EX-99.2 3 reg-ex99_2.htm EX-99.2

Exhibit 99.2

Table of Contents

December 31, 2021

Forward-Looking Statements and Non-GAAP Measures Disclosures | 3
Earnings Press Release | 7
Summary Information: |
Summary Financial Information | 13
Summary Real Estate Information | 14
Financial Information: |
Consolidated Balance Sheets | 15
Consolidated Statements of Operations | 16
Supplemental Details of Operations (Consolidated Only) | 17
Supplemental Details of Assets and Liabilities (Real Estate Partnerships Only) | 18
Supplemental Details of Operations (Real Estate Partnerships Only) | 19
Supplemental Details of Same Property NOI (Pro-Rata) | 20
Reconciliations of Non-GAAP Financial Measures and Additional Disclosures | 21
Summary of Consolidated Debt | 23
Summary of Consolidated Debt Detail | 24
Summary of Unsecured Debt Covenants and Leverage Ratios | 25
Summary of Unconsolidated Debt | 26
Unconsolidated Investments | 27
Investment Activity: |
Property Transactions | 28
Summary of In-Process Developments and Redevelopments | 29
Development and Redevelopment Current Year Completions | 30
Real Estate Information: |
Leasing Statistics | 31
Average Base Rent by State | 32
Average Base Rent by CBSA | 33
Significant Tenant Rents | 34
Tenant Lease Expirations | 35
Portfolio Summary Report by State | 36
Additional Disclosures Related to COVID-19 and Forward-Looking Information: |
Components of NAV | 48
Additional Disclosures Related to COVID-19 Impact | 49
Earnings Guidance | 51
Reconciliation of Net Income to Nareit FFO | 52
Glossary of Terms | 53

Forward-Looking Statements and Non-GAAP Measures Disclosures

December 31, 2021

Forward-Looking Statements

Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency’s future events, developments, or financial or operational performance or results such as our 2021 Guidance, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “should,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “anticipate,” “guidance,” and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained, and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties.

Our operations are subject to a number of risks and uncertainties including, but not limited to, those risk factors described in our SEC filings. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our other filings and submissions to the SEC. If any of the events described in the risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected. Forward-looking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements except as required by law. These risks and events include, without limitation:

Risk Factors Related to Pandemics or other Health Crises

•
Pandemics or other health crises, such as the COVID-19 pandemic, may adversely affect our tenants’ financial condition, the profitability of our properties, and our access to the capital markets and could have a material adverse effect on our business, results of operations, cash flows and financial condition.

Risk Factors Related to Operating Retail-Based Shopping Centers

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Economic and market conditions may adversely affect the retail industry and consequently reduce our revenues and cash flow, and increase our operating expenses.
•
Shifts in retail trends, sales, and delivery methods between brick and mortar stores, e-commerce, home delivery, and curbside pick-up may adversely impact our revenues and cash flows.
•
Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow.
•
In addition, labor challenges and supply delays and shortages due to a variety of macroeconomic factors, including inflationary pressures, could affect the retail industry.
•
Our success depends on the continued presence and success of our “anchor” tenants.
•
A significant percentage of our revenues are derived from smaller “shop space” tenants and our net income may be adversely impacted if our smaller shop tenants are not successful.
•
We may be unable to collect balances due from tenants in bankruptcy.
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Many of our costs and expenses associated with operating our properties may remain constant or increase, even if our lease income decreases.
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Compliance with the Americans with Disabilities Act and fire, safety and other regulations may have a negative effect on us.

Supplemental Information i

Risk Factors Related to Real Estate Investments

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Our real estate assets may decline in value and be subject to impairment losses which may reduce our net income.
•
We face risks associated with development, redevelopment and expansion of properties.
•
We face risks associated with the development of mixed-use commercial properties.
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We face risks associated with the acquisition of properties.
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We may be unable to sell properties when desired because of market conditions.
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Changes in tax laws could impact our acquisition or disposition of real estate.

Risk Factors Related to the Environment Affecting Our Properties

•
Climate change may adversely impact our properties directly, and may lead to additional compliance obligations and costs as well as additional taxes and fees.
•
Geographic concentration of our properties makes our business more vulnerable to natural disasters, severe weather conditions and climate change.
•
Costs of environmental remediation may impact our financial performance and reduce our cash flow.

Risk Factors Related to Corporate Matters

•
An increased focus on metrics and reporting relating to environmental, social, and governance (“ESG”) factors may impose additional costs and expose us to new risks.
•
An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue on those properties.
•
Failure to attract and retain key personnel may adversely affect our business and operations.
•
The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data or of Regency’s proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liability and loss of revenues.

Risk Factors Related to Our Partnerships and Joint Ventures

•
We do not have voting control over all of the properties owned in our co-investment partnerships and joint ventures, so we are unable to ensure that our objectives will be pursued.
•
The termination of our partnerships may adversely affect our cash flow, operating results, and our ability to make distributions to stock and unit holders.

Risk Factors Related to Funding Strategies and Capital Structure

•
Our ability to sell properties and fund acquisitions and developments may be adversely impacted by higher market capitalization rates and lower NOI at our properties which may dilute earnings.
•
We depend on external sources of capital, which may not be available in the future on favorable terms or at all.
•
Our debt financing may adversely affect our business and financial condition.
•
Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition.

Supplemental Information ii

•
Increases in interest rates would cause our borrowing costs to rise and negatively impact our results of operations.
•
Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us.
•
The interest rates on our Unsecured Credit facilities as well as on our variable rate mortgages and interest rate swaps might change based on changes to the method in which LIBOR or its replacement rate is determined.

Risk Factors Related to the Market Price for Our Securities

•
Changes in economic and market conditions may adversely affect the market price of our securities.
•
There is no assurance that we will continue to pay dividends at historical rates.

Risk Factors Relating to the Company’s Qualification as a REIT

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If the Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at regular corporate rates.
•
Dividends paid by REITs generally do not qualify for reduced tax rates.
•
Certain foreign stockholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common stock if we do not qualify as a “domestically controlled” REIT.
•
Legislative or other actions affecting REITs may have a negative effect on us.
•
Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.

Risk Factors Related to the Company’s Common Stock

•
Restrictions on the ownership of the Company’s capital stock to preserve its REIT status may delay or prevent a change in control.
•
The issuance of the Company's capital stock may delay or prevent a change in control.
•
Ownership in the Company may be diluted in the future.

Non-GAAP Measures Disclosures

We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes.

We do not consider non-GAAP measures an alternative to financial measures determined in accordance with GAAP, rather they supplement GAAP measures by providing additional information we believe to be useful to our shareholders. The principal limitation of these non-GAAP financial measures is they may exclude significant expense and income items that are required by GAAP to be recognized in our consolidated financial statements. In addition, they reflect the exercise of management’s judgment about which expense and income items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, reconciliations of the non-GAAP financial measures we use to their most directly comparable GAAP measures are provided. Non-GAAP financial measures should not be relied upon in evaluating the financial condition, results of operations or future prospects of the Company.

The pro-rata information provided is not, and is not intended to be, presented in accordance with GAAP. The pro-rata supplemental details of assets and liabilities and supplemental details of operations reflect our proportionate economic ownership of the assets, liabilities and operating results of the properties in our portfolio.

Supplemental Information iii

•
The items labeled as "Consolidated" are prepared on a basis consistent with the Company's consolidated financial statements as filed with the SEC on the most recent Form 10-Q or 10-K, as applicable.
•
The columns labeled "Share of JVs" represent our ownership interest in our unconsolidated (equity method) investments in real estate partnerships, and was derived on a partnership by partnership basis by applying to each financial statement line item our ownership percentage interest used to arrive at our share of investments in real estate partnerships and equity in income or loss of investments in real estate partnerships during the period when applying the equity method of accounting to each of our unconsolidated partnerships.
•
A similar calculation was performed for the amounts in columns labeled ''Noncontrolling Interests”, which represent the limited partners’ interests in consolidated partnerships attributable to each financial statement line item.

We do not control the unconsolidated partnerships, and the presentations of the assets and liabilities and revenues and expenses do not necessarily represent our legal claim to such items. The partners are entitled to profit or loss allocations and distributions of cash flows according to the operating agreements, which generally provide for such allocations according to their invested capital. Our share of invested capital establishes the ownership interest we use to prepare our pro-rata share.

The presentation of pro-rata financial information has limitations as an analytical tool. Some of these limitations include, but are not limited to the following:

•
The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting or allocating noncontrolling interests, and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and
•
Other companies in our industry may calculate their pro-rata interests differently, limiting the comparability of pro-rata information.

Because of these limitations, the supplemental details of assets and liabilities and supplemental details of operations should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP results and using the pro-rata details as a supplement.

The following non-GAAP measures, as defined in the Glossary of Terms, are commonly used by management and the investing public to understand and evaluate our operating results and performance:

•
Nareit Funds From Operations (Nareit FFO): The Company believes Nareit FFO provides a performance measure that, when compared year over year, reflects the impact on operations from trends in percent leased, rental rates, operating costs, acquisition and development activities, and financing costs. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to Nareit FFO.
•
Net Operating Income (NOI): The Company believes NOI provides useful information to investors to measure the operating performance of its portfolio of properties. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to pro-rata NOI.
•
Core Operating Earnings: The Company believes Core Operating Earnings, which excludes certain non-cash and non-comparable items from the computation of Nareit FFO that affect the Company's period-over-period performance, is useful to investors because it is more reflective of the core operating performance of its portfolio of properties. The Company provides a reconciliation of Nareit FFO to Core Operating Earnings.
•
Same Property NOI: The Company provides disclosure of NOI on a same property basis because it believes the measure provides investors with additional information regarding the operating performances of comparable assets. Same Property NOI excludes all development, non-same property and corporate level revenue and expenses. The Company also provides disclosure of NOI excluding termination fees, which excludes both termination fee income and expenses.

Supplemental Information iv

|  | NEWS RELEASE For immediate release Christy McElroy 904 598 7616 ChristyMcElroy@regencycenters.com

Regency Centers Reports Fourth Quarter and Full Year 2021 Results

JACKSONVILLE, Fla. (February 10, 2022) – Regency Centers Corporation (“Regency” or the “Company”) (Nasdaq:REG) today reported financial and operating results for the period ended December 31, 2021. For the three months ended December 31, 2021 and 2020, Net Income was $0.39 per diluted share and $0.23 per diluted share, respectively. For the twelve months ended December 31, 2021 and 2020, Net Income was $2.12 per diluted share and $0.26 per diluted share, respectively.

Fourth Quarter and Full Year 2021 Highlights

•
Reported Nareit FFO of $1.01 per diluted share for the fourth quarter, and $4.02 per diluted share for the full year
•
Reported that Same Property Net Operating Income (“NOI”), excluding lease termination fees, increased 15.4% during the fourth quarter and 16.2% during the full year over the same periods a year ago
•
Increased percent leased by 50 basis points sequentially to 94.3% in the Same Property portfolio, as of December 31, 2021
•
Collected 99% of fourth quarter pro-rata billed base rent, as of February 7, 2022
•
Executed 1.8 million square feet of comparable new and renewal leases during the fourth quarter at a blended rent spread of +12.9%, and 7.1 million square feet during the full year at a blended rent spread of +5.5%
•
Completed property acquisitions of $311 million during the fourth quarter and $489 million during the full year, both at Regency’s share
•
Completed property dispositions of $87 million during the fourth quarter and $279 million during the full year, both at Regency’s share
•
Achieved pro-rata net debt-to-operating EBITDAre of 5.1x at December 31, 2021

Subsequent Highlights

•
On January 11, 2022, closed on the sale of Costa Verde Center in San Diego, CA for $125 million
•
On January 25, 2022, issued its second annual TCFD Climate Change Risk Report, illustrating the Company’s continued commitment to responsible environmental stewardship
•
On February 9, 2022, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.625 per share
•
Inclusion for a 3rd year on Newsweek’s 2022 Most Responsible Companies List, ranked top 100

“We are proud of all that Regency has accomplished in the last year as we recovered from the disruption caused by the pandemic, a testament to the resiliency of our portfolio and the hard work of our people,” said Lisa Palmer, President and

Supplemental Information v

Chief Executive Officer. “As we look ahead from a position of strength, we’ve pivoted from a recovery mindset to a focus on growth.”

Financial Results

Net Income

•
For the three months ended December 31, 2021, Net Income Attributable to Common Stockholders (“Net Income”) was $67.9 million, or $0.39 per diluted share, compared to Net Income of $38.5 million, or $0.23 per diluted share, for the same period in 2020.
o
Net Income in the fourth quarter of 2021 includes an impairment charge of $85.2 million, or $0.49 per diluted share, primarily related to Potrero Center.
o
Net Income in the fourth quarter of 2021 also includes a gain on sale of real estate of $61.9 million, or $0.36 per diluted share, primarily related to the sale of Sequoia Station.
•
For the twelve months ended December 31, 2021, Net Income was $361.4 million, or $2.12 per diluted share, compared to $44.9 million, or $0.26 per diluted share, for the same period in 2020.

Nareit FFO

•
For the three months ended December 31, 2021, Nareit Funds From Operations (“Nareit FFO”) was $174.2 million, or $1.01 per diluted share, compared to $129.5 million, or $0.76 per diluted share, for the same period in 2020.
o
Nareit FFO in the fourth quarter of 2021 includes positive uncollectible lease income of $6.0 million at Regency’s share, or $0.04 per diluted share, favorably impacted by the collection of revenues reserved in prior periods. Additional detail on uncollectible lease income is on page 33 of the fourth quarter 2021 supplemental package.
o
Nareit FFO in the fourth quarter of 2021 includes positive uncollectible straight-line rent of $6.1 million, or $0.04 per diluted share, which benefitted from the reversal of straight-line rent reserves triggered by the conversion of some cash basis tenants back to accrual accounting. Straight-line rent is excluded from the calculation of Core Operating Earnings.
•
For the twelve months ended December 31, 2021, Nareit FFO was $688.7 million, or $4.02 per diluted share, compared to $502.0 million, or $2.95 per diluted share, for the same period in 2020.
o
Nareit FFO in the full year 2021 includes positive uncollectible lease income of $25.7 million at Regency’s share, or $0.15 per diluted share.
o
Nareit FFO in the full year 2021 includes positive uncollectible straight-line rent of $6.0 million, or $0.03 per diluted share.

Core Operating Earnings

•
For the three months ended December 31, 2021, Core Operating Earnings was $159.0 million, or $0.92 per diluted share, compared to $125.1 million, or $0.73 per diluted share, for the same period in 2020.
•
For the twelve months ended December 31, 2021, Core Operating Earnings was $631.2 million, or $3.68 per diluted share, compared to $505.2 million, or $2.97 per diluted share, for the same period in 2020.

Portfolio Performance

Same Property NOI

•
Fourth quarter 2021 Same Property NOI, excluding lease termination fees, increased by 15.4% compared to the same period in 2020.

Supplemental Information vi

•
Full year 2021 Same Property NOI, excluding lease termination fees, increased by 16.2% compared to the same period in 2020.

Leased Occupancy

•
As of December 31, 2021, Regency’s wholly-owned portfolio plus its pro-rata share of co-investment partnerships, was 94.1% leased.
•
As of December 31, 2021, Regency’s Same Property portfolio was 94.3% leased, an increase of 50 basis points sequentially.
o
Same Property anchor percent leased, which includes spaces greater than or equal to 10,000 square feet, was 96.9%, an increase of 40 basis points sequentially.
o
Same Property shop percent leased, which includes spaces less than 10,000 square feet, was 89.9%, an increase of 60 basis points sequentially.

Leasing Activity

•
During the three months ended December 31, 2021, Regency executed approximately 1.8 million square feet of comparable new and renewal leases at blended rent spreads of +12.9%.
•
During the twelve months ended December 31, 2021, approximately 7.1 million square feet of comparable new and renewal leases were executed at blended rents spreads of +5.5%.

COVID-19 Update

•
As of February 7, 2022, the Company collected 99% of fourth quarter 2021 pro-rata base rent.
•
Additional information regarding COVID-19 impacts can be found in the “Business Update” presentation posted on the Company’s website at investors.regencycenters.com, as well as on pages 33 and 34 of the fourth quarter 2021 supplemental package.

Portfolio Enhancement and Capital Allocation

Developments and Redevelopments

•
As of December 31, 2021, Regency’s in-process development and redevelopment projects had estimated net project costs of approximately $307 million and estimated remaining costs to complete of $127 million, each at the Company’s share.
•
During the fourth quarter, Regency completed one development and three redevelopment projects with combined costs of approximately $23 million, at the Company’s share.

Property Transactions

•
As previously disclosed, during the full year 2021, the Company completed acquisitions for a combined total of $489 million, at Regency’s share, and completed dispositions for a combined total of $279 million, at Regency’s share.
o
During the fourth quarter of 2021, the Company completed acquisitions for a combined total of $311 million, including Blakeney Shopping Center for $181 million and a portfolio of four grocery-anchored neighborhood centers on Long Island for $130 million.
o
During the fourth quarter of 2021, the Company completed the disposition of two properties for a combined total of $87 million, at Regency’s share.

Supplemental Information vii

•
As previously disclosed, subsequent to year-end on January 11, 2022, the Company closed on the sale of its wholly-owned Costa Verde Center in San Diego, California for $125 million.

Balance Sheet

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As of December 31, 2021, Regency had full capacity available under its $1.2 billion revolving credit facility.
•
As of December 31, 2021, Regency’s pro-rata net debt-to-operating EBITDAre ratio was 5.1x.
•
As previously disclosed, in the second quarter of 2021, Regency entered into forward sale agreements in connection with its ATM program to sell an aggregate of approximately 2.3 million shares of common stock. As of December 31, 2021, the Company has approximately 1.0 million shares that remain unsettled, at an average gross price of $65.78 per share.

Dividend

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On February 9, 2022, Regency’s Board declared a quarterly cash dividend on the Company’s common stock of $0.625 per share. The dividend is payable on April 5, 2022, to shareholders of record as of March 15, 2022.

2022 Guidance

Regency Centers provided initial 2022 guidance, as summarized in the table below. Please refer to the Company’s “Business Update” presentation for additional detail on guidance disclosure. Additional guidance details may also be found in the fourth quarter 2021 supplemental package. All materials are posted on the Company’s website at investors.regencycenters.com.

Supplemental Information viii

Full Year 2022 Guidance
All figures pro-rata and in thousands, except per share data
| Initial 2022 Guidance | 2021 Actual
Net Income Attributable to Common Stockholders per diluted share | $1.78 - $1.86 | $2.12
Nareit Funds From Operations (“Nareit FFO”) per diluted share | $3.72 - $3.80 | $4.02
Core Operating Earnings per diluted share (1) | $3.56 - $3.64 | $3.68
Same Property Net Operating Income ("SPNOI") Growth (ex. termination fees) | -1.25% to +0.25% | +16.2%
Same Property Net Operating Income ("SPNOI") Growth (ex. termination fees, ex. Collection of Prior Year Reserves) | -2.75% to +4.25% | +9.9%
Collection of Prior Year Reserves (2) | +/- $13,000 | $46,255
Certain Non-Cash Items (3) | +/- $28,000 | $44,102
Includes Impact from Reversal of Uncollectible Straight-Line Rent Receivables (conversions to accrual) (4) | as converted | $12,863
Net G&A expense | $82,500 - $85,500 | $73,987
Net interest expense | $163,500 - $164,500 | $165,419
Recurring Third Party Fees & Commissions | $24,000 - $25,000 | $25,665
Transaction Income (JV Promote) | $0 | $13,589
Development and Redevelopment Spend | +/- $150,000 | $106,185
Acquisitions | +/- $30,000 | $488,582
Cap rate (weighted average) | +/- 5.0% | 5.1%
Dispositions | +/-$150,000 | $279,115
Cap rate (weighted average) (5) | 2.25% - 2.50% | 5.2%
Forward ATM Settlement (gross) | +/- $65,000 | $84,869

(1)
Core Operating Earnings excludes certain non-cash items, including straight-line rents, above/below market rent amortization, and amortization of mark to market debt, as well as transaction related income/expenses and debt extinguishment charges.
(2)
Represents the expected collection in 2022 of revenues reserved in 2020 and 2021, and the actual collection in 2021 of revenues reserved in 2020. Included in Uncollectible Lease Income.
(3)
Includes above and below market rent amortization, straight-line rents, and amortization of mark-to-market debt adjustments.
(4)
Positive impact on Uncollectible Straight-Line Rent from the conversion of cash basis tenants back to an accrual basis of accounting, only included in guidance as tenants are converted.
(5)
Weighted average cap rates exclude non-income producing assets; 2021 cap rate was 4.3% including $48 million of non-income producing assets; 2022 cap rate range includes the sale of Costa Verde ($125M at a ~1.5% cap rate, not stabilized).

Conference Call Information

To discuss Regency’s fourth quarter results and provide further business updates, management will host a conference call on Friday, February 11, 2022, at 10:00 a.m. ET. Dial-in and webcast information is listed below.

Fourth Quarter 2021 Earnings Conference Call

Date: Friday, February 11, 2022

Time: 10:00 a.m. ET

Dial#: 877-407-0789 or 201-689-8562

Webcast: investors.regencycenters.com

Replay

Webcast Archive: Investor Relations page under Events & Webcasts

Supplemental Information ix

Reconciliation of Net Income Attributable to Common Stockholders to Nareit FFO and Core Operating

Earnings - Actual (in thousands)

For the Periods Ended December 31, 2021 and 2020 |  | Three Months Ended |  |  | Year to Date |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Reconciliation of Net Income to Nareit FFO: |  |  |  |  |  |  |  |  |  |  |  |
Net Income Attributable to Common Stockholders |  | $ | 67,859 |  |  |  | 38,487 |  |  | $ | 361,411 |  |  |  | 44,889 |
Adjustments to reconcile to Nareit Funds From Operations (1): |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization (excluding FF&E) |  |  | 82,765 |  |  |  | 94,289 |  |  |  | 330,364 |  |  |  | 375,865 |
Goodwill impairment |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 132,128 |
Gain on sale of real estate |  |  | (61,915 | ) |  |  | (21,228 | ) |  |  | (100,499 | ) |  |  | (69,879 | )
Provision for impairment of real estate |  |  | 85,229 |  |  |  | 17,764 |  |  |  | 95,815 |  |  |  | 18,778 |
Exchangeable operating partnership units |  |  | 300 |  |  |  | 174 |  |  |  | 1,615 |  |  |  | 203 |
Nareit Funds From Operations |  | $ | 174,238 |  |  |  | 129,486 |  |  | $ | 688,706 |  |  |  | 501,984 |
Reconciliation of Nareit FFO to Core Operating Earnings: |  |  |  |  |  |  |  |  |  |  |  |
Nareit Funds From Operations |  | $ | 174,238 |  |  |  | 129,486 |  |  | $ | 688,706 |  |  |  | 501,984 |
Adjustments to reconcile to Core Operating Earnings (1): |  |  |  |  |  |  |  |  |  |  |  |
Not Comparable Items |  |  |  |  |  |  |  |  |  |  |  |
Early extinguishment of debt |  |  | - |  |  |  | 2,685 |  |  |  | - |  |  |  | 22,043 |
Promote income |  |  | - |  |  |  | - |  |  |  | (13,589 | ) |  |  | - |
Certain Non-Cash Items |  |  |  |  |  |  |  |  |  |  |  |
Straight line rent |  |  | (3,240 | ) |  |  | (3,778 | ) |  |  | (13,534 | ) |  |  | (15,605 | )
Uncollectible straight line rent |  |  | (6,124 | ) |  |  | 7,681 |  |  |  | (5,965 | ) |  |  | 39,255 |
Above/below market rent amortization, net |  |  | (5,791 | ) |  |  | (10,860 | ) |  |  | (23,889 | ) |  |  | (41,293 | )
Debt premium/discount amortization |  |  | (105 | ) |  |  | (117 | ) |  |  | (565 | ) |  |  | (1,233 | )
Core Operating Earnings |  | $ | 158,978 |  |  |  | 125,097 |  |  | $ | 631,164 |  |  |  | 505,151 |
Weighted Average Shares For Diluted Earnings per Share |  |  | 171,866 |  |  |  | 169,980 |  |  |  | 170,694 |  |  |  | 169,460 |
Weighted Average Shares For Diluted FFO and Core Operating Earnings per Share |  |  | 172,626 |  |  |  | 170,745 |  |  |  | 171,456 |  |  |  | 170,225 |

(1)
Includes Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests.

Same Property NOI is a key non-GAAP measure used by management in evaluating the operating performance of Regency’s properties. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to pro-rata Same Property NOI.

Supplemental Information x

Reconciliation of Net Income Attributable to Common Stockholders to Pro-Rata Same Property NOI – Actual (in thousands)

For the Periods Ended December 31, 2021 and 2020 |  | Three Months Ended |  |  | Year to Date |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Net income attributable to common stockholders |  | $ | 67,859 |  |  |  | 38,487 |  |  | $ | 361,411 |  |  |  | 44,889 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Management, transaction, and other fees |  |  | (6,918 | ) |  |  | (7,417 | ) |  |  | (40,337 | ) |  |  | (26,501 | )
Other(1) |  |  | (15,676 | ) |  |  | (8,544 | ) |  |  | (46,860 | ) |  |  | (25,912 | )
Plus: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 76,396 |  |  |  | 86,739 |  |  |  | 303,331 |  |  |  | 345,900 |
General and administrative |  |  | 19,955 |  |  |  | 20,512 |  |  |  | 78,218 |  |  |  | 75,001 |
Other operating expense |  |  | 3,064 |  |  |  | 7,617 |  |  |  | 5,751 |  |  |  | 12,642 |
Other expense |  |  | 65,594 |  |  |  | 35,474 |  |  |  | 132,977 |  |  |  | 256,407 |
Equity in income of investments in real estate excluded from NOI (2) |  |  | 3,852 |  |  |  | 12,838 |  |  |  | 53,119 |  |  |  | 59,726 |
Net income attributable to noncontrolling interests |  |  | 1,124 |  |  |  | 729 |  |  |  | 4,877 |  |  |  | 2,428 |
NOI |  |  | 215,250 |  |  |  | 186,435 |  |  |  | 852,487 |  |  |  | 744,580 |
Less non-same property NOI (3) |  |  | (3,108 | ) |  |  | (2,124 | ) |  |  | (3,314 | ) |  |  | (11,472 | )
Same Property NOI |  | $ | 212,142 |  |  |  | 184,311 |  |  | $ | 849,173 |  |  |  | 733,108 |
Same Property NOI without Termination Fees |  | $ | 210,104 |  |  |  | 182,051 |  |  | $ | 842,727 |  |  |  | 725,358 |
Same Property NOI without Termination Fees or Redevelopments |  | $ | 187,315 |  |  |  | 162,660 |  |  | $ | 752,604 |  |  |  | 648,348 |

(1)
Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests.
(2)
Includes non-NOI expenses incurred at our unconsolidated real estate partnerships, such as, but not limited to, straight-line rental income, above and below market rent amortization, depreciation and amortization, interest expense, and real estate gains and impairments.
(3)
Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests.

Reported results are preliminary and not final until the filing of the Company’s Form 10-K with the SEC and, therefore, remain subject to adjustment.

The Company has published forward-looking statements and additional financial information in its fourth quarter 2021 supplemental package that may help investors estimate earnings. A copy of the Company’s fourth quarter 2021 supplemental package will be available on the Company's website at investors.regencycenters.com or by written request to: Investor Relations, Regency Centers Corporation, One Independent Drive, Suite 114, Jacksonville, Florida, 32202. The supplemental package contains more detailed financial and property results including financial statements, an outstanding debt summary, acquisition and development activity, investments in partnerships, information pertaining to securities issued other than common stock, property details, a significant tenant rent report and a lease expiration table in addition to earnings and valuation guidance assumptions. The information provided in the supplemental package is unaudited and includes non-GAAP measures, and there can be no assurance that the information will not vary from the final information in the Company’s Form 10-K for the year-ended December 31, 2021. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.

About Regency Centers Corporation (Nasdaq: REG)

Regency Centers is a preeminent national owner, operator, and developer of shopping centers located in suburban trade areas with compelling demographics. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member. For more information, please visit RegencyCenters.com.

###

Supplemental Information xi

Non-GAAP Disclosure

We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes.

We do not consider non-GAAP measures an alternative to financial measures determined in accordance with GAAP, rather they supplement GAAP measures by providing additional information we believe to be useful to our shareholders. The principal limitation of these non-GAAP financial measures is they may exclude significant expense and income items that are required by GAAP to be recognized in our consolidated financial statements. In addition, they reflect the exercise of management’s judgment about which expense and income items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, reconciliations of the non-GAAP financial measures we use to their most directly comparable GAAP measures are provided. Non-GAAP financial measures should not be relied upon in evaluating the financial condition, results of operations or future prospects of the Company.

Nareit FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (“Nareit”) defines as net income, computed in accordance with GAAP, excluding gains on sale and impairments of real estate, net of tax, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Regency computes Nareit FFO for all periods presented in accordance with Nareit's definition. Since Nareit FFO excludes depreciation and amortization and gains on sales and impairments of real estate, it provides a performance measure that, when compared year over year, reflects the impact on operations from trends in percent leased, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, Nareit FFO is a supplemental non-GAAP financial measure of the Company's operating performance, which does not represent cash generated from operating activities in accordance with GAAP; and, therefore, should not be considered a substitute measure of cash flows from operations. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to Nareit FFO.

Core Operating Earnings is an additional performance measure that excludes from Nareit FFO: (i) transaction related income or expenses; (ii) gains or losses from the early extinguishment of debt; (iii) certain non-cash components of earnings derived from above and below market rent amortization, straight-line rents, and amortization of mark-to-market of debt adjustments; and (iv) other amounts as they occur. The Company provides a reconciliation of Net Income to Nareit FFO to Core Operating Earnings.

Forward-Looking Statements

Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency’s future events, developments, or financial or operational performance or results such as our 2021 Guidance, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “should,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “anticipate,” “guidance,” and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained, and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties.
Our operations are subject to a number of risks and uncertainties including, but not limited to, those risk factors described in our SEC filings. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our other filings and submissions to the SEC. If any of the events described in the risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected. Forward-looking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements except as required by law. These risks and events include, without limitation.

Risk Factors

Supplemental Information xii

Risk Factors Related to Pandemics or other Health Crises

Pandemics or other health crises, such as the COVID-19 pandemic, may adversely affect our tenants’ financial condition, the profitability of our properties, and our access to the capital markets and could have a material adverse effect on our business, results of operations, cash flows and financial condition.

Risk Factors Related to Operating Retail-Based Shopping Centers

Economic and market conditions may adversely affect the retail industry and consequently reduce our revenues and cash flow, and increase our operating expenses. Shifts in retail trends, sales, and delivery methods between brick and mortar stores, e-commerce, home delivery, and curbside pick-up may adversely impact our revenues and cash flows. Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow. In addition, labor challenges and supply delays and shortages due to a variety of macroeconomic factors, including inflationary pressures, could affect the retail industry. Our success depends on the continued presence and success of our “anchor” tenants. A significant percentage of our revenues are derived from smaller “shop space” tenants and our net income may be adversely impacted if our smaller shop tenants are not successful. We may be unable to collect balances due from tenants in bankruptcy. Many of our costs and expenses associated with operating our properties may remain constant or increase, even if our lease income decreases. Compliance with the Americans with the Disabilities Act and fire, safety and other regulations may have a negative effect on us.

Risk Factors Related to Real Estate Investments

Our real estate assets may decline in value and be subject to impairment losses which may reduce our net income. We face risks associated with development, redevelopment and expansion of properties.

We face risks associated with the development of mixed-use commercial properties. We face risks associated with the acquisition of properties. We may be unable to sell properties when desired because of market conditions. Changes in tax laws could impact our acquisition or disposition of real estate.

Supplemental Information xiii

Risk Factors Related to the Environment Affecting Our Properties

Climate change may adversely impact our properties directly, and may lead to additional compliance obligations and costs as well as additional taxes and fees. Geographic concentration of our properties makes our business more vulnerable to natural disasters, severe weather conditions and climate change. Costs of environmental remediation may impact our financial performance and reduce our cash flow.

Risk Factors Related to Corporate Matters

An increased focus on metrics and reporting relating to environmental, social, and governance (“ESG”) factors may impose additional costs and expose us to new risks. An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue on those properties. Failure to attract and retain key personnel may adversely affect our business and operations. The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data or of Regency’s proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liability and loss of revenues.

Risk Factors Related to Our Partnerships and Joint Ventures

We do not have voting control over all of the properties owned in our co-investment partnerships and joint ventures, so we are unable to ensure that our objectives will be pursued. The termination of our partnerships may adversely affect our cash flow, operating results, and our ability to make distributions to stock and unit holders.

Risk Factors Related to Funding Strategies and Capital Structure

Our ability to sell properties and fund acquisitions and developments may be adversely impacted by higher market capitalization rates and lower NOI at our properties which may dilute earnings. We depend on external sources of capital, which may not be available in the future on favorable terms or at all. Our debt financing may adversely affect our business and financial condition. Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition. Increases in interest rates would cause our borrowing costs to rise and negatively impact our results of operations. Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us. The interest rates on our Unsecured Credit facilities as well as on our variable rate mortgages and interest rate swaps might change based on changes to the method in which LIBOR or its replacement rate is determined.

Risk Factors Related to the Market Price for Our Securities

Changes in economic and market conditions may adversely affect the market price of our securities. There is no assurance that we will continue to pay dividends at historical rates.

Risk Factors Relating to the Company’s Qualification as a REIT

If the Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at regular corporate rates. Dividends paid by REITs generally do not qualify for reduced tax rates. Certain foreign stockholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common stock if we do not qualify as a “domestically controlled” REIT. Legislative or other actions affecting REITs may have a negative effect on us. Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.

