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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-K
 

☒

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 
For the fiscal year ended December 31 , 2025
or
 

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 
For the transition period from to
Commission File Number 1-12298 (Regency Centers Corporation)
Commission File Number 0-24763 (Regency Centers, L.P.)
REGENCY CENTERS CORPORATION
REGENCY CENTERS, L.P.
(Exact name of registrant as specified in its charter)
 

Florida  (REGENCY CENTERS CORPORATION)

59-3191743

Delaware  (REGENCY CENTERS, L.P.)

 

 

59-3429602

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)
 

 

 

One Independent Drive , Suite 114
Jacksonville , Florida 32202

( 904 ) 598-7000

(Address of principal executive offices) (zip code)

 

(Registrant's telephone number, including area code)

 
Securities registered pursuant to Section 12(b) of the Act:
Regency Centers Corporation
 

Title of each class

 

Trading Symbol

Name of each exchange on which registered

Common Stock, $0.01 par value

 

REG

The Nasdaq Stock Market LLC

6.250% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share

 

REGCP

 

The Nasdaq Stock Market LLC

5.875% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share

 

REGCO

 

The Nasdaq Stock Market LLC

 
Regency Centers, L.P.
 

Title of each class

 

Trading Symbol

Name of each exchange on which registered

None

 

N/A

N/A

 
 
Securities registered pursuant to Section 12(g) of the Act:
Regency Centers Corporation: None
Regency Centers, L.P.: Units of Partnership Interest
 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Regency Centers Corporation Yes ☒ No ☐ Regency Centers, L.P. Yes ☒ No ☐
 
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act
Regency Centers Corporation Yes ☐ No ☒ Regency Centers, L.P. Yes ☐ No ☒
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Regency Centers Corporation Yes ☒ No ☐ Regency Centers, L.P. Yes ☒ No ☐
 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Regency Centers Corporation Yes ☒ No ☐ Regency Centers, L.P. Yes ☒ No ☐
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Regency Centers Corporation:
 

Large accelerated filer

☒

Accelerated filer

☐

Emerging growth company

☐

Non-accelerated filer

☐

Smaller reporting company

☐

 
Regency Centers, L.P.:
 

Large accelerated filer

☐

Accelerated filer

☐

Emerging growth company

☐

Non-accelerated filer

☒

Smaller reporting company

☐

 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Regency Centers Corporation ☐ Regency Centers, L.P. ☐
 
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
Regency Centers Corporation ☒ Regency Centers, L.P. ☒
 
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
Regency Centers Corporation ☐ Regency Centers, L.P. ☐
 
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to Section 240.10D-1(b).
Regency Centers Corporation ☐ Regency Centers, L.P. ☐
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Regency Centers Corporation Yes ☐ No ☒ Regency Centers, L.P. Yes ☐ No ☒
 
State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter.
Regency Centers Corporation $ 12.8 billion Regency Centers, L.P. N/A
 
The number of shares outstanding of the Regency Centers Corporation’s common stock was 182,906,561 as of February 10, 2026.
 
Documents Incorporated by Reference
Portions of Regency Centers Corporation's proxy statement, prepared in connection with its upcomin g 2026 Annual Meeting of Shareholders, are incorporated by reference in Part III of this Annual Report on Form 10-K to the extent described therein.

 
 

EXPLANATORY NOTE
This Annual Report on Form 10-K (this "Report") combines the annual reports on Form 10-K for the year ended December 31, 2025, of Regency Centers Corporation and Regency Centers, L.P. Unless stated otherwise or the context otherwise requires, references to "Regency Centers Corporation" or the "Parent Company" mean Regency Centers Corporation and its controlled subsidiaries and references to "Regency Centers, L.P." or the "Operating Partnership" mean Regency Centers, L.P. and its controlled subsidiaries. The terms "the Company," "Regency Centers," "Regency," "we," "our," and "us" as used in this Report mean the Parent Company, the Operating Partnership and their controlled subsidiaries, collectively.
The Parent Company is a real estate investment trust ("REIT") and the general partner of the Operating Partnership. As the sole general partner of the Operating Partnership, the Parent Company has exclusive control of the Operating Partnership's day-to-day management. The Operating Partnership's capital includes general and limited common partnership units ("Common Units"). As of December 31, 2025, the Parent Company owned approximately 97.9% of the Common Units in the Operating Partnership. The remaining Common Units, which are all limited Common Units, are owned by third party investors. In addition to the Common Units, the Operating Partnership has also issued two series of preferred units: the 6.250% Series A Cumulative Redeemable Preferred Units (the "Series A Preferred Units") and the 5.875% Series B Cumulative Redeemable Preferred Units (the "Series B Preferred Units"). The Parent Company currently owns all of the Series A Preferred Units and Series B Preferred Units. The Series A Preferred Units and Series B Preferred Units are sometimes referred to collectively as the "Preferred Units."
The Company believes combining the annual reports on Form 10-K of the Parent Company and the Operating Partnership into this single report provides the following benefits:
• Enhances investors' understanding of the Parent Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

• Eliminates duplicative disclosure and provides a more streamlined and readable presentation; and

• Creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

Management operates the Parent Company and the Operating Partnership as a single business. The management of the Parent Company consists of the same individuals as the management of the Operating Partnership. These individuals are officers of the Parent Company, and officers and employees of the Operating Partnership.
The Company believes it is important to understand the key differences between the Parent Company and the Operating Partnership in the context of how the Parent Company and the Operating Partnership operate as a consolidated company. The Parent Company is a REIT, whose only material asset is its ownership of Common and Preferred Units of the Operating Partnership. As a result, the Parent Company does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing certain debt of the Operating Partnership. Except for $200 million of unsecured private placement debt, the Parent Company does not directly hold any indebtedness, but guarantees all of the unsecured debt of the Operating Partnership. The Operating Partnership is also the guarantor of the Parent Company's $200 million unsecured private placement debt referenced above. The Operating Partnership holds all the assets of the Company and ownership of the Company's subsidiaries and equity interests in its joint ventures. Except for net proceeds from public equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for Common Units or Preferred Units, the Operating Partnership generates all other capital required by the Company's business. These sources include the Operating Partnership's operations, its direct or indirect incurrence of indebtedness, and the issuance of Common Units and Preferred Units.
Shareholders' equity, partners' capital, and noncontrolling interests are the main areas of difference between the Consolidated Financial Statements of the Parent Company and those of the Operating Partnership. The Operating Partnership's capital includes the Common Units and the Preferred Units. The limited partners' Common Units in the Operating Partnership owned by third parties are accounted for in partners' capital in the Operating Partnership's financial statements and outside of shareholders' equity in noncontrolling interests in the Parent Company's financial statements. The Preferred Units owned by the Parent Company are eliminated in consolidation in the accompanying consolidated financial statements of the Parent Company and are classified as preferred units of the general partner in the accompanying consolidated financial statements of the Operating Partnership.
In order to highlight the differences between the Parent Company and the Operating Partnership, there are sections in this Report that separately discuss the Parent Company and the Operating Partnership, including separate financial statements, controls and procedures sections, and separate Exhibit 31 and 32 certifications. In the sections that combine disclosure for the Parent Company and the Operating Partnership, this Report refers to actions or holdings as being actions or holdings of the Company.
As general partner with control of the Operating Partnership, the Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have assets other than its investment in the Operating Partnership. Therefore, while shareholders' equity and partners' capital differ as discussed above, the assets and liabilities of the Parent Company and the Operating Partnership are the same on their respective financial statements.

TABLE OF CONTENTS
 

 

 

 

 

Item No.

Form 10-K
Report Page

PART I

1.

Business

2

 

1A.

Risk Factors

9

 

1B.

Unresolved Staff Comments

22

 

1C.

Cybersecurity

22

 

 

 

2.

Properties

24

 

3.

Legal Proceedings

40

 

4.

Mine Safety Disclosures

40

 

PART II

 

 

5.

Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

40

 

6.

Reserved

41

 

7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

42

 

7A.

Quantitative and Qualitative Disclosures About Market Risk

57

 

8.

Financial Statements and Supplementary Data

58

 

9.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

124

 

9A.

Controls and Procedures

124

 

9B.

Other Information

125

 

9C.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

125

 

PART III

 

 

10.

Directors, Executive Officers and Corporate Governance

125

 

11.

Executive Compensation

126

 

12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

126

 

13.

Certain Relationships and Related Transactions, and Director Independence

126

 

14.

Principal Accountant Fees and Services

126

 

PART IV

 

 

15.

Exhibits and Financial Statement Schedules

127

 

16.

Form 10-K Summary

130

 

SIGNATURES

 

 

17.

Signatures

131

 
 

 

Forward-Looking Statements
Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency's future events, developments, or financial or operational performance or results, are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as "may," "will," "could," "should," "would," "expect," "estimate," "believe," "intend," "forecast," "project," "plan," "anticipate," "guidance," and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained, and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risk factors, including, without limitation, risk factors relating to:
• The Current Economic and Geopolitical Environments

• Pandemics or Other Health Crises

• Operating Retail-Based Shopping Centers

• Real Estate Investments

• The Environment Affecting Our Properties

• Corporate Matters

• Our Partnerships and Joint Ventures

• Funding Strategies and Capital Structure

• Information Management and Technology

• Taxes and the Parent Company’s Qualification as a REIT

• The Company’s Stock,

as more specifically described in "Item 1A. Risk Factors " of this Report. When considering an investment in our securities, you should carefully read the risk factors described in Item 1A and consider these risks, together with all other information in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and our other filings with and submissions to the Securities and Exchange Commission ("SEC"). If any of the events described in the risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected. Forward-looking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements, whether as a result of new information, future events or developments or otherwise, except as and to the extent required by law.
Certain forward-looking and other statements in this Annual Report on Form 10-K, or other locations, such as on our corporate website, may also contain references to various corporate responsibility or environmental, social, and governance ("ESG") standards and frameworks, which are used or followed by certain of our investors. These standards and frameworks are often reliant on third-party information or methodologies that are subject to evolving expectations and practices, and our approach to and discussion of these matters may continue to evolve as well. For example, our disclosures may change due to changes in the expectations of our investors, the requirements of these standards and frameworks, availability of information, our business, and applicable governmental law or policies, or other factors, some of which may be beyond our control.
 

1

 

 
PAR T I
Item 1. B usiness
Regency Centers Corporation is a fully integrated real estate company and self-administered and self-managed real estate investment trust that began its operations as a publicly-traded REIT in 1993. Our corporate headquarters are located at One Independent Drive, Suite 114, Jacksonville, Florida. Regency Centers, L.P. is a subsidiary through which Regency Centers Corporation conducts substantially all of its operations, and which owns, directly or indirectly, substantially all of its assets. Our business consists of acquiring, developing, owning, and operating income-producing retail real estate principally located in suburban trade areas with compelling demographics within the United States of America ("USA" or "United States"). We generate revenues by leasing space to necessity, service, convenience, and value-based retailers serving the essential needs of our communities. Regency has been an S&P 500 Index member since 2017.
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.
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. Our vision is to elevate quality of life as an integral thread in the fabric of our communities. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect with their neighborhoods, communities, and customers.
Our values:
• We are our people: Our people are our greatest asset, and we believe that our highly skilled and talented team makes us better.

• We do what is right: We act with unwavering standards of honesty and integrity.

• We connect with our communities: We promote philanthropic ideas and strive for the betterment of our neighborhoods by giving our time and financial support.

• We are responsible: Our duty is to balance purpose and profit, being good stewards of capital and the environment for the benefit of all our stakeholders.

• We strive for excellence: When we are passionate about what we do, it is reflected in our performance.

• We are better together: When we listen to each other and our customers, we will succeed together.

Our goals are to:
• Own and manage a portfolio of high-quality neighborhood and community shopping centers anchored primarily by market leading grocers and principally located in suburban trade areas in the most desirable metro areas in the United States. We believe that this strategy will result in highly desirable and attractive centers with best-in-class retailers. 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.

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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.

Competition
We are among the largest owners of shopping centers in the USA based on revenues, number of properties, GLA, and market capitalization. There are numerous companies and individuals engaged in our line of business that compete with us in our targeted markets, including grocery store chains that own shopping centers and also anchor some of our shopping centers. This dynamic results in competition for attracting tenants as well as acquiring existing shopping centers and new development sites. In addition, brick and mortar shopping centers face continued competition from alternative shopping and delivery methods. We believe that our competitive advantages are driven by:
• the market areas in which we operate, and the locations of our shopping centers within those trade areas;

• the quality of our shopping centers including our strategy of maintaining and renovating these centers to our high standards;

• the compelling demographics surrounding our shopping centers;

• our relationships with our anchor, shop, and out-parcel tenants;

• our experienced leadership team and cycle-tested expertise; and

• our ability to successfully develop, redevelop, and acquire shopping centers.

Corporate Responsibility and Human Capital
We strive to create thriving environments for retailers and service providers to connect with surrounding neighborhoods and communities. This is essential for our business and our tenants' businesses. For this reason, corporate responsibility is a foundational strategy of Regency. We believe that alignment of strategy and business sustainability is critical to the long-term success of our Company, our shareholders, the environment, and the communities in which we operate. To achieve this alignment, our corporate responsibility strategy and practices are built on four pillars:
• Our People;

• Our Communities;

• Ethics and Governance; and

• Environmental Stewardship.

These practices are guided by three overarching concepts: long-term value creation, our Regency brand and reputation, and the importance of maintaining our culture, which has been a crucial driver of our long-term success. Our continued commitment to these concepts helps to guide our business strategy, and identify and focus on key corporate responsibility-related drivers that we expect to contribute to our future success.
We regularly review our corporate responsibility strategies, goals, and objectives under these four pillars with our Board of Directors (or the "Board") and its committees, which oversee our programs. 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. 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.

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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. Regency recognizes and values the importance to the Company's success of attracting and retaining talented individuals with different skills, backgrounds, and experiences to encourage diversity of thought and ideas. In addition, we strive to maintain a safe and healthy workspace, promote employee well-being, and empower our employees by focusing on their personal and professional development through training and education opportunities.
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.
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. Furthermore, aligned with our near-and long-term human capital goals, we remained focused on employee engagement, leveraging our annual employee survey to identify opportunities to improve and further engage our people.
Culture - We believe that much of our success is rooted in our teams and our commitment to a vibrant and welcoming culture. We continue to foster a culture in which everyone is respected, valued, and has an opportunity to contribute and thrive.
Human Rights – Regency is committed to a workplace free from discrimination and harassment and is focused on advancing fundamental human rights. Anti-discrimination and anti-harassment training is provided to all employees at orientation, and annually thereafter.
Talent Attraction and Retention – Our core values place a strong importance on our people, which are our greatest asset and whom we believe make us an employer of choice. We understand the importance of attracting and retaining the best talent to sustain our history of success and build long-term value. 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.
Training and Development – We strive to provide an environment where our people are connected to their teams, passionate about what they do, and supported to deliver their best efforts and results. From individual contributors to managers and senior leaders, we want to empower our employees to take control of their career growth and realize their full potential through meaningful training and development opportunities.
Health, Safety, and Well-Being – The safety, health, and well-being of our people are a top priority for Regency. 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.
Our Communities – Our predominately grocery-anchored neighborhood and community shopping centers provide many benefits to the communities in which we live and work, including significant local economic impact in the form of investment, jobs, and taxes. Our local teams are passionate about investing in and engaging with our communities as they customize and curate our centers to create a distinctive environment to bring our tenants and shoppers together for the best retail experience. We are continually reinvesting in our centers, to enhance placemaking and the overall environment for our tenants and shoppers.
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. Charitable contributions were made directly by the Company, as well as by the vast majority of our employees who donated their time and money to local non-profits directly serving their communities.
Ethics and Governance – As long-term stewards of our investors’ capital, we are committed to best-in-class corporate governance. To create long-term value for our stakeholders, we place great emphasis on our culture and core values, the integrity and transparency of our reporting practices, and our overall governance structure in respect of oversight and shareholder rights.
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.

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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. 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. 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. 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 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. 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. 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.
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. We continue to refine our understanding of our exposure to climate-related impacts by conducting ongoing property-level analysis as well as the risks that climate change may pose to our business.
Compliance with Governmental Regulations
We are subject to various regulatory and tax-related requirements within the jurisdictions in which we operate. Changes to such requirements, or the interpretation of such requirements by applicable regulatory bodies or the judiciary, may result in unanticipated material financial impacts or adverse tax consequences and could materially affect our operating results and financial condition. Significant regulatory requirements include the laws and regulations described below.
REIT Laws and Regulations
We have elected to be taxed as a REIT under the federal income tax laws. As a REIT, we are generally not subject to federal income tax on taxable income that we distribute to our shareholders. Under the Internal Revenue Code (the "Code"), REITs are subject to numerous regulatory requirements, including the requirement to generally distribute at least 90% of taxable income each year, excluding any net capital gains. 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. In addition, we may be subject to certain state and local income and franchise taxes. 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. 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"). In general, a TRS may engage in any real estate business and certain non-real estate businesses, subject to certain limitations under the Code. A TRS is subject to federal and state income taxes which, to date, have not been material to us.
Environmental Laws and Regulations
Under various federal, state and local laws, ordinances and regulations (collectively, "environmental laws"), we may be liable for some or all of the cost to assess and remediate certain hazardous substances at our shopping centers. To the extent any environmental issues arise, they most typically stem from the historic practices of current and former dry cleaners, gas stations, automotive repair shops, and other similar businesses at our centers, as well as the presence of asbestos in some structures. These environmental laws often impose liability without regard to whether the owner knew of, or committed the acts or omissions that caused the presence of the hazardous substances. The presence of such substances, or the failure to properly address contamination caused by such substances, may adversely affect our ability to sell or lease the property or borrow using the property as collateral, and could result in claims by and liabilities to third parties relating to contamination that emanated from our properties. Although we have a number of properties that could require or are currently undergoing varying levels of assessment and remediation, known environmental liabilities are not currently expected to have a material impact on our financial condition.

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Information About Our Executive Officers
Our executive officers are appointed by our Board of Directors and each of our executive officers has been employed by us for more than five years. As of the date of this Report, our executive officers are:
 

Name

Age

 

Title

Executive Officer in
Position Shown Since

Martin E. 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. 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. Stein served as Chief Executive Officer from 1993 through December 31, 2019 and Chairman of the Board since 1999.

(2) Ms. Palmer was named Chief Executive Officer effective January 1, 2020, in addition to her responsibilities as President, a position she has held since January 2016. Prior to this appointment, Ms. Palmer served as Chief Financial Officer since January 2013. Prior to that, Ms. Palmer served as Senior Vice President of Capital Markets since 2003 and has been with the Company since 1996.

(3) Mr. Mas was named Executive Vice President, Chief Financial Officer effective August 2019. Prior to this appointment, Mr. Mas served as Managing Director, Finance, since February 2017, and Senior Vice President, Capital Markets, since 2013, and has been with the Company since 2003.

(4) Mr. Roth was named East Region President & Chief Operating Officer, effective January 1, 2024. Prior to this appointment, Mr. Roth served as Executive Vice President, National Property Operations and East Region President, since 2023, and Senior Managing Director, East Region since 2020. Prior to that, he served as Managing Director Northeast Region since 2016 and has been with the Company since 1997.

(5) Mr. Wibbenmeyer was named West Region President & Chief Investment Officer, effective January 1, 2024. Prior to this appointment, Mr. Wibbenmeyer served as Executive Vice President, West Region President since 2023 and Senior Managing Director, West Region since 2020. Prior to that, he served as Managing Director of Florida and the Midwest Region since 2016, and has been with the Company since 2005.

Company Website Access and SEC Filings
Our website may be accessed at www.regencycenters.com . Our filings with the SEC can be accessed free of charge through our website promptly after filing; however, in the event that the website is inaccessible, we will provide paper copies of our most recent annual report on Form 10-K, the most recent quarterly report on Form 10-Q, current reports filed or furnished on Form 8-K, and all related amendments, excluding exhibits, free of charge upon request. These filings are also accessible on the SEC's website at www.sec.gov . The content of our website is not incorporated by reference into this Annual Report on Form 10-K 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.
General Information
Our registrar and stock transfer agent is Broadridge Corporate Issuer Solutions, LLC ("Broadridge"), Edgewood, NY.
The Company's stock is listed on the NASDAQ Global Select Market, with its common stock traded under the ticker symbol "REG," and the Company's 6.250% Series A Cumulative Redeemable Preferred Stock, and 5.875% Series B Cumulative Redeemable Preferred Stock trade under the ticker symbols "REGCP," and "REGCO," respectively.
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. 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 financial measures to determine how best to provide relevant information to the public, and thus such reported measures could change.

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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 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 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.
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. AFFO is calculated by adjusting Core Operating Earnings ("COE") for (i) capital expenditures necessary to maintain and lease our portfolio of properties, (ii) debt cost and derivative adjustments and (iii) stock-based compensation.

• Core Operating Earnings is an additional performance measure we use because the computation of Nareit Funds from Operations ("Nareit FFO") includes certain non-comparable items that affect our period-over-period performance. 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. We compute Nareit FFO for all periods presented in accordance with Nareit's definition.

Companies use different depreciable lives and methods, and real estate values historically fluctuate with market conditions. Since Nareit FFO excludes depreciation and amortization and gains on sale and impairments of real estate, it provides a performance measure that, when compared year over year, reflects the impact on operations from trends in percent leased, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of 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.
• 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. NOI excludes straight-line rental income and expense, above and below market rent and ground rent amortization, tenant lease inducement amortization, and other fees. We also provide disclosure of NOI excluding termination fees, which excludes both termination fee income and expenses.

Management believes that NOI is a useful measure for investors because it provides insight into the core operations and performance of our properties, independent of the capital structure, financing activities, and non-operating factors. By focusing on property-level performance, NOI allows investors to compare the performance of our real estate assets across periods and with those of other REIT peers in the industry, facilitating a clearer understanding of trends in occupancy, rental income, and operating expense management. In addition to its relevance for investors, management uses NOI as a key performance metric in making operational and strategic decisions. NOI is used to evaluate income generated from shopping centers (i.e., return on assets) and to guide decisions on capital investments. These decisions may include acquisitions, redevelopments, and investments in capital improvements.
• Pro-rata information includes 100% of our consolidated properties plus our economic share (based on our ownership interest) in our unconsolidated real estate investment partnerships.

We provide Pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our consolidated and unconsolidated real estate investment partnerships, when read in conjunction with our reported results under GAAP. We 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. 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.

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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. 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. The partners are entitled to profit or loss allocations and distributions of cash flows according to the operating agreements, which generally provide for such allocations according to their invested capital. Our share of invested capital establishes the ownership interests we use to prepare our Pro-rata share.
The presentation of Pro-rata information has limitations which include, but are not limited to, the following:
o The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and

o Other companies in our industry may calculate their Pro-rata interest differently, limiting the comparability of Pro-rata information.

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.
• Pro-rata Same Property NOI is a key non-GAAP financial measure commonly used by REITs to evaluate operating performance. 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. 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.

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. Once deemed complete, the property is termed a Retail Operating Property.

• A Non-Same Property is any property, during either calendar year period being compared, that was acquired, sold, a Property in Development, a Development Completion, or a property under, or being positioned for, significant redevelopment that distorts comparability between periods. Non-retail properties and corporate activities, including the captive insurance program, are part of Non-Same Property.

• Property In Development includes properties in various stages of ground-up development.

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

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

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

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

• Shop Space is space under 10,000 square feet in a Retail Operating Property.

 

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Item 1A. R isk Factors
Our operations are subject to a number of risks and uncertainties including, but not limited to, those listed below. When considering an investment in our securities, carefully read and consider these risks, together with all other information in our other filings and submissions to the SEC, which provide additional information and detail. 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.
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. A variety of macroeconomic, political, and geopolitical factors, driven in some cases by governmental policy decisions, individually or in the aggregate, could adversely affect the operating environment for retailers and service providers, including increasing the potential for a recession. These factors include federal budgetary and spending policies, actions taken by the Board of Governors of the Federal Reserve System (the "U.S. Federal Reserve"), inflationary pressures, changes in interest rates, energy price changes, labor availability and shortages (including those influenced by governmental immigration policies), supply chain disruptions, tightening credit markets, decreases in consumer confidence and discretionary spending, increases in unemployment and broader uncertainty in the macroeconomic outlook and capital markets.
Geopolitical events and United States governmental policies relating thereto could also impact our business and the businesses of our tenants. These include, without limitation, changes in trade and tariff policies (as well as potential trade disputes and retaliatory actions by other countries), entry into and termination of treaties and trade agreements, and economic sanctions. 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.
The individual or aggregate impact of any or all of these events, conditions and policy decisions may reduce consumer spending, increase our tenants’ operating costs, reduce demand for their products or services, impact their access to labor or credit, and impair their ability to meet their lease obligations. 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. 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.
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. The federal funds rate has historically been adjusted by the U.S. Federal Reserve to address its perception of economic conditions, including inflation and the jobs market.
Although the U.S. Federal Reserve has more recently reduced the federal funds rate, the future direction, magnitude, and pace of interest rate changes as always remain uncertain. 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. Increases in interest rates would increase our interest expense on any variable rate debt to the extent we have not hedged our exposure to changes in interest rates. In addition to our exposure to variable-rate debt, we have approximately $348.3 million and $752.1 million of consolidated fixed rate debt maturing in 2026 and 2027 that we expect to refinance, in whole or part, by accessing the public and/or private debt markets. If interest rates are elevated or volatile at the time these obligations are refinanced, the cost of issuing new debt could be materially higher than our maturing debt, which would increase our overall cost of capital and adversely affect our liquidity, results of operations, and cash flows.
 

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Prolonged periods of high interest rates may also negatively impact the capitalization rates applied by investors when analyzing the valuation of our real estate asset portfolio. 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.
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.
Liquidity constraints or lack of available credit, the failure of individual institutions, or the inability of individual institutions or the banking and financial service industry generally to meet their contractual obligations, could significantly impair our access to capital, delay access to deposits or other financial assets, or cause actual loss of funds subject to cash management arrangements. Similarly, these events, concerns or speculation could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us and our tenants to acquire financing on acceptable terms or at all. Additionally, our critical vendors and business partners also could be adversely affected by these risks as described above, which in turn could result in their committing a breach or default under their contractual agreements with us, their insolvency or bankruptcy, or other adverse effects.
Any decline in available funding, lack of credit in the commercial real estate market, or access to cash and liquidity resources, or non-compliance of banking and financial services counterparties with their contractual commitments to us, our tenants or our critical vendors and business partners could, among other risks, have material adverse impacts on our ability to meet our operating expenses and other financial needs, could result in breaches of our financial and/or contractual obligations, and could have material adverse impacts on our business, financial condition and results of operations.
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.
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. Our tenants' ability to respond to these disruptions and uncertainties, including adjusting to governmental orders and changes in their customers' shopping habits and behaviors, may impact their ability to survive, and as it relates to the Company, their ability to comply with their lease obligations. 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
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.
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. Retailers are constantly considering these customer buying habits and other trends when making decisions regarding their brick and mortar stores and how they will compete and innovate in a rapidly changing retail environment. Many retailers in our shopping centers provide services or sell goods which have historically been less likely to be purchased online; however, the continuing change in customer buying habits, including e-commerce sales in all retail categories may cause retailers to adjust the size or number of their retail locations in the future or close stores. For example, our grocer tenants are incorporating e-commerce concepts through third-party delivery platforms, home delivery and curbside pick-up, which could reduce foot traffic at our centers. Autonomous delivery systems, drone deliveries, and robotic fulfillment centers could also reduce the need for strategically located retail space.
In addition, while our grocery tenants span a range of different formats, traditional grocers have seen, and may continue to see, loss of business to non-traditional grocers (such as Walmart, and Target), "discount grocers" (such as Aldi and Dollar General) and "specialty grocers" (such as Whole Foods, Trader Joe's and Fresh Market), which may also impact foot traffic at some of our centers. 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. 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.
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.

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Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow.
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. Our revenues and cash flow may be adversely affected by this geographic concentration if market conditions, such as supply of or demand for retail space, deteriorate more significantly in these states compared to other geographic areas. Additionally, there is a risk that businesses and residents in major metropolitan cities may relocate to different states or suburban markets.
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. 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.

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. 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. In addition, if a significant tenant vacates a property, so-called "co-tenancy clauses" in select leases may allow other tenants to modify or terminate their rent payment or other lease obligations. Co-tenancy clauses have several variants: they may allow a tenant to postpone a store opening if certain other tenants fail to open their stores; they may allow a tenant to close its store prior to lease expiration if another tenant closes its store prior to lease expiration; or more commonly, they may allow a tenant to pay reduced levels of rent until a certain number of tenants open their stores within the same shopping center.
Additionally, some of our shopping centers are anchored by retailers who own their space in a location that is not strictly within the boundaries of, or is immediately adjacent to, our shopping center ("shadow anchors"). In those cases, the shadow anchors appear to the consumer as a retail tenant of the shopping center and, as a result, attract additional consumer traffic to the center. In the event that a shadow Anchor Space becomes vacant, it could negatively impact our center as consumer traffic would likely be reduced.
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. 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. 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.
Although lease income is supported by long-term lease contracts, tenants who file for bankruptcy have the legal right to reject any or all of their leases and close related stores. 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. 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. In the event that a tenant with a significant number of leases in our shopping centers files for bankruptcy

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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.
Many of our costs and expenses associated with operating our properties may remain constant or increase, even if our lease income decreases.
Certain costs and expenses associated with operating our properties, such as real estate taxes, insurance, utilities and common area expenses, generally do not decrease in the event of reduced occupancy or rental rates, non-payment of rents by tenants, general economic downturns, pandemics or other similar circumstances. 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. In such cases, our cash flows, operating results and financial performance may be adversely impacted.
Compliance with the Americans with Disabilities Act and other building, fire, and safety regulations may have an adverse effect on us.
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. 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. While the tenants to whom we lease space in our properties are obligated by law to comply with the ADA provisions, and typically under tenant leases are obligated to cover costs associated with compliance, if required changes involve greater expenditures than anticipated, or if the changes must be made on a more accelerated basis than anticipated, the ability of these tenants to cover costs may be adversely affected. In addition, we are required to operate the properties in compliance with fire and safety regulations and building codes as they may be adopted by governmental entities and become applicable to the properties. Costs to be in compliance with the ADA or any other building, fire, and safety regulations could have a material negative impact on our results of operations.
Risk Factors Related to Real Estate Investments
Our real estate assets may decline in value and be subject to impairment losses which may reduce our net income.
Our real estate properties are carried at cost unless circumstances indicate that the carrying value of these assets may not be recoverable, which may result in impairment. We periodically evaluate whether there are any indicators, including declines in property operating performance and general market conditions, such that the value of the real estate properties (including any related tangible or intangible assets or liabilities, including goodwill) may not be recoverable and therefore may be impaired. Our evaluation includes several key assumptions, including rental rates, costs of tenant improvements, leasing commissions, anticipated holding periods, and assumptions regarding the residual value upon disposition, including the exit capitalization rate. These key assumptions are subjective in nature and may differ materially from actual results. Changes in our investment, redevelopment, and disposition strategies or changes in the market where an asset is located may alter management's intended holding period of an asset or asset group, which may result in an impairment loss and such loss may be material to our financial condition or operating performance.
The fair value of real estate assets is subjective and is determined through the use of comparable sales information and other market data if available, or through use of an income approach such as the direct capitalization method or the discounted cash flow approach. Such cash flow projections take into account expected future operating income, trends and prospects, as well as the effects of demand, competition and other relevant criteria, and therefore are subject to management judgment. In estimating the fair value of undeveloped land, we generally use market data and comparable sales information.
These subjective assessments have a direct impact on our net income because recording an impairment charge results in an immediate negative adjustment to net income, which may be material. There can be no assurance that we will not record impairment charges in the future related to our assets.
We face risks associated with development, redevelopment, and expansion of properties.
We actively pursue opportunities for new retail development and existing property redevelopment and/or expansion. Development and redevelopment activities frequently require various government and other approvals for land use entitlements, and any delay in receiving such approvals may significantly delay development and redevelopment projects. We may not recover our investment in our projects for which approvals are not received, and delays may adversely impact our expected returns. Additionally, changes in political leaders due to elections and/or in governmental policies relating to development may impact our ability to obtain favorable approvals for in-process and future developments and redevelopment projects.

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We are subject to other risks associated with development and redevelopment projects, including the following:
• we may be unable to lease newly developed or redeveloped projects to full occupancy on a timely basis;

• the occupancy rates and rents of a completed project may not be sufficient to make the project profitable, or otherwise not meet our investment return expectations;

• actual costs of a project may exceed original estimates, possibly making the project unprofitable, or not meet our investment return expectations;

• delays in the development or construction process, including supply chain disruption, may increase our costs;

• construction cost increases may reduce investment returns on development and redevelopment opportunities, or require us to postpone or abandon a project or projects;

• we may abandon development or redevelopment opportunities and lose our investment due to adverse market conditions;

• the size of our development and redevelopment pipeline may strain our labor or capital capacity to complete the development and redevelopment projects within targeted timelines and may reduce our investment returns;

• a reduction in the demand for new retail space may reduce our future development and redevelopment activities, which in turn may reduce our NOI; and

• changes in the level of future development and redevelopment activity may adversely impact our results of operations by reducing the amount of internal overhead costs that may be capitalized.

We face risks associated with the development of mixed-use commercial properties.
If we engage in more complex acquisitions and mixed-use development and redevelopment projects, there could be more unique risks to our return on investment. Mixed-use projects refer to real estate projects that, in addition to retail space, may also include space for residential, office, hotel or other commercial purposes. We have less experience in developing and managing non-retail real estate than we do retail real estate. As a result, if a development or redevelopment project includes a non-retail use, we may seek to develop that component ourselves, sell the rights to that component to a third-party developer, or partner with a developer.
• If we decide to develop the non-retail components ourselves, we would be exposed not only to those risks typically associated with the development of commercial real estate, but also to risks associated with developing, owning, operating or selling non-retail real estate, including but not limited to more complex entitlement processes and multiple-story buildings. These unique risks may adversely impact our return on investment in these mixed-use development projects.

• If we sell the non-retail components, our retail component will be impacted by the decisions made by the other owners, and actions of those occupying the non-retail spaces in these mixed-use properties.

• If we partner with a developer, it makes us dependent upon the partner's ability to perform and to agree on major decisions that impact our investment returns of the project. In addition, there is a risk that the non-retail developer may default on its obligations necessitating that we complete the other components ourselves, including providing necessary financing.

We face risks associated with the acquisition of properties.
Our investment strategy includes investing in high-quality shopping centers that are leased to market-leading grocers, category-leading anchors, specialty retailers, and/or restaurants located in areas with above average household incomes and population densities. The acquisition of properties and/or real estate entities entails risks that include, but are not limited to, the following, any of which may adversely affect our results of operations and cash flows:
• properties we acquire may fail to achieve the occupancy or rental rates we project, within the time frames we estimate, which may result in the properties' failure to achieve expected investment returns;

• we may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties, into our existing operations and platform;

• our investigation of an entity, property or building prior to our acquisition, and any representation we may have received from such seller, may fail to reveal various liabilities including defects, necessary repairs or environmental matters requiring corrective action, which may increase our costs;

• our estimate of the costs to improve, reposition or redevelop a property may prove to be too low, or the time we estimate to complete the improvement, repositioning or redevelopment may be too short, either of which may result in the property failing to achieve our projected return, either temporarily or permanently;

• we may not recover our costs from an unsuccessful acquisition;

• our acquisition activities may distract or strain our management capacity; and

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• acquired properties may be located in markets where we may face risks associated with a lack of market knowledge or understanding of the local economy, lack of business relationships in the area, costs associated with opening a new regional office and unfamiliarity with local governmental and permitting procedures.

We may be unable to sell properties when desired because of market conditions.
Our properties, including their related tangible and intangible assets, represent the majority of our total consolidated assets and they may not be readily convertible to cash. Market conditions, including macroeconomic events, interest rate changes, capital availability, and pandemics and other health crises, may impact our ability to sell properties on our preferred timing and at prices and returns we deem acceptable. As a result, our ability to sell one or more of our properties, including properties held in joint ventures, in response to changes in economic, industry, financial market, or other conditions may be limited. The real estate market is affected by many factors, such as general economic conditions, availability and terms of financing, interest rates and other factors, including supply and demand for space, that are beyond our control. There may be less demand for lower quality properties that we have identified for ultimate disposition in markets with uncertain economic or retail environments, and where buyers are more reliant on the availability of third party mortgage financing. If we want to sell a property, we can provide no assurance that we will be able to dispose of it in the desired time period or at all or that the sales price of a property will be attractive at the relevant time or even exceed the carrying value of our investment.
Changes in tax laws could impact our acquisition or disposition of real estate.
Certain properties we own have a low tax basis, which may result in a meaningful taxable gain in the event of a sale. Where appropriate and available, we utilize, and intend to continue to utilize, Code Section 1031 like-kind exchanges to tax-efficiently buy and sell properties; however, there can be no assurance that we will identify properties that meet our investment objectives for acquisitions or that changes to the tax laws do not eliminate the benefits of effectuating 1031 exchanges or significantly modify the requirements for a transaction to qualify for 1031 exchange treatment. In the event that we cannot or do not utilize 1031 exchanges when we sell certain properties, we may be required to distribute the gain proceeds to shareholders or pay income tax, which may reduce our cash flow available to fund our commitments or other priorities.
Risk Factors Related to the Environment Affecting Our Properties
Climate change may adversely impact our properties, some of which may be more vulnerable due to their geographic location, and may lead to additional compliance obligations and costs.
We work with experts to plan for the potential physical, operational and financial impacts of climate change on our business, and we cannot reliably predict the extent, rate, timing, or impact of climate change. To the extent climate change causes adverse changes in weather patterns and natural disasters, our properties in certain markets may experience increases in frequency and intensity of severe weather events, natural disasters and rising sea‑levels. Further, population migration may occur in response to these or other factors and negatively impact our centers. For example, climate and other environmental changes may result in more unpredictable or decreased demand for retail space and in shopper traffic at certain of our properties, reduced rent and/or, in extreme cases, our inability to operate certain properties at all.
In addition, a significant number of our properties are located in areas that are susceptible to earthquakes, tropical storms, hurricanes, floods, tornadoes, wildfires, droughts, extreme temperatures, sea-level rise, and other natural disasters and severe weather events that could be exacerbated by climate change. 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. Insurance premiums and other related costs for properties in these areas have increased significantly in recent years, and more frequent and intense weather conditions and natural disasters may cause property insurance premiums and other related costs to further increase significantly in the future. We recognize that the frequency and/or intensity of extreme weather events and other natural disasters may continue to increase, and as a result, our exposure to these events may increase, especially in these particularly susceptible locations. Severe weather conditions and other natural disasters may disrupt our business and the business of our tenants, which may affect the ability of some tenants to pay rent and may reduce the ability or willingness of tenants and residents to remain in or move to these affected areas.
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. 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). In addition, anti-climate change advocates, as well as certain state attorneys general, have also commenced investigations and brought legal challenges relating to corporate climate initiatives and commitments. Also, through one or more executive orders issued by the president and policy implementation by executive branch agencies, the federal government has implemented policy changes intended to de-emphasize climate change and initiatives relating to its mitigation. Additional state and federal laws, rules and legal challenges

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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. 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.
In sum, taking these risks and potential impacts together, climate change may materially and adversely impact our business by increasing the cost to operate our properties, for example, with respect to infrastructure and facilities construction and maintenance, energy, insurance (and, potentially, the incurrence of uninsured losses), taxes, consultants and advisors, and other unforeseen fees, costs and expenses. 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, regulatory and other governmental policy-related requirements in response to the perceived risks of climate change, as well as the expectations of investors, lenders and other stakeholders as to disclosures and responses relating to climate-related matters. 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.
Costs of environmental remediation may adversely impact our financial performance and reduce our cash flow.
Under various federal, state, and local laws, an owner or manager of real property may be liable for some or all the costs to assess and remediate the presence of hazardous substances on the property, which in our case most typically arise from current or former dry cleaners, gas stations, automotive repair shops, asbestos usage, and historic land use practices. These laws often impose liability without regard to whether the owner knew of, or was responsible for, the presence of hazardous substances, which may adversely impact our financial performance and reduce our cash flow. The presence of, or the failure to properly address the presence of, hazardous substances may adversely affect our ability to sell or lease the property, or borrow using the property as collateral. We can provide no assurance that we are aware of all potential environmental liabilities or their ultimate cost to address; that our properties will not be affected by tenants or nearby properties or other unrelated third parties; and that future uses or conditions, or changes in environmental laws and regulations, or their interpretation, will not result in additional material environmental liabilities to us.
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.
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. 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. 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. 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 initiatives and activities, but some investors may desire additional disclosures that we do not provide. 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.
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 (to the extent that demand for our stock declines). We may also face scrutiny by anti-ESG stakeholders for having such goals or targets, or for our participation in ESG rating or other systems. Moreover, we expect investor, lender and other stakeholder pressure to comply with these voluntary disclosure frameworks to continue, irrespective of climate-related policy decisions by the federal government. 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. To the extent we are subject to such activism, it may adversely impact our business.

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An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue on those properties.
We carry liability, fire, flood, terrorism, business interruption, and environmental insurance for our properties. 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. In addition, it is possible that the availability of insurance coverage in certain geographic areas may decrease in the future or become unavailable to us, and the cost to procure such insurance may increase due to lack of market availability or other factors beyond our control. 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. 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.
Terrorist activities or violence occurring at our properties also may directly affect the value of our properties through damage, destruction or loss. Insurance for such acts may be unavailable or cost more resulting in an increase to our operating expenses and adversely affect our results of operations. To the extent that our tenants are affected by such attacks and threats of violence, their businesses may be adversely affected, including their ability to continue to meet obligations under their existing leases.
Failure to attract and retain key personnel may adversely affect our business and operations.
The success of our business depends, in significant part, on the leadership and performance of our executive management team and other key personnel, and our ability to attract, retain and motivate talented employees may significantly impact our future performance. Competition for these individuals is intense, and we cannot be assured that we will retain all of our executive management team and other key personnel or that we will be able to attract and retain other highly qualified individuals for these positions in the future. Losing any key personnel may have an adverse effect on us.
Risk Factors Related to Our Partnerships and Joint Ventures
We do not have voting control over all of the properties owned in our real estate partnerships and joint ventures, so we are unable to ensure that our objectives will be pursued.
We have invested substantial capital as a partner in a number of partnerships and joint ventures to acquire, own, lease, develop or redevelop properties. These activities are subject to the same risks as our investments in our wholly-owned properties. However, these investments, and other future similar investments may involve risks that would not be present were a third party not involved, including the possibility that partners or other owners might become bankrupt, suffer a deterioration in their creditworthiness, or fail to fund their share of required capital contributions. Partners or other owners may have economic or other business interests or goals that are inconsistent with our own business interests or goals, and may be in a position to take actions contrary to our policies or objectives.
These investments, and other future similar investments, also have the potential risk of creating impasses on decisions, such as a sale or financing, because neither we nor our partner or other owner has full control over the partnership or joint venture. Disputes between us and partners or other owners might result in a premature termination of the applicable partnership or joint venture, or potentially litigation or arbitration, that may increase our investment and related risk as well as our costs and expenses associated with the investment, and distract management from sufficiently focusing their time and efforts on others areas of our business. In addition, we risk the possibility of being held liable for the actions of our partners or other owners. These factors may limit the return that we receive from such investments or cause our cash flows to be lower than our estimates.
The termination of our partnerships may adversely affect our cash flow, operating results, and our ability to make distributions to stock and unit holders.
If partnerships owning a significant number of properties were dissolved for any reason, we could lose the asset, property management, leasing and construction management fees from these partnerships as well as the operating income of the properties, which may adversely affect our operating results and our cash available for distribution to stock and unit holders. Certain of our partnership operating agreements provide either member the ability to elect buy/sell clauses. 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.
As part of our funding strategy, we sell properties that no longer meet our strategic objectives or investment standards and/or those with a limited future growth profile. These sales proceeds are used to fund debt repayment, acquisition of other properties, and new developments and redevelopments. An increase in market capitalization rates (which may or may not be driven by an increase in interest rates) or a decline in NOI may cause a reduction in the value of centers identified for sale, which would have an adverse impact on the amount of cash generated. 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.
To qualify as a REIT, the Parent Company must, among other things, distribute to its stockholders each year at least 90% of its REIT taxable income (excluding any net capital gains). Because of these distribution requirements, we may not be able to fund all future capital needs with income from operations. 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. Our access to debt depends on our credit rating, the willingness of creditors to lend to us and conditions in the capital markets. In addition to finding lenders willing to lend to us, we are dependent upon our joint venture partners to contribute their pro rata share of any amount needed to repay or refinance existing debt when lenders reduce the amount of debt our partnerships and joint ventures are eligible to refinance.
In addition, our existing debt arrangements also impose covenants that limit our flexibility in obtaining other financing. Additional equity offerings may result in substantial dilution of stockholders' interests and additional debt financing may substantially increase our degree of leverage.
Without access to external sources of capital, we would be required to pay outstanding debt with our operating cash flows and proceeds from property sales. Our operating cash flows may not be sufficient to pay our outstanding debt as it comes due and real estate investments generally cannot be sold quickly at a return we believe is appropriate. If we are required to deleverage our business with operating cash flows and proceeds from property sales, we may be forced to reduce the amount of, or eliminate altogether, our distributions to stock and unit holders or refrain from making investments in our business.
Our debt financing may adversely affect our business and financial condition.
Our ability to make scheduled payments or to refinance our indebtedness will depend primarily on our future performance, which to a certain extent is subject to economic, financial, competitive and other factors beyond our control. In addition, we do not expect to generate sufficient operating cash flow to make balloon principal payments on our debt when due. If we are unable to refinance our debt on acceptable terms, we may be forced (i) to dispose of properties, which might result in losses, or (ii) to obtain financing at unfavorable terms, either of which may reduce the cash flow available for distributions to stock and unit holders. If we cannot make required mortgage loan payments, the mortgagee may foreclose on the property securing the mortgage.
Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition.
Our unsecured notes and unsecured line of credit (the "Line") contain customary covenants, including compliance with financial ratios, such as ratio of indebtedness to total asset value and fixed charge coverage ratio. These covenants may limit our operational flexibility and our investment activities. Moreover, if we breach any of the covenants in our debt agreements, and do not cure the breach within the applicable cure period, our lenders may require us to repay the debt immediately, even in the absence of a payment default. Many of our debt arrangements, including our unsecured notes and the Line, are cross-defaulted, which means that the lenders under those debt arrangements can require immediate repayment of their debt if we breach and fail to cure a default under certain of our other material debt obligations. 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.

