UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K | ||
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
May 2, 2019
Date of Report (Date of earliest event reported)
REGENCY CENTERS CORPORATION
(Exact name of registrant as specified in its charter)
 | ||
Florida | 59-3191743 | |
(State or other jurisdiction of incorporation) | 001-12298 | (IRS Employer Identification No.) |
(Commission File Number) | ||
One Independent Drive, Suite 114 Jacksonville, Florida 32202 | ||
(Address of principal executive offices) (Zip Code) | ||
(904) 598-7000 | ||
(Registrant's telephone number, including area code) | ||
Not Applicable | ||
(Former name or former address, if changed since last report) | ||
Securities registered pursuant to Section 12(b) of the Act:
Regency Centers Corporation
Title of each class | Trading Symbol | Name of each exchange on which registered | ||
Common Stock, $.01 par value | REG | The Nasdaq Stock Market LLC | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230 .425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Disclosure of Results of Operations and Financial Condition
On May 2, 2019, Regency issued an earnings release for the three months ended March 31, 2019, which is attached as Exhibit 99.1.
On May 2, 2019, Regency posted on its website, at www.regencycenters.com, the supplemental information for the three months ended March 31, 2019, which is attached as Exhibit 99.2.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit 99.1Earnings release issued by Regency on May 2, 2019, for the three months ended March 31, 2019.
Exhibit 99.2Supplemental information posted on its website on May 2, 2019, for the three months ended March 31, 2019.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
REGENCY CENTERS CORPORATION | ||
May 2, 2019 | By: | /s/ J. Christian Leavitt J. Christian Leavitt, Senior Vice President and Treasurer (Principal Accounting Officer) |
NEWS RELEASE For immediate release Laura Clark 904 598 7831 LauraClark@RegencyCenters.com Regency Centers Reports First Quarter 2019 Results JACKSONVILLE, Fla. (May 2, 2019) – Regency Centers Corporation (“Regency” or the “Company”) today reported financial and operating results for the period ended March 31, 2019. First Quarter 2019 Highlights • First quarter Net Income Attributable to Common Stockholders (“Net Income”) of $0.54 per diluted share. • First quarter NAREIT Funds From Operations (“NAREIT FFO”) of $0.95 per diluted share, which includes a negative $0.03 per share impact from non-recurring items. • Same property Net Operating Income (“NOI”), excluding termination fees, increased 2.9% as compared to the same period in the prior year. • As of March 31, 2019, the same property portfolio was 95.0% leased. • As of March 31, 2019, a total of 21 properties were in development or redevelopment representing a total investment of approximately $403 million. • During the quarter, Regency sold seven shopping centers for combined pro-rata sales price of approximately $136.5 million and a weighted average cap rate of 7.5%. • On February 25, 2019, the Company completed a public offering of $300 million 4.65% unsecured notes due 2049 (the “Notes”), with proceeds used to redeem its outstanding $250 million 4.8% notes due 2021 and repay a $39.5 million mortgage maturing in 2020 with an interest rate of 7.3%. • On April 30, 2019, Regency’s Board declared a quarterly cash dividend on the Company’s common stock of $0.585 per share. “Regency had another solid quarter that was in line with expectations,” said Martin E. “Hap” Stein, Jr., Chairman and Chief Executive Officer. “The teams continued to elevate our already high quality portfolio through the many remerchandising and value creation opportunities that are in process and further enhanced our blue-chip balance sheet through a successful bond offering. This progress should position Regency to achieve our long term goals for annual growth in core earnings and dividends of 4% to 6% and total returns in the 8% to 10% range.” Financial Results Regency reported Net Income for the first quarter of $90.4 million, or $0.54 per diluted share compared to the Net Income Attributable to Common Stockholders of $52.7 million, or $0.31 per diluted share, for the same period in 2018. The Company reported NAREIT FFO for the first quarter of $159.8 million, or $0.95 per diluted share, compared to $164.9 million, or $0.96 per diluted share, for the same period in 2018. In connection with 1
the Company’s adoption of Accounting Standard Codification 842, Leases, (“Leases Standard”) the Company is no longer capitalizing indirect internal leasing and legal costs associated with the execution of lease agreements. For the three months ended March 31, 2018, the Company capitalized $1.7 million of such costs. For the three months ended March 31, 2019, the Company’s results included a negative $0.03 per share impact from significant non-comparable items recognized in Net Income and NAREIT FFO including: • Debt extinguishment expense in the amount of $10.6 million, or $0.06 per diluted share, associated with the early repayment of debt following the February 25, 2019 Notes offering; and • Non-cash income of $5.9 million, or $0.03 per diluted share, from the accelerated write-off of below-market rent intangibles triggered by the recapture of two anchor spaces. The Company reported Core Operating Earnings for the first quarter of $152.7 million, or $0.91 per diluted share, compared to $152.2 million, or $0.89 per diluted share, for the same period in 2018. Core operating earnings per share growth was 3.4% for the first quarter, when adjusted for the Leases Standard. The Company views Core Operating Earnings, which excludes certain non-recurring items as well as non-cash components of earnings derived from above and below market rent amortization, straight-line rents, and amortization of debt mark-to-market, as a better measure of business performance as it more closely reflects cash earnings and the Company’s ability to grow the dividend. Portfolio Performance Regency’s portfolio is differentiated in its overall outstanding quality, breadth and scale. The strength of the Company’s merchandising mix, combined with placemaking elements and connection to its communities further differentiate Regency’s high quality portfolio. Regency’s national platform with 22 local market offices offers critical strategic advantages and positions the Company to achieve its strategic objective to average 3% same property NOI growth over the long term, as it has accomplished over the past seven years. First quarter same property NOI, excluding termination fees, increased 2.9% compared to the same period in 2018 driven entirely by base rent growth. As of March 31, 2019, Regency’s wholly-owned portfolio plus its pro-rata share of co-investment partnerships was 94.6% leased. The same property portfolio was 95.0% leased, which is a decrease of 120 basis points sequentially and 70 basis points from the same period in 2018. The sequential decline in the same property portfolio was primarily driven by the closure of one Sears and one K-Mart location as a result of the Sears bankruptcy filing. For the three months ended March 31, 2019, Regency executed approximately 1.1 million square feet of comparable new and renewal leases at blended rent spreads of 8.8%. Rent spreads on new and renewal leases were 13.2% and 7.9%, respectively. For the trailing twelve months, the Company executed approximately 6.4 million square feet of comparable new and renewal leases at blended rent spreads of 8.4%. Portfolio Enhancement and Capital Allocation Regency’s capital allocation strategy enables the Company to benefit from a self-funding model, in which free cash flow is the primary source of funding, and supports the development and redevelopment 2
program on a leverage neutral basis. Regency’s development and redevelopment platform is a critical strategic advantage for creating significant value for shareholders. Together with the sales of lower growth assets, free cash flow also enables the Company to invest in high-growth acquisitions and share repurchases when pricing is compelling. This capital allocation strategy preserves Regency’s pristine balance sheet and allows the Company to add value and enhance the quality of the portfolio on a net accretive basis. Developments and Redevelopments At quarter end, the Company had 21 properties in development or redevelopment with combined, estimated net project costs of approximately $403 million. In-process developments and redevelopments were 86% leased as of March 31, 2019, and are expected to yield an average return of 7.5%. During the quarter, Regency started two redevelopment projects with combined costs of approximately $13.5 million. Subsequent to quarter end, Regency started the generational redevelopment of The Abbot, located in the heart of Harvard Square in Cambridge, MA, to modernize and densify this historic site adding a mix of uses including retail and office. Total project cost is approximately $52 million at a projected incremental 6.7% stabilized yield. Property Transactions As previously disclosed, during the quarter the Company acquired Melrose Market, a 21,000 square foot center located in the vibrant Capitol Hill neighborhood in Seattle for $15.5 million. The Company also acquired an additional interest in the Town and Country Center, located in Los Angeles, bringing the total current investment to $36.3 million and its total ownership interest to approximately 18.4%. Regency sold seven shopping centers for combined pro-rata sales price of approximately $136.5 million, at a weighted average cap rate of 7.5%. Balance Sheet Regency benefits from favorable access to capital through the strength of its balance sheet, supported by conservative leverage levels with a Net Debt to EBITDAre ratio of 5.3x. This positions Regency to weather potential challenges and potentially profit from investment opportunities in the future. Debt Offering As previously disclosed on February 25, 2019, the Company’s operating partnership, Regency Centers, L.P., priced a public offering of $300 million 4.65% notes due 2049. The Notes are due March 15, 2049 and were priced at 99.661%. Interest on the Notes is payable semiannually on March 15th and September 15th of each year, with the first payment on September 15, 2019. Net proceeds of the offering were used to repay in full $250 million 4.8% notes originally due April 15, 2021, including a make-whole premium of approximately $9.6 million, which was redeemed on March 30, 2019. The balance of the net proceeds of the offering were used to repay approximately $39.5 million in a 2020 mortgage maturity with an interest rate of 7.3%, including a prepayment premium of approximately $1 million. 3
Dividend On April 30, 2019, Regency’s Board declared a quarterly cash dividend on the Company’s common stock of $0.585 per share. The dividend is payable on May 23, 2019, to shareholders of record as of May 13, 2019. 2019 Guidance The Company has updated certain components of its 2019 earnings guidance. Please refer to the Company’s first quarter 2019 supplemental information package for a complete list of updates. Updated guidance for NAREIT FFO incorporates a negative $0.03 per share impact from non-recurring items which includes a one-time charge of $10.6 million, or $0.06 per diluted share, associated with the early repayment of debt and also includes a non-cash income benefit of $5.9 million, or $0.03 per diluted share, for the accelerated write-off of below-market rent intangibles triggered by the recapture of two anchor spaces. Excluding these impacts, the Company’s NAREIT FFO guidance would remain unchanged at the midpoint. 2019 Guidance All figures pro-rata and in thousands, except per share data Updated Guidance Previous Guidance Net Income Attributable to Common Stockholders (“Net Income”) $1.41 - $1.47 $1.36 - $1.42 NAREIT Funds From Operations (“NAREIT FFO”) per diluted share $3.80 - $3.86 $3.83 - $3.89 Same Property Net Operating Income (“SPNOI”) Growth excluding 2.0% - 2.5% 2.0% - 2.5% termination fees (pro-rata) Financial Statement Presentation Change Effective January 1, 2019, the Company prospectively adopted the NAREIT FFO White Paper – 2018 Restatement, and elected the option of excluding gains on sale and impairments of land, which are considered incidental to the Company’s main business. Prior period amounts were not restated to conform to the current year presentation. On January 1, 2019, Regency adopted Accounting Standard Codification Topic 842, Leases. This adoption required the following financial statement presentation changes: Consolidated Statements of Operations • All lease income earned pursuant to tenant leases in 2019, and as reclassified for 2018, which includes but is not limited to Base rent, Recoveries from tenants and Percentage rent, is reflected in Lease income. While the Company’s Income Statement will reflect the new collapsed presentation, the Details of Operations and Details of Same Property NOI disclosure in the quarterly supplement will itemize the components that make up Lease income. • Lease income is presented net of revenues deemed uncollectible for the current period. Prior period presentation of this line item was included in Operating expenses as Provision for doubtful accounts. 4
• Real estate revenues earned not specific to tenant leases in 2019 have been reclassified from Recoveries from tenants and other income to Other property income. • Indirect internal leasing and legal costs associated with the execution of lease agreements that were previously capitalized are expensed in General and administrative in Operating expenses in the current period. Consolidated Balance Sheets • The consolidated balance sheets includes the addition of Lease liabilities and corresponding Right of use assets, net of or including the opening balance for straight line rent and above/below market intangibles, for its ground and office leases where Regency is the lessee. The Company adopted the Leases Standard under the modified retrospective transition approach allowing for initial application at the date of adoption. The Company also elected to reclassify certain prior period income statement amounts to conform to the current year presentation. Additional details on accounting and financial statement presentation changes required under the Leases Standard can be found in the Company’s Form 10-Q for the quarter ended March 31, 2019. Conference Call Information To discuss Regency’s first quarter results, Management will host a conference call on Friday, May 3, 2019, at 9:00 a.m. EDT. Dial-in and webcast information is listed below. First Quarter 2019 Earnings Conference Call Date: Friday, May 3, 2019 Time: 9:00 a.m. ET Dial#: 877-407-0789 or 201-689-8562 Webcast: investors.regencycenters.com Replay Webcast Archive: Investor Relations page under Events & Webcasts Non-GAAP Disclosure The Company uses certain non-GAAP performance measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of the Company's operational results. We manage our entire real estate portfolio without regard to ownership structure, although certain decisions impacting properties owned through partnerships require partner approval. Therefore, we believe presenting our pro-rata share of operating results regardless of ownership structure, along with other non-GAAP measures, makes comparisons of other REITs' operating results to the Company's more meaningful. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP performance measures to determine how best to provide relevant information to the public, and thus such reported measures could change. NAREIT FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (“NAREIT”) defines as net income, computed in accordance with GAAP, 5
excluding gains on sale and impairments of real estate, net of tax, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Regency computes NAREIT FFO for all periods presented in accordance with NAREIT's definition in effect during that period. Effective January 1, 2019, the Company prospectively adopted the NAREIT FFO White Paper – 2018 Restatement (“2018 FFO White Paper”), and elected the option of excluding gains on sale and impairments of land, which are considered incidental to the Company’s main business. Prior period amounts were not restated to conform to the current year presentation, and therefore are calculated as described above, but also include gains on sales and impairments of land. Many 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 sales and impairments of real estate, it provides a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, NAREIT FFO is a supplemental non-GAAP financial measure of the Company's 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. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to NAREIT FFO. Core Operating Earnings is an additional performance measure that 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 above and below market rent amortization, straight-line rents, and amortization of mark-to-market of debt adjustments; and (iv) other amounts as they occur. The Company provides a reconciliation of Net Income to NAREIT FFO to Core Operating Earnings. 6
Reconciliation of Net Income Attributable to Common Stockholders to NAREIT FFO and Core Operating Earnings - Actual (in thousands) For the Periods Ended March 31, 2019 and 2018 Three Months Ended Year to Date 2019 2018 2019 2018 Reconciliation of Net Income to NAREIT FFO: Net Income Attributable to Common Stockholders $ 90,446 52,660 $ 90,446 52,660 Adjustments to reconcile to NAREIT Funds From Operations:(1) Depreciation and amortization (ex cluding FF&E) 104,498 96,197 104,498 96,197 Gain on sale of operating properties (37,070) (102) (37,070) (102) Prov ision for impairment to operating properties 1,672 16,054 1,672 16,054 Loss on sale of land(2) 18 - 18 - Exchangeable operating partnership units 190 111 190 111 NAREIT Funds From Operations $ 159,754 164,920 $ 159,754 164,920 Reconciliation of NAREIT FFO to Core Operating Earnings: NAREIT Funds From Operations $ 159,754 164,920 $ 159,754 164,920 Adjustments to reconcile to Core Operating Earnings:(1) Gain on sale of land(2) - (107) - (107) Early extinguishment of debt 10,591 162 10,591 162 Interest on bonds for period from notice to redemption 367 600 367 600 Straight line rent, net (4,169) (4,081) (4,169) (4,081) Above/below market rent amortization, net (13,335) (8,422) (13,335) (8,422) Debt premium/discount amortization (527) (899) (527) (899) Core Operating Earnings $ 152,681 152,173 $ 152,681 152,173 Weighted Average Shares For Diluted Earnings per Share 167,717 170,959 167,717 170,959 Weighted Average Shares For Diluted FFO and Core Operating Earnings per Share 168,067 171,309 168,067 171,309 (1) Includes Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests, which can be found of page 7 of the financial supplemental. (2) Effective January 1, 2019, Regency prospectively adopted the NAREIT FFO White Paper – 2018 Restatement, and elected the option of excluding gains on sales and impairments of land, which are considered incidental to the Company’s main business. Prior period amounts were not restated to conform to the current year presentation of NAREIT FFO, and therefore include gains on sales and impairments of land. Same property NOI is a key non-GAAP measure used by management in evaluating the operating performance of Regency’s properties. The Company provides a reconciliation of net income to pro-rata same property NOI. 7
