Slide 1: 3Q24 Earnings Presentation, October 2024
3Q24 Earnings Presentation October 2024 Countryside Shops | Miami FL
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 business and market Risk Factors Related to Funding Strategies and Capital Structure conditions, outlook and other similar
Slide 3: Unequaled Strategic Advantages
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 demogra
Slide 4: Regency's Mission, Vision, & Values
STATEGY, GOALS, & OBJECTIVES 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 communiti
Slide 5: 2024 Earnings Guidance Summary
2024 Earnings Guidance Summary Full Year 2024 Guidance (in thousands, except per share data) YTD 2024 2024 Guidance Previous Guidance Net Income Attributable to Common Shareholders per diluted share $1.66 $2.13 - $2.15 $2.02 - $2.06 Nareit Funds From Operations (“Nareit FFO”) per diluted share $3.20
Slide 6: Nareit FFO – '23 Actual to '24 Guidance Reconciliation
Nareit FFO – ‘23 Actual to ‘24 Guidance Reconciliation ~5% y/y COE per share growth guidance (ex. ’20/’21 reserve collections) at the midpoint The 5c increase in Nareit FFO guidance is driven primarily by: +5.5c: Higher forecast for SP NOI growth, +100bps to ±3.5% ― Drivers: accelerated rent c
Slide 7: Runway for Future Occupancy Upside
Runway for Future Occupancy Upside A substantial upside opportunity still exists in commenced occupancy back to (or exceeding) prior peak levels As of Q3 2024, SP % commenced was 180bps below the prior peak 180 bps REGENCY CENTERS 7 EARNINGS PRESENTATION
Slide 8: SNO Commencement Timing & Composition
SNO Commencement Timing & Composition The signed-not-occupied (SNO) pipeline reflects a 340bps SP leased-to-occupied spread and represents ~$49M of incremental base rent ABR Commencement Timing (1) Cumulative ABR Cad 95% 100% 100% 80% Shops Anchors 60% 57% 43% 37% 40% 20% 0% YE '24 YE '25 YE '26 ABR
Slide 9: Strong Balance Sheet Position
Strong Balance Sheet Position Capital Structure Pro Rata Debt Maturity Profile as of September 30, 2024 (% of total capitalization) Regency aims to have <15% of total debt maturing in any given year <1% 1% 4% 3% 19% $18.0 Billion Total 73% Capitalization Weighted Average Interest Rate: 4.1% Equity W
Slide 10: In-Process Developments & Redevelopments
In-Process Developments & Redevelopments As of 3Q24, Regency's in-process development & redevelopment projects totaled $618 million at ~9% estimated stabilized yields The Shops at Stone Bridge Buckhead Landing Oakley Shops at Laurel Fields Cheshire, CT Atlanta, GA Oakley, CA In-Process Developments
Slide 11: Embodied Corporate Responsibility
Embodied Corporate Responsibility Corporate responsibility is strategic to the long-term sustainability and success of our business, our stakeholders, and the environment REGENCY’S FOUR PILLARS OF CORPORATE RESPONSIBILITY People & Our Ethics & Environmental Culture Communities Governance Stewardship
Slide 12: Glossary of Terms
APPENDIX 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 ("COE") for (i) capital expe