Digging into Development Webinar

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RegencyCenters.com

1963 2026

F O U N D E D

1963

M E M B E R

S&P 500

TOTAL

MA AP

$19B+

RKET C

$5B+

Projects Since 2001

~75%

Ground-up Development

300+

Projects Since 2001

$1B+

Over Next 3 Years

Our grocery-anchored shopping center development platform has benefited from limited new strip center supply over the last 15 years

Strip Center Supply Growth

(Year-Over-Year)

Estimated Average Annual Supply Growth

('26 - '30)

3.0%

2.0%

LT Average = 1.1%

2.5%

1.5%

2.0%

1.5%

1.0%

1.0%

0.5%

0.5%

'01

'02

'03

'04

'05

'06

'07

'08

'09

'10

'11

'12

'13

'14

'15

'16

'17

'18

'19

'20

'21

'22

'23

'24

'25

'26E

'27E

'28E

0.0%

'29E

0.0%

Industrial Apartment Office Strip Center

Access to Capital

Relationships

Expertise

>$635 million of ground-up development & redevelopment projects currently in process in top trade areas around the country

Ground-up Development

Major Redevelopment (>$10M Project Cost)

2025/2026 Project Completion

Regency Properties

Shops at Stone Bridge

Cheshire, CT

Bloom on Third

Los Angeles, CA

Circle Marina Shops &

Marketplace

Los Angeles, CA

Anastasia Plaza

Jacksonville, FL

Lone Tree Village

Denver, CO

Baybrook East

Houston, TX

Oakley Shops

Bay Area, CA

Cambridge Square

Atlanta, GA

Jordan Ranch

Houston, TX

The Village at Seven Pines

Jacksonville, FL

Ellis Village Center

San Francisco, CA

Oak Valley Village

Los Angeles, CA

Shops at SunVet

Long Island, NY

West Chester Plaza

Cincinnati, OH

Crystal Brook Corner

Long Island, NY

Golden Hills Plaza

Paso Robles, CA

Access to Capital

Relationships

Expertise

Access to Capital

Relationships

Expertise

Regency is a partner of choice for master planned community developers when considering a retail component

In 4Q25, Regency completed a ground-up development project embedded within the Stone Bridge Crossing master-planned community in Cheshire, CT

In 1Q26, Regency completed a ground-up development project located in the heart of the Oakley Community and situated as a gateway between the Bay Area and Central Valley

Value-enhancing redevelopment projects continue to be a key part of our strategy

Recently-Completed Projects

Westbard Square | TPC: $39M

Anastasia Plaza | TPC: $15M

Circle Marina | TPC: $15M

In-Process Projects

Bloom on Third | TPC: $25M

Crystal Brook Corner | TPC: $59M

Serramonte Center Ph 3 | TPC: $43M

Access to Capital

Relationships

Expertise

Excess Balance Sheet Capacity

Prioritize Development & Redevelopment Spend

Acquisitions

Stock Buybacks

Debt Paydown

Levered FCF

Investment Capacity

We currently have the capacity to invest $350M+ annually, funded with free cash flow and debt on a leverage-neutral basis without raising incremental equity capital

+

Free cash flow funding (~$180M+ FCF)

Debt funding to Net D+Pfd/EBITDA of 5.0-5.5x

$350M+ Annual FCF-Driven Investment Capacity

Higher yields on development vs. market cap rates (150bps+) generate incremental value creation (NAV)

Theoretical Case Study

Ground-Up Development

Acquisition

Initial Investment

Yield / Cap Rate (theoretical)

= NOI

Financing (theoretical)

FFO Accretion

~$ / cents per share

Implied Value

NAV

@ 5.5% cap (theoretical)

$300M 7.0%

=

$21.0M

($15M)

$6M / 3c

$382M

+$82M

$300M 5.5%

=

$16.5M

($15M)

$1.5M / 0.75c

$300M

$0M