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
February 13, 2019
Date of Report (Date of earliest event reported)
REGENCY CENTERS CORPORATION
(Exact name of registrant as specified in its charter)
 | ||
Florida | 59-3191743 | |
(State or other jurisdiction of incorporation) | 001-12298 | (IRS Employer Identification No.) |
(Commission File Number) | ||
One Independent Drive, Suite 114 Jacksonville, Florida 32202 | ||
(Address of principal executive offices) (Zip Code) | ||
(904) 598-7000 | ||
(Registrant's telephone number, including area code) | ||
Not Applicable | ||
(Former name or former address, if changed since last report) | ||
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 February 13, 2019, Regency issued an earnings release for the year ended December 31, 2018, which is attached as Exhibit 99.1.
On February 13, 2019, Regency posted on its website, at www.regencycenters.com, the supplemental information for the year ended December 31, 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 February 13, 2019, for the year ended December 31, 2018.
Exhibit 99.2Supplemental information posted on its website on February 13, 2019, for the year ended December 31, 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 | ||
February 13, 2019 | By: | /s/ J. Christian Leavitt J. Christian Leavitt, Senior Vice President and Treasurer (Principal Accounting Officer) |
NEWS RELEASE For immediate release Laura Clark 904 598 7831 LauraClark@RegencyCenters.com Regency Centers Reports Fourth Quarter and Full Year 2018 Results JACKSONVILLE, FL. (February 13, 2019) – Regency Centers Corporation (“Regency” or the “Company”) today reported financial and operating results for the period ended December 31, 2018. Fourth Quarter and Full Year 2018 Highlights Fourth quarter Net Income Attributable to Common Stockholders (“Net Income”) of $0.46 per diluted share. Fourth quarter NAREIT Funds From Operations (“NAREIT FFO”) of $0.98 per diluted share and Operating Funds From Operations (“Operating FFO”) of $0.88 per diluted share. Same property Net Operating Income (“NOI”) as adjusted, which reflects adjustments for the Equity One merger, excluding termination fees, increased 2.2% in the fourth quarter and 3.4% for the full year as compared to the same periods in the prior year. Fourth quarter rent spreads on comparable new and renewal leases were 22.5% and 7.2%, respectively, with blended rent spreads of 9.3%. As of December 31, 2018, the same property portfolio was 96.1% leased, a 20 basis point increase sequentially. As of December 31, 2018, spaces greater than or equal to 10,000 square feet (“Anchors”) in the same property portfolio were 98.5% leased, a 50 basis point increase sequentially. For the full year 2018, the Company started nearly $200 million of developments and redevelopments, contributing toward a five year goal of $1.25 to $1.50 billion. During the fourth quarter, Regency acquired an interest in one shopping center for approximately $18.5 million and sold four shopping centers for approximately $82.2 million, at Regency’s share. During the fourth quarter, Regency purchased approximately $122 million shares of common stock at an average price of $57.70 per share, bringing total share repurchase for the full year 2018 to approximately $247 million at an average price of $57.97 per share. During the fourth quarter, Regency issued its inaugural Corporate Responsibility Report, highlighting the Company’s commitment to key environmental, social and governance initiatives. Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.585 per share, representing an annualized increase of 5.4%. “Regency’s exceptional team again executed on our proven strategy, achieving over 3% same property NOI growth for the seventh consecutive year, starting nearly $200 million in compelling developments and redevelopments, further fortifying our strong balance sheet and highlighting our commitment to corporate responsibility” said Martin E. “Hap” Stein, Jr., Chairman and Chief Executive Officer. “Regency is well positioned to sustain growth in earnings, cash flow, and dividends and in turn, total shareholder returns in the evolving world of retail real estate.” iii
Financial Results Regency reported Net Income for the fourth quarter of $78.9 million, or $0.46 per diluted share compared to $85.1 million, or $0.50 per diluted share, for the same period in 2017. For the twelve months ended December 31, 2018, Net Income was $249.1 million, or $1.46 per diluted share, compared to $159.9 million, or $1.00 per diluted share, for the same period in 2017. The Company reported NAREIT FFO for the fourth quarter of $167.2 million, or $0.98 per diluted share, compared to $161.4 million, or $0.94 per diluted share, for the same period in 2017. For the twelve months ended December 31, 2018, NAREIT FFO was $652.9 million, or $3.83 per diluted share, compared to $494.8 million, or $3.09 per diluted share, for the same period in 2017. Certain non-recurring items recognized in Net Income and NAREIT FFO during 2018 include: In the fourth quarter, the Company recognized a gain on sale of land in the amount of $5.6 million from the sale of a land parcel in Medford, Massachusetts, bringing the total gain on sale of land for the full year to $6.7 million. The accelerated non-cash income of $6.2 million from a below-market rent balance associated with a Toys “R” Us lease acquired by the Company at bankruptcy auction. Debt extinguishment expense in the amount of $11.2 million, associated with the early repayment of debt. The Company reported Operating FFO, which excludes certain non-recurring items as well as non-cash components of earnings derived from above and below market rent amortization, straight-line rents, and amortization of debt mark-to-market, for the fourth quarter of $149.9 million, or $0.88 per diluted share, compared to $146.8 million, or $0.86 per diluted share, for the same period in 2017. For the twelve months ended December 31, 2018, Operating FFO was $603.8 million, or $3.54 per diluted share, compared to $544.8 million, or $3.40 per diluted share, for the same period in 2017. Portfolio Performance Regency’s portfolio is differentiated in its overall outstanding quality, breadth and scale. The strength of the Company’s merchandising mix, combined with placemaking elements and connection to its communities further differentiate Regency’s high quality portfolio. Regency’s national platform with 22 local market offices and teams offer critical strategic advantages and position the Company to achieve its objective to average 3% plus same property NOI growth over the long term, as it has accomplished over the past seven years. Fourth quarter same property NOI as adjusted, excluding termination fees, increased 2.2% compared to the same period in 2017. For the twelve months ended December 31, 2018, same property NOI as adjusted, excluding termination fees, increased 3.4% compared to the same period in 2017 driven by a contribution from base rent growth of 3.7%. In light of the merger with Equity One on March 1, 2017, same property NOI growth as adjusted is presented on a pro forma basis as if the merger had occurred January 1, 2017. Please refer to the Company’s supplemental package for additional details. As of December 31, 2018, Regency’s wholly owned portfolio plus its pro-rata share of co-investment partnerships was 95.6% leased. The same property portfolio was 96.1% leased, which is an increase of 20 basis points sequentially. Regency executed approximately 2 million square feet of comparable new and renewal leases during the quarter. Rent spreads on comparable new and renewal leases were 22.5% and 7.2%, respectively, with iv
blended rent spreads of 9.3%. For the twelve months ended December 31, 2018, the Company executed approximately 6.3 million square feet of comparable new and renewal leases at blended rent spreads of 8.3%. Portfolio Enhancement and Capital Allocation Regency’s capital allocation strategy enables the Company to benefit from a self-funding model, in which free cash flow is the primary source of funding, and supports the development and redevelopment program on a leverage neutral basis. Regency’s development and redevelopment platform is a critical strategic advantage for creating significant value for shareholders. Together with the sales of lower growth assets, free cash flow also enables the Company to invest in high-growth acquisitions and share repurchases when pricing is compelling. This capital allocation strategy preserves Regency’s pristine balance sheet and allows the Company to add value and enhance the quality of the portfolio on a net accretive basis. Developments and Redevelopments For the full year 2018, the Company started nearly $200 million of developments and redevelopments, contributing toward a five year goal of $1.25 billion to $1.50 billion. At year end, the Company had 19 properties in development or redevelopment with combined, estimated net development costs of approximately $390 million. In-process development projects were a combined 62% funded and 79% leased, and are expected to yield an average return of 7.2%. During the fourth quarter, the Company started two ground up development projects: Carytown Exchange (Richmond, VA) – A 107,000 square foot shopping center anchored by Publix. The estimated development cost of Carytown Exchange is approximately $26 million at a projected 7.3% stabilized yield. The Village at Hunter’s Lake (Tampa, FL) – This 72,000 square foot shopping center anchored by Sprouts, will be surrounded by 250 separately owned multifamily units. The estimated development cost of The Village at Hunter’s Lake is approximately $22 million at a projected 8.0% stabilized yield. Regency also started three redevelopment projects during the quarter: Market Common Clarendon (Washington, DC) – The redevelopment and densification of a vacant 130,000 square foot office building that will be anchored by a luxury fitness user, and also offer modern, loft-style office space with ground floor retail. Total project cost is approximately $54 million at a projected 8% - 9% stabilized yield. Point 50 (Fairfax, VA) – At Point 50, the Company will construct a new 48,000 square foot shopping center with a Whole Foods to anchor this highly desirable site. Total project cost is approximately $17 million at a projected 7% - 8% stabilized yield. Pablo Plaza (Jacksonville, FL) – A 154,000 square foot shopping center will be reconfigured with a new Whole Foods that will add to the compelling anchor lineup that includes Marshall’s and v
Homegoods. Total project cost is approximately $15 million at a projected 6% -7% stabilized yield. Property Transactions During the quarter, the Company began the phased acquisition of an interest in the Town and Country Center with an initial investment of approximately $18.5 million. Subsequent to quarter end, Regency acquired an additional interest in the shopping center bringing the total current investment to $36.3 million. Town and Country Center is a 230,000 square foot shopping center located in Los Angeles, CA, and anchored by Whole Foods and CVS with a vacant former K-Mart. The Company plans to redevelop the shopping center, which will include approximately 325 apartment units over ground floor retail developed by a best-in-class multifamily developer through an air rights lease transaction. For the full year 2018, the Company acquired seven properties for a total purchase price of $163.6 at Regency’s share. Regency sold four shopping centers during the fourth quarter of 2018 for combined proceeds of approximately $82 million. For the full year 2018, Regency sold 11 properties for a combined gross sales price of $225 million at a weighted average cap rate of 7.8%. Subsequent to year-end, Regency acquired a center in Seattle for $15.5 million. Melrose Market is a 21,000 square foot center located in the vibrant Capitol Hill neighborhood. Regency also sold four shopping centers subsequent to year-end for combined proceeds of $72.6 million. Share Repurchase Program During the quarter, Regency purchased 2.107 million shares of common stock at an average price of $57.70 per share for approximately $122 million, bringing total share repurchases for the full year 2018 to approximately $247 million shares of common stock at an average price of $57.97 per share. Regency’s Board authorized a refreshed share repurchase plan for an additional $250 million of shares of the Company’s common stock. This program is scheduled to expire on February 4, 2020. The timing of share repurchases under the program is dependent upon marketplace conditions and other factors, and the program remains subject to the discretion of the Board. Balance Sheet Regency benefits from favorable access to capital through the strength of its balance sheet, supported by conservative leverage levels with a targeted Net Debt to EBITDA ratio of 5.0x. This positions Regency to weather potential challenges and potentially profit from investment opportunities in the future. As previously disclosed, during 2018 the Company further enhanced its already strong balance sheet via a $300 million unsecured bond offering on February 28, 2018, that extended duration and reduced overall interest expense. On March 26, 2018, the Company recast and upsized its credit facility to $1.25 billion, enhancing liquidity and financial flexibility. vi
Dividend Regency’s Board declared a quarterly cash dividend on the Company’s common stock of $0.585 per share, representing an annualized increase of 5.4%. The dividend is payable on March 7, 2019, to shareholders of record as of February 25, 2019. Full Year 2019 Guidance Regency Centers issued initial 2019 guidance concurrently with the fourth quarter 2018 earnings release. Please refer to the Company’s fourth quarter 2018 Supplemental for a complete list of guidance. A 2019 Earnings and Valuation Guidance package with additional details can be found in the presentation section of the investor relations website at Investors.RegencyCenters.com. Full Year 2019 Guidance All figures pro-rata and in thousands, except per share data Net Income Attributable to Common Stockholders $1.36 to $1.42 ("Net Income") per diluted share(1) NAREIT Funds From Operations $3.83 to $3.89 ("NAREIT FFO") per diluted share(1) Same Property Net Operating Income 2.0% to 2.5% ("SP NOI") Growth excluding termination fees Development and Redevelopment starts $150,000 to $250,000 Estimated yield (weighted average) +/- 7.0% Acquistions +/- $16,000 Cap rate (weighted average) +/- 4.3% Dispositions +/- $200,000 Cap rate (weighted average) +/- 8.0% (1) 2019 includes the impact of ($0.05) per diluted share related to the adoption of the new lease accounting standard ASC 842 on January 1, 2019, that requires previously capitalized indirect internal leasing and legal costs to be expensed. vii
Conference Call Information To discuss Regency’s fourth quarter results and initial 2019 guidance, the Company will host a conference call and presentation on Thursday, February 14, 2019, at 11:00 a.m. ET. Dial-in and webcast information is listed below. Fourth Quarter 2018 Earnings Conference Call and 2019 Guidance Presentation Date: Thursday, February 14, 2019 Time: 11:00 a.m. ET Dial#: 877-407-0789 or 201-689-8562 Webcast: Investors.RegencyCenters.com Replay Webcast Archive: Investor Relations page under Events & Webcasts Non-GAAP Disclosure The Company uses certain non-GAAP performance measures, in addition to the required GAAP presentations, as 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. The Company provides a reconciliation of Net Income (Loss) Attributable to Common Stockholders to NAREIT FFO. 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 viii
