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
August 2, 2018
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) | ||
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 August 2, 2018, Regency issued an earnings release for the three and six months ended June 30, 2018, which is attached as Exhibit 99.1.
On August 2, 2018, Regency posted on its website, at www.regencycenters.com, the supplemental information for the three and six months ended June 30, 2018, which is attached as Exhibit 99.2.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit 99.1Earnings release issued by Regency on August 2, 2018, for the three and six months ended June 30, 2018.
Exhibit 99.2Supplemental information posted on its website on August 2, 2018, for the three and six months ended June 30, 2018.
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 | ||
August 2, 2018 | 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 Second Quarter 2018 Results JACKSONVILLE, FL. (August 2, 2018) – Regency Centers Corporation (“Regency” or the “Company”) today reported financial and operating results for the period ended June 30, 2018. Second Quarter 2018 Highlights • Net Income Attributable to Common Stockholders (“Net Income”) of $0.28 per diluted share. • NAREIT Funds From Operations (“NAREIT FFO”) of $0.93 per diluted share. • Same property Net Operating Income (“NOI”), excluding termination fees, increased 4.2% as compared to the same period in the prior year. • As of June 30, 2018, the same property portfolio was 95.5% leased. Spaces less than 10,000 square feet (“Small Shops”) were 92.2% leased. • Acquisition and disposition activity of $71.0 million and $32.5 million, respectively. • On a year-to-date basis, including the property sales subsequent to quarter end, the Company has sold properties for a combined gross sales price of $142.9 million at a weighted average cap rate of 7.9%. • Completed two developments with a combined net development cost of $110.9 million at an average return of 7.0%. • As of June 30, 2018, a total of 21 properties were in development or redevelopment representing a total investment of $348.5 million. “Regency’s unequaled combination of strategic advantages produced another quarter of gratifying results. Our best-in-class national portfolio of high quality shopping centers, located in densely populated and affluent trade areas, continues to attract market leading grocers and retailers allowing for consistent and impressive NOI growth,” said Martin E. “Hap” Stein, Jr., Chairman and Chief Executive Officer. “Led by a dedicated and experienced team, Regency is well positioned to compound growth in earnings, cash flow, and dividends.” Financial Results Regency reported Net Income for the second quarter of $47.8 million, or $0.28 per diluted share compared to $48.4 million, or $0.28 per diluted share, for the same period in 2017. The Company reported NAREIT FFO for the second quarter of $157.3 million, or $0.93 per diluted share, compared to $143.6 million, or $0.84 per diluted share, for the same period in 2017. The Company reported Operating FFO, an additional performance measure used by Regency that excludes certain non-comparable items as well as 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, for the second quarter of $150.5 million, or $0.89 per diluted share, compared to $143.3 million, or $0.84 per diluted share, for the same period in 2017. 1
Operating Results Second quarter same property NOI, excluding termination fees, increased 4.2% compared to the same period in 2017, with base rent growth contributing 3.5%. As of June 30, 2018, Regency’s wholly-owned portfolio plus its pro-rata share of co-investment partnerships was 95.0% leased. The same property portfolio was 95.5% leased, which is a decrease of 20 basis points sequentially and 10 basis points from the same period in 2017. The primary driver of the decline in same property percent leased is related to the Toys “R” Us moveouts in the second quarter. Small Shops were 92.2% leased, a decrease of 10 basis points sequentially and 20 basis points from the same period in 2017. For the three months ended June 30, 2018, Regency executed approximately 1.7 million square feet of new and renewal leases. Rent spreads on comparable new and renewal leases for the trailing twelve months were 9.4% and 6.0%, respectively, with total rent growth of 6.7%. “Leasing fundamentals continue to be healthy across the portfolio. We have solid demand for our premier portfolio as tenants continue to validate the importance of high quality locations as they thoughtfully execute their expansion plans,” said Jim Thompson, Executive Vice President of Operations. “We’ve had great success in embedding contractual rent increases into our executed leases over the past several years, which is translating into our strong Same Property NOI performance.” Investments Property Transactions During the quarter the Company closed on $71.0 million of acquisitions and $32.5 million of dispositions. • Rivertowns Square (Dobbs Ferry, NY) – As previously disclosed, the Company acquired Rivertowns Square, a 116,000 square foot retail shopping center, anchored by Brooklyn Market, for a gross purchase price of $68.9 million. • Crossroads Commons II (Boulder, CO) – Regency and a co-investment partner acquired Crossroads Commons II, a 20,000 square foot retail shops building adjacent to the Company’s existing co-investment property, Crossroads Commons, anchored by Whole Foods. Regency’s pro-rata share of the purchase price is $2.1 million. • Regency sold three shopping centers during the quarter. The properties were all located in Florida in the markets of Palm Coast, Fort Myers, and Orlando. Subsequent to quarter end, Regency sold three wholly-owned properties for a combined gross sales price of $106.9 million. Magnolia Shoppes is located in Fort Myers, FL, and anchored by Regal Cinemas. Indio Towne Center, located in Indio, CA, is anchored by 24 Hour Fitness, Party City, and formally Toys R Us. East Washington Place is located in Petaluma, CA, and anchored by Sprouts, Dick’s Sporting Goods, TJ Maxx, and HomeGoods. On a year-to-date basis, including the property sales subsequent to quarter end, the Company has sold properties for a combined gross sales price of $142.9 at a weighted average cap rate of 7.9%. 2
Developments and Redevelopments During the second quarter, the Company started four redevelopment projects and completed two development projects. The completed development projects have a combined cost of $110.9 million and are expected to yield an average return of 7.0%. At quarter end, the Company had 21 properties in development or redevelopment with combined, estimated net development costs of $348.5 million. In-process development projects were a combined 60% funded and 78% leased, and are expected to yield an average return of 7.3%. Capital Markets On April 2, 2018, the Company redeemed its $150 million 6.0% notes originally due on June 15, 2020, including a make-whole premium of $10.5 million. Regency used proceeds from its February 28, 2018, $300 million 4.125% notes offering due 2028, to repay the notes in full. Dividend On July 31, 2018, Regency’s Board declared a quarterly cash dividend on the Company’s common stock of $0.555 per share. The dividend is payable on August 29, 2018, to shareholders of record as of August 15, 2018. 2018 Guidance The Company has updated certain components of its 2018 earnings guidance. Please refer to the Company’s second quarter 2018 supplemental information package for a complete list of updates. 2018 Guidance Previous Guidance Updated Guidance Net Income Attributable to Common Stockholders (“Net Income”) $1.33 - $1.38 $1.32 - $1.36 NAREIT Funds From Operations (“NAREIT FFO”) per diluted share $3.74 - $3.79 $3.75 - $3.79 Operating Funds from Operations ("Operating FFO") per diluted share $3.49 - $3.54 $3.50 - $3.54 Same Property Net Operating Income (“SPNOI”) Growth excluding 2.40% - 3.25% 2.75% - 3.25% termination fees (pro-rata) Conference Call Information To discuss Regency’s second quarter results, the Company will host a conference call on Friday, August 3, 2018, at 11:00 a.m. EDT. Dial-in and webcast information is listed below. 3
Second Quarter Earnings Conference Call Date: Friday, August 3, 2018 Time: 11:00 a.m. EDT 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 it believes these measures improve the understanding of the Company's operational results. Regency manages its entire real estate portfolio without regard to ownership structure, although certain decisions impacting properties owned through partnerships require partner approval. Therefore, the Company believes presenting its 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. Management continually evaluates the usefulness, relevance, limitations, and calculation of the Company’s 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, excluding gains and losses from dispositions of depreciable property, net of tax, excluding operating real estate impairments, 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. 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 and losses from depreciable property dispositions, and impairments, it can provide 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. Operating FFO is an additional performance measure that excludes from NAREIT FFO: (i) transaction related income or expenses; (ii) impairments on land; (iii) gains or losses from the early extinguishment of debt; (iv) 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 (v) other amounts as they occur. The Company believes Operating FFO, 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 Net Income to NAREIT FFO and Operating FFO for actual results. 4
Reconciliation of Net (Loss) Income Attributable to Common Stockholders to NAREIT FFO and Operating FFO - Actual (in thousands) For the Periods Ended June 30, 2018 and 2017 Three Months Ended Year to Date 2018 2017 2018 2017 Reconciliation of Net Income (Loss) to NAREIT FFO: Net Income (Loss) Attributable to Common Stockholders $ 47,841 48,368 $ 100,500 15,144 Adjustments to reconcile to NAREIT Funds From Operations(1): Depreciation and amortization (ex cluding FF&E) 97,189 100,144 193,386 167,589 Prov ision for impairment to operating properties 12,440 - 28,494 - Gain on sale of operating properties (246) (5,054) (348) (5,065) Exchangeable operating partnership units 100 104 212 85 NAREIT Funds From Operations $ 157,324 143,562 $ 322,244 177,753 Reconciliation of NAREIT FFO to Operating FFO: NAREIT Funds From Operations $ 157,324 143,562 $ 322,244 177,753 Adjustments to reconcile to Operating Funds From Operations(1): Acquisition pursuit and closing costs - 111 - 137 Gain on sale of land (869) (2,446) (976) (2,850) Prov ision for impairment to land 93 - 93 - Loss on derivative instruments and hedge ineffectiveness - (6) - (14) Early extinguishment of debt 11,010 12,404 11,172 12,404 Interest on bonds for period from notice to redemption - - 600 - Merger related costs - 4,676 - 74,408 Merger related debt offering interest - - - 975 Preferred redemption costs - - - 9,369 Straight line rent, net (4,749) (5,403) (8,830) (8,768) Above/below market rent amortization, net (11,378) (8,593) (19,801) (12,313) Debt premium/discount amortization (897) (1,012) (1,795) (1,653) Operating Funds From Operations $ 150,534 143,293 $ 302,707 249,448 Weighted Average Shares For Diluted Earnings per Share 169,682 170,421 170,291 148,931 Weighted Average Shares For Diluted FFO and Operating FFO per Share 170,032 170,743 170,641 149,170 (1) Includes pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests. 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. 5
Reconciliation of Net Income Attributable to Common Stockholders to Pro-Rata Same Property NOI - as adjusted Actual (in thousands) For the Periods Ended June 30, 2018 and 2017 Three Months Ended Year to Date 2018 2017 2018 2017 Net Income (Loss) Attributable to Common Stockholders $ 47,841 48,368 $ 100,500 15,144 Less: Management, transaction, and other fees (6,887) (6,601) (14,045) (13,307) Gain on sale of real estate (1,123) (4,366) (1,219) (4,781) Other(1) (17,634) (15,064) (31,807) (23,262) Plus: Depreciation and amortization 89,105 92,230 177,629 152,284 General and administrativ e 16,776 16,746 34,382 34,419 Other operating expense, excluding provision for doubtful accounts 1,480 5,697 1,917 76,643 Other expense (income) 61,048 46,924 114,016 73,026 Equity in income of investments in real estate excluded from NOI (2) 15,669 12,377 30,762 26,710 Net income attributable to noncontrolling interests 748 680 1,554 1,332 Preferred stock dividends and issuance costs - 1,125 - 12,981 NOI 207,023 198,116 413,689 351,189 Less non-same property NOI (3) (5,599) (3,642) (8,751) (4,901) Plus same property NOI for non-ownership periods of Equity One(4) - - - 43,323 Same Property NOI as adjusted $ 201,424 194,474 $ 404,938 389,611 Same Property NOI as adjusted without Termination Fees $ 202,686 194,450 $ 405,148 389,107 Same Property NOI as adjusted without Termination Fees or Redevelopments $ 179,769 175,675 $ 359,971 351,368 (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, and interest expense. (3) Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests. (4) Refer to page ii of the Company's second quarter 2018 supplemental package for Same Property NOI detail for the non-ownership periods of Equity One. 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. 6
Reconciliation of Net Income Attributable to Common Stockholders to NAREIT FFO and Operating FFO — Guidance (per diluted share) Full Year NAREIT FFO and Operating FFO Guidance: 2018 Low High Net income attributable to common stockholders $ 1.32 1.36 Adjustments to reconcile net income to NAREIT FFO: Depreciation and amortization 2.26 2.26 Prov ision for impairment 0.17 0.17 NAREIT Funds From Operations $ 3.75 3.79 Adjustments to reconcile NAREIT FFO to Operating FFO: Gain on sale of land (0.01) (0.01) Early extinguishment of debt 0.07 0.07 Other non-comparable costs 0.01 0.01 Straight line rent, net (0.10) (0.10) Market rent amortization, net (0.20) (0.20) Debt mark-to-market (0.02) (0.02) Operating Funds From Operations $ 3.50 3.54 The Company has published forward-looking statements and additional financial information in its second quarter 2018 supplemental information package that may help investors estimate earnings for 2018. A copy of the Company’s second quarter 2018 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 June 30, 2018. Regency may, but assumes no obligation to, update information in the supplemental package from time to time. About Regency Centers Corporation (NYSE: 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. 7
### 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. 8
Quarterly Supplemental 2nd Quarter 2018 Roosevelt Square Seattle, WA Cameron Village Raleigh, NC Grand Ridge Plaza Village at Tustin Legacy Shops at Erwin Mill Issaquah, WA Tustin, CA Durham, NC Investor Relations irinfo@RegencyCenters.com One Independent Drive, Suite 114 Jacksonville, FL 32202 904 598 7000 RegencyCenters.com
What we value at At Regency Centers, we have lived our values We add value. for 50 years by executing and successfully We believe in creating value from every meeting our commitments to our people, our transaction. We realize the critical importance customers, and our communities. We hold of executing, performing and delivering on our ourselves to that high standard every day. commitments. Our exceptional culture will set us apart for the next 50 years through our unending We perform for our investors. dedication to these beliefs: We believe that the capital that our investors have entrusted to us is precious. We are We are our people. open and transparent. We are committed We believe our people are our most to enhancing the investments of our fundamental asset - the best professionals shareholders, bond and mortgage holders, in the business who bring our culture to life. lenders, and co-investment partners. We are the company you want to work for and the people you want to do business with. We connect to our communities. We believe in contributing to the betterment We work together to sustain of our communities. We strive to develop superior results. and operate thriving shopping centers that We believe that, by partnering with each other are connected to our neighborhoods. We are and with our customers, our talented team continuously reducing our environmental will sustain superior results over the long impact through our greengenuity® program. term. We believe that when you are passionate about what you are doing and who you are We do what is right. working with in a results-oriented, family We believe in unwavering standards of atmosphere, you do it better. honesty and integrity. Since 1963, our Company has built its reputation by We provide exceptional service maintaining the highest ethical principles. to our customers. You will find differentiation in our character – We believe in putting our customers first. we do what is right and you can take us at This starts by owning, operating, and our word. developing dominant shopping centers that are exceptionally merchandised and We are the industry leader. maintained and most preferred by the We believe that through dedication to neighborhoods and communities where our excellence, innovation, and ongoing process best-in-class retailers will thrive. improvements, and by remaining focused on our core values, we will continue to be the industry leader in a highly competitive and ever-changing market. Our Mission is to enhance our standing as the preeminent national shopping center company through the first-rate performance of our exceptionally merchandised portfolio of dominant grocery-anchored shopping centers, the value-added service from the best team of professionals in the business to our top-performing retailers, and profitable growth and development.
