Slide 1: Business Update May 3, 2022
Business Update May 3, 2022 Chimney Rock | Bridgewater, NJ
Slide 2: Safe Harbor and Non-GAAP Disclosures
Safe Harbor and Non-GAAP Disclosures Forward-Looking Statements Certain statements in this document regarding anticipated financial, business, legal or other outcomes including Risk Factors Related to Funding Strategies and Capital Structure business and market conditions, outlook and other similar
Slide 3: Regency's Unequaled Strategic Advantages
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 compellin
Slide 4: Regency's Mission, Vision, & Values
Regency's Mission, Vision, & Values Our Mission Regency Centers creates thriving environments for retailers and service providers to connect with surrounding neighborhoods and communities. Our Vision To elevate quality of life as an integral thread in the fabric of our communities. Our Values WE DO
Slide 5: 2022 Earnings Guidance Summary
2022 Earnings Guidance Summary Full Year 2022 Guidance All figures pro-rata and in thousands, except per share data 1Q 2022 Current Guidance Prior Guidance Net Income Attributable to Common Stockholders per diluted share $1.14 $2.50 - $2.56 $1.78 - $1.86 Nareit Funds From Operations (“Nareit FFO”) p
Slide 6: Nareit FFO – '21 Actual to '22 Guidance Reconciliation
Nareit FFO – ‘21 Actual to ‘22 Guidance Reconciliation Variances Related to the Pandemic (at midpoint): Meaningful Normal-Course Variances (at midpoint): ‒16c Collection of Prior Year (PY) Reserves +19c SP NOI Growth (ex. term fees, ex. PY collections) ‒6c Non-Cash Revenues (primarily SL r
Slide 7: SP NOI Growth – Guidance Reconciliation
SP NOI Growth – Guidance Reconciliation Updated guidance for 2022 SP NOI Growth (ex. Term Fees, ex. PY Collections) is +3.5% to +5.0% Excludes the impact of all prior year (PY) collections (~$46M in 2021 and an estimated ~$18M in 2022) The new guidance range is up +75bps at the midpoint – the
Slide 8: Low Leverage and Conservative Debt Covenant Ratios
Low Leverage and Conservative Debt Covenant Ratios Regency maintains a long-standing commitment to balance sheet strength and stands today with immediate liquidity of $1.2 billion. (1) Total Pro-Rata Share Leverage Ratios 3/31/22 Net debt-to-Operating EBITDAre 4.9x Fixed charge coverage 4.6x Interes
Slide 9: Strong Balance Sheet Position
Strong Balance Sheet Position Capital Structure Debt Maturity Profile as of March 31, 2022 (% of total capitalization) Regency aims to have < 15% of total debt maturing in any given year 3%3% 20% $16.6 Billion Total 74% Capitalization Equity Wtd Avg Interest Rate: 3.8% Unsecured Debt - Bonds Wtd Avg
Slide 10: 2022 Acquisitions Year-To-Date
2022 Acquisitions Year-To-Date Regency continues to execute acquisitions on an accretive, leverage-neutral basis year-to-date. Cedar Commons Island Village Minneapolis, MN Seattle, WA GLA Purchase Price 2022 Acquisitions YTD Market Anchors (in thousands) at REG’s share Trader Joe’s, Casey’s Foods, O
Slide 11: In-Process Developments & Redevelopments
In-Process Developments & Redevelopments As of March 31, 2022, Regency's in-process redevelopment and development projects total $348 million at 7-8% estimated stabilized yields, and are ~57% funded. We anticipate project spend of $150 — $200 million annually over the next five years. The Abbot East
Slide 12: Future Development & Redevelopment Opportunities
Future Development & Redevelopment Opportunities Our redevelopment pipeline serves to enhance value through: • Improved competitive positioning • Refreshment of the exterior façade and tenant merchandising mix • Construction of additional buildings, tenant expansions and/or outdoor placemaking Town
Slide 13: 2022 Ground-Up Development Start
2022 Ground-Up Development Start Glenwood Green l Old Bridge, NJ • 350K SF ground-up development • March 2022 construction start • $40M - $45M estimated REG share of project costs • Anchored by Target, ShopRite & medical office • Estimated initial rent commencement in 2024 • Located 30 miles south o
Slide 14: Components of Same Property (SP) NOI Growth
Components of Same Property (SP) NOI Growth Long-term, organic SP NOI growth of 2.5% to 3.0% annually, driven primarily by: Marking to market of base rents (contractual rent steps, releasing of space) Impact from redevelopment activity Opportunity for outsized SP NOI growth in the next few years
Slide 15: Components of Core Operating Earnings (COE) Growth
Components of Core Operating Earnings (COE) Growth Long-term, stabilized COE growth of 4%+ annually, driving total shareholder returns of 8%+, driven primarily by: Stabilized SP NOI growth, including redevelopment Accretive investment of free cash flow on a leverage-neutral basis in re/developme
Slide 16: Regency's Approach to Corporate Responsibility
CORPORATE RESPONSIBILITY Regency’s Approach to Corporate Responsibility Current ISS Social QualityScore of 1 Employee engagement of 85% in 2021 Recognized in 2021 among the “Best Places to Work” by Jax Business Journal Commitment to advance our Diversity, Equity, and Inclusion (DEI) program,