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 (Loss) to NAREIT FFO and Operating FFO for actual results. Reconciliation of Net Income (Loss) Attributable to Common Stockholders to NAREIT FFO and Operating FFO - Actual (in thousands) For the Periods Ended December 31, 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$ 78,905 85,139 $ 249,127 159,949 Adjustments to reconcile to NAREIT Funds From Operations(1): Depreciation and amortization (ex cluding FF&E) 100, 422 98,036 390,603 364,908 Provision for impairment to operating properties 8,994 - 37,895 - Gain on sale of operating properties (21,335) (21,988) (25,293) (30,402) Exchangeable operating partnership units 166 171 525 388 NAREIT Funds From Operations $ 167,152 161,358$ 652,857 494,843 Reconciliation of NAREIT FFO to Operating FFO: NAREIT Funds From Operations$ 167,152 161,358 $ 652,857 494,843 Adjustments to reconcile to Operating Funds From Operations(1): Acquisition pursuit and closing costs - - - 138 Income tax benefit - (9,737) - (9,737) Gain on sale of land (5,628) (654) (6,659) (3,623) Prov ision for impairment to land - - 542 - Loss on derivative instruments and hedge ineffectiveness - (2) - (14) Early extinguishment of debt - 46 11,172 12,449 Interest on bonds for period from notice to redemption - - 600 - Merger related costs - 5,131 - 80,715 Merger related debt offering interest - - - 975 Preferred redemption costs - - - 12,227 Hurricane losses - 744 - 2,596 Straight line rent, net (3,652) (4,534) (17,292) (18,131) Above/below market rent amortization, net (7,440) (4,682) (34,171) (24,287) Debt premium/discount amortization (536) (899) (3,263) (3,340) Operating Funds From Operations $ 149,896 146,771$ 603,786 544,811 Weighted Average Shares For Diluted Earnings per Share 169,842 170,855 170,100 159,960 Weighted Average Shares For Diluted FFO and Operating FFO per Share 170,192 171,205 170,450 160,255 (1) Includes pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests. ix
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. Reconciliation of Net Income (Loss) Attributable to Common Stockholders to Pro-Rata Same Property NOI as adjusted - Actual (in thousands) For the Periods Ended December 31, 2018 and 2017 Three Months Ended Year to Date 2018 2017 2018 2017 Net Income (Loss) Attributable to Common Stockholders$ 78,905 85,139 $ 249,127 159,949 Less: Management, transaction, and other fees (7,495) (6,806) (28,494) (26,158) Income tax benefit - (9,737) - (9,737) Gain on sale of real estate (23,895) (22,519) (28,343) (27,432) Other(1) (12,084) (10,819) (56,906) (47,357) Plus: Depreciation and am ortization 92,876 90,444 359,688 334,201 General and administrative 13,544 18,006 65,491 67,624 Other operating expense, excluding provision for doubtful accounts 1,919 6,460 4,744 85,233 Other expense (income) 48,594 34,360 199,161 141,093 Equity in income of investments in real estate excluded from NOI (2) 11,597 14,771 56,680 53,290 Net incom e attributable to noncontrolling interests 831 802 3,198 2,903 Preferred stock dividends and issuance costs - - - 16,128 NOI 204,792 200,101 824,346 749,737 Less non-same property NOI (3) (7,627) (7,490) (31,997) (26,029) Plus same property NOI for non-ownership periods of Equity One(4) - - - 42,762 Same Property NOI as adjusted $ 197,165 192,611 $ 792,349 766,470 Same Property NOI as adjusted without Termination Fees $ 196,598 192,388 $ 791,127 765,480 Same Property NOI as adjusted without Termination Fees or Redevelopments $ 173,731 170,980 $ 700,353 686,761 (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 fourth 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-K with the SEC and, therefore, remain subject to adjustment. x
Reconciliation of Net Income Attributable to Common Stockholders to NAREIT FFO— Guidance (per diluted share) Full Year NAREIT FFO Guidance: 2019 Low High Net income attributable to common stockholders$ 1.36 1.42 Adjustments to reconcile net income to NAREIT FFO: Depreciation and amortization 2.47 2.47 NAREIT Funds From Operations $ 3.83 3.89 The Company has published forward-looking statements and additional financial information in its fourth quarter 2018 supplemental information package that may help investors estimate earnings for 2019. A copy of the Company’s fourth 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-K for the year ended December 31, 2018. Regency may, but assumes no obligation to, update information in the supplemental package from time to time. About Regency Centers Corporation (NASDAQ: REG) Regency Centers is the preeminent national owner, operator, and developer of shopping centers located in affluent and densely populated trade areas. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member. For more information, please visit RegencyCenters.com. ### Forward-looking statements involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation with the SEC, specifically the most recent reports on Forms 10-K and 10-Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements. xi
Quarterly Supplemental 4th Quarter 2018 Ballard Blocks Seattle, WA 4S Commons Town Center San Diego, CA Nocatee Town Center Chimney Rock Ponte Vedra, FL Bound Brook, NJ 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 December 31, 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 NAREIT FFO .............................................................................................................. 32 Glossary of Terms ..................................................................................................................................................... 33
Non-GAAP Disclosures December 31, 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 December 31, 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. • 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. • 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. • 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 $ 44,390 Recoveries from Tenants 13,863 Percentage Rent 1,265 Termination Fees 30 Other Income 581 Total Real Estate Revenues 60,129 Real Estate Operating Expenses: Operating and Maintenance 9,361 Real Estate Taxes 7,661 Ground Rent 78 Provision for Doubtful Accounts 267 Total Real Estate Operating Expenses 17,367 Same Property NOI $ 42,762 Same Property NOI without Termination Fees $ 42,732 Same Property NOI without Termination Fees or Redevelopments $ 37,501 ii
NEWS RELEASE For immediate release Laura Clark 904 598 7831 LauraClark@RegencyCenters.com Regency Centers Reports Fourth Quarter and Full Year 2018 Results JACKSONVILLE, FL. (February 13, 2019) – Regency Centers Corporation (“Regency” or the “Company”) today reported financial and operating results for the period ended December 31, 2018. Fourth Quarter and Full Year 2018 Highlights • Fourth quarter Net Income Attributable to Common Stockholders (“Net Income”) of $0.46 per diluted share. • Fourth quarter NAREIT Funds From Operations (“NAREIT FFO”) of $0.98 per diluted share and Operating Funds From Operations (“Operating FFO”) of $0.88 per diluted share. • Same property Net Operating Income (“NOI”) as adjusted, which reflects adjustments for the Equity One merger, excluding termination fees, increased 2.2% in the fourth quarter and 3.4% for the full year as compared to the same periods in the prior year. • Fourth quarter rent spreads on comparable new and renewal leases were 22.5% and 7.2%, respectively, with blended rent spreads of 9.3%. • As of December 31, 2018, the same property portfolio was 96.1% leased, a 20 basis point increase sequentially. • As of December 31, 2018, spaces greater than or equal to 10,000 square feet (“Anchors”) in the same property portfolio were 98.5% leased, a 50 basis point increase sequentially. • For the full year 2018, the Company started nearly $200 million of developments and redevelopments, contributing toward a five year goal of $1.25 to $1.50 billion. • During the fourth quarter, Regency acquired an interest in one shopping center for approximately $18.5 million and sold four shopping centers for approximately $82.2 million, at Regency’s share. • During the fourth quarter, Regency purchased approximately $122 million shares of common stock at an average price of $57.70 per share, bringing total share repurchase for the full year 2018 to approximately $247 million at an average price of $57.97 per share. • During the fourth quarter, Regency issued its inaugural Corporate Responsibility Report, highlighting the Company’s commitment to key environmental, social and governance initiatives. • Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.585 per share, representing an annualized increase of 5.4%. “Regency’s exceptional team again executed on our proven strategy, achieving over 3% same property NOI growth for the seventh consecutive year, starting nearly $200 million in compelling developments and redevelopments, further fortifying our strong balance sheet and highlighting our commitment to corporate responsibility” said Martin E. “Hap” Stein, Jr., Chairman and Chief Executive Officer. “Regency is well positioned to sustain growth in earnings, cash flow, and dividends and in turn, total shareholder returns in the evolving world of retail real estate.” iii
Financial Results Regency reported Net Income for the fourth quarter of $78.9 million, or $0.46 per diluted share compared to $85.1 million, or $0.50 per diluted share, for the same period in 2017. For the twelve months ended December 31, 2018, Net Income was $249.1 million, or $1.46 per diluted share, compared to $159.9 million, or $1.00 per diluted share, for the same period in 2017. The Company reported NAREIT FFO for the fourth quarter of $167.2 million, or $0.98 per diluted share, compared to $161.4 million, or $0.94 per diluted share, for the same period in 2017. For the twelve months ended December 31, 2018, NAREIT FFO was $652.9 million, or $3.83 per diluted share, compared to $494.8 million, or $3.09 per diluted share, for the same period in 2017. Certain non-recurring items recognized in Net Income and NAREIT FFO during 2018 include: • In the fourth quarter, the Company recognized a gain on sale of land in the amount of $5.6 million from the sale of a land parcel in Medford, Massachusetts, bringing the total gain on sale of land for the full year to $6.7 million. • The accelerated non-cash income of $6.2 million from a below-market rent balance associated with a Toys “R” Us lease acquired by the Company at bankruptcy auction. • Debt extinguishment expense in the amount of $11.2 million, associated with the early repayment of debt. The Company reported Operating FFO, which excludes certain non-recurring items as well as non-cash components of earnings derived from above and below market rent amortization, straight-line rents, and amortization of debt mark-to-market, for the fourth quarter of $149.9 million, or $0.88 per diluted share, compared to $146.8 million, or $0.86 per diluted share, for the same period in 2017. For the twelve months ended December 31, 2018, Operating FFO was $603.8 million, or $3.54 per diluted share, compared to $544.8 million, or $3.40 per diluted share, for the same period in 2017. Portfolio Performance Regency’s portfolio is differentiated in its overall outstanding quality, breadth and scale. The strength of the Company’s merchandising mix, combined with placemaking elements and connection to its communities further differentiate Regency’s high quality portfolio. Regency’s national platform with 22 local market offices and teams offer critical strategic advantages and position the Company to achieve its objective to average 3% plus same property NOI growth over the long term, as it has accomplished over the past seven years. Fourth quarter same property NOI as adjusted, excluding termination fees, increased 2.2% compared to the same period in 2017. For the twelve months ended December 31, 2018, same property NOI as adjusted, excluding termination fees, increased 3.4% compared to the same period in 2017 driven by a contribution from base rent growth of 3.7%. In light of the merger with Equity One on March 1, 2017, same property NOI growth as adjusted is presented on a pro forma basis as if the merger had occurred January 1, 2017. Please refer to the Company’s supplemental package for additional details. As of December 31, 2018, Regency’s wholly owned portfolio plus its pro-rata share of co-investment partnerships was 95.6% leased. The same property portfolio was 96.1% leased, which is an increase of 20 basis points sequentially. Regency executed approximately 2 million square feet of comparable new and renewal leases during the quarter. Rent spreads on comparable new and renewal leases were 22.5% and 7.2%, respectively, with iv
blended rent spreads of 9.3%. For the twelve months ended December 31, 2018, the Company executed approximately 6.3 million square feet of comparable new and renewal leases at blended rent spreads of 8.3%. Portfolio Enhancement and Capital Allocation Regency’s capital allocation strategy enables the Company to benefit from a self-funding model, in which free cash flow is the primary source of funding, and supports the development and redevelopment program on a leverage neutral basis. Regency’s development and redevelopment platform is a critical strategic advantage for creating significant value for shareholders. Together with the sales of lower growth assets, free cash flow also enables the Company to invest in high-growth acquisitions and share repurchases when pricing is compelling. This capital allocation strategy preserves Regency’s pristine balance sheet and allows the Company to add value and enhance the quality of the portfolio on a net accretive basis. Developments and Redevelopments For the full year 2018, the Company started nearly $200 million of developments and redevelopments, contributing toward a five year goal of $1.25 billion to $1.50 billion. At year end, the Company had 19 properties in development or redevelopment with combined, estimated net development costs of approximately $390 million. In-process development projects were a combined 62% funded and 79% leased, and are expected to yield an average return of 7.2%. During the fourth quarter, the Company started two ground up development projects: • Carytown Exchange (Richmond, VA) – A 107,000 square foot shopping center anchored by Publix. The estimated development cost of Carytown Exchange is approximately $26 million at a projected 7.3% stabilized yield. • The Village at Hunter’s Lake (Tampa, FL) – This 72,000 square foot shopping center anchored by Sprouts, will be surrounded by 250 separately owned multifamily units. The estimated development cost of The Village at Hunter’s Lake is approximately $22 million at a projected 8.0% stabilized yield. Regency also started three redevelopment projects during the quarter: • Market Common Clarendon (Washington, DC) – The redevelopment and densification of a vacant 130,000 square foot office building that will be anchored by a luxury fitness user, and also offer modern, loft-style office space with ground floor retail. Total project cost is approximately $54 million at a projected 8% - 9% stabilized yield. • Point 50 (Fairfax, VA) – At Point 50, the Company will construct a new 48,000 square foot shopping center with a Whole Foods to anchor this highly desirable site. Total project cost is approximately $17 million at a projected 7% - 8% stabilized yield. • Pablo Plaza (Jacksonville, FL) – A 154,000 square foot shopping center will be reconfigured with a new Whole Foods that will add to the compelling anchor lineup that includes Marshall’s and v
