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Investor Presentation March 2025 Sammamish Highlands | Sammamish, WA
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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 2025 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, 2024 (“2024 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. Economic challenges and policy changes may adversely impact our tenants and our business. 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. Current geopolitical challenges could impact the U.S. economy and consumer spending and our results of operations and financial condition. Risk Factors Related to Pandemics or other Public Health Crises Pandemics or other public health crises may adversely affect our tenants financial condition, the profitability of our properties, and our access to the capital markets and could have a material adverse effect on our business, results of operations, cash flows and financial condition. 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 of 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 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, some of which may be more vulnerable due to their geographic location, and may lead to additional compliance obligations and costs. 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 related to environmental, social, and governance (“ESG”) factors by investors and other stakeholders 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 adversely affect results of operations and financial condition. 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 operations, and expose us to potential liabilities and material adverse financial impact. 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. 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 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. Dividends paid by REITs generally do not qualify for reduced tax rates. Certain non-U.S. stockholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common stock if the Parent Company does 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 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. 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. There is no assurance that we will continue to pay dividends at current or historical rates. 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 Attributable to Common Shareholders to Nareit FFO to Core Operating Earnings. Adjusted Funds From Operations is an additional performance measure used by Regency 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 the Company’s portfolio of properties, (ii) debt cost and derivative adjustments and (iii) stock-based compensation. The Company provides a reconciliation of Net Income Attributable to Common Shareholders to Nareit FFO, to Core Operating Earnings, and to Adjusted Funds from Operations. REGENCY CENTERS INVESTOR PRESENTATION 2
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Regency Overview 1963 Founded REG Nasdaq Listed S&P 500 Member $18B+ TotalMarketCap 480+ Properties >96% Same Property % Leased 57M+ SF Total GLA 9,000+ Total Tenants 80%+ GroceryAnchored Village at La Floresta | Los Angeles, CA (1) All metrics are as of 12/31/2024 REGENCY AT A GLANCE (1) ~$800 PSF Average Grocer Sales REGENCY CENTERS INVESTOR PRESENTATION 3 A3 / A- Moody’s / S&P Credit Ratings
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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 Located in suburban trade areas with compelling demographics Best-In-Class Operating Platform 20+ offices throughout the country working with tenants and vendors at more than 480 properties Unparalleled team of experienced professionals with local expertise and strong tenant relationships Intense asset management model enables close tenant communication Strong Value Creation Platform Deep pipeline of development and redevelopment opportunities ~$500M of projects in process today Well-positioned to create value over the long-term Balance Sheet and Liquidity Strength Low leverage with limited near-term maturities Sector-leading credit ratings (Moody’s A3 / S&P A-) Trailing 12-month Debt & Preferred Stock-to-EBITDAre of 5.2x Revolver availability of ~$1.4B REGENCY CENTERS INVESTOR PRESENTATION 4
