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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

     ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

    

For the quarterly period ended March 31, 2026

     ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

    

For the transition period from to

Commission File Number 1-12298 (Regency Centers Corporation)

Commission File Number 0-24763 (Regency Centers, L.P.)

REGENCY CENTERS CORPORATION

REGENCY CENTERS, L.P.

(Exact name of registrant as specified in its charter)




florida (REGENCY CENTERS CORPORATION)		59-3191743
Delaware (REGENCY CENTERS, L.P)		59-3429602
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

One Independent Drive, Suite 114 Jacksonville, Florida 32202		(904) 598-7000
(Address of principal executive offices) (zip code)		(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Regency Centers Corporation


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	REG	The Nasdaq Stock Market LLC
6.250% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share	REGCP	The Nasdaq Stock Market LLC
5.875% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share	REGCO	The Nasdaq Stock Market LLC

Regency Centers, L.P.


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Regency Centers Corporation Yes ☒ No ☐ Regency Centers, L.P. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Regency Centers Corporation Yes ☒ No ☐ Regency Centers, L.P. Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act:

Regency Centers Corporation:


Large accelerated filer	☒	Accelerated filer	☐	Emerging growth company	☐
Non-accelerated filer	☐	Smaller reporting company	☐

Regency Centers, L.P.:


Large accelerated filer	☐	Accelerated filer	☐	Emerging growth company	☐
Non-accelerated filer	☒	Smaller reporting company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Regency Centers Corporation ☐ Regency Centers, L.P. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Regency Centers Corporation Yes ☐ No ☒ Regency Centers, L.P. Yes ☐ No ☒

The number of shares outstanding of Regency Centers Corporation's common stock was 183,096,790 as of April 30, 2026.

EXPLANATORY NOTE

This Quarterly Report on Form 10-Q (this "Report") combines the quarterly reports on Form 10-Q for the quarter ended March 31, 2026, of Regency Centers Corporation and Regency Centers, L.P. Unless stated otherwise or the context otherwise requires, references to "Regency Centers Corporation" or the "Parent Company" mean Regency Centers Corporation and its controlled subsidiaries and references to "Regency Centers, L.P." or the "Operating Partnership" mean Regency Centers, L.P. and its controlled subsidiaries. The terms "the Company," "Regency Centers," "Regency," "we," "our," and "us" as used in this Report mean the Parent Company, the Operating Partnership and their controlled subsidiaries, collectively.

The Parent Company is a real estate investment trust ("REIT") and the general partner of the Operating Partnership. As the sole general partner of the Operating Partnership, the Parent Company has exclusive control of the Operating Partnership's day-to-day management. The Operating Partnership's capital includes general and limited common partnership units ("Common Units"). As of March 31, 2026, the Parent Company owned approximately 97.9% of the Common Units in the Operating Partnership. The remaining Common Units, which are all limited Common Units, are owned by third party investors. In addition to the Common Units, the Operating Partnership has also issued two series of preferred units: the 6.250% Series A Cumulative Redeemable Preferred Units (the "Series A Preferred Units") and the 5.875% Series B Cumulative Redeemable Preferred Units (the "Series B Preferred Units"). The Parent Company currently owns all of the Series A Preferred Units and Series B Preferred Units. The Series A Preferred Units and Series B Preferred Units are sometimes referred to collectively as the "Preferred Units."

The Company believes combining the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into this single report provides the following benefits:

•

Enhances investors' understanding of the Parent Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

•

Eliminates duplicative disclosure and provides a more streamlined and readable presentation; and

•

Creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

Management operates the Parent Company and the Operating Partnership as a single business. The management of the Parent Company consists of the same individuals as the management of the Operating Partnership. These individuals are officers of the Parent Company, and officers and employees of the Operating Partnership.

The Company believes it is important to understand the key differences between the Parent Company and the Operating Partnership in the context of how the Parent Company and the Operating Partnership operate as a consolidated company. The Parent Company is a REIT, whose only material asset is its ownership of Common and Preferred Units of the Operating Partnership. As a result, the Parent Company does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing certain debt of the Operating Partnership. Except for $200 million of unsecured private placement debt, the Parent Company does not directly hold any indebtedness, but guarantees all of the unsecured debt of the Operating Partnership. The Operating Partnership is also the guarantor of the Parent Company's $200 million unsecured private placement debt referenced above. The Operating Partnership holds all the assets of the Company and ownership of the Company's subsidiaries and equity interests in its joint ventures. Except for net proceeds from public equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for Common Units or Preferred Units, the Operating Partnership generates all other capital required by the Company's business. These sources include the Operating Partnership's operations, its direct or indirect incurrence of indebtedness, and the issuance of Common Units and Preferred Units.

