Proxy Statement (Form DEF 14A)

Notice of 2026 Annual Meeting of Shareholders

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| Table of Contents

Table of Contents

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Table of Contents |

Forward-Looking Statements

Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency's future events, developments, or financial or operational performance or results, are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as "may," "will," "could," "should," "would," "expect," "estimate," "believe," "intend," "forecast," "project," "plan," "anticipate," "guidance," and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained, and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risk factors, including, without limitation, risk factors relating to:

as more specifically described in "Item 1A. Risk Factors" of the Company's most recent Annual Report on Form 10-K(the "Annual Report"). When considering an investment in our securities, you should carefully read the risk factors described in Item 1A and consider these risks, together with all other information in our Annual Report, Quarterly Reports on Form 10-Q(the "Quarterly Reports"), and our other filings with and submissions to the Securities and Exchange Commission ("SEC"). If any of the events described in the risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected. Forward-looking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements, whether as a result of new information, future events or developments or otherwise, except as and to the extent required by law.

Certain forward-looking and other statements in the Annual Report, Quarterly Reports, or other locations, such as on our corporate website, may also contain references to various corporate responsibility or environmental, social, and governance ("ESG") standards and frameworks, which are used or followed by certain of our investors. These standards and frameworks are often reliant on third-party information or methodologies that are subject to evolving expectations and practices, and our approach to and discussion of these matters may continue to evolve as well. For example, our disclosures may change due to changes in the expectations of our investors, the requirements of these standards and frameworks, availability of information, our business, applicable governmental law or policies, or other factors, some of which may be beyond our control.

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In this proxy statement, the terms "we," "our," "us," "the Company," "Regency Centers," and "Regency" refer to Regency Centers Corporation. In this proxy summary, we present an overview of information that you will find throughout this proxy statement. As this is only a summary, we strongly encourage you to read the entire proxy statement for more information about these topics prior to voting.

Voting Matters

The following table summarizes the proposals to be voted on prior to or at our 2026 Annual Meeting of Shareholders of Regency Centers and the voting recommendations of our Board of Directors (our "Board") with respect to each proposal.

About Regency Centers

Regency Centers is a fully integrated real estate company and self-administered and self-managed real estate investment trust that began its operations as a publicly-traded REIT in 1993. The Company conducts substantially all of its operations, and owns, directly or indirectly, substantially all of its assets. Our business consists of acquiring, developing, owning, and operating income-producing retail real estate principally located in suburban trade areas with compelling demographics within the United States of America. Regency has been an S&P 500 Index member since 2017. We are a preeminent national owner, operator, and developer of neighborhood and community shopping centers. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-classretailers that connect with their neighborhoods, communities, and customers.

Our Core Values

At Regency Centers, we have lived our Core Values for more than 60 years by successfully meeting our commitments to our people, our customers, our communities and our shareholders. We hold ourselves to this high standard every day. We believe our exceptional culture will continue to set Regency apart into the future through our unwavering dedication to these beliefs:

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| Proxy Summary

Excellence in Operational Performance

and Financial Management

Regency Centers continues to create value for our shareholders through our exceptional financial and operational performance, high-quality portfolio, strong balance sheet, superior asset management, unique development capabilities, and a talented team located across more than 25 offices nationwide. During 2025, our team had an exceptionally strong operational year, and was able to execute on several acquisition opportunities and development and redevelopment projects, to further enhance our sector-leading portfolio of over 480 properties in top trade areas around the country.

2025 Business Highlights

(1) See Appendix A for reconciliations of Generally Accepted Accounting Principles ("GAAP") to non-GAAP measures.

10-Year Total Shareholder Return (2016 - 2025)

Regency Outperformed Peers by ~19%

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Proxy Summary |

Excellence in Corporate Governance

Corporate Governance Highlights

Our Board and senior management are committed to best-in-class corporate governance. Following are some of our most important governance practices and policies:

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| Proxy Summary

Our Board of Directors at a Glance

Below is an overview of some of the key attributes of our eleven nominees for election as directors at the 2026 Annual Meeting of Shareholders. Additional information can be found in the skills matrix and biographies for each Board member under Proposal One: Election of Directors.

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Proxy Summary |

Excellence in Corporate Responsibility

Regency's Core Values, including the importance that we place on corporate responsibility, are at the foundation of who we are and what we do. We believe that acting responsibly is strategic to value creation for our investors, the long-term resiliency and sustainability of our assets and business, the interests of our shareholders and other key stakeholders, and the protection of the environment. Our Corporate Responsibility program is built on four pillars: our people, our communities, ethics and governance, and environmental stewardship, and is guided by our focus on three overarching concepts: long-term value creation for our shareholders and key stakeholders, the importance of maintaining and nurturing our culture, and protecting and enhancing Regency's brand and reputation.

Our Corporate Responsibility Pillars

Corporate Responsibility Oversight and Alignment with Business Strategy

Our Board is responsible for the oversight of our corporate responsibility strategy, initiatives, and business alignment, and has delegated to our Nominating and Governance Committee oversight of Regency's Corporate Responsibility program and objectives. Our Corporate Responsibility Committee is comprised of senior leaders of management from key areas of our business and is tasked with working with management's Executive Committee (which is made up of the Company's four most senior officers) to ensure that our corporate responsibility strategies and near-andlong-term objectives are embedded throughout our business decisions, processes, and activities for the benefit of our shareholders and key stakeholders. Our President and CEO, Lisa Palmer, has ultimate senior management responsibility for our Corporate Responsibility program, through her oversight of our Corporate Responsibility Committee and the leadership of our management's Executive Committee.

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| Proxy Summary

In 2025, the Board's Nominating and Governance Committee, and our full Board, were briefed regularly on our Corporate Responsibility program and objectives, including strategic sustainability and employee and community engagement initiatives, performance against metrics and targets, sustainability reporting, and the evolving landscape of expectations and practices among our investors and key stakeholders.

