2018 Investor Presentation Regency Centers: the Leading National Shopping Center REIT Unequaled Competitive Advantages Position Regency for Superior Growth

THIRD QUARTER 2018 Investor Presentation Regency Centers: The Leading National Shopping Center REIT Unequaled Competitive Advantages Position Regency for Superior Growth

PREEMINENT NATIONAL PORTFOLIO SUPERIOR TENANT & MERCHANDISING MIX

nn Largest shopping center REIT with nn Focus on necessity, value, convenience, and 426 properties located in the nation's service-oriented retailers most vibrant markets nn Portfolio strength and tenant quality demonstrated nn Neighborhood and community by resilience to store closures and leading Same shopping centers primarily anchored Property NOI performance by highly productive grocers nn Well located in highly affluent and dense infill trade areas Unequaled positioned for growth Combination of Strategic Advantages DISCIPLINED FINANCIAL BEST-IN-CLASS PLATFORM MANAGEMENT & BALANCE FOR VALUE CREATION SHEET STRENGTH

nn National platform of 22 local offices creates unequaled boots-on-the-ground and local expertise advantages nn Well-capitalized and flexible balance sheet to support growth nn Intense asset management is the foundation of Regency's ability to achieve Same Property NOI nn Positioned to achieve accretive investment growth at or near the top of the shopping center sector opportunities with superior cost of capital nn Regency's in-process projects, pipeline and key nn Self-funding capital allocation strategy cost-effectively tenant and local relationships create value through funds new investments, while preserving balance sheet the development and redevelopment of premier strength and enhancing portfolio quality shopping centers

2 Leading Performance Regency Centers Consistently Outperforms

Regency Centers' Total Return

1,800 REG 1,600

1,400

1,200 ALL REITS 1,000 S&P 500 800

600 SHOPPING CENTER PEERS 400

200

0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

(INDEX) Regency Centers Corporation (INDEX) FTSE NAREIT Equity (INDEX) S&P 500 (INDEX) FTSE NAREIT All REITs Shopping Centers

Source: FactSet, from 12/31/1993 through 9/30/18 3 Sector-Leading Performance Cash Flow and Earnings Growth

The execution of our Strategic Plan has driven robust earnings growth and has positioned Regency to continue future cash flow and dividend growth, supported by sustained NOI growth, accretive investments, and a sector-leading balance sheet.

AFFO GROWTH PER SHARE(i) 3-YR CAGR 2018E (Right Axis)

15% 15% 10.3%

10% 10%

5% 5%

0% 0%

-5% -5%

-10% -10%

-15% -15% REG FRT RPT RPAI WRI BRX UE AKR SITC KRG KIM ROIC

-35.0%

(i) Source: Citi. 3-year AFFO per share CAGR is 2014 – 2017 4 Sector-Leading Performance Commitment to Dividend Growth

Regency is committed to growing dividends per share at a rate that is consistent with earnings growth, while maintaining a conservative payout ratio.

REG ANNUAL DIVIDENDS DIVIDEND PAYOUT RATIO (AFFO) 100% $2.30 95% 95% 92% $2.20 $2.22 90% 87% $2.10 84% $2.10 85% 4.0% CAGR

$2.00 83% 79% $2.00 80%

$1.94 $1.90 75% 77% $1.88 72% $1.80 70% 73% 70%

$1.70 65% 2014 2015 2016 2017 2018E 2014 2015 2016 2017 2018E

REGENCY PEER AVG i (WTD)

Sources: Citi, FactSet, Company Filings i. Peers are BRX, RPAI, ROIC, WRI, KIM, FRT, and SITC. 5 Retail Landscape The Evolution & Future of Retail Real Estate

CONSUMER PREFERENCES RELEVANT RETAILERS LOCATION QUALITY

Roosevelt Square

Consumer preferences have shifted toward Successful retailers understand the Retail real estate is experiencing a convenience, value and experiential offerings importance of a physical location and being bifurcation between high and lower quality, located in shopping centers that allow close to the customer. These operators are which continues to accelerate, where them to interact and connect with seeking well-located, well-conceived and well- lower quality shopping centers are more brands and each other. merchandised centers to enhance customer substantially impacted by today's disruptors. experience and promote brand interaction.

Regency's superior merchandising Regency's neighborhood & Regency's high-quality portfolio, mix consists primarily of best-in-class community shopping centers, evidenced by ABR PSF among necessity, value and service-oriented conveniently located close to the the highest in the sector as well as retailers that draw consumers and customer, are enhanced by our attractive demographics averaging drive foot traffic. Fresh Look® philosophy that focuses 146,000 people and average incomes on optimizing merchandising, of $120,000 within 3-mile radius, placemaking and connecting at our is positioned to thrive and sustain shopping centers. average NOI growth of 3%+ over the long term.

