0001193125-26-051668 | 10-K | XBRL Viewer

Investments in Real Estate Partnerships - Related Party Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Management, transaction, and other fees	$ 28,358	$ 27,874	$ 26,954
Related Party [Member]
Schedule of Equity Method Investments [Line Items]
Management, transaction, and other fees	$ 28,026	$ 27,874	$ 26,954

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Earnings per Share and Unit

12 Months Ended

Dec. 31, 2025

Earnings Per Share And Unit [Abstract]

Earnings per Share and Unit

14.

Earnings per Share and Unit

Parent Company Earnings per Share

The following summarizes the calculation of basic and diluted earnings per share:


	Year ended December 31,
(in thousands, except per share data)	2025		2024		2023
Numerator:
Net income attributable to common shareholders - basic	$	513,810		386,738		359,500
Net income attributable to common shareholders - diluted	$	513,810		386,738		359,500
Denominator:
Weighted average common shares outstanding for basic EPS		181,902		182,817		176,085
Weighted average common shares outstanding for diluted EPS (1)		182,234		183,040		176,371
Net income per common share – basic	$	2.82		2.12		2.04
Net income per common share – diluted	$	2.82		2.11		2.04

(1)

Using the treasury stock method, the calculation includes the dilutive effect of unvested restricted stock and shares to be issued under the forward sale agreements.

The effect of the assumed exchange of the EOP units and certain other exchangeable units had an anti-dilutive effect upon the calculation of net income attributable to the common shareholders per share. Accordingly, the impact of such assumed exchanges has not been included in the determination of diluted net income per share calculations. Weighted average EOP units outstanding were 2,304,079, 1,099,187 and 953,085 for the year ended December 31, 2025, 2024 and 2023, respectively.

Operating Partnership Earnings per Unit

The following summarizes the calculation of basic and diluted earnings per unit ("EPU"):


	Year ended December 31,
(in thousands, except per unit data)	2025		2024		2023
Numerator:
Net income attributable to common unit holders - basic	$	520,879		389,076		361,508
Net income attributable to common unit holders - diluted	$	520,879		389,076		361,508
Denominator:
Weighted average common units outstanding for basic EPU		184,206		183,916		177,038
Weighted average common units outstanding for diluted EPU (1)		184,538		184,139		177,324
Net income per common unit – basic	$	2.83		2.12		2.04
Net income per common unit – diluted	$	2.82		2.11		2.04

(1)

Using the treasury stock method, the calculation includes the dilutive effect of unvested restricted units and units to be issued under the forward sale agreements.

The effect of the assumed exchange of certain other exchangeable units had an anti-dilutive effect upon the calculation of net income attributable to the common unit holders per share. Accordingly, the impact of such assumed exchanges has not been included in the determination of diluted net income per unit calculations.

Cybersecurity Risk Management, Strategy and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy and Governance	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. Cybersecurity Cybersecurity Risk Management and Strategy We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, security, and availability of our critical systems and information. We employ a tiered structure of management and oversight for cybersecurity, characterized by distinct layers of responsibility and decision making, which includes operational staff, management, and senior management and board-level governance. As discussed in more detail below under "Cybersecurity Governance," this involves management responsibility through a specialized Cyber Risk Committee (the "CRC") and oversight of that committee by a group of the most senior leaders of the Company, which comprise the Company’s Executive Committee. At the Company’s Board of Directors (the "Board") level, the Audit Committee oversees our cybersecurity risk management program. Our strategy for managing cybersecurity risk is integrated into the Company’s overall risk management program and structure, as depicted in the Corporate Governance section of our Proxy under "Risk Oversight." The Company, through its Chief Information Security Officer ("CISO"), other Company employees experienced in information network security, and the use of third-party expertise references recognized cybersecurity frameworks, such as the National Institute of Standards and Technology ("NIST") Cybersecurity Framework. While our objective is to generally align our cybersecurity program with NIST standards, this does not imply that we meet NIST or any other particular technical standard, specifications, or requirements; rather, these frameworks are used to benchmark and help tailor the Company’s cybersecurity strategies and program to our risk mitigation and operational needs and goals. Our core cybersecurity strategy focuses on five key pillars: identification, protection, detection, response, and recovery, each tailored to meet the challenges and needs of our business. The primary goal of this strategy is to proactively safeguard the confidentiality, security, and availability of our critical systems and information. This proactive approach includes measures designed to identify, prevent, and mitigate cybersecurity threats and to enable a timely response to cybersecurity incidents to minimize their impact. Under the leadership of our CISO and CRC, we regularly evaluate and enhance our cybersecurity practices to facilitate adaptation to the constantly evolving landscape of cybersecurity threats. Key elements of our cybersecurity risk management program include, but are not limited to, the following: • risk assessments designed to help identify material risks from cybersecurity threats to our critical systems and information; • oversight of cybersecurity risks and controls by our CRC, including oversight of the management of cybersecurity incidents by designated incident response personnel, in coordination with IT security and other functions, as appropriate; • the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes, as discussed further below; • cybersecurity awareness training of our employees, including incident response personnel and senior management; • a response plan that includes procedures for responding to cybersecurity incidents; and • a third-party risk management process for key service providers based on our assessment of their criticality to our operations and respective risk profile. We have adopted a risk-based strategy to assess and manage cybersecurity risks associated with third parties. We prioritize our cybersecurity efforts relating to third parties based on the likelihood and potential impact of cybersecurity threats. This includes reviewing the security protocols of key vendors, service providers, and external users of our systems. The CRC engages third-party expertise from time to time as it deems necessary or appropriate to test our cybersecurity defenses, to evaluate the cybersecurity programs of current and potential vendors and service providers, and to seek specialized legal advice regarding cybersecurity. Since at least January 1, 2022, we are not aware of any cybersecurity incidents that have materially affected the Company. Nonetheless, we face risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. See "Risk Factors – The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data, or of Regency's proprietary or confidential information stored in our information systems or by third parties on our behalf, could impact operations, and expose us to potential liabilities and material adverse financial impact." Cybersecurity Governance The Audit Committee of the Board is charged with overseeing our cybersecurity risk management program. Both the CRC Chair and the CISO, serving in distinct roles, provide the Audit Committee with regular updates. These updates cover the overall status of the Company’s cybersecurity program, as well as developments and potential new risks and trends. In the event of a significant cybersecurity threat or incident, the CRC would escalate communication frequency and intensity with the Audit Committee, Board, and the Company’s Executive Committee (discussed below). The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. Board members also receive presentations periodically on cybersecurity topics from internal security staff and external experts as part of the Board’s continuing education. As designated by the Company’s Executive Committee and the Audit Committee, our CRC leads Regency's cybersecurity risk management program. This includes risk identification, assessment, management, prevention and mitigation, as well as securing necessary resources and reporting on cybersecurity preparedness to the Executive Committee (which is currently comprised of the CEO, CFO, and several of the Company’s other senior leaders) and the Audit Committee. CRC membership, which is subject to change from time to time, includes management leadership possessing a diverse range of education, experience and expertise, and currently includes the Company’s CISO, chief accounting officer, head of internal audit, general counsel and chief compliance officer, head of litigation, head of human resources, head of IT operations and the manager of network security. The collective experience of this committee encompasses areas such as IT, network security, change and incident management, public company governance, accounting, financial controls, insurance, risk management, third-party vendor oversight and systems integration, communications, human capital, and legal matters including securities, privacy and technology contracting. Our CRC takes steps to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means. These include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public and private sources, including external consultants engaged by us; and alerts and reports generated by security tools deployed in our IT environment.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our strategy for managing cybersecurity risk is integrated into the Company’s overall risk management program and structure, as depicted in the Corporate Governance section of our Proxy under "Risk Oversight."
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Cybersecurity Governance The Audit Committee of the Board is charged with overseeing our cybersecurity risk management program. Both the CRC Chair and the CISO, serving in distinct roles, provide the Audit Committee with regular updates. These updates cover the overall status of the Company’s cybersecurity program, as well as developments and potential new risks and trends. In the event of a significant cybersecurity threat or incident, the CRC would escalate communication frequency and intensity with the Audit Committee, Board, and the Company’s Executive Committee (discussed below). The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. Board members also receive presentations periodically on cybersecurity topics from internal security staff and external experts as part of the Board’s continuing education. As designated by the Company’s Executive Committee and the Audit Committee, our CRC leads Regency's cybersecurity risk management program. This includes risk identification, assessment, management, prevention and mitigation, as well as securing necessary resources and reporting on cybersecurity preparedness to the Executive Committee (which is currently comprised of the CEO, CFO, and several of the Company’s other senior leaders) and the Audit Committee. CRC membership, which is subject to change from time to time, includes management leadership possessing a diverse range of education, experience and expertise, and currently includes the Company’s CISO, chief accounting officer, head of internal audit, general counsel and chief compliance officer, head of litigation, head of human resources, head of IT operations and the manager of network security. The collective experience of this committee encompasses areas such as IT, network security, change and incident management, public company governance, accounting, financial controls, insurance, risk management, third-party vendor oversight and systems integration, communications, human capital, and legal matters including securities, privacy and technology contracting. Our CRC takes steps to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means. These include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public and private sources, including external consultants engaged by us; and alerts and reports generated by security tools deployed in our IT environment.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee of the Board is charged with overseeing our cybersecurity risk management program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our CRC takes steps to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means. These include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public and private sources, including external consultants engaged by us; and alerts and reports generated by security tools deployed in our IT environment.
Cybersecurity Risk Role of Management [Text Block]	As designated by the Company’s Executive Committee and the Audit Committee, our CRC leads Regency's cybersecurity risk management program. This includes risk identification, assessment, management, prevention and mitigation, as well as securing necessary resources and reporting on cybersecurity preparedness to the Executive Committee (which is currently comprised of the CEO, CFO, and several of the Company’s other senior leaders) and the Audit Committee. CRC membership, which is subject to change from time to time, includes management leadership possessing a diverse range of education, experience and expertise, and currently includes the Company’s CISO, chief accounting officer, head of internal audit, general counsel and chief compliance officer, head of litigation, head of human resources, head of IT operations and the manager of network security. The collective experience of this committee encompasses areas such as IT, network security, change and incident management, public company governance, accounting, financial controls, insurance, risk management, third-party vendor oversight and systems integration, communications, human capital, and legal matters including securities, privacy and technology contracting. Our CRC takes steps to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means. These include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public and private sources, including external consultants engaged by us; and alerts and reports generated by security tools deployed in our IT environment.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	This includes risk identification, assessment, management, prevention and mitigation, as well as securing necessary resources and reporting on cybersecurity preparedness to the Executive Committee (which is currently comprised of the CEO, CFO, and several of the Company’s other senior leaders) and the Audit Committee.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The collective experience of this committee encompasses areas such as IT, network security, change and incident management, public company governance, accounting, financial controls, insurance, risk management, third-party vendor oversight and systems integration, communications, human capital, and legal matters including securities, privacy and technology contracting.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	the CRC Chair and the CISO, serving in distinct roles, provide the Audit Committee with regular updates. These updates cover the overall status of the Company’s cybersecurity program, as well as developments and potential new risks and trends. In the event of a significant cybersecurity threat or incident, the CRC would escalate communication frequency and intensity with the Audit Committee, Board, and the Company’s Executive Committee
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Investments in Real Estate Partnerships - Schedule of Acquisitions by Unconsolidated Real Estate Partnerships (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Business Acquisition [Line Items]

Purchase Price

$ 698,819

$ 71,404

Debt Assumed, Net of Premiums

205,405

Off-Market Lease, Unfavorable [Member]

Business Acquisition [Line Items]

Intangible Assets/Liabilities

25,712

2,175

Off-Market Favorable Lease [Member]

Business Acquisition [Line Items]

Intangible Assets/Liabilities

78,318

5,360

Unconsolidated Properties [Member]

Business Acquisition [Line Items]

Purchase Price

26,250

^[1]

115,401

^[2]

Debt Assumed, Net of Premiums

^[1]

11,884

Unconsolidated Properties [Member] | Off-Market Lease, Unfavorable [Member]

Business Acquisition [Line Items]

Intangible Assets/Liabilities

5,498

^[1]

6,997

^[2]

Unconsolidated Properties [Member] | Off-Market Favorable Lease [Member]

Business Acquisition [Line Items]

Intangible Assets/Liabilities

$ 2,405

^[1]

$ 11,687

^[2]

Unconsolidated Properties [Member] | East Greenwich Square [Member]

Business Acquisition [Line Items]

Date Purchased

Aug. 30, 2024

Property Name

East Greenwich Square

City/State

East Greenwich, RI

Business Acquisition, Description of Acquired Entity

Operating

Business Acquisition, Real Estate Partner

Other

Ownership Percentage

70.00%

Purchase Price

^[2]

$ 46,650

Unconsolidated Properties [Member] | East Greenwich Square [Member] | Off-Market Lease, Unfavorable [Member]

Business Acquisition [Line Items]

Intangible Assets/Liabilities

^[2]

1,877

Unconsolidated Properties [Member] | East Greenwich Square [Member] | Off-Market Favorable Lease [Member]

Business Acquisition [Line Items]

Intangible Assets/Liabilities

^[2]

$ 5,127

Unconsolidated Properties [Member] | Armonk Square [Member]

Business Acquisition [Line Items]

Date Purchased

May 12, 2025

Property Name

Armonk Square

City/State

Armonk, NY

Business Acquisition, Description of Acquired Entity

Operating

Business Acquisition, Real Estate Partner

State of Oregon

Ownership Percentage

20.00%

Purchase Price

^[1]

$ 26,250

Debt Assumed, Net of Premiums

^[1]

11,884

Unconsolidated Properties [Member] | Armonk Square [Member] | Off-Market Lease, Unfavorable [Member]

Business Acquisition [Line Items]

Intangible Assets/Liabilities

^[1]

5,498

Unconsolidated Properties [Member] | Armonk Square [Member] | Off-Market Favorable Lease [Member]

Business Acquisition [Line Items]

Intangible Assets/Liabilities

^[1]

$ 2,405

Unconsolidated Properties [Member] | University Commons [Member]

Business Acquisition [Line Items]

Date Purchased

Oct. 17, 2024

Property Name

University Commons - Austin

City/State

Round Rock, TX

Business Acquisition, Description of Acquired Entity

Operating

Business Acquisition, Real Estate Partner

State of Oregon

Ownership Percentage

20.00%

Purchase Price

^[2]

$ 68,751

Unconsolidated Properties [Member] | University Commons [Member] | Off-Market Lease, Unfavorable [Member]

Business Acquisition [Line Items]

Intangible Assets/Liabilities

^[2]

5,120

Unconsolidated Properties [Member] | University Commons [Member] | Off-Market Favorable Lease [Member]

Business Acquisition [Line Items]

Intangible Assets/Liabilities

^[2]

$ 6,560

[1]	Amounts reflected for purchase price and allocation are reflected at 100%.
[2]	Amounts reflected for purchase price and allocation are reflected at 100%.

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2025	Feb. 10, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Registrant Name	REGENCY CENTERS CORPORATION
Entity Central Index Key	0000910606
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Public Float			$ 12.8
Entity Common Stock, Shares Outstanding		182,906,561
Entity Shell Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Entity Emerging Growth Company	false
Entity File Number	1-12298
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	59-3191743
Entity Address, Address Line One	One Independent Drive
Entity Address, Address Line Two	Suite 114
Entity Address, City or Town	Jacksonville
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32202
City Area Code	904
Local Phone Number	598-7000
Document Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference	Portions of Regency Centers Corporation's proxy statement, prepared in connection with its upcoming 2026 Annual Meeting of Shareholders, are incorporated by reference in Part III of this Annual Report on Form 10-K to the extent described therein.
Document Financial Statement Error Correction	false
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Jacksonville, Florida
Auditor Opinion	Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Regency Centers Corporation and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income, equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes and financial statement schedule III - Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 13, 2026 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	REG
Security Exchange Name	NASDAQ
6.250% Series A Cumulative Redeemable Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	6.250% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	REGCP
Security Exchange Name	NASDAQ
5.875% Series B Cumulative Redeemable Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	5.875% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	REGCO
Security Exchange Name	NASDAQ
Partnership Interest [Member]
Document Information [Line Items]
Entity Registrant Name	REGENCY CENTERS, L.P.
Entity Central Index Key	0001066247
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Shell Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Entity Emerging Growth Company	false
Entity File Number	0-24763
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	59-3429602
Entity Address, Address Line One	One Independent Drive
Entity Address, Address Line Two	Suite 114
Entity Address, City or Town	Jacksonville
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32202
City Area Code	904
Local Phone Number	598-7000
Document Annual Report	true
Document Transition Report	false
Document Financial Statement Error Correction	false
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Jacksonville, Florida

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands, shares in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount

$ (2,628)

$ (1,941)

$ (954)

Stock-based compensation, net of capitalization

$ 19,459

23,504

20,075

Share-based compensation arrangement by share-based payment award, number of shares Authorized

5.0

Share-based compensation arrangement by share-based payment award, number of shares available for grant

3.5

Restricted Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Allocated Share-based Compensation Expense

^[1],[2]

$ 21,648

18,549

17,277

Common Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Noninterest Expense Directors Fees

439

528

590

Parent Company [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock-based compensation, net of capitalization

$ 19,459

$ 17,136

$ 16,913

[1]	In addition, the Company expensed $6.4 million and $3.2 million during 2024 and 2023, respectively, within Other operating expenses in connection with restricted stock expense related to the acquisition of UBP.
[2]	Includes amortization of the grant date fair value of restricted stock awards over the respective vesting periods.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Summary of Balance Sheet Fair Values

All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximate their fair values, except those instruments listed below:


	December 31,
	2025				2024
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Notes receivable	$	31,987		32,173	$	31,790		31,755
Financial liabilities:
Notes payable, net	$	4,619,301		4,554,628	$	4,343,700		4,141,096
Unsecured credit facilities (1)	$	120,000		120,000	$	65,000		65,000

(1)

The carrying amounts approximated its fair values due to the variable nature of the terms.

Schedule of Net Investment Income Consolidated Statements of Operations

Changes in the value of securities are recorded within Net investment income in the accompanying Consolidated Statements of Operations, and include the following:


	Year ended December 31,
(in thousands)	2025		2024		2023
Unrealized Gain		893		4,452		4,197

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present the placement in the fair value hierarchy of assets and liabilities measured at fair value on a recurring basis:


	Fair Value Measurements as of December 31, 2025
(in thousands)	Balance			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets:
Securities	$	39,887			39,887		—			—
Available-for-sale debt securities		11,486			—		11,486			—
Interest rate derivatives		6,778			—		6,778			—
Total	$	58,151			39,887		18,264			—
Liabilities:
Interest rate derivatives	$	(1,606	)		—		(1,606	)		—


	Fair Value Measurements as of December 31, 2024
(in thousands)	Balance			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets:
Securities	$	39,419			39,419		—			—
Available-for-sale debt securities		12,401			—		12,401			—
Interest rate derivatives		12,781			—		12,781			—
Total	$	64,601			39,419		25,182			—
Liabilities:
Interest rate derivatives	$	(423	)		—		(423	)		—

As of December 31, 2025, there were no assets and/or liabilities measured at fair value on a nonrecurring basis.

Summary of Assets and Liabilities Measured at Fair Value on Non-Recurring Basis

The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a non-recurring basis as of December 31, 2024:


	Fair Value Measurements as of December 31, 2024
(in thousands)	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Gains (Losses)
Real estate assets	$	10,915		—		10,915		—		(12,974	)

Investments in Real Estate Partnerships - Schedule of Revenues and Expenses for Investments in Unconsolidated Real Estate Partnerships (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 1,553,524	$ 1,453,904	$ 1,322,466
Operating expenses:
Depreciation and amortization	405,044	394,714	352,282
Real estate taxes	192,282	184,415	165,560
General and administrative	99,407	101,465	97,806
Total operating expenses	970,459	940,098	854,316
Other expense (income):
Gain on sale of real estate	(24,464)	(34,162)	(661)
Net investment income	(4,077)	(6,181)	(5,665)
Total other expense, net	175,613	154,260	147,824
Net income	540,951	409,840	370,867
Real Estate Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Total revenues	438,454	420,281	390,843
Operating expenses:
Depreciation and amortization	99,758	96,239	88,974
Property operating expense	71,083	68,289	65,509
Real estate taxes	53,651	51,986	47,529
General and administrative	5,570	5,201	5,008
Other operating expenses	4,191	5,740	3,119
Total operating expenses	234,253	227,455	210,139
Other expense (income):
Interest expense, net	58,618	58,451	56,706
Gain on sale of real estate	(185,033)	(2,288)	(11,140)
Net investment income	(35)	0	0
Total other expense, net	(126,450)	56,163	45,566
Net Income [Member]
Other expense (income):
Net income	330,651	136,663	135,138
Unconsolidated Properties [Member]
Other expense (income):
Income (Loss) from Equity Method Investments	$ 133,499	$ 50,294	$ 50,541

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Details) - Fair Value, Measurements, Nonrecurring [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate assets	$ 10,915
Total Gains (Losses)	(12,974)
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate assets	$ 10,915

- Definition

The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes.

+ References + Details

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Other Assets [Abstract]
Goodwill	$ 166,739	$ 166,739	$ 167,062
Investments	51,373	51,820
Prepaid and other	34,575	40,240
Derivative assets	6,778	12,781
Furniture, fixtures, and equipment, net	12,728	7,954
Deferred financing costs, net	6,530	9,512
Total other assets	$ 278,723	$ 289,046

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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+ Details

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives Outstanding

Detail on the Company's interest rate derivatives outstanding is as follows:


(in thousands, except number of instruments data)	December 31,
Interest Rate Swaps	2025		2024
Notional amount	$	299,375		301,444
Number of instruments		15		14

Schedule of Fair Value of Interest Rate Derivatives

Detail on the fair value of the Company's interest rate derivatives is as follows:


(in thousands)	December 31,
Interest rate swaps classified as:	2025			2024
Derivative assets	$	6,778			12,781
Derivative liabilities		(1,606	)		(423	)

Derivative Instruments, Gain (Loss)

The following table represents the effect of the derivative financial instruments on the accompanying Consolidated Financial Statements:


Location and Amount of Gain (Loss) Recognized in OCI on Derivative
	Year ended December 31,
(in thousands)	2025			2024			2023
Interest rate swaps	$	(2,659	)		12,523			(2,448	)

Location and Amount of Loss (Gain) Reclassified from AOCI into Income
	Year ended December 31,
(in thousands)	2025			2024			2023
Interest expense, net	$	(4,738	)		(8,895	)		(7,536	)

Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded
	Year ended December 31,
(in thousands)	2025			2024			2023
Interest expense, net	$	199,548			180,119			154,249

Acquired Lease Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 675,634	$ 625,192
Accumulated amortization	(421,433)	(395,209)
Finite-Lived Intangible Assets, Net, Total	254,201	229,983
Finite-Lived Intangible Liabilities, Accumulated Accretion	(243,040)	(222,052)
Off-market Lease, Unfavorable	356,454	364,608
Finite-Lived Intangible Assets, Amortization Expense	52,492	58,029	$ 50,673
Partnership Interest [Member]
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	(421,433)	(395,209)
Finite-Lived Intangible Assets, Net, Total	254,201	229,983
Off-market Lease, Unfavorable	356,454	364,608
In-place leases, net [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	570,553	522,117
Finite-Lived Intangible Assets, Amortization Expense	43,642	49,169	44,102
Above Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	105,081	103,075
Finite-Lived Intangible Assets, Amortization Expense	8,850	8,860	6,571
Off-Market Lease, Unfavorable [Member]
Finite-Lived Intangible Assets [Line Items]
Finite Lived Intangible Liabilities, Gross	599,494	586,660
Acquired lease intangible liability accretion	$ 33,422	$ 33,883	$ 37,831

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Notes Payable and Unsecured Credit Facility - Schedule of Debt Net of Unamortized Debt Premium (Discount) and Debt Issuance Costs (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Debt Instrument [Line Items]

Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]

us-gaap:SecuredOvernightFinancingRateSofrMember

Long-term Debt

$ 4,739,301

$ 4,408,700

Line of Credit

^[1]

$ 120,000

65,000

Fixed Rate Mortgage Loans [Member]

Debt Instrument [Line Items]

Debt, Weighted Average Contractual Interest Rate

4.00%

Debt, Weighted Average Effective Interest Rate

4.70%

Long-term Debt

$ 475,948

337,703

Fixed Rate Mortgage Loans [Member] | Minimum [Member]

Debt Instrument [Line Items]

Long-term Debt, Scheduled Maturity Date

Feb. 01, 2026

Fixed Rate Mortgage Loans [Member] | Maximum [Member]

Debt Instrument [Line Items]

Long-term Debt, Scheduled Maturity Date

Oct. 01, 2038

Variable Rate Mortgage Loans [Member]

Debt Instrument [Line Items]

Debt, Weighted Average Contractual Interest Rate

^[2]

4.40%

Debt, Weighted Average Effective Interest Rate

^[2]

4.60%

Long-term Debt

^[2]

$ 270,489

282,117

Variable Rate Mortgage Loans [Member] | Minimum [Member]

Debt Instrument [Line Items]

Long-term Debt, Scheduled Maturity Date

^[2]

Oct. 01, 2026

Variable Rate Mortgage Loans [Member] | Maximum [Member]

Debt Instrument [Line Items]

Long-term Debt, Scheduled Maturity Date

^[2]

Feb. 20, 2032

Fixed Rate Unsecured Debt [Member]

Debt Instrument [Line Items]

Debt, Weighted Average Contractual Interest Rate

4.20%

Debt, Weighted Average Effective Interest Rate

4.40%

Long-term Debt

$ 3,872,864

3,723,880

Fixed Rate Unsecured Debt [Member] | Minimum [Member]

Debt Instrument [Line Items]

Long-term Debt, Scheduled Maturity Date

May 11, 2026

Fixed Rate Unsecured Debt [Member] | Maximum [Member]

Debt Instrument [Line Items]

Long-term Debt, Scheduled Maturity Date

Mar. 15, 2049

Notes Payable to Banks [Member]

Debt Instrument [Line Items]

Long-term Debt

$ 4,619,301

4,343,700

Line of Credit [Member]

Debt Instrument [Line Items]

Long-term Debt, Scheduled Maturity Date

^[2],[3]

Mar. 23, 2028

Debt, Weighted Average Contractual Interest Rate

^[2],[3]

4.40%

Debt, Weighted Average Effective Interest Rate

^[2],[3]

4.80%

Long-term Debt

^[2],[3]

$ 120,000

$ 65,000

[1]	The carrying amounts approximated its fair values due to the variable nature of the terms.
[2]	As of December 31, 2025, 76.5% of the Variable rate debt are fixed through interest rate swaps.
[3]	The Company has the option to extend the maturity date by two additional six-month periods. Weighted average effective rate for the Line is calculated based on a fully drawn Line balance using the period end variable rate.

Real Estate Investments

12 Months Ended

Dec. 31, 2025

Real Estate [Abstract]

Real Estate Investments

Acquisitions

The following tables detail the properties acquired for the periods set forth below:


(in thousands)		December 31, 2025
Date Purchased	Property Name	City/State	Property Type	Regency's Ownership	Purchase Price (1)		Debt Assumed, Net of Premiums (1)		Intangible Assets (1)		Intangible Liabilities (1)
1/1/2025	Putnam Plaza (2)	Carmel Hamlet, NY	Operating	100%	$	31,000		16,749		4,308		460
1/10/2025	Orange Meadows	Orange, CT	Outparcel	100%		4,200		—		354		299
3/14/2025	Brentwood Place	Nashville, TN	Operating	100%		118,500		40,060		9,371		18,295
7/23/2025	RMV Portfolio (3)	Various, CA	Operating	100%		357,000		126,860		45,356		2,224
8/1/2025	Chestnut Ridge Shopping Center (4)	Montvale, NJ	Operating	100%		18,300		—		3,070		458
8/1/2025	Baybrook East (4)	Webster, TX	Operating	100%		29,097		11,778		2,978		991
8/1/2025	Baybrook East Phase II	Webster, TX	Redevelopment	100%		3,597		—		—		—
9/15/2025	The Villages at Seven Pines	Jacksonville, FL	Development	100%		8,466		—		—		—
9/19/2025	Ellis Village Center	Tracy, CA	Development	100%		1,350		—		—		—
10/1/2025	GRI DIK Portfolio (5)	Various	Operating	100%		113,900		9,958		12,881		2,985
11/4/2025	Oak Valley Village	Beaumont, CA	Development	75%		9,256		—		—		—
12/17/2025	Lone Tree Village	Lone Tree, CO	Development	100%		4,153		—		—		—
Total property acquisitions					$	698,819		205,405		78,318		25,712

(1)

Amounts for purchase price and allocation are reflected at 100%.

(2)

This property was held within a single property unconsolidated real estate partnership, in which the Company held a 66.7% ownership interest. Effective January 1, 2025, the Company purchased its partner's remaining 33.3% ownership interest. Upon acquisition, this property was consolidated into Regency's financial statements.

(3)

In July 2025, the Company completed a $357 million acquisition of five operating properties, all located in Orange County, California. The purchase price was funded through a combination of units of the Operating Partnership issued at $72 per unit, and the assumption of $150 million of secured mortgage debt with a weighted average interest rate of 4.2% and a weighted average remaining term of approximately 12 years.

(4)

These properties were held within single property unconsolidated real estate partnerships, in which the Company held a 50.0% ownership interest in each. Effective August 1, 2025, the Company purchased each of its partners' remaining 50.0% ownership interests. Upon acquisition, these properties were consolidated into Regency’s financial statements.

(5)

In October 2025, an unconsolidated real estate investment partnership in which the Company holds an interest completed a partial distribution-in-kind (“DIK”) transaction involving a total of eleven operating properties. The Company received five of these properties, which had an aggregate fair value of $113.9 million, and assumed an existing fixed rate mortgage loan on one property of $10 million, which was repaid in December 2025. The remaining six properties were distributed to the other partner.


(in thousands)		December 31, 2024
Date Purchased	Property Name	City/State	Property Type	Regency's Ownership	Purchase Price (1)		Debt Assumed, Net of Premiums (1)		Intangible Assets (1)		Intangible Liabilities (1)
2/23/2024	The Shops at Stone Bridge	Cheshire, CT	Development	100%	$	8,000		—		—		—
5/3/2024	Compo Acres North Shopping Center	Westport, CT	Operating	100%		45,500		—		5,360		2,175
7/16/2024	Jordan Ranch Market	Houston, TX	Development	50%		15,784		—		—		—
8/21/2024	Oakley Shops at Laurel Fields	Oakley, CA	Development	100%		2,120		—		—		—
Total property acquisitions					$	71,404		—		5,360		2,175

(1)

Amounts for purchase price and allocation are reflected at 100%.

Consolidated Statements of Capital - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Capital - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net income	$ 540,951	$ 409,840	$ 370,867
Other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss)	(4,738)	(8,895)	(7,536)
Contributions from partners	219,465	14,679	74,730
Issuance of EOP units			31,253
Distributions to partners	(40,994)	(12,185)	(7,813)
Total Partners' Capital [Member]
Net income	527,460	400,388	364,557
Other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss)	(4,376)	(8,311)	(6,805)
Partnership Interest [Member]
Beginning Balance	6,900,307	7,191,935	6,178,039
Net income	540,951	409,840	370,867
Other comprehensive income (loss)
Other comprehensive income (loss) before reclassification	(2,223)	12,491	(2,111)
Amounts reclassified from accumulated other comprehensive income (loss)	(4,738)	(8,895)	(7,536)
Contributions from partners	219,465	14,679	74,730
Issuance of EOP units			31,253
Distributions to partners	(570,642)	(512,589)	(476,567)
Preferred unit distributions	(13,650)	(13,650)	(5,057)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization	22,087	24,917	20,441
Repurchase of EOP units	(2,046)		(9,163)
Preferred units issued as a result of preferred stock issued by Parent Company, net of issuance costs			225,000
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company	98,167	(200,066)	(20,006)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs			818,497
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances	(6,072)	(18,355)	(6,452)
Ending Balance	7,181,606	6,900,307	7,191,935
Partnership Interest [Member] \| Total Partners' Capital [Member]
Beginning Balance	6,764,890	7,074,882	6,131,474
Net income	534,529	402,726	366,565
Other comprehensive income (loss)
Other comprehensive income (loss) before reclassification	(2,072)	11,915	(2,072)
Amounts reclassified from accumulated other comprehensive income (loss)	(4,418)	(8,361)	(6,844)
Adjustment for noncontrolling interests in the Operating Partnership	(11,809)	(8,714)
Contributions from partners	201,872
Issuance of EOP units			31,253
Distributions to partners	(529,648)	(500,404)	(468,754)
Preferred unit distributions	(13,650)	(13,650)	(5,057)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization	22,087	24,917	20,441
Repurchase of EOP units	(2,046)		(9,163)
Preferred units issued as a result of preferred stock issued by Parent Company, net of issuance costs			225,000
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company	98,167	(200,066)	(20,006)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs			818,497
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances	(6,072)	(18,355)	(6,452)
Ending Balance	7,051,830	6,764,890	7,074,882
Partnership Interest [Member] \| Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance	2,226	(1,308)	7,560
Other comprehensive income (loss)
Other comprehensive income (loss) before reclassification	(2,070)	11,845	(2,063)
Amounts reclassified from accumulated other comprehensive income (loss)	(4,376)	(8,311)	(6,805)
Ending Balance	(4,220)	2,226	(1,308)
Partnership Interest [Member] \| Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [Member]
Beginning Balance	135,417	117,053	46,565
Net income	6,422	7,114	4,302
Other comprehensive income (loss)
Other comprehensive income (loss) before reclassification	(151)	576	(39)
Amounts reclassified from accumulated other comprehensive income (loss)	(320)	(534)	(692)
Adjustment for noncontrolling interests in the Operating Partnership	11,809	8,714
Contributions from partners	17,593	14,679	74,730
Distributions to partners	(40,994)	(12,185)	(7,813)
Ending Balance	129,776	135,417	117,053
Partnership Interest [Member] \| General Partner Preferred and Common Units [Member]
Beginning Balance	6,721,920	7,033,995	6,089,425
Net income	527,460	400,388	364,557
Other comprehensive income (loss)
Adjustment for noncontrolling interests in the Operating Partnership	83,514	(10,833)	13,518
Distributions to partners	(522,516)	(495,211)	(466,126)
Preferred unit distributions	(13,650)	(13,650)	(5,057)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization	22,087	24,917	20,441
Preferred units issued as a result of preferred stock issued by Parent Company, net of issuance costs			225,000
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company	98,167	(200,066)	(20,006)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs			818,497
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances	(6,072)	(18,355)	(6,452)
EOP units exchanged for common stock of Parent Company	200	735	198
Ending Balance	6,911,110	6,721,920	7,033,995
Partnership Interest [Member] \| Limited Partner [Member]
Beginning Balance	40,744	42,195	34,489
Net income	7,069	2,338	2,008
Other comprehensive income (loss)
Other comprehensive income (loss) before reclassification	(2)	70	(9)
Amounts reclassified from accumulated other comprehensive income (loss)	(42)	(50)	(39)
Adjustment for noncontrolling interests in the Operating Partnership	(95,323)	2,119	(13,518)
Contributions from partners	201,872
Issuance of EOP units			31,253
Distributions to partners	(7,132)	(5,193)	(2,628)
Repurchase of EOP units	(2,046)		(9,163)
EOP units exchanged for common stock of Parent Company	(200)	(735)	(198)
Ending Balance	$ 144,940	$ 40,744	$ 42,195

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

The Company may use derivative financial instruments, including interest swaps, caps, options, floors, and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The Company does not intend to utilize derivative instruments for speculative transactions or purposes other than mitigation of interest rate risk. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties that meet the Company's stringent standards for creditworthiness. The Company does not anticipate that any of the counterparties will fail to meet their obligations.

