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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

May 3, 2022

Date of Report (Date of earliest event reported)

 

REGENCY CENTERS CORPORATION

REGENCY CENTERS, L.P.

(Exact name of registrant as specified in its charter)

 

Florida (Regency Centers Corporation) Delaware (Regency Centers, L. P.)		001-12298 (Regency Centers Corporation) 0-24763 (Regency Centers, L.P.)		59-3191743 (Regency Centers Corporation) 59-3429602 (Regency Centers, L.P.)
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

One Independent Drive, Suite 114

Jacksonville, Florida 32202

(Address of principal executive offices) (Zip Code)

 

(904) 598-7000

(Registrant's telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 

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

Regency Centers Corporation

 

Title of each class		Trading Symbol		Name of each exchange on which registered
Common Stock, $.01 par value		REG		The Nasdaq Stock Market LLC

 

Regency Centers, L.P.

 

Title of each class		Trading Symbol		Name of each exchange on which registered
None		N/A		N/A

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:

 

☐		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230 .425)
☐		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐		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 ☐

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. 

 

 

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Item 2.02	Disclosure of Results of Operations and Financial Condition

 

On May 3, 2022, Regency Centers Corporation (“Regency”) issued an earnings release for the three months ended March 31, 2022, which is attached as Exhibit 99.1.

On May 3, 2022, Regency posted on its website, at investors.regencycenters.com, certain supplemental information for the three months ended March 31, 2022, which are attached as Exhibit 99.2 and Exhibit 99.3, respectively.

The information furnished under this Item 2.02, including Exhibit 99.1, Exhibit 99.2, and Exhibit 99.3, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act.

 

Item 7.01	Regulation FD Disclosures

 

On May 3, 2022, Regency posted on its website, at investors.regencycenters.com, a presentation deck relating to business operations and performance.

The information furnished under this item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act, or the Exchange Act.

 

Item 9.01	Financial Statements and Exhibits

 

(d) Exhibits

 

Exhibit 99.1	Earnings release issued by Regency on May 3, 2022, for the three months ended March 31, 2022.
Exhibit 99.2	Supplemental information posted on its website on May 3, 2022, for the three months ended March 31, 2022.
Exhibit 99.3	Fixed income supplemental information posted on its website on May 3, 2022, for the three months ended March 31, 2022.
104	Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL documents)

 

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

		REGENCY CENTERS CORPORATION
May 3, 2022		By:		/s/ J. Christian Leavitt
				J. Christian Leavitt, Senior Vice President and Treasurer (Principal Accounting Officer)
		REGENCY CENTERS, L.P.
		By: Regency Centers Corporation, its general partner
May 3, 2022		By:		/s/ J. Christian Leavitt
				J. Christian Leavitt, Senior Vice President and Treasurer (Principal Accounting Officer)

 

 

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Exhibit 99.1

 

 

		NEWS RELEASE For immediate release   Christy McElroy 904 598 7616 ChristyMcElroy@regencycenters.com

 

Regency Centers Reports First Quarter 2022 Results

JACKSONVILLE, Fla. (May 3, 2022) – Regency Centers Corporation (“Regency” or the “Company”) (Nasdaq: REG) today reported financial and operating results for the period ended March 31, 2022 and provided updated guidance for 2022 Nareit FFO. For the three months ended March 31, 2022 and 2021, Net Income was $1.14 per diluted share and $0.47 per diluted share, respectively.

First Quarter 2022 Highlights

Subsequent Highlights

 

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“The vibrancy of today’s retail environment is evidenced in our healthy operating trends, including robust leasing activity that is resulting in increased occupancy and growing rents,” said Lisa Palmer, President and Chief Executive Officer. “Our portfolio fundamentals continue to benefit from structural tailwinds supporting our suburban trade areas, while our active investment pipeline is indicative of our positive outlook and reflective of the strength of our balance sheet.”

Financial Results

Net Income

 

Nareit FFO

Core Operating Earnings

Portfolio Performance

Same Property NOI

Leased Occupancy

 

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Leasing Activity

Portfolio Enhancement and Capital Allocation

Developments and Redevelopments

Property Transactions

Balance Sheet

 

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Dividend

2022 Guidance

Regency Centers has updated its 2022 guidance, as summarized in the table below. Please refer to the Company’s “Business Update” presentation for additional detail on its guidance, as well as in the first quarter 2022 supplemental package. All materials are posted on the Company’s website at investors.regencycenters.com.

 

Full Year 2022 Guidance
All figures pro-rata and in thousands, except per share data
	1Q 2022	Current Guidance	Prior Guidance
Net Income Attributable to Common Stockholders per diluted share	$1.14	$2.50 - $2.56	$1.78 - $1.86
Nareit Funds From Operations (“Nareit FFO”) per diluted share	$1.03	$3.84 - $3.90	$3.72 - $3.80
Core Operating Earnings per diluted share (1)	$0.97	$3.65 - $3.71	$3.56 - $3.64
Same Property Net Operating Income ("SPNOI") Growth (ex. termination fees)	7.8%	0% to +1.5%	-1.25% to +0.25%
Same Property Net Operating Income ("SPNOI") Growth (ex. termination fees, ex. Collection of PY Reserves)	14.9%	+3.5% to +5.0%	+2.75% to +4.25%
Collection of Prior Year Reserves (2)	$9,278	+/- $18,000	+/- $13,000
Certain Non-Cash Items (3)	$11,385	+/- $33,500	+/- $28,000
Includes Impact from Reversal of Uncollectible Straight-Line Rent Receivables - as converted (4)	$3,967	$3,967	$0 as converted
Net G&A expense	$21,108	$82,500 - $85,500	$82,500 - $85,500
Net interest expense	$41,566	$165,000 - $166,000	$163,500 - $164,500
Recurring Third Party Fees & Commissions	$6,405	$24,000 - $25,000	$24,000 - $25,000
Development and Redevelopment Spend	$32,493	+/- $150,000	+/- $150,000
Acquisitions	$41,126	+/- $170,000	+/- $30,000
Cap rate (weighted average)	4.9%	+/- 5.6%	+/- 5.0%
Dispositions	$137,704	+/-$210,000	+/-$150,000
Cap rate (weighted average) (5)	2.2%	+/- 3.7%	2.25% - 2.50%
Forward ATM Settlement (gross) (6)	$0	+/- $65,000	+/- $65,000

 

 

 

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Conference Call Information

To discuss Regency’s first quarter results and provide further business updates, management will host a conference call on Wednesday, May 4, 2022, at 10:00 a.m. ET. Dial-in and webcast information is listed below.

First Quarter 2022 Earnings Conference Call

 

Date:	Wednesday, May 4, 2022
Time:	10:00 a.m. ET
Dial#:	877-407-0789 or 201-689-8562
Webcast:	investors.regencycenters.com

Replay

Webcast Archive: Investor Relations page under Events & Webcasts

Reconciliation of Net Income Attributable to Common Stockholders to Nareit FFO and Core Operating

Earnings - Actual (in thousands)

 

For the Periods Ended March 31, 2022 and 2021		Three Months Ended								Year to Date
		2022				2021				2022				2021
Reconciliation of Net Income to Nareit FFO:
Net Income Attributable to Common Stockholders		$	195,228				80,656			$	195,228				80,656
Adjustments to reconcile to Nareit Funds From Operations (1):
Depreciation and amortization (excluding FF&E)			84,130				84,494				84,130				84,494
Gain on sale of real estate			(102,010	)			(12,070	)			(102,010	)			(12,070	)
Exchangeable operating partnership units			863				364				863				364
Nareit Funds From Operations		$	178,211				153,444			$	178,211				153,444
Reconciliation of Nareit FFO to Core Operating Earnings:
Nareit Funds From Operations		$	178,211				153,444			$	178,211				153,444
Adjustments to reconcile to Core Operating Earnings (1):
Certain Non-Cash Items
Straight line rent			(3,478	)			(3,429	)			(3,478	)			(3,429	)
Uncollectible straight line rent			(2,383	)			2,573				(2,383	)			2,573
Above/below market rent amortization, net			(5,392	)			(5,980	)			(5,392	)			(5,980	)
Debt premium/discount amortization			(106	)			91				(106	)			91
Core Operating Earnings		$	166,852				146,699			$	166,852				146,699
Weighted Average Shares For Diluted Earnings per Share			171,671				170,006				171,671				170,006
Weighted Average Shares For Diluted FFO and Core Operating Earnings per Share			172,431				170,771				172,431				170,771

 

 

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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 Attributable to Common Stockholders to pro-rata Same Property NOI.

 

Reconciliation of Net Income Attributable to Common Stockholders to Pro-Rata Same Property NOI – Actual (in thousands)

 

For the Periods Ended March 31, 2022 and 2021		Three Months Ended								Year to Date
		2022				2021				2022				2021
Net income attributable to common stockholders		$	195,228				80,656			$	195,228				80,656
Less:
Management, transaction, and other fees			(6,684	)			(6,393	)			(6,684	)			(6,393	)
Other(1)			(12,621	)			(7,704	)			(12,621	)			(7,704	)
Plus:
Depreciation and amortization			77,842				77,259				77,842				77,259
General and administrative			18,792				21,287				18,792				21,287
Other operating expense			2,173				698				2,173				698
Other (income) expense			(62,716	)			23,752				(62,716	)			23,752
Equity in income of investments in real estate excluded from NOI (2)			12,388				13,301				12,388				13,301
Net income attributable to noncontrolling interests			1,588				969				1,588				969
NOI			225,990				203,825				225,990				203,825
Less non-same property NOI (3)			(4,730	)			(8	)			(4,730	)			(8	)
Same Property NOI		$	221,260				203,817			$	221,260				203,817
Same Property NOI without Termination Fees		$	219,311				203,400			$	219,311				203,400
Same Property NOI without Termination Fees or Redevelopments		$	192,497				178,736			$	192,497				178,736

Reported results are preliminary and not final until the filing of the Company’s Form 10-Q with the SEC and, therefore, remain subject to adjustment.

The Company has published forward-looking statements and additional financial information in its first quarter 2022 supplemental package that may help investors estimate earnings. A copy of the Company’s first quarter 2022 supplemental package will be available on the Company's website at investors.regencycenters.com or by written request to: Investor Relations, Regency Centers Corporation, One Independent Drive, Suite 114, Jacksonville, Florida, 32202. The supplemental 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 includes non-GAAP measures, and there can be no assurance that the information will not vary from the final information in the Company’s Form 10-Q for the period ended March 31, 2022. 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 a preeminent national owner, operator, and developer of shopping centers located in suburban trade areas with compelling demographics. 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.

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Non-GAAP Disclosure

We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes.
 

We do not consider non-GAAP measures an alternative to financial measures determined in accordance with GAAP, rather they supplement GAAP measures by providing additional information we believe to be useful to our shareholders. The principal limitation of these non-GAAP financial measures is they may exclude significant expense and income items that are required by GAAP to be recognized in our consolidated financial statements. In addition, they reflect the exercise of management’s judgment about which expense and income items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, reconciliations of the non-GAAP financial measures we use to their most directly comparable GAAP measures are provided. Non-GAAP financial measures should not be relied upon in evaluating the financial condition, results of operations or future prospects of the Company.
 

Nareit FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (“Nareit”) defines as net income, computed in accordance with GAAP, excluding gains on sale and impairments of real estate, net of tax, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Regency computes Nareit FFO for all periods presented in accordance with Nareit's definition. Since Nareit FFO excludes depreciation and amortization and gains on sales and impairments of real estate, it provides a performance measure that, when compared year over year, reflects the impact on operations from trends in percent leased, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, Nareit FFO is a supplemental non-GAAP financial measure of the Company's operating performance, which does not represent cash generated from operating activities in accordance with GAAP; and, therefore, should not be considered a substitute measure of cash flows from operations. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to Nareit FFO.
 

Core Operating Earnings is an additional performance measure that excludes from Nareit FFO: (i) transaction related income or expenses; (ii) gains or losses from the early extinguishment of debt; (iii) certain non-cash components of earnings derived from above and below market rent amortization, straight-line rents, and amortization of mark-to-market of debt adjustments; and (iv) other amounts as they occur. The Company provides a reconciliation of Net Income to Nareit FFO to Core Operating Earnings.

Forward-Looking Statements

Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency’s future events, developments, or financial or operational performance or results such as our 2022 Guidance, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “should,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “anticipate,” “guidance,” and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained, and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties.

Our operations are subject to a number of risks and uncertainties including, but not limited to, those risk factors described in our SEC filings. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our other filings and submissions to the SEC. If any of the events described in the risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected. Forward-looking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements except as required by law. These risks and events include, without limitation:

 

 

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Risk Factors

Risk Factors Related to Pandemics or other Health Crises

Pandemics or other health crises, such as the COVID-19 pandemic, may adversely affect our tenants’ financial condition, the profitability of our properties, and our access to the capital markets and could have a material adverse effect on our business, results of operations, cash flows and financial condition.

Risk Factors Related to Operating Retail-Based Shopping Centers

Economic and market conditions may adversely affect the retail industry and consequently reduce our revenues and cash flow, and increase our operating expenses. Shifts in retail trends, sales, and delivery methods between brick and mortar stores, e-commerce, home delivery, and curbside pick-up may adversely impact our revenues and cash flows. Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow. In addition, labor challenges and supply delays and shortages due to a variety of macroeconomic factors, including inflationary pressures, could affect the retail industry. Our success depends on the continued presence and success of our “anchor” tenants. A significant percentage of our revenues are derived from smaller “shop space” tenants and our net income may be adversely impacted if our smaller shop tenants are not successful. We may be unable to collect balances due from tenants in bankruptcy. Many of our costs and expenses associated with operating our properties may remain constant or increase, even if our lease income decreases. Compliance with the Americans with the Disabilities Act and fire, safety and other regulations may have a negative effect on us.

Risk Factors Related to Real Estate Investments

Our real estate assets may decline in value and be subject to impairment losses which may reduce our net income. We face risks associated with development, redevelopment and expansion of properties. We face risks associated with the development of mixed-use commercial properties. We face risks associated with the acquisition of properties. We may be unable to sell properties when desired because of market conditions. Changes in tax laws could impact our acquisition or disposition of real estate.

Risk Factors Related to the Environment Affecting Our Properties

Climate change may adversely impact our properties directly, and may lead to additional compliance obligations and costs as well as additional taxes and fees. Geographic concentration of our properties makes our business more vulnerable to natural disasters, severe weather conditions and climate change. Costs of environmental remediation may impact our financial performance and reduce our cash flow.

Risk Factors Related to Corporate Matters

An increased focus on metrics and reporting relating to environmental, social, and governance (“ESG”) factors may impose additional costs and expose us to new risks. An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue on those properties. Failure to attract and retain key personnel may adversely affect our business and operations. The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data or of Regency’s proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liability and loss of revenues.

Risk Factors Related to Our Partnerships and Joint Ventures

We do not have voting control over all of the properties owned in our co-investment partnerships and joint ventures, so we are unable to ensure that our objectives will be pursued. The termination of our partnerships may adversely affect our cash flow, operating results, and our ability to make distributions to stock and unit holders.

Risk Factors Related to Funding Strategies and Capital Structure

Our ability to sell properties and fund acquisitions and developments may be adversely impacted by higher market capitalization rates and lower NOI at our properties which may dilute earnings. We depend on external sources of capital, which may not be available in the future on favorable terms or at all. Our debt financing may adversely affect our business and financial condition. Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition. Increases in interest rates would cause our borrowing costs to rise and negatively impact our results of operations. Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us. The interest rates on our Unsecured Credit facilities as well as on our variable rate mortgages and interest rate swaps might change based on changes to the method in which LIBOR or its replacement rate is determined.

 

 

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Risk Factors Related to the Market Price for Our Securities

Changes in economic and market conditions may adversely affect the market price of our securities. There is no assurance that we will continue to pay dividends at historical rates.

Risk Factors Relating to the Company’s Qualification as a REIT

If the Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at regular corporate rates. Dividends paid by REITs generally do not qualify for reduced tax rates. Certain foreign stockholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common stock if we do not qualify as a “domestically controlled” REIT. Legislative or other actions affecting REITs may have a negative effect on us. Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.

Risk Factors Related to the Company’s Common Stock

Restrictions on the ownership of the Company’s capital stock to preserve its REIT status may delay or prevent a change in control. The issuance of the Company's capital stock may delay or prevent a change in control. Ownership in the Company may be diluted in the future.

 

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Exhibit 99.2

 

 

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Table of Contents

March 31, 2022

 

Forward-Looking Statements and Non-GAAP Measures Disclosures	i
Earnings Press Release	v
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 (Pro-Rata)	8
Reconciliations of Non-GAAP Financial Measures	9
Capital Expenditures and Additional Disclosures	10
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
Unconsolidated Investments	15
Investment Activity:
Property Transactions	16
Summary of In-Process Developments and Redevelopments	17
Development and Redevelopment Current Year Completions	18
Real Estate Information:
Leasing Statistics	19
Annual Base Rent by State	20
Annual Base Rent by CBSA	21
Annual Base Rent by Tenant Category	22
Significant Tenant Rents	23
Tenant Lease Expirations	24
Portfolio Summary Report by State	25
Additional Disclosures and Forward-Looking Information:
Components of NAV	40
Supplemental Details of Lease Income and Tenant & Other Receivables (Pro-Rata)	41
Earnings Guidance	42
Reconciliation of Net Income to Nareit FFO	43
Glossary of Terms	44

 

 

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Forward-Looking Statements and Non-GAAP Measures Disclosures

March 31, 2022

 

Forward-Looking Statements

 

Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency’s future events, developments, or financial or operational performance or results such as our 2022 Guidance, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “should,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “anticipate,” “guidance,” and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained, and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties.
 

 

Our operations are subject to a number of risks and uncertainties including, but not limited to, those risk factors described in our SEC filings. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our other filings and submissions to the SEC. If any of the events described in the risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected. Forward-looking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements except as required by law. These risks and events include, without limitation:

 

Risk Factors Related to Pandemics or other Health Crises

 

 

Risk Factors Related to Operating Retail-Based Shopping Centers

 

 

Supplemental Information i

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Risk Factors Related to Real Estate Investments

 

 

Risk Factors Related to the Environment Affecting Our Properties

 

 

Risk Factors Related to Corporate Matters

 

 

Risk Factors Related to Our Partnerships and Joint Ventures

 

 

Risk Factors Related to Funding Strategies and Capital Structure

 

Supplemental Information ii

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Risk Factors Related to the Market Price for Our Securities

 

 

Risk Factors Relating to the Company’s Qualification as a REIT

 

 

Risk Factors Related to the Company’s Common Stock

 

 

Non-GAAP Measures Disclosures

 

We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes.
 

 

We do not consider non-GAAP measures an alternative to financial measures determined in accordance with GAAP, rather they supplement GAAP measures by providing additional information we believe to be useful to our shareholders. The principal limitation of these non-GAAP financial measures is they may exclude significant expense and income items that are required by GAAP to be recognized in our consolidated financial statements. In addition, they reflect the exercise of management’s judgment about which expense and income items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, reconciliations of the non-GAAP financial measures we use to their most directly comparable GAAP measures are provided. Non-GAAP financial measures should not be relied upon in evaluating the financial condition, results of operations or future prospects of the Company.
 

 

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.

 

Supplemental Information iii

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We do not control the unconsolidated 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 generally 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:

 

 

Because of these limitations, the supplemental details of assets and liabilities and supplemental details of operations should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP results and using the pro-rata details as a supplement.
 

 

The following non-GAAP measures, as defined in the Glossary of Terms, are commonly used by management and the investing public to understand and evaluate our operating results and performance:

 

 

Supplemental Information iv

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		NEWS RELEASE For immediate release   Christy McElroy 904 598 7616 ChristyMcElroy@regencycenters.com

 

Regency Centers Reports First Quarter 2022 Results

JACKSONVILLE, Fla. (May 3, 2022) – Regency Centers Corporation (“Regency” or the “Company”) (Nasdaq: REG) today reported financial and operating results for the period ended March 31, 2022 and provided updated guidance for 2022 Nareit FFO. For the three months ended March 31, 2022 and 2021, Net Income was $1.14 per diluted share and $0.47 per diluted share, respectively.

First Quarter 2022 Highlights

Subsequent Highlights

 

Supplemental Information v

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“The vibrancy of today’s retail environment is evidenced in our healthy operating trends, including robust leasing activity that is resulting in increased occupancy and growing rents,” said Lisa Palmer, President and Chief Executive Officer. “Our portfolio fundamentals continue to benefit from structural tailwinds supporting our suburban trade areas, while our active investment pipeline is indicative of our positive outlook and reflective of the strength of our balance sheet.”

Financial Results

Net Income

Nareit FFO

Core Operating Earnings

Portfolio Performance

Same Property NOI

Leased Occupancy

Supplemental Information vi

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Leasing Activity

Portfolio Enhancement and Capital Allocation

Developments and Redevelopments

Property Transactions

Balance Sheet

Dividend

Supplemental Information vii

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2022 Guidance

Regency Centers has updated its 2022 guidance, as summarized in the table below. Please refer to the Company’s “Business Update” presentation for additional detail on its guidance, as well as in the first quarter 2022 supplemental package. All materials are posted on the Company’s website at investors.regencycenters.com.

 

Full Year 2022 Guidance
All figures pro-rata and in thousands, except per share data
	1Q 2022	Current Guidance	Prior Guidance
Net Income Attributable to Common Stockholders per diluted share	$1.14	$2.50 - $2.56	$1.78 - $1.86
Nareit Funds From Operations (“Nareit FFO”) per diluted share	$1.03	$3.84 - $3.90	$3.72 - $3.80
Core Operating Earnings per diluted share (1)	$0.97	$3.65 - $3.71	$3.56 - $3.64
Same Property Net Operating Income ("SPNOI") Growth (ex. termination fees)	7.8%	0% to +1.5%	-1.25% to +0.25%
Same Property Net Operating Income ("SPNOI") Growth (ex. termination fees, ex. Collection of PY Reserves)	14.9%	+3.5% to +5.0%	+2.75% to +4.25%
Collection of Prior Year Reserves (2)	$9,278	+/- $18,000	+/- $13,000
Certain Non-Cash Items (3)	$11,385	+/- $33,500	+/- $28,000
Includes Impact from Reversal of Uncollectible Straight-Line Rent Receivables - as converted (4)	$3,967	$3,967	$0 as converted
Net G&A expense	$21,108	$82,500 - $85,500	$82,500 - $85,500
Net interest expense	$41,566	$165,000 - $166,000	$163,500 - $164,500
Recurring Third Party Fees & Commissions	$6,405	$24,000 - $25,000	$24,000 - $25,000
Development and Redevelopment Spend	$32,493	+/- $150,000	+/- $150,000
Acquisitions	$41,126	+/- $170,000	+/- $30,000
Cap rate (weighted average)	4.9%	+/- 5.6%	+/- 5.0%
Dispositions	$137,704	+/-$210,000	+/-$150,000
Cap rate (weighted average) (5)	2.2%	+/- 3.7%	2.25% - 2.50%
Forward ATM Settlement (gross) (6)	$0	+/- $65,000	+/- $65,000

 

Supplemental Information viii

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Conference Call Information

To discuss Regency’s first quarter results and provide further business updates, management will host a conference call on Wednesday, May 4, 2022, at 10:00 a.m. ET. Dial-in and webcast information is listed below.