Reconciliation of Net Income Attributable to Common Stockholders to Pro-Rata Same Property NOI - Actual (in thousands) For the Periods Ended March 31, 2019 and 2018 Three Months Ended Year to Date 2019 2018 2019 2018 Net Income Attributable to Common Stockholders $ 90,446 52,660 $ 90,446 52,660 Less: Management, transaction, and other fees (6,972) (7,158) (6,972) (7,158) Other(1) (18,967) (14,173) (18,967) (14,173) Plus: Depreciation and amortization 97,194 88,525 97,194 88,525 General and administrativ e 21,300 17,606 21,300 17,606 Other operating expense, excluding provision for doubtful accounts 1,134 437 1,134 437 Other expense (income) 31,171 52,873 31,171 52,873 Equity in income of investments in real estate excluded from NOI (2) (5,630) 15,093 (5,630) 15,093 Net income attributable to noncontrolling interests 1,047 805 1,047 805 NOI 210,723 206,668 210,723 206,668 Less non-same property NOI (3) (5,101) (6,157) (5,101) (6,157) Same Property NOI $ 205,622 200,511 $ 205,622 200,511 Same Property NOI without Termination Fees $ 205,136 199,331 $ 205,136 199,331 Same Property NOI without Termination Fees or Redevelopments $ 195,564 190,665 $ 195,564 190,665 (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 expenses incurred at our unconsolidated real estate partnerships, such as, but not limited to, straight-line rental income, above and below market rent amortization, depreciation and amortization, interest expense, and real estate gains and impairments. (3) Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests. Reported results are preliminary and not final until the filing of the Company’s Form 10-Q with the SEC and, therefore, remain subject to adjustment. 8
Reconciliation of Net Income Attributable to Common Stockholders to NAREIT FFO — Guidance (per diluted share) Full Year NAREIT FFO Guidance: 2019 Low High Net income attributable to common stockholders $ 1.41 1.47 Adjustments to reconcile net income to NAREIT FFO: Depreciation and amortization 2.60 2.60 Prov ision for impairment 0.01 0.01 Gain on sale of operating properties (0.22) (0.22) NAREIT Funds From Operations $ 3.80 3.86 The Company has published forward-looking statements and additional financial information in its first quarter 2019 supplemental information package that may help investors estimate earnings for 2019. A copy of the Company’s first quarter 2019 supplemental information will be available on the Company's website at www.RegencyCenters.com or by written request to: Investor Relations, Regency Centers Corporation, One Independent Drive, Suite 114, Jacksonville, Florida, 32202. The supplemental information package contains more detailed financial and property results including financial statements, an outstanding debt summary, acquisition and development activity, investments in partnerships, information pertaining to securities issued other than common stock, property details, a significant tenant rent report and a lease expiration table in addition to earnings and valuation guidance assumptions. The information provided in the supplemental package is unaudited and there can be no assurance that the information will not vary from the final information in the Company’s Form 10-Q for the quarter ended March 31, 2019. Regency may, but assumes no obligation to, update information in the supplemental package from time to time. About Regency Centers Corporation (NASDAQ: REG) Regency Centers is the preeminent national owner, operator, and developer of shopping centers located in affluent and densely populated trade areas. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member. For more information, please visit RegencyCenters.com. ### Forward-looking statements involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation with the SEC, specifically the most recent reports on Forms 10-K and 10-Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements. 9
Quarterly Supplemental 1st Quarter 2019 The Market at Springwoods Village The Field at Commonwealth Houston, TX Chantilly, VA Brick Walk Cameron Village Nocatee Town Center Bridgeport, CT Raleigh, NC Jacksonville, FL Investor Relations irinfo@RegencyCenters.com One Independent Drive, Suite 114 Jacksonville, FL 32202 904 598 7000 RegencyCenters.com
Table of Contents March 31, 2019 Disclosures ................................................................................................................................................................. i Earnings Press Release .............................................................................................................................................. iv Summary Information: Summary Financial Information ................................................................................................................................... 1 Summary Real Estate Information ............................................................................................................................... 2 Financial Information: Consolidated Balance Sheets ....................................................................................................................................... 3 Consolidated Statements of Operations ........................................................................................................................ 4 Supplemental Details of Operations (Consolidated Only) ............................................................................................... 5 Supplemental Details of Assets and Liabilities (Real Estate Partnerships Only) ................................................................ 6 Supplemental Details of Operations (Real Estate Partnerships Only) .............................................................................. 7 Supplemental Details of Same Property NOI as adjusted (Pro-Rata) ............................................................................... 8 Reconciliations of Non-GAAP Financial Measures and Additional Disclosures ................................................................... 9 Summary of Consolidated Debt ................................................................................................................................. 11 Summary of Consolidated Debt Detail ........................................................................................................................ 12 Summary of Unsecured Debt Covenants and Leverage Ratios ..................................................................................... 13 Summary of Unconsolidated Debt .............................................................................................................................. 14 Investment Activity: Property Transactions ............................................................................................................................................... 15 Summary of Development and Redevelopment ........................................................................................................... 16 Select Operating Properties with Near Term Redevelopment ....................................................................................... 18 Co-investment Partnerships: Unconsolidated Investments ...................................................................................................................................... 19 Real Estate Information: Leasing Statistics ...................................................................................................................................................... 20 Average Base Rent by CBSA ...................................................................................................................................... 21 Significant Tenant Rents ........................................................................................................................................... 22 Tenant Lease Expirations .......................................................................................................................................... 23 Portfolio Summary Report by State ............................................................................................................................ 24 Components of NAV and Forward-Looking Information: Components of NAV .................................................................................................................................................. 31 Earnings Guidance .................................................................................................................................................... 32 Reconciliation of Net Income to NAREIT FFO .............................................................................................................. 33 Glossary of Terms ..................................................................................................................................................... 34
Disclosures March 31, 2019 Accounting and Disclosure Changes FASB Accounting Standards Codification – Topic 842 (Leases) (“Leases Standard”) Effective January 1, 2019, Regency adopted Accounting Standards Codification (ASC) Topic 842, Leases, under the modified retrospective transition approach allowing for initial application at the date of adoption. The Company also elected to reclassify the prior period amounts to conform to the current year presentation. The financial statements have been impacted as follows: Consolidated Statements of Operations All lease income earned pursuant to tenant leases in 2019, and as reclassified for 2018, which includes but is not limited to Base rent, Recoveries from tenants and Percentage rent, is reflected in Lease income. Lease income is presented net of revenues deemed uncollectible for the current period. Prior period presentation of this line item was included in Operating expenses as Provision for doubtful accounts. Real estate revenues earned not specific to tenant leases in 2019 have been reclassified from Recoveries from tenants and other income to Other property income. Indirect internal leasing and legal costs associated with the execution of lease agreements that were previously capitalized are expensed in General and administrative in Operating expenses in the current period. Consolidated Balance Sheets Addition of Lease liabilities and corresponding Right of use assets, net of or including the opening balance for straight line rent and above/below market intangibles, for its ground and office leases where Regency is the lessee. NAREIT Funds from Operations Regency prospectively adopted the NAREIT FFO White Paper – 2018 Restatement (“2018 FFO Whitepaper”), and elected the option of excluding gains on the sale and impairments of land from NAREIT FFO, which are considered incidental to the Company’s main business. Prior period amounts were not restated to conform to the current year presentation of NAREIT FFO, and therefore include gains on sales and impairments of land. Non-GAAP Disclosures We use certain non-GAAP performance measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of the Company's operational results. We manage our entire real estate portfolio without regard to ownership structure, although certain decisions impacting properties owned through partnerships require partner approval. Therefore, we believe presenting our pro-rata share of operating results regardless of ownership structure, along with other non-GAAP measures, makes comparisons of other REITs' operating results to the Company's more meaningful. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP performance measures to determine how best to provide relevant information to the public, and thus such reported measures could change. The pro-rata information provided is not, and is not 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, regardless of ownership structure. i
Disclosures March 31, 2019 The items labeled as "Consolidated" are prepared on a basis consistent with the Company's consolidated financial statements as filed with the SEC on the most recent Form 10-Q or 10-K, as applicable. The columns labeled "Share of JVs" represent our ownership interest in our unconsolidated (equity method) investments in real estate partnerships, and was derived on a partnership by partnership basis by applying to each financial statement line item our ownership percentage interest used to arrive at our share of investments in real estate partnerships and equity in income or loss of investments in real estate partnerships during the period when applying the equity method of accounting to each of our unconsolidated co-investment partnerships. A similar calculation was performed for the amounts in columns labeled ''Noncontrolling Interests”, which represent the limited partners’ interests in consolidated partnerships attributable to each financial statement line item. We do not control the unconsolidated investment partnerships, and the presentations of the assets and liabilities and revenues and expenses do not necessarily 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 provide for such allocations according to their invested capital. Our share of invested capital establishes the ownership interest we use to prepare our pro-rata share. The presentation of pro-rata financial information has limitations as an analytical tool. Some of these limitations include, but are not limited to the following: The 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 or allocating noncontrolling interests, and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and Other companies in our industry may calculate their pro-rata interests differently, limiting the comparability of pro-rata information. Because of these limitations, the supplemental details of assets and liabilities and supplemental details of operations 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 results and using the pro-rata details as a supplement. The following non-GAAP measures, as defined in the Glossary of Terms, are commonly used by management and the investing public to understand and evaluate our operating results and performance: NAREIT Funds From Operations (NAREIT FFO): The Company believes NAREIT FFO provides a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, acquisition and development activities, and financing costs. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to NAREIT FFO. Net Operating Income (NOI): The Company believes NOI provides useful information to investors to measure the operating performance of its portfolio of properties. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to pro-rata NOI. Core Operating Earnings (previously Operating FFO): The Company believes Core Operating Earnings, which excludes certain non-cash and non-comparable items from the computation of NAREIT FFO that affect the Company's period-over-period performance, is useful to investors because it is more reflective of the core operating performance of its portfolio of properties. The Company provides a reconciliation of NAREIT FFO to Core Operating Earnings. ii
Disclosures March 31, 2019 Same Property NOI: The Company provides disclosure of NOI on a same property basis because it believes the measure provides investors with additional information regarding the operating performances of comparable assets. Same Property NOI excludes all development, non-same property and corporate level revenue and expenses. The Company also provides disclosure of NOI excluding termination fees, which excludes both termination fee income and expenses. iii
NEWS RELEASE For immediate release Laura Clark 904 598 7831 LauraClark@RegencyCenters.com Regency Centers Reports First Quarter 2019 Results JACKSONVILLE, Fla. (May 2, 2019) – Regency Centers Corporation (“Regency” or the “Company”) today reported financial and operating results for the period ended March 31, 2019. First Quarter 2019 Highlights First quarter Net Income Attributable to Common Stockholders (“Net Income”) of $0.54 per diluted share. First quarter NAREIT Funds From Operations (“NAREIT FFO”) of $0.95 per diluted share, which includes a negative $0.03 per share impact from non-recurring items. Same property Net Operating Income (“NOI”), excluding termination fees, increased 2.9% as compared to the same period in the prior year. As of March 31, 2019, the same property portfolio was 95.0% leased. As of March 31, 2019, a total of 21 properties were in development or redevelopment representing a total investment of approximately $403 million. During the quarter, Regency sold seven shopping centers for combined pro-rata sales price of approximately $136.5 million and a weighted average cap rate of 7.5%. On February 25, 2019, the Company completed a public offering of $300 million 4.65% unsecured notes due 2049 (the “Notes”), with proceeds used to redeem its outstanding $250 million 4.8% notes due 2021 and repay a $39.5 million mortgage maturing in 2020 with an interest rate of 7.3%. On April 30, 2019, Regency’s Board declared a quarterly cash dividend on the Company’s common stock of $0.585 per share. “Regency had another solid quarter that was in line with expectations,” said Martin E. “Hap” Stein, Jr., Chairman and Chief Executive Officer. “The teams continued to elevate our already high quality portfolio through the many remerchandising and value creation opportunities that are in process and further enhanced our blue-chip balance sheet through a successful bond offering. This progress should position Regency to achieve our long term goals for annual growth in core earnings and dividends of 4% to 6% and total returns in the 8% to 10% range.” Financial Results Regency reported Net Income for the first quarter of $90.4 million, or $0.54 per diluted share compared to the Net Income Attributable to Common Stockholders of $52.7 million, or $0.31 per diluted share, for the same period in 2018. The Company reported NAREIT FFO for the first quarter of $159.8 million, or $0.95 per diluted share, compared to $164.9 million, or $0.96 per diluted share, for the same period in 2018. In connection with iv
the Company’s adoption of Accounting Standard Codification 842, Leases, (“Leases Standard”) the Company is no longer capitalizing indirect internal leasing and legal costs associated with the execution of lease agreements. For the three months ended March 31, 2018, the Company capitalized $1.7 million of such costs. For the three months ended March 31, 2019, the Company’s results included a negative $0.03 per share impact from significant non-comparable items recognized in Net Income and NAREIT FFO including: Debt extinguishment expense in the amount of $10.6 million, or $0.06 per diluted share, associated with the early repayment of debt following the February 25, 2019 Notes offering; and Non-cash income of $5.9 million, or $0.03 per diluted share, from the accelerated write-off of below-market rent intangibles triggered by the recapture of two anchor spaces. The Company reported Core Operating Earnings for the first quarter of $152.7 million, or $0.91 per diluted share, compared to $152.2 million, or $0.89 per diluted share, for the same period in 2018. Core operating earnings per share growth was 3.4% for the first quarter, when adjusted for the Leases Standard. The Company views Core Operating Earnings, which excludes certain non-recurring items as well as non-cash components of earnings derived from above and below market rent amortization, straight-line rents, and amortization of debt mark-to-market, as a better measure of business performance as it more closely reflects cash earnings and the Company’s ability to grow the dividend. Portfolio Performance Regency’s portfolio is differentiated in its overall outstanding quality, breadth and scale. The strength of the Company’s merchandising mix, combined with placemaking elements and connection to its communities further differentiate Regency’s high quality portfolio. Regency’s national platform with 22 local market offices offers critical strategic advantages and positions the Company to achieve its strategic objective to average 3% same property NOI growth over the long term, as it has accomplished over the past seven years. First quarter same property NOI, excluding termination fees, increased 2.9% compared to the same period in 2018 driven entirely by base rent growth. As of March 31, 2019, Regency’s wholly-owned portfolio plus its pro-rata share of co-investment partnerships was 94.6% leased. The same property portfolio was 95.0% leased, which is a decrease of 120 basis points sequentially and 70 basis points from the same period in 2018. The sequential decline in the same property portfolio was primarily driven by the closure of one Sears and one K-Mart location as a result of the Sears bankruptcy filing. For the three months ended March 31, 2019, Regency executed approximately 1.1 million square feet of comparable new and renewal leases at blended rent spreads of 8.8%. Rent spreads on new and renewal leases were 13.2% and 7.9%, respectively. For the trailing twelve months, the Company executed approximately 6.4 million square feet of comparable new and renewal leases at blended rent spreads of 8.4%. Portfolio Enhancement and Capital Allocation Regency’s capital allocation strategy enables the Company to benefit from a self-funding model, in which free cash flow is the primary source of funding, and supports the development and redevelopment v