Homegoods. Total project cost is approximately $15 million at a projected 6% -7% stabilized yield. Property Transactions During the quarter, the Company began the phased acquisition of an interest in the Town and Country Center with an initial investment of approximately $18.5 million. Subsequent to quarter end, Regency acquired an additional interest in the shopping center bringing the total current investment to $36.3 million. Town and Country Center is a 230,000 square foot shopping center located in Los Angeles, CA, and anchored by Whole Foods and CVS with a vacant former K-Mart. The Company plans to redevelop the shopping center, which will include approximately 325 apartment units over ground floor retail developed by a best-in-class multifamily developer through an air rights lease transaction. For the full year 2018, the Company acquired seven properties for a total purchase price of $163.6 at Regency’s share. Regency sold four shopping centers during the fourth quarter of 2018 for combined proceeds of approximately $82 million. For the full year 2018, Regency sold 11 properties for a combined gross sales price of $225 million at a weighted average cap rate of 7.8%. Subsequent to year-end, Regency acquired a center in Seattle for $15.5 million. Melrose Market is a 21,000 square foot center located in the vibrant Capitol Hill neighborhood. Regency also sold four shopping centers subsequent to year-end for combined proceeds of $72.6 million. Share Repurchase Program During the quarter, Regency purchased 2.107 million shares of common stock at an average price of $57.70 per share for approximately $122 million, bringing total share repurchases for the full year 2018 to approximately $247 million shares of common stock at an average price of $57.97 per share. Regency’s Board authorized a refreshed share repurchase plan for an additional $250 million of shares of the Company’s common stock. This program is scheduled to expire on February 4, 2020. The timing of share repurchases under the program is dependent upon marketplace conditions and other factors, and the program remains subject to the discretion of the Board. Balance Sheet Regency benefits from favorable access to capital through the strength of its balance sheet, supported by conservative leverage levels with a targeted Net Debt to EBITDA ratio of 5.0x. This positions Regency to weather potential challenges and potentially profit from investment opportunities in the future. As previously disclosed, during 2018 the Company further enhanced its already strong balance sheet via a $300 million unsecured bond offering on February 28, 2018, that extended duration and reduced overall interest expense. On March 26, 2018, the Company recast and upsized its credit facility to $1.25 billion, enhancing liquidity and financial flexibility. vi
Dividend Regency’s Board declared a quarterly cash dividend on the Company’s common stock of $0.585 per share, representing an annualized increase of 5.4%. The dividend is payable on March 7, 2019, to shareholders of record as of February 25, 2019. Full Year 2019 Guidance Regency Centers issued initial 2019 guidance concurrently with the fourth quarter 2018 earnings release. Please refer to the Company’s fourth quarter 2018 Supplemental for a complete list of guidance. A 2019 Earnings and Valuation Guidance package with additional details can be found in the presentation section of the investor relations website at Investors.RegencyCenters.com. Full Year 2019 Guidance All figures pro-rata and in thousands, except per share data Net Income Attributable to Common Stockholders $1.36 to $1.42 ("Net Income") per diluted share(1) NAREIT Funds From Operations $3.83 to $3.89 ("NAREIT FFO") per diluted share(1) Same Property Net Operating Income 2.0% to 2.5% ("SP NOI") Growth excluding termination fees Development and Redevelopment starts $150,000 to $250,000 Estimated yield (weighted average) +/- 7.0% Acquistions +/- $16,000 Cap rate (weighted average) +/- 4.3% Dispositions +/- $200,000 Cap rate (weighted average) +/- 8.0% (1) 2019 includes the impact of ($0.05) per diluted share related to the adoption of the new lease accounting standard ASC 842 on January 1, 2019, that requires previously capitalized indirect internal leasing and legal costs to be expensed. vii
Conference Call Information To discuss Regency’s fourth quarter results and initial 2019 guidance, the Company will host a conference call and presentation on Thursday, February 14, 2019, at 11:00 a.m. ET. Dial-in and webcast information is listed below. Fourth Quarter 2018 Earnings Conference Call and 2019 Guidance Presentation Date: Thursday, February 14, 2019 Time: 11:00 a.m. ET Dial#: 877-407-0789 or 201-689-8562 Webcast: Investors.RegencyCenters.com Replay Webcast Archive: Investor Relations page under Events & Webcasts Non-GAAP Disclosure The Company uses certain non-GAAP performance measures, in addition to the required GAAP presentations, as 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. The Company provides a reconciliation of Net Income (Loss) Attributable to Common Stockholders to NAREIT FFO. 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 viii
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 (Loss) to NAREIT FFO and Operating FFO for actual results. Reconciliation of Net Income (Loss) Attributable to Common Stockholders to NAREIT FFO and Operating FFO - Actual (in thousands) For the Periods Ended December 31, 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 $ 78,905 85,139 $ 249,127 159,949 Adjustments to reconcile to NAREIT Funds From Operations(1): Depreciation and amortization (ex cluding FF&E) 100,422 98,036 390,603 364,908 Prov ision for impairment to operating properties 8,994 - 37,895 - Gain on sale of operating properties (21,335) (21,988) (25,293) (30,402) Exchangeable operating partnership units 166 171 525 388 NAREIT Funds From Operations 167,152$ 161,358 $ 652,857 494,843 Reconciliation of NAREIT FFO to Operating FFO: NAREIT Funds From Operations 167,152$ 161,358 $ 652,857 494,843 Adjustments to reconcile to Operating Funds From Operations(1): Acquisition pursuit and closing costs - - - 138 Income tax benefit - (9,737) - (9,737) Gain on sale of land (5,628) (654) (6,659) (3,623) Prov ision for impairment to land - - 542 - Loss on derivative instruments and hedge ineffectiveness - (2) - (14) Early extinguishment of debt - 46 11,172 12,449 Interest on bonds for period from notice to redemption - - 600 - Merger related costs - 5,131 - 80,715 Merger related debt offering interest - - - 975 Preferred redemption costs - - - 12,227 Hurricane losses - 744 - 2,596 Straight line rent, net (3,652) (4,534) (17,292) (18,131) Above/below market rent amortization, net (7,440) (4,682) (34,171) (24,287) Debt premium/discount amortization (536) (899) (3,263) (3,340) Operating Funds From Operations 149,896$ 146,771 $ 603,786 544,811 Weighted Average Shares For Diluted Earnings per Share 169,842 170,855 170,100 159,960 Weighted Average Shares For Diluted FFO and Operating FFO per Share 170,192 171,205 170,450 160,255 (1) Includes pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests. ix
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. Reconciliation of Net Income (Loss) Attributable to Common Stockholders to Pro-Rata Same Property NOI as adjusted - Actual (in thousands) For the Periods Ended December 31, 2018 and 2017 Three Months Ended Year to Date 2018 2017 2018 2017 Net Income (Loss) Attributable to Common Stockholders $ 78,905 85,139 $ 249,127 159,949 Less: Management, transaction, and other fees (7,495) (6,806) (28,494) (26,158) Income tax benefit - (9,737) - (9,737) Gain on sale of real estate (23,895) (22,519) (28,343) (27,432) Other(1) (12,084) (10,819) (56,906) (47,357) Plus: Depreciation and amortization 92,876 90,444 359,688 334,201 General and administrativ e 13,544 18,006 65,491 67,624 Other operating expense, excluding provision for doubtful accounts 1,919 6,460 4,744 85,233 Other expense (income) 48,594 34,360 199,161 141,093 Equity in income of investments in real estate excluded from NOI (2) 11,597 14,771 56,680 53,290 Net income attributable to noncontrolling interests 831 802 3,198 2,903 Preferred stock dividends and issuance costs - - - 16,128 NOI 204,792 200,101 824,346 749,737 Less non-same property NOI (3) (7,627) (7,490) (31,997) (26,029) Plus same property NOI for non-ownership periods of Equity One(4) - - - 42,762 Same Property NOI as adjusted $ 197,165 192,611 $ 792,349 766,470 Same Property NOI as adjusted without Termination Fees $ 196,598 192,388 $ 791,127 765,480 Same Property NOI as adjusted without Termination Fees or Redevelopments $ 173,731 170,980 $ 700,353 686,761 (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 fourth 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-K with the SEC and, therefore, remain subject to adjustment. x
Reconciliation of Net Income Attributable to Common Stockholders to NAREIT FFO— Guidance (per diluted share) Full Year NAREIT FFO Guidance: 2019 Low High Net income attributable to common stockholders $ 1.36 1.42 Adjustments to reconcile net income to NAREIT FFO: Depreciation and amortization 2.47 2.47 NAREIT Funds From Operations $ 3.83 3.89 The Company has published forward-looking statements and additional financial information in its fourth quarter 2018 supplemental information package that may help investors estimate earnings for 2019. A copy of the Company’s fourth 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-K for the year ended December 31, 2018. Regency may, but assumes no obligation to, update information in the supplemental package from time to time. About Regency Centers Corporation (NASDAQ: REG) Regency Centers is the preeminent national owner, operator, and developer of shopping centers located in affluent and densely populated trade areas. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member. For more information, please visit RegencyCenters.com. ### Forward-looking statements involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation with the SEC, specifically the most recent reports on Forms 10-K and 10-Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements. xi
Summary Financial Information December 31, 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) $78,905 $85,139 $249,127 $159,949 Net income (loss) per diluted share $0.46 $0.50 $1.46 $1.00 NAREIT Funds From Operations (NAREIT FFO) (page 9) $167,152 $161,358 $652,857 $494,843 NAREIT FFO per diluted share $0.98 $0.94 $3.83 $3.09 Operating Funds From Operations (Operating FFO) (page 9) $149,896 $146,771 $603,786 $544,811 Operating FFO per diluted share $0.88 $0.86 $3.54 $3.40 Same Property NOI as adjusted without termination fees (page 8) $196,598 $192,388 $791,127 $765,480 % growth 2.2% 3.4% Operating EBITDAre (page 10) $195,706 $191,320 $788,159 $717,007 Dividends paid per share and unit $0.555 $0.530 $2.220 $2.100 Payout ratio of Operating FFO per share (diluted) 63.1% 61.6% 62.7% 61.8% Diluted share and unit count Weighted average shares (diluted) - Net income (loss) 169,842 170,855 170,100 159,960 Weighted average shares (diluted) - NAREIT FFO and Operating FFO 170,192 171,205 170,450 160,255 As of As of As of As of 12/31/18 12/31/17 12/31/16 12/31/15 Capital Information Market price per common share $58.47 $69.18 $68.95 $68.12 Common shares outstanding 167,905 171,365 104,497 97,213 Exchangeable units held by noncontrolling interests 350 350 154 154 Common shares and equivalents issued and outstanding 168,255 171,715 104,651 97,367 Market equity value of common and convertible shares $9,837,840 $11,879,231 $7,215,718 $6,632,627 Non-convertible preferred stock $0 $0 $325,000 $325,000 Outstanding debt $4,241,758 $4,115,588 $2,111,450 $2,363,238 Less: cash (45,190) (49,381) ($17,879) ($40,623) Net debt $4,196,568 $4,066,207 $2,093,571 $2,322,615 Total market capitalization $14,034,408 $15,945,438 $9,634,289 $9,280,242 Debt metrics (pro-rata; trailing 12 months "TTM")(1) Net Debt-to-Operating EBITDAre 5.3x 5.4x 4.4x 5.2x Fixed charge coverage 4.2x 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 December 31, 2018 (GLA in thousands) Wholly Owned and 100% of Co-investment Partnerships 12/31/2018 9/30/2018 6/30/2018 3/31/2018 12/31/2017 Number of properties 425 426 428 429 426 Number of retail operating properties 414 415 417 414 412 Number of same properties 399 403 406 409 395 Number of properties in redevelopment 11 14 13 9 14 Number of properties in development 888109 Gross Leasable Area (GLA) - All properties 53,568 53,647 54,111 54,174 53,881 GLA including retailer-owned stores - All properties 57,710 58,238 59,074 59,137 58,845 GLA - Retail operating properties 51,605 51,857 52,312 52,378 52,161 GLA - Same properties 50,434 50,916 51,464 51,667 50,144 GLA - Properties in redevelopment(1) 1,632 2,649 2,341 1,934 3,607 GLA - Properties in development 1,014 1,176 1,184 1,575 1,461 Wholly Owned and Pro-Rata Share of Co-investment Partnerships GLA - All properties 43,365 43,523 44,053 44,131 44,015 GLA including retailer-owned stores - All properties 47,650 48,113 49,016 48,982 48,979 GLA - Retail operating properties 41,619 41,949 42,471 42,553 42,456 GLA - Same properties 40,866 41,218 41,758 41,961 40,601 Spaces ≥ 10,000 sf 25,715 25,966 26,321 26,482 25,605 Spaces < 10,000 sf 15,151 15,252 15,437 15,479 14,996 GLA - Properties in redevelopment(1) 1,058 1,682 1,450 1,235 2,817 GLA - Properties in development 870 1,032 1,040 1,431 1,374 % leased - All properties 95.6% 95.4% 95.0% 95.1% 95.5% % leased - Retail operating properties 96.1% 95.9% 95.5% 95.7% 96.2% % leased - Same properties (2) 96.1% 95.9% 95.6% 95.7% 96.1% Spaces ≥ 10,000 sf (2) 98.5% 98.0% 97.5% 97.6% 98.1% Spaces < 10,000 sf (2) 92.0% 92.3% 92.2% 92.3% 92.6% Average % leased - Same properties (2) 95.8% 95.7% 95.7% 95.7% 95.8% % commenced - Same properties (2)(3) 94.5% 94.3% 93.9% 94.1% 94.1% Same property NOI as adjusted growth - YTD (see page 8) 3.4% 3.7% 3.9% 4.3% 3.5% Same property NOI as adjusted growth without termination fees - YTD (see page 8) 3.4% 3.8% 4.1% 4.0% 3.6% Same property NOI as adjusted growth without termination fees or redevelopments - YTD (see page 8) 2.0% 2.1% 2.4% 2.6% 2.7% Rent spreads - Trailing 12 months (4) (see page 19) 8.3% 7.4% 6.7% 7.9% 7.8% (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 December 31, 2018 and 2017 (in thousands) 2018 2017 (unaudited) Assets Net real estate investments: Real estate assets at cost$ 10,863,162 $ 10,892,821 Less: accumulated depreciation 1,535,444 1,339,771 9,327,718 9,553,050 Investments in real estate partnerships 463,001 386,304 Net real estate investments 9,790,719 9,939,354 Properties held for sale 60,516 - Cash and cash equivalents 45,190 49,381 Accounts receivable, net 71,748 66,586 Straight line rent receivables, net 100,611 88,596 Notes receivable - 15,803 Deferred leasing costs, net 84,983 80,044 Acquired lease intangible assets, net 387,069 478,826 Goodwill 314,143 331,884 Other assets 89,684 95,243 Total assets$ 10,944,663 $ 11,145,717 Liabilities and Equity Liabilities: Notes payable$ 3,006,478 $ 2,971,715 Unsecured credit facilities 708,734 623,262 Total notes payable 3,715,212 3,594,977 Accounts payable and other liabilities 224,807 234,272 Acquired lease intangible liabilities, net 496,726 537,401 Tenants' security and escrow deposits 57,750 46,013 Total liabilities 4,494,495 4,412,663 Equity: Stockholders' Equity: Common stock, $.01 par 1,679 1,714 Additional paid in capital 7,652,683 7,854,797 Accumulated other comprehensive income (loss) (927) (6,289) Distributions in excess of net income (1,255,465) (1,158,170) Total stockholders' equity 6,397,970 6,692,052 Noncontrolling Interests: Exchangeable operating partnership units 10,666 10,907 Limited partners' interest 41,532 30,095 Total noncontrolling interests 52,198 41,002 Total equity 6,450,168 6,733,054 Total liabilities and equity$ 10,944,663 $ 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 December 31, 2018 and 2017 (in thousands) (unaudited) Three Months Ended Year to Date 2018 2017 2018 2017 Revenues: Minimum rent $ 204,258 195,452 $ 818,483 728,078 Percentage rent 