REGRegency Centers

Compliance While many of our investments relating to GHG emission reduction, energy efficient lighting, building systems upgrades, clean energy installations, water usage reduction and other similar initiatives provide favorable returns and contribute to the resilience of our assets and sustainability of our business, compliance with various and numerous, potentially fragmented current and future laws and regulations related to perceived risks of climate change may also require has required us to make additional investments in or for our properties and incur additional costs, as well as to implement new or additional processes and controls to facilitate compliance. better disclosure and meet compliance and disclosure obligations, and we expect this to continue into the future.

In addition, geopolitical conflicts, including the war involving Russia and Ukraine, conflicts and instability in the Middle East and Venezuela, geopolitical conflicts in other regions, and economic or political tensions with trading partners including China (including any slowing of its economy), could adversely impact the businesses of our tenants and, hence, our business, It is unclear whether and when these geopolitical challenges and uncertainties will be mitigated or resolved, and what effects effect they may have on global political and economic conditions over the long term.

This, In turn, this could negatively affect the overall market for retail space, resulting in turn, decreased demand for space in our centers, which could result in pricing reduced leasing activity, downward pressure on rent rents that we are able to charge to new or renewing tenants, tenants and higher vacancy levels, such that future rent spreads collection and recovery of operating expenses could be adversely impacted. impacted and uncollectible rent income could increase.

Prolonged periods of high interest rates may also negatively impact the valuation of our real estate asset portfolio and This could result in a decline of in our stock price and market capitalization, which may adversely impact our ability to raise equity capital on favorable acceptable terms through sales of our common shares, including through our At the Market ("ATM") program. program, which we have historically used from time to time to refinance debt, fund acquisition, development and redevelopment investments, and for general corporate purposes.

Certain states in which we own and operate shopping centers, including such as the State of California, Massachusetts and New York, have passed legislation that requires reporting on climate related financial-risk and greenhouse gas ("GHG") emissions, or may require, for example, overall reductions by the state of greenhouse gas ("GHG") GHG emissions (which may, in turn, result in future legal obligations on business operators like us), and certification and disclosure of estimated direct and indirect GHG emissions by individual companies. us).

In addition, we face the risk of the impacts of current, proposed and future legislative legislative, regulatory and regulatory other governmental policy-related requirements in response to the perceived risks of climate change. change, as well as the expectations of investors, lenders and other stakeholders as to disclosures and responses relating to climate-related matters.

In the event that a tenant with a significant number of leases in our shopping centers files for bankruptcy and rejects its leases, we may experience a significant reduction in our revenues and may not be able to collect all pre-petition amounts owed by the bankrupt tenant.

The Parent Company’s amended and restated bylaws provide that, unless the Parent Company consents in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Parent Company, (ii) any action asserting a claim for breach of a fiduciary duty owed by any director or officer or other employee of the Parent Company to the Parent Company or its shareholders, (iii) any action asserting a claim against the Parent Company or any director or officer or other employee of the Parent Company arising pursuant to any provision of the Florida Business Corporation Act or the articles of incorporation or bylaws of the Parent Company, or (iv) any action asserting a claim against the corporation or any director or officer or other employee of the corporation governed by the internal affairs doctrine shall be the Federal District Court for the Middle District of Florida, Jacksonville Division (or, if such court does not have jurisdiction, a state court located within the State of Florida, County of Duval).

Should a loss occur at any of our properties that is in excess of the insurance limits of our policies, we may lose part or all of our invested capital and revenues from the impacted property or properties, which may have a material adverse impact on our operating results, financial condition, and our ability to make distributions to stock and unit holders.

Interest Changes in interest rates in the current economic environment may adversely impact our cost to borrow, real estate valuation, stock price, and stock price. ability to raise capital through issuance of debt and equity.

Like all companies, we face numerous and evolving cybersecurity risks that threaten the confidentiality, integrity and availability of our information technology systems and confidential information, including from diverse threat actors, such as state-sponsored organizations, opportunistic hackers and hacktivists, as well as and through diverse attack vectors, such as social engineering/phishing, malware (including ransomware), "deep fakes" generated through the use of Artificial Intelligence ("AI") tools, malfeasance by insiders, human or technological error, and as a result of malicious code embedded in open-source software, or misconfigurations, bugs or other vulnerabilities in commercial software that is integrated into our (or our suppliers’ or service providers’) information technology systems, products or services.

Although While a significant amount of our outstanding debt has fixed interest rates, we do also borrow funds at variable interest rates under our credit facility, and certain secured borrowings. the Line.

Although we participate in a number some of these ratings systems, we do not participate in all such systems, and may not score as well in all of the available ratings systems as other REITs and real estate operators.

