (1)
Debt Assumed, Net of
Premiums (1)
Intangible Assets (1)
Intangible Liabilities (1)
9/19/2023
Old Town Square
Chicago, IL
Operating
Other
20%
27,510
-
3,625
Total property acquisitions
$
27,510
-
3,625
(1)Amounts reflected for purchase price and allocation are reflected at 100%.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
Dispositions
The following table provides a summary of shopping centers and land parcels disposed of through our investments in real estate partnerships:
Year ended December 31,
(in thousands)
Proceeds from sale of real estate investments
$
2,256
30,659
116,377
Gain on sale of real estate
$
2,288
11,140
49,424
The Company's share of gain on sale of real estate
$
3,161
12,748
Number of operating properties sold
-
Number of land out-parcels sold
-
-
Notes Payable
Scheduled principal repayments on notes payable held by our unconsolidated investments in real estate partnerships as of December 31, 2024, were as follows:
(in thousands)
Scheduled Principal Payments and Maturities by Year:
Scheduled
Principal
Payments
Mortgage
Loan
Maturities
Unsecured
Maturities
Total
Regency's
Pro-Rata
Share
$
6,727
147,512
-
154,239
49,031
7,393
272,963
35,800
316,156
108,765
7,576
32,800
-
40,376
13,669
4,267
246,605
-
250,872
92,027
2,841
93,500
-
96,341
34,967
Beyond 5 Years
3,847
711,324
-
715,171
280,111
Net unamortized loan costs, debt premium / (discount)
-
(8,603
)
-
(8,603
)
(3,200
)
Total notes payable
$
32,651
1,496,101
35,800
1,564,552
575,370
These fixed and variable rate notes payable are all non-recourse to the partnerships, and mature through 2034, with 93.3% having a weighted average fixed interest rate of 3.9%. The remaining notes payable float with SOFR and had a weighted average variable interest rate of 6.8% at December 31, 2024.
As notes payable mature, they will be repaid from proceeds from new borrowings and/or partner capital contributions. Refinancing debt at maturity in the current interest rate environment could result in higher interest expense in future periods if rates remain elevated. The Company is obligated to contribute its Pro-rata share to fund maturities if the loans are not refinanced, and it has the capacity to do so from existing cash balances, availability on its line of credit, and operating cash flows. The Company believes that its partners are financially sound and have sufficient capital or access thereto to fund future capital requirements. In the event that a real estate partner was unable to fund its share of the capital requirements of the real estate partnership, the Company would have the right, but not the obligation, to loan the defaulting partner the amount of its capital call which would be secured by the partner's membership interest.
Management fee income
In addition to earning our share of net income or loss in each of these real estate partnerships, we receive fees as discussed in Note 1, as follows:
Year ended December 31,
(in thousands)
Asset management, property management, leasing, and investment and financing services
$
27,874
26,954
25,851
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
5.Other Assets
The following table represents the components of Other assets in the accompanying Consolidated Balance Sheets as of the periods set forth below:
(in thousands)
December 31, 2024
December 31, 2023
Goodwill
$
166,739
167,062
Investments
51,820
51,992
Prepaid and other
40,240
40,635
Derivative assets
12,781
14,213
Furniture, fixtures, and equipment, net
7,954
6,662
Deferred financing costs, net
9,512
2,865
Total other assets
$
289,046
283,429
The following table presents the goodwill balances and activity during the year ended:
December 31, 2024
December 31, 2023
(in thousands)
Goodwill
Accumulated
Impairment
Losses
Total
Goodwill
Accumulated
Impairment
Losses
Total
Beginning of year balance
$
294,524
(127,462
)
167,062
$
300,496
(133,434
)
167,062
Goodwill allocated to Properties held for sale
-
-
-
(5,972
)
5,972
-
Goodwill associated with disposed reporting units:
Goodwill allocated to Gain on sale of real estate
(1,884
)
1,561
(323
)
-
-
-
End of year balance
$
292,640
(125,901
)
166,739
$
294,524
(127,462
)
167,062
As the Company identifies properties ("reporting units") that no longer meet its investment criteria, it will evaluate the property for potential sale. A decision to sell a reporting unit results in the need to evaluate its goodwill for recoverability and may result in impairment. Additionally, other changes impacting a reporting unit may be considered a triggering event. If events occur that trigger an impairment evaluation at multiple reporting units, a goodwill impairment may be significant.
6.Acquired Lease Intangibles
The Company had the following acquired lease intangibles as of the periods set forth below:
December 31,
(in thousands)
In-place leases
$
522,117
543,892
Above-market leases
103,075
103,896
Total intangible assets
625,192
647,788
Accumulated amortization
(395,209
)
(364,413
)
Acquired lease intangible assets, net
$
229,983
283,375
Below-market leases
586,660
609,369
Accumulated amortization
(222,052
)
(211,067
)
Acquired lease intangible liabilities, net
$
364,608
398,302
The following table provides a summary of amortization and net accretion amounts from acquired lease intangibles:
Year ended December 31,
(in thousands)
Line item in Consolidated Statements of Operations
In-place lease amortization
$
49,169
44,102
34,568
Depreciation and amortization
Above-market lease amortization
8,860
6,571
5,828
Lease income
Acquired lease intangible asset amortization
$
58,029
50,673
40,396
Below-market lease amortization
$
33,883
37,831
28,642
Lease income
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
The estimated aggregate amortization and net accretion amounts from acquired lease intangibles for the next five years are as follows:
(in thousands)
In Process Year Ending
December 31,
Amortization of
In-place lease intangibles
Net accretion of Above
/ Below market lease
intangibles
$
33,173
21,657
26,813
20,878
21,290
19,875
16,909
19,767
14,257
19,091
7.Leases
Lessor Accounting
Substantially all of the Company's leases are classified as operating leases. The Company's Lease income is comprised of both fixed and variable income. Fixed and in-substance fixed lease income includes stated amounts per lease contracts, which are primarily related to base rent, and in some cases stated amounts for Recoverable Costs. Income for these amounts is recognized on a straight-line basis.
Variable lease income includes the following two main items in the lease contracts:
(i)Recoveries from tenants represent the tenants' contractual obligations to reimburse the Company for their portion of Recoverable Costs incurred. Generally, the Company's leases provide for the tenants to reimburse the Company based on the tenants' share of the actual costs incurred in proportion to the tenants' share of leased space in the property.
(ii)Percentage rent represents amounts billable to tenants based on the tenants' actual sales volume in excess of levels specified in the lease contract.
The following table provides a disaggregation of lease income recognized as either fixed or variable lease income based on the criteria specified in Topic 842:
Year ended December 31,
(in thousands)
Operating lease income
Fixed and in-substance fixed lease income
$
1,035,225
928,364
851,409
Variable lease income
356,520
324,037
287,149
Other lease related income, net:
Above/below market rent and tenant rent inducement amortization, net
24,843
30,826
22,543
Uncollectible straight-line rent
(1,885
)
1,261
12,510
Uncollectible amounts billable in lease income
(3,324
)
(549
)
13,841
Total lease income
$
1,411,379
1,283,939
1,187,452
Future minimum rental revenue under non-cancelable operating leases, excluding variable lease payments as of December 31, 2024, are as follows:
(in thousands)
For the year ending December 31,
$
1,021,232
942,040
825,189
676,595
536,477
Thereafter
2,006,865
Total
$
6,008,398
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
At December 31, 2024, the Company had three leases classified as sales-type leases, with lease income recorded over the lease term in the form of variable interest income representing the constant periodic rate of return on the Company’s net investment in the lease, and fixed contractual obligations.
Lessee Accounting
The Company has shopping centers that are subject to non-cancelable, long-term ground leases where a third party owns the underlying land and has leased the land to the Company to construct and/or operate a shopping center.
The Company has 20 properties within its consolidated real estate portfolio that are either partially or completely on land subject to ground leases with third parties. Accordingly, the Company owns only a long-term leasehold or similar interest in these properties. These ground leases expire through the year 2121, and in most cases, provide for renewal options.
In addition, the Company has non-cancelable operating leases for office space used to conduct its business. Office leases expire through the year 2035, and in certain cases, provide for renewal options.
The ground and office lease expenses are recognized on a straight-line basis over the term of the leases, including management's estimate of expected optional renewal periods, with ground lease expense presented within Property operating expense, and office lease expense presented within General and administrative in the accompanying Consolidated Statements of Operations.
Operating lease expense under the Company's ground and office leases were as follows, including straight-line rent expense and variable lease expenses such as CPI increases, percentage rent and reimbursements of landlord costs:
Year ended December 31,
(in thousands)
Fixed operating lease expense
Ground leases
$
15,420
14,727
13,759
Office leases
3,689
4,103
4,162
Total fixed operating lease expense
19,109
18,830
17,921
Variable lease expense
Ground leases
1,953
1,586
1,591
Office leases
Total variable lease expense
2,545
2,315
2,202
Total lease expense
$
21,654
21,145
20,123
Cash paid for amounts included in the measurement of operating lease liabilities
Operating cash flows for operating leases
$
16,212
15,823
14,656
The following table summarizes the undiscounted future cash flows by year attributable to the operating lease liabilities for ground and office leases as of December 31, 2024, and provides a reconciliation to the Lease liabilities included in the accompanying Consolidated Balance Sheets:
(in thousands)
Lease Liabilities
For the years ending December 31,
Ground Leases
Office Leases
Total
$
12,871
3,904
16,775
12,793
3,947
16,740
12,819
2,748
15,567
12,960
1,899
14,859
12,993
13,726
Thereafter
687,963
1,269
689,232
Total undiscounted lease liabilities
$
752,399
14,500
766,899
Present value discount
(520,621
)
(1,417
)
(522,038
)
Lease liabilities
$
231,778
13,083
244,861
Weighted average discount rate
5.5
%
4.1
%
Weighted average remaining term (in years)
48.7
4.3
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
8.	Income Taxes
The Company has elected to be taxed as a REIT under the applicable provisions of the Internal Revenue Code with certain of its subsidiaries treated as taxable REIT subsidiary entities, which are subject to federal and state income taxes. The following table summarizes the tax status of dividends paid on our common stock:
Year ended December 31,
Dividend per share
$
2.84
(1)
2.56
(2)
2.53
(3)
Ordinary income
%
%
%
Capital gain (4)
%
-
%
-
%
Additional tax status information:
Qualified dividend income
-
%
-
%
-
%
Section 199A dividend
%
%
%
Section 897 ordinary dividends
-
%
-
%
-
%
Section 897 capital gains
-
%
-
%
-
%
(1)During 2024, the Company declared four quarterly dividends, the last of which was paid on January 3, 2025, and was fully allocated to the 2024 dividend period.
(2)During 2023, the Company declared four quarterly dividends, the last of which was paid on January 3, 2024, with a portion allocated to the 2023 dividend period, and the balance allocated to 2024.
(3)During 2022, the Company declared four quarterly dividends, the last of which was paid on January 4, 2023, with a portion allocated to the 2022 dividend period, and the balance allocated to 2023.
(4)For 2024, Pursuant to Treasury Regulation Section 1.1061-6(c), the “One Year Amounts Disclosure” is 100% of the capital gain distributions allocated to each shareholder and “Three Year Disclosure” is 64.75% of the capital gain distributions allocated to each shareholder.
The following table summarizes the tax status of dividends paid on our Series A preferred stock:
Year ended December 31,
Dividend per share
$
1.56
0.39
Ordinary income
%
%
Capital gain
%
-
%
Additional tax status information:
Qualified dividend income
-
%
-
%
Section 199A dividend
%
%
Section 897 ordinary dividends
-
%
-
%
Section 897 capital gains
-
%
-
%
The following table summarizes the tax status of dividends paid on our Series B preferred stock:
Year ended December 31,
Dividend per share
$
1.47
0.37
Ordinary income
%
%
Capital gain
%
-
%
Additional tax status information:
Qualified dividend income
-
%
-
%
Section 199A dividend
%
%
Section 897 ordinary dividends
-
%
-
%
Section 897 capital gains
-
%
-
%
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
Our consolidated expense (benefit) for income taxes for the years ended December 31, 2024, 2023, and 2022 was as follows:
Year ended December 31,
(in thousands)
Income tax expense (benefit):
Current
$
7,571
(332
)
Deferred
(3,026
)
Total income tax expense (benefit) (1)
$
4,545
(39
)
(1)Includes $924, $895 and $(39) of tax expense (benefit) presented within Other operating expenses during the years ended December 31, 2024, 2023, and 2022, respectively. Additionally, $3,621 of tax expense is presented within Gain on sale of real estate, net of tax, during the year ended December 31, 2024.
The TRS entities are subject to federal and state income taxes and file separate tax returns. Income tax expense (benefit) differed from the amounts computed by applying the U.S. Federal income tax rate to pretax income of the TRS entities, as follows:
Year ended December 31,
(in thousands)
Computed expected tax expense (benefit)
$
2,723
State income tax, net of federal benefit
1,376
Valuation allowance
(323
)
Permanent items
All other items
(273
)
Total income tax expense (1)
4,545
(39
)
Income tax expense attributable to operations (1)
$
4,545
(39
)
