Regency Centers : 2021 1Q Quarterly Supplemental

Quarterly Supplemental

1st Quarter 2021

Market at Springwoods Village	Mellody Farm
Houston, TX	Chicago, IL

Prairie City Crossing	Belmont Chase
Sacramento, CA	Washington, D.C.

Investor Relations

[e-mail] One Independent Drive, Suite 114 Jacksonville, FL 32202

904 598 7000 RegencyCenters.com

Table Of Contents
March 31, 2021
Forward-Looking Statements and Non-GAAP Measures Disclosures ...................................................................................	i
Earnings Press Release.................................................................................................................................................	v
Summary Information:
Summary Financial information .....................................................................................................................................	1
Summary Real Estate Information .................................................................................................................................	2
Financial Information:
Consolidated Balance Sheets ........................................................................................................................................	3
Consolidated Statements of Operations..........................................................................................................................	4
Supplemental Details of Operations (Consolidated Only)..................................................................................................	5
Supplemental Details of Asset and Liabilities (Real Estate Partnerships Only).....................................................................	6
Supplemental Details of Operations (Real Estate Partnerships Only) .................................................................................	7
Supplemental Details of Same Property NOI (Pro-Rata)...................................................................................................	8
Reconciliations of Non-GAAP Financial Measures and Additional Disclosures ......................................................................	9
Summary of Consolidated Debt ...................................................................................................................................	11
Summary of Consolidated Debt Detail..........................................................................................................................	12
Summary of Unsecured Debt Covenants and Leverage Ratios ........................................................................................	13
Summary of Unconsolidated Debt ...............................................................................................................................	14
Unconsolidated Investments .......................................................................................................................................	15
Investment Activity:
Property Transactions ................................................................................................................................................	16
Summary of In-Process Developments and Redevelopments..........................................................................................	17
Major Developments and Redevelopments Pipeline and Completions ..............................................................................	18
Real Estate Information:
Leasing Statistics .......................................................................................................................................................	19
Average Base Rent by CBSA ......................................................................................................................................	20
Significant Tenant Rents.............................................................................................................................................	21
Tenant Lease Expirations ...........................................................................................................................................	22
Portfolio Summary Report by State..............................................................................................................................	23
Additional Disclosures Related to COVID-19 and Forward-Looking Information:
Components of NAV...................................................................................................................................................	31
Additional Disclosures Related to COVID-19 Impact ......................................................................................................	32
Earnings Guidance .....................................................................................................................................................	33
Reconciliation of Net Income to Nareit FFO ..................................................................................................................	34
Glossary of Terms .....................................................................................................................................................	35

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Forward-Looking Statements and Non-GAAP Measures Disclosures

March 31, 2021

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," "should," "expect," "estimate," "believe," "intend," "forecast," "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 risk factors described in our SEC filings. 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 except as required by law. These risks and events include, without limitation:

Risk Factors Related to the COVID-19 Pandemic

• 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 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 significant percentage of our revenues are derived from smaller "shop space" tenants and our net income may be adversely impacted if our smaller shop tenants are not successful.
• 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 fire, safety and other regulations may have a 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	i
reduce our net income.

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Forward-Looking Statements and Non-GAAP Measures Disclosures

March 31, 2021

• 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 impact our financial performance and reduce our cash flow.

Risk Factors Related to Corporate Matters

• 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.
• 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 liability and loss of revenues.

Risk Factors Related to Our Partnerships and Joint Ventures

• We do not have voting control over all of the properties owned in our co-investment 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.
• The interest rates on our Unsecured Credit facilities as well as on our variable rate mortgages and interest rate swaps might change based on changes to the method in which LIBOR or its replacement rate is determined.

Risk Factors Related to the Market Price for Our Securities

• Changes in economic and market conditions may adversely affect the market price of our	ii
securities.

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Forward-Looking Statements and Non-GAAP Measures Disclosures

March 31, 2021

• There is no assurance that we will continue to pay dividends at historical rates.

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

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

Risks Related to the Company's Common 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.
• The issuance of the Parent Company's capital stock may delay or prevent a change in control.
• Ownership in the Parent Company may be diluted in the future.

Non-GAAP Measures Disclosures

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. 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.

The pro-rata information provided is not, and is not 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.

• The items labeled as "Consolidated" are prepared on a basis consistent with the Company's consolidated financial statements as filed with the SEC on the most recent Form 10-Q or 10-K, as applicable.
• The columns labeled "Share of JVs" represent our ownership interest in our unconsolidated (equity method) investments in real estate partnerships, and was derived on a partnership by partnership basis by applying to each financial statement line item our ownership percentage interest used to arrive at our share of investments in real estate partnerships and equity in income or loss of investments in real estate partnerships during the period when applying the equity method of accounting to each of our unconsolidated partnerships.

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