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Regency Centers

Regency CentersREGEarnings & Financial Report

Nasdaq · Real Estate · Retail REITs

Regency Centers Corporation is a real estate investment trust based in Jacksonville, Florida, and is one of the largest operators of shopping centers with grocery stores as anchor tenants. As of October 21, 2020, the company owned 415 properties comprising 56-million-square feet of space. Notable properties owned by the company include Serramonte Center and a 30% interest in Village District.

What changed in Regency Centers's 10-K — 2024 vs 2025

Top changes in Regency Centers's 2025 10-K

546 paragraphs added · 566 removed · 437 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

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We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes.
We believe these non-GAAP financial 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 financial 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 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.
We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP financial 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 financial measures an alternative to financial measures determined in accordance with GAAP, rather they supplement GAAP measures by providing additional information we believe to be useful to our shareholders.
The principal limitation of these non-GAAP measures is that they may exclude significant expense and income items that are required by GAAP to be recognized in our Consolidated Financial Statements. In addition, they reflect the exercise of management's judgment about which expense and income items are excluded or included in determining these non-GAAP measures.
The principal limitation of these non-GAAP financial measures is that they may exclude significant expense and income items that are required by GAAP to be recognized in our Consolidated Financial Statements. In addition, they reflect the exercise of management's judgment about which expense and income items are excluded or included in determining these non-GAAP financial measures.
In order to compensate for these limitations, reconciliations of the non-GAAP measures we use to their most directly comparable GAAP measures are provided. Non-GAAP measures should not be relied upon in evaluating the financial condition, results of operations, or future prospects of the Company.
In order to compensate for these limitations, reconciliations of the non-GAAP financial measures we use to their most directly comparable GAAP measures are provided. Non-GAAP financial measures should not be relied upon in evaluating the financial condition, results of operations, or future prospects of the Company.
We believe presenting our Pro-rata share of assets, liabilities, operating results, and other metrics, along with certain other non-GAAP measures, makes comparisons of our operating results to those of other REITs more meaningful. The Pro-rata information provided is not, nor is it intended to be, presented in accordance with GAAP.
We believe presenting our Pro-rata share of assets, liabilities, operating results, and other metrics, along with certain other non-GAAP financial measures, makes comparisons of our operating results to those of other REITs more meaningful. The Pro-rata information provided is not, nor is it intended to be, presented in accordance with GAAP.
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.
Our independent registered public accounting firm is KPMG LLP , Jacksonville, Florida , Firm ID 185 . Non-GAAP Financial Measures In addition to the required Generally Accepted Accounting Principles ("GAAP") presentations, we use and report certain non-GAAP financial measures as we believe these measures improve the understanding of our operational results.
The Pro-rata supplemental details of assets and liabilities and supplemental details of operations reflect our proportionate economic ownership of the assets, liabilities, and operating results of the properties in our portfolio The Pro-rata information is prepared on a basis consistent with the comparable consolidated amounts and is intended to more accurately reflect our proportionate economic interest in the assets, liabilities, and operating results of properties in our portfolio.
The Pro-rata supplemental details of assets and liabilities and supplemental details of operations reflect our proportionate economic ownership of the assets, liabilities, and operating results of the properties in our portfolio. 7 The Pro-rata information is prepared on a basis consistent with the comparable consolidated amounts and is intended to more accurately reflect our proportionate economic interest in the assets, liabilities, and operating results of properties in our portfolio.
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.
Our non-GAAP financial 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.
More information about our corporate responsibility strategy, goals, performance, and reporting, including our annual Corporate Responsibility Report, and our policies and practices related to corporate responsibility, is available on our website at www.regencycenters.com.
More information about our corporate responsibility strategy, goals, performance, and reporting, including our annual Corporate Responsibility Report, and our related policies and practices is available on our website at www.regencycenters.com.
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 are a preeminent national owner, operator, and developer of neighborhood and community shopping centers predominantly located in suburban trade areas with compelling demographics. Our mission is to create thriving environments for retailers and service providers to connect with surrounding neighborhoods and communities.
We strive to provide a benefit package that is comprehensive, competitive, and thoughtfully designed to attract and retain the best in the business. We prioritize employee safety at our centers and offices, and require contractors working at our sites to engage in safe work practices.
We strive to provide a benefit package that is comprehensive, competitive, and thoughtfully designed to attract and retain the best in the industry. We prioritize employee safety at our centers and offices, and require contractors working at our sites to engage in safe work practices.
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 strive to offer some of the most competitive compensation 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 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.
We do not control the unconsolidated real estate 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.
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.
Roth 50 East Region President & Chief Operating Officer 2023 (4) Nicholas A. Wibbenmeyer 45 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 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.
We believe philanthropy and charitable giving are important elements of our commitment to the communities in which we operate. Throughout 2025, Regency supported its employees to serve and invest in community organizations through volunteer and financial support.
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.
As of the date of this Report, our executive officers are: Name Age Title Executive Officer in Position Shown Since Martin E. Stein, Jr. 73 Executive Chairman of the Board of Directors 2020 (1) Lisa Palmer 58 President and Chief Executive Officer 2020 (2) Michael J. Mas 50 Executive Vice President, Chief Financial Officer 2019 (3) Alan T.
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.
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: • Anchor Space is space equal to or greater than 10,000 square feet in a Retail Operating Property. • 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.
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.
As a long-term owner, operator, and developer of real estate, often in coastal and other environmentally sensitive areas, we acknowledge the potential for climate change to have a material impact on our properties and long-term success as a business. Regency wants to ensure that our properties can safely, sustainably, responsibly and profitably withstand the test of time.
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.
Our strategy focuses on promoting and advancing high-quality skills and experiences across our 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.
Aligned with the Science Based Targets initiative (SBTi), our target aims to reduce our absolute Scope 1 and 2 GHG emissions by 28% by 2030, measured against a 2019 baseline year, and to achieve net-zero Scope 1 and 2 GHG emissions across all operations by 2050.
Our target aims to reduce our absolute Scope 1 and 2 GHG emissions by 28% by 2030, measured against a 2019 baseline year, and to achieve net-zero Scope 1 and 2 GHG emissions across all operations by 2050.
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.
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 input from our investors and tenants.
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.
As of December 31, 2025, we had full or partial equity ownership interests in 481 properties, primarily anchored by market leading grocery stores, encompassing approximately 58.4 million square feet ("SF") of gross leasable area ("GLA"). Our Pro-rata share of this GLA is approximately 50.5 million SF, including our share of properties owned through unconsolidated real estate partnerships.
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.
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 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.
We have identified specific strategic priorities and practices intended to further these goals and mitigate the risks to Regency’s assets and business: green building, energy efficiency, electric vehicle charging stations, renewable energy, greenhouse gas emissions ("GHG") reduction, water conservation, waste management, and mitigating the effect of climate change as it applies to our real estate portfolio.
We will also generally not qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost.
We will also generally not qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost. We have elected to treat certain of our subsidiaries as taxable REIT subsidiaries ("TRS").
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.
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. 4 Environmental Stewardship – We believe that the resilience and sustainability of our assets and business is in the best interest of our investors, tenants, employees, and the communities in which we operate.
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.
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; and • 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. 2 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; • Responsibly pursue investor and business-driven corporate responsibility 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.
The content of our website and other information contained therein, including relating to corporate responsibility, is not incorporated by reference into this Report or in any other report or document we file with the SEC, and any references to our website are intended to be inactive textual references only.
The content of our website and other information contained therein, including relating to corporate responsibility, is not incorporated by reference into this Report or in any other report or document we file with the SEC, and any references to our website are intended to be inactive textual references only. 3 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.
Core Operating Earnings excludes from Nareit FFO: (i) transaction related income or expenses, (ii) gains or losses from the early extinguishment of debt, (iii) certain non-cash components of earnings derived from straight-line rents, above and below market rent amortization, and debt and derivative mark-to-market amortization, and (iv) other amounts as they occur.
Core Operating Earnings excludes from Nareit FFO: (i) transaction related income or expenses, (ii) gains or losses from the early extinguishment of debt, (iii) certain non-cash components of earnings derived from straight-line rents, above and below market rent amortization, and debt and derivative mark-to-market amortization, and (iv) other amounts as they occur. • 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.
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.
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.
This provides a perspective of our financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, Nareit FFO is a supplemental non-GAAP financial measure of our operating performance, which does not represent cash generated from operating activities in accordance with GAAP; and, therefore, should not be considered a substitute measure of cash flows from operations.
Thus, Nareit FFO is a supplemental non-GAAP financial measure of our operating performance, which does not represent cash generated from operating activities in accordance with GAAP; and, therefore, should not be considered a substitute measure of cash flows from operations. • 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.
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.
As of December 31, 2025, we had 507 employees, including 4 part-time employees. We presently maintain 27 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.
We believe these strategic priorities are not only the right thing to do to address environmental concerns such as climate change, resource scarcity and pollution (including GHG emissions reduction), but also support our achievement of key strategic financial and business objectives relating to our operations and development and redevelopment projects.
These strategic priorities support our achievement of key financial and business objectives, while at the same time positively impacting environmental concerns such as climate change, resource scarcity and pollution (including GHG emissions reduction). Throughout 2025, we continued to collaborate closely with our tenants to mitigate their operational environmental impacts, for our mutual business and financial benefit.
We will be subject to federal income tax on our taxable income at regular corporate rates if we fail to qualify as a REIT for tax purposes in any taxable year, or to the extent we distribute less than 100% of our taxable income.
We will be subject to regular U.S. federal corporate income tax to the extent that we distribute less than 100% of our net taxable income (including net capital gains) and will be subject to a 4% nondeductible excise tax on the amount by which our distributions in any calendar year are less than a minimum amount specified under U.S. federal income tax laws.
Properties in Redevelopment are included unless otherwise indicated.
Properties in Redevelopment are included unless otherwise indicated. • Shop Space is space under 10,000 square feet in a Retail Operating Property. 8
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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.
Added
Regency’s progress towards these targets, together with our overall resilience and sustainability strategy, are further described in our Corporate Responsibility Report, which report is made available on our web site but is not incorporated into or deemed part of this documents by reference hereto.
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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.
Added
In addition, we may be subject to certain state and local income and franchise taxes.
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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.
Added
If we fail to qualify as a REIT, distributions to stockholders will not be deductible by us, we will not be required to distribute any amounts to our stockholders, and all distributions to stockholders will be taxable as regular corporate dividends to the extent of our current and accumulated earnings and profits.
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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.
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This provides a perspective of our financial performance not immediately apparent from net income determined in accordance with GAAP.
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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.
Added
We compensate for these limitations by relying primarily on our GAAP financial statements, using the Pro-rata information as a supplement. • Pro-rata Same Property NOI is a key non-GAAP financial measure commonly used by REITs to evaluate operating performance.
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Even if we qualify as a REIT for federal income tax purposes, we may be subject to certain state and local income and franchise taxes and to federal income and excise taxes on our undistributed taxable income. We have elected to treat certain of our subsidiaries as taxable REIT subsidiaries ("TRS").
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It is calculated on a proportionate ownership basis for properties held during the comparable reporting periods, excluding revenue and expenses related to non-same properties during the applicable periods. Management believes this measure provides investors with a useful and consistent comparison of the Company’s operating performance and trends.
Removed
We 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.
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Management uses Pro-rata Same Property NOI as a supplemental measure to assess property-level performance, excluding the effects of corporate-level expenses, financing costs, and non-operating activities. This measure allows investors to evaluate trends in revenue and expense growth for properties that have been consistently operated during the periods.
Removed
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.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