(1)Includes $924, $895 and $(39) of tax expense (benefit) presented within Other operating expenses during the years ended December 31, 2024, 2023, and 2022, respectively. Additionally, $3,621 of tax expense is presented within Gain on sale of real estate, net of tax, during the year ended December 31, 2024.
The tax effects of temporary differences (included in Accounts payable and other liabilities in the accompanying Consolidated Balance Sheets) are summarized as follows:
December 31,
(in thousands)
Deferred tax assets
Other
2,301
1,893
Deferred tax assets
2,301
1,893
Valuation allowance
(2,301
)
(1,893
)
Deferred tax assets, net
$
-
-
Deferred tax liabilities
Fixed assets
(9,324
)
(12,563
)
Other
(972
)
(780
)
Deferred tax liabilities
(10,296
)
(13,343
)
Net deferred tax liabilities
$
(10,296
)
(13,343
)
The Company believes it is more likely than not that the remaining deferred tax assets will not be realized unless tax planning strategies are implemented.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
9.Notes Payable and Unsecured Credit Facility
The Company's outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following as of the dates set forth below:
Maturing
Through
Weighted
Average
Contractual
Rate
Weighted
Average
Effective
Rate
December 31,
(in thousands)
Notes payable:
Fixed rate mortgage loans
6/1/2037
3.9%
4.3%
$
337,703
449,615
Variable rate mortgage loans (1)
1/31/2032
4.3%
4.4%
282,117
299,579
Fixed rate unsecured debt
3/15/2049
4.1%
4.3%
3,723,880
3,252,755
Total notes payable, net
4,343,700
4,001,949
Unsecured credit facility:
$1.5 Billion Line of Credit (the "Line") (2)
3/23/2028
5.3%
5.6%
65,000
152,000
Total unsecured credit facility
65,000
152,000
Total debt outstanding
$
4,408,700
4,153,949
(1)As of December 31, 2024, 96.1% of the Variable rate mortgage loans are fixed through interest rate swaps.
(2)The Company has the option to extend the maturity date by two additional six-month periods. Weighted average effective rate for the Line is calculated based on a fully drawn Line balance using the period end variable rate.
Notes Payable
Notes payable consist of mortgage loans secured by properties and unsecured public and private debt. Mortgage loans may be repaid before maturity, but could be subject to yield maintenance premiums, and are generally due in monthly installments of principal and interest or interest only. Unsecured public debt may be repaid before maturity subject to accrued and unpaid interest through the proposed redemption date and a make-whole premium. Interest on unsecured public and private debt is payable semi-annually.
On January 8, 2024, the Company priced a public offering of $400 million of senior unsecured notes due in 2034, and the notes were issued on January 18, 2024 at 99.617% of par value with a coupon of 5.250%.
On June 17, 2024, the Company paid off $250 million of unsecured public debt that had matured, utilizing a portion of the proceeds from the January 2024 public debt offering, and the Company paid off a $78.3 million fixed rate mortgage loan.
On August 12, 2024, the Company priced a public offering of $325 million of senior unsecured notes due in 2035, and the notes were issued on August 15, 2024 at 99.813% of par value with a coupon of 5.1%.
The Company is required to comply with certain financial covenants for its unsecured public debt as defined in the indenture agreements such as the following ratios: Consolidated Debt to Consolidated Assets, Consolidated Secured Debt to Consolidated Assets, Consolidated Income for Debt Service to Consolidated Debt Service, and Unencumbered Consolidated Assets to Unsecured Consolidated Debt. As of December 31, 2024, management of the Company believes it is in compliance with all financial covenants for its unsecured public debt.
Unsecured Credit Facilities
The Company has an unsecured line of credit facility (the "Line") pursuant to the Sixth Amended and Restated Credit Agreement (the "Credit Agreement"), dated as of January 18, 2024, by and among the Company and financial institutions party thereto, as lenders, and Wells Fargo Bank, National Association, as Administrative Agent. The Credit Agreement provides for an unsecured revolving credit facility in the amount of $1.50 billion for a term of four years (plus two six-month extension options) and includes an accordion feature which permits the borrower to request increases in the size of the revolving loan facility by up to an additional $1.50 billion. The interest rate on the revolving credit facility is equal to SOFR plus a margin that is determined based on the borrower’s long-term unsecured debt ratings and ratio of indebtedness to total asset value. The Credit Agreement also incorporates sustainability-linked adjustments to the interest rate, which provide for upward or downward adjustments to the applicable margin if the Company achieves, or fails to achieve, certain specified targets based on Scope 1 and Scope 2 emission standards as set forth in the Credit Agreement.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
At December 31, 2024, the Line had an available capacity of $1.4 billion, which is reduced by the balance of outstanding borrowings and commitments from issued letters of credit. The Line accrues interest at a variable rate of SOFR plus an applicable spread of 0.82% and a 0.125% commitment fee.
The Company is required to comply with certain financial covenants as defined in the Credit Agreement, including the Ratio of Indebtedness to Total Asset Value ("TAV"), Ratio of Unsecured Indebtedness to Unencumbered Asset Value, Ratio of Adjusted EBITDA to Fixed Charges, Ratio of Secured Indebtedness to TAV, Ratio of Unencumbered Net Operating Income to Unsecured Interest Expense, and other covenants customary with this type of unsecured financing. As of December 31, 2024, the Company is in compliance with all financial covenants for the Line.
Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows:
(in thousands)
December 31, 2024
Scheduled Principal Payments and Maturities by Year:
Scheduled
Principal
Payments
Mortgage
Loan
Maturities
Unsecured
Maturities (1)
Total
$
9,798
52,537
250,000
312,335
10,040
147,847
200,000
357,887
7,133
222,558
525,000
754,691
5,402
42,004
365,000
412,406
2,786
53,620
425,000
481,406
Beyond 5 Years
5,170
68,466
2,050,000
2,123,636
Unamortized debt premium/(discount) and issuance costs
-
(7,541
)
(26,120
)
(33,661
)
Total
$
40,329
579,491
3,788,880
4,408,700
(1)Includes unsecured public and private debt and unsecured credit facilities.
The Company was in compliance as of December 31, 2024, with all debt covenants.
10.Derivative Instruments
The Company may use derivative financial instruments, including interest swaps, caps, options, floors, and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The Company does not intend to utilize derivatives for speculative transactions or purposes other than mitigation of interest rate risk. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with quality credit ratings. The Company does not anticipate that any of the counterparties will fail to meet their obligations.
Detail on the Company's interest rate derivatives outstanding is as follows:
(in thousands, except number of instruments data)
December 31,
Interest Rate Swaps
Notional amount
$
301,444
294,928
Number of instruments
Detail on the fair value of the Company's interest rate derivatives is as follows:
(in thousands)
December 31,
Interest rate swaps classified as:
Derivative assets
$
12,781
14,213
Derivative liabilities
(423
)
(1,335
)
Derivatives in an asset position are included within Other assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts payable and other liabilities.
These derivative financial instruments are all interest rate swaps, which are designated and qualify as cash flow hedges. The Company does not use derivatives for trading or speculative purposes and, as of December 31, 2024, does not have any derivatives that are not designated as hedges.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
The changes in the fair value of derivatives designated and qualifying as cash flow hedges are recorded in Accumulated other comprehensive income ("AOCI") and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.
The following table represents the effect of the derivative financial instruments on the accompanying Consolidated Financial Statements:
Location and Amount of Gain (Loss)
Recognized in OCI on Derivative
Location and Amount of Loss (Gain)
Reclassified from AOCI into Income
Total amounts presented in the Consolidated
Statements of Operations in which the effects
of cash flow hedges are recorded
Year ended December 31,
Year ended December 31,
Year ended December 31,
(in thousands)
Interest
rate swaps
$
12,523
(2,448
)
20,061
Interest
(income) expense, net
$
(8,895
)
(7,536
)
Interest expense, net
$
180,119
154,249
146,186
Loss (gain) on early extinguishment of debt
$
(99
)
-
As of December 31, 2024, the Company expects approximately $2.5 million of accumulated comprehensive income on derivative instruments in AOCI, including the Company's share from its Investments in real estate partnerships, to be reclassified into earnings during the next 12 months.
11.Fair Value Measurements
(a)Disclosure of Fair Value of Financial Instruments
All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximate their fair values, except those instruments listed below:
December 31,
(in thousands)
Carrying
Amount
Fair Value
Carrying
Amount
Fair Value
Financial assets:
Notes receivable
$
31,790
31,755
$
2,109
2,109
Financial liabilities:
Notes payable, net
$
4,343,700
4,141,096
$
4,001,949
3,763,152
Unsecured credit facilities (1)
$
65,000
65,000
$
152,000
152,000
(1)The carrying amounts approximated its fair values due to the variable nature of the terms.
The above fair values represent management's estimate of the amounts that would be received from selling those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants as of December 31, 2024 and 2023, respectively. These fair value measurements maximize the use of observable inputs which are classified within Level 2 of the fair value hierarchy. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company's own judgments about the assumptions that market participants would use in pricing the asset or liability.
The Company develops its judgments based on the best information available at the measurement date, including expected cash flows, appropriate risk-adjusted discount rates, and available observable and unobservable inputs. Service providers involved in fair value measurements are evaluated for competency and qualifications on an ongoing basis. As considerable judgment is often necessary to estimate the fair value of these financial instruments, the fair values presented above are not necessarily indicative of amounts that will be realized upon disposition of the financial instruments.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
(b)Fair Value Measurements
The following financial instruments are measured at fair value on a recurring basis:
Securities
The Company has investments in marketable securities that are included within Other assets on the accompanying Consolidated Balance Sheets. The fair value of the securities was determined using quoted prices in active markets, which are considered Level 1 inputs of the fair value hierarchy. Changes in the value of securities are recorded within Net investment (income) loss in the accompanying Consolidated Statements of Operations, and include unrealized gains of $4.5 million for the year ended December 31, 2024, unrealized gains of $4.2 million for the year ended December 31, 2023 and unrealized losses of $8.0 million for the year ended December 31, 2022.
Available-for-Sale Debt Securities
Available-for-sale debt securities consist of investments in corporate bonds, and are recorded at fair value using either recent trade prices for the identical debt instrument or comparable instruments by issuers of similar industry sector, issuer rating, and size, to estimate fair value, which are considered Level 2 inputs of the fair value hierarchy. Unrealized gains or losses on these debt securities are recognized through Other comprehensive income.
Interest Rate Derivatives
The fair value of the Company's interest rate derivatives is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements.
Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swaps. As a result, the Company determined that its interest rate swaps valuation in its entirety is classified in Level 2 of the fair value hierarchy.
The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis:
Fair Value Measurements as of December 31, 2024
(in thousands)
Balance
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Assets:
Securities
$
39,419
39,419
-
-
Available-for-sale debt securities
12,401
-
12,401
-
Interest rate derivatives
12,781
-
12,781
-
Total
$
64,601
39,419
25,182
-
Liabilities:
Interest rate derivatives
$
(423
)
-
(423
)
-
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
Fair Value Measurements as of December 31, 2023
(in thousands)
Balance
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Assets:
Securities
$
37,039
37,039
-
-
Available-for-sale debt securities
14,953
-
14,953
-
Interest rate derivatives
14,213
-
14,213
-
Total
$
66,205
37,039
29,166
-
Liabilities:
Interest rate derivatives
$
(1,335
)
-
(1,335
)
-
The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a non-recurring basis:
Fair Value Measurements as of December 31, 2024
(in thousands)
Balance
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Total Gains (Losses)
Real estate assets
$
10,915
-
10,915
-
(12,974
)
During the year ended December 31, 2024, the Company recorded a $14.3 million Provision for impairment on two operating properties. One property was sold within the reporting period with a $1.3 million provision for impairment. The second property is classified as held and used, and was impaired as a result of management's change in expected hold period and the carrying value exceeded the estimated fair value. The estimated fair value was based on letters of intent from third-party offers for the property and is reflected in the table above within the Level 2 fair value hierarchy.
During the year ended December 31, 2023, there were no real estate assets measured at fair value on a nonrecurring basis.
12.Equity and Capital
Preferred Stock of the Parent Company
