10q10k10q10k.net

What changed in Regency Centers's 10-K — 2023 vs 2024

vs

Paragraph-level year-over-year comparison of Regency Centers's 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+626 added−614 removedSource: 10-K (2025-02-14) vs 10-K (2024-02-16)

Top changes in Regency Centers's 2024 10-K

626 paragraphs added · 614 removed · 485 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

57 edited+10 added−12 removed34 unchanged
Biggest changeOnce deemed complete, the property is termed a Retail Operating Property. • Fixed Charge Coverage Ratio is defined as Operating EBITDA re divided by the sum of the gross interest and scheduled mortgage principal paid to our lenders. • Nareit EBITDAre is a measure of REIT performance, which the National Association of Real Estate Investment Trusts ("Nareit") defines as net income, computed in accordance with GAAP, excluding (i) interest expense, (ii) income tax 6 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. • Nareit Funds from Operations ("Nareit FFO") is a commonly used measure of REIT performance, which 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.
Biggest changeWe provide reconciliations of both Net Income Attributable to Common Shareholders to Nareit FFO and Nareit FFO to Core Operating Earnings. • Nareit Funds from Operations ("Nareit FFO") is a commonly used measure of REIT performance, which 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 real estate investment partnerships and joint ventures.
Unless otherwise indicated, a Property in Redevelopment is included in the Same Property pool. 7 • Redevelopment Completion is a Property in Redevelopment that 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. • Retail Operating Property is any retail property not termed a Property in Development.
Unless otherwise indicated, a Property in Redevelopment is included in the Same Property pool. • Redevelopment Completion is a Property in Redevelopment that 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. • Retail Operating Property is any retail property not termed a Property in Development.
All of our filings with the SEC can be accessed free of charge through our website promptly after filing; however, in the event that the website is inaccessible, we will provide paper copies of our most recent annual report on Form 10-K, the most recent quarterly report on Form 10-Q, current reports filed or furnished on Form 8-K, and all 5 related amendments, excluding exhibits, free of charge upon request.
Our filings with the SEC can be accessed free of charge through our website promptly after filing; however, in the event that the website is inaccessible, we will provide paper copies of our most recent annual report on Form 10-K, the most recent quarterly report on Form 10-Q, current reports filed or furnished on Form 8-K, and all related amendments, excluding exhibits, free of charge upon request.
As a long-term owner, operator, and developer of real estate, we acknowledge the potential for climate change to have a material impact on our properties, people, and long-term success. Regency wants to ensure that our properties can safely, sustainably, and responsibly withstand the test of time.
As a long-term owner, operator, and developer of real estate, we acknowledge the potential for climate change to have a material impact on our properties, people, and long-term success. Regency wants to ensure that our properties can safely, sustainably, responsibly and profitably withstand the test of time.
Mas served as Managing Director, Finance, since February 2017, and Senior Vice President, Capital Markets, since 2013, and has been with the Company since 2003. (4) Mr. Alan T. Roth was named East Region President & Chief Operating Officer, effective January 1, 2024. Prior to this appointment, Mr.
Mas served as Managing Director, Finance, since February 2017, and Senior Vice President, Capital Markets, since 2013, and has been with the Company since 2003. (4) Mr. Roth was named East Region President & Chief Operating Officer, effective January 1, 2024. Prior to this appointment, Mr.
Our Communities – Our predominately grocery-anchored neighborhood and community shopping centers provide many benefits to the communities in which we live and work, including significant local economic impacts in the form of investment, jobs, and taxes.
Our Communities – Our predominately grocery-anchored neighborhood and community shopping centers provide many benefits to the communities in which we live and work, including significant local economic impact in the form of investment, jobs, and taxes.
To the extent any environmental issues arise, they most typically stem from the historic practices of current and former dry cleaners, gas stations, and other similar businesses at our centers, as well as the presence of asbestos in some structures.
To the extent any environmental issues arise, they most typically stem from the historic practices of current and former dry cleaners, gas stations, automotive repair shops, and other similar businesses at our centers, as well as the presence of asbestos in some structures.
Throughout 2023, we continued to make progress towards our target to reduce GHG emissions and collaborate closely with our tenants to minimize their operational environmental impact.
Throughout 2024, we continued to make progress towards our target to reduce GHG emissions and collaborate closely with our tenants to minimize their operational environmental impact.
We provide Pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our consolidated and unconsolidated partnerships, when read in conjunction with our reported results under GAAP.
We provide Pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our consolidated and unconsolidated real estate investment partnerships, when read in conjunction with our reported results under GAAP.
We have identified eight strategic priorities to foster sustainable business practices and minimize both our environmental impact and the long-term risks to Regency’s business: green building, energy efficiency, electric vehicle charging stations, renewable energy, greenhouse gas emissions (“GHG”) reduction, water conservation, waste management, and climate change as it applies to our real estate portfolio.
We have identified specific strategic priorities intended to foster sustainable business practices and minimize both our environmental impact and the long-term risks to Regency’s business: green building, energy efficiency, electric vehicle charging stations, renewable energy, greenhouse gas emissions ("GHG") reduction, water conservation, waste management, and climate change as it applies to our real estate portfolio.
Talent Attraction and Retention – Our core values place a strong importance on our people, which we believe make us an employer of choice. We understand the importance of attracting and retaining the best talent to sustain our history of success and build long-term value.
Talent Attraction and Retention – Our core values place a strong importance on our people, which are our greatest asset and whom we believe make us an employer of choice. We understand the importance of attracting and retaining the best talent to sustain our history of success and build long-term value.
Properties in Redevelopment are included unless otherwise indicated. 8
Properties in Redevelopment are included unless otherwise indicated.
Key strategies to achieve our goals are to: • Generate same property NOI growth that over the long-term consistently ranks at or near the top of our shopping center peers; • Reinvest free cash flow and portfolio enhancement disposition proceeds into high-quality developments, redevelopments and acquisitions in a long term accretive manner; • Maintain a conservative balance sheet that provides liquidity, financial flexibility and cost-effective funding of investment opportunities, while also managing debt maturities that enable us to weather economic downturns; • Pursue best-in-class ESG programs and practices; and • Attract, retain, and engage an exceptional and diverse team that is guided by our values while fostering an environment of innovation and continuous improvement.
Key strategies to achieve our goals are to: • Generate same property NOI growth that over the long-term consistently ranks at or near the top of our shopping center peers; • Reinvest free cash flow and portfolio enhancement disposition proceeds into high-quality developments, redevelopments and acquisitions in a long term accretive manner; 2 • Maintain a conservative balance sheet that provides liquidity, financial flexibility and cost-effective funding of investment opportunities, while also managing debt maturities that enable us to weather economic downturns; • Pursue investor and business-driven ESG-related practices; and • Attract, retain, and engage an exceptional team with a range of skills and experiences that is guided by our values while fostering an environment of innovation and continuous improvement.
We provide a reconciliation of Net Income Attributable to Common Shareholders to Nareit FFO. • Net Operating Income ("NOI") is 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.
We provide a reconciliation of Net Income Attributable to Common Shareholders to Nareit FFO. • Net Operating Income ("NOI") is the sum of base rent, percentage rent, termination fee income, tenant recoveries, other lease income, and other property income, less operating and maintenance expenses, real estate taxes, ground rent, termination expense, and uncollectible lease income.
These centers should command higher rental and occupancy rates resulting in excellent prospects to grow net operating income ("NOI"); • Create shareholder value by increasing earnings and dividends per share that generate total returns at or near the top of our shopping center peers; • Maintain an industry leading, disciplined development and redevelopment platform to create exceptional retail centers that deliver favorable returns; • Support our business activities with a conservative capital structure, including a strong balance sheet with sufficient liquidity to meet our capital needs together with a carefully constructed debt maturity profile; • Implement leading environmental, social, and governance ("ESG") practices through our Corporate Responsibility program to support and enhance our business goals and objectives; and • Engage and retain an exceptional and diverse team that is guided by our strong values, while fostering an environment of innovation and continuous improvement.
These centers should command higher rental and occupancy rates resulting in excellent prospects to grow net operating income ("NOI"); • Create shareholder value by increasing earnings and dividends per share that generate total returns at or near the top of our shopping center peers; • Maintain an industry leading, disciplined development and redevelopment platform to create exceptional retail centers that deliver favorable returns; • Support our business activities with a conservative capital structure, including a strong balance sheet with sufficient liquidity to meet our capital needs together with a carefully constructed debt maturity profile; and • Implement ESG practices through our Corporate Responsibility program to support and enhance our business goals and objectives.
Palmer served as Senior Vice President of Capital Markets since 2003 and has been with the Company since 1996. (3) Mr. Mas assumed the responsibilities of Executive Vice President, Chief Financial Officer effective August 2019. Prior to this appointment, Mr.
Prior to that, Ms. Palmer served as Senior Vice President of Capital Markets since 2003 and has been with the Company since 1996. (3) Mr. Mas was named Executive Vice President, Chief Financial Officer effective August 2019. Prior to this appointment, Mr.
In addition, the Company has established targets to enhance energy efficiency, manage water and waste responsibly and invest in renewable energy sources and electric vehicle charging stations. These targets reflect our proactive stance in addressing environmental challenges and contributing to a more sustainable future.
In addition, the Company has established targets to enhance energy 4 efficiency, manage water and waste responsibly and invest in renewable energy sources and electric vehicle charging stations. These targets reflect input from our investors and tenants, and our stance in addressing environmental challenges and contributing to a sustainable future.
Our People – Our people are our most important asset, and we strive to ensure that they are engaged, passionate about their work, connected to their teams, and supported to deliver their best performance.
With respect to each of these four pillars: Our People – Our people are our most important asset, and we strive to ensure that they are engaged, passionate about their work, connected to their teams, and supported to deliver their best performance.
Because of these limitations, the Pro-rata financial information should not be considered independently or as a substitute for our financial statements as reported under GAAP.
Because of these limitations, the Pro-rata financial information 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 financial statements, using the Pro-rata information as a supplement.
Regency’s progress towards these targets, together with our strategy and efforts influenced by climate change, are further described in our 2022 Corporate Responsibility Report. Based on our current estimates and asset base, we do not expect the pursuit of these targets to materially impact our operating results and financial condition.
Regency’s progress towards these targets, together with our overall sustainability strategy, are further described in our 2023 Corporate Responsibility Report, which report is not incorporated by reference hereto. Based on our current estimates and asset base, we do not expect the pursuit of these targets to materially impact our operating results and financial condition in the near term.
Roth served as Executive Vice President, National Property Operations and East Region President, since 2023, and Senior Managing Director, East Region since 2020. Prior to that, he served as Managing Director Northeast Region since 2016 and has been with the Company since 1997. (5) Mr. Nicholas A.
Roth served as Executive Vice President, National Property Operations and East Region President, since 2023, and Senior Managing Director, East Region since 2020. Prior to that, he served as Managing Director Northeast Region since 2016 and has been with the Company since 1997. (5) Mr. Wibbenmeyer was named West Region President & Chief Investment Officer, effective January 1, 2024.
We believe that our competitive advantages are driven by: • the market areas in which we operate, and the locations of our shopping centers within those trade areas; • the quality of our shopping centers including our strategy of maintaining and renovating these centers to our high standards; • the compelling demographics surrounding our shopping centers; • our relationships with our anchor, shop, and out-parcel tenants; • our experienced leadership team and cycle-tested expertise; and • our ability to successfully develop, redevelop, and acquire shopping centers. 2 Corporate Responsibility and Human Capital To execute our mission, which is to create thriving environments for retailers and service providers to connect with surrounding neighborhoods and communities, we strive to achieve best-in-class corporate responsibility.
We believe that our competitive advantages are driven by: • the market areas in which we operate, and the locations of our shopping centers within those trade areas; • the quality of our shopping centers including our strategy of maintaining and renovating these centers to our high standards; • the compelling demographics surrounding our shopping centers; • our relationships with our anchor, shop, and out-parcel tenants; • our experienced leadership team and cycle-tested expertise; and • our ability to successfully develop, redevelop, and acquire shopping centers.
We generate revenues by leasing space to necessity, service, convenience, and value-based retailers serving the essential needs of our communities. Regency has been an S&P 500 Index member since 2017. Our business experienced material growth in 2023 due to our acquisition of UBP which is further discussed in "Item 7.
We generate revenues by leasing space to necessity, service, convenience, and value-based retailers serving the essential needs of our communities. Regency has been an S&P 500 Index member since 2017.
Our values: • We are our people: Our people are our greatest asset, and we believe that a talented team from diverse backgrounds and experiences makes us better. • We do what is right: We act with unwavering standards of honesty and integrity. • We connect with our communities: We promote philanthropic ideas and strive for the betterment of our neighborhoods by giving our time and financial support. • We are responsible: Our duty is to balance purpose and profit, being good stewards of capital and the environment for the benefit of all our stakeholders. • We strive for excellence: When we are passionate about what we do, it is reflected in our performance. • We are better together: When we listen to each other and our customers, we will succeed together. 1 Our goals are to: • Own and manage a portfolio of high-quality neighborhood and community shopping centers anchored primarily by market leading grocers and principally located in suburban trade areas in the most desirable metro areas in the United States.
Our values: • We are our people: Our people are our greatest asset, and we believe that our highly skilled and talented team makes us better. • We do what is right: We act with unwavering standards of honesty and integrity. • We connect with our communities: We promote philanthropic ideas and strive for the betterment of our neighborhoods by giving our time and financial support. • We are responsible: Our duty is to balance purpose and profit, being good stewards of capital and the environment for the benefit of all our stakeholders. • We strive for excellence: When we are passionate about what we do, it is reflected in our performance. • We are better together: When we listen to each other and our customers, we will succeed together.
Environmental Stewardship – We believe sustainability is in the best interest of our investors, tenants, employees, and the communities in which we operate, and we strive to integrate sustainable practices throughout our business.
Environmental Stewardship – We believe sustainability of our assets, business, and the environment for the long term is in the best interest of our investors, tenants, employees, and the communities in which we operate. We continue to integrate sustainable practices that aim to promote environmental stewardship and resilience throughout our business operations.
Palmer was named Chief Executive Officer effective January 1, 2020, in addition to her responsibilities as President, a position she has held since January 2016. Prior to this appointment, Ms. Palmer served as Chief Financial Officer since January 2013. Prior to that, Ms.
Stein served as Chief Executive Officer from 1993 through December 31, 2019 and Chairman of the Board since 1999. (2) Ms. Palmer was named Chief Executive Officer effective January 1, 2020, in addition to her responsibilities as President, a position she has held since January 2016. Prior to this appointment, Ms. Palmer served as Chief Financial Officer since January 2013.
Furthermore, aligned with our near-and long-term human capital goals, we remained focused on employee engagement, leveraging our annual employee survey to identify opportunities to improve and further engage our people.
Furthermore, aligned with our near-and long-term human capital goals, we remained focused on employee engagement, leveraging our annual employee survey to identify opportunities to improve and further engage our people. Culture - We believe that much of our success is rooted in our teams and our commitment to a vibrant and welcoming culture.
Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect with their neighborhoods, communities, and customers.
Our vision is to elevate quality of life as an integral thread in the fabric of our communities. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect with their neighborhoods, communities, and customers.
NOI excludes straight-line rental income and expense, above and below market rent and ground rent amortization, tenant lease inducement amortization, and other fees.
NOI excludes straight-line rental income and expense, above and below market rent and ground rent amortization, tenant lease inducement amortization, and other fees. We also provide disclosure of NOI excluding termination fees, which excludes both termination fee income and expenses.
Changes to such requirements may result in unanticipated material financial impacts or adverse tax consequences and could materially affect our operating results and financial condition. Significant regulatory requirements include the laws and regulations described below. 4 REIT Laws and Regulations We have elected to be taxed as a REIT under the federal income tax laws.
Changes to such requirements, or the interpretation of such requirements by applicable regulatory bodies or the judiciary, may result in unanticipated material financial impacts or adverse tax consequences and could materially affect our operating results and financial condition. Significant regulatory requirements include the laws and regulations described below.
Our local teams are passionate about investing in and engaging with our communities as they customize and cultivate our centers to create a distinctive environment to bring our tenants and shoppers together for the best retail experience. We believe philanthropy and charitable giving are important elements of our corporate responsibility commitment to the communities in which we operate.
Our local teams are passionate about investing in and engaging with our communities as they customize and curate our centers to create a distinctive environment to bring our tenants and shoppers together for the best retail experience. We are continually reinvesting in our centers, to enhance placemaking and the overall environment for our tenants and shoppers.
Although we have a number of properties that could require or are currently undergoing varying levels of assessment and remediation, known environmental liabilities are not currently expected to have a material impact on our financial condition.
Although we have a number of properties that could require or are currently undergoing varying levels of assessment and remediation, known environmental liabilities are not currently expected to have a material impact on our financial condition. 5 Information About Our Executive Officers Our executive officers are appointed by our Board of Directors and each of our executive officers has been employed by us for more than five years.
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 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.
In 2023, we continued implementing our comprehensive diversity, equity, and inclusion ("DEI") strategy focused on promoting and advancing diversity across our organization. The goals of this strategy are to attract, recruit, and retain a diverse group of employees to grow, develop, and succeed, as we collectively work to implement our mission and contribute to the long-term success of the organization.
The goals of this strategy are to attract, recruit, and retain a talented group of employees to grow, develop, and succeed, as we collectively work to implement our mission and contribute to the long-term strategic, operational and financial success of the organization.
As a REIT, we are generally not subject to federal income tax on taxable income that we distribute to our shareholders. Under the Internal Revenue Code (the "Code"), REITs are subject to numerous regulatory requirements, including the requirement to generally distribute at least 90% of taxable income each year.
Under the Internal Revenue Code (the "Code"), REITs are subject to numerous regulatory requirements, including the requirement to generally distribute at least 90% of taxable income each year, excluding any net capital gains.
For this reason, corporate responsibility, including our focus on ESG practices that support and enhance our business, is a foundational strategy of Regency. We believe that alignment of strategy and business sustainability is critical to the long-term success of our Company, our shareholders, the environment, and the communities in which we operate.
We believe that alignment of strategy and business sustainability is critical to the long-term success of our Company, our shareholders, the environment, and the communities in which we operate. To achieve this alignment, our corporate responsibility strategy and practices are built on four pillars: • Our People; • Our Communities; • Ethics and Governance; and • Environmental Stewardship.
We strive to offer some of the most competitive pay and benefits in the industry in which we operate and are continually looking for new opportunities to ensure that we attract and retain our people. 3 Training and Development – We strive to provide an environment where our people are connected to their teams, passionate about what they do, and supported to deliver their best efforts and results.
We strive to offer some of the most competitive pay and benefits in the industry in which we operate and are continually looking for new opportunities to ensure that we attract and retain our people.
We do not control the unconsolidated investment partnerships, and the Pro-rata presentations of the assets and liabilities, and revenues and expenses do not 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.
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 interests we use to prepare our Pro-rata share.
We also provide disclosure of NOI excluding termination fees, which excludes both termination fee income and expenses. • A Non-Same Property is any property, during either calendar year period being compared, that was acquired, sold, a Property in Development, a Development Completion, or a property under, or being positioned for, significant redevelopment that distorts comparability between periods.
Once deemed complete, the property is termed a Retail Operating Property. • A Non-Same Property is any property, during either calendar year period being compared, that was acquired, sold, a Property in Development, a Development Completion, or a property under, or being positioned for, significant redevelopment that distorts comparability between periods.
We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP measures to determine how best to provide relevant information to the public, and thus such reported measures could change.
We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP measures to determine how best to provide relevant information to the public, and thus such reported measures could change. 6 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.
As of December 31, 2023, we had 497 employees, including 5 part-time employees. We presently maintain 24 market offices nationwide, including our corporate headquarters in Jacksonville, Florida. None of our employees are represented by a collective bargaining unit, and we believe our relationship with our employees is good.
As of December 31, 2024, we had 500 employees, including 5 part-time employees. We presently maintain 24 market offices nationwide, including our corporate headquarters in Jacksonville, Florida.
Wibbenmeyer 43 West Region President & Chief Investment Officer 2023 (5) (1) Mr. Stein was appointed Executive Chairman of the Board of Directors effective January 1, 2020. Prior to this appointment, Mr. Stein served as Chief Executive Officer from 1993 through December 31, 2019 and Chairman of the Board since 1999. (2) Ms.
Roth 49 East Region President & Chief Operating Officer 2023 (4) Nicholas A. Wibbenmeyer 44 West Region President & Chief Investment Officer 2023 (5) (1) Mr. Stein was appointed Executive Chairman of the Board of Directors effective January 1, 2020. Prior to this appointment, Mr.
We provide reconciliations of both Net Income Attributable to Common Shareholders to Nareit FFO and Nareit FFO to Core Operating Earnings. • Development Completion is a Property in Development that 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.
Other Defined Terms The following terms, as defined, are commonly used by management and the investing public to understand, and evaluate our operational results, and are included in this document: • Development Completion is a Property in Development that 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.
Non-GAAP Measures In addition to the required Generally Accepted Accounting Principles ("GAAP") presentations, we use and report certain non-GAAP measures as we believe these measures improve the understanding of our operational results. 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 independent registered public accounting firm is KPMG LLP , Jacksonville, Florida , Firm ID 185 . Non-GAAP Measures In addition to the required Generally Accepted Accounting Principles ("GAAP") presentations, we use and report certain non-GAAP measures as we believe these measures improve the understanding of our operational results.
We provide a reconciliation of Net income to Nareit EBITDAre to Operating EBITDAre. • Pro-rata information includes 100% of our consolidated properties plus our economic share (based on our ownership interest) in our unconsolidated real estate investment partnerships.
These decisions may include acquisitions, redevelopments, and investments in capital improvements. • Pro-rata information includes 100% of our consolidated properties plus our economic share (based on our ownership interest) in our unconsolidated real estate investment partnerships.
Throughout 2023, Regency supported its employees to serve and invest in community organizations through volunteer and financial support. Charitable contributions were made directly by the Company, as well as by the vast majority of our employees who donated their time and money to local non-profits directly serving their communities.
Charitable contributions were made directly by the Company, as well as by the vast majority of our employees who donated their time and money to local non-profits directly serving their communities. Ethics and Governance – As long-term stewards of our investors’ capital, we are committed to best-in-class corporate governance.
Management’s Discussion and Analysis of Financial Condition and Results of Operations.” As of December 31, 2023, we had full or partial ownership interests in 482 properties, primarily anchored by market leading grocery stores, encompassing 56.8 million square feet ("SF") of gross leasable area ("GLA").
As of December 31, 2024, we had full or partial equity ownership interests in 482 properties, primarily anchored by market leading grocery stores, encompassing 57.3 million square feet ("SF") of gross leasable area ("GLA"). Our Pro-rata share of this GLA is 48.8 million square feet, including our share of properties owned through unconsolidated real estate partnerships.
Wibbenmeyer was named West Region President & Chief Investment Officer, effective January 1, 2024. Prior to this appointment, Mr. Wibbenmeyer served as Executive Vice President, West Region President since 2023 and Senior Managing Director, West Region since 2020.
Prior to this appointment, Mr. Wibbenmeyer served as Executive Vice President, West Region President since 2023 and Senior Managing Director, West Region since 2020. Prior to that, he served as Managing Director of Florida and the Midwest Region since 2016, and has been with the Company since 2005.
To continue to strive for the best achievable mix of skills, experience, backgrounds, tenures, and competencies, including gender, ethnicity, age, and other attributes, Regency’s Board of Directors annually reviews its overall composition and succession planning process. As an outcome of this process, on September 26, 2022, the Company's Board of Directors elected Kristin A.
To continue to strive for the best achievable mix of skills, experience, backgrounds, tenures, competencies, and other personal and professional attributes, Regency’s Board of Directors annually reviews its overall composition and succession planning process to ensure that it aligns with Regency’s ongoing commitment to board refreshment and best-in-class corporate governance.
Stein, Jr. 71 Executive Chairman of the Board of Directors 2020 (1) Lisa Palmer 56 President and Chief Executive Officer 2020 (2) Michael J. Mas 48 Executive Vice President, Chief Financial Officer 2019 (3) Alan T. Roth 48 East Region President & Chief Operating Officer 2023 (4) Nicholas A.
As of the date of this Report, our executive officers are: Name Age Title Executive Officer in Position Shown Since Martin E. Stein, Jr. 72 Executive Chairman of the Board of Directors 2020 (1) Lisa Palmer 57 President and Chief Executive Officer 2020 (2) Michael J. Mas 49 Executive Vice President, Chief Financial Officer 2019 (3) Alan T.
Equal Employment Opportunity Commission EEO-1 survey data can be found on our website, including additional information related to employee gender and ethnic diversity. Human Rights – Regency is committed to a workplace free from discrimination and harassment and is focused on advancing fundamental human rights. Anti-discrimination and anti-harassment training is provided to all employees at orientation, and annually thereafter.
We continue to foster a culture in which everyone is respected, valued, and has an opportunity to contribute and thrive. Human Rights – Regency is committed to a workplace free from discrimination and harassment and is focused on advancing fundamental human rights. Anti-discrimination and anti-harassment training is provided to all employees at orientation, and annually thereafter.
Defined Terms The following terms, as defined, are commonly used by management and the investing public to understand, and evaluate our operational results, and are included in this document: • Core Operating Earnings is an additional performance measure we use because the computation of Nareit Funds from Operations ("Nareit FFO") includes certain non-comparable items that affect our period-over-period performance.
AFFO is calculated by adjusting Core Operating Earnings ("COE") for (i) capital expenditures necessary to maintain and lease our portfolio of properties, (ii) debt cost and derivative adjustments and (iii) stock-based compensation. • Core Operating Earnings is an additional performance measure we use because the computation of Nareit Funds from Operations ("Nareit FFO") includes certain non-comparable items that affect our period-over-period performance.
Prior to that, he served as Managing Director of Florida and the Midwest Region since 2016, and has been with the Company since 2005. Company Website Access and SEC Filings Our website may be accessed at www.regencycenters.com .
Company Website Access and SEC Filings Our website may be accessed at www.regencycenters.com .
We compensate for these limitations by relying primarily on our GAAP financial statements, using the Pro-rata information as a supplement. • Property In Development includes properties in various stages of ground-up development. • Property In Redevelopment includes Retail Operating Properties under redevelopment or being positioned for redevelopment.
Non-retail properties and corporate activities, including the captive insurance program, are part of Non-Same Property. • Property In Development includes properties in various stages of ground-up development. • Property In Redevelopment includes Retail Operating Properties under redevelopment or being positioned for redevelopment.
General Information Our registrar and stock transfer agent is Broadridge Corporate Issuer Solutions, LLC ("Broadridge"), Edgewood, NY. We offer a dividend reinvestment plan ("DRIP") that enables our shareholders to reinvest dividends automatically, as well as to make voluntary cash payments toward the purchase of additional shares.
General Information Our registrar and stock transfer agent is Broadridge Corporate Issuer Solutions, LLC ("Broadridge"), Edgewood, NY.
Our mission is to create thriving environments for retailers and service providers to connect with surrounding neighborhoods and communities. Our vision is to elevate quality of life as an integral thread in the fabric of our communities.
We are a preeminent national owner, operator, and developer of neighborhood and community shopping centers predominantly located in suburban trade areas with compelling demographics, formats and locations. Our mission is to create thriving environments for retailers and service providers to connect with surrounding neighborhoods and communities.
We believe that this strategy will result in highly desirable and attractive centers with best-in-class retailers.
Our goals are to: • Own and manage a portfolio of high-quality neighborhood and community shopping centers anchored primarily by market leading grocers and principally located in suburban trade areas in the most desirable metro areas in the United States. We believe that this strategy will result in highly desirable and attractive centers with best-in-class retailers.
Removed
Our Pro-rata share of this GLA is 48.6 million square feet, including our share of properties owned through unconsolidated real estate partnerships. We are a preeminent national owner, operator, and developer of neighborhood and community shopping centers predominantly located in suburban trade areas with compelling demographics that have strategic attributes supporting growth through economic cycles.
Added
Corporate Responsibility and Human Capital We strive to create thriving environments for retailers and service providers to connect with surrounding neighborhoods and communities. This is essential for our business and our tenants' businesses. For this reason, corporate responsibility is a foundational strategy of Regency.
Removed
To achieve this alignment, our corporate responsibility (which term we use interchangeably with “ESG”) practices are built on four pillars: • Our People; • Our Communities; • Ethics and Governance; and • Environmental Stewardship.
Added
None of our employees are represented by a collective bargaining unit, and we believe our relationship with our employees is good. 3 Our strategy focuses on promoting and advancing high-quality skills and experiences across our organization.
Removed
Diversity, Equity, and Inclusion - We believe that much of our success is rooted in the diversity and inclusion of our teams and our commitment to a diverse and inclusive culture. We continue to foster a culture in which everyone is respected, valued, and has an equal opportunity to contribute and thrive.
Added
Training and Development – We strive to provide an environment where our people are connected to their teams, passionate about what they do, and supported to deliver their best efforts and results.
Removed
Our shopping centers are in trade areas throughout the U.S. and our tenants and visitors to our centers represent a cross section of those communities. We remain focused on building a workforce that represents the many tenants and visitors to our centers we serve and the communities in which we operate. Our most recent U.S.
Added
We believe philanthropy and charitable giving are important elements of our corporate responsibility commitment to the communities in which we operate. Throughout 2024, Regency supported its employees to serve and invest in community organizations through volunteer and financial support.
Removed
Furthermore, as part of our strategy, we continued to improve our communities by investing in property enhancements and placemaking at our new and existing shopping centers. Ethics and Governance – As long-term stewards of our investors’ capital, we are committed to best-in-class corporate governance.
Added
REIT Laws and Regulations We have elected to be taxed as a REIT under the federal income tax laws. As a REIT, we are generally not subject to federal income tax on taxable income that we distribute to our shareholders.
Removed
Campbell to serve as one of the Regency's directors effective January 15, 2023. Ms. Campbell’s skill set, background, experience and competencies align with Regency’s ongoing commitment to board refreshment and best-in-class corporate governance.
Added
Our non-GAAP measures include the following: • Adjusted Funds From Operations ("AFFO") is an additional performance measure we use that reflects cash available to fund the Company’s business needs and distribution to shareholders.
Removed
Information About Our Executive Officers Our executive officers are appointed by our Board of Directors and each of our executive officers has been employed by us for more than five years. As of the date of this Report, our executive officers are: Name Age Title Executive Officer in Position Shown Since Martin E.
Added
Management believes that NOI is a useful measure for investors because it provides insight into the core operations and performance of our properties, independent of the capital structure, financing activities, and non-operating factors.
Removed
For more information, contact Broadridge toll free at (877) 830-4936 or our Shareholder Relations Department at (904) 598-7000.
Added
By focusing on property-level performance, NOI allows investors to compare the performance of our real estate assets across periods and with those of other REIT peers in the industry, facilitating a clearer understanding of trends in occupancy, rental income, and operating expense management.
Removed
Our independent registered public accounting firm is KPMG LLP , Jacksonville, Florida , Firm ID 185 . Annual Meeting of Shareholders Our 2024 annual meeting of shareholders is currently expected to be held on Wednesday, May 1, 2024, and will be conducted in a virtual-only format to the extent permitted by applicable law.
Added
In addition to its relevance for investors, management uses NOI as a key performance metric in making operational and strategic decisions. NOI is used to evaluate income generated from shopping centers (i.e., return on assets) and to guide decisions on capital investments.
Removed
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.
Added
We do not control the unconsolidated real estate partnerships, and the Pro-rata presentations of the assets and liabilities, and revenues and 7 expenses do not represent our legal claim to such items.
Removed
Non-retail properties and corporate activities, including the captive insurance program, are part of Non-Same Property. • Operating EBITDAre begins with Nareit EBITDAre and excludes certain non-cash components of earnings derived from straight-line rents and above and below market rent amortization.
Removed
Our share of invested capital establishes the ownership interests we use to prepare our Pro-rata share.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

