Regency Centers Q1 2026 Earnings Call - 4.4% Same-Property NOI Growth Driven by Record Leasing Momentum and $1B Development Pipeline

Christy McElroy, Investor Relations, Regency Centers3: Please note, this conference is being recorded. I will now turn the conference over to your host, Christy McElroy. Please go ahead.

Christy McElroy, Investor Relations, Regency Centers: Good morning, and welcome to Regency Centers’ first quarter 2026 earnings conference call. Joining me today are Lisa Palmer, President and Chief Executive Officer; Mike Mas, Chief Financial Officer; Alan Roth, East Region President and Chief Operating Officer; and Nick Wibbenmeyer, West Region President and Chief Investment Officer. As a reminder, today’s discussion may contain forward-looking statements about the company’s views of future business and financial performance, including forward earnings guidance and future market conditions. These are based on the current beliefs and expectations of management and are subject to various risks and uncertainties. It is possible that actual results may differ materially from those suggested by these forward-looking statements we may make.

Factors or risks that could cause actual results to differ materially from these statements may be included in our presentation today and are described in more detail in our filings with the SEC, specifically in our most recent form 10-K and 10-Q filings. In our discussion today, we will also reference certain non-GAAP financial measures. The comparable GAAP financial measures are included in this quarter’s earnings materials, which are posted on our investor relations website. Please note that we have also posted a presentation on our website with additional information, including disclosures related to forward earnings guidance. Our caution on forward-looking statements also applies to these presentation materials. As a reminder, given the number of participants we have on the call today, we respectfully ask that you limit your questions to one. Please rejoin the queue if you have additional follow-up questions. Lisa.

Lisa Palmer, President and Chief Executive Officer, Regency Centers: Thank you, Christy. Good morning, everyone, and thank you for joining us. We are off to an outstanding start to the year, building on the positive momentum from last year. In the 1st quarter, we delivered strong Same-Property NOI and earnings growth, driven by robust operating fundamentals and accretive capital allocation. Our results demonstrate the durability of our portfolio, the strength of our platform, and the execution of our team. Our tenants are performing well in our centers, supported by the resiliency and spending power of consumers in our strong suburban trade areas, as well as our focus on essential retail anchored by top-performing grocers. It is this combination of high-quality trade areas and our concentration of necessity-based, value-oriented, and convenience retail that positions our portfolio to perform consistently, even in uncertain macroeconomic environments. We also continue to see significant momentum across our investments platform.

Our track record of success in ground-up development is one of Regency’s greatest differentiators and is a key driver of our external growth strategy. In an environment with very little new retail supply, our ability to source, execute, and deliver high-quality developments across the country really sets Regency apart. Our project deliveries will translate into meaningful NOI contribution in 2026 and beyond, boosting total NOI growth and driving earnings and NAV accretion. As we look ahead, I’m really energized by our strong start to the year and by the opportunities in front of us. I want to reiterate just how distinct Regency’s growth story is. Our portfolio of high-quality, grocery-anchored neighborhood and community centers located in some of the strongest trade areas in the country has consistently delivered durable cash flows across economic cycles.

Our leading national development platform is creating meaningful value for shareholders at a time when few others can compete with our expertise, relationships, and proven results. Our strong balance sheet gives us flexibility and the capacity to be opportunistic with low cost and substantial access to capital. Most importantly, we have the best team in the business. With this foundation, Regency is exceptionally well-positioned to continue delivering strong and sustainable growth for our shareholders. Alan.

Alan Roth, East Region President and Chief Operating Officer, Regency Centers: Thank you, Lisa. Good morning, everyone. We delivered another excellent quarter to start the year following what was a record-breaking year for us in 2025. The fundamentals across our portfolio remain strong, and I couldn’t be more proud of our team’s execution. Tenant demand continues to be robust across nearly all categories and regions, spanning both anchor and shop space. Grocers, restaurants, health and wellness concepts, and off-price retailers are among the most active, but the breadth of engagement across our portfolio is really impressive. The availability of high-quality space is increasingly scarce, both at our centers and in our trade areas, and that dynamic is working in our favor. Our same property percent leased, which is approaching 97%, was up 10 basis points over the fourth quarter.