Terms and conditions of the preferred stock outstanding are summarized as follows:
Preferred Stock Outstanding as of December 31, 2024
Date of Issuance
Shares Issued and Outstanding
Liquidation Preference
Distribution Rate
Callable By Company
Series A
8/18/2023
4,600,000
$
115,000,000
6.250%
On demand
Series B
8/18/2023
4,400,000
110,000,000
5.875%
On demand
9,000,000
$
225,000,000
Preferred Stock Outstanding as of December 31, 2023
Date of Issuance
Shares Issued and Outstanding
Liquidation Preference
Distribution Rate
Callable By Company
Series A
8/18/2023
4,600,000
$
115,000,000
6.250%
On demand
Series B
8/18/2023
4,400,000
110,000,000
5.875%
On or after 10/1/2024
9,000,000
$
225,000,000
Each series of Preferred Stock is non-voting, has no stated maturity and is redeemable for cash at $25.00 per share at the Company's option. The holders of the Preferred Stock have general preference rights over common stockholders with respect to liquidation and quarterly distributions. Except under certain limited conditions, holders of the Preferred Stock will not be entitled to vote. In the event of a cumulative arrearage equal to six quarterly dividends, holders of the Preferred Stock (voting as a single class without regard to series) will have the right to elect two additional members to serve on the Company's Board of Directors until the arrearage has been cured. Upon the occurrence of a Change of Control, as defined in the
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
Company's Articles of Incorporation, the holders of the Preferred Stock will have the right to convert all or part of the shares of the Preferred Stock held by such holders on the applicable conversion date into a number of shares of Common Stock.
Dividends Declared
On February 4, 2025, the Board:
•Declared a dividend on the Series A Preferred Stock, which will be paid at a rate of $0.390625 per share on April 30, 2025. The dividend will be payable to holders of record of the Series A Preferred Stock as of the close of business on April 15, 2025; and
•Declared a dividend on the Series B Preferred Stock, which will be paid at a rate of $0.367200 per share on April 30, 2025 The dividend will be payable to holders of record of the Series B Preferred Stock as of the close of business on April 15, 2025.
Common Stock of the Parent Company
Dividends Declared
On February 4, 2025, the Board declared a common stock dividend of $0.705 per share, payable on April 2, 2025, to shareholders of record as of March 12, 2025.
At the Market ("ATM") Program
Under the Parent Company's ATM Program, as authorized by the Board, the Parent Company may sell up to $500 million of common stock at prices determined by the market at the time of sale. The timing of sales, if any, will be dependent on market conditions and other factors.
During 2024, the Company entered into forward sale agreements under its ATM program through which the Parent Company is obligated to issue 1,339,377 shares of its common stock at a weighted average offering price of $74.66 before any underwriting discount and offering expenses.  The shares under the forward sales agreements must be settled within one year of their trade dates, which vary by agreement, and range from November 26, 2025, to December 5, 2025.  Upon settlement, subject to certain exceptions, the Company may elect, in its sole discretion, to physically settle, cash settle, or net share settle all or any portion of our obligations under any forward sale agreement.
No shares have been settled as of December 31, 2024. Proceeds from the issuance of shares are expected to be approximately $100.0 million before any underwriting discount and offering expenses and are expected to be used to fund acquisitions of operating properties, fund developments and redevelopments, and for general corporate purposes.
As of December 31, 2024, and after giving effect to the aforementioned forward equity offering, $400 million of common stock remained available for issuance under this ATM Program.
Stock Repurchase Program
On February 8, 2023, the Board authorized a common stock repurchase program under which the Company may purchase, up to a maximum of $250.0 million of its outstanding common stock through open market transactions, and/or in privately negotiated transactions (referred to as the "Repurchase Program"). The timing and price of stock repurchases, if any, are dependent upon market conditions and other factors. The stock repurchased, if not retired, is treated as treasury stock. The Board's authorization for the Repurchase Program was set to expire on February 7, 2025, unless modified, extended or terminated earlier by the Board at its discretion.
During the year ended December 31, 2023, the Company executed multiple trades, repurchasing 349,519 common shares under the Repurchase Program for a total of $20.0 million at a weighted average price of $57.22 per share. These shares were repurchased through open market transactions in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act of 1934, as amended (the "Exchange Act"). All repurchased shares were retired on their respective settlement dates.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
During the second quarter of 2024, the Company executed multiple trades, repurchasing 3.3 million common shares under the Repurchase Program for a total of $200.0 million at a weighted average price of $60.48 per share. These shares were repurchased through open market transactions in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act. All repurchased shares were retired on the respective settlement dates.
On July 31, 2024, the Board authorized a new common stock repurchase program under which the Company may purchase up to $250.0 million of shares of its outstanding common stock (the "New Repurchase Program"). The New Repurchase Program replaces and supersedes, in all respects, the Repurchase Program. Under the New Repurchase Program, the Company may repurchase shares through open market transactions in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act. The Board's authorization for the New Repurchase Program expires on June 30, 2026, unless modified, extended or earlier terminated by the Board in its discretion. Any common stock repurchased, if not retired, will be treated as treasury stock.
At December 31, 2024, $250.0 million remained available under the New Repurchase Program.
Preferred Units of the Operating Partnership
The number of Series A Preferred Units and Series B Preferred Units, respectively, issued by the Operating Partnership is equal to the number of Series A Preferred Stock and Series B Preferred Stock, respectively, issued by the Parent Company.
Common Units of the Operating Partnership
Common Units are issued, or redeemed and retired, for each share of the Parent Company stock issued or redeemed, or retired, as described above. During the year ended December 31, 2024, 10,795 Common Units were exchanged for shares of Parent Company common stock.
During the year ended December 31, 2023, the Operating Partnership issued 520,589 EOP, valued at $31.3 million, as partial purchase price consideration for the acquisition of two properties. In addition, 3,340 Common Units were exchanged for shares of Parent Company common stock, and 151,228 Common Units were redeemed for $9.2 million in cash at the Parent Company's election.
General Partners
The Parent Company, as general partner, owned the following Common Units outstanding:
December 31,
(in thousands)
Common Units owned by the general partner
181,361
184,581
Common Units owned by the limited partners
1,097
1,108
Total Common Units outstanding
182,458
185,689
Percentage of Common Units owned by the general partner
99.4
%
99.4
%
13.Stock-Based Compensation
The Company records stock-based compensation expense within General and administrative expenses in the accompanying Consolidated Statements of Operations and recognizes forfeitures as they occur.
Year ended December 31,
(in thousands)
Restricted stock (1)
$
18,549
17,277
16,667
Directors' fees paid in common stock and other employee stock grants
Capitalized stock-based compensation
(1,941
)
(954
)
(735
)
Stock-based compensation, net of capitalization (2)
$
17,136
16,913
16,521
(1)Includes amortization of the grant date fair value of restricted stock awards over the respective vesting periods.
(2)In addition, the Company expensed within Other operating expenses $6.4 million and $3.2 million during 2024 and 2023, respectively, in connection with restricted stock units related to the acquisition of UBP.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
The Company established its Omnibus Incentive Plan (the "Plan") under which the Board of Directors may grant stock options and other stock-based awards to officers, directors, and other key employees. The Plan allows the Company to issue up to 5.0 million shares in the form of the Parent Company's common stock or stock options. As of December 31, 2024, there were 3.8 million shares available for grant under the Plan.
Restricted Stock Units
The Company grants restricted stock under the Plan to its employees as a form of long-term compensation and retention. The terms of each restricted stock grant vary depending upon the participant's responsibilities and position within the Company. The Company's stock grants can be categorized as either time-based awards, performance-based awards, or market-based awards. All awards are valued at grant date fair value, earn dividends throughout the vesting period, and have no voting rights. Fair value is measured using the grant date market price for all time-based and performance-based awards. Market based awards are valued using a Monte Carlo simulation model to estimate the fair value based on the probability of satisfying the market conditions and the projected stock price at the time of payout, discounted to the valuation date over a three year performance period. Assumptions used in the estimate include historic volatility over the previous three year period, risk-free interest rates, and Regency's historic daily return as compared to the market index. Since the award payout includes dividend equivalents and the total shareholder return includes the value of dividends, no dividend yield assumption is required for the valuation. Compensation expense is measured at the grant date and recognized on a straight-line basis over the requisite service period for the entire award, regardless of whether the market condition is ultimately achieved.
The following table summarizes non-vested restricted stock activity:
Year ended December 31, 2024
Number of Shares
Intrinsic Value (in thousands)
Weighted Average Grant Date Fair Value
Non-vested as of December 31, 2023
754,518
Time-based awards granted (1) (4)
175,396
$
61.98
Performance-based awards granted (2) (4)
17,137
$
62.21
Market-based awards granted (3) (4)
158,807
$
58.36
Change in market-based awards earned for performance (3)
7,306
$
63.42
Vested (5)
(304,785
)
$
63.17
Forfeited
(4,590
)
$
64.43
Non-vested as of December 31, 2024 (6)
803,789
$
59,424
(1)Time-based awards vest beginning on the first anniversary following the grant date over a one or four year service period. These grants are subject only to continued employment and are not dependent on future performance measures. Accordingly, if such vesting criteria are not met, compensation cost previously recognized is reversed.
(2)Performance-based awards are earned subject to performance measurements. Once the performance criteria are achieved and the actual number of shares earned is determined, shares vest over a required service period. The Company considers the likelihood of meeting the performance criteria based upon management's estimates from which it determines the amounts recognized as expense on a periodic basis.
(3)Market-based awards are earned dependent upon the Company's total shareholder return in relation to the shareholder return of a NAREIT index over a three-year period. Once the performance criteria are met and the actual number of shares earned is determined, the shares are immediately vested and distributed. The probability of meeting the criteria is considered when calculating the estimated fair value on the date of grant using a Monte Carlo simulation. These awards are accounted for as awards with market criteria, with compensation cost recognized over the service period, regardless of whether the performance criteria are achieved and the awards are ultimately earned. The significant assumptions underlying determination of fair values for market-based awards granted were as follows:
Year ended December 31,
Expected volatility
25.50
%
45.50
%
43.10
%
Risk free interest rate
4.14
%
3.75
%
1.39
%
(4)The weighted-average grant price for restricted stock granted during the years is summarized below:
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
Year ended December 31,
Weighted-average grant date fair value for restricted stock
$
60.36
$
68.28
$
72.86
(5)The total intrinsic value of restricted stock vested during the years is summarized below (in thousands):
Year ended December 31,
Intrinsic value of restricted stock vested
$
19,254
$
19,717
$
17,797
(6)As of December 31, 2024, there was $22.7 million of unrecognized compensation cost related to non-vested restricted stock granted under the Parent Company's Plan. When recognized, this compensation results in additional paid in capital in the accompanying Consolidated Statements of Equity of the Parent Company and in general partner preferred and common units in the accompanying Consolidated Statements of Capital of the Operating Partnership. This unrecognized compensation cost is expected to be recognized over the next three years. The Company issues new restricted stock from its authorized shares available at the date of grant.
14.Saving and Retirement Plans
401(k) Retirement Plan
The Company maintains a 401(k) retirement plan covering substantially all employees and permits participants to defer eligible compensation up to the maximum allowable amount determined by the IRS. This deferred compensation, together with Company matching contributions equal to 100% of employee deferrals up to a maximum of $5,000 of their eligible compensation, is fully vested and funded as of December 31, 2024. Additionally, an annual profit sharing contribution may be made, which are fully vested after three years in service. Costs for Company contributions to the plan totaled $5.6 million, $5.3 million, and $4.4 million for the years ended December 31, 2024, 2023, and 2022, respectively.