Detail on the Company's interest rate derivatives outstanding is as follows:


(in thousands, except number of instruments data)	December 31,
Interest Rate Swaps	2025		2024
Notional amount	$	299,375		301,444
Number of instruments		15		14

Detail on the fair value of the Company's interest rate derivatives is as follows:


(in thousands)	December 31,
Interest rate swaps classified as:	2025			2024
Derivative assets	$	6,778			12,781
Derivative liabilities		(1,606	)		(423	)

Derivatives in an asset position are included within Other assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts payable and other liabilities.

These derivative financial instruments are all interest rate swaps, which are designated and qualify as cash flow hedges. The Company does not enter into derivative instruments for trading or speculative purposes. As of December 31, 2025, all of the Company's derivatives are designated as cash flow hedges.

The changes in the fair value of derivatives designated and qualifying as cash flow hedges are recorded in Accumulated other comprehensive income ("AOCI") and subsequently reclassified into earnings in the period that the hedged interest payments affects earnings.

The following table represents the effect of the derivative financial instruments on the accompanying Consolidated Financial Statements:


Location and Amount of Gain (Loss) Recognized in OCI on Derivative
	Year ended December 31,
(in thousands)	2025			2024			2023
Interest rate swaps	$	(2,659	)		12,523			(2,448	)

Location and Amount of Loss (Gain) Reclassified from AOCI into Income
	Year ended December 31,
(in thousands)	2025			2024			2023
Interest expense, net	$	(4,738	)		(8,895	)		(7,536	)

Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded
	Year ended December 31,
(in thousands)	2025			2024			2023
Interest expense, net	$	199,548			180,119			154,249

As of December 31, 2025, the Company expects approximately $0.2 million of accumulated comprehensive income on derivative instruments, including the Company's share from its Investments in real estate partnerships, to be reclassified into earnings during the next 12 months.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Equity and Capital - Additional Information (Details) - USD ($)			1 Months Ended			12 Months Ended
	Feb. 04, 2026	Jul. 31, 2024	Oct. 31, 2025	Aug. 31, 2025	Jul. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Aug. 18, 2023
Class of Stock [Line Items]
Common stock dividend declared, per share						$ 2.87	$ 2.715	$ 2.62
Net proceeds from issuance of common stock						$ 98,167,000		$ (33,000)
Stock repurchased and retired during period, value							$ 200,066,000	20,006,000
Stock repurchased remaining authorized value						250,000,000
Stock repurchase program, authorized amount		$ 250,000,000				$ 0
Stock repurchase program expiration date		Jun. 30, 2026
Exchangeable operating partnership units issued for acquisition of real estate								31,253,000
Issuance of exchangeable operating partnership, units					2,773,087
Aggregate number of operating partnership common units redeemed						31,558
Partnership units converted						28,815
Partnership units exchanged in cash						$ 2,000,000
Issuance of operating partnership, value					$ 199,700,000
Subsequent Event [Member]
Class of Stock [Line Items]
Stock repurchase program expiration date	Feb. 28, 2029
Forward Equity Offering [Member]
Class of Stock [Line Items]
Number of shares issuable							1,339,377
Sale of stock, average offering price							$ 74.66
Net proceeds from issuance of common stock			$ 49,100,000	$ 49,200,000
At the Market ("ATM") Program [Member]
Class of Stock [Line Items]
Common stock remaining available for issuance						400,000,000
New Repurchase Program [Member]
Class of Stock [Line Items]
Stock repurchase program, authorized amount	$ 500,000,000
Maximum [Member] \| At the Market ("ATM") Program [Member]
Class of Stock [Line Items]
Equity issuances, common stock authorized for issuance						$ 500,000,000
Maximum [Member] \| At the Market ("ATM") Program [Member] \| Subsequent Event [Member]
Class of Stock [Line Items]
Equity issuances, common stock authorized for issuance	$ 500,000,000
UBP Acquisition [Member] \| Series B Preferred Stock [Member]
Class of Stock [Line Items]
Redeemable price per share									$ 25
Common Stock [Member]
Class of Stock [Line Items]
Stock repurchased and retired during period, value							$ 33,000	3,000
Issuance of exchangeable operating partnership, units						2,743	10,795
Common Stock [Member] \| Forward Equity Offering [Member]
Class of Stock [Line Items]
Number of shares issued in transaction upon settlement			666,205	673,172
Parent [Member]
Class of Stock [Line Items]
Stock repurchased and retired during period, value							$ 200,066,000	$ 20,006,000
O 2025 Q4 Dividends \| Subsequent Event [Member]
Class of Stock [Line Items]
Common stock dividend declared, per share	$ 0.755
Declaration Date	Feb. 04, 2026
Dividends payable date	Apr. 01, 2026
Record Date	Mar. 11, 2026
O 2025 Q4 Dividends \| Series A Preferred Stock [Member]
Class of Stock [Line Items]
Declaration Date						Feb. 04, 2026
Dividends payable date						Apr. 30, 2026
Record Date						Apr. 15, 2026
Dividend Declared, per share						$ 0.390625
O 2025 Q4 Dividends \| Series B Preferred Stock [Member]
Class of Stock [Line Items]
Declaration Date						Feb. 04, 2026
Dividends payable date						Apr. 30, 2026
Record Date						Apr. 15, 2026
Dividend Declared, per share						$ 0.3672

Property Dispositions (Details) $ in Thousands	12 Months Ended
Property Dispositions (Details) $ in Thousands	Dec. 31, 2025 USD ($) Property	Dec. 31, 2024 USD ($) Property	Dec. 31, 2023 USD ($) Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of real estate investments	$ 124,992	$ 108,615	$ 11,167
Gain on sale of real estate, net of tax	24,464	34,162	661
Provision for impairment of real estate sold	$ 4,606	$ 14,304	$ 0
Wholly Owned Properties [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percent interest sold	100.00%	100.00%	100.00%
Real Estate Sold [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Provision for impairment of real estate sold	$ 4,606	$ 1,330
Operating Properties [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold \| Property	7	6
Land [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold \| Property	3		5

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Operating Lease, Lease Income

The following table provides a disaggregation of lease income recognized as either fixed or variable lease income based on the criteria specified in Topic 842:


	Year ended December 31,
(in thousands)	2025			2024			2023
Operating lease income
Fixed and in-substance fixed lease income	$	1,102,834			1,035,225			928,364
Variable lease income		388,123			356,520			324,037
Other lease related income, net:
Above/below market rent and tenant rent inducement amortization, net		24,428			24,843			30,826
Uncollectible straight-line rent		(1,167	)		(1,885	)		1,261
Uncollectible amounts billable in lease income		(2,793	)		(3,324	)		(549	)
Total lease income	$	1,511,425			1,411,379			1,283,939

Lessor, Operating Lease, Payments to be Received, Maturity

Future minimum rental revenue under non-cancelable operating leases, excluding variable lease payments as of December 31, 2025, are as follows:


(in thousands)
For the year ending December 31,
2026	$	1,121,279
2027		1,026,724
2028		880,290
2029		736,919
2030		591,041
Thereafter		2,327,057
Total	$	6,683,310

Lessee, Operating Lease Costs, Description

Operating lease expense under the Company's ground and office leases were as follows, including straight-line rent expense and variable lease expenses such as CPI increases, percentage rent and reimbursements of landlord costs:


	Year ended December 31,
(in thousands)	2025		2024		2023
Fixed operating lease expense
Ground leases	$	15,489		15,420		14,727
Office leases		3,907		3,689		4,103
Total fixed operating lease expense		19,396		19,109		18,830
Variable lease expense
Ground leases		1,571		1,953		1,586
Office leases		604		592		729
Total variable lease expense		2,175		2,545		2,315
Total lease expense	$	21,571		21,654		21,145
Cash paid for amounts included in the measurement of operating lease liabilities
Operating cash flows for operating leases	$	16,871		16,212		15,823

Lessee, Operating Lease, Liability, Maturity

The following table summarizes the undiscounted future cash flows by year attributable to the operating lease liabilities for ground and office leases as of December 31, 2025, and provides a reconciliation to the Lease liabilities included in the accompanying Consolidated Balance Sheets:


(in thousands)	Lease Liabilities
For the years ending December 31,	Ground Leases			Office Leases			Total
2026	$	12,817			3,963			16,780
2027		12,843			3,597			16,440
2028		12,984			2,137			15,121
2029		13,017			855			13,872
2030		13,012			439			13,451
Thereafter		675,321			913			676,234
Total undiscounted lease liabilities	$	739,994			11,904			751,898
Less imputed interest		(508,492	)		(1,038	)		(509,530	)
Lease liabilities	$	231,502			10,866			242,368
Weighted average discount rate		5.5	%		4.6	%
Weighted average remaining term (in years)		47.8			3.7

Investments in Real Estate Partnerships - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Long-term Debt	$ 4,739,301	$ 4,408,700
Percent of long term debt with fixed interest rate	94.70%
Weighted average fixed interest rate	4.00%
Weighted average variable interest rate	6.10%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Maturity period	2036
Unconsolidated Investments in Partnership [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 1,522,950
Unconsolidated Investments in Partnership, Pro-rata Share [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 541,006

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net income	$ 540,951	$ 409,840	$ 370,867
Other comprehensive (loss) income:
Effective portion of change in fair value of derivative instruments	(2,659)	12,523	(2,448)
Reclassification adjustment of derivative instruments included in net income	(4,738)	(8,895)	(7,536)
Unrealized gain (loss) on available-for-sale debt securities	436	(32)	337
Other comprehensive (loss) income	(6,961)	3,596	(9,647)
Comprehensive income	533,990	413,436	361,220
Less: comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests	13,491	9,452	6,310
Other comprehensive (loss) income attributable to noncontrolling interests	(515)	62	(779)
Comprehensive income attributable to noncontrolling interests	12,976	9,514	5,531
Comprehensive income attributable to the Company and Partnership	521,014	403,922	355,689
Partnership Interest [Member]
Net income	540,951	409,840	370,867
Other comprehensive (loss) income:
Effective portion of change in fair value of derivative instruments	(2,659)	12,523	(2,448)
Reclassification adjustment of derivative instruments included in net income	(4,738)	(8,895)	(7,536)
Unrealized gain (loss) on available-for-sale debt securities	436	(32)	337
Other comprehensive (loss) income	(6,961)	3,596	(9,647)
Comprehensive income	533,990	413,436	361,220
Less: comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests	6,422	7,114	4,302
Other comprehensive (loss) income attributable to noncontrolling interests	(471)	42	(731)
Comprehensive income attributable to noncontrolling interests	5,951	7,156	3,571
Comprehensive income attributable to the Company and Partnership	$ 528,039	$ 406,280	$ 357,649

Earnings per Share and Unit (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Earnings Per Share Basic [Line Items]

Net income attributable to common shareholders - basic

$ 513,810

$ 386,738

$ 359,500

Net income per common share - basic

$ 2.82

$ 2.12

$ 2.04

Net income per common share - diluted

$ 2.82

$ 2.11

$ 2.04

Weighted average limited partnership units outstanding, basic

2,304,079

1,099,187

953,085

Continuing Operations [Member] | Parent Company [Member]

Earnings Per Share Basic [Line Items]

Net income attributable to common shareholders - basic

$ 513,810

$ 386,738

$ 359,500

Net income attributable to common shareholders - diluted

$ 513,810

$ 386,738

$ 359,500

Weighted average common shares/units outstanding for basic EPS/EPU

181,902,000

182,817,000

176,085,000

Weighted average common shares/units outstanding for diluted EPS/EPU

^[1]

182,234,000

183,040,000

176,371,000

Net income per common share - basic

$ 2.82

$ 2.12

$ 2.04

Net income per common share - diluted

$ 2.82

$ 2.11

$ 2.04

Continuing Operations [Member] | Partnership Interest [Member]

Earnings Per Share Basic [Line Items]

Net income attributable to common shareholders - basic

$ 520,879

$ 389,076

$ 361,508

Net income attributable to common shareholders - diluted

$ 520,879

$ 389,076

$ 361,508

Weighted average common shares/units outstanding for basic EPS/EPU

184,206,000

183,916,000

177,038,000

Weighted average common shares/units outstanding for diluted EPS/EPU

^[2]

184,538,000

184,139,000

177,324,000

Net income per common share - basic

$ 2.83

$ 2.12

$ 2.04

Net income per common share - diluted

$ 2.82

$ 2.11

$ 2.04

[1]	Using the treasury stock method, the calculation includes the dilutive effect of unvested restricted stock and shares to be issued under the forward sale agreements.
[2]	Using the treasury stock method, the calculation includes the dilutive effect of unvested restricted units and units to be issued under the forward sale agreements.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Organization and Principles of Consolidation

(a)

Organization and Principles of Consolidation

General

Regency Centers Corporation (the "Parent Company") began its operations as a REIT in 1993 and is the general partner of Regency Centers, L.P. (the "Operating Partnership"). The Parent Company primarily engages in the ownership, management, leasing, acquisition, development, and redevelopment of shopping centers through the Operating Partnership and has no other assets other than through its investment in the Operating Partnership. Its only indebtedness consists of $200 million of unsecured private placement notes, which are guaranteed by the Operating Partnership, which the Company plans to payoff at maturity in 2026. The Parent Company guarantees all of the unsecured debt of the Operating Partnership.

As of December 31, 2025, the Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis (the "Company" or "Regency") owned 391 properties and held partial interests in an additional 90 properties through unconsolidated Investments in real estate partnerships (also referred to as "joint ventures" or "investment partnerships").

Consolidation

The accompanying Consolidated Financial Statements include the accounts of the Parent Company, the Operating Partnership, its wholly-owned subsidiaries, and consolidated partnerships in which the Company has a controlling financial interest. Investments in real estate partnerships not controlled by the Company are accounted for under the equity method of accounting. All significant inter-company balances and transactions are eliminated in the Consolidated Financial Statements.

The Company consolidates properties that are wholly-owned and properties where it owns less than 100% but holds a controlling financial interest in the entity. Controlling financial interest is determined using an evaluation based on accounting standards related to the consolidation of Variable Interest Entities ("VIEs") and voting interest entities. For joint ventures that are determined to be a VIE, the Company consolidates the entity where it is deemed to be the primary beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE.

Ownership of the Parent Company

The Parent Company currently has a single class of common stock and two series of preferred stock outstanding.

Ownership of the Operating Partnership

The Operating Partnership's capital includes Common Units and Preferred Units. As of December 31, 2025, the Parent Company owned approximately 97.9% or 182,902,234 of the 186,740,422 of the outstanding Common Units, with the remaining limited partner's Common Units held by third parties ("Exchangeable operating partnership units" or "EOP units"). The Parent Company currently owns all of the Preferred Units.

Each EOP unit is exchangeable for cash or one share of common stock of the Parent Company, at the discretion of the Parent Company, and the unit holder cannot require redemption in cash or common stock (i.e., registered shares of the Parent). The Parent Company has evaluated the conditions as specified under Accounting Standards Codification ("ASC") Topic 480, Distinguishing Liabilities from Equity, as it relates to EOP units outstanding and concluded that the Parent Company has the right to satisfy the redemption requirements of the units by delivering shares of unregistered common stock. Accordingly, the Parent Company classifies EOP units as permanent equity in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity and Comprehensive Income. The Parent Company serves as general partner of the Operating Partnership. The EOP unit holders have limited rights over the Operating Partnership such that they do not have the power to direct the activities that most significantly impact the Operating Partnership’s economic performance. As such, the Operating Partnership is considered a VIE, and the Parent Company, which consolidates it, is the primary beneficiary. The Parent Company's only investment is the Operating Partnership. Net income and distributions of the Operating Partnership are allocable to the general and limited common Partnership Units in accordance with their ownership percentages.

Acquisition of Urstadt Biddle Properties Inc.

On August 18, 2023, the Company acquired Urstadt Biddle Properties Inc. ("UBP") which was accounted for as an asset acquisition. Under the terms of the merger agreement, each share of Urstadt Biddle common stock and Urstadt Biddle Class A common stock was converted into 0.347 of a share of common stock of the Parent Company. Additionally, each share of UBP’s 6.25% Series H Cumulative Redeemable Preferred Stock and 5.875% Series K Cumulative Redeemable Preferred Stock was converted into one share of newly issued Parent Company 6.25% Series A Cumulative Redeemable Preferred Stock ("Parent Company Series A preferred stock") and 5.875% Series B Cumulative Redeemable Preferred Stock ("Parent Company Series B preferred stock"), respectively (collectively referred to as the "Preferred Stock").

As a result of the acquisition, the Company acquired 74 properties representing 5.3 million square feet of GLA, including 10 properties held through real estate partnerships.

Estimates

Estimates, Risks and Uncertainties

The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of commitments and contingent assets and liabilities, as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates in the Company's financial statements relate to the net carrying values of its real estate investments, collectibility of lease income, and acquired lease intangible assets and liabilities. It is possible that the estimates and assumptions that have been utilized in the preparation of the Consolidated Financial Statements could change significantly if economic conditions were to change

Risks and Uncertainties

The success of the Company's tenants in operating their businesses and their corresponding ability to pay rent may be influenced by evolving political, economic, trade, tax and immigration policies and macroeconomic uncertainty, and the success of the Company's tenants, in the aggregate, is important to the operating and financial success of the Company. These include, without limitation, changes in trade and tariff policies (as well as potential trade disputes and retaliatory actions by other countries), entry into and termination of treaties and trade agreements, and economic sanctions. Additionally, geopolitical and macroeconomic challenges, including the war involving Russia and Ukraine, conflicts and instability in the Middle East and Venezuela, and economic conflicts with China, as well as the slowing of its economy, could impact aspects of the U.S. economy and, therefore, consumer confidence and spending.

The policies implemented by the U.S. government to address these and related issues, including changes by the Board of Governors of the Federal Reserve System of its benchmark federal funds rate, increases or decreases in federal government spending, and economic sanctions and tariffs, could result in adverse impacts on the U.S. economy, including inflation, reduction in consumer confidence and spending, a slowing of growth, and potentially a recession, thereby adversely impacting the costs to our tenants of operating their businesses, demand for their products and services, and their ability to pay rent, and/or decreasing future demand for space in shopping centers, which could adversely impact occupancy rates and rents. The potential impact of current macroeconomic and geopolitical challenges on the Company's financial condition,

results of operations, and cash flows is subject to change and continues to depend on the extent and duration of these risks and uncertainties.

Real Estate Partnerships

As of December 31, 2025, the Company held partial ownership interests in 108 properties through various real estate partnerships, of which 18 are consolidated. These partnerships were formed for the purpose of owning and operating real estate properties. The Company's partners in these arrangements include institutional investors, real estate developers or operators, and passive investors (collectively, the "Partners" or "Limited Partners"). The Company’s involvement in these partnerships is through its ownership of its equity interests and its role in property-level management. The entities were deemed VIEs primarily because the unrelated investors do not have substantive kick-out rights to remove the general or managing partner by a vote of a simple majority or less, and they do not have substantive participating rights. Regency has variable interests in these entities through its equity ownership, with Regency being the primary beneficiary in certain of these real estate partnerships. Regency consolidates the partnerships into its financial statements for which it is the primary beneficiary and reports the limited partners' interests as noncontrolling interests. For those partnerships which Regency is not the primary beneficiary and does not have a controlling financial interest, but has significant influence, Regency recognizes its equity investments in them in accordance with the equity method of accounting.

The assets of these partnerships are restricted to use by the respective partnerships and cannot be directly reached by general creditors of the Company. Similarly, the obligations of the partnerships are backed by, and can only be settled through the assets of these partnerships or by additional capital contributions by the partners, except to the extent that the Company has provided contractual payment guarantees.. As managing member, Regency maintains the books and records and typically provides leasing property and asset management services to the partnerships. The Partners' level of involvement in these partnerships varies from protective decisions (debt, bankruptcy, selling primary asset(s) of business) to participating involvement such as approving leases, operating budgets, and capital budgets.

Some of these entities have been determined to be VIEs under applicable accounting guidelines. This determination is primarily based on the assessment that the Limited Partners lack substantive kick-out rights (i.e., the ability to remove the general or managing partner with a simple majority vote or less) and do not possess substantive participating rights. Those partnerships for which the Partners are involved in the day to day decisions and do not have any other aspects that would cause them to be considered VIEs, are evaluated for consolidation using the voting interest model.

Those partnerships in which Regency does not have a controlling financial interest are accounted for using the equity method of accounting and Regency's ownership interest is recognized through single-line presentation as Investments in real estate partnerships, in the Consolidated Balance Sheet, and Equity in income of investments in real estate partnerships, in the Consolidated Statements of Operations. Cash distributions of earnings from operations from Investments in real estate partnerships are presented in Cash flows provided by operating activities in the accompanying Consolidated Statements of Cash Flows. Cash distributions from the sale of a property or loan proceeds received from the placement of debt on a property included in Investments in real estate partnerships are presented in Cash flows provided by investing activities in the accompanying Consolidated Statements of Cash Flows. If distributed proceeds from debt refinancing and real estate sales in excess of Regency's carrying value of its investment results in a negative investment balance for a partnership, it is recorded within Accounts payable and other liabilities in the Consolidated Balance Sheets.

The net difference in the carrying amount of investments in real estate partnerships and the underlying equity in net assets is accreted to earnings and recorded in Equity in income of investments in real estate partnerships in the accompanying Consolidated Statements of Operations over the expected useful lives of the properties and other intangible assets, which range from 10 to 40 years.

The majority of the operations of the VIEs are funded with cash flows generated by the properties, or in the case of developments, with capital contributions or third-party construction loans.

The carrying amounts of VIEs' assets and liabilities included in the Company's consolidated financial statements, exclusive of the Operating Partnership, are as follows:


(in thousands)	December 31, 2025		December 31, 2024
Assets
Real estate assets, net	$	332,759		312,873
Cash, cash equivalents and restricted cash		21,890		16,687
Tenant and other receivables, net		7,614		5,833
Deferred costs, net		6,715		3,178
Acquired lease intangible assets, net		4,328		6,293
Right of use assets, net		17,656		18,148
Other assets		775		597
Total Assets	$	391,737		363,609
Liabilities
Notes payable	$	23,771		32,653
Accounts payable and other liabilities		12,758		16,149
Acquired lease intangible liabilities, net		10,119		10,627
Tenants' security, escrow deposits and prepaid rent		960		1,260
Lease liabilities		19,559		19,370
Total Liabilities	$	67,167		80,059

Noncontrolling Interests

The Company accounts for noncontrolling interests in accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the FASB. Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. Noncontrolling interests also include amounts related to partnership units issued by consolidated subsidiaries of the Company in connection with certain property acquisitions. These partnership units have a defined redemption amount and the unit holders generally have the right to redeem their units at any time after a certain period from issuance. For these partnership units, the Company has the option to settle redemption amounts in cash or common stock. The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. The partnership units for which the Company has the option to settle redemption amounts in cash or common stock are included in the caption Noncontrolling interests within the equity section on the Company’s Consolidated Balance Sheets.

Noncontrolling Interests of the Parent Company

The Consolidated Financial Statements of the Parent Company include the following ownership interests held by owners other than the common shareholders of the Parent Company: (i) the EOP units and (ii) the minority-owned interest held by third parties in consolidated partnerships ("Limited partners' interests in consolidated partnerships"). The Parent Company has included all of these noncontrolling interests in permanent equity, separate from the Parent Company's shareholders' equity, in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity. The portion of net income or comprehensive income attributable to these noncontrolling interests is included in net income and comprehensive income in the accompanying Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income of the Parent Company.

The Parent Company also evaluated its fiduciary duties to itself, its shareholders, and, as the managing general partner of the Operating Partnership, to the Operating Partnership, and concluded its fiduciary duties are not in conflict with each other or the underlying agreements. Therefore, the Parent Company classifies such units and interests as permanent equity in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity.

Noncontrolling Interests of the Operating Partnership

The Operating Partnership has determined that limited partners' interests in consolidated partnerships are noncontrolling interests. Subject to certain conditions and pursuant to the terms of the partnership agreements, the Company generally has the right, but not the obligation, to purchase the other members' interest or sell its own interest in these consolidated partnerships. The Operating Partnership has included these noncontrolling interests in permanent capital, separate from partners' capital, in the accompanying Consolidated Balance Sheets and Consolidated Statements of Capital. The portion of net income (loss) or comprehensive income (loss) attributable to these noncontrolling interests is included in Net income and Comprehensive income in the accompanying Consolidated Statements of Operations and Consolidated Statements Comprehensive Income of the Operating Partnership.

Revenues and Tenant Receivable

(b)

Revenues, and Tenant and other Receivables

Leasing Income and Tenant Receivables

The Company leases space to tenants under agreements with varying terms that generally provide for fixed payments of base rent, with stated increases over the term of the lease. Some of the lease agreements contain provisions that provide for additional rents based on tenants' sales volume ("percentage rent"), which are recognized when the tenants achieve the specified targets as defined in their lease agreements. Additionally, most lease agreements contain provisions for reimbursement of the tenants' share of actual real estate taxes and insurance and common area maintenance ("CAM") costs (collectively "Recoverable Costs") incurred.

Lease terms generally range from three to seven years for tenant spaces under 10,000 square feet ("Shop Space") and in excess of five years for spaces greater than 10,000 square feet ("Anchor Space"). Many leases also provide tenants the option to extend their lease beyond the initial term of the lease. If a tenant does not exercise its option or otherwise negotiate to renew, the lease expires and the lease contains an obligation for the tenant to relinquish its space, allowing it to be re-leased to a new tenant. This generally involves some level of cost to prepare the space for re-leasing, which is capitalized and depreciated over the shorter period of the life of the subsequent lease or the useful life of the improvement.

The Company accounts for its leases under ASC Topic 842, Leases ("Topic 842"), as follows:

Classification

Under Topic 842, new leases or modifications thereto must be evaluated against specific classification criteria, which, based on the customary terms of the Company's leases, are classified as operating leases. However, certain longer-term leases (both lessee and lessor leases) may be classified as direct financing or sales type leases, which may result in selling profit and an accelerated pattern of earnings recognition. At December 31, 2025, the Company classified three leases as sales type leases, with all others classified as operating leases.

Recognition and Presentation

Lease income for operating leases with fixed payment terms is recognized on a straight-line basis over the expected term of the lease for all leases for which collectibility is considered probable. CAM is considered a non-lease component of the lease contract under Topic 842. However, as the timing and pattern of providing the CAM service to the tenant is the same as the timing and pattern of the tenant's use of the underlying lease asset, the Company elected, as part of an available practical expedient, to combine CAM with the remaining lease components, along with tenant's reimbursement of real estate taxes and insurance, and recognize them together as Lease income in the accompanying Consolidated Statements of Operations.

For sales type leases, the Company records any selling profit or loss arising from the lease at inception within Gain on sale of real estate, net of tax in the accompanying Consolidated Statement of Operations, as well as any initial direct costs recorded as an expense if, at commencement, the fair value of the underlying asset differs from its carrying amount, otherwise, they are deferred and included in the net investment in the lease. The net investment in the sales-type lease represents the lease receivable, the components of which are the future lease payments and any guaranteed residual value for the underlying assets, as well as any unguaranteed residual asset expected at the end of the lease term, each measured at net present value discounted using a rate implicit in the lease. Interest income is recorded within Lease income in the accompanying Consolidated Statements of Operations over the lease term so as to produce a constant periodic rate of return on the Company’s net investment in the leases. At the commencement date, the Company derecognizes the carrying amount of the underlying asset. When measuring the net investment in a long-term ground lease, the undiscounted residual value of the land will be limited to its fair value at commencement which will likely equate to its cost.

Collectibility

At lease commencement, the Company generally expects that collectibility of substantially all payments due under the lease is probable due to the Company's credit checks on tenants and other creditworthiness analysis undertaken before entering into a new lease; therefore, income from most operating leases is initially recognized on a straight-line basis. For operating leases in which collectibility of Lease income is not considered probable, Lease income is recognized on a cash basis and all previously recognized straight-line rent receivables are reversed in the period in which the Lease income is determined not to be probable of collection. Should collectibility of Lease income become probable again, through evaluation of qualitative and quantitative measures on a tenant by tenant basis, accrual basis accounting resumes and all commencement-to-date straight-line rent is recognized in that period.

In addition to the lease-specific collectibility assessment performed under Topic 842, the Company may also recognize a general reserve, as a reduction to Lease income, for its portfolio of operating lease receivables which are not expected to be fully collectible based on the Company's historical collection experience. The Company estimates the collectibility of the accounts receivable related to base rents, straight-line rents, recoveries from tenants, and other revenue taking into consideration the Company's historical write-off experience, tenant credit-worthiness, current economic trends, and remaining lease terms. Uncollectible lease income is a direct charge against Lease income. Although we estimate uncollectible receivables and provide for them through charges against income, actual experience may differ from those estimates.

The following table represents the components of Tenant and other receivables, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets:


	December 31,
(in thousands)	2025		2024
Tenant receivables	$	29,578		35,306
Straight-line rent receivables		180,871		157,507
Other receivables (1)		63,413		62,682
Total tenant and other receivables, net	$	273,862		255,495

(1)

Other receivables include notes receivables, construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income.

Other Property Income and Management Services

The Company recognizes revenue under ASC Topic 606, Revenue from Contracts with Customers ("Topic 606"), when or as control of the promised services are transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The following is a description of the Company's revenue from contracts with customers within the scope of Topic 606.

Other Property Income

Other property income includes parking fees and other incidental income from the properties and is generally recognized at the point in time that the performance obligation is met.

Management, Transaction, and other fees

Property and Asset Management Services

The Company is engaged under agreements with its joint venture partnerships, which are generally perpetual in nature and cancellable through unanimous partner approval, absent an event of default and, in certain cases, specified intentional misconduct. Under these agreements, the Company is to provide asset and property management and leasing services for the joint ventures' shopping centers. The fees are market-based, generally calculated as a percentage of either revenues earned or the estimated values of the properties managed or the proceeds received, and are recognized over the monthly or quarterly periods as services are rendered. Property management and asset management services represent a series of distinct daily services. Accordingly, the Company satisfies its performance obligation as service is rendered each day and the variability associated with that compensation is resolved each day. Amounts due from the partnerships for such services are paid during the month following the monthly or quarterly service periods.

Several of the Company's joint venture partnership agreements provide for incentive payments, generally referred to as "promotes" or "earnouts," to Regency for appreciation in property values while Regency is managing member of the partnership. The terms of these promotes are based on appreciation in real estate value over designated time intervals or upon designated events. The Company evaluates its expected promote payout at each reporting period, which generally does not result in revenue recognition until the measurement period has completed, when the amount can be reasonably determined and the amount is not probable of significant reversal.

Leasing Services

Leasing service fees are based on a percentage of the total rent due under the lease. The leasing service is considered performed upon successful execution of an acceptable tenant lease for the joint ventures' shopping centers, at which time revenue is recognized. Payment of the first half of the fee is generally due upon lease execution and the second half is generally due upon tenant opening or the commencement of rent payments.

Transaction Services

The Company also receives transaction fees, as contractually agreed upon with in each joint venture, which include acquisition fees, disposition fees, and financing service fees. Control of these services is generally transferred at the time the related transaction closes, which is the point in time when the Company recognizes the related fee revenue. Any unpaid amounts related to transaction-based fees are included in Tenant and other receivables within the Consolidated Balance Sheets.