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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.
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. There can be no assurance that our hedging arrangements will qualify for hedge accounting or that our hedging activities will have the desired beneficial impact on our results of operations. Should we desire to terminate a hedging arrangement, there may be significant costs and cash requirements involved to fulfill our obligations under the hedging arrangement. In addition, failure to effectively hedge against interest rate changes may adversely affect our results of operations.

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.
Many of our information technology systems (including the systems of our real estate partners and other third-party business partners and service providers) contain personal, financial or other information that is entrusted to us by our tenants, employees and business partners. Many of our information technology systems contain our proprietary information and other confidential information related to our business.
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. We have experienced cyberattacks and cybersecurity incidents in the past (although none had material adverse impacts on our business or results of operations) and expect to face similar ongoing threats in the future. To the extent we or a third party were to experience a material breach of our information technology systems that results in the unauthorized access, theft, use, manipulation, destruction or other compromises of our confidential information stored in such systems, including through cyber-attacks such as ransomware, denial of service or other methods, such a breach may cause us to lose tenants and employees, result in adverse financial impact, incur third party claims and cause disruption to our business and plans. Despite planning, preparation, and preventative and risk-management measures, our business may be significantly disrupted if unable to quickly recover. Remote and hybrid working arrangements at our company (and at many third-party providers) may also increase cybersecurity risks due to the challenges associated with managing remote computing assets and security vulnerabilities that are present in many non-corporate and home networks. Additionally, any integration of AI in our or any service providers’ operations, products or services may pose new or unknown cybersecurity risks and challenges. There can be no assurance that our cybersecurity risk management program and processes, including our policies, controls and procedures, will be fully implemented, complied with or effective in protecting our systems and information. Such security breaches also could subject us to litigation and governmental investigations and proceedings into potential violations of applicable privacy or other laws. Any of these events could result in our exposure to material civil or criminal liability, and we may not be able to fully recover these expenses from our service providers, responsible parties, or insurance carriers, or that applicable insurance will be available to us in the future on economically reasonable terms or at all. We can provide no assurance that the ongoing significant investments in technology and training we make relating to cybersecurity will avoid or prevent such breaches or attacks.
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. 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. 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.

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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.
In connection with running our business, we receive, store, use and otherwise process information that relates to individuals, including from and about our tenants, employees and business partners. We are therefore subject to laws, regulations and other requirements relating to the privacy, security and handling of personal information. These laws require us to adhere to certain disclosure restrictions and deletion obligations with respect to the personal information, and allow for penalties for violations and, in some cases, a private right of action. These laws also impose transparency and other obligations with respect to personal information of and provide rights with respect to personal information. The application and interpretation of such requirements are evolving and are subject to change, creating a complex compliance environment. There has been a substantial increase in legislative activity and regulatory focus on data privacy and security, including in relation to cybersecurity incidents.
It is possible that new laws, regulations and other requirements, or amendments to or changes in interpretations of existing laws, regulations and other requirements, may require us to incur significant costs, implement new processes, or change our handling of information and business operations. In addition, any failure or perceived failure by us to comply with laws, regulations and other requirements relating to the privacy, security and handling of information could result in legal claims or proceedings (including class actions), regulatory investigations or enforcement actions. We could incur costs in investigating and defending such claims and, if found liable, pay damages or fines or be required to make changes to our business. These proceedings and any subsequent adverse outcomes may subject us to significant negative publicity and an erosion of trust. 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.
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. 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. 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. 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.
Despite the above risks and challenges associated with the use of AI, in the retail industry AI is increasingly being adopted for personalized marketing, inventory management, customer service, pricing optimization, and supply chain management. The costs of implementing new technologies, including AI-driven property management tools, smart building systems, and data analytics platforms, may be substantial.The effectiveness of these tools are being evaluated in an ongoing mannter.
Advanced analytics and AI may enable retailers to optimize their store footprints, potentially leading to reduced space requirements and location closures. Moreover, generative AI and virtual shopping experiences may further shift consumer behavior away from physical stores. AI-powered tools may enable more efficient e-commerce operations, potentially impacting some of the competitive advantages of physical retail locations. Because the use and regulation of AI technologies continue to evolve, additional risks may emerge over time.
In addition, uncertainty in the legal and regulatory regime relating to AI may require significant resources to modify and maintain business practices to comply with applicable law, the nature of which cannot be determined at this time. 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 for AI use that does not meet certain standards, and require us to change our business practices. If we cannot use AI, or that use is restricted, our business may be less efficient, or we may be at a competitive disadvantage.
In sum, any of the above risks associated with the use of AI could adversely affect our business, financial condition, and results of operations.

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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.
We believe that the Parent Company qualifies for taxation as a REIT for federal income tax purposes, and we plan to operate so that the Parent Company can continue to meet the requirements for taxation as a REIT. If the Parent Company continues to qualify as a REIT, it generally will not be subject to federal income tax on income that it distributes to its stockholders. Many REIT requirements, however, are highly technical and complex. The determination that the Parent Company is a REIT requires an analysis of various factual matters and circumstances, some of which may not be totally within our control and some of which involve questions of interpretation. For example, to qualify as a REIT, at least 95% of our gross income must come from specific passive sources, like rent, that are itemized in the REIT tax laws. There can be no assurance that the Internal Revenue Service ("IRS") or a court would agree with the positions we have taken in interpreting the REIT requirements. The Parent Company is also required to distribute to the stockholders at least 90% of its REIT taxable income, excluding net capital gains. The Parent Company will be subject to U.S. federal income tax on undistributed taxable income and net capital gains and to a 4% nondeductible excise tax on any amount by which distributions the Parent Company pays with respect to any calendar year are less than the sum of 85% of our ordinary income, 95% of our capital gain net income and 100% of our undistributed income from prior years. The fact that we hold many of our assets through real estate partnerships and their subsidiaries further complicates the application of the REIT requirements. Furthermore, Congress and the IRS might make changes to the tax laws and regulations, and the courts might issue new rulings, that make it more difficult for the Parent Company to remain qualified as a REIT.
Also, unless the IRS granted relief under certain statutory provisions, the Parent Company would remain disqualified as a REIT for four years following the year it first failed to qualify. If the Parent Company failed to qualify as a REIT (currently and/or with respect to any tax years for which the statute of limitations has not expired), the Parent Company would have to pay significant income taxes, reducing cash available to pay dividends, which would likely have a significant adverse effect on the value of our securities. In addition, the Parent Company would no longer be required to pay any dividends to stockholders in order to maintain its REIT status, and we could be subject to a federal alternative minimum tax and possibly increased state and local taxes. Although we believe that the Parent Company qualifies as a REIT, we cannot be assured that the Parent Company will continue to qualify or remain qualified as a REIT for tax purposes.
Even if the Parent Company qualifies as a REIT for federal income tax purposes, the Parent Company is required to pay certain federal, state, and local taxes on its income and property. For example, if we have net income from "prohibited transactions," that income will be subject to a 100% tax. In general, prohibited transactions include sales or other dispositions of property held primarily for sale to customers in the ordinary course of business. The determination as to whether a particular sale is a prohibited transaction depends on the facts and circumstances related to that sale. While we have undertaken a number of asset sales in recent years, we do not believe that those sales should be considered prohibited transactions, but there can be no assurance that the IRS would not contend otherwise.
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.
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. 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. Although these rules do not adversely affect the taxation of REITs or dividends payable by REITs, investors who are individuals, trusts and estates may perceive investments in REITs to be relatively less attractive than investments in the stocks of non-REIT corporations that pay dividends, which may adversely affect the value of the shares of REITs, including the per share trading price of the Parent Company's capital stock.
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. Changes to the tax laws, with or without retroactive application, may adversely affect the Parent Company or our investors. 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. 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.

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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. Generally, income from certain hedging transactions, generally including transactions to manage interest rate changes with respect to borrowings to acquire or carry real estate assets, does not constitute "gross income" for purposes of the 75% or 95% gross income tests, provided that we properly identify the hedging transaction pursuant to the applicable sections of the Code and Treasury Regulations. To the extent that we enter into other types of hedging transactions, or fail to make the proper tax identifications, the income from those transactions is likely to be treated as non-qualifying income for purposes of both gross income tests. As a result of these rules, we may need to limit our use of otherwise advantageous hedging techniques or implement those hedges through a TRS.
Partnership tax audit rules could have a material adverse effect.
Under current federal partnership tax audit rules, subject to certain exceptions, any audit adjustment to items of income, gain, loss, deduction, or credit of a partnership (and a partner’s allocable share thereof) is determined, and taxes, interest, and penalties attributable thereto are assessed and collected, at the partnership level. With respect to any partnership in which we invest, unless such partnership makes an election or takes certain steps to require the partners to pay their tax on their allocable shares of the adjustment, it is possible that such partnership would be required to pay additional taxes, interest, and penalties as a result of an audit adjustment. 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.
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.
Ownership of more than 7% by value of our outstanding capital stock is prohibited, with certain exceptions, by the Parent Company's articles of incorporation, for the purpose of maintaining its qualification as a REIT. This 7% limitation may discourage a change in control and may also (i) deter tender offers for our capital stock, which offers may be attractive to our stockholders, or (ii) limit the opportunity for our stockholders to receive a premium for their capital stock that might otherwise exist if an investor attempted to assemble a block in excess of 7% of our outstanding capital stock or to affect a change in control.
The issuance of the Parent Company's capital stock may delay or prevent a change in control.
The Parent Company's articles of incorporation authorize our Board of Directors to issue up to 30,000,000 shares of preferred stock (less the shares of preferred stock already issued and outstanding) and 10,000,000 shares of special common stock and to establish the preferences and rights of any shares issued. The issuance of preferred stock or special common stock may have the effect of delaying or preventing a change in control. The provisions of the Florida Business Corporation Act regarding affiliated transactions may also deter potential acquisitions by preventing the acquiring party from consummating a merger or other extraordinary corporate transaction without the approval of our disinterested stockholders.
Ownership in the Parent Company may be diluted in the future.
In the future, a stockholder's percentage ownership in the Company may be diluted because of equity issuances for acquisitions, capital market transactions or other corporate purposes, including equity awards we will grant to our directors, officers and employees. In the past we have issued equity in the secondary market (including in connection with our At the Market ("ATM") program) and may do so again in the future, depending on the price of our stock and other factors.
In addition, our restated articles of incorporation, as amended, authorizes our Board of Directors to issue, without the approval of our stockholders, one or more classes or series of preferred stock having such preferences, limitations, and relative rights, including preferences over our common stock respecting dividends and distributions, as our Board of Directors generally may determine. The terms of one or more classes or series of preferred stock could dilute the voting power or reduce the value of our common stock. For example, we could grant the holders of preferred stock the right to elect some number of our directors in all events or on the happening of specified events or the right to veto specified transactions. Similarly, the repurchase or redemption rights or liquidation preferences we could assign to holders of preferred stock could affect the residual value of the common stock.
The Parent Company’s amended and restated bylaws provides that the courts located in the State of Florida will be the sole and exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.
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).
By becoming a shareholder in our Parent Company, you will be deemed to have notice of and have consented to the provisions of the amended and restated bylaws of our Parent Company related to choice of forum. The choice of forum provisions in the amended and restated bylaws may limit our shareholders’ ability to obtain a favorable judicial forum for disputes with us. Additionally, the enforceability of choice of forum provisions in other companies’ governing documents has been challenged in legal proceedings, and it is possible that, in connection with any applicable action brought against us, a court could find the choice of forum provisions contained in the amended and restated bylaws of the Parent Company to be inapplicable or unenforceable in such action. 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.
Our ability to continue to pay dividends at current or historical rates or to increase our dividend rate will depend on a number of factors, including, among others, the following:
• our financial condition and results of future operations;

• the terms of our loan covenants; and

• our ability to acquire, finance, develop or redevelop and lease additional properties at attractive rates.

If we do not maintain or periodically increase the dividend on our common stock, or if we do not pay dividends on our preferred stock, it may have an adverse effect on the market price of our common stock and other securities.
Item 1B. Unresolve d Staff Comments
None.
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.
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. As discussed in more detail below under "Cybersecurity Governance," this involves management responsibility through a specialized Cyber Risk Committee (the "CRC") and oversight of that committee by a group of the most senior leaders of the Company, which comprise the Company’s Executive Committee. At the Company’s Board of Directors (the "Board") level, the Audit Committee oversees our cybersecurity risk management program.
Our strategy for managing cybersecurity risk is integrated into the Company’s overall risk management program and structure, as depicted in the Corporate Governance section of our Proxy under "Risk Oversight."

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. 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.
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. 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.
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;

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• 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.

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.
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.
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. See "Risk Factors – The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data, or of Regency's proprietary or confidential information stored in our information systems or by third parties on our behalf, could impact operations, and expose us to potential liabilities and material adverse financial impact."
Cybersecurity Governance
The Audit Committee of the Board is charged with overseeing our cybersecurity risk management program. 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. 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. 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. This includes risk identification, assessment, management, prevention and mitigation, as well as securing necessary resources and reporting on cybersecurity preparedness to the Executive Committee (which is currently comprised of the CEO, CFO, and several of the Company’s other senior leaders) and the Audit Committee.
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. 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.

Our CRC takes steps to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means. 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.
 
 

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Item 2. 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. 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. 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. Leases greater than 10,000 square feet ("Anchor Leases") generally have initial lease terms in excess of five years and are mostly comprised of Anchor Tenants. Many of the leases contain provisions allowing the tenant the option of extending the term of the lease at expiration. 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.

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. 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. In periods of macroeconomic strength, when the percent of space leased is relatively high, and/or when supply/demand metrics for retail space favor landlords, we have more bargaining power, which generally results in rental rate growth on new and renewal leases.
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. However, inflationary challenges and the potential for macroeconomic uncertainty or weakness could result in pressure on base rent growth for new and renewal leases as businesses seek to manage these challenges and uncertainties.

27

The following table lists information about our consolidated and unconsolidated properties. For further information, see "Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations " of this Report.

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. (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.

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. 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. 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. Lucie

 

FL

 

 

 

2017

 

2016

 

 

—

 

 

 

86

 

 

100.0%

 

 

17.91

 

 

WalMart

The Plaza at St. Lucie West

 

Port 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. 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. 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. 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. 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. 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. 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.

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.

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. 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).

(2) Represents our percentage ownership interest in the property, if not wholly-owned.

(3) Percentages also include properties where we have not yet incurred at least 90% of the expected costs to complete development and the property is not yet 95% occupied or the anchor has not yet been open for at least two years ("development properties" or "properties in development"). However, if development properties were excluded, the total percent leased would be 94.9% for our Combined Portfolio of shopping centers.

(4) Average base rent PSF is calculated based on annual minimum contractual base rent per the tenant lease, excluding percentage rent and recovery revenue.

(5) Retailers in parenthesis are "shadow anchors" at our shopping centers (as described in Item 1A, "Risk Factors"). We have no ownership or leasehold interest in their space, which is adjacent to our property or on a parcel owned by the shadow anchor that appears to be part of our center.

(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

 

Item 3. Legal Proceedings
We are a party to various legal proceedings that arise in the ordinary course of our business. We are not currently involved in any litigation, nor, to our knowledge, is any litigation threatened against us, the outcome of which would, in our judgment based on information currently available to us, have a material adverse effect on our financial position or results of operations. 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 4. Mine Saf ety Disclosures
Not applicable.
PART II
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. Future distributions will be declared and paid at the discretion of our Board of Directors and will depend upon cash generated by our operating results, our financial condition, cash flows, capital requirements, future business prospects, annual dividend requirements under the REIT provisions of the Internal Revenue Code of 1986, as amended, and such other factors as our Board of Directors deems relevant. 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. Under certain circumstances we could be required to make distributions in excess of cash available for distributions in order to meet such requirements. We have a dividend reinvestment plan under which our shareholders may elect to reinvest their dividends automatically in common stock. Under the plan, we may elect to purchase common stock in the open market on behalf of shareholders or may issue new common stock to such shareholders.
Under the terms of our Line, in the event of any monetary default, we may not make distributions to shareholders except to the extent necessary to maintain our REIT status.
There were no unregistered sales of equity securities during the quarter ended December 31, 2025.
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.

(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. Any stock repurchased, if not retired, will be treated as treasury stock. 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. 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 6. [Reserved ]

41

 

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. 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.
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. 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.

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%. A stabilized yield for development and redevelopment projects represents the incremental NOI (estimated stabilized NOI less NOI prior to project commencement) divided by the total project costs.

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 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. 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. 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%. The remaining six properties were distributed to the Company's partner. 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. 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.
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 < 10,000 SF)

 

 

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. 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. For example, we utilize geographic diversification, as described in "Item 2. Properties " of this Report, and also seek to avoid dependence on any single property, market, or tenant. 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.

Bankruptcies and Credit Concerns
Our management team devotes significant time to researching and monitoring consumer preferences and trends, customer shopping behaviors, changes in delivery methods, shifts to e-commerce, and changing demographics in order to anticipate the challenges and opportunities impacting our industry. We seek to mitigate potentially adverse impacts through maintaining a high quality portfolio, diversifying our geographic and tenant mix, replacing less successful tenants with stronger operators, anchoring our centers with market leading grocery stores that drive customer traffic, and investing in suburban trade areas with compelling demographic populations benefiting from high levels of disposal income.
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. 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.
Although base rent is derived from long-term lease contracts, tenants that file for bankruptcy generally have the legal right to reject any or all of their leases and close related stores. Any unsecured claim we hold against a bankrupt tenant for unpaid rent might 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. As a result, in a tenant bankruptcy situation it is likely that we would recover substantially less than the full value of any unsecured claims we hold. Additionally, we may incur significant expense to adjudicate our claim and significant downtime to re-lease the vacated space. In the event that a tenant with a significant number of leases in our shopping centers files for bankruptcy and rejects its leases, we could experience a significant reduction in our revenues. 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.
For a discussion and analysis of the year ended December 31, 2024, compared to the same period in 2023, see "Part II, Item 7. 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. 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.

There were no significant changes in Other property income, or Management, transaction, and other fees.
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.

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.

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.

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.

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.
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.

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.
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.
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.
Equity in income of investments in real estate partnerships increased by $83.2 million due to:
• $76.0 million increase related to a gain recognized from a partial distribution-in-kind transaction and partial sales of real estate; and

• $7.2 million increase driven from increased occupancy and positive rental spreads on new and renewal leases.

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.
There was no change in Preferred stock dividends.
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. 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 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 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. See "Non-GAAP Financial Measures" in "Item 1. Business " for additional information regarding the definition of and other information regarding the non-GAAP financial measures we present in this Report.
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 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 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.
Pro-rata Same Property NOI (Non-GAAP Financial Measures):
 

 

 

Year ended December 31,

 

 

 

 

(in thousands)

 

2025

 

 

2024

 

 

Change

 

Base rent

 

$

1,130,009

 

 

 

1,085,391

 

 

 

44,618

 

Recoveries from tenants

 

 

404,326

 

 

 

378,076

 

 

 

26,250

 

Percentage rent

 

 

15,468

 

 

 

15,210

 

 

 

258

 

Termination fees

 

 

6,983

 

 

 

6,502

 

 

 

481

 

Uncollectible lease income

 

 

(2,644

)

 

 

(3,695

)

 

 

1,051

 

Other lease income

 

 

20,131

 

 

 

19,412

 

 

 

719

 

Other property income

 

 

11,932

 

 

 

11,655

 

 

 

277

 

Total real estate revenue

 

 

1,586,205

 

 

 

1,512,551

 

 

 

73,654

 

Operating and maintenance

 

 

265,592

 

 

 

252,950

 

 

 

12,642

 

Termination expense

 

 

35

 

 

 

30

 

 

 

5

 

Real estate taxes

 

 

205,725

 

 

 

199,700

 

 

 

6,025

 

Ground rent

 

 

15,045

 

 

 

15,181

 

 

 

(136

)

Total real estate operating expenses

 

 

486,397

 

 

 

467,861

 

 

 

18,536

 

Pro-rata same property NOI

 

$

1,099,808

 

 

 

1,044,690

 

 

 

55,118

 

Less: Termination fees

 

 

6,948

 

 

 

6,472

 

 

 

476

 

Pro-rata same property NOI, excluding termination fees

 

$

1,092,860

 

 

 

1,038,218

 

 

 

54,642

 

Pro-rata same property NOI growth, excluding termination fees

 

 

 

 

 

 

 

 

5.3

%

Pro-rata same property NOI, excluding termination fees/expenses, changed from the following major components:
Total real estate revenue increased by $73.7 million, on a net basis, as follows:
• Base rent increased by $44.6 million due to contractual rent steps in existing leases, positive rental spreads on new and renewal leases, and increases in occupancy, as well as redevelopment projects completing and operating.

• Recoveries from tenants increased by $26.3 million due to higher recoverable expenses and increased occupancy.

• Uncollectible lease income decreased by $1.1 million primarily driven by higher collection rates in the current period resulting in reduced levels of uncollectible lease income.

48

 

Total real estate operating expenses increased by $18.5 million, on a net basis, as follows:
• Operating and maintenance increased by $12.6 million primarily due to increases in common area maintenance, management fees, utility costs and other tenant-recoverable costs.

• Real estate taxes increased by $6.0 million primary due to an increase in real estate assessments across the portfolio.

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.

(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.

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.

Liquidity and Capital Resources
General
We use cash flows generated from operating, investing, and financing activities to strengthen our balance sheet, finance our development and redevelopment projects, fund our investment activities, and maintain financial flexibility. 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. 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. The Parent Company will from time to time access the capital markets for the purpose of issuing new equity, and will simultaneously contribute all of the offering proceeds to the Operating Partnership in exchange for additional partnership units.
 
We continually assess our available liquidity and our expected cash requirements, including monitoring our tenant rent collections. We have access to and draw on multiple financing sources to fund our operations and our long-term capital needs, including the requirements of our in process and planned developments, redevelopments, other capital expenditures, and the repayment of 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. 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%. The net proceeds were used (i) to reduce the outstanding balance on the Line, (ii) for the repayment of $250 million of 3.90% unsecured public debt due November 1, 2025, upon its maturity and (iii) for general corporate purposes, which may include the future repayment of other outstanding debt.
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. We actively monitor the capital markets and maintain flexibility to access them opportunistically, while proactively managing our debt maturity profile to support a strong balance sheet. We currently expect to address these maturing obligations through a combination of cash flows from operations, refinancing, available liquidity under our Line, and proceeds from potential property sales. Of this amount, $88 million was repaid upon maturity on February 2, 2026.
Based upon our available cash balance, sources of capital, our current credit ratings, and the number of high quality, unencumbered properties we own, we believe our available capital resources are sufficient to meet our expected capital needs for the next year, although, in the longer term, we can provide no assurances.
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.

(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.
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 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.
 
We currently have development and redevelopment projects in various stages of planning, design and construction, along with a pipeline of potential projects for future development or redevelopment. 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. 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. 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. 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 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. We were in compliance with these covenants at December 31, 2025, and expect to remain in compliance.
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.

 
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. 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. 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. 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.

We plan to continue developing and redeveloping shopping centers for long-term investment. 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. 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. The timing and duration of these projects could also result in volatility in NOI. See the tables below for more details about our redevelopment projects.

• Development costs are higher in 2025 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 incurred. We cease interest capitalization when the property is no longer being developed or is available for occupancy upon substantial completion of tenant improvements, but in no event would we capitalize interest on the project beyond 12 months after the anchor tenant opens for business. 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. 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.

(2) Estimated Stabilization Year represents the estimated first full calendar year that the project will reach our expected stabilized yield.

(3) Includes leasing costs and is net of tenant reimbursements.

(4) The values are reflected at the Company's pro-rata share of 50.0%, as the project was completed prior to the Company's purchase of its partner's 50.0% ownership interest.

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.

(2) Estimated Stabilization Year represents the estimated first full calendar year that the project will reach our expected stabilized yield.

(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. 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.

 
Contractual Obligations and Other Commitments
We have material cash obligations at December 31, 2025, which are discussed in our notes to Consolidated Financial Statements and include:
• Mortgage loans, unsecured notes, and unsecured credit facilities as discussed in note 8, and related interest rate swaps as discussed in note 9;

• 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. We also have non-cancelable operating leases pertaining to office space from which we conduct our business. 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.

 
Critical Accounting Estimates
Knowledge about our significant accounting policies is necessary for a complete understanding of our Consolidated Financial Statements. The preparation of our Consolidated Financial Statements requires that we make certain estimates, judgments, and assumptions that impact the balance of assets and liabilities as of the financial statement date and the reported amount of income and expenses during the financial reporting period. These accounting estimates, judgments and assumptions are based upon, but not limited to historical experience, current trends, expected future results, current market conditions, and interpretation of industry accounting standards. While the following is not intended to be a comprehensive list of our accounting estimates, the estimates discussed below are believed to be critical because of their significance to the Consolidated Financial Statements and the possibility that future events may differ from those judgments, or that the use of different assumptions could result in materially different estimates. We review these estimates on a periodic basis to ensure reasonableness; however, the amounts we may ultimately realize could differ from such estimates.
Impairment of Real Estate Investments
In accordance with GAAP, we evaluate our real estate for impairment whenever there are events or changes in circumstances, including property operating performance, general market conditions or changes in expected hold periods, that indicate that the carrying value of our real estate properties (including any related amortizable intangible assets or liabilities) may not be recoverable. If such events or changes occur, we compare the current carrying value of the asset to the estimated undiscounted cash flows that are directly associated with the use and ultimate disposition of the asset. Our estimated cash flows are based on several key assumptions, including rental rates, expected leasing activity, costs of tenant improvements, leasing commissions, expected hold period, comparable sales information, and assumptions regarding the residual value upon disposition, including the exit capitalization rate. These key assumptions are subjective in nature and the resulting impairment, if any, could differ from the actual gain or loss recognized upon ultimate sale in an arm's length transaction. If the carrying value of the asset exceeds the estimated undiscounted cash flows, an impairment loss is recognized equal to the excess of carrying value over the estimated fair value.
The estimated fair value of real estate assets is subjective and is estimated through comparable sales information and other market data if available, as well as the use of an income approach such as the direct capitalization method or the discounted cash flow approach. The discounted cash flow method uses similar assumptions to the undiscounted cash flow method above, as well as a discount rate. Such cash flow projections and rates are subject to management judgment and changes in those assumptions could impact the estimation of fair value. 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.

56

 

Recent Accounting Pronouncements
See note 1 to Consolidated Financial Statements.
 
Item 7A. 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%. 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. If our credit ratings were downgraded or if we fail to meet the leverage targets or sustainability target thresholds, the applicable margin on the Line would increase, resulting in higher interest costs. As of December 31, 2025 the Adjusted SOFR plus the applicable margin of 0.685% was 4.445%.

• We are also exposed to changes in interest rates when we refinance our existing long-term fixed rate debt. The objective of our interest rate risk management program is to limit the impact of interest rate changes on earnings and cash flows. 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. Our interest rate swaps are structured solely for the purpose of interest rate protection.

We continuously monitor capital market conditions and assess our ability to favorably refinance maturing debt and to fund our commitments. Based on our current credit ratings, the available capacity under our unsecured credit facility, and the number of unencumbered high quality properties we own that could serve as collateral, we believe we will be able to issue new secured or unsecured debt to finance maturing debt obligations; however, the extent to which capital market volatility and changes in interest rates may adversely affect the cost or availability of such financing remains uncertain.
The table below presents the principal cash flows, weighted average interest rates of remaining debt, and the fair value of total debt as of December 31, 2025. For variable rate mortgages and unsecured credit facilities for which we have interest rate swaps in place to fix the interest rate, they are included in the Fixed rate debt section below at their all-in fixed rate. The table is presented by year of expected maturity to evaluate the expected cash flows and sensitivity to interest rate changes. 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. In addition, we continually assess the market risk for floating rate debt and believe that an increase of 100 basis points in interest rates would decrease future earnings and cash flows by approximately $1.2 million per year based on $120.0 million floating rate line of credit balance outstanding at December 31, 2025.
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. As a result, our ultimate realized gain or loss with respect to interest rate fluctuations will depend on the exposures that arise during the period, our hedging strategies at that time, and actual interest rates.
The table below presents the principal cash flow payments associated with our outstanding debt by year, weighted average interest rates on debt outstanding at each year-end, and fair value of total debt as of December 31, 2025:

(dollars in thousands)

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

Thereafter

 

 

Total

 

 

Fair Value

 

Fixed rate debt (1)

 

$

360,684

 

 

 

757,610

 

 

 

360,305

 

 

 

527,739

 

 

 

607,608

 

 

 

2,064,885

 

 

 

4,678,831

 

 

 

4,554,628

 

Average interest rate for all fixed rate debt  (2)

 

 

4.21

%

 

 

4.33

%

 

 

4.32

%

 

 

4.54

%

 

 

4.79

%

 

 

4.81

%

 

 

 

 

 

 

Variable rate SOFR debt (1)

 

$

—

 

 

 

—

 

 

 

120,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

120,000

 

 

 

120,000

 

Average interest rate for all variable rate debt (2)

 

 

4.45

%

 

 

4.45

%

 

 

4.45

%

 

 

—

%

 

 

—

%

 

 

—

%

 

 

 

 

 

 

(1) Reflects amount of debt maturities during each of the years presented as of December 31, 2025.

(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.
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). 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.
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.

Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. 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 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. 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.
Evaluation of expected hold periods for certain real estate assets
As discussed in Note 1 to the consolidated financial statements and presented on the consolidated balance sheet, real estate assets, less accumulated depreciation was $11.3 billion as of December 31, 2025. The Company evaluates real estate properties (including any related amortizable intangible assets or liabilities) for impairment whenever there are events or changes in circumstances that indicate the carrying value of the real estate properties may not be recoverable.
We identified the Company’s assessment of events or changes in circumstances that could indicate a shortened expected hold period for certain real estate properties as a critical audit matter. Subjective auditor judgment was required to evaluate the events or changes in circumstances assessed by the Company that could indicate shortened expected hold periods for certain real estate properties. 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. 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. To evaluate relevant events or changes in circumstances indicating a potential shortening of the expected holding period, we:
• inquired of management and obtained written representations regarding potential property disposal plans, if any

• read minutes of the meetings of the Company’s board of directors

• inquired of the Company’s plans with those in the organization who are responsible for, and have authority over, potential disposition activities

• compared management’s assessment of properties with potential shortened expected hold periods to information obtained from those in the organization responsible for disposition activity

• inspected listings from external sources of real estate properties for sale by the Company.

/s/ KPMG LLP
We have served as the Company's auditor since 1993.
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. 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.
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.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. 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. 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.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. 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). 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.
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.
Basis for Opinion
These consolidated financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. 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 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. 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.
Evaluation of expected hold periods for certain real estate assets
As discussed in Note 1 to the consolidated financial statements and presented on the consolidated balance sheet, real estate assets, less accumulated depreciation was $11.3 billion as of December 31, 2025. The Partnership evaluates real estate properties (including any related amortizable intangible assets or liabilities) for impairment whenever there are events or changes in circumstances that indicate the carrying value of the real estate properties may not be recoverable.
We identified the Partnership’s assessment of events or changes in circumstances that could indicate a shortened expected hold period for certain real estate properties as a critical audit matter. Subjective auditor judgment was required to evaluate the events or changes in circumstances assessed by the Partnership that could indicate shortened expected hold periods for certain real estate properties. 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. We evaluated the design and tested the operating effectiveness of a control related to the Partnership’s assessment of events or changes in circumstances that could indicate shortened expected hold periods for certain real estate properties. To evaluate relevant events or changes in circumstances indicating a potential shortening of the expected holding period, we:
• inquired of management and obtained written representations regarding potential property disposal plans, if any

• read minutes of the meetings of the general partner’s board of directors

• inquired of the Partnership’s plans with those in the organization who are responsible for, and have authority over, potential disposition activities

• compared management’s assessment of properties with potential shortened expected hold periods to information obtained from those in the organization responsible for disposition activity

• inspected listings from external sources of real estate properties for sale by the Partnership.

/s/ KPMG LLP
We have served as the Partnership's auditor since 1998.
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. 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.
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.
Basis for Opinion
The Partnership’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Partnership’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. 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. 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.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. 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

64

 

RE GENCY CENTERS CORPORATION
Consolidated Balance Sheets
December 31, 2025 and 2024
(in thousands, except share data)
 

 

 

2025

 

 

2024

 

Assets

 

 

 

 

 

 

Net real estate investments:

 

 

 

 

 

 

Real estate assets, at cost

 

$

14,561,924

 

 

 

13,698,419

 

Less: accumulated depreciation

 

 

3,267,728

 

 

 

2,960,399

 

Real estate assets, net

 

 

11,294,196

 

 

 

10,738,020

 

Investments in sales-type leases, net

 

 

16,727

 

 

 

16,291

 

Investments in real estate partnerships

 

 

349,856

 

 

 

399,044

 

Net real estate investments

 

 

11,660,779

 

 

 

11,153,355

 

Cash, cash equivalents, and restricted cash, including $ 16,004  and $ 5,601  of restricted cash at December 31, 2025 and 2024, respectively

 

 

120,661

 

 

 

61,884

 

Tenant and other receivables, net

 

 

273,862

 

 

 

255,495

 

Deferred leasing costs, less accumulated amortization of $ 138,391  and $ 131,080  at December 31, 2025 and 2024, respectively

 

 

97,253

 

 

 

79,911

 

Acquired lease intangible assets, less accumulated amortization of $ 421,433  and $ 395,209  at December 31, 2025 and 2024, respectively

 

 

254,201

 

 

 

229,983

 

Right of use assets, net

 

 

315,804

 

 

 

322,287

 

Other assets

 

 

278,723

 

 

 

289,046

 

Total assets

 

$

13,001,283

 

 

 

12,391,961

 

Liabilities and Equity

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Notes payable, net

 

$

4,619,301

 

 

 

4,343,700

 

Unsecured credit facility

 

 

120,000

 

 

 

65,000

 

Accounts payable and other liabilities

 

 

391,847

 

 

 

392,302

 

Acquired lease intangible liabilities, less accumulated amortization of $ 243,040  and $ 222,052  at December 31, 2025 and 2024, respectively

 

 

356,454

 

 

 

364,608

 

Lease liabilities

 

 

242,368

 

 

 

244,861

 

Tenants' security, escrow deposits and prepaid rent

 

 

89,707

 

 

 

81,183

 

Total liabilities

 

 

5,819,677

 

 

 

5,491,654

 

Commitments and contingencies

 

 

—

 

 

 

—

 

Equity:

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

Preferred stock $ 0.01  par value per share, 30,000,000  shares authorized; 9,000,000  shares issued and outstanding, in the aggregate, in Series A and Series B at December 31, 2025 and 2024

 

 

225,000

 

 

 

225,000

 

Common stock $ 0.01  par value per share, 220,000,000  shares authorized; 182,902,234  and 181,361,454  shares issued and outstanding at December 31, 2025 and 2024, respectively

 

 

1,829

 

 

 

1,814

 

Treasury stock at cost, 494,307  and 479,251  shares held at December 31, 2025 and 2024, respectively

 

 

( 31,075

)

 

 

( 28,045

)

Additional paid-in-capital

 

 

8,704,138

 

 

 

8,503,227

 

Accumulated other comprehensive (loss) income

 

 

( 4,220

)

 

 

2,226

 

Distributions in excess of net income

 

 

( 1,988,782

)

 

 

( 1,980,076

)

Total shareholders' equity

 

 

6,906,890

 

 

 

6,724,146

 

Noncontrolling interests:

 

 

 

 

 

 

Exchangeable operating partnership units, aggregate redemption value of $ 264,950  and $ 81,076  at December 31, 2025 and 2024, respectively

 

 

144,940

 

 

 

40,744

 

Limited partners' interests in consolidated partnerships

 

 

129,776

 

 

 

135,417

 

Total noncontrolling interests

 

 

274,716

 

 

 

176,161

 

Total equity

 

 

7,181,606

 

 

 

6,900,307

 

Total liabilities and equity

 

$

13,001,283

 

 

 

12,391,961

 

The accompanying notes are an integral part of the consolidated financial statements.

65

 

RE GENCY CENTERS CORPORATION
Consolidated Statements of Operations
For the years ended December 31, 2025, 2024, and 2023
(in thousands, except per share data)
 

 

 

2025

 

 

2024

 

 

2023

 

Revenues:

 

 

 

 

 

 

 

 

 

Lease income

 

$

1,511,425

 

 

 

1,411,379

 

 

 

1,283,939

 

Other property income

 

 

13,741

 

 

 

14,651

 

 

 

11,573

 

Management, transaction, and other fees

 

 

28,358

 

 

 

27,874

 

 

 

26,954

 

Total revenues

 

 

1,553,524

 

 

 

1,453,904

 

 

 

1,322,466

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

405,044

 

 

 

394,714

 

 

 

352,282

 

Property operating expense

 

 

264,877

 

 

 

248,637

 

 

 

229,209

 

Real estate taxes

 

 

192,282

 

 

 

184,415

 

 

 

165,560

 

General and administrative

 

 

99,407

 

 

 

101,465

 

 

 

97,806

 

Other operating expenses

 

 

8,849

 

 

 

10,867

 

 

 

9,459

 

Total operating expenses

 

 

970,459

 

 

 

940,098

 

 

 

854,316

 

Other expense, net:

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

199,548

 

 

 

180,119

 

 

 

154,249

 

Provision for impairment of real estate

 

 

4,606

 

 

 

14,304

 

 

 

—

 

Gain on sale of real estate, net of tax

 

 

( 24,464

)

 

 

( 34,162

)

 

 

( 661

)

Loss (gain) on early extinguishment of debt

 

 

—

 

 

 

180

 

 

 

( 99

)

Net investment income

 

 

( 4,077

)

 

 

( 6,181

)

 

 

( 5,665

)

Total other expense, net

 

 

175,613

 

 

 

154,260

 

 

 

147,824

 

Income before equity in income of investments in real estate partnerships

 

 

407,452

 

 

 

359,546

 

 

 

320,326

 

Equity in income of investments in real estate partnerships

 

 

133,499

 

 

 

50,294

 

 

 

50,541

 

Net income

 

 

540,951

 

 

 

409,840

 

 

 

370,867

 

Noncontrolling interests:

 

 

 

 

 

 

 

 

 

Exchangeable operating partnership units ("EOP")

 

 

( 7,069

)

 

 

( 2,338

)

 

 

( 2,008

)

Limited partners' interests in consolidated partnerships

 

 

( 6,422

)

 

 

( 7,114

)

 

 

( 4,302

)

Net income attributable to noncontrolling interests

 

 

( 13,491

)

 

 

( 9,452

)

 

 

( 6,310

)

Net income attributable to the Company

 

 

527,460

 

 

 

400,388

 

 

 

364,557

 

Preferred stock dividends

 

 

( 13,650

)

 

 

( 13,650

)

 

 

( 5,057

)

Net income attributable to common shareholders

 

$

513,810

 

 

 

386,738

 

 

 

359,500

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common shareholders:

 

 

 

 

 

 

 

 

 

Per common share - basic

 

$

2.82

 

 

 

2.12

 

 

 

2.04

 

Per common share - diluted

 

$

2.82

 

 

 

2.11

 

 

 

2.04

 

The accompanying notes are an integral part of the consolidated financial statements.

66

 

REG ENCY CENTERS CORPORATION
Consolidated Statements of Comprehensive Income
For the years ended December 31, 2025, 2024, and 2023
(in thousands)
 

 

 

2025

 

 

2024

 

 

2023

 

Net income

 

$

540,951

 

 

 

409,840

 

 

 

370,867

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

Effective portion of change in fair value of derivative instruments:

 

 

 

 

 

 

 

 

 

Effective portion of change in fair value of derivative instruments

 

 

( 2,659

)

 

 

12,523

 

 

 

( 2,448

)

Reclassification adjustment of derivative instruments included in net income

 

 

( 4,738

)

 

 

( 8,895

)

 

 

( 7,536

)

Unrealized gain (loss) on available-for-sale debt securities

 

 

436

 

 

 

( 32

)

 

 

337

 

Other comprehensive (loss) income

 

 

( 6,961

)

 

 

3,596

 

 

 

( 9,647

)

Comprehensive income

 

 

533,990

 

 

 

413,436

 

 

 

361,220

 

Less: comprehensive income attributable to noncontrolling interests:

 

 

 

 

 

 

 

 

 

Net income attributable to noncontrolling interests

 

 

13,491

 

 

 

9,452

 

 

 

6,310

 

Other comprehensive (loss) income attributable to noncontrolling interests

 

 

( 515

)

 

 

62

 

 

 

( 779

)

Comprehensive income attributable to noncontrolling interests

 

 

12,976

 

 

 

9,514

 

 

 

5,531

 

Comprehensive income attributable to the Company

 

$

521,014

 

 

 

403,922

 

 

 

355,689

 

The accompanying notes are an integral part of the consolidated financial statements.