Non-Qualified Deferred Compensation Plan ("NQDCP")
The Company maintains a NQDCP which allows select employees and directors to defer part or all of their cash bonus, director fees, and vested restricted stock units. All contributions into the participants' accounts are fully vested upon contribution to the NQDCP and are deposited in a Rabbi trust.
The following table reflects the balances of the assets and deferred compensation liabilities of the Rabbi trust and related participant account obligations in the accompanying Consolidated Balance Sheets, excluding Regency stock:
Year ended December 31,
(in thousands)
Location in Consolidated Balance Sheets
Assets:
Securities
$
33,555
31,852
Other assets
Liabilities:
Deferred compensation obligation
$
33,473
31,770
Accounts payable and other liabilities
Realized and unrealized gains and losses on securities held in the NQDCP are recognized within Net investment (income) loss in the accompanying Consolidated Statements of Operations. Changes in participant obligations, which is based on changes in the value of their investment elections, is recognized within General and administrative expenses within the accompanying Consolidated Statements of Operations.
Investments in shares of the Company's common stock are included, at cost, as Treasury stock in the accompanying Consolidated Balance Sheets of the Parent Company and as a reduction of General partner capital in the accompanying Consolidated Balance Sheets of the Operating Partnership. The participant's deferred compensation liability attributable to the participants' investments in shares of the Company's common stock are included, at cost, within Additional paid in capital in the accompanying Consolidated Balance Sheets of the Parent Company and as a reduction of General partner capital in the accompanying Consolidated Balance Sheets of the Operating Partnership. Changes in participant account balances related to the Regency common stock fund are recorded directly within shareholders' equity.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
15.Earnings per Share and Unit
Parent Company Earnings per Share
The following summarizes the calculation of basic and diluted earnings per share:
Year ended December 31,
(in thousands, except per share data)
Numerator:
Net income attributable to common shareholders - basic
$
386,738
359,500
482,865
Net income attributable to common shareholders - diluted
$
386,738
359,500
482,865
Denominator:
Weighted average common shares outstanding for basic EPS
182,817
176,085
171,404
Weighted average common shares outstanding for diluted EPS (1)
183,040
176,371
171,791
Net income per common share - basic
$
2.12
2.04
2.82
Net income per common share - diluted
$
2.11
2.04
2.81
(1)Using the treasury stock method, the calculation includes the dilutive effect of unvested restricted stock and shares to be issued under the forward sale agreements.
The effect of the assumed exchange of the EOP units and certain other exchangeable units had an anti-dilutive effect upon the calculation of net income attributable to the common shareholders per share. Accordingly, the impact of such assumed exchanges has not been included in the determination of diluted net income per share calculations. Weighted average EOP units outstanding were 1,099,187, 953,085 and 748,336 for the year ended December 31, 2024, 2023 and 2022, respectively.
Operating Partnership Earnings per Unit
The following summarizes the calculation of basic and diluted earnings per unit ("EPU"):
Year ended December 31,
(in thousands, except per unit data)
Numerator:
Net income attributable to common unit holders - basic
$
389,076
361,508
484,970
Net income attributable to common unit holders - diluted
$
389,076
361,508
484,970
Denominator:
Weighted average common units outstanding for basic EPU
183,916
177,038
172,152
Weighted average common units outstanding for diluted EPU (1)
184,139
177,324
172,540
Net income per common unit - basic
$
2.12
2.04
2.82
Net income per common unit - diluted
$
2.11
2.04
2.81
(1)Using the treasury stock method, the calculation includes the dilutive effect of unvested restricted units and units to be issued under the forward sale agreements.
The effect of the assumed exchange of certain other exchangeable units had an anti-dilutive effect upon the calculation of net income attributable to the common unit holders per share. Accordingly, the impact of such assumed exchanges has not been included in the determination of diluted net income per unit calculations.
16.Segment Information
The Company's business consists of acquiring, developing, owning, and operating income-producing retail real estate in the United States of America ("USA" or "United States"). The Company owns and manages a portfolio of neighborhood and community shopping centers, anchored primarily by grocers. Nearly all of the Company's consolidated revenues are generated from real estate investments in shopping centers.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
The Company derives revenue primarily by leasing retail spaces to tenants under long-term leases with varying terms that generally provide for fixed payments of base rent with stated increases over the lease term. Some leases also include provisions for additional percentage rent based on tenant sales performance. Additionally, most lease agreements contain provisions requiring tenants to reimburse their share of actual real estate taxes, insurance and CAM costs incurred by the Company.
The Company’s CODM is the Executive Committee, which is comprised of the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, and the Chief Investment Officer. The CODM evaluates the performance of shopping centers and allocates resources on an individual property basis. Consequently, the Company defines its operating segments as individual properties. These operating segments are aggregated into one reportable segment due to similarities in the nature and economics of the centers, tenant profiles, operating processes, and long-term financial performance. The accounting policies for the shopping centers segment are consistent with those described in the Summary of Significant Accounting Policies.
The CODM assesses the performance of each shopping center and allocates resources based on Net Operating Income (“NOI”). NOI is calculated as the sum of base rent, percentage rent, termination fee income, tenant recoveries, other lease income, and other property income, less operating and maintenance expenses, real estate taxes, ground rent, termination expense, and uncollectible lease income. NOI excludes items such as straight-line rental income and expense, above and below market rent and ground rent amortization, tenant lease inducement amortization, and other fees. The Company’s NOI also includes its share of NOI from unconsolidated real estate investment partnerships. The Company does not report asset information for the segment because it is not used to evaluate performance or regularly provided to the CODM.
The CODM uses NOI to evaluate income generated from shopping centers (i.e., return on assets) and to guide decisions on capital investments. These decisions may include acquisitions, investments in real estate developments and/or capital improvement.
The following tables provide information about the shopping centers segment revenues, significant expenses, NOI and the reconciliations of these amounts to the Company’s consolidated Net income and Total revenues:
Year ended December 31,
Lease income
$
1,548,929
1,413,079
1,312,532
Other property income
15,450
12,260
11,247
Less:
Straight-line rent on lease income
(22,193
)
(13,559
)
(27,220
)
Above/below market rent amortization, net
(25,612
)
(31,604
)
(23,021
)
Total real estate revenues
1,516,574
1,380,176
1,273,538
Operating expenses (1)
(267,660
)
(247,792
)
(213,085
)
Real estate taxes
(201,546
)
(181,096
)
(163,667
)
NOI
$
1,047,368
951,288
896,786
Reconciliation of Total real estate revenues to Total revenues:
Total real estate revenues
1,516,574
1,380,176
1,273,538
Consolidated:
Straight-line rent on lease income
20,300
10,788
24,272
Above/below market rent amortization, net
24,843
30,826
22,543
Management, transaction, and other fees
27,874
26,954
25,851
Add: Share of noncontrolling interests
11,859
10,865
10,683
Less: Share of unconsolidated real estate partnerships
(147,546
)
(137,143
)
(132,865
)
Total revenues
$
1,453,904
1,322,466
1,224,022
(1)Operating expenses include Operating and maintenance, Ground rent and Termination expense
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
Year ended December 31,
Reconciliation of NOI to Net income:
NOI
1,047,368
951,288
896,786
Consolidated:
Straight-line rent on lease income
20,300
10,788
24,272
Above/below market rent amortization, net
24,843
30,826
22,543
Management, transaction, and other fees
27,874
26,954
25,851
Straight-line rent on ground rent
(1,350
)
(1,405
)
(1,610
)
Above/below market ground rent amortization
(2,142
)
(1,696
)
(1,548
)
Depreciation and amortization
(394,714
)
(352,282
)
(319,697
)
General and administrative
(101,465
)
(97,806
)
(79,903
)
Other operating expenses
(10,867
)
(9,459
)
(6,166
)
Other expense, net
(154,260
)
(147,824
)
(44,102
)
Add: Share of noncontrolling interests excluded from NOI
8,293
7,571
7,433
Less: Equity in income of investments in real estate excluded from NOI
(54,040
)
(46,088
)
(35,824
)
Net income
$
409,840
370,867
488,035
17.Commitments and Contingencies
Litigation
The Company is a party to litigation and other disputes that arise in the ordinary course of business. While the outcome of any particular lawsuit or dispute cannot be predicted with certainty, in the opinion of management, the Company's currently pending litigation and disputes are not expected to have a material adverse effect on the Company's consolidated financial position, results of operations, or liquidity. Legal fees are expensed as incurred.
Environmental
The Company is subject to numerous environmental laws and regulations. With respect to applicability to the Company, these pertain primarily to chemicals historically used by certain current and former dry-cleaning tenants, the existence of asbestos in older shopping centers, underground petroleum storage tanks and other historic land uses. The Company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations. The Company can give no assurance that existing environmental studies with respect to its shopping centers have revealed all potential environmental contamination; that its estimate of liabilities will not change as more information becomes available; that any previous owner, occupant or tenant did not create any material environmental condition not known to the Company; that the current environmental condition of the shopping centers will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; and that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company.
The Company had accrued liabilities of $17.3 million and $16.5 million for environmental remediation, which are included in Accounts payable, and other liabilities on the Company’s Consolidated Balance Sheets,, as of December 31, 2024 and 2023, respectively.
Letters of Credit
The Company has the right to issue letters of credit under the Line up to an aggregate amount not to exceed $50.0 million, which reduces the credit availability under the Line. These letters of credit are primarily issued as collateral on behalf of its captive insurance subsidiary and to facilitate the construction of development projects. The Company had $10.9 million and $8.5 million in letters of credit outstanding as of December 31, 2024, and 2023, respectively.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2024
(in thousands)
Initial Cost
Total Cost
Shopping Centers
State
Mortgages or
Encumbrances(1)
Land & Land
Improvements
Building &
Improvements
Cost
Capitalized
Subsequent to
Acquisition (2)
Land & Land
Improvements
Building &
Improvements
Total
Accumulated
Depreciation
Year
Constructed
or Last Major
Renovation
Year
Acquired
101 7th Avenue
NY
$
-
48,340
34,895
(71,357
)
7,020
4,858
11,878
(962
)
111 Kraft Avenue
NY
-
1,220
3,932
1,220
3,960
5,180
(149
)
1175 Third Avenue
NY
-
40,560
25,617
6,071
40,560
31,688
72,248
(5,190
)
1225-1239 Second Ave
NY
-
23,033
17,173
(678
)
23,033
16,495
39,528
(3,400
)
200 Potrero
CA
-
4,860
2,251
4,860
2,386
7,246
(620
)
22 Crescent Road
CT
-
2,198
(318
)
2,152
-
2,152
-
25 Valley Drive
CT
-
3,141
2,945
3,141
2,960
6,101
(151
)
260-270 Sawmill Road
NY
-
3,943
-
3,943
4,001
(6
)
27 Purchase Street
NY
-
2,239
2,310
3,213
(92
)
321-323 Railroad Ave
CT
-
3,044
2,414
3,044
2,447
5,491
(120
)
410 South Broadway
NY
-
2,372
1,603
-
2,372
1,603
3,975
(60
)
470 Main Street
CT
-
1,021
4,361
1,021
4,416
5,437
(264
)
48 Purchase Street
NY
-
1,214
4,414
1,214
4,431
5,645
(167
)
4S Commons Town Center
CA
-
30,760
35,830
3,983
30,812
39,761
70,573
(32,030
)
6401 Roosevelt
WA
-
2,685
2,685
1,296
3,981
(199
)
90 - 30 Metropolitan Avenue
NY
-
16,614
24,171
16,614
24,656
41,270
(5,627
)
91 Danbury Road
CT
-
-
1,583
(220
)
970 High Ridge Center
CT
-
5,695
5,204
5,695
5,266
10,961
(268
)
Airport Plaza
CT
-
1,293
11,119
1,293
11,124
12,417
(470
)
Alafaya Village
FL
-
3,004
5,852
3,004
6,192
9,196
(1,609
)
Alden Bridge
TX
(26,000
)
17,014
21,958
17,014
22,768
39,782
(3,275
)
Aldi Square
CT
-
6,394
1,704
-
6,394
1,704
8,098
(163
)
Amerige Heights Town Center
CA
-
10,109
11,288
1,644
10,109
12,932
23,041
(7,250
)
Anastasia Plaza
FL
-
9,065
-
(2,298
)
3,012
3,755
6,767
(2,026
)
Apple Valley Square
MN
-
5,438
21,328
(2,588
)
5,451
18,727
24,178
(3,460
)
Arcadian Shopping Center
NY
-
14,546
26,716
14,546
27,320
41,866
(1,207
)
Ashford Place
GA
-
2,584
9,865
1,899
2,584
11,764
14,348
(9,852
)
Atlantic Village
FL
-
4,282
18,827
2,143
4,868
20,384
25,252
(7,102
)
Avenida Biscayne
FL
-
88,098
20,771
2,228
91,150
19,947
111,097
(5,179
)
Aventura Shopping Center
FL
-
2,751
10,459
11,159
9,486
14,883
24,369
(6,247
)
Baederwood Shopping Center
PA
(24,365
)
12,016
33,556
12,016
34,404
46,420
(3,420
)
Balboa Mesa Shopping Center
CA
-
23,074
33,838
14,036
27,758
43,190
70,948
(22,430
)
Banco Popular Building
FL
-
2,160
1,137
(1,289
)
2,003
2,008
-
Belleview Square
CO
-
8,132
9,756
5,292
8,323
14,857
23,180
(11,312
)
Belmont Chase
VA
-
13,881
17,193