Table of Contents June 30, 2018 Non-GAAP Disclosures ............................................................................................................................................. i Earnings Press Release ............................................................................................................................................ iii 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 ......................................................................................................................................16 Summary of Redevelopment ...................................................................................................................................17 Co-investment Partnerships: Unconsolidated Investments ...................................................................................................................................18 Real Estate Information: Leasing Statistics ...................................................................................................................................................19 Average Base Rent by CBSA ...................................................................................................................................20 Significant Tenant Rents .........................................................................................................................................21 Tenant Lease Expirations ........................................................................................................................................22 Portfolio Summary Report by State ..........................................................................................................................23 Components of NAV and Forward-Looking Information: Components of NAV ...............................................................................................................................................30 Earnings Guidance .................................................................................................................................................31 Reconciliation of Net Income to Earnings Guidance ...................................................................................................32 Glossary of Terms ..................................................................................................................................................33
Non-GAAP Disclosures June 30, 2018 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. • 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. i
Non-GAAP Disclosures June 30, 2018 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 (Loss) Attributable to Common Stockholders to NAREIT FFO. • Operating Funds From Operations (Operating FFO): The Company believes Operating FFO, 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 Operating 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 (Loss) Attributable to Common Stockholders to pro-rata NOI. • 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 bother termination fee income and expenses. • Same Property NOI as adjusted: For purposes of evaluating Same Property NOI on a comparative basis, and in light of the merger with Equity One on March 1, 2017, we are presenting our Same Property NOI as adjusted, which is on a pro forma basis as if the merger had occurred January 1, 2017. This perspective allows us to evaluate Same Property NOI growth over a comparable period. Same Property NOI as adjusted is not necessarily indicative of what the actual Same Property NOI and growth would have been if the merger had occurred as of the earliest period presented, nor does it purport to represent the Same Property NOI and growth for future periods. We derived this information from the accounting records of Equity One and did not adjust such information. Equity One’s financial information for the two month period ended February 28, 2017 was subject to a limited internal review by Regency. The Company provides a reconciliation of Net Income (Loss) Attributable to Common Stockholders to Same Property NOI as adjusted. Following is the detail for the non-ownership periods of Equity One included in Same Property NOI as adjusted: Two Months Ended February 2017 Same Property NOI detail for non-ownership periods of Equity One: Real Estate Revenues: Base Rent $ 44,963 Recoveries from Tenants 14,066 Percentage Rent 1,267 Termination Fees 30 Other Income 584 Total Real Estate Revenues 60,910 Real Estate Operating Expenses: Operating and Maintenance 9,489 Real Estate Taxes 7,753 Ground Rent 78 Provision for Doubtful Accounts 267 Total Real Estate Operating Expenses 17,587 Same Property NOI $ 43,323 Same Property NOI without Termination Fees $ 43,293 Same Property NOI without Termination Fees or Redevelopments $ 38,059 ii
NEWS RELEASE For immediate release Laura Clark 904 598 7831 LauraClark@RegencyCenters.com Regency Centers Reports Second Quarter 2018 Results JACKSONVILLE, FL. (August 2, 2018) – Regency Centers Corporation (“Regency” or the “Company”) today reported financial and operating results for the period ended June 30, 2018. Second Quarter 2018 Highlights • Net Income Attributable to Common Stockholders (“Net Income”) of $0.28 per diluted share. • NAREIT Funds From Operations (“NAREIT FFO”) of $0.93 per diluted share. • Same property Net Operating Income (“NOI”), excluding termination fees, increased 4.2% as compared to the same period in the prior year. • As of June 30, 2018, the same property portfolio was 95.5% leased. Spaces less than 10,000 square feet (“Small Shops”) were 92.2% leased. • Acquisition and disposition activity of $71.0 million and $32.5 million, respectively. • On a year-to-date basis, including the property sales subsequent to quarter end, the Company has sold properties for a combined gross sales price of $142.9 million at a weighted average cap rate of 7.9%. • Completed two developments with a combined net development cost of $110.9 million at an average return of 7.0%. • As of June 30, 2018, a total of 21 properties were in development or redevelopment representing a total investment of $348.5 million. “Regency’s unequaled combination of strategic advantages produced another quarter of gratifying results. Our best-in-class national portfolio of high quality shopping centers, located in densely populated and affluent trade areas, continues to attract market leading grocers and retailers allowing for consistent and impressive NOI growth,” said Martin E. “Hap” Stein, Jr., Chairman and Chief Executive Officer. “Led by a dedicated and experienced team, Regency is well positioned to compound growth in earnings, cash flow, and dividends.” Financial Results Regency reported Net Income for the second quarter of $47.8 million, or $0.28 per diluted share compared to $48.4 million, or $0.28 per diluted share, for the same period in 2017. The Company reported NAREIT FFO for the second quarter of $157.3 million, or $0.93 per diluted share, compared to $143.6 million, or $0.84 per diluted share, for the same period in 2017. The Company reported Operating FFO, an additional performance measure used by Regency that excludes certain non-comparable items as well as 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, for the second quarter of $150.5 million, or $0.89 per diluted share, compared to $143.3 million, or $0.84 per diluted share, for the same period in 2017. iii
Operating Results Second quarter same property NOI, excluding termination fees, increased 4.2% compared to the same period in 2017, with base rent growth contributing 3.5%. As of June 30, 2018, Regency’s wholly-owned portfolio plus its pro-rata share of co-investment partnerships was 95.0% leased. The same property portfolio was 95.5% leased, which is a decrease of 20 basis points sequentially and 10 basis points from the same period in 2017. The primary driver of the decline in same property percent leased is related to the Toys “R” Us moveouts in the second quarter. Small Shops were 92.2% leased, a decrease of 10 basis points sequentially and 20 basis points from the same period in 2017. For the three months ended June 30, 2018, Regency executed approximately 1.7 million square feet of new and renewal leases. Rent spreads on comparable new and renewal leases for the trailing twelve months were 9.4% and 6.0%, respectively, with total rent growth of 6.7%. “Leasing fundamentals continue to be healthy across the portfolio. We have solid demand for our premier portfolio as tenants continue to validate the importance of high quality locations as they thoughtfully execute their expansion plans,” said Jim Thompson, Executive Vice President of Operations. “We’ve had great success in embedding contractual rent increases into our executed leases over the past several years, which is translating into our strong Same Property NOI performance.” Investments Property Transactions During the quarter the Company closed on $71.0 million of acquisitions and $32.5 million of dispositions. • Rivertowns Square (Dobbs Ferry, NY) – As previously disclosed, the Company acquired Rivertowns Square, a 116,000 square foot retail shopping center, anchored by Brooklyn Market, for a gross purchase price of $68.9 million. • Crossroads Commons II (Boulder, CO) – Regency and a co-investment partner acquired Crossroads Commons II, a 20,000 square foot retail shops building adjacent to the Company’s existing co-investment property, Crossroads Commons, anchored by Whole Foods. Regency’s pro-rata share of the purchase price is $2.1 million. • Regency sold three shopping centers during the quarter. The properties were all located in Florida in the markets of Palm Coast, Fort Myers, and Orlando. Subsequent to quarter end, Regency sold three wholly-owned properties for a combined gross sales price of $106.9 million. Magnolia Shoppes is located in Fort Myers, FL, and anchored by Regal Cinemas. Indio Towne Center, located in Indio, CA, is anchored by 24 Hour Fitness, Party City, and formally Toys R Us. East Washington Place is located in Petaluma, CA, and anchored by Sprouts, Dick’s Sporting Goods, TJ Maxx, and HomeGoods. On a year-to-date basis, including the property sales subsequent to quarter end, the Company has sold properties for a combined gross sales price of $142.9 at a weighted average cap rate of 7.9%. iv
Developments and Redevelopments During the second quarter, the Company started four redevelopment projects and completed two development projects. The completed development projects have a combined cost of $110.9 million and are expected to yield an average return of 7.0%. At quarter end, the Company had 21 properties in development or redevelopment with combined, estimated net development costs of $348.5 million. In-process development projects were a combined 60% funded and 78% leased, and are expected to yield an average return of 7.3%. Capital Markets On April 2, 2018, the Company redeemed its $150 million 6.0% notes originally due on June 15, 2020, including a make-whole premium of $10.5 million. Regency used proceeds from its February 28, 2018, $300 million 4.125% notes offering due 2028, to repay the notes in full. Dividend On July 31, 2018, Regency’s Board declared a quarterly cash dividend on the Company’s common stock of $0.555 per share. The dividend is payable on August 29, 2018, to shareholders of record as of August 15, 2018. 2018 Guidance The Company has updated certain components of its 2018 earnings guidance. Please refer to the Company’s second quarter 2018 supplemental information package for a complete list of updates. 2018 Guidance Previous Guidance Updated Guidance Net Income Attributable to Common Stockholders (“Net Income”) $1.33 - $1.38 $1.32 - $1.36 NAREIT Funds From Operations (“NAREIT FFO”) per diluted share $3.74 - $3.79 $3.75 - $3.79 Operating Funds from Operations ("Operating FFO") per diluted share $3.49 - $3.54 $3.50 - $3.54 Same Property Net Operating Income (“SPNOI”) Growth excluding 2.40% - 3.25% 2.75% - 3.25% termination fees (pro-rata) Conference Call Information To discuss Regency’s second quarter results, the Company will host a conference call on Friday, August 3, 2018, at 11:00 a.m. EDT. Dial-in and webcast information is listed below. v
Second Quarter Earnings Conference Call Date: Friday, August 3, 2018 Time: 11:00 a.m. EDT 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 it believes these measures improve the understanding of the Company's operational results. Regency manages its entire real estate portfolio without regard to ownership structure, although certain decisions impacting properties owned through partnerships require partner approval. Therefore, the Company believes presenting its 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. Management continually evaluates the usefulness, relevance, limitations, and calculation of the Company’s 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, excluding gains and losses from dispositions of depreciable property, net of tax, excluding operating real estate impairments, 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. 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 and losses from depreciable property dispositions, and impairments, it can provide 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. Operating FFO is an additional performance measure that excludes from NAREIT FFO: (i) transaction related income or expenses; (ii) impairments on land; (iii) gains or losses from the early extinguishment of debt; (iv) 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 (v) other amounts as they occur. The Company believes Operating FFO, 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 Net Income to NAREIT FFO and Operating FFO for actual results. vi
Reconciliation of Net (Loss) Income Attributable to Common Stockholders to NAREIT FFO and Operating FFO - Actual (in thousands) For the Periods Ended June 30, 2018 and 2017 Three Months Ended Year to Date 2018 2017 2018 2017 Reconciliation of Net Income (Loss) to NAREIT FFO: Net Income (Loss) Attributable to Common Stockholders $ 47,841 48,368 $ 100,500 15,144 Adjustments to reconcile to NAREIT Funds From Operations(1): Depreciation and amortization (ex cluding FF&E) 97,189 100,144 193,386 167,589 Prov ision for impairment to operating properties 12,440 - 28,494 - Gain on sale of operating properties (246) (5,054) (348) (5,065) Exchangeable operating partnership units 100 104 212 85 NAREIT Funds From Operations $ 157,324 143,562$ 322,244 177,753 Reconciliation of NAREIT FFO to Operating FFO: NAREIT Funds From Operations $ 157,324 143,562 $ 322,244 177,753 Adjustments to reconcile to Operating Funds From Operations(1): Acquisition pursuit and closing costs - 111 - 137 Gain on sale of land (869) (2,446) (976) (2,850) Prov ision for impairment to land 93 - 93 - Loss on derivative instruments and hedge ineffectiveness - (6) - (14) Early extinguishment of debt 11,010 12,404 11,172 12,404 Interest on bonds for period from notice to redemption - - 600 - Merger related costs - 4,676 - 74,408 Merger related debt offering interest - - - 975 Preferred redemption costs - - - 9,369 Straight line rent, net (4,749) (5,403) (8,830) (8,768) Above/below market rent amortization, net (11,378) (8,593) (19,801) (12,313) Debt premium/discount amortization (897) (1,012) (1,795) (1,653) Operating Funds From Operations $ 150,534 143,293$ 302,707 249,448 Weighted Average Shares For Diluted Earnings per Share 169,682 170,421 170,291 148,931 Weighted Average Shares For Diluted FFO and Operating FFO per Share 170,032 170,743 170,641 149,170 (1) Includes pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests. 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. vii