Shareholders' equity, partners' capital, and noncontrolling interests are the main areas of difference between the Consolidated Financial Statements of the Parent Company and those of the Operating Partnership. The Operating Partnership's capital includes the Common Units and the Preferred Units. The limited partners' Common Units in the Operating Partnership owned by third parties are accounted for in partners' capital in the Operating Partnership's financial statements and outside of shareholders' equity in noncontrolling interests in the Parent Company's financial statements. The Preferred Units owned by the Parent Company are eliminated in consolidation in the accompanying consolidated financial statements of the Parent Company and are classified as preferred units of the general partner in the accompanying consolidated financial statements of the Operating Partnership.

In order to highlight the differences between the Parent Company and the Operating Partnership, there are sections in this Report that separately discuss the Parent Company and the Operating Partnership, including separate financial statements, controls and procedures sections, and separate Exhibit 31 and 32 certifications. In the sections that combine disclosure for the Parent Company and the Operating Partnership, this Report refers to actions or holdings as being actions or holdings of the Company.

As general partner with control of the Operating Partnership, the Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have assets other than its investment in the Operating Partnership. Therefore, while shareholders' equity and partners' capital differ as discussed above, the assets and liabilities of the Parent Company and the Operating Partnership are the same on their respective financial statements.

TABLE OF CONTENTS




		Form 10-Q Report Page
PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)

Regency Centers Corporation:

	Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025	1

	Consolidated Statements of Operations for the periods ended March 31, 2026 and 2025	2

	Consolidated Statements of Comprehensive Income for the periods ended March 31, 2026 and 2025	3

	Consolidated Statements of Equity for the periods ended March 31, 2026 and 2025	4

	Consolidated Statements of Cash Flows for the periods ended March 31, 2026 and 2025	5

Regency Centers, L.P.:

	Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025	7

	Consolidated Statements of Operations for the periods ended March 31, 2026 and 2025	8

	Consolidated Statements of Comprehensive Income for the periods ended March 31, 2026 and 2025	9

	Consolidated Statements of Capital for the periods ended March 31, 2026 and 2025	10

	Consolidated Statements of Cash Flows for the periods ended March 31, 2026 and 2025	11

	Notes to Consolidated Financial Statements	13

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	27

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	44

Item 4.	Controls and Procedures	45

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	46

Item 1A.	Risk Factors	46

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	46

Item 3.	Defaults Upon Senior Securities	46

Item 4.	Mine Safety Disclosures	46

Item 5.	Other Information	47

Item 6.	Exhibits	48

SIGNATURES		49

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

REGENCY CENTERS CORPORATION

Consolidated Balance Sheets

March 31, 2026 and December 31, 2025

(in thousands, except per share data)


	2026			2025
Assets	(unaudited)
Net real estate investments:
Real estate assets, at cost	$	14,657,529			14,561,924
Less: accumulated depreciation		3,352,228			3,267,728
Real estate assets, net		11,305,301			11,294,196
Investments in sales-type leases, net		16,788			16,727
Investments in real estate partnerships		358,620			349,856
Net real estate investments		11,680,709			11,660,779
Cash, cash equivalents, and restricted cash, including $4,462 and $16,004 of restricted cash at March 31, 2026 and December 31, 2025, respectively		145,560			120,661
Tenant and other receivables, net		267,639			273,862
Deferred leasing costs, less accumulated amortization of $140,264 and $138,391 at March 31, 2026 and December 31, 2025, respectively		99,462			97,253
Acquired lease intangible assets, less accumulated amortization of $431,633 and $421,433 at March 31, 2026 and December 31, 2025, respectively		244,876			254,201
Right of use assets, net		313,508			315,804
Other assets		294,730			278,723
Total assets	$	13,046,484			13,001,283
Liabilities and Equity
Liabilities:
Notes payable, net	$	4,973,934			4,619,301
Unsecured credit facility		30,000			120,000
Accounts payable and other liabilities		200,885			391,847
Acquired lease intangible liabilities, less accumulated amortization of $249,699 and $243,040 at March 31, 2026 and December 31, 2025, respectively		352,202			356,454
Lease liabilities		241,012			242,368
Tenants' security, escrow deposits and prepaid rent		83,544			89,707
Total liabilities		5,881,577			5,819,677
Commitments and contingencies		—			—
Equity:
Shareholders' equity:
Preferred stock $0.01 par value per share, 30,000,000 shares authorized; 9,000,000 shares issued and outstanding, in the aggregate, in Series A and Series B at March 31, 2026 and December 31, 2025		225,000			225,000
Common stock $0.01 par value per share, 220,000,000 shares authorized; 183,088,061 and 182,902,234 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively		1,831			1,829
Treasury stock at cost, 501,159 and 494,307 shares held at March 31, 2026 and December 31, 2025, respectively		(32,207	)		(31,075	)
Additional paid-in-capital		8,702,768			8,704,138
Accumulated other comprehensive loss		(2,687	)		(4,220	)
Distributions in excess of net income		(2,001,870	)		(1,988,782	)
Total shareholders' equity		6,892,835			6,906,890
Noncontrolling interests:
Exchangeable operating partnership units, aggregate redemption value of $290,397 and $264,950 at March 31, 2026 and December 31, 2025, respectively		144,705			144,940
Limited partners' interests in consolidated partnerships		127,367			129,776
Total noncontrolling interests		272,072			274,716
Total equity		7,164,907			7,181,606
Total liabilities and equity	$	13,046,484			13,001,283