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Lisa Palmer President and CEO Mike Mas Executive Vice President, Chief Financial Officer Alan Roth Executive Vice President, East Region President and Chief Operating Officer Nick Wibbenmeyer, Executive Vice President, West Region President and Chief Investment OfficerYears of Experience Regency 29 | Industry 29 Years of Experience Regency 22 | Industry 22 Years of Experience Regency 28 | Industry 29 Years of Experience Regency 20 | Industry 23 Experienced Management Team 480+ PROPERTIES REGIONAL OFFICES Our 20+ regional offices located within the markets in which we operate give us unmatched local expertise that allows us to make the best strategic decisions within each market REGENCY CENTERS INVESTOR PRESENTATION 5
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Mission, Vision, & Values WE ARE OUR PEOPLE. Our people are our greatest asset, and we believe a talented team from differing backgrounds and experiences makes us better. WE DO WHATIS RIGHT. We believe in acting with unwavering standards of honesty and integrity. WE CONNECT WITHOUR COMMUNITIES. We promote philanthropic ideals 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. Mission RegencyCenterscreatesthrivingenvironmentsfor retailersand service providersto connect withsurroundingneighborhoodsand communities. Vision Toelevatequalityof lifeasanintegralthreadinthefabricof ourcommunities. STATEGY, GOALS, & OBJECTIVES REGENCY CENTERS INVESTOR PRESENTATION 6
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1 | High Quality Open-Air Shopping Center Portfolio 8 2 | Investments 20 3 | Balance Sheet & Dividend 26 4 | Earnings Guidance 30 5 | Growth Drivers & Performance 33 6 | Corporate Responsibility 38 Table of Contents The Field at Commonwealth | Washington, D.C. REGENCY CENTERS INVESTOR PRESENTATION 7
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1 High Quality Open- Air Shopping Center Portfolio Village at La Floresta | Los Angeles, CA 8 REGENCY CENTERS INVESTOR PRESENTATION
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Significant Presence in Top Markets TOP STATES / REGIONS >20%of ABR 11% - 20%of ABR 5%- 10%of ABR <5%of ABR 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) 124K $160K $663K 54% 106K N/A $519K 47% 3- Mile Trade Area Population Wtd Average Household Income (3) Median Home Value Bachelor Degree + 1) All metrics are as of 12/31/2024 2) Demographics are based on a 3-mile radius. Peers include BRX, KIM, FRT, KRG, and PECO. Source: ESRI. 3) Weighted by pro-rata ABR. MID- ATLANTIC FLORID A % of ABR 23% GLA (in thousands) 9,000 480+ PROPERTIES 20+ REGIONAL OFFICES CALIFORNIA % of ABR 7% GLA (in thousands) 4,000 Californ ia % of ABR 23% GLA (in thousands) 10,000 % of ABR 8% GLA (in thousands) 3,000 % of ABR 19% GLA (in thousands) 11,000 TEXAS FLORIDA MID-ATLANTIC NORTHEAST Regency National Breadth & Local Expertise (1) HIGH QUALITY OPEN-AIR SHOPPING CENTER PORTFOLIO Peers REGENCY CENTERS INVESTOR PRESENTATION 9
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High Quality, Grocery-Anchored Portfolio Regency’s high quality, grocery-anchored neighborhood and community centers are well positioned for sustainable NOI growth Necessity, service, convenience, and value retailers serving the essential needs of our communities Consumer buying power & spending drive market rental rate growth Majority of grocers are #1 or #2 in market or specialty & average sales of ~$800psf Portfolio and trade area strength supports durability of occupancy, even in an inflationary environment Post-pandemic structural tailwinds of suburbanization and hybrid work trends Our proprietary DNA algorithm correlates long term sustainable NOI growth with 15 key trade area and shopping center quality metrics HIGH QUALITY OPEN-AIR SHOPPING CENTER PORTFOLIO REGENCY CENTERS INVESTOR PRESENTATION 10
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$25.16 $- $5 $10 $15 $20 $25 $30 $35 AKR FRT REG KRG UE KIM IVT BRX PECO 85 83 80 74 74 71 66 59 56 50 60 70 80 90 FRT AKR REG IVT UE KIM KRG BRX PECO Relative Quality Advantage Annual Base Rent Per Square Foot (1) Mellody Farm | Chicago, IL The Hub Hillcrest Market | San Diego 1) Source: Company filings 2) Source: Green Street Strip Center Sector Update: Rising Allure 11/27/2024; Green Street’s Trade Area Power ("TAP") Scores quantify demand and rank a property's trade area on a 1 to 100 scale that is comparable across the U.S. HIGH QUALITY OPEN -AIR SHOPPING CENTER PORTFOLIO Green Street TAP Score (2) HIGH QUALITY OPEN-AIR SHOPPING CENTER PORTFOLIO $20.57 Wtd Avg ex. REG REGENCY CENTERS INVESTOR PRESENTATION 11
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Regency’s grocer sales average ~$800 per square foot A majority of Regency’s grocers are #1 or #2 in their respective markets or a specialty grocer Regency’s average grocer occupancy cost is ~2% Grocery-Anchored Advantage Regency’s portfolio is >80% grocery-anchored, comprised predominantly of highly- productive specialty and market-leading grocers, helping to drive frequency of customer visits and a strong essential merchandising mix at our centers HIGH QUALITY OPEN-AIR SHOPPING CENTER PORTFOLIO REGENCY CENTERS INVESTOR PRESENTATION 12