A sequential uptick in Q1 is seasonally unusual, and it really speaks to the strength of the demand we’re experiencing and to the durability of our occupancy. Leased occupancy is now close to our prior peak, though I am confident further upside is achievable, particularly in anchor leasing, where we continue to have meaningful engagement with leading national retailers. What is especially encouraging is the nature of our activity today. We continue having success proactively leasing occupied space, upgrading merchandising, bringing in new and vibrant concepts, and replacing outdated or underperforming uses. Our same property commenced rate also increased 20 basis points in the quarter as we made meaningful progress commencing tenants within our SNO pipeline.

The pipeline continues to be a significant tailwind to future NOI growth, representing approximately $42 million of incremental base rent. We achieved robust cash re-leasing spreads in the first quarter and GAAP spreads were near a record high. These results reflect our ability to achieve compelling mark-to-market rent increases in addition to embedding meaningful contractual rent steps into our leases. That success is the basis for our ability to drive strong, sustainable rent growth within our portfolio over the long term. Same-Property NOI growth of 4.4% the first quarter was reflective of the strong operating trends, along with the substantial progress we’ve made raising occupancy and completing redevelopment projects. In closing, the trends we are seeing in leasing activity, tenant sales, collections, and foot traffic remain very favorable. We are positioned for success and continued growth ahead, and I’m excited about what our team will accomplish.

With that, I’ll hand it over to Nick.

Christy McElroy, Investor Relations, Regency Centers1: Thank you, Alan, and good morning, everyone. We continue to have significant momentum within our investments platform, evident in an active first quarter of accretive investment activity. Our team is successfully executing on and delivering projects within our in-process pipeline, and we continued to source attractive new ground-up projects. During the first quarter, we completed $42 million of projects, including Oakley Shops at Laurel Fields, a Safeway-anchored neighborhood center we developed ground up in the Bay Area. Our team did an exceptional job bringing this project to fruition in less than 18 months, one of the quickest ground-up deliveries that I can recall. We also started another $73 million of new projects this quarter, including Crystal Brook Corner, a redevelopment on Long Island. We acquired this underutilized piece of real estate and are transforming it into a Whole Foods anchored neighborhood center.

This project demonstrates our ability to look at acquisition opportunities through a differentiated lens, leveraging Regency’s platform, our relationships, and our development expertise to drive near-term value creation. Our in-process pipeline now exceeds $600 million with exceptional leasing momentum and blended returns above 9%. The team has been executing these projects on time and on budget, which I want to emphasize is a direct result of the substantial risk mitigation we undertake before we break ground. Within our ground-up development platform, we continue to see remarkable results. An example includes Ellis Village in Northern California, which we started in the second half of 2025. The project is already 100% leased with an anticipated anchor opening later this year. Our SunVet and StoneBridge ground-up projects in the Northeast each celebrated Whole Foods openings during the first quarter, both with strong community reception.

As Lisa discussed, ground-up development remains a substantial differentiator for Regency, and our brand as a developer has never been stronger. We are the only national developer of high-quality grocery anchor shopping centers at scale in an environment of otherwise limited new supply. Our teams are actively sourcing new projects, and we continue to have visibility to a potential of more than $1 billion of project starts over the next three years. Leading grocers across the country remain engaged and eager to expand with us, and shop tenants are excited to be part of our projects. Landowners trust us to deliver given our proven track record and the strength of our grocery relationships, particularly among master plan developers, where our retail projects are providing a significant amenity and value to their communities. This positive momentum continues to enhance our success, strategically positioning us to capitalize on additional opportunities.

We are creating real value for shareholders at meaningful spreads to market cap rates. We are excited about the opportunities for continued growth in our investments platform. Mike?

Christy McElroy, Investor Relations, Regency Centers0: Thank you, Nick. Good morning, everyone. Regency delivered another strong quarter to start the year, a testament to our team’s continued execution on our strategy and the favorable conditions of our markets. Same-property NOI growth was 4.4% in the first quarter, including 3.5% of base rent growth. Recall last quarter, we discussed that Q1 would be above and that Q2 would fall below our full year guidance range, with this quarter driven by the uneven nature of other income and next quarter driven by tough comp relative to last year’s favorable expense reconciliation performance. Most importantly, base rent continues to grow at very healthy levels, benefiting from increasing rents, commencing our SNO pipeline, and delivering on our accretive redevelopment projects.