Corporate Responsibility Highlights

Our Approach to Corporate Responsibility Reporting and Disclosure

We routinely engage with our investors and other stakeholders to better understand their expectations and reflect on their priorities. We understand that our investors and other stakeholders expect disclosure of corporate responsibility-related information relevant to the performance, ongoing resilience and sustainability of our assets and business, and we remain committed to disclosure that is transparent, accurate, and aligned with our Core Values. Our dedication to the four pillars of our program helps to ensure that we continue to hold ourselves to our high standards of integrity and accountability in our corporate responsibility reporting and initiatives. In May 2025, we issued our annual Corporate Responsibility Report, which, as preferred by many of our investors, was prepared in accordance with the Global Reporting Initiative ("GRI") standard and aligned with the United Nations Sustainable Development Goals, Sustainability Accounting Standards Board ("SASB") and Task Force on Climate-related Financial Disclosures ("TCFD") frameworks. To access our Corporate Responsibility Report, along with our other corporate responsibility reports and policies, including our strategy, goals, quantitative metrics and performance, visit our website at https://www.regencycenters.com/corporate-responsibility.

The content on our website, including our Corporate Responsibility reports and other information related to corporate responsibility, is not incorporated by reference into this proxy statement or any other report or document we file with the SEC, and any references to our website are intended to be inactive textual references only.

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Proxy Summary |

Excellence in Stakeholder Engagement

Our year-round active engagement with our shareholders and key stakeholders important to our business success supports and enhances our near- and long-term strategies for value creation.

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| Proposal One: Election Of Directors

Proposal One: Election Of Directors

Our Restated Articles of Incorporation provide for the number of directors to be fixed pursuant to our bylaws, subject to a minimum of three and a maximum of fifteen. As of the date of this proxy statement, our Board has twelve directors. As previously disclosed, C. Ronald Blankenship, our current independent Lead Director, advised the Board that he intended to retire from the Board and would not stand for re-election in 2026. Our Board nominated all other eleven current directors to stand for election at the 2026 Annual Meeting and, assuming that all nominees are elected, our Board will have eleven directors after our Annual Meeting. Other than Mark J. Parrell, who was appointed to the Board effective January 1, 2026, all nominees were elected as directors by the shareholders at the 2025 Annual Meeting. All eleven directors elected at our 2026 Annual Meeting will serve until our 2027 Annual Meeting and until their successors are elected and qualified.

The accompanying proxy card will be voted for the election of each of the Board's eleven nominees, unless it includes instructions otherwise. Each nominee has consented to stand for election. If any nominee should become unavailable, which we do not currently anticipate, proxies instructing a vote for that nominee may be voted for a substitute nominee selected by our Board or, alternatively, our Board may determine to leave the vacancy temporarily unfilled or reduce the number of directors in accordance with our bylaws.

Information about each of the nominees, including biographies, is set forth below and on the following pages.

Our Director Nominees

You are being asked to vote on the election of each of the eleven director nominees listed below. Directors are elected by a majority of votes cast. Each nominee has been determined to be independent, in accordance with applicable Nasdaq Stock Market listing requirements, except for Mr. Stein (Executive Chairman) and Ms. Palmer (President and CEO). Upon election of these directors at the Annual Meeting, the directors shall hold the Board committee memberships and chair positions as follows:

 Member    Committee Chair      Audit Committee Financial Expert

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Proposal One: Election Of Directors |

Director Nominee Qualifications

The following skills matrix and biographies of our nominees contain information regarding each person's attributes (not including attributes developed and enhanced by virtue of their service on the Company's Board) and other director positions held currently or at any time during at least the last five years, as well as information regarding involvement in certain legal or administrative proceedings, if applicable. The biographies also reflect the Board Committee memberships the nominees are anticipated to hold upon their election. We believe that each nominee possesses the core competencies expected of all of our directors, namely, independence (except for Mr. Stein and Ms. Palmer), integrity, sound business judgment and the ability and willingness to represent the long-term interests of our shareholders.

*All of our directors are "financially literate" as defined by SEC rules.

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| Proposal One: Election Of Directors

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Proposal One: Election Of Directors |

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| Proposal One: Election Of Directors

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Proposal One: Election Of Directors  |

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| Proposal One: Election Of Directors

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Proposal One: Election Of Directors |

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| Corporate Governance

Corporate Governance

Corporate Governance Guidelines

Our Board has adopted Corporate Governance Guidelines (CGGs), which describe the Board's responsibility for oversight of the business and affairs of the Company as well as for determining director independence and consideration of potential nominees to the Board. Our CGGs are found on the Company's website at https://investors.regencycenters.com. Our Board, directly and through its Nominating and Governance Committee, regularly reviews changes in law and governmental policy, other developments impacting public companies and best practices in corporate governance, and makes modification to the CGGs, committee charters and other key governance documents, policies and practices as it determines necessary or appropriate.

Director Independence

Our Board has determined that C. Ronald Blankenship, as well as nine of its eleven nominees for director (Gary E. Anderson, Bryce Blair, Kristin A. Campbell, Deirdre J. Evens, Thomas W. Furphy, Karin M. Klein, Peter D. Linneman, Mark J. Parrell, and James H. Simmons, III), or 83% of the current Board, are "independent" as defined by applicable Nasdaq Stock Market listing requirements. The Board annually reviews commercial, familial and charitable relationships of all directors and determines whether each director meet applicable independence tests. To assist in making these determinations, the Board has adopted a set of independence standards, which are set forth in the Company's CGGs, which meet or exceed the Nasdaq Stock Market listing requirements.

Board Leadership Structure

The roles of Executive Chairman of the Board and Chief Executive Officer are currently separate. Our Board does not have a formal policy on whether the same person should serve in both roles at the same time and periodically reviews and determines the leadership structure that it believes is in the best interest of the Company and its shareholders.