program on a leverage neutral basis. Regency’s development and redevelopment platform is a critical strategic advantage for creating significant value for shareholders. Together with the sales of lower growth assets, free cash flow also enables the Company to invest in high-growth acquisitions and share repurchases when pricing is compelling. This capital allocation strategy preserves Regency’s pristine balance sheet and allows the Company to add value and enhance the quality of the portfolio on a net accretive basis. Developments and Redevelopments At quarter end, the Company had 21 properties in development or redevelopment with combined, estimated net project costs of approximately $403 million. In-process developments and redevelopments were 86% leased as of March 31, 2019, and are expected to yield an average return of 7.5%. During the quarter, Regency started two redevelopment projects with combined costs of approximately $13.5 million. Subsequent to quarter end, Regency started the generational redevelopment of The Abbot, located in the heart of Harvard Square in Cambridge, MA, to modernize and densify this historic site adding a mix of uses including retail and office. Total project cost is approximately $52 million at a projected incremental 6.7% stabilized yield. Property Transactions As previously disclosed, during the quarter the Company acquired Melrose Market, a 21,000 square foot center located in the vibrant Capitol Hill neighborhood in Seattle for $15.5 million. The Company also acquired an additional interest in the Town and Country Center, located in Los Angeles, bringing the total current investment to $36.3 million and its total ownership interest to approximately 18.4%. Regency sold seven shopping centers for combined pro-rata sales price of approximately $136.5 million, at a weighted average cap rate of 7.5%. Balance Sheet Regency benefits from favorable access to capital through the strength of its balance sheet, supported by conservative leverage levels with a Net Debt to EBITDAre ratio of 5.3x. This positions Regency to weather potential challenges and potentially profit from investment opportunities in the future. Debt Offering As previously disclosed on February 25, 2019, the Company’s operating partnership, Regency Centers, L.P., priced a public offering of $300 million 4.65% notes due 2049. The Notes are due March 15, 2049 and were priced at 99.661%. Interest on the Notes is payable semiannually on March 15th and September 15th of each year, with the first payment on September 15, 2019. Net proceeds of the offering were used to repay in full $250 million 4.8% notes originally due April 15, 2021, including a make-whole premium of approximately $9.6 million, which was redeemed on March 30, 2019. The balance of the net proceeds of the offering were used to repay approximately $39.5 million in a 2020 mortgage maturity with an interest rate of 7.3%, including a prepayment premium of approximately $1 million. vi
Dividend On April 30, 2019, Regency’s Board declared a quarterly cash dividend on the Company’s common stock of $0.585 per share. The dividend is payable on May 23, 2019, to shareholders of record as of May 13, 2019. 2019 Guidance The Company has updated certain components of its 2019 earnings guidance. Please refer to the Company’s first quarter 2019 supplemental information package for a complete list of updates. Updated guidance for NAREIT FFO incorporates a negative $0.03 per share impact from non-recurring items which includes a one-time charge of $10.6 million, or $0.06 per diluted share, associated with the early repayment of debt and also includes a non-cash income benefit of $5.9 million, or $0.03 per diluted share, for the accelerated write-off of below-market rent intangibles triggered by the recapture of two anchor spaces. Excluding these impacts, the Company’s NAREIT FFO guidance would remain unchanged at the midpoint. 2019 Guidance All figures pro-rata and in thousands, except per share data Updated Guidance Previous Guidance Net Income Attributable to Common Stockholders (“Net Income”) $1.41 - $1.47 $1.36 - $1.42 NAREIT Funds From Operations (“NAREIT FFO”) per diluted share $3.80 - $3.86 $3.83 - $3.89 Same Property Net Operating Income (“SPNOI”) Growth excluding 2.0% - 2.5% 2.0% - 2.5% t erminat ion fees (pro-rat a) Financial Statement Presentation Change Effective January 1, 2019, the Company prospectively adopted the NAREIT FFO White Paper – 2018 Restatement, and elected the option of excluding gains on sale and impairments of land, which are considered incidental to the Company’s main business. Prior period amounts were not restated to conform to the current year presentation. On January 1, 2019, Regency adopted Accounting Standard Codification Topic 842, Leases. This adoption required the following financial statement presentation changes: Consolidated Statements of Operations • All lease income earned pursuant to tenant leases in 2019, and as reclassified for 2018, which includes but is not limited to Base rent, Recoveries from tenants and Percentage rent, is reflected in Lease income. While the Company’s Income Statement will reflect the new collapsed presentation, the Details of Operations and Details of Same Property NOI disclosure in the quarterly supplement will itemize the components that make up Lease income. • Lease income is presented net of revenues deemed uncollectible for the current period. Prior period presentation of this line item was included in Operating expenses as Provision for doubtful accounts. vii
• Real estate revenues earned not specific to tenant leases in 2019 have been reclassified from Recoveries from tenants and other income to Other property income. • Indirect internal leasing and legal costs associated with the execution of lease agreements that were previously capitalized are expensed in General and administrative in Operating expenses in the current period. Consolidated Balance Sheets • The consolidated balance sheets includes the addition of Lease liabilities and corresponding Right of use assets, net of or including the opening balance for straight line rent and above/below market intangibles, for its ground and office leases where Regency is the lessee. The Company adopted the Leases Standard under the modified retrospective transition approach allowing for initial application at the date of adoption. The Company also elected to reclassify certain prior period income statement amounts to conform to the current year presentation. Additional details on accounting and financial statement presentation changes required under the Leases Standard can be found in the Company’s Form 10-Q for the quarter ended March 31, 2019. Conference Call Information To discuss Regency’s first quarter results, Management will host a conference call on Friday, May 3, 2019, at 9:00 a.m. EDT. Dial-in and webcast information is listed below. First Quarter 2019 Earnings Conference Call Date: Friday, May 3, 2019 Time: 9:00 a.m. ET Dial#: 877-407-0789 or 201-689-8562 Webcast: investors.regencycenters.com Replay Webcast Archive: Investor Relations page under Events & Webcasts Non-GAAP Disclosure The Company uses certain non-GAAP performance measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of the Company's operational results. We manage our entire real estate portfolio without regard to ownership structure, although certain decisions impacting properties owned through partnerships require partner approval. Therefore, we believe presenting our pro-rata share of operating results regardless of ownership structure, along with other non-GAAP measures, makes comparisons of other REITs' operating results to the Company's more meaningful. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP performance measures to determine how best to provide relevant information to the public, and thus such reported measures could change. NAREIT FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (“NAREIT”) defines as net income, computed in accordance with GAAP, viii
excluding gains on sale and impairments of real estate, net of tax, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Regency computes NAREIT FFO for all periods presented in accordance with NAREIT's definition in effect during that period. Effective January 1, 2019, the Company prospectively adopted the NAREIT FFO White Paper – 2018 Restatement (“2018 FFO White Paper”), and elected the option of excluding gains on sale and impairments of land, which are considered incidental to the Company’s main business. Prior period amounts were not restated to conform to the current year presentation, and therefore are calculated as described above, but also include gains on sales and impairments of land. Many 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 sales and impairments of real estate, it provides a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, NAREIT FFO is a supplemental non-GAAP financial measure of the Company's 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. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to NAREIT FFO. Core Operating Earnings is an additional performance measure that 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 above and below market rent amortization, straight-line rents, and amortization of mark-to-market of debt adjustments; and (iv) other amounts as they occur. The Company provides a reconciliation of Net Income to NAREIT FFO to Core Operating Earnings. ix
Reconciliation of Net Income Attributable to Common Stockholders to NAREIT FFO and Core Operating Earnings - Actual (in thousands) For the Periods Ended March 31, 2019 and 2018 Three Months Ended Year to Date 2019 2018 2019 2018 Reconciliation of Net Income to NAREIT FFO: Net Income Attributable to Common Stockholders$ 90,446 52,660 $ 90,446 52,660 Adjustments to reconcile to NAREIT Funds From Operations:(1) Depreciation and amortization (excluding FF&E) 104,498 96,197 104,498 96,197 Gain on sale of operating properties (37,070) (102) (37,070) (102) Prov ision for impairment to operating properties 1, 672 16,054 1,672 16,054 Loss on sale of land(2) 18 - 18 - Exchangeable operating partnership units 190 111 190 111 NAREIT Funds From Operations $ 159,754 164,920$ 159,754 164,920 Reconciliation of NAREIT FFO to Core Operating Earnings: NAREIT Funds From Operations$ 159,754 164,920 $ 159,754 164,920 Adjustments to reconcile to Core Operating Earnings:(1) Gain on sale of land(2) - (107) - (107) Early extinguishment of debt 10,591 162 10,591 162 Interest on bonds for period from notice to redemption 367 600 367 600 Straight line rent, net (4,169) (4,081) (4,169) (4,081) Above/below market rent amortization, net (13,335) (8,422) (13,335) (8,422) Debt premium/discount amortization (527) (899) (527) (899) Core Operating Earnings $ 152,681 152,173$ 152,681 152,173 Weighted Average Shares For Diluted Earnings per Share 167,717 170,959 167,717 170,959 Weighted Average Shares For Diluted FFO and Core Operating Earnings per Share 168,067 171,309 168,067 171,309 (1) Includes Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests, which can be found of page 7 of the financial supplemental. (2) Effective January 1, 2019, Regency prospectively adopted the NAREIT FFO White Paper – 2018 Restatement, and elected the option of excluding gains on sales and impairments of land, which are considered incidental to the Company’s main business. Prior period amounts were not restated to conform to the current year presentation of NAREIT FFO, and therefore include gains on sales and impairments of land. Same property NOI is a key non-GAAP measure used by management in evaluating the operating performance of Regency’s properties. The Company provides a reconciliation of net income to pro-rata same property NOI. x
Reconciliation of Net Income Attributable to Common Stockholders to Pro-Rata Same Property NOI - Actual (in thousands) For the Periods Ended March 31, 2019 and 2018 Three Months Ended Year to Date 2019 2018 2019 2018 Net Income Attributable to Common Stockholders $ 90,446 52,660 $ 90,446 52,660 Less: Management, transaction, and other fees (6,972) (7,158) (6,972) (7,158) Other(1) (18,967) (14,173) (18,967) (14,173) Plus: Depreciation and amortization 97, 194 88,525 97,194 88,525 General and administrative 21,300 17,606 21,300 17,606 Other operating expense, excluding provision for doubtful accounts 1,134 437 1,134 437 Other expense (income) 31,171 52,873 31,171 52,873 Equity in income of investments in real estate excluded from NOI (2) (5,630) 15,093 (5,630) 15,093 Net income attributable to noncontrolling interests 1,047 805 1,047 805 NOI 210,723 206,668 210,723 206,668 Less non-same property NOI (3) (5,101) (6,157) (5,101) (6,157) Same Property NOI $ 205,622 200,511 $ 205,622 200,511 Same Property NOI without Termination Fees $ 205,136 199,331 $ 205,136 199,331 Same Property NOI without Termination Fees or Redevelopments $ 195,564 190,665 $ 195,564 190,665 (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 expenses incurred at our unconsolidated real estate partnerships, such as, but not limited to, straight-line rental income, above and below market rent amortization, depreciation and amortization, interest expense, and real estate gains and impairments. (3) Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests. Reported results are preliminary and not final until the filing of the Company’s Form 10-Q with the SEC and, therefore, remain subject to adjustment. xi
Reconciliation of Net Income Attributable to Common Stockholders to NAREIT FFO — Guidance (per diluted share) Full Year NAREIT FFO Guidance: 2019 Low High Net income attributable to common stockholders$ 1.41 1.47 Adjustments to reconcile net income to NAREIT FFO: Depreciation and amortization 2.60 2.60 Prov ision for impairment 0.01 0.01 Gain on sale of operating properties (0.22) (0.22) NAREIT Funds From Operations $ 3.80 3.86 The Company has published forward-looking statements and additional financial information in its first quarter 2019 supplemental information package that may help investors estimate earnings for 2019. A copy of the Company’s first quarter 2019 supplemental information will be available on the Company's website at www.RegencyCenters.com or by written request to: Investor Relations, Regency Centers Corporation, One Independent Drive, Suite 114, Jacksonville, Florida, 32202. The supplemental information package contains more detailed financial and property results including financial statements, an outstanding debt summary, acquisition and development activity, investments in partnerships, information pertaining to securities issued other than common stock, property details, a significant tenant rent report and a lease expiration table in addition to earnings and valuation guidance assumptions. The information provided in the supplemental package is unaudited and there can be no assurance that the information will not vary from the final information in the Company’s Form 10-Q for the quarter ended March 31, 2019. Regency may, but assumes no obligation to, update information in the supplemental package from time to time. About Regency Centers Corporation (NASDAQ: REG) Regency Centers is the preeminent national owner, operator, and developer of shopping centers located in affluent and densely populated trade areas. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member. For more information, please visit RegencyCenters.com. ### Forward-looking statements involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation with the SEC, specifically the most recent reports on Forms 10-K and 10-Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements. xii
Summary Financial Information March 31, 2019 (in thousands, except per share data) Three Months Ended Year to Date 2019 2018 2019 2018 Financial Results Net income attributable to common stockholders (page 4) $90,446 $52,660 $90,446 $52,660 Net income per diluted share $0.54 $0.31 $0.54 $0.31 NAREIT Funds From Operations (NAREIT FFO) (page 9) $159,754 $164,920 $159,754 $164,920 NAREIT FFO per diluted share $0.95 $0.96 $0.95 $0.96 Core Operating Earnings (previously Operating FFO) (page 9) $152,681 $152,173 $152,681 $152,173 Core Operating Earnings per diluted share $0.91 $0.89 $0.91 $0.89 Same Property NOI without termination fees (page 8) $205,136 $199,331 $205,136 $199,331 % growth 2.9% 2.9% Operating EBITDAre (page 10) $199,478 $197,659 $199,478 $197,659 Dividends paid per share and unit $0.585 $0.555 $0.585 $0.555 Payout ratio of Core Operating Earnings per share (diluted) 64.3% 62.4% 64.3% 62.4% Diluted share and unit count Weighted average shares (diluted) - Net income 167,717 170,959 167,717 170,959 Weighted average shares (diluted) - NAREIT FFO and Core Operating Earnings 168,067 171,309 168,067 171,309 As of As of As of As of 03/31/19 12/31/18 12/31/17 12/31/16 Capital Information Market price per common share $67.49 $58.47 $69.18 $68.95 Common shares outstanding 167,517 167,905 171,365 104,497 Exchangeable units held by noncontrolling interests 350 350 350 154 Common shares and equivalents issued and outstanding 167,867 168,255 171,715 104,651 Market equity value of common and convertible shares $11,329,354 $9,837,840 $11,879,231 $7,215,718 Non-convertible preferred stock $0 $0 $0 $325,000 Outstanding debt $4,210,284 $4,241,758 $4,115,588 $2,111,450 Less: cash (42,784) (45,190) (49,381) ($17,879) Net debt $4,167,500 $4,196,568 $4,066,207 $2,093,571 Total market capitalization $15,496,854 $14,034,408 $15,945,438 $9,634,289 Debt metrics (pro-rata; trailing 12 months "TTM") Net Debt-to-Operating EBITDAre 5.3x 5.3x 5.4x 4.4x Fixed charge coverage 4.2x 4.2x 4.1x 3.3x 1