1,194 1,126 7,486 6,635 Recoveries from tenants and other income 71,613 61,367 266,512 223,455 Management, transaction, and other fees 7,495 6,806 28,494 26,158 Total revenues 284,560 264,751 1,120,975 984,326 Operating Expenses: Depreciation and amortization 92,876 90,444 359,688 334,201 Operating and maintenance 43,110 40,101 168,034 143,990 General and administrative 13,544 18,006 65,491 67,624 Real estate taxes 40,761 30,087 137,856 109,723 Other operating expense 3,261 7,605 9,737 89,225 Total operating expenses 193,552 186,243 740,806 744,763 Other Expense (Income): Interest expense, net of interest income 36,979 35,344 148,456 132,629 Provision for impairment 8,994 - 38,437 - Gain on sale of real estate, net of tax (23,895) (22,519) (28,343) (27,432) Early extinguishment of debt - 46 11,172 12,449 Net investment (income) loss 2,621 (1,030) 1,096 (3,985) Total other expense 24,699 11,841 170,818 113,661 Income (loss) from operations before equity in income of investments in real estate partnerships 66,309 66,667 209,351 125,902 Equity in income of investments in real estate partnerships 13,427 9,537 42,974 43,341 Deferred income tax benefit of taxable REIT subsidiary - (9,737) - (9,737) Net income (loss) 79,736 85,941 252,325 178,980 Noncontrolling Interests: Exchangeable operating partnership units (166) (171) (525) (388) Limited partners' interests in consolidated partnerships (665) (631) (2,673) (2,515) Net income (loss) attributable to noncontrolling interests (831) (802) (3,198) (2,903) Net income (loss) attributable to controlling interests 78,905 85,139 249,127 176,077 Preferred stock dividends and issuance costs - - - (16,128) Net income (loss) attributable to common stockholders $ 78,905 85,139 $ 249,127 159,949 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 December 31, 2018 and 2017 (in thousands) Three Months Ended Year to Date 2018 2017 2018 2017 Real Estate Revenues: Base rent$ 193,155 185,530 $ 765,362 684,133 Recoveries from tenants 66,331 56,864 245,196 206,675 Percentage rent 1,194 1,126 7,486 6,635 Termination fees 552 223 2,654 845 Other income 4,730 4,239 18,662 15,935 Total real estate revenues 265,962 247,982 1,039,360 914,223 Real Estate Operating Expenses: Operating and maintenance 39,239 37,166 151,763 132,512 Real estate taxes 40,760 30,087 137,856 109,723 Ground rent 3,117 2,150 11,504 8,583 Termination expense - - 1,700 - Provision for doubtful accounts 1,342 1,145 4,993 3,992 Total real estate operating expenses 84,458 70,548 307,816 254,810 Other Rent Amounts: Straight line rent on base rent 3,416 5,102 18,197 19,004 Straight line rent on ground rent (365) (292) (1,473) (1,145) Above/below market rent amortization 7,687 4,820 34,924 24,942 Above/below market ground rent amortization (389) (452) (1,594) (1,750) Total other rent amounts 10,349 9,178 50,054 41,051 Fee Income: Property management fees 3,655 3,465 14,663 13,917 Asset management fees 1,866 1,776 7,213 7,090 Leasing commissions and other fees 1,974 1,565 6,618 5,151 Total fee income 7,495 6,806 28,494 26,158 Interest Expense, net: Gross interest expense 35,552 35,497 146,472 132,884 Derivative amortization 2,102 2,102 8,408 8,408 Debt cost amortization 1,287 1,214 5,217 4,615 Debt premium/discount amortization (545) (941) (3,391) (3,515) Capitalized interest (1,200) (2,168) (7,020) (7,946) Interest income (217) (358) (1,230) (1,811) Total interest expense, net 36,979 35,346 148,456 132,635 General & Administrative, net: Gross general & administrative 19,638 20,641 73,357 76,153 Stock-based compensation 4,436 4,375 16,745 15,525 Capitalized direct leasing compensation costs (1,616) (2,901) (6,543) (10,384) Capitalized direct development compensation costs (6,368) (5,093) (17,069) (17,609) Total general & administrative, net 16,090 17,022 66,490 63,685 Real Estate (Gains) Losses: Gain on sale of operating properties (18,262) (21,870) (21,795) (24,505) Provision for impairment of operating properties 8,994 - 37,895 - Gain on sale of land (5,633) (649) (6,548) (2,927) Provision for impairment of land - - 542 - Total real estate (gains) losses (14,901) (22,519) 10,094 (27,432) Depreciation, Transaction and Other Expense (Income): Depreciation and amortization (including FF&E) 92,876 90,444 359,688 334,201 Acquisition pursuit and closing costs - - - 131 Development pursuit costs 1,461 1,021 1,947 1,529 Merger related costs - 5,131 - 80,715 Income tax benefit - (9,737) - (9,737) Loss from deferred compensation plan, net 5 24 73 94 Early extinguishment of debt - 46 11,172 12,449 Loss on derivative instruments and hedge ineffectiveness - (2) - (6) (Gain) loss on sale of investments 70 (70) 24 (139) Other expenses 459 308 2,797 2,858 Total depreciation, transaction and other expense (income) 94,871 87,165 375,701 422,095 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) December 31, 2018 and 2017 (in thousands) Noncontrolling Interests Share of JVs 2018 2017 2018 2017 Assets Real estate assets at cost $ (90,972) (78,125) $ 1,379,264 1,262,823 Less: accumulated depreciation (12,400) (10,645) 415,256 387,587 Net real estate investments (78,572) (67,480) 964,008 875,236 Cash and cash equivalents (3,063) (3,098) 11,806 11,123 Accounts receivable, net (1,471) (1,334) 7,253 5,641 Straight line rent receivables, net (1,582) (1,444) 17,602 16,539 Deferred leasing costs, net (1,285) (1,383) 15,008 13,905 Acquired lease intangible assets, net (1,060) (1,061) 14,970 14,268 Other assets (559) (357) 12,574 7,291 Total assets $ (87,592) (76,157) $ 1,043,221 944,003 Liabilities Notes payable $ (43,739) (43,121) $ 533,973 520,611 Accounts payable and other liabilities (1,624) (2,172) 29,408 21,977 Acquired lease intangible liabilities, net (397) (482) 12,458 11,323 Tenants' security and escrow deposits (300) (287) 4,381 3,788 Total liabilities $ (46,060) (46,062) $ 580,220 557,699 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 December 31, 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 $ (1,896) (1,803) $ (7,440) (6,742) 26,381$ 25,324 $ 104,393 99,507 Recoveries from tenants (550) (557) (2,416) (1,979) 8,784 8,312 34,014 31,621 Percentage rent - - (3) (4) 175 169 1,178 1,271 Termination fees - - (9) (20) 36 - 454 241 Other income (38) (30) (146) (144) 507 529 1,937 2,454 Total real estate revenues (2,484) (2,390) (10,014) (8,889) 35,883 34,334 141,976 135,094 Real Estate Operating Expenses: Operating and maintenance (393) (389) (1,517) (1,326) 5,896 5,389 22,502 20,348 Real estate taxes (322) (320) (1,471) (1,125) 4,814 4,557 19,149 17,204 Ground rent (28) (26) (111) (105) 91 89 371 362 Termination expense - - - - - - - 113 Provision for doubtful accounts (6) (14) (63) (27) 58 (9) 300 436 Total real estate operating expenses (749) (749) (3,162) (2,583) 10,859 10,026 42,322 38,463 Other Rent Amounts: Straight line rent on base rent (17) (42) (162) (267) 704 336 1,245 1,057 Straight line rent on ground rent 16 17 64 70 (65) - (65) - Above/below market rent amortization (10) (6) (43) (52) 245 325 990 1,169 Above/below market ground rent amortization - - 6 1 (95) (6) (112) (23) Total other rent amounts (11) (31) (135) (248) 789 655 2,058 2,203 Fee Income: Asset management fees - - - - (299) (281) (1,153) (1,141) Total fee income - - - - (299) (281) (1,153) (1,141) Interest Expense, net: Gross interest expense (425) (396) (1,673) (1,541) 6,206 6,108 24,464 24,472 Debt cost amortization (24) (36) (131) (73) 111 155 492 483 Debt premium/discount amortization - - - - 9 42 128 175 Total interest expense, net (449) (432) (1,804) (1,614) 6,326 6,305 25,084 25,130 General & Administrative, net: Gross general & administrative - - - - 43 40 181 174 Total general & administrative, net - - - - 43 40 181 174 Real Estate (Gains) Losses: (Gain) loss on sale of operating properties - - - - (3,073) (118) (3,498) (5,897) (Gain) loss on sale of land - - - - 5 (5) (111) (696) Total real estate (gains) losses - - - - (3,068) (123) (3,609) (6,593) Depreciation, Transaction and Other Expense (Income): Depreciation and amortization (including FF&E) (628) (614) (2,469) (2,353) 8,643 8,632 35,317 34,794 Acquisition pursuit and closing costs - - - - - - - 7 Development pursuit costs - - - - 8 26 44 40 Hedge ineffectiveness - - - - - - - (8) Other expenses (4) 5 (41) (72) 135 265 568 808 Total depreciation, transaction and other expense (income) (632) (609) (2,510) (2,425) 8,786 8,923 35,929 35,641 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 December 31, 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 $ 208,432 201,883 $ 824,238 795,83 6 Recoveries from Tenants 71,523 63,033 266,274 244,082 Percentage Rent 1,351 1,284 8,574 9,065 Termination Fees 567 223 2,922 1,103 Other Income 4,530 4,050 17,904 15,891 Total Real Estate Revenues 286,403 270,473 1,119,912 1,065,977 Real Estate Operating Expenses: Operating and Maintenance 42,673 40,820 163,831 155,063 Termination Expense - - 1,700 113 Real Estate Taxes 43,103 33,565 147,822 130,267 Ground Rent 2,444 2,279 9,540 9,086 Provision for Doubtful Accounts 1,018 1,198 4,670 4,978 Total Real Estate Operating Expenses 89,238 77,862 327,563 299,507 Same Property NOI as adjusted $ 197,165 192,611 $ 792,349 766,470 % change 2.4% 3.4% Same Property NOI as adjusted without Termination Fees $ 196,598 192,38 8 $ 791,127 765,480 % change 2.2% 3.4% Same Property NOI as adjusted without Termination Fees or Redevelopments $ 173,731 170,980 $ 700,353 686,761 % change 1.6% 2.0% Reconciliation of Net Income (Loss) Attributable to Common Stockholders to Same Property NOI as adjusted: Net income (loss) attributable to common stockholders $ 78,905 85,139 $ 249,127 159,949 Less: Management, transaction, and other fees (7,495) (6,806) (28,494) (26,158) Income tax benefit - (9,737) - (9,737) Gain on sale of real estate 23,895 22,519 28,343 27,432 Other (1) (12,084) (10,819) (56,906) (47,357) Plus: Depreciation and amortization 92,876 90,444 359,688 334,201 General and administrative 13,544 18,006 65,491 67,624 Other operating expense, excluding provision for doubtful accounts 1,919 6,460 4,744 85,233 Other expense (income) 24,699 11,841 170,818 113,661 Equity in income of investments in real estate excluded from NOI (2) 11,597 14,771 56,680 53,290 Net income attributable to noncontrolling interests 831 802 3,198 2,903 Preferred stock dividends and issuance costs - - - 16,128 NOI 228,68 7 222,620 852,689 777,169 Less non-same property NOI (3) (7,627) (7,490) (31,997) (26,029) Plus same property NOI for non-ownership periods of Equity One(4) - - - 42,762 Same Property NOI as adjusted $ 221,060 215,130 $ 820,692 793,902 (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 December 31, 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 $ 78,905 85,139 $ 249,127 159,949 Adjustments to reconcile to NAREIT Funds From Operations(1): Depreciation and amortization (excluding FF&E) 100,422 98,036 390,603 364,908 Provision for impairment to operating properties 8,994 - 37,895 - Gain on sale of operating properties (21,335) (21,988) (25,293) (30,402) Exchangeable operating partnership units 166 171 525 388 NAREIT Funds From Operations $ 167,152 161,358 $ 652,857 494,843 NAREIT FFO per share (diluted) $ 0.98 0.94 $ 3.83 3.09 Weighted average shares (diluted) 170,192 171,205 170,450 160,255 Reconciliation of NAREIT FFO to Operating FFO: NAREIT Funds From Operations $ 167,152 161,358 $ 652,857 494,843 Adjustments to reconcile to Operating Funds From Operations(1): Acquisition pursuit and closing costs - - - 138 Income tax benefit - (9,737) - (9,737) Gain on sale of land (5,628) (654) (6,659) (3,623) Provision for impairment to land - - 542 - Hedge ineffectiveness - (2) - (14) Early extinguishment of debt - 46 11,172 12,449 Interest on bonds for period from notice to redemption - - 600 - Merger related costs - 5,131 - 80,715 Merger related debt offering interest - - - 975 Preferred redemption costs - - - 12,227 Hurricane losses - 744 - 2,596 Straight line rent, net (3,652) (4,534) (17,292) (18,131) Above/below market rent amortization, net (7,440) (4,682) (34,171) (24,287) Debt premium/discount amortization (536) (899) (3,263) (3,340) Operating Funds From Operations $ 149,896 146,771 $ 603,786 544,811 Operating FFO per share (diluted) $ 0.88 0.86 $ 3.54 3.40 Weighted average shares (diluted) 170,192 171,205 170,450 160,255 Additional Disclosures: Other Non Cash Expense(1) Derivative amortization $ 2,102 2,102$ 8,408 8,408 Debt cost amortization 1,374 1,333 5,578 5,025 Stock-based compensation 4,436 4,375 16,745 15,525 Other Non Cash Expense $ 7,912 7,810$ 30,731 28,958 Capital Expenditures(1) Leasing commissions $ 4,737 5,383 $ 15,914 19,089 Tenant allowance and landlord work 7,679 11,965 47,274 34,521 Building improvements 13,327 14,587 31,099 26,452 Capital Expenditures $ 25,743 31,935$ 94,287 80,062 (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 December 31, 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)$ 79,736 $ 85,941 $ 252,325 $ 178,980 Adjustments to reconcile to NAREIT EBITDAre (1): Interest expense 43,522 42,009 174,770 159,576 Income tax expense (benefit) - (9,737) - (9,737) Depreciation and amortization 101,519 99,076 395,005 368,995 Gain on sale of operating properties (21,335) (21,988) (25,293) (30,402) Provision from impairment to operating properties 8,994 - 37,895 - NAREIT EBITDAre $ 212,436 195,301$ 834,702 667,412 Reconciliation of NAREIT EBITDAre to Operating EBITDAre : NAREIT EBITDAre $ 212,436 195,301 $ 834,702 667,412 Adjustments to reconcile to Operating EBITDAre (1): Acquisition pursuit and closing costs - - - 138 Gain on sale of land (5,628) (654) (6,659) (3,623) Provision for impairment to land - - 542 - Hedge ineffectiveness - (2) - (14) Early extinguishment of debt - 46 11,172 12,449 Merger related costs - 5,131 - 80,715 Hurricane losses - 744 - 2,596 Straight line rent, net (3,653) (4,559) (17,390) (18,328) Above/below market rent amortization, net (7,449) (4,687) (34,208) (24,338) Operating EBITDAre $ 195,706 191,320$ 788,159 717,007 (1) Includes pro-rata share of unconsolidated co-investment partnerships 10