78 edited+30 added−26 removed136 unchanged
The Parent Company’s amended and restated bylaws provide that, unless the Parent Company consents in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Parent Company, (ii) any action asserting a claim for breach of a fiduciary duty owed by any director or officer or other employee of the Parent Company to the Parent Company or its shareholders, (iii) any action asserting a claim against the Parent Company or any director or officer or other employee of the Parent Company arising pursuant to any provision of the Florida Business Corporation Act or the articles of incorporation or bylaws of the Parent Company, or (iv) any action asserting a claim against the corporation or any director or officer or other employee of the corporation governed by the internal affairs doctrine shall be the Federal District Court for the Middle District of Florida, Jacksonville Division (or, if such court does not have jurisdiction, a state court located within the State of Florida, County of Duval).
The Parent Company’s amended and restated bylaws provide that, unless the Parent Company consents in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Parent Company, (ii) any action asserting a claim for breach of a fiduciary duty owed by any director or officer or other employee of the Parent Company to the Parent Company or its shareholders, (iii) any action asserting a claim against the Parent Company or any director or officer or other employee of the Parent Company arising pursuant to any provision of the Florida Business Corporation Act or the articles of incorporation or bylaws of the Parent Company, or (iv) any action asserting a claim against the corporation or any director or officer or other employee of the corporation governed by the internal affairs doctrine shall be the Federal District Court for 21 the Middle District of Florida, Jacksonville Division (or, if such court does not have jurisdiction, a state court located within the State of Florida, County of Duval).
Our net income and cash flow may be adversely affected by the loss of revenues and incurrence of additional costs in the event a significant Anchor Tenant: • becomes bankrupt or insolvent; • experiences a downturn in its business; • shifts its capital allocation away from brick and mortar formats; • materially defaults on its leases; • does not renew its leases as they expire; • renews at lower rental rates and/or requires a tenant improvement allowance; or • renews but reduces its store size, which results in down-time and additional tenant improvement costs to the landlord to re-lease the vacated space.
Our net income and cash flow may be adversely affected by the loss of revenues and incurrence of additional costs in the event a significant Anchor Tenant: • becomes bankrupt or insolvent; • experiences a downturn in its business or profitability; • shifts its capital allocation away from brick and mortar formats; • materially defaults on its leases; • does not renew its leases as they expire; • renews at lower rental rates and/or requires a tenant improvement allowance; or • renews but reduces its store size, which results in down-time and additional tenant improvement costs to the landlord to re-lease the vacated space.
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.
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 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.
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.
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.
If so, we may incur additional costs associated with resolving such action in other jurisdictions, which could harm our business, results of operations, and financial condition. 21 There is no assurance that we will continue to pay dividends at current or historical rates.
If so, we may incur additional costs associated with resolving such action in other jurisdictions, which could harm our business, results of operations, and financial condition. There is no assurance that we will continue to pay dividends at current or historical rates.
To the extent we are subject to such activism, it may adversely impact our business. An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue on those properties. We carry liability, fire, flood, terrorism, business interruption, and environmental insurance for our properties.
To the extent we are subject to such activism, it may adversely impact our business. 15 An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue on those properties. We carry liability, fire, flood, terrorism, business interruption, and environmental insurance for our properties.
In such instances, we would rely on third-party sources of capital, which may or may not be available on favorable terms or at all. Our access to third-party sources of capital depends on a number of things, including the market's perception of our growth potential and our current and potential future earnings.
In such instances, we would rely on third-party sources of capital, which may or may not be available on favorable terms or at all. Our access to third-party sources of equity capital depends on a number of things, including the market's perception of our growth potential and our current and potential future earnings.
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.
In addition, 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 to the potential physical, operational and financial impacts to our business, we also cannot reliably predict how the federal government and the state and local governments in the areas in which we operate will legislatively respond to the risks associated with climate change.
In addition to the potential physical, operational and financial impacts to our business, we also cannot reliably predict how the federal government and the state and local governments in the areas in which we operate will respond to the risks associated with climate change.
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.
Some types of losses, such as losses from named windstorms, hurricanes, earthquakes, flooding, terrorism, or wars may have more limited coverage, or in some cases, can be excluded from insurance coverage.
Due to their desirability as tenants, sought-after anchors often exercise considerable leverage in lease negotiations and may obtain favorable provisions relative to other tenants. For example, some anchors have the right to vacate their space and may prevent us from re-tenanting by continuing to comply and pay rent in accordance with their lease agreement.
Due to their desirability as tenants, sought-after Anchor Tenants often exercise considerable leverage in lease negotiations and may obtain favorable provisions relative to other tenants. For example, some Anchor Tenants have the right to vacate their space and may prevent us from re-tenanting by continuing to comply and pay rent in accordance with their lease agreement.
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 training of our employees and 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.
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.
Risk Factors Related to Corporate Matters An increased and differing focus on metrics and reporting related to environmental, social and governance ("ESG") factors by investors, lenders and other stakeholders may impose additional costs and expose us to new risks.
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.
As such, in the event of a downturn in economic conditions, governmental policy changes 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.
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.
At this time, there can be no assurance that we can anticipate all potential material impacts of climate change, or that climate change and our responses to it will not have a material and adverse effect on the value of our properties and our operational and financial performance in the future.
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.
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.
Failure to participate in certain of the third-party ratings systems, failure to score well in those ratings systems or failure to provide certain ESG disclosures could adversely impact us when investors compare us against similar companies in our industry, and could cause certain investors to be unwilling to invest in our stock, which could adversely impact our stock price and our ability to raise capital.
Failure to participate in certain of the third-party ratings systems, failure to score well in those ratings systems or failure to provide certain ESG disclosures or engage in certain ESG-related initiatives and actions could adversely impact us when investors compare us against similar companies in our industry, and could cause certain investors to be unwilling to invest in our stock, which could adversely impact our stock price and our ability to raise capital.
If any of these events were to occur, our business, results of operations, and financial condition could be materially adversely affected. 18 The use of technology based on artificial intelligence presents risks relating to confidentiality, creation of inaccurate and flawed outputs and emerging regulatory risk, any or all of which may adversely affect our business and results of operations.
If any of these events were to occur, our business, results of operations, and financial condition could be materially adversely affected. The use of technology based on AI presents risks relating to confidentiality, creation of inaccurate and flawed outputs and emerging regulatory risk, any or all of which may adversely affect our business and results of operations.
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 the ADA requirements has in the past, and may in the future 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.
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.
Additionally, where an 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, AI or machine learning models may create incomplete, inaccurate, or otherwise flawed outputs, which may nonetheless appear correct.
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.
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 or other public health crises.
Any such information input into a third-party generative AI or machine learning platform could be revealed to others, including if information is used to train the third party's generative AI or machine learning models.
For example, any such information input into a third-party AI or machine learning platform could be revealed to others, including if information is used to train the third party's AI or machine learning models.
Although we participate in a number of these ratings systems, we do not participate in all such systems, and may not score as well in all of the available ratings systems as other REITs and real estate operators.
Although we participate in some of these ratings systems, we do not participate in all such systems, and may not score as well in all of the available ratings systems as other REITs and real estate operators.
Like all companies, we face numerous and evolving cybersecurity risks that threaten the confidentiality, integrity and availability of our information technology systems and confidential information, including from diverse threat actors, such as state-sponsored organizations, opportunistic hackers and hacktivists, as well as through diverse attack vectors, such as social engineering/phishing, malware (including ransomware), malfeasance by insiders, human or technological error, and as a result of malicious code embedded in open-source software, or misconfigurations, bugs or other vulnerabilities in commercial software that is integrated into our (or our suppliers’ or service providers’) information technology systems, products or services.
Like all companies, we face numerous and evolving cybersecurity risks that threaten the confidentiality, integrity and availability of our information technology systems and confidential information, including from diverse threat actors, such as state-sponsored organizations, opportunistic hackers and hacktivists, and through diverse attack vectors, such as social engineering/phishing, malware (including ransomware), "deep fakes" generated through the use of Artificial Intelligence ("AI") tools, malfeasance by insiders, human or technological error, and as a result of malicious code embedded in open-source software, or misconfigurations, bugs or other vulnerabilities in commercial software that is integrated into our (or our suppliers’ or service providers’) information technology systems, products or services.
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.
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 national or regional tenants.
Retailers with brick and mortar stores face the risk of the impact of e-commerce and changes in customer buying habits, including shopping from home and the delivery or curbside pick-up of items ordered online.
Retailers with brick and mortar stores face the risk of the impact of e-commerce and changes in customer buying habits, including shopping from home, the delivery or curbside pick-up of items ordered online, and various experimental retail experiences.
Additional state and federal laws and rules with respect to climate 14 change may be enacted in the future and the extent and scope of their requirements and impact on companies like Regency are unknown.
Additional state and federal laws, rules and legal challenges 14 with respect to climate change may be enacted or brought in the future, and the extent and scope of their requirements and impact on companies like Regency are unknown.
In the event that a tenant with a significant number of leases in our shopping centers files for bankruptcy and rejects its leases, we may experience a significant reduction in our revenues and may not be able to collect all pre-petition amounts owed by the bankrupt tenant.
In the event that a tenant with a significant number of leases in our shopping centers files for bankruptcy 11 and rejects its leases, we have in the past experienced, and may experience in the future, a significant reduction in our revenues and may not be able to collect all pre-petition amounts owed by the bankrupt tenant.
A percentage of our revenues are derived from "local" tenants and our net income may be adversely impacted if these tenants are not successful, or if the demand for the types or mix of tenants significantly change. At December 31, 2024, tenants with less than three locations ("Local Tenants") represent approximately 22% of annualized base rent.
A percentage of our revenues are derived from "local" tenants and our net income may be adversely impacted if these tenants are not successful, or if the demand for the types or mix of tenants significantly change. At December 31, 2025, tenants with fewer than three locations ("Local Tenants") represent approximately 21% of annualized base rent.
As they evaluate investment decisions, many investors look not only at company disclosures but also to ESG rating systems that have been developed by third parties to allow ESG comparisons between companies.
As they evaluate investment decisions, many investors look not only at company disclosures but also to ESG rating systems and frameworks that have been developed by third parties (such as TCFD and GRESB) to allow ESG comparisons between companies.
If any of the events described in the following risk factors actually occur, our business, financial condition and/ or operating results, as well as the market price of our securities, could be materially adversely affected.
If any of the events described in the following risk factors actually occur, our business, financial condition and/or operating results, as well as the market price of our securities, could be materially adversely affected. Risk Factors Related to the Current Economic and Geopolitical Environment.
Our success depends on the continued presence and success of our "anchor" tenants. "Anchor Tenants" (tenants occupying 10,000 square feet or more) operate large stores in our shopping centers, pay a significant portion of the total rent at a property and contribute to the attraction and success of other tenants by drawing shoppers to the property.
Our success depends on the continued presence and success of our "anchor" tenants. "Anchor Tenants" (tenants occupying Anchor Spaces) operate large stores in our shopping centers, pay a significant portion of the total rent at a property and contribute to the attraction and success of other tenants by drawing shoppers to the property.
These arrangements involve risk, such as the risk that counterparties may fail to honor their obligations under these arrangements, and that these arrangements may not be effective in reducing our exposure to interest rate changes.
We manage our exposure to interest rate volatility by using interest rate hedging arrangements. These arrangements involve risk, such as the risk that counterparties may fail to honor their obligations under these arrangements, and that these arrangements may not be effective in reducing our exposure to interest rate changes.
Vacated "Anchor Space" (spaces 10,000 square feet or more), including space that may be owned by the anchor (as discussed below), can reduce rental revenues generated by the shopping center in other spaces because of the loss of the departed anchor's customer drawing power.
Vacated Anchor Space, including space that may be owned by the Anchor Tenant (as discussed below), can reduce rental revenues generated by the shopping center in other spaces because of the loss of the departed anchor's customer drawing power.
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.
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.
Due to these issues, these models could lead us to make flawed decisions that could result in adverse consequences to us, including exposure to reputational and competitive harm, customer loss, and legal liability.
Based on these and other factors, these models could lead us to make flawed decisions that could result in adverse consequences to us, including exposure to reputational and competitive harm, customer loss, and legal liability.
Failure to comply with government climate and other ESG-related regulations could also subject us to significant fines and penalties, including risk of litigation. In addition, both advocates and opponents of certain ESG matters are increasingly resorting to a range of activism forms, including media campaigns, shareholder proposals, and litigation, to advance their objectives.
Failure to comply with government climate and other ESG-related regulations could also subject us to significant fines and penalties, including risk of litigation, as well as negative perception by stakeholders. In addition, both advocates and opponents of certain ESG matters may resort to a range of activism forms, including media campaigns, shareholder proposals, and litigation, to advance their objectives.
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 recover our claim and to re-lease the vacated space.
As a result, it is likely that we would recover substantially less than the full value of any unsecured claims we hold (and at times in the past that has been the case). Additionally, we have incurred, and in the future may incur, significant expense to recover our claim and to re-lease the vacated space.
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.
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.
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.
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.
As a result, we may reduce the insurance we procure or we may elect or be compelled to self-insure or otherwise assume some or all of this risk.
As a result, we may reduce the insurance we procure or we may elect or be compelled to self-insure or otherwise assume some or all of this risk through deductibles, retentions and other risk-sharing structures.
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.
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.
Investors and other stakeholders have become more focused on understanding how companies address a variety of ESG factors, including institutional investors who hold a significant amount of the equity of the Company.
Many investors, lenders and other stakeholders are focused on understanding how companies report on and address a variety of ESG factors, including institutional investors who hold a significant amount of the equity and debt of the Company.
Cyberattacks are expected to accelerate on a global basis in frequency and magnitude as threat actors are becoming increasingly sophisticated in using techniques and tools—including artificial intelligence—that circumvent security controls, evade detection and remove forensic evidence.
Cyberattacks are expected to increase on a global basis in frequency and magnitude as threat actors are becoming increasingly sophisticated in using techniques and tools—including AI—that trick humans into taking unwarranted actions, circumvent security controls, evade detection and remove forensic evidence.
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.
At December 31, 2025, 20.2% 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, 21.5% and 7.8% of the GLA of our portfolio is located in the states of Florida and Texas, respectively.
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.
Risk Factors Related to Operating Retail-Based Shopping Centers Shifts in retail trends, sales, and delivery methods between brick and mortar stores, e-commerce, home delivery, and curbside pick-up, as well as autonomous delivery systems, may adversely impact our revenues, results of operations, and cash flows.
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.
As with many technological innovations, AI presents great promise but also risks and challenges that could adversely affect our business. 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 AI technologies by our employees, tenants or vendors.
Changes in customer buying habits and shopping trends may also impact the profitability and financial condition of retailers that do not adapt to changes in market conditions, and therefore may impact their ability to pay rent. This shift may adversely impact our percent leased and rental rates, which would impact our results of operations and cash flows.
Changes in customer buying habits and shopping trends may also impact the profitability and financial condition of retailers that do not adapt to changes in market conditions, and therefore may impact their ability to pay rent.
ESG disclosures may reflect aspirational goals, targets, and other expectations and assumptions, which are necessarily uncertain and may not be realized. Failure to realize (or timely achieve progress on) aspirational goals and targets could adversely affect the views of our investors, third-party ESG ratings organizations and other stakeholders, thereby potentially adversely impacting our reputation, our business and stock price.
Failure to realize (or timely achieve progress on) aspirational goals and targets could adversely affect the views of our investors, third-party ESG ratings organizations and other stakeholders, thereby potentially adversely impacting our reputation, our business and stock price (to the extent that demand for our stock declines).
Certain states in which we own and operate shopping centers, including California, Massachusetts and New York, have passed legislation that may require, for example, overall reductions by the state of greenhouse gas ("GHG") emissions (which may, in turn, result in future legal obligations on business operators like us), and certification and disclosure of estimated direct and indirect GHG emissions by individual companies.
Certain states in which we own and operate shopping centers, such as the State of California, have passed legislation that requires reporting on climate related financial-risk and greenhouse gas ("GHG") emissions, or may require, for example, overall reductions by the state of GHG emissions (which may, in turn, result in future legal obligations on business operators like us).
However, a substantial delay in or lack of resolution of any of these challenges could have an adverse impact on the U.S. economy and consumer spending and, therefore, an adverse effect on our results of operations and the financial condition of the Company. 9 Risk Factors Related to Pandemics or other Public Health Crises Pandemics or other public health crises, may adversely affect our tenants' financial condition, the profitability of our properties, and our access to the capital markets and could have a material adverse effect on our business, results of operations, cash flows and financial condition.
Risk Factors Related to Pandemics or other Public Health Crises Pandemics or other public health crises, may adversely affect our tenants' financial condition, the profitability of our properties, and our access to the capital markets and could have a material adverse effect on our business, results of operations, cash flows and financial condition.
We may also face disruptions to our business and the businesses of our tenants, which may result in higher costs or even some tenants being unable to conduct business in certain locations. In addition, we face the risk of the impacts of current, proposed and future legislative and regulatory requirements in response to the perceived risks of climate change.
We may also face disruptions to our business and the businesses of our tenants, which may result in higher costs or even some tenants being unable to conduct business in certain locations.
Several jurisdictions have already proposed or enacted laws governing AI and may decide to adopt similar or more restrictive legislation that may render the use of such technologies challenging. These obligations may prevent or limit our ability to use AI in our business, lead to regulatory fines or penalties, or require us to change our business practices.
Several jurisdictions have already proposed or enacted laws governing AI and may decide to adopt similar or more restrictive legislation that may render the use of such technologies challenging.
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.
The election of these provisions could require us to invest additional capital to acquire the partners’ interest or to sell our share of the property thereby losing the operating income and cash flow. 16 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.
If we cannot use AI, or that use is restricted, our business may be less efficient, or we may be at a competitive disadvantage. Any of these factors could adversely affect our business, financial condition, and results of operations.
If we cannot use AI, or that use is restricted, our business may be less efficient, or we may be at a competitive disadvantage.
Compliance with the Americans with Disabilities Act and other building, fire, and safety regulations may have a material negative effect on us. 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.
All of our properties are required to comply with the Americans with Disabilities Act (the "ADA"), which generally requires that buildings be made accessible to people with disabilities.
Any actual or perceived failure to comply with new or existing laws, regulations and other requirements relating to the privacy, security and processing of personal information could adversely affect our business, results of operations, or financial condition.
Any system failure or accident that causes disruption or interruptions to our information systems could result in a material disruption to our operations and business, and cause us to incur material costs to remedy such damages or adverse impacts. 18 Any actual or perceived failure to comply with new or existing laws, regulations and other requirements relating to the privacy, security and processing of personal information could adversely affect our business, results of operations, or financial condition.
As such, we may not be able to lower the operating expenses of our properties sufficiently to fully offset such adverse circumstances and may not be able to fully recoup these costs from our tenants. In such cases, our cash flows, operating results and financial performance may be adversely impacted.
For example, in recent years we have seen material increases in the cost of insurance for our properties. As such, we may not be able to lower the operating expenses of our properties sufficiently to fully offset such adverse circumstances and may not be able to fully recoup these costs from our tenants.
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.
In sum, any of the above risks associated with the use of AI could adversely affect our business, financial condition, and results of operations. 19 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.
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.
These alternative delivery methods, formats and shift in shopping preferences could be more likely to impact foot traffic at our centers in certain higher-income markets where consumers are willing to pay premiums for such services.
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.
Further, we may experience higher costs for tenant buildouts, as costs of materials and labor may increase and supply and availability of either or both may become more limited. All of this, individually or in the aggregate, could adversely impact our results of operations, cash flows, and the financial condition of the Company.
The aggregate impacts of these current economic challenges may also negatively affect the overall market for retail space, resulting in decreased demand for space in our centers. This, in turn, could result in pricing pressure on rent that we are able to charge to new or renewing tenants, such that future rent spreads could be adversely impacted.
In turn, this could negatively affect the overall market for retail space, resulting in decreased demand for space in our centers, which could result in reduced leasing activity, downward pressure on rents that we are able to charge to new or renewing tenants and higher vacancy levels, such that future rent collection and recovery of operating expenses could be adversely impacted and uncollectible rent income could increase.
There is also a risk that REIT status may be adversely impacted by a change in tax or other laws. Also, the law relating to the tax treatment of other entities, or an investment in other entities, may change, making an investment in such other entities more attractive relative to an investment in a REIT.
There is also a risk that REIT status may be adversely impacted by a change in tax or other laws.
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.
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.
Our real estate properties located in California, Florida and the New York-Newark-Jersey City core-based statistical area accounted for 23.4% 20.5%, and 12.3% of our annualized base rent ("ABR"), respectively.
Economic conditions in markets where our properties are concentrated can greatly influence our financial performance. Our real estate properties located in California, Florida and the New York-Newark-Jersey City core-based statistical area accounted for 24.8% 19.7%, and 12.6% of our annualized base rent ("ABR"), respectively.
The rules dealing with federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Department of the Treasury. Changes to the tax laws, with or without retroactive application, may adversely affect the Parent Company or our investors.
Legislative or other actions affecting REITs may have a negative effect on us or our investors. The rules dealing with federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Department of the Treasury.
We could be required to bear the economic burden of those taxes, interest, and penalties even though we may not otherwise have been required to pay additional taxes had we owned the assets of the partnership directly. 20 Risk Factors Related to the Company's Stock Restrictions on the ownership of the Parent Company's capital stock to preserve its REIT status may delay or prevent a change in control.
We could be required to bear the economic burden of those taxes, interest, and penalties even though we may not otherwise have been required to pay additional taxes had we owned the assets of the partnership directly.
Despite planning, preparation, and preventative and risk-management measures, our business may be significantly disrupted if unable to quickly recover. Such security breaches also could subject us to litigation and governmental investigations and proceedings into potential violations of applicable U.S. privacy or other laws.
Such security breaches also could subject us to litigation and governmental investigations and proceedings into potential violations of applicable privacy or other laws.
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.
The REIT provisions of the Code limit our ability to enter into hedging transactions.
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.
Prolonged periods of elevated or volatile interest rates may adversely impact our cost of borrowing. While a significant amount of our outstanding debt has fixed interest rates, we also borrow funds at variable interest rates under the Line. As of December 31, 2025, less than 2.0% of our outstanding debt was variable rate debt not hedged to fixed rate debt.
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.
This could result in a decline in our stock price and market capitalization, which may adversely impact our ability to raise equity capital on acceptable terms through sales of our common shares, including through our At the Market ("ATM") program, which we have historically used from time to time to refinance debt, fund acquisition, development and redevelopment investments, and for general corporate purposes.
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.
Therefore, our future results of operations and overall financial performance could be uncertain should a pandemic or other public health crises occur.
As a result, any default under our debt covenants may have an adverse effect on our financial condition, our results of operations, our ability to meet our obligations, and the market value of our stock. Increases in interest rates would cause our borrowing costs to rise and negatively impact our results of operations.
As a result, any default under our debt covenants may have an adverse effect on our financial condition, our results of operations, our ability to meet our obligations, and the market value of our stock. 17 Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us.
It is unclear whether and when these geopolitical challenges and uncertainties will be mitigated or resolved, and what effects they may have on global political and economic conditions over the long term.
In addition, geopolitical conflicts, including the war involving Russia and Ukraine, conflicts and instability in the Middle East and Venezuela, geopolitical conflicts in other regions, and economic or political tensions with trading partners including China (including any slowing of its economy), could adversely impact the businesses of our tenants and, hence, our business, It is unclear whether and when these geopolitical challenges and uncertainties will be mitigated or resolved, and what effect they may have on global political and economic conditions over the long term.
Certain of our partnership operating agreements provide either member the ability to elect buy/sell clauses. The election of these dissolution provisions could require us to invest additional capital to acquire the partners’ interest or to sell our share of the property thereby losing the operating income and cash flow.
Certain of our partnership operating agreements provide either member the ability to elect buy/sell clauses.
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.
Any or all of these trends, technological changes and offering of different retail options and experiences may adversely impact our percent leased and rental rates, which would impact our results of operations and cash flows. 10 Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow.
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.
Changes in interest rates may adversely impact our cost to borrow, real estate valuation, stock price, and ability to raise capital through issuance of debt and equity. The U.S. Federal Reserve has changed its benchmark federal funds rate at different times since 2021. Currently, the federal funds rate remains elevated as compared with the 2010-2020 period.
Compliance with various and potentially fragmented current and future laws and regulations related to climate change may also require us to make additional investments in or for our properties and incur additional costs, as well as to implement new or additional processes and controls to facilitate compliance.
While many of our investments relating to GHG emission reduction, energy efficient lighting, building systems upgrades, clean energy installations, water usage reduction and other similar initiatives provide favorable returns and contribute to the resilience of our assets and sustainability of our business, compliance with numerous, potentially fragmented current and future laws and regulations related to perceived risks of climate change has required us to make additional investments and incur additional costs, as well as to implement new or additional processes and controls to facilitate better disclosure and meet compliance and disclosure obligations, and we expect this to continue into the future.
Removed
Federal Reserve") rapidly increased its benchmark interest rate from 2021 through 2023 in response to sustained elevated inflation, which has since moderated. Higher interest rates may negatively impact consumer spending, our tenants' businesses, and/or future demand for space in our shopping centers. Additionally, high interest rates adversely impact our cost of borrowing.
Added
Macroeconomic, political, and geopolitical conditions and governmental policies may adversely impact consumer confidence and spending and the businesses of our tenants and could, in turn, adversely impact our business. Our business, and the businesses of our tenants, are significantly influenced by overall economic conditions and consumer spending in the United States.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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CRC membership, which is subject to change from time to time, includes management leadership possessing a diverse range of education, experience and expertise, and is currently comprised of Company’s CISO, chief accounting officer, head of internal audit, general counsel and chief compliance officer, head of litigation, head of human resources, head of IT operations and the manager of network security.
CRC membership, which is subject to change from time to time, includes management leadership possessing a diverse range of education, experience and expertise, and currently includes the Company’s CISO, chief accounting officer, head of internal audit, general counsel and chief compliance officer, head of litigation, head of human resources, head of IT operations and the manager of network security.
Our strategy for managing cybersecurity risk is integrated into the Company’s overall risk management program and structure, as depicted in the Corporate Governance section of our Proxy under "Risk Oversight." The Company, through its Chief Information Security Officer ("CISO"), other Company employees experienced in information network security, and the use of third-party expertise, references various recognized cybersecurity frameworks, such as the National Institute of Standards and Technology Cybersecurity Framework.
Our strategy for managing cybersecurity risk is integrated into the Company’s overall risk management program and structure, as depicted in the Corporate Governance section of our Proxy under "Risk Oversight." The Company, through its Chief Information Security Officer ("CISO"), other Company employees experienced in information network security, and the use of third-party expertise references recognized cybersecurity frameworks, such as the National Institute of Standards and Technology ("NIST") Cybersecurity Framework.
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.
Both the CRC Chair and the CISO, serving in distinct roles, provide the Audit Committee with regular updates. These updates cover the overall status of the Company’s cybersecurity program, as well as developments and potential new risks and trends.
The collective experience of this committee encompasses areas such as IT, network security, change and incident management, public company governance, accounting, financial controls, insurance, risk management, communications, human capital, and legal matters including securities, privacy and technology contracting. 23
The collective experience of this committee encompasses areas such as IT, network security, change and incident management, public company governance, accounting, financial controls, insurance, risk management, third-party vendor oversight and systems integration, communications, human capital, and legal matters including securities, privacy and technology contracting.
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.
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.
Item 1C. Cybersecurity Cybersecurity Risk Management and Strategy The Company employs a tiered structure of management and oversight for cybersecurity, characterized by distinct layers of responsibility and decision making, which includes operation staff, management, and senior management and board-level governance.
We employ a tiered structure of management and oversight for cybersecurity, characterized by distinct layers of responsibility and decision making, which includes operational staff, management, and senior management and board-level governance.
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.
Since at least January 1, 2022 , we are not aware of any cybersecurity incidents that have materially affected the Company. Nonetheless, we face risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition.
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.
In the event of a significant cybersecurity threat or incident, the CRC would escalate communication frequency and intensity with the Audit Committee, Board, and the Company’s Executive Committee (discussed below). The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity.
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.
We have adopted a risk-based strategy to assess and manage cybersecurity risks associated with third parties. We prioritize our cybersecurity efforts relating to third parties based on the likelihood and potential impact of cybersecurity threats. This includes reviewing the security protocols of key vendors, service providers, and external users of our systems.
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.
Our core cybersecurity strategy focuses on five key pillars: identification, protection, detection, response, and recovery, each tailored to meet the challenges and needs of our business. The primary goal of this strategy is to proactively safeguard the confidentiality, security, and availability of our critical systems and information.
Removed
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
Item 1C. Cybersecurity Cybersecurity Risk Management and Strategy We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, security, and availability of our critical systems and information.
Removed
Since at least January 1, 2022 , we are not aware of any cybersecurity incidents that have materially affected the Company.
Added
While our objective is to generally align our cybersecurity program with NIST standards, this does not imply that we meet NIST or any other particular technical standard, specifications, or requirements; rather, these frameworks are used to benchmark and help tailor the Company’s cybersecurity strategies and program to our risk mitigation and operational needs and goals.
Removed
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.
Added
This proactive approach includes measures designed to identify, prevent, and mitigate cybersecurity threats and to enable a timely response to cybersecurity incidents to minimize their impact. Under the leadership of our CISO and CRC, we regularly evaluate and enhance our cybersecurity practices to facilitate adaptation to the constantly evolving landscape of cybersecurity threats.
Added
Key elements of our cybersecurity risk management program include, but are not limited to, the following: • risk assessments designed to help identify material risks from cybersecurity threats to our critical systems and information; • oversight of cybersecurity risks and controls by our CRC, including oversight of the management of cybersecurity incidents by designated incident response personnel, in coordination with IT security and other functions, as appropriate; • the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes, as discussed further below; 22 • cybersecurity awareness training of our employees, including incident response personnel and senior management; • a response plan that includes procedures for responding to cybersecurity incidents; and • a third-party risk management process for key service providers based on our assessment of their criticality to our operations and respective risk profile.
Added
Board members also receive presentations periodically on cybersecurity topics from internal security staff and external experts as part of the Board’s continuing education. As designated by the Company’s Executive Committee and the Audit Committee, our CRC leads Regency's cybersecurity risk management program.
Added
Our CRC takes steps to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means.
Added
These include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public and private sources, including external consultants engaged by us; and alerts and reports generated by security tools deployed in our IT environment. 23