Since January 1, 2020, Mr. Stein has served as Executive Chairman of the Board given his extensive history with the Company and vast knowledge of the real estate industry. Ms. Palmer serves as Chief Executive Officer and as a member of the Board. Pursuant to the CGGs, if the Chairman is also an employee of the Company (as Mr. Stein is, as Executive Chairman), the Board shall elect an independent Lead Director. The independent members of the Board elected Mr. Blankenship to serve as Lead Director until his announced retirement from the Board after the 2026 Annual Meeting, and elected Ms. Evens to serve as Lead Director upon Mr. Blankenship's retirement from the Board.

Role of Independent Lead Director

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Corporate Governance |

Meetings of Board of Directors

Our Board held six meetings during 2025. All directors attended at least 75% of all meetings of the Board and Board committees on which they served during 2025.

Directors are encouraged to attend each Annual Meeting of Shareholders. However, we do not have a formal policy requiring their attendance. Each of the directors that were nominees at the time of the 2025 Annual Meeting were present at the 2025 Annual Meeting.

Executive Sessions of Independent Directors

The independent directors hold regularly scheduled executive sessions of the Board and its committees without senior management or the non-independentdirectors present. These executive sessions are chaired by the independent Lead Director (at Board meetings) or by the committee chairs (at committee meetings), each of whom are independent directors. The independent directors met in executive session at all of the regularly scheduled Board and committee meetings held in 2025.

Board Membership

The Nominating and Governance Committee assists the Board in establishing criteria and qualifications for potential Board members. The committee identifies individuals who meet such criteria and qualifications and recommends to the Board such individuals as potential nominees for election to the Board.

In addition, after consideration of the skills matrix set forth on page 9, the backgrounds and biographies of each of the Board members, and other considerations in respect of the potential needs of the Board and the Company, the committee seeks attributes in potential new members that will complement and enhance the Board's existing make-up,while taking into account expected retirements, to best facilitate Board succession, transition and effectiveness. The committee evaluates each individual in the context of the Board as a whole, to recommend a group that can best collaboratively contribute to the success of our Company.

The board has not set term limits on director service, nor has it established a mandatory retirement age, because the Board believes that term limits and/or a mandatory retirement age may deprive the Board and the Company's shareholders of the contributions of experienced, effective, high-performing directors who have developed valuable expertise and insights into the Company and its business. However, the CGGs provide that the Board considers age 75 or 15 years of board tenure, whichever occurs first, as relevant factors when considering continuing Board nominations and membership.

Succession Planning, Board Refreshment and Diversity of Member Attributes

Our Board believes that a mix of personal and professional attributes among its directors is crucial to effective governance. This mix of competencies, skills, experiences, expertise, perspective, personal backgrounds and tenures (we'll refer to these collectively as the "attributes" of our Board members and candidates), as well as continuity of the membership of our Board, have been integral over time to the performance of the Board and the success of our Company. To ensure that a mix of attributes and Board membership continuity are maintained and enhanced, our Board has established a succession planning process. A review of the Board succession plan is part of the annual agenda of both the Nominating and Governance Committee and the full Board. The Board has undergone significant, purposeful refreshment over the past several years, such that the average tenure of its nine nominated independent directors is currently six years. This refreshment has resulted in the addition of diverse attributes, fresh perspectives, and a range of new and different experience sets.

The Nominating and Governance Committee and the Board, respectively, continually assess member attribute diversity through its annual succession plan review, annual evaluation of Board structure and composition, and the results of the annual Board and committee performance self-assessment and evaluation process. The committee and the Board believe that fostering Board member attribute diversity best serves the needs of the Company and the interests of its shareholders, by maintaining deep experience and institutional knowledge of the Company and its business while also providing fresh perspectives and new ideas. The committee evaluates each potential director candidate in the context of existing Board members and the Board as a whole to ensure that appropriate diversity attributes and Board culture, perspective and effectiveness will be maintained and enhanced.

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| Corporate Governance

Director Nominee Selection Process

Our Nominating and Governance Committee solicits input regarding potential candidates from a variety of sources, including existing directors, senior management and shareholders. From time to time, we have used an executive search firm, especially when helpful in identifying new or different pools of talent for our Board. For instance, in 2025, our Board retained an executive search firm to facilitate the recruitment of a highly qualified candidate for the Board, resulting in the election of Mark J. Parrell in January of 2026, and in 2024, the Board facilitated the recruitment and election of Gary E. Anderson through existing director relationships. Through these and other means, the Board has continually refreshed itself by selecting directors who will be additive to the overall mix of attributes on the Board. The committee evaluates potential candidates based on a variety of factors and also arranges personal interviews by one or more committee members, other Board members and senior management, where appropriate.

Director Candidate Nominations through Proxy Access

Our bylaws make proxy access available to our shareholders. Under this process, a shareholder or group of up to 20 shareholders of common stock who have owned shares of our common stock equal to at least 3% of the aggregate of our issued and outstanding common shares continuously for at least three years may seek to include director nominees in our proxy materials at our Annual Meeting. The maximum number of director nominees that may be submitted pursuant to these provisions may not exceed 25% of the number of directors then on the Board, with such number to be reduced by the number of individuals that the Board nominates for re-electionwho were previously elected based upon a nomination pursuant to proxy access or advance notice provisions of our bylaws. To be eligible to use proxy access, such shareholders must satisfy other eligibility, procedure and disclosure requirements set forth in our bylaws.

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Corporate Governance |

Limits on Board Service

Our Board does not allow "overboarding", which refers to a director serving on an excessive number of public company boards. Excessive board commitments can lead to a director being unable to devote sufficient attention to Board matters and appropriately fulfill his or her duties to the Company and its shareholders. Our CGGs limit the number of boards on which our directors and officers can serve and further provide that no more than two active Regency executives may serve on our Board at any time. Our CGGs provide for the following limitations:

* Maximum number includes service on Regency's Board.