First Quarter 2022 Earnings Conference Call

 

Date:	Wednesday, May 4, 2022
Time:	10:00 a.m. ET
Dial#:	877-407-0789 or 201-689-8562
Webcast:	investors.regencycenters.com

Replay

Webcast Archive: Investor Relations page under Events & Webcasts

Reconciliation of Net Income Attributable to Common Stockholders to Nareit FFO and Core Operating

Earnings - Actual (in thousands)

 

For the Periods Ended March 31, 2022 and 2021		Three Months Ended								Year to Date
		2022				2021				2022				2021
Reconciliation of Net Income to Nareit FFO:
Net Income Attributable to Common Stockholders		$	195,228				80,656			$	195,228				80,656
Adjustments to reconcile to Nareit Funds From Operations (1):
Depreciation and amortization (excluding FF&E)			84,130				84,494				84,130				84,494
Gain on sale of real estate			(102,010	)			(12,070	)			(102,010	)			(12,070	)
Exchangeable operating partnership units			863				364				863				364
Nareit Funds From Operations		$	178,211				153,444			$	178,211				153,444
Reconciliation of Nareit FFO to Core Operating Earnings:
Nareit Funds From Operations		$	178,211				153,444			$	178,211				153,444
Adjustments to reconcile to Core Operating Earnings (1):
Certain Non-Cash Items
Straight line rent			(3,478	)			(3,429	)			(3,478	)			(3,429	)
Uncollectible straight line rent			(2,383	)			2,573				(2,383	)			2,573
Above/below market rent amortization, net			(5,392	)			(5,980	)			(5,392	)			(5,980	)
Debt premium/discount amortization			(106	)			91				(106	)			91
Core Operating Earnings		$	166,852				146,699			$	166,852				146,699
Weighted Average Shares For Diluted Earnings per Share			171,671				170,006				171,671				170,006
Weighted Average Shares For Diluted FFO and Core Operating Earnings per Share			172,431				170,771				172,431				170,771

 

Supplemental Information ix

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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 Attributable to Common Stockholders to pro-rata Same Property NOI.

 

Reconciliation of Net Income Attributable to Common Stockholders to Pro-Rata Same Property NOI – Actual (in thousands)

 

For the Periods Ended March 31, 2022 and 2021		Three Months Ended								Year to Date
		2022				2021				2022				2021
Net income attributable to common stockholders		$	195,228				80,656			$	195,228				80,656
Less:
Management, transaction, and other fees			(6,684	)			(6,393	)			(6,684	)			(6,393	)
Other(1)			(12,621	)			(7,704	)			(12,621	)			(7,704	)
Plus:
Depreciation and amortization			77,842				77,259				77,842				77,259
General and administrative			18,792				21,287				18,792				21,287
Other operating expense			2,173				698				2,173				698
Other (income) expense			(62,716	)			23,752				(62,716	)			23,752
Equity in income of investments in real estate excluded from NOI (2)			12,388				13,301				12,388				13,301
Net income attributable to noncontrolling interests			1,588				969				1,588				969
NOI			225,990				203,825				225,990				203,825
Less non-same property NOI (3)			(4,730	)			(8	)			(4,730	)			(8	)
Same Property NOI		$	221,260				203,817			$	221,260				203,817
Same Property NOI without Termination Fees		$	219,311				203,400			$	219,311				203,400
Same Property NOI without Termination Fees or Redevelopments		$	192,497				178,736			$	192,497				178,736

Reported results are preliminary and not final until the filing of the Company’s Form 10-Q with the SEC and, therefore, remain subject to adjustment.

The Company has published forward-looking statements and additional financial information in its first quarter 2022 supplemental package that may help investors estimate earnings. A copy of the Company’s first quarter 2022 supplemental package will be available on the Company's website at investors.regencycenters.com or by written request to: Investor Relations, Regency Centers Corporation, One Independent Drive, Suite 114, Jacksonville, Florida, 32202. The supplemental 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 includes non-GAAP measures, and there can be no assurance that the information will not vary from the final information in the Company’s Form 10-Q for the period ended March 31, 2022. 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 a preeminent national owner, operator, and developer of shopping centers located in suburban trade areas with compelling demographics. 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.

###

Supplemental Information x

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Non-GAAP Disclosure

We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes.

We do not consider non-GAAP measures an alternative to financial measures determined in accordance with GAAP, rather they supplement GAAP measures by providing additional information we believe to be useful to our shareholders. The principal limitation of these non-GAAP financial measures is they may exclude significant expense and income items that are required by GAAP to be recognized in our consolidated financial statements. In addition, they reflect the exercise of management’s judgment about which expense and income items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, reconciliations of the non-GAAP financial measures we use to their most directly comparable GAAP measures are provided. Non-GAAP financial measures should not be relied upon in evaluating the financial condition, results of operations or future prospects of the Company.

Nareit FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (“Nareit”) defines as net income, computed in accordance with GAAP, excluding gains on sale and impairments of real estate, net of tax, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Regency computes Nareit FFO for all periods presented in accordance with Nareit's definition. Since Nareit FFO excludes depreciation and amortization and gains on sales and impairments of real estate, it provides a performance measure that, when compared year over year, reflects the impact on operations from trends in percent leased, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, Nareit FFO is a supplemental non-GAAP financial measure of the Company's operating performance, which does not represent cash generated from operating activities in accordance with GAAP; and, therefore, should not be considered a substitute measure of cash flows from operations. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to Nareit FFO.

Core Operating Earnings is an additional performance measure that excludes from Nareit FFO: (i) transaction related income or expenses; (ii) gains or losses from the early extinguishment of debt; (iii) certain non-cash components of earnings derived from above and below market rent amortization, straight-line rents, and amortization of mark-to-market of debt adjustments; and (iv) other amounts as they occur. The Company provides a reconciliation of Net Income to Nareit FFO to Core Operating Earnings.

Forward-Looking Statements

Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency’s future events, developments, or financial or operational performance or results such as our 2022 Guidance, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “should,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “anticipate,” “guidance,” and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained, and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties.

Our operations are subject to a number of risks and uncertainties including, but not limited to, those risk factors described in our SEC filings. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our other filings and submissions to the SEC. If any of the events described in the risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected. Forward-looking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements except as required by law. These risks and events include, without limitation:

 

Supplemental Information xi

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Risk Factors

Risk Factors Related to Pandemics or other Health Crises

Pandemics or other health crises, such as the COVID-19 pandemic, may adversely affect our tenants’ financial condition, the profitability of our properties, and our access to the capital markets and could have a material adverse effect on our business, results of operations, cash flows and financial condition.

Risk Factors Related to Operating Retail-Based Shopping Centers

Economic and market conditions may adversely affect the retail industry and consequently reduce our revenues and cash flow, and increase our operating expenses. Shifts in retail trends, sales, and delivery methods between brick and mortar stores, e-commerce, home delivery, and curbside pick-up may adversely impact our revenues and cash flows. Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow. In addition, labor challenges and supply delays and shortages due to a variety of macroeconomic factors, including inflationary pressures, could affect the retail industry. Our success depends on the continued presence and success of our “anchor” tenants. A significant percentage of our revenues are derived from smaller “shop space” tenants and our net income may be adversely impacted if our smaller shop tenants are not successful. We may be unable to collect balances due from tenants in bankruptcy. Many of our costs and expenses associated with operating our properties may remain constant or increase, even if our lease income decreases. Compliance with the Americans with the Disabilities Act and fire, safety and other regulations may have a negative effect on us.

Risk Factors Related to Real Estate Investments

Our real estate assets may decline in value and be subject to impairment losses which may reduce our net income. We face risks associated with development, redevelopment and expansion of properties. We face risks associated with the development of mixed-use commercial properties. We face risks associated with the acquisition of properties. We may be unable to sell properties when desired because of market conditions. Changes in tax laws could impact our acquisition or disposition of real estate.

Risk Factors Related to the Environment Affecting Our Properties

Climate change may adversely impact our properties directly, and may lead to additional compliance obligations and costs as well as additional taxes and fees. Geographic concentration of our properties makes our business more vulnerable to natural disasters, severe weather conditions and climate change. Costs of environmental remediation may impact our financial performance and reduce our cash flow.

Risk Factors Related to Corporate Matters

An increased focus on metrics and reporting relating to environmental, social, and governance (“ESG”) factors may impose additional costs and expose us to new risks. An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue on those properties. Failure to attract and retain key personnel may adversely affect our business and operations. The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data or of Regency’s proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liability and loss of revenues.

Risk Factors Related to Our Partnerships and Joint Ventures

We do not have voting control over all of the properties owned in our co-investment partnerships and joint ventures, so we are unable to ensure that our objectives will be pursued. The termination of our partnerships may adversely affect our cash flow, operating results, and our ability to make distributions to stock and unit holders.

Risk Factors Related to Funding Strategies and Capital Structure

Our ability to sell properties and fund acquisitions and developments may be adversely impacted by higher market capitalization rates and lower NOI at our properties which may dilute earnings. We depend on external sources of capital, which may not be available in the future on favorable terms or at all. Our debt financing may adversely affect our business and financial condition. Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition. Increases in interest rates would cause our borrowing costs to rise and negatively impact our results of

Supplemental Information xii

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operations. Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us. The interest rates on our Unsecured Credit facilities as well as on our variable rate mortgages and interest rate swaps might change based on changes to the method in which LIBOR or its replacement rate is determined.

Risk Factors Related to the Market Price for Our Securities

Changes in economic and market conditions may adversely affect the market price of our securities. There is no assurance that we will continue to pay dividends at historical rates.

Risk Factors Relating to the Company’s Qualification as a REIT

If the Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at regular corporate rates. Dividends paid by REITs generally do not qualify for reduced tax rates. Certain foreign stockholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common stock if we do not qualify as a “domestically controlled” REIT. Legislative or other actions affecting REITs may have a negative effect on us. Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.

Risk Factors Related to the Company’s Common Stock

Restrictions on the ownership of the Company’s capital stock to preserve its REIT status may delay or prevent a change in control. The issuance of the Company's capital stock may delay or prevent a change in control. Ownership in the Company may be diluted in the future.

Supplemental Information xiii

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Summary Financial Information

March 31, 2022

(in thousands, except per share data)

 

		Three Months Ended				Year to Date
		2022		2021		2022		2021
Financial Results
Net income attributable to common stockholders (page 4)		$195,228		$80,656		$195,228		$80,656
Net income per diluted share		$1.14		$0.47		$1.14		$0.47
Nareit Funds From Operations (Nareit FFO) (page 9)		$178,211		$153,444		$178,211		$153,444
Nareit FFO per diluted share		$1.03		$0.90		$1.03		$0.90
Core Operating Earnings (page 9)		$166,852		$146,699		$166,852		$146,699
Core Operating Earnings per diluted share		$0.97		$0.86		$0.97		$0.86
Same Property NOI without termination fees (page 8)		$219,311		$203,400		$219,311		$203,400
% growth		7.8%				7.8%
Operating EBITDAre (page 9)		$210,620		$190,952		$210,620		$190,952
Dividends declared per share and unit		$0.625		$0.595		$0.625		$0.595
Payout ratio of Core Operating Earnings per share (diluted)		64.4%		69.2%		64.4%		69.2%
Diluted share and unit count
Weighted average shares (diluted) - Net income		171,671		170,006		171,671		170,006
Weighted average shares (diluted) - Nareit FFO and Core Operating Earnings		172,431		170,771		172,431		170,771

_________________________________________________________________________________________________

 

		As of		As of		As of		As of
		3/31/2022		12/31/2021		12/31/2020		12/31/2019
Capital Information
Market price per common share		$71.34		$75.35		$45.59		$63.09
Common shares outstanding		171,373		171,213		169,680		167,571
Exchangeable units held by noncontrolling interests		760		760		765		746
Common shares and equivalents issued and outstanding		172,133		171,973		170,445		168,317
Market equity value of common and convertible shares		$12,279,940		$12,958,170		$7,770,596		$10,619,161
Outstanding debt		$4,248,784		$4,235,735		$4,457,742		$4,445,591
Less: cash		(178,730)		(95,027)		(378,450)		(115,562)
Net debt		$4,070,054		$4,140,708		$4,079,292		$4,330,029
Total market capitalization		$16,349,994		$17,098,878		$11,849,888		$14,949,190
Debt metrics (pro-rata; trailing 12 months "TTM")
Net Debt-to-Operating EBITDAre		4.9x		5.1x		6.0x		5.4x
Fixed charge coverage		4.6x		4.5x		3.6x		4.3x

 

Supplemental Information 1

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Summary Real Estate Information

March 31, 2022

(GLA in thousands)

 

Wholly Owned and 100% of Co-investment Partnerships		3/31/2022				12/31/2021				9/30/2021				6/30/2021				3/31/2021
Number of properties		406				405				402				403				406
Number of retail operating properties		402				401				396				396				399
Number of same properties		393				393				394				394				397
Number of properties in redevelopment		6				7				9				10				10
Number of properties in development (1)		3				2				3				3				3
Gross Leasable Area (GLA) - All properties			51,283				51,164				50,600				50,901				51,639
GLA including retailer-owned stores - All properties			55,030				54,910				54,270				54,571				55,588
GLA - Retail operating properties			50,753				50,885				50,079				50,234				50,975
GLA - Same properties			49,553				49,759				49,829				49,984				50,724
GLA - Properties in redevelopment (2)			2,315				2,476				2,758				3,016				2,849
GLA - Properties in development (1)			530				175				281				281				281
Wholly Owned and Pro-Rata Share of Co-investment Partnerships
GLA - All properties			42,805				42,646				42,030				41,709				42,001
GLA including retailer-owned stores - All properties			46,551				46,393				45,700				45,379				45,950
GLA - Retail operating properties			42,274				42,367				41,562				41,169				41,462
GLA - Same properties (3)			41,220				41,278				41,282				41,435				41,432
Spaces > 10,000 sf (3)			25,721				25,720				25,731				25,878				25,905
Spaces < 10,000 sf (3)			15,499				15,558				15,551				15,556				15,527
GLA - Properties in redevelopment (2)			2,315				2,476				2,657				2,915				2,748
GLA - Properties in development (1)			530				175				228				228				228
% leased - All properties		93.9%				94.1%				93.4%				92.5%				92.2%
% leased - Retail operating properties		94.3%				94.2%				93.7%				92.8%				92.5%
% leased - Same properties (3)		94.3%				94.3%				93.8%				92.9%				92.6%
Spaces > 10,000 sf (3)		96.6%				96.9%				96.5%				95.4%				95.1%
Spaces < 10,000 sf (3)		90.3%				89.9%				89.4%				88.8%				88.3%
Average % leased - Same properties (3)		94.2%				93.2%				93.0%				92.7%				92.7%
% commenced - Same properties (3) (4)		92.0%				91.7%				91.5%				90.9%				90.8%
Same property NOI growth - YTD (see page 8)		8.6%				15.8%				16.1%				12.1%				-2.4%
Same property NOI growth without termination fees - YTD (see page 8)		7.8%				16.2%				16.4%				12.8%				-1.6%
Same property NOI growth without termination fees or redevelopments - YTD (see page 8)		7.7%				16.1%				16.2%				13.0%				-1.6%
Rent spreads - Trailing 12 months (5) (see page 19)		6.8%				5.5%				2.3%				1.2%				1.2%

Amounts may not foot due to rounding.

Supplemental Information 2

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Consolidated Balance Sheets

March 31, 2022 and December 31, 2021

(in thousands)

 

		2022				2021
		(unaudited)
Assets:
Net real estate investments:
Real estate assets at cost		$	11,567,492			$	11,495,581
Less: accumulated depreciation			2,235,869				2,174,963
			9,331,623				9,320,618
Investments in real estate partnerships			357,998				372,591
Net real estate investments			9,689,621				9,693,209
Properties held for sale			2,354				25,574
Cash, cash equivalents, and restricted cash			178,730				95,027
Tenant and other receivables (1)			151,852				153,091
Deferred leasing costs, net			64,954				65,741
Acquired lease intangible assets, net			205,333				212,707
Right of use assets			279,892				280,783
Other assets			267,428				266,431
Total assets		$	10,840,164			$	10,792,563
Liabilities and Equity:
Liabilities:
Notes payable		$	3,716,717			$	3,718,944
Accounts payable and other liabilities			278,265				322,271
Acquired lease intangible liabilities, net			362,890				363,276
Lease liabilities			215,705				215,788
Tenants' security, escrow deposits, and prepaid rent			60,895				62,352
Total liabilities			4,634,472				4,682,631
Equity:
Stockholders' Equity:
Common stock, $.01 par			1,714				1,712
Additional paid in capital			7,858,933				7,860,700
Accumulated other comprehensive loss			(1,764	)			(10,227	)
Distributions in excess of net income			(1,726,556	)			(1,814,814	)
Total stockholders' equity			6,132,327				6,037,371
Noncontrolling Interests:
Exchangeable operating partnership units			35,876				35,447
Limited partners' interest			37,489				37,114
Total noncontrolling interests			73,365				72,561
Total equity			6,205,692				6,109,932
Total liabilities and equity		$	10,840,164			$	10,792,563

 

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.

Supplemental Information 3

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Consolidated Statements of Operations

For the Periods Ended March 31, 2022 and 2021

(in thousands)

(unaudited)

 

		Three Months Ended								Year to Date
		2022				2021				2022				2021
Revenues:
Lease income (1)		$	293,645				266,357			$	293,645				266,357
Other property income			3,104				1,953				3,104				1,953
Management, transaction, and other fees			6,684				6,393				6,684				6,393
Total revenues			303,433				274,703				303,433				274,703
Operating Expenses:
Depreciation and amortization			77,842				77,259				77,842				77,259
Operating and maintenance			46,461				45,582				46,461				45,582
General and administrative			18,792				21,287				18,792				21,287
Real estate taxes			36,869				36,166				36,869				36,166
Other operating expense			2,173				698				2,173				698
Total operating expenses			182,137				180,992				182,137				180,992
Other Expense (Income):
Interest expense, net			36,738				36,936				36,738				36,936
Gain on sale of real estate, net of tax			(101,948	)			(11,698	)			(101,948	)			(11,698	)
Net investment loss (income)			2,494				(1,486	)			2,494				(1,486	)
Total other (income) expense			(62,716	)			23,752				(62,716	)			23,752
Income from operations before equity in income of
investments in real estate partnerships			184,012				69,959				184,012				69,959
Equity in income of investments in real estate partnerships			12,804				11,666				12,804				11,666
Net income			196,816				81,625				196,816				81,625
Noncontrolling Interests:
Exchangeable operating partnership units			(863	)			(364	)			(863	)			(364	)
Limited partners' interests in consolidated partnerships			(725	)			(605	)			(725	)			(605	)
Income attributable to noncontrolling interests			(1,588	)			(969	)			(1,588	)			(969	)
Net income attributable to common stockholders		$	195,228				80,656			$	195,228				80,656

 

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.

Supplemental Information 4

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Supplemental Details of Operations (Consolidated Only)

For the Periods Ended March 31, 2022 and 2021

(in thousands)

 

			Three Months Ended								Year to Date
			2022				2021				2022				2021
	Revenues:
*	Base rent		$	199,252				188,480			$	199,252				188,480
*	Recoveries from tenants			67,774				62,597				67,774				62,597
*	Percentage rent			4,948				3,366				4,948				3,366
*	Termination Fees			1,490				337				1,490				337
*	Uncollectible lease income			6,146				2,275				6,146				2,275
*	Other lease income			2,335				2,425				2,335				2,425
	Straight line rent on lease income			6,011				881				6,011				881
	Above/below market rent amortization			5,689				5,996				5,689				5,996
	Lease income (1)			293,645				266,357				293,645				266,357
*	Other property income			3,104				1,953				3,104				1,953
	Property management fees			3,618				3,771				3,618				3,771
	Asset management fees			1,755				1,715				1,755				1,715
	Leasing commissions and other fees			1,311				907				1,311				907
	Management, transaction, and other fees			6,684				6,393				6,684				6,393
	Total revenues			303,433				274,703				303,433				274,703
	Operating Expenses:
	Depreciation and amortization (including FF&E)			77,842				77,259				77,842				77,259
*	Operating and maintenance			42,660				40,188				42,660				40,188
*	Ground rent			3,008				2,789				3,008				2,789
*	Termination expense			-				1,749				-				1,749
	Straight line rent on ground rent			406				436				406				436
	Above/below market ground rent amortization			387				420				387				420
	Operating and maintenance			46,461				45,582				46,461				45,582
	Gross general & administrative			19,251				20,128				19,251				20,128
	Stock-based compensation			4,208				2,479				4,208				2,479
	Capitalized direct development compensation costs			(2,411	)			(2,459	)			(2,411	)			(2,459	)
	General & administrative, net			21,048				20,148				21,048				20,148
	Loss on deferred compensation plan (2)			(2,256	)			1,139				(2,256	)			1,139
	General & administrative			18,792				21,287				18,792				21,287
*	Real estate taxes			36,869				36,166				36,869				36,166
	Other expenses			2,008				532				2,008				532
	Development pursuit costs			165				166				165				166
	Other operating expenses			2,173				698				2,173				698
	Total operating expenses			182,137				180,992				182,137				180,992
	Other Expense (Income):
	Gross interest expense			36,293				35,774				36,293				35,774
	Derivative amortization			109				109				109				109
	Debt cost amortization			1,390				1,979				1,390				1,979
	Debt premium/discount amortization			(115	)			81				(115	)			81
	Capitalized interest			(796	)			(849	)			(796	)			(849	)
	Interest income			(143	)			(158	)			(143	)			(158	)
	Interest expense, net			36,738				36,936				36,738				36,936
	Gain on sale of real estate, net of tax			(101,948	)			(11,698	)			(101,948	)			(11,698	)
	Net investment loss (income) (2)			2,494				(1,486	)			2,494				(1,486	)
	Total other (income) expense			(62,716	)			23,752				(62,716	)			23,752

* Component of Net Operating Income

These consolidated supplemental details of operations should be read in conjunction with the Company's most recent Form 10-Q and Form 10-K filed with the Securities and Exchange Commission.

Supplemental Information 5

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Supplemental Details of Assets and Liabilities (Real Estate Partnerships Only)

March 31, 2022 and December 31, 2021

(in thousands)

 

		Noncontrolling Interests								Share of JVs
		2022				2021				2022				2021
Assets:
Real estate assets at cost		$	(87,706	)			(87,578	)		$	1,272,612				1,280,979
Less: accumulated depreciation			(17,888	)			(17,396	)			439,803				441,893
Net real estate investments			(69,818	)			(70,182	)			832,809				839,086
Cash, cash equivalents, and restricted cash			(2,665	)			(2,669	)			18,455				16,179
Tenant and other receivables (1)			(2,156	)			(2,158	)			22,712				23,899
Deferred leasing costs, net			(1,270	)			(1,278	)			14,857				14,764
Acquired lease intangible assets, net			(366	)			(392	)			6,232				5,566
Right of use assets			(1,610	)			(1,613	)			5,211				5,266
Other assets			(203	)			(66	)			23,644				21,381
Total assets		$	(78,088	)			(78,358	)		$	923,920				926,141
Liabilities:
Notes payable		$	(36,140	)			(36,290	)		$	532,067				516,791
Accounts payable and other liabilities			(2,113	)			(2,577	)			20,420				22,741
Acquired lease intangible liabilities, net			(110	)			(117	)			5,898				5,884
Lease liabilities			(1,921	)			(1,912	)			4,309				4,325
Tenants' security, escrow deposits, and prepaid rent			(315	)			(348	)			3,228				3,809
Total liabilities		$	(40,599	)			(41,244	)		$	565,922				553,550

 

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.