6 Retail Landscape Retailer Performance

Overall retail sales remain strong and have improved, with Regency’s key retailers producing impressive results.

RETAIL SALES (year-over-year growth) Comparable sales increased 3%+ for the first 6 months of 2018. The balance sheet remains 6% strong with virtually no debt while generating % 5.2 $990 million in FCF in the first half of 2018. 4.4% AVERAGE % 4%

2% TJX’s sales momentum continued in Q2 of 2018, with comparable store sales rising 6% on top of a prior year 3% increase, noting increased store traffic as the primary driver. Customer traffic has 0% increased for 16 consecutive quarters.

-2% Target reported largest quarterly sales growth in 13 years at 6.5%. Traffic to Target’s stores and -4% online sites grew at its fastest pace since the

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1Q18 2Q18 company began keeping record a decade ago.

Source: Green Street Advisors "Mall Sector Update - August 24, 2018", Creditntell and Company filings 7 Grocer Landscape The Future of Grocery

Winning grocers are investing in critical aspects of their evolving business to remain relevant.

A physical store presence, close to Supported by the physical store, the customer, is the foundation of a a successful e-commerce platform is successful multichannel strategy. critical in the future of grocery.

nn $1.5B Capital Plan for Redevelopment nn Expansion plans into new markets nn Publix Delivery app option for delivery or pick-up all nn Expect 100 new store locations powered through Instacart nn Renewed focus on Greenwise Markets

nn Digital sales have increased >50% nn Self-Checkout, Scan-Bag-Go and EDGE, a cloud-based signage solution nn Partnered with Ocado to build out infrastructure for online sales and delivery nn Restock Kroger strategic initiative: Customer Experience, Customer Value, Develop Talent, and Live Kroger's Purpose nn Kroger Ship, Kroger Grocery Pickup, and Instacart reach 80% of Kroger households nn Remerchandising 400 stores: more fresh natural and nn Same-day online delivery offered through Shipt and organic products and some with gourmet and artisanal Instacart products, upscale décor and experiential elements nn Investments made in broader technology strategy nn Expanding "Plated" meal kit delivery and and emerging technologies impacting the grocery "Drive Up and Go" stores business

nn Amazon's acquisition demonstrates the critical advantage of a brick-and-mortar presence close to the customer nn Delivery through Amazon's Prime Now platform nn Synergies with Amazon nn Store delivery expanding, offering ultrafast delivery on in-store products nn Amazon utilizing stores for Prime Now delivery distribution

Sources: Retailer Radar – Suntrust, Creditntell, Company’s website, Company’s 10-Q, USA Today, Business Insider 8 Retail Landscape Best-in-class operators opening new locations in high-quality centers Net increase of ~3,800 store locations across all shopping center retailers estimated in 2018i

During the first half of The company opened 258 net new Plans to open as fiscal 2018 the company During the first half Whole Foods has stores during the many as 3,000 opened 22 supermarkets, of fiscal 2018, net 60 new locations in 2018 fiscal year, and new AmazonGo with expansion plans of store count increased development.(ix) expects to open cashierless stores 100 new locations into by 77.(iii) the Carolinas and Virginia 238 net new stores in by 2021.(v) plus 4 new Greenwise fiscal year 2019.(vii) locations.(iii)

Raised its More than Plans to open 20 Plans to Plans to open long-term projected 500 studios in or more stores in open 100 30 stores per year store potential to the development the course of the retail stores for the near term.(vi) 3,000 locations.(ii) in 2018.(i) pipeline.(iv) next year.(viii)

Source: (i) IHL, (ii) Green Street, Strip Center Sector, (iii) Creditntell, (iv) OTF Media Kit, (v) Bloomberg, (vi) Sprouts Investor Presentation, (vii) eMarketer. Retail The TJX Companies, (viii) SunSentinel, (ix) Whole Foods Company Website 9 Proven Strategy & Business Model

