Regency Centers : March 2024 Investor Presentation

Investor Presentation

March 2024

The Crossing Clarendon | Arlington, VA

Safe Harbor and Non-GAAP Disclosures

Forward-Looking Statements

Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency's future events, developments, or financial or operational performance or results such as our 2024 Guidance, are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as "may," "will," "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 risks and uncertainties. Our operations are subject to a number of risks and uncertainties including, but not limited to, those risk factors described in our Securities and Exchange Commission ("SEC") filings, our Annual Report on Form 10-K for the year ended December 31, 2023 ("2023 Form 10-K") under Item 1A. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our other filings and submissions to the SEC. If any of the events described in the risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected. Forward-looking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements, whether as a result of new information, future events or developments or otherwise, except as to the extent required by law. These risks and events include, without limitation:

Risk Factors Related to the Current Economic and Geopolitical Environments

Interest rates in the current economic environment may adversely impact our cost to borrow, real estate valuation, and stock price. Current economic challenges, including the potential for recession, may adversely impact our tenants and our business. Unfavorable developments affecting the banking and financial services industry could adversely affect our business, liquidity and financial condition, and overall results of operations. Additionally, current geopolitical challenges would impact the U.S. economy and our results of operations and financial condition.

Risk Factors to Regency's Financial Performance Related to the Company's Acquisition of Urstadt Biddle

Regency may not realize the anticipated benefit and synergies from the Urstadt Biddle merger.

Risk Factors Related to Pandemics or other Health Crises

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

Risk Factors Related to Operating Retail-Based Shopping Centers

Economic and market conditions may adversely affect the retail industry and consequently reduce our revenues and cash flow and increase our operating expenses. Shifts in retail trends, sales, and delivery methods between brick-and-mortar stores, e-commerce, home delivery, and curbside pick-up may adversely impact our revenues, results from operations, and cash flows. Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow. Our success depends on the continued presence and success of our "anchor" tenants. 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. We may be unable to collect balances due from tenants in bankruptcy. Many of our costs and expenses associated with operating our properties may remain constant or increase, even if our lease income decreases. Compliance with the Americans with Disabilities Act and other building, fire, and safety and regulations may have a material negative effect on us.

Risk Factors Related to Real Estate Investments

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

Risk Factors Related to the Environment Affecting Our Properties

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

Risk Factors Related to Corporate Matters

An increased focus on metrics and reporting relating to environmental, social, and governance ("ESG") factors may impose additional costs and expose us to new risks. An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue on those properties. Failure to attract and retain key personnel may adversely affect our business and operations.

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

Risk Factors Related to Funding Strategies and Capital Structure

Our ability to sell properties and fund acquisitions and developments may be adversely impacted by higher market capitalization rates and lower NOI at our properties which may dilute earnings. We depend on external sources of capital, which may not be available in the future on favorable terms or at all. Our debt financing may adversely affect our business and financial condition. Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition. Increases in interest rates would cause our borrowing costs to rise and negatively impact our results of operations. Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us.

Risk Factors Related to Information Management and Technology

The unauthorized access, use, theft or destruction of tenant or employee personal, financial, or other data or of Regency's proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liabilities and adverse financial impact. The use of technology based on artificial intelligence presents risks relating to confidentiality, creation of inaccurate and flawed outputs and emerging regulatory risk, any or all of which may adversely affect our business and results of operations.

Risk Factors Related to the Market Price for Our Securities

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

Risk Factors Related to the Company's Qualification as a REIT

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

Risk Factors Related to the Company's Common Stock

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

Non-GAAP Disclosure

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

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

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

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

REGENCY CENTERS		2
INVESTOR PRESENTATION

Regency Overview

REGENCY AT A GLANCE (1)

1963		REG	S&P 500	~$17B
Founded		Nasdaq	Member	Total Market Cap
80%+		~$780	~$24
Grocery Anchored	Average Grocer	PSF Average
		Sales PSF	Annual Base Rent
480+	9,000+	>95%	60M+ SF
Properties		Total Tenants	Same Property	Total GLA
	Leased

Village at La Floresta | Los Angeles, CA

(1) All metrics are as of 12/31/2023

REGENCY CENTERS INVESTOR PRESENTATION

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Regency's Unequaled Strategic Advantages

High Quality Open-Air Shopping Center Portfolio

• 80%+ grocery-anchored neighborhood & community centers
• Necessity, service, convenience, and value retailers serving the essential needs of our communities
• Well located in suburban trade areas with compelling demographics

Best-In-Class Operating Platform

• 20+ offices throughout the country working with tenants and vendors at over 480 properties
• Unparalleled team of experienced professionals with local expertise and strong tenant relationships
• Intense asset management model enables close communication with tenants

Strong Value Creation Pipeline

• Deep pipeline of flexible development and redevelopment opportunities
• Well-positionedto create value over the long-term

Balance Sheet and Liquidity Strength

• Low leverage with limited near-term maturities
• Trailing 12-month Debt & Preferred Stock-to-EBITDAre of 5.1x(1)
• Revolver availability of ~$1.5B(2)

1)	Trailing 12-month Debt & Preferred Stock-to-EBITDAre is 5.1x when adjusted for the annualized impact of the EBITDAre contribution from the acquisition of	REGENCY CENTERS
INVESTOR PRESENTATION
Urstadt Biddle assets; on an unadjusted basis, trailing 12-month Debt & Preferred Stock-to-EBITDAre is 5.4x
2)	As of February 2024