Item 2. Properties

Properties — owned and leased real estate

22 edited+2 added−2 removed7 unchanged
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.
During periods of macroeconomic uncertainty or weakness, when the percent of our space leased is relatively 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.
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.
Demand for retail space in high quality, community centers located in trade areas with compelling demographics remained strong in 2025 and into early 2026, especially among business operators with a history of success and growing innovative business concepts.
(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. 39
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.
Lucie FL 2017 2006 — 27 100.0% 28.25 - Charlotte Square Punta Gorda FL 2017 1980 — 91 91.1% 12.24 WalMart, Buffet City Ryanwood Square Sebastian-Vero Beach FL 2017 1987 — 115 91.1% 12.73 Publix, Beall's, Harbor Freight Tools South Point Sebastian-Vero Beach FL 2017 2003 — 72 100.0% 16.70 Publix Treasure Coast Plaza Sebastian-Vero Beach FL 2017 1983 — 134 100.0% 19.92 Publix, TJ Maxx Carriage Gate Tallahassee FL 1994 2013 — 73 100.0% 26.56 Trader Joe's, TJ Maxx Ocala Corners (6) Tallahassee FL 2000 2000 — 93 96.0% 15.02 Publix Bloomingdale Square Tampa-St Petersburg-Clearwater FL 1998 2021 — 252 99.5% 21.69 Bealls, Dollar Tree, Home Centric, LA Fitness, Publix Northgate Square Tampa-St Petersburg-Clearwater FL 2007 1995 — 75 100.0% 17.72 Publix Regency Square Tampa-St Petersburg-Clearwater FL 1993 2013 — 362 98.3% 21.83 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% 28.12 Publix Suncoast Crossing (6) Tampa-St Petersburg-Clearwater FL 2007 2007 — 122 100.0% 7.77 Kohl's, (Target) The Village at Hunter's Lake Tampa-St Petersburg-Clearwater FL 2018 2018 — 72 100.0% 29.96 Sprouts Town Square Tampa-St Petersburg-Clearwater FL 1997 1999 — 44 100.0% 36.71 PETCO, Barnes & Noble Village Center Tampa-St Petersburg-Clearwater FL 1995 2014 — 186 100.0% 23.98 Publix, PGA Tour Superstore, Walgreens Westchase Tampa-St Petersburg-Clearwater FL 2007 1998 — 79 100.0% 18.64 Publix Ashford Place Atlanta-SandySprings-Alpharett GA 1997 1993 — 53 100.0% 26.85 Harbor Freight Tools Briarcliff La Vista Atlanta-SandySprings-Alpharett GA 1997 1962 — 45 75.5% 19.24 Michael's Briarcliff Village Atlanta-SandySprings-Alpharett GA 1997 1990 — 189 92.1% 17.94 Burlington, Publix, Shoe Carnival, TJ Maxx Bridgemill Market Atlanta-SandySprings-Alpharett GA 2017 2000 — 89 90.7% 20.16 Publix Brighten Park Atlanta-SandySprings-Alpharett GA 1997 2016 — 137 91.3% 29.42 Lidl, Big Blue Swim School, Kohl's Buckhead Court Atlanta-SandySprings-Alpharett GA 1997 1984 — 49 98.1% 34.33 - Buckhead Landing Atlanta-SandySprings-Alpharett GA 2017 1998/2024 — 152 98.7% 34.60 Binders Art Supplies & Frames, Publix, Golf Galaxy Buckhead Station Atlanta-SandySprings-Alpharett GA 2017 1996 — 241 98.4% 27.68 Cost Plus World Market, DSW Warehouse, Nordstrom Rack, Old Navy, Saks Off 5th, TJ Maxx, Ulta, Bloomingdale's Outlet, Gold's Gym Cambridge Square Atlanta-SandySprings-Alpharett GA 1996 in-process — 74 100.0% 27.59 Publix Chastain Square Atlanta-SandySprings-Alpharett GA 2017 2001 — 92 100.0% 24.65 Publix Cornerstone Square Atlanta-SandySprings-Alpharett GA 1997 1990 — 80 90.7% 19.85 Aldi, Barking Hound Village, CVS, HealthMarkets Insurance Dunwoody Hall Atlanta-SandySprings-Alpharett GA 1997 1986 13,800 90 100.0% 22.43 Publix Dunwoody Village Atlanta-SandySprings-Alpharett GA 1997 1975 — 121 97.1% 23.70 The Fresh Market, Walgreens, Dunwoody Prep Howell Mill Village Atlanta-SandySprings-Alpharett GA 2004 1984 — 96 100.0% 26.24 Publix Paces Ferry Plaza Atlanta-SandySprings-Alpharett GA 1997 2018 — 82 100.0% 43.34 Whole Foods Powers Ferry Square Atlanta-SandySprings-Alpharett GA 1997 2013 — 102 100.0% 37.61 HomeGoods, PETCO Powers Ferry Village Atlanta-SandySprings-Alpharett GA 1997 1994 — 69 100.0% 10.97 Publix, Barrel Town Russell Ridge Atlanta-SandySprings-Alpharett GA 1994 1995 — 112 98.8% 13.56 Kroger Sandy Springs Atlanta-SandySprings-Alpharett GA 2012 2006 — 113 97.8% 28.78 Trader Joe's, Fox's, Peter Glenn Ski & Sports 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) Sope Creek Crossing Atlanta-SandySprings-Alpharett GA 1998 2016 — 99 98.1% 18.07 Publix The Shops at Hampton Oaks Atlanta-SandySprings-Alpharett GA 2017 2009 — 21 93.3% 14.17 (CVS) Williamsburg at Dunwoody Atlanta-SandySprings-Alpharett GA 2017 1983 — 45 98.2% 27.24 - Civic Center Plaza Chicago-Naperville-Elgin IL 40% 2005 1989 22,000 265 100.0% 11.84 Super H Mart, Home Depot, O'Reilly Automotive, King Spa Clybourn Commons Chicago-Naperville-Elgin IL 2014 1999 — 32 100.0% 38.91 PETCO Glen Oak Plaza Chicago-Naperville-Elgin IL 2010 1967 — 63 100.0% 28.31 Trader Joe's, Walgreens, Northshore University Healthsystems Hinsdale Lake Commons Chicago-Naperville-Elgin IL 1998 2015 — 185 97.4% 17.75 Whole Foods, Goodwill, Charter Fitness, Petco Mellody Farm Chicago-Naperville-Elgin IL 2017 2017 — 259 97.2% 32.35 Whole Foods, Nordstrom Rack, REI, HomeGoods, Barnes & Noble, West Elm Naperville Plaza Chicago-Naperville-Elgin IL 20% 2023 1961 22,123 115 100.0% 29.26 Casey's Foods, Trader Joe's, Oswald's Pharmacy Old Town Square Chicago-Naperville-Elgin IL 20% 2023 1998 10,000 87 95.9% 27.60 Jewel-Osco Riverside Sq & River's Edge Chicago-Naperville-Elgin IL 40% 2005 1986 — 169 100.0% 19.62 Mariano's Fresh Market, Dollar Tree, Blink Fitness, Five Below Roscoe Square Chicago-Naperville-Elgin IL 40% 2005 2012 24,500 144 100.0% 25.14 Mariano's Fresh Market, Walgreens, Altitude Trampoline Park Westchester Commons Chicago-Naperville-Elgin IL 2001 2014 — 148 95.2% 20.17 Mariano's Fresh Market, Goodwill Willow Festival (6) Chicago-Naperville-Elgin IL 2010 2007 — 404 100.0% 19.90 Whole Foods, Lowe's, CVS, HomeGoods, REI, Ulta, Restoration Hardware Shops on Main Chicago-Naperville-Elgin IN 94% 2007 2017/2020 — 289 82.5% 18.27 Whole Foods, Dick's Sporting Goods, Ross Dress for Less, HomeGoods, DSW, Nordstrom Rack, Marshalls Willow Lake Shopping Center Indianapolis-Carmel-Anderson IN 2005 1987 — 86 84.5% 18.53 Indiana Bureau of Motor Vehicles, Snipes USA, (Kroger) Willow Lake West Shopping Center Indianapolis-Carmel-Anderson IN 2005 2001 — 53 100.0% 29.03 Trader Joe's Fellsway Plaza Boston-Cambridge-Newton MA 75% 2013 2016 33,727 161 98.0% 27.97 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 — 94 100.0% 30.37 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 — 76 100.0% 28.00 Shaw's The Abbot Boston-Cambridge-Newton MA 2017 1912/2024 — 64 76.7% 102.01 Center for Effective Alturism Twin City Plaza Boston-Cambridge-Newton MA 2006 in process — 285 100.0% 25.80 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 92.0% 33.92 CVS Festival at Woodholme Baltimore-Columbia-Towson MD 40% 2005 1986 18,510 81 96.5% 41.59 Trader Joe's Parkville Shopping Center Baltimore-Columbia-Towson MD 40% 2005 2013 23,017 165 96.4% 18.16 Giant, Parkville Lanes, Dollar Tree, Petco, The Cellar Parkville Southside Marketplace Baltimore-Columbia-Towson MD 40% 2005 2011 24,800 125 97.8% 25.80 Giant Village at Lee Airpark (6) Baltimore-Columbia-Towson MD 2005 2014 — 118 100.0% 32.98 Giant, (Sunrise) Burnt Mills Washington-Arlington-Alexandri MD 20% 2013 2004 — 31 94.6% 41.67 Trader Joe's Cloppers Mill Village Washington-Arlington-Alexandri MD 40% 2005 1995 — 137 95.6% 19.99 Shoppers Food Warehouse, Dollar Tree Firstfield Shopping Center Washington-Arlington-Alexandri MD 2005 2014 — 22 100.0% 46.75 - Takoma Park Washington-Arlington-Alexandri MD 40% 2005 1960 — 107 100.0% 14.78 Planet Fitness, Hibachi Grill & Buffet Watkins Park Plaza Washington-Arlington-Alexandri MD 40% 2005 1985 — 111 98.6% 30.76 LA Fitness, CVS Westbard Square Washington-Arlington-Alexandri MD 2017 2001/2024 — 173 98.4% 40.47 Giant, Bowlmor AMF Woodmoor Shopping Center Washington-Arlington-Alexandri MD 40% 2005 1954 18,410 68 98.6% 39.71 CVS Apple Valley Square Minneapol-St.
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.
Cheese, The Fresh Market, Edwin Watts Golf Cochran Commons Charlotte-Concord-Gastonia NC 20% 2007 2003 — 66 98.2% 18.53 Harris Teeter, (Walgreens) Willow Oaks Charlotte-Concord-Gastonia NC 2014 2014 — 65 100.0% 18.63 Publix Shops at Erwin Mill Durham-Chapel Hill NC 55% 2012 2012 12,000 91 100.0% 21.61 Harris Teeter Southpoint Crossing Durham-Chapel Hill NC 1998 1998 — 103 93.4% 18.10 Harris Teeter Village Plaza Durham-Chapel Hill NC 20% 2012 2020 11,227 73 88.8% 27.72 Whole Foods Woodcroft Shopping Center Durham-Chapel Hill NC 1996 1984 — 90 98.4% 15.67 Food Lion, ACE Hardware Glenwood Village Raleigh-Cary NC 1997 1983 — 43 100.0% 20.87 Harris Teeter Holly Park Raleigh-Cary NC 2013 1969 — 158 99.0% 21.98 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% 15.64 Harris Teeter Market at Colonnade Center Raleigh-Cary NC 2009 2009 — 58 100.0% 29.30 Whole Foods Midtown East Raleigh-Cary NC 50% 2017 2017 36,000 159 100.0% 26.91 Wegmans Ridgewood Shopping Center Raleigh-Cary NC 20% 2018 1951 8,480 95 98.3% 32.60 Whole Foods, Walgreens Shoppes of Kildaire Raleigh-Cary NC 40% 2005 1986 20,000 145 100.0% 22.27 Trader Joe's, Aldi, Staples, Barnes & Noble Sutton Square Raleigh-Cary NC 20% 2006 1985 — 101 87.2% 24.88 The Fresh Market Village District Raleigh-Cary NC 30% 2004 2018 75,000 606 99.4% 27.53 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% 16.51 Superfresh Boonton ACME Shopping Center New York-Newark-Jersey City NJ 2023 1999 10,123 63 100.0% 25.71 Acme Markets Cedar Hill Shopping Center New York-Newark-Jersey City NJ 2023 1971 6,585 43 96.5% 33.30 Walgreens Chestnut Ridge Shopping Center New York-Newark-Jersey City NJ 2023 1965 — 76 97.4% 31.80 Fresh Market, Drop Fitness Chimney Rock (6) New York-Newark-Jersey City NJ 2016 2016 — 218 100.0% 37.64 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% 33.39 Whole Foods Emerson Plaza New York-Newark-Jersey City NJ 2023 1981 — 90 100.0% 18.81 Shoprite, K-9 Resorts Luxury Pet Hotel Ferry Street Plaza New York-Newark-Jersey City NJ 2023 1995 8,131 108 100.0% 23.82 Seabra Foods, Flaming Grill Franklin Pointe (fka Rite Aid Plaza-Waldwick Plaza) New York-Newark-Jersey City NJ 2023 1953 — 20 0.0% - - Glenwood Green New York-Newark-Jersey City NJ 70% 2023 2024 — 352 97.1% 13.95 ShopRite, Target, Rendina H Mart Plaza New York-Newark-Jersey City NJ 2023 1967 — 7 100.0% 48.64 - Meadtown Shopping Center New York-Newark-Jersey City NJ 2023 1961 8,765 77 89.6% 27.51 Marshalls, Petco, Walgreens Midland Park Shopping Center New York-Newark-Jersey City NJ 2023 1966 16,588 129 88.0% 25.69 Kings Food Markets, Crunch Fitness Plaza Square New York-Newark-Jersey City NJ 40% 2005 1990 — 102 91.3% 21.04 Grocer, Retro Fitness Pompton Lakes Towne Square New York-Newark-Jersey City NJ 2023 2000 — 66 94.5% 27.63 Planet Fitness South Pass Village New York-Newark-Jersey City NJ 2023 1965 19,258 109 100.0% 32.74 Acme Markets 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) Valley Ridge Shopping Center New York-Newark-Jersey City NJ 2023 1962 15,702 103 100.0% 30.60 Whole Foods Waldwick Plaza New York-Newark-Jersey City NJ 2023 1960 — 27 100.0% 28.51 - Washington Commons New York-Newark-Jersey City NJ 100% 2023 1992 8,210 74 94.2% 24.29 Stop & Shop Haddon Commons Philadelphia-Camden-Wilmington NJ 40% 2005 1985 — 54 100.0% 16.25 Acme Markets 111 Kraft Avenue New York-Newark-Jersey City NY 2023 1902 — 9 100.0% 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% 85.03 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 82.6% 44.88 - 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% 84.91 - 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% 24.61 Stop & Shop, Westchester Community College, The 19th Hole Armonk Square New York-Newark-Jersey City NY 20% 2025 2013 11,403 48 97.9% 45.76 DeCicco & Sons Biltmore Shopping Center New York-Newark-Jersey City NY 2023 1967 — 17 100.0% 42.78 - Broadway Plaza (6) New York-Newark-Jersey City NY 2017 2014 — 147 93.2% 42.93 Aldi, Best Buy, Bob's Discount Furniture, TJ Maxx, Blink Fitness Carmel ShopRite Plaza New York-Newark-Jersey City NY 2023 1981 — 145 89.4% 15.42 Shoprite, Box Office Cinema, Gold's Gym Chilmark Shopping Center New York-Newark-Jersey City NY 2023 1963 — 47 95.7% 35.51 CVS Clocktower Plaza Shopping Ctr (6) New York-Newark-Jersey City NY 2017 1995 — 79 96.9% 52.63 Stop & Shop DeCicco's Plaza New York-Newark-Jersey City NY 2023 1978 — 70 100.0% 40.70 Decicco & Sons District Shops of Pelham Manor New York-Newark-Jersey City NY 2023 1960 — 25 74.5% 37.15 Manor Market East Meadow Plaza New York-Newark-Jersey City NY 2023 in-process — 138 89.5% 30.09 Lidl, Dollar Deal Eastchester Plaza New York-Newark-Jersey City NY 2023 1963 — 24 100.0% 39.61 CVS Eastport New York-Newark-Jersey City NY 2021 1980 — 48 88.0% 17.64 King Kullen Gateway Plaza New York-Newark-Jersey City NY 50% 2023 0 14,000 198 100.0% 9.80 Walmart, Bob's Discount Furniture Harrison Shopping Square New York-Newark-Jersey City NY 2023 1958 — 26 95.2% 37.10 The Goddard School Heritage 202 Center New York-Newark-Jersey City NY 2023 1989 — 19 100.0% 37.61 - Hewlett Crossing I & II New York-Newark-Jersey City NY 2018 1954 — 52 83.1% 43.25 - Lake Grove Commons New York-Newark-Jersey City NY 40% 2012 2008 48,558 141 100.0% 38.56 Whole Foods, LA Fitness Lakeview Shopping Center New York-Newark-Jersey City NY 2023 1981 10,407 165 90.3% 18.82 Acme, Planet Fitness, Montclare Children's School McLean Plaza New York-Newark-Jersey City NY 100% 2023 1982 5,000 58 98.1% 22.57 Acme Markets Midway Shopping Center New York-Newark-Jersey City NY 12% 2023 1958 20,144 244 86.0% 28.94 Shoprite, 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% 105.14 - Orangetown Shopping Center New York-Newark-Jersey City NY 100% 2023 1966 — 76 96.5% 23.15 CVS Purchase Street Shops New York-Newark-Jersey City NY 2023 0 — 6 100.0% 38.80 - Putnam Plaza New York-Newark-Jersey City NY 2023 1971 16,531 189 87.7% 16.94 Tops, Dollar World, 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 — 116 100.0% 29.63 Ulta, The Learning Experience, Mom's Organic Market, Look Cinemas Somers Commons New York-Newark-Jersey City NY 2023 2003 — 135 91.9% 21.59 Level Fitness, Tractor Supply, Goodwill Staples Plaza-Yorktown Heights New York-Newark-Jersey City NY 2023 1970 — 125 100.0% 21.30 Level Fitness, Staples, Party City, Extra Space Storage Tanglewood Shopping Center New York-Newark-Jersey City NY 2023 1953 2,163 28 93.1% 45.86 - The Gallery at Westbury Plaza New York-Newark-Jersey City NY 2017 2013 — 312 98.4% 54.33 Trader Joe's, Nordstrom Rack, Saks Fifth Avenue, Bloomingdale's, The Container Store, HomeGoods, Old Navy, Gap Outlet, Bassett Home Furnishings, Famous Footwear 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) The Meadows New York-Newark-Jersey City NY 2021 1980 — 141 99.3% 17.66 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% 33.33 King Kullen, Ace Hardware The Shops at SunVet (6) (7) New York-Newark-Jersey City NY 100% 2023 2023 — 170 73.5% 46.40 Whole Foods, Nordstrom Rack Towne Centre at Somers New York-Newark-Jersey City NY 2023 1988 — 84 100.0% 32.82 CVS Valley Stream New York-Newark-Jersey City NY 2021 1950 — 99 97.8% 32.15 King Kullen Village Commons New York-Newark-Jersey City NY 2023 1980 — 28 86.9% 42.13 - Wading River New York-Newark-Jersey City NY 2021 2002 — 99 94.7% 24.34 King Kullen, CVS, Ace Hardware Westbury Plaza New York-Newark-Jersey City NY 2017 2004 88,000 390 100.0% 28.36 WalMart, Costco, Marshalls, Total Wine and More, Olive Garden Cherry Grove Cincinnati OH 1998 2012 — 203 100.0% 13.78 Kroger, Shoe Carnival, TJ Maxx, Tuesday Morning Hyde Park Cincinnati OH 1997 1995 — 398 98.6% 17.62 Kroger, Kohl's, Walgreens, Ace Hardware, Staples, Marshalls, Five Below Red Bank Village Cincinnati OH 2006 2018 — 183 100.0% 8.40 WalMart Regency Commons Cincinnati OH 2004 2004 — 34 84.0% 28.02 - West Chester Plaza Cincinnati OH 1998 in process — 67 100.0% 7.18 Kroger East Pointe Columbus OH 1998 2014 — 115 100.0% 11.84 Kroger Kroger New Albany Center Columbus OH 1999 1999 — 96 100.0% 14.55 Kroger Northgate Plaza (Maxtown Road) Columbus OH 1998 2017 — 117 97.6% 12.34 Kroger, (Home Depot) Corvallis Market Center Corvallis OR 2006 2006 — 85 100.0% 23.60 Michaels, TJ Maxx, Trader Joe's Northgate Marketplace Medford OR 2011 2011 — 81 96.3% 25.54 Trader Joe's, REI, PETCO Northgate Marketplace Ph II Medford OR 2015 2015 — 177 96.4% 18.24 Dick's Sporting Goods, Homegoods, Marshalls Greenway Town Center Portland-Vancouver-Hillsboro OR 40% 2005 2014 — 93 93.8% 17.04 Dollar Tree, Rite Aid, Whole Foods Murrayhill Marketplace Portland-Vancouver-Hillsboro OR 1999 2016 — 157 92.7% 22.20 Safeway, Planet Fitness Sherwood Crossroads Portland-Vancouver-Hillsboro OR 1999 1999 — 88 91.9% 12.71 Safeway Tanasbourne Market (6) Portland-Vancouver-Hillsboro OR 2006 2006 — 71 100.0% 33.18 Whole Foods Walker Center Portland-Vancouver-Hillsboro OR 1999 1987 — 89 95.7% 28.62 REI Lower Nazareth Commons Allentown-Bethlehem-Easton PA 2007 2012 — 110 100.0% 28.38 Burlington Coat Factory, PETCO, (Wegmans), (Target) Stefko Boulevard Shopping Center (6) Allentown-Bethlehem-Easton PA 2005 1976 — 134 97.9% 12.53 Valley Farm Market, Dollar Tree, Muscle Inc.
Cheese, 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.
