Regency Centers 8K Reports First Quarter 2022 Results | REG 3 May 22

Exhibit 99.2

Table of Contents

March 31, 2022


Forward-Looking Statements and Non-GAAP Measures Disclosures	i

Earnings Press Release	v

Summary Information:

Summary Financial Information	1

Summary Real Estate Information	2

Financial Information:

Consolidated Balance Sheets	3

Consolidated Statements of Operations	4

Supplemental Details of Operations (Consolidated Only)	5

Supplemental Details of Assets and Liabilities (Real Estate Partnerships Only)	6

Supplemental Details of Operations (Real Estate Partnerships Only)	7

Supplemental Details of Same Property NOI (Pro-Rata)	8

Reconciliations of Non-GAAP Financial Measures	9

Capital Expenditures and Additional Disclosures	10

Summary of Consolidated Debt	11

Summary of Consolidated Debt Detail	12

Summary of Unsecured Debt Covenants and Leverage Ratios	13

Summary of Unconsolidated Debt	14

Unconsolidated Investments	15

Investment Activity:

Property Transactions	16

Summary of In-Process Developments and Redevelopments	17

Development and Redevelopment Current Year Completions	18

Real Estate Information:

Leasing Statistics	19

Annual Base Rent by State	20

Annual Base Rent by CBSA	21

Annual Base Rent by Tenant Category	22

Significant Tenant Rents	23

Tenant Lease Expirations	24

Portfolio Summary Report by State	25

Additional Disclosures and Forward-Looking Information:

Components of NAV	40

Supplemental Details of Lease Income and Tenant & Other Receivables (Pro-Rata)	41

Earnings Guidance	42

Reconciliation of Net Income to Nareit FFO	43

Glossary of Terms	44

Forward-Looking Statements and Non-GAAP Measures Disclosures

March 31, 2022

Forward-Looking Statements

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

Risk Factors Related to Pandemics or other Health Crises

•

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

Risk Factors Related to Operating Retail-Based Shopping Centers

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Economic and market conditions may adversely affect the retail industry and consequently reduce our revenues and cash flow, and increase our operating expenses.

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Shifts in retail trends, sales, and delivery methods between brick and mortar stores, e-commerce, home delivery, and curbside pick-up may adversely impact our revenues and cash flows.

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Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow.

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In addition, labor challenges and supply delays and shortages due to a variety of macroeconomic factors, including inflationary pressures, could affect the retail industry.

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Our success depends on the continued presence and success of our “anchor” tenants.

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A significant percentage of our revenues are derived from smaller “shop space” tenants and our net income may be adversely impacted if our smaller shop tenants are not successful.

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We may be unable to collect balances due from tenants in bankruptcy.

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Many of our costs and expenses associated with operating our properties may remain constant or increase, even if our lease income decreases.

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Compliance with the Americans with Disabilities Act and fire, safety and other regulations may have a negative effect on us.

Supplemental Information i

Risk Factors Related to Real Estate Investments

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Our real estate assets may decline in value and be subject to impairment losses which may reduce our net income.

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We face risks associated with development, redevelopment and expansion of properties.

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We face risks associated with the development of mixed-use commercial properties.

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We face risks associated with the acquisition of properties.

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We may be unable to sell properties when desired because of market conditions.

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Changes in tax laws could impact our acquisition or disposition of real estate.

Risk Factors Related to the Environment Affecting Our Properties

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Climate change may adversely impact our properties directly, and may lead to additional compliance obligations and costs as well as additional taxes and fees.

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Geographic concentration of our properties makes our business more vulnerable to natural disasters, severe weather conditions and climate change.

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Costs of environmental remediation may impact our financial performance and reduce our cash flow.

Risk Factors Related to Corporate Matters

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An increased focus on metrics and reporting relating to environmental, social, and governance (“ESG”) factors may impose additional costs and expose us to new risks.

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An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue on those properties.

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Failure to attract and retain key personnel may adversely affect our business and operations.

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The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data or of Regency’s proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liability and loss of revenues.

Risk Factors Related to Our Partnerships and Joint Ventures

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We do not have voting control over all of the properties owned in our co-investment partnerships and joint ventures, so we are unable to ensure that our objectives will be pursued.

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The termination of our partnerships may adversely affect our cash flow, operating results, and our ability to make distributions to stock and unit holders.

Risk Factors Related to Funding Strategies and Capital Structure

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Our ability to sell properties and fund acquisitions and developments may be adversely impacted by higher market capitalization rates and lower NOI at our properties which may dilute earnings.

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We depend on external sources of capital, which may not be available in the future on favorable terms or at all.

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Our debt financing may adversely affect our business and financial condition.

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Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition.

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Increases in interest rates would cause our borrowing costs to rise and negatively impact our results of operations.

Supplemental Information ii

•

Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us.

•

The interest rates on our Unsecured Credit facilities as well as on our variable rate mortgages and interest rate swaps might change based on changes to the method in which LIBOR or its replacement rate is determined.

Risk Factors Related to the Market Price for Our Securities

•

Changes in economic and market conditions may adversely affect the market price of our securities.

•

There is no assurance that we will continue to pay dividends at historical rates.

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

•

If the Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at regular corporate rates.

•

Dividends paid by REITs generally do not qualify for reduced tax rates.

•

Certain foreign stockholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common stock if we do not qualify as a “domestically controlled” REIT.

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Legislative or other actions affecting REITs may have a negative effect on us.

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Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.

Risk Factors Related to the Company’s Common Stock

•

Restrictions on the ownership of the Company’s capital stock to preserve its REIT status may delay or prevent a change in control.

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The issuance of the Company's capital stock may delay or prevent a change in control.

•

Ownership in the Company may be diluted in the future.

Non-GAAP Measures Disclosures

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

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

The pro-rata information provided is not, and is not intended to be, presented in accordance with GAAP. The pro-rata supplemental details of assets and liabilities and supplemental details of operations reflect our proportionate economic ownership of the assets, liabilities and operating results of the properties in our portfolio.

•

The items labeled as "Consolidated" are prepared on a basis consistent with the Company's consolidated financial statements as filed with the SEC on the most recent Form 10-Q or 10-K, as applicable.

Supplemental Information iii

•

The columns labeled "Share of JVs" represent our ownership interest in our unconsolidated (equity method) investments in real estate partnerships, and was derived on a partnership by partnership basis by applying to each financial statement line item our ownership percentage interest used to arrive at our share of investments in real estate partnerships and equity in income or loss of investments in real estate partnerships during the period when applying the equity method of accounting to each of our unconsolidated partnerships.

•

A similar calculation was performed for the amounts in columns labeled ''Noncontrolling Interests”, which represent the limited partners’ interests in consolidated partnerships attributable to each financial statement line item.

We do not control the unconsolidated partnerships, and the presentations of the assets and liabilities and revenues and expenses do not necessarily represent our legal claim to such items. The partners are entitled to profit or loss allocations and distributions of cash flows according to the operating agreements, which generally provide for such allocations according to their invested capital. Our share of invested capital establishes the ownership interest we use to prepare our pro-rata share.

The presentation of pro-rata financial information has limitations as an analytical tool. Some of these limitations include, but are not limited to the following:

•

The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting or allocating noncontrolling interests, and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and

•

Other companies in our industry may calculate their pro-rata interests differently, limiting the comparability of pro-rata information.

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

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

•

Nareit Funds From Operations (Nareit FFO): The Company believes Nareit FFO provides a performance measure that, when compared year over year, reflects the impact on operations from trends in percent leased, rental rates, operating costs, acquisition and development activities, and financing costs. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to Nareit FFO.

•

Net Operating Income (NOI): The Company believes NOI provides useful information to investors to measure the operating performance of its portfolio of properties. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to pro-rata NOI.

•

Core Operating Earnings: The Company believes Core Operating Earnings, which excludes certain non-cash and non-comparable items from the computation of Nareit FFO that affect the Company's period-over-period performance, is useful to investors because it is more reflective of the core operating performance of its portfolio of properties. The Company provides a reconciliation of Nareit FFO to Core Operating Earnings.

•

Same Property NOI: The Company provides disclosure of NOI on a same property basis because it believes the measure provides investors with additional information regarding the operating performances of comparable assets. Same Property NOI excludes all development, non-same property and corporate level revenue and expenses. The Company also provides disclosure of NOI excluding termination fees, which excludes both termination fee income and expenses.

Supplemental Information iv

NEWS RELEASE

For immediate release

Christy McElroy

904 598 7616

ChristyMcElroy@regencycenters.com

Regency Centers Reports First Quarter 2022 Results

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

First Quarter 2022 Highlights

•

Reported Nareit FFO of $1.03 per diluted share for the first quarter

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Raised 2022 Nareit FFO guidance to a range of $3.84 to $3.90 per diluted share

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Reported that Same Property Net Operating Income (“NOI”) during the first quarter increased 7.8% excluding lease termination fees, and increased 14.9% excluding lease termination fees and prior year collections, over the same period a year ago

•

Increased percent commenced by 30 basis points sequentially to 92.0% and maintained percent leased sequentially at 94.3%, both within the Same Property portfolio, as of March 31, 2022

•

Executed 1.7 million square feet of comparable new and renewal leases during the first quarter at a blended rent spread of +6.5%

•

Started over $50 million of new development and redevelopment projects and completed nearly $9 million of redevelopment projects during the first quarter

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As of March 31, 2022, Regency’s in-process development and redevelopment projects had estimated net project costs of approximately $348 million

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Completed property acquisitions of $41 million and property dispositions of $138 million during the first quarter, each at Regency’s share

•

Achieved pro-rata net debt-to-operating EBITDAre of 4.9x as of March 31, 2022

Subsequent Highlights

•

On April 1, 2022, completed the acquisition of our partner’s 75% interest in four properties in the RegCal JV portfolio for $88.5 million

•

On April 29, 2022, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.625 per share

Supplemental Information v

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

Financial Results

Net Income

•

For the three months ended March 31, 2022, Net Income Attributable to Common Stockholders (“Net Income”) was $195.2 million, or $1.14 per diluted share, compared to Net Income of $80.7 million, or $0.47 per diluted share, for the same period in 2021.

Net Income in the first quarter of 2022 includes gain on sale of real estate of $102 million, or $0.59 per diluted share, primarily related to the sale of Costa Verde Center.