The accompanying notes are an integral part of the consolidated financial statements.

REGENCY CENTERS CORPORATION

Consolidated Statements of Operations

For the periods ended March 31, 2026, and 2025

(in thousands, except per share data)

(unaudited)


	Three months ended March 31,
	2026			2025
Revenues:
Lease income	$	402,613			371,079
Other property income		2,907			3,021
Management, transaction, and other fees		6,933			6,812
Total revenues		412,453			380,912
Operating expenses:
Depreciation and amortization		106,422			96,774
Property operating expense		73,300			68,459
Real estate taxes		51,410			46,360
General and administrative		25,606			21,600
Other operating expenses		1,001			1,688
Total operating expenses		257,739			234,881
Other expense, net:
Interest expense, net		52,185			48,013
Gain on sale of real estate, net of tax		(7,194	)		(101	)
Net investment (income) expense		(695	)		761
Total other expense, net		44,296			48,673
Income before equity in income of investments in real estate partnerships		110,418			97,358
Equity in income of investments in real estate partnerships		22,380			14,495
Net income		132,798			111,853
Noncontrolling interests:
Exchangeable operating partnership units		(2,617	)		(642	)
Limited partners' interests in consolidated partnerships		(1,632	)		(1,624	)
Net income attributable to noncontrolling interests		(4,249	)		(2,266	)
Net income attributable to the Company		128,549			109,587
Preferred stock dividends		(3,413	)		(3,413	)
Net income attributable to common shareholders	$	125,136			106,174

Net income attributable to common shareholders:
Per common share - basic	$	0.68			0.59
Per common share - diluted	$	0.68			0.58

The accompanying notes are an integral part of the consolidated financial statements.

REGENCY CENTERS CORPORATION

Consolidated Statements of Comprehensive Income

For the periods ended March 31, 2026, and 2025

(in thousands)

(unaudited)


	Three months ended March 31,
	2026			2025
Net income	$	132,798			111,853
Other comprehensive income (loss):
Effective portion of change in fair value of derivative instruments:
Effective portion of change in fair value of derivative instruments		2,178			(2,648	)
Reclassification adjustment of derivative instruments included in net income		(465	)		(1,745	)
Unrealized (loss) gain on available-for-sale debt securities		(77	)		194
Other comprehensive income (loss)		1,636			(4,199	)
Comprehensive income		134,434			107,654
Less: comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests		4,249			2,266
Other comprehensive income (loss) attributable to noncontrolling interests		103			(258	)
Comprehensive income attributable to noncontrolling interests		4,352			2,008
Comprehensive income attributable to the Company	$	130,082			105,646

The accompanying notes are an integral part of the consolidated financial statements.