Cheese, Marshalls, (Target) Ygnacio Plaza San Francisco-Oakland-Berkeley CA 40% 2005 1968 25,850 110 100.0% 42.25 Sports Basement,TJ Maxx Blossom Valley San Jose-Sunnyvale-Santa Clara CA 1999 1992 22,300 98 100.0% 28.59 Safeway, Dollar Tree Mariposa Shopping Center San Jose-Sunnyvale-Santa Clara CA 40% 2005 2020 26,950 127 97.7% 23.88 Safeway, CVS, Ross Dress for Less Shoppes at Homestead San Jose-Sunnyvale-Santa Clara CA 1999 1983 — 116 98.2% 28.14 CVS, Crunch Fitness, (Orchard Supply Hardware) Snell & Branham Plaza San Jose-Sunnyvale-Santa Clara CA 40% 2005 1988 19,048 99 98.6% 22.60 Safeway The Pruneyard San Jose-Sunnyvale-Santa Clara CA 2019 2014 — 260 94.6% 44.95 Trader Joe's, The Sports Basement, Camera Cinemas, Marshalls West Park Plaza San Jose-Sunnyvale-Santa Clara CA 1999 1996 — 88 100.0% 23.64 Safeway, Crunch Fitness Golden Hills Plaza San Luis Obispo-Paso Robles CA 2006 2017 — 256 88.4% 8.47 Lowe's, TJ Maxx, Trader Joe's Five Points Shopping Center Santa Maria-Santa Barbara CA 40% 2005 2014 — 145 97.6% 32.98 Smart & Final, CVS, Ross Dress for Less, Big 5 Sporting Goods, PETCO Corral Hollow Stockton CA 2000 2000 — 153 100.0% 19.47 Safeway, CVS, Crunch Fitness Alcove On Arapahoe Boulder CO 40% 2005 1957/2019 26,390 160 93.6% 21.22 Petco, HomeGoods, Safeway, Ulta Salon, DSW Crossroads Commons Boulder CO 20% 2001 1986 34,500 143 90.3% 31.47 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% 43.55 (Whole Foods), (Barnes & Noble) Falcon Marketplace Colorado Springs CO 2005 2005 — 22 100.0% 29.88 (Wal-Mart) Marketplace at Briargate Colorado Springs CO 2006 2006 — 29 100.0% 38.59 (King Soopers) Monument Jackson Creek Colorado Springs CO 1998 1999 — 85 98.4% 13.75 King Soopers Woodmen Plaza Colorado Springs CO 1998 1998 — 116 97.6% 14.64 King Soopers Applewood Shopping Ctr Denver-Aurora-Lakewood CO 40% 2005 2017/2020 — 366 94.4% 16.89 Applejack Liquors, Hobby Lobby, Homegoods, King Soopers, PetSmart, Sierra Trading Post, Ulta, Three Little Mingos, Crunch Fitness Belleview Square Denver-Aurora-Lakewood CO 2004 2013 — 117 100.0% 23.82 King Soopers Boulevard Center Denver-Aurora-Lakewood CO 1999 1986 — 81 94.5% 33.91 Eye Care Specialists, (Safeway) Buckley Square Denver-Aurora-Lakewood CO 1999 1978 — 116 98.9% 13.32 Ace Hardware, King Soopers Cherrywood Square Shop Ctr Denver-Aurora-Lakewood CO 40% 2005 1978 9,650 97 97.5% 13.07 King Soopers Hilltop Village Denver-Aurora-Lakewood CO 2002 2018 — 101 98.7% 14.14 King Soopers Littleton Square Denver-Aurora-Lakewood CO 1999 2015 — 99 97.5% 12.73 King Soopers Lloyd King Center Denver-Aurora-Lakewood CO 1998 1998 — 83 100.0% 13.00 King Soopers Lone Tree Village (7) Denver-Aurora-Lakewood CO 2025 2025 — 158 81.2% 7.38 King Soopers Shops at Quail Creek Denver-Aurora-Lakewood CO 2008 2008 — 38 85.0% 31.31 (King Soopers) Stroh Ranch Denver-Aurora-Lakewood CO 1998 1998 — 93 100.0% 15.28 King Soopers Centerplace of Greeley III Greeley CO 2007 2007 — 119 100.0% 13.32 Hobby Lobby, Best Buy, TJ Maxx 22 Crescent Road Bridgeport-Stamford-Norwalk CT 2017 1984 — 4 100.0% 69.00 - 470 Main Street Bridgeport-Stamford-Norwalk CT 2023 1972 — 22 91.6% 32.85 - 91 Danbury Road Bridgeport-Stamford-Norwalk CT 2017 1965 — 5 100.0% 31.26 0 970 High Ridge Center Bridgeport-Stamford-Norwalk CT 2023 1960 — 26 94.0% 37.60 BevMax Airport Plaza Bridgeport-Stamford-Norwalk CT 2023 1974 — 33 100.0% 31.56 - Bethel Hub Center Bridgeport-Stamford-Norwalk CT 2023 1957 — 31 85.3% 18.32 La Placita Bethel Market Black Rock Bridgeport-Stamford-Norwalk CT 80% 2014 1996 14,939 98 94.0% 33.29 Old Navy, The Clubhouse Brick Walk (6) Bridgeport-Stamford-Norwalk CT 80% 2014 2007 30,234 122 97.3% 47.81 - Compo Acres Shopping Center Bridgeport-Stamford-Norwalk CT 2017 2011 — 43 95.9% 58.23 Trader Joe's Compo Shopping Center Bridgeport-Stamford-Norwalk CT 2024 1953 — 71 97.4% 57.76 CVS Copps Hill Plaza Bridgeport-Stamford-Norwalk CT 2017 2002 — 173 88.1% 22.65 Stop & Shop, Homegoods, Marshalls, Rite Aid, Michael's Cos Cob Commons Bridgeport-Stamford-Norwalk CT 2023 1986 — 48 91.3% 54.05 CVS Cos Cob Plaza Bridgeport-Stamford-Norwalk CT 2023 1947 3,577 15 92.2% 60.19 - Danbury Green Bridgeport-Stamford-Norwalk CT 2017 2006 — 124 89.1% 27.72 Trader Joe's, Hilton Garden Inn, DSW, Staples, Warehouse Wines & Liquors Danbury Square Bridgeport-Stamford-Norwalk CT 2023 1987 — 194 98.9% 12.03 Ocean State Job Lot, Planet Fitness, Elicit Brewing Company, Hobby Lobby Darinor Plaza (6) Bridgeport-Stamford-Norwalk CT 2017 1978 — 154 100.0% 20.69 Kohl's, Old Navy, Ulta Fairfield Center (6) Bridgeport-Stamford-Norwalk CT 80% 2014 2000 — 95 98.4% 40.40 Fairfield University Bookstore, Merril Lynch, Merrit Hospitality Fairfield Crossroads Bridgeport-Stamford-Norwalk CT 2023 1995 — 62 100.0% 25.28 Marshalls, DSW Greenwich Commons Bridgeport-Stamford-Norwalk CT 2023 1961 4,461 10 100.0% 93.92 - High Ridge Center Bridgeport-Stamford-Norwalk CT 100% 2023 1968 10,000 93 100.0% 51.74 Trader Joe's, Barnes & Noble Knotts Landing Bridgeport-Stamford-Norwalk CT 2023 1994 — 6 100.0% 77.89 - Main & Bailey Bridgeport-Stamford-Norwalk CT 2023 1950 — 60 82.0% 28.70 - Newfield Green Bridgeport-Stamford-Norwalk CT 2023 1966 18,175 74 100.0% 42.02 Grade A Market, CVS Old Greenwich CVS Bridgeport-Stamford-Norwalk CT 100% 2023 1941 799 8 100.0% 45.00 - Old Kings Market Bridgeport-Stamford-Norwalk CT 2023 1955 22,111 96 98.8% 43.08 Stop & Shop Post Road Plaza Bridgeport-Stamford-Norwalk CT 2017 1978 — 20 100.0% 60.80 Trader Joe's Ridgeway Shopping Center Bridgeport-Stamford-Norwalk CT 2023 1952 40,688 359 97.0% 31.18 Stop & Shop, LA Fitness, Marshalls, Michael's, Staples, Old Navy, ULTA, DSW 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) Shelton Square Bridgeport-Stamford-Norwalk CT 2023 1982 — 189 98.4% 20.18 Stop & Shop, Homegoods, Hawley Lane, Edge Fitness Station Centre @ Old Greenwich Bridgeport-Stamford-Norwalk CT 2023 1952 — 39 96.6% 37.52 Kings Food Markets The Dock-Dockside Bridgeport-Stamford-Norwalk CT 2023 1974 32,125 278 98.9% 19.73 Stop & Shop, BJ's Whole Sale, Edge Fitness, West Marine, Petco, Dollar Tree, Osaka Hibachi The Hub at Norwalk Bridgeport-Stamford-Norwalk CT 2017 2003 — 146 100.0% 23.66 HomeGoods, Target Westport Collection Bridgeport-Stamford-Norwalk CT 2023 1958 — 40 51.3% 27.48 BevMax Westport Row Bridgeport-Stamford-Norwalk CT 2017 1988 — 95 100.0% 46.19 The Fresh Market, Pottery Barn Brookside Plaza Hartford-E Hartford-Middletown CT 2017 2006 — 226 96.5% 16.69 Burlington Coat Factory, PetSmart, ShopRite, Staples, TJ Maxx, LL Bean Corbin's Corner Hartford-E Hartford-Middletown CT 40% 2005 2015 53,000 195 100.0% 33.00 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 88.9% 16.87 Aldi Orange Meadows New Haven-Milford CT 2023 1990 — 84 100.0% 25.65 Trader Joe's, TJMaxx, Bob's Discount Furniture, Ulta Southbury Green New Haven-Milford CT 2017 2002 — 156 91.4% 24.50 ShopRite, Homegoods The Shops at Stone Bridge New Haven-Milford CT 2024 2025 — 156 97.0% 31.65 Whole Foods, TJ Maxx, Barnes & Noble New Milford Plaza Torrington CT 2023 1970 — 235 93.3% 10.53 Walmart, Stop & Shop, Dollar Tree Sunny Valley Shops Torrington CT 2023 2003 — 72 93.3% 12.74 Staples, Planet Fitness Veterans Plaza Torrington CT 2023 1966 — 80 100.0% 12.94 Big Y World Class Market, BevMax Shops at The Columbia Washington-Arlington-Alexandri DC 2006 1991 — 23 100.0% 40.55 Trader Joe's Spring Valley Shopping Center Washington-Arlington-Alexandri DC 40% 2005 1930 12,897 17 100.0% 100.25 - Pike Creek Philadelphia-Camden-Wilmington DE 1998 2013 — 233 93.3% 18.72 Acme Markets, Edge Fitness, Pike Creek Community Hardware Shoppes of Graylyn Philadelphia-Camden-Wilmington DE 40% 2005 1971 — 64 94.6% 28.62 Lidl Corkscrew Village Cape Coral-Fort Myers FL 2007 1997 — 82 96.1% 16.21 Publix Shoppes of Grande Oak Cape Coral-Fort Myers FL 2000 2000 — 79 100.0% 19.14 Publix Millhopper Shopping Center Gainesville FL 1993 2017 — 80 97.7% 19.80 Publix Newberry Square Gainesville FL 1994 1986 — 181 95.2% 11.21 Publix, Floor & Décor, Dollar Tree Anastasia Plaza Jacksonville FL 1993 in-process — 103 97.7% 27.16 Publix Atlantic Village Jacksonville FL 2017 2014 — 110 100.0% 20.11 LA Fitness, Pet Supplies Plus Brooklyn Station on Riverside Jacksonville FL 2013 2013 — 50 97.6% 30.53 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% 28.74 Publix Fleming Island Jacksonville FL 1998 2000 — 136 98.5% 18.56 Publix, PETCO, Planet Fitness, (Target) Hibernia Pavilion Jacksonville FL 2006 2006 — 51 100.0% 16.95 Publix John's Creek Center Jacksonville FL 20% 2003 2004 12,000 82 100.0% 17.77 Publix Julington Village Jacksonville FL 20% 1999 1999 10,000 82 100.0% 18.47 Publix, (CVS) Mandarin Landing Jacksonville FL 2017 2024 — 140 100.0% 23.17 Whole Foods, Aveda Institute, Baptist Health, Cooper's Hawk Nocatee Town Center Jacksonville FL 2007 2017 — 114 100.0% 24.58 Publix Oakleaf Commons Jacksonville FL 2006 2006 — 77 100.0% 18.12 Publix Old St Augustine Plaza Jacksonville FL 1996 2017/2020 — 248 100.0% 11.77 Publix, Burlington Coat Factory, Hobby Lobby, LA Fitness, Ross Dress for Less Pablo Plaza Jacksonville FL 2017 2020 — 162 100.0% 19.69 Whole Foods, Office Depot, Marshalls, HomeGoods, PetSmart Pine Tree Plaza Jacksonville FL 1997 1999 — 63 100.0% 16.20 Publix Seminole Shoppes Jacksonville FL 50% 2009 2018 7,500 87 98.6% 25.83 Publix Shoppes at Bartram Park Jacksonville FL 50% 2005 2017 — 135 97.8% 23.92 Publix, (Kohl's), (Tutor Time) Shops at John's Creek Jacksonville FL 2003 2004 — 15 100.0% 29.78 - South Beach Regional Jacksonville FL 2017 1990 — 305 99.2% 19.47 Trader Joe's, Home Depot, Ross Dress for Less, Staples, Nordstrom Rack, TJ Maxx 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) Starke (6) Jacksonville FL 2000 2000 — 13 0.0% - - The Village at Seven Pines (7) Jacksonville FL 2025 2025 — 239 57.5% 29.54 Publix, West Elm Avenida Biscayne Miami-Ft Lauderdale-PompanoBch FL 2017 in-process — 142 100.0% 61.08 DSW, Jewelry Exchange, Old Navy, The Fresh Market Aventura Shopping Center Miami-Ft Lauderdale-PompanoBch FL 1994 2017 — 97 100.0% 40.62 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% 24.73 Walgreens Bird Ludlam Miami-Ft Lauderdale-PompanoBch FL 2017 1998 — 192 96.9% 27.92 CVS, Goodwill, Winn-Dixie Boca Village Square Miami-Ft Lauderdale-PompanoBch FL 2017 2014 — 92 100.0% 24.64 CVS, Publix Boynton Lakes Plaza Miami-Ft Lauderdale-PompanoBch FL 1997 2012 — 110 95.9% 18.01 Citi Trends, Pet Supermarket, Publix Boynton Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 2015 — 105 99.1% 22.43 CVS, Publix Caligo Crossing Miami-Ft Lauderdale-PompanoBch FL 2007 2007 — 15 100.0% 45.82 (Kohl's) Chasewood Plaza Miami-Ft Lauderdale-PompanoBch FL 1993 2015 — 152 97.0% 30.17 Publix, Pet Smart Concord Shopping Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 1993 — 309 100.0% 15.47 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% 35.07 Aldi, Walgreens Country Walk Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 2008 — 101 99.7% 28.62 Publix, CVS Countryside Shops Miami-Ft Lauderdale-PompanoBch FL 2017 1991/2018 — 186 97.9% 24.40 Publix, Ross Dress for Less, Painted Tree Boutique Fountain Square Miami-Ft Lauderdale-PompanoBch FL 2013 2013 — 177 100.0% 30.91 Publix, Ross Dress for Less, TJ Maxx, Ulta, (Target) Gardens Square Miami-Ft Lauderdale-PompanoBch FL 1997 1991 — 90 96.1% 19.85 Publix Greenwood Shopping Centre Miami-Ft Lauderdale-PompanoBch FL 2017 1994 — 133 97.4% 18.40 Publix, Bealls Pine Island Miami-Ft Lauderdale-PompanoBch FL 2017 1999 — 255 91.4% 17.67 Publix, YouFit Health Club, Floor and Décor, Advanced Veterinary Care Center Pine Ridge Square Miami-Ft Lauderdale-PompanoBch FL 2017 2013 — 118 97.6% 22.90 The Fresh Market, Marshalls, Ulta, Nordstrom Rack Pinecrest Place (6) Miami-Ft Lauderdale-PompanoBch FL 2017 2017 — 70 98.3% 44.57 Whole Foods, (Target) Point Royale Shopping Center Miami-Ft Lauderdale-PompanoBch FL 2017 2018 — 202 99.0% 17.45 Winn-Dixie, Burlington Coat Factory, Pasteur Medical Center, Planet Fitness, Dollar Tree Prosperity Centre Miami-Ft Lauderdale-PompanoBch FL 2017 1993 — 124 98.8% 26.64 Plum Market, TJ Maxx, CVS Sawgrass Promenade Miami-Ft Lauderdale-PompanoBch FL 2017 1998 — 107 89.9% 15.70 Publix, Walgreens, Dollar Tree Sheridan Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 1991/2022 — 507 93.8% 21.41 Publix, Kohl's, LA Fitness, Ross Dress for Less, Pet Supplies Plus, Burlington, Marshalls Shoppes @ 104 Miami-Ft Lauderdale-PompanoBch FL 1998 2018 — 127 100.0% 23.33 Fresco y Mas, CVS Shoppes at Lago Mar Miami-Ft Lauderdale-PompanoBch FL 2017 1995 — 83 94.3% 17.53 Publix, YouFit Health Club Shoppes of Jonathan's Landing Miami-Ft Lauderdale-PompanoBch FL 2017 1997 — 27 100.0% 33.94 (Publix) Shoppes of Oakbrook Miami-Ft Lauderdale-PompanoBch FL 2017 2003 — 183 59.8% 22.21 Publix, Duffy's Sports Bar, CVS Shoppes of Silver Lakes Miami-Ft Lauderdale-PompanoBch FL 2017 1997 — 127 99.2% 22.70 Publix, Goodwill Shoppes of Sunset Miami-Ft Lauderdale-PompanoBch FL 2017 2009 — 22 81.9% 30.22 - Shoppes of Sunset II Miami-Ft Lauderdale-PompanoBch FL 2017 2009 — 28 100.0% 26.16 - Shops at Skylake Miami-Ft Lauderdale-PompanoBch FL 2017 2006 — 287 98.2% 27.04 Publix, LA Fitness, TJ Maxx, Goodwill, Pasteur Medical University Commons (6) Miami-Ft Lauderdale-PompanoBch FL 2015 2001 — 180 100.0% 35.87 Whole Foods, Nordstrom Rack, Barnes & Noble, Bed Bath & Beyond Waterstone Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 2005 — 61 100.0% 19.24 Publix Welleby Plaza Miami-Ft Lauderdale-PompanoBch FL 1996 1982 — 110 96.8% 16.38 Publix, Dollar Tree Wellington Town Square Miami-Ft Lauderdale-PompanoBch FL 1996 2022 — 108 97.0% 26.33 Publix, CVS West Bird Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 2000/2021 — 99 98.2% 28.26 Publix West Lake Shopping Center Miami-Ft Lauderdale-PompanoBch FL 2017 2000 — 101 100.0% 24.23 Fresco y Mas, CVS Westport Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 2002 — 47 100.0% 24.07 Publix Berkshire Commons Naples-Marco Island FL 1994 1992 — 110 98.9% 16.59 Publix, Walgreens Naples Walk Naples-Marco Island FL 2007 1999 — 125 95.8% 19.69 Publix 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) Pavilion Naples-Marco Island FL 2017 2011 — 168 96.2% 25.28 LA Fitness, Paragon Theaters, J.
Lucie FL 2017 2016 — 86 100.0% 17.64 WalMart The Plaza at St. Lucie West Port St.
Lucie FL 2017 2016 — 86 100.0% 17.91 WalMart The Plaza at St. Lucie West Port St.
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.
Jordan Ranch Houston-Woodlands-Sugar Land TX 50% 2024 2025 — 162 96.6% 22.04 HEB Market at Springwoods Village Houston-Woodlands-Sugar Land TX 2016 2018 — 167 98.0% 18.56 Kroger Panther Creek Houston-Woodlands-Sugar Land TX 2002 1994 — 170 76.0% 29.18 CVS, The Woodlands Childrens Museum, Fitness Project, Sprouts Sienna Grande Shops (7) Houston-Woodlands-Sugar Land TX 75% 2023 2023 — 30 65.3% 35.54 - Southpark at Cinco Ranch Houston-Woodlands-Sugar Land TX 2012 2017 — 265 100.0% 15.04 Kroger, Academy Sports, PETCO, Spec's Liquor and Finer Foods Sterling Ridge Houston-Woodlands-Sugar Land TX 2002 2000 — 129 78.6% 27.98 CVS, Crunch Fitness Sweetwater Plaza Houston-Woodlands-Sugar Land TX 20% 2001 2000 20,000 135 100.0% 17.41 Kroger, Walgreens The Village at Riverstone Houston-Woodlands-Sugar Land TX 2016 2016 — 165 95.8% 17.80 Kroger Weslayan Plaza East Houston-Woodlands-Sugar Land TX 40% 2005 1969 — 173 100.0% 22.46 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 97.1% 22.50 Randalls Food, Walgreens, PETCO, Homegoods, Barnes & Noble Westwood Village Houston-Woodlands-Sugar Land TX 2006 2006 — 246 98.7% 20.16 Fitness Project, PetSmart, Office Max, Ross Dress For Less, TJ Maxx, Kelsey Seybold,(Target) Woodway Collection Houston-Woodlands-Sugar Land TX 40% 2005 2012 25,696 97 94.2% 34.17 Whole Foods Carytown Exchange Richmond VA 64% 2018 2022 — 116 97.6% 28.69 Publix, CVS Village Shopping Center Richmond VA 40% 2005 1948 24,250 116 86.5% 27.41 Publix, CVS Ashburn Farm Village Center Washington-Arlington-Alexandri VA 2005 1996 — 92 100.0% 18.72 Patel Brothers, The Shop Gym Belmont Chase Washington-Arlington-Alexandri VA 2014 2014 — 91 100.0% 38.66 Cooper's Hawk Winery, Whole Foods Festival at Manchester Lakes Washington-Arlington-Alexandri VA 40% 2005 2021 — 169 100.0% 33.02 Amazon Fresh, Homesense, Hyper Kidz Fox Mill Shopping Center Washington-Arlington-Alexandri VA 40% 2005 2013 22,500 103 97.6% 28.49 Giant Greenbriar Town Center Washington-Arlington-Alexandri VA 40% 2005 1972 76,200 344 99.5% 30.79 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% 36.27 PGA Tour Superstore Kings Park Shopping Center Washington-Arlington-Alexandri VA 40% 2005 2015 21,800 96 100.0% 35.89 Giant, CVS Lorton Station Marketplace Washington-Arlington-Alexandri VA 20% 2006 2005 — 136 91.4% 27.11 Amazon Fresh, Planet Fitness, Five Below, LLC Point 50 Washington-Arlington-Alexandri VA 2007 2021 — 48 94.0% 33.81 Amazon Fresh Saratoga Shopping Center Washington-Arlington-Alexandri VA 40% 2005 1977 22,800 113 92.9% 23.37 Giant Shops at County Center Washington-Arlington-Alexandri VA 2005 2005 — 106 100.0% 21.80 Harris Teeter, Planet Fitness 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) The Crossing Clarendon Washington-Arlington-Alexandri VA 2016 in process/2023 — 420 94.8% 41.03 Whole Foods, Crate & Barrel, The Container Store, 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% 24.47 Wegmans Village Center at Dulles Washington-Arlington-Alexandri VA 20% 2002 1991 46,000 307 99.5% 31.37 Giant, CVS, Advance Auto Parts, Chuck E.
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.
Lee Salon Suites Shoppes of Pebblebrook Plaza Naples-Marco Island FL 50% 2000 2000 — 80 100.0% 17.98 Publix, (Walgreens) Alafaya Village Orlando-Kissimmee-Sanford FL 2017 1986 — 39 100.0% 27.82 - Kirkman Shoppes Orlando-Kissimmee-Sanford FL 2017 2015 — 115 97.6% 27.87 LA Fitness, Walgreens Lake Mary Centre Orlando-Kissimmee-Sanford FL 2017 2015 — 356 96.0% 19.40 The Fresh Market, Academy Sports, Hobby Lobby, LA Fitness, Ross Dress for Less, Office Depot Plaza Venezia Orlando-Kissimmee-Sanford FL 20% 2016 2000 55,000 203 99.5% 36.07 Publix, Eddie V's Town and Country Orlando-Kissimmee-Sanford FL 2017 1993 — 78 100.0% 12.20 Ross Dress for Less Unigold Shopping Center Orlando-Kissimmee-Sanford FL 2017 1987 — 115 91.2% 16.35 YouFit Health Club, Ross Dress for Less Willa Springs Orlando-Kissimmee-Sanford FL 2000 1979 16,700 90 100.0% 25.90 Publix Cashmere Corners Port St.
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).
Cheese, HomeGoods, Goodwill, Furniture Max, DMV Iron Gym Willston Centre I Washington-Arlington-Alexandri VA 40% 2005 1952 — 109 81.2% 32.05 Fashion K City Willston Centre II Washington-Arlington-Alexandri VA 40% 2005 2010 32,000 136 100.0% 29.77 Safeway, (Target), (PetSmart) 6401 Roosevelt Seattle-Tacoma-Bellevue WA 2019 1929 — 8 38.9% 26.86 - Aurora Marketplace Seattle-Tacoma-Bellevue WA 40% 2005 1991 13,400 107 97.6% 19.00 Safeway, TJ Maxx Ballard Blocks I Seattle-Tacoma-Bellevue WA 50% 2018 2007 — 132 100.0% 28.27 LA Fitness, Ross Dress for Less, Trader Joe's Ballard Blocks II Seattle-Tacoma-Bellevue WA 50% 2018 2018 — 117 88.5% 35.06 Bright Horizons, Kaiser Permanente, PCC Community Markets, Trufusion, West Marine Broadway Market Seattle-Tacoma-Bellevue WA 20% 2014 1988 — 140 93.6% 30.25 Gold's Gym, Mosaic Salon Group, Quality Food Centers Cascade Plaza Seattle-Tacoma-Bellevue WA 20% 1999 1999 — 213 79.4% 13.06 Big 5 Sporting Goods, Dollar Tree, Planet Fitness, Ross Dress For Less, Safeway, Aaron's Eastgate Plaza Seattle-Tacoma-Bellevue WA 40% 2005 2018/2021 22,000 85 100.0% 32.25 Safeway, Rite Aid Grand Ridge Plaza Seattle-Tacoma-Bellevue WA 2012 2018 — 331 100.0% 27.99 Bevmo!, Dick's Sporting Goods, Marshalls, Regal Cinemas,Safeway, Ulta Inglewood Plaza Seattle-Tacoma-Bellevue WA 1999 1985 — 17 100.0% 49.32 - Island Village Seattle-Tacoma-Bellevue WA 2023 2013 — 106 100.0% 17.72 Safeway, Rite Aid Klahanie Shopping Center Seattle-Tacoma-Bellevue WA 2016 1998 — 66 96.3% 40.78 (QFC) Melrose Market Seattle-Tacoma-Bellevue WA 2019 2009 — 20 92.7% 48.79 - Overlake Fashion Plaza Seattle-Tacoma-Bellevue WA 40% 2005 2020 — 86 99.0% 31.75 Marshalls, Bevmo!, Amazon Go Grocery Pine Lake Village Seattle-Tacoma-Bellevue WA 1999 1989 — 102 98.6% 31.35 Quality Food Centers, Planet Fitness Roosevelt Square Seattle-Tacoma-Bellevue WA 2017 2017 — 149 94.4% 29.18 Whole Foods, Guitar Center, LA Fitness Sammamish-Highlands Seattle-Tacoma-Bellevue WA 1999 2013 — 100 99.5% 41.56 Trader Joe's, Bartell Drugs, (Safeway) Southcenter Seattle-Tacoma-Bellevue WA 1999 1990 — 57 100.0% 37.95 (Target) Regency Centers Total $ 2,309,064 58,377 96.1% $ 26.03 (1) CBSA refers to Core-Based Statistical Area (e.g. metropolitan area).
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.
Paul-Bloomington MN 2006 1998 — 179 78.7% 19.18 PETCO, Savers,(Burlington Coat Factory), (Aldi) Cedar Commons Minneapol-St. Paul-Bloomington MN 2011 1999 — 66 100.0% 31.14 Whole Foods Colonial Square Minneapol-St. Paul-Bloomington MN 40% 2005 2014 19,700 93 98.6% 28.99 Lund's Rockford Road Plaza Minneapol-St.
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.
Louis MO 2007 2000 — 210 100.0% 10.44 Walmart, TJ Maxx, HomeGoods, Famous Footwear, (Target), (Lowe's) Blakeney Town Center Charlotte-Concord-Gastonia NC 2021 2006 — 384 99.4% 28.12 Harris Teeter, Marshalls, Best Buy, Petsmart, Off Broadway Shoes, Old Navy, (Target) Carmel Commons Charlotte-Concord-Gastonia NC 1997 2012 — 146 89.2% 26.36 Chuck E.
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 2026, we have a total of 1,021 leases expiring by their terms, representing 3.0 million square feet of GLA. These expiring leases have an average base rent of $28.45 PSF. The average base rent of new leases signed during 2025 was $36.02 PSF.
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.