Nareit FFO

•

For the three months ended March 31, 2022, Nareit Funds From Operations (“Nareit FFO”) was $178.2 million, or $1.03 per diluted share, compared to $153.4 million, or $0.90 per diluted share, for the same period in 2021.

Nareit FFO in the first quarter of 2022 includes positive uncollectible lease income of $6.7 million at Regency’s share, or $0.04 per diluted share, favorably impacted by the collection of revenues reserved during 2020 and 2021. Additional detail on uncollectible lease income is on page 41 of the first quarter 2022 supplemental package.

Nareit FFO in the first quarter of 2022 benefitted from the reversal of straight-line rent reserves of $4.0 million, or $0.02 per diluted share, triggered by the conversion of some cash basis tenants back to accrual basis accounting.

Core Operating Earnings

•

For the three months ended March 31, 2022, Core Operating Earnings was $166.9 million, or $0.97 per diluted share, compared to $146.7 million, or $0.86 per diluted share, for the same period in 2021.

Portfolio Performance

Same Property NOI

•

First quarter 2022 Same Property Net Operating Income (“NOI”), excluding lease termination fees, increased by 7.8% compared to the same period in 2021.

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First quarter 2022 Same Property Net Operating Income (“NOI”), excluding lease termination fees and prior year collections, increased by 14.9% compared to the same period in 2021.

Leased Occupancy

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As of March 31, 2022, Regency’s wholly-owned portfolio plus its pro-rata share of co-investment partnerships, was 93.9% leased.

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As of March 31, 2022, Regency’s Same Property portfolio was 94.3% leased, unchanged sequentially and an increase of 170 basis points compared to March 31, 2021.

Same Property anchor percent leased, which includes spaces greater than or equal to 10,000 square feet, was 96.6%, a decline of 30 basis points sequentially.

Same Property shop percent leased, which includes spaces less than 10,000 square feet, was 90.3%, an increase of 40 basis points sequentially.

Supplemental Information vi

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As of March 31, 2022, Regency’s Same Property portfolio was 92.0% commenced, an increase of 30 basis points sequentially and an increase of 120 basis points compared to March 31, 2021.

Leasing Activity

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During the three months ended March 31, 2022, Regency executed approximately 1.7 million square feet of comparable new and renewal leases at blended rent spreads of +6.5%.

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For the trailing twelve months, the Company executed approximately 7.3 million square feet of comparable new and renewal leases at blended rent spreads of +6.8%.

Portfolio Enhancement and Capital Allocation

Developments and Redevelopments

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During the first quarter, Regency started over $50 million of development and redevelopment projects, at the Company’s share, including Glenwood Green, a 355,000 square feet ground-up development anchored by ShopRite and Target and located in Old Bridge, New Jersey.

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As of March 31, 2022, Regency’s in-process development and redevelopment projects had estimated net project costs of approximately $348 million and estimated remaining costs to complete of approximately $150 million, each at the Company’s share.

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During the first quarter, the Company completed redevelopment projects with combined costs of nearly $9 million, at the Company’s share.

Property Transactions

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During the first quarter of 2022, the Company completed acquisitions for a combined total of $41.1 million at Regency’s share, including Island Village in Bainbridge Island, WA, for $30.7 million, and a 20% joint venture interest in Naperville Plaza in Naperville, IL, for $10.5 million.

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During the first quarter of 2022, the Company completed the disposition of two properties for a combined total gross sales price of $137.7 million at Regency’s share, including the previously disclosed sale of Costa Verde Centre in San Diego, California for $125 million.

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Subsequent to quarter-end, the Company completed the acquisition of its partner’s 75% interest in four properties in the RegCal JV portfolio for $88.5 million at Regency’s share.

•

Also subsequent to quarter-end, the RegCal JV closed on the sale of Providence Commons in Charlotte, NC for a gross sale price of $23.1 million, or $5.8 million at Regency’s share.

Balance Sheet

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During the quarter, Regency completed the refinancing of four properties in an unconsolidated co-investment partnership with individual 10-year secured loans for gross proceeds of $129.0 million, or $51.6 million at Regency’s share, at a blended fixed interest rate of 2.97%.

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As of March 31, 2022, Regency had full capacity available under its $1.2 billion revolving credit facility.

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As of March 31, 2022, Regency’s pro-rata net debt-to-operating EBITDAre ratio was 4.9x.

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Subsequent to quarter end, the Company settled approximately 1.0 million shares under forward sale agreements entered into during 2021 in connection with its ATM program, and received net proceeds of approximately $61 million.

Dividend

•

On April 29, 2022, Regency’s Board declared a quarterly cash dividend on the Company’s common stock of $0.625 per share. The dividend is payable on July 6, 2022, to shareholders of record as of June 15, 2022.

Supplemental Information vii

2022 Guidance

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


Full Year 2022 Guidance
All figures pro-rata and in thousands, except per share data
	1Q 2022	Current Guidance	Prior Guidance

Net Income Attributable to Common Stockholders per diluted share	$1.14	$2.50 - $2.56	$1.78 - $1.86


Nareit Funds From Operations (“Nareit FFO”) per diluted share	$1.03	$3.84 - $3.90	$3.72 - $3.80


Core Operating Earnings per diluted share (1)	$0.97	$3.65 - $3.71	$3.56 - $3.64


Same Property Net Operating Income ("SPNOI") Growth (ex. termination fees)	7.8%	0% to +1.5%	-1.25% to +0.25%

Same Property Net Operating Income ("SPNOI") Growth (ex. termination fees, ex. Collection of PY Reserves)	14.9%	+3.5% to +5.0%	+2.75% to +4.25%


Collection of Prior Year Reserves (2)	$9,278	+/- $18,000	+/- $13,000


Certain Non-Cash Items (3)	$11,385	+/- $33,500	+/- $28,000
Includes Impact from Reversal of Uncollectible Straight-Line Rent Receivables - as converted (4)	$3,967	$3,967	$0 as converted


Net G&A expense	$21,108	$82,500 - $85,500	$82,500 - $85,500


Net interest expense	$41,566	$165,000 - $166,000	$163,500 - $164,500


Recurring Third Party Fees & Commissions	$6,405	$24,000 - $25,000	$24,000 - $25,000


Development and Redevelopment Spend	$32,493	+/- $150,000	+/- $150,000


Acquisitions	$41,126	+/- $170,000	+/- $30,000
Cap rate (weighted average)	4.9%	+/- 5.6%	+/- 5.0%


Dispositions	$137,704	+/-$210,000	+/-$150,000
Cap rate (weighted average) (5)	2.2%	+/- 3.7%	2.25% - 2.50%


Forward ATM Settlement (gross) (6)	$0	+/- $65,000	+/- $65,000

(1)

Core Operating Earnings excludes certain non-cash items, including straight-line rents, above/below market rent amortization, and amortization of mark to market debt, as well as transaction related income/expenses and debt extinguishment charges.

(2)

Represents the expected collection in 2022 of revenues reserved in 2020 and 2021; included in Uncollectible Lease Income.

(3)

Includes above and below market rent amortization, straight-line rents, and amortization of mark-to-market debt adjustments.

(4)

Positive impact on Uncollectible Straight-Line Rent from the conversion of cash basis tenants back to an accrual basis of accounting, only included in guidance as tenants are converted.

(5)

Weighted average cap rates exclude non-income producing assets; 2022 average cap rates include the sale of Costa Verde in 1Q22 ($125M at a ~1.5% cap rate).

(6)

Subsequent to quarter end, the Company settled all remaining shares under forward sale agreements entered into during 2021 in connection with its ATM program.

Supplemental Information viii

Conference Call Information

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

First Quarter 2022 Earnings Conference Call


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

Replay

Webcast Archive: Investor Relations page under Events & Webcasts

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

Earnings - Actual (in thousands)


For the Periods Ended March 31, 2022 and 2021	Three Months Ended						Year to Date
	2022			2021			2022			2021
Reconciliation of Net Income to Nareit FFO:

Net Income Attributable to Common Stockholders	$	195,228			80,656		$	195,228			80,656
Adjustments to reconcile to Nareit Funds From Operations (1):
Depreciation and amortization (excluding FF&E)		84,130			84,494			84,130			84,494
Gain on sale of real estate		(102,010	)		(12,070	)		(102,010	)		(12,070	)
Exchangeable operating partnership units		863			364			863			364
Nareit Funds From Operations	$	178,211			153,444		$	178,211			153,444


Reconciliation of Nareit FFO to Core Operating Earnings:

Nareit Funds From Operations	$	178,211			153,444		$	178,211			153,444
Adjustments to reconcile to Core Operating Earnings (1):
Certain Non-Cash Items
Straight line rent		(3,478	)		(3,429	)		(3,478	)		(3,429	)
Uncollectible straight line rent		(2,383	)		2,573			(2,383	)		2,573
Above/below market rent amortization, net		(5,392	)		(5,980	)		(5,392	)		(5,980	)
Debt premium/discount amortization		(106	)		91			(106	)		91
Core Operating Earnings	$	166,852			146,699		$	166,852			146,699


Weighted Average Shares For Diluted Earnings per Share		171,671			170,006			171,671			170,006

Weighted Average Shares For Diluted FFO and Core Operating Earnings per Share		172,431			170,771			172,431			170,771

(1)

Includes Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests.

Supplemental Information ix

Same Property NOI is a key non-GAAP measure used by management in evaluating the operating performance of Regency��s properties. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to pro-rata Same Property NOI.

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


For the Periods Ended March 31, 2022 and 2021	Three Months Ended						Year to Date
	2022			2021			2022			2021
Net income attributable to common stockholders	$	195,228			80,656		$	195,228			80,656
Less:
Management, transaction, and other fees		(6,684	)		(6,393	)		(6,684	)		(6,393	)
Other(1)		(12,621	)		(7,704	)		(12,621	)		(7,704	)
Plus:
Depreciation and amortization		77,842			77,259			77,842			77,259
General and administrative		18,792			21,287			18,792			21,287
Other operating expense		2,173			698			2,173			698
Other (income) expense		(62,716	)		23,752			(62,716	)		23,752
Equity in income of investments in real estate excluded from NOI (2)		12,388			13,301			12,388			13,301
Net income attributable to noncontrolling interests		1,588			969			1,588			969
NOI		225,990			203,825			225,990			203,825

Less non-same property NOI (3)		(4,730	)		(8	)		(4,730	)		(8	)

Same Property NOI	$	221,260			203,817		$	221,260			203,817

Same Property NOI without Termination Fees	$	219,311			203,400		$	219,311			203,400

Same Property NOI without Termination Fees or Redevelopments	$	192,497			178,736		$	192,497			178,736

(1)

Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests.