Reconciliation of Net Income Attributable to Common Stockholders to Pro-Rata Same Property NOI - as adjusted Actual (in thousands) For the Periods Ended June 30, 2018 and 2017 Three Months Ended Year to Date 2018 2017 2018 2017 Net Income (Loss) Attributable to Common Stockholders $ 47,841 48,368 $ 100,500 15,144 Less: Management, transaction, and other fees (6,887) (6,601) (14,045) (13,307) Gain on sale of real estate (1,123) (4,366) (1,219) (4,781) Other(1) (17,634) (15,064) (31,807) (23,262) Plus: Depreciation and amortization 89,105 92,230 177,629 152,284 General and administrativ e 16,776 16,746 34,382 34,419 Other operating expense, excluding provision for doubtful accounts 1,480 5,697 1,917 76,643 Other expense (income) 61,048 46,924 114,016 73,026 Equity in income of investments in real estate excluded from NOI (2) 15,669 12,377 30,762 26,710 Net income attributable to noncontrolling interests 748 680 1,554 1,332 Preferred stock dividends and issuance costs - 1,125 - 12,981 NOI 207,023 198,116 413,689 351,189 Less non-same property NOI (3) (5,599) (3,642) (8,751) (4,901) Plus same property NOI for non-ownership periods of Equity One(4) - - - 43,323 Same Property NOI as adjusted $ 201,424 194,474 $ 404,938 389,611 Same Property NOI as adjusted without Termination Fees $ 202,686 194,450 $ 405,148 389,107 Same Property NOI as adjusted without Termination Fees or Redevelopments $ 179,769 175,675 $ 359,971 351,368 (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, and interest expense. (3) Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests. (4) Refer to page ii of the Company's second quarter 2018 supplemental package for Same Property NOI detail for the non-ownership periods of Equity One. 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. viii
Reconciliation of Net Income Attributable to Common Stockholders to NAREIT FFO and Operating FFO — Guidance (per diluted share) Full Year NAREIT FFO and Operating FFO Guidance: 2018 Low High Net income attributable to common stockholders $ 1.32 1.36 Adjustments to reconcile net income to NAREIT FFO: Depreciation and amortization 2.26 2.26 Prov ision for impairment 0.17 0.17 NAREIT Funds From Operations $ 3.75 3.79 Adjustments to reconcile NAREIT FFO to Operating FFO: Gain on sale of land (0.01) (0.01) Early extinguishment of debt 0.07 0.07 Other non-comparable costs 0.01 0.01 Straight line rent, net (0.10) (0.10) Market rent amortization, net (0.20) (0.20) Debt mark-to-market (0.02) (0.02) Operating Funds From Operations $ 3.50 3.54 The Company has published forward-looking statements and additional financial information in its second quarter 2018 supplemental information package that may help investors estimate earnings for 2018. A copy of the Company’s second quarter 2018 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 June 30, 2018. Regency may, but assumes no obligation to, update information in the supplemental package from time to time. About Regency Centers Corporation (NYSE: 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. ix
### 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. x
Summary Financial Information June 30, 2018 (in thousands, except per share data) Three Months Ended Year to Date 2018 2017 2018 2017 Financial Results Net income (loss) attributable to common stockholders (page 4) $47,841 $48,368 $100,500 $15,144 Net income (loss) per diluted share $0.28 $0.28 $0.59 $0.10 NAREIT Funds From Operations (NAREIT FFO) (page 9) $157,324 $143,562 $322,244 $177,753 NAREIT FFO per diluted share $0.93 $0.84 $1.89 $1.19 Operating Funds From Operations (Operating FFO) (page 9) $150,534 $143,293 $302,707 $249,448 Operating FFO per diluted share $0.89 $0.84 $1.77 $1.67 Same Property NOI as adjusted without termination fees (page 8) $202,686 $194,450 $405,148 $389,107 % growth 4.2% 4.1% Operating EBITDAre (page 10) $197,616 $189,049 $395,274 $332,832 Dividends paid per share and unit $0.555 $0.530 $1.110 $1.040 Payout ratio of Operating FFO per share (diluted) 62.4% 63.1% 62.7% 62.3% Diluted share and unit count Weighted average shares (diluted) - Net income (loss) 169,682 170,421 170,291 148,931 Weighted average shares (diluted) - NAREIT FFO and Operating FFO 170,032 170,743 170,641 149,170 As of As of As of As of 6/30/18 12/31/17 12/31/16 12/31/15 Capital Information Market price per common share $62.08 $69.18 $68.95 $68.12 Common shares outstanding 169,435 171,365 104,497 97,213 Exchangeable units held by noncontrolling interests 350 350 154 154 Common shares and equivalents issued and outstanding 169,785 171,715 104,651 97,367 Market equity value of common and convertible shares $10,540,265 $11,879,231 $7,215,718 $6,632,627 Non-convertible preferred stock $0 $0 $325,000 $325,000 Outstanding debt $4,351,287 $4,115,588 2,111,450 $2,363,238 Less: cash (43,240) (49,381) ($17,879) ($40,623) Net debt $4,308,047 $4,066,207 $2,093,571 $2,322,615 Total market capitalization $14,848,312 $15,945,438 $9,634,289 $9,280,242 Debt metrics (pro-rata; trailing 12 months "TTM")(1) Net Debt-to-Operating EBITDAre 5.6x 5.4x 4.4x 5.2x Fixed charge coverage 4.1x 4.1x 3.3x 2.8x (1) In light of the merger with Equity One on March 1, 2017, debt metric calculations for 2017 include legacy Regency results for the trailing 12 months and the annualized impact of year to date results for the Equity One contribution post merger. 1
Summary Real Estate Information June 30, 2018 (GLA in thousands) Wholly Owned and 100% of Co-investment Partnerships 6/30/2018 3/31/2018 12/31/2017 9/30/2017 6/30/2017 Number of properties 428 429 426 427 428 Number of retail operating properties 417 414 412 413 414 Number of same properties 406 409 395 399 400 Number of properties in redevelopment 13 9 14 22 21 Number of properties in development 8 10 9 8 8 Gross Leasable Area (GLA) - All properties 54,111 54,174 53,881 54,067 54,162 GLA including retailer-owned stores - All properties 59,074 59,137 58,845 59,031 59,125 GLA - Retail operating properties 52,312 52,378 52,161 52,250 52,344 GLA - Same properties 51,464 51,667 50,144 50,624 50,719 GLA - Properties in redevelopment(1) 2,341 1,934 3,607 4,907 4,591 GLA - Properties in development 1,184 1,575 1,461 1,348 1,348 Wholly Owned and Pro-Rata Share of Co-investment Partnerships GLA - All properties 44,053 44,131 44,015 44,281 44,284 GLA including retailer-owned stores - All properties 49,016 48,982 48,979 49,244 49,248 GLA - Retail operating properties 42,471 42,553 42,456 42,536 42,540 GLA - Same properties 41,758 41,961 40,601 41,073 41,076 Spaces ≥ 10,000 sf 26,321 26,482 25,605 25,914 25,930 Spaces < 10,000 sf 15,437 15,479 14,996 15,159 15,146 GLA - Properties in redevelopment(1) 1,450 1,235 2,817 4,138 3,865 GLA - Properties in development 1,040 1,431 1,374 1,348 1,348 % leased - All properties 95.0% 95.1% 95.5% 95.3% 95.0% % leased - Retail operating properties 95.5% 95.7% 96.2% 95.9% 95.7% % leased - Same properties (2) 95.5% 95.7% 96.1% 95.8% 95.6% Spaces ≥ 10,000 sf (2) 97.4% 97.7% 98.2% 97.8% 97.5% Spaces < 10,000 sf (2) 92.2% 92.3% 92.6% 92.4% 92.4% Average % leased - Same properties (2) 95.7% 95.8% 95.8% 95.8% 95.8% % commenced - Same properties (2)(3) 93.8% 94.1% 94.2% 93.5% 93.5% Same property NOI as adjusted growth - YTD (see page 8) 3.9% 4.3% 3.5% 3.9% 3.3% Same property NOI as adjusted growth without termination fees - YTD 4.1% 4.0% 3.6% 4.0% 3.5% Same property NOI as adjusted growth without termination fees or redevelopments - YTD 2.4% 2.6% 2.7% 3.3% 2.9% Rent spreads - Trailing 12 months (4) (see page 19) 6.7% 7.9% 7.8% 9.4% 9.1% (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 June 30, 2018 and December 31, 2017 (in thousands) 2018 2017 (unaudited) Assets Real estate investments at cost: Land, building and improvements$ 10,752,552 $ 10,578,430 Properties in development 164,001 314,391 10,916,553 10,892,821 Less: accumulated depreciation 1,433,120 1,339,771 9,483,433 9,553,050 Investments in real estate partnerships 451,220 386,304 Net real estate investments 9,934,653 9,939,354 Properties held for sale 102,163 - Cash and cash equivalents 43,240 49,381 Accounts receivable, net 59,041 66,586 Straight line rent receivables, net 96,499 88,596 Notes receivable - 15,803 Deferred leasing costs, net 83,686 80,044 Acquired lease intangible assets, net 432,951 478,826 Goodwill 320,639 331,884 Other assets 108,858 95,243 Total assets$ 11,181,730 $ 11,145,717 Liabilities and Equity Liabilities: Notes payable$ 3,118,002 $ 2,971,715 Unsecured credit facilities 713,498 623,262 Total notes payable 3,831,500 3,594,977 Accounts payable and other liabilities 215,300 234,272 Acquired lease intangible liabilities, net 517,018 537,401 Tenants' security and escrow deposits 49,124 46,013 Total liabilities 4,612,942 4,412,663 Equity: Stockholders' Equity: Common stock, $.01 par 1,694 1,714 Additional paid in capital 7,732,107 7,854,797 Accumulated other comprehensive income (loss) 10,317 (6,289) Distributions in excess of net income (1,216,018) (1,158,170) Total stockholders' equity 6,528,100 6,692,052 Noncontrolling Interests: Exchangeable operating partnership units 10,765 10,907 Limited partners' interest 29,923 30,095 Total noncontrolling interests 40,688 41,002 Total equity 6,568,788 6,733,054 Total liabilities and equity$ 11,181,730 $ 11,145,717 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 June 30, 2018 and 2017 (in thousands) (unaudited) Three Months Ended Year to Date 2018 2017 2018 2017 Revenues: Minimum rent $ 208,827 195,992 $ 410,219 337,232 Percentage rent 1,196 1,456 5,068 4,362 Recoveries from tenants and other income 64,502 57,256 128,773 102,535 Management, transaction, and other fees 6,887 6,601 14,045 13,307 Total revenues 281,412 261,305 558,105 457,436 Operating Expenses: Depreciation and amortization 89,105 92,230 177,629 152,284 Operating and maintenance 41,851 36,105 84,367 65,868 General and administrative 16,776 16,746 34,382 34,419 Real estate taxes 31,541 28,871 61,967 50,321 Other operating expense 2,799 6,862 4,432 78,425 Total operating expenses 182,072 180,814 362,777 381,317 Other Expense (Income): Interest expense, net of interest income 38,074 35,407 74,859 62,606 Provision for impairment 12,533 - 28,587 - Early extinguishment of debt 11,010 12,404 11,172 12,404 Net investment (income) loss (569) (887) (602) (1,984) Total other expense 61,048 46,924 114,016 73,026 Income (loss) from operations before equity in income of investments in real estate partnerships 38,292 33,567 81,312 3,093 Equity in income of investments in real estate partnerships 9,174 12,240 19,523 21,583 Income (loss) from operations 47,466 45,807 100,835 24,676 Gain on sale of real estate, net of tax 1,123 4,366 1,219 4,781 Net income (loss) 48,589 50,173 102,054 29,457 Noncontrolling Interests: Exchangeable operating partnership units (100) (104) (212) (85) Limited partners' interests in consolidated partnerships (648) (576) (1,342) (1,247) Net income (loss) attributable to noncontrolling interests (748) (680) (1,554) (1,332) Net income (loss) attributable to controlling interests 47,841 49,493 100,500 28,125 Preferred stock dividends and issuance costs - (1,125) - (12,981) Net income (loss) attributable to common stockholders $ 47,841 48,368 $ 100,500 15,144 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 June 30, 2018 and 2017 (in thousands) Three Months Ended Year to Date 2018 2017 2018 2017 Real Estate Revenues: Base rent $ 191,955 181,706 $ 380,287 315,682 Recoveries from tenants 59,591 53,628 118,473 95,327 Percentage rent 1,196 1,456 5,068 4,362 Termination fees 332 24 1,290 432 Other income 4,579 3,604 9,010 6,776 Total real estate revenues 257,653 240,418 514,128 422,579 Real Estate Operating Expenses: Operating and maintenance 36,309 33,180 75,812 60,301 Real estate taxes 31,541 28,871 61,967 50,321 Ground rent 2,909 2,162 5,335 4,215 Termination expense 1,700 - 1,700 - Provision for doubtful accounts 1,319 1,165 2,515 1,782 Total real estate operating expenses 73,778 65,378 147,329 116,619 Other Rent Amounts: Straight line rent, net 4,793 5,152 9,085 8,329 Above/below market rent amortization, net 11,146 8,371 19,327 11,869 Total other rent amounts 15,939 13,523 28,412 20,198 Fee Income: Property management fees 3,652 3,587 7,420 7,006 Asset management fees 1,804 1,763 3,507 3,552 Leasing commissions and other fees 1,431 1,251 3,118 2,749 Total fee income 6,887 6,601 14,045 13,307 Interest Expense, net: Gross interest expense 37,713 35,413 74,635 62,102 Derivative amortization 2,102 2,102 4,204 4,204 Debt cost amortization 1,331 1,262 2,605 2,305 Debt premium/discount amortization (941) (1,054) (1,881) (1,742) Capitalized interest (1,971) (2,033) (4,150) (3,290) Interest income (160) (277) (554) (967) Total interest expense, net 38,074 35,413 74,859 62,612 General & Administrative, net: Gross general & administrative 17,959 19,070 36,593 37,882 Stock-based compensation 4,014 3,669 8,136 7,402 Capitalized direct leasing compensation costs (1,908) (2,677) (3,230) (4,976) Capitalized direct development compensation costs (3,799) (4,227) (7,690) (7,885) Total general & administrative, net 16,266 15,835 33,809 32,423 Real Estate (Gains) Losses: Gain on sale of operating properties (253) (2,611) (357) (2,622) Provision for impairment of operating properties 12,440 - 28,494 - Gain on sale of land (870) (1,755) (862) (2,159) Provision for impairment of land 93 - 93 - Total real estate (gains) losses 11,410 (4,366) 27,368 (4,781) Depreciation, Transaction and Other Expense (Income): Depreciation and amortization (including FF&E) 89,105 92,230 177,629 152,284 Acquisition pursuit and closing costs - 111 - 131 Development pursuit costs 100 (74) 120 314 Merger related costs - 4,676 - 74,408 Loss from deferred compensation plan, net 6 24 28 47 Early extinguishment of debt 11,010 12,404 11,172 12,404 Loss on derivative instruments and hedge ineffectiveness - (6) - (6) (Gain) loss on sale of investments (65) - (56) (35) Other expenses 1,380 984 1,796 1,790 Total depreciation, transaction and other expense (income) 101,536 110,349 190,689 241,337 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) June 30, 2018 and December 31, 2017 (in thousands) Noncontrolling Interests Share of JVs 2018 2017 2018 2017 Assets Land, building and improvements $ (77,381) (77,528) $ 1,313,556 1,248,224 Properties in development (648) (597) 23,780 14,599 (78,029) (78,125) 1,337,336 1,262,823 Less: accumulated depreciation (11,542) (10,645) 402,723 387,587 Net real estate investments (66,487) (67,480) 934,613 875,236 Cash and cash equivalents (2,988) (3,098) 16,876 11,123 Accounts receivable, net (1,667) (1,334) 4,860 5,641 Straight line rent receivables, net (1,537) (1,444) 16,688 16,539 Deferred leasing costs, net (1,319) (1,383) 14,085 13,905 Acquired lease intangible assets, net (933) (1,061) 15,610 14,268 Other assets (961) (357) 11,809 7,291 Total assets $ (75,892) (76,157) $ 1,014,541 944,003 Liabilities Notes payable $ (43,873) (43,121) $ 519,786 520,611 Accounts payable and other liabilities (1,398) (2,172) 