Risk Factors Related to the Company’s Common Stock

Restrictions on the ownership of the Company’s capital stock to preserve its REIT status may delay or prevent a change in control. The issuance of the Company's capital stock may delay or prevent a change in control. Ownership in the Company may be diluted in the future.

Supplemental Information xiv

Summary Financial Information

December 31, 2021

(in thousands, except per share data)

|  | Three Months Ended |  | Year to Date
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Financial Results |  |  |  |  |  |  |  |
Net income attributable to common stockholders (page 4) |  | $67,859 |  | $38,487 |  | $361,411 |  | $44,889
Net income per diluted share |  | $0.39 |  | $0.23 |  | $2.12 |  | $0.26
Nareit Funds From Operations (Nareit FFO) (page 9) |  | $174,238 |  | $129,486 |  | $688,706 |  | $501,984
Nareit FFO per diluted share |  | $1.01 |  | $0.76 |  | $4.02 |  | $2.95
Core Operating Earnings (page 9) |  | $158,978 |  | $125,097 |  | $631,164 |  | $505,151
Core Operating Earnings per diluted share |  | $0.92 |  | $0.73 |  | $3.68 |  | $2.97
Same Property NOI without termination fees (page 8) |  | $210,104 |  | $182,051 |  | $842,727 |  | $725,358
% growth |  | 15.4% |  |  |  | 16.2% |  |
Operating EBITDA re (page 10) |  | $203,153 |  | $170,898 |  | $806,888 |  | $693,648
Dividends declared per share and unit |  | $0.625 |  | $0.595 |  | $2.41 |  | $2.38
Payout ratio of Core Operating Earnings per share (diluted) |  | 67.9% |  | 81.5% |  | 65.5% |  | 80.1%
Diluted share and unit count |  |  |  |  |  |  |  |
Weighted average shares (diluted) - Net income |  | 171,866 |  | 169,980 |  | 170,694 |  | 169,460
Weighted average shares (diluted) - Nareit FFO and Core Operating Earnings |  | 172,626 |  | 170,745 |  | 171,456 |  | 170,225

_________________________________________________________________________________________________

|  | As of |  | As of |  | As of |  | As of
|  | 12/31/2021 |  | 12/31/2020 |  | 12/31/2019 |  | 12/31/2018
Capital Information |  |  |  |  |  |  |  |
Market price per common share |  | $75.35 |  | $45.59 |  | $63.09 |  | $58.47
Common shares outstanding |  | 171,213 |  | 169,680 |  | 167,571 |  | 167,905
Exchangeable units held by noncontrolling interests |  | 760 |  | 765 |  | 746 |  | 350
Common shares and equivalents issued and outstanding |  | 171,973 |  | 170,445 |  | 168,317 |  | 168,255
Market equity value of common and convertible shares |  | $12,958,170 |  | $7,770,596 |  | $10,619,161 |  | $9,837,840
Outstanding debt |  | $4,235,735 |  | $4,457,742 |  | $4,445,591 |  | $4,241,758
Less: cash |  | (95,027) |  | (378,450) |  | (115,562) |  | (45,190)
Net debt |  | $4,140,708 |  | $4,079,292 |  | $4,330,029 |  | $4,196,568
Total market capitalization |  | $17,098,878 |  | $11,849,888 |  | $14,949,190 |  | $14,034,408
Debt metrics (pro-rata; trailing 12 months "TTM") |  |  |  |  |  |  |  |
Net Debt-to-Operating EBITDA re |  | 5.1x |  | 6.0x |  | 5.4x |  | 5.3x
Fixed charge coverage |  | 4.5x |  | 3.6x |  | 4.3x |  | 4.2x

Supplemental Information 1

Summary Real Estate Information

December 31, 2021

(GLA in thousands)

Wholly Owned and 100% of Co-investment Partnerships |  | 12/31/2021 |  |  | 9/30/2021 |  |  | 6/30/2021 |  |  | 3/31/2021 |  |  | 12/31/2020 |
Number of properties |  | 405 |  |  | 402 |  |  | 403 |  |  | 406 |  |  | 411 |
Number of retail operating properties |  | 401 |  |  | 396 |  |  | 396 |  |  | 399 |  |  | 403 |
Number of same properties |  | 393 |  |  | 394 |  |  | 394 |  |  | 397 |  |  | 393 |
Number of properties in redevelopment |  | 7 |  |  | 9 |  |  | 10 |  |  | 10 |  |  | 11 |
Number of properties in development (1) |  | 2 |  |  | 3 |  |  | 3 |  |  | 3 |  |  | 3 |
Gross Leasable Area (GLA) - All properties |  |  | 51,164 |  |  |  | 50,600 |  |  |  | 50,901 |  |  |  | 51,639 |  |  |  | 51,912 |
GLA including retailer-owned stores - All properties |  |  | 54,910 |  |  |  | 54,270 |  |  |  | 54,571 |  |  |  | 55,588 |  |  |  | 56,000 |
GLA - Retail operating properties |  |  | 50,885 |  |  |  | 50,079 |  |  |  | 50,234 |  |  |  | 50,975 |  |  |  | 51,048 |
GLA - Same properties |  |  | 49,759 |  |  |  | 49,829 |  |  |  | 49,984 |  |  |  | 50,724 |  |  |  | 49,635 |
GLA - Properties in redevelopment (2) |  |  | 2,476 |  |  |  | 2,758 |  |  |  | 3,016 |  |  |  | 2,849 |  |  |  | 2,929 |
GLA - Properties in development (1) |  |  | 175 |  |  |  | 281 |  |  |  | 281 |  |  |  | 281 |  |  |  | 281 |
Wholly Owned and Pro-Rata Share of Co-investment Partnerships |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GLA - All properties |  |  | 42,646 |  |  |  | 42,030 |  |  |  | 41,709 |  |  |  | 42,001 |  |  |  | 42,242 |
GLA including retailer-owned stores - All properties |  |  | 46,393 |  |  |  | 45,700 |  |  |  | 45,379 |  |  |  | 45,950 |  |  |  | 46,330 |
GLA - Retail operating properties |  |  | 42,367 |  |  |  | 41,562 |  |  |  | 41,169 |  |  |  | 41,462 |  |  |  | 41,540 |
GLA - Same properties (3) |  |  | 41,294 |  |  |  | 41,298 |  |  |  | 41,451 |  |  |  | 41,448 |  |  |  | 41,415 |
Spaces > 10,000 sf (3) |  |  | 25,748 |  |  |  | 25,760 |  |  |  | 25,907 |  |  |  | 25,933 |  |  |  | 25,871 |
Spaces < 10,000 sf (3) |  |  | 15,545 |  |  |  | 15,539 |  |  |  | 15,544 |  |  |  | 15,514 |  |  |  | 15,544 |
GLA - Properties in redevelopment (2) |  |  | 2,476 |  |  |  | 2,657 |  |  |  | 2,915 |  |  |  | 2,748 |  |  |  | 2,777 |
GLA - Properties in development (1) |  |  | 175 |  |  |  | 228 |  |  |  | 228 |  |  |  | 228 |  |  |  | 228 |
% leased - All properties |  | 94.1% |  |  | 93.4% |  |  | 92.5% |  |  | 92.2% |  |  | 92.3% |
% leased - Retail operating properties |  | 94.2% |  |  | 93.7% |  |  | 92.8% |  |  | 92.5% |  |  | 92.9% |
% leased - Same properties (3) |  | 94.3% |  |  | 93.8% |  |  | 92.9% |  |  | 92.6% |  |  | 93.0% |
Spaces > 10,000 sf (3) |  | 96.9% |  |  | 96.5% |  |  | 95.4% |  |  | 95.1% |  |  | 95.5% |
Spaces < 10,000 sf (3) |  | 89.9% |  |  | 89.3% |  |  | 88.7% |  |  | 88.3% |  |  | 88.7% |
Average % leased - Same properties (3) |  | 93.2% |  |  | 93.0% |  |  | 92.7% |  |  | 92.7% |  |  | 94.3% |
% commenced - Same properties (3) (4) |  | 91.7% |  |  | 91.5% |  |  | 90.9% |  |  | 90.8% |  |  | 91.2% |
Same property NOI growth - YTD (see page 8) |  | 15.8% |  |  | 16.1% |  |  | 12.1% |  |  | -2.4% |  |  | -11.0% |
Same property NOI growth without termination fees - YTD (see page 8) |  | 16.2% |  |  | 16.4% |  |  | 12.8% |  |  | -1.6% |  |  | -11.6% |
Same property NOI growth without termination fees or redevelopments - YTD (see page 8) |  | 16.1% |  |  | 16.2% |  |  | 13.0% |  |  | -1.6% |  |  | -11.3% |
Rent spreads - Trailing 12 months (5) (see page 19) |  | 5.5% |  |  | 2.3% |  |  | 1.2% |  |  | 1.2% |  |  | 2.2% |

(1)
Includes current ground up developments.
(2)
Represents entire center GLA rather than redevelopment portion only. Included in Same Property pool unless noted otherwise.
(3)
Prior periods adjusted for current same property pool.
(4)
Excludes leases that are signed but have not yet commenced.
(5)
Retail operating properties only. Rent spreads are calculated on a comparable-space, cash basis for new and renewal leases executed.

Supplemental Information 2

Consolidated Balance Sheets

December 31, 2021 and 2020

(in thousands)

|  | 2021 |  |  | 2020 |
|  | (unaudited) |  |  |  |
Assets |  |  |  |  |  |
Net real estate investments: |  |  |  |  |  |
Real estate assets at cost |  | $ | 11,495,581 |  |  | $ | 11,101,858 |
Less: accumulated depreciation |  |  | 2,174,963 |  |  |  | 1,994,108 |
|  |  | 9,320,618 |  |  |  | 9,107,750 |
Investments in real estate partnerships |  |  | 372,591 |  |  |  | 467,155 |
Net real estate investments |  |  | 9,693,209 |  |  |  | 9,574,905 |
Properties held for sale |  |  | 25,574 |  |  |  | 33,934 |
Cash, cash equivalents, and restricted cash |  |  | 95,027 |  |  |  | 378,450 |
Tenant and other receivables (1) |  |  | 153,091 |  |  |  | 143,633 |
Deferred leasing costs, net |  |  | 65,741 |  |  |  | 67,910 |
Acquired lease intangible assets, net |  |  | 212,707 |  |  |  | 188,799 |
Right of use assets |  |  | 280,783 |  |  |  | 287,827 |
Other assets |  |  | 266,431 |  |  |  | 261,446 |
Total assets |  | $ | 10,792,563 |  |  | $ | 10,936,904 |
Liabilities and Equity |  |  |  |  |  |
Liabilities: |  |  |  |  |  |
Notes payable |  | $ | 3,718,944 |  |  | $ | 3,658,405 |
Unsecured credit facilities |  |  | - |  |  |  | 264,679 |
Total notes payable |  |  | 3,718,944 |  |  |  | 3,923,084 |
Accounts payable and other liabilities |  |  | 322,271 |  |  |  | 302,361 |
Acquired lease intangible liabilities, net |  |  | 363,276 |  |  |  | 377,712 |
Lease liabilities |  |  | 215,788 |  |  |  | 220,390 |
Tenants' security, escrow deposits, and prepaid rent |  |  | 62,352 |  |  |  | 55,210 |
Total liabilities |  |  | 4,682,631 |  |  |  | 4,878,757 |
Equity: |  |  |  |  |  |
Stockholders' Equity: |  |  |  |  |  |
Common stock, $.01 par |  |  | 1,712 |  |  |  | 1,697 |
Additional paid in capital |  |  | 7,860,700 |  |  |  | 7,767,646 |
Accumulated other comprehensive (loss) |  |  | (10,227 | ) |  |  | (18,625 | )
Distributions in excess of net income |  |  | (1,814,814 | ) |  |  | (1,765,806 | )
Total stockholders' equity |  |  | 6,037,371 |  |  |  | 5,984,912 |
Noncontrolling Interests: |  |  |  |  |  |
Exchangeable operating partnership units |  |  | 35,447 |  |  |  | 35,727 |
Limited partners' interest |  |  | 37,114 |  |  |  | 37,508 |
Total noncontrolling interests |  |  | 72,561 |  |  |  | 73,235 |
Total equity |  |  | 6,109,932 |  |  |  | 6,058,147 |
Total liabilities and equity |  | $ | 10,792,563 |  |  | $ | 10,936,904 |

(1)
For additional details, see Supplemental COVID-19 Disclosures on pages 40 & 41.

These consolidated balance sheets should be read in conjunction with the Company's most recent Form 10-Q and Form 10-K filed with the Securities and Exchange Commission.

Supplemental Information 3

Consolidated Statements of Operations

For the Periods Ended December 31, 2021 and 2020

(in thousands)

(unaudited)

|  | Three Months Ended |  |  | Year to Date |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Lease income (1) |  | $ | 286,978 |  |  |  | 248,536 |  |  | $ | 1,113,368 |  |  |  | 980,166 |
Other property income |  |  | 3,028 |  |  |  | 2,507 |  |  |  | 12,456 |  |  |  | 9,508 |
Management, transaction, and other fees |  |  | 6,918 |  |  |  | 7,417 |  |  |  | 40,337 |  |  |  | 26,501 |
Total revenues |  |  | 296,924 |  |  |  | 258,460 |  |  |  | 1,166,161 |  |  |  | 1,016,175 |
Operating Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 76,396 |  |  |  | 86,739 |  |  |  | 303,331 |  |  |  | 345,900 |
Operating and maintenance |  |  | 48,937 |  |  |  | 46,327 |  |  |  | 184,553 |  |  |  | 170,073 |
General and administrative |  |  | 19,955 |  |  |  | 20,512 |  |  |  | 78,218 |  |  |  | 75,001 |
Real estate taxes |  |  | 34,737 |  |  |  | 34,386 |  |  |  | 142,129 |  |  |  | 143,004 |
Other operating expense |  |  | 3,064 |  |  |  | 7,617 |  |  |  | 5,751 |  |  |  | 12,642 |
Total operating expenses |  |  | 183,089 |  |  |  | 195,581 |  |  |  | 713,982 |  |  |  | 746,620 |
Other Expense (Income): |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | 36,429 |  |  |  | 38,073 |  |  |  | 145,170 |  |  |  | 156,678 |
Goodwill impairment |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 132,128 |
Provision for impairment of real estate, net of tax |  |  | 84,274 |  |  |  | 17,522 |  |  |  | 84,389 |  |  |  | 18,536 |
Gain on sale of real estate, net of tax |  |  | (52,921 | ) |  |  | (18,775 | ) |  |  | (91,119 | ) |  |  | (67,465 | )
Early extinguishment of debt |  |  | - |  |  |  | 2,479 |  |  |  | - |  |  |  | 21,837 |
Net investment income |  |  | (2,188 | ) |  |  | (3,825 | ) |  |  | (5,463 | ) |  |  | (5,307 | )
Total other expense (income) |  |  | 65,594 |  |  |  | 35,474 |  |  |  | 132,977 |  |  |  | 256,407 |
Income from operations before equity in income of |  |  |  |  |  |  |  |  |  |  |  |
investments in real estate partnerships |  |  | 48,241 |  |  |  | 27,405 |  |  |  | 319,202 |  |  |  | 13,148 |
Equity in income of investments in real estate partnerships |  |  | 20,742 |  |  |  | 11,811 |  |  |  | 47,086 |  |  |  | 34,169 |
Net income |  |  | 68,983 |  |  |  | 39,216 |  |  |  | 366,288 |  |  |  | 47,317 |
Noncontrolling Interests: |  |  |  |  |  |  |  |  |  |  |  |
Exchangeable operating partnership units |  |  | (300 | ) |  |  | (174 | ) |  |  | (1,615 | ) |  |  | (203 | )
Limited partners' interests in consolidated partnerships |  |  | (824 | ) |  |  | (555 | ) |  |  | (3,262 | ) |  |  | (2,225 | )
Income attributable to noncontrolling interests |  |  | (1,124 | ) |  |  | (729 | ) |  |  | (4,877 | ) |  |  | (2,428 | )
Net income attributable to common stockholders |  | $ | 67,859 |  |  |  | 38,487 |  |  | $ | 361,411 |  |  |  | 44,889 |

(1)
For additional details, see Supplemental COVID-19 Disclosure on pages 40 & 41.

These consolidated statements of operations should be read in conjunction with the Company's most recent Form 10-Q and Form 10-K filed with the Securities and Exchange Commission.

Supplemental Information 4

Supplemental Details of Operations (Consolidated Only)

For the Periods Ended December 31, 2021 and 2020

(in thousands)

|  |  | Three Months Ended |  |  | Year to Date |
|  |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
| Revenues: |  |  |  |  |  |  |  |  |  |  |  |
* | Base rent |  | $ | 195,339 |  |  |  | 191,487 |  |  | $ | 765,941 |  |  |  | 772,288 |
* | Recoveries from tenants |  |  | 65,517 |  |  |  | 60,784 |  |  |  | 258,596 |  |  |  | 246,915 |
* | Percentage rent |  |  | 1,215 |  |  |  | 885 |  |  |  | 6,601 |  |  |  | 6,163 |
* | Termination Fees |  |  | 1,934 |  |  |  | 1,366 |  |  |  | 5,790 |  |  |  | 5,176 |
* | Uncollectible lease income |  |  | 5,388 |  |  |  | (16,376 | ) |  |  | 23,481 |  |  |  | (82,367 | )
* | Other lease income |  |  | 2,915 |  |  |  | 2,539 |  |  |  | 10,231 |  |  |  | 8,725 |
| Straight line rent on lease income |  |  | 8,591 |  |  |  | (3,261 | ) |  |  | 18,189 |  |  |  | (18,953 | )
| Above/below market rent amortization |  |  | 6,079 |  |  |  | 11,112 |  |  |  | 24,539 |  |  |  | 42,219 |
| Lease income (1) |  |  | 286,978 |  |  |  | 248,536 |  |  |  | 1,113,368 |  |  |  | 980,166 |
* | Other property income |  |  | 3,028 |  |  |  | 2,507 |  |  |  | 12,456 |  |  |  | 9,508 |
| Property management fees |  |  | 3,441 |  |  |  | 3,614 |  |  |  | 14,415 |  |  |  | 14,444 |
| Asset management fees |  |  | 1,778 |  |  |  | 1,713 |  |  |  | 6,921 |  |  |  | 6,963 |
| Leasing commissions and other fees |  |  | 1,699 |  |  |  | 2,090 |  |  |  | 5,412 |  |  |  | 5,094 |
| Transaction fees |  |  | - |  |  |  | - |  |  |  | 13,589 |  |  |  | - |
| Management, transaction, and other fees |  |  | 6,918 |  |  |  | 7,417 |  |  |  | 40,337 |  |  |  | 26,501 |
| Total revenues |  |  | 296,924 |  |  |  | 258,460 |  |  |  | 1,166,161 |  |  |  | 1,016,175 |
| Operating Expenses: |  |  |  |  |  |  |  |  |  |  |  |
| Depreciation and amortization (including FF&E) |  |  | 76,396 |  |  |  | 86,739 |  |  |  | 303,331 |  |  |  | 345,900 |
* | Operating and maintenance |  |  | 45,002 |  |  |  | 42,442 |  |  |  | 167,785 |  |  |  | 154,600 |
* | Ground rent |  |  | 3,140 |  |  |  | 2,841 |  |  |  | 11,613 |  |  |  | 11,304 |
* | Termination expense |  |  | - |  |  |  | 188 |  |  |  | 1,874 |  |  |  | 713 |
| Straight line rent on ground rent |  |  | 409 |  |  |  | 437 |  |  |  | 1,679 |  |  |  | 1,777 |
| Above/below market ground rent amortization |  |  | 386 |  |  |  | 419 |  |  |  | 1,602 |  |  |  | 1,679 |
| Operating and maintenance |  |  | 48,937 |  |  |  | 46,327 |  |  |  | 184,553 |  |  |  | 170,073 |
| Gross general & administrative |  |  | 17,772 |  |  |  | 17,012 |  |  |  | 72,271 |  |  |  | 66,207 |
| Stock-based compensation |  |  | 3,183 |  |  |  | 3,284 |  |  |  | 12,651 |  |  |  | 14,248 |
| Capitalized direct development compensation costs |  |  | (2,865 | ) |  |  | (3,096 | ) |  |  | (11,276 | ) |  |  | (10,238 | )
| General & administrative, net |  |  | 18,090 |  |  |  | 17,200 |  |  |  | 73,646 |  |  |  | 70,217 |
| Loss on deferred compensation plan (2) |  |  | 1,865 |  |  |  | 3,312 |  |  |  | 4,572 |  |  |  | 4,784 |
| General & administrative |  |  | 19,955 |  |  |  | 20,512 |  |  |  | 78,218 |  |  |  | 75,001 |
* | Real estate taxes |  |  | 34,737 |  |  |  | 34,386 |  |  |  | 142,129 |  |  |  | 143,004 |
| Other expenses |  |  | 1,816 |  |  |  | (277 | ) |  |  | 4,263 |  |  |  | 2,172 |
| Development pursuit costs |  |  | 1,248 |  |  |  | 7,894 |  |  |  | 1,488 |  |  |  | 10,470 |
| Other operating expenses |  |  | 3,064 |  |  |  | 7,617 |  |  |  | 5,751 |  |  |  | 12,642 |
| Total operating expenses |  |  | 183,089 |  |  |  | 195,581 |  |  |  | 713,982 |  |  |  | 746,620 |
| Other Expense (Income): |  |  |  |  |  |  |  |  |  |  |  |
| Gross interest expense |  |  | 36,382 |  |  |  | 37,607 |  |  |  | 143,989 |  |  |  | 153,794 |
| Derivative amortization |  |  | 110 |  |  |  | 110 |  |  |  | 438 |  |  |  | 4,329 |
| Debt cost amortization |  |  | 1,403 |  |  |  | 1,476 |  |  |  | 6,173 |  |  |  | 5,782 |
| Debt premium/discount amortization |  |  | (115 | ) |  |  | (127 | ) |  |  | (604 | ) |  |  | (1,272 | )
| Capitalized interest |  |  | (1,190 | ) |  |  | (765 | ) |  |  | (4,202 | ) |  |  | (4,355 | )
| Interest income |  |  | (161 | ) |  |  | (228 | ) |  |  | (624 | ) |  |  | (1,600 | )
| Interest expense, net |  |  | 36,429 |  |  |  | 38,073 |  |  |  | 145,170 |  |  |  | 156,678 |
| Provision for impairment of real estate, net of tax |  |  | 84,274 |  |  |  | 17,522 |  |  |  | 84,389 |  |  |  | 18,536 |
| Goodwill impairment |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 132,128 |
| Gain on sale of real estate, net of tax |  |  | (52,921 | ) |  |  | (18,775 | ) |  |  | (91,119 | ) |  |  | (67,465 | )
| Early extinguishment of debt |  |  | - |  |  |  | 2,479 |  |  |  | - |  |  |  | 21,837 |
| Net investment income (2) |  |  | (2,188 | ) |  |  | (3,825 | ) |  |  | (5,463 | ) |  |  | (5,307 | )
| Total other expense (income) |  |  | 65,594 |  |  |  | 35,474 |  |  |  | 132,977 |  |  |  | 256,407 |

* Compnent of Net Operating Income

(1)
For additional details, see Supplemental COVID-19 Disclosure on pages 40 & 41.
(2)
The change in value of participant obligations within Regency’s non-qualified deferred compensation plan is included in General and administrative expense, which is offset by changes in value of assets held in the plan which is included in Net investment income.

These consolidated supplemental details of operations should be read in conjunction with the Company's most recent Form 10-Q and Form 10-K filed with the Securities and Exchange Commission.

Supplemental Information 5

Supplemental Details of Assets and Liabilities (Real Estate Partnerships Only)

December 31, 2021 and 2020

(in thousands)

|  | Noncontrolling Interests |  |  | Share of JVs |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Real estate assets at cost |  | $ | (87,578 | ) |  |  | (88,130 | ) |  | $ | 1,280,979 |  |  |  | 1,389,171 |
Less: accumulated depreciation |  |  | (17,396 | ) |  |  | (15,252 | ) |  |  | 441,893 |  |  |  | 438,374 |
Net real estate investments |  |  | (70,182 | ) |  |  | (72,878 | ) |  |  | 839,086 |  |  |  | 950,797 |
Cash, cash equivalents, and restricted cash |  |  | (2,669 | ) |  |  | (2,676 | ) |  |  | 16,179 |  |  |  | 21,588 |
Tenant and other receivables (1) |  |  | (2,158 | ) |  |  | (2,213 | ) |  |  | 23,899 |  |  |  | 23,133 |
Deferred leasing costs, net |  |  | (1,278 | ) |  |  | (1,017 | ) |  |  | 14,764 |  |  |  | 14,856 |
Acquired lease intangible assets, net |  |  | (392 | ) |  |  | (540 | ) |  |  | 5,566 |  |  |  | 9,440 |
Right of use assets |  |  | (1,613 | ) |  |  | (1,649 | ) |  |  | 5,266 |  |  |  | 5,487 |
Other assets |  |  | (66 | ) |  |  | (68 | ) |  |  | 21,381 |  |  |  | 18,855 |
Total assets |  | $ | (78,358 | ) |  |  | (81,041 | ) |  | $ | 926,141 |  |  |  | 1,044,156 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Notes payable |  | $ | (36,290 | ) |  |  | (37,461 | ) |  | $ | 516,791 |  |  |  | 534,658 |
Accounts payable and other liabilities |  |  | (2,577 | ) |  |  | (3,704 | ) |  |  | 22,741 |  |  |  | 24,588 |
Acquired lease intangible liabilities, net |  |  | (117 | ) |  |  | (193 | ) |  |  | 5,884 |  |  |  | 9,183 |
Lease liabilities |  |  | (1,912 | ) |  |  | (1,903 | ) |  |  | 4,325 |  |  |  | 4,387 |
Tenants' security, escrow deposits, and prepaid rent |  |  | (348 | ) |  |  | (272 | ) |  |  | 3,809 |  |  |  | 4,185 |
Total liabilities |  | $ | (41,244 | ) |  |  | (43,533 | ) |  | $ | 553,550 |  |  |  | 577,001 |

(1)
For additional details, see Supplemental COVID-19 Disclosure on pages 40 & 41.

Note

Noncontrolling interests represent limited partners' interests in consolidated partnerships' activities and Share of JVs represents the Company's share of co-investment partnerships' activities, of which each are included on a single line presentation in the Company's consolidated financial statements in accordance with GAAP.

Supplemental Information 6

Supplemental Details of Operations (Real Estate Partnerships Only)

For the Periods Ended December 31, 2021 and 2020

(in thousands)

|  |  | Noncontrolling Interests |  |  | Share of JVs |
|  |  | Three Months Ended |  |  | Year to Date |  |  | Three Months Ended |  |  | Year to Date |
|  |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
| Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
* | Base rent |  | $ | (1,991 | ) |  |  | (1,777 | ) |  | $ | (7,892 | ) |  |  | (7,177 | ) |  | $ | 24,802 |  |  |  | 26,281 |  |  | $ | 102,118 |  |  |  | 105,789 |
* | Recoveries from tenants |  |  | (598 | ) |  |  | (539 | ) |  |  | (2,350 | ) |  |  | (2,070 | ) |  |  | 8,829 |  |  |  | 8,580 |  |  |  | 34,431 |  |  |  | 33,599 |
* | Percentage rent |  |  | - |  |  |  | - |  |  |  | (6 | ) |  |  | (3 | ) |  |  | 194 |  |  |  | 232 |  |  |  | 1,129 |  |  |  | 1,047 |
* | Termination Fees |  |  | - |  |  |  | (50 | ) |  |  | (11 | ) |  |  | (160 | ) |  |  | 103 |  |  |  | 894 |  |  |  | 787 |  |  |  | 2,617 |
* | Uncollectible lease income |  |  | (33 | ) |  |  | 97 |  |  |  | (226 | ) |  |  | 531 |  |  |  | 685 |  |  |  | (1,410 | ) |  |  | 2,470 |  |  |  | (9,803 | )
* | Other lease income |  |  | (29 | ) |  |  | (28 | ) |  |  | (119 | ) |  |  | (115 | ) |  |  | 367 |  |  |  | 353 |  |  |  | 1,470 |  |  |  | 1,437 |
| Straight line rent on lease income |  |  | (95 | ) |  |  | (1 | ) |  |  | (143 | ) |  |  | (167 | ) |  |  | 1,225 |  |  |  | (163 | ) |  |  | 3,052 |  |  |  | (2,664 | )
| Above/below market rent amortization |  |  | (6 | ) |  |  | (14 | ) |  |  | (69 | ) |  |  | (86 | ) |  |  | 114 |  |  |  | 191 |  |  |  | 1,060 |  |  |  | 878 |
| Lease income (1) |  |  | (2,752 | ) |  |  | (2,312 | ) |  |  | (10,816 | ) |  |  | (9,247 | ) |  |  | 36,319 |  |  |  | 34,958 |  |  |  | 146,517 |  |  |  | 132,900 |
* | Other property income |  |  | (2 | ) |  |  | (1 | ) |  |  | (14 | ) |  |  | (9 | ) |  |  | 105 |  |  |  | 348 |  |  |  | 360 |  |  |  | 761 |
| Asset management fees |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (279 | ) |  |  | (267 | ) |  |  | (1,083 | ) |  |  | (1,090 | )
| Management, transaction, and other fees |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (279 | ) |  |  | (267 | ) |  |  | (1,083 | ) |  |  | (1,090 | )
| Total revenues |  |  | (2,754 | ) |  |  | (2,313 | ) |  |  | (10,830 | ) |  |  | (9,256 | ) |  |  | 36,145 |  |  |  | 35,039 |  |  |  | 145,794 |  |  |  | 132,571 |
| Operating Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Depreciation and amortization (including FF&E) |  |  | (704 | ) |  |  | (619 | ) |  |  | (2,818 | ) |  |  | (2,459 | ) |  |  | 7,614 |  |  |  | 8,723 |  |  |  | 32,093 |  |  |  | 34,508 |
* | Operating and maintenance |  |  | (482 | ) |  |  | (401 | ) |  |  | (1,777 | ) |  |  | (1,441 | ) |  |  | 5,786 |  |  |  | 6,004 |  |  |  | 22,831 |  |  |  | 22,333 |
* | Ground rent |  |  | (29 | ) |  |  | (28 | ) |  |  | (113 | ) |  |  | (113 | ) |  |  | 90 |  |  |  | 74 |  |  |  | 357 |  |  |  | 343 |
| Straight line rent on ground rent |  |  | (16 | ) |  |  | (16 | ) |  |  | (63 | ) |  |  | (63 | ) |  |  | 29 |  |  |  | 29 |  |  |  | 119 |  |  |  | 119 |
| Above/below market ground rent amortization |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10 |  |  |  | 10 |  |  |  | 39 |  |  |  | 39 |
| Operating and maintenance |  |  | (527 | ) |  |  | (445 | ) |  |  | (1,953 | ) |  |  | (1,617 | ) |  |  | 5,915 |  |  |  | 6,117 |  |  |  | 23,346 |  |  |  | 22,834 |
| General & administrative, net |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 82 |  |  |  | 106 |  |  |  | 341 |  |  |  | 369 |
* | Real estate taxes |  |  | (341 | ) |  |  | (320 | ) |  |  | (1,315 | ) |  |  | (1,347 | ) |  |  | 4,615 |  |  |  | 4,551 |  |  |  | 19,372 |  |  |  | 18,876 |
| Other expenses |  |  | (18 | ) |  |  | (23 | ) |  |  | (95 | ) |  |  | (83 | ) |  |  | 335 |  |  |  | 294 |  |  |  | 1,249 |  |  |  | 949 |
| Development pursuit costs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 12 |  |  |  | 67 |
| Other operating expenses |  |  | (18 | ) |  |  | (23 | ) |  |  | (95 | ) |  |  | (83 | ) |  |  | 335 |  |  |  | 294 |  |  |  | 1,261 |  |  |  | 1,016 |
| Total operating expenses |  |  | (1,590 | ) |  |  | (1,407 | ) |  |  | (6,181 | ) |  |  | (5,506 | ) |  |  | 18,561 |  |  |  | 19,791 |  |  |  | 76,413 |  |  |  | 77,603 |
| Other Expense (Income): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross interest expense |  |  | (330 | ) |  |  | (336 | ) |  |  | (1,342 | ) |  |  | (1,461 | ) |  |  | 4,688 |  |  |  | 5,298 |  |  |  | 19,442 |  |  |  | 22,069 |
| Debt cost amortization |  |  | (10 | ) |  |  | (15 | ) |  |  | (45 | ) |  |  | (64 | ) |  |  | 183 |  |  |  | 134 |  |  |  | 768 |  |  |  | 657 |
| Debt premium/discount amortization |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10 |  |  |  | 10 |  |  |  | 39 |  |  |  | 39 |
| Interest expense, net |  |  | (340 | ) |  |  | (351 | ) |  |  | (1,387 | ) |  |  | (1,525 | ) |  |  | 4,881 |  |  |  | 5,442 |  |  |  | 20,249 |  |  |  | 22,765 |
| Provision for impairment of real estate |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 955 |  |  |  | 242 |  |  |  | 11,426 |  |  |  | 242 |
| Gain on sale of real estate |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (8,994 | ) |  |  | (2,453 | ) |  |  | (9,380 | ) |  |  | (2,414 | )
| Early extinguishment of debt |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 206 |  |  |  | - |  |  |  | 206 |
| Total other expense (income) |  |  | (340 | ) |  |  | (351 | ) |  |  | (1,387 | ) |  |  | (1,525 | ) |  |  | (3,158 | ) |  |  | 3,437 |  |  |  | 22,295 |  |  |  | 20,799 |

* Compnent of Net Operating Income

(1)
For additional details, see Supplemental COVID-19 Disclosure on pages 40 & 41.