(173
)
14,372
16,529
30,901
(10,378
)
Berkshire Commons
FL
-
2,295
9,551
3,112
2,965
11,993
14,958
(10,213
)
Bethany Park Place
TX
(10,200
)
4,832
12,405
4,832
12,939
17,771
(1,941
)
Bethel Hub Center
CT
-
1,738
3,918
1,738
4,062
5,800
(199
)
Biltmore Shopping Center
NY
-
4,632
3,766
4,632
3,805
8,437
(187
)
Bird 107 Plaza
FL
-
10,371
5,136
10,371
5,288
15,659
(1,673
)
Bird Ludlam
FL
-
42,663
38,481
1,353
42,663
39,834
82,497
(10,952
)
Black Rock
CT
(15,148
)
22,251
20,815
22,251
21,517
43,768
(8,161
)
Blakeney Town Center
NC
-
82,411
89,165
4,066
82,491
93,151
175,642
(11,316
)
Bloomfield Crossing
NJ
-
3,365
11,453
3,365
11,459
14,824
(534
)
Bloomingdale Square
FL
-
3,940
14,912
23,599
8,639
33,812
42,451
(15,482
)
Blossom Valley
CA
(22,300
)
31,988
5,850
31,988
6,587
38,575
(1,197
)
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2024
(in thousands)
Initial Cost
Total Cost
Shopping Centers
State
Mortgages or
Encumbrances(1)
Land & Land
Improvements
Building &
Improvements
Cost
Capitalized
Subsequent to
Acquisition (2)
Land & Land
Improvements
Building &
Improvements
Total
Accumulated
Depreciation
Year
Constructed
or Last Major
Renovation
Year
Acquired
Boca Village Square
FL
-
43,888
9,726
43,888
10,145
54,033
(3,876
)
Boonton ACME Shopping Center
NJ
(10,358
)
8,664
9,601
-
8,664
9,601
18,265
(533
)
Boulevard Center
CO
-
3,659
10,787
4,840
3,659
15,627
19,286
(10,223
)
Boynton Lakes Plaza
FL
-
2,628
11,236
5,382
3,606
15,640
19,246
(10,396
)
Boynton Plaza
FL
-
12,879
20,713
12,879
21,523
34,402
(6,170
)
Brentwood Plaza
MO
-
2,788
3,473
2,788
3,889
6,677
(2,113
)
Briarcliff La Vista
GA
-
3,292
1,122
4,414
5,108
(3,515
)
Briarcliff Village
GA
-
4,597
24,836
6,316
5,519
30,230
35,749
(23,762
)
Brick Walk
CT
(30,591
)
25,299
41,995
2,283
25,299
44,278
69,577
(14,980
)
BridgeMill Market
GA
-
7,521
13,306
1,221
7,522
14,526
22,048
(4,929
)
Bridgeton
MO
-
3,033
8,137
3,067
8,843
11,910
(4,272
)
Brighten Park
GA
-
3,983
18,687
12,248
3,887
31,031
34,918
(24,273
)
Broadway Plaza
NY
-
40,723
42,170
2,593
40,723
44,763
85,486
(12,008
)
Brooklyn Station on Riverside
FL
-
7,019
8,688
6,998
9,067
16,065
(3,831
)
Brookside Plaza
CT
-
35,161
17,494
8,185
36,238
24,602
60,840
(8,602
)
Buckhead Court
GA
-
1,417
7,432
4,642
1,417
12,074
13,491
(10,806
)
Buckhead Landing
GA
-
45,502
16,642
25,563
51,511
36,196
87,707
(3,085
)
1998/2024
Buckhead Station
GA
-
70,411
36,518
3,033
70,448
39,514
109,962
(12,377
)
Buckley Square
CO
-
2,970
5,978
1,622
2,921
7,649
10,570
(5,449
)
Caligo Crossing
FL
-
2,459
4,897
2,546
4,995
7,541
(4,364
)
Cambridge Square
GA
-
4,347
(2,419
)
1,928
2,702
(1,401
)
Carmel Commons
NC
-
2,466
12,548
6,294
3,419
17,889
21,308
(13,523
)
Carmel ShopRite Plaza
NY
-
5,828
15,321
5,828
15,481
21,309
(682
)
Carriage Gate
FL
-
4,974
3,267
1,302
7,772
9,074
(7,705
)
Carytown Exchange
VA
-
24,121
22,046
(27
)
24,122
22,018
46,140
(5,715
)
Cashmere Corners
FL
-
3,187
9,397
3,187
10,080
13,267
(3,604
)
Cedar Commons
MN
-
4,704
16,748
4,716
16,969
21,685
(2,638
)
Cedar Hill Shopping Center
NJ
(6,815
)
7,266
9,372
7,280
9,558
16,838
(481
)
Centerplace of Greeley III
CO
-
6,661
11,502
4,607
13,819
18,426
(8,203
)
Charlotte Square
FL
-
1,141
6,845
1,495
1,141
8,340
9,481
(3,305
)
Chasewood Plaza
FL
-
4,612
20,829
6,865
6,886
25,420
32,306
(22,878
)
Chastain Square
GA
-
30,074
12,644
2,520
30,074
15,164
45,238
(5,834
)
Cherry Grove
OH
-
3,533
15,862
6,096
3,533
21,958
25,491
(15,318
)
Chilmark Shopping Center
NY
-
4,952
15,407
4,952
15,590
20,542
(678
)
Chimney Rock
NJ
-
23,623
48,200
23,623
49,056
72,679
(22,236
)
Circle Center West
CA
-
22,930
9,028
3,571
23,166
12,363
35,529
(3,074
)
Circle Marina Center
CA
(24,000
)
29,303
18,437
12,876
31,942
28,674
60,616
(3,336
)
CityLine Market
TX
-
12,208
15,839
12,306
16,205
28,511
(7,320
)
CityLine Market Phase II
TX
-
2,744
3,081
2,744
3,189
5,933
(1,275
)
Clayton Valley Shopping Center
CA
-
24,189
35,422
2,600
24,538
37,673
62,211
(31,498
)
Clocktower Plaza Shopping Ctr
NY
-
49,630
19,624
49,630
20,251
69,881
(5,808
)
Clybourn Commons
IL
-
15,056
5,594
15,056
6,129
21,185
(2,406
)
Cochran's Crossing
TX
-
13,154
12,315
2,877
13,154
15,192
28,346
(12,701
)
Compo Acres Shopping Center
CT
-
28,627
10,395
28,627
11,380
40,007
(3,171
)
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2024
(in thousands)
Initial Cost
Total Cost
Shopping Centers
State
Mortgages or
Encumbrances(1)
Land & Land
Improvements
Building &
Improvements
Cost
Capitalized
Subsequent to
Acquisition (2)
Land & Land
Improvements
Building &
Improvements
Total
Accumulated
Depreciation
Year
Constructed
or Last Major
Renovation
Year
Acquired
Compo Shopping Center
CT
-
15,651
29,034
15,651
29,160
44,811
(726
)
Concord Shopping Plaza
FL
-
30,819
36,506
1,750
31,272
37,803
69,075
(9,785
)
Copps Hill Plaza
CT
-
29,515
40,673
8,499
29,514
49,173
78,687
(11,010
)
Coral Reef Shopping Center
FL
-
14,922
15,200
2,695
15,332
17,485
32,817
(5,502
)
Corkscrew Village
FL
-
8,407
8,004
8,407
8,920
17,327
(4,892
)
Cornerstone Square
GA
-
1,772
6,944
2,100
1,772
9,044
10,816
(7,507
)
Corral Hollow
CA
-
8,887
24,121
8,932
24,344
33,276
(2,592
)
Corvallis Market Center
OR
-
6,674
12,244
1,048
6,696
13,270
19,966
(8,687
)
Cos Cob Commons
CT
-
6,608
14,967
6,608
15,513
22,121
(662
)
Cos Cob Plaza
CT
(3,742
)
4,030
4,225
4,030
4,249
8,279
(198
)
Country Walk Plaza
FL
(16,000
)
18,713
20,373
18,713
20,838
39,551
(3,579
)
Countryside Shops
FL
-
17,982
35,574
13,960
23,175
44,341
67,516
(17,076
)
1991/2018
Courtyard Shopping Center
FL
-
5,867
5,867
5,874
(3
)
Culver Center
CA
-
108,841
32,308
3,794
108,841
36,102
144,943
(10,668
)
Danbury Green
CT
-
30,303
19,255
2,377
30,303
21,632
51,935
(5,824
)
Danbury Square
CT
-
6,592
23,543
1,017
6,592
24,560
31,152
(1,051
)
Dardenne Crossing
MO
-
4,194
4,005
4,343
4,717
9,060
(2,881
)
Darinor Plaza
CT
-
32,140
1,328
33,450
34,161
(9,568
)
DeCicco's Plaza
NY
-
8,890
23,368
8,890
24,266
33,156
(983
)
Diablo Plaza
CA
-
5,300
8,181
3,153
5,300
11,334
16,634
(7,557
)
District Shops of Pelham Manor (fka Pelham Manor Plaza)
NY
-
4,708
6,243
4,711
6,447
11,158
(263
)
Dunwoody Hall
GA
(13,800
)
15,145
12,110
15,145
13,057
28,202
(1,862
)
Dunwoody Village
GA
-
3,342
15,934
8,438
3,417
24,297
27,714
(19,518
)
East Meadow Plaza
NY
-
13,135
25,070
(73
)
13,135
24,997
38,132
(3,131
)
East Pointe
OH
-
1,730
7,189
2,644
1,941
9,622
11,563
(7,885
)
East San Marco
FL
-
4,873
14,932
(143
)
4,729
14,933
19,662
(1,462
)
Eastchester Plaza
NY
-
5,017
7,379
5,017
7,397
12,414
(324
)
Eastport
NY
-
2,985
5,649
2,947
6,618
9,565
(1,022
)
El Camino Shopping Center
CA
-
7,600
11,538
15,769
10,328
24,579
34,907
(14,978
)
El Cerrito Plaza
CA
-
11,025
27,371
8,905
11,025
36,276
47,301
(17,146
)
El Norte Pkwy Plaza
CA
-
2,834
7,370
3,178
3,263
10,119
13,382
(7,412
)
Emerson Plaza
NJ
-
8,615
7,835
8,644
7,922
16,566
(406
)
Encina Grande
CA
-
5,040
11,572
20,312
10,518
26,406
36,924
(18,974
)
Fairfield Center
CT
-
6,731
29,420
1,902
6,731
31,322
38,053
(10,122
)
Fairfield Crossroads
CT
-
9,982
9,796
(1
)
9,982
9,795
19,777
(475
)
Falcon Marketplace
CO
-
1,340
4,168
1,246
4,844
6,090
(3,419
)
Fellsway Plaza
MA
(34,300
)
30,712
7,327
10,307
34,924
13,422
48,346
(9,607
)
Ferry Street Plaza
NJ
(8,471
)
7,960
24,439
7,960
24,574
32,534
(1,038
)
Fleming Island
FL
-
3,077
11,587
3,738
3,111
15,291
18,402
(10,435
)
Fountain Square
FL
-
29,722
29,041
29,784
29,368
59,152
(16,113
)
French Valley Village Center
CA
-
11,924
16,856
11,822
17,523
29,345
(16,427
)
Friars Mission Center
CA
-
6,660
28,021
3,407
6,660
31,428
38,088
(20,356
)
Gardens Square
FL
-
2,136
8,273
1,775
9,465
11,240
(6,501
)
Gateway Shopping Center
PA
-
52,665
7,134
13,478
55,087
18,190
73,277
(21,715
)
Gelson's Westlake Market Plaza
CA
-
3,157
11,153
6,425
4,654
16,081
20,735
(10,971
)
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2024
(in thousands)
Initial Cost
Total Cost
Shopping Centers
State
Mortgages or
Encumbrances(1)
Land & Land
Improvements
Building &
Improvements
Cost
Capitalized
Subsequent to
Acquisition (2)
Land & Land
Improvements
Building &
Improvements
Total
Accumulated
Depreciation
Year
Constructed
or Last Major
Renovation
Year
Acquired
Glen Oak Plaza
IL
-
4,103
12,951
2,099
4,124
15,029
19,153
(6,523
)
Glenwood Green
NJ
-
26,130
27,596
-
26,130
27,596
53,726
(2,059
)
Glenwood Village
NC
-
1,194
5,381
1,194
6,110
7,304
(5,196
)
Golden Hills Plaza
CA
-
12,699
18,482
3,887
11,521
23,547
35,068
(14,872
)
Grand Ridge Plaza
WA
-
24,208
61,033
6,452
24,918
66,775
91,693
(35,448
)
Greenwich Commons
CT
(4,667
)
3,831
6,990
(52
)
3,831
6,938
10,769
(269
)
Greenwood Shopping Centre
FL
-
7,777
24,829
1,241
7,777
26,070
33,847
(8,026
)
H Mart Plaza
NJ
-
1,296
2,469
-
1,296
2,469
3,765
(96
)
Hammocks Town Center
FL
-
28,764
25,113
1,979
28,764
27,092
55,856
(8,299
)
Hancock
TX
-
8,232
28,260
(10,223
)
4,692
21,577
26,269
(12,733
)
Harpeth Village Fieldstone
TN
-
2,284
9,443
1,238
2,284
10,681
12,965
(7,076
)
Harrison Shopping Square
NY
-
6,034
5,195
6,290
5,235
11,525
(241
)
Hasley Canyon Village
CA
(16,000
)
17,630
8,231
17,630
8,420
26,050
(1,198
)
Heritage 202 Center
NY
-
1,694
5,901
1,695
5,963
7,658
(264
)
Heritage Plaza
CA
-
12,390
26,097
15,199
12,215
41,471
53,686
(24,017
)
Hershey
PA
-
(636
)
Hewlett Crossing I & II
NY
-
11,850
18,205
1,106
11,850
19,311
31,161
(4,437
)
Hibernia Pavilion
FL
-
4,929
5,065
4,929
5,321
10,250
(4,632
)
High Ridge Center
CT
(8,825
)
26,078
21,460
26,092
21,623
47,715
(980
)
Hillcrest Village
TX
-
1,600
1,909
1,600
1,974
3,574
(1,296
)
Hilltop Village
CO
-
2,995
4,581
4,754
3,104
9,226
12,330
(5,843
)
Hinsdale Lake Commons
IL
-
5,734
16,709
12,183
8,343
26,283
34,626
(19,368
)
Holly Park
NC
-
8,975
23,799
2,520
8,828
26,466
35,294
(10,228
)
Howell Mill Village
GA
-
5,157
14,279
7,914
9,610
17,740
27,350
(9,640
)
Hyde Park
OH
-
9,809
39,905
17,996
10,213
57,497
67,710
(34,222
)
Indian Springs Center
TX
-
24,974
25,903
1,471
25,050
27,298
52,348
(10,057
)
Indigo Square
SC
-
8,087
9,849
(2
)
8,087
9,847
17,934
(3,521
)
Inglewood Plaza
WA
-
1,300
2,159
1,305
1,300
3,464
4,764
(2,324
)
Island Village
WA
-
12,354
23,660
12,361
23,863
36,224
(2,716
)
Keller Town Center
TX
-
2,294
12,841
1,447
2,404
14,178
16,582
(8,766
)
Kirkman Shoppes
FL
-
9,364
26,243
9,367
27,146
36,513
(7,847
)
Kirkwood Commons
MO
-
6,772
16,224
1,728
6,802
17,922
24,724
(7,777
)
Klahanie Shopping Center
WA
-
14,451
20,089
14,451
20,792
35,243
(5,824
)
Knotts Landing
CT
-
2,062
23,536
2,062
23,665
25,727
(809
)
Kroger New Albany Center
OH
-
3,844
6,599
1,474
3,844
8,073
11,917
(7,035
)
Lake Mary Centre
FL
-
24,036
57,476
2,942
24,036
60,418
84,454
(19,018
)
Lake Pine Plaza
NC
-
2,008
7,632
1,286
2,029
8,897
10,926
(6,149
)
Lakeview Shopping Center
NY
(10,680
)
6,341
22,296
6,341
22,940
29,281
(1,159
)
Lebanon/Legacy Center
TX
-
3,913
7,874
1,545
3,913
9,419
13,332
(7,705
)
Littleton Square
CO
-
2,030
8,859
(3,514
)
2,433
4,942
7,375
(3,682
)
Lloyd King Center
CO
-
1,779
10,060
1,785
1,779
11,845
13,624
(7,981
)
Lower Nazareth Commons
PA
-
15,992
12,964
4,124
16,343
16,737
33,080
(15,131
)
Main & Bailey
CT
-
13,428
13,538
14,141
(558
)
Mandarin Landing
FL
-
7,913
27,230
9,613
10,439
34,317
44,756
(7,393
)
Marine's Taste of Italy
NY
-
1,266
-
1,266
1,686
(42
)
Market at Colonnade Center
NC
-
6,455
9,839
6,160
10,521
16,681
(6,468
)
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2024
(in thousands)
Initial Cost
Total Cost
Shopping Centers
State
Mortgages or
Encumbrances(1)
Land & Land
Improvements
Building &
Improvements
Cost
Capitalized
Subsequent to
Acquisition (2)
Land & Land
Improvements
Building &
Improvements
Total
Accumulated
Depreciation
Year
Constructed
or Last Major
Renovation
Year
Acquired
Market at Preston Forest
TX
-
4,400
11,445
1,961
4,400
13,406
17,806
(9,156
)
Market at Round Rock
TX
-
2,000
9,676
9,528
1,996
19,208
21,204
(12,032
)
Market at Springwoods Village
TX
(3,750
)
12,592
12,781
12,592
13,072
25,664
(5,788
)
Marketplace at Briargate
CO
-
1,706
4,885
1,727
5,208
6,935
(3,686
)
McLean Plaza
NY
(5,000
)
12,527
12,039
12,534
12,089
24,623
(581
)
Meadtown Shopping Center
NJ
(9,070
)
9,961
15,328
9,961
15,396
25,357
(766
)
Mellody Farm
IL
-
35,628
66,847
(155
)
35,639
66,681
102,320
(21,064
)
Melrose Market
WA
-
4,451
10,807
(114
)
4,451
10,693
15,144
(2,031
)
Midland Park Shopping Center
NJ
(17,166
)
9,814
24,226
1,626
9,814
25,852
35,666
(1,198
)
Millhopper Shopping Center
FL
-
1,073
5,358
6,120
1,901
10,650
12,551
(8,514
)
Mockingbird Commons
TX
-
3,000
10,728
3,487
3,000
14,215
17,215
(9,400
)
Monument Jackson Creek
CO
-
2,999
6,765
1,450
2,999
8,215
11,214
(6,948
)
Morningside Plaza
CA
-
4,300
13,951
1,258
4,300
15,209
19,509
(10,138
)
Murrayhill Marketplace
OR
-
2,670
18,401
14,854
2,903
33,022
35,925
(21,506
)
Naples Walk
FL
-
18,173
13,554
2,360
18,173
15,914
34,087
(9,075
)
New City PCSB Bank Pad
NY
-
1,306
(2,143
)
-
-
-
-
New Milford Plaza
CT
-
7,955
18,349
7,955
18,454
26,409
(865
)
Newberry Square
FL
-
2,412
10,150
1,381
2,412
11,531
13,943
(10,586
)
Newfield Green
CT
(18,737
)
22,993
7,778
22,993
7,801
30,794
(542
)
Newland Center
CA
-
12,500
10,697
9,212
16,276
16,133
32,409
(12,813
)
Nocatee Town Center
FL
-
10,124
8,691
9,238
11,045
17,008
28,053
(11,935
)
Nohl Plaza
CA
-
1,688
6,733
1,688
6,797
8,485
(452
)
North Hills
TX
-
4,900
19,774
2,118
4,900
21,892
26,792
(12,758
)
Northgate Marketplace
OR
-
5,668
13,727
4,955
14,634
19,589
(8,800
)
Northgate Marketplace Ph II
OR
-
12,189
30,171
12,159
30,297
42,456
(12,072
)
Northgate Plaza (Maxtown Road)
OH
-
1,769
6,652
5,046
2,840
10,627
13,467
(7,715
)
Northgate Square
FL
-
5,011
8,692
1,231
5,011
9,923
14,934
(5,819
)
Northlake Village
TN
-
2,662
11,284
6,349
2,662
17,633
20,295
(8,562
)
Oakbrook Plaza
CA
-
4,000
6,668
6,300
4,766
12,202
16,968
(7,595
)
Oakleaf Commons
FL
-
3,503
11,671
2,288
3,190
14,272
17,462
(9,798
)
Oakshade Town Center
CA
(3,253
)
6,591
28,966
6,591
29,649
36,240
(13,578
)
Ocala Corners
FL
-
1,816
10,515
1,816
11,321
13,137
(6,559
)
Old Greenwich CVS
CT
(846
)
3,704
2,065
3,711
2,065
5,776
(91
)
Old Kings Market (fka Goodwives Shopping Center)
CT
(22,607
)
17,091
26,274
17,092
26,507
43,599
(1,125
)
Old St Augustine Plaza
FL
-
2,368
11,405
13,655
3,455
23,973
27,428
(14,422
)
2017/2020
Orange Meadows
CT
-
4,984
16,731
4,984
17,671
22,655
(1,179
)
Orangetown Shopping Center
NY
(5,885
)
4,716
15,472
5,019
15,712
20,731
(754
)
Pablo Plaza
FL
-
11,894
21,407
11,900
14,135
31,066
45,201
(11,546
)
Paces Ferry Plaza
GA
-
2,812
12,639
21,281
13,803
22,929
36,732
(15,951
)