STRATEGIC OBJECTIVES EXECUTION

HIGH-QUALITY PORTFOLIO nn Sector leading SP NOI growth of +3.5% for Average Annual NOI Growth of 3%+ 6 consecutive years High-quality portfolio of shopping centers with enduring nn SP NOI growth YTD 3.8% competitive advantage from desirable trade areas and highly productive grocers nn 2018 SP NOI guidance +/- 3.25% ASTUTE CAPITAL ALLOCATION Deliver $1.25B to $1.5B of developments and nn $1B of development/redevelopment starts over last 5 redevelopments over the next 5 years at attractive years generating $550 million in value creation returns and fortify NOI growth with disciplined nn 2018 estimated starts of $150M to $250M asset recycling nn Sector leading Debt-to-EBITDAre of 5.4x versus peer average of 6.3xi SECTOR-LEADING FORTRESS BALANCE SHEET nn Upgrade to Positive Outlook from S&P Provides funding flexibility and cost advantages nn Well-laddered balance sheet with no significant maturities until 2020 nn Leading ESG practices BEST-IN-CLASS OPERATING PRACTICES AND SYSTEMS nn ISS Governance score of 1 Implement operating systems, including Environmental, nn GRESB Green Star for 3 consecutive years Social and Governance practices, which are widely nn Plans to publish inaugural Corporate recognized as best in class Responsibility Report nn Uniquely positioned in 22 target markets throughout STRONG BRAND AND CULTURE the country Engage an exceptional team of professionals and best-in-class business practices that are recognized as nn Fresh Look philosophy focuses on merchandising to industry-leading best-in-class retailers, placemaking, and connecting to the local community

Cumulative Earnings Growth of 5%+ 7% 3-Year Earnings Growth CAGRii over the long-term

i. Green Street 8/21/18 for peers. ii. 3 year OFFO per share, CAGR is 2014-2017 10 HIGH QUALITY Portfolio Overview PORTFOLIO

No more than 14% of properties 426 95.9% 58M SF ~9,300 $21+ PSF of leases (by ABR) expiring 80% i are grocery anchored Properties Leased Total GLA Total Tenants Average ABR in a given year

Regency Top 10 Tenants Credit Quality of Top 25 Tenantsiii Top Tenants Total Base Rent $177M (20% of Total ABRii) Contributes to Resilience of Regency’s Portfolio 3.5%

9.0% 3.0% Good 3% 2.5% Excellent 79%

2.0% Fair 10% 1.5% % of ABR % of N/R 1.0% 8%

0.5%

0.0%

i. Same property portfolio EXCELLENT GOOD FAIR NOT RATED ii. Annualized base rent as of 09/30/2018 (A/B) (C) (D) iii. Regency’s top 25 tenants. Credit rating source-Creditntell 11 HIGH Leading National Portfolio QUALITY PORTFOLIO Significant Presence in Top Markets with Strategic Advantages from National Breadth and Local Expertise

TOP REGIONS/STATES TOP 5 MARKETS ATTRACTIVE OVERALL DEMOGRAPHICS*

i >25% of NOI % of NOI Regency Peers San Francisco 12% Average trade area population 146,000 135,000 10% - 25 % of NOI Miami 12% Los Angeles 7% Average household income $120,000 $105,000 5% - 10% of NOI Washington, DC 6% College educated 49% 43% <5% of NOI New York 6% *Within 3-mile radius

SEATTLE

PORTLAND

MINNEAPOLIS BOSTON NORTHEAST

NEW YORK # of properties 38 % of NOI 12% GLA 4,000 CHICAGO PHILADELPHIA AHHI $132,000 POP 272,000 BALTIMORE SAN FRANCISCO WASHINGTON, DC BAY AREA DENVER CINCINNATI MID-ATLANTIC # of properties 51 % of NOI 9% RALEIGH GLA 3,900 LOS ANGELES CHARLOTTE AHHI $127,000 CALIFORNIA NASHVILLE POP 115,000

# of properties 75 % of NOI 28% GLA 9,200 SAN DIEGO ATLANTA AHHI $115,000 POP 146,000 DALLAS

TEXAS JACKSONVILLE # of properties 30 % of NOI 7% AUSTIN FLORIDA GLA 3,300 HOUSTON AHHI $128,000 TAMPA # of properties 102 POP 101,000 SOUTHEAST % of NOI 21% FLORIDA GLA 11,000 AHHI $83,000 POP 91,000 426 PROPERTIES 22 REGIONAL OFFICES i. Peers are BRX, RPAI, ROIC, WRI, KIM, FRT, and SITC. *Source: Evercore ISI Annual Demographic Update 3/13/18, Green Street Advisors, Strip Centers Sector Update 8/21/18, company data 12 HIGH QUALITY Premier Asset Quality and Trade Areas PORTFOLIO

Premier centers are those with inherent characteristics that will position a center with long-term competitive advantages, resulting in superior NOI growth, including strong trade areas that feature buying power and spending growth surrounding a shopping center with a top competitive position.

Asset Quality DNAi

Premier Plus 24%

Positioned Premier TRADE Positioned SHOPPING to thrive 51% AREA for CENTER Density Sustainable Competitive Position Income & Wealth Growth GLA Quality Buying Power Growth Access & Visibility Relative Supply Dominant Anchor + Merchandising Mix EXCEPTIONAL Quality Core STRONG 23%

ABOVE AVERAGE Non-Core 2%

i. Based upon Regency Centers proprietary quality model as % of pro-rata value. 13 HIGH QUALITY Superior Trade Areas and Demographics PORTFOLIO

Regency's shopping centers are located in stronger trade areas than its peersi, with demographics meaningfully above the peer average.