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+ Grocery remains the cornerstone of our operational and leasing strategies Over time we have carefully built relationships, trust, and loyalty as a landlord of choice for top grocers Regency is currently the top landlord by store count for many leading, best-in-class grocers in the U.S. Our grocery anchors are a critical component of our leasing strategy focusing on necessity, service, convenience, and value retailers serving the essential needs of our communities Regency is a top landlord for leading U.S. grocers Source: Company filings as of 12/31/2024 Partnership with Leading Grocers Store Count Store Count Store Count HIGH QUALITY OPEN-AIR SHOPPING CENTER PORTFOLIO REGENCY CENTERS INVESTOR PRESENTATION 13
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Grocery-Focused Tenancy Moody's Private Ba1 A2 A1 Baa1 Baa1 Baa3 B2 Private Aa1 S&P Private BB+ A AA- BBB BBB+ BBB B Private AA- (1) Annualized pro-rata base rent as of 12/31/2024 Regency's Top 10 Tenants by ABR (1) HIGH QUALITY OPEN-AIR SHOPPING CENTER PORTFOLIO 6 of Regency’s top 10 tenants are high-performing grocers REGENCY CENTERS INVESTOR PRESENTATION 14 2.9% 2.8% 2.7% 2.6% 2.6% 1.9% 1.7% 0.9% 0.9% 0.9% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5%
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Necessity, Service, Convenience & Value Retail (1) By annualized pro-rata base rent as of 12/31/2024 Tenant Category Composition (1) HIGH QUALITY OPEN-AIR SHOPPING CENTER PORTFOLIO Grocery is Regency’s top category exposure at ~20% of portfolio ABR Restaurants (quick-service & full- service) comprise ~19% of ABR Health/wellness/fitness tenants comprise ~12% of ABR Apparel/ Accessories REGENCY CENTERS INVESTOR PRESENTATION 15
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HIGH QUALITY OPEN-AIR SHOPPING CENTER PORTFOLIO Total Portfolio Composition % of Pro-Rata ABR, as of 4Q24 ~57% of Regency’s ABR is derived from shop tenants (<10K SF), comprised primarily of: Restaurants, including quick service, fast casual, and full service Banks & business services, including insurance, real estate, accounting and package services Medical & fitness uses, such as doctors, dentists, primary care facilities and boutique fitness Personal services, including hair and nail salons Anchor Portfolio Composition % of Pro-Rata Anchor ABR As of 4Q24 Shop Portfolio Composition % of Pro-Rata Shop ABR As of 4Q24 Anchor & Shop Tenant Exposure Shop Tenants 9% Anchor Tenants 8% 9% Anchor (≥ 10k SF) 43% Shop (< 10k SF) 57% REGENCY CENTERS INVESTOR PRESENTATION 16
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REGENCY CENTERS INVESTOR PRESENTATION We have further upside opportunity in commenced occupancy, with the potential to exceed prior peak levels Runway for Commenced Occupancy Upside HIGH QUALITY OPEN-AIR SHOPPING CENTER PORTFOLIO 17
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12% 49% 97% 0% 20% 40% 60% 80% 100% 1H25 FY25 1H26 Shops Anchors 42% Shops 58% Redev 37% Ex-Redev 63% SNO Commencement Timing & Composition The signed-not-occupied (SNO) pipeline reflects a 300bp SP leased-to-occupied spread and represents ~$44M of incremental base rent ABR Recognition Timing (1) REGENCY CENTERS EARNINGS PRESENTATION (1) ‘ABR commencement timing’ represents the % of annualized rent within the SNO pipeline associated with leases expected to commence rent paying by a specific point in time (e.g. 50% by 6/30/25); ‘ABR recognition timing’ represents the % of rent within the SNO pipeline that is expected to actually be recognized within each respective period (e.g. 12% within 1H25). 50% 90% 100% 0% 20% 40% 60% 80% 100% Cumulative ABR Cad HIGH QUALITY OPEN-AIR SHOPPING CENTER PORTFOLIO ABR Commencement Timing (1) 6/30/25 12/31/25 6/30/26 18
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WHY INVEST IN REITS AND RETAIL Continued Retailer Expansion In addition to expanding grocers, we continue to sign leases with relevant and growing retailers around the country in numerous categories RETAIL LANDSCAPE & TENANT HEALTH HIGH QUALITY OPEN-AIR SHOPPING CENTER PORTFOLIO REGENCY CENTERS INVESTOR PRESENTATION 19
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2 Pablo Plaza | Jacksonville, FL Investments REGENCY CENTERS INVESTOR PRESENTATION 20