100 edited+35 added−23 removed105 unchanged
Biggest changeThe acquisition of properties and/or real estate entities entails risks that include, but are not limited to, the following, any of which may adversely affect our results of operations and cash flows: • properties we acquire may fail to achieve the occupancy or rental rates we project, within the time frames we estimate, which may result in the properties' failure to achieve expected investment returns; • our investigation of an entity, property or building prior to our acquisition, and any representation we may have received from such seller, may fail to reveal various liabilities including defects, necessary repairs or environmental matters requiring corrective action, which may increase our costs; • our estimate of the costs to improve, reposition or redevelop a property may prove to be too low, or the time we estimate to complete the improvement, repositioning or redevelopment may be too short, either of which may result in the property failing to achieve our projected return, either temporarily or permanently; • we may not recover our costs from an unsuccessful acquisition; 14 • our acquisition activities may distract or strain our management capacity; and • we may not be able to successfully integrate an acquisition into our existing operations platform.
Biggest changeThe acquisition of properties and/or real estate entities entails risks that include, but are not limited to, the following, any of which may adversely affect our results of operations and cash flows: • properties we acquire may fail to achieve the occupancy or rental rates we project, within the time frames we estimate, which may result in the properties' failure to achieve expected investment returns; • we may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties, into our existing operations and platform; • our investigation of an entity, property or building prior to our acquisition, and any representation we may have received from such seller, may fail to reveal various liabilities including defects, necessary repairs or environmental matters requiring corrective action, which may increase our costs; • our estimate of the costs to improve, reposition or redevelop a property may prove to be too low, or the time we estimate to complete the improvement, repositioning or redevelopment may be too short, either of which may result in the property failing to achieve our projected return, either temporarily or permanently; • we may not recover our costs from an unsuccessful acquisition; • our acquisition activities may distract or strain our management capacity; and 13 • acquired properties may be located in markets where we may face risks associated with a lack of market knowledge or understanding of the local economy, lack of business relationships in the area, costs associated with opening a new regional office and unfamiliarity with local governmental and permitting procedures.
Certain costs and expenses associated with our operating our properties, such as real estate taxes, insurance, utilities and common area expenses, generally do not decrease in the event of reduced occupancy or rental rates, non-payment of rents by tenants, general economic downturns, pandemics or other similar circumstances.
Certain costs and expenses associated with operating our properties, such as real estate taxes, insurance, utilities and common area expenses, generally do not decrease in the event of reduced occupancy or rental rates, non-payment of rents by tenants, general economic downturns, pandemics or other similar circumstances.
Risk Factors Related to Taxes and the Parent the Company's Qualification as a REIT If the Parent Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at regular corporate rates.
Risk Factors Related to Taxes and the Parent Company's Qualification as a REIT If the Parent Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at regular corporate rates.
While we currently own no shopping centers or other assets outside of the U.S. nor have meaningful direct international supply chain exposure, geopolitical challenges and their potential impact on the global macroeconomic environment, including the war involving Russia and Ukraine, Middle East conflicts and wars, and the economic and other possible conflicts involving China (including any slowing of its economy), could impact aspects of the U.S. economy and, therefore, consumer spending.
While we currently own no shopping centers or other assets outside of the U.S. nor have meaningful direct international supply chain exposure, geopolitical challenges and their potential impact on the global macroeconomic environment, including the war involving Russia and Ukraine, Middle East conflicts, instability and wars, and the economic and other possible conflicts involving China (including any slowing of its economy), could impact aspects of the U.S. economy and, therefore, consumer spending.
These subjective assessments have a direct impact on our net income because recording an impairment charge results in an immediate negative adjustment to net income, which may be material. There can be no assurance that we will not record impairment charges in the future related to our assets. 13 We face risks associated with development, redevelopment, and expansion of properties.
These subjective assessments have a direct impact on our net income because recording an impairment charge results in an immediate negative adjustment to net income, which may be material. There can be no assurance that we will not record impairment charges in the future related to our assets. We face risks associated with development, redevelopment, and expansion of properties.
Many retailers in our shopping centers provide services or sell goods which have historically been less likely to be purchased online; however, the continuing change in customer buying habits, including increase in e-commerce sales in all retail categories may cause retailers to adjust the size or number of their retail locations in the future or close stores.
Many retailers in our shopping centers provide services or sell goods which have historically been less likely to be purchased online; however, the continuing change in customer buying habits, including e-commerce sales in all retail categories may cause retailers to adjust the size or number of their retail locations in the future or close stores.
For example, our grocer tenants are incorporating e-commerce concepts through home delivery and curbside pick-up, which could reduce foot traffic at our centers. These alternative delivery methods are more likely to impact foot traffic at our centers in certain higher-income markets where consumers are willing to pay premiums for such services.
For example, our grocer tenants are incorporating e-commerce concepts through home delivery and curbside pick-up, which could reduce foot traffic at our centers. These alternative delivery methods are more likely to impact foot traffic at our centers in certain higher-income markets 10 where consumers are willing to pay premiums for such services.
We cannot predict how changes in the tax laws might affect the Parent Company or our investors. New legislation, Treasury Regulations, administrative interpretations or court decisions may significantly and negatively affect our ability to qualify as a REIT or the federal income tax consequences of such qualification, or the federal income tax consequences of an investment in us.
We cannot predict how changes in the tax laws might affect the Parent Company or our investors. New legislation, Treasury Regulations, administrative interpretations or court decisions may significantly and negatively affect the Parent Company's ability to qualify as a REIT or the federal income tax consequences of such qualification, or the federal income tax consequences of an investment in us.
Additionally, the sale of properties resulting in significant tax gains may require higher distributions to our stockholders or payment of additional income taxes in order to maintain our REIT status. We depend on external sources of capital, which may not be available in the future on favorable terms or at all.
Additionally, the sale of properties resulting in significant tax gains may require higher distributions to our stockholders or payment of additional income taxes in order to maintain our REIT status. 16 We depend on external sources of capital, which may not be available in the future on favorable terms or at all.
If we are required to deleverage our business 17 with operating cash flows and proceeds from property sales, we may be forced to reduce the amount of, or eliminate altogether, our distributions to stock and unit holders or refrain from making investments in our business. Our debt financing may adversely affect our business and financial condition.
If we are required to deleverage our business with operating cash flows and proceeds from property sales, we may be forced to reduce the amount of, or eliminate altogether, our distributions to stock and unit holders or refrain from making investments in our business. Our debt financing may adversely affect our business and financial condition.
We evaluate whether there are any indicators, including declines in property operating performance and general market conditions, such that the value of the real estate properties (including any related tangible or intangible assets or liabilities, including goodwill) may not be recoverable and therefore may be impaired.
We periodically evaluate whether there are any indicators, including declines in property operating performance and general market conditions, such that the value of the real estate properties (including any related tangible or intangible assets or liabilities, including goodwill) may not be recoverable and therefore may be impaired.
At this time, there can be no assurance that we can anticipate all potential material impacts of climate change, or that climate change will not have a material adverse effect on the value of our properties and our financial performance in the future.
At this time, there can be no assurance that we can anticipate all potential material impacts of climate change, or that climate change will not have a material and adverse effect on the value of our properties and our operational and financial performance in the future.
While we have undertaken a significant number of asset sales in recent years, we do not believe that those sales should be considered prohibited transactions, but there can be no assurance that the IRS would not contend otherwise.
While we have undertaken a number of asset sales in recent years, we do not believe that those sales should be considered prohibited transactions, but there can be no assurance that the IRS would not contend otherwise.
The success of our business depends, in significant part, on the leadership and performance of our executive management team and other key personnel, and our ability to attract, retain and motivate talented and diverse employees may significantly impact our future performance.
The success of our business depends, in significant part, on the leadership and performance of our executive management team and other key personnel, and our ability to attract, retain and motivate talented employees may significantly impact our future performance.
Despite the ongoing significant investments in technology and training we make relating to cybersecurity, we can provide no assurance that we will avoid or prevent such breaches or attacks.
We can provide no assurance that the ongoing significant investments in technology and training we make relating to cybersecurity will avoid or prevent such breaches or attacks.
Further, the criteria used in these ratings systems may conflict with each other and change frequently, and we cannot guaranty that we will be able to score well in the future. We supplement our participation in ratings systems by disclosing on our website information about our ESG activities, but some investors may desire additional disclosures that we do not provide.
Further, the criteria used in these ratings systems may conflict with each other and change frequently, and we cannot guarantee that we will be able to score well in the future. We supplement our participation in ratings systems by disclosing on our website information about our ESG activities, but some investors may desire additional disclosures that we do not provide.
Foreign persons should inform themselves as to the U.S. tax consequences, and the tax consequences within the countries of their citizenship, residence, domicile, and place of business, with respect to the purchase, ownership, and disposition of shares of our common stock. Legislative or other actions affecting REITs may have a negative effect on us or our investors.
Non-U.S. persons should inform themselves as to the U.S. tax consequences, and the tax consequences within the countries of their citizenship, residence, domicile, and place of business, with respect to the purchase, ownership, and disposition of shares of our common stock. Legislative or other actions affecting REITs may have a negative effect on us or our investors.
In addition, despite the implementation of security measures for our disaster recovery and business continuity plans, our information systems may be vulnerable to damage or other adverse impact from multiple sources other than cybersecurity risks, including computer viruses, energy blackouts, natural disasters, terrorism, war, and telecommunication failure.
Despite the implementation of security measures for our disaster recovery and business continuity plans, our information systems may be vulnerable to damage or other adverse impact from multiple sources other than cybersecurity risks, including computer viruses, energy blackouts, natural disasters, terrorism, war, and telecommunication failure.
Additionally, where a generative AI or machine learning model ingests personal information and makes connections using such data, those technologies may reveal other sensitive, proprietary, or confidential information generated by the model. Moreover, generative AI or machine learning models may create incomplete, inaccurate, or otherwise flawed outputs, some of which may appear correct.
Additionally, where a generative AI or machine learning model ingests personal information and makes connections using such data, those technologies may reveal other sensitive, proprietary, or confidential information generated by the model. Moreover, generative AI or machine learning models may create incomplete, inaccurate, or otherwise flawed outputs, which may appear correct.
Further, we may experience higher costs for tenant buildouts, as costs of materials and labor may increase and supply and availability of both may become more limited. Unfavorable developments affecting the banking and financial services industry could adversely affect our business, liquidity and financial condition, and overall results of operations.
Further, we may experience higher costs for tenant buildouts, as costs of materials and labor may increase and supply and availability of both may become more limited. Unfavorable developments that may affect the banking and financial services industry could adversely affect our business, liquidity and financial condition, and overall results of operations.
Although a significant amount of our outstanding debt has fixed interest rates, we do borrow funds at variable interest rates under our credit facility, and certain secured borrowings. As of December 31, 2023, less than 1.0% of our outstanding debt was variable rate debt not hedged to fixed rate debt.
Although a significant amount of our outstanding debt has fixed interest rates, we do borrow funds at variable interest rates under our credit facility, and certain secured borrowings. As of December 31, 2024, less than 1.0% of our outstanding debt was variable rate debt not hedged to fixed rate debt.
Any unsecured claim we hold against a bankrupt tenant for unpaid rent may be paid only to the extent that funds are available and only in the same percentage as is paid to all other holders of unsecured claims.
In addition, any unsecured claim we hold against a bankrupt tenant for unpaid rent may be 11 paid only to the extent that funds are available and only in the same percentage as is paid to all other holders of unsecured claims.
The success of our tenants in operating their businesses and their corresponding ability to pay us rent continue to be significantly impacted by many current economic challenges, which impact their cost of doing business, including, but not limited to, inflation, labor shortages, supply chain constraints, decreasing consumer confidence and discretionary spending, and increasing energy prices and interest rates.
The success of our tenants in operating their businesses and their corresponding ability to pay us rent continue to be significantly impacted by many current economic challenges, which impact their cost of doing business, including, but not limited to, inflation, labor shortages, supply chain constraints, the potential impact of tariffs, decreasing consumer confidence and discretionary spending, increasing energy prices, and volatile interest rates.
Under various federal, state, and local laws, an owner or manager of real property may be liable for some or all the costs to assess and remediate the presence of hazardous substances on the property, which in our case most typically arise from current or former dry cleaners, gas stations, asbestos usage, and historic land use practices.
Under various federal, state, and local laws, an owner or manager of real property may be liable for some or all the costs to assess and remediate the presence of hazardous substances on the property, which in our case most typically arise from current or former dry cleaners, gas stations, automotive repair shops, asbestos usage, and historic land use practices.
Item 1A. R isk Factors Our operations are subject to a number of risks and uncertainties including, but not limited to, those listed below. When considering an investment in our securities, carefully read and consider these risks, together with all other information in our other filings and submissions to the SEC, which provide much more information and detail.
Item 1A. R isk Factors Our operations are subject to a number of risks and uncertainties including, but not limited to, those listed below. When considering an investment in our securities, carefully read and consider these risks, together with all other information in our other filings and submissions to the SEC, which provide additional information and detail.
Sensitive, proprietary, or confidential information of the Company, our tenants and employees, could be leaked, disclosed, or revealed as a result of or in connection with the use of generative AI technologies by our employees or vendors.
Sensitive, proprietary, or confidential information of the Company, our tenants, employees and business partners could be leaked, disclosed, or revealed as a result of or in connection with the use of generative AI technologies by our employees or vendors.
Should a loss occur at any of our properties that is in excess of the property or casualty insurance limits of our policies, we may lose part or all of our invested capital and revenues from such property, which may have a material adverse impact on our operating results, financial condition, and our ability to make distributions to stock and unit holders.
Should a loss occur at any of our properties that is in excess of the insurance limits of our policies, we may lose part or all of our invested capital and revenues from the impacted property or 15 properties, which may have a material adverse impact on our operating results, financial condition, and our ability to make distributions to stock and unit holders.
The economic and market conditions potentially affecting the retail industry and our properties specifically include the following: • changes in national, regional and local economic conditions; • changes in population and migration patterns to/from the markets in which we operate; • deterioration in the competitiveness and creditworthiness of our retail tenants; • increased competition from the use of e-commerce by retailers and consumers as well as other concepts that could impact more traditional retail; • labor challenges and supply delays and shortages due to a variety of macroeconomic factors, including disruptions to global supply chains as a result of wars involving Russia and Ukraine, Israel and Gaza, the slowing of China's economy, pandemics, and/or inflationary pressures; • tenant bankruptcies and subsequent rejections of our leases; • reductions in consumer spending and retail sales, including inflationary impacts on consumer behavior; • reduced tenant demand for retail space; • oversupply of retail space; • reduced consumer demand for certain retail categories; • consolidation within the retail sector; • increased operating costs attendant to owning and operating retail shopping centers; • perceptions by retailers and shoppers of the safety, convenience and attractiveness of our properties; and • other factors which could alter shopping habits or otherwise deter customers from visiting our shopping centers, such as criminal activity, including civil unrest, acts of terrorism, or other types of violent crimes.
The economic and market conditions potentially affecting the retail industry and our properties specifically include the following: • changes in national, regional and local economic conditions; • changes in population and migration patterns to/from the markets in which we operate; • deterioration in the competitiveness and creditworthiness of our retail tenants; • increased competition from the use of e-commerce by retailers and consumers as well as other concepts that could impact more traditional retail; • labor challenges and supply delays and shortages due to a variety of macroeconomic factors, including disruptions to global supply chains as a result of wars and geopolitical events, including those involving Russia and Ukraine and Middle East conflicts, as well as the slowing of China's economy, tariffs, pandemics, and/or inflationary pressures; • tenant bankruptcies and subsequent rejections of our leases; • reductions in consumer spending and retail sales, including inflationary impacts on consumer behavior; • reduced tenant demand for retail space; • oversupply of retail space; • reduced consumer demand for certain retail categories; • consolidation within the retail sector; • increased operating costs attendant to owning and operating retail shopping centers; • perceptions by retailers and shoppers of the safety, convenience and attractiveness of our properties; and • other factors which could alter shopping habits or otherwise deter customers from visiting our shopping centers, such as actual or anticipated criminal activity, including civil unrest, acts of terrorism, or other types of violent crimes.
Dividends paid by REITs generally do not qualify for reduced tax rates. Subject to limited exceptions, dividends paid by REITs (other than distributions designated as capital gain dividends, qualified dividends or returns of capital) are not eligible for reduced rates for qualified dividends paid by "C" corporations and are taxable at ordinary income tax rates.
Subject to limited exceptions, dividends paid by REITs (other than distributions designated as capital gain dividends, qualified dividends or returns of capital) are not eligible for reduced rates for qualified dividends paid by "C" corporations and are taxable at ordinary income tax rates.
Prolonged periods of higher interest rates may negatively impact the valuation of our real estate asset portfolio and could result in a decline of our stock price and market capitalization, which may adversely impact our ability and willingness to raise equity capital on favorable terms through sales of our common shares, including through our At the Market ("ATM") program.
Prolonged periods of high interest rates may also negatively impact the valuation of our real estate asset portfolio and could result in a decline of our stock price and market capitalization, which may adversely impact our ability to raise equity capital on favorable terms through sales of our common shares, including through our At the Market ("ATM") program.
Changes in tax laws could impact our acquisition or disposition of real estate. Certain properties we own have a low tax basis, which may result in a meaningful taxable gain on sale.
Changes in tax laws could impact our acquisition or disposition of real estate. Certain properties we own have a low tax basis, which may result in a meaningful taxable gain in the event of a sale.
To the extent we or a third party were to experience a material breach of our information technology systems that results in the unauthorized access, theft, use, destruction or other compromises of tenants' or employees' data or our confidential information stored in such systems, including through cyber-attacks such as ransomware, denial of service or other methods, such a breach may damage our reputation and cause us to lose tenants and employees, result in adverse financial impact, incur third party claims and cause disruption to our business and plans.
To the extent we or a third party were to experience a material breach of our information technology systems that results in the unauthorized access, theft, use, manipulation, destruction or other compromises of our confidential information stored in such systems, including through cyber-attacks such as ransomware, denial of service or other methods, such a breach may cause us to lose tenants and employees, result in adverse financial impact, incur third party claims and cause disruption to our business and plans.
If the Parent Company were to fail to qualify as a domestically controlled REIT, gain recognized by a foreign stockholder on a disposition of our common stock would be subject to U.S. federal income tax unless our common stock was traded on an established securities market and the foreign stockholder did not at any time during a specified testing period directly or indirectly own more than 10% of our outstanding common stock.
If the Parent Company were to fail to qualify as a domestically controlled REIT, gain recognized by a non-U.S. stockholder on a disposition of our common stock would be subject to U.S. federal income tax unless our common stock was traded on an established securities market and the non-U.S. stockholder did not at any time during a specified testing period actually or constructively own more than 10% of our outstanding common stock.
If we do not maintain or periodically increase the dividend on our common stock, it may have an adverse effect on the market price of our common stock and other securities.
If we do not maintain or periodically increase the dividend on our common stock, or if we do not pay dividends on our preferred stock, it may have an adverse effect on the market price of our common stock and other securities.
Increases in interest rates could increase our financing costs over time, either through near-term borrowings on our floating-rate line of credit or refinancing of our existing borrowings that may incur higher interest expenses related to the issuance of new debt.
Increases in interest rates could increase our financing costs over time, either through near-term borrowings on our floating-rate line of credit or refinancing of our existing borrowings that may incur high interest expense related to the issuance of new debt.
In the event that we cannot or do not utilize 1031 exchanges, we may be required to distribute the gain proceeds to shareholders or pay income tax, which may reduce our cash flow available to fund our commitments or other priorities.
In the event that we cannot or do not utilize 1031 exchanges when we sell certain properties, we may be required to distribute the gain proceeds to shareholders or pay income tax, which may reduce our cash flow available to fund our commitments or other priorities.
This 7% limitation may discourage a change in control and may also (i) deter tender offers for our capital stock, which offers may be attractive to our stockholders, or (ii) limit the opportunity for our stockholders to receive a premium for their capital stock that might otherwise exist if an investor attempted to assemble a block in excess of 7% of our outstanding capital stock or to affect a change in control. 21 The issuance of the Parent Company's capital stock may delay or prevent a change in control.
This 7% limitation may discourage a change in control and may also (i) deter tender offers for our capital stock, which offers may be attractive to our stockholders, or (ii) limit the opportunity for our stockholders to receive a premium for their capital stock that might otherwise exist if an investor attempted to assemble a block in excess of 7% of our outstanding capital stock or to affect a change in control.
We actively pursue opportunities for new retail development and existing property redevelopment and/or expansion. Development and redevelopment activities require various government and other approvals for entitlements, and any delay in such approvals may significantly delay development and redevelopment projects.
We actively pursue opportunities for new retail development and existing property redevelopment and/or expansion. Development and redevelopment activities frequently require various government and other approvals for land use entitlements, and any delay in receiving such approvals may significantly delay development and redevelopment projects.
We utilize, and intend to continue to utilize, Internal Revenue Code Section 1031 like-kind exchanges to tax-efficiently buy and sell properties; however, there can be no assurance that we will identify properties that meet our investment objectives for acquisitions or that changes to the tax laws do not eliminate the benefits of effectuating 1031 exchanges, or significantly change the requirements for a transaction to qualify for 1031 exchange treatment.
Where appropriate and available, we utilize, and intend to continue to utilize, Code Section 1031 like-kind exchanges to tax-efficiently buy and sell properties; however, there can be no assurance that we will identify properties that meet our investment objectives for acquisitions or that changes to the tax laws do not eliminate the benefits of effectuating 1031 exchanges or significantly modify the requirements for a transaction to qualify for 1031 exchange treatment.
A foreign person, other than a "qualified shareholder" or a "qualified foreign pension fund," as each is defined for purposes of the Code, disposing of a U.S. real property interest, including shares of a U.S. corporation whose assets consist principally of U.S. real property interests is generally subject to U.S. federal income tax on the gain recognized on the disposition.
A non-U.S. person, other than certain "qualified shareholders" or "qualified foreign pension funds," as each is defined for purposes of the Code, disposing of a U.S. real property interest, including shares of a U.S. corporation whose assets consist principally of U.S. real property interests is generally subject to U.S. federal income tax on the gain recognized on the disposition.
These weather conditions may disrupt our business and the business of our tenants, which may affect the ability of some tenants to pay rent and may reduce the willingness of tenants or residents to remain in or move to these affected areas.
Severe weather conditions and other natural disasters may disrupt our business and the business of our tenants, which may affect the ability of some tenants to pay rent and may reduce the ability or willingness of tenants and residents to remain in or move to these affected areas.
Our exposure to higher interest rates in the short term includes our variable-rate borrowings, which consist of borrowings under our unsecured senior line of credit and variable rate based secured notes payable.
Our exposure to high interest rates in the short term includes our variable-rate debt, which consist of borrowings under our unsecured senior line of credit and variable rate-based secured notes 8 payable.
At December 31, 2023, 18.7% of the GLA of our portfolio is located in the state of California, including a number of properties in the San Francisco Bay and Los Angeles areas. Additionally, 20.1% and 7.1% of the GLA of our portfolio is located in the states of Florida and Texas, respectively.
At December 31, 2024, 18.9% of the GLA of our portfolio is located in the state of California, including a number of properties in the San Francisco Bay and Los Angeles areas. Additionally, 22.1% and 7.9% of the GLA of our portfolio is located in the states of Florida and Texas, respectively.
If the Parent Company continues to qualify as a REIT, it generally will not be subject to federal income tax on income that we distribute to our stockholders. Many REIT requirements, however, are highly technical and complex.
If the Parent Company continues to qualify as a REIT, it generally will not be subject to federal income tax on income that it distributes to its stockholders. Many REIT requirements, however, are highly technical and complex.
Any decline in available funding, lack of credit in the commercial real estate market, or access to cash and liquidity resources, or non-compliance of banking and financial services counterparties with their contractual commitments to us, our tenants or our critical vendors and business partners could, among other risks, have material adverse impacts on our ability to meet our operating expenses and other financial needs, could result in breaches of our financial and/or contractual obligations, and could have material adverse impacts on our business, financial condition and results of operations. 9 Current geopolitical challenges could impact the U.S. economy and consumer spending and our results of operations and financial condition.
Any decline in available funding, lack of credit in the commercial real estate market, or access to cash and liquidity resources, or non-compliance of banking and financial services counterparties with their contractual commitments to us, our tenants or our critical vendors and business partners could, among other risks, have material adverse impacts on our ability to meet our operating expenses and other financial needs, could result in breaches of our financial and/or contractual obligations, and could have material adverse impacts on our business, financial condition and results of operations.
We are subject to the risks that, upon expiration, leases for space in our properties are not renewed by existing tenants, vacant space is not leased to new tenants, and/or tenants demand modified lease terms, including costs for renovations or concessions.
We are subject to the risks that, upon expiration, leases for space in our properties are not renewed by existing tenants, vacant space is not leased to new tenants, and/or tenants demand modified lease terms, including reduced rents. payment for costs of renovations, or other monetary concessions.
Risk Factors Related to the Current Economic and Geopolitical Environments Interest rates in the current economic environment may adversely impact our cost to borrow, real estate valuation, and stock price. On multiple occasions during 2022 and 2023, the Board of Governors of the Federal Reserve System ("the U.S.
Risk Factors Related to the Current Economic and Geopolitical Environments Interest rates in the current economic environment may adversely impact our cost to borrow, real estate valuation, and stock price. The Board of Governors of the Federal Reserve System ("the U.S.
Our future results of operations and overall financial performance could be uncertain should a new virus strain of COVID-19, or any future pandemic or other health crises occur. 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.
Therefore, our future results of operations and overall financial performance could be uncertain should a pandemic or other public health crises occur. 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.
As such, in the event of such changing conditions, habits and trends, they may suffer disproportionately greater impacts and be at greater risk of lease default than other tenants. We may be unable to collect balances due from tenants in bankruptcy.
As such, in the event of a downturn in economic conditions or adversely changing retail habits and trends, they may suffer disproportionately greater impacts and be at greater risk of lease default than other tenants. We may be unable to collect balances due from tenants in bankruptcy.
Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities. The REIT provisions of the Code limit our ability to hedge our liabilities.
Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities. The REIT provisions of the Code limit our ability to enter into hedging transactions.
Market conditions, including macroeconomic events, pandemics and other health crises, may impact our ability to sell properties on our preferred timing and at prices and returns we deem acceptable.
Market conditions, including macroeconomic events, interest rate changes, capital availability, and pandemics and other health crises, may impact our ability to sell properties on our preferred timing and at prices and returns we deem acceptable.
Our tenants' ability to respond to these disruptions and uncertainties, including adjusting to governmental orders and changes in their customers' shopping habits and behaviors, may impact their ability to survive, and ultimately, their ability to comply with their lease obligations.
Our tenants' ability to respond to these disruptions and uncertainties, including adjusting to governmental orders and changes in their customers' shopping habits and behaviors, may impact their ability to survive, and as it relates to the Company, their ability to comply with their lease obligations.
We are subject to other risks associated with these activities, including the following: • we may be unable to lease developments or redevelopments to full occupancy on a timely basis; • the occupancy rates and rents of a completed project may not be sufficient to make the project profitable, or otherwise not meet our investment return expectations; • actual costs of a project may exceed original estimates, possibly making the project unprofitable, or not meet our investment return expectations; • delays in the development or construction process may increase our costs; • construction cost increases may reduce investment returns on development and redevelopment opportunities; • we may abandon development or redevelopment opportunities and lose our investment due to adverse market conditions; • the size of our development and redevelopment pipeline may strain our labor or capital capacity to complete the development and redevelopment projects within targeted timelines and may reduce our investment returns; • a reduction in the demand for new retail space may reduce our future development and redevelopment activities, which in turn may reduce our NOI; and • changes in the level of future development and redevelopment activity may adversely impact our results of operations by reducing the amount of internal overhead costs that may be capitalized.
Additionally, changes in political leaders due to elections and/or in governmental policies relating to development may impact our ability to obtain favorable approvals for in-process and future developments and redevelopment projects. 12 We are subject to other risks associated with development and redevelopment projects, including the following: • we may be unable to lease newly developed or redeveloped projects to full occupancy on a timely basis; • the occupancy rates and rents of a completed project may not be sufficient to make the project profitable, or otherwise not meet our investment return expectations; • actual costs of a project may exceed original estimates, possibly making the project unprofitable, or not meet our investment return expectations; • delays in the development or construction process, including supply chain disruption, may increase our costs; • construction cost increases may reduce investment returns on development and redevelopment opportunities, or require us to postpone or abandon a project or projects; • we may abandon development or redevelopment opportunities and lose our investment due to adverse market conditions; • the size of our development and redevelopment pipeline may strain our labor or capital capacity to complete the development and redevelopment projects within targeted timelines and may reduce our investment returns; • a reduction in the demand for new retail space may reduce our future development and redevelopment activities, which in turn may reduce our NOI; and • changes in the level of future development and redevelopment activity may adversely impact our results of operations by reducing the amount of internal overhead costs that may be capitalized.
Under the Tax Cuts and Jobs Act of 2017 (the "TCJA"), however, domestic shareholders that are individuals, trusts, and estates generally may deduct up to 20% of the ordinary dividends (e.g., dividends not designated as capital gain dividends or qualified dividend income) received from a REIT for taxable years beginning after December 3, 2017, and before 20 January 1, 2026.
However, domestic shareholders that are individuals, trusts, and estates generally may deduct up to 20% of the ordinary dividends (e.g., dividends not designated as capital gain dividends or qualified dividend income) received from a REIT for taxable years beginning before January 1, 2026.
Although the extent of any prolonged periods of higher interest rates remains unknown at this time, negative impacts to our cost of capital may also adversely affect our future business plans and growth, at least in the near term. Current economic challenges, including the potential for recession, may adversely impact our tenants and our business.
Although the extent of any prolonged periods of high interest rates remains unknown at this time, negative impacts to our cost of capital may also adversely affect our future business plans and growth, at least in the near term. Economic challenges and policy changes may adversely impact our tenants and our business.
Actual events, concerns or speculation about disruption or instability in the banking and financial services industry, such as liquidity constraints or lack of available credit, the failure of individual institutions, or the inability of individual institutions or the banking and financial service industry generally to meet their contractual obligations, could significantly impair our access to capital, delay access to deposits or other financial assets, or cause actual loss of funds subject to cash management arrangements.
Liquidity constraints or lack of available credit, the failure of individual institutions, or the inability of individual institutions or the banking and financial service industry generally to meet their contractual obligations, could significantly impair our access to capital, delay access to deposits or other financial assets, or cause actual loss of funds subject to cash management arrangements.
While we work with experts to plan for the impacts of climate change on our business, we cannot reliably predict the extent, rate, timing, or impact of climate change.
We work with experts to plan for the potential physical, operational and financial impacts of climate change on our business, and we cannot reliably predict the extent, rate, timing, or impact of climate change.
In the past we have issued equity in the secondary market and may do so again in the future, depending on the price of our stock and other factors.
In the past we have issued equity in the secondary market (including in connection with our At the Market ["ATM"] program) and may do so again in the future, depending on the price of our stock and other factors.
Competition for these individuals is intense, and we cannot be assured that we will retain all of our executive management team and other key personnel or that we will be able to attract and retain other highly qualified individuals for these positions in the future.
Competition for these individuals is intense, and we cannot be assured that we will retain all of our executive management team and other key personnel or that we will be able to attract and retain other highly qualified individuals for these positions in the future. Losing any key personnel may have an adverse effect on us.
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.
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 adversely affect results of operations and financial condition.
Although the vast majority of our lease income is derived from contractual rent payments, the ability of certain of our tenants to meet their lease obligations could be negatively impacted by the disruptions and uncertainties of a new virus strain of COVID-19 or any future pandemic or other health crisis.
Although the vast majority of our lease income is derived from contractual rent payments, the ability of certain of our tenants to meet their lease obligations could be negatively impacted by the disruptions and uncertainties of a pandemic, such as COVID-19, or other public health crises.
To the extent climate change causes adverse changes in weather patterns, our properties in certain markets, especially those nearer to the coasts, may experience increases in storm frequency and intensity and rising sea‑levels. Further, population migration may occur in response to these or other factors and negatively impact our centers.
To the extent climate change causes adverse changes in weather patterns and natural disasters, our properties in certain markets may experience increases in frequency and intensity of severe weather events, natural disasters and rising sea‑levels. Further, population migration may occur in response to these or other factors and negatively impact our centers.
In addition, uncertainty in the legal regulatory regime relating to AI may require significant resources to modify and maintain business practices to comply with applicable law, the nature of which cannot be determined at this time. Several jurisdictions have already proposed or enacted laws governing AI.
In addition, uncertainty in the legal and regulatory regime relating to AI may require significant resources to modify and maintain business practices to comply with applicable law, the nature of which cannot be determined at this time.
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.
Certain non-U.S. stockholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common stock if the Parent Company does not qualify as a "domestically controlled" REIT.
Many of our information technology systems (including the systems of our real estate partners and other third-party business partners and service providers, whether cloud-based or hosted in our servers) contain personal, financial or other information that is entrusted to us by our tenants and employees.
Many of our information technology systems (including the systems of our real estate partners and other third-party business partners and service providers) contain personal, financial or other information that is entrusted to us by our tenants, employees and business partners. Many of our information technology systems contain our proprietary information and other confidential information related to our business.
New legislation, as well as new regulations, administrative interpretations, or court decisions may be introduced, enacted, or promulgated from time to time, that may change the tax laws or interpretations of the tax laws regarding qualification as a REIT, or the federal income tax consequences of that qualification, in a manner that is adverse to our stockholders.
New legislation, as well as new regulations, administrative interpretations, or court decisions may be introduced, enacted, or promulgated from time to time, that may change the tax laws or interpretations of the tax laws regarding qualification as a REIT, or the federal income tax consequences of that qualification, in a manner that is adverse to our stockholders. 19 Dividends paid by REITs generally do not qualify for reduced tax rates.
Losing any key personnel may have an adverse effect on us. 16 Risk Factors Related to Our Partnerships and Joint Ventures We do not have voting control over all of the properties owned in our real estate partnerships and joint ventures, so we are unable to ensure that our objectives will be pursued.
Risk Factors Related to Our Partnerships and Joint Ventures We do not have voting control over all of the properties owned in our real estate partnerships and joint ventures, so we are unable to ensure that our objectives will be pursued.
Risk Factors Related to Information Management and Technology 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 liabilities and adverse financial impact.
In addition, failure to effectively hedge against interest rate changes may adversely affect our results of operations. 17 Risk Factors Related to Information Management and Technology The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data, or of Regency's proprietary or confidential information stored in our information systems or by third parties on our behalf, could impact operations, and expose us to potential liabilities and material adverse financial impact.
To the extent that any or a combination of these conditions occur, they are likely to impact the retail industry, our retail tenants, the emergence of new tenants, the demand for retail space, market rents and rent growth, capital expenditures, the percent leased levels of our properties, the value of our properties, our ability to sell, acquire or develop properties, our operating results and our cash flows. 11 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, results of operations, and cash flows.
To the extent that any or a combination of these conditions occur, they are likely to impact the retail industry, our retail tenants, the emergence of new tenants, the demand for retail space, market rents and rent growth, capital expenditures, the percent leased levels of our properties, the value of our properties, our ability to sell, acquire or develop properties, our operating results and our cash flows.
Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow. Economic conditions in markets where our properties are concentrated can greatly influence our financial performance. Our properties in California and Florida represent 23.4% and 19.3%, respectively, of our annualized base rent.
Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow. Economic conditions in markets where our properties are concentrated can greatly influence our financial performance.
These Local Tenants may be more vulnerable to negative 12 economic conditions and changing customer buying habits and retail trends as they may have more limited resources and access to capital than other tenants.
Local Tenants vary from retail shops and restaurants to service providers. These Local Tenants may be more vulnerable to unfavorable economic conditions and changing customer buying habits and retail trends than larger tenants, and may have more limited resources and access to capital than other tenants.
For example, climate and other environmental changes may result in more unpredictable or decreased demand for retail space at certain of our properties, reduced rent or, in extreme cases, our inability to operate certain properties at all. Climate change may also have indirect effects on our business by increasing the cost of insurance or making insurance unavailable.
For example, climate and other environmental changes may result in more unpredictable or decreased demand for retail space and in shopper traffic at certain of our properties, reduced rent and/or, in extreme cases, our inability to operate certain properties at all.
Generally, income from a hedging transaction does not constitute "gross income" for purposes of the 75% or 95% gross income tests, provided that we properly identify the hedging transaction pursuant to the applicable sections of the Code and Treasury Regulations.
Generally, income from certain hedging transactions, generally including transactions to manage interest rate changes with respect to borrowings to acquire or carry real estate assets, does not constitute "gross income" for purposes of the 75% or 95% gross income tests, provided that we properly identify the hedging transaction pursuant to the applicable sections of the Code and Treasury Regulations.
Additionally, some of our shopping centers are anchored by retailers who own their space in a location that is within or immediately adjacent to our shopping center ("shadow anchors"). In those cases, the shadow anchors appear to the consumer as a retail tenant of the shopping center and, as a result, attract additional consumer traffic to the center.
Additionally, some of our shopping centers are anchored by retailers who own their space in a location that is not strictly within the boundaries of, or is immediately adjacent to, our shopping center ("shadow anchors").
Risk Factors Related to Corporate Matters An increased focus on metrics and reporting related to environmental, social and governance ("ESG") factors, may impose additional costs and expose us to new risks. Investors have become more focused on understanding how companies address a variety of ESG factors.
Risk Factors Related to Corporate Matters An increased focus on metrics and reporting related to environmental, social and governance ("ESG") factors by investors and other stakeholders may impose additional costs and expose us to new risks.
We carry liability, fire, flood, terrorism, business interruption, and environmental insurance for our properties. Some types of losses, such as losses from named windstorms, earthquakes, terrorism, or wars may have more limited coverage, or in some cases, can be excluded from insurance coverage.
Some types of losses, such as losses from named windstorms, hurricanes, earthquakes, terrorism, or wars may have more limited coverage, or in some cases, can be excluded from insurance coverage.
Geographic concentration of our properties makes our business more vulnerable to natural disasters, severe weather conditions and climate change. A significant number of our properties are located in areas that are susceptible to earthquakes, tropical storms, hurricanes, tornadoes, wildfires, sea-level rise, and other natural disasters.
In addition, a significant number of our properties are located in areas that are susceptible to earthquakes, tropical storms, hurricanes, floods, tornadoes, wildfires, droughts, extreme temperatures, sea-level rise, and other natural disasters and severe weather events that could be exacerbated by climate change.
In addition, we would no longer be required to pay any dividends to stockholders in order to maintain our REIT status. Although we believe that the Parent Company qualifies as a REIT, we cannot be assured that the Parent Company will continue to qualify or remain qualified as a REIT for tax purposes.
Although we believe that the Parent Company qualifies as a REIT, we cannot be assured that the Parent Company will continue to qualify or remain qualified as a REIT for tax purposes.
Additionally, macroeconomic and geopolitical risks create challenges that may exacerbate current market conditions in the United States, including the potential for a recession. These economic challenges could adversely impact our volume of leasing activity, which could include tenant move outs and/or higher levels of uncollectible lease income, as well as negatively affect the business and financial results of our tenants.
These economic challenges could adversely impact our volume of leasing activity, which could include tenant move outs and/or higher levels of uncollectible lease income, as well as negatively affect the business and financial results of our tenants.
All of our properties are required to comply with the Americans with Disabilities Act ("ADA"), which generally requires that buildings be made accessible to people with disabilities. Compliance with ADA requirements may require removal of access barriers, and noncompliance may result in imposition of fines by the U.S. government or an award of damages to private litigants, or both.
Compliance with ADA requirements may require removal of access barriers, and noncompliance may result in imposition of fines by the U.S. government or an award of damages to private litigants, or both.

… 78 more changes not shown on this page.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

11 edited+2 added−0 removed4 unchanged
Biggest changeThe Company, through its Chief Information Security Officer (“CISO”), other Company employees experienced in information network security, and the use of third-party expertise, references various recognized cybersecurity frameworks. These frameworks are used to benchmark and tailor the Company’s cybersecurity strategies and program to our risk profile and specific operational needs and goals.
Biggest changeOur strategy for managing cybersecurity risk is integrated into the Company’s overall risk management program and structure, as depicted in the Corporate Governance section of our Proxy under "Risk Oversight." The Company, through its Chief Information Security Officer ("CISO"), other Company employees experienced in information network security, and the use of third-party expertise, references various recognized cybersecurity frameworks, such as the National Institute of Standards and Technology Cybersecurity Framework.
In the event of a significant cybersecurity threat or incident, the CRC would escalate communication frequency and intensity with the Audit Committee, Board, and the Company’s Executive Committee (discussed below). As designated by the Company’s Executive Committee and the Audit Committee, our CRC leads Regency's cybersecurity risk management program.
In the event of a significant cybersecurity threat or incident, the CRC would escalate communication frequency and intensity with the Audit Committee, Board, and the Company’s Executive Committee (discussed below). 22 As designated by the Company’s Executive Committee and the Audit Committee, our CRC leads Regency's cybersecurity risk management program.
The CRC Chair and the CISO provide the Audit Committee with quarterly updates. These updates cover the overall status of the Company’s cybersecurity program, as well as developments and potential new risks and trends.
The CRC Chair and the CISO provide the Audit Committee with regular updates. These updates cover the overall status of the Company’s cybersecurity program, as well as developments and potential new risks and trends.
Since at least January 1, 2021, we are not aware of any cybersecurity incidents that have materially affected the Company.
Since at least January 1, 2022 , we are not aware of any cybersecurity incidents that have materially affected the Company.
As discussed in more detail below under “Cybersecurity Governance”, this involves management responsibility through a specialized Cyber Risk Committee (the “CRC”) and oversight of that committee by a group of the most senior leaders of the Company, which comprise the Company’s Executive Committee.
As discussed in more detail below under "Cybersecurity Governance," this involves management responsibility through a specialized Cyber Risk Committee (the "CRC") and oversight of that committee by a group of the most senior leaders of the Company, which comprise the Company’s Executive Committee.
The CRC engages third-party expertise from time to time as it deems necessary or appropriate to test our cybersecurity defenses, to evaluate the cybersecurity programs of current and potential vendors and service providers, and to seek specialized legal advice regarding cybersecurity.
This includes reviewing the security protocols of key vendors, service providers, and external users of our systems. The CRC engages third-party expertise from time to time as it deems necessary or appropriate to test our cybersecurity defenses, to evaluate the cybersecurity programs of current and potential vendors and service providers, and to seek specialized legal advice regarding cybersecurity.
Based on our current understanding of the cyber risk environment and our preparedness level, we do not believe it to be reasonably likely in the near term that a cybersecurity threat will materially impact our business strategy, results of operations or financial condition. 22 Cybersecurity Governance The Audit Committee of the Board is charged with overseeing our cybersecurity risk management program.
Based on our current understanding of the cyber risk environment and our preparedness level, we do not believe it to be reasonably likely in the near term that a cybersecurity threat will materially impact our business strategy, results of operations or financial condition.
We have adopted a risk-based strategy to manage cybersecurity risks associated with third parties. We prioritize our cybersecurity efforts relating to third parties based on the likelihood and potential impact of cybersecurity threats. This includes reviewing the security protocols of key vendors, service providers, and external users of our systems.
Under the leadership of our CISO and CRC, we regularly evaluate and enhance our cybersecurity practices to facilitate adaptation to the constantly evolving landscape of cybersecurity threats. We have adopted a risk-based strategy to manage cybersecurity risks associated with third parties. We prioritize our cybersecurity efforts relating to third parties based on the likelihood and potential impact of cybersecurity threats.
Our core cybersecurity strategy focuses on five key pillars: identification, protection, detection, response, and recovery, each tailored to meet the specific challenges and needs of our business. The primary goal of this strategy is to proactively safeguard the confidentiality, security, and availability of the information we collect and store.
These frameworks are used to benchmark and tailor the Company’s cybersecurity strategies and program to our risk profile and specific operational needs and goals. Our core cybersecurity strategy focuses on five key pillars: identification, protection, detection, response, and recovery, each tailored to meet the specific challenges and needs of our business.
At the Company’s Board of Directors (the “Board”) level, the Audit Committee oversees our cybersecurity risk management program. Our strategy for managing cybersecurity risk is integrated into the Company’s overall risk management program and structure, as depicted in the Corporate Governance section of our Proxy under “Risk Oversight”.
At the Company’s Board of Directors (the "Board") level, the Audit Committee oversees our cybersecurity risk management program.
This proactive approach includes identifying, preventing, and mitigating cybersecurity threats, as well as preparing to respond to cybersecurity incidents quickly and efficiently to minimize their impact. Under the leadership of our CISO and CRC, we are committed to a continuous evaluation and enhancement of our cybersecurity practices to facilitate adaptation to the constantly evolving landscape of cybersecurity threats.
The primary goal of this strategy is to proactively safeguard the confidentiality, security, and availability of the information we collect and store. This proactive approach includes attempts to identify, prevent, and mitigate cybersecurity threats, as well as preparing to quickly respond to cybersecurity incidents to minimize their impact.
Added
Nonetheless, we face risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition.
Added
See "Risk Factors – The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data, or of Regency's proprietary or confidential information stored in our information systems or by third parties on our behalf, could impact operations, and expose us to potential liabilities and material adverse financial impact." Cybersecurity Governance The Audit Committee of the Board is charged with overseeing our cybersecurity risk management program.