Average Household Income % Higher Educational Attainment

49% $130,000 50% $120,000 $120,000 40% $110,000

$100,000 30%

$90,000

$80,000 20% REG PEERS REG PEERS

Population Density Green Street’s TAP Score

150,000 146,000 68 65 140,000 65

62 130,000

59 120,000 56

110,000 53

100,000 50 REG PEERS REG PEERS

Source: Evercore ISI Annual Demographic Update 3/13/18, Green Street Advisors, Strip Centers Sector Update 8/21/18 i. Peers are BRX, RPAI, ROIC, WRI, KIM, FRT, and SITC. 14 HIGH Highly Productive Grocers QUALITY PORTFOLIO Grocer Strength & Health

Regency’s portfolio is primarily grocer anchored, with grocer sales that average ~$650 PSF annually versus the national average of $400 PSF. A testament to the locations, relevance of grocers, and enduring quality of our centers.

REGENCY GROCER SALES GROCER SALES AND OCCUPANCY COSTS

$33M $33M Portfolio Avg. ~$650 PSF $800 4.5% $700 (2.0% Occupancy Cost) $32M $32M $32M 3.8% 4.0% $700 3.6%

$31M 3.5% $31M $600 $500 $30M 3.0% $30M $500 $400 2.5% $29M $29M $400 2.0% $28M $300 1.8% GROCER SALES PSF GROCER SALES

1.5% COSTS OCCUPANCY

$27M $200 1.0%

$26M $100 0.5%

$25M $0 0.0% 2013 2014 2015 2016 2017 Top Tier Mid Tier Low Tier 85% Grocer Rent* 10% Grocer Rent* 5% Grocer Rent*

GROCER SALES OCCUPANCY COST

Note: Most recent reported sales for grocers reporting *Pro-rata share of base rent from grocers as of 9/30/2018 15 HIGH QUALITY Superior Merchandising Mix PORTFOLIO A Necessity, Service, Convenience, and Value Focus is Increasingly Critical in Today’s Retail Landscape and Resistant to Store Rationalization from Disruptors, Including E-Commerce.

RESTAURANTS & BEST-IN-CLASS RETAILERS SERVICE ORIENTED (20% OF ABR) (50% OF ABR) nn Off-price brands like TJ Maxx nn Nearly 20% of tenant base is and retailers with growing restaurants service components such as nn Both service-oriented retailers and Ulta encourage frequent and restaurants increase return visits and sustained in-person visits foster longer dwell time

AT-RISK RETAILERS NECESSITY BASED (5% OF ABR) (25% OF ABR) nn Low exposure to shrinking nn 20% of tenant base includes brands and e-commerce best-in-class national, regional and affected categories specialty grocers who are highly adaptable and innovative, incorporating nn In place platform to “click and collect” and grocery delivery re-merchandise closing to enhance customer convenience stores and create value nn Drivers of strong foot traffic that attract nn Only 11 store closures expected Exposure to At-Risk Tenantsi high-quality side shop tenants 9.4% from 2018 announced 10% 9% bankruptcies, representing 8% 7% % 6% 4.8 approximately 40 bps of ABR 5% 4% 3% 2% 1% 0% ii i. Green Street (5/17/18) "Decent Start, but Staying Grounded." REG PEERS ii. Peers are BRX, RPAI, ROIC, WRI, KIM, FRT, and SITC. 16 HIGH Track Record of Sustained Outperformance QUALITY PORTFOLIO Astutely Navigating Disruptors

Regency’s asset quality and demographic profile generates sustained sector-leading results, while mitigating downtime, and allowing for merchandising upgrades at accretive rents when store rationalization or bankruptcies occur.

Anchor % Leasedi Shop % Leasedii

99.0% 98.9% 98.9% 94% 98.8% 98.8% 98.8% 98.7% 98.7% 93.0% % 98.6 % % % 92.4% % 92.5 92.5 % 98.5 92.7 % % 92.3 % 92.2 % 92.1 92.2 98.5% 98.4 91.9% % % 91.7% 91.7% 98.4 98.3 92% % % 91.5 98.2 98.2% % % 91.3 98.1% 98.2% 98.1% 98.2 91.1% % 91.0 % 98.0% 90.8 % 98.0% 97.9 % 97.9 97.9 % 90.3% 97.8 % 97.8 % 90% 89.7% Significant store closures/BKs % 89.5% 97.6 % 97.7 89.4% • Fresh & Easy • Toys R US 89.2% 97.5 % % • Haggen • Office Depot/ % % % % % 88.8 88.7 88.8 88.7 97.5% 97.6 % 88.6 88.9 % Office Maxx % 88.5 • Sports Authority 97.4 % 88.1% 88.2% 88.3 • Sports Chalet • The Fresh Market 88.0% 88.0% 88.4% • Golfsmith • Sears/Kmart 88% 87.4 % • HHGregg • Gander Mountain % 97.0% • Gordmans 86.9 86.6%