Note

Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities and Share of JVs represents the Company’s share of co-investment partnerships’ activities, of which each are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP.

Supplemental Information 7

Supplemental Details of Same Property NOI (Pro-Rata)

For the Periods Ended December 31, 2021 and 2020

(in thousands)

|  | Three Months Ended |  |  | Year to Date |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Same Property NOI Detail: |  |  |  |  |  |  |  |  |  |  |  |
Real Estate Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Base rent |  | $ | 215,573 |  |  |  | 213,952 |  |  | $ | 856,993 |  |  |  | 860,805 |
Recoveries from tenants |  |  | 73,041 |  |  |  | 68,723 |  |  |  | 290,481 |  |  |  | 277,389 |
Percentage rent |  |  | 1,403 |  |  |  | 1,114 |  |  |  | 7,715 |  |  |  | 7,144 |
Termination fees |  |  | 2,038 |  |  |  | 2,260 |  |  |  | 6,446 |  |  |  | 7,775 |
Uncollectible lease income |  |  | 6,343 |  |  |  | (17,681 | ) |  |  | 25,684 |  |  |  | (91,015 | )
Other lease income |  |  | 3,269 |  |  |  | 2,885 |  |  |  | 11,584 |  |  |  | 9,982 |
Other property income |  |  | 2,418 |  |  |  | 1,883 |  |  |  | 9,873 |  |  |  | 6,729 |
Total real estate revenues |  |  | 304,085 |  |  |  | 273,136 |  |  |  | 1,208,776 |  |  |  | 1,078,809 |
Real Estate Operating Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Operating and maintenance |  |  | 50,460 |  |  |  | 47,610 |  |  |  | 188,834 |  |  |  | 175,299 |
Termination expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 25 |
Real estate taxes |  |  | 38,340 |  |  |  | 38,212 |  |  |  | 158,940 |  |  |  | 158,413 |
Ground rent |  |  | 3,143 |  |  |  | 3,003 |  |  |  | 11,829 |  |  |  | 11,964 |
Total real estate operating expenses |  |  | 91,943 |  |  |  | 88,825 |  |  |  | 359,603 |  |  |  | 345,701 |
Same Property NOI |  | $ | 212,142 |  |  |  | 184,311 |  |  | $ | 849,173 |  |  |  | 733,108 |
% change |  |  | 15.1 | % |  |  |  |  |  | 15.8 | % |  |  |
Same Property NOI without Termination Fees |  | $ | 210,104 |  |  |  | 182,051 |  |  | $ | 842,727 |  |  |  | 725,358 |
% change |  |  | 15.4 | % |  |  |  |  |  | 16.2 | % |  |  |
Same Property NOI without Termination Fees or Redevelopments |  | $ | 187,315 |  |  |  | 162,660 |  |  | $ | 752,604 |  |  |  | 648,348 |
% change |  |  | 15.2 | % |  |  |  |  |  | 16.1 | % |  |  |
Reconciliation of Net Income Attributable to Common Stockholders to Same Property NOI: |  |  |  |  |  |  |
Net income attributable to common stockholders |  | $ | 67,859 |  |  |  | 38,487 |  |  | $ | 361,411 |  |  |  | 44,889 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Management, transaction, and other fees |  |  | (6,918 | ) |  |  | (7,417 | ) |  |  | (40,337 | ) |  |  | (26,501 | )
Other (1) |  |  | (15,676 | ) |  |  | (8,544 | ) |  |  | (46,860 | ) |  |  | (25,912 | )
Plus: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 76,396 |  |  |  | 86,739 |  |  |  | 303,331 |  |  |  | 345,900 |
General and administrative |  |  | 19,955 |  |  |  | 20,512 |  |  |  | 78,218 |  |  |  | 75,001 |
Other operating expense |  |  | 3,064 |  |  |  | 7,617 |  |  |  | 5,751 |  |  |  | 12,642 |
Other expense |  |  | 65,594 |  |  |  | 35,474 |  |  |  | 132,977 |  |  |  | 256,407 |
Equity in income of investments in real estate excluded from NOI (2) |  |  | 3,852 |  |  |  | 12,838 |  |  |  | 53,119 |  |  |  | 59,726 |
Net income attributable to noncontrolling interests |  |  | 1,124 |  |  |  | 729 |  |  |  | 4,877 |  |  |  | 2,428 |
NOI |  |  | 215,250 |  |  |  | 186,435 |  |  |  | 852,487 |  |  |  | 744,580 |
Less non-same property NOI (3) |  |  | (3,108 | ) |  |  | (2,124 | ) |  |  | (3,314 | ) |  |  | (11,472 | )
Same Property NOI |  | $ | 212,142 |  |  |  | 184,311 |  |  | $ | 849,173 |  |  |  | 733,108 |

(1)
Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests.
(2)
Includes non-NOI income and expenses incurred at our unconsolidated real estate partnerships, such as, but not limited to, straight-line rental income, above and below market rent amortization, depreciation and amortization, interest expense, and real estate gains and impairments.
(3)
Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests.

Supplemental Information 8

Reconciliations of Non-GAAP Financial Measures and Additional Disclosures

Wholly Owned and Regency's Pro-rata Share of Co-investment Partnerships

For the Periods Ended December 31, 2021 and 2020

(in thousands, except per share data)

|  | Three Months Ended |  |  | Year to Date |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Reconciliation of Net Income to Nareit FFO: |  |  |  |  |  |  |  |  |  |  |  |
Net Income Attributable to Common Stockholders |  | $ | 67,859 |  |  |  | 38,487 |  |  | $ | 361,411 |  |  |  | 44,889 |
Adjustments to reconcile to Nareit Funds From Operations (1): |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization (excluding FF&E) |  |  | 82,765 |  |  |  | 94,289 |  |  |  | 330,364 |  |  |  | 375,865 |
Goodwill impairment |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 132,128 |
Gain on sale of real estate |  |  | (61,915 | ) |  |  | (21,228 | ) |  |  | (100,499 | ) |  |  | (69,879 | )
Provision for impairment of real estate |  |  | 85,229 |  |  |  | 17,764 |  |  |  | 95,815 |  |  |  | 18,778 |
Exchangeable operating partnership units |  |  | 300 |  |  |  | 174 |  |  |  | 1,615 |  |  |  | 203 |
Nareit Funds From Operations |  | $ | 174,238 |  |  |  | 129,486 |  |  | $ | 688,706 |  |  |  | 501,984 |
Nareit FFO per share (diluted) |  | $ | 1.01 |  |  |  | 0.76 |  |  | $ | 4.02 |  |  |  | 2.95 |
Weighted average shares (diluted) |  |  | 172,626 |  |  |  | 170,745 |  |  |  | 171,456 |  |  |  | 170,225 |
Reconciliation of Nareit FFO to Core Operating Earnings: |  |  |  |  |  |  |  |  |  |  |  |
Nareit Funds From Operations |  | $ | 174,238 |  |  |  | 129,486 |  |  | $ | 688,706 |  |  |  | 501,984 |
Adjustments to reconcile to Core Operating Earnings (1): |  |  |  |  |  |  |  |  |  |  |  |
Non Comparable Items |  |  |  |  |  |  |  |  |  |  |  |
Early extinguishment of debt |  |  | - |  |  |  | 2,685 |  |  |  | - |  |  |  | 22,043 |
Promote income |  |  | - |  |  |  | - |  |  |  | (13,589 | ) |  |  | - |
Certain Non-Cash Items |  |  |  |  |  |  |  |  |  |  |  |
Straight line rent |  |  | (3,240 | ) |  |  | (3,778 | ) |  |  | (13,534 | ) |  |  | (15,605 | )
Uncollectible straight line rent |  |  | (6,124 | ) |  |  | 7,681 |  |  |  | (5,965 | ) |  |  | 39,255 |
Above/below market rent amortization, net |  |  | (5,791 | ) |  |  | (10,860 | ) |  |  | (23,889 | ) |  |  | (41,293 | )
Debt premium/discount amortization |  |  | (105 | ) |  |  | (117 | ) |  |  | (565 | ) |  |  | (1,233 | )
Core Operating Earnings |  | $ | 158,978 |  |  |  | 125,097 |  |  | $ | 631,164 |  |  |  | 505,151 |
Core Operating Earnings per share (diluted) |  | $ | 0.92 |  |  |  | 0.73 |  |  | $ | 3.68 |  |  |  | 2.97 |
Weighted average shares (diluted) |  |  | 172,626 |  |  |  | 170,745 |  |  |  | 171,456 |  |  |  | 170,225 |
Additional Disclosures: |  |  |  |  |  |  |  |  |  |  |  |
Other Non Cash Expense (1) |  |  |  |  |  |  |  |  |  |  |  |
Derivative amortization |  | $ | 110 |  |  |  | 110 |  |  | $ | 438 |  |  |  | 4,329 |
Debt cost amortization |  |  | 1,575 |  |  |  | 1,595 |  |  |  | 6,895 |  |  |  | 6,375 |
Stock-based compensation |  |  | 3,183 |  |  |  | 3,284 |  |  |  | 12,651 |  |  |  | 14,248 |
Other Non Cash Expense |  | $ | 4,868 |  |  |  | 4,989 |  |  | $ | 19,984 |  |  |  | 24,952 |
Maintenance and Leasing Capital Expenditures (2) |  |  |  |  |  |  |  |  |  |  |  |
Tenant allowance and landlord work |  | $ | 10,201 |  |  |  | 6,768 |  |  | $ | 32,788 |  |  |  | 29,660 |
Building improvements |  |  | 10,799 |  |  |  | 5,414 |  |  |  | 24,596 |  |  |  | 19,104 |
Leasing commissions |  |  | 3,540 |  |  |  | 2,134 |  |  |  | 13,184 |  |  |  | 7,425 |
Capital Expenditures |  | $ | 24,540 |  |  |  | 14,316 |  |  | $ | 70,568 |  |  |  | 56,189 |

(1)
Includes Regency’s consolidated entities and its pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests, which can be found on page 7.
(2)
Includes Regency’s consolidated entities and its pro-rata share of unconsolidated co-investment partnerships.

Supplemental Information 9

Reconciliations of Non-GAAP Financial Measures and Additional Disclosures (continued)

For the Periods Ended December 31, 2021 and 2020

(in thousands)

|  | Three Months Ended |  |  | Year to Date |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Reconciliation of Net Income to Nareit EBITDA re: |  |  |  |  |  |  |  |  |  |  |  |
Net Income |  | $ | 68,983 |  |  |  | 39,216 |  |  | $ | 366,288 |  |  |  | 47,317 |
Adjustments to reconcile to Nareit EBITDA re (1): |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | 41,471 |  |  |  | 43,743 |  |  |  | 166,043 |  |  |  | 181,043 |
Income tax expense |  |  | 615 |  |  |  | 212 |  |  |  | 943 |  |  |  | (357 | )
Depreciation and amortization |  |  | 84,010 |  |  |  | 95,462 |  |  |  | 335,424 |  |  |  | 380,408 |
Gain on sale of real estate |  |  | (61,915 | ) |  |  | (21,228 | ) |  |  | (100,499 | ) |  |  | (69,879 | )
Provision for impairment of real estate |  |  | 85,229 |  |  |  | 17,764 |  |  |  | 95,815 |  |  |  | 18,778 |
Goodwill impairment |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 132,128 |
Nareit EBITDA re |  | $ | 218,393 |  |  |  | 175,169 |  |  | $ | 864,014 |  |  |  | 689,438 |
Reconciliation of Nareit EBITDA re to Operating EBITDA re: |  |  |  |  |  |  |  |  |  |  |  |
Nareit EBITDA re |  | $ | 218,393 |  |  |  | 175,169 |  |  | $ | 864,014 |  |  |  | 689,438 |
Adjustments to reconcile to Operating EBITDA re (1): |  |  |  |  |  |  |  |  |  |  |  |
Early extinguishment of debt |  |  | - |  |  |  | 2,685 |  |  |  | - |  |  |  | 22,043 |
Transaction income (JV promote) |  |  | - |  |  |  | - |  |  |  | (13,589 | ) |  |  | - |
Straight line rent, net |  |  | (9,443 | ) |  |  | 3,918 |  |  |  | (19,579 | ) |  |  | 23,546 |
Above/below market rent amortization, net |  |  | (5,797 | ) |  |  | (10,874 | ) |  |  | (23,958 | ) |  |  | (41,379 | )
Operating EBITDA re |  | $ | 203,153 |  |  |  | 170,898 |  |  | $ | 806,888 |  |  |  | 693,648 |

(1)
Includes Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships.

Supplemental Information 10

Summary of Consolidated Debt

December 31, 2021 and 2020

(in thousands)

Total Debt Outstanding: |  | 12/31/2021 |  |  | 12/31/2020 |
Notes Payable: |  |  |  |  |  |
Fixed rate mortgage loans |  | $ | 469,953 |  |  | $ | 384,735 |
Variable-rate mortgage loans |  |  | 5,000 |  |  |  | 34,061 |
Fixed rate unsecured public debt |  |  | 3,050,632 |  |  |  | 3,047,715 |
Fixed rate unsecured private debt |  |  | 193,359 |  |  |  | 191,894 |
Unsecured credit facilities: |  |  |  |  |  |
Revolving line of credit |  |  | - |  |  |  | - |
Term Loans |  |  | - |  |  |  | 264,679 |
Total |  | $ | 3,718,944 |  |  | $ | 3,923,084 |

Schedule of Maturities by Year: |  | Scheduled Principal Payments |  |  | Mortgage Loan Maturities |  |  | Unsecured Maturities (1) |  |  | Total |  |  | Weighted Average Contractual Interest Rate on Maturities
2022 |  | $ | 11,389 |  |  |  | 5,848 |  |  |  | - |  |  |  | 17,237 |  |  | 7.68%
2023 |  |  | 9,695 |  |  |  | 64,376 |  |  |  | - |  |  |  | 74,071 |  |  | 3.21%
2024 |  |  | 4,849 |  |  |  | 90,742 |  |  |  | 250,000 |  |  |  | 345,591 |  |  | 3.70%
2025 |  |  | 3,732 |  |  |  | 40,000 |  |  |  | 250,000 |  |  |  | 293,732 |  |  | 3.79%
2026 |  |  | 3,922 |  |  |  | 88,000 |  |  |  | 200,000 |  |  |  | 291,922 |  |  | 3.83%
2027 |  |  | 3,788 |  |  |  | 137,915 |  |  |  | 525,000 |  |  |  | 666,703 |  |  | 3.66%
2028 |  |  | 2,799 |  |  |  | 170 |  |  |  | 300,000 |  |  |  | 302,969 |  |  | 4.13%
2029 |  |  | 22 |  |  |  | 146 |  |  |  | 425,000 |  |  |  | 425,168 |  |  | 2.95%
2030 |  |  | 24 |  |  |  | - |  |  |  | 600,000 |  |  |  | 600,024 |  |  | 3.70%
2031 |  |  | 26 |  |  |  | - |  |  |  | - |  |  |  | 26 |  |  | 0.00%
>10 years |  |  | 2 |  |  |  | 3 |  |  |  | 725,000 |  |  |  | 725,005 |  |  | 4.56%
Unamortized debt premium/(discount), net of issuance costs |  |  | - |  |  |  | 7,505 |  |  |  | (31,009 | ) |  |  | (23,504 | ) |  |
|  | $ | 40,248 |  |  |  | 434,705 |  |  |  | 3,243,991 |  |  |  | 3,718,944 |  |  | 3.83%

Percentage of Total Debt: |  | 12/31/2021 |  |  | 12/31/2020
Fixed |  | 99.9% |  |  | 99.1%
Variable |  | 0.1% |  |  | 0.9%
Current Weighted Average Contractual Interest Rates:(2) |  |  |  |  |
Fixed |  | 3.8% |  |  | 3.7%
Variable |  | 1.6% |  |  | 1.2%
Combined |  | 3.8% |  |  | 3.7%
Current Weighted Average Effective Interest Rate:(3) |  |  |  |  |
Combined |  | 4.1% |  |  | 3.9%
Average Years to Maturity: |  |  |  |  |
Fixed |  |  | 9.6 |  |  | 10.1
Variable |  |  | 1.2 |  |  | 1.2

(1)
Includes unsecured public and private placement debt and any drawn balance on unsecured revolving line of credit.
(2)
Interest rates are calculated as of the quarter end.
(3)
Effective interest rates are calculated in accordance with US GAAP, as of the quarter end, and include the impact of debt premium/(discount) amortization, issuance cost amortization, interest rate swaps, and facility fees.

Supplemental Information 11

Summary of Consolidated Debt

December 31, 2021 and 2020

(in thousands)

|  |  |  | Contractual |  |  | Effective |  |  |  |  |  |  |  |
Lender |  | Collateral |  | Rate |  |  | Rate(1) |  | Maturity |  | 12/31/2021 |  |  | 12/31/2020 |
Secured Debt - Fixed Rate Mortqaqe Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
John Hancock Life Insurance Company |  | Kirkwood Commons |  | 7.68% |  |  |  |  | 10/01/22 |  | $ | 6,495 |  |  | $ | 7,302 |
Wells Fargo |  | Hewlett I |  | 4.41% |  |  |  |  | 01/06/23 |  |  | 9,061 |  |  |  | 9,235 |
TD Bank |  | Black Rock Shopping Center |  | 2.80% |  |  |  |  | 04/01/23 |  |  | 19,029 |  |  |  | 19,405 |
State Farm Life Insurance Company |  | Tech Ridge Center |  | 5.83% |  |  |  |  | 06/01/23 |  |  | 2,066 |  |  |  | 3,346 |
American United Life Insurance Company |  | Westport Plaza |  | 7.49% |  |  |  |  | 08/01/23 |  |  | 1,789 |  |  |  | 2,098 |
TD Bank |  | Brickwalk Shopping Center |  | 3.19% |  |  |  |  | 11/01/23 |  |  | 31,763 |  |  |  | 32,369 |
Genworth Life Insurance Company |  | Aventura, Oakbrook & Treasure Coast |  | 6.50% |  |  |  |  | 02/28/24 |  |  | 6,801 |  |  |  | 9,525 |
Prudential Insurance Company of America |  | 4S Commons Town Center |  | 3.50% |  |  |  |  | 06/05/24 |  |  | 82,531 |  |  |  | 84,191 |
Ellis Partners |  | Pruneyard |  | 4.00% |  |  |  |  | 06/30/24 |  |  | 2,200 |  |  |  | 2,200 |
Great-West Life & Annuity Insurance Co |  | Erwin Square |  | 3.78% |  |  |  |  | 09/01/24 |  |  | 10,000 |  |  |  | 10,000 |
PNC Bank |  | Circle Marina Center |  | 2.54% |  |  |  |  | 03/17/25 |  |  | 24,000 |  |  |  | 24,000 |
Prudential Insurance Company of America |  | Country Walk Plaza |  | 3.91% |  |  |  |  | 11/05/25 |  |  | 16,000 |  |  |  | 16,000 |
Metropolitan Life Insurance Company |  | Westbury Plaza |  | 3.76% |  |  |  |  | 02/01/26 |  |  | 88,000 |  |  |  | 88,000 |
The Guardian Life Insurance of America |  | Willa Springs |  | 3.81% |  |  |  |  | 03/01/27 |  |  | 16,700 |  |  |  | - |
The Guardian Life Insurance of America |  | Alden Bridge |  | 3.81% |  |  |  |  | 03/01/27 |  |  | 26,000 |  |  |  | - |
The Guardian Life Insurance of America |  | Bethany Park Place |  | 3.81% |  |  |  |  | 03/01/27 |  |  | 10,200 |  |  |  | - |
The Guardian Life Insurance of America |  | Blossom Valley |  | 3.81% |  |  |  |  | 03/01/27 |  |  | 22,300 |  |  |  | - |
The Guardian Life Insurance of America |  | Dunwoody Hall |  | 3.81% |  |  |  |  | 03/01/27 |  |  | 13,800 |  |  |  | - |
The Guardian Life Insurance of America |  | Hasley Canyon Village |  | 3.81% |  |  |  |  | 03/01/27 |  |  | 16,000 |  |  |  | - |
PNC Bank |  | Fellsway Plaza |  | 4.07% |  |  |  |  | 06/02/27 |  |  | 36,019 |  |  |  | 36,590 |
New York Life Insurance |  | Oak Shade Town Center |  | 6.05% |  |  |  |  | 05/10/28 |  |  | 5,606 |  |  |  | 6,301 |
New York Life Insurance |  | Von's Circle Center |  | 5.20% |  |  |  |  | 10/10/28 |  |  | 5,751 |  |  |  | 6,434 |
New York Life Insurance |  | Copps Hill Plaza |  | 6.06% |  |  |  |  | 01/01/29 |  |  | 10,145 |  |  |  | 11,258 |
City of Rollingwood |  | Shops at Mira Vista |  | 8.00% |  |  |  |  | 03/01/32 |  |  | 192 |  |  |  | 204 |
Jefferson Pilot |  | BridgeMill |  | 7.94% |  |  |  |  | 05/05/21 |  |  | - |  |  |  | 4,012 |
Reliastar Life Insurance Company |  | Circle Center West |  | 5.01% |  |  |  |  | 10/01/21 |  |  | - |  |  |  | 9,143 |
Unamortized premiums on assumed debt of acquired properties, net of issuance costs |  |  |  |  |  |  |  |  |  | 7,505 |  |  |  | 3,122 |
Total Fixed Rate Mortgage Loans |  | 3.84% |  |  | 3.73% |  |  |  | $ | 469,953 |  |  | $ | 384,735 |
Unsecured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Offering (5/16/14) |  | Fixed-rate unsecured |  | 3.75% |  |  |  |  | 06/15/24 |  | $ | 250,000 |  |  | $ | 250,000 |
Debt Offering (8/17/15) |  | Fixed-rate unsecured |  | 3.90% |  |  |  |  | 11/01/25 |  |  | 250,000 |  |  |  | 250,000 |
Debt Placement (5/11/16) |  | Fixed-rate unsecured |  | 3.81% |  |  |  |  | 05/11/26 |  |  | 100,000 |  |  |  | 100,000 |
Debt Placement (8/11/16) |  | Fixed-rate unsecured |  | 3.91% |  |  |  |  | 08/11/26 |  |  | 100,000 |  |  |  | 100,000 |
Debt Offering (1/17/17) |  | Fixed-rate unsecured |  | 3.60% |  |  |  |  | 02/01/27 |  |  | 525,000 |  |  |  | 525,000 |
Debt Offering (3/9/18) |  | Fixed-rate unsecured |  | 4.13% |  |  |  |  | 03/15/28 |  |  | 300,000 |  |  |  | 300,000 |
Debt Offering (8/13/19) |  | Fixed-rate unsecured |  | 2.95% |  |  |  |  | 09/15/29 |  |  | 425,000 |  |  |  | 425,000 |
Debt Offering (5/13/20) |  | Fixed-rate unsecured |  | 3.70% |  |  |  |  | 06/15/30 |  |  | 600,000 |  |  |  | 600,000 |
Debt Offering (1/17/17) |  | Fixed-rate unsecured |  | 4.40% |  |  |  |  | 02/01/47 |  |  | 425,000 |  |  |  | 425,000 |
Debt Offering (3/6/19) |  | Fixed-rate unsecured |  | 4.65% |  |  |  |  | 03/15/49 |  |  | 300,000 |  |  |  | 300,000 |
Term Loan |  | Fixed-rate unsecured |  | 2.00% |  |  |  |  | 01/05/22 |  |  | - |  |  |  | 265,000 |
Revolving Line of Credit |  | Variable-rate unsecured |  | LIBOR + 0.865% | (2) |  |  |  | 03/23/25 |  |  | - |  |  |  | - |
Unamortized debt discount and issuance costs |  |  |  |  |  |  |  |  |  | (31,009 | ) |  |  | (35,712 | )
Total Unsecured Debt, Net of Discounts |  | 3.83% |  |  | 3.98% |  |  |  | $ | 3,243,991 |  |  | $ | 3,504,288 |
Variable Rate Mortgage Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PNC Bank |  | Market at Springwoods Village |  | LIBOR + 1.50% |  |  |  |  | 03/28/23 |  | $ | 5,000 |  |  | $ | 6,350 |
TD Bank, N.A. |  | Concord Shopping Plaza |  | LIBOR + 0.95% |  |  |  |  | 12/21/21 |  |  | - |  |  |  | 27,750 |
Unamortized debt discount and issuance costs |  |  |  |  |  |  |  |  |  | - |  |  |  | (39 | )
Total Variable Rate Mortgage Loans |  | 1.59% |  |  | 1.79% |  |  |  | $ | 5,000 |  |  | $ | 34,061 |
Total |  |  |  | 3.83% |  |  | 4.07% |  |  |  | $ | 3,718,944 |  |  | $ | 3,923,084 |

(1)
Effective interest rates are calculated in accordance with US GAAP, as of the quarter end, and include the impact of debt premium/(discount) amortization, issuance cost amortization, interest rate swaps, and facility and unused fees.
(2)
Rate applies to drawn balance only. Additional annual facility fee of 0.15% applies to entire $1.25 billion line of credit. Maturity is subject to two additional six-month periods at the Company’s option.

Supplemental Information 12

Summary of Unsecured Debt Covenants and Leverage Ratios

December 31, 2021

(in thousands)

Outstanding Unsecured Public Debt: |  | Origination |  | Maturity |  | Rate |  | Balance |
|  | 05/16/14 |  | 06/15/24 |  | 3.750% |  | $ | 250,000 |
|  | 08/17/15 |  | 11/01/25 |  | 3.900% |  | $ | 250,000 |
|  | 01/17/17 |  | 02/01/27 |  | 3.600% |  | $ | 525,000 |
|  | 03/09/18 |  | 03/15/28 |  | 4.125% |  | $ | 300,000 |
|  | 08/20/19 |  | 09/15/29 |  | 2.950% |  | $ | 425,000 |
|  | 05/13/20 |  | 06/15/30 |  | 3.700% |  | $ | 600,000 |
|  | 01/17/17 |  | 02/01/47 |  | 4.400% |  | $ | 425,000 |
|  | 03/06/19 |  | 03/15/49 |  | 4.650% |  | $ | 300,000 |

Unsecured Public Debt Covenants: |  | Required |  | 12/31/2021 |  | 9/30/2021 |  | 6/30/2021 |  | 3/31/2021 |  | 12/31/2020
Fair Market Value Calculation Method Covenants (1) (2) |  |  |  |  |  |  |  |  |  |  |  |
Total Consolidated Debt to Total Consolidated Assets |  | ≤ 65% |  | 27% |  | 31% |  | 27% |  | 28% |  | 29%
Secured Consolidated Debt to Total Consolidated Assets |  | ≤ 40% |  | 3% |  | 4% |  | 3% |  | 3% |  | 3%
Consolidated Income for Debt Service to Consolidated Debt Service |  | ≥ 1.5x |  | 5.5x |  | 5.1x |  | 4.6x |  | 4.3x |  | 4.2x
Unencumbered Consolidated Assets to Unsecured Consolidated Debt |  | >150% |  | 388% |  | 370% |  | 375% |  | 366% |  | 345%
Ratios: |  |  |  | 12/31/2021 |  | 9/30/2021 |  | 6/30/2021 |  | 3/31/2021 |  | 12/31/2020
Consolidated only |  |  |  |  |  |  |  |  |  |  |  |
Net debt to total market capitalization |  |  |  | 21.9% |  | 22.6% |  | 23.5% |  | 26.6% |  | 31.3%
Net debt to real estate assets, before depreciation |  |  |  | 30.4% |  | 28.9% |  | 29.2% |  | 30.3% |  | 30.5%
Net debt to total assets, before depreciation |  |  |  | 28.1% |  | 26.8% |  | 27.0% |  | 28.0% |  | 28.2%
Net debt to Operating EBITDA re - TTM |  |  |  | 4.6x |  | 4.5x |  | 4.7x |  | 5.3x |  | 5.4x
Fixed charge coverage |  |  |  | 5.1x |  | 4.8x |  | 4.4x |  | 4.0x |  | 4.1x
Interest coverage |  |  |  | 5.5x |  | 5.2x |  | 4.8x |  | 4.3x |  | 4.3x
Unsecured assets to total real estate assets |  |  |  | 89.4% |  | 88.7% |  | 89.7% |  | 89.7% |  | 89.6%
Unsecured NOI to total NOI - TTM |  |  |  | 99.0% |  | 89.8% |  | 90.7% |  | 90.5% |  | 90.4%
Unencumbered assets to unsecured debt |  |  |  | 318% |  | 309% |  | 307% |  | 307% |  | 284%
Total Pro-Rata Share |  |  |  |  |  |  |  |  |  |  |  |
Net debt to total market capitalization |  |  |  | 24.2% |  | 25.2% |  | 26.3% |  | 29.4% |  | 34.4%
Net debt to real estate assets, before depreciation |  |  |  | 32.3% |  | 30.9% |  | 31.3% |  | 32.2% |  | 32.6%
Net debt to total assets, before depreciation |  |  |  | 29.8% |  | 28.6% |  | 28.9% |  | 29.7% |  | 30.1%
Net debt to Operating EBITDA re - TTM |  |  |  | 5.1x |  | 5.0x |  | 5.3x |  | 5.9x |  | 6.0x
Fixed charge coverage |  |  |  | 4.5x |  | 4.2x |  | 3.9x |  | 3.6x |  | 3.6x
Interest coverage |  |  |  | 4.9x |  | 4.7x |  | 4.3x |  | 3.9x |  | 3.9x

(1)
For a complete listing of all Debt Covenants related to the Company’s Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company’s filings with the Securities and Exchange Commission.
(2)
Current period debt covenants are finalized and submitted after the Company’s most recent Form 10-Q or Form 10-K filing.

Supplemental Information 13

Summary of Unconsolidated Debt

December 31, 2021 and 2020

(in thousands)

Total Debt Outstanding: |  | 12/31/2021 |  |  | 12/31/2020 |
Mortgage loans payable: |  |  |  |  |  |
Fixed rate secured loans |  | $ | 1,345,904 |  |  | $ | 1,424,103 |
Variable rate secured loans |  |  | 91,663 |  |  |  | 117,305 |
Unsecured credit facilities variable rate |  |  | 7,300 |  |  |  | 15,635 |
Total |  | $ | 1,444,867 |  |  | $ | 1,557,043 |

Schedule of Maturities by Year: |  | Scheduled Principal Payments |  |  | Mortgage Loan Maturities |  |  | Unsecured Maturities |  |  | Total |  |  | Regency's Pro Rata Share |  |  | Weighted Average Contractual Interest Rate on Maturities
2022 |  | $ | 7,736 |  |  |  | 254,893 |  |  |  | 7,300 |  |  |  | 269,929 |  |  |  | 98,932 |  |  | 3.7%
2023 |  |  | 3,256 |  |  |  | 171,608 |  |  |  | - |  |  |  | 174,864 |  |  |  | 65,149 |  |  | 4.76%
2024 |  |  | 1,877 |  |  |  | 33,690 |  |  |  | - |  |  |  | 35,567 |  |  |  | 14,233 |  |  | 3.88%
2025 |  |  | 2,249 |  |  |  | 137,000 |  |  |  | - |  |  |  | 139,249 |  |  |  | 42,169 |  |  | 3.57%
2026 |  |  | 2,471 |  |  |  | 125,286 |  |  |  | - |  |  |  | 127,757 |  |  |  | 41,768 |  |  | 3.62%
2027 |  |  | 2,445 |  |  |  | 32,800 |  |  |  | - |  |  |  | 35,245 |  |  |  | 11,958 |  |  | 2.64%
2028 |  |  | 2,338 |  |  |  | 62,450 |  |  |  | - |  |  |  | 64,788 |  |  |  | 22,571 |  |  | 4.26%
2029 |  |  | 1,790 |  |  |  | 60,000 |  |  |  | - |  |  |  | 61,790 |  |  |  | 12,566 |  |  | 4.34%
2030 |  |  | 776 |  |  |  | 178,732 |  |  |  | - |  |  |  | 179,508 |  |  |  | 69,851 |  |  | 2.88%
2031 |  |  | 370 |  |  |  | 358,000 |  |  |  | - |  |  |  | 358,370 |  |  |  | 139,374 |  |  | 3.14%
>10 Years |  |  | 1,004 |  |  |  | 5,497 |  |  |  | - |  |  |  | 6,501 |  |  |  | 1,300 |  |  | 4.72%
Unamortized debt premium/(discount) and issuance costs (2) |  |  | - |  |  |  | (8,701 | ) |  |  | - |  |  |  | (8,701 | ) |  |  | (3,080 | ) |  |
|  | $ | 26,312 |  |  |  | 1,411,255 |  |  |  | 7,300 |  |  |  | 1,444,867 |  |  |  | 516,791 |  |  | 3.60%

Percentage of Total Debt: |  | 12/31/2021 |  |  | 12/31/2020 |
Fixed |  | 93.2% |  |  | 91.5% |
Variable |  | 6.8% |  |  | 8.5% |
Current Weighted Average Contractual Interest Rates:(1) |  |  |  |  |  |
Fixed |  | 3.7% |  |  | 4.1% |
Variable |  | 2.5% |  |  | 2.4% |
Combined |  | 3.6% |  |  | 3.9% |
Current Weighted Average Effective Interest Rates:(2) |  |  |  |  |  |
Combined |  | 3.7% |  |  | 4.1% |
Average Years to Maturity: |  |  |  |  |  |
Fixed |  |  | 5.6 |  |  |  | 4.4 |
Variable |  |  | 0.3 |  |  |  | 1.1 |

(1)
Interest rates are calculated as of the quarter end.
(2)
Effective interest rates are calculated in accordance with US GAAP, as of the quarter end, and include the impact of debt premium/(discount) amortization, issuance cost, amortization, interest rate swaps, and facility and unused fees.