(2)

Includes non-NOI expenses incurred at our unconsolidated real estate partnerships, such as, but not limited to, straight-line rental income, above and below market rent amortization, depreciation and amortization, interest expense, and real estate gains and impairments.

(3)

Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests.

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

The Company has published forward-looking statements and additional financial information in its first quarter 2022 supplemental package that may help investors estimate earnings. A copy of the Company’s first quarter 2022 supplemental package will be available on the Company's website at investors.regencycenters.com or by written request to: Investor Relations, Regency Centers Corporation, One Independent Drive, Suite 114, Jacksonville, Florida, 32202. The supplemental package contains more detailed financial and property results including financial statements, an outstanding debt summary, acquisition and development activity, investments in partnerships, information pertaining to securities issued other than common stock, property details, a significant tenant rent report and a lease expiration table in addition to earnings and valuation guidance assumptions. The information provided in the supplemental package is unaudited and includes non-GAAP measures, and there can be no assurance that the information will not vary from the final information in the Company’s Form 10-Q for the period ended March 31, 2022. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.

About Regency Centers Corporation (Nasdaq: REG)

Regency Centers is a preeminent national owner, operator, and developer of shopping centers located in suburban trade areas with compelling demographics. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member. For more information, please visit RegencyCenters.com.

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Supplemental Information x

Non-GAAP Disclosure

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

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

Forward-Looking Statements

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

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

Supplemental Information xi

Risk Factors

Risk Factors Related to Pandemics or other Health Crises

Risk Factors Related to Operating Retail-Based Shopping Centers

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

Risk Factors Related to Real Estate Investments

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

Risk Factors Related to the Environment Affecting Our Properties

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

Risk Factors Related to Corporate Matters

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

Risk Factors Related to Our Partnerships and Joint Ventures

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

Risk Factors Related to Funding Strategies and Capital Structure

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

Supplemental Information xii

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

Risk Factors Related to the Market Price for Our Securities

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

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

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

Risk Factors Related to the Company’s Common Stock

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

Supplemental Information xiii

Summary Financial Information

March 31, 2022

(in thousands, except per share data)


	Three Months Ended		Year to Date
	2022	2021	2022	2021
Financial Results

Net income attributable to common stockholders (page 4)	$195,228	$80,656	$195,228	$80,656
Net income per diluted share	$1.14	$0.47	$1.14	$0.47

Nareit Funds From Operations (Nareit FFO) (page 9)	$178,211	$153,444	$178,211	$153,444
Nareit FFO per diluted share	$1.03	$0.90	$1.03	$0.90

Core Operating Earnings (page 9)	$166,852	$146,699	$166,852	$146,699
Core Operating Earnings per diluted share	$0.97	$0.86	$0.97	$0.86

Same Property NOI without termination fees (page 8)	$219,311	$203,400	$219,311	$203,400
% growth	7.8%		7.8%

Operating EBITDAre (page 9)	$210,620	$190,952	$210,620	$190,952

Dividends declared per share and unit	$0.625	$0.595	$0.625	$0.595
Payout ratio of Core Operating Earnings per share (diluted)	64.4%	69.2%	64.4%	69.2%


Diluted share and unit count

Weighted average shares (diluted) - Net income	171,671	170,006	171,671	170,006
Weighted average shares (diluted) - Nareit FFO and Core Operating Earnings	172,431	170,771	172,431	170,771

_________________________________________________________________________________________________


	As of	As of	As of	As of
	3/31/2022	12/31/2021	12/31/2020	12/31/2019
Capital Information

Market price per common share	$71.34	$75.35	$45.59	$63.09

Common shares outstanding	171,373	171,213	169,680	167,571
Exchangeable units held by noncontrolling interests	760	760	765	746

Common shares and equivalents issued and outstanding	172,133	171,973	170,445	168,317

Market equity value of common and convertible shares	$12,279,940	$12,958,170	$7,770,596	$10,619,161

Outstanding debt	$4,248,784	$4,235,735	$4,457,742	$4,445,591
Less: cash	(178,730)	(95,027)	(378,450)	(115,562)
Net debt	$4,070,054	$4,140,708	$4,079,292	$4,330,029

Total market capitalization	$16,349,994	$17,098,878	$11,849,888	$14,949,190


Debt metrics (pro-rata; trailing 12 months "TTM")

Net Debt-to-Operating EBITDAre	4.9x	5.1x	6.0x	5.4x
Fixed charge coverage	4.6x	4.5x	3.6x	4.3x

Supplemental Information 1

Summary Real Estate Information

March 31, 2022

(GLA in thousands)


Wholly Owned and 100% of Co-investment Partnerships	3/31/2022		12/31/2021		9/30/2021		6/30/2021		3/31/2021
Number of properties	406		405		402		403		406
Number of retail operating properties	402		401		396		396		399
Number of same properties	393		393		394		394		397
Number of properties in redevelopment	6		7		9		10		10
Number of properties in development (1)	3		2		3		3		3


Gross Leasable Area (GLA) - All properties		51,283		51,164		50,600		50,901		51,639
GLA including retailer-owned stores - All properties		55,030		54,910		54,270		54,571		55,588
GLA - Retail operating properties		50,753		50,885		50,079		50,234		50,975
GLA - Same properties		49,553		49,759		49,829		49,984		50,724
GLA - Properties in redevelopment (2)		2,315		2,476		2,758		3,016		2,849
GLA - Properties in development (1)		530		175		281		281		281


Wholly Owned and Pro-Rata Share of Co-investment Partnerships
GLA - All properties		42,805		42,646		42,030		41,709		42,001
GLA including retailer-owned stores - All properties		46,551		46,393		45,700		45,379		45,950
GLA - Retail operating properties		42,274		42,367		41,562		41,169		41,462
GLA - Same properties (3)		41,220		41,278		41,282		41,435		41,432
Spaces > 10,000 sf (3)		25,721		25,720		25,731		25,878		25,905
Spaces < 10,000 sf (3)		15,499		15,558		15,551		15,556		15,527
GLA - Properties in redevelopment (2)		2,315		2,476		2,657		2,915		2,748
GLA - Properties in development (1)		530		175		228		228		228


% leased - All properties	93.9%		94.1%		93.4%		92.5%		92.2%
% leased - Retail operating properties	94.3%		94.2%		93.7%		92.8%		92.5%
% leased - Same properties (3)	94.3%		94.3%		93.8%		92.9%		92.6%
Spaces > 10,000 sf (3)	96.6%		96.9%		96.5%		95.4%		95.1%
Spaces < 10,000 sf (3)	90.3%		89.9%		89.4%		88.8%		88.3%
Average % leased - Same properties (3)	94.2%		93.2%		93.0%		92.7%		92.7%
% commenced - Same properties (3) (4)	92.0%		91.7%		91.5%		90.9%		90.8%


Same property NOI growth - YTD (see page 8)	8.6%		15.8%		16.1%		12.1%		-2.4%
Same property NOI growth without termination fees - YTD (see page 8)	7.8%		16.2%		16.4%		12.8%		-1.6%
Same property NOI growth without termination fees or redevelopments - YTD (see page 8)	7.7%		16.1%		16.2%		13.0%		-1.6%
Rent spreads - Trailing 12 months (5) (see page 19)	6.8%		5.5%		2.3%		1.2%		1.2%

(1)

Includes current ground-up developments.

(2)

Represents entire center GLA rather than redevelopment portion only. Included in Same Property pool unless noted otherwise.

(3)

Prior periods adjusted for current same property pool.

(4)

Excludes leases that are signed but have not yet commenced.

(5)

Retail operating properties only. Rent spreads are calculated on a comparable-space, cash basis for new and renewal leases executed.

Amounts may not foot due to rounding.

Supplemental Information 2

Consolidated Balance Sheets

March 31, 2022 and December 31, 2021

(in thousands)


	2022			2021
	(unaudited)
Assets:
Net real estate investments:
Real estate assets at cost	$	11,567,492		$	11,495,581
Less: accumulated depreciation		2,235,869			2,174,963
		9,331,623			9,320,618
Investments in real estate partnerships		357,998			372,591
Net real estate investments		9,689,621			9,693,209

Properties held for sale		2,354			25,574
Cash, cash equivalents, and restricted cash		178,730			95,027
Tenant and other receivables (1)		151,852			153,091
Deferred leasing costs, net		64,954			65,741
Acquired lease intangible assets, net		205,333			212,707
Right of use assets		279,892			280,783
Other assets		267,428			266,431

Total assets	$	10,840,164		$	10,792,563


Liabilities and Equity:
Liabilities:
Notes payable	$	3,716,717		$	3,718,944

Accounts payable and other liabilities		278,265			322,271
Acquired lease intangible liabilities, net		362,890			363,276
Lease liabilities		215,705			215,788
Tenants' security, escrow deposits, and prepaid rent		60,895			62,352
Total liabilities		4,634,472			4,682,631

Equity:
Stockholders' Equity:
Common stock, $.01 par		1,714			1,712
Additional paid in capital		7,858,933			7,860,700
Accumulated other comprehensive loss		(1,764	)		(10,227	)
Distributions in excess of net income		(1,726,556	)		(1,814,814	)
Total stockholders' equity		6,132,327			6,037,371
Noncontrolling Interests:
Exchangeable operating partnership units		35,876			35,447
Limited partners' interest		37,489			37,114
Total noncontrolling interests		73,365			72,561
Total equity		6,205,692			6,109,932

Total liabilities and equity	$	10,840,164		$	10,792,563

(1)

For additional details, see page 41.