25,613 21,977 Acquired lease intangible liabilities, net (435) (482) 12,313 11,323 Tenants' security and escrow deposits (263) (287) 5,609 3,788 Total liabilities $ (45,969) (46,062) $ 563,321 557,699 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 June 30, 2018 and 2017 (in thousands) Noncontrolling Interests Share of JVs Three Months Ended Year to Date Three Months Ended Year to Date 2018 2017 2018 2017 2018 2017 2018 2017 Real Estate Revenues: Base rent $ (1,853) (1,645) $ (3,676) (3,227) 25,981$ 25,218 51,982$ 48,942 Recoveries from tenants (619) (474) (1,265) (947) 8,533 7,851 17,132 15,621 Percentage rent (3) - (3) (4) 288 376 861 961 Termination fees (7) - (9) (20) 105 - 336 158 Other income (37) (32) (73) (64) 494 643 937 1,341 Total real estate revenues (2,519) (2,151) (5,026) (4,262) 35,401 34,088 71,248 67,023 Real Estate Operating Expenses: Operating and maintenance (360) (321) (758) (652) 5,624 5,063 11,365 10,052 Real estate taxes (385) (262) (753) (486) 4,700 4,184 9,184 8,136 Ground rent (27) (26) (55) (52) 94 91 188 182 Termination expense - - - - - - - 113 Provision for doubtful accounts (52) (1) (65) (8) 140 133 226 247 Total real estate operating expenses (824) (610) (1,631) (1,198) 10,558 9,471 20,963 18,730 Other Rent Amounts: Straight line rent, net (25) (62) (74) (149) 113 313 155 588 Above/below market rent amortization, net (10) (16) (24) (31) 244 238 499 475 Total other rent amounts (35) (78) (98) (180) 357 551 654 1,063 Fee Income: Asset management fees - - - - (291) (284) (561) (576) Total fee income - - - - (291) (284) (561) (576) Interest Expense, net: Gross interest expense (421) (378) (825) (754) 6,063 6,252 12,156 12,134 Debt cost amortization (37) (15) (67) (28) 124 93 248 223 Debt premium/discount amortization - - - - 43 42 85 90 Total interest expense, net (458) (393) (892) (782) 6,230 6,387 12,489 12,447 General & Administrative, net: Gross general & administrative - - - - 73 52 111 106 Total general & administrative, net - - - - 73 52 111 106 Real Estate (Gains) Losses: (Gain) loss on sale of operating properties - - - - 7 (2,443) 9 (2,443) (Gain) loss on sale of land - - - - 1 (691) (114) (691) Total real estate (gains) losses - - - - 8 (3,134) (105) (3,134) Depreciation, Transaction and Other Expense (Income): Depreciation and amortization (including FF&E) (606) (594) (1,228) (1,148) 9,192 8,958 17,983 17,306 Acquisition pursuit and closing costs - - - - - - - 7 Development pursuit costs - - - - 19 - 20 5 Hedge ineffectiveness - - - - - - - (8) Other expenses (18) (56) (31) (67) 213 381 357 468 Total depreciation, transaction and other expense (income) (624) (650) (1,259) (1,215) 9,424 9,339 18,360 17,778 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 as adjusted (Pro-Rata) For the Periods Ended June 30, 2018 and 2017 (in thousands) Same Property NOI is a non-GAAP key measure used by management in evaluating the operating performance of our properties and includes pro-rata share of unconsolidated co- investment partnerships. For purposes of evaluating Same Property NOI on a comparative basis, and in light of the merger with Equity One on March 1, 2017, we are presenting our Same Property NOI as adjusted, which is on a pro forma basis as if the merger had occurred January 1, 2017. This perspective allows us to evaluate Same Property NOI growth over a comparable period. Same Property NOI as adjusted is not necessarily indicative of what the actual Same Property NOI and growth would have been if the merger had occurred as of the earliest period presented, nor does it purport to represent the Same Property NOI growth for future periods. Three Months Ended Year to Date 2018 2017 2018 2017 Same Property NOI as adjusted Detail: Real Estate Revenues: Base Rent $ 209,256 202,431 $ 417,423 402,835 Recoveries from Tenants 65,852 60,536 131,641 123,449 Percentage Rent 1,475 1,806 5,908 6,527 Termination Fees 438 24 1,490 617 Other Income 4,441 3,432 8,809 7,203 Total Real Estate Revenues 281,462 268,229 565,271 540,631 Real Estate Operating Expenses: Operating and Maintenance 40,254 37,855 83,185 78,682 Termination Expense 1,700 - 1,700 113 Real Estate Taxes 34,604 32,323 68,269 65,046 Ground Rent 2,238 2,292 4,723 4,543 Provision for Doubtful Accounts 1,242 1,285 2,456 2,636 Total Real Estate Operating Expenses 80,038 73,755 160,333 151,020 Same Property NOI as adjusted $ 201,424 194,47 4 $ 404,938 389,611 % change 3.6% 3.9% Same Property NOI as adjusted without Termination Fees $ 202,686 194,450 $ 405,148 389,10 7 % change 4.2% 4.1% Same Property NOI as adjusted without Termination Fees or Redevelopments $ 179,769 175,675 $ 359,971 351,368 % change 2.3% 2.4% Reconciliation of Net Income (Loss) Attributable to Common Stockholders to Same Property NOI as adjusted: Net income (loss) attributable to common stockholders $ 47,841 48,368 $ 100,500 15,144 Less: Management, transaction, and other fees (6,887) (6,601) (14,045) (13,307) Gain on sale of real estate (1,123) (4,366) (1,219) (4,781) Other (1) (17,634) (15,064) (31,807) (23,262) Plus: Depreciation and amortization 89,105 92,230 177,629 152,284 General and administrative 16,776 16,746 34,382 34,419 Other operating expense, excluding provision for doubtful accounts 1,480 5,697 1,917 76,643 Other expense (income) 61,048 46,924 114,016 73,026 Equity in income of investments in real estate excluded from NOI (2) 15,669 12,377 30,762 26,710 Net income attributable to noncontrolling interests 748 680 1,554 1,332 Preferred stock dividends and issuance costs - 1,125 - 12,981 NOI 207,023 198,116 413,689 351,189 Less non-same property NOI (3) (5,599) (3,642) (8,751) (4,901) Plus same property NOI for non-ownership periods of Equity One(4) - - - 43,323 Same Property NOI as adjusted $ 201,424 194,47 4 $ 404,938 389,611 (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, and interest expense. (3) Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests. (4) See page ii for Same Property NOI detail for the non-ownership periods of Equity One. 8
Reconciliations of Non-GAAP Financial Measures and Additional Disclosures For the Periods Ended June 30, 2018 and 2017 (in thousands, except per share data) Three Months Ended Year to Date 2018 2017 2018 2017 Reconciliation of Net Income to NAREIT FFO: Net Income (Loss) Attributable to Common Stockholders$ 47,841 48,368 $ 100,500 15,144 Adjustments to reconcile to NAREIT Funds From Operations(1): Depreciation and amortization (excluding FF&E) 97,189 100,144 193,386 167,589 Provision for impairment to operating properties 12,440 - 28,494 - Gain on sale of operating properties (246) (5,054) (348) (5,065) Exchangeable operating partnership units 100 104 212 85 NAREIT Funds From Operations $ 157,324 143,562 $ 322,244 177,753 NAREIT FFO per share (diluted) $ 0.93 0.84 $ 1.89 1.19 Weighted average shares (diluted) 170,032 170,743 170,641 149,170 Reconciliation of NAREIT FFO to Operating FFO: NAREIT Funds From Operations$ 157,324 143,562 $ 322,244 177,753 Adjustments to reconcile to Operating Funds From Operations(1): Acquisition pursuit and closing costs - 111 - 137 Gain on sale of land (869) (2,446) (976) (2,850) Provision for impairment to land 93 - 93 - Hedge ineffectiveness - (6) - (14) Early extinguishment of debt 11,010 12,404 11,172 12,404 Interest on bonds for period from notice to redemption - - 600 - Merger related costs - 4,676 - 74,408 Merger related debt offering interest - - - 975 Preferred redemption costs - - - 9,369 Straight line rent, net (4,749) (5,403) (8,830) (8,768) Above/below market rent amortization, net (11,378) (8,593) (19,801) (12,313) Debt premium/discount amortization (897) (1,012) (1,795) (1,653) Operating Funds From Operations $ 150,534 143,293$ 302,707 249,448 Operating FFO per share (diluted) $ 0.89 0.84$ 1.77 1.67 Weighted average shares (diluted) 170,032 170,743 170,641 149,170 Additional Disclosures: Other Non Cash Expense(1) Derivative amortization $ 2,102 2,102 $ 4,204 4,204 Debt cost amortization 1,417 1,340 2,786 2,500 Stock-based compensation 4,014 3,669 8,136 7,402 Other Non Cash Expense $ 7,533 7,111 $ 15,126 14,106 Capital Expenditures(1) Leasing commissions $ 4,091 5,864 $ 6,983 9,079 Tenant allowance and landlord work 13,755 8,254 24,204 14,167 Building improvements 5,179 3,768 8,600 5,644 Capital Expenditures $ 23,025 17,886$ 39,787 28,890 (1) Includes pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests. 9
Reconciliations of Non-GAAP Financial Measures and Additional Disclosures (continued) For the Periods Ended June 30, 2018 and 2017 (in thousands) Three Months Ended Year to Date 2018 2017 2018 2017 Reconciliation of Net Income to NAREIT EBITDAre : Net Income (Loss)$ 48,589 50,173 $ 102,054 29,457 Adjustments to reconcile to NAREIT EBITDAre (1): Interest expense 44,464 42,077 87,902 76,026 Depreciation and amortization 98,297 101,188 195,612 169,590 Gain on sale of operating properties (246) (5,054) (348) (5,065) Provision from impairment to operating properties 12,440 - 28,494 - NAREIT EBITDAre $ 203,544 188,384$ 413,714 270,008 Reconciliation of NAREIT EBITDAre to Operating EBITDAre : NAREIT EBITDAre $ 203,544 188,384 $ 413,714 270,008 Adjustments to reconcile to Operating EBITDAre (1): Acquisition pursuit and closing costs - 111 - 137 Gain on sale of land (869) (2,446) (976) (2,850) Provision for impairment to land 93 - 93 - Hedge ineffectiveness - (6) - (14) Early extinguishment of debt 11,010 12,404 11,172 12,404 Merger related costs - 4,676 - 74,408 Straight line rent, net (4,774) (5,465) (8,904) (8,917) Above/below market rent amortization, net (11,388) (8,609) (19,825) (12,344) Operating EBITDAre $ 197,616 189,049$ 395,274 332,832 (1) Includes pro-rata share of unconsolidated co-investment partnerships 10
Summary of Consolidated Debt June 30, 2018 and December 31, 2017 (in thousands) Total Debt Outstanding: 6/30/18 12/31/17 Notes Payable: Fixed rate mortgage loans $ 606,055 610,049 Variable-rate mortgage loans 37,821 36,010 Fixed rate unsecured public debt 2,285,893 2,138,156 Fixed rate unsecured private debt 188,233 187,500 Unsecured credit facilities: Revolving line of credit 150,000 60,000 Term Loans 563,498 563,262 Total $ 3,831,500 3,594,977 Weighted Average Scheduled Mortgage Contractual Principal Loan Unsecured Interest Rate on Schedule of Maturities by Year: Payments Maturities Maturities (1) Total Maturities 2018 5,173 106,117 - 111,290 6.3% 2019 9,519 23,525 - 33,044 5.0% 2020 11,287 78,580 300,000 389,867 3.8% 2021 11,600 66,751 250,000 328,351 4.7% 2022 11,799 5,848 715,000 732,647 2.9% 2023 10,043 59,374 - 69,417 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% >10 years 8,773 387 725,000 734,160 4.1% Unamortized debt premium/(discount) and issuance costs - 7,403 (27,376) (19,973) $ 86,434 557,442 3,187,624 3,831,500 3.9% Percentage of Total Debt: 6/30/18 12/31/17 Fixed 95.1% 97.3% Variable 4.9% 2.7% Current Weighted Average Contractual Interest Rates:(2) Fixed 3.9% 4.0% Variable 2.8% 2.1% Combined 3.9% 4.0% Current Weighted Average Effective Interest Rate:(3) Combined 4.2% 4.2% Average Years to Maturity: Fixed 8.5 8.6 Variable 3.6 2.2 (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 June 30, 2018 and December 31, 2017 (in thousands) Contractual Effective Lender Collateral Rate Rate (1) Maturity 6/30/18 12/31/17 Secured Debt - Fixed Rate Mortgage Loans Allianz Life Insurance Company Sheridan Plaza 6.3% 10/10/18 55,209 55,872 Guardian Life Insurance Company Amerige Heights Town Center 6.1% 12/01/18 15,708 15,844 Guardian Life Insurance Company El Cerrito Plaza 6.4% 12/01/18 36,016 36,436 Peoples United Bank The Village Center 6.3% 06/01/19 13,683 13,930 Allianz Life Insurance Company Willow Festival 7.3% 01/10/20 39,505 39,505 Nationwide Bank Kent Place 3.3% 04/01/20 8,250 8,250 CUNA Mutal Insurance Society Ocala Corners 6.5% 04/01/20 4,270 4,389 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 36,713 36,994 Jefferson Pilot BridgeMill 7.9% 05/05/21 5,357 5,596 John Hancock Life Insurance Company Kirkwood Commons 7.7% 10/01/22 9,069 9,383 Wells Fargo Hewlett I 4.4% 01/06/23 9,636 - 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 6,239 6,769 American United Life Insurance Company Westport Plaza 7.5% 08/01/23 2,777 2,897 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 15,592 16,685 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 7,864 8,149 New York Life Insurance Von's Circle Center 5.2% 10/10/28 7,995 8,283 CIGNA Copps Hill Plaza 6.1% 01/01/29 13,764 14,224 City of Rollingwood Shops at Mira Vista 8.0% 03/01/32 229 234 Allianz Life Insurance Company Circle Center West 5.0% 10/01/36 10,033 10,198 TIAA-CREF Westchase 5.5% 07/10/18 - 6,286 Unamortized premiums on assumed debt of acquired properties and issuance costs 7,646 9,625 Total Fixed Rate Mortgage Loans 4.9% 4.3% $ 606,055 610,049 Unsecured Debt Debt Offering (6/2/10) Fixed-rate unsecured 6.0% 06/15/20 $ - $ 150,000 Debt Offering (10/7/10) Fixed-rate unsecured 4.8% 04/15/21 250,000 250,000 Debt Offering (10/22/12) Fixed-rate unsecured 3.8% 11/11/22 300,000 300,000 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 - Debt Offering (1/17/17) Fixed-rate unsecured 4.4% 02/01/47 425,000 425,000 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) 03/23/22 150,000 60,000 Unamortized debt discount and issuance costs (27,376) (26, 082) Total Unsecured Debt, Net of Discounts 3.7% 4.1% $ 3,187,624 2,948,918 Variable Rate Mortgage Loans PNC Bank Market at Springwoods Village LIBOR + 1.75% 12/28/19 10,309 8,569 TD Bank, N.A. Concord Shopping Plaza LIBOR + 0.95% 12/21/21 $ 27,750 27,750 Unamortized debt discount and issuance costs (238) ( 309) Total Variable Rate Mortgage Loans 2.9% 3.5% $ 37,821 $ 36,010 Total 3.9% 4.2% $ 3,831,500 3,594,977 (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) Underlying debt is LIBOR+0.95%; however, interest rate swaps are in place to fix the interest rate on the entire $300,000 balance at 2.774% through maturity. Contractual rate represents a blended contractual terms, including the swap. (3) Effective July 7, 2016, 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 $265,000 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 June 30, 2018 (in thousands) Outstanding Unsecured Public Debt: Origination Maturity Rate Balance 10/07/10 04/15/21 4.800% $ 250,000 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 Unsecured Public Debt Covenants: Required 3/31/18 12/31/17 9/30/17 6/30/17 Fair Market Value Calculation Method Covenants(1)(2) Total Consolidated Debt to Total Consolidated Assets ≤ 65% 29% 28% 27% 27% Secured Consolidated Debt to Total Consolidated Assets ≤ 40% 5% 5% 5% 5% Consolidated Income for Debt Service to Consolidated Debt Service ≥ 1.5x 4.7x 5.1x 5.1x 5.1x Unencumbered Consolidated Assets to Unsecured Consolidated Debt >150% 361% 384% 391% 393% Ratios: 6/30/18 3/31/18 12/31/17 9/30/17 6/30/17 Consolidated Only Net debt to total market capitalization 26.4% 27.2% 23.0% 24.8% 24.0% Net debt to real estate assets, before depreciation 33.0% 32.9% 31.4% 31.0% 30.3% Net debt to total assets, before depreciation 30.1% 29.9% 28.5% 28.2% 27.6% Net debt + preferred to total assets, before depreciation 30.1% 29.9% 28.5% 28.2% 28.2% Net debt to Operating EBITDAre - TTM(3) 5.0x 5.0x 4.9x 4.8x 4.6x Fixed charge coverage 4.8x 4.8x 4.8x 4.9x 5.1x Fixed charge coverage excluding preferreds 4.8x 4.8x 4.8x 5.1x 5.5x Interest coverage 5.2x 5.2x 5.4x 5.7x 6.2x Unsecured assets to total real estate assets 85.7% 85.5% 85.7% 86.6%86.5% Unsecured NOI to total NOI - TTM(3) 87.0% 86.7% 87.0% 87.0% 86.9% Unencumbered assets to unsecured debt 295% 292% 314% 322% 323% Total Pro-Rata Share Net debt to total market capitalization 29.0% 29.9% 25.5% 27.5% 26.8% Net debt to real estate assets, before depreciation 34.8% 34.7% 33.5% 33.1% 32.5% Net debt to total assets, before depreciation 31.8% 31.6% 30.4% 30.1% 29.7% Net debt + preferred to total assets, before depreciation 31.8% 31.6% 30.4% 30.1% 30.2% Net debt to Operating EBITDAre - TTM(3) 5.6x 5.6x 5.4x 5.4x 5.2x Fixed charge coverage 4.1x 4.1x 4.1x 4.1x 4.3x Fixed charge coverage excluding preferreds 4.1x 4.1x 4.1x 4.3x 4.5x Interest coverage 4.5x 4.5x 4.7x 4.9x 5.2x (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. (3) In light of the merger with Equity One on March 1, 2017, debt metric calculations for 2017 include legacy Regency results for the trailing 12 months and the annualized impact of year to date results for the Equity One contribution post merger. 13