Supplemental Information 14

Unconsolidated Investments

December 31, 2021

(in thousands)

Investment Partner and |  |  |  |  |  |  |  |  |  |  |  |  |  | Regency |
Portfolio Summary |  | Number of |  |  | Total |  |  | Total |  |  | Total |  |  | Ownership |  | Share |  |  | Investment |  |  | Equity |
Abbreviation |  | Properties |  |  | GLA |  |  | Assets |  |  | Debt |  |  | Interest |  | of Debt |  |  | 12/31/2021 |  |  | Pick-up |
State of Oregon |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(JV-C, JV-C2) |  |  | 19 |  |  |  | 2,157 |  |  | $ | 488,006 |  |  | $ | 244,129 |  |  | 20.00% |  | $ | 48,826 |  |  | $ | 42,611 |  |  | $ | 12,963 |
(JV-CCV) |  |  | 1 |  |  |  | 559 |  |  |  | 94,536 |  |  |  | 74,748 |  |  | 30.00% |  |  | 22,424 |  |  |  | 5,554 |  |  |  | 1,522 |
|  |  | 20 |  |  |  | 2,716 |  |  |  | 582,542 |  |  |  | 318,877 |  |  |  |  |  |  |  |  |  |  |  |
GRI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(JV-GRI) |  |  | 67 |  |  |  | 8,647 |  |  |  | 1,537,411 |  |  |  | 944,133 |  |  | 40.00% |  |  | 377,653 |  |  |  | 153,125 |  |  |  | 34,655 |
CalSTRS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(JV-RC) |  |  | 6 |  |  |  | 614 |  |  |  | 103,587 |  |  |  | - |  |  | 25.00% |  |  | - |  |  |  | 24,995 |  |  |  | 2,058 |
NYSCRF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(JV-NYC) |  |  | 2 |  |  |  | 281 |  |  |  | 82,446 |  |  |  | 46,456 |  |  | 30.00% |  |  | 13,937 |  |  |  | 11,688 |  |  |  | 315 |
USAA (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(JV-USA) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  |  |  | - |  |  |  | - |  |  |  | 631 |
Publix |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(JV-O) |  |  | 2 |  |  |  | 211 |  |  |  | 25,005 |  |  |  | - |  |  | 50.00% |  |  | - |  |  |  | 12,481 |  |  |  | 1,595 |
Individual Investors |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ballard Blocks |  |  | 2 |  |  |  | 249 |  |  |  | 128,959 |  |  |  | - |  |  | 49.90% |  |  | - |  |  |  | 63,783 |  |  |  | 1,742 |
Town and Country Center |  |  | 1 |  |  |  | 230 |  |  |  | 207,339 |  |  |  | 91,663 |  |  | 35.00% |  |  | 32,082 |  |  |  | 39,021 |  |  |  | (733 | )
Others (2) |  |  | 3 |  |  |  | 352 |  |  |  | 88,155 |  |  |  | 43,738 |  |  | 38.08% - 50% |  |  | 21,869 |  |  |  | 19,333 |  |  |  | (7,662 | )
|  |  | 103 |  |  |  | 13,300 |  |  | $ | 2,755,444 |  |  | $ | 1,444,867 |  |  |  |  | $ | 516,791 |  |  | $ | 372,591 |  |  | $ | 47,086 |

(1)
On August 1, 2021, Regency completed the purchase of its partner's 80% interest in the properties held in the portfolio for $81.7 million, net of debt assumed and a promoted interest.
(2)
In August 2021, Regency and its co-investor sold their collective interest in a single propety joint venture, resulting in a provision for impairment of $9.2 million through Equity in income of investments in real estate partnerships.

Supplemental Information 15

Property Transactions

December 31, 2021

(in thousands)

Acquisitions:

Date | Property Name | Co-investment Partner (REG %) | Market | Total GLA | Regency's Share of Purchase Price | Weighted Average Cap Rate | Anchor(s)
Aug-21 | USAA Portfolio (1) | USAA (80%) | Various | 683 | $177,582 |  | Kroger, Publix, Ralphs, Safeway, Walgreens
Nov-21 | Blakeney Shopping Center |  | South Charlotte, NC | 383 | 181,000 |  | Harris Teeter, Marshalls/HomeGoods, Best Buy, PetSmart, (Target)
Dec-21 | East Meadow |  | Long Island, NY | 141 | 38,000 |  | Stew Leonard's, Marshalls
Dec-21 | EastPort |  | Long Island, NY | 48 | 9,000 |  | King Kullen, Rite Aid
Dec-21 | Valley Stream |  | Long Island, NY | 99 | 48,000 |  | King Kullen
Dec-21 | Wading River |  | Long Island, NY | 99 | 35,000 |  | King Kullen, CVS, Ace Hardware
| Property Total |  | 1,453 | $488,582 | 5.1% |

Dispositions:

Date | Property Name | Co-investment Partner (REG %) | Market | Total GLA |  | Regency's Share of Sales Price |  | Weighted Average Cap Rate | Anchor(s)
Jan-21 | Pleasanton Plaza |  | Pleasanton, CA | - |  | $ | 29,400 |  |  | -
Jan-21 | Harris Crossing |  | Wake Forest, NC | 65 |  |  | 9,000 |  |  | Harris Teeter
Feb-21 | Hickory Creek Plaza |  | Hollywood, FL | 28 |  |  | 13,300 |  |  | (Kroger)
Mar-21 | Homestead McDonalds |  | Homestead, FL | 4 |  |  | 2,470 |  |  | -
Mar-21 | Veranda Shoppes | NYCR (30%) | Plantation, FL | 45 |  |  | 5,100 |  |  | Publix
Apr-21 | Gateway 101 |  | East Palo Alto, CA | 92 |  |  | 53,165 |  |  | Nordstrom Rack, Target, (Home Depot), (PGA Tour Superstore)
May-21 | Lantana |  | Lantana, FL | 11 |  |  | 1,950 |  |  | -
Jun-21 | Northborough Crossing | NYCR (30%) | Northborough, MA | 646 |  |  | 31,200 |  |  | Wegmans, BJ's Wholesale, Kohl's, Pottery Barn Outlet, Dick's Sporting Goods, TJ Maxx, Michael's, PetSmart, Homesense, Old Navy
Aug-21 | Hancock Sears & Pad |  | Austin, TX | 178 |  |  | 18,700 |  |  | Former Sears
Aug-21 | Parnassus Height Medical | Other (50%) | San Francisco, CA | 146 |  |  | 28,250 |  |  | Medical Office
Nov-21 | Marina Shores | Oregon (20%) | Long Beach, CA | 68 |  |  | 13,580 |  |  | Petco
Dec-21 | Sequoia Station |  | Redwood City, CA | 103 |  |  | 73,000 |  |  | CVS, Old Navy, Barnes & Noble, (Safeway)
| Property/Outparcel(s) Total |  |  | 1,386 |  | $ | 279,115 |  | 5.2% (2) |
| Non-Income Producing Land Total |  |  |  | $ | 6,640 |  |  |

(1)
REG closed on the purchase of its partner's 80% interest in the USAA joint venture. Upon closing, this portfolio became 100% REG owned.
(2)
The weighted average cap rate calculation excludes the sale of Pleasanton Plaza and Hancock Sears & Pad, both of which are non-income producing properties that were sold for $29.4 million, and $18.7 million in the first quarter and third quarter, respectively. Including the sale of Pleasanton Plaza and Hancock Sears & Pad, the weighted average cap rate is 4.3%.

Supplemental Information 16

Summary of In-Process Developments and Redevelopments

December 31, 2021

(in thousands)

In-Process Developments and Redevelopments (1)
Shopping Centers |  | Market |  | Grocer/Anchor Tenant |  | Center GLA |  |  | Center % Leased |  | Project Start |  | Est Initial Rent Commencement(a) |  | Est Stabilization Year(b) |  | REG'S Est Net Project Costs |  |  | % of Costs Incurred |  | Stabilized Yield(c)
Ground-up Developments |  |  |  |  |  | 133 |  |  | 73% |  |  |  |  |  |  |  | $ | 48,693 |  |  | 67% |  | 7% +/-
Carytown Exchange - Phases I & II (2) (3) |  | Richmond, VA |  | Publix |  |  | 74 |  |  | 71% |  | Q4-2018 |  | 2H-2020 |  | 2023 |  |  | 29,174 |  |  | 73% |  | 6 - 7%
East San Marco (2) |  | Jacksonville, FL |  | Publix |  |  | 59 |  |  | 77% |  | Q4-2020 |  | 2H-2022 |  | 2024 |  |  | 19,519 |  |  | 59% |  | 7 - 8%
Redevelopments |  |  |  |  |  |  | 3,025 |  |  | 90% |  |  |  |  |  |  |  | $ | 258,613 |  |  | 57% |  | 7 - 8%
The Crossing Clarendon (3) |  | Metro DC |  | Life Time |  |  | 129 |  |  | 95% |  | Q4-2018 |  | 1H-2022 |  | 2024 |  |  | 57,374 |  |  | 63% |  | 8% +/-
The Abbot |  | Boston, MA |  | Retail/Office Users |  |  | 65 |  |  | 40% |  | Q2-2019 |  | 2H-2022 |  | 2023 |  |  | 58,217 |  |  | 71% |  | 8 - 9%
Sheridan Plaza |  | Hollywood, FL |  | Publix, Burlington |  |  | 507 |  |  | 93% |  | Q3-2019 |  | 2H-2020 |  | 2022 |  |  | 12,115 |  |  | 85% |  | 9 - 10%
Preston Oaks (2) |  | Dallas, TX |  | H.E.B. |  |  | 103 |  |  | 79% |  | Q4-2020 |  | 1H-2021 |  | 2023 |  |  | 22,327 |  |  | 66% |  | 6% +/-
Serramonte Center |  | San Francisco, CA |  | Macy's/Target/Dick's Sporting Goods/ Ross/Nordstrom Rack |  |  | 1,073 |  |  | 88% |  | Q4-2020 |  | 2H-2021 |  | 2026 |  |  | 55,000 |  |  | 53% |  | 5% +/-
Westbard Square Phase I (3)(4) |  | Bethesda, MD |  | Giant |  |  | 123 |  |  | 57% |  | Q2-2021 |  | 2H-2023 |  | 2025 |  |  | 37,038 |  |  | 18% |  | 6% +/-
Various Redevelopments (est costs < $10 million individually) |  |  | 1,025 |  |  | 97% |  |  |  |  |  |  |  |  | 16,542 |  |  | 55% |  | 9% +/-
Total In-Process (In Construction) |  |  | 3,158 |  |  | 89% |  |  |  |  |  |  |  | $ | 307,306 |  |  | 59% |  | 7 - 8%

In Process Development and Redevelopment Descriptions
Ground-up Developments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Carytown Exchange - Phase I & II |  | Located in Richmond's most desirable retail corridor, Carytown is a ground-up development anchored by Publix and complemented by street retail and structured parking. The Publix, Shop Bldg B, Shop Bldg E, and structured parking are now complete. Phase II commenced in 2Q21, and includes further value creation in the form of two additional multi-tenant buildings (Shop Bldgs A & C) totaling 36k SF.
East San Marco |  | Located in one of the most desirable areas of Jacksonville, FL, East San Marco is an infill ground-up retail development anchored by Publix. In addition, an adjacent parcel sold in August 2021 to a residential builder for housing.
Redevelopments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
The Crossing Clarendon |  | Redevelopment of vacant, four-story, 1960's-era office building into a modern 130k SF mixed-use "Loft" building to complement the existing dominant, mixed-use center in Arlington, VA. The building will include ground floor retail and 110k SF of space leased to high-end health club Life Time.
The Abbot |  | Generational redevelopment and modernization of 3 historic buildings in the heart of Harvard Square into an unparalleled mixed-use project with flagship retail and Class A office space.
Sheridan Plaza |  | Repositioning with addition of Burlington, façade renovations and other placemaking enhancements.
Preston Oaks |  | Redevelopment includes substantial rebuild following tornado damage of a 101k SF, anchored by H.E.B. Central Market shopping center, and located in Dallas, TX. Redevelopment spend is reimbursable through insurance proceeds.
Serramonte Center |  | Redevelopment includes continued enhancement of a Class A mall in a premier location that includes the addition of new retail that will augment the evolving merchandising mix, redevelopment of the former J.C. Penney space, and additional redevelopment considerations in the northwest portion of the site. Redevelopment represents multiple phases occurring over approximately 4 years, with expected stabilization around 2026.
Westbard Square Phase I |  | Existing property includes a Giant-anchored retail center, a 3-level office building, 2 gas stations, and a vacant senior housing building. Phase I of the redevelopment will include construction of a 123k SF retail building anchored by a 70k SF Giant, and realignment of Westbard Avenue at the intersection with River Road. Regency will also participate in a joint venture whereby the partner will construct a ~100-unit senior living building.
Various Redevelopments (est costs < $10 million individually) |  | Various Redevelopment properties where estimated incremental costs at each project are less than $10 million.

See page 18 for footnotes

Supplemental Information 17

Development and Redevelopment Current Year Completions

December 31, 2021

(in thousands)

Current Year Development and Redevelopment Completions
Shopping Center Name |  | Market |  | Center GLA |  |  | Center % Leased |  | Project Start |  | Est Initial Rent Commencement(a) |  | Est Stabilization Year(b) |  | REG's Est Net Project Costs |  |  | % of Costs Incurred |  | Stabilized Yield(c)
Ground-up Developments |  |  |  | 55 |  |  | 100% |  |  |  |  |  |  |  | $ | 2,300 |  |  | 98% |  | 7%
Baybrook East 1A (2)(3) |  | Houston, TX |  |  | 55 |  |  | 100% |  | Q4-2020 |  | 2H-2021 |  | 2022 |  |  | 2,300 |  |  | 98% |  | 7%
Redevelopments |  |  |  |  | 1,251 |  |  | 94% |  |  |  |  |  |  |  | $ | 65,289 |  |  | 93% |  | 9%
Bloomingdale Square |  | Tampa, FL |  |  | 252 |  |  | 96% |  | Q3-2018 |  | 2H-2019 |  | 2022 |  |  | 21,327 |  |  | 89% |  | 8%
Point 50 |  | Metro DC |  |  | 48 |  |  | 100% |  | Q4-2018 |  | 2H-2020 |  | 2023 |  |  | 17,354 |  |  | 91% |  | 8%
West Bird Plaza |  | Miami, FL |  |  | 99 |  |  | 99% |  | Q4-2019 |  | 2H-2021 |  | 2022 |  |  | 10,338 |  |  | 97% |  | 7%
Various Redevelopments (est costs < $10 million individually) |  |  | 852 |  |  | 93% |  |  |  |  |  |  |  |  | 16,270 |  |  | 96% |  | 12%
Total Completions |  |  | 1,305 |  |  | 94% |  |  |  |  |  |  |  | $ | 67,589 |  |  | 93% |  | 9%

(1)
Scope, economics and timing of development and redevelopment projects could change materially from estimates provided. Amounts reported are at Regency’s pro-rata share.
(2)
Ground-up development or redevelopment that is excluded from the Same Property NOI pool.
(3)
GLA and % Leased for Carytown represents Regency's pro-rata share, The Crossing Clarendon represents the office building only, and Westbard Square Phase I represents phase I only.
(4)
Estimated costs are net of expected land sale proceeds of $50m. Combined net project costs for phase I and future phases are expected to be $110m - $120m with an incremental yield of 6% - 7%. Future phase(s) will include ~200 units of apartments, 44k SF of additional retail, and ~100 for-sale townhomes.

Note: Regency’s Estimate of Net GAAP Project Costs, after additional interest and overhead capitalization, are $332,249 for Ground-up Developments and Redevelopments In-Process. Percent of costs incurred is 61% for Ground-up Developments and Redevelopments In-Process.

(a)
Estimated Initial Rent Commencement represents the estimated date that the anchor or first tenants at each project will rent commence.
(b)
Estimated Stabilization Year represents the estimated first full calendar year that the project will reach the stated stabilized yield.
(c)
A stabilized yield for a redevelopment property represents the incremental NOI (estimated stabilized NOI less NOI prior to project commencement) divided by the total project costs.

Supplemental Information 18

Leasing Statistics - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships

December 31, 2021

(Retail Operating Properties Only)

Leasing Statistics - Comparable |  |  |  |  |  |  |  |  |  |  |  |
Total |  | Leasing Transactions |  |  | GLA (in 000s) |  |  | New Base Rent/Sq. Ft |  |  | Rent Spread % |  | Weighted Avg. Lease Term |  |  | Tenant Allowance and Landlord Work/Sq. Ft. |
4th Quarter 2021 |  |  | 400 |  |  |  | 1,753 |  |  | $ | 27.44 |  |  | 12.9% |  |  | 6.1 |  |  | $ | 5.19 |
3rd Quarter 2021 |  |  | 421 |  |  |  | 2,019 |  |  |  | 24.06 |  |  | 5.1% |  |  | 5.9 |  |  |  | 5.68 |
2nd Quarter 2021 |  |  | 432 |  |  |  | 1,881 |  |  |  | 25.11 |  |  | 2.7% |  |  | 5.8 |  |  |  | 5.21 |
1st Quarter 2021 |  |  | 381 |  |  |  | 1,486 |  |  |  | 24.54 |  |  | 0.2% |  |  | 5.4 |  |  |  | 3.02 |
Total - 12 months |  |  | 1,634 |  |  |  | 7,139 |  |  | $ | 25.27 |  |  | 5.5% |  |  | 5.8 |  |  | $ | 4.89 |
New Leases |  | Leasing Transactions |  |  | GLA (in 000s) |  |  | New Base Rent/Sq. Ft |  |  | Rent Spread % |  | Weighted Avg. Lease Term |  |  | Tenant Allowance and Landlord Work/Sq. Ft. |
4th Quarter 2021 |  | 111 |  |  |  | 414 |  |  | $ | 28.66 |  |  | 45.6% |  |  | 8.0 |  |  | $ | 18.14 |
3rd Quarter 2021 |  | 107 |  |  |  | 282 |  |  |  | 30.77 |  |  | 0.8% |  |  | 8.0 |  |  |  | 29.47 |
2nd Quarter 2021 |  | 116 |  |  |  | 320 |  |  |  | 29.80 |  |  | -0.2% |  |  | 8.6 |  |  |  | 25.38 |
1st Quarter 2021 |  | 79 |  |  |  | 266 |  |  |  | 25.28 |  |  | -1.4% |  |  | 7.8 |  |  |  | 16.51 |
Total - 12 months |  |  | 413 |  |  |  | 1,282 |  |  | $ | 28.91 |  |  | 12.3% |  |  | 8.1 |  |  | $ | 22.39 |
Renewals |  | Leasing Transactions |  |  | GLA (in 000s) |  |  | New Base Rent/Sq. Ft |  |  | Rent Spread % |  | Weighted Avg. Lease Term |  |  | Tenant Allowance and Landlord Work/Sq. Ft. |
4th Quarter 2021 |  |  | 289 |  |  |  | 1,339 |  |  | $ | 27.01 |  |  | 4.1% |  |  | 5.4 |  |  | $ | 0.65 |
3rd Quarter 2021 |  |  | 314 |  |  |  | 1,737 |  |  |  | 22.85 |  |  | 6.2% |  |  | 5.6 |  |  |  | 1.41 |
2nd Quarter 2021 |  |  | 316 |  |  |  | 1,561 |  |  |  | 24.04 |  |  | 3.6% |  |  | 5.1 |  |  |  | 0.62 |
1st Quarter 2021 |  |  | 302 |  |  |  | 1,220 |  |  |  | 24.41 |  |  | 0.5% |  |  | 4.9 |  |  |  | 0.76 |
Total - 12 months |  |  | 1,221 |  |  |  | 5,857 |  |  | $ | 24.44 |  |  | 3.8% |  |  | 5.3 |  |  | $ | 0.90 |
Leasing Statistics - Comparable and Non-comparable |  |  |  |  |  |  |  |  |  |  |  |
Total |  | Leasing Transactions |  |  | GLA (in 000s) |  |  | New Base Rent/Sq. Ft |  |  |  |  | Weighted Avg. Lease Term |  |  | Tenant Allowance and Landlord Work/Sq. Ft. |
4th Quarter 2021 |  |  | 483 |  |  |  | 2,208 |  |  | $ | 27.55 |  |  |  |  |  | 6.5 |  |  | $ | 13.62 |
3rd Quarter 2021 |  |  | 501 |  |  |  | 2,420 |  |  |  | 23.25 |  |  |  |  |  | 6.7 |  |  |  | 8.48 |
2nd Quarter 2021 |  |  | 527 |  |  |  | 2,147 |  |  |  | 25.34 |  |  |  |  |  | 5.7 |  |  |  | 7.46 |
1st Quarter 2021 |  |  | 446 |  |  |  | 1,776 |  |  |  | 23.13 |  |  |  |  |  | 5.2 |  |  |  | 6.15 |
Total - 12 months |  |  | 1,957 |  |  |  | 8,551 |  |  | $ | 24.86 |  |  |  |  |  | 6.1 |  |  | $ | 9.15 |

Notes:

•
All amounts reported at execution.
•
Number of leasing transactions and GLA leased reported at 100%; All other statistics reported at pro-rata share.
•
Rent spreads are calculated on a comparable-space, cash basis for new and renewal leases executed and include all leasing transactions, including spaces vacant > 12 months.
•
Tenant Allowance & Landlord Work are costs required to make the space leasable and include improvements of a space as it relates to a specific lease. These costs include tenant improvements and inducements.
•
Excludes Non-Retail Properties
•
Tenant Allowance and Landlord Work / Sq. Ft. for 3rd Quarter 2021 has been updated for inclusion of revised expectations on capital commitments for a New Leasing transaction.

Supplemental Information 19

Average Base Rent by State - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships

December 31, 2021

(in thousands)

State |  | Number of Properties |  |  | GLA |  |  | % Leased (1) |  |  | ABR |  |  | ABR/Sq. Ft. |  |  | % of Number of Properties |  |  | % of GLA |  |  | % of ABR |
California |  |  | 71 |  |  |  | 9,207 |  |  |  | 93.1 | % |  | $ | 247,732 |  |  | $ | 28.81 |  |  |  | 17.5 | % |  |  | 21.6 | % |  |  | 26.6 | %
Florida |  |  | 96 |  |  |  | 11,038 |  |  |  | 93.8 | % |  |  | 201,147 |  |  |  | 19.39 |  |  |  | 23.7 | % |  |  | 25.9 | % |  |  | 21.6 | %
Texas |  |  | 30 |  |  |  | 3,500 |  |  |  | 95.9 | % |  |  | 67,970 |  |  |  | 20.20 |  |  |  | 7.4 | % |  |  | 8.2 | % |  |  | 7.3 | %
New York |  |  | 16 |  |  |  | 1,805 |  |  |  | 93.1 | % |  |  | 59,049 |  |  |  | 35.13 |  |  |  | 4.0 | % |  |  | 4.2 | % |  |  | 6.3 | %
Georgia |  |  | 22 |  |  |  | 2,127 |  |  |  | 91.1 | % |  |  | 44,139 |  |  |  | 22.54 |  |  |  | 5.4 | % |  |  | 5.0 | % |  |  | 4.7 | %
Virginia |  |  | 21 |  |  |  | 1,668 |  |  |  | 92.3 | % |  |  | 43,762 |  |  |  | 28.34 |  |  |  | 5.2 | % |  |  | 3.9 | % |  |  | 4.7 | %
Connecticut |  |  | 15 |  |  |  | 1,538 |  |  |  | 94.5 | % |  |  | 35,056 |  |  |  | 23.91 |  |  |  | 3.7 | % |  |  | 3.6 | % |  |  | 3.8 | %
North Carolina |  |  | 18 |  |  |  | 1,612 |  |  |  | 95.3 | % |  |  | 32,780 |  |  |  | 21.32 |  |  |  | 4.4 | % |  |  | 3.8 | % |  |  | 3.5 | %
Washington |  |  | 16 |  |  |  | 1,162 |  |  |  | 96.3 | % |  |  | 31,843 |  |  |  | 28.24 |  |  |  | 4.0 | % |  |  | 2.7 | % |  |  | 3.4 | %
Illinois |  |  | 9 |  |  |  | 1,315 |  |  |  | 97.0 | % |  |  | 25,376 |  |  |  | 20.17 |  |  |  | 2.2 | % |  |  | 3.1 | % |  |  | 2.7 | %
Massachusetts |  |  | 8 |  |  |  | 898 |  |  |  | 95.1 | % |  |  | 23,473 |  |  |  | 27.38 |  |  |  | 2.0 | % |  |  | 2.1 | % |  |  | 2.5 | %
Colorado |  |  | 19 |  |  |  | 1,404 |  |  |  | 94.7 | % |  |  | 21,184 |  |  |  | 15.84 |  |  |  | 4.7 | % |  |  | 3.3 | % |  |  | 2.3 | %
Maryland |  |  | 12 |  |  |  | 741 |  |  |  | 89.3 | % |  |  | 17,266 |  |  |  | 26.22 |  |  |  | 3.0 | % |  |  | 1.7 | % |  |  | 1.9 | %
Ohio |  |  | 8 |  |  |  | 1,215 |  |  |  | 98.3 | % |  |  | 15,826 |  |  |  | 13.18 |  |  |  | 2.0 | % |  |  | 2.8 | % |  |  | 1.7 | %
Oregon |  |  | 8 |  |  |  | 779 |  |  |  | 94.8 | % |  |  | 14,917 |  |  |  | 20.08 |  |  |  | 2.0 | % |  |  | 1.8 | % |  |  | 1.6 | %
Pennsylvania |  |  | 9 |  |  |  | 594 |  |  |  | 91.5 | % |  |  | 14,371 |  |  |  | 25.93 |  |  |  | 2.2 | % |  |  | 1.4 | % |  |  | 1.5 | %
New Jersey |  |  | 5 |  |  |  | 333 |  |  |  | 95.8 | % |  |  | 10,106 |  |  |  | 31.64 |  |  |  | 1.2 | % |  |  | 0.8 | % |  |  | 1.1 | %
Indiana |  |  | 3 |  |  |  | 335 |  |  |  | 96.0 | % |  |  | 5,423 |  |  |  | 16.90 |  |  |  | 0.7 | % |  |  | 0.8 | % |  |  | 0.6 | %
Tennessee |  |  | 3 |  |  |  | 314 |  |  |  | 98.3 | % |  |  | 5,307 |  |  |  | 16.99 |  |  |  | 0.7 | % |  |  | 0.7 | % |  |  | 0.6 | %
Missouri |  |  | 4 |  |  |  | 408 |  |  |  | 100.0 | % |  |  | 4,433 |  |  |  | 10.86 |  |  |  | 1.0 | % |  |  | 1.0 | % |  |  | 0.5 | %
Delaware |  |  | 2 |  |  |  | 254 |  |  |  | 92.8 | % |  |  | 4,082 |  |  |  | 17.32 |  |  |  | 0.5 | % |  |  | 0.6 | % |  |  | 0.4 | %
Minnesota |  |  | 5 |  |  |  | 205 |  |  |  | 97.8 | % |  |  | 3,564 |  |  |  | 17.75 |  |  |  | 1.2 | % |  |  | 0.5 | % |  |  | 0.4 | %
South Carolina |  |  | 2 |  |  |  | 83 |  |  |  | 100.0 | % |  |  | 2,072 |  |  |  | 24.99 |  |  |  | 0.5 | % |  |  | 0.2 | % |  |  | 0.2 | %
Washington, D.C. |  |  | 2 |  |  |  | 12 |  |  |  | 93.5 | % |  |  | 922 |  |  |  | 79.30 |  |  |  | 0.5 | % |  |  | 0.0 | % |  |  | 0.1 | %
Michigan |  |  | 1 |  |  |  | 97 |  |  |  | 74.0 | % |  |  | 616 |  |  |  | 8.56 |  |  |  | 0.2 | % |  |  | 0.2 | % |  |  | 0.1 | %
Total All Properties |  |  | 405 |  |  |  | 42,646 |  |  |  | 94.1 | % |  | $ | 932,416 |  |  | $ | 23.18 |  |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | %

(1)
Includes Properties in Development and leases that are executed but have not commenced.

Supplemental Information 20

Average Base Rent by CBSA - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships

December 31, 2021

(in thousands)