67

 

REG ENCY CENTERS CORPORATION
Consolidated Statements of Equity
For the years ended December 31, 2025, 2024, and 2023
(in thousands, except per share data)
 

 

 

Shareholders' Equity

 

 

Noncontrolling Interests

 

 

 

 

 

 

Preferred
Stock

 

 

Common
Stock

 

 

Treasury
Stock

 

 

Additional
Paid In
Capital

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Distributions
in Excess of
Net Income

 

 

Total
Shareholders'
Equity

 

 

Exchangeable
Operating
Partnership
Units

 

 

Limited
Partners'
Interest in
Consolidated
Partnerships

 

 

Total
Noncontrolling
Interests

 

 

Total
Equity

 

Balance at December 31, 2022

 

$

—

 

 

 

1,711

 

 

 

( 24,461

)

 

 

7,877,152

 

 

 

7,560

 

 

 

( 1,764,977

)

 

 

6,096,985

 

 

 

34,489

 

 

 

46,565

 

 

 

81,054

 

 

 

6,178,039

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

364,557

 

 

 

364,557

 

 

 

2,008

 

 

 

4,302

 

 

 

6,310

 

 

 

370,867

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss before reclassification

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 2,063

)

 

 

—

 

 

 

( 2,063

)

 

 

( 9

)

 

 

( 39

)

 

 

( 48

)

 

 

( 2,111

)

Amounts reclassified from accumulated other comprehensive loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 6,805

)

 

 

—

 

 

 

( 6,805

)

 

 

( 39

)

 

 

( 692

)

 

 

( 731

)

 

 

( 7,536

)

Adjustment for noncontrolling interests

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13,518

 

 

 

—

 

 

 

—

 

 

 

13,518

 

 

 

( 13,518

)

 

 

—

 

 

 

( 13,518

)

 

 

—

 

Deferred compensation plan, net

 

 

—

 

 

 

—

 

 

 

( 1,027

)

 

 

1,027

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of equity awards

 

 

—

 

 

 

2

 

 

 

—

 

 

 

20,439

 

 

 

—

 

 

 

—

 

 

 

20,441

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

20,441

 

Tax withholding on stock-based compensation

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 7,074

)

 

 

—

 

 

 

—

 

 

 

( 7,074

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 7,074

)

Common stock repurchased and retired

 

 

—

 

 

 

( 3

)

 

 

—

 

 

 

( 20,003

)

 

 

—

 

 

 

—

 

 

 

( 20,006

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 20,006

)

Repurchase of EOP units

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 9,163

)

 

 

—

 

 

 

( 9,163

)

 

 

( 9,163

)

Common stock issued under dividend reinvestment plan

 

 

—

 

 

 

—

 

 

 

—

 

 

 

622

 

 

 

—

 

 

 

—

 

 

 

622

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

622

 

Common stock issued for exchangeable units exchanged

 

 

—

 

 

 

—

 

 

 

—

 

 

 

198

 

 

 

—

 

 

 

—

 

 

 

198

 

 

 

( 198

)

 

 

—

 

 

 

( 198

)

 

 

—

 

Common stock issued, net of issuance costs

 

 

—

 

 

 

136

 

 

 

—

 

 

 

818,361

 

 

 

—

 

 

 

—

 

 

 

818,497

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

818,497

 

Issuance of EOP units

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

31,253

 

 

 

—

 

 

 

31,253

 

 

 

31,253

 

Issuance of preferred stock

 

 

225,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

225,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

225,000

 

Contributions from partners

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

74,730

 

 

 

74,730

 

 

 

74,730

 

Distributions to partners

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 7,813

)

 

 

( 7,813

)

 

 

( 7,813

)

Dividends declared:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock stock/unit (Series A: $ 0.781250  per share/unit; Series B: $ 0.734400  per share/unit)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 5,057

)

 

 

( 5,057

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 5,057

)

Common stock/unit ($ 2.620  per share/unit)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 466,126

)

 

 

( 466,126

)

 

 

( 2,628

)

 

 

—

 

 

 

( 2,628

)

 

 

( 468,754

)

Balance at December 31, 2023

 

$

225,000

 

 

 

1,846

 

 

 

( 25,488

)

 

 

8,704,240

 

 

 

( 1,308

)

 

 

( 1,871,603

)

 

 

7,032,687

 

 

 

42,195

 

 

 

117,053

 

 

 

159,248

 

 

 

7,191,935

 

 

68

 

 

 

 

Shareholders' Equity

 

 

Noncontrolling Interests

 

 

 

 

 

 

Preferred
Stock

 

 

Common
Stock

 

 

Treasury
Stock

 

 

Additional
Paid In
Capital

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Distributions
in Excess of
Net Income

 

 

Total
Shareholders'
Equity

 

 

Exchangeable
Operating
Partnership
Units

 

 

Limited
Partners'
Interest in
Consolidated
Partnerships

 

 

Total
Noncontrolling
Interests

 

 

Total
Equity

 

Balance at December 31, 2023

 

$

225,000

 

 

 

1,846

 

 

 

( 25,488

)

 

 

8,704,240

 

 

 

( 1,308

)

 

 

( 1,871,603

)

 

 

7,032,687

 

 

 

42,195

 

 

 

117,053

 

 

 

159,248

 

 

 

7,191,935

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

400,388

 

 

 

400,388

 

 

 

2,338

 

 

 

7,114

 

 

 

9,452

 

 

 

409,840

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income before reclassification

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

11,845

 

 

 

—

 

 

 

11,845

 

 

 

70

 

 

 

576

 

 

 

646

 

 

 

12,491

 

Amounts reclassified from accumulated other comprehensive income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 8,311

)

 

 

—

 

 

 

( 8,311

)

 

 

( 50

)

 

 

( 534

)

 

 

( 584

)

 

 

( 8,895

)

Adjustment for noncontrolling interests

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 10,833

)

 

 

—

 

 

 

—

 

 

 

( 10,833

)

 

 

2,119

 

 

 

8,714

 

 

 

10,833

 

 

 

—

 

Deferred compensation plan, net

 

 

—

 

 

 

—

 

 

 

( 2,557

)

 

 

2,557

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of equity awards

 

 

—

 

 

 

1

 

 

 

—

 

 

 

24,916

 

 

 

—

 

 

 

—

 

 

 

24,917

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

24,917

 

Tax withholding on stock-based compensation

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 19,012

)

 

 

—

 

 

 

—

 

 

 

( 19,012

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 19,012

)

Common stock repurchased and retired

 

 

—

 

 

 

( 33

)

 

 

—

 

 

 

( 200,033

)

 

 

—

 

 

 

—

 

 

 

( 200,066

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 200,066

)

Common stock issued under dividend reinvestment plan

 

 

—

 

 

 

—

 

 

 

—

 

 

 

657

 

 

 

—

 

 

 

—

 

 

 

657

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

657

 

Common stock issued for exchangeable units exchanged

 

 

—

 

 

 

—

 

 

 

—

 

 

 

735

 

 

 

—

 

 

 

—

 

 

 

735

 

 

 

( 735

)

 

 

—

 

 

 

( 735

)

 

 

—

 

Contributions from partners

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

14,679

 

 

 

14,679

 

 

 

14,679

 

Distributions to partners

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 12,185

)

 

 

( 12,185

)

 

 

( 12,185

)

Dividends declared:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock stock/unit (Series A: $ 1.562500  per share/unit; Series B: $ 1.468800  per share/unit)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 13,650

)

 

 

( 13,650

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 13,650

)

Common stock/unit ($ 2.715  per share/unit)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 495,211

)

 

 

( 495,211

)

 

 

( 5,193

)

 

 

—

 

 

 

( 5,193

)

 

 

( 500,404

)

Balance at December 31, 2024

 

$

225,000

 

 

 

1,814

 

 

 

( 28,045

)

 

 

8,503,227

 

 

 

2,226

 

 

 

( 1,980,076

)

 

 

6,724,146

 

 

 

40,744

 

 

 

135,417

 

 

 

176,161

 

 

 

6,900,307

 

 

69

 

 

 

 

Shareholders' Equity

 

 

Noncontrolling Interests

 

 

 

 

 

 

Preferred
Stock

 

 

Common
Stock

 

 

Treasury
Stock

 

 

Additional
Paid In
Capital

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Distributions
in Excess of
Net Income

 

 

Total
Shareholders'
Equity

 

 

Exchangeable
Operating
Partnership
Units

 

 

Limited
Partners'
Interest in
Consolidated
Partnerships

 

 

Total
Noncontrolling
Interests

 

 

Total
Equity

 

Balance at December 31, 2024

 

$

225,000

 

 

 

1,814

 

 

 

( 28,045

)

 

 

8,503,227

 

 

 

2,226

 

 

 

( 1,980,076

)

 

 

6,724,146

 

 

 

40,744

 

 

 

135,417

 

 

 

176,161

 

 

 

6,900,307

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

527,460

 

 

 

527,460

 

 

 

7,069

 

 

 

6,422

 

 

 

13,491

 

 

 

540,951

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss before reclassification

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 2,070

)

 

 

—

 

 

 

( 2,070

)

 

 

( 2

)

 

 

( 151

)

 

 

( 153

)

 

 

( 2,223

)

Amounts reclassified from accumulated other comprehensive loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 4,376

)

 

 

—

 

 

 

( 4,376

)

 

 

( 42

)

 

 

( 320

)

 

 

( 362

)

 

 

( 4,738

)

Adjustment for noncontrolling interests

 

 

—

 

 

 

—

 

 

 

—

 

 

 

83,514

 

 

 

—

 

 

 

—

 

 

 

83,514

 

 

 

( 95,323

)

 

 

11,809

 

 

 

( 83,514

)

 

 

—

 

Deferred compensation plan, net

 

 

—

 

 

 

—

 

 

 

( 3,030

)

 

 

3,030

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of equity awards

 

 

—

 

 

 

2

 

 

 

—

 

 

 

22,085

 

 

 

—

 

 

 

—

 

 

 

22,087

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

22,087

 

Tax withholding on stock-based compensation

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 6,794

)

 

 

—

 

 

 

—

 

 

 

( 6,794

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 6,794

)

Repurchase of EOP units

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 2,046

)

 

 

—

 

 

 

( 2,046

)

 

 

( 2,046

)

Common stock issued under dividend reinvestment plan

 

 

—

 

 

 

—

 

 

 

—

 

 

 

722

 

 

 

—

 

 

 

—

 

 

 

722

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

722

 

Common stock issued for exchangeable units exchanged

 

 

—

 

 

 

—

 

 

 

—

 

 

 

200

 

 

 

—

 

 

 

—

 

 

 

200

 

 

 

( 200

)

 

 

—

 

 

 

( 200

)

 

 

—

 

Common stock issued, net of issuance costs

 

 

—

 

 

 

13

 

 

 

—

 

 

 

98,154

 

 

 

—

 

 

 

—

 

 

 

98,167

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

98,167

 

Contributions from partners

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

201,872

 

 

 

17,593

 

 

 

219,465

 

 

 

219,465

 

Distributions to partners

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 40,994

)

 

 

( 40,994

)

 

 

( 40,994

)

Dividends declared:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock stock/unit (Series A: $ 1.562500  per share/unit; Series B: $ 1.468800  per share/unit)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 13,650

)

 

 

( 13,650

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 13,650

)

Common stock/unit ($ 2.870  per share/unit)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 522,516

)

 

 

( 522,516

)

 

 

( 7,132

)

 

 

—

 

 

 

( 7,132

)

 

 

( 529,648

)

Balance at December 31, 2025

 

$

225,000

 

 

 

1,829

 

 

 

( 31,075

)

 

 

8,704,138

 

 

 

( 4,220

)

 

 

( 1,988,782

)

 

 

6,906,890

 

 

 

144,940

 

 

 

129,776

 

 

 

274,716

 

 

 

7,181,606

 

The accompanying notes are an integral part of the consolidated financial statements.

70

 

REG ENCY CENTERS CORPORATION
Consolidated Statements of Cash Flows
For the years ended December 31, 2025, 2024, and 2023
(in thousands)
 

 

 

2025

 

 

2024

 

 

2023

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

Net income

 

$

540,951

 

 

 

409,840

 

 

 

370,867

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

405,044

 

 

 

394,714

 

 

 

352,282

 

Amortization of deferred financing costs and debt premiums

 

 

15,011

 

 

 

13,096

 

 

 

8,252

 

Amortization of above and below market lease intangibles, net

 

 

( 22,290

)

 

 

( 22,701

)

 

 

( 29,130

)

Stock-based compensation, net of capitalization

 

 

19,459

 

 

 

23,504

 

 

 

20,075

 

Equity in income of investments in real estate partnerships

 

 

( 133,499

)

 

 

( 50,294

)

 

 

( 50,541

)

Gain on sale of real estate, net of tax

 

 

( 24,464

)

 

 

( 34,162

)

 

 

( 661

)

Provision for impairment of real estate, net of tax

 

 

4,606

 

 

 

14,304

 

 

 

—

 

Loss (gain) on early extinguishment of debt

 

 

—

 

 

 

180

 

 

 

( 99

)

Distribution of earnings from investments in real estate partnerships

 

 

64,471

 

 

 

69,156

 

 

 

66,531

 

Deferred compensation expense

 

 

3,272

 

 

 

5,256

 

 

 

4,782

 

Realized and unrealized gain on investments

 

 

( 4,119

)

 

 

( 5,930

)

 

 

( 5,571

)

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

 

Tenant and other receivables

 

 

( 18,519

)

 

 

( 24,219

)

 

 

( 13,904

)

Deferred leasing costs

 

 

( 18,961

)

 

 

( 11,703

)

 

 

( 11,156

)

Other assets

 

 

( 1,962

)

 

 

1,818

 

 

 

3,028

 

Accounts payable and other liabilities

 

 

( 7,868

)

 

 

4,253

 

 

 

5,152

 

Tenants' security, escrow deposits and prepaid rent

 

 

6,560

 

 

 

3,086

 

 

 

( 316

)

Net cash provided by operating activities

 

 

827,692

 

 

 

790,198

 

 

 

719,591

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

Acquisition of operating real estate, net of cash acquired of $ 4,273  in 2025

 

 

( 104,153

)

 

 

( 45,405

)

 

 

( 45,386

)

Acquisition of UBP, net of cash acquired of $ 14,143

 

 

—

 

 

 

—

 

 

 

( 82,389

)

Real estate development and capital improvements

 

 

( 435,112

)

 

 

( 343,368

)

 

 

( 232,855

)

Proceeds from sale of real estate

 

 

124,992

 

 

 

108,615

 

 

 

11,167

 

Proceeds from property insurance casualty claims

 

 

—

 

 

 

5,286

 

 

 

—

 

Issuance of notes receivable

 

 

( 838

)

 

 

( 32,651

)

 

 

( 4,000

)

Collection of notes receivable

 

 

687

 

 

 

3,115

 

 

 

4,000

 

Investments in real estate partnerships

 

 

( 44,323

)

 

 

( 41,345

)

 

 

( 13,119

)

Return of capital from investments in real estate partnerships

 

 

32,549

 

 

 

13,034

 

 

 

11,308

 

Dividends on investment securities

 

 

1,389

 

 

 

453

 

 

 

1,283

 

Purchase of investment securities

 

 

( 103,312

)

 

 

( 101,044

)

 

 

( 7,990

)

Proceeds from sale of investment securities

 

 

106,981

 

 

 

106,666

 

 

 

16,003

 

Net cash used in investing activities

 

 

( 421,140

)

 

 

( 326,644

)

 

 

( 341,978

)

 

71

 

 

 

 

2025

 

 

2024

 

 

2023

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

Net proceeds from common stock issuance

 

$

98,167

 

 

 

—

 

 

 

( 33

)

Tax withholding on stock-based compensation

 

 

( 6,794

)

 

 

( 19,540

)

 

 

( 7,662

)

Common shares repurchased through share repurchase program

 

 

—

 

 

 

( 200,066

)

 

 

( 20,006

)

Redemption of exchangeable operating partnership units

 

 

( 2,046

)

 

 

—

 

 

 

( 9,163

)

Proceeds from sale of treasury stock

 

 

502

 

 

 

210

 

 

 

103

 

Contributions from noncontrolling interests

 

 

16,594

 

 

 

6,789

 

 

 

10,238

 

Distributions to and redemptions of noncontrolling interests

 

 

( 40,994

)

 

 

( 12,185

)

 

 

( 7,813

)

Distributions to exchangeable operating partnership unit holders

 

 

( 5,007

)

 

 

( 2,952

)

 

 

( 2,368

)

Dividends paid to common shareholders

 

 

( 511,564

)

 

 

( 490,365

)

 

 

( 453,065

)

Dividends paid to preferred shareholders

 

 

( 13,650

)

 

 

( 13,650

)

 

 

( 3,413

)

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

 

 

 

—

 

Proceeds from unsecured credit facilities

 

 

650,000

 

 

 

722,419

 

 

 

557,000

 

Repayment of unsecured credit facilities

 

 

( 595,000

)

 

 

( 809,419

)

 

 

( 405,000

)

Proceeds from notes payable

 

 

10,000

 

 

 

12,000

 

 

 

59,500

 

Repayment of notes payable

 

 

( 80,130

)

 

 

( 131,261

)

 

 

( 61,592

)

Scheduled principal payments

 

 

( 11,144

)

 

 

( 11,209

)

 

 

( 11,235

)

Payment of financing costs

 

 

( 3,825

)

 

 

( 16,655

)

 

 

( 526

)

Net cash used in financing activities

 

 

( 347,775

)

 

 

( 493,024

)

 

 

( 355,035

)

Net change in cash, cash equivalents and restricted cash

 

 

58,777

 

 

 

( 29,470

)

 

 

22,578

 

Cash, cash equivalents, and restricted cash at beginning of the year

 

 

61,884

 

 

 

91,354

 

 

 

68,776

 

Cash, cash equivalents, and restricted cash at end of the year

 

$

120,661

 

 

$

61,884

 

 

 

91,354

 

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

 

Cash paid for interest (net of capitalized interest of $ 10,289 , $ 6,627 , and $ 5,695  in 2025, 2024, and 2023, respectively)

 

$

179,216

 

 

 

161,356

 

 

 

147,176

 

Supplemental disclosure of non-cash transactions:

 

 

 

 

 

 

 

 

 

Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid

 

$

143,260

 

 

 

133,114

 

 

 

126,683

 

Right of use assets obtained in exchange for new operating lease liabilities

 

$

278

 

 

 

1,271

 

 

 

36,577

 

Sale of leased asset in exchange for net investment in sales-type lease

 

$

—

 

 

 

2,846

 

 

 

8,510

 

Acquisition of operating real estate:

 

 

 

 

 

 

 

 

 

Tenant and other receivable and other assets

 

$

1,389

 

 

 

231

 

 

 

37,799

 

Acquired lease intangible assets

 

$

55,081

 

 

 

5,359

 

 

 

136,652

 

Notes payable assumed in acquisition, at fair value

 

$

166,480

 

 

 

—

 

 

 

284,706

 

Intangible liabilities, accounts payable and other liabilities

 

$

23,198

 

 

 

6,580

 

 

 

119,750

 

Noncontrolling interest assumed in acquisition, at fair value

 

$

—

 

 

 

—

 

 

 

64,492

 

Common stock exchanged for UBP shares

 

$

—

 

 

 

—

 

 

 

818,530

 

Preferred stock exchanged for UBP shares

 

$

—

 

 

 

—

 

 

 

225,000

 

Acquisition of previously unconsolidated real estate investments:

 

 

 

 

 

 

 

 

 

Acquired lease intangible assets

 

$

23,237

 

 

 

—

 

 

 

—

 

Notes payable assumed in acquisition, at fair value

 

$

38,485

 

 

 

—

 

 

 

—

 

Intangible liabilities, Accounts payable and other liabilities

 

$

9,918

 

 

 

—

 

 

 

—

 

Acquisition of real estate assets

 

$

127,820

 

 

 

—

 

 

 

—

 

Exchangeable operating partnership units issued for acquisition of real estate

 

$

199,662

 

 

 

—

 

 

 

31,253

 

Change in accrued capital expenditures

 

$

8,207

 

 

 

14,036

 

 

 

8,877

 

Contributions to investments in real estate partnerships

 

$

1,050

 

 

 

18,459

 

 

 

920

 

Contributions from limited partners in consolidated partnerships

 

$

3,209

 

 

 

7,890

 

 

 

—

 

The accompanying notes are an integral part of the consolidated financial statements.

72

 

RE GENCY CENTERS, L.P.
Consolidated Balance Sheets
December 31, 2025 and 2024
(in thousands, except unit data)
 

 

 

2025

 

 

2024

 

Assets

 

 

 

 

 

 

Net real estate investments:

 

 

 

 

 

 

Real estate assets, at cost

 

$

14,561,924

 

 

 

13,698,419

 

Less: accumulated depreciation

 

 

3,267,728

 

 

 

2,960,399

 

Real estate assets, net

 

 

11,294,196

 

 

 

10,738,020

 

Investments in sales-type leases, net

 

 

16,727

 

 

 

16,291

 

Investments in real estate partnerships

 

 

349,856

 

 

 

399,044

 

Net real estate investments

 

 

11,660,779

 

 

 

11,153,355

 

Cash, cash equivalents, and restricted cash, including $ 16,004  and $ 5,601  of restricted cash at December 31, 2025 and 2024, respectively

 

 

120,661

 

 

 

61,884

 

Tenant and other receivables, net

 

 

273,862

 

 

 

255,495

 

Deferred leasing costs, less accumulated amortization of $ 138,391  and $ 131,080  at December 31, 2025 and 2024, respectively

 

 

97,253

 

 

 

79,911

 

Acquired lease intangible assets, less accumulated amortization of $ 421,433  and $ 395,209  at December 31, 2025 and 2024, respectively

 

 

254,201

 

 

 

229,983

 

Right of use assets, net

 

 

315,804

 

 

 

322,287

 

Other assets

 

 

278,723

 

 

 

289,046

 

Total assets

 

$

13,001,283

 

 

 

12,391,961

 

Liabilities and Capital

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Notes payable, net

 

$

4,619,301

 

 

 

4,343,700

 

Unsecured credit facility

 

 

120,000

 

 

 

65,000

 

Accounts payable and other liabilities

 

 

391,847

 

 

 

392,302

 

Acquired lease intangible liabilities, less accumulated amortization of $ 243,040  and $ 222,052  at December 31, 2025 and 2024, respectively

 

 

356,454

 

 

 

364,608

 

Lease liabilities

 

 

242,368

 

 

 

244,861

 

Tenants' security, escrow deposits and prepaid rent

 

 

89,707

 

 

 

81,183

 

Total liabilities

 

 

5,819,677

 

 

 

5,491,654

 

Commitments and contingencies

 

 

—

 

 

 

—

 

Capital:

 

 

 

 

 

 

Partners' capital:

 

 

 

 

 

 

Preferred units $ 0.01  par value per unit, 30,000,000  units authorized; 9,000,000  units issued and outstanding, in the aggregate, in Series A and Series B at December 31, 2025 and 2024

 

 

225,000

 

 

 

225,000

 

General partner's common units, 182,902,234  and 181,361,454  units issued and outstanding at December 31, 2025 and 2024, respectively

 

 

6,686,110

 

 

 

6,496,920

 

Limited partners' common units, 3,838,188  and 1,096,659  units issued and outstanding at December 31, 2025 and 2024, respectively

 

 

144,940

 

 

 

40,744

 

Accumulated other comprehensive (loss) income

 

 

( 4,220

)

 

 

2,226

 

Total partners' capital

 

 

7,051,830

 

 

 

6,764,890

 

Noncontrolling interest: Limited partners' interests in consolidated partnerships

 

 

129,776

 

 

 

135,417

 

Total capital

 

 

7,181,606

 

 

 

6,900,307

 

Total liabilities and capital

 

$

13,001,283

 

 

 

12,391,961

 

The accompanying notes are an integral part of the consolidated financial statements.

73

 

REG ENCY CENTERS, L.P.
Consolidated Statements of Operations
For the years ended December 31, 2025, 2024, and 2023
(in thousands, except per unit data)
 

 

 

2025

 

 

2024

 

 

2023

 

Revenues:

 

 

 

 

 

 

 

 

 

Lease income

 

$

1,511,425

 

 

 

1,411,379

 

 

 

1,283,939

 

Other property income

 

 

13,741

 

 

 

14,651

 

 

 

11,573

 

Management, transaction, and other fees

 

 

28,358

 

 

 

27,874

 

 

 

26,954

 

Total revenues

 

 

1,553,524

 

 

 

1,453,904

 

 

 

1,322,466

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

405,044

 

 

 

394,714

 

 

 

352,282

 

Property operating expense

 

 

264,877

 

 

 

248,637

 

 

 

229,209

 

Real estate taxes

 

 

192,282

 

 

 

184,415

 

 

 

165,560

 

General and administrative

 

 

99,407

 

 

 

101,465

 

 

 

97,806

 

Other operating expenses

 

 

8,849

 

 

 

10,867

 

 

 

9,459

 

Total operating expenses

 

 

970,459

 

 

 

940,098

 

 

 

854,316

 

Other expense, net:

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

199,548

 

 

 

180,119

 

 

 

154,249

 

Provision for impairment of real estate

 

 

4,606

 

 

 

14,304

 

 

 

—

 

Gain on sale of real estate, net of tax

 

 

( 24,464

)

 

 

( 34,162

)

 

 

( 661

)

Loss (gain) on early extinguishment of debt

 

 

—

 

 

 

180

 

 

 

( 99

)

Net investment income

 

 

( 4,077

)

 

 

( 6,181

)

 

 

( 5,665

)

Total other expense, net

 

 

175,613

 

 

 

154,260

 

 

 

147,824

 

Income before equity in income of investments in real estate partnerships

 

 

407,452

 

 

 

359,546

 

 

 

320,326

 

Equity in income of investments in real estate partnerships

 

 

133,499

 

 

 

50,294

 

 

 

50,541

 

Net income

 

 

540,951

 

 

 

409,840

 

 

 

370,867

 

Limited partners' interests in consolidated partnerships

 

 

( 6,422

)

 

 

( 7,114

)

 

 

( 4,302

)

Net income attributable to the Partnership

 

 

534,529

 

 

 

402,726

 

 

 

366,565

 

Preferred unit distributions

 

 

( 13,650

)

 

 

( 13,650

)

 

 

( 5,057

)

Net income attributable to common unit holders

 

$

520,879

 

 

 

389,076

 

 

 

361,508

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common unit holders:

 

 

 

 

 

 

 

 

 

Per common unit - basic

 

$

2.83

 

 

 

2.12

 

 

 

2.04

 

Per common unit - diluted

 

$

2.82

 

 

 

2.11

 

 

 

2.04

 

The accompanying notes are an integral part of the consolidated financial statements.

74

 

REG ENCY CENTERS, L.P.
Consolidated Statements of Comprehensive Income
For the years ended December 31, 2025, 2024, and 2023
(in thousands)
 

 

 

2025

 

 

2024

 

 

2023

 

Net income

 

$

540,951

 

 

 

409,840

 

 

 

370,867

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

Effective portion of change in fair value of derivative instruments:

 

 

 

 

 

 

 

 

 

Effective portion of change in fair value of derivative instruments

 

 

( 2,659

)

 

 

12,523

 

 

 

( 2,448

)

Reclassification adjustment of derivative instruments included in net income

 

 

( 4,738

)

 

 

( 8,895

)

 

 

( 7,536

)

Unrealized gain (loss) on available-for-sale debt securities

 

 

436

 

 

 

( 32

)

 

 

337

 

Other comprehensive (loss) income

 

 

( 6,961

)

 

 

3,596

 

 

 

( 9,647

)

Comprehensive income

 

 

533,990

 

 

 

413,436

 

 

 

361,220

 

Less: comprehensive income attributable to noncontrolling interests:

 

 

 

 

 

 

 

 

 

Net income attributable to noncontrolling interests

 

 

6,422

 

 

 

7,114

 

 

 

4,302

 

Other comprehensive (loss) income attributable to noncontrolling interests

 

 

( 471

)

 

 

42

 

 

 

( 731

)

Comprehensive income attributable to noncontrolling interests

 

 

5,951

 

 

 

7,156

 

 

 

3,571

 

Comprehensive income attributable to the Partnership

 

$

528,039

 

 

 

406,280

 

 

 

357,649

 

The accompanying notes are an integral part of the consolidated financial statements.

75

 

REG ENCY CENTERS, L.P.
Consolidated Statements of Capital
For the years ended December 31, 2025, 2024, and 2023
(in thousands)
 

 

 

General Partner
Preferred and
Common Units

 

 

Limited
Partners

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Total
Partners'
Capital

 

 

Noncontrolling
Interests in
Limited Partners'
Interest in
Consolidated
Partnerships

 

 

Total
Capital

 

Balance at December 31, 2022

 

$

6,089,425

 

 

 

34,489

 

 

 

7,560

 

 

 

6,131,474

 

 

 

46,565

 

 

 

6,178,039

 

Net income

 

 

364,557

 

 

 

2,008

 

 

 

—

 

 

 

366,565

 

 

 

4,302

 

 

 

370,867

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss before reclassification

 

 

—

 

 

 

( 9

)

 

 

( 2,063

)

 

 

( 2,072

)

 

 

( 39

)

 

 

( 2,111

)

Amounts reclassified from accumulated other comprehensive loss

 

 

—

 

 

 

( 39

)

 

 

( 6,805

)

 

 

( 6,844

)

 

 

( 692

)

 

 

( 7,536

)

Adjustment for noncontrolling interests in the Operating Partnership

 

 

13,518

 

 

 

( 13,518

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Contributions from partners

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

74,730

 

 

 

74,730

 

Issuance of EOP units

 

 

—

 

 

 

31,253

 

 

 

—

 

 

 

31,253

 

 

 

—

 

 

 

31,253

 

Distributions to partners

 

 

( 466,126

)

 

 

( 2,628

)

 

 

—

 

 

 

( 468,754

)

 

 

( 7,813

)

 

 

( 476,567

)

Preferred unit distributions

 

 

( 5,057

)

 

 

—

 

 

 

—

 

 

 

( 5,057

)

 

 

—

 

 

 

( 5,057

)

Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization

 

 

20,441

 

 

 

—

 

 

 

—

 

 

 

20,441

 

 

 

—

 

 

 

20,441

 

Repurchase of EOP units

 

 

—

 

 

 

( 9,163

)

 

 

—

 

 

 

( 9,163

)

 

 

—

 

 

 

( 9,163

)

Preferred units issued as a result of preferred stock issued by Parent Company, net of issuance costs

 

 

225,000

 

 

 

—

 

 

 

—

 

 

 

225,000

 

 

 

—

 

 

 

225,000

 

Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company

 

 

( 20,006

)

 

 

—

 

 

 

—

 

 

 

( 20,006

)

 

 

—

 

 

 

( 20,006

)

Common units issued as a result of common stock issued by Parent Company, net of issuance costs

 

 

818,497

 

 

 

—

 

 

 

—

 

 

 

818,497

 

 

 

—

 

 

 

818,497

 

Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances

 

 

( 6,452

)

 

 

—

 

 

 

—

 

 

 

( 6,452

)

 

 

—

 

 

 

( 6,452

)

EOP units exchanged for common stock of Parent Company

 

 

198

 

 

 

( 198

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance at December 31, 2023

 

$

7,033,995

 

 

 

42,195

 

 

 

( 1,308

)

 

 

7,074,882

 

 

 

117,053

 

 

 

7,191,935

 

Net income

 

 

400,388

 

 

 

2,338

 

 

 

—

 

 

 

402,726

 

 

 

7,114

 

 

 

409,840

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income before reclassification

 

 

—

 

 

 

70

 

 

 

11,845

 

 

 

11,915

 

 

 

576

 

 

 

12,491

 

Amounts reclassified from accumulated other comprehensive income

 

 

—

 

 

 

( 50

)

 

 

( 8,311

)

 

 

( 8,361

)

 

 

( 534

)

 

 

( 8,895

)

Adjustment for noncontrolling interests in the Operating Partnership

 

 

( 10,833

)

 

 

2,119

 

 

 

—

 

 

 

( 8,714

)

 

 

8,714

 

 

 

—

 

Contributions from partners

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

14,679

 

 

 

14,679

 

Distributions to partners

 

 

( 495,211

)

 

 

( 5,193

)

 

 

—

 

 

 

( 500,404

)

 

 

( 12,185

)

 

 

( 512,589

)

Preferred unit distributions

 

 

( 13,650

)

 

 

—

 

 

 

—

 

 

 

( 13,650

)

 

 

—

 

 

 

( 13,650

)

Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization

 

 

24,917

 

 

 

—

 

 

 

—

 

 

 

24,917

 

 

 

—

 

 

 

24,917

 

Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company

 

 

( 200,066

)

 

 

—

 

 

 

—

 

 

 

( 200,066

)

 

 

—

 

 

 

( 200,066

)

Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances

 

 

( 18,355

)

 

 

—

 

 

 

—

 

 

 

( 18,355

)

 

 

—

 

 

 

( 18,355

)

EOP units exchanged for common stock of Parent Company

 

 

735

 

 

 

( 735

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance at December 31, 2024

 

$

6,721,920

 

 

 

40,744

 

 

 

2,226

 

 

 

6,764,890

 

 

 

135,417

 

 

 

6,900,307

 

 

76

 

 
 

 

 

General Partner
Preferred and
Common Units

 

 

Limited
Partners

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Total
Partners'
Capital

 

 

Noncontrolling
Interests in
Limited Partners'
Interest in
Consolidated
Partnerships

 

 

Total
Capital

 

Balance at December 31, 2024

 

$

6,721,920

 

 

 

40,744

 

 

 

2,226

 

 

 

6,764,890

 

 

 

135,417

 

 

 

6,900,307

 

Net income

 

 

527,460

 

 

 

7,069

 

 

 

—

 

 

 

534,529

 

 

 

6,422

 

 

 

540,951

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss before reclassification

 

 

—

 

 

 

( 2

)

 

 

( 2,070

)

 

 

( 2,072

)

 

 

( 151

)

 

 

( 2,223

)

Amounts reclassified from accumulated other comprehensive loss

 

 

—

 

 

 

( 42

)

 

 

( 4,376

)

 

 

( 4,418

)

 

 

( 320

)

 

 

( 4,738

)

Adjustment for noncontrolling interests in the Operating Partnership

 

 

83,514

 

 

 

( 95,323

)

 

 

—

 

 

 

( 11,809

)

 

 

11,809

 

 

 

—

 

Contributions from partners

 

 

—

 

 

 

201,872

 

 

 

—

 

 

 

201,872

 

 

 

17,593

 

 

 

219,465

 

Distributions to partners

 

 

( 522,516

)

 

 

( 7,132

)

 

 

—

 

 

 

( 529,648

)

 

 

( 40,994

)

 

 

( 570,642

)

Preferred unit distributions

 

 

( 13,650

)

 

 

—

 

 

 

—

 

 

 

( 13,650

)

 

 

—

 

 

 

( 13,650

)

Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization

 

 

22,087

 

 

 

—

 

 

 

—

 

 

 

22,087

 

 

 

—

 

 

 

22,087

 

Repurchase of EOP units

 

 

—

 

 

 

( 2,046

)

 

 

—

 

 

 

( 2,046

)

 

 

—

 

 

 

( 2,046

)

Common units issued as a result of common stock issued by Parent Company, net of issuance costs

 

 

98,167

 

 

 

—

 

 

 

—

 

 

 

98,167

 

 

 

—

 

 

 

98,167

 

Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances

 

 

( 6,072

)

 

 

—

 

 

 

—

 

 

 

( 6,072

)

 

 

—

 

 

 

( 6,072

)

EOP units exchanged for common stock of Parent Company

 

 

200

 

 

 

( 200

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance at December 31, 2025

 

$

6,911,110

 

 

 

144,940

 

 

 

( 4,220

)

 

 

7,051,830

 

 

 

129,776

 

 

 

7,181,606

 

The accompanying notes are an integral part of the consolidated financial statements.

77

 

REG ENCY CENTERS, L.P.
Consolidated Statements of Cash Flows
For the years ended December 31, 2025, 2024, and 2023
(in thousands)
 
 

 

 

2025

 

 

2024

 

 

2023

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

Net income

 

$

540,951

 

 

 

409,840

 

 

 

370,867

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

405,044

 

 

 

394,714

 

 

 

352,282

 

Amortization of deferred financing costs and debt premiums

 

 

15,011

 

 

 

13,096

 

 

 

8,252

 

Amortization of above and below market lease intangibles, net

 

 

( 22,290

)

 

 

( 22,701

)

 

 

( 29,130

)

Stock-based compensation, net of capitalization

 

 

19,459

 

 

 

23,504

 

 

 

20,075

 

Equity in income of investments in real estate partnerships

 

 

( 133,499

)

 

 

( 50,294

)

 

 

( 50,541

)

Gain on sale of real estate, net of tax

 

 

( 24,464

)

 

 

( 34,162

)

 

 

( 661

)

Provision for impairment of real estate, net of tax

 

 

4,606

 

 

 

14,304

 

 

 

—

 

Loss (gain) on early extinguishment of debt

 

 

—

 

 

 

180

 

 

 

( 99

)

Distribution of earnings from investments in real estate partnerships

 

 

64,471

 

 

 

69,156

 

 

 

66,531

 

Deferred compensation expense

 

 

3,272

 

 

 

5,256

 

 

 

4,782

 

Realized and unrealized gain on investments

 

 

( 4,119

)

 

 

( 5,930

)

 

 

( 5,571

)

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

 

Tenant and other receivables

 

 

( 18,519

)

 

 

( 24,219

)

 

 

( 13,904

)

Deferred leasing costs

 

 

( 18,961

)

 

 

( 11,703

)

 

 

( 11,156

)

Other assets

 

 

( 1,962

)

 

 

1,818

 

 

 

3,028

 

Accounts payable and other liabilities

 

 

( 7,868

)

 

 

4,253

 

 

 

5,152

 

Tenants' security, escrow deposits and prepaid rent

 

 

6,560

 

 

 

3,086

 

 

 

( 316

)

Net cash provided by operating activities

 

 

827,692

 

 

 

790,198

 

 

 

719,591

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

Acquisition of operating real estate, net of cash acquired of $ 4,273  in 2025

 

 

( 104,153

)

 

 

( 45,405

)

 

 

( 45,386

)

Acquisition of UBP, net of cash acquired of $ 14,143

 

 

—

 

 

 

—

 

 

 

( 82,389

)

Real estate development and capital improvements

 

 

( 435,112

)

 

 

( 343,368

)

 

 

( 232,855

)

Proceeds from sale of real estate

 

 

124,992

 

 

 

108,615

 

 

 

11,167

 

Proceeds from property insurance casualty claims

 

 

—

 

 

 

5,286

 

 

 

—

 

Issuance of notes receivable

 

 

( 838

)

 

 

( 32,651

)

 

 

( 4,000

)

Collection of notes receivable

 

 

687

 

 

 

3,115

 

 

 

4,000

 

Investments in real estate partnerships

 

 

( 44,323

)

 

 

( 41,345

)

 

 

( 13,119

)

Return of capital from investments in real estate partnerships

 

 

32,549

 

 

 

13,034

 

 

 

11,308

 

Dividends on investment securities

 

 

1,389

 

 

 

453

 

 

 

1,283

 

Purchase of investment securities

 

 

( 103,312

)

 

 

( 101,044

)

 

 

( 7,990

)

Proceeds from sale of investment securities

 

 

106,981

 

 

 

106,666

 

 

 

16,003

 

Net cash used in investing activities

 

 

( 421,140

)

 

 

( 326,644

)

 

 

( 341,978

)

 

78

 

 

 

 

2025

 

 

2024

 

 

2023

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

Net proceeds from common stock issuance

 

$

98,167

 

 

 

—

 

 

 

( 33

)

Tax withholding on stock-based compensation

 

 

( 6,794

)

 

 

( 19,540

)

 

 

( 7,662

)

Common units repurchased through share repurchase program

 

 

—

 

 

 

( 200,066

)

 

 

( 20,006

)

Redemption of exchangeable operating partnership units

 

 

( 2,046

)

 

 

—

 

 

 

( 9,163

)

Proceeds from sale of treasury stock

 

 

502

 

 

 

210

 

 

 

103

 

Contributions from noncontrolling interests

 

 

16,594

 

 

 

6,789

 

 

 

10,238

 

Distributions to and redemptions of noncontrolling interests

 

 

( 40,994

)

 

 

( 12,185

)

 

 

( 7,813

)

Distributions to partners

 

 

( 516,571

)

 

 

( 493,317

)

 

 

( 455,433

)

Dividends paid to preferred unit holders

 

 

( 13,650

)

 

 

( 13,650

)

 

 

( 3,413

)

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

 

 

 

—

 

Proceeds from unsecured credit facilities

 

 

650,000

 

 

 

722,419

 

 

 

557,000

 

Repayment of unsecured credit facilities

 

 

( 595,000

)

 

 

( 809,419

)

 

 

( 405,000

)

Proceeds from notes payable

 

 

10,000

 

 

 

12,000

 

 

 

59,500

 

Repayment of notes payable

 

 

( 80,130

)

 

 

( 131,261

)

 

 

( 61,592

)

Scheduled principal payments

 

 

( 11,144

)

 

 

( 11,209

)

 

 

( 11,235

)

Payment of financing costs

 

 

( 3,825

)

 

 

( 16,655

)

 

 

( 526

)

Net cash used in financing activities

 

 

( 347,775

)

 

 

( 493,024

)

 

 

( 355,035

)

Net change in cash, cash equivalents and restricted cash

 

 

58,777

 

 

 

( 29,470

)

 

 

22,578

 

Cash, cash equivalents, and restricted cash at beginning of the year

 

 

61,884

 

 

 

91,354

 

 

 

68,776

 

Cash, cash equivalents, and restricted cash at end of the year

 

$

120,661

 

 

 

61,884

 

 

 

91,354

 

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

 

Cash paid for interest (net of capitalized interest of $ 10,289 , $ 6,627 , and $ 5,695  in 2025, 2024, and 2023, respectively)

 

$

179,216

 

 

 

161,356

 

 

 

147,176

 

Supplemental disclosure of non-cash transactions:

 

 

 

 

 

 

 

 

 

Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid

 

$

143,260

 

 

 

133,114

 

 

 

126,683

 

Right of use assets obtained in exchange for new operating lease liabilities

 

$

278

 

 

 

1,271

 

 

 

36,577

 

Sale of leased asset in exchange for net investment in sales-type lease

 

$

—

 

 

 

2,846

 

 

 

8,510

 

Acquisition of operating real estate:

 

 

 

 

 

 

 

 

 

Tenant and other receivable and other assets

 

$

1,389

 

 

 

231

 

 

 

37,799

 

Acquired lease intangible assets

 

$

55,081

 

 

 

5,359

 

 

 

136,652

 

Notes payable assumed in acquisition, at fair value

 

$

166,480

 

 

 

—

 

 

 

284,706

 

Intangible liabilities, accounts payable and other liabilities

 

$

23,198

 

 

 

6,580

 

 

 

119,750

 

Noncontrolling interest assumed in acquisition, at fair value

 

$

—

 

 

 

—

 

 

 

64,492

 

Common stock exchanged for UBP shares

 

$

—

 

 

 

—

 

 

 

818,530

 

Preferred stock exchanged for UBP shares

 

$

—

 

 

 

—

 

 

 

225,000

 

Acquisition of previously unconsolidated real estate investments:

 

 

 

 

 

 

 

 

 

Acquired lease intangible assets

 

$

23,237

 

 

 

—

 

 

 

—

 

Notes payable assumed in acquisition, at fair value

 

$

38,485

 

 

 

—

 

 

 

—

 

Intangible liabilities, Accounts payable and other liabilities

 

$

9,918

 

 

 

—

 

 

 

—

 

Acquisition of real estate assets

 

$

127,820

 

 

 

—

 

 

 

—

 

Exchangeable operating partnership units issued for acquisition of real estate

 

$

199,662

 

 

 

—

 

 

 

31,253

 

Change in accrued capital expenditures

 

$

8,207

 

 

 

14,036

 

 

 

8,877

 

Contributions to investments in real estate partnerships

 

$

1,050

 

 

 

18,459

 

 

 

920

 

Contributions from limited partners in consolidated partnerships

 

$

3,209

 

 

 

7,890

 

 

 

—

 

The accompanying notes are an integral part of the consolidated financial statements.

79

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
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"). The Parent Company primarily engages in the ownership, management, leasing, acquisition, development, and redevelopment of shopping centers through the Operating Partnership and has no other assets other than through its investment in the Operating Partnership. Its only indebtedness consists of $ 200 million of unsecured private placement notes, which are guaranteed by the Operating Partnership, which the Company plans to payoff at maturity in 2026. The Parent Company guarantees all of the unsecured debt of the Operating Partnership.
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.
On August 18, 2023 , the Company acquired Urstadt Biddle Properties Inc. ("UBP") which was accounted for as an asset acquisition. Under the terms of the merger agreement, each share of Urstadt Biddle common stock and Urstadt Biddle Class A common stock was converted into 0.347 of a share of common stock of the Parent Company. Additionally, each share of UBP’s 6.25 % Series H Cumulative Redeemable Preferred Stock and 5.875 % Series K Cumulative Redeemable Preferred Stock was converted into one share of newly issued Parent Company 6.25 % Series A Cumulative Redeemable Preferred Stock ("Parent Company Series A preferred stock") and 5.875 % Series B Cumulative Redeemable Preferred Stock ("Parent Company Series B preferred stock"), respectively (collectively referred to as the "Preferred Stock").
As a result of the acquisition, the Company acquired 74 properties representing 5.3 million square feet of GLA, including 10 properties held through real estate partnerships.

Estimates, Risks and Uncert ainties

The preparation of the Consolidated Financial Statements in conformity with U.S. 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. The most significant estimates in the Company's financial statements relate to the net carrying values of its real estate investments, collectibility of lease income, and acquired lease intangible assets and liabilities. 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 success of the Company's tenants in operating their businesses and their corresponding ability to pay rent may be influenced by evolving political, economic, trade, tax and immigration policies and macroeconomic uncertainty, and the success of the Company's tenants, in the aggregate, is important to the operating and financial success of the Company. These include, without limitation, changes in trade and tariff policies (as well as potential trade disputes and retaliatory actions by other countries), entry into and termination of treaties and trade agreements, and economic sanctions. Additionally, geopolitical and macroeconomic challenges, including the war involving Russia and Ukraine, conflicts and instability in the Middle East and Venezuela, and economic conflicts with China, as well as the slowing of its economy, could impact aspects of the U.S. economy and, therefore, consumer confidence and spending.
The policies implemented by the U.S. government to address these and related issues, including changes by the Board of Governors of the Federal Reserve System of its benchmark federal funds rate, increases or decreases in federal government spending, and economic sanctions and tariffs, could result in adverse impacts on the U.S. economy, including inflation, reduction in consumer confidence and spending, a slowing of growth, and potentially a recession, thereby adversely impacting the costs to our tenants of operating their businesses, demand for their products and services, and their ability to pay rent, and/or decreasing future demand for space in shopping centers, which could adversely impact occupancy rates and rents. The potential impact of current macroeconomic and geopolitical challenges on the Company's financial condition,

80

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
 

results of operations, and cash flows is subject to change and continues to depend on the extent and duration of these risks and uncertainties.

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. All significant inter-company balances and transactions are eliminated in the Consolidated Financial Statements.
The Company consolidates properties that are wholly-owned and properties where it owns less than 100% but holds a controlling financial interest in the entity. Controlling financial interest is determined using an evaluation based on accounting standards related to the consolidation of Variable Interest Entities ("VIEs") and voting interest entities. For joint ventures that are determined to be a VIE, the Company consolidates the entity where it is deemed to be the primary beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE.

Ownership of the Parent Company
The Parent Company currently has a single class of common stock and two series of preferred stock outstanding.
Ownership of the Operating Partnership
The Operating Partnership's capital includes Common Units and Preferred Units. As of December 31, 2025, the Parent Company owned approximately 97.9 % or 182,902,234 of the 186,740,422 of the outstanding Common Units, with the remaining limited partner's Common Units held by third parties ("Exchangeable operating partnership units" or "EOP units"). The Parent Company currently owns all of the Preferred Units.
Each EOP unit is exchangeable for cash or one share of common stock of the Parent Company, at the discretion of the Parent Company, and the unit holder cannot require redemption in cash or common stock (i.e., registered shares of the Parent). The Parent Company has evaluated the conditions as specified under Accounting Standards Codification ("ASC") Topic 480, Distinguishing Liabilities from Equity , as it relates to EOP units outstanding and concluded that the Parent Company has the right to satisfy the redemption requirements of the units by delivering shares of unregistered common stock. Accordingly, the Parent Company classifies EOP units as permanent equity in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity and Comprehensive Income. The Parent Company serves as general partner of the Operating Partnership. The EOP unit holders have limited rights over the Operating Partnership such that they do not have the power to direct the activities that most significantly impact the Operating Partnership’s economic performance. As such, the Operating Partnership is considered a VIE, and the Parent Company, which consolidates it, is the primary beneficiary. The Parent Company's only investment is the Operating Partnership. Net income and distributions of the Operating Partnership are allocable to the general and limited common Partnership Units in accordance with their ownership percentages.