Supplemental Information 6

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Supplemental Details of Operations (Real Estate Partnerships Only)

For the Periods Ended March 31, 2022 and 2021

(in thousands)

 

			Noncontrolling Interests																Share of JVs
			Three Months Ended								Year to Date								Three Months Ended								Year to Date
			2022				2021				2022				2021				2022				2021				2022				2021
	Revenues:
*	Base rent		$	(1,987	)			(1,827	)		$	(1,987	)			(1,827	)		$	24,776				26,076			$	24,776				26,076
*	Recoveries from tenants			(537	)			(554	)			(537	)			(554	)			8,525				8,686				8,525				8,686
*	Percentage rent			(1	)			-				(1	)			-				571				445				571				445
*	Termination Fees			-				(1	)			-				(1	)			459				91				459				91
*	Uncollectible lease income			(13	)			(69	)			(13	)			(69	)			549				155				549				155
*	Other lease income			(32	)			(31	)			(32	)			(31	)			301				339				301				339
	Straight line rent on lease income			(39	)			(8	)			(39	)			(8	)			324				387				324				387
	Above/below market rent amortization			(2	)			(7	)			(2	)			(7	)			102				421				102				421
	Lease income (1)			(2,611	)			(2,497	)			(2,611	)			(2,497	)			35,607				36,600				35,607				36,600
*	Other property income			(3	)			(3	)			(3	)			(3	)			126				(55	)			126				(55	)
	Asset management fees			-				-				-				-				(279	)			(268	)			(279	)			(268	)
	Management, transaction, and other fees			-				-				-				-				(279	)			(268	)			(279	)			(268	)
	Total revenues			(2,614	)			(2,500	)			(2,614	)			(2,500	)			35,454				36,277				35,454				36,277
	Operating Expenses:
	Depreciation and amortization (including FF&E)			(645	)			(692	)			(645	)			(692	)			7,422				8,502				7,422				8,502
*	Operating and maintenance			(492	)			(445	)			(492	)			(445	)			5,599				5,955				5,599				5,955
*	Ground rent			(29	)			(27	)			(29	)			(27	)			68				89				68				89
	Straight line rent on ground rent			(15	)			(16	)			(15	)			(16	)			30				30				30				30
	Above/below market ground rent amortization			-				-				-				-				10				10				10				10
	Operating and maintenance			(536	)			(488	)			(536	)			(488	)			5,707				6,084				5,707				6,084
	General & administrative, net			-				-				-				-				60				110				60				110
*	Real estate taxes			(338	)			(330	)			(338	)			(330	)			4,448				4,726				4,448				4,726
	Other expenses			(32	)			(35	)			(32	)			(35	)			246				244				246				244
	Development pursuit costs			-				-				-				-				1				-				1				-
	Other operating expenses			(32	)			(35	)			(32	)			(35	)			247				244				247				244
	Total operating expenses			(1,551	)			(1,545	)			(1,551	)			(1,545	)			17,884				19,666				17,884				19,666
	Other Expense (Income):
	Gross interest expense			(328	)			(336	)			(328	)			(336	)			4,641				5,120				4,641				5,120
	Debt cost amortization			(10	)			(14	)			(10	)			(14	)			178				187				178				187
	Debt premium/discount amortization			-				-				-				-				9				10				9				10
	Interest expense, net			(338	)			(350	)			(338	)			(350	)			4,828				5,317				4,828				5,317
	Gain on sale of real estate			-				-				-				-				(62	)			(372	)			(62	)			(372	)
	Total other expense (income)			(338	)			(350	)			(338	)			(350	)			4,766				4,945				4,766				4,945

* Component of Net Operating Income

 

Note

Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities and Share of JVs represents the Company’s share of co-investment partnerships’ activities, of which each are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP.

Supplemental Information 7

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Supplemental Details of Same Property NOI (Pro-Rata)

For the Periods Ended March 31, 2022 and 2021

(in thousands)

 

		Three Months Ended								Year to Date
		2022				2021				2022				2021
Same Property NOI Detail:
Real Estate Revenues:
Base rent		$	218,187				212,428			$	218,187				212,428
Recoveries from tenants			74,257				70,757				74,257				70,757
Percentage rent			5,498				3,814				5,498				3,814
Termination fees			1,949				417				1,949				417
Uncollectible lease income			6,757				1,731				6,757				1,731
Other lease income			2,602				2,693				2,602				2,693
Other property income			2,396				1,293				2,396				1,293
Total real estate revenues			311,646				293,133				311,646				293,133
Real Estate Operating Expenses:
Operating and maintenance			47,520				46,015				47,520				46,015
Real estate taxes			39,953				40,362				39,953				40,362
Ground rent			2,913				2,939				2,913				2,939
Total real estate operating expenses			90,386				89,316				90,386				89,316
Same Property NOI		$	221,260				203,817			$	221,260				203,817
% change			8.6	%							8.6	%
Same Property NOI without Termination Fees		$	219,311				203,400			$	219,311				203,400
% change			7.8	%							7.8	%
Same Property NOI without Termination Fees or Redevelopments		$	192,497				178,736			$	192,497				178,736
% change			7.7	%							7.7	%
Reconciliation of Net Income Attributable to Common Stockholders to Same Property NOI:
Net income attributable to common stockholders		$	195,228				80,656			$	195,228				80,656
Less:
Management, transaction, and other fees			(6,684	)			(6,393	)			(6,684	)			(6,393	)
Other (1)			(12,621	)			(7,704	)			(12,621	)			(7,704	)
Plus:
Depreciation and amortization			77,842				77,259				77,842				77,259
General and administrative			18,792				21,287				18,792				21,287
Other operating expense			2,173				698				2,173				698
Other (income) expense			(62,716	)			23,752				(62,716	)			23,752
Equity in income of investments in real estate excluded from NOI (2)			12,388				13,301				12,388				13,301
Net income attributable to noncontrolling interests			1,588				969				1,588				969
NOI			225,990				203,825				225,990				203,825
Less non-same property NOI (3)			(4,730	)			(8	)			(4,730	)			(8	)
Same Property NOI		$	221,260				203,817			$	221,260				203,817

Supplemental Information 8

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Reconciliations of Non-GAAP Financial Measures

For the Periods Ended March 31, 2022 and 2021

(in thousands, except per share data)

 

		Three Months Ended								Year to Date
		2022				2021				2022				2021
Reconciliation of Net Income to Nareit FFO:
Net Income Attributable to Common Stockholders		$	195,228				80,656			$	195,228				80,656
Adjustments to reconcile to Nareit Funds From Operations (1):
Depreciation and amortization (excluding FF&E)			84,130				84,494				84,130				84,494
Gain on sale of real estate			(102,010	)			(12,070	)			(102,010	)			(12,070	)
Exchangeable operating partnership units			863				364				863				364
Nareit Funds From Operations		$	178,211				153,444			$	178,211				153,444
Nareit FFO per share (diluted)		$	1.03				0.90			$	1.03				0.90
Weighted average shares (diluted)			172,431				170,771				172,431				170,771
Reconciliation of Nareit FFO to Core Operating Earnings:
Nareit Funds From Operations		$	178,211				153,444			$	178,211				153,444
Adjustments to reconcile to Core Operating Earnings (1):
Certain Non Cash Items
Straight line rent			(3,478	)			(3,429	)			(3,478	)			(3,429	)
Uncollectible straight line rent			(2,383	)			2,573				(2,383	)			2,573
Above/below market rent amortization, net			(5,392	)			(5,980	)			(5,392	)			(5,980	)
Debt premium/discount amortization			(106	)			91				(106	)			91
Core Operating Earnings		$	166,852				146,699			$	166,852				146,699
Core Operating Earnings per share (diluted)		$	0.97				0.86			$	0.97				0.86
Weighted average shares (diluted)			172,431				170,771				172,431				170,771
Reconciliation of Net Income to Nareit EBITDAre:
Net Income		$	196,816				81,625			$	196,816				81,625
Adjustments to reconcile to Nareit EBITDAre (2):
Interest expense			41,709				42,411				41,709				42,411
Income tax expense			120				60				120				60
Depreciation and amortization			85,264				85,761				85,264				85,761
Gain on sale of real estate			(102,010	)			(12,070	)			(102,010	)			(12,070	)
Nareit EBITDAre		$	221,899				197,787			$	221,899				197,787
Reconciliation of Nareit EBITDAre to Operating EBITDAre:
Nareit EBITDAre		$	221,899				197,787			$	221,899				197,787
Adjustments to reconcile to Operating EBITDAre (2):
Straight line rent, net			(5,885	)			(848	)			(5,885	)			(848	)
Above/below market rent amortization, net			(5,394	)			(5,987	)			(5,394	)			(5,987	)
Operating EBITDAre		$	210,620				190,952			$	210,620				190,952

 

Supplemental Information 9

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Capital Expenditures and Additional Disclosures

For the Periods Ended March 31, 2022 and 2021

(in thousands)

 

		Three Months Ended								Year to Date
		2022				2021				2022				2021
Capital Expenditures:
Operating Properties (1)
Tenant allowance and landlord work		$	9,895				5,666			$	9,895				5,666
Leasing commissions			2,914				2,279				2,914				2,279
Leasing Capital Expenditures			12,809				7,945				12,809				7,945
Building improvements			6,230				1,751				6,230				1,751
Operating Capital Expenditures		$	19,039				9,696			$	19,039				9,696
Development & Redevelopment Properties (1)
Ground-up development		$	16,429				4,361			$	16,429				4,361
Redevelopment			16,064				18,656				16,064				18,656
Development & Redevelopment Expenditures		$	32,493				23,017			$	32,493				23,017
Additional Disclosures:
Other Non Cash Expense (2)
Derivative amortization		$	110				109			$	110				109
Debt cost amortization			1,557				2,152				1,557				2,152
Stock-based compensation			4,208				2,479				4,208				2,479
Other Non Cash Expense		$	5,875				4,740			$	5,875				4,740

 

Supplemental Information 10

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Summary of Consolidated Debt

March 31, 2022 and December 31, 2021

(in thousands)

 

Total Debt Outstanding:		3/31/2022				12/31/2021
Notes Payable:
Fixed rate mortgage loans		$	466,712			$	469,953
Variable-rate mortgage loans			4,918				5,000
Fixed rate unsecured public debt			3,051,362				3,050,632
Fixed rate unsecured private debt			193,725				193,359
Total		$	3,716,717			$	3,718,944

 

Schedule of Maturities by Year:		Scheduled Principal Payments				Mortgage Loan Maturities				Unsecured Maturities (1)				Total				Weighted Average Contractual Interest Rate on Maturities
2022		$	8,542				5,848				-				14,390			7.68%
2023			9,695				59,376				-				69,071			3.35%
2024			4,849				90,742				250,000				345,591			3.70%
2025			3,732				45,000				250,000				298,732			3.75%
2026			3,922				88,000				200,000				291,922			3.83%
2027			3,788				137,915				525,000				666,703			3.66%
2028			2,799				170				300,000				302,969			4.13%
2029			22				146				425,000				425,168			2.95%
2030			24				-				600,000				600,024			3.70%
2031			26				-				-				26			0.00%
>10 years			2				3				725,000				725,005			4.56%
Unamortized debt premium/(discount), net of issuance costs			-				7,029				(29,913	)			(22,884	)
		$	37,401				434,229				3,245,087				3,716,717			3.83%

 

Percentage of Total Debt:		3/31/2022		12/31/2021
Fixed		99.9%		99.1%
Variable		0.1%		0.9%
Current Weighted Average Contractual Interest Rates:(2)
Fixed		3.8%		3.8%
Variable		1.7%		1.6%
Combined		3.8%		3.8%
Current Weighted Average Effective Interest Rate:(3)
Combined		4.0%		4.1%
Average Years to Maturity:
Fixed		9.4		9.6
Variable		3.0		1.2

 

Supplemental Information 11

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Summary of Consolidated Debt

March 31, 2022 and December 31, 2021

(in thousands)

 

				Contractual			Effective
Lender		Collateral		Rate			Rate(1)		Maturity		3/31/2022				12/31/2021
Secured Debt - Fixed Rate Mortqaqe Loans
John Hancock Life Insurance Company		Kirkwood Commons		7.68%					10/01/22		$	6,283			$	6,495
Wells Fargo		Hewlett I		4.41%					01/06/23			9,015				9,061
TD Bank		Black Rock Shopping Center		2.80%					04/01/23			18,932				19,029
State Farm Life Insurance Company		Tech Ridge Center		5.83%					06/01/23			1,734				2,066
American United Life Insurance Company		Westport Plaza		7.49%					08/01/23			1,709				1,789
TD Bank		Brickwalk Shopping Center		3.19%					11/01/23			31,607				31,763
Genworth Life Insurance Company		Aventura, Oakbrook & Treasure Coast		6.50%					02/28/24			6,093				6,801
Prudential Insurance Company of America		4S Commons Town Center		3.50%					06/05/24			82,107				82,531
Ellis Partners		Pruneyard		4.00%					06/30/24			2,200				2,200
Great-West Life & Annuity Insurance Co		Erwin Square		3.78%					09/01/24			10,000				10,000
PNC Bank		Circle Marina Center		2.54%					03/17/25			24,000				24,000
Prudential Insurance Company of America		Country Walk Plaza		3.91%					11/05/25			16,000				16,000
Metropolitan Life Insurance Company		Westbury Plaza		3.76%					02/01/26			88,000				88,000
The Guardian Life Insurance of America		Willa Springs		3.81%					03/01/27			16,700				16,700
The Guardian Life Insurance of America		Alden Bridge		3.81%					03/01/27			26,000				26,000
The Guardian Life Insurance of America		Bethany Park Place		3.81%					03/01/27			10,200				10,200
The Guardian Life Insurance of America		Blossom Valley		3.81%					03/01/27			22,300				22,300
The Guardian Life Insurance of America		Dunwoody Hall		3.81%					03/01/27			13,800				13,800
The Guardian Life Insurance of America		Hasley Canyon Village		3.81%					03/01/27			16,000				16,000
PNC Bank		Fellsway Plaza		4.07%					06/02/27			35,876				36,019
New York Life Insurance		Oak Shade Town Center		6.05%					05/10/28			5,426				5,606
New York Life Insurance		Von's Circle Center		5.20%					10/10/28			5,574				5,751
New York Life Insurance		Copps Hill Plaza		6.06%					01/01/29			9,856				10,145
City of Rollingwood		Shops at Mira Vista		8.00%					03/01/32			189				192
Unamortized premiums on assumed debt of acquired properties, net of issuance costs												7,111				7,505
Total Fixed Rate Mortgage Loans				3.83%			3.50%				$	466,712			$	469,953
Unsecured Debt
Debt Offering (5/16/14)		Fixed-rate unsecured		3.75%					06/15/24		$	250,000			$	250,000
Debt Offering (8/17/15)		Fixed-rate unsecured		3.90%					11/01/25			250,000				250,000
Debt Placement (5/11/16)		Fixed-rate unsecured		3.81%					05/11/26			100,000				100,000
Debt Placement (8/11/16)		Fixed-rate unsecured		3.91%					08/11/26			100,000				100,000
Debt Offering (1/17/17)		Fixed-rate unsecured		3.60%					02/01/27			525,000				525,000
Debt Offering (3/9/18)		Fixed-rate unsecured		4.13%					03/15/28			300,000				300,000
Debt Offering (8/13/19)		Fixed-rate unsecured		2.95%					09/15/29			425,000				425,000
Debt Offering (5/13/20)		Fixed-rate unsecured		3.70%					06/15/30			600,000				600,000
Debt Offering (1/17/17)		Fixed-rate unsecured		4.40%					02/01/47			425,000				425,000
Debt Offering (3/6/19)		Fixed-rate unsecured		4.65%					03/15/49			300,000				300,000
Revolving Line of Credit		Variable-rate unsecured		LIBOR + 0.865%	(2)				03/23/25			-				-
Unamortized debt discount and issuance costs												(29,913	)			(31,009	)
Total Unsecured Debt, Net of Discounts				3.83%			3.98%				$	3,245,087			$	3,243,991
Variable Rate Mortgage Loans
PNC Bank		Market at Springwoods Village		SOFR + 1.40%					03/28/25		$	5,000			$	5,000
Unamortized debt discount and issuance costs												(82	)			-
Total Variable Rate Mortgage Loans				1.69%			1.70%				$	4,918			$	5,000
Total				3.83%			4.03%				$	3,716,717			$	3,718,944

 

Supplemental Information 12

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Summary of Unsecured Debt Covenants and Leverage Ratios

March 31, 2022

(in thousands)

 

Outstanding Unsecured Public Debt:		Origination		Maturity		Rate		Balance
		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
		08/20/19		09/15/29		2.950%		$	425,000
		05/13/20		06/15/30		3.700%		$	600,000
		01/17/17		02/01/47		4.400%		$	425,000
		03/06/19		03/15/49		4.650%		$	300,000

 

Unsecured Public Debt Covenants:		Required		3/31/2022		12/31/2021		9/30/2021		6/30/2021		3/31/2021
Fair Market Value Calculation Method Covenants (1) (2)
Total Consolidated Debt to Total Consolidated Assets		≤ 65%		26%		27%		27%		27%		28%
Secured Consolidated Debt to Total Consolidated Assets		≤ 40%		3%		3%		4%		3%		3%
Consolidated Income for Debt Service to Consolidated Debt Service		≥ 1.5x		5.6x		5.5x		5.1x		4.6x		4.3x
Unencumbered Consolidated Assets to Unsecured Consolidated Debt		>150%		394%		388%		383%		375%		366%
Ratios:				3/31/2022		12/31/2021		9/30/2021		6/30/2021		3/31/2021
Consolidated Only
Net debt to total market capitalization				22.4%		21.9%		22.6%		23.5%		26.6%
Net debt to real estate assets, before depreciation				29.7%		30.4%		28.9%		29.2%		30.3%
Net debt to total assets, before depreciation				27.4%		28.1%		26.8%		27.0%		28.0%
Net debt to Operating EBITDAre - TTM				4.4x		4.6x		4.5x		4.7x		5.3x
Fixed charge coverage				5.2x		5.1x		4.8x		4.4x		4.0x
Interest coverage				5.6x		5.5x		5.2x		4.8x		4.3x
Unsecured assets to total real estate assets				89.5%		89.4%		88.7%		89.7%		89.7%
Unsecured NOI to total NOI - TTM				90.8%		90.6%		89.8%		90.7%		90.5%
Unencumbered assets to unsecured debt				318%		318%		309%		307%		307%
Total Pro-Rata Share
Net debt to total market capitalization				24.9%		24.2%		25.2%		26.3%		29.4%
Net debt to real estate assets, before depreciation				31.7%		32.3%		30.9%		31.3%		32.2%
Net debt to total assets, before depreciation				29.3%		29.8%		28.6%		28.9%		29.7%
Net debt to Operating EBITDAre - TTM				4.9x		5.1x		5.0x		5.3x		5.9x
Fixed charge coverage				4.6x		4.5x		4.2x		3.9x		3.6x
Interest coverage				5.0x		4.9x		4.7x		4.3x		3.9x

 

Supplemental Information 13

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Summary of Unconsolidated Debt

March 31, 2022 and December 31, 2021

(in thousands)

 

Total Debt Outstanding:		3/31/2022				12/31/2021
Mortgage loans payable:
Fixed rate secured loans		$	1,394,998			$	1,345,904
Variable rate secured loans			91,676				91,663
Unsecured credit facilities variable rate			7,300				7,300
Total		$	1,493,974			$	1,444,867

 

Schedule of Maturities by Year:		Scheduled Principal Payments				Mortgage Loan Maturities				Unsecured Maturities				Total				Regency's Pro Rata Share				Weighted Average Contractual Interest Rate on Maturities
2022		$	5,106				64,843				7,300				77,249				26,473			3.96%
2023			3,194				263,431				-				266,625				97,275			4.02%
2024			2,205				33,690				-				35,895				14,298			3.88%
2025			3,433				137,000				-				140,433				42,567			3.57%
2026			3,807				125,255				-				129,062				42,211			3.62%
2027			3,802				32,800				-				36,602				12,420			2.64%
2028			3,235				83,596				-				86,831				27,177			4.03%
2029			2,724				60,000				-				62,724				12,959			4.34%
2030			1,860				179,317				-				181,177				70,399			2.88%
2031			370				352,240				-				352,610				137,070			3.14%
>10 Years			1,004				134,497				-				135,501				52,900			3.09%
Unamortized debt premium/(discount) and issuance costs (2)			-				(10,735	)			-				(10,735	)			(3,682	)
		$	30,740				1,455,934				7,300				1,493,974				532,067			3.49%

 

Percentage of Total Debt:		3/31/2022		12/31/2021
Fixed		93.4%		93.2%
Variable		6.6%		6.8%
Current Weighted Average Contractual Interest Rates:(1)
Fixed		3.6%		3.7%
Variable		2.6%		2.5%
Combined		3.5%		3.6%
Current Weighted Average Effective Interest Rates:(2)
Combined		3.6%		3.7%
Average Years to Maturity:
Fixed		6.2		5.6
Variable		1.0		0.3

 

Supplemental Information 14

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Unconsolidated Investments

March 31, 2022

(in thousands)

 

																		Regency
Investment Partner and		Number of				Total				Total				Total				Ownership		Share				Investment				Equity
Portfolio Summary Abbreviation		Properties				GLA				Assets				Debt				Interest		of Debt				3/31/2022				Pick-up
State of Oregon
(JV-C, JV-C2)			20				2,273			$	543,377			$	265,919			20.00%		$	53,184			$	49,337			$	1,078
(JV-CCV)			1				559				95,030				74,755			30.00%			22,426				5,546				266
			21				2,832				638,407				340,674
GRI
(JV-GRI)			66				8,427				1,501,808				971,500			40.00%			388,600				131,269				9,373
CalSTRS
(JV-RC) (1)			6				614				103,466				-			25.00%			-				25,049				626
NYSCRF
(JV-NYC)			2				281				82,280				46,460			30.00%			13,938				11,868				266
Publix
(JV-O)			2				211				25,396				-			50.00%			-				12,596				440
Individual Investors
Ballard Blocks			2				249				129,397				-			49.90%			-				63,865				274
Town and Country Center			1				230				207,725				91,676			35.00%			32,086				39,373				186
Others			3				352				91,046				43,664			31% - 50%			21,833				19,095				295
			103				13,196			$	2,779,525			$	1,493,974					$	532,067			$	357,998			$	12,804

 

Supplemental Information 15

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Property Transactions

March 31, 2022

(in thousands)

 

Acquisitions:

 

Date	Property Name	Co-investment Partner (REG %)	Market	Total GLA	Regency's Share of Purchase Price	Weighted Average Cap Rate	Anchor(s)
Mar-22	Naperville Plaza	Oregon (20%)	Chicago, IL	115	$10,476		Trader Joe's, Casey's Foods, Oswald Pharmacy
Mar-22	Island Village		Seattle, WA	106	30,650		Safeway, Rite Aid
	Property Total			221	$41,126	4.9%

 

Dispositions:

 

Date	Property Name	Co-investment Partner (REG %)	Market	Total GLA			Regency's Share of Sales Price			Weighted Average Cap Rate	Anchor(s)
Jan-22	Costa Verde Center		San Diego, CA	179			$	125,000			Bristol Farms
Mar-22	Valley Centre	GRI (40%)	Baltimore, MD	220				12,704			Aldi, Michael's, PetSmart, TJ Maxx, Ross Dress for Less, Surplus Furniture & Mattress
	Property/Outparcel(s) Total				399		$	137,704		2.2% (1)
	Non-Income Producing Land Total						$	950

Note: Retailers in parenthesis are shadow anchors and not a part of the owned property.