Largest CBSAs by Population (1) |  | Number of Properties |  |  | GLA |  |  | % Leased (2) |  |  | ABR |  |  | ABR/Sq. Ft. |  |  | % of Number of Properties |  |  | % of GLA |  |  | % of ABR |
1) New York-Newark-Jersey City |  | 20 |  |  |  | 2,117 |  |  |  | 93.5 | % |  | $ | 68,830 |  |  | $ | 34.78 |  |  |  | 4.9 | % |  |  | 5.0 | % |  |  | 7.4 | %
2) Los Angeles-Long Beach-Anaheim |  | 24 |  |  |  | 2,499 |  |  |  | 95.2 | % |  |  | 69,772 |  |  |  | 29.32 |  |  |  | 5.9 | % |  |  | 5.9 | % |  |  | 7.5 | %
3) Chicago-Naperville-Elgin |  | 10 |  |  |  | 1,594 |  |  |  | 96.1 | % |  |  | 29,850 |  |  |  | 19.48 |  |  |  | 2.5 | % |  |  | 3.7 | % |  |  | 3.2 | %
4) Dallas-Fort Worth-Arlington |  | 11 |  |  |  | 914 |  |  |  | 92.9 | % |  |  | 17,972 |  |  |  | 21.15 |  |  |  | 2.7 | % |  |  | 2.1 | % |  |  | 1.9 | %
5) Houston-Woodlands-Sugar Land |  | 14 |  |  |  | 1,753 |  |  |  | 97.3 | % |  |  | 32,954 |  |  |  | 19.32 |  |  |  | 3.5 | % |  |  | 4.1 | % |  |  | 3.5 | %
6) Washington-Arlington-Alexandri |  | 27 |  |  |  | 1,866 |  |  |  | 92.2 | % |  |  | 50,873 |  |  |  | 29.56 |  |  |  | 6.7 | % |  |  | 4.4 | % |  |  | 5.5 | %
7) Philadelphia-Camden-Wilmington |  | 8 |  |  |  | 695 |  |  |  | 90.3 | % |  |  | 14,921 |  |  |  | 23.79 |  |  |  | 2.0 | % |  |  | 1.6 | % |  |  | 1.6 | %
8) Miami-Ft Lauderdale-PompanoBch |  | 41 |  |  |  | 5,308 |  |  |  | 92.7 | % |  |  | 106,278 |  |  |  | 21.61 |  |  |  | 10.1 | % |  |  | 12.4 | % |  |  | 11.4 | %
9) Atlanta-SandySprings-Alpharett |  | 22 |  |  |  | 2,127 |  |  |  | 91.1 | % |  |  | 44,139 |  |  |  | 22.77 |  |  |  | 5.4 | % |  |  | 5.0 | % |  |  | 4.7 | %
10) Phoenix-Mesa-Chandler |  | - |  |  | - |  |  | - |  |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
11) Boston-Cambridge-Newton |  | 8 |  |  |  | 898 |  |  |  | 95.1 | % |  |  | 23,473 |  |  |  | 27.48 |  |  |  | 2.0 | % |  |  | 2.1 | % |  |  | 2.5 | %
12) San Francisco-Oakland-Berkeley |  | 18 |  |  |  | 3,352 |  |  |  | 90.7 | % |  |  | 90,159 |  |  |  | 29.67 |  |  |  | 4.4 | % |  |  | 7.9 | % |  |  | 9.7 | %
13) Rvrside-San Bernardino-Ontario |  | 1 |  |  |  | 99 |  |  |  | 98.4 | % |  |  | 3,040 |  |  |  | 31.28 |  |  |  | 0.2 | % |  |  | 0.2 | % |  |  | 0.3 | %
14) Detroit-Warren-Dearborn |  | - |  |  | - |  |  | - |  |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
15) Seattle-Tacoma-Bellevue |  | 16 |  |  |  | 1,162 |  |  |  | 97.0 | % |  |  | 31,843 |  |  |  | 28.26 |  |  |  | 4.0 | % |  |  | 2.7 | % |  |  | 3.4 | %
16) Minneapol-St. Paul-Bloomington |  | 5 |  |  |  | 205 |  |  |  | 97.8 | % |  |  | 3,564 |  |  |  | 17.74 |  |  |  | 1.2 | % |  |  | 0.5 | % |  |  | 0.4 | %
17) San Diego-Chula Vista-Carlsbad |  | 11 |  |  |  | 1,548 |  |  |  | 93.0 | % |  |  | 42,613 |  |  |  | 29.61 |  |  |  | 2.7 | % |  |  | 3.6 | % |  |  | 4.6 | %
18) Tampa-St Petersburg-Clearwater |  | 9 |  |  |  | 1,293 |  |  |  | 95.8 | % |  |  | 23,751 |  |  |  | 19.18 |  |  |  | 2.2 | % |  |  | 3.0 | % |  |  | 2.5 | %
19) Denver-Aurora-Lakewood |  | 11 |  |  |  | 937 |  |  |  | 94.3 | % |  |  | 13,816 |  |  |  | 15.65 |  |  |  | 2.7 | % |  |  | 2.2 | % |  |  | 1.5 | %
20) St. Louis |  | 4 |  |  |  | 408 |  |  |  | 100.0 | % |  |  | 4,433 |  |  |  | 10.86 |  |  |  | 1.0 | % |  |  | 1.0 | % |  |  | 0.5 | %
21) Baltimore-Columbia-Towson |  | 5 |  |  |  | 357 |  |  |  | 93.3 | % |  |  | 7,784 |  |  |  | 23.36 |  |  |  | 1.2 | % |  |  | 0.8 | % |  |  | 0.8 | %
22) Charlotte-Concord-Gastonia |  | 5 |  |  |  | 621 |  |  |  | 94.1 | % |  |  | 13,772 |  |  |  | 23.56 |  |  |  | 1.2 | % |  |  | 1.5 | % |  |  | 1.5 | %
23) Orlando-Kissimmee-Sanford |  | 8 |  |  |  | 882 |  |  |  | 93.1 | % |  |  | 15,523 |  |  |  | 18.91 |  |  |  | 2.0 | % |  |  | 2.1 | % |  |  | 1.7 | %
24) San Antonio-New Braunfels |  | - |  |  | - |  |  | - |  |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
25) Portland-Vancouver-Hillsboro |  | 5 |  |  |  | 436 |  |  |  | 95.1 | % |  |  | 8,496 |  |  |  | 20.49 |  |  |  | 1.2 | % |  |  | 1.0 | % |  |  | 0.9 | %
26) Sacramento-Roseville-Folsom |  | 4 |  |  |  | 318 |  |  |  | 98.5 | % |  |  | 7,386 |  |  |  | 23.59 |  |  |  | 1.0 | % |  |  | 0.7 | % |  |  | 0.8 | %
27) Pittsburgh |  | - |  |  | - |  |  | - |  |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
28) Austin-Round Rock-Georgetown |  | 5 |  |  |  | 834 |  |  |  | 96.4 | % |  |  | 17,044 |  |  |  | 21.22 |  |  |  | 1.2 | % |  |  | 2.0 | % |  |  | 1.8 | %
29) Las Vegas-Henderson-Paradise |  | - |  |  | - |  |  | - |  |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
30) Cincinnati |  | 5 |  |  |  | 895 |  |  |  | 97.8 | % |  |  | 11,984 |  |  |  | 13.69 |  |  |  | 1.2 | % |  |  | 2.1 | % |  |  | 1.3 | %
31) Kansas City |  | - |  |  | - |  |  | - |  |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
32) Columbus |  | 3 |  |  |  | 320 |  |  |  | 99.6 | % |  |  | 3,842 |  |  |  | 12.07 |  |  |  | 0.7 | % |  |  | 0.7 | % |  |  | 0.4 | %
33) Indianapolis-Carmel-Anderson |  | 2 |  |  |  | 56 |  |  |  | 75.8 | % |  |  | 949 |  |  |  | 22.54 |  |  |  | 0.5 | % |  |  | 0.1 | % |  |  | 0.1 | %
34) San Juan-Bayamón-Caguas |  | - |  |  | - |  |  | - |  |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
35) Cleveland-Elyria |  | - |  |  | - |  |  | - |  |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
36) Nashvil-Davdsn-Murfree-Frankln |  | 3 |  |  |  | 314 |  |  |  | 98.3 | % |  |  | 5,307 |  |  |  | 17.18 |  |  |  | 0.7 | % |  |  | 0.7 | % |  |  | 0.6 | %
37) San Jose-Sunnyvale-Santa Clara |  | 6 |  |  |  | 645 |  |  |  | 95.9 | % |  |  | 18,735 |  |  |  | 30.28 |  |  |  | 1.5 | % |  |  | 1.5 | % |  |  | 2.0 | %
38) Virginia Beach-Norfolk-Newport News |  | - |  |  | - |  |  | - |  |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
39) Providence-Warwick |  | - |  |  | - |  |  | - |  |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
40) Jacksonville |  | 20 |  |  |  | 1,918 |  |  |  | 93.9 | % |  |  | 29,554 |  |  |  | 16.41 |  |  |  | 4.9 | % |  |  | 4.5 | % |  |  | 3.2 | %
41) Milwaukee-Waukesha |  | - |  |  | - |  |  | - |  |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
42) Raleigh-Cary |  | 9 |  |  |  | 692 |  |  |  | 97.9 | % |  |  | 14,090 |  |  |  | 20.81 |  |  |  | 2.2 | % |  |  | 1.6 | % |  |  | 1.5 | %
43) Oklahoma City |  | - |  |  | - |  |  | - |  |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
44) Memphis |  | - |  |  | - |  |  | - |  |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
45) Richmond |  | 3 |  |  |  | 199 |  |  |  | 80.3 | % |  |  | 3,294 |  |  |  | 20.64 |  |  |  | 0.7 | % |  |  | 0.5 | % |  |  | 0.4 | %
46) Louisville/Jefferson County |  | - |  |  | - |  |  | - |  |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
47) New Orleans-Metairie |  | - |  |  | - |  |  | - |  |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
48) Salt Lake City |  | - |  |  | - |  |  | - |  |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
49) Hartford-E Hartford-Middletown |  | 2 |  |  |  | 301 |  |  |  | 95.4 | % |  |  | 5,528 |  |  |  | 19.25 |  |  |  | 0.5 | % |  |  | 0.7 | % |  |  | 0.6 | %
50) Buffalo-Cheektowaga |  | - |  |  | - |  |  | - |  |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Top 50 CBSAs by Population |  |  | 345 |  |  |  | 37,561 |  |  |  | 94.0 | % |  | $ | 835,569 |  |  | $ | 23.62 |  |  |  | 85.2 | % |  |  | 88.1 | % |  |  | 89.6 | %
CBSAs Ranked 51 - 75 by Population |  | 22 |  |  |  | 1,951 |  |  |  | 94.9 | % |  |  | 48,585 |  |  |  | 25.89 |  |  |  | 5.4 | % |  |  | 4.6 | % |  |  | 5.2 | %
CBSAs Ranked 76 - 100 by Population |  | 12 |  |  |  | 760 |  |  |  | 98.0 | % |  |  | 12,444 |  |  |  | 16.71 |  |  |  | 3.0 | % |  |  | 1.8 | % |  |  | 1.3 | %
Other CBSAs |  | 26 |  |  |  | 2,373 |  |  |  | 93.4 | % |  |  | 35,818 |  |  |  | 16.11 |  |  |  | 6.4 | % |  |  | 5.6 | % |  |  | 3.8 | %
Total All Properties |  |  | 405 |  |  |  | 42,646 |  |  |  | 94.1 | % |  | $ | 932,416 |  |  | $ | 23.18 |  |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | %

(1)
2021 Population Data Source: Synergos Technologies, Inc.
(2)
Includes Properties in Development and leases that are executed but have not commenced.

Supplemental Information 21

Significant Tenant Rents - Wholly Owned and Regency's Pro-Rata Share of

Co-investment Partnerships

(Includes Tenants ≥ 0.5% of ABR)

December 31, 2021

(in thousands)

# |  |  | Tenant |  | Tenant GLA |  |  | % of Company- Owned GLA |  | Total Annualized Base Rent |  |  | % of Total Annualized Base Rent |  | Total # of Leased Stores - 100% Owned and JV |  | # of Leased Stores in JV
| 1 |  |  | Publix |  |  | 2,892 |  |  | 7.2% |  | $ | 31,719 |  |  | 3.4% |  | 68 |  | 9
| 2 |  |  | Kroger Co. (1) |  |  | 2,991 |  |  | 7.5% |  |  | 30,332 |  |  | 3.3% |  | 54 |  | 11
| 3 |  |  | Albertsons Companies, Inc. (2) |  |  | 1,822 |  |  | 4.6% |  |  | 27,448 |  |  | 2.9% |  | 45 |  | 16
| 4 |  |  | TJX Companies, Inc. (3) |  |  | 1,411 |  |  | 3.5% |  |  | 23,991 |  |  | 2.6% |  | 62 |  | 18
| 5 |  |  | Amazon/Whole Foods |  |  | 1,095 |  |  | 2.7% |  |  | 23,659 |  |  | 2.5% |  | 35 |  | 12
| 6 |  |  | CVS |  |  | 644 |  |  | 1.6% |  |  | 14,775 |  |  | 1.6% |  | 56 |  | 18
| 7 |  |  | Ahold/Delhaize (4) |  |  | 455 |  |  | 1.1% |  |  | 11,363 |  |  | 1.2% |  | 12 |  | 6
| 8 |  |  | L.A. Fitness Sports Club |  |  | 487 |  |  | 1.2% |  |  | 9,685 |  |  | 1.0% |  | 14 |  | 4
| 9 |  |  | Trader Joe's |  |  | 271 |  |  | 0.7% |  |  | 8,929 |  |  | 1.0% |  | 27 |  | 7
| 10 |  |  | Ross Dress For Less |  |  | 545 |  |  | 1.4% |  |  | 8,579 |  |  | 0.9% |  | 25 |  | 9
| 11 |  |  | JPMorgan Chase Bank |  |  | 128 |  |  | 0.3% |  |  | 8,088 |  |  | 0.9% |  | 42 |  | 10
| 12 |  |  | Nordstrom (5) |  |  | 279 |  |  | 0.7% |  |  | 7,585 |  |  | 0.8% |  | 8 |  | -
| 13 |  |  | Gap, Inc (6) |  |  | 244 |  |  | 0.6% |  |  | 7,379 |  |  | 0.8% |  | 19 |  | 2
| 14 |  |  | H.E. Butt Grocery Company (7) |  |  | 482 |  |  | 1.2% |  |  | 7,319 |  |  | 0.8% |  | 6 |  | 1
| 15 |  |  | Starbucks |  |  | 133 |  |  | 0.3% |  |  | 7,161 |  |  | 0.8% |  | 87 |  | 24
| 16 |  |  | Bank of America |  |  | 129 |  |  | 0.3% |  |  | 7,135 |  |  | 0.8% |  | 43 |  | 14
| 17 |  |  | Petco Health & Wellness Company, Inc. (8) |  |  | 278 |  |  | 0.7% |  |  | 6,924 |  |  | 0.7% |  | 31 |  | 9
| 18 |  |  | Wells Fargo Bank |  |  | 132 |  |  | 0.3% |  |  | 6,885 |  |  | 0.7% |  | 47 |  | 17
| 19 |  |  | JAB Holding Company (9) |  |  | 169 |  |  | 0.4% |  |  | 6,719 |  |  | 0.7% |  | 61 |  | 14
| 20 |  |  | Bed Bath & Beyond Inc. (10) |  |  | 341 |  |  | 0.9% |  |  | 6,155 |  |  | 0.7% |  | 12 |  | -
| 21 |  |  | Kohl's |  |  | 586 |  |  | 1.5% |  |  | 5,998 |  |  | 0.6% |  | 7 |  | 1
| 22 |  |  | Best Buy |  |  | 259 |  |  | 0.6% |  |  | 5,953 |  |  | 0.6% |  | 8 |  | 1
| 23 |  |  | Walgreens Boots Alliance (11) |  |  | 234 |  |  | 0.6% |  |  | 5,700 |  |  | 0.6% |  | 22 |  | 8
| 24 |  |  | Target |  |  | 520 |  |  | 1.3% |  |  | 4,947 |  |  | 0.5% |  | 5 |  | 2
| 25 |  |  | Ulta |  |  | 163 |  |  | 0.4% |  |  | 4,913 |  |  | 0.5% |  | 17 |  | 1
| 26 |  |  | AT&T, Inc (12) |  |  | 110 |  |  | 0.3% |  |  | 4,887 |  |  | 0.5% |  | 59 |  | 13
| 27 |  |  | Dick's Sporting Goods, Inc. |  |  | 274 |  |  | 0.7% |  |  | 4,787 |  |  | 0.5% |  | 4 |  | -
| 28 |  |  | Life Time |  |  | 111 |  |  | 0.3% |  |  | 4,700 |  |  | 0.5% |  | 1 |  | -
| 29 |  |  | T-Mobile (13) |  |  | 107 |  |  | 0.3% |  |  | 4,531 |  |  | 0.5% |  | 74 |  | 28
| 30 |  |  | Burlington |  |  | 359 |  |  | 0.9% |  |  | 4,278 |  |  | 0.5% |  | 9 |  | 2
|  |  | Top Tenants |  |  | 17,651 |  |  | 44.1% |  | $ | 312,524 |  |  | 33.5% |  | 960 |  | 257

(1)
Kroger 20 / King Soopers 11 / Harris Teeter 9 / Ralphs 9 / Mariano's Fresh Market 3 / Quality Food Centers 2
(2)
Safeway 21 / VONS 7 / Albertson's 4 / Acme Markets 3 / Shaw's 3 / Tom Thumb 3 / Randalls Food & Drug 2 / Star Market 2
(3)
TJ Maxx 25 / Homegoods 17 / Marshalls 18 / Homesense 1 / Sierra Trading Post 1
(4)
Giant 8 / Stop & Shop 3 / Food Lion 1
(5)
Nordstrom Rack 8
(6)
Old Navy 12 / The Gap 2 / Athleta 2 / Banana Republic 2 / GAP BR Factory 1
(7)
H.E.B. 5 / Central Market 1
(8)
Petco 26 / Unleashed by Petco 5
(9)
Panera 30 / Peet's' Coffee & Tea 11 / Einstein Bros Bagels 10 / Bruegger’s Bagel 4 / Krispy Kreme 3 / Noah’s NY Bagels 3
(10)
Bed Bath & Beyond 10 / Buy Buy Baby 1 / Harmon Face Values 1
(11)
Walgreens 21 / Duane Reade 1
(12)
AT&T 53 / Cricket 6
(13)
T-Mobile 51 / Sprint 12 / MetroPC 10 / Connectivity Source 1

Note: Amounts may not foot due to rounding.

Supplemental Information 22

Tenant Lease Expirations - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships

December 31, 2021

(GLA in thousands)

|  |  |  |  | Anchor Tenants (1) |  |  |  |  |
Year |  | GLA |  |  | Percent of GLA |  | Percent of Total ABR (3) |  | ABR |
MTM (4) |  |  | 176 |  |  | 0.4% |  | 0.3% |  | $ | 14.54 |
2022 |  |  | 1,612 |  |  | 4.1% |  | 2.4% |  |  | 13.65 |
2023 |  |  | 2,587 |  |  | 6.5% |  | 4.4% |  |  | 15.56 |
2024 |  |  | 3,373 |  |  | 8.5% |  | 5.8% |  |  | 15.56 |
2025 |  |  | 2,956 |  |  | 7.4% |  | 5.0% |  |  | 15.54 |
2026 |  |  | 3,177 |  |  | 8.0% |  | 5.4% |  |  | 15.61 |
2027 |  |  | 2,541 |  |  | 6.4% |  | 4.6% |  |  | 16.57 |
2028 |  |  | 1,683 |  |  | 4.2% |  | 3.4% |  |  | 18.53 |
2029 |  |  | 1,255 |  |  | 3.2% |  | 1.7% |  |  | 12.73 |
2030 |  |  | 1,229 |  |  | 3.1% |  | 2.3% |  |  | 17.14 |
2031 |  |  | 831 |  |  | 2.1% |  | 1.7% |  |  | 18.64 |
10 Year Total |  |  | 21,421 |  |  | 53.9% |  | 37.1% |  | $ | 15.81 |
Thereafter |  |  | 3,979 |  |  | 10.0% |  | 6.9% |  |  | 15.91 |
|  |  | 25,400 |  |  | 64.0% |  | 44.0% |  | $ | 15.83 |

|  |  |  |  | Shop Tenants (2) |  |  |  |  |
Year |  | GLA |  |  | Percent of GLA |  | Percent of Total ABR (3) |  | ABR |
MTM (4) |  |  | 284 |  |  | 0.7% |  | 1.0% |  | $ | 31.23 |
2022 |  |  | 1,797 |  |  | 4.5% |  | 6.5% |  |  | 32.93 |
2023 |  |  | 2,199 |  |  | 5.5% |  | 8.3% |  |  | 34.63 |
2024 |  |  | 2,018 |  |  | 5.1% |  | 7.7% |  |  | 34.69 |
2025 |  |  | 1,914 |  |  | 4.8% |  | 7.6% |  |  | 36.31 |
2026 |  |  | 1,878 |  |  | 4.7% |  | 7.4% |  |  | 36.00 |
2027 |  |  | 1,155 |  |  | 2.9% |  | 4.6% |  |  | 36.06 |
2028 |  |  | 738 |  |  | 1.9% |  | 3.2% |  |  | 40.03 |
2029 |  |  | 557 |  |  | 1.4% |  | 2.4% |  |  | 39.57 |
2030 |  |  | 567 |  |  | 1.4% |  | 2.4% |  |  | 39.29 |
2031 |  |  | 642 |  |  | 1.6% |  | 2.6% |  |  | 36.92 |
10 Year Total |  |  | 13,748 |  |  | 34.6% |  | 53.8% |  | $ | 35.68 |
Thereafter |  |  | 567 |  |  | 1.4% |  | 2.2% |  |  | 36.10 |
|  |  | 14,315 |  |  | 36.0% |  | 56.0% |  | $ | 35.69 |

|  |  |  |  | All Tenants |  |  |  |  |
Year |  | GLA |  |  | Percent of GLA |  | Percent of Total ABR (3) |  | ABR |
MTM (4) |  |  | 461 |  |  | 1.2% |  | 1.3% |  | $ | 24.84 |
2022 |  |  | 3,408 |  |  | 8.6% |  | 8.9% |  |  | 23.82 |
2023 |  |  | 4,786 |  |  | 12.1% |  | 12.8% |  |  | 24.32 |
2024 |  |  | 5,391 |  |  | 13.6% |  | 13.4% |  |  | 22.72 |
2025 |  |  | 4,869 |  |  | 12.3% |  | 12.6% |  |  | 23.70 |
2026 |  |  | 5,056 |  |  | 12.7% |  | 12.8% |  |  | 23.19 |
2027 |  |  | 3,696 |  |  | 9.3% |  | 9.2% |  |  | 22.66 |
2028 |  |  | 2,421 |  |  | 6.1% |  | 6.7% |  |  | 25.08 |
2029 |  |  | 1,812 |  |  | 4.6% |  | 4.2% |  |  | 20.98 |
2030 |  |  | 1,796 |  |  | 4.5% |  | 4.7% |  |  | 24.13 |
2031 |  |  | 1,473 |  |  | 3.7% |  | 4.3% |  |  | 26.60 |
10 Year Total |  |  | 35,169 |  |  | 88.6% |  | 90.8% |  | $ | 23.58 |
Thereafter |  |  | 4,545 |  |  | 11.4% |  | 9.2% |  |  | 18.43 |
|  |  | 39,714 |  |  | 100% |  | 100% |  | $ | 22.99 |

Notes: Reflects commenced leases only. Does not account for contractual rent steps and assumes that no tenants exercise renewal options. Amounts may not foot due to rounding.

(1)
Anchor tenants represent any tenant occupying at least 10,000 square feet.
(2)
Shop tenants represent any tenant occupying less than 10,000 square feet.
(3)
Total Annual Base Rent ("ABR") excludes additional rent such as percentage rent, common area maintenance, real estate taxes, and insurance reimbursements.
(4)
Month to month lease or in process of renewal.

Supplemental Information 23

Portfolio Summary Report By State

December 31, 2021

(GLA in thousands)

|  |  |  |  |  | JVs at 100% | REG's pro-rata share | REG's pro-rata share | REG's pro-rata share |  |  |  |  |  |  |
Property Name | JV | REG % | State | CBSA | GLA | GLA | % Leased | % Leased - Retail Operating Properties | Retailer-Owned GLA |  | Grocery Anchor GLA |  | Major Tenants (1) | Avg. Base Rent PSF |
| 200 Potrero |  |  | CA | San Francisco-Oakland-Berkeley | 31 | 31 | 100.0% |  |  |  |  |  | Gizmo Art Production, INC. | $ | 11.01 |
| 4S Commons Town Center | M | 85% | CA | San Diego-Chula Vista-Carlsbad | 252 | 252 | 97.1% |  |  |  |  | 68 |  | Ace Hardware, Bed Bath & Beyond, Cost Plus World Market, CVS, Jimbo's…Naturally!, Ralphs, ULTA | $ | 33.97 |
| Amerige Heights Town Center |  |  | CA | Los Angeles-Long Beach-Anaheim | 97 | 97 | 97.9% |  |  | 143 |  |  | 58 |  | Albertsons, (Target) | $ | 30.23 |
| Balboa Mesa Shopping Center |  |  | CA | San Diego-Chula Vista-Carlsbad | 207 | 207 | 100.0% |  |  |  |  | 42 |  | CVS, Kohl's, Von's | $ | 28.63 |
| Bayhill Shopping Center | GRI | 40% | CA | San Francisco-Oakland-Berkeley | 122 | 49 | 95.7% |  |  |  |  | 32 |  | CVS, Mollie Stone's Market | $ | 26.44 |
| Blossom Valley |  |  | CA | San Jose-Sunnyvale-Santa Clara | 93 | 93 | 93.7% |  |  |  |  | 34 |  | Safeway | $ | 27.19 |
| Brea Marketplace | GRI | 40% | CA | Los Angeles-Long Beach-Anaheim | 352 | 141 | 94.0% |  |  |  |  | 25 |  | 24 Hour Fitness, Big 5 Sporting Goods, Childtime Childcare, Old Navy, Sprout's, Target | $ | 20.52 |
| Circle Center West |  |  | CA | Los Angeles-Long Beach-Anaheim | 64 | 64 | 82.1% |  |  |  |  |  | Marshalls | $ | 34.47 |
| Circle Marina Center |  |  | CA | Los Angeles-Long Beach-Anaheim | 118 | 118 | 93.6% |  |  |  |  |  | Staples, Big 5 Sporting Goods, Centinela Feed & Pet Supplies | $ | 32.47 |
| Clayton Valley Shopping Center |  |  | CA | San Francisco-Oakland-Berkeley | 260 | 260 | 90.9% |  |  |  |  | 14 |  | Grocery Outlet, Central, CVS, Dollar Tree, Ross Dress For Less | $ | 23.22 |
| Corral Hollow | RC | 25% | CA | Stockton | 167 | 42 | 100.0% |  |  |  |  | 66 |  | Safeway, CVS | $ | 17.79 |
(2) | Costa Verde Center |  |  | CA | San Diego-Chula Vista-Carlsbad | 179 | 179 | 60.3% |  |  |  |  | 40 |  | Bristol Farms, Bookstar, The Boxing Club | $ | 24.74 |
| Culver Center |  |  | CA | Los Angeles-Long Beach-Anaheim | 217 | 217 | 92.4% |  |  |  |  | 37 |  | Ralphs, Best Buy, LA Fitness, Sit N' Sleep | $ | 32.32 |
| Diablo Plaza |  |  | CA | San Francisco-Oakland-Berkeley | 63 | 63 | 93.0% |  |  | 53 |  |  | 53 |  | Bevmo!, (Safeway), (CVS) | $ | 42.93 |
| El Camino Shopping Center |  |  | CA | Los Angeles-Long Beach-Anaheim | 136 | 136 | 95.6% |  |  |  |  | 31 |  | Bristol Farms, CVS | $ | 38.24 |
| El Cerrito Plaza |  |  | CA | San Francisco-Oakland-Berkeley | 256 | 256 | 82.5% |  |  |  |  | 78 |  | Barnes & Noble, Jo-Ann Fabrics, PETCO, Ross Dress For Less, Trader Joe's, (CVS) | $ | 29.88 |
| El Norte Pkwy Plaza |  |  | CA | San Diego-Chula Vista-Carlsbad | 91 | 91 | 98.0% |  |  |  |  | 42 |  | Von's, Children's Paradise, ACE Hardware | $ | 19.81 |
| Encina Grande |  |  | CA | San Francisco-Oakland-Berkeley | 106 | 106 | 100.0% |  |  |  |  | 38 |  | Whole Foods, Walgreens | $ | 35.00 |
| Five Points Shopping Center | GRI | 40% | CA | Santa Maria-Santa Barbara | 145 | 58 | 97.6% |  |  |  |  | 35 |  | Smart & Final, CVS, Ross Dress for Less, Big 5 Sporting Goods, PETCO | $ | 30.38 |
| French Valley Village Center |  |  | CA | Rvrside-San Bernardino-Ontario | 99 | 99 | 98.4% |  |  |  |  | 44 |  | Stater Bros, CVS | $ | 27.20 |
| Friars Mission Center |  |  | CA | San Diego-Chula Vista-Carlsbad | 147 | 147 | 99.4% |  |  |  |  | 55 |  | Ralphs, CVS | $ | 37.80 |
| Gelson's Westlake Market Plaza |  |  | CA | Oxnard-Thousand Oaks-Ventura | 85 | 85 | 98.8% |  |  |  |  | 40 |  | Gelson's Markets, John of Italy Salon & Spa | $ | 30.12 |
| Golden Hills Plaza |  |  | CA | San Luis Obispo-Paso Robles | 244 | 244 | 84.3% |  |  |  |  |  | Lowe's, TJ Maxx | $ | 6.59 |
| Granada Village | GRI | 40% | CA | Los Angeles-Long Beach-Anaheim | 226 | 91 | 100.0% |  |  |  |  | 24 |  | Sprout's Markets, Rite Aid, PETCO, Homegoods, Burlington, TJ Maxx | $ | 26.15 |
| Hasley Canyon Village |  |  | CA | Los Angeles-Long Beach-Anaheim | 66 | 66 | 95.1% |  |  |  |  | 52 |  | Ralphs | $ | 26.63 |
| Heritage Plaza |  |  | CA | Los Angeles-Long Beach-Anaheim | 230 | 230 | 100.0% |  |  |  |  | 44 |  | Ralphs, CVS, Daiso, Mitsuwa Marketplace, Big 5 | $ | 40.88 |
| Laguna Niguel Plaza | GRI | 40% | CA | Los Angeles-Long Beach-Anaheim | 42 | 17 | 95.8% |  |  | 39 |  |  | 39 |  | CVS,(Albertsons) | $ | 30.08 |
| Mariposa Shopping Center | GRI | 40% | CA | San Jose-Sunnyvale-Santa Clara | 127 | 51 | 94.0% |  |  |  |  | 43 |  | Safeway, CVS, Ross Dress for Less | $ | 21.42 |
| Morningside Plaza |  |  | CA | Los Angeles-Long Beach-Anaheim | 91 | 91 | 100.0% |  |  |  |  | 43 |  | Stater Bros. | $ | 24.78 |
| Navajo Shopping Center | GRI | 40% | CA | San Diego-Chula Vista-Carlsbad | 102 | 41 | 91.0% |  |  |  |  | 44 |  | Albertsons, Rite Aid, O'Reilly Auto Parts | $ | 14.36 |

Supplemental Information 24

Portfolio Summary Report By State

December 31, 2021

(GLA in thousands)

|  |  |  |  |  | JVs at 100% | REG's pro-rata share | REG's pro-rata share | REG's pro-rata share |  |  |  |  |  |  |
Property Name | JV | REG % | State | CBSA | GLA | GLA | % Leased | % Leased - Retail Operating Properties | Retailer-Owned GLA |  | Grocery Anchor GLA |  | Major Tenants (1) | Avg. Base Rent PSF |
| Newland Center |  |  | CA | Los Angeles-Long Beach-Anaheim | 152 | 152 | 98.9% |  |  |  |  | 58 |  | Albertsons | $ | 27.77 |
| Oak Shade Town Center |  |  | CA | Sacramento-Roseville-Folsom | 104 | 104 | 99.3% |  |  |  |  | 40 |  | Safeway, Office Max, Rite Aid | $ | 22.54 |
| Oakbrook Plaza |  |  | CA | Oxnard-Thousand Oaks-Ventura | 83 | 83 | 86.2% |  |  |  |  | 44 |  | Gelson's Markets, (CVS), (Ace Hardware) | $ | 19.67 |
| Persimmon Place |  |  | CA | San Francisco-Oakland-Berkeley | 153 | 153 | 100.0% |  |  |  |  | 40 |  | Whole Foods, Nordstrom Rack, Homegoods | $ | 37.04 |
| Plaza Escuela |  |  | CA | San Francisco-Oakland-Berkeley | 154 | 154 | 92.5% |  |  |  |  |  | The Container Store, Trufusion, Talbots, The Cheesecake Factory, Barnes & Noble | $ | 43.67 |
| Plaza Hermosa |  |  | CA | Los Angeles-Long Beach-Anaheim | 95 | 95 | 100.0% |  |  |  |  | 37 |  | Von's, CVS | $ | 28.19 |
| Pleasant Hill Shopping Center | GRI | 40% | CA | San Francisco-Oakland-Berkeley | 227 | 91 | 100.0% |  |  |  |  |  | Target, Burlington, Ross Dress for Less, Homegoods | $ | 24.22 |
| Point Loma Plaza | GRI | 40% | CA | San Diego-Chula Vista-Carlsbad | 205 | 82 | 98.1% |  |  |  |  | 50 |  | Von's, Jo-Ann Fabrics, Marshalls, UFC Gym | $ | 23.17 |
| Potrero Center |  |  | CA | San Francisco-Oakland-Berkeley | 227 | 227 | 91.3% |  |  |  |  | 60 |  | Safeway, Decathlon Sport, 24 Hour Fitness, Ross Dress for Less, Petco | $ | 33.69 |
| Powell Street Plaza |  |  | CA | San Francisco-Oakland-Berkeley | 166 | 166 | 95.3% |  |  |  |  | 10 |  | Trader Joe's, Bevmo!, Ross Dress For Less, Marshalls, Old Navy | $ | 34.97 |
| Prairie City Crossing |  |  | CA | Sacramento-Roseville-Folsom | 90 | 90 | 97.5% |  |  |  |  | 55 |  | Safeway | $ | 22.16 |
| Raley's Supermarket | C | 20% | CA | Sacramento-Roseville-Folsom | 63 | 13 | 100.0% |  |  |  |  | 63 |  | Raley's | $ | 14.00 |
| Ralphs Circle Center |  |  | CA | Los Angeles-Long Beach-Anaheim | 60 | 60 | 100.0% |  |  |  |  | 35 |  | Ralphs | $ | 19.53 |
| Rancho San Diego Village | GRI | 40% | CA | San Diego-Chula Vista-Carlsbad | 153 | 61 | 95.1% |  |  |  |  | 40 |  | Smart & Final, 24 Hour Fitness, (Longs Drug) | $ | 23.98 |
| Rona Plaza |  |  | CA | Los Angeles-Long Beach-Anaheim | 52 | 52 | 97.7% |  |  |  |  | 37 |  | Superior Super Warehouse | $ | 21.94 |
| San Carlos Marketplace |  |  | CA | San Francisco-Oakland-Berkeley | 154 | 154 | 100.0% |  |  |  |  |  | TJ Maxx, Best Buy, PetSmart, Bassett Furniture | $ | 36.28 |
| Scripps Ranch Marketplace |  |  | CA | San Diego-Chula Vista-Carlsbad | 132 | 132 | 99.5% |  |  |  |  | 57 |  | Vons, CVS | $ | 32.59 |
| San Leandro Plaza |  |  | CA | San Francisco-Oakland-Berkeley | 50 | 50 | 100.0% |  |  | 38 |  |  | 38 |  | (Safeway), (CVS) | $ | 37.37 |
| Seal Beach | C | 20% | CA | Los Angeles-Long Beach-Anaheim | 97 | 19 | 93.9% |  |  |  |  | 48 |  | Pavilions, CVS | $ | 26.37 |
| Serramonte Center |  |  | CA | San Francisco-Oakland-Berkeley | 1073 | 1073 | 88.2% |  |  |  |  |  | Buy Buy Baby, Cost Plus World Market, Crunch Fitness, DAISO, Dave & Buster's, Dick's Sporting Goods, Divano Homes, H&M, Macy's, Nordstrom Rack, Old Navy,Party City , Ross Dress for Less, Target, TJ Maxx, Uniqlo | $ | 25.03 |
| Shoppes at Homestead |  |  | CA | San Jose-Sunnyvale-Santa Clara | 116 | 116 | 96.9% |  |  | 53 |  |  |  | CVS, Crunch Fitness, (Orchard Supply Hardware) | $ | 24.67 |
| Silverado Plaza | GRI | 40% | CA | Napa | 85 | 34 | 98.8% |  |  |  |  | 32 |  | Nob Hill, CVS | $ | 22.17 |
| Snell & Branham Plaza | GRI | 40% | CA | San Jose-Sunnyvale-Santa Clara | 92 | 37 | 98.5% |  |  |  |  | 53 |  | Safeway | $ | 20.89 |
| Talega Village Center |  |  | CA | Los Angeles-Long Beach-Anaheim | 102 | 102 | 98.7% |  |  |  |  | 46 |  | Ralphs | $ | 22.95 |
| Tassajara Crossing |  |  | CA | San Francisco-Oakland-Berkeley | 146 | 146 | 100.0% |  |  |  |  | 56 |  | Safeway, CVS, Alamo Hardware | $ | 26.04 |
| The Hub Hillcrest Market |  |  | CA | San Diego-Chula Vista-Carlsbad | 149 | 149 | 91.2% |  |  |  |  | 52 |  | Ralphs, Trader Joe's | $ | 41.42 |
| The Marketplace |  |  | CA | Sacramento-Roseville-Folsom | 111 | 111 | 98.6% |  |  |  |  | 35 |  | Safeway, CVS, Petco | $ | 26.88 |
| The Pruneyard |  |  | CA | San Jose-Sunnyvale-Santa Clara | 260 | 260 | 95.7% |  |  |  |  | 13 |  | Trader Joe's, The Sports Basement, Camera Cinemas, Marshalls | $ | 40.43 |
| Town and Country Center | O | 35% | CA | Los Angeles-Long Beach-Anaheim | 230 | 81 | 37.5% |  |  |  |  | 41 |  | Whole Foods, CVS, Citibank | $ | 49.13 |
| Tustin Legacy |  |  | CA | Los Angeles-Long Beach-Anaheim | 112 | 112 | 100.0% |  |  |  |  | 44 |  | Stater Bros, CVS | $ | 33.39 |