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Our Development Platform is a Key Differentiator Regency is one of the only national developers that can successfully fund and execute on high quality, grocery-anchored shopping center development projects today The cornerstones of our competitive advantage in development include: ― Tenant relationships with top grocers, retailers, and landowners ― Access to capital, including ample free cash flow and additional funding capabilities ― Proven capabilities with experienced teams in target trade areas across the U.S. We’ve remained committed to the development business through cycles ― We target $250M+ of development and redevelopment starts annually, self-funded with levered free cash flow ― Deep pipeline of opportunities, partnering with best-in-class grocers We remain cognizant of our cost of capital as we evaluate project yields ― We significantly de-risk projects in advance through pre-leasing, entitlements, and bids for the majority of costs INVESTMENTS REGENCY CENTERS INVESTOR PRESENTATION The Shops at Stone Bridge | Cheshire, CT Cambridge Square | Atlanta, GA Oakley Shops at Laurel Fields | Oakley, CA 21
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REGENCY CENTERS INVESTOR PRESENTATION Regency started more than $250M of projects in 2024, exceeding our strategic objective of $250M+ for the second consecutive year As of YE 2024, the in-process development and redevelopment project pipeline totaled nearly $500M of total project costs at ~9% estimated stabilized yields (1) (1) Detailed information relating to Regency’s development and redevelopment pipeline can be found on page 17 & 18 of the quarterly financial supplement. Development & Redevelopment Starts & Pipeline INVESTMENTS Re/Development Project Starts ($M) 22
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Stabilization Timeline for In-Process Projects 2025 2026 2027 INVESTMENTS Bloom on Third The Shops at SunVet Sienna Grande Shops Jordan Ranch Market The Shops at Stone Bridge Oakley Shops Willows Shopping Center 2026 Stabilization Circle Marina Center Serramonte Center – Ph 3 Cambridge Square | Atlanta, GA Serramonte Center | Daly City, CA The Shops at SunVet | Holbrook, NY Regency currently has ~$500M of in-process development and redevelopment projects stabilizing over the next three years REGENCY CENTERS INVESTOR PRESENTATION Note: Projects listed above include ground-up development projects and redevelopment projects with costs >$10M, all currently in process. Baybrook East – Ph 1B Cambridge Square Avenida Biscayne Anastasia Plaza East Meadow 2025 Stabilization 2027 Stabilization 23
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Regency completed more than $235M of value-add projects in 2024, representing ~$18M of incremental NOI Re/Development Completions INVESTMENTS Westbard Phase I | Bethesda, MD $39M TPC @ 7%+ Yield New 125K center anchored by Giant Redevelopment Mandarin Landing | Jacksonville, FL $16M TPC @ 8%+ Yield Renovated Whole Foods anchored center w/ new 25K SF medical building Redevelopment Buckhead Landing | Atlanta, GA $31M TPC @ 7%+ Yield Renovated center w/ new 55K SF Publix Redevelopment Glenwood Green | Old Bridge, NJ $46M TPC @ 7%+ Yield New 350K SF center anchored by ShopRite & Target Ground- Up 24
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Acquisitions East Greenwich Square | East Greenwich, RI 160K SF center anchored by top regional grocer, Dave’s Fresh Marketplace Exceptional location with opportunities to enhance tenancy and drive rents $47M purchase price (REG ~$33M @ share) Regency executes on acquisitions opportunistically, ensuring transactions are accretive to earnings and equal or accretive to portfolio growth and quality INVESTMENTS University Commons | Round Rock, TX (Austin) 220K SF H-E-B anchored center Prime retail node in Round Rock with no other competitive grocers within 3 miles $69M purchase price (REG ~$14M @ share) REGENCY CENTERS INVESTOR PRESENTATION 2H 2024 Acquisitions 25
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3 Balance Sheet & Dividend 43 Purchase Street | Rye, NY REGENCY CENTERS INVESTOR PRESENTATION 26
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73% 19% 4%3% 1% <1% Equity Unsecured Debt - Bonds Consolidated Debt - Secured Unconsolidated Debt - Secured Preferred Equity Credit Facilities Balance Sheet Strength – Regency’s Philosophy Balance sheet strength is an intentional and foundational strategy for Regency – we prioritize conservative leverage levels and a laddered debt maturity schedule Note: Company Filings as of 12/31/2024; pro rata amounts represent 100% of consolidated and REG’s share of unconsolidated A strong balance sheet supports reliable access to low-cost capital, stability and flexibility through cycles, opportunistic investment, & maximum free cash flow Leverage in the 5.0x to 5.5x net debt + preferred stock-to-operating EBITDAre range Well-laddered debt maturity schedule, with ~15% or less of total debt maturing annually Ample immediate liquidity including revolver capacity and cash on hand BALANCE SHEET & DIVIDEND Capital Structure (% of total capitalization) REGENCY CENTERS INVESTOR PRESENTATION 27 Pro Rata Debt Maturity Profile as of December 31, 2024