Panther Creek
TX
-
14,414
14,748
6,686
15,212
20,636
35,848
(17,087
)
Pavilion
FL
-
15,626
22,124
1,440
15,626
23,564
39,190
(7,855
)
Peartree Village
TN
-
5,197
19,746
1,115
5,197
20,861
26,058
(15,761
)
Persimmon Place
CA
-
25,975
38,114
26,692
38,092
64,784
(19,935
)
Pike Creek
DE
-
5,153
20,652
9,929
5,885
29,849
35,734
(17,549
)
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2024
(in thousands)
Initial Cost
Total Cost
Shopping Centers
State
Mortgages or
Encumbrances(1)
Land & Land
Improvements
Building &
Improvements
Cost
Capitalized
Subsequent to
Acquisition (2)
Land & Land
Improvements
Building &
Improvements
Total
Accumulated
Depreciation
Year
Constructed
or Last Major
Renovation
Year
Acquired
Pine Island
FL
-
21,086
28,123
2,222
21,086
30,345
51,431
(9,754
)
Pine Lake Village
WA
-
6,300
10,991
2,188
6,300
13,179
19,479
(8,772
)
Pine Ridge Square
FL
-
13,951
23,147
13,951
23,859
37,810
(6,682
)
Pine Tree Plaza
FL
-
6,220
1,045
7,265
7,933
(4,905
)
Pinecrest Place
FL
-
4,193
13,275
3,805
13,736
17,541
(4,207
)
Plaza Escuela
CA
-
24,829
104,395
4,349
24,829
108,744
133,573
(23,555
)
Plaza Hermosa
CA
-
4,200
10,109
4,094
4,202
14,201
18,403
(9,594
)
Point 50
VA
-
15,239
11,367
14,628
12,285
26,913
(3,093
)
Point Royale Shopping Center
FL
-
18,201
14,889
6,936
19,386
20,640
40,026
(8,797
)
Pompton Lakes Towne Square
NJ
-
12,940
16,392
12,943
16,685
29,628
(798
)
Post Road Plaza
CT
-
15,240
5,196
15,240
5,372
20,612
(1,607
)
Potrero Center
CA
-
133,422
116,758
(88,214
)
85,205
76,761
161,966
(17,270
)
Powell Street Plaza
CA
-
8,248
30,716
4,666
8,248
35,382
43,630
(21,132
)
Powers Ferry Square
GA
-
3,687
17,965
10,078
5,758
25,972
31,730
(23,735
)
Powers Ferry Village
GA
-
1,191
4,672
1,191
5,528
6,719
(4,636
)
Prairie City Crossing
CA
-
4,164
13,032
4,164
13,652
17,816
(8,012
)
Preston Oaks
TX
-
30,438
1,534
30,517
32,051
(6,518
)
Prestonbrook
TX
-
7,069
8,622
(511
)
5,244
9,936
15,180
(8,475
)
Prosperity Centre
FL
-
11,682
26,215
11,681
27,009
38,690
(7,152
)
Purchase Street Shops
NY
-
1,388
1,398
1,864
(82
)
Ralphs Circle Center
CA
-
20,939
6,317
20,939
6,516
27,455
(2,378
)
Red Bank Village
OH
-
10,336
9,500
1,289
9,755
11,370
21,125
(5,348
)
Regency Commons
OH
-
3,917
3,616
3,917
3,834
7,751
(3,016
)
Regency Square
FL
-
4,770
25,191
11,626
5,797
35,790
41,587
(28,493
)
Ridgeway Shopping Center
CT
(41,940
)
47,684
96,414
6,223
47,684
102,637
150,321
(4,141
)
Rite Aid Plaza-Waldwick Plaza
NJ
-
1,774
5,753
1,774
5,763
7,537
(233
)
Rivertowns Square
NY
-
15,505
52,505
5,592
16,853
56,749
73,602
(12,344
)
Rona Plaza
CA
-
1,500
4,917
1,500
5,458
6,958
(3,758
)
Roosevelt Square
WA
-
40,371
32,108
8,029
40,382
40,126
80,508
(9,021
)
Russell Ridge
GA
-
2,234
6,903
1,915
2,234
8,818
11,052
(6,574
)
Ryanwood Square
FL
-
10,581
10,044
10,581
10,436
21,017
(4,042
)
Sammamish-Highlands
WA
-
9,300
8,075
9,391
9,592
17,174
26,766
(12,729
)
San Carlos Marketplace
CA
-
36,006
57,886
36,006
58,325
94,331
(13,443
)
San Leandro Plaza
CA
-
1,300
8,226
1,782
1,300
10,008
11,308
(6,301
)
Sandy Springs
GA
-
6,889
28,056
5,146
6,889
33,202
40,091
(13,337
)
Sawgrass Promenade
FL
-
10,846
12,525
1,603
10,846
14,128
24,974
(4,538
)
Scripps Ranch Marketplace
CA
-
59,949
26,334
1,217
59,949
27,551
87,500
(6,911
)
Serramonte Center
CA
-
390,106
172,652
97,079
416,525
243,312
659,837
(89,999
)
Shaw's at Plymouth
MA
-
3,968
8,367
-
3,968
8,367
12,335
(2,844
)
Shelton Square
CT
-
13,383
25,265
4,340
13,383
29,605
42,988
(1,604
)
Sheridan Plaza
FL
-
82,260
97,273
16,052
83,814
111,771
195,585
(30,452
)
1991/2022
Sherwood Crossroads
OR
-
2,731
6,360
2,454
7,385
9,839
(4,509
)
Shiloh Springs
TX
-
5,236
11,802
5,236
12,695
17,931
(1,985
)
Shoppes @ 104
FL
-
11,193
-
3,232
7,078
7,347
14,425
(4,546
)
Shoppes at Homestead
CA
-
5,420
9,450
2,511
5,420
11,961
17,381
(8,233
)
Shoppes at Lago Mar
FL
-
8,323
11,347
8,323
11,697
20,020
(3,968
)
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2024
(in thousands)
Initial Cost
Total Cost
Shopping Centers
State
Mortgages or
Encumbrances(1)
Land & Land
Improvements
Building &
Improvements
Cost
Capitalized
Subsequent to
Acquisition (2)
Land & Land
Improvements
Building &
Improvements
Total
Accumulated
Depreciation
Year
Constructed
or Last Major
Renovation
Year
Acquired
Shoppes at Sunlake Centre
FL
-
16,643
15,091
6,701
18,001
20,434
38,435
(6,783
)
Shoppes of Grande Oak
FL
-
5,091
5,985
1,447
5,091
7,432
12,523
(6,268
)
Shoppes of Jonathan's Landing
FL
-
4,474
5,628
4,474
6,258
10,732
(1,889
)
Shoppes of Oakbrook
FL
-
20,538
42,992
20,538
43,817
64,355
(14,492
)
Shoppes of Silver Lakes
FL
-
17,529
21,829
2,386
17,529
24,215
41,744
(7,747
)
Shoppes of Sunset
FL
-
2,860
1,316
2,860
2,213
5,073
(572
)
Shoppes of Sunset II
FL
-
2,834
2,834
1,454
4,288
(454
)
Shops at County Center
VA
-
9,957
11,296
5,220
12,917
13,556
26,473
(12,628
)
Shops at Erwin Mill
NC
(12,000
)
9,082
6,124
9,087
6,732
15,819
(4,656
)
Shops at John's Creek
FL
-
1,863
2,014
(63
)
1,501
2,313
3,814
(1,785
)
Shops at Mira Vista
TX
(151
)
11,691
9,026
11,691
9,740
21,431
(3,919
)
Shops at Quail Creek
CO
-
1,487
7,717
1,144
1,448
8,900
10,348
(5,075
)
Shops at Saugus
MA
-
19,201
17,984
18,974
18,959
37,933
(14,523
)
Shops at Skylake
FL
-
84,586
39,342
3,138
85,117
41,949
127,066
(14,308
)
Shops at The Columbia
DC
-
3,117
8,869
3,234
8,869
12,103
(961
)
Shops on Main
IN
-
17,020
27,055
21,272
19,648
45,699
65,347
(19,887
)
2017/2020
Somers Commons
NY
-
7,019
29,808
3,732
7,019
33,540
40,559
(1,600
)
Sope Creek Crossing
GA
-
2,985
12,001
3,832
3,332
15,486
18,818
(11,228
)
South Beach Regional
FL
-
28,188
53,405
9,840
28,317
63,116
91,433
(16,311
)
South Pass Village
NJ
(19,705
)
11,079
31,610
11,079
31,938
43,017
(1,433
)
South Point
FL
-
6,563
7,939
6,563
8,620
15,183
(2,817
)
Southbury Green
CT
-
26,661
34,325
7,846
29,743
39,089
68,832
(11,640
)
Southcenter
WA
-
1,300
12,750
2,567
1,300
15,317
16,617
(10,392
)
Southpark at Cinco Ranch
TX
-
18,395
11,306
7,597
21,438
15,860
37,298
(10,862
)
SouthPoint Crossing
NC
-
4,412
12,235
1,827
4,382
14,092
18,474
(9,307
)
Staples Plaza-Yorktown Heights
NY
-
7,131
47,704
7,131
48,459
55,590
(1,930
)
Starke
FL
-
1,683
1,697
1,768
(1,029
)
Star's at Cambridge
MA
-
31,082
13,520
(1
)
31,082
13,519
44,601
(3,928
)
Star's at West Roxbury
MA
-
21,973
13,386
21,973
14,086
36,059
(3,923
)
Station Centre @ Old Greenwich
CT
-
9,121
7,603
9,121
7,767
16,888
(424
)
Sterling Ridge
TX
-
12,846
12,162
1,617
12,846
13,779
26,625
(11,881
)
Stroh Ranch
CO
-
4,280
8,189
1,259
4,280
9,448
13,728
(7,870
)
Suncoast Crossing
FL
-
9,030
10,764
4,682
13,374
11,102
24,476
(10,251
)
Sunny Valley Shops
CT
-
2,820
5,055
2,820
5,154
7,974
(282
)
Talega Village Center
CA
-
22,415
12,054
22,415
12,189
34,604
(3,283
)
Tanasbourne Market
OR
-
3,269
10,861
(294
)
3,149
10,687
13,836
(7,362
)
Tanglewood Shopping Center
NY
(2,163
)
5,920
7,889
5,920
7,919
13,839
(404
)
Tassajara Crossing
CA
-
8,560
15,464
3,191
8,560
18,655
27,215
(11,890
)
Tech Ridge Center
TX
-
12,945
37,169
4,616
13,455
41,275
54,730
(21,910
)
The Abbot
MA
-
72,910
6,086
52,410
79,219
52,187
131,406
(5,334
)
1912/2024
The Crossing Clarendon
VA
-
154,932
126,328
61,508
161,378
181,390
342,768
(38,460
)
The Dock-Dockside
CT
(32,908
)
20,974
49,185
20,974
49,265
70,239
(2,116
)
The Field at Commonwealth
VA
-
31,055
18,248
31,056
18,359
49,415
(10,811
)
The Gallery at Westbury Plaza
NY
-
108,653
216,771
4,848
108,653
221,619
330,272
(55,108
)
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2024
(in thousands)
Initial Cost
Total Cost
Shopping Centers
State
Mortgages or
Encumbrances(1)
Land & Land
Improvements
Building &
Improvements
Cost
Capitalized
Subsequent to
Acquisition (2)
Land & Land
Improvements
Building &
Improvements
Total
Accumulated
Depreciation
Year
Constructed
or Last Major
Renovation
Year
Acquired
The Hub at Norwalk (fka Walmart Norwalk)
CT
-
20,394
21,261
(2,949
)
20,394
18,312
38,706
(3,972
)
The Hub Hillcrest Market
CA
-
18,773
61,906
7,803
19,611
68,871
88,482
(25,340
)
The Longmeadow Shops
MA
(13,000
)
5,451
23,738
5,451
24,021
29,472
(1,176
)
The Marketplace
CA
-
10,927
36,052
1,638
10,927
37,690
48,617
(9,536
)
The Meadows (fka East Meadow)
NY
-
12,325
21,378
12,267
22,263
34,530
(2,971
)
The Plaza at St. Lucie West
FL
-
1,718
6,204
1,718
6,256
7,974
(1,728
)
The Point at Garden City Park
NY
-
9,764
5,857
2,559
13,803
16,362
(5,973
)
The Pruneyard
CA
-
112,136
86,918
3,666
112,136
90,584
202,720
(17,715
)
The Shops at Hampton Oaks
GA
-
(195
)
1,020
(357
)
The Village at Hunter's Lake
FL
-
9,735
12,986
9,735
13,021
22,756
(3,786
)
The Village at Riverstone
TX
-
17,179
13,013
(62
)
17,179
12,951
30,130
(4,476
)
Town and Country
FL
-
4,664
5,207
4,664
5,229
9,893
(2,384
)
Town Square
FL
-
8,132
9,048
9,931
(5,990
)
Towne Centre at Somers
NY
-
3,235
30,998
3,236
31,159
34,395
(1,289
)
Treasure Coast Plaza
FL
-
7,553
21,554
1,570
7,553
23,124
30,677
(6,825
)
Tustin Legacy
CA
-
13,829
23,922
13,828
24,105
37,933
(8,446
)
Twin City Plaza
MA
-
17,245
44,225
2,724
17,263
46,931
64,194
(23,660
)
Twin Peaks
CA
-
5,200
25,827
9,788
6,585
34,230
40,815
(20,145
)
Unigold Shopping Center
FL
-
5,490
5,144
6,800
5,561
11,873
17,434
(6,702
)
University Commons
FL
-
4,070
30,785
4,070
31,515
35,585
(11,486
)
Valencia Crossroads
CA
-
17,921
17,659
1,873
17,921
19,532
37,453
(17,957
)
Valley Ridge Shopping Center
NJ
(16,249
)
13,363
19,803
13,363
19,921
33,284
(942
)
Valley Stream
NY
-
13,297
16,241
13,887
16,122
30,009
(2,034
)
Van Houten Plaza
NJ
-
2,178
2,747
2,178
3,201
5,379
(177
)
Veterans Plaza
CT
-
2,328
7,104
2,328
7,138
9,466
(346
)
Village at La Floresta
CA
-
13,140
20,559
13,156
20,620
33,776
(9,878
)
Village at Lee Airpark
MD
-
11,099
12,975
4,172
11,803
16,443
28,246
(16,137
)
Village Center
FL
-
3,885
14,131
10,300
5,480
22,836
28,316
(14,204
)
Village Commons
NY
-
5,950
6,248
6,560
(359
)
Von's Circle Center
CA
(3,475
)
49,037
22,618
1,594
49,037
24,212
73,249
(6,946
)
Wading River
NY
-
14,969
18,641
1,139
14,915
19,834
34,749
(2,325
)
Waldwick Plaza
NJ
-
1,724
5,824
1,724
5,862
7,586
(283
)
Walker Center
OR
-
3,840
7,232
12,623
4,404
19,291
23,695
(9,302
)
Washington Commons
NJ
(8,494
)
7,829
12,182
7,829
12,410
20,239
(618
)
Waterstone Plaza
FL
-
5,498
13,500
5,498
13,688
19,186
(4,047
)
Welleby Plaza
FL
-
1,496
7,787
2,666
1,496
10,453
11,949
(9,155
)
Wellington Town Square
FL
-
2,041
12,131
3,696
2,600
15,268
17,868
(8,450
)
Westbard Square
MD
-
127,859
21,514
42,668
120,249
71,792
192,041
(4,100
)
2001/2024
West Bird Plaza
FL
-
12,934
18,594
15,386
16,513
31,899
(5,129
)
2000/2021
West Chester Plaza
OH
-
1,857
7,572
1,857
8,300
10,157
(7,503
)
in process
West Lake Shopping Center
FL
-
10,561
9,792
10,561
10,402
20,963
(3,490
)
West Park Plaza
CA
-
5,840
5,759
3,556
5,840
9,315
15,155
(6,001
)
Westbury Plaza
NY
(88,000
)
116,129
51,460
6,977
117,817
56,749
174,566
(16,705
)
Westchase
FL
-
5,302
8,273
1,522
5,302
9,795
15,097
(5,277
)
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2024
(in thousands)
Initial Cost
Total Cost
Shopping Centers
State
Mortgages or
Encumbrances(1)
Land & Land
Improvements
Building &
Improvements
Cost
Capitalized
Subsequent to
Acquisition (2)
Land & Land
Improvements
Building &
Improvements
Total
Accumulated
Depreciation
Year
Constructed
or Last Major
Renovation
Year
Acquired
Westchester Commons
IL
-
3,366
11,751
11,369
4,894
21,592
26,486
(11,906
)
Westlake Village Plaza and Center
CA
-
7,043
27,195
31,630
17,620
48,248
65,868
(38,902
)
Westport Collection (fka Greens Farms Plaza)
CT
-
4,831
3,138
4,831
3,139
7,970
(238
)
Westport Plaza
FL
-
9,035
7,455
(29
)
9,035
7,426
16,461
(2,595
)
Westport Row
CT
-
43,597
16,428
15,330
46,170
29,185
75,355
(9,161
)
2010/2020
Westwood Village
TX
-
19,933
25,301
1,192
19,378
27,048
46,426
(19,188
)
Willa Springs
FL
(16,700
)
13,322
15,314
3,242
13,681
18,197
31,878
(2,036
)
Williamsburg at Dunwoody
GA
-
7,435
3,721
1,266
7,444
4,978
12,422
(2,009
)
Willow Festival
IL
-
1,954
56,501
5,377
1,976
61,856
63,832
(25,219
)
Willow Oaks
NC
-
6,664
7,908
(272
)
6,294
8,006
14,300
(4,481
)
Willows Shopping Center
CA
-
51,964
78,029
(114
)
51,992
77,887
129,879
(24,906
)
Woodcroft Shopping Center
NC
-
1,419
6,284
1,921
1,421
8,203
9,624
(6,079
)
Woodman Van Nuys
CA
-
5,500
7,195
5,500
7,590
13,090
(5,037
)
Woodmen Plaza
CO
-
7,621
11,018
1,617
7,621
12,635
20,256
(12,803
)
Woodside Central
CA
-
3,500
9,288
1,069
3,489
10,368
13,857
(6,817
)
Miscellaneous Investments
-
-
2,127
1,427
-
3,554
3,554
(1,869
)
Land held for future development
-
11,323
-
(4,612
)
6,711
-
6,711
-
Construction in progress
-
-
-
215,112
-
215,112
215,112
-
(627,361
)
$
5,502,545
6,877,520
1,318,354
5,565,585
8,132,834
13,698,419
(2,960,399
)
(1)The amounts presented in this column do not include debt premiums, discounts, or loan costs. .
(2)The negative balance for costs capitalized subsequent to acquisition could include out-parcels sold, sales-type lease, provision for impairments and write-downs recorded, and demolitions of part of the property for redevelopment.
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2024
(in thousands)
Depreciation and amortization of the Company's investments in buildings and improvements reflected in the statements of operations is calculated over the estimated useful lives of the assets, which are up to 40 years. The aggregate cost for federal income tax purposes was approximately $11.2 billion at December 31, 2024.
The changes in total real estate assets for the years ended December 31, 2024, 2023, and 2022 are as follows:
(in thousands)
Beginning balance
$
13,454,391
11,858,064
11,495,581
Acquired properties and land
71,334
1,445,428
224,653
Developments and improvements
328,133
206,085
171,629
Disposal of building and tenant improvements
(51,671
)
(14,149
)
(29,523
)
Sale of properties
(72,152
)
(19,366
)
(4,276
)
Contributed to unconsolidated joint ventures
(17,518
)
-
-
Properties held for sale
-
(21,671
)
-
Provision for impairment
(14,098
)
-
-
Ending balance
$
13,698,419
13,454,391
11,858,064
The changes in accumulated depreciation for the years ended December 31, 2024, 2023, and 2022 are as follows:
(in thousands)
Beginning balance
$
2,691,386
2,415,860
2,174,963
Depreciation expense
329,650
293,705
270,520
Disposal of building and tenant improvements
(51,671
)
(14,149
)
(29,523
)
Sale of properties
(7,842
)
(569
)
(100
)
Accumulated depreciation related to properties held for sale
-
(3,461
)
-
Provision for impairment
(1,124
)
-
-
Ending balance
$
2,960,399
2,691,386
2,415,860