Summary of Unconsolidated Debt June 30, 2018 and December 31, 2017 (in thousands) Total Debt Outstanding: 6/30/18 12/31/17 Mortgage loans payable: Fixed rate secured loans $ 1,484,285 1,493,595 Variable rate secured loans 6,652 1,499 Unsecured credit facilities variable rate 19,635 19,635 Total $ 1,510,572 1,514,729 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 2018 10,611 30,022 - 40,633 15,854 4.1% 2019 19,852 73,259 - 93,111 24,448 7.3% 2020 16,823 229,172 19,635 265,630 93,580 5.5% 2021 10,818 269,942 - 280,760 100,402 4.6% 2022 7,569 195,702 - 203,271 73,369 4.2% 2023 2,631 171,608 - 174,239 65,003 4.8% 2024 380 33,690 - 34,070 13,760 3.9% 2025 - 162,000 - 162,000 48,900 3.6% 2026 - 101,000 - 101,000 44,400 3.8% 2027 - 115,000 115,000 23,008 3.8% >10 Years - 50,000 - 50,000 20,000 4.0% Unamortized debt premium/(discount) and issuance costs (2) - (9,142) - (9,142) (2,938) $ 68,684 1,422,253 19,635 1,510,572 519,786 4.6% Percentage of Total Debt: 6/30/18 12/31/17 Fixed 98.3% 98.6% Variable 1.7% 1.4% Current Weighted Average Contractual Interest Rates:(1) Fixed 4.6% 4.6% Variable 3.6% 2.9% Combined 4.6% 4.6% Current Weighted Average Effective Interest Rates:(2) Combined 4.7% 4.7% Average Years to Maturity: Fixed 4.7 5.2 Variable 2.4 2.9 (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 June 30, 2018 (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) Jan-18 Ballard Blocks I Principal (49.9%) Seattle, WA 132 $ 27,196 Trader Joe's, Ross, LA Fitness Jan-18 The District at Metuchen Oregon (20%) Metuchen, NJ 66 6,766 Whole Foods Jan-18 Hewlett Crossing I & II Hewlett, NY 52 30,900 Petco, Duane Reade Apr-18 Rivertowns Square Dobbs Ferry, NY 116 68,933 Brooklyn Market, Ipic Theater May-18 Crossroads Commons II (shops bldg) Oregon (20%) Boulder, CO 20 2,100 Whole Foods Total 386 $ 135,895 4.9% Dispositions: Weighted Co-investment Partner Regency's Share of Average Cap Date Property Name (REG %) Market Total GLA Sales Price Rate Anchor(s)(1) Mar-18 Ft. Caroline Jacksonville, FL 77 $ 3,500 Winn Dixie, Planet Fitness, Citi Trends Apr-18 Old Kings Commons Palm Coast, FL 85 10,550 Bealls, Staples, Planet Fitness Jun-18 Summerlin Square Fort Myers, FL 11 $ 2,100 -- Jun-18 Alafaya Commons Orlando, FL 131 19,800 Academy Sports, YouFit Health Club Total 304 $ 35,950 8.2% (1) Retailers in parenthesis are shadow anchors and not a part of the owned property. 15
Summary of Development June 30, 2018 (in thousands) Estimated Net Development Costs % Development Return Anchor After of Costs Yield Before After Property Name Market Grocer/Anchor Tenant Dev Start Opens JV Buyout Incurred JV Buyout (4) JV Buyout GLA % Leased Properties in Development: PCC Community Markets & West Ballard Blocks II (1) Seattle, WA Marine Q1-2018 Aug-19 $31,286 21% 6.3% 6.3% 114 57% Indigo Square Charleston, SC Publix Greenwise Market Q4-2017 Feb-19 $16,537 51% 8.3% 8.3% 51 72% Market at Springwoods Village (2) Houston, TX Kroger Q1-2016 May-17 $13,448 93% 9.8% 9.8% 167 91% Whole Foods, Nordstrom Rack & Mellody Farm Chicago, IL REI Q2-2017 Oct-18 $103,162 59% 6.8% 6.8% 272 69% Midtown East (3) Raleigh, NC Wegmans Q4-2017 Sep-19 $22,299 42% 8.0% 8.0% 174 77% Pinecrest Place Miami, FL Whole Foods Q1-2017 Jan-18 $16,429 73% 7.5% 7.5% 70 82% The Field at Commonwealth Metro DC Wegmans Q1-2017 Jun-18 $44,195 84% 7.5% 7.5% 169 85% The Village at Riverstone Houston, TX Kroger Q4-2016 Oct-18 $30,658 67% 8.0% 7.8% 167 88% (5) Total Properties in Development 8 $278,014 60% 7.4% 7.3% 1,184 78% Development Completions: Whole Foods, Nordstrom Rack & Chimney Rock New York, NY Saks Off 5th Q4-2016 Mar-18 $70,105 94% 6.8%6.8% 218 97% Northgate Marketplace Ph II Medford, OR Dick's & HomeGoods Q4-2015 Oct-16 $40,791 98% 7.3%7.3% 177 96% (5) Total Development Completions 2 $110,896 95% 7.0% 7.0% 395 96% NOI from Properties in Development (Current Quarter) $322 Base rent from Development Completions for leases signed but not yet rent-paying (Current Quarter) $355 Notes: See Page 30 for additional disclosures regarding undeveloped land classified on the balance sheet as Land, building, and improvements, rather than Properties in Development. (1) Reflects Regency's share of Estimated Net Development Costs After JV Buyout at 49.9% noncontrolling interest. (2) Reflects Regency's share of Estimated Net Development Costs After JV Buyout at 53% controlling interest. Anchor rent commencement date is May-2017. Anchor opening date is Nov-2017. (3) Reflects Regency's share of Estimated Net Development Costs After JV Buyout at 50% noncontrolling interest. (4) Represents the ratio of Regency's underwritten NOI at stabilization to total estimated net development costs, before any adjustments for expected JV partner buyouts. (5) After allocating land basis for outparcel proceeds, additional interest and overhead capitalization, returns are estimated to be 6.6% for Projects in Development and 6.3% for Development Completions. 16
Summary of Redevelopment June 30, 2018 (in thousands) Target % Completion Incremental of Costs Incremental Property Name Market Description Year (1) Costs (2) Incurred Yield Properties in Redevelopment (>$5M): Relocation and expansion of existing Publix including reduction of shop space and leasing former Publix space to Ross; addition Countryside Shops Miami of pad building leased to Chipotle; refaçade remaining center. 2018 $21,337 82% 6% - 7% Reconfiguration of center including construction of Whole Foods Paces Ferry Plaza Atlanta 365, parking deck, and façade renovations. 2018 $15,495 85% 9% - 10% Reconfiguration of the former Best Buy space for Burlington Coat and two junior anchors; construction of new outparcel leased to Point Royale Shopping Center Miami Panera Bread; façade enhancements to remaining center. 2018 $10,935 67% 7% - 8% Redevelopments located in various markets with project costs Various Properties 10 <$5M $22,729 44% 7% - 10% Total Properties in Redevelopment 13 $70,497 68% 7% - 9% Redevelopment Completions (>$5M): Additional 250K SF of new retail including new parking deck. Anchor leases executed with Nordstrom Rack, Ross, TJ Maxx, Buy Serramonte Shopping Center San Francisco Buy Baby, Cost Plus World Market, Dave & Busters and Daiso. 2018 $116,200 91% 6% - 7% Redevelopments located in various markets with project costs Various Properties 4 <$5M $10,524 93% 7% - 10% Total Redevelopment Completions 5 $126,724 91% 6% - 7% Reconciliation of Summary of Development and Redevelopment to Properties In Development (Balance Sheet): Developments % of estimated development costs, including GAAP allocations $186,835 Redevelopments % of incremental costs 48,264 Other Costs Pre-development costs and accruals for costs not yet paid 35,836 Transfers to Operating Cost of assets placed in service (83,154) Properties in Development (Pro-Rata) $187,781 (1) Target completion year reflects the year that construction is expected to be substantially complete. (2) Includes Regency's pro-rata share of unconsolidated co-investment partnerships. 17
Unconsolidated Investments June 30, 2018 (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 6/30/2018 Pick-up State of Oregon (JV-C, JV-C2) 20 2,290 $ 504,635 $ 236,672 20.00%$ 47,334 $ 49,203 $ 1,433 (JV-CCV) 1 558 99,439 59,769 30.00% 17,931 11,489 485 21 2,848 604,074 296,441 GRI (JV-GRI) 70 9,064 1,655,417 901,765 40.00% 360,706 199,702 14,738 CalSTRS (JV-RC) 7 730 140,099 11,845 25.00% 2,961 31,366 828 NYSCRF (JV-NYC) 6 1,152 281,061 141,341 30.00% 42,402 52,512 6 USAA (1) (JV-USA) 7 683 90,041 103,820 20.01% 20,772 (3,397) 455 Publix (JV-O) 2 207 26,600 - 50.00% - 12,855 789 Individual Investors (JV-O) 6 786 206,177 55,360 50.00% 27,680 94,093 789 119 15,470$ 3,003,469 $ 1,510,572 $ 519,786 $ 447,823 $ 19,523 (1) During 2017, the USAA partnership 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. 18
Leasing Statistics - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships June 30, 2018 (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. 2nd Quarter 2018 440 1,423$ 25.55 5.0% 5.6$ 6.20 1st Quarter 2018 300 956 24.85 8.4% 4.7 3.37 4th Quarter 2017 442 1,772 22.04 6.0% 5.7 9.09 3rd Quarter 2017 387 1,774 20.41 7.8% 5.6 5.49 Total - 12 months 1,569 5,926$ 22.82 6.7% 5.5$ 6.33 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. 2nd Quarter 2018 95 276$ 26.11 6.9% 8.1$ 32.10 1st Quarter 2018 77 201 26.23 15.5% 6.2 16.85 4th Quarter 2017 106 443 21.66 2.2% 8.4 38.12 3rd Quarter 2017 92 279 26.20 17.4% 9.3 33.51 Total - 12 months 370 1,199$ 24.54 9.4% 8.2$ 32.09 Tenant Weighted Allowance and Leasing GLA New Base Rent Spread Avg. Lease Landlord Work Renewals Transactions (in 000s) Rent/Sq. Ft % Term /Sq. Ft. 2nd Quarter 2018 345 1,146$ 25.44 4.7% 5.1$ 1.06 1st Quarter 2018 223 756 24.55 6.8% 4.3 0.43 4th Quarter 2017 336 1,329 22.15 7.1% 4.9 0.54 3rd Quarter 2017 295 1,495 19.41 5.7% 5.0 0.59 Total - 12 months 1,199 4,726$ 22.45 6.0% 4.9$ 0.66 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. 2nd Quarter 2018 511 1,659$ 26.38 5.5$ 7.93 1st Quarter 2018 339 1,070 25.10 4.8 5.13 4th Quarter 2017 516 1,974 22.74 6.5 11.18 3rd Quarter 2017 452 2,042 20.79 5.5 6.93 Total - 12 months 1,818 6,745$ 23.38 5.5$ 8.07 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 19
Average Base Rent by CBSA - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships June 30, 2018 (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 97.3% $ 64,248 $ 38.05 3.7% 3.9% 7.1% Los Angeles-Long Beach-Anaheim 24 2,361 99.6% 63,402 26.97 5.6% 5.4% 7.0% Chicago-Naperville-Elgin 11 1,611 90.9% 26,892 18.36 2.6% 3.7% 3.0% Dallas-Fort Worth-Arlington 12 775 97.1% 16,711 22.20 2.8% 1.8% 1.8% Houston-The Woodlands-Sugar Land 13 1,591 96.0% 28,473 18.64 3.0% 3.6% 3.1% Washington-Arlington-Alexandria 33 2,598 88.2% 56,584 24.70 7.7% 5.9% 6.2% Philadelphia-Camden-Wilmington 8 694 95.4% 14,690 22.19 1.9% 1.6% 1.6% Miami-Fort Lauderdale-West Palm Beach 48 5,679 94.8% 105,910 19.67 11.2% 12.9% 11.7% Atlanta-Sandy Springs-Roswell 22 2,065 95.6% 42,008 21.28 5.1% 4.7% 4.6% Boston-Cambridge-Newton 10 931 99.1% 23,121 25.07 2.3% 2.1% 2.6% San Francisco-Oakland-Hayward 22 3,790 94.9% 103,461 28.77 5.1% 8.6% 11.4% Phoenix-Mesa-Scottsdale - - - - - - - - Detroit-Warren-Dearborn - - - - - - - - Riverside-San Bernardino-Ontario 3 319 73.8% 5,721 24.34 0.7% 0.7% 0.6% Minneapolis-St. Paul-Bloomington 5 207 97.8% 3,136 15.51 1.2% 0.5% 0.3% Seattle-Tacoma-Bellevue 14 1,125 96.8% 27,387 25.14 3.3% 2.6% 3.0% San Diego-Carlsbad 11 1,536 97.9% 43,291 28.80 2.6% 3.5% 4.8% Tampa-St. Petersburg-Clearwater 9 1,325 90.8% 20,561 17.08 2.1% 3.0% 2.3% Baltimore-Columbia-Towson 5 353 93.1% 7,857 23.88 1.2% 0.8% 0.9% Denver-Aurora-Lakewood 12 988 90.3% 13,878 15.55 2.8% 2.2% 1.5% St. Louis 4 408 99.7% 4,332 10.64 0.9% 0.9% 0.5% Orlando-Kissimmee-Sanford 8 806 95.1% 13,155 17.17 1.9% 1.8% 1.5% Pittsburgh---- - - - - - Charlotte-Concord-Gastonia 5 300 95.4% 6,523 22.80 1.2% 0.7% 0.7% Sacramento--Roseville--Arden-Arcade 4 318 98.9% 6,976 22.21 0.9% 0.7% 0.8% Top 25 CBSAs by Population 299 31,513 94.7%$ 698,317 $ 22.12 69.9% 71.5% 77.1% CBSAs Ranked 26 - 50 by Population 61 6,403 96.4% 100,232 16.18 14.2% 14.5% 11.0% CBSAs Ranked 51 - 75 by Population 22 2,235 95.8% 49,362 22.91 5.1% 5.1% 5.4% CBSAs Ranked 76 - 100 by Population 14 927 96.1% 15,030 16.75 3.3% 2.1% 1.7% Other CBSAs 32 2,975 94.4% 43,372 15.43 7.5% 6.8% 4.8% Total All Properties 428 44,053 95.0%$ 906,311 $ 21.59 100.0% 100.0% 100.0% (1) 2017 Population Data Source: Synergos Technologies, Inc. (2) Includes Properties in Development and leases that are executed but have not commenced. 20
Significant Tenant Rents - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships June 30, 2018 (in thousands) Total # of Leased # of Total % of Total Stores - Leased % of Company- Annualized Annualized 100% Owned Stores in Tenant Tenant GLA Owned GLA Base Rent Base Rent and JV JV Publix 2,753 6.2% $ 28,098 3.1% 69 13 Kroger 2,889 6.6% 27,972 3.1% 58 17 Albertsons/Safeway 1,780 4.0% 25,660 2.8% 46 19 TJX Companies 1,436 3.3% 21,326 2.4% 58 16 Whole Foods 978 2.2% 20,494 2.3% 28 8 Ahold/Delhaize 633 1.4% 13,685 1.5% 17 9 CVS 645 1.5% 13,184 1.5% 55 19 L.A. Fitness Sports Club 470 1.1% 9,094 1.0% 13 4 Nordstrom 320 0.7% 8,746 1.0% 9 - PETCO 367 0.8% 8,734 1.0% 44 13 Ross Dress For Less 604 1.4% 8,728 1.0% 26 9 Trader Joe's 258 0.6% 7,965 0.9% 26 7 Bed Bath & Beyond 500 1.1% 7,880 0.9% 16 - Wells Fargo Bank 133 0.3% 6,530 0.7% 53 21 Dick's Sporting Goods 417 0.9% 6,520 0.7% 8 1 Starbucks 137 0.3% 6,519 0.7% 102 33 Gap 191 0.4% 6,428 0.7% 14 1 Target 570 1.3% 6,365 0.7% 6 2 JPMorgan Chase Bank 116 0.3% 6,260 0.7% 36 7 Walgreens 278 0.6% 6,035 0.7% 26 10 Bank of America 117 0.3% 6,026 0.7% 39 15 H.E.B. 344 0.8% 5,844 0.6% 5 - Kohl's 612 1.4% 5,645 0.6% 8 2 Ulta 164 0.4% 5,034 0.6% 18 2 Best Buy 214 0.5% 4,776 0.5% 6 1 Top 25 Tenants 16,926 38.4% $ 273,548 30.4% 786 229 21
Tenant Lease Expirations - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships June 30, 2018 (GLA in thousands) Anchor Tenants(1) Percent of Percent of Year GLA GLA Total ABR(3) ABR MTM(4) 249 0.6% 0.3% $ 12.15 2018 361 0.9% 0.5% 11.86 2019 2,995 7.3% 4.2% 12.56 2020 2,672 6.5% 4.0% 13.28 2021 2,851 6.9% 4.1% 12.79 2022 3,400 8.3% 5.6% 14.50 2023 2,559 6.2% 4.7% 16.29 2024 1,599 3.9% 3.2% 18.02 2025 1,231 3.0% 2.3% 16.73 2026 1,369 3.3% 2.8% 18.39 2027 1,361 3.3% 2.6% 16.73 10 Year Total 20,647 50.1% 34.4% $ 14.78 Thereafter 5,857 14.2% 10.7% 16.26 26,504 64.3% 44.9% $ 15.11 Shop Tenants(2) Percent of (3) Year GLA Percent of GLA Total ABR ABR MTM(4) 345 0.8% 1.1% $ 29.10 2018 461 1.1% 1.7% 32.16 2019 1,989 4.8% 6.9% 30.60 2020 2,172 5.3% 7.6% 30.87 2021 2,105 5.1% 7.5% 31.79 2022 2,205 5.4% 8.2% 33.00 2023 1,706 4.1% 6.5% 33.67 2024 796 1.9% 3.0% 33.43 2025 785 1.9% 3.3% 37.11 2026 661 1.6% 2.7% 36.02 2027 552 1.3% 2.3% 36.84 10 Year Total 13,777 33.4% 50.7% $ 32.65 Thereafter 921 2.2% 4.2% 40.03 14,698 35.7% 55.1% $ 33.11 All Tenants Percent of (3) Year GLA Percent of GLA Total ABR ABR MTM(4) 593 1.4% 1.5% $ 21.99 2018 822 2.0% 2.2% 23.25 2019 4,984 12.1% 11.1% 19.76 2020 4,844 11.8% 11.6% 21.17 2021 4,955 12.0% 11.7% 20.86 2022 5,605 13.6% 13.8% 21.78 2023 4,266 10.4% 11.2% 23.24 2024 2,395 5.8% 6.2% 23.14 2025 2,016 4.9% 5.6% 24.67 2026 2,030 4.9% 5.5% 24.13 2027 1,913 4.6% 4.9% 22.53 10 Year Total 34,423 83.5% 85.1% $ 21.93 Thereafter 6,778 16.5% 14.9% 19.49 41,201 100.0% 100.0% $ 21.53 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. 22