Year ended December 31, (in thousands, except share information) 2025 2024 2023 Reconciliation of Net income attributable to common shareholders to Nareit FFO Net income attributable to common shareholders $ 513,810 386,738 359,500 Adjustments to reconcile to Nareit FFO:(1) Depreciation and amortization (excluding FF&E) 430,684 422,581 378,400 Provision for impairment of real estate 4,606 14,304 Gain on sale of real estate, net of tax (100,444) (35,069) (3,822) Provision for impairment of real estate 14,304 — EOP units 7,069 2,338 2,008 Nareit FFO attributable to common stock and unit holders $ 855,725 790,892 736,086 Reconciliation of Nareit FFO to Core Operating Earnings Nareit Funds From Operations FFO $ 855,725 790,892 736,086 Adjustments to reconcile to Core Operating Earnings:(1) Not Comparable Items Merger transition costs — 7,718 4,620 Loss (gain) on early extinguishment of debt — 180 (99) Certain Non Cash Non-Cash Items Straight-line rent (27,319) (22,980) (11,060) Uncollectible straight-line rent 1,299 2,446 (1,174) Above/below market rent amortization, net (23,087) (23,431) (29,869) Debt and derivative mark-to-market amortization 6,631 5,837 2,352 Core Operating Earnings $ 813,249 760,662 700,856 Reconciliation of Core Operating Earnings to AFFO:

Land acquisitions - Development $ 19,136 16,885 2,580 14,305 2,251 Land acquisitions - Redevelopment 3,607 — 3,607 Building and tenant improvements 120,686 113,550 92,609 20,941 7,136 Redevelopment costs 122,565 129,553 88,426 41,127 (6,988) Development costs 134,838 61,902 34,981 26,921 72,936 Capitalized interest 10,122 6,487 5,505 982 3,635 Capitalized direct compensation 24,158 14,991 8,754 6,237 9,167 Real estate development and capital improvements $ 435,112 343,368 232,855 110,513 91,744

Depreciation and amortization 405,044 394,714 352,282 General and administrative 99,407 101,465 97,806 Other operating expense 8,849 10,867 9,459 Other expense, net 175,613 154,260 147,824 Equity in income of investments in real estate excluded from NOI (2) (24,223) 54,040 46,088 Net income attributable to noncontrolling interests 13,491 9,452 6,310 Preferred stock dividends and issuance costs 13,650 5,057 13,650 NOI 1,123,441 1,047,368 951,288 Less non-same property NOI (107,520) (36,246) Same (3) (23,633) (2,678) Pro-rata same property NOI $ 939,848 915,042 1,099,808 1,044,690 Less:

(in thousands) 2025 2024 2023 Change Net income $ 540,951 409,840 370,867 38,973 131,111 Income attributable to noncontrolling interests (13,491) (9,452) (6,310) (3,142) (4,039) Net income attributable to the Company 527,460 400,388 364,557 35,831 127,072 Preferred stock dividends (13,650) (5,057) (8,593) (13,650) — Net income attributable to common shareholders $ 513,810 386,738 359,500 27,238 127,072 Net income attributable to exchangeable operating partnership units ("EOP") 7,069 2,338 2,008 330 4,731 Net income attributable to common unit holders $ 520,879 389,076 361,508 27,568 131,803

During 2024, 2025, we recognized gains Gain on sale of $34.2 real estate, net of tax of $24.5 million mainly primarily from the sale sales of five two operating properties and recognition of two sales type leases. outparcels.

(in thousands) 2025 2024 2023 Change Net cash provided by operating activities $ 827,692 790,198 719,591 70,607 37,494 Net cash used in investing activities (421,140) (326,644) (341,978) 15,334 (94,496) Net cash used in financing activities (347,775) (493,024) (355,035) (137,989) 145,249 Net change in cash and cash, cash equivalents and restricted cash 58,777 (29,470) 22,578 (52,048) 88,247 Total cash, cash equivalents, and restricted cash $ 120,661 61,884 91,354 (29,470) 58,777

In 2025, Provision for impairment of real estate of $14.3 $4.6 million was recognized in 2024 related to the sale sales of one five operating property and the change in expected hold period of another operating property. properties.

December 31, 2024 2025 Anchor Number of Percentage of Percentage of Stores Company- Annual owned GLA (1) Base Rent (1) Publix 67 6.0% 5.8% 2.9% TJX Companies, Inc. 76 3.6% 2.7% Albertsons Companies, Inc. 52 4.1% 2.7% Amazon/Whole Foods 39 2.6% 2.5% Kroger Co. 51 5.9% 2.5%

During the year ended December 31, 2024, 2025, we had Net income attributable to common shareholders of $386.7 $513.8 million as compared to $359.5 $386.7 million during the year ended December 31, 2023 with the increase primarily related to the 2023 acquisition of UBP. 2024.

The Operating Partnership is a co-issuer and a guarantor of the $200 million of outstanding debt of our Parent Company. Company, which we expect to pay off at maturity in 2026 using available liquidity.

We engaged in successful capital markets transactions and related activity that enabled us to maintain maintained liquidity and the financial flexibility to cost effectively fund investment opportunities and debt maturities:

In 2024 Provision for impairment of real estate of $14.3 million was recognized in 2024 related to the a sale of one an operating property and the change in expected hold period of another operating property. property, which was subsequently sold in 2025.