** Notwithstanding anything to the contrary in our CGGs, no Regency officer may serve on more than one outside public company board unless a specific exception is made by the Board.

Board Self-Assessment and Evaluation

Annual self-evaluation and assessment of Board performance helps ensure that our Board and its committees function effectively and in the best interest of our shareholders. This process also promotes good governance and helps set expectations about the relationship and interaction between our Board and management. Periodically, the Board may utilize third parties experienced in public company governance and board operations and effectiveness in the self-evaluation and assessment process, and such a process was last used for the Board's 2024 self-evaluation and assessment. Our Board's annual self-evaluation and assessment process, which is overseen by our independent Lead Director and Chair of our Nominating and Governance Committee, is reviewed annually. For 2025, the process was structured and carried out as follows:

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| Corporate Governance

Risk Oversight

Our Board actively oversees material risks that could impact the Company. This oversight is conducted both directly by management and through Board committees. Our Board satisfies its responsibility through receiving reports by each committee chair after each meeting regarding the applicable committee's considerations and actions, as well as through regular reports directly from officers and management level committees responsible for oversight of particular risks within the Company. Management committees frequently work jointly on issues with overlapping subject matter.

Board Committees

Management Committees

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Corporate Governance |

Standing Committees

Our Board of Directors has established four standing committees: an Audit Committee, a Compensation Committee, a Nominating and Governance Committee and an Investment Committee, each as described below. Members of these committees are elected annually by our Board of Directors. The charters for each of these committees are available on our website at www.regencycenters.com.

Audit Committee

Compensation Committee

(1) Mr. Simmons will serve on the committee until the 2026 Annual Meeting, after which he will become a member of the Compensation Committee.

(2) Mr. Anderson will assume the role of committee chair after the 2026 Annual Meeting. Ms. Evens will continue to serve as chair until such time.

(3) Mr. Blankenship will serve on the committee until he retires from the Board after the 2026 Annual Meeting.

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| Corporate Governance

Nominating and Governance Committee

Investment Committee

(1) Mr. Blankenship will serve on the committee until he retires from the Board after the 2026 Annual Meeting.

Executive Committee

Under our CGGs, our Board has also established an Executive Committee, to be convened and meet when necessary or desirable to handle ministerial matters under applicable law and Nasdaq Stock Market listing requirements. The Executive Committee includes the Executive Chairman and any two other directors who qualify as independent and may be selected from time to time, as defined by the Nasdaq Stock Market listing requirements. If the Executive Chairman is unavailable, the President and Chief Executive Officer would serve in his place. This committee did not meet in 2025.

Code of Business Conduct and Ethics

Our Board, through delegation to its Nominating and Governance Committee, oversees the substance of and compliance with our code of business conduct and ethics for our directors, officers and employees. It is available on our website at https://investors.regencycenters.com.

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Related Party Transactions |

Related Party Transactions

Our Board has adopted written policies and procedures for the review and, if appropriate, approval of related party transactions by the Nominating and Governance Committee. Our policy defines a Related Party to include any director, executive officer or person owning more than five percent of the Company's stock, any of their immediate family members and any entity with which any of the foregoing persons are employed or affiliated. A Related Party Transaction is defined as a transaction, arrangement or relationship in which the Company is a participant, if the amount involved exceeds $120,000 and a Related Party has or will have a direct or indirect material interest.

Related Party Transactions that are deemed immaterial under applicable disclosure requirements are generally deemed pre-approvedunder these written policies and procedures, including transactions with an entity with which a Regency director's sole relationship is as a non-employeedirector and the total amount involved does not exceed 1% of the entity's total annual revenues.

Criteria for the Nominating and Governance Committee's approval or ratification of a Related Party Transaction include, in addition to factors that the committee otherwise deems appropriate under the circumstances:

During 2025 there were no related party transactions required to be disclosed under SEC rules.

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| Compensation of Directors

Compensation of Directors

Non-employeedirectors are compensated for their service on our Board as shown below. Directors who are employees of the Company receive no additional compensation for serving as directors.

Elements of 2025 Non-EmployeeDirector Compensation

We pay director retainers quarterly, in cash or, at the election of each director, in shares of our common stock issued under our Omnibus Incentive Plan, which are valued based on the average closing price of our common stock during the quarter in which the fees are earned. Directors may also defer their retainers and annual restricted stock awards, at their election, under our non-qualifieddeferred compensation plan. We grant director restricted stock awards immediately following each annual meeting of shareholders. Stock rights vest 100% on the first anniversary date of grant.

Non-employee director compensation has not changed since 2022. After consultation and review by the Compensation Committee with Semler Brossy, the committee's independent compensation consultant, in February of 2026 the Compensation Committee recommended to the board an increase in the annual equity retainers payable under our director compensation. No changes were recommended to the annual cash retainers. The annual equity retainer for each director, payable as restricted stock, was recommended to be increased to $170,000, and the additional annual equity retainer for the Lead Director, payable as restricted stock, was recommended to be increased to $15,000. The Board accepted and approved these recommendations effective January 1, 2026.

NON-EMPLOYEEDIRECTOR COMPENSATION FOR 2025

(1) In 2025, the following directors elected to receive certain of their directors' fees in the form of shares of our common stock in lieu of cash:

(2) The amounts in this column represent the aggregate grant date fair value computed in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 718, Compensation-Stock Compensation("ASC Topic 718") which for all directors was $72.01 per share on May 7, 2025.

(3) The shares that may be acquired by directors through the vesting of restricted stock or stock rights awards or stock option exercises are reported under the Beneficial Ownership table on page 55.

(4) Mr. O'Connor retired from the Board following the 2025 Annual Meeting of Shareholders.