Portfolio Summary Report By State June 30, 2018 (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 68.9% - - -- $15.00 4S Commons Town Center M 85% CA San Diego-Carlsbad 240 240 99.4% - 68 Ralphs, Jimbo's...Naturally! $33.25 Amerige Heights Town Center CA Los Angeles-Long Beach-Anaheim 89 89 100.0% 143 58 Albertsons, (Target) $29.55 Balboa Mesa Shopping Center CA San Diego-Carlsbad 207 207 100.0% - 42 Von's Food & Drug, Kohl's $25.54 Bayhill Shopping Center GRI 40% CA San Francisco-Oakland-Hayward 122 49 95.7% - 32 Mollie Stone's Market $24.73 Blossom Valley USAA 20% CA San Jose-Sunnyvale-Santa Clara 93 19 96.7% - 34 Safeway $26.57 Brea Marketplace GRI 40% CA Los Angeles-Long Beach-Anaheim 352 141 97.3% - 25 Sprout's Markets, Target $18.72 Circle Center West CA Los Angeles-Long Beach-Anaheim 64 64 100.0% - - -- $27.56 Clayton Valley Shopping Center CA San Francisco-Oakland-Hayward 260 260 91.1% - 14 Grocery Outlet, Orchard Supply Hardware $22.28 Corral Hollow RC 25% CA Stockton-Lodi 167 42 100.0% - 66 Safeway, Orchard Supply & Hardware $17.43 Costa Verde Center CA San Diego-Carlsbad 179 179 91.3% - 40 Bristol Farms $36.24 Culver Center CA Los Angeles-Long Beach-Anaheim 217 217 100.0% - 37 Ralphs, Best Buy, LA Fitness $32.14 Diablo Plaza CA San Francisco-Oakland-Hayward 63 63 98.3% 53 53 (Safeway) $40.08 East Washington Place CA Santa Rosa 203 203 98.9% 137 25 (Target), Dick's Sporting Goods, TJ Maxx $24.12 El Camino Shopping Center CA Los Angeles-Long Beach-Anaheim 136 136 98.1% - 31 Bristol Farms $37.08 El Cerrito Plaza CA San Francisco-Oakland-Hayward 256 256 98.3% 67 78 (Lucky's), Trader Joe's $29.76 El Norte Pkwy Plaza CA San Diego-Carlsbad 91 91 98.0% - 42 Von's Food & Drug $18.41 Encina Grande CA San Francisco-Oakland-Hayward 106 106 100.0% - 38 Whole Foods $31.24 Five Points Shopping Center GRI 40% CA Santa Maria-Santa Barbara 145 58 98.7% - 35 Smart & Final $28.55 Folsom Prairie City Crossing CA Sacramento--Roseville--Arden-Arcade 90 90 100.0% - 55 Safeway $20.80 French Valley Village Center CA Riverside-San Bernardino-Ontario 99 99 98.6% - 44 Stater Bros. $26.53 Friars Mission Center CA San Diego-Carlsbad 147 147 99.1% - 55 Ralphs $34.11 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% - 38 Gelson's Markets $27.61 Golden Hills Promenade CA San Luis Obispo-Paso Robles-Arroyo Grande 244 244 97.5% - - Lowe's $7.56 Granada Village GRI 40% CA Los Angeles-Long Beach-Anaheim 226 91 98.8% - 24 Sprout's Markets $23.72 Hasley Canyon Village USAA 20% CA Los Angeles-Long Beach-Anaheim 66 13 100.0% - 52 Ralphs $25.35 Heritage Plaza CA Los Angeles-Long Beach-Anaheim 230 230 99.9% - 44 Ralphs $36.84 Indio Towne Center CA Riverside-San Bernardino-Ontario 182 182 65.5% 236 94 (Home Depot), (WinCo) $20.32 Jefferson Square CA Riverside-San Bernardino-Ontario 38 38 48.9% - - -- $16.01 Laguna Niguel Plaza GRI 40% CA Los Angeles-Long Beach-Anaheim 42 17 100.0% 39 39 (Albertsons) $28.25 Marina Shores C 20% CA Los Angeles-Long Beach-Anaheim 68 14 100.0% - 26 Whole Foods $35.15 Mariposa Shopping Center GRI 40% CA San Jose-Sunnyvale-Santa Clara 127 51 97.7% - 43 Safeway $19.80 Morningside Plaza CA Los Angeles-Long Beach-Anaheim 91 91 98.4% - 43 Stater Bros. $23.02 Navajo Shopping Center GRI 40% CA San Diego-Carlsbad 102 41 98.0% - 44 Albertsons $14.22 Newland Center CA Los Angeles-Long Beach-Anaheim 152 152 100.0% - 58 Albertsons $25.85 Oak Shade Town Center CA Sacramento--Roseville--Arden-Arcade 104 104 100.0% - 40 Safeway $22.02 Oakbrook Plaza CA Oxnard-Thousand Oaks-Ventura 83 83 93.6% - 44 Gelson's Markets $20.26 Parnassus Heights Medical RLP 50% CA San Francisco-Oakland-Hayward 146 73 99.6% - - Central Parking System $82.53 Persimmon Place CA San Francisco-Oakland-Hayward 153 153 100.0% - 40 Whole Foods, Nordstrom Rack $34.99 Plaza Escuela CA San Francisco-Oakland-Hayward 155 155 88.9% - - -- $46.18 Plaza Hermosa CA Los Angeles-Long Beach-Anaheim 95 95 100.0% - 37 Von's Food & Drug $26.19 Pleasant Hill Shopping Center GRI 40% CA San Francisco-Oakland-Hayward 232 93 98.1% - - Target, Burlington $22.77 Pleasanton Plaza CA San Francisco-Oakland-Hayward 163 163 81.6% - - JCPenney $12.11 Point Loma Plaza GRI 40% CA San Diego-Carlsbad 205 82 98.8% - 50 Von's Food & Drug $22.56 Potrero Center CA San Francisco-Oakland-Hayward 227 227 84.2% - 60 Safeway $33.92 Powell Street Plaza CA San Francisco-Oakland-Hayward 166 166 91.2% - 10 Trader Joe's $34.08 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 $19.21 Rancho San Diego Village GRI 40% CA San Diego-Carlsbad 153 61 94.4% - 40 Smart & Final $22.30 Rona Plaza CA Los Angeles-Long Beach-Anaheim 52 52 100.0% - 37 Superior Super Warehouse $20.84 San Carlos Marketplace CA San Francisco-Oakland-Hayward 154 154 100.0% - - TJ Maxx, Best Buy $34.97 Scripps Ranch Marketplace CA San Diego-Carlsbad 132 132 98.2% - 57 Vons $29.13 San Leandro Plaza CA San Francisco-Oakland-Hayward 50 50 100.0% 38 38 (Safeway) $35.92 Seal Beach C 20% CA Los Angeles-Long Beach-Anaheim 97 19 97.8% - 48 Von's Food & Drug $24.83 Sequoia Station CA San Francisco-Oakland-Hayward 103 103 100.0% 62 62 (Safeway) $40.29 Serramonte Shopping Center CA San Francisco-Oakland-Hayward 1,076 1,076 97.7% - - t, Dick's Sporting Goods, JCPenney, Dave & Buster's, No $24.42 Shoppes at Homestead CA San Jose-Sunnyvale-Santa Clara 113 113 100.0% 53 53 (Safeway) $22.79 Silverado Plaza GRI 40% CA Napa 85 34 99.0% - 32 Nob Hill $17.74 Snell & Branham Plaza GRI 40% CA San Jose-Sunnyvale-Santa Clara 92 37 100.0% - 53 Safeway $18.97 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 $22.37 Tassajara Crossing CA San Francisco-Oakland-Hayward 146 146 96.3% - 56 Safeway $24.35 The Hub Hillcrest Market CA San Diego-Carlsbad 149 149 97.3% - 52 Ralphs, Trader Joe's $38.73 The Marketplace Shopping Ctr CA Sacramento--Roseville--Arden-Arcade 111 111 96.7% - 35 Safeway $24.76 Tustin Legacy CA Los Angeles-Long Beach-Anaheim 112 112 100.0% - 44 Stater Bros. $31.27 Twin Oaks Shopping Center GRI 40% CA Los Angeles-Long Beach-Anaheim 98 39 98.2% - 41 Ralphs $19.92 Twin Peaks CA San Diego-Carlsbad 208 208 99.4% - - Target $20.36 Valencia Crossroads CA Los Angeles-Long Beach-Anaheim 173 173 100.0% - 35 Whole Foods, Kohl's $26.53 Village at La Floresta CA Los Angeles-Long Beach-Anaheim 87 87 100.0% - 37 Whole Foods $33.43 Von's Circle Center CA Los Angeles-Long Beach-Anaheim 151 151 100.0% - 45 Von's, Ross Dress for Less $21.58 West Park Plaza CA San Jose-Sunnyvale-Santa Clara 88 88 100.0% - 25 Safeway $18.79 23
Portfolio Summary Report By State June 30, 2018 (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 97.4% - 72 Von's Food & Drug and Sprouts $45.21 Willows Shopping Center CA San Francisco-Oakland-Hayward 249 249 91.6% - - -- $28.97 Woodman Van Nuys CA Los Angeles-Long Beach-Anaheim 108 108 100.0% - 78 El Super $15.75 Woodside Central CA San Francisco-Oakland-Hayward 81 81 97.2% 113 - (Target) $24.41 Ygnacio Plaza GRI 40% CA San Francisco-Oakland-Hayward 110 44 99.0% - - Sports Basement $37.20 CA 11,344 9,581 96.7% 96.3% 1,153 2,770 Applewood Shopping Center GRI 40% CO Denver-Aurora-Lakewood 355 142 55.7% - 71 King Soopers $15.29 Alcove On Arapahoe (fka Arapahoe Village) GRI 40% CO Boulder 159 64 95.0% - 44 Safeway $18.34 Belleview Square CO Denver-Aurora-Lakewood 117 117 100.0% - 65 King Soopers $19.89 Boulevard Center CO Denver-Aurora-Lakewood 79 79 78.7% 53 53 (Safeway) $29.92 Buckley Square CO Denver-Aurora-Lakewood 116 116 95.8% - 62 King Soopers $11.21 Centerplace of Greeley III Phase I CO Greeley 119 119 100.0% - - Hobby Lobby $12.03 Cherrywood Square GRI 40% CO Denver-Aurora-Lakewood 97 39 100.0% - 72 King Soopers $10.55 Crossroads Commons C 20% CO Boulder 143 29 98.7% - 66 Whole Foods $27.35 Crossroads Commons II C 20% CO Boulder 20 4 47.0% - - (Whole Foods, Barnes & Noble) $28.76 Falcon Marketplace CO Colorado Springs 22 22 93.8% 184 50 (Wal-Mart) $22.70 Hilltop Village CO Denver-Aurora-Lakewood 100 100 99.0% - 66 King Soopers $10.87 Kent Place M 50% CO Denver-Aurora-Lakewood 48 48 100.0% - 30 King Soopers $20.70 Littleton Square CO Denver-Aurora-Lakewood 99 99 95.4% - 78 King Soopers $10.29 Lloyd King Center CO Denver-Aurora-Lakewood 83 83 98.3% - 61 King Soopers $12.09 Marketplace at Briargate CO Colorado Springs 29 29 94.4% 66 66 (King Soopers) $31.50 Monument Jackson Creek CO Colorado Springs 85 85 100.0% - 70 King Soopers $12.00 Ralston Square Shopping Center GRI 40% CO Denver-Aurora-Lakewood 83 33 97.0% - 55 King Soopers $11.36 Shops at Quail Creek CO Denver-Aurora-Lakewood 38 38 92.5% 100 100 (King Soopers) $28.87 Stroh Ranch CO Denver-Aurora-Lakewood 93 93 100.0% - 70 King Soopers $13.22 Woodmen Plaza CO Colorado Springs 116 116 91.8% - 70 King Soopers $12.98 CO 2,002 1,456 92.2% 92.2% 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% - - -- $27.22 Black Rock M 80% CT Bridgeport-Stamford-Norwalk 98 98 97.8% - - -- $28.03 Brick Walk M 80% CT Bridgeport-Stamford-Norwalk 123 123 93.2% - - -- $47.58 Brookside Plaza CT Hartford-West Hartford-East Hartford 217 217 91.4% - 60 ShopRite $14.56 Compo Acres Shopping Center CT Bridgeport-Stamford-Norwalk 43 43 92.2% - 12 Trader Joe's $49.13 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 80.1% - 10 Trader Joe's, Best Buy, The Tile Shop $34.39 Danbury Green CT Bridgeport-Stamford-Norwalk 124 124 100.0% - 12 Trader Joe's $22.96 Darinor Plaza CT Bridgeport-Stamford-Norwalk 153 153 100.0% - - Kohl's $18.95 Fairfield Center M 80% CT Bridgeport-Stamford-Norwalk 94 94 91.4% - - -- $34.78 Post Road Plaza CT Bridgeport-Stamford-Norwalk 20 20 100.0% - 11 Trader Joe's $52.35 Southbury Green CT New Haven-Milford 156 156 96.4% - 60 ShopRite $22.07 The Village Center CT Bridgeport-Stamford-Norwalk 90 90 84.5% - 22 The Fresh Market $40.72 Walmart Norwalk CT Bridgeport-Stamford-Norwalk 142 142 100.0% - 112 Wal-Mart $0.56 CT 1,640 1,528 95.1% 95.1% - 358 Shops at The Columbia RC 25% DC Washington-Arlington-Alexandria 23 6 85.8% - 12 Trader Joe's $40.91 Spring Valley Shopping Center GRI 40% DC Washington-Arlington-Alexandria 17 7 100.0% - - -- $101.94 DC 40 12 93.5% 93.5% - 12 Pike Creek DE Philadelphia-Camden-Wilmington 232 232 95.1% - 49 Acme Markets, K-Mart $14.68 Shoppes of Graylyn GRI 40% DE Philadelphia-Camden-Wilmington 64 26 90.1% - - -- $23.76 DE 296 257 94.6% 94.6% - 49 Alafaya Village FL Orlando-Kissimmee-Sanford 38 38 93.9% 58 58 (Lucky's) $21.80 Anastasia Plaza FL Jacksonville 102 102 95.9% - 49 Publix $13.56 Atlantic Village FL Jacksonville 105 105 100.0% - - LA Fitness $16.74 Aventura Shopping Center FL Miami-Fort Lauderdale-West Palm Beach 97 97 98.9% - 36 Publix $36.37 Gateway Plaza at Aventura (fka Aventura Square) FL Miami-Fort Lauderdale-West Palm Beach 144 144 79.3% - - Bed, Bath & Beyond $33.22 Banco Popular Building FL Miami-Fort Lauderdale-West Palm Beach 33 33 58.0% - - -- $18.60 Berkshire Commons FL Naples-Immokalee-Marco Island 110 110 98.9% - 66 Publix $14.46 Bird 107 Plaza FL Miami-Fort Lauderdale-West Palm Beach 40 40 97.5% - - -- $19.91 Bird Ludlum FL Miami-Fort Lauderdale-West Palm Beach 192 192 98.5% - 44 Winn-Dixie $23.08 Bloomingdale Square FL Tampa-St. Petersburg-Clearwater 282 282 66.8% - 40 Publix, Bealls $14.81 Bluffs Square Shoppes FL Miami-Fort Lauderdale-West Palm Beach 124 124 96.3% - 40 Publix $14.04 Boca Village Square FL Miami-Fort Lauderdale-West Palm Beach 92 92 100.0% - 36 Publix Greenwise $22.08 Boynton Lakes Plaza FL Miami-Fort Lauderdale-West Palm Beach 110 110 94.9% - 46 Publix $16.39 Boynton Plaza FL Miami-Fort Lauderdale-West Palm Beach 105 105 94.4% - 54 Publix $21.46 Brooklyn Station on Riverside FL Jacksonville 50 50 92.7% - 20 The Fresh Market $25.58 Caligo Crossing FL Miami-Fort Lauderdale-West Palm Beach 11 11 35.0% 98 - (Kohl's) $54.55 Carriage Gate FL Tallahassee 73 73 89.1% - 13 Trader Joe's $22.51 Cashmere Corners FL Port St. Lucie 86 86 83.7% - 44 Wal-Mart $13.56 Charlotte Square FL Punta Gorda 91 91 73.7% - 44 Wal-Mart $10.38 Chasewood Plaza FL Miami-Fort Lauderdale-West Palm Beach 151 151 100.0% - 54 Publix $25.45 Concord Shopping Center (fka Concord Plaza Shopping Center FL Miami-Fort Lauderdale-West Palm Beach 309 309 97.0% - 78 Winn-Dixie, Home Depot $12.31 Coral Reef Shopping Center FL Miami-Fort Lauderdale-West Palm Beach 75 75 98.8% - 25 Aldi $30.73 Corkscrew Village FL Cape Coral-Fort Myers 82 82 97.0% - 51 Publix $13.91 Country Walk Plaza NYC 30% FL Miami-Fort Lauderdale-West Palm Beach 101 30 89.4% - 40 Publix $19.41 Countryside Shops FL Miami-Fort Lauderdale-West Palm Beach 193 193 92.9% - 46 Publix, Stein Mart $18.00 24
Portfolio Summary Report By State June 30, 2018 (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 Crossroads Square FL Miami-Fort Lauderdale-West Palm Beach 82 82 98.6% 178 - (Lowe's) $20.09 Fleming Island FL Jacksonville 132 132 96.3% 130 48 Publix, (Target) $15.66 Fountain Square FL Miami-Fort Lauderdale-West Palm Beach 177 177 96.4% 140 46 Publix, (Target) $25.70 Garden Square FL Miami-Fort Lauderdale-West Palm Beach 90 90 100.0% - 42 Publix $17.89 Glengary Shoppes FL North Port-Sarasota-Bradenton 93 93 100.0% - - Best Buy $21.06 Grande Oak FL Cape Coral-Fort Myers 79 79 98.2% - 54 Publix $15.71 Greenwood Shopping Centre FL Miami-Fort Lauderdale-West Palm Beach 133 133 93.2% - 50 Publix $15.30 Hammocks Town Center FL Miami-Fort Lauderdale-West Palm Beach 184 184 99.6% 86 40 Publix, Metro-Dade Public Library, (Kendall Ice Arena) $16.83 Hibernia Pavilion FL Jacksonville 51 51 89.6% - 39 Publix $15.94 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 $15.13 Julington Village C 20% FL Jacksonville 82 16 100.0% - 51 Publix $16.05 Kirkman Shoppes FL Orlando-Kissimmee-Sanford 115 115 96.7% - - LA Fitness $23.14 Lake Mary Centre FL Orlando-Kissimmee-Sanford 360 360 93.7% - 25 Academy Sports, Hobby Lobby, LA Fitness $15.43 Lantana Outparcels FL Miami-Fort Lauderdale-West Palm Beach 17 17 100.0% - - -- $18.24 Magnolia Shoppes FL Miami-Fort Lauderdale-West Palm Beach 114 114 100.0% - - Regal Cinemas $17.38 Mandarin Landing FL Jacksonville 140 140 91.0% - 50 Whole Foods $17.81 Marketplace Shopping Center FL Tampa-St. Petersburg-Clearwater 90 90 92.5% - - LA Fitness $19.73 Millhopper Shopping Center FL Gainesville 83 83 100.0% - 46 Publix $17.39 Naples Walk Shopping Center FL Naples-Immokalee-Marco Island 125 125 97.4% - 51 Publix $16.72 Newberry Square FL Gainesville 181 181 90.0% - 40 Publix, K-Mart $7.61 Nocatee Town Center FL Jacksonville 107 107 100.0% - 54 Publix $19.60 Northgate Square FL Tampa-St. Petersburg-Clearwater 75 75 100.0% - 48 Publix $14.90 Oakleaf Commons FL Jacksonville 74 74 96.2% - 46 Publix $15.83 Ocala Corners FL Tallahassee 87 87 98.6% - 61 Publix $14.84 Old St Augustine Plaza FL Jacksonville 256 256 100.0% - 52 Publix, Burlington Coat Factory, Hobby Lobby $9.95 Pablo Plaza FL Jacksonville 153 153 87.4% - - -- $13.39 Pavillion FL Naples-Immokalee-Marco Island 168 168 90.2% - - LA Fitness $20.92 Pebblebrook Plaza O 50% FL Naples-Immokalee-Marco Island 77 38 100.0% - 61 Publix $15.20 Pine Island FL Miami-Fort Lauderdale-West Palm Beach 255 255 97.4% - 40 Publix, Burlington Coat Factory $14.47 Pine Ridge Square FL Miami-Fort Lauderdale-West Palm Beach 118 118 96.6% - 17 The Fresh Market $17.69 Pine Tree Plaza FL Jacksonville 63 63 90.4% - 38 Publix $14.01 Pinecrest