Harpeth Village Fieldstone Nashvil-Davdsn-Murfree-Frankln TN 1997 1998 — 70 100.0% 18.34 Publix Northlake Village Nashvil-Davdsn-Murfree-Frankln TN 2000 2013 — 139 100.0% 16.45 Kroger Peartree Village Nashvil-Davdsn-Murfree-Frankln TN 1997 1997 — 110 96.6% 19.91 Kroger, PETCO Hancock Austin-Round Rock-Georgetown TX 1999 1998 — 246 97.8% 20.63 24 Hour Fitness, H.E.B, PETCO, Twin Liquors Market at Round Rock Austin-Round Rock-Georgetown TX 1999 1987 — 123 96.9% 21.35 Sprout's Markets, Office Depot, Tuesday Morning, Party Chaos North Hills Austin-Round Rock-Georgetown TX 1999 1995 — 164 98.8% 24.00 H.E.B. 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) Shops at Mira Vista Austin-Round Rock-Georgetown TX 2014 2002 137 68 100.0% 27.76 Trader Joe's, Champions Westlake Gymnastics & Cheer Tech Ridge Center Austin-Round Rock-Georgetown TX 2011 2020 — 240 96.6% 22.33 H.E.B., Pinstack, Baylor Scott & White University Commons - Austin Austin-Round Rock-Georgetown TX 20% 2024 2024 34,500 218 98.4% 21.90 HEB Bethany Park Place Dallas-Fort Worth-Arlington TX 1998 1998 10,200 99 100.0% 12.43 Kroger CityLine Market Dallas-Fort Worth-Arlington TX 2014 2014 — 81 100.0% 31.18 Whole Foods CityLine Market Phase II Dallas-Fort Worth-Arlington TX 2015 2015 — 22 100.0% 29.41 CVS Hillcrest Village Dallas-Fort Worth-Arlington TX 1999 1991 — 15 100.0% 55.58 - Keller Town Center Dallas-Fort Worth-Arlington TX 1999 2014 — 120 90.4% 17.54 Tom Thumb Lebanon/Legacy Center Dallas-Fort Worth-Arlington TX 2000 2002 — 57 100.0% 32.44 (WalMart) Market at Preston Forest Dallas-Fort Worth-Arlington TX 1999 1990 — 96 100.0% 23.99 Tom Thumb Mockingbird Commons Dallas-Fort Worth-Arlington TX 1999 1987 — 120 98.0% 22.67 Tom Thumb, Ogle School of Hair Design Preston Oaks (6) Dallas-Fort Worth-Arlington TX 2013 2022 — 103 100.0% 42.32 Central Market, Talbots Prestonbrook Dallas-Fort Worth-Arlington TX 1998 1998 — 92 98.5% 16.10 Kroger Shiloh Springs Dallas-Fort Worth-Arlington TX 1998 1998 — 113 100.0% 15.97 Kroger Alden Bridge Houston-Woodlands-Sugar Land TX 2002 1998 26,000 143 97.4% 21.94 Kroger, Walgreens Baybrook East Houston-Woodlands-Sugar Land TX 2020 2025 — 166 95.8% 15.86 H.E.B Cochran's Crossing Houston-Woodlands-Sugar Land TX 2002 1994 — 138 87.9% 20.70 Kroger Indian Springs Center Houston-Woodlands-Sugar Land TX 2002 2003 — 140 100.0% 27.35 H.E.B.
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.
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, 2025 December 31, 2024 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 10,630 23.0 % 96.2 % 86 10,558 24.2 % 96.5 % California 62 9,304 20.2 % 94.9 % 55 8,355 19.0 % 96.0 % Connecticut 41 3,876 8.4 % 95.8 % 43 3,924 8.9 % 94.1 % Texas 28 3,679 8.0 % 95.7 % 27 3,518 8.0 % 96.9 % New York 41 3,468 7.5 % 94.5 % 42 3,339 7.6 % 93.3 % Georgia 22 2,152 4.7 % 96.7 % 22 2,125 4.8 % 97.3 % New Jersey 17 1,621 3.5 % 96.0 % 17 1,585 3.6 % 97.0 % Colorado 14 1,259 2.7 % 96.1 % 13 1,097 2.5 % 97.9 % North Carolina 10 1,226 2.7 % 97.7 % 10 1,226 2.8 % 98.5 % Ohio 8 1,213 2.6 % 98.9 % 8 1,224 2.8 % 98.7 % Illinois 6 1,090 2.4 % 98.2 % 6 1,085 2.5 % 94.8 % Virginia 7 1,040 2.3 % 97.4 % 6 943 2.1 % 98.3 % Washington 10 961 2.1 % 98.0 % 10 962 2.2 % 96.3 % Massachusetts 8 905 2.0 % 97.1 % 8 898 2.0 % 97.4 % Oregon 7 747 1.6 % 95.8 % 7 741 1.7 % 95.3 % Tennessee 4 638 1.4 % 98.7 % 3 314 0.7 % 100.0 % Pennsylvania 5 591 1.3 % 97.3 % 4 447 1.0 % 97.3 % Indiana 3 428 0.9 % 96.5 % 1 289 0.7 % 100.0 % Missouri 4 408 0.9 % 99.3 % 4 408 0.9 % 98.9 % Maryland 3 313 0.7 % 89.9 % 2 289 0.7 % 89.9 % Minnesota 2 246 0.5 % 84.4 % 2 246 0.6 % 84.4 % Delaware 1 233 0.5 % 93.3 % 1 229 0.5 % 97.1 % South Carolina 1 51 0.1 % 100.0 % 1 51 0.1 % 100.0 % District of Columbia 1 23 0.0 % 100.0 % 1 23 0.1 % 100.0 % Total 391 46,102 100.0 % 96.0 % 379 43,876 100.0 % 96.2 % The weighted average annual effective rent for the consolidated portfolio of properties, net of tenant concessions, is $26.55 and $25.56 per square foot ("PSF") as of December 31, 2025 and 2024, 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, 2025 December 31, 2024 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 16 2,293 18.6 % 97.0 % 17 2,319 17.4 % 98.4 % Virginia 11 1,701 13.9 % 96.4 % 14 1,982 14.8 % 94.1 % North Carolina 7 1,245 10.1 % 97.8 % 7 1,240 9.2 % 98.3 % Washington 7 881 7.2 % 92.1 % 7 874 6.5 % 95.6 % Maryland 8 826 6.7 % 97.4 % 9 848 6.3 % 96.1 % Texas 5 808 6.6 % 98.2 % 6 959 7.1 % 95.4 % Colorado 5 783 6.4 % 94.0 % 6 858 6.4 % 96.9 % Illinois 5 781 6.4 % 99.5 % 5 777 5.8 % 99.7 % Florida 6 669 5.5 % 99.2 % 6 669 5.0 % 98.4 % New York 5 644 5.2 % 94.5 % 5 786 5.8 % 96.6 % Minnesota 3 422 3.4 % 99.4 % 3 422 3.1 % 99.2 % Pennsylvania 3 391 3.2 % 96.5 % 6 664 4.9 % 97.3 % New Jersey 3 223 1.8 % 96.0 % 4 300 2.2 % 91.1 % Connecticut 1 195 1.6 % 100.0 % 1 189 1.4 % 98.1 % Rhode Island 1 159 1.3 % 100.0 % 1 159 1.2 % 97.0 % Oregon 1 93 0.8 % 93.8 % 1 93 0.7 % 97.5 % South Carolina 1 80 0.7 % 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 % Indiana — — 0.0 % 0.0 % 2 139 1.0 % 91.6 % Total 90 12,275 100.0 % 96.8 % 103 13,439 100.0 % 96.8 % The weighted average annual effective rent for the unconsolidated portfolio of properties, net of tenant concessions, is $25.87 and $24.51 PSF as of December 31, 2025 and 2024, respectively. 25 The following table summarizes our top tenants occupying our shopping centers for consolidated properties plus our share of unconsolidated properties, as of December 31, 2025, 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 2,940 5.8 % $ 36,191 2.9 % 67 TJX Companies, Inc. 1,840 3.6 % 33,760 2.7 % 76 Albertsons Companies, Inc. 2,053 4.1 % 33,619 2.7 % 52 Amazon/Whole Foods 1,312 2.6 % 31,808 2.5 % 39 Kroger Co. 2,978 5.9 % 31,292 2.5 % 51 Ahold Delhaize 924 1.8 % 23,189 1.8 % 20 CVS 808 1.6 % 21,942 1.7 % 66 JPMorgan Chase Bank 225 0.4 % 12,548 1.0 % 63 Trader Joe's 346 0.7 % 12,156 1.0 % 32 L.A.
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.
Newland Center Los Angeles-Long Beach-Anaheim CA 1999 2016 — 152 100.0% 34.32 Albertsons Nohl Plaza (6) Los Angeles-Long Beach-Anaheim CA 2023 1966 — 104 97.2% 19.44 Vons Plaza Hermosa Los Angeles-Long Beach-Anaheim CA 1999 2013 — 95 100.0% 32.75 Von's, CVS Ralphs Circle Center Los Angeles-Long Beach-Anaheim CA 2017 1983 — 60 98.5% 33.58 Ralphs Rona Plaza Los Angeles-Long Beach-Anaheim CA 1999 1989 — 52 100.0% 23.12 Superior Super Warehouse Seal Beach Los Angeles-Long Beach-Anaheim CA 20% 2002 1966 — 102 97.0% 29.62 Pavilions, CVS Sendero Marketplace Los Angeles-Long Beach-Anaheim CA 2025 2016 44,538 82 100.0% 49.81 Gelson's Talega Village Center Los Angeles-Long Beach-Anaheim CA 2017 2007 — 102 95.5% 23.72 Ralphs Terrace Shops Los Angeles-Long Beach-Anaheim CA 2025 2005 14,007 41 100.0% 43.40 Tustin Legacy Los Angeles-Long Beach-Anaheim CA 2016 2017 — 112 100.0% 37.14 Stater Bros, CVS Twin Oaks Shopping Center Los Angeles-Long Beach-Anaheim CA 40% 2005 2019 19,000 98 100.0% 26.18 Ralphs, Ace Hardware Valencia Crossroads Los Angeles-Long Beach-Anaheim CA 2002 2003 — 180 98.6% 30.52 Whole Foods, Kohl's Village at La Floresta Los Angeles-Long Beach-Anaheim CA 2014 2014 — 87 93.2% 39.00 Whole Foods Von's Circle Center Los Angeles-Long Beach-Anaheim CA 2017 1972 2,633 151 95.4% 29.14 Von's, Ross Dress for Less, Planet Fitness Woodman Van Nuys Los Angeles-Long Beach-Anaheim CA 1999 1992 — 108 98.6% 18.09 El Super Silverado Plaza Napa CA 40% 2005 1974 15,477 85 95.7% 28.12 Nob Hill, CVS Gelson's Westlake Market Plaza Oxnard-Thousand Oaks-Ventura CA 2002 2016 — 85 94.7% 33.20 Gelson's Markets, John of Italy Salon & Spa Oakbrook Plaza Oxnard-Thousand Oaks-Ventura CA 1999 2017 — 83 91.3% 22.21 Gelson's Markets, (CVS), (Ace Hardware) Westlake Village Plaza and Center Oxnard-Thousand Oaks-Ventura CA 1999 2015 — 201 98.0% 45.47 Von's, Sprouts, (CVS) French Valley Village Center Rvrside-San Bernardino-Ontario CA 2004 2004 — 114 100.0% 29.27 Stater Bros, CVS Oak Valley Village (7) Rvrside-San Bernardino-Ontario CA 75% 2025 2025 — 230 74.3% 8.90 Sprouts, Target Oakshade Town Center Sacramento-Roseville-Folsom CA 2011 1998 2,369 104 98.3% 20.85 Safeway, Sierra, Planet Fitness Prairie City Crossing Sacramento-Roseville-Folsom CA 1999 1999 — 90 100.0% 23.63 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% 28.09 Safeway, CVS, Petco 4S Commons Town Center San Diego-Chula Vista-Carlsbad CA 93% 2004 2004 — 265 100.0% 34.97 Restoration Hardware Outlet, Ace Hardware, Cost Plus World Market, CVS, Jimbo's…Naturally!, Ralphs, ULTA 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) Balboa Mesa Shopping Center San Diego-Chula Vista-Carlsbad CA 2012 2014 — 207 100.0% 31.16 CVS, Kohl's, Von's El Norte Pkwy Plaza San Diego-Chula Vista-Carlsbad CA 1999 2013 — 91 97.3% 21.14 Von's, Children's Paradise, ACE Hardware Friars Mission Center San Diego-Chula Vista-Carlsbad CA 1999 1989 — 147 100.0% 42.18 Ralphs, CVS Navajo Shopping Center San Diego-Chula Vista-Carlsbad CA 40% 2005 1964 11,000 102 96.4% 18.17 Albertsons, O'Reilly Auto Parts, Dollar Tree Point Loma Plaza San Diego-Chula Vista-Carlsbad CA 40% 2005 1987 38,593 205 91.4% 24.17 Von's, Marshalls, UFC Gym Rancho San Diego Village San Diego-Chula Vista-Carlsbad CA 40% 2005 1981 — 153 95.2% 27.37 Smart & Final, 24 Hour Fitness, (Longs Drug) Scripps Ranch Marketplace San Diego-Chula Vista-Carlsbad CA 2017 2017 — 132 100.0% 37.28 Vons, CVS The Hub Hillcrest Market San Diego-Chula Vista-Carlsbad CA 2012 2015 — 149 91.3% 47.12 Ralphs, Trader Joe's Twin Peaks San Diego-Chula Vista-Carlsbad CA 1999 2015 — 208 98.1% 23.41 Target, Grocer Bayhill Shopping Center San Francisco-Oakland-Berkeley CA 40% 2005 2019 28,800 122 99.2% 29.56 CVS, Mollie Stone's Market Clayton Valley Shopping Center San Francisco-Oakland-Berkeley CA 2003 2004 — 260 94.5% 23.98 Grocery Outlet, Central, CVS, Dollar Tree, Ross Dress For Less Diablo Plaza San Francisco-Oakland-Berkeley CA 1999 1982 — 63 90.8% 45.90 Bevmo!, (Safeway), (CVS) El Cerrito Plaza San Francisco-Oakland-Berkeley CA 2000 2000 — 256 72.4% 34.02 PETCO, Ross Dress For Less, Trader Joe's, Marshalls, (CVS) Ellis Village Center (7) San Francisco-Oakland-Berkeley CA 2025 2025 — 49 85.6% 39.14 Sprouts Encina Grande San Francisco-Oakland-Berkeley CA 1999 2016 — 106 100.0% 37.89 Whole Foods, Walgreens Oakley Shops at Laurel Fields (7) San Francisco-Oakland-Berkeley CA 2024 2024 — 78 95.5% 32.10 Safeway Persimmon Place San Francisco-Oakland-Berkeley CA 2014 2014 — 153 100.0% 40.91 Whole Foods, Nordstrom Rack, Homegoods Plaza Escuela San Francisco-Oakland-Berkeley CA 2017 2002 — 154 100.0% 43.51 The Container Store, Trufusion, Talbots, The Cheesecake Factory, Barnes & Noble Pleasant Hill Shopping Center San Francisco-Oakland-Berkeley CA 40% 2005 2016 50,000 231 100.0% 26.07 Target, Burlington, Ross Dress for Less, Homegoods Potrero Center San Francisco-Oakland-Berkeley CA 2017 1997 — 227 70.9% 35.01 Safeway, 24 Hour Fitness, Ross Dress for Less, Petco Powell Street Plaza San Francisco-Oakland-Berkeley CA 2001 1987 — 170 100.0% 38.54 Trader Joe's, Bevmo!, Ross Dress For Less, Marshalls, Old Navy San Carlos Marketplace San Francisco-Oakland-Berkeley CA 2017 2018 — 154 87.2% 39.93 TJ Maxx, Best Buy, PetSmart, Bassett Furniture San Leandro Plaza San Francisco-Oakland-Berkeley CA 1999 1982 — 50 100.0% 40.49 (Safeway), (CVS) Serramonte Center San Francisco-Oakland-Berkeley CA 2017 2018/In Process — 1,085 96.4% 28.41 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% 27.44 Safeway, CVS, Alamo Hardware Willows Shopping Center (6) San Francisco-Oakland-Berkeley CA 2017 in process — 233 85.2% 31.78 REI, Old Navy, Ulta, Five Below, Airport Home Appliance Woodside Central San Francisco-Oakland-Berkeley CA 1999 1993 — 81 100.0% 31.34 Chuck E.
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.
Gym Hershey (6) Harrisburg-Carlisle PA 2000 2000 — 6 100.0% 33.75 - Baederwood Shopping Center Philadelphia-Camden-Wilmington PA 80% 2023 1999 24,365 117 100.0% 29.62 Whole Foods, Planet Fitness City Avenue Shopping Center Philadelphia-Camden-Wilmington PA 40% 2005 1960 — 157 95.6% 22.19 Ross Dress for Less, TJ Maxx, Dollar Tree Gateway Shopping Center Philadelphia-Camden-Wilmington PA 2004 2016 — 224 94.0% 38.16 Trader Joe's, Staples, TJ Maxx Mercer Square Shopping Center Philadelphia-Camden-Wilmington PA 40% 2005 1988 — 91 100.0% 24.12 Weis Markets, McCaffrey's Food Markets Newtown Square Shopping Center Philadelphia-Camden-Wilmington PA 40% 2005 2020 19,774 142 95.3% 21.31 Acme Markets, Michael's East Greenwich Square Boston-Cambridge-Newton RI 70% 2024 1990 26,000 159 100.0% 21.68 Dave's Fresh Marketplace, Les Isle Rose Indigo Square Charleston-North Charleston SC 2017 2017 — 51 100.0% 32.58 Greenwise (Vac 8/29/20) Merchants Village Charleston-North Charleston SC 40% 1997 1997 9,000 80 100.0% 19.70 Publix Brentwood Place Nashvil-Davdsn-Murfree-Frankln TN 2025 2007/2016 43,500 319 98.6% 20.90 TJ Maxx/Homegoods, Golf Galaxy, Stock & Tade Design Co.
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.
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 $ — 97 100.0% $ 34.00 Albertsons, (Target) Bloom on Third Los Angeles-Long Beach-Anaheim CA 35% 2018 1992/ in process 150,092 73 100.0% 60.81 Whole Foods, CVS, Citibank, Dick's Brea Marketplace Los Angeles-Long Beach-Anaheim CA 40% 2005 1987 — 352 97.6% 21.31 24 Hour Fitness, Big 5 Sporting Goods, Childtime Childcare, Old Navy, Sprout's, Target, Smart Parke Bridgepark Plaza Los Angeles-Long Beach-Anaheim CA 2025 2021 17,383 102 98.7% 45.58 Albertsons Circle Center West Los Angeles-Long Beach-Anaheim CA 2017 1989 — 63 100.0% 41.16 Marshalls Circle Marina Shops & Mrktplc.
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.
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) 109 223 0.5 % $ 6,333 0.5 % $ 28.42 2026 1,021 2,990 6.3 % 85,068 6.9 % 28.45 2027 1,437 6,239 13.1 % 159,240 12.9 % 25.52 2028 1,367 5,989 12.6 % 163,974 13.3 % 27.38 2029 1,269 6,743 14.2 % 161,851 13.1 % 24.00 2030 1,233 5,956 12.5 % 160,295 13.0 % 26.91 2031 765 4,338 9.1 % 106,611 8.7 % 24.58 2032 503 2,178 4.6 % 65,033 5.3 % 29.87 2033 494 2,193 4.6 % 66,046 5.4 % 30.11 2034 417 1,870 3.9 % 55,125 4.5 % 29.48 2035 544 2,444 5.1 % 67,241 5.5 % 27.52 Thereafter 443 6,349 13.5 % 134,293 10.9 % 21.15 Total 9,602 47,512 100.0 % $ 1,231,110 100.0 % $ 25.91 (1) Leases currently under month-to-month rent or in process of renewal.
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.
Butt Grocery Company 706 1.4 % 10,125 0.8 % 8 Ross Dress For Less 587 1.2 % 9,692 0.8 % 25 Target 919 1.8 % 9,387 0.7 % 8 Bank of America 163 0.3 % 9,088 0.7 % 41 Gap, Inc 259 0.5 % 8,805 0.7 % 20 Wells Fargo Bank 152 0.3 % 8,711 0.7 % 49 JAB Holding Company 168 0.3 % 7,282 0.6 % 59 Walgreens Boots Alliance 255 0.5 % 6,796 0.5 % 22 Petco Health and Wellness Company 275 0.5 % 6,762 0.5 % 26 Ulta 224 0.4 % 6,680 0.5 % 25 Xponential Fitness 163 0.3 % 6,650 0.5 % 97 Kohl's 526 1.0 % 6,389 0.5 % 7 Five Below 209 0.4 % 5,977 0.5 % 27 Top Tenants 19,110 37.5 % $ 371,718 29.4 % 1,005 Our leases for tenant space under 10,000 square feet generally have initial terms ranging from three to seven years.
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.
Paul-Bloomington MN 20% 2011 2006 10,000 125 98.9% 15.20 CUB Foods Brentwood Plaza St. Louis MO 2007 2002 — 60 97.8% 11.79 Schnucks Bridgeton St. Louis MO 2007 2005 — 71 100.0% 13.02 Schnucks, (Home Depot) Dardenne Crossing St. Louis MO 2007 1996 — 67 97.9% 11.53 Schnucks Kirkwood Commons St.
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.
Fitness Sports Club 516 1.0 % 11,311 0.9 % 14 Nordstrom 402 0.8 % 11,134 0.9 % 12 Starbucks 160 0.3 % 10,424 0.8 % 99 H.E.
Removed
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.
Added
(fka Circle Marina Center) Los Angeles-Long Beach-Anaheim CA 2019 1994 — 117 89.1% 39.66 Sprouts, Big 5 Sporting Goods, Centinela Feed & Pet Supplies Culver Center Los Angeles-Long Beach-Anaheim CA 2017 2000 — 217 89.9% 35.02 Ralphs, Best Buy, LA Fitness, Sit N' Sleep Culver Commons (7) Los Angeles-Long Beach-Anaheim CA 2025 2025 — 13 65.5% 89.35 0 El Camino Shopping Center Los Angeles-Long Beach-Anaheim CA 1999 2017 — 136 100.0% 45.24 Bristol Farms, CVS Granada Village Los Angeles-Long Beach-Anaheim CA 40% 2005 2012 49,194 226 92.9% 29.85 Sprout's Markets, PETCO, Homegoods, Burlington, TJ Maxx Hasley Canyon Village Los Angeles-Long Beach-Anaheim CA 2003 2003 16,000 70 93.0% 27.98 Ralphs Heritage Plaza Los Angeles-Long Beach-Anaheim CA 1999 2012 — 230 100.0% 47.72 Ralphs, CVS, Daiso, Mitsuwa Marketplace, Big 5 Sporting Goods Mercantile East Los Angeles-Long Beach-Anaheim CA 2025 2023 33,000 239 100.0% 33.28 Trader Joe's, EOS Fitness, Lucky Strike Mercantile West Los Angeles-Long Beach-Anaheim CA 2025 2025 40,600 150 100.0% 38.04 Stater Brothers Morningside Plaza Los Angeles-Long Beach-Anaheim CA 1999 1996 — 91 98.8% 26.92 Stater Bros.
Removed
Louis MO 2007 1996 — 67 100.0% 11.85 Schnucks Kirkwood Commons St.
Added
Paul-Bloomington MN 40% 2005 1991 — 204 100.0% 15.21 Kohl's, PetSmart, HomeGoods, TJ Maxx, ULTA 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) Rockridge Center Minneapol-St.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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However, 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.
However, 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 proceedings and contingencies.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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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.
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 REIT taxable income for the taxable year, excluding any net capital gains.
There were no unregistered sales of equity securities during the quarter ended December 31, 2024.
There were no unregistered sales of equity securities during the quarter ended December 31, 2025.
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.
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 04, 2026, there were 175,442 holders of our common stock. We intend to pay regular quarterly distributions to Regency Centers Corporation's common shareholders.
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.
The following table represents information with respect to purchases by the Parent Company of its common stock, by month, during the three months ended December 31, 2025: Period Total number of shares purchased (1) Average price paid per share Total number of shares purchased as part of publicly announced plans or programs (2) Maximum number or approximate dollar value of shares that may yet be purchased under the plans or programs (in thousands) (2) October 1 through October 31, 2025 144 $ 72.90 — $ 250,000 November 1 through November 30, 2025 — $ — — $ 250,000 December 1 through December 31, 2025 — $ — — $ 250,000 (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.
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.
The expiration date of the new repurchase program is February 28, 2029, unless modified, extended or earlier terminated by the Board in its discretion. 40 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, 2020.
(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.
(2) On February 4, 2026, our Board approved a new common stock repurchase program, which replaced an existing program. The new program authorizes up to $500 million in repurchases, and the Company may purchase shares of its outstanding common stock through open market purchases and/or privately negotiated transactions, subject to market conditions and other factors.
The 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
The 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"). 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 Regency Centers Corporation $ 100.00 171.39 148.15 165.58 190.21 184.91 S&P 500 100.00 128.71 105.40 133.10 166.40 196.16 FTSE NAREIT Equity REITs 100.00 143.24 108.34 123.21 133.97 137.83 FTSE NAREIT Equity Shopping Centers 100.00 165.05 144.36 161.74 189.29 182.01