Real Estate Partnerships
As of December 31, 2025, the Company held partial ownership interests in 108 properties through various real estate partnerships, of which 18 are consolidated. These partnerships were formed for the purpose of owning and operating real estate properties. The Company's partners in these arrangements include institutional investors, real estate developers or operators, and passive investors (collectively, the "Partners" or "Limited Partners"). The Company’s involvement in these partnerships is through its ownership of its equity interests and its role in property-level management. The entities were deemed VIEs primarily because the unrelated investors do not have substantive kick-out rights to remove the general or managing partner by a vote of a simple majority or less, and they do not have substantive participating rights. Regency has variable interests in these entities through its equity ownership, with Regency being the primary beneficiary in certain of these real estate partnerships. Regency consolidates the partnerships into its financial statements for which it is the primary beneficiary and reports the limited partners' interests as noncontrolling interests. 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, 2025
 

The assets of these partnerships are restricted to use by the respective partnerships and cannot be directly reached by general creditors of the Company. Similarly, the obligations of the partnerships are backed by, and can only be settled through the assets of these partnerships or by additional capital contributions by the partners, except to the extent that the Company has provided contractual payment guarantees.. As managing member, Regency maintains the books and records and typically provides leasing property and asset management services to the partnerships. The Partners' level of involvement in these partnerships varies from protective decisions (debt, bankruptcy, selling primary asset(s) of business) to participating involvement such as approving leases, operating budgets, and capital budgets.

Some of these entities have been determined to be VIEs under applicable accounting guidelines. This determination is primarily based on the assessment that the Limited Partners lack substantive kick-out rights (i.e., the ability to remove the general or managing partner with a simple majority vote or less) and do not possess substantive participating rights. Those partnerships for which the Partners are involved in the day to day decisions and do not have any other aspects that would cause them to be considered VIEs, are evaluated for consolidation using the voting interest model.
Those partnerships in which Regency does not have a controlling financial interest are accounted for using the equity method of accounting and Regency's ownership interest is recognized through single-line presentation as Investments in real estate partnerships, in the Consolidated Balance Sheet, and Equity in income of investments in real estate partnerships, in the Consolidated Statements of Operations. Cash distributions of earnings from operations from Investments in real estate partnerships are presented in Cash flows provided by operating activities in the accompanying Consolidated Statements of Cash Flows. Cash distributions from the sale of a property or loan proceeds received from the placement of debt on a property included in Investments in real estate partnerships are presented in Cash flows provided by investing activities in the accompanying Consolidated Statements of Cash Flows. If distributed proceeds from debt refinancing and real estate sales in excess of Regency's carrying value of its investment results in a negative investment balance for a partnership, it is recorded within Accounts payable and other liabilities in the Consolidated Balance Sheets.
The net difference in the carrying amount of investments in real estate partnerships and the underlying equity in net assets is accreted to earnings and recorded in Equity in income of investments in real estate partnerships in the accompanying Consolidated Statements of Operations over the expected useful lives of the properties and other intangible assets, which range from 10 to 40 years .
The majority of the operations of the VIEs are funded with cash flows generated by the properties, or in the case of developments, with capital contributions or third-party construction loans.
The carrying amounts of VIEs' assets and liabilities included in the Company's consolidated financial statements, exclusive of the Operating Partnership, are as follows:
 

(in thousands)

 

December 31, 2025

 

 

December 31, 2024

 

Assets

 

 

 

 

 

 

Real estate assets, net

 

$

332,759

 

 

 

312,873

 

Cash, cash equivalents and restricted cash

 

 

21,890

 

 

 

16,687

 

Tenant and other receivables, net

 

 

7,614

 

 

 

5,833

 

Deferred costs, net

 

 

6,715

 

 

 

3,178

 

Acquired lease intangible assets, net

 

 

4,328

 

 

 

6,293

 

Right of use assets, net

 

 

17,656

 

 

 

18,148

 

Other assets

 

 

775

 

 

 

597

 

Total Assets

 

$

391,737

 

 

 

363,609

 

Liabilities

 

 

 

 

 

 

Notes payable

 

$

23,771

 

 

 

32,653

 

Accounts payable and other liabilities

 

 

12,758

 

 

 

16,149

 

Acquired lease intangible liabilities, net

 

 

10,119

 

 

 

10,627

 

Tenants' security, escrow deposits and prepaid rent

 

 

960

 

 

 

1,260

 

Lease liabilities

 

 

19,559

 

 

 

19,370

 

Total Liabilities

 

$

67,167

 

 

 

80,059

 

 

82

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
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. Noncontrolling interests also include amounts related to partnership units issued by consolidated subsidiaries of the Company in connection with certain property acquisitions. These partnership units have a defined redemption amount and the unit holders generally have the right to redeem their units at any time after a certain period from issuance. For these partnership units, the Company has the option to settle redemption amounts in cash or common stock. The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. The partnership units for which the Company has the option to settle redemption amounts in cash or common stock are included in the caption Noncontrolling interests within the equity section on the Company’s Consolidated Balance Sheets.
Noncontrolling Interests of the Parent Company
The Consolidated Financial Statements of the Parent Company include the following ownership interests held by owners other than the common shareholders of the Parent Company: (i) the EOP units and (ii) the minority-owned interest held by third parties in consolidated partnerships ("Limited partners' interests in consolidated partnerships"). The Parent Company has included all of these noncontrolling interests in permanent equity, separate from the Parent Company's shareholders' equity, in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity. The portion of net income or comprehensive income attributable to these noncontrolling interests is included in net income and comprehensive income in the accompanying Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income of the Parent Company.
The Parent Company also evaluated its fiduciary duties to itself, its shareholders, and, as the managing general partner of the Operating Partnership, to the Operating Partnership, and concluded its fiduciary duties are not in conflict with each other or the underlying agreements. Therefore, the Parent Company classifies such units and interests as permanent equity in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity.
Noncontrolling Interests of the Operating Partnership
The Operating Partnership has determined that limited partners' interests in consolidated partnerships are noncontrolling interests. Subject to certain conditions and pursuant to the terms of the partnership agreements, the Company generally has the right, but not the obligation, to purchase the other members' interest or sell its own interest in these consolidated partnerships. The Operating Partnership has included these noncontrolling interests in permanent capital, separate from partners' capital, in the accompanying Consolidated Balance Sheets and Consolidated Statements of Capital. The portion of net income (loss) or comprehensive income (loss) attributable to these noncontrolling interests is included in Net income and Comprehensive income in the accompanying Consolidated Statements of Operations and Consolidated Statements Comprehensive Income of the Operating Partnership.

(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. Some of the lease agreements contain provisions that provide for additional rents based on tenants' sales volume ("percentage rent"), which are recognized when the tenants achieve the specified targets as defined in their lease agreements. Additionally, most lease agreements contain provisions for reimbursement of the tenants' share of actual real estate taxes and insurance and common area maintenance ("CAM") costs (collectively "Recoverable Costs") incurred.
Lease terms generally range from three to seven years for tenant spaces under 10,000 square feet ("Shop Space") and in excess of five years for spaces greater than 10,000 square feet ("Anchor Space"). Many leases also provide tenants the option to extend their lease beyond the initial term of the lease. If a tenant does not exercise its option or otherwise negotiate to renew, the lease expires and the lease contains an obligation for the tenant to relinquish its space, allowing it to be re-leased to a new tenant. 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.
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. 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.
Recognition and Presentation
Lease income for operating leases with fixed payment terms is recognized on a straight-line basis over the expected term of the lease for all leases for which collectibility is considered probable. CAM is considered a non-lease component of the lease contract under Topic 842. However, as the timing and pattern of providing the CAM service to the tenant is the same as the timing and pattern of the tenant's use of the underlying lease asset, the Company elected, as part of an available practical expedient, to combine CAM with the remaining lease components, along with tenant's reimbursement of real estate taxes and insurance, and recognize them together as Lease income in the accompanying Consolidated Statements of Operations.
For sales type leases, the Company records any selling profit or loss arising from the lease at inception within Gain on sale of real estate, net of tax in the accompanying Consolidated Statement of Operations, as well as any initial direct costs recorded as an expense if, at commencement, the fair value of the underlying asset differs from its carrying amount, otherwise, they are deferred and included in the net investment in the lease. The net investment in the sales-type lease represents the lease receivable, the components of which are the future lease payments and any guaranteed residual value for the underlying assets, as well as any unguaranteed residual asset expected at the end of the lease term, each measured at net present value discounted using a rate implicit in the lease. Interest income is recorded within Lease income in the accompanying Consolidated Statements of Operations over the lease term so as to produce a constant periodic rate of return on the Company’s net investment in the leases. At the commencement date, the Company derecognizes the carrying amount of the underlying asset. When measuring the net investment in a long-term ground lease, the undiscounted residual value of the land will be limited to its fair value at commencement which will likely equate to its cost.
Collectibility
At lease commencement, the Company generally expects that collectibility of substantially all payments due under the lease is probable due to the Company's credit checks on tenants and other creditworthiness analysis undertaken before entering into a new lease; therefore, income from most operating leases is initially recognized on a straight-line basis. For operating leases in which collectibility of Lease income is not considered probable, Lease income is recognized on a cash basis and all previously recognized straight-line rent receivables are reversed in the period in which the Lease income is determined not to be probable of collection. Should collectibility of Lease income become probable again, through evaluation of qualitative and quantitative measures on a tenant by tenant basis, accrual basis accounting resumes and all commencement-to-date straight-line rent is recognized in that period.
In addition to the lease-specific collectibility assessment performed under Topic 842, the Company may also recognize a general reserve, as a reduction to Lease income, for its portfolio of operating lease receivables which are not expected to be fully collectible based on the Company's historical collection experience. The Company estimates the collectibility of the accounts receivable related to base rents, straight-line rents, recoveries from tenants, and other revenue taking into consideration the Company's historical write-off experience, tenant credit-worthiness, current economic trends, and remaining lease terms. Uncollectible lease income is a direct charge against Lease income. 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.
Notes to Consolidated Financial Statements
December 31, 2025
 

The following table represents the components of Tenant and other receivables, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets:

 

 

December 31,

 

(in thousands)

 

2025

 

 

2024

 

Tenant receivables

 

$

29,578

 

 

 

35,306

 

Straight-line rent receivables

 

 

180,871

 

 

 

157,507

 

Other receivables (1)

 

 

63,413

 

 

 

62,682

 

Total tenant and other receivables, net

 

$

273,862

 

 

 

255,495

 

(1) Other receivables include notes receivables, construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income.

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. The following is a description of the Company's revenue from contracts with customers within the scope of Topic 606.
Other Property Income
Other property income includes parking fees and other incidental income from the properties and is generally recognized at the point in time that the performance obligation is met.
Management, Transaction, and other fees
Property and Asset Management Services
The Company is engaged under agreements with its joint venture partnerships, which are generally perpetual in nature and cancellable through unanimous partner approval, absent an event of default and, in certain cases, specified intentional misconduct. Under these agreements, the Company is to provide asset and property management and leasing services for the joint ventures' shopping centers. The fees are market-based, generally calculated as a percentage of either revenues earned or the estimated values of the properties managed or the proceeds received, and are recognized over the monthly or quarterly periods as services are rendered. Property management and asset management services represent a series of distinct daily services. Accordingly, the Company satisfies its performance obligation as service is rendered each day and the variability associated with that compensation is resolved each day. Amounts due from the partnerships for such services are paid during the month following the monthly or quarterly service periods.
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 Company evaluates its expected promote payout at each reporting period, which generally does not result in revenue recognition until the measurement period has completed, when the amount can be reasonably determined and the amount is not probable of significant reversal.
Leasing Services
Leasing service fees are based on a percentage of the total rent due under the lease. The leasing service is considered performed upon successful execution of an acceptable tenant lease for the joint ventures' shopping centers, at which time revenue is recognized. Payment of the first half of the fee is generally due upon lease execution and the second half is generally due upon tenant opening or the commencement of rent payments.
Transaction Services
The Company also receives transaction fees, as contractually agreed upon with in each joint venture, which include acquisition fees, disposition fees, and financing service fees. Control of these services is generally transferred at the time the related transaction closes, which is the point in time when the Company recognizes the related fee revenue. Any unpaid amounts related to transaction-based fees are included in Tenant and other receivables within the Consolidated Balance Sheets.

85

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
 

Income within Management, transaction, and other fees is primarily derived from contracts with the Company's unconsolidated real estate partnerships. The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts are as follows:
 

 

 

 

 

Year ended December 31,

 

(in thousands)

 

Timing of
satisfaction of
performance
obligations

 

2025

 

 

2024

 

 

2023

 

Management, transaction, and other fees:

 

 

 

 

 

 

 

 

 

 

 

Property management services

 

Over time

 

$

16,323

 

 

 

15,767

 

 

 

14,075

 

Asset management services

 

Over time

 

 

6,967

 

 

 

6,548

 

 

 

6,542

 

Leasing services

 

Point in time

 

 

3,631

 

 

 

3,738

 

 

 

3,908

 

Other transaction fees

 

Point in time

 

 

1,437

 

 

 

1,821

 

 

 

2,429

 

             Total management, transaction, and other fees

 

$

28,358

 

 

 

27,874

 

 

 

26,954

 

The accounts receivable for Total management, transactions, and other fees, which are included within Tenant and other receivables, net in the accompanying Consolidated Balance Sheets, are $ 17.8 million and $ 19.7 million , as of December 31, 2025 and 2024, respectively.
Real Estate Sales
The Company accounts for sales of nonfinancial assets under ASC Subtopic 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets , whereby the Company derecognizes real estate and recognizes a gain or loss on sales when a contract exists and control of the property has transferred to the buyer. Control of the property, including controlling financial interest, is generally considered to transfer upon closing through transfer of the legal title and possession of the property. While generally rare, any retained noncontrolling interest is measured at fair value at that time.

(c) Real Estate Assets

The following table details the components of Real estate assets in the Consolidated Balance Sheets:
 

(in thousands)

 

December 31, 2025

 

 

December 31, 2024

 

Land

 

$

4,932,642

 

 

 

4,757,704

 

Land improvements

 

 

899,472

 

 

 

807,881

 

Buildings

 

 

6,948,538

 

 

 

6,456,719

 

Building and tenant improvements

 

 

1,634,065

 

 

 

1,461,003

 

Construction in progress

 

 

147,207

 

 

 

215,112

 

Total real estate assets

 

$

14,561,924

 

 

 

13,698,419

 

Capitalization and Depreciation
Real estate assets are stated at cost, less accumulated depreciation, and amortization. The Company periodically assesses the useful lives of its depreciable real estate assets, including those intended to be redeveloped in the near term, and accounts for any revisions prospectively. Expenditures for maintenance, repairs and demolition costs are charged to operations as incurred. Significant renovations and replacements, which improve or extend the life of the asset, are capitalized.
As part of the leasing process, the Company may provide lessees with allowances for the construction of leasehold improvements. These leasehold improvements are capitalized and recorded as tenant improvements and depreciated over the shorter of the useful life of the improvements or the remaining lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of Lease income. Factors considered during this evaluation include, among other things, who holds legal title to the improvements as well as other controlling rights provided by the lease agreement and provisions for substantiation of such costs (e.g. unilateral control of the tenant space during the build-out process). Determination of the appropriate accounting for the payment of a tenant allowance is made on a lease-by-lease basis, considering the facts and circumstances of the individual tenant lease.
Depreciation is computed using the straight-line method over estimated useful lives of approximately 15 years for land improvements, 40 years for buildings and improvements, and the shorter of the useful life or the remaining lease term.

86

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
 

Development and Redevelopment Costs
All specifically identifiable costs related to development and redevelopment activities are capitalized into Real estate assets in the accompanying Consolidated Balance Sheets, and are included in Construction in progress within the above table. The capitalized costs include pre-development costs essential to the development or redevelopment of the property, construction costs, interest costs, real estate taxes, insurance, legal costs, salaries and related costs of personnel directly involved and other costs incurred during the period of development or redevelopment.
Pre-development costs represent the costs the Company incurs prior to land acquisition or pursuing a redevelopment including contract deposits, as well as legal, engineering, and other external professional fees related to evaluating the feasibility of developing or redeveloping a shopping center. 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 the years ended December 31, 2025, 2024, and 2023, the Company expensed pre-development costs of approximately $ 2.3 million , $ 0.9 million , and $ 0.1 million , respectively, in Other operating expenses in the accompanying Consolidated Statements of Operations.
Interest costs are capitalized into each development and redevelopment project based upon applying the Company's weighted average borrowing rate to that portion of the actual development or redevelopment costs incurred. The Company discontinues interest and real estate tax capitalization when a project is no longer being developed or is available for occupancy upon substantial completion of tenant improvements, but in no event would the Company capitalize interest on a project beyond 12 months after substantial comple tion of the building. During the years ended December 31, 2025, 2024, and 2023, the Company capitalized interest of $ 10.3 million , $ 6.6 million , and $ 5.7 million , respectively, on our development and redevelopment projects.
We have a staff of employees directly supporting our development and redevelopment program. All direct internal costs attributable to these development activities are capitalized as part of each development and redevelopment project. The capitalization of costs is directly related to the actual level of development activity occurring. During the years ended December 31, 2025, 2024, and 2023, we capitalized $ 24.9 million , $ 19.8 million , and $ 13.3 million , respectively, of direct internal costs incurred to support our development and redevelopment program.
Acquisitions
Upon acquisition of operating real estate properties, the Company estimates the fair value of acquired tangible assets (consisting of land, land improvements, buildings, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting of above and below-market leases and in-place leases), assumed debt, and any noncontrolling interest in the acquiree at the date of acquisition, based on evaluation of information and estimates available at that date. Based on these estimates, the Company allocates the purchase price of the acquired properties based on their relative fair value to the applicable assets and liabilities. Acquisitions of operating properties are generally considered asset acquisitions and therefore transaction costs are capitalized. Fair value is determined based on an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The Company's methodology includes estimating an "as-if vacant" fair value of the physical property, which includes land, building, and improvements. In addition, the Company determines the estimated fair value of identifiable intangible assets and liabilities, considering the following categories: (i) value of in-place leases, and (ii) above and below-market value of in-place leases.
The value of in-place leases is estimated based on the value associated with the costs avoided in originating leases compared to the acquired in-place leases as well as the value associated with lost rental and recovery revenue during the assumed lease-up period. The value of in-place leases is recorded to Depreciation and amortization expense in the Consolidated Statements of Operations over the remaining expected term of the respective leases.
Above-market and below-market in-place lease values for acquired properties are recorded based on the present value of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management's estimate of market lease rates for comparable in-place leases, measured over a period equal to the remaining non-cancelable term of the lease, including below-market renewal options, if applicable. 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, 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.
Held for Sale
The Company classifies real estate assets as held-for-sale upon satisfaction of all the following criteria: (i) management commits to a plan to sell a property (or group of properties), (ii) the property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such properties, (iii) an active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated, (iv) the sale of the property is probable and transfer of the asset is expected to be completed within one year, (v) the property is being actively marketed for sale, and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Upon the determination to classify a property as held for sale, the Company ceases depreciation and amortization on the real estate property held for sale, as well as the amortization of any related intangible assets. Such properties are recorded at the lesser of the carrying value or estimated fair value less estimated costs to sell.
Valuation of Real Estate Investments and Impairments
The Company continually evaluates whether there are any events or changes in circumstances, that could indicate the carrying values of the real estate properties (including any related amortizable intangible assets or liabilities) may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate assets may not be recoverable, the Company assesses the recoverability of the asset group by estimating whether the Company will recover the carrying value of the asset group through its undiscounted future cash flows, including eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the asset group, an impairment charge will be recorded to the extent that the carrying value exceeds the estimated fair value of the asset group.
Estimated cash flows are based on several key assumptions, including rental rates, expected leasing activity, costs of tenant improvements, leasing commissions, expected hold period, and assumptions regarding the residual value upon disposition, including the exit capitalization rate. These key assumptions are subjective in nature and could differ materially from actual results. Changes in events or changes in circumstances may alter the 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. If a property previously classified as held and used is changed to held for sale, the Company estimates fair value, less expected costs to sell, which could cause the Company to determine that the property is impaired.
The estimated fair value of real estate assets is subjective and is estimated through comparable sales information and other market data if available, or through use of an income approach such as the direct capitalization method or the discounted cash flow approach. The discounted cash flow approach uses similar assumptions to the undiscounted cash flow approach above, as well as a discount rate. Such cash flow projections and rates are subject to management judgment and changes in those assumptions could impact the estimate of fair value. In estimating the fair value of undeveloped land, the Company generally uses market data and comparable sales information.

(d) Cash, Cash Equivalents, and Restricted Cash

Any instruments which have an original maturity of 90 days or less when purchased are considered cash equivalents. 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. The Company accounts for goodwill in accordance with ASC Topic 350, Intangibles - Goodwill and Other , and allocates its goodwill to its reporting units, which have been determined to be at the individual property level. The Company performs an impairment evaluation of its goodwill at least annually, in November of each year, or more frequently as triggers occur. See Note 5.
The goodwill impairment evaluation is completed using either a qualitative or quantitative approach. Under a qualitative approach, the impairment review for goodwill consists of an assessment of whether it is more-likely-than-not that the reporting unit's fair value is less than its carrying value, including goodwill. If a qualitative approach indicates it is more

88

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
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.
The quantitative approach consists of estimating the fair value of each reporting unit using discounted projected future cash flows and comparing those estimated fair values with the carrying values, which include the allocated goodwill. If the estimated fair value is less than the carrying value, the Company would then recognize a goodwill impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to that reporting unit.

Investments
The Company determines the appropriate classification of its investments in debt and equity securities at the time of purchase and reevaluates such determinations at each balance sheet date. The fair value of securities is determined using quoted market prices.
Debt securities are classified as held to maturity when the Company has the positive intent and ability to hold the securities to maturity. 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. Debt securities not classified as held to maturity or as trading, are classified as available-for-sale, and are carried at fair value, with the unrealized gains and losses, net of tax, included in the determination of comprehensive income and reported in the Consolidated Statements of Comprehensive Income.
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.

Derivative Instruments
The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative instruments. Specifically, the Company enters into derivative instruments to manage exposures that arise from business activities that result in the receipt or future payment of known and uncertain cash amounts, the amount of which are determined by interest rates. The Company's derivative instruments are used to manage fluctuations in the amount, timing, and duration of the Company's known or expected cash payments principally related to the Company's borrowings.
All derivative instruments, whether designated in hedging relationships or not, are recorded on the accompanying Consolidated Balance Sheets at their fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.
The Company uses interest rate swaps to mitigate its interest rate risk on a related financial instrument or forecasted transaction, and the Company designates these interest rate swaps as cash flow hedges. Interest rate swaps designated as cash flow hedges generally involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company may also utilize cash flow hedges to lock U.S. Treasury rates in anticipation of future fixed-rate debt issuances. The gains or losses resulting from changes in fair value of derivatives that qualify as cash flow hedges are recognized in Accumulated other comprehensive income (loss) ("AOCI"). Upon the settlement of a hedge, gains and losses remaining in AOCI are amortized through earnings over the underlying term of the hedged transaction. 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.
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. The Company assesses, both at inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows and/or forecasted cash flows of the hedged items.
In assessing the valuation of the hedges, the Company uses standard market conventions and techniques such as discounted cash flow analysis, option pricing models, and termination costs at each balance sheet date. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized.

(f) Deferred Leasing Costs

Deferred leasing costs consist of costs associated with leasing the Company's shopping centers, and are presented net of accumulated amortization. Such costs are amortized over the period through lease expiration. If the lease is terminated early, the remaining leasing costs are written off.

Under ASC Topic 842, the Company, as a lessor, may only defer as initial direct costs the incremental costs of a tenant's operating lease that would not have been incurred if the lease had not been obtained. These costs generally consist of third party broker payments and internal leasing commissions paid to employees for successful execution of lease agreements. 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”). 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. The TRSs are subject to federal and state income taxes and file separate tax returns. As a pass through entity, the Operating Partnership generally does not pay income taxes, but its taxable income or loss is reported by its partners, of which the Parent Company, as general partner and approximately 97.9 % owner, is allocated its Pro-rata share of tax attributes.
Distributions to shareholders are usually taxable as ordinary dividends, although a portion of the distributions may be designated as qualified dividends, capital gains or may constitute a return of capital. The Company’s distributions for 2025 consisted o f a 98.69 % ordinary dividend (which includes a 3.37 % qualified dividend), and a 1.31 % capital gain distribution.
The Company is subject to a 4 % federal excise tax if it fails to distribute sufficient taxable income within prescribed time limits. The excise tax equals 4 % of the excess, if any, of (a) 85 % of the Company’s ordinary income for the calendar year (determined without regard to capital gains), (b) 95 % of the Company’s net capital gains for the calendar year, and (c) 100 % of the Company’s prior-year undistributed taxable income, over the sum of cash distributions paid during the year and certain taxes paid by the Company. No excise tax was incurred in 2025, 2024, or 2023.
The Company accounts for income taxes related to its taxable REIT subsidiaries in accordance with ASC 740, Income Taxes. Deferred tax assets and liabilities are recognized for temporary differences between the financial statement and tax bases of assets and liabilities using enacted tax rates expected to apply in the periods in which the differences reverse. Deferred tax liabilities are included in Accounts payable and other liabilities, and net deferred tax assets are included in Other assets in the Consolidated Balance Sheets. Our TRSs had a net deferred tax liability of $ 1.1 million and $ 10.3 million as of December 31, 2025 and 2024, respectively. The Company evaluates the realizability of deferred tax assets and records a valuation allowance when it is more likely than not that such assets will not be realized. There are no net deferred tax assets as of December 31, 2025 and 2024. The Company believes its income tax positions are adequately supported and that its accruals for income taxes are sufficient for all open tax years. The Company had no material uncertain tax positions as of December 31, 2025 .

90

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
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. The building and improvements constructed on the leased land are capitalized as Real estate assets in the accompanying Consolidated Balance Sheets and depreciated over the shorter of the useful life of the improvements or the lease term.
In addition, the Company has non-cancelable operating leases pertaining to office space from which it conducts its business. Leasehold improvements are capitalized as tenant improvements, presented in Other assets in the Consolidated Balance Sheets, and depreciated over the shorter of the useful life of the improvements or the lease term.
Under Topic 842, the Company recognizes Lease liabilities on its Consolidated Balance Sheets for its ground and office leases and corresponding Right of use assets related to these same ground and office leases which are classified as operating leases. A key input in estimating the Lease liabilities and resulting Right of use assets is establishing the discount rate in the lease, which since the rates implicit in the lease contracts are not readily determinable, requires additional inputs for the longer-term ground leases, including market-based interest rates that correspond with the remaining term of the lease, the Company's credit spread, and a securitization adjustment necessary to reflect the collateralized payment terms present in the lease. This discount rate is applied to the remaining unpaid minimum rental payments for each lease to measure the operating lease liabilities.

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. For ground leases, the Company generally assumes it will exercise options through the latest option date of that shopping center's anchor tenant lease.
(i) Forward Equity Sales

Our at-the-market (“ATM”) program allows for the sale of common stock through forward sales contracts. 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. 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. Diluted earnings per share and unit reflect the conversion of obligations and the assumed exercises of securities including the effects of shares issuable under the Company's share-based payment arrangements, if dilutive. Dividends paid on the Company's share-based compensation awards are not participating securities as they are forfeitable.

(k) Stock-Based Compensation

The Company grants stock-based compensation to its employees and directors and recognizes the cost of stock-based compensation based on the grant-date fair value of the award, which is expensed over the vesting period.
When the Parent Company issues common stock as compensation, it simultaneously receives an equal number of common units from the Operating Partnership. The Company contributes all deemed proceeds from the share-based awards granted under the Parent Company's Long-Term Omnibus Plan (the "Plan") to the operating partnership. Consequently, the Parent Company's ownership in the Operating Partnership increases in proportion to the deemed proceeds contributed in exchange for the common units received. As a result of the issuance of common units to the Parent Company for stock-based compensation, the Operating Partnership records the effect of stock-based compensation for awards of equity in the Parent Company.

91

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
 

(l) Segment Reporting

The Company's business is investing in retail shopping centers through direct ownership or partnership interests. The Company actively manages its portfolio of retail shopping centers and may from time to time make decisions to sell lower performing properties or developments not meeting its long-term investment objectives. The proceeds from sales are generally reinvested into higher quality retail shopping centers, through acquisitions, new developments, or redevelopment of existing centers, which management believes will generate sustainable revenue growth and attractive returns. It is management's intent that all retail shopping centers will be owned or developed for investment purposes; however, the Company may decide to sell all or a portion of a development upon completion. The Company's revenues and net income are generated from the operation of its investment portfolio. The Company also earns fees for services provided to manage and lease retail shopping centers owned through joint ventures.
The Company's portfolio is located throughout the United States. Management does not distinguish or group its operations on a geographical basis for purposes of allocating resources or capital. The Company’s chief operating decision maker ("CODM") evaluates operating and financial performance for each property on an individual property level; therefore, the Company defines an operating segment as its individual properties. 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.

(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. Real estate properties located in California, Florida and New York-Newark-Jersey City core-based statistical area accounted for 24.8 % , 19.7 % , and 12.6 % of AB R, respectively. As the result, this geographic concentration of our portfolio makes it potentially more susceptible to adverse weather, natural disasters or economic events that impact these locations. None of the shopping centers are located outside the United States.

(n) Fair Value of Assets and Liabilities

ASC 820, Fair Value Measurements and Disclosures, or ASC 820, defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosures about fair value measurements. ASC 820 emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined by ASC 820 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Therefore, a fair value measurement is determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the Company uses a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from independent sources (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the Company's own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). The three levels of inputs used to measure fair value are as follows:
• Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

• Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.

• Level 3 - Unobservable inputs for the asset or liability, which are typically based on the Company's own assumptions, as there is little, if any, related market activity.

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.
Notes to Consolidated Financial Statements
December 31, 2025
 

 
 
(o)	Recent Accounting Pronouncements
The following table provides a brief description of recent accounting pronouncements and the expected impact on our financial statements:

Standard

Description

Effective date

Effect on the financial statements or other significant matters

Recently issued:

 

ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
 
ASU 2025-01, Income Statement - Reporting Comprehensive, Income -Expense Disaggregation Disclosures (Subtopic 220-40), Clarifying the Effective Date
 

 

ASU 2024-03 requires public business entities to provide additional disclosures that disaggregate certain income statement expense captions into specified categories. The ASU does not impact the presentation of expenses on the face of the income statement but requires additional footnote disclosures to provide users of the financial statements with greater insight into the nature and composition of reported expenses.

 

Fiscal years beginning January 1, 2027, and interim periods for fiscal years beginning January 1, 2028; Early adoption permitted.

 

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.

 

ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity
 

 

ASU 2025-03 clarifies the guidance in determining the accounting acquirer in a business combination effected primarily by exchanging equity interests when the acquiree is a VIE that meets the definition of a business.

 

January 1, 2027; Early adoption is permitted.

 

The Company is currently evaluating the impact of this ASU, but the adoption will not have a material effect on the Company’s financial position or results of operations.

 

ASU 2025-06, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software
 

 

ASU 2025-06 amends certain aspects of the accounting for and disclosure of software costs and makes targeted improvements for accounting for internally developed software to be sold or marketed externally.

 

January 1, 2028; Early adoption is permitted.

 

The Company is currently evaluating the impact of this ASU, but the adoption will not have a material effect on the Company’s financial position or results of operations.

 

93

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
 

2. Real Estate Investments

Acquisitions
The following tables detail the properties acquired for the periods set forth below:
 

(in thousands)

December 31, 2025

 

Date
Purchased

Property Name

City/State

Property
Type

Regency's Ownership

Purchase
Price (1)

 

Debt Assumed, Net of Premiums (1)

 

Intangible
Assets  (1)

 

Intangible Liabilities (1)

 

1/1/2025

Putnam Plaza (2)

Carmel Hamlet, NY

Operating

100 %

$

31,000

 

 

16,749

 

 

4,308

 

 

460

 

1/10/2025

Orange Meadows

Orange, CT

Outparcel

100 %

 

4,200

 

 

—

 

 

354

 

 

299

 

3/14/2025

Brentwood Place

Nashville, TN

Operating

100 %

 

118,500

 

 

40,060

 

 

9,371

 

 

18,295

 

7/23/2025

RMV Portfolio (3 )

Various, CA

Operating

100 %

 

357,000

 

 

126,860

 

 

45,356

 

 

2,224

 

8/1/2025

Chestnut Ridge Shopping Center (4)

Montvale, NJ

Operating

100 %

 

18,300

 

 

—

 

 

3,070

 

 

458

 

8/1/2025

Baybrook East (4)

Webster, TX

Operating

100 %

 

29,097

 

 

11,778

 

 

2,978

 

 

991

 

8/1/2025

Baybrook East Phase II

Webster, TX

Redevelopment

100 %

 

3,597

 

 

—

 

 

—

 

 

—

 

9/15/2025

The Villages at Seven Pines

Jacksonville, FL

Development

100 %

 

8,466

 

 

—

 

 

—

 

 

—

 

9/19/2025

Ellis Village Center

Tracy, CA

Development

100 %

 

1,350

 

 

—

 

 

—

 

 

—

 

10/1/2025

GRI DIK Portfolio (5)

Various

Operating

100 %

 

113,900

 

 

9,958

 

 

12,881

 

 

2,985

 

11/4/2025

Oak Valley Village

Beaumont, CA

Development

75 %

 

9,256

 

 

—

 

 

—

 

 

—

 

12/17/2025

Lone Tree Village

Lone Tree, CO

Development

100 %

 

4,153

 

 

—

 

 

—

 

 

—

 

Total property acquisitions

 

 

 

$

698,819

 

 

205,405

 

 

78,318

 

 

25,712

 

(1) Amounts for purchase price and allocation are reflected at 100 %.

(2) This property was held within a single property unconsolidated real estate partnership, in which the Company held a 66.7 % ownership interest. Effective January 1, 2025, the Company purchased its partner's remaining 33.3 % ownership interest. Upon acquisition, this property was consolidated into Regency's financial statements.

(3) In July 2025, the Company completed a $ 357 million acquisition of five operating properties, all located in Orange County, California. The purchase price was funded through a combination of units of the Operating Partnership issued at $ 72 per unit, and the assumption of $ 150 million of secured mortgage debt with a weighted average interest rate of 4.2 % and a weighted average remaining term of approximately 12 years.

(4) These properties were held within single property unconsolidated real estate partnerships, in which the Company held a 50.0 % ownership interest in each. Effective August 1, 2025, the Company purchased each of its partners' remaining 50.0 % ownership interests. Upon acquisition, these properties were consolidated into Regency’s financial statements.

(5) In October 2025, an unconsolidated real estate investment partnership in which the Company holds an interest completed a partial distribution-in-kind (“DIK”) transaction involving a total of eleven operating properties. The Company received five of these properties, which had an aggregate fair value of $ 113.9 million, and assumed an existing fixed rate mortgage loan on one property of $ 10 million, which was repaid in December 2025. The remaining six properties were distributed to the other partner.

 

(in thousands)

December 31, 2024

 

Date
Purchased

Property Name

City/State

Property
Type

Regency's Ownership

Purchase
Price (1)

 

Debt Assumed, Net of Premiums (1)

 

Intangible
Assets  (1)

 

Intangible Liabilities (1)

 

2/23/2024

The Shops at Stone Bridge

Cheshire, CT

Development

100 %

$

8,000

 

 

—

 

 

—

 

 

—

 

5/3/2024

Compo Acres North Shopping Center

Westport, CT

Operating

100 %

 

45,500

 

 

—

 

 

5,360

 

 

2,175

 

7/16/2024

Jordan Ranch Market

Houston, TX

Development

50 %

 

15,784

 

 

—

 

 

—

 

 

—

 

8/21/2024

Oakley Shops at Laurel Fields

Oakley, CA

Development

100 %

 

2,120

 

 

—

 

 

—

 

 

—

 

Total property acquisitions

 

 

 

$

71,404

 

 

—

 

 

5,360

 

 

2,175

 

(1) Amounts for purchase price and allocation are reflected at 100 %.

 

94

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
 

3. Property Dispositions

The following table provides a summary of consolidated operating properties and land parcels sold during the periods set forth below:
 

 

 

Year ended December 31,

 

(in thousands, except number sold data)

 

2025

 

 

2024

 

 

2023

 

Net proceeds from sale of real estate investments

 

$

124,992

 

 

 

108,615

 

 

 

11,167

 

Gain on sale of real estate, net of tax

 

$

24,464

 

 

 

34,162

 

 

 

661

 

Provision for impairment of real estate sold

 

$

4,606

 

 

 

1,330

 

 

 

—

 

Number of operating properties sold

 

 

7

 

 

 

6

 

 

 

—

 

Number of land parcels sold

 

 

3

 

 

 

—

 

 

 

5

 

Percent interest sold

 

100 %

 

 

100 %

 

 

100 %

 

 
4. Investments in Real Estate Partnerships

The Company's investments in unconsolidated real estate partnerships include the following:
 

 

 

December 31, 2025

 

(in thousands)

 

Regency's Ownership

 

Number of Properties

 

 

Total Investment

 

 

Total Assets of the Partnership

 

 

The Company's Share of Net Income of the Partnership

 

 

Net Income of the Partnership

 

GRI - Regency, LLC (JV-GRI) (1)

 

40 %

 

 

55

 

 

$

112,235

 

 

 

1,330,890

 

 

 

115,312

 

 

 

275,534

 

Columbia Regency Partners II, LLC (Columbia II)

 

20 %

 

 

23

 

 

 

60,354

 

 

 

643,088

 

 

 

4,503

 

 

 

22,983

 

Columbia Village District, LLC

 

30 %

 

 

1

 

 

 

6,295

 

 

 

97,702

 

 

 

2,255

 

 

 

7,570

 

Individual Investors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ballard Blocks

 

50 %

 

 

2

 

 

 

57,830

 

 

 

111,957

 

 

 

1,699

 

 

 

3,725

 

Bloom on Third

 

35 %

 

 

1

 

 

 

46,860

 

 

 

277,647

 

 

 

1,802

 

 

 

5,213

 

Others (2) (3)

 

12 % - 83 %

 

 

8

 

 

 

66,282

 

 

 

205,987

 

 

 

7,928

 

 

 

15,626

 

Total investments in real estate partnerships

 

 

90

 

 

$

349,856

 

 

 

2,667,271

 

 

 

133,499

 

 

 

330,651

 

(1) Effective October 1, 2025, the partners completed a partial distribution-in-kind (“DIK”) transaction involving a total of eleven operating properties. The Company received five of these properties, which had an aggregate fair value of $ 113.9 million, and assumed existing debt of approximately $ 10 million, which was repaid in December 2025. The remaining six properties were distributed to the other partner. As a result of this transaction, the Company recognized approximately $ 72.2 million in equity in income of investments in real estate partnerships, representing its share of the partnership’s gains.

(2) Effective January 1, 2025, we acquired our partner’s 33.3 % share in a single property partnership for a total purchase price of $ 10.3 million. Following this acquisition, the Company now owns 100 % of this property, and has been consolidated into the Company’s financial statements.

(3) Effective August 1, 2025, we acquired our partners' 50 % shares in two single property partnerships for a combined purchase price of $ 23.7 million. Following this acquisition, the Company now owns 100 % of these properties, and the properties have been consolidated into the Company’s financial statements.

 

 

 

December 31, 2024

 

(in thousands)

 

Regency's Ownership

 

Number of Properties

 

 

Total Investment

 

 

Total Assets of the Partnership

 

 

The Company's Share of Net Income of the Partnership

 

 

Net Income of the Partnership

 

GRI - Regency, LLC (JV-GRI)

 

40 %

 

 

66

 

 

$

136,972

 

 

 

1,455,471

 

 

 

38,729

 

 

 

91,447

 

Columbia Regency Partners II, LLC (Columbia II)

 

20 %

 

 

22

 

 

 

63,024

 

 

 

623,655

 

 

 

3,938

 

 

 

20,121

 

Columbia Village District, LLC

 

30 %

 

 

1

 

 

 

6,434

 

 

 

99,236

 

 

 

2,220

 

 

 

7,453

 

Individual Investors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ballard Blocks

 

50 %

 

 

2

 

 

 

59,596

 

 

 

115,784

 

 

 

1,028

 

 

 

2,380

 

Bloom on Third

 

35 %

 

 

1

 

 

 

44,715

 

 

 

259,218

 

 

 

1,810

 

 

 

5,235

 

Others

 

12 % - 83 %

 

 

11

 

 

 

88,303

 

 

 

289,793

 

 

 

2,569

 

 

 

10,027

 

Total investments in real estate partnerships

 

 

103

 

 

$

399,044

 

 

 

2,843,157

 

 

 

50,294

 

 

 

136,663

 

 

95

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
 

The summarized balance sheet information for the investments in unconsolidated real estate partnerships, on a combined basis, is as follows:
 

 

 

December 31,

 

(in thousands)

 

2025

 

 

2024

 

Investments in real estate, net

 

$

2,437,380

 

 

 

2,569,765

 

Acquired lease intangible assets, net

 

 

22,946

 

 

 

25,164

 

Other assets

 

 

206,945

 

 

 

248,228

 

Total assets

 

$

2,667,271

 

 

 

2,843,157

 

Notes payable

 

$

1,522,951

 

 

 

1,564,551

 

Acquired lease intangible liabilities, net

 

 

21,573

 

 

 

19,045

 

Other liabilities

 

 

84,086

 

 

 

92,911

 

Capital - Regency

 

 

391,512

 

 

 

444,354

 

Capital - Third parties

 

 

647,149

 

 

 

722,296

 

Total liabilities and capital

 

$

2,667,271

 

 

 

2,843,157

 

The following table reconciles the Company's capital recorded by the partnerships to the Company's investments in real estate partnerships reported in the accompanying Consolidated Balance Sheets:
 

 

 

December 31,

 

(in thousands)

 

2025

 

 

2024

 

Capital - Regency

 

$

391,512

 

 

 

444,354

 

Basis difference

 

 

( 41,656

)

 

 

( 45,310

)

Investments in real estate partnerships

 

$

349,856

 

 

 

399,044

 

The revenues and expenses for the investments in unconsolidated real estate partnerships, on a combined basis, are summarized as follows:
 

 

 

Year ended December 31,

 

(in thousands)

 

2025

 

 

2024

 

 

2023

 

Total revenues

 

$

438,454

 

 

 

420,281

 

 

 

390,843

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

99,758

 

 

 

96,239

 

 

 

88,974

 

Property operating expense

 

 

71,083

 

 

 

68,289

 

 

 

65,509

 

Real estate taxes

 

 

53,651

 

 

 

51,986

 

 

 

47,529

 

General and administrative

 

 

5,570

 

 

 

5,201

 

 

 

5,008

 

Other operating expenses

 

 

4,191

 

 

 

5,740

 

 

 

3,119

 

Total operating expenses

 

$

234,253

 

 

 

227,455

 

 

 

210,139

 

Other expense (income):

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

58,618

 

 

 

58,451

 

 

 

56,706

 

Gain on sale of real estate

 

 

( 185,033

)

 

 

( 2,288

)

 

 

( 11,140

)

Net investment income

 

 

( 35

)

 

 

—

 

 

 

—

 

Total other expense (income)

 

 

( 126,450

)

 

 

56,163

 

 

 

45,566

 

Net income of the Partnerships

 

$

330,651

 

 

 

136,663

 

 

 

135,138

 

The Company's share of net income of the Partnerships

 

$

133,499

 

 

 

50,294

 

 

 

50,541

 

 

96

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
 

Acquisitions
The following table provides a summary of shopping centers and land parcels acquired through our investments in unconsolidated real estate partnerships for the periods set forth below:

(in thousands)

Year ended December 31, 2025

 

Date
Purchased

Property
Name

City/State

Property
Type

Real Estate Partner

Regency's Ownership

Purchase Price  (1)

 

Debt Assumed,
Net of
Premiums (1)

 

Intangible Assets  (1)

 

Intangible Liabilities  (1)

 

5/12/2025

Armonk Square

Armonk, NY

Operating

State of Oregon

20 %

 

26,250

 

 

11,884

 

 

2,405

 

 

5,498

 

Total property acquisitions

 

 

 

 

$

26,250

 

 

11,884

 

 

2,405

 

 

5,498

 

(1) Amounts reflected for purchase price and allocation are reflected at 100 %.

 

(in thousands)

Year ended December 31, 2024

 

Date
Purchased

Property
Name

City/State

Property
Type

Real Estate Partner

Regency's Ownership

Purchase Price  (1)

 

Debt Assumed,
Net of
Premiums (1)

 

Intangible Assets  (1)

 

Intangible Liabilities  (1)

 

8/30/2024

East Greenwich Square

East Greenwich, RI

Operating

Other

70 %

 

46,650

 

 

—

 

 

5,127

 

 

1,877

 

10/17/2024

University Commons - Austin

Round Rock, TX

Operating

State of Oregon

20 %

$

68,751

 

 

—

 

 

6,560

 

 

5,120

 

Total property acquisitions

 

 

 

 

$

115,401

 

 

—

 

 

11,687

 

 

6,997

 

(1) Amounts reflected for purchase price and allocation are reflected at 100 %.