Summary of Consolidated Debt December 31, 2018 and 2017 (in thousands) Total Debt Outstanding: 12/31/2018 12/31/17 Notes Payable: Fixed rate mortgage loans $ 493,263 610,049 Variable-rate mortgage loans 37,893 36,010 Fixed rate unsecured public debt 2,286,357 2,138,156 Fixed rate unsecured private debt 188,965 187,500 Unsecured credit facilities: Revolving line of credit 145,000 60,000 Term Loans 563,734 563,262 Total $ 3,715,212 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 2019 $ 9,518 13,216 - 22,734 6.3% 2020 11,287 78,580 300,000 389,867 3.6% 2021 11,599 77,060 250,000 338,659 4.7% 2022 11,798 5,848 710,000 727,646 3.0% 2023 10,043 59,375 - 69,418 3.3% 2024 5,301 88,542 250,000 343,843 3.7% 2025 4,207 - 250,000 254,207 3.9% 2026 4,420 88,000 200,000 292,420 3.8% 2027 4,312 32,915 525,000 562,227 3.6% 2028 3,350 170 300,000 303,520 4.1% >10 years 5,423 218 425,000 430,641 4.2% Unamortized debt premium/(discount), net of issuance costs - 5,974 (25,944) (19,970) $ 81,258 449,898 3,184,056 3,715,212 3.9% Percentage of Total Debt: 12/31/2018 12/31/17 Fixed 95.1% 97.3% Variable 4.9% 2.7% Current Weighted Average Contractual Interest Rates:(2) Fixed 3.8% 4.0% Variable 3.4% 2.1% Combined 3.9% 4.0% Current Weighted Average Effective Interest Rate:(3) Combined 4.1% 4.2% Average Years to Maturity: Fixed 8.2 8.6 Variable 3.1 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 December 31, 2018 and 2017 (in thousands) Contractual Effective Lender Collateral Rate Rate (1) Maturity 12/31/2018 12/31/17 Secured Debt - Fixed Rate Mortgage Loans Peoples United Bank The Village Center 6.3% 06/01/19 $ 13,434 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 4,148 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 36,425 36,994 Jefferson Pilot BridgeMill 7.9% 05/05/21 5,109 5,596 John Hancock Life Insurance Company Kirkwood Commons 7.7% 10/01/22 8,742 9,383 Wells Fargo Hewlett I 4.4% 01/06/23 9,559 - TD Bank Black Rock Shopping Center 2.8% 04/01/23 20,000 20,000 State Farm Life Insurance Company Tech Ridge Center 5.8% 06/01/23 5,694 6,769 American United Life Insurance Company Westport Plaza 7.5% 08/01/23 2,651 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 14,455 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 7,570 8,149 New York Life Insurance Von's Circle Center 5.2% 10/10/28 7,699 8,283 CIGNA Copps Hill Plaza 6.1% 01/01/29 13,293 14,224 City of Rollingwood Shops at Mira Vista 8.0% 03/01/32 225 234 Allianz Life Insurance Company Circle Center West 5.0% 10/01/36 9,864 10,198 TIAA-CREF Westchase 5.5% 07/10/18 - 6,286 Allianz Life Insurance Company Sheridan Plaza 6.3% 10/10/18 - 55,872 Guardian Life Insurance Company Amerige Heights Town Center 6.1% 12/01/18 - 15,844 Guardian Life Insurance Company El Cerrito Plaza 6.4% 12/01/18 - 36,436 Unamortized premiums on assumed debt of acquired properties, net of issuance costs 6,140 9,625 Total Fixed Rate Mortgage Loans 4.6% 4.2% $ 493,263 610,049 Unsecured Debt 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% 11/15/22 300,000 300,000 Debt Offering (5/16/14) Fixed-rate unsecured 3.8% 06/15/24 250,000 250,000 Debt Offering (8/17/15) Fixed-rate unsecured 3.9% 11/01/25 250,000 250,000 Debt Placement (5/11/2016) Fixed-rate unsecured 3.8% 05/11/26 100,000 100,000 Debt Placement (8/11/2016) Fixed-rate unsecured 3.9% 08/11/26 100,000 100,000 Debt Offering (1/17/17) Fixed-rate unsecured 3.6% 02/01/27 525,000 525,000 Debt Offering (3/9/18) Fixed-rate unsecured 4.1% 03/15/28 300,000 - 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) 03/23/22 145,000 60,000 Debt Offering (6/2/10) Fixed-rate unsecured 6.0% 06/15/20 - 150,000 Unamortized debt discount and issuance costs (25,944) (26, 082) Total Unsecured Debt, Net of Discounts 3.7% 4.0% $ 3,184,056 2, 948,918 Variable Rate Mortgage Loans PNC Bank Market at Springwoods Village LIBOR + 1.50% 03/28/21 $ 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 (166) ( 309) Total Variable Rate Mortgage Loans 3.4% 3.9% $ 37,893 36,010 Total 3.9% 4.1% $ 3,715,212 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) The interest rate on the underlying debt is LIBOR+0.95%; however, interest rate swaps are in place to fix the interest rate on the entire $300 million balance at 2.774% through maturity. (3) The interest rate on the underlying debt is LIBOR + 0.95%, with an interest rate swap in place to fix the interest rate on the entire $265 million balance at 2.00% through maturity. (4) Rate applies to drawn balance only. Additional annual facility fee of 0.15% applies to entire $1.25 bilion line of credit. Maturity is subject to two additional six-month periods at the Company’s option. 12
Summary of Unsecured Debt Covenants and Leverage Ratios December 31, 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 9/30/18 6/30/18 3/31/18 12/31/17 Fair Market Value Calculation Method Covenants(1)(2) Total Consolidated Debt to Total Consolidated Assets ≤ 65% 28% 29% 29% 28% Secured Consolidated Debt to Total Consolidated Assets ≤ 40% 4% 5% 5% 5% Consolidated Income for Debt Service to Consolidated Debt Service ≥ 1.5x 5.1x 5.0x 4.7x 5.1x Unencumbered Consolidated Assets to Unsecured Consolidated Debt >150% 372% 363% 361% 384% Ratios: 12/31/18 9/30/18 6/30/18 3/31/18 12/31/17 Consolidated Only Net debt to total market capitalization 27.2% 25.1% 26.4% 27.2% 23.0% Net debt to real estate assets, before depreciation 32.2% 32.2% 33.0% 32.9% 31.4% Net debt to total assets, before depreciation 29.5% 29.4% 30.1% 29.9% 28.5% Net debt to Operating EBITDAre - TTM(3) 4.8x 4.8x 5.0x 5.0x 4.9x Fixed charge coverage 4.9x 4.8x 4.8x 4.8x 4.8x Interest coverage 5.2x 5.2x 5.2x 5.2x 5.4x Unsecured assets to total real estate assets 87.8% 87.8% 85.7% 85.5% 85.7% Unsecured NOI to total NOI - TTM(3) 89.3% 89.4% 87.0% 86.7% 87.0% Unencumbered assets to unsecured debt 300% 301% 295% 292% 314% Total Pro-Rata Share Net debt to total market capitalization 29.9% 27.7% 29.0% 29.9% 25.5% Net debt to real estate assets, before depreciation 34.2% 34.1% 34.8% 34.7% 33.5% Net debt to total assets, before depreciation 31.3% 31.1% 31.8% 31.6% 30.4% Net debt to Operating EBITDAre - TTM(3) 5.3x 5.4x 5.6x 5.6x 5.4x Fixed charge coverage 4.2x 4.1x 4.1x 4.1x 4.1x Interest coverage 4.6x 4.6x 4.5x 4.5x 4.7x (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 December 31, 2018 and 2017 (in thousands) Total Debt Outstanding: 12/31/18 12/31/17 Mortgage loans payable: Fixed rate secured loans $ 1,487,530 $ 1,493,595 Variable rate secured loans 102,482 1,499 Unsecured credit facilities variable rate 19,635 19,635 Total $ 1,609,647 $ 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 2019 $ 20,062 $ 65,939 $ - $ 86,001 $ 22,294 7.4% 2020 17,043 326,583 - 343,626 101,841 5.5% 2021 11,048 269,942 19,635 300,625 104,375 4.5% 2022 7,811 170,702 - 178,513 68,417 4.4% 2023 2,989 171,608 - 174,597 65,096 4.8% 2024 1,295 33,690 - 34,985 14,073 3.9% 2025 966 162,000 - 162,966 49,231 3.6% 2026 1,021 101,000 - 102,021 44,750 3.8% 2027 1,078 115,000 - 116,078 23,378 3.8% 2028 929 62,450 - 63,379 22,088 4.3% >10 Years 2,064 55,497 - 57,561 21,512 4.1% Unamortized debt premium/(discount) and issuance costs (2) - (10,705) - (10,705) (3,082) $ 66,306 $ 1,523,706 $ 19,635 $ 1,609,647 $ 533,973 4.6% Percentage of Total Debt: 12/31/18 12/31/17 Fixed 92.4% 98.6% Variable 7.6% 1.4% Current Weighted Average Contractual Interest Rates:(1) Fixed 4.6% 4.6% Variable 4.6% 2.9% Combined 4.6% 4.6% Current Weighted Average Effective Interest Rates:(2) Combined 4.8% 4.7% Average Years to Maturity: Fixed 4.7 5.2 Variable 1.6 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 December 31, 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 Sep-18 Ridgewood Shopping Center Oregon (20%) Raleigh, NC 93 9,167 Whole Foods Dec-18 Town and Country Center(2) various (9.4%) Los Angeles, CA 230 18,492 Whole Foods, CVS Total 709 $ 163,554 4.5% 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 Jul-18 Magnolia Shoppes Coral Springs, FL 114 23,200 Regal Cinemas Jul-18 Indio Towne Center Indio, CA 182 28,800 (Home Depot), (WinCo) Aug-18 East Washington Place Petaluma, CA 203 54,900 Sprouts, Dick's Sporting Goods, TJ Maxx, (Target) Oct-18 Marketplace Shopping Center Tampa, FL 90 19,200 LA Fitness Oct-18 Culpeper Colonnade Culpeper, VA 171 32,650 Martin's, Dick's Sporting Goods, PetSmart, Staples, (Target) Nov-18 Crossroads Square Pembroke Pines, FL 82 21,200 CVS, Goodwill, Party City, (Lowes) Dec-18 Hollymead Town Center Oregon (20%) Charlottesville, VA 154 9,100 Harris Teeter, PetSmart Total 1,300 $ 225,000 7.8% (1) Retailers in parenthesis are shadow anchors and not a part of the owned property. (2) Subsequent to quarter end, Regency acquired an additional $17.8 million, bringing its total ownership to 18.4%. 15
Summary of Development December 31, 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 (5) JV Buyout GLA % Leased Properties in Development: PCC Community Markets & West Ballard Blocks II (1) Seattle, WA Marine Q1-2018 Oct-19 $32,161 43% 6.3% 6.3% 114 79% Carytown Exchange (2) Richmond, VA Nov-20 26,360 7.3% Indigo Square Charleston, SC Publix Greenwise Market Q4-2017 Apr-19 16,808 81% 8.3%8.3% 51 95% 3% Whole Foods, Nordstrom Rack & Publix Mellody Farm Chicago, IL REI Q2-2017 Sep-18 103,939 80%7.3% 6.8%6.8% 259 78% Midtown East (3) Raleigh, NC Wegmans Q4-2017 Sep-19 22,639 67% 7.8% 7.8% 174 85% Q4-2018 Pinecrest Place Miami, FL Whole Foods Q1-2017 Jan-18 16,373 88% 7.8% 7.8% 107 46%70 87% The Village at Hunter's Lake Apr-20 21,999 8.0% The Village at Riverstone Houston, TX Kroger Q4-2016 Sep-18 30,658 86% 8.3%8.0% 167 91% 7% Total Properties in Development 8 $270,936 62% 7.3% 7.2% (6) 1,014 79% 8.3% Development Completions: Tampa, Sprouts FL Q4-2018 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% 268%72 Northgate Marketplace Ph II Medford, OR Dick's & HomeGoods Q4-2015 Oct-16 40,791 98% 7.3%7.3% 177 96% Market at Springwoods Village (4) Houston, TX Kroger Q1-2016 May-17 13,448 95% 9.8% 9.8% 167 94% The Field at Commonwealth Metro DC Wegmans Q1-2017 Jun-18 43,378 92% 7.8% 7.8% 167 96% Total Development Completions 4 $167,722 95% 7.4% 7.4% (6) 729 96% NOI from Properties in Development (Current Quarter) $992 NOI adjustment for Development Completions not yet stabilized (Current Quarter) $0 Notes: New starts for the quarter are in bold and italicized. See Page 30 for additional disclosures regarding undeveloped land included on the balance sheet in real estate assets. (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 67% controlling interest. (3) Reflects Regency's share of Estimated Net Development Costs After JV Buyout at 50% noncontrolling interest. (4) 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. Property is 95.5% leased as of Jan-19. (5) Represents the ratio of Regency's underwritten NOI at stabilization to total estimated net development costs, before any adjustments for expected JV partner buyouts. (6) After allocating land basis for outparcel proceeds, additional interest and overhead capitalization, returns are estimated to be 6.5% for Projects in Development and 6.8% for Development Completions. 16
Summary of Redevelopment December 31, 2018 (in thousands) Target % Completion Incremental of Costs Incremental Property Name Market Description Year (1) Costs (2) Incurred Yield Properties in Redevelopment (>$5M): Reconfiguration of the former Walmart space for the relocation and expansion of Publix and HOME centric; backfilling the former Publix box with LA Fitness; construction of an additional 14K SF retail shop building; facade renovations and enhancements to remaining Bloomingdale Square Tampa, FL center. 2020 $19,904 6% 9% - 10% Market Common Clarendon Reconfiguration of vacant office building into a 130K SF Pablo Plaza Ph II Metro DC modern, mixed-use building anchored by a luxury fitness club user; office building will offer a modern 3rd and 4th Point 50 floorRedevelopments office space, located in addition in various to markets retail on with ground project floor. costs 2021 53,656 6% 8% - 9% Various Properties 7 Reconfiguration of Office<$5M Depot box for Whole Foods; 13,661 48% 7% - 10% Total Properties in Redevelopment 11 Office Depot relocation; acquire and lease back restaurant $118,982 12% 7% - 9% Jacksonville, FL pad; acquire convenience store parcel to renovate/rebuild Redevelopment Completions (>$5M): to release; façade renovations and site enhancements to Relocation and expansion of existing Publix including reduction of Metro DC shop space and leasing former Publix space to Ross; addition of Countryside Shops Miami, FL pad building Demolish leased existing to Chipotle; center refaçade and construct remaining 30K center. SF Whole 2018 21,187 93% 6% - 7% Reconfiguration of center including construction of Whole Foods center. Paces Ferry Plaza Atlanta, GA 365, parkingFoods, deck, and and 18Kfaçade SF renovations.of shop space. 2018 15,820 90% 8% - 9% 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, FL Panera Bread; façade enhancements to remaining center. 2018 10,377 95% 7% - 8% Additional 250K SF of new retail including new parking deck. 2020 14,583 21% 6% - 7% Anchor leases executed with Nordstrom Rack, Ross, TJ Maxx, Buy Serramonte Shopping Center San Francisco, CA Buy Baby, Cost Plus World Market, Dave & Busters and Daiso. 2018 $116,200 91% 6% - 7% 2020 17,177 4% 7% - 8% Redevelopments located in various markets with project costs Various Properties 8 <$5M 20,768 94% 7% - 10% Total Redevelopment Completions 12 $184,352 92% 6% - 8% Notes: New starts for the quarter are in bold and italicized. (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 December 31, 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 12/31/2018 Pick-up State of Oregon (JV-C, JV-C2) 20 2,219 $ 518,928 $ 236,842 20.00%$ 47,368 $ 51,735 $ 5,984 (JV-CCV) 1 558 98,633 59,808 30.00% 17,942 11,169 943 21 2,777 617,561 296,650 GRI (JV-GRI) 70 9,060 1,646,448 913,830 40.00% 365,532 189,381 29,614 CalSTRS (JV-RC) 7 722 139,844 11,234 25.00% 2,809 31,235 1,542 NYSCRF (JV-NYC) 6 1,152 277,626 132,979 30.00% 39,894 54,250 490 USAA (1) (JV-USA) 7 683 89,524 103,888 20.01% 20,786 (3,513) 937 Publix (JV-O) 2 211 27,011 - 50.00% - 13,198 1,510 Individual Investors (JV-O) 7 1,017 429,817 151,066 9.38% - 50.00% 39,642 112,033 1,954 120 15,622$ 3,227,831 $ 1,609,647 $ 533,973 $ 459,488 $ 42,974 (1) The USAA partnership has distributed proceeds from debt refinancing and real estate sales in excess of Regency's carrying value of its investment resulting in a negative investment balance, which is classified within Accounts Payable and Other Liabilities in the Consolidated Balance Sheets. 18
Leasing Statistics - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships December 31, 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. 4th Quarter 2018 379 1,968$ 23.36 9.3% 6.2$ 4.87 3rd Quarter 2018 395 1,924 21.98 10.1% 6.3 4.21 2nd Quarter 2018 440 1,423 25.55 5.0% 5.6 6.20 1st Quarter 2018 300 956 24.85 8.4% 4.7 3.37 Total - 12 months 1,514 6,271$ 23.66 8.3% 5.8$ 4.72 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. 4th Quarter 2018 86 399$ 21.89 22.5% 9.8$ 24.45 3rd Quarter 2018 88 302 24.29 35.2% 10.6 24.51 2nd Quarter 2018 95 276 26.11 6.9% 8.1 32.10 1st Quarter 2018 77 201 26.23 15.5% 6.2 16.85 Total - 12 months 346 1,178$ 24.31 20.3% 9.1$ 24.85 Tenant Weighted Allowance and Leasing GLA New Base Rent Spread Avg. Lease Landlord Work Renewals Transactions (in 000s) Rent/Sq. Ft % Term /Sq. Ft. 4th Quarter 2018 293 1,569$ 23.65 7.2% 5.5$ 1.00 3rd Quarter 2018 307 1,622 21.55 5.9% 5.5 0.39 2nd Quarter 2018 345 1,146 25.44 4.7% 5.1 1.06 1st Quarter 2018 223 756 24.55 6.8% 4.3 0.43 Total - 12 months 1,168 5,093$ 23.53 6.1% 5.2$ 0.73 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. 4th Quarter 2018 426 2,258 $ 23.30 6.4$ 7.24 3rd Quarter 2018 445 2,336 19.53 6.8 4.98 2nd Quarter 2018 511 1,659 26.38 5.5 7.93 1st Quarter 2018 339 1,070 25.10 4.8 5.13 Total - 12 months 1,721 7,323$ 23.03 6.1$ 6.33 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 December 31, 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 97.6% $ 64,960 $ 38.36 3.8% 4.0% 7.1% Los Angeles-Long Beach-Anaheim 25 2,382 98.3% 63,701 27.19 5.9% 5.5% 7.0% Chicago-Naperville-Elgin 11 1,597 93.3% 27,899 18.71 2.6% 3.7% 3.1% Dallas-Fort Worth-Arlington 12 775 97.4% 16,886 22.37 2.8% 1.8% 1.9% Houston-The Woodlands-Sugar Land 13 1,590 97.0% 29,169 18.90 3.1% 3.7% 3.2% Washington-Arlington-Alexandria 32 2,421 89.7% 57,310 26.40 7.5% 5.6% 6.3% Philadelphia-Camden-Wilmington 8 694 95.7% 14,995 22.58 1.9% 1.6% 1.6% Miami-Fort Lauderdale-West Palm Beach 46 5,492 94.3% 104,109 20.11 10.8% 12.7% 11.4% Atlanta-Sandy Springs-Roswell 22 2,065 95.4% 42,314 21.47 5.2% 4.8% 4.6% Boston-Cambridge-Newton 10 931 98.9% 23,143 25.14 2.4% 2.1% 2.5% San Francisco-Oakland-Hayward 22 3,788 95.2% 104,333 28.93 5.2% 8.7% 11.5% Phoenix-Mesa-Scottsdale - - - - - - - Detroit-Warren-Dearborn - - - - - - - Riverside-San Bernardino-Ontario 2 137 84.8% 3,188 27.50 0.5% 0.3% 0.3% Minneapolis-St. Paul-Bloomington 5 205 99.2% 3,338 16.44 1.2% 0.5% 0.4% Seattle-Tacoma-Bellevue 14 1,124 98.0% 28,488 25.88 3.3% 2.6% 3.1% San Diego-Carlsbad 11 1,536 97.8% 44,025 29.32 2.6% 3.5% 4.8% Tampa-St. Petersburg-Clearwater 9 1,279 94.9% 21,343 17.59 2.1% 3.0% 2.3% Baltimore-Columbia-Towson 5 353 96.3% 8,034 23.60 1.2% 0.8% 0.9% Denver-Aurora-Lakewood 12 987 95.1% 14,466 15.42 2.8% 2.3% 1.6% St. Louis 4 408 100.0% 4,375 10.71 0.9% 0.9% 0.5% Orlando-Kissimmee-Sanford 8 809 95.7% 13,549 17.49 1.9% 1.9% 1.5% Pittsburgh-0-- - - - - - Charlotte-Concord-Gastonia 5 300 94.6% 6,501 22.93 1.2% 0.7% 0.7% Sacramento--Roseville--Arden-Arcade 4 318 97.6% 6,969 22.47 0.9% 0.7% 0.8% Top 25 CBSAs by Population 296 30,928 95.5%$ 703,095 $ 22.45 69.6% 71.3% 77.2% CBSAs Ranked 26 - 50 by Population 63 6,536 96.3% 103,787 16.41 14.8% 15.1% 11.4% CBSAs Ranked 51 - 75 by Population 22 2,234 96.6% 50,335 23.17 5.2% 5.2% 5.5% CBSAs Ranked 76 - 100 by Population 14 926 97.8% 15,622 17.18 3.3% 2.1% 1.7% Other CBSAs 30 2,740 93.9% 38,068 14.78 7.1% 6.3% 4.2% Total All Properties 425 43,365 95.6%$ 910,907 $ 21.90 100.0% 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 December 31, 2018 (in thousands) Total # of Leased Stores - Total % of Total 100% % of Company- Annualized Annualized Owned and # of Leased Tenant Tenant GLA Owned GLA Base Rent Base Rent JV Stores in JV Publix 2,839 6.5% $ 29,341 3.2% 70 13 Kroger Co.