Item 7. Management's Discussion & Analysis

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

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We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes.
We believe these non-GAAP financial measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes.
We do not consider non-GAAP measures as 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.
We do not consider non-GAAP financial measures as an alternative to financial measures determined in accordance with GAAP, rather they supplement GAAP measures by providing additional information we believe to be useful to our shareholders.
The principal limitation of these non-GAAP measures is they may exclude significant expense and income items that are required by GAAP to be recognized in our Consolidated Financial Statements. In addition, they reflect the exercise of management's judgment about which expense and income items are excluded or included in determining these non-GAAP measures.
The principal limitation of these non-GAAP financial measures is that they may exclude significant expense and income items that are required by GAAP to be recognized in our Consolidated Financial Statements. In addition, they reflect the exercise of management's judgment about which expense and income items are excluded or included in determining these non-GAAP financial measures.
In order to compensate for these limitations, reconciliations of the non-GAAP measures we use to their most directly comparable GAAP measures are provided, including as set forth below. Non-GAAP measures should not be relied upon in evaluating the financial condition, results of operations, or future prospects.
In order to compensate for these limitations, reconciliations of the non-GAAP financial measures we use to their most directly comparable GAAP measures are provided, including as set forth below. Non-GAAP financial measures should not be relied upon in evaluating the financial condition, results of operations, or future prospects.
A significant portion of our cash from operations is distributed to our common shareholders in the form of dividends in order to maintain our status as a REIT. Except for $200 million of private placement debt, our Parent Company has no capital commitments other than its guarantees of the commitments of our Operating Partnership.
A significant portion of our cash flows from operations is distributed to our common shareholders in the form of dividends in order to maintain our status as a REIT. Except for $200 million of private placement debt, our Parent Company has no capital commitments other than its guarantees of the commitments of our Operating Partnership.
For a discussion and analysis of the year ended December 31, 2023, compared to the same period in 2022, see "Part II, Item 7.
For a discussion and analysis of the year ended December 31, 2024, compared to the same period in 2023, see "Part II, Item 7.
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.
Further, continued challenges from permitting delays and labor and material shortages may extend the time to completion of these projects. If we start new developments or redevelopments, commit to property acquisitions, repay debt with cash, declare future dividends, or repurchase shares of our common stock, our cash requirements will increase.
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.
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 $12.9 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 13; and • We will also incur obligations related to construction or development contracts on projects in process, as further described in the Liquidity and Capital Resources section; however, future amounts under these construction contracts are not due until future satisfactory performance under the contracts.
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 expect to meet these needs by using a combination of the following: cash flows 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.
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.
As of December 31, 2025, the tenants who are currently in bankruptcy and continue to occupy space in our shopping centers represent an aggregate of 0.69% of our Pro-rata annual base rent with no single tenant exceeding 0.5% of Pro-rata annual base rent.
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.
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, 2025, our total property portfolio was 96.1% leased while our same property portfolio was 96.5% leased, compared to 96.3% and 96.6%, respectively, at December 31, 2024.
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.
New and renewal rent spreads, compared to prior rents on these same spaces leased, were positive at 10.8% for the 12 months ended December 31, 2025, compared to 9.5% for the 12 months ended December 31, 2024. 43 Diversification and Concentration of Tenant Risk We seek to reduce our risk by limiting concentration.
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.
We have historically generated sufficient cash flow from operations to fund our dividend distributions. During the years ended December 31, 2025 and 2024, we generated cash flows from operating activities of $827.7 million and $790.2 million, respectively, and paid $530.2 million and $507.0 million in dividends to our common and preferred stock and unit holders, in the same respective periods.
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.
If we reduce our development and redevelopment activity, the amount of interest that we capitalize may be lower than historical averages. • We have a dedicated staff of employees who directly support our development program, which includes redevelopment of our existing properties.
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.
During the year ended December 31, 2025: • Our Pro-rata same property NOI, excluding termination fees, grew 5.3%, as compared to the year ended December 31, 2024, primarily attributable to improvements in base rent and recoveries from increases in year over year occupancy rates, contractual rent steps in existing leases, and positive rent spreads on comparable new and renewal leases. • We executed 1,899 new and renewal leasing transactions representing 7.4 million Pro-rata SF with positive rent spreads of 10.8% during 2025, compared to 2,032 leasing transactions representing 9.9 million Pro-rata SF with positive rent spreads of 9.5% in 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 $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%.
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 $597.4 million compared to $497.3 million at December 31, 2024. • Development and redevelopment projects completed during 2025 represented $212.4 million of estimated net project costs, with an average stabilized yield of 10.1%.
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.
In addition, we issued $2.9 million of short-term notes receivable to real estate partners in 2024. • We collected $0.7 million in short-term note receivables from real estate partners in 2025, compared to $3.1 million in 2024. • Investments in real estate partnerships: 52 o In 2025, we invested $44.3 million, including $32.6 million to fund our share of debt repayments, $3.2 million to fund our share of an acquisition of an operating property, and $8.6 million to fund our share of development and redevelopment activities. 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. • Return of capital from our unconsolidated investments in real estate partnerships includes sales or financing proceeds: o During 2025, we received $32.5 million, from our share of proceeds from outparcel sales and debt financing activities. o During 2024, we received $13.0 million, from our share of proceeds from debt financing activities and for the partial sale of an ownership interest in a real estate partnership. • Purchase of investment securities and proceeds from sale of investment securities pertain to investment activities held in our captive insurance company and our deferred compensation plan, as well as: o During 2025, we invested approximately $90 million in commercial time deposits with proceeds received from the 2025 Notes.
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.
After funding the January 2026 dividends for our common and preferred stock and Operating Partnership units, we estimate that we will require capital during the next 12 months of approximately $910 million related to leasing commissions, tenant improvements, in-process developments and redevelopments, capital contributions to our real estate partnerships, and repaying maturing debt.
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.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Executing on our Strategy During the year ended December 31, 2025, we had Net income attributable to common shareholders of $513.8 million as compared to $386.7 million during the year ended December 31, 2024.
We intend to continuously improve our portfolio of shopping centers through redevelopment which can include adjacent land acquisition, existing building expansion, facade renovation, new out-parcel building construction, and redevelopment related tenant improvement costs. The size and magnitude of each redevelopment project varies with each redevelopment plan. The timing and duration of these projects could also result in volatility in NOI.
We intend to continuously improve our portfolio of shopping centers through redevelopment which can include adjacent land acquisition, existing building expansions, facade renovations, new out-parcel building construction, and redevelopments related to tenant improvement costs. The size and magnitude of each redevelopment project varies with each redevelopment plan.
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 partnerships, when read in conjunction with our reported results under GAAP. We believe presenting our Pro-rata share of operating results, along with other non-GAAP measures, may assist in comparing our operating results to other REITs.
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 partnerships, when read in conjunction with our reported results under GAAP.
(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.
(2) The Company has the option to extend the maturity for two additional six-month periods. The declaration of dividends is determined quarterly by, and in the discretion of, our Board of Directors.
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.
Pro-rata Percent Leased The following table summarizes Pro-rata percent leased of our combined consolidated and unconsolidated shopping center portfolio: December 31, 2025 December 31, 2024 Percent Leased – All properties 96.1 % 96.3 % Anchor Space (spaces ≥ 10,000 SF) 98.0 % 98.4 % Shop Space (spaces 93.2 % 93.0 % 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, 2025 Leasing Transactions SF (in thousands) Base Rent PSF Tenant Allowance and Landlord Work PSF Leasing Commissions PSF Anchor Space Leases New 34 1,030 $ 17.46 $ 28.67 $ 4.65 Renewal 102 3,050 15.14 0.65 0.41 Total Anchor Space Leases 136 4,080 $ 15.73 $ 7.72 $ 1.48 Shop Space Leases New 586 1,155 $ 43.16 $ 51.12 $ 17.37 Renewal 1,177 2,214 40.89 1.45 1.30 Total Shop Space Leases 1,763 3,369 $ 41.67 $ 18.48 $ 6.81 Total Leases 1,899 7,449 $ 27.46 $ 12.58 $ 3.89 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 The weighted-average base rent PSF on signed Shop Space leases during 2025 was $41.67 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 $37.85 PSF.
Same Property Roll-forward: Our same property pool includes the following property count, Pro-rata GLA, and changes therein: 2024 2023 (GLA in thousands) Property Count GLA Property Count GLA Beginning same property count 394 42,135 389 41,383 Acquired properties owned for entirety of comparable periods 4 441 5 771 Developments that reached completion by beginning of earliest comparable period presented 3 278 — — Disposed properties (4 ) (415 ) (1 ) (27 ) SF adjustments (1) — 71 — 8 Change in intended property use — — 1 — Ending same property count 397 42,510 394 42,135 (1) SF adjustments arising from re-measurements or redevelopments. 50 Nareit FFO, Core Operating Earnings and AFFO: Our reconciliation of net income attributable to common shareholders to Nareit FFO, to Core Operating Earnings, and to AFFO is as follows: (in thousands, except share information) 2024 2023 Reconciliation of Net income attributable to common shareholders to Nareit FFO Net income attributable to common shareholders $ 386,738 359,500 Adjustments to reconcile to Nareit FFO: (1) Depreciation and amortization (excluding FF&E) 422,581 378,400 Gain on sale of real estate, net of tax (35,069 ) (3,822 ) Provision for impairment of real estate 14,304 — EOP units 2,338 2,008 Nareit FFO attributable to common stock and unit holders $ 790,892 736,086 Reconciliation of Nareit FFO to Core Operating Earnings Nareit Funds From Operations $ 790,892 736,086 Adjustments to reconcile to Core Operating Earnings: (1) Not Comparable Items Merger transition costs 7,718 4,620 Loss (gain) on early extinguishment of debt 180 (99 ) Certain Non Cash Items Straight-line rent (22,980 ) (11,060 ) Uncollectible straight-line rent 2,446 (1,174 ) Above/below market rent amortization, net (23,431 ) (29,869 ) Debt and derivative mark-to-market amortization 5,837 2,352 Core Operating Earnings $ 760,662 700,856 Reconciliation of Core Operating Earnings to AFFO: Core Operating Earnings $ 760,662 700,856 Adjustments to reconcile to AFFO: (1) Operating capital expenditures (138,229 ) (112,694 ) Debt cost and derivative adjustments 8,391 6,739 Stock-based compensation 18,549 17,277 AFFO $ 649,373 612,178 (1) Includes Regency's consolidated entities and its Pro-rata share of unconsolidated investment partnerships, net of Pro-rata share attributable to noncontrolling interests.
Same Property Roll-forward: Our same property pool includes the following property count, Pro-rata GLA, and changes therein: 2025 2024 (GLA in thousands) Property Count GLA Property Count GLA Beginning same property count 397 42,510 394 42,135 Acquired properties owned for entirety of comparable periods 3 220 4 441 Acquisition of UBP 70 4,858 — — Developments that reached completion by beginning of earliest comparable period presented — — 3 278 Disposed properties (11 ) (504 ) (4 ) (415 ) SF adjustments (1) — 165 — 71 Change in intended property use — 270 — — Ending same property count 459 47,519 397 42,510 (1) SF adjustments arising from re-measurements or redevelopments. 49 Nareit FFO, Core Operating Earnings and AFFO: Our reconciliation of net income attributable to common shareholders to Nareit FFO, to Core Operating Earnings, and to AFFO is as follows: Year ended December 31, (in thousands, except share information) 2025 2024 Reconciliation of Net income attributable to common shareholders to Nareit FFO Net income attributable to common shareholders $ 513,810 386,738 Adjustments to reconcile to Nareit FFO: (1) Depreciation and amortization (excluding FF&E) 430,684 422,581 Provision for impairment of real estate 4,606 14,304 Gain on sale of real estate, net of tax (100,444 ) (35,069 ) EOP units 7,069 2,338 Nareit FFO attributable to common stock and unit holders $ 855,725 790,892 Reconciliation of Nareit FFO to Core Operating Earnings Nareit FFO $ 855,725 790,892 Adjustments to reconcile to Core Operating Earnings: (1) Not Comparable Items Merger transition costs — 7,718 Loss on early extinguishment of debt — 180 Certain Non-Cash Items Straight-line rent (27,319 ) (22,980 ) Uncollectible straight-line rent 1,299 2,446 Above/below market rent amortization, net (23,087 ) (23,431 ) Debt and derivative mark-to-market amortization 6,631 5,837 Core Operating Earnings $ 813,249 760,662 Reconciliation of Core Operating Earnings to AFFO: Core Operating Earnings $ 813,249 760,662 Adjustments to reconcile to AFFO: (1) Operating capital expenditures (137,335 ) (138,229 ) Debt cost and derivative adjustments 9,074 8,391 Stock-based compensation 21,648 18,549 AFFO $ 706,636 649,373 (1) Includes Regency's share of unconsolidated investment partnerships, net of amounts attributable to noncontrolling interests.
In 2023, we paid $45.4 million to purchase two operating properties. • During 2023, 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. • During 2024, we invested $110.5 million more on real estate development, redevelopment, and capital improvements, as further detailed in a table below. • We sold six operating properties in 2024 for proceeds of $108.6 million compared to five land parcels and one development project interest in 2023 for proceeds of $11.2 million. 53 • We received additional property insurance claim proceeds of $5.3 million in 2024 primarily attributable to a single property that was impacted by a weather event in 2019. • During 2024, in connection with a secured lending transaction entered into by the Company, we issued a note receivable in the amount of $29.8 million at an interest rate of 6.8% maturing in January 2027, secured by a mortgage and the related grocery-anchored shopping center.
In 2024, we paid $45.4 million to purchase one operating property. • During 2025, we invested $91.7 million more on real estate development and capital improvements than the comparable prior year period, as further detailed in a table below. • We sold seven operating properties and three land parcels in 2025 for proceeds of $125.0 million compared to six operating properties in 2024 for proceeds of $108.6 million. • We received property insurance claim proceeds of $5.3 million in 2024 primarily attributable to a single property that was impacted by a weather event in 2019. • During 2024, in connection with a secured lending transaction entered into by the Company, we issued a note receivable in the amount of $29.8 million at an interest rate of 6.8% maturing in January 2027, secured by a grocery-anchored shopping center.
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.
Real estate taxes increased by $7.9 million, mainly due to the following: • $5.4 million increase from same properties primarily due to increases in real estate tax assessments across the portfolio; • $2.4 million increase from the acquisitions of other operating properties and development properties; and • $1.0 million increase related to our acquisitions of the remaining ownership interests in and resulting consolidation of properties previously held in unconsolidated real estate partnerships; partially offset by • $1.0 million decrease from dispositions of operating properties.
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.
As of December 31, 2025, we had $441.8 million of loans maturing during the next 12 months, including Regency's share of maturities within our unconsolidated real estate partnerships, which we intend to refinance or pay off as they mature.
(2) Includes non-NOI income earned and expenses incurred at our unconsolidated real estate partnerships, including those separated out above for our consolidated properties.
(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, Projects in Development, corporate activities, and noncontrolling interests.
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.
General and administrative costs decreased by $2.1 million, mainly due to the following: • $8.5 million decrease due to higher overhead capitalization resulting from increased development, redevelopment and leasing activity; and • $2.0 million decrease due to changes in the fair value of participant obligations within the deferred compensation plan, which were attributable to changes in the fair values of those investments recognized in Net investment income; partially offset by • $5.4 million increase in compensation costs primarily driven by performance-based incentive compensation; and • $3.0 million increase primarily attributable to higher costs in business promotion, charitable contributions, professional fees and other general and administrative expenses.
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.
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 incurred.
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.
Changes in our operating expenses are summarized in the following table: (in thousands) 2025 2024 Change Depreciation and amortization $ 405,044 394,714 10,330 Property operating expense 264,877 248,637 16,240 Real estate taxes 192,282 184,415 7,867 General and administrative 99,407 101,465 (2,058 ) Other operating expenses 8,849 10,867 (2,018 ) Total operating expenses $ 970,459 940,098 30,361 45 Depreciation and amortization increased by $10.3 million, mainly due to the following: • $16.7 million increase from acquisitions of operating properties and development properties becoming available for occupancy; and • $3.9 million increase related to acquisitions of the remaining ownership interests in and resulting consolidation of properties previously held in unconsolidated real estate partnerships; partially offset by • $9.1 million decrease 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; and • $1.4 million decrease from dispositions of operating properties.
All remaining debt is held by our Operating Partnership, its subsidiaries, or by our real estate partnerships. The Operating Partnership is a co-issuer and a guarantor of the $200 million of outstanding debt of our Parent Company.
All remaining debt is held by our Operating Partnership, its subsidiaries, or by our real estate partnerships. The Operating Partnership is a guarantor of the $200 million of outstanding debt of our Parent Company, which we expect to pay off at maturity in 2026 using available liquidity.
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.
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, 2025 Anchor Number of Stores Percentage of Company- owned GLA (1) Percentage of Annual Base Rent (1) Publix 67 5.8 % 2.9 % TJX Companies, Inc. 76 3.6 % 2.7 % Albertsons Companies, Inc. 52 4.1 % 2.7 % Amazon/Whole Foods 39 2.6 % 2.5 % Kroger Co. 51 5.9 % 2.5 % (1) Includes Regency's share of unconsolidated properties and excludes those owned by anchors.
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.
These capital requirements may be impacted by increased costs of construction caused by, without limitation, tariffs and inflation affecting materials, labor, and services from third party contractors and suppliers. We continue to implement mitigation strategies including, but not limited to, entering into fixed cost construction contracts, pre-ordering materials, and other planning efforts.
In estimating the fair value of undeveloped land, we generally use market data and comparable sales information. Changes in events or changes in circumstances may alter the expected hold period of an asset or asset group, which may result in an impairment loss and such loss could be material to the Company's financial condition or operating performance.
Changes in events or changes in circumstances may alter the expected hold period of an asset or asset group, which may result in an impairment loss and such loss could be material to the Company's financial condition or operating performance. 56 Recent Accounting Pronouncements See note 1 to Consolidated Financial Statements.
Provision for impairment of real estate of $14.3 million was recognized in 2024 related to the sale of one operating property and the change in expected hold period of another operating property. During 2024, we recognized gains on sale of $34.2 million mainly from the sale of five operating properties and recognition of two sales type leases.
In 2025, Provision for impairment of real estate of $4.6 million was recognized related to sales of five operating properties. In 2024 Provision for impairment of real estate of $14.3 million was recognized related to a sale of an operating property and the change in expected hold period of another operating property, which was subsequently sold in 2025.
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.
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. 50 On May 13, 2025, the Company issued $400 million of senior unsecured notes due 2032, at a par value of 99.279% and a coupon of 5.0%.
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.
During 2025, we deployed capital of $435.1 million for the development, redevelopment, and capital improvement of our real estate properties, comprised of the following: (in thousands) 2025 2024 Change Capital expenditures: Land acquisitions - Development $ 19,136 16,885 2,251 Land acquisitions - Redevelopment 3,607 — 3,607 Building and tenant improvements 120,686 113,550 7,136 Redevelopment costs 122,565 129,553 (6,988 ) Development costs 134,838 61,902 72,936 Capitalized interest 10,122 6,487 3,635 Capitalized direct compensation 24,158 14,991 9,167 Real estate development and capital improvements $ 435,112 343,368 91,744 • We acquired four land parcels for development and one for redevelopment in 2025, compared to three land parcels for development and two income-producing outparcels in 2024. • Building and tenant improvements increased $7.1 million in 2025, primarily related to the timing and volume of capital projects. • Redevelopment costs are $7.0 million lower than the prior year.
Additionally, we invested approximately $90 million in commercial deposits with proceeds received from the sale of the January 2024 Notes. The commercial deposits were subsequently settled at maturity during the second quarter of 2024. We plan to continue developing and redeveloping shopping centers for long-term investment.