 

Supplemental Information 16

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Summary of In-Process Developments and Redevelopments

March 31, 2022

(in thousands)

 

In-Process Developments and Redevelopments (1)
Shopping Centers		Market		Grocer/Anchor Tenant		Center GLA				Center % Leased		Project Start		Est Initial Rent Commencement(a)		Est Stabilization Year(b)		REG'S Est Net Project Costs				% of Costs Incurred		Stabilized Yield(c)
Ground-up Developments						382				67%								$	90,673			51%		7% +/-
Carytown Exchange - Phase I & II (2)(3)		Richmond, VA		Publix			74			71%		Q4-2018		2H-2020		2023			29,223			77%		6 - 7%
East San Marco (2)		Jacksonville, FL		Publix			59			88%		Q4-2020		2H-2022		2024			19,519			66%		7 - 8%
Glenwood Green (2)(3)		Old Bridge, NJ		ShopRite/Target			248			61%		Q1-2022		2H-2023		2025			41,931			25%		6 - 7%
Redevelopments							3,227			90%								$	257,592			59%		7 - 8%
The Crossing Clarendon (4)		Metro DC		Life Time			129			97%		Q4-2018		1H-2022		2024			57,048			65%		8% +/-
The Abbot		Boston, MA		Retail/Office Users			65			46%		Q2-2019		2H-2022		2023			58,116			74%		8 - 9%
Sheridan Plaza		Hollywood, FL		Publix, Burlington			507			94%		Q3-2019		2H-2020		2022			12,115			89%		9 - 10%
Preston Oaks (2)		Dallas, TX		H.E.B.			102			83%		Q4-2020		1H-2021		2023			22,327			69%		6% +/-
Serramonte Center		San Francisco, CA		Macy's/Target/Dick's Sporting Goods/ Ross/Nordstrom Rack			1,075			88%		Q4-2020		2H-2021		2026			55,000			57%		5% +/-
Westbard Square Phase I (4)(5)		Bethesda, MD		Giant			123			57%		Q2-2021		2H-2023		2025			37,038			22%		6% +/-
Various Redevelopments (est costs < $10 million individually)							1,227			95%									15,948			34%		9% +/-
Total In-Process (In Construction)							3,608			87%								$	348,265			57%		7 - 8%

 

In Process Development and Redevelopment Descriptions

Ground-up Developments

Carytown Exchange - Phase I & II

Located in Richmond's most desirable retail corridor, Carytown is a ground-up development anchored by Publix and complemented by street retail and structured parking. The Publix, Shop Bldg B, Shop Bldg E, and structured parking are now complete. Phase II commenced in 2Q21, and includes further value creation in the form of two additional multi-tenant buildings (Shop Bldgs A & C) totaling 36k SF.

East San Marco

Located in one of the most desirable areas of Jacksonville, FL, East San Marco is an infill ground-up retail development anchored by Publix. In addition, an adjacent parcel sold in August 2021 to a residential builder for housing.

Glenwood Green

Located in Old Bridge, NJ and situated on Route 9, Glenwood Green is a 350k SF ground-up development anchored by Target, ShopRite and a medical office building. The project is located 30 miles south of New York City and will serve as the retail hub of a new 250-acre master planned community.

Redevelopments

The Crossing Clarendon

Redevelopment of vacant, four-story, 1960's-era office building into a modern 130k SF mixed-use "Loft" building to complement the existing dominant, mixed-use center in Arlington, VA. The building will include ground floor retail and 110k SF of space leased to high-end health club Life Time.

The Abbot

Generational redevelopment and modernization of 3 historic buildings in the heart of Harvard Square into an unparalleled mixed-use project with flagship retail and Class A office space.

Sheridan Plaza

Repositioning with addition of Burlington, façade renovations and other placemaking enhancements.

Preston Oaks

Redevelopment includes substantial rebuild following tornado damage of a 101k SF, anchored by H.E.B. Central Market shopping center, and located in Dallas, TX. Redevelopment spend is reimbursable through insurance proceeds.

Serramonte Center

Redevelopment includes continued enhancement of a Class A mall in a premier location that includes the addition of new retail that will augment the evolving merchandising mix, redevelopment of the former J.C. Penney space, and additional redevelopment considerations in the northwest portion of the site. Redevelopment represents multiple phases occurring over approximately 4 years, with expected stabilization around 2026.

Westbard Square Phase I

Existing property includes a Giant-anchored retail center, a 3-level office building, 2 gas stations, and a vacant senior housing building. Phase I of the redevelopment will include construction of a 123k SF retail building anchored by a 70k SF Giant, and realignment of Westbard Avenue at the intersection with River Road. Regency will also participate in a joint venture whereby the partner will construct a ~100-unit senior living building.

Various Redevelopments (est costs < $10 million individually)

Various Redevelopment properties where estimated incremental costs at each project are less than $10 million.

See page 18 for footnotes

Supplemental Information 17

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Development and Redevelopment Current Year Completions

March 31, 2022

(in thousands)

 

 

Current Year Development and Redevelopment Completions
Shopping Center Name		Market		Center GLA				Center % Leased		Project Start		Est Initial Rent Commencement(a)		Est Stabilization Year(b)		REG's Est Net Project Costs				% of Costs Incurred		Stabilized Yield(c)
Ground-up Developments
None
Redevelopments					243			96%								$	8,916			90%		7%
Various Redevelopments (est costs < $10 million individually)					243			96%									8,916			90%		7%
Total Completions					243			96%								$	8,916			90%		7%

Note: Regency’s Estimate of Net GAAP Project Costs, after additional interest and overhead capitalization, are $379,613 for Ground-up Developments and Redevelopments In-Process. Percent of costs incurred is 59% for Ground-up Developments and Redevelopments In-Process.

Supplemental Information 18

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Leasing Statistics

March 31, 2022

(Retail Operating Properties Only)

 

Leasing Statistics - Comparable
Total		Leasing Transactions				GLA (in 000s)				New Base Rent/Sq. Ft				Rent Spread %		Weighted Avg. Lease Term				Tenant Allowance and Landlord Work/Sq. Ft.
1st Quarter 2022			377				1,688			$	25.00			6.5%			5.5			$	3.82
4th Quarter 2021			400				1,753				27.44			12.9%			6.1				5.19
3rd Quarter 2021			421				2,019				24.06			5.1%			5.9				5.68
2nd Quarter 2021			432				1,881				25.11			2.7%			5.8				5.21
Total - 12 months			1,630				7,341			$	25.35			6.8%			5.8			$	5.01
New Leases		Leasing Transactions				GLA (in 000s)				New Base Rent/Sq. Ft				Rent Spread %		Weighted Avg. Lease Term				Tenant Allowance and Landlord Work/Sq. Ft.
1st Quarter 2022			88				230			$	31.77			8.1%			8.3			$	22.94
4th Quarter 2021			111				414				28.66			45.6%			8.0				18.14
3rd Quarter 2021			107				282				30.77			0.8%			8.0				29.47
2nd Quarter 2021			116				320				29.80			-0.2%			8.6				25.38
Total - 12 months			422				1,246			$	29.96			13.6%			8.2			$	23.41
Renewals		Leasing Transactions				GLA (in 000s)				New Base Rent/Sq. Ft				Rent Spread %		Weighted Avg. Lease Term				Tenant Allowance and Landlord Work/Sq. Ft.
1st Quarter 2022			289				1,458			$	24.00			6.2%			5.1			$	1.00
4th Quarter 2021			289				1,339				27.01			4.1%			5.4				0.65
3rd Quarter 2021			314				1,737				22.85			6.2%			5.6				1.41
2nd Quarter 2021			316				1,561				24.04			3.6%			5.1				0.62
Total - 12 months			1,208				6,095			$	24.34			5.1%			5.3			$	0.95
Leasing Statistics - Comparable and Non-comparable
Total		Leasing Transactions				GLA (in 000s)				New Base Rent/Sq. Ft						Weighted Avg. Lease Term				Tenant Allowance and Landlord Work/Sq. Ft.
1st Quarter 2022			452				2,103			$	25.86						5.7			$	7.53
4th Quarter 2021			483				2,208				27.55						6.5				13.62
3rd Quarter 2021			501				2,420				23.25						6.7				8.48
2nd Quarter 2021			527				2,147				25.34						5.7				7.46
Total - 12 months			1,963				8,878			$	25.44						6.2			$	9.36

 

Notes:

Supplemental Information 19

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Annual Base Rent by State

March 31, 2022

(in thousands)

 

State		Number of Properties				GLA				% Leased (1)				ABR				ABR/Sq. Ft.				% of Number of Properties				% of GLA				% of ABR
California			70				9,031				93.7	%		$	246,975			$	29.02				17.2	%			21.1	%			26.3	%
Florida			96				11,041				93.8	%			202,439				19.50				23.6	%			25.8	%			21.5	%
Texas			30				3,499				96.9	%			69,409				20.42				7.4	%			8.2	%			7.4	%
New York			16				1,805				94.0	%			59,776				35.21				3.9	%			4.2	%			6.4	%
Virginia			21				1,668				91.5	%			44,824				28.73				5.2	%			3.9	%			4.8	%
Georgia			22				2,127				93.1	%			44,578				22.66				5.4	%			5.0	%			4.7	%
Connecticut			15				1,526				90.8	%			35,779				25.59				3.7	%			3.6	%			3.8	%
Washington			17				1,267				97.4	%			33,781				27.43				4.2	%			3.0	%			3.6	%
North Carolina			18				1,613				93.6	%			33,010				21.58				4.4	%			3.8	%			3.5	%
Illinois			10				1,338				95.8	%			25,047				20.29				2.5	%			3.1	%			2.7	%
Massachusetts			8				897				94.5	%			24,067				28.28				2.0	%			2.1	%			2.6	%
Colorado			19				1,404				94.5	%			21,437				16.05				4.7	%			3.3	%			2.3	%
Ohio			8				1,217				92.6	%			15,849				13.25				2.0	%			2.8	%			1.7	%
Maryland			11				601				98.0	%			15,591				28.04				2.7	%			1.4	%			1.7	%
Oregon			8				779				95.8	%			15,215				20.27				2.0	%			1.8	%			1.6	%
Pennsylvania			9				594				91.3	%			14,584				26.35				2.2	%			1.4	%			1.6	%
New Jersey			6				688				78.0	%			11,548				21.51				1.5	%			1.6	%			1.2	%
Indiana			3				335				96.0	%			5,441				16.95				0.7	%			0.8	%			0.6	%
Tennessee			3				314				98.3	%			5,320				17.03				0.7	%			0.7	%			0.6	%
Missouri			4				408				99.5	%			4,462				10.98				1.0	%			1.0	%			0.5	%
Delaware			2				254				92.8	%			4,086				17.33				0.5	%			0.6	%			0.4	%
Minnesota			5				205				98.0	%			3,606				17.93				1.2	%			0.5	%			0.4	%
South Carolina			2				83				98.7	%			2,052				25.06				0.5	%			0.2	%			0.2	%
Washington, D.C.			2				12				93.5	%			914				78.62				0.5	%			0.0	%			0.1	%
Michigan			1				97				74.0	%			616				8.56				0.2	%			0.2	%			0.1	%
Total All Properties			406				42,805				93.9	%		$	940,406			$	23.32				100.0	%			100.0	%			100.0	%

Note: Represents Regency's wholly owned and pro-rata share of co-investment partnerships.

 

Supplemental Information 20

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Annual Base Rent by CBSA

March 31, 2022

(in thousands)

Largest CBSAs by Population (1)		Number of Properties				GLA				% Leased (2)				ABR				ABR/Sq. Ft.				% of Number of Properties				% of GLA				% of ABR
1) New York-Newark-Jersey City		20					2,117				94.4	%		$	69,719			$	34.89				4.9	%			4.9	%			7.4	%
2) Los Angeles-Long Beach-Anaheim		24					2,499				95.3	%			70,098				29.45				5.9	%			5.8	%			7.5	%
3) Chicago-Naperville-Elgin		11					1,617				94.7	%			30,094				19.66				2.7	%			3.8	%			3.2	%
4) Dallas-Fort Worth-Arlington		11					913				93.8	%			18,565				21.68				2.7	%			2.1	%			2.0	%
5) Houston-Woodlands-Sugar Land		14					1,753				97.7	%			33,297				19.44				3.4	%			4.1	%			3.5	%
6) Washington-Arlington-Alexandri		27					1,814				94.5	%			51,556				30.06				6.7	%			4.2	%			5.5	%
7) Philadelphia-Camden-Wilmington		9					1,050				80.1	%			16,345				19.43				2.2	%			2.5	%			1.7	%
8) Miami-Ft Lauderdale-PompanoBch		41					5,308				92.6	%			106,239				21.61				10.1	%			12.4	%			11.3	%
9) Atlanta-SandySprings-Alpharett		22					2,127				91.5	%			44,578				22.90				5.4	%			5.0	%			4.7	%
10) Phoenix-Mesa-Chandler		-				-				-					-			-				-				-				-
11) Boston-Cambridge-Newton		8					897				94.5	%			24,067				28.39				2.0	%			2.1	%			2.6	%
12) San Francisco-Oakland-Berkeley		18					3,354				90.5	%			90,722				29.90				4.4	%			7.8	%			9.6	%
13) Rvrside-San Bernardino-Ontario		1					99				98.4	%			3,057				31.45				0.2	%			0.2	%			0.3	%
14) Detroit-Warren-Dearborn		-				-				-					-			-				-				-				-
15) Seattle-Tacoma-Bellevue		17					1,267				97.4	%			33,781				27.38				4.2	%			3.0	%			3.6	%
16) Minneapol-St. Paul-Bloomington		5					205				98.0	%			3,606				17.91				1.2	%			0.5	%			0.4	%
17) San Diego-Chula Vista-Carlsbad		10					1,369				97.3	%			40,098				30.09				2.5	%			3.2	%			4.3	%
18) Tampa-St Petersburg-Clearwater		9					1,296				95.5	%			23,994				19.40				2.2	%			3.0	%			2.6	%
19) Denver-Aurora-Lakewood		11					937				94.3	%			14,063				15.92				2.7	%			2.2	%			1.5	%
20) St. Louis		4					408				99.5	%			4,462				10.98				1.0	%			1.0	%			0.5	%
21) Baltimore-Columbia-Towson		4					269				91.9	%			6,470				26.18				1.0	%			0.6	%			0.7	%
22) Charlotte-Concord-Gastonia		5					622				96.0	%			14,129				23.65				1.2	%			1.5	%			1.5	%
23) Orlando-Kissimmee-Sanford		8					882				93.8	%			15,972				19.32				2.0	%			2.1	%			1.7	%
24) San Antonio-New Braunfels		-				-				-					-			-				-				-				-
25) Portland-Vancouver-Hillsboro		5					436				95.1	%			8,543				20.59				1.2	%			1.0	%			0.9	%
26) Sacramento-Roseville-Folsom		4					318				98.5	%			7,395				23.62				1.0	%			0.7	%			0.8	%
27) Pittsburgh		-				-				-					-			-				-				-				-
28) Austin-Round Rock-Georgetown		5					834				98.7	%			17,547				21.33				1.2	%			1.9	%			1.9	%
29) Las Vegas-Henderson-Paradise		-				-				-					-			-				-				-				-
30) Cincinnati		5					895				97.3	%			11,961				13.74				1.2	%			2.1	%			1.3	%
31) Kansas City		-				-				-					-			-				-				-				-
32) Columbus		3					322				100.0	%			3,888				12.07				0.7	%			0.8	%			0.4	%
33) Indianapolis-Carmel-Anderson		2					56				75.8	%			947				22.50				0.5	%			0.1	%			0.1	%
34) San Juan-Bayamón-Caguas		-				-				-					-			-				-				-				-
35) Cleveland-Elyria		-				-				-					-			-				-				-				-
36) Nashvil-Davdsn-Murfree-Frankln		3					314				98.3	%			5,320				17.22				0.7	%			0.7	%			0.6	%
37) San Jose-Sunnyvale-Santa Clara		6					645				95.7	%			18,837				30.53				1.5	%			1.5	%			2.0	%
38) Virginia Beach-Norfolk-Newport News		-				-				-					-			-				-				-				-
39) Providence-Warwick		-				-				-					-			-				-				-				-
40) Jacksonville		20					1,918				94.0	%			29,889				16.57				4.9	%			4.5	%			3.2	%
41) Milwaukee-Waukesha		-				-				-					-			-				-				-				-
42) Raleigh-Cary		9					692				95.1	%			13,963				21.23				2.2	%			1.6	%			1.5	%
43) Oklahoma City		-				-				-					-			-				-				-				-
44) Memphis		-				-				-					-			-				-				-				-
45) Richmond		3					199				80.3	%			3,303				20.70				0.7	%			0.5	%			0.4	%
46) Louisville/Jefferson County		-				-				-					-			-				-				-				-
47) New Orleans-Metairie		-				-				-					-			-				-				-				-
48) Salt Lake City		-				-				-					-			-				-				-				-
49) Hartford-E Hartford-Middletown		2					301				95.4	%			5,572				19.41				0.5	%			0.7	%			0.6	%
50) Buffalo-Cheektowaga		-				-				-					-			-				-				-				-
Top 50 CBSAs by Population			346				37,732				94.0	%		$	842,078			$	23.69				85.2	%			88.2	%			89.5	%
CBSAs Ranked 51 - 75 by Population		22					1,939				91.9	%			49,477				27.37				5.4	%			4.5	%			5.3	%
CBSAs Ranked 76 - 100 by Population		12					760				98.0	%			12,512				16.81				3.0	%			1.8	%			1.3	%
Other CBSAs		26					2,373				93.7	%			36,340				16.30				6.4	%			5.5	%			3.9	%
Total All Properties			406				42,805				93.9	%		$	940,406			$	23.32				100.0	%			100.0	%			100.0	%

Note: Represents Regency's wholly owned and pro-rata share of co-investments partnerships.

Supplemental Information 21

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Annual Base Rent By Tenant Category

March 31, 2022

 

Tenant Category Exposure		% of ABR(1)
Grocery		20%
Restaurant - Fast Food/Limited Service		13%
Personal Services		7%
Restaurant - Casual/Fine Dining		6%
Medical		6%
Apparel/Accessories		5%
Off-Price		5%
Business Services		5%
Banks		5%
Hobby/Sports		4%
Fitness		4%
Home		3%
Office/Communications		3%
Pet		3%
Pharmacy		3%
Other		2%
Home Improvement/Auto		2%
Beauty/Cosmetics		2%
Liquor/Wine/Beer		1%
Entertainment		1%
Anchor/Shop Exposure(2)		% of ABR
Shop		56%
Anchor		44%

Supplemental Information 22

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Significant Tenant Rents

(Includes Tenants ≥ 0.5% of ABR)

March 31, 2022

(in thousands)

 

#				Tenant		Tenant GLA				% of Company- Owned GLA		Total Annualized Base Rent				% of Total Annualized Base Rent		Total # of Leased Stores - 100% Owned and JV				# of Leased Stores in JV
	1			Publix			2,892			7.2%			31,724			3.4%		68				9
	2			Kroger Co. (1)			2,991			7.4%			30,450			3.2%		54				11
	3			Albertsons Companies, Inc. (2)			1,870			4.7%			27,998			3.0%		46				16
	4			TJX Companies, Inc. (3)			1,457			3.6%			24,900			2.6%		63				17
	5			Amazon/Whole Foods			1,095			2.7%			24,378			2.6%		35				12
	6			CVS			644			1.6%			14,815			1.6%		56				18
	7			Ahold/Delhaize (4)			455			1.1%			11,363			1.2%		12				6
	8			L.A. Fitness Sports Club			487			1.2%			9,777			1.0%		14				4
	9			Trader Joe's			273			0.7%			8,996			1.0%		28				8
	10			JPMorgan Chase Bank			135			0.3%			8,710			0.9%		44				10
	11			Ross Dress For Less			534			1.3%			8,577			0.9%		24				8
	12			Nordstrom (5)			279			0.7%			7,585			0.8%		8				-
	13			Starbucks			134			0.3%			7,502			0.8%		88				24
	14			Gap, Inc (6)			244			0.6%			7,432			0.8%		19				2
	15			H.E. Butt Grocery Company (7)			482			1.2%			7,376			0.8%		6				1
	16			Bank of America			125			0.3%			6,977			0.7%		42				14
	17			Petco Health & Wellness Company, Inc. (8)			278			0.7%			6,948			0.7%		31				9
	18			Wells Fargo Bank			132			0.3%			6,770			0.7%		47				17
	19			JAB Holding Company (9)			169			0.4%			6,753			0.7%		61				14
	20			Bed Bath & Beyond Inc. (10)			341			0.8%			6,184			0.7%		12				-
	21			Best Buy			259			0.6%			6,027			0.6%		8				1
	22			Target			654			1.6%			5,824			0.6%		6				2
	23			Kohl's			485			1.2%			5,756			0.6%		6				1
	24			Walgreens Boots Alliance (11)			234			0.6%			5,700			0.6%		22				8
	25			Ulta			163			0.4%			4,913			0.5%		17				1
	26			Dick's Sporting Goods, Inc.			274			0.7%			4,832			0.5%		4				-
	27			AT&T, Inc (12)			107			0.3%			4,811			0.5%		57				13
	28			Life Time			111			0.3%			4,700			0.5%		1				-
	29			T-Mobile (13)			99			0.2%			4,282			0.5%		69				26
				Top Tenants			17,403			43.0%		$	312,060			33.2%			948				257

Note: Represents Regency's wholly owned and pro-rata share of co-investment partnerships, includes properties in development, excludes leases that are executed but have not rent commenced. Amounts may not foot due to rounding.