96.7% 96.7% 96.8% 86% 96.5% 96.6%

96.4% 96.3% % 96.3 96.3% 96.1% 96.0% 84% 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18

REGENCY PEERSiii REGENCY PEERSiii

i. Spaces > 10,000 SF, Same Property ii. Spaces < 10,000 SF, Same Property iii. Company filings, Peers are BRX, RPAI, WRI, KIM, FRT, and SITC. 17 HIGH Anchor Remerchandising QUALITY PORTFOLIO Sears Bankruptcy Update

Sears' bankruptcy provides Regency an opportunity to execute on long-standing redevelopment opportunities and shopping center remerchandising of 3 remaining locations

nnAll located in grocery-anchored shopping centers where PRO RATA IMPACT grocer sales average $955 PSF ABR ~30 bps nnAverage rents of less than $8 PSF SP NOI ~50 bps nnNo Co-Tenancy impact SP % Leased ~80 bps

Hancock in Austin, TX – Pike Creek in Wilmington, DE – Newberry Square in Gainesville, FL – Sears 185K SF (closure list) Kmart 80K SF Kmart 80K SF (closure list) nn Shopping Center 98.9% Leased*, nn Shopping Center 95.6% Leased*, nn Shopping Center 90% Leased*, grocery anchored by HEB grocery anchored by ACME grocery anchored by Publix nn Redevelopment opportunity nn Remerchandising and potential nn Remerchandising and potential redevelopment opportunity redevelopment opportunity

*Current occupany inlcudes Sears/K-Mart. 18 HIGH Significant Embedded Growth Opportunities QUALITY PORTFOLIO Multiple Levers to Drive Same Property NOI and NAV Growth

nnMark-to-market rent spreads nnCurrent % leased = 95.9% opportunity with 40 anchor lease nnCurrent % commenced = 94.3% expirations over next 5 years nnConverting 20 bps of leased nnAnchor lease mark-to-market of 40%+ occupancy to commenced supports goal of 10% rent spreads occupancy contributes 25 bps to nn1% rent spread = 12 bps same same property NOI growth property NOI growth

LEASE MARK- RENT PAYING nnImprove annual TO-MARKET OCCUPANCY n $50-$100M increases with in annual focused leasing redevelopment nnCurrent 1.3% spend at 7%+ ROI contributes nnTarget 1.5% an average of 50-100 bps to CONTRACTUAL VALUE CREATION same property RENT STEPS OPPORTUNITIES NOI growth ROADMAP TO SAME-PROPERTY LOCAL MARKET BEST-IN-CLASS EXPERTISE NOI GROWTH OPERATING PRACTICES

19 HIGH Track Record of Sustained QUALITY PORTFOLIO Out Performance Same Property NOI Growth By Year

5% 4.4% 4.0% 4.0% Irreplaceable portfolio of % 4% 3.5% 3.6 +/- 3.25% well-located, high-quality

3% assets anchored by best-in-class tenants driving 2% sector-leading NOI growth.

0% 2013 2014 2015 2016 2017 2018E (i)

REGENCY PEERS

i. 2018 for peers is average mid-point of peer guidance. Peers are BRX, RPAI, ROIC, WRI, KIM, FRT, and SITC. 20 ASTUTE CAPITAL Astute Capital Allocation ALLOCATION Self-Funding Strategy Enhances Portfolio Quality

Disciplined Funding Strategy

Free Sale of lower quality/ cash flow is the lower growth assets foundation of funding plan

FREE PROPERTY SALES CASH FLOW EQUITY 1% - 2% ~$160M When priced of Assets attractively Annually Annually

DEBT Low-5x debt to EBITDAre target

DEVELOPMENT/ Funding Capacity for $500M of ACQUISITIONS Stock REDEVELOPMENT High-Quality Investments Superior Growth Repurchases Compelling Margins when priced Enhances Portfolio Quality & Preserves attractively Strong Balance Sheet

21 ASTUTE CAPITAL Astute Capital Allocation ALLOCATION Disciplined Investment

Disciplined Strategy Leading to Significant Value Creation

Premier Sourced by Local Shopping Centers Partnering with Market Expertise with Long-Term Premier Operators and Relationships Growth Potential

Distinctive Design Densification and Key Attributes Opportunities – of Retail Centers Mixed-Use