Item 2. Properties

Properties — owned and leased real estate

25 edited+3 added−1 removed3 unchanged
Biggest changeCheese, Marshalls, (Target) Ygnacio Plaza San Francisco-Oakland-Berkeley CA 40% 2005 1968 25,850 110 97.6% 40.58 Sports Basement,TJ Maxx Blossom Valley San Jose-Sunnyvale-Santa Clara CA 1999 1990 22,300 93 97.7% 28.61 Safeway Mariposa Shopping Center San Jose-Sunnyvale-Santa Clara CA 40% 2005 2020 26,950 127 94.0% 22.24 Safeway, CVS, Ross Dress for Less Shoppes at Homestead San Jose-Sunnyvale-Santa Clara CA 1999 1983 — 116 96.7% 26.25 CVS, Crunch Fitness, (Orchard Supply Hardware) Snell & Branham Plaza San Jose-Sunnyvale-Santa Clara CA 40% 2005 1988 19,200 92 98.5% 22.25 Safeway The Pruneyard San Jose-Sunnyvale-Santa Clara CA 2019 2014 2,200 260 97.9% 42.54 Trader Joe's, The Sports Basement, Camera Cinemas, Marshalls West Park Plaza San Jose-Sunnyvale-Santa Clara CA 1999 1996 — 88 100.0% 22.07 Safeway, Crunch Fitness Golden Hills Plaza San Luis Obispo-Paso Robles CA 2006 2017 — 244 87.0% 7.13 Lowe's, TJ Maxx Five Points Shopping Center Santa Maria-Santa Barbara CA 40% 2005 2014 — 145 97.6% 31.02 Smart & Final, CVS, Ross Dress for Less, Big 5 Sporting Goods, PETCO Corral Hollow Stockton CA 2000 2000 — 167 70.4% 20.82 Safeway, CVS Alcove On Arapahoe Boulder CO 40% 2005 2019 26,700 159 91.8% 19.79 Petco, HomeGoods, Jo-Ann Fabrics, Safeway, Ulta Salon Crossroads Commons Boulder CO 20% 2001 1986 34,500 143 93.6% 30.27 Whole Foods, Barnes & Noble 29 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Crossroads Commons II Boulder CO 20% 2018 1995 5,500 18 100.0% 41.45 (Whole Foods), (Barnes & Noble) Falcon Marketplace Colorado Springs CO 2005 2005 — 22 100.0% 26.36 (Wal-Mart) Marketplace at Briargate Colorado Springs CO 2006 2006 — 29 100.0% 36.20 (King Soopers) Monument Jackson Creek Colorado Springs CO 1998 1999 — 85 100.0% 12.99 King Soopers Woodmen Plaza Colorado Springs CO 1998 1998 — 116 97.6% 13.93 King Soopers Applewood Shopping Ctr Denver-Aurora-Lakewood CO 40% 2005 2020 — 360 95.8% 16.51 Applejack Liquors, Hobby Lobby, Homegoods, King Soopers, PetSmart, Sierra Trading Post, Ulta, Three Little Mingos Belleview Square Denver-Aurora-Lakewood CO 2004 2013 — 117 96.1% 21.81 King Soopers Boulevard Center Denver-Aurora-Lakewood CO 1999 1986 — 77 91.5% 32.51 Eye Care Specialists, (Safeway) Buckley Square Denver-Aurora-Lakewood CO 1999 1978 — 116 93.6% 11.90 Ace Hardware, King Soopers Cherrywood Square Shop Ctr Denver-Aurora-Lakewood CO 40% 2005 1978 9,650 97 100.0% 13.03 King Soopers Hilltop Village Denver-Aurora-Lakewood CO 2002 2018 — 101 100.0% 13.58 King Soopers Littleton Square Denver-Aurora-Lakewood CO 1999 2015 — 99 97.2% 11.50 King Soopers Lloyd King Center Denver-Aurora-Lakewood CO 1998 1998 — 83 100.0% 12.25 King Soopers Ralston Square Shopping Center Denver-Aurora-Lakewood CO 40% 2005 1977 — 83 98.5% 16.44 King Soopers Shops at Quail Creek Denver-Aurora-Lakewood CO 2008 2008 — 38 96.3% 28.22 (King Soopers) Stroh Ranch Denver-Aurora-Lakewood CO 1998 1998 — 93 100.0% 14.43 King Soopers Centerplace of Greeley III Greeley CO 2007 2007 — 119 100.0% 12.31 Hobby Lobby, Best Buy, TJ Maxx 22 Crescent Road Bridgeport-Stamford-Norwalk CT 2017 1984 — 4 100.0% 69.00 - 25 Valley Drive Bridgeport-Stamford-Norwalk CT 2023 1977 — 18 100.0% 46.25 - 321-323 Railroad Ave Bridgeport-Stamford-Norwalk CT 2023 1983 — 21 100.0% 37.48 - 470 Main Street Bridgeport-Stamford-Norwalk CT 2023 1972 — 23 98.5% 29.32 - 530 Old Post Rd Bridgeport-Stamford-Norwalk CT 2023 1979 — 8 75.0% 43.25 - 7 Riversville Bridgeport-Stamford-Norwalk CT 2023 1978 — 11 80.9% 39.61 - 91 Danbury Road Bridgeport-Stamford-Norwalk CT 2017 1965 — 5 77.3% 29.44 - 970 High Ridge Center Bridgeport-Stamford-Norwalk CT 2023 1960 — 27 89.6% 36.15 BevMax Airport Plaza Bridgeport-Stamford-Norwalk CT 2023 1974 — 33 100.0% 31.48 - Bethel Hub Center Bridgeport-Stamford-Norwalk CT 2023 1957 — 31 60.8% 14.91 La Placita Bethel Market Black Rock Bridgeport-Stamford-Norwalk CT 80% 2014 1996 15,342 95 97.7% 29.89 Old Navy, The Clubhouse Brick Walk (6) Bridgeport-Stamford-Norwalk CT 80% 2014 2007 30,919 123 96.2% 46.08 - Compo Acres Shopping Center Bridgeport-Stamford-Norwalk CT 2017 2011 — 43 95.9% 55.85 Trader Joe's Copps Hill Plaza Bridgeport-Stamford-Norwalk CT 2017 2002 7,706 173 88.1% 22.26 Stop & Shop, Homegoods, Marshalls, Rite Aid, Michael's Cos Cob Commons Bridgeport-Stamford-Norwalk CT 2023 1986 13,142 48 93.9% 53.16 CVS Cos Cob Plaza Bridgeport-Stamford-Norwalk CT 2023 1947 3,902 15 93.4% 52.79 - Danbury Green Bridgeport-Stamford-Norwalk CT 2017 2006 — 124 99.0% 27.17 Trader Joe's, Hilton Garden Inn, DSW, Staples, Rite Aid, Warehouse Wines & Liquors Danbury Square Bridgeport-Stamford-Norwalk CT 2023 1987 — 194 73.2% 13.80 Ocean State Job Lot, Planet Fitness, Elicit Brewing Company Darinor Plaza (6) Bridgeport-Stamford-Norwalk CT 2017 1978 — 153 100.0% 20.45 Kohl's, Old Navy, Party City Fairfield Center (6) Bridgeport-Stamford-Norwalk CT 80% 2014 2000 — 95 87.8% 34.04 Fairfield University Bookstore, Merril Lynch Fairfield Crossroads Bridgeport-Stamford-Norwalk CT 2023 1995 — 62 100.0% 25.28 Marshalls, DSW Goodwives Shopping Center Bridgeport-Stamford-Norwalk CT 2023 1955 23,078 96 90.1% 41.03 Stop & Shop Greens Farms Plaza Bridgeport-Stamford-Norwalk CT 2023 1958 — 40 51.3% 25.81 BevMax Greenwich Commons Bridgeport-Stamford-Norwalk CT 2023 1961 4,866 10 100.0% 89.23 - High Ridge Center Bridgeport-Stamford-Norwalk CT 100% 2023 1968 9,047 91 69.2% 56.28 Trader Joe's Knotts Landing Bridgeport-Stamford-Norwalk CT 2023 1994 — 3 100.0% 76.05 - Main & Bailey Bridgeport-Stamford-Norwalk CT 2023 1950 — 62 96.1% 26.17 - Newfield Green Bridgeport-Stamford-Norwalk CT 2023 1966 19,278 74 95.8% 38.15 Grade A Market, CVS Old Greenwich CVS Bridgeport-Stamford-Norwalk CT 100% 2023 1941 891 8 100.0% 30.17 - 30 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Post Road Plaza Bridgeport-Stamford-Norwalk CT 2017 1978 — 20 100.0% 59.79 Trader Joe's Ridgeway Shopping Center Bridgeport-Stamford-Norwalk CT 2023 1952 43,150 365 91.7% 30.17 Stop & Shop, LA Fitness, Marshalls, Michael's, Staples, Ashley Furniture, Old Navy, ULTA Shelton Square Bridgeport-Stamford-Norwalk CT 2023 1982 — 189 99.1% 19.12 Stop & Shop, Homegoods, Hawley Lane, Edge Fitness Station Centre @ Old Greenwich Bridgeport-Stamford-Norwalk CT 2023 1952 6,770 39 91.4% 35.73 Kings Food Markets The Dock-Dockside Bridgeport-Stamford-Norwalk CT 2023 1974 33,667 278 100.0% 19.81 Stop & Shop, BJ's Whole Sale, Edge Fitness, West Marine, Petco, Dollar Tree, Osaka Hibachi Walmart Norwalk Bridgeport-Stamford-Norwalk CT 2017 2003 — 142 100.0% 0.56 WalMart, HomeGoods Westport Row Bridgeport-Stamford-Norwalk CT 2017 2020 — 95 100.0% 45.10 The Fresh Market, Pottery Barn Brookside Plaza Hartford-E Hartford-Middletown CT 2017 2006 — 227 95.8% 16.41 Burlington Coat Factory, PetSmart, ShopRite, Staples, TJ Maxx, LL Bean Corbin's Corner Hartford-E Hartford-Middletown CT 40% 2005 2015 53,000 189 98.1% 32.12 Best Buy, Edge Fitness, Old Navy, The Tile Shop, Total Wine and More, Trader Joe's Aldi Square New Haven-Milford CT 2023 2014 — 38 100.0% 16.19 Aldi Orange Meadows New Haven-Milford CT 2023 1990 — 78 100.0% 24.13 Trader Joe's, TJMaxx, Bob's Discount Furniture, Ulta Southbury Green New Haven-Milford CT 2017 2002 — 156 87.5% 22.41 ShopRite, Homegoods New Milford Plaza Torrington CT 2023 1970 — 235 100.0% 9.31 Walmart, Stop & Shop, Club 24, Dollar Tree Sunny Valley Shops Torrington CT 2023 2003 — 72 55.5% 15.62 Staples Veterans Plaza Torrington CT 2023 1966 — 80 100.0% 12.23 Big Y World Class Market, BevMax Shops at The Columbia Washington-Arlington-Alexandri DC 2006 2006 — 23 100.0% 38.34 Trader Joe's Spring Valley Shopping Center Washington-Arlington-Alexandri DC 40% 2005 1930 13,000 17 100.0% 101.60 - Pike Creek Philadelphia-Camden-Wilmington DE 1998 2013 — 229 96.2% 17.39 Acme Markets, Edge Fitness, Pike Creek Community Hardware Shoppes of Graylyn Philadelphia-Camden-Wilmington DE 40% 2005 1971 — 64 94.6% 25.73 Rite Aid Corkscrew Village Cape Coral-Fort Myers FL 2007 1997 — 82 97.8% 15.55 Publix Shoppes of Grande Oak Cape Coral-Fort Myers FL 2000 2000 — 79 98.5% 17.93 Publix Millhopper Shopping Center Gainesville FL 1993 2017 — 80 100.0% 19.82 Publix Newberry Square Gainesville FL 1994 1986 — 181 89.7% 9.63 Publix, Floor & Décor, Dollar Tree Anastasia Plaza Jacksonville FL 1993 1988 — 102 95.0% 15.39 Publix Atlantic Village Jacksonville FL 2017 2014 — 110 100.0% 19.09 LA Fitness, Pet Supplies Plus Brooklyn Station on Riverside Jacksonville FL 2013 2013 — 50 100.0% 28.73 The Fresh Market Courtyard Shopping Center Jacksonville FL 1993 1987 — 137 100.0% 3.68 Target, (Publix) East San Marco Jacksonville FL 2007 2022 — 59 100.0% 28.33 Publix Fleming Island Jacksonville FL 1998 2000 — 132 97.3% 17.69 Publix, PETCO, Planet Fitness, (Target) Hibernia Pavilion Jacksonville FL 2006 2006 — 51 100.0% 16.52 Publix John's Creek Center Jacksonville FL 20% 2003 2004 9,000 82 100.0% 16.67 Publix Julington Village Jacksonville FL 20% 1999 1999 10,000 82 100.0% 17.65 Publix, (CVS) Mandarin Landing Jacksonville FL 2017 1976 — 129 98.3% 23.52 Whole Foods, Aveda Institute, Baptist Health, Cooper's Hawk Nocatee Town Center Jacksonville FL 2007 2017 — 114 100.0% 23.56 Publix Oakleaf Commons Jacksonville FL 2006 2006 — 77 100.0% 16.93 Publix Old St Augustine Plaza Jacksonville FL 1996 2020 — 248 100.0% 11.52 Publix, Burlington Coat Factory, Hobby Lobby, LA Fitness, Ross Dress for Less Pablo Plaza Jacksonville FL 2017 2020 — 161 100.0% 18.80 Whole Foods, Office Depot, Marshalls, HomeGoods, PetSmart Pine Tree Plaza Jacksonville FL 1997 1999 — 63 96.9% 14.97 Publix 31 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Seminole Shoppes Jacksonville FL 50% 2009 2018 7,272 87 100.0% 24.27 Publix Shoppes at Bartram Park Jacksonville FL 50% 2005 2017 — 135 100.0% 22.67 Publix, (Kohl's), (Tutor Time) Shops at John's Creek Jacksonville FL 2003 2004 — 15 100.0% 27.73 - South Beach Regional Jacksonville FL 2017 1990 — 303 86.7% 17.95 Trader Joe's, Home Depot, Ross Dress for Less, Staples, Nordstrom Rack Starke (6) Jacksonville FL 2000 2000 — 13 100.0% 27.05 CVS Avenida Biscayne (fka Aventura Square) (6) Miami-Ft Lauderdale-PompanoBch FL 2017 1991 — 143 83.5% 52.86 DSW, Jewelry Exchange, Old Navy, The Fresh Market Aventura Shopping Center Miami-Ft Lauderdale-PompanoBch FL 1994 2017 — 97 94.9% 38.14 CVS, Publix Banco Popular Building Miami-Ft Lauderdale-PompanoBch FL 2017 1971 — 5 100.0% 92.31 - Bird 107 Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 1990 — 40 100.0% 22.51 Walgreens Bird Ludlam Miami-Ft Lauderdale-PompanoBch FL 2017 1998 — 192 97.6% 26.34 CVS, Goodwill, Winn-Dixie Boca Village Square Miami-Ft Lauderdale-PompanoBch FL 2017 2014 — 92 100.0% 23.14 CVS, Publix Boynton Lakes Plaza Miami-Ft Lauderdale-PompanoBch FL 1997 2012 — 110 91.9% 16.98 Citi Trends, Pet Supermarket, Publix Boynton Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 2015 — 105 100.0% 21.54 CVS, Publix Caligo Crossing Miami-Ft Lauderdale-PompanoBch FL 2007 2007 — 11 100.0% 47.17 (Kohl's) Chasewood Plaza Miami-Ft Lauderdale-PompanoBch FL 1993 2015 — 152 97.1% 28.26 Publix, Pet Smart Concord Shopping Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 1993 — 309 100.0% 14.90 Big Lots, Dollar Tree, Home Depot, Winn-Dixie, YouFit Health Club Coral Reef Shopping Center Miami-Ft Lauderdale-PompanoBch FL 2017 1990 — 75 98.7% 33.13 Aldi, Walgreens Country Walk Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 2008 16,000 101 94.8% 22.71 Publix, CVS Countryside Shops Miami-Ft Lauderdale-PompanoBch FL 2017 2018 — 193 72.6% 25.82 Publix, Ross Dress for Less Fountain Square Miami-Ft Lauderdale-PompanoBch FL 2013 2013 — 177 100.0% 29.26 Publix, Ross Dress for Less, TJ Maxx, Ulta, (Target) Gardens Square Miami-Ft Lauderdale-PompanoBch FL 1997 1991 — 90 100.0% 19.66 Publix Greenwood Shopping Centre Miami-Ft Lauderdale-PompanoBch FL 2017 1994 — 133 96.8% 17.36 Publix, Bealls Hammocks Town Center Miami-Ft Lauderdale-PompanoBch FL 2017 1993 — 187 92.2% 18.87 CVS, Goodwill, Publix, Metro-Dade Public Library, YouFit Health Club, (Kendall Ice Arena) Pine Island Miami-Ft Lauderdale-PompanoBch FL 2017 1999 — 255 99.5% 15.39 Publix, Burlington Coat Factory, Beall's Outlet, YouFit Health Club, Floor and Décor Pine Ridge Square Miami-Ft Lauderdale-PompanoBch FL 2017 2013 — 118 72.7% 20.51 The Fresh Market, Marshalls, Ulta Pinecrest Place (6) Miami-Ft Lauderdale-PompanoBch FL 2017 2017 — 70 96.3% 42.97 Whole Foods, (Target) Point Royale Shopping Center Miami-Ft Lauderdale-PompanoBch FL 2017 2018 — 202 100.0% 17.02 Winn-Dixie, Burlington Coat Factory, Pasteur Medical Center, Planet Fitness, Rana Furniture Prosperity Centre Miami-Ft Lauderdale-PompanoBch FL 2017 1993 — 124 69.6% 26.61 Office Depot, TJ Maxx, CVS Sawgrass Promenade Miami-Ft Lauderdale-PompanoBch FL 2017 1998 — 107 89.9% 15.40 Publix, Walgreens, Dollar Tree Sheridan Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 2022 — 507 95.3% 20.47 Publix, Kohl's, LA Fitness, Ross Dress for Less, Pet Supplies Plus, Wellmax, Burlington, Marshalls Shoppes @ 104 Miami-Ft Lauderdale-PompanoBch FL 1998 2018 — 112 95.0% 20.73 Fresco y Mas, CVS Shoppes at Lago Mar Miami-Ft Lauderdale-PompanoBch FL 2017 1995 — 83 91.0% 16.11 Publix, YouFit Health Club Shoppes of Jonathan's Landing Miami-Ft Lauderdale-PompanoBch FL 2017 1997 — 27 94.2% 31.19 (Publix) Shoppes of Oakbrook Miami-Ft Lauderdale-PompanoBch FL 2017 2003 — 200 53.8% 22.37 Publix, Duffy's Sports Bar, CVS Shoppes of Silver Lakes Miami-Ft Lauderdale-PompanoBch FL 2017 1997 — 127 97.1% 21.03 Publix, Goodwill Shoppes of Sunset Miami-Ft Lauderdale-PompanoBch FL 2017 2009 — 22 71.2% 26.90 - Shoppes of Sunset II Miami-Ft Lauderdale-PompanoBch FL 2017 2009 — 28 89.9% 24.32 - Shops at Skylake Miami-Ft Lauderdale-PompanoBch FL 2017 2006 — 287 98.0% 25.49 Publix, LA Fitness, TJ Maxx, Goodwill, Pasteur Medical Tamarac Town Square Miami-Ft Lauderdale-PompanoBch FL 2017 1987 — 125 84.8% 13.28 Publix, Dollar Tree, Retro Fitness University Commons (6) Miami-Ft Lauderdale-PompanoBch FL 2015 2001 — 180 100.0% 35.02 Whole Foods, Nordstrom Rack, Barnes & Noble, Bed Bath & Beyond 32 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Waterstone Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 2005 — 61 100.0% 18.36 Publix Welleby Plaza Miami-Ft Lauderdale-PompanoBch FL 1996 1982 — 110 98.9% 15.28 Publix, Dollar Tree Wellington Town Square Miami-Ft Lauderdale-PompanoBch FL 1996 2022 — 108 97.4% 25.62 Publix, CVS West Bird Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 2021 — 99 97.9% 26.51 Publix West Lake Shopping Center Miami-Ft Lauderdale-PompanoBch FL 2017 2000 — 101 100.0% 23.33 Fresco y Mas, CVS Westport Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 2002 — 47 100.0% 22.93 Publix Berkshire Commons Naples-Marco Island FL 1994 1992 — 110 100.0% 16.18 Publix, Walgreens Naples Walk Naples-Marco Island FL 2007 1999 — 125 96.6% 19.57 Publix Pavillion Naples-Marco Island FL 2017 2011 — 168 100.0% 24.44 LA Fitness, Paragon Theaters, J.
Biggest changeCheese, Marshalls, (Target) Ygnacio Plaza San Francisco-Oakland-Berkeley CA 40% 2005 1968 25,850 110 100.0% 41.81 Sports Basement,TJ Maxx Blossom Valley San Jose-Sunnyvale-Santa Clara CA 1999 1990 22,300 93 87.4% 29.28 Safeway Mariposa Shopping Center San Jose-Sunnyvale-Santa Clara CA 40% 2005 2020 26,950 127 97.4% 23.75 Safeway, CVS, Ross Dress for Less Shoppes at Homestead San Jose-Sunnyvale-Santa Clara CA 1999 1983 — 116 98.2% 27.08 CVS, Crunch Fitness, (Orchard Supply Hardware) Snell & Branham Plaza San Jose-Sunnyvale-Santa Clara CA 40% 2005 1988 19,200 92 98.5% 22.46 Safeway The Pruneyard San Jose-Sunnyvale-Santa Clara CA 2019 2014 — 260 95.5% 44.12 Trader Joe's, The Sports Basement, Camera Cinemas, Marshalls West Park Plaza San Jose-Sunnyvale-Santa Clara CA 1999 1996 — 88 100.0% 23.13 Safeway, Crunch Fitness Golden Hills Plaza San Luis Obispo-Paso Robles CA 2006 2017 — 244 87.8% 7.31 Lowe's, TJ Maxx Five Points Shopping Center Santa Maria-Santa Barbara CA 40% 2005 2014 — 145 97.6% 32.77 Smart & Final, CVS, Ross Dress for Less, Big 5 Sporting Goods, PETCO Corral Hollow Stockton CA 2000 2000 — 153 100.0% 19.21 Safeway, CVS, Crunch Fitness Alcove On Arapahoe Boulder CO 40% 2005 1957/2019 26,700 159 94.9% 20.27 Petco, HomeGoods, Jo-Ann Fabrics, Safeway, Ulta Salon Crossroads Commons Boulder CO 20% 2001 1986 34,500 143 95.8% 30.98 Whole Foods, Barnes & Noble 29 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) MajorTenant(s) (5) Crossroads Commons II Boulder CO 20% 2018 1995 5,500 18 100.0% 43.00 (Whole Foods), (Barnes & Noble) Falcon Marketplace Colorado Springs CO 2005 2005 — 22 100.0% 27.59 (Wal-Mart) Marketplace at Briargate Colorado Springs CO 2006 2006 — 29 100.0% 37.28 (King Soopers) Monument Jackson Creek Colorado Springs CO 1998 1999 — 85 100.0% 13.36 King Soopers Woodmen Plaza Colorado Springs CO 1998 1998 — 116 95.6% 14.11 King Soopers Applewood Shopping Ctr Denver-Aurora-Lakewood CO 40% 2005 2017/2020 — 360 97.0% 17.20 Applejack Liquors, Hobby Lobby, Homegoods, King Soopers, PetSmart, Sierra Trading Post, Ulta, Three Little Mingos Belleview Square Denver-Aurora-Lakewood CO 2004 2013 — 117 97.9% 22.68 King Soopers Boulevard Center Denver-Aurora-Lakewood CO 1999 1986 — 77 94.5% 33.57 Eye Care Specialists, (Safeway) Buckley Square Denver-Aurora-Lakewood CO 1999 1978 — 116 96.4% 12.59 Ace Hardware, King Soopers Cherrywood Square Shop Ctr Denver-Aurora-Lakewood CO 40% 2005 1978 9,650 97 100.0% 13.29 King Soopers Hilltop Village Denver-Aurora-Lakewood CO 2002 2018 — 101 97.3% 13.30 King Soopers Littleton Square Denver-Aurora-Lakewood CO 1999 2015 — 99 96.0% 11.35 King Soopers Lloyd King Center Denver-Aurora-Lakewood CO 1998 1998 — 83 100.0% 12.79 King Soopers Ralston Square Shopping Center Denver-Aurora-Lakewood CO 40% 2005 1977 — 83 98.5% 17.26 King Soopers Shops at Quail Creek Denver-Aurora-Lakewood CO 2008 2008 — 38 100.0% 28.49 (King Soopers) Stroh Ranch Denver-Aurora-Lakewood CO 1998 1998 — 93 100.0% 14.66 King Soopers Centerplace of Greeley III Greeley CO 2007 2007 — 119 100.0% 13.11 Hobby Lobby, Best Buy, TJ Maxx 22 Crescent Road Bridgeport-Stamford-Norwalk CT 2017 1984 — 4 100.0% 69.00 - 25 Valley Drive Bridgeport-Stamford-Norwalk CT 2023 1977 — 18 100.0% 47.57 - 321-323 Railroad Ave Bridgeport-Stamford-Norwalk CT 2023 1983 — 21 100.0% 38.85 - 470 Main Street Bridgeport-Stamford-Norwalk CT 2023 1972 — 22 100.0% 31.12 - 91 Danbury Road Bridgeport-Stamford-Norwalk CT 2017 1965 — 5 100.0% 30.96 0 970 High Ridge Center Bridgeport-Stamford-Norwalk CT 2023 1960 — 27 89.6% 36.55 BevMax Airport Plaza Bridgeport-Stamford-Norwalk CT 2023 1974 — 33 96.3% 31.20 - Bethel Hub Center Bridgeport-Stamford-Norwalk CT 2023 1957 — 31 60.8% 15.03 La Placita Bethel Market Black Rock Bridgeport-Stamford-Norwalk CT 80% 2014 1996 15,148 98 97.8% 30.18 Old Navy, The Clubhouse Brick Walk (6) Bridgeport-Stamford-Norwalk CT 80% 2014 2007 30,591 122 97.2% 47.49 - Compo Acres Shopping Center Bridgeport-Stamford-Norwalk CT 2017 2011 — 43 95.9% 57.62 Trader Joe's Compo Shopping Center Bridgeport-Stamford-Norwalk CT 2024 1953 — 76 86.2% 53.75 CVS Copps Hill Plaza Bridgeport-Stamford-Norwalk CT 2017 2002 — 173 87.3% 22.42 Stop & Shop, Homegoods, Marshalls, Rite Aid, Michael's Cos Cob Commons Bridgeport-Stamford-Norwalk CT 2023 1986 — 48 84.3% 54.36 CVS Cos Cob Plaza Bridgeport-Stamford-Norwalk CT 2023 1947 3,742 15 93.4% 54.62 - Danbury Green Bridgeport-Stamford-Norwalk CT 2017 2006 — 124 100.0% 27.12 Trader Joe's, Hilton Garden Inn, DSW, Staples, Rite Aid, Warehouse Wines & Liquors Danbury Square Bridgeport-Stamford-Norwalk CT 2023 1987 — 194 94.9% 13.03 Ocean State Job Lot, Planet Fitness, Elicit Brewing Company, Hobby Lobby Darinor Plaza (6) Bridgeport-Stamford-Norwalk CT 2017 1978 — 153 100.0% 20.54 Kohl's, Old Navy, Party City Fairfield Center (6) Bridgeport-Stamford-Norwalk CT 80% 2014 2000 — 95 87.1% 34.74 Fairfield University Bookstore, Merril Lynch Fairfield Crossroads Bridgeport-Stamford-Norwalk CT 2023 1995 — 62 100.0% 25.28 Marshalls, DSW Greenwich Commons Bridgeport-Stamford-Norwalk CT 2023 1961 4,667 10 100.0% 90.67 - High Ridge Center Bridgeport-Stamford-Norwalk CT 100% 2023 1968 8,825 93 99.9% 49.95 Trader Joe's, Barnes & Noble Knotts Landing Bridgeport-Stamford-Norwalk CT 2023 1994 — 6 100.0% 75.43 - Main & Bailey Bridgeport-Stamford-Norwalk CT 2023 1950 — 62 78.4% 28.15 - Newfield Green Bridgeport-Stamford-Norwalk CT 2023 1966 18,737 74 96.1% 41.78 Grade A Market, CVS Old Greenwich CVS Bridgeport-Stamford-Norwalk CT 100% 2023 1941 846 8 100.0% 45.00 - 30 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) MajorTenant(s) (5) Old Kings Market (fka Goodwives Shopping Center) Bridgeport-Stamford-Norwalk CT 2023 1955 22,607 96 93.2% 41.61 Stop & Shop Post Road Plaza Bridgeport-Stamford-Norwalk CT 2017 1978 — 20 100.0% 59.79 Trader Joe's Ridgeway Shopping Center Bridgeport-Stamford-Norwalk CT 2023 1952 41,940 365 92.0% 31.53 Stop & Shop, LA Fitness, Marshalls, Michael's, Staples, Old Navy, ULTA, Party City Shelton Square Bridgeport-Stamford-Norwalk CT 2023 1982 — 189 98.4% 19.65 Stop & Shop, Homegoods, Hawley Lane, Edge Fitness Station Centre @ Old Greenwich Bridgeport-Stamford-Norwalk CT 2023 1952 — 39 93.9% 37.26 Kings Food Markets The Dock-Dockside Bridgeport-Stamford-Norwalk CT 2023 1974 32,908 278 99.5% 19.82 Stop & Shop, BJ's Whole Sale, Edge Fitness, West Marine, Petco, Dollar Tree, Osaka Hibachi The Hub at Norwalk (fka Walmart Norwalk) Bridgeport-Stamford-Norwalk CT 2017 2003 — 146 100.0% 23.66 HomeGoods, Target Westport Collection (fka Greens Farms Plaza) Bridgeport-Stamford-Norwalk CT 2023 1958 — 40 51.3% 26.64 BevMax Westport Row Bridgeport-Stamford-Norwalk CT 2017 2010/2020 — 95 100.0% 45.62 The Fresh Market, Pottery Barn Brookside Plaza Hartford-E Hartford-Middletown CT 2017 2006 — 226 96.5% 16.59 Burlington Coat Factory, PetSmart, ShopRite, Staples, TJ Maxx, LL Bean Corbin's Corner Hartford-E Hartford-Middletown CT 40% 2005 2015 53,000 189 98.1% 32.70 Best Buy, Edge Fitness, Old Navy, The Tile Shop, Total Wine and More, Trader Joe's Aldi Square New Haven-Milford CT 2023 2014 — 38 100.0% 16.80 Aldi Orange Meadows New Haven-Milford CT 2023 1990 — 78 100.0% 24.17 Trader Joe's, TJMaxx, Bob's Discount Furniture, Ulta Southbury Green New Haven-Milford CT 2017 2002 — 156 88.7% 22.63 ShopRite, Homegoods The Shops at Stone Bridge (7) New Haven-Milford CT 2024 2024 — 155 79.1% 29.79 Whole Foods, TJ Maxx, Barnes & Noble New Milford Plaza Torrington CT 2023 1970 — 235 98.9% 9.09 Walmart, Stop & Shop, Club 24, Dollar Tree Sunny Valley Shops Torrington CT 2023 2003 — 72 93.3% 12.58 Staples, Planet Fitness Veterans Plaza Torrington CT 2023 1966 — 80 100.0% 12.79 Big Y World Class Market, BevMax Shops at The Columbia Washington-Arlington-Alexandri DC 2006 2006 — 23 100.0% 40.18 Trader Joe's Spring Valley Shopping Center Washington-Arlington-Alexandri DC 40% 2005 1930 13,000 17 100.0% 103.05 - Pike Creek Philadelphia-Camden-Wilmington DE 1998 2013 — 229 97.1% 17.72 Acme Markets, Edge Fitness, Pike Creek Community Hardware Shoppes of Graylyn Philadelphia-Camden-Wilmington DE 40% 2005 1971 — 64 94.6% 25.82 Rite Aid Corkscrew Village Cape Coral-Fort Myers FL 2007 1997 — 82 97.8% 15.89 Publix Shoppes of Grande Oak Cape Coral-Fort Myers FL 2000 2000 — 79 100.0% 18.77 Publix Millhopper Shopping Center Gainesville FL 1993 2017 — 80 97.7% 19.59 Publix Newberry Square Gainesville FL 1994 1986 — 181 88.8% 10.67 Publix, Floor & Décor, Dollar Tree Anastasia Plaza Jacksonville FL 1993 1988 — 102 98.8% 17.63 Publix Atlantic Village Jacksonville FL 2017 2014 — 110 100.0% 19.50 LA Fitness, Pet Supplies Plus Brooklyn Station on Riverside Jacksonville FL 2013 2013 — 50 100.0% 29.45 The Fresh Market Courtyard Shopping Center Jacksonville FL 1993 1987 — 137 100.0% 3.68 Target, (Publix) East San Marco Jacksonville FL 2007 2022 — 59 100.0% 28.53 Publix Fleming Island Jacksonville FL 1998 2000 — 136 99.2% 18.22 Publix, PETCO, Planet Fitness, (Target) Hibernia Pavilion Jacksonville FL 2006 2006 — 51 100.0% 16.72 Publix John's Creek Center Jacksonville FL 20% 2003 2004 9,000 82 100.0% 17.51 Publix Julington Village Jacksonville FL 20% 1999 1999 10,000 82 100.0% 18.04 Publix, (CVS) Mandarin Landing Jacksonville FL 2017 2024 — 140 100.0% 22.70 Whole Foods, Aveda Institute, Baptist Health, Cooper's Hawk Nocatee Town Center Jacksonville FL 2007 2017 — 114 100.0% 23.94 Publix 31 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) MajorTenant(s) (5) Oakleaf Commons Jacksonville FL 2006 2006 — 77 96.3% 16.15 Publix Old St Augustine Plaza Jacksonville FL 1996 2017/2020 — 248 100.0% 11.54 Publix, Burlington Coat Factory, Hobby Lobby, LA Fitness, Ross Dress for Less Pablo Plaza Jacksonville FL 2017 2020 — 162 100.0% 19.32 Whole Foods, Office Depot, Marshalls, HomeGoods, PetSmart Pine Tree Plaza Jacksonville FL 1997 1999 — 63 100.0% 15.82 Publix Seminole Shoppes Jacksonville FL 50% 2009 2018 7,500 87 97.6% 24.72 Publix Shoppes at Bartram Park Jacksonville FL 50% 2005 2017 — 135 100.0% 23.43 Publix, (Kohl's), (Tutor Time) Shops at John's Creek Jacksonville FL 2003 2004 — 15 100.0% 28.57 - South Beach Regional Jacksonville FL 2017 1990 — 305 98.4% 18.88 Trader Joe's, Home Depot, Ross Dress for Less, Staples, Nordstrom Rack, TJ Maxx Starke (6) Jacksonville FL 2000 2000 — 13 100.0% 27.05 CVS Avenida Biscayne Miami-Ft Lauderdale-PompanoBch FL 2017 1991 — 142 90.4% 57.09 DSW, Jewelry Exchange, Old Navy, The Fresh Market Aventura Shopping Center Miami-Ft Lauderdale-PompanoBch FL 1994 2017 — 97 98.9% 39.73 CVS, Publix Banco Popular Building Miami-Ft Lauderdale-PompanoBch FL 2017 1971 — 5 100.0% 92.31 - Bird 107 Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 1990 — 40 100.0% 22.87 Walgreens Bird Ludlam Miami-Ft Lauderdale-PompanoBch FL 2017 1998 — 192 98.1% 26.95 CVS, Goodwill, Winn-Dixie Boca Village Square Miami-Ft Lauderdale-PompanoBch FL 2017 2014 — 92 100.0% 48.27 CVS, Publix Boynton Lakes Plaza Miami-Ft Lauderdale-PompanoBch FL 1997 2012 — 110 95.9% 17.82 Citi Trends, Pet Supermarket, Publix Boynton Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 2015 — 105 100.0% 21.85 CVS, Publix Caligo Crossing Miami-Ft Lauderdale-PompanoBch FL 2007 2007 — 11 100.0% 46.60 (Kohl's) Chasewood Plaza Miami-Ft Lauderdale-PompanoBch FL 1993 2015 — 152 96.2% 28.96 Publix, Pet Smart Concord Shopping Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 1993 — 309 100.0% 15.10 Big Lots, Dollar Tree, Home Depot, Winn-Dixie, YouFit Health Club Coral Reef Shopping Center Miami-Ft Lauderdale-PompanoBch FL 2017 1990 — 75 98.7% 34.22 Aldi, Walgreens Country Walk Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 2008 16,000 101 96.5% 27.18 Publix, CVS Countryside Shops Miami-Ft Lauderdale-PompanoBch FL 2017 1991/2018 — 186 98.0% 23.84 Publix, Ross Dress for Less, Painted Tree Boutique Fountain Square Miami-Ft Lauderdale-PompanoBch FL 2013 2013 — 177 99.2% 29.78 Publix, Ross Dress for Less, TJ Maxx, Ulta, (Target) Gardens Square Miami-Ft Lauderdale-PompanoBch FL 1997 1991 — 90 100.0% 20.14 Publix Greenwood Shopping Centre Miami-Ft Lauderdale-PompanoBch FL 2017 1994 — 133 100.0% 18.41 Publix, Bealls Hammocks Town Center Miami-Ft Lauderdale-PompanoBch FL 2017 1993 — 187 99.5% 20.37 CVS, Goodwill, Publix, Metro-Dade Public Library, YouFit Health Club, (Kendall Ice Arena) Pine Island Miami-Ft Lauderdale-PompanoBch FL 2017 1999 — 255 92.5% 16.79 Publix, YouFit Health Club, Floor and Décor, Advanced Veterinary Care Center Pine Ridge Square Miami-Ft Lauderdale-PompanoBch FL 2017 2013 — 118 98.7% 22.70 The Fresh Market, Marshalls, Ulta, Nordstrom Rack Pinecrest Place (6) Miami-Ft Lauderdale-PompanoBch FL 2017 2017 — 70 98.3% 44.04 Whole Foods, (Target) Point Royale Shopping Center Miami-Ft Lauderdale-PompanoBch FL 2017 2018 — 202 99.1% 17.21 Winn-Dixie, Burlington Coat Factory, Pasteur Medical Center, Planet Fitness, Rana Furniture Prosperity Centre Miami-Ft Lauderdale-PompanoBch FL 2017 1993 — 124 69.6% 25.45 Office Depot, TJ Maxx, CVS Sawgrass Promenade Miami-Ft Lauderdale-PompanoBch FL 2017 1998 — 107 89.9% 15.72 Publix, Walgreens, Dollar Tree Sheridan Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 1991/2022 — 507 92.6% 21.00 Publix, Kohl's, LA Fitness, Ross Dress for Less, Pet Supplies Plus, Burlington, Marshalls Shoppes @ 104 Miami-Ft Lauderdale-PompanoBch FL 1998 2018 — 121 98.5% 21.04 Fresco y Mas, CVS Shoppes at Lago Mar Miami-Ft Lauderdale-PompanoBch FL 2017 1995 — 83 94.3% 17.13 Publix, YouFit Health Club Shoppes of Jonathan's Landing Miami-Ft Lauderdale-PompanoBch FL 2017 1997 — 27 100.0% 32.51 (Publix) Shoppes of Oakbrook Miami-Ft Lauderdale-PompanoBch FL 2017 2003 — 183 58.6% 22.33 Publix, Duffy's Sports Bar, CVS 32 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) MajorTenant(s) (5) Shoppes of Silver Lakes Miami-Ft Lauderdale-PompanoBch FL 2017 1997 — 127 100.0% 21.93 Publix, Goodwill Shoppes of Sunset Miami-Ft Lauderdale-PompanoBch FL 2017 2009 — 22 81.9% 29.24 - Shoppes of Sunset II Miami-Ft Lauderdale-PompanoBch FL 2017 2009 — 28 93.4% 25.33 - Shops at Skylake Miami-Ft Lauderdale-PompanoBch FL 2017 2006 — 287 97.6% 19.13 Publix, LA Fitness, TJ Maxx, Goodwill, Pasteur Medical University Commons (6) Miami-Ft Lauderdale-PompanoBch FL 2015 2001 — 180 100.0% 34.86 Whole Foods, Nordstrom Rack, Barnes & Noble, Bed Bath & Beyond Waterstone Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 2005 — 61 100.0% 18.79 Publix Welleby Plaza Miami-Ft Lauderdale-PompanoBch FL 1996 1982 — 110 94.4% 15.44 Publix, Dollar Tree Wellington Town Square Miami-Ft Lauderdale-PompanoBch FL 1996 2022 — 108 97.4% 25.44 Publix, CVS West Bird Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 2000/2021 — 99 97.9% 27.20 Publix West Lake Shopping Center Miami-Ft Lauderdale-PompanoBch FL 2017 2000 — 101 98.6% 23.62 Fresco y Mas, CVS Westport Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 2002 — 47 100.0% 23.59 Publix Berkshire Commons Naples-Marco Island FL 1994 1992 — 110 100.0% 16.53 Publix, Walgreens Naples Walk Naples-Marco Island FL 2007 1999 — 125 92.8% 19.54 Publix Pavilion Naples-Marco Island FL 2017 2011 — 168 95.2% 24.34 LA Fitness, Paragon Theaters, J.
Lucie FL 2017 2006 — 27 100.0% 26.33 - Charlotte Square Punta Gorda FL 2017 1980 — 91 94.1% 11.94 WalMart, Buffet City Ryanwood Square Sebastian-Vero Beach FL 2017 1987 — 115 93.3% 12.84 Publix, Beall's, Harbor Freight Tools South Point Sebastian-Vero Beach FL 2017 2003 — 65 100.0% 16.66 Publix Treasure Coast Plaza Sebastian-Vero Beach FL 2017 1983 — 134 100.0% 19.28 Publix, TJ Maxx Carriage Gate Tallahassee FL 1994 2013 — 73 100.0% 25.58 Trader Joe's, TJ Maxx Ocala Corners (6) Tallahassee FL 2000 2000 — 93 93.0% 14.51 Publix Bloomingdale Square Tampa-St Petersburg-Clearwater FL 1998 2021 — 252 96.9% 20.57 Bealls, Dollar Tree, Home Centric, LA Fitness, Publix Northgate Square Tampa-St Petersburg-Clearwater FL 2007 1995 — 75 100.0% 16.74 Publix Regency Square Tampa-St Petersburg-Clearwater FL 1993 2013 — 352 98.4% 20.68 AMC Theater, Dollar Tree, Five Below, Marshalls, Michael's, PETCO, Shoe Carnival, Staples, TJ Maxx, Ulta, Old Navy, (Best Buy), (Macdill) Shoppes at Sunlake Centre Tampa-St Petersburg-Clearwater FL 2017 2008 — 117 100.0% 25.32 Publix Suncoast Crossing Tampa-St Petersburg-Clearwater FL 2007 2007 — 118 98.8% 7.34 Kohl's, (Target) The Village at Hunter's Lake Tampa-St Petersburg-Clearwater FL 2018 2018 — 72 100.0% 28.47 Sprouts Town Square Tampa-St Petersburg-Clearwater FL 1997 1999 — 44 100.0% 35.55 PETCO, Barnes & Noble Village Center Tampa-St Petersburg-Clearwater FL 1995 2014 — 186 100.0% 22.80 Publix, PGA Tour Superstore, Walgreens Westchase Tampa-St Petersburg-Clearwater FL 2007 1998 — 79 100.0% 17.97 Publix Ashford Place Atlanta-SandySprings-Alpharett GA 1997 1993 — 53 89.3% 26.57 Harbor Freight Tools Briarcliff La Vista Atlanta-SandySprings-Alpharett GA 1997 1962 — 43 100.0% 22.64 Michael's Briarcliff Village Atlanta-SandySprings-Alpharett GA 1997 1990 — 189 100.0% 17.51 Burlington, Party City, Publix, Shoe Carnival, TJ Maxx Bridgemill Market Atlanta-SandySprings-Alpharett GA 2017 2000 — 89 96.3% 19.02 Publix Brighten Park Atlanta-SandySprings-Alpharett GA 1997 2016 — 137 97.1% 28.81 Lidl, Big Blue Swim School, Kohl's Buckhead Court Atlanta-SandySprings-Alpharett GA 1997 1984 — 49 93.8% 32.18 - Buckhead Landing Atlanta-SandySprings-Alpharett GA 2017 1998 — 152 81.7% 32.88 Binders Art Supplies & Frames, Publix Buckhead Station Atlanta-SandySprings-Alpharett GA 2017 1996 — 234 82.9% 26.80 Cost Plus World Market, DSW Warehouse, Nordstrom Rack, Old Navy, Saks Off 5th, TJ Maxx, Ulta 33 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Cambridge Square Atlanta-SandySprings-Alpharett GA 1996 1979 — 70 97.2% 24.98 Publix Chastain Square Atlanta-SandySprings-Alpharett GA 2017 2001 — 92 100.0% 24.11 Publix Cornerstone Square Atlanta-SandySprings-Alpharett GA 1997 1990 — 80 100.0% 19.24 Aldi, Barking Hound Village, CVS, HealthMarkets Insurance Dunwoody Hall Atlanta-SandySprings-Alpharett GA 1997 1986 13,800 86 100.0% 21.71 Publix Dunwoody Village Atlanta-SandySprings-Alpharett GA 1997 1975 — 121 89.4% 22.27 The Fresh Market, Walgreens, Dunwoody Prep Howell Mill Village Atlanta-SandySprings-Alpharett GA 2004 1984 — 92 97.6% 25.42 Publix Paces Ferry Plaza Atlanta-SandySprings-Alpharett GA 1997 2018 — 82 97.0% 42.09 Whole Foods Powers Ferry Square Atlanta-SandySprings-Alpharett GA 1997 2013 — 97 100.0% 36.45 HomeGoods, PETCO Powers Ferry Village Atlanta-SandySprings-Alpharett GA 1997 1994 — 69 98.3% 10.25 Publix, Barrel Town Russell Ridge Atlanta-SandySprings-Alpharett GA 1994 1995 — 108 91.4% 12.98 Kroger Sandy Springs Atlanta-SandySprings-Alpharett GA 2012 2006 — 113 100.0% 27.21 Trader Joe's, Fox's, Peter Glenn Ski & Sports Sope Creek Crossing Atlanta-SandySprings-Alpharett GA 1998 2016 — 99 95.5% 17.06 Publix The Shops at Hampton Oaks Atlanta-SandySprings-Alpharett GA 2017 2009 — 21 89.8% 12.30 (CVS) Williamsburg at Dunwoody Atlanta-SandySprings-Alpharett GA 2017 1983 — 45 95.6% 25.72 - Civic Center Plaza Chicago-Naperville-Elgin IL 40% 2005 1989 22,000 265 96.6% 10.78 Super H Mart, Home Depot, O'Reilly Automotive, King Spa Clybourn Commons Chicago-Naperville-Elgin IL 2014 1999 — 32 100.0% 37.82 PETCO Glen Oak Plaza Chicago-Naperville-Elgin IL 2010 1967 — 63 96.2% 27.83 Trader Joe's, Walgreens, Northshore University Healthsystems Hinsdale Lake Commons Chicago-Naperville-Elgin IL 1998 2015 — 185 94.3% 16.68 Whole Foods, Goodwill, Charter Fitness, Petco Mellody Farm Chicago-Naperville-Elgin IL 2017 2017 — 259 97.1% 31.25 Whole Foods, Nordstrom Rack, REI, HomeGoods, Barnes & Noble, West Elm Naperville Plaza Chicago-Naperville-Elgin IL 20% 2023 1961 23,000 115 100.0% 26.91 Casey's Foods, Trader Joe's, Oswald's Pharmacy Old Town Square Chicago-Naperville-Elgin IL 20% 2023 1998 14,000 87 97.5% 27.10 Jewel-Osco Riverside Sq & River's Edge Chicago-Naperville-Elgin IL 40% 2005 1986 — 169 100.0% 18.66 Mariano's Fresh Market, Dollar Tree, Party City, Blink Fitness Roscoe Square Chicago-Naperville-Elgin IL 40% 2005 2012 24,500 140 100.0% 24.78 Mariano's Fresh Market, Walgreens, Altitude Trampoline Park Westchester Commons Chicago-Naperville-Elgin IL 2001 2014 — 143 93.1% 18.28 Mariano's Fresh Market, Goodwill Willow Festival Chicago-Naperville-Elgin IL 2010 2007 — 404 91.7% 19.23 Whole Foods, Lowe's, CVS, HomeGoods, REI, Ulta Shops on Main Chicago-Naperville-Elgin IN 94% 2007 2020 — 279 100.0% 16.54 Whole Foods, Dick's Sporting Goods, Ross Dress for Less, HomeGoods, DSW, Nordstrom Rack, Marshalls Willow Lake Shopping Center Indianapolis-Carmel-Anderson IN 40% 2005 1987 — 86 88.6% 17.44 Indiana Bureau of Motor Vehicles, Snipes USA, (Kroger) Willow Lake West Shopping Center Indianapolis-Carmel-Anderson IN 40% 2005 2001 10,000 53 100.0% 28.23 Trader Joe's Fellsway Plaza Boston-Cambridge-Newton MA 75% 2013 2016 34,873 158 100.0% 27.34 Stop & Shop, Planet Fitness, BioLife Plasma Services Shaw's at Plymouth Boston-Cambridge-Newton MA 2017 1993 — 60 100.0% 19.34 Shaw's Shops at Saugus Boston-Cambridge-Newton MA 2006 2006 — 87 100.0% 31.64 Trader Joe's, La-Z-Boy, PetSmart Star's at Cambridge Boston-Cambridge-Newton MA 2017 1997 — 66 100.0% 41.18 Star Market Star's at Quincy Boston-Cambridge-Newton MA 2017 1995 — 101 100.0% 23.63 Star Market Star's at West Roxbury Boston-Cambridge-Newton MA 2017 2006 — 76 100.0% 27.61 Shaw's The Abbot Boston-Cambridge-Newton MA 2017 1912 — 64 77.1% 94.03 Center for Effective Alturism Twin City Plaza Boston-Cambridge-Newton MA 2006 2004 — 285 100.0% 22.43 Shaw's, Marshall's, Extra Space Storage, Walgreens, K&G Fashion, Dollar Tree, Everfitness, Formlabs The Longmeadow Shops Springfield, MA MA 2023 1962 13,000 99 100.0% 32.16 CVS 34 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Festival at Woodholme Baltimore-Columbia-Towson MD 40% 2005 1986 18,510 81 95.1% 40.40 Trader Joe's Parkville Shopping Center Baltimore-Columbia-Towson MD 40% 2005 2013 23,200 165 96.6% 17.61 Giant, Parkville Lanes, Dollar Tree, Petco, The Cellar Parkville Southside Marketplace Baltimore-Columbia-Towson MD 40% 2005 2011 24,800 125 93.5% 24.51 Giant Village at Lee Airpark Baltimore-Columbia-Towson MD 2005 2014 — 118 97.8% 31.38 Giant, (Sunrise) Burnt Mills Washington-Arlington-Alexandri MD 20% 2013 2004 — 31 92.3% 38.58 Trader Joe's Cloppers Mill Village Washington-Arlington-Alexandri MD 40% 2005 1995 — 137 94.7% 19.48 Shoppers Food Warehouse, Dollar Tree Firstfield Shopping Center Washington-Arlington-Alexandri MD 40% 2005 2014 — 22 100.0% 44.25 - Takoma Park Washington-Arlington-Alexandri MD 40% 2005 1960 — 107 97.4% 15.05 Planet Fitness Watkins Park Plaza Washington-Arlington-Alexandri MD 40% 2005 1985 — 111 98.5% 29.47 LA Fitness, CVS Westbard Square Washington-Arlington-Alexandri MD 2017 2001 — 126 82.5% 36.56 Giant, Bowlmor AMF Woodmoor Shopping Center Washington-Arlington-Alexandri MD 40% 2005 1954 19,000 68 96.3% 37.93 CVS Fenton Marketplace Flint MI 1999 1999 — 97 74.0% 9.14 Family Farm & Home Apple Valley Square Minneapol-St.