Supplemental Information 23

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Tenant Lease Expirations

March 31, 2022

(GLA in thousands)

 

						Anchor Tenants (1)
Year		GLA				Percent of GLA		Percent of Total ABR (3)		ABR
MTM (4)			110			0.3%		0.2%		$	15.54
2022			694			1.8%		1.1%			14.08
2023			2,500			6.3%		4.2%			15.40
2024			3,424			8.7%		5.8%			15.44
2025			2,981			7.5%		5.0%			15.50
2026			3,156			8.0%		5.4%			15.75
2027			3,037			7.7%		5.4%			16.35
2028			1,742			4.4%		3.5%			18.39
2029			1,334			3.4%		1.9%			12.93
2030			1,229			3.1%		2.3%			17.22
2031			871			2.2%		1.8%			19.03
10 Year Total			21,079			53.3%		36.6%		$	15.91
Thereafter			4,215			10.7%		7.4%			16.17
			25,294			63.9%		44.0%		$	15.96

 

						Shop Tenants (2)
Year		GLA				Percent of GLA		Percent of Total ABR (3)		ABR
MTM (4)			283			0.7%		0.9%		$	28.04
2022			1,189			3.0%		4.3%			33.03
2023			2,150			5.4%		8.1%			34.71
2024			2,029			5.1%		7.7%			34.92
2025			1,979			5.0%		7.8%			36.10
2026			1,909			4.8%		7.6%			36.51
2027			1,469			3.7%		5.9%			36.56
2028			764			1.9%		3.3%			40.19
2029			600			1.5%		2.5%			38.87
2030			564			1.4%		2.4%			39.08
2031			654			1.7%		2.7%			37.46
10 Year Total			13,589			34.3%		53.3%		$	35.92
Thereafter			689			1.7%		2.8%			36.91
			14,278			36.1%		56.1%		$	35.96

 

						All Tenants
Year		GLA				Percent of GLA		Percent of Total ABR (3)		ABR
MTM (4)			393			1.0%		1.1%		$	24.54
2022			1,883			4.8%		5.3%			26.04
2023			4,650			11.8%		12.3%			24.33
2024			5,453			13.8%		13.5%			22.69
2025			4,960			12.5%		12.8%			23.72
2026			5,065			12.8%		13.0%			23.57
2027			4,506			11.4%		11.3%			22.94
2028			2,506			6.3%		6.8%			25.04
2029			1,934			4.9%		4.4%			20.98
2030			1,793			4.5%		4.7%			24.10
2031			1,525			3.9%		4.5%			26.93
10 Year Total			34,668			87.6%		89.8%		$	23.75
Thereafter			4,904			12.4%		10.2%			19.09
			39,571			100%		100%		$	23.18

Notes: Reflects commenced leases only. Does not account for contractual rent steps and assumes that no tenants exercise renewal options. Amounts may not foot due to rounding.

Supplemental Information 24

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Portfolio Summary Report By State

March 31, 2022

(GLA in thousands)

 

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA			Grocery Anchor GLA			Major Tenants (1)	Avg. Base Rent PSF
	200 Potrero			CA	San Francisco-Oakland-Berkeley	31	31	100.0%								Gizmo Art Production, INC.	$	11.23
	4S Commons Town Center	M	85%	CA	San Diego-Chula Vista-Carlsbad	252	252	97.1%						68		Ace Hardware, Bed Bath & Beyond, Cost Plus World Market, CVS, Jimbo's…Naturally!, Ralphs, ULTA	$	33.65
	Amerige Heights Town Center			CA	Los Angeles-Long Beach-Anaheim	97	97	97.9%			143			58		Albertsons, (Target)	$	30.33
	Balboa Mesa Shopping Center			CA	San Diego-Chula Vista-Carlsbad	207	207	100.0%						42		CVS, Kohl's, Von's	$	28.73
	Bayhill Shopping Center	GRI	40%	CA	San Francisco-Oakland-Berkeley	122	49	98.3%						32		CVS, Mollie Stone's Market	$	27.25
	Blossom Valley			CA	San Jose-Sunnyvale-Santa Clara	93	93	93.7%						34		Safeway	$	27.41
	Brea Marketplace	GRI	40%	CA	Los Angeles-Long Beach-Anaheim	352	141	94.0%						25		24 Hour Fitness, Big 5 Sporting Goods, Childtime Childcare, Old Navy, Sprout's, Target	$	20.58
	Circle Center West			CA	Los Angeles-Long Beach-Anaheim	64	64	87.6%								Marshalls	$	34.93
	Circle Marina Center			CA	Los Angeles-Long Beach-Anaheim	118	118	93.6%								Staples, Big 5 Sporting Goods, Centinela Feed & Pet Supplies	$	31.71
	Clayton Valley Shopping Center			CA	San Francisco-Oakland-Berkeley	260	260	90.9%						14		Grocery Outlet, Central, CVS, Dollar Tree, Ross Dress For Less	$	23.23
	Corral Hollow	RC	25%	CA	Stockton	167	42	100.0%						66		Safeway, CVS	$	17.81
	Culver Center			CA	Los Angeles-Long Beach-Anaheim	217	217	92.4%						37		Ralphs, Best Buy, LA Fitness, Sit N' Sleep	$	32.41
	Diablo Plaza			CA	San Francisco-Oakland-Berkeley	63	63	87.1%			53			53		Bevmo!, (Safeway), (CVS)	$	42.34
	El Camino Shopping Center			CA	Los Angeles-Long Beach-Anaheim	136	136	95.6%						31		Bristol Farms, CVS	$	38.55
	El Cerrito Plaza			CA	San Francisco-Oakland-Berkeley	256	256	81.8%						78		Barnes & Noble, Jo-Ann Fabrics, PETCO, Ross Dress For Less, Trader Joe's, (CVS)	$	30.19
	El Norte Pkwy Plaza			CA	San Diego-Chula Vista-Carlsbad	91	91	98.0%						42		Von's, Children's Paradise, ACE Hardware	$	19.95
	Encina Grande			CA	San Francisco-Oakland-Berkeley	106	106	100.0%						38		Whole Foods, Walgreens	$	35.55
	Five Points Shopping Center	GRI	40%	CA	Santa Maria-Santa Barbara	145	58	97.6%						35		Smart & Final, CVS, Ross Dress for Less, Big 5 Sporting Goods, PETCO	$	31.20
	French Valley Village Center			CA	Rvrside-San Bernardino-Ontario	99	99	98.4%						44		Stater Bros, CVS	$	27.35
	Friars Mission Center			CA	San Diego-Chula Vista-Carlsbad	147	147	100.0%						55		Ralphs, CVS	$	38.01
	Gelson's Westlake Market Plaza			CA	Oxnard-Thousand Oaks-Ventura	85	85	98.8%						40		Gelson's Markets, John of Italy Salon & Spa	$	30.31
	Golden Hills Plaza			CA	San Luis Obispo-Paso Robles	244	244	84.8%								Lowe's, TJ Maxx	$	6.66
	Granada Village	GRI	40%	CA	Los Angeles-Long Beach-Anaheim	226	91	100.0%						24		Sprout's Markets, Rite Aid, PETCO, Homegoods, Burlington, TJ Maxx	$	26.90
	Hasley Canyon Village			CA	Los Angeles-Long Beach-Anaheim	66	66	95.1%						52		Ralphs	$	26.67
	Heritage Plaza			CA	Los Angeles-Long Beach-Anaheim	230	230	100.0%						44		Ralphs, CVS, Daiso, Mitsuwa Marketplace, Big 5 Sporting Goods	$	41.21
	Laguna Niguel Plaza	GRI	40%	CA	Los Angeles-Long Beach-Anaheim	42	17	95.8%			39			39		CVS,(Albertsons)	$	30.18
	Mariposa Shopping Center	GRI	40%	CA	San Jose-Sunnyvale-Santa Clara	127	51	94.0%						43		Safeway, CVS, Ross Dress for Less	$	21.61
	Morningside Plaza			CA	Los Angeles-Long Beach-Anaheim	91	91	100.0%						43		Stater Bros.	$	25.08
	Navajo Shopping Center	GRI	40%	CA	San Diego-Chula Vista-Carlsbad	102	41	91.0%						44		Albertsons, Rite Aid, O'Reilly Auto Parts	$	14.52
	Newland Center			CA	Los Angeles-Long Beach-Anaheim	152	152	98.9%						58		Albertsons	$	27.85

 

Supplemental Information 25

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Portfolio Summary Report By State

March 31, 2022

(GLA in thousands)

 

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA			Grocery Anchor GLA			Major Tenants (1)	Avg. Base Rent PSF
	Oakshade Town Center			CA	Sacramento-Roseville-Folsom	104	104	99.3%						40		Safeway, Office Max, Rite Aid	$	22.52
	Oakbrook Plaza			CA	Oxnard-Thousand Oaks-Ventura	83	83	86.2%						44		Gelson's Markets, (CVS), (Ace Hardware)	$	20.56
	Persimmon Place			CA	San Francisco-Oakland-Berkeley	153	153	100.0%						40		Whole Foods, Nordstrom Rack, Homegoods	$	37.06
	Plaza Escuela			CA	San Francisco-Oakland-Berkeley	154	154	93.5%								The Container Store, Trufusion, Talbots, The Cheesecake Factory, Barnes & Noble	$	43.69
	Plaza Hermosa			CA	Los Angeles-Long Beach-Anaheim	95	95	97.0%						37		Von's, CVS	$	27.39
	Pleasant Hill Shopping Center	GRI	40%	CA	San Francisco-Oakland-Berkeley	227	91	100.0%								Target, Burlington, Ross Dress for Less, Homegoods	$	24.42
	Point Loma Plaza	GRI	40%	CA	San Diego-Chula Vista-Carlsbad	205	82	98.1%						50		Von's, Jo-Ann Fabrics, Marshalls, UFC Gym	$	23.26
	Potrero Center			CA	San Francisco-Oakland-Berkeley	227	227	91.3%						60		Safeway, Decathlon Sport, 24 Hour Fitness, Ross Dress for Less, Petco	$	33.66
	Powell Street Plaza			CA	San Francisco-Oakland-Berkeley	166	166	95.3%						10		Trader Joe's, Bevmo!, Ross Dress For Less, Marshalls, Old Navy	$	35.40
	Prairie City Crossing			CA	Sacramento-Roseville-Folsom	90	90	97.5%						55		Safeway	$	22.20
	Raley's Supermarket	C	20%	CA	Sacramento-Roseville-Folsom	63	13	100.0%						63		Raley's	$	14.00
	Ralphs Circle Center			CA	Los Angeles-Long Beach-Anaheim	60	60	100.0%						35		Ralphs	$	19.56
	Rancho San Diego Village	GRI	40%	CA	San Diego-Chula Vista-Carlsbad	153	61	95.1%						40		Smart & Final, 24 Hour Fitness, (Longs Drug)	$	24.37
	Rona Plaza			CA	Los Angeles-Long Beach-Anaheim	52	52	97.7%						37		Superior Super Warehouse	$	22.03
	San Carlos Marketplace			CA	San Francisco-Oakland-Berkeley	154	154	100.0%								TJ Maxx, Best Buy, PetSmart, Bassett Furniture	$	36.28
	Scripps Ranch Marketplace			CA	San Diego-Chula Vista-Carlsbad	132	132	99.5%						57		Vons, CVS	$	32.71
	San Leandro Plaza			CA	San Francisco-Oakland-Berkeley	50	50	100.0%			38			38		(Safeway), (CVS)	$	37.45
	Seal Beach	C	20%	CA	Los Angeles-Long Beach-Anaheim	97	19	93.9%						48		Pavilions, CVS	$	26.51
	Serramonte Center			CA	San Francisco-Oakland-Berkeley	1075	1075	88.0%								Buy Buy Baby, Cost Plus World Market, Crunch Fitness, DAISO, Dave & Buster's, Dick's Sporting Goods, Divano Homes, H&M, Macy's, Nordstrom Rack, Old Navy, Party City, Ross Dress for Less, Target, TJ Maxx, Uniqlo	$	25.59
	Shoppes at Homestead			CA	San Jose-Sunnyvale-Santa Clara	116	116	96.9%			53					CVS, Crunch Fitness, (Orchard Supply Hardware)	$	24.70
	Silverado Plaza	GRI	40%	CA	Napa	85	34	98.8%						32		Nob Hill, CVS	$	22.17
	Snell & Branham Plaza	GRI	40%	CA	San Jose-Sunnyvale-Santa Clara	92	37	98.5%						53		Safeway	$	20.91
	Talega Village Center			CA	Los Angeles-Long Beach-Anaheim	102	102	98.7%						46		Ralphs	$	23.13
	Tassajara Crossing			CA	San Francisco-Oakland-Berkeley	146	146	100.0%						56		Safeway, CVS, Alamo Hardware	$	26.03
	The Hub Hillcrest Market			CA	San Diego-Chula Vista-Carlsbad	149	149	90.2%						52		Ralphs, Trader Joe's	$	41.88
	The Marketplace			CA	Sacramento-Roseville-Folsom	111	111	98.6%						35		Safeway, CVS, Petco	$	26.95
	The Pruneyard			CA	San Jose-Sunnyvale-Santa Clara	260	260	95.7%						13		Trader Joe's, The Sports Basement, Camera Cinemas, Marshalls	$	40.59
	Town and Country Center	O	35%	CA	Los Angeles-Long Beach-Anaheim	230	81	37.5%						41		Whole Foods, CVS, Citibank	$	51.37
	Tustin Legacy			CA	Los Angeles-Long Beach-Anaheim	112	112	100.0%						44		Stater Bros, CVS	$	33.47
	Twin Oaks Shopping Center	GRI	40%	CA	Los Angeles-Long Beach-Anaheim	98	39	98.2%						41		Ralphs, Rite Aid	$	21.72

 

Supplemental Information 26

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Portfolio Summary Report By State

March 31, 2022

(GLA in thousands)

 

						JVs at 100%			REG's pro-rata share			REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA			GLA			% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA			Grocery Anchor GLA			Major Tenants (1)	Avg. Base Rent PSF
	Twin Peaks			CA	San Diego-Chula Vista-Carlsbad	208			208			98.0%						45		Target, Grocer	$	21.96
	Valencia Crossroads			CA	Los Angeles-Long Beach-Anaheim	173			173			100.0%						35		Whole Foods, Kohl's	$	28.37
	Village at La Floresta			CA	Los Angeles-Long Beach-Anaheim	87			87			94.3%						37		Whole Foods	$	36.21
	Von's Circle Center			CA	Los Angeles-Long Beach-Anaheim	151			151			100.0%						45		Von's, Ross Dress for Less, Planet Fitness	$	23.12
	West Park Plaza			CA	San Jose-Sunnyvale-Santa Clara	88			88			96.0%						25		Safeway, Rite Aid	$	20.15
	Westlake Village Plaza and Center			CA	Oxnard-Thousand Oaks-Ventura	201			201			93.6%						72		Von's, Sprouts, (CVS)	$	40.18
	Willows Shopping Center			CA	San Francisco-Oakland-Berkeley	249			249			74.0%								REI, UFC Gym, Old Navy, Ulta, Five Below	$	29.43
	Woodman Van Nuys			CA	Los Angeles-Long Beach-Anaheim	108			108			98.2%						78		El Super	$	16.64
	Woodside Central			CA	San Francisco-Oakland-Berkeley	81			81			90.0%			113					Chuck E. Cheese, Marshalls, (Target)	$	25.46
	Ygnacio Plaza	GRI	40%	CA	San Francisco-Oakland-Berkeley	110			44			96.3%								Sports Basement,TJ Maxx	$	38.59
				CA			10,685			9,031		93.7%	93.7%		439			2,542			$	29.02
	Applewood Shopping Ctr	GRI	40%	CO	Denver-Aurora-Lakewood	353			141			91.6%						71		Applejack Liquors, Hobby Lobby, Homegoods, King Soopers, PetSmart, Sierra Trading Post, Ulta	$	15.97
	Alcove On Arapahoe	GRI	40%	CO	Boulder	159			64			81.8%						44		PETCO, HomeGoods, Jo-Ann Fabrics, Safeway	$	18.81
	Belleview Square			CO	Denver-Aurora-Lakewood	117			117			96.2%						65		King Soopers	$	20.40
	Boulevard Center			CO	Denver-Aurora-Lakewood	77			77			77.9%			53			53		Eye Care Specialists, (Safeway)	$	32.06
	Buckley Square			CO	Denver-Aurora-Lakewood	116			116			92.0%						62		Ace Hardware, King Soopers	$	11.37
	Centerplace of Greeley III			CO	Greeley	119			119			96.4%								Hobby Lobby, Best Buy, TJ Maxx	$	11.44
	Cherrywood Square Shop Ctr	GRI	40%	CO	Denver-Aurora-Lakewood	97			39			97.0%						72		King Soopers	$	11.53
	Crossroads Commons	C	20%	CO	Boulder	143			29			91.2%						66		Whole Foods, Barnes & Noble	$	29.57
	Crossroads Commons II	C	20%	CO	Boulder	18			4			100.0%								(Whole Foods), (Barnes & Noble)	$	38.13
	Falcon Marketplace			CO	Colorado Springs	22			22			100.0%			184			50		(Wal-Mart)	$	24.76
	Hilltop Village			CO	Denver-Aurora-Lakewood	100			100			96.2%						66		King Soopers	$	11.39
	Littleton Square			CO	Denver-Aurora-Lakewood	99			99			100.0%						78		King Soopers	$	11.75
	Lloyd King Center			CO	Denver-Aurora-Lakewood	83			83			98.3%						61		King Soopers	$	12.25
	Marketplace at Briargate			CO	Colorado Springs	29			29			100.0%			66			66		(King Soopers)	$	33.63
	Monument Jackson Creek			CO	Colorado Springs	85			85			100.0%						70		King Soopers	$	12.69
	Ralston Square Shopping Center	GRI	40%	CO	Denver-Aurora-Lakewood	83			33			96.2%						55		King Soopers	$	15.65
	Shops at Quail Creek			CO	Denver-Aurora-Lakewood	38			38			92.5%			100			100		(King Soopers)	$	27.25
	Stroh Ranch			CO	Denver-Aurora-Lakewood	93			93			100.0%						70		King Soopers	$	13.82
	Woodmen Plaza			CO	Colorado Springs	116			116			95.2%						70		King Soopers	$	13.44

 

Supplemental Information 27

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Portfolio Summary Report By State

March 31, 2022

(GLA in thousands)

 

						JVs at 100%			REG's pro-rata share			REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA			GLA			% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA			Grocery Anchor GLA			Major Tenants (1)	Avg. Base Rent PSF
	Woodmen Plaza			CO	Colorado Springs	116			116			95.2%						70		King Soopers	$	13.44
				CO			1,947			1,404		94.5%	94.5%		403			1,119			$	16.05
	22 Crescent Road			CT	Bridgeport-Stamford-Norwalk	4			4			100.0%								-	$	60.00
	91 Danbury Road			CT	Bridgeport-Stamford-Norwalk	5			5			100.0%								-	$	29.47
	Black Rock	M	80%	CT	Bridgeport-Stamford-Norwalk	98			98			91.2%								Old Navy, The Clubhouse	$	30.03
	Brick Walk	M	80%	CT	Bridgeport-Stamford-Norwalk	123			123			98.6%								-	$	44.55
	Brookside Plaza			CT	Hartford-E Hartford-Middletown	227			227			95.0%						60		Bed, Bath & Beyond, Burlington Coat Factory, PetSmart, ShopRite, Staples, TJ Maxx	$	15.31
	Compo Acres Shopping Center			CT	Bridgeport-Stamford-Norwalk	43			43			95.9%						12		Trader Joe's	$	53.36
	Copps Hill Plaza			CT	Bridgeport-Stamford-Norwalk	173			173			62.4%						59		Rite Aid, Stop & Shop, Homegoods	$	25.94
	Corbin's Corner	GRI	40%	CT	Hartford-E Hartford-Middletown	186			74			96.4%						10		Best Buy, Edge Fitness, Old Navy, The Tile Shop, Total Wine and More, Trader Joe's	$	31.11
	Danbury Green			CT	Bridgeport-Stamford-Norwalk	124			124			98.1%						12		Trader Joe's, Hilton Garden Inn, DSW, Staples, Rite Aid, Warehouse Wines & Liquors	$	26.05
	Darinor Plaza			CT	Bridgeport-Stamford-Norwalk	153			153			99.0%								Kohl's, Old Navy, Party City	$	19.60
	Fairfield Center	M	80%	CT	Bridgeport-Stamford-Norwalk	94			94			91.2%								Fairfield University Bookstore, Merril Lynch	$	33.36
	Post Road Plaza			CT	Bridgeport-Stamford-Norwalk	20			20			100.0%						11		Trader Joe's	$	54.83
	Southbury Green			CT	New Haven-Milford	156			156			86.7%						60		ShopRite, Homegoods	$	22.01
	Westport Row			CT	Bridgeport-Stamford-Norwalk	91			91			82.5%						22		The Fresh Market, Pottery Barn	$	44.62
	Walmart Norwalk			CT	Bridgeport-Stamford-Norwalk	142			142			100.0%						112		WalMart, HomeGoods	$	0.56
				CT			1,638			1,526		90.8%	90.8%		0			358			$	25.59
	Shops at The Columbia	RC	25%	DC	Washington-Arlington-Alexandri	23			6			85.8%						12		Trader Joe's	$	42.26
	Spring Valley Shopping Center	GRI	40%	DC	Washington-Arlington-Alexandri	17			7			100.0%								-	$	105.05
				DC			40			12		93.5%	93.5%		0			12			$	78.62
	Pike Creek			DE	Philadelphia-Camden-Wilmington	228			228			93.2%						49		Acme Markets, Edge Fitness, Pike Creek Community Hardware	$	16.46
	Shoppes of Graylyn	GRI	40%	DE	Philadelphia-Camden-Wilmington	64			26			89.7%								Rite Aid	$	25.31
				DE			293			254		92.8%	92.8%		0			49			$	17.33
	Alafaya Village			FL	Orlando-Kissimmee-Sanford	38			38			93.9%						58		-	$	24.02
	Anastasia Plaza			FL	Jacksonville	102			102			95.9%						49		Publix	$	14.34
	Atlantic Village			FL	Jacksonville	110			110			98.6%								LA Fitness, Pet Supplies Plus	$	17.96
	Aventura Shopping Center			FL	Miami-Ft Lauderdale-PompanoBch	97			97			94.9%						49		CVS, Publix	$	36.77
	Aventura Square			FL	Miami-Ft Lauderdale-PompanoBch	144			144			78.8%								Bed Bath & Beyond, DSW Warehouse, Jewelry Exchange, Old Navy	$	39.42
(2)	Banco Popular Building			FL	Miami-Ft Lauderdale-PompanoBch	0			0			0.0%								-	$	0.00

 

Supplemental Information 28

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Portfolio Summary Report By State

March 31, 2022

(GLA in thousands)

 