Dispositions
The following table provides a summary of operating properties and land parcels disposed of through our investments unconsolidated in real estate partnerships:
 

 

 

Year ended December 31,

 

(in thousands, except number sold data)

 

2025

 

 

2024

 

 

2023

 

Proceeds from sale of real estate investments

 

$

—

 

 

 

2,256

 

 

 

30,659

 

Gain on sale of real estate

 

$

185,033

 

 

 

2,288

 

 

 

11,140

 

The Company's share of gain on sale of real estate

 

$

75,980

 

 

 

907

 

 

 

3,161

 

Number of operating properties sold

 

 

11

 

 

 

—

 

 

 

1

 

Number of land out-parcels sold

 

 

—

 

 

 

1

 

 

 

—

 

Notes Payable
Scheduled principal repayments on notes payable held by our investments in real estate partnerships as of December 31, 2025, were as follows:

(in thousands)
Scheduled Principal Payments and Maturities by Year:

 

Scheduled
Principal
Payments

 

 

Mortgage
Loan
Maturities

 

 

Unsecured
Maturities

 

 

Total

 

 

Regency's
Pro-Rata
Share

 

2026

 

$

7,131

 

 

 

265,346

 

 

 

20,000

 

 

 

292,477

 

 

 

95,689

 

2027

 

 

7,303

 

 

 

32,800

 

 

 

—

 

 

 

40,103

 

 

 

13,417

 

2028

 

 

4,097

 

 

 

231,235

 

 

 

—

 

 

 

235,332

 

 

 

81,592

 

2029

 

 

2,855

 

 

 

104,434

 

 

 

—

 

 

 

107,289

 

 

 

37,157

 

2030

 

 

2,349

 

 

 

215,893

 

 

 

—

 

 

 

218,242

 

 

 

77,886

 

Beyond 5 Years

 

 

2,159

 

 

 

634,631

 

 

 

—

 

 

 

636,790

 

 

 

237,869

 

Net unamortized loan costs, debt premium / (discount)

 

 

—

 

 

 

( 7,283

)

 

 

—

 

 

 

( 7,283

)

 

 

( 2,604

)

Total

 

$

25,894

 

 

 

1,477,056

 

 

 

20,000

 

 

 

1,522,950

 

 

 

541,006

 

At December 31, 2025, Company's investments in unconsolidated real estate partnerships had notes payable of $ 1.5 billion maturing through 2036 , of which 94.7 % had a weighted average fixed interest rate of 4.0 % . The remaining notes payable float with SOFR and had a weighted average variable interest rate of 6.1 % at December 31, 2025. These fixed and variable rate notes payable are all non-recourse, and our Pro-rata share was $ 541.0 million as of December 31, 2025. As notes payable mature, they will be repaid from proceeds from new borrowings and/or capital contributions.

97

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
 

The Company is obligated to contribute its Pro-rata share to fund maturities if the loans are not refinanced, and it has the capacity to do so from existing cash balances, availability on its line of credit, and operating cash flows. The Company believes that its partners are financially sound and have sufficient capital or access thereto to fund future capital requirements. In the event that a real estate partner was unable to fund its share of the capital requirements of the real estate partnership, the Company would have the right, but not the obligation, to loan the defaulting partner the amount of its capital call which would be secured by the partner's membership interest.
Management fee income
In addition to earning our share of net income or loss in each of these real estate partnerships, we recognized fees as discussed in Note 1, as follows:
 

 

 

Year ended December 31,

 

(in thousands)

 

2025

 

 

2024

 

 

2023

 

Management, transaction, and other fees

 

$

28,026

 

 

 

27,874

 

 

 

26,954

 

 
5. Other Assets

The following table represents the components of Other assets in the accompanying Consolidated Balance Sheets as of the periods set forth below:
 

(in thousands)

 

December 31, 2025

 

 

December 31, 2024

 

Goodwill

 

$

166,739

 

 

 

166,739

 

Investments

 

 

51,373

 

 

 

51,820

 

Prepaid and other

 

 

34,575

 

 

 

40,240

 

Derivative assets

 

 

6,778

 

 

 

12,781

 

Furniture, fixtures, and equipment, net

 

 

12,728

 

 

 

7,954

 

Deferred financing costs, net

 

 

6,530

 

 

 

9,512

 

Total other assets

 

$

278,723

 

 

 

289,046

 

The following table presents the goodwill balances and activity during the year ended:

 

 

December 31, 2025

 

 

December 31, 2024

 

(in thousands)

 

Goodwill

 

 

Accumulated
Impairment
Losses

 

 

Total

 

 

Goodwill

 

 

Accumulated
Impairment
Losses

 

 

Total

 

Beginning of year balance

 

$

292,640

 

 

 

( 125,901

)

 

 

166,739

 

 

$

294,524

 

 

 

( 127,462

)

 

 

167,062

 

Goodwill written off upon dispositions

 

 

( 19,227

)

 

 

19,227

 

 

 

—

 

 

 

( 1,884

)

 

 

1,561

 

 

 

( 323

)

End of year balance

 

$

273,413

 

 

 

( 106,674

)

 

 

166,739

 

 

$

292,640

 

 

 

( 125,901

)

 

 

166,739

 

As the Company identifies properties ("reporting units") that no longer meet its investment criteria, it will evaluate the property for potential sale. A decision to sell a reporting unit results in the need to evaluate its goodwill for recoverability and may result in impairment loss. Additionally, other changes impacting a reporting unit may be considered a triggering event. If events occur that trigger an impairment evaluation at multiple reporting units, a goodwill impairment may be significant.

98

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
 

6. Acquired Lease Intangibles

The Company had the following acquired lease intangibles as of the periods set forth below:

 

 

December 31,

 

(in thousands)

 

2025

 

 

2024

 

In-place leases

 

$

570,553

 

 

 

522,117

 

Above-market leases

 

 

105,081

 

 

 

103,075

 

Total intangible assets

 

 

675,634

 

 

 

625,192

 

Accumulated amortization

 

 

( 421,433

)

 

 

( 395,209

)

Acquired lease intangible assets, net

 

$

254,201

 

 

 

229,983

 

Below-market leases

 

 

599,494

 

 

 

586,660

 

Accumulated amortization

 

 

( 243,040

)

 

 

( 222,052

)

Acquired lease intangible liabilities, net

 

$

356,454

 

 

 

364,608

 

The following table provides a summary of amortization and net accretion amounts from acquired lease intangibles:

 

 

Year ended December 31,

 

 

 

(in thousands)

 

2025

 

 

2024

 

 

2023

 

 

Line item in Consolidated Statements of Operations

In-place lease amortization

 

$

43,642

 

 

 

49,169

 

 

 

44,102

 

 

Depreciation and amortization

Above-market lease amortization

 

 

8,850

 

 

 

8,860

 

 

 

6,571

 

 

Lease income

Acquired lease intangible asset amortization

 

$

52,492

 

 

 

58,029

 

 

 

50,673

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Below-market lease amortization

 

$

33,422

 

 

 

33,883

 

 

 

37,831

 

 

Lease income

The estimated aggregate amortization and net accretion amounts from acquired lease intangibles for the next five years are as follows:

(in thousands)

 

 

 

 

 

 

In Process Year Ending
December 31,

 

Amortization of
In-place lease intangibles

 

 

Net accretion of Above
/ Below market lease
intangibles

 

2026

 

$

38,122

 

 

 

21,050

 

2027

 

 

30,003

 

 

 

20,534

 

2028

 

 

24,352

 

 

 

20,615

 

2029

 

 

19,826

 

 

 

20,226

 

2030

 

 

17,109

 

 

 

19,319

 

 
7. Leases

Lessor Accounting
Substantially all of the Company's leases are classified as operating leases. The Company's Lease income is comprised of both fixed and variable income. Fixed and in-substance fixed lease income includes stated amounts per lease contracts, which are primarily related to base rent, and in some cases stated amounts for Recoverable Costs. Income for these amounts is recognized on a straight-line basis.
Variable lease income includes the following two main items in the lease contracts:
(i) Recoveries from tenants represent the tenants' contractual obligations to reimburse the Company for their portion of Recoverable Costs incurred. Generally, the Company's leases provide for the tenants to reimburse the Company based on the tenants' share of the actual costs incurred in proportion to the tenants' share of leased space in the property.

(ii) Percentage rent represents amounts billable to tenants based on the tenants' actual sales volume in excess of levels specified in the lease contract.

99

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
 

The following table provides a disaggregation of lease income recognized as either fixed or variable lease income based on the criteria specified in Topic 842:

 

 

Year ended December 31,

 

(in thousands)

 

2025

 

 

2024

 

 

2023

 

Operating lease income

 

 

 

 

 

 

 

 

 

Fixed and in-substance fixed lease income

 

$

1,102,834

 

 

 

1,035,225

 

 

 

928,364

 

Variable lease income

 

 

388,123

 

 

 

356,520

 

 

 

324,037

 

Other lease related income, net:

 

 

 

 

 

 

 

 

 

Above/below market rent and tenant rent inducement amortization, net

 

 

24,428

 

 

 

24,843

 

 

 

30,826

 

Uncollectible straight-line rent

 

 

( 1,167

)

 

 

( 1,885

)

 

 

1,261

 

Uncollectible amounts billable in lease income

 

 

( 2,793

)

 

 

( 3,324

)

 

 

( 549

)

Total lease income

 

$

1,511,425

 

 

 

1,411,379

 

 

 

1,283,939

 

Future minimum rental revenue under non-cancelable operating leases, excluding variable lease payments as of December 31, 2025, are as follows:

(in thousands)

 

 

 

For the year ending December 31,

 

 

 

2026

 

$

1,121,279

 

2027

 

 

1,026,724

 

2028

 

 

880,290

 

2029

 

 

736,919

 

2030

 

 

591,041

 

Thereafter

 

 

2,327,057

 

Total

 

$

6,683,310

 

At December 31, 2025, the Company had three leases classified as sales-type leases, with lease income recorded over the lease term in the form of variable interest income representing the constant periodic rate of return on the Company’s net investment in the lease, and fixed contractual obligations.
Lessee Accounting
The Company has shopping centers that are subject to non-cancelable, long-term ground leases where a third party owns the underlying land and has leased the land to the Company to construct and/or operate a shopping center.
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.
In addition, the Company has non-cancelable operating leases for office space used to conduct its business. Office leases expire through the year 2035 , and in certain cases, provide for renewal options.
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.
Notes to Consolidated Financial Statements
December 31, 2025
 

Operating lease expense under the Company's ground and office leases were as follows, including straight-line rent expense and variable lease expenses such as CPI increases, percentage rent and reimbursements of landlord costs:

 

 

Year ended December 31,

 

(in thousands)

 

2025

 

 

2024

 

 

2023

 

Fixed operating lease expense

 

 

 

 

 

 

 

 

 

Ground leases

 

$

15,489

 

 

 

15,420

 

 

 

14,727

 

Office leases

 

 

3,907

 

 

 

3,689

 

 

 

4,103

 

Total fixed operating lease expense

 

 

19,396

 

 

 

19,109

 

 

 

18,830

 

Variable lease expense

 

 

 

 

 

 

 

 

 

Ground leases

 

 

1,571

 

 

 

1,953

 

 

 

1,586

 

Office leases

 

 

604

 

 

 

592

 

 

 

729

 

Total variable lease expense

 

 

2,175

 

 

 

2,545

 

 

 

2,315

 

Total lease expense

 

$

21,571

 

 

 

21,654

 

 

 

21,145

 

Cash paid for amounts included in the measurement of operating lease liabilities

 

 

 

 

 

 

 

 

 

Operating cash flows for operating leases

 

$

16,871

 

 

 

16,212

 

 

 

15,823

 

The following table summarizes the undiscounted future cash flows by year attributable to the operating lease liabilities for ground and office leases as of December 31, 2025, and provides a reconciliation to the Lease liabilities included in the accompanying Consolidated Balance Sheets:

(in thousands)

 

Lease Liabilities

 

For the years ending December 31,

 

Ground Leases

 

 

Office Leases

 

 

Total

 

2026

 

$

12,817

 

 

 

3,963

 

 

 

16,780

 

2027

 

 

12,843

 

 

 

3,597

 

 

 

16,440

 

2028

 

 

12,984

 

 

 

2,137

 

 

 

15,121

 

2029

 

 

13,017

 

 

 

855

 

 

 

13,872

 

2030

 

 

13,012

 

 

 

439

 

 

 

13,451

 

Thereafter

 

 

675,321

 

 

 

913

 

 

 

676,234

 

Total undiscounted lease liabilities

 

$

739,994

 

 

 

11,904

 

 

 

751,898

 

Less imputed interest

 

 

( 508,492

)

 

 

( 1,038

)

 

 

( 509,530

)

Lease liabilities

 

$

231,502

 

 

 

10,866

 

 

 

242,368

 

Weighted average discount rate

 

 

5.5

%

 

 

4.6

%

 

 

 

Weighted average remaining term (in years)

 

 

47.8

 

 

 

3.7

 

 

 

 

 
8. Notes Payable and Unsecured Credit Facility

The Company's outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following as of the dates set forth below:
 

 

 

Scheduled
Maturity Date

 

Weighted
Average
Contractual
Rate

 

Weighted
Average
Effective
Rate

 

December 31,

 

(in thousands)

 

 

 

 

 

 

 

2025

 

 

2024

 

Notes payable:

 

 

 

 

 

 

 

 

 

 

 

 

Fixed rate mortgage loans

 

2/1/2026  - 10/1/2038

 

4.0 %

 

4.7 %

 

$

475,948

 

 

 

337,703

 

Variable rate mortgage loans (1)

 

10/1/2026  - 2/20/2032

 

4.4 %

 

4.6 %

 

 

270,489

 

 

 

282,117

 

Fixed rate unsecured debt

 

5/11/2026  - 3/15/2049

 

4.2 %

 

4.4 %

 

 

3,872,864

 

 

 

3,723,880

 

Total notes payable, net

 

 

 

 

 

 

 

 

4,619,301

 

 

 

4,343,700

 

Unsecured credit facility:

 

 

 

 

 

 

 

 

 

 

 

 

$ 1.5  Billion Line of Credit (the "Line") (1)(2)

 

3/23/2028

 

4.4 %

 

4.8 %

 

 

120,000

 

 

 

65,000

 

Total unsecured credit facility

 

 

 

 

 

 

 

 

120,000

 

 

 

65,000

 

Total debt outstanding

 

 

 

 

 

 

 

$

4,739,301

 

 

 

4,408,700

 

(1) As of December 31, 2025, 76.5 % of the Variable rate debt are fixed through interest rate swaps.

(2) The Company has the option to extend the maturity date by two additional six-month periods . Weighted average effective rate for the Line is calculated based on a fully drawn Line balance using the period end variable rate.

101

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
 

Notes Payable
Notes payable consist of mortgage loans secured by properties and unsecured public and private debt. Mortgage loans may be repaid before maturity, but could be subject to yield maintenance premiums, and are generally due in monthly installments of principal and interest or interest only. Unsecured public debt may be repaid before maturity subject to accrued and unpaid interest through the proposed redemption date and a make-whole premium. Interest on unsecured public and private debt is payable semi-annually.
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 % (the "2025 Notes").
In July 2025, in connection with the acquisition of the RMV portfolio, the Company assumed $ 150 million of fixed-rate mortgage loans with a weighted average interest rate of 4.2 % and a weighted average remaining term to maturity of approximately 12 years .
In November 2025, the Company repaid $ 250 million of fixed rate unsecured debt and $ 16 million of fixed rate mortgage loans upon maturity.
The Company is required to comply with certain financial covenants for its unsecured public debt as defined in the indenture agreements such as the following ratios: Consolidated Debt to Consolidated Assets, Consolidated Secured Debt to Consolidated Assets, Consolidated Income for Debt Service to Consolidated Debt Service, and Unencumbered Consolidated Assets to Unsecured Consolidated Debt. As of December 31, 2025, the Company was in compliance with all debt covenants for its unsecured public debt.
Unsecured Credit Facilities
The Company has an unsecured line of credit facility (the "Line") pursuant to the Sixth Amended and Restated Credit Agreement (the "Credit Agreement"), dated as of January 18, 2024, by and among the Company and financial institutions party thereto, as lenders, and Wells Fargo Bank, National Association, as Administrative Agent. The Credit Agreement provides for an unsecured revolving credit facility in the amount of $ 1.50 billion for a term of four years (plus two six-month extension options ) and includes an accordion feature which permits the borrower to request increases in the size of the revolving loan facility by up to an additional $ 1.50 billion. The interest rate on the revolving credit facility is equal to SOFR plus a margin that is determined based on the borrower’s long-term unsecured debt ratings and ratio of indebtedness to total asset value. 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.
At December 31, 2025, the Line had an available capacity of $ 1.4 billion after giving effect to outstanding borrowings and commitments from issued letters of credit. The Line accrues interest at a variable rate of SOFR plu s an applicable spread of 0.79 % and a 0.115 % commitment fee.
The Company is required to comply with certain financial covenants as defined in the Credit Agreement, including the Ratio of Indebtedness to Total Asset Value ("TAV"), Ratio of Unsecured Indebtedness to Unencumbered Asset Value, Ratio of Adjusted EBITDA to Fixed Charges, Ratio of Secured Indebtedness to TAV, Ratio of Unencumbered Net Operating Income to Unsecured Interest Expense, and other covenants customary with this type of unsecured financing. As of December 31, 2025, the Company was in compliance with all financial covenants for the Line.

102

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
 

Scheduled principal payments and maturities on notes payable and the unsecured credit facility were as follows:
 

(in thousands)

 

December 31, 2025

 

Scheduled Principal Payments and Maturities by Year:

 

Scheduled
Principal
Payments

 

 

Mortgage
Loan
Maturities

 

 

Unsecured
Maturities  (1)

 

 

Total

 

2026

 

$

12,836

 

 

 

147,848

 

 

 

200,000

 

 

 

360,684

 

2027

 

 

10,051

 

 

 

222,558

 

 

 

525,000

 

 

 

757,609

 

2028

 

 

8,365

 

 

 

51,939

 

 

 

420,000

 

 

 

480,304

 

2029

 

 

5,619

 

 

 

97,120

 

 

 

425,000

 

 

 

527,739

 

2030

 

 

5,445

 

 

 

2,163

 

 

 

600,000

 

 

 

607,608

 

Beyond 5 Years

 

 

24,210

 

 

 

190,677

 

 

 

1,850,000

 

 

 

2,064,887

 

Unamortized debt premium/(discount) and issuance costs

 

 

—

 

 

 

( 32,394

)

 

 

( 27,136

)

 

 

( 59,530

)

Total

 

$

66,526

 

 

 

679,911

 

 

 

3,992,864

 

 

 

4,739,301

 

(1) Includes unsecured public and private debt and unsecured credit facilities.

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. 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. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties that meet the Company's stringent standards for creditworthiness. The Company does not anticipate that any of the counterparties will fail to meet their obligations.
Detail on the Company's interest rate derivatives outstanding is as follows:

(in thousands, except number of instruments data)

 

December 31,

 

Interest Rate Swaps

 

2025

 

 

2024

 

Notional amount

 

$

299,375

 

 

 

301,444

 

Number of instruments

 

 

15

 

 

 

14

 

Detail on the fair value of the Company's interest rate derivatives is as follows:

(in thousands)

 

December 31,

 

Interest rate swaps classified as:

 

2025

 

 

2024

 

Derivative assets

 

$

6,778

 

 

 

12,781

 

Derivative liabilities

 

 

( 1,606

)

 

 

( 423

)

Derivatives in an asset position are included within Other assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts payable and other liabilities.
These derivative financial instruments are all interest rate swaps, which are designated and qualify as cash flow hedges. The Company does not enter into derivative instruments for trading or speculative purposes. As of December 31, 2025, all of the Company's derivatives are designated as cash flow hedges.
The changes in the fair value of derivatives designated and qualifying as cash flow hedges are recorded in Accumulated other comprehensive income ("AOCI") and subsequently reclassified into earnings in the period that the hedged interest payments affects earnings.

103

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
 

The following table represents the effect of the derivative financial instruments on the accompanying Consolidated Financial Statements:

Location and Amount of Gain (Loss) Recognized in OCI on Derivative

 

 

 

Year ended December 31,

 

(in thousands)

 

2025

 

 

2024

 

 

2023

 

Interest rate swaps

 

$

( 2,659

)

 

 

12,523

 

 

 

( 2,448

)

 

 

 

 

 

 

 

 

 

 

Location and Amount of Loss (Gain) Reclassified from AOCI into Income

 

 

 

Year ended December 31,

 

(in thousands)

 

2025

 

 

2024

 

 

2023

 

Interest expense, net

 

$

( 4,738

)

 

 

( 8,895

)

 

 

( 7,536

)

 

 

 

 

 

 

 

 

 

 

Total amounts presented in the Consolidated Statements of Operations
in which the effects of cash flow hedges are recorded

 

 

 

Year ended December 31,

 

(in thousands)

 

2025

 

 

2024

 

 

2023

 

Interest expense, net

 

$

199,548

 

 

 

180,119

 

 

 

154,249

 

 
As of December 31, 2025, the Company expects approximately $ 0.2 million of accumulated comprehensive income on derivative instruments, including the Company's share from its Investments in real estate partnerships, to be reclassified into earnings during the next 12 months.

10. Fair Value Measurements

(a) Disclosure of Fair Value of Financial Instruments

All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximate their fair values, except those instruments listed below:
 

 

 

December 31,

 

 

 

2025

 

 

2024

 

(in thousands)

 

Carrying
Amount

 

 

Fair Value

 

 

Carrying
Amount

 

 

Fair Value

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Notes receivable

 

$

31,987

 

 

 

32,173

 

 

$

31,790

 

 

 

31,755

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Notes payable, net

 

$

4,619,301

 

 

 

4,554,628

 

 

$

4,343,700

 

 

 

4,141,096

 

Unsecured credit facilities (1)

 

$

120,000

 

 

 

120,000

 

 

$

65,000

 

 

 

65,000

 

(1) The carrying amounts approximated its fair values due to the variable nature of the terms.

 
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. These fair value measurements maximize the use of observable inputs which are classified within Level 2 of the fair value hierarchy. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company's own judgments about the assumptions that market participants would use in pricing the asset or liability.
The Company develops its judgments based on the best information available at the measurement date, including expected cash flows, appropriate risk-adjusted discount rates, and available observable and unobservable inputs. Service providers involved in fair value measurements are evaluated for competency and qualifications on an ongoing basis. 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, 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. The marketable securities, which include mutual funds and exchange-traded funds, are measured at fair value using quoted prices in active markets and are classified as Level 1 inputs of the fair value hierarchy.
Changes in the value of securities are recorded within Net investment income in the accompanying Consolidated Statements of Operations, and include the following:

 

 

Year ended December 31,

 

(in thousands)

 

2025

 

 

2024

 

 

2023

 

Unrealized Gain

 

 

893

 

 

 

4,452

 

 

 

4,197

 

Available-for-Sale Debt Securities
Available-for-sale debt securities consist of investments in corporate bonds and agency mortgage-backed securities. These securities are recorded at fair value, which is determined using either recent trade prices for the identical debt instrument or comparable instruments by issuers of similar industry sector, issuer credit rating, duration and security type. The fair value measurements for these are considered Level 2 inputs of the fair value hierarchy. 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. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements.
Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swaps. As a result, the Company determined that its interest rate swaps valuation in its entirety is classified in Level 2 of the fair value hierarchy.
The following tables present the placement in the fair value hierarchy of assets and liabilities measured at fair value on a recurring basis:
 

 

 

Fair Value Measurements as of December 31, 2025

 

(in thousands)

 

Balance

 

 

Quoted Prices in Active Markets for Identical Assets
(Level 1)

 

 

Significant Other Observable Inputs
(Level 2)

 

 

Significant Unobservable Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Securities

 

$

39,887

 

 

 

39,887

 

 

 

—

 

 

 

—

 

Available-for-sale debt securities

 

 

11,486

 

 

 

—

 

 

 

11,486

 

 

 

—

 

Interest rate derivatives

 

 

6,778

 

 

 

—

 

 

 

6,778

 

 

 

—

 

Total

 

$

58,151

 

 

 

39,887

 

 

 

18,264

 

 

 

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate derivatives

 

$

( 1,606

)

 

 

—

 

 

 

( 1,606

)

 

 

—

 

 

105

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
 

 

 

 

Fair Value Measurements as of December 31, 2024

 

(in thousands)

 

Balance

 

 

Quoted Prices in Active Markets for Identical Assets
(Level 1)

 

 

Significant Other Observable Inputs
(Level 2)

 

 

Significant Unobservable Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Securities

 

$

39,419

 

 

 

39,419

 

 

 

—

 

 

 

—

 

Available-for-sale debt securities

 

 

12,401

 

 

 

—

 

 

 

12,401

 

 

 

—

 

Interest rate derivatives

 

 

12,781

 

 

 

—

 

 

 

12,781

 

 

 

—

 

Total

 

$

64,601

 

 

 

39,419

 

 

 

25,182

 

 

 

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate derivatives

 

$

( 423

)

 

 

—

 

 

 

( 423

)

 

 

—

 

As of December 31, 2025 , there were no assets and/or liabilities measured at fair value on a nonrecurring basis. The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a non-recurring basis as of December 31, 2024:

 

 

Fair Value Measurements as of December 31, 2024

 

(in thousands)

 

Balance

 

 

Quoted Prices in Active Markets for Identical Assets
(Level 1)

 

 

Significant Other Observable Inputs
(Level 2)

 

 

Significant Unobservable Inputs
(Level 3)

 

 

Total Gains (Losses)

 

Real estate assets

 

$

10,915

 

 

 

—

 

 

 

10,915

 

 

 

—

 

 

 

( 12,974

)

 
11. Equity and Capital

Preferred Stock of the Parent Company

Terms and conditions of the preferred stock outstanding are summarized as follows:

 

Preferred Stock Outstanding as of December 31, 2025 and 2024

 

Date of Issuance

 

Shares Issued and Outstanding

 

 

Liquidation Preference

 

 

Distribution Rate

 

Callable By Company

Series A

8/18/2023

 

 

4,600,000

 

 

$

115,000,000

 

 

6.250 %

 

On demand

Series B

8/18/2023

 

 

4,400,000

 

 

 

110,000,000

 

 

5.875 %

 

On demand

 

 

 

 

9,000,000

 

 

$

225,000,000

 

 

 

 

 

Dividends Declared
Subsequent to December 31, 2025, the Board declared the following dividends:

 

 

Dividend Declared, per share

 

 

Declaration Date

 

Record Date

 

Payable Date

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

Except under certain limited conditions, each series of Preferred Stock is non-voting, has no stated maturity and is redeemable for cash at $ 25.00 per share at the Company's option. The holders of the Preferred Stock have general preference rights over common stockholders with respect to liquidation and quarterly distributions. In the event of a cumulative arrearage equal to six quarterly dividends, holders of the Preferred Stock (voting as a single class without regard to series) will have the right to elect two additional members to serve on the Company's Board of Directors until the arrearage has been cured. Upon the occurrence of a Change of Control, as defined in the Company's Articles of Incorporation, the holders of the Preferred Stock will have the right to convert all or part of the shares of the Preferred Stock held by such holders on the applicable conversion date into a number of shares of Common Stock.
 

106

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
 

Common Stock of the Parent Company
Dividends Declared
 
On February 4, 2026 , the Board declared a common stock dividend of $ 0.755 per share, payable on April 1, 2026 , to shareholders of record as of March 11, 2026 .
At the Market ("ATM") Program
Under the Parent Company's ATM Program, as authorized by the Board, the Parent Company may sell up to $ 500 million of common stock at prices determined by the market at the time of sale. The timing of sales, if any, will be dependent on market conditions and other factors.
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.  
The Company settled all forward sales agreements entered into during 2024 under its ATM program as follows:
• In August 2025, the Company issued 673,172 shares of common stock and received $ 49.2 million of net proceeds.

• In October 2025, the Company issued an additional 666,205 shares of common stock and received $ 49.1 million of net proceeds. Upon completion of these settlements, the Company had fully settled all forward sales agreements entered into during 2024.

• Proceeds from the issuance of shares were used to fund acquisitions of operating properties, fund developments and redevelopments, and for general corporate purposes.

As of December 31, 2025 , and after giving effect to the aforementioned forward equity offering, $ 400 million of common stock remained available for issuance under this ATM Program.
Subsequent to December 31, 2025, on February 04, 2026, the Board reauthorized the issuance and sale of up to $ 500 million of common stock under its existing ATM program.
Stock Repurchase Program
On July 31, 2024, the Board authorized a common stock repurchase program under which the Company may purchase up to $ 250.0 million of shares of its outstanding common stock (the "Repurchase Program"). 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. Any common stock repurchased, if not retired, will be treated as treasury stock.
During the year ended December 31, 2025 , the Company made no repurchases and $ 250.0 million remained available under the Repurchase Program.
On February 4, 2026, the Board authorized a new common stock repurchase program under which the Company may purchase up to $ 500 million shares of its outstanding common stock (the "New Repurchase Program"). The New Repurchase Program replaced and superseded the prior Repurchase Program. 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 February 28, 2029 , unless modified, extended or earlier terminated by the Board in its discretion. Any common stock repurchased, if not retired, will be treated as treasury stock.

107

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
 

Preferred Units of the Operating Partnership
The number of Series A Preferred Units and Series B Preferred Units, respectively, issued by the Operating Partnership is equal to the number of Series A Preferred Stock and Series B Preferred Stock, respectively, issued by the Parent Company.
Common Units of the Operating Partnership
Common Units are issued, or redeemed and retired, for each share of the Parent Company stock issued or redeemed, or retired, as described above. During the year ended December 31, 2025, unitholders redeemed a total of 31,558 Common Units, consisting of 28,815 units redeemed in exchange for approximately $ 2.0 million in cash and 2,743 units redeemed in exchange for shares of the Parent Company’s common stock. Cash redemptions were made at amounts equivalent to the market value of the Parent Company’s common stock at the time of redemption, while unit-for-share exchanges were completed on a one-for-one basis.
In July 2025, the Operating Partnership issued 2,773,087 Common Units, valued at $ 199.7 million based on the market price at the time of issuance, to unrelated third-party sellers as partial purchase price consideration for the acquisition of five properties.
During the year ended December 31, 2024 , 10,795 Common Units were exchanged for shares of Parent Company common stock.
General Partners
The Parent Company, as general partner, owned the following Common Units outstanding:
 

 

 

December 31,

 

(in thousands)

 

2025

 

 

2024

 

Common Units owned by the general partner

 

 

182,902

 

 

 

181,361

 

Common Units owned by the limited partners

 

 

3,838

 

 

 

1,097

 

Total Common Units outstanding

 

 

186,740

 

 

 

182,458

 

Percentage of Common Units owned by the general partner

 

 

97.9

%

 

 

99.4

%

 
12. Stock-Based Compensation

The Company records stock-based compensation expense within General and administrative expenses in the accompanying Consolidated Statements of Operations, and recognizes forfeitures as they occur.

 

 

Year ended December 31,

 

(in thousands)

 

2025

 

 

2024

 

 

2023

 

Restricted stock  (1)(2)

 

$

21,648

 

 

 

18,549

 

 

 

17,277

 

Directors' fees paid in common stock and other employee stock grants

 

 

439

 

 

 

528

 

 

 

590

 

Capitalized stock-based compensation

 

 

( 2,628

)

 

 

( 1,941

)

 

 

( 954

)

Stock-based compensation, net of capitalization

 

$

19,459

 

 

 

17,136

 

 

 

16,913

 

(1) Includes amortization of the grant date fair value of restricted stock awards over the respective vesting periods.

(2) In addition, the Company expensed $ 6.4 million and $ 3.2 million during 2024 and 2023, respectively, within Other operating expenses in connection with restricted stock expense related to the acquisition of UBP.

The Company established its Omnibus Incentive Plan (the "Plan") under which the Board of Directors may grant stock options and other stock-based awards to officers, directors, and other key employees. The Plan allows the Company to issue up to 5.0 million shares in the form of the Parent Company's common stock or stock options. As of December 31, 2025, there were 3.5 million shares available for grant under the Plan.
Restricted Stock Units
The Company grants restricted stock under the Plan to its employees as a form of long-term compensation and retention. The terms of each restricted stock grant vary depending upon the participant's responsibilities and position within the Company. The Company's stock grants can be categorized as either time-based awards, performance-based awards, or market-based awards. All awards are valued at grant date fair value, earn dividends throughout the vesting period, and have no voting rights. Fair value is measured using the grant date market price for all time-based and performance-based awards. Market based awards are valued using a Monte Carlo simulation model to estimate the fair value based on the probability of

108

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
 

satisfying the market conditions and the projected stock price at the time of payout, discounted to the valuation date over a three year performance period. Assumptions used in the estimate include historic volatility over the previous three-year period, risk-free interest rates, and Regency's historic daily return as compared to the market index. Since the award payout includes dividend equivalents and the total shareholder return includes the value of dividends, no dividend yield assumption is required for the valuation. Compensation expense is measured at the grant date and recognized on a straight-line basis over the requisite service period for the entire award, regardless of whether the market condition is ultimately achieved.
The following table summarizes non-vested restricted stock activity:

 

 

Year ended December 31, 2025

 

 

 

Number of Shares

 

 

Intrinsic Value (in thousands)

 

 

Weighted Average Grant Date Fair Value

 

Non-vested as of December 31, 2024

 

 

803,789

 

 

 

 

 

 

 

Time-based awards granted  (1) (4)

 

 

160,733

 

 

 

 

 

$

71.81

 

Performance-based awards granted (2) (4)

 

 

18,721

 

 

 

 

 

$

71.78

 

Market-based awards granted (3) (4)

 

 

145,778

 

 

 

 

 

$

83.97

 

Change in market-based awards earned for performance (3)

 

 

( 33,825

)

 

 

 

 

$

70.89

 

Vested (5)

 

 

( 250,944

)

 

 

 

 

$

71.01

 

Forfeited

 

 

( 9,338

)

 

 

 

 

$

67.68

 

Non-vested as of December 31, 2025 (6)

 

 

834,914

 

 

$

57,634

 

 

 

 

(1) Time-based awards vest beginning on the first anniversary following the grant date over a one or four year service period . These grants are subject only to continued employment and are not dependent on future performance measures. Accordingly, if such vesting criteria are not met, compensation cost previously recognized is reversed.

(2) Performance-based awards are earned subject to performance measurements. Once the performance criteria are achieved and the actual number of shares earned is determined, shares vest over a required service period. The Company considers the likelihood of meeting the performance criteria based upon management's estimates from which it determines the amounts recognized as expense on a periodic basis.

(3) Market-based awards are earned dependent upon the Company's total shareholder return in relation to the shareholder return of a NAREIT index over a three-year period. Once the performance criteria are met and the actual number of shares earned is determined, the shares are immediately vested and distributed. The probability of meeting the criteria is considered when calculating the estimated fair value on the date of grant using a Monte Carlo simulation. These awards are accounted for as awards with market criteria, with compensation cost recognized over the service period, regardless of whether the performance criteria are achieved and the awards are ultimately earned. The significant assumptions underlying determination of fair values for market-based awards granted were as follows:

 

 

Year ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Expected volatility

 

 

23.8

%

 

 

25.50

%

 

 

45.50

%

Risk free interest rate

 

 

4.25

%

 

 

4.14

%

 

 

3.75

%

(4) The weighted-average grant price for restricted stock granted during the years is summarized below:

 

 

Year ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Weighted-average grant date fair value for restricted stock

 

$

77.26

 

 

$

60.36

 

 

$

68.28

 

(5) The total intrinsic value of restricted stock vested during the years is summarized below (in thousands):

 

 

Year ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Intrinsic value of restricted stock vested

 

$

17,820

 

 

$

19,254

 

 

$

19,717

 

(6) As of December 31, 2025, there was $ 25.5 million of unrecognized compensation cost related to non-vested restricted stock granted under the Parent Company's Plan . When recognized, this compensation results in additional paid in capital in the accompanying Consolidated Statements of Equity of the Parent Company and in general partner preferred and common units in the accompanying Consolidated Statements of Capital of the Operating Partnership. This unrecognized compensation cost is expected to be recognized over the next three years . The Company issues new restricted stock from its authorized shares available at the date of grant.

 

109

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
 

13. Saving and Retirement Plans

401(k) Retirement Plan
The Company maintains a 401(k) retirement plan covering substantially all employees and permits participants to defer eligible compensation up to the maximum allowable amount determined by the IRS. 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. Costs for Company contributions to the plan totaled $ 5.7 million , $ 5.6 million , and $ 5.3 million for the years ended December 31, 2025, 2024, and 2023, respectively.
Non-Qualified Deferred Compensation Plan ("NQDCP")
The Company maintains a NQDCP which allows select employees and directors to defer part or all of their cash bonus, director fees, and vested restricted stock units. All contributions into the participants' accounts are fully vested upon contribution to the NQDCP and are deposited in a Rabbi trust.
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. Changes in participant obligations, which is based on changes in the value of their investment elections, is recognized within General and administrative expenses within the accompanying Consolidated Statements of Operations.
Investments in shares of the Company's common stock are included, at cost, as Treasury stock in the accompanying Consolidated Balance Sheets of the Parent Company and as a reduction of General partner capital in the accompanying Consolidated Balance Sheets of the Operating Partnership. The participant's deferred compensation liability attributable to the participants' investments in shares of the Company's common stock are included, at cost, within Additional paid in capital in the accompanying Consolidated Balance Sheets of the Parent Company and as a reduction of General partner capital in the accompanying Consolidated Balance Sheets of the Operating Partnership. Changes in participant account balances related to the Regency common stock fund are recorded directly within shareholders' equity.

 
14. Earnings per Share and Unit

Parent Company Earnings per Share
The following summarizes the calculation of basic and diluted earnings per share:
 

 

 

Year ended December 31,

 

(in thousands, except per share data)

 

2025

 

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income attributable to common shareholders - basic

 

$

513,810

 

 

 

386,738

 

 

 

359,500

 

Net income attributable to common shareholders - diluted

 

$

513,810

 

 

 

386,738

 

 

 

359,500

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding for basic EPS

 

 

181,902

 

 

 

182,817

 

 

 

176,085

 

Weighted average common shares outstanding for diluted EPS  (1)

 

 

182,234

 

 

 

183,040

 

 

 

176,371

 

Net income per common share – basic

 

$

2.82

 

 

 

2.12

 

 

 

2.04

 

Net income per common share – diluted

 

$

2.82

 

 

 

2.11

 

 

 

2.04

 

(1) Using the treasury stock method, the calculation includes the dilutive effect of unvested restricted stock and shares to be issued under the forward sale agreements.

110

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
 

The effect of the assumed exchange of the EOP units and certain other exchangeable units had an anti-dilutive effect upon the calculation of net income attributable to the common shareholders per share. Accordingly, the impact of such assumed exchanges has not been included in the determination of diluted net income per share calculations. Weighted average EOP units outstanding were 2,304,079 , 1,099,187 and 953,085 for the year ended December 31, 2025, 2024 and 2023, respectively.
Operating Partnership Earnings per Unit
The following summarizes the calculation of basic and diluted earnings per unit ("EPU"):
 

 

 

Year ended December 31,

 

(in thousands, except per unit data)

 

2025

 

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income attributable to common unit holders - basic

 

$

520,879

 

 

 

389,076

 

 

 

361,508

 

Net income attributable to common unit holders - diluted

 

$

520,879

 

 

 

389,076

 

 

 

361,508

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average common units outstanding for basic EPU

 

 

184,206

 

 

 

183,916

 

 

 

177,038

 

Weighted average common units outstanding for diluted EPU  (1)

 

 

184,538

 

 

 

184,139

 

 

 

177,324

 

Net income per common unit – basic

 

$

2.83

 

 

 

2.12

 

 

 

2.04

 

Net income per common unit – diluted

 

$

2.82

 

 

 

2.11

 

 

 

2.04

 

(1) Using the treasury stock method, the calculation includes the dilutive effect of unvested restricted units and units to be issued under the forward sale agreements.

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. Segment Information

The Company's business consists of acquiring, developing, owning, and operating income-producing retail real estate in the United States of America ("USA" or "United States"). The Company owns and manages a portfolio of neighborhood and community shopping centers, anchored primarily by grocers. Nearly all of the Company's consolidated revenues are generated from real estate investments in shopping centers.
The Company derives revenue primarily by leasing retail spaces to tenants under long-term leases with varying terms that generally provide for fixed payments of base rent with stated increases over the lease term. Some leases also include provisions for additional percentage rent based on tenant sales performance. Additionally, most lease agreements contain provisions requiring tenants to reimburse their share of actual real estate taxes, insurance and CAM costs incurred by the Company.
The Company’s CODM is the Executive Committee, which is comprised of the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, and the Chief Investment Officer. The CODM evaluates the performance of shopping centers and allocates resources on an individual property basis. Consequently, the Company defines its operating segments as individual properties. These operating segments are aggregated into one reportable segment due to similarities in the nature and economics of the centers, tenant profiles, operating processes, and long-term financial performance. The accounting policies for the shopping centers segment are consistent with those described in the Summary of Significant Accounting Policies.
The CODM assesses the performance of each shopping center and allocates resources based on Net Operating Income (“NOI”). NOI is calculated as 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. NOI excludes items such as straight-line rental income and expense, above and below market rent and ground rent amortization, tenant lease inducement amortization, and other fees. The Company’s NOI also includes its share of NOI from unconsolidated real estate investment partnerships. The Company does not report asset information for the segment because it is not used to evaluate performance or regularly provided to the CODM.

111

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
 

The CODM uses NOI to evaluate income generated from shopping centers (i.e., return on assets) and to guide decisions on capital investments. These decisions may include acquisitions, investments in real estate developments and/or capital improvement.
The following tables provide information about the shopping centers segment revenues, significant expenses, NOI and the reconciliations of these amounts to the Company’s consolidated Net income and Total revenues:

 

Year ended December 31,

 

 

2025

 

 

2024

 

 

2023

 

Lease income

$

1,655,538

 

 

 

1,548,929

 

 

 

1,413,079

 

Other property income

 

14,818

 

 

 

15,450

 

 

 

12,260

 

Less:

 

 

 

 

 

 

 

 

Straight-line rent on lease income

 

( 27,224

)

 

 

( 22,193

)

 

 

( 13,559

)

Above/below market rent amortization, net

 

( 25,265

)

 

 

( 25,612

)

 

 

( 31,604

)

Total real estate revenues

 

1,617,867

 

 

 

1,516,574

 

 

 

1,380,176

 

Operating expenses (1)

 

( 284,468

)

 

 

( 267,660

)

 

 

( 247,792

)

Real estate taxes

 

( 209,958

)

 

 

( 201,546

)

 

 

( 181,096

)

NOI

$

1,123,441

 

 

 

1,047,368

 

 

 

951,288

 

Reconciliation of Total real estate revenues to Total revenues:

 

 

 

 

 

 

 

 

Total real estate revenues

 

1,617,867

 

 

 

1,516,574

 

 

 

1,380,176

 

Consolidated:

 

 

 

 

 

 

 

 

Straight-line rent on lease income

 

24,495

 

 

 

20,300

 

 

 

10,788

 

Above/below market rent amortization, net

 

24,428

 

 

 

24,843

 

 

 

30,826

 

Management, transaction, and other fees

 

28,358

 

 

 

27,874

 

 

 

26,954

 

Add: Share of noncontrolling interests

 

12,079

 

 

 

11,859

 

 

 

10,865

 

Less: Share of unconsolidated real estate partnerships

 

( 153,703

)

 

 

( 147,546

)

 

 

( 137,143

)

Total revenues

$

1,553,524

 

 

 

1,453,904

 

 

 

1,322,466

 

(1) Operating expenses include Operating and maintenance, Ground rent and Termination expense

 

 

Year ended December 31,

 

 

2025

 

 

2024

 

 

2023

 

Reconciliation of NOI to Net income:

 

 

 

 

 

 

 

 

NOI

 

1,123,441

 

 

 

1,047,368

 

 

 

951,288

 

Consolidated:

 

 

 

 

 

 

 

 

Straight-line rent on lease income

 

24,495

 

 

 

20,300

 

 

 

10,788

 

Above/below market rent amortization, net

 

24,428

 

 

 

24,843

 

 

 

30,826

 

Management, transaction, and other fees

 

28,358

 

 

 

27,874

 

 

 

26,954

 

Straight-line rent on ground rent

 

( 1,343

)

 

 

( 1,350

)

 

 

( 1,405

)

Above/below market ground rent amortization

 

( 2,138

)

 

 

( 2,142

)

 

 

( 1,696

)

Depreciation and amortization

 

( 405,044

)

 

 

( 394,714

)

 

 

( 352,282

)

General and administrative

 

( 99,407

)

 

 

( 101,465

)

 

 

( 97,806

)

Other operating expenses

 

( 8,849

)

 

 

( 10,867

)

 

 

( 9,459

)

Other expense, net

 

( 175,613

)

 

 

( 154,260

)

 

 

( 147,824

)

Add: Share of noncontrolling interests excluded from NOI

 

8,400

 

 

 

8,293

 

 

 

7,571

 

Less: Equity in income of investments in real estate excluded from NOI

 

24,223

 

 

 

( 54,040

)

 

 

( 46,088

)

Net income

$

540,951

 

 

 

409,840

 

 

 

370,867

 

 

112

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2025
 

16. Commitments and Contingencies

Litigation
The Company is a party to litigation and other disputes that arise in the ordinary course of business. While the outcome of any particular lawsuit or dispute cannot be predicted with certainty, in the opinion of management, the Company's currently pending litigation and disputes are not expected to have a material adverse effect on the Company's consolidated financial position, results of operations, or liquidity. Legal fees are expensed as incurred.
Environmental
The Company is subject to numerous environmental laws and regulations. With respect to applicability to the Company, these pertain primarily to chemicals historically used by certain current and former dry cleaning tenants, the existence of asbestos in older shopping centers, underground petroleum storage tanks and other historic land uses. The Company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations. The Company can give no assurance that existing environmental studies with respect to its shopping centers have revealed all potential environmental contamination; that its estimate of liabilities will not change as more information becomes available; that any previous owner, occupant or tenant did not create any material environmental condition not known to the Company; that the current environmental condition of the shopping centers will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; and that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company.
The Company had accrued liabilities of $ 19.2 million and $ 17.3 million for environmental assessment and remediation, which are included in Accounts payable, and other liabilities on the Company’s Consolidated Balance Sheets as of December 31, 2025 and 2024, respectively.
Letters of Credit
The Company has the right to issue letters of credit under the Line up to an aggregate amount not to exceed $ 50.0 million, which reduces the credit availability under the Line. These letters of credit are primarily issued as collateral on behalf of its captive insurance subsidiary and to facilitate the construction of development projects. The Company had $ 12.9 million and $ 10.9 million in letters of credit outstanding as of December 31, 2025, and 2024 , respectively.