(1) 2,855 6.6% 27,632 3.0% 56 15 Albertsons Companies, Inc.(2) 1,833 4.2% 25,871 2.8% 47 19 Whole Foods 1,053 2.4% 21,845 2.4% 32 10 TJX Companies, Inc.(3) 1,282 3.0% 21,277 2.3% 59 19 CVS 662 1.5% 14,222 1.6% 57 20 Ahold/Delhaize(4) 563 1.3% 13,202 1.4% 16 9 Bed Bath & Beyond Inc.(5) 594 1.4% 9,956 1.1% 22 - Nordstrom(6) 320 0.7% 8,755 1.0% 9 - Ross Dress For Less 551 1.3% 8,548 0.9% 25 9 PETCO Animal Supplies, Inc(7) 352 0.8% 8,443 0.9% 43 13 L.A. Fitness Sports Club 423 1.0% 8,389 0.9% 12 4 Trader Joe's 258 0.6% 8,039 0.9% 26 7 JAB Holding Company(8) 181 0.4% 6,733 0.7% 62 16 Starbucks 140 0.3% 6,697 0.7% 101 33 Wells Fargo Bank 132 0.3% 6,620 0.7% 52 20 Gap, Inc(9) 196 0.5% 6,592 0.7% 15 2 Walgreens 288 0.7% 6,412 0.7% 27 10 Target 570 1.3% 6,365 0.7% 6 2 Bank of America 119 0.3% 6,167 0.7% 40 16 JPMorgan Chase Bank 108 0.2% 5,940 0.7% 34 7 H.E. Butt Grocery Company(10) 344 0.8% 5,844 0.6% 5 - Kohl's 612 1.4% 5,645 0.6% 8 2 Dick's Sporting Goods, Inc.(11) 340 0.8% 5,388 0.6% 7 2 Ulta 169 0.4% 5,049 0.6% 19 3 Top 25 Tenants 16,784 38.7% $ 278,972 30.4% 850 251 (1) Kroger 21 / King Soopers 12 / Harris Teeter 9 / Ralphs 9 / Mariano's Fresh Market 3 / Quality Food Centers 2 (2) Safeway 22 / VONS 7 / Albertson's 4 / Acme Markets 3 / Shaw's 3 / Tom Thumb 3 / Randalls Food & Drug 2 / Star Market 2 / Jewel 1 (3) TJ Maxx 26 / Homegoods 18 / Marshalls 13 / Sierra Trading Post 1 / Homesense 1 (4) Giant 11 / Stop & Shop 4 / Food Lion 1 (5) Bed Bath & Beyond 15 / Cost Plus World Market 5 / Buy Buy Baby 1 / Harmon Face Values 1 (6) Nordstrom Rack 9 (7) Petco 35 / Unleashed by Petco 8 (8) Panera 35 / Einstein Bros Bagels 14 / Peet's' Coffee & Tea 10 / Krispy Kreme 3 (9) Old Navy 10 / The Gap 3 / Athleta 1 / GAP BR Factory 1 (10) H.E.B. 4 / Central Market 1 (11) Dick's Sporting Goods 6 / Golf Galaxy 1 21
Tenant Lease Expirations - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships December 31, 2018 (GLA in thousands) Anchor Tenants(1) Percent of Percent of Year GLA GLA Total ABR(3) ABR MTM(4) 71 0.2% 0.1% $ 13.98 2019 1,605 4.0% 2.1% 11.58 2020 2,662 6.6% 4.0% 13.23 2021 2,982 7.3% 4.2% 12.58 2022 3,370 8.3% 5.6% 14.81 2023 2,568 6.3% 4.7% 16.26 2024 2,491 6.1% 4.8% 17.00 2025 1,059 2.6% 2.2% 18.02 2026 1,307 3.2% 2.7% 18.56 2027 1,361 3.4% 2.6% 16.73 2028 1,567 3.9% 2.9% 16.51 10 Year Total 21,043 51.8% 35.9% $ 15.13 Thereafter 5,234 12.9% 9.5% 16.07 26,277 64.7% 45.4% $ 15.31 Shop Tenants(2) Percent of (3) Year GLA Percent of GLA Total ABR ABR MTM(4) 250 0.6% 0.9% $ 30.36 2019 1,541 3.8% 5.3% 30.48 2020 2,153 5.3% 7.7% 31.67 2021 2,120 5.2% 7.7% 32.30 2022 2,165 5.3% 8.1% 33.28 2023 1,888 4.6% 7.3% 34.13 2024 1,082 2.7% 4.1% 33.67 2025 829 2.0% 3.5% 36.98 2026 665 1.6% 2.7% 36.43 2027 531 1.3% 2.3% 37.66 2028 615 1.5% 2.8% 40.41 10 Year Total 13,839 34.1% 52.3% $ 33.52 Thereafter 504 1.2% 2.3% 40.11 14,343 35.3% 54.6% $ 33.75 All Tenants Percent of (3) Year GLA Percent of GLA Total ABR ABR MTM(4) 321 0.8% 1.0% $ 26.72 2019 3,146 7.7% 7.4% 20.84 2020 4,815 11.9% 11.7% 21.47 2021 5,102 12.6% 12.0% 20.77 2022 5,535 13.6% 13.8% 22.04 2023 4,456 11.0% 12.0% 23.83 2024 3,573 8.8% 8.9% 22.05 2025 1,888 4.6% 5.6% 26.35 2026 1,972 4.9% 5.5% 24.59 2027 1,892 4.7% 4.8% 22.60 2028 2,182 5.4% 5.7% 23.25 10 Year Total 34,882 85.9% 88.2% $ 22.42 Thereafter 5,738 14.1% 11.8% 18.18 40,620 100.0% 100.0% $ 21.82 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 December 31, 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 31 100.0% - - -- $12.98 4S Commons Town Center M 85% CA San Diego-Carlsbad 240 240 100.0% - 68 Ralphs, Jimbo's...Naturally! $33.67 Amerige Heights Town Center CA Los Angeles-Long Beach-Anaheim 89 89 100.0% 143 58 Albertsons, (Target) $29.75 Balboa Mesa Shopping Center CA San Diego-Carlsbad 207 207 100.0% - 42 Von's Food & Drug, Kohl's $25.83 Bayhill Shopping Center GRI 40% CA San Francisco-Oakland-Hayward 122 49 95.7% - 32 Mollie Stone's Market $25.02 Blossom Valley USAA 20% CA San Jose-Sunnyvale-Santa Clara 93 19 96.7% - 34 Safeway $26.77 Brea Marketplace GRI 40% CA Los Angeles-Long Beach-Anaheim 352 141 99.2% - 25 Sprout's Markets, Target, 24 Hour Fitness $19.24 Circle Center West CA Los Angeles-Long Beach-Anaheim 64 64 100.0% - - -- $27.67 Clayton Valley Shopping Center CA San Francisco-Oakland-Hayward 260 260 91.5% - 14 Grocery Outlet, Orchard Supply Hardware $22.29 Corral Hollow RC 25% CA Stockton-Lodi 167 42 100.0% - 66 Safeway, Orchard Supply & Hardware $17.48 Costa Verde Center CA San Diego-Carlsbad 179 179 89.5% - 40 Bristol Farms $34.68 Culver Center CA Los Angeles-Long Beach-Anaheim 217 217 95.7% - 37 Ralphs, Best Buy, LA Fitness $31.59 Diablo Plaza CA San Francisco-Oakland-Hayward 63 63 100.0% 53 53 (Safeway) $40.11 El Camino Shopping Center CA Los Angeles-Long Beach-Anaheim 136 136 97.7% - 42 Bristol Farms, Trader Joe's $37.41 El Cerrito Plaza CA San Francisco-Oakland-Hayward 256 256 97.0% 67 78 (Lucky's), Trader Joe's $29.83 El Norte Pkwy Plaza CA San Diego-Carlsbad 91 91 97.0% - 42 Von's Food & Drug $18.53 Encina Grande CA San Francisco-Oakland-Hayward 106 106 100.0% - 38 Whole Foods $31.43 Five Points Shopping Center GRI 40% CA Santa Maria-Santa Barbara 145 58 98.7% - 35 Smart & Final $28.66 Folsom Prairie City Crossing CA Sacramento--Roseville--Arden-Arcade 90 90 100.0% - 55 Safeway $20.90 French Valley Village Center CA Riverside-San Bernardino-Ontario 99 99 98.6% - 44 Stater Bros. $26.79 Friars Mission Center CA San Diego-Carlsbad 147 147 99.1% - 55 Ralphs $35.09 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 95.7% - 38 Gelson's Markets $27.98 Golden Hills Plaza CA San Luis Obispo-Paso Robles-Arroyo Grande 244 244 97.5% - - Lowe's $7.58 Granada Village GRI 40% CA Los Angeles-Long Beach-Anaheim 226 91 98.8% - 24 Sprout's Markets $23.88 Hasley Canyon Village USAA 20% CA Los Angeles-Long Beach-Anaheim 66 13 100.0% - 52 Ralphs $25.43 Heritage Plaza CA Los Angeles-Long Beach-Anaheim 230 230 100.0% - 44 Ralphs $37.39 Jefferson Square CA Riverside-San Bernardino-Ontario 38 38 48.9% - - -- $16.07 Laguna Niguel Plaza GRI 40% CA Los Angeles-Long Beach-Anaheim 42 17 100.0% 39 39 (Albertsons) $28.54 Marina Shores C 20% CA Los Angeles-Long Beach-Anaheim 68 14 100.0% - 26 Whole Foods $36.21 Mariposa Shopping Center GRI 40% CA San Jose-Sunnyvale-Santa Clara 127 51 97.7% - 43 Safeway $19.98 Morningside Plaza CA Los Angeles-Long Beach-Anaheim 91 91 95.7% - 43 Stater Bros. $23.12 Navajo Shopping Center GRI 40% CA San Diego-Carlsbad 102 41 100.0% - 44 Albertsons $14.55 Newland Center CA Los Angeles-Long Beach-Anaheim 152 152 100.0% - 58 Albertsons $26.17 Oak Shade Town Center CA Sacramento--Roseville--Arden-Arcade 104 104 96.3% - 40 Safeway $22.67 Oakbrook Plaza CA Oxnard-Thousand Oaks-Ventura 83 83 98.8% - 44 Gelson's Markets $20.83 Parnassus Heights Medical RLP 50% CA San Francisco-Oakland-Hayward 146 73 99.6% - - Central Parking System $83.75 Persimmon Place CA San Francisco-Oakland-Hayward 153 153 100.0% - 40 Whole Foods, Nordstrom Rack $35.03 Plaza Escuela CA San Francisco-Oakland-Hayward 155 155 98.8% - - -- $44.89 Plaza Hermosa CA Los Angeles-Long Beach-Anaheim 95 95 92.8% - 37 Von's Food & Drug $26.11 Pleasant Hill Shopping Center GRI 40% CA San Francisco-Oakland-Hayward 227 91 100.0% - - Target, Burlington $22.77 Pleasanton Plaza CA San Francisco-Oakland-Hayward 163 163 76.8% - - JCPenney $11.08 Point Loma Plaza GRI 40% CA San Diego-Carlsbad 205 82 98.8% - 50 Von's Food & Drug $22.70 Potrero Center CA San Francisco-Oakland-Hayward 227 227 83.5% - 60 Safeway $33.82 Powell Street Plaza CA San Francisco-Oakland-Hayward 166 166 91.2% - 10 Trader Joe's $34.56 Raley's Supermarket C 20% CA Sacramento--Roseville--Arden-Arcade 63 13 100.0% - 63 Raley's $12.50 Ralphs Circle Center CA Los Angeles-Long Beach-Anaheim 60 60 100.0% - 35 Ralphs $18.33 Rancho San Diego Village GRI 40% CA San Diego-Carlsbad 153 61 94.6% - 40 Smart & Final $22.23 Rona Plaza CA Los Angeles-Long Beach-Anaheim 52 52 100.0% - 37 Superior Super Warehouse $21.04 San Carlos Marketplace CA San Francisco-Oakland-Hayward 154 154 100.0% - - TJ Maxx, Best Buy $35.23 Scripps Ranch Marketplace CA San Diego-Carlsbad 132 132 100.0% - 57 Vons $30.49 San Leandro Plaza CA San Francisco-Oakland-Hayward 50 50 100.0% 38 38 (Safeway) $36.54 Seal Beach C 20% CA Los Angeles-Long Beach-Anaheim 97 19 95.7% - 48 Von's Food & Drug $25.62 Sequoia Station CA San Francisco-Oakland-Hayward 103 103 100.0% 62 62 (Safeway) $40.70 Macy's, Target, Dick's Sporting Goods, JCPenney, Serramonte Center CA San Francisco-Oakland-Hayward 1,076 1,076 97.4%-- $24.74 Dave & Buster's, Nordstrom Rack Shoppes at Homestead CA San Jose-Sunnyvale-Santa Clara 113 113 100.0% 53 - (Orchard Supply Hardware) $23.10 Silverado Plaza GRI 40% CA Napa 85 34 99.0% - 32 Nob Hill $17.77 Snell & Branham Plaza GRI 40% CA San Jose-Sunnyvale-Santa Clara 92 37 100.0% - 53 Safeway $19.20 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 $22.43 Tassajara Crossing CA San Francisco-Oakland-Hayward 146 146 99.3% - 56 Safeway $24.29 The Hub Hillcrest Market CA San Diego-Carlsbad 149 149 95.2% - 52 Ralphs, Trader Joe's $38.78 The Marketplace Shopping Ctr CA Sacramento--Roseville--Arden-Arcade 111 111 96.7% - 35 Safeway $24.80 Town and Country Center O 9% CA Los Angeles-Long Beach-Anaheim 230 22 40.0% - 41 Whole Foods $38.88 Tustin Legacy CA Los Angeles-Long Beach-Anaheim 112 112 100.0% - 44 Stater Bros. $31.57 Twin Oaks Shopping Center GRI 40% CA Los Angeles-Long Beach-Anaheim 98 39 98.2% - 41 Ralphs $20.16 Twin Peaks CA San Diego-Carlsbad 208 208 100.0% - 45 Target, Atlas International Market $20.84 Valencia Crossroads CA Los Angeles-Long Beach-Anaheim 173 173 100.0% - 35 Whole Foods, Kohl's $26.63 Village at La Floresta CA Los Angeles-Long Beach-Anaheim 87 87 100.0% - 37 Whole Foods $33.89 Von's Circle Center CA Los Angeles-Long Beach-Anaheim 151 151 100.0% - 45 Von's, Ross Dress for Less $21.87 West Park Plaza CA San Jose-Sunnyvale-Santa Clara 88 88 100.0% - 34 Safeway $18.13 23
Portfolio Summary Report By State December 31, 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 $45.50 Willows Shopping Center CA San Francisco-Oakland-Hayward 249 249 88.9% - - -- $29.53 Woodman Van Nuys CA Los Angeles-Long Beach-Anaheim 108 108 100.0% - 78 El Super $15.90 Woodside Central CA San Francisco-Oakland-Hayward 81 81 98.5% 113 - (Target) $25.08 Ygnacio Plaza GRI 40% CA San Francisco-Oakland-Hayward 110 44 100.0% - - Sports Basement $37.44 CA 11,184 9,216 96.0% 96.7% 780 2,705 Applewood Shopping Center GRI 40% CO Denver-Aurora-Lakewood 353 141 90.9% - 71 King Soopers, Hobby Lobby $13.27 Alcove On Arapahoe (fka Arapahoe Village) GRI 40% CO Boulder 159 64 95.0% - 44 Safeway $18.53 Belleview Square CO Denver-Aurora-Lakewood 117 117 100.0% - 65 King Soopers $20.06 Boulevard Center CO Denver-Aurora-Lakewood 79 79 74.2% 53 53 (Safeway) $30.47 Buckley Square CO Denver-Aurora-Lakewood 116 116 96.4% - 62 King Soopers $11.40 Centerplace of Greeley III Phase I CO Greeley 119 119 100.0% - - Hobby Lobby $12.07 Cherrywood Square GRI 40% CO Denver-Aurora-Lakewood 97 39 96.3% - 72 King Soopers $10.24 Crossroads Commons C 20% CO Boulder 143 29 98.7% - 66 Whole Foods $27.55 Crossroads Commons II C 20% CO Boulder 20 4 47.0% - - (Whole Foods, Barnes & Noble) $29.24 Falcon Marketplace CO Colorado Springs 22 22 93.8% 184 50 (Wal-Mart) $23.01 Hilltop Village CO Denver-Aurora-Lakewood 100 100 100.0% - 66 King Soopers $11.23 Kent Place M 50% CO Denver-Aurora-Lakewood 48 48 100.0% - 30 King Soopers $20.76 Littleton Square CO Denver-Aurora-Lakewood 99 99 95.4% - 78 King Soopers $10.36 Lloyd King Center CO Denver-Aurora-Lakewood 83 83 98.3% - 61 King Soopers $12.06 Marketplace at Briargate CO Colorado Springs 29 29 90.0% 66 66 (King Soopers) $32.24 Monument Jackson Creek CO Colorado Springs 85 85 100.0% - 70 King Soopers $12.10 Ralston Square Shopping Center GRI 40% CO Denver-Aurora-Lakewood 83 33 97.0% - 55 King Soopers $11.48 Shops at Quail Creek CO Denver-Aurora-Lakewood 38 38 92.5% 100 100 (King Soopers) $28.91 Stroh Ranch CO Denver-Aurora-Lakewood 93 93 100.0% - 70 King Soopers $13.32 Woodmen Plaza CO Colorado Springs 116 116 94.4% - 70 King Soopers $13.21 CO 2,000 1,455 95.5% 95.5% 403 1,149 22 Crescent Road CT Bridgeport-Stamford-Norwalk 4 4 100.0% - - -- $60.00 91 Danbury Road CT Bridgeport-Stamford-Norwalk 5 5 100.0% - - -- $27.45 Black Rock M 80% CT Bridgeport-Stamford-Norwalk 98 98 97.8% - - -- $29.14 Brick Walk M 80% CT Bridgeport-Stamford-Norwalk 123 123 88.3% - - -- $47.76 Brookside Plaza CT Hartford-West Hartford-East Hartford 217 217 91.4% - 60 ShopRite $14.57 Compo Acres Shopping Center CT Bridgeport-Stamford-Norwalk 43 43 100.0% - 12 Trader Joe's $49.45 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 $34.53 Danbury Green CT Bridgeport-Stamford-Norwalk 124 124 100.0% - 12 Trader Joe's $23.99 Darinor Plaza CT Bridgeport-Stamford-Norwalk 153 153 100.0% - - Kohl's $18.96 Fairfield Center M 80% CT Bridgeport-Stamford-Norwalk 94 94 89.6% - - -- $34.74 Post Road Plaza CT Bridgeport-Stamford-Norwalk 20 20 100.0% - 11 Trader Joe's $53.92 Southbury Green CT New Haven-Milford 156 156 96.4% - 60 ShopRite $22.66 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 1,639 1,528 94.8% 94.8% - 358 Shops at The Columbia RC 25% DC Washington-Arlington-Alexandria 23 6 85.8% - 12 Trader Joe's $41.19 Spring Valley Shopping Center GRI 40% DC Washington-Arlington-Alexandria 17 7 82.4% - - -- $113.49 DC 40 12 84.0% 84.0% - 12 Pike Creek DE Philadelphia-Camden-Wilmington 232 232 95.6% - 49 Acme Markets, K-Mart $14.88 Shoppes of Graylyn GRI 40% DE Philadelphia-Camden-Wilmington 64 26 90.1% - - -- $23.78 DE 296 257 95.1% 95.1% - 49 Alafaya Village FL Orlando-Kissimmee-Sanford 38 38 93.9% 58 58 (Lucky's) $21.93 Anastasia Plaza FL Jacksonville 102 102 95.9% - 49 Publix $13.67 Atlantic Village FL Jacksonville 105 105 92.5% - - LA Fitness $16.88 Aventura Shopping Center FL Miami-Fort Lauderdale-West Palm Beach 97 97 98.9% - 49 Publix $36.74 Aventura Square FL Miami-Fort Lauderdale-West Palm Beach 144 144 79.3% - - Bed, Bath & Beyond $37.88 Banco Popular Building FL Miami-Fort Lauderdale-West Palm Beach 33 33 33.4% - - -- $25.74 Berkshire Commons FL Naples-Immokalee-Marco Island 110 110 97.5% - 66 Publix $14.29 Bird 107 Plaza FL Miami-Fort Lauderdale-West Palm Beach 40 40 100.0% - - -- $20.25 Bird Ludlum FL Miami-Fort Lauderdale-West Palm Beach 192 192 98.5% - 44 Winn-Dixie $23.22 Bloomingdale Square FL Tampa-St. Petersburg-Clearwater 254 254 90.8% - 48 Publix, Bealls $15.34 Bluffs Square Shoppes FL Miami-Fort Lauderdale-West Palm Beach 124 124 96.3% - 40 Publix $14.33 Boca Village Square FL Miami-Fort Lauderdale-West Palm Beach 92 92 97.6% - 36 Publix Greenwise $22.19 Boynton Lakes Plaza FL Miami-Fort Lauderdale-West Palm Beach 110 110 94.9% - 46 Publix $16.62 Boynton Plaza FL Miami-Fort Lauderdale-West Palm Beach 105 105 94.4% - 54 Publix $21.59 Brooklyn Station on Riverside FL Jacksonville 50 50 100.0% - 20 The Fresh Market $26.21 Caligo Crossing FL Miami-Fort Lauderdale-West Palm Beach 11 11 35.0% 98 - (Kohl's) $54.73 Carriage Gate FL Tallahassee 73 73 100.0% - 13 Trader Joe's $22.60 Cashmere Corners FL Port St. Lucie 86 86 83.7% - 44 Wal-Mart $13.65 Charlotte Square FL Punta Gorda 91 91 78.3% - 44 Wal-Mart $10.38 Chasewood Plaza FL Miami-Fort Lauderdale-West Palm Beach 151 151 99.0% - 54 Publix $25.60 Concord Shopping Plaza FL Miami-Fort Lauderdale-West Palm Beach 309 309 95.4% - 78 Winn-Dixie, Home Depot $12.22 Coral Reef Shopping Center FL Miami-Fort Lauderdale-West Palm Beach 75 75 98.8% - 25 Aldi $31.12 Corkscrew Village FL Cape Coral-Fort Myers 82 82 95.3% - 51 Publix $13.84 Country Walk Plaza NYC 30% FL Miami-Fort Lauderdale-West Palm Beach 101 30 91.0% - 40 Publix $19.85 Countryside Shops FL Miami-Fort Lauderdale-West Palm Beach 193 193 93.2% - 46 Publix, Stein Mart $18.65 24