Discipline Focus on Dense Through Infill and Affluent Leverage Flexible Internal Guidelines Trade Areas with Capital Structure (Commitments Leading Grocers <2x EBITDAre)

22 ASTUTE CAPITAL Astute Capital Allocation ALLOCATION Track Record of Value Creation

Historical Development and Redevelopment Starts 7.8% Average Return On Investmenti

$450

$400

$350

$150 $300 $120 $110 $250 $110 $1.2 Billion $100 Total starts with $200 total estimated

MILLIONS value creation $150 $60 $230 $240 of $650 Million $220 $100 $200 $170 $120 $50

59% 55% 63% 51% 50% 52%

2012 2013 2014 2015 2016 2017

TOTAL PROJECT COST EST VALUE CREATION VALUE CREATION MARGIN

i. Represents the ratio of Regency’s underwritten NOI at stabilization to total estimated net development costs, before any adjustments for expected JV partner buyouts. 23 ASTUTE CAPITAL Astute Capital Allocation ALLOCATION Select In-Process Development & Redevelopment Developments

Redevelopments

MELLODY FARM Chicago, IL nn272,000 SF THE FIELD AT BALLARD BLOCKS II nn70% leased COMMONWEALTH Seattle, WA nn$103M/6.8% yield Metro D.C. nn114,000 SF nn$131K AHHI/54K pop. nn169,000 SF nn57% Leased nnStart Q2-2017 nn87% leased nn$31M/6.3% yield nn$44M/7.8% yield nn$117K AHHI/219K pop. nn$140K AHHI/85K pop. nnStart Q1-2018 nnStart Q1-2017

MIDTOWN EAST Raleigh, NC nn174,000 SF nn77% Leased nn$22M/8.0% yield THE VILLAGE nn$89K AHHI/87K pop. AT RIVERSTONE nnStart Q4-2017 Houston, TX nn167,000 SF nn91% leased nn$31M/8.3% yield MARKET AT nn$157K AHHI/65K pop. SPRINGWOODS VILLAGE nnStart Q4-2016 Houston, TX INDIGO SQUARE nn167,000 SF Charleston, SC nn93% leased nn51,000 SF nn$13M/9.8% yield nn76% Leased nn$103K AHHI/61K pop. PINECREST PLACE BLOOMINGDALE SQUARE nn$17M/8.3% yield nnStart Q1-2016 Miami, FL Tampa, FL $106K AHHI/44K pop. nn70,000 SF nn254,000 SF nn Start Q4-2017 nn87% leased nn91% leased nn nn$16M/7.8% yield nn$20M/9-10% yield nn$133K AHHI/97K pop. nn$87K AHHI/83K pop.

Note: AHHI and population within 3 mile radius nnStart Q1-2017 nnStart Q3-2018 24 ASTUTE Regency’s Disciplined Approach to CAPITAL ALLOCATION Development Grows Net Asset Value

MIDTOWN EAST INDIGO SQUARE BALLARD BLOCKS II Raleigh, NC Charleston, SC Seattle, WA

OVERVIEW OVERVIEW OVERVIEW nn Strategically located off a highly trafficked nn Located in Mount Pleasant, the most affluent nn Located in the dense urban core of Seattle in intersection and adjacent to Regency-owned Charleston suburb a dominant retail node Holly Park shopping center nn 51,000 SF development anchored by organic nn 114,000 SF development anchored by nn 174,000 SF development anchored by supermarket Publix Greenwise specialty grocer PCC Community Markets best-in-class grocer Wegmans

STATUS STATUS STATUS nn 87% leased and committed nn 90% leased and committed nn 79% leased and committed nn Total pro-rata project costs of nn Total project costs of $17M yielding 8.3% nn Total pro-rata project costs of $32M yielding $22M yielding 8.0% return on capital return on capital 6.3% return on capital nn Stabilization projected for 2019 nn Stabilization projected for 2020 nn Stabilization projected for 2020

25 ASTUTE Regency’s National Platform is Positioned to Unlock CAPITAL ALLOCATION Meaningful Upside Through Future Redevelopment Future Investment Over 5+ Years: $1.25B to $1.5B (Estimated Value Creation of $500M-$600M)

WESTWOOD COMPLEX THE ABBOT MARKET COMMON CLARENDON Bethesda, MD Cambridge, MA Arlington, VA