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

Supplemental Information 3

Consolidated Statements of Operations

For the Periods Ended March 31, 2022 and 2021

(in thousands)

(unaudited)


	Three Months Ended						Year to Date
	2022			2021			2022			2021
Revenues:
Lease income (1)	$	293,645			266,357		$	293,645			266,357
Other property income		3,104			1,953			3,104			1,953
Management, transaction, and other fees		6,684			6,393			6,684			6,393
Total revenues		303,433			274,703			303,433			274,703

Operating Expenses:
Depreciation and amortization		77,842			77,259			77,842			77,259
Operating and maintenance		46,461			45,582			46,461			45,582
General and administrative		18,792			21,287			18,792			21,287
Real estate taxes		36,869			36,166			36,869			36,166
Other operating expense		2,173			698			2,173			698
Total operating expenses		182,137			180,992			182,137			180,992

Other Expense (Income):
Interest expense, net		36,738			36,936			36,738			36,936
Gain on sale of real estate, net of tax		(101,948	)		(11,698	)		(101,948	)		(11,698	)
Net investment loss (income)		2,494			(1,486	)		2,494			(1,486	)
Total other (income) expense		(62,716	)		23,752			(62,716	)		23,752

Income from operations before equity in income of
investments in real estate partnerships		184,012			69,959			184,012			69,959

Equity in income of investments in real estate partnerships		12,804			11,666			12,804			11,666

Net income		196,816			81,625			196,816			81,625

Noncontrolling Interests:
Exchangeable operating partnership units		(863	)		(364	)		(863	)		(364	)
Limited partners' interests in consolidated partnerships		(725	)		(605	)		(725	)		(605	)
Income attributable to noncontrolling interests		(1,588	)		(969	)		(1,588	)		(969	)

Net income attributable to common stockholders	$	195,228			80,656		$	195,228			80,656

(1)

For additional details, see page 41 .

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

Supplemental Information 4

Supplemental Details of Operations (Consolidated Only)

For the Periods Ended March 31, 2022 and 2021

(in thousands)


		Three Months Ended						Year to Date
		2022			2021			2022			2021
	Revenues:
*	Base rent	$	199,252			188,480		$	199,252			188,480
*	Recoveries from tenants		67,774			62,597			67,774			62,597
*	Percentage rent		4,948			3,366			4,948			3,366
*	Termination Fees		1,490			337			1,490			337
*	Uncollectible lease income		6,146			2,275			6,146			2,275
*	Other lease income		2,335			2,425			2,335			2,425
	Straight line rent on lease income		6,011			881			6,011			881
	Above/below market rent amortization		5,689			5,996			5,689			5,996
	Lease income (1)		293,645			266,357			293,645			266,357

*	Other property income		3,104			1,953			3,104			1,953

	Property management fees		3,618			3,771			3,618			3,771
	Asset management fees		1,755			1,715			1,755			1,715
	Leasing commissions and other fees		1,311			907			1,311			907
	Management, transaction, and other fees		6,684			6,393			6,684			6,393

	Total revenues		303,433			274,703			303,433			274,703

	Operating Expenses:
	Depreciation and amortization (including FF&E)		77,842			77,259			77,842			77,259

*	Operating and maintenance		42,660			40,188			42,660			40,188
*	Ground rent		3,008			2,789			3,008			2,789
*	Termination expense		-			1,749			-			1,749
	Straight line rent on ground rent		406			436			406			436
	Above/below market ground rent amortization		387			420			387			420
	Operating and maintenance		46,461			45,582			46,461			45,582

	Gross general & administrative		19,251			20,128			19,251			20,128
	Stock-based compensation		4,208			2,479			4,208			2,479
	Capitalized direct development compensation costs		(2,411	)		(2,459	)		(2,411	)		(2,459	)
	General & administrative, net		21,048			20,148			21,048			20,148
	Loss on deferred compensation plan (2)		(2,256	)		1,139			(2,256	)		1,139
	General & administrative		18,792			21,287			18,792			21,287

*	Real estate taxes		36,869			36,166			36,869			36,166

	Other expenses		2,008			532			2,008			532
	Development pursuit costs		165			166			165			166
	Other operating expenses		2,173			698			2,173			698

	Total operating expenses		182,137			180,992			182,137			180,992

	Other Expense (Income):
	Gross interest expense		36,293			35,774			36,293			35,774
	Derivative amortization		109			109			109			109
	Debt cost amortization		1,390			1,979			1,390			1,979
	Debt premium/discount amortization		(115	)		81			(115	)		81
	Capitalized interest		(796	)		(849	)		(796	)		(849	)
	Interest income		(143	)		(158	)		(143	)		(158	)
	Interest expense, net		36,738			36,936			36,738			36,936

	Gain on sale of real estate, net of tax		(101,948	)		(11,698	)		(101,948	)		(11,698	)
	Net investment loss (income) (2)		2,494			(1,486	)		2,494			(1,486	)

	Total other (income) expense		(62,716	)		23,752			(62,716	)		23,752

* Component of Net Operating Income

(1)

For additional details, see page 41.

(2)

The change in value of participant obligations within Regency’s non-qualified deferred compensation plan is included in General and administrative expense, which is offset by changes in value of assets held in the plan which is included in Net investment income.

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

Supplemental Information 5

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

March 31, 2022 and December 31, 2021

(in thousands)


	Noncontrolling Interests						Share of JVs
	2022			2021			2022		2021
Assets:
Real estate assets at cost	$	(87,706	)		(87,578	)	$	1,272,612		1,280,979
Less: accumulated depreciation		(17,888	)		(17,396	)		439,803		441,893
Net real estate investments		(69,818	)		(70,182	)		832,809		839,086

Cash, cash equivalents, and restricted cash		(2,665	)		(2,669	)		18,455		16,179
Tenant and other receivables (1)		(2,156	)		(2,158	)		22,712		23,899
Deferred leasing costs, net		(1,270	)		(1,278	)		14,857		14,764
Acquired lease intangible assets, net		(366	)		(392	)		6,232		5,566
Right of use assets		(1,610	)		(1,613	)		5,211		5,266
Other assets		(203	)		(66	)		23,644		21,381

Total assets	$	(78,088	)		(78,358	)	$	923,920		926,141


Liabilities:
Notes payable	$	(36,140	)		(36,290	)	$	532,067		516,791
Accounts payable and other liabilities		(2,113	)		(2,577	)		20,420		22,741
Acquired lease intangible liabilities, net		(110	)		(117	)		5,898		5,884
Lease liabilities		(1,921	)		(1,912	)		4,309		4,325
Tenants' security, escrow deposits, and prepaid rent		(315	)		(348	)		3,228		3,809

Total liabilities	$	(40,599	)		(41,244	)	$	565,922		553,550

(1)

For additional details, see page 41.

Note

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

Supplemental Information 6

Supplemental Details of Operations (Real Estate Partnerships Only)

For the Periods Ended March 31, 2022 and 2021

(in thousands)


		Noncontrolling Interests												Share of JVs
		Three Months Ended						Year to Date						Three Months Ended						Year to Date
		2022			2021			2022			2021			2022			2021			2022			2021
	Revenues:
*	Base rent	$	(1,987	)		(1,827	)	$	(1,987	)		(1,827	)	$	24,776			26,076		$	24,776			26,076
*	Recoveries from tenants		(537	)		(554	)		(537	)		(554	)		8,525			8,686			8,525			8,686
*	Percentage rent		(1	)		-			(1	)		-			571			445			571			445
*	Termination Fees		-			(1	)		-			(1	)		459			91			459			91
*	Uncollectible lease income		(13	)		(69	)		(13	)		(69	)		549			155			549			155
*	Other lease income		(32	)		(31	)		(32	)		(31	)		301			339			301			339
	Straight line rent on lease income		(39	)		(8	)		(39	)		(8	)		324			387			324			387
	Above/below market rent amortization		(2	)		(7	)		(2	)		(7	)		102			421			102			421
	Lease income (1)		(2,611	)		(2,497	)		(2,611	)		(2,497	)		35,607			36,600			35,607			36,600

*	Other property income		(3	)		(3	)		(3	)		(3	)		126			(55	)		126			(55	)

	Asset management fees		-			-			-			-			(279	)		(268	)		(279	)		(268	)
	Management, transaction, and other fees		-			-			-			-			(279	)		(268	)		(279	)		(268	)

	Total revenues		(2,614	)		(2,500	)		(2,614	)		(2,500	)		35,454			36,277			35,454			36,277

	Operating Expenses:
	Depreciation and amortization (including FF&E)		(645	)		(692	)		(645	)		(692	)		7,422			8,502			7,422			8,502

*	Operating and maintenance		(492	)		(445	)		(492	)		(445	)		5,599			5,955			5,599			5,955
*	Ground rent		(29	)		(27	)		(29	)		(27	)		68			89			68			89
	Straight line rent on ground rent		(15	)		(16	)		(15	)		(16	)		30			30			30			30
	Above/below market ground rent amortization		-			-			-			-			10			10			10			10
	Operating and maintenance		(536	)		(488	)		(536	)		(488	)		5,707			6,084			5,707			6,084

	General & administrative, net		-			-			-			-			60			110			60			110

*	Real estate taxes		(338	)		(330	)		(338	)		(330	)		4,448			4,726			4,448			4,726

	Other expenses		(32	)		(35	)		(32	)		(35	)		246			244			246			244
	Development pursuit costs		-			-			-			-			1			-			1			-
	Other operating expenses		(32	)		(35	)		(32	)		(35	)		247			244			247			244

	Total operating expenses		(1,551	)		(1,545	)		(1,551	)		(1,545	)		17,884			19,666			17,884			19,666

	Other Expense (Income):
	Gross interest expense		(328	)		(336	)		(328	)		(336	)		4,641			5,120			4,641			5,120
	Debt cost amortization		(10	)		(14	)		(10	)		(14	)		178			187			178			187
	Debt premium/discount amortization		-			-			-			-			9			10			9			10
	Interest expense, net		(338	)		(350	)		(338	)		(350	)		4,828			5,317			4,828			5,317

	Gain on sale of real estate		-			-			-			-			(62	)		(372	)		(62	)		(372	)

	Total other expense (income)		(338	)		(350	)		(338	)		(350	)		4,766			4,945			4,766			4,945

* Component of Net Operating Income

(1)

For additional details, see page 41.