Lucie FL 2017 2006 — 27 100.0% 27.78 - Charlotte Square Punta Gorda FL 2017 1980 — 91 92.1% 12.08 WalMart, Buffet City Ryanwood Square Sebastian-Vero Beach FL 2017 1987 — 115 94.3% 13.13 Publix, Beall's, Harbor Freight Tools South Point Sebastian-Vero Beach FL 2017 2003 — 72 100.0% 16.14 Publix Treasure Coast Plaza Sebastian-Vero Beach FL 2017 1983 — 134 99.0% 19.36 Publix, TJ Maxx Carriage Gate Tallahassee FL 1994 2013 — 73 100.0% 30.01 Trader Joe's, TJ Maxx Ocala Corners (6) Tallahassee FL 2000 2000 — 93 92.9% 43.62 Publix Bloomingdale Square Tampa-St Petersburg-Clearwater FL 1998 2021 — 252 99.5% 21.31 Bealls, Dollar Tree, Home Centric, LA Fitness, Publix Northgate Square Tampa-St Petersburg-Clearwater FL 2007 1995 — 75 100.0% 17.26 Publix Regency Square Tampa-St Petersburg-Clearwater FL 1993 2013 — 352 98.4% 21.30 AMC Theater, Dollar Tree, Five Below, Marshalls, Michael's, PETCO, Shoe Carnival, TJ Maxx, Ulta, Old Navy, (Best Buy), (Macdill) Shoppes at Sunlake Centre Tampa-St Petersburg-Clearwater FL 2017 2008 — 117 100.0% 26.31 Publix Suncoast Crossing (6) Tampa-St Petersburg-Clearwater FL 2007 2007 — 118 100.0% 7.65 Kohl's, (Target) The Village at Hunter's Lake Tampa-St Petersburg-Clearwater FL 2018 2018 — 72 100.0% 28.89 Sprouts Town Square Tampa-St Petersburg-Clearwater FL 1997 1999 — 44 100.0% 36.30 PETCO, Barnes & Noble Village Center Tampa-St Petersburg-Clearwater FL 1995 2014 — 186 100.0% 23.45 Publix, PGA Tour Superstore, Walgreens Westchase Tampa-St Petersburg-Clearwater FL 2007 1998 — 79 100.0% 18.31 Publix Ashford Place Atlanta-SandySprings-Alpharett GA 1997 1993 — 53 100.0% 26.58 Harbor Freight Tools Briarcliff La Vista Atlanta-SandySprings-Alpharett GA 1997 1962 — 43 80.0% 19.82 Michael's Briarcliff Village Atlanta-SandySprings-Alpharett GA 1997 1990 — 189 99.1% 17.48 Burlington, Party City, Publix, Shoe Carnival, TJ Maxx Bridgemill Market Atlanta-SandySprings-Alpharett GA 2017 2000 — 89 95.0% 19.62 Publix 33 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) MajorTenant(s) (5) Brighten Park Atlanta-SandySprings-Alpharett GA 1997 2016 — 137 94.4% 28.84 Lidl, Big Blue Swim School, Kohl's Buckhead Court Atlanta-SandySprings-Alpharett GA 1997 1984 — 49 98.1% 33.46 - Buckhead Landing Atlanta-SandySprings-Alpharett GA 2017 1998/2024 — 152 97.6% 34.08 Binders Art Supplies & Frames, Publix, Golf Galaxy Buckhead Station Atlanta-SandySprings-Alpharett GA 2017 1996 — 234 93.2% 27.35 Cost Plus World Market, DSW Warehouse, Nordstrom Rack, Old Navy, Saks Off 5th, TJ Maxx, Ulta, Bloomingdale's Outlet Cambridge Square Atlanta-SandySprings-Alpharett GA 1996 1979 — 73 98.7% 24.17 Publix Chastain Square Atlanta-SandySprings-Alpharett GA 2017 2001 — 92 100.0% 25.43 Publix Cornerstone Square Atlanta-SandySprings-Alpharett GA 1997 1990 — 80 100.0% 19.53 Aldi, Barking Hound Village, CVS, HealthMarkets Insurance Dunwoody Hall Atlanta-SandySprings-Alpharett GA 1997 1986 13,800 86 100.0% 22.16 Publix Dunwoody Village Atlanta-SandySprings-Alpharett GA 1997 1975 — 121 97.2% 23.47 The Fresh Market, Walgreens, Dunwoody Prep Howell Mill Village Atlanta-SandySprings-Alpharett GA 2004 1984 — 92 100.0% 25.79 Publix Paces Ferry Plaza Atlanta-SandySprings-Alpharett GA 1997 2018 — 82 100.0% 42.70 Whole Foods Powers Ferry Square Atlanta-SandySprings-Alpharett GA 1997 2013 — 99 100.0% 36.79 HomeGoods, PETCO Powers Ferry Village Atlanta-SandySprings-Alpharett GA 1997 1994 — 69 100.0% 10.81 Publix, Barrel Town Russell Ridge Atlanta-SandySprings-Alpharett GA 1994 1995 — 108 98.7% 13.57 Kroger Sandy Springs Atlanta-SandySprings-Alpharett GA 2012 2006 — 113 97.8% 28.46 Trader Joe's, Fox's, Peter Glenn Ski & Sports Sope Creek Crossing Atlanta-SandySprings-Alpharett GA 1998 2016 — 99 98.1% 17.71 Publix The Shops at Hampton Oaks Atlanta-SandySprings-Alpharett GA 2017 2009 — 21 93.3% 13.74 (CVS) Williamsburg at Dunwoody Atlanta-SandySprings-Alpharett GA 2017 1983 — 45 95.3% 26.48 - Civic Center Plaza Chicago-Naperville-Elgin IL 40% 2005 1989 22,000 265 100.0% 11.47 Super H Mart, Home Depot, O'Reilly Automotive, King Spa Clybourn Commons Chicago-Naperville-Elgin IL 2014 1999 — 32 89.9% 38.45 PETCO Glen Oak Plaza Chicago-Naperville-Elgin IL 2010 1967 — 63 100.0% 28.06 Trader Joe's, Walgreens, Northshore University Healthsystems Hinsdale Lake Commons Chicago-Naperville-Elgin IL 1998 2015 — 185 96.7% 17.10 Whole Foods, Goodwill, Charter Fitness, Petco Mellody Farm Chicago-Naperville-Elgin IL 2017 2017 — 259 98.6% 31.98 Whole Foods, Nordstrom Rack, REI, HomeGoods, Barnes & Noble, West Elm Naperville Plaza Chicago-Naperville-Elgin IL 20% 2023 1961 22,588 115 100.0% 27.85 Casey's Foods, Trader Joe's, Oswald's Pharmacy Old Town Square Chicago-Naperville-Elgin IL 20% 2023 1998 14,000 87 97.5% 27.27 Jewel-Osco Riverside Sq & River's Edge Chicago-Naperville-Elgin IL 40% 2005 1986 — 169 100.0% 19.18 Mariano's Fresh Market, Dollar Tree, Party City, Blink Fitness Roscoe Square Chicago-Naperville-Elgin IL 40% 2005 2012 24,500 140 100.0% 24.93 Mariano's Fresh Market, Walgreens, Altitude Trampoline Park Westchester Commons Chicago-Naperville-Elgin IL 2001 2014 — 143 93.5% 19.62 Mariano's Fresh Market, Goodwill Willow Festival (6) Chicago-Naperville-Elgin IL 2010 2007 — 404 91.6% 19.52 Whole Foods, Lowe's, CVS, HomeGoods, REI, Ulta Shops on Main Chicago-Naperville-Elgin IN 94% 2007 2017/2020 — 289 100.0% 17.83 Whole Foods, Dick's Sporting Goods, Ross Dress for Less, HomeGoods, DSW, Nordstrom Rack, Marshalls Willow Lake Shopping Center Indianapolis-Carmel-Anderson IN 40% 2005 1987 — 86 86.4% 18.12 Indiana Bureau of Motor Vehicles, Snipes USA, (Kroger) Willow Lake West Shopping Center Indianapolis-Carmel-Anderson IN 40% 2005 2001 10,000 53 100.0% 28.57 Trader Joe's Fellsway Plaza Boston-Cambridge-Newton MA 75% 2013 2016 34,300 161 98.0% 27.44 Stop & Shop, Planet Fitness, BioLife Plasma Services Shaw's at Plymouth Boston-Cambridge-Newton MA 2017 1993 — 60 100.0% 19.34 Shaw's 34 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) MajorTenant(s) (5) Shops at Saugus Boston-Cambridge-Newton MA 2006 2006 — 87 100.0% 32.10 Trader Joe's, La-Z-Boy, PetSmart Star's at Cambridge Boston-Cambridge-Newton MA 2017 1997 — 66 100.0% 41.18 Star Market Star's at West Roxbury Boston-Cambridge-Newton MA 2017 2006 — 76 98.7% 27.65 Shaw's The Abbot Boston-Cambridge-Newton MA 2017 1912/2024 — 64 71.9% 98.23 Center for Effective Alturism Twin City Plaza Boston-Cambridge-Newton MA 2006 2004 — 285 100.0% 23.59 Shaw's, Marshall's, Extra Space Storage, Walgreens, K&G Fashion, Dollar Tree, Everfitness, Formlabs The Longmeadow Shops Springfield, MA MA 2023 1962 13,000 99 98.9% 31.79 CVS Festival at Woodholme Baltimore-Columbia-Towson MD 40% 2005 1986 18,510 81 93.7% 41.59 Trader Joe's Parkville Shopping Center Baltimore-Columbia-Towson MD 40% 2005 2013 23,200 165 96.4% 17.83 Giant, Parkville Lanes, Dollar Tree, Petco, The Cellar Parkville Southside Marketplace Baltimore-Columbia-Towson MD 40% 2005 2011 24,800 125 94.7% 25.86 Giant Village at Lee Airpark (6) Baltimore-Columbia-Towson MD 2005 2014 — 118 100.0% 31.87 Giant, (Sunrise) Burnt Mills Washington-Arlington-Alexandri MD 20% 2013 2004 — 31 100.0% 41.66 Trader Joe's Cloppers Mill Village Washington-Arlington-Alexandri MD 40% 2005 1995 — 137 94.5% 19.53 Shoppers Food Warehouse, Dollar Tree Firstfield Shopping Center Washington-Arlington-Alexandri MD 40% 2005 2014 — 22 100.0% 45.97 - Takoma Park Washington-Arlington-Alexandri MD 40% 2005 1960 — 107 98.2% 15.48 Planet Fitness Watkins Park Plaza Washington-Arlington-Alexandri MD 40% 2005 1985 — 111 98.6% 30.37 LA Fitness, CVS Westbard Square Washington-Arlington-Alexandri MD 2017 2001/2024 — 171 98.4% 39.44 Giant, Bowlmor AMF Woodmoor Shopping Center Washington-Arlington-Alexandri MD 40% 2005 1954 18,783 68 93.3% 38.65 CVS Apple Valley Square Minneapol-St.
Cheese, The Fresh Market, Party City Cochran Commons Charlotte-Concord-Gastonia NC 20% 2007 2003 2,975 66 100.0% 17.91 Harris Teeter, (Walgreens) Willow Oaks Charlotte-Concord-Gastonia NC 2014 2014 — 65 97.9% 17.89 Publix Shops at Erwin Mill Durham-Chapel Hill NC 55% 2012 2012 10,000 91 100.0% 20.47 Harris Teeter Southpoint Crossing Durham-Chapel Hill NC 1998 1998 — 103 100.0% 17.42 Harris Teeter Village Plaza Durham-Chapel Hill NC 20% 2012 2020 11,793 73 100.0% 25.22 Whole Foods Woodcroft Shopping Center Durham-Chapel Hill NC 1996 1984 — 90 95.4% 14.52 Food Lion, ACE Hardware Glenwood Village Raleigh-Cary NC 1997 1983 — 43 100.0% 18.71 Harris Teeter Holly Park Raleigh-Cary NC 2013 1969 — 158 99.0% 20.54 DSW Warehouse, Trader Joe's, Ross Dress For Less, Staples, US Fitness Products, Jerry's Artarama, Pet Supplies Plus, Ulta Lake Pine Plaza Raleigh-Cary NC 1998 1997 — 88 100.0% 14.55 Harris Teeter Market at Colonnade Center Raleigh-Cary NC 2009 2009 — 58 100.0% 28.83 Whole Foods Midtown East Raleigh-Cary NC 50% 2017 2017 36,000 159 100.0% 24.51 Wegmans Ridgewood Shopping Center Raleigh-Cary NC 20% 2018 1951 9,025 94 89.9% 28.41 Whole Foods, Walgreens Shoppes of Kildaire Raleigh-Cary NC 40% 2005 1986 20,000 145 100.0% 21.28 Trader Joe's, Aldi, Staples, Barnes & Noble Sutton Square Raleigh-Cary NC 20% 2006 1985 — 101 93.8% 21.21 The Fresh Market 35 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Village District Raleigh-Cary NC 30% 2004 2018 75,000 599 98.3% 25.47 Harris Teeter, The Fresh Market, The Oberlin, 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, Ballard Designs Bloomfield Crossing New York-Newark-Jersey City NJ 2023 0 — 59 100.0% 15.17 Superfresh Boonton ACME Shopping Center New York-Newark-Jersey City NJ 2023 1999 10,585 63 97.1% 24.19 Acme Markets Cedar Hill Shopping Center New York-Newark-Jersey City NJ 2023 1971 7,035 43 100.0% 30.72 Walgreens Chestnut Ridge Shopping Center New York-Newark-Jersey City NJ 50% 2023 1965 — 76 94.2% 30.43 Fresh Market, Drop Fitness Chimney Rock New York-Newark-Jersey City NJ 2016 2016 — 218 91.9% 39.18 Whole Foods, Nordstrom Rack, Saks Off 5th, The Container Store, Ulta District at Metuchen New York-Newark-Jersey City NJ 20% 2018 2017 16,000 67 100.0% 32.89 Whole Foods Emerson Plaza New York-Newark-Jersey City NJ 2023 1981 — 93 84.9% 14.14 Shoprite, K-9 Resorts Luxury Pet Hotel Ferry Street Plaza New York-Newark-Jersey City NJ 2023 1995 8,796 108 100.0% 21.49 Seabra Foods, Flaming Grill H Mart Plaza New York-Newark-Jersey City NJ 2023 1967 — 7 100.0% 46.32 - Meadtown Shopping Center New York-Newark-Jersey City NJ 2023 1961 9,364 77 100.0% 25.09 Marshalls, Petco, Walgreens Midland Park Shopping Center New York-Newark-Jersey City NJ 2023 1966 17,722 129 81.5% 25.21 Kings Food Markets, Crunch Fitness Plaza Square New York-Newark-Jersey City NJ 40% 2005 1990 — 104 62.0% 19.91 Grocer Pompton Lakes Towne Square New York-Newark-Jersey City NJ 2023 2000 — 66 92.8% 25.82 Planet Fitness Rite Aid Plaza-Waldwick Plaza New York-Newark-Jersey City NJ 2023 1953 — 20 100.0% 30.42 Rite Aid South Pass Village New York-Newark-Jersey City NJ 2023 1965 20,144 109 97.0% 30.18 Acme Markets Valley Ridge Shopping Center New York-Newark-Jersey City NJ 2023 1962 16,775 103 93.4% 28.44 Whole Foods Van Houten Plaza New York-Newark-Jersey City NJ 2023 1974 — 37 91.4% 11.70 Dollar Tree Waldwick Plaza New York-Newark-Jersey City NJ 2023 1960 — 27 90.3% 28.06 - Washington Commons New York-Newark-Jersey City NJ 100% 2023 1992 8,766 74 99.1% 25.95 Stop & Shop Glenwood Green (7) Philadelphia-Camden-Wilmington NJ 70% 2023 2023 — 353 92.4% 15.25 ShopRite, Target, Rendina Haddon Commons Philadelphia-Camden-Wilmington NJ 40% 2005 1985 — 54 100.0% 15.24 Acme Markets 101 7th Avenue New York-Newark-Jersey City NY 2017 1930 — 57 0.0% - - 111 Kraft Avenue New York-Newark-Jersey City NY 2023 1902 — 9 100.0% 47.40 - 1175 Third Avenue New York-Newark-Jersey City NY 2017 1995 — 25 35.9% 185.00 - 1225-1239 Second Ave New York-Newark-Jersey City NY 2017 1987 — 18 100.0% 137.95 CVS 260-270 Sawmill Road New York-Newark-Jersey City NY 2023 1953 — 3 100.0% 1.69 - 27 Purchase Street New York-Newark-Jersey City NY 2023 0 — 10 82.6% 40.30 - 410 South Broadway New York-Newark-Jersey City NY 2023 1936 — 7 100.0% 1.21 - 48 Purchase Street New York-Newark-Jersey City NY 2023 0 — 6 100.0% 78.05 - 90 - 30 Metropolitan Avenue New York-Newark-Jersey City NY 2017 2007 — 60 100.0% 36.15 Michaels, Staples, Trader Joe's Arcadian Shopping Center New York-Newark-Jersey City NY 2023 1978 13,033 166 97.9% 23.90 Stop & Shop, Westchester Community College, The 19th Hole Biltmore Shopping Center New York-Newark-Jersey City NY 2023 1967 — 17 100.0% 38.93 - Broadway Plaza New York-Newark-Jersey City NY 2017 2014 — 147 88.5% 40.28 Aldi, Best Buy, Bob's Discount Furniture, TJ Maxx, Blink Fitness Carmel ShopRite Plaza New York-Newark-Jersey City NY 2023 1981 — 145 95.1% 14.06 Shoprite, Carmel Cinema, Gold's Gyn, Rite Aid Chilmark Shopping Center New York-Newark-Jersey City NY 2023 1963 — 47 100.0% 34.28 CVS Clocktower Plaza Shopping Ctr New York-Newark-Jersey City NY 2017 1995 — 79 90.4% 50.88 Stop & Shop DeCicco's Plaza New York-Newark-Jersey City NY 2023 1978 — 70 91.8% 35.70 Decicco & Sons East Meadow New York-Newark-Jersey City NY 2021 1980 — 141 93.3% 16.10 Marshalls, Stew Leonard's, Net Cost Market 36 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) East Meadow Plaza New York-Newark-Jersey City NY 2023 1971 — 195 60.6% 25.61 Lidl, Dollar Deal Eastchester Plaza New York-Newark-Jersey City NY 2023 1963 — 24 100.0% 36.54 CVS Eastport New York-Newark-Jersey City NY 2021 1980 — 48 97.3% 13.57 King Kullen, Rite Aid Gateway Plaza New York-Newark-Jersey City NY 50% 2023 0 14,000 198 100.0% 9.46 Walmart, Bob's Discount Furniture Harrison Shopping Square New York-Newark-Jersey City NY 2023 1958 — 26 100.0% 33.40 The Harrison Market Heritage 202 Center New York-Newark-Jersey City NY 2023 1989 — 19 100.0% 33.99 - Hewlett Crossing I & II New York-Newark-Jersey City NY 2018 1954 — 52 100.0% 39.41 - Lake Grove Commons New York-Newark-Jersey City NY 40% 2012 2008 49,895 141 100.0% 37.08 Whole Foods, LA Fitness Lakeview Shopping Center New York-Newark-Jersey City NY 2023 1981 10,944 165 92.6% 18.20 Acme, Planet Fitness, Montclare Children's School, Rite Aid McLean Plaza New York-Newark-Jersey City NY 100% 2023 1982 5,000 58 86.9% 19.23 Acme Markets Midway Shopping Center New York-Newark-Jersey City NY 12% 2023 1958 22,492 244 99.2% 28.95 Shoprite, JoAnn, Amazing Savings, Daiso, CVS, Planet Fitness, Denny's Kids New City PCSB Bank Pad New York-Newark-Jersey City NY 2023 1973 — 3 100.0% 53.28 - Orangetown Shopping Center New York-Newark-Jersey City NY 100% 2023 1966 6,005 74 95.4% 22.01 CVS Pelham Manor Plaza New York-Newark-Jersey City NY 2023 1960 — 25 87.7% 35.28 Manor Market Purchase Street Shops New York-Newark-Jersey City NY 2023 0 — 6 100.0% 33.82 - Putnam Plaza New York-Newark-Jersey City NY 67% 2023 1971 17,284 189 92.9% 16.16 Tops, NY Sports Club, Dollar World, Rite Aid Riverhead Plaza New York-Newark-Jersey City NY 50% 2023 0 — 13 100.0% 34.20 - Rivertowns Square New York-Newark-Jersey City NY 2018 2016 — 116 92.6% 27.63 Ulta, The Learning Experience, Mom's Organic Market, Look Cinemas Somers Commons New York-Newark-Jersey City NY 2023 2003 — 135 89.3% 17.01 Level Fitness, Tractor Supply, Goodwill Staples Plaza-Yorktown Heights New York-Newark-Jersey City NY 2023 1970 — 125 100.0% 12.09 Level Fitness, Staples, Party City, Extra Space Storage Tanglewood Shopping Center New York-Newark-Jersey City NY 2023 1953 3,163 27 100.0% 40.47 - The Gallery at Westbury Plaza New York-Newark-Jersey City NY 2017 2013 — 312 100.0% 53.17 Trader Joe's, Nordstrom Rack, Saks Fifth Avenue, Bloomingdale's, The Container Store, HomeGoods, Old Navy, Gap Outlet, Bassett Home Furnishings, Famous Footwear The Point at Garden City Park New York-Newark-Jersey City NY 2016 2018 — 105 100.0% 30.73 King Kullen, Ace Hardware The Shops at SunVet (fka SunVet) (6)(7) New York-Newark-Jersey City NY 100% 2023 2023 — 173 33.7% 38.55 Whole Foods Towne Centre at Somers New York-Newark-Jersey City NY 2023 1988 — 84 100.0% 31.08 CVS Valley Stream New York-Newark-Jersey City NY 2021 1950 — 99 95.0% 28.68 King Kullen Village Commons New York-Newark-Jersey City NY 2023 1980 — 28 88.6% 38.95 - Wading River New York-Newark-Jersey City NY 2021 2002 — 99 89.8% 24.18 King Kullen, CVS, Ace Hardware Westbury Plaza New York-Newark-Jersey City NY 2017 2004 88,000 390 100.0% 27.26 WalMart, Costco, Marshalls, Total Wine and More, Olive Garden Marine's Taste of Italy Torrington NY 2023 1988 — 3 100.0% 28.73 - Cherry Grove Cincinnati OH 1998 2012 — 203 99.0% 13.05 Kroger, Shoe Carnival, TJ Maxx, Tuesday Morning Hyde Park Cincinnati OH 1997 1995 — 397 98.8% 17.40 Kroger, Kohl's, Walgreens, Jo-Ann Fabrics, Ace Hardware, Staples, Marshalls, Five Below Red Bank Village Cincinnati OH 2006 2018 — 176 100.0% 7.89 WalMart Regency Commons Cincinnati OH 2004 2004 — 34 78.8% 27.76 - West Chester Plaza Cincinnati OH 1998 1988 — 88 100.0% 10.56 Kroger East Pointe Columbus OH 1998 2014 — 111 100.0% 11.53 Kroger Kroger New Albany Center Columbus OH 1999 1999 — 93 100.0% 13.90 Kroger Northgate Plaza (Maxtown Road) Columbus OH 1998 2017 — 117 100.0% 12.33 Kroger, (Home Depot) Corvallis Market Center Corvallis OR 2006 2006 — 85 100.0% 22.68 Michaels, TJ Maxx, Trader Joe's Northgate Marketplace Medford OR 2011 2011 — 81 93.2% 24.56 Trader Joe's, REI, PETCO 37 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Northgate Marketplace Ph II Medford OR 2015 2015 — 177 96.4% 18.05 Dick's Sporting Goods, Homegoods, Marshalls Greenway Town Center Portland-Vancouver-Hillsboro OR 40% 2005 2014 — 93 100.0% 16.79 Dollar Tree, Rite Aid, Whole Foods Murrayhill Marketplace Portland-Vancouver-Hillsboro OR 1999 2016 — 150 85.9% 20.98 Safeway, Planet Fitness Sherwood Crossroads Portland-Vancouver-Hillsboro OR 1999 1999 — 88 98.6% 12.69 Safeway Tanasbourne Market Portland-Vancouver-Hillsboro OR 2006 2006 — 71 100.0% 33.03 Whole Foods Walker Center Portland-Vancouver-Hillsboro OR 1999 1987 — 89 96.8% 28.59 REI Allen Street Shopping Ctr Allentown-Bethlehem-Easton PA 40% 2005 1958 — 46 100.0% 19.07 Grocery Outlet Bargain Market Lower Nazareth Commons Allentown-Bethlehem-Easton PA 2007 2012 — 96 100.0% 27.85 Burlington Coat Factory, PETCO, (Wegmans), (Target) Stefko Boulevard Shopping Center Allentown-Bethlehem-Easton PA 40% 2005 1976 — 134 97.9% 10.69 Valley Farm Market, Dollar Tree, Muscle Inc.
Cheese, The Fresh Market, Party City, Edwin Watts Golf Cochran Commons Charlotte-Concord-Gastonia NC 20% 2007 2003 — 66 100.0% 17.58 Harris Teeter, (Walgreens) Willow Oaks Charlotte-Concord-Gastonia NC 2014 2014 — 65 100.0% 18.27 Publix Shops at Erwin Mill Durham-Chapel Hill NC 55% 2012 2012 12,000 91 100.0% 21.04 Harris Teeter Southpoint Crossing Durham-Chapel Hill NC 1998 1998 — 103 96.1% 18.02 Harris Teeter Village Plaza Durham-Chapel Hill NC 20% 2012 2020 11,515 73 93.4% 26.20 Whole Foods Woodcroft Shopping Center Durham-Chapel Hill NC 1996 1984 — 90 97.1% 15.02 Food Lion, ACE Hardware Glenwood Village Raleigh-Cary NC 1997 1983 — 43 94.4% 19.49 Harris Teeter Holly Park Raleigh-Cary NC 2013 1969 — 158 99.0% 21.59 DSW Warehouse, Trader Joe's, Ross Dress For Less, Staples, US Fitness Products, Jerry's Artarama, Pet Supplies Plus, Ulta Lake Pine Plaza Raleigh-Cary NC 1998 1997 — 88 100.0% 14.77 Harris Teeter Market at Colonnade Center Raleigh-Cary NC 2009 2009 — 58 100.0% 29.08 Whole Foods Midtown East Raleigh-Cary NC 50% 2017 2017 36,000 159 100.0% 26.43 Wegmans Ridgewood Shopping Center Raleigh-Cary NC 20% 2018 1951 8,759 94 91.3% 31.17 Whole Foods, Walgreens Shoppes of Kildaire Raleigh-Cary NC 40% 2005 1986 20,000 145 100.0% 21.87 Trader Joe's, Aldi, Staples, Barnes & Noble 35 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) MajorTenant(s) (5) Sutton Square Raleigh-Cary NC 20% 2006 1985 — 101 97.0% 22.61 The Fresh Market Village District Raleigh-Cary NC 30% 2004 2018 75,000 602 99.1% 26.52 Harris Teeter, The Fresh Market, The Oberlin, 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, Ballard Designs Bloomfield Crossing New York-Newark-Jersey City NJ 2023 0 — 59 100.0% 16.03 Superfresh Boonton ACME Shopping Center New York-Newark-Jersey City NJ 2023 1999 10,358 63 100.0% 25.54 Acme Markets Cedar Hill Shopping Center New York-Newark-Jersey City NJ 2023 1971 6,815 43 100.0% 31.17 Walgreens Chestnut Ridge Shopping Center New York-Newark-Jersey City NJ 50% 2023 1965 — 76 92.2% 30.97 Fresh Market, Drop Fitness Chimney Rock (6) New York-Newark-Jersey City NJ 2016 2016 — 218 100.0% 38.34 Whole Foods, Nordstrom Rack, Saks Off 5th, The Container Store, Ulta, LL Bean District at Metuchen New York-Newark-Jersey City NJ 20% 2018 2017 16,000 67 100.0% 33.14 Whole Foods Emerson Plaza New York-Newark-Jersey City NJ 2023 1981 — 85 95.3% 14.50 Shoprite, K-9 Resorts Luxury Pet Hotel Ferry Street Plaza New York-Newark-Jersey City NJ 2023 1995 8,471 108 100.0% 23.41 Seabra Foods, Flaming Grill H Mart Plaza New York-Newark-Jersey City NJ 2023 1967 — 7 100.0% 46.32 - Meadtown Shopping Center New York-Newark-Jersey City NJ 2023 1961 9,070 77 100.0% 26.71 Marshalls, Petco, Walgreens Midland Park Shopping Center New York-Newark-Jersey City NJ 2023 1966 17,166 129 91.9% 25.08 Kings Food Markets, Crunch Fitness Plaza Square New York-Newark-Jersey City NJ 40% 2005 1990 — 103 80.0% 18.05 Grocer, Retro Fitness Pompton Lakes Towne Square New York-Newark-Jersey City NJ 2023 2000 — 66 92.2% 26.29 Planet Fitness Rite Aid Plaza-Waldwick Plaza New York-Newark-Jersey City NJ 2023 1953 — 20 100.0% 30.42 Rite Aid South Pass Village New York-Newark-Jersey City NJ 2023 1965 19,705 109 100.0% 32.06 Acme Markets Valley Ridge Shopping Center New York-Newark-Jersey City NJ 2023 1962 16,249 103 93.0% 27.33 Whole Foods Van Houten Plaza New York-Newark-Jersey City NJ 2023 1974 — 42 100.0% 11.05 Dollar Tree Waldwick Plaza New York-Newark-Jersey City NJ 2023 1960 — 27 100.0% 28.19 - Washington Commons New York-Newark-Jersey City NJ 100% 2023 1992 8,494 74 94.2% 23.95 Stop & Shop Glenwood Green Philadelphia-Camden-Wilmington NJ 70% 2023 2024 — 355 95.6% 16.84 ShopRite, Target, Rendina Haddon Commons Philadelphia-Camden-Wilmington NJ 40% 2005 1985 — 54 100.0% 18.29 Acme Markets 101 7th Avenue New York-Newark-Jersey City NY 2017 1930 — 57 0.0% - - 111 Kraft Avenue New York-Newark-Jersey City NY 2023 1902 — 9 74.1% 50.80 - 1175 Third Avenue New York-Newark-Jersey City NY 2017 1995 — 23 100.0% 112.26 Whole Foods, Five Below 1225-1239 Second Ave New York-Newark-Jersey City NY 2017 1987 — 19 100.0% 83.90 Dumbo Market 260-270 Sawmill Road New York-Newark-Jersey City NY 2023 1953 — 3 100.0% 1.69 - 27 Purchase Street New York-Newark-Jersey City NY 2023 0 — 10 100.0% 39.59 - 410 South Broadway New York-Newark-Jersey City NY 2023 1936 — 7 100.0% 1.21 - 48 Purchase Street New York-Newark-Jersey City NY 2023 0 — 6 100.0% 82.38 - 90 - 30 Metropolitan Avenue New York-Newark-Jersey City NY 2017 2007 — 60 100.0% 36.15 Michaels, Staples, Trader Joe's Arcadian Shopping Center New York-Newark-Jersey City NY 2023 1978 — 166 97.9% 24.78 Stop & Shop, Westchester Community College, The 19th Hole Biltmore Shopping Center New York-Newark-Jersey City NY 2023 1967 — 17 100.0% 39.90 - Broadway Plaza (6) New York-Newark-Jersey City NY 2017 2014 — 147 93.2% 41.90 Aldi, Best Buy, Bob's Discount Furniture, TJ Maxx, Blink Fitness Carmel ShopRite Plaza New York-Newark-Jersey City NY 2023 1981 — 142 96.9% 14.50 Shoprite, Carmel Cinema, Gold's Gyn, Rite Aid Chilmark Shopping Center New York-Newark-Jersey City NY 2023 1963 — 47 100.0% 32.98 CVS 36 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) MajorTenant(s) (5) Clocktower Plaza Shopping Ctr (6) New York-Newark-Jersey City NY 2017 1995 — 79 96.9% 48.76 Stop & Shop DeCicco's Plaza New York-Newark-Jersey City NY 2023 1978 — 70 97.0% 40.53 Decicco & Sons District Shops of Pelham Manor (fka Pelham Manor Plaza) New York-Newark-Jersey City NY 2023 1960 — 25 74.5% 36.02 Manor Market East Meadow Plaza New York-Newark-Jersey City NY 2023 1971 — 139 85.6% 25.93 Lidl, Dollar Deal Eastchester Plaza New York-Newark-Jersey City NY 2023 1963 — 24 100.0% 37.50 CVS Eastport New York-Newark-Jersey City NY 2021 1980 — 48 94.0% 13.04 King Kullen, Rite Aid Gateway Plaza New York-Newark-Jersey City NY 50% 2023 0 14,000 198 100.0% 9.78 Walmart, Bob's Discount Furniture Harrison Shopping Square New York-Newark-Jersey City NY 2023 1958 — 26 95.2% 23.68 The Goddard School Heritage 202 Center New York-Newark-Jersey City NY 2023 1989 — 19 93.8% 36.54 - Hewlett Crossing I & II New York-Newark-Jersey City NY 2018 1954 — 52 100.0% 39.55 - Lake Grove Commons New York-Newark-Jersey City NY 40% 2012 2008 49,246 141 100.0% 37.39 Whole Foods, LA Fitness Lakeview Shopping Center New York-Newark-Jersey City NY 2023 1981 10,680 165 97.9% 18.55 Acme, Planet Fitness, Montclare Children's School, Rite Aid McLean Plaza New York-Newark-Jersey City NY 100% 2023 1982 5,000 58 88.4% 19.92 Acme Markets Midway Shopping Center New York-Newark-Jersey City NY 12% 2023 1958 21,346 244 97.4% 26.83 Shoprite, JoAnn, Amazing Savings, CVS, Planet Fitness, Denny's Kids, Ulta New City PCSB Bank Pad New York-Newark-Jersey City NY 2023 1973 — 3 100.0% 102.08 - Orangetown Shopping Center New York-Newark-Jersey City NY 100% 2023 1966 5,885 76 91.5% 22.26 CVS Purchase Street Shops New York-Newark-Jersey City NY 2023 0 — 6 100.0% 37.74 - Putnam Plaza New York-Newark-Jersey City NY 67% 2023 1971 16,916 189 89.1% 17.62 Tops, Dollar World, Rite Aid, Harbor Freight Tools Riverhead Plaza New York-Newark-Jersey City NY 50% 2023 0 — 13 100.0% 39.46 - Rivertowns Square New York-Newark-Jersey City NY 2018 2016 — 116 93.9% 27.79 Ulta, The Learning Experience, Mom's Organic Market, Look Cinemas Somers Commons New York-Newark-Jersey City NY 2023 2003 — 135 89.9% 17.79 Level Fitness, Tractor Supply, Goodwill Staples Plaza-Yorktown Heights New York-Newark-Jersey City NY 2023 1970 — 125 100.0% 11.45 Level Fitness, Staples, Party City, Extra Space Storage Tanglewood Shopping Center New York-Newark-Jersey City NY 2023 1953 2,163 28 96.6% 44.02 - The Gallery at Westbury Plaza New York-Newark-Jersey City NY 2017 2013 — 312 98.4% 53.54 Trader Joe's, Nordstrom Rack, Saks Fifth Avenue, Bloomingdale's, The Container Store, HomeGoods, Old Navy, Gap Outlet, Bassett Home Furnishings, Famous Footwear The Meadows (fka East Meadow) New York-Newark-Jersey City NY 2021 1980 — 141 94.8% 16.48 Marshalls, Stew Leonard's, Net Cost Market, Catch Air The Point at Garden City Park (6) New York-Newark-Jersey City NY 2016 2018 — 105 100.0% 31.29 King Kullen, Ace Hardware The Shops at SunVet (fka SunVet) (6)(7) New York-Newark-Jersey City NY 100% 2023 2023 — 172 73.3% 45.92 Whole Foods, Nordstrom Rack Towne Centre at Somers New York-Newark-Jersey City NY 2023 1988 — 84 98.2% 31.74 CVS Valley Stream New York-Newark-Jersey City NY 2021 1950 — 99 95.0% 31.10 King Kullen Village Commons New York-Newark-Jersey City NY 2023 1980 — 28 87.6% 39.47 - Wading River New York-Newark-Jersey City NY 2021 2002 — 99 96.4% 24.56 King Kullen, CVS, Ace Hardware Westbury Plaza New York-Newark-Jersey City NY 2017 2004 88,000 390 100.0% 28.10 WalMart, Costco, Marshalls, Total Wine and More, Olive Garden Marine's Taste of Italy Torrington NY 2023 1988 — 3 100.0% 28.73 - Cherry Grove Cincinnati OH 1998 2012 — 203 96.0% 13.34 Kroger, Shoe Carnival, TJ Maxx, Tuesday Morning Hyde Park Cincinnati OH 1997 1995 — 398 100.0% 17.41 Kroger, Kohl's, Walgreens, Ace Hardware, Staples, Marshalls, Five Below Red Bank Village Cincinnati OH 2006 2018 — 176 100.0% 8.00 WalMart 37 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) MajorTenant(s) (5) Regency Commons Cincinnati OH 2004 2004 — 34 84.0% 27.58 - West Chester Plaza Cincinnati OH 1998 1988 — 88 96.8% 10.20 Kroger East Pointe Columbus OH 1998 2014 — 111 100.0% 11.65 Kroger Kroger New Albany Center Columbus OH 1999 1999 — 96 100.0% 14.12 Kroger Northgate Plaza (Maxtown Road) Columbus OH 1998 2017 — 117 100.0% 12.51 Kroger, (Home Depot) Corvallis Market Center Corvallis OR 2006 2006 — 85 100.0% 22.79 Michaels, TJ Maxx, Trader Joe's Northgate Marketplace Medford OR 2011 2011 — 81 96.3% 25.26 Trader Joe's, REI, PETCO Northgate Marketplace Ph II Medford OR 2015 2015 — 177 96.4% 18.12 Dick's Sporting Goods, Homegoods, Marshalls Greenway Town Center Portland-Vancouver-Hillsboro OR 40% 2005 2014 — 93 97.5% 17.00 Dollar Tree, Rite Aid, Whole Foods Murrayhill Marketplace Portland-Vancouver-Hillsboro OR 1999 2016 — 150 90.4% 22.03 Safeway, Planet Fitness Sherwood Crossroads Portland-Vancouver-Hillsboro OR 1999 1999 — 88 91.9% 12.40 Safeway Tanasbourne Market (6) Portland-Vancouver-Hillsboro OR 2006 2006 — 71 100.0% 33.11 Whole Foods Walker Center Portland-Vancouver-Hillsboro OR 1999 1987 — 89 95.7% 28.64 REI Allen Street Shopping Ctr Allentown-Bethlehem-Easton PA 40% 2005 1958 — 46 100.0% 19.71 Grocery Outlet Bargain Market Lower Nazareth Commons Allentown-Bethlehem-Easton PA 2007 2012 — 101 100.0% 28.73 Burlington Coat Factory, PETCO, (Wegmans), (Target) Stefko Boulevard Shopping Center Allentown-Bethlehem-Easton PA 40% 2005 1976 — 134 97.9% 11.44 Valley Farm Market, Dollar Tree, Muscle Inc.
Newland Center Los Angeles-Long Beach-Anaheim CA 1999 2016 — 152 97.7% 29.53 Albertsons Nohl Plaza (6) Los Angeles-Long Beach-Anaheim CA 2023 1966 — 104 92.8% 16.36 Vons Plaza Hermosa Los Angeles-Long Beach-Anaheim CA 1999 2013 — 95 100.0% 28.96 Von's, CVS Ralphs Circle Center Los Angeles-Long Beach-Anaheim CA 2017 1983 — 60 98.5% 20.94 Ralphs Rona Plaza Los Angeles-Long Beach-Anaheim CA 1999 1989 — 52 98.1% 22.12 Superior Super Warehouse Seal Beach Los Angeles-Long Beach-Anaheim CA 20% 2002 1966 — 97 98.5% 27.77 Pavilions, CVS Talega Village Center Los Angeles-Long Beach-Anaheim CA 2017 2007 — 102 92.9% 22.25 Ralphs Tustin Legacy Los Angeles-Long Beach-Anaheim CA 2016 2017 — 112 100.0% 35.66 Stater Bros, CVS Twin Oaks Shopping Center Los Angeles-Long Beach-Anaheim CA 40% 2005 2019 19,000 98 100.0% 26.03 Ralphs, Ace Hardware Valencia Crossroads Los Angeles-Long Beach-Anaheim CA 2002 2003 — 173 100.0% 29.08 Whole Foods, Kohl's Village at La Floresta Los Angeles-Long Beach-Anaheim CA 2014 2014 — 87 98.9% 37.86 Whole Foods Von's Circle Center Los Angeles-Long Beach-Anaheim CA 2017 1972 4,273 151 100.0% 28.32 Von's, Ross Dress for Less, Planet Fitness Woodman Van Nuys Los Angeles-Long Beach-Anaheim CA 1999 1992 — 108 99.2% 17.60 El Super Silverado Plaza Napa CA 40% 2005 1974 15,600 85 95.7% 21.65 Nob Hill, CVS Gelson's Westlake Market Plaza Oxnard-Thousand Oaks-Ventura CA 2002 2016 — 85 98.8% 32.94 Gelson's Markets, John of Italy Salon & Spa Oakbrook Plaza Oxnard-Thousand Oaks-Ventura CA 1999 2017 — 83 97.4% 23.07 Gelson's Markets, (CVS), (Ace Hardware) Westlake Village Plaza and Center Oxnard-Thousand Oaks-Ventura CA 1999 2015 — 201 99.0% 42.54 Von's, Sprouts, (CVS) French Valley Village Center Rvrside-San Bernardino-Ontario CA 2004 2004 — 99 100.0% 28.28 Stater Bros, CVS Oakshade Town Center Sacramento-Roseville-Folsom CA 2011 1998 4,085 104 59.5% 22.19 Safeway Prairie City Crossing Sacramento-Roseville-Folsom CA 1999 1999 — 90 100.0% 22.78 Safeway Raley's Supermarket Sacramento-Roseville-Folsom CA 20% 2007 1964 — 63 100.0% 14.00 Raley's The Marketplace Sacramento-Roseville-Folsom CA 2017 1990 — 111 100.0% 27.60 Safeway, CVS, Petco 4S Commons Town Center San Diego-Chula Vista-Carlsbad CA 85% 2004 2004 79,032 252 100.0% 34.79 Restoration Hardware Outlet, Ace Hardware, Cost Plus World Market, CVS, Jimbo's…Naturally!, Ralphs, ULTA Balboa Mesa Shopping Center San Diego-Chula Vista-Carlsbad CA 2012 2014 — 207 100.0% 29.43 CVS, Kohl's, Von's El Norte Pkwy Plaza San Diego-Chula Vista-Carlsbad CA 1999 2013 — 91 94.4% 19.91 Von's, Children's Paradise, ACE Hardware Friars Mission Center San Diego-Chula Vista-Carlsbad CA 1999 1989 — 147 97.7% 39.86 Ralphs, CVS 28 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Navajo Shopping Center San Diego-Chula Vista-Carlsbad CA 40% 2005 1964 11,000 102 98.7% 15.47 Albertsons, Rite Aid, O'Reilly Auto Parts Point Loma Plaza San Diego-Chula Vista-Carlsbad CA 40% 2005 1987 38,900 205 98.6% 23.75 Von's, Jo-Ann Fabrics, Marshalls, UFC Gym Rancho San Diego Village San Diego-Chula Vista-Carlsbad CA 40% 2005 1981 — 153 93.9% 25.15 Smart & Final, 24 Hour Fitness, (Longs Drug) Scripps Ranch Marketplace San Diego-Chula Vista-Carlsbad CA 2017 2017 — 132 100.0% 35.29 Vons, CVS The Hub Hillcrest Market San Diego-Chula Vista-Carlsbad CA 2012 2015 — 149 96.9% 43.33 Ralphs, Trader Joe's Twin Peaks San Diego-Chula Vista-Carlsbad CA 1999 1988 — 208 99.4% 24.18 Target, Grocer 200 Potrero San Francisco-Oakland-Berkeley CA 2017 1928 — 31 100.0% 11.92 Gizmo Art Production, INC.
Newland Center Los Angeles-Long Beach-Anaheim CA 1999 2016 — 152 100.0% 33.00 Albertsons Nohl Plaza (6) Los Angeles-Long Beach-Anaheim CA 2023 1966 — 104 91.9% 16.96 Vons Plaza Hermosa Los Angeles-Long Beach-Anaheim CA 1999 2013 — 95 100.0% 32.49 Von's, CVS Ralphs Circle Center Los Angeles-Long Beach-Anaheim CA 2017 1983 — 60 98.5% 21.38 Ralphs Rona Plaza Los Angeles-Long Beach-Anaheim CA 1999 1989 — 52 95.9% 22.36 Superior Super Warehouse Seal Beach Los Angeles-Long Beach-Anaheim CA 20% 2002 1966 — 97 98.5% 28.21 Pavilions, CVS Talega Village Center Los Angeles-Long Beach-Anaheim CA 2017 2007 — 102 93.9% 22.85 Ralphs Tustin Legacy Los Angeles-Long Beach-Anaheim CA 2016 2017 — 112 100.0% 36.22 Stater Bros, CVS Twin Oaks Shopping Center Los Angeles-Long Beach-Anaheim CA 40% 2005 2019 19,000 98 100.0% 26.34 Ralphs, Ace Hardware Valencia Crossroads Los Angeles-Long Beach-Anaheim CA 2002 2003 — 173 100.0% 29.83 Whole Foods, Kohl's Village at La Floresta Los Angeles-Long Beach-Anaheim CA 2014 2014 — 87 100.0% 39.08 Whole Foods Von's Circle Center Los Angeles-Long Beach-Anaheim CA 2017 1972 3,475 151 100.0% 28.70 Von's, Ross Dress for Less, Planet Fitness Woodman Van Nuys Los Angeles-Long Beach-Anaheim CA 1999 1992 — 108 100.0% 18.13 El Super Silverado Plaza Napa CA 40% 2005 1974 15,600 85 95.7% 27.05 Nob Hill, CVS Gelson's Westlake Market Plaza Oxnard-Thousand Oaks-Ventura CA 2002 2016 — 85 97.5% 32.91 Gelson's Markets, John of Italy Salon & Spa Oakbrook Plaza Oxnard-Thousand Oaks-Ventura CA 1999 2017 — 83 91.3% 21.83 Gelson's Markets, (CVS), (Ace Hardware) Westlake Village Plaza and Center Oxnard-Thousand Oaks-Ventura CA 1999 2015 — 201 97.3% 43.41 Von's, Sprouts, (CVS) French Valley Village Center Rvrside-San Bernardino-Ontario CA 2004 2004 — 99 100.0% 28.72 Stater Bros, CVS Oakshade Town Center Sacramento-Roseville-Folsom CA 2011 1998 3,253 104 81.4% 21.61 Safeway, Sierra Prairie City Crossing Sacramento-Roseville-Folsom CA 1999 1999 — 90 100.0% 23.12 Safeway Raley's Supermarket Sacramento-Roseville-Folsom CA 20% 2007 1964 — 63 100.0% 15.68 Raley's The Marketplace Sacramento-Roseville-Folsom CA 2017 1990 — 111 100.0% 27.90 Safeway, CVS, Petco 4S Commons Town Center San Diego-Chula Vista-Carlsbad CA 93% 2004 2004 — 252 100.0% 35.25 Restoration Hardware Outlet, Ace Hardware, Cost Plus World Market, CVS, Jimbo's…Naturally!, Ralphs, ULTA Balboa Mesa Shopping Center San Diego-Chula Vista-Carlsbad CA 2012 2014 — 207 100.0% 30.86 CVS, Kohl's, Von's El Norte Pkwy Plaza San Diego-Chula Vista-Carlsbad CA 1999 2013 — 91 97.3% 20.91 Von's, Children's Paradise, ACE Hardware Friars Mission Center San Diego-Chula Vista-Carlsbad CA 1999 1989 — 147 100.0% 41.16 Ralphs, CVS Navajo Shopping Center San Diego-Chula Vista-Carlsbad CA 40% 2005 1964 11,000 102 96.4% 17.81 Albertsons, O'Reilly Auto Parts, Dollar Tree Point Loma Plaza San Diego-Chula Vista-Carlsbad CA 40% 2005 1987 38,900 205 98.6% 23.08 Von's, Jo-Ann Fabrics, Marshalls, UFC Gym Rancho San Diego Village San Diego-Chula Vista-Carlsbad CA 40% 2005 1981 — 153 95.4% 26.54 Smart & Final, 24 Hour Fitness, (Longs Drug) Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) MajorTenant(s) (5) Scripps Ranch Marketplace San Diego-Chula Vista-Carlsbad CA 2017 2017 — 132 99.1% 36.63 Vons, CVS The Hub Hillcrest Market San Diego-Chula Vista-Carlsbad CA 2012 2015 — 149 90.2% 45.71 Ralphs, Trader Joe's Twin Peaks San Diego-Chula Vista-Carlsbad CA 1999 1988 — 208 99.1% 24.09 Target, Grocer 200 Potrero San Francisco-Oakland-Berkeley CA 2017 1928 — 30 100.0% 12.27 Gizmo Art Production, INC.
Market at Springwoods Village Houston-Woodlands-Sugar Land TX 53% 2016 2018 3,750 167 98.9% 18.14 Kroger Panther Creek Houston-Woodlands-Sugar Land TX 2002 1994 — 166 100.0% 25.24 CVS, The Woodlands Childrens Museum, Fitness Project 38 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Sienna (7) Houston-Woodlands-Sugar Land TX 75% 2023 2023 — 30 19.2% 37.38 - Southpark at Cinco Ranch Houston-Woodlands-Sugar Land TX 2012 2017 — 265 100.0% 14.72 Kroger, Academy Sports, PETCO, Spec's Liquor and Finer Foods Sterling Ridge Houston-Woodlands-Sugar Land TX 2002 2000 — 129 98.9% 22.48 Kroger, CVS Sweetwater Plaza Houston-Woodlands-Sugar Land TX 20% 2001 2000 20,000 134 98.1% 19.07 Kroger, Walgreens The Village at Riverstone Houston-Woodlands-Sugar Land TX 2016 2016 — 165 95.1% 17.19 Kroger Weslayan Plaza East Houston-Woodlands-Sugar Land TX 40% 2005 1969 — 169 100.0% 21.90 Berings, Ross Dress for Less, Michaels, The Next Level Fitness, Spec's Liquor, Trek Bicycle Weslayan Plaza West Houston-Woodlands-Sugar Land TX 40% 2005 1969 — 186 98.1% 21.79 Randalls Food, Walgreens, PETCO, Homegoods, Barnes & Noble Westwood Village Houston-Woodlands-Sugar Land TX 2006 2006 — 206 96.8% 21.77 Fitness Project, PetSmart, Office Max, Ross Dress For Less, TJ Maxx, (Target) Woodway Collection Houston-Woodlands-Sugar Land TX 40% 2005 2012 25,900 97 94.2% 32.19 Whole Foods Carytown Exchange Richmond VA 68% 2018 2022 — 116 95.6% 28.13 Publix, CVS Hanover Village Shopping Center Richmond VA 40% 2005 1971 — 90 87.8% 9.68 Aldi, Tractor Supply Company, Harbor Freight Tools Village Shopping Center Richmond VA 40% 2005 1948 24,250 116 84.1% 25.64 Publix, CVS Ashburn Farm Village Center Washington-Arlington-Alexandri VA 40% 2005 1996 — 92 100.0% 17.76 Patel Brothers, The Shop Gym Belmont Chase Washington-Arlington-Alexandri VA 2014 2014 — 91 98.3% 34.38 Cooper's Hawk Winery, Whole Foods Centre Ridge Marketplace Washington-Arlington-Alexandri VA 40% 2005 1996 11,640 107 100.0% 21.37 United States Coast Guard Ex, Planet Fitness Festival at Manchester Lakes Washington-Arlington-Alexandri VA 40% 2005 2021 — 169 100.0% 31.35 Amazon Fresh, Homesense, Hyper Kidz Fox Mill Shopping Center Washington-Arlington-Alexandri VA 40% 2005 2013 22,500 103 97.6% 27.22 Giant Greenbriar Town Center Washington-Arlington-Alexandri VA 40% 2005 1972 76,200 340 99.3% 29.41 Big Blue Swim School, Bob's Discount Furniture, CVS, Giant, Marshalls, Planet Fitness, Ross Dress for Less, Total Wine and More Kamp Washington Shopping Center Washington-Arlington-Alexandri VA 40% 2005 1960 — 71 93.8% 33.91 PGA Tour Superstore Kings Park Shopping Center Washington-Arlington-Alexandri VA 40% 2005 2015 21,800 96 100.0% 34.12 Giant, CVS Lorton Station Marketplace Washington-Arlington-Alexandri VA 20% 2006 2005 7,300 136 84.1% 26.68 Amazon Fresh, Planet Fitness Point 50 Washington-Arlington-Alexandri VA 2007 2021 — 48 100.0% 32.94 Amazon Fresh Saratoga Shopping Center Washington-Arlington-Alexandri VA 40% 2005 1977 22,800 113 93.4% 21.77 Giant Shops at County Center Washington-Arlington-Alexandri VA 2005 2005 — 97 98.3% 19.26 Harris Teeter, Planet Fitness The Crossing Clarendon Washington-Arlington-Alexandri VA 2016 2023 — 420 96.9% 38.07 Whole Foods, Crate & Barrel, The Container Store, Barnes & Noble, Pottery Barn, Ethan Allen, The Cheesecake Factory, LifeTime, Corobus Sports The Field at Commonwealth Washington-Arlington-Alexandri VA 2017 2018 — 167 100.0% 23.62 Wegmans Village Center at Dulles Washington-Arlington-Alexandri VA 20% 2002 1991 52,000 307 83.3% 30.56 Giant, CVS, Advance Auto Parts, Chuck E.
Jordan Ranch (7) Houston-Woodlands-Sugar Land TX 50% 2024 2024 — 162 83.2% 14.81 HEB Market at Springwoods Village Houston-Woodlands-Sugar Land TX 53% 2016 2018 3,750 167 98.9% 18.44 Kroger Panther Creek Houston-Woodlands-Sugar Land TX 2002 1994 — 166 99.0% 25.47 CVS, The Woodlands Childrens Museum, Fitness Project Sienna Grande Shops (fka Sienna) (7) Houston-Woodlands-Sugar Land TX 75% 2023 2023 — 30 58.6% 35.60 - Southpark at Cinco Ranch Houston-Woodlands-Sugar Land TX 2012 2017 — 265 100.0% 14.85 Kroger, Academy Sports, PETCO, Spec's Liquor and Finer Foods Sterling Ridge Houston-Woodlands-Sugar Land TX 2002 2000 — 129 100.0% 22.98 Kroger, CVS Sweetwater Plaza Houston-Woodlands-Sugar Land TX 20% 2001 2000 20,000 135 93.7% 18.81 Kroger, Walgreens The Village at Riverstone Houston-Woodlands-Sugar Land TX 2016 2016 — 165 95.0% 17.44 Kroger Weslayan Plaza East Houston-Woodlands-Sugar Land TX 40% 2005 1969 — 169 100.0% 22.37 Berings, Ross Dress for Less, Michaels, The Next Level Fitness, Spec's Liquor, Trek Bicycle Weslayan Plaza West Houston-Woodlands-Sugar Land TX 40% 2005 1969 — 186 98.1% 22.38 Randalls Food, Walgreens, PETCO, Homegoods, Barnes & Noble Westwood Village Houston-Woodlands-Sugar Land TX 2006 2006 — 242 97.5% 19.60 Fitness Project, PetSmart, Office Max, Ross Dress For Less, TJ Maxx, Kelsey Seybold,(Target) Woodway Collection Houston-Woodlands-Sugar Land TX 40% 2005 2012 25,900 97 94.2% 32.52 Whole Foods Carytown Exchange Richmond VA 69% 2018 2022 — 116 100.0% 29.09 Publix, CVS Hanover Village Shopping Center Richmond VA 40% 2005 1971 — 90 100.0% 10.35 Aldi, Tractor Supply Company, Harbor Freight Tools, Dollar Tree Village Shopping Center Richmond VA 40% 2005 1948 24,250 116 83.8% 26.94 Publix, CVS Ashburn Farm Village Center Washington-Arlington-Alexandri VA 40% 2005 1996 — 92 100.0% 18.24 Patel Brothers, The Shop Gym Belmont Chase Washington-Arlington-Alexandri VA 2014 2014 — 91 100.0% 35.19 Cooper's Hawk Winery, Whole Foods Centre Ridge Marketplace Washington-Arlington-Alexandri VA 40% 2005 1996 11,640 107 96.2% 20.21 United States Coast Guard Ex, Planet Fitness Festival at Manchester Lakes Washington-Arlington-Alexandri VA 40% 2005 2021 — 169 96.2% 31.39 Amazon Fresh, Homesense, Hyper Kidz Fox Mill Shopping Center Washington-Arlington-Alexandri VA 40% 2005 2013 22,500 103 97.6% 27.74 Giant Greenbriar Town Center Washington-Arlington-Alexandri VA 40% 2005 1972 76,200 340 97.2% 29.79 Big Blue Swim School, Bob's Discount Furniture, CVS, Giant, Marshalls, Planet Fitness, Ross Dress for Less, Total Wine and More Kamp Washington Shopping Center Washington-Arlington-Alexandri VA 40% 2005 1960 — 71 100.0% 35.50 PGA Tour Superstore Kings Park Shopping Center Washington-Arlington-Alexandri VA 40% 2005 2015 21,800 96 100.0% 34.87 Giant, CVS Lorton Station Marketplace Washington-Arlington-Alexandri VA 20% 2006 2005 7,300 136 91.4% 26.76 Amazon Fresh, Planet Fitness, Five Below, LLC Point 50 Washington-Arlington-Alexandri VA 2007 2021 — 48 100.0% 33.27 Amazon Fresh Saratoga Shopping Center Washington-Arlington-Alexandri VA 40% 2005 1977 22,800 113 95.1% 22.48 Giant Shops at County Center Washington-Arlington-Alexandri VA 2005 2005 — 101 100.0% 21.74 Harris Teeter, Planet Fitness 39 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) MajorTenant(s) (5) The Crossing Clarendon Washington-Arlington-Alexandri VA 2016 2023 — 420 96.2% 39.71 Whole Foods, Crate & Barrel, The Container Store, Barnes & Noble, Pottery Barn, Ethan Allen, The Cheesecake Factory, LifeTime, Corobus Sports, Three Notch'd Brewing Company The Field at Commonwealth Washington-Arlington-Alexandri VA 2017 2018 — 167 100.0% 23.89 Wegmans Village Center at Dulles Washington-Arlington-Alexandri VA 20% 2002 1991 46,000 307 85.5% 30.62 Giant, CVS, Advance Auto Parts, Chuck E.
