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Think of them as the **Simon Property Group, but for the everyday grocery store shopping centers instead of the big malls.**

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• Leasing of Retail Space: Providing commercial properties, primarily grocery-anchored shopping centers, for rent to a diverse array of retail and service tenants.
• Property Management: Overseeing the operations, maintenance, and tenant relations for their portfolio of shopping centers to ensure optimal performance and tenant satisfaction.
• Property Development and Redevelopment: Undertaking the construction of new retail centers and the modernization of existing properties to enhance value and attract high-quality tenants.

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Regency Centers (REG) is a Real Estate Investment Trust (REIT) that owns, operates, and develops grocery-anchored shopping centers. As such, its major customers are the tenants that lease space in its properties, which are primarily other companies.

Based on their investor reports and filings, the major customer companies (tenants) that lease space from Regency Centers include:

• Publix Super Markets (Private Company)
• The Kroger Co. (Symbol: KR)
• Ahold Delhaize (Parent company of Giant, Stop & Shop, Food Lion, etc.) (Symbol: ADRNY)
• Albertsons Companies, Inc. (Symbol: ACI)
• Amazon.com, Inc. (Primarily for Whole Foods Market) (Symbol: AMZN)

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Lisa Palmer, President and Chief Executive Officer

Lisa Palmer has served as President and Chief Executive Officer of Regency Centers since January 1, 2020, and has been a director since 2018. She previously held the roles of President and CFO from 2016-2019, Executive Vice President and CFO from 2013-2015, and Senior Vice President of Capital Markets from 2003-2013. Ms. Palmer joined Regency Centers in 1996 in Investment Services. Before her tenure at Regency, she was a consultant with Accenture and a financial analyst for General Electric. She has not founded or managed other companies outside of Regency Centers, nor is there information indicating she sold companies or has a pattern of managing private equity-backed companies.

Michael Mas, Executive Vice President and Chief Financial Officer

Michael Mas is the Executive Vice President and Chief Financial Officer of Regency Centers, a role he assumed in August 2019. He is responsible for financial strategy, reporting, treasury, and capital structure. Mr. Mas joined Regency in 2003 and has held various positions, including Managing Director of Finance, Senior Vice President of Capital Markets, and Vice President of Capital Markets and JV Portfolio Management. Before joining Regency, he worked with Deloitte & Touche LLP as a Manager for Assurance and Advisory Services, supervising professional accountants. There is no information to suggest he founded or managed other companies, sold companies he was involved with, or has a pattern of managing private equity-backed companies.

Nicholas Wibbenmeyer, West Region President and Chief Investment Officer

Nicholas Wibbenmeyer is the West Region President and Chief Investment Officer for Regency Centers, overseeing national investment and development strategy and processes, as well as the operations and investment strategies in the West and Central regions. He joined Regency in 2005 as Manager of Investments for the Upper Midwest and has held various leadership roles, including Vice President of Investments, Vice President, Regional Officer, and Senior Vice President, Senior Market Officer. Prior to Regency, Mr. Wibbenmeyer was a retail broker with Mid-America Real Estate Group.

Alan Roth, President of East Region & COO

Alan Roth serves as the President of the East Region and Chief Operating Officer for Regency Centers. He is responsible for operations strategy and processes nationally, and for overseeing the execution of operations and investment strategies in the Northeast and Southeast regions. Mr. Roth joined Regency in 1997 through the acquisition of Midland Development Group and has held various leadership positions, including Senior Managing Director of the East Region and Senior Vice President and Senior Market Officer for the Mid-Atlantic and Northeast portfolio.

Terah Devereaux, Senior Vice President and Chief Accounting Officer

Terah Devereaux holds the position of Senior Vice President and Chief Accounting Officer at Regency Centers. She is responsible for accounting operations and compliance.

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The key risks to Regency Centers (REG) largely stem from its nature as a retail-focused real estate investment trust (REIT) and its reliance on the broader economic environment and capital markets.

