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Here are a few analogies for Regency Centers (REG):

• It's like American Tower for prime neighborhood shopping centers.
• It's like Simon Property Group, but for essential neighborhood retail.

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• Leasing Retail Space: Providing commercial space within their shopping centers to a diverse range of grocers, restaurants, and retailers.
• Shopping Center Development: Designing, building, and delivering new retail properties located in affluent and densely populated areas.
• Property Management: Managing and maintaining their portfolio of shopping centers to ensure optimal operation, attractiveness, and tenant satisfaction.

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Regency Centers (REG) sells primarily to other companies that lease space in its shopping centers. Its major customers are the retailers, grocers, restaurants, and service providers that operate within its properties. Examples of such major customer companies, which are publicly traded, include:

• Kroger (NYSE: KR)
• TJX Companies (NYSE: TJX)
• CVS Health (NYSE: CVS)
• Starbucks (NASDAQ: SBUX)

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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 2020. She joined Regency Centers in 1996, and prior to her current role, she held several key positions, including President from 2016 to 2020, Chief Financial Officer from 2013 to 2019, and Senior Vice President of Capital Markets from 2003 to 2013. Earlier in her career at Regency, she served as Senior Manager of Investment Services and Vice President of Capital Markets. Before joining Regency, Ms. Palmer worked as a consultant for Accenture (formerly Andersen Consulting Strategic Services) and as a financial analyst for General Electric.

Mike Mas, Executive Vice President, Chief Financial Officer

Mike Mas is the Executive Vice President and Chief Financial Officer of Regency Centers, a role he assumed in August 2019. He joined Regency in 2003 and has held various financial leadership positions, including Managing Director of Finance from February 2017 to August 2019, Senior Vice President of Capital Markets from January 2013 to January 2017, and Vice President of Capital Markets and JV Portfolio Management from December 2004 to December 2012. Before his tenure at Regency, Mr. Mas was a Manager for Assurance and Advisory Services at Deloitte & Touche LLP.

Alan Roth, East Region President and Chief Operating Officer

Alan Roth serves as the East Region President and Chief Operating Officer for Regency Centers. He is responsible for overseeing the company's operations in the eastern United States. No information is available regarding whether Mr. Roth founded or managed other companies, sold companies he was previously involved with, or has a pattern of managing companies backed by private equity firms.

Nicholas I. Wibbenmeyer, West Region President and Chief Investment Officer

Nicholas I. Wibbenmeyer is the West Region President and Chief Investment Officer for Regency Centers. In this role, he is responsible for national investment and development strategy and processes, as well as overseeing the West and Central regions. Mr. Wibbenmeyer joined Regency in 2005 as Manager of Investments for the upper Midwest. He progressed through several roles including Vice President of Investments, Vice President, Regional Officer, and Senior Vice President, Senior Market Officer. Prior to joining Regency, he worked as a retail broker with Mid-America Real Estate Group, where he handled tenant representation and shopping center leasing in the Chicago metropolitan area.

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Here are the key risks to Regency Centers (REG) in order from most significant to least significant:

1. Interest Rate and Debt Refinancing Risk: Regency Centers, like other REITs, is significantly exposed to fluctuations in interest rates. Rising interest rates increase borrowing costs for new acquisitions and developments, and crucially, elevate the cost of refinancing existing debt. While Regency Centers is expected to refinance its debt, it will likely come at a higher cost, impacting profitability and making its stock less attractive to investors. Their debt is substantial, and although their financial position is considered solid, the company faces upcoming debt maturities amidst a volatile credit market.
2. Evolving Retail Landscape and Economic Headwinds: The retail sector is undergoing significant transformation due to the growth of e-commerce, changing consumer behaviors, and the shift towards online shopping and home delivery. Although Regency Centers focuses on necessity-based, grocery-anchored shopping centers, which are less vulnerable to e-commerce competition, the success of its "anchor" tenants is critical. Economic weakness can impact retail fundamentals, leading to lower sales for tenants and increasing the risk that they may not be able to pay rent, which in turn affects occupancy rates and property values. Tenant bankruptcies or downsizing of major anchor tenants could significantly hurt the entire shopping center.
3. Property Valuation and Development Risks: Regency Centers faces inherent risks associated with its core activities of acquiring, developing, redeveloping, and expanding properties. There is a risk that property assets may decline in value or be subject to impairment losses, which could reduce net income. Furthermore, if properties do not generate sufficient net operating income (NOI) or if market capitalization rates increase, it could hinder the company's ability to sell properties, thereby constraining its capacity to raise funds for new projects. Challenges in executing its development pipeline at favorable yields also pose a risk to future performance.