Looking through the variables in 1st and 2nd quarters, we are maintaining guidance for full year Same-Property NOI growth of 3.25%-3.75%, as well as for growth in Core Operating Earnings and Nareit FFO per share, each at 4.5% at the midpoint. We continue to expect total NOI growth north of 6%, reflecting meaningful contributions from ground-up development deliveries and the substantial acquisitions we completed last year. We did make a few minor assumption changes within our outlook. We modestly increased development and redevelopment spend as a result of increased starts expectations, as well as our acquisitions guidance to now include known transactions. These changes reflect continued strong investment activity and support positive momentum in external growth and value creation. The strength of our balance sheet is an important element of this ability to accretively allocate capital.

We have worked strategically over time to position the company with low leverage, strong liquidity, and dependable access to attractively priced capital. In February, we issued $450 million of 7-year unsecured notes at a 4.5% coupon, achieving the lowest credit spread in Regency’s history. This execution represents one of the most favorable costs of debt capital in the REIT sector and is a direct reflection of our A credit ratings from both Moody’s and S&P. Leverage remains near the low end of our target range of 5-5.5 times. We have nearly full availability on our credit facility, and our strong free cash flow generation allows us to fund our development pipeline with no current need to raise equity or sell properties.

In closing, we are gratified by another strong quarter and look forward to continued success as our teams execute our differentiated strategy through the balance of the year. With that, we welcome your questions.

Christy McElroy, Investor Relations, Regency Centers3: Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. Please limit yourself to one question. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. Our first question will come from Cooper Clark with Wells Fargo.

Lisa Palmer, President and Chief Executive Officer, Regency Centers: Cooper.

Christy McElroy, Investor Relations, Regency Centers3: Cooper, your line is open. Okay, with that, moving on to Michael Goldsmith with UBS.

Michael Goldsmith, Analyst, UBS: Good morning, and thanks a lot for taking my question. Mike, can you walk us through the, you know, the moving pieces of the non-cash revenue? Guidance to $51 million, prorated, that would be 5.0 for the first quarter. Can you just kind of recognize the business for me?

Lisa Palmer, President and Chief Executive Officer, Regency Centers: Michael, before you finish, for some reason, you’re breaking up.

Michael Goldsmith, Analyst, UBS: Okay.

Lisa Palmer, President and Chief Executive Officer, Regency Centers: If you could start from the beginning, that’d be great.

Michael Goldsmith, Analyst, UBS: Hi, Lisa. Sorry about that. Is this any better?

Lisa Palmer, President and Chief Executive Officer, Regency Centers: Better. Much better.

Michael Goldsmith, Analyst, UBS: Great.

Christy McElroy, Investor Relations, Regency Centers3: Thanks, Michael.

Michael Goldsmith, Analyst, UBS: Great. Great. Yeah. I wanted to walk through the non-cash revenue component. You guided to $51 million for the year. Prorated, that would’ve been, you know, if you split it by 4, probably would’ve been at $12.75. For the first quarter, you came in at like $9.7-ish. Can you kind of walk through, you know, what drives the difference there from the kind of like a prorated number to the lumpiness that is natural with the non-cash revenues and how you expect the rest of the year to play out? Thanks.

Christy McElroy, Investor Relations, Regency Centers0: Sure. Thank you, Michael. Appreciate the question. As you just said, non-cash can be uneven by its nature.

Michael Goldsmith, Analyst, UBS: Yeah.

Christy McElroy, Investor Relations, Regency Centers0: A little straight lining of our guidance range would have led to a little bit of a higher expectation for Q1. Had a couple things going on. One, we did make an adjustment to a single tenant, one lease, where we moved that lease to cash basis. That, in effect, results in a reserve on straight line rent that’s booked in the quarter. That’s probably the largest component that you’re seeing drive that variance today. We haven’t taken our eyesight off full year guidance, obviously, at $51 million. I’d also say last year, just as a reminder, you can get fits and starts with tenant mix and the acceleration of below-market rents. That can also be a driver of changes to the cadence of non-cash.

Just make sure you keep a lookout for that going forward. Little quickly, another commercial for why we use Core Operating Earnings to really tell the story of how we grow cash and cash flow at Regency. We eliminate non-cash, we eliminate non-recurrent. I think that Core Operating Earnings number is really valuable as we think about the earnings potential of the company.

Lisa Palmer, President and Chief Executive Officer, Regency Centers: Thanks, Michael.