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Proposal Two: Advisory Approval of the Company's Executive Compensation |

Proposal Two: Advisory Approval of the Company's Executive Compensation

The Compensation Committee of our Board designs our executive compensation programs to attract, motivate and retain executives capable of leading our Company to achievement of our key financial and strategic goals, to be competitive with comparable employers, and to align the interests of management and the Company with those of our shareholders.

We continually seek to refine and improve our executive compensation programs and policies consistent with evolving best governance practices in our industry and in furtherance of our Company's business strategy. We believe that compensation actually received by our executives reflects our goal of aligning the interests of management with those of shareholders.

We encourage you to closely review the "Compensation Discussion and Analysis" and "Executive Compensation" sections of this proxy statement, where we provide more detail on our compensation programs in general and specifically for 2025.

The following highlights reflect our commitment to pay for performance and maintain a strong executive compensation governance framework.

Executive Compensation Highlights

As required by Section 951 of Dodd-Frank and related SEC rules, you are being asked to approve an advisory resolution on the compensation of our named executive officers. This proposal, commonly known as a "say on pay" proposal, gives you the opportunity to endorse or not endorse our fiscal year 2025 compensation program and policies for our named executive officers as disclosed in this proxy statement. Although this advisory vote is non-binding,our Board and Compensation Committee will review the voting results and take them into account when considering future executive compensation arrangements. The next say-on-payvote is scheduled for the 2027 Annual Meeting.

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| Compensation Discussion and Analysis

Compensation Discussion and Analysis

Letter from Our Compensation Committee Chair

On behalf of the Compensation Committee of the Board of Directors of Regency Centers, I am pleased to present an overview of the Company's compensation programs and pay for our Named Executive Officers (NEOs) in 2025.

2025 marked another year of significant financial growth, operational achievements and investment success for Regency Centers, under the exceptional leadership of our executive team. The team achieved an impressive increase in Same Property Net Operating Income (NOI) of 5.3%, while Nareit Funds From Operations (FFO) per share grew by nearly 8% and Core Operating Earnings per share increased by nearly 7%. The Company executed 8 million square feet of new and renewal leases, achieving cash rent spreads of nearly 11% and GAAP rent spreads at a record 21%. Additionally, management started approximately $318 million in development and redevelopment projects, bringing three-year total starts to over $825 million. The Company also acquired approximately $538 million of high-quality shopping centers, significantly expanding our portfolio. These outstanding results enabled the Regency Centers Board of Directors to announce a dividend increase of over 7% on the Company's common stock in the fourth quarter of 2025. With a premium portfolio of over 480 primarily grocery-anchored centers in thriving trade areas, an industry-leading balance sheet, and a talented team across 26 offices nationwide, Regency Centers is well-positioned to continue growing and building long term value for our shareholders.

The Compensation Committee ensures the interests of our executive team align with those of our shareholders by linking short- and long-term incentive compensation opportunities to the achievement of measurable financial and strategic goals. Our executive compensation programs are designed such that performance-based pay constitutes the significant majority of their total potential compensation. We set rigorous financial and non-financialtargets to reward achievements as well as to retain, develop and motivate our key people.

The committee has historically focused on Core Operating Earnings per Share as the primary financial metric by which to measure the short-term performance of our top executives. We continue to believe it represents the best measure of operating and financial performance of the business and the Company.

The Company's impressive performance in 2025 resulted in management achieving Core Operating Earnings per Share of $4.41. As a result, based on performance multipliers previously set by the committee, the executive team earned a short-term incentive payout of 1.50 times target. This multiple reflects meaningful financial outperformance by the Company against the objectives set by the committee, as discussed in more detail in the following Compensation, Discussion and Analysis (CD&A).

In addition, the Compensation Committee continued to emphasize corporate responsibility as the key non-financialperformance metric, given its importance to the Company's sustainable operational and financial success. The committee regularly reviews progress against management's corporate responsibility objectives, which were measured both qualitatively and quantitatively, and determined that the executive team achieved its objectives in this area, as further described in the CD&A.

A significant portion of our NEOs' target total direct compensation is paid in long-term incentives, and a significant portion of these long-term incentives is paid in performance shares tied to three-year relative total shareholder return (TSR), because we believe they appropriately align our executives with the interest of our shareholders in sustained financial performance and long-term value creation. Based on our relative TSR versus the FTSE Nareit shopping center index for the 2023 - 2025 performance period, our NEOs earned 90% of the target performance share award, as further described in the CD&A. While the Company performed extremely well during this period financially, operationally and with respect to its investments program, three-year relative TSR performance fell short in relation to the index. The outcome demonstrates the intended alignment our NEOs have with our shareholders. The Compensation Committee granted a new tranche of awards for the 2025 - 2027 performance period to continue to align executive long term compensation opportunities with the interests of our investors.

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Compensation Discussion and Analysis |

As a committee, we approached our work in 2025 with the same robust governance and oversight we have always applied to our compensation responsibilities. We will continue to closely monitor our executive compensation programs, and balance our objective to incentivize, motivate and retain our NEOs while doing our best to align compensation outcomes with the interests of our investors. Our overarching objective is that our compensation programs drive the behaviors and results the Board expects and that are in the best interests of our Company and you, our shareholders.

I encourage all shareholders to read our CD&A. It provides an overview of our executive compensation programs and the underlying philosophy used to develop them, as well as information about the 2025 objectives the Compensation Committee set for our executive team. We appreciate the trust you have placed in us and thank you for your investment in Regency Centers.

Sincerely,

Deirdre J. Evens

Chair of Compensation Committee

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| Compensation Discussion and Analysis

Our Named Executive Officers

For information with respect to Mr. Stein and Ms. Palmer, please refer to Proposal 1: Election of Directors, in this proxy statement.