Place FL Miami-Fort Lauderdale-West Palm Beach 70 70 81.8% 173 46 Whole Foods, (Target) $37.43 Plaza Venezia C 20% FL Orlando-Kissimmee-Sanford 203 41 94.6% - 51 Publix $26.29 Point Royale Shopping Center FL Miami-Fort Lauderdale-West Palm Beach 202 202 97.0% - 45 Winn-Dixie, Burlington Coat Factory $15.20 Prosperity Centre FL Miami-Fort Lauderdale-West Palm Beach 124 124 93.5% - - Bed, Bath & Beyond $20.98 Regency Square FL Tampa-St. Petersburg-Clearwater 352 352 97.8% 66 - AMC Theater, Michaels, (Best Buy), (Macdill) $17.21 Ryanwood Square FL Sebastian-Vero Beach 115 115 88.8% - 40 Publix $11.19 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 $12.33 Seminole Shoppes O 50% FL Jacksonville 87 44 95.2% - 54 Publix $22.59 Sheridan Plaza FL Miami-Fort Lauderdale-West Palm Beach 506 506 94.5% - 66 Publix, Kohl's, LA Fitness $17.86 Shoppes @ 104 FL Miami-Fort Lauderdale-West Palm Beach 112 112 100.0% - 46 Winn-Dixie $18.62 Shoppes at Bartram Park O 50% FL Jacksonville 130 65 98.8% 97 45 Publix, (Kohl's) $19.84 Shoppes at Lago Mar FL Miami-Fort Lauderdale-West Palm Beach 83 83 97.3% - 42 Publix $15.55 Shoppes at Sunlake Centre FL Tampa-St. Petersburg-Clearwater 98 98 98.6% - 46 Publix $20.68 Shoppes of Jonathan's Landing FL Miami-Fort Lauderdale-West Palm Beach 27 27 100.0% 54 54 (Publix) $24.43 Shoppes of Oakbrook FL Miami-Fort Lauderdale-West Palm Beach 200 200 98.7% - 44 Publix, Stein Mart $17.03 Shoppes of Silver Lakes FL Miami-Fort Lauderdale-West Palm Beach 127 127 95.3% - 48 Publix $18.93 Shoppes of Sunset FL Miami-Fort Lauderdale-West Palm Beach 22 22 74.4% - - -- $25.66 Shoppes of Sunset II FL Miami-Fort Lauderdale-West Palm Beach 28 28 61.1% - - -- $22.72 Shops at John's Creek FL Jacksonville 15 15 100.0% - - -- $22.31 Shops at Skylake FL Miami-Fort Lauderdale-West Palm Beach 287 287 91.4% - 51 Publix, LA Fitness $22.40 South Beach Regional FL Jacksonville 308 308 98.8% - 13 Trader Joe's, Home Depot, Steain Mart $14.87 South Point FL Sebastian-Vero Beach 65 65 95.7% - 45 Publix $16.59 Starke FL Other 13 13 100.0% - - -- $25.56 Suncoast Crossing FL Tampa-St. Petersburg-Clearwater 118 118 96.7% 143 - Kohl's, (Target) $5.26 Tamarac Town Square FL Miami-Fort Lauderdale-West Palm Beach 125 125 74.8% - 38 Publix $12.90 The Grove NYC 30% FL Orlando-Kissimmee-Sanford 152 46 100.0% - 52 Publix, LA Fitness $16.71 The Plaza at St. Lucie West FL Port St. Lucie 27 27 100.0% - - -- $22.41 Town and Country FL Orlando-Kissimmee-Sanford 75 75 100.0% - - Ross Dress for Less $9.55 Town Square FL Tampa-St. Petersburg-Clearwater 44 44 100.0% - - -- $31.28 Treasure Coast Plaza FL Sebastian-Vero Beach 134 134 94.7% - 59 Publix $15.53 Unigold Shopping Center FL Orlando-Kissimmee-Sanford 114 114 92.3% - 31 Lucky's $14.87 University Commons FL Miami-Fort Lauderdale-West Palm Beach 180 180 100.0% - 51 Whole Foods, Nordstrom Rack $31.53 Veranda Shoppes NYC 30% FL Miami-Fort Lauderdale-West Palm Beach 45 13 100.0% - 29 Publix $27.45 Village Center FL Tampa-St. Petersburg-Clearwater 187 187 95.7% - 36 Publix $19.98 Waterstone Plaza FL Miami-Fort Lauderdale-West Palm Beach 61 61 100.0% - 46 Publix $16.23 Welleby Plaza FL Miami-Fort Lauderdale-West Palm Beach 110 110 96.6% - 47 Publix $13.34 Wellington Town Square FL Miami-Fort Lauderdale-West Palm Beach 104 104 100.0% - 45 Publix $21.56 West Bird Plaza FL Miami-Fort Lauderdale-West Palm Beach 100 100 89.2% - 38 Publix $18.77 West Lake Shopping Center FL Miami-Fort Lauderdale-West Palm Beach 101 101 96.0% - 46 Winn-Dixie $18.80 Westchase FL Tampa-St. Petersburg-Clearwater 79 79 100.0% - 51 Publix $16.52 Westport Plaza FL Miami-Fort Lauderdale-West Palm Beach 47 47 100.0% - 28 Publix $18.84 Willa Springs USAA 20% FL Orlando-Kissimmee-Sanford 90 18 100.0% - 44 Publix $20.60 Young Circle Shopping Center FL Miami-Fort Lauderdale-West Palm Beach 65 65 95.5% - 23 Publix $15.70 FL 12,011 11,297 94.4% 94.6% 1,285 3,427 25
Portfolio Summary Report By State June 30, 2018 (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% - - -- $21.48 Briarcliff La Vista GA Atlanta-Sandy Springs-Roswell 43 43 100.0% - - -- $20.43 Briarcliff Village GA Atlanta-Sandy Springs-Roswell 190 190 98.4% - 43 Publix $16.20 Bridgemill Market GA Atlanta-Sandy Springs-Roswell 89 89 91.7% - 38 Publix $15.94 Brighten Park GA Atlanta-Sandy Springs-Roswell 137 137 97.1% - 25 The Fresh Market $25.82 Buckhead Court GA Atlanta-Sandy Springs-Roswell 49 49 100.0% - - -- $26.15 Buckhead Station GA Atlanta-Sandy Springs-Roswell 234 234 100.0% - - Nordstrom Rack, TJ Maxx, Bed, Bath & Beyond $24.12 Cambridge Square GA Atlanta-Sandy Springs-Roswell 71 71 100.0% - 41 Kroger $15.41 Chastain Square GA Atlanta-Sandy Springs-Roswell 92 92 98.4% - 37 Publix $21.61 Cornerstone Square GA Atlanta-Sandy Springs-Roswell 80 80 100.0% - 18 Aldi $17.22 Sope Creek Crossing GA Atlanta-Sandy Springs-Roswell 99 99 90.3% - 45 Publix $15.92 Dunwoody Hall USAA 20% GA Atlanta-Sandy Springs-Roswell 86 17 93.8% - 44 Publix $20.13 Dunwoody Village GA Atlanta-Sandy Springs-Roswell 121 121 96.8% - 18 The Fresh Market $19.14 Howell Mill Village GA Atlanta-Sandy Springs-Roswell 92 92 97.1% - 31 Publix $22.55 Paces Ferry Plaza GA Atlanta-Sandy Springs-Roswell 82 82 96.6% - 30 365 by Whole Foods $34.95 Piedmont Peachtree Crossing GA Atlanta-Sandy Springs-Roswell 152 152 84.3% - 56 Kroger $21.43 Powers Ferry Square GA Atlanta-Sandy Springs-Roswell 101 101 100.0% - - -- $31.49 Powers Ferry Village GA Atlanta-Sandy Springs-Roswell 79 79 100.0% - 48 Publix $14.66 Russell Ridge GA Atlanta-Sandy Springs-Roswell 101 101 98.6% - 63 Kroger $13.47 Sandy Springs GA Atlanta-Sandy Springs-Roswell 116 116 92.2% - 12 Trader Joe's $22.65 The Shops at Hampton Oaks GA Atlanta-Sandy Springs-Roswell 21 21 49.6% - - -- $11.04 Williamsburg at Dunwoody GA Atlanta-Sandy Springs-Roswell 45 45 78.7% - - -- $25.21 GA 2133 2065 95.6% 95.6% - 550 Civic Center Plaza GRI 40% IL Chicago-Naperville-Elgin 265 106 97.7% - 87 Super H Mart, Home Depot $11.18 Clybourn Commons IL Chicago-Naperville-Elgin 32 32 89.9% - - -- $37.26 Glen Oak Plaza IL Chicago-Naperville-Elgin 63 63 96.6% - 12 Trader Joe's $23.88 Hinsdale IL Chicago-Naperville-Elgin 179 179 91.0% - 57 Whole Foods $15.18 Mellody Farm IL Chicago-Naperville-Elgin 272 272 69.3% - 45 Whole Foods $25.26 Riverside Sq & River's Edge GRI 40% IL Chicago-Naperville-Elgin 169 68 91.1% - 74 Mariano's Fresh Market $16.10 Roscoe Square GRI 40% IL Chicago-Naperville-Elgin 140 56 97.5% - 51 Mariano's Fresh Market $21.74 Stonebrook Plaza Shopping Center GRI 40% IL Chicago-Naperville-Elgin 96 38 87.7% - 63 Jewel-Osco $12.28 Westchester Commons IL Chicago-Naperville-Elgin 139 139 92.2% - 51 Mariano's Fresh Market $17.97 Willow Festival IL Chicago-Naperville-Elgin 404 404 98.2% - 60 Whole Foods, Lowe's $17.85 IL 1,759 1,357 89.9% 95.0% - 501 Shops on Main M 93% IN Chicago-Naperville-Elgin 254 254 96.8% - 40 Whole Foods, Dick's Sporting Goods $15.43 Willow Lake Shopping Center GRI 40% IN Indianapolis-Carmel-Anderson 86 34 100.0% 64 64 (Kroger) $17.42 Willow Lake West Shopping Center GRI 40% IN Indianapolis-Carmel-Anderson 53 21 100.0% - 12 Trader Joe's $25.84 IN 393 310 97.3% 97.3% 64 116 Ambassador Row LA Lafayette 195 195 93.5% - - -- $12.16 Ambassador Row Courtyards LA Lafayette 150 150 85.1% - - -- $10.28 Bluebonnet Village LA Baton Rouge 102 102 96.5% - 33 Rouses Market $13.83 Elmwood Oaks Shopping Center LA New Orleans-Metairie 136 136 100.0% - - Academy Sports $10.26 Siegen Village LA Baton Rouge 170 170 98.9% - - -- $11.21 LA 753 753 94.6% 94.6% - 33 Fellsway Plaza M 75% MA Boston-Cambridge-Newton 155 155 100.0% - 61 Stop & Shop $22.79 Northborough Crossing NYC 30% MA Worcester 646 194 86.7% - 139 s, BJ's Wholesale Club, Kohl's, Toys 'R Us, Dick's Sporti $14.09 Old Connecticut Path NYC 30% MA Boston-Cambridge-Newton 80 24 100.0% - 66 Stop & Shop $21.30 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 96.0% - 11 Trader Joe's $29.08 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 Star Market $24.69 The Abbot (fka The Collection at Harvard Square) MA Boston-Cambridge-Newton 41 41 88.1% - - -- $61.49 Twin City Plaza MA Boston-Cambridge-Newton 285 285 100.0% - 63 Shaw's, Marshall's $19.87 Whole Foods at Swampscott MA Boston-Cambridge-Newton 36 36 100.0% - 36 Whole Foods $24.95 MA 1,633 1,124 97.0% 97.0% - 657 Burnt Mills C 20% MD Washington-Arlington-Alexandria 31 6 100.0% - 9 Trader Joe's $38.82 Cloppers Mill Village GRI 40% MD Washington-Arlington-Alexandria 137 55 99.0% - 70 Shoppers Food Warehouse $18.14 Festival at Woodholme GRI 40% MD Baltimore-Columbia-Towson 81 32 95.9% - 10 Trader Joe's $39.23 Firstfield Shopping Center GRI 40% MD Washington-Arlington-Alexandria 22 9 100.0% - - -- $40.01 King Farm Village Center RC 25% MD Washington-Arlington-Alexandria 118 30 88.5% - 54 Safeway $25.73 Parkville Shopping Center GRI 40% MD Baltimore-Columbia-Towson 165 66 92.1% - 41 Giant Food $16.69 Southside Marketplace GRI 40% MD Baltimore-Columbia-Towson 125 50 97.4% - 44 Shoppers Food Warehouse $20.78 Takoma Park GRI 40% MD Washington-Arlington-Alexandria 104 42 99.2% - 64 Shoppers Food Warehouse $13.35 Valley Centre GRI 40% MD Baltimore-Columbia-Towson 220 88 82.6% - 18 Aldi, TJ Maxx $17.48 Village at Lee Airpark MD Baltimore-Columbia-Towson 117 117 99.0% 75 63 Giant Food, (Sunrise) $28.03 Watkins Park Plaza GRI 40% MD Washington-Arlington-Alexandria 111 45 96.3% - - LA Fitness $26.08 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 Food $48.05 Woodmoor Shopping Center GRI 40% MD Washington-Arlington-Alexandria 69 28 98.1% - - -- $31.31 MD 1556 821 89.8% 94.5% 75 428 Fenton Marketplace MI Flint 97 97 100.0% - - Family Farm & Home $8.28 MI 97 97 100.0% 100.0% - - 26
Portfolio Summary Report By State June 30, 2018 (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 Rainbow Foods, Jo-Ann Fabrics, Experience Fitness, Apple Valley Square RC 25% MN Minneapolis-St. Paul-Bloomington 185 46 99.0% 87 62 (Burlington Coat Factory) $12.78 Calhoun Commons RC 25% MN Minneapolis-St. Paul-Bloomington 66 17 100.0%-50Whole Foods $24.44 Colonial Square GRI 40% MN Minneapolis-St. Paul-Bloomington 93 37 91.9%-44 Lund's $23.06 Rockford Road Plaza GRI 40% MN Minneapolis-St. Paul-Bloomington 204 82 100.0% - - Kohl's $12.76 Rockridge Center C 20% MN Minneapolis-St. Paul-Bloomington 125 25 95.9%-89Cub Foods $13.10 MN 674 207 97.8% 97.8% 87 245 Brentwood Plaza MO St. Louis 60 60 100.0% - 52 Schnucks $10.67 Bridgeton MO St. Louis 71 71 100.0% 130 63 Schnucks, (Home Depot) $12.12 Dardenne Crossing MO St. Louis 67 67 98.1% - 63 Schnucks $10.67 Kirkwood Commons MO St. Louis 210 210 100.0% 258 - Wal-Mart, (Target), (Lowe's) $10.13 MO 408 408 99.7% 99.7% 388 179 Cameron Village C 30% NC Raleigh 558 167 98.3% - 87 Harris Teeter, The Fresh Market $22.59 Carmel Commons NC Charlotte-Concord-Gastonia 133 133 100.0% - 14 The Fresh Market $20.69 Cochran Commons C 20% NC Charlotte-Concord-Gastonia 66 13 95.6% - 42 Harris Teeter $16.05 Colonnade Center NC Raleigh 58 58 100.0% - 40 Whole Foods $27.35 Glenwood Village NC Raleigh 43 43 100.0% - 28 Harris Teeter $16.46 Harris Crossing NC Raleigh 65 65 96.0% - 53 Harris Teeter $8.70 Holly Park M 99% NC Raleigh 160 160 84.3% - 12 Trader Joe's $16.63 Lake Pine Plaza NC Raleigh 88 88 96.8% - 58 Kroger $12.52 Midtown East O 50% NC Raleigh 174 87 77.3% - 120 Wegmans $17.33 Phillips Place O 50% NC Charlotte-Concord-Gastonia 133 67 85.6% - - -- $33.42 Providence Commons RC 25% NC Charlotte-Concord-Gastonia 74 19 100.0% - 50 Harris Teeter $18.50 Shops at Erwin Mill M 55% NC Durham-Chapel Hill 87 87 100.0% - 53 Harris Teeter $17.77 Shoppes of Kildaire GRI 40% NC Raleigh 145 58 81.4% - 19 Trader Joe's $19.71 Southpoint Crossing NC Durham-Chapel Hill 103 103 100.0% - 59 Kroger $16.25 Sutton Square C 20% NC Raleigh 101 20 97.3% - 24 The Fresh Market $18.99 Village Plaza C 20% NC Durham-Chapel Hill 75 15 86.8% - 42 Whole Foods $18.89 Willow Oaks NC Charlotte-Concord-Gastonia 69 69 94.9% - 49 Publix $17.02 Woodcroft Shopping Center NC Durham-Chapel Hill 90 90 95.8% - 41 Food Lion $13.11 NC 2221 1341 93.7% 94.9% - 791 Chimney Rock NJ New York-Newark-Jersey City 218 218 96.8% - 50 Whole Foods, Nordstrom Rack $34.56 District at Metuchen C 20% NJ New York-Newark-Jersey City 67 13 100.0% - 44 - $29.10 Haddon Commons GRI 40% NJ Philadelphia-Camden-Wilmington 54 22 100.0% - 34 Acme Markets $13.73 Plaza Square GRI 40% NJ New York-Newark-Jersey City 104 42 92.9% - 60 Shop Rite $22.23 Riverfront Plaza NYC 30% NJ New York-Newark-Jersey City 129 39 95.9% - 70 ShopRite $25.39 NJ 571 333 96.5% 96.5% - 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 $34.16 Broadway Plaza NY New York-Newark-Jersey City 147 147 97.2% - 18 Aldi $35.59 Clocktower Plaza Shopping Ctr NY New York-Newark-Jersey City 79 79 93.6% - 63 Stop & Shop $48.23 Gallery At Westbury Plaza NY New York-Newark-Jersey City 312 312 98.8% - 13 Trader Joe's, Nordstrom Rack $47.93 Hewlett Crossing I & II NY New York-Newark-Jersey City 53 53 96.3% - - Petco $35.75 Rivertowns Square NY New York-Newark-Jersey City 116 116 87.0% - 18 Brooklyn Harvest Market, Ipic Theaters $34.07 The Point at Garden City Park NY New York-Newark-Jersey City 105 105 98.8% - 52 King Kullen $21.14 Lake Grove Commons GRI 40% NY New York-Newark-Jersey City 141 57 100.0% - 48 Whole Foods, LA Fitness $32.78 Westbury Plaza NY New York-Newark-Jersey City 394 394 100.0% - 110 Wal-Mart, Costco, Marshalls, Total Wine and More $24.33 NY 1509 1424 97.5% 97.5% - 357 Cherry Grove OH Cincinnati 196 196 99.0% - 66 Kroger $12.04 East Pointe OH Columbus 107 107 100.0% - 59 Kroger $10.42 Hyde Park OH Cincinnati 397 397 99.4% - 169 Kroger, Remke Markets $16.04 Kroger New Albany Center M 50% OH Columbus 93 93 100.0% - 65 Kroger $12.65 Maxtown Road (Northgate) OH Columbus 114 114 98.2% 90 62 Kroger, (Home Depot) $11.27 Red Bank Village OH Cincinnati 176 176 97.5% - - Wal-Mart $7.09 Regency Commons OH Cincinnati 34 34 95.2% - - -- $25.38 Westchester Plaza OH Cincinnati 88 88 100.0% - 67 Kroger $9.90 OH 1,205 1,205 99.0% 99.0% 90 489 Corvallis Market Center OR Corvallis 85 85 100.0% - 12 Trader Joe's $20.94 Greenway Town Center GRI 40% OR Portland-Vancouver-Hillsboro 93 37 98.4% - 38 Whole Foods $14.81 Murrayhill Marketplace OR Portland-Vancouver-Hillsboro 150 150 83.8% - 41 Safeway $18.21 Northgate Marketplace OR Medford 81 81 100.0% - 13 Trader Joe's $23.12 Northgate Marketplace Ph II OR Medford 177 177 96.2% - - Dick's Sporting Goods $15.63 Sherwood Crossroads OR Portland-Vancouver-Hillsboro 88 88 98.4% - 55 Safeway $11.35 Tanasbourne Market OR Portland-Vancouver-Hillsboro 71 71 100.0% - 57 Whole Foods $30.08 Walker Center OR Portland-Vancouver-Hillsboro 90 90 100.0% - - Bed, Bath & Beyond $20.82 OR 835 779 95.8% 95.8% - 215 Allen Street Shopping Center GRI 40% PA Allentown-Bethlehem-Easton 46 18 100.0% - 22 Ahart's Market $14.98 City Avenue Shopping Center GRI 40% PA Philadelphia-Camden-Wilmington 162 65 94.2% - - Ross Dress for Less $20.89 Gateway Shopping Center PA Philadelphia-Camden-Wilmington 221 221 96.2% - 11 Trader Joe's $31.19 Hershey PA Other 6 6 100.0% - - -- $28.00 Lower Nazareth Commons PA Allentown-Bethlehem-Easton 90 90 96.0% 244 111 (Wegmans), (Target) $26.35 Mercer Square Shopping Center GRI 40% PA Philadelphia-Camden-Wilmington 91 37 96.7% - 51 Weis Markets $23.96 Newtown Square Shopping Center GRI 40% PA Philadelphia-Camden-Wilmington 143 57 93.0% - 56 Acme Markets $18.37 Stefko Boulevard Shopping Center GRI 40% PA Allentown-Bethlehem-Easton 134 54 94.0% - 73 Valley Farm Market $7.96 Warwick Square Shopping Center GRI 40% PA Philadelphia-Camden-Wilmington 90 36 97.1% - 51 Giant Food $21.16 PA 983 584 95.7% 95.7% 244 375 27