113

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2025
(in thousands)
 

 

 

 

 

 

 

 

Initial Cost

 

 

 

 

 

Total Cost

 

 

 

 

 

 

 

 

 

 

Shopping Centers

 

State

 

Mortgages or
Encumbrances (1)

 

 

Land & Land
Improvements

 

 

Building &
Improvements

 

 

Cost
Capitalized
Subsequent to
Acquisition  (2)

 

 

Land & Land
Improvements

 

 

Building &
Improvements

 

 

Total

 

 

Accumulated
Depreciation

 

 

Year
Constructed
or Last Major
Renovation

 

 

Year
Acquired

 

111 Kraft Avenue

 

NY

 

$

—

 

 

 

1,220

 

 

 

3,932

 

 

 

129

 

 

 

1,220

 

 

 

4,061

 

 

 

5,281

 

 

 

( 266

)

 

 

1902

 

 

 

2023

 

1175 Third Avenue

 

NY

 

 

—

 

 

 

40,560

 

 

 

25,617

 

 

 

6,752

 

 

 

40,560

 

 

 

32,369

 

 

 

72,929

 

 

 

( 6,886

)

 

 

1995

 

 

 

2017

 

1225-1239 Second Ave

 

NY

 

 

—

 

 

 

23,033

 

 

 

17,173

 

 

 

( 87

)

 

 

23,033

 

 

 

17,086

 

 

 

40,119

 

 

 

( 3,831

)

 

 

1987

 

 

 

2017

 

22 Crescent Road

 

CT

 

 

—

 

 

 

2,198

 

 

 

272

 

 

 

( 318

)

 

 

2,152

 

 

 

—

 

 

 

2,152

 

 

 

—

 

 

 

1984

 

 

 

2017

 

260-270 Sawmill Road

 

NY

 

 

—

 

 

 

3,943

 

 

 

58

 

 

 

—

 

 

 

3,943

 

 

 

58

 

 

 

4,001

 

 

 

( 10

)

 

 

1953

 

 

 

2023

 

27 Purchase Street

 

NY

 

 

—

 

 

 

903

 

 

 

2,239

 

 

 

133

 

 

 

903

 

 

 

2,372

 

 

 

3,275

 

 

 

( 166

)

 

 

 

 

 

2023

 

410 South Broadway

 

NY

 

 

—

 

 

 

2,372

 

 

 

1,603

 

 

 

—

 

 

 

2,372

 

 

 

1,603

 

 

 

3,975

 

 

 

( 105

)

 

 

1936

 

 

 

2023

 

470 Main Street

 

CT

 

 

—

 

 

 

1,021

 

 

 

4,361

 

 

 

133

 

 

 

1,021

 

 

 

4,494

 

 

 

5,515

 

 

 

( 410

)

 

 

1972

 

 

 

2023

 

48 Purchase Street

 

NY

 

 

—

 

 

 

1,214

 

 

 

4,414

 

 

 

32

 

 

 

1,214

 

 

 

4,446

 

 

 

5,660

 

 

 

( 283

)

 

 

 

 

 

2023

 

4S Commons Town Center

 

CA

 

 

—

 

 

 

30,760

 

 

 

35,830

 

 

 

4,545

 

 

 

30,812

 

 

 

40,323

 

 

 

71,135

 

 

 

( 33,265

)

 

 

2004

 

 

 

2004

 

6401 Roosevelt

 

WA

 

 

—

 

 

 

2,685

 

 

 

934

 

 

 

356

 

 

 

2,685

 

 

 

1,290

 

 

 

3,975

 

 

 

( 248

)

 

 

1929

 

 

 

2019

 

90 - 30 Metropolitan Avenue

 

NY

 

 

—

 

 

 

16,614

 

 

 

24,171

 

 

 

598

 

 

 

16,614

 

 

 

24,769

 

 

 

41,383

 

 

 

( 6,318

)

 

 

2007

 

 

 

2017

 

91 Danbury Road

 

CT

 

 

—

 

 

 

732

 

 

 

851

 

 

 

20

 

 

 

732

 

 

 

871

 

 

 

1,603

 

 

 

( 247

)

 

 

1965

 

 

 

2017

 

970 High Ridge Center

 

CT

 

 

—

 

 

 

5,695

 

 

 

5,204

 

 

 

375

 

 

 

5,695

 

 

 

5,579

 

 

 

11,274

 

 

 

( 455

)

 

 

1960

 

 

 

2023

 

Airport Plaza

 

CT

 

 

—

 

 

 

1,293

 

 

 

11,119

 

 

 

35

 

 

 

1,293

 

 

 

11,154

 

 

 

12,447

 

 

 

( 825

)

 

 

1974

 

 

 

2023

 

Alafaya Village

 

FL

 

 

—

 

 

 

3,004

 

 

 

5,852

 

 

 

340

 

 

 

3,004

 

 

 

6,192

 

 

 

9,196

 

 

 

( 1,823

)

 

 

1986

 

 

 

2017

 

Alden Bridge

 

TX

 

 

( 26,000

)

 

 

17,014

 

 

 

21,958

 

 

 

881

 

 

 

17,014

 

 

 

22,839

 

 

 

39,853

 

 

 

( 4,186

)

 

 

1998

 

 

 

2002

 

Aldi Square

 

CT

 

 

—

 

 

 

6,394

 

 

 

1,704

 

 

 

( 28

)

 

 

6,394

 

 

 

1,676

 

 

 

8,070

 

 

 

( 242

)

 

 

2014

 

 

 

2023

 

Amerige Heights Town Center

 

CA

 

 

—

 

 

 

10,109

 

 

 

11,288

 

 

 

1,860

 

 

 

10,109

 

 

 

13,148

 

 

 

23,257

 

 

 

( 7,760

)

 

 

2000

 

 

 

2000

 

Anastasia Plaza

 

FL

 

 

—

 

 

 

9,065

 

 

 

—

 

 

 

17,378

 

 

 

6,793

 

 

 

19,650

 

 

 

26,443

 

 

 

( 2,280

)

 

In Process

 

 

 

1993

 

Apple Valley Square

 

MN

 

 

—

 

 

 

5,438

 

 

 

21,328

 

 

 

( 4,408

)

 

 

5,451

 

 

 

16,907

 

 

 

22,358

 

 

 

( 3,391

)

 

 

1998

 

 

 

2006

 

Arcadian Shopping Center

 

NY

 

 

—

 

 

 

14,546

 

 

 

26,716

 

 

 

697

 

 

 

14,546

 

 

 

27,413

 

 

 

41,959

 

 

 

( 2,156

)

 

 

1978

 

 

 

2023

 

Ashburn Farm Village Center

 

VA

 

 

—

 

 

 

10,418

 

 

 

21,185

 

 

 

11

 

 

 

10,418

 

 

 

21,196

 

 

 

31,614

 

 

 

( 180

)

 

 

1996

 

 

 

2025

 

Ashford Place

 

GA

 

 

—

 

 

 

2,584

 

 

 

9,865

 

 

 

2,380

 

 

 

2,584

 

 

 

12,245

 

 

 

14,829

 

 

 

( 10,358

)

 

 

1993

 

 

 

1997

 

Atlantic Village

 

FL

 

 

—

 

 

 

4,282

 

 

 

18,827

 

 

 

2,303

 

 

 

4,868

 

 

 

20,544

 

 

 

25,412

 

 

 

( 7,993

)

 

 

2014

 

 

 

2017

 

Avenida Biscayne

 

FL

 

 

—

 

 

 

88,098

 

 

 

20,771

 

 

 

19,325

 

 

 

94,992

 

 

 

33,202

 

 

 

128,194

 

 

 

( 5,853

)

 

In Process

 

 

 

2017

 

Aventura Shopping Center

 

FL

 

 

—

 

 

 

2,751

 

 

 

10,459

 

 

 

11,401

 

 

 

9,486

 

 

 

15,125

 

 

 

24,611

 

 

 

( 7,110

)

 

 

2017

 

 

 

1994

 

Baederwood Shopping Center

 

PA

 

 

( 24,365

)

 

 

12,016

 

 

 

33,556

 

 

 

1,044

 

 

 

12,016

 

 

 

34,600

 

 

 

46,616

 

 

 

( 4,600

)

 

 

1999

 

 

 

2023

 

Balboa Mesa Shopping Center

 

CA

 

 

—

 

 

 

23,074

 

 

 

33,838

 

 

 

14,552

 

 

 

27,758

 

 

 

43,706

 

 

 

71,464

 

 

 

( 23,930

)

 

 

2014

 

 

 

2012

 

Banco Popular Building

 

FL

 

 

—

 

 

 

2,160

 

 

 

1,137

 

 

 

( 1,294

)

 

 

2,003

 

 

 

—

 

 

 

2,003

 

 

 

—

 

 

 

1971

 

 

 

2017

 

Baybrook East

 

TX

 

 

—

 

 

 

17,144

 

 

 

8,429

 

 

 

11

 

 

 

17,144

 

 

 

8,440

 

 

 

25,584

 

 

 

( 128

)

 

 

2025

 

 

 

2025

 

Belleview Square

 

CO

 

 

—

 

 

 

8,132

 

 

 

9,756

 

 

 

5,308

 

 

 

8,323

 

 

 

14,873

 

 

 

23,196

 

 

 

( 11,969

)

 

 

2013

 

 

 

2004

 

Belmont Chase

 

VA

 

 

—

 

 

 

13,881

 

 

 

17,193

 

 

 

( 122

)

 

 

14,372

 

 

 

16,580

 

 

 

30,952

 

 

 

( 11,531

)

 

 

2014

 

 

 

2014

 

Berkshire Commons

 

FL

 

 

—

 

 

 

2,295

 

 

 

9,551

 

 

 

3,159

 

 

 

2,965

 

 

 

12,040

 

 

 

15,005

 

 

 

( 10,566

)

 

 

1992

 

 

 

1994

 

Bethany Park Place

 

TX

 

 

( 10,200

)

 

 

4,832

 

 

 

12,405

 

 

 

549

 

 

 

4,832

 

 

 

12,954

 

 

 

17,786

 

 

 

( 2,465

)

 

 

1998

 

 

 

1998

 

Bethel Hub Center

 

CT

 

 

—

 

 

 

1,738

 

 

 

3,918

 

 

 

178

 

 

 

1,738

 

 

 

4,096

 

 

 

5,834

 

 

 

( 354

)

 

 

1957

 

 

 

2023

 

Biltmore Shopping Center

 

NY

 

 

—

 

 

 

4,632

 

 

 

3,766

 

 

 

358

 

 

 

4,632

 

 

 

4,124

 

 

 

8,756

 

 

 

( 286

)

 

 

1967

 

 

 

2023

 

Bird 107 Plaza

 

FL

 

 

—

 

 

 

10,371

 

 

 

5,136

 

 

 

168

 

 

 

10,371

 

 

 

5,304

 

 

 

15,675

 

 

 

( 1,878

)

 

 

1990

 

 

 

2017

 

Bird Ludlam

 

FL

 

 

—

 

 

 

42,663

 

 

 

38,481

 

 

 

1,470

 

 

 

42,663

 

 

 

39,951

 

 

 

82,614

 

 

 

( 12,355

)

 

 

1998

 

 

 

2017

 

Black Rock

 

CT

 

 

( 14,939

)

 

 

22,251

 

 

 

20,815

 

 

 

763

 

 

 

22,251

 

 

 

21,578

 

 

 

43,829

 

 

 

( 8,730

)

 

 

1996

 

 

 

2014

 

Blakeney Town Center

 

NC

 

 

—

 

 

 

82,411

 

 

 

89,165

 

 

 

7,297

 

 

 

82,416

 

 

 

96,457

 

 

 

178,873

 

 

 

( 15,050

)

 

 

2006

 

 

 

2021

 

Bloomfield Crossing

 

NJ

 

 

—

 

 

 

3,365

 

 

 

11,453

 

 

 

6

 

 

 

3,365

 

 

 

11,459

 

 

 

14,824

 

 

 

( 919

)

 

 

 

 

 

2023

 

Bloomingdale Square

 

FL

 

 

—

 

 

 

3,940

 

 

 

14,912

 

 

 

23,786

 

 

 

8,639

 

 

 

33,999

 

 

 

42,638

 

 

 

( 17,022

)

 

 

2021

 

 

 

1998

 

Blossom Valley

 

CA

 

 

( 22,300

)

 

 

31,988

 

 

 

5,850

 

 

 

1,169

 

 

 

31,988

 

 

 

7,019

 

 

 

39,007

 

 

 

( 1,516

)

 

 

1992

 

 

 

1999

 

Boca Village Square

 

FL

 

 

—

 

 

 

43,888

 

 

 

9,726

 

 

 

469

 

 

 

43,888

 

 

 

10,195

 

 

 

54,083

 

 

 

( 4,378

)

 

 

2014

 

 

 

2017

 

Boonton ACME Shopping Center

 

NJ

 

 

( 10,123

)

 

 

8,664

 

 

 

9,601

 

 

 

26

 

 

 

8,664

 

 

 

9,627

 

 

 

18,291

 

 

 

( 825

)

 

 

1999

 

 

 

2023

 

114

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2025
(in thousands)
 

 

 

 

 

 

 

 

Initial Cost

 

 

 

 

 

Total Cost

 

 

 

 

 

 

 

 

 

 

Shopping Centers

 

State

 

Mortgages or
Encumbrances (1)

 

 

Land & Land
Improvements

 

 

Building &
Improvements

 

 

Cost
Capitalized
Subsequent to
Acquisition  (2)

 

 

Land & Land
Improvements

 

 

Building &
Improvements

 

 

Total

 

 

Accumulated
Depreciation

 

 

Year
Constructed
or Last Major
Renovation

 

 

Year
Acquired

 

Boulevard Center

 

CO

 

 

—

 

 

 

3,659

 

 

 

10,787

 

 

 

5,360

 

 

 

3,659

 

 

 

16,147

 

 

 

19,806

 

 

 

( 10,859

)

 

 

1986

 

 

 

1999

 

Boynton Lakes Plaza

 

FL

 

 

—

 

 

 

2,628

 

 

 

11,236

 

 

 

5,409

 

 

 

3,597

 

 

 

15,676

 

 

 

19,273

 

 

 

( 10,873

)

 

 

2012

 

 

 

1997

 

Boynton Plaza

 

FL

 

 

—

 

 

 

12,879

 

 

 

20,713

 

 

 

910

 

 

 

12,879

 

 

 

21,623

 

 

 

34,502

 

 

 

( 6,987

)

 

 

2015

 

 

 

2017

 

Brentwood Place

 

TN

 

 

( 43,500

)

 

 

38,644

 

 

 

86,065

 

 

 

139

 

 

 

38,644

 

 

 

86,204

 

 

 

124,848

 

 

 

( 2,559

)

 

2007 / 2016

 

 

 

2025

 

Brentwood Plaza

 

MO

 

 

—

 

 

 

2,788

 

 

 

3,473

 

 

 

832

 

 

 

2,788

 

 

 

4,305

 

 

 

7,093

 

 

 

( 2,164

)

 

 

2002

 

 

 

2007

 

Briarcliff La Vista

 

GA

 

 

—

 

 

 

694

 

 

 

3,292

 

 

 

1,536

 

 

 

694

 

 

 

4,828

 

 

 

5,522

 

 

 

( 3,691

)

 

 

1962

 

 

 

1997

 

Briarcliff Village

 

GA

 

 

—

 

 

 

4,597

 

 

 

24,836

 

 

 

6,164

 

 

 

5,519

 

 

 

30,078

 

 

 

35,597

 

 

 

( 24,775

)

 

 

1990

 

 

 

1997

 

Brick Walk

 

CT

 

 

( 30,234

)

 

 

25,299

 

 

 

41,995

 

 

 

2,807

 

 

 

25,299

 

 

 

44,802

 

 

 

70,101

 

 

 

( 16,215

)

 

 

2007

 

 

 

2014

 

BridgeMill Market

 

GA

 

 

—

 

 

 

7,521

 

 

 

13,306

 

 

 

1,802

 

 

 

7,522

 

 

 

15,107

 

 

 

22,629

 

 

 

( 5,561

)

 

 

2000

 

 

 

2017

 

Bridgepark Plaza

 

CA

 

 

( 17,383

)

 

 

26,014

 

 

 

38,774

 

 

 

53

 

 

 

26,014

 

 

 

38,827

 

 

 

64,841

 

 

 

( 773

)

 

 

2021

 

 

 

2025

 

Bridgeton

 

MO

 

 

—

 

 

 

3,033

 

 

 

8,137

 

 

 

806

 

 

 

3,067

 

 

 

8,909

 

 

 

11,976

 

 

 

( 4,547

)

 

 

2005

 

 

 

2007

 

Brighten Park

 

GA

 

 

—

 

 

 

3,983

 

 

 

18,687

 

 

 

12,259

 

 

 

3,887

 

 

 

31,042

 

 

 

34,929

 

 

 

( 25,418

)

 

 

2016

 

 

 

1997

 

Broadway Plaza

 

NY

 

 

—

 

 

 

40,723

 

 

 

42,170

 

 

 

3,518

 

 

 

40,723

 

 

 

45,688

 

 

 

86,411

 

 

 

( 13,444

)

 

 

2014

 

 

 

2017

 

Brooklyn Station on Riverside

 

FL

 

 

—

 

 

 

7,019

 

 

 

8,688

 

 

 

568

 

 

 

6,998

 

 

 

9,277

 

 

 

16,275

 

 

 

( 4,228

)

 

 

2013

 

 

 

2013

 

Brookside Plaza

 

CT

 

 

—

 

 

 

35,161

 

 

 

17,494

 

 

 

10,171

 

 

 

36,238

 

 

 

26,588

 

 

 

62,826

 

 

 

( 10,246

)

 

 

2006

 

 

 

2017

 

Buckhead Court

 

GA

 

 

—

 

 

 

1,417

 

 

 

7,432

 

 

 

4,831

 

 

 

1,417

 

 

 

12,263

 

 

 

13,680

 

 

 

( 11,147

)

 

 

1984

 

 

 

1997

 

Buckhead Landing

 

GA

 

 

—

 

 

 

45,502

 

 

 

16,642

 

 

 

21,883

 

 

 

51,819

 

 

 

32,208

 

 

 

84,027

 

 

 

( 5,393

)

 

1998 / 2024

 

 

 

2017

 

Buckhead Station

 

GA

 

 

—

 

 

 

70,411

 

 

 

36,518

 

 

 

3,277

 

 

 

70,448

 

 

 

39,758

 

 

 

110,206

 

 

 

( 13,410

)

 

 

1996

 

 

 

2017

 

Buckley Square

 

CO

 

 

—

 

 

 

2,970

 

 

 

5,978

 

 

 

1,901

 

 

 

2,921

 

 

 

7,928

 

 

 

10,849

 

 

 

( 5,716

)

 

 

1978

 

 

 

1999

 

Caligo Crossing

 

FL

 

 

—

 

 

 

2,459

 

 

 

4,897

 

 

 

187

 

 

 

2,546

 

 

 

4,997

 

 

 

7,543

 

 

 

( 4,521

)

 

 

2007

 

 

 

2007

 

Cambridge Square

 

GA

 

 

—

 

 

 

774

 

 

 

4,347

 

 

 

15,673

 

 

 

6,298

 

 

 

14,496

 

 

 

20,794

 

 

 

( 2,001

)

 

In Process

 

 

 

1996

 

Carmel Commons

 

NC

 

 

—

 

 

 

2,466

 

 

 

12,548

 

 

 

6,285

 

 

 

3,419

 

 

 

17,880

 

 

 

21,299

 

 

 

( 14,000

)

 

 

2012

 

 

 

1997

 

Carmel ShopRite Plaza

 

NY

 

 

—

 

 

 

5,828

 

 

 

15,321

 

 

 

1,041

 

 

 

5,828

 

 

 

16,362

 

 

 

22,190

 

 

 

( 1,170

)

 

 

1981

 

 

 

2023

 

Carriage Gate

 

FL

 

 

—

 

 

 

833

 

 

 

4,974

 

 

 

3,393

 

 

 

1,302

 

 

 

7,898

 

 

 

9,200

 

 

 

( 7,680

)

 

 

2013

 

 

 

1994

 

Carytown Exchange

 

VA

 

 

—

 

 

 

24,121

 

 

 

22,502

 

 

 

( 25

)

 

 

24,122

 

 

 

22,476

 

 

 

46,598

 

 

 

( 7,289

)

 

 

2022

 

 

 

2018

 

Cashmere Corners

 

FL

 

 

—

 

 

 

3,187

 

 

 

9,397

 

 

 

775

 

 

 

3,187

 

 

 

10,172

 

 

 

13,359

 

 

 

( 4,101

)

 

 

2016

 

 

 

2017

 

Cedar Commons

 

MN

 

 

—

 

 

 

4,704

 

 

 

16,748

 

 

 

629

 

 

 

4,716

 

 

 

17,365

 

 

 

22,081

 

 

 

( 3,146

)

 

 

1999

 

 

 

2011

 

Cedar Hill Shopping Center

 

NJ

 

 

( 6,585

)

 

 

7,266

 

 

 

9,372

 

 

 

451

 

 

 

7,266

 

 

 

9,823

 

 

 

17,089

 

 

 

( 828

)

 

 

1971

 

 

 

2023

 

Centerplace of Greeley III

 

CO

 

 

—

 

 

 

6,661

 

 

 

11,502

 

 

 

754

 

 

 

4,607

 

 

 

14,310

 

 

 

18,917

 

 

 

( 8,679

)

 

 

2007

 

 

 

2007

 

Charlotte Square

 

FL

 

 

—

 

 

 

1,141

 

 

 

6,845

 

 

 

1,490

 

 

 

1,141

 

 

 

8,335

 

 

 

9,476

 

 

 

( 3,790

)

 

 

1980

 

 

 

2017

 

Chasewood Plaza

 

FL

 

 

—

 

 

 

4,612

 

 

 

20,829

 

 

 

7,056

 

 

 

6,886

 

 

 

25,611

 

 

 

32,497

 

 

 

( 23,823

)

 

 

2015

 

 

 

1993

 

Chastain Square

 

GA

 

 

—

 

 

 

30,074

 

 

 

12,644

 

 

 

2,519

 

 

 

30,074

 

 

 

15,163

 

 

 

45,237

 

 

 

( 6,370

)

 

 

2001

 

 

 

2017

 

Cherry Grove

 

OH

 

 

—

 

 

 

3,533

 

 

 

15,862

 

 

 

6,663

 

 

 

3,533

 

 

 

22,525

 

 

 

26,058

 

 

 

( 16,093

)

 

 

2012

 

 

 

1998

 

Chestnut Ridge Shopping Center

 

NJ

 

 

—

 

 

 

12,927

 

 

 

5,530

 

 

 

51

 

 

 

12,927

 

 

 

5,581

 

 

 

18,508

 

 

 

( 220

)

 

 

1965

 

 

 

2025

 

Chilmark Shopping Center

 

NY

 

 

—

 

 

 

4,952

 

 

 

15,407

 

 

 

202

 

 

 

4,952

 

 

 

15,609

 

 

 

20,561

 

 

 

( 1,170

)

 

 

1963

 

 

 

2023

 

Chimney Rock

 

NJ

 

 

—

 

 

 

23,623

 

 

 

48,200

 

 

 

1,352

 

 

 

23,623

 

 

 

49,552

 

 

 

73,175

 

 

 

( 25,633

)

 

 

2016

 

 

 

2016

 

Circle Center West

 

CA

 

 

—

 

 

 

22,930

 

 

 

9,028

 

 

 

3,715

 

 

 

23,173

 

 

 

12,500

 

 

 

35,673

 

 

 

( 3,694

)

 

 

1989

 

 

 

2017

 

Circle Marina Shops & Mrktplc. (fka Circle Marina Center)

 

CA

 

 

—

 

 

 

29,303

 

 

 

18,437

 

 

 

14,726

 

 

 

32,173

 

 

 

30,293

 

 

 

62,466

 

 

 

( 4,970

)

 

 

1994

 

 

 

2019

 

CityLine Market

 

TX

 

 

—

 

 

 

12,208

 

 

 

15,839

 

 

 

590

 

 

 

12,306

 

 

 

16,331

 

 

 

28,637

 

 

 

( 8,169

)

 

 

2014

 

 

 

2014

 

CityLine Market Phase II

 

TX

 

 

—

 

 

 

2,744

 

 

 

3,081

 

 

 

110

 

 

 

2,744

 

 

 

3,191

 

 

 

5,935

 

 

 

( 1,414

)

 

 

2015

 

 

 

2015

 

Clayton Valley Shopping Center

 

CA

 

 

—

 

 

 

24,189

 

 

 

35,422

 

 

 

3,177

 

 

 

24,538

 

 

 

38,250

 

 

 

62,788

 

 

 

( 32,543

)

 

 

2004

 

 

 

2003

 

Clocktower Plaza Shopping Ctr

 

NY

 

 

—

 

 

 

49,630

 

 

 

19,624

 

 

 

629

 

 

 

49,630

 

 

 

20,253

 

 

 

69,883

 

 

 

( 6,562

)

 

 

1995

 

 

 

2017

 

Clybourn Commons

 

IL

 

 

—

 

 

 

15,056

 

 

 

5,594

 

 

 

618

 

 

 

15,056

 

 

 

6,212

 

 

 

21,268

 

 

 

( 2,619

)

 

 

1999

 

 

 

2014

 

Cochran's Crossing

 

TX

 

 

—

 

 

 

13,154

 

 

 

12,315

 

 

 

2,711

 

 

 

13,154

 

 

 

15,026

 

 

 

28,180

 

 

 

( 13,065

)

 

 

1994

 

 

 

2002

 

Compo Acres Shopping Center

 

CT

 

 

—

 

 

 

28,627

 

 

 

10,395

 

 

 

1,273

 

 

 

28,627

 

 

 

11,668

 

 

 

40,295

 

 

 

( 3,564

)

 

 

2011

 

 

 

2017

 

115

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2025
(in thousands)
 

 

 

 

 

 

 

 

Initial Cost

 

 

 

 

 

Total Cost

 

 

 

 

 

 

 

 

 

 

Shopping Centers

 

State

 

Mortgages or
Encumbrances (1)

 

 

Land & Land
Improvements

 

 

Building &
Improvements

 

 

Cost
Capitalized
Subsequent to
Acquisition  (2)

 

 

Land & Land
Improvements

 

 

Building &
Improvements

 

 

Total

 

 

Accumulated
Depreciation

 

 

Year
Constructed
or Last Major
Renovation

 

 

Year
Acquired

 

Compo Shopping Center

 

CT

 

 

—

 

 

 

15,651

 

 

 

29,034

 

 

 

228

 

 

 

15,651

 

 

 

29,262

 

 

 

44,913

 

 

 

( 1,712

)

 

 

1953

 

 

 

2024

 

Concord Shopping Plaza

 

FL

 

 

—

 

 

 

30,819

 

 

 

36,506

 

 

 

2,197

 

 

 

31,272

 

 

 

38,250

 

 

 

69,522

 

 

 

( 10,963

)

 

 

1993

 

 

 

2017

 

Copps Hill Plaza

 

CT

 

 

—

 

 

 

29,515

 

 

 

40,673

 

 

 

8,605

 

 

 

29,514

 

 

 

49,279

 

 

 

78,793

 

 

 

( 13,147

)

 

 

2002

 

 

 

2017

 

Coral Reef Shopping Center

 

FL

 

 

—

 

 

 

14,922

 

 

 

15,200

 

 

 

2,814

 

 

 

15,332

 

 

 

17,604

 

 

 

32,936

 

 

 

( 6,255

)

 

 

1990

 

 

 

2017

 

Corkscrew Village

 

FL

 

 

—

 

 

 

8,407

 

 

 

8,004

 

 

 

888

 

 

 

8,407

 

 

 

8,892

 

 

 

17,299

 

 

 

( 5,117

)

 

 

1997

 

 

 

2007

 

Cornerstone Square

 

GA

 

 

—

 

 

 

1,772

 

 

 

6,944

 

 

 

2,136

 

 

 

1,772

 

 

 

9,080

 

 

 

10,852

 

 

 

( 7,798

)

 

 

1990

 

 

 

1997

 

Corral Hollow

 

CA

 

 

—

 

 

 

8,887

 

 

 

24,121

 

 

 

2,476

 

 

 

8,932

 

 

 

26,552

 

 

 

35,484

 

 

 

( 3,510

)

 

 

2000

 

 

 

2000

 

Corvallis Market Center

 

OR

 

 

—

 

 

 

6,674

 

 

 

12,244

 

 

 

1,050

 

 

 

6,696

 

 

 

13,272

 

 

 

19,968

 

 

 

( 9,074

)

 

 

2006

 

 

 

2006

 

Cos Cob Commons

 

CT

 

 

—

 

 

 

6,608

 

 

 

14,967

 

 

 

705

 

 

 

6,608

 

 

 

15,672

 

 

 

22,280

 

 

 

( 1,185

)

 

 

1986

 

 

 

2023

 

Cos Cob Plaza

 

CT

 

 

( 3,577

)

 

 

4,030

 

 

 

4,225

 

 

 

74

 

 

 

4,030

 

 

 

4,299

 

 

 

8,329

 

 

 

( 324

)

 

 

1947

 

 

 

2023

 

Country Walk Plaza

 

FL

 

 

—

 

 

 

18,713

 

 

 

20,373

 

 

 

460

 

 

 

18,713

 

 

 

20,833

 

 

 

39,546

 

 

 

( 5,914

)

 

 

2008

 

 

 

2017

 

Countryside Shops

 

FL

 

 

—

 

 

 

17,982

 

 

 

35,574

 

 

 

16,274

 

 

 

23,175

 

 

 

46,655

 

 

 

69,830

 

 

 

( 19,566

)

 

1991 / 2018

 

 

 

2017

 

Courtyard Shopping Center

 

FL

 

 

—

 

 

 

5,867

 

 

 

4

 

 

 

3

 

 

 

5,867

 

 

 

7

 

 

 

5,874

 

 

 

( 3

)

 

 

1987

 

 

 

1993

 

Culver Center

 

CA

 

 

—

 

 

 

108,841

 

 

 

32,308

 

 

 

4,240

 

 

 

108,841

 

 

 

36,548

 

 

 

145,389

 

 

 

( 12,100

)

 

 

2000

 

 

 

2017

 

Danbury Green

 

CT

 

 

—

 

 

 

30,303

 

 

 

19,255

 

 

 

2,406

 

 

 

30,305

 

 

 

21,659

 

 

 

51,964

 

 

 

( 6,680

)

 

 

2006

 

 

 

2017

 

Danbury Square

 

CT

 

 

—

 

 

 

6,592

 

 

 

23,543

 

 

 

4,362

 

 

 

6,697

 

 

 

27,800

 

 

 

34,497

 

 

 

( 1,928

)

 

 

1987

 

 

 

2023

 

Dardenne Crossing

 

MO

 

 

—

 

 

 

4,194

 

 

 

4,005

 

 

 

912

 

 

 

4,343

 

 

 

4,768

 

 

 

9,111

 

 

 

( 3,041

)

 

 

1996

 

 

 

2007

 

Darinor Plaza

 

CT

 

 

—

 

 

 

693

 

 

 

32,140

 

 

 

1,095

 

 

 

711

 

 

 

33,217

 

 

 

33,928

 

 

 

( 10,603

)

 

 

1978

 

 

 

2017

 

DeCicco's Plaza

 

NY

 

 

—

 

 

 

8,890

 

 

 

23,368

 

 

 

1,975

 

 

 

8,890

 

 

 

25,343

 

 

 

34,233

 

 

 

( 1,850

)

 

 

1978

 

 

 

2023

 

Diablo Plaza

 

CA

 

 

—

 

 

 

5,300

 

 

 

8,181

 

 

 

3,481

 

 

 

5,300

 

 

 

11,662

 

 

 

16,962

 

 

 

( 7,931

)

 

 

1982

 

 

 

1999

 

District Shops of Pelham Manor

 

NY

 

 

—

 

 

 

4,708

 

 

 

6,243

 

 

 

209

 

 

 

4,711

 

 

 

6,449

 

 

 

11,160

 

 

 

( 482

)

 

 

1960

 

 

 

2023

 

Dunwoody Hall

 

GA

 

 

( 13,800

)

 

 

15,145

 

 

 

12,110

 

 

 

957

 

 

 

15,145

 

 

 

13,067

 

 

 

28,212

 

 

 

( 2,459

)

 

 

1986

 

 

 

1997

 

Dunwoody Village

 

GA

 

 

—

 

 

 

3,342

 

 

 

15,934

 

 

 

8,703

 

 

 

3,417

 

 

 

24,562

 

 

 

27,979

 

 

 

( 20,203

)

 

 

1975

 

 

 

1997

 

East Meadow Plaza

 

NY

 

 

—

 

 

 

13,135

 

 

 

25,070

 

 

 

8,831

 

 

 

13,186

 

 

 

33,850

 

 

 

47,036

 

 

 

( 5,094

)

 

In Process

 

 

 

2023

 

East Pointe

 

OH

 

 

—

 

 

 

1,730

 

 

 

7,189

 

 

 

2,727

 

 

 

1,941

 

 

 

9,705

 

 

 

11,646

 

 

 

( 8,285

)

 

 

2014

 

 

 

1998

 

East San Marco

 

FL

 

 

—

 

 

 

4,897

 

 

 

14,933

 

 

 

( 141

)

 

 

4,752

 

 

 

14,937

 

 

 

19,689

 

 

 

( 2,107

)

 

 

2022

 

 

 

2007

 

Eastchester Plaza

 

NY

 

 

—

 

 

 

5,017

 

 

 

7,379

 

 

 

107

 

 

 

5,017

 

 

 

7,486

 

 

 

12,503

 

 

 

( 542

)

 

 

1963

 

 

 

2023

 

Eastport

 

NY

 

 

—

 

 

 

2,985

 

 

 

5,649

 

 

 

1,087

 

 

 

2,947

 

 

 

6,774

 

 

 

9,721

 

 

 

( 1,439

)

 

 

1980

 

 

 

2021

 

El Camino Shopping Center

 

CA

 

 

—

 

 

 

7,600

 

 

 

11,538

 

 

 

16,063

 

 

 

10,328

 

 

 

24,873

 

 

 

35,201

 

 

 

( 16,384

)

 

 

2017

 

 

 

1999

 

El Cerrito Plaza

 

CA

 

 

—

 

 

 

11,025

 

 

 

27,371

 

 

 

9,798

 

 

 

11,025

 

 

 

37,169

 

 

 

48,194

 

 

 

( 18,652

)

 

 

2000

 

 

 

2000

 

El Norte Pkwy Plaza

 

CA

 

 

—

 

 

 

2,834

 

 

 

7,370

 

 

 

3,443

 

 

 

3,263

 

 

 

10,384

 

 

 

13,647

 

 

 

( 7,803

)

 

 

2013

 

 

 

1999

 

Emerson Plaza

 

NJ

 

 

—

 

 

 

8,615

 

 

 

7,835

 

 

 

553

 

 

 

8,699

 

 

 

8,304

 

 

 

17,003

 

 

 

( 1,392

)

 

 

1981

 

 

 

2023

 

Encina Grande

 

CA

 

 

—

 

 

 

5,040

 

 

 

11,572

 

 

 

20,680

 

 

 

10,518

 

 

 

26,774

 

 

 

37,292

 

 

 

( 20,326

)

 

 

2016

 

 

 

1999

 

Fairfield Center

 

CT

 

 

—

 

 

 

6,731

 

 

 

29,420

 

 

 

2,326

 

 

 

6,731

 

 

 

31,746

 

 

 

38,477

 

 

 

( 11,061

)

 

 

2000

 

 

 

2014

 

Fairfield Crossroads

 

CT

 

 

—

 

 

 

9,982

 

 

 

9,796

 

 

 

18

 

 

 

9,982

 

 

 

9,814

 

 

 

19,796

 

 

 

( 835

)

 

 

1995

 

 

 

2023

 

Falcon Marketplace

 

CO

 

 

—

 

 

 

1,340

 

 

 

4,168

 

 

 

602

 

 

 

1,246

 

 

 

4,864

 

 

 

6,110

 

 

 

( 3,565

)

 

 

2005

 

 

 

2005

 

Fellsway Plaza

 

MA

 

 

( 33,727

)

 

 

30,712

 

 

 

7,327

 

 

 

10,645

 

 

 

35,258

 

 

 

13,426

 

 

 

48,684

 

 

 

( 10,425

)

 

 

2016

 

 

 

2013

 

Ferry Street Plaza

 

NJ

 

 

( 8,131

)

 

 

7,960

 

 

 

24,439

 

 

 

246

 

 

 

7,960

 

 

 

24,685

 

 

 

32,645

 

 

 

( 1,824

)

 

 

1995

 

 

 

2023

 

Firstfield Shopping Center

 

MD

 

 

—

 

 

 

5,003

 

 

 

13,808

 

 

 

26

 

 

 

5,015

 

 

 

13,822

 

 

 

18,837

 

 

 

( 113

)

 

 

2014

 

 

 

2025

 

Fleming Island

 

FL

 

 

—

 

 

 

3,077

 

 

 

11,587

 

 

 

4,009

 

 

 

3,111

 

 

 

15,562

 

 

 

18,673

 

 

 

( 10,829

)

 

 

2000

 

 

 

1998

 

Fountain Square

 

FL

 

 

—

 

 

 

29,722

 

 

 

29,041

 

 

 

568

 

 

 

29,784

 

 

 

29,547

 

 

 

59,331

 

 

 

( 17,739

)

 

 

2013

 

 

 

2013

 

French Valley Village Center

 

CA

 

 

—

 

 

 

11,924

 

 

 

16,856

 

 

 

777

 

 

 

11,822

 

 

 

17,735

 

 

 

29,557

 

 

 

( 16,922

)

 

 

2004

 

 

 

2004

 

Friars Mission Center

 

CA

 

 

—

 

 

 

6,660

 

 

 

28,021

 

 

 

3,407

 

 

 

6,660

 

 

 

31,428

 

 

 

38,088

 

 

 

( 21,264

)

 

 

1989

 

 

 

1999

 

Gardens Square

 

FL

 

 

—

 

 

 

2,136

 

 

 

8,273

 

 

 

878

 

 

 

1,775

 

 

 

9,512

 

 

 

11,287

 

 

 

( 6,795

)

 

 

1991

 

 

 

1997

 

Gateway Shopping Center

 

PA

 

 

—

 

 

 

52,665

 

 

 

7,134

 

 

 

13,887

 

 

 

55,087

 

 

 

18,599

 

 

 

73,686

 

 

 

( 22,900

)

 

 

2016

 

 

 

2004

 

Gelson's Westlake Market Plaza

 

CA

 

 

—

 

 

 

3,157

 

 

 

11,153

 

 

 

6,897

 

 

 

4,654

 

 

 

16,553

 

 

 

21,207

 

 

 

( 11,667

)

 

 

2016

 

 

 

2002

 

116

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2025
(in thousands)
 

 

 

 

 

 

 

 

Initial Cost

 

 

 

 

 

Total Cost

 

 

 

 

 

 

 

 

 

 

Shopping Centers

 

State

 

Mortgages or
Encumbrances (1)

 

 

Land & Land
Improvements

 

 

Building &
Improvements

 

 

Cost
Capitalized
Subsequent to
Acquisition  (2)

 

 

Land & Land
Improvements

 

 

Building &
Improvements

 

 

Total

 

 

Accumulated
Depreciation

 

 

Year
Constructed
or Last Major
Renovation

 

 

Year
Acquired

 

Glen Oak Plaza

 

IL

 

 

—

 

 

 

4,103

 

 

 

12,951

 

 

 

2,413

 

 

 

4,124

 

 

 

15,343

 

 

 

19,467

 

 

 

( 7,030

)

 

 

1967

 

 

 

2010

 

Glenwood Green

 

NJ

 

 

—

 

 

 

26,463

 

 

 

28,543

 

 

 

1

 

 

 

26,463

 

 

 

28,544

 

 

 

55,007

 

 

 

( 4,449

)

 

 

2024

 

 

 

2023

 

Glenwood Village

 

NC

 

 

—

 

 

 

1,194

 

 

 

5,381

 

 

 

891

 

 

 

1,194

 

 

 

6,272

 

 

 

7,466

 

 

 

( 5,417

)

 

 

1983

 

 

 

1997

 

Golden Hills Plaza

 

CA

 

 

—

 

 

 

12,699

 

 

 

18,482

 

 

 

4,208

 

 

 

11,521

 

 

 

23,868

 

 

 

35,389

 

 

 

( 15,667

)

 

 

2017

 

 

 

2006

 

Grand Ridge Plaza

 

WA

 

 

—

 

 

 

24,208

 

 

 

61,033

 

 

 

6,752

 

 

 

24,918

 

 

 

67,075

 

 

 

91,993

 

 

 

( 38,524

)

 

 

2018

 

 

 

2012

 

Greenwich Commons

 

CT

 

 

( 4,461

)

 

 

3,831

 

 

 

6,990

 

 

 

( 22

)

 

 

3,831

 

 

 

6,968

 

 

 

10,799

 

 

 

( 472

)

 

 

1961

 

 

 

2023

 

Greenwood Shopping Centre

 

FL

 

 

—

 

 

 

7,777

 

 

 

24,829

 

 

 

1,205

 

 

 

7,777

 

 

 

26,034

 

 

 

33,811

 

 

 

( 8,998

)

 

 

1994

 

 

 

2017

 

H Mart Plaza

 

NJ

 

 

—

 

 

 

1,296

 

 

 

2,469

 

 

 

—

 

 

 

1,296

 

 

 

2,469

 

 

 

3,765

 

 

 

( 169

)

 

 

1967

 

 

 

2023

 

Hancock

 

TX

 

 

—

 

 

 

8,232

 

 

 

28,260

 

 

 

( 9,585

)

 

 

4,604

 

 

 

22,303

 

 

 

26,907

 

 

 

( 12,097

)

 

 

1998

 

 

 

1999

 

Harpeth Village Fieldstone

 

TN

 

 

—

 

 

 

2,284

 

 

 

9,443

 

 

 

1,587

 

 

 

2,284

 

 

 

11,030

 

 

 

13,314

 

 

 

( 7,431

)

 

 

1998

 

 

 

1997

 

Harrison Shopping Square

 

NY

 

 

—

 

 

 

6,034

 

 

 

5,195

 

 

 

659

 

 

 

6,353

 

 

 

5,535

 

 

 

11,888

 

 

 

( 416

)

 

 

1958

 

 

 

2023

 

Hasley Canyon Village

 

CA

 

 

( 16,000

)

 

 

17,630

 

 

 

8,231

 

 

 

240

 

 

 

17,630

 

 

 

8,471

 

 

 

26,101

 

 

 

( 1,543

)

 

 

2003

 

 

 

2003

 

Heritage 202 Center

 

NY

 

 

—

 

 

 

1,694

 

 

 

5,901

 

 

 

368

 

 

 

1,695

 

 

 

6,268

 

 

 

7,963

 

 

 

( 476

)

 

 

1989

 

 

 

2023

 

Heritage Plaza

 

CA

 

 

—

 

 

 

12,390

 

 

 

26,097

 

 

 

15,348

 

 

 

12,215

 

 

 

41,620

 

 

 

53,835

 

 

 

( 25,173

)

 

 

2012

 

 

 

1999

 

Hershey

 

PA

 

 

—

 

 

 

7

 

 

 

808

 

 

 

13

 

 

 

7

 

 

 

821

 

 

 

828

 

 

 

( 670

)

 

 

2000

 

 

 

2000

 

Hewlett Crossing I & II

 

NY

 

 

—

 

 

 

11,850

 

 

 

18,205

 

 

 

2,554

 

 

 

11,850

 

 

 

20,759

 

 

 

32,609

 

 

 

( 4,597

)

 

 

1954

 

 

 

2018

 

Hibernia Pavilion

 

FL

 

 

—

 

 

 

4,929

 

 

 

5,065

 

 

 

353

 

 

 

4,929

 

 

 

5,418

 

 

 

10,347

 

 

 

( 4,772

)

 

 

2006

 

 

 

2006

 

High Ridge Center

 

CT

 

 

( 10,000

)

 

 

26,078

 

 

 

21,460

 

 

 

805

 

 

 

26,092

 

 

 

22,251

 

 

 

48,343

 

 

 

( 1,741

)

 

 

1968

 

 

 

2023

 

Hillcrest Village

 

TX

 

 

—

 

 

 

1,600

 

 

 

1,909

 

 

 

271

 

 

 

1,600

 

 

 

2,180

 

 

 

3,780

 

 

 

( 1,353

)

 

 

1991

 

 

 

1999

 

Hilltop Village

 

CO

 

 

—

 

 

 

2,995

 

 

 

4,581

 

 

 

4,845

 

 

 

3,104

 

 

 

9,317

 

 

 

12,421

 

 

 

( 6,483

)

 

 

2018

 

 

 

2002

 

Hinsdale Lake Commons

 

IL

 

 

—

 

 

 

5,734

 

 

 

16,709

 

 

 

12,248

 

 

 

8,343

 

 

 

26,348

 

 

 

34,691

 

 

 

( 20,509

)

 

 

2015

 

 

 

1998

 

Holly Park

 

NC

 