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4.7x 5.0x 5.2x 5.5x 5.5x 5.6x 5.7x 6.0x 3.0x 4.0x 5.0x 6.0x 7.0x KRG PECO REG AKR FRT KIM BRX UE S&P BBB BBB A- NA BBB+ BBB+ BBB NA Moody’s Baa2 Baa2 A3 NA Baa2 Baa1 Baa2 NA Balance Sheet Strength – Well Positioned Net Debt + Preferred to Operating EBITDAre Our liquidity and balance sheet position provide us with unique competitive advantages in today’s higher-rate, more capital constrained environment We can be opportunistic in today’s more constrained capital environment Cost of capital – inherent in lower risk premiums ascribed to our debt and equity cost of capital Access to capital – supported by relationships across the lending community Balance sheet capacity – ample capacity and flexibility for opportunistic investment Source: Company filings as of 12/31/2024 More muted earnings impact in a higher rate environment Low leverage + laddered debt maturity schedule provide some cushion Low rates were less of a tailwind to earnings growth over the last 10 years vs. more highly levered REITs ― Higher rates will be less of a headwind BALANCE SHEET & DIVIDEND REGENCY CENTERS INVESTOR PRESENTATION 28 Regency was upgraded to ‘A-’ by S&P in February 2025 and currently holds the only ‘A’ ratings from either Moody’s or S&P in the shopping center REIT sector
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$1.88 $1.94 $2.00 $2.10 $2.22 $2.34 $2.38 $2.41 $2.53 $2.62 $2.72 $1.50 $1.75 $2.00 $2.25 $2.50 $2.75 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Dividend per Share Peer-Leading Dividend Growth Balance sheet strength and operational resiliency have allowed Regency to maintain and grow its dividend throughout cycles BALANCE SHEET & DIVIDEND Note: Based on declared dividends during the respective calendar year. (1) Peers in weighted average are AKR, BRX, FRT, KIM, KRG, UE; based on dividends declared 1Q25 vs. 4Q19 Dividend: REG: +21% Peer Avg: –7% (1) BALANCE SHEET & DIVIDEND REGENCY CENTERS INVESTOR PRESENTATION 29
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4 Ballard Blocks | Seattle, WA Earnings Guidance REGENCY CENTERS INVESTOR PRESENTATION 30
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2025 Earnings Guidance Summary EARNINGS GUIDANCE REGENCY CENTERS INVESTOR PRESENTATION 31 Note: Figures above represent 100% of Regency's consolidated entities and its pro-rata share of unconsolidated real estate partnerships, with the exception of items that are net of noncontrolling interests including per share data, "Development and Redevelopment spend", "Acquisitions", and "Dispositions". (1) 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. (2) 2024 Same property NOI growth excludes $4.4M of collections of 2020/2021 reserves in 2023, with growth of 3.1% when not excluded. (3) Includes above and below market rent amortization and straight-line rents, and excludes debt and derivative mark to market amortization. (4) Represents “General & administrative, net” before gains or losses on deferred compensation plan, as reported on supplemental pages 5 and 7 and calculated on a pro rata basis. (5) Includes debt and derivative mark to market amortization, and is net of interest income. Full Year 2025 Guidance (in thousands, except per share data) 2024 Actual Net Income Attributable to Common Shareholders per diluted share $2.11 $2.25 - $2.31 Nareit Funds From Operations (“Nareit FFO”) per diluted share $4.30 $4.52 - $4.58 Core Operating Earnings per diluted share(1) $4.13 $4.30 - $4.36 Same property NOI growth without termination fees (2) 3.6% +3.2% to +4.0% Non-cash revenues (3) $45,047 +/- $45,000 G&A expense, net(4) $96,519 $93,000 - $96,000 Interest expense, net and Preferred stock dividends (5) $214,815 $231,000 - $234,000 Management, transaction and other fees $26,911 +/- $27,000 Development and Redevelopment spend $228,847 +/- $250,000 Acquisitions $91,905 +/- $135,000 Cap rate (weighted average) 6.4% +/- 5.5% Dispositions $111,850 +/- $75,000 Cap rate (weighted average) 5.4% +/- 6.0% Share/unit issuances $0 $100,000 Share/unit repurchases $200,000 $0 Merger-related transition expense $7,718 $0 2025 Guidance