Michael Goldsmith, Analyst, UBS: Very helpful. Thank you. Thank you.

Christy McElroy, Investor Relations, Regency Centers3: Our next question comes from Samir Khanal with Bank of America.

Christy McElroy, Investor Relations, Regency Centers6: Good morning, everybody. Maybe to start kind of high level, you know, grocers are stable. I mean, I guess maybe provide color on kind of small shop tenant health given the macro and higher prices. Talk about occupancy costs, and have you seen any differences among categories amongst the shop tenants, discretionary retail or restaurants given higher prices in the macro? Thanks.

Lisa Palmer, President and Chief Executive Officer, Regency Centers: Thanks, Sameer. I’ll start, and then I’ll have Alan color it up with specific to our portfolio. As you’ve heard us say many times, and we are really well positioned to perform throughout economic cycles because of the format of our shopping centers, necessity, value, convenience. In even tougher times, we’re well aware of the pressures on consumers with the rise in gas prices. There’s even a trade-down effect oftentimes, and Alan can color that up with our foot traffic. We start to see even more traffic at our centers as a result of that. On top of that layer in the trade areas in which we operate, our consumers are more resilient and more able to withstand these price increases and pressures. Our tenants are healthy.

We’re seeing that in every metric within the portfolio. As I said, I’ll have Alan color that up a little bit more.

Alan Roth, East Region President and Chief Operating Officer, Regency Centers: Yeah, good morning, Samir. Talk about the tenants being healthy that Lisa just said. I think the first place I’m gonna look is at their, at their sales, they do remain healthy within our portfolio. The next spot I’m gonna look is at our collections, we’re continue to be near record lows there. As Lisa mentioned, foot traffic.

Lisa Palmer, President and Chief Executive Officer, Regency Centers: Record lows on bad debt.

Alan Roth, East Region President and Chief Operating Officer, Regency Centers: On bad debt. Thank you.

Lisa Palmer, President and Chief Executive Officer, Regency Centers: Yes.

Alan Roth, East Region President and Chief Operating Officer, Regency Centers: Foot traffic, it’s very resilient. We look at the Q1 results, we are up 2.3%. To your point of the recent sort of macro environment and higher fuel prices.

What does April look like? When we look at the portfolio in April, foot traffic is actually up 3% more than it was in Q1 during this time period of increased fuel prices. You know, look, we continue to feel good, and I would bring that back to Lisa’s comment of the consumers and the trade areas in which we are operating. We’re gonna continue to keep a watchful eye on things. Things remain certainly positive from all metrics that we have access to.

Lisa Palmer, President and Chief Executive Officer, Regency Centers: Thanks, Samir.

Christy McElroy, Investor Relations, Regency Centers3: Moving on to Craig Mailman with Citi.

Craig Mailman, Analyst, Citi: Hey, good morning, everyone. You guys had bumped the increased start expectations a bit here. Can you talk about which projects are now slated to start this year and just the overall kind of leasing activity and maybe anything else on the horizon that wasn’t included in this new starts, but maybe could potentially start later this year? Kind of just talk about the overall environment of your different projects.

Alan Roth, East Region President and Chief Operating Officer, Regency Centers: Craig, I appreciate the question. Let me start, I’m gonna give it to Nick real quick because I wanna just clear up something. We guide on development spend, but we are highlighting that we have some added visibility to added starts that will drive that spend this year. But I want that to be clear that is a spend guidance, not starts guidance. Then Nick will take it from there.

Christy McElroy, Investor Relations, Regency Centers1: Yeah, Craig, appreciate the question. As we said in our opening remarks, we feel really good about our ground up development program. As you’ve seen over the last three years, we’ve started just over $800 million. As we look forward, we expect our investment platform to invest over $1 billion over the next three years. You can just see continued upward momentum as our team does a tremendous job uncovering these opportunities around the country. We continue to be bullish about that opportunity set, we are raising our eyesight regarding what that spend will be based on an expectation of higher starts than previously anticipated.

Lisa Palmer, President and Chief Executive Officer, Regency Centers: Thanks, Craig.

Craig Mailman, Analyst, Citi: Thank you.

Christy McElroy, Investor Relations, Regency Centers3: We’ll go next to Juan Sanabria with BMO Capital Markets.