Note

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

Supplemental Information 7

Supplemental Details of Same Property NOI (Pro-Rata)

For the Periods Ended March 31, 2022 and 2021

(in thousands)


	Three Months Ended						Year to Date
	2022			2021			2022			2021
Same Property NOI Detail:

Real Estate Revenues:
Base rent	$	218,187			212,428		$	218,187			212,428
Recoveries from tenants		74,257			70,757			74,257			70,757
Percentage rent		5,498			3,814			5,498			3,814
Termination fees		1,949			417			1,949			417
Uncollectible lease income		6,757			1,731			6,757			1,731
Other lease income		2,602			2,693			2,602			2,693
Other property income		2,396			1,293			2,396			1,293
Total real estate revenues		311,646			293,133			311,646			293,133

Real Estate Operating Expenses:
Operating and maintenance		47,520			46,015			47,520			46,015
Real estate taxes		39,953			40,362			39,953			40,362
Ground rent		2,913			2,939			2,913			2,939
Total real estate operating expenses		90,386			89,316			90,386			89,316

Same Property NOI	$	221,260			203,817		$	221,260			203,817
% change		8.6	%					8.6	%

Same Property NOI without Termination Fees	$	219,311			203,400		$	219,311			203,400
% change		7.8	%					7.8	%

Same Property NOI without Termination Fees or Redevelopments	$	192,497			178,736		$	192,497			178,736
% change		7.7	%					7.7	%


Reconciliation of Net Income Attributable to Common Stockholders to Same Property NOI:

Net income attributable to common stockholders	$	195,228			80,656		$	195,228			80,656
Less:
Management, transaction, and other fees		(6,684	)		(6,393	)		(6,684	)		(6,393	)
Other (1)		(12,621	)		(7,704	)		(12,621	)		(7,704	)
Plus:
Depreciation and amortization		77,842			77,259			77,842			77,259
General and administrative		18,792			21,287			18,792			21,287
Other operating expense		2,173			698			2,173			698
Other (income) expense		(62,716	)		23,752			(62,716	)		23,752
Equity in income of investments in real estate excluded from NOI (2)		12,388			13,301			12,388			13,301
Net income attributable to noncontrolling interests		1,588			969			1,588			969
NOI		225,990			203,825			225,990			203,825

Less non-same property NOI (3)		(4,730	)		(8	)		(4,730	)		(8	)

Same Property NOI	$	221,260			203,817		$	221,260			203,817

(1)

Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests.

(2)

Includes non-NOI income and expenses incurred at our unconsolidated real estate partnerships, such as, but not limited to, straight-line rental income, above and below market rent amortization, depreciation and amortization, interest expense, and real estate gains and impairments.

(3)

Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests.

Supplemental Information 8

Reconciliations of Non-GAAP Financial Measures

For the Periods Ended March 31, 2022 and 2021

(in thousands, except per share data)


	Three Months Ended						Year to Date
	2022			2021			2022			2021

Reconciliation of Net Income to Nareit FFO:

Net Income Attributable to Common Stockholders	$	195,228			80,656		$	195,228			80,656
Adjustments to reconcile to Nareit Funds From Operations (1):
Depreciation and amortization (excluding FF&E)		84,130			84,494			84,130			84,494
Gain on sale of real estate		(102,010	)		(12,070	)		(102,010	)		(12,070	)
Exchangeable operating partnership units		863			364			863			364
Nareit Funds From Operations	$	178,211			153,444		$	178,211			153,444


Nareit FFO per share (diluted)	$	1.03			0.90		$	1.03			0.90
Weighted average shares (diluted)		172,431			170,771			172,431			170,771

Reconciliation of Nareit FFO to Core Operating Earnings:

Nareit Funds From Operations	$	178,211			153,444		$	178,211			153,444
Adjustments to reconcile to Core Operating Earnings (1):
Certain Non Cash Items
Straight line rent		(3,478	)		(3,429	)		(3,478	)		(3,429	)
Uncollectible straight line rent		(2,383	)		2,573			(2,383	)		2,573
Above/below market rent amortization, net		(5,392	)		(5,980	)		(5,392	)		(5,980	)
Debt premium/discount amortization		(106	)		91			(106	)		91
Core Operating Earnings	$	166,852			146,699		$	166,852			146,699


Core Operating Earnings per share (diluted)	$	0.97			0.86		$	0.97			0.86
Weighted average shares (diluted)		172,431			170,771			172,431			170,771

Reconciliation of Net Income to Nareit EBITDAre:

Net Income	$	196,816			81,625		$	196,816			81,625
Adjustments to reconcile to Nareit EBITDAre (2):
Interest expense		41,709			42,411			41,709			42,411
Income tax expense		120			60			120			60
Depreciation and amortization		85,264			85,761			85,264			85,761
Gain on sale of real estate		(102,010	)		(12,070	)		(102,010	)		(12,070	)
Nareit EBITDAre	$	221,899			197,787		$	221,899			197,787

Reconciliation of Nareit EBITDAre to Operating EBITDAre:

Nareit EBITDAre	$	221,899			197,787		$	221,899			197,787
Adjustments to reconcile to Operating EBITDAre (2):
Straight line rent, net		(5,885	)		(848	)		(5,885	)		(848	)
Above/below market rent amortization, net		(5,394	)		(5,987	)		(5,394	)		(5,987	)
Operating EBITDAre	$	210,620			190,952		$	210,620			190,952

(1)

Includes Regency’s consolidated entities and its pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests, which can be found on page 7.

(2)

Includes Regency’s consolidated entities and its pro-rata share of unconsolidated co-investment partnerships.

Supplemental Information 9

Capital Expenditures and Additional Disclosures

For the Periods Ended March 31, 2022 and 2021

(in thousands)


	Three Months Ended				Year to Date
	2022		2021		2022		2021
Capital Expenditures:

Operating Properties (1)
Tenant allowance and landlord work	$	9,895		5,666	$	9,895		5,666
Leasing commissions		2,914		2,279		2,914		2,279
Leasing Capital Expenditures		12,809		7,945		12,809		7,945

Building improvements		6,230		1,751		6,230		1,751
Operating Capital Expenditures	$	19,039		9,696	$	19,039		9,696

Development & Redevelopment Properties (1)
Ground-up development	$	16,429		4,361	$	16,429		4,361
Redevelopment		16,064		18,656		16,064		18,656
Development & Redevelopment Expenditures	$	32,493		23,017	$	32,493		23,017


Additional Disclosures:

Other Non Cash Expense (2)
Derivative amortization	$	110		109	$	110		109
Debt cost amortization		1,557		2,152		1,557		2,152
Stock-based compensation		4,208		2,479		4,208		2,479
Other Non Cash Expense	$	5,875		4,740	$	5,875		4,740

(1)

Includes Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships.

(2)

Includes Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests, which can be found on page 7.

Supplemental Information 10

Summary of Consolidated Debt

March 31, 2022 and December 31, 2021

(in thousands)


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


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


Percentage of Total Debt:	3/31/2022	12/31/2021
Fixed	99.9%	99.1%
Variable	0.1%	0.9%

Current Weighted Average Contractual Interest Rates:(2)
Fixed	3.8%	3.8%
Variable	1.7%	1.6%
Combined	3.8%	3.8%


Current Weighted Average Effective Interest Rate:(3)
Combined	4.0%	4.1%


Average Years to Maturity:
Fixed	9.4	9.6
Variable	3.0	1.2

(1)

Includes unsecured public and private placement debt and any drawn balance on unsecured revolving line of credit.

(2)

Interest rates are calculated as of the quarter end.

(3)

Effective interest rates are calculated in accordance with US GAAP, as of the quarter end, and include the impact of debt premium/(discount) amortization, issuance cost amortization, interest rate swaps, and facility fees.

Supplemental Information 11

Summary of Consolidated Debt

March 31, 2022 and December 31, 2021

(in thousands)


		Contractual		Effective
Lender	Collateral	Rate		Rate(1)	Maturity	3/31/2022			12/31/2021
Secured Debt - Fixed Rate Mortqaqe Loans
John Hancock Life Insurance Company	Kirkwood Commons	7.68%			10/01/22	$	6,283		$	6,495
Wells Fargo	Hewlett I	4.41%			01/06/23		9,015			9,061
TD Bank	Black Rock Shopping Center	2.80%			04/01/23		18,932			19,029
State Farm Life Insurance Company	Tech Ridge Center	5.83%			06/01/23		1,734			2,066
American United Life Insurance Company	Westport Plaza	7.49%			08/01/23		1,709			1,789
TD Bank	Brickwalk Shopping Center	3.19%			11/01/23		31,607			31,763
Genworth Life Insurance Company	Aventura, Oakbrook & Treasure Coast	6.50%			02/28/24		6,093			6,801
Prudential Insurance Company of America	4S Commons Town Center	3.50%			06/05/24		82,107			82,531
Ellis Partners	Pruneyard	4.00%			06/30/24		2,200			2,200
Great-West Life & Annuity Insurance Co	Erwin Square	3.78%			09/01/24		10,000			10,000
PNC Bank	Circle Marina Center	2.54%			03/17/25		24,000			24,000
Prudential Insurance Company of America	Country Walk Plaza	3.91%			11/05/25		16,000			16,000
Metropolitan Life Insurance Company	Westbury Plaza	3.76%			02/01/26		88,000			88,000
The Guardian Life Insurance of America	Willa Springs	3.81%			03/01/27		16,700			16,700
The Guardian Life Insurance of America	Alden Bridge	3.81%			03/01/27		26,000			26,000
The Guardian Life Insurance of America	Bethany Park Place	3.81%			03/01/27		10,200			10,200
The Guardian Life Insurance of America	Blossom Valley	3.81%			03/01/27		22,300			22,300
The Guardian Life Insurance of America	Dunwoody Hall	3.81%			03/01/27		13,800			13,800
The Guardian Life Insurance of America	Hasley Canyon Village	3.81%			03/01/27		16,000			16,000
PNC Bank	Fellsway Plaza	4.07%			06/02/27		35,876			36,019
New York Life Insurance	Oak Shade Town Center	6.05%			05/10/28		5,426			5,606
New York Life Insurance	Von's Circle Center	5.20%			10/10/28		5,574			5,751
New York Life Insurance	Copps Hill Plaza	6.06%			01/01/29		9,856			10,145
City of Rollingwood	Shops at Mira Vista	8.00%			03/01/32		189			192
Unamortized premiums on assumed debt of acquired properties, net of issuance costs							7,111			7,505
Total Fixed Rate Mortgage Loans		3.83%		3.50%		$	466,712		$	469,953


Unsecured Debt
Debt Offering (5/16/14)	Fixed-rate unsecured	3.75%			06/15/24	$	250,000		$	250,000
Debt Offering (8/17/15)	Fixed-rate unsecured	3.90%			11/01/25		250,000			250,000
Debt Placement (5/11/16)	Fixed-rate unsecured	3.81%			05/11/26		100,000			100,000
Debt Placement (8/11/16)	Fixed-rate unsecured	3.91%			08/11/26		100,000			100,000
Debt Offering (1/17/17)	Fixed-rate unsecured	3.60%			02/01/27		525,000			525,000
Debt Offering (3/9/18)	Fixed-rate unsecured	4.13%			03/15/28		300,000			300,000
Debt Offering (8/13/19)	Fixed-rate unsecured	2.95%			09/15/29		425,000			425,000
Debt Offering (5/13/20)	Fixed-rate unsecured	3.70%			06/15/30		600,000			600,000
Debt Offering (1/17/17)	Fixed-rate unsecured	4.40%			02/01/47		425,000			425,000
Debt Offering (3/6/19)	Fixed-rate unsecured	4.65%			03/15/49		300,000			300,000
Revolving Line of Credit	Variable-rate unsecured	LIBOR + 0.865%	(2)		03/23/25		-			-
Unamortized debt discount and issuance costs							(29,913	)		(31,009	)
Total Unsecured Debt, Net of Discounts		3.83%		3.98%		$	3,245,087		$	3,243,991

Variable Rate Mortgage Loans
PNC Bank	Market at Springwoods Village	SOFR + 1.40%			03/28/25	$	5,000		$	5,000
Unamortized debt discount and issuance costs							(82	)		-
Total Variable Rate Mortgage Loans		1.69%		1.70%		$	4,918		$	5,000

Total		3.83%		4.03%		$	3,716,717		$	3,718,944

(1)

(2)

Rate applies to drawn balance only. Additional annual facility fee of 0.15% applies to entire $1.25 billion line of credit. Maturity is subject to two additional six-month periods at the Company’s option.