---

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.

---

ITEM 9A. CONTROLS AND PROCEDURES
Item 9A. Controls and Procedures
Controls and Procedures (Regency Centers Corporation)
Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures
Under the supervision and with the participation of the Parent Company's management, including its chief executive officer and chief financial officer, the Parent Company conducted an evaluation of its disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and 15d-15(e) promulgated under the Exchange Act. Based on this evaluation, the Parent Company's chief executive officer and chief financial officer concluded that as of December 31, 2024, the Parent Company's disclosure controls and procedures were effective to ensure information required to be disclosed in the reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time period specified in the SEC's rules and forms. These disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed by the Parent Company in the reports it files or submits under the Exchange Act is accumulated and communicated to management, including its chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.
Management's Report on Internal Control over Financial Reporting
The Parent Company's management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Under the supervision and with the participation of its management, including its chief executive officer and chief financial officer, the Parent Company conducted an evaluation of the effectiveness of its internal control over financial reporting based on the framework in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on its evaluation under the framework in Internal Control - Integrated Framework (2013), the Parent Company's management concluded that its internal control over financial reporting was effective as of December 31, 2024.
KPMG LLP, an independent registered public accounting firm, has audited the Consolidated Financial Statements of the Parent Company included in this Report and, as part of their audit, has issued a report, included within "Item 8. Financial Statements and Supplementary Data" of this Report, on the effectiveness of the Parent Company's internal control over financial reporting.
The Parent Company's system of internal control over financial reporting was designed to provide reasonable assurance regarding the preparation and fair presentation of published financial statements in accordance with accounting principles generally accepted in the United States. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance and may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Changes in Internal Controls
There have been no changes in the Parent Company's internal controls over financial reporting identified in connection with this evaluation that occurred during the quarter ended December 31, 2024 which have materially affected, or are reasonably likely to materially affect, the Parent Company’s internal controls over financial reporting.
Controls and Procedures (Regency Centers, L.P.)
Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures
Under the supervision and with the participation of the Operating Partnership's management, including the chief executive officer and chief financial officer of its general partner, the Operating Partnership conducted an evaluation of its disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and 15d-15(e) promulgated under the Exchange Act. Based on this evaluation, the chief executive officer and chief financial officer of its general partner concluded that, as of December 31, 2024, the Operating Partnership's disclosure controls and procedures were effective to ensure information required to be disclosed in the reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time period specified in the SEC's rules and forms. These disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed by the Operating Partnership in the reports it files or submits under the Exchange Act is accumulated and communicated to management, including the chief executive officer and chief financial officer of its general partner, as appropriate, to allow timely decisions regarding required disclosure.
Management's Report on Internal Control over Financial Reporting
The Operating Partnership's management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Under the supervision and with the participation of its management, including the chief executive officer and chief financial officer of its general partner, the Operating Partnership conducted an evaluation of the effectiveness of its internal control over financial reporting based on the framework in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on its evaluation under the framework in Internal Control - Integrated Framework (2013), the Operating Partnership's management concluded that its internal control over financial reporting was effective as of December 31, 2024.
KPMG LLP, an independent registered public accounting firm, has audited the Consolidated Financial Statements of the Operating Partnership included in this Report and, as part of their audit, has issued a report, included within "Item 8. Financial Statements and Supplementary Data" of this Report, on the effectiveness of the Operating Partnership's internal control over financial reporting.
The Operating Partnership's system of internal control over financial reporting was designed to provide reasonable assurance regarding the preparation and fair presentation of published financial statements in accordance with accounting principles generally accepted in the United States. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance and may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Changes in Internal Controls
There have been no changes in the Operating Partnership's internal controls over financial reporting identified in connection with this evaluation that occurred during the quarter ended December 31, 2024 which have materially affected, or are reasonably likely to materially affect, the Operating Partnership’s internal controls over financial reporting.

---

ITEM 9B. OTHER INFORMATION
Item 9B. Other Information
Rule 10b5-1 Trading Plans
During the fiscal quarter ended December 31, 2024, none of our directors or officers (as defined in Rule 16a-1 under the Exchange Act) adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" (as those terms are defined in Item 408 of Regulation S-K).

---

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Item 10. Directors, Executive Officers and Corporate Governance
Information concerning our directors, executive officers, and corporate governance is incorporated herein by reference to our definitive proxy statement to be filed with the SEC within 120 days after the end of the fiscal year covered by this Report with respect to the 2025 Annual Meeting of Shareholders. Information regarding executive officers is included in Part I of this Form 10-K as permitted by General Instruction G(3).
Code of Ethics
We have a code of ethics applicable to our Board of Directors, principal executive officers, principal financial officer, principal accounting officer and persons performing similar functions. The text of this code of ethics may be found on our website at https://investors.regencycenters.com/corporate-governance/governance-overview. We will post a notice of any waiver from, or amendment to, any provision of our code of ethics on our website.
Policy Statement on Insider Trading
We have adopted a Policy Statement on Insider Trading that governs the purchase, sale, and/or other dispositions of our securities by directors, officers and employees that is reasonably designed to promote compliance with insider trading laws, rules and regulations and NASDAQ listing standards. A copy of our Policy Statement on Insider Trading is included as Exhibit 19 to this report.