REGENCY CENTERS CORPORATION

Consolidated Statements of Equity

For the three months ended March 31, 2026 and 2025

(in thousands, except per share data)

(unaudited)


																				Noncontrolling Interests
	Preferred Stock		Common Stock		Treasury Stock			Additional Paid In Capital			Accumulated Other Comprehensive Income (Loss)			Distributions in Excess of Net Income			Total Shareholders' Equity			Exchangeable Operating Partnership Units			Limited Partners' Interest in Consolidated Partnerships			Total Noncontrolling Interests			Total Equity
Balance at December 31, 2024	$	225,000		1,814		(28,045	)		8,503,227			2,226			(1,980,076	)		6,724,146			40,744			135,417			176,161			6,900,307
Net income		—		—		—			—			—			109,587			109,587			642			1,624			2,266			111,853
Other comprehensive loss
Other comprehensive loss before reclassification		—		—		—			—			(2,289	)		—			(2,289	)		(20	)		(145	)		(165	)		(2,454	)
Amounts reclassified from accumulated other comprehensive loss		—		—		—			—			(1,652	)		—			(1,652	)		(8	)		(85	)		(93	)		(1,745	)
Adjustment for noncontrolling interests		—		—		—			2,210			—			—			2,210			(2,210	)		—			(2,210	)		—
Deferred compensation plan, net		—		—		(1,088	)		1,088			—			—			—			—			—			—			—
Amortization of equity awards		—		1		—			5,547			—			—			5,548			—			—			—			5,548
Tax withholding on stock-based compensation		—		—		—			(6,760	)		—			—			(6,760	)		—			—			—			(6,760	)
Common stock issued under dividend reinvestment plan		—		—		—			177			—			—			177			—			—			—			177
Contributions from partners		—		—		—			—			—			—			—			2,210			2,977			5,187			5,187
Distributions to partners		—		—		—			—			—			—			—			—			(3,510	)		(3,510	)		(3,510	)
Dividends declared:
Preferred stock		—		—		—			—			—			(3,413	)		(3,413	)		—			—			—			(3,413	)
Common stock/unit		—		—		—			—			—			(127,976	)		(127,976	)		(774	)		—			(774	)		(128,750	)
Balance at March 31, 2025	$	225,000		1,815		(29,133	)		8,505,489			(1,715	)		(2,001,878	)		6,699,578			40,584			136,278			176,862			6,876,440

Balance at December 31, 2025	$	225,000		1,829		(31,075	)		8,704,138			(4,220	)		(1,988,782	)		6,906,890			144,940			129,776			274,716			7,181,606
Net income		—		—		—			—			—			128,549			128,549			2,617			1,632			4,249			132,798
Other comprehensive income
Other comprehensive income before reclassification		—		—		—			—			1,955			—			1,955			43			103			146			2,101
Amounts reclassified from accumulated other comprehensive income		—		—		—			—			(422	)		—			(422	)		2			(45	)		(43	)		(465	)
Deferred compensation plan, net		—		—		(1,132	)		1,129			—			—			(3	)		—			—			—			(3	)
Amortization of equity awards		—		2		—			5,980			—			—			5,982			—			—			—			5,982
Tax withholding on stock-based compensation		—		—		—			(8,672	)		—			—			(8,672	)		—			—			—			(8,672	)
Common stock issued under dividend reinvestment plan		—		—		—			193			—			—			193			—			—			—			193
Contributions from partners		—		—		—			—			—			—			—			—			237			237			237
Distributions to partners		—		—		—			—			—			—			—			—			(4,336	)		(4,336	)		(4,336	)
Dividends declared:
Preferred stock		—		—		—			—			—			(3,413	)		(3,413	)		—			—			—			(3,413	)
Common stock/unit		—		—		—			—			—			(138,224	)		(138,224	)		(2,897	)		—			(2,897	)		(141,121	)
Balance at March 31, 2026	$	225,000		1,831		(32,207	)		8,702,768			(2,687	)		(2,001,870	)		6,892,835			144,705			127,367			272,072			7,164,907

The accompanying notes are an integral part of the consolidated financial statements.

REGENCY CENTERS CORPORATION

Consolidated Statements of Cash Flows

For the periods ended March 31, 2026, and 2025

(in thousands)

(unaudited)


