Regency Centers (REG) Investor presentation summary

Strategic positioning and portfolio overview

• Operates over 480 open-air shopping centers, primarily grocery-anchored, in suburban areas with strong demographics and high occupancy rates above 96%.

• Portfolio exceeds 58 million square feet, with a market capitalization over $19 billion and more than 9,000 tenants.

• Maintains sector-leading credit ratings (Moody's A3, S&P A-) and a net debt plus preferred to EBITDAre ratio of 5.2x.

• Focuses on necessity, service, convenience, and value retailers, with grocery anchors comprising over 85% of properties.

• Significant presence in top U.S. markets, especially California, Texas, Florida, and the Northeast, with favorable trade area demographics.

Operating fundamentals and growth drivers

• Benefits from secular tailwinds such as population growth, hybrid work trends, and limited new supply of high-quality centers.

• Grocery-anchored centers offer stable cash flow, high occupancy durability, and low capital expenditure requirements.

• Same property NOI growth guidance for 2026 is 3.25% to 3.75%, driven by contractual rent steps, lease mark-to-market, and redevelopment.

• Commenced occupancy has room for upside, with a $42M signed-not-occupied rent pipeline expected to convert in the near term.

• Dividend growth has averaged 3.9% CAGR since 2014, with no suspension during the pandemic and a 29% increase since 4Q19.

Investment platform and capital allocation

• Over $800M in development and redevelopment starts in the past three years, with $635M currently in process and a deep pipeline.

• Targets $1B in new project starts over the next three years, self-funded through free cash flow and prudent leverage.

• Maintains annual investment capacity of $350M+, prioritizing development, redevelopment, and selective acquisitions.

• Focuses on maximizing AFFO growth and free cash flow by limiting leasing capital and maintaining high asset quality.