OVERVIEW OVERVIEW OVERVIEW nn Situated on 22 acres in one of the most affluent nn Located in an extremely dense, highly educated nn Well located, highly desirable real estate areas in D.C. Metro area trade area with significant daytime populations positioned for future value creation nn 467,000 SF outdated center and ancillary within close proximity to Harvard University nn Only Whole Foods Market in the retail corridor buildings anchored by highly productive nn Three existing retail and office buildings along with other national powerhouse retailers Giant supermarket representing 41,000 SF including Apple, and thriving local concepts nn Working closely with the community and focused OPPORTUNITY on preservation of Harvard Square OPPORTUNITY nn The dated shopping center on an underutilized nn Repurpose a former mid-20th century site provides an unparalleled redevelopment OPPORTUNITY department store building into a self-ecosystem of office, retail and restaurants, located near the opportunity nn Unique opportunity to unlock a densification entrance of the center nn New zoning in place with current entitlement work redevelopment which is currently undergoing focused on maximizing value to result in a viable entitlement nn Additional activation through enhancement of The Loop, an iconic area to include pop-up retail mixed-use development approval nn Regency has made thoughtful modifications to and community areas nn Will include new grocery-anchored retail, the redevelopment plans to allow for phased complemented by a mix of additional uses construction including multifamily and for sale residential, planned in partnership with best-in-class residential developers

26 SECTOR-LEADING FORTRESS Commitment to Conservative Financial Ratios BALANCE SHEET Sector-Leading Balance Sheet Affords Financial Flexibility

5.4x 4.1x BBB+ Baa1 $1.25B Net Debt to EBITDArei Fixed Charge Coveragei Rating From S&P Rating From Moody’s Line Of Credit

nn Well-laddered debt nn Substantial liquidity nn Large unencumbered nn S&P 500 inclusion nn Positive outlook maturity profile with and capacity with asset pool and deep enhances liquidity from S&P limited near-term $1.25 billion line of lender relationships maturities credit

Capital structure (% of total capitalization) Net Debt To EBITDArei

9x 8.2x 8x

7x 6.7x 6.8x 8% 6.4x 6x 5.4x 5.6x 5.3x 5.3x EQUITY 5x 20% UNSECURED DEBT $15.2 Billion 4x 72% Total SECURED DEBT CREDIT FACILITIES 3x Capitalization 2x 7% 1x

0x 1% RPAI WRI REG FRT SITC KIM BRX ROIC

Source: Company filings as of 9/30/18 and Green Street Advisors as of 8/21/18 for peers. i. EBITDAre and FCCR are calculated on the trailing twelve months. 27 SECTOR-LEADING FORTRESS Well-Laddered Maturity Profile BALANCE SHEET

Debt Maturity Profile ($mm)i Target: <15% of total debt maturing annually

$700 $651 Only 13 REITS have accessed 30-year bond market $586 $600

$500 $468 $438 $425

$376 $400 $332 $319 $299 $287 $300

$200

$100 $29 $46 $12 $0

2018 2019 2020 2021 2022 2023ii 2024 2025 2026 2027 2028 2029-2046 2047

UNSECURED DEBT CONSOLIDATED DEBT - SECURED UNCONSOLIDATED DEBT - SECURED

i. Maturity profile as of 9/30/18. ii. Unsecured revolving credit facility maturity date is 2023 (including options). Source: Company filings as of 9/30/18. 28 SECTOR-LEADING Co-Investment FORTRESS BALANCE SHEET Partnerships

GRI OPERF CalSTRS USAA NYCRF Total nnExpands operating Number of 70 22 7 7 6 Properties 112 platform by leveraging partnership capital Total GLA 9.1 2.9 0.7 0.7 1.2 14.6 (in Millions) nnGenerates annual fee Pro-Rata NOI - income of ~$25 million Trailing 4Q’s $68.7 $11.9 $3.3 $2.6 $5.1 $91.6 (in Millions)

Regency’s Ownership 40% 20% - 30% 25% 20% 30%

29 STRONG BRAND AND Our Values CULTURE

We work together to We provide We are our sustain exceptional We add people. superior service to our value. results. customers.

We perform We connect We are the for our to our We do what industry investors. communities. is right. leader.

30 STRONG BRAND AND CULTURE Philosophy

MERCHANDISING We blend best-in-class local merchants with top national retailers in a considerate, curated, and calculated merchandising strategy. Each retailer is hand-selected not only for what they can bring to our centers, but for what our centers can bring to their business.

PLACEMAKING The perfect retail environment is a physical reflection of what makes the surrounding areas unique, while providing optimal walkability and access. We source top local artists and designers to create a pleasing, relaxing, and individualized setting ideal for shopping, dining, and gathering.

CONNECTING We’re people people. We actively engage with local communities through special events, charitable initiatives, social media best practices, and anything else that creates a unique touch-point between our retailers and their shoppers.