Supplemental Information 25

Portfolio Summary Report By State

December 31, 2021

(GLA in thousands)

|  |  |  |  |  | JVs at 100% |  | REG's pro-rata share |  | REG's pro-rata share | REG's pro-rata share |  |  |  |  |  |  |
Property Name | JV | REG % | State | CBSA | GLA |  | GLA |  | % Leased | % Leased - Retail Operating Properties | Retailer-Owned GLA |  | Grocery Anchor GLA |  | Major Tenants (1) | Avg. Base Rent PSF |
| Twin Oaks Shopping Center | GRI | 40% | CA | Los Angeles-Long Beach-Anaheim | 98 |  | 39 |  | 98.2% |  |  |  |  | 41 |  | Ralphs, Rite Aid | $ | 21.63 |
| Twin Peaks |  |  | CA | San Diego-Chula Vista-Carlsbad | 208 |  | 208 |  | 97.2% |  |  |  |  | 45 |  | Target, Grocer | $ | 21.64 |
| Valencia Crossroads |  |  | CA | Los Angeles-Long Beach-Anaheim | 173 |  | 173 |  | 100.0% |  |  |  |  | 35 |  | Whole Foods, Kohl's | $ | 28.33 |
| Village at La Floresta |  |  | CA | Los Angeles-Long Beach-Anaheim | 87 |  | 87 |  | 94.3% |  |  |  |  | 37 |  | Whole Foods | $ | 35.82 |
| Von's Circle Center |  |  | CA | Los Angeles-Long Beach-Anaheim | 151 |  | 151 |  | 100.0% |  |  |  |  | 45 |  | Von's, Ross Dress for Less, Planet Fitness | $ | 23.08 |
| West Park Plaza |  |  | CA | San Jose-Sunnyvale-Santa Clara | 88 |  | 88 |  | 98.0% |  |  |  |  | 25 |  | Safeway, Rite Aid | $ | 19.42 |
| Westlake Village Plaza and Center |  |  | CA | Oxnard-Thousand Oaks-Ventura | 201 |  | 201 |  | 93.6% |  |  |  |  | 72 |  | Von's, Sprouts, (CVS) | $ | 39.98 |
| Willows Shopping Center |  |  | CA | San Francisco-Oakland-Berkeley | 249 |  | 249 |  | 74.0% |  |  |  |  |  | REI, UFC Gym, Old Navy, Ulta, Five Below | $ | 29.37 |
| Woodman Van Nuys |  |  | CA | Los Angeles-Long Beach-Anaheim | 108 |  | 108 |  | 98.2% |  |  |  |  | 78 |  | El Super | $ | 16.64 |
| Woodside Central |  |  | CA | San Francisco-Oakland-Berkeley | 81 |  | 81 |  | 90.0% |  |  | 113 |  |  |  | Chuck E. Cheese, Marshalls, (Target) | $ | 25.37 |
| Ygnacio Plaza | GRI | 40% | CA | San Francisco-Oakland-Berkeley | 110 |  | 44 |  | 100.0% |  |  |  |  |  | Sports Basement,TJ Maxx | $ | 38.56 |
|  |  |  | CA |  |  | 10,862 |  |  | 9,207 |  | 93.1% |  |  | 439 |  |  | 2,582 |  |  | $ | 28.81 |
| Applewood Shopping Ctr | GRI | 40% | CO | Denver-Aurora-Lakewood | 353 |  | 141 |  | 92.2% |  |  |  |  | 71 |  | Applejack Liquors, Hobby Lobby, Homegoods, King Soopers, PetSmart, Sierra Trading Post, Ulta | $ | 15.98 |
| Alcove On Arapahoe | GRI | 40% | CO | Boulder | 159 |  | 64 |  | 80.9% |  |  |  |  | 44 |  | PETCO, HomeGoods, Jo-Ann Fabrics, Safeway | $ | 18.60 |
| Belleview Square |  |  | CO | Denver-Aurora-Lakewood | 117 |  | 117 |  | 95.6% |  |  |  |  | 65 |  | King Soopers | $ | 20.08 |
| Boulevard Center |  |  | CO | Denver-Aurora-Lakewood | 77 |  | 77 |  | 77.9% |  |  | 53 |  |  | 53 |  | One Hour Optical, (Safeway) | $ | 31.36 |
| Buckley Square |  |  | CO | Denver-Aurora-Lakewood | 116 |  | 116 |  | 92.0% |  |  |  |  | 62 |  | Ace Hardware, King Soopers | $ | 11.27 |
| Centerplace of Greeley III |  |  | CO | Greeley | 119 |  | 119 |  | 100.0% |  |  |  |  |  | Hobby Lobby, Best Buy, TJ Maxx | $ | 11.62 |
| Cherrywood Square Shop Ctr | GRI | 40% | CO | Denver-Aurora-Lakewood | 97 |  | 39 |  | 95.4% |  |  |  |  | 72 |  | King Soopers | $ | 11.10 |
| Crossroads Commons | C | 20% | CO | Boulder | 143 |  | 29 |  | 91.2% |  |  |  |  | 66 |  | Whole Foods, Barnes & Noble | $ | 29.54 |
| Crossroads Commons II | C | 20% | CO | Boulder | 18 |  | 4 |  | 100.0% |  |  |  |  |  | (Whole Foods), (Barnes & Noble) | $ | 37.97 |
| Falcon Marketplace |  |  | CO | Colorado Springs | 22 |  | 22 |  | 100.0% |  |  | 184 |  |  | 50 |  | (Wal-Mart) | $ | 24.45 |
| Hilltop Village |  |  | CO | Denver-Aurora-Lakewood | 100 |  | 100 |  | 97.4% |  |  |  |  | 66 |  | King Soopers | $ | 11.60 |
| Littleton Square |  |  | CO | Denver-Aurora-Lakewood | 99 |  | 99 |  | 100.0% |  |  |  |  | 78 |  | King Soopers | $ | 11.69 |
| Lloyd King Center |  |  | CO | Denver-Aurora-Lakewood | 83 |  | 83 |  | 96.7% |  |  |  |  | 61 |  | King Soopers | $ | 12.01 |
| Marketplace at Briargate |  |  | CO | Colorado Springs | 29 |  | 29 |  | 100.0% |  |  | 66 |  |  | 66 |  | (King Soopers) | $ | 33.43 |
| Monument Jackson Creek |  |  | CO | Colorado Springs | 85 |  | 85 |  | 100.0% |  |  |  |  | 70 |  | King Soopers | $ | 12.60 |
| Ralston Square Shopping Center | GRI | 40% | CO | Denver-Aurora-Lakewood | 83 |  | 33 |  | 96.2% |  |  |  |  | 55 |  | King Soopers | $ | 11.91 |
| Shops at Quail Creek |  |  | CO | Denver-Aurora-Lakewood | 38 |  | 38 |  | 92.5% |  |  | 100 |  |  | 100 |  | (King Soopers) | $ | 27.16 |
| Stroh Ranch |  |  | CO | Denver-Aurora-Lakewood | 93 |  | 93 |  | 100.0% |  |  |  |  | 70 |  | King Soopers | $ | 13.77 |

Supplemental Information 26

Portfolio Summary Report By State

December 31, 2021

(GLA in thousands)

|  |  |  |  |  | JVs at 100% |  | REG's pro-rata share |  | REG's pro-rata share | REG's pro-rata share |  |  |  |  |  |  |
Property Name | JV | REG % | State | CBSA | GLA |  | GLA |  | % Leased | % Leased - Retail Operating Properties | Retailer-Owned GLA |  | Grocery Anchor GLA |  | Major Tenants (1) | Avg. Base Rent PSF |
| Woodmen Plaza |  |  | CO | Colorado Springs | 116 |  | 116 |  | 94.2% |  |  |  |  | 70 |  | King Soopers | $ | 13.29 |
|  |  |  | CO |  |  | 1,947 |  |  | 1,404 |  | 94.7% |  |  | 403 |  |  | 1,119 |  |  | $ | 15.84 |
| 22 Crescent Road |  |  | CT | Bridgeport-Stamford-Norwalk | 4 |  | 4 |  | 100.0% |  |  |  |  |  | - | $ | 60.00 |
| 91 Danbury Road |  |  | CT | Bridgeport-Stamford-Norwalk | 5 |  | 5 |  | 100.0% |  |  |  |  |  | - | $ | 28.20 |
| Black Rock | M | 80% | CT | Bridgeport-Stamford-Norwalk | 98 |  | 98 |  | 91.3% |  |  |  |  |  | Old Navy, The Clubhouse | $ | 29.77 |
| Brick Walk | M | 80% | CT | Bridgeport-Stamford-Norwalk | 123 |  | 123 |  | 95.7% |  |  |  |  |  | - | $ | 44.22 |
| Brookside Plaza |  |  | CT | Hartford-E Hartford-Middletown | 227 |  | 227 |  | 95.0% |  |  |  |  | 60 |  | Bed, Bath & Beyond, Burlington Coat Factory, PetSmart, ShopRite, Staples, TJ Maxx | $ | 15.31 |
| Compo Acres Shopping Center |  |  | CT | Bridgeport-Stamford-Norwalk | 43 |  | 43 |  | 94.4% |  |  |  |  | 12 |  | Trader Joe's | $ | 53.06 |
| Copps Hill Plaza |  |  | CT | Bridgeport-Stamford-Norwalk | 185 |  | 185 |  | 100.0% |  |  |  |  | 59 |  | Kohl's, Rite Aid, Stop & Shop | $ | 14.49 |
| Corbin's Corner | GRI | 40% | CT | Hartford-E Hartford-Middletown | 186 |  | 74 |  | 96.4% |  |  |  |  | 10 |  | Best Buy, Edge Fitness, Old Navy, The Tile Shop, Total Wine and More, Trader Joe's | $ | 30.50 |
| Danbury Green |  |  | CT | Bridgeport-Stamford-Norwalk | 124 |  | 124 |  | 98.1% |  |  |  |  | 12 |  | Trader Joe's, Hilton Garden Inn, DSW, Staples, Rite Aid, Warehouse Wines & Liquors | $ | 25.98 |
| Darinor Plaza |  |  | CT | Bridgeport-Stamford-Norwalk | 153 |  | 153 |  | 99.0% |  |  |  |  |  | Kohl's, Old Navy, Party City | $ | 19.07 |
| Fairfield Center | M | 80% | CT | Bridgeport-Stamford-Norwalk | 94 |  | 94 |  | 85.4% |  |  |  |  |  | Fairfield University Bookstore, Merril Lynch | $ | 33.69 |
| Post Road Plaza |  |  | CT | Bridgeport-Stamford-Norwalk | 20 |  | 20 |  | 100.0% |  |  |  |  | 11 |  | Trader Joe's | $ | 54.83 |
| Southbury Green |  |  | CT | New Haven-Milford | 156 |  | 156 |  | 86.7% |  |  |  |  | 60 |  | ShopRite, Homegoods | $ | 21.99 |
| Westport Row |  |  | CT | Bridgeport-Stamford-Norwalk | 91 |  | 91 |  | 83.1% |  |  |  |  | 22 |  | The Fresh Market | $ | 43.57 |
| Walmart Norwalk |  |  | CT | Bridgeport-Stamford-Norwalk | 142 |  | 142 |  | 100.0% |  |  |  |  | 112 |  | WalMart, HomeGoods | $ | 0.56 |
|  |  |  | CT |  |  | 1,650 |  |  | 1,538 |  | 94.5% |  |  | 0 |  |  | 358 |  |  | $ | 23.91 |
| Shops at The Columbia | RC | 25% | DC | Washington-Arlington-Alexandri | 23 |  | 6 |  | 85.8% |  |  |  |  | 12 |  | Trader Joe's | $ | 42.26 |
| Spring Valley Shopping Center | GRI | 40% | DC | Washington-Arlington-Alexandri | 17 |  | 7 |  | 100.0% |  |  |  |  |  | - | $ | 106.22 |
|  |  |  | DC |  |  | 40 |  |  | 12 |  | 93.5% |  |  | 0 |  |  | 12 |  |  | $ | 79.30 |
| Pike Creek |  |  | DE | Philadelphia-Camden-Wilmington | 228 |  | 228 |  | 93.2% |  |  |  |  | 49 |  | Acme Markets, Edge Fitness, Pike Creek Community Hardware | $ | 16.43 |
| Shoppes of Graylyn | GRI | 40% | DE | Philadelphia-Camden-Wilmington | 64 |  | 26 |  | 89.7% |  |  |  |  |  | Rite Aid | $ | 25.48 |
|  |  |  | DE |  |  | 293 |  |  | 254 |  | 92.8% |  |  | 0 |  |  | 49 |  |  | $ | 17.32 |
| Alafaya Village |  |  | FL | Orlando-Kissimmee-Sanford | 38 |  | 38 |  | 93.9% |  |  |  |  | 58 |  | - | $ | 23.89 |
| Anastasia Plaza |  |  | FL | Jacksonville | 102 |  | 102 |  | 95.9% |  |  |  |  | 49 |  | Publix | $ | 14.17 |
| Atlantic Village |  |  | FL | Jacksonville | 110 |  | 110 |  | 98.6% |  |  |  |  |  | LA Fitness, Pet Supplies Plus | $ | 17.85 |
| Aventura Shopping Center |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 97 |  | 97 |  | 94.9% |  |  |  |  | 49 |  | CVS, Publix | $ | 36.64 |
| Aventura Square |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 144 |  | 144 |  | 78.8% |  |  |  |  |  | Bed Bath & Beyond, DSW Warehouse, Jewelry Exchange, Old Navy | $ | 39.42 |
(2) | Banco Popular Building |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 0 |  | 0 |  | 0.0% |  |  |  |  |  | - | $ | 0.00 |

Supplemental Information 27

Portfolio Summary Report By State

December 31, 2021

(GLA in thousands)

|  |  |  |  |  | JVs at 100% | REG's pro-rata share | REG's pro-rata share | REG's pro-rata share |  |  |  |  |  |  |
Property Name | JV | REG % | State | CBSA | GLA | GLA | % Leased | % Leased - Retail Operating Properties | Retailer-Owned GLA |  | Grocery Anchor GLA |  | Major Tenants (1) | Avg. Base Rent PSF |
| Berkshire Commons |  |  | FL | Naples-Marco Island | 110 | 110 | 98.9% |  |  |  |  | 66 |  | Publix, Walgreens | $ | 15.24 |
| Bird 107 Plaza |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 40 | 40 | 92.9% |  |  |  |  |  | Walgreens | $ | 21.61 |
| Bird Ludlam |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 192 | 192 | 97.6% |  |  |  |  | 44 |  | CVS, Goodwill, Winn-Dixie | $ | 24.79 |
| Bloomingdale Square |  |  | FL | Tampa-St Petersburg-Clearwater | 252 | 252 | 96.0% |  |  |  |  | 48 |  | Bealls, Dollar Tree, Home Centric, LA Fitness, Publix | $ | 17.67 |
| Boca Village Square |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 92 | 92 | 100.0% |  |  |  |  | 36 |  | CVS, Publix | $ | 23.95 |
| Boynton Lakes Plaza |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 110 | 110 | 97.9% |  |  |  |  | 46 |  | Citi Trends, Pet Supermarket, Publix | $ | 16.55 |
| Boynton Plaza |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 105 | 105 | 97.2% |  |  |  |  | 54 |  | CVS, Publix | $ | 20.90 |
| Brooklyn Station on Riverside |  |  | FL | Jacksonville | 50 | 50 | 97.2% |  |  |  |  | 20 |  | The Fresh Market | $ | 27.20 |
| Caligo Crossing |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 11 | 11 | 61.0% |  |  | 98 |  |  |  | (Kohl's) | $ | 53.13 |
| Carriage Gate |  |  | FL | Tallahassee | 73 | 73 | 100.0% |  |  |  |  | 13 |  | Trader Joe's, TJ Maxx | $ | 24.26 |
| Cashmere Corners |  |  | FL | Port St. Lucie | 80 | 80 | 96.1% |  |  |  |  | 44 |  | WalMart | $ | 14.53 |
| Charlotte Square |  |  | FL | Punta Gorda | 91 | 91 | 95.7% |  |  |  |  | 44 |  | WalMart, Buffet City | $ | 11.72 |
| Chasewood Plaza |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 152 | 152 | 95.0% |  |  |  |  | 54 |  | Publix, Pet Smart | $ | 27.15 |
| Concord Shopping Plaza |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 309 | 309 | 97.5% |  |  |  |  | 78 |  | Big Lots, Dollar Tree, Home Depot, Winn-Dixie, YouFit Health Club | $ | 13.27 |
| Coral Reef Shopping Center |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 75 | 75 | 84.6% |  |  |  |  | 25 |  | Aldi, Walgreens | $ | 31.60 |
| Corkscrew Village |  |  | FL | Cape Coral-Fort Myers | 82 | 82 | 98.7% |  |  |  |  | 51 |  | Publix | $ | 14.90 |
| Country Walk Plaza |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 101 | 101 | 93.4% |  |  |  |  | 40 |  | Publix, CVS | $ | 22.76 |
| Countryside Shops |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 193 | 193 | 69.5% |  |  |  |  | 46 |  | Publix, Ross Dress for Less | $ | 24.46 |
| Courtyard Shopping Center |  |  | FL | Jacksonville | 137 | 137 | 100.0% |  |  | 63 |  |  | 63 |  | Target, (Publix) | $ | 3.68 |
(2) | East San Marco |  |  | FL | Jacksonville | 59 | 59 | 76.8% |  |  |  |  | 39 |  | Publix | $ | 26.50 |
| Fleming Island |  |  | FL | Jacksonville | 132 | 132 | 99.2% |  |  | 130 |  |  | 48 |  | Publix, PETCO, Planet Fitness, (Target) | $ | 16.92 |
| Fountain Square |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 177 | 177 | 90.8% |  |  | 140 |  |  | 46 |  | Publix, Ross Dress for Less, TJ Maxx, Ulta, (Target) | $ | 27.70 |
| Gardens Square |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 90 | 90 | 100.0% |  |  |  |  | 42 |  | Publix | $ | 19.31 |
| Glengary Shoppes |  |  | FL | North Port-Sarasota-Bradenton | 93 | 93 | 97.0% |  |  |  |  |  | Best Buy, Barnes & Noble | $ | 19.62 |
| Shoppes of Grande Oak |  |  | FL | Cape Coral-Fort Myers | 79 | 79 | 100.0% |  |  |  |  | 54 |  | Publix | $ | 17.09 |
| Greenwood Shopping Centre |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 133 | 133 | 94.0% |  |  |  |  | 50 |  | Publix, Bealls | $ | 16.30 |
| Hammocks Town Center |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 187 | 187 | 97.7% |  |  | 86 |  |  | 40 |  | CVS, Goodwill, Publix, Metro-Dade Public Library, YouFit Health Club, (Kendall Ice Arena) | $ | 18.31 |
| Hibernia Pavilion |  |  | FL | Jacksonville | 51 | 51 | 92.0% |  |  |  |  | 39 |  | Publix | $ | 16.40 |
| John's Creek Center | C | 20% | FL | Jacksonville | 76 | 15 | 100.0% |  |  |  |  | 45 |  | Publix | $ | 16.18 |
| Julington Village | C | 20% | FL | Jacksonville | 82 | 16 | 100.0% |  |  |  |  | 51 |  | Publix, (CVS) | $ | 16.94 |

Supplemental Information 28

Portfolio Summary Report By State

December 31, 2021

(GLA in thousands)

|  |  |  |  |  | JVs at 100% | REG's pro-rata share | REG's pro-rata share | REG's pro-rata share |  |  |  |  |  |  |
Property Name | JV | REG % | State | CBSA | GLA | GLA | % Leased | % Leased - Retail Operating Properties | Retailer-Owned GLA |  | Grocery Anchor GLA |  | Major Tenants (1) | Avg. Base Rent PSF |
| Kirkman Shoppes |  |  | FL | Orlando-Kissimmee-Sanford | 115 | 115 | 96.7% |  |  |  |  |  | LA Fitness, Walgreens | $ | 24.69 |
| Lake Mary Centre |  |  | FL | Orlando-Kissimmee-Sanford | 360 | 360 | 92.2% |  |  |  |  | 25 |  | The Fresh Market, Academy Sports, Hobby Lobby, LA Fitness, Ross Dress for Less, Office Depot | $ | 17.03 |
| Mandarin Landing |  |  | FL | Jacksonville | 140 | 140 | 71.5% |  |  |  |  | 50 |  | Whole Foods, Aveda Institute | $ | 19.67 |
| Millhopper Shopping Center |  |  | FL | Gainesville | 85 | 85 | 95.0% |  |  |  |  | 46 |  | Publix | $ | 18.54 |
| Naples Walk |  |  | FL | Naples-Marco Island | 125 | 125 | 100.0% |  |  |  |  | 51 |  | Publix | $ | 18.46 |
| Newberry Square |  |  | FL | Gainesville | 181 | 181 | 90.9% |  |  |  |  | 40 |  | Publix, Floor & Décor, Dollar Tree | $ | 9.41 |
| Nocatee Town Center |  |  | FL | Jacksonville | 112 | 112 | 100.0% |  |  |  |  | 54 |  | Publix | $ | 21.53 |
| Northgate Square |  |  | FL | Tampa-St Petersburg-Clearwater | 75 | 75 | 98.1% |  |  |  |  | 48 |  | Publix | $ | 15.49 |
| Oakleaf Commons |  |  | FL | Jacksonville | 74 | 74 | 98.1% |  |  |  |  | 46 |  | Publix | $ | 15.78 |
| Ocala Corners |  |  | FL | Tallahassee | 87 | 87 | 93.8% |  |  |  |  | 61 |  | Publix | $ | 14.97 |
| Old St Augustine Plaza |  |  | FL | Jacksonville | 248 | 248 | 100.0% |  |  |  |  | 52 |  | Publix, Burlington Coat Factory, Hobby Lobby, LA Fitness, Ross Dress for Less | $ | 11.05 |
| Pablo Plaza |  |  | FL | Jacksonville | 161 | 161 | 100.0% |  |  |  |  | 34 |  | Whole Foods, Office Depot, Marshalls, HomeGoods, PetSmart | $ | 18.12 |
| Pavillion |  |  | FL | Naples-Marco Island | 168 | 168 | 97.1% |  |  |  |  |  | LA Fitness, Paragon Theaters, J. Lee Salon Suites | $ | 21.85 |
| Pine Island |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 255 | 255 | 99.2% |  |  |  |  | 40 |  | Publix, Burlington Coat Factory, Beall's Outlet, YouFit Health Club | $ | 15.30 |
| Pine Ridge Square |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 118 | 118 | 97.8% |  |  |  |  | 17 |  | The Fresh Market, Bed Bath & Beyond, Marshalls, Ulta | $ | 18.87 |
| Pine Tree Plaza |  |  | FL | Jacksonville | 63 | 63 | 96.9% |  |  |  |  | 38 |  | Publix | $ | 14.35 |
| Pinecrest Place |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 70 | 70 | 92.3% |  |  | 173 |  |  | 47 |  | Whole Foods, (Target) | $ | 39.72 |
| Plaza Venezia | C | 20% | FL | Orlando-Kissimmee-Sanford | 203 | 41 | 92.3% |  |  |  |  | 51 |  | Publix, Eddie V's | $ | 30.03 |
| Point Royale Shopping Center |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 202 | 202 | 94.0% |  |  |  |  | 45 |  | Winn-Dixie, Burlington Coat Factory, Pasteur Medical Center, Planet Fitness | $ | 16.42 |
| Prosperity Centre |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 124 | 124 | 94.9% |  |  |  |  |  | Bed Bath & Beyond, Office Depot, TJ Maxx, CVS | $ | 22.93 |
| Regency Square |  |  | FL | Tampa-St Petersburg-Clearwater | 352 | 352 | 95.0% |  |  | 66 |  |  |  | AMC Theater, Dollar Tree, Five Below, Marshalls, Michaels, PETCO, Shoe Carnival, Staples, TJ Maxx, Ulta, Old Navy, (Best Buy), (Macdill) | $ | 19.49 |
| Ryanwood Square |  |  | FL | Sebastian-Vero Beach | 115 | 115 | 88.9% |  |  |  |  | 40 |  | Publix, Beall's, Harbor Freight Tools | $ | 11.84 |
| Salerno Village |  |  | FL | Port St. Lucie | 5 | 5 | 100.0% |  |  |  |  |  | - | $ | 16.53 |
| Sawgrass Promenade |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 107 | 107 | 87.7% |  |  |  |  | 36 |  | Publix, Walgreens, Dollar Tree | $ | 12.54 |
| Seminole Shoppes | O | 50% | FL | Jacksonville | 87 | 44 | 98.8% |  |  |  |  | 54 |  | Publix | $ | 23.64 |
| Sheridan Plaza |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 507 | 507 | 93.2% |  |  |  |  | 66 |  | Publix, Kohl's, LA Fitness, Office Depot, Ross Dress for Less, Pet Supplies Plus, Wellmax, Burlington | $ | 19.57 |
| Shoppes @ 104 |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 112 | 112 | 91.2% |  |  |  |  | 46 |  | Winn-Dixie, CVS | $ | 19.66 |
| Shoppes at Bartram Park | O | 50% | FL | Jacksonville | 135 | 67 | 100.0% |  |  | 97 |  |  | 45 |  | Publix, (Kohl's), (Tutor Time) | $ | 21.53 |
| Shoppes at Lago Mar |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 83 | 83 | 90.8% |  |  |  |  | 42 |  | Publix, YouFit Health Club | $ | 15.46 |
| Shoppes at Sunlake Centre |  |  | FL | Tampa-St Petersburg-Clearwater | 114 | 114 | 100.0% |  |  |  |  | 46 |  | Publix | $ | 23.73 |

Supplemental Information 29

Portfolio Summary Report By State

December 31, 2021

(GLA in thousands)

|  |  |  |  |  | JVs at 100% | REG's pro-rata share | REG's pro-rata share | REG's pro-rata share |  |  |  |  |  |  |
Property Name | JV | REG % | State | CBSA | GLA | GLA | % Leased | % Leased - Retail Operating Properties | Retailer-Owned GLA |  | Grocery Anchor GLA |  | Major Tenants (1) | Avg. Base Rent PSF |
| Shoppes of Jonathan's Landing |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 27 | 27 | 100.0% |  |  | 54 |  |  | 54 |  | (Publix) | $ | 26.54 |
| Shoppes of Oakbrook |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 200 | 200 | 64.4% |  |  |  |  | 44 |  | Publix, Tuesday Morning, Duffy's Sports Bar, CVS | $ | 17.65 |
| Shoppes of Pebblebrook Plaza | O | 50% | FL | Naples-Marco Island | 77 | 38 | 96.9% |  |  |  |  | 61 |  | Publix, (Walgreens) | $ | 14.41 |
| Shoppes of Silver Lakes |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 127 | 127 | 93.7% |  |  |  |  | 48 |  | Publix, Goodwill | $ | 20.31 |
| Shoppes of Sunset |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 22 | 22 | 100.0% |  |  |  |  |  | - | $ | 26.05 |
| Shoppes of Sunset II |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 28 | 28 | 92.2% |  |  |  |  |  | - | $ | 21.34 |
| Shops at John's Creek |  |  | FL | Jacksonville | 15 | 15 | 100.0% |  |  |  |  |  | - | $ | 25.53 |
| Shops at Skylake |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 287 | 287 | 98.6% |  |  |  |  | 51 |  | Publix, LA Fitness, TJ Maxx, Goodwill, Pasteur Medical | $ | 24.62 |
| South Beach Regional |  |  | FL | Jacksonville | 308 | 308 | 84.5% |  |  |  |  | 13 |  | Trader Joe's, Home Depot, Ross Dress for Less, Bed Bath & Beyond, Staples | $ | 16.86 |
| South Point |  |  | FL | Sebastian-Vero Beach | 65 | 65 | 100.0% |  |  |  |  | 45 |  | Publix | $ | 16.36 |
| Starke |  |  | FL | Jacksonville | 13 | 13 | 100.0% |  |  |  |  |  | CVS | $ | 27.05 |
| Suncoast Crossing |  |  | FL | Tampa-St Petersburg-Clearwater | 118 | 118 | 94.1% |  |  | 143 |  |  |  | Kohl's, (Target) | $ | 6.65 |
| Tamarac Town Square |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 125 | 125 | 85.8% |  |  |  |  | 38 |  | Publix, Dollar Tree, Retro Fitness | $ | 12.07 |
| The Grove | NYC | 30% | FL | Orlando-Kissimmee-Sanford | 152 | 46 | 98.8% |  |  |  |  | 52 |  | Publix, LA Fitness | $ | 22.45 |
| The Plaza at St. Lucie West |  |  | FL | Port St. Lucie | 27 | 27 | 93.6% |  |  |  |  |  | - | $ | 24.48 |
(2) | The Village at Hunter's Lake |  |  | FL | Tampa-St Petersburg-Clearwater | 72 | 72 | 98.0% |  |  |  |  | 29 |  | Sprouts | $ | 27.48 |
| Town and Country |  |  | FL | Orlando-Kissimmee-Sanford | 78 | 78 | 97.9% |  |  |  |  |  | Ross Dress for Less | $ | 11.08 |
| Town Square |  |  | FL | Tampa-St Petersburg-Clearwater | 44 | 44 | 72.6% |  |  |  |  |  | PETCO | $ | 34.78 |
| Treasure Coast Plaza |  |  | FL | Sebastian-Vero Beach | 134 | 134 | 98.2% |  |  |  |  | 59 |  | Publix, TJ Maxx | $ | 18.44 |
| Unigold Shopping Center |  |  | FL | Orlando-Kissimmee-Sanford | 115 | 115 | 89.3% |  |  |  |  | 31 |  | YouFit Health Club, Ross Dress for Less | $ | 15.49 |
| University Commons |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 180 | 180 | 100.0% |  |  |  |  | 51 |  | Whole Foods, Nordstrom Rack, Barnes & Noble, Bed Bath & Beyond | $ | 32.88 |
| Village Center |  |  | FL | Tampa-St Petersburg-Clearwater | 187 | 187 | 97.3% |  |  |  |  | 50 |  | Publix, PGA Tour Superstore, Walgreens | $ | 22.03 |
| Waterstone Plaza |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 61 | 61 | 100.0% |  |  |  |  | 46 |  | Publix | $ | 17.44 |
| Welleby Plaza |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 110 | 110 | 92.9% |  |  |  |  | 47 |  | Publix, Dollar Tree | $ | 14.23 |
| Wellington Town Square |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 108 | 108 | 97.6% |  |  |  |  | 45 |  | Publix, CVS | $ | 24.61 |
| West Bird Plaza |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 99 | 99 | 98.5% |  |  |  |  | 38 |  | Publix | $ | 25.23 |
| West Lake Shopping Center |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 101 | 101 | 96.6% |  |  |  |  | 46 |  | Winn-Dixie, CVS | $ | 21.34 |
| Westchase |  |  | FL | Tampa-St Petersburg-Clearwater | 79 | 79 | 100.0% |  |  |  |  | 51 |  | Publix | $ | 17.26 |
| Westport Plaza |  |  | FL | Miami-Ft Lauderdale-PompanoBch | 47 | 47 | 91.6% |  |  |  |  | 28 |  | Publix | $ | 20.80 |
| Willa Springs |  |  | FL | Orlando-Kissimmee-Sanford | 90 | 90 | 90.3% |  |  |  |  | 44 |  | Publix | $ | 21.07 |