Income within Management, transaction, and other fees is primarily derived from contracts with the Company's unconsolidated real estate partnerships. The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts are as follows:


		Year ended December 31,
(in thousands)	Timing of satisfaction of performance obligations	2025		2024		2023
Management, transaction, and other fees:
Property management services	Over time	$	16,323		15,767		14,075
Asset management services	Over time		6,967		6,548		6,542
Leasing services	Point in time		3,631		3,738		3,908
Other transaction fees	Point in time		1,437		1,821		2,429
Total management, transaction, and other fees		$	28,358		27,874		26,954

The accounts receivable for Total management, transactions, and other fees, which are included within Tenant and other receivables, net in the accompanying Consolidated Balance Sheets, are $17.8 million and $19.7 million, as of December 31, 2025 and 2024, respectively.

Real Estate Sales

The Company accounts for sales of nonfinancial assets under ASC Subtopic 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets, whereby the Company derecognizes real estate and recognizes a gain or loss on sales when a contract exists and control of the property has transferred to the buyer. Control of the property, including controlling financial interest, is generally considered to transfer upon closing through transfer of the legal title and possession of the property. While generally rare, any retained noncontrolling interest is measured at fair value at that time.

Real Estate Assets

(c)

Real Estate Assets

The following table details the components of Real estate assets in the Consolidated Balance Sheets:


(in thousands)	December 31, 2025		December 31, 2024
Land	$	4,932,642		4,757,704
Land improvements		899,472		807,881
Buildings		6,948,538		6,456,719
Building and tenant improvements		1,634,065		1,461,003
Construction in progress		147,207		215,112
Total real estate assets	$	14,561,924		13,698,419

Capitalization and Depreciation

Real estate assets are stated at cost, less accumulated depreciation, and amortization. The Company periodically assesses the useful lives of its depreciable real estate assets, including those intended to be redeveloped in the near term, and accounts for any revisions prospectively. Expenditures for maintenance, repairs and demolition costs are charged to operations as incurred. Significant renovations and replacements, which improve or extend the life of the asset, are capitalized.

As part of the leasing process, the Company may provide lessees with allowances for the construction of leasehold improvements. These leasehold improvements are capitalized and recorded as tenant improvements and depreciated over the shorter of the useful life of the improvements or the remaining lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of Lease income. Factors considered during this evaluation include, among other things, who holds legal title to the improvements as well as other controlling rights provided by the lease agreement and provisions for substantiation of such costs (e.g. unilateral control of the tenant space during the build-out process). Determination of the appropriate accounting for the payment of a tenant allowance is made on a lease-by-lease basis, considering the facts and circumstances of the individual tenant lease.

Depreciation is computed using the straight-line method over estimated useful lives of approximately 15 years for land improvements, 40 years for buildings and improvements, and the shorter of the useful life or the remaining lease term.

Development and Redevelopment Costs

All specifically identifiable costs related to development and redevelopment activities are capitalized into Real estate assets in the accompanying Consolidated Balance Sheets, and are included in Construction in progress within the above table. The capitalized costs include pre-development costs essential to the development or redevelopment of the property, construction costs, interest costs, real estate taxes, insurance, legal costs, salaries and related costs of personnel directly involved and other costs incurred during the period of development or redevelopment.

Pre-development costs represent the costs the Company incurs prior to land acquisition or pursuing a redevelopment including contract deposits, as well as legal, engineering, and other external professional fees related to evaluating the feasibility of developing or redeveloping a shopping center. As of December 31, 2025 and 2024, the Company had nonrefundable deposits and other pre-development costs of approximately $14.8 million and $10.2 million, respectively. If the Company determines that the development or redevelopment of a particular shopping center is no longer probable, any related pre-development costs previously capitalized are immediately expensed. During the years ended December 31, 2025, 2024, and 2023, the Company expensed pre-development costs of approximately $2.3 million, $0.9 million, and $0.1 million, respectively, in Other operating expenses in the accompanying Consolidated Statements of Operations.

Interest costs are capitalized into each development and redevelopment project based upon applying the Company's weighted average borrowing rate to that portion of the actual development or redevelopment costs incurred. The Company discontinues interest and real estate tax capitalization when a project is no longer being developed or is available for occupancy upon substantial completion of tenant improvements, but in no event would the Company capitalize interest on a project beyond 12 months after substantial completion of the building. During the years ended December 31, 2025, 2024, and 2023, the Company capitalized interest of $10.3 million, $6.6 million, and $5.7 million, respectively, on our development and redevelopment projects.

We have a staff of employees directly supporting our development and redevelopment program. All direct internal costs attributable to these development activities are capitalized as part of each development and redevelopment project. The capitalization of costs is directly related to the actual level of development activity occurring. During the years ended December 31, 2025, 2024, and 2023, we capitalized $24.9 million, $19.8 million, and $13.3 million, respectively, of direct internal costs incurred to support our development and redevelopment program.

Acquisitions

Upon acquisition of operating real estate properties, the Company estimates the fair value of acquired tangible assets (consisting of land, land improvements, buildings, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting of above and below-market leases and in-place leases), assumed debt, and any noncontrolling interest in the acquiree at the date of acquisition, based on evaluation of information and estimates available at that date. Based on these estimates, the Company allocates the purchase price of the acquired properties based on their relative fair value to the applicable assets and liabilities. Acquisitions of operating properties are generally considered asset acquisitions and therefore transaction costs are capitalized. Fair value is determined based on an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The Company's methodology includes estimating an "as-if vacant" fair value of the physical property, which includes land, building, and improvements. In addition, the Company determines the estimated fair value of identifiable intangible assets and liabilities, considering the following categories: (i) value of in-place leases, and (ii) above and below-market value of in-place leases.

The value of in-place leases is estimated based on the value associated with the costs avoided in originating leases compared to the acquired in-place leases as well as the value associated with lost rental and recovery revenue during the assumed lease-up period. The value of in-place leases is recorded to Depreciation and amortization expense in the Consolidated Statements of Operations over the remaining expected term of the respective leases.

Above-market and below-market in-place lease values for acquired properties are recorded based on the present value of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management's estimate of market lease rates for comparable in-place leases, measured over a period equal to the remaining non-cancelable term of the lease, including below-market renewal options, if applicable. The value of above-market leases is amortized as a reduction of Lease income over the remaining terms of the respective leases and the value of below-market leases is accreted to Lease income over the remaining terms of the respective leases, including below-market renewal options, if applicable.

The Company does not assign value to customer relationship intangibles if it has pre-existing business relationships with major retailers at the acquired property since they do not provide incremental value over the Company's existing relationships.

Held for Sale

The Company classifies real estate assets as held-for-sale upon satisfaction of all the following criteria: (i) management commits to a plan to sell a property (or group of properties), (ii) the property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such properties, (iii) an active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated, (iv) the sale of the property is probable and transfer of the asset is expected to be completed within one year, (v) the property is being actively marketed for sale, and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Upon the determination to classify a property as held for sale, the Company ceases depreciation and amortization on the real estate property held for sale, as well as the amortization of any related intangible assets. Such properties are recorded at the lesser of the carrying value or estimated fair value less estimated costs to sell.

Valuation of Real Estate Investments and Impairments

The Company continually evaluates whether there are any events or changes in circumstances, that could indicate the carrying values of the real estate properties (including any related amortizable intangible assets or liabilities) may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate assets may not be recoverable, the Company assesses the recoverability of the asset group by estimating whether the Company will recover the carrying value of the asset group through its undiscounted future cash flows, including eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the asset group, an impairment charge will be recorded to the extent that the carrying value exceeds the estimated fair value of the asset group.

Estimated cash flows are based on several key assumptions, including rental rates, expected leasing activity, costs of tenant improvements, leasing commissions, expected hold period, and assumptions regarding the residual value upon disposition, including the exit capitalization rate. These key assumptions are subjective in nature and could differ materially from actual results. Changes in events or changes in circumstances may alter the hold period of an asset or asset group which may result in an impairment loss and such loss could be material to the Company's financial condition or operating performance. If a property previously classified as held and used is changed to held for sale, the Company estimates fair value, less expected costs to sell, which could cause the Company to determine that the property is impaired.

The estimated fair value of real estate assets is subjective and is estimated through comparable sales information and other market data if available, or through use of an income approach such as the direct capitalization method or the discounted cash flow approach. The discounted cash flow approach uses similar assumptions to the undiscounted cash flow approach above, as well as a discount rate. Such cash flow projections and rates are subject to management judgment and changes in those assumptions could impact the estimate of fair value. In estimating the fair value of undeveloped land, the Company generally uses market data and comparable sales information.

Cash, Cash Equivalents, and Restricted Cash

(d)

Cash, Cash Equivalents, and Restricted Cash

Any instruments which have an original maturity of 90 days or less when purchased are considered cash equivalents. As of December 31, 2025 and 2024, $16.0 million and $5.6 million, respectively, of cash was restricted through escrow agreements and certain mortgage loans.

Other Assets

(e)

Other Assets

Goodwill

Goodwill represents the excess of the purchase price consideration from the Equity One merger in 2017 over the fair value of the assets acquired and liabilities assumed. The Company accounts for goodwill in accordance with ASC Topic 350, Intangibles - Goodwill and Other, and allocates its goodwill to its reporting units, which have been determined to be at the individual property level. The Company performs an impairment evaluation of its goodwill at least annually, in November of each year, or more frequently as triggers occur. See Note 5.

The goodwill impairment evaluation is completed using either a qualitative or quantitative approach. Under a qualitative approach, the impairment review for goodwill consists of an assessment of whether it is more-likely-than-not that the reporting unit's fair value is less than its carrying value, including goodwill. If a qualitative approach indicates it is more

likely-than-not that the estimated carrying value of a reporting unit (including goodwill) exceeds its fair value, or if the Company chooses to bypass the qualitative approach for any reporting unit, the Company will perform the quantitative approach described below.

The quantitative approach consists of estimating the fair value of each reporting unit using discounted projected future cash flows and comparing those estimated fair values with the carrying values, which include the allocated goodwill. If the estimated fair value is less than the carrying value, the Company would then recognize a goodwill impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to that reporting unit.

Investments

The Company determines the appropriate classification of its investments in debt and equity securities at the time of purchase and reevaluates such determinations at each balance sheet date. The fair value of securities is determined using quoted market prices.

Debt securities are classified as held to maturity when the Company has the positive intent and ability to hold the securities to maturity. Debt securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses recognized through earnings in Net investment income in the Consolidated Statements of Operations. Debt securities not classified as held to maturity or as trading, are classified as available-for-sale, and are carried at fair value, with the unrealized gains and losses, net of tax, included in the determination of comprehensive income and reported in the Consolidated Statements of Comprehensive Income.

Equity securities with readily determinable fair values are measured at fair value with changes in the fair value recognized through net income and presented within Net investment income in the Consolidated Statements of Operations.

Goodwill

Investments

Derivative Instruments

The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative instruments. Specifically, the Company enters into derivative instruments to manage exposures that arise from business activities that result in the receipt or future payment of known and uncertain cash amounts, the amount of which are determined by interest rates. The Company's derivative instruments are used to manage fluctuations in the amount, timing, and duration of the Company's known or expected cash payments principally related to the Company's borrowings.

All derivative instruments, whether designated in hedging relationships or not, are recorded on the accompanying Consolidated Balance Sheets at their fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.

The Company uses interest rate swaps to mitigate its interest rate risk on a related financial instrument or forecasted transaction, and the Company designates these interest rate swaps as cash flow hedges. Interest rate swaps designated as cash flow hedges generally involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company may also utilize cash flow hedges to lock U.S. Treasury rates in anticipation of future fixed-rate debt issuances. The gains or losses resulting from changes in fair value of derivatives that qualify as cash flow hedges are recognized in Accumulated other comprehensive income (loss) ("AOCI"). Upon the settlement of a hedge, gains and losses remaining in AOCI are amortized through earnings over the underlying term of the hedged transaction. The cash receipts or payments related to interest rate swaps are presented in cash flows provided by operating activities in the accompanying Consolidated Statements of Cash Flows.

The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company assesses, both at inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows and/or forecasted cash flows of the hedged items.

In assessing the valuation of the hedges, the Company uses standard market conventions and techniques such as discounted cash flow analysis, option pricing models, and termination costs at each balance sheet date. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized.

Deferred Leasing Costs

(f)

Deferred Leasing Costs

Deferred leasing costs consist of costs associated with leasing the Company's shopping centers, and are presented net of accumulated amortization. Such costs are amortized over the period through lease expiration. If the lease is terminated early, the remaining leasing costs are written off.

Under ASC Topic 842, the Company, as a lessor, may only defer as initial direct costs the incremental costs of a tenant's operating lease that would not have been incurred if the lease had not been obtained. These costs generally consist of third party broker payments and internal leasing commissions paid to employees for successful execution of lease agreements. Non-contingent internal leasing and legal costs associated with leasing activities are expensed within General and administrative expenses.

Income Taxes

(g)

Income Taxes

The Parent Company believes it qualifies, and intends to continue to qualify, as a REIT under the Internal Revenue Code (the “Code”). As a REIT, the Parent Company will generally not be subject to federal income tax, provided that distributions to its shareholders are at least equal to REIT taxable income. All wholly-owned corporate subsidiaries of the Operating Partnership have elected to be a taxable REIT subsidiary (“TRS”) or qualify as a REIT. The TRSs are subject to federal and state income taxes and file separate tax returns. As a pass through entity, the Operating Partnership generally does not pay income taxes, but its taxable income or loss is reported by its partners, of which the Parent Company, as general partner and approximately 97.9% owner, is allocated its Pro-rata share of tax attributes.

Distributions to shareholders are usually taxable as ordinary dividends, although a portion of the distributions may be designated as qualified dividends, capital gains or may constitute a return of capital. The Company’s distributions for 2025 consisted of a 98.69% ordinary dividend (which includes a 3.37% qualified dividend), and a 1.31% capital gain distribution.

The Company is subject to a 4% federal excise tax if it fails to distribute sufficient taxable income within prescribed time limits. The excise tax equals 4% of the excess, if any, of (a) 85% of the Company’s ordinary income for the calendar year (determined without regard to capital gains), (b) 95% of the Company’s net capital gains for the calendar year, and (c) 100% of the Company’s prior-year undistributed taxable income, over the sum of cash distributions paid during the year and certain taxes paid by the Company. No excise tax was incurred in 2025, 2024, or 2023.

The Company accounts for income taxes related to its taxable REIT subsidiaries in accordance with ASC 740, Income Taxes. Deferred tax assets and liabilities are recognized for temporary differences between the financial statement and tax bases of assets and liabilities using enacted tax rates expected to apply in the periods in which the differences reverse. Deferred tax liabilities are included in Accounts payable and other liabilities, and net deferred tax assets are included in Other assets in the Consolidated Balance Sheets. Our TRSs had a net deferred tax liability of $1.1 million and $10.3 million as of December 31, 2025 and 2024, respectively. The Company evaluates the realizability of deferred tax assets and records a valuation allowance when it is more likely than not that such assets will not be realized. There are no net deferred tax assets as of December 31, 2025 and 2024. The Company believes its income tax positions are adequately supported and that its accruals for income taxes are sufficient for all open tax years. The Company had no material uncertain tax positions as of December 31, 2025.

Lease Obligations

(h)

Lease Obligations

The Company has certain properties within its consolidated real estate portfolio that are either partially or completely on land subject to ground leases with third parties, which are all classified as operating leases. Accordingly, the Company owns only a long-term leasehold or similar interest in these properties. The building and improvements constructed on the leased land are capitalized as Real estate assets in the accompanying Consolidated Balance Sheets and depreciated over the shorter of the useful life of the improvements or the lease term.

In addition, the Company has non-cancelable operating leases pertaining to office space from which it conducts its business. Leasehold improvements are capitalized as tenant improvements, presented in Other assets in the Consolidated Balance Sheets, and depreciated over the shorter of the useful life of the improvements or the lease term.

Under Topic 842, the Company recognizes Lease liabilities on its Consolidated Balance Sheets for its ground and office leases and corresponding Right of use assets related to these same ground and office leases which are classified as operating leases. A key input in estimating the Lease liabilities and resulting Right of use assets is establishing the discount rate in the lease, which since the rates implicit in the lease contracts are not readily determinable, requires additional inputs for the longer-term ground leases, including market-based interest rates that correspond with the remaining term of the lease, the Company's credit spread, and a securitization adjustment necessary to reflect the collateralized payment terms present in the lease. This discount rate is applied to the remaining unpaid minimum rental payments for each lease to measure the operating lease liabilities.

The ground and office lease expenses are recognized on a straight-line basis over the term of the leases, including management's estimate of expected optional renewal periods. For ground leases, the Company generally assumes it will exercise options through the latest option date of that shopping center's anchor tenant lease.

Forward Equity Sales

(i)

Forward Equity Sales

Our at-the-market (“ATM”) program allows for the sale of common stock through forward sales contracts. These contracts meet all conditions for equity classification, and as such, common stock is recorded at the offering price specified in the contract upon settlement. The Company also accounts for the potential dilution from forward sales contracts in its earnings per share calculations, using the treasury stock method to determine any dilutive impact before settlement. For further details on forward equity sales transactions, refer to Note 11 in the consolidated financial statements.

Earnings per Share and Unit

(j)

Earnings per Share and Unit

Basic earnings per share of common stock and unit are computed based upon the weighted average number of common shares and units, respectively, outstanding during the period. Diluted earnings per share and unit reflect the conversion of obligations and the assumed exercises of securities including the effects of shares issuable under the Company's share-based payment arrangements, if dilutive. Dividends paid on the Company's share-based compensation awards are not participating securities as they are forfeitable.

Stock-Based Compensation

(k)

Stock-Based Compensation

The Company grants stock-based compensation to its employees and directors and recognizes the cost of stock-based compensation based on the grant-date fair value of the award, which is expensed over the vesting period.

When the Parent Company issues common stock as compensation, it simultaneously receives an equal number of common units from the Operating Partnership. The Company contributes all deemed proceeds from the share-based awards granted under the Parent Company's Long-Term Omnibus Plan (the "Plan") to the operating partnership. Consequently, the Parent Company's ownership in the Operating Partnership increases in proportion to the deemed proceeds contributed in exchange for the common units received. As a result of the issuance of common units to the Parent Company for stock-based compensation, the Operating Partnership records the effect of stock-based compensation for awards of equity in the Parent Company.

Segment Reporting

(l)

Segment Reporting

The Company's business is investing in retail shopping centers through direct ownership or partnership interests. The Company actively manages its portfolio of retail shopping centers and may from time to time make decisions to sell lower performing properties or developments not meeting its long-term investment objectives. The proceeds from sales are generally reinvested into higher quality retail shopping centers, through acquisitions, new developments, or redevelopment of existing centers, which management believes will generate sustainable revenue growth and attractive returns. It is management's intent that all retail shopping centers will be owned or developed for investment purposes; however, the Company may decide to sell all or a portion of a development upon completion. The Company's revenues and net income are generated from the operation of its investment portfolio. The Company also earns fees for services provided to manage and lease retail shopping centers owned through joint ventures.

The Company's portfolio is located throughout the United States. Management does not distinguish or group its operations on a geographical basis for purposes of allocating resources or capital. The Company’s chief operating decision maker ("CODM") evaluates operating and financial performance for each property on an individual property level; therefore, the Company defines an operating segment as its individual properties. The individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the centers, tenants and operational processes, as well as long-term average financial performance. For further details on segment information, refer to Note 15 in the consolidated financial statements.

Investment Risk Concentrations

(m)

Investment Risk Concentrations

No single tenant comprised 10% or more of our aggregate annualized base rent ("ABR"). As of December 31, 2025, the Company had three geographic concentrations that individually accounted for at least 10.0% of its aggregate ABR. Real estate properties located in California, Florida and New York-Newark-Jersey City core-based statistical area accounted for 24.8%, 19.7%, and 12.6% of ABR, respectively. As the result, this geographic concentration of our portfolio makes it potentially more susceptible to adverse weather, natural disasters or economic events that impact these locations. None of the shopping centers are located outside the United States.

Fair Value of Assets and Liabilities

(n)

Fair Value of Assets and Liabilities

ASC 820, Fair Value Measurements and Disclosures, or ASC 820, defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosures about fair value measurements. ASC 820 emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined by ASC 820 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Therefore, a fair value measurement is determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the Company uses a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from independent sources (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the Company's own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). The three levels of inputs used to measure fair value are as follows:

•

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

•

Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.

•

Level 3 - Unobservable inputs for the asset or liability, which are typically based on the Company's own assumptions, as there is little, if any, related market activity.

The Company also re-measures nonfinancial assets and nonfinancial liabilities, initially measured at fair value in a business combination or other new basis event, at fair value in subsequent periods if a re-measurement event occurs.

Recent Accounting Pronouncements

(o) Recent Accounting Pronouncements

The following table provides a brief description of recent accounting pronouncements and the expected impact on our financial statements:


Standard	Description	Effective date	Effect on the financial statements or other significant matters
Recently issued:

           ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
 
ASU 2025-01, Income Statement - Reporting Comprehensive, Income -Expense Disaggregation Disclosures (Subtopic 220-40), Clarifying the Effective Date
 
           ASU 2024-03 requires public business entities to provide additional disclosures that disaggregate certain income statement expense captions into specified categories.  The ASU does not impact the presentation of expenses on the face of the income statement but requires additional footnote disclosures to provide users of the financial statements with greater insight into the nature and composition of reported expenses.

           Fiscal years beginning January 1, 2027, and interim periods for fiscal years beginning January 1, 2028; Early adoption permitted. 

           The Company is assessing the impact this ASU will have on the Company’s financial statement disclosures.  While the adoption of this standard is not expected to have a material impact on the financial position or results of operations, it will require enhanced footnote disclosures related to the disaggregation of income statement expenses.

           ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity
 
           ASU 2025-03 clarifies the guidance in determining the accounting acquirer in a business combination effected primarily by exchanging equity interests when the acquiree is a VIE that meets the definition of a business.

           January 1, 2027; Early adoption is permitted. 

           The Company is currently evaluating the impact of this ASU, but the adoption will not have a material effect on the Company’s financial position or results of operations.

           ASU 2025-06, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software
 
           ASU 2025-06 amends certain aspects of the accounting for and disclosure of software costs and makes targeted improvements for accounting for internally developed software to be sold or marketed externally.

           January 1, 2028; Early adoption is permitted. 

           The Company is currently evaluating the impact of this ASU, but the adoption will not have a material effect on the Company’s financial position or results of operations.

Segment Information - Summary of Reconciliation of Total Real Estate Revenues to Total Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Straight-line rent on lease income	$ 24,495	$ 20,300	$ 10,788
Above/below market rent amortization, net	24,428	24,843	30,826
Management, transaction, and other fees	28,358	27,874	26,954
Add: Share of noncontrolling interests	13,491	9,452	6,310
Total revenues	1,553,524	1,453,904	1,322,466
Shopping Centers [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total real estate revenues	1,617,867	1,516,574	1,380,176
Straight-line rent on lease income	24,495	20,300	10,788
Above/below market rent amortization, net	24,428	24,843	30,826
Management, transaction, and other fees	28,358	27,874	26,954
Add: Share of noncontrolling interests	12,079	11,859	10,865
Less: Share of unconsolidated real estate partnerships	(153,703)	(147,546)	(137,143)
Total revenues	$ 1,553,524	$ 1,453,904	$ 1,322,466

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details

Notes Payable and Unsecured Credit Facility (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

The Company's outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following as of the dates set forth below:


	Scheduled Maturity Date	Weighted Average Contractual Rate	Weighted Average Effective Rate	December 31,
(in thousands)				2025		2024
Notes payable:
Fixed rate mortgage loans	2/1/2026 - 10/1/2038	4.0%	4.7%	$	475,948		337,703
Variable rate mortgage loans (1)	10/1/2026 - 2/20/2032	4.4%	4.6%		270,489		282,117
Fixed rate unsecured debt	5/11/2026 - 3/15/2049	4.2%	4.4%		3,872,864		3,723,880
Total notes payable, net					4,619,301		4,343,700
Unsecured credit facility:
$1.5 Billion Line of Credit (the "Line") (1)(2)	3/23/2028	4.4%	4.8%		120,000		65,000
Total unsecured credit facility					120,000		65,000
Total debt outstanding				$	4,739,301		4,408,700

(1)

As of December 31, 2025, 76.5% of the Variable rate debt are fixed through interest rate swaps.

(2)

The Company has the option to extend the maturity date by two additional six-month periods. Weighted average effective rate for the Line is calculated based on a fully drawn Line balance using the period end variable rate.

Schedule of Maturities of Long-term Debt

Scheduled principal payments and maturities on notes payable and the unsecured credit facility were as follows:


(in thousands)	December 31, 2025
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities			Unsecured Maturities (1)			Total
2026	$	12,836		147,848			200,000			360,684
2027		10,051		222,558			525,000			757,609
2028		8,365		51,939			420,000			480,304
2029		5,619		97,120			425,000			527,739
2030		5,445		2,163			600,000			607,608
Beyond 5 Years		24,210		190,677			1,850,000			2,064,887
Unamortized debt premium/(discount) and issuance costs		—		(32,394	)		(27,136	)		(59,530	)
Total	$	66,526		679,911			3,992,864			4,739,301

(1)

Includes unsecured public and private debt and unsecured credit facilities.

Stock-Based Compensation Restricted Stock (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate

23.80%

25.50%

45.50%

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate

4.25%

4.14%

3.75%

Restricted Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number

803,789

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period

^[1]

(250,944)

Stock Issued During Period, Shares, Restricted Stock Award, Forfeited

(9,338)

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number

834,914

^[2]

803,789

Non-Vested Restricted Stock Intrinsic Value

^[2]

$ 57,634

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value

^[1]

$ 71.01

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value

67.68

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price

$ 77.26

$ 60.36

$ 68.28

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value

$ 17,820

$ 19,254

$ 19,717

Share-based Payment Arrangement, Non-vested Award, Excluding Option, Unrecognized, Amount

$ 25,500

Share-based Payment Arrangement, Non-vested Award, Unrecognized, Period for Recognition

3 years

Time Based Awards Granted [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

^[3],[4]

(160,733)

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value

^[3],[4]

$ 71.81

Performance Based Awards Granted [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

^[3],[5]

(18,721)

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value

^[3],[5]

$ 71.78

Market Based Awards Granted [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

^[3],[6]

(145,778)

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value

^[3],[6]

$ 83.97

Change in Market Based Awards Granted [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

^[6]

(33,825)

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value

^[6]

$ 70.89

Nonvested Awards Time Based Vesting [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Time-based awards vesting description

Time-based awards vest beginning on the first anniversary following the grant date over a one or four year service period

[1]

The total intrinsic value of restricted stock vested during the years is summarized below (in thousands):


	Year ended December 31,
	2025		2024		2023
Intrinsic value of restricted stock vested	$	17,820	$	19,254	$	19,717

[2]

As of December 31, 2025, there was $25.5 million of unrecognized compensation cost related to non-vested restricted stock granted under the Parent Company's Plan. When recognized, this compensation results in additional paid in capital in the accompanying Consolidated Statements of Equity of the Parent Company and in general partner preferred and common units in the accompanying Consolidated Statements of Capital of the Operating Partnership. This unrecognized compensation cost is expected to be recognized over the next three years. The Company issues new restricted stock from its authorized shares available at the date of grant.

[3]

The weighted-average grant price for restricted stock granted during the years is summarized below:


	Year ended December 31,
	2025		2024		2023
Weighted-average grant date fair value for restricted stock	$	77.26	$	60.36	$	68.28

[4]

Time-based awards vest beginning on the first anniversary following the grant date over a one or four year service period. These grants are subject only to continued employment and are not dependent on future performance measures. Accordingly, if such vesting criteria are not met, compensation cost previously recognized is reversed.

[5]

Performance-based awards are earned subject to performance measurements. Once the performance criteria are achieved and the actual number of shares earned is determined, shares vest over a required service period. The Company considers the likelihood of meeting the performance criteria based upon management's estimates from which it determines the amounts recognized as expense on a periodic basis.

[6]

Market-based awards are earned dependent upon the Company's total shareholder return in relation to the shareholder return of a NAREIT index over a three-year period. Once the performance criteria are met and the actual number of shares earned is determined, the shares are immediately vested and distributed. The probability of meeting the criteria is considered when calculating the estimated fair value on the date of grant using a Monte Carlo simulation. These awards are accounted for as awards with market criteria, with compensation cost recognized over the service period, regardless of whether the performance criteria are achieved and the awards are ultimately earned. The significant assumptions underlying determination of fair values for market-based awards granted were as follows:


	Year ended December 31,
	2025			2024			2023
Expected volatility		23.8	%		25.50	%		45.50	%
Risk free interest rate		4.25	%		4.14	%		3.75	%

Derivative Instruments - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ 0.2

Summary of Significant Accounting Policies - Additional Information (Details)		12 Months Ended
	Aug. 18, 2023 ft² Property	Dec. 31, 2025 USD ($) ft² ShoppingCenter RetailShoppingCenter $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Unsecured public and private notes		$ 200,000,000
Conversion of Stock, Description		On August 18, 2023, the Company acquired Urstadt Biddle Properties Inc. ("UBP") which was accounted for as an asset acquisition. Under the terms of the merger agreement, each share of Urstadt Biddle common stock and Urstadt Biddle Class A common stock was converted into 0.347 of a share of common stock of the Parent Company. Additionally, each share of UBP’s 6.25% Series H Cumulative Redeemable Preferred Stock and 5.875% Series K Cumulative Redeemable Preferred Stock was converted into one share of newly issued Parent Company 6.25% Series A Cumulative Redeemable Preferred Stock ("Parent Company Series A preferred stock") and 5.875% Series B Cumulative Redeemable Preferred Stock ("Parent Company Series B preferred stock"), respectively (collectively referred to as the "Preferred Stock").
Common stock, par value per share \| $ / shares		$ 0.01	$ 0.01
Ordinary dividend distribution percentage		98.69%
Qualified dividend percentage		3.37%
Excise tax		$ 0	$ 0	$ 0
Capital gain distribution percentage		1.31%
Federal excise tax percentage		4.00%
Ordinary income percentage		85.00%
Net capital gains percentage		95.00%
Undistributed taxable income percentage		100.00%
Net deferred tax assets		$ 0	0
Net deferred tax liability		$ 1,100,000	$ 10,300,000
General partners' capital account, units outstanding \| shares		182,902,000	181,361,000
Partners' capital account, units \| shares		186,740,422	182,458,000
Outstanding note receivable		$ 31,987,000	$ 31,790,000
Tenant and other receivables		273,862,000	255,495,000
Pre-development costs		2,300,000	900,000	100,000
Restricted cash and cash equivalent		$ 16,004,000	5,601,000
Cash and cash equivalents and restricted original maturity		90 days or less
Number of shopping center \| ShoppingCenter		0
Geographic Concentration Risk [Member] \| Revenue Benchmark [Member] \| California [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Concentration risk percentage		24.80%
Geographic Concentration Risk [Member] \| Revenue Benchmark [Member] \| Florida [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Concentration risk percentage		19.70%
Geographic Concentration Risk [Member] \| Revenue Benchmark [Member] \| New York-Newark-Jersey City [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Concentration risk percentage		12.60%
Management, transaction, and other fee [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Tenant and other receivables		$ 17,800,000	19,700,000
Parent Company [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Restricted cash and cash equivalent		$ 16,000,000	5,600,000
Leases less than 10,000 sqft [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Operating leases, tenant space terms \| ft²		10,000
Leases greater then 10,000 sqft [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Operating leases, tenant space terms \| ft²		10,000
Minimum [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Expected useful lives of the properties and other intangible assets		10 years
Operating leases, lease year range		3 years
Operating leases, lease year range for tenant space greater than 10,000 sq ft		5 years
Maximum [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Expected useful lives of the properties and other intangible assets		40 years
Operating leases, lease year range		7 years
Merger One [Member] \| Common Stock [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock conversion ratio	0.347
Merger One [Member] \| 6.25% Series H Cumulative Redeemable Preferred Stock [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Debt instrument interest rate stated percentage	6.25%
Merger One [Member] \| 5.875% Series K Cumulative Redeemable Preferred Stock [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Debt instrument interest rate stated percentage	5.875%
Merger One [Member] \| Series A Cumulative Redeemable Preferred Stock [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Debt instrument interest rate stated percentage	6.25%
Merger One [Member] \| Series B Cumulative Redeemable Preferred Stock [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Debt instrument interest rate stated percentage	5.875%
Land Improvements [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Property, plant and equipment, useful life		15 years
Building and Improvements [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Property, plant and equipment, useful life		40 years
Refundable deposits - development
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Nonrefundable deposits and other predevelopment costs		$ 14,800,000	10,200,000
Operating Partnership [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage of outstanding common partnership units		97.90%
General partners' capital account, units outstanding \| shares		182,902,234
Wholly Owned Properties [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties	74	391
Gross lease area \| ft²	5,300,000
Unconsolidated Properties [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties \| RetailShoppingCenter		90
Partially Owned Properties [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties	10	108
Consolidated Properties [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties \| RetailShoppingCenter		18
Development and Redevelopment [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Interest costs capitalized		$ 10,300,000	6,600,000	5,700,000
Maximum period of time in company capitalizes interest costs		12 months
Development [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Internal costs for employees directly related to development and redevelopment program		$ 24,900,000	$ 19,800,000	$ 13,300,000
Merger Agreement [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Asset acquisition agreement date	Aug. 18, 2023

