Regency Centers Corp 2024年度报告

Report To Our Fellow Shareholders As we reflect on another year of outstanding performance at Regency Centers, we take greatpride in our growth and accomplishments over the past 60+ years. Our success as a nationalowner, operator, and developer of premier neighborhood and community shopping centersreflects our dedication to excellence and shareholder value creation. Regency offers its investorsa combination of income generation and capital appreciation through passive real estateownership, prioritizing stable cash flows and long-term earnings and dividend growth. Regency’s strategy of owning and operating grocery-anchored shopping centers hasdemonstrated remarkable stability and growth while operating in an everchanging retailenvironment. The dependability of grocery stores and other essential retail at our centers,supported by the compelling demographic profile of the trade areas in which we operate,provides a consistent flow of foot traffic and makes our cash flows more resilient tomacroeconomic fluctuations compared to other real estate sectors. Our well-conceived strategyhas been further proven in recent years as the shopping center sector has benefited fromfavorable structural tailwinds, including: •Strong population and income growth in suburban U.S. markets, driving demand forRegency’s shopping centers;•A prevalence of hybrid work post-pandemic, amplifying local shopping activity asconsumers spend more time in their neighborhoods;•A renewed appreciation for brick-and-mortar retail and the in-person shoppingexperience by consumers, and by retailers given more favorable profitability as adistribution channel;•Limited new supply of high-quality retail centers over the past 15 years, including a newsupply growth rate in 2024 that equated to less than 1% of the existing retail supply,considerably lower than other major real estate sectors. We have leveraged these advantageoustrends, together with our more than 60 years ofexperience and relationships, to driveconsiderable growth and opportunities withinour operating and investment platforms. Thatsaid, we attribute our long track record ofsuccess to Regency’s unequaled strategicadvantages: High-Quality Portfolio Our nearly 500 properties in major markets around the country are in top trade areas with favorabledemographics, driving robust tenant demand, leading to high occupancy rates and strong rentgrowth. Our assets are in locations supported by a resilient consumer base with above average levelsof disposable income, more able to absorb macroeconomic pressures. More than 80% of Regency’scenters are anchored by market-leading, highly productive grocery stores, complemented by best-in-class tenant merchandising. Our focus on necessity, service, convenience, and value retailers hasresulted in a robust tenant mix less vulnerable to e-commerce competition. Experienced Team A key to Regency’s success has always been ouramazing people. Our management team has aproven track record of delivering consistentfinancial performance, driven by disciplinedinvestment strategies and operational excellence.Our team’s comprehensive asset managementmodel, applied at both the national and locallevels, facilitates strong relationships with tenants,service providers, and community partners. Andour dedicated team of experienced professionalsin more than 20 offices around the country arepassionate about creating spaces that not onlyserve our tenants, but also enhance the quality oflife for the surrounding communities where theirfamilies and friends live and work. Leading Development Platform Regency’s roots as a local retail developmentcompany in Jacksonville, FL in 1963 laid thefoundation for our national development programthat today differentiates us from other shoppingcenter REITs. We have developed more than 250shopping centers from the ground up since 2000 andcurrently have nearly $500 million of developmentand redevelopment projects in process, together withan expansive shadow pipeline for future projects.Regency’s combination of experience and expertise,established industry relationships with leadingnational grocers, access to capital, and long trackrecord of developing well-curated, successful centershas enabled us to deliver viable developmentprojects where others have been unable to do so.Looking ahead, we expect that demand for high-quality space in our markets will continue to supportattractive returns on new development andredevelopment projects. Cambridge Square | Atlanta, GAIn-Process Redevelopment Balance Sheet With decades of strategic and thoughtful capital management, Regency has a sector-leadingbalance sheet with low leverage, a well-laddered debt maturity schedule, and the only “A” creditratings in the shopping center REIT sector from either Moody’s (A3) or S&P (A-). Our strong balancesheet and liquidity position, including nearly full availability of our line of credit, ample annual freecash flow and plentiful access to additional capital, e