Regency Centers — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net Income Attributable to Common Shareholders was $75.1 million ($0.41 per diluted share) for the three months ended September 30, 2026, compared to $106.0 million ($0.58 per diluted share) in the same period in 2025.
• Net Income in Q3 2026 included a $65.1 million provision for impairment ($0.35 per share) and $23.8 million in gains on sale of real estate ($0.13 per share).
• Nareit Funds From Operations (FFO) was $230.8 million ($1.23 per diluted share) for the quarter, up from $213.5 million ($1.15 per diluted share) in Q3 2025.
• Core Operating Earnings were $220.6 million ($1.18 per diluted share) for the quarter, compared to $202.6 million ($1.09 per diluted share) in Q3 2025.
• Total Net Operating Income (NOI) increased 7.6% year-over-year for the quarter.
• Same Property NOI increased 5.1% year-over-year for the quarter, driven by 4.0% base rent growth.
• Pro-rata net debt and preferred stock to TTM operating EBITDAre was 4.9x as of September 30, 2026.

Guidance and Future Outlook:

• Raised full-year 2026 Nareit FFO guidance to a range of $4.86 to $4.88 per diluted share (prior: $4.84–$4.88).
• Raised full-year 2026 Core Operating Earnings guidance to a range of $4.65 to $4.67 per diluted share (prior: $4.62–$4.66); the midpoint represents 5.7% year-over-year growth.
• Raised full-year 2026 Same Property NOI growth guidance to 4.25%+ year-over-year (prior: 3.7%–4.1%).
• Net Income Attributable to Common Shareholders per diluted share guidance lowered to $2.31–$2.33 (prior: $2.48–$2.52).
• Management expects to continue delivering long-term value through strong internal growth and disciplined investment activity.

Business Segments and Product Lines:

• Executed 1.7 million square feet of comparable new and renewal leases during the quarter with blended rent spreads of +11.9% on a cash basis and +21.8% on a straight-lined basis.
• Same Property percent leased ended the quarter at 97.0% (up 60 basis points year-over-year); Same Property percent commenced was 95.1% (up 80 basis points year-over-year).
• Started $101 million of ground-up development and redevelopment projects during the quarter, bringing year-to-date total project starts to approximately $241 million.
• Completed one ground-up development project for approximately $96 million during the quarter.
• As of September 30, 2026, in-process development and redevelopment projects had estimated net project costs of $682 million at a blended estimated yield of approximately 9%.
• Acquired Franklin Crossing (88,000 sq ft, Stop & Shop-anchored) for $27 million on July 8, 2026.
• Acquired Cornerstone at Westford (236,000 sq ft, Market Basket-anchored) for $74 million (Regency's share: $15 million) on July 14, 2026.
• Acquired Hanover Village (90,000 sq ft, Aldi-anchored) for approximately $14 million on October 1, 2026.

Market and Competitive Landscape:

• Same Property anchor percent leased (spaces ≥10,000 sq ft) was 98.5%.
• Same Property shop percent leased (spaces <10,000 sq ft) was 94.6%.
• Over the twelve months ended September 30, 2026, the Company executed approximately 7.0 million square feet of comparable leases with blended cash rent spreads of +11.5%.

Risks and Challenges:

• Macroeconomic, political, and geopolitical conditions may adversely impact consumer confidence, tenant spending, and the cost of borrowing.
• Shifts in retail trends, including e-commerce and delivery methods, may adversely impact revenues and cash flows.
• Real estate assets may decline in value, leading to impairment losses.
• Development, redevelopment, and expansion activities carry inherent risks.
• Changes in tax laws could impact acquisition or disposition of real estate.
• Climate change may adversely impact properties and lead to additional compliance costs.
• Failure to attract and retain key personnel may adversely affect business operations.
• Unauthorized access to data or failure to comply with privacy laws could result in liabilities.

Management Commentary and Tone:

• Lisa Palmer, President and CEO, stated the company delivered strong third-quarter results reflecting portfolio quality, operating fundamentals, and investment platform contributions.
• Management expressed confidence in the durability of the business, citing performance that enabled raising full-year outlook and increasing the common stock dividend.
• The tone emphasized a combination of strong internal growth and disciplined investment activity positioning the company for long-term shareholder value.

Other Key Points:

• On November 3, 2026, the Board declared a quarterly cash dividend on common stock of $0.800 per share, an increase of 6%.
• The Board also declared quarterly cash dividends on Series A preferred stock ($0.390625 per share) and Series B preferred stock ($0.367200 per share).
• The Company has approximately $1.4 billion of available capacity under its revolving credit facility as of September 30, 2026.
• Subsequent to quarter end, the Company started Poppy Ranch at Morgan Hill, a $42 million Sprouts-anchored ground-up development.
• The Company is a qualified REIT, self-administered, self-managed, and an S&P 500 Index member.