Income Taxes - Deferred Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred Tax Liabilities, Net [Abstract]
Net deferred tax liabilities	$ (1.1)	$ (10.3)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 540,951	$ 409,840	$ 370,867
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	405,044	394,714	352,282
Amortization of deferred financing costs and debt premiums	15,011	13,096	8,252
Amortization of above and below market lease intangibles, net	(22,290)	(22,701)	(29,130)
Stock-based compensation, net of capitalization	19,459	23,504	20,075
Equity in income of investments in real estate partnerships	(133,499)	(50,294)	(50,541)
Gain on sale of real estate, net of tax	(24,464)	(34,162)	(661)
Provision for impairment of real estate, net of tax	4,606	14,304	0
Loss (gain) on early extinguishment of debt	0	180	(99)
Distribution of earnings from investments in real estate partnerships	64,471	69,156	66,531
Deferred compensation expense	3,272	5,256	4,782
Realized and unrealized gain on investments	(4,119)	(5,930)	(5,571)
Changes in assets and liabilities:
Tenant and other receivables	(18,519)	(24,219)	(13,904)
Deferred leasing costs	(18,961)	(11,703)	(11,156)
Other assets	(1,962)	1,818	3,028
Accounts payable and other liabilities	(7,868)	4,253	5,152
Tenants’ security, escrow deposits and prepaid rent	6,560	3,086	(316)
Net cash provided by operating activities	827,692	790,198	719,591
Cash flows from investing activities:
Acquisition of operating real estate, net of cash acquired of $4,273 in 2025	(104,153)	(45,405)	(45,386)
Acquisition of UBP, net of cash acquired of $14,143			(82,389)
Real estate development and capital improvements	(435,112)	(343,368)	(232,855)
Proceeds from sale of real estate	124,992	108,615	11,167
Proceeds from property insurance casualty claims		5,286
Issuance of notes receivable	(838)	(32,651)	(4,000)
Collection of notes receivable	687	3,115	4,000
Investments in real estate partnerships	(44,323)	(41,345)	(13,119)
Return of capital from investments in real estate partnerships	32,549	13,034	11,308
Dividends on investment securities	1,389	453	1,283
Purchase of investment securities	(103,312)	(101,044)	(7,990)
Proceeds from sale of investment securities	106,981	106,666	16,003
Net cash used in investing activities	(421,140)	(326,644)	(341,978)
Cash flows from financing activities:
Net proceeds from common stock issuance	98,167		(33)
Tax withholding on stock-based compensation	(6,794)	(19,540)	(7,662)
Common shares repurchased through share repurchase program		(200,066)	(20,006)
Redemption of exchangeable operating partnership units	(2,046)		(9,163)
Proceeds from sale of treasury stock	502	210	103
Contributions from noncontrolling interests	16,594	6,789	10,238
Distributions to and redemptions of noncontrolling interests	(40,994)	(12,185)	(7,813)
Distributions to exchangeable operating partnership unit holders	(5,007)	(2,952)	(2,368)
Dividends paid to common shareholders	(511,564)	(490,365)	(453,065)
Dividends paid to preferred shareholders	(13,650)	(13,650)	(3,413)
Repayment of fixed rate unsecured notes	(250,000)	(250,000)
Proceeds from issuance of fixed rate unsecured notes, net of debt discount	397,116	722,860
Proceeds from unsecured credit facilities	650,000	722,419	557,000
Repayment of unsecured credit facilities	(595,000)	(809,419)	(405,000)
Proceeds from notes payable	10,000	12,000	59,500
Repayment of notes payable	(80,130)	(131,261)	(61,592)
Scheduled principal payments	(11,144)	(11,209)	(11,235)
Payment of financing costs	(3,825)	(16,655)	(526)
Net cash used in financing activities	(347,775)	(493,024)	(355,035)
Net change in cash, cash equivalents and restricted cash	58,777	(29,470)	22,578
Cash, cash equivalents, and restricted cash at beginning of the year	61,884	91,354	68,776
Cash, cash equivalents, and restricted cash at end of the year	120,661	61,884	91,354
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $10,289, $6,627, and $5,695 in 2025, 2024, and 2023, respectively)	179,216	161,356	147,176
Supplemental disclosure of non-cash transactions:
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid	143,260	133,114	126,683
Right of use assets obtained in exchange for new operating lease liabilities	278	1,271	36,577
Sale of leased asset in exchange for net investment in sales-type lease		2,846	8,510
Acquisition of operating real estate / previously unconsolidated real estate investments:
Exchangeable operating partnership units issued for acquisition of real estate	199,662		31,253
Change in accrued capital expenditures	8,207	14,036	8,877
Contributions to investments in real estate partnerships	1,050	18,459	920
Contributions from limited partners in consolidated partnerships	3,209	7,890
Operating Real Estate
Acquisition of operating real estate / previously unconsolidated real estate investments:
Tenant and other receivable and other assets	1,389	231	37,799
Acquired lease intangible assets	55,081	5,359	136,652
Notes payable assumed in acquisition, at fair value	166,480		284,706
Intangible liabilities, accounts payable and other liabilities	23,198	6,580	119,750
Noncontrolling interest assumed in acquisition, at fair value			64,492
Unconsolidated Real Estate Investments
Acquisition of operating real estate / previously unconsolidated real estate investments:
Acquired lease intangible assets	23,237
Notes payable assumed in acquisition, at fair value	38,485
Intangible liabilities, accounts payable and other liabilities	9,918
Acquisition of real estate assets	127,820
Common Stock [Member] \| UBP Acquisition [Member]
Acquisition of operating real estate / previously unconsolidated real estate investments:
Stock exchanged			818,530
Preferred Stock [Member] \| UBP Acquisition [Member]
Acquisition of operating real estate / previously unconsolidated real estate investments:
Stock exchanged			225,000
Partnership Interest [Member]
Cash flows from operating activities:
Net income	540,951	409,840	370,867
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	405,044	394,714	352,282
Amortization of deferred financing costs and debt premiums	15,011	13,096	8,252
Amortization of above and below market lease intangibles, net	(22,290)	(22,701)	(29,130)
Stock-based compensation, net of capitalization	19,459	23,504	20,075
Equity in income of investments in real estate partnerships	(133,499)	(50,294)	(50,541)
Gain on sale of real estate, net of tax	(24,464)	(34,162)	(661)
Provision for impairment of real estate, net of tax	4,606	14,304	0
Loss (gain) on early extinguishment of debt	0	180	(99)
Distribution of earnings from investments in real estate partnerships	64,471	69,156	66,531
Deferred compensation expense	3,272	5,256	4,782
Realized and unrealized gain on investments	(4,119)	(5,930)	(5,571)
Changes in assets and liabilities:
Tenant and other receivables	(18,519)	(24,219)	(13,904)
Deferred leasing costs	(18,961)	(11,703)	(11,156)
Other assets	(1,962)	1,818	3,028
Accounts payable and other liabilities	(7,868)	4,253	5,152
Tenants’ security, escrow deposits and prepaid rent	6,560	3,086	(316)
Net cash provided by operating activities	827,692	790,198	719,591
Cash flows from investing activities:
Acquisition of operating real estate, net of cash acquired of $4,273 in 2025	(104,153)	(45,405)	(45,386)
Real estate development and capital improvements	(435,112)	(343,368)	(232,855)
Proceeds from sale of real estate	124,992	108,615	11,167
Proceeds from property insurance casualty claims		5,286
Issuance of notes receivable	(838)	(32,651)	(4,000)
Collection of notes receivable	687	3,115	4,000
Investments in real estate partnerships	(44,323)	(41,345)	(13,119)
Return of capital from investments in real estate partnerships	32,549	13,034	11,308
Dividends on investment securities	1,389	453	1,283
Purchase of investment securities	(103,312)	(101,044)	(7,990)
Proceeds from sale of investment securities	106,981	106,666	16,003
Net cash used in investing activities	(421,140)	(326,644)	(341,978)
Cash flows from financing activities:
Net proceeds from common stock issuance	98,167		(33)
Tax withholding on stock-based compensation	(6,794)	(19,540)	(7,662)
Common shares repurchased through share repurchase program		(200,066)	(20,006)
Redemption of exchangeable operating partnership units	(2,046)		(9,163)
Proceeds from sale of treasury stock	502	210	103
Contributions from noncontrolling interests	16,594	6,789	10,238
Distributions to and redemptions of noncontrolling interests	(40,994)	(12,185)	(7,813)
Distributions to partners	(516,571)	(493,317)	(455,433)
Dividends paid to preferred shareholders	(13,650)	(13,650)	(3,413)
Repayment of fixed rate unsecured notes	(250,000)	(250,000)
Proceeds from issuance of fixed rate unsecured notes, net of debt discount	397,116	722,860
Proceeds from unsecured credit facilities	650,000	722,419	557,000
Repayment of unsecured credit facilities	(595,000)	(809,419)	(405,000)
Proceeds from notes payable	10,000	12,000	59,500
Repayment of notes payable	(80,130)	(131,261)	(61,592)
Scheduled principal payments	(11,144)	(11,209)	(11,235)
Payment of financing costs	(3,825)	(16,655)	(526)
Net cash used in financing activities	(347,775)	(493,024)	(355,035)
Net change in cash, cash equivalents and restricted cash	58,777	(29,470)	22,578
Cash, cash equivalents, and restricted cash at beginning of the year	61,884	91,354	68,776
Cash, cash equivalents, and restricted cash at end of the year	120,661	61,884	91,354
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $10,289, $6,627, and $5,695 in 2025, 2024, and 2023, respectively)	179,216	161,356	147,176
Supplemental disclosure of non-cash transactions:
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid	143,260	133,114	126,683
Right of use assets obtained in exchange for new operating lease liabilities	278	1,271	36,577
Sale of leased asset in exchange for net investment in sales-type lease		2,846	8,510
Acquisition of operating real estate / previously unconsolidated real estate investments:
Exchangeable operating partnership units issued for acquisition of real estate	199,662		31,253
Change in accrued capital expenditures	8,207	14,036	8,877
Contributions to investments in real estate partnerships	1,050	18,459	920
Contributions from limited partners in consolidated partnerships	3,209	7,890
Partnership Interest [Member] \| UBP Acquisition [Member]
Cash flows from investing activities:
Acquisition of UBP, net of cash acquired of $14,143			(82,389)
Partnership Interest [Member] \| Operating Real Estate
Acquisition of operating real estate / previously unconsolidated real estate investments:
Tenant and other receivable and other assets	1,389	231	37,799
Acquired lease intangible assets	55,081	5,359	136,652
Notes payable assumed in acquisition, at fair value	166,480		284,706
Intangible liabilities, accounts payable and other liabilities	23,198	$ 6,580	119,750
Noncontrolling interest assumed in acquisition, at fair value			64,492
Partnership Interest [Member] \| Unconsolidated Real Estate Investments
Acquisition of operating real estate / previously unconsolidated real estate investments:
Acquired lease intangible assets	23,237
Notes payable assumed in acquisition, at fair value	38,485
Intangible liabilities, accounts payable and other liabilities	9,918
Acquisition of real estate assets	$ 127,820
Partnership Interest [Member] \| Common Stock [Member] \| UBP Acquisition [Member]
Acquisition of operating real estate / previously unconsolidated real estate investments:
Stock exchanged			818,530
Partnership Interest [Member] \| Preferred Stock [Member] \| UBP Acquisition [Member]
Acquisition of operating real estate / previously unconsolidated real estate investments:
Stock exchanged			$ 225,000

Real Estate Investments - Schedule of Properties Acquired (Parenthetical) (Details) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Oct. 31, 2025 USD ($) Property	Jul. 31, 2025 USD ($) Property $ / shares	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Aug. 01, 2025	Jan. 01, 2025
Business Acquisition [Line Items]
Percentage of purchase price and allocation			100.00%	100.00%
Purchase price of operating properties acquired			$ 698,819	$ 71,404
Payment to existing secured loan			11,144	$ 11,209	$ 11,235
Putnam Plaza [Member]
Business Acquisition [Line Items]
Percentage of equity interest acquired				66.70%			33.30%
Purchase price of operating properties acquired			31,000
RMV Portfolio [Member]
Business Acquisition [Line Items]
Purchase price of operating properties acquired		$ 357,000	357,000
Number of operating Properties \| Property		5
Operating partnership issued price per unit \| $ / shares		$ 72
Secured mortgage debt		$ 150,000
Secured mortgage debt, weighted average interest rate		4.20%
Secured mortgage debt, weighted average remaining term		12 years
Chestnut Ridge Shopping Center and Baybrook East [Member]
Business Acquisition [Line Items]
Percentage of equity interest acquired		50.00%				50.00%
GRI DIK Portfolio [Member]
Business Acquisition [Line Items]
Purchase price of operating properties acquired			$ 113,900
Number of operating Properties \| Property	11
Number of properties received \| Property	5
Aggregate fair value of unconsolidated real estate investment partnership	$ 113,900
Payment to existing secured loan	$ 10,000
Number of properties distributed \| Property	6

Investments in Real Estate Partnerships

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investments in Real Estate Partnerships

The Company's investments in unconsolidated real estate partnerships include the following:


	December 31, 2025
(in thousands)	Regency's Ownership	Number of Properties		Total Investment		Total Assets of the Partnership		The Company's Share of Net Income of the Partnership		Net Income of the Partnership
GRI - Regency, LLC (JV-GRI) (1)	40%		55	$	112,235		1,330,890		115,312		275,534
Columbia Regency Partners II, LLC (Columbia II)	20%		23		60,354		643,088		4,503		22,983
Columbia Village District, LLC	30%		1		6,295		97,702		2,255		7,570
Individual Investors
Ballard Blocks	50%		2		57,830		111,957		1,699		3,725
Bloom on Third	35%		1		46,860		277,647		1,802		5,213
Others (2) (3)	12% - 83%		8		66,282		205,987		7,928		15,626
Total investments in real estate partnerships			90	$	349,856		2,667,271		133,499		330,651

(1)

Effective October 1, 2025, the partners completed a partial distribution-in-kind (“DIK”) transaction involving a total of eleven operating properties. The Company received five of these properties, which had an aggregate fair value of $113.9 million, and assumed existing debt of approximately $10 million, which was repaid in December 2025. The remaining six properties were distributed to the other partner. As a result of this transaction, the Company recognized approximately $72.2 million in equity in income of investments in real estate partnerships, representing its share of the partnership’s gains.

(2)

Effective January 1, 2025, we acquired our partner’s 33.3% share in a single property partnership for a total purchase price of $10.3 million. Following this acquisition, the Company now owns 100% of this property, and has been consolidated into the Company’s financial statements.

(3)

Effective August 1, 2025, we acquired our partners' 50% shares in two single property partnerships for a combined purchase price of $23.7 million. Following this acquisition, the Company now owns 100% of these properties, and the properties have been consolidated into the Company’s financial statements.


	December 31, 2024
(in thousands)	Regency's Ownership	Number of Properties		Total Investment		Total Assets of the Partnership		The Company's Share of Net Income of the Partnership		Net Income of the Partnership
GRI - Regency, LLC (JV-GRI)	40%		66	$	136,972		1,455,471		38,729		91,447
Columbia Regency Partners II, LLC (Columbia II)	20%		22		63,024		623,655		3,938		20,121
Columbia Village District, LLC	30%		1		6,434		99,236		2,220		7,453
Individual Investors
Ballard Blocks	50%		2		59,596		115,784		1,028		2,380
Bloom on Third	35%		1		44,715		259,218		1,810		5,235
Others	12% - 83%		11		88,303		289,793		2,569		10,027
Total investments in real estate partnerships			103	$	399,044		2,843,157		50,294		136,663

The summarized balance sheet information for the investments in unconsolidated real estate partnerships, on a combined basis, is as follows:


	December 31,
(in thousands)	2025		2024
Investments in real estate, net	$	2,437,380		2,569,765
Acquired lease intangible assets, net		22,946		25,164
Other assets		206,945		248,228
Total assets	$	2,667,271		2,843,157
Notes payable	$	1,522,951		1,564,551
Acquired lease intangible liabilities, net		21,573		19,045
Other liabilities		84,086		92,911
Capital - Regency		391,512		444,354
Capital - Third parties		647,149		722,296
Total liabilities and capital	$	2,667,271		2,843,157

The following table reconciles the Company's capital recorded by the partnerships to the Company's investments in real estate partnerships reported in the accompanying Consolidated Balance Sheets:


	December 31,
(in thousands)	2025			2024
Capital - Regency	$	391,512			444,354
Basis difference		(41,656	)		(45,310	)
Investments in real estate partnerships	$	349,856			399,044

The revenues and expenses for the investments in unconsolidated real estate partnerships, on a combined basis, are summarized as follows:


	Year ended December 31,
(in thousands)	2025			2024			2023
Total revenues	$	438,454			420,281			390,843
Operating expenses:
Depreciation and amortization		99,758			96,239			88,974
Property operating expense		71,083			68,289			65,509
Real estate taxes		53,651			51,986			47,529
General and administrative		5,570			5,201			5,008
Other operating expenses		4,191			5,740			3,119
Total operating expenses	$	234,253			227,455			210,139
Other expense (income):
Interest expense, net		58,618			58,451			56,706
Gain on sale of real estate		(185,033	)		(2,288	)		(11,140	)
Net investment income		(35	)		—			—
Total other expense (income)		(126,450	)		56,163			45,566
Net income of the Partnerships	$	330,651			136,663			135,138
The Company's share of net income of the Partnerships	$	133,499			50,294			50,541

Acquisitions

The following table provides a summary of shopping centers and land parcels acquired through our investments in unconsolidated real estate partnerships for the periods set forth below:

         (in thousands)

         Year ended December 31, 2025

         Date
Purchased

         Property
Name

         City/State

         Property
Type

         Real Estate Partner

         Regency's Ownership

         Purchase Price (1)

         Debt Assumed,
Net of 
Premiums (1)

         Intangible Assets (1)

         Intangible Liabilities (1)

5/12/2025

Armonk Square

Armonk, NY

Operating

State of Oregon

20%

26,250

11,884

2,405

5,498

Total property acquisitions

26,250

11,884

2,405

5,498

(1)

Amounts reflected for purchase price and allocation are reflected at 100%.


(in thousands)		Year ended December 31, 2024
Date Purchased	Property Name	City/State	Property Type	Real Estate Partner	Regency's Ownership	Purchase Price (1)		Debt Assumed, Net of Premiums (1)		Intangible Assets (1)		Intangible Liabilities (1)
8/30/2024	East Greenwich Square	East Greenwich, RI	Operating	Other	70%		46,650		—		5,127		1,877
10/17/2024	University Commons - Austin	Round Rock, TX	Operating	State of Oregon	20%	$	68,751		—		6,560		5,120
Total property acquisitions						$	115,401		—		11,687		6,997

(1)

Amounts reflected for purchase price and allocation are reflected at 100%.

Dispositions

The following table provides a summary of operating properties and land parcels disposed of through our investments unconsolidated in real estate partnerships:


	Year ended December 31,
(in thousands, except number sold data)	2025		2024		2023
Proceeds from sale of real estate investments	$	—		2,256		30,659
Gain on sale of real estate	$	185,033		2,288		11,140
The Company's share of gain on sale of real estate	$	75,980		907		3,161
Number of operating properties sold		11		—		1
Number of land out-parcels sold		—		1		—

Notes Payable

Scheduled principal repayments on notes payable held by our investments in real estate partnerships as of December 31, 2025, were as follows:


(in thousands) Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities			Unsecured Maturities		Total			Regency's Pro-Rata Share
2026	$	7,131		265,346			20,000		292,477			95,689
2027		7,303		32,800			—		40,103			13,417
2028		4,097		231,235			—		235,332			81,592
2029		2,855		104,434			—		107,289			37,157
2030		2,349		215,893			—		218,242			77,886
Beyond 5 Years		2,159		634,631			—		636,790			237,869
Net unamortized loan costs, debt premium / (discount)		—		(7,283	)		—		(7,283	)		(2,604	)
Total	$	25,894		1,477,056			20,000		1,522,950			541,006

At December 31, 2025, Company's investments in unconsolidated real estate partnerships had notes payable of $1.5 billion maturing through 2036, of which 94.7% had a weighted average fixed interest rate of 4.0%. The remaining notes payable float with SOFR and had a weighted average variable interest rate of 6.1% at December 31, 2025. These fixed and variable rate notes payable are all non-recourse, and our Pro-rata share was $541.0 million as of December 31, 2025. As notes payable mature, they will be repaid from proceeds from new borrowings and/or capital contributions.

The Company is obligated to contribute its Pro-rata share to fund maturities if the loans are not refinanced, and it has the capacity to do so from existing cash balances, availability on its line of credit, and operating cash flows. The Company believes that its partners are financially sound and have sufficient capital or access thereto to fund future capital requirements. In the event that a real estate partner was unable to fund its share of the capital requirements of the real estate partnership, the Company would have the right, but not the obligation, to loan the defaulting partner the amount of its capital call which would be secured by the partner's membership interest.

Management fee income

In addition to earning our share of net income or loss in each of these real estate partnerships, we recognized fees as discussed in Note 1, as follows:


	Year ended December 31,
(in thousands)	2025		2024		2023
Management, transaction, and other fees	$	28,026		27,874		26,954

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Lease income	$ 1,511,425	$ 1,411,379	$ 1,283,939
Other property income	13,741	14,651	11,573
Management, transaction, and other fees	28,358	27,874	26,954
Total revenues	1,553,524	1,453,904	1,322,466
Operating expenses:
Depreciation and amortization	405,044	394,714	352,282
Property operating expense	264,877	248,637	229,209
Real estate taxes	192,282	184,415	165,560
General and administrative	99,407	101,465	97,806
Other operating expenses	8,849	10,867	9,459
Total operating expenses	970,459	940,098	854,316
Other expense, net:
Interest expense, net	199,548	180,119	154,249
Provision for impairment of real estate	4,606	14,304	0
Gain on sale of real estate, net of tax	(24,464)	(34,162)	(661)
Loss (gain) on early extinguishment of debt	0	180	(99)
Net investment income	(4,077)	(6,181)	(5,665)
Total other expense, net	175,613	154,260	147,824
Income before equity in income of investments in real estate partnerships	407,452	359,546	320,326
Equity in income of investments in real estate partnerships	133,499	50,294	50,541
Net income	540,951	409,840	370,867
Noncontrolling interests:
Exchangeable operating partnership units ("EOP")	(7,069)	(2,338)	(2,008)
Limited partners’ interests in consolidated partnerships	(6,422)	(7,114)	(4,302)
Net income attributable to noncontrolling interests	(13,491)	(9,452)	(6,310)
Net income attributable to the Company	527,460	400,388	364,557
Preferred stock dividends	(13,650)	(13,650)	(5,057)
Net income attributable to common shareholders	$ 513,810	$ 386,738	$ 359,500
Net income attributable to common shareholders:
Per common share - basic	$ 2.82	$ 2.12	$ 2.04
Per common share - diluted	$ 2.82	$ 2.11	$ 2.04
Partnership Interest [Member]
Revenues:
Lease income	$ 1,511,425	$ 1,411,379	$ 1,283,939
Other property income	13,741	14,651	11,573
Management, transaction, and other fees	28,358	27,874	26,954
Total revenues	1,553,524	1,453,904	1,322,466
Operating expenses:
Depreciation and amortization	405,044	394,714	352,282
Property operating expense	264,877	248,637	229,209
Real estate taxes	192,282	184,415	165,560
General and administrative	99,407	101,465	97,806
Other operating expenses	8,849	10,867	9,459
Total operating expenses	970,459	940,098	854,316
Other expense, net:
Interest expense, net	199,548	180,119	154,249
Provision for impairment of real estate	4,606	14,304	0
Gain on sale of real estate, net of tax	(24,464)	(34,162)	(661)
Loss (gain) on early extinguishment of debt	0	180	(99)
Net investment income	(4,077)	(6,181)	(5,665)
Total other expense, net	175,613	154,260	147,824
Income before equity in income of investments in real estate partnerships	407,452	359,546	320,326
Equity in income of investments in real estate partnerships	133,499	50,294	50,541
Net income	540,951	409,840	370,867
Noncontrolling interests:
Limited partners’ interests in consolidated partnerships	(6,422)	(7,114)	(4,302)
Net income attributable to noncontrolling interests	(6,422)	(7,114)	(4,302)
Net income attributable to the Company	534,529	402,726	366,565
Preferred unit distributions	(13,650)	(13,650)	(5,057)
Net income attributable to common shareholders:
Net income attributable to common unit holders:	$ 520,879	$ 389,076	$ 361,508
Per common unit - basic	$ 2.83	$ 2.12	$ 2.04
Per common unit - diluted	$ 2.82	$ 2.11	$ 2.04

Property Dispositions (Tables)

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Properties Disposed of

The following table provides a summary of consolidated operating properties and land parcels sold during the periods set forth below:


	Year ended December 31,
(in thousands, except number sold data)	2025		2024		2023
Net proceeds from sale of real estate investments	$	124,992		108,615		11,167
Gain on sale of real estate, net of tax	$	24,464		34,162		661
Provision for impairment of real estate sold	$	4,606		1,330		—
Number of operating properties sold		7		6		—
Number of land parcels sold		3		—		5
Percent interest sold	100%		100%		100%

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Property Dispositions

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Property Dispositions

The following table provides a summary of consolidated operating properties and land parcels sold during the periods set forth below:


	Year ended December 31,
(in thousands, except number sold data)	2025		2024		2023
Net proceeds from sale of real estate investments	$	124,992		108,615		11,167
Gain on sale of real estate, net of tax	$	24,464		34,162		661
Provision for impairment of real estate sold	$	4,606		1,330		—
Number of operating properties sold		7		6		—
Number of land parcels sold		3		—		5
Percent interest sold	100%		100%		100%

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

15.

Segment Information

The Company's business consists of acquiring, developing, owning, and operating income-producing retail real estate in the United States of America ("USA" or "United States"). The Company owns and manages a portfolio of neighborhood and community shopping centers, anchored primarily by grocers. Nearly all of the Company's consolidated revenues are generated from real estate investments in shopping centers.

The Company derives revenue primarily by leasing retail spaces to tenants under long-term leases with varying terms that generally provide for fixed payments of base rent with stated increases over the lease term. Some leases also include provisions for additional percentage rent based on tenant sales performance. Additionally, most lease agreements contain provisions requiring tenants to reimburse their share of actual real estate taxes, insurance and CAM costs incurred by the Company.

The Company’s CODM is the Executive Committee, which is comprised of the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, and the Chief Investment Officer. The CODM evaluates the performance of shopping centers and allocates resources on an individual property basis. Consequently, the Company defines its operating segments as individual properties. These operating segments are aggregated into one reportable segment due to similarities in the nature and economics of the centers, tenant profiles, operating processes, and long-term financial performance. The accounting policies for the shopping centers segment are consistent with those described in the Summary of Significant Accounting Policies.

The CODM assesses the performance of each shopping center and allocates resources based on Net Operating Income (“NOI”). NOI is calculated as the sum of base rent, percentage rent, termination fee income, tenant recoveries, other lease income, and other property income, less operating and maintenance expenses, real estate taxes, ground rent, termination expense, and uncollectible lease income. NOI excludes items such as straight-line rental income and expense, above and below market rent and ground rent amortization, tenant lease inducement amortization, and other fees. The Company’s NOI also includes its share of NOI from unconsolidated real estate investment partnerships. The Company does not report asset information for the segment because it is not used to evaluate performance or regularly provided to the CODM.

The CODM uses NOI to evaluate income generated from shopping centers (i.e., return on assets) and to guide decisions on capital investments. These decisions may include acquisitions, investments in real estate developments and/or capital improvement.

The following tables provide information about the shopping centers segment revenues, significant expenses, NOI and the reconciliations of these amounts to the Company’s consolidated Net income and Total revenues:


	Year ended December 31,
	2025			2024			2023
Lease income	$	1,655,538			1,548,929			1,413,079
Other property income		14,818			15,450			12,260
Less:
Straight-line rent on lease income		(27,224	)		(22,193	)		(13,559	)
Above/below market rent amortization, net		(25,265	)		(25,612	)		(31,604	)
Total real estate revenues		1,617,867			1,516,574			1,380,176
Operating expenses (1)		(284,468	)		(267,660	)		(247,792	)
Real estate taxes		(209,958	)		(201,546	)		(181,096	)
NOI	$	1,123,441			1,047,368			951,288
Reconciliation of Total real estate revenues to Total revenues:
Total real estate revenues		1,617,867			1,516,574			1,380,176
Consolidated:
Straight-line rent on lease income		24,495			20,300			10,788
Above/below market rent amortization, net		24,428			24,843			30,826
Management, transaction, and other fees		28,358			27,874			26,954
Add: Share of noncontrolling interests		12,079			11,859			10,865
Less: Share of unconsolidated real estate partnerships		(153,703	)		(147,546	)		(137,143	)
Total revenues	$	1,553,524			1,453,904			1,322,466

(1)

Operating expenses include Operating and maintenance, Ground rent and Termination expense


	Year ended December 31,
	2025			2024			2023
Reconciliation of NOI to Net income:
NOI		1,123,441			1,047,368			951,288
Consolidated:
Straight-line rent on lease income		24,495			20,300			10,788
Above/below market rent amortization, net		24,428			24,843			30,826
Management, transaction, and other fees		28,358			27,874			26,954
Straight-line rent on ground rent		(1,343	)		(1,350	)		(1,405	)
Above/below market ground rent amortization		(2,138	)		(2,142	)		(1,696	)
Depreciation and amortization		(405,044	)		(394,714	)		(352,282	)
General and administrative		(99,407	)		(101,465	)		(97,806	)
Other operating expenses		(8,849	)		(10,867	)		(9,459	)
Other expense, net		(175,613	)		(154,260	)		(147,824	)
Add: Share of noncontrolling interests excluded from NOI		8,400			8,293			7,571
Less: Equity in income of investments in real estate excluded from NOI		24,223			(54,040	)		(46,088	)
Net income	$	540,951			409,840			370,867

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Derivative Instruments - Schedule of Fair Value of Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Derivative assets	$ 6,778	$ 12,781
Interest Rate Swap [Member]
Derivative [Line Items]
Derivative assets	6,778	12,781
Derivative liabilities	$ (1,606)	$ (423)

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

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+ Details

Equity and Capital

12 Months Ended

Dec. 31, 2025

Equity And Capital [Abstract]

Equity and Capital

11.

Equity and Capital

Preferred Stock of the Parent Company

Terms and conditions of the preferred stock outstanding are summarized as follows:


	Preferred Stock Outstanding as of December 31, 2025 and 2024
	Date of Issuance	Shares Issued and Outstanding		Liquidation Preference		Distribution Rate	Callable By Company
Series A	8/18/2023		4,600,000	$	115,000,000	6.250%	On demand
Series B	8/18/2023		4,400,000		110,000,000	5.875%	On demand
			9,000,000	$	225,000,000

Dividends Declared

Subsequent to December 31, 2025, the Board declared the following dividends:


	Dividend Declared, per share		Declaration Date	Record Date	Payable Date
Series A Preferred Stock	$	0.390625	February 4, 2026	April 15, 2026	April 30, 2026
Series B Preferred Stock	$	0.367200	February 4, 2026	April 15, 2026	April 30, 2026

Except under certain limited conditions, each series of Preferred Stock is non-voting, has no stated maturity and is redeemable for cash at $25.00 per share at the Company's option. The holders of the Preferred Stock have general preference rights over common stockholders with respect to liquidation and quarterly distributions. In the event of a cumulative arrearage equal to six quarterly dividends, holders of the Preferred Stock (voting as a single class without regard to series) will have the right to elect two additional members to serve on the Company's Board of Directors until the arrearage has been cured. Upon the occurrence of a Change of Control, as defined in the Company's Articles of Incorporation, the holders of the Preferred Stock will have the right to convert all or part of the shares of the Preferred Stock held by such holders on the applicable conversion date into a number of shares of Common Stock.

Common Stock of the Parent Company

Dividends Declared

On February 4, 2026, the Board declared a common stock dividend of $0.755 per share, payable on April 1, 2026, to shareholders of record as of March 11, 2026.

At the Market ("ATM") Program

Under the Parent Company's ATM Program, as authorized by the Board, the Parent Company may sell up to $500 million of common stock at prices determined by the market at the time of sale. The timing of sales, if any, will be dependent on market conditions and other factors.

During 2024, the Company entered into forward sale agreements under its ATM program through which the Parent Company expected to issue 1,339,377 shares of its common stock at a weighted average offering price of $74.66 per share before any underwriting discount and offering expenses.  

The Company settled all forward sales agreements entered into during 2024 under its ATM program as follows:

•

In August 2025, the Company issued 673,172 shares of common stock and received $49.2 million of net proceeds.

•

In October 2025, the Company issued an additional 666,205 shares of common stock and received $49.1 million of net proceeds. Upon completion of these settlements, the Company had fully settled all forward sales agreements entered into during 2024.

•

Proceeds from the issuance of shares were used to fund acquisitions of operating properties, fund developments and redevelopments, and for general corporate purposes.

As of December 31, 2025, and after giving effect to the aforementioned forward equity offering, $400 million of common stock remained available for issuance under this ATM Program.

Subsequent to December 31, 2025, on February 04, 2026, the Board reauthorized the issuance and sale of up to $500 million of common stock under its existing ATM program.

Stock Repurchase Program

On July 31, 2024, the Board authorized a common stock repurchase program under which the Company may purchase up to $250.0 million of shares of its outstanding common stock (the "Repurchase Program"). Under the Repurchase Program, the Company may repurchase shares through open market transactions in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act. The Board's authorization for the Repurchase Program expires on June 30, 2026, unless modified, extended or earlier terminated by the Board in its discretion. Any common stock repurchased, if not retired, will be treated as treasury stock.

During the year ended December 31, 2025, the Company made no repurchases and $250.0 million remained available under the Repurchase Program.

On February 4, 2026, the Board authorized a new common stock repurchase program under which the Company may purchase up to $500 million shares of its outstanding common stock (the "New Repurchase Program"). The New Repurchase Program replaced and superseded the prior Repurchase Program. Under the New Repurchase Program, the Company may repurchase shares through open market transactions in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act. The Board's authorization for the New Repurchase Program expires on February 28, 2029, unless modified, extended or earlier terminated by the Board in its discretion. Any common stock repurchased, if not retired, will be treated as treasury stock.