 

—

 

 

 

8,975

 

 

 

23,799

 

 

 

2,743

 

 

 

8,828

 

 

 

26,689

 

 

 

35,517

 

 

 

( 11,070

)

 

 

1969

 

 

 

2013

 

Howell Mill Village

 

GA

 

 

—

 

 

 

5,157

 

 

 

14,279

 

 

 

8,108

 

 

 

9,610

 

 

 

17,934

 

 

 

27,544

 

 

 

( 10,198

)

 

 

1984

 

 

 

2004

 

Hyde Park

 

OH

 

 

—

 

 

 

9,809

 

 

 

39,905

 

 

 

18,623

 

 

 

10,215

 

 

 

58,122

 

 

 

68,337

 

 

 

( 36,950

)

 

 

1995

 

 

 

1997

 

Indian Springs Center

 

TX

 

 

—

 

 

 

24,974

 

 

 

25,903

 

 

 

1,495

 

 

 

25,050

 

 

 

27,322

 

 

 

52,372

 

 

 

( 11,094

)

 

 

2003

 

 

 

2002

 

Indigo Square

 

SC

 

 

—

 

 

 

8,087

 

 

 

9,849

 

 

 

( 26

)

 

 

8,087

 

 

 

9,823

 

 

 

17,910

 

 

 

( 4,075

)

 

 

2017

 

 

 

2017

 

Inglewood Plaza

 

WA

 

 

—

 

 

 

1,300

 

 

 

2,159

 

 

 

1,373

 

 

 

1,300

 

 

 

3,532

 

 

 

4,832

 

 

 

( 2,525

)

 

 

1985

 

 

 

1999

 

Island Village

 

WA

 

 

—

 

 

 

12,354

 

 

 

23,660

 

 

 

726

 

 

 

12,361

 

 

 

24,379

 

 

 

36,740

 

 

 

( 3,545

)

 

 

2013

 

 

 

2023

 

Jordan Ranch

 

TX

 

 

—

 

 

 

16,465

 

 

 

29,318

 

 

 

—

 

 

 

16,465

 

 

 

29,318

 

 

 

45,783

 

 

 

( 294

)

 

 

2025

 

 

 

2024

 

Keller Town Center

 

TX

 

 

—

 

 

 

2,294

 

 

 

12,841

 

 

 

1,657

 

 

 

2,404

 

 

 

14,388

 

 

 

16,792

 

 

 

( 9,203

)

 

 

2014

 

 

 

1999

 

Kirkman Shoppes

 

FL

 

 

—

 

 

 

9,364

 

 

 

26,243

 

 

 

1,082

 

 

 

9,367

 

 

 

27,322

 

 

 

36,689

 

 

 

( 8,903

)

 

 

2015

 

 

 

2017

 

Kirkwood Commons

 

MO

 

 

—

 

 

 

6,772

 

 

 

16,224

 

 

 

1,954

 

 

 

6,802

 

 

 

18,148

 

 

 

24,950

 

 

 

( 8,384

)

 

 

2000

 

 

 

2007

 

Klahanie Shopping Center

 

WA

 

 

—

 

 

 

14,451

 

 

 

20,089

 

 

 

1,157

 

 

 

14,451

 

 

 

21,246

 

 

 

35,697

 

 

 

( 6,533

)

 

 

1998

 

 

 

2016

 

Knotts Landing

 

CT

 

 

—

 

 

 

2,062

 

 

 

23,536

 

 

 

99

 

 

 

2,062

 

 

 

23,635

 

 

 

25,697

 

 

 

( 1,413

)

 

 

1994

 

 

 

2023

 

Kroger New Albany Center

 

OH

 

 

—

 

 

 

3,844

 

 

 

6,599

 

 

 

1,594

 

 

 

3,844

 

 

 

8,193

 

 

 

12,037

 

 

 

( 7,285

)

 

 

1999

 

 

 

1999

 

Lake Mary Centre

 

FL

 

 

—

 

 

 

24,036

 

 

 

57,476

 

 

 

3,391

 

 

 

24,036

 

 

 

60,867

 

 

 

84,903

 

 

 

( 21,506

)

 

 

2015

 

 

 

2017

 

Lake Pine Plaza

 

NC

 

 

—

 

 

 

2,008

 

 

 

7,632

 

 

 

1,109

 

 

 

2,029

 

 

 

8,720

 

 

 

10,749

 

 

 

( 6,341

)

 

 

1997

 

 

 

1998

 

Lakeview Shopping Center

 

NY

 

 

( 10,407

)

 

 

6,341

 

 

 

22,296

 

 

 

1,286

 

 

 

6,341

 

 

 

23,582

 

 

 

29,923

 

 

 

( 2,057

)

 

 

1981

 

 

 

2023

 

Lebanon/Legacy Center

 

TX

 

 

—

 

 

 

3,913

 

 

 

7,874

 

 

 

1,764

 

 

 

3,913

 

 

 

9,638

 

 

 

13,551

 

 

 

( 8,100

)

 

 

2002

 

 

 

2000

 

Littleton Square

 

CO

 

 

—

 

 

 

2,030

 

 

 

8,859

 

 

 

( 3,274

)

 

 

2,433

 

 

 

5,182

 

 

 

7,615

 

 

 

( 3,882

)

 

 

2015

 

 

 

1999

 

Lloyd King Center

 

CO

 

 

—

 

 

 

1,779

 

 

 

10,060

 

 

 

1,863

 

 

 

1,779

 

 

 

11,923

 

 

 

13,702

 

 

 

( 8,302

)

 

 

1998

 

 

 

1998

 

Lower Nazareth Commons

 

PA

 

 

—

 

 

 

15,992

 

 

 

12,964

 

 

 

4,165

 

 

 

16,343

 

 

 

16,778

 

 

 

33,121

 

 

 

( 15,745

)

 

 

2012

 

 

 

2007

 

Main & Bailey

 

CT

 

 

—

 

 

 

603

 

 

 

13,428

 

 

 

293

 

 

 

603

 

 

 

13,721

 

 

 

14,324

 

 

 

( 966

)

 

 

1950

 

 

 

2023

 

Mandarin Landing

 

FL

 

 

—

 

 

 

7,913

 

 

 

27,230

 

 

 

13,396

 

 

 

10,625

 

 

 

37,914

 

 

 

48,539

 

 

 

( 9,371

)

 

 

2024

 

 

 

2017

 

Market at Colonnade Center

 

NC

 

 

—

 

 

 

6,455

 

 

 

9,839

 

 

 

569

 

 

 

6,160

 

 

 

10,703

 

 

 

16,863

 

 

 

( 6,875

)

 

 

2009

 

 

 

2009

 

Market at Preston Forest

 

TX

 

 

—

 

 

 

4,400

 

 

 

11,445

 

 

 

2,402

 

 

 

4,400

 

 

 

13,847

 

 

 

18,247

 

 

 

( 9,544

)

 

 

1990

 

 

 

1999

 

117

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2025
(in thousands)
 

 

 

 

 

 

 

 

Initial Cost

 

 

 

 

 

Total Cost

 

 

 

 

 

 

 

 

 

 

Shopping Centers

 

State

 

Mortgages or
Encumbrances (1)

 

 

Land & Land
Improvements

 

 

Building &
Improvements

 

 

Cost
Capitalized
Subsequent to
Acquisition  (2)

 

 

Land & Land
Improvements

 

 

Building &
Improvements

 

 

Total

 

 

Accumulated
Depreciation

 

 

Year
Constructed
or Last Major
Renovation

 

 

Year
Acquired

 

Market at Round Rock

 

TX

 

 

—

 

 

 

2,000

 

 

 

9,676

 

 

 

10,106

 

 

 

1,996

 

 

 

19,786

 

 

 

21,782

 

 

 

( 12,611

)

 

 

1987

 

 

 

1999

 

Market at Springwoods Village

 

TX

 

 

—

 

 

 

12,592

 

 

 

12,809

 

 

 

222

 

 

 

12,592

 

 

 

13,031

 

 

 

25,623

 

 

 

( 6,480

)

 

 

2018

 

 

 

2016

 

Marketplace at Briargate

 

CO

 

 

—

 

 

 

1,706

 

 

 

4,885

 

 

 

373

 

 

 

1,727

 

 

 

5,237

 

 

 

6,964

 

 

 

( 3,792

)

 

 

2006

 

 

 

2006

 

McLean Plaza

 

NY

 

 

( 5,000

)

 

 

12,527

 

 

 

12,039

 

 

 

231

 

 

 

12,534

 

 

 

12,263

 

 

 

24,797

 

 

 

( 996

)

 

 

1982

 

 

 

2023

 

Meadtown Shopping Center

 

NJ

 

 

( 8,765

)

 

 

9,961

 

 

 

15,328

 

 

 

633

 

 

 

9,961

 

 

 

15,961

 

 

 

25,922

 

 

 

( 1,302

)

 

 

1961

 

 

 

2023

 

Mellody Farm

 

IL

 

 

—

 

 

 

35,628

 

 

 

66,847

 

 

 

111

 

 

 

35,639

 

 

 

66,947

 

 

 

102,586

 

 

 

( 24,530

)

 

 

2017

 

 

 

2017

 

Mercantile East

 

CA

 

 

( 33,000

)

 

 

43,971

 

 

 

38,213

 

 

 

1,267

 

 

 

43,971

 

 

 

39,480

 

 

 

83,451

 

 

 

( 819

)

 

 

2023

 

 

 

2025

 

Mercantile West

 

CA

 

 

( 40,600

)

 

 

20,062

 

 

 

45,218

 

 

 

42

 

 

 

20,062

 

 

 

45,260

 

 

 

65,322

 

 

 

( 861

)

 

 

2025

 

 

 

2025

 

Melrose Market

 

WA

 

 

—

 

 

 

4,451

 

 

 

10,807

 

 

 

( 72

)

 

 

4,451

 

 

 

10,735

 

 

 

15,186

 

 

 

( 2,277

)

 

 

2009

 

 

 

2019

 

Midland Park Shopping Center

 

NJ

 

 

( 16,588

)

 

 

9,814

 

 

 

24,226

 

 

 

1,874

 

 

 

9,814

 

 

 

26,100

 

 

 

35,914

 

 

 

( 2,239

)

 

 

1966

 

 

 

2023

 

Millhopper Shopping Center

 

FL

 

 

—

 

 

 

1,073

 

 

 

5,358

 

 

 

6,120

 

 

 

1,901

 

 

 

10,650

 

 

 

12,551

 

 

 

( 8,771

)

 

 

2017

 

 

 

1993

 

Mockingbird Commons

 

TX

 

 

—

 

 

 

3,000

 

 

 

10,728

 

 

 

3,822

 

 

 

3,000

 

 

 

14,550

 

 

 

17,550

 

 

 

( 9,975

)

 

 

1987

 

 

 

1999

 

Monument Jackson Creek

 

CO

 

 

—

 

 

 

2,999

 

 

 

6,765

 

 

 

1,464

 

 

 

2,999

 

 

 

8,229

 

 

 

11,228

 

 

 

( 7,213

)

 

 

1999

 

 

 

1998

 

Morningside Plaza

 

CA

 

 

—

 

 

 

4,300

 

 

 

13,951

 

 

 

1,266

 

 

 

4,300

 

 

 

15,217

 

 

 

19,517

 

 

 

( 10,568

)

 

 

1996

 

 

 

1999

 

Murrayhill Marketplace

 

OR

 

 

—

 

 

 

2,670

 

 

 

18,401

 

 

 

15,100

 

 

 

2,903

 

 

 

33,268

 

 

 

36,171

 

 

 

( 22,926

)

 

 

2016

 

 

 

1999

 

Naples Walk

 

FL

 

 

—

 

 

 

18,173

 

 

 

13,554

 

 

 

2,476

 

 

 

18,173

 

 

 

16,030

 

 

 

34,203

 

 

 

( 9,601

)

 

 

1999

 

 

 

2007

 

New City PCSB Bank Pad

 

NY

 

 

—

 

 

 

837

 

 

 

1,306

 

 

 

( 2,143

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1973

 

 

 

2023

 

New Milford Plaza

 

CT

 

 

—

 

 

 

7,955

 

 

 

18,349

 

 

 

127

 

 

 

7,955

 

 

 

18,476

 

 

 

26,431

 

 

 

( 1,482

)

 

 

1970

 

 

 

2023

 

Newberry Square

 

FL

 

 

—

 

 

 

2,412

 

 

 

10,150

 

 

 

2,085

 

 

 

2,412

 

 

 

12,235

 

 

 

14,647

 

 

 

( 10,978

)

 

 

1986

 

 

 

1994

 

Newfield Green

 

CT

 

 

( 18,175

)

 

 

22,993

 

 

 

7,778

 

 

 

107

 

 

 

22,993

 

 

 

7,885

 

 

 

30,878

 

 

 

( 843

)

 

 

1966

 

 

 

2023

 

Newland Center

 

CA

 

 

—

 

 

 

12,500

 

 

 

10,697

 

 

 

9,509

 

 

 

16,276

 

 

 

16,430

 

 

 

32,706

 

 

 

( 13,687

)

 

 

2016

 

 

 

1999

 

Nocatee Town Center

 

FL

 

 

—

 

 

 

10,124

 

 

 

8,691

 

 

 

9,305

 

 

 

11,045

 

 

 

17,075

 

 

 

28,120

 

 

 

( 12,850

)

 

 

2017

 

 

 

2007

 

Nohl Plaza

 

CA

 

 

—

 

 

 

1,688

 

 

 

6,733

 

 

 

317

 

 

 

1,688

 

 

 

7,050

 

 

 

8,738

 

 

 

( 801

)

 

 

1966

 

 

 

2023

 

North Hills

 

TX

 

 

—

 

 

 

4,900

 

 

 

19,774

 

 

 

2,293

 

 

 

4,900

 

 

 

22,067

 

 

 

26,967

 

 

 

( 13,629

)

 

 

1995

 

 

 

1999

 

Northgate Marketplace

 

OR

 

 

—

 

 

 

5,668

 

 

 

13,727

 

 

 

403

 

 

 

4,955

 

 

 

14,843

 

 

 

19,798

 

 

 

( 9,415

)

 

 

2011

 

 

 

2011

 

Northgate Marketplace Ph II

 

OR

 

 

—

 

 

 

12,189

 

 

 

30,171

 

 

 

105

 

 

 

12,159

 

 

 

30,306

 

 

 

42,465

 

 

 

( 13,544

)

 

 

2015

 

 

 

2015

 

Northgate Plaza (Maxtown Road)

 

OH

 

 

—

 

 

 

1,769

 

 

 

6,652

 

 

 

5,080

 

 

 

2,840

 

 

 

10,661

 

 

 

13,501

 

 

 

( 8,169

)

 

 

2017

 

 

 

1998

 

Northgate Square

 

FL

 

 

—

 

 

 

5,011

 

 

 

8,692

 

 

 

1,236

 

 

 

5,011

 

 

 

9,928

 

 

 

14,939

 

 

 

( 6,078

)

 

 

1995

 

 

 

2007

 

Northlake Village

 

TN

 

 

—

 

 

 

2,662

 

 

 

11,284

 

 

 

6,353

 

 

 

2,662

 

 

 

17,637

 

 

 

20,299

 

 

 

( 9,371

)

 

 

2013

 

 

 

2000

 

Oakshade Town Center

 

CA

 

 

( 2,369

)

 

 

6,591

 

 

 

28,966

 

 

 

4,344

 

 

 

6,591

 

 

 

33,310

 

 

 

39,901

 

 

 

( 14,620

)

 

 

1998

 

 

 

2011

 

Oakbrook Plaza

 

CA

 

 

—

 

 

 

4,000

 

 

 

6,668

 

 

 

6,432

 

 

 

4,766

 

 

 

12,334

 

 

 

17,100

 

 

 

( 8,273

)

 

 

2017

 

 

 

1999

 

Oakleaf Commons

 

FL

 

 

—

 

 

 

3,503

 

 

 

11,671

 

 

 

2,286

 

 

 

3,173

 

 

 

14,287

 

 

 

17,460

 

 

 

( 10,412

)

 

 

2006

 

 

 

2006

 

Oakley Shops at Laurel Fields

 

CA

 

 

—

 

 

 

10,963

 

 

 

22,825

 

 

 

—

 

 

 

10,963

 

 

 

22,825

 

 

 

33,788

 

 

 

( 392

)

 

 

2024

 

 

 

2024

 

Ocala Corners

 

FL

 

 

—

 

 

 

1,816

 

 

 

10,515

 

 

 

1,775

 

 

 

1,816

 

 

 

12,290

 

 

 

14,106

 

 

 

( 6,943

)

 

 

2000

 

 

 

2000

 

Old Greenwich CVS

 

CT

 

 

( 799

)

 

 

3,704

 

 

 

2,065

 

 

 

7

 

 

 

3,711

 

 

 

2,065

 

 

 

5,776

 

 

 

( 149

)

 

 

1941

 

 

 

2023

 

Old Kings Market

 

CT

 

 

( 22,111

)

 

 

17,091

 

 

 

26,274

 

 

 

375

 

 

 

17,092

 

 

 

26,648

 

 

 

43,740

 

 

 

( 1,943

)

 

 

1955

 

 

 

2023

 

Old St Augustine Plaza

 

FL

 

 

—

 

 

 

2,368

 

 

 

11,405

 

 

 

13,655

 

 

 

3,455

 

 

 

23,973

 

 

 

27,428

 

 

 

( 15,723

)

 

2017 / 2020

 

 

 

1996

 

Orange Meadows

 

CT

 

 

—

 

 

 

6,459

 

 

 

19,441

 

 

 

1,183

 

 

 

6,461

 

 

 

20,622

 

 

 

27,083

 

 

 

( 2,202

)

 

 

1990

 

 

 

2023

 

Orangetown Shopping Center

 

NY

 

 

—

 

 

 

4,716

 

 

 

15,472

 

 

 

1,140

 

 

 

5,684

 

 

 

15,644

 

 

 

21,328

 

 

 

( 1,201

)

 

 

1966

 

 

 

2023

 

Pablo Plaza

 

FL

 

 

—

 

 

 

11,894

 

 

 

21,407

 

 

 

12,354

 

 

 

14,135

 

 

 

31,520

 

 

 

45,655

 

 

 

( 13,565

)

 

 

2020

 

 

 

2017

 

Paces Ferry Plaza

 

GA

 

 

—

 

 

 

2,812

 

 

 

12,639

 

 

 

21,439

 

 

 

13,803

 

 

 

23,087

 

 

 

36,890

 

 

 

( 17,086

)

 

 

2018

 

 

 

1997

 

Panther Creek

 

TX

 

 

—

 

 

 

14,414

 

 

 

14,748

 

 

 

7,378

 

 

 

15,212

 

 

 

21,328

 

 

 

36,540

 

 

 

( 17,724

)

 

 

1994

 

 

 

2002

 

Pavilion

 

FL

 

 

—

 

 

 

15,626

 

 

 

22,124

 

 

 

1,546

 

 

 

15,626

 

 

 

23,670

 

 

 

39,296

 

 

 

( 8,822

)

 

 

2011

 

 

 

2017

 

Peartree Village

 

TN

 

 

—

 

 

 

5,197

 

 

 

19,746

 

 

 

1,020

 

 

 

5,197

 

 

 

20,766

 

 

 

25,963

 

 

 

( 16,226

)

 

 

1997

 

 

 

1997

 

Persimmon Place

 

CA

 

 

—

 

 

 

25,975

 

 

 

38,114

 

 

 

539

 

 

 

26,692

 

 

 

37,936

 

 

 

64,628

 

 

 

( 21,756

)

 

 

2014

 

 

 

2014

 

Pike Creek

 

DE

 

 

—

 

 

 

5,153

 

 

 

20,652

 

 

 

10,330

 

 

 

5,885

 

 

 

30,250

 

 

 

36,135

 

 

 

( 18,711

)

 

 

2013

 

 

 

1998

 

118

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2025
(in thousands)
 

 

 

 

 

 

 

 

Initial Cost

 

 

 

 

 

Total Cost

 

 

 

 

 

 

 

 

 

 

Shopping Centers

 

State

 

Mortgages or
Encumbrances (1)

 

 

Land & Land
Improvements

 

 

Building &
Improvements

 

 

Cost
Capitalized
Subsequent to
Acquisition  (2)

 

 

Land & Land
Improvements

 

 

Building &
Improvements

 

 

Total

 

 

Accumulated
Depreciation

 

 

Year
Constructed
or Last Major
Renovation

 

 

Year
Acquired

 

Pine Island

 

FL

 

 

—

 

 

 

21,086

 

 

 

28,123

 

 

 

2,217

 

 

 

21,086

 

 

 

30,340

 

 

 

51,426

 

 

 

( 10,921

)

 

 

1999

 

 

 

2017

 

Pine Lake Village

 

WA

 

 

—

 

 

 

6,300

 

 

 

10,991

 

 

 

2,299

 

 

 

6,300

 

 

 

13,290

 

 

 

19,590

 

 

 

( 9,185

)

 

 

1989

 

 

 

1999

 

Pine Ridge Square

 

FL

 

 

—

 

 

 

13,951

 

 

 

23,147

 

 

 

6,846

 

 

 

13,951

 

 

 

29,993

 

 

 

43,944

 

 

 

( 7,669

)

 

 

2013

 

 

 

2017

 

Pine Tree Plaza

 

FL

 

 

—

 

 

 

668

 

 

 

6,220

 

 

 

1,220

 

 

 

668

 

 

 

7,440

 

 

 

8,108

 

 

 

( 5,154

)

 

 

1999

 

 

 

1997

 

Pinecrest Place

 

FL

 

 

—

 

 

 

4,193

 

 

 

13,275

 

 

 

73

 

 

 

3,805

 

 

 

13,736

 

 

 

17,541

 

 

 

( 4,858

)

 

 

2017

 

 

 

2017

 

Plaza Escuela

 

CA

 

 

—

 

 

 

24,829

 

 

 

104,395

 

 

 

4,305

 

 

 

24,829

 

 

 

108,700

 

 

 

133,529

 

 

 

( 26,616

)

 

 

2002

 

 

 

2017

 

Plaza Hermosa

 

CA

 

 

—

 

 

 

4,200

 

 

 

10,109

 

 

 

4,657

 

 

 

4,202

 

 

 

14,764

 

 

 

18,966

 

 

 

( 10,136

)

 

 

2013

 

 

 

1999

 

Point 50

 

VA

 

 

—

 

 

 

15,239

 

 

 

11,367

 

 

 

294

 

 

 

14,628

 

 

 

12,272

 

 

 

26,900

 

 

 

( 3,909

)

 

 

2021

 

 

 

2007

 

Point Royale Shopping Center

 

FL

 

 

—

 

 

 

18,201

 

 

 

14,889

 

 

 

7,145

 

 

 

19,405

 

 

 

20,830

 

 

 

40,235

 

 

 

( 9,977

)

 

 

2018

 

 

 

2017

 

Pompton Lakes Towne Square

 

NJ

 

 

—

 

 

 

12,940

 

 

 

16,392

 

 

 

379

 

 

 

12,943

 

 

 

16,768

 

 

 

29,711

 

 

 

( 1,384

)

 

 

2000

 

 

 

2023

 

Post Road Plaza

 

CT

 

 

—

 

 

 

15,240

 

 

 

5,196

 

 

 

176

 

 

 

15,240

 

 

 

5,372

 

 

 

20,612

 

 

 

( 1,789

)

 

 

1978

 

 

 

2017

 

Potrero Center

 

CA

 

 

—

 

 

 

133,422

 

 

 

116,758

 

 

 

( 87,857

)

 

 

85,205

 

 

 

77,118

 

 

 

162,323

 

 

 

( 19,505

)

 

 

1997

 

 

 

2017

 

Powell Street Plaza

 

CA

 

 

—

 

 

 

8,248

 

 

 

30,716

 

 

 

5,074

 

 

 

8,248

 

 

 

35,790

 

 

 

44,038

 

 

 

( 22,318

)

 

 

1987

 

 

 

2001

 

Powers Ferry Square

 

GA

 

 

—

 

 

 

3,687

 

 

 

17,965

 

 

 

10,632

 

 

 

5,758

 

 

 

26,526

 

 

 

32,284

 

 

 

( 25,022

)

 

 

2013

 

 

 

1997

 

Powers Ferry Village

 

GA

 

 

—

 

 

 

1,191

 

 

 

4,672

 

 

 

1,502

 

 

 

1,191

 

 

 

6,174

 

 

 

7,365

 

 

 

( 4,926

)

 

 

1994

 

 

 

1997

 

Prairie City Crossing

 

CA

 

 

—

 

 

 

4,164

 

 

 

13,032

 

 

 

632

 

 

 

4,164

 

 

 

13,664

 

 

 

17,828

 

 

 

( 8,392

)

 

 

1999

 

 

 

1999

 

Preston Oaks

 

TX

 

 

—

 

 

 

763

 

 

 

30,438

 

 

 

583

 

 

 

1,534

 

 

 

30,250

 

 

 

31,784

 

 

 

( 7,686

)

 

 

2022

 

 

 

2013

 

Prestonbrook

 

TX

 

 

—

 

 

 

7,069

 

 

 

8,622

 

 

 

( 484

)

 

 

5,244

 

 

 

9,963

 

 

 

15,207

 

 

 

( 8,798

)

 

 

1998

 

 

 

1998

 

Prosperity Centre

 

FL

 

 

—

 

 

 

11,682

 

 

 

26,215

 

 

 

1,153

 

 

 

11,681

 

 

 

27,369

 

 

 

39,050

 

 

 

( 7,616

)

 

 

1993

 

 

 

2017

 

Purchase Street Shops

 

NY

 

 

—

 

 

 

466

 

 

 

1,388

 

 

 

21

 

 

 

466

 

 

 

1,409

 

 

 

1,875

 

 

 

( 126

)

 

 

 

 

 

2023

 

Putnam Plaza

 

NY

 

 

( 16,531

)

 

 

10,355

 

 

 

13,621

 

 

 

2,934

 

 

 

10,355

 

 

 

16,555

 

 

 

26,910

 

 

 

( 736

)

 

 

1971

 

 

 

2025

 

Ralphs Circle Center

 

CA

 

 

—

 

 

 

20,939

 

 

 

6,317

 

 

 

492

 

 

 

20,939

 

 

 

6,809

 

 

 

27,748

 

 

 

( 2,675

)

 

 

1983

 

 

 

2017

 

Red Bank Village

 

OH

 

 

—

 

 

 

10,336

 

 

 

9,500

 

 

 

1,668

 

 

 

9,755

 

 

 

11,749

 

 

 

21,504

 

 

 

( 5,696

)

 

 

2018

 

 

 

2006

 

Regency Commons

 

OH

 

 

—

 

 

 

3,917

 

 

 

3,616

 

 

 

425

 

 

 

3,917

 

 

 

4,041

 

 

 

7,958

 

 

 

( 3,153

)

 

 

2004

 

 

 

2004

 

Regency Square

 

FL

 

 

—

 

 

 

4,770

 

 

 

25,191

 

 

 

16,188

 

 

 

6,228

 

 

 

39,921

 

 

 

46,149

 

 

 

( 30,373

)

 

 

2013

 

 

 

1993

 

Ridgeway Shopping Center

 

CT

 

 

( 40,688

)

 

 

47,684

 

 

 

96,414

 

 

 

8,029

 

 

 

47,684

 

 

 

104,443

 

 

 

152,127

 

 

 

( 7,804

)

 

 

1952

 

 

 

2023

 

Franklin Pointe (fka Rite Aid Plaza-Waldwick Plaza)

 

NJ

 

 

—

 

 

 

1,774

 

 

 

5,753

 

 

 

( 42

)

 

 

1,774

 

 

 

5,711

 

 

 

7,485

 

 

 

( 370

)

 

 

1953

 

 

 

2023

 

Rivertowns Square

 

NY

 

 

—

 

 

 

15,505

 

 

 

52,505

 

 

 

5,976

 

 

 

16,853

 

 

 

57,133

 

 

 

73,986

 

 

 

( 14,511

)

 

 

2016

 

 

 

2018

 

Rona Plaza

 

CA

 

 

—

 

 

 

1,500

 

 

 

4,917

 

 

 

582

 

 

 

1,500

 

 

 

5,499

 

 

 

6,999

 

 

 

( 3,903

)

 

 

1989

 

 

 

1999

 

Roosevelt Square

 

WA

 

 

—

 

 

 

40,371

 

 

 

32,108

 

 

 

8,686

 

 

 

40,382

 

 

 

40,783

 

 

 

81,165

 

 

 

( 10,891

)

 

 

2017

 

 

 

2017

 

Russell Ridge

 

GA

 

 

—

 

 

 

2,234

 

 

 

6,903

 

 

 

1,971

 

 

 

2,234

 

 

 

8,874

 

 

 

11,108

 

 

 

( 6,877

)

 

 

1995

 

 

 

1994

 

Ryanwood Square

 

FL

 

 

—

 

 

 

10,581

 

 

 

10,044

 

 

 

545

 

 

 

10,581

 

 

 

10,589

 

 

 

21,170

 

 

 

( 4,566

)

 

 

1987

 

 

 

2017

 

Sammamish-Highlands

 

WA

 

 

—

 

 

 

9,300

 

 

 

8,075

 

 

 

10,302

 

 

 

9,592

 

 

 

18,085

 

 

 

27,677

 

 

 

( 13,411

)

 

 

2013

 

 

 

1999

 

San Carlos Marketplace

 

CA

 

 

—

 

 

 

36,006

 

 

 

57,886

 

 

 

969

 

 

 

36,006

 

 

 

58,855

 

 

 

94,861

 

 

 

( 15,080

)

 

 

2018

 

 

 

2017

 

San Leandro Plaza

 

CA

 

 

—

 

 

 

1,300

 

 

 

8,226

 

 

 

1,930

 

 

 

1,300

 

 

 

10,156

 

 

 

11,456

 

 

 

( 6,678

)

 

 

1982

 

 

 

1999

 

Sandy Springs

 

GA

 

 

—

 

 

 

6,889

 

 

 

28,056

 

 

 

5,365

 

 

 

6,889

 

 

 

33,421

 

 

 

40,310

 

 

 

( 14,455

)

 

 

2006

 

 

 

2012

 

Sawgrass Promenade

 

FL

 

 

—

 

 

 

10,846

 

 

 

12,525

 

 

 

1,796

 

 

 

10,846

 

 

 

14,321

 

 

 

25,167

 

 

 

( 5,165

)

 

 

1998

 

 

 

2017

 

Scripps Ranch Marketplace

 

CA

 

 

—

 

 

 

59,949

 

 

 

26,334

 

 

 

1,792

 

 

 

59,949

 

 

 

28,126

 

 

 

88,075

 

 

 

( 7,940

)

 

 

2017

 

 

 

2017

 

Sendero Marketplace

 

CA

 

 

( 44,538

)

 

 

27,171

 

 

 

31,206

 

 

 

11

 

 

 

27,171

 

 

 

31,217

 

 

 

58,388

 

 

 

( 565

)

 

 

2016

 

 

 

2025

 

Serramonte Center

 

CA

 

 

—

 

 

 

390,106

 

 

 

172,652

 

 

 

118,710

 

 

 

423,587

 

 

 

257,881

 

 

 

681,468

 

 

 

( 104,400

)

 

2018 /In Process

 

 

 

2017

 

Shaw's at Plymouth

 

MA

 

 

—

 

 

 

3,968

 

 

 

8,367

 

 

 

—

 

 

 

3,968

 

 

 

8,367

 

 

 

12,335

 

 

 

( 3,207

)

 

 

1993

 

 

 

2017

 

Shelton Square

 

CT

 

 

—

 

 

 

13,383

 

 

 

25,265

 

 

 

4,472

 

 

 

13,383

 

 

 

29,737

 

 

 

43,120

 

 

 

( 2,975

)

 

 

1982

 

 

 

2023

 

Sheridan Plaza

 

FL

 

 

—

 

 

 

82,260

 

 

 

97,273

 

 

 

16,268

 

 

 

83,814

 

 

 

111,987

 

 

 

195,801

 

 

 

( 35,029

)

 

1991 / 2022

 

 

 

2017

 

Sherwood Crossroads

 

OR

 

 

—

 

 

 

2,731

 

 

 

6,360

 

 

 

900

 

 

 

2,454

 

 

 

7,537

 

 

 

9,991

 

 

 

( 4,740

)

 

 

1999

 

 

 

1999

 

119

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2025
(in thousands)
 

 

 

 

 

 

 

 

Initial Cost

 

 

 

 

 

Total Cost

 

 

 

 

 

 

 

 

 

 

Shopping Centers

 

State

 

Mortgages or
Encumbrances (1)

 

 

Land & Land
Improvements

 

 

Building &
Improvements

 

 

Cost
Capitalized
Subsequent to
Acquisition  (2)

 

 

Land & Land
Improvements

 

 

Building &
Improvements

 

 

Total

 

 

Accumulated
Depreciation

 

 

Year
Constructed
or Last Major
Renovation

 

 

Year
Acquired

 

Shiloh Springs

 

TX

 

 

—

 

 

 

5,236

 

 

 

11,802

 

 

 

1,199

 

 

 

5,236

 

 

 

13,001

 

 

 

18,237

 

 

 

( 2,614

)

 

 

1998

 

 

 

1998

 

Shoppes @ 104

 

FL

 

 

—

 

 

 

11,193

 

 

 

—

 

 

 

3,414

 

 

 

7,078

 

 

 

7,529

 

 

 

14,607

 

 

 

( 4,967

)

 

 

2018

 

 

 

1998

 

Shoppes at Homestead

 

CA

 

 

—

 

 

 

5,420

 

 

 

9,450

 

 

 

2,829

 

 

 

5,420

 

 

 

12,279

 

 

 

17,699

 

 

 

( 8,660

)

 

 

1983

 

 

 

1999

 

Shoppes at Lago Mar

 

FL

 

 

—

 

 

 

8,323

 

 

 

11,347

 

 

 

454

 

 

 

8,323

 

 

 

11,801

 

 

 

20,124

 

 

 

( 4,482

)

 

 

1995

 

 

 

2017

 

Shoppes at Sunlake Centre

 

FL

 

 

—

 

 

 

16,643

 

 

 

15,091

 

 

 

6,683

 

 

 

18,001

 

 

 

20,416

 

 

 

38,417

 

 

 

( 7,715

)

 

 

2008

 

 

 

2017

 

Shoppes of Grande Oak

 

FL

 

 

—

 

 

 

5,091

 

 

 

5,985

 

 

 

1,495

 

 

 

5,091

 

 

 

7,480

 

 

 

12,571

 

 

 

( 6,518

)

 

 

2000

 

 

 

2000

 

Shoppes of Jonathan's Landing

 

FL

 

 

—

 

 

 

4,474

 

 

 

5,628

 

 

 

630

 

 

 

4,474

 

 

 

6,258

 

 

 

10,732

 

 

 

( 2,135

)

 

 

1997

 

 

 

2017

 

Shoppes of Oakbrook

 

FL

 

 

—

 

 

 

20,538

 

 

 

42,992

 

 

 

( 2,650

)

 

 

20,538

 

 

 

40,342

 

 

 

60,880

 

 

 

( 12,376

)

 

 

2003

 

 

 

2017

 

Shoppes of Silver Lakes

 

FL

 

 

—

 

 

 

17,529

 

 

 

21,829

 

 

 

2,496

 

 

 

17,529

 

 

 

24,325

 

 

 

41,854

 

 

 

( 8,888

)

 

 

1997

 

 

 

2017

 

Shoppes of Sunset

 

FL

 

 

—

 

 

 

2,860

 

 

 

1,316

 

 

 

975

 

 

 

2,860

 

 

 

2,291

 

 

 

5,151

 

 

 

( 719

)

 

 

2009

 

 

 

2017

 

Shoppes of Sunset II

 

FL

 

 

—

 

 

 

2,834

 

 

 

715

 

 

 

739

 

 

 

2,834

 

 

 

1,454

 

 

 

4,288

 

 

 

( 553

)

 

 

2009

 

 

 

2017

 

Shops at County Center

 

VA

 

 

—

 

 

 

9,957

 

 

 

11,296

 

 

 

5,385

 

 

 

12,917

 

 

 

13,721

 

 

 

26,638

 

 

 

( 13,139

)

 

 

2005

 

 

 

2005

 

Shops at Erwin Mill

 

NC

 

 

( 12,000

)

 

 

9,082

 

 

 

6,124

 

 

 

596

 

 

 

9,087

 

 

 

6,715

 

 

 

15,802

 

 

 

( 4,934

)

 

 

2012

 

 

 

2012

 

Shops at John's Creek

 

FL

 

 

—

 

 

 

1,863

 

 

 

2,014

 

 

 

76

 

 

 

1,501

 

 

 

2,452

 

 

 

3,953

 

 

 

( 1,876

)

 

 

2004

 

 

 

2003

 

Shops at Mira Vista

 

TX

 

 

( 137

)

 

 

11,691

 

 

 

9,026

 

 

 

881

 

 

 

11,691

 

 

 

9,907

 

 

 

21,598

 

 

 

( 4,241

)

 

 

2002

 

 

 

2014

 

Shops at Quail Creek

 

CO

 

 

—

 

 

 

1,487

 

 

 

7,717

 

 

 

1,591

 

 

 

1,448

 

 

 

9,347

 

 

 

10,795

 

 

 

( 5,414

)

 

 

2008

 

 

 

2008

 

Shops at Saugus

 

MA

 

 

—

 

 

 

19,201

 

 

 

17,984

 

 

 

1,204

 

 

 

18,974

 

 

 

19,415

 

 

 

38,389

 

 

 

( 15,091

)

 

 

2006

 

 

 

2006

 

Shops at Skylake

 

FL

 

 

—

 

 

 

84,586

 

 

 

39,342

 

 

 

3,210

 

 

 

85,117

 

 

 

42,021

 

 

 

127,138

 

 

 

( 16,034

)

 

 

2006

 

 

 

2017

 

Shops at The Columbia

 

DC

 

 

—

 

 

 

3,117

 

 

 

8,869

 

 

 

198

 

 

 

3,234

 

 

 

8,950

 

 

 

12,184

 

 

 

( 1,301

)

 

 

1991

 

 

 

2006

 

Shops on Main

 

IN

 

 

—

 

 

 

17,020

 

 

 

27,055

 

 

 

21,768

 

 

 

19,648

 

 

 

46,195

 

 

 

65,843

 

 

 

( 21,761

)

 

2017 / 2020

 

 

 

2007

 

Sienna Grande Shops

 

TX

 

 

—

 

 

 

5,516

 

 

 

6,349

 

 

 

—

 

 

 

5,516

 

 

 

6,349

 

 

 

11,865

 

 

 

( 358

)

 

 

2023

 

 

 

2023

 

Somers Commons

 

NY

 

 

—

 

 

 

7,019

 

 

 

29,808

 

 

 

4,230

 

 

 

7,019

 

 

 

34,038

 

 

 

41,057

 

 

 

( 2,968

)

 

 

2003

 

 

 

2023

 

Sope Creek Crossing

 

GA

 

 

—

 

 

 

2,985

 

 

 

12,001

 

 

 

3,885

 

 

 

3,332

 

 

 

15,539

 

 

 

18,871

 

 

 

( 11,738

)

 

 

2016

 

 

 

1998

 

South Beach Regional

 

FL

 

 

—

 

 

 

28,188

 

 

 

53,405

 

 

 

16,145

 

 

 

28,515

 

 

 

69,223

 

 

 

97,738

 

 

 

( 19,286

)

 

 

1990

 

 

 

2017

 

South Pass Village

 

NJ

 

 

( 19,258

)

 

 

11,079

 

 

 

31,610

 

 

 

649

 

 

 

11,079

 

 

 

32,259

 

 

 

43,338

 

 

 

( 2,511

)

 

 

1965

 

 

 

2023

 

South Point

 

FL

 

 

—

 

 

 

6,563

 

 

 

7,939

 

 

 

751

 

 

 

6,563

 

 

 

8,690

 

 

 

15,253

 

 

 

( 3,172

)

 

 

2003

 

 

 

2017

 

Southbury Green

 

CT

 

 

—

 

 

 

26,661

 

 

 

34,325

 

 

 

9,381

 

 

 

29,743

 

 

 

40,624

 

 

 

70,367

 

 

 

( 13,306

)

 

 

2002

 

 

 

2017

 

Southcenter

 

WA

 

 

—

 

 

 

1,300

 

 

 

12,750

 

 

 

2,793

 

 

 

1,300

 

 

 

15,543

 

 

 

16,843

 

 

 

( 10,785

)

 

 

1990

 

 

 

1999

 

Southpark at Cinco Ranch

 

TX

 

 

—

 

 

 

18,395

 

 

 

11,306

 

 

 

7,801

 

 

 

21,438

 

 

 

16,064

 

 

 

37,502

 

 

 

( 11,759

)

 

 

2017

 

 

 

2012

 

SouthPoint Crossing

 

NC

 

 

—

 

 

 

4,412

 

 

 

12,235

 

 

 

1,816

 

 

 

4,382

 

 

 

14,081

 

 

 

18,463

 

 

 

( 9,702

)

 

 

1998

 

 

 

1998

 

Staples Plaza-Yorktown Heights

 

NY

 

 

—

 

 

 

7,131

 

 

 

47,704

 

 

 

1,386

 

 

 

7,131

 

 

 

49,090

 

 

 

56,221

 

 

 

( 3,426

)

 

 

1970

 

 

 

2023

 

Starke

 

FL

 

 

—

 

 

 

71

 

 

 

1,683

 

 

 

15

 

 

 

71

 

 

 

1,698

 

 

 

1,769

 

 

 

( 1,529

)

 

 

2000

 

 

 

2000

 

Star's at Cambridge

 

MA

 

 

—

 

 

 

31,082

 

 

 

13,520

 

 

 

( 1

)

 

 

31,082

 

 

 

13,519

 

 

 

44,601

 

 

 

( 4,429

)

 

 

1997

 

 

 

2017

 

Star's at West Roxbury

 

MA

 

 

—

 

 

 

21,973

 

 

 

13,386

 

 

 

807

 

 

 

21,973

 

 

 

14,193

 

 

 

36,166

 

 

 

( 4,493

)

 

 

2006

 

 

 

2017

 

Station Centre @ Old Greenwich

 

CT

 

 

—

 

 

 

9,121

 

 

 

7,603

 

 

 

655

 

 

 

9,121

 

 

 

8,258

 

 

 

17,379

 

 

 

( 782

)

 

 

1952

 

 

 

2023

 

Stefko Boulevard Shopping Center

 

PA

 

 

—

 

 

 

5,042

 

 

 

11,847

 

 

 

120

 

 

 

5,042

 

 

 

11,967

 

 

 

17,009

 

 

 

( 154

)

 

 

1976

 

 

 

2025

 

Sterling Ridge

 

TX

 

 

—

 

 

 

12,846

 

 

 

12,162

 

 

 

1,703

 

 

 

12,846

 

 

 

13,865

 

 

 

26,711

 

 

 

( 12,323

)

 

 

2000

 

 

 

2002

 

Stroh Ranch

 

CO

 

 

—

 

 

 

4,280

 

 

 

8,189

 

 

 

1,278

 

 

 

4,280

 

 

 

9,467

 

 

 

13,747

 

 

 

( 8,113

)

 

 

1998

 

 

 

1998

 

Suncoast Crossing

 

FL

 

 

—

 

 

 

9,030

 

 

 

10,764

 

 

 

4,829

 

 

 

13,374

 

 

 

11,249

 

 

 

24,623

 

 

 

( 10,560

)

 

 

2007

 

 

 

2007

 

Sunny Valley Shops

 

CT

 

 

—

 

 

 

2,820

 

 

 

5,055

 

 

 

1,331

 

 

 

2,820

 

 

 

6,386

 

 

 

9,206

 

 

 

( 586

)

 

 

2003

 

 

 

2023

 

Talega Village Center

 

CA

 

 

—

 

 

 

22,415

 

 

 

12,054

 

 

 

593

 

 

 

22,415

 

 

 

12,647

 

 

 

35,062

 

 

 

( 3,603

)

 

 

2007

 

 

 

2017

 

Tanasbourne Market

 

OR

 

 

—

 

 

 

3,269

 

 

 

10,861

 

 

 

( 294

)

 

 

3,149

 

 

 

10,687

 

 

 

13,836

 

 

 

( 7,642

)

 

 

2006

 

 

 

2006

 

Tanglewood Shopping Center

 

NY

 

 

( 2,163

)

 

 

5,920

 

 

 

7,889

 

 

 

152

 

 

 

5,920

 

 

 

8,041

 

 

 

13,961

 

 

 

( 678

)

 

 

1953

 

 

 

2023

 

Tassajara Crossing

 

CA

 

 

—

 

 

 

8,560

 

 

 

15,464

 

 

 

3,345

 

 

 

8,560

 

 

 

18,809

 

 

 

27,369

 

 

 

( 12,549

)

 

 

1990

 

 

 

1999

 

Tech Ridge Center

 

TX

 

 

—

 

 

 

12,945

 

 

 

37,169

 

 

 

6,912

 

 

 

13,455

 

 

 

43,571

 

 

 

57,026

 

 

 

( 23,545

)

 

 

2020

 

 

 

2011

 

Terrace Shops

 

CA

 

 

( 14,007

)

 

 

5,684

 

 

 

14,587

 

 

 

12

 

 

 

5,684

 

 

 

14,599

 

 

 

20,283

 

 

 

( 256

)

 

 

2005

 

 

 

2025

 

120

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2025
(in thousands)
 

 

 

 

 

 

 

 

Initial Cost

 

 

 

 

 

Total Cost

 

 

 

 

 

 

 

 

 

 

Shopping Centers

 