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The addressable market for Regency Centers (REG), which focuses on owning, operating, and developing shopping centers, particularly those anchored by grocers, restaurants, and service providers, is primarily within the United States.

The global shopping centers market size was valued at approximately USD 6.22 trillion in 2025 and is projected to reach USD 8.63 trillion by 2030, growing at a compound annual growth rate (CAGR) of 6.8%. North America holds a significant portion of this market, accounting for over 46% of the market revenue share in 2021. Based on this, the addressable market for shopping centers in North America was approximately USD 2.87 trillion in 2024 (46% of USD 6.24 trillion).

More specifically, the U.S. grocery retail market, which underpins the demand for grocery-anchored shopping centers, is projected to exceed USD 1.5 trillion by 2027. Investment in multi-tenant, grocery-anchored retail properties totaled USD 7.0 billion in 2024.

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Regency Centers (REG) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Rent Growth through Strong Spreads and Escalators: Regency Centers consistently reports strong rent growth, with management highlighting impressive cash and GAAP rent spreads on new and renewal leases. For example, the company achieved GAAP rent spreads of almost 20% for the full year 2024, reflecting its ability to capture mark-to-market rents and benefit from contractual rent steps. In 2025, cash rent spreads were 12% in Q4, with renewal spreads at a record 13%, and over 95% of negotiated leases included annual rent escalators, further bolstering future revenue.
2. Increased Occupancy Rates: The company has demonstrated a strong ability to increase and maintain high occupancy levels within its portfolio. Same-property leased occupancy rates reached record highs, exceeding 96% by Q3 2024 and ending 2024 at 96.7%. By year-end 2025, same-property portfolio occupancy reached 96.5% leased, driven by sustained tenant demand for its well-located shopping centers. This higher occupancy directly translates into increased rental income.
3. Development and Redevelopment Projects: Regency Centers actively invests in new development and redevelopment projects, which are expected to contribute significantly to total Net Operating Income (NOI) growth. In 2024, the company started over $220 million in new projects and completed $230 million. In 2025, Regency started more than $300 million in development and redevelopment projects, with an in-process pipeline estimated at $597 million at year-end. These projects, particularly ground-up developments, are generating strong returns and providing clear visibility into future growth.
4. Strategic Acquisitions: The company's strategy includes accretive acquisitions to expand its portfolio in desirable, affluent, and densely populated trade areas. In 2024, Regency made acquisitions totaling over $90 million. This accelerated in 2025 with approximately $538 million of shopping centers acquired. Recent activity, such as the acquisition and rebranding of Mount Sinai Shopping Center (now Crystal Brook Corner) in early 2026, underscores a continued focus on expanding its high-quality, grocery-anchored retail property footprint.
5. Robust Tenant Demand and Limited Supply: Regency Centers benefits from robust and sustained tenant demand for its grocery-anchored shopping centers, which are located in affluent and densely populated areas. Management commentary indicates a "healthy retail environment" and a "lack of available quality retail supply in our markets", allowing the company to command higher rents and maintain strong leasing momentum. This favorable supply-demand dynamic supports continued base rent growth and occupancy gains.

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