Louis MO 2007 1996 — 67 100.0% 11.72 Schnucks Kirkwood Commons St.
Louis MO 2007 1996 — 67 100.0% 11.85 Schnucks Kirkwood Commons St.
Paul-Bloomington MN 40% 2005 1991 20,000 204 99.4% 14.27 Kohl's, PetSmart, HomeGoods, TJ Maxx, ULTA Rockridge Center Minneapol-St. Paul-Bloomington MN 20% 2011 2006 14,500 125 98.2% 14.71 CUB Foods Brentwood Plaza St. Louis MO 2007 2002 — 60 92.6% 10.38 Schnucks Bridgeton St. Louis MO 2007 2005 — 71 100.0% 12.87 Schnucks, (Home Depot) Dardenne Crossing St.
Paul-Bloomington MN 40% 2005 1991 20,000 204 99.4% 14.62 Kohl's, PetSmart, HomeGoods, TJ Maxx, ULTA Rockridge Center Minneapol-St. Paul-Bloomington MN 20% 2011 2006 14,500 125 98.3% 14.85 CUB Foods Brentwood Plaza St. Louis MO 2007 2002 — 60 92.6% 10.45 Schnucks Bridgeton St. Louis MO 2007 2005 — 71 100.0% 12.96 Schnucks, (Home Depot) Dardenne Crossing St.
However, if development properties were excluded, the total percent leased would be 94.9% for our Combined Portfolio of shopping centers. (4) Average base rent PSF is calculated based on annual minimum contractual base rent per the tenant lease, excluding percentage rent and recovery revenue. (5) Retailers in parenthesis are shadow anchors at our shopping centers.
However, if development properties were excluded, the total percent leased would be 94.9% for our Combined Portfolio of shopping centers. (4) Average base rent PSF is calculated based on annual minimum contractual base rent per the tenant lease, excluding percentage rent and recovery revenue.
Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Amerige Heights Town Center Los Angeles-Long Beach-Anaheim CA 2000 2000 $ — 97 98.0% $ 32.06 Albertsons, (Target) Bloom on Third (fka Town and Country Center) Los Angeles-Long Beach-Anaheim CA 35% 2018 1992 107,893 73 100.0% 57.60 Whole Foods, CVS, Citibank Brea Marketplace Los Angeles-Long Beach-Anaheim CA 40% 2005 1987 — 352 100.0% 21.19 24 Hour Fitness, Big 5 Sporting Goods, Childtime Childcare, Old Navy, Sprout's, Target, Smart Parke Circle Center West Los Angeles-Long Beach-Anaheim CA 2017 1989 — 63 100.0% 39.20 Marshalls Circle Marina Center Los Angeles-Long Beach-Anaheim CA 2019 1994 24,000 118 84.3% 34.58 Sprouts, Big 5 Sporting Goods, Centinela Feed & Pet Supplies Culver Center Los Angeles-Long Beach-Anaheim CA 2017 2000 — 217 94.2% 33.32 Ralphs, Best Buy, LA Fitness, Sit N' Sleep El Camino Shopping Center Los Angeles-Long Beach-Anaheim CA 1999 2017 — 136 100.0% 43.60 Bristol Farms, CVS Granada Village Los Angeles-Long Beach-Anaheim CA 40% 2005 2012 50,000 226 100.0% 27.98 Sprout's Markets, Rite Aid, PETCO, Homegoods, Burlington, TJ Maxx Hasley Canyon Village Los Angeles-Long Beach-Anaheim CA 2003 2003 16,000 66 100.0% 27.10 Ralphs Heritage Plaza Los Angeles-Long Beach-Anaheim CA 1999 2012 — 230 100.0% 43.43 Ralphs, CVS, Daiso, Mitsuwa Marketplace, Big 5 Sporting Goods Laguna Niguel Plaza Los Angeles-Long Beach-Anaheim CA 40% 2005 1985 — 42 100.0% 31.01 CVS,(Albertsons) Morningside Plaza Los Angeles-Long Beach-Anaheim CA 1999 1996 — 91 100.0% 25.58 Stater Bros.
Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) MajorTenant(s) (5) Amerige Heights Town Center Los Angeles-Long Beach-Anaheim CA 2000 2000 $ — 97 96.0% $ 32.58 Albertsons, (Target) Bloom on Third Los Angeles-Long Beach-Anaheim CA 35% 2018 1992 134,146 73 100.0% 60.42 Whole Foods, CVS, Citibank Brea Marketplace Los Angeles-Long Beach-Anaheim CA 40% 2005 1987 — 352 97.8% 21.15 24 Hour Fitness, Big 5 Sporting Goods, Childtime Childcare, Old Navy, Sprout's, Target, Smart Parke Circle Center West Los Angeles-Long Beach-Anaheim CA 2017 1989 — 63 100.0% 40.17 Marshalls Circle Marina Center Los Angeles-Long Beach-Anaheim CA 2019 1994 24,000 112 90.1% 37.88 Sprouts, Big 5 Sporting Goods, Centinela Feed & Pet Supplies Culver Center Los Angeles-Long Beach-Anaheim CA 2017 2000 — 217 94.2% 33.71 Ralphs, Best Buy, LA Fitness, Sit N' Sleep El Camino Shopping Center Los Angeles-Long Beach-Anaheim CA 1999 2017 — 136 98.8% 43.75 Bristol Farms, CVS Granada Village Los Angeles-Long Beach-Anaheim CA 40% 2005 2012 50,000 226 99.1% 28.82 Sprout's Markets, Rite Aid, PETCO, Homegoods, Burlington, TJ Maxx Hasley Canyon Village Los Angeles-Long Beach-Anaheim CA 2003 2003 16,000 70 93.0% 25.74 Ralphs Heritage Plaza Los Angeles-Long Beach-Anaheim CA 1999 2012 — 230 99.8% 45.09 Ralphs, CVS, Daiso, Mitsuwa Marketplace, Big 5 Sporting Goods Laguna Niguel Plaza Los Angeles-Long Beach-Anaheim CA 40% 2005 1985 — 42 100.0% 33.32 CVS,(Albertsons) Morningside Plaza Los Angeles-Long Beach-Anaheim CA 1999 1996 — 91 100.0% 26.63 Stater Bros.
Bayhill Shopping Center San Francisco-Oakland-Berkeley CA 40% 2005 2019 28,800 122 97.4% 29.15 CVS, Mollie Stone's Market Clayton Valley Shopping Center San Francisco-Oakland-Berkeley CA 2003 2004 — 260 90.8% 23.67 Grocery Outlet, Central, CVS, Dollar Tree, Ross Dress For Less Diablo Plaza San Francisco-Oakland-Berkeley CA 1999 1982 — 63 100.0% 43.59 Bevmo!, (Safeway), (CVS) El Cerrito Plaza San Francisco-Oakland-Berkeley CA 2000 2000 — 256 96.6% 29.49 Barnes & Noble, Jo-Ann Fabrics, PETCO, Ross Dress For Less, Trader Joe's, Marshalls, (CVS) Encina Grande San Francisco-Oakland-Berkeley CA 1999 2016 — 106 100.0% 36.12 Whole Foods, Walgreens Persimmon Place San Francisco-Oakland-Berkeley CA 2014 2014 — 153 100.0% 37.86 Whole Foods, Nordstrom Rack, Homegoods Plaza Escuela San Francisco-Oakland-Berkeley CA 2017 2002 — 154 93.5% 44.22 The Container Store, Trufusion, Talbots, The Cheesecake Factory, Barnes & Noble Pleasant Hill Shopping Center San Francisco-Oakland-Berkeley CA 40% 2005 2016 50,000 227 100.0% 24.52 Target, Burlington, Ross Dress for Less, Homegoods Potrero Center San Francisco-Oakland-Berkeley CA 2017 1997 — 227 70.9% 34.12 Safeway, 24 Hour Fitness, Ross Dress for Less, Petco Powell Street Plaza San Francisco-Oakland-Berkeley CA 2001 1987 — 166 97.1% 35.91 Trader Joe's, Bevmo!, Ross Dress For Less, Marshalls, Old Navy San Carlos Marketplace San Francisco-Oakland-Berkeley CA 2017 2007 — 154 87.2% 39.10 TJ Maxx, Best Buy, PetSmart, Bassett Furniture San Leandro Plaza San Francisco-Oakland-Berkeley CA 1999 1982 — 50 100.0% 41.14 (Safeway), (CVS) Serramonte Center San Francisco-Oakland-Berkeley CA 2017 2018 — 1,072 97.6% 27.48 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, Jagalchi Tassajara Crossing San Francisco-Oakland-Berkeley CA 1999 1990 — 146 96.9% 26.56 Safeway, CVS, Alamo Hardware Willows Shopping Center (6) San Francisco-Oakland-Berkeley CA 2017 2015 — 241 82.7% 30.58 REI, UFC Gym, Old Navy, Ulta, Five Below Woodside Central San Francisco-Oakland-Berkeley CA 1999 1993 — 81 93.4% 26.39 Chuck E.
Bayhill Shopping Center San Francisco-Oakland-Berkeley CA 40% 2005 2019 28,800 122 98.9% 29.14 CVS, Mollie Stone's Market Clayton Valley Shopping Center San Francisco-Oakland-Berkeley CA 2003 2004 — 260 91.5% 23.82 Grocery Outlet, Central, CVS, Dollar Tree, Ross Dress For Less Diablo Plaza San Francisco-Oakland-Berkeley CA 1999 1982 — 63 98.3% 43.48 Bevmo!, (Safeway), (CVS) El Cerrito Plaza San Francisco-Oakland-Berkeley CA 2000 2000 — 256 95.1% 29.76 Barnes & Noble, Jo-Ann Fabrics, PETCO, Ross Dress For Less, Trader Joe's, Marshalls, (CVS) Encina Grande San Francisco-Oakland-Berkeley CA 1999 2016 — 106 100.0% 36.85 Whole Foods, Walgreens Oakley Shops at Laurel Fields (7) San Francisco-Oakland-Berkeley CA 2024 2024 — 78 80.5% 29.02 Safeway Persimmon Place San Francisco-Oakland-Berkeley CA 2014 2014 — 153 97.5% 38.02 Whole Foods, Nordstrom Rack, Homegoods Plaza Escuela San Francisco-Oakland-Berkeley CA 2017 2002 — 154 92.5% 43.89 The Container Store, Trufusion, Talbots, The Cheesecake Factory, Barnes & Noble Pleasant Hill Shopping Center San Francisco-Oakland-Berkeley CA 40% 2005 2016 49,367 227 100.0% 24.93 Target, Burlington, Ross Dress for Less, Homegoods Potrero Center San Francisco-Oakland-Berkeley CA 2017 1997 — 227 70.9% 34.88 Safeway, 24 Hour Fitness, Ross Dress for Less, Petco Powell Street Plaza San Francisco-Oakland-Berkeley CA 2001 1987 — 166 98.1% 37.19 Trader Joe's, Bevmo!, Ross Dress For Less, Marshalls, Old Navy San Carlos Marketplace San Francisco-Oakland-Berkeley CA 2017 2007 — 154 97.3% 36.80 TJ Maxx, Best Buy, PetSmart, Bassett Furniture, Salon Republic San Leandro Plaza San Francisco-Oakland-Berkeley CA 1999 1982 — 50 95.3% 39.75 (Safeway), (CVS) Serramonte Center San Francisco-Oakland-Berkeley CA 2017 2018 — 1,074 98.0% 27.87 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, Jagalchi, Koi Palace Tassajara Crossing San Francisco-Oakland-Berkeley CA 1999 1990 — 146 98.3% 26.72 Safeway, CVS, Alamo Hardware Willows Shopping Center (6) San Francisco-Oakland-Berkeley CA 2017 2015 — 233 96.4% 29.41 REI, UFC Gym, Old Navy, Ulta, Five Below, Airport Home Appliance Woodside Central San Francisco-Oakland-Berkeley CA 1999 1993 — 81 98.7% 30.27 Chuck E.
Lucie FL 2017 2016 — 86 100.0% 14.82 WalMart The Plaza at St. Lucie West Port St.
Lucie FL 2017 2016 — 86 100.0% 17.64 WalMart The Plaza at St. Lucie West Port St.
Gym Hershey Harrisburg-Carlisle PA 2000 2000 — 6 100.0% 30.00 - Baederwood Shopping Center Philadelphia-Camden-Wilmington PA 80% 2023 1999 24,365 117 100.0% 28.11 Whole Foods, Planet Fitness City Avenue Shopping Center Philadelphia-Camden-Wilmington PA 40% 2005 1960 — 162 89.4% 21.77 Ross Dress for Less, TJ Maxx, Dollar Tree Gateway Shopping Center Philadelphia-Camden-Wilmington PA 2004 2016 — 224 99.0% 35.87 Trader Joe's, Staples, TJ Maxx, Jo-Ann Fabrics Mercer Square Shopping Center Philadelphia-Camden-Wilmington PA 40% 2005 1988 — 91 100.0% 23.28 Weis Markets Newtown Square Shopping Center Philadelphia-Camden-Wilmington PA 40% 2005 2020 20,000 142 97.2% 19.49 Acme Markets, Michael's Warwick Square Shopping Center Philadelphia-Camden-Wilmington PA 40% 2005 1999 — 93 96.7% 17.49 Grocery Outlet Bargain Market, Planet Fitness Indigo Square Charleston-North Charleston SC 2017 2017 — 51 100.0% 30.99 Greenwise (Vac 8/29/20) Merchants Village Charleston-North Charleston SC 40% 1997 1997 9,000 80 100.0% 18.63 Publix Harpeth Village Fieldstone Nashvil-Davdsn-Murfree-Frankln TN 1997 1998 — 70 100.0% 17.31 Publix Northlake Village Nashvil-Davdsn-Murfree-Frankln TN 2000 2013 — 135 98.9% 15.83 Kroger Peartree Village Nashvil-Davdsn-Murfree-Frankln TN 1997 1997 — 110 100.0% 20.43 Kroger, PETCO Hancock Austin-Round Rock-Georgetown TX 1999 1998 — 263 98.1% 20.04 24 Hour Fitness, Firestone Complete Auto Care, H.E.B, PETCO, Twin Liquors Market at Round Rock Austin-Round Rock-Georgetown TX 1999 1987 — 123 86.5% 21.19 Sprout's Markets, Office Depot North Hills Austin-Round Rock-Georgetown TX 1999 1995 — 164 98.8% 22.11 H.E.B.
Gym Hershey (6) Harrisburg-Carlisle PA 2000 2000 — 6 100.0% 30.00 - Baederwood Shopping Center Philadelphia-Camden-Wilmington PA 80% 2023 1999 24,365 117 97.4% 28.52 Whole Foods, Planet Fitness City Avenue Shopping Center Philadelphia-Camden-Wilmington PA 40% 2005 1960 — 157 96.1% 21.97 Ross Dress for Less, TJ Maxx, Dollar Tree Gateway Shopping Center Philadelphia-Camden-Wilmington PA 2004 2016 — 224 96.0% 36.71 Trader Joe's, Staples, TJ Maxx, Jo-Ann Fabrics Mercer Square Shopping Center Philadelphia-Camden-Wilmington PA 40% 2005 1988 — 91 100.0% 23.43 Weis Markets Newtown Square Shopping Center Philadelphia-Camden-Wilmington PA 40% 2005 2020 20,000 142 96.5% 20.87 Acme Markets, Michael's Warwick Square Shopping Center Philadelphia-Camden-Wilmington PA 40% 2005 1999 — 93 95.6% 17.47 Grocery Outlet Bargain Market, Planet Fitness East Greenwich Square Boston-Cambridge-Newton RI 70% 2024 1990 26,000 159 97.0% 20.00 Dave's Fresh Marketplace, Les Isle Rose Indigo Square Charleston-North Charleston SC 2017 2017 — 51 100.0% 32.01 Greenwise (Vac 8/29/20) Merchants Village Charleston-North Charleston SC 40% 1997 1997 9,000 80 100.0% 19.16 Publix Harpeth Village Fieldstone Nashvil-Davdsn-Murfree-Frankln TN 1997 1998 — 70 100.0% 17.43 Publix Northlake Village Nashvil-Davdsn-Murfree-Frankln TN 2000 2013 — 135 100.0% 16.14 Kroger Peartree Village Nashvil-Davdsn-Murfree-Frankln TN 1997 1997 — 110 100.0% 20.52 Kroger, PETCO Hancock Austin-Round Rock-Georgetown TX 1999 1998 — 263 99.2% 20.53 24 Hour Fitness, Firestone Complete Auto Care, H.E.B, PETCO, Twin Liquors Market at Round Rock Austin-Round Rock-Georgetown TX 1999 1987 — 123 85.6% 21.63 Sprout's Markets, Office Depot North Hills Austin-Round Rock-Georgetown TX 1999 1995 — 164 98.8% 23.70 H.E.B.
However, inflationary challenges and the potential for an economic recession could result in pressure on base rent growth for new and renewal leases as businesses seek to manage costs. 27 The following table lists information about our consolidated and unconsolidated properties.
However, inflationary challenges and the potential for macroeconomic uncertainty or weakness could result in pressure on base rent growth for new and renewal leases as businesses seek to manage these challenges and uncertainties. 27 The following table lists information about our consolidated and unconsolidated properties.
Paul-Bloomington MN 2006 1998 — 179 100.0% 17.01 Jo-Ann Fabrics, PETCO, Savers, Experience Fitness, (Burlington Coat Factory), (Aldi) Cedar Commons Minneapol-St. Paul-Bloomington MN 2011 1999 — 66 100.0% 28.59 Whole Foods Colonial Square Minneapol-St. Paul-Bloomington MN 40% 2005 2014 19,700 93 97.9% 27.54 Lund's Rockford Road Plaza Minneapol-St.
Paul-Bloomington MN 2006 1998 — 179 78.7% 19.17 Jo-Ann Fabrics, PETCO, Savers,(Burlington Coat Factory), (Aldi) Cedar Commons Minneapol-St. Paul-Bloomington MN 2011 1999 — 66 100.0% 30.87 Whole Foods Colonial Square Minneapol-St. Paul-Bloomington MN 40% 2005 2014 19,700 93 100.0% 28.26 Lund's Rockford Road Plaza Minneapol-St.
Louis MO 2007 2000 — 210 100.0% 10.39 Walmart, TJ Maxx, HomeGoods, Famous Footwear, (Target), (Lowe's) Blakeney Town Center Charlotte-Concord-Gastonia NC 2021 2006 — 384 99.7% 27.08 Harris Teeter, Marshalls, Best Buy, Petsmart, Off Broadway Shoes, Old Navy, (Target) Carmel Commons Charlotte-Concord-Gastonia NC 1997 2012 — 141 89.4% 25.09 Chuck E.
Louis MO 2007 2000 — 210 100.0% 10.42 Walmart, TJ Maxx, HomeGoods, Famous Footwear, (Target), (Lowe's) Blakeney Town Center Charlotte-Concord-Gastonia NC 2021 2006 — 384 97.9% 27.47 Harris Teeter, Marshalls, Best Buy, Petsmart, Off Broadway Shoes, Old Navy, (Target) Carmel Commons Charlotte-Concord-Gastonia NC 1997 2012 — 146 100.0% 24.60 Chuck E.
Cheese, HomeGoods, Goodwill, Furniture Max Willston Centre I Washington-Arlington-Alexandri VA 40% 2005 1952 — 105 82.2% 31.65 Fashion K City Willston Centre II Washington-Arlington-Alexandri VA 40% 2005 2010 23,823 136 94.4% 27.81 Safeway, (Target), (PetSmart) 6401 Roosevelt Seattle-Tacoma-Bellevue WA 2019 1929 — 8 100.0% 27.10 - Aurora Marketplace Seattle-Tacoma-Bellevue WA 40% 2005 1991 13,400 107 100.0% 18.92 Safeway, TJ Maxx Ballard Blocks I Seattle-Tacoma-Bellevue WA 50% 2018 2007 — 132 98.4% 28.01 LA Fitness, Ross Dress for Less, Trader Joe's Ballard Blocks II Seattle-Tacoma-Bellevue WA 50% 2018 2018 — 117 98.4% 35.12 Bright Horizons, Kaiser Permanente, PCC Community Markets, Prokarma, Trufusion, West Marine 39 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Broadway Market Seattle-Tacoma-Bellevue WA 20% 2014 1988 21,500 140 95.7% 28.83 Gold's Gym, Mosaic Salon Group, Quality Food Centers Cascade Plaza Seattle-Tacoma-Bellevue WA 20% 1999 1999 — 207 97.9% 13.26 Big 5 Sporting Goods, Dollar Tree, Jo-Ann Fabrics, Planet Fitness, Ross Dress For Less, Safeway, Aaron's Eastgate Plaza Seattle-Tacoma-Bellevue WA 40% 2005 2021 22,000 85 96.5% 32.61 Safeway, Rite Aid Grand Ridge Plaza Seattle-Tacoma-Bellevue WA 2012 2018 — 331 99.2% 26.62 Bevmo!, Dick's Sporting Goods, Marshalls, Regal Cinemas,Safeway, Ulta Inglewood Plaza Seattle-Tacoma-Bellevue WA 1999 1985 — 17 95.9% 47.01 - Island Village Seattle-Tacoma-Bellevue WA 2023 2013 — 106 100.0% 16.38 Safeway, Rite Aid Klahanie Shopping Center Seattle-Tacoma-Bellevue WA 2016 1998 — 67 96.7% 38.28 (QFC) Melrose Market Seattle-Tacoma-Bellevue WA 2019 2009 — 21 84.2% 35.14 - Overlake Fashion Plaza Seattle-Tacoma-Bellevue WA 40% 2005 2020 — 87 100.0% 30.25 Marshalls, Bevmo!, Amazon Go Grocery Pine Lake Village Seattle-Tacoma-Bellevue WA 1999 1989 — 103 98.6% 26.79 Quality Food Centers, Rite Aid Roosevelt Square Seattle-Tacoma-Bellevue WA 2017 2017 — 150 81.3% 27.33 Whole Foods, Guitar Center, LA Fitness Sammamish-Highlands Seattle-Tacoma-Bellevue WA 1999 2013 — 101 100.0% 38.84 Trader Joe's, Bartell Drugs, (Safeway) Southcenter Seattle-Tacoma-Bellevue WA 1999 1990 — 59 100.0% 35.51 (Target) Regency Centers Total $ 2,268,157 56,825 95.1% $ 24.44 (1) CBSA refers to Core-Based Statistical Area (e.g. metropolitan area).
Cheese, HomeGoods, Goodwill, Furniture Max Willston Centre I Washington-Arlington-Alexandri VA 40% 2005 1952 — 105 86.5% 30.38 Fashion K City Willston Centre II Washington-Arlington-Alexandri VA 40% 2005 2010 32,000 136 100.0% 28.50 Safeway, (Target), (PetSmart) 6401 Roosevelt Seattle-Tacoma-Bellevue WA 2019 1929 — 8 100.0% 27.92 - Aurora Marketplace Seattle-Tacoma-Bellevue WA 40% 2005 1991 13,400 107 100.0% 19.13 Safeway, TJ Maxx Ballard Blocks I Seattle-Tacoma-Bellevue WA 50% 2018 2007 — 132 98.4% 27.71 LA Fitness, Ross Dress for Less, Trader Joe's Ballard Blocks II Seattle-Tacoma-Bellevue WA 50% 2018 2018 — 117 99.0% 35.03 Bright Horizons, Kaiser Permanente, PCC Community Markets, Prokarma, Trufusion, West Marine Broadway Market Seattle-Tacoma-Bellevue WA 20% 2014 1988 21,500 140 94.3% 29.42 Gold's Gym, Mosaic Salon Group, Quality Food Centers Cascade Plaza Seattle-Tacoma-Bellevue WA 20% 1999 1999 — 206 86.9% 13.24 Big 5 Sporting Goods, Dollar Tree, Jo-Ann Fabrics, Planet Fitness, Ross Dress For Less, Safeway, Aaron's Eastgate Plaza Seattle-Tacoma-Bellevue WA 40% 2005 2018/2021 22,000 85 100.0% 32.47 Safeway, Rite Aid Grand Ridge Plaza Seattle-Tacoma-Bellevue WA 2012 2018 — 331 99.5% 27.53 Bevmo!, Dick's Sporting Goods, Marshalls, Regal Cinemas,Safeway, Ulta Inglewood Plaza Seattle-Tacoma-Bellevue WA 1999 1985 — 17 100.0% 48.11 - Island Village Seattle-Tacoma-Bellevue WA 2023 2013 — 106 98.7% 16.47 Safeway, Rite Aid Klahanie Shopping Center Seattle-Tacoma-Bellevue WA 2016 1998 — 67 89.6% 39.15 (QFC) Melrose Market Seattle-Tacoma-Bellevue WA 2019 2009 — 21 92.7% 37.57 - Overlake Fashion Plaza Seattle-Tacoma-Bellevue WA 40% 2005 2020 — 87 100.0% 30.71 Marshalls, Bevmo!, Amazon Go Grocery Pine Lake Village Seattle-Tacoma-Bellevue WA 1999 1989 — 103 98.6% 27.82 Quality Food Centers, Rite Aid Roosevelt Square Seattle-Tacoma-Bellevue WA 2017 2017 — 150 84.7% 28.96 Whole Foods, Guitar Center, LA Fitness Sammamish-Highlands Seattle-Tacoma-Bellevue WA 1999 2013 — 101 100.0% 39.83 Trader Joe's, Bartell Drugs, (Safeway) Southcenter Seattle-Tacoma-Bellevue WA 1999 1990 — 57 100.0% 36.04 (Target) Regency Centers Total $ 2,186,955 57,315 96.3% $ 25.16 (1) CBSA refers to Core-Based Statistical Area (e.g. metropolitan area).
Lee Salon Suites Shoppes of Pebblebrook Plaza Naples-Marco Island FL 50% 2000 2000 — 80 97.0% 16.70 Publix, (Walgreens) Glengary Shoppes North Port-Sarasota-Bradenton FL 2017 1995 — 93 97.0% 20.50 Best Buy, Barnes & Noble Alafaya Village Orlando-Kissimmee-Sanford FL 2017 1986 — 39 100.0% 25.80 - Kirkman Shoppes Orlando-Kissimmee-Sanford FL 2017 2015 — 116 100.0% 26.68 LA Fitness, Walgreens Lake Mary Centre Orlando-Kissimmee-Sanford FL 2017 2015 — 356 94.8% 18.15 The Fresh Market, Academy Sports, Hobby Lobby, LA Fitness, Ross Dress for Less, Office Depot Plaza Venezia Orlando-Kissimmee-Sanford FL 20% 2016 2000 36,500 203 98.0% 34.21 Publix, Eddie V's Town and Country Orlando-Kissimmee-Sanford FL 2017 1993 — 78 100.0% 11.75 Ross Dress for Less Unigold Shopping Center Orlando-Kissimmee-Sanford FL 2017 1987 — 115 91.2% 15.99 YouFit Health Club, Ross Dress for Less Willa Springs Orlando-Kissimmee-Sanford FL 2000 2000 16,700 90 100.0% 24.76 Publix Cashmere Corners Port St.
Lee Salon Suites Shoppes of Pebblebrook Plaza Naples-Marco Island FL 50% 2000 2000 — 80 97.0% 16.96 Publix, (Walgreens) Alafaya Village Orlando-Kissimmee-Sanford FL 2017 1986 — 39 87.3% 27.54 - Kirkman Shoppes Orlando-Kissimmee-Sanford FL 2017 2015 — 116 100.0% 27.21 LA Fitness, Walgreens Lake Mary Centre Orlando-Kissimmee-Sanford FL 2017 2015 — 356 95.0% 18.61 The Fresh Market, Academy Sports, Hobby Lobby, LA Fitness, Ross Dress for Less, Office Depot Plaza Venezia Orlando-Kissimmee-Sanford FL 20% 2016 2000 36,500 203 97.1% 35.13 Publix, Eddie V's Town and Country Orlando-Kissimmee-Sanford FL 2017 1993 — 78 100.0% 11.98 Ross Dress for Less Unigold Shopping Center Orlando-Kissimmee-Sanford FL 2017 1987 — 115 90.1% 16.19 YouFit Health Club, Ross Dress for Less Willa Springs Orlando-Kissimmee-Sanford FL 2000 2000 16,700 90 100.0% 25.25 Publix Cashmere Corners Port St.
We have no ownership or leasehold interest in their space, which is within or adjacent to our property. (6) The ground underlying the building and improvements is not owned by Regency or its unconsolidated real estate partnerships, but is subject to a ground lease. (7) Property in development. 40
(6) The ground underlying the building and improvements is not owned by Regency or its unconsolidated real estate partnerships, but is subject to a ground lease. (7) Property in development. 40
P roperties The following table is a list of our shopping centers, summarized by state and in order of largest holdings by number of properties, presented for consolidated properties (excludes properties owned by unconsolidated real estate partnerships): December 31, 2023 December 31, 2022 Location Number of Properties GLA (in thousands) Percent of Total GLA Percent Leased Number of Properties GLA (in thousands) Percent of Total GLA Percent Leased Florida 88 10,767 24.6 % 95.1 % 88 10,783 27.8 % 95.1 % California 54 8,300 19.0 % 94.9 % 53 8,204 21.1 % 93.9 % Connecticut 43 3,702 8.5 % 92.5 % 14 1,452 3.7 % 91.1 % New York 42 3,399 7.8 % 88.7 % 16 1,953 5.0 % 89.0 % Texas 26 3,288 7.5 % 97.3 % 25 3,239 8.3 % 98.0 % Georgia 22 2,121 4.8 % 94.2 % 22 2,120 5.5 % 92.9 % New Jersey 17 1,585 3.6 % 93.3 % 2 573 1.5 % 89.2 % Colorado 13 1,097 2.5 % 97.7 % 13 1,097 2.8 % 96.6 % North Carolina 10 1,221 2.8 % 98.1 % 10 1,222 3.2 % 98.2 % Washington 10 962 2.2 % 96.0 % 10 963 2.5 % 97.3 % Massachusetts 9 996 2.3 % 98.5 % 8 897 2.3 % 97.6 % Ohio 8 1,221 2.8 % 98.8 % 8 1,224 3.2 % 96.7 % Oregon 7 741 1.7 % 95.0 % 7 742 1.9 % 94.6 % Illinois 6 1,085 2.5 % 94.1 % 6 1,085 2.8 % 94.9 % Virginia 6 939 2.1 % 97.7 % 6 939 2.4 % 93.4 % Pennsylvania 4 443 1.0 % 99.5 % 4 443 1.1 % 98.7 % Missouri 4 408 0.9 % 98.9 % 4 408 1.1 % 99.5 % Tennessee 3 314 0.7 % 99.5 % 3 314 0.8 % 99.1 % Maryland 2 244 0.6 % 89.9 % 2 250 0.6 % 94.4 % Minnesota 2 246 0.6 % 100.0 % 2 246 0.6 % 100.0 % Indiana 1 279 0.6 % 100.0 % 1 279 0.7 % 100.0 % Delaware 1 229 0.5 % 96.2 % 1 230 0.6 % 94.5 % Michigan 1 97 0.2 % 74.0 % 1 97 0.3 % 74.0 % South Carolina 1 51 0.1 % 100.0 % 1 51 0.1 % 100.0 % District of Columbia 1 23 0.1 % 100.0 % 1 23 0.1 % 85.8 % Total 381 43,758 100.0 % 94.9 % 308 38,834 100.0 % 94.8 % The weighted average annual effective rent for the consolidated portfolio of properties, net of tenant concessions, is $24.67 and $23.95 per square foot ("PSF") as of December 31, 2023 and 2022, respectively. 24 The following table is a list of our shopping centers, summarized by state and in order of largest holdings by number of properties, presented for unconsolidated properties (properties owned by our unconsolidated real estate partnerships): December 31, 2023 December 31, 2022 Location Number of Properties GLA (in thousands) Percent of Total GLA Percent Leased Number of Properties GLA (in thousands) Percent of Total GLA Percent Leased California 17 2,320 17.8 % 98.4 % 17 2,320 18.9 % 97.4 % Virginia 14 1,982 15.2 % 92.7 % 15 2,082 16.9 % 93.9 % Maryland 9 848 6.5 % 96.0 % 9 849 6.9 % 96.3 % North Carolina 7 1,237 9.5 % 97.9 % 7 1,197 9.7 % 95.5 % Washington 7 874 6.7 % 98.0 % 7 874 7.1 % 97.4 % Colorado 6 858 6.6 % 95.5 % 6 858 7.0 % 93.3 % Florida 6 669 5.1 % 99.0 % 6 663 5.4 % 99.4 % Pennsylvania 6 669 5.1 % 96.0 % 6 669 5.4 % 84.5 % New York 5 786 6.0 % 98.0 % 1 141 1.2 % 100.0 % Illinois 5 777 5.9 % 98.6 % 4 690 5.6 % 91.9 % Texas 5 741 5.7 % 97.1 % 5 742 6.0 % 94.4 % New Jersey 4 301 2.3 % 85.4 % 3 224 1.8 % 81.8 % Minnesota 3 423 3.2 % 98.7 % 3 423 3.4 % 98.3 % Indiana 2 139 1.1 % 93.0 % 2 139 1.1 % 82.9 % Connecticut 1 189 1.4 % 98.1 % 1 186 1.5 % 98.1 % Oregon 1 93 0.7 % 100.0 % 1 93 0.8 % 97.7 % South Carolina 1 80 0.6 % 100.0 % 1 80 0.7 % 96.7 % Delaware 1 64 0.5 % 94.6 % 1 64 0.5 % 100.0 % District of Columbia 1 17 0.1 % 100.0 % 1 17 0.1 % 100.0 % Total 101 13,067 100.0 % 96.6 % 96 12,311 100.0 % 94.8 % The weighted average annual effective rent for the unconsolidated portfolio of properties, net of tenant concessions, is $24.04 and $23.15 PSF as of December 31, 2023 and 2022, respectively. 25 The following table summarizes our top tenants occupying our shopping centers for consolidated properties plus our Pro-rata share of unconsolidated properties, as of December 31, 2023, based upon a percentage of total annualized base rent (GLA and dollars in thousands): Tenant GLA Percent of Company Owned GLA Annualized Base Rent Percent of Annualized Base Rent Number of Leased Stores Publix 2,955 6.4 % $ 33,949 3.0 % 68 Albertsons Companies, Inc. 2,192 4.8 % 33,559 3.0 % 53 Kroger Co. 2,933 6.4 % 30,228 2.7 % 52 Amazon/Whole Foods 1,255 2.7 % 29,809 2.6 % 38 TJX Companies, Inc. 1,659 3.6 % 29,715 2.6 % 70 Ahold Delhaize 906 2.0 % 22,583 2.0 % 20 CVS 782 1.7 % 20,628 1.8 % 66 L.A.
P roperties The following table is a list of our shopping centers, summarized by state and in order of largest holdings by number of properties, presented for consolidated properties (excludes properties owned by unconsolidated real estate partnerships): December 31, 2024 December 31, 2023 Location Number of Properties GLA (in thousands) Percent of Total GLA Percent Leased Number of Properties GLA (in thousands) Percent of Total GLA Percent Leased Florida 86 10,558 24.2 % 96.5 % 88 10,767 24.6 % 95.1 % California 55 8,355 19.0 % 96.0 % 54 8,300 19.0 % 94.9 % Connecticut 43 3,924 8.9 % 94.1 % 43 3,702 8.5 % 92.5 % Texas 27 3,518 8.0 % 96.9 % 26 3,288 7.5 % 97.3 % New York 42 3,339 7.6 % 93.3 % 42 3,399 7.8 % 88.7 % Georgia 22 2,125 4.8 % 97.3 % 22 2,121 4.8 % 94.2 % New Jersey 17 1,585 3.6 % 97.0 % 17 1,585 3.6 % 93.3 % North Carolina 10 1,226 2.8 % 98.5 % 10 1,221 2.8 % 98.1 % Ohio 8 1,224 2.8 % 98.7 % 8 1,221 2.8 % 98.8 % Colorado 13 1,097 2.5 % 97.9 % 13 1,097 2.5 % 97.7 % Illinois 6 1,085 2.5 % 94.8 % 6 1,085 2.5 % 94.1 % Washington 10 962 2.2 % 96.3 % 10 962 2.2 % 96.0 % Virginia 6 943 2.1 % 98.3 % 6 939 2.1 % 97.7 % Massachusetts 8 898 2.0 % 97.4 % 9 996 2.3 % 98.5 % Oregon 7 741 1.7 % 95.3 % 7 741 1.7 % 95.0 % Pennsylvania 4 447 1.0 % 97.3 % 4 443 1.0 % 99.5 % Missouri 4 408 0.9 % 98.9 % 4 408 0.9 % 98.9 % Tennessee 3 314 0.7 % 100.0 % 3 314 0.7 % 99.5 % Maryland 2 289 0.7 % 89.9 % 2 244 0.6 % 89.9 % Indiana 1 289 0.7 % 100.0 % 1 279 0.6 % 100.0 % Minnesota 2 246 0.6 % 84.4 % 2 246 0.6 % 100.0 % Delaware 1 229 0.5 % 97.1 % 1 229 0.5 % 96.2 % South Carolina 1 51 0.1 % 100.0 % 1 51 0.1 % 100.0 % District of Columbia 1 23 0.1 % 100.0 % 1 23 0.1 % 100.0 % Michigan — — 0.0 % 0.0 % 1 97 0.2 % 74.0 % Total 379 43,876 100.0 % 96.2 % 381 43,758 100.0 % 94.8 % The weighted average annual effective rent for the consolidated portfolio of properties, net of tenant concessions, is $25.56 and $24.67 per square foot ("PSF") as of December 31, 2024 and 2023, respectively. 24 The following table is a list of our shopping centers, summarized by state and in order of largest holdings by number of properties, presented for unconsolidated properties (properties owned by our unconsolidated real estate partnerships): December 31, 2024 December 31, 2023 Location Number of Properties GLA (in thousands) Percent of Total GLA Percent Leased Number of Properties GLA (in thousands) Percent of Total GLA Percent Leased California 17 2,319 17.4 % 98.4 % 17 2,320 17.8 % 98.4 % Virginia 14 1,982 14.8 % 94.1 % 14 1,982 15.2 % 92.7 % North Carolina 7 1,240 9.2 % 98.3 % 7 1,237 9.5 % 97.9 % Texas 6 959 7.1 % 95.4 % 5 741 5.7 % 97.1 % Washington 7 874 6.5 % 95.6 % 7 874 6.7 % 98.0 % Colorado 6 858 6.4 % 96.9 % 6 858 6.6 % 95.5 % Maryland 9 848 6.3 % 96.1 % 9 848 6.5 % 96.0 % New York 5 786 5.8 % 96.6 % 5 786 6.0 % 98.0 % Illinois 5 777 5.8 % 99.7 % 5 777 5.9 % 98.6 % Florida 6 669 5.0 % 98.4 % 6 669 5.1 % 99.0 % Pennsylvania 6 664 4.9 % 97.3 % 6 669 5.1 % 96.0 % Minnesota 3 422 3.1 % 99.2 % 3 423 3.2 % 98.7 % New Jersey 4 300 2.2 % 91.1 % 4 301 2.3 % 85.4 % Connecticut 1 189 1.4 % 98.1 % 1 189 1.4 % 98.1 % Rhode Island 1 159 1.2 % 97.0 % — — 0.0 % 0.0 % Indiana 2 139 1.0 % 91.6 % 2 139 1.1 % 93.0 % Oregon 1 93 0.7 % 97.5 % 1 93 0.7 % 100.0 % South Carolina 1 80 0.6 % 100.0 % 1 80 0.6 % 100.0 % Delaware 1 64 0.5 % 94.6 % 1 64 0.5 % 94.6 % District of Columbia 1 17 0.1 % 100.0 % 1 17 0.1 % 100.0 % Total 103 13,439 100.0 % 96.8 % 101 13,067 100.0 % 94.8 % The weighted average annual effective rent for the unconsolidated portfolio of properties, net of tenant concessions, is $24.51 and $24.04 PSF as of December 31, 2024 and 2023, respectively. 25 The following table summarizes our top tenants occupying our shopping centers for consolidated properties plus our Pro-rata share of unconsolidated properties, as of December 31, 2024, based upon a percentage of total annualized base rent (GLA and dollars in thousands): Tenant GLA Percent of Company Owned GLA Annualized Base Rent Percent of Annualized Base Rent Number of Leased Stores Publix 2,925 6.0 % $ 34,154 2.9 % 67 Albertsons Companies, Inc. 2,112 4.3 % 33,169 2.8 % 52 TJX Companies, Inc. 1,760 3.6 % 32,405 2.7 % 74 Amazon/Whole Foods 1,296 2.7 % 31,102 2.6 % 39 Kroger Co. 2,933 6.0 % 30,658 2.6 % 52 Ahold Delhaize 924 1.9 % 22,920 1.9 % 20 CVS 762 1.6 % 20,507 1.7 % 63 L.A.
Demand for retail space in high quality, community centers located in areas with compelling demographics remains strong, especially among successful business operators and growing innovative business concepts.
Demand for retail space in high quality, community centers located in trade areas with compelling demographics remained strong in 2024 and into early 2025, especially among business operators with a history of success and growing innovative business concepts.
Shops at Mira Vista Austin-Round Rock-Georgetown TX 2014 2002 165 68 100.0% 26.25 Trader Joe's, Champions Westlake Gymnastics & Cheer Tech Ridge Center Austin-Round Rock-Georgetown TX 2011 2020 — 216 99.4% 24.23 H.E.B., Pinstack, Baylor Scott & White Bethany Park Place Dallas-Fort Worth-Arlington TX 1998 1998 10,200 99 100.0% 12.23 Kroger CityLine Market Dallas-Fort Worth-Arlington TX 2014 2014 — 81 100.0% 30.41 Whole Foods CityLine Market Phase II Dallas-Fort Worth-Arlington TX 2015 2015 — 22 100.0% 28.58 CVS Hillcrest Village Dallas-Fort Worth-Arlington TX 1999 1991 — 15 100.0% 51.23 - Keller Town Center Dallas-Fort Worth-Arlington TX 1999 2014 — 120 97.4% 17.43 Tom Thumb Lebanon/Legacy Center Dallas-Fort Worth-Arlington TX 2000 2002 — 56 100.0% 30.26 (WalMart) Market at Preston Forest Dallas-Fort Worth-Arlington TX 1999 1990 — 96 97.4% 22.34 Tom Thumb Mockingbird Commons Dallas-Fort Worth-Arlington TX 1999 1987 — 120 95.9% 21.36 Tom Thumb, Ogle School of Hair Design Preston Oaks Dallas-Fort Worth-Arlington TX 2013 2022 — 103 100.0% 40.79 Central Market, Talbots Prestonbrook Dallas-Fort Worth-Arlington TX 1998 1998 — 92 98.9% 15.57 Kroger Shiloh Springs Dallas-Fort Worth-Arlington TX 1998 1998 — 110 93.6% 15.32 Kroger Alden Bridge Houston-Woodlands-Sugar Land TX 2002 1998 26,000 139 98.4% 21.64 Kroger, Walgreens Baybrook East (7) Houston-Woodlands-Sugar Land TX 50% 2020 2021 10,222 156 93.9% 13.16 H.E.B Cochran's Crossing Houston-Woodlands-Sugar Land TX 2002 1994 — 138 100.0% 20.77 Kroger Indian Springs Center Houston-Woodlands-Sugar Land TX 2002 2003 — 137 98.9% 25.71 H.E.B.
Shops at Mira Vista Austin-Round Rock-Georgetown TX 2014 2002 151 68 100.0% 27.16 Trader Joe's, Champions Westlake Gymnastics & Cheer Tech Ridge Center Austin-Round Rock-Georgetown TX 2011 2020 — 243 98.3% 21.47 H.E.B., Pinstack, Baylor Scott & White University Commons - Austin Austin-Round Rock-Georgetown TX 20% 2024 2024 — 218 93.8% 21.03 HEB Bethany Park Place Dallas-Fort Worth-Arlington TX 1998 1998 10,200 99 98.6% 12.07 Kroger CityLine Market Dallas-Fort Worth-Arlington TX 2014 2014 — 81 100.0% 30.87 Whole Foods CityLine Market Phase II Dallas-Fort Worth-Arlington TX 2015 2015 — 22 100.0% 28.99 CVS Hillcrest Village Dallas-Fort Worth-Arlington TX 1999 1991 — 15 100.0% 51.47 - Keller Town Center Dallas-Fort Worth-Arlington TX 1999 2014 — 120 95.9% 17.00 Tom Thumb Lebanon/Legacy Center Dallas-Fort Worth-Arlington TX 2000 2002 — 56 97.0% 31.71 (WalMart) Market at Preston Forest Dallas-Fort Worth-Arlington TX 1999 1990 — 96 100.0% 23.28 Tom Thumb Mockingbird Commons Dallas-Fort Worth-Arlington TX 1999 1987 — 120 100.0% 22.21 Tom Thumb, Ogle School of Hair Design 38 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) MajorTenant(s) (5) Preston Oaks (6) Dallas-Fort Worth-Arlington TX 2013 2022 — 103 96.2% 41.60 Central Market, Talbots Prestonbrook Dallas-Fort Worth-Arlington TX 1998 1998 — 92 98.9% 15.73 Kroger Shiloh Springs Dallas-Fort Worth-Arlington TX 1998 1998 — 110 100.0% 15.84 Kroger Alden Bridge Houston-Woodlands-Sugar Land TX 2002 1998 26,000 139 97.4% 21.80 Kroger, Walgreens Baybrook East (7) Houston-Woodlands-Sugar Land TX 50% 2020 2021 11,778 155 91.3% 12.73 H.E.B Cochran's Crossing Houston-Woodlands-Sugar Land TX 2002 1994 — 138 93.7% 21.16 Kroger Indian Springs Center Houston-Woodlands-Sugar Land TX 2002 2003 — 140 100.0% 26.92 H.E.B.
During 2024, we have a total of 1,081 leases expiring, representing 3.9 million square feet of GLA. These expiring leases have an average base rent of $23.74 PSF. The average base rent of new leases signed during 2023 was $29.89 PSF.
During 2025, we have a total of 1,252 leases expiring by their terms, representing 3.2 million square feet of GLA. These expiring leases have an average base rent of $26.24 PSF. The average base rent of new leases signed during 2024 was $34.58 PSF.
During periods of economic weakness or when percent leased is low, tenants have more bargaining power, which may result in rental rate declines on new or renewal leases. In periods of recovery and/or when percent leased levels are high, landlords have more bargaining power, which generally results in rental rate growth on new and renewal leases.
During periods of macroeconomic uncertainty or weakness, when the percent of our space leased is low, and/or when supply of retail space for lease generally exceeds demand, tenants have more bargaining power, which may result in rental rate declines on new or renewal leases.
Our leases typically provide for the payment of fixed base rent, the tenant’s Pro-rata share of real estate taxes, insurance, and common area maintenance ("CAM") expenses, and reimbursement for utility costs if not directly metered. 26 The following table summarizes Pro-rata lease expirations for the next ten years and thereafter, for our consolidated and unconsolidated properties, assuming no tenants renew their leases (GLA and dollars of In Place Annual Base Rent Expiring Under Leases in thousands): Lease Expiration Year Number of Tenants with Expiring Leases Pro-rata Expiring GLA Percent of Total Company GLA In Place Annual Base Rent Expiring Under Leases Percent of In Place Annual Base Rent Pro-rata Expiring Average Annual Base Rent PSF (1) 180 312 0.7 % $ 8,044 0.7 % $ 25.76 2024 1,081 3,902 8.6 % 92,635 8.4 % 23.74 2025 1,358 5,552 12.3 % 136,495 12.4 % 24.58 2026 1,256 5,648 12.5 % 137,458 12.5 % 24.34 2027 1,316 6,280 13.9 % 155,730 14.2 % 24.80 2028 1,272 5,915 13.1 % 154,464 14.1 % 26.11 2029 712 4,305 9.5 % 96,481 8.8 % 22.41 2030 394 2,250 5.0 % 57,467 5.2 % 25.54 2031 394 1,889 4.2 % 50,664 4.6 % 26.83 2032 430 1,865 4.1 % 52,983 4.8 % 28.41 2033 542 1,947 4.3 % 55,662 5.1 % 28.59 Thereafter 389 5,330 11.8 % 100,519 9.2 % 18.86 Total 9,324 45,195 100.0 % $ 1,098,602 100.0 % $ 24.31 (1) Leases currently under month-to-month rent or in process of renewal.
Our leases typically provide for the payment of fixed base rent, the tenant’s Pro-rata share of real estate taxes, insurance, and common area maintenance ("CAM") expenses, and reimbursement for utility costs if not directly metered. 26 The following table summarizes Pro-rata lease expirations (per their terms) for the next ten years and thereafter, for our consolidated and unconsolidated properties, assuming no tenants renew their leases (GLA and dollars of In Place Annual Base Rent Expiring Under Leases in thousands): Lease Expiration Year Number of Tenants with Expiring Leases Pro-rata Expiring GLA Percent of Total Company GLA In Place Annual Base Rent Expiring Under Leases Percent of In Place Annual Base Rent Pro-rata Expiring Average Annual Base Rent PSF (1) 138 246 0.5 % $ 6,606 0.6 % $ 26.90 2025 1,252 3,200 7.0 % 83,958 7.3 % 26.24 2026 1,266 5,117 11.1 % 127,533 11.1 % 24.93 2027 1,373 6,180 13.4 % 157,864 13.7 % 25.54 2028 1,247 5,940 12.9 % 155,907 13.5 % 26.25 2029 1,201 6,612 14.4 % 155,483 13.5 % 23.51 2030 558 4,389 9.5 % 108,352 9.4 % 24.69 2031 446 2,344 5.1 % 62,216 5.4 % 26.55 2032 445 2,007 4.4 % 58,689 5.1 % 29.24 2033 477 2,093 4.6 % 60,652 5.3 % 28.97 2034 — 1,787 3.9 % 51,389 4.5 % 28.75 Thereafter 821 6,040 13.1 % 122,195 10.6 % 20.23 Total 9,224 45,955 99.9 % $ 1,150,844 100.0 % $ 25.04 (1) Leases currently under month-to-month rent or in process of renewal.
Butt Grocery Company 482 1.0 % 7,376 0.7 % 6 Walgreens Boots Alliance 266 0.6 % 6,858 0.6 % 24 JAB Holding Company 164 0.4 % 6,826 0.6 % 59 Target 654 1.4 % 6,790 0.6 % 6 Kohl's 526 1.1 % 6,247 0.6 % 7 Xponential Fitness 137 0.3 % 5,402 0.5 % 81 Walmart 819 1.8 % 5,362 0.5 % 8 Ulta 184 0.4 % 5,288 0.5 % 21 Best Buy 229 0.5 % 5,277 0.5 % 7 Staples 217 0.5 % 5,109 0.5 % 12 Top Tenants 19,232 41.9 % $ 353,206 31.6 % 971 Our leases for tenant space under 10,000 square feet generally have initial terms ranging from three to seven years.
Butt Grocery Company 656 1.3 % 9,400 0.8 % 8 Ross Dress For Less 534 1.1 % 9,374 0.8 % 24 Gap, Inc 277 0.6 % 8,984 0.8 % 23 Bank of America 149 0.3 % 8,487 0.7 % 40 Target 771 1.6 % 8,485 0.7 % 7 Wells Fargo Bank 138 0.3 % 7,937 0.7 % 46 Petco Health and Wellness Company 303 0.6 % 7,426 0.6 % 29 JAB Holding Company 170 0.3 % 7,080 0.6 % 59 Walgreens Boots Alliance 266 0.5 % 6,961 0.6 % 24 Kohl's 526 1.1 % 6,381 0.5 % 7 Xponential Fitness 153 0.3 % 6,066 0.5 % 92 Ulta 199 0.4 % 6,046 0.5 % 23 Five Below 182 0.4 % 5,470 0.5 % 23 Walmart 677 1.4 % 5,371 0.5 % 7 Top Tenants 19,236 39.4 % $ 361,539 30.3 % 988 Our leases for tenant space under 10,000 square feet generally have initial terms ranging from three to seven years.
Removed
Fitness Sports Club 516 1.1 % 11,137 1.0 % 14 Trader Joe's 311 0.7 % 11,023 1.0 % 30 JPMorgan Chase Bank 176 0.4 % 10,667 0.9 % 56 Ross Dress For Less 534 1.2 % 9,259 0.8 % 24 Gap, Inc 279 0.6 % 8,933 0.8 % 24 Bank of America 154 0.3 % 8,657 0.8 % 44 Starbucks 147 0.3 % 8,617 0.8 % 94 Nordstrom 308 0.7 % 8,573 0.8 % 9 Wells Fargo Bank 135 0.3 % 7,800 0.7 % 47 Petco Health and Wellness Company 312 0.7 % 7,534 0.7 % 31 H.E.
Added
Fitness Sports Club 516 1.1 % 11,242 0.9 % 14 Trader Joe's 311 0.6 % 11,194 0.9 % 30 JPMorgan Chase Bank 179 0.4 % 11,109 0.9 % 58 Nordstrom 366 0.7 % 10,080 0.8 % 11 Starbucks 151 0.3 % 9,531 0.8 % 96 H.E.
Added
In periods of macroeconomic strength, when the percent of space leased is relatively high, and/or when supply/demand metrics for retail space favor landlords, we have more bargaining power, which generally results in rental rate growth on new and renewal leases.
Added
(5) Retailers in parenthesis are "shadow anchors" at our shopping centers (as described in Item 1A, "Risk Factors"). We have no ownership or leasehold interest in their space, which is adjacent to our property or on a parcel owned by the shadow anchor that appears to be part of our center.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