Summary Real Estate Information March 31, 2019 (GLA in thousands) Wholly Owned and 100% of Co-investment Partnerships 3/31/2019 12/31/2018 9/30/2018 6/30/2018 3/31/2018 Number of properties 419 425 426 428 429 Number of retail operating properties 408 414 415 417 414 Number of same properties 401 399 403 406 409 Number of properties in redevelopment 13 11 14 13 9 Number of properties in development 888810 Gross Leasable Area (GLA) - All properties 52,604 53,568 53,647 54,111 54,174 GLA including retailer-owned stores - All properties 56,692 57,710 58,238 59,074 59,137 GLA - Retail operating properties 51,370 51,605 51,857 52,312 52,378 GLA - Same properties 50,357 50,434 50,916 51,464 51,667 GLA - Properties in redevelopment(1) 2,399 1,927 2,649 2,341 1,934 GLA - Properties in development 1,014 1,014 1,176 1,184 1,575 Wholly Owned and Pro-Rata Share of Co-investment Partnerships GLA - All properties 42,672 43,365 43,523 44,053 44,131 GLA including retailer-owned stores - All properties 46,760 47,650 48,113 49,016 48,982 GLA - Retail operating properties 41,655 41,619 41,949 42,471 42,553 GLA - Same properties 40,905 40,866 41,218 41,758 41,961 Spaces ≥ 10,000 sf 25,769 25,715 25,966 26,321 26,482 Spaces < 10,000 sf 15,136 15,151 15,252 15,437 15,479 GLA - Properties in redevelopment(1) 1,826 1,353 1,682 1,450 1,235 GLA - Properties in development 870 870 1,032 1,040 1,431 % leased - All properties 94.6% 95.6% 95.4% 95.0% 95.1% % leased - Retail operating properties 95.0% 96.1% 95.9% 95.5% 95.7% % leased - Same properties (2) 95.0% 96.2% 96.0% 95.7% 95.7% Spaces ≥ 10,000 sf (2) 97.1% 98.6% 98.1% 97.6% 97.7% Spaces < 10,000 sf (2) 91.5% 92.1% 92.4% 92.3% 92.3% Average % leased - Same properties (2) 95.7% 95.9% 95.8% 95.8% 95.8% % commenced - Same properties (2)(3) 93.5% 94.6% 94.4% 93.9% 94.2% Same property NOI growth - YTD (see page 8) 2.5% 3.4% 3.7% 3.9% 4.3% Same property NOI growth without termination fees - YTD (see page 8) 2.9% 3.4% 3.8% 4.1% 4.0% Same property NOI growth without termination fees or redevelopments - YTD (see page 8) 2.6% 2.0% 2.1% 2.4% 2.6% Rent spreads - Trailing 12 months (4) (see page 20) 8.4% 8.3% 7.4% 6.7% 7.9% (1) Represents entire center GLA rather than redevelopment portion only. Included in Same Property pool unless noted otherwise. (2) Prior periods adjusted for current same property pool. (3) Excludes leases that are signed but have not yet commenced. (4) Retail operating properties only. Rent spreads are calculated on a comparable-space, cash basis for new and renewal leases executed. 2
Consolidated Balance Sheets March 31, 2019 and December 31, 2018 (in thousands) 2019 2018 (unaudited) Assets Net real estate investments: Real estate assets at cost $ 10,875,058 $ 10,863,162 Less: accumulated depreciation 1,605,681 1,535,444 9,269,377 9,327,718 Investments in real estate partnerships 456,733 463,001 Net real estate investments 9,726,110 9,790,719 Properties held for sale 15,275 60,516 Cash and cash equivalents 42,784 45,190 Tenant and other receivables 160,635 172,359 Deferred leasing costs, net 82,477 84,983 Acquired lease intangible assets, net 280,613 387,069 Right of use assets(1) 296,859 - Other assets 412,851 403,827 Total assets$ 11,017,604 $ 10,944,663 Liabilities and Equity Liabilities: Notes payable $ 3,009,886 $ 3,006,478 Unsecured credit facilities 673,852 708,734 Total notes payable 3,683,738 3,715,212 Accounts payable and other liabilities 183,983 224,807 Acquired lease intangible liabilities, net 475,065 496,726 Lease liabilities(1) 225,122 - Tenants' security and escrow deposits 46,923 57,750 Total liabilities 4,614,831 4,494,495 Equity: Stockholders' Equity: Common stock, $.01 par 1,675 1,679 Additional paid in capital 7,618,127 7,652,683 Accumulated other comprehensive income (loss) (6,096) (927) Distributions in excess of net income (1,263,011) (1,255,465) Total stockholders' equity 6,350,695 6,397,970 Noncontrolling Interests: Exchangeable operating partnership units 10,641 10,666 Limited partners' interest 41,437 41,532 Total noncontrolling interests 52,078 52,198 Total equity 6,402,773 6,450,168 Total liabilities and equity$ 11,017,604 $ 10,944,663 (1) On January 1, 2019, Regency adopted ASC Topic 842, Leases . Refer to page i. Disclosures for additional detail on changes in financial statement presentation. These consolidated balance sheets should be read in conjunction with the Company's most recent Form 10-Q and Form 10-K filed with the Securities and Exchange Commission. 3
Consolidated Statements of Operations For the Periods Ended March 31, 2019 and 2018 (in thousands) (unaudited) Three Months Ended Year to Date 2019 2018 2019 2018 Revenues: Lease income(1) $ 277,303 267,510 $ 277,303 267,510 Other property income(1) 1,982 2,025 1,982 2,025 Management, transaction, and other fees 6,972 7,158 6,972 7,158 Total revenues 286,257 276,693 286,257 276,693 Operating Expenses: Depreciation and amortization 97,194 88,525 97,194 88,525 Operating and maintenance 40,638 42,516 40,638 42,516 General and administrative 21,300 17,606 21,300 17,606 Real estate taxes 34,155 30,425 34,155 30,425 Other operating expense(1) 1,134 1,632 1,134 1,632 Total operating expenses 194,421 180,704 194,421 180,704 Other Expense (Income): Interest expense, net of interest income 37,752 36,785 37,752 36,785 Provision for impairment 1,672 16,054 1,672 16,054 Gain on sale of real estate, net of tax (16,490) (96) (16,490) (96) Early extinguishment of debt 10,591 162 10,591 162 Net investment income (2,354) (32) (2,354) (32) Total other expense 31,171 52,873 31,171 52,873 Income from operations before equity in income of investments in real estate partnerships 60,665 43,116 60,665 43,116 Equity in income of investments in real estate partnerships 30,828 10,349 30,828 10,349 Net income 91,493 53,465 91,493 53,465 Noncontrolling Interests: Exchangeable operating partnership units (190) (111) (190) (111) Limited partners' interests in consolidated partnerships (857) (694) (857) (694) Net income attributable to noncontrolling interests (1,047) (805) (1,047) (805) Net income attributable to common stockholders $ 90,446 52,660 $ 90,446 52,660 (1) On January 1, 2019, Regency adopted ASC Topic 842, Leases . Refer to page i. Disclosures for additional detail on changes in financial statement presentation. These consolidated statements of operations should be read in conjunction with the Company's most recent Form 10-Q and Form 10-K filed with the Securities and Exchange Commission. 4
Supplemental Details of Operations (Consolidated Only) For the Periods Ended March 31, 2019 and 2018 (in thousands) Three Months Ended Year to Date 2019 2018 2019 2018 Revenues: * Base rent $ 193,326 188,332 $ 193,326 188,332 * Recoveries from tenants 61,133 58,881 61,133 58,881 * Percentage rent 3,241 3,873 3,241 3,873 * Termination Fees 380 958 380 958 * Uncollectible lease income (864) - (864) - * Other lease income 2,019 2,405 2,019 2,405 Straight line rent on lease income 4,615 4,659 4,615 4,659 Above/below market rent amortization 13,453 8,402 13,453 8,402 Lease income 277,303 267,510 277,303 267,510 * Other property income 1,982 2,025 1,982 2,025 Property management fees 3,764 3,768 3,764 3,768 Asset management fees 1,777 1,703 1,777 1,703 Leasing commissions and other fees 1,431 1,687 1,431 1,687 Management, transaction, and other fees 6,972 7,158 6,972 7,158 Total revenues 286,257 276,693 286,257 276,693 Operating Expenses: Depreciation and amortization (including FF&E) 97,194 88,525 97,194 88,525 * Operating and maintenance 36,537 39,503 36,537 39,503 * Ground rent 3,091 2,426 3,091 2,426 Straight line rent on ground rent 646 367 646 367 Above/below market ground rent amortization 364 221 364 221 Operating and maintenance 40,638 42,517 40,638 42,517 Gross general & administrative 18,772 18,633 18,772 18,633 Stock-based compensation 3,951 4,122 3,951 4,122 Capitalized direct leasing compensation costs - (1,322) - (1,322) Capitalized direct development compensation costs (3,762) (3,892) (3,762) (3,892) General & administrative, net 18,961 17,541 18,961 17,541 Loss on deferred compensation plan(1) 2,339 65 2,339 65 General & administrative 21,300 17,606 21,300 17,606 * Real estate taxes 34,155 30,425 34,155 30,425 Other expenses 962 417 962 417 Development pursuit costs 172 20 172 20 * Provision for doubtful accounts - 1,195 - 1,195 Other operating expenses 1,134 1,632 1,134 1,632 Total operating expenses 194,421 180,705 194,421 180,705 Other Expense (Income): Gross interest expense 36,301 36,922 36,301 36,922 Derivative amortization 2,115 2,102 2,115 2,102 Debt cost amortization 1,287 1,275 1,287 1,275 Debt premium/discount amortization (531) (941) (531) (941) Capitalized interest (1,016) (2,179) (1,016) (2,179) Interest income (404) (394) (404) (394) Interest expense, net 37,752 36,785 37,752 36,785 Provision for impairment of operating properties 1,672 16,054 1,672 16,054 Gain on sale of operating properties (16,507) (104) (16,507) (104) Loss on sale of land 17 8 17 8 Early extinguishment of debt 10,591 162 10,591 162 Net investment income(1) (2,354) (33) (2,354) (33) Total other expense 31,171 52,872 31,171 52,872 * Component of Net Operating Income (1) The change in value of participant obligations within Regency's non-qualified deferred compensation plan is included in General and administrative expense. The expense is offset by unrealized gains of assets held in the plan which is included in Net investment income. These consolidated supplemental details of operations should be read in conjunction with the Company's most recent Form 10-Q and Form 10- K filed with the Securities and Exchange Commission. 5
Supplemental Details of Assets and Liabilities (Real Estate Partnerships Only) March 31, 2019 and December 31, 2018 (in thousands) Noncontrolling Interests Share of JVs 2019 2018 2019 2018 Assets Real estate assets at cost $ (90,693) (90,972) $ 1,351,214 1,379,264 Less: accumulated depreciation (12,875) (12,400) 399,843 415,256 Net real estate investments (77,818) (78,572) 951,371 964,008 Cash and cash equivalents (2,715) (3,063) 14,776 11,806 Tenant and other receivables (3,684) (3,053) 23,500 24,855 Deferred leasing costs, net (1,330) (1,285) 14,462 15,008 Acquired lease intangible assets, net (977) (1,060) 12,890 14,970 Right of use assets(1) (1,748) - 5,867 - Other assets (354) (559) 12,537 12,574 Total assets $ (88,626) (87,592) $ 1,035,403 1,043,221 Liabilities Notes payable $ (43,334) (43,739) $ 524,254 533,973 Accounts payable and other liabilities (1,297) (1,624) 33,951 29,408 Acquired lease intangible liabilities, net (361) (397) 12,575 12,458 Lease liabilities(1) (1,925) - 4,491 - Tenants' security and escrow deposits (272) (300) 3,399 4,381 Total liabilities $ (47,189) (46,060) $ 578,670 580,220 (1) On January 1, 2019, Regency adopted ASC Topic 842, Leases . Refer to page i. Disclosures for additional detail on changes in financial statement presentation. Note Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities and Share of JVs represents the Company’s share of co-investment partnerships’ activities, of which each are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP. 6
Supplemental Details of Operations (Real Estate Partnerships Only) For the Periods Ended March 31, 2019 and 2018 (in thousands) Noncontrolling Interests Share of JVs Three Months Ended Year to Date Three Months Ended Year to Date 2019 2018 2019 2018 2019 2018 2019 2018 Revenues: * Base rent $ (2,067) (1,823) $ (2,067) (1,823) $ 26,104 26,001 $ 26,104 26,001 * Recoveries from tenants (645) (646) (645) (646) 8,597 8,599 8,597 8,599 * Percentage rent (4) - (4) - 698 573 698 573 * Termination Fees - (2) - (2) 106 231 106 231 * Uncollectible lease income 14 - 14 - (104) - (104) - * Other lease income (32) (35) (32) (35) 301 345 301 345 Straight line rent on lease income (95) (65) (95) (65) 515 42 515 42 Above/below market rent amortization (9) (14) (9) (14) 259 261 259 261 Lease income (2,838) (2,585) (2,838) (2,585) 36,476 36,052 36,476 36,052 * Other property income (3) (1) (3) (1) 84 98 84 98 Asset management fees - - - - (282) (270) (282) (270) Management, transaction, and other fees - - - - (282) (270) (282) (270) Total revenues (2,841) (2,586) (2,841) (2,586) 36,278 35,880 36,278 35,880 Operating Expenses: Depreciation and amortization (including FF&E) (696) (622) (696) (622) 8,489 8,791 8,489 8,791 * Operating and maintenance (389) (398) (389) (398) 5,687 5,741 5,687 5,741 * Ground rent (28) (28) (28) (28) 87 94 87 94 Straight line rent on ground rent (16) (16) (16) (16) 217 - 217 - Above/below market ground rent amortization - - - - 4 6 4 6 Operating and maintenance (433) (442) (433) (442) 5,995 5,841 5,995 5,841 Gross general & administrative - - - - 108 38 108 38 General & administrative, net - - - - 108 38 108 38 * Real estate taxes (411) (368) (411) (368) 4,814 4,484 4,814 4,484 Other expenses (19) (13) (19) (13) 224 144 224 144 Development pursuit costs - - - - 6 1 6 1 * Provision for doubtful accounts - (13) - (13) - 86 - 86 Other operating expenses (19) (26) (19) (26) 230 231 230 231 Total operating expenses (1,559) (1,458) (1,559) (1,458) 19,636 19,385 19,636 19,385 Other Expense (Income): Gross interest expense (407) (404) (407) (404) 6,187 6,093 6,187 6,093 Debt cost amortization (18) (30) (18) (30) 185 124 185 124 Debt premium/discount amortization - - - - 4 42 4 42 Interest expense, net (425) (434) (425) (434) 6,376 6,259 6,376 6,259 (Gain) loss on sale of operating properties - - - - (20,563) 2 (20,563) 2 (Gain) loss on sale of land - - - - 1 (115) 1 (115) Total other expense (425) (434) (425) (434) (14,186) 6,146 (14,186) 6,146 * Component of Net Operating Income Note Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities and Share of JVs represents the Company’s share of co-investment partnerships’ activities, of which each are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP. 7
Supplemental Details of Same Property NOI (Pro-Rata) For the Periods Ended March 31, 2019 and 2018 (in thousands) Three Months Ended Year to Date 2019 2018 2019 2018 Same Property NOI Detail: Real Estate Revenues: Base rent $ 211,025 205,282 $ 211,025 205,282 Recoveries from tenants 67,167 65,007 67,167 65,007 Percentage rent 3,764 4,263 3,764 4,263 Termination fees 486 1,180 486 1,180 Uncollectible lease income(1) (657) - (657) - Other lease income(1) 2,178 2,552 2,178 2,552 Other property income(1) 1,567 1,686 1,567 1,686 Total Real Estate Revenues 285,530 279,970 285,530 279,970 Real Estate Operating Expenses: Operating and maintenance 40,749 42,342 40,749 42,342 Real estate taxes 36,844 33,495 36,844 33,495 Ground rent 2,315 2,481 2,315 2,481 Provision for doubtful accounts(1) - 1,141 - 1,141 Total Real Estate Operating Expenses 79,908 79,459 79,908 79,459 Same Property NOI $ 205,622 200,511 $ 205,622 200,511 % change 2.5% 2.5% Same Property NOI without Termination Fees $ 205,136 199,331 $ 205,136 199,331 % change 2.9% 2.9% Same Property NOI without Termination Fees or Redevelopments $ 195,564 190,665 $ 195,564 190,665 % change 2.6% 2.6% Reconciliation of Net Income Attributable to Common Stockholders to Same Property NOI: Net income attributable to common stockholders $ 90,446 52,660 $ 90,446 52,660 Less: Management, transaction, and other fees (6,972) (7,158) (6,972) (7,158) Other (2) (18,967) (14,173) (18,967) (14,173) Plus: Depreciation and amortization 97,194 88,525 97,194 88,525 General and administrative 21,300 17,606 21,300 17,606 Other operating expense, excluding provision for doubtful accounts 1,134 437 1,134 437 Other expense (income) 31,171 52,873 31,171 52,873 Equity in income of investments in real estate excluded from NOI (3) (5,630) 15,093 (5,630) 15,093 Net income attributable to noncontrolling interests 1,047 805 1,047 805 NOI 210,723 206,668 210,723 206,668 Less non-same property NOI (4) (5,101) (6,157) (5,101) (6,157) Same Property NOI $ 205,622 200,511 $ 205,622 200,511 (1) On January 1, 2019, Regency adopted ASC Topic 842, Leases . Refer to page i. Disclosures for additional detail on changes in financial statement presentation. (2) Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests. (3) Includes non-NOI income and expenses incurred at our unconsolidated real estate partnerships, such as, but not limited to, straight-line rental income, above and below market rent amortization, depreciation and amortization, interest expense, and real estate gains and impairments. (4) Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests. 8
Reconciliations of Non-GAAP Financial Measures and Additional Disclosures (Wholly Owned and Regency's Pro-rata Share of Co-investment Partnerships) For the Periods Ended March 31, 2019 and 2018 (in thousands, except per share data) Three Months Ended Year to Date 2019 2018 2019 2018 Reconciliation of Net Income to NAREIT FFO: Net Income Attributable to Common Stockholders$ 90,446 52,660 $ 90,446 52,660 Adjustments to reconcile to NAREIT Funds From Operations:(1) Depreciation and amortization (excluding FF&E) 104,498 96,197 104,498 96,197 Gain on sale of operating properties (37,070) (102) (37,070) (102) Provision for impairment to operating properties 1,672 16,054 1,672 16,054 Loss sale of land(2) 18 - 18 - Exchangeable operating partnership units 190 111 190 111 NAREIT Funds From Operations $ 159,754 164,920$ 159,754 164,920 NAREIT FFO per share (diluted)$ 0.95 0.96$ 0.95 0.96 Weighted average shares (diluted) 168,067 171,309 168,067 171,309 Reconciliation of NAREIT FFO to Core Operating Earnings: NAREIT Funds From Operations$ 159,754 164,920 $ 159,754 164,920 Adjustments to reconcile to Core Operating Earnings:(1) Non Comparable Items Gain on sale of land(2) - (107) - (107) Early extinguishment of debt 10,591 162 10,591 162 Interest on bonds for period from notice to redemption 367 600 367 600 Certain Non Cash Items Straight line rent, net (4,169) (4,081) (4,169) (4,081) Above/below market rent amortization, net (13,335) (8,422) (13,335) (8,422) Debt premium/discount amortization (527) (899) (527) (899) Core Operating Earnings $ 152,681 152,173$ 152,681 152,173 Core Operating Earnings per share (diluted)$ 0.91 0.89$ 0.91 0.89 Weighted average shares (diluted) 168,067 171,309 168,067 171,309 Additional Disclosures: Other Non Cash Expense(1) Derivative amortization $ 2,115 2,102$ 2,115 2,102 Debt cost amortization 1,454 1,369 1,454 1,369 Stock-based compensation 3,951 4,122 3,951 4,122 Other Non Cash Expense $ 7,520 7,593$ 7,520 7,593 Maintenance and Leasing Capital Expenditures(1) Tenant allowance and landlord work $ 8,859 10,450$ 8,859 10,450 Building improvements 1,646 3,421 1,646 3,421 Leasing commissions(3) 1,294 2,892 1,294 2,892 Capital Expenditures $ 11,799 16,763$ 11,799 16,763 (1) Includes Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests, which can be found of page 7. (2) Effective January 1, 2019, Regency prospectively adopted the NAREIT FFO White Paper – 2018 Restatement, and elected the option of excluding gains on sales and impairments of land, which are considered incidental to the Company’s main business. Prior period amounts were not restated to conform to the current year presentation of NAREIT FFO, and therefore include gains on sales and impairments of land. (3) On January 1, 2019, Regency adopted ASC Topic 842, Leases, under which non-contingent internal leasing costs can no longer be capitalized. 9
Reconciliations of Non-GAAP Financial Measures and Additional Disclosures (continued) For the Periods Ended March 31, 2019 and 2018 (in thousands) Three Months Ended Year to Date 2019 2018 2019 2018 Reconciliation of Net Income to NAREIT EBITDAre : Net Income $ 91,493 53,465 $ 91,493 53,465 Adjustments to reconcile to NAREIT EBITDAre (1): Interest expense 44,532 43,438 44,532 43,438 Income tax expense 152 - 152 - Depreciation and amortization 105,683 97,315 105,683 97,315 Gain on sale of operating properties (37,070) (102) (37,070) (102) Provision from impairment to operating properties 1,672 16,054 1,672 16,054 Loss on sale of land(2) 18 - 18 - NAREIT EBITDAre $ 206,480 210,170$ 206,480 210,170 Reconciliation of NAREIT EBITDAre to Operating EBITDAre : NAREIT EBITDAre $ 206,480 210,170 $ 206,480 210,170 Adjustments to reconcile to Operating EBITDAre (1): Gain on sale of land(2) - (107) - (107) Early extinguishment of debt 10,591 162 10,591 162 Straight line rent, net (4,249) (4,130) (4,249) (4,130) Above/below market rent amortization, net (13,344) (8,436) (13,344) (8,436) Operating EBITDAre $ 199,478 197,659$ 199,478 197,659 (1) Includes pro-rata share of unconsolidated co-investment partnerships (2) Effective January 1, 2019, Regency prospectively adopted the NAREIT FFO White Paper – 2018 Restatement, and elected the option of excluding gains on sales and impairments of land, which are considered incidental to the Company’s main business. Prior period amounts were not restated to conform to the current year presentation of NAREIT FFO, and therefore include gains on sales and impairments of land. 10