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2024 Nareit FFO Per Diluted Share $4.30 Primary Drivers of Y/Y Change Total NOI (Cash) @ Midpoint Same Property NOI (ex. Term Fees) 0.20 Growth of +3.2% to +4.0% (ex. term fees) NOI Impact from Net Acquisitions 0.03 2024 & 2025 acquisitions & dispositions Other Non-SP NOI 0.03 Primarily contribution from ground-up development NOI Other Items Non-Cash Revenues (1) 0.00 +/- $45M in 2025 G&A Expense, net (2) 0.01 $93M to $96M in 2025 vs. $96.5M in 2024 Third Party Management Fees 0.00 +/- $27M in 2025 Interest Expense, net & Preferred Dividends (3) (0.09) Driven by debt refinancing & investment financing in 2024 & 2025 Merger-Related Transition Expense 0.04 N/A in 2025 vs. $7M in 2024 Share Count Impact (Share/Unit Issuance & Repurchases) (4) 0.03 Impact of share repurchase in 2024 and forward ATM settlement in 2025 2025 Nareit FFO Per Diluted Share Guidance $4.52 to $4.58 Implies Y/Y growth of ~6% at the midpoint Reconciliation from Nareit FFO to Core Operating Earnings (COE) Reverse: Non-Cash Items (5) (0.22) Non-cash revenues of ~$45M, offset by non-cash interest expense of ~$5M 2025 Core Operating Earnings (COE) Per Diluted Share Guidance $4.30 to $4.36 Implies Y/Y growth of ~5% at the midpoint Notes: All figures are pro rata. (1) Guidance for 'Non-Cash Revenues' includes above and below market rent amortization and straight-line rents, and excludes debt and derivative mark-to-market amortization. (2) Guidance for “G&A expense, net” represents “General & administrative, net” as reported on supplemental pages 5 & 7, before gains or losses on deferred compensation plan. (3) Guidance for 'Interest Expense and Preferred Dividends' includes debt and derivative mark-to-market amortization, and is net of interest income. (4) The weighted average diluted share count for the calculation of Nareit FFO in 2025 is expected to be ~183M shares, including the impact of share repurchases and equity issuance. (5) Guidance for 'Non-Cash Items' includes above and below market rent amortization and straight-line rents, offset by debt and derivative mark-to-market amortization. Nareit FFO Reconciliation: ‘24 Actual to ‘25 Guidance ~6% y/y Nareit FFO/shr growth guidance at the midpoint; primary drivers include: (+) SP NOI: Growth of +3.2% to +4.0%, including credit loss of 75-100bps as a % of revenues Credit loss assumption includes: (i) expectations for uncollectible lease income (bad debt) in 2025, (ii) the 2025 impact from bankruptcy-related moveouts during 2024, and (iii) the estimated 2025 impact from bankruptcy -related moveouts during 2025 (+) Capital Allocation: Accretion from net investment activity, driven by impacts from ground up development, acquisitions and share repurchases, offset by financing impact (–) Debt Refinancing: Impacts from debt refinancing activity in 2024 and expected in 2025 REGENCY CENTERS INVESTOR PRESENTATION EARNINGS GUIDANCE 32
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5 Midtown East | Raleigh, NC Growth Drivers & Performance REGENCY CENTERS INVESTOR PRESENTATION 33
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Contractual Rent Steps Cash Releasing Spreads 1% spread = 10-15bps of SP NOI Long term target of upper single digit cash rent spreads ◄ RENT GROWTH ► +200-250bps to SP NOI Growth ~50 bps Same-property tenant pool rent steps of ~2%, contributing ~130-140bps of SP NOI growth The most substantial driver of our long-term NOI growth 2025 SP NOI Growth Guidance of ~3.6% Total Rent Growth is the Largest Contributor to Sustainable SP NOI Growth Occupancy Redevelopment Components of Growth – Same Property NOI GROWTH DRIVERS & PERFORMANCE ± 10bp change in rent- paying occupancy = ± 15bp change in SP NOI growth ~$5M historical average annual contribution Assumes same-property redevelopment yield of ~7-8% on $50-75M Stabilized leased occupancy is ~96% Stabilized rent-paying occupancy is ~94.5% REGENCY CENTERS INVESTOR PRESENTATION 34
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We finance investment opportunities on a basis that is accretive to earnings per share, equal or accretive to growth and quality, and leverage-neutral to the balance sheet SOURCES OF CAPITAL Free Cash Flow ~$170M annually after dividend Debt Unsecured for corporate debt, secured for JV debt Maintain leverage in 5.0-5.5x range Common Equity Capital markets dependent Dispositions Opportunistic portfolio recycling Joint Venture Relationships For access to capital, expertise, or opportunities USES OF CAPITAL Development/Redevelopment Target $250M+ annual project investment Acquisitions On a leverage-neutral basis, and if accretive to earnings, portfolio quality, and growth Share Repurchases Ability to opportunistically buy back shares at a meaningful discount to private market value Debt Paydown/Deleveraging If capital preservation is warranted Accretive Investing Our investment strategy is supported by: Ample free cash flow Financial stability Balance sheet strength Access to capital GROWTH DRIVERS & PERFORMANCE REGENCY CENTERS INVESTOR PRESENTATION 35