These commercial deposits were subsequently settled at maturity during the third and fourth quarters of 2025. o During 2024, we invested approximately $90 million in commercial deposits with proceeds received from the sale of the January 2024 public offering of senior unsecured notes. These commercial deposits were subsequently settled at maturity during the second quarter of 2024.
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.
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, 2024, filed with the SEC on February 14, 2025. 44 Results of Operations Comparison of the years ended December 31, 2025 and 2024: Changes in revenues are summarized in the following table: (in thousands) 2025 2024 Change Lease income Base rent $ 1,049,767 986,916 62,851 Recoveries from tenants 376,248 345,145 31,103 Percentage rent 13,916 13,777 139 Uncollectible lease income (2,793 ) (3,324 ) 531 Other lease income 25,364 23,722 1,642 Straight-line rent 24,495 20,300 4,195 Above/below market rent amortization, net 24,428 24,843 (415 ) Total lease income $ 1,511,425 1,411,379 100,046 Other property income 13,741 14,651 (910 ) Management, transaction, and other fees 28,358 27,874 484 Total revenues $ 1,553,524 1,453,904 99,620 Lease income increased by $100.0 million primarily due to the following: • $62.9 million increase in Base rent, mainly driven by the following: o $45.2 million increase resulting from same properties, including: ▪ $25.7 million increase due to increases from occupancy, contractual rent steps in existing leases, and positive rental spreads on new and renewal leases; ▪ $14.0 million increase due to redevelopment projects that commenced operations in 2025; and ▪ $5.5 million increase related to our acquisitions of the remaining ownership interests in and resulting consolidation of properties previously held in unconsolidated real estate partnerships; o $16.2 million increase from acquisitions of operating properties in 2025 as compared to 2024 activity; and o $5.0 million increase from rent commencements at completed development properties; partially offset by o $3.5 million decrease due to disposition of operating properties. • $31.1 million increase from 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.
While future dividends will be determined at the discretion of our Board of Directors, we plan to continue paying an aggregate amount of distributions to our stock and unit holders, that, at a minimum, meet the requirements to continue qualifying as a REIT for federal income tax purposes.
Subsequent to December 31, 2025, our Board of Directors declared the following dividends: Dividend Declared, per share Declaration Date Record Date Payable Date Common Stock $ 0.755000 February 4, 2026 March 11, 2026 April 1, 2026 Series A Preferred Stock $ 0.390625 February 4, 2026 April 15, 2026 April 30, 2026 Series B Preferred Stock $ 0.367200 February 4, 2026 April 15, 2026 April 30, 2026 While future dividends on shares of our common stock will be determined at the discretion of our Board of Directors, we plan to continue paying an aggregate amount of distributions to our stock and unit holders that, at a minimum, meet the requirements to continue qualifying as a REIT for federal income tax purposes.
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.
We believe presenting our Pro-rata share of operating results, along with other non-GAAP financial measures, may assist in comparing our operating results to other REITs. 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 financial measures could change.
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.
Recoveries from tenants increased, mainly from the following: o $23.2 million increase primarily driven by higher operating costs and higher recovery rates due to increased occupancy in the current year; o $6.5 million increase driven by the acquisition of operating properties in 2025 as compared to 2024 and rent commencements at development properties; and o $2.0 million increase related to our acquisitions of the remaining ownership interests in and resulting consolidation of properties previously held in unconsolidated real estate partnerships; partially offset by o $0.5 million decrease due to disposition of operating properties. • $1.6 million increase in Other lease income mainly due to increase in lease termination fee income. • $4.2 million increase in Straight-line rent mainly due to timing and degree of contractual rent steps and new lease commencements.
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.
Net cash used in investing activities: Net cash used in investing activities increased by $94.5 million as follows: (in thousands) 2025 2024 Change Cash flows from investing activities: Acquisition of operating real estate, net of cash acquired of $4,273 in 2025 $ (104,153 ) (45,405 ) (58,748 ) Real estate development and capital improvements (435,112 ) (343,368 ) (91,744 ) Proceeds from sale of real estate 124,992 108,615 16,377 Proceeds from property insurance casualty claims — 5,286 (5,286 ) Issuance of notes receivable (838 ) (32,651 ) 31,813 Collection of notes receivable 687 3,115 (2,428 ) Investments in real estate partnerships (44,323 ) (41,345 ) (2,978 ) Return of capital from investments in real estate partnerships 32,549 13,034 19,515 Dividends on investment securities 1,389 453 936 Purchase of investment securities (103,312 ) (101,044 ) (2,268 ) Proceeds from sale of investment securities 106,981 106,666 315 Net cash used in investing activities $ (421,140 ) (326,644 ) (94,496 ) Significant changes in investing activities include: • We paid $104.2 million in 2025 to purchase nine operating properties.
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.
Summary of Cash Flow Activity The following table summarizes net cash flows related to operating, investing, and financing activities of the Company: (in thousands) 2025 2024 Change Net cash provided by operating activities $ 827,692 790,198 37,494 Net cash used in investing activities (421,140 ) (326,644 ) (94,496 ) Net cash used in financing activities (347,775 ) (493,024 ) 145,249 Net change in cash, cash equivalents and restricted cash 58,777 (29,470 ) 88,247 Total cash, cash equivalents, and restricted cash $ 120,661 61,884 58,777 Net cash provided by operating activities: Net cash provided by operating activities increased by $37.5 million due to: • $42.2 million increase in cash from operations due to the timing of receipts and payments, partially offset by • $4.7 million decrease in operating cash flow distributions from Investments in real estate partnerships.
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.
Reconciliation of Pro-rata Same Property NOI to Net Income Attributable to Common Shareholders: Year ended December 31, (in thousands) 2025 2024 Net income attributable to common shareholders $ 513,810 386,738 Less: Management, transaction, and other fees 28,358 27,874 Other (1) 53,842 49,944 Plus: Depreciation and amortization 405,044 394,714 General and administrative 99,407 101,465 Other operating expense 8,849 10,867 Other expense, net 175,613 154,260 Equity in income of investments in real estate excluded from NOI (2) (24,223 ) 54,040 Net income attributable to noncontrolling interests 13,491 9,452 Preferred stock dividends 13,650 13,650 NOI 1,123,441 1,047,368 Less non-same property NOI (3) (23,633 ) (2,678 ) Pro-rata same property NOI $ 1,099,808 1,044,690 Less: Termination fees (6,948 ) (6,472 ) Pro-rata same property NOI excluding termination fees. $ 1,092,860 1,038,218 (1) Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests.
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.
If we refinance maturing debt, our cash requirements will decrease. 51 We endeavor to maintain a high percentage of unencumbered assets. As of December 31, 2025, 87.3% of our consolidated real estate assets were unencumbered.
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.
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. Our Line and unsecured debt require that we remain in compliance with various customary financial covenants, which are described in Note 8 of the Consolidated Financial Statements.
In addition to our $56.3 million of unrestricted cash, we have the following additional sources of capital available: (in thousands) December 31, 2024 ATM program (see note 12 to our Consolidated Financial Statements) Original offering amount $ 500,000 Available capacity (1) $ 400,000 Line of Credit (see note 9 to our Consolidated Financial Statements) Total commitment amount $ 1,500,000 Available capacity (2) $ 1,424,940 Maturity (3) March 23, 2028 (1) 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.
In addition to our $104.7 million of unrestricted cash, we have the following additional sources of capital available: (in thousands) December 31, 2025 ATM program (see note 11 to our Consolidated Financial Statements) Original offering amount $ 500,000 Available capacity $ 400,000 Line of Credit (see note 8 to our Consolidated Financial Statements) Total commitment amount $ 1,500,000 Available capacity (1) $ 1,367,940 Maturity (2) March 23, 2028 (1) Net of letters of credit issued against our Line.
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.
The following table summarizes our redevelopment projects in process and completed: (in thousands) December 31, 2025 Property Name Market Ownership (1) Start Date Estimated Stabilization Year (2) Estimated Net Project Costs (1) (3) % of Costs Incurred Redevelopments In-Process Bloom on Third Los Angeles, CA 35% Q4-2022 2027 $ 24,525 73 % Serramonte Center - Phase 3 San Francisco, CA 100% Q2-2023 2026 36,989 48 % West Chester Plaza Cincinnati, OH 100% Q4-2024 2028 15,442 34 % Willows Shopping Center Bay Area, CA 100% Q4-2024 2027 16,807 40 % The Crossing Clarendon Metro DC 100% Q2-2025 2027 13,679 35 % East Meadow Plaza - Phase 1 Long Island, NY 100% Q3-2024 2026 11,736 68 % East Meadow Plaza - Phase 2A Long Island, NY 100% Q3-2025 2027 15,969 37 % Various Redevelopments Various Various Various Various 89,834 44 % Total Redevelopments In-Process $ 224,981 47 % Redevelopments Completed Circle Marina Shops & Marketplace Los Angeles, CA 100% Q3-2023 2025 $ 15,486 99 % Avenida Biscayne Miami, FL 100% Q4-2023 2025 21,780 93 % Anastasia Plaza Jacksonville, FL 100% Q3-2024 2025 15,217 90 % Cambridge Square Atlanta, GA 100% Q4-2023 2025 13,027 93 % Various Properties Various Various Various Various 47,096 95 % Total Redevelopments Completed $ 112,606 94 % (1) Estimated net development costs are reported based on the Company's ownership interest in the real estate partnership at completion.
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.
During 2024, we distributed $12.2 million to limited partners, including proceeds to partially redeem a non-controlling interest in one real estate partnership. • We paid $23.3 million more in Dividends paid to common shareholders and Distributions to exchangeable operating partnership unit holders in 2025 as a result of a higher dividend rate and an increase in the total number of shares and units outstanding. • We had the following debt related activity during 2025: o We repaid $250.0 million in unsecured public debt, o We received $397.1 million in proceeds from issuing unsecured public debt, o We received $55.0 million in net proceeds from our Line, o We received $10.0 million in proceeds from a mortgage refinancing, o We paid $91.3 million for debt repayments, including: ▪ $80.1 million for repaying seven mortgage loans at maturity, and ▪ $11.1 million in principal mortgage payments. o We paid $3.8 million in loan costs relating to the unsecured public debt offering. • We had the following debt related activity during 2024: o We repaid $250.0 million in unsecured public debt, o We received $722.9 million from issuing unsecured public debt o We repaid a net $87.0 million on our Line, 55 o We received $12.0 million from a mortgage refinancing, o We paid $142.5 million for debt repayments, including: ▪ $131.3 million for repaying three 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 offering.
Other property income increased by $3.1 million primarily due to business interruption insurance proceeds received in 2024. There were no significant changes in Management, transaction, and other fees.
There were no significant changes in Other property income, or Management, transaction, and other fees.
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.
Changes in Other expense, net are summarized in the following table: (in thousands) 2025 2024 Change Interest expense, net Interest on notes payable $ 208,402 187,084 21,318 Interest on unsecured credit facilities 8,343 8,566 (223 ) Capitalized interest (10,289 ) (6,627 ) (3,662 ) Hedge expense 784 728 56 Interest income (7,692 ) (9,632 ) 1,940 Interest expense, net 199,548 180,119 19,429 Provision for impairment of real estate 4,606 14,304 (9,698 ) Gain on sale of real estate, net of tax (24,464 ) (34,162 ) 9,698 Loss (gain) on early extinguishment of debt — 180 (180 ) Net investment income (4,077 ) (6,181 ) 2,104 Total other expense, net $ 175,613 154,260 21,353 46 Interest expense, net increased by $19.4 million primarily due to the following: • $21.3 million increase in Interest on notes payable primarily due to new net public debt issuances in 2025 at higher rates as compared to 2024; and • $1.9 million decrease in Interest income primarily due to lower interest rates in 2025 as compared to 2024 as well as lower average balances in interest bearing accounts and shorter durations of short term investment vehicles; partially offset by • $3.7 million increase in Capitalized interest based on the timing and progress of our development and redevelopment projects.
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.
Property operating expense increased by $16.2 million, mainly due to the following: • $11.7 million increase from same properties primarily due to higher recoverable common area maintenance, management and utility expenses; • $4.1 million increase in acquisitions of operating properties and development properties; and • $1.4 million increase related to our acquisitions of the remaining ownership interests in and resulting consolidation of properties previously held in unconsolidated real estate partnerships; partially offset by • $1.0 million decrease due to disposition of operating properties.
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.
Internal compensation costs directly attributable to these activities are capitalized as part of each project. 53 The following table summarizes our development projects in-process and completed: (in thousands, except cost PSF) December 31, 2025 Property Name Market Ownership (1) Start Date Estimated Stabilization Year (2) Estimated / Actual Net Development Costs (1) (3) % of Costs Incurred GLA (1) Cost PSF of GLA (1) (3) Developments In-Process Sienna Grande Shops Houston, TX 75% Q2-2023 2027 $ 9,391 92 % 23 408 The Shops at SunVet Long Island, NY 100% Q2-2023 2027 95,233 89 % 170 560 Oakley Shops at Laurel Fields Bay Area, CA 100% Q3-2024 2026 35,814 88 % 78 459 The Village at Seven Pines Jacksonville, FL 100% Q3-2025 2028 112,302 16 % 239 470 Ellis Village Center (South) Bay Area, CA 100% Q3-2025 2028 29,660 16 % 49 605 Culver Commons Los Angeles, CA 100% Q4-2025 2028 15,852 6 % 13 1,219 Lone Tree Village Denver, CO 100% Q4-2025 2028 30,658 17 % 158 194 Oak Valley Village Los Angeles, CA 75% Q4-2025 2028 43,534 3 % 173 252 Total Developments In-Process $ 372,444 41 % 903 $ 412 Developments Completed Baybrook East - Phase 1B (4) Houston, TX 50% Q2-2022 2026 $ 9,500 98 % 83 114 The Shops at Stone Bridge Cheshire, CT 100% Q1-2024 2026 67,260 90 % 162 415 Jordan Ranch Market Houston, TX 50% Q3-2024 2026 24,189 92 % 78 310 Total Developments Completed $ 100,949 91 % 323 $ 313 (1) Estimated net development costs and GLA are reported based on the Company’s ownership interest in the real estate partnership at completion.
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.
The following represents the remaining components that comprise Net income attributable to common shareholders and unit holders: (in thousands) 2025 2024 Change Net income $ 540,951 409,840 131,111 Income attributable to noncontrolling interests (13,491 ) (9,452 ) (4,039 ) Net income attributable to the Company 527,460 400,388 127,072 Preferred stock dividends (13,650 ) (13,650 ) — Net income attributable to common shareholders $ 513,810 386,738 127,072 Net income attributable to exchangeable operating partnership units ("EOP") 7,069 2,338 4,731 Net income attributable to common unit holders $ 520,879 389,076 131,803 Income attributable to noncontrolling interests increased by $4.0 million, primarily due to a $4.7 million increase associated with the issuance of 2.8 million exchangeable operating partnership units to unrelated third-party sellers in connection with the acquisition of five properties in July 2025, partially offset by a $0.7 million decrease in net income from other consolidated real estate partnerships.
The potential for a recession and the severity and duration of any economic downturn could negatively impact our existing tenants and their ability to continue to meet their lease obligations.
These economic policies and conditions could place further financial strain on our tenants by impacting sales, raising costs and compressing margins. The impacts of these policies and conditions, which could included an economic downturn or recession, could negatively impact our tenants and their ability to continue to meet their lease obligations.
(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.
(3) Includes leasing costs and is net of tenant reimbursements. 54 Net cash used in financing activities: Net cash flows used in financing activities decreased by $145.2 million during 2025, as follows: (in thousands) 2025 2024 Change Cash flows from financing activities: Net proceeds from common stock issuance $ 98,167 — 98,167 Tax withholding on stock-based compensation (6,794 ) (19,540 ) 12,746 Common shares repurchased through share repurchase program — (200,066 ) 200,066 Redemption of exchangeable operating partnership units (2,046 ) — (2,046 ) Proceeds from sale of treasury stock 502 210 292 Contributions from noncontrolling interests 16,594 6,789 9,805 Distributions to and redemptions of noncontrolling interests (40,994 ) (12,185 ) (28,809 ) Distributions to exchangeable operating partnership unit holders (5,007 ) (2,952 ) (2,055 ) Dividends paid to common shareholders (511,564 ) (490,365 ) (21,199 ) Dividends paid to preferred shareholders (13,650 ) (13,650 ) — Repayment of fixed rate unsecured notes (250,000 ) (250,000 ) — Proceeds from issuance of fixed rate unsecured notes, net of debt discount 397,116 722,860 (325,744 ) Proceeds from unsecured credit facilities 650,000 722,419 (72,419 ) Repayment of unsecured credit facilities (595,000 ) (809,419 ) 214,419 Proceeds from notes payable 10,000 12,000 (2,000 ) Repayment of notes payable (80,130 ) (131,261 ) 51,131 Scheduled principal payments (11,144 ) (11,209 ) 65 Payment of financing costs (3,825 ) (16,655 ) 12,830 Net cash used in financing activities $ (347,775 ) (493,024 ) 145,249 Significant changes in financing activities include the following: • During 2025, we received $98.2 million in Net proceeds from common stock issuance upon settling forward sales agreements under our ATM program. • Tax withholding on stock-based compensation totaled $6.8 million and $19.5 million during the years ended December 31, 2025 and 2024, respectively. • During 2024, we paid $200.1 million to repurchase 3,306,709 shares of our common stock under our prior stock repurchase program. • During 2025, we paid $2.0 million for the Redemption of exchangeable operating partnership units. • During 2025, we received $16.6 million in Contributions from noncontrolling interests for the limited partners' share of development funding compared to $6.8 million in 2024. • During 2025, we distributed $41.0 million to limited partners, including redemption of non-controlling interest in two real estate partnerships.
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.
Of this amount, $88.0 million was repaid at maturity on February 2, 2026. • At December 31, 2025, we had $1.4 billion available on the Line, which expires on March 23, 2028 unless we exercise the available options to extend the expiration for the first of two additional consecutive six-month periods, in which case the term will be extended in accordance with any such option exercise. 42 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.
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% .
We maintained liquidity and financial flexibility to cost effectively fund investment opportunities and debt maturities: • In February 2025, the Company received a credit rating upgrade to A- with a stable outlook, from S&P Global Ratings.
The current period includes a full year of dividends as compared to a partial year in 2023, as the UBP acquisition was completed on August 18, 2023. 48 Supplemental Earnings Information on Non-GAAP Measures 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.
Net income attributable to exchangeable operating partnership units increased by $4.7 million, mainly due to the issuance of 2.8 million exchangeable operating partnership units to unrelated third-party sellers in consideration for the acquisition of five properties in July 2025. 47 Supplemental Earnings Information on Non-GAAP Financial Measures We use certain non-GAAP financial measures, in addition to certain performance metrics determined under GAAP, as we believe these measures improve the understanding of the operating results.
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.
There were no significant changes in Loss (gain) on early extinguishments of debt. Net investment income decreased by $2.1 million primarily driven by market volatility during the current period, including a $2.0 million decrease in returns on investments held in the non-qualified deferred compensation plan.
Removed
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.
Added
The increase was primarily attributable to a $72.2 million gain recognized from a partial distribution-in-kind transaction and a $45.2 million increase in base rent from same properties, reflecting improved operating performance.
Removed
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%.
Added
The Company maintains an A3 rating with a stable outlook from Moody’s Investors Service. • In May 2025, the Company issued $400 million of senior unsecured notes due 2032, at a par value of 99.279% and a coupon of 5.0% (the "2025 Notes"). • In July 2025, as consideration for the acquisition of five operating properties, the Operating Partnership issued 2,773,087 Common Units, and assumed $150 million of secured mortgage debt with a weighted average interest rate of 4.2% and an average remaining term of approximately 12 years. • The Company settled forward sales agreements entered into during 2024 under its At-the-Market ("ATM") program as follows: o In August 2025, the Company issued 673,172 shares of common stock and received $49.2 million of net proceeds. o In October 2025, the Company issued an additional 666,205 shares of common stock and received $49.1 million of net proceeds.
Removed
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.
Added
Upon completion of these settlements, the Company had fully settled all forward sales agreements entered into during 2024. • In October 2025, the Company received a property distribution from its Regency-GRI real estate investment partnership.
Removed
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.
Added
The distribution involved 11 of the 66 properties within the partnership, and the Company received five of these properties, which had an aggregate fair value of $113.9 million. In addition, the Company assumed an existing fixed rate mortgage loan on one property of $10 million, maturing January 2026 with an interest rate of 3.95%.
Removed
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.
Added
The remaining six properties were distributed to the Company's partner.
Removed
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.
Added
The Company repaid the assumed mortgage loan in full in December 2025. • In November 2025, the Company repaid $250 million of fixed-rate unsecured debt upon maturity. • As of December 31, 2025, we had $441.8 million of loans maturing during the next 12 months, including Regency's share of maturities within our unconsolidated real estate partnerships, which we intend to refinance or pay off as they mature.
Removed
(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.
Added
We recognize that current domestic and global economic policies and conditions such as tariffs, trade deal activity, inflation, labor cost and availability, energy prices, interest rate volatility, supply chain disruptions, access to and cost of credit, and tax and regulatory changes, have introduced additional business uncertainty to some of our tenants.
Removed
(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.
Added
Other operating expenses decreased by $2.0 million, mainly due to the $7.7 million of transition costs recognized in 2024 related to the UBP acquisition, partially offset by $5.7 million increase in environmental reserve costs, development pursuit costs, and other fees.
Removed
The proposed merger was terminated in the fourth quarter of 2024 after adverse court rulings that enjoined the transaction primarily due to antitrust issues.
Added
During 2025, we recognized Gain on sale of real estate, net of tax of $24.5 million primarily from sales of two operating properties and two outparcels. During 2024, we recognized Gain on sale of real estate, net of tax of $34.2 million primarily from sales of five operating properties and recognition of two sales-type leases.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