Supplemental Information 12

Summary of Unsecured Debt Covenants and Leverage Ratios

March 31, 2022

(in thousands)


Outstanding Unsecured Public Debt:	Origination	Maturity	Rate	Balance
	05/16/14	06/15/24	3.750%	$	250,000
	08/17/15	11/01/25	3.900%	$	250,000
	01/17/17	02/01/27	3.600%	$	525,000
	03/09/18	03/15/28	4.125%	$	300,000
	08/20/19	09/15/29	2.950%	$	425,000
	05/13/20	06/15/30	3.700%	$	600,000
	01/17/17	02/01/47	4.400%	$	425,000
	03/06/19	03/15/49	4.650%	$	300,000


Unsecured Public Debt Covenants:	Required	3/31/2022	12/31/2021	9/30/2021	6/30/2021	3/31/2021
Fair Market Value Calculation Method Covenants (1) (2)
Total Consolidated Debt to Total Consolidated Assets	≤ 65%	26%	27%	27%	27%	28%
Secured Consolidated Debt to Total Consolidated Assets	≤ 40%	3%	3%	4%	3%	3%
Consolidated Income for Debt Service to Consolidated Debt Service	≥ 1.5x	5.6x	5.5x	5.1x	4.6x	4.3x
Unencumbered Consolidated Assets to Unsecured Consolidated Debt	>150%	394%	388%	383%	375%	366%




Ratios:		3/31/2022	12/31/2021	9/30/2021	6/30/2021	3/31/2021
Consolidated Only

Net debt to total market capitalization		22.4%	21.9%	22.6%	23.5%	26.6%
Net debt to real estate assets, before depreciation		29.7%	30.4%	28.9%	29.2%	30.3%
Net debt to total assets, before depreciation		27.4%	28.1%	26.8%	27.0%	28.0%

Net debt to Operating EBITDAre - TTM		4.4x	4.6x	4.5x	4.7x	5.3x
Fixed charge coverage		5.2x	5.1x	4.8x	4.4x	4.0x
Interest coverage		5.6x	5.5x	5.2x	4.8x	4.3x

Unsecured assets to total real estate assets		89.5%	89.4%	88.7%	89.7%	89.7%
Unsecured NOI to total NOI - TTM		90.8%	90.6%	89.8%	90.7%	90.5%
Unencumbered assets to unsecured debt		318%	318%	309%	307%	307%

Total Pro-Rata Share

Net debt to total market capitalization		24.9%	24.2%	25.2%	26.3%	29.4%
Net debt to real estate assets, before depreciation		31.7%	32.3%	30.9%	31.3%	32.2%
Net debt to total assets, before depreciation		29.3%	29.8%	28.6%	28.9%	29.7%

Net debt to Operating EBITDAre - TTM		4.9x	5.1x	5.0x	5.3x	5.9x
Fixed charge coverage		4.6x	4.5x	4.2x	3.9x	3.6x
Interest coverage		5.0x	4.9x	4.7x	4.3x	3.9x

(1)

For a complete listing of all Debt Covenants related to the Company’s Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company’s filings with the Securities and Exchange Commission.

(2)

Current period debt covenants are finalized and submitted after the Company’s most recent Form 10-Q or Form 10-K filing.

Supplemental Information 13

Summary of Unconsolidated Debt

March 31, 2022 and December 31, 2021

(in thousands)


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


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


Percentage of Total Debt:	3/31/2022	12/31/2021
Fixed	93.4%	93.2%
Variable	6.6%	6.8%



Current Weighted Average Contractual Interest Rates:(1)
Fixed	3.6%	3.7%
Variable	2.6%	2.5%
Combined	3.5%	3.6%


Current Weighted Average Effective Interest Rates:(2)
Combined	3.6%	3.7%


Average Years to Maturity:
Fixed	6.2	5.6
Variable	1.0	0.3

(1)

Interest rates are calculated as of the quarter end.

(2)

Effective interest rates are calculated in accordance with US GAAP, as of the quarter end, and include the impact of debt premium/(discount) amortization, issuance cost, amortization, interest rate swaps, and facility and unused fees.

Supplemental Information 14

Unconsolidated Investments

March 31, 2022

(in thousands)


									Regency
Investment Partner and	Number of		Total		Total		Total		Ownership	Share		Investment		Equity
Portfolio Summary Abbreviation	Properties		GLA		Assets		Debt		Interest	of Debt		3/31/2022		Pick-up
State of Oregon
(JV-C, JV-C2)		20		2,273	$	543,377	$	265,919	20.00%	$	53,184	$	49,337	$	1,078
(JV-CCV)		1		559		95,030		74,755	30.00%		22,426		5,546		266
		21		2,832		638,407		340,674
GRI
(JV-GRI)		66		8,427		1,501,808		971,500	40.00%		388,600		131,269		9,373

CalSTRS
(JV-RC) (1)		6		614		103,466		-	25.00%		-		25,049		626

NYSCRF
(JV-NYC)		2		281		82,280		46,460	30.00%		13,938		11,868		266

Publix
(JV-O)		2		211		25,396		-	50.00%		-		12,596		440

Individual Investors
Ballard Blocks		2		249		129,397		-	49.90%		-		63,865		274
Town and Country Center		1		230		207,725		91,676	35.00%		32,086		39,373		186
Others		3		352		91,046		43,664	31% - 50%		21,833		19,095		295

		103		13,196	$	2,779,525	$	1,493,974		$	532,067	$	357,998	$	12,804

(1)

On April 1, 2022, Regency completed the purchase of its partner's 75% interest in four of the six properties held in the portfolio for $88.5 million, net of cash assumed. Additionally, one of the remaining properties was sold to a third party in April 2022.

Supplemental Information 15

Property Transactions

March 31, 2022

(in thousands)

Acquisitions:


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

Dispositions:


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

	Non-Income Producing Land Total					$	950

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

(1)

Weighted average cap rate includes the sale of Costa Verde for $125M at a ~1.5% cap rate.

Supplemental Information 16

Summary of In-Process Developments and Redevelopments

March 31, 2022

(in thousands)


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

In Process Development and Redevelopment Descriptions

Ground-up Developments

Carytown Exchange - Phase I & II

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

East San Marco

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

Glenwood Green

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

Redevelopments

The Crossing Clarendon

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

The Abbot

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

Sheridan Plaza

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

Preston Oaks

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

Serramonte Center

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

Westbard Square Phase I

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

Various Redevelopments (est costs < $10 million individually)

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

See page 18 for footnotes

Supplemental Information 17

Development and Redevelopment Current Year Completions

March 31, 2022

(in thousands)


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

(1)

Scope, economics and timing of development and redevelopment projects could change materially from estimates provided.

(2)

Ground-up development or redevelopment that is excluded from the Same Property NOI pool.

(3)

GLA, % Leased, and estimated costs for Carytown and Glenwood Green represents Regency's pro-rata share of 64% and 70%, respectively.

(4)

GLA and % Leased for The Crossing Clarendon represents the Loft building only, and Westbard Square Phase I represents phase I only.

(5)

Westbard's estimated costs are net of expected land sale proceeds of $50m. Combined net project costs for phase I and future phases are expected to be $110m - $120m with an incremental yield of 6% - 7%. Future phase(s) will include ~200 units of apartments, 44k SF of additional retail, and ~100 for-sale townhomes.

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

(a)

Estimated Initial Rent Commencement represents the estimated date that the anchor or first tenants at each project will rent commence.

(b)

Estimated Stabilization Year represents the estimated first full calendar year that the project will reach the stated stabilized yield.

(c)

A stabilized yield for a redevelopment property represents the incremental NOI (estimated stabilized NOI less NOI prior to project commencement) divided by the total project costs.

