Slide 1: 2Q24 Earnings Presentation
2Q24 Earnings Presentation August 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 $1.12 $2.02 - $2.06 $1.96 - $2.02 Nareit Funds From Operations (“Nareit FFO”) per diluted share $2.14
Slide 6: Nareit FFO – '23 Actual to '24 Guidance Reconciliation
EARNINGS GUIDANCE Nareit FFO – ‘23 Actual to ‘24 Guidance Reconciliation Guidance for 2024 COE per share growth (ex. ’20/’21 reserve collections) is ~4% y/y at the midpoint The 5c increase in Nareit FFO guidance from a quarter ago is driven by: ― +1c from higher SP NOI growth, +25bps to 2.25-2.7
Slide 7: Runway for Future Occupancy Upside
Runway for Future Occupancy Upside A substantial upside opportunity still exists in occupancy growth back to (or exceeding) prior peak levels, primarily driven by lease-up of vacant anchor space At 6/30, SP % leased was 50bps below the prior peak, and SP % commenced was 220bps below the prior peak 5
Slide 8: SNO Commencement Timing & Composition
SNO Commencement Timing & Composition The signed-not-occupied (SNO) pipeline reflects a 350bps SP leased-to-occupied spread and represents ~$49M of incremental base rent ABR Commencement Timing (1) ABR Recognition Timing (1) REGENCY CENTERS 8 EARNINGS PRESENTATION (1) ‘ABR commencement timing’ repre
Slide 9: Strong Balance Sheet Position
Strong Balance Sheet Position Capital Structure Pro Rata Debt Maturity Profile as of June 30, 2024 (% of total capitalization) Regency aims to have <15% of total debt maturing in any given year 1% 2% 3% 4% 21% $16.5 Billion Total 69% Capitalization Weighted Average Interest Rate: 4.2% Weighted Avera
Slide 10: In-Process Developments & Redevelopments
In-Process Developments & Redevelopments As of 2Q24, Regency's in-process development & redevelopment projects totaled $578 million at ~9% estimated stabilized yields In-Process Developments & Redevelopments (1) As of 6/30/2024 Regency’s Estimated Net Project Costs $578M % of Project Costs Incurred
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