Summary of Consolidated Debt March 31, 2019 and December 31, 2018 (in thousands) Total Debt Outstanding: 3/31/2019 12/31/18 Notes Payable: Fixed rate mortgage loans $ 450,846 493,263 Variable-rate mortgage loans 37,100 37,893 Fixed rate unsecured public debt 2,332,609 2,286,357 Fixed rate unsecured private debt 189,331 188,965 Unsecured credit facilities: Revolving line of credit 110,000 145,000 Term Loans 563,852 563,734 Total $ 3,683,738 3,715,212 Weighted Average Scheduled Mortgage Contractual Principal Loan Unsecured Interest Rate on Schedule of Maturities by Year: Payments Maturities Maturities (1) Total Maturities 2019 $ 7,284 13,216 - 20,500 6.3% 2020 11,287 39,074 300,000 350,361 2.9% 2021 11,599 76,251 - 87,850 4.7% 2022 11,798 5,848 675,000 692,646 3.0% 2023 10,043 59,375 - 69,418 3.3% 2024 5,301 88,542 250,000 343,843 3.7% 2025 4,207 - 250,000 254,207 3.9% 2026 4,420 88,000 200,000 292,420 3.8% 2027 4,312 32,915 525,000 562,227 3.6% 2028 3,350 170 300,000 303,520 4.1% >10 years 5,423 216 725,000 730,639 4.4% Unamortized debt premium/(discount), net of issuance costs - 5,315 (29,208) (23,893) $ 79,024 408,922 3,195,792 3,683,738 3.8% Percentage of Total Debt: 3/31/2019 12/31/18 Fixed 96.0% 95.1% Variable 4.0% 4.9% Current Weighted Average Contractual Interest Rates:(2) Fixed 3.8% 3.8% Variable 3.5% 3.4% Combined 3.8% 3.9% Current Weighted Average Effective Interest Rate:(3) Combined 4.1% 4.1% Average Years to Maturity: Fixed 10.3 8.2 Variable 2.9 3.1 (1) Includes unsecured public and private placement debt, unsecured term loans, and unsecured revolving line of credit. (2) Interest rates are calculated as of the quarter end. (3) Effective interest rates are calculated in accordance with US GAAP, as of the quarter end, and include the impact of debt premium/(discount) amortization, issuance cost amortization, interest rate swaps, and facility fees. 11
Summary of Consolidated Debt As of March 31, 2019 and December 31, 2018 (in thousands) Contractual Effective Lender Collateral Rate Rate (1) Maturity 3/31/2019 12/31/18 Secured Debt - Fixed Rate Mortgage Loans Peoples United Bank The Village Center 6.3% 06/01/19 $ 13,302 $ 13,434 Nationwide Bank Kent Place 3.3% 04/01/20 8,250 8,250 CUNA Mutal Insurance Society Ocala Corners 6.5% 04/01/20 4,085 4,148 New York Life Insurance Company Scripps Ranch Marketplace 3.8% 11/10/20 27,000 27,000 Wells Fargo University Commons 5.5% 01/10/21 36,278 36,425 Jefferson Pilot BridgeMill 7.9% 05/05/21 4,981 5,109 John Hancock Life Insurance Company Kirkwood Commons 7.7% 10/01/22 8,574 8,742 Wells Fargo Hewlett I 4.4% 01/06/23 9,519 9,559 TD Bank Black Rock Shopping Center 2.8% 04/01/23 20,000 20,000 State Farm Life Insurance Company Tech Ridge Center 5.8% 06/01/23 5,415 5,694 American United Life Insurance Company Westport Plaza 7.5% 08/01/23 2,586 2,651 TD Bank Brickwalk Shopping Center 3.2% 11/01/23 33,000 33,000 Genworth Life Insurance Company Aventura, Oakbrook & Treasure Coast 6.5% 02/28/24 13,872 14,455 Prudential Insurance Company of America 4S Commons Town Center 3.5% 06/05/24 85,000 85,000 Great-West Life & Annuity Insurance Co Erwin Square 3.8% 09/01/24 10,000 10,000 Metropolitan Life Insurance Company Westbury Plaza 3.8% 02/01/26 88,000 88,000 PNC Bank Fellsway Plaza 4.1% 06/02/27 37,500 37,500 NYLIM Real Estate Group Oak Shade Town Center 6.1% 05/10/28 7,419 7,570 New York Life Insurance Von's Circle Center 5.2% 10/10/28 7,548 7,699 CIGNA Copps Hill Plaza 6.1% 01/01/29 13,052 13,293 City of Rollingwood Shops at Mira Vista 8.0% 03/01/32 222 225 Allianz Life Insurance Company Circle Center West 5.0% 10/01/36 9,778 9,864 Allianz Life Insurance Company Willow Festival 7.3% 01/10/20 - 39,505 Unamortized premiums on assumed debt of acquired properties, net of issuance costs 5,465 6,140 Total Fixed Rate Mortgage Loans 4.3% 4.0% $ 450,846 $ 493,263 Unsecured Debt Debt Offering (10/22/12) Fixed-rate unsecured 3.8% 11/15/22 $ 300,000 $ 300,000 Debt Offering (5/16/14) Fixed-rate unsecured 3.8% 06/15/24 250,000 250,000 Debt Offering (8/17/15) Fixed-rate unsecured 3.9% 11/01/25 250,000 250,000 Debt Placement (5/11/2016) Fixed-rate unsecured 3.8% 05/11/26 100,000 100,000 Debt Placement (8/11/2016) Fixed-rate unsecured 3.9% 08/11/26 100,000 100,000 Debt Offering (1/17/17) Fixed-rate unsecured 3.6% 02/01/27 525,000 525,000 Debt Offering (3/9/18) Fixed-rate unsecured 4.1% 03/15/28 300,000 300,000 Debt Offering (1/17/17) Fixed-rate unsecured 4.4% 02/01/47 425,000 425,000 Debt Offering (3/6/19) Fixed-rate unsecured 4.7% 03/15/49 300,000 - Term Loan Fixed-rate unsecured 2.8% (2) 12/02/20 300,000 300,000 Term Loan Fixed-rate unsecured 2.0% (3) 01/05/22 265,000 265,000 Revolving Line of Credit Variable-rate unsecured LIBOR + 0.875% (4) 03/23/22 110,000 145,000 Debt Offering (10/7/10) Fixed-rate unsecured 4.8% 04/15/21 - 250,000 Unamortized debt discount and issuance costs (29,208) (25, 944) Total Unsecured Debt, Net of Discounts 3.7% 4.0% $ 3,195,792 $ 3, 184,056 Variable Rate Mortgage Loans PNC Bank Market at Springwoods Village LIBOR + 1.50% 03/28/21 $ 9,500 $ 10,309 TD Bank, N.A. Concord Shopping Plaza LIBOR + 0.95% 12/21/21 27,750 27,750 Unamortized debt discount and issuance costs (150) ( 166) Total Variable Rate Mortgage Loans 3.6% 3.8% $ 37,100 $ 37,893 Total 3.8% 4.1% $ 3,683,738 $ 3, 715,212 (1) Effective interest rates are calculated in accordance with US GAAP, as of the quarter end, and include the impact of debt premium/(discount) amortization, issuance cost amortization, interest rate swaps, and facility and unused fees. (2) The interest rate on the underlying debt is LIBOR+0.95%; however, interest rate swaps are in place to fix the interest rate on the entire $300 million balance at 2.774% through maturity. (3) The interest rate on the underlying debt is LIBOR + 0.95%, with an interest rate swap in place to fix the interest rate on the entire $265 million balance at 2.00% through maturity. (4) Rate applies to drawn balance only. Additional annual facility fee of 0.15% applies to entire $1.25 bilion line of credit. Maturity is subject to two additional six-month periods at the Company’s option. 12
Summary of Unsecured Debt Covenants and Leverage Ratios March 31, 2019 (in thousands) Outstanding Unsecured Public Debt: Origination Maturity Rate Balance 10/25/12 11/15/22 3.750% $ 300,000 05/16/14 06/15/24 3.750% $ 250,000 08/17/15 11/01/25 3.900% $ 250,000 01/17/17 02/01/27 3.600% $ 525,000 03/09/18 03/15/28 4.125% $ 300,000 01/17/17 02/01/47 4.400% $ 425,000 03/06/19 03/15/49 4.650% $ 300,000 Unsecured Public Debt Covenants: Required 12/31/18 9/30/18 6/30/18 3/31/18 Fair Market Value Calculation Method Covenants(1)(2) Total Consolidated Debt to Total Consolidated Assets ≤ 65% 28% 28% 29% 29% Secured Consolidated Debt to Total Consolidated Assets ≤ 40% 4% 4% 5% 5% Consolidated Income for Debt Service to Consolidated Debt Service ≥ 1.5x 5.1x 5.1x 5.0x 4.7x Unencumbered Consolidated Assets to Unsecured Consolidated Debt >150% 372% 372% 363% 361% Ratios: 3/31/19 12/31/18 9/30/18 6/30/18 3/31/18 Consolidated Only Net debt to total market capitalization 24.3% 27.2% 25.1% 26.4% 27.2% Net debt to real estate assets, before depreciation 32.1% 32.2% 32.2% 33.0% 32.9% Net debt to total assets, before depreciation 28.9% 29.5% 29.4% 30.1% 29.9% Net debt to Operating EBITDAre - TTM 4.7x 4.8x 4.8x 5.0x 5.0x Fixed charge coverage 4.9x 4.9x 4.8x 4.8x 4.8x Interest coverage 5.3x 5.2x 5.2x 5.2x 5.2x Unsecured assets to total real estate assets 87.7% 87.8% 87.8% 85.7% 85.5% Unsecured NOI to total NOI - TTM 89.1% 89.3% 89.4% 87.0% 86.7% Unencumbered assets to unsecured debt 298% 300% 301% 295% 292% Total Pro-Rata Share Net debt to total market capitalization 26.9% 29.9% 27.7% 29.0% 29.9% Net debt to real estate assets, before depreciation 34.0% 34.2% 34.1% 34.8% 34.7% Net debt to total assets, before depreciation 30.7% 31.3% 31.1% 31.8% 31.6% Net debt to Operating EBITDAre - TTM 5.3x 5.3x 5.4x 5.6x 5.6x Fixed charge coverage 4.2x 4.2x 4.1x 4.1x 4.1x Interest coverage 4.6x 4.6x 4.6x 4.5x 4.5x (1) For a complete listing of all Debt Covenants related to the Company's Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company's filings with the Securities and Exchange Commission. (2) Debt covenant disclosure is in arrears due to current quarter calculations being dependent on the Company's most recent Form 10-Q or Form 10-K filing. 13
Summary of Unconsolidated Debt March 31, 2019 and December 31, 2018 (in thousands) Total Debt Outstanding: 3/31/19 12/31/18 Mortgage loans payable: Fixed rate secured loans $ 1,452,394 $ 1,487,530 Variable rate secured loans 106,962 102,482 Unsecured credit facilities variable rate 19,635 19,635 Total $ 1,578,991 $ 1,609,647 Weighted Average Scheduled Contractual Principal Mortgage Loan Unsecured Regency's Pro Rata Interest Rate on Schedule of Maturities by Year: Payments Maturities Maturities Total Share Maturities 2019 $ 14,382 $ 16,186 $ - $ 30,568 $ 10,340 7.0% 2020 17,043 330,615 - 347,658 111,957 5.5% 2021 11,048 269,942 19,635 300,625 104,375 4.5% 2022 7,811 170,702 - 178,513 68,417 4.4% 2023 2,989 171,608 - 174,597 65,095 4.8% 2024 1,295 33,690 - 34,985 14,073 3.9% 2025 966 162,000 - 162,966 49,231 3.6% 2026 1,021 61,000 - 62,021 24,750 3.9% 2027 1,078 115,000 - 116,078 23,378 3.8% 2028 929 62,450 - 63,379 22,088 4.3% >10 Years 2,064 115,497 - 117,561 33,512 4.2% Unamortized debt premium/(discount) and issuance costs (2) - (9,960) - (9,960) (2,962) $ 60,626 $ 1,498,730 $ 19,635 $ 1,578,991 $ 524,254 4.5% Percentage of Total Debt: 3/31/19 12/31/18 Fixed 92.0% 92.4% Variable 8.0% 7.6% Current Weighted Average Contractual Interest Rates:(1) Fixed 4.5% 4.6% Variable 4.7% 4.6% Combined 4.5% 4.6% Current Weighted Average Effective Interest Rates:(2) Combined 4.8% 4.8% Average Years to Maturity: Fixed 4.7 4.7 Variable 1.3 1.6 (1) Interest rates are calculated as of the quarter end. (2) Effective interest rates are calculated in accordance with US GAAP, as of the quarter end, and include the impact of debt premium/(discount) amortization, issuance cost, amortization, interest rate swaps, and facility and unused fees 14
Property Transactions March 31, 2019 (in thousands) Acquisitions: Weighted Co-investment Partner Regency's Share of Average Cap Date Property Name (REG %) Market Total GLA Purchase Price Rate Anchor(s)(1) Feb-19 Melrose Market Seattle, WA 21 $15,500 Various Total 21 $15,500 4.3% Dispositions: Weighted Co-investment Partner Regency's Share of Average Cap Date Property Name (REG %) Market Total GLA Sales Price Rate Anchor(s)(1) Jan-19 Ashburn Farm Market Center Ashburn, VA 92 $30,850 Giant Food Jan-19 Gayton Crossing GRI (40%) Richmond, VA 158 $11,600 Gold's Gym, (Kroger) Jan-19 Ambassador Row Lafayette, LA 195 $20,150 Big Lots, Jo-Ann Fabrics, Planet Fitness Jan-19 Ambassador Row Courtyards Lafayette, LA 150 $9,950 Bed Bath and Beyond, Tuesday Morning Feb-19 King Farm Village Center CalSTRS (25%) Rockville, MD 118 $10,000 Safeway Mar-19 Phillips Place Other (50%) Charlotte, NC 133 $36,500 Regal Cinemas Mar-19 Siegen Village Baton Rouge, LA 170 $17,450 Big Lots, Office Depot, Planet Fitness, Dollar Tree, Party City Total 1,016 $136,500 7.5% (1) Retailers in parenthesis are shadow anchors and not a part of the owned property. 15
Summary of Development and Redevelopment March 31, 2019 (in thousands) In Process Ground Up Developments Shopping Center % Leased & Estimated Project REG's Estimated Net % of Costs Stabilized Shopping Center Name Market Grocer/Anchor Tenant GLA % Leased Committed Project Start Completion Project Costs Incurred Yield Carytown Exchange (1) Richmond, VA Publix 107 46% 52% Q4-2018 2021 $25,580 2% 7.3% The Village at Hunter's Lake Tampa, FL Sprouts 72 81% 87% Q4-2018 2020 22,067 10% 8.0% Ballard Blocks II (2) Seattle, WA PCC Community Markets & West 114 79% 94% Q1-2018 2019 32,524 55% 6.3% Marine Midtown East (3) Raleigh, NC Wegmans 174 88% 94% Q4-2017 2019 22,682 75% 7.8% Indigo Square Charleston, SC Publix Greenwise Market 51 95% 95% Q4-2017 2019 16,931 89% 8.3% Mellody Farm Chicago, IL Whole Foods, Nordstrom Rack & 259 78% 86% Q2-2017 2019 103,939 86% 6.8% REI Pinecrest Place Miami, FL Whole Foods 70 92% 94% Q1-2017 2019 16,375 91% 8.0% The Village at Riverstone Houston, TX Kroger 167 93% 93% Q4-2016 2019 30,638 91% 8.0% Subtotal Ground Up Developments 1,014 81% 87% $270,735 68% 7.3% In Process Redevelopments REG's Estimated Incremental Shopping Center % Leased & Estimated Project Incremental Project % of Costs Stabilized Shopping Center Name Market Grocer/Anchor Tenant GLA % Leased Committed Project Start Completion Costs Incurred Yield Tech Ridge Austin, TX HEB & Pinstack 214 90% 90% Q1-2019 2020 $7,739 4% 5.9% Market Common Clarendon Metro, DC luxury fitness user 131 23% 23% Q4-2018 2021 53,656 8% 8.9% Point 50 Metro, DC Whole Foods 48 62% 66% Q4-2018 2020 17,193 7% 7.9% Pablo Plaza Ph II Jacksonville, FL Whole Foods 157 98% 98% Q4-2018 2020 14,607 29% 6.2% Bloomingdale Square Tampa, FL Publix, LA Fitness 254 91% 91% Q3-2018 2020 19,904 9% 9.1% Various Properties (where estimated Various Various 976 96% 97% 19,489 43% 7.4% incremental costs are less than $5 Million)* Subtotal Redevelopments 1,780 88% 88% $132,589 15% 8.1% Total In Process Developments and Redevelopments 2,794 86% 88% $403,325 51% 7.5% * In Process Redevelopments include densification redevelopment, transformative projects and projects where square footage is added. Projects are included in same property NOI unless otherwise noted. **Regency's Estimated Net GAAP Project Costs, after additional interest and overhead capitalization, are $299,449 with an estimated stabilized yield of 6.9% for Developments In Process and an incremental stabilized yield of 7.7% for Redevelopments In Process. Percent of costs incurred is 70% for Developments and 15% for Redevelopments In Process. (1) Reflects Regency's share of Estimated Net Development Costs After JV Buyout at 64% controlling interest. (2) Reflects Regency's share of Estimated Net Development Costs After JV Buyout at 49.9% noncontrolling interest. (3) Reflects Regency's share of Estimated Net Development Costs After JV Buyout at 50% noncontrolling interest. Note: NOI from Properties in Development and NOI adjustment for Development Completions not yet stabilized have been relocated to Components of NAV on page 31. 16
Summary of Development and Redevelopment March 31, 2019 (in thousands) In Process Ground Up Developments Shopping Center Shopping Center Name Market Grocer/Anchor Tenant GLA Description Carytown Exchange Richmond, VA Publix 107 In Richmond's most desirable historic district, will include Publix on an elevated platform over parking and additional retail fronting Cary Street. The Village at Hunter's Lake Tampa, FL Sprouts 72 Located in the growing submarket of New Tampa, will be anchored by natural and organic grocer Sprouts with additional retail. Center is part of a masterplan surrounded by 250 owned multifamily units, all of which are Not a Part ("NAP"). Ballard Blocks II Seattle, WA PCC Community Markets & West 114 Mixed-use project in a vibrant, urban neighborhood in Seattle, to include specialty grocer PCC Marine Community Markets with additional retail and office/medical use tenants. Midtown East Raleigh, NC Wegmans 174 Regional location with direct access to downtown Raleigh, to include Wegman's first store in North Carolina, supported by additional shops. Indigo Square Charleston, SC Publix Greenwise Market 51 Located in the most affluent suburb of Charleston in Mount Pleasant and anchored by Greenwise Market by Publix with additional retail. Center is part of a masterplan that includes a new Hilton hotel, 456 residential units, and 600 self-storage units all of which are NAP. Mellody Farm Chicago, IL Whole Foods, Nordstrom Rack & 259 Dominant regional center located in an affluent suburb of Chicago and anchored by a best-in- REI class grocer and junior anchors, a walkable, experiential layout adjacent to 260 luxury apartments (NAP). Pinecrest Place Miami, FL Whole Foods 70 Located in one of the best submarkets in Miami-Dade County, anchored by Whole Foods and Target (NAP) with additional shops. The Village at Riverstone Houston, TX Kroger 167 Located in one of Houston's fastest growing master planned communities, anchored by Kroger and additional shops Subtotal Ground Up Developments 1,014 In Process Redevelopments Shopping Center Shopping Center Name Market Grocer/Anchor Tenant GLA Description Tech Ridge Austin, TX HEB & Pinstack 214 Demolish vacant 21K SF retail building and construct 49K SF retail building for Pinstack, a premier entertainment venue. Market Common Clarendon Metro, DC luxury fitness user 131 Reconfiguration of vacant office building into a 130K SF modern, mixed-use building anchored by a luxury fitness club user. Point 50 Metro, DC Whole Foods 48 Demolish existing center and construct a new neighborhood center in the affluent city of Fairfax, anchored by Whole Foods with and 18K SF of shop space. Pablo Plaza Ph II Jacksonville, FL Whole Foods 157 Reconfiguration of Office Depot box for Whole Foods; Office Depot relocation; acquire and lease back restaurant pad; acquire convenience store parcel to renovate/rebuild to release; façade renovations and site enhancements to center. Bloomingdale Square Tampa, FL Publix, LA Fitness 254 Reconfiguration of the former Walmart space for the relocation and expansion of Publix and HOME centric; backfilling the former Publix box with LA Fitness; construction of an additional 14K SF retail shop building; facade renovations and enhancements to remaining center. Various Properties Various Various 976 Various properties where estimated incremental costs are less than $5 Million Subtotal Redevelopments 1,780 Total In Process Developments and Redevelopments 2,794 17
Select Operating Properties with Near Term Redevelopment March 31, 2019 (in thousands) Select Operating Properties with Near Term Redevelopment* REG's Estimated Shopping Estimated Incremental Project Shopping Center Name Market Center GLA % Leased Project Start Costs Description The Abbot Boston, MA 41 8% 2019 $52,000 Generational redevelopment and densification of historic buildings in the heart of Harvard Square into mixed-use project with retail and office. Hancock Austin, TX 410 54% 2019/2020 $35,000 - $45,000 Transformative redevelopment of former Sears space into retail and non-retail uses, including potential expansion of HEB. Also, redevelopment of Sears auto center to accommodate strong demand for retail and non-retail in this desirable infill market. Gateway Plaza at Aventura Miami, FL 30 0% 2019/2020 $10,000 - $15,000 Located on Biscayne Boulevard in a vibrant sub-market of Miami, will tear-down and rebuild or redevelop existing building (prior Babies R Us), with potential to bring a specialty grocer to the center and densify with addition of retail. Westwood Shopping Center Bethesda, MD 102 94% 2019/2020 $110,000 - $125,000 Grocery anchored shopping center transformed into best-in-class mix of uses with retail anchored by Giant, multi-family, and townhomes. Partnering with best-in-class residential developers for construction of multi-family and townhomes that will start in a later phase. Estimated incremental project costs include Regency's non-retail co-investment. Serramonte Phase II San Francisco, CA 1,076 96% 2019/2020 $50,000 - $60,000 Addition of new retail that will augment the evolving merchandising mix, complemented by development of new hotel by a best-in-class developer, at this A mall located just outside of San Francisco in Daly City. Town and Country Center Los Angeles, CA 230 40% 2020/2021 $20,000 - $30,000 Redevelopment of vacant former K-Mart box with new retail and 325 mid-rise apartments on a ground lease. Costs reflect incremental investment for retail redevelopment. Regency's total investment, incorporating acquisition costs at potential pro-rata ownership of 35% is $90M at a return of 6%+. Estimated investment from residential developer, outside of Regency's investment related to the retail portion, is expected to be in excess of $100M. Costa Verde San Diego, CA 179 89% 2021/2022 $125,000 - $150,000 Large-scale redevelopment of existing shopping center with addition of retail, office, hotel and parking garage, adjacent to new transit station. Estimated Incremental Stabilized Yield +/- 7.0% *Selection reflects material under earning operating properties with near term redevelopment that is within approximately 24 months. Selection does not incorporate all pipeline opportunities. Note: Scope, economics and timing of development and redevelopment program and projects could change materially from estimates provided. 18