1 edited+0 added−0 removed2 unchanged
Biggest changeHowever, no assurances can be given as to the outcome of any threatened or pending legal proceedings. See Note 16 - Commitments and Contingencies in the Notes for discussion regarding material legal proceeds and contingencies.
Biggest changeHowever, no assurances can be given as to the outcome of any threatened or pending legal proceedings. See Note 17 - Commitments and Contingencies in the Notes for discussion regarding material legal proceeds and contingencies.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

7 edited+1 added−1 removed3 unchanged
Biggest changeThe following performance graph and table do not constitute soliciting material and should not be deemed filed or incorporated by reference into any other previous or future filings by us under the Securities Act of 1933, as amended (the "Securities Act") or the Securities Exchange Act of 1934, as amended (the "Exchange Act"). 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 Regency Centers Corporation $ 100.00 111.42 84.78 145.30 125.60 140.38 S&P 500 100.00 131.49 155.68 200.37 164.08 207.21 FTSE NAREIT Equity REITs 100.00 126.00 115.92 166.04 125.58 142.83 FTSE NAREIT Equity Shopping Centers 100.00 125.03 90.47 149.32 130.60 146.32
Biggest changeThe following performance graph and table do not constitute soliciting material and should not be deemed filed or incorporated by reference into any other previous or future filings by us under the Securities Act of 1933, as amended (the "Securities Act") or the Securities Exchange Act of 1934, as amended (the "Exchange Act"). 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 Regency Centers Corporation $ 100.00 76.09 130.41 112.72 125.99 144.73 S&P 500 100.00 118.40 152.39 124.79 157.59 197.02 FTSE NAREIT Equity REITs 100.00 92.00 131.78 99.67 113.35 123.25 FTSE NAREIT Equity Shopping Centers 100.00 72.36 119.43 104.46 117.03 136.97
Under the plan, we may elect to purchase common stock in the open market on behalf of shareholders or may issue new common stock to such shareholders. Under the revolving credit agreement of our Line, in the event of any monetary default, we may not make distributions to shareholders except to the extent necessary to maintain our REIT status.
Under the plan, we may elect to purchase common stock in the open market on behalf of shareholders or may issue new common stock to such shareholders. Under the terms of our Line, in the event of any monetary default, we may not make distributions to shareholders except to the extent necessary to maintain our REIT status.
In order to maintain Regency Centers Corporation's qualification as a REIT for federal income tax purposes, we are generally required to make annual distributions equal to at least 90% of our real estate investment trust taxable income for the taxable year.
In order to maintain Regency Centers Corporation's qualification as a REIT for federal income tax purposes, we are generally required to make annual distributions equal to at least 90% of our real estate investment trust taxable income for the taxable year, excluding any net capital gains.
The following table represents information with respect to purchases by Regency of its common stock by months during the three month period ended December 31, 2023: Period Total number of shares purchased (1) Total number of shares purchased as part of publicly announced plans or programs (2) Average price paid per share Maximum number or approximate dollar value of shares that may yet be purchased under the plans or programs (2) October 1, 2023, through October 31, 2023 — — $ — $ 230,000,011 November 1, 2023, through November 30, 2023 — — $ — $ 230,000,011 December 1, 2023, through December 31, 2023 — — $ — $ 230,000,011 (1) Represents shares repurchased to cover payment of withholding taxes in connection with restricted stock vesting by participants under Regency's Long-Term Omnibus Plan.
The following table represents information with respect to purchases by Regency of its common stock by month during the three month period ended December 31, 2024: Period Total number of shares purchased (1) Total number of shares purchased as part of publicly announced plans or programs (2) Average price paid per share Maximum number or approximate dollar value of shares that may yet be purchased under the plans or programs (2) October 1, 2024, through October 31, 2024 — — $ — $ 250,000,000 November 1, 2024, through November 30, 2024 145,257 — $ 73.77 $ 250,000,000 December 1, 2024, through December 31, 2024 — — $ — $ 250,000,000 (1) Represents shares purchased to cover payment of withholding taxes in connection with restricted stock vesting by participants under Regency's Long-Term Omnibus Plan.
Item 5. Market for the Registrant's Common Equity, Related St ockholder Matters, and Issuer Purchases of Equity Securities Our common stock is listed on the NASDAQ Global Select Market under the symbol "REG." As of February 05, 2024, there were 112,794 holders of our common stock. We intend to pay regular quarterly distributions to Regency Centers Corporation's common shareholders.
Item 5. Market for the Registrant's Common Equity, Related St ockholder Matters, and Issuer Purchases of Equity Securities Our common stock is listed on the NASDAQ Global Select Market under the symbol "REG." As of February 07, 2025, there were 140,467 holders of our common stock. We intend to pay regular quarterly distributions to Regency Centers Corporation's common shareholders.
(2) Our Board has authorized a two-year common stock repurchase program under which we may purchase, from time to time, up to a maximum of $250 million of our outstanding common stock through open market purchases, and/or in privately negotiated transactions. The timing and price of stock repurchases will be dependent upon market conditions and other factors.
(2) On July 31, 2024, we announced that our Board has authorized a common stock repurchase program under which we may purchase up to a maximum of $250 million of our outstanding common stock through open market purchases, and/or in privately negotiated transactions. The timing and price of stock repurchases will be dependent upon market conditions and other factors.
Our stock repurchase program will expire February 7, 2025, unless modified, extended or earlier terminated by the Board. 41 The performance graph furnished below shows Regency's cumulative total shareholder return relative to the S&P 500 Index, the FTSE Nareit Equity REIT Index, and the FTSE Nareit Equity Shopping Centers index since December 31, 2018.
This program will expire on June 30, 2026, unless modified, extended or earlier terminated by the Board in its discretion. 41 The performance graph furnished below shows Regency's cumulative total shareholder return relative to the S&P 500 Index, the FTSE Nareit Equity REIT Index, and the FTSE Nareit Equity Shopping Centers index since December 31, 2019.
Removed
During the quarter ended December 31, 2023, the Operating Partnership issued 181,885 exchangeable operating partnership units to partially fund the acquisition of an operating property. Such units were issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended. No underwriting discounts or commissions were paid with respect to such issuances.
Added
There were no unregistered sales of equity securities during the quarter ended December 31, 2024.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

61 edited+25 added−27 removed33 unchanged
Biggest changeNet cash used in financing activities: Net cash flows used in financing activities changed during 2023, as follows: (in thousands) 2023 2022 Change Cash flows from financing activities: Net proceeds from common stock issuances $ (33 ) 61,284 (61,317 ) Repurchase of common shares in conjunction with equity award plans (7,662 ) (6,447 ) (1,215 ) Common shares repurchased through share repurchase program (20,006 ) (75,419 ) 55,413 Proceeds from sale of treasury stock, net 103 64 39 Contributions from (Distributions to) limited partners in consolidated partnerships, net 2,425 (7,245 ) 9,670 Dividend payments and operating partnership distributions (458,846 ) (430,143 ) (28,703 ) Redemption of exchangeable operating partnership units (9,163 ) — (9,163 ) Proceeds from unsecured credit facilities, net 152,000 — 152,000 Proceeds from debt issuance 59,500 — 59,500 Debt repayment, including early redemption costs (72,827 ) (17,964 ) (54,863 ) Payment of loan costs (526 ) (88 ) (438 ) Net cash used in financing activities $ (355,035 ) (475,958 ) 120,923 Significant financing activities during the years ended December 31, 2023 and 2022 included the following: • We received proceeds of $61.3 million, net of issue costs, in April 2022 upon settling forward equity sales under our ATM program. • We repurchased for cash a portion of the common stock granted to employees for stock-based compensation to satisfy employee tax withholding requirements, which totaled $7.7 million and $6.4 million during the years ended December 31, 2023 and 2022, respectively. 55 • We paid $20.0 million to repurchase 349,519 shares of our common stock through our Repurchase Program during 2023, and $75.4 million during the same period in 2022 to repurchase 1,294,201 shares of our common stock through our Repurchase Program. • We received $2.4 million net from limited partners, including $10.2 million of contributions for their share of debt repayments and development funding, partially offset by $7.8 million in operating distributions during 2023.
Biggest change(3) Estimated Net Development Costs are reported based on Regency’s ownership interest in the real estate partnership at completion. 55 Net cash used in financing activities: Net cash flows from financing activities increased by $138.0 million during 2024, as follows: (in thousands) 2024 2023 Change Cash flows from financing activities: Net proceeds from common stock issuances $ — (33 ) 33 Repurchase of common shares in conjunction with equity award plans (19,540 ) (7,662 ) (11,878 ) Common shares repurchased through share repurchase program (200,066 ) (20,006 ) (180,060 ) Contributions from noncontrolling interests 6,789 10,238 (3,449 ) Distributions to and redemptions of noncontrolling interests (12,185 ) (7,813 ) (4,372 ) Dividend payments and operating partnership distributions (506,967 ) (458,846 ) (48,121 ) (Repayments of) proceeds from unsecured credit facilities, net (87,000 ) 152,000 (239,000 ) Proceeds from issuance of fixed rate unsecured notes, net of debt discount 722,860 — 722,860 Proceeds from notes payable 12,000 59,500 (47,500 ) Debt repayment (392,470 ) (72,827 ) (319,643 ) Payment of financing costs (16,655 ) (526 ) (16,129 ) Proceeds from sale of treasury stock 210 103 107 Redemption of EOP units — (9,163 ) 9,163 Net cash used in financing activities $ (493,024 ) (355,035 ) (137,989 ) Significant changes in financing activities include the following: • We repurchased a portion of the common stock granted to employees for stock-based compensation to satisfy employee tax withholding requirements, which totaled $19.5 million and $7.7 million during the years ended December 31, 2024 and 2023, respectively.
We can give no assurance that existing environmental studies on our shopping centers have revealed all potential environmental contamination; that our estimate of liabilities will not change as more information becomes available; that any previous owner, occupant or tenant did not create any material environmental condition not known to us; that the current environmental condition of the shopping centers will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; or that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to us. 57
We can give no assurance that existing environmental studies on our shopping centers have revealed all potential environmental contamination; that our estimate of liabilities will not change as more information becomes available; that any previous owner, occupant or tenant did not create any material environmental condition not known to us; that the current environmental condition of the shopping centers will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; or that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to us.
Recent Accounting Pronouncements See note 1 to Consolidated Financial Statements. Environmental Matters We are subject to numerous environmental laws and regulations, which primarily pertain to chemicals historically used by certain current and former dry cleaning and gas station tenants and the existence of asbestos in older shopping centers.
Recent Accounting Pronouncements See note 1 to Consolidated Financial Statements. 57 Environmental Matters We are subject to numerous environmental laws and regulations, which primarily pertain to chemicals historically used by certain current and former dry cleaning and gas station tenants and the existence of asbestos in older shopping centers.
We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP measures to determine how best to provide relevant information to the public, and thus such reported non-GAAP measures could change. See "Defined Terms" in "Item 1. Business " for additional information regarding the definition of and other information regarding the non-GAAP measures we present in this Report.
We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP measures to determine how best to provide relevant information to the public, and thus such reported non-GAAP measures could change. See "Non-GAAP Measures" in "Item 1. Business " for additional information regarding the definition of and other information regarding the non-GAAP measures we present in this Report.
These lease obligations are discussed in note 7; • Our share of mortgage loans within our Investments in real estate partnerships, as discussed in note 4; • Letters of credit of $8.5 million issued to cover our captive insurance program and performance obligations on certain development projects, the latter of which will be satisfied upon completion of the development projects; • Obligations for retirement savings plans due to uncertainty around timing of participant withdrawals, which are solely within the control of the participant, and are further discussed in note 14; and • We will also incur obligations related to construction or development contracts on projects in process; however, future amounts under these construction contracts are not due until future satisfactory performance under the contracts.
These lease obligations are discussed in note 7; • Our share of mortgage loans within our Investments in real estate partnerships, as discussed in note 4; • Letters of credit of $10.9 million issued to cover our captive insurance program and performance obligations on certain development projects, the latter of which will be satisfied upon completion of the development projects; • Obligations for retirement savings plans due to uncertainty around timing of participant withdrawals, which are solely within the control of the participant, and are further discussed in note 14; and • We will also incur obligations related to construction or development contracts on projects in process; however, future amounts under these construction contracts are not due until future satisfactory performance under the contracts.
See the tables below for more details about our redevelopment projects. • Development costs are higher in 2023 due to the progress towards completion of our development projects in process. See the tables below for more details about our development projects. • Interest is capitalized on our development and redevelopment projects and is based on cumulative actual costs expended.
See the tables below for more details about our redevelopment projects. • Development costs are higher in 2024 due to the progress towards completion of our development projects in process. See the tables below for more details about our development projects. • Interest is capitalized on our development and redevelopment projects and is based on cumulative actual costs expended.
The dividend will be payable to holders of record of the Series A Preferred Stock as of the close of business on April 15, 2024; and • Declared a dividend on the Series B Preferred Stock, which will be paid at a rate of $0.367200 per share on April 30, 2024.
The dividend will be payable to holders of record of the Series A Preferred Stock as of the close of business on April 15, 2025; and • Declared a dividend on the Series B Preferred Stock, which will be paid at a rate of $0.367200 per share on April 30, 2025.
We expect to meet these needs by using a combination of the following: cash flow from operations after funding our common stock and preferred stock dividends, borrowings from our Line, proceeds from the sale of real estate, mortgage loan and unsecured bank financing, distributions received from our real estate partnerships, and when the capital markets are favorable, proceeds from the sale of equity securities or the issuance of new unsecured debt.
We expect to meet these needs for the next 12 months and beyond by using a combination of the following: cash flow from operations after funding our common stock and preferred stock dividends, borrowings from our Line, proceeds from the sale of real estate, mortgage loan and unsecured bank financing, distributions received from our real estate partnerships, and when the capital markets are favorable, proceeds from the sale of equity securities or the issuance of new unsecured debt.
We currently have development and redevelopment projects in various stages of construction, along with a pipeline of potential projects for future development or redevelopment.
We currently have development and redevelopment projects in various stages of planning, design and construction, along with a pipeline of potential projects for future development or redevelopment.
The dividend will be payable to holders of record of the Series B Preferred Stock as of the close of business on April 15, 2024.
The dividend will be payable to holders of record of the Series B Preferred Stock as of the close of business on April 15, 2025.
We seek to mitigate these potential impacts through maintaining a high quality portfolio, diversifying our tenant mix, replacing less successful tenants with stronger operators, anchoring our centers with market leading grocery stores that drive customer traffic, and investing in suburban trade areas with compelling demographic populations benefiting from high levels of disposal income.
We seek to mitigate potentially adverse impacts through maintaining a high quality portfolio, diversifying our geographic and tenant mix, replacing less successful tenants with stronger operators, anchoring our centers with market leading grocery stores that drive customer traffic, and investing in suburban trade areas with compelling demographic populations benefiting from high levels of disposal income.
As a result, it is likely that we would recover substantially less than the full value of any unsecured claims we hold. Additionally, we may incur significant expense to adjudicate our claim and significant downtime to re-lease the vacated space.
As a result, in a tenant bankruptcy situation it is likely that we would recover substantially less than the full value of any unsecured claims we hold. Additionally, we may incur significant expense to adjudicate our claim and significant downtime to re-lease the vacated space.
If we refinance maturing debt, our cash requirements will decrease. We endeavor to maintain a high percentage of unencumbered assets. As of December 31, 2023, 87.1% of our wholly-owned real estate assets were unencumbered. Our low level of encumbered assets allows us to more readily access the secured and unsecured debt markets and to maintain borrowing capacity on the Line.
If we refinance maturing debt, our cash requirements will decrease. We endeavor to maintain a high percentage of unencumbered assets. As of December 31, 2024, 88.6% of our wholly-owned real estate assets were unencumbered. Our low level of encumbered assets allows us to more readily access the secured and unsecured debt markets and to maintain borrowing capacity on the Line.
After funding our common and preferred stock dividend payments in January 2024, we estimate that we will require capital during the next 12 months of approximately $677.8 million related to leasing commissions, tenant improvements, in-process developments and redevelopments, capital contributions to our real estate partnerships, and repaying maturing debt.
After funding our common and preferred stock dividend payments in January 2025, we estimate that we will require capital during the next 12 months of approximately $544.9 million related to leasing commissions, tenant improvements, in-process developments and redevelopments, capital contributions to our real estate partnerships, and repaying maturing debt.
Rent spreads are calculated on all executed leasing transactions for comparable Retail Operating Property spaces, including spaces vacant greater than 12 months. • At December 31, 2023, our total property portfolio was 95.1% leased while our same property portfolio was 95.7% leased, compared to 94.8% and 95.1%, respectively, at December 31, 2022.
Rent spreads are calculated on all executed leasing transactions for comparable Retail Operating Property spaces, including spaces vacant greater than 12 months. • At December 31, 2024, our total property portfolio was 96.3% leased while our same property portfolio was 96.7% leased, compared to 95.1% and 95.7%, respectively, at December 31, 2023.
Pro-rata Percent Leased The following table summarizes Pro-rata percent leased of our combined consolidated and unconsolidated shopping center portfolio: December 31, 2023 December 31, 2022 Percent Leased – All properties 95.1 % 94.8 % Anchor Space (spaces ≥ 10,000 SF) 96.7 % 96.8 % Shop Space (spaces 92.4 % 91.5 % Our percent leased increased primarily due to favorable leasing activity in our Shop Space category during 2023.
Pro-rata Percent Leased The following table summarizes Pro-rata percent leased of our combined consolidated and unconsolidated shopping center portfolio: December 31, 2024 December 31, 2023 Percent Leased – All properties 96.3 % 95.1 % Anchor Space (spaces ≥ 10,000 SF) 98.4 % 96.7 % Shop Space (spaces 93.0 % 92.4 % Our percent leased increased primarily due to favorable leasing activity in both our Anchor and Shop Space categories during 2024.
We continued our development and redevelopment of high quality shopping centers: • Estimated Pro-rata project costs of our current in process development and redevelopment projects totaled $468.1 million compared to $300.9 million at December 31, 2022. • Development and redevelopment projects completed during 2023 represented $87.4 million of estimated net project costs, with an average stabilized yield of 8.7%.
We continued our development and redevelopment of high quality shopping centers: • Estimated Pro-rata project costs of our current in process development and redevelopment projects totaled $497.3 million compared to $468.1 million at December 31, 2023. • Development and redevelopment projects completed during 2024 represented $236.6 million of estimated net project costs, with an average stabilized yield of 8.0%.
On February 7, 2024, our Board of Directors: • Declared a common stock dividend of $0.67 per share, payable on April 3, 2024, to shareholders of record as of March 13, 2024; • Declared a dividend on the Series A Preferred Stock, which will be paid at a rate of $0.390625 per share on April 30, 2024.
On February 4, 2025, our Board of Directors: • Declared a common stock dividend of $0.705 per share, payable on April 2, 2025, to shareholders of record as of March 12, 2025; • Declared a dividend on the Series A Preferred Stock, which will be paid at a rate of $0.390625 per share on April 30, 2025.
On January 8, 2024, Regency priced a public offering of $400 million of senior unsecured notes due 2034 (the “2024 Notes”) under our existing shelf registration filed with the SEC. The Notes mature on January 15, 2034, and were issued at 99.617% of par value with a coupon of 5.25%.
The January 2024 Notes were issued at 99.617% of par value with a coupon of 5.25%, and will mature on January 15, 2034. Additionally, on August 12, 2024, we priced a public offering of $325 million of senior unsecured notes due in 2035 (the "August 2024 Notes") under our existing shelf registration statement filed with the SEC.
(2) Includes non-NOI income earned and expenses incurred at our unconsolidated real estate partnerships, including those separated out above for our consolidated properties. (3) Includes revenues and expenses attributable to non-same property, sold property, development properties, and corporate activities.
(2) Includes non-NOI income earned and expenses incurred at our unconsolidated real estate partnerships, including those separated out above for our consolidated properties.
General and administrative costs increased $17.9 million, on a net basis, mainly due to the following: • $10.9 million net increase due to changes in the value of participant obligations within the deferred compensation plan, attributable to changes in market values of those investments, reflected within Net investment income; • $1.1 million net increase driven by higher professional fees, business promotion and travel related costs; • $8.3 million net increase in compensation costs primarily driven by salary increases, fewer vacant positions and performance-based incentive compensation; partially offset by • $2.5 million decrease due to higher development overhead capitalization based on the timing and progress of our development and redevelopment projects.
General and administrative costs increased by $3.7 million, mainly due to the following: • $6.9 million increase in compensation costs primarily driven by salary increases and performance-based incentive compensation; • $1.6 million increase primarily attributable to higher costs in technology related spending and professional fees; • $0.5 million increase due to changes in the value of participant obligations within the deferred compensation plan, which were attributable to increases in the market values of those investments recognized in Net investment income; partially offset by • $5.3 million change in overhead capitalization due to the number, timing and status of our development and redevelopment projects.
Pro-rata Leasing Activity The following table summarizes leasing activity, including our Pro-rata share of activity within the portfolio of our real estate partnerships (totals as a weighted-average PSF): Year Ended December 31, 2023 Leasing Transactions SF (in thousands) Base Rent PSF Tenant Allowance and Landlord Work PSF Leasing Commissions PSF Anchor Space Leases New 41 859 $ 20.37 $ 45.96 $ 5.38 Renewal 110 2,916 18.06 0.39 0.10 Total Anchor Space Leases 151 3,775 $ 18.58 $ 10.77 $ 1.30 Shop Space Leases New 583 1,179 $ 38.25 $ 41.71 $ 13.28 Renewal 1,105 1,952 37.55 1.73 0.73 Total Shop Space Leases 1,688 3,131 $ 37.82 $ 16.79 $ 5.45 Total Leases 1,839 6,906 $ 27.30 $ 13.50 $ 3.19 44 Year Ended December 31, 2022 Leasing Transactions SF (in thousands) Base Rent PSF Tenant Allowance and Landlord Work PSF Leasing Commissions PSF Anchor Space Leases New 24 632 $ 15.09 $ 24.36 $ 5.32 Renewal 108 3,252 16.36 1.07 0.23 Total Anchor Space Leases 132 3,884 $ 16.16 $ 4.86 $ 1.06 Shop Space Leases New 562 1,058 $ 37.55 $ 36.17 $ 11.48 Renewal 1,287 2,395 35.94 1.66 0.77 Total Shop Space Leases 1,849 3,453 $ 36.44 $ 12.23 $ 4.05 Total Leases 1,981 7,337 $ 25.70 $ 8.33 $ 2.47 The weighted-average base rent PSF on signed Shop Space leases during 2023 was $37.82 PSF, which is higher than the weighted average annual base rent PSF of all Shop Space leases due to expire during the next 12 months of $34.73 PSF.
Pro-rata Leasing Activity The following table summarizes leasing activity, including our Pro-rata share of activity within the portfolio of our real estate partnerships (totals as a weighted-average PSF): Year Ended December 31, 2024 Leasing Transactions SF (in thousands) Base Rent PSF Tenant Allowance and Landlord Work PSF Leasing Commissions PSF Anchor Space Leases New 39 952 $ 20.06 $ 61.64 $ 6.77 Renewal 153 4,778 18.48 0.72 0.09 Total Anchor Space Leases 192 5,730 $ 18.76 $ 11.74 $ 1.30 Shop Space Leases New 598 1,415 $ 39.91 $ 44.11 $ 14.58 Renewal 1,242 2,714 38.39 2.52 0.65 Total Shop Space Leases 1,840 4,129 $ 38.92 $ 16.98 $ 5.49 Total Leases 2,032 9,859 $ 27.19 $ 13.93 $ 3.05 Year Ended December 31, 2023 Leasing Transactions SF (in thousands) Base Rent PSF Tenant Allowance and Landlord Work PSF Leasing Commissions PSF Anchor Space Leases New 41 859 $ 20.37 $ 45.96 $ 5.38 Renewal 110 2,916 18.06 0.39 0.10 Total Anchor Space Leases 151 3,775 $ 18.58 $ 10.77 $ 1.30 Shop Space Leases New 583 1,179 $ 38.25 $ 41.71 $ 13.28 Renewal 1,105 1,952 37.55 1.73 0.73 Total Shop Space Leases 1,688 3,131 $ 37.82 $ 16.79 $ 5.45 Total Leases 1,839 6,906 $ 27.30 $ 13.50 $ 3.19 The weighted-average base rent PSF on signed Shop Space leases during 2024 was $38.92 PSF, which is higher than the weighted average annual base rent PSF of all Shop Space leases due to expire during the next 12 months of $35.98 PSF.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Executing on our Strategy During the year ended December 31, 2023, we had Net income attributable to common shareholders of $359.5 million as compared to $482.9 million during the year ended December 31, 2022, which included gains on sale of real estate of $109.0 million.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Executing on our Strategy During the year ended December 31, 2024, we had Net income attributable to common shareholders of $386.7 million as compared to $359.5 million during the year ended December 31, 2023 with the increase primarily related to the 2023 acquisition of UBP.
The consolidated results of operations of UBP are included in the consolidated financial statements from the closing date, August 18, 2023 through December 31, 2023. Leasing Activity and Significant Tenants We believe our high-quality, neighborhood and community shopping centers located in suburban trade areas with compelling demographics create attractive spaces for retail and service providers to operate their businesses.
No shares have been settled through December 31, 2024. 43 Leasing Activity and Significant Tenants We believe our high-quality, neighborhood and community shopping centers located in suburban trade areas with compelling demographics create attractive spaces for retail and service providers to operate their businesses.
As part of the transaction, we acquired over 70 properties, growing our portfolio of high-quality, neighborhood and community shopping centers in premier suburban trade areas that benefit from compelling demographics. • Our Pro-rata same property NOI, excluding termination fees, grew 1.7%, primarily attributable to improvements in base rent from increases in year over year occupancy rates, contractual rent steps in existing leases, and positive rent spreads on new and renewal leases. • We executed 1,839 new and renewal leasing transactions representing 6.9 million Pro-rata SF with positive rent spreads of 10.0% during 2023, compared to 1,981 leasing transactions representing 7.3 million Pro-rata SF with positive rent spreads of 7.4% in 2022.
During the year ended December 31, 2024: • Our Pro-rata same property NOI, excluding termination fees, grew 3.1%, primarily attributable to improvements in base rent from increases in year over year occupancy rates, contractual rent steps in existing leases, and positive rent spreads on new and renewal leases. • We executed 2,032 new and renewal leasing transactions representing 9.9 million Pro-rata SF with positive rent spreads of 9.5% during 2024, compared to 1,839 such transactions representing 6.9 million Pro-rata SF with positive rent spreads of 10.0% in 2023.
If we reduce our development and redevelopment activity, the amount of interest that we capitalize may be lower than historical averages. • We have a staff of employees who directly support our development program, which includes redevelopment of our existing properties. Internal compensation costs directly attributable to these activities are capitalized as part of each project.
If we reduce our development and redevelopment activity, the amount of interest that we capitalize may be lower than historical averages. • We have a staff of employees who directly manage and support our development and redevelopment program.
During the years ended December 31, 2023 and 2022, we generated cash flow from operations of $719.6 million and $655.8 million, respectively, and paid $458.8 million in dividends to our common and preferred stock and unit holders, and $430.1 million in dividends to our common stock and unit holders, respectively.
We have historically generated sufficient cash flow from operations to fund our dividend distributions. During the years ended December 31, 2024 and 2023, we generated cash flows from operating activities of $790.2 million and $719.6 million, respectively, and paid $507.0 million and $458.8 million in dividends to our common and preferred stock and unit holders, in the same respective periods.
Significant Tenants and Concentrations of Risk We seek to reduce our operating and leasing risks through geographic diversification of our properties, as seen in "Item 2. Properties " of this Report. We seek to avoid dependence on any single property, market, or tenant.
For example, we utilize geographic diversification, as described in "Item 2. Properties " of this Report, and also seek to avoid dependence on any single property, market, or tenant.
We continually evaluate alternative financing options, and we believe we can obtain new financing on reasonable terms, although likely at higher interest rates than that of our debt currently outstanding, due to the current interest rate environment.
We continually evaluate alternative financing options, and we believe we can obtain new financing on reasonable terms, although likely at higher interest rates than that of our debt currently outstanding, due to the current interest rate environment. 51 On January 8, 2024, we priced a public offering of $400 million of senior unsecured notes due in 2034 (the "January 2024 Notes") under our existing shelf registration statement filed with the SEC.
New and renewal rent spreads, as compared to prior rents on these same spaces leased, were positive at 10.0% for the 12 months ended December 31, 2023, as compared to 7.4% for the 12 months ended December 31, 2022.
New and renewal rent spreads, compared to prior rents on these same spaces leased, were positive at 9.5% for the 12 months ended December 31, 2024, compared to 10.0% for the 12 months ended December 31, 2023. 44 Diversification and Concentration of Tenant Risk We seek to reduce our risk by limiting concentration.
Real estate taxes increased $15.8 million, on a net basis, mainly due to the following: • $8.9 million increase from acquisition of UBP; • $2.1 million increase from acquisitions of other operating properties and developments where capitalization ceased and spaces became available for occupancy; and • $4.8 million net increase from same properties primarily due to increases in real estate tax assessments across the portfolio.
Real estate taxes increased by $18.9 million, mainly due to the following: • $14.9 million increase from acquisition of UBP; and • $3.5 million net increase from same properties primarily due to increases in real estate tax assessments across the portfolio. • $1.2 million increase from the acquisitions of other operating properties and development properties; offset by • $0.7 million decrease from dispositions of operating properties.
Based on percentage of annualized base rent, the following table summarizes our most significant tenants, of which four of the top five are grocers: December 31, 2023 Anchor Number of Stores Percentage of Company- owned GLA (1) Percentage of Annual Base Rent (1) Publix 68 6.4 % 3.0 % Albertsons Companies, Inc. 53 4.8 % 3.0 % Kroger Co. 52 6.4 % 2.7 % Amazon/Whole Foods 38 2.7 % 2.6 % TJX Companies, Inc. 70 3.6 % 2.6 % (1) Includes Regency's Pro-rata share of unconsolidated properties and excludes those owned by anchors.
Based on percentage of annualized base rent, the following table summarizes our most significant tenants, of which four of the top five are grocers: December 31, 2024 Anchor Number of Stores Percentage of Company- owned GLA (1) Percentage of Annual Base Rent (1) Publix 67 6.0 % 2.9 % Albertsons Companies, Inc.
In 2022, we paid $169.6 million to purchase seven operating properties, including four properties in which we previously held a 25% interest through an unconsolidated Investment in real estate partnership. • We invested $82.4 million, net of $14.1 million in cash acquired for the acquisition of UBP, including $39.3 million for UBP debt repaid at closing, and $57.2 million in direct transaction and other costs. • We invested $37.4 million more in 2023 than 2022 in real estate development, redevelopment, and capital improvements, as further detailed in the tables below. • We sold five land parcels, and one development project interest in 2023 for proceeds of $11.2 million compared to two operating properties, four land parcels, and one development project interest in 2022 for proceeds of $143.1 million. • We issued and collected $4.0 million in notes receivable during 2023, and collected $1.8 million during 2022. • We invested $13.1 million in our real estate partnerships during 2023, including: o $2.8 million to fund our share of acquiring one operating property within an existing real estate partnership, and o $10.3 million to fund our share of development and redevelopment activities • During the same period in 2022, we invested $36.3 million in our real estate partnerships, including: o $6.1 million to fund our share of acquiring one operating property within an existing real estate partnership o $20.2 million to fund our share of secured debt maturities, and o $10.0 million to fund our share of development and redevelopment activities. 53 • Return of capital from our unconsolidated investments in real estate partnerships includes sales or financing proceeds: o During 2023, we received $11.3 million, including $3.6 million from our share of debt refinancing activities and $7.7 million from our share of proceeds from real estate sales. o During 2022, we received $48.5 million, including $11.6 million from our share of debt refinancing activities and $36.9 million from our share of proceeds from real estate sales. • Acquisition of securities and proceeds from sale of securities pertain to investment activities held in our captive insurance company and our deferred compensation plan.
In addition, we issued $2.9 million short-term notes receivable to real estate partners in 2024, as compared to the issuance of a $4.0 million in 2023. • We collected $3.1 million in notes receivable during 2024, and collected $4.0 million during 2023. • Investments in real estate partnerships: o In 2024, we invested $41.3 million to fund our share of acquiring one operating property within an existing real estate partnership, and for our share of development and redevelopment activities, including investing in two new ground up development projects, o In 2023, we invested $13.1 million, including $2.8 million to fund our share of acquiring one operating property within an existing real estate partnership, and $10.3 million to fund our share of development and redevelopment activities. • Return of capital from our unconsolidated investments in real estate partnerships includes sales or financing proceeds: o During 2024, we received $13.0 million, which represents our share of proceeds from debt financing activities and the sale of an ownership interest in a real estate partnership. o During 2023, we received $11.3 million, including $3.6 million from our share of proceeds from debt financing activities and $7.7 million from our share of proceeds from real estate sales. • Acquisition of securities and proceeds from sale of securities pertain to investment activities held in our captive insurance company and our deferred compensation plan.
We monitor the shopping centers containing environmental issues and in certain cases voluntarily remediate the sites. We also have legal obligations to remediate certain sites and we are in the process of doing so. As of December 31, 2023, we had accrued liabilities of $19.4 million for our Pro-rata share of environmental remediation, including our Investments in real estate partnerships.
We monitor the shopping centers containing environmental issues and in certain cases voluntarily remediate the sites. We also have legal obligations to remediate certain sites and we are in the process of doing so.
Comparison of the years ended December 31, 2023 and 2022: Revenues changed as summarized in the following table: (in thousands) 2023 2022 Change Lease income Base rent $ 897,451 821,755 75,696 Recoveries from tenants 311,775 280,658 31,117 Percentage rent 12,963 9,635 3,328 Uncollectible lease income (549 ) 13,841 (14,390 ) Other lease income 20,685 14,748 5,937 Straight-line rent 10,788 24,272 (13,484 ) Above/below market rent and tenant rent inducement amortization, net 30,826 22,543 8,283 Total lease income $ 1,283,939 1,187,452 96,487 Other property income 11,573 10,719 854 Management, transaction, and other fees 26,954 25,851 1,103 Total revenues $ 1,322,466 1,224,022 98,444 Total lease income increased $96.5 million primarily driven by the following contractually billable components of rent to the tenants per the lease agreements: • $75.7 million increase from billable Base rent: o $36.5 million increase from acquisition of UBP; o $2.8 million increase from rent commencing at development properties; o $4.5 million increase from acquisitions of other operating properties in 2023 and 2022; and o $32.1 million net increase from same properties, including: ▪ $19.1 million net increase due to increases from occupancy, rent steps in existing leases, and positive rental spreads on new and renewal leases; ▪ $2.1 million increase related to our acquisition and resulting consolidation of four properties previously held in an unconsolidated real estate partnership during 2022; and ▪ $10.8 million increase due to redevelopment projects completing and operating. • $31.1 million increase from contractual Recoveries from tenants, which represents the tenants' proportionate share of the operating, maintenance, insurance, and real estate tax expenses that we incur to operate our shopping centers.
Comparison of the years ended December 31, 2024 and 2023: The changes in revenues are summarized in the following table: (in thousands) 2024 2023 Change Lease income Base rent $ 986,916 897,451 89,465 Recoveries from tenants 345,145 311,775 33,370 Percentage rent 13,777 12,963 814 Uncollectible lease income (3,324 ) (549 ) (2,775 ) Other lease income 23,722 20,685 3,037 Straight-line rent 20,300 10,788 9,512 Above/below market rent amortization, net 24,843 30,826 (5,983 ) Total lease income $ 1,411,379 1,283,939 127,440 Other property income 14,651 11,573 3,078 Management, transaction, and other fees 27,874 26,954 920 Total revenues $ 1,453,904 1,322,466 131,438 Lease income increased by $127.4 million primarily due to the following: • $89.5 million increase in Base rent, mainly driven by the following: o $63.0 million increase resulting from the acquisition of UBP; o $22.5 million increase resulting from same properties, including: ▪ $15.1 million increase due to increases from occupancy, rent steps in existing leases, and positive rental spreads on new and renewal leases; and ▪ $7.4 million increase due to redevelopment projects that commenced operations in 2024. o $6.5 million increase from acquisitions of other operating properties in 2024 and 2023; o $1.9 million increase from rent commencements at completed development properties; partially offset by o $4.4 million decrease due to dispositions of operating properties. • $33.4 million increase in contractual Recoveries from tenants which represents their proportionate share of the operating, maintenance, insurance, and real estate tax expenses that we incur to operate our shopping centers.
We believe that the ultimate remediation of currently known environmental matters will not have a material effect on our financial position, cash flows, or results of operations.
The Company had accrued liabilities of $17.3 million for environmental remediation, which are included in Accounts payable, and other liabilities on the Company’s Consolidated Balance Sheets as of December 31, 2024. We believe that the ultimate remediation of currently known environmental matters will not have a material effect on our financial position, cash flows, or results of operations.
The following table summarizes our development projects in-process and completed: (in thousands, except cost PSF) December 31, 2023 Property Name Market Ownership Start Date Estimated Stabilization Year (1) Estimated / Actual Net Development Costs (2) (3) GLA (3) Cost PSF of GLA (2) (3) % of Costs Incurred Developments In-Process Glenwood Green Metro NYC 70% Q1-22 2025 46,172 247 187 81 % Baybrook East - Phase 1B (4) Houston, TX 50% Q2-22 2025 10,384 78 133 77 % Sienna - Phase 1 Houston, TX 75% Q2-23 2027 9,409 23 409 26 % The Shops at SunVet Long Island, NY 100% Q2-23 2027 86,872 167 520 36 % Total Developments In-Process $ 152,837 515 $ 297 51 % (1) Estimated Stabilization Year represents the estimated first full calendar year that the project will reach our expected stabilized yield.
Internal compensation costs directly attributable to these activities are capitalized as part of each project. 54 The following table summarizes our development projects in-process and completed: (in thousands, except cost PSF) December 31, 2024 Property Name Market Ownership (3) Start Date Estimated Stabilization Year (1) Estimated / Actual Net Development Costs (2) (3) GLA (3) Cost PSF of GLA (2) (3) % of Costs Incurred Developments In-Process Baybrook East - Phase 1B Houston, TX 50% Q2-2022 2026 9,792 77 127 88 % Sienna Grande - Phase 1 Houston, TX 75% Q2-2023 2027 9,409 23 409 79 % The Shops at SunVet Long Island, NY 100% Q2-2023 2027 92,863 172 540 56 % The Shops at Stone Bridge Cheshire, CT 100% Q1-2024 2027 68,277 155 440 37 % Jordan Ranch Market Houston, TX 50% Q3-2024 2027 23,006 81 284 28 % Oakley Shops at Laurel Fields Bay Area, CA 100% Q3-2024 2027 34,982 78 448 20 % Total Developments In-Process $ 238,329 586 $ 407 45 % Developments Completed Glenwood Green Metro NYC 70% Q1-2022 2025 45,880 249 184 Total Developments Completed $ 45,880 249 $ 184 (1) Estimated Stabilization Year represents the estimated first full calendar year that the project will reach our expected stabilized yield.
Property operating expense increased $33.1 million, on a net basis, as follows: • $8.1 million increase from acquisition of UBP; • $1.3 million increase from development properties; • $3.2 million increase from higher claims expense in our captive insurance company; • $2.2 million related to acquisitions of other operating properties; and • $18.3 million increase from same properties primarily attributable to an increase in recoverable common area and tenant related costs.
Property operating expense increased by $19.4 million, mainly due to the following: • $18.1 million increase from the acquisition of UBP; and • $1.3 million increase from same properties primarily attributable to higher recoverable common area maintenance and other tenant-related costs.
We have $250 million of unsecured debt maturing in June 2024, which we intend to pay off by utilizing the proceeds available from the 2024 Notes. In addition, we have $148.3 million of secured mortgage maturities during the next 12 months, including mortgages within our real estate partnerships, which we intend to refinance or pay-off as they mature.
We have $101.6 million of secured loan maturities during the next 12 months, including Regency's pro-rata share of maturities within our unconsolidated real estate partnerships, which we intend to refinance or pay-off as they mature.
Tenants who are currently in bankruptcy and continue to occupy space in our shopping centers represent an aggregate of 0.5% of our Pro-rata annual base rent which is primarily related to Rite Aid who filed in October 2023. 45 Results from Operations Results from operations for the year ended December 31, 2023, include the results of our acquisition of UBP from August 18, 2023.
As of December 31, 2024, the tenants who are currently in bankruptcy and which continue to occupy space in our shopping centers represent an aggregate of 0.7% of our Pro-rata annual base rent with no single tenant exceeding 0.5% of Pro-rata annual base rent.
(2) In January 2024, the Company amended its Line, to, among other items, increase the borrowing capacity to $1.5 billion and to extend the maturity date to March, 2028 with the option to extend the maturity for two additional six-month periods. The declaration of dividends is determined quarterly by our Board of Directors.
(3) The Company has the option under its Line to extend the maturity for two additional six-month periods, subject to the terms of the Line. The declaration of dividends is determined quarterly by our Board of Directors.
We review these estimates on a periodic basis to ensure reasonableness; however, the amounts we may ultimately realize could differ from such estimates. Valuation of Real Estate Investments Acquired from Urstadt Biddle Properties, Inc. We generally account for an acquisition of a single real estate property or portfolio of real estate properties as an asset acquisition.
We review these estimates on a periodic basis to ensure reasonableness; however, the amounts we may ultimately realize could differ from such estimates.
We were in compliance with these covenants at December 31, 2023, and expect to remain in compliance. 52 Summary of Cash Flow Activity The following table summarizes net cash flows related to operating, investing, and financing activities of the Company: (in thousands) 2023 2022 Change Net cash provided by operating activities $ 719,591 655,815 63,776 Net cash used in investing activities (341,978 ) (206,108 ) (135,870 ) Net cash used in financing activities (355,035 ) (475,958 ) 120,923 Net change in cash, cash equivalents, and restricted cash 22,578 (26,251 ) 48,829 Total cash, cash equivalents, and restricted cash $ 91,354 68,776 22,578 Net cash provided by operating activities: Net cash provided by operating activities increased $63.8 million due to: • $58.7 million increase in cash from operations due to timing of receipts and payments, and • $5.1 million increase in operating cash flow distributions from Investments in real estate partnerships.
Summary of Cash Flow Activity The following table summarizes net cash flows related to operating, investing, and financing activities of the Company: (in thousands) 2024 2023 Change Net cash provided by operating activities $ 790,198 719,591 70,607 Net cash used in investing activities (326,644 ) (341,978 ) 15,334 Net cash used in financing activities (493,024 ) (355,035 ) (137,989 ) Net change in cash and cash equivalents and restricted cash (29,470 ) 22,578 (52,048 ) Total cash, cash equivalents, and restricted cash $ 61,884 91,354 (29,470 ) Net cash provided by operating activities: Net cash provided by operating activities changed by $70.6 million due to: • $68.0 million increase in cash from operations due to the acquisition of UBP, and timing of receipts and payments • $2.6 million increase in operating cash flow distributions from Investments in real estate partnerships.
Net cash used in investing activities: Net cash used in investing activities changed by $135.9 million as follows: (in thousands) 2023 2022 Change Cash flows from investing activities: Acquisition of operating real estate, net of cash acquired of $0, $3,061 and $2,991 in 2023, 2022 and 2021, respectively $ (45,386 ) (169,639 ) 124,253 Acquisition of UBP, net of cash acquired of $14,143 (82,389 ) — (82,389 ) Real estate development and capital improvements (232,855 ) (195,418 ) (37,437 ) Proceeds from sale of real estate 11,167 143,133 (131,966 ) Issuance of notes receivable (4,000 ) — (4,000 ) Collection of notes receivable 4,000 1,823 2,177 Investments in real estate partnerships (13,119 ) (36,266 ) 23,147 Return of capital from investments in real estate partnerships 11,308 48,473 (37,165 ) Dividends on investment securities 1,283 1,113 170 Acquisition of investment securities (7,990 ) (21,112 ) 13,122 Proceeds from sale of investment securities 16,003 21,785 (5,782 ) Net cash used in investing activities $ (341,978 ) (206,108 ) (135,870 ) Significant changes in investing activities include: • We paid $45.4 million in 2023 to purchase two operating properties.
Net cash used in investing activities: Net cash used in investing activities changed by $15.3 million as follows: (in thousands) 2024 2023 Change Cash flows from investing activities: Acquisition of operating real estate $ (45,405 ) (45,386 ) (19 ) Acquisition of UBP, net of cash acquired of $14,143 — (82,389 ) 82,389 Real estate development and capital improvements (343,368 ) (232,855 ) (110,513 ) Proceeds from sale of real estate 108,615 11,167 97,448 Proceeds from property insurance casualty claims 5,286 — 5,286 Issuance of notes receivable (32,651 ) (4,000 ) (28,651 ) Collection of notes receivable 3,115 4,000 (885 ) Investments in real estate partnerships (41,345 ) (13,119 ) (28,226 ) Return of capital from investments in real estate partnerships 13,034 11,308 1,726 Dividends on investment securities 453 1,283 (830 ) Acquisition of investment securities (101,044 ) (7,990 ) (93,054 ) Proceeds from sale of investment securities 106,666 16,003 90,663 Net cash used in investing activities $ (326,644 ) (341,978 ) 15,334 Significant changes in investing activities include: • We paid $45.4 million in 2024 to purchase one operating property.
Based upon our available cash balance, sources of capital, our current credit ratings, and the number of high quality, unencumbered properties we own, we believe our available capital resources are sufficient to meet our expected capital needs for the next year, although, in the longer term, we can provide no assurances. 51 In addition to our $85.0 million of unrestricted cash, we have the following additional sources of capital available: (in thousands) December 31, 2023 ATM program (see note 12 to our Consolidated Financial Statements) Original offering amount $ 500,000 Available capacity $ 500,000 Line of Credit (see note 9 to our Consolidated Financial Statements) Total commitment amount (2) $ 1,250,000 Available capacity (1) $ 1,090,285 Maturity (2) March 23, 2025 (1) Net of letters of credit issued against our Line.
Based upon our available cash balance, sources of capital, our current credit ratings, and the number of high quality, unencumbered properties we own, we believe our available capital resources are sufficient to meet our expected capital needs for the next year, although, in the longer term, we can provide no assurances.
Recoveries from tenants increased, on a net basis, mainly from the following: o $12.7 million increase from acquisition of UBP; o $1.3 million increase from rents commencing at development properties and the acquisition of other operating properties in 2022 and 2023; and o $16.9 million net increase from same properties primarily due to higher operating costs in the current year. • $3.3 million increase in Percentage rent due to increases in tenant sales. • $14.4 million decrease primarily driven by the 2022 collections of previously reserve amounts, which have continued to occur in 2023, but to a lesser degree. • $5.9 million increase in Other lease income primarily due to an $3.8 million increase in lease termination fees and $2.1 million related to the acquisition of UBP. • $13.5 million decrease in Straight-line rent due to higher 2022 levels of reinstating straight-line rents from former cash basis tenants upon returning to accrual basis. • $8.3 million increase in Above and below market rent primarily driven by accelerated write offs for early tenant move-outs.
Recoveries from tenants increased, mainly from the following: o $23.5 million increase from the acquisition of UBP; o $8.6 million increase from same properties primarily due to higher operating costs in the current year coupled with higher expense recovery rates; o $2.3 million increase driven by the acquisition of other operating properties in 2023 and 2024 and rent commencements at development properties; partially offset by o $1.0 million decrease from dispositions of operating properties. • $2.8 million change in Uncollectible lease income primarily driven by elevated collections in 2023 of previously reserved amounts, which reduced our adjustment in the comparative period. • $3.0 million increase in Other lease income primarily due to: o $5.1 million increase driven by acquisition of UBP; partially offset by o $2.1 million decrease mainly due to lease termination fee income recognized in the comparative period. • $9.5 million increase in Straight-line rent mainly due to: o $4.3 million due to timing and degree of contractual rent steps and new lease commencements within same properties; o $3.4 million increase from the acquisition of UBP, and o $1.8 million increase from lease commencements at development properties and acquisitions of other operating properties. 46 • $6.0 million decrease in Above and below market rent, net primarily due to: o $8.9 million decrease from same properties mainly driven by accelerated below market rent amortization from an early tenant move-out in 2023; partially offset by o $2.9 million increase from the acquisition of UBP and other operating properties.
Management's Discussion and Analysis of Financial Condition and Results of Operations " of our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 17, 2023. 48 Supplemental Earnings Information We use certain non-GAAP measures, in addition to certain performance metrics determined under GAAP, as we believe these measures improve the understanding of the operating results.
Management's Discussion and Analysis of Financial Condition and Results of Operations " of our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 16, 2024. 45 Results of Operations The results of operations for the year ended December 31, 2024, include a full year of results from our acquisition of UBP on August 18, 2023 as compared to a partial year in 2023.
In light of the merger with UBP on August 18, 2023, the adjusted debt metric calculations include legacy Regency results for the trailing 12 months and the annualized contribution from UBP post merger. Our Line and unsecured debt require that we remain in compliance with various covenants, which are described in note 9 to the Consolidated Financial Statements.
Our Line and unsecured debt require that we remain in compliance with various financial covenants customary for debt of this type, which are described in Note 9 of the Consolidated Financial Statements. We were in compliance with these covenants at December 31, 2024, and expect to remain in compliance.
During 2023, we deployed capital of $232.9 million for the development, redevelopment, and improvement of our real estate properties, comprised of the following: (in thousands) 2023 2022 Change Capital expenditures: Land acquisitions $ 2,580 12,484 (9,904 ) Building and tenant improvements 92,609 75,420 17,189 Redevelopment costs 88,426 68,730 19,696 Development costs 34,981 27,861 7,120 Capitalized interest 5,505 4,133 1,372 Capitalized direct compensation 8,754 6,790 1,964 Real estate development and capital improvements $ 232,855 195,418 37,437 • We paid $2.6 million to acquire one land parcel for development in 2023, and paid $12.5 million to acquire one land parcel for development and one land parcel formerly under ground lease at one of our existing centers in 2022. • Building and tenant improvements increased $17.2 million during 2023, primarily related to the timing of capital projects. • Redevelopment costs are $19.7 million higher in 2023 due to the timing and magnitude of projects currently in process.
During 2024, we deployed capital of $343.4 million for the development, redevelopment, and improvement of our real estate properties, comprised of the following: (in thousands) 2024 2023 Change Capital expenditures: Land acquisitions $ 16,885 2,580 14,305 Building and tenant improvements 113,550 92,609 20,941 Redevelopment costs 129,553 88,426 41,127 Development costs 61,902 34,981 26,921 Capitalized interest 6,487 5,505 982 Capitalized direct compensation 14,991 8,754 6,237 Real estate development and capital improvements $ 343,368 232,855 110,513 • In 2024, we acquired three land parcels for development and two income-producing outparcels, compared to one land parcel for development in 2023. • Building and tenant improvements increased $20.9 million in 2024, primarily related to the timing and volume of capital projects. • Redevelopment costs are $41.1 million higher than prior year.
Management, transaction, and other fees increased $1.1 million primarily due to increased debt placement, property management and development fees from our real estate partnerships. 46 Changes in our operating expenses are summarized in the following table: (in thousands) 2023 2022 Change Depreciation and amortization $ 352,282 319,697 32,585 Property operating expense 229,209 196,148 33,061 Real estate taxes 165,560 149,795 15,765 General and administrative 97,806 79,903 17,903 Other operating expenses 9,459 6,166 3,293 Total operating expenses $ 854,316 751,709 102,607 Depreciation and amortization costs increased $32.6 million, as follows: • $24.0 million increase from acquisition of UBP; • $5.1 million increase from same properties, primarily driven by redevelopment projects; • $3.0 million increase from acquisitions of operating properties; and • $0.5 million increase from development properties becoming available for occupancy.
Changes in our operating expenses are summarized in the following table: (in thousands) 2024 2023 Change Depreciation and amortization $ 394,714 352,282 42,432 Property operating expense 248,637 229,209 19,428 Real estate taxes 184,415 165,560 18,855 General and administrative 101,465 97,806 3,659 Other operating expenses 10,867 9,459 1,408 Total operating expenses $ 940,098 854,316 85,782 Depreciation and amortization increased by $42.4 million, mainly due to the following: • $33.4 million increase from the acquisition of UBP; • $6.4 million increase from acquisitions of other operating properties and development properties becoming available for occupancy; • $3.2 million increase from same properties mainly driven by the timing of capital expenditures being placed in service within our redevelopment projects and accelerated amortization of certain early tenant move-outs; partially offset by • $1.1 million decrease from dispositions of operating properties.
This property is included in our Investments in real estate partnerships. 54 The following table summarizes our redevelopment projects in-process and completed: (in thousands) December 31, 2023 Property Name Market Ownership Start Date Estimated Stabilization Year (1) Estimated Incremental Project Costs (2) (3) GLA (3) % of Costs Incurred Redevelopments In-Process The Abbot Boston, MA 100% Q2-19 2025 $ 58,973 64 95 % Westbard Square Phase I Bethesda, MD 100% Q2-21 2025 37,000 126 74 % Buckhead Landing Atlanta, GA 100% Q2-22 2025 30,859 152 37 % Bloom on Third (fka Town and Country Center) Los Angeles, CA 35% Q4-22 2027 24,525 51 24 % Mandarin Landing Jacksonville, FL 100% Q2-23 2025 16,422 140 22 % Serramonte Center - Phase 3 San Francisco, CA 100% Q2-23 2025 36,989 1,072 13 % Circle Marina Center Los Angeles, CA 100% Q3-23 2025 14,986 118 10 % Avenida Biscayne Miami, FL 100% Q4-23 2026 22,743 29 12 % Cambridge Square Atlanta, GA 100% Q4-23 2026 15,002 73 3 % Various Redevelopments Various 20% - 100% Various Various 57,762 1,368 40 % Total Redevelopments In-Process $ 315,261 3,193 43 % Redevelopments Completed The Crossing Clarendon Metro DC 100% Q4-18 2024 $ 55,679 129 Various Properties Various 20% - 100% Various Various 32,345 1,648 Total Redevelopments Completed $ 88,024 1,777 (1) Estimated Stabilization Year represents the estimated first full calendar year that the project will reach our expected stabilized yield.
The following table summarizes our redevelopment projects in process and completed: (in thousands) December 31, 2024 Property Name Market Ownership (3) Start Date Estimated Stabilization Year (1) Estimated Net Project Costs (2) (3) % of Costs Incurred Redevelopments In-Process Bloom on Third Los Angeles, CA 35% Q4-2022 2027 $ 24,525 49 % Serramonte Center - Phase 3 San Francisco, CA 100% Q2-2023 2025 36,989 24 % Circle Marina Center Los Angeles, CA 100% Q3-2023 2025 14,986 79 % Avenida Biscayne Miami, FL 100% Q4-2023 2026 22,743 43 % Cambridge Square Atlanta, GA 100% Q4-2023 2026 15,002 42 % Anastasia Plaza St.
During 2022, we paid $7.2 million, net to limited partners, including $15.0 million in distributions for both operating cash flows as well as a partner buyout, partially offset by $7.8 million of contributions from limited partners in new consolidated Investments in real estate partnerships. • We paid $28.7 million more in dividends as a result of an increase in our dividend rate per share and the number of shares of our common stock outstanding, as well as preferred dividends commencing in 2023 as a result of the UBP acquisition. • We paid $9.2 million in 2023 for the redemption of exchangeable operating partnership units. • We received net proceeds of $152.0 million from our unsecured credit facilities to fund direct transaction costs related to the UBP acquisition. • We had the following debt related activity during 2023: o We received $59.5 million in proceeds from a mortgage refinancing, o We paid $72.8 million for debt repayments, including: ▪ $11.2 million in principal mortgage payments, and ▪ $61.6 million for a combination of repaying or refinancing six mortgage loans at maturity. • We had the following debt related activity during 2022: o We paid $18.0 million for secured debt payments, including: ▪ $6.8 million to repay one mortgage, and ▪ $11.2 million in principal mortgage payments.
During 2023, we distributed $7.8 million in operating distributions. • We paid $48.1 million more in dividends as a result of an increase in our dividend rate per share and the number of shares of our common stock outstanding, as well as preferred dividends which commenced in late 2023 as a result of the UBP acquisition. • We had the following debt related activity during 2024: o We repaid $87.0 million in net proceeds from our Line, o We received $722.9 million in proceeds from issuing unsecured public debt o We received $12.0 million in proceeds from issuance of a mortgage loan o We paid $392.5 million for debt repayments, including: ▪ $250.0 million in unsecured public debt repayments, ▪ $131.3 million for repaying seven mortgage loans at maturity, and ▪ $11.2 million in principal mortgage payments. o We paid $16.7 million in loan costs relating to the recast of the Line as well as the unsecured public debt offerings. • We had the following debt related activity during 2023: o We received $59.5 million in proceeds from issuance of a mortgage refinancing, o We paid $72.8 million for debt repayments, including: ▪ $11.2 million in principal mortgage payments, and ▪ $61.6 million for a combination of repaying or refinancing six mortgage loans at maturity. • We paid $9.2 million in 2023 for the redemption of exchangable operating partnership units. 56 Contractual Obligations and Other Commitments We have material obligations at December 31, 2024, which are discussed in our notes to Consolidated Financial Statements and include: • Mortgage loans, unsecured notes, and unsecured credit facilities as discussed in note 9, and related interest rate swaps as discussed in note 10; • We have shopping centers that are subject to non-cancelable long-term ground leases where a third party owns and has leased the underlying land to us to construct and/or operate a shopping center.
In response, we have implemented mitigation strategies such as entering into fixed cost construction contracts, pre-ordering materials, and other planning efforts. If we start new developments or redevelopments, commit to property acquisitions, repay debt prior to maturity, declare future dividends, or repurchase shares of our common stock, our cash requirements will increase.
Further, continued challenges from permitting delays and labor and material shortages may extend the time to completion of these projects. 52 If we start new developments or redevelopments, commit to property acquisitions, repay debt prior to maturity, declare future dividends, or repurchase shares of our common stock, our cash requirements will increase.
These capital requirements are being impacted by inflation resulting in increased costs of construction materials, labor, and services from third party contractors and suppliers. Further, continued challenges from permitting delays and labor shortages may extend the time to completion of these projects.
These capital requirements are being impacted by inflation resulting in increased costs of construction materials, labor, and services from third party contractors and suppliers. In response, we have implemented mitigation strategies such as entering into fixed cost construction contracts, pre-ordering materials, and other planning efforts.
The following table presents the components of Other expense: (in thousands) 2023 2022 Change Interest expense, net Interest on notes payable $ 154,647 148,803 5,844 Interest on unsecured credit facilities 6,824 2,058 4,766 Capitalized interest (5,695 ) (4,166 ) (1,529 ) Hedge expense 438 438 — Interest income (1,965 ) (947 ) (1,018 ) Interest expense, net 154,249 146,186 8,063 Gain on sale of real estate, net of tax (661 ) (109,005 ) 108,344 Early extinguishment of debt (99 ) — (99 ) Net investment (income) loss (5,665 ) 6,921 (12,586 ) Total other expense (income) $ 147,824 44,102 103,722 47 Interest expense, net increased $8.1 million primarily due to the following: • $5.8 million net increase related to loans assumed with the UBP acquisition; • $4.8 million increase driven by higher average balances on our unsecured credit facility; partially offset by • $2.5 million decrease from higher capitalization of interest due to timing of development spend and higher interest income earned on cash balances.
Other operating expenses increased by $1.4 million, mainly due to the acquisition of UBP. 47 Changes in Other expense, net are summarized in the following table: (in thousands) 2024 2023 Change Interest expense, net Interest on notes payable $ 187,084 154,647 32,437 Interest on unsecured credit facilities 8,566 6,824 1,742 Capitalized interest (6,627 ) (5,695 ) (932 ) Hedge expense 728 438 290 Interest income (9,632 ) (1,965 ) (7,667 ) Interest expense, net 180,119 154,249 25,870 Provision for impairment of real estate 14,304 — 14,304 Gain on sale of real estate, net of tax (34,162 ) (661 ) (33,501 ) Loss (gain) on early extinguishment of debt 180 (99 ) 279 Net investment income (6,181 ) (5,665 ) (516 ) Total other expense, net $ 154,260 147,824 6,436 Interest expense, net increased by $25.9 million primarily due to the following: • $32.4 million increase in Interest on notes payable is primarily due to: o $21.8 million increase due to a higher weighted average outstanding balance, coupled with incrementally higher weighted average contractual interest rates, and o $10.6 million increase related to the loans assumed with the UBP acquisition; • $1.7 million increase in Interest on unsecured credit facilities is primarily due to a higher weighted average outstanding balance under our Line coupled with incrementally higher weighted average contractual interest rates; partially offset by • $7.7 million increase in interest income primarily due to maintaining higher levels of excess cash in short term investments.
The following represents the remaining components that comprise Net income attributable to common shareholders and unit holders: (in thousands) 2023 2022 Change Net income $ 370,867 488,035 (117,168 ) Income attributable to noncontrolling interests (6,310 ) (5,170 ) (1,140 ) Net income attributable to the Company 364,557 482,865 (118,308 ) Preferred stock dividends (5,057 ) — (5,057 ) Net income attributable to common shareholders $ 359,500 482,865 (123,365 ) Net income attributable to exchangeable operating partnership units 2,008 2,105 (97 ) Net income attributable to common unit holders $ 361,508 484,970 (123,462 ) Comparison of the years ended December 31, 2022 and 2021: For a comparison of our results from operations for the years ended December 31, 2022 and 2021, see "Part II, Item 7.
The following represents the remaining components that comprise Net income attributable to common shareholders and unit holders: (in thousands) 2024 2023 Change Net income $ 409,840 370,867 38,973 Income attributable to noncontrolling interests (9,452 ) (6,310 ) (3,142 ) Net income attributable to the Company 400,388 364,557 35,831 Preferred stock dividends (13,650 ) (5,057 ) (8,593 ) Net income attributable to common shareholders $ 386,738 359,500 27,238 Net income attributable to exchangeable operating partnership units ("EOP") 2,338 2,008 330 Net income attributable to common unit holders $ 389,076 361,508 27,568 The $3.1 million increase in Income attributable to noncontrolling interests is mainly due to the acquisition of UBP.
During 2023, we recognized gains on sale of $0.7 million from three land parcels. During 2022, we recognized gains on sale of $109.0 million from two operating property and five land parcels.
During 2023, we recognized gains on sale of we recognized gains on sale of $0.7 million from three land parcels. There were no significant changes in Loss (gain) on early extinguishments of debt, Net investment income and Equity in income of investments in real estate partnerships.
Nareit FFO and Core Operating Earnings: Our reconciliation of net income attributable to common stock and unit holders to Nareit FFO and to Core Operating Earnings is as follows: (in thousands, except share information) 2023 2022 Reconciliation of Net income to Nareit FFO Net income attributable to common shareholders $ 359,500 482,865 Adjustments to reconcile to Nareit FFO: (1) Depreciation and amortization (excluding FF&E) 378,400 344,629 Gain on sale of real estate (3,822 ) (121,835 ) Exchangeable operating partnership units 2,008 2,105 Nareit FFO attributable to common stock and unit holders $ 736,086 707,764 Reconciliation of Nareit FFO to Core Operating Earnings Nareit Funds From Operations $ 736,086 707,764 Adjustments to reconcile to Core Operating Earnings: (1) Not Comparable Items Merger transition costs 4,620 — Early extinguishment of debt (99 ) 176 Certain Non Cash Items Straight-line rent (11,060 ) (11,327 ) Uncollectible straight-line rent (1,174 ) (14,155 ) Above/below market rent amortization, net (29,869 ) (21,434 ) Debt premium/discount amortization 2,352 (184 ) Core Operating Earnings $ 700,856 660,840 (1) Includes Regency's Pro-rata share of unconsolidated investment partnerships, net of Pro-rata share attributable to noncontrolling interests. 50 Reconciliation of Same Property NOI to Nearest GAAP Measure: Our reconciliation of Net income attributable to common shareholders to Same Property NOI, on a Pro-rata basis, is as follows: (in thousands) 2023 2022 Net income attributable to common shareholders $ 359,500 482,865 Less: Management, transaction, and other fees 26,954 25,851 Other (1) 46,084 51,090 Plus: Depreciation and amortization 352,282 319,697 General and administrative 97,806 79,903 Other operating expense 9,459 6,166 Other expense 147,824 44,102 Equity in income of investments in real estate excluded from NOI (2) 46,088 35,824 Net income attributable to noncontrolling interests 6,310 5,170 Preferred stock dividends 5,057 — Pro-rata NOI 951,288 896,786 Less non-same property NOI (3) (41,692 ) (5,141 ) Pro-rata same property NOI $ 909,596 891,645 (1) Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests.
Reconciliation of Pro-rata Same Property NOI to Net Income Attributable to Common Shareholders: Our reconciliation of Net income attributable to common shareholders to Same Property NOI, on a Pro-rata basis, is as follows: (in thousands) 2024 2023 Net income attributable to common shareholders $ 386,738 359,500 Less: Management, transaction, and other fees 27,874 26,954 Other (1) 49,944 46,084 Plus: Depreciation and amortization 394,714 352,282 General and administrative 101,465 97,806 Other operating expense 10,867 9,459 Other expense, net 154,260 147,824 Equity in income of investments in real estate excluded from NOI (2) 54,040 46,088 Net income attributable to noncontrolling interests 9,452 6,310 Preferred stock dividends and issuance costs 13,650 5,057 NOI 1,047,368 951,288 Less non-same property NOI (107,520 ) (36,246 ) Same property NOI $ 939,848 915,042 (1) Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests.
We maintained liquidity and financial flexibility to cost effectively fund investment opportunities and debt maturities: • At December 31, 2023, our Pro-rata net debt-to-operating EBITDA re ratio on a trailing 12 month basis was 5.4x compared to 5.0x at December 31, 2022. • On January 8, 2024, Regency priced a public offering of $400 million of senior unsecured debt due in 2034, with a coupon of 5.250% .
We engaged in successful capital markets transactions and related activity that enabled us to maintain liquidity and the financial flexibility to cost effectively fund investment opportunities and debt maturities: • We received a credit rating upgrade to A3 with a stable outlook from Moody's Investors Service, and S&P Global upgraded our outlook to 'Positive' and affirmed the Company's BBB+ credit rating. • On January 8, 2024, we priced a public offering of $400 million of senior unsecured notes due in 2034, with a coupon of 5.25% .
The Company intends to use the net proceeds of the offering to reduce the outstanding balance on its line of credit and for general corporate purposes, including, but not limited to, the future repayment of outstanding debt.
We used a portion of the net proceeds to reduce the outstanding balance on the Line and invested the remaining net proceeds in certificates of deposit and short-term U.S. Treasury mutual funds until required for general corporate purposes including the repayment of outstanding debt, as further described below.
(2) Includes leasing costs and is net of tenant reimbursements. (3) Estimated Net Development Costs and GLA are reported based on Regency’s ownership interest in the real estate partnership at completion.
(2) Includes leasing costs and is net of tenant reimbursements.
Removed
During the year ended December 31, 2023: • We completed the acquisition of UBP in an all-stock transaction.
Added
A stabilized yield for development and redevelopment projects represents the incremental NOI (estimated stabilized NOI less NOI prior to project commencement) divided by the total project costs.
Removed
Prior to using any of the net proceeds, we may invest the net proceeds in certificates of deposit, interest-bearing short-term investment grade securities or money-market accounts. • We have $250 million of unsecured debt maturing in June 2024, which we intend to pay off by utilizing the proceeds available from the January 2024 offering noted above. • We have $148.3 million of secured mortgage maturities during the next 12 months, including mortgages within our real estate partnership, which we intend to refinance or pay-off as they mature. • At December 31, 2023, we had $1.1 billion available on the Line.
Added
All such investments matured within the year. • On June 17, 2024, we repaid $250 million of maturing senior unsecured notes. • On August 12, 2024, we priced a public offering of $325 million of senior unsecured notes due in 2035, with a coupon of 5.1%.
Removed
In January 2024, we amended the Line agreement, to, among other items, increase the borrowing capacity to $1.5 billion and to extend the maturity date to March 23, 2028 with the option to extend the maturity for two additional six-month periods. 43 UBP Acquisition On August 18, 2023, we completed the acquisition of UBP, which was structured as multiple mergers.
Added
We used the net proceeds from this offering to reduce the outstanding balance on the Line. • We have $101.6 million of secured loans maturing during the next 12 months, including Regency's pro-rata share of maturities within our unconsolidated real estate partnerships, which we intend to refinance or pay-off as they mature. • At December 31, 2024, we had $1.4 billion available on the Line, which expires on March 23, 2028 unless we exercise the available options to extend the maturity for two additional six-month periods, in which case the term will be extended in accordance with any such option exercise. • During November and December 2024, we entered into forward sale agreements with respect to 1,339,377 shares that were purchased in several tranches at a weighted average offering price of $74.66 per share before any underwriting discount and offering expenses.
Removed
Under the terms of the merger agreement, each share of Urstadt Biddle common stock and Urstadt Biddle Class A common stock was converted into 0.347 of a share of common stock of the Parent Company.
Added
These shares are pledged under forward sale agreements and must be settled within one year of their trade dates, which vary by agreement and are expected to result in net proceeds of approximately $100 million.
Removed
Additionally, each share of UBP’s 6.25% Series H Cumulative Redeemable Preferred Stock and 5.875% Series K Cumulative Redeemable Preferred Stock was converted into one share of Parent Company Series A preferred stock and Parent Company Series B preferred stock, respectively.
Added
Proceeds from the issuance of shares are expected to be used to fund acquisitions of operating properties, to fund developments and redevelopments, and for general corporate purposes.
Removed
The following table provides the components that make up the total purchase price for the UBP acquisition: (in thousands, except stock price) Purchase Price Shares of common stock issued for acquisition 13,568 Closing stock price on August 17, 2023 $ 61.03 Value of common stock issued for acquisition $ 828,025 Other adjustments (9,495 ) Total value of common stock issued $ 818,530 Debt repaid 39,266 Preferred stock converted 225,000 Transaction costs 57,197 Other cash payments 68 Total purchase price $ 1,140,061 As part of the acquisition, Regency acquired 74 properties (all categorized as Non-Same Property for 2023 and 2024 reporting purposes) representing 5.3 million square feet of GLA, including 10 properties held through real estate partnerships.
Added
(2) 52 4.3 % 2.8 % TJX Companies, Inc. 74 3.6 % 2.7 % Amazon/Whole Foods 39 2.7 % 2.6 % Kroger Co. (2) 52 6.0 % 2.6 % (1) Includes Regency's Pro-rata share of unconsolidated properties and excludes those owned by anchors.
Removed
Other operating expenses increased $3.3 million, primarily due to transition costs related to the acquisition of UBP.
Added
(2) In October 2022, Kroger Co. and Albertsons Companies, Inc. announced a proposed merger, and in September 2023, an agreement for a separate transaction was announced to divest certain assets of each company to a third party, C&S Wholesale Grocers.
Removed
Net investment income increased $12.6 million primarily driven by $11.0 million gains on investments held in the non-qualified deferred compensation plan which have an offsetting expense in General and administrative costs noted above and $1.6 million gains on investments held in our captive insurance company.
Added
The proposed merger was terminated in the fourth quarter of 2024 after adverse court rulings that enjoined the transaction primarily due to antitrust issues.
Removed
Total equity in income of investments in real estate partnerships changed as follows: (in thousands) Regency's Ownership 2023 2022 Change GRI - Regency, LLC ("GRIR") 40.00% $ 35,901 35,819 82 Equity One JV Portfolio LLC ("NYC") (1) 30.00% 84 9,173 (9,089 ) Columbia Regency Retail Partners, LLC ("Columbia I") 20.00% 1,630 1,817 (187 ) Columbia Regency Partners II, LLC ("Columbia II") 20.00% 1,743 1,735 8 Columbia Village District, LLC 30.00% 2,199 1,669 530 RegCal, LLC ("RegCal") (2) 25.00% 2,912 4,499 (1,587 ) Other investments in real estate partnerships 11.80% - 66.67% 6,072 5,112 960 Total equity in income of investments in real estate partnerships $ 50,541 59,824 (9,283 ) (1) On May 25, 2022, the NYC partnership sold its remaining two properties and distributed sales proceeds to its members.
Added
For a discussion and analysis of the year ended December 31, 2023, compared to the same period in 2022, see "Part II, Item 7.
Removed
Dissolution will follow final distributions, which are expected in 2024. (2) On April 1, 2022, we acquired our partner's 75% share in four properties held in the RegCal partnership for a total purchase price of $88.5 million; therefore, results following the date of acquisition are included in consolidated results.