Michael J. Mas, age 50, has been our Executive Vice President, Chief Financial Officer since August 2019. Prior to that, Mr. Mas had served as Managing Director of Finance since February 2017. He served as Senior Vice President of Capital Markets from January 2013 to January 2017. Prior to that, Mr. Mas served as Vice President of Capital Markets and JV Portfolio Management from December 2004 to December 2012. Before joining our Company in 2003, he worked with Deloitte & Touche LLP as Manager for Assurance and Advisory services, supervising professional accountants providing client services in Southeast Florida. Mr. Mas holds a Bachelor of Business Administration from the University of North Florida and a M.B.A. from Florida Atlantic University. He is a member of ICSC and Nareit.

Alan T. Roth, age 51, has been our East Region President and Chief Operating Officer since January 2024. Before that, Mr. Roth served as our Executive Vice President, National Property Operations and East Region President from January 2023 to December 2023. Prior to that, Mr. Roth served as Senior Managing Director, East Region from September 2020 to December 2022. Prior to that, Mr. Roth served as Managing Director from January 2016 to September 2020. Prior to that, he served as Senior Vice President and Senior Market Officer of the Mid-Atlanticand Northeast Portfolio, overseeing more than eight million square feet at sixty-eight shopping centers. Before that, Mr. Roth held the position of Vice President and Regional Officer. Before joining our Company as a leasing agent in 1997, Mr. Roth handled tenant representation, shopping center leasing and land sales for Midland Development Group. Mr. Roth holds a Bachelor of Science from Kelley School of Business at Indiana University. He is a member of ICSC, serves on the Planning Committee for ICSC Open Air Conference and is a member of Nareit.

Nicholas A. Wibbenmeyer, age 45, has been our West Region President and Chief Investment Officer since January 2024. Before that, Mr. Wibbenmeyer served as our Executive Vice President, West Region President from January 2023 to December 2023. Prior to that, Mr. Wibbenmeyer served as Senior Managing Director, West Region from September 2020 to December 2022. Prior to that, he served as Managing Director from January 2016 to September 2020. Prior to that, he served as Senior Vice President and Senior Market Officer. Before that, Mr. Wibbenmeyer held the position of Vice President of Investments and Regional Officer. Before joining our Company in 2005 as Manager of Investments, Upper Midwest, Mr. Wibbenmeyer served as a retail broker for Mid-AmericaReal Estate Group. Mr. Wibbenmeyer holds a Bachelor of Business Administration from the University of Notre Dame. He is a member of ICSC, ULI and YPO.

Our Compensation Philosophy

Our compensation program is designed to attract, motivate and retain high-performing, industry-leading executives capable of driving achievement of our key financial and strategic objectives. We compensate our executives through a mix of base salary, annual cash incentives and long-term equity compensation, with an emphasis on the use of performance-based incentives as a very significant portion of total compensation. Our compensation program is designed to be competitive with comparable employers and to align the interests of management with our shareholders by awarding performance-based compensation to incentivize the achievement of specific key objectives.

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Compensation Discussion and Analysis |

Oversight of Compensation

The Compensation Committee of our Board ("Compensation Committee" or "the committee") is responsible for determining and implementing our executive compensation philosophy, designing our executive compensation program, evaluating compensation against the market and approving the material terms of executive compensation arrangements for our NEOs, including incentive plan participants, award opportunities, performance goals and compensation earned under our incentive plans. The committee routinely consults with its independent compensation consultant and other advisors in making its decisions, as it deems appropriate. The NEOs are not present during the committee's discussions of their respective compensation. The committee is comprised entirely of independent directors as defined by Nasdaq Stock Market listing requirements.

The Compensation Committee evaluates the performance of both the Executive Chairman and the President & CEO and reviews such evaluation with the full Board. With respect to our other NEOs, the committee considers the input of the President & CEO as to their performance assessments and recommended compensation arrangements. The compensation of all NEOs is subject to the final approval of the committee, and compensation of both the Executive Chairman and President & CEO, respectively, is recommended by the committee to the full Board for its consideration and approval.

The committee utilizes outside advisors from Semler Brossy, the committee's independent compensation consultant, to provide benchmarking, analysis, advice and counsel regarding competitive pay levels, pay program design and evolving trends and practices, primarily with respect to peers and REIT industry participants. Representatives from Semler Brossy attend meetings of the committee and participate in its executive sessions as requested and are available to communicate directly with the committee Chair and its members outside of meetings.

The Compensation Committee considers all factors relevant to the consultant's independence from management, including those identified by Nasdaq Stock Market listing requirements, and has determined that Semler Brossy has no conflicts of interest and is independent.

2025 Say on Pay Results and Shareholder Engagement

Our Board and Compensation Committee value the views and input of our shareholders and are committed to ongoing engagement on executive compensation practices. The committee specifically considers the results from the annual shareholder advisory vote on executive compensation. At the Company's 2025 annual meeting of shareholders, about 92% of the votes on the advisory resolution on executive compensation were cast in favor of our executive compensation. We believe these very favorable voting results and similar results over the past several years for our Say on Pay vote demonstrate continued strong shareholder support for our programs and their implementation.

Targeted Level of Compensation

We endeavor to set total direct compensation, which consists of base salary, annual cash incentives and the value of long-term (equity-based) incentives, at target performance levels in range of the expected median of peer companies, as described on the following page, while also taking into account various factors including the experience level and responsibilities of each individual executive and competitive market conditions. Annual increases in base salary, cash incentives, long term incentives and total direct compensation may be more robust when total direct compensation is below the median, and more moderated when it is more than 10% above the median or exceeds the 60^th percentile for the peer group. Actual compensation earned by our top executives, including our NEOs, can be highly variable from year to year due to heavy weighting toward performance-based incentive compensation rather than fixed components.