---

ITEM 11. EXECUTIVE COMPENSATION
Item 11. Executive Compensation
Incorporated herein by reference to our definitive proxy statement to be filed with the SEC within 120 days after the end of the fiscal year covered by this Report with respect to the 2025 Annual Meeting of Shareholders.

---

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The following table provides information about securities that may be issued under our existing equity compensation plans:
Equity Compensation Plan Information
(as of December 31, 2024)
(a)
(b)
(c)
Plan Category
Number of securities to be issued upon exercise of outstanding options, warrants and rights (1)
Weighted-average exercise price of outstanding options, warrants and rights (2)
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column a) (3)
Equity compensation plans approved by security holders
803,789
$
-
3,779,916
Equity compensation plans not approved by security holders
N/A
N/A
N/A
Total
803,789
$
-
3,779,916
(1)Includes shares that may be issued pursuant to unvested restricted stock and performance share awards.
(2)The weighted average exercise price excludes stock rights awards, which we sometimes refer to as unvested restricted stock.
(3)The Regency Centers Corporation Omnibus Incentive Plan, ("Omnibus Plan"), as approved by shareholders at our 2019 annual meeting, provides that an aggregate maximum of 5.6 million shares of our common stock are reserved for issuance under the Omnibus Plan.
Information about security ownership is incorporated herein by reference to our definitive proxy statement to be filed with the SEC within 120 days after the end of the fiscal year covered by this Report with respect to the 2025 Annual Meeting of Shareholders.

---

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Item 13. Certain Relationships and Related Transactions, and Director Independence
Incorporated herein by reference to our definitive proxy statement to be filed with the SEC within 120 days after the end of the fiscal year covered by this Report with respect to the 2025 Annual Meeting of Shareholders.

---

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
Item 14. Principal Accountant Fees and Services
Incorporated herein by reference to our definitive proxy statement to be filed with the SEC within 120 days after the end of the fiscal year covered by this Report with respect to the 2025 Annual Meeting of Shareholders.
PART IV

---

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
Item 15. Exhibits and Financial Statement Schedules
(a)Financial Statements and Financial Statement Schedules:
Regency Centers Corporation and Regency Centers, L.P. 2024 financial statements and financial statement schedule, together with the reports of KPMG LLP are listed on the index immediately preceding the financial statements within "Item 8. Financial Statements and Supplementary Data" of this Report.
(b)Exhibits:
Unless otherwise indicated below, the Commission file number to the exhibit is No. 001-12298.
2.
Plan of Acquisition, Reorganization, Arrangement, Liquidation or Succession
(a)
Agreement and Plan of Merger, dated as of May 17, 2023, by and among Regency Centers Corporation, Hercules Merger Sub, LLC, Urstadt Biddle Properties Inc., UB Maryland I, Inc. and UB Maryland II, Inc. (incorporated by reference to Exhibit 2.1 to the Company’s Form 8-K filed on May 18, 2023)
3.
Articles of Incorporation and Bylaws
(a)
Restated Articles of Incorporation of Regency Centers Corporation
(b)
Amended and Restated Bylaws of Regency Centers Corporation (amendment is incorporated by reference to Exhibit 3.1 to the Company’s Form 10-Q filed on August 5, 2022).
(c)
Fifth Amended and Restated Agreement of Limited Partnership of Regency Centers, L.P. , (incorporated by reference to Exhibit 3(d) to the Company's Form 10-K filed on February 19, 2014).
(d)
Amendment to the Fifth Amended and Restated Agreement of Limited Partnership Relating to the Series A Cumulative Redeemable Preferred Units, dated August 16, 2023 (incorporated by reference to Exhibit 3.4 in Regency’s Form 8-K filed on August 18, 2023)
(e)
Amendment to the Fifth Amended and Restated Agreement of Limited Partnership Relating to the Series B Cumulative Redeemable Preferred Units, dated August 16, 2023 (incorporated by reference to Exhibit 3.5 in Regency’s Form 8-K filed on August 18, 2023)
4.
Instruments Defining Rights of Security Holders
(a)
See Exhibits 3(a) and 3(b) for provisions of the Articles of Incorporation and Bylaws of the Parent Company defining the rights of holders of shares of the common stock and preferred stock of the Parent Company. See Exhibits 3(c), 3(d) and 3 (e) for provisions of the Partnership Agreement of Regency Centers, L.P. defining rights of holders of common and preferred units of the Operating Partnership.
(b)
Indenture dated December 5, 2001 between Regency Centers, L.P., the guarantors named therein and First Union National Bank, as trustee (incorporated by reference to Exhibit 4.4 to Regency Centers, L.P.'s Form 8-K filed on December 10, 2001).
(i)
First Supplemental Indenture dated as of June 5, 2007 among Regency Centers, L.P., the Company as guarantor and U.S. Bank National Association, as successor to Wachovia Bank, National Association (formerly known as First Union National Bank), as trustee (incorporated by reference to Exhibit 4.1 to Regency Centers, L.P.'s Form 8-K filed on June 5, 2007).
(ii)
Second Supplemental Indenture dated as of June 2, 2010 to the Indenture dated as of December 5, 2001 between Regency Centers, L.P., Regency Centers Corporation, as guarantor, and U.S. Bank National Association, as successor to Wachovia Bank, National Association (formerly known as First Union National Bank), as Trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on June 3, 2010).
(iii)
Third Supplemental Indenture dated as of August 17, 2015 to the Indenture dated as of December 5, 2001 among Regency Centers, L.P., Regency Centers Corporation, as guarantor, and U.S. Bank, National
Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on August 18, 2015).
(iv)
Fourth Supplemental Indenture dated as of January 26, 2017 among Regency Centers, L.P., Regency Centers Corporation, as guarantor, and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company's Form 8-K filed on January 26, 2016).
(v)
Fifth Supplemental Indenture dated as of March 6, 2019 among Regency Centers, L.P., Regency Centers Corporation, as guarantor, and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company's Form 8-K filed on March 6, 2019).
(vi)
Sixth Supplemental Indenture dated as of May 13, 2020 among Regency Centers, L.P., Regency Centers Corporation, as guarantor, and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on May 13, 2020).
(vi)
Seventh Supplemental Indenture dated as of January 18, 2024 among Regency Centers, L.P., Regency Centers Corporation, as guarantor, and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company’s 8-K filed on January 18, 2024).
(c)
Assumption Agreement, dated as of March 1, 2017, by Regency Centers Corporation (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K filed on March 1, 2017).
(d)
Description of the Company’s Securities Registered under Section 12 of the Exchange Act (incorporated by reference to Exhibit 4(d) to the Company’s Form 10-K filed on February 16, 2024).
10.
Material Contracts (~ indicates management contract or compensatory plan)
~(a)
Amended and Restated Deferred Compensation Plan dated May 6, 2003 (incorporated by reference to Exhibit 10(k) to the Company's Form 10-K filed on March 12, 2004).
~(b)
Regency Centers Corporation 2005 Deferred Compensation Plan (incorporated by reference to Exhibit 10(s) to the Company's Form 8-K filed on December 21, 2004).
~(c)
First Amendment to Regency Centers Corporation 2005 Deferred Compensation Plan dated December 2005 (incorporated by reference to Exhibit 10(q)(i) to the Company's Form 10-K filed on March 10, 2006).
~(d)
Second Amendment to the Regency Centers Corporation Amended and Restated Deferred Compensation Plan (incorporated by reference to Exhibit 10.2 to the Company's Form 8-K filed on June 14, 2011).
~(e)
Third Amendment to the Regency Centers Corporation 2005 Deferred Compensation Plan (incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed on June 14, 2011).
~(f)
Regency Centers Corporation Amended and Restated Omnibus Incentive Plan (incorporated by reference to Appendix B to the Company's 2019 Annual Meeting Proxy Statement filed on March 21, 2019).
~(g)
Form of Stock Rights Award Agreement - (incorporated by reference to Exhibit 10(g) to the Company's Form 10-K filed on February 17, 2022).
~(h)
Form of Performance Stock Rights Award Agreement (incorporated by reference to Exhibit 10.2 to the Company's Form 8-K filed on January 6, 2022).
~(i)
Form of Indemnification Agreement, in each case dated as of November 2, 2023, between Regency Centers Corporation (the Company") and (1) each member of its Board of Directors of the Company and (2) each of Martin E. Stein, Jr. and Lisa Palmer (who are each also members of the Board), Michael J. Mas, Alan T. Roth, Nicholas A. Wibbenmeyer and each of the other executive officers of the Company (incorporated by reference to Exhibit 10.1 to the Company’s Form 10-Q filed on November 6, 2023).
~(j)
Form of Severance and Change of Control Agreement dated as of January 1, 2022, among Regency Centers Corporation, Regency Centers, L.P. and the executives listed below (incorporated by reference to Exhibit 10.1 of the
Company's Form 8-K filed on January 6, 2022). The Severance and Change of Control Agreements dated January 1, 2022 and listed below are substantially identical except for the identities of the parties and the amount of severance for each which are described in Item 5.02(e) of referenced 8-K, before any further amendment included in the list below.
(i)
Severance and Change of Control Agreement dated as of January 1, 2022, by and between Regency Center Corporation, Regency Centers, L.P. and Martin E. Stein, Jr.
(ii)
Severance and Change of Control Agreement dated as of January 1, 2022, by and between Regency Center Corporation, Regency Centers, L.P. and Lisa Palmer
(iii)
Severance and Change of Control Agreement dated as of January 1, 2022, by and between Regency Center Corporation, Regency Centers, L.P. and Michael J. Mas
(iv)
Amendment to Severance and Change of Control Agreement, dated as of November 6, 2024, among Regency Centers Corporation, Regency Centers, L.P. and Lisa Palmer (incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed on November 8, 2024)
~(k)
The following Severance and Change of Control Agreement dated as of January 1, 2022, among Regency Centers Corporation, Regency Centers, L.P. and the executives listed below. The Severance and Change of Control Agreements listed below are substantially identical except for the identities of the parties and the amount of severance.
(i)
Severance and Change of Control Agreement dated as of January 1, 2022, by and between Regency Center Corporation, Regency Centers, L.P. and Alan T. Roth (incorporated by reference to Exhibit 10 (m)(i) to the Company’s Form 10-K filed on February 17, 2023).
(ii)
Severance and Change of Control Agreement dated as of January 1, 2022, by and between Regency Center Corporation, Regency Centers, L.P. and Nicholas A. Wibbenmeyer (incorporated by reference to Exhibit 10 (m)(ii) to the Company’s Form 10-K filed on February 17, 2023).
(l)
Sixth Amended and Restated Credit Agreement, dated as of January 18, 2024, by and among Regency Centers, L.P., as borrower, Regency Centers Corporation, as guarantor, Wells Fargo Bank, National Association, as Administrative Agent, and certain lenders party thereto (incorporated by reference to Exhibit 4.1 to the Company’s 8-K filed on January 18, 2024).
(i)
First Amendment to Sixth Amended and Restated Credit Agreement, dated as of July 8, 2024, by and among Regency Centers, L.P., as borrower, Regency Centers Corporation, as guarantor, Wells Fargo Bank, National Association, as Administrative Agent, and certain lenders party thereto (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on July 10, 2024).
(m)
Second Amended and Restated Limited Liability Company Agreement of Macquarie CountryWide-Regency II, LLC dated as of July 31, 2009 by and among Global Retail Investors, LLC, Regency Centers, L.P. and Macquarie CountryWide (US) No. 2 LLC (incorporated by reference to Exhibit 10.1 to the Company's Form 10-Q filed on November 6, 2009).
(i)
Amendment No. 1 to Second Amended and Restate Limited Liability Company Agreement of GRI-Regency, LLC (formerly Macquarie CountryWide-Regency II, LLC) (incorporated by reference to Exhibit 10.(h)(i) to the Company’s Form 10-K filed March 1, 2011).
19.
Insider Trading Policies and Procedures (incorporated by reference to Exhibit 19 to the Company's Form 10-K filed on February 16, 2024).
21.
Subsidiaries of Regency Centers Corporation
22.
Subsidiary Guarantors and Issuers of Guaranteed Securities
23.
Consent of Independent Accountants
23.1
Consent of KPMG LLP for Regency Centers Corporation and Regency Centers, L.P.
31.
Rule 13a-14(a)/15d-14(a) Certifications.
31.1
Rule 13a-14 Certification of Chief Executive Officer for Regency Centers Corporation.
31.2
Rule 13a-14 Certification of Chief Financial Officer for Regency Centers Corporation.
31.3
Rule 13a-14 Certification of Chief Executive Officer for Regency Centers, L.P.
31.4
Rule 13a-14 Certification of Chief Financial Officer for Regency Centers, L.P.
32.
Section 1350 Certifications.
The certifications in this exhibit 32 are being furnished solely to accompany this Report pursuant to 18 U.S.C. § 1350, and are not being filed for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section and shall not be deemed to be incorporated by reference into any of the Company's filings under the Securities Act or the Exchange Act, whether made before or after the date hereof, except to the extent that the Company specifically incorporates it by reference.
32.1
18 U.S.C. § 1350 Certification of Chief Executive Officer for Regency Centers Corporation.
32.2
18 U.S.C. § 1350 Certification of Chief Financial Officer for Regency Centers Corporation.
32.3
18 U.S.C. § 1350 Certification of Chief Executive Officer for Regency Centers, L.P.
32.4
18 U.S.C. § 1350 Certification of Chief Financial Officer for Regency Centers, L.P.
97.
Restatement Clawback Policy of Regency Centers Corporation, effective as of November 15, 2023 (incorporated by reference to Exhibit 97 to the Company's Form 10-K filed on February 16, 2024).
101.
Interactive Data Files
101.INS
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH
Inline XBRL Taxonomy Extension Schema with embedded linkbases document
104.
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)