Unconsolidated Investments March 31, 2019 (in thousands) Regency Investment Partner and Number of Total Total Total Ownership Share Investment Equity Portfolio Summary Abbreviation Properties GLA Assets Debt Interest of Debt 3/31/2019 Pick-up State of Oregon (JV-C, JV-C2) 20 2,219 $ 529,218 $ 246,250 20.00%$ 49,250 $ 49,299 $ 885 (JV-CCV) 1 558 97,969 59,827 30.00% 17,948 11,035 256 21 2,777 627,187 306,077 GRI (JV-GRI) 69 8,901 1,622,934 910,275 40.00% 364,110 182,221 10,736 CalSTRS (JV-RC) 6 603 110,115 10,457 25.00% 2,614 23,858 2,619 NYSCRF (JV-NYC) 6 1,152 275,790 132,606 30.00% 39,782 53,846 271 USAA (1) (JV-USA) 7 683 88,307 103,922 20.01% 20,793 (3,619) 255 Publix (JV-O) 2 211 26,658 - 50.00% - 13,181 373 Individual Investors (JV-O) 6 884 398,371 115,654 18.38% - 50.00% 29,757 123,293 15,433 117 15,211$ 3,149,362 $ 1,578,991 $ 524,254 $ 453,114 $ 30,828 (1) The USAA partnership has distributed proceeds from debt refinancing and real estate sales in excess of Regency's carrying value of its investment resulting in a negative investment balance, which is classified within Accounts Payable and Other Liabilities in the Consolidated Balance Sheets. 19
Leasing Statistics - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships March 31, 2019 (Retail Operating Properties Only) Leasing Statistics - Comparable Tenant Weighted Allowance and Leasing GLA New Base Rent Spread Avg. Lease Landlord Work Total Transactions (in 000s) Rent/Sq. Ft % Term /Sq. Ft. 1st Quarter 2019 240 1,075$ 22.05 8.8% 5.3$ 4.01 4th Quarter 2018 379 1,968 23.36 9.3% 6.2 4.87 3rd Quarter 2018 395 1,924 21.98 10.1% 6.3 4.21 2nd Quarter 2018 440 1,423 25.55 5.0% 5.6 6.20 Total - 12 months 1,454 6,390$ 23.20 8.4% 5.9$ 4.82 Tenant Weighted Allowance and Leasing GLA New Base Rent Spread Avg. Lease Landlord Work New Leases Transactions (in 000s) Rent/Sq. Ft % Term /Sq. Ft. 1st Quarter 2019 53 163$ 28.41 13.2% 8.1$ 25.57 4th Quarter 2018 86 399 21.89 22.5% 9.8 24.45 3rd Quarter 2018 88 302 24.29 35.2% 10.6 24.51 2nd Quarter 2018 95 276 26.11 6.9% 8.1 32.10 Total - 12 months 322 1,140$ 24.56 20.0% 9.4$ 26.41 Tenant Weighted Allowance and Leasing GLA New Base Rent Spread Avg. Lease Landlord Work Renewals Transactions (in 000s) Rent/Sq. Ft % Term /Sq. Ft. 1st Quarter 2019 187 912$ 21.04 7.9% 4.8$ 0.59 4th Quarter 2018 293 1,569 23.65 7.2% 5.5 1.00 3rd Quarter 2018 307 1,622 21.55 5.9% 5.5 0.39 2nd Quarter 2018 345 1,146 25.44 4.7% 5.1 1.06 Total - 12 months 1,132 5,250$ 22.94 6.3% 5.3$ 0.75 Leasing Statistics - Comparable and Non-comparable Tenant Weighted Allowance and Leasing GLA New Base Avg. Lease Landlord Work Total Transactions (in 000s) Rent/Sq. Ft Term /Sq. Ft. 1st Quarter 2019 280 1,217$ 22.11 5.7$ 7.36 4th Quarter 2018 426 2,258 23.30 6.4 7.24 3rd Quarter 2018 445 2,336 19.53 6.8 4.98 2nd Quarter 2018 511 1,659 26.38 5.5 7.93 Total - 12 months 1,662 7,469$ 22.57 6.2$ 6.68 Notes: ● All amounts reported at execution. ● Number of leasing transactions and GLA leased reported at 100%; All other statistics reported at pro-rata share. ● Rent spreads are calculated on a comparable-space, cash basis for new and renewal leases executed and include all leasing transactions, including spaces vacant > 12 months. ● Tenant Allowance & Landlord Work are costs required to make the space leasable and include improvements of a space as it relates to a specific lease. These costs include tenant improvements and inducements. ● Excludes Non-Retail Properties 20
Average Base Rent by CBSA - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships March 31, 2019 (in thousands) Number of % of Number of Largest CBSAs by Population(1) Properties GLA % Leased(2) ABR ABR/Sq. Ft. Properties % of GLA % of ABR New York-Newark-Jersey City 16 1,735 96.9% $ 64,804 $ 38.55 3.8% 4.1% 7.2% Los Angeles-Long Beach-Anaheim 25 2,403 97.7% 64,393 27.43 6.0% 5.6% 7.2% Chicago-Naperville-Elgin 11 1,597 93.3% 27,839 18.68 2.6% 3.7% 3.1% Dallas-Fort Worth-Arlington 12 775 97.7% 17,013 22.47 2.9% 1.8% 1.9% Houston-The Woodlands-Sugar Land 13 1,590 97.3% 29,414 19.00 3.1% 3.7% 3.3% Washington-Arlington-Alexandria 30 2,299 89.3% 54,403 26.51 7.2% 5.4% 6.1% Philadelphia-Camden-Wilmington 8 694 95.7% 15,051 22.66 1.9% 1.6% 1.7% Miami-Fort Lauderdale-West Palm Beach 46 5,492 93.1% 103,940 20.32 11.0% 12.9% 11.6% Atlanta-Sandy Springs-Roswell 22 2,065 94.4% 42,081 21.59 5.3% 4.8% 4.7% Boston-Cambridge-Newton 10 931 95.4% 21,603 24.32 2.4% 2.2% 2.4% San Francisco-Oakland-Hayward 22 3,787 94.8% 104,085 28.98 5.3% 8.9% 11.6% Phoenix-Mesa-Scottsdale - - - - - - - Detroit-Warren-Dearborn - - - - - - - Riverside-San Bernardino-Ontario 2 137 84.8% 3,192 27.54 0.5% 0.3% 0.4% Minneapolis-St. Paul-Bloomington 5 205 97.0% 3,241 16.33 1.2% 0.5% 0.4% Seattle-Tacoma-Bellevue 15 1,145 97.7% 29,195 26.11 3.6% 2.7% 3.3% San Diego-Carlsbad 11 1,536 97.5% 43,914 29.33 2.6% 3.6% 4.9% Tampa-St. Petersburg-Clearwater 9 1,280 95.7% 21,544 17.59 2.1% 3.0% 2.4% Baltimore-Columbia-Towson 5 353 96.3% 8,051 23.65 1.2% 0.8% 0.9% Denver-Aurora-Lakewood 12 987 94.8% 14,387 15.37 2.9% 2.3% 1.6% St. Louis 4 408 100.0% 4,376 10.72 1.0% 1.0% 0.5% Orlando-Kissimmee-Sanford 8 809 95.9% 13,672 17.62 1.9% 1.9% 1.5% Pittsburgh-0-- - - - - - Charlotte-Concord-Gastonia 4 233 97.5% 4,614 20.29 1.0% 0.5% 0.5% Sacramento--Roseville--Arden-Arcade 4 318 97.6% 6,981 22.50 1.0% 0.7% 0.8% Top 25 CBSAs by Population 294 30,781 95.0%$ 697,791 $ 22.56 70.2% 72.1% 77.8% CBSAs Ranked 26 - 50 by Population 62 6,505 93.1% 101,310 16.64 14.8% 15.2% 11.3% CBSAs Ranked 51 - 75 by Population 21 2,064 96.2% 48,172 23.93 5.0% 4.8% 5.4% CBSAs Ranked 76 - 100 by Population 14 926 97.5% 15,609 17.15 3.3% 2.2% 1.7% Other CBSAs 28 2,396 90.5% 34,166 15.70 6.7% 5.6% 3.8% Total All Properties 419 42,672 94.6%$ 897,047 $ 22.14 100.0% 100.0% 100.0% (1) 2018 Population Data Source: Synergos Technologies, Inc. (2) Includes Properties in Development and leases that are executed but have not commenced. 21
Significant Tenant Rents - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships March 31, 2019 (in thousands) Total # of Leased Stores - Total % of Total 100% % of Company- Annualized Annualized Owned and # of Leased Tenant Tenant GLA Owned GLA Base Rent Base Rent JV Stores in JV Publix 2,816 6.6% $ 29,215 3.3% 70 13 Kroger Co.(1) 2,855 6.7% 27,632 3.1% 56 15 Albertsons Companies, Inc.(2) 1,819 4.3% 25,537 2.8% 46 18 Whole Foods 1,057 2.5% 22,116 2.5% 32 10 TJX Companies, Inc.(3) 1,284 3.0% 21,430 2.4% 59 19 CVS 654 1.5% 14,153 1.6% 57 20 Ahold/Delhaize(4) 514 1.2% 12,333 1.4% 15 9 Bed Bath & Beyond Inc.(5) 498 1.2% 9,235 1.0% 19 - Nordstrom(6) 320 0.7% 8,755 1.0% 9 - Ross Dress For Less 551 1.3% 8,685 1.0% 25 9 L.A. Fitness Sports Club 423 1.0% 8,420 0.9% 12 4 Trader Joe's 258 0.6% 8,063 0.9% 26 7 PETCO Animal Supplies, Inc(7) 326 0.8% 7,929 0.9% 40 12 JAB Holding Company(8) 180 0.4% 6,725 0.7% 60 14 Starbucks 138 0.3% 6,725 0.7% 99 32 Gap, Inc(9) 196 0.5% 6,692 0.7% 15 2 Wells Fargo Bank 131 0.3% 6,612 0.7% 51 19 JPMorgan Chase Bank 117 0.3% 6,554 0.7% 36 7 Walgreens 288 0.7% 6,412 0.7% 27 10 Target 570 1.3% 6,365 0.7% 6 2 Bank of America 119 0.3% 6,202 0.7% 41 16 Kohl's 612 1.4% 5,859 0.7% 8 2 H.E. Butt Grocery Company(10) 345 0.8% 5,858 0.7% 5 - Dick's Sporting Goods, Inc.(11) 340 0.8% 5,548 0.6% 7 2 Ulta 170 0.4% 5,081 0.6% 19 3 Top 25 Tenants 16,581 38.9% $ 278,136 31.0% 840 245 (1) Kroger 21 / King Soopers 12 / Harris Teeter 9 / Ralphs 9 / Mariano's Fresh Market 3 / Quality Food Centers 2 (2) Safeway 21 / VONS 7 / Albertson's 4 / Acme Markets 3 / Shaw's 3 / Tom Thumb 3 / Randalls Food & Drug 2 / Star Market 2 / Jewel 1 (3) TJ Maxx 26 / Homegoods 18 / Marshalls 13 / Sierra Trading Post 1 / Homesense 1 (4) Giant 10 / Stop & Shop 4 / Food Lion 1 (5) Bed Bath & Beyond 12 / Cost Plus World Market 5 / Buy Buy Baby 1 / Harmon Face Values 1 (6) Nordstrom Rack 9 (7) Petco 32 / Unleashed by Petco 8 (8) Panera 34 / Einstein Bros Bagels 13 / Peet's' Coffee & Tea 10 / Krispy Kreme 3 (9) Old Navy 10 / The Gap 3 / Athleta 1 / GAP BR Factory 1 (10) H.E.B. 4 / Central Market 1 (11) Dick's Sporting Goods 6 / Golf Galaxy 1 22
Tenant Lease Expirations - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships March 31, 2019 (GLA in thousands) Anchor Tenants(1) Percent of Percent of Year GLA GLA Total ABR(3) ABR MTM(4) 86 0.2% 0.1% $ 12.82 2019 1,086 2.7% 1.3% 10.66 2020 2,601 6.5% 3.9% 13.18 2021 2,780 7.0% 4.0% 12.80 2022 3,136 7.9% 5.4% 15.14 2023 2,557 6.4% 4.7% 16.35 2024 2,749 6.9% 5.2% 16.60 2025 1,194 3.0% 2.3% 17.33 2026 1,245 3.1% 2.7% 19.07 2027 1,361 3.4% 2.6% 16.82 2028 1,539 3.9% 2.9% 16.75 10 Year Total 20,334 51.0% 35.2% $ 15.27 Thereafter 5,263 13.2% 9.6% 16.14 25,597 64.2% 44.9% $ 15.45 Shop Tenants(2) Percent of (3) Year GLA Percent of GLA Total ABR ABR MTM(4) 221 0.6% 0.7% $ 29.26 2019 1,172 2.9% 4.1% 30.69 2020 2,106 5.3% 7.7% 32.08 2021 2,109 5.3% 7.7% 32.36 2022 2,172 5.4% 8.2% 33.23 2023 1,889 4.7% 7.4% 34.37 2024 1,335 3.3% 5.1% 33.71 2025 828 2.1% 3.5% 37.20 2026 675 1.7% 2.8% 36.58 2027 546 1.4% 2.3% 37.33 2028 616 1.5% 2.9% 40.92 10 Year Total 13,669 34.3% 52.3% $ 33.76 Thereafter 635 1.6% 2.8% 39.18 14,304 35.8% 55.1% $ 34.00 All Tenants Percent of (3) Year GLA Percent of GLA Total ABR ABR MTM(4) 308 0.8% 0.9% $ 24.65 2019 2,258 5.7% 5.4% 21.06 2020 4,707 11.8% 11.5% 21.64 2021 4,889 12.3% 11.8% 21.24 2022 5,307 13.3% 13.6% 22.54 2023 4,447 11.1% 12.1% 24.01 2024 4,084 10.2% 10.3% 22.20 2025 2,022 5.1% 5.8% 25.47 2026 1,920 4.8% 5.5% 25.22 2027 1,907 4.8% 4.9% 22.70 2028 2,155 5.4% 5.8% 23.67 10 Year Total 34,004 85.2% 87.5% $ 22.70 Thereafter 5,898 14.8% 12.5% 18.62 39,901 100.0% 100.0% $ 22.10 Note: Reflects commenced leases only. Does not account for contractual rent steps and assumes that no tenants exercise renewal options. (1) Anchor tenants represent any tenant occupying at least 10,000 square feet. (2) Shop tenants represent any tenant occupying less than 10,000 square feet. (3) Total Annual Base Rent ("ABR") excludes additional rent such as percentage rent, common area maintenance, real estate taxes, and insurance reimbursements. (4) Month to month lease or in process of renewal. 23
Portfolio Summary Report By State March 31, 2019 (GLA in thousands) REG's pro-rata REG's pro- REG's pro-rata JVs at 100% share rata share share % Leased - Retail Retailer- Grocery REG Operating Owned Anchor Property Name JV % State CBSA GLA GLA % Leased Properties GLA GLA Major Tenants(1) Avg. Base Rent PSF 200 Potrero CA San Francisco-Oakland-Hayward 31 31 100.0% - $12.98 4S Commons Town Center M 85% CA San Diego-Carlsbad 240 240 99.5% 68 Ralphs, Jimbo's...Naturally! $33.63 Amerige Heights Town Center CA Los Angeles-Long Beach-Anaheim 89 89 100.0% 143 58 Albertsons(Target) $29.82 Balboa Mesa Shopping Center CA San Diego-Carlsbad 207 207 100.0% 42 Von's, Kohl's $25.93 Bayhill Shopping Center GRI 40% CA San Francisco-Oakland-Hayward 122 49 95.7% 32 Mollie Stone's Market $25.14 Blossom Valley USAA 20% CA San Jose-Sunnyvale-Santa Clara 93 19 96.7% 34 Safeway $27.26 Brea Marketplace GRI 40% CA Los Angeles-Long Beach-Anaheim 352 141 99.2% 25 Sprout's, Target, 24 Hour Fitness $19.31 Circle Center West CA Los Angeles-Long Beach-Anaheim 64 64 100.0% - $27.70 Clayton Valley Shopping Center CA San Francisco-Oakland-Hayward 260 260 91.5% 14 Grocery Outlet, Orchard Supply Hardware $22.30 Corral Hollow RC 25% CA Stockton-Lodi 167 42 100.0% 66 Safeway, Orchard Supply & Hardware $17.51 Costa Verde Center CA San Diego-Carlsbad 179 179 88.6% 40 Bristol Farms $33.93 Culver Center CA Los Angeles-Long Beach-Anaheim 217 217 95.7% 37 Ralphs, Best Buy, LA Fitness $31.63 Diablo Plaza CA San Francisco-Oakland-Hayward 63 63 95.2% 53 53 (Safeway) $40.34 El Camino Shopping Center CA Los Angeles-Long Beach-Anaheim 136 136 97.7% 31 Bristol Farms $37.88 El Cerrito Plaza CA San Francisco-Oakland-Hayward 256 256 97.9% 67 78 (Lucky's), Trader Joe's $29.85 El Norte Pkwy Plaza CA San Diego-Carlsbad 91 91 97.0% 42 Von's $18.64 Encina Grande CA San Francisco-Oakland-Hayward 106 106 99.1% 38 Whole Foods $31.36 Five Points Shopping Center GRI 40% CA Santa Maria-Santa Barbara 145 58 98.7% 35 Smart & Final $30.16 Folsom Prairie City Crossing CA Sacramento--Roseville--Arden-Arcade 90 90 100.0% 55 Safeway $20.96 French Valley Village Center CA Riverside-San Bernardino-Ontario 99 99 98.6% 44 Stater Bros. $26.83 Friars Mission Center CA San Diego-Carlsbad 147 147 100.0% 55 Ralphs $35.64 Gateway 101 CA San Francisco-Oakland-Hayward 92 92 100.0% 212 (Home Depot), (Best Buy), Target, Nordstrom Rack $32.05 Gelson's Westlake Market Plaza CA Oxnard-Thousand Oaks-Ventura 85 85 97.1% 40 Gelson's Markets $28.07 Golden Hills Plaza CA San Luis Obispo-Paso Robles-Arroyo Grande 244 244 96.1% Lowe's $7.45 Granada Village GRI 40% CA Los Angeles-Long Beach-Anaheim 226 91 98.8% 24 Sprout's Markets $23.92 Hasley Canyon Village USAA 20% CA Los Angeles-Long Beach-Anaheim 66 13 100.0% 52 Ralphs $25.48 Heritage Plaza CA Los Angeles-Long Beach-Anaheim 230 230 100.0% 44 Ralphs $37.74 Jefferson Square CA Riverside-San Bernardino-Ontario 38 38 48.9% - $16.07 Laguna Niguel Plaza GRI 40% CA Los Angeles-Long Beach-Anaheim 42 17 100.0% 39 39 (Albertsons) $28.59 Marina Shores C 20% CA Los Angeles-Long Beach-Anaheim 68 14 100.0% 26 Whole Foods $36.28 Mariposa Shopping Center GRI 40% CA San Jose-Sunnyvale-Santa Clara 127 51 94.7% 43 Safeway $20.98 Morningside Plaza CA Los Angeles-Long Beach-Anaheim 91 91 97.1% 43 Stater Bros. $23.40 Navajo Shopping Center GRI 40% CA San Diego-Carlsbad 102 41 100.0% 44 Albertsons $14.58 Newland Center CA Los Angeles-Long Beach-Anaheim 152 152 100.0% 58 Albertsons $26.26 Oak Shade Town Center CA Sacramento--Roseville--Arden-Arcade 104 104 96.3% 40 Safeway $22.67 Oakbrook Plaza CA Oxnard-Thousand Oaks-Ventura 83 83 97.8% 44 Gelson's Markets $20.67 Parnassus Heights Medical RLP 50% CA San Francisco-Oakland-Hayward 146 73 99.6% Central Parking System $84.87 Persimmon Place CA San Francisco-Oakland-Hayward 153 153 100.0% 40 Whole Foods, Nordstrom Rack $35.05 Plaza Escuela CA San Francisco-Oakland-Hayward 154 154 96.4% - $45.24 Plaza Hermosa CA Los Angeles-Long Beach-Anaheim 95 95 92.8% 37 Von's $26.43 Pleasant Hill Shopping Center GRI 40% CA San Francisco-Oakland-Hayward 227 91 100.0% Target, Burlington $22.83 Pleasanton Plaza CA San Francisco-Oakland-Hayward 163 163 78.5% JCPenney $11.17 Point Loma Plaza GRI 40% CA San Diego-Carlsbad 205 82 95.7% 50 Von's $22.63 Potrero Center CA San Francisco-Oakland-Hayward 227 227 83.5% 60 Safeway $33.94 Powell Street Plaza CA San Francisco-Oakland-Hayward 166 166 91.2% 10 Trader Joe's $34.84 Raley's Supermarket C 20% CA Sacramento--Roseville--Arden-Arcade 63 13 100.0% 63 Raley's $12.50 Ralphs Circle Center CA Los Angeles-Long Beach-Anaheim 60 60 100.0% 35 Ralphs $18.36 Rancho San Diego Village GRI 40% CA San Diego-Carlsbad 153 61 95.6% 40 Smart & Final $22.32 Rona Plaza CA Los Angeles-Long Beach-Anaheim 52 52 100.0% 37 Superior Super Warehouse $21.11 San Carlos Marketplace CA San Francisco-Oakland-Hayward 154 154 100.0% TJ Maxx, Best Buy $35.23 Scripps Ranch Marketplace CA San Diego-Carlsbad 132 132 100.0% 57 Vons $30.56 San Leandro Plaza CA San Francisco-Oakland-Hayward 50 50 100.0% 38 38 (Safeway) $36.61 Seal Beach C 20% CA Los Angeles-Long Beach-Anaheim 97 19 95.7% 48 Safeway $25.71 Sequoia Station CA San Francisco-Oakland-Hayward 103 103 99.7% 62 62 (Safeway) $42.76 Macy's, Target, Dick's Sporting Goods, JCPenney, Dave & Serramonte Center CA San Francisco-Oakland-Hayward 1,076 1,076 96.5% $24.56 Buster's, Nordstrom Rack Shoppes at Homestead CA San Jose-Sunnyvale-Santa Clara 113 113 100.0% 53 (Orchard Supply Hardware) $23.36 Silverado Plaza GRI 40% CA Napa 85 34 99.0% 32 Nob Hill $17.86 Snell & Branham Plaza GRI 40% CA San Jose-Sunnyvale-Santa Clara 92 37 100.0% 53 Safeway $19.22 South Bay Village CA Los Angeles-Long Beach-Anaheim 108 108 100.0% 30 Wal-Mart Orchard Supply Hardware $20.31 Talega Village Center CA Los Angeles-Long Beach-Anaheim 102 102 100.0% 46 Ralphs $22.51 Tassajara Crossing CA San Francisco-Oakland-Hayward 146 146 99.3% 56 Safeway $24.36 The Hub Hillcrest Market CA San Diego-Carlsbad 149 149 95.3% 52 Ralphs, Trader Joe's $39.03 The Marketplace Shopping Ctr CA Sacramento--Roseville--Arden-Arcade 111 111 96.7% 35 Safeway $24.86 Town and Country Center O 18% CA Los Angeles-Long Beach-Anaheim 230 42 40.0% 41 Whole Foods $47.10 Tustin Legacy CA Los Angeles-Long Beach-Anaheim 112 112 100.0% 44 Stater Bros. $31.61 Twin Oaks Shopping Center GRI 40% CA Los Angeles-Long Beach-Anaheim 98 39 93.4% 41 Ralphs $19.98 Twin Peaks CA San Diego-Carlsbad 208 208 99.5% 45 Atlas International Market, Target $20.73 Valencia Crossroads CA Los Angeles-Long Beach-Anaheim 173 173 100.0% 35 Whole Foods, Kohl's $27.72 Village at La Floresta CA Los Angeles-Long Beach-Anaheim 87 87 100.0% 37 Whole Foods $34.04 Von's Circle Center CA Los Angeles-Long Beach-Anaheim 151 151 98.4% 45 Von's, Ross Dress for Less $21.70 West Park Plaza CA San Jose-Sunnyvale-Santa Clara 88 88 100.0% 25 Safeway $18.13 24