Supplemental Information 30

Portfolio Summary Report By State

December 31, 2021

(GLA in thousands)

|  |  |  |  |  | JVs at 100% |  | REG's pro-rata share |  | REG's pro-rata share | REG's pro-rata share |  |  |  |  |  |  |
Property Name | JV | REG % | State | CBSA | GLA |  | GLA |  | % Leased | % Leased - Retail Operating Properties | Retailer-Owned GLA |  | Grocery Anchor GLA |  | Major Tenants (1) | Avg. Base Rent PSF |
|  |  |  | FL |  |  | 11,582 |  |  | 11,038 |  | 93.8% |  |  | 1,049 |  |  | 3,474 |  |  | $ | 19.39 |
| Ashford Place |  |  | GA | Atlanta-SandySprings-Alpharett |  | 53 |  |  | 53 |  | 90.6% |  |  |  |  |  | Harbor Freight Tools | $ | 22.87 |
| Briarcliff La Vista |  |  | GA | Atlanta-SandySprings-Alpharett |  | 43 |  |  | 43 |  | 100.0% |  |  |  |  |  | Michael's | $ | 22.12 |
| Briarcliff Village |  |  | GA | Atlanta-SandySprings-Alpharett |  | 189 |  |  | 189 |  | 98.4% |  |  |  |  | 43 |  | Burlington, Party City, Publix, Shoe Carnival, TJ Maxx | $ | 17.22 |
| Bridgemill Market |  |  | GA | Atlanta-SandySprings-Alpharett |  | 89 |  |  | 89 |  | 94.0% |  |  |  |  | 38 |  | Publix | $ | 17.62 |
| Brighten Park |  |  | GA | Atlanta-SandySprings-Alpharett |  | 137 |  |  | 137 |  | 79.4% |  |  |  |  | 25 |  | Lidl | $ | 30.05 |
| Buckhead Court |  |  | GA | Atlanta-SandySprings-Alpharett |  | 49 |  |  | 49 |  | 89.7% |  |  |  |  |  | - | $ | 30.96 |
| Buckhead Landing (fka Piedmont Peachtree Crossing) |  |  | GA | Atlanta-SandySprings-Alpharett |  | 152 |  |  | 152 |  | 74.3% |  |  |  |  | 56 |  | Binders Art Supplies & Frames, Kroger | $ | 19.19 |
| Buckhead Station |  |  | GA | Atlanta-SandySprings-Alpharett |  | 234 |  |  | 234 |  | 100.0% |  |  |  |  |  | Bed Bath & Beyond, Cost Plus World Market, DSW Warehouse, Nordstrom Rack, Old Navy, Saks Off 5th, TJ Maxx, Ulta | $ | 24.77 |
| Cambridge Square |  |  | GA | Atlanta-SandySprings-Alpharett |  | 71 |  |  | 71 |  | 42.8% |  |  |  |  | 41 |  | - | $ | 26.84 |
| Chastain Square |  |  | GA | Atlanta-SandySprings-Alpharett |  | 92 |  |  | 92 |  | 100.0% |  |  |  |  | 37 |  | Publix | $ | 23.09 |
| Cornerstone Square |  |  | GA | Atlanta-SandySprings-Alpharett |  | 80 |  |  | 80 |  | 100.0% |  |  |  |  | 18 |  | Aldi, CVS, HealthMarkets Insurance, Diazo Specialty Blueprint | $ | 18.29 |
| Sope Creek Crossing |  |  | GA | Atlanta-SandySprings-Alpharett |  | 99 |  |  | 99 |  | 95.5% |  |  |  |  | 45 |  | Publix | $ | 16.44 |
| Dunwoody Hall |  |  | GA | Atlanta-SandySprings-Alpharett |  | 86 |  |  | 86 |  | 92.1% |  |  |  |  | 44 |  | Publix | $ | 20.49 |
| Dunwoody Village |  |  | GA | Atlanta-SandySprings-Alpharett |  | 121 |  |  | 121 |  | 87.8% |  |  |  |  | 18 |  | The Fresh Market, Walgreens, Dunwoody Prep | $ | 20.73 |
| Howell Mill Village |  |  | GA | Atlanta-SandySprings-Alpharett |  | 92 |  |  | 92 |  | 100.0% |  |  |  |  | 31 |  | Publix | $ | 24.38 |
| Paces Ferry Plaza |  |  | GA | Atlanta-SandySprings-Alpharett |  | 82 |  |  | 82 |  | 99.9% |  |  |  |  | 30 |  | Whole Foods | $ | 39.00 |
| Powers Ferry Square |  |  | GA | Atlanta-SandySprings-Alpharett |  | 97 |  |  | 97 |  | 100.0% |  |  |  |  |  | HomeGoods, PETCO | $ | 34.60 |
| Powers Ferry Village |  |  | GA | Atlanta-SandySprings-Alpharett |  | 76 |  |  | 76 |  | 91.1% |  |  |  |  | 48 |  | Publix, The Juice Box | $ | 10.37 |
| Russell Ridge |  |  | GA | Atlanta-SandySprings-Alpharett |  | 101 |  |  | 101 |  | 88.4% |  |  |  |  | 63 |  | Kroger | $ | 12.95 |
| Sandy Springs |  |  | GA | Atlanta-SandySprings-Alpharett |  | 116 |  |  | 116 |  | 95.1% |  |  |  |  | 12 |  | Trader Joe's, Fox's, Peter Glenn Ski & Sports | $ | 24.40 |
| The Shops at Hampton Oaks |  |  | GA | Atlanta-SandySprings-Alpharett |  | 21 |  |  | 21 |  | 81.5% |  |  |  |  |  | (CVS) | $ | 11.99 |
| Williamsburg at Dunwoody |  |  | GA | Atlanta-SandySprings-Alpharett |  | 45 |  |  | 45 |  | 82.7% |  |  |  |  |  | - | $ | 26.81 |
|  |  |  | GA |  |  | 2,127 |  |  | 2,127 |  | 91.1% |  |  | 0 |  |  | 551 |  |  | $ | 22.54 |
| Civic Center Plaza | GRI | 40% | IL | Chicago-Naperville-Elgin |  | 265 |  |  | 106 |  | 96.6% |  |  |  |  | 87 |  | Super H Mart, Home Depot, O'Reilly Automotive, King Spa | $ | 10.51 |
| Clybourn Commons |  |  | IL | Chicago-Naperville-Elgin |  | 32 |  |  | 32 |  | 89.9% |  |  |  |  |  | PETCO | $ | 37.51 |
| Glen Oak Plaza |  |  | IL | Chicago-Naperville-Elgin |  | 63 |  |  | 63 |  | 99.5% |  |  |  |  | 12 |  | Trader Joe's, Walgreens, Northshore University Healthsystems | $ | 26.65 |
| Hinsdale |  |  | IL | Chicago-Naperville-Elgin |  | 185 |  |  | 185 |  | 89.4% |  |  |  |  | 57 |  | Whole Foods, Goodwill, Charter Fitness, Petco | $ | 15.54 |
| Mellody Farm |  |  | IL | Chicago-Naperville-Elgin |  | 259 |  |  | 259 |  | 95.5% |  |  |  |  | 45 |  | Whole Foods, Nordstrom Rack, REI, HomeGoods, Barnes & Noble, West Elm | $ | 28.77 |
| Riverside Sq & River's Edge | GRI | 40% | IL | Chicago-Naperville-Elgin |  | 169 |  |  | 68 |  | 98.6% |  |  |  |  | 74 |  | Mariano's Fresh Market, Dollar Tree, Party City, Blink Fitness | $ | 17.32 |

Supplemental Information 31

Portfolio Summary Report By State

December 31, 2021

(GLA in thousands)

|  |  |  |  |  | JVs at 100% |  | REG's pro-rata share |  | REG's pro-rata share | REG's pro-rata share |  |  |  |  |  |  |
Property Name | JV | REG % | State | CBSA | GLA |  | GLA |  | % Leased | % Leased - Retail Operating Properties | Retailer-Owned GLA |  | Grocery Anchor GLA |  | Major Tenants (1) | Avg. Base Rent PSF |
| Roscoe Square | GRI | 40% | IL | Chicago-Naperville-Elgin | 140 |  | 56 |  | 97.5% |  |  |  |  | 51 |  | Mariano's Fresh Market, Ashley Furniture, Walgreens | $ | 22.58 |
| Westchester Commons |  |  | IL | Chicago-Naperville-Elgin | 143 |  | 143 |  | 94.5% |  |  |  |  | 80 |  | Mariano's Fresh Market, Goodwill | $ | 17.64 |
| Willow Festival |  |  | IL | Chicago-Naperville-Elgin | 404 |  | 404 |  | 96.7% |  |  |  |  | 60 |  | Whole Foods, Lowe's, CVS, HomeGoods, REI, Best Buy, Ulta | $ | 17.94 |
|  |  |  | IL |  |  | 1,660 |  |  | 1,315 |  | 95.3% |  |  | 0 |  |  | 467 |  |  | $ | 20.17 |
| Shops on Main | M | 94% | IN | Chicago-Naperville-Elgin | 279 |  | 279 |  | 100.0% |  |  |  |  | 40 |  | Whole Foods, Dick's Sporting Goods, Ross Dress for Less, HomeGoods, DSW, Nordstrom Rack, Marshalls | $ | 16.05 |
| Willow Lake Shopping Center | GRI | 40% | IN | Indianapolis-Carmel-Anderson | 86 |  | 34 |  | 72.4% |  |  | 64 |  |  | 64 |  | Indiana Bureau of Motor Vehicles, (Kroger) | $ | 18.84 |
| Willow Lake West Shopping Center | GRI | 40% | IN | Indianapolis-Carmel-Anderson | 53 |  | 21 |  | 81.2% |  |  |  |  | 12 |  | Trader Joe's | $ | 27.89 |
|  |  |  | IN |  |  | 418 |  |  | 335 |  | 96.0% |  |  | 64 |  |  | 116 |  |  | $ | 16.90 |
| Fellsway Plaza | M | 75% | MA | Boston-Cambridge-Newton | 158 |  | 158 |  | 100.0% |  |  |  |  | 61 |  | Stop & Shop, Planet Fitness, BioLife Plasma Services | $ | 25.15 |
| Shaw's at Plymouth |  |  | MA | Boston-Cambridge-Newton | 60 |  | 60 |  | 100.0% |  |  |  |  | 60 |  | Shaw's | $ | 19.34 |
| Shops at Saugus |  |  | MA | Boston-Cambridge-Newton | 87 |  | 87 |  | 97.2% |  |  |  |  | 11 |  | Trader Joe's, La-Z-Boy, PetSmart | $ | 30.17 |
| Star's at Cambridge |  |  | MA | Boston-Cambridge-Newton | 66 |  | 66 |  | 100.0% |  |  |  |  | 66 |  | Star Market | $ | 41.18 |
| Star's at Quincy |  |  | MA | Boston-Cambridge-Newton | 101 |  | 101 |  | 100.0% |  |  |  |  | 101 |  | Star Market | $ | 23.63 |
| Star's at West Roxbury |  |  | MA | Boston-Cambridge-Newton | 76 |  | 76 |  | 97.2% |  |  |  |  | 55 |  | Shaw's | $ | 26.69 |
| The Abbot |  |  | MA | Boston-Cambridge-Newton | 65 |  | 65 |  | 39.9% |  |  |  |  |  | - | $ | 0.00 |
| Twin City Plaza |  |  | MA | Boston-Cambridge-Newton | 285 |  | 285 |  | 100.0% |  |  |  |  | 63 |  | Shaw's, Marshall's, Extra Space Storage, Walgreens, K&G Fashion, Dollar Tree, Everfitness, Formlabs | $ | 21.42 |
|  |  |  | MA |  |  | 898 |  |  | 898 |  | 95.1% |  |  | 0 |  |  | 416 |  |  | $ | 27.38 |
| Burnt Mills | C | 20% | MD | Washington-Arlington-Alexandri | 31 |  | 6 |  | 100.0% |  |  |  |  | 9 |  | Trader Joe's | $ | 40.69 |
| Cloppers Mill Village | GRI | 40% | MD | Washington-Arlington-Alexandri | 137 |  | 55 |  | 89.8% |  |  |  |  | 70 |  | Shoppers Food Warehouse, Dollar Tree | $ | 18.18 |
| Festival at Woodholme | GRI | 40% | MD | Baltimore-Columbia-Towson | 81 |  | 32 |  | 83.8% |  |  |  |  | 10 |  | Trader Joe's | $ | 40.58 |
| Firstfield Shopping Center | GRI | 40% | MD | Washington-Arlington-Alexandri | 22 |  | 9 |  | 100.0% |  |  |  |  |  | - | $ | 40.64 |
| Parkville Shopping Center | GRI | 40% | MD | Baltimore-Columbia-Towson | 165 |  | 66 |  | 96.8% |  |  |  |  | 41 |  | Giant, Parkville Lanes, Dollar Tree, Petco, The Cellar Parkville | $ | 16.93 |
| Southside Marketplace | GRI | 40% | MD | Baltimore-Columbia-Towson | 125 |  | 50 |  | 92.0% |  |  |  |  | 44 |  | Shoppers Food Warehouse | $ | 21.73 |
| Takoma Park | GRI | 40% | MD | Washington-Arlington-Alexandri | 107 |  | 43 |  | 100.0% |  |  |  |  | 64 |  | Lidl | $ | 14.41 |
| Valley Centre | GRI | 40% | MD | Baltimore-Columbia-Towson | 220 |  | 88 |  | 97.4% |  |  |  |  | 18 |  | Aldi,TJ Maxx, Ross Dress for Less, PetSmart, Michael's, Surplus Furniture & Mattress | $ | 15.58 |
| Village at Lee Airpark |  |  | MD | Baltimore-Columbia-Towson | 121 |  | 121 |  | 91.6% |  |  | 75 |  |  | 63 |  | Giant, (Sunrise) | $ | 29.74 |
| Watkins Park Plaza | GRI | 40% | MD | Washington-Arlington-Alexandri | 111 |  | 45 |  | 98.5% |  |  |  |  |  | LA Fitness, CVS | $ | 28.74 |
| Westbard Square |  |  | MD | Washington-Arlington-Alexandri | 199 |  | 199 |  | 76.2% |  |  |  |  | 55 |  | Giant, Bowlmor AMF | $ | 34.91 |
| Woodmoor Shopping Center | GRI | 40% | MD | Washington-Arlington-Alexandri | 69 |  | 28 |  | 92.8% |  |  |  |  |  | CVS | $ | 34.57 |
|  |  |  | MD |  |  | 1,389 |  |  | 741 |  | 89.3% |  |  | 75 |  |  | 374 |  |  | $ | 26.22 |

Supplemental Information 32

Portfolio Summary Report By State

December 31, 2021

(GLA in thousands)

|  |  |  |  |  | JVs at 100% |  | REG's pro-rata share |  | REG's pro-rata share | REG's pro-rata share |  |  |  |  |  |  |
Property Name | JV | REG % | State | CBSA | GLA |  | GLA |  | % Leased | % Leased - Retail Operating Properties | Retailer-Owned GLA |  | Grocery Anchor GLA |  | Major Tenants (1) | Avg. Base Rent PSF |
| Fenton Marketplace |  |  | MI | Flint |  | 97 |  |  | 97 |  | 74.0% |  |  |  |  |  | Family Farm & Home | $ | 8.56 |
|  |  |  | MI |  |  | 97 |  |  | 97 |  | 74.0% |  |  | 0 |  |  | 0 |  |  | $ | 8.56 |
| Apple Valley Square | RC | 25% | MN | Minneapol-St. Paul-Bloomington |  | 179 |  |  | 45 |  | 100.0% |  |  | 87 |  |  |  | Jo-Ann Fabrics, PETCO, Savers, Experience Fitness, (Burlington Coat Factory), (Aldi) | $ | 16.84 |
| Cedar Commons | RC | 25% | MN | Minneapol-St. Paul-Bloomington |  | 66 |  |  | 17 |  | 97.6% |  |  |  |  | 50 |  | Whole Foods | $ | 27.98 |
| Colonial Square | GRI | 40% | MN | Minneapol-St. Paul-Bloomington |  | 93 |  |  | 37 |  | 100.0% |  |  |  |  | 44 |  | Lund's | $ | 25.81 |
| Rockford Road Plaza | GRI | 40% | MN | Minneapol-St. Paul-Bloomington |  | 204 |  |  | 82 |  | 97.5% |  |  |  |  |  | Kohl's, PetSmart, HomeGoods, TJ Maxx | $ | 13.59 |
| Rockridge Center | C | 20% | MN | Minneapol-St. Paul-Bloomington |  | 125 |  |  | 25 |  | 92.0% |  |  |  |  | 89 |  | CUB Foods | $ | 13.70 |
|  |  |  | MN |  |  | 668 |  |  | 205 |  | 97.8% |  |  | 87 |  |  | 183 |  |  | $ | 17.75 |
| Brentwood Plaza |  |  | MO | St. Louis |  | 60 |  |  | 60 |  | 100.0% |  |  |  |  | 52 |  | Schnucks | $ | 11.42 |
| Bridgeton |  |  | MO | St. Louis |  | 71 |  |  | 71 |  | 100.0% |  |  | 130 |  |  | 63 |  | Schnucks, (Home Depot) | $ | 12.30 |
| Dardenne Crossing |  |  | MO | St. Louis |  | 67 |  |  | 67 |  | 100.0% |  |  |  |  | 63 |  | Schnucks | $ | 11.08 |
| Kirkwood Commons |  |  | MO | St. Louis |  | 210 |  |  | 210 |  | 100.0% |  |  | 258 |  |  | 136 |  | Walmart, TJ Maxx, HomeGoods, Famous Footwear, (Target), (Lowe's) | $ | 10.13 |
|  |  |  | MO |  |  | 408 |  |  | 408 |  | 100.0% |  |  | 388 |  |  | 314 |  |  | $ | 10.86 |
(2) | Blakeney Shopping Center |  |  | NC | Charlotte-Concord-Gastonia |  | 383 |  |  | 383 |  | 97.8% |  |  | 124 |  |  |  | Harris Teeter, Marshalls, Best Buy, Petsmart, Off Broadway Shoes, Old Navy, (Target) | $ | 25.32 |
| Carmel Commons |  |  | NC | Charlotte-Concord-Gastonia |  | 141 |  |  | 141 |  | 80.0% |  |  |  |  | 14 |  | Chuck E. Cheese, The Fresh Market, Party City | $ | 24.52 |
| Cochran Commons | C | 20% | NC | Charlotte-Concord-Gastonia |  | 66 |  |  | 13 |  | 100.0% |  |  | 15 |  |  | 42 |  | Harris Teeter, (Walgreens) | $ | 17.20 |
| Market at Colonnade Center |  |  | NC | Raleigh-Cary |  | 58 |  |  | 58 |  | 100.0% |  |  |  |  | 40 |  | Whole Foods | $ | 28.11 |
| Glenwood Village |  |  | NC | Raleigh-Cary |  | 43 |  |  | 43 |  | 100.0% |  |  |  |  | 28 |  | Harris Teeter | $ | 17.85 |
| Holly Park |  |  | NC | Raleigh-Cary |  | 160 |  |  | 160 |  | 99.0% |  |  |  |  | 12 |  | DSW Warehouse, Trader Joe's, Ross Dress For Less, Staples, US Fitness Products, Jerry's Artarama, Pet Supplies Plus, Ulta | $ | 18.32 |
| Lake Pine Plaza |  |  | NC | Raleigh-Cary |  | 88 |  |  | 88 |  | 100.0% |  |  |  |  | 58 |  | Harris Teeter | $ | 13.90 |
| Midtown East | O | 50% | NC | Raleigh-Cary |  | 159 |  |  | 79 |  | 100.0% |  |  |  |  | 120 |  | Wegmans | $ | 24.06 |
| Providence Commons | RC | 25% | NC | Charlotte-Concord-Gastonia |  | 74 |  |  | 19 |  | 100.0% |  |  |  |  | 50 |  | Harris Teeter | $ | 19.62 |
| Ridgewood Shopping Center | C | 20% | NC | Raleigh-Cary |  | 93 |  |  | 19 |  | 85.1% |  |  |  |  | 30 |  | Whole Foods, Walgreens | $ | 19.22 |
| Shops at Erwin Mill | M | 55% | NC | Durham-Chapel Hill |  | 91 |  |  | 91 |  | 96.4% |  |  |  |  | 53 |  | Harris Teeter | $ | 19.05 |
| Shoppes of Kildaire | GRI | 40% | NC | Raleigh-Cary |  | 145 |  |  | 58 |  | 98.9% |  |  |  |  | 46 |  | Trader Joe's, Aldi, Fitness Connection, Staples | $ | 19.43 |
| Southpoint Crossing |  |  | NC | Durham-Chapel Hill |  | 103 |  |  | 103 |  | 95.7% |  |  |  |  | 59 |  | Harris Teeter | $ | 16.56 |
| Sutton Square | C | 20% | NC | Raleigh-Cary |  | 101 |  |  | 20 |  | 93.3% |  |  |  |  | 24 |  | The Fresh Market | $ | 20.37 |
| Village District | C | 30% | NC | Raleigh-Cary |  | 559 |  |  | 168 |  | 95.1% |  |  |  |  | 87 |  | Harris Teeter, The Fresh Market, Wake Public Library, Walgreens, Talbots, Great Outdoor Provision Co., York Properties,The Cheshire Cat Gallery, Crunch Fitness Select Club, Bailey's Fine Jewelry, Sephora, Barnes & Noble, Goodnight's Comedy Club | $ | 25.19 |
| Village Plaza | C | 20% | NC | Durham-Chapel Hill |  | 73 |  |  | 15 |  | 100.0% |  |  |  |  | 42 |  | Whole Foods | $ | 23.55 |
| Willow Oaks |  |  | NC | Charlotte-Concord-Gastonia |  | 65 |  |  | 65 |  | 100.0% |  |  |  |  | 49 |  | Publix | $ | 17.41 |

Supplemental Information 33

Portfolio Summary Report By State

December 31, 2021

(GLA in thousands)

|  |  |  |  |  | JVs at 100% |  | REG's pro-rata share |  | REG's pro-rata share | REG's pro-rata share |  |  |  |  |  |  |
Property Name | JV | REG % | State | CBSA | GLA |  | GLA |  | % Leased | % Leased - Retail Operating Properties | Retailer-Owned GLA |  | Grocery Anchor GLA |  | Major Tenants (1) | Avg. Base Rent PSF |
| Woodcroft Shopping Center |  |  | NC | Durham-Chapel Hill | 90 |  | 90 |  | 100.0% |  |  |  |  | 41 |  | Food Lion, ACE Hardware | $ | 14.16 |
|  |  |  | NC |  |  | 2,491 |  |  | 1,612 |  | 96.3% |  |  | 139 |  |  | 795 |  |  | $ | 21.32 |
| Chimney Rock |  |  | NJ | New York-Newark-Jersey City | 218 |  | 218 |  | 98.1% |  |  |  |  | 50 |  | Whole Foods, Nordstrom Rack, Saks Off 5th, The Container Store, Ulta | $ | 36.46 |
| District at Metuchen | C | 20% | NJ | New York-Newark-Jersey City | 67 |  | 13 |  | 100.0% |  |  |  |  | 44 |  | Whole Foods | $ | 30.42 |
| Haddon Commons | GRI | 40% | NJ | Philadelphia-Camden-Wilmington | 54 |  | 22 |  | 100.0% |  |  |  |  | 34 |  | Acme Markets | $ | 15.12 |
| Plaza Square | GRI | 40% | NJ | New York-Newark-Jersey City | 104 |  | 42 |  | 80.5% |  |  |  |  | 60 |  | ShopRite | $ | 17.53 |
| Riverfront Plaza | NYC | 30% | NJ | New York-Newark-Jersey City | 129 |  | 39 |  | 95.5% |  |  |  |  | 70 |  | ShopRite | $ | 26.57 |
|  |  |  | NJ |  |  | 572 |  |  | 333 |  | 95.8% |  |  | 0 |  |  | 258 |  |  | $ | 31.64 |
| 101 7th Avenue |  |  | NY | New York-Newark-Jersey City | 57 |  | 57 |  | 0.0% |  |  |  |  |  | - | $ | 0.00 |
| 1175 Third Avenue |  |  | NY | New York-Newark-Jersey City | 25 |  | 25 |  | 100.0% |  |  |  |  | 25 |  | The Food Emporium | $ | 116.62 |
| 1225-1239 Second Ave |  |  | NY | New York-Newark-Jersey City | 18 |  | 18 |  | 100.0% |  |  |  |  |  | CVS | $ | 127.71 |
| 90 - 30 Metropolitan Avenue |  |  | NY | New York-Newark-Jersey City | 60 |  | 60 |  | 93.9% |  |  |  |  | 11 |  | Michaels, Staples, Trader Joe's | $ | 34.27 |
| Broadway Plaza |  |  | NY | New York-Newark-Jersey City | 147 |  | 147 |  | 91.8% |  |  |  |  | 18 |  | Aldi, Best Buy, Bob's Discount Furniture, TJ Maxx, Blink Fitness | $ | 42.08 |
| Clocktower Plaza Shopping Ctr |  |  | NY | New York-Newark-Jersey City | 79 |  | 79 |  | 100.0% |  |  |  |  | 63 |  | Stop & Shop | $ | 49.72 |
(2) | East Meadow |  |  | NY | New York-Newark-Jersey City | 141 |  | 141 |  | 92.3% |  |  |  |  |  | Marshalls, Stew Leonard's | $ | 14.75 |
(2) | Eastport |  |  | NY | New York-Newark-Jersey City | 48 |  | 48 |  | 97.3% |  |  |  |  |  | King Kullen, Rite Aid | $ | 12.72 |
| The Gallery at Westbury Plaza |  |  | NY | New York-Newark-Jersey City | 312 |  | 312 |  | 100.0% |  |  |  |  | 13 |  | Trader Joe's, Nordstrom Rack, Saks Fifth Avenue, Bloomingdale's, The Container Store, HomeGoods, Old Navy, Gap Outlet, Bassett Home Furnishings, Famous Footwear | $ | 49.50 |
| Hewlett Crossing I & II |  |  | NY | New York-Newark-Jersey City | 52 |  | 52 |  | 96.2% |  |  |  |  |  | - | $ | 38.31 |
| Rivertowns Square | 0 |  | NY | New York-Newark-Jersey City | 116 |  | 116 |  | 92.6% |  |  |  |  | 18 |  | Ulta, The Learning Experience, Mom's Organic Market, Look Cinemas | $ | 25.69 |
| The Point at Garden City Park |  |  | NY | New York-Newark-Jersey City | 105 |  | 105 |  | 98.1% |  |  |  |  | 52 |  | King Kullen, Ace Hardware | $ | 29.57 |
| Lake Grove Commons | GRI | 40% | NY | New York-Newark-Jersey City | 141 |  | 57 |  | 100.0% |  |  |  |  | 48 |  | Whole Foods, LA Fitness, PETCO | $ | 34.67 |
(2) | Valley Stream |  |  | NY | New York-Newark-Jersey City | 99 |  | 99 |  | 95.5% |  |  |  |  |  | King Kullen | $ | 28.51 |
(2) | Wading River |  |  | NY | New York-Newark-Jersey City | 99 |  | 99 |  | 82.1% |  |  |  |  |  | King Kullen, CVS, Ace Hardware | $ | 22.91 |
| Westbury Plaza |  |  | NY | New York-Newark-Jersey City | 390 |  | 390 |  | 98.7% |  |  |  |  | 110 |  | WalMart, Costco, Marshalls, Total Wine and More, Olive Garden | $ | 25.93 |
|  |  |  | NY |  |  | 1,890 |  |  | 1,805 |  | 93.1% |  |  | 0 |  |  | 357 |  |  | $ | 35.13 |
| Cherry Grove |  |  | OH | Cincinnati | 196 |  | 196 |  | 99.0% |  |  |  |  | 66 |  | Kroger, Shoe Carnival, TJ Maxx, Tuesday Morning | $ | 12.26 |
| East Pointe |  |  | OH | Columbus | 109 |  | 109 |  | 98.7% |  |  |  |  | 76 |  | Kroger | $ | 10.93 |
| Hyde Park |  |  | OH | Cincinnati | 401 |  | 401 |  | 97.4% |  |  |  |  | 169 |  | Kroger, Remke Markets, Walgreens, Jo-Ann Fabrics, Ace Hardware, Staples, Marshalls | $ | 16.96 |
| Kroger New Albany Center | M | 50% | OH | Columbus | 93 |  | 93 |  | 100.0% |  |  |  |  | 65 |  | Kroger | $ | 13.26 |
| Northgate Plaza (Maxtown Road) |  |  | OH | Columbus | 117 |  | 117 |  | 100.0% |  |  | 90 |  |  | 91 |  | Kroger, (Home Depot) | $ | 11.87 |

Supplemental Information 34

Portfolio Summary Report By State

December 31, 2021

(GLA in thousands)

|  |  |  |  |  | JVs at 100% |  | REG's pro-rata share |  | REG's pro-rata share | REG's pro-rata share |  |  |  |  |  |  |
Property Name | JV | REG % | State | CBSA | GLA |  | GLA |  | % Leased | % Leased - Retail Operating Properties | Retailer-Owned GLA |  | Grocery Anchor GLA |  | Major Tenants (1) | Avg. Base Rent PSF |
| Red Bank Village |  |  | OH | Cincinnati | 176 |  | 176 |  | 98.9% |  |  |  |  | 152 |  | WalMart | $ | 7.51 |
| Regency Commons |  |  | OH | Cincinnati | 34 |  | 34 |  | 84.0% |  |  |  |  |  | - | $ | 26.09 |
| West Chester Plaza |  |  | OH | Cincinnati | 88 |  | 88 |  | 100.0% |  |  |  |  | 67 |  | Kroger | $ | 10.22 |
|  |  |  | OH |  |  | 1,215 |  |  | 1,215 |  | 98.3% |  |  | 90 |  |  | 685 |  |  | $ | 13.18 |
| Corvallis Market Center |  |  | OR | Corvallis | 85 |  | 85 |  | 90.9% |  |  |  |  | 12 |  | Michaels, TJ Maxx, Trader Joe's | $ | 22.42 |
| Greenway Town Center | GRI | 40% | OR | Portland-Vancouver-Hillsboro | 93 |  | 37 |  | 100.0% |  |  |  |  | 38 |  | Dollar Tree, Rite Aid, Whole Foods | $ | 16.28 |
| Murrayhill Marketplace |  |  | OR | Portland-Vancouver-Hillsboro | 150 |  | 150 |  | 86.6% |  |  |  |  | 41 |  | Safeway, Planet Fitness | $ | 19.96 |
| Northgate Marketplace |  |  | OR | Medford | 81 |  | 81 |  | 91.6% |  |  |  |  | 13 |  | Trader Joe's, REI, PETCO | $ | 22.89 |
| Northgate Marketplace Ph II |  |  | OR | Medford | 177 |  | 177 |  | 97.4% |  |  |  |  |  | Dick's Sporting Goods, Homegoods, Marshalls | $ | 17.42 |
| Sherwood Crossroads |  |  | OR | Portland-Vancouver-Hillsboro | 88 |  | 88 |  | 100.0% |  |  |  |  | 55 |  | Safeway | $ | 12.33 |
| Tanasbourne Market |  |  | OR | Portland-Vancouver-Hillsboro | 71 |  | 71 |  | 100.0% |  |  |  |  | 57 |  | Whole Foods | $ | 30.11 |
| Walker Center |  |  | OR | Portland-Vancouver-Hillsboro | 90 |  | 90 |  | 98.4% |  |  |  |  |  | Bed Bath & Beyond | $ | 22.36 |
|  |  |  | OR |  |  | 835 |  |  | 779 |  | 94.8% |  |  | 0 |  |  | 215 |  |  | $ | 20.08 |
| Allen Street Shopping Ctr | GRI | 40% | PA | Allentown-Bethlehem-Easton | 46 |  | 18 |  | 100.0% |  |  |  |  | 22 |  | Grocery Outlet Bargain Market | $ | 16.25 |
| City Avenue Shopping Center | GRI | 40% | PA | Philadelphia-Camden-Wilmington | 162 |  | 65 |  | 84.5% |  |  |  |  |  | Ross Dress for Less, TJ Maxx, Dollar Tree | $ | 20.47 |
| Gateway Shopping Center |  |  | PA | Philadelphia-Camden-Wilmington | 224 |  | 224 |  | 95.8% |  |  |  |  | 11 |  | Trader Joe's, Staples, TJ Maxx, Jo-Ann Fabrics | $ | 33.39 |
| Hershey |  |  | PA | Harrisburg-Carlisle | 6 |  | 6 |  | 100.0% |  |  |  |  |  | - | $ | 30.00 |
| Lower Nazareth Commons |  |  | PA | Allentown-Bethlehem-Easton | 96 |  | 96 |  | 100.0% |  |  | 244 |  |  | 111 |  | Burlington Coat Factory, PETCO, (Wegmans), (Target) | $ | 26.00 |
| Mercer Square Shopping Center | GRI | 40% | PA | Philadelphia-Camden-Wilmington | 91 |  | 37 |  | 94.7% |  |  |  |  | 51 |  | Weis Markets | $ | 24.18 |
| Newtown Square Shopping Center | GRI | 40% | PA | Philadelphia-Camden-Wilmington | 142 |  | 57 |  | 89.8% |  |  |  |  | 56 |  | Acme Markets, Michael's | $ | 18.97 |
| Stefko Boulevard Shopping Center | GRI | 40% | PA | Allentown-Bethlehem-Easton | 134 |  | 54 |  | 97.9% |  |  |  |  | 73 |  | Valley Farm Market, Dollar Tree, Retro Fitness | $ | 11.15 |
| Warwick Square Shopping Center | GRI | 40% | PA | Philadelphia-Camden-Wilmington | 93 |  | 37 |  | 40.4% |  |  |  |  | 51 |  | - | $ | 28.44 |
|  |  |  | PA |  |  | 995 |  |  | 594 |  | 91.5% |  |  | 244 |  |  | 375 |  |  | $ | 25.93 |
| Indigo Square |  |  | SC | Charleston-North Charleston | 51 |  | 51 |  | 100.0% |  |  |  |  | 22 |  | Publix | $ | 29.60 |
| Merchants Village | GRI | 40% | SC | Charleston-North Charleston | 80 |  | 32 |  | 100.0% |  |  |  |  | 38 |  | Publix | $ | 17.61 |
|  |  |  | SC |  |  | 131 |  |  | 83 |  | 100.0% |  |  | 0 |  |  | 59 |  |  | $ | 24.99 |
| Harpeth Village Fieldstone |  |  | TN | Nashvil-Davdsn-Murfree-Frankln | 70 |  | 70 |  | 100.0% |  |  |  |  | 55 |  | Publix | $ | 16.06 |
| Northlake Village |  |  | TN | Nashvil-Davdsn-Murfree-Frankln | 135 |  | 135 |  | 96.0% |  |  |  |  | 75 |  | Kroger | $ | 14.90 |
| Peartree Village |  |  | TN | Nashvil-Davdsn-Murfree-Frankln | 110 |  | 110 |  | 100.0% |  |  |  |  | 84 |  | Kroger, PETCO | $ | 20.11 |
|  |  |  | TN |  |  | 314 |  |  | 314 |  | 98.3% |  |  | 0 |  |  | 214 |  |  | $ | 16.99 |