Portfolio Summary Report By State December 31, 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 Fleming Island FL Jacksonville 132 132 97.5% 130 48 Publix, (Target) $15.96 Fountain Square FL Miami-Fort Lauderdale-West Palm Beach 177 177 96.4% 140 46 Publix, (Target) $25.80 Garden Square FL Miami-Fort Lauderdale-West Palm Beach 90 90 100.0% - 42 Publix $18.01 Glengary Shoppes FL North Port-Sarasota-Bradenton 93 93 100.0% - - Best Buy $21.93 Shoppes of Grande Oak FL Cape Coral-Fort Myers 79 79 100.0% - 54 Publix $16.26 Greenwood Shopping Centre FL Miami-Fort Lauderdale-West Palm Beach 133 133 92.0% - 50 Publix $15.32 Hammocks Town Center FL Miami-Fort Lauderdale-West Palm Beach 184 184 98.7% 86 40 Publix, Metro-Dade Public Library, (Kendall Ice Arena) $17.22 Hibernia Pavilion FL Jacksonville 51 51 89.6% - 39 Publix $15.95 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 $15.35 Julington Village C 20% FL Jacksonville 82 16 100.0% - 51 Publix $16.19 Kirkman Shoppes FL Orlando-Kissimmee-Sanford 115 115 96.7% - - LA Fitness $23.34 Lake Mary Centre FL Orlando-Kissimmee-Sanford 360 360 93.7% - 25 Academy Sports, Hobby Lobby, LA Fitness $15.65 Lantana Outparcels FL Miami-Fort Lauderdale-West Palm Beach 17 17 100.0% - - -- $18.28 Mandarin Landing FL Jacksonville 140 140 90.0% - 50 Whole Foods $18.06 Millhopper Shopping Center FL Gainesville 83 83 100.0% - 46 Publix $17.40 Naples Walk Shopping Center FL Naples-Immokalee-Marco Island 125 125 91.8% - 51 Publix $16.42 Newberry Square FL Gainesville 181 181 91.5% - 40 Publix, K-Mart $7.70 Nocatee Town Center FL Jacksonville 107 107 100.0% - 54 Publix $19.77 Northgate Square FL Tampa-St. Petersburg-Clearwater 75 75 100.0% - 48 Publix $15.02 Oakleaf Commons FL Jacksonville 74 74 98.1% - 46 Publix $14.96 Ocala Corners FL Tallahassee 87 87 98.6% - 61 Publix $14.90 Old St Augustine Plaza FL Jacksonville 256 256 100.0% - 52 Publix, Burlington Coat Factory, Hobby Lobby $9.97 Pablo Plaza FL Jacksonville 158 158 100.0% - 34 Whole Foods $16.63 Pavillion FL Naples-Immokalee-Marco Island 168 168 90.2% - - LA Fitness $21.23 Shoppes of Pebblebrook Plaza O 50% FL Naples-Immokalee-Marco Island 77 38 100.0% - 61 Publix $15.27 Pine Island FL Miami-Fort Lauderdale-West Palm Beach 255 255 96.9% - 40 Publix, Burlington Coat Factory $14.58 Pine Ridge Square FL Miami-Fort Lauderdale-West Palm Beach 118 118 97.0% - 17 The Fresh Market $17.86 Pine Tree Plaza FL Jacksonville 63 63 90.4% - 38 Publix $14.07 Pinecrest Place FL Miami-Fort Lauderdale-West Palm Beach 70 70 87.3% 173 46 Whole Foods, (Target) $38.79 Plaza Venezia C 20% FL Orlando-Kissimmee-Sanford 202 40 99.5% - 51 Publix $26.29 Point Royale Shopping Center FL Miami-Fort Lauderdale-West Palm Beach 202 202 98.2% - 45 Winn-Dixie, Burlington Coat Factory $15.28 Prosperity Centre FL Miami-Fort Lauderdale-West Palm Beach 124 124 93.5% - - Bed, Bath & Beyond $21.54 Regency Square FL Tampa-St. Petersburg-Clearwater 352 352 97.5% 66 - AMC Theater, (Best Buy), (Macdill) $18.48 Ryanwood Square FL Sebastian-Vero Beach 115 115 88.8% - 40 Publix $11.25 Salerno Village FL Port St. Lucie 5 5 100.0% - - -- $16.53 Sawgrass Promenade FL Miami-Fort Lauderdale-West Palm Beach 107 107 91.5% - 36 Publix $12.51 Seminole Shoppes O 50% FL Jacksonville 87 44 98.4% - 54 Publix $22.85 Sheridan Plaza FL Miami-Fort Lauderdale-West Palm Beach 506 506 94.1% - 66 Publix, Kohl's, LA Fitness $18.21 Shoppes @ 104 FL Miami-Fort Lauderdale-West Palm Beach 112 112 100.0% - 46 Winn-Dixie $18.93 Shoppes at Bartram Park O 50% FL Jacksonville 134 67 99.0% 97 45 Publix, (Kohl's) $20.26 Shoppes at Lago Mar FL Miami-Fort Lauderdale-West Palm Beach 83 83 95.8% - 42 Publix $15.51 Shoppes at Sunlake Centre FL Tampa-St. Petersburg-Clearwater 98 98 100.0% - 46 Publix $21.11 Shoppes of Jonathan's Landing FL Miami-Fort Lauderdale-West Palm Beach 27 27 100.0% 54 54 (Publix) $24.61 Shoppes of Oakbrook FL Miami-Fort Lauderdale-West Palm Beach 200 200 98.2% - 44 Publix, Stein Mart $16.69 Shoppes of Silver Lakes FL Miami-Fort Lauderdale-West Palm Beach 127 127 92.6% - 48 Publix $19.06 Shoppes of Sunset FL Miami-Fort Lauderdale-West Palm Beach 22 22 77.7% - - -- $25.95 Shoppes of Sunset II FL Miami-Fort Lauderdale-West Palm Beach 28 28 67.6% - - -- $22.92 Shops at John's Creek FL Jacksonville 15 15 100.0% - - -- $23.11 Shops at Skylake FL Miami-Fort Lauderdale-West Palm Beach 287 287 91.4% - 51 Publix, LA Fitness $22.44 South Beach Regional FL Jacksonville 308 308 98.8% - 13 Trader Joe's, Home Depot, Steain Mart $14.97 South Point FL Sebastian-Vero Beach 65 65 95.7% - 45 Publix $16.80 Starke FL Other 13 13 100.0% - - -- $25.56 Suncoast Crossing FL Tampa-St. Petersburg-Clearwater 118 118 97.6% 143 - Kohl's, (Target) $5.29 Tamarac Town Square FL Miami-Fort Lauderdale-West Palm Beach 125 125 73.8% - 38 Publix $12.97 The Grove NYC 30% FL Orlando-Kissimmee-Sanford 152 46 100.0% - 52 Publix, LA Fitness $16.77 The Plaza at St. Lucie West FL Port St. Lucie 27 27 81.7% - - -- $24.02 The Village at Hunter's Lake FL Tampa-St. Petersburg-Clearwater 72 72 0.0% - 29 0 $21.54 Town and Country FL Orlando-Kissimmee-Sanford 78 78 100.0% - - Ross Dress for Less $10.54 Town Square FL Tampa-St. Petersburg-Clearwater 44 44 100.0% - - -- $31.91 Treasure Coast Plaza FL Sebastian-Vero Beach 134 134 94.7% - 59 Publix $16.12 Unigold Shopping Center FL Orlando-Kissimmee-Sanford 115 115 95.0% - 31 Lucky's $14.91 University Commons FL Miami-Fort Lauderdale-West Palm Beach 180 180 100.0% - 51 Whole Foods, Nordstrom Rack $31.62 Veranda Shoppes NYC 30% FL Miami-Fort Lauderdale-West Palm Beach 45 13 100.0% - 29 Publix $27.50 Village Center FL Tampa-St. Petersburg-Clearwater 187 187 95.7% - 36 Publix $20.15 Waterstone Plaza FL Miami-Fort Lauderdale-West Palm Beach 61 61 100.0% - 46 Publix $16.69 Welleby Plaza FL Miami-Fort Lauderdale-West Palm Beach 110 110 97.0% - 47 Publix $13.55 Wellington Town Square FL Miami-Fort Lauderdale-West Palm Beach 112 112 100.0% - 45 Publix $25.46 West Bird Plaza FL Miami-Fort Lauderdale-West Palm Beach 100 100 86.5% - 38 Publix $18.38 West Lake Shopping Center FL Miami-Fort Lauderdale-West Palm Beach 101 101 95.8% - 46 Winn-Dixie $18.84 Westchase FL Tampa-St. Petersburg-Clearwater 79 79 100.0% - 51 Publix $16.73 Westport Plaza FL Miami-Fort Lauderdale-West Palm Beach 47 47 100.0% - 28 Publix $18.93 Willa Springs USAA 20% FL Orlando-Kissimmee-Sanford 90 18 100.0% - 44 Publix $21.07 Young Circle Shopping Center FL Miami-Fort Lauderdale-West Palm Beach 65 65 94.8% - 23 Publix $15.12 FL 11,791 11,075 94.8% 95.2% 1,107 3,512 25
Portfolio Summary Report By State December 31, 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% - - -- $21.75 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 $16.38 Bridgemill Market GA Atlanta-Sandy Springs-Roswell 89 89 86.1% - 38 Publix $16.03 Brighten Park GA Atlanta-Sandy Springs-Roswell 137 137 95.7% - 25 The Fresh Market $25.90 Buckhead Court GA Atlanta-Sandy Springs-Roswell 49 49 98.2% - - -- $26.44 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 $15.59 Chastain Square GA Atlanta-Sandy Springs-Roswell 92 92 98.4% - 37 Publix $21.83 Cornerstone Square GA Atlanta-Sandy Springs-Roswell 80 80 100.0% - 18 Aldi $17.24 Sope Creek Crossing GA Atlanta-Sandy Springs-Roswell 99 99 91.9% - 45 Publix $16.24 Dunwoody Hall USAA 20% GA Atlanta-Sandy Springs-Roswell 86 17 83.8% - 44 Publix $19.89 Dunwoody Village GA Atlanta-Sandy Springs-Roswell 121 121 94.3% - 18 The Fresh Market $19.93 Howell Mill Village GA Atlanta-Sandy Springs-Roswell 92 92 98.6% - 31 Publix $22.81 Paces Ferry Plaza GA Atlanta-Sandy Springs-Roswell 82 82 99.9% - 30 365 by Whole Foods $36.70 Piedmont Peachtree Crossing GA Atlanta-Sandy Springs-Roswell 152 152 84.3% - 56 Kroger $21.30 Powers Ferry Square GA Atlanta-Sandy Springs-Roswell 101 101 100.0% - - -- $31.67 Powers Ferry Village GA Atlanta-Sandy Springs-Roswell 79 79 100.0% - 48 Publix $10.89 Russell Ridge GA Atlanta-Sandy Springs-Roswell 101 101 98.6% - 63 Kroger $13.17 Sandy Springs GA Atlanta-Sandy Springs-Roswell 116 116 92.2% - 12 Trader Joe's $22.79 The Shops at Hampton Oaks GA Atlanta-Sandy Springs-Roswell 21 21 56.3% - - -- $11.18 Williamsburg at Dunwoody GA Atlanta-Sandy Springs-Roswell 45 45 81.3% - - -- $25.48 GA 2,134 2,065 95.4% 95.4% - 550 Civic Center Plaza GRI 40% IL Chicago-Naperville-Elgin 265 106 97.1% - 87 Super H Mart, Home Depot $11.29 Clybourn Commons IL Chicago-Naperville-Elgin 32 32 83.3% - - -- $37.09 Glen Oak Plaza IL Chicago-Naperville-Elgin 63 63 96.6% - 12 Trader Joe's $23.98 Hinsdale IL Chicago-Naperville-Elgin 179 179 93.7% - 57 Whole Foods $15.43 Mellody Farm IL Chicago-Naperville-Elgin 259 259 78.1% - 45 Whole Foods $26.46 Riverside Sq & River's Edge GRI 40% IL Chicago-Naperville-Elgin 169 68 94.6% - 74 Mariano's Fresh Market $17.88 Roscoe Square GRI 40% IL Chicago-Naperville-Elgin 140 56 100.0% - 51 Mariano's Fresh Market $21.43 Stonebrook Plaza Shopping Center GRI 40% IL Chicago-Naperville-Elgin 96 38 96.9% - 63 Jewel-Osco $12.34 Westchester Commons IL Chicago-Naperville-Elgin 139 139 91.5% - 51 Mariano's Fresh Market $17.95 Willow Festival IL Chicago-Naperville-Elgin 404 404 98.2% - 60 Whole Foods, Lowe's $17.92 IL 1,746 1,343 92.4% 95.8% - 501 Shops on Main M 93% IN Chicago-Naperville-Elgin 254 254 98.4% - 40 Whole Foods, Dick's Sporting Goods $15.81 Willow Lake Shopping Center GRI 40% IN Indianapolis-Carmel-Anderson 86 34 100.0% 64 64 (Kroger) $17.48 Willow Lake West Shopping Center GRI 40% IN Indianapolis-Carmel-Anderson 53 21 100.0% - 12 Trader Joe's $25.99 IN 393 310 98.7% 98.7% 64 116 Ambassador Row LA Lafayette 195 195 93.5% - - -- $12.17 Ambassador Row Courtyards LA Lafayette 150 150 81.2% - - Bed Bath & Beyond $10.03 Bluebonnet Village LA Baton Rouge 102 102 88.7% - 33 Rouses Market $13.54 Elmwood Oaks Shopping Center LA New Orleans-Metairie 136 136 100.0% - - Academy Sports $10.11 Siegen Village LA Baton Rouge 170 170 98.9% - - -- $11.28 LA 753 753 92.8% 92.8% - 33 Fellsway Plaza M 75% MA Boston-Cambridge-Newton 155 155 100.0% - 61 Stop & Shop $23.19 Wegmans, BJ's Wholesale Club, Kohl's,Dick's Sporting Northborough Crossing NYC 30% MA Worcester 646 194 98.2% - 139 $13.13 Goods, Pottery Barn Outlet 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 94.7% - 11 Trader Joe's $29.69 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 $24.71 The Abbot (fka The Collection at Harvard Square) MA Boston-Cambridge-Newton 41 41 86.9% - - -- $58.16 Twin City Plaza MA Boston-Cambridge-Newton 285 285 100.0% - 63 Shaw's, Marshall's $20.19 Whole Foods at Swampscott MA Boston-Cambridge-Newton 36 36 100.0% - 36 Whole Foods $24.95 MA 1,633 1,124 98.8% 98.8% - 657 Burnt Mills C 20% MD Washington-Arlington-Alexandria 31 6 89.1% - 9 Trader Joe's $37.65 Cloppers Mill Village GRI 40% MD Washington-Arlington-Alexandria 137 55 99.0% - 70 Shoppers Food Warehouse $18.23 Festival at Woodholme GRI 40% MD Baltimore-Columbia-Towson 81 32 98.5% - 10 Trader Joe's $39.03 Firstfield Shopping Center GRI 40% MD Washington-Arlington-Alexandria 22 9 100.0% - - -- $40.29 King Farm Village Center RC 25% MD Washington-Arlington-Alexandria 118 30 93.5% - 54 Safeway $25.38 Parkville Shopping Center GRI 40% MD Baltimore-Columbia-Towson 165 66 89.9% - 41 Giant Food $16.71 Southside Marketplace GRI 40% MD Baltimore-Columbia-Towson 125 50 95.5% - 44 Shoppers Food Warehouse $20.79 Takoma Park GRI 40% MD Washington-Arlington-Alexandria 104 42 99.2% - 64 Shoppers Food Warehouse $13.44 Valley Centre GRI 40% MD Baltimore-Columbia-Towson 220 88 97.3% - 18 Aldi, TJ Maxx $16.99 Village at Lee Airpark MD Baltimore-Columbia-Towson 117 117 99.0% 75 63 Giant Food, (Sunrise) $28.95 Watkins Park Plaza GRI 40% MD Washington-Arlington-Alexandria 111 45 98.5% - - LA Fitness $26.31 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 $51.30 Woodmoor Shopping Center GRI 40% MD Washington-Arlington-Alexandria 69 28 98.1% - - -- $32.37 MD 1,556 821 91.4% 96.2% 75 428 Fenton Marketplace MI Flint 97 97 100.0% - - Family Farm & Home $8.43 MI 97 97 100.0% 100.0% - - 26
Portfolio Summary Report By State December 31, 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 Jo-Ann Fabrics, Experience Fitness, (Burlington Coat Apple Valley Square RC 25% MN Minneapolis-St. Paul-Bloomington 176 44 100.0% 87 - $14.72 Factory) Calhoun Commons RC 25% MN Minneapolis-St. Paul-Bloomington 66 17 100.0%-50Whole Foods $24.46 Colonial Square GRI 40% MN Minneapolis-St. Paul-Bloomington 93 37 98.6%-44 Lund's $24.28 Rockford Road Plaza GRI 40% MN Minneapolis-St. Paul-Bloomington 204 82 100.0% - - Kohl's $12.99 Rockridge Center C 20% MN Minneapolis-St. Paul-Bloomington 125 25 95.9%-89Cub Foods $13.89 MN 665 205 99.2% 99.2% 87 183 Brentwood Plaza MO St. Louis 60 60 100.0% - 52 Schnucks $10.81 Bridgeton MO St. Louis 71 71 100.0% 130 63 Schnucks, (Home Depot) $12.13 Dardenne Crossing MO St. Louis 67 67 100.0% - 63 Schnucks $10.93 Kirkwood Commons MO St. Louis 210 210 100.0% 258 - Wal-Mart, (Target), (Lowe's) $10.14 MO 408 408 100.0% 100.0% 388 179 Cameron Village C 30% NC Raleigh 558 167 98.1% - 87 Harris Teeter, The Fresh Market $23.13 Carmel Commons NC Charlotte-Concord-Gastonia 133 133 98.5% - 14 The Fresh Market $20.75 Cochran Commons C 20% NC Charlotte-Concord-Gastonia 66 13 97.4% - 42 Harris Teeter $16.43 Market at Colonnade Center NC Raleigh 58 58 100.0% - 40 Whole Foods $27.47 Glenwood Village NC Raleigh 43 43 100.0% - 28 Harris Teeter $16.68 Harris Crossing NC Raleigh 65 65 96.0% - 53 Harris Teeter $8.98 Holly Park M 99% NC Raleigh 160 160 89.6% - 12 Trader Joe's $17.33 Lake Pine Plaza NC Raleigh 88 88 96.8% - 58 Kroger $12.73 Midtown East O 50% NC Raleigh 174 87 84.8% - 120 Wegmans $19.02 Phillips Place O 50% NC Charlotte-Concord-Gastonia 133 67 84.3% - - -- $33.81 Providence Commons RC 25% NC Charlotte-Concord-Gastonia 74 19 100.0% - 50 Harris Teeter $18.55 Ridgewood Shopping Center C 20% NC Raleigh 93 19 90.4% - 30 Whole Foods $16.99 Shops at Erwin Mill M 55% NC Durham-Chapel Hill 87 87 100.0% - 53 Harris Teeter $18.10 Shoppes of Kildaire GRI 40% NC Raleigh 145 58 96.7% - 46 Trader Joe's, Aldi $18.69 Southpoint Crossing NC Durham-Chapel Hill 103 103 100.0% - 59 Kroger $16.34 Sutton Square C 20% NC Raleigh 101 20 98.7% - 24 The Fresh Market $19.36 Village Plaza C 20% NC Durham-Chapel Hill 73 15 86.8% - 42 Whole Foods $19.77 Willow Oaks NC Charlotte-Concord-Gastonia 69 69 94.9% - 49 Publix $17.13 Woodcroft Shopping Center NC Durham-Chapel Hill 90 90 98.4% - 41 Food Lion $13.45 NC 2,312 1,359 95.1% 96.2% - 848 Chimney Rock NJ New York-Newark-Jersey City 218 218 96.9% - 50 Whole Foods, Nordstrom Rack $34.56 District at Metuchen C 20% NJ New York-Newark-Jersey City 67 13 100.0% - 44 - $29.29 Haddon Commons GRI 40% NJ Philadelphia-Camden-Wilmington 54 22 100.0% - 34 Acme Markets $13.78 Plaza Square GRI 40% NJ New York-Newark-Jersey City 104 42 92.9% - 60 Shop Rite $22.51 Riverfront Plaza NYC 30% NJ New York-Newark-Jersey City 129 39 95.9% - 70 ShopRite $25.45 NJ 571 333 96.6% 96.6% - 258 101 7th Avenue NY New York-Newark-Jersey City 57 57 100.0% - - Barney's New York $79.13 1175 Third Avenue NY New York-Newark-Jersey City 25 25 100.0% - 25 The Food Emporium $116.62 1225-1239 Second Ave NY New York-Newark-Jersey City 18 18 100.0% - - -- $116.47 