Portfolio Summary Report By State March 31, 2019 (GLA in thousands) REG's pro-rata REG's pro- REG's pro-rata JVs at 100% share rata share share % Leased - Retail Retailer- Grocery REG Operating Owned Anchor Property Name JV % State CBSA GLA GLA % Leased Properties GLA GLA Major Tenants(1) Avg. Base Rent PSF Westlake Village Plaza and Center CA Oxnard-Thousand Oaks-Ventura 201 201 95.1% 72 Von's, Sprouts $37.96 Willows Shopping Center CA San Francisco-Oakland-Hayward 249 249 88.9% - $29.58 Woodman Van Nuys CA Los Angeles-Long Beach-Anaheim 108 108 100.0% 78 El Super $15.91 Woodside Central CA San Francisco-Oakland-Hayward 81 81 98.5% 113 (Target) $25.23 Ygnacio Plaza GRI 40% CA San Francisco-Oakland-Hayward 110 44 99.0% Sports Basement $37.35 CA 11,183 9,235 95.6% 96.2% 780 2,687 Applewood Shopping Ctr GRI 40% CO Denver-Aurora-Lakewood 353 141 90.5% 71 King Soopers, Hobby Lobby $14.61 Alcove On Arapahoe GRI 40% CO Boulder 159 64 91.6% 44 Safeway $18.31 Belleview Square CO Denver-Aurora-Lakewood 117 117 100.0% 65 King Soopers $20.14 Boulevard Center CO Denver-Aurora-Lakewood 79 79 74.2% 53 53 (Safeway) $30.85 Buckley Square CO Denver-Aurora-Lakewood 116 116 96.1% 62 King Soopers $11.47 Centerplace of Greeley III CO Greeley 119 119 100.0% Hobby Lobby $11.33 Cherrywood Square Shop Ctr GRI 40% CO Denver-Aurora-Lakewood 97 39 96.3% 72 King Soopers $10.29 Crossroads Commons C 20% CO Boulder 143 29 98.7% 66 Whole Foods $27.56 Crossroads Commons II C 20% CO Boulder 20 4 47.0% (Whole Foods) $29.24 Falcon Marketplace CO Colorado Springs 22 22 93.8% 184 50 (Wal-Mart) $23.15 Hilltop Village CO Denver-Aurora-Lakewood 100 100 98.7% 66 King Soopers $11.04 Kent Place M 50% CO Denver-Aurora-Lakewood 48 48 100.0% 30 King Soopers $20.81 Littleton Square CO Denver-Aurora-Lakewood 99 99 95.4% 78 King Soopers $10.37 Lloyd King Center CO Denver-Aurora-Lakewood 83 83 98.3% 61 King Soopers $12.07 Marketplace at Briargate CO Colorado Springs 29 29 90.0% 66 66 (King Soopers) $32.30 Monument Jackson Creek CO Colorado Springs 85 85 100.0% 70 King Soopers $12.14 Ralston Square Shopping Center GRI 40% CO Denver-Aurora-Lakewood 83 33 97.0% 55 King Soopers $11.48 Shops at Quail Creek CO Denver-Aurora-Lakewood 38 38 96.3% 100 100 (King Soopers) $26.93 Stroh Ranch CO Denver-Aurora-Lakewood 93 93 98.3% 70 King Soopers $13.17 Woodmen Plaza CO Colorado Springs 116 116 94.4% 70 King Soopers $13.24 CO 2,000 1,455 94.4% 95.2% 403 1,149 22 Crescent Road CT Bridgeport-Stamford-Norwalk 4 4 100.0% - $60.00 91 Danbury Road CT Bridgeport-Stamford-Norwalk 5 5 100.0% - $27.45 Black Rock M 80% CT Bridgeport-Stamford-Norwalk 98 98 97.8% - $30.68 Brick Walk M 80% CT Bridgeport-Stamford-Norwalk 123 123 86.2% - $46.55 Brookside Plaza CT Hartford-West Hartford-East Hartford 217 217 91.4% 60 ShopRite $14.57 Compo Acres Shopping Center CT Bridgeport-Stamford-Norwalk 43 43 100.0% 12 Trader Joe's $48.68 Copps Hill Plaza CT Bridgeport-Stamford-Norwalk 185 185 100.0% 59 Stop & Shop, Kohl's $14.19 Corbin's Corner GRI 40% CT Hartford-West Hartford-East Hartford 186 74 100.0% 10 Trader Joe's, Best Buy, Edge Fitness $29.16 Danbury Green CT Bridgeport-Stamford-Norwalk 124 124 100.0% 12 Trader Joe's $24.03 Darinor Plaza CT Bridgeport-Stamford-Norwalk 153 153 100.0% Kohl's $18.99 Fairfield Center M 80% CT Bridgeport-Stamford-Norwalk 94 94 93.2% - $32.64 Post Road Plaza CT Bridgeport-Stamford-Norwalk 20 20 100.0% 11 Trader Joe's $53.92 Southbury Green CT New Haven-Milford 156 156 96.4% 60 ShopRite $22.70 The Village Center CT Bridgeport-Stamford-Norwalk 90 90 84.3% 22 The Fresh Market $39.95 Walmart Norwalk CT Bridgeport-Stamford-Norwalk 142 142 100.0% 112 WalMart $0.56 CT 1,639 1,528 96.1% 95.8% 0 358 Shops at The Columbia RC 25% DC Washington-Arlington-Alexandria 23 6 85.8% 12 Trader Joe's $41.19 Spring Valley Shopping Center GRI 40% DC Washington-Arlington-Alexandria 17 7 82.4% - $113.49 DC 40 12 84.4% 84.0% 0 12 Pike Creek DE Philadelphia-Camden-Wilmington 232 232 95.6% 49 Acme Markets, K-Mart $14.88 Shoppes of Graylyn GRI 40% DE Philadelphia-Camden-Wilmington 64 26 92.2% - $24.01 DE 296 257 94.9% 95.3% 0 49 Alafaya Village FL Orlando-Kissimmee-Sanford 38 38 86.5% 58 58 (Lucky's) $22.31 Anastasia Plaza FL Jacksonville 102 102 92.3% 49 Publix $13.44 Atlantic Village FL Jacksonville 105 105 92.5% LA Fitness $16.92 Aventura Shopping Center FL Miami-Fort Lauderdale-West Palm Beach 97 97 98.9% 49 Publix $36.80 Aventura Square FL Miami-Fort Lauderdale-West Palm Beach 144 144 79.3% Bed, Bath & Beyond $39.16 Banco Popular Building FL Miami-Fort Lauderdale-West Palm Beach 33 33 33.4% - $25.74 Berkshire Commons FL Naples-Immokalee-Marco Island 110 110 97.5% 66 Publix $14.29 Bird 107 Plaza FL Miami-Fort Lauderdale-West Palm Beach 40 40 100.0% - $20.25 Bird Ludlam FL Miami-Fort Lauderdale-West Palm Beach 192 192 98.5% 44 Winn-Dixie $23.26 Bloomingdale Square FL Tampa-St. Petersburg-Clearwater 254 254 91.2% 48 Publix, Bealls $15.50 Bluffs Square Shoppes FL Miami-Fort Lauderdale-West Palm Beach 124 124 93.8% 40 Publix $14.94 Boca Village Square FL Miami-Fort Lauderdale-West Palm Beach 92 92 97.6% 36 Publix $22.23 Boynton Lakes Plaza FL Miami-Fort Lauderdale-West Palm Beach 110 110 94.9% 46 Publix $16.66 Boynton Plaza FL Miami-Fort Lauderdale-West Palm Beach 105 105 94.4% 54 Publix $21.59 Brooklyn Station on Riverside FL Jacksonville 50 50 100.0% 20 The Fresh Market $25.98 Caligo Crossing FL Miami-Fort Lauderdale-West Palm Beach 11 11 35.0% 98 (Kohl's) $54.73 Carriage Gate FL Tallahassee 73 73 100.0% 13 Trader Joe's $23.34 Cashmere Corners FL Port St. Lucie 86 86 76.1% 44 WalMart $13.50 Charlotte Square FL Punta Gorda 91 91 78.3% 44 WalMart $10.39 Chasewood Plaza FL Miami-Fort Lauderdale-West Palm Beach 151 151 98.8% 54 Publix $25.91 Concord Shopping Plaza FL Miami-Fort Lauderdale-West Palm Beach 309 309 95.4% 78 Winn-Dixie, Home Depot $12.23 Coral Reef Shopping Center FL Miami-Fort Lauderdale-West Palm Beach 75 75 98.8% 25 Aldi $31.14 Corkscrew Village FL Cape Coral-Fort Myers 82 82 95.3% 51 Publix $13.87 Country Walk Plaza NYC 30% FL Miami-Fort Lauderdale-West Palm Beach 101 30 93.6% 40 Publix $20.05 Countryside Shops FL Miami-Fort Lauderdale-West Palm Beach 193 193 92.4% 46 Publix, Stein Mart $18.56 25
Portfolio Summary Report By State March 31, 2019 (GLA in thousands) REG's pro-rata REG's pro- REG's pro-rata JVs at 100% share rata share share % Leased - Retail Retailer- Grocery REG Operating Owned Anchor Property Name JV % State CBSA GLA GLA % Leased Properties GLA GLA Major Tenants(1) Avg. Base Rent PSF Courtyard Shopping Center FL Jacksonville 137 137 100.0% 63 63 (Publix), Target $3.50 Fleming Island FL Jacksonville 132 132 97.5% 130 48 Publix, (Target) $16.03 Fountain Square FL Miami-Fort Lauderdale-West Palm Beach 177 177 96.4% 140 46 Publix,(Target) $25.82 Gardens Square FL Miami-Fort Lauderdale-West Palm Beach 90 90 100.0% 42 Publix $18.13 Glengary Shoppes FL North Port-Sarasota-Bradenton 93 93 100.0% Best Buy $21.13 Shoppes of Grande Oak FL Cape Coral-Fort Myers 79 79 100.0% 54 Publix $16.32 Greenwood Shopping Centre FL Miami-Fort Lauderdale-West Palm Beach 133 133 92.0% 50 Publix $15.37 Hammocks Town Center FL Miami-Fort Lauderdale-West Palm Beach 184 184 98.7% 86 40 Publix, Metro-Dade Public Library, (Kendall Ice Arena) $16.97 Hibernia Pavilion FL Jacksonville 51 51 89.6% 39 Publix $15.99 Homestead McDonald's FL Miami-Fort Lauderdale-West Palm Beach 4 4 100.0% - $27.74 John's Creek Center C 20% FL Jacksonville 75 15 100.0% 45 Publix $15.43 Julington Village C 20% FL Jacksonville 82 16 100.0% 51 Publix $16.28 Kirkman Shoppes FL Orlando-Kissimmee-Sanford 115 115 96.7% LA Fitness $23.43 Lake Mary Centre FL Orlando-Kissimmee-Sanford 360 360 94.9% 25 The Fresh Market, Academy Sports, Hobby Lobby, LA Fitness $15.95 Lantana Outparcels FL Miami-Fort Lauderdale-West Palm Beach 17 17 100.0% - $18.28 Mandarin Landing FL Jacksonville 140 140 89.1% 50 Whole Foods $17.94 Millhopper Shopping Center FL Gainesville 83 83 100.0% 46 Publix $17.76 Naples Walk Shopping Center FL Naples-Immokalee-Marco Island 125 125 92.9% 51 Publix $16.62 Newberry Square FL Gainesville 181 181 45.8% 40 Publix $10.14 Nocatee Town Center FL Jacksonville 107 107 100.0% 54 Publix $19.83 Northgate Square FL Tampa-St. Petersburg-Clearwater 75 75 100.0% 48 Publix $15.02 Oakleaf Commons FL Jacksonville 74 74 98.1% 46 Publix $15.01 Ocala Corners FL Tallahassee 87 87 98.6% 61 Publix $14.95 Old St Augustine Plaza FL Jacksonville 256 256 100.0% 52 Publix, Burlington Coat Factory, Hobby Lobby, LA Fitness $9.97 Pablo Plaza FL Jacksonville 161 161 98.4% 34 Whole Foods $17.23 Pavillion FL Naples-Immokalee-Marco Island 168 168 90.2% LA Fitness $21.23 Pine Island FL Miami-Fort Lauderdale-West Palm Beach 255 255 96.9% 40 Publix, Burlington Coat Factory $14.59 Pine Ridge Square FL Miami-Fort Lauderdale-West Palm Beach 118 118 97.0% 17 The Fresh Market $17.90 Pine Tree Plaza FL Jacksonville 63 63 92.9% 38 Publix $14.49 Pinecrest Place FL Miami-Fort Lauderdale-West Palm Beach 70 70 92.0% 173 47 Whole Foods, (Target) $39.36 Plaza Venezia C 20% FL Orlando-Kissimmee-Sanford 202 40 100.0% 51 Publix $26.74 Point Royale Shopping Center FL Miami-Fort Lauderdale-West Palm Beach 202 202 98.7% 45 Winn-Dixie, Burlington Coat Factory $15.70 Prosperity Centre FL Miami-Fort Lauderdale-West Palm Beach 124 124 93.5% Bed, Bath & Beyond $21.84 Regency Square FL Tampa-St. Petersburg-Clearwater 352 352 97.5% 66 AMC Theater, (Best Buy), (Macdill) $17.60 Ryanwood Square FL Sebastian-Vero Beach 115 115 88.8% 40 Publix $11.27 Salerno Village FL Port St. Lucie 5 5 100.0% - $16.53 Sawgrass Promenade FL Miami-Fort Lauderdale-West Palm Beach 107 107 91.5% 36 Publix $12.51 Seminole Shoppes O 50% FL Jacksonville 87 44 98.4% 54 Publix $22.85 Sheridan Plaza FL Miami-Fort Lauderdale-West Palm Beach 506 506 86.9% 66 Publix, Kohl's, LA Fitness $19.31 Shoppes @ 104 FL Miami-Fort Lauderdale-West Palm Beach 112 112 98.8% 46 Winn-Dixie $18.84 Shoppes at Bartram Park O 50% FL Jacksonville 134 67 100.0% 97 45 Publix(Kohl's) $20.40 Shoppes at Lago Mar FL Miami-Fort Lauderdale-West Palm Beach 83 83 95.8% 42 Publix $15.65 Shoppes at Sunlake Centre FL Tampa-St. Petersburg-Clearwater 98 98 100.0% 46 Publix $21.16 Shoppes of Jonathan's Landing FL Miami-Fort Lauderdale-West Palm Beach 27 27 100.0% 54 54 (Publix) $24.79 Shoppes of Oakbrook FL Miami-Fort Lauderdale-West Palm Beach 200 200 98.2% 44 Publix, Stein Mart $16.72 Shoppes of Pebblebrook Plaza O 50% FL Naples-Immokalee-Marco Island 77 38 100.0% 61 Publix $15.27 Shoppes of Silver Lakes FL Miami-Fort Lauderdale-West Palm Beach 127 127 91.4% 48 Publix $18.98 Shoppes of Sunset FL Miami-Fort Lauderdale-West Palm Beach 22 22 91.1% - $24.70 Shoppes of Sunset II FL Miami-Fort Lauderdale-West Palm Beach 28 28 67.6% - $22.90 Shops at John's Creek FL Jacksonville 15 15 100.0% - $23.68 Shops at Skylake FL Miami-Fort Lauderdale-West Palm Beach 287 287 91.4% 51 Publix, LA Fitness $23.32 South Beach Regional FL Jacksonville 308 308 98.8% 13 Trader Joe's, Home Depot, Stein Mart $15.00 South Point FL Sebastian-Vero Beach 65 65 95.7% 45 Publix $15.93 Starke FL Other 13 13 100.0% - $25.56 Suncoast Crossing FL Tampa-St. Petersburg-Clearwater 118 118 97.6% 143 Kohl's, (Target) $6.79 Tamarac Town Square FL Miami-Fort Lauderdale-West Palm Beach 125 125 73.8% 38 Publix $13.00 The Grove NYC 30% FL Orlando-Kissimmee-Sanford 152 46 100.0% 52 Publix, LA Fitness $20.96 The Plaza at St. Lucie West FL Port St. Lucie 27 27 81.7% - $24.02 The Village at Hunter's Lake FL Tampa-St. Petersburg-Clearwater 72 72 81.2% 29 Sprouts $25.46 Town and Country FL Orlando-Kissimmee-Sanford 78 78 100.0% Ross Dress for Less $10.54 Town Square FL Tampa-St. Petersburg-Clearwater 44 44 100.0% - $31.98 Treasure Coast Plaza FL Sebastian-Vero Beach 134 134 89.6% 59 Publix $16.10 Unigold Shopping Center FL Orlando-Kissimmee-Sanford 115 115 95.0% 31 Lucky's $15.18 University Commons FL Miami-Fort Lauderdale-West Palm Beach 180 180 100.0% 51 Whole Foods, Nordstrom Rack $31.63 Veranda Shoppes NYC 30% FL Miami-Fort Lauderdale-West Palm Beach 45 13 97.3% 29 Publix $27.05 Village Center FL Tampa-St. Petersburg-Clearwater 187 187 97.9% 50 Publix $20.21 Waterstone Plaza FL Miami-Fort Lauderdale-West Palm Beach 61 61 100.0% 46 Publix $16.69 Welleby Plaza FL Miami-Fort Lauderdale-West Palm Beach 110 110 96.5% 47 Publix $13.52 Wellington Town Square FL Miami-Fort Lauderdale-West Palm Beach 112 112 100.0% 45 Publix $24.25 West Bird Plaza FL Miami-Fort Lauderdale-West Palm Beach 100 100 86.5% 38 Publix $18.47 West Lake Shopping Center FL Miami-Fort Lauderdale-West Palm Beach 101 101 95.8% 46 Winn-Dixie $18.90 Westchase FL Tampa-St. Petersburg-Clearwater 79 79 95.2% 51 Publix $16.32 Westport Plaza FL Miami-Fort Lauderdale-West Palm Beach 47 47 97.9% 28 Publix $20.05 Willa Springs USAA 20% FL Orlando-Kissimmee-Sanford 90 18 100.0% 44 Publix $21.10 Young Circle Shopping Center FL Miami-Fort Lauderdale-West Palm Beach 65 65 59.0% 23 - $21.04 FL 11,795 11,078 93.8% 93.7% 1,107 3,527 26
Portfolio Summary Report By State March 31, 2019 (GLA in thousands) REG's pro-rata REG's pro- REG's pro-rata JVs at 100% share rata share share % Leased - Retail Retailer- Grocery REG Operating Owned Anchor Property Name JV % State CBSA GLA GLA % Leased Properties GLA GLA Major Tenants(1) Avg. Base Rent PSF Ashford Place GA Atlanta-Sandy Springs-Roswell 53 53 100.0% - $21.80 Briarcliff La Vista GA Atlanta-Sandy Springs-Roswell 43 43 100.0% - $21.72 Briarcliff Village GA Atlanta-Sandy Springs-Roswell 190 190 98.4% 43 Publix $16.41 Bridgemill Market GA Atlanta-Sandy Springs-Roswell 89 89 82.4% 38 Publix $16.80 Brighten Park GA Atlanta-Sandy Springs-Roswell 137 137 95.7% 25 The Fresh Market $25.99 Buckhead Court GA Atlanta-Sandy Springs-Roswell 49 49 98.2% - $27.13 Buckhead Station GA Atlanta-Sandy Springs-Roswell 234 234 100.0% Nordstrom Rack, TJ Maxx, Bed Bath & Beyond $24.15 Cambridge Square GA Atlanta-Sandy Springs-Roswell 71 71 100.0% 41 Kroger $15.62 Chastain Square GA Atlanta-Sandy Springs-Roswell 92 92 96.7% 37 Publix $21.52 Cornerstone Square GA Atlanta-Sandy Springs-Roswell 80 80 100.0% 18 Aldi $17.24 Sope Creek Crossing GA Atlanta-Sandy Springs-Roswell 99 99 91.9% 45 Publix $16.24 Dunwoody Hall USAA 20% GA Atlanta-Sandy Springs-Roswell 86 17 83.8% 44 Publix $19.92 Dunwoody Village GA Atlanta-Sandy Springs-Roswell 121 121 94.3% 18 The Fresh Market $19.97 Howell Mill Village GA Atlanta-Sandy Springs-Roswell 92 92 98.6% 31 Publix $23.14 Paces Ferry Plaza GA Atlanta-Sandy Springs-Roswell 82 82 99.9% 30 Whole Foods $37.59 Piedmont Peachtree Crossing GA Atlanta-Sandy Springs-Roswell 152 152 84.3% 56 Kroger $21.33 Powers Ferry Square GA Atlanta-Sandy Springs-Roswell 101 101 100.0% - $31.74 Powers Ferry Village GA Atlanta-Sandy Springs-Roswell 79 79 87.3% 48 Publix $9.57 Russell Ridge GA Atlanta-Sandy Springs-Roswell 101 101 97.7% 63 Kroger $13.12 Sandy Springs GA Atlanta-Sandy Springs-Roswell 116 116 87.7% 12 Trader Joe's $22.67 The Shops at Hampton Oaks GA Atlanta-Sandy Springs-Roswell 21 21 56.3% - $11.12 Williamsburg at Dunwoody GA Atlanta-Sandy Springs-Roswell 45 45 81.3% - $25.54 GA 2,134 2,065 94.1% 94.4% 0 551 Civic Center Plaza GRI 40% IL Chicago-Naperville-Elgin 265 106 97.1% 87 Super H Mart, Home Depot $11.29 Clybourn Commons IL Chicago-Naperville-Elgin 32 32 83.3% - $37.09 Glen Oak Plaza IL Chicago-Naperville-Elgin 63 63 96.6% 12 Trader Joe's $24.01 Hinsdale IL Chicago-Naperville-Elgin 179 179 93.7% 57 Whole Foods $15.15 Mellody Farm IL Chicago-Naperville-Elgin 259 259 78.1% 45 Whole Foods $26.46 Riverside Sq & River's Edge GRI 40% IL Chicago-Naperville-Elgin 169 68 94.6% 74 Mariano's Fresh Market $17.89 Roscoe Square GRI 40% IL Chicago-Naperville-Elgin 140 56 100.0% 51 Mariano's Fresh Market $21.47 Stonebrook Plaza Shopping Center GRI 40% IL Chicago-Naperville-Elgin 96 38 96.9% 63 Jewel-Osco $12.10 Westchester Commons IL Chicago-Naperville-Elgin 139 139 91.0% 80 Mariano's Fresh Market $17.90 Willow Festival IL Chicago-Naperville-Elgin 404 404 98.2% 60 Whole Foods, Lowe's $17.93 IL 1,746 1,343 93.4% 95.7% 0 530 Shops on Main M 93% IN Chicago-Naperville-Elgin 254 254 98.4% 40 Whole Foods, Dick's Sporting Goods $15.86 Willow Lake Shopping Center GRI 40% IN Indianapolis-Carmel-Anderson 86 34 100.0% 64 64 (Kroger) $17.54 Willow Lake West Shopping Center GRI 40% IN Indianapolis-Carmel-Anderson 53 21 93.4% 12 Trader Joe's $25.72 IN 393 310 98.1% 98.2% 64 116 Bluebonnet Village LA Baton Rouge 102 102 88.7% 33 Rouses Market $13.64 Elmwood Oaks Shopping Center LA New Orleans-Metairie 136 136 100.0% Academy Sports $10.12 LA 238 238 95.2% 95.2% 0 33 Fellsway Plaza M 75% MA Boston-Cambridge-Newton 155 155 100.0% 61 Stop & Shop $24.51 Wegmans, BJ's Wholesale Club, Kohl's,Dick's Sporting Northborough Crossing NYC 30% MA Worcester 646 139 $13.12 194 98.2% Goods, Pottery Barn Outlet Old Connecticut Path NYC 30% MA Boston-Cambridge-Newton 80 24 100.0% 66 Stop & Shop $21.42 Shaw's at Plymouth MA Boston-Cambridge-Newton 60 60 100.0% 60 Shaw's $17.58 Shops at Saugus MA Boston-Cambridge-Newton 87 87 94.7% 11 Trader Joe's $30.01 Star's at Cambridge MA Boston-Cambridge-Newton 66 66 100.0% 66 Star Market $37.44 Star's at Quincy MA Boston-Cambridge-Newton 101 101 100.0% 101 Star Market $21.48 Star's at West Roxbury MA Boston-Cambridge-Newton 76 76 100.0% 55 Shaw's $24.74 The Abbot MA Boston-Cambridge-Newton 41 41 7.5% - $127.63 Twin City Plaza MA Boston-Cambridge-Newton 285 285 100.0% 63 Shaw's, Marshall's, Extra Space Storage $20.25 Whole Foods at Swampscott MA Boston-Cambridge-Newton 36 36 100.0% 36 Whole Foods $27.20 MA 1,633 1,124 96.7% 95.9% 0 657 Burnt Mills C 20% MD Washington-Arlington-Alexandria 31 6 89.1% 9 Trader Joe's $37.81 Cloppers Mill Village GRI 40% MD Washington-Arlington-Alexandria 137 55 99.0% 70 Shoppers Food Warehouse $18.25 Festival at Woodholme GRI 40% MD Baltimore-Columbia-Towson 81 32 98.5% 10 Trader Joe's $39.18 Firstfield Shopping Center GRI 40% MD Washington-Arlington-Alexandria 22 9 100.0% - $40.70 Parkville Shopping Center GRI 40% MD Baltimore-Columbia-Towson 165 66 89.9% 41 Giant $16.72 Southside Marketplace GRI 40% MD Baltimore-Columbia-Towson 125 50 95.5% 44 Shoppers Food Warehouse $20.82 Takoma Park GRI 40% MD Washington-Arlington-Alexandria 104 42 99.2% 64 Shoppers Food Warehouse $13.44 Valley Centre GRI 40% MD Baltimore-Columbia-Towson 220 88 97.3% 18 Aldi $17.01 Village at Lee Airpark MD Baltimore-Columbia-Towson 117 117 99.0% 75 63 Giant, (Sunrise) $28.17 Watkins Park Plaza GRI 40% MD Washington-Arlington-Alexandria 111 45 98.5% LA Fitness $27.13 Westwood - Manor Care MD Washington-Arlington-Alexandria 41 41 0.0% - $0.00 Westwood Shopping Center MD Washington-Arlington-Alexandria 213 213 94.3% 55 Giant $34.58 Woodmoor Shopping Center GRI 40% MD Washington-Arlington-Alexandria 69 28 98.1% - $32.41 MD 1,438 792 93.6% 96.3% 75 374 Fenton Marketplace MI Flint 97 97 100.0% Family Farm & Home $8.44 MI 97 97 100.0% 100.0% 0 0 Apple Valley Square RC 25% MN Minneapolis-St. Paul-Bloomington 176 44 100.0% 87 Factory) $14.72 Calhoun Commons RC 25% MN Minneapolis-St. Paul-Bloomington 66 17 100.0% 50 Whole Foods $24.46 27
Portfolio Summary Report By State March 31, 2019 (GLA in thousands) REG's pro-rata REG's pro- REG's pro-rata JVs at 100% share rata share share % Leased - Retail Retailer- Grocery REG Operating Owned Anchor Property Name JV % State CBSA GLA GLA % Leased Properties GLA GLA Major Tenants(1) Avg. Base Rent PSF 44 Colonial Square GRI 40% MN Minneapolis-St. Paul-Bloomington 93 37 98.6% Lund's $24.30 Rockford Road Plaza GRI 40% MN Minneapolis-St. Paul-Bloomington 204 82 96.4% Kohl's $12.74 Rockridge Center C 20% MN Minneapolis-St. Paul-Bloomington 125 25 89.5% 89 CUB Foods $13.08 MN 665 205 96.7% 97.0% 87 183 Brentwood Plaza MO St. Louis 60 60 100.0% 52 Schnucks $10.83 Bridgeton MO St. Louis 71 71 100.0% 130 63 Schnucks, (Home Depot) $12.13 Dardenne Crossing MO St. Louis 67 67 100.0% 63 Schnucks $10.93 Kirkwood Commons MO St. Louis 210 210 100.0% 258 136 Walmart, (Target), (Lowe's) $10.14 MO 408 408 100.0% 100.0% 388 314 Cameron Village C 30% NC Raleigh 558 167 95.8% 87 Harris Teeter, The Fresh Market, Wake Public Library $23.48 Carmel Commons NC Charlotte-Concord-Gastonia 133 133 98.5% 14 The Fresh Market $20.80 Cochran Commons C 20% NC Charlotte-Concord-Gastonia 66 13 97.4% 42 Harris Teeter $16.51 Market at Colonnade Center NC Raleigh 58 58 100.0% 40 Whole Foods $27.47 Glenwood Village NC Raleigh 43 43 100.0% 28 Harris Teeter $16.77 Harris Crossing NC Raleigh 65 65 98.3% 53 Harris Teeter $9.15 Holly Park NC Raleigh 160 160 90.6% 12 Trader Joe's $17.49 Lake Pine Plaza NC Raleigh 88 88 96.8% 58 Harris Teeter $12.77 Midtown East O 50% NC Raleigh 174 87 88.1% 120 Wegmans $19.64 Providence Commons RC 25% NC Charlotte-Concord-Gastonia 74 19 100.0% 50 Harris Teeter $18.60 Ridgewood Shopping Center C 20% NC Raleigh 93 19 90.4% 30 Whole Foods $16.99 Shops at Erwin Mill M 55% NC Durham-Chapel Hill 87 87 100.0% 53 Harris Teeter $18.13 Shoppes of Kildaire GRI 40% NC Raleigh 145 58 96.7% 46 Trader Joe's, Aldi $18.72 Southpoint Crossing NC Durham-Chapel Hill 103 103 96.1% 59 Harris Teeter $16.22 Sutton Square C 20% NC Raleigh 101 20 89.8% 24 The Fresh Market $19.92 Village Plaza C 20% NC Durham-Chapel Hill 73 15 86.8% 42 Whole Foods $19.77 Willow Oaks NC Charlotte-Concord-Gastonia 69 69 94.9% 49 Publix $17.17 Woodcroft Shopping Center NC Durham-Chapel Hill 90 90 100.0% 41 Food Lion $13.66 NC 2,179 1,293 95.0% 96.4% 0 848 Chimney Rock NJ New York-Newark-Jersey City 218 218 96.9% 50 Whole Foods, Nordstrom Rack $35.93 District at Metuchen C 20% NJ New York-Newark-Jersey City 67 13 100.0% 44 Whole Foods $29.29 Haddon Commons GRI 40% NJ Philadelphia-Camden-Wilmington 54 22 100.0% 34 Acme Markets $13.78 Plaza Square GRI 40% NJ New York-Newark-Jersey City 104 42 89.0% 60 Shop Rite $22.35 Riverfront Plaza NYC 30% NJ New York-Newark-Jersey City 129 39 95.9% 70 ShopRite $25.51 NJ 571 333 95.9% 96.1% 0 258 101 7th Avenue NY New York-Newark-Jersey City 57 57 100.0% Barney's New York $79.13 1175 Third Avenue NY New York-Newark-Jersey City 25 25 100.0% 25 The Food Emporium $116.62 1225-1239 Second Ave NY New York-Newark-Jersey City 18 18 100.0% - $116.47 90 - 30 Metropolitan Avenue NY New York-Newark-Jersey City 60 60 93.9% 11 Trader Joe's $34.27 Broadway Plaza NY New York-Newark-Jersey City 147 147 97.2% 18 Aldi $38.73 Clocktower Plaza Shopping Ctr NY New York-Newark-Jersey City 79 79 100.0% 63 Stop & Shop $47.18 The Gallery at Westbury Plaza NY New York-Newark-Jersey City 312 312 98.9% 13 Trader Joe's, Nordstrom Rack $48.38 Hewlett Crossing I & II NY New York-Newark-Jersey City 53 53 96.3% Petco $37.71 Rivertowns Square NY New York-Newark-Jersey City 116 116 90.5% 18 Brooklyn Harvest Market, Ipic Theaters $36.71 The Point at Garden City Park NY New York-Newark-Jersey City 105 105 97.8% 52 King Kullen $21.40 Lake Grove Commons GRI 40% NY New York-Newark-Jersey City 141 57 100.0% 48 Whole Foods, LA Fitness $34.20 Westbury Plaza NY New York-Newark-Jersey City 394 394 96.2% 110 Wal-Mart, Costco, Marshalls, Total Wine and More $24.78 NY 1509 1424 97.2% 97.1% 0 357 Cherry Grove OH Cincinnati 196 196 99.2% 66 Kroger $12.14 East Pointe OH Columbus 107 107 100.0% 76 Kroger $10.55 Hyde Park OH Cincinnati 397 397 93.1% 169 Kroger, Remke Markets $16.56 Kroger New Albany Center M 50% OH Columbus 93 93 100.0% 65 Kroger $12.79 Northgate Plaza (Maxtown Road) OH Columbus 114 114 100.0% 90 91 Kroger, (Home Depot) $11.55 Red Bank Village OH Cincinnati 176 176 100.0% 152 Wal-Mart $7.53 Regency Commons OH Cincinnati 34 34 90.3% - $26.03 West Chester Plaza OH Cincinnati 88 88 98.4% 67 Kroger $9.88 OH 1,205 1,205 97.2% 97.2% 90 685 Corvallis Market Center OR Corvallis 85 85 100.0% 12 Trader Joe's $21.27 Greenway Town Center GRI 40% OR Portland-Vancouver-Hillsboro 93 37 100.0% 38 Whole Foods $14.80 Murrayhill Marketplace OR Portland-Vancouver-Hillsboro 150 150 86.9% 41 Safeway $18.93 Northgate Marketplace OR Medford 81 81 100.0% 13 Trader Joe's $23.40 Northgate Marketplace Ph II OR Medford 177 177 96.2% Dick's Sporting Goods $16.88 Sherwood Crossroads OR Portland-Vancouver-Hillsboro 88 88 98.4% 55 Safeway $11.43 Tanasbourne Market OR Portland-Vancouver-Hillsboro 71 71 100.0% 57 Whole Foods $30.11 Walker Center OR Portland-Vancouver-Hillsboro 90 90 100.0% Bed, Bath & Beyond $21.09 OR 835 779 96.7% 96.4% 0 215 Allen Street Shopping Ctr GRI 40% PA Allentown-Bethlehem-Easton 46 18 100.0% 22 Ahart's Market $15.39 City Avenue Shopping Center GRI 40% PA Philadelphia-Camden-Wilmington 162 65 93.6% Ross Dress for Less $21.34 Gateway Shopping Center PA Philadelphia-Camden-Wilmington 221 221 97.9% 11 Trader Joe's $31.94 Hershey PA Other 6 6 100.0% - $28.00 Lower Nazareth Commons PA Allentown-Bethlehem-Easton 90 90 98.7% 244 111 (Wegmans), (Target) $25.81 Mercer Square Shopping Center GRI 40% PA Philadelphia-Camden-Wilmington 91 37 96.7% 51 Weis Markets $24.12 Newtown Square Shopping Center GRI 40% PA Philadelphia-Camden-Wilmington 143 57 88.2% 56 Acme Markets $18.88 Stefko Boulevard Shopping Center GRI 40% PA Allentown-Bethlehem-Easton 134 54 96.1% 73 Valley Farm Market $10.58 Warwick Square Shopping Center GRI 40% PA Philadelphia-Camden-Wilmington 90 36 97.1% 51 Giant $21.30 PA 983 584 95.5% 96.4% 244 375 Indigo Square SC Charleston-North Charleston 51 51 94.8% 22 Publix $28.63 Merchants Village GRI 40% SC Charleston-North Charleston 80 32 100.0% 38 Publix $16.72 28