	Three months ended March 31,
	2026			2025
Cash flows from operating activities:
Net income	$	132,798			111,853
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		106,422			96,774
Amortization of deferred financing costs and debt premiums		3,979			3,334
Amortization of above and below market lease intangibles, net		(5,051	)		(6,215	)
Stock-based compensation, net of capitalization		5,279			4,966
Equity in income of investments in real estate partnerships		(22,380	)		(14,495	)
Gain on sale of real estate, net of tax		(7,194	)		(101	)
Distribution of earnings from investments in real estate partnerships		16,149			16,076
Deferred compensation expense (income)		766			(521	)
Realized and unrealized (gain) loss on investments		(682	)		686
Changes in assets and liabilities:
Tenant and other receivables		5,646			9,051
Deferred leasing costs		(5,299	)		(1,748	)
Other assets		(25,405	)		(16,176	)
Accounts payable and other liabilities		(45,946	)		(43,735	)
Tenants' security, escrow deposits and prepaid rent		(6,353	)		1,282
Net cash provided by operating activities		152,729			161,031
Cash flows from investing activities:
Acquisition of operating real estate, net of cash acquired of $787 in 2025		(21,478	)		(83,232	)
Real estate development and capital improvements		(105,071	)		(101,386	)
Proceeds from sale of real estate		11,830			—
Proceeds from property insurance casualty claims		3,281			—
Collection of notes receivable		1,069			120
Investments in real estate partnerships		(22,839	)		(230	)
Return of capital from investments in real estate partnerships		34,679			—
Dividends on investment securities		1,555			988
Purchase of investment securities		(3,135	)		(2,233	)
Proceeds from sale of investment securities		5,182			5,825
Net cash used in investing activities		(94,927	)		(180,148	)


	Three months ended March 31,
	2026			2025
Cash flows from financing activities:
Tax withholding on stock-based compensation		(8,672	)		(6,760	)
Proceeds from sale of treasury stock		8			462
Contributions from noncontrolling interests		237			2,977
Distributions to and redemptions of noncontrolling interests		(4,336	)		(3,510	)
Distributions to exchangeable operating partnership unit holders		(2,898	)		(773	)
Dividends paid to common shareholders		(275,915	)		(127,684	)
Dividends paid to preferred shareholders		(3,413	)		(3,413	)
Proceeds from issuance of fixed rate unsecured notes, net of debt discount		447,192			—
Proceeds from unsecured credit facilities		255,000			280,000
Repayment of unsecured credit facilities		(345,000	)		(80,000	)
Proceeds from notes payable		—			10,000
Repayment of notes payable		(88,000	)		(32,787	)
Scheduled principal payments		(3,207	)		(2,548	)
Payment of financing costs		(3,899	)		(194	)
Net cash (used in) provided by financing activities		(32,903	)		35,770
Net increase in cash and cash equivalents and restricted cash		24,899			16,653
Cash and cash equivalents and restricted cash at beginning of the period		120,661			61,884
Cash and cash equivalents and restricted cash at end of the period	$	145,560			78,537

Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $2,713 and $2,112 in 2026 and 2025, respectively)	$	80,288			64,540
Supplemental disclosure of non-cash transactions:
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid	$	5,376			131,020
Acquisition of operating real estate:
Acquired lease intangible assets	$	2,245			9,725
Notes payable assumed in acquisition, at fair value	$	—			40,060
Intangible liabilities, Accounts payable and other liabilities	$	2,272			18,957
Acquisition of previously unconsolidated real estate investments:
Acquired lease intangible assets	$	1,329			4,308
Notes payable assumed in acquisition, at fair value	$	—			16,749
Intangible liabilities, Accounts payable and other liabilities	$	1,258			1,119
Change in accrued capital expenditures	$	7,823			13,144
Contributions to investments in real estate partnerships	$	14,045			257

The accompanying notes are an integral part of the consolidated financial statements.

REGENCY CENTERS, L.P.

Consolidated Balance Sheets

March 31, 2026 and December 31, 2025

(in thousands, except unit data)