Portfolio Summary Report By State June 30, 2018 (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 Indigo Square SC Charleston-North Charleston 51 51 71.7% - 22 -- $27.41 Merchants Village GRI 40% SC Charleston-North Charleston 80 32 100.0% - 38 Publix $16.63 SC 131 83 82.6% 100.0% - 59 Harpeth Village Fieldstone TN Nashville-Davidson--Murfreesboro--Franklin 70 70 100.0% - 55 Publix $15.50 Northlake Village TN Nashville-Davidson--Murfreesboro--Franklin 138 138 98.0% - 75 Kroger $13.89 Peartree Village TN Nashville-Davidson--Murfreesboro--Franklin 110 110 100.0% - 61 Harris Teeter $19.61 TN 318 318 99.1% 99.1% - 191 Alden Bridge USAA 20% TX Houston-The Woodlands-Sugar Land 139 28 100.0% - 68 Kroger $20.29 Bethany Park Place USAA 20% TX Dallas-Fort Worth-Arlington 99 20 98.6% - 83 Kroger $11.66 CityLine Market TX Dallas-Fort Worth-Arlington 81 81 100.0% - 40 Whole Foods $27.35 CityLine Market Phase II TX Dallas-Fort Worth-Arlington 22 22 100.0% - - -- $26.26 Cochran's Crossing TX Houston-The Woodlands-Sugar Land 138 138 94.1% - 63 Kroger $17.81 Hancock TX Austin-Round Rock 410 410 98.8% - 90 H.E.B., Sears $15.78 Hickory Creek Plaza TX Dallas-Fort Worth-Arlington 28 28 100.0% 81 81 (Kroger) $28.77 Hillcrest Village TX Dallas-Fort Worth-Arlington 15 15 100.0% - - -- $47.33 Indian Springs Center TX Houston-The Woodlands-Sugar Land 137 137 100.0% - 79 H.E.B. $24.26 Keller Town Center TX Dallas-Fort Worth-Arlington 120 120 99.0% - 64 Tom Thumb $15.92 Lebanon/Legacy Center TX Dallas-Fort Worth-Arlington 56 56 90.7% 63 63 (Wal-Mart) $26.27 Market at Preston Forest TX Dallas-Fort Worth-Arlington 96 96 98.9% - 64 Tom Thumb $20.73 Market at Round Rock TX Austin-Round Rock 123 123 97.2% - 30 Sprout's Markets $18.21 Market at Springwoods Village M 53% TX Houston-The Woodlands-Sugar Land 167 167 91.1% - 100 Kroger $14.96 Mockingbird Common TX Dallas-Fort Worth-Arlington 120 120 95.4% - 49 Tom Thumb $17.68 North Hills TX Austin-Round Rock 144 144 99.1% - 60 H.E.B. $22.86 Panther Creek TX Houston-The Woodlands-Sugar Land 166 166 100.0% - 66 Randall's Food $22.86 Prestonbrook TX Dallas-Fort Worth-Arlington 92 92 93.1% - 64 Kroger $14.05 Preston Oaks TX Dallas-Fort Worth-Arlington 104 104 99.5% - 30 H.E.B. Central Market $33.47 Shiloh Springs USAA 20% TX Dallas-Fort Worth-Arlington 110 22 89.5% - 61 Kroger $14.11 Shops at Mira Vista TX Austin-Round Rock 68 68 100.0% - 15 Trader Joe's $22.41 Southpark at Cinco Ranch TX Houston-The Woodlands-Sugar Land 265 265 98.8% - 101 Kroger, Academy Sports $13.46 Sterling Ridge TX Houston-The Woodlands-Sugar Land 129 129 98.5% - 63 Kroger $20.59 Sweetwater Plaza C 20% TX Houston-The Woodlands-Sugar Land 134 27 100.0% - 65 Kroger $17.66 Tech Ridge Center TX Austin-Round Rock 185 185 96.6% - 84 H.E.B. $23.69 The Village at Riverstone TX Houston-The Woodlands-Sugar Land 167 167 88.2% - 100 Kroger $13.92 Weslayan Plaza East GRI 40% TX Houston-The Woodlands-Sugar Land 169 68 100.0% - - Berings $20.58 Weslayan Plaza West GRI 40% TX Houston-The Woodlands-Sugar Land 186 74 87.9% - 52 Randall's Food $19.69 Westwood Village TX Houston-The Woodlands-Sugar Land 187 187 96.9% 127 - (Target) $20.15 Woodway Collection GRI 40% TX Houston-The Woodlands-Sugar Land 97 39 98.2% - 45 Whole Foods $28.75 TX 3953 3297 96.9% 97.7% 271 1,682 Ashburn Farm Market Center VA Washington-Arlington-Alexandria 92 92 98.3% - 49 Giant Food $26.32 Ashburn Farm Village Center GRI 40% VA Washington-Arlington-Alexandria 89 36 100.0% - 57 Shoppers Food Warehouse $14.65 Belmont Chase VA Washington-Arlington-Alexandria 91 91 100.0% - 40 Whole Foods $30.60 Braemar Shopping Center RC 25% VA Washington-Arlington-Alexandria 96 24 97.9% - 58 Safeway $21.84 Centre Ridge Marketplace GRI 40% VA Washington-Arlington-Alexandria 104 42 96.1% - 55 --- $18.40 Culpeper Colonnade VA Washington-Arlington-Alexandria 171 171 100.0% 127 70 Martin's, Dick's Sporting Goods, (Target) $15.53 Point 50 (fka Fairfax Shopping Center) VA Washington-Arlington-Alexandria 68 68 18.0% - - -- $11.05 Festival at Manchester Lakes GRI 40% VA Washington-Arlington-Alexandria 169 67 93.9% - 65 Shoppers Food Warehouse $27.72 Fox Mill Shopping Center GRI 40% VA Washington-Arlington-Alexandria 103 41 100.0% - 50 Giant Food $25.22 Gayton Crossing GRI 40% VA Richmond 158 63 87.6% 55 38 (Kroger) $16.12 Greenbriar Town Center GRI 40% VA Washington-Arlington-Alexandria 340 136 97.1% - 62 Giant Food $26.36 Hanover Village Shopping Center GRI 40% VA Richmond 90 36 100.0% - 18 Aldi $9.18 Hollymead Town Center C 20% VA Charlottesville 154 31 94.7% 143 61 Harris Teeter, (Target) $22.91 Kamp Washington Shopping Center GRI 40% VA Washington-Arlington-Alexandria 72 29 95.3% - 20 Earth Fare $37.67 Kings Park Shopping Center GRI 40% VA Washington-Arlington-Alexandria 93 37 98.0% - 28 Giant Food $28.88 Lorton Station Marketplace C 20% VA Washington-Arlington-Alexandria 132 26 90.5% - 63 Shoppers Food Warehouse $23.44 Market Common Clarendon VA Washington-Arlington-Alexandria 393 393 69.5% - 34 Whole Foods, Crate & Barrel $33.63 Saratoga Shopping Center GRI 40% VA Washington-Arlington-Alexandria 113 45 100.0% - 56 Giant Food $20.62 Shops at County Center VA Washington-Arlington-Alexandria 97 97 88.2% - 52 Harris Teeter $19.81 Stonewall (fka Shops at Stonewall) VA Washington-Arlington-Alexandria 321 321 100.0% - 140 Wegmans, Dick's Sporting Goods $17.24 The Field at Commonwealth VA Washington-Arlington-Alexandria 169 169 85.3% - 140 Wegmans $18.14 Town Center at Sterling Shopping Center GRI 40% VA Washington-Arlington-Alexandria 187 75 85.6% - 47 Giant Food $21.40 Village Center at Dulles C 20% VA Washington-Arlington-Alexandria 301 60 92.3% - 48 Gold's Gym, Giant $28.03 Village Shopping Center GRI 40% VA Richmond 111 44 93.8% - 45 Martin's $24.30 Willston Centre I GRI 40% VA Washington-Arlington-Alexandria 105 42 97.0% - - -- $26.73 Willston Centre II GRI 40% VA Washington-Arlington-Alexandria 136 54 97.9% 141 59 Safeway, (Target) $25.43 VA 3,956 2,292 88.7% 89.0% 465 1,355 28
Portfolio Summary Report By State June 30, 2018 (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 Aurora Marketplace GRI 40% WA Seattle-Tacoma-Bellevue 107 43 100.0% - 49 Safeway $16.31 Ballard Blocks I O 50% WA Seattle-Tacoma-Bellevue 132 66 94.6% Trader Joe's, LA Fitness $23.83 Ballard Blocks II O 50% WA Seattle-Tacoma-Bellevue 114 57 57.3% PCC Community Markets $32.60 Broadway Market C 20% WA Seattle-Tacoma-Bellevue 140 28 99.0% - 64 Quality Food Centers $24.67 Cascade Plaza C 20% WA Seattle-Tacoma-Bellevue 215 43 91.8% - 49 Safeway $12.19 Eastgate Plaza GRI 40% WA Seattle-Tacoma-Bellevue 79 31 100.0% - 29 Albertsons $27.24 Grand Ridge WA Seattle-Tacoma-Bellevue 331 331 100.0% - 45 Safeway, Regal Cinemas $23.68 Inglewood Plaza WA Seattle-Tacoma-Bellevue 17 17 100.0% - - -- $38.61 Klahanie Shopping Center WA Seattle-Tacoma-Bellevue 67 67 98.4% 40 40 (QFC) $32.02 Overlake Fashion Plaza GRI 40% WA Seattle-Tacoma-Bellevue 81 32 100.0% 230 - (Sears) $24.71 Pine Lake Village WA Seattle-Tacoma-Bellevue 103 103 97.0% - 41 Quality Food Centers $23.84 Roosevelt Square WA Seattle-Tacoma-Bellevue 148 148 100.0% - 50 Whole Foods $23.09 Sammamish-Highlands WA Seattle-Tacoma-Bellevue 101 101 100.0% 55 67 (Safeway) $33.28 Southcenter WA Seattle-Tacoma-Bellevue 58 58 100.0% 112 - (Target) $29.64 WA 1,692 1,125 96.8% 98.9% 437 433 $23.70 Regency Centers Total 54,111 44,053 95.0% 95.5% 4,963 16,679 $21.53 (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 29
Components of Net Asset Value (NAV) As of June 30, 2018 (unaudited and in thousands) Real Estate - Operating Stabilized Operating Portfolio NOI - Current Quarter* Wholly Owned NOI (page 5) $ 183,875 Share of JV NOI (page 7) $ 24,843 Less: Noncontrolling Interests (page 7) $ (1,695) Base Rent from leases signed but not yet rent-paying - Current Quarter Retail Operating Properties including redevelopments$ 4,508 Development Completions (page 16) $ 355 * Excluding Straight-line Rent and Above/Below Market Rent Real Estate - Development In Process Development Projects In Process Construction in Progress (page 17) $ 186,835 Project Costs Not Yet Funded 91,179 Estimated Net Development Costs after JV Buyout (page 16) $ 278,01 4 Estimated Incremental Stabilized Yield (page 16) 7.4% Annualized Proforma Stabilized NOI $ 20,573 NOI from Development Projects In Process - Current Quarter In-place NOI from Developments In Process (page 16) $ 322 Fee Income Third-Party Management Fees and Commissions - Current Quarter (page 5) $ 6,596 Other Assets Estimated Market Value of Undeveloped Land(1) Land held for sale or future development $ 80,977 Outparcels at retail operating properties 15,654 Total Estimated Market Value of Undeveloped Land$ 96,630 Wholly Owned Assets (page 3) Cash and Cash Equivalents $ 43,240 Accounts Receivable, net $ 59,041 Other Assets $ 108,858 Share of JV Assets (page 6) Cash and Cash Equivalents $ 16,876 Accounts Receivable, net $ 4,860 Other Assets $ 11,809 Less: Noncontrolling Interests (page 6) $ (5,616) Liabilities Wholly Owned Debt Outstanding (page 11) Mortgage Loans $ 643,876 Unsecured Public/Private Notes 2,474,126 Unsecured Credit Facilities 713,498 Total Wholly Owned Debt Outstanding $ 3,831,500 Share of JV Debt Outstanding (page 14) $ 522,724 Other Wholly Owned Liabilities (page 3) Accounts Payable and Other Liabilities $ 215,300 Tenants' Security and Escrow Deposits $ 49,124 Other Share of JV Accounts Liabilities (page 6) Accounts Payable and Other Liabilities $ 25,612 Tenants' Security and Escrow Deposits $ 5,609 Less: Noncontrolling Interests (page 6) $ (45,534) Common Shares and Equivalants Outstanding Common Shares and equivalents issued and outstanding (page 1) 169,785 (1) Not included in Properties in Development on Balance Sheet. 30
Earnings Guidance June 30, 2018 (in thousands, except per share data) Current Previous YTD 2018E 2018E Net Income / Share $0.59 $1.32 - $1.36 $1.33 - $1.38 NAREIT FFO / Share(1) $1.89 $3.75 - $3.79 $3.74 - $3.79 Operating FFO / Share $1.77 $3.50 - $3.54 $3.49 - $3.54 Same Property Same property NOI as adjusted growth without termination fees (pro-rata) 4.1% 2.75% - 3.25% 2.40% - 3.25% Same property percent leased at period end (pro-rata) 95.5% 95.0% - 96.0% 95.0% - 96.0% New Investments Development and Redevelopment starts (pro-rata) $37,958 $150,000 - $250,000 $150,000 - $250,000 Estimated yield (weighted average) 6.3% +/- 7.5% +/- 7.5% Share repurchases(2) $125,000 $125,000 $125,000 Acquisitions (pro-rata) $135,895 +/- $136,000 +/- $136,000 Cap rate (weighted average) 4.9% +/- 5.0% +/- 5.0% Disposition Activity Dispositions (pro-rata)(3) $35,950 +/- $275,000 +/- $275,000 Cap rate (weighted average)(3) 8.2% +/- 7.50% +/- 7.50% Other Net interest expense (pro-rata) $87,348 $172,000 - $173,000 $169,500 - $170,500 Net G&A expense (pro-rata) $33,920 $65,000 - $68,000 $65,000 - $68,000 Recurring third party fees & commissions (pro-rata) $13,484 $26,000 - $27,000 $26,000 - $27,000 Certain non-cash items(4) (pro-rata) $30,526 $53,000 - $55,000 $53,000 - $55,000 (1) NAREIT FFO provides for comparability across the REIT sector. For purposes of consensus estimates, please report NAREIT FFO. (2) In Q1 2018, repurchased 2.145 million shares of common stock for $125 million as part of the Company's previously announced stock repurchase program. (3) Subsequent to quarter end, Regency sold three wholly-owned properties for a combined gross sales price of $106.9 million. On a year-to-date basis, including the property sales subsequent to quarter end, the Company has sold properties for a combined gross sales price of $142.9 at a weighted average cap rate of 7.9%. (4) Includes above and below market rent amortization, straight-line rents and amortization of mark-to-market debt adjustments Forward-looking statements involve risks, uncertainties and assumptions. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation with the SEC, specifically the most recent reports on forms 10K and 10Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements. 31
Reconciliation of Net Income to Earnings Guidance June 30, 2018 (per diluted share) Full Year NAREIT FFO and Operating FFO Guidance: 2018 Low High Net income attributable to common stockholders 1.32$ 1.36 Adjustments to reconcile net income to NAREIT FFO: Depreciation and amortization 2.26 2.26 Provision for impairment 0.17 0.17 NAREIT Funds From Operations 3.75$ 3.79 Adjustments to reconcile NAREIT FFO to Operating FFO: Gain on sale of land (0.01) (0.01) Early extinguishment of debt 0.07 0.07 Other non-comparable costs 0.01 0.01 Straight line rent, net (0.10) (0.10) Market rent amortization, net (0.20) (0.20) Debt mark-to-market (0.02) (0.02) Operating Funds From Operations 3.50$ 3.54 32
Glossary of Terms June 30, 2018 Development Completion: A project 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 project 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 and losses from sales of depreciable property, net of tax, excluding operating real estate impairments, 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. 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 and losses from depreciable property dispositions, and impairments, 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 (Loss) Attributable to Common Stockholders to NAREIT FFO. Net Operating Income (NOI): The sum of base rent, percentage rent, and recoveries from tenants and other 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 (previously Adjusted EBITDA): 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 and losses from sales of depreciable property; (v) and operating real estate impairments; 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. Operating Funds From Operations (Operating FFO): 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. Operating FFO excludes from NAREIT FFO: (i) transaction related income or expenses; (ii) impairments on land; (iii) gains or losses from the early extinguishment of debt; (iv) 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 (v) other amounts as they occur. The Company provides a reconciliation of NAREIT FFO to Operating FFO. Property In Development: Land or Retail Operating 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 Projects In Development and Non-Same Properties. Same Property NOI as adjusted: For purposes of evaluating Same Property NOI on a comparative basis, and in light of the merger with Equity One on March 1, 2017, we are presenting our Same Property NOI on a pro forma basis as if the merger had occurred January 1, 2017. This perspective allows us to evaluate Same Property NOI growth over a comparable period. Same Property NOI as adjusted is not necessarily indicative of what the actual Same Property NOI and growth would have been if the merger had occurred as of the earliest period presented, nor does it purport to represent the Same Property NOI and growth for future periods. See page ii for details of the pro forma adjustments for the non-ownerships periods of Equity One. The Company provides a reconciliation of Net Income (Loss) Attributable to Common Stockholders to Same Property NOI as adjusted. 33