Portfolio Summary Report By State March 31, 2019 (GLA in thousands) REG's pro-rata REG's pro- REG's pro-rata JVs at 100% share rata share share % Leased - Retail Retailer- Grocery REG Operating Owned Anchor Property Name JV % State CBSA GLA GLA % Leased Properties GLA GLA Major Tenants(1) Avg. Base Rent PSF SC 131 83 98.0% 100.0% 0 59 Harpeth Village Fieldstone TN Nashville-Davidson--Murfreesboro--Franklin 70 70 100.0% 55 Publix $15.62 Northlake Village TN Nashville-Davidson--Murfreesboro--Franklin 138 138 100.0% 75 Kroger $14.04 Peartree Village TN Nashville-Davidson--Murfreesboro--Franklin 110 110 100.0% 84 Kroger $19.84 TN 318 318 100.0% 100.0% 0 214 Alden Bridge USAA 20% TX Houston-The Woodlands-Sugar Land 139 28 98.8% 68 Kroger $20.29 Bethany Park Place USAA 20% TX Dallas-Fort Worth-Arlington 99 20 98.0% 83 Kroger $11.71 CityLine Market TX Dallas-Fort Worth-Arlington 81 81 100.0% 40 Whole Foods $27.60 CityLine Market Phase II TX Dallas-Fort Worth-Arlington 22 22 100.0% - $26.66 Cochran's Crossing TX Houston-The Woodlands-Sugar Land 138 138 96.6% 63 Kroger $19.01 Hancock TX Austin-Round Rock 410 410 53.8% 90 H.E.B $20.92 Hickory Creek Plaza TX Dallas-Fort Worth-Arlington 28 28 100.0% 81 81 (Kroger) $27.21 Hillcrest Village TX Dallas-Fort Worth-Arlington 15 15 100.0% - $47.53 Indian Springs Center TX Houston-The Woodlands-Sugar Land 137 137 100.0% 79 H.E.B. $24.45 Keller Town Center TX Dallas-Fort Worth-Arlington 120 120 99.0% 64 Tom Thumb $16.12 Lebanon/Legacy Center TX Dallas-Fort Worth-Arlington 56 56 92.7% 63 63 (Wal-Mart) $26.59 Market at Preston Forest TX Dallas-Fort Worth-Arlington 96 96 98.9% 64 Tom Thumb $20.79 Market at Round Rock TX Austin-Round Rock 123 123 98.6% 30 Sprout's Markets $18.47 Market at Springwoods Village M 53% TX Houston-The Woodlands-Sugar Land 167 167 95.5% 100 Kroger $16.10 Mockingbird Common TX Dallas-Fort Worth-Arlington 120 120 93.8% 49 Tom Thumb $17.92 North Hills TX Austin-Round Rock 145 145 99.1% 60 H.E.B. $23.21 Panther Creek TX Houston-The Woodlands-Sugar Land 166 166 94.6% 66 Randalls Food $22.44 Prestonbrook TX Dallas-Fort Worth-Arlington 92 92 98.5% 64 Kroger $14.57 Preston Oaks TX Dallas-Fort Worth-Arlington 104 104 99.5% 30 H.E.B. Central Market $33.77 Shiloh Springs USAA 20% TX Dallas-Fort Worth-Arlington 110 22 91.8% 61 Kroger $14.24 Shops at Mira Vista TX Austin-Round Rock 68 68 100.0% 15 Trader Joe's $23.14 Southpark at Cinco Ranch TX Houston-The Woodlands-Sugar Land 265 265 99.3% 101 Kroger, Academy Sports $13.76 Sterling Ridge TX Houston-The Woodlands-Sugar Land 129 129 100.0% 63 Kroger $21.07 Sweetwater Plaza C 20% TX Houston-The Woodlands-Sugar Land 134 27 100.0% 65 Kroger $17.91 Tech Ridge Center TX Austin-Round Rock 214 214 89.9% 84 H.E.B., Pinstack $23.26 The Village at Riverstone TX Houston-The Woodlands-Sugar Land 167 167 92.6% 100 Kroger $15.73 Weslayan Plaza East GRI 40% TX Houston-The Woodlands-Sugar Land 169 68 99.1% -- $19.75 Weslayan Plaza West GRI 40% TX Houston-The Woodlands-Sugar Land 186 74 96.8% 52 Randalls Food $19.65 Westwood Village TX Houston-The Woodlands-Sugar Land 187 187 97.9% 127 (Target) $19.68 Woodway Collection GRI 40% TX Houston-The Woodlands-Sugar Land 97 39 100.0% 45 Whole Foods $29.15 TX 3,982 3,326 92.7% 91.7% 271 1,682 Ashburn Farm Village Center GRI 40% VA Washington-Arlington-Alexandria 89 36 100.0% 57 Global Food $14.66 Belmont Chase VA Washington-Arlington-Alexandria 91 91 95.0% 40 Whole Foods $30.66 Braemar Village Center RC 25% VA Washington-Arlington-Alexandria 96 24 96.4% 58 Safeway $22.40 Carytown Exchange M 9% VA Richmond 107 107 46.3% 38 Publix $14.37 Centre Ridge Marketplace GRI 40% VA Washington-Arlington-Alexandria 107 43 98.9% 55 Shoppers Food Warehouse, United States Coast Guard Ex $19.49 Point 50 VA Washington-Arlington-Alexandria 48 48 62.4% 30 Whole Foods $22.00 Festival at Manchester Lakes GRI 40% VA Washington-Arlington-Alexandria 169 67 92.2% 65 Shoppers Food Warehouse $27.06 Fox Mill Shopping Center GRI 40% VA Washington-Arlington-Alexandria 103 41 95.6% 50 Giant $25.02 Greenbriar Town Center GRI 40% VA Washington-Arlington-Alexandria 340 136 98.0% 62 Giant, Bob's Discount Furniture $26.69 Hanover Village Shopping Center GRI 40% VA Richmond 90 36 100.0% 18 Aldi $9.20 Kamp Washington Shopping Center GRI 40% VA Washington-Arlington-Alexandria 71 29 100.0% 20 Earth Fare $37.62 Kings Park Shopping Center GRI 40% VA Washington-Arlington-Alexandria 93 37 98.0% 51 Giant $29.23 Lorton Station Marketplace C 20% VA Washington-Arlington-Alexandria 132 26 90.5% 63 Shoppers Food Warehouse $23.76 Market Common Clarendon VA Washington-Arlington-Alexandria 422 422 71.4% 34 Whole Foods, Crate & Barrel $35.19 Saratoga Shopping Center GRI 40% VA Washington-Arlington-Alexandria 113 45 100.0% 56 Giant $20.83 Shops at County Center VA Washington-Arlington-Alexandria 97 97 91.4% 52 Harris Teeter $19.93 Shops at Stonewall VA Washington-Arlington-Alexandria 308 308 100.0% 127 Wegmans, Dick's Sporting Goods $18.71 The Field at Commonwealth VA Washington-Arlington-Alexandria 167 167 98.0% 122 Wegmans $21.36 Town Center at Sterling Shopping Center GRI 40% VA Washington-Arlington-Alexandria 187 75 85.6% 47 Giant $22.31 Village Center at Dulles C 20% VA Washington-Arlington-Alexandria 301 60 92.6% 48 Giant, Gold's Gym $28.04 Village Shopping Center GRI 40% VA Richmond 111 44 92.4% 45 Publix $24.52 Willston Centre I GRI 40% VA Washington-Arlington-Alexandria 105 42 90.8% - $26.12 Willston Centre II GRI 40% VA Washington-Arlington-Alexandria 136 54 99.1% 141 59 Safeway, (Target) $25.87 VA 3,484 2,036 90.7% 90.0% 141 1,197 Aurora Marketplace GRI 40% WA Seattle-Tacoma-Bellevue 107 43 100.0% 49 Safeway $16.38 Ballard Blocks I O 50% WA Seattle-Tacoma-Bellevue 132 66 94.6% 12 Trader Joe's, LA Fitness $23.89 29
Portfolio Summary Report By State March 31, 2019 (GLA in thousands) REG's pro-rata REG's pro- REG's pro-rata JVs at 100% share rata share share % Leased - Retail Retailer- Grocery REG Operating Owned Anchor Property Name JV % State CBSA GLA GLA % Leased Properties GLA GLA Major Tenants(1) Avg. Base Rent PSF Ballard Blocks II O 50% WA Seattle-Tacoma-Bellevue 114 57 79.1% 25 PCC Community Markets $32.38 Broadway Market C 20% WA Seattle-Tacoma-Bellevue 140 28 97.8% 64 Quality Food Centers $25.82 Cascade Plaza C 20% WA Seattle-Tacoma-Bellevue 206 41 95.6% 49 Safeway $12.21 Eastgate Plaza GRI 40% WA Seattle-Tacoma-Bellevue 79 31 100.0% 29 Safeway $27.55 Grand Ridge Plaza WA Seattle-Tacoma-Bellevue 331 331 100.0% 45 Safeway, Regal Cinemas, Dick's Sporting Goods, Marshalls $24.86 Inglewood Plaza WA Seattle-Tacoma-Bellevue 17 17 100.0% - $40.98 Klahanie Shopping Center WA Seattle-Tacoma-Bellevue 67 67 96.8% 40 40 (QFC) $32.77 Melrose Market WA Seattle-Tacoma-Bellevue 21 21 100.0% $33.94 Overlake Fashion Plaza GRI 40% WA Seattle-Tacoma-Bellevue 81 32 98.9% 230 (Sears) $25.12 Pine Lake Village WA Seattle-Tacoma-Bellevue 103 103 94.2% 41 Quality Food Centers $23.49 Roosevelt Square WA Seattle-Tacoma-Bellevue 148 148 100.0% 50 Whole Foods $22.73 Sammamish-Highlands WA Seattle-Tacoma-Bellevue 101 101 100.0% 55 67 Trader Joe's, (Safeway) $34.14 Southcenter WA Seattle-Tacoma-Bellevue 58 58 100.0% 112 (Target) $30.61 WA 1,705 1,145 96.9% 98.7% 437 470 Regency Centers Total 52,604 42,672 94.6% 95.0% 4,088 16,902 $22.02 (1) Major Tenants are the grocery anchor and any tenant over 35,000 square feet. Retailers in parenthesis are a shadow anchor and not a part of the owned property. Note: In-process developments are bolded and italicized. C: Co-investment Partnership with Oregon GRI: Co-investment Partnership with GRI M: Co-investment Partnership with Minority Partner NYC: Co-investment Partnership with NYCRF O: Other, single property co-investment Partnerships RC: Co-investment Partnership with CalSTRS RLP: Co-investment Partnership with Rider USAA: Co-investment Partnership with USAA 30
Components of Net Asset Value (NAV) As of March 31, 2019 (unaudited and in thousands) Real Estate - Operating Operating Portfolio NOI excluding Straight-line Rent and Above/Below Market Rent - Current Quarter Wholly Owned NOI (page 5) $ 187,434 Share of JV NOI (page 7) $ 25,198 Less: Noncontrolling Interests (page 7) $ (1,909) Base Rent from leases signed but not yet rent-paying - Current Quarter Retail Operating Properties including redevelopments $ 2,500 Select Operating Properties with Near Term Redevelopment Estimated Incremental Project Costs (page 18) $402,000 - $477,000 Estimated Incremental Stabilized Yield (page 18) +/- 7% Real Estate - In Process Developments Development Projects In Process REG's Estimated Net Project Costs (page 16) $ 270,735 Stabilized Yield (page 16) 7.3% Annualized Proforma Stabilized NOI $ 19,764 REG's Estimated Net GAAP Project Costs1 (page 16, footnote) $ 299,449 % of Costs Incurred (page 16, footnote) 70% Construction in Progress $ 89,835 NOI from Development Projects In Process - Current Quarter Annualized Proforma Stabilized NOI $ - In-place NOI from Developments In Process $ 1,693 Fee Income Third-Party Management Fees and Commissions - Current Quarter (page 5) $ 6,972 Less: Share of JV's Total fee income - Current Quarter (page 7) $ (282) Other Assets Estimated Market Value of Undeveloped Land Land held for sale or future development $ 44,550 Outparcels at retail operating properties 14,609 Total Estimated Market Value of Undeveloped Land $ 59,159 Wholly Owned Assets (page 3) Cash and Cash Equivalents $ 42,784 Tenant and other receivables, excluding Straight line rent receivables $ 56,044 Other Assets, excluding Goodwill $ 98,708 Share of JV Assets (page 6) Cash and Cash Equivalents $ 14,776 Tenant and other receivables, excluding Straight line rent receivables $ 5,741 Other Assets $ 12,537 Less: Noncontrolling Interests (page 6) $ (5,156) Liabilities Wholly Owned Debt Outstanding (page 12) Mortgage Loans $ 482,331 Unsecured Public/Private Notes 2,550,000 Unsecured Credit Facilities 675,000 Total Wholly Owned Debt Outstanding $ 3,707,331 Share of JV Debt Outstanding (page 14) $ 527,217 Other Wholly Owned Liabilities (page 3) Accounts Payable and Other Liabilities $ 183,983 Tenants' Security and Escrow Deposits $ 46,923 Other Share of JV Accounts Liabilities (page 6) Accounts Payable and Other Liabilities $ 33,951 Tenants' Security and Escrow Deposits $ 3,399 Less: Noncontrolling Interests (page 6) $ (44,903) Common Shares and Equivalents Outstanding Common Shares and Equivalents Issued and Outstanding (page 1) 167,867 1Includes additional interest and overhead capitalization. 31
Earnings Guidance March 31, 2019 (in thousands, except per share data) Current Previous 1Q19A 2019E 2019E Net Income / Share(1) $0.54 $1.41 - $1.47 $1.36 - $1.42 NAREIT FFO / Share(1)(2) $0.95 $3.80 - $3.86 $3.83 - $3.89 Same Property Same property NOI growth without termination fees (pro-rata) 2.9% 2.0% - 2.5% 2.0% - 2.5% Same property percent leased at period end (pro-rata) 95.0% +/- 95.5% +/- 95.5% New Investments Development and Redevelopment starts (pro-rata) $13,510 $150,000 - $250,000 $150,000 - $250,000 Estimated yield (weighted average) 6.4% +/- 7.0% +/- 7.0% Acquisitions (pro-rata) $15,500 +/- $16,000 +/- $16,000 Cap rate (weighted average) 4.3% +/- 4.3% +/- 4.3% Disposition Activity Dispositions (pro-rata) $136,500 +/- $200,000 +/- $200,000 Cap rate (weighted average) 7.5% +/- 8.0% +/- 8.0% Other Net interest expense (pro-rata) $44,128 $170,500 - $172,500 $170,500 - $172,500 Net G&A expense (pro-rata)(1) $19,069 $73,000 - $75,500 $73,000 - $75,500 Recurring third party fees & commissions (pro-rata) $6,690 $27,000 - $28,000 $27,000 - $28,000 Certain non-cash items (pro-rata)(3) $18,119 $46,500 - $48,500 $41,500 - $43,500 (1) 2019 includes the impact of negative $0.05 per diluted share related to the adoption of the new lease accounting standard ASC 842 on January 1, 2019, that requires previously capitalized indirect internal leasing and legal costs to be expensed. (2) Current Guidance for NAREIT FFO now includes a one-time charge of $10.6 million, or $0.06 per diluted share, associated with the early repayment of debt and also includes a one-time non-cash income benefit of $5.9 million, or $0.03 per diluted share, for the accelerated write-off of below market rent intangibles triggered by the recapture of two anchor spaces. (3) Includes above and below market rent amortization, straight-line rents and amortization of mark-to-market debt adjustments Forward-looking statements involve risks, uncertainties and assumptions. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation with the SEC, specifically the most recent reports on forms 10K and 10Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements. 32
Reconciliation of Net Income to Earnings Guidance March 31, 2019 (per diluted share) Full Year NAREIT FFO Guidance: 2019 Low High Net income attributable to common stockholders 1.41$ 1.47 Adjustments to reconcile net income to NAREIT FFO: Depreciation and amortization 2.60 2.60 Provision for impairment 0.01 0.01 Gain on sale of operating properties (0.22) (0.22) NAREIT Funds From Operations 3.80$ 3.86 33
Glossary of Terms March 31, 2019 Development Completion: A property in development is deemed complete upon the earliest 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, or (iii) three years have passed since the start of construction. Once deemed complete, the property is termed a Retail Operating Property the following calendar year. Fixed Charge Coverage Ratio: Operating EBITDAre divided by the sum of the gross interest and scheduled mortgage principal paid to our lenders plus dividends paid to our preferred stockholders. NAREIT Funds From Operations (NAREIT FFO): NAREIT FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (“NAREIT”) defines as net income, computed in accordance with GAAP, excluding gains on sales and land impairments of real estate, net of tax, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Regency computes NAREIT FFO for all periods presented in accordance with NAREIT's definition in effect during that period. Effective January 1, 2019 the Company prospectively adopted the NAREIT FFO White Paper – 2018 Restatement (“2018 FFO Whitepaper”), and elected the option of excluding gains on sale and impairments of land, which are considered incidental to the Company’s main business. Prior period amounts were not restated to conform to the current year presentation, and therefore are calculated as described above, but also include gains on sales and impairments of land. Many 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 occupancy rates, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, NAREIT FFO is a supplemental non-GAAP financial measure of the Company's 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. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to NAREIT FFO. Net Operating Income (NOI): The sum of base rent, percentage rent, recoveries from tenants, other lease income, uncollectible lease income, and other property income, less operating and maintenance, real estate taxes, ground rent, and provision for doubtful accounts. NOI excludes straight-line rental income and expense, above and below market rent and ground rent amortization, tenant lease inducement amortization, and other fees. The Company also provides disclosure of NOI excluding termination fees, which excludes both termination fee income and expenses. Non-Same Property: A property acquired, sold, or a Development Completion during either calendar year period being compared. Non-retail properties and corporate activities, including the captive insurance program, are part of Non-Same Property. Operating EBITDAre: NAREIT EBITDAre is a measure of REIT performance, which the NAREIT defines as net income, computed in accordance with GAAP, excluding (i) interest expense; (ii) income tax expense; (iii) depreciation and amortization; (iv) gains on sales of real estate; (v) impairments of real estate; and (vi) adjustments to reflect the Company’s share of unconsolidated partnerships and joint ventures. Operating EBITDAre excludes from NAREIT EBITDAre certain non-cash components of earnings derived from above and below market rent amortization and straight-line rents. The Company provides a reconciliation of Net Income (Loss) to Operating EBITDAre. Core Operating Earnings: An additional performance measure used by Regency as the computation of NAREIT FFO includes certain non-comparable items that affect the Company's 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 above and below market rent amortization, straight-line rents, and amortization of mark- to-market of debt adjustments; and (iv) other amounts as they occur. The Company provides a reconciliation of NAREIT FFO to Core Operating Earnings. Property In Development: Properties in various stages of development and redevelopment including active pre-development activities. Retail Operating Property: 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: Retail Operating Properties that were owned and operated for the entirety of both calendar year periods being compared. This term excludes all developments and Non-Same Properties. 34