Juan Sanabria, Analyst, BMO Capital Markets: Hi, good morning. Just piggybacking off of Craig’s question. Just on the greenfield new starts, you mentioned master planned communities being a good source of opportunities for you. Just curious if with the uncertainty on the single-family build for rent with the ROAD to Housing Act, if that’s creating any temporary pausing by some of the developers for homes, and has that had any changes to the prospects of like that line of business going forward for Regency’s future development pipeline?

Christy McElroy, Investor Relations, Regency Centers1: Yeah. Greatly appreciate the question. That’s a really insightful question. The reality is our program to date has not been heavily involved in the build to rent type communities. The master plan developers we are working with and continue to work with around the country are single family for sale communities and or they have other aspects with townhomes or apartment buildings. We haven’t seen any impact to the master planned communities we’re working on in terms of their appetite and desire to continue to push forward to build retail within their communities at this point.

Lisa Palmer, President and Chief Executive Officer, Regency Centers: Thank you, Juan.

Christy McElroy, Investor Relations, Regency Centers3: Todd Thomas with KeyBanc Capital Markets has our next question.

Christy McElroy, Investor Relations, Regency Centers7: Hi. Thanks. Yeah. I guess sticking with that a little bit, in terms of the ground up development, can you talk about the cadence of starts, how that looks during the balance of the year, and also discuss how year-yields are trending on new projects, new ground up projects that you’re underwriting relative to the yields and whether or not, you know, future master plan, you know, starts would sort of look similar or potentially have a different yield profile?

Christy McElroy, Investor Relations, Regency Centers1: Yeah, appreciate the question, Todd. In terms of your first question on timing, if you wanna talk about lumpy developments, where it gets the lumpiest in terms of timing, and that’s because our focus is not hitting some timeline. Our focus is absolutely making sure we de-risk these opportunities before we close. We wanna make sure we’re fully through entitlements. We wanna make sure we have pre-leasing done with our anchors. We wanna make sure we have drawings done and bids in hand. We wanna make sure we have visibility to executing on these projects. As you can appreciate, that’s an extremely complicated process. We always laugh. You’re always one phone call away from a delay from any different outside input on that process. We’re excited about that program.

It is building, it will always be lumpy. That being said, we continue to have good visibility to an increased amount of starts this year, and that’s why we did increase our projected spend, because although lumpy and a little back-end weighted likely this year, we still feel really confident in the overall trajectory of that.

Alan Roth, East Region President and Chief Operating Officer, Regency Centers: Let me just come back in there, because I wanna double down on Craig’s question too. That guidance to spend, I would consider that to be ratable throughout the year from a spend standpoint. Then to Nick’s point, we do think starts are growing, and they’ll probably be more back-end loaded, which is setting us up great for deliveries in 2027 and beyond.

Christy McElroy, Investor Relations, Regency Centers1: And we’re not-

Alan Roth, East Region President and Chief Operating Officer, Regency Centers: And then-

Lisa Palmer, President and Chief Executive Officer, Regency Centers: Sorry. Go ahead, Nick. The second half of the question on yields. I’ll let you take it.

Christy McElroy, Investor Relations, Regency Centers1: Yeah. On yield side, we’re not changing our eyesight. As you’ve seen, our development yields are firmly in that 7% plus range, and that’s where our eyesight continues to be. We feel really good about achieving those returns.

Lisa Palmer, President and Chief Executive Officer, Regency Centers: Thanks, Todd.

Christy McElroy, Investor Relations, Regency Centers3: We’ll go next to Michael Griffin with Evercore ISI.

Michael Griffin, Analyst, Evercore ISI: Great. Thanks. Alan, I appreciated your comment on the leasing pipeline and, you know, looks like it’s another strong year ahead with high both same property leased as well as commenced occupancy. Your comment on the, you know, rent bumps that you’re embedding, I realize that’s probably more on the small shop side, but has anything been able to change in terms of the leverage that you have when it comes to those anchor leases? I realize that a lot of these grocers will be, you know, effectively flat leases with multiple option periods. Whether it’s, you know, being able to take back control of the site earlier through shorter options, whether it’s embedding, you know, greater escalators throughout the lease?

Can you talk about maybe the leverage on the negotiating side as it relates to particularly the anchor boxes and where you’re able to push rents there? Thank you.