90 - 30 Metropolitan Avenue NY New York-Newark-Jersey City 60 60 93.9% - 11 Trader Joe's $34.27 Broadway Plaza NY New York-Newark-Jersey City 147 147 97.2% - 18 Aldi $35.59 Clocktower Plaza Shopping Ctr NY New York-Newark-Jersey City 79 79 93.6% - 63 Stop & Shop $48.09 Gallery At Westbury Plaza NY New York-Newark-Jersey City 312 312 99.5% - 13 Trader Joe's, Nordstrom Rack $48.47 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 89.8% - 18 Brooklyn Harvest Market, Ipic Theaters $35.97 The Point at Garden City Park NY New York-Newark-Jersey City 105 105 97.8% - 52 King Kullen $21.37 Lake Grove Commons GRI 40% NY New York-Newark-Jersey City 141 57 100.0% - 48 Whole Foods, LA Fitness $33.96 The Gallery at Westbury Plaza NY New York-Newark-Jersey City 394 394 100.0% - 110 Wal-Mart, Costco, Marshalls, Total Wine and More $24.45 NY 1509 1424 98.0% 97.9% - 357 Cherry Grove OH Cincinnati 196 196 98.2% - 66 Kroger $12.04 East Pointe OH Columbus 107 107 100.0% - 59 Kroger $10.53 Hyde Park OH Cincinnati 397 397 99.5% - 169 Kroger, Remke Markets $16.29 Kroger New Albany Center M 50% OH Columbus 93 93 100.0% - 65 Kroger $12.78 Northgate Plaza (Maxtown Road) OH Columbus 114 114 100.0% 90 62 Kroger, (Home Depot) $11.51 Red Bank Village OH Cincinnati 176 176 100.0% - - Wal-Mart $7.51 Regency Commons OH Cincinnati 34 34 95.2% - - -- $25.46 West Chester Plaza OH Cincinnati 88 88 100.0% - 67 Kroger $9.95 OH 1,205 1,205 99.4% 99.4% 90 489 Corvallis Market Center OR Corvallis 85 85 100.0% - 12 Trader Joe's $21.18 Greenway Town Center GRI 40% OR Portland-Vancouver-Hillsboro 93 37 100.0% - 38 Whole Foods $14.61 Murrayhill Marketplace OR Portland-Vancouver-Hillsboro 150 150 86.0% - 41 Safeway $18.59 Northgate Marketplace OR Medford 81 81 100.0% - 13 Trader Joe's $23.40 Northgate Marketplace Ph II OR Medford 177 177 96.2% - - Dick's Sporting Goods $16.08 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 $30.11 Walker Center OR Portland-Vancouver-Hillsboro 90 90 100.0% - - Bed, Bath & Beyond $21.08 OR 835 779 96.5% 96.2% - 215 Allen Street Shopping Center GRI 40% PA Allentown-Bethlehem-Easton 46 18 100.0% - 22 Ahart's Market $15.10 City Avenue Shopping Center GRI 40% PA Philadelphia-Camden-Wilmington 162 65 94.2% - - Ross Dress for Less $21.08 Gateway Shopping Center PA Philadelphia-Camden-Wilmington 221 221 97.9% - 11 Trader Joe's $31.86 Hershey PA Other 6 6 100.0% - - -- $28.00 Lower Nazareth Commons PA Allentown-Bethlehem-Easton 90 90 98.7% 244 111 (Wegmans), (Target) $25.74 Mercer Square Shopping Center GRI 40% PA Philadelphia-Camden-Wilmington 91 37 96.7% - 51 Weis Markets $24.12 Newtown Square Shopping Center GRI 40% PA Philadelphia-Camden-Wilmington 143 57 88.2% - 56 Acme Markets $18.71 Stefko Boulevard Shopping Center GRI 40% PA Allentown-Bethlehem-Easton 134 54 96.1% - 73 Valley Farm Market $10.58 Warwick Square Shopping Center GRI 40% PA Philadelphia-Camden-Wilmington 90 36 97.1% - 51 Giant Food $21.24 PA 983 584 95.6% 96.4% 244 375 27
Portfolio Summary Report By State December 31, 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 94.8% - 22 -- $28.59 Merchants Village GRI 40% SC Charleston-North Charleston 80 32 100.0% - 38 Publix $16.68 SC 131 83 98.0% 100.0% - 59 Harpeth Village Fieldstone TN Nashville-Davidson--Murfreesboro--Franklin 70 70 100.0% - 55 Publix $15.59 Northlake Village TN Nashville-Davidson--Murfreesboro--Franklin 138 138 98.0% - 75 Kroger $13.98 Peartree Village TN Nashville-Davidson--Murfreesboro--Franklin 110 110 100.0% - 84 Kroger $19.84 TN 318 318 99.1% 99.1% - 214 Alden Bridge USAA 20% TX Houston-The Woodlands-Sugar Land 139 28 98.8% - 68 Kroger $20.26 Bethany Park Place USAA 20% TX Dallas-Fort Worth-Arlington 99 20 100.0% - 83 Kroger $11.83 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% - - -- $26.66 Cochran's Crossing TX Houston-The Woodlands-Sugar Land 138 138 95.5% - 63 Kroger $18.86 Hancock TX Austin-Round Rock 410 410 98.9% - 90 H.E.B., Sears $16.09 Hickory Creek Plaza TX Dallas-Fort Worth-Arlington 28 28 100.0% 81 81 (Kroger) $26.79 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. $24.38 Keller Town Center TX Dallas-Fort Worth-Arlington 120 120 99.0% - 64 Tom Thumb $16.09 Lebanon/Legacy Center TX Dallas-Fort Worth-Arlington 56 56 96.5% 63 63 (Wal-Mart) $26.33 Market at Preston Forest TX Dallas-Fort Worth-Arlington 96 96 98.9% - 64 Tom Thumb $20.77 Market at Round Rock TX Austin-Round Rock 123 123 98.6% - 30 Sprout's Markets $18.44 Market at Springwoods Village M 53% TX Houston-The Woodlands-Sugar Land 167 167 94.3% - 100 Kroger $15.88 Mockingbird Common TX Dallas-Fort Worth-Arlington 120 120 93.8% - 49 Tom Thumb $17.92 North Hills TX Austin-Round Rock 144 144 96.4% - 60 H.E.B. $22.81 Panther Creek TX Houston-The Woodlands-Sugar Land 166 166 98.6% - 66 Randall's Food $22.81 Prestonbrook TX Dallas-Fort Worth-Arlington 92 92 93.1% - 64 Kroger $14.08 Preston Oaks TX Dallas-Fort Worth-Arlington 104 104 99.5% - 30 H.E.B. Central Market $33.58 Shiloh Springs USAA 20% TX Dallas-Fort Worth-Arlington 110 22 91.8% - 61 Kroger $14.21 Shops at Mira Vista TX Austin-Round Rock 68 68 100.0% - 15 Trader Joe's $22.86 Southpark at Cinco Ranch TX Houston-The Woodlands-Sugar Land 265 265 98.8% - 101 Kroger, Academy Sports $13.61 Sterling Ridge TX Houston-The Woodlands-Sugar Land 129 129 98.5% - 63 Kroger $20.79 Sweetwater Plaza C 20% TX Houston-The Woodlands-Sugar Land 134 27 100.0% - 65 Kroger $17.79 Tech Ridge Center TX Austin-Round Rock 185 185 96.6% - 84 H.E.B. $23.91 The Village at Riverstone TX Houston-The Woodlands-Sugar Land 167 167 91.3% - 100 Kroger $14.97 Weslayan Plaza East GRI 40% TX Houston-The Woodlands-Sugar Land 169 68 100.0% - - Berings $19.87 Weslayan Plaza West GRI 40% TX Houston-The Woodlands-Sugar Land 186 74 96.8% - 52 Randall's Food $20.26 Westwood Village TX Houston-The Woodlands-Sugar Land 187 187 96.4% 127 - (Target) $19.43 Woodway Collection GRI 40% TX Houston-The Woodlands-Sugar Land 97 39 100.0% - 45 Whole Foods $29.06 TX 3,953 3,296 97.5% 97.7% 271 1,682 Ashburn Farm Market Center VA Washington-Arlington-Alexandria 92 92 98.3% - 49 Giant Food $26.50 Ashburn Farm Village Center GRI 40% VA Washington-Arlington-Alexandria 89 36 100.0% - 57 Global Food $14.66 Belmont Chase VA Washington-Arlington-Alexandria 91 91 100.0% - 40 Whole Foods $30.78 Braemar Shopping Center RC 25% VA Washington-Arlington-Alexandria 96 24 97.9% - 58 Safeway $22.26 Carytown Exchange M 8% VA Richmond 107 107 46.3% - 68 0 $14.37 Centre Ridge Marketplace GRI 40% VA Washington-Arlington-Alexandria 107 43 98.9% - 55 --- $19.34 Point 50 (fka Fairfax Shopping Center) VA Washington-Arlington-Alexandria 48 48 62.4% - 30 365 by Whole Foods $22.00 Festival at Manchester Lakes GRI 40% VA Washington-Arlington-Alexandria 169 67 93.9% - 65 Shoppers Food Warehouse $28.02 Fox Mill Shopping Center GRI 40% VA Washington-Arlington-Alexandria 103 41 98.1% - 50 Giant Food $25.19 Gayton Crossing GRI 40% VA Richmond 158 63 86.3% 55 38 (Kroger) $16.12 Greenbriar Town Center GRI 40% VA Washington-Arlington-Alexandria 340 136 98.0% - 62 Giant Food $26.32 Hanover Village Shopping Center GRI 40% VA Richmond 90 36 100.0% - 18 Aldi $9.18 Kamp Washington Shopping Center GRI 40% VA Washington-Arlington-Alexandria 72 29 99.1% - 20 Earth Fare $37.67 Kings Park Shopping Center GRI 40% VA Washington-Arlington-Alexandria 93 37 98.0% - 28 Giant Food $29.14 Lorton Station Marketplace C 20% VA Washington-Arlington-Alexandria 132 26 90.5% - 63 Shoppers Food Warehouse $23.76 Market Common Clarendon VA Washington-Arlington-Alexandria 422 422 71.5% - 34 Whole Foods, Crate & Barrel $33.63 Saratoga Shopping Center GRI 40% VA Washington-Arlington-Alexandria 113 45 100.0% - 56 Giant Food $20.78 Shops at County Center VA Washington-Arlington-Alexandria 97 97 87.8% - 52 Harris Teeter $19.64 Shops at Stonewall VA Washington-Arlington-Alexandria 308 308 100.0% - 140 Wegmans, Dick's Sporting Goods $18.36 The Field at Commonwealth VA Washington-Arlington-Alexandria 167 167 95.8% - 140 Wegmans $20.92 Town Center at Sterling Shopping Center GRI 40% VA Washington-Arlington-Alexandria 187 75 85.6% - 47 Giant Food $21.71 Village Center at Dulles C 20% VA Washington-Arlington-Alexandria 301 60 92.6% - 48 Gold's Gym, Giant $27.87 Village Shopping Center GRI 40% VA Richmond 111 44 93.8% - 45 Publix $24.42 Willston Centre I GRI 40% VA Washington-Arlington-Alexandria 105 42 90.8% - - -- $26.07 Willston Centre II GRI 40% VA Washington-Arlington-Alexandria 136 54 99.1% 141 59 Safeway, (Target) $25.78 VA 3,735 2,192 90.8% 90.3% 196 1,323 28
Portfolio Summary Report By State December 31, 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 $16.37 Ballard Blocks I O 50% WA Seattle-Tacoma-Bellevue 132 66 94.6% Trader Joe's, LA Fitness $23.89 Ballard Blocks II O 50% WA Seattle-Tacoma-Bellevue 114 57 79.1% PCC Community Markets $33.60 Broadway Market C 20% WA Seattle-Tacoma-Bellevue 140 28 98.4% - 64 Quality Food Centers $24.40 Cascade Plaza C 20% WA Seattle-Tacoma-Bellevue 206 41 95.6% - 49 Safeway $12.20 Eastgate Plaza GRI 40% WA Seattle-Tacoma-Bellevue 79 31 100.0% - 29 Safeway $27.50 Grand Ridge Plaza WA Seattle-Tacoma-Bellevue 331 331 100.0% - 45 Safeway, Regal Cinemas $24.64 Inglewood Plaza WA Seattle-Tacoma-Bellevue 17 17 93.7% - - -- $40.38 Klahanie Shopping Center WA Seattle-Tacoma-Bellevue 67 67 98.4% 40 40 (QFC) $32.60 Overlake Fashion Plaza GRI 40% WA Seattle-Tacoma-Bellevue 81 32 100.0% 230 - (Sears) $24.92 Pine Lake Village WA Seattle-Tacoma-Bellevue 103 103 97.0% - 41 Quality Food Centers $24.01 Roosevelt Square WA Seattle-Tacoma-Bellevue 148 148 100.0% - 50 Whole Foods $23.21 Sammamish-Highlands WA Seattle-Tacoma-Bellevue 101 101 100.0% 55 67 (Safeway) $33.80 Southcenter WA Seattle-Tacoma-Bellevue 58 58 100.0% 112 - (Target) $29.95 WA 1,684 1,124 98.0% 99.0% 437 433 $24.36 Regency Centers Total 53,568 43,365 95.6% 96.1% 4,143 16,686 $21.82 (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 December 31, 2018 (unaudited and in thousands) Real Estate - Operating Operating Portfolio NOI excluding Straight-line Rent and Above/Below Market Rent - Current Quarter Wholly Owned NOI (page 5) $ 181,504 Share of JV NOI (page 7) $ 25,024 Less: Noncontrolling Interests (page 7) $ (1,735) Development Completions (page 16) $ - Base Rent from leases signed but not yet rent-paying - Current Quarter Retail Operating Properties including redevelopments $ 3,910 Real Estate - Development In Process Development Projects In Process Construction in Progress $ 188,730 Project Costs Not Yet Funded 82,206 Estimated Net Development Costs after JV Buyout (page 16) 270,936 Estimated Incremental Stabilized Yield (page 16) 7.3% Annualized Proforma Stabilized NOI $ 19,778 NOI from Development Projects In Process - Current Quarter In-place NOI from Developments In Process(1) (page 16) $ 992 Fee Income Third-Party Management Fees and Commissions - Current Quarter (page 5) $ 7,495 Less: Share of JV's Total fee income - Current Quarter (page 7) $ (299) Other Assets Estimated Market Value of Undeveloped Land Land held for sale or future development $ 43,708 Outparcels at retail operating properties 13,705 Total Estimated Market Value of Undeveloped Land$ 57,413 Wholly Owned Assets (page 3) Cash and Cash Equivalents $ 45,190 Accounts Receivable, net $ 71,748 Other Assets $ 89,684 Share of JV Assets (page 6) Cash and Cash Equivalents $ 11,806 Accounts Receivable, net $ 7,253 Other Assets $ 12,574 Less: Noncontrolling Interests (page 6) $ (5,093) Liabilities Wholly Owned Debt Outstanding (page 12) Mortgage Loans $ 525,182 Unsecured Public/Private Notes 2,500,000 Unsecured Credit Facilities 710,000 Total Wholly Owned Debt Outstanding $ 3,735,182 Share of JV Debt Outstanding (page 14) $ 537,055 Other Wholly Owned Liabilities (page 3) Accounts Payable and Other Liabilities $ 224,807 Tenants' Security and Escrow Deposits $ 57,750 Other Share of JV Accounts Liabilities (page 6) Accounts Payable and Other Liabilities $ 29,408 Tenants' Security and Escrow Deposits $ 4,381 Less: Noncontrolling Interests (page 6) $ (45,663) Common Shares and Equivalants Outstanding Common Shares and Equivalents Issued and Outstanding (page 1) 168,255 30
Earnings Guidance December 31, 2018 (in thousands, except per share data) 2018A 2019E Net Income / Share(1) $1.46 $1.36 - $1.42 NAREIT FFO / Share(1)(2) $3.83 $3.83 - $3.89 Same Property Same property NOI as adjusted growth without termination fees (pro-rata) 3.4% 2.0% - 2.5% Same property percent leased at period end (pro-rata) 96.1% +/- 95.5% New Investments Development and Redevelopment starts (pro-rata) $192,685 $150,000 - $250,000 Estimated yield (weighted average) 7.8% +/- 7.0% Share repurchases(3) $246,502 - Acquisitions (pro-rata) $163,554 +/- $16,000 Cap rate (weighted average) 4.5% +/- 4.3% Disposition Activity Dispositions (pro-rata) $225,000 +/- $200,000 Cap rate (weighted average) 7.8% +/- 8.0% Other Net interest expense (pro-rata) $173,540 $170,500 - $172,500 Net G&A expense (pro-rata)(1) $66,671 $73,000 - $75,500 Recurring third party fees & commissions (pro-rata) $27,341 $27,000 - $28,000 Certain non-cash items (pro-rata)(4) $54,861 $41,500 - $43,500 (1) 2019 includes the impact of ($0.05) per diluted share related to the adoption of the new lease accounting standard ASC 842 on January 1, 2019, that requires previously capitalized indirect internal leasing and legal costs to be expensed. (2) NAREIT FFO provides for comparability across the REIT sector. For purposes of consensus estimates, please report NAREIT FFO. (3) Repurchased 2.145 million shares of common stock for $125 million in Q1 2018 and 2.107 million shares of common stock for $122 milion in Q4 2018 as part of the Company's previously announced share repurchase program. (4) Includes above and below market rent amortization, straight-line rents and amortization of mark-to-market debt adjustments. Forward-looking statements involve risks, uncertainties and assumptions. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation with the SEC, specifically the most recent reports on forms 10K and 10Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements. 31
Reconciliation of Net Income to NAREIT FFO December 31, 2018 (per diluted share) Full Year NAREIT FFO Guidance: 2019 Low High Net income attributable to common stockholders 1.36$ 1.42 Adjustments to reconcile net income to NAREIT FFO: Depreciation and amortization 2.47 2.47 NAREIT Funds From Operations 3.83$ 3.89 32
Glossary of Terms December 31, 2018 Development Completion: A property in development is deemed complete upon the earliest of: (i) 90% of total estimated net development costs have been incurred and percent leased equals or exceeds 95%, or (ii) the property features at least two years of anchor operations, or (iii) three years have passed since the start of construction. Once deemed complete, the property is termed a Retail Operating Property the following calendar year. Fixed Charge Coverage Ratio: Operating EBITDAre divided by the sum of the gross interest and scheduled mortgage principal paid to our lenders plus dividends paid to our preferred stockholders. NAREIT Funds From Operations (NAREIT FFO): NAREIT FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (“NAREIT”) defines as net income, computed in accordance with GAAP, excluding gains 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: Properties in various stages of development and redevelopment including active pre-development activities. Retail Operating Property: Any retail property not termed a Property In Development. A retail property is any property where the majority of the income is generated from retail uses. Same Property: Retail Operating Properties that were owned and operated for the entirety of both calendar year periods being compared. This term excludes all developments and Non-Same Properties. 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