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| Compensation Discussion and Analysis

To evaluate and set total direct compensation, the committee utilizes a peer group analysis of total direct compensation for similar positions prepared annually by the committee's independent compensation consultant. The key principals by which the peer group is selected and annually updated are that companies be leaders in the REIT industry (but not limited to the shopping center sector) and comparable in size, generally based on total market capitalization ranging from half to double our size. Working with the committee's independent compensation consultant, the committee evaluates the appropriateness of the group annually based on a variety of factors, including merger and acquisition and other similar corporate changes, company size and asset class focus, and adjusts the peer group as the committee deems appropriate after considering the facts and circumstances. After evaluating the peer group for 2026, the committee removed Kilroy Realty and replaced it with AvalonBay Communities to maintain a balanced, appropriately comparable peer group for Regency.

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Compensation Discussion and Analysis |

Compensation Committee Actions & Decisions

During 2025 and early 2026, the Compensation Committee took the following actions and made the following decisions:

Elements of Compensation

In designing our compensation program, we believe the pay of our NEOs should be predominantly performance-based because these individuals have the greatest ability to drive our Company's operating and financial results and, therefore, value creation for our shareholders. The charts below summarize the designed allocation of the 2025 target compensation opportunity for our President and CEO and our other NEOs (excluding our Executive Chairman), respectively, based upon the three primary components of our NEO compensation program (base salary, annual cash incentive and long-term incentive).

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| Compensation Discussion and Analysis

Base Salary

Base salaries are reviewed annually. Several factors are considered in determining salary adjustments, including market competitiveness, the roles and responsibilities of the executives, individual contributions to the Company's success, an analysis of position requirements and the executives' prior experience and accomplishments. Slightly larger increases for Mr. Roth and Mr. Wibbenmeyer were intended to align them more closely with market pay for comparable senior leadership positions.

Annual Cash Incentives - Overview

The Compensation Committee sets rigorous performance goals to align pay with performance. A number of factors are considered, including prior year performance, current business and economic environment, competitive compensation benchmarking, peer performance and the Company's key financial and strategic objectives. The Company pays an annual cash incentive based on achievement of specified key corporate objectives. For 2025, the annual cash incentive framework for our NEOs was based 80% on Core Operating Earnings per Share and 20% on achievement of corporate responsibility objectives except for Mr. Stein, who, as Executive Chairman, did not have an annual cash incentive opportunity in 2025.

Core Operating Earnings per Share

The Compensation Committee believes that Core Operating Earnings per Share is the financial metric most representative of management's ability to achieve the Company's annual financial plan, as reviewed and approved by our Board, and the Company's ability to make distributions to shareholders on a sustainable basis. It also serves as an important indicator of growth in our net asset value. The performance criteria for the Core Operating Earnings per Share metric are set forth in the following table. Performance between levels are interpolated, and payouts for performance below the "Low" performance level, if any, would be made only at the discretion of the Compensation Committee.

In addition, to incentivize our NEOs to act in the long-term interests of the Company and its shareholders, the committee may exercise its discretion to modify the calculation of Core Operating Earnings per Share so as not to penalize (or overly-benefit) our NEOs for taking actions that may have a negative (or positive) impact on Core Operating Earnings per Share in the short term, such as the sale of assets and debt reduction, but are beneficial to the Company's long-term positioning and prospects.

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Compensation Discussion and Analysis |

2025 Performance Criteria for Annual Cash Incentive

Core Operating Earnings per Share (80% Weight at Target)

Corporate Responsibility

The Company's commitment to its Four Pillars of Corporate Responsibility is discussed on page 5. Premised on Regency's Core Values (see page 1), the Compensation Committee believes these to be integral to the Company's business strategy and financial performance, as well as our ongoing and future success. As such, annual progress towards corporate responsibility objectives is measured by the committee (with input from the Board's Nominating and Governance Committee), and 20% of our NEOs' annual incentive is tied to their achievement. The corporate responsibility portion of the annual incentive is paid out at target if achievement of appropriate progress toward corporate responsibility objectives is achieved. In addition, because of the committee's view of the relationship of corporate responsibility progress to asset and business sustainability and financial performance, in the event appropriate progress is at or above target and there is outperformance of the key financial metrics, the corporate responsibility portion of the annual incentive is awarded at the same multiple as such metrics - in this case, for Core Operating Earnings per Share for NEOs. In the event that the key financial metrics pay out at less than target, then the corporate responsibility portion of the annual incentive will not pay out at more than target. The committee considers qualitative and quantitative measures of progress in evaluating progress toward our corporate responsibility objectives.

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| Compensation Discussion and Analysis

The committee solicits data and other information from senior management to use in forming its own view of the Company's performance against specific Corporate Responsibility objectives, as well as from the Nominating and Governance Committee, which has been delegated oversight responsibilities by the Board over the Company's Corporate Responsibility program and initiatives.

Annual Incentive - 2025 Results v. 2025 Incentive Plan Goals

Led by our NEOs, the Company enjoyed meaningful outperformance in Core Operating Earnings per Share. Performance results and the resulting cash awards are presented in the following tables.

2025 Performance Results for Annual Cash Incentives*

* See discussion on pages 32 and 33.

2025 Cash Targets and Resulting Cash Incentives Earned

(1) Mr. Stein's compensation package does not currently provide him with an annual cash incentive opportunity.

Long-Term Incentives - Overview

The Compensation Committee believes that equity awards with multi-year performance and vesting periods reinforce the alignment of the interests of executives with shareholder value creation. As such, our long-term incentive awards are structured in this way for NEOs. We also have the ability under our Omnibus Incentive Plan to grant various types of equity awards, including restricted stock awards and performance share awards, to provide incentives for NEOs and others in management to work to create shareholder value over the long-term. In addition, the multi-year nature of the performance and vesting periods encourages retention of our executives.

The committee has authority and flexibility to determine eligible participants, the types and terms and conditions of awards. Awards are structured consistent with our compensation philosophy in that they provide opportunities for achievement and exceedance of the Company's performance expectations. In 2025, the committee used two different types of stock-based awards to promote equity ownership by the participants and to emphasize the importance of relative total shareholder return. Performance share awards are earned subject to the achievement of performance goals approved by the committee as described below. Restricted share awards are earned subject to the participant's continued employment with us.