Supplemental Information 35

Portfolio Summary Report By State

December 31, 2021

(GLA in thousands)

|  |  |  |  |  | JVs at 100% | REG's pro-rata share | REG's pro-rata share | REG's pro-rata share |  |  |  |  |  |  |
Property Name | JV | REG % | State | CBSA | GLA | GLA | % Leased | % Leased - Retail Operating Properties | Retailer-Owned GLA |  | Grocery Anchor GLA |  | Major Tenants (1) | Avg. Base Rent PSF |
| Alden Bridge |  |  | TX | Houston-Woodlands-Sugar Land | 139 | 139 | 97.0% |  |  |  |  | 68 |  | Kroger, Walgreens | $ | 21.24 |
(2) | Baybrook East 1A | O | 50% | TX | Houston-Woodlands-Sugar Land | 106 | 53 | 100.0% |  |  |  |  | 106 |  | H.E.B | $ | 3.16 |
| Bethany Park Place |  |  | TX | Dallas-Fort Worth-Arlington | 99 | 99 | 95.2% |  |  |  |  | 83 |  | Kroger | $ | 11.57 |
| CityLine Market |  |  | TX | Dallas-Fort Worth-Arlington | 81 | 81 | 100.0% |  |  |  |  | 40 |  | Whole Foods | $ | 29.52 |
| CityLine Market Phase II |  |  | TX | Dallas-Fort Worth-Arlington | 22 | 22 | 93.8% |  |  |  |  |  | CVS | $ | 27.03 |
| Cochran's Crossing |  |  | TX | Houston-Woodlands-Sugar Land | 138 | 138 | 95.4% |  |  |  |  | 63 |  | Kroger | $ | 19.51 |
| Hancock |  |  | TX | Austin-Round Rock-Georgetown | 263 | 263 | 97.7% |  |  |  |  | 90 |  | 24 Hour Fitness, Firestone Complete Auto Care, H.E.B, PETCO, Twin Liquors | $ | 19.08 |
| Hillcrest Village |  |  | TX | Dallas-Fort Worth-Arlington | 15 | 15 | 100.0% |  |  |  |  |  | - | $ | 47.93 |
| Indian Springs Center |  |  | TX | Houston-Woodlands-Sugar Land | 137 | 137 | 99.0% |  |  |  |  | 79 |  | H.E.B. | $ | 25.13 |
| Keller Town Center |  |  | TX | Dallas-Fort Worth-Arlington | 120 | 120 | 97.1% |  |  |  |  | 64 |  | Tom Thumb | $ | 16.75 |
| Lebanon/Legacy Center |  |  | TX | Dallas-Fort Worth-Arlington | 56 | 56 | 88.6% |  |  | 63 |  |  | 63 |  | (WalMart) | $ | 28.78 |
| Market at Preston Forest |  |  | TX | Dallas-Fort Worth-Arlington | 96 | 96 | 100.0% |  |  |  |  | 64 |  | Tom Thumb | $ | 22.08 |
| Market at Round Rock |  |  | TX | Austin-Round Rock-Georgetown | 123 | 123 | 97.6% |  |  |  |  | 30 |  | Sprout's Markets, Office Depot, Tuesday Morning | $ | 18.93 |
| Market at Springwoods Village | M | 53% | TX | Houston-Woodlands-Sugar Land | 167 | 167 | 96.2% |  |  |  |  | 100 |  | Kroger | $ | 16.93 |
| Mockingbird Commons |  |  | TX | Dallas-Fort Worth-Arlington | 120 | 120 | 89.2% |  |  |  |  | 49 |  | Tom Thumb, Ogle School of Hair Design | $ | 18.91 |
| North Hills |  |  | TX | Austin-Round Rock-Georgetown | 164 | 164 | 98.8% |  |  |  |  | 60 |  | H.E.B. | $ | 21.20 |
| Panther Creek |  |  | TX | Houston-Woodlands-Sugar Land | 166 | 166 | 98.4% |  |  |  |  | 66 |  | CVS, The Woodlands Childrens Museum, Fitness Project | $ | 23.66 |
| Prestonbrook |  |  | TX | Dallas-Fort Worth-Arlington | 92 | 92 | 97.7% |  |  |  |  | 64 |  | Kroger | $ | 14.90 |
(2) | Preston Oaks |  |  | TX | Dallas-Fort Worth-Arlington | 104 | 104 | 78.6% |  |  |  |  | 30 |  | Central Market, Talbots | $ | 36.17 |
| Shiloh Springs |  |  | TX | Dallas-Fort Worth-Arlington | 110 | 110 | 89.8% |  |  |  |  | 61 |  | Kroger | $ | 14.59 |
| Shops at Mira Vista |  |  | TX | Austin-Round Rock-Georgetown | 68 | 68 | 100.0% |  |  |  |  | 15 |  | Trader Joe's, Champions Westlake Gymnastics & Cheer | $ | 24.88 |
| Southpark at Cinco Ranch |  |  | TX | Houston-Woodlands-Sugar Land | 265 | 265 | 98.9% |  |  |  |  | 101 |  | Kroger, Academy Sports, PETCO, Spec's Liquor and Finer Foods | $ | 13.84 |
| Sterling Ridge |  |  | TX | Houston-Woodlands-Sugar Land | 129 | 129 | 97.8% |  |  |  |  | 63 |  | Kroger, CVS | $ | 21.76 |
| Sweetwater Plaza | C | 20% | TX | Houston-Woodlands-Sugar Land | 134 | 27 | 93.9% |  |  |  |  | 65 |  | Kroger, Walgreens | $ | 17.94 |
| Tech Ridge Center |  |  | TX | Austin-Round Rock-Georgetown | 216 | 216 | 91.1% |  |  |  |  | 84 |  | H.E.B., Pinstack | $ | 24.14 |
| The Village at Riverstone |  |  | TX | Houston-Woodlands-Sugar Land | 165 | 165 | 95.4% |  |  |  |  | 100 |  | Kroger | $ | 16.80 |
| Weslayan Plaza East | GRI | 40% | TX | Houston-Woodlands-Sugar Land | 169 | 68 | 99.1% |  |  |  |  |  | Berings, Ross Dress for Less, Michaels, The Next Level Fitness, Spec's Liquor, Bike Barn | $ | 20.94 |
| Weslayan Plaza West | GRI | 40% | TX | Houston-Woodlands-Sugar Land | 186 | 74 | 92.1% |  |  |  |  | 52 |  | Randalls Food, Walgreens, PETCO, Jo-Ann's, Tuesday Morning, Homegoods | $ | 20.54 |
| Westwood Village |  |  | TX | Houston-Woodlands-Sugar Land | 187 | 187 | 98.8% |  |  | 127 |  |  |  | Fitness Project, PetSmart, Office Max, Ross Dress For Less, TJ Maxx, (Target) | $ | 20.30 |
| Woodway Collection | GRI | 40% | TX | Houston-Woodlands-Sugar Land | 97 | 39 | 93.0% |  |  |  |  | 45 |  | Whole Foods | $ | 30.96 |

Supplemental Information 36

Portfolio Summary Report By State

December 31, 2021

(GLA in thousands)

|  |  |  |  |  | JVs at 100% |  | REG's pro-rata share |  | REG's pro-rata share | REG's pro-rata share |  |  |  |  |  |  |
Property Name | JV | REG % | State | CBSA | GLA |  | GLA |  | % Leased | % Leased - Retail Operating Properties | Retailer-Owned GLA |  | Grocery Anchor GLA |  | Major Tenants (1) | Avg. Base Rent PSF |
0 |  |  |  | TX |  |  | 3,931 |  |  | 3,500 |  | 95.9% |  |  | 190 |  |  | 1,706 |  |  | $ | 20.20 |
| Ashburn Farm Village Center | GRI | 40% | VA | Washington-Arlington-Alexandri |  | 92 |  |  | 37 |  | 100.0% |  |  |  |  | 27 |  | Patel Brothers, The Shop Gym | $ | 16.96 |
| Belmont Chase |  |  | VA | Washington-Arlington-Alexandri |  | 91 |  |  | 91 |  | 95.0% |  |  |  |  | 40 |  | Cooper's Hawk Winery, Whole Foods | $ | 32.70 |
| Braemar Village Center | RC | 25% | VA | Washington-Arlington-Alexandri |  | 104 |  |  | 26 |  | 100.0% |  |  |  |  | 58 |  | Safeway | $ | 23.39 |
(2) | Carytown Exchange | M | 57% | VA | Richmond |  | 116 |  |  | 116 |  | 70.8% |  |  |  |  | 38 |  | Publix, CVS | $ | 23.27 |
| Centre Ridge Marketplace | GRI | 40% | VA | Washington-Arlington-Alexandri |  | 107 |  |  | 43 |  | 98.9% |  |  |  |  | 55 |  | United States Coast Guard Ex, Planet Fitness | $ | 19.49 |
| Point 50 |  |  | VA | Washington-Arlington-Alexandri |  | 48 |  |  | 48 |  | 100.0% |  |  |  |  | 30 |  | Grocer | $ | 30.77 |
| Festival at Manchester Lakes | GRI | 40% | VA | Washington-Arlington-Alexandri |  | 168 |  |  | 67 |  | 81.1% |  |  |  |  | 32 |  | Amazon Fresh, Homesense | $ | 29.67 |
| Fox Mill Shopping Center | GRI | 40% | VA | Washington-Arlington-Alexandri |  | 103 |  |  | 41 |  | 94.2% |  |  |  |  | 50 |  | Giant | $ | 26.94 |
| Greenbriar Town Center | GRI | 40% | VA | Washington-Arlington-Alexandri |  | 340 |  |  | 136 |  | 96.8% |  |  |  |  | 62 |  | Big Blue Swim School, Bob's Discount Furniture, CVS, Giant, Marshalls, Planet Fitness, Ross Dress for Less, Total Wine and More | $ | 27.98 |
| Hanover Village Shopping Center | GRI | 40% | VA | Richmond |  | 90 |  |  | 36 |  | 100.0% |  |  |  |  | 18 |  | Aldi, Tractor Supply Company, Harbor Freight Tools, Tuesday Morning | $ | 9.78 |
| Kamp Washington Shopping Center | GRI | 40% | VA | Washington-Arlington-Alexandri |  | 71 |  |  | 29 |  | 100.0% |  |  |  |  | 20 |  | PGA Tour Superstore | $ | 32.69 |
| Kings Park Shopping Center | GRI | 40% | VA | Washington-Arlington-Alexandri |  | 96 |  |  | 39 |  | 100.0% |  |  |  |  | 51 |  | Giant, CVS | $ | 32.96 |
| Lorton Station Marketplace | C | 20% | VA | Washington-Arlington-Alexandri |  | 135 |  |  | 27 |  | 67.3% |  |  |  |  | 63 |  | Amazon Fresh | $ | 26.88 |
| Saratoga Shopping Center | GRI | 40% | VA | Washington-Arlington-Alexandri |  | 113 |  |  | 45 |  | 98.2% |  |  |  |  | 56 |  | Giant | $ | 22.29 |
| Shops at County Center |  |  | VA | Washington-Arlington-Alexandri |  | 97 |  |  | 97 |  | 90.9% |  |  |  |  | 52 |  | Harris Teeter | $ | 19.32 |
| The Crossing Clarendon (fka Market Common Clarendon) |  |  | VA | Washington-Arlington-Alexandri |  | 420 |  |  | 420 |  | 90.7% |  |  |  |  | 34 |  | Whole Foods, Crate & Barrel, The Container Store, Barnes & Noble, Pottery Barn, Ethan Allen, The Cheesecake Factory, Life Time Fitness | $ | 37.88 |
| The Field at Commonwealth |  |  | VA | Washington-Arlington-Alexandri |  | 167 |  |  | 167 |  | 100.0% |  |  |  |  | 122 |  | Wegmans | $ | 22.42 |
| Village Center at Dulles | C | 20% | VA | Washington-Arlington-Alexandri |  | 304 |  |  | 61 |  | 95.6% |  |  |  |  | 48 |  | Giant, Gold's Gym, CVS, Advance Auto Parts, Chuck E. Cheese, HomeGoods, Goodwill, Furniture Max | $ | 27.04 |
| Village Shopping Center | GRI | 40% | VA | Richmond |  | 116 |  |  | 46 |  | 88.8% |  |  |  |  | 45 |  | Publix, CVS | $ | 24.89 |
| Willston Centre I | GRI | 40% | VA | Washington-Arlington-Alexandri |  | 105 |  |  | 42 |  | 90.8% |  |  |  |  |  | CVS, Fashion K City | $ | 27.85 |
| Willston Centre II | GRI | 40% | VA | Washington-Arlington-Alexandri |  | 136 |  |  | 54 |  | 100.0% |  |  | 141 |  |  | 59 |  | Safeway, (Target), (PetSmart) | $ | 27.41 |
|  |  |  | VA |  |  | 3,021 |  |  | 1,668 |  | 92.3% |  |  | 141 |  |  | 960 |  |  | $ | 28.34 |
| 6401 Roosevelt |  |  | WA | Seattle-Tacoma-Bellevue |  | 8 |  |  | 8 |  | 100.0% |  |  |  |  |  | - | $ | 23.44 |
| Aurora Marketplace | GRI | 40% | WA | Seattle-Tacoma-Bellevue |  | 107 |  |  | 43 |  | 100.0% |  |  |  |  | 49 |  | Safeway, TJ Maxx | $ | 17.30 |
| Ballard Blocks I | O | 50% | WA | Seattle-Tacoma-Bellevue |  | 132 |  |  | 66 |  | 95.8% |  |  |  |  | 12 |  | LA Fitness, Ross Dress for Less, Trader Joe's | $ | 27.45 |
| Ballard Blocks II | O | 50% | WA | Seattle-Tacoma-Bellevue |  | 117 |  |  | 58 |  | 99.3% |  |  |  |  | 25 |  | Bright Horizons, Kaiser Permanente, PCC Community Markets, Prokarma, Trufusion, West Marine | $ | 33.40 |
| Broadway Market | C | 20% | WA | Seattle-Tacoma-Bellevue |  | 140 |  |  | 28 |  | 97.9% |  |  |  |  | 64 |  | Gold's Gym, Mosaic Salon Group, Quality Food Centers | $ | 28.78 |
| Cascade Plaza | C | 20% | WA | Seattle-Tacoma-Bellevue |  | 206 |  |  | 41 |  | 97.7% |  |  |  |  | 49 |  | Big 5 Sporting Goods, Big Lots, Dollar Tree, Jo-Ann Fabrics, Planet Fitness, Ross Dress For Less, Safeway | $ | 13.29 |
| Eastgate Plaza | GRI | 40% | WA | Seattle-Tacoma-Bellevue |  | 85 |  |  | 34 |  | 100.0% |  |  |  |  | 29 |  | Safeway, Rite Aid | $ | 31.21 |

Supplemental Information 37

Portfolio Summary Report By State

December 31, 2021

(GLA in thousands)

|  |  |  |  |  | JVs at 100% |  | REG's pro-rata share |  | REG's pro-rata share | REG's pro-rata share |  |  |  |  |  |  |
Property Name | JV | REG % | State | CBSA | GLA |  | GLA |  | % Leased | % Leased - Retail Operating Properties | Retailer-Owned GLA |  | Grocery Anchor GLA |  | Major Tenants (1) | Avg. Base Rent PSF |
| Grand Ridge Plaza |  |  | WA | Seattle-Tacoma-Bellevue | 331 |  | 331 |  | 97.5% |  |  |  |  | 45 |  | Bevmo!, Dick's Sporting Goods, Marshalls, Regal Cinemas,Safeway, Ulta | $ | 25.75 |
| Inglewood Plaza |  |  | WA | Seattle-Tacoma-Bellevue | 17 |  | 17 |  | 100.0% |  |  |  |  |  | - | $ | 44.55 |
| Klahanie Shopping Center |  |  | WA | Seattle-Tacoma-Bellevue | 67 |  | 67 |  | 95.8% |  |  | 40 |  |  | 40 |  | (QFC) | $ | 36.16 |
| Melrose Market |  |  | WA | Seattle-Tacoma-Bellevue | 21 |  | 21 |  | 87.2% |  |  |  |  |  | - | $ | 32.44 |
| Overlake Fashion Plaza | GRI | 40% | WA | Seattle-Tacoma-Bellevue | 87 |  | 35 |  | 100.0% |  |  | 230 |  |  | 13 |  | Marshalls, Bevmo!, Amazon Go Grocery | $ | 28.97 |
| Pine Lake Village |  |  | WA | Seattle-Tacoma-Bellevue | 103 |  | 103 |  | 96.7% |  |  |  |  | 41 |  | Quality Food Centers, Rite Aid | $ | 25.41 |
| Roosevelt Square |  |  | WA | Seattle-Tacoma-Bellevue | 150 |  | 150 |  | 96.0% |  |  |  |  | 50 |  | Whole Foods, Bartell, Guitar Center, LA Fitness | $ | 26.69 |
| Sammamish-Highlands |  |  | WA | Seattle-Tacoma-Bellevue | 101 |  | 101 |  | 97.5% |  |  | 55 |  |  | 67 |  | Trader Joe's, Bartell Drugs, (Safeway) | $ | 38.07 |
| Southcenter |  |  | WA | Seattle-Tacoma-Bellevue | 58 |  | 58 |  | 93.0% |  |  | 112 |  |  |  | (Target) | $ | 31.91 |
|  |  |  | WA |  |  | 1,731 |  |  | 1,162 |  | 97.0% |  |  | 437 |  |  | 484 |  |  | $ | 28.24 |
| Regency Centers Total |  |  | 0 |  |  | 51,164 |  |  | 42,646 |  | 94.1% |  |  | 3,747 |  |  | 16,124 |  |  | $ | 23.18 |

(1)
Major Tenants are the grocery anchor and any tenant 10,000 square feet or greater. Retailers in parenthesis are a shadow anchor and not a part of the owned property.
(2)
Non-Same Proprety

Note: | In-process developments are bolded and italicized.

C: | Co-investment Partnership with Oregon

GRI: | Co-investment Partnership with GRI

M: | Co-investment Partnership with Minority Partner

NYC: | Co-investment Partnership with NYCRF

O: | Other, single property co-investment Partnerships

RC: | Co-investment Partnership with CalSTRS

RLP: | Co-investment Partnership with Rider

USAA: | Co-investment Partnership with USAA

Supplemental Information 38

Components of Net Asset Value (NAV)

As of December 31, 2021

(unaudited and in thousands)

Real Estate - Operating |
Operating Portfolio NOI Excluding Straight-line Rent and Above/Below Market Rent - Current Quarter |  |  |
Wholly Owned NOI (page 5) |  | $ | 192,457 |
Share of JV NOI (page 7) |  | $ | 24,594 |
Less: Noncontrolling Interests (page 7) |  | $ | (1,801 | )
Retail Operating Properties Excluding In-Process Redevelopments |  |  |
Quarterly Base Rent From Leases Signed But Not Yet Commenced |  | $ | 5,247 |

Real Estate: In-Process Ground-Up Developments and Redevelopments |  |  |
In-Process Ground-Up Development |
REG's Estimated Net Project Costs (page 17) |  | $ | 48,693 |
Stabilized Yield (page 17) |  |  | 7 | %
Annualized Proforma Stabilized NOI |  | $ | 3,374 |
% of Costs Incurred (page 17) |  |  | 67 | %
Construction in Progress |  | $ | 15,829 |
NOI from In-Process Ground-Up Development - Current Quarter |
In-place NOI from Current Year Ground-Up Development Completions |  | $ | 13 |
In-place NOI from In-Process Ground-Up Developments |  | $ | 152 |
In-Process Redevelopment Projects |
REG's Estimated Net Project Costs (page 17) |  | $ | 258,613 |
Stabilized Yield (page 17) |  |  | 7 | %
Annualized Proforma Stabilized NOI |  | $ | 18,725 |
% of Costs Incurred (page 17) |  |  | 57 | %
Construction in Progress |  | $ | 111,551 |
NOI from In-Process Redevelopment - Current Quarter |
In-place NOI from Current Year Redevelopment Completions |  | $ | 818 |
In-place NOI from In-Process Redevelopments |  | $ | 947 |

Fee Income |  |  |
Third-Party Management Fees and Commissions - Current Quarter (page 5) |  | $ | 6,918 |
Less: Share of JV's Total fee income - Current Quarter (page 7) |  | $ | (279 | )

Other Assets |  |  |
Estimated Market Value of Land |  |  |
Land held for sale or future development |  | $ | 45,521 |
Outparcels at retail operating properties |  |  | 12,801 |
101 7th Avenue at Book Value, Net |  |  | 25,000 |
Total Estimated Market Value of Land |  | $ | 83,322 |
Regency's Pro-Rata Share (page 3 & 6) |  |  |
Cash and Cash Equivalents |  | $ | 108,537 |
Tenant and other receivables, excluding Straight line rent receivables |  | $ | 54,991 |
Other Assets, excluding Goodwill |  | $ | 120,651 |

Liabilities |  |  |
Regency's Pro-Rata Share (page 3 & 6) |  |  |
Notes payable |  | $ | 4,199,445 |
Accounts payable and other liabilities |  | $ | 342,435 |
Tenants' security, escrow deposits |  | $ | 65,813 |

Common Shares and Equivalents Outstanding |  |  |
Common Shares and Equivalents Issued and Outstanding (page 1) |  |  | 171,973 |

Supplemental Information 39

Supplemental Details of Lease Income (Pro Rata)

COVID-19 Related Disclosure

For the Three Months and Twelve Months Ended December 31, 2021

(unaudited and in thousands)

For the Three Months Ended December 31, 2021

Composition of Lease Income |  | Total Pro Rata |  |
Base rent |  | $ 218,150 |
Recoveries from tenants |  | 73,748 |
Percentage Rent, Termination Fees , and Other Lease Income |  | 6,699 |
| Current Period Billings/Deferrals & Other Revenue |  | $ 298,597 |
Uncollectible Lease Income, net |  | 6,040 |
Non-Cash Revenues (1) |  | 15,908 |
| Total Lease Income (see pages 5 & 7) |  | $ 320,545 |
Lease Income Accrual Reconciliation |  | Total Pro Rata |
Collected - Billed Base Rent/Recoveries & Other Revenue (2) |  | $ 291,866 |
Uncollected - Base Rent/Recoveries - Accrual Basis |  | 4,267 |
Uncollected - Base Rent/Recoveries - Cash Basis (3) |  | 2,465 |
| Current Period Billings/Deferrals & Other Revenue |  | $ 298,597 |
Uncollectible Lease Income - 2021 Billings (4) |  | 1,108 |
Recovery of Prior Period 2020 Reserves, net (6) |  | 4,932 |
Non-Cash Revenues (1) |  | 15,908 |
| Total Lease Income (see pages 5 & 7) |  | $ 320,545 |
Composition of Uncollectible Lease Income |  | Total Pro Rata |
Uncollected - Base Rent/Recoveries - Cash Basis (3) |  | $ ( 2,465) |
Recovery of Prior Period 2021 (1Q-3Q) Reserves |  | 3,573 |
| Uncollectible Lease Income - 2021 Billings (4) |  | $ 1,108 |
Recovery of Prior Period 2020 Reserves, net (6) |  | 4,932 |
| Total Uncollectible Lease Income |  | $ 6,040 |
Current Period Deferred Rent |  | Total Pro Rata |
Deferred Rent - Accrued |  | $ 17 |
Deferred Rent - Reserved |  | 521 |
| Total Deferrals (7) |  | $ 538 |

For the Twelve Months Ended December 31, 2021

Supplemental Information 40

Composition of Lease Income |  | Total Pro Rata |  |
Base rent |  | $ 860,167 |
Recoveries from tenants |  | 290,677 |
Percentage Rent, Termination Fees , and Other Lease Income |  | 25,872 |
| Current Period Billings/Deferrals & Other Revenue |  | $ 1,176,716 |
Uncollectible Lease Income, net |  | 25,725 |
Non-Cash Revenues (1) |  | 46,628 |
| Total Lease Income (see pages 5 & 7) |  | $ 1,249,069 |
Lease Income Accrual Reconciliation |  | Total Pro Rata |
Collected - Billed Base Rent/Recoveries & Other Revenue (2) |  | $ 1,145,620 |
Uncollected - Base Rent/Recoveries - Accrual Basis |  | 10,566 |
Uncollected - Base Rent/Recoveries - Cash Basis (5) |  | 20,530 |
| Current Period Billings/Deferrals & Other Revenue |  | $ 1,176,716 |
Uncollectible Lease Income - 2021 Billings (5) |  | (20,530) |
Recovery of Prior Period 2020 Reserves, net (6) |  | 46,255 |
Non-Cash Revenues (1) |  | 46,628 |
| Total Lease Income (see pages 5 & 7) |  | $ 1,249,069 |
Composition of Uncollectible Lease Income |  | Total Pro Rata |
Uncollectible Lease Income - 2021 Billings (5) |  | $ (20,530) |
Recovery of Prior Period 2020 Reserves, net (6) |  | 46,255 |
| Total Uncollectible Lease Income |  | $ 25,725 |
Current Period Deferred Rent |  | Total Pro Rata |
Deferred Rent - Accrued |  | $ 980 |
Deferred Rent - Reserved |  | 4,750 |
| Total Deferrals (7) |  | $ 5,700 |

(1)
Includes pro-rata share of straight line rent on lease income, net of uncollectible amounts, and above/below market rent amortization.
(2)
Unbilled recoveries are included in Other Revenues, and represent unbilled amounts for quarterly, semi-annual and annual payers of property expenses.
(3)
Represents Base Rent and Recoveries deemed uncollectible associated only with billings during the three months ended December 31, 2021..
(4)
Represents Base Rent and Recoveries deemed uncollectible associated with billings during the three months ended December 31, 2021, net of the collection of $3.6 million reserved during the nine months ended September 30, 2021.
(5)
Represents Base Rent and Recoveries deemed uncollectible associated with billings during the twelve months ended December 31, 2021.
(6)
Represents the collection of Base Rent and Recoveries previously reserved during the year ended December 31, 2020, net of 2020 Tenant Receivables associated with tenants converted to cash basis during the current period.
(7)
Contractual deferrals of rent and recoveries billed and recognized in the current period ended December 31, 2021.

Supplemental Information 41

Supplemental Details of Tenant and Other Receivables (Pro Rata)

COVID-19 Related Disclosure

As of December 31, 2021 and 2020

(in thousands)

|  |  | December 31, 2021 |  |  | December 31, 2020 |
| Tenant receivables |  | $ | 82,157 |  |  | $ | 139,924 |
| Less: Uncollectible tenant receivables |  |  | (50,246 | ) |  |  | (94,731 | )
| Net tenant receivables |  | $ | 31,911 |  |  | $ | 45,193 |
| Straight line rent receivables |  |  | 152,798 |  |  |  | 141,580 |
| Less: Uncollectible straight line rent receivables |  |  | (32,956 | ) |  |  | (41,136 | )
| Net Straight line rent receivables |  | $ | 119,842 |  |  | $ | 100,444 |
| Other receivables (1) |  |  | 23,079 |  |  |  | 18,916 |
| Total tenant and other receivables (See pages 3 and 6) |  | $ | 174,832 |  |  | $ | 164,553 |

(1)
Other receivables includes construction receivables, insurance receivables and amounts due from real estate partnerships for Management, transaction and other fee income.

| Uncollectible Tenant Receivables Balance Reconciliation |  |  |
| Uncollectible tenant receivables (12/31/20) |  | $ | (94,731 | ) |  |
| YTD 2021 - Uncollectible Lease Income - 2021 Billings |  |  | (20,530 | ) |  |
| YTD 2021 - Recovery of Prior Period 2020 Reserves |  |  | 46,255 |  |  |
| YTD 2021 - Write-offs and Abatements |  |  | 18,760 |  |  |
| Uncollectible tenant receivables (12/31/21) |  | $ | (50,246 | ) |  |

Earnings Guidance

December 31, 2021

(in thousands, except per share data)

| 2021A | 2022E
Net Income / Share | $2.12 | $1.78-$1.86
NAREIT FFO / Share | $4.02 | $3.72-$3.80
Core Operating Earnings / Share | $3.68 | $3.56-$3.64
Same Property |  |
Same property NOI growth without termination fees | 16.2% | -1.25% to + 0.25%
Same property NOI growth without termination fees and collection of PY reserves | 9.9% | +2.75% to + 4.25%
Collection of Prior Year Reserves (1) | $46,255 | +/- $13,000
New Investments |  |
Development and Redevelopment spend | $106,185 | +/- $150,000
Acquisitions | $488,582 | +/- $30,000
Cap rate (weighted average) | 5.1% | +/- 5.0%
Disposition Activity |  |
Dispositions | $279,115 | +/- $150,000
Cap rate (weighted average) (1) | 5.2% | 2.25% - 2.5%
Forward ATM settlement (gross) | $84,869 | +/-$65,000
Other |  |
Net interest expense | $165,419 | $163,500-$164,500
Net G&A expense | $73,987 | $82,500 - $85,500
Recurring third party fees & commissions | $25,665 | $24,000 - $25,000
Transaction income (JV promote) | $13,589 | $0
Certain non-cash items (2) | $44,102 | +/- $28,000
Impact from Reversal of Uncollectible Straight-Line Rent Receivables (3) | $12,863 | as converted

(1)
Represents the expected collection in 2022 of revenues reserved in 2020 and 2021, and the actual collection in 2021 of revenues reserved in 2020. Included in Uncollectible Lease Income.

Supplemental Information 42

(2)
Weighted average cap rates exclude non-income producing assets; 2021 cap rate was 4.3% including $48 million of non-income producing assets; 2022 cap rate range includes the sale of Costa Verde ($125M at a ~1.5% cap rate, not stabilized).
(3)
Includes above and below market rent amortization and straight-line rents and amortization of mark-to-market debt adjustments.
(4)
Positive impact on Uncollectible Straight Line Rent from the conversion of cash basis tenants back to an accrual basis of accounting, only included in guidance as tenants are converted.

Forward-looking statements involve risks, uncertainties and assumptions. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation with the SEC, specifically the most recent reports on forms 10K and 10Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements.

Reconciliation of Net Income to Earnings Guidance

December 31, 2021

(per diluted share)

Nareit FFO and Core Operating Earnings Guidance: |  | Full Year 2022 |
|  | Low |  |  | High |
Net income attributable to common stockholders |  | $ | 1.78 |  |  |  | 1.86 |
Adjustments to reconcile net income to Nareit FFO: |  |  |  |  |  |
Depreciation and amortization |  |  | 1.93 |  |  |  | 1.93 |
Exchangeable operating partnership units |  |  | 0.01 |  |  |  | 0.01 |
Nareit Funds From Operations |  | $ | 3.72 |  |  |  | 3.80 |
Adjustments to reconcile Nareit FFO to Core Operating Earnings: |  |  |  |  |  |
Straight line rent, net |  |  | (0.04 | ) |  |  | (0.04 | )
Above/below market rent amortization, net |  |  | (0.12 | ) |  |  | (0.12 | )
Debt premium/discount amortization |  |  | 0.00 |  |  |  | 0.00 |
Core Operating Earnings |  | $ | 3.56 |  |  |  | 3.64 |

Supplemental Information 43

Glossary of Terms

December 31, 2021

Core Operating Earnings: An additional performance measure used by Regency because the computation of Nareit FFO includes certain non-comparable items that affect the Company's period-over-period performance. Core Operating Earnings excludes from Nareit FFO: (i) transaction related income or expenses (ii) gains or losses from the early extinguishment of debt; (iii) certain non-cash components of earnings derived from above and below market rent amortization, straight-line rents, and amortization of mark-to-market debt adjustments; and (iv) other amounts as they occur. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to Nareit FFO to Core Operating Earnings.

Development Completion: A Property in Development is deemed complete upon the earlier of (i) 90% of total estimated net development costs have been incurred and percent leased equals or exceeds 95%, or (ii) the property features at least two years of anchor operations. Once deemed complete, the property is termed a Retail Operating Property the following calendar year.

Fixed Charge Coverage Ratio: Operating EBITDAre divided by the sum of the gross interest and scheduled mortgage principal paid to our lenders.

Nareit Funds From Operations (Nareit FFO): Nareit FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (“Nareit”) defines as net income, computed in accordance with GAAP, excluding gains on sales and impairments of real estate, net of tax, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Regency computes Nareit FFO for all periods presented in accordance with Nareit's definition. Many companies use different depreciable lives and methods, and real estate values historically fluctuate with market conditions. Since Nareit FFO excludes depreciation and amortization and gains on sale and impairments of real estate, it provides a performance measure that, when compared year over year, reflects the impact on operations from trends in percent leased, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, Nareit FFO is a supplemental non-GAAP financial measure of the Company's operating performance, which does not represent cash generated from operating activities in accordance with GAAP; and, therefore, should not be considered a substitute measure of cash flows from operations. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to Nareit FFO.

Net Operating Income (NOI): The sum of base rent, percentage rent, recoveries from tenants, other lease income, and other property income, less operating and maintenance expenses, real estate taxes, ground rent, and uncollectible lease income. NOI excludes straight-line rental income and expense, above and below market rent and ground rent amortization, tenant lease inducement amortization, and other fees. The Company also provides disclosure of NOI excluding termination fees, which excludes both termination fee income and expenses.

Non-Same Property: During either calendar year period being compared, a property acquired, sold, a Property in Development, a Development Completion, or a property under, or being positioned for, significant redevelopment that distorts comparability between periods. Non-retail properties and corporate activities, including the captive insurance program, are part of Non-Same Property. Please refer to the footnote on Property Summary Report for Non-Same Property detail.

Operating EBITDA re: Nareit EBITDA re is a measure of REIT performance, which the Nareit defines as net income, computed in accordance with GAAP, excluding (i) interest expense; (ii) income tax expense; (iii) depreciation and amortization; (iv) gains on sales of real estate; (v) impairments of real estate; and (vi) adjustments to reflect the Company’s share of unconsolidated partnerships and joint ventures. Operating EBITDA re excludes from Nareit EBITDA re certain non-cash components of earnings derived from above and below market rent amortization and straight-line rents. The Company provides a reconciliation of Net Income to Nareit EBITDA re to Operating EBITDA re.

Property In Development: Properties in various stages of ground-up development.

Property In Redevelopment: Retail Operating Properties under redevelopment or being positioned for redevelopment. Unless otherwise indicated, a Property in Redevelopment is included in the Same Property pool.

Retail Operating Property: Any retail property not termed a Property In Development. A retail property is any property where the majority of the income is generated from retail uses.

Redevelopment Completion: A Property in Redevelopment is deemed complete upon the earlier of (i) 90% of total estimated project costs have been incurred and percent leased equals or exceeds 95% for the company owned GLA related to the project, or (ii) the property features at least two years of anchor operations.

Same Property: Retail Operating Properties that were owned and operated for the entirety of both calendar year periods being compared. This term excludes Property in Development, prior year Development Completions, and Non-Same Properties. Property in Redevelopment is included unless otherwise indicated.

Supplemental Information 44