State

 

Mortgages or
Encumbrances (1)

 

 

Land & Land
Improvements

 

 

Building &
Improvements

 

 

Cost
Capitalized
Subsequent to
Acquisition  (2)

 

 

Land & Land
Improvements

 

 

Building &
Improvements

 

 

Total

 

 

Accumulated
Depreciation

 

 

Year
Constructed
or Last Major
Renovation

 

 

Year
Acquired

 

The Abbot

 

MA

 

 

—

 

 

 

72,910

 

 

 

6,086

 

 

 

52,460

 

 

 

79,219

 

 

 

52,237

 

 

 

131,456

 

 

 

( 7,808

)

 

1912 / 2024

 

 

 

2017

 

The Crossing Clarendon

 

VA

 

 

—

 

 

 

154,932

 

 

 

126,328

 

 

 

63,230

 

 

 

161,409

 

 

 

183,081

 

 

 

344,490

 

 

 

( 45,436

)

 

2023 /In Process

 

 

 

2016

 

The Dock-Dockside

 

CT

 

 

( 32,125

)

 

 

20,974

 

 

 

49,185

 

 

 

270

 

 

 

20,974

 

 

 

49,455

 

 

 

70,429

 

 

 

( 3,690

)

 

 

1974

 

 

 

2023

 

The Field at Commonwealth

 

VA

 

 

—

 

 

 

31,057

 

 

 

18,248

 

 

 

( 5,130

)

 

 

25,731

 

 

 

18,444

 

 

 

44,175

 

 

 

( 12,535

)

 

 

2018

 

 

 

2017

 

The Gallery at Westbury Plaza

 

NY

 

 

—

 

 

 

108,653

 

 

 

216,771

 

 

 

5,213

 

 

 

108,653

 

 

 

221,984

 

 

 

330,637

 

 

 

( 61,933

)

 

 

2013

 

 

 

2017

 

The Hub at Norwalk

 

CT

 

 

—

 

 

 

20,394

 

 

 

21,261

 

 

 

1,401

 

 

 

21,220

 

 

 

21,836

 

 

 

43,056

 

 

 

( 4,647

)

 

 

2003

 

 

 

2017

 

The Hub Hillcrest Market

 

CA

 

 

—

 

 

 

18,773

 

 

 

61,906

 

 

 

8,376

 

 

 

19,611

 

 

 

69,444

 

 

 

89,055

 

 

 

( 27,554

)

 

 

2015

 

 

 

2012

 

The Longmeadow Shops

 

MA

 

 

( 13,000

)

 

 

5,451

 

 

 

23,738

 

 

 

659

 

 

 

5,451

 

 

 

24,397

 

 

 

29,848

 

 

 

( 1,946

)

 

 

1962

 

 

 

2023

 

The Marketplace

 

CA

 

 

—

 

 

 

10,927

 

 

 

36,052

 

 

 

1,815

 

 

 

10,927

 

 

 

37,867

 

 

 

48,794

 

 

 

( 10,795

)

 

 

1990

 

 

 

2017

 

The Meadows

 

NY

 

 

—

 

 

 

12,325

 

 

 

21,378

 

 

 

1,243

 

 

 

12,267

 

 

 

22,679

 

 

 

34,946

 

 

 

( 4,076

)

 

 

1980

 

 

 

2021

 

The Plaza at St. Lucie West

 

FL

 

 

—

 

 

 

1,718

 

 

 

6,204

 

 

 

219

 

 

 

1,718

 

 

 

6,423

 

 

 

8,141

 

 

 

( 1,952

)

 

 

2006

 

 

 

2017

 

The Point at Garden City Park

 

NY

 

 

—

 

 

 

741

 

 

 

9,764

 

 

 

5,857

 

 

 

2,559

 

 

 

13,803

 

 

 

16,362

 

 

 

( 6,700

)

 

 

2018

 

 

 

2016

 

The Pruneyard

 

CA

 

 

—

 

 

 

112,136

 

 

 

86,918

 

 

 

3,710

 

 

 

112,136

 

 

 

90,628

 

 

 

202,764

 

 

 

( 20,903

)

 

 

2014

 

 

 

2019

 

The Shops at Hampton Oaks

 

GA

 

 

—

 

 

 

843

 

 

 

372

 

 

 

( 178

)

 

 

297

 

 

 

740

 

 

 

1,037

 

 

 

( 448

)

 

 

2009

 

 

 

2017

 

The Shops at Stone Bridge

 

CT

 

 

—

 

 

 

21,397

 

 

 

40,486

 

 

 

—

 

 

 

21,397

 

 

 

40,486

 

 

 

61,883

 

 

 

( 471

)

 

 

2025

 

 

 

2024

 

The Shops at SunVet

 

NY

 

 

—

 

 

 

15,628

 

 

 

73,756

 

 

 

—

 

 

 

15,628

 

 

 

73,756

 

 

 

89,384

 

 

 

( 2,634

)

 

 

2023

 

 

 

2023

 

The Village at Hunter's Lake

 

FL

 

 

—

 

 

 

9,735

 

 

 

12,988

 

 

 

40

 

 

 

9,735

 

 

 

13,028

 

 

 

22,763

 

 

 

( 4,634

)

 

 

2018

 

 

 

2018

 

The Village at Riverstone

 

TX

 

 

—

 

 

 

17,179

 

 

 

13,013

 

 

 

116

 

 

 

17,179

 

 

 

13,129

 

 

 

30,308

 

 

 

( 5,123

)

 

 

2016

 

 

 

2016

 

Town and Country

 

FL

 

 

—

 

 

 

4,664

 

 

 

5,207

 

 

 

116

 

 

 

4,664

 

 

 

5,323

 

 

 

9,987

 

 

 

( 2,658

)

 

 

1993

 

 

 

2017

 

Town Square

 

FL

 

 

—

 

 

 

883

 

 

 

8,132

 

 

 

918

 

 

 

883

 

 

 

9,050

 

 

 

9,933

 

 

 

( 6,308

)

 

 

1999

 

 

 

1997

 

Towne Centre at Somers

 

NY

 

 

—

 

 

 

3,235

 

 

 

30,998

 

 

 

345

 

 

 

3,236

 

 

 

31,342

 

 

 

34,578

 

 

 

( 2,225

)

 

 

1988

 

 

 

2023

 

Treasure Coast Plaza

 

FL

 

 

—

 

 

 

7,553

 

 

 

21,554

 

 

 

1,800

 

 

 

7,553

 

 

 

23,354

 

 

 

30,907

 

 

 

( 7,704

)

 

 

1983

 

 

 

2017

 

Tustin Legacy

 

CA

 

 

—

 

 

 

13,829

 

 

 

23,922

 

 

 

290

 

 

 

13,828

 

 

 

24,213

 

 

 

38,041

 

 

 

( 9,587

)

 

 

2017

 

 

 

2016

 

Twin City Plaza

 

MA

 

 

—

 

 

 

17,245

 

 

 

44,225

 

 

 

2,796

 

 

 

17,263

 

 

 

47,003

 

 

 

64,266

 

 

 

( 24,823

)

 

In Process

 

 

 

2006

 

Twin Peaks

 

CA

 

 

—

 

 

 

5,200

 

 

 

25,827

 

 

 

9,789

 

 

 

6,587

 

 

 

34,229

 

 

 

40,816

 

 

 

( 21,418

)

 

 

2015

 

 

 

1999

 

Unigold Shopping Center

 

FL

 

 

—

 

 

 

5,490

 

 

 

5,144

 

 

 

6,812

 

 

 

5,561

 

 

 

11,885

 

 

 

17,446

 

 

 

( 7,546

)

 

 

1987

 

 

 

2017

 

University Commons

 

FL

 

 

—

 

 

 

4,070

 

 

 

30,785

 

 

 

1,121

 

 

 

4,070

 

 

 

31,906

 

 

 

35,976

 

 

 

( 12,707

)

 

 

2001

 

 

 

2015

 

Valencia Crossroads

 

CA

 

 

—

 

 

 

17,921

 

 

 

17,659

 

 

 

1,929

 

 

 

17,921

 

 

 

19,588

 

 

 

37,509

 

 

 

( 18,405

)

 

 

2003

 

 

 

2002

 

Valley Ridge Shopping Center

 

NJ

 

 

( 15,702

)

 

 

13,363

 

 

 

19,803

 

 

 

993

 

 

 

13,363

 

 

 

20,796

 

 

 

34,159

 

 

 

( 1,640

)

 

 

1962

 

 

 

2023

 

Valley Stream

 

NY

 

 

—

 

 

 

13,297

 

 

 

16,241

 

 

 

512

 

 

 

13,887

 

 

 

16,163

 

 

 

30,050

 

 

 

( 2,691

)

 

 

1950

 

 

 

2021

 

Veterans Plaza

 

CT

 

 

—

 

 

 

2,328

 

 

 

7,104

 

 

 

34

 

 

 

2,328

 

 

 

7,138

 

 

 

9,466

 

 

 

( 608

)

 

 

1966

 

 

 

2023

 

Village at La Floresta

 

CA

 

 

—

 

 

 

13,140

 

 

 

20,559

 

 

 

242

 

 

 

13,156

 

 

 

20,785

 

 

 

33,941

 

 

 

( 10,960

)

 

 

2014

 

 

 

2014

 

Village at Lee Airpark

 

MD

 

 

—

 

 

 

11,099

 

 

 

12,975

 

 

 

4,354

 

 

 

11,803

 

 

 

16,625

 

 

 

28,428

 

 

 

( 17,368

)

 

 

2014

 

 

 

2005

 

Village Center

 

FL

 

 

—

 

 

 

3,885

 

 

 

14,131

 

 

 

10,339

 

 

 

5,480

 

 

 

22,875

 

 

 

28,355

 

 

 

( 15,000

)

 

 

2014

 

 

 

1995

 

Village Commons

 

NY

 

 

—

 

 

 

312

 

 

 

5,950

 

 

 

349

 

 

 

312

 

 

 

6,299

 

 

 

6,611

 

 

 

( 602

)

 

 

1980

 

 

 

2023

 

Von's Circle Center

 

CA

 

 

( 2,633

)

 

 

49,037

 

 

 

22,618

 

 

 

1,656

 

 

 

49,037

 

 

 

24,274

 

 

 

73,311

 

 

 

( 7,833

)

 

 

1972

 

 

 

2017

 

Wading River

 

NY

 

 

—

 

 

 

14,969

 

 

 

18,641

 

 

 

1,655

 

 

 

14,915

 

 

 

20,350

 

 

 

35,265

 

 

 

( 3,259

)

 

 

2002

 

 

 

2021

 

Waldwick Plaza

 

NJ

 

 

—

 

 

 

1,724

 

 

 

5,824

 

 

 

301

 

 

 

1,724

 

 

 

6,125

 

 

 

7,849

 

 

 

( 493

)

 

 

1960

 

 

 

2023

 

Walker Center

 

OR

 

 

—

 

 

 

3,840

 

 

 

7,232

 

 

 

12,731

 

 

 

4,404

 

 

 

19,399

 

 

 

23,803

 

 

 

( 10,154

)

 

 

1987

 

 

 

1999

 

Washington Commons

 

NJ

 

 

( 8,210

)

 

 

7,829

 

 

 

12,182

 

 

 

252

 

 

 

7,829

 

 

 

12,434

 

 

 

20,263

 

 

 

( 1,098

)

 

 

1992

 

 

 

2023

 

Waterstone Plaza

 

FL

 

 

—

 

 

 

5,498

 

 

 

13,500

 

 

 

298

 

 

 

5,498

 

 

 

13,798

 

 

 

19,296

 

 

 

( 4,550

)

 

 

2005

 

 

 

2017

 

Welleby Plaza

 

FL

 

 

—

 

 

 

1,496

 

 

 

7,787

 

 

 

2,809

 

 

 

1,496

 

 

 

10,596

 

 

 

12,092

 

 

 

( 9,301

)

 

 

1982

 

 

 

1996

 

Wellington Town Square

 

FL

 

 

—

 

 

 

2,041

 

 

 

12,131

 

 

 

3,953

 

 

 

2,600

 

 

 

15,525

 

 

 

18,125

 

 

 

( 9,057

)

 

 

2022

 

 

 

1996

 

West Bird Plaza

 

FL

 

 

—

 

 

 

12,934

 

 

 

18,594

 

 

 

374

 

 

 

15,386

 

 

 

16,516

 

 

 

31,902

 

 

 

( 6,209

)

 

2000 / 2021

 

 

 

2017

 

West Chester Plaza

 

OH

 

 

—

 

 

 

1,857

 

 

 

7,572

 

 

 

690

 

 

 

1,857

 

 

 

8,262

 

 

 

10,119

 

 

 

( 8,145

)

 

In Process

 

 

 

1998

 

121

REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2025
(in thousands)
 

 

 

 

 

 

 

 

Initial Cost

 

 

 

 

 

Total Cost

 

 

 

 

 

 

 

 

 

 

Shopping Centers

 

State

 

Mortgages or
Encumbrances (1)

 

 

Land & Land
Improvements

 

 

Building &
Improvements

 

 

Cost
Capitalized
Subsequent to
Acquisition  (2)

 

 

Land & Land
Improvements

 

 

Building &
Improvements

 

 

Total

 

 

Accumulated
Depreciation

 

 

Year
Constructed
or Last Major
Renovation

 

 

Year
Acquired

 

West Lake Shopping Center

 

FL

 

 

—

 

 

 

10,561

 

 

 

9,792

 

 

 

1,024

 

 

 

10,561

 

 

 

10,816

 

 

 

21,377

 

 

 

( 3,876

)

 

 

2000

 

 

 

2017

 

West Park Plaza

 

CA

 

 

—

 

 

 

5,840

 

 

 

5,759

 

 

 

4,406

 

 

 

5,840

 

 

 

10,165

 

 

 

16,005

 

 

 

( 6,460

)

 

 

1996

 

 

 

1999

 

Westbury Plaza

 

NY

 

 

( 88,000

)

 

 

116,129

 

 

 

51,460

 

 

 

6,978

 

 

 

117,817

 

 

 

56,750

 

 

 

174,567

 

 

 

( 18,740

)

 

 

2004

 

 

 

2017

 

Westchase

 

FL

 

 

—

 

 

 

5,302

 

 

 

8,273

 

 

 

1,522

 

 

 

5,302

 

 

 

9,795

 

 

 

15,097

 

 

 

( 5,582

)

 

 

1998

 

 

 

2007

 

Westchester Commons

 

IL

 

 

—

 

 

 

3,366

 

 

 

11,751

 

 

 

11,535

 

 

 

4,894

 

 

 

21,758

 

 

 

26,652

 

 

 

( 12,675

)

 

 

2014

 

 

 

2001

 

Westlake Village Plaza and Center

 

CA

 

 

—

 

 

 

7,043

 

 

 

27,195

 

 

 

31,764

 

 

 

17,620

 

 

 

48,382

 

 

 

66,002

 

 

 

( 41,500

)

 

 

2015

 

 

 

1999

 

Westport Collection

 

CT

 

 

—

 

 

 

4,831

 

 

 

3,138

 

 

 

1

 

 

 

4,831

 

 

 

3,139

 

 

 

7,970

 

 

 

( 417

)

 

 

1958

 

 

 

2023

 

Westport Plaza

 

FL

 

 

—

 

 

 

9,035

 

 

 

7,455

 

 

 

272

 

 

 

9,035

 

 

 

7,727

 

 

 

16,762

 

 

 

( 2,917

)

 

 

2002

 

 

 

2017

 

Westport Row

 

CT

 

 

—

 

 

 

43,597

 

 

 

16,428

 

 

 

15,346

 

 

 

46,170

 

 

 

29,201

 

 

 

75,371

 

 

 

( 10,925

)

 

 

1988

 

 

 

2017

 

Westbard Square

 

MD

 

 

—

 

 

 

128,002

 

 

 

21,514

 

 

 

40,574

 

 

 

114,450

 

 

 

75,640

 

 

 

190,090

 

 

 

( 7,643

)

 

2001 / 2024

 

 

 

2017

 

Westwood Village

 

TX

 

 

—

 

 

 

19,933

 

 

 

25,301

 

 

 

2,314

 

 

 

19,378

 

 

 

28,170

 

 

 

47,548

 

 

 

( 20,083

)

 

 

2006

 

 

 

2006

 

Willa Springs

 

FL

 

 

( 16,700

)

 

 

13,322

 

 

 

15,314

 

 

 

3,555

 

 

 

13,683

 

 

 

18,508

 

 

 

32,191

 

 

 

( 2,885

)

 

 

1979

 

 

 

2000

 

Williamsburg at Dunwoody

 

GA

 

 

—

 

 

 

7,435

 

 

 

3,721

 

 

 

1,474

 

 

 

7,444

 

 

 

5,186

 

 

 

12,630

 

 

 

( 2,270

)

 

 

1983

 

 

 

2017

 

Willow Festival

 

IL

 

 

—

 

 

 

1,954

 

 

 

56,501

 

 

 

6,297

 

 

 

1,976

 

 

 

62,776

 

 

 

64,752

 

 

 

( 27,247

)

 

 

2007

 

 

 

2010

 

Willow Lake Shopping Center

 

IN

 

 

—

 

 

 

6,018

 

 

 

9,436

 

 

 

14

 

 

 

6,018

 

 

 

9,450

 

 

 

15,468

 

 

 

( 118

)

 

 

1987

 

 

 

2025

 

Willow Lake West Shopping Center

 

IN

 

 

—

 

 

 

3,297

 

 

 

18,075

 

 

 

11

 

 

 

3,297

 

 

 

18,086

 

 

 

21,383

 

 

 

( 160

)

 

 

2001

 

 

 

2025

 

Willow Oaks

 

NC

 

 

—

 

 

 

6,664

 

 

 

7,908

 

 

 

( 247

)

 

 

6,294

 

 

 

8,031

 

 

 

14,325

 

 

 

( 4,966

)

 

 

2014

 

 

 

2014

 

Willows Shopping Center

 

CA

 

 

—

 

 

 

51,964

 

 

 

78,029

 

 

 

( 6,646

)

 

 

51,980

 

 

 

71,367

 

 

 

123,347

 

 

 

( 20,868

)

 

In Process

 

 

 

2017

 

Woodcroft Shopping Center

 

NC

 

 

—

 

 

 

1,419

 

 

 

6,284

 

 

 

2,125

 

 

 

1,421

 

 

 

8,407

 

 

 

9,828

 

 

 

( 6,338

)

 

 

1984

 

 

 

1996

 

Woodman Van Nuys

 

CA

 

 

—

 

 

 

5,500

 

 

 

7,195

 

 

 

527

 

 

 

5,500

 

 

 

7,722

 

 

 

13,222

 

 

 

( 5,223

)

 

 

1992

 

 

 

1999

 

Woodmen Plaza

 

CO

 

 

—

 

 

 

7,621

 

 

 

11,018

 

 

 

1,633

 

 

 

7,621

 

 

 

12,651

 

 

 

20,272

 

 

 

( 13,198

)

 

 

1998

 

 

 

1998

 

Woodside Central

 

CA

 

 

—

 

 

 

3,500

 

 

 

9,288

 

 

 

1,145

 

 

 

3,489

 

 

 

10,444

 

 

 

13,933

 

 

 

( 7,121

)

 

 

1993

 

 

 

1999

 

Miscellaneous Investments

 

 

 

 

—

 

 

 

—

 

 

 

2,127

 

 

 

2,371

 

 

 

—

 

 

 

4,498

 

 

 

4,498

 

 

 

( 2,243

)

 

 

 

 

 

 

Land held for future development

 

 

 

 

—

 

 

 

11,323

 

 

 

—

 

 

 

( 4,608

)

 

 

6,715

 

 

 

—

 

 

 

6,715

 

 

 

—

 

 

 

 

 

 

 

Construction in progress

 

 

 

 

—

 

 

 

22,395

 

 

 

29,235

 

 

 

95,577

 

 

 

22,395

 

 

 

124,812

 

 

 

147,207

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

( 778,831

)

 

$

5,737,889

 

 

 

7,367,996

 

 

 

1,456,039

 

 

 

5,854,509

 

 

 

8,707,415

 

 

 

14,561,924

 

 

 

( 3,267,728

)

 

 

 

 

 

 

 
(1) The amounts presented in this column do not include debt premiums, discounts, or loan costs.

(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.
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. The aggregate cost for federal income tax purposes was approximately $ 11.9 billion at December 31, 2025.
The changes in total real estate assets for the years ended December 31, 2025, 2024, and 2023 are as follows:

(in thousands)

 

2025

 

 

2024

 

 

2023

 

Beginning balance

 

$

13,698,419

 

 

 

13,454,391

 

 

 

11,858,064

 

Acquired properties and land

 

 

614,133

 

 

 

71,334

 

 

 

1,445,428

 

Developments and improvements

 

 

382,635

 

 

 

328,133

 

 

 

206,085

 

Disposal of building and tenant improvements

 

 

( 24,855

)

 

 

( 51,671

)

 

 

( 14,149

)

Sale of properties

 

 

( 108,408

)

 

 

( 72,152

)

 

 

( 19,366

)

Contributed to unconsolidated joint ventures

 

 

—

 

 

 

( 17,518

)

 

 

—

 

Properties held for sale

 

 

—

 

 

 

—

 

 

 

( 21,671

)

Provision for impairment

 

 

—

 

 

 

( 14,098

)

 

 

—

 

Ending balance

 

$

14,561,924

 

 

 

13,698,419

 

 

 

13,454,391

 

The changes in accumulated depreciation for the years ended December 31, 2025, 2024, and 2023 are as follows:

(in thousands)

 

2025

 

 

2024

 

 

2023

 

Beginning balance

 

$

2,960,399

 

 

 

2,691,386

 

 

 

2,415,860

 

Depreciation expense

 

 

344,216

 

 

 

329,650

 

 

 

293,705

 

Disposal of building and tenant improvements

 

 

( 24,828

)

 

 

( 51,671

)

 

 

( 14,149

)

Sale of properties

 

 

( 12,059

)

 

 

( 7,842

)

 

 

( 569

)

Accumulated depreciation related to properties held for sale

 

 

—

 

 

 

—

 

 

 

( 3,461

)

Provision for impairment

 

 

—

 

 

 

( 1,124

)

 

 

—

 

Ending balance

 

$

3,267,728

 

 

 

2,960,399

 

 

 

2,691,386

 

 
 

123

 

Item 9. Changes in and Disagreements with Acco untants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
Controls and Procedures (Regency Centers Corporation)
Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures
Under the supervision and with the participation of the Parent Company's management, including its chief executive officer and chief financial officer, the Parent Company conducted an evaluation of its disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and 15d-15(e) promulgated under the Exchange Act. Based on this evaluation, the Parent Company's chief executive officer and chief financial officer concluded that as of December 31, 2025, the Parent Company's disclosure controls and procedures were effective to ensure information required to be disclosed in the reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time period specified in the SEC's rules and forms. These disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by the Parent Company in the reports it files or submits under the Exchange Act is accumulated and communicated to management, including its chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.
Management's Report on Internal Control over Financial Reporting
The Parent Company's management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Under the supervision and with the participation of its management, including its chief executive officer and chief financial officer, the Parent Company conducted an evaluation of the effectiveness of its internal control over financial reporting based on the framework in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on its evaluation under the framework in Internal Control - Integrated Framework (2013) , the Parent Company's management concluded that its internal control over financial reporting was effective as of December 31, 2025.
KPMG LLP, an independent registered public accounting firm, has audited the Consolidated Financial Statements of the Parent Company included in this Report and, as part of their audit, has issued a report, included within "Item 8. Financial Statements and Supplementary Data " of this Report, on the effectiveness of the Parent Company's internal control over financial reporting.
The Parent Company's system of internal control over financial reporting was designed to provide reasonable assurance regarding the preparation and fair presentation of published financial statements in accordance with accounting principles generally accepted in the United States. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance and may not prevent or detect misstatements. 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.
Changes in Internal Controls
There have been no changes in the Parent Company's internal controls over financial reporting identified in connection with this evaluation that occurred during the quarter ended December 31, 2025 which have materially affected, or are reasonably likely to materially affect, the Parent Company’s internal controls over financial reporting.
Controls and Procedures (Regency Centers, L.P.)
Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures
Under the supervision and with the participation of the Operating Partnership's management, including the chief executive officer and chief financial officer of its general partner, the Operating Partnership conducted an evaluation of its disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and 15d-15(e) promulgated under the Exchange Act. Based on this evaluation, the chief executive officer and chief financial officer of its general partner concluded that, as of December 31, 2025, the Operating Partnership's disclosure controls and procedures were effective to ensure information required to be disclosed in the reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time period specified in the SEC's rules and forms. These disclosure controls and procedures, without limitation, include controls and procedures designed to ensure that information required to be disclosed by the Operating Partnership in the reports it files or submits under the Exchange Act is accumulated and communicated to management, including the chief executive officer and chief financial officer of its general partner, as appropriate, to allow timely decisions regarding required disclosure.

124

 

Management's Report on Internal Control over Financial Reporting
The Operating Partnership's management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Under the supervision and with the participation of its management, including the chief executive officer and chief financial officer of its general partner, the Operating Partnership conducted an evaluation of the effectiveness of its internal control over financial reporting based on the framework in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on its evaluation under the framework in Internal Control - Integrated Framework (2013) , the Operating Partnership's management concluded that its internal control over financial reporting was effective as of December 31, 2025.
KPMG LLP, an independent registered public accounting firm, has audited the Consolidated Financial Statements of the Operating Partnership included in this Report and, as part of their audit, has issued a report, included within "Item 8. Financial Statements and Supplementary Data " of this Report, on the effectiveness of the Operating Partnership's internal control over financial reporting.
The Operating Partnership's system of internal control over financial reporting was designed to provide reasonable assurance regarding the preparation and fair presentation of published financial statements in accordance with accounting principles generally accepted in the United States. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance and may not prevent or detect misstatements. 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.
Changes in Internal Controls
There have been no changes in the Operating Partnership's internal controls over financial reporting identified in connection with this evaluation that occurred during the quarter ended December 31, 2025 which have materially affected, or are reasonably likely to materially affect, the Operating Partnership’s internal controls over financial reporting.
Item 9B. Other Information
Rule 10b5-1 Trading Plans
During the fiscal quarter ended December 31, 2025 , no ne of our directors or officers (as defined in Rule 16a-1 under the Exchange Act) adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" (as those terms are defined in Item 408 of Regulation S-K).
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable
PART III
Item 10. Directors, Executive Officers and Corporate Governance
Information concerning our directors, executive officers, and corporate governance is incorporated herein by reference to our definitive proxy statement to be filed with the SEC within 120 days after the end of the fiscal year covered by this Report with respect to the 2026 Annual Meeting of Shareholders. Information regarding executive officers is included in Part I of this Form 10-K as permitted by General Instruction G(3).
Code of Ethics
We have a code of ethics applicable to our Board of Directors, principal executive officers, principal financial officer, principal accounting officer and persons performing similar functions. The text of this code of ethics may be found on our website at https://investors.regencycenters.com/corporate-governance/governance-overview. We will post a notice of any waiver from, or amendment to, any provision of our code of ethics on our website.
Policy Statement on Insider Trading
We have adopted a Policy Statement on Insider Trading that governs the purchase, sale, and/or other dispositions of our securities by directors, officers and employees that is reasonably designed to promote compliance with insider trading laws, rules and regulations and NASDAQ listing standards. A copy of our Policy Statement on Insider Trading is included as Exhibit 19 to this report.
 

125

 

Item 11. Executi ve Compensation
Incorporated herein by reference to our definitive proxy statement to be filed with the SEC within 120 days after the end of the fiscal year covered by this Report with respect to the 2026 Annual Meeting of Shareholders.
Item 12. Security Ownership of Certain Beneficial Ow ners and Management and Related Stockholder Matters
The following table provides information about securities that may be issued under our existing equity compensation plans:
Equity Compensation Plan Information
(as of December 31, 2025)
 

 

 

(a)

 

 

(b)

 

 

(c)

 

Plan Category

 

Number of securities to be issued upon exercise of outstanding options, warrants and rights (1)

 

 

Weighted-average exercise price of outstanding options, warrants and rights (2)

 

 

Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column a) (3)

 

Equity compensation plans approved by security holders

 

 

834,914

 

 

$

—

 

 

 

3,462,214

 

Equity compensation plans not approved by security holders

 

N/A

 

 

N/A

 

 

N/A

 

Total

 

 

834,914

 

 

$

—

 

 

 

3,462,214

 

(1) Includes shares that may be issued pursuant to unvested restricted stock and performance share awards.

(2) The weighted average exercise price excludes stock rights awards, which we sometimes refer to as unvested restricted stock.

(3) The Regency Centers Corporation Omnibus Incentive Plan, ("Omnibus Plan"), as approved by shareholders at our 2019 annual meeting, provides that an aggregate maximum of 5.6 million shares of our common stock are reserved for issuance under the Omnibus Plan.

Information about security ownership is incorporated herein by reference to our definitive proxy statement to be filed with the SEC within 120 days after the end of the fiscal year covered by this Report with respect to the 2026 Annual Meeting of Shareholders.
Item 13. Certain Relationships and Related Transactions, and Director Independence
Incorporated herein by reference to our definitive proxy statement to be filed with the SEC within 120 days after the end of the fiscal year covered by this Report with respect to the 2026 Annual Meeting of Shareholders.
Item 14. Principal Accou ntant Fees and Services
Incorporated herein by reference to our definitive proxy statement to be filed with the SEC within 120 days after the end of the fiscal year covered by this Report with respect to the 2026 Annual Meeting of Shareholders.

126

 

PAR T IV
Item 15. Exhibits and Fina ncial Statement Schedules
(a) Financial Statements and Financial Statement Schedules:

Regency Centers Corporation and Regency Centers, L.P. 2025 financial statements and financial statement schedule, together with the reports of KPMG LLP are listed on the index immediately preceding the financial statements within "Item 8. Financial Statements and Supplementary Data " of this Report.
(b) Exhibits:

Unless otherwise indicated below, the Commission file number to the exhibit is No. 001-12298.
 

2.

Plan of Acquisition, Reorganization, Arrangement, Liquidation or Succession

 

 

 

(a)

Agreement and Plan of Merger, dated as of May 17, 2023, by and among Regency Centers Corporation, Hercules Merger Sub, LLC, Urstadt Biddle Properties Inc., UB Maryland I, Inc. and UB Maryland II, Inc. (incorporated by reference to Exhibit 2.1 to the Company’s Form 8-K filed on May 18, 2023)

 

3.

Articles of Incorporation and Bylaws

 

 

 

 

 

 

 

(a)

Restated Articles of Incorporation of Regency Centers Corporation (incorporated by reference to Exhibit 3(a) to the Company's Form 10-K filed on February 14, 2025) .

 

 

 

 

 

 

(b)

Amended and Restated Bylaws of Regency Centers Corporation (amendment is incorporated by reference to Exhibit 3.1 to the Company’s Form 10-Q filed on August 5, 2022) .

 

 

 

 

 

 

 

(c)

Fifth Amended and Restated Agreement of Limited Partnership of Regency Centers, L.P. , (incorporated by reference to Exhibit 3(d) to the Company's Form 10-K filed on February 19, 2014).

 

 

 

 

 

 

(d)

Amendment to the Fifth Amended and Restated Agreement of Limited Partnership Relating to the Series A Cumulative Redeemable Preferred Units, dated August 16, 2023 (incorporated by reference to Exhibit 3.4 in Regency’s Form 8-K filed on August 18, 2023).

 

 

 

 

 

 

(e)

Amendment to the Fifth Amended and Restated Agreement of Limited Partnership Relating to the Series B Cumulative Redeemable Preferred Units, dated August 16, 2023 (incorporated by reference to Exhibit 3.5 in Regency’s Form 8-K filed on August 18, 2023) .

 

 

 

 

4.

Instruments Defining Rights of Security Holders

 

 

 

 

 

 

 

(a)

See Exhibits 3(a) and 3(b) for provisions of the Articles of Incorporation and Bylaws of the Parent Company defining the rights of holders of shares of the common stock and preferred stock of the Parent Company. See Exhibits 3(c), 3(d) and 3 (e) for provisions of the Partnership Agreement of Regency Centers, L.P. defining rights of holders of common and preferred units of the Operating Partnership.

 

 

 

 

 

 

 

(b)

Indenture dated December 5, 2001 between Regency Centers, L.P., the guarantors named therein and First Union National Bank, as trustee (incorporated by reference to Exhibit 4.4 to Regency Centers, L.P.'s Form 8-K filed on December 10, 2001) .

 

 

 

 

 

 

 

 

(i)

First Supplemental Indenture dated as of June 5, 2007 among Regency Centers, L.P., the Company as guarantor and U.S. Bank National Association, as successor to Wachovia Bank, National Association (formerly known as First Union National Bank), as trustee (incorporated by reference to Exhibit 4.1 to Regency Centers, L.P.'s Form 8-K filed on June 5, 2007).

 

 

 

 

 

 

 

 

(ii)

Second Supplemental Indenture dated as of June 2, 2010 to the Indenture dated as of December 5, 2001 between Regency Centers, L.P., Regency Centers Corporation, as guarantor, and U.S. Bank National Association, as successor to Wachovia Bank, National Association (formerly known as First Union National Bank), as Trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on June 3, 2010) .

 

 

 

 

 

127

 

 

 

 

(iii)

Third Supplemental Indenture dated as of August 17, 2015 to the Indenture dated as of December 5, 2001 among Regency Centers, L.P., Regency Centers Corporation, as guarantor, and U.S. Bank, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on August 18, 2015) .

 

 

 

 

 

 

 

 

(iv)

Fourth Supplemental Indenture dated as of January 26, 2017 among Regency Centers, L.P., Regency Centers Corporation, as guarantor, and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company's Form 8-K filed on January 26, 2016).

 

 

 

 

 

 

 

 

(v)

Fifth Supplemental Indenture dated as of March 6, 2019 among Regency Centers, L.P., Regency Centers Corporation, as guarantor, and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company's Form 8-K filed on March 6, 2019) .

 

 

 

 

 

 

 

 

(vi)

Sixth Supplemental Indenture dated as of May 13, 2020 among Regency Centers, L.P., Regency Centers Corporation, as guarantor, and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on May 13, 2020).

 

 

 

 

 

 

 

 

(vi)

Seventh Supplemental Indenture dated as of January 18, 2024 among Regency Centers, L.P., Regency Centers Corporation, as guarantor, and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company’s 8-K filed on January 18, 2024).

 

 

 

 

 

 

 

(c)

Assumption Agreement, dated as of March 1, 2017, by Regency Centers Corporation (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K filed on March 1, 2017).

 

 

 

 

 

 

(d)

Description of the Company’s Securities Registered under Section 12 of the Exchange Act (incorporated by reference to Exhibit 4(d) to the Company’s Form 10-K filed on February 16, 2024).

 

 

 

 

 

10.

Material Contracts (~ indicates management contract or compensatory plan)

 

 

 

 

 

 

 

~(a)

Amended and Restated Deferred Compensation Plan dated May 6, 2003 (incorporated by reference to Exhibit 10(k) to the Company's Form 10-K filed on March 12, 2004).

 

 

 

 

 

 

 

~(b)

Regency Centers Corporation 2005 Deferred Compensation Plan (incorporated by reference to Exhibit 10(s) to the Company's Form 8-K filed on December 21, 2004).

 

 

 

 

 

 

 

~(c)

First Amendment to Regency Centers Corporation 2005 Deferred Compensation Plan dated December 2005 (incorporated by reference to Exhibit 10(q)(i) to the Company's Form 10-K filed on March 10, 2006).

 

 

 

 

 

 

 

~(d)

Second Amendment to the Regency Centers Corporation Amended and Restated Deferred Compensation Plan (incorporated by reference to Exhibit 10.2 to the Company's Form 8-K filed on June 14, 2011).

 

 

 

 

 

 

 

~(e)

Third Amendment to the Regency Centers Corporation 2005 Deferred Compensation Plan (incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed on June 14, 2011).

 

 

 

 

 

 

 

~(f)

Regency Centers Corporation Amended and Restated Omnibus Incentive Plan (incorporated by reference to Appendix B to the Company's 2019 Annual Meeting Proxy Statement filed on March 21, 2019).

 

 

 

 

 

 

 

~(g)

Form of Stock Rights Award Agreement - (incorporated by reference to Exhibit 10(g) to the Company's Form 10-K filed on February 17, 2022).

 

 

 

 

 

 

 

~(h)

Form of Performance Stock Rights Award Agreement (incorporated by reference to Exhibit 10.2 to the Company's Form 8-K filed on January 6, 2022).

 

 

 

 

 

 

 

~(i)

Form of Indemnification Agreement, in each case dated as of November 2, 2023, between Regency Centers Corporation (the Company") and (1) each member of its Board of Directors of the Company and (2) each of Martin E. Stein, Jr. and Lisa Palmer (who are each also members of the Board), Michael J. Mas, Alan T. Roth, Nicholas A. Wibbenmeyer and each of the other officers of the Company (incorporated by reference to Exhibit 10.1 to the Company’s Form 10-Q filed on November 6, 2023).

 

 

 

 

 

128

 

 

 

~(j)

Form of Severance and Change of Control Agreement dated as of January 1, 2022, among Regency Centers Corporation, Regency Centers, L.P. and the executives listed below (incorporated by reference to Exhibit 10.1 of the Company's Form 8-K filed on January 6, 2022). The Severance and Change of Control Agreements dated January 1, 2022 and listed below are substantially identical except for the identities of the parties and the amount of severance for each which are described in Item 5.02(e) of referenced 8-K, before any further amendment included in the list below.

 

 

 

 

 

 

 

 

(i)

Severance and Change of Control Agreement dated as of January 1, 2022, by and between Regency Center Corporation, Regency Centers, L.P. and Martin E. Stein, Jr.

 

 

 

 

 

 

 

(ii)

Severance and Change of Control Agreement dated as of January 1, 2022, by and between Regency Center Corporation, Regency Centers, L.P. and Lisa Palmer

 

 

 

 

 

 

 

(iii)

Severance and Change of Control Agreement dated as of January 1, 2022, by and between Regency Center Corporation, Regency Centers, L.P. and Michael J. Mas

 

 

 

 

 

 

 

 

(iv)

Amendment to Severance and Change of Control Agreement, dated as of November 6, 2024, among Regency Centers Corporation, Regency Centers, L.P. and Lisa Palmer (incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed on November 8, 2024)

 

 

 

 

 

 

 

~(k)

The following Severance and Change of Control Agreement dated as of January 1, 2022, among Regency Centers Corporation, Regency Centers, L.P. and the executives listed below. The Severance and Change of Control Agreements listed below are substantially identical except for the identities of the parties and the amount of severance.

 

 

 

 

 

 

 

 

(i)

Severance and Change of Control Agreement dated as of January 1, 2022, by and between Regency Center Corporation, Regency Centers, L.P. and Alan T. Roth (incorporated by reference to Exhibit 10 (m)(i) to the Company’s Form 10-K filed on February 17, 2023).

 

 

 

 

 

 

 

 

(ii)

Severance and Change of Control Agreement dated as of January 1, 2022, by and between Regency Center Corporation, Regency Centers, L.P. and Nicholas A. Wibbenmeyer (incorporated by reference to Exhibit 10 (m)(ii) to the Company’s Form 10-K filed on February 17, 2023).

 

 

 

 

 

 

 

(l)

Sixth Amended and Restated Credit Agreement, dated as of January 18, 2024, by and among Regency Centers, L.P., as borrower, Regency Centers Corporation, as guarantor, Wells Fargo Bank, National Association, as Administrative Agent, and certain lenders party thereto (incorporated by reference to Exhibit 4.1 to the Company’s 8-K filed on January 18, 2024).

 

 

 

 

 

 

 

 

(i)

First Amendment to Sixth Amended and Restated Credit Agreement, dated as of July 8, 2024, by and among Regency Centers, L.P., as borrower, Regency Centers Corporation, as guarantor, Wells Fargo Bank, National Association, as Administrative Agent, and certain lenders party thereto (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on July 10, 2024).

 

 

 

 

 

 

 

 

(ii)

Second Amendment to Sixth Amended and Restated Credit Agreement, dated as of May 6, 2025, by and among Regency Centers, L.P., as borrower, Regency Centers Corporation, as guarantor, Wells Fargo Bank, National Association, as Administrative Agent, and certain lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Form 10-Q filed on August 4, 2025).

 

 

 

 

 

 

 

(m)

Second Amended and Restated Limited Liability Company Agreement of Macquarie CountryWide-Regency II, LLC dated as of July 31, 2009 by and among Global Retail Investors, LLC, Regency Centers, L.P. and Macquarie CountryWide (US) No. 2 LLC (incorporated by reference to Exhibit 10.1 to the Company's Form 10-Q filed on November 6, 2009).

 

 

 

 

 

 

 

 

(i)

Amendment No. 1 to Second Amended and Restate Limited Liability Company Agreement of GRI-Regency, LLC (formerly Macquarie CountryWide-Regency II, LLC) (incorporated by reference to Exhibit 10.(h)(i) to the Company’s Form 10-K filed March 1, 2011).

 

 

 

 

 

19.

Insider Trading Policies and Procedures

 

 

21.

Subsidiaries of Regency Centers Corporation

 

 

 

 

 

129

 

22.

Subsidiary Guarantors and Issuers of Guaranteed Securities

 

 

 

 

 

23.

Consent of Independent Accountants

 

 

 

 

 

 

23.1

Consent of KPMG LLP for Regency Centers Corporation and Regency Centers, L.P.

 

 

 

 

 

31.

Rule 13a-14(a)/15d-14(a) Certifications.

 

 

 

 

 

 

31.1

Rule 13a-14 Certification of Chief Executive Officer for Regency Centers Corporation.

 

 

 

 

31.2

Rule 13a-14 Certification of Chief Financial Officer for Regency Centers Corporation.

 

 

 

 

31.3

Rule 13a-14 Certification of Chief Executive Officer for Regency Centers, L.P.

 

 

 

 

31.4

Rule 13a-14 Certification of Chief Financial Officer for Regency Centers, L.P.

 

 

 

32.

Section 1350 Certifications.

 
The certifications in this exhibit 32 are being furnished solely to accompany this Report pursuant to 18 U.S.C. § 1350, and are not being filed for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section and shall not be deemed to be incorporated by reference into any of the Company's filings under the Securities Act or the Exchange Act, whether made before or after the date hereof, except to the extent that the Company specifically incorporates it by reference.
 

 

32.1

18 U.S.C. § 1350 Certification of Chief Executive Officer for Regency Centers Corporation.

 

 

 

 

32.2

18 U.S.C. § 1350 Certification of Chief Financial Officer for Regency Centers Corporation.

 

 

 

 

32.3

18 U.S.C. § 1350 Certification of Chief Executive Officer for Regency Centers, L.P.

 

 

 

 

32.4

18 U.S.C. § 1350 Certification of Chief Financial Officer for Regency Centers, L.P.

 

 

 

97.

Restatement Clawback Policy of Regency Centers Corporation, effective as of November 15, 2023 (incorporated by reference to Exhibit 97 to the Company's Form 10-K filed on February 16, 2024).

 

 

 

99.

U. S. Federal Income Tax Considerations.

 

 

 

101.

Interactive Data Files

 

 

 

101.INS

Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

 

 

 

 

101.SCH

Inline XBRL Taxonomy Extension Schema with embedded linkbases document

 

 

 

104.

Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

 
Item 16. Form 10-K Summary
None.

130

 

SIGNA TURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 

 

 

 

 

 

 

February 13, 2026

REGENCY CENTERS CORPORATION

 

 

 

 

 

By:

 /s/ Lisa Palmer

 

 

 

 Lisa Palmer, President and Chief Executive Officer

 

February 13, 2026

REGENCY CENTERS, L.P.

 

By:

 Regency Centers Corporation, General Partner

 

 

 

 

 

By:

 /s/ Lisa Palmer

 

 

 

 Lisa Palmer, President and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 

February 13, 2026

/s/ Martin E. Stein, Jr.

 

 

Martin E. Stein. Jr., Executive Chairman of the Board

 

 

 

February 13, 2026

/s/ Lisa Palmer

 

 

Lisa Palmer, President, Chief Executive Officer, and Director

 

 

 

February 13, 2026

/s/ Michael J. Mas

 

 

Michael J. Mas, Executive Vice President, Chief Financial Officer (Principal Financial Officer)

 

 

 

February 13, 2026

/s/ Terah L. Devereaux

 

 

Terah L. Devereaux, Senior Vice President, Chief Accounting Officer (Principal Accounting Officer)

 

 

 

February 13, 2026

 

/s/ Gary E. Anderson

 

 

Gary E. Anderson, Director

 

 

 

February 13, 2026

/s/ Bryce Blair

 

 

Bryce Blair, Director

 

 

 

February 13, 2026

/s/ C. Ronald Blankenship

 

 

C. Ronald Blankenship, Director

 

 

 

February 13, 2026

 

/s/ Kristin A. Campbell

 

 

Kristin A. Campbell, Director

 

 

 

February 13, 2026

/s/ Deirdre J. Evens

 

 

Deirdre J. Evens, Director

 

 

 

February 13, 2026

/s/ Thomas W. Furphy

 

 

Thomas W. Furphy, Director

 

 

 

February 13, 2026

/s/ Karin M. Klein

 

 

Karin M. Klein, Director

 

 

 

February 13, 2026

/s/ Peter Linneman

 

 

Peter Linneman, Director

 

 

 

February 13, 2026

 

/s/ Mark J. Parrell

 

 

Mark J. Parrell, Director

 

 

 

February 13, 2026

 

/s/ James H Simmons

 

 

James H. Simmons, Director

 

131