… 33 more changes not shown on this page.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

223 edited+65 added−65 removed172 unchanged
Biggest changeAlso, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ KPMG LLP Jacksonville, Florida February 16, 2024 65 RE GENCY CENTERS CORPORATION Consolidated Balance Sheets December 31, 2023 and 2022 (in thousands, except share data) 2023 2022 Assets Net real estate investments: Real estate assets, at cost (note 1) $ 13,454,391 11,858,064 Less: accumulated depreciation 2,691,386 2,415,860 Real estate assets, net 10,763,005 9,442,204 Investments in sales-type lease, net 8,705 — Investments in real estate partnerships (note 4) 370,605 350,377 Net real estate investments 11,142,315 9,792,581 Properties held for sale 18,878 — Cash, cash equivalents, and restricted cash, including $ 6,383 and $ 2,310 of restricted cash at December 31, 2023 and 2022, respectively (note 1) 91,354 68,776 Tenant and other receivables (note 1) 206,162 188,863 Deferred leasing costs, less accumulated amortization of $ 124,107 and $ 117,137 at December 31, 2023 and 2022, respectively 73,398 68,945 Acquired lease intangible assets, less accumulated amortization of $ 364,413 and $ 338,053 at December 31, 2023 and 2022, respectively (note 6) 283,375 197,745 Right of use assets, net 328,002 275,513 Other assets (note 5) 283,429 267,797 Total assets $ 12,426,913 10,860,220 Liabilities and Equity Liabilities: Notes payable, net (note 9) $ 4,001,949 3,726,754 Unsecured credit facility (note 9) 152,000 — Accounts payable and other liabilities 358,612 317,259 Acquired lease intangible liabilities, less accumulated amortization of $ 211,067 and $ 193,315 at December 31, 2023 and 2022, respectively (note 6) 398,302 354,204 Lease liabilities 246,063 213,722 Tenants’ security, escrow deposits and prepaid rent 78,052 70,242 Total liabilities 5,234,978 4,682,181 Equity: Shareholders’ equity (note 12): Preferred stock $ 0.01 par value per share, 30,000,000 shares authorized; 9,000,000 shares issued, in the aggregate, in Series A and Series B at December 31, 2023 with liquidation preferences of $ 25 per share and no shares authorized or issued at December 31, 2022 225,000 — Common stock $ 0.01 par value per share, 220,000,000 shares authorized; 184,581,070 and 171,124,593 shares issued at December 31, 2023 and 2022, respectively 1,846 1,711 Treasury stock at cost, 448,140 and 465,415 shares held at December 31, 2023 and 2022, respectively ( 25,488 ) ( 24,461 ) Additional paid-in-capital 8,704,240 7,877,152 Accumulated other comprehensive (loss) income ( 1,308 ) 7,560 Distributions in excess of net income ( 1,871,603 ) ( 1,764,977 ) Total shareholders’ equity 7,032,687 6,096,985 Noncontrolling interests (note 12): Exchangeable operating partnership units, aggregate redemption value of $ 74,199 and $ 46,340 at December 31, 2023 and 2022, respectively 42,195 34,489 Limited partners’ interests in consolidated partnerships (note 1) 117,053 46,565 Total noncontrolling interests 159,248 81,054 Total equity 7,191,935 6,178,039 Total liabilities and equity $ 12,426,913 10,860,220 See accompanying notes to consolidated financial statements. 66 RE GENCY CENTERS CORPORATION Consolidated Statements of Operations For the years ended December 31, 2023, 2022, and 2021 (in thousands, except per share data) 2023 2022 2021 Revenues: Lease income $ 1,283,939 1,187,452 1,113,368 Other property income 11,573 10,719 12,456 Management, transaction, and other fees 26,954 25,851 40,337 Total revenues 1,322,466 1,224,022 1,166,161 Operating expenses: Depreciation and amortization 352,282 319,697 303,331 Property operating expense 229,209 196,148 184,553 Real estate taxes 165,560 149,795 142,129 General and administrative 97,806 79,903 78,218 Other operating expenses 9,459 6,166 5,751 Total operating expenses 854,316 751,709 713,982 Other expense (income): Interest expense, net 154,249 146,186 145,170 Provision for impairment of real estate — — 84,389 Gain on sale of real estate, net of tax ( 661 ) ( 109,005 ) ( 91,119 ) Early extinguishment of debt ( 99 ) — — Net investment (income) loss ( 5,665 ) 6,921 ( 5,463 ) Total other expense 147,824 44,102 132,977 Income from operations before equity in income of investments in real estate partnerships 320,326 428,211 319,202 Equity in income of investments in real estate partnerships (note 4) 50,541 59,824 47,086 Net income 370,867 488,035 366,288 Noncontrolling interests: Exchangeable operating partnership units ( 2,008 ) ( 2,105 ) ( 1,615 ) Limited partners’ interests in consolidated partnerships ( 4,302 ) ( 3,065 ) ( 3,262 ) Income attributable to noncontrolling interests ( 6,310 ) ( 5,170 ) ( 4,877 ) Net income attributable to the Company 364,557 482,865 361,411 Preferred stock dividends ( 5,057 ) — — Net income attributable to common shareholders $ 359,500 482,865 361,411 Income per common share - basic (note 15) $ 2.04 2.82 2.12 Income per common share - diluted (note 15) $ 2.04 2.81 2.12 See accompanying notes to consolidated financial statements. 67 REG ENCY CENTERS CORPORATION Consolidated Statements of Comprehensive Income For the years ended December 31, 2023, 2022, and 2021 (in thousands) 2023 2022 2021 Net income $ 370,867 488,035 366,288 Other comprehensive income: Effective portion of change in fair value of derivative instruments: Effective portion of change in fair value of derivative instruments ( 2,448 ) 20,061 5,391 Reclassification adjustment of derivative instruments included in net income ( 7,536 ) 833 4,141 Unrealized gain (loss) on available-for-sale debt securities 337 ( 1,309 ) ( 405 ) Other comprehensive (loss) income ( 9,647 ) 19,585 9,127 Comprehensive income 361,220 507,620 375,415 Less: comprehensive income attributable to noncontrolling interests: Net income attributable to noncontrolling interests 6,310 5,170 4,877 Other comprehensive (loss) income attributable to noncontrolling interests ( 779 ) 1,798 729 Comprehensive income attributable to noncontrolling interests 5,531 6,968 5,606 Comprehensive income attributable to the Company $ 355,689 500,652 369,809 See accompanying notes to consolidated financial statements. 68 REG ENCY CENTERS CORPORATION Consolidated Statements of Equity For the years ended December 31, 2023, 2022, and 2021 (in thousands, except per share data) Shareholders' Equity Noncontrolling Interests Preferred Stock Common Stock Treasury Stock Additional Paid In Capital Accumulated Other Comprehensive Loss Distributions in Excess of Net Income Total Shareholders’ Equity Exchangeable Operating Partnership Units Limited Partners’ Interest in Consolidated Partnerships Total Noncontrolling Interests Total Equity Balance at December 31, 2020 $ — 1,697 ( 24,436 ) 7,792,082 ( 18,625 ) ( 1,765,806 ) 5,984,912 35,727 37,508 73,235 6,058,147 Net income — — — — — 361,411 361,411 1,615 3,262 4,877 366,288 Other comprehensive income Other comprehensive income before reclassification — — — — 4,603 — 4,603 23 360 383 4,986 Amounts reclassified from accumulated other comprehensive income — — — — 3,795 — 3,795 17 329 346 4,141 Deferred compensation plan, net — — 1,678 ( 1,603 ) — — 75 — — — 75 Restricted stock issued, net of amortization — 2 — 12,650 — — 12,652 — — — 12,652 Common stock repurchased for taxes withheld for stock-based compensation, net — — — ( 3,553 ) — — ( 3,553 ) — — — ( 3,553 ) Common stock issued under dividend reinvestment plan — — — 1,286 — — 1,286 — — — 1,286 Common stock issued for partnership units exchanged — — — 99 — — 99 ( 99 ) — ( 99 ) — Common stock issued, net of issuance costs — 13 — 82,497 — — 82,510 — — — 82,510 Distributions to partners — — — — — — — — ( 4,345 ) ( 4,345 ) ( 4,345 ) Cash dividends declared: Common stock/unit ($ 2.410 per share) — — — — — ( 410,419 ) ( 410,419 ) ( 1,836 ) — ( 1,836 ) ( 412,255 ) Balance at December 31, 2021 $ — 1,712 ( 22,758 ) 7,883,458 ( 10,227 ) ( 1,814,814 ) 6,037,371 35,447 37,114 72,561 6,109,932 Net income — — — — — 482,865 482,865 2,105 3,065 5,170 488,035 Other comprehensive income Other comprehensive income before reclassification — — — — 17,008 — 17,008 80 1,664 1,744 18,752 Amounts reclassified from accumulated other comprehensive income — — — — 779 — 779 5 49 54 833 Deferred compensation plan, net — — ( 1,703 ) 1,702 — — ( 1 ) — — — ( 1 ) Restricted stock issued, net of amortization — 2 — 16,665 — — 16,667 — — — 16,667 Common stock repurchased for taxes withheld for stock-based compensation, net — — — ( 5,858 ) — — ( 5,858 ) — — — ( 5,858 ) Common stock repurchased and retired — ( 13 ) — ( 75,406 ) — — ( 75,419 ) — — — ( 75,419 ) Common stock issued under dividend reinvestment plan — — — 524 — — 524 — — — 524 Common stock issued for partnership units exchanged — — — 1,275 — — 1,275 ( 1,275 ) — ( 1,275 ) — Common stock issued, net of issuance costs — 10 — 61,274 — — 61,284 — — — 61,284 Reallocation of noncontrolling interests, net of transaction costs — — — ( 6,482 ) — — ( 6,482 ) — 6,266 6,266 ( 216 ) Contributions from partners — — — — — — — — 13,223 13,223 13,223 Distributions to partners — — — — — — — — ( 14,816 ) ( 14,816 ) ( 14,816 ) Cash dividends declared: — — — Common stock/unit ($ 2.525 per share) — — — — — ( 433,028 ) ( 433,028 ) ( 1,873 ) — ( 1,873 ) ( 434,901 ) Balance at December 31, 2022 $ — $ 1,711 ( 24,461 ) 7,877,152 7,560 ( 1,764,977 ) 6,096,985 34,489 46,565 81,054 6,178,039 69 Shareholders' Equity Noncontrolling Interests Preferred Stock Common Stock Treasury Stock Additional Paid In Capital Accumulated Other Comprehensive Loss Distributions in Excess of Net Income Total Shareholders’ Equity Exchangeable Operating Partnership Units Limited Partners’ Interest in Consolidated Partnerships Total Noncontrolling Interests Total Equity Balance at December 31, 2022 $ — 1,711 ( 24,461 ) 7,877,152 7,560 ( 1,764,977 ) 6,096,985 34,489 46,565 81,054 6,178,039 Net income — — — — — 364,557 364,557 2,008 4,302 6,310 370,867 Other comprehensive loss Other comprehensive income before reclassification — — — — ( 2,063 ) — ( 2,063 ) ( 9 ) ( 39 ) ( 48 ) ( 2,111 ) Amounts reclassified from accumulated other comprehensive loss — — — — ( 6,805 ) — ( 6,805 ) ( 39 ) ( 692 ) ( 731 ) ( 7,536 ) Adjustment for noncontrolling interests in the Operating Partnership — — — 13,518 — — 13,518 ( 13,518 ) — ( 13,518 ) — Deferred compensation plan, net — — ( 1,027 ) 1,027 — — — — — — — Restricted stock issued, net of amortization — 2 — 20,439 — — 20,441 — — — 20,441 Common stock repurchased for taxes withheld for stock-based compensation, net — — — ( 7,074 ) — — ( 7,074 ) — — — ( 7,074 ) Common stock repurchased and retired — ( 3 ) — ( 20,003 ) — — ( 20,006 ) — — — ( 20,006 ) Repurchase of exchangeable operating partnership units — — — — — — — ( 9,163 ) — ( 9,163 ) ( 9,163 ) Common stock issued under dividend reinvestment plan — — — 622 — — 622 — — — 622 Common stock issued for partnership units exchanged — — — 198 — — 198 ( 198 ) — ( 198 ) — Common stock issued, net of issuance costs — 136 — 818,361 — — 818,497 — — — 818,497 Issuance of exchangeable operating partnership units — — — — — — — 31,253 — 31,253 31,253 Issuance of preferred stock 225,000 — — — — — 225,000 — — — 225,000 Contributions from partners — — — — — — — — 74,730 74,730 74,730 Distributions to partners — — — — — — — — ( 7,813 ) ( 7,813 ) ( 7,813 ) Cash dividends declared: Preferred stock/unit — — — — — ( 5,057 ) ( 5,057 ) — — — ( 5,057 ) Common stock/unit ($ 2.620 per share) — — — — — ( 466,126 ) ( 466,126 ) ( 2,628 ) — ( 2,628 ) ( 468,754 ) Balance at December 31, 2023 $ 225,000 1,846 ( 25,488 ) 8,704,240 ( 1,308 ) ( 1,871,603 ) 7,032,687 42,195 117,053 159,248 7,191,935 See accompanying notes to consolidated financial statements. 70 REG ENCY CENTERS CORPORATION Consolidated Statements of Cash Flows For the years ended December 31, 2023, 2022, and 2021 (in thousands) 2023 2022 2021 Cash flows from operating activities: Net income $ 370,867 488,035 366,288 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 352,282 319,697 303,331 Amortization of deferred loan costs and debt premiums 8,252 5,799 6,003 Accretion of above and below market lease intangibles, net ( 29,130 ) ( 20,995 ) ( 22,936 ) Stock-based compensation, net of capitalization 20,075 16,521 12,515 Equity in income of investments in real estate partnerships ( 50,541 ) ( 59,824 ) ( 47,086 ) Gain on sale of real estate, net of tax ( 661 ) ( 109,005 ) ( 91,119 ) Provision for impairment of real estate, net of tax — — 84,389 Early extinguishment of debt ( 99 ) — — Distribution of earnings from investments in real estate partnerships 66,531 61,416 71,934 Settlement of derivative instruments — — ( 2,472 ) Deferred compensation expense (income) 4,782 ( 6,128 ) 4,572 Realized and unrealized (gain) loss on investments ( 5,571 ) 7,040 ( 5,348 ) Changes in assets and liabilities: Tenant and other receivables ( 13,904 ) ( 35,274 ) ( 24,869 ) Deferred leasing costs ( 11,156 ) ( 10,801 ) ( 6,966 ) Other assets 3,028 1,292 ( 1,226 ) Accounts payable and other liabilities 5,152 ( 9,088 ) 6,677 Tenants’ security, escrow deposits and prepaid rent ( 316 ) 7,130 5,701 Net cash provided by operating activities 719,591 655,815 659,388 Cash flows from investing activities: Acquisition of operating real estate, net of cash acquired of $ 0 , $ 3,061 and $ 2,991 in 2023, 2022 and 2021, respectively ( 45,386 ) ( 169,639 ) ( 392,051 ) Acquisition of UBP, net of cash acquired of $ 14,143 ( 82,389 ) — — Real estate development and capital improvements ( 232,855 ) ( 195,418 ) ( 177,631 ) Proceeds from sale of real estate 11,167 143,133 206,193 Issuance of notes receivable ( 4,000 ) — ( 20 ) Collection of notes receivable 4,000 1,823 — Investments in real estate partnerships ( 13,119 ) ( 36,266 ) ( 23,476 ) Return of capital from investments in real estate partnerships 11,308 48,473 99,945 Dividends on investment securities 1,283 1,113 813 Acquisition of investment securities ( 7,990 ) ( 21,112 ) ( 23,971 ) Proceeds from sale of investment securities 16,003 21,785 23,846 Net cash used in investing activities ( 341,978 ) ( 206,108 ) ( 286,352 ) Cash flows from financing activities: Net proceeds from common stock issuance ( 33 ) 61,284 82,510 Repurchase of common shares in conjunction with equity award plans ( 7,662 ) ( 6,447 ) ( 4,083 ) Common shares repurchased through share repurchase program ( 20,006 ) ( 75,419 ) — Proceeds from sale of treasury stock 103 64 96 Contributions from limited partners in consolidated partnerships 10,238 — — Distributions to limited partners in consolidated partnerships ( 7,813 ) ( 7,245 ) ( 4,345 ) Distributions to exchangeable operating partnership unit holders ( 2,368 ) ( 1,867 ) ( 1,815 ) Redemption of exchangeable operating partnership units ( 9,163 ) — — Dividends paid to common shareholders ( 453,065 ) ( 428,276 ) ( 403,085 ) Dividends paid to preferred shareholders ( 3,413 ) — — Proceeds from unsecured credit facilities 557,000 95,000 — Repayment of unsecured credit facilities ( 405,000 ) ( 95,000 ) ( 265,000 ) Proceeds from notes payable 59,500 — — Repayment of notes payable ( 61,592 ) ( 6,745 ) ( 42,014 ) Scheduled principal payments ( 11,235 ) ( 11,219 ) ( 11,255 ) Payment of loan costs ( 526 ) ( 88 ) ( 7,468 ) Net cash used in financing activities ( 355,035 ) ( 475,958 ) ( 656,459 ) Net change in cash, cash equivalents, and restricted cash 22,578 ( 26,251 ) ( 283,423 ) Cash, cash equivalents, and restricted cash at beginning of the year 68,776 95,027 378,450 Cash, cash equivalents, and restricted cash at end of the year $ 91,354 68,776 95,027 71 2023 2022 2021 Supplemental disclosure of cash flow information: Cash paid for interest (net of capitalized interest of $ 5,695 , $ 4,166 , and $ 4,202 in 2023, 2022, and 2021, respectively) $ 147,176 141,359 140,084 Cash paid for income taxes, net of refunds $ 933 570 378 Supplemental disclosure of non-cash transactions: Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid $ 126,683 111,709 107,480 Previously held equity investments in real estate assets acquired $ — 17,179 ( 4,609 ) Mortgage loans assumed by Company with the acquisition of real estate $ 98 22,779 111,104 Right of use assets obtained in exchange for new operating lease liabilities $ 36,577 — — Sale of leased asset in exchange for net investment in sales-type lease $ 8,510 — — UBP Acquisition: Notes payable assumed in acquisition, at fair value $ 284,706 — — Noncontrolling interest assumed in acquisition, at fair value $ 64,492 — — Common stock exchanged for UBP shares $ 818,530 — — Preferred stock exchanged for UBP shares $ 225,000 — — Common stock issued for partnership units exchanged $ 199 1,275 99 Exchangeable operating partnership units issued for acquisition of real estate $ 31,253 — — Real estate received in lieu of promote interest $ — — 13,589 Change in accrued capital expenditures $ 8,877 4,888 10,188 Common stock issued under dividend reinvestment plan $ 622 524 1,286 Stock-based compensation capitalized $ 954 735 666 Contributions to investments in real estate partnerships $ 920 — — Contributions from limited partners in consolidated partnerships, net $ — 5,436 — Reallocation of equity upon acquisition of a limited partner's interest in a consolidated partnership $ — 6,266 — Adjustment for noncontrolling interests in the operating partnership $ — — — Common stock issued for dividend reinvestment in trust $ 1,193 1,126 1,084 Contribution of stock awards into trust $ 2,080 2,250 1,416 Distribution of stock held in trust $ 2,245 786 3,647 Change in fair value of securities $ 338 1,658 513 See accompanying notes to consolidated financial statements. 72 RE GENCY CENTERS, L.P.
Biggest changeAlso, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ KPMG LLP Jacksonville, Florida February 14, 2025 66 RE GENCY CENTERS CORPORATION Consolidated Balance Sheets December 31, 2024 and 2023 (in thousands, except share data) 2024 2023 Assets Net real estate investments: Real estate assets, at cost $ 13,698,419 13,454,391 Less: accumulated depreciation 2,960,399 2,691,386 Real estate assets, net 10,738,020 10,763,005 Investments in sales-type leases, net 16,291 8,705 Investments in real estate partnerships 399,044 370,605 Net real estate investments 11,153,355 11,142,315 Properties held for sale, net — 18,878 Cash, cash equivalents, and restricted cash, including $ 5,601 and $ 6,383 of restricted cash at December 31, 2024 and 2023, respectively 61,884 91,354 Tenant and other receivables, net 255,495 206,162 Deferred leasing costs, less accumulated amortization of $ 131,080 and $ 124,107 at December 31, 2024 and 2023, respectively 79,911 73,398 Acquired lease intangible assets, less accumulated amortization of $ 395,209 and $ 364,413 at December 31, 2024 and 2023, respectively 229,983 283,375 Right of use assets, net 322,287 328,002 Other assets 289,046 283,429 Total assets $ 12,391,961 12,426,913 Liabilities and Equity Liabilities: Notes payable, net $ 4,343,700 4,001,949 Unsecured credit facility 65,000 152,000 Accounts payable and other liabilities 392,302 358,612 Acquired lease intangible liabilities, less accumulated amortization of $ 222,052 and $ 211,067 at December 31, 2024 and 2023, respectively 364,608 398,302 Lease liabilities 244,861 246,063 Tenants' security, escrow deposits and prepaid rent 81,183 78,052 Total liabilities 5,491,654 5,234,978 Commitments and contingencies — — Equity: Shareholders' equity: Preferred stock $ 0.01 par value per share, 30,000,000 shares authorized; 9,000,000 shares issued and outstanding, in the aggregate, in Series A and Series B at December 31, 2024 and 2023 225,000 225,000 Common stock $ 0.01 par value per share, 220,000,000 shares authorized; 181,361,454 and 184,581,070 shares issued and outstanding at December 31, 2024 and 2023, respectively 1,814 1,846 Treasury stock at cost, 479,251 and 448,140 shares held at December 31, 2024 and 2023, respectively ( 28,045 ) ( 25,488 ) Additional paid-in-capital 8,503,227 8,704,240 Accumulated other comprehensive gain (loss) 2,226 ( 1,308 ) Distributions in excess of net income ( 1,980,076 ) ( 1,871,603 ) Total shareholders' equity 6,724,146 7,032,687 Noncontrolling interests: Exchangeable operating partnership units, aggregate redemption value of $ 81,076 and $ 74,199 at December 31, 2024 and 2023, respectively 40,744 42,195 Limited partners' interests in consolidated partnerships 135,417 117,053 Total noncontrolling interests 176,161 159,248 Total equity 6,900,307 7,191,935 Total liabilities and equity $ 12,391,961 12,426,913 The accompanying notes are an integral part of the consolidated financial statements. 67 RE GENCY CENTERS CORPORATION Consolidated Statements of Operations For the years ended December 31, 2024, 2023, and 2022 (in thousands, except per share data) 2024 2023 2022 Revenues: Lease income $ 1,411,379 1,283,939 1,187,452 Other property income 14,651 11,573 10,719 Management, transaction, and other fees 27,874 26,954 25,851 Total revenues 1,453,904 1,322,466 1,224,022 Operating expenses: Depreciation and amortization 394,714 352,282 319,697 Property operating expense 248,637 229,209 196,148 Real estate taxes 184,415 165,560 149,795 General and administrative 101,465 97,806 79,903 Other operating expenses 10,867 9,459 6,166 Total operating expenses 940,098 854,316 751,709 Other expense, net: Interest expense, net 180,119 154,249 146,186 Provision for impairment of real estate 14,304 — — Gain on sale of real estate, net of tax ( 34,162 ) ( 661 ) ( 109,005 ) Loss (gain) on early extinguishment of debt 180 ( 99 ) — Net investment (income) loss ( 6,181 ) ( 5,665 ) 6,921 Total other expense, net 154,260 147,824 44,102 Income before equity in income of investments in real estate partnerships 359,546 320,326 428,211 Equity in income of investments in real estate partnerships 50,294 50,541 59,824 Net income 409,840 370,867 488,035 Noncontrolling interests: Exchangeable operating partnership units ("EOP") ( 2,338 ) ( 2,008 ) ( 2,105 ) Limited partners' interests in consolidated partnerships ( 7,114 ) ( 4,302 ) ( 3,065 ) Net income attributable to noncontrolling interests ( 9,452 ) ( 6,310 ) ( 5,170 ) Net income attributable to the Company 400,388 364,557 482,865 Preferred stock dividends ( 13,650 ) ( 5,057 ) — Net income attributable to common shareholders $ 386,738 359,500 482,865 Net income attributable to common shareholders: Per common share - basic $ 2.12 2.04 2.82 Per common share - diluted $ 2.11 2.04 2.81 The accompanying notes are an integral part of the consolidated financial statements. 68 REG ENCY CENTERS CORPORATION Consolidated Statements of Comprehensive Income For the years ended December 31, 2024, 2023, and 2022 (in thousands) 2024 2023 2022 Net income $ 409,840 370,867 488,035 Other comprehensive income (loss): Effective portion of change in fair value of derivative instruments: Effective portion of change in fair value of derivative instruments 12,523 ( 2,448 ) 20,061 Reclassification adjustment of derivative instruments included in net income ( 8,895 ) ( 7,536 ) 833 Unrealized (loss) gain on available-for-sale debt securities ( 32 ) 337 ( 1,309 ) Other comprehensive income (loss) 3,596 ( 9,647 ) 19,585 Comprehensive income 413,436 361,220 507,620 Less: comprehensive income attributable to noncontrolling interests: Net income attributable to noncontrolling interests 9,452 6,310 5,170 Other comprehensive income (loss) attributable to noncontrolling interests 62 ( 779 ) 1,798 Comprehensive income attributable to noncontrolling interests 9,514 5,531 6,968 Comprehensive income attributable to the Company $ 403,922 355,689 500,652 The accompanying notes are an integral part of the consolidated financial statements. 69 REG ENCY CENTERS CORPORATION Consolidated Statements of Equity For the years ended December 31, 2024, 2023, and 2022 (in thousands, except per share data) Shareholders' Equity Noncontrolling Interests Preferred Stock Common Stock Treasury Stock Additional Paid In Capital Accumulated Other Comprehensive Loss Distributions in Excess of Net Income Total Shareholders' Equity Exchangeable Operating Partnership Units Limited Partners' Interest in Consolidated Partnerships Total Noncontrolling Interests Total Equity Balance at December 31, 2021 $ — 1,712 ( 22,758 ) 7,883,458 ( 10,227 ) ( 1,814,814 ) 6,037,371 35,447 37,114 72,561 6,109,932 Net income — — — — — 482,865 482,865 2,105 3,065 5,170 488,035 Other comprehensive income Other comprehensive income before reclassification — — — — 17,008 — 17,008 80 1,664 1,744 18,752 Amounts reclassified from accumulated other comprehensive income — — — — 779 — 779 5 49 54 833 Deferred compensation plan, net — — ( 1,703 ) 1,702 — — ( 1 ) — — — ( 1 ) Restricted stock issued, net of amortization — 2 — 16,665 — — 16,667 — — — 16,667 Common stock repurchased for taxes withheld for stock-based compensation, net — — — ( 5,858 ) — — ( 5,858 ) — — — ( 5,858 ) Common stock repurchased and retired — ( 13 ) — ( 75,406 ) — — ( 75,419 ) — — — ( 75,419 ) Common stock issued under dividend reinvestment plan — — — 524 — — 524 — — — 524 Common stock issued for partnership units exchanged — — — 1,275 — — 1,275 ( 1,275 ) — ( 1,275 ) — Common stock issued, net of issuance costs — 10 — 61,274 — — 61,284 — — — 61,284 Reallocation of noncontrolling interests, net of transaction costs — — — ( 6,482 ) — — ( 6,482 ) — 6,266 6,266 ( 216 ) Contributions from partners — — — — — — — — 13,223 13,223 13,223 Distributions to partners — — — — — — — — ( 14,816 ) ( 14,816 ) ( 14,816 ) Dividends declared: Common stock/unit ($ 2.525 per share/unit) — — — — — ( 433,028 ) ( 433,028 ) ( 1,873 ) — ( 1,873 ) ( 434,901 ) Balance at December 31, 2022 $ — 1,711 ( 24,461 ) 7,877,152 7,560 ( 1,764,977 ) 6,096,985 34,489 46,565 81,054 6,178,039 70 Shareholders' Equity Noncontrolling Interests Preferred Stock Common Stock Treasury Stock Additional Paid In Capital Accumulated Other Comprehensive Loss Distributions in Excess of Net Income Total Shareholders' Equity Exchangeable Operating Partnership Units Limited Partners' Interest in Consolidated Partnerships Total Noncontrolling Interests Total Equity Balance at December 31, 2022 $ — 1,711 ( 24,461 ) 7,877,152 7,560 ( 1,764,977 ) 6,096,985 34,489 46,565 81,054 6,178,039 Net income — — — — — 364,557 364,557 2,008 4,302 6,310 370,867 Other comprehensive loss Other comprehensive loss before reclassification — — — — ( 2,063 ) — ( 2,063 ) ( 9 ) ( 39 ) ( 48 ) ( 2,111 ) Amounts reclassified from accumulated other comprehensive loss — — — — ( 6,805 ) — ( 6,805 ) ( 39 ) ( 692 ) ( 731 ) ( 7,536 ) Adjustment for noncontrolling interests in the Operating Partnership — — — 13,518 — — 13,518 ( 13,518 ) — ( 13,518 ) — Deferred compensation plan, net — — ( 1,027 ) 1,027 — — — — — — — Restricted stock issued, net of amortization — 2 — 20,439 — — 20,441 — — — 20,441 Common stock repurchased for taxes withheld for stock-based compensation, net — — — ( 7,074 ) — — ( 7,074 ) — — — ( 7,074 ) Common stock repurchased and retired — ( 3 ) — ( 20,003 ) — — ( 20,006 ) — — — ( 20,006 ) Repurchase of EOP units — — — — — — — ( 9,163 ) — ( 9,163 ) ( 9,163 ) Common stock issued under dividend reinvestment plan — — — 622 — — 622 — — — 622 Common stock issued for partnership units exchanged — — — 198 — — 198 ( 198 ) — ( 198 ) — Common stock issued, net of issuance costs — 136 — 818,361 — — 818,497 — — — 818,497 Issuance of EOP units — — — — — — — 31,253 — 31,253 31,253 Issuance of preferred stock 225,000 — — — — — 225,000 — — — 225,000 Contributions from partners — — — — — — — — 74,730 74,730 74,730 Distributions to partners — — — — — — — — ( 7,813 ) ( 7,813 ) ( 7,813 ) Dividends declared: Preferred stock (Series A: $ 0.781250 per share/unit; Series B: $ 0.734400 per share/unit) — — — — — ( 5,057 ) ( 5,057 ) — — — ( 5,057 ) Common stock/unit ($ 2.620 per share/unit) — — — — — ( 466,126 ) ( 466,126 ) ( 2,628 ) — ( 2,628 ) ( 468,754 ) Balance at December 31, 2023 $ 225,000 1,846 ( 25,488 ) 8,704,240 ( 1,308 ) ( 1,871,603 ) 7,032,687 42,195 117,053 159,248 7,191,935 71 Shareholders' Equity Noncontrolling Interests Preferred Stock Common Stock Treasury Stock Additional Paid In Capital Accumulated Other Comprehensive Loss Distributions in Excess of Net Income Total Shareholders' Equity Exchangeable Operating Partnership Units Limited Partners' Interest in Consolidated Partnerships Total Noncontrolling Interests Total Equity Balance at December 31, 2023 $ 225,000 1,846 ( 25,488 ) 8,704,240 ( 1,308 ) ( 1,871,603 ) 7,032,687 42,195 117,053 159,248 7,191,935 Net income — — — — — 400,388 400,388 2,338 7,114 9,452 409,840 Other comprehensive income Other comprehensive income before reclassification — — — — 11,845 — 11,845 70 576 646 12,491 Amounts reclassified from accumulated other comprehensive income — — — — ( 8,311 ) — ( 8,311 ) ( 50 ) ( 534 ) ( 584 ) ( 8,895 ) Adjustment for noncontrolling interests — — — ( 10,833 ) — — ( 10,833 ) 2,119 8,714 10,833 — Deferred compensation plan, net — — ( 2,557 ) 2,557 — — — — — — — Restricted stock issued, net of amortization — 1 — 24,916 — — 24,917 — — — 24,917 Common stock repurchased for taxes withheld for stock-based compensation, net — — — ( 19,012 ) — — ( 19,012 ) — — — ( 19,012 ) Common stock repurchased and retired — ( 33 ) — ( 200,033 ) — — ( 200,066 ) — — — ( 200,066 ) Common stock issued under dividend reinvestment plan — — — 657 — — 657 — — — 657 Common stock issued for partnership units exchanged — — — 735 — — 735 ( 735 ) — ( 735 ) — Contributions from partners — — — — — — — — 14,679 14,679 14,679 Distributions to partners — — — — — — — — ( 12,185 ) ( 12,185 ) ( 12,185 ) Dividends declared: Preferred stock (Series A: $ 1.562 500 per share/unit; Series B: $ 1.468 800 per share/unit) — — — — — ( 13,650 ) ( 13,650 ) — — — ( 13,650 ) Common stock/unit ($ 2.715 per share/unit) — — — — — ( 495,211 ) ( 495,211 ) ( 5,193 ) — ( 5,193 ) ( 500,404 ) Balance at December 31, 2024 $ 225,000 1,814 ( 28,045 ) 8,503,227 2,226 ( 1,980,076 ) 6,724,146 40,744 135,417 176,161 6,900,307 See accompanying notes to consolidated financial statements. 72 REG ENCY CENTERS CORPORATION Consolidated Statements of Cash Flows For the years ended December 31, 2024, 2023, and 2022 (in thousands) 2024 2023 2022 Cash flows from operating activities: Net income $ 409,840 370,867 488,035 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 394,714 352,282 319,697 Amortization of deferred financing costs and debt premiums 13,096 8,252 5,799 Amortization of above and below market lease intangibles, net ( 22,701 ) ( 29,130 ) ( 20,995 ) Stock-based compensation, net of capitalization 23,504 20,075 16,521 Equity in income of investments in real estate partnerships ( 50,294 ) ( 50,541 ) ( 59,824 ) Gain on sale of real estate, net of tax ( 34,162 ) ( 661 ) ( 109,005 ) Provision for impairment of real estate 14,304 — — Loss (gain) on early extinguishment of debt 180 ( 99 ) — Distribution of earnings from investments in real estate partnerships 69,156 66,531 61,416 Deferred compensation expense (income) 5,256 4,782 ( 6,128 ) Realized and unrealized (gain) loss on investments ( 5,930 ) ( 5,571 ) 7,040 Changes in assets and liabilities: Tenant and other receivables ( 24,219 ) ( 13,904 ) ( 35,274 ) Deferred leasing costs ( 11,703 ) ( 11,156 ) ( 10,801 ) Other assets 1,818 3,028 1,292 Accounts payable and other liabilities 4,253 5,152 ( 9,088 ) Tenants' security, escrow deposits and prepaid rent 3,086 ( 316 ) 7,130 Net cash provided by operating activities 790,198 719,591 655,815 Cash flows from investing activities: Acquisition of operating real estate, net of cash acquired of $ 3,061 in 2022 ( 45,405 ) ( 45,386 ) ( 169,639 ) Acquisition of UBP, net of cash acquired of $ 14,143 — ( 82,389 ) — Real estate development and capital improvements ( 343,368 ) ( 232,855 ) ( 195,418 ) Proceeds from sale of real estate 108,615 11,167 143,133 Proceeds from property insurance casualty claims 5,286 — — Issuance of notes receivable ( 32,651 ) ( 4,000 ) — Collection of notes receivable 3,115 4,000 1,823 Investments in real estate partnerships ( 41,345 ) ( 13,119 ) ( 36,266 ) Return of capital from investments in real estate partnerships 13,034 11,308 48,473 Dividends on investment securities 453 1,283 1,113 Acquisition of investment securities ( 101,044 ) ( 7,990 ) ( 21,112 ) Proceeds from sale of investment securities 106,666 16,003 21,785 Net cash used in investing activities ( 326,644 ) ( 341,978 ) ( 206,108 ) 73 2024 2023 2022 Cash flows from financing activities: Net proceeds from common stock issuance $ — ( 33 ) 61,284 Repurchase of common shares in conjunction with equity award plans ( 19,540 ) ( 7,662 ) ( 6,447 ) Common shares repurchased through share repurchase program ( 200,066 ) ( 20,006 ) ( 75,419 ) Proceeds from sale of treasury stock 210 103 64 Contributions from noncontrolling interests 6,789 10,238 — Distributions to and redemptions of noncontrolling interests ( 12,185 ) ( 7,813 ) ( 7,245 ) Distributions to exchangeable operating partnership unit holders ( 2,952 ) ( 2,368 ) ( 1,867 ) Redemption of EOP units — ( 9,163 ) — Dividends paid to common shareholders ( 490,365 ) ( 453,065 ) ( 428,276 ) Dividends paid to preferred shareholders ( 13,650 ) ( 3,413 ) — Repayment of fixed rate unsecured notes ( 250,000 ) — — Proceeds from issuance of fixed rate unsecured notes, net of debt discount 722,860 — — Proceeds from unsecured credit facilities 722,419 557,000 95,000 Repayment of unsecured credit facilities ( 809,419 ) ( 405,000 ) ( 95,000 ) Proceeds from notes payable 12,000 59,500 — Repayment of notes payable ( 131,261 ) ( 61,592 ) ( 6,745 ) Scheduled principal payments ( 11,209 ) ( 11,235 ) ( 11,219 ) Payment of financing costs ( 16,655 ) ( 526 ) ( 88 ) Net cash used in financing activities ( 493,024 ) ( 355,035 ) ( 475,958 ) Net change in cash and cash equivalents and restricted cash ( 29,470 ) 22,578 ( 26,251 ) Cash and cash equivalents and restricted cash at beginning of the year 91,354 68,776 95,027 Cash and cash equivalents and restricted cash at end of the year $ 61,884 $ 91,354 68,776 Supplemental disclosure of cash flow information: Cash paid for interest (net of capitalized interest of $ 6,627 , $ 5,695 , and $ 4,166 in 2024, 2023, and 2022, respectively) $ 161,356 147,176 141,359 Cash paid for income taxes, net of refunds $ 7,724 933 570 Supplemental disclosure of non-cash transactions: Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid $ 133,114 126,683 111,709 Previously held equity investments in real estate assets acquired $ — — 17,179 Mortgage loans assumed by Company with the acquisition of real estate $ — 98 22,779 Right of use assets obtained in exchange for new operating lease liabilities $ 1,271 36,577 — Sale of leased asset in exchange for net investment in sales-type lease $ 2,846 8,510 — UBP Acquisition: Notes payable assumed in acquisition, at fair value $ — 284,706 — Noncontrolling interest assumed in acquisition, at fair value $ — 64,492 — Common stock exchanged for UBP shares $ — 818,530 — Preferred stock exchanged for UBP shares $ — 225,000 — EOP units issued for acquisition of real estate $ — 31,253 — Real estate received in lieu of rental revenue $ 1,853 — — Change in accrued capital expenditures $ 14,036 8,877 4,888 Stock-based compensation capitalized $ 1,941 954 735 Contributions to investments in real estate partnerships $ 18,459 920 — Contributions from limited partners in consolidated partnerships $ 7,890 — 5,436 Change in fair value of securities $ 32 338 1,658 The accompanying notes are an integral part of the consolidated financial statements. 74 RE GENCY CENTERS, L.P.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.
Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances.
Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances.
We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
Environmental The Company is subject to numerous environmental laws and regulations. With respect to applicability to the Company, these pertain primarily to chemicals historically used by certain current and former dry cleaning tenants, the existence of asbestos in older shopping centers, older underground petroleum storage tanks and other historic land uses.
Environmental The Company is subject to numerous environmental laws and regulations. With respect to applicability to the Company, these pertain primarily to chemicals historically used by certain current and former dry-cleaning tenants, the existence of asbestos in older shopping centers, underground petroleum storage tanks and other historic land uses.
The success of the Company's tenants in operating their businesses and their corresponding ability to pay rent continue to be influenced by current economic challenges, which impact their cost of doing business, including but not limited to the impact of inflation, the cost and availability of labor, increasing energy prices and interest rates, and access to credit.
The success of the Company's tenants in operating their businesses and their corresponding ability to pay rent continue to be influenced by current economic challenges, which may impact their cost of doing business, including but not limited to the impact of inflation, the cost and availability of labor, increasing energy prices and interest rates, and access to credit.
Market based awards are valued using a Monte Carlo simulation to estimate the fair value based on the probability of satisfying the market conditions and the projected stock price at the time of payout, discounted to the valuation date over a three year performance period.
Market based awards are valued using a Monte Carlo simulation model to estimate the fair value based on the probability of satisfying the market conditions and the projected stock price at the time of payout, discounted to the valuation date over a three year performance period.
The Company can give no assurance that existing environmental studies with respect to its shopping centers have revealed all potential environmental contaminants; that its estimate of liabilities will not change as more information becomes available; that any previous owner, occupant or tenant did not create any material environmental condition not known to the Company; that the current environmental condition of the shopping centers will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; and that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company.
The Company can give no assurance that existing environmental studies with respect to its shopping centers have revealed all potential environmental contamination; that its estimate of liabilities will not change as more information becomes available; that any previous owner, occupant or tenant did not create any material environmental condition not known to the Company; that the current environmental condition of the shopping centers will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; and that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company.
The total purchase price, including direct transaction costs capitalized, was allocated as follows: (in thousands) Purchase Price Allocation Real estate assets $ 1,379,835 Investments in unconsolidated real estate partnerships 35,942 Real estate assets 1,415,777 Cash, accounts receivable and other assets 51,902 Lease intangible assets 128,663 Total assets acquired 1,596,342 Notes payable 284,706 Accounts payable, accrued expenses, and other liabilities 37,500 Lease intangible liabilities 69,583 Total liabilities assumed 391,789 Non-controlling interest 64,492 Total purchase price $ 1,140,061 The acquired assets and assumed liabilities for an acquired operating property generally include, but are not limited to: land, buildings and improvements, identified tangible and intangible assets and liabilities associated with in-place leases, including tenant improvements, leasing costs, value of above-market and below-market leases, and value of acquired in-place leases.
The total purchase price, including direct transaction costs capitalized, was allocated as follows: (in thousands) Purchase Price Allocation Real estate assets $ 1,379,835 Investments in unconsolidated real estate partnerships 35,942 Real estate assets 1,415,777 Cash, accounts receivable and other assets 51,902 Lease intangible assets 128,663 Total assets acquired 1,596,342 Notes payable 284,706 Accounts payable, accrued expenses, and other liabilities 37,500 Lease intangible liabilities 69,583 Total liabilities assumed 391,789 Noncontrolling interest 64,492 Total purchase price $ 1,140,061 The acquired assets and assumed liabilities for an acquired operating property generally include, but are not limited to: land, buildings and improvements, identified tangible and intangible assets and liabilities associated with in-place leases, including tenant improvements, leasing costs, value of above-market and below-market leases, and value of acquired in-place leases.
The holders of the Preferred Stock have general preference rights over common stock holders with respect to liquidation and quarterly distributions. Except under certain limited conditions, holders of the Preferred Stock will not be entitled to vote.
The holders of the Preferred Stock have general preference rights over common stockholders with respect to liquidation and quarterly distributions. Except under certain limited conditions, holders of the Preferred Stock will not be entitled to vote.
Equity securities with readily determinable fair values are measured at fair value with changes in the fair value recognized through net income and presented within Investment income in the Consolidated Statements of Operations.
Equity securities with readily determinable fair values are measured at fair value with changes in the fair value recognized through net income and presented within Net investment (income) loss in the Consolidated Statements of Operations.