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA			Grocery Anchor GLA			Major Tenants (1)	Avg. Base Rent PSF
	Berkshire Commons			FL	Naples-Marco Island	110	110	98.9%						66		Publix, Walgreens	$	15.27
	Bird 107 Plaza			FL	Miami-Ft Lauderdale-PompanoBch	40	40	92.9%								Walgreens	$	21.63
	Bird Ludlam			FL	Miami-Ft Lauderdale-PompanoBch	192	192	98.4%						44		CVS, Goodwill, Winn-Dixie	$	24.88
	Bloomingdale Square			FL	Tampa-St Petersburg-Clearwater	251	251	96.2%						48		Bealls, Dollar Tree, Home Centric, LA Fitness, Publix	$	17.76
	Boca Village Square			FL	Miami-Ft Lauderdale-PompanoBch	92	92	100.0%						36		CVS, Publix	$	24.10
	Boynton Lakes Plaza			FL	Miami-Ft Lauderdale-PompanoBch	110	110	93.8%						46		Citi Trends, Pet Supermarket, Publix	$	16.49
	Boynton Plaza			FL	Miami-Ft Lauderdale-PompanoBch	105	105	95.7%						54		CVS, Publix	$	20.84
	Brooklyn Station on Riverside			FL	Jacksonville	50	50	97.2%						20		The Fresh Market	$	27.50
	Caligo Crossing			FL	Miami-Ft Lauderdale-PompanoBch	11	11	100.0%			98					(Kohl's)	$	45.90
	Carriage Gate			FL	Tallahassee	73	73	100.0%						13		Trader Joe's, TJ Maxx	$	24.36
	Cashmere Corners			FL	Port St. Lucie	80	80	96.1%						44		WalMart	$	14.64
	Charlotte Square			FL	Punta Gorda	91	91	95.7%						44		WalMart, Buffet City	$	11.73
	Chasewood Plaza			FL	Miami-Ft Lauderdale-PompanoBch	152	152	94.2%						54		Publix, Pet Smart	$	27.43
	Concord Shopping Plaza			FL	Miami-Ft Lauderdale-PompanoBch	309	309	97.5%						78		Big Lots, Dollar Tree, Home Depot, Winn-Dixie, YouFit Health Club	$	13.27
	Coral Reef Shopping Center			FL	Miami-Ft Lauderdale-PompanoBch	75	75	84.6%						25		Aldi, Walgreens	$	31.64
	Corkscrew Village			FL	Cape Coral-Fort Myers	82	82	98.7%						51		Publix	$	14.98
	Country Walk Plaza			FL	Miami-Ft Lauderdale-PompanoBch	101	101	90.8%						40		Publix, CVS	$	21.39
	Countryside Shops			FL	Miami-Ft Lauderdale-PompanoBch	193	193	70.0%						46		Publix, Ross Dress for Less	$	24.63
	Courtyard Shopping Center			FL	Jacksonville	137	137	100.0%			63			63		Target, (Publix)	$	3.68
(2)	East San Marco			FL	Jacksonville	59	59	87.9%						39		Publix	$	27.86
	Fleming Island			FL	Jacksonville	132	132	97.4%			130			48		Publix, PETCO, Planet Fitness, (Target)	$	16.81
	Fountain Square			FL	Miami-Ft Lauderdale-PompanoBch	177	177	90.8%			140			46		Publix, Ross Dress for Less, TJ Maxx, Ulta, (Target)	$	27.73
	Gardens Square			FL	Miami-Ft Lauderdale-PompanoBch	90	90	93.4%						42		Publix	$	18.07
	Glengary Shoppes			FL	North Port-Sarasota-Bradenton	93	93	97.0%								Best Buy, Barnes & Noble	$	20.11
	Shoppes of Grande Oak			FL	Cape Coral-Fort Myers	79	79	100.0%						54		Publix	$	17.18
	Greenwood Shopping Centre			FL	Miami-Ft Lauderdale-PompanoBch	133	133	94.0%						50		Publix, Bealls	$	16.38
	Hammocks Town Center			FL	Miami-Ft Lauderdale-PompanoBch	187	187	97.3%			86			40		CVS, Goodwill, Publix, Metro-Dade Public Library, YouFit Health Club, (Kendall Ice Arena)	$	17.95
	Hibernia Pavilion			FL	Jacksonville	51	51	92.0%						39		Publix	$	16.41
	John's Creek Center	C	20%	FL	Jacksonville	76	15	100.0%						45		Publix	$	16.27
	Julington Village	C	20%	FL	Jacksonville	82	16	100.0%						51		Publix, (CVS)	$	17.07

 

Supplemental Information 29

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Portfolio Summary Report By State

March 31, 2022

(GLA in thousands)

 

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA			Grocery Anchor GLA			Major Tenants (1)	Avg. Base Rent PSF
	Kirkman Shoppes			FL	Orlando-Kissimmee-Sanford	115	115	96.7%								LA Fitness, Walgreens	$	25.95
	Lake Mary Centre			FL	Orlando-Kissimmee-Sanford	360	360	92.5%						25		The Fresh Market, Academy Sports, Hobby Lobby, LA Fitness, Ross Dress for Less, Office Depot	$	17.24
	Mandarin Landing			FL	Jacksonville	140	140	71.5%						50		Whole Foods, Aveda Institute	$	19.70
	Millhopper Shopping Center			FL	Gainesville	85	85	95.0%						46		Publix	$	18.58
	Naples Walk			FL	Naples-Marco Island	125	125	100.0%						51		Publix	$	18.64
	Newberry Square			FL	Gainesville	181	181	90.9%						40		Publix, Floor & Décor, Dollar Tree	$	9.46
	Nocatee Town Center			FL	Jacksonville	112	112	100.0%						54		Publix	$	21.77
	Northgate Square			FL	Tampa-St Petersburg-Clearwater	75	75	98.1%						48		Publix	$	15.52
	Oakleaf Commons			FL	Jacksonville	74	74	98.1%						46		Publix	$	15.82
	Ocala Corners			FL	Tallahassee	87	87	93.8%						61		Publix	$	15.49
	Old St Augustine Plaza			FL	Jacksonville	248	248	100.0%						52		Publix, Burlington Coat Factory, Hobby Lobby, LA Fitness, Ross Dress for Less	$	11.05
	Pablo Plaza			FL	Jacksonville	161	161	100.0%						34		Whole Foods, Office Depot, Marshalls, HomeGoods, PetSmart	$	18.28
	Pavillion			FL	Naples-Marco Island	168	168	98.0%								LA Fitness, Paragon Theaters, J. Lee Salon Suites	$	22.47
	Pine Island			FL	Miami-Ft Lauderdale-PompanoBch	255	255	99.2%						40		Publix, Burlington Coat Factory, Beall's Outlet, YouFit Health Club	$	14.82
	Pine Ridge Square			FL	Miami-Ft Lauderdale-PompanoBch	118	118	98.7%						17		The Fresh Market, Bed Bath & Beyond, Marshalls, Ulta	$	19.09
	Pine Tree Plaza			FL	Jacksonville	63	63	96.9%						38		Publix	$	14.41
	Pinecrest Place			FL	Miami-Ft Lauderdale-PompanoBch	70	70	96.0%			173			47		Whole Foods, (Target)	$	40.30
	Plaza Venezia	C	20%	FL	Orlando-Kissimmee-Sanford	203	41	97.1%						51		Publix, Eddie V's	$	31.45
	Point Royale Shopping Center			FL	Miami-Ft Lauderdale-PompanoBch	202	202	94.0%						45		Winn-Dixie, Burlington Coat Factory, Pasteur Medical Center, Planet Fitness	$	16.57
	Prosperity Centre			FL	Miami-Ft Lauderdale-PompanoBch	124	124	96.3%								Bed Bath & Beyond, Office Depot, TJ Maxx, CVS	$	23.36
	Regency Square			FL	Tampa-St Petersburg-Clearwater	352	352	93.2%			66					AMC Theater, Dollar Tree, Five Below, Marshalls, Michael's, PETCO, Shoe Carnival, Staples, TJ Maxx, Ulta, Old Navy, (Best Buy), (Macdill)	$	19.47
	Ryanwood Square			FL	Sebastian-Vero Beach	115	115	88.2%						40		Publix, Beall's, Harbor Freight Tools	$	11.82
	Salerno Village			FL	Port St. Lucie	5	5	100.0%								-	$	16.53
	Sawgrass Promenade			FL	Miami-Ft Lauderdale-PompanoBch	107	107	88.6%						36		Publix, Walgreens, Dollar Tree	$	12.75
	Seminole Shoppes	O	50%	FL	Jacksonville	87	44	100.0%						54		Publix	$	23.77
	Sheridan Plaza			FL	Miami-Ft Lauderdale-PompanoBch	507	507	93.9%						66		Publix, Kohl's, LA Fitness, Ross Dress for Less, Pet Supplies Plus, Wellmax, Burlington, Marshalls	$	19.52
	Shoppes @ 104			FL	Miami-Ft Lauderdale-PompanoBch	112	112	90.0%						46		Winn-Dixie, CVS	$	19.64
	Shoppes at Bartram Park	O	50%	FL	Jacksonville	135	67	100.0%			97			45		Publix, (Kohl's), (Tutor Time)	$	21.64
	Shoppes at Lago Mar			FL	Miami-Ft Lauderdale-PompanoBch	83	83	90.8%						42		Publix, YouFit Health Club	$	15.49
	Shoppes at Sunlake Centre			FL	Tampa-St Petersburg-Clearwater	117	117	100.0%						46		Publix	$	24.51

 

Supplemental Information 30

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Portfolio Summary Report By State

March 31, 2022

(GLA in thousands)

 

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA			Grocery Anchor GLA			Major Tenants (1)	Avg. Base Rent PSF
	Shoppes of Jonathan's Landing			FL	Miami-Ft Lauderdale-PompanoBch	27	27	100.0%			54			54		(Publix)	$	26.57
	Shoppes of Oakbrook			FL	Miami-Ft Lauderdale-PompanoBch	200	200	64.4%						44		Publix, Tuesday Morning, Duffy's Sports Bar, CVS	$	17.66
	Shoppes of Pebblebrook Plaza	O	50%	FL	Naples-Marco Island	77	38	96.9%						61		Publix, (Walgreens)	$	14.44
	Shoppes of Silver Lakes			FL	Miami-Ft Lauderdale-PompanoBch	127	127	96.2%						48		Publix, Goodwill	$	20.53
	Shoppes of Sunset			FL	Miami-Ft Lauderdale-PompanoBch	22	22	81.9%								-	$	24.25
	Shoppes of Sunset II			FL	Miami-Ft Lauderdale-PompanoBch	28	28	92.2%								-	$	21.52
	Shops at John's Creek			FL	Jacksonville	15	15	100.0%								-	$	25.83
	Shops at Skylake			FL	Miami-Ft Lauderdale-PompanoBch	287	287	98.6%						51		Publix, LA Fitness, TJ Maxx, Goodwill, Pasteur Medical	$	24.72
	South Beach Regional			FL	Jacksonville	308	308	84.0%						13		Trader Joe's, Home Depot, Ross Dress for Less, Bed Bath & Beyond, Staples	$	16.99
	South Point			FL	Sebastian-Vero Beach	65	65	100.0%						45		Publix	$	16.38
	Starke			FL	Jacksonville	13	13	100.0%								CVS	$	27.05
	Suncoast Crossing			FL	Tampa-St Petersburg-Clearwater	118	118	94.1%			143					Kohl's, (Target)	$	6.66
	Tamarac Town Square			FL	Miami-Ft Lauderdale-PompanoBch	125	125	85.8%						38		Publix, Dollar Tree, Retro Fitness	$	12.17
	The Grove	NYC	30%	FL	Orlando-Kissimmee-Sanford	152	46	98.8%						52		Publix, LA Fitness	$	22.46
	The Plaza at St. Lucie West			FL	Port St. Lucie	27	27	93.6%								-	$	25.06
	The Village at Hunter's Lake			FL	Tampa-St Petersburg-Clearwater	72	72	100.0%						29		Sprouts	$	27.77
	Town and Country			FL	Orlando-Kissimmee-Sanford	78	78	97.9%								Ross Dress for Less	$	11.08
	Town Square			FL	Tampa-St Petersburg-Clearwater	44	44	72.6%								PETCO	$	34.91
	Treasure Coast Plaza			FL	Sebastian-Vero Beach	134	134	98.2%						59		Publix, TJ Maxx	$	18.53
	Unigold Shopping Center			FL	Orlando-Kissimmee-Sanford	115	115	89.3%						31		YouFit Health Club, Ross Dress for Less	$	15.45
	University Commons			FL	Miami-Ft Lauderdale-PompanoBch	180	180	100.0%						51		Whole Foods, Nordstrom Rack, Barnes & Noble, Bed Bath & Beyond	$	32.89
	Village Center			FL	Tampa-St Petersburg-Clearwater	187	187	97.3%						50		Publix, PGA Tour Superstore, Walgreens	$	22.21
	Waterstone Plaza			FL	Miami-Ft Lauderdale-PompanoBch	61	61	100.0%						46		Publix	$	17.48
	Welleby Plaza			FL	Miami-Ft Lauderdale-PompanoBch	110	110	93.8%						47		Publix, Dollar Tree	$	14.39
	Wellington Town Square			FL	Miami-Ft Lauderdale-PompanoBch	108	108	96.3%						45		Publix, CVS	$	24.83
	West Bird Plaza			FL	Miami-Ft Lauderdale-PompanoBch	99	99	98.5%						38		Publix	$	25.33
	West Lake Shopping Center			FL	Miami-Ft Lauderdale-PompanoBch	101	101	96.6%						46		Winn-Dixie, CVS	$	21.42
	Westchase			FL	Tampa-St Petersburg-Clearwater	79	79	100.0%						51		Publix	$	17.32
	Westport Plaza			FL	Miami-Ft Lauderdale-PompanoBch	47	47	91.6%						28		Publix	$	20.92
	Willa Springs			FL	Orlando-Kissimmee-Sanford	90	90	93.2%						44		Publix	$	21.63

 

Supplemental Information 31

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Portfolio Summary Report By State

March 31, 2022

(GLA in thousands)

 

						JVs at 100%			REG's pro-rata share			REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA			GLA			% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA			Grocery Anchor GLA			Major Tenants (1)	Avg. Base Rent PSF
				FL			11,585			11,041		93.8%			1,049			3,474			$	19.50
	Ashford Place			GA	Atlanta-SandySprings-Alpharett		53			53		97.2%								Harbor Freight Tools	$	23.44
	Briarcliff La Vista			GA	Atlanta-SandySprings-Alpharett		43			43		100.0%								Michael's	$	22.20
	Briarcliff Village			GA	Atlanta-SandySprings-Alpharett		189			189		98.3%						43		Burlington, Party City, Publix, Shoe Carnival, TJ Maxx	$	16.86
	Bridgemill Market			GA	Atlanta-SandySprings-Alpharett		89			89		94.0%						38		Publix	$	17.76
	Brighten Park			GA	Atlanta-SandySprings-Alpharett		137			137		78.3%						25		Lidl	$	30.00
	Buckhead Court			GA	Atlanta-SandySprings-Alpharett		49			49		89.7%								-	$	31.17
	Buckhead Landing			GA	Atlanta-SandySprings-Alpharett		152			152		74.3%						56		Binders Art Supplies & Frames, Kroger	$	19.25
	Buckhead Station			GA	Atlanta-SandySprings-Alpharett		234			234		100.0%								Bed Bath & Beyond, Cost Plus World Market, DSW Warehouse, Nordstrom Rack, Old Navy, Saks Off 5th, TJ Maxx, Ulta	$	25.20
	Cambridge Square			GA	Atlanta-SandySprings-Alpharett		71			71		42.8%						41		-	$	26.95
	Chastain Square			GA	Atlanta-SandySprings-Alpharett		92			92		100.0%						37		Publix	$	23.22
	Cornerstone Square			GA	Atlanta-SandySprings-Alpharett		80			80		100.0%						18		Aldi, CVS, HealthMarkets Insurance, Diazo Specialty Blueprint	$	18.31
	Sope Creek Crossing			GA	Atlanta-SandySprings-Alpharett		99			99		95.5%						45		Publix	$	16.55
	Dunwoody Hall			GA	Atlanta-SandySprings-Alpharett		86			86		92.1%						44		Publix	$	20.53
	Dunwoody Village			GA	Atlanta-SandySprings-Alpharett		121			121		93.5%						18		The Fresh Market, Walgreens, Dunwoody Prep	$	21.15
	Howell Mill Village			GA	Atlanta-SandySprings-Alpharett		92			92		100.0%						31		Publix	$	24.46
	Paces Ferry Plaza			GA	Atlanta-SandySprings-Alpharett		82			82		99.9%						30		Whole Foods	$	39.94
	Powers Ferry Square			GA	Atlanta-SandySprings-Alpharett		97			97		100.0%								HomeGoods, PETCO	$	34.43
	Powers Ferry Village			GA	Atlanta-SandySprings-Alpharett		76			76		91.1%						48		Publix, The Juice Box	$	10.37
	Russell Ridge			GA	Atlanta-SandySprings-Alpharett		101			101		88.4%						63		Kroger	$	12.97
	Sandy Springs			GA	Atlanta-SandySprings-Alpharett		116			116		95.1%						12		Trader Joe's, Fox's, Peter Glenn Ski & Sports	$	24.56
	The Shops at Hampton Oaks			GA	Atlanta-SandySprings-Alpharett		21			21		81.5%								(CVS)	$	12.05
	Williamsburg at Dunwoody			GA	Atlanta-SandySprings-Alpharett		45			45		82.7%								-	$	27.00
				GA			2,127			2,127		91.5%	91.5%		0			551			$	22.66
	Civic Center Plaza	GRI	40%	IL	Chicago-Naperville-Elgin		265			106		96.6%						87		Super H Mart, Home Depot, O'Reilly Automotive, King Spa	$	10.52
	Clybourn Commons			IL	Chicago-Naperville-Elgin		32			32		89.9%								PETCO	$	37.51
	Glen Oak Plaza			IL	Chicago-Naperville-Elgin		63			63		99.5%						12		Trader Joe's, Walgreens, Northshore University Healthsystems	$	27.09
	Hinsdale			IL	Chicago-Naperville-Elgin		185			185		89.4%						57		Whole Foods, Goodwill, Charter Fitness, Petco	$	15.57
	Mellody Farm			IL	Chicago-Naperville-Elgin		259			259		94.7%						45		Whole Foods, Nordstrom Rack, REI, HomeGoods, Barnes & Noble, West Elm	$	28.67
(2)	Naperville Plaza	C	20%	IL	Chicago-Naperville-Elgin		115			23		95.9%						39		Casey's Foods, Trader Joe's, Oswald's Pharmacy	$	25.01

 

Supplemental Information 32

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Portfolio Summary Report By State

March 31, 2022

(GLA in thousands)

 

						JVs at 100%			REG's pro-rata share			REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA			GLA			% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA			Grocery Anchor GLA			Major Tenants (1)	Avg. Base Rent PSF
	Riverside Sq & River's Edge	GRI	40%	IL	Chicago-Naperville-Elgin	169			68			99.3%						74		Mariano's Fresh Market, Dollar Tree, Party City, Blink Fitness	$	17.49
	Roscoe Square	GRI	40%	IL	Chicago-Naperville-Elgin	140			56			66.8%						51		Mariano's Fresh Market, Walgreens	$	27.50
	Westchester Commons			IL	Chicago-Naperville-Elgin	143			143			91.7%						80		Mariano's Fresh Market, Goodwill	$	17.37
	Willow Festival			IL	Chicago-Naperville-Elgin	404			404			96.7%						60		Whole Foods, Lowe's, CVS, HomeGoods, REI, Best Buy, Ulta	$	17.97
				IL			1,775			1,338		93.6%	93.6%		0			505			$	20.29
	Shops on Main	M	94%	IN	Chicago-Naperville-Elgin	279			279			100.0%						40		Whole Foods, Dick's Sporting Goods, Ross Dress for Less, HomeGoods, DSW, Nordstrom Rack, Marshalls	$	16.12
	Willow Lake Shopping Center	GRI	40%	IN	Indianapolis-Carmel-Anderson	86			34			72.4%			64			64		Indiana Bureau of Motor Vehicles, (Kroger)	$	18.77
	Willow Lake West Shopping Center	GRI	40%	IN	Indianapolis-Carmel-Anderson	53			21			81.2%						12		Trader Joe's	$	27.89
				IN			418			335		96.0%	96.0%		64			116			$	16.95
	Fellsway Plaza	M	75%	MA	Boston-Cambridge-Newton	158			158			93.7%						61		Stop & Shop, Planet Fitness, BioLife Plasma Services	$	25.97
	Shaw's at Plymouth			MA	Boston-Cambridge-Newton	60			60			100.0%						60		Shaw's	$	19.34
	Shops at Saugus			MA	Boston-Cambridge-Newton	87			87			97.2%						11		Trader Joe's, La-Z-Boy, PetSmart	$	30.24
	Star's at Cambridge			MA	Boston-Cambridge-Newton	66			66			100.0%						66		Star Market	$	41.18
	Star's at Quincy			MA	Boston-Cambridge-Newton	101			101			100.0%						101		Star Market	$	23.63
	Star's at West Roxbury			MA	Boston-Cambridge-Newton	76			76			97.2%						55		Shaw's	$	26.71
	The Abbot			MA	Boston-Cambridge-Newton	65			65			45.8%								-	$	0.00
	Twin City Plaza			MA	Boston-Cambridge-Newton	285			285			100.0%						63		Shaw's, Marshall's, Extra Space Storage, Walgreens, K&G Fashion, Dollar Tree, Everfitness, Formlabs	$	21.56
				MA			897			897		94.5%	94.5%		0			416			$	28.28
	Burnt Mills	C	20%	MD	Washington-Arlington-Alexandri	31			6			100.0%						9		Trader Joe's	$	40.76
	Cloppers Mill Village	GRI	40%	MD	Washington-Arlington-Alexandri	137			55			92.7%						70		Shoppers Food Warehouse, Dollar Tree	$	18.82
	Festival at Woodholme	GRI	40%	MD	Baltimore-Columbia-Towson	81			32			82.4%						10		Trader Joe's	$	40.64
	Firstfield Shopping Center	GRI	40%	MD	Washington-Arlington-Alexandri	22			9			100.0%								-	$	42.94
	Parkville Shopping Center	GRI	40%	MD	Baltimore-Columbia-Towson	165			66			96.8%						41		Giant, Parkville Lanes, Dollar Tree, Petco, The Cellar Parkville	$	16.96
	Southside Marketplace	GRI	40%	MD	Baltimore-Columbia-Towson	125			50			92.0%						44		Shoppers Food Warehouse	$	21.91
	Takoma Park	GRI	40%	MD	Washington-Arlington-Alexandri	107			43			100.0%						64		Planet Fitness	$	15.08
	Village at Lee Airpark			MD	Baltimore-Columbia-Towson	121			121			91.6%			75			63		Giant, (Sunrise)	$	29.79
	Watkins Park Plaza	GRI	40%	MD	Washington-Arlington-Alexandri	111			45			100.0%								LA Fitness, CVS	$	29.04
	Westbard Square			MD	Washington-Arlington-Alexandri	147			147			88.9%						55		Giant, Bowlmor AMF	$	36.13
	Woodmoor Shopping Center	GRI	40%	MD	Washington-Arlington-Alexandri	69			28			92.8%								CVS	$	34.76
				MD			1,117			601		92.6%	92.6%		75			357			$	28.04

 

Supplemental Information 33

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Portfolio Summary Report By State

March 31, 2022

(GLA in thousands)

 