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FCF-Driven Investment We have the capacity to invest $300M+ funded with free cash flow and debt on a leverage-neutral basis to the balance sheet without raising incremental equity capital Free cash flow funding (~$170M+ FCF) + Debt funding to Net D+Pfd/EBITDA of 5.0-5.5x = ~$300M+ Annual FCF-Driven Investment Capacity Levered FCF Investment Capacity Prioritize Development & Redevelopment Spend Excess Balance Sheet Capacity Acquisitions Stock Buybacks Debt Paydown On a balance sheet leverage-neutral basis, the combination of free cash flow and organic EBITDA growth (driven by SP NOI) provide investment capacity of more than $300M ― This capacity is the primary source of funding for Regency’s development and redevelopment pipeline ― Excess capacity is allocated accretively to acquisitions, or used to fund share buybacks or debt paydown GROWTH DRIVERS & PERFORMANCE REGENCY CENTERS INVESTOR PRESENTATION 36
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We leverage our strong portfolio to maximize rent growth with limited leasing capital, ultimately driving sector-leading AFFO growth Our Judicious Approach to Leasing Capital Helps to Drive AFFO Growth Outperformance Regency has a long-term track record of outperformance in AFFO per share growth vs. the peers We aim to maximize rent growth while intentionally investing leasing capital The strength of our asset quality and locations provides us the ability to limit leasing capital spend We target ~80% net effective rents (after TIs, landlord work, & commissions) as % of GAAP rents Regency’s total recurring capex remains in the low double digits as a % of NOI, at the low end of peers This strategy allows us to drive sector-leading AFFO and dividend growth while maximizing free cash flow (1) Source: Citi; Peer group includes AKR, BRX, FRT, KIM & KRG Strong Asset Quality & Locations Maximize Rent Growth & Limit Leasing Capital Sector Leading AFFO Growth Dividend Growth & Free Cash Flow GROWTH DRIVERS & PERFORMANCE AFFO CAGR (1) Maximizing AFFO Growth & FCF Generation REGENCY CENTERS INVESTOR PRESENTATION 37
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6 Nocatee Town Center | Ponte Vedra, FL Corporate Responsibility REGENCY CENTERS INVESTOR PRESENTATION 38
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Embodied Corporate Responsibility REGENCY’S FOUR PILLARS OF CORPORATE RESPONSIBILITY Corporate responsibility is strategic to the long-term sustainability and success of our business, our stakeholders, and the environment Regency’s best-in-class corporate responsibility program is a foundational strategy and allows us to: “Do what is right,“ consistent with our values and objectives Build on our strong culture, driving employee engagement Meet or exceed the expectations of our stakeholders Promote best-in-class corporate governance Generate cost savings and minimize emissions through energy efficiency Cost effectively mitigate climate risk Reduce our cost of capital People & Culture Our Communities Ethics & Governance Environmental Stewardship CORPORATE RESPONSIBILITY REGENCY CENTERS INVESTOR PRESENTATION 39
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Glossary of Terms Adjusted Funds From Operations (AFFO): An additional performance measure used by Regency that reflects cash available to fund the Company’s business needs and distribution to shareholders. AFFO is calculated by adjusting Core Operating Earnings for (i) capital expenditures necessary to maintain and lease the Company’s portfolio of properties, (ii) debt cost and derivative adjustments and (iii) stock-based compensation. Core Operating Earnings: An additional performance measure used by Regency because the computation of Nareit Funds from Operations (“Nareit FFO”) includes certain non- comparable items that affect the Company's 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. The Company provides a reconciliation of both Net Income Attributable to Common Shareholders to Nareit FFO and Nareit FFO to Core Operating Earnings. Development Completion: 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. Fixed Charge Coverage Ratio: Operating EBITDAre divided by the sum of the