1. Economic and Market Conditions Affecting the Retail Industry: Regency Centers' financial performance is heavily dependent on the health of the retail industry, consumer spending, and overall economic conditions. A significant portion of its revenue comes from retail tenants through base rent and expense recoveries. Downturns in the economy or shifts in retail trends (such as increased e-commerce penetration) can lead to reduced tenant sales, tenant bankruptcies, difficulties in collecting rent, and lower demand for retail space, all of which can adversely impact Regency Centers' revenues and cash flow.
2. Interest Rate Sensitivity and Access to Capital: As a capital-intensive business, Regency Centers is exposed to fluctuations in interest rates. Rising interest rates can increase borrowing costs for new debt or refinancing existing debt, which directly impacts the company's profitability. Additionally, higher interest rates can affect real estate valuations and the availability and terms of external capital, on which Regency Centers relies for property acquisitions, developments, and redevelopments.
3. Risks Inherent to Real Estate Investments: The value of Regency Centers' real estate assets can decline due to various factors, leading to impairment losses that reduce net income. The company also faces risks associated with the development, redevelopment, and acquisition of properties, including construction delays, cost overruns, and difficulties in leasing new or redeveloped spaces. Furthermore, the inability to sell properties when desired due to unfavorable market conditions or adverse changes in tax laws can impact its financial flexibility and performance.

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Expected Drivers of Future Revenue Growth for Regency Centers (REG)

Over the next 2-3 years, Regency Centers (REG) anticipates several key drivers to fuel its revenue growth:

1. Same-Property Net Operating Income (NOI) Growth from Base Rent and Leasing: Regency Centers consistently emphasizes strong same-property NOI growth, primarily driven by robust base rent increases. This is supported by healthy re-leasing spreads (both cash and GAAP) and contractual rent steps embedded in leases, reflecting sustained tenant demand across its high-quality portfolio. The company's ability to achieve high rent increases when marking leases to market further contributes to this growth.
2. Ground-Up Development and Redevelopment Pipeline: A significant differentiator for Regency Centers is its active and internally funded development and redevelopment pipeline. The company has deployed substantial capital into these projects, which are expected to deliver incremental NOI and attractive project returns upon stabilization. Management highlights its position as the only national developer of grocery-anchored shopping centers at scale, which provides a competitive advantage in an environment of limited new supply.
3. Strategic Acquisitions: Regency Centers actively pursues accretive investments through strategic acquisitions of high-quality shopping centers. For example, the company recently acquired five shopping centers in South Orange County, California, to enhance its market presence and capitalize on growth opportunities in supply-constrained markets. These acquisitions are part of a broader capital allocation strategy to deploy capital into high-quality opportunities.
4. Increased Occupancy Rates and Accelerated Lease Commencement: The company has achieved record-high occupancy rates, with a focus on improving both leased and commenced occupancy. Efforts to accelerate rent commencement from its "signed-not-yet-opened" (SNO) pipeline are directly translating into revenue growth by bringing new tenants online and generating rental income.

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Share Repurchases

• Regency Centers authorized a share repurchase program of up to $250 million of common stock, valid until July 30, 2026.
• In 2024, the company repurchased $200.066 million worth of common shares through its share repurchase program.

Share Issuance

• Regency Centers expects approximately $300 million in share/unit issuances for 2025.
• This includes $100 million of common equity raised on a forward basis in Q4 2024 and approximately $200 million from operating partnership units for the Orange County portfolio acquisition in Q3 2025.
• In 2022, net proceeds from common stock issuance amounted to $61.284 million.

Outbound Investments

• Year-to-date 2025, Regency deployed over $750 million of capital into accretive investments, including acquisitions, development, and redevelopment opportunities.
• On July 23, 2025, Regency acquired a portfolio of five shopping centers in Orange County, California, for $357 million.
• In August 2025, the company acquired its partner's 50% interest in Chestnut Ridge Shopping Center in Montvale, NJ for approximately $9.2 million.

Capital Expenditures

• Regency Centers started development and redevelopment projects with estimated net project costs of approximately $170 million in Q3 2025, bringing the year-to-date total to around $220 million.
• The company anticipates approximately $300 million in project starts for the full year 2025.
• In-process development and redevelopment projects were valued at $668 million as of September 30, 2025, with a blended estimated yield of 9%. The primary focus of these expenditures is on ground-up development and redevelopment of high-quality, grocery-anchored shopping centers.