Preferred Units of the Operating Partnership

The number of Series A Preferred Units and Series B Preferred Units, respectively, issued by the Operating Partnership is equal to the number of Series A Preferred Stock and Series B Preferred Stock, respectively, issued by the Parent Company.

Common Units of the Operating Partnership

Common Units are issued, or redeemed and retired, for each share of the Parent Company stock issued or redeemed, or retired, as described above. During the year ended December 31, 2025, unitholders redeemed a total of 31,558 Common Units, consisting of 28,815 units redeemed in exchange for approximately $2.0 million in cash and 2,743 units redeemed in exchange for shares of the Parent Company’s common stock. Cash redemptions were made at amounts equivalent to the market value of the Parent Company’s common stock at the time of redemption, while unit-for-share exchanges were completed on a one-for-one basis.

In July 2025, the Operating Partnership issued 2,773,087 Common Units, valued at $199.7 million based on the market price at the time of issuance, to unrelated third-party sellers as partial purchase price consideration for the acquisition of five properties.

During the year ended December 31, 2024, 10,795 Common Units were exchanged for shares of Parent Company common stock.

General Partners

The Parent Company, as general partner, owned the following Common Units outstanding:


	December 31,
(in thousands)	2025			2024
Common Units owned by the general partner		182,902			181,361
Common Units owned by the limited partners		3,838			1,097
Total Common Units outstanding		186,740			182,458
Percentage of Common Units owned by the general partner		97.9	%		99.4	%

- Definition

The entire disclosure for equity.

+ References

+ Details

Equity and Capital - Schedule of Common Units Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
General partner units, outstanding	182,902,000	181,361,000
Limited partner units, outstanding	3,838,000	1,097,000
Total partnership units outstanding	186,740,422	182,458,000
Operating Partnership [Member]
Class of Stock [Line Items]
General partner units, outstanding	182,902,234
Operating Partnership [Member] \| General Partner [Member]
Class of Stock [Line Items]
Parent company, ownership percentage of outstanding common units of operating partnership	97.90%	99.40%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Summary of Significant Accounting Policies - Components of Real Estate Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property Plant And Equipment [Line Items]
Total real estate assets	$ 14,561,924	$ 13,698,419
Parent Company [Member]
Property Plant And Equipment [Line Items]
Land	4,932,642	4,757,704
Land improvements	899,472	807,881
Buildings	6,948,538	6,456,719
Building and tenant improvements	1,634,065	1,461,003
Construction in progress	147,207	215,112
Total real estate assets	$ 14,561,924	$ 13,698,419

Equity and Capital (Tables)

12 Months Ended

Dec. 31, 2025

Equity And Capital [Abstract]

Summary of Terms and Conditions of Preferred Stock Outstanding

Terms and conditions of the preferred stock outstanding are summarized as follows:


	Preferred Stock Outstanding as of December 31, 2025 and 2024
	Date of Issuance	Shares Issued and Outstanding		Liquidation Preference		Distribution Rate	Callable By Company
Series A	8/18/2023		4,600,000	$	115,000,000	6.250%	On demand
Series B	8/18/2023		4,400,000		110,000,000	5.875%	On demand
			9,000,000	$	225,000,000

Summary of Dividends Declared

Subsequent to December 31, 2025, the Board declared the following dividends:


	Dividend Declared, per share		Declaration Date	Record Date	Payable Date
Series A Preferred Stock	$	0.390625	February 4, 2026	April 15, 2026	April 30, 2026
Series B Preferred Stock	$	0.367200	February 4, 2026	April 15, 2026	April 30, 2026

Schedule of Common Units Outstanding

The Parent Company, as general partner, owned the following Common Units outstanding:


	December 31,
(in thousands)	2025			2024
Common Units owned by the general partner		182,902			181,361
Common Units owned by the limited partners		3,838			1,097
Total Common Units outstanding		186,740			182,458
Percentage of Common Units owned by the general partner		97.9	%		99.4	%

Other Assets (Tables)

12 Months Ended

Dec. 31, 2025

Other Assets [Abstract]

Schedule of Other Assets

The following table represents the components of Other assets in the accompanying Consolidated Balance Sheets as of the periods set forth below:


(in thousands)	December 31, 2025		December 31, 2024
Goodwill	$	166,739		166,739
Investments		51,373		51,820
Prepaid and other		34,575		40,240
Derivative assets		6,778		12,781
Furniture, fixtures, and equipment, net		12,728		7,954
Deferred financing costs, net		6,530		9,512
Total other assets	$	278,723		289,046

Schedule of Goodwill

The following table presents the goodwill balances and activity during the year ended:


	December 31, 2025								December 31, 2024
(in thousands)	Goodwill			Accumulated Impairment Losses			Total		Goodwill			Accumulated Impairment Losses			Total
Beginning of year balance	$	292,640			(125,901	)		166,739	$	294,524			(127,462	)		167,062
Goodwill written off upon dispositions		(19,227	)		19,227			—		(1,884	)		1,561			(323	)
End of year balance	$	273,413			(106,674	)		166,739	$	292,640			(125,901	)		166,739

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Earnings per Share and Unit - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share And Unit [Abstract]
Weighted average limited partnership units outstanding, basic	2,304,079	1,099,187	953,085

Summary of Significant Accounting Policies - Components of Revenue Streams, Timing of Satisfying Performance Obligations, and Amounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of management, transaction, and other fees [Line Items]
Management, transaction, and other fees	$ 28,358	$ 27,874	$ 26,954
Property management services [Member]
Schedule of management, transaction, and other fees [Line Items]
Management, transaction, and other fees	$ 16,323	15,767	14,075
Timing of satisfaction of performance obligations	Over time
Asset management services [Member]
Schedule of management, transaction, and other fees [Line Items]
Management, transaction, and other fees	$ 6,967	6,548	6,542
Timing of satisfaction of performance obligations	Over time
Leasing services [Member]
Schedule of management, transaction, and other fees [Line Items]
Management, transaction, and other fees	$ 3,631	3,738	3,908
Timing of satisfaction of performance obligations	Point in time
Other transaction fees [Member]
Schedule of management, transaction, and other fees [Line Items]
Management, transaction, and other fees	$ 1,437	$ 1,821	$ 2,429
Timing of satisfaction of performance obligations	Point in time

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

12.

Stock-Based Compensation

The Company records stock-based compensation expense within General and administrative expenses in the accompanying Consolidated Statements of Operations, and recognizes forfeitures as they occur.


	Year ended December 31,
(in thousands)	2025			2024			2023
Restricted stock (1)(2)	$	21,648			18,549			17,277
Directors' fees paid in common stock and other employee stock grants		439			528			590
Capitalized stock-based compensation		(2,628	)		(1,941	)		(954	)
Stock-based compensation, net of capitalization	$	19,459			17,136			16,913

(1)

Includes amortization of the grant date fair value of restricted stock awards over the respective vesting periods.

(2)

In addition, the Company expensed $6.4 million and $3.2 million during 2024 and 2023, respectively, within Other operating expenses in connection with restricted stock expense related to the acquisition of UBP.

The Company established its Omnibus Incentive Plan (the "Plan") under which the Board of Directors may grant stock options and other stock-based awards to officers, directors, and other key employees. The Plan allows the Company to issue up to 5.0 million shares in the form of the Parent Company's common stock or stock options. As of December 31, 2025, there were 3.5 million shares available for grant under the Plan.

Restricted Stock Units

The Company grants restricted stock under the Plan to its employees as a form of long-term compensation and retention. The terms of each restricted stock grant vary depending upon the participant's responsibilities and position within the Company. The Company's stock grants can be categorized as either time-based awards, performance-based awards, or market-based awards. All awards are valued at grant date fair value, earn dividends throughout the vesting period, and have no voting rights. Fair value is measured using the grant date market price for all time-based and performance-based awards. Market based awards are valued using a Monte Carlo simulation model to estimate the fair value based on the probability of

satisfying the market conditions and the projected stock price at the time of payout, discounted to the valuation date over a three year performance period. Assumptions used in the estimate include historic volatility over the previous three-year period, risk-free interest rates, and Regency's historic daily return as compared to the market index. Since the award payout includes dividend equivalents and the total shareholder return includes the value of dividends, no dividend yield assumption is required for the valuation. Compensation expense is measured at the grant date and recognized on a straight-line basis over the requisite service period for the entire award, regardless of whether the market condition is ultimately achieved.

The following table summarizes non-vested restricted stock activity:


	Year ended December 31, 2025
	Number of Shares			Intrinsic Value (in thousands)		Weighted Average Grant Date Fair Value
Non-vested as of December 31, 2024		803,789
Time-based awards granted (1) (4)		160,733				$	71.81
Performance-based awards granted (2) (4)		18,721				$	71.78
Market-based awards granted (3) (4)		145,778				$	83.97
Change in market-based awards earned for performance (3)		(33,825	)			$	70.89
Vested (5)		(250,944	)			$	71.01
Forfeited		(9,338	)			$	67.68
Non-vested as of December 31, 2025 (6)		834,914		$	57,634

(1)

(2)

(3)


	Year ended December 31,
	2025			2024			2023
Expected volatility		23.8	%		25.50	%		45.50	%
Risk free interest rate		4.25	%		4.14	%		3.75	%

(4)

The weighted-average grant price for restricted stock granted during the years is summarized below:


	Year ended December 31,
	2025		2024		2023
Weighted-average grant date fair value for restricted stock	$	77.26	$	60.36	$	68.28

(5)

The total intrinsic value of restricted stock vested during the years is summarized below (in thousands):


	Year ended December 31,
	2025		2024		2023
Intrinsic value of restricted stock vested	$	17,820	$	19,254	$	19,717

(6)

Derivative Instruments - Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	$ (2,659)	$ 12,523	$ (2,448)
Amount reclassified from accumulated other comprehensive loss	$ (4,738)	$ (8,895)	$ (7,536)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Income (Expense), Nonoperating	Interest Income (Expense), Nonoperating	Interest Income (Expense), Nonoperating
Amounts of cash flow hedges are recorded	$ 199,548	$ 180,119	$ 154,249

Summary of Significant Accounting Policies - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets	$ 13,001,283	$ 12,391,961
Variable interest entity, consolidated, carrying amount, liabilities	5,819,677	5,491,654
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets	391,737	363,609
Variable interest entity, consolidated, carrying amount, liabilities	67,167	80,059
Variable Interest Entity, Primary Beneficiary [Member] \| Real Estate Assets, Net [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets	332,759	312,873
Variable Interest Entity, Primary Beneficiary [Member] \| Cash, Cash Equivalents, and Restricted Cash [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets	21,890	16,687
Variable Interest Entity, Primary Beneficiary [Member] \| Tenant and Other Receivables, Net [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets	7,614	5,833
Variable Interest Entity, Primary Beneficiary [Member] \| Deferred Costs, Net [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets	6,715	3,178
Variable Interest Entity, Primary Beneficiary [Member] \| Acquired Lease Intangible Assets, Net [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets	4,328	6,293
Variable Interest Entity, Primary Beneficiary [Member] \| Right of Use Assets, Net [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets	17,656	18,148
Variable Interest Entity, Primary Beneficiary [Member] \| Other Assets [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets	775	597
Variable Interest Entity, Primary Beneficiary [Member] \| Notes Payable [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, liabilities	23,771	32,653
Variable Interest Entity, Primary Beneficiary [Member] \| Accounts Payable and Other Liabilities [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, liabilities	12,758	16,149
Variable Interest Entity, Primary Beneficiary [Member] \| Acquired Lease Intangible Liabilities, Net [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, liabilities	10,119	10,627
Variable Interest Entity, Primary Beneficiary [Member] \| Tenants' Security, Escrow Deposits and Prepaid Rent [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, liabilities	960	1,260
Variable Interest Entity, Primary Beneficiary [Member] \| Lease Liabilities [Member]
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, liabilities	$ 19,559	$ 19,370

Derivative Instruments - Schedule of Interest Rate Derivatives Outstanding (Details) - Interest Rate Swaps [Member] $ in Thousands	Dec. 31, 2025 USD ($) Instrument	Dec. 31, 2024 USD ($) Instrument
Derivative [Line Items]
Notional amount \| $	$ 299,375	$ 301,444
Number of instruments \| Instrument	15	14

- Definition

The number of derivative instruments of a particular group held by the entity.

+ References + Details

Commitments and Contingencies (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Accrued liabilities for environmental remediation	$ 19.2	$ 17.3
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Line of Credit Facility, Maximum Borrowing Capacity	$ 50.0
Letters of Credit Outstanding, Amount	$ 12.9	$ 10.9

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

16.

Commitments and Contingencies

Litigation

The Company is a party to litigation and other disputes that arise in the ordinary course of business. While the outcome of any particular lawsuit or dispute cannot be predicted with certainty, in the opinion of management, the Company's currently pending litigation and disputes are not expected to have a material adverse effect on the Company's consolidated financial position, results of operations, or liquidity. Legal fees are expensed as incurred.

Environmental

The Company is subject to numerous environmental laws and regulations. With respect to applicability to the Company, these pertain primarily to chemicals historically used by certain current and former dry cleaning tenants, the existence of asbestos in older shopping centers, underground petroleum storage tanks and other historic land uses. The Company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations. The Company can give no assurance that existing environmental studies with respect to its shopping centers have revealed all potential environmental contamination; that its estimate of liabilities will not change as more information becomes available; that any previous owner, occupant or tenant did not create any material environmental condition not known to the Company; that the current environmental condition of the shopping centers will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; and that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company.

The Company had accrued liabilities of $19.2 million and $17.3 million for environmental assessment and remediation, which are included in Accounts payable, and other liabilities on the Company’s Consolidated Balance Sheets as of December 31, 2025 and 2024, respectively.

Letters of Credit

The Company has the right to issue letters of credit under the Line up to an aggregate amount not to exceed $50.0 million, which reduces the credit availability under the Line. These letters of credit are primarily issued as collateral on behalf of its captive insurance subsidiary and to facilitate the construction of development projects. The Company had $12.9 million and $10.9 million in letters of credit outstanding as of December 31, 2025, and 2024, respectively.

Investments in Real Estate Partnerships - Scheduled Principal Repayments on Notes Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
2026	$ 360,684
2027	757,609
2028	480,304
2029	527,739
2030	607,608
Beyond 5 Years	2,064,887
Net unamortized loan costs, debt premium / (discount)	(59,530)
Total	4,739,301	$ 4,408,700
Unconsolidated Investments in Partnership [Member]
Schedule of Equity Method Investments [Line Items]
2026	292,477
2027	40,103
2028	235,332
2029	107,289
2030	218,242
Beyond 5 Years	636,790
Net unamortized loan costs, debt premium / (discount)	(7,283)
Total	1,522,950
Unconsolidated Investments in Partnership [Member] \| Mortgages [Member] \| Scheduled Principal Payments [Member]
Schedule of Equity Method Investments [Line Items]
2026	7,131
2027	7,303
2028	4,097
2029	2,855
2030	2,349
Beyond 5 Years	2,159
Net unamortized loan costs, debt premium / (discount)	0
Total	25,894
Unconsolidated Investments in Partnership [Member] \| Mortgages [Member] \| Mortgage Loan Maturities [Member]
Schedule of Equity Method Investments [Line Items]
2026	265,346
2027	32,800
2028	231,235
2029	104,434
2030	215,893
Beyond 5 Years	634,631
Net unamortized loan costs, debt premium / (discount)	(7,283)
Total	1,477,056
Unconsolidated Investments in Partnership [Member] \| Unsecured Debt [Member] \| Unsecured Maturities [Member]
Schedule of Equity Method Investments [Line Items]
2026	20,000
2027	0
2028	0
2029	0
2030	0
Beyond 5 Years	0
Net unamortized loan costs, debt premium / (discount)	0
Total	20,000
Unconsolidated Investments in Partnership, Pro-rata Share [Member]
Schedule of Equity Method Investments [Line Items]
2026	95,689
2027	13,417
2028	81,592
2029	37,157
2030	77,886
Beyond 5 Years	237,869
Net unamortized loan costs, debt premium / (discount)	(2,604)
Total	$ 541,006

Equity and Capital - Summary of Terms and Conditions of Preferred Stock Outstanding (Details) - UBP Acquisition [Member] - Preferred Stock [Member] $ in Thousands	Dec. 31, 2025 USD ($) shares
Class of Stock [Line Items]
Shares Issued and Outstanding \| shares	9,000,000
Liquidation Preference \| $	$ 225,000,000
Series A [Member]
Class of Stock [Line Items]
Date of Issuance	Aug. 18, 2023
Shares Issued and Outstanding \| shares	4,600,000
Liquidation Preference \| $	$ 115,000,000
Distribution Rate	6.25%
Series B [Member]
Class of Stock [Line Items]
Date of Issuance	Aug. 18, 2023
Shares Issued and Outstanding \| shares	4,400,000
Liquidation Preference \| $	$ 110,000,000
Distribution Rate	5.875%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value Measurements - Additional Information (Details) - Fair Value, Measurements, Nonrecurring [Member]	Dec. 31, 2025 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 0
Liabilities measured at fair value	$ 0

Equity and Capital - Summary of Dividends Declared (Details) - O 2025 Q4 Dividends	12 Months Ended
	Dec. 31, 2025 $ / shares
Series A Preferred Stock
Dividends Payable [Line Items]
Dividend Declared, per share	$ 0.390625
Declaration Date	Feb. 04, 2026
Record Date	Apr. 15, 2026
Payable Date	Apr. 30, 2026
Series B Preferred Stock
Dividends Payable [Line Items]
Dividend Declared, per share	$ 0.3672
Declaration Date	Feb. 04, 2026
Record Date	Apr. 15, 2026
Payable Date	Apr. 30, 2026

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Variable Interest Entities

The carrying amounts of VIEs' assets and liabilities included in the Company's consolidated financial statements, exclusive of the Operating Partnership, are as follows:


(in thousands)	December 31, 2025		December 31, 2024
Assets
Real estate assets, net	$	332,759		312,873
Cash, cash equivalents and restricted cash		21,890		16,687
Tenant and other receivables, net		7,614		5,833
Deferred costs, net		6,715		3,178
Acquired lease intangible assets, net		4,328		6,293
Right of use assets, net		17,656		18,148
Other assets		775		597
Total Assets	$	391,737		363,609
Liabilities
Notes payable	$	23,771		32,653
Accounts payable and other liabilities		12,758		16,149
Acquired lease intangible liabilities, net		10,119		10,627
Tenants' security, escrow deposits and prepaid rent		960		1,260
Lease liabilities		19,559		19,370
Total Liabilities	$	67,167		80,059

Components of Tenant and Other Receivables, Net

The following table represents the components of Tenant and other receivables, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets:


	December 31,
(in thousands)	2025		2024
Tenant receivables	$	29,578		35,306
Straight-line rent receivables		180,871		157,507
Other receivables (1)		63,413		62,682
Total tenant and other receivables, net	$	273,862		255,495

(1)

Other receivables include notes receivables, construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income.

Revenues and Other Receivables

The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts are as follows:


		Year ended December 31,
(in thousands)	Timing of satisfaction of performance obligations	2025		2024		2023
Management, transaction, and other fees:
Property management services	Over time	$	16,323		15,767		14,075
Asset management services	Over time		6,967		6,548		6,542
Leasing services	Point in time		3,631		3,738		3,908
Other transaction fees	Point in time		1,437		1,821		2,429
Total management, transaction, and other fees		$	28,358		27,874		26,954

Components of Real Estate Assets

The following table details the components of Real estate assets in the Consolidated Balance Sheets:


(in thousands)	December 31, 2025		December 31, 2024
Land	$	4,932,642		4,757,704
Land improvements		899,472		807,881
Buildings		6,948,538		6,456,719
Building and tenant improvements		1,634,065		1,461,003
Construction in progress		147,207		215,112
Total real estate assets	$	14,561,924		13,698,419

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The following table provides a brief description of recent accounting pronouncements and the expected impact on our financial statements:


Standard	Description	Effective date	Effect on the financial statements or other significant matters
Recently issued:

           ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
 
ASU 2025-01, Income Statement - Reporting Comprehensive, Income -Expense Disaggregation Disclosures (Subtopic 220-40), Clarifying the Effective Date
 
           ASU 2024-03 requires public business entities to provide additional disclosures that disaggregate certain income statement expense captions into specified categories.  The ASU does not impact the presentation of expenses on the face of the income statement but requires additional footnote disclosures to provide users of the financial statements with greater insight into the nature and composition of reported expenses.

           Fiscal years beginning January 1, 2027, and interim periods for fiscal years beginning January 1, 2028; Early adoption permitted. 

           The Company is assessing the impact this ASU will have on the Company’s financial statement disclosures.  While the adoption of this standard is not expected to have a material impact on the financial position or results of operations, it will require enhanced footnote disclosures related to the disaggregation of income statement expenses.

           ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity
 
           ASU 2025-03 clarifies the guidance in determining the accounting acquirer in a business combination effected primarily by exchanging equity interests when the acquiree is a VIE that meets the definition of a business.

           January 1, 2027; Early adoption is permitted. 

           The Company is currently evaluating the impact of this ASU, but the adoption will not have a material effect on the Company’s financial position or results of operations.

           ASU 2025-06, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software
 
           ASU 2025-06 amends certain aspects of the accounting for and disclosure of software costs and makes targeted improvements for accounting for internally developed software to be sold or marketed externally.

           January 1, 2028; Early adoption is permitted. 

           The Company is currently evaluating the impact of this ASU, but the adoption will not have a material effect on the Company’s financial position or results of operations.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Saving and Retirement Plans

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Saving and Retirement Plans

13.

Saving and Retirement Plans

401(k) Retirement Plan

The Company maintains a 401(k) retirement plan covering substantially all employees and permits participants to defer eligible compensation up to the maximum allowable amount determined by the IRS. This deferred compensation, together with Company matching contributions equal to 100% of employee deferrals up to a maximum of $5,000 of their eligible compensation, is fully vested and funded as of December 31, 2025. Additionally, an annual profit sharing contribution may be made, which are fully vested after three years in service. Costs for Company contributions to the plan totaled $5.7 million, $5.6 million, and $5.3 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Non-Qualified Deferred Compensation Plan ("NQDCP")

The Company maintains a NQDCP which allows select employees and directors to defer part or all of their cash bonus, director fees, and vested restricted stock units. All contributions into the participants' accounts are fully vested upon contribution to the NQDCP and are deposited in a Rabbi trust.

The following table reflects the balances of the assets and deferred compensation liabilities of the Rabbi trust and related participant account obligations in the accompanying Consolidated Balance Sheets, excluding Regency stock:


	Year ended December 31,
(in thousands)	2025		2024		Location in Consolidated Balance Sheets
Assets:
Securities	$	34,113		33,555	Other assets
Liabilities:
Deferred compensation obligation	$	34,032		33,473	Accounts payable and other liabilities

Realized and unrealized gains and losses on securities held in the NQDCP are recognized within Net investment income in the accompanying Consolidated Statements of Operations. Changes in participant obligations, which is based on changes in the value of their investment elections, is recognized within General and administrative expenses within the accompanying Consolidated Statements of Operations.

Investments in shares of the Company's common stock are included, at cost, as Treasury stock in the accompanying Consolidated Balance Sheets of the Parent Company and as a reduction of General partner capital in the accompanying Consolidated Balance Sheets of the Operating Partnership. The participant's deferred compensation liability attributable to the participants' investments in shares of the Company's common stock are included, at cost, within Additional paid in capital in the accompanying Consolidated Balance Sheets of the Parent Company and as a reduction of General partner capital in the accompanying Consolidated Balance Sheets of the Operating Partnership. Changes in participant account balances related to the Regency common stock fund are recorded directly within shareholders' equity.

Notes Payable and Unsecured Credit Facility

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Notes Payable and Unsecured Credit Facility

The Company's outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following as of the dates set forth below:


	Scheduled Maturity Date	Weighted Average Contractual Rate	Weighted Average Effective Rate	December 31,
(in thousands)				2025		2024
Notes payable:
Fixed rate mortgage loans	2/1/2026 - 10/1/2038	4.0%	4.7%	$	475,948		337,703
Variable rate mortgage loans (1)	10/1/2026 - 2/20/2032	4.4%	4.6%		270,489		282,117
Fixed rate unsecured debt	5/11/2026 - 3/15/2049	4.2%	4.4%		3,872,864		3,723,880
Total notes payable, net					4,619,301		4,343,700
Unsecured credit facility:
$1.5 Billion Line of Credit (the "Line") (1)(2)	3/23/2028	4.4%	4.8%		120,000		65,000
Total unsecured credit facility					120,000		65,000
Total debt outstanding				$	4,739,301		4,408,700

(1)

As of December 31, 2025, 76.5% of the Variable rate debt are fixed through interest rate swaps.

(2)

Notes Payable

Notes payable consist of mortgage loans secured by properties and unsecured public and private debt. Mortgage loans may be repaid before maturity, but could be subject to yield maintenance premiums, and are generally due in monthly installments of principal and interest or interest only. Unsecured public debt may be repaid before maturity subject to accrued and unpaid interest through the proposed redemption date and a make-whole premium. Interest on unsecured public and private debt is payable semi-annually.

On May 13, 2025, the Company issued $400 million of senior unsecured notes due 2032, at a par value of 99.279% and a coupon of 5.0% (the "2025 Notes").

In July 2025, in connection with the acquisition of the RMV portfolio, the Company assumed $150 million of fixed-rate mortgage loans with a weighted average interest rate of 4.2% and a weighted average remaining term to maturity of approximately 12 years.

In November 2025, the Company repaid $250 million of fixed rate unsecured debt and $16 million of fixed rate mortgage loans upon maturity.

The Company is required to comply with certain financial covenants for its unsecured public debt as defined in the indenture agreements such as the following ratios: Consolidated Debt to Consolidated Assets, Consolidated Secured Debt to Consolidated Assets, Consolidated Income for Debt Service to Consolidated Debt Service, and Unencumbered Consolidated Assets to Unsecured Consolidated Debt. As of December 31, 2025, the Company was in compliance with all debt covenants for its unsecured public debt.

Unsecured Credit Facilities

The Company has an unsecured line of credit facility (the "Line") pursuant to the Sixth Amended and Restated Credit Agreement (the "Credit Agreement"), dated as of January 18, 2024, by and among the Company and financial institutions party thereto, as lenders, and Wells Fargo Bank, National Association, as Administrative Agent. The Credit Agreement provides for an unsecured revolving credit facility in the amount of $1.50 billion for a term of four years (plus two six-month extension options) and includes an accordion feature which permits the borrower to request increases in the size of the revolving loan facility by up to an additional $1.50 billion. The interest rate on the revolving credit facility is equal to SOFR plus a margin that is determined based on the borrower’s long-term unsecured debt ratings and ratio of indebtedness to total asset value. The Credit Agreement also incorporates sustainability-linked adjustments to the interest rate, which provide for upward or downward adjustments to the applicable margin if the Company achieves, or fails to achieve, certain specified targets based on Scope 1 and Scope 2 emission standards as set forth in the Credit Agreement.

At December 31, 2025, the Line had an available capacity of $1.4 billion after giving effect to outstanding borrowings and commitments from issued letters of credit. The Line accrues interest at a variable rate of SOFR plus an applicable spread of 0.79% and a 0.115% commitment fee.

The Company is required to comply with certain financial covenants as defined in the Credit Agreement, including the Ratio of Indebtedness to Total Asset Value ("TAV"), Ratio of Unsecured Indebtedness to Unencumbered Asset Value, Ratio of Adjusted EBITDA to Fixed Charges, Ratio of Secured Indebtedness to TAV, Ratio of Unencumbered Net Operating Income to Unsecured Interest Expense, and other covenants customary with this type of unsecured financing. As of December 31, 2025, the Company was in compliance with all financial covenants for the Line.

Scheduled principal payments and maturities on notes payable and the unsecured credit facility were as follows:


(in thousands)	December 31, 2025
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities			Unsecured Maturities (1)			Total
2026	$	12,836		147,848			200,000			360,684
2027		10,051		222,558			525,000			757,609
2028		8,365		51,939			420,000			480,304
2029		5,619		97,120			425,000			527,739
2030		5,445		2,163			600,000			607,608
Beyond 5 Years		24,210		190,677			1,850,000			2,064,887
Unamortized debt premium/(discount) and issuance costs		—		(32,394	)		(27,136	)		(59,530	)
Total	$	66,526		679,911			3,992,864			4,739,301

(1)

Includes unsecured public and private debt and unsecured credit facilities.

The Company was in compliance as of December 31, 2025, with all debt covenants.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Information - Summary of NOI (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Lease income

$ 1,511,425

$ 1,411,379

$ 1,283,939

Other property income

13,741

14,651

11,573

Straight-line rent on lease income

(24,495)

(20,300)

(10,788)

Above/below market rent amortization, net

(22,290)

(22,701)

(29,130)

Operating expenses

(970,459)

(940,098)

(854,316)

Real estate taxes

(192,282)

(184,415)

(165,560)

NOI

1,123,441

1,047,368

951,288

Shopping Center [Member]

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Straight-line rent on lease income

(24,495)

(20,300)

(10,788)

Total real estate revenues

1,617,867

1,516,574

1,380,176

Shopping Center [Member] | Operating Segments [Member]

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Lease income

1,655,538

1,548,929

1,413,079

Other property income

14,818

15,450

12,260

Straight-line rent on lease income

(27,224)

(22,193)

(13,559)

Above/below market rent amortization, net

(25,265)

(25,612)

(31,604)

Total real estate revenues

1,617,867

1,516,574

1,380,176

Operating expenses

^[1]

(284,468)

(267,660)

(247,792)

Real estate taxes

(209,958)

(201,546)

(181,096)

NOI

$ 1,123,441

$ 1,047,368

$ 951,288

[1]	Operating expenses include Operating and maintenance, Ground rent and Termination expense

Fair Value Measurements (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Notes receivable

$ 31,987

$ 31,790

Notes payable, net

4,619,301

4,343,700

Unsecured credit facilities

^[1]

120,000

65,000

Fair Value, Measurements, Recurring [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Securities

39,887

39,419

Available-for-sale debt securities

11,486

12,401

Interest rate derivatives

6,778

12,781

Total

58,151

64,601

Interest Rate Cash Flow Hedge Liability at Fair Value

(1,606)

(423)

Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Securities

39,887

39,419

Total

39,887

39,419

Fair Value, Inputs, Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Notes receivable, fair value

32,173

31,755

Notes payable, net, Fair Value

4,554,628

4,141,096

Unsecured credit facilities, Fair Value

^[1]

120,000

65,000

Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Available-for-sale debt securities

11,486

12,401

Interest rate derivatives

6,778

12,781

Total

18,264

25,182

Interest Rate Cash Flow Hedge Liability at Fair Value

$ (1,606)

$ (423)

[1]	The carrying amounts approximated its fair values due to the variable nature of the terms.

Saving and Retirement Plans - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, percentage of employee deferrals to company matching contributions	100.00%
Profit Sharing Contribution, Vesting Period	3 years
Defined Contribution Plan, Cost	$ 5,700,000	$ 5,600,000	$ 5,300,000
Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 5,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(1)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 5
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
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-Section 50
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-Subparagraph (c)(ii)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

+ Details

Fair Value Measurements - Schedule of Net Investment Income Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Unrealized Gain	$ 893	$ 4,452	$ 4,197

- Definition

Amount of unrealized gain (loss) on investment in debt and equity securities.

+ References + Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

10.

Fair Value Measurements

(a)

Disclosure of Fair Value of Financial Instruments


	December 31,
	2025				2024
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Notes receivable	$	31,987		32,173	$	31,790		31,755
Financial liabilities:
Notes payable, net	$	4,619,301		4,554,628	$	4,343,700		4,141,096
Unsecured credit facilities (1)	$	120,000		120,000	$	65,000		65,000

(1)

The carrying amounts approximated its fair values due to the variable nature of the terms.

The above fair values represent management's estimate of the amounts that would be received from selling those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants as of December 31, 2025 and 2024, respectively. These fair value measurements maximize the use of observable inputs which are classified within Level 2 of the fair value hierarchy. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company's own judgments about the assumptions that market participants would use in pricing the asset or liability.

The Company develops its judgments based on the best information available at the measurement date, including expected cash flows, appropriate risk-adjusted discount rates, and available observable and unobservable inputs. Service providers involved in fair value measurements are evaluated for competency and qualifications on an ongoing basis. As considerable judgment is often necessary to estimate the fair value of these financial instruments, the fair values presented above are not necessarily indicative of amounts that will be realized upon disposition of the financial instruments.

(b)

Fair Value Measurements

The following financial instruments are measured at fair value on a recurring basis:

Securities

The Company has investments in marketable securities that are included within Other assets on the accompanying Consolidated Balance Sheets. The marketable securities, which include mutual funds and exchange-traded funds, are measured at fair value using quoted prices in active markets and are classified as Level 1 inputs of the fair value hierarchy.

Changes in the value of securities are recorded within Net investment income in the accompanying Consolidated Statements of Operations, and include the following:


	Year ended December 31,
(in thousands)	2025		2024		2023
Unrealized Gain		893		4,452		4,197

Available-for-Sale Debt Securities

Available-for-sale debt securities consist of investments in corporate bonds and agency mortgage-backed securities. These securities are recorded at fair value, which is determined using either recent trade prices for the identical debt instrument or comparable instruments by issuers of similar industry sector, issuer credit rating, duration and security type. The fair value measurements for these are considered Level 2 inputs of the fair value hierarchy. Unrealized gains and losses on these available-for-sale debt securities are recognized through Other comprehensive income.

Interest Rate Derivatives

The fair value of the Company's interest rate derivatives is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements.

Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swaps. As a result, the Company determined that its interest rate swaps valuation in its entirety is classified in Level 2 of the fair value hierarchy.

The following tables present the placement in the fair value hierarchy of assets and liabilities measured at fair value on a recurring basis:


	Fair Value Measurements as of December 31, 2025
(in thousands)	Balance			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets:
Securities	$	39,887			39,887		—			—
Available-for-sale debt securities		11,486			—		11,486			—
Interest rate derivatives		6,778			—		6,778			—
Total	$	58,151			39,887		18,264			—
Liabilities:
Interest rate derivatives	$	(1,606	)		—		(1,606	)		—


	Fair Value Measurements as of December 31, 2024
(in thousands)	Balance			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets:
Securities	$	39,419			39,419		—			—
Available-for-sale debt securities		12,401			—		12,401			—
Interest rate derivatives		12,781			—		12,781			—
Total	$	64,601			39,419		25,182			—
Liabilities:
Interest rate derivatives	$	(423	)		—		(423	)		—

As of December 31, 2025, there were no assets and/or liabilities measured at fair value on a nonrecurring basis. The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a non-recurring basis as of December 31, 2024:


	Fair Value Measurements as of December 31, 2024
(in thousands)	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Gains (Losses)
Real estate assets	$	10,915		—		10,915		—		(12,974	)

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Distributions in Excess of Net Income [Member]	Total Shareholders' Equity [Member]	Noncontrolling Interest Exchangeable Operating Partnership Units [Member]	Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [Member]	Total Noncontrolling Interest [Member]
Beginning balance at Dec. 31, 2022	$ 6,178,039		$ 1,711	$ (24,461)	$ 7,877,152	$ 7,560	$ (1,764,977)	$ 6,096,985	$ 34,489	$ 46,565	$ 81,054
Net income	370,867						364,557	364,557	2,008	4,302	6,310
Other comprehensive income (loss)
Other comprehensive income (loss) before reclassification	(2,111)					(2,063)		(2,063)	(9)	(39)	(48)
Amounts reclassified from accumulated other comprehensive income (loss)	(7,536)					(6,805)		(6,805)	(39)	(692)	(731)
Adjustment for noncontrolling interests					13,518			13,518	(13,518)		(13,518)
Deferred compensation plan, net				(1,027)	1,027
Amortization of equity awards	20,441		2		20,439			20,441
Tax withholding on stock-based compensation	(7,074)				(7,074)			(7,074)
Common stock repurchased and retired	(20,006)		(3)		(20,003)			(20,006)
Repurchase of EOP units	(9,163)								(9,163)		(9,163)
Common stock issued under dividend reinvestment plan	622				622			622
Common stock issued for partnership units exchanged					198			198	(198)		(198)
Common stock issued, net of issuance costs	818,497		136		818,361			818,497
Issuance of EOP units	31,253								31,253		31,253
Issuance of preferred stock	225,000	$ 225,000						225,000
Contributions from partners	74,730									74,730	74,730
Distributions to partners	(7,813)									(7,813)	(7,813)
Dividends declared - preferred stock/unit	(5,057)						(5,057)	(5,057)
Dividends declared - common stock/unit	(468,754)						(466,126)	(466,126)	(2,628)		(2,628)
Ending Balance at Dec. 31, 2023	7,191,935	225,000	1,846	(25,488)	8,704,240	(1,308)	(1,871,603)	7,032,687	42,195	117,053	159,248
Net income	409,840						400,388	400,388	2,338	7,114	9,452
Other comprehensive income (loss)
Other comprehensive income (loss) before reclassification	12,491					11,845		11,845	70	576	646
Amounts reclassified from accumulated other comprehensive income (loss)	(8,895)					(8,311)		(8,311)	(50)	(534)	(584)
Adjustment for noncontrolling interests					(10,833)			(10,833)	2,119	8,714	10,833
Deferred compensation plan, net				(2,557)	2,557
Amortization of equity awards	24,917		1		24,916			24,917
Tax withholding on stock-based compensation	(19,012)				(19,012)			(19,012)
Common stock repurchased and retired	(200,066)		(33)		(200,033)			(200,066)
Common stock issued under dividend reinvestment plan	657				657			657
Common stock issued for partnership units exchanged					735			735	(735)		(735)
Contributions from partners	14,679									14,679	14,679
Distributions to partners	(12,185)									(12,185)	(12,185)
Dividends declared - preferred stock/unit	(13,650)						(13,650)	(13,650)
Dividends declared - common stock/unit	(500,404)						(495,211)	(495,211)	(5,193)		(5,193)
Ending Balance at Dec. 31, 2024	6,900,307	225,000	1,814	(28,045)	8,503,227	2,226	(1,980,076)	6,724,146	40,744	135,417	176,161
Net income	540,951						527,460	527,460	7,069	6,422	13,491
Other comprehensive income (loss)
Other comprehensive income (loss) before reclassification	(2,223)					(2,070)		(2,070)	(2)	(151)	(153)
Amounts reclassified from accumulated other comprehensive income (loss)	(4,738)					(4,376)		(4,376)	(42)	(320)	(362)
Adjustment for noncontrolling interests					83,514			83,514	(95,323)	11,809	(83,514)
Deferred compensation plan, net				(3,030)	3,030
Amortization of equity awards	22,087		2		22,085			22,087
Tax withholding on stock-based compensation	(6,794)				(6,794)			(6,794)
Repurchase of EOP units	(2,046)								(2,046)		(2,046)
Common stock issued under dividend reinvestment plan	722				722			722
Common stock issued for partnership units exchanged					200			200	(200)		(200)
Common stock issued, net of issuance costs	98,167		13		98,154			98,167
Contributions from partners	219,465								201,872	17,593	219,465
Distributions to partners	(40,994)									(40,994)	(40,994)
Dividends declared - preferred stock/unit	(13,650)						(13,650)	(13,650)
Dividends declared - common stock/unit	(529,648)						(522,516)	(522,516)	(7,132)		(7,132)
Ending Balance at Dec. 31, 2025	$ 7,181,606	$ 225,000	$ 1,829	$ (31,075)	$ 8,704,138	$ (4,220)	$ (1,988,782)	$ 6,906,890	$ 144,940	$ 129,776	$ 274,716

Acquired Lease Intangibles Schedule of Future Amortization Expense and Minimum Rent (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Amortization Expense [Abstract]
2026	$ 38,122
2027	30,003
2028	24,352
2029	19,826
2030	17,109
Net Accretion [Abstract]
Future Accretion, Year One	21,050
Future Accretion, Year Two	20,534
Future Accretion, Year Three	20,615
Future Accretion, Year Four	20,226
Future Accretion, Year Five	$ 19,319

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Restricted cash and cash equivalent	$ 16,004	$ 5,601
Deferred costs accumulated amortization	138,391	131,080
Accumulated amortization of acquired lease intangible assets	421,433	395,209
Accumulated accretion of acquired lease intangible liabilities	$ 243,040	$ 222,052
Preferred stock, par value per share	$ 0.01	$ 0.01
Preferred stock, shares authorized	30,000,000	30,000,000
Preferred stock, shares issued	9,000,000	9,000,000
Preferred stock, shares outstanding	9,000,000	9,000,000
Common stock, par value per share	$ 0.01	$ 0.01
Common stock, shares authorized	220,000,000	220,000,000
Common stock, shares issued	182,902,234	181,361,454
Common stock, shares outstanding	182,902,234	181,361,454
Treasury stock, shares held at cost	494,307	479,251
Exchangeable operating partnership units aggregate redemption value	$ 264,950	$ 81,076
General partner units, outstanding	182,902,000	181,361,000
Limited partner units, outstanding	3,838,000	1,097,000
Partnership Interest [Member]
Restricted cash and cash equivalent	$ 16,004	$ 5,601
Deferred costs accumulated amortization	138,391	131,080
Accumulated amortization of acquired lease intangible assets	421,433	395,209
Accumulated accretion of acquired lease intangible liabilities	$ 243,040	$ 222,052
Preferred stock, par value per units	$ 0.01	$ 0.01
Preferred units, authorized	30,000,000	30,000,000
Preferred units, issued	9,000,000	9,000,000
Preferred units, outstanding	9,000,000	9,000,000
General partner units, issued	182,902,234	181,361,454
General partner units, outstanding	182,902,234	181,361,454
Limited partner units, issued	3,838,188	1,096,659
Limited partner units, outstanding	3,838,188	1,096,659

Other Assets

12 Months Ended

Dec. 31, 2025

Other Assets [Abstract]

Other Assets

The following table represents the components of Other assets in the accompanying Consolidated Balance Sheets as of the periods set forth below:


(in thousands)	December 31, 2025		December 31, 2024
Goodwill	$	166,739		166,739
Investments		51,373		51,820
Prepaid and other		34,575		40,240
Derivative assets		6,778		12,781
Furniture, fixtures, and equipment, net		12,728		7,954
Deferred financing costs, net		6,530		9,512
Total other assets	$	278,723		289,046

The following table presents the goodwill balances and activity during the year ended:


	December 31, 2025								December 31, 2024
(in thousands)	Goodwill			Accumulated Impairment Losses			Total		Goodwill			Accumulated Impairment Losses			Total
Beginning of year balance	$	292,640			(125,901	)		166,739	$	294,524			(127,462	)		167,062
Goodwill written off upon dispositions		(19,227	)		19,227			—		(1,884	)		1,561			(323	)
End of year balance	$	273,413			(106,674	)		166,739	$	292,640			(125,901	)		166,739

As the Company identifies properties ("reporting units") that no longer meet its investment criteria, it will evaluate the property for potential sale. A decision to sell a reporting unit results in the need to evaluate its goodwill for recoverability and may result in impairment loss. Additionally, other changes impacting a reporting unit may be considered a triggering event. If events occur that trigger an impairment evaluation at multiple reporting units, a goodwill impairment may be significant.

Stock-Based Compensation - Stock-Based Compensation Expense (Parenthetical) (Details) - Restricted Stock [Member] - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Share-Based Payment Arrangement, Expense

^[1],[2]

$ 21,648

$ 18,549

$ 17,277

UBP | Other Operating Expenses [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Share-Based Payment Arrangement, Expense

$ 6,400

$ 3,200

[1]	In addition, the Company expensed $6.4 million and $3.2 million during 2024 and 2023, respectively, within Other operating expenses in connection with restricted stock expense related to the acquisition of UBP.
[2]	Includes amortization of the grant date fair value of restricted stock awards over the respective vesting periods.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(a)

Organization and Principles of Consolidation

General

Acquisition of Urstadt Biddle Properties Inc.

As a result of the acquisition, the Company acquired 74 properties representing 5.3 million square feet of GLA, including 10 properties held through real estate partnerships.

Estimates, Risks and Uncertainties

results of operations, and cash flows is subject to change and continues to depend on the extent and duration of these risks and uncertainties.

Consolidation

Ownership of the Parent Company

The Parent Company currently has a single class of common stock and two series of preferred stock outstanding.

Ownership of the Operating Partnership

Real Estate Partnerships

The majority of the operations of the VIEs are funded with cash flows generated by the properties, or in the case of developments, with capital contributions or third-party construction loans.

The carrying amounts of VIEs' assets and liabilities included in the Company's consolidated financial statements, exclusive of the Operating Partnership, are as follows:


(in thousands)	December 31, 2025		December 31, 2024
Assets
Real estate assets, net	$	332,759		312,873
Cash, cash equivalents and restricted cash		21,890		16,687
Tenant and other receivables, net		7,614		5,833
Deferred costs, net		6,715		3,178
Acquired lease intangible assets, net		4,328		6,293
Right of use assets, net		17,656		18,148
Other assets		775		597
Total Assets	$	391,737		363,609
Liabilities
Notes payable	$	23,771		32,653
Accounts payable and other liabilities		12,758		16,149
Acquired lease intangible liabilities, net		10,119		10,627
Tenants' security, escrow deposits and prepaid rent		960		1,260
Lease liabilities		19,559		19,370
Total Liabilities	$	67,167		80,059

Noncontrolling Interests

Noncontrolling Interests of the Parent Company

Noncontrolling Interests of the Operating Partnership

(b)

Revenues, and Tenant and other Receivables

Leasing Income and Tenant Receivables

The Company accounts for its leases under ASC Topic 842, Leases ("Topic 842"), as follows:

Classification

Recognition and Presentation

Collectibility

The following table represents the components of Tenant and other receivables, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets:


	December 31,
(in thousands)	2025		2024
Tenant receivables	$	29,578		35,306
Straight-line rent receivables		180,871		157,507
Other receivables (1)		63,413		62,682
Total tenant and other receivables, net	$	273,862		255,495

(1)

Other receivables include notes receivables, construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income.

Other Property Income and Management Services

Other Property Income

Other property income includes parking fees and other incidental income from the properties and is generally recognized at the point in time that the performance obligation is met.

Management, Transaction, and other fees

Property and Asset Management Services

Leasing Services

Transaction Services


		Year ended December 31,
(in thousands)	Timing of satisfaction of performance obligations	2025		2024		2023
Management, transaction, and other fees:
Property management services	Over time	$	16,323		15,767		14,075
Asset management services	Over time		6,967		6,548		6,542
Leasing services	Point in time		3,631		3,738		3,908
Other transaction fees	Point in time		1,437		1,821		2,429
Total management, transaction, and other fees		$	28,358		27,874		26,954

Real Estate Sales

(c)

Real Estate Assets

The following table details the components of Real estate assets in the Consolidated Balance Sheets:


(in thousands)	December 31, 2025		December 31, 2024
Land	$	4,932,642		4,757,704
Land improvements		899,472		807,881
Buildings		6,948,538		6,456,719
Building and tenant improvements		1,634,065		1,461,003
Construction in progress		147,207		215,112
Total real estate assets	$	14,561,924		13,698,419

Capitalization and Depreciation

Development and Redevelopment Costs

Acquisitions

Held for Sale

Valuation of Real Estate Investments and Impairments

(d)

Cash, Cash Equivalents, and Restricted Cash

(e)

Other Assets

Goodwill

Investments

Derivative Instruments

(f)

Deferred Leasing Costs

(g)

Income Taxes

(h)

Lease Obligations

(i)

Forward Equity Sales

(j)

Earnings per Share and Unit

(k)

Stock-Based Compensation

(l)

Segment Reporting

(m)

Investment Risk Concentrations

(n)

Fair Value of Assets and Liabilities

•

Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.

•

Level 3 - Unobservable inputs for the asset or liability, which are typically based on the Company's own assumptions, as there is little, if any, related market activity.

(o) Recent Accounting Pronouncements

The following table provides a brief description of recent accounting pronouncements and the expected impact on our financial statements:


Standard	Description	Effective date	Effect on the financial statements or other significant matters
Recently issued:

           ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
 
ASU 2025-01, Income Statement - Reporting Comprehensive, Income -Expense Disaggregation Disclosures (Subtopic 220-40), Clarifying the Effective Date
 
           ASU 2024-03 requires public business entities to provide additional disclosures that disaggregate certain income statement expense captions into specified categories.  The ASU does not impact the presentation of expenses on the face of the income statement but requires additional footnote disclosures to provide users of the financial statements with greater insight into the nature and composition of reported expenses.

           Fiscal years beginning January 1, 2027, and interim periods for fiscal years beginning January 1, 2028; Early adoption permitted. 

           The Company is assessing the impact this ASU will have on the Company’s financial statement disclosures.  While the adoption of this standard is not expected to have a material impact on the financial position or results of operations, it will require enhanced footnote disclosures related to the disaggregation of income statement expenses.

           ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity
 
           ASU 2025-03 clarifies the guidance in determining the accounting acquirer in a business combination effected primarily by exchanging equity interests when the acquiree is a VIE that meets the definition of a business.

           January 1, 2027; Early adoption is permitted. 

           The Company is currently evaluating the impact of this ASU, but the adoption will not have a material effect on the Company’s financial position or results of operations.

           ASU 2025-06, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software
 
           ASU 2025-06 amends certain aspects of the accounting for and disclosure of software costs and makes targeted improvements for accounting for internally developed software to be sold or marketed externally.

           January 1, 2028; Early adoption is permitted. 

           The Company is currently evaluating the impact of this ASU, but the adoption will not have a material effect on the Company’s financial position or results of operations.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Net real estate investments:
Real estate assets, at cost	$ 14,561,924	$ 13,698,419
Less: accumulated depreciation	3,267,728	2,960,399
Real estate assets, net	11,294,196	10,738,020
Investments in sales-type leases, net	16,727	16,291
Investments in real estate partnerships	349,856	399,044
Net real estate investments	11,660,779	11,153,355
Cash, cash equivalents, and restricted cash, including $16,004 and $5,601 of restricted cash at December 31, 2025 and 2024, respectively	120,661	61,884
Tenant and other receivables, net	273,862	255,495
Deferred leasing costs, less accumulated amortization of $138,391 and $131,080 at December 31, 2025 and 2024, respectively	97,253	79,911
Acquired lease intangible assets, less accumulated amortization of $421,433 and $395,209 at December 31, 2025 and 2024, respectively	254,201	229,983
Right of use assets, net	315,804	322,287
Other assets	278,723	289,046
Total assets	13,001,283	12,391,961
Liabilities:
Notes payable, net	4,619,301	4,343,700
Unsecured credit facility	120,000	65,000
Accounts payable and other liabilities	391,847	392,302
Acquired lease intangible liabilities, less accumulated amortization of $243,040 and $222,052 at December 31, 2025 and 2024, respectively	356,454	364,608
Lease liabilities	242,368	244,861
Tenants’ security, escrow deposits and prepaid rent	89,707	81,183
Total liabilities	5,819,677	5,491,654
Commitments and contingencies
Shareholders' equity/Partners' capital:
Preferred stock $0.01 par value per share, 30,000,000 shares authorized; 9,000,000 shares issued and outstanding, in the aggregate, in Series A and Series B at December 31, 2025 and 2024	225,000	225,000
Common stock $0.01 par value per share, 220,000,000 shares authorized; 182,902,234 and 181,361,454 shares issued and outstanding at December 31, 2025 and 2024, respectively	1,829	1,814
Treasury stock at cost, 494,307 and 479,251 shares held at December 31, 2025 and 2024, respectively	(31,075)	(28,045)
Additional paid-in-capital	8,704,138	8,503,227
Accumulated other comprehensive (loss) income	(4,220)	2,226
Distributions in excess of net income	(1,988,782)	(1,980,076)
Total shareholders' equity	6,906,890	6,724,146
Noncontrolling interests :
Exchangeable operating partnership units, aggregate redemption value of $264,950 and $81,076 at December 31, 2025 and 2024, respectively	144,940	40,744
Limited partners' interests in consolidated partnerships	129,776	135,417
Total noncontrolling interests	274,716	176,161
Total equity	7,181,606	6,900,307
Total liabilities and equity	13,001,283	12,391,961
Partnership Interest [Member]
Net real estate investments:
Real estate assets, at cost	14,561,924	13,698,419
Less: accumulated depreciation	3,267,728	2,960,399
Real estate assets, net	11,294,196	10,738,020
Investments in sales-type leases, net	16,727	16,291
Investments in real estate partnerships	349,856	399,044
Net real estate investments	11,660,779	11,153,355
Cash, cash equivalents, and restricted cash, including $16,004 and $5,601 of restricted cash at December 31, 2025 and 2024, respectively	120,661	61,884
Tenant and other receivables, net	273,862	255,495
Deferred leasing costs, less accumulated amortization of $138,391 and $131,080 at December 31, 2025 and 2024, respectively	97,253	79,911
Acquired lease intangible assets, less accumulated amortization of $421,433 and $395,209 at December 31, 2025 and 2024, respectively	254,201	229,983
Right of use assets, net	315,804	322,287
Other assets	278,723	289,046
Total assets	13,001,283	12,391,961
Liabilities:
Notes payable, net	4,619,301	4,343,700
Unsecured credit facility	120,000	65,000
Accounts payable and other liabilities	391,847	392,302
Acquired lease intangible liabilities, less accumulated amortization of $243,040 and $222,052 at December 31, 2025 and 2024, respectively	356,454	364,608
Lease liabilities	242,368	244,861
Tenants’ security, escrow deposits and prepaid rent	89,707	81,183
Total liabilities	5,819,677	5,491,654
Commitments and contingencies
Shareholders' equity/Partners' capital:
Preferred units $0.01 par value per unit, 30,000,000 units authorized; 9,000,000 units issued and outstanding, in the aggregate, in Series A and Series B at December 31, 2025 and 2024	225,000	225,000
General partner's common units, 182,902,234 and 181,361,454 units issued and outstanding at December 31, 2025 and 2024, respectively	6,686,110	6,496,920
Limited partners' common units, 3,838,188 and 1,096,659 units issued and outstanding at December 31, 2025 and 2024, respectively	144,940	40,744
Accumulated other comprehensive (loss) income	(4,220)	2,226
Total partners’ capital	7,051,830	6,764,890
Noncontrolling interests :
Limited partners' interests in consolidated partnerships	129,776	135,417
Total capital	7,181,606	6,900,307
Total liabilities and equity	$ 13,001,283	$ 12,391,961

Leases - Additional Information (Details)	12 Months Ended
Leases - Additional Information (Details)	Dec. 31, 2025 Property
Lessee, Lease, Description [Line Items]
Number of Properties Subject to Ground Leases	21
Last Ground Lease Expiration Date	2121
Last Office Lease Expiration Date	2035

Summary of Significant Accounting Policies - Components of Tenant and Other Receivables, Net (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Accounts, Notes, Loans and Financing Receivable [Line Items]

Tenant and other receivables, net

$ 273,862

$ 255,495

Tenant Receivables [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Tenant and other receivables, net

29,578

35,306

Straight-line Rent Receivables [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Tenant and other receivables, net

180,871

157,507

Other Receivable [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Tenant and other receivables, net

^[1]

$ 63,413

$ 62,682

[1]	Other receivables include notes receivables, construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income.

Investments in Real Estate Partnerships - Schedule of Investments in Unconsolidated Real Estate Partnerships (Details)
$ in Thousands

12 Months Ended

Oct. 01, 2025

USD ($)

Dec. 31, 2025

USD ($)

Property

Dec. 31, 2024

USD ($)

Property

Dec. 31, 2023

USD ($)

Aug. 01, 2025

Jan. 01, 2025

Schedule of Equity Method Investments [Line Items]

Number of Properties | Property

103

Total Investments

$ 349,856

$ 399,044

The Company's Share of Net Income of the Partnership

133,499

50,294

$ 50,541

Total Assets [Member]

Schedule of Equity Method Investments [Line Items]

Total assets of the Partnership

2,667,271

2,843,157

Net Income [Member]

Schedule of Equity Method Investments [Line Items]

Net Income of the Partnership

$ 330,651

$ 136,663

GRI - Regency, LLC [Member]

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

40.00%

^[1]

40.00%

Number of Properties | Property

^[1]

Total Investments

$ 112,235

^[1]

$ 136,972

The Company's Share of Net Income of the Partnership

$ 72,200

115,312

^[1]

38,729

GRI - Regency, LLC [Member] | Total Assets [Member]

Schedule of Equity Method Investments [Line Items]

Total assets of the Partnership

1,330,890

^[1]

1,455,471

GRI - Regency, LLC [Member] | Net Income [Member]

Schedule of Equity Method Investments [Line Items]

Net Income of the Partnership

$ 275,534

^[1]

$ 91,447

Columbia Regency Partners II, LLC (Columbia II) [Member]

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

20.00%

Number of Properties | Property

Total Investments

$ 60,354

$ 63,024

The Company's Share of Net Income of the Partnership

4,503

3,938

Columbia Regency Partners II, LLC (Columbia II) [Member] | Total Assets [Member]

Schedule of Equity Method Investments [Line Items]

Total assets of the Partnership

643,088

623,655

Columbia Regency Partners II, LLC (Columbia II) [Member] | Net Income [Member]

Schedule of Equity Method Investments [Line Items]

Net Income of the Partnership

$ 22,983

$ 20,121

Columbia Village District, LLC [Member]

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

30.00%

Number of Properties | Property

Total Investments

$ 6,295

$ 6,434

The Company's Share of Net Income of the Partnership

2,255

2,220

Columbia Village District, LLC [Member] | Total Assets [Member]

Schedule of Equity Method Investments [Line Items]

Total assets of the Partnership

97,702

99,236

Columbia Village District, LLC [Member] | Net Income [Member]

Schedule of Equity Method Investments [Line Items]

Net Income of the Partnership

$ 7,570

$ 7,453

Ballard Blocks [Member]

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

50.00%

Number of Properties | Property

Total Investments

$ 57,830

$ 59,596

The Company's Share of Net Income of the Partnership

1,699

1,028

Ballard Blocks [Member] | Total Assets [Member]

Schedule of Equity Method Investments [Line Items]

Total assets of the Partnership

111,957

115,784

Ballard Blocks [Member] | Net Income [Member]

Schedule of Equity Method Investments [Line Items]

Net Income of the Partnership

$ 3,725

$ 2,380

Bloom on Third [Member]

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

35.00%

Number of Properties | Property

Total Investments

$ 46,860

$ 44,715

The Company's Share of Net Income of the Partnership

1,802

1,810

Bloom on Third [Member] | Total Assets [Member]

Schedule of Equity Method Investments [Line Items]

Total assets of the Partnership

277,647

259,218

Bloom on Third [Member] | Net Income [Member]

Schedule of Equity Method Investments [Line Items]

Net Income of the Partnership

$ 5,213

$ 5,235

Others [Member]

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

100.00%

Number of Properties | Property

^[2],[3]

Total Investments

$ 66,282

^[2],[3]

$ 88,303

The Company's Share of Net Income of the Partnership

7,928

^[2],[3]

2,569

Others [Member] | Total Assets [Member]

Schedule of Equity Method Investments [Line Items]

Total assets of the Partnership

205,987

^[2],[3]

289,793

Others [Member] | Net Income [Member]

Schedule of Equity Method Investments [Line Items]

Net Income of the Partnership

$ 15,626

^[2],[3]

$ 10,027

Others [Member] | Minimum [Member]

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

12.00%

^[2],[3]

12.00%

Others [Member] | Maximum [Member]

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

83.00%

^[2],[3]

83.00%

[1]	Effective October 1, 2025, the partners completed a partial distribution-in-kind (“DIK”) transaction involving a total of eleven operating properties. The Company received five of these properties, which had an aggregate fair value of $113.9 million, and assumed existing debt of approximately $10 million, which was repaid in December 2025. The remaining six properties were distributed to the other partner. As a result of this transaction, the Company recognized approximately $72.2 million in equity in income of investments in real estate partnerships, representing its share of the partnership’s gains.
[2]	Effective August 1, 2025, we acquired our partners' 50% shares in two single property partnerships for a combined purchase price of $23.7 million. Following this acquisition, the Company now owns 100% of these properties, and the properties have been consolidated into the Company’s financial statements.
[3]	Effective January 1, 2025, we acquired our partner’s 33.3% share in a single property partnership for a total purchase price of $10.3 million. Following this acquisition, the Company now owns 100% of this property, and has been consolidated into the Company’s financial statements.

Notes Payable and Unsecured Credit Facility - Schedule of Maturities of Long-term Debt (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Debt Instrument [Line Items]

$ 360,684

757,609

480,304

527,739

607,608

2,064,887

Unamortized debt premium/(discount) and issuance costs

(59,530)

Total

4,739,301

$ 4,408,700

Scheduled Principal Payments [Member] | Mortgages [Member]

Debt Instrument [Line Items]

12,836

10,051

8,365

5,619

5,445

24,210

Unamortized debt premium/(discount) and issuance costs

Total

66,526

Mortgage Loan Maturities [Member] | Mortgages [Member]

Debt Instrument [Line Items]

147,848

222,558

51,939

97,120

2,163

190,677

Unamortized debt premium/(discount) and issuance costs

(32,394)

Total

679,911

Unsecured Maturities [Member] | Unsecured Debt [Member]

Debt Instrument [Line Items]

2026

^[1]

200,000

2027

^[1]

525,000

2028

^[1]

420,000

2029

^[1]

425,000

2030

^[1]

600,000

Beyond 5 Years

^[1]

1,850,000

Unamortized debt premium/(discount) and issuance costs

^[1]

(27,136)

Total

^[1]

$ 3,992,864

[1]	Includes unsecured public and private debt and unsecured credit facilities.

Earnings per Share and Unit (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of earnings per share

The following summarizes the calculation of basic and diluted earnings per share:


	Year ended December 31,
(in thousands, except per share data)	2025		2024		2023
Numerator:
Net income attributable to common shareholders - basic	$	513,810		386,738		359,500
Net income attributable to common shareholders - diluted	$	513,810		386,738		359,500
Denominator:
Weighted average common shares outstanding for basic EPS		181,902		182,817		176,085
Weighted average common shares outstanding for diluted EPS (1)		182,234		183,040		176,371
Net income per common share – basic	$	2.82		2.12		2.04
Net income per common share – diluted	$	2.82		2.11		2.04

(1)

Using the treasury stock method, the calculation includes the dilutive effect of unvested restricted stock and shares to be issued under the forward sale agreements.

Partnership Interest [Member]

Schedule of earnings per share

The following summarizes the calculation of basic and diluted earnings per unit ("EPU"):


	Year ended December 31,
(in thousands, except per unit data)	2025		2024		2023
Numerator:
Net income attributable to common unit holders - basic	$	520,879		389,076		361,508
Net income attributable to common unit holders - diluted	$	520,879		389,076		361,508
Denominator:
Weighted average common units outstanding for basic EPU		184,206		183,916		177,038
Weighted average common units outstanding for diluted EPU (1)		184,538		184,139		177,324
Net income per common unit – basic	$	2.83		2.12		2.04
Net income per common unit – diluted	$	2.82		2.11		2.04

(1)

Using the treasury stock method, the calculation includes the dilutive effect of unvested restricted units and units to be issued under the forward sale agreements.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 527,460	$ 400,388	$ 364,557

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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+ Details

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net of cash acquired	$ 4,273
Capitalized interest	10,289	$ 6,627	$ 5,695
UBP Acquisition [Member]
Net of cash acquired			14,143
Partnership Interest [Member]
Net of cash acquired	4,273
Capitalized interest	$ 10,289	$ 6,627	5,695
Partnership Interest [Member] \| UBP Acquisition [Member]
Net of cash acquired			$ 14,143

Notes Payable and Unsecured Credit Facility - Additional Information (Details) - USD ($)		1 Months Ended		12 Months Ended
	Jan. 18, 2024	Nov. 30, 2025	Jul. 31, 2025	Dec. 31, 2025	May 13, 2025
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 1,500,000,000
Line of credit extended maturity period				two additional six-month periods
Line of credit facility, interest rate description				SOFR plus an applicable spread of 0.79%
Line of credit facility, variable interest rate				0.79%
Line of credit facility, commitment fee percentage				0.115%
RMV Portfolio [Member]
Debt Instrument [Line Items]
Secured mortgage debt			$ 150,000,000
Secured mortgage debt, weighted average interest rate			4.20%
Debt instrument, term			12 years
Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,500,000,000
Debt instrument, term	4 years
Line of credit extended maturity period	two six-month extension options
Unsecured Revolving Credit Facility [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,500,000,000
Accordion Feature [Member]
Debt Instrument [Line Items]
Line of credit facility, available capacity				$ 1,400,000,000
Unsecured Debt [Member] \| Senior Unsecured Notes Due in 2032 [Member]
Debt Instrument [Line Items]
Debt instrument, issue price					$ 400,000,000
Percentage of debt par value					99.279%
Coupon rate					5.00%
Fixed Rate Mortgage Loans [Member]
Debt Instrument [Line Items]
Repaid of fixed rate mortgage loans		$ 16,000,000
Fixed Rate Mortgage Loans [Member] \| RMV Portfolio [Member]
Debt Instrument [Line Items]
Secured mortgage debt			$ 150,000,000
Secured mortgage debt, weighted average interest rate			4.20%
Secured mortgage debt, weighted average remaining term			12 years
Fixed Rate Unsecured Debt [Member]
Debt Instrument [Line Items]
Repaid of unsecured debt		$ 250,000,000

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

Lessor Accounting

Substantially all of the Company's leases are classified as operating leases. The Company's Lease income is comprised of both fixed and variable income. Fixed and in-substance fixed lease income includes stated amounts per lease contracts, which are primarily related to base rent, and in some cases stated amounts for Recoverable Costs. Income for these amounts is recognized on a straight-line basis.

Variable lease income includes the following two main items in the lease contracts:

(i)

Recoveries from tenants represent the tenants' contractual obligations to reimburse the Company for their portion of Recoverable Costs incurred. Generally, the Company's leases provide for the tenants to reimburse the Company based on the tenants' share of the actual costs incurred in proportion to the tenants' share of leased space in the property.

(ii)

Percentage rent represents amounts billable to tenants based on the tenants' actual sales volume in excess of levels specified in the lease contract.

The following table provides a disaggregation of lease income recognized as either fixed or variable lease income based on the criteria specified in Topic 842:


	Year ended December 31,
(in thousands)	2025			2024			2023
Operating lease income
Fixed and in-substance fixed lease income	$	1,102,834			1,035,225			928,364
Variable lease income		388,123			356,520			324,037
Other lease related income, net:
Above/below market rent and tenant rent inducement amortization, net		24,428			24,843			30,826
Uncollectible straight-line rent		(1,167	)		(1,885	)		1,261
Uncollectible amounts billable in lease income		(2,793	)		(3,324	)		(549	)
Total lease income	$	1,511,425			1,411,379			1,283,939

Future minimum rental revenue under non-cancelable operating leases, excluding variable lease payments as of December 31, 2025, are as follows:


(in thousands)
For the year ending December 31,
2026	$	1,121,279
2027		1,026,724
2028		880,290
2029		736,919
2030		591,041
Thereafter		2,327,057
Total	$	6,683,310

At December 31, 2025, the Company had three leases classified as sales-type leases, with lease income recorded over the lease term in the form of variable interest income representing the constant periodic rate of return on the Company’s net investment in the lease, and fixed contractual obligations.