gross interest and scheduled mortgage principal paid to our lenders. Nareit Funds From Operations (Nareit FFO): Nareit FFO is a commonly used measure of REIT performance, which Nareit defines as net income, computed in accordance with GAAP, excluding gains on sales and impairments of real estate, net of tax, plus depreciation and amortization, and after adjustments for unconsolidated real estate investment partnerships and joint ventures. Regency computes 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 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. Net Operating Income (NOI): 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. The Company also provides 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 profitability 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. Non-Same Property: 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. Please refer to the footnote on Property Summary Report for Non-Same Property detail. APPENDI X 40
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Glossary of Terms Operating EBITDAre: Nareit EBITDAre is a measure of REIT performance, which the Nareit defines as net income, computed in accordance with GAAP, excluding (i) interest expense; (ii) income tax expense; (iii) depreciation and amortization; (iv) gains on sales of real estate; (v) impairments of real estate; and (vi) adjustments to reflect the Company’s share of unconsolidated partnerships and joint ventures. Operating EBITDAre excludes from Nareit EBITDAre certain non-cash components of earnings derived from straight-line rents and above and below market rent amortization. The Company provides a reconciliation of Net Income to Nareit EBITDAre to Operating EBITDAre. Other lease income: includes revenue derived from various lease-related activities beyond standard base or percentage rent. This primarily includes income from temporary tenants, late fees, signage and marketing fees, sustainability income, land/building rentals, communications tower leases, tenant/employee parking fees, incidental income, and other ancillary charges generally outlined in lease agreements. 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. Pro-rata information: includes 100% of the Company’s consolidated properties plus its economic share (based on the ownership interest) in the unconsolidated real estate investment partnerships. The Company provides Pro-rata financial information because Regency believes it assists investors and analysts in estimating the economic interest in the consolidated and unconsolidated real estate investment partnerships, when read in conjunction with the Company’s reported results under GAAP. The Company believes presenting its Pro-rata share of assets, liabilities, operating results, and other metrics, along with certain other non-GAAP measures, makes comparisons of its 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 the Company’s proportionate economic ownership of the assets, liabilities, and operating results of the properties in our portfolio. The Pro-rata information is prepared on a basis consistent with the comparable consolidated amounts and is intended to more accurately reflect the Company’s proportionate economic interest in the assets, liabilities, and operating results of properties in its portfolio. The Company does not control the unconsolidated real estate 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. The Company’s share of invested capital establishes the ownership interests Regency uses to prepare its Pro-rata share. The presentation of Pro-rata information has limitations which include, but are not limited to, the following: • 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 • 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 the financial statements as reported under GAAP. The Company compensates for these limitations by relying primarily on our GAAP financial statements, using the Pro-rata information as a supplement. Property In Development: Properties in various stages of ground-up development. Property In Redevelopment: 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: 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: Any retail property not termed a Property In Development & where the majority of the income is generated from retail uses. Same Property: Retail Operating Property that was owned and operated for the entirety of both calendar year periods being compared. This term excludes Property in Development, prior year Development Completions, and Non-Same Properties. Property in Redevelopment is included unless otherwise indicated. 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