31 STRONG BRAND AND Leading Environmental, Social and Governance (ESG) Practices CULTURE Connecting to Our Stakeholders While Executing Our Strategy

ENVIRONMENTAL SOCIAL GOVERNANCE

Green Street Corporate Governance Scorei

80 73 67 70 62

0 REGENCY PEERS1 ALL SHOPPING CENTER REITS

Regency is committed to maintaining a Regency is committed to sustainability Regency maintains best-in-class strong culture that successfully attracts, through reduced energy consumption, corporate governance practices to retains and engages talented people water use, greenhouse gas emissions promote long-term value creation who contribute to the communities and waste. for our stakeholders, a strong culture where we work and operate. nn Received GRESB Green Star accolade for of business ethics and compliance, three consecutive years nn Dedicated to fair compensation, and transparency in our reporting. fostering a dynamic and balanced work nn First U.S. REIT to issue a Green Bond nn Received the highest ISS score of 1 (on a environment, and providing employees nn Implementation of Regency Green Building scale of 1 to 5) versus the peer average of 4ii developmental opportunities Standards applied to all development and nn Adopted majority voting nn Commitment to providing award-winning redevelopment projects nn Adopted an executive compensation and best-in-class benefits nn Continued energy efficiency implementation to clawback policy nn Committed to contributing to the betterment further reduce energy consumption nn Increased Board gender diversity to 27% of our communities through volunteer nn Expanded solar energy program offering solar involvement as well as monetary contributions, nn Independent directors represent 82% power at shopping centers which are matched by Regency nn Adopted a proxy access right for shareholders

i. Green Street Advisors; Peers are BRX, RPAI, ROIC, WRI, KIM, FRT, and SITC. ii. Institutional Shareholder Services. (ISS) as of 10/01/18. 32 STRONG BRAND AND Experienced and Deep Management Team CULTURE

Martin E. “Hap” Stein, Jr. Lisa Palmer Mac Chandler Jim Thompson Chairman and President and Executive Vice President, Executive Vice President, Chief Executive Officer Chief Financial Officer Investments Operations Years of Experience Years of Experience Years of Experience Years of Experience Regency 41 | Industry 41 Regency 21 | Industry 21 Regency 18 | Industry 26 Regency 36 | Industry 36

Alan Roth SEATTLE Managing Director Years of Experience Regency 20 | Industry 21 PORTLAND

MINNEAPOLIS BOSTON Nick Wibbenmeyer Managing Director

NEW YORK Years of Experience Regency 13 | Industry 15 CHICAGO PHILADELPHIA

BALTIMORE SAN FRANCISCO WASHINGTON, DC BAY AREA DENVER CINCINNATI John Delatour Managing Director

Years of Experience RALEIGH Regency 21 | Industry 35 LOS ANGELES CHARLOTTE NASHVILLE

SAN DIEGO ATLANTA Craig Ramey Managing Director DALLAS Years of Experience JACKSONVILLE Regency 20 | Industry 31

AUSTIN

HOUSTON TAMPA SOUTHEAST Mike Mas FLORIDA Managing Director, Finance

Years of Experience 426 PROPERTIES Regency 15 | Industry 15 22 REGIONAL OFFICES

33 Glossary of Terms

Adjusted Funds From Operations (AFFO): An additional performance measure used by Regency that reflects cash available to fund the Company’s business needs and distribution to shareholders. AFFO is calculated by adjusting Operating FFO for (i) capital expenditures necessary to maintain the Company’s portfolio of properties, (ii) interest charges and (iii) other non-cash amounts as they occur.

Non-Same Property: A property acquired, sold, or a Development Completion during either calendar year period being compared. Non-retail properties and corporate activities, including the captive insurance program, are part of Non-Same Property.

Operating EBITDAre (previously Adjusted EBITDA): NAREIT EBITDAre 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 and losses from sales of depreciable property; (v) and operating real estate impairments; and (vi) adjustments to reflect the Company’s share of unconsolidated partnerships and joint ventures. Operating EBITDAre excludes from NAREIT EBITDAre 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 (Loss) to Operating EBITDAre.

Operating Funds From Operations (Operating FFO): An additional performance measure used by Regency as the computation of NAREIT FFO includes certain non-comparable items that affect the Company's period-over-period performance. Operating FFO excludes from NAREIT FFO: (i) transaction related income or expenses; (ii) impairments on land; (iii) gains or losses from the early extinguishment of debt; (iv) 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 (v) other amounts as they occur. The Company provides a reconciliation of NAREIT FFO to Operating FFO.

Same Property: Retail Operating Properties that were owned and operated for the entirety of both calendar year periods being compared. This term excludes all Projects In Development and Non-Same Properties.

Value Creation: The estimated incremental value at completion using underwritten NOI at stabilization, valued at a market cap rate less estimated development costs.

34 Safe Harbor and Non-GAAP Disclosures

Forward-looking statements involve risks and uncertainties. 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. This presentation references certain non-GAAP financial measures. More information regarding these non-GAAP financial measures can be found in company documents filed with the SEC.