Supplemental Information 18

Leasing Statistics

March 31, 2022

(Retail Operating Properties Only)


Leasing Statistics - Comparable
Total	Leasing Transactions		GLA (in 000s)		New Base Rent/Sq. Ft		Rent Spread %	Weighted Avg. Lease Term		Tenant Allowance and Landlord Work/Sq. Ft.
1st Quarter 2022		377		1,688	$	25.00	6.5%		5.5	$	3.82
4th Quarter 2021		400		1,753		27.44	12.9%		6.1		5.19
3rd Quarter 2021		421		2,019		24.06	5.1%		5.9		5.68
2nd Quarter 2021		432		1,881		25.11	2.7%		5.8		5.21
Total - 12 months		1,630		7,341	$	25.35	6.8%		5.8	$	5.01

New Leases	Leasing Transactions		GLA (in 000s)		New Base Rent/Sq. Ft		Rent Spread %	Weighted Avg. Lease Term		Tenant Allowance and Landlord Work/Sq. Ft.
1st Quarter 2022		88		230	$	31.77	8.1%		8.3	$	22.94
4th Quarter 2021		111		414		28.66	45.6%		8.0		18.14
3rd Quarter 2021		107		282		30.77	0.8%		8.0		29.47
2nd Quarter 2021		116		320		29.80	-0.2%		8.6		25.38
Total - 12 months		422		1,246	$	29.96	13.6%		8.2	$	23.41

Renewals	Leasing Transactions		GLA (in 000s)		New Base Rent/Sq. Ft		Rent Spread %	Weighted Avg. Lease Term		Tenant Allowance and Landlord Work/Sq. Ft.
1st Quarter 2022		289		1,458	$	24.00	6.2%		5.1	$	1.00
4th Quarter 2021		289		1,339		27.01	4.1%		5.4		0.65
3rd Quarter 2021		314		1,737		22.85	6.2%		5.6		1.41
2nd Quarter 2021		316		1,561		24.04	3.6%		5.1		0.62
Total - 12 months		1,208		6,095	$	24.34	5.1%		5.3	$	0.95

Leasing Statistics - Comparable and Non-comparable
Total	Leasing Transactions		GLA (in 000s)		New Base Rent/Sq. Ft			Weighted Avg. Lease Term		Tenant Allowance and Landlord Work/Sq. Ft.
1st Quarter 2022		452		2,103	$	25.86			5.7	$	7.53
4th Quarter 2021		483		2,208		27.55			6.5		13.62
3rd Quarter 2021		501		2,420		23.25			6.7		8.48
2nd Quarter 2021		527		2,147		25.34			5.7		7.46
Total - 12 months		1,963		8,878	$	25.44			6.2	$	9.36

Notes:

•

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

•

All amounts reported at execution.

•

Number of leasing transactions and GLA leased reported at 100%; All other statistics reported at pro-rata share.

•

Rent spreads are calculated on a comparable-space, cash basis for new and renewal leases executed and include all leasing transactions, including spaces vacant > 12 months.

•

Tenant Allowance & Landlord Work are costs required to make the space leasable and include improvements of a space as it relates to a specific lease. These costs include tenant improvements and inducements.

•

Excludes Non-Retail Properties.

•

Tenant Allowance and Landlord Work / Sq. Ft. for 3rd Quarter 2021 has been updated for inclusion of revised expectations on capital commitments for a New Leasing transaction.

Supplemental Information 19

Annual Base Rent by State

March 31, 2022

(in thousands)


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

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

(1)

Includes Properties in Development and leases that are executed but have not commenced.

Supplemental Information 20

Annual Base Rent by CBSA

March 31, 2022

(in thousands)


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

CBSAs Ranked 51 - 75 by Population	22			1,939		91.9	%		49,477		27.37		5.4	%		4.5	%		5.3	%

CBSAs Ranked 76 - 100 by Population	12			760		98.0	%		12,512		16.81		3.0	%		1.8	%		1.3	%

Other CBSAs	26			2,373		93.7	%		36,340		16.30		6.4	%		5.5	%		3.9	%

Total All Properties		406		42,805		93.9	%	$	940,406	$	23.32		100.0	%		100.0	%		100.0	%

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

(1)

2021 Population Data Source: Synergos Technologies, Inc.

(2)

Includes Properties in Development and leases that are executed but have not commenced.

Supplemental Information 21

Annual Base Rent By Tenant Category

March 31, 2022


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

Anchor/Shop Exposure(2)		% of ABR
Shop		56%
Anchor		44%

(1)

Represents Regency's wholly owned and pro-rata share of co-investment partnerships; includes properties in development, includes leases that are executed but have not rent commenced.

(2)

Shop tenants defined as <10K SF, Anchor tenants defined as >10K SF.

Supplemental Information 22

Significant Tenant Rents

(Includes Tenants ≥ 0.5% of ABR)

March 31, 2022

(in thousands)


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

(1)

Kroger 20 / King Soopers 11 / Harris Teeter 9 / Ralphs 9 / Mariano's Fresh Market 3 / Quality Food Centers 2

(2)

Safeway 22 / VONS 7 / Albertson's 4 / Acme Markets 3 / Shaw's 3 / Tom Thumb 3 / Randalls Food & Drug 2 / Star Market 2

(3)

TJ Maxx 24 / Marshalls 19 / Homegoods 18 / Homesense 1 / Sierra Trading Post 1

(4)

Giant 8 / Stop & Shop 3 / Food Lion 1

(5)

Nordstrom Rack 8

(6)

Old Navy 12 / The Gap 2 / Athleta 2 / Banana Republic 2 / GAP BR Factory 1

(7)

H.E.B. 5 / Central Market 1

(8)

Petco 26 / Unleashed by Petco 5

(9)

Panera 30 / Peet's' Coffee & Tea 11 / Einstein Bros Bagels 10 / Bruegger’s Bagel 4 / Krispy Kreme 3 / Noah’s NY Bagels 3

(10)

Bed Bath & Beyond 10 / Buy Buy Baby 1 / Harmon Face Values 1

(11)

Walgreens 21 / Duane Reade 1

(12)

AT&T 51 / Cricket 6

(13)

T-Mobile 49 / Sprint 10 / MetroPC 9 / Connectivity Source 1

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

Supplemental Information 23

Tenant Lease Expirations

March 31, 2022

(GLA in thousands)


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


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


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

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

(1)

Anchor tenants represent any tenant occupying at least 10,000 square feet.

(2)

Shop tenants represent any tenant occupying less than 10,000 square feet.

(3)

Total Annual Base Rent ("ABR") excludes additional rent such as percentage rent, common area maintenance, real estate taxes, and insurance reimbursements. Represents Regency's wholly owned and pro-rata share of co-investment partnerships.

(4)

Month to month lease or in process of renewal.

Supplemental Information 24

Portfolio Summary Report By State

March 31, 2022

(GLA in thousands)


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

Supplemental Information 25

Portfolio Summary Report By State

March 31, 2022

(GLA in thousands)


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

Supplemental Information 26

Portfolio Summary Report By State

March 31, 2022

(GLA in thousands)


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

Supplemental Information 27

Portfolio Summary Report By State

March 31, 2022

(GLA in thousands)


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

Supplemental Information 28

Portfolio Summary Report By State

March 31, 2022

(GLA in thousands)


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

Supplemental Information 29

Portfolio Summary Report By State

March 31, 2022

(GLA in thousands)


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

Supplemental Information 30

Portfolio Summary Report By State

March 31, 2022

(GLA in thousands)


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

Supplemental Information 31

Portfolio Summary Report By State

March 31, 2022

(GLA in thousands)


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

Supplemental Information 32

Portfolio Summary Report By State

March 31, 2022

(GLA in thousands)


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

Supplemental Information 33

Portfolio Summary Report By State

March 31, 2022

(GLA in thousands)


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

Supplemental Information 34

Portfolio Summary Report By State

March 31, 2022

(GLA in thousands)


						JVs at 100%		REG's pro-rata share		REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA		GLA		% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA		Grocery Anchor GLA		Major Tenants (1)	Avg. Base Rent PSF
	Woodcroft Shopping Center			NC	Durham-Chapel Hill	90		90		98.7%					41	Food Lion, ACE Hardware	$	14.20
				NC			2,492		1,613	95.8%	95.8%		139		795		$	21.58
	Chimney Rock			NJ	New York-Newark-Jersey City	218		218		99.3%					50	Whole Foods, Nordstrom Rack, Saks Off 5th, The Container Store, Ulta	$	36.76
	District at Metuchen	C	20%	NJ	New York-Newark-Jersey City	67		13		100.0%					44	Whole Foods	$	30.44
(2)	Glenwood Green	M	70%	NJ	Philadelphia-Camden-Wilmington	355		355		60.5%					80	ShopRite, Target	$	5.96
	Haddon Commons	GRI	40%	NJ	Philadelphia-Camden-Wilmington	54		22		100.0%					34	Acme Markets	$	15.12
	Plaza Square	GRI	40%	NJ	New York-Newark-Jersey City	104		42		80.5%					43	Grocer	$	17.53
	Riverfront Plaza	NYC	30%	NJ	New York-Newark-Jersey City	129		39		95.6%					70	ShopRite	$	26.59
				NJ			927		688	78.0%	96.6%		0		321		$	21.51
	101 7th Avenue			NY	New York-Newark-Jersey City	57		57		0.0%						-	$	0.00
	1175 Third Avenue			NY	New York-Newark-Jersey City	25		25		100.0%					25	The Food Emporium	$	116.62
	1225-1239 Second Ave			NY	New York-Newark-Jersey City	18		18		100.0%						CVS	$	127.71
	90 - 30 Metropolitan Avenue			NY	New York-Newark-Jersey City	60		60		93.9%					11	Michaels, Staples, Trader Joe's	$	34.27
	Broadway Plaza			NY	New York-Newark-Jersey City	147		147		91.8%					18	Aldi, Best Buy, Bob's Discount Furniture, TJ Maxx, Blink Fitness	$	42.08
	Clocktower Plaza Shopping Ctr			NY	New York-Newark-Jersey City	79		79		100.0%					63	Stop & Shop	$	49.72
(2)	East Meadow			NY	New York-Newark-Jersey City	141		141		93.0%						Marshalls, Stew Leonard's	$	14.85
(2)	Eastport			NY	New York-Newark-Jersey City	48		48		97.3%						King Kullen, Rite Aid	$	12.75
	The Gallery at Westbury Plaza			NY	New York-Newark-Jersey City	312		312		100.0%					13	Trader Joe's, Nordstrom Rack, Saks Fifth Avenue, Bloomingdale's, The Container Store, HomeGoods, Old Navy, Gap Outlet, Bassett Home Furnishings, Famous Footware	$	49.80
	Hewlett Crossing I & II			NY	New York-Newark-Jersey City	52		52		96.2%						-	$	38.34
	Rivertowns Square	0		NY	New York-Newark-Jersey City	116		116		92.6%					18	Ulta, The Learning Experience, Mom's Organic Market, Look Cinemas	$	25.85
	The Point at Garden City Park			NY	New York-Newark-Jersey City	105		105		100.0%					52	King Kullen, Ace Hardware	$	29.88
	Lake Grove Commons	GRI	40%	NY	New York-Newark-Jersey City	141		57		100.0%					48	Whole Foods, LA Fitness, PETCO	$	34.67
(2)	Valley Stream			NY	New York-Newark-Jersey City	99		99		97.8%						King Kullen	$	28.91
(2)	Wading River			NY	New York-Newark-Jersey City	99		99		91.1%						King Kullen, CVS, Ace Hardware	$	22.96
	Westbury Plaza			NY	New York-Newark-Jersey City	390		390		99.4%					110	WalMart, Costco, Marshalls, Total Wine and More, Olive Garden	$	26.25
				NY			1,890		1,805	94.0%	94.0%		0		357		$	35.21
	Cherry Grove			OH	Cincinnati	196		196		99.0%					66	Kroger, Shoe Carnival, TJ Maxx, Tuesday Morning	$	12.40
	East Pointe			OH	Columbus	111		111		100.0%					76	Kroger	$	11.18
	Hyde Park			OH	Cincinnati	401		401		96.6%					169	Kroger, Remke Markets, Walgreens, Jo-Ann Fabrics, Ace Hardware, Staples, Marshalls	$	16.99
	Kroger New Albany Center	M	50%	OH	Columbus	93		93		100.0%					65	Kroger	$	13.35

Supplemental Information 35

Portfolio Summary Report By State

March 31, 2022

(GLA in thousands)


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

Supplemental Information 36

Portfolio Summary Report By State

March 31, 2022

(GLA in thousands)


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

Supplemental Information 37

Portfolio Summary Report By State

March 31, 2022

(GLA in thousands)


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

Supplemental Information 38

Portfolio Summary Report By State

March 31, 2022

(GLA in thousands)


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

	Regency Centers Total						51,283		42,805	93.9%	94.3%		3,747		16,217		$	23.32

(1)

Major Tenants are the grocery anchor and any tenant 10,000 square feet or greater. Retailers in parenthesis are a shadow anchor and not a part of the owned property.