Lessee Accounting

The Company has shopping centers that are subject to non-cancelable, long-term ground leases where a third party owns the underlying land and has leased the land to the Company to construct and/or operate a shopping center.

The Company has 21 properties within its consolidated real estate portfolio that are either partially or completely on land subject to ground leases with third parties. Accordingly, the Company owns only a long-term leasehold or similar interest in these properties. These ground leases expire through the year 2121, and in most cases, provide for renewal options.

In addition, the Company has non-cancelable operating leases for office space used to conduct its business. Office leases expire through the year 2035, and in certain cases, provide for renewal options.

The ground and office lease expenses are recognized on a straight-line basis over the term of the leases, including management's estimate of expected optional renewal periods, with ground lease expense presented within Property operating expense, and office lease expense presented within General and administrative in the accompanying Consolidated Statements of Operations.


	Year ended December 31,
(in thousands)	2025		2024		2023
Fixed operating lease expense
Ground leases	$	15,489		15,420		14,727
Office leases		3,907		3,689		4,103
Total fixed operating lease expense		19,396		19,109		18,830
Variable lease expense
Ground leases		1,571		1,953		1,586
Office leases		604		592		729
Total variable lease expense		2,175		2,545		2,315
Total lease expense	$	21,571		21,654		21,145
Cash paid for amounts included in the measurement of operating lease liabilities
Operating cash flows for operating leases	$	16,871		16,212		15,823


(in thousands)	Lease Liabilities
For the years ending December 31,	Ground Leases			Office Leases			Total
2026	$	12,817			3,963			16,780
2027		12,843			3,597			16,440
2028		12,984			2,137			15,121
2029		13,017			855			13,872
2030		13,012			439			13,451
Thereafter		675,321			913			676,234
Total undiscounted lease liabilities	$	739,994			11,904			751,898
Less imputed interest		(508,492	)		(1,038	)		(509,530	)
Lease liabilities	$	231,502			10,866			242,368
Weighted average discount rate		5.5	%		4.6	%
Weighted average remaining term (in years)		47.8			3.7

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

The Company records stock-based compensation expense within General and administrative expenses in the accompanying Consolidated Statements of Operations, and recognizes forfeitures as they occur.


	Year ended December 31,
(in thousands)	2025			2024			2023
Restricted stock (1)(2)	$	21,648			18,549			17,277
Directors' fees paid in common stock and other employee stock grants		439			528			590
Capitalized stock-based compensation		(2,628	)		(1,941	)		(954	)
Stock-based compensation, net of capitalization	$	19,459			17,136			16,913

(1)

Includes amortization of the grant date fair value of restricted stock awards over the respective vesting periods.

(2)

Schedule of Nonvested Share Activity

The following table summarizes non-vested restricted stock activity:


	Year ended December 31, 2025
	Number of Shares			Intrinsic Value (in thousands)		Weighted Average Grant Date Fair Value
Non-vested as of December 31, 2024		803,789
Time-based awards granted (1) (4)		160,733				$	71.81
Performance-based awards granted (2) (4)		18,721				$	71.78
Market-based awards granted (3) (4)		145,778				$	83.97
Change in market-based awards earned for performance (3)		(33,825	)			$	70.89
Vested (5)		(250,944	)			$	71.01
Forfeited		(9,338	)			$	67.68
Non-vested as of December 31, 2025 (6)		834,914		$	57,634

(1)

(2)

(3)


	Year ended December 31,
	2025			2024			2023
Expected volatility		23.8	%		25.50	%		45.50	%
Risk free interest rate		4.25	%		4.14	%		3.75	%

(4)

The weighted-average grant price for restricted stock granted during the years is summarized below:


	Year ended December 31,
	2025		2024		2023
Weighted-average grant date fair value for restricted stock	$	77.26	$	60.36	$	68.28

(5)

The total intrinsic value of restricted stock vested during the years is summarized below (in thousands):


	Year ended December 31,
	2025		2024		2023
Intrinsic value of restricted stock vested	$	17,820	$	19,254	$	19,717

(6)

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedue of Reconciliations of Amounts to Consolidated Net Income and Total Revenues


	Year ended December 31,
	2025			2024			2023
Lease income	$	1,655,538			1,548,929			1,413,079
Other property income		14,818			15,450			12,260
Less:
Straight-line rent on lease income		(27,224	)		(22,193	)		(13,559	)
Above/below market rent amortization, net		(25,265	)		(25,612	)		(31,604	)
Total real estate revenues		1,617,867			1,516,574			1,380,176
Operating expenses (1)		(284,468	)		(267,660	)		(247,792	)
Real estate taxes		(209,958	)		(201,546	)		(181,096	)
NOI	$	1,123,441			1,047,368			951,288
Reconciliation of Total real estate revenues to Total revenues:
Total real estate revenues		1,617,867			1,516,574			1,380,176
Consolidated:
Straight-line rent on lease income		24,495			20,300			10,788
Above/below market rent amortization, net		24,428			24,843			30,826
Management, transaction, and other fees		28,358			27,874			26,954
Add: Share of noncontrolling interests		12,079			11,859			10,865
Less: Share of unconsolidated real estate partnerships		(153,703	)		(147,546	)		(137,143	)
Total revenues	$	1,553,524			1,453,904			1,322,466

(1)

Operating expenses include Operating and maintenance, Ground rent and Termination expense

Summary of Reconciliation of NOI to Net Income


	Year ended December 31,
	2025			2024			2023
Reconciliation of NOI to Net income:
NOI		1,123,441			1,047,368			951,288
Consolidated:
Straight-line rent on lease income		24,495			20,300			10,788
Above/below market rent amortization, net		24,428			24,843			30,826
Management, transaction, and other fees		28,358			27,874			26,954
Straight-line rent on ground rent		(1,343	)		(1,350	)		(1,405	)
Above/below market ground rent amortization		(2,138	)		(2,142	)		(1,696	)
Depreciation and amortization		(405,044	)		(394,714	)		(352,282	)
General and administrative		(99,407	)		(101,465	)		(97,806	)
Other operating expenses		(8,849	)		(10,867	)		(9,459	)
Other expense, net		(175,613	)		(154,260	)		(147,824	)
Add: Share of noncontrolling interests excluded from NOI		8,400			8,293			7,571
Less: Equity in income of investments in real estate excluded from NOI		24,223			(54,040	)		(46,088	)
Net income	$	540,951			409,840			370,867

Income Taxes - Tax Status of Dividends (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Tax Status of Dividends [Line Items]
Dividend per share, common shares	$ 2.87	$ 2.715	$ 2.62
Series A [Member]
Schedule of Tax Status of Dividends [Line Items]
Dividend per share, preferred shares	1.5625	1.5625	0.78125
Series B [Member]
Schedule of Tax Status of Dividends [Line Items]
Dividend per share, preferred shares	$ 1.4688	$ 1.4688	$ 0.7344

Saving and Retirement Plans Non-Qualified Deferred Compensation Plan (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Other Assets [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Securities	$ 34,113	$ 33,555
Accounts Payable and Other Liabilities [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Deferred compensation obligation	$ 34,032	$ 33,473

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Common stock/unit per share	$ 2.87	$ 2.715	$ 2.62
Series A [Member]
Preferred stock/unit per share	1.5625	1.5625	0.78125
Series B [Member]
Preferred stock/unit per share	$ 1.4688	$ 1.4688	$ 0.7344

Segment Information - Summary of Reconciliation of NOI to Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	$ 1,123,441	$ 1,047,368	$ 951,288
Straight-line rent on lease income	24,495	20,300	10,788
Above/below market rent amortization, net	24,428	24,843	30,826
Management, transaction, and other fees	28,358	27,874	26,954
Straight-line rent on lease income	(1,343)	(1,350)	(1,405)
Above/below market ground rent amortization	(2,138)	(2,142)	(1,696)
Depreciation and amortization	(405,044)	(394,714)	(352,282)
General and administrative	(99,407)	(101,465)	(97,806)
Other operating expenses	(8,849)	(10,867)	(9,459)
Other expense, net	(175,613)	(154,260)	(147,824)
Add: Share of noncontrolling interests excluded from NOI	8,400	8,293	7,571
Less: Equity in income of investments in real estate excluded from NOI	24,223	(54,040)	(46,088)
Net income	540,951	409,840	370,867
Shopping Centers [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Straight-line rent on lease income	24,495	20,300	10,788
Above/below market rent amortization, net	24,428	24,843	30,826
Management, transaction, and other fees	$ 28,358	$ 27,874	$ 26,954

Schedule III - Consolidated Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Consolidated Real Estate and Accumulated Depreciation


					Initial Cost							Total Cost
Shopping Centers	State	Mortgages or Encumbrances(1)			Land & Land Improvements		Building & Improvements		Cost Capitalized Subsequent to Acquisition (2)			Land & Land Improvements		Building & Improvements		Total		Accumulated Depreciation			Year Constructed or Last Major Renovation		Year Acquired
111 Kraft Avenue	NY	$	—			1,220		3,932		129			1,220		4,061		5,281		(266	)		1902		2023
1175 Third Avenue	NY		—			40,560		25,617		6,752			40,560		32,369		72,929		(6,886	)		1995		2017
1225-1239 Second Ave	NY		—			23,033		17,173		(87	)		23,033		17,086		40,119		(3,831	)		1987		2017
22 Crescent Road	CT		—			2,198		272		(318	)		2,152		—		2,152		—			1984		2017
260-270 Sawmill Road	NY		—			3,943		58		—			3,943		58		4,001		(10	)		1953		2023
27 Purchase Street	NY		—			903		2,239		133			903		2,372		3,275		(166	)				2023
410 South Broadway	NY		—			2,372		1,603		—			2,372		1,603		3,975		(105	)		1936		2023
470 Main Street	CT		—			1,021		4,361		133			1,021		4,494		5,515		(410	)		1972		2023
48 Purchase Street	NY		—			1,214		4,414		32			1,214		4,446		5,660		(283	)				2023
4S Commons Town Center	CA		—			30,760		35,830		4,545			30,812		40,323		71,135		(33,265	)		2004		2004
6401 Roosevelt	WA		—			2,685		934		356			2,685		1,290		3,975		(248	)		1929		2019
90 - 30 Metropolitan Avenue	NY		—			16,614		24,171		598			16,614		24,769		41,383		(6,318	)		2007		2017
91 Danbury Road	CT		—			732		851		20			732		871		1,603		(247	)		1965		2017
970 High Ridge Center	CT		—			5,695		5,204		375			5,695		5,579		11,274		(455	)		1960		2023
Airport Plaza	CT		—			1,293		11,119		35			1,293		11,154		12,447		(825	)		1974		2023
Alafaya Village	FL		—			3,004		5,852		340			3,004		6,192		9,196		(1,823	)		1986		2017
Alden Bridge	TX		(26,000	)		17,014		21,958		881			17,014		22,839		39,853		(4,186	)		1998		2002
Aldi Square	CT		—			6,394		1,704		(28	)		6,394		1,676		8,070		(242	)		2014		2023
Amerige Heights Town Center	CA		—			10,109		11,288		1,860			10,109		13,148		23,257		(7,760	)		2000		2000
Anastasia Plaza	FL		—			9,065		—		17,378			6,793		19,650		26,443		(2,280	)	In Process			1993
Apple Valley Square	MN		—			5,438		21,328		(4,408	)		5,451		16,907		22,358		(3,391	)		1998		2006
Arcadian Shopping Center	NY		—			14,546		26,716		697			14,546		27,413		41,959		(2,156	)		1978		2023
Ashburn Farm Village Center	VA		—			10,418		21,185		11			10,418		21,196		31,614		(180	)		1996		2025
Ashford Place	GA		—			2,584		9,865		2,380			2,584		12,245		14,829		(10,358	)		1993		1997
Atlantic Village	FL		—			4,282		18,827		2,303			4,868		20,544		25,412		(7,993	)		2014		2017
Avenida Biscayne	FL		—			88,098		20,771		19,325			94,992		33,202		128,194		(5,853	)	In Process			2017
Aventura Shopping Center	FL		—			2,751		10,459		11,401			9,486		15,125		24,611		(7,110	)		2017		1994
Baederwood Shopping Center	PA		(24,365	)		12,016		33,556		1,044			12,016		34,600		46,616		(4,600	)		1999		2023
Balboa Mesa Shopping Center	CA		—			23,074		33,838		14,552			27,758		43,706		71,464		(23,930	)		2014		2012
Banco Popular Building	FL		—			2,160		1,137		(1,294	)		2,003		—		2,003		—			1971		2017
Baybrook East	TX		—			17,144		8,429		11			17,144		8,440		25,584		(128	)		2025		2025
Belleview Square	CO		—			8,132		9,756		5,308			8,323		14,873		23,196		(11,969	)		2013		2004
Belmont Chase	VA		—			13,881		17,193		(122	)		14,372		16,580		30,952		(11,531	)		2014		2014
Berkshire Commons	FL		—			2,295		9,551		3,159			2,965		12,040		15,005		(10,566	)		1992		1994
Bethany Park Place	TX		(10,200	)		4,832		12,405		549			4,832		12,954		17,786		(2,465	)		1998		1998
Bethel Hub Center	CT		—			1,738		3,918		178			1,738		4,096		5,834		(354	)		1957		2023
Biltmore Shopping Center	NY		—			4,632		3,766		358			4,632		4,124		8,756		(286	)		1967		2023
Bird 107 Plaza	FL		—			10,371		5,136		168			10,371		5,304		15,675		(1,878	)		1990		2017
Bird Ludlam	FL		—			42,663		38,481		1,470			42,663		39,951		82,614		(12,355	)		1998		2017
Black Rock	CT		(14,939	)		22,251		20,815		763			22,251		21,578		43,829		(8,730	)		1996		2014
Blakeney Town Center	NC		—			82,411		89,165		7,297			82,416		96,457		178,873		(15,050	)		2006		2021
Bloomfield Crossing	NJ		—			3,365		11,453		6			3,365		11,459		14,824		(919	)				2023
Bloomingdale Square	FL		—			3,940		14,912		23,786			8,639		33,999		42,638		(17,022	)		2021		1998
Blossom Valley	CA		(22,300	)		31,988		5,850		1,169			31,988		7,019		39,007		(1,516	)		1992		1999
Boca Village Square	FL		—			43,888		9,726		469			43,888		10,195		54,083		(4,378	)		2014		2017
Boonton ACME Shopping Center	NJ		(10,123	)		8,664		9,601		26			8,664		9,627		18,291		(825	)		1999		2023


					Initial Cost							Total Cost
Shopping Centers	State	Mortgages or Encumbrances(1)			Land & Land Improvements		Building & Improvements		Cost Capitalized Subsequent to Acquisition (2)			Land & Land Improvements		Building & Improvements		Total		Accumulated Depreciation			Year Constructed or Last Major Renovation		Year Acquired
Boulevard Center	CO		—			3,659		10,787		5,360			3,659		16,147		19,806		(10,859	)		1986		1999
Boynton Lakes Plaza	FL		—			2,628		11,236		5,409			3,597		15,676		19,273		(10,873	)		2012		1997
Boynton Plaza	FL		—			12,879		20,713		910			12,879		21,623		34,502		(6,987	)		2015		2017
Brentwood Place	TN		(43,500	)		38,644		86,065		139			38,644		86,204		124,848		(2,559	)	2007/2016			2025
Brentwood Plaza	MO		—			2,788		3,473		832			2,788		4,305		7,093		(2,164	)		2002		2007
Briarcliff La Vista	GA		—			694		3,292		1,536			694		4,828		5,522		(3,691	)		1962		1997
Briarcliff Village	GA		—			4,597		24,836		6,164			5,519		30,078		35,597		(24,775	)		1990		1997
Brick Walk	CT		(30,234	)		25,299		41,995		2,807			25,299		44,802		70,101		(16,215	)		2007		2014
BridgeMill Market	GA		—			7,521		13,306		1,802			7,522		15,107		22,629		(5,561	)		2000		2017
Bridgepark Plaza	CA		(17,383	)		26,014		38,774		53			26,014		38,827		64,841		(773	)		2021		2025
Bridgeton	MO		—			3,033		8,137		806			3,067		8,909		11,976		(4,547	)		2005		2007
Brighten Park	GA		—			3,983		18,687		12,259			3,887		31,042		34,929		(25,418	)		2016		1997
Broadway Plaza	NY		—			40,723		42,170		3,518			40,723		45,688		86,411		(13,444	)		2014		2017
Brooklyn Station on Riverside	FL		—			7,019		8,688		568			6,998		9,277		16,275		(4,228	)		2013		2013
Brookside Plaza	CT		—			35,161		17,494		10,171			36,238		26,588		62,826		(10,246	)		2006		2017
Buckhead Court	GA		—			1,417		7,432		4,831			1,417		12,263		13,680		(11,147	)		1984		1997
Buckhead Landing	GA		—			45,502		16,642		21,883			51,819		32,208		84,027		(5,393	)	1998/2024			2017
Buckhead Station	GA		—			70,411		36,518		3,277			70,448		39,758		110,206		(13,410	)		1996		2017
Buckley Square	CO		—			2,970		5,978		1,901			2,921		7,928		10,849		(5,716	)		1978		1999
Caligo Crossing	FL		—			2,459		4,897		187			2,546		4,997		7,543		(4,521	)		2007		2007
Cambridge Square	GA		—			774		4,347		15,673			6,298		14,496		20,794		(2,001	)	In Process			1996
Carmel Commons	NC		—			2,466		12,548		6,285			3,419		17,880		21,299		(14,000	)		2012		1997
Carmel ShopRite Plaza	NY		—			5,828		15,321		1,041			5,828		16,362		22,190		(1,170	)		1981		2023
Carriage Gate	FL		—			833		4,974		3,393			1,302		7,898		9,200		(7,680	)		2013		1994
Carytown Exchange	VA		—			24,121		22,502		(25	)		24,122		22,476		46,598		(7,289	)		2022		2018
Cashmere Corners	FL		—			3,187		9,397		775			3,187		10,172		13,359		(4,101	)		2016		2017
Cedar Commons	MN		—			4,704		16,748		629			4,716		17,365		22,081		(3,146	)		1999		2011
Cedar Hill Shopping Center	NJ		(6,585	)		7,266		9,372		451			7,266		9,823		17,089		(828	)		1971		2023
Centerplace of Greeley III	CO		—			6,661		11,502		754			4,607		14,310		18,917		(8,679	)		2007		2007
Charlotte Square	FL		—			1,141		6,845		1,490			1,141		8,335		9,476		(3,790	)		1980		2017
Chasewood Plaza	FL		—			4,612		20,829		7,056			6,886		25,611		32,497		(23,823	)		2015		1993
Chastain Square	GA		—			30,074		12,644		2,519			30,074		15,163		45,237		(6,370	)		2001		2017
Cherry Grove	OH		—			3,533		15,862		6,663			3,533		22,525		26,058		(16,093	)		2012		1998
Chestnut Ridge Shopping Center	NJ		—			12,927		5,530		51			12,927		5,581		18,508		(220	)		1965		2025
Chilmark Shopping Center	NY		—			4,952		15,407		202			4,952		15,609		20,561		(1,170	)		1963		2023
Chimney Rock	NJ		—			23,623		48,200		1,352			23,623		49,552		73,175		(25,633	)		2016		2016
Circle Center West	CA		—			22,930		9,028		3,715			23,173		12,500		35,673		(3,694	)		1989		2017
Circle Marina Shops & Mrktplc. (fka Circle Marina Center)	CA		—			29,303		18,437		14,726			32,173		30,293		62,466		(4,970	)		1994		2019
CityLine Market	TX		—			12,208		15,839		590			12,306		16,331		28,637		(8,169	)		2014		2014
CityLine Market Phase II	TX		—			2,744		3,081		110			2,744		3,191		5,935		(1,414	)		2015		2015
Clayton Valley Shopping Center	CA		—			24,189		35,422		3,177			24,538		38,250		62,788		(32,543	)		2004		2003
Clocktower Plaza Shopping Ctr	NY		—			49,630		19,624		629			49,630		20,253		69,883		(6,562	)		1995		2017
Clybourn Commons	IL		—			15,056		5,594		618			15,056		6,212		21,268		(2,619	)		1999		2014
Cochran's Crossing	TX		—			13,154		12,315		2,711			13,154		15,026		28,180		(13,065	)		1994		2002
Compo Acres Shopping Center	CT		—			28,627		10,395		1,273			28,627		11,668		40,295		(3,564	)		2011		2017


					Initial Cost							Total Cost
Shopping Centers	State	Mortgages or Encumbrances(1)			Land & Land Improvements		Building & Improvements		Cost Capitalized Subsequent to Acquisition (2)			Land & Land Improvements		Building & Improvements		Total		Accumulated Depreciation			Year Constructed or Last Major Renovation		Year Acquired
Compo Shopping Center	CT		—			15,651		29,034		228			15,651		29,262		44,913		(1,712	)		1953		2024
Concord Shopping Plaza	FL		—			30,819		36,506		2,197			31,272		38,250		69,522		(10,963	)		1993		2017
Copps Hill Plaza	CT		—			29,515		40,673		8,605			29,514		49,279		78,793		(13,147	)		2002		2017
Coral Reef Shopping Center	FL		—			14,922		15,200		2,814			15,332		17,604		32,936		(6,255	)		1990		2017
Corkscrew Village	FL		—			8,407		8,004		888			8,407		8,892		17,299		(5,117	)		1997		2007
Cornerstone Square	GA		—			1,772		6,944		2,136			1,772		9,080		10,852		(7,798	)		1990		1997
Corral Hollow	CA		—			8,887		24,121		2,476			8,932		26,552		35,484		(3,510	)		2000		2000
Corvallis Market Center	OR		—			6,674		12,244		1,050			6,696		13,272		19,968		(9,074	)		2006		2006
Cos Cob Commons	CT		—			6,608		14,967		705			6,608		15,672		22,280		(1,185	)		1986		2023
Cos Cob Plaza	CT		(3,577	)		4,030		4,225		74			4,030		4,299		8,329		(324	)		1947		2023
Country Walk Plaza	FL		—			18,713		20,373		460			18,713		20,833		39,546		(5,914	)		2008		2017
Countryside Shops	FL		—			17,982		35,574		16,274			23,175		46,655		69,830		(19,566	)	1991/2018			2017
Courtyard Shopping Center	FL		—			5,867		4		3			5,867		7		5,874		(3	)		1987		1993
Culver Center	CA		—			108,841		32,308		4,240			108,841		36,548		145,389		(12,100	)		2000		2017
Danbury Green	CT		—			30,303		19,255		2,406			30,305		21,659		51,964		(6,680	)		2006		2017
Danbury Square	CT		—			6,592		23,543		4,362			6,697		27,800		34,497		(1,928	)		1987		2023
Dardenne Crossing	MO		—			4,194		4,005		912			4,343		4,768		9,111		(3,041	)		1996		2007
Darinor Plaza	CT		—			693		32,140		1,095			711		33,217		33,928		(10,603	)		1978		2017
DeCicco's Plaza	NY		—			8,890		23,368		1,975			8,890		25,343		34,233		(1,850	)		1978		2023
Diablo Plaza	CA		—			5,300		8,181		3,481			5,300		11,662		16,962		(7,931	)		1982		1999
District Shops of Pelham Manor	NY		—			4,708		6,243		209			4,711		6,449		11,160		(482	)		1960		2023
Dunwoody Hall	GA		(13,800	)		15,145		12,110		957			15,145		13,067		28,212		(2,459	)		1986		1997
Dunwoody Village	GA		—			3,342		15,934		8,703			3,417		24,562		27,979		(20,203	)		1975		1997
East Meadow Plaza	NY		—			13,135		25,070		8,831			13,186		33,850		47,036		(5,094	)	In Process			2023
East Pointe	OH		—			1,730		7,189		2,727			1,941		9,705		11,646		(8,285	)		2014		1998
East San Marco	FL		—			4,897		14,933		(141	)		4,752		14,937		19,689		(2,107	)		2022		2007
Eastchester Plaza	NY		—			5,017		7,379		107			5,017		7,486		12,503		(542	)		1963		2023
Eastport	NY		—			2,985		5,649		1,087			2,947		6,774		9,721		(1,439	)		1980		2021
El Camino Shopping Center	CA		—			7,600		11,538		16,063			10,328		24,873		35,201		(16,384	)		2017		1999
El Cerrito Plaza	CA		—			11,025		27,371		9,798			11,025		37,169		48,194		(18,652	)		2000		2000
El Norte Pkwy Plaza	CA		—			2,834		7,370		3,443			3,263		10,384		13,647		(7,803	)		2013		1999
Emerson Plaza	NJ		—			8,615		7,835		553			8,699		8,304		17,003		(1,392	)		1981		2023
Encina Grande	CA		—			5,040		11,572		20,680			10,518		26,774		37,292		(20,326	)		2016		1999
Fairfield Center	CT		—			6,731		29,420		2,326			6,731		31,746		38,477		(11,061	)		2000		2014
Fairfield Crossroads	CT		—			9,982		9,796		18			9,982		9,814		19,796		(835	)		1995		2023
Falcon Marketplace	CO		—			1,340		4,168		602			1,246		4,864		6,110		(3,565	)		2005		2005
Fellsway Plaza	MA		(33,727	)		30,712		7,327		10,645			35,258		13,426		48,684		(10,425	)		2016		2013
Ferry Street Plaza	NJ		(8,131	)		7,960		24,439		246			7,960		24,685		32,645		(1,824	)		1995		2023
Firstfield Shopping Center	MD		—			5,003		13,808		26			5,015		13,822		18,837		(113	)		2014		2025
Fleming Island	FL		—			3,077		11,587		4,009			3,111		15,562		18,673		(10,829	)		2000		1998
Fountain Square	FL		—			29,722		29,041		568			29,784		29,547		59,331		(17,739	)		2013		2013
French Valley Village Center	CA		—			11,924		16,856		777			11,822		17,735		29,557		(16,922	)		2004		2004
Friars Mission Center	CA		—			6,660		28,021		3,407			6,660		31,428		38,088		(21,264	)		1989		1999
Gardens Square	FL		—			2,136		8,273		878			1,775		9,512		11,287		(6,795	)		1991		1997
Gateway Shopping Center	PA		—			52,665		7,134		13,887			55,087		18,599		73,686		(22,900	)		2016		2004
Gelson's Westlake Market Plaza	CA		—			3,157		11,153		6,897			4,654		16,553		21,207		(11,667	)		2016		2002


					Initial Cost							Total Cost
Shopping Centers	State	Mortgages or Encumbrances(1)			Land & Land Improvements		Building & Improvements		Cost Capitalized Subsequent to Acquisition (2)			Land & Land Improvements		Building & Improvements		Total		Accumulated Depreciation			Year Constructed or Last Major Renovation		Year Acquired
Glen Oak Plaza	IL		—			4,103		12,951		2,413			4,124		15,343		19,467		(7,030	)		1967		2010
Glenwood Green	NJ		—			26,463		28,543		1			26,463		28,544		55,007		(4,449	)		2024		2023
Glenwood Village	NC		—			1,194		5,381		891			1,194		6,272		7,466		(5,417	)		1983		1997
Golden Hills Plaza	CA		—			12,699		18,482		4,208			11,521		23,868		35,389		(15,667	)		2017		2006
Grand Ridge Plaza	WA		—			24,208		61,033		6,752			24,918		67,075		91,993		(38,524	)		2018		2012
Greenwich Commons	CT		(4,461	)		3,831		6,990		(22	)		3,831		6,968		10,799		(472	)		1961		2023
Greenwood Shopping Centre	FL		—			7,777		24,829		1,205			7,777		26,034		33,811		(8,998	)		1994		2017
H Mart Plaza	NJ		—			1,296		2,469		—			1,296		2,469		3,765		(169	)		1967		2023
Hancock	TX		—			8,232		28,260		(9,585	)		4,604		22,303		26,907		(12,097	)		1998		1999
Harpeth Village Fieldstone	TN		—			2,284		9,443		1,587			2,284		11,030		13,314		(7,431	)		1998		1997
Harrison Shopping Square	NY		—			6,034		5,195		659			6,353		5,535		11,888		(416	)		1958		2023
Hasley Canyon Village	CA		(16,000	)		17,630		8,231		240			17,630		8,471		26,101		(1,543	)		2003		2003
Heritage 202 Center	NY		—			1,694		5,901		368			1,695		6,268		7,963		(476	)		1989		2023
Heritage Plaza	CA		—			12,390		26,097		15,348			12,215		41,620		53,835		(25,173	)		2012		1999
Hershey	PA		—			7		808		13			7		821		828		(670	)		2000		2000
Hewlett Crossing I & II	NY		—			11,850		18,205		2,554			11,850		20,759		32,609		(4,597	)		1954		2018
Hibernia Pavilion	FL		—			4,929		5,065		353			4,929		5,418		10,347		(4,772	)		2006		2006
High Ridge Center	CT		(10,000	)		26,078		21,460		805			26,092		22,251		48,343		(1,741	)		1968		2023
Hillcrest Village	TX		—			1,600		1,909		271			1,600		2,180		3,780		(1,353	)		1991		1999
Hilltop Village	CO		—			2,995		4,581		4,845			3,104		9,317		12,421		(6,483	)		2018		2002
Hinsdale Lake Commons	IL		—			5,734		16,709		12,248			8,343		26,348		34,691		(20,509	)		2015		1998
Holly Park	NC		—			8,975		23,799		2,743			8,828		26,689		35,517		(11,070	)		1969		2013
Howell Mill Village	GA		—			5,157		14,279		8,108			9,610		17,934		27,544		(10,198	)		1984		2004
Hyde Park	OH		—			9,809		39,905		18,623			10,215		58,122		68,337		(36,950	)		1995		1997
Indian Springs Center	TX		—			24,974		25,903		1,495			25,050		27,322		52,372		(11,094	)		2003		2002
Indigo Square	SC		—			8,087		9,849		(26	)		8,087		9,823		17,910		(4,075	)		2017		2017
Inglewood Plaza	WA		—			1,300		2,159		1,373			1,300		3,532		4,832		(2,525	)		1985		1999
Island Village	WA		—			12,354		23,660		726			12,361		24,379		36,740		(3,545	)		2013		2023
Jordan Ranch	TX		—			16,465		29,318		—			16,465		29,318		45,783		(294	)		2025		2024
Keller Town Center	TX		—			2,294		12,841		1,657			2,404		14,388		16,792		(9,203	)		2014		1999
Kirkman Shoppes	FL		—			9,364		26,243		1,082			9,367		27,322		36,689		(8,903	)		2015		2017
Kirkwood Commons	MO		—			6,772		16,224		1,954			6,802		18,148		24,950		(8,384	)		2000		2007
Klahanie Shopping Center	WA		—			14,451		20,089		1,157			14,451		21,246		35,697		(6,533	)		1998		2016
Knotts Landing	CT		—			2,062		23,536		99			2,062		23,635		25,697		(1,413	)		1994		2023
Kroger New Albany Center	OH		—			3,844		6,599		1,594			3,844		8,193		12,037		(7,285	)		1999		1999
Lake Mary Centre	FL		—			24,036		57,476		3,391			24,036		60,867		84,903		(21,506	)		2015		2017
Lake Pine Plaza	NC		—			2,008		7,632		1,109			2,029		8,720		10,749		(6,341	)		1997		1998
Lakeview Shopping Center	NY		(10,407	)		6,341		22,296		1,286			6,341		23,582		29,923		(2,057	)		1981		2023
Lebanon/Legacy Center	TX		—			3,913		7,874		1,764			3,913		9,638		13,551		(8,100	)		2002		2000
Littleton Square	CO		—			2,030		8,859		(3,274	)		2,433		5,182		7,615		(3,882	)		2015		1999
Lloyd King Center	CO		—			1,779		10,060		1,863			1,779		11,923		13,702		(8,302	)		1998		1998
Lower Nazareth Commons	PA		—			15,992		12,964		4,165			16,343		16,778		33,121		(15,745	)		2012		2007
Main & Bailey	CT		—			603		13,428		293			603		13,721		14,324		(966	)		1950		2023
Mandarin Landing	FL		—			7,913		27,230		13,396			10,625		37,914		48,539		(9,371	)		2024		2017
Market at Colonnade Center	NC		—			6,455		9,839		569			6,160		10,703		16,863		(6,875	)		2009		2009
Market at Preston Forest	TX		—			4,400		11,445		2,402			4,400		13,847		18,247		(9,544	)		1990		1999