Alan Roth, East Region President and Chief Operating Officer, Regency Centers: Michael Griffin, thank you for the question. You’re right. The shops, in fact, just to give you the stat on that, I know you didn’t ask for it. 90% of our new shop leasing did in fact have 3% or greater embedded rent steps, and about a quarter of them had 4% or greater. You’re absolutely right. We’re leaning in there. In terms of leverage, what I would tell you is we’re not seeing a dramatic shift in terms of the embedded steps on the anchor front. You know, there is still pricing power there, and whether that’s having better control over work letters, lower TIs, whether it’s getting more rent up front, there are levers there for sure.

Not seeing much in the way of options being less. Look, I think for us, we’re willing to align as long as it’s the right quality anchor retailer that can be sustainable for our project. The pipeline is strong. We signed a Publix deal for a redevelopment in the first quarter. We signed a PGA Superstore. We are bringing our first Teso Life to a Virginia project that they’re on rapid expansion throughout. Then a lot of the obvious names that you hear about, Ross, TJX, Burlington, Ulta, et cetera. It’s robust. I feel really good about where those anchor transactions are.

As I said in my opening remarks, that’s where the real opportunity, I think, lies for us to get back to those peak levels, which we’re not at in terms of driving continued occupancy.

Lisa Palmer, President and Chief Executive Officer, Regency Centers: I do believe it’s that last statement. It’s supply demand. When we are able to reach that peak occupancy and there’s no space available for anchors, we already have pricing power and more leverage than in times when there’s even more vacancy out there. Right now, there’s not a lot. As that continues to move in our favor, we incrementally will have more pricing power and incrementally have more leverage to push a little harder. As long as they have other options and alternatives, and it also needs to be a win-win, we have to look at their businesses, their margins. I also believe as these tenants and our retailers get more efficient and they are learning operational efficiencies through technology, through artificial intelligence, that’s going to enable them to pay more rent. I’m really optimistic about that.

Christy McElroy, Investor Relations, Regency Centers: Thank you, Michael Griffin.

Christy McElroy, Investor Relations, Regency Centers3: We’ll go next to Haendel St. Juste with Mizuho Securities.

Christy McElroy, Investor Relations, Regency Centers4: Hi, good morning. This is Ravi Vaidya on the line for Haendel St. Juste. Hope you guys are doing well. Can you identify the tenant that was moved to a cash basis? Was that a bankruptcy? How should we think about the current debt range, especially since you’ve utilized only less than 10 basis points so far of the current reserve? Thank you.

Alan Roth, East Region President and Chief Operating Officer, Regency Centers: Sure. I’m not gonna name the tenant by name. It’s 1 lease in over, well over 9,000 leases where we made a judgment call on their ability to meet the terms of their future lease obligations. Remember, they’re still current. They’re paying rent in the near term. Core Operating Earnings is unimpacted. This is an accounting treatment of future rent increases. From a ULI perspective, listen, we had a really good quarter. We largely met our expectations. We’re operating at below historical averages. We planned to operate at, you know, around to slightly below historical averages. We’re meeting that expectation today. You know, eyes are still pretty high, and we still feel really confident about the health of our tenancy.

Feel good about the prospects for ULI going forward, which is a different comment from bankruptcies. Bankruptcies are move-outs. We still find ourselves in the middle of some ongoing bankruptcy filings. Breadcrumbs are out there that would indicate potentially we have some good opportunities to come out of those okay, but we’re not done with those. Bankruptcies are an uncertain process, and we just need a little bit more time to have some more clarity there, but a normal part of our business.

Christy McElroy, Investor Relations, Regency Centers: Thanks, Ravi.

Christy McElroy, Investor Relations, Regency Centers3: Moving on to Floris van Dijkum with Ladenburg Thalmann.

Floris van Dijkum, Analyst, Ladenburg Thalmann: Good morning. Lisa, great to hear your voice. You guys are, you know, you’ve obviously built over the last decades a track record as being sort of best in class shopping center developer out there. It really differentiates your platform as I think you alluded to. How should we think about? As I recall, you also don’t have a big land bank. How do you protect yourself from rising land values, which is a big input in your developments? Maybe talk about your option strategy versus, and how long in advance you have to work on, you know, getting a hold of land or getting land under option before you start to activate developments typically.