(2)

Non-Same Property


Note:	In-process developments are bolded and italicized.


C:	Co-investment Partnership with Oregon


GRI:	Co-investment Partnership with GRI


M:	Co-investment Partnership with Minority Partner


NYC:	Co-investment Partnership with NYCRF


O:	Other, single property co-investment Partnerships


RC:	Co-investment Partnership with CalSTRS

Supplemental Information 39

Components of Net Asset Value (NAV)

As of March 31, 2022

(unaudited and in thousands)


Real Estate - Operating
Operating Portfolio NOI Excluding Straight-line Rent and Above/Below Market Rent - Current Quarter
Wholly Owned NOI (page 5)	$	202,512
Share of JV NOI (page 7)	$	25,192
Less: Noncontrolling Interests (page 7)	$	(1,714	)

Retail Operating Properties Excluding In-Process Redevelopments
Quarterly Base Rent From Leases Signed But Not Yet Commenced	$	5,871


Real Estate: In-Process Ground-Up Developments and Redevelopments
In-Process Ground-Up Development
REG's Estimated Net Project Costs (page 17)	$	90,673
Stabilized Yield (page 17)		7	%
Annualized Proforma Stabilized NOI	$	6,275
% of Costs Incurred (page 17)		51	%
Construction in Progress	$	44,806

NOI from In-Process Ground-Up Development - Current Quarter
In-place NOI from Current Year Ground-Up Development Completions	$	-
In-place NOI from In-Process Ground-Up Developments	$	117

In-Process Redevelopment Projects
REG's Estimated Net Project Costs (page 17)	$	257,592
Stabilized Yield (page 17)		7	%
Annualized Proforma Stabilized NOI	$	18,710
% of Costs Incurred (page 17)		59	%
Construction in Progress	$	106,203

NOI from In-Process Redevelopment - Current Quarter
In-place NOI from Current Year Redevelopment Completions	$	30
In-place NOI from In-Process Redevelopments	$	1,099


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


Other Assets
Estimated Market Value of Land
Land held for sale or future development	$	42,202
Outparcels at retail operating properties		13,100
101 7th Avenue at Book Value, Net		25,000
Total Estimated Market Value of Land	$	80,302

Regency's Pro-Rata Share (page 3 & 6)
Cash and Cash Equivalents	$	194,520
Tenant and other receivables, excluding Straight line rent receivables	$	46,362
Other Assets, excluding Goodwill	$	123,774


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


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

Supplemental Information 40

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

(in thousands)

Supplemental Details of Lease Income (Pro-Rata)

For the Three Months Ended March 31, 2022


	Three Months Ended
Composition of Lease Income	March 31, 2022

Base Rent	$	222,041
Recoveries from Tenants		75,762
Percentage Rent, Termination Fees, and Other Lease Income		10,071
Current Period Billings/Deferrals & Other Revenue	$	307,874
Uncollectible Lease Income, net		6,682
Non-Cash Revenues (1)		12,085
Total Lease Income (see pages 5 & 7)	$	326,641

Composition of Uncollectible Lease Income

Uncollectible Lease Income - Current Quarter (1Q22) Billings (2)	$	(3,855	)
Impact from Current Quarter (1Q22) Lease Modifications (3)		1,204
Recovery of Prior Period 2022 Reserves		-
Uncollectible Lease Income - 2022 Billings	$	(2,651	)
Recovery of Prior Year (2020/2021) Reserves, net (4)		9,333
Uncollectible Lease Income, net	$	6,682

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

As of March 31, 2022 and December 31, 2021


	March 31, 2022			December 31, 2021

Tenant receivables	$	62,242		$	82,157
Less: Uncollectible tenant receivables		(41,093	)		(50,246	)
Net tenant receivables	$	21,149		$	31,911

Straight line rent receivables		156,231			152,798
Less: Uncollectible straight line rent receivables		(30,185	)		(32,956	)
Net Straight line rent receivables	$	126,046		$	119,842

Other receivables (5)		25,213			23,079
Total tenant and other receivables (see pages 3 & 6)	$	172,408		$	174,832


Uncollectible Tenant Receivables Balance Reconciliation

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


Composition of Unbilled Deferrals	March 31, 2022		Timing of Rebill

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

(1)

Includes pro-rata share of straight line rent on lease income, net of uncollectible amounts, and above/below market rent amortization.

(2)

Represents Base Rent and Recoveries deemed uncollectible associated with billings during the three months ended March 31, 2022.

(3)

The Company accounts for deferrals and abatements that significantly increase the consideration due under the lease (those that do not qualify for the FASB COVID-19 lease concession guidance) as a lease modification, in accordance with ASC 842. Under a lease modification, Lease income is reduced by the amount of the deferral or abatement in the period in which it was granted, and any previous uncollectible lease income associated with that deferral or abatement is reversed.

(4)

Represents the collection of Base Rent and Recoveries previously reserved during the years ended December 31, 2020, and December 31, 2021.

(5)

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

(6)

Represents executed deferral agreements that have yet to be rebilled, as of March 31, 2022.

Supplemental Information 41

Earnings Guidance

March 31, 2022

(in thousands, except per share data)


		Current	Previous
	1Q 22A	2022E	2022E
Net Income / Share	$1.14	$2.50-$2.56	$1.78-$1.86
NAREIT FFO / Share	$1.03	$3.84-$3.90	$3.72-$3.80
Core Operating Earnings / Share(1)	$0.97	$3.65-$3.71	$3.56-$3.64

Same Property
Same property NOI growth without termination fees	7.8%	0% to +1.5%	-1.25% to +0.25%
Same property NOI growth without termination fees and collection of PY reserves	14.9%	+3.5% to +5.0%	+2.75% to +4.25%

Collection of Prior Year Reserves (2)	$9,278	+/-$18,000	+/- $13,000

New Investments
Development and Redevelopment spend	$32,493	+/-$150,000	+/- $150,000

Acquisitions	$41,126	+/-$170,000	+/- $30,000
Cap rate (weighted average)	4.9%	+/- 5.6%	+/- 5.0%

Disposition Activity
Dispositions	$137,704	+/-$210,000	+/- $150,000
Cap rate (weighted average) (3)	2.2%	+/- 3.7%	2.25% - 2.5%

Forward ATM settlement (gross) (4)	$0	+/-$65,000	+/-$65,000

Other
Net interest expense	$41,566	$165,000-$166,000	$163,500-$164,500
Net G&A expense	$21,108	$82,500-$85,500	$82,500 - $85,500
Recurring third party fees & commissions	$6,405	$24,000-$25,000	$24,000 - $25,000
Certain non-cash items (5)	$11,385	+/-$33,500	+/- $28,000
Impact from Reversal of Uncollectible Straight-Line Rent Receivables (6)	$3,967	$3,967	as converted

(1)

Core Operating Earnings excludes certain non-cash items, including straight-line rents, above/below market rent amortization, and amortization of mark-to-market debt, as well as transaction related income/expenses and debt extinguishment charges.

(2)

Represents the expected collection in 2022 of revenues reserved in 2020 and 2021; included in Uncollectible Lease Income.

(3)

Weighted average cap rates include the sale of Costa Verde in 1Q22 ($125M at a ~1.5% cap rate).

(4)

Subsequent to quarter end, the Company settled all remaining shares under forward sale agreements entered into during 2021 in connection with its ATM program.

(5)

Includes above and below market rent amortization and straight-line rents and amortization of mark-to-market debt adjustments.

(6)

Positive impact on Uncollectible Straight Line Rent from the conversion of cash basis tenants back to an accrual basis of accounting, only included in guidance as tenants are converted.

Forward-looking statements involve risks, uncertainties and assumptions. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation with the SEC, specifically the most recent reports on forms 10K and 10Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements.

Supplemental Information 42

Reconciliation of Net Income to Earnings Guidance

March 31, 2022

(per diluted share)


Nareit FFO and Core Operating Earnings Guidance:	Full Year 2022
	Low			High

Net income attributable to common stockholders	$	2.50			2.56

Adjustments to reconcile net income to Nareit FFO:

Depreciation and amortization		1.92			1.92
Gain on sale of real estate		(0.59	)		(0.59	)
Exchangeable operating partnership units		0.01			0.01

Nareit Funds From Operations	$	3.84			3.90


Adjustments to reconcile Nareit FFO to Core Operating Earnings:

Straight line rent, net		(0.07	)		(0.07	)
Above/below market rent amortization, net		(0.12	)		(0.12	)
Debt premium/discount amortization		0.00			0.00

Core Operating Earnings	$	3.65			3.71

Supplemental Information 43

Glossary of Terms

March 31, 2022

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

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

Fixed Charge Coverage Ratio: Operating EBITDAre divided by the sum of the gross interest and scheduled mortgage principal paid to our lenders.

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

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

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

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

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

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

Retail Operating Property: Any retail property not termed a Property In Development. A retail property is any property where the majority of the income is generated from retail uses.

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

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

Supplemental Information 44

Regency Centers (REG) 8-KRegency Centers Reports First Quarter 2022 Results