					Initial Cost							Total Cost
Shopping Centers	State	Mortgages or Encumbrances(1)			Land & Land Improvements		Building & Improvements		Cost Capitalized Subsequent to Acquisition (2)			Land & Land Improvements		Building & Improvements		Total		Accumulated Depreciation			Year Constructed or Last Major Renovation		Year Acquired
Market at Round Rock	TX		—			2,000		9,676		10,106			1,996		19,786		21,782		(12,611	)		1987		1999
Market at Springwoods Village	TX		—			12,592		12,809		222			12,592		13,031		25,623		(6,480	)		2018		2016
Marketplace at Briargate	CO		—			1,706		4,885		373			1,727		5,237		6,964		(3,792	)		2006		2006
McLean Plaza	NY		(5,000	)		12,527		12,039		231			12,534		12,263		24,797		(996	)		1982		2023
Meadtown Shopping Center	NJ		(8,765	)		9,961		15,328		633			9,961		15,961		25,922		(1,302	)		1961		2023
Mellody Farm	IL		—			35,628		66,847		111			35,639		66,947		102,586		(24,530	)		2017		2017
Mercantile East	CA		(33,000	)		43,971		38,213		1,267			43,971		39,480		83,451		(819	)		2023		2025
Mercantile West	CA		(40,600	)		20,062		45,218		42			20,062		45,260		65,322		(861	)		2025		2025
Melrose Market	WA		—			4,451		10,807		(72	)		4,451		10,735		15,186		(2,277	)		2009		2019
Midland Park Shopping Center	NJ		(16,588	)		9,814		24,226		1,874			9,814		26,100		35,914		(2,239	)		1966		2023
Millhopper Shopping Center	FL		—			1,073		5,358		6,120			1,901		10,650		12,551		(8,771	)		2017		1993
Mockingbird Commons	TX		—			3,000		10,728		3,822			3,000		14,550		17,550		(9,975	)		1987		1999
Monument Jackson Creek	CO		—			2,999		6,765		1,464			2,999		8,229		11,228		(7,213	)		1999		1998
Morningside Plaza	CA		—			4,300		13,951		1,266			4,300		15,217		19,517		(10,568	)		1996		1999
Murrayhill Marketplace	OR		—			2,670		18,401		15,100			2,903		33,268		36,171		(22,926	)		2016		1999
Naples Walk	FL		—			18,173		13,554		2,476			18,173		16,030		34,203		(9,601	)		1999		2007
New City PCSB Bank Pad	NY		—			837		1,306		(2,143	)		—		—		—		—			1973		2023
New Milford Plaza	CT		—			7,955		18,349		127			7,955		18,476		26,431		(1,482	)		1970		2023
Newberry Square	FL		—			2,412		10,150		2,085			2,412		12,235		14,647		(10,978	)		1986		1994
Newfield Green	CT		(18,175	)		22,993		7,778		107			22,993		7,885		30,878		(843	)		1966		2023
Newland Center	CA		—			12,500		10,697		9,509			16,276		16,430		32,706		(13,687	)		2016		1999
Nocatee Town Center	FL		—			10,124		8,691		9,305			11,045		17,075		28,120		(12,850	)		2017		2007
Nohl Plaza	CA		—			1,688		6,733		317			1,688		7,050		8,738		(801	)		1966		2023
North Hills	TX		—			4,900		19,774		2,293			4,900		22,067		26,967		(13,629	)		1995		1999
Northgate Marketplace	OR		—			5,668		13,727		403			4,955		14,843		19,798		(9,415	)		2011		2011
Northgate Marketplace Ph II	OR		—			12,189		30,171		105			12,159		30,306		42,465		(13,544	)		2015		2015
Northgate Plaza (Maxtown Road)	OH		—			1,769		6,652		5,080			2,840		10,661		13,501		(8,169	)		2017		1998
Northgate Square	FL		—			5,011		8,692		1,236			5,011		9,928		14,939		(6,078	)		1995		2007
Northlake Village	TN		—			2,662		11,284		6,353			2,662		17,637		20,299		(9,371	)		2013		2000
Oakshade Town Center	CA		(2,369	)		6,591		28,966		4,344			6,591		33,310		39,901		(14,620	)		1998		2011
Oakbrook Plaza	CA		—			4,000		6,668		6,432			4,766		12,334		17,100		(8,273	)		2017		1999
Oakleaf Commons	FL		—			3,503		11,671		2,286			3,173		14,287		17,460		(10,412	)		2006		2006
Oakley Shops at Laurel Fields	CA		—			10,963		22,825		—			10,963		22,825		33,788		(392	)		2024		2024
Ocala Corners	FL		—			1,816		10,515		1,775			1,816		12,290		14,106		(6,943	)		2000		2000
Old Greenwich CVS	CT		(799	)		3,704		2,065		7			3,711		2,065		5,776		(149	)		1941		2023
Old Kings Market	CT		(22,111	)		17,091		26,274		375			17,092		26,648		43,740		(1,943	)		1955		2023
Old St Augustine Plaza	FL		—			2,368		11,405		13,655			3,455		23,973		27,428		(15,723	)	2017/2020			1996
Orange Meadows	CT		—			6,459		19,441		1,183			6,461		20,622		27,083		(2,202	)		1990		2023
Orangetown Shopping Center	NY		—			4,716		15,472		1,140			5,684		15,644		21,328		(1,201	)		1966		2023
Pablo Plaza	FL		—			11,894		21,407		12,354			14,135		31,520		45,655		(13,565	)		2020		2017
Paces Ferry Plaza	GA		—			2,812		12,639		21,439			13,803		23,087		36,890		(17,086	)		2018		1997
Panther Creek	TX		—			14,414		14,748		7,378			15,212		21,328		36,540		(17,724	)		1994		2002
Pavilion	FL		—			15,626		22,124		1,546			15,626		23,670		39,296		(8,822	)		2011		2017
Peartree Village	TN		—			5,197		19,746		1,020			5,197		20,766		25,963		(16,226	)		1997		1997
Persimmon Place	CA		—			25,975		38,114		539			26,692		37,936		64,628		(21,756	)		2014		2014
Pike Creek	DE		—			5,153		20,652		10,330			5,885		30,250		36,135		(18,711	)		2013		1998


					Initial Cost							Total Cost
Shopping Centers	State	Mortgages or Encumbrances(1)			Land & Land Improvements		Building & Improvements		Cost Capitalized Subsequent to Acquisition (2)			Land & Land Improvements		Building & Improvements		Total		Accumulated Depreciation			Year Constructed or Last Major Renovation		Year Acquired
Pine Island	FL		—			21,086		28,123		2,217			21,086		30,340		51,426		(10,921	)		1999		2017
Pine Lake Village	WA		—			6,300		10,991		2,299			6,300		13,290		19,590		(9,185	)		1989		1999
Pine Ridge Square	FL		—			13,951		23,147		6,846			13,951		29,993		43,944		(7,669	)		2013		2017
Pine Tree Plaza	FL		—			668		6,220		1,220			668		7,440		8,108		(5,154	)		1999		1997
Pinecrest Place	FL		—			4,193		13,275		73			3,805		13,736		17,541		(4,858	)		2017		2017
Plaza Escuela	CA		—			24,829		104,395		4,305			24,829		108,700		133,529		(26,616	)		2002		2017
Plaza Hermosa	CA		—			4,200		10,109		4,657			4,202		14,764		18,966		(10,136	)		2013		1999
Point 50	VA		—			15,239		11,367		294			14,628		12,272		26,900		(3,909	)		2021		2007
Point Royale Shopping Center	FL		—			18,201		14,889		7,145			19,405		20,830		40,235		(9,977	)		2018		2017
Pompton Lakes Towne Square	NJ		—			12,940		16,392		379			12,943		16,768		29,711		(1,384	)		2000		2023
Post Road Plaza	CT		—			15,240		5,196		176			15,240		5,372		20,612		(1,789	)		1978		2017
Potrero Center	CA		—			133,422		116,758		(87,857	)		85,205		77,118		162,323		(19,505	)		1997		2017
Powell Street Plaza	CA		—			8,248		30,716		5,074			8,248		35,790		44,038		(22,318	)		1987		2001
Powers Ferry Square	GA		—			3,687		17,965		10,632			5,758		26,526		32,284		(25,022	)		2013		1997
Powers Ferry Village	GA		—			1,191		4,672		1,502			1,191		6,174		7,365		(4,926	)		1994		1997
Prairie City Crossing	CA		—			4,164		13,032		632			4,164		13,664		17,828		(8,392	)		1999		1999
Preston Oaks	TX		—			763		30,438		583			1,534		30,250		31,784		(7,686	)		2022		2013
Prestonbrook	TX		—			7,069		8,622		(484	)		5,244		9,963		15,207		(8,798	)		1998		1998
Prosperity Centre	FL		—			11,682		26,215		1,153			11,681		27,369		39,050		(7,616	)		1993		2017
Purchase Street Shops	NY		—			466		1,388		21			466		1,409		1,875		(126	)				2023
Putnam Plaza	NY		(16,531	)		10,355		13,621		2,934			10,355		16,555		26,910		(736	)		1971		2025
Ralphs Circle Center	CA		—			20,939		6,317		492			20,939		6,809		27,748		(2,675	)		1983		2017
Red Bank Village	OH		—			10,336		9,500		1,668			9,755		11,749		21,504		(5,696	)		2018		2006
Regency Commons	OH		—			3,917		3,616		425			3,917		4,041		7,958		(3,153	)		2004		2004
Regency Square	FL		—			4,770		25,191		16,188			6,228		39,921		46,149		(30,373	)		2013		1993
Ridgeway Shopping Center	CT		(40,688	)		47,684		96,414		8,029			47,684		104,443		152,127		(7,804	)		1952		2023
Franklin Pointe (fka Rite Aid Plaza-Waldwick Plaza)	NJ		—			1,774		5,753		(42	)		1,774		5,711		7,485		(370	)		1953		2023
Rivertowns Square	NY		—			15,505		52,505		5,976			16,853		57,133		73,986		(14,511	)		2016		2018
Rona Plaza	CA		—			1,500		4,917		582			1,500		5,499		6,999		(3,903	)		1989		1999
Roosevelt Square	WA		—			40,371		32,108		8,686			40,382		40,783		81,165		(10,891	)		2017		2017
Russell Ridge	GA		—			2,234		6,903		1,971			2,234		8,874		11,108		(6,877	)		1995		1994
Ryanwood Square	FL		—			10,581		10,044		545			10,581		10,589		21,170		(4,566	)		1987		2017
Sammamish-Highlands	WA		—			9,300		8,075		10,302			9,592		18,085		27,677		(13,411	)		2013		1999
San Carlos Marketplace	CA		—			36,006		57,886		969			36,006		58,855		94,861		(15,080	)		2018		2017
San Leandro Plaza	CA		—			1,300		8,226		1,930			1,300		10,156		11,456		(6,678	)		1982		1999
Sandy Springs	GA		—			6,889		28,056		5,365			6,889		33,421		40,310		(14,455	)		2006		2012
Sawgrass Promenade	FL		—			10,846		12,525		1,796			10,846		14,321		25,167		(5,165	)		1998		2017
Scripps Ranch Marketplace	CA		—			59,949		26,334		1,792			59,949		28,126		88,075		(7,940	)		2017		2017
Sendero Marketplace	CA		(44,538	)		27,171		31,206		11			27,171		31,217		58,388		(565	)		2016		2025
Serramonte Center	CA		—			390,106		172,652		118,710			423,587		257,881		681,468		(104,400	)	2018/In Process			2017
Shaw's at Plymouth	MA		—			3,968		8,367		—			3,968		8,367		12,335		(3,207	)		1993		2017
Shelton Square	CT		—			13,383		25,265		4,472			13,383		29,737		43,120		(2,975	)		1982		2023
Sheridan Plaza	FL		—			82,260		97,273		16,268			83,814		111,987		195,801		(35,029	)	1991/2022			2017
Sherwood Crossroads	OR		—			2,731		6,360		900			2,454		7,537		9,991		(4,740	)		1999		1999


					Initial Cost							Total Cost
Shopping Centers	State	Mortgages or Encumbrances(1)			Land & Land Improvements		Building & Improvements		Cost Capitalized Subsequent to Acquisition (2)			Land & Land Improvements		Building & Improvements		Total		Accumulated Depreciation			Year Constructed or Last Major Renovation		Year Acquired
Shiloh Springs	TX		—			5,236		11,802		1,199			5,236		13,001		18,237		(2,614	)		1998		1998
Shoppes @ 104	FL		—			11,193		—		3,414			7,078		7,529		14,607		(4,967	)		2018		1998
Shoppes at Homestead	CA		—			5,420		9,450		2,829			5,420		12,279		17,699		(8,660	)		1983		1999
Shoppes at Lago Mar	FL		—			8,323		11,347		454			8,323		11,801		20,124		(4,482	)		1995		2017
Shoppes at Sunlake Centre	FL		—			16,643		15,091		6,683			18,001		20,416		38,417		(7,715	)		2008		2017
Shoppes of Grande Oak	FL		—			5,091		5,985		1,495			5,091		7,480		12,571		(6,518	)		2000		2000
Shoppes of Jonathan's Landing	FL		—			4,474		5,628		630			4,474		6,258		10,732		(2,135	)		1997		2017
Shoppes of Oakbrook	FL		—			20,538		42,992		(2,650	)		20,538		40,342		60,880		(12,376	)		2003		2017
Shoppes of Silver Lakes	FL		—			17,529		21,829		2,496			17,529		24,325		41,854		(8,888	)		1997		2017
Shoppes of Sunset	FL		—			2,860		1,316		975			2,860		2,291		5,151		(719	)		2009		2017
Shoppes of Sunset II	FL		—			2,834		715		739			2,834		1,454		4,288		(553	)		2009		2017
Shops at County Center	VA		—			9,957		11,296		5,385			12,917		13,721		26,638		(13,139	)		2005		2005
Shops at Erwin Mill	NC		(12,000	)		9,082		6,124		596			9,087		6,715		15,802		(4,934	)		2012		2012
Shops at John's Creek	FL		—			1,863		2,014		76			1,501		2,452		3,953		(1,876	)		2004		2003
Shops at Mira Vista	TX		(137	)		11,691		9,026		881			11,691		9,907		21,598		(4,241	)		2002		2014
Shops at Quail Creek	CO		—			1,487		7,717		1,591			1,448		9,347		10,795		(5,414	)		2008		2008
Shops at Saugus	MA		—			19,201		17,984		1,204			18,974		19,415		38,389		(15,091	)		2006		2006
Shops at Skylake	FL		—			84,586		39,342		3,210			85,117		42,021		127,138		(16,034	)		2006		2017
Shops at The Columbia	DC		—			3,117		8,869		198			3,234		8,950		12,184		(1,301	)		1991		2006
Shops on Main	IN		—			17,020		27,055		21,768			19,648		46,195		65,843		(21,761	)	2017/2020			2007
Sienna Grande Shops	TX		—			5,516		6,349		—			5,516		6,349		11,865		(358	)		2023		2023
Somers Commons	NY		—			7,019		29,808		4,230			7,019		34,038		41,057		(2,968	)		2003		2023
Sope Creek Crossing	GA		—			2,985		12,001		3,885			3,332		15,539		18,871		(11,738	)		2016		1998
South Beach Regional	FL		—			28,188		53,405		16,145			28,515		69,223		97,738		(19,286	)		1990		2017
South Pass Village	NJ		(19,258	)		11,079		31,610		649			11,079		32,259		43,338		(2,511	)		1965		2023
South Point	FL		—			6,563		7,939		751			6,563		8,690		15,253		(3,172	)		2003		2017
Southbury Green	CT		—			26,661		34,325		9,381			29,743		40,624		70,367		(13,306	)		2002		2017
Southcenter	WA		—			1,300		12,750		2,793			1,300		15,543		16,843		(10,785	)		1990		1999
Southpark at Cinco Ranch	TX		—			18,395		11,306		7,801			21,438		16,064		37,502		(11,759	)		2017		2012
SouthPoint Crossing	NC		—			4,412		12,235		1,816			4,382		14,081		18,463		(9,702	)		1998		1998
Staples Plaza-Yorktown Heights	NY		—			7,131		47,704		1,386			7,131		49,090		56,221		(3,426	)		1970		2023
Starke	FL		—			71		1,683		15			71		1,698		1,769		(1,529	)		2000		2000
Star's at Cambridge	MA		—			31,082		13,520		(1	)		31,082		13,519		44,601		(4,429	)		1997		2017
Star's at West Roxbury	MA		—			21,973		13,386		807			21,973		14,193		36,166		(4,493	)		2006		2017
Station Centre @ Old Greenwich	CT		—			9,121		7,603		655			9,121		8,258		17,379		(782	)		1952		2023
Stefko Boulevard Shopping Center	PA		—			5,042		11,847		120			5,042		11,967		17,009		(154	)		1976		2025
Sterling Ridge	TX		—			12,846		12,162		1,703			12,846		13,865		26,711		(12,323	)		2000		2002
Stroh Ranch	CO		—			4,280		8,189		1,278			4,280		9,467		13,747		(8,113	)		1998		1998
Suncoast Crossing	FL		—			9,030		10,764		4,829			13,374		11,249		24,623		(10,560	)		2007		2007
Sunny Valley Shops	CT		—			2,820		5,055		1,331			2,820		6,386		9,206		(586	)		2003		2023
Talega Village Center	CA		—			22,415		12,054		593			22,415		12,647		35,062		(3,603	)		2007		2017
Tanasbourne Market	OR		—			3,269		10,861		(294	)		3,149		10,687		13,836		(7,642	)		2006		2006
Tanglewood Shopping Center	NY		(2,163	)		5,920		7,889		152			5,920		8,041		13,961		(678	)		1953		2023
Tassajara Crossing	CA		—			8,560		15,464		3,345			8,560		18,809		27,369		(12,549	)		1990		1999
Tech Ridge Center	TX		—			12,945		37,169		6,912			13,455		43,571		57,026		(23,545	)		2020		2011
Terrace Shops	CA		(14,007	)		5,684		14,587		12			5,684		14,599		20,283		(256	)		2005		2025


					Initial Cost							Total Cost
Shopping Centers	State	Mortgages or Encumbrances(1)			Land & Land Improvements		Building & Improvements		Cost Capitalized Subsequent to Acquisition (2)			Land & Land Improvements		Building & Improvements		Total		Accumulated Depreciation			Year Constructed or Last Major Renovation		Year Acquired
The Abbot	MA		—			72,910		6,086		52,460			79,219		52,237		131,456		(7,808	)	1912/2024			2017
The Crossing Clarendon	VA		—			154,932		126,328		63,230			161,409		183,081		344,490		(45,436	)	2023/In Process			2016
The Dock-Dockside	CT		(32,125	)		20,974		49,185		270			20,974		49,455		70,429		(3,690	)		1974		2023
The Field at Commonwealth	VA		—			31,057		18,248		(5,130	)		25,731		18,444		44,175		(12,535	)		2018		2017
The Gallery at Westbury Plaza	NY		—			108,653		216,771		5,213			108,653		221,984		330,637		(61,933	)		2013		2017
The Hub at Norwalk	CT		—			20,394		21,261		1,401			21,220		21,836		43,056		(4,647	)		2003		2017
The Hub Hillcrest Market	CA		—			18,773		61,906		8,376			19,611		69,444		89,055		(27,554	)		2015		2012
The Longmeadow Shops	MA		(13,000	)		5,451		23,738		659			5,451		24,397		29,848		(1,946	)		1962		2023
The Marketplace	CA		—			10,927		36,052		1,815			10,927		37,867		48,794		(10,795	)		1990		2017
The Meadows	NY		—			12,325		21,378		1,243			12,267		22,679		34,946		(4,076	)		1980		2021
The Plaza at St. Lucie West	FL		—			1,718		6,204		219			1,718		6,423		8,141		(1,952	)		2006		2017
The Point at Garden City Park	NY		—			741		9,764		5,857			2,559		13,803		16,362		(6,700	)		2018		2016
The Pruneyard	CA		—			112,136		86,918		3,710			112,136		90,628		202,764		(20,903	)		2014		2019
The Shops at Hampton Oaks	GA		—			843		372		(178	)		297		740		1,037		(448	)		2009		2017
The Shops at Stone Bridge	CT		—			21,397		40,486		—			21,397		40,486		61,883		(471	)		2025		2024
The Shops at SunVet	NY		—			15,628		73,756		—			15,628		73,756		89,384		(2,634	)		2023		2023
The Village at Hunter's Lake	FL		—			9,735		12,988		40			9,735		13,028		22,763		(4,634	)		2018		2018
The Village at Riverstone	TX		—			17,179		13,013		116			17,179		13,129		30,308		(5,123	)		2016		2016
Town and Country	FL		—			4,664		5,207		116			4,664		5,323		9,987		(2,658	)		1993		2017
Town Square	FL		—			883		8,132		918			883		9,050		9,933		(6,308	)		1999		1997
Towne Centre at Somers	NY		—			3,235		30,998		345			3,236		31,342		34,578		(2,225	)		1988		2023
Treasure Coast Plaza	FL		—			7,553		21,554		1,800			7,553		23,354		30,907		(7,704	)		1983		2017
Tustin Legacy	CA		—			13,829		23,922		290			13,828		24,213		38,041		(9,587	)		2017		2016
Twin City Plaza	MA		—			17,245		44,225		2,796			17,263		47,003		64,266		(24,823	)	In Process			2006
Twin Peaks	CA		—			5,200		25,827		9,789			6,587		34,229		40,816		(21,418	)		2015		1999
Unigold Shopping Center	FL		—			5,490		5,144		6,812			5,561		11,885		17,446		(7,546	)		1987		2017
University Commons	FL		—			4,070		30,785		1,121			4,070		31,906		35,976		(12,707	)		2001		2015
Valencia Crossroads	CA		—			17,921		17,659		1,929			17,921		19,588		37,509		(18,405	)		2003		2002
Valley Ridge Shopping Center	NJ		(15,702	)		13,363		19,803		993			13,363		20,796		34,159		(1,640	)		1962		2023
Valley Stream	NY		—			13,297		16,241		512			13,887		16,163		30,050		(2,691	)		1950		2021
Veterans Plaza	CT		—			2,328		7,104		34			2,328		7,138		9,466		(608	)		1966		2023
Village at La Floresta	CA		—			13,140		20,559		242			13,156		20,785		33,941		(10,960	)		2014		2014
Village at Lee Airpark	MD		—			11,099		12,975		4,354			11,803		16,625		28,428		(17,368	)		2014		2005
Village Center	FL		—			3,885		14,131		10,339			5,480		22,875		28,355		(15,000	)		2014		1995
Village Commons	NY		—			312		5,950		349			312		6,299		6,611		(602	)		1980		2023
Von's Circle Center	CA		(2,633	)		49,037		22,618		1,656			49,037		24,274		73,311		(7,833	)		1972		2017
Wading River	NY		—			14,969		18,641		1,655			14,915		20,350		35,265		(3,259	)		2002		2021
Waldwick Plaza	NJ		—			1,724		5,824		301			1,724		6,125		7,849		(493	)		1960		2023
Walker Center	OR		—			3,840		7,232		12,731			4,404		19,399		23,803		(10,154	)		1987		1999
Washington Commons	NJ		(8,210	)		7,829		12,182		252			7,829		12,434		20,263		(1,098	)		1992		2023
Waterstone Plaza	FL		—			5,498		13,500		298			5,498		13,798		19,296		(4,550	)		2005		2017
Welleby Plaza	FL		—			1,496		7,787		2,809			1,496		10,596		12,092		(9,301	)		1982		1996
Wellington Town Square	FL		—			2,041		12,131		3,953			2,600		15,525		18,125		(9,057	)		2022		1996
West Bird Plaza	FL		—			12,934		18,594		374			15,386		16,516		31,902		(6,209	)	2000/2021			2017
West Chester Plaza	OH		—			1,857		7,572		690			1,857		8,262		10,119		(8,145	)	In Process			1998


					Initial Cost							Total Cost
Shopping Centers	State	Mortgages or Encumbrances(1)			Land & Land Improvements		Building & Improvements		Cost Capitalized Subsequent to Acquisition (2)			Land & Land Improvements		Building & Improvements		Total		Accumulated Depreciation			Year Constructed or Last Major Renovation		Year Acquired
West Lake Shopping Center	FL		—			10,561		9,792		1,024			10,561		10,816		21,377		(3,876	)		2000		2017
West Park Plaza	CA		—			5,840		5,759		4,406			5,840		10,165		16,005		(6,460	)		1996		1999
Westbury Plaza	NY		(88,000	)		116,129		51,460		6,978			117,817		56,750		174,567		(18,740	)		2004		2017
Westchase	FL		—			5,302		8,273		1,522			5,302		9,795		15,097		(5,582	)		1998		2007
Westchester Commons	IL		—			3,366		11,751		11,535			4,894		21,758		26,652		(12,675	)		2014		2001
Westlake Village Plaza and Center	CA		—			7,043		27,195		31,764			17,620		48,382		66,002		(41,500	)		2015		1999
Westport Collection	CT		—			4,831		3,138		1			4,831		3,139		7,970		(417	)		1958		2023
Westport Plaza	FL		—			9,035		7,455		272			9,035		7,727		16,762		(2,917	)		2002		2017
Westport Row	CT		—			43,597		16,428		15,346			46,170		29,201		75,371		(10,925	)		1988		2017
Westbard Square	MD		—			128,002		21,514		40,574			114,450		75,640		190,090		(7,643	)	2001/2024			2017
Westwood Village	TX		—			19,933		25,301		2,314			19,378		28,170		47,548		(20,083	)		2006		2006
Willa Springs	FL		(16,700	)		13,322		15,314		3,555			13,683		18,508		32,191		(2,885	)		1979		2000
Williamsburg at Dunwoody	GA		—			7,435		3,721		1,474			7,444		5,186		12,630		(2,270	)		1983		2017
Willow Festival	IL		—			1,954		56,501		6,297			1,976		62,776		64,752		(27,247	)		2007		2010
Willow Lake Shopping Center	IN		—			6,018		9,436		14			6,018		9,450		15,468		(118	)		1987		2025
Willow Lake West Shopping Center	IN		—			3,297		18,075		11			3,297		18,086		21,383		(160	)		2001		2025
Willow Oaks	NC		—			6,664		7,908		(247	)		6,294		8,031		14,325		(4,966	)		2014		2014
Willows Shopping Center	CA		—			51,964		78,029		(6,646	)		51,980		71,367		123,347		(20,868	)	In Process			2017
Woodcroft Shopping Center	NC		—			1,419		6,284		2,125			1,421		8,407		9,828		(6,338	)		1984		1996
Woodman Van Nuys	CA		—			5,500		7,195		527			5,500		7,722		13,222		(5,223	)		1992		1999
Woodmen Plaza	CO		—			7,621		11,018		1,633			7,621		12,651		20,272		(13,198	)		1998		1998
Woodside Central	CA		—			3,500		9,288		1,145			3,489		10,444		13,933		(7,121	)		1993		1999
Miscellaneous Investments			—			—		2,127		2,371			—		4,498		4,498		(2,243	)
Land held for future development			—			11,323		—		(4,608	)		6,715		—		6,715		—
Construction in progress			—			22,395		29,235		95,577			22,395		124,812		147,207		—
			(778,831	)	$	5,737,889		7,367,996		1,456,039			5,854,509		8,707,415		14,561,924		(3,267,728	)

(1)

The amounts presented in this column do not include debt premiums, discounts, or loan costs.

(2)

The negative balance for costs capitalized subsequent to acquisition could include out-parcels sold, sales-type lease, provision for impairments and write-downs recorded, and demolitions of part of the property for redevelopment.

Depreciation and amortization of the Company's investments in buildings and improvements reflected in the statements of operations is calculated over the estimated useful lives of the assets, which are up to 40 years. The aggregate cost for federal income tax purposes was approximately $11.9 billion at December 31, 2025.

The changes in total real estate assets for the years ended December 31, 2025, 2024, and 2023 are as follows:


(in thousands)	2025			2024			2023
Beginning balance	$	13,698,419			13,454,391			11,858,064
Acquired properties and land		614,133			71,334			1,445,428
Developments and improvements		382,635			328,133			206,085
Disposal of building and tenant improvements		(24,855	)		(51,671	)		(14,149	)
Sale of properties		(108,408	)		(72,152	)		(19,366	)
Contributed to unconsolidated joint ventures		—			(17,518	)		—
Properties held for sale		—			—			(21,671	)
Provision for impairment		—			(14,098	)		—
Ending balance	$	14,561,924			13,698,419			13,454,391

The changes in accumulated depreciation for the years ended December 31, 2025, 2024, and 2023 are as follows:


(in thousands)	2025			2024			2023
Beginning balance	$	2,960,399			2,691,386			2,415,860
Depreciation expense		344,216			329,650			293,705
Disposal of building and tenant improvements		(24,828	)		(51,671	)		(14,149	)
Sale of properties		(12,059	)		(7,842	)		(569	)
Accumulated depreciation related to properties held for sale		—			—			(3,461	)
Provision for impairment		—			(1,124	)		—
Ending balance	$	3,267,728			2,960,399			2,691,386

Investments in Real Estate Partnerships - Schedule of Acquisitions by Real Estate Partnerships (Parenthetical) (Details)	Dec. 31, 2025	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Percentage of purchase price and allocation	100.00%	100.00%

Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Real Estate And Accumulated Depreciation [Line Items]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances

^[1]

$ (778,831)

Investments in Real Estate Partnerships - Balance Sheet Summarized Financial Information (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	$ 11,660,779	$ 11,153,355
Acquired lease intangible assets, net	254,201	229,983
Other assets	278,723	289,046
Total assets	13,001,283	12,391,961
Notes payable	4,619,301	4,343,700
Acquired lease intangible liabilities, net	356,454	364,608
Capital - Regency	274,716	176,161
Capital - Third parties	6,906,890	6,724,146
Total liabilities and equity	13,001,283	12,391,961
Investments in real estate partnerships (note 4)	349,856	399,044
Basis Difference [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity	(41,656)	(45,310)
Real Estate Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	2,437,380	2,569,765
Acquired lease intangible assets, net	22,946	25,164
Other assets	206,945	248,228
Total assets	2,667,271	2,843,157
Notes payable	1,522,951	1,564,551
Acquired lease intangible liabilities, net	21,573	19,045
Other liabilities	84,086	92,911
Total liabilities and equity	2,667,271	2,843,157
Regency [Member]
Schedule of Equity Method Investments [Line Items]
Capital - Regency	391,512	444,354
Third Parties [Member]
Schedule of Equity Method Investments [Line Items]
Capital - Third parties	$ 647,149	$ 722,296

Other Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Line Items]
Goodwill Gross, Beginning balance	$ 292,640	$ 294,524
Goodwill Gross, written off upon dispositions	(19,227)	(1,884)
Goodwill, ending balance	273,413	292,640
Goodwill, Accumulated Impairment Losses, Beginning balance	(125,901)	(127,462)
Goodwill, Accumulated Impairment Losses, allocated to Goodwill written off upon dispositions	19,227	1,561
Goodwill, Accumulated Impairment Losses, Ending balance	(106,674)	(125,901)
Goodwill, Beginning balance	166,739	167,062
Goodwill written off upon dispositions		(323)
Goodwill, Ending balance	$ 166,739	$ 166,739

Segment Information - Additional Information (Details)	12 Months Ended
Segment Information - Additional Information (Details)	Dec. 31, 2025 Segment
Segment Reporting [Abstract]
Number of reportable segment	1
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The CODM assesses the performance of each shopping center and allocates resources based on Net Operating Income (“NOI”). NOI is calculated as the sum of base rent, percentage rent, termination fee income, tenant recoveries, other lease income, and other property income, less operating and maintenance expenses, real estate taxes, ground rent, termination expense, and uncollectible lease income. NOI excludes items such as straight-line rental income and expense, above and below market rent and ground rent amortization, tenant lease inducement amortization, and other fees. The Company’s NOI also includes its share of NOI from unconsolidated real estate investment partnerships. The Company does not report asset information for the segment because it is not used to evaluate performance or regularly provided to the CODM.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	Chief Executive Officer, Chief Financial Officer, Chief Operating Officer and Chief Investment Officer [Member]

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Leased Assets [Line Items]
Fixed and in-substance fixed lease income	$ 1,102,834	$ 1,035,225	$ 928,364
Variable lease income	388,123	356,520	324,037
Uncollectible straight line rent	(1,167)	(1,885)	1,261
Uncollectible amounts billable in lease income	(2,793)	(3,324)	(549)
Total lease income	1,511,425	1,411,379	1,283,939
2026	1,121,279
2027	1,026,724
2028	880,290
2029	736,919
2030	591,041
Thereafter	2,327,057
Total	6,683,310
Total fixed operating lease expense	19,396	19,109	18,830
Total variable lease expense	2,175	2,545	2,315
Total lease expense	21,571	21,654	21,145
Operating cash flows for operating leases	16,871	16,212	15,823
2026	16,780
2027	16,440
2028	15,121
2029	13,872
2030	13,451
Thereafter	676,234
Total undiscounted lease liabilities	751,898
Less imputed interest	(509,530)
Lease liabilities	242,368	244,861
Lessor [Member]
Operating Leased Assets [Line Items]
Above/below market rent and tenant rent inducement amortization, net	24,428	24,843	30,826
Ground Lease [Member]
Operating Leased Assets [Line Items]
Total fixed operating lease expense	15,489	15,420	14,727
Total variable lease expense	1,571	1,953	1,586
2026	12,817
2027	12,843
2028	12,984
2029	13,017
2030	13,012
Thereafter	675,321
Total undiscounted lease liabilities	739,994
Less imputed interest	(508,492)
Lease liabilities	$ 231,502
Weighted average discount rate	5.50%
Weighted average remaining term (in years)	47 years 9 months 18 days
Office Lease [Member]
Operating Leased Assets [Line Items]
Total fixed operating lease expense	$ 3,907	3,689	4,103
Total variable lease expense	604	$ 592	$ 729
2026	3,963
2027	3,597
2028	2,137
2029	855
2030	439
Thereafter	913
Total undiscounted lease liabilities	11,904
Less imputed interest	(1,038)
Lease liabilities	$ 10,866
Weighted average discount rate	4.60%
Weighted average remaining term (in years)	3 years 8 months 12 days

Notes Payable and Unsecured Credit Facility - Schedule of Debt Net of Unamortized Debt Premium (Discount) and Debt Issuance Costs (Parenthetical) (Details) $ in Billions	12 Months Ended
	Dec. 31, 2025 USD ($)
Debt Disclosure [Abstract]
Line of credit maximum amount	$ 1.5
Percentage of variable rate debt fixed through interest rate swaps	76.50%
Line of credit extended maturity period	two additional six-month periods