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Experienced Management Team

Lisa Palmer

President and CEO

Years of Experience

Regency 28 | Industry 28

Mike Mas

Executive Vice President, Chief Financial Officer

Years of Experience

Regency 21 | Industry 21

Alan Roth

Executive Vice President,

East Region President and

Chief Operating Officer

Years of Experience

Regency 27 | Industry 28

Nick Wibbenmeyer,

Executive Vice President,

West Region President and

Chief Investment Officer

Years of Experience

Regency 19 | Industry 22

Our 20+ regional offices located in the markets we operate give us an unmatched local expertise that allows us to make the best strategic decisions within each market

480+ PROPERTIES REGIONAL OFFICES

Krista Di Iaconi

Northeast Region

Managing Director

Years of Experience

Regency 8 | Industry 30

Andre Koleszar

Southeast Region

Managing Director

Years of Experience

Regency 19 | Industry 25

Patrick Krejs

Central Region

Managing Director

Years of Experience

Regency 27 | Industry 32

Patrick Conway

West Region

Managing Director

Years of Experience

Regency 12 | Industry 22

Scott Prigge

Property Operations

Managing Director

Years of Experience

Regency 27 | Industry 31

Barry Argalas

Transactions

Managing Director

Years of Experience

Regency 28 | Industry 28

REGENCY CENTERS		5
INVESTOR PRESENTATION

Note: Map exposures are as of 12/31/23.

Regency's Mission, Vision, & Values

Mission

Regency Centers creates thriving environments for retailers and service providers to

connect with surrounding neighborhoods and communities.

Vision

To elevate quality of life as an integral thread in the fabric of our communities.

WE ARE	WE DO	WE CONNECT		WE	WE ARE
WHAT IS	WITH OUR	WE ARE	STRIVE FOR	BETTER
OUR PEOPLE.	RIGHT.	COMMUNITIES.	RESPONSIBLE.	EXCELLENCE.	TOGETHER.
Our people are	We believe in	We promote	Our duty is	When we are	When we
our greatest	acting with	philanthropic	to balance	passionate	listen to each
asset, and	unwavering	ideals and	purpose	about what	other and our
we believe a	standards of	strive for the	and profit,	we do, it is	customers, we
talented team	honesty and	betterment	being good	reflected in our	will succeed
from differing	integrity.	of our	stewards of	performance.	together.
backgrounds		neighborhoods	capital and the
and experiences		by giving	environment
makes us better.		our time	for the benefit
		and financial	of all our
		support.	stakeholders.

REGENCY CENTERS

INVESTOR PRESENTATION

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Table of Contents

1	| High Quality Open-Air Shopping Center Portfolio	8
2	| Investments	23
3	| Balance Sheet & Dividend	29
4	| Earnings Guidance	34
5	| Growth Drivers & Performance	38
6	| Corporate Responsibility	44

The Field at Commonwealth | Washington, D.C.	REGENCY CENTERS
	INVESTOR PRESENTATION

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1

High Quality Open-

Air Shopping Center

Portfolio

Village at La Floresta | Los Angeles, CA	REGENCY CENTERS		8
INVESTOR PRESENTATION

HIGH QUALITY OPEN-AIR

SHOPPING CENTER PORTFOLIO

Significant Presence in Top Markets

National Breadth & Local Expertise (1)

TOP STATES / REGIONS

>20%of ABR

11% - 20%of ABR

5%- 10% of ABR <5%of ABR

CALIFORNIA

% of ABR	23%
GLA (in thousands)	9,000

TOP 5 CBSAs

	% of ABR
New York City CBSA	12%
Miami CBSA	10%
San Francisco CBSA	9%
Los Angeles CBSA	7%
Washington, VA CBSA	5%

FAVORABLE 3-MILE DEMOGRAPHICS (2)

	Regency	Peers
3- Mile Trade Area Population	124K	106K
Wtd Average Household Income (3)	$152K	N/A
Median Home Value	$585K	$445K
Bachelor Degree +	54%	45%

NORTHEAST

% of ABR	23%
GLA (in thousands)	10,000

MID-

ATLANTIC

MID-ATLANTIC

% of ABR	8%
GLA (in thousands)	3,000

Californ ia

480+ PROPERTIES
TEXAS
20+ REGIONAL OFFICES
% of ABR	7%
	GLA (in thousands)	4,000

1. All metrics are as of 12/31/2023
2. Demographics are based on a 3-mile radius. Peers are BRX, KIM, FRT, KRG, and PECO. Source: ESRI (previously used STI PopStats).
3. Weighted by pro-rata ABR.

FLORIDA

% of ABR	19%
GLA (in thousands)	11,000

REGENCY CENTERS

INVESTOR PRESENTATION

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HIGH QUALITY OPEN-AIR

SHOPPING CENTER PORTFOLIO

High Quality, Grocery Anchored Portfolio

Our high quality, grocery-anchored neighborhood and community centers located in strong suburban trade areas are well positioned for sustainable growth

Regency's high-quality assets in trade areas with strong demographics have numerous strategic positive attributes that support superior NOI growth through cycles

• Necessity, service, convenience, and value retailers serving the essential needs of our communities
• Consumer buying power & spending drive market rental rate growth
• Strong competitive position with 90% of grocers #1 or #2 in market or specialty, and average grocer sales of nearly ~$800psf
• Insulation against inflationary and economic impacts supports durability of occupancy
• Post-pandemicstructural tailwinds of suburbanization and hybrid work trends
• Limited exposure to non-core assets and watch list tenants

Shoppes of Kildaire | Cary, NC

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