Lisa Palmer, President and Chief Executive Officer, Regency Centers: Floris, thank you. I’d like to set it up before I pass it over to Nick to speak more specifically and to say thank you for acknowledging what I know is the best development platform in the business nationally. A lot of what Nick will answer the question has a lot to do with why we are the best. It’s the team, it’s the relationships, and it’s the experience and track record. All matter and all make a difference in our success. It is a virtuous cycle. With that, I will pass it over to Nick. Again, thank you. Really appreciate the comments.

Christy McElroy, Investor Relations, Regency Centers1: Absolutely, Floris. I also appreciate you noticing we’re doing this very efficiently, meaning we are not driving a large land bank that we’re sitting on in order to drive this development program. We are definitively working with the land sellers, optioning their property and working through the process, as I articulated earlier, de-risking that process before we close. A really hard part of our job is sitting down with landowners and having conversations about the value of their land and educating them, and that is what we do every day. It is the most difficult part of, I would say, the development business, is sitting down with landowners who may have 1 value in mind and educating them on the realities of the market. That’s what our teams do every day.

Given our track record, given our access to information, given our retailer relationships, we win more than our fair share of those conversations and jump balls with landowners for exactly that reason. I expect it to continue, but it’s never easy. It’s always a challenge.

Lisa Palmer, President and Chief Executive Officer, Regency Centers: Thanks, Floris.

Christy McElroy, Investor Relations, Regency Centers3: Moving on to Ronald Kamdem with Morgan Stanley.

Christy McElroy, Investor Relations, Regency Centers5: Great. Thanks for taking my question. Hey, I was just wondering, you guys brought back the slide in the presentation about sort of the runway for occupancy upside, which I thought was interesting because it shows that your leased occupancy is already at peak or has already exceeded sort of the previous peak, but the commenced hasn’t. My question is, do you think commenced occupancy can get to a new sort of peak this year? Maybe some commentary about what kind of tailwind that does for same-store NOI going forward. Thanks.

Christy McElroy, Investor Relations, Regency Centers0: Well, appreciate you noticing our great disclosure, Ron. Yeah, I think we feel really optimistic about the prospects for this portfolio in this current environment that we see. We have set new records on percent leased. We have room to run on percent commenced. Our plan and expectation for the year is that we will continue to shrink that gap between leased and commenced. We will continue to drive outsized base rent growth as a result, and there’ll be some amplifying factor through recoveries as well. We think that that’ll run through the balance of this year. Where we go from there is to be determined. I mean, I think we’re also an active asset manager. We really aspire to in-invest into our own portfolio through redevelopment.

Sometimes that means managing some vacancy and taking on some vacancy. We’re not, you know, Alan would say this: we’re not leasing for occupancy. We’re leasing to maximize NOI over the long run. That’s the approach we’re gonna take from here.

Christy McElroy, Investor Relations, Regency Centers1: Ron, the only thing I would double down on is we executed 1.5 million sq ft in Q1. Our teams are full speed ahead. They hit the ground running. I’m really proud of what they accomplished. It’s more GLA than we executed in Q1 of 2025, despite being at these peak levels. They’re gonna continue to grind and find opportunities not just for vacant space, but to continue to lean into better operators and upgraded merchandising where we’re leasing occupied space. Appreciate the question, Ron.

Lisa Palmer, President and Chief Executive Officer, Regency Centers: Thanks, Ron.

Christy McElroy, Investor Relations, Regency Centers5: Thank you.

Christy McElroy, Investor Relations, Regency Centers3: We’ll go next to Hong Zhang with JPMorgan.

Hong Zhang, Analyst, JPMorgan: Yeah. Hey, I guess, could you touch on how you’re viewing potentially tapping the equity market today, given that your stock price is higher than when you tapped it last year?

Christy McElroy, Investor Relations, Regency Centers0: Hey.

Lisa Palmer, President and Chief Executive Officer, Regency Centers: I was gonna say we’ve also grown NOI since that time. That we always take an opportunistic view of issuing equity. Currently, we have more than enough balance sheet capacity, free cash flow to meet our needs. If we were to have an opportunity that was visible to us that we could fund accretively with equity, we would take advantage of that. I think we have a pretty good track record of issuing equity judiciously and accretively. Certainly it is a tool in our toolbox and one that we will access when the opportunity presents itself.

Hong Zhang, Analyst, JPMorgan: Thank you.

Lisa Palmer, President and Chief Executive Officer, Regency Centers: Thanks, Hong.