222 edited+40 added−59 removed179 unchanged
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.
Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments.
Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments.
The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
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.
Management Services and Other Property Income The Company recognizes revenue under ASC Topic 606, Revenue from Contracts with Customers ("Topic 606") , when or as control of the promised services are transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services.
Other Property Income and Management Services The Company recognizes revenue under ASC Topic 606, Revenue from Contracts with Customers ("Topic 606") , when or as control of the promised services are transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services.
These contracts meet all conditions for equity classification, and as such, common stock is recorded at the offering price specified in the contract upon settlement. The Company also accounts for the potential dilution from forward sales contracts in the earnings per share calculations, using the treasury stock method to determine any dilutive impact before settlement.
These contracts meet all conditions for equity classification, and as such, common stock is recorded at the offering price specified in the contract upon settlement. The Company also accounts for the potential dilution from forward sales contracts in its earnings per share calculations, using the treasury stock method to determine any dilutive impact before settlement.
Under the New Repurchase Program, the Company may repurchase shares through open market transactions in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act. The Board's authorization for the New Repurchase Program expires on June 30, 2026 , unless modified, extended or earlier terminated by the Board in its discretion.
Under the Repurchase Program, the Company may repurchase shares through open market transactions in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act. The Board's authorization for the Repurchase Program expires on June 30, 2026 , unless modified, extended or earlier terminated by the Board in its discretion.
To achieve these objectives, we borrow primarily at fixed interest rates and may enter into derivative financial instruments such as interest rate swaps, caps, or treasury locks in order to mitigate our interest rate risk on a related financial instrument. We do not enter into derivative or interest rate transactions for speculative purposes.
To achieve these objectives, we borrow primarily at fixed interest rates and may also enter into derivative financial instruments such as interest rate swaps, caps, or treasury locks in order to mitigate our interest rate risk on a related financial instrument. We do not enter into derivative or interest rate transactions for speculative purposes.
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.
Debt securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses recognized through earnings in Net investment income in the Consolidated Statements of Operations.
The Company does not intend to utilize derivatives for speculative transactions or purposes other than mitigation of interest rate risk. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements.
The Company does not intend to utilize derivative instruments for speculative transactions or purposes other than mitigation of interest rate risk. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements.
We evaluated the design and tested the operating effectiveness of a control related to the Company’s assessment of events or changes in circumstances that could indicate shortened expected hold periods for certain real estate properties.
We evaluated the design and tested the operating effectiveness of a control related to the Company’s assessment of events or changes in circumstances that 59 could indicate shortened expected hold periods for certain real estate properties.
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.
Equity securities with readily determinable fair values are measured at fair value with changes in the fair value recognized through net income and presented within Net investment income in the Consolidated Statements of Operations.
It is possible that the estimates and assumptions that have been utilized in the preparation of the Consolidated Financial Statements could change significantly if economic conditions were to weaken .
It is possible that the estimates and assumptions that have been utilized in the preparation of the Consolidated Financial Statements could change significantly if economic conditions were to change .
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.
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.
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. The following are the primary procedures we performed to address this critical audit matter.
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.
This deferred compensation, together with Company matching contributions equal to 100 % of employee deferrals up to a maximum of $ 5,000 of their eligible compensation, is fully vested and funded as of December 31, 2025 . Additionally, an annual profit sharing contribution may be made, which are fully vested after three years in service.
The individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the centers, tenants and operational processes, as well as long-term average financial performance. For further details on segment information, refer to Note 16 in the consolidated financial statements.
The individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the centers, tenants and operational processes, as well as long-term average financial performance. For further details on segment information, refer to Note 15 in the consolidated financial statements.
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 Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.
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.
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Partnership as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.
Notes to Consolidated Financial Statements December 31, 2024 The Company accounts for its leases under ASC Topic 842, Leases ("Topic 842"), as follows: Classification Under Topic 842, new leases or modifications thereto must be evaluated against specific classification criteria, which, based on the customary terms of the Company's leases, are classified as operating leases.
Notes to Consolidated Financial Statements December 31, 2025 The Company accounts for its leases under ASC Topic 842, Leases ("Topic 842"), as follows: Classification Under Topic 842, new leases or modifications thereto must be evaluated against specific classification criteria, which, based on the customary terms of the Company's leases, are classified as operating leases.
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").
Notes to Consolidated Financial Statements December 31, 2025 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").
However, certain longer-term leases (both lessee and lessor leases) may be classified as direct financing or sales type leases, which may result in selling profit and an accelerated pattern of earnings recognition. At December 31, 2024, the Company classified three leases as sales type leases, with all others classified as operating leases.
However, certain longer-term leases (both lessee and lessor leases) may be classified as direct financing or sales type leases, which may result in selling profit and an accelerated pattern of earnings recognition. At December 31, 2025, the Company classified three leases as sales type leases, with all others classified as operating leases.
For further details on forward equity sales transactions, refer to Note 12 in the consolidated financial statements. (j) Earnings per Share and Unit Basic earnings per share of common stock and unit are computed based upon the weighted average number of common shares and units, respectively, outstanding during the period.
For further details on forward equity sales transactions, refer to Note 11 in the consolidated financial statements. (j) Earnings per Share and Unit Basic earnings per share of common stock and unit are computed based upon the weighted average number of common shares and units, respectively, outstanding during the period.
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, 2025 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 Noncontrolling Interests The Company accounts for noncontrolling interests in accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the FASB. Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates.
Notes to Consolidated Financial Statements December 31, 2025 Noncontrolling Interests The Company accounts for noncontrolling interests in accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the FASB. Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates.
For those partnerships which Regency is not the primary beneficiary and does not have a controlling financial interest, but has significant influence, Regency recognizes its equity investments in them in accordance with the equity method of accounting. 83 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
For those partnerships which Regency is not the primary beneficiary and does not have a controlling financial interest, but has significant influence, Regency recognizes its equity investments in them in accordance with the equity method of accounting. 81 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
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.
Notes to Consolidated Financial Statements December 31, 2025 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.
The effect of the assumed exchange of certain other exchangeable units had an anti-dilutive effect upon the calculation of net income attributable to the common unit holders per share. Accordingly, the impact of such assumed exchanges has not been included in the determination of diluted net income per unit calculations. 16.
The effect of the assumed exchange of certain other exchangeable units had an anti-dilutive effect upon the calculation of net income attributable to the common unit holders per share. Accordingly, the impact of such assumed exchanges has not been included in the determination of diluted net income per unit calculations. 15.
The above fair values represent management's estimate of the amounts that would be received from selling those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants as of December 31, 2024 and 2023, respectively.
The above fair values represent management's estimate of the amounts that would be received from selling those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants as of December 31, 2025 and 2024, respectively.
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.
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. 104 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
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.
Notes to Consolidated Financial Statements December 31, 2025 (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.
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.
Schedule III - Consolidated Real Estate and Accumulated Depreciation December 31, 2025 (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.
GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of commitments and contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of commitments and contingent assets and liabilities, as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Non-contingent internal leasing and legal costs associated with leasing activities are expensed within General and administrative expenses. (g) Income Taxes The Parent Company believes it qualifies, and intends to continue to qualify, as a REIT under the Code.
Non-contingent internal leasing and legal costs associated with leasing activities are expensed within General and administrative expenses. (g) Income Taxes The Parent Company believes it qualifies, and intends to continue to qualify, as a REIT under the Internal Revenue Code (the “Code”).
(m) Investment Risk Concentrations No single tenant comprised 10% or more of our aggregate annualized base rent ("ABR"). As of December 31, 2024, the Company had three geographic concentrations that individually accounted for at least 10.0% of its aggregate ABR.
(m) Investment Risk Concentrations No single tenant comprised 10% or more of our aggregate annualized base rent ("ABR"). As of December 31, 2025, the Company had three geographic concentrations that individually accounted for at least 10.0% of its aggregate ABR.
(2) The negative balance for costs capitalized subsequent to acquisition could include out-parcels sold, sales-type lease, provision for impairments and write-downs recorded, and demolitions of part of the property for redevelopment. 126 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
(2) The negative balance for costs capitalized subsequent to acquisition could include out-parcels sold, sales-type lease, provision for impairments and write-downs recorded, and demolitions of part of the property for redevelopment. 122 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
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 Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
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.
In our opinion, the Partnership maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
This generally involves some level of cost to prepare the space for re-leasing, which is capitalized and depreciated over the shorter period of the life of the subsequent lease or the useful life of the improvement. 85 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
This generally involves some level of cost to prepare the space for re-leasing, which is capitalized and depreciated over the shorter period of the life of the subsequent lease or the useful life of the improvement. 83 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.
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.
(b) Revenues and Tenant Receivable Leasing Income and Tenant Receivables The Company leases space to tenants under agreements with varying terms that generally provide for fixed payments of base rent, with stated increases over the term of the lease.
(b) Revenues, and Tenant and other Receivables Leasing Income and Tenant Receivables The Company leases space to tenants under agreements with varying terms that generally provide for fixed payments of base rent, with stated increases over the term of the lease.
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 Partnership as of December 31, 2025 and 2024, 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, 2025, 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 13, 2026 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.
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, 2025 and 2024, the related consolidated statements of operations, comprehensive income, equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes and financial statement schedule III - Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements), and our report dated February 13, 2026 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. 89 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. 87 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
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.
Notes to Consolidated Financial Statements December 31, 2025 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 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).
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 13, 2026 61 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, 2025 and 2024, 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, 2025, 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. 91 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. 89 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Although the average interest rate for variable rate debt is included in the table, those rates represent rates that existed as of December 31, 2024, and are subject to change.
Although the average interest rate for variable rate debt is included in the table, those rates represent rates that existed as of December 31, 2025, and are subject to change.
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 Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 13, 2026 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.
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.
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, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 13, 2026 expressed an unqualified opinion on the effectiveness of the Partnership’s internal control over financial reporting.
Although we estimate uncollectible receivables and provide for them through charges against income, actual experience may differ from those estimates. 86 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Although we estimate uncollectible receivables and provide for them through charges against income, actual experience may differ from those estimates. 84 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
As a REIT, the Parent Company will generally not be subject to federal income tax, provided that distributions to its shareholders are at least equal to REIT taxable income. All wholly-owned corporate subsidiaries of the Operating Partnership have elected to be a TRS or qualify as a REIT.
As a REIT, the Parent Company will generally not be subject to federal income tax, provided that distributions to its shareholders are at least equal to REIT taxable income. All wholly-owned corporate subsidiaries of the Operating Partnership have elected to be a taxable REIT subsidiary (“TRS”) or qualify as a REIT.
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.
A shortening of the expected hold period could indicate a potential impairment. 62 The following are the primary procedures we performed to address this critical audit matter.
(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.
(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, 2025, was used to determine the average interest rate for all future periods. 57 Item 8. Financial Statements and Supplementary Data Regency Centers Corporation and Regency Centers, L.P.
Further, the table below incorporates only those exposures that exist as of December 31, 2024, and does not consider exposures or positions that could arise after that date or obligations repaid before maturity. Since firm commitments are not presented, the table has limited predictive value.
Further, the table below incorporates only those exposures that exist as of December 31, 2025, and does not consider exposures or positions that could arise after that date or obligations repaid before maturity. Since firm but unused commitments are not presented, the table has limited predictive value.
The Company was in compliance as of December 31, 2024 , with all debt covenants. 10. Derivative Instruments The Company may use derivative financial instruments, including interest swaps, caps, options, floors, and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings.
The Company was in compliance as of December 31, 2025 , with all debt covenants. 9. Derivative Instruments The Company may use derivative financial instruments, including interest swaps, caps, options, floors, and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings.
Quantitative and Qualita tive Disclosures about Market Risk We are exposed to two significant components of interest rate risk: • Under the Line, as further described in note 9 to the Consolidated Financial Statements, we have a variable interest rate that, as of December 31, 2024, was based upon an annual rate of Secured Overnight Financing Rate ("SOFR") plus a 0.10% market adjustment ("Adjusted SOFR") plus an applicable margin of 0.715%.
Quantitative and Qualita tive Disclosures about Market Risk We are exposed to two significant components of interest rate risk: • Under the Line, as further described in note 8 to the Consolidated Financial Statements, we have a variable interest rate that, as of December 31, 2025, was based upon an annual rate of Secured Overnight Financing Rate ("SOFR") plus a 0.10% market adjustment ("Adjusted SOFR") plus an applicable margin of 0.685%.
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.
Jacksonville, Florida February 13, 2026 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 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, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
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.
As of December 31, 2025 and 2024, $ 16.0 million and $ 5.6 million , respectively, of cash was restricted through escrow agreements and certain mortgage loans. (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 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.
Jacksonville, Florida February 13, 2026 60 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, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
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.
As of December 31, 2025 and 2024, the Company had nonrefundable deposits and other pre-development costs of approximately $ 14.8 million and $ 10.2 million , respectively. If the Company determines that the development or redevelopment of a particular shopping center is no longer probable, any related pre-development costs previously capitalized are immediately expensed.
During 2024, the Company entered into forward sale agreements under its ATM program through which the Parent Company is obligated to issue 1,339,377 shares of its common stock at a weighted average offering price of $ 74.66 before any underwriting discount and offering expenses.
During 2024, the Company entered into forward sale agreements under its ATM program through which the Parent Company expected to issue 1,339,377 shares of its common stock at a weighted average offering price of $ 74.66 per share before any underwriting discount and offering expenses.
While the adoption of this standard is not expected to have a material impact on the financial position or results of operations, it will require enhanced footnote disclosures related to the disaggregation of income statement expenses.
The Company is assessing the impact this ASU will have on the Company’s financial statement disclosures. While the adoption of this standard is not expected to have a material impact on the financial position or results of operations, it will require enhanced footnote disclosures related to the disaggregation of income statement expenses.
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.
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.
(h) Lease Obligations The Company has certain properties within its consolidated real estate portfolio that are either partially or completely on land subject to ground leases with third parties, which are all classified as operating leases. Accordingly, the Company owns only a long-term leasehold or similar interest in these properties.
Notes to Consolidated Financial Statements December 31, 2025 (h) Lease Obligations The Company has certain properties within its consolidated real estate portfolio that are either partially or completely on land subject to ground leases with third parties, which are all classified as operating leases. Accordingly, the Company owns only a long-term leasehold or similar interest in these properties.
Unrealized gains or losses on these debt securities are recognized through Other comprehensive income. Interest Rate Derivatives The fair value of the Company's interest rate derivatives is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative.
Unrealized gains and losses on these available-for-sale debt securities are recognized through Other comprehensive income. Interest Rate Derivatives The fair value of the Company's interest rate derivatives is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative.
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.
As of December 31, 2025, the Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis (the "Company" or "Regency") owned 391 properties and held partial interests in an additional 90 properties through unconsolidated Investments in real estate partnerships (also referred to as "joint ventures" or "investment partnerships"). Acquisition of Urstadt Biddle Properties Inc.
If a qualitative approach indicates it is more 90 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
If a qualitative approach indicates it is more 88 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Index to Financial Statements Reports of Independent Registered Public Accounting Firm (PCAOB ID No. 185) 61 Regency Centers Corporation: Consolidated Balance Sheets as of December 31, 2024 and 2023 67 Consolidated Statements of Operations for the years ended December 31, 2024, 2023, and 2022 68 Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023, and 2022 69 Consolidated Statements of Equity for the years ended December 31, 2024, 2023, and 2022 70 Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023, and 2022 73 Regency Centers, L.P.: Consolidated Balance Sheets as of December 31, 2024 and 2023 75 Consolidated Statements of Operations for the years ended December 31, 2024, 2023, and 2022 76 Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023, and 2022 77 Consolidated Statements of Capital for the years ended December 31, 2024, 2023, and 2022 78 Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023, and 2022 80 Notes to Consolidated Financial Statements 82 Financial Statement Schedule Schedule III - Consolidated Real Estate and Accumulated Depreciation - December 31, 2024 0 All other schedules are omitted because of the absence of conditions under which they are required, materiality or because information required therein is shown in the Consolidated Financial Statements or notes thereto. 60 Rep ort of Independent Regist ered Public Accounting Firm To the Shareholders and the Board of Directors of Regency Centers Corporation: Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Regency Centers Corporation and subsidiaries (the Company) as of December 31, 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).
Index to Financial Statements Reports of Independent Registered Public Accounting Firm (PCAOB ID No. 185) 59 Regency Centers Corporation: Consolidated Balance Sheets as of December 31, 2025 and 2024 65 Consolidated Statements of Operations for the years ended December 31, 2025, 2024, and 2023 66 Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024, and 2023 67 Consolidated Statements of Equity for the years ended December 31, 2025, 2024, and 2023 68 Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024, and 2023 71 Regency Centers, L.P.: Consolidated Balance Sheets as of December 31, 2025 and 2024 73 Consolidated Statements of Operations for the years ended December 31, 2025, 2024, and 2023 74 Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024, and 2023 75 Consolidated Statements of Capital for the years ended December 31, 2025, 2024, and 2023 76 Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024, and 2023 78 Notes to Consolidated Financial Statements 80 Financial Statement Schedule Schedule III - Consolidated Real Estate and Accumulated Depreciation - December 31, 2025 0 All other schedules are omitted because of the absence of conditions under which they are required, materiality or because information required therein is shown in the Consolidated Financial Statements or notes thereto. 58 Rep ort of Independent Regist ered Public Accounting Firm To the Shareholders and the Board of Directors of Regency Centers Corporation: Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Regency Centers Corporation and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income, equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes and financial statement schedule III - Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements).
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.
The following table reflects the balances of the assets and deferred compensation liabilities of the Rabbi trust and related participant account obligations in the accompanying Consolidated Balance Sheets, excluding Regency stock: Year ended December 31, (in thousands) 2025 2024 Location in Consolidated Balance Sheets Assets: Securities $ 34,113 33,555 Other assets Liabilities: Deferred compensation obligation $ 34,032 33,473 Accounts payable and other liabilities Realized and unrealized gains and losses on securities held in the NQDCP are recognized within Net investment income in the accompanying Consolidated Statements of Operations.
SOFR rates charged on our Line change monthly, and the applicable margin on the Line was dependent upon maintaining specific credit ratings or leverage targets, as well as meeting specific sustainability target thresholds.
SOFR rates charged on our Line change daily, and the applicable margin on the Line is dependent upon maintaining specific credit ratings or leverage targets, as well as meeting specific sustainability target thresholds.
The Credit Agreement also incorporates sustainability-linked adjustments to the interest rate, which provide for upward or downward adjustments to the applicable margin if the Company achieves, or fails to achieve, certain specified targets based on Scope 1 and Scope 2 emission standards as set forth in the Credit Agreement. 106 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
The Credit Agreement also incorporates sustainability-linked adjustments to the interest rate, which provide for upward or downward adjustments to the applicable margin if the Company achieves, or fails to achieve, certain specified targets based on Scope 1 and Scope 2 emission standards as set forth in the Credit Agreement.
Several of the Company's partnership agreements provide for incentive payments, generally referred to as "promotes" or "earnouts," to Regency for appreciation in property values in Regency's capacity as managing member. The terms of these promotes are based on appreciation in real estate value over designated time intervals or upon designated events.
Several of the Company's joint venture partnership agreements provide for incentive payments, generally referred to as "promotes" or "earnouts," to Regency for appreciation in property values while Regency is managing member of the partnership. The terms of these promotes are based on appreciation in real estate value over designated time intervals or upon designated events.
The ground and office lease expenses are recognized on a straight-line basis over the term of the leases, including management's estimate of expected optional renewal periods, with ground lease expense presented within Property operating expense, and office lease expense presented within General and administrative in the accompanying Consolidated Statements of Operations.
The ground and office lease expenses are recognized on a straight-line basis over the term of the leases, including management's estimate of expected optional renewal periods, with ground lease expense presented within Property operating expense, and office lease expense presented within General and administrative in the accompanying Consolidated Statements of Operations. 100 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.

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