						JVs at 100%			REG's pro-rata share			REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA			GLA			% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA			Grocery Anchor GLA			Major Tenants (1)	Avg. Base Rent PSF
	Fenton Marketplace			MI	Flint		97			97		74.0%								Family Farm & Home	$	8.56
				MI			97			97		74.0%	74.0%		0			0			$	8.56
	Apple Valley Square	RC	25%	MN	Minneapol-St. Paul-Bloomington		179			45		100.0%			87					Jo-Ann Fabrics, PETCO, Savers, Experience Fitness, (Burlington Coat Factory), (Aldi)	$	16.84
	Cedar Commons	RC	25%	MN	Minneapol-St. Paul-Bloomington		66			17		100.0%						50		Whole Foods	$	28.17
	Colonial Square	GRI	40%	MN	Minneapol-St. Paul-Bloomington		93			37		100.0%						44		Lund's	$	26.19
	Rockford Road Plaza	GRI	40%	MN	Minneapol-St. Paul-Bloomington		204			82		97.5%								Kohl's, PetSmart, HomeGoods, TJ Maxx	$	13.76
	Rockridge Center	C	20%	MN	Minneapol-St. Paul-Bloomington		125			25		92.0%						89		CUB Foods	$	13.73
				MN			668			205		98.0%	98.0%		87			183			$	17.93
	Brentwood Plaza			MO	St. Louis		60			60		100.0%						52		Schnucks	$	11.45
	Bridgeton			MO	St. Louis		71			71		97.3%			130			63		Schnucks, (Home Depot)	$	12.11
	Dardenne Crossing			MO	St. Louis		67			67		100.0%						63		Schnucks	$	11.57
	Kirkwood Commons			MO	St. Louis		210			210		100.0%			258			136		Walmart, TJ Maxx, HomeGoods, Famous Footwear, (Target), (Lowe's)	$	10.28
				MO			408			408		99.5%	99.5%		388			314			$	10.98
(2)	Blakeney Shopping Center			NC	Charlotte-Concord-Gastonia		384			384		99.7%			124					Harris Teeter, Marshalls, Best Buy, Petsmart, Off Broadway Shoes, Old Navy, (Target)	$	25.61
	Carmel Commons			NC	Charlotte-Concord-Gastonia		141			141		84.2%						14		Chuck E. Cheese, The Fresh Market, Party City	$	23.93
	Cochran Commons	C	20%	NC	Charlotte-Concord-Gastonia		66			13		100.0%			15			42		Harris Teeter, (Walgreens)	$	17.31
	Market at Colonnade Center			NC	Raleigh-Cary		58			58		100.0%						40		Whole Foods	$	28.11
	Glenwood Village			NC	Raleigh-Cary		43			43		100.0%						28		Harris Teeter	$	17.99
	Holly Park			NC	Raleigh-Cary		160			160		93.8%						12		DSW Warehouse, Trader Joe's, Ross Dress For Less, Staples, US Fitness Products, Jerry's Artarama, Pet Supplies Plus, Ulta	$	19.10
	Lake Pine Plaza			NC	Raleigh-Cary		88			88		100.0%						58		Harris Teeter	$	14.20
	Midtown East	O	50%	NC	Raleigh-Cary		159			79		100.0%						120		Wegmans	$	24.12
	Providence Commons	RC	25%	NC	Charlotte-Concord-Gastonia		74			19		100.0%						50		Harris Teeter	$	19.64
	Ridgewood Shopping Center	C	20%	NC	Raleigh-Cary		93			19		89.3%						30		Whole Foods, Walgreens	$	20.97
	Shops at Erwin Mill	M	55%	NC	Durham-Chapel Hill		91			91		96.4%						53		Harris Teeter	$	19.12
	Shoppes of Kildaire	GRI	40%	NC	Raleigh-Cary		145			58		78.9%						46		Trader Joe's, Aldi, Staples	$	21.55
	Southpoint Crossing			NC	Durham-Chapel Hill		103			103		95.7%						59		Harris Teeter	$	16.64
	Sutton Square	C	20%	NC	Raleigh-Cary		101			20		96.4%						24		The Fresh Market	$	20.74
	Village District	C	30%	NC	Raleigh-Cary		559			168		94.6%						87		Harris Teeter, The Fresh Market, Wake Public Library, Walgreens, Talbots, Great Outdoor Provision Co., York Properties,The Cheshire Cat Gallery, Crunch Fitness Select Club, Bailey's Fine Jewelry, Sephora, Barnes & Noble, Goodnight's Comedy Club	$	24.96
	Village Plaza	C	20%	NC	Durham-Chapel Hill		73			15		100.0%						42		Whole Foods	$	23.55
	Willow Oaks			NC	Charlotte-Concord-Gastonia		65			65		97.9%						49		Publix	$	17.28

 

Supplemental Information 34

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Portfolio Summary Report By State

March 31, 2022

(GLA in thousands)

 

						JVs at 100%			REG's pro-rata share			REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA			GLA			% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA			Grocery Anchor GLA			Major Tenants (1)	Avg. Base Rent PSF
	Woodcroft Shopping Center			NC	Durham-Chapel Hill	90			90			98.7%						41		Food Lion, ACE Hardware	$	14.20
				NC			2,492			1,613		95.8%	95.8%		139			795			$	21.58
	Chimney Rock			NJ	New York-Newark-Jersey City	218			218			99.3%						50		Whole Foods, Nordstrom Rack, Saks Off 5th, The Container Store, Ulta	$	36.76
	District at Metuchen	C	20%	NJ	New York-Newark-Jersey City	67			13			100.0%						44		Whole Foods	$	30.44
(2)	Glenwood Green	M	70%	NJ	Philadelphia-Camden-Wilmington	355			355			60.5%						80		ShopRite, Target	$	5.96
	Haddon Commons	GRI	40%	NJ	Philadelphia-Camden-Wilmington	54			22			100.0%						34		Acme Markets	$	15.12
	Plaza Square	GRI	40%	NJ	New York-Newark-Jersey City	104			42			80.5%						43		Grocer	$	17.53
	Riverfront Plaza	NYC	30%	NJ	New York-Newark-Jersey City	129			39			95.6%						70		ShopRite	$	26.59
				NJ			927			688		78.0%	96.6%		0			321			$	21.51
	101 7th Avenue			NY	New York-Newark-Jersey City	57			57			0.0%								-	$	0.00
	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%								CVS	$	127.71
	90 - 30 Metropolitan Avenue			NY	New York-Newark-Jersey City	60			60			93.9%						11		Michaels, Staples, Trader Joe's	$	34.27
	Broadway Plaza			NY	New York-Newark-Jersey City	147			147			91.8%						18		Aldi, Best Buy, Bob's Discount Furniture, TJ Maxx, Blink Fitness	$	42.08
	Clocktower Plaza Shopping Ctr			NY	New York-Newark-Jersey City	79			79			100.0%						63		Stop & Shop	$	49.72
(2)	East Meadow			NY	New York-Newark-Jersey City	141			141			93.0%								Marshalls, Stew Leonard's	$	14.85
(2)	Eastport			NY	New York-Newark-Jersey City	48			48			97.3%								King Kullen, Rite Aid	$	12.75
	The Gallery at Westbury Plaza			NY	New York-Newark-Jersey City	312			312			100.0%						13		Trader Joe's, Nordstrom Rack, Saks Fifth Avenue, Bloomingdale's, The Container Store, HomeGoods, Old Navy, Gap Outlet, Bassett Home Furnishings, Famous Footware	$	49.80
	Hewlett Crossing I & II			NY	New York-Newark-Jersey City	52			52			96.2%								-	$	38.34
	Rivertowns Square	0		NY	New York-Newark-Jersey City	116			116			92.6%						18		Ulta, The Learning Experience, Mom's Organic Market, Look Cinemas	$	25.85
	The Point at Garden City Park			NY	New York-Newark-Jersey City	105			105			100.0%						52		King Kullen, Ace Hardware	$	29.88
	Lake Grove Commons	GRI	40%	NY	New York-Newark-Jersey City	141			57			100.0%						48		Whole Foods, LA Fitness, PETCO	$	34.67
(2)	Valley Stream			NY	New York-Newark-Jersey City	99			99			97.8%								King Kullen	$	28.91
(2)	Wading River			NY	New York-Newark-Jersey City	99			99			91.1%								King Kullen, CVS, Ace Hardware	$	22.96
	Westbury Plaza			NY	New York-Newark-Jersey City	390			390			99.4%						110		WalMart, Costco, Marshalls, Total Wine and More, Olive Garden	$	26.25
				NY			1,890			1,805		94.0%	94.0%		0			357			$	35.21
	Cherry Grove			OH	Cincinnati	196			196			99.0%						66		Kroger, Shoe Carnival, TJ Maxx, Tuesday Morning	$	12.40
	East Pointe			OH	Columbus	111			111			100.0%						76		Kroger	$	11.18
	Hyde Park			OH	Cincinnati	401			401			96.6%						169		Kroger, Remke Markets, Walgreens, Jo-Ann Fabrics, Ace Hardware, Staples, Marshalls	$	16.99
	Kroger New Albany Center	M	50%	OH	Columbus	93			93			100.0%						65		Kroger	$	13.35

 

Supplemental Information 35

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Portfolio Summary Report By State

March 31, 2022

(GLA in thousands)

 

						JVs at 100%			REG's pro-rata share			REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA			GLA			% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA			Grocery Anchor GLA			Major Tenants (1)	Avg. Base Rent PSF
	Northgate Plaza (Maxtown Road)			OH	Columbus	117			117			100.0%			90			91		Kroger, (Home Depot)	$	11.92
	Red Bank Village			OH	Cincinnati	176			176			98.9%						152		WalMart	$	7.53
	Regency Commons			OH	Cincinnati	34			34			84.0%								-	$	26.65
	West Chester Plaza			OH	Cincinnati	88			88			98.4%						67		Kroger	$	10.09
				OH			1,217			1,217		98.0%	98.0%		90			685			$	13.25
	Corvallis Market Center			OR	Corvallis	85			85			100.0%						12		Michaels, TJ Maxx, Trader Joe's	$	22.21
	Greenway Town Center	GRI	40%	OR	Portland-Vancouver-Hillsboro	93			37			100.0%						38		Dollar Tree, Rite Aid, Whole Foods	$	16.37
	Murrayhill Marketplace			OR	Portland-Vancouver-Hillsboro	150			150			86.7%						41		Safeway, Planet Fitness	$	20.18
	Northgate Marketplace			OR	Medford	81			81			91.6%						13		Trader Joe's, REI, PETCO	$	22.91
	Northgate Marketplace Ph II			OR	Medford	177			177			97.4%								Dick's Sporting Goods, Homegoods, Marshalls	$	17.96
	Sherwood Crossroads			OR	Portland-Vancouver-Hillsboro	88			88			100.0%						55		Safeway	$	12.35
	Tanasbourne Market			OR	Portland-Vancouver-Hillsboro	71			71			100.0%						57		Whole Foods	$	30.11
	Walker Center			OR	Portland-Vancouver-Hillsboro	90			90			98.4%								Bed Bath & Beyond	$	22.48
				OR			835			779		95.8%	95.8%		0			215			$	20.27
	Allen Street Shopping Ctr	GRI	40%	PA	Allentown-Bethlehem-Easton	46			18			100.0%						22		Grocery Outlet Bargain Market	$	17.90
	City Avenue Shopping Center	GRI	40%	PA	Philadelphia-Camden-Wilmington	162			65			84.5%								Ross Dress for Less, TJ Maxx, Dollar Tree	$	20.57
	Gateway Shopping Center			PA	Philadelphia-Camden-Wilmington	224			224			95.8%						11		Trader Joe's, Staples, TJ Maxx, Jo-Ann Fabrics	$	34.12
	Hershey			PA	Harrisburg-Carlisle	6			6			100.0%								-	$	30.00
	Lower Nazareth Commons			PA	Allentown-Bethlehem-Easton	96			96			100.0%			244			111		Burlington Coat Factory, PETCO, (Wegmans), (Target)	$	26.32
	Mercer Square Shopping Center	GRI	40%	PA	Philadelphia-Camden-Wilmington	91			37			92.5%						51		Weis Markets	$	24.50
	Newtown Square Shopping Center	GRI	40%	PA	Philadelphia-Camden-Wilmington	142			57			89.8%						56		Acme Markets, Michael's	$	18.99
	Stefko Boulevard Shopping Center	GRI	40%	PA	Allentown-Bethlehem-Easton	134			54			97.9%						73		Valley Farm Market, Dollar Tree, Retro Fitness	$	11.27
	Warwick Square Shopping Center	GRI	40%	PA	Philadelphia-Camden-Wilmington	93			37			40.4%						51		-	$	27.56
				PA			995			594		91.3%	91.3%		244			375			$	26.35
	Indigo Square			SC	Charleston-North Charleston	51			51			100.0%						22		Publix	$	29.70
	Merchants Village	GRI	40%	SC	Charleston-North Charleston	80			32			96.7%						38		Publix	$	17.36
				SC			131			83		98.7%	98.7%		0			59			$	25.06
	Harpeth Village Fieldstone			TN	Nashvil-Davdsn-Murfree-Frankln	70			70			100.0%						55		Publix	$	16.15
	Northlake Village			TN	Nashvil-Davdsn-Murfree-Frankln	135			135			96.0%						75		Kroger	$	14.85
	Peartree Village			TN	Nashvil-Davdsn-Murfree-Frankln	110			110			100.0%						84		Kroger, PETCO	$	20.23

 

Supplemental Information 36

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Portfolio Summary Report By State

March 31, 2022

(GLA in thousands)

 

						JVs at 100%			REG's pro-rata share			REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA			GLA			% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA			Grocery Anchor GLA			Major Tenants (1)	Avg. Base Rent PSF
				TN			314			314		98.3%	98.3%		0			214			$	17.03
	Alden Bridge			TX	Houston-Woodlands-Sugar Land		139			139		99.0%						68		Kroger, Walgreens	$	21.55
(2)	Baybrook East 1A	O	50%	TX	Houston-Woodlands-Sugar Land		106			53		100.0%						106		H.E.B	$	3.16
	Bethany Park Place			TX	Dallas-Fort Worth-Arlington		99			99		95.2%						83		Kroger	$	11.59
	CityLine Market			TX	Dallas-Fort Worth-Arlington		81			81		100.0%						40		Whole Foods	$	29.79
	CityLine Market Phase II			TX	Dallas-Fort Worth-Arlington		22			22		100.0%								CVS	$	27.95
	Cochran's Crossing			TX	Houston-Woodlands-Sugar Land		138			138		98.8%						63		Kroger	$	20.12
	Hancock			TX	Austin-Round Rock-Georgetown		263			263		97.7%						90		24 Hour Fitness, Firestone Complete Auto Care, H.E.B, PETCO, Twin Liquors	$	19.13
	Hillcrest Village			TX	Dallas-Fort Worth-Arlington		15			15		100.0%								-	$	49.88
	Indian Springs Center			TX	Houston-Woodlands-Sugar Land		137			137		99.0%						79		H.E.B.	$	25.22
	Keller Town Center			TX	Dallas-Fort Worth-Arlington		120			120		97.1%						64		Tom Thumb	$	16.80
	Lebanon/Legacy Center			TX	Dallas-Fort Worth-Arlington		56			56		90.7%			63			63		(WalMart)	$	28.91
	Market at Preston Forest			TX	Dallas-Fort Worth-Arlington		96			96		100.0%						64		Tom Thumb	$	22.10
	Market at Round Rock			TX	Austin-Round Rock-Georgetown		123			123		97.6%						30		Sprout's Markets, Office Depot, Tuesday Morning	$	19.52
	Market at Springwoods Village	M	53%	TX	Houston-Woodlands-Sugar Land		167			167		98.6%						100		Kroger	$	17.28
	Mockingbird Commons			TX	Dallas-Fort Worth-Arlington		120			120		89.2%						49		Tom Thumb, Ogle School of Hair Design	$	18.96
	North Hills			TX	Austin-Round Rock-Georgetown		164			164		98.8%						60		H.E.B.	$	21.26
	Panther Creek			TX	Houston-Woodlands-Sugar Land		166			166		98.4%						66		CVS, The Woodlands Childrens Museum, Fitness Project	$	23.72
	Prestonbrook			TX	Dallas-Fort Worth-Arlington		92			92		98.9%						64		Kroger	$	15.12
(2)	Preston Oaks			TX	Dallas-Fort Worth-Arlington		102			102		82.9%						30		Central Market, Talbots	$	39.50
	Shiloh Springs			TX	Dallas-Fort Worth-Arlington		110			110		89.8%						61		Kroger	$	14.62
	Shops at Mira Vista			TX	Austin-Round Rock-Georgetown		68			68		100.0%						15		Trader Joe's, Champions Westlake Gymnastics & Cheer	$	25.18
	Southpark at Cinco Ranch			TX	Houston-Woodlands-Sugar Land		265			265		98.1%						101		Kroger, Academy Sports, PETCO, Spec's Liquor and Finer Foods	$	13.66
	Sterling Ridge			TX	Houston-Woodlands-Sugar Land		129			129		98.9%						63		Kroger, CVS	$	21.90
	Sweetwater Plaza	C	20%	TX	Houston-Woodlands-Sugar Land		134			27		93.4%						65		Kroger, Walgreens	$	18.05
	Tech Ridge Center			TX	Austin-Round Rock-Georgetown		216			216		100.0%						84		H.E.B., Pinstack, Baylor Scott & White	$	23.79
	The Village at Riverstone			TX	Houston-Woodlands-Sugar Land		165			165		95.4%						100		Kroger	$	16.87
	Weslayan Plaza East	GRI	40%	TX	Houston-Woodlands-Sugar Land		169			68		99.1%								Berings, Ross Dress for Less, Michaels, The Next Level Fitness, Spec's Liquor, Trek Bicycle	$	21.03
	Weslayan Plaza West	GRI	40%	TX	Houston-Woodlands-Sugar Land		186			74		92.1%						52		Randalls Food, Walgreens, PETCO, Jo-Ann's, Tuesday Morning, Homegoods	$	20.61
	Westwood Village			TX	Houston-Woodlands-Sugar Land		187			187		96.7%			127					Fitness Project, PetSmart, Office Max, Ross Dress For Less, TJ Maxx, (Target)	$	20.16

 

Supplemental Information 37

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Portfolio Summary Report By State

March 31, 2022

(GLA in thousands)

 

						JVs at 100%			REG's pro-rata share			REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA			GLA			% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA			Grocery Anchor GLA			Major Tenants (1)	Avg. Base Rent PSF
	Woodway Collection	GRI	40%	TX	Houston-Woodlands-Sugar Land		97			39		94.2%						45		Whole Foods	$	31.22
				TX			3,930			3,499		96.9%	96.9%		190			1,706			$	20.42
	Ashburn Farm Village Center	GRI	40%	VA	Washington-Arlington-Alexandri		92			37		100.0%						27		Patel Brothers, The Shop Gym	$	17.11
	Belmont Chase			VA	Washington-Arlington-Alexandri		91			91		98.3%						40		Cooper's Hawk Winery, Whole Foods	$	33.39
	Braemar Village Center	RC	25%	VA	Washington-Arlington-Alexandri		104			26		100.0%						58		Safeway	$	23.49
(2)	Carytown Exchange	M	59%	VA	Richmond		116			116		70.8%						38		Publix, CVS	$	23.35
	Centre Ridge Marketplace	GRI	40%	VA	Washington-Arlington-Alexandri		107			43		98.9%						55		United States Coast Guard Ex, Planet Fitness	$	20.17
	Point 50			VA	Washington-Arlington-Alexandri		48			48		100.0%						30		Amazon Fresh	$	43.47
	Festival at Manchester Lakes	GRI	40%	VA	Washington-Arlington-Alexandri		168			67		81.9%						32		Amazon Fresh, Homesense	$	29.85
	Fox Mill Shopping Center	GRI	40%	VA	Washington-Arlington-Alexandri		103			41		94.2%						50		Giant	$	26.28
	Greenbriar Town Center	GRI	40%	VA	Washington-Arlington-Alexandri		340			136		98.1%						62		Big Blue Swim School, Bob's Discount Furniture, CVS, Giant, Marshalls, Planet Fitness, Ross Dress for Less, Total Wine and More	$	28.21
	Hanover Village Shopping Center	GRI	40%	VA	Richmond		90			36		100.0%						18		Aldi, Tractor Supply Company, Harbor Freight Tools, Tuesday Morning	$	9.78
	Kamp Washington Shopping Center	GRI	40%	VA	Washington-Arlington-Alexandri		71			29		100.0%						20		PGA Tour Superstore	$	33.05
	Kings Park Shopping Center	GRI	40%	VA	Washington-Arlington-Alexandri		96			39		100.0%						51		Giant, CVS	$	33.05
	Lorton Station Marketplace	C	20%	VA	Washington-Arlington-Alexandri		136			27		67.4%						63		Amazon Fresh	$	27.21
	Saratoga Shopping Center	GRI	40%	VA	Washington-Arlington-Alexandri		113			45		97.0%						56		Giant	$	22.17
	Shops at County Center			VA	Washington-Arlington-Alexandri		97			97		98.3%						52		Harris Teeter, Planet Fitness	$	18.96
	The Crossing Clarendon			VA	Washington-Arlington-Alexandri		420			420		91.1%						34		Whole Foods, Crate & Barrel, The Container Store, Barnes & Noble, Pottery Barn, Ethan Allen, The Cheesecake Factory, Life Time Fitness	$	37.86
	The Field at Commonwealth			VA	Washington-Arlington-Alexandri		167			167		100.0%						122		Wegmans	$	22.61
	Village Center at Dulles	C	20%	VA	Washington-Arlington-Alexandri		304			61		94.0%						48		Giant, Gold's Gym, CVS, Advance Auto Parts, Chuck E. Cheese, HomeGoods, Goodwill, Furniture Max	$	25.80
	Village Shopping Center	GRI	40%	VA	Richmond		116			46		88.8%						45		Publix, CVS	$	24.96
	Willston Centre I	GRI	40%	VA	Washington-Arlington-Alexandri		105			42		90.8%								CVS, Fashion K City	$	27.90
	Willston Centre II	GRI	40%	VA	Washington-Arlington-Alexandri		136			54		100.0%			141			59		Safeway, (Target), (PetSmart)	$	27.37
				VA			3,021			1,668		93.1%	94.8%		141			960			$	28.73
	6401 Roosevelt			WA	Seattle-Tacoma-Bellevue		8			8		100.0%								-	$	24.88
	Aurora Marketplace	GRI	40%	WA	Seattle-Tacoma-Bellevue		107			43		100.0%						49		Safeway, TJ Maxx	$	18.18
	Ballard Blocks I	O	50%	WA	Seattle-Tacoma-Bellevue		132			66		95.8%						12		LA Fitness, Ross Dress for Less, Trader Joe's	$	27.51
	Ballard Blocks II	O	50%	WA	Seattle-Tacoma-Bellevue		117			58		99.3%						25		Bright Horizons, Kaiser Permanente, PCC Community Markets, Prokarma, Trufusion, West Marine	$	35.53
	Broadway Market	C	20%	WA	Seattle-Tacoma-Bellevue		140			28		97.9%						64		Gold's Gym, Mosaic Salon Group, Quality Food Centers	$	28.79

 

Supplemental Information 38

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Portfolio Summary Report By State

March 31, 2022

(GLA in thousands)

 