Christy McElroy, Investor Relations, Regency Centers3: As a reminder, if you would like to ask a question, please press star one. We’ll hear next from Omotayo Okusanya from Deutsche Bank.

Christy McElroy, Investor Relations, Regency Centers: Yes. Good morning out there. Hope this is a fair question, I think, you know, sometimes the curse of doing very well over a long period of time is that people always tend to expect more and more and more. I think, again, you’re kind of having, you know, a great quarter, you know, solid outlook, the stock is down today. I guess, you know, when people are kind of looking overall at your name, you know, as a stock they should be owning in their portfolio relative to their peers, they may be seeing, you know, the premium valuation, which is warranted, again, a really good operating backdrop for the entire industry.

Christy McElroy, Investor Relations, Regency Centers2: In that world, I guess, you know, the question I have is: How do you guys really kind of think about still being able to kind of outperform versus peers in that environment? What, you know, what are investors possibly underestimating about your story, that you can provide evidence of, that we should still give investors confidence that, again, you can put up superior earnings growth, which validates the premium valuation?

Lisa Palmer, President and Chief Executive Officer, Regency Centers: I learned from my predecessor, who often quoted a very wise investor, that in the short term, the market is a weighing machine. I’m sorry, in the long term, it’s a weighing machine. When you take the combination of what we refer to as our strategic advantages, because they are, so the quality of our portfolio, the development platform, the balance sheet, and our team, that the combination of those is truly unique. Over the long term, I have 100% confidence that we will be at or near the very top of the sector in Same-Property NOI growth. I think if you were to look back, at a 5, 10 years, you’re gonna see that that’s the case. That’s using less capital than the rest of the sector to get that growth.

If you look back and look at investments and the accretion from investment and use of whether it be equity, new debt growth, just new incremental capital, again, the returns on that are at or very near the top of the sector. I do believe that because of those 4 things, quality of the portfolio, which is going to generate very strong Same-Property NOI growth, a development platform that is unequaled, that is going to continue to create meaningful value for our shareholders over the long term. The balance sheet to fund it and the people to execute it. That’s how I believe that it’s the right strategy and one that will deliver and has delivered over the long term.

Christy McElroy, Investor Relations, Regency Centers2: Long term. Thanks, Tayo. Fair enough, Lisa.

Christy McElroy, Investor Relations, Regency Centers3: We’ll hear next from Cooper Clark with Wells Fargo.

Lisa Palmer, President and Chief Executive Officer, Regency Centers: Cooper, you’re back.

Cooper Clark, Analyst, Wells Fargo: Awesome. That is great to hear. Okay, thank you very much. I was hoping you could talk about portfolio trends you’ve seen historically during periods of higher oil prices and the impact that has on traffic levels in consumer spending trends?

Lisa Palmer, President and Chief Executive Officer, Regency Centers: The last time we had gas prices this high was probably when it was in the middle of COVID, so it was a little bit different. I don’t think that that’s necessarily a relevant, a relevant historical point to look to. Generally, I would again speak to I’ve been with the company for 30 years, and in the modern era of Regency, we have seen a decline in Same-Property NOI really twice. Once was the global financial crisis, and the other was during COVID. Our property type, the format of our shopping centers, neighborhood community centers, really are defensive, and they produce consistent, durable, steady cash flows through all cycles. Again, I, and I’m certain Hap is probably listening, he’s gonna love that I’ve actually referred to him twice.

I do remember that when I was much early in my career, the 98 mini recession, the 2001 tech bubble, he kept saying, "We choose not to participate," because we really, we grew right through it. Again, when you think about the quality of the portfolio, the format of the shopping centers, the trade areas in which we operate, we’re able to grow right through it, and that’s the expectation.

Christy McElroy, Investor Relations, Regency Centers: Thanks, Cooper.

Cooper Clark, Analyst, Wells Fargo: Thank you.

Christy McElroy, Investor Relations, Regency Centers3: This now concludes our question-and-answer session. I would like to turn the floor back over to Lisa Palmer for closing comments.

Lisa Palmer, President and Chief Executive Officer, Regency Centers: Thank you all. Appreciate your time, and thank you to the team as well. Have a great day.

Christy McElroy, Investor Relations, Regency Centers3: Ladies and gentlemen, thank you for your participation. This does conclude today’s teleconference. You may disconnect your lines, and have a wonderful day.