The TRS's are subject to federal and state income taxes and file separate tax returns. As a pass through entity, the Operating Partnership generally does not pay taxes, but its taxable income or loss is reported by its partners, of which the Parent Company, as general partner and approximately 99.4 % owner, is allocated its Pro-rata share of tax attributes.
The TRSs are subject to federal and state income taxes and file separate tax returns. As a pass through entity, the Operating Partnership generally does not pay taxes, but its taxable income or loss is reported by its partners, of which the Parent Company, as general partner and approximately 99.4 % owner, is allocated its Pro-rata share of tax attributes.
The Company has 21 properties within its consolidated real estate portfolio that are either partially or completely on land subject to ground leases with third parties. Accordingly, the Company owns only a long-term leasehold or similar interest in these properties. These ground leases expire through the year 2121 , and in most cases, provide for renewal options.
The Company has 20 properties within its consolidated real estate portfolio that are either partially or completely on land subject to ground leases with third parties. Accordingly, the Company owns only a long-term leasehold or similar interest in these properties. These ground leases expire through the year 2121 , and in most cases, provide for renewal options.
This deferred compensation, together with Company matching contributions equal to 100 % of employee deferrals up to a maximum of $ 5,000 of their eligible compensation, is fully vested and funded as of December 31, 2023 . Additionally, an annual profit sharing contribution may be made, which are fully vested after three years in service.
This deferred compensation, together with Company matching contributions equal to 100 % of employee deferrals up to a maximum of $ 5,000 of their eligible compensation, is fully vested and funded as of December 31, 2024 . Additionally, an annual profit sharing contribution may be made, which are fully vested after three years in service.
Ownership of the Parent Company The Parent Company has a single class of common stock and two series of preferred stock outstanding. Ownership of the Operating Partnership The Operating Partnership's capital includes Common Units and Preferred Units.
Ownership of the Parent Company The Parent Company currently has a single class of common stock and two series of preferred stock outstanding. Ownership of the Operating Partnership The Operating Partnership's capital includes Common Units and Preferred Units.
The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open tax years (2020 and forward for federal and state) based on an assessment of many factors including past experience and interpretations of tax laws applied to the facts of each matter.
The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open tax years (2021 and forward for federal and state) based on an assessment of many factors including past experience and interpretations of tax laws applied to the facts of each matter.
Available-for-Sale Debt Securities Available-for-sale debt securities consist of investments in certificates of deposit and corporate bonds, and are recorded at fair value using either recent trade prices for the identical debt instrument or comparable instruments by issuers of similar industry sector, issuer rating, and size, to estimate fair value, which are considered Level 2 inputs of the fair value hierarchy.
Available-for-Sale Debt Securities Available-for-sale debt securities consist of investments in corporate bonds, and are recorded at fair value using either recent trade prices for the identical debt instrument or comparable instruments by issuers of similar industry sector, issuer rating, and size, to estimate fair value, which are considered Level 2 inputs of the fair value hierarchy.
Non-Qualified Deferred Compensation Plan ("NQDCP") The Company maintains a NQDCP which allows select employees and directors to defer part or all of their cash bonus, director fees, and vested restricted stock awards. All contributions into the participants' accounts are fully vested upon contribution to the NQDCP and are deposited in a Rabbi trust.
Non-Qualified Deferred Compensation Plan ("NQDCP") The Company maintains a NQDCP which allows select employees and directors to defer part or all of their cash bonus, director fees, and vested restricted stock units. All contributions into the participants' accounts are fully vested upon contribution to the NQDCP and are deposited in a Rabbi trust.
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2023, in conformity with U.S. generally accepted accounting principles.
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Partnership as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2023, in conformity with U.S. generally accepted accounting principles.
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Partnership as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.
Notes to Consolidated Financial Statements December 31, 2023 1. Su mmary of Significant Accounting Policies (a) Organization and Principles of Consolidation General Regency Centers Corporation (the "Parent Company") began its operations as a REIT in 1993 and is the general partner of Regency Centers, L.P. (the "Operating Partnership").
Notes to Consolidated Financial Statements December 31, 2024 1. Su mmary of Significant Accounting Policies (a) Organization and Principles of Consolidation General Regency Centers Corporation (the "Parent Company") began its operations as a REIT in 1993 and is the general partner of Regency Centers, L.P. (the "Operating Partnership").
The Company accounts for income taxes related to its TRS's under the asset and liability approach, which requires the recognition of the amount of taxes payable or refundable for the current year and deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the financial statements.
The Company accounts for income taxes related to its TRSs under the asset and liability approach, which requires the recognition of the amount of taxes payable or refundable for the current year and deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the financial statements.
Notes to Consolidated Financial Statements December 31, 2023 likely-than-not that the estimated carrying value of a reporting unit (including goodwill) exceeds its fair value, or if the Company chooses to bypass the qualitative approach for any reporting unit, the Company will perform the quantitative approach described below.
Notes to Consolidated Financial Statements December 31, 2024 likely-than-not that the estimated carrying value of a reporting unit (including goodwill) exceeds its fair value, or if the Company chooses to bypass the qualitative approach for any reporting unit, the Company will perform the quantitative approach described below.
Notes to Consolidated Financial Statements December 31, 2023 The Company does not assign value to customer relationship intangibles if it has pre-existing business relationships with major retailers at the acquired property since they do not provide incremental value over the Company's existing relationships.
Notes to Consolidated Financial Statements December 31, 2024 The Company does not assign value to customer relationship intangibles if it has pre-existing business relationships with major retailers at the acquired property since they do not provide incremental value over the Company's existing relationships.
Debt securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses recognized through earnings in Investment income in the Consolidated Statements of Operations.
Debt securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses recognized through earnings in Net investment (income) loss in the Consolidated Statements of Operations.
As a result of the issuance of common units to the Parent Company for stock-based compensation, the Operating Partnership records the effect of stock-based compensation for awards of equity in the Parent Company. (k) Segment Reporting The Company's business is investing in retail shopping centers through direct ownership or partnership interests.
As a result of the issuance of common units to the Parent Company for stock-based compensation, the Operating Partnership records the effect of stock-based compensation for awards of equity in the Parent Company. (l) Segment Reporting The Company's business is investing in retail shopping centers through direct ownership or partnership interests.
As considerable judgment is often necessary to estimate the fair value of these financial instruments, the fair values presented above are not necessarily indicative of amounts that will be realized upon disposition of the financial instruments. 107 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
As considerable judgment is often necessary to estimate the fair value of these financial instruments, the fair values presented above are not necessarily indicative of amounts that will be realized upon disposition of the financial instruments. 108 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements December 31, 2023 (b) Fair Value Measurements The following financial instruments are measured at fair value on a recurring basis: Securities The Company has investments in marketable securities that are included within Other assets on the accompanying Consolidated Balance Sheets.
Notes to Consolidated Financial Statements December 31, 2024 (b) Fair Value Measurements The following financial instruments are measured at fair value on a recurring basis: Securities The Company has investments in marketable securities that are included within Other assets on the accompanying Consolidated Balance Sheets.
In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
In our opinion, the Partnership maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
In our opinion, the Partnership maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
The building and improvements constructed on the leased land are capitalized as Real estate assets in the accompanying Consolidated Balance Sheets and depreciated over the shorter of the useful life of the improvements or the lease term. 90 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
The building and improvements constructed on the leased land are capitalized as Real estate assets in the accompanying Consolidated Balance Sheets and depreciated over the shorter of the useful life of the improvements or the lease term. 92 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
The Company also re-measures nonfinancial assets and nonfinancial liabilities, initially measured at fair value in a business combination or other new basis event, at fair value in subsequent periods if a re-measurement event occurs. 92 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
The Company also re-measures nonfinancial assets and nonfinancial liabilities, initially measured at fair value in a business combination or other new basis event, at fair value in subsequent periods if a re-measurement event occurs. 94 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Partnership as of December 31, 2023 and 2022, the related consolidated statements of operations, comprehensive income, capital, and cash flows for each of the years in the three-year period ended December 31, 2023, and the related notes and financial statement schedule III - Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements), and our report dated February 16, 2024 expressed an unqualified opinion on those consolidated financial statements.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Partnership as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, capital, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes and financial statement schedule III - Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements), and our report dated February 14, 2025 expressed an unqualified opinion on those consolidated financial statements.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2023 and 2022, the related consolidated statements of operations, comprehensive income, equity, and cash flows for each of the years in the three-year period ended December 31, 2023, and the related notes and financial statement schedule III - Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements), and our report dated February 16, 2024 expressed an unqualified opinion on those consolidated financial statements.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, equity, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes and financial statement schedule III - Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements), and our report dated February 14, 2025 expressed an unqualified opinion on those consolidated financial statements.
The value of above-market leases is amortized as a reduction of Lease income over the remaining terms of the respective leases and the value of below-market leases is accreted to Lease income over the remaining terms of the respective leases, including below-market renewal options, if applicable. 87 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
The value of above-market leases is amortized as a reduction of Lease income over the remaining terms of the respective leases and the value of below-market leases is accreted to Lease income over the remaining terms of the respective leases, including below-market renewal options, if applicable. 89 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements December 31, 2023 The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions.
Notes to Consolidated Financial Statements December 31, 2024 The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions.
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ KPMG LLP Jacksonville, Florida February 16, 2024 62 Report of Independent Registered Public Accounting Firm To the Board of Directors of Regency Centers Corporation and the Partners of Regency Centers, L.P.: Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Regency Centers, L.P. and subsidiaries (the Partnership) as of December 31, 2023 and 2022, the related consolidated statements of operations, comprehensive income, capital, and cash flows for each of the years in the three-year period ended December 31, 2023, and the related notes and financial statement schedule III - Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements).
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ KPMG LLP Jacksonville, Florida February 14, 2025 63 Report of Independent Registered Public Accounting Firm To the Board of Directors of Regency Centers Corporation and the Partners of Regency Centers, L.P.: Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Regency Centers, L.P. and subsidiaries (the Partnership) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, capital, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes and financial statement schedule III - Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements).
The cash receipts or payments related to interest rate swaps are presented in cash flows provided by operating activities in the accompanying Consolidated Statements of Cash Flows. 89 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
The cash receipts or payments related to interest rate swaps are presented in cash flows provided by operating activities in the accompanying Consolidated Statements of Cash Flows. 91 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Assumptions include historic volatility over the previous three year period, risk-free interest rates, and Regency's historic daily return as compared to the market index. Since the award payout includes dividend equivalents and the total shareholder return includes the value of dividends, no dividend yield assumption is required for the valuation.
Assumptions used in the estimate include historic volatility over the previous three year period, risk-free interest rates, and Regency's historic daily return as compared to the market index. Since the award payout includes dividend equivalents and the total shareholder return includes the value of dividends, no dividend yield assumption is required for the valuation.
The allocation of the purchase price described above requires a significant amount of judgment and represents management's best estimate of the fair value as of the acquisition date. 94 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
The allocation of the purchase price described above requires a significant amount of judgment and represents management's best estimate of the fair value as of the acquisition date. 96 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
The Company is required to comply with certain financial covenants as defined in the Line credit agreement, such as Ratio of Indebtedness to Total Asset Value ("TAV"), Ratio of Unsecured Indebtedness to Unencumbered Asset Value, Ratio of Adjusted EBITDA to Fixed Charges, Ratio of Secured Indebtedness to TAV, Ratio of Unencumbered Net Operating Income to Unsecured Interest Expense, and other covenants customary with this type of unsecured financing.
The Company is required to comply with certain financial covenants as defined in the Credit Agreement, including the Ratio of Indebtedness to Total Asset Value ("TAV"), Ratio of Unsecured Indebtedness to Unencumbered Asset Value, Ratio of Adjusted EBITDA to Fixed Charges, Ratio of Secured Indebtedness to TAV, Ratio of Unencumbered Net Operating Income to Unsecured Interest Expense, and other covenants customary with this type of unsecured financing.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 16, 2024 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 14, 2025 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Partnership’s internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 16, 2024 expressed an unqualified opinion on the effectiveness of the Partnership’s internal control over financial reporting.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Partnership’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 14, 2025 expressed an unqualified opinion on the effectiveness of the Partnership’s internal control over financial reporting.
The Parent Company primarily engages in the ownership, management, leasing, acquisition, development, and redevelopment of shopping centers through the Operating Partnership, and has no other assets other than through its investment in the Operating Partnership, and its only liabilities are $ 200 million of unsecured private placement notes, which are co-issued and guaranteed by the Operating Partnership.
The Parent Company primarily engages in the ownership, management, leasing, acquisition, development, and redevelopment of shopping centers through the Operating Partnership and has no other assets other than through its investment in the Operating Partnership. Its only indebtedness consists of $ 200 million of unsecured private placement notes, which are co-issued and guaranteed by the Operating Partnership.
(2) During 2022, the Company declared four quarterly dividends, the last of which was paid on January 4, 2023, with a portion allocated to the 2022 dividend period, and the balance allocated to 2023.
(3) During 2022, the Company declared four quarterly dividends, the last of which was paid on January 4, 2023, with a portion allocated to the 2022 dividend period, and the balance allocated to 2023.
Control is determined using an evaluation based on accounting standards related to the consolidation of Variable Interest Entities ("VIEs") and voting interest entities. For joint ventures that are determined to be a VIE, the Company consolidates the entity where it is deemed to be the primary beneficiary.
Controlling financial interest is determined using an evaluation based on accounting standards related to the consolidation of Variable Interest Entities ("VIEs") and voting interest entities. For joint ventures that are determined to be a VIE, the Company consolidates the entity where it is deemed to be the primary beneficiary.
A shortening of the expected hold period could indicate a potential impairment. 60 The following are the primary procedures we performed to address this critical audit matter.
A shortening of the expected hold period could indicate a potential impairment. 61 The following are the primary procedures we performed to address this critical audit matter.
A shortening of the expected hold period could indicate a potential impairment. 63 The following are the primary procedures we performed to address this critical audit matter.
A shortening of the expected hold period could indicate a potential impairment. 64 The following are the primary procedures we performed to address this critical audit matter.
Notes to Consolidated Financial Statements December 31, 2023 In addition, the Company has non-cancelable operating leases pertaining to office space from which it conducts its business. Leasehold improvements are capitalized as tenant improvements, included in Other assets in the Consolidated Balance Sheets, and depreciated over the shorter of the useful life of the improvements or the lease term.
Notes to Consolidated Financial Statements December 31, 2024 In addition, the Company has non-cancelable operating leases pertaining to office space from which it conducts its business. Leasehold improvements are capitalized as tenant improvements, presented in Other assets in the Consolidated Balance Sheets, and depreciated over the shorter of the useful life of the improvements or the lease term.
During the years ended December 31, 2023, 2022, and 2021, the Company capitalized interest of $ 5.7 million , $ 4.2 million , and $ 4.2 million , respectively, on our development and redevelopment projects. We have a staff of employees directly supporting our development and redevelopment program.
During the years ended December 31, 2024, 2023, and 2022, the Company capitalized interest of $ 6.6 million , $ 5.7 million , and $ 4.2 million , respectively, on our development and redevelopment projects. We have a staff of employees directly supporting our development and redevelopment program.
These grants are subject only to continued employment and are not dependent on future performance measures. Accordingly, if such vesting criteria are not met, compensation cost previously recognized would be reversed. (2) Performance-based awards are earned subject to future performance measurements.
These grants are subject only to continued employment and are not dependent on future performance measures. Accordingly, if such vesting criteria are not met, compensation cost previously recognized is reversed. (2) Performance-based awards are earned subject to performance measurements.
The interest rate on the revolving credit facility is equal to the Secured Overnight Financing Rate ("SOFR") plus a margin that is determined based on the borrower’s long-term unsecured debt ratings and ratio of indebtedness to total asset value.
The interest rate on the revolving credit facility is equal to SOFR plus a margin that is determined based on the borrower’s long-term unsecured debt ratings and ratio of indebtedness to total asset value.
Preferred Stock of the Parent Company Terms and conditions of the preferred stock outstanding are summarized as follows: Preferred Stock Outstanding as of December 31, 2023 Date of Issuance Shares Issued and Outstanding Liquidation Preference Distribution Rate Callable By Company Series A 8/18/2023 4,600,000 $ 115,000,000 6.250 % On demand Series B 8/18/2023 4,400,000 110,000,000 5.875 % On or after 10/1/2024 9,000,000 $ 225,000,000 Each series of Preferred Stock is non-voting, has no stated maturity and is redeemable for cash at $ 25.00 per share at the Company's option, except that the Parent Company Series B preferred stock is not redeemable until on or after October 1, 2024.
Equity and Capital Preferred Stock of the Parent Company Terms and conditions of the preferred stock outstanding are summarized as follows: Preferred Stock Outstanding as of December 31, 2024 Date of Issuance Shares Issued and Outstanding Liquidation Preference Distribution Rate Callable By Company Series A 8/18/2023 4,600,000 $ 115,000,000 6.250 % On demand Series B 8/18/2023 4,400,000 110,000,000 5.875 % On demand 9,000,000 $ 225,000,000 Preferred Stock Outstanding as of December 31, 2023 Date of Issuance Shares Issued and Outstanding Liquidation Preference Distribution Rate Callable By Company Series A 8/18/2023 4,600,000 $ 115,000,000 6.250 % On demand Series B 8/18/2023 4,400,000 110,000,000 5.875 % On or after 10/1/2024 9,000,000 $ 225,000,000 Each series of Preferred Stock is non-voting, has no stated maturity and is redeemable for cash at $ 25.00 per share at the Company's option.
This methodology includes estimating an “as-if vacant” fair value of the physical property, which includes land, building, and improvements and also determines the estimated fair value of identifiable intangible assets and liabilities, considering the following categories: (i) value of in-place leases, and (ii) above and below-market value of in-place leases.
This methodology includes estimating an "as-if vacant" fair value of the physical property, which includes land, building, and improvements and also determines the estimated fair value of identifiable intangible assets and liabilities, considering the following categories: (i) value of in-place leases, and (ii) above and below-market value of in-place leases.
During the year ended December 31, 2023, the Operating Partnership issued 520,589 exchangeable operating partnership units, valued at $ 31.3 million, as partial purchase price consideration for the acquisition of two properties.
During the year ended December 31, 2023 , the Operating Partnership issued 520,589 EOP, valued at $ 31.3 million, as partial purchase price consideration for the acquisition of two properties.
Jacksonville, Florida February 16, 2024 64 Report of Independent Registered Public Accounting Firm To the Board of Directors of Regency Centers Corporation and the Partners of Regency Centers, L.P.: Opinion on Internal Control Over Financial Reporting We have audited Regency Centers, L.P. and subsidiaries' (the Partnership) internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Jacksonville, Florida February 14, 2025 65 Report of Independent Registered Public Accounting Firm To the Board of Directors of Regency Centers Corporation and the Partners of Regency Centers, L.P.: Opinion on Internal Control Over Financial Reporting We have audited Regency Centers, L.P. and subsidiaries' (the Partnership) internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Schedule III - Consolidated Real Estate and Accumulated Depreciation December 31, 2023 (in thousands) Depreciation and amortization of the Company's investment in buildings and improvements reflected in the statements of operations is calculated over the estimated useful lives of the assets, which are up to 40 years.
Schedule III - Consolidated Real Estate and Accumulated Depreciation December 31, 2024 (in thousands) Depreciation and amortization of the Company's investments in buildings and improvements reflected in the statements of operations is calculated over the estimated useful lives of the assets, which are up to 40 years.
Evaluation of expected hold periods for certain real estate assets As discussed in Note 1 to the consolidated financial statements and presented on the consolidated balance sheet, real estate assets, less accumulated depreciation was $10.8 billion as of December 31, 2023.
Evaluation of expected hold periods for certain real estate assets As discussed in Note 1 to the consolidated financial statements and presented on the consolidated balance sheet, real estate assets, less accumulated depreciation was $10.7 billion as of December 31, 2024.
Evaluation of expected hold periods for certain real estate assets As discussed in Note 1 to the consolidated financial statements and presented on the consolidated balance sheet, real estate assets, less accumulated depreciation was $10.8 billion as of December 31, 2023.
Evaluation of expected hold periods for certain real estate assets As discussed in Note 1 to the consolidated financial statements and presented on the consolidated balance sheet, real estate assets, less accumulated depreciation was $10.7 billion as of December 31, 2024.
As of December 31, 2023 and 2022, $ 6.4 million and $ 2.3 million , respectively, of cash was restricted through escrow agreements and certain mortgage loans. (e) Other Assets Goodwill Goodwill represents the excess of the purchase price consideration from the Equity One merger in 2017 over the fair value of the assets acquired and liabilities assumed.
As of December 31, 2024 and 2023, $ 5.6 million and $ 6.4 million , respectively, of cash was restricted through escrow agreements and certain mortgage loans. (e) Other Assets Goodwill Goodwill represents the excess of the purchase price consideration from the Equity One merger in 2017 over the fair value of the assets acquired and liabilities assumed.
Jacksonville, Florida February 16, 2024 61 Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of Regency Centers Corporation: Opinion on Internal Control Over Financial Reporting We have audited Regency Centers Corporation and subsidiaries' (the Company) internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Jacksonville, Florida February 14, 2025 62 Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of Regency Centers Corporation: Opinion on Internal Control Over Financial Reporting We have audited Regency Centers Corporation and subsidiaries' (the Company) internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
(2) Reflects weighted average interest rates of debt outstanding at the end of each year presented. For variable rate debt, the rate as of December 31, 2023, was used to determine the average interest rate for all future periods. 58 Item 8. Consolidated Financial Statements and Supplementary Data Regency Centers Corporation and Regency Centers, L.P.
(2) Reflects weighted average interest rates of debt outstanding at the end of each year presented. For variable rate debt, the rate as of December 31, 2024, was used to determine the average interest rate for all future periods. 59 Item 8. Financial Statements and Supplementary Data Regency Centers Corporation and Regency Centers, L.P.
To evaluate relevant events or changes in circumstances indicating a potential shortening of the expected holding period, we: • inquired of management and obtained written representations regarding potential property disposal plans, if any • read minutes of the meetings of the general partner’s board of directors • inquired about the Partnership’s plans with those in the organization who are responsible for, and have authority over, potential disposition activities • compared management’s assessment of properties with potential shortened expected hold periods to information obtained from those in the organization responsible for disposition activity • inspected listings from external sources of real estate properties for sale by the Partnership.
To evaluate relevant events or changes in circumstances indicating a potential shortening of the expected holding period, we: • inquired of management and obtained written representations regarding potential property disposal plans, if any • read minutes of the meetings of the general partner’s board of directors • inquired of the Partnership’s plans with those in the organization who are responsible for, and have authority over, potential disposition activities • compared management’s assessment of properties with potential shortened expected hold periods to information obtained from those in the organization responsible for disposition activity • inspected listings from external sources of real estate properties for sale by the Partnership. /s/ KPMG LLP We have served as the Partnership's auditor since 1998.
Consolidation The accompanying Consolidated Financial Statements include the accounts of the Parent Company, the Operating Partnership, its wholly-owned subsidiaries, and consolidated partnerships in which the Company has a controlling financial interest. Investments in real estate partnerships not controlled by the Company are accounted for under the equity method of accounting.
Notes to Consolidated Financial Statements December 31, 2024 Consolidation The accompanying Consolidated Financial Statements include the accounts of the Parent Company, the Operating Partnership, its wholly-owned subsidiaries, and consolidated partnerships in which the Company has a controlling financial interest. Investments in real estate partnerships not controlled by the Company are accounted for under the equity method of accounting.
Leases Lessor Accounting Substantially all of the Company's leases are classified as operating leases. The Company's Lease income is comprised of both fixed and variable income. Fixed and in-substance fixed lease income includes stated amounts per lease contracts, which are primarily related to base rent, and in some cases stated amounts for CAM, real estate taxes, and insurance ("Recoverable Costs").
Leases Lessor Accounting Substantially all of the Company's leases are classified as operating leases. The Company's Lease income is comprised of both fixed and variable income. Fixed and in-substance fixed lease income includes stated amounts per lease contracts, which are primarily related to base rent, and in some cases stated amounts for Recoverable Costs.
To evaluate relevant events or changes in circumstances indicating a potential shortening of the expected holding period, we: • inquired of management and obtained written representations regarding potential property disposal plans, if any • read minutes of the meetings of the Company’s board of directors • inquired about the Company’s plans with those in the organization who are responsible for, and have authority over, potential disposition activities • compared management’s assessment of properties with potential shortened expected hold periods to information obtained from those in the organization responsible for disposition activity • inspected listings from external sources of real estate properties for sale by the Company.
To evaluate relevant events or changes in circumstances indicating a potential shortening of the expected holding period, we: • inquired of management and obtained written representations regarding potential property disposal plans, if any • read minutes of the meetings of the Company’s board of directors • inquired of the Company’s plans with those in the organization who are responsible for, and have authority over, potential disposition activities • compared management’s assessment of properties with potential shortened expected hold periods to information obtained from those in the organization responsible for disposition activity • inspected listings from external sources of real estate properties for sale by the Company. /s/ KPMG LLP We have served as the Company's auditor since 1993.
During the years ended December 31, 2023, 2022, and 2021, the Company expensed pre-development costs of approximately $ 0.1 million , $ 0.6 million , and $ 1.5 million , respectively, in Other operating expenses in the accompanying Consolidated Statements of Operations.
During the years ended December 31, 2024, 2023, and 2022, the Company expensed pre-development costs of approximately $ 0.9 million , $ 0.1 million , and $ 0.6 million , respectively, in Other operating expenses in the accompanying Consolidated Statements of Operations.
As of December 31, 2023, the Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis (the "Company" or "Regency") owned 381 properties and held partial interests in an additional 101 properties through unconsolidated Investments in real estate partnerships (also referred to as "joint ventures" or "investment partnerships"). Acquisition of Urstadt Biddle Properties Inc.
As of December 31, 2024, the Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis (the "Company" or "Regency") owned 379 properties and held partial interests in an additional 103 properties through unconsolidated Investments in real estate partnerships (also referred to as "joint ventures" or "investment partnerships"). Acquisition of Urstadt Biddle Properties Inc.
During the years ended December 31, 2023, 2022, and 2021, we capitalized $ 13.3 million , $ 10.8 million , and $ 11.3 million , respectively, of direct internal costs incurred to support our development and redevelopment program.
During the years ended December 31, 2024, 2023, and 2022, we capitalized $ 19.8 million , $ 13.3 million , and $ 10.8 million , respectively, of direct internal costs incurred to support our development and redevelopment program.
If a qualitative approach indicates it is more 88 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
If a qualitative approach indicates it is more 90 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
The following table reflects the balances of the assets and deferred compensation liabilities of the Rabbi trust and related participant account obligations in the accompanying Consolidated Balance Sheets, excluding Regency stock: Year ended December 31, (in thousands) 2023 2022 Location in Consolidated Balance Sheets Assets: Securities $ 31,852 36,163 Other assets Liabilities: Deferred compensation obligation $ 31,770 36,085 Accounts payable and other liabilities Realized and unrealized gains and losses on securities held in the NQDCP are recognized within Net investment (income) loss in the accompanying Consolidated Statements of Operations.
The following table reflects the balances of the assets and deferred compensation liabilities of the Rabbi trust and related participant account obligations in the accompanying Consolidated Balance Sheets, excluding Regency stock: Year ended December 31, (in thousands) 2024 2023 Location in Consolidated Balance Sheets Assets: Securities $ 33,555 31,852 Other assets Liabilities: Deferred compensation obligation $ 33,473 31,770 Accounts payable and other liabilities Realized and unrealized gains and losses on securities held in the NQDCP are recognized within Net investment (income) loss in the accompanying Consolidated Statements of Operations.
Changes in the value of securities are recorded within Net investment (income) loss in the accompanying Consolidated Statements of Operations, and include unrealized gains of $ 4.2 million for the year ended December 31, 2023, unrealized losses of $ 8.0 million for the year ended December 31, 2022 and unrealized gains of $ 1.7 million for the year ended December 31, 2021.
Changes in the value of securities are recorded within Net investment (income) loss in the accompanying Consolidated Statements of Operations, and include unrealized gains of $ 4.5 million for the year ended December 31, 2024, unrealized gains of $ 4.2 million for the year ended December 31, 2023 and unrealized losses of $ 8.0 million for the year ended December 31, 2022.
The Parent Company's only investment is the Operating Partnership. Net income and distributions of the Operating Partnership are allocable to the general and limited common Partnership Units in accordance with their ownership percentages. Real Estate Partnerships As of December 31, 2023, Regency held partial ownership interests in 119 properties through partnerships, of which 18 are consolidated.
The Parent Company's only investment is the Operating Partnership. Net income and distributions of the Operating Partnership are allocable to the general and limited common Partnership Units in accordance with their ownership percentages. Real Estate Partnerships As of December 31, 2024, Regency held partial ownership interests in 122 properties through real estate partnerships, of which 19 are consolidated.
Notes to Consolidated Financial Statements December 31, 2023 Noncontrolling Interests of the Parent Company The Consolidated Financial Statements of the Parent Company include the following ownership interests held by owners other than the common shareholders of the Parent Company: (i) the EOP units and (ii) the minority-owned interest held by third parties in consolidated partnerships ("Limited partners' interests in consolidated partnerships").
Noncontrolling Interests of the Parent Company The Consolidated Financial Statements of the Parent Company include the following ownership interests held by owners other than the common shareholders of the Parent Company: (i) the EOP units and (ii) the minority-owned interest held by third parties in consolidated partnerships ("Limited partners' interests in consolidated partnerships").
As of December 31, 2023 and 2022, the Company had nonrefundable deposits and other pre-development costs of approximately $ 7.7 million and $ 6.9 million , respectively. If the Company determines that the development or redevelopment of a particular shopping center is no longer probable, any related pre-development costs previously capitalized are immediately expensed.
As of December 31, 2024 and 2023, the Company had nonrefundable deposits and other pre-development costs of approximately $ 10.2 million and $ 7.7 million , respectively. If the Company determines that the development or redevelopment of a particular shopping center is no longer probable, any related pre-development costs previously capitalized are immediately expensed.

… 273 more changes not shown on this page.

Other REG 10-K year-over-year comparisons