	2026			2025
Assets	(unaudited)
Net real estate investments:
Real estate assets, at cost	$	14,657,529			14,561,924
Less: accumulated depreciation		3,352,228			3,267,728
Real estate assets, net		11,305,301			11,294,196
Investments in sales-type leases, net		16,788			16,727
Investments in real estate partnerships		358,620			349,856
Net real estate investments		11,680,709			11,660,779
Cash, cash equivalents, and restricted cash, including $4,462 and $16,004 of restricted cash at March 31, 2026 and December 31, 2025, respectively		145,560			120,661
Tenant and other receivables, net		267,639			273,862
Deferred leasing costs, less accumulated amortization of $140,264 and $138,391 at March 31, 2026 and December 31, 2025, respectively		99,462			97,253
Acquired lease intangible assets, less accumulated amortization of $431,633 and $421,433 at March 31, 2026 and December 31, 2025, respectively		244,876			254,201
Right of use assets, net		313,508			315,804
Other assets		294,730			278,723
Total assets	$	13,046,484			13,001,283
Liabilities and Capital
Liabilities:
Notes payable, net	$	4,973,934			4,619,301
Unsecured credit facility		30,000			120,000
Accounts payable and other liabilities		200,885			391,847
Acquired lease intangible liabilities, less accumulated amortization of $249,699 and $243,040 at March 31, 2026 and December 31, 2025, respectively		352,202			356,454
Lease liabilities		241,012			242,368
Tenants' security, escrow deposits and prepaid rent		83,544			89,707
Total liabilities		5,881,577			5,819,677
Commitments and contingencies		—			—
Capital:
Partners' capital:
Preferred units $0.01 par value per unit, 30,000,000 units authorized; 9,000,000 units issued and outstanding, in the aggregate, in Series A and Series B at March 31, 2026 and December 31, 2025		225,000			225,000
General partner's common units, 183,088,061 and 182,902,234 units issued and outstanding at March 31, 2026 and December 31, 2025, respectively		6,670,522			6,686,110
Limited partners' common units, 3,838,188 and 3,838,188 units issued and outstanding at March 31, 2026 and December 31, 2025 respectively		144,705			144,940
Accumulated other comprehensive loss		(2,687	)		(4,220	)
Total partners' capital		7,037,540			7,051,830
Noncontrolling interest: Limited partners' interests in consolidated partnerships		127,367			129,776
Total capital		7,164,907			7,181,606
Total liabilities and capital	$	13,046,484			13,001,283

The accompanying notes are an integral part of the consolidated financial statements.

REGENCY CENTERS, L.P.

Consolidated Statements of Operations

For the periods ended March 31, 2026, and 2025

(in thousands, except per unit data)

(unaudited)


	Three months ended March 31,
	2026			2025
Revenues:
Lease income	$	402,613			371,079
Other property income		2,907			3,021
Management, transaction, and other fees		6,933			6,812
Total revenues		412,453			380,912
Operating expenses:
Depreciation and amortization		106,422			96,774
Property operating expense		73,300			68,459
Real estate taxes		51,410			46,360
General and administrative		25,606			21,600
Other operating expenses		1,001			1,688
Total operating expenses		257,739			234,881
Other expense, net:
Interest expense, net		52,185			48,013
Gain on sale of real estate, net of tax		(7,194	)		(101	)
Net investment (income) expense		(695	)		761
Total other expense, net		44,296			48,673
Income before equity in income of investments in real estate partnerships		110,418			97,358
Equity in income of investments in real estate partnerships		22,380			14,495
Net income		132,798			111,853
Limited partners' interests in consolidated partnerships		(1,632	)		(1,624	)
Net income attributable to the Partnership		131,166			110,229
Preferred unit distributions		(3,413	)		(3,413	)
Net income attributable to common unit holders	$	127,753			106,816

Net income attributable to common unit holders:
Per common unit - basic	$	0.68			0.59
Per common unit - diluted	$	0.68			0.58

The accompanying notes are an integral part of the consolidated financial statements.

REGENCY CENTERS, L.P.

Consolidated Statements of Comprehensive Income

For the periods ended March 31, 2026, and 2025

(in thousands)

(unaudited)


	Three months ended March 31,
	2026			2025
Net income	$	132,798			111,853
Other comprehensive income (loss):
Effective portion of change in fair value of derivative instruments:
Effective portion of change in fair value of derivative instruments		2,178			(2,648	)
Reclassification adjustment of derivative instruments included in net income		(465	)		(1,745	)
Unrealized (loss) gain on available-for-sale debt securities		(77	)		194
Other comprehensive income (loss)		1,636			(4,199	)
Comprehensive income		134,434			107,654
Less: comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests		1,632			1,624
Other comprehensive income (loss) attributable to noncontrolling interests		58			(230	)
Comprehensive income attributable to noncontrolling interests		1,690			1,394
Comprehensive income attributable to the Partnership	$	132,744			106,260

The accompanying notes are an integral part of the consolidated financial statements.

REGENCY CENTERS, L.P.

Consolidated Statements of Capital

For the three months ended March 31, 2026 and 2025

(in thousands)

(unaudited)


	General Partner Preferred and Common Units		Limited Partners			Accumulated Other Comprehensive Income (Loss)			Total Partners' Capital		Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships		Total Capital
Balance at December 31, 2024	$	6,721,920		40,744			2,226			6,764,890		135,417		6,900,307
Net income		109,587		642			—			110,229		1,624		111,853
Other comprehensive loss
Other comprehensive loss before reclassification		—		(20	)		(2,289	)

REGENCY CENTERS CORP 10-Q