						JVs at 100%			REG's pro-rata share			REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA			GLA			% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA			Grocery Anchor GLA			Major Tenants (1)	Avg. Base Rent PSF
	Cascade Plaza	C	20%	WA	Seattle-Tacoma-Bellevue	206			41			97.7%						49		Big 5 Sporting Goods, Big Lots, Dollar Tree, Jo-Ann Fabrics, Planet Fitness, Ross Dress For Less, Safeway, Aaron's	$	12.67
	Eastgate Plaza	GRI	40%	WA	Seattle-Tacoma-Bellevue	85			34			94.0%						29		Safeway, Rite Aid	$	31.03
	Grand Ridge Plaza			WA	Seattle-Tacoma-Bellevue	331			331			97.5%						45		Bevmo!, Dick's Sporting Goods, Marshalls, Regal Cinemas,Safeway, Ulta	$	25.86
	Inglewood Plaza			WA	Seattle-Tacoma-Bellevue	17			17			100.0%								-	$	44.55
(2)	Island Village			WA	Seattle-Tacoma-Bellevue	106			106			98.2%						49		Safeway, Rite Aid	$	15.61
	Klahanie Shopping Center			WA	Seattle-Tacoma-Bellevue	67			67			94.6%			40			40		(QFC)	$	36.37
	Melrose Market			WA	Seattle-Tacoma-Bellevue	21			21			87.2%								-	$	32.51
	Overlake Fashion Plaza	GRI	40%	WA	Seattle-Tacoma-Bellevue	87			35			100.0%			230			13		Marshalls, Bevmo!, Amazon Go Grocery	$	29.16
	Pine Lake Village			WA	Seattle-Tacoma-Bellevue	103			103			98.4%						41		Quality Food Centers, Rite Aid	$	25.69
	Roosevelt Square			WA	Seattle-Tacoma-Bellevue	150			150			96.0%						50		Whole Foods, Bartell, Guitar Center, LA Fitness	$	26.90
	Sammamish-Highlands			WA	Seattle-Tacoma-Bellevue	101			101			97.5%			55			67		Trader Joe's, Bartell Drugs, (Safeway)	$	38.18
	Southcenter			WA	Seattle-Tacoma-Bellevue	58			58			100.0%			112					(Target)	$	32.98
				WA			1,837			1,267		97.4%	97.4%		437			532			$	27.43
	Regency Centers Total						51,283			42,805		93.9%	94.3%		3,747			16,217			$	23.32

 

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

 

Supplemental Information 39

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Components of Net Asset Value (NAV)

As of March 31, 2022

(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)		$	202,512
Share of JV NOI (page 7)		$	25,192
Less: Noncontrolling Interests (page 7)		$	(1,714	)
Retail Operating Properties Excluding In-Process Redevelopments
Quarterly Base Rent From Leases Signed But Not Yet Commenced		$	5,871

 

Real Estate: In-Process Ground-Up Developments and Redevelopments
In-Process Ground-Up Development
REG's Estimated Net Project Costs (page 17)		$	90,673
Stabilized Yield (page 17)			7	%
Annualized Proforma Stabilized NOI		$	6,275
% of Costs Incurred (page 17)			51	%
Construction in Progress		$	44,806
NOI from In-Process Ground-Up Development - Current Quarter
In-place NOI from Current Year Ground-Up Development Completions		$	-
In-place NOI from In-Process Ground-Up Developments		$	117
In-Process Redevelopment Projects
REG's Estimated Net Project Costs (page 17)		$	257,592
Stabilized Yield (page 17)			7	%
Annualized Proforma Stabilized NOI		$	18,710
% of Costs Incurred (page 17)			59	%
Construction in Progress		$	106,203
NOI from In-Process Redevelopment - Current Quarter
In-place NOI from Current Year Redevelopment Completions		$	30
In-place NOI from In-Process Redevelopments		$	1,099

 

Fee Income
Third-Party Management Fees and Commissions - Current Quarter (page 5)		$	6,684
Less: Share of JV's Total fee income - Current Quarter (page 7)		$	(279	)

 

Other Assets
Estimated Market Value of Land
Land held for sale or future development		$	42,202
Outparcels at retail operating properties			13,100
101 7th Avenue at Book Value, Net			25,000
Total Estimated Market Value of Land		$	80,302
Regency's Pro-Rata Share (page 3 & 6)
Cash and Cash Equivalents		$	194,520
Tenant and other receivables, excluding Straight line rent receivables		$	46,362
Other Assets, excluding Goodwill		$	123,774

 

Liabilities
Regency's Pro-Rata Share (page 3 & 6)
Notes payable		$	4,212,644
Accounts payable and other liabilities		$	296,572
Tenants' security, escrow deposits		$	63,808

 

Common Shares and Equivalents Outstanding
Common Shares and Equivalents Issued and Outstanding (page 1)			172,133

 

Supplemental Information 40

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Supplemental Details of Lease Income and Tenant & Other Receivables (Pro Rata)

(in thousands)

 

Supplemental Details of Lease Income (Pro-Rata)

For the Three Months Ended March 31, 2022

 

			Three Months Ended
	Composition of Lease Income		March 31, 2022
	Base Rent		$	222,041
	Recoveries from Tenants			75,762
	Percentage Rent, Termination Fees, and Other Lease Income			10,071
	Current Period Billings/Deferrals & Other Revenue		$	307,874
	Uncollectible Lease Income, net			6,682
	Non-Cash Revenues (1)			12,085
	Total Lease Income (see pages 5 & 7)		$	326,641
	Composition of Uncollectible Lease Income
	Uncollectible Lease Income - Current Quarter (1Q22) Billings (2)		$	(3,855	)
	Impact from Current Quarter (1Q22) Lease Modifications (3)			1,204
	Recovery of Prior Period 2022 Reserves			-
	Uncollectible Lease Income - 2022 Billings		$	(2,651	)
	Recovery of Prior Year (2020/2021) Reserves, net (4)			9,333
	Uncollectible Lease Income, net		$	6,682

 

Supplemental Details of Tenant & Other Receivables (Pro-Rata)

As of March 31, 2022 and December 31, 2021

 

			March 31, 2022				December 31, 2021
	Tenant receivables		$	62,242			$	82,157
	Less: Uncollectible tenant receivables			(41,093	)			(50,246	)
	Net tenant receivables		$	21,149			$	31,911
	Straight line rent receivables			156,231				152,798
	Less: Uncollectible straight line rent receivables			(30,185	)			(32,956	)
	Net Straight line rent receivables		$	126,046			$	119,842
	Other receivables (5)			25,213				23,079
	Total tenant and other receivables (see pages 3 & 6)		$	172,408			$	174,832

 

	Uncollectible Tenant Receivables Balance Reconciliation
	Uncollectible tenant receivables (12/31/21)		$	(50,246	)
	Uncollectible Lease Income - 2022 Billings (2)			(3,855	)
	Impact from Current Year Lease Modifications (3)			1,204
	Recovery of Prior Year (2020/2021) Reserves, net (4)			9,333
	YTD 2022 - Write-offs and Abatements			2,471
	Uncollectible tenant receivables (3/31/22)		$	(41,093	)

 

	Composition of Unbilled Deferrals		March 31, 2022				Timing of Rebill
	Cash Basis Tenants		$	10,537			2022	62%
	Accrual Basis Tenants			340			2023+	38%
	Total Unbilled Deferrals (as of 3/31/22) (6)		$	10,877				100%

Supplemental Information 41

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Earnings Guidance

March 31, 2022

(in thousands, except per share data)

 

		Current	Previous
	1Q 22A	2022E	2022E
Net Income / Share	$1.14	$2.50-$2.56	$1.78-$1.86
NAREIT FFO / Share	$1.03	$3.84-$3.90	$3.72-$3.80
Core Operating Earnings / Share(1)	$0.97	$3.65-$3.71	$3.56-$3.64
Same Property
Same property NOI growth without termination fees	7.8%	0% to +1.5%	-1.25% to +0.25%
Same property NOI growth without termination fees and collection of PY reserves	14.9%	+3.5% to +5.0%	+2.75% to +4.25%
Collection of Prior Year Reserves (2)	$9,278	+/-$18,000	+/- $13,000
New Investments
Development and Redevelopment spend	$32,493	+/-$150,000	+/- $150,000
Acquisitions	$41,126	+/-$170,000	+/- $30,000
Cap rate (weighted average)	4.9%	+/- 5.6%	+/- 5.0%
Disposition Activity
Dispositions	$137,704	+/-$210,000	+/- $150,000
Cap rate (weighted average) (3)	2.2%	+/- 3.7%	2.25% - 2.5%
Forward ATM settlement (gross) (4)	$0	+/-$65,000	+/-$65,000
Other
Net interest expense	$41,566	$165,000-$166,000	$163,500-$164,500
Net G&A expense	$21,108	$82,500-$85,500	$82,500 - $85,500
Recurring third party fees & commissions	$6,405	$24,000-$25,000	$24,000 - $25,000
Certain non-cash items (5)	$11,385	+/-$33,500	+/- $28,000
Impact from Reversal of Uncollectible Straight-Line Rent Receivables (6)	$3,967	$3,967	as converted

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.

Supplemental Information 42

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Reconciliation of Net Income to Earnings Guidance

March 31, 2022

(per diluted share)

 

 

Nareit FFO and Core Operating Earnings Guidance:		Full Year 2022
		Low				High
Net income attributable to common stockholders		$	2.50				2.56
Adjustments to reconcile net income to Nareit FFO:
Depreciation and amortization			1.92				1.92
Gain on sale of real estate			(0.59	)			(0.59	)
Exchangeable operating partnership units			0.01				0.01
Nareit Funds From Operations		$	3.84				3.90
Adjustments to reconcile Nareit FFO to Core Operating Earnings:
Straight line rent, net			(0.07	)			(0.07	)
Above/below market rent amortization, net			(0.12	)			(0.12	)
Debt premium/discount amortization			0.00				0.00
Core Operating Earnings		$	3.65				3.71

 

Supplemental Information 43

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Glossary of Terms

March 31, 2022

Core Operating Earnings: An additional performance measure used by Regency because the computation of Nareit FFO includes certain non-comparable items that affect the Company's period-over-period performance. Core Operating Earnings excludes from Nareit FFO: (i) transaction related income or expenses (ii) gains or losses from the early extinguishment of debt; (iii) certain non-cash components of earnings derived from above and below market rent amortization, straight-line rents, and amortization of mark-to-market debt adjustments; and (iv) other amounts as they occur. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to Nareit FFO to Core Operating Earnings.

Development Completion: A Property in Development is deemed complete upon the earlier of (i) 90% of total estimated net development costs have been incurred and percent leased equals or exceeds 95%, or (ii) the property features at least two years of anchor operations. Once deemed complete, the property is termed a Retail Operating Property 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.

Nareit Funds From Operations (Nareit FFO): Nareit FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (“Nareit”) defines as net income, computed in accordance with GAAP, excluding gains on sales and impairments of real estate, net of tax, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Regency computes Nareit FFO for all periods presented in accordance with Nareit's definition. Many companies use different depreciable lives and methods, and real estate values historically fluctuate with market conditions. Since Nareit FFO excludes depreciation and amortization and gains on sale and impairments of real estate, it provides a performance measure that, when compared year over year, reflects the impact on operations from trends in percent leased, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, Nareit FFO is a supplemental non-GAAP financial measure of the Company's operating performance, which does not represent cash generated from operating activities in accordance with GAAP; and, therefore, should not be considered a substitute measure of cash flows from operations. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to Nareit FFO.

Net Operating Income (NOI): The sum of base rent, percentage rent, recoveries from tenants, other lease income, and other property income, less operating and maintenance expenses, real estate taxes, ground rent, and uncollectible lease income. NOI excludes straight-line rental income and expense, above and below market rent and ground rent amortization, tenant lease inducement amortization, and other fees. The Company also provides disclosure of NOI excluding termination fees, which excludes both termination fee income and expenses.

Non-Same Property: During either calendar year period being compared, a property acquired, sold, a Property in Development, a Development Completion, or a property under, or being positioned for, significant redevelopment that distorts comparability between periods. Non-retail properties and corporate activities, including the captive insurance program, are part of Non-Same Property. Please refer to the footnote on Property Summary Report for Non-Same Property detail.

Operating EBITDAre: Nareit EBITDAre is a measure of REIT performance, which the Nareit defines as net income, computed in accordance with GAAP, excluding (i) interest expense; (ii) income tax expense; (iii) depreciation and amortization; (iv) gains on sales of real estate; (v) impairments of real estate; and (vi) adjustments to reflect the Company’s share of unconsolidated partnerships and joint ventures. Operating EBITDAre excludes from Nareit EBITDAre certain non-cash components of earnings derived from above and below market rent amortization and straight-line rents. The Company provides a reconciliation of Net Income to Nareit EBITDAre to Operating EBITDAre.

Property In Development: Properties in various stages of ground-up development.

Property In Redevelopment: Retail Operating Properties under redevelopment or being positioned for redevelopment. Unless otherwise indicated, a Property in Redevelopment is included in the Same Property pool.

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.

Redevelopment Completion: A Property in Redevelopment is deemed complete upon the earlier of (i) 90% of total estimated project costs have been incurred and percent leased equals or exceeds 95% for the company owned GLA related to the project, or (ii) the property features at least two years of anchor operations, if applicable.

Same Property: Retail Operating Properties that were owned and operated for the entirety of both calendar year periods being compared. This term excludes Property in Development, prior year Development Completions, and Non-Same Properties. Property in Redevelopment is included unless otherwise indicated.

Supplemental Information 44

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FIRST QUARTER 2022 Fixed Income Supplemental Pinecrest Place Miami, FL Island Village Seattle, WA Blakeney Charlotte, NC Mellody Farm Chicago, IL Kings Park Shopping Center Washington, DC Woodway Collection Houston, TX Regency Centers

 

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Highlights First Quarter 2022 Reported Nareit FFO of $1.03 per diluted share for the first quarter Raised 2022 Nareit FFO guidance to a range of $3.84 to $3.90 per diluted share Reported that Same Property Net Operating Income (“NOI”) during the first quarter increased 7.8% excluding lease termination fees, and increased 14.9% excluding lease termination fees and prior year collections, over the same period a year ago Increased percent commenced by 30 basis points sequentially to 92.0% and maintained percent leased sequentially at 94.3%, both within the Same Property portfolio, as of March 31, 2022 Executed 1.7 million square feet of comparable new and renewal leases during the first quarter at a blended rent spread of +6.5% Started over $50 million of new development and redevelopment projects and completed nearly $9 million of redevelopment projects during the first quarter As of March 31, 2022, Regency’s in-process development and redevelopment projects had estimated net project costs of approximately $348 million Completed property acquisitions of $41 million and property dispositions of $138 million during the first quarter, each at Regency’s share Achieved pro-rata net debt-to-operating EBITDAre of 4.9x as of March 31, 2022 Subsequent Highlights On April 1, 2022, completed the acquisition of our partner’s 75% interest in four properties in the RegCal JV portfolio for $88.5 million On April 29, 2022, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.625 per share 2

 

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Credit Ratings & Select Ratios Credit Ratings Agency Credit Rating Outlook Last Review Date S&P BBB+ Stable 4/14/22 Moody's Baa1 Stable 4/18/22 i. 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. ii. Current period debt covenants are finalized and submitted after the Company’s most recent Form 10-Q or Form 10-K filing. 3 Unsecured Public Debt Covenants Required 3/31/2022 12/31/2021 9/30/2021 6/30/2021 Fair Market Value Calculation Method Covenants(i)(ii) Total Consolidated Debt to Total Consolidated Assets ≤ 65% 26% 27% 27% 27% Secured Consolidated Debt to Total Consolidated Assets ≤ 40% 3% 3% 4% 3% Consolidated Income for Debt Service to Consolidated Debt Service ≥ 1.5x 5.6x 5.5x 5.1x 4.6x Unencumbered Consolidated Assets to Unsecured Consolidated Debt >150% 394% 388% 383% 375%

 

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Capital Structure & Liquidity Profile Capital Structure (% of total capitalization) Debt Composition Pro-Rata Secured vs. Unsecured 4 $16.6 Billion Total Capitalization Liquidity Profile ($ millions) Unsecured Credit Facility - Committed 1,250 Balance Outstanding - Undrawn Portion of Credit Facility 1,250 Cash, Cash Equivalents & marketable Securities 179 Total Liquidity 1,429 3/31/2022 22% 1% 77% Secured Fixed Rate Secured Variable Rate Unsecured Debt - Bonds 23% 77% Secured Unsecured Equity Unsecured Debt - Bonds Unconsolidated Debt - Secured Consolidated Debt - Secured 20% 3% 3% 74%

 

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A Well-Laddered Maturity Schedule Debt Maturity Profile as of March 31, 2022 Regency aims to have < 15% of total debt maturing in any given year Wtd Avg Interest Rate: 3.8% Wtd Avg Yrs to Maturity: 9+ Years Total Pro Rata Debt: $4.3B 5 Unsecured Debt - Bonds Consolidated Debt - Secured Unconsolidated Debt - Secured 2022 $31 2023 $160 2024 $365 2025 $336 2026 $329 2027 $677 2028 $339 2029 $447 2030 $672 2031 $139 2032 2046 $2 2047 $425 2049 $300

 

 

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Follow us First Quarter 2022 Earnings Conference Call Wednesday, May 4th, 2022 Time: 10:00 AM ET Dial#: 877-407-0789 or 201 689-8562 Webcast: investors.regencycenters.com Contact Information: Christy McElroy Senior Vice President, Capital Markets 904-598-7616 ChristyMcElroy@RegencyCenters.com Forward-Looking Statements Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency’s future events, developments, or financial or operational performance or results, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “should,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “anticipate,” “guidance,” and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forwardlooking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained, and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Our operations are subject to a number of risks and uncertainties including, but not limited to, those Risk factors described in our SEC filings. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our other filings and submissions to the SEC. If any of the events described in the risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected. Forwardlooking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements except as required by law. These risks and events include, without limitation: Risks Related to Pandemics or other Health Crises Pandemics or other health crises, such as the COVID-19 pandemic, may adversely affect our tenants’ financial condition, the profitability of our properties, and our access to the capital markets and could have a material adverse effect on our business, results of operations, cash flows and financial condition. Risk Factors Related to Operating Retail-Based Shopping Centers Economic and market conditions may adversely affect the retail industry and consequently reduce our revenues and cash flow, and increase our operating expenses. Shifts in retail trends, sales, and delivery methods between brick and mortar stores, e-commerce, home delivery, and curbside pickup may adversely impact our revenues and cash flows. Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow. In addition, labor challenges and supply delays and shortages due to a variety of macroeconomic factors, including inflationary pressures, could affect the retail industry. Our success depends on the continued presence and success of our “anchor” tenants. A significant percentage of our revenues are derived from smaller “shop space” tenants and our net income may be adversely impacted if our smaller shop tenants are not successful. We may be unable to collect balances due from tenants in bankruptcy. Many of our costs and expenses associated with operating our properties may remain constant or increase, even if our lease income decreases. Compliance with the Americans with Disabilities Act and fire, safety and other regulations may have a negative effect on us. Risk Factors Related to Real Estate Investments Our real estate assets may decline in value and be subject to impairment losses which may reduce our net income. We face risks associated with development, redevelopment and expansion of properties. We face risks associated with the development of mixed-use commercial properties. We face risks associated with the acquisition of properties. We may be unable to sell properties when desired because of market conditions. Changes in tax laws could impact our acquisition or disposition of real estate. Risk Factors Related to the Environment Affecting Our Properties Climate change may adversely impact our properties directly, and may lead to additional compliance obligations and costs as well as additional taxes and fees. Geographic concentration of our properties makes our business more vulnerable to natural disasters, severe weather conditions and climate change. Costs of environmental remediation may impact our financial performance and reduce our cash flow. Risk Factors Related to Corporate Matters An increased focus on metrics and reporting relating to environmental, social, and governance (“ESG”) factors may impose additional costs and expose us to new risks. An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue on those properties. Failure to attract and retain key personnel may adversely affect our business and operations. The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data or of Regency’s proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liability and loss of revenues. Risk Factors Related to Our Partnerships and Joint Ventures We do not have voting control over all of the properties owned in our co-investment partnerships and joint ventures, so we are unable to ensure that our objectives will be pursued. The termination of our partnerships may adversely affect our cash flow, operating results, and our ability to make distributions to stock and unit holders. Risk Factors Related to Funding Strategies and Capital Structure Our ability to sell properties and fund acquisitions and developments may be adversely impacted by higher market capitalization rates and lower NOI at our properties which may dilute earnings. We depend on external sources of capital, which may not be available in the future on favorable terms or at all. Our debt financing may adversely affect our business and financial condition. Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition. Increases in interest rates would cause our borrowing costs to rise and negatively impact our results of operations. Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us. The interest rates on our Unsecured Credit facilities as well as on our variable rate mortgages and interest rate swaps might change based on changes to the method in which LIBOR or its replacement rate is determined. Risk Factors Related to the Market Price for Our Securities Changes in economic and market conditions may adversely affect the market price of our securities. There is no assurance that we will continue to pay dividends at historical rates. Risk Factors Relating to the Company’s Qualification as a REIT If the Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at regular corporate rates. Dividends paid by REITs generally do not qualify for reduced tax rates. Certain foreign stockholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common stock if we do not qualify as a “domestically controlled” REIT. Legislative or other actions affecting REITs may have a negative effect on us. Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities. Risk Factors Related to the Company’s Common Stock Restrictions on the ownership of the Company’s capital stock to preserve its REIT status may delay or prevent a change in control. The issuance of the Company's capital stock may delay or prevent a change in control. Ownership in the Company may be diluted in the future. Non-GAAP disclosure We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes. We do not consider non-GAAP measures an alternative to financial measures determined in accordance with GAAP, rather they supplement GAAP measures by providing additional information we believe to be useful to our shareholders. The principal limitation of these non-GAAP financial measures is they may exclude significant expense and income items that are required by GAAP to be recognized in our consolidated financial statements. In addition, they reflect the exercise of management’s judgment about which expense and income items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, reconciliations of the non-GAAP financial measures we use to their most directly comparable GAAP measures are provided. Non-GAAP financial measures should not be relied upon in evaluating the financial condition, results of operations or future prospects of the Company. Nareit FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (“Nareit”) defines as net income, computed in accordance with GAAP, excluding gains on sale and impairments of real estate, net of tax, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Regency computes Nareit FFO for all periods presented in accordance with Nareit's definition. Since Nareit FFO excludes depreciation and amortization and gains on sales and impairments of real estate, it provides a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, Nareit FFO is a supplemental non-GAAP financial measure of the Company's operating performance, which does not represent cash generated from operating activities in accordance with GAAP; and, therefore, should not be considered a substitute measure of cash flows from operations. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to Nareit FFO. Core Operating Earnings is an additional performance measure that excludes from Nareit FFO: (i) transaction related income or expenses (ii) gains or losses from the early extinguishment of debt; (iii) certain non-cash components of earnings derived from above and below market rent amortization, straight-line rents, and amortization of mark-to- market of debt adjustments; and (iv) other amounts as they occur. The Company provides a reconciliation of Net Income to Nareit FFO to Core Operating Earnings. 6

 

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