2025 Long-Term Incentive Weighting at Target

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Compensation Discussion and Analysis |

Long-Term Incentives - Performance Shares

Performance goals are established for a multi-year performance period to tie incentive compensation to long-term results. Following the end of the period, performance is calculated versus targets and reviewed by the Compensation Committee, awards are determined, and the corresponding number of shares vest. Dividend equivalents are accrued during the performance period and will vest when the underlying share award vests. No shares or dividends are earned if performance levels are not achieved at or in excess of threshold levels.

2025 Performance Share Awards

Performance shares awarded in 2025 are based on relative total shareholder return goals over the 2025 - 2027 performance period. We believe total shareholder return is akin to a scorecard for our investors, and it is a discerning measure of how our executives and our Company have performed over an extended period.

The performance share goals for the 2025 long-term incentive plan, which are set in relation to the FTSE Nareit Equity Shopping Centers Index, are outlined below and articulated in terms of three-year aggregate performance. Total shareholder return considers stock price growth as well as reinvestment of dividends. Performance between levels will be interpolated and the determination of the vesting of such performance shares will take place after the end of 2027.

2025 - 2027 Performance Criteria for Total Shareholder Return

(Relative to FTSE Nareit Equity Shopping Centers Index)

Performance shares awarded to our NEOs in 2023, 2024 and 2025, respectively, are set forth in the table for outstanding equity awards at fiscal year-end2025 on page 42 in this proxy statement.

The performance shares awarded for the 2023 - 2025 performance period were measured based on the same performance criteria as the 2025 - 2027 awards. Our NEOs earned 90% of the target performance share award, which was based upon total shareholder return for the 2023 - 2025 performance period versus the FTSE Nareit Equity Shopping Centers Index. Our relative total shareholder return for this performance period was 21% versus 23% for the FTSE Nareit Equity Shopping Centers Index.

Scorecard for Relative Total Shareholder Return Performance

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| Compensation Discussion and Analysis

Long-Term Incentives - Restricted Shares / Stock Rights Awards

A restricted share award is a grant of stock that vests based on continued service over time. Restricted shares are used to motivate and retain employees as well as promote employee stock ownership. The restricted share awards we grant are time-based and vest in equal installments over a four-year period, subject to continued employment with Regency. We also refer to them as "stock rights awards" because we do not issue the shares until the vesting conditions have been satisfied. We do not currently use stock options, stock appreciation rights, or similar option-like instruments as part of our compensation package. Our stock-based awards are full-value shares that vest based upon continued service.

Restricted shares awarded to our NEOs in 2025 are set forth in the Grant of Plan Based Awards table on page 41 in this proxy statement.

401(k) Profit-Sharing Plan

We encourage all employees to save for retirement. To provide employees with the opportunity to save for retirement on a tax-deferredbasis, we sponsor a 401(k) profit-sharing plan pursuant to which we match employee contributions at 100% up to $5,000 for 2025. The Compensation Committee has the right to approve additional contributions in its discretion, as it deems appropriate.

For 2025, because of the Company's strong financial performance, the Compensation Committee approved an incremental discretionary profit-sharing award totaling $3.5 million, and the pool of funds is distributed pro-ratato all eligible employees subject to the application of a presumed salary cap of $76,000. We review our Company match, employee participation levels and communication programs throughout the year to ensure that this benefit remains competitive with comparable companies as well as national benchmarks.

Compensation on Termination of Employment

While we do not offer employment agreements to our NEOs, we believe providing severance protection is important for retention purposes, as many companies that we compete with for talent offer it, particularly in connection with a change of control. Accordingly, our NEOs have severance and change of control agreements that provide the right to receive severance compensation if they are terminated without cause or they leave for good reason, as such terms are defined in the agreements. In a change of control situation, the agreements provide for severance using a "double trigger," i.e., severance is payable only if a change of control occurs and the officer is terminated without cause or leaves for "good reason" (as described under Executive Compensation - Potential Payments Upon Termination or Change-in-Controlon page 44) within two years after the change of control. We believe that such compensation gives our named executive officers incentive (1) to stay with the Company despite the possibility of losing employment after a change of control and (2) to focus on obtaining the best possible value for shareholders in a change of control transaction.

The agreements also provide that severance payments are subject to recoupment as required by any recoupment or "clawback" policy approved by our Board or similar requirement imposed by law. The Company has robust executive compensation clawback policies; see "Recoupment/Clawback Policies" in the next section.

For details on compensation on termination of employment, including death, disability and retirement, see "Executive Compensation - Potential Payments Upon Termination or Change-in-Control"on page 44 of this proxy statement.

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Compensation Discussion and Analysis |

Recoupment/Clawback Policies

The Board has approved and the Company has implemented a Restatement Clawback Policy (the "Restatement Clawback Policy"), a copy of which has been filed with the Company's annual report on Form 10-Kand which also can be located on our website at https://investors.regencycenters.com. The Restatement Clawback Policy (with all capitalized but undefined terms in this paragraph used as defined in the Restatement Clawback Policy) has been drafted to comply with the requirements of the applicable rules of the SEC, including, without limitation, Rule 10D-1promulgated under the Securities Exchange Act of 1934, as amended, and applicable listing standard of the Nasdaq Stock Market, the exchange on which the Company is listed. Under the Restatement Clawback Policy, if the Company issues an accounting restatement of its financial statements due to the Company's material noncompliance with any financial reporting requirement under U.S. securities laws, the Board (or committee of the Board designated by the Board) shall, unless the Board or a Board committee determines it to be Impracticable, take reasonably prompt action to recoup all Recoverable Compensation received by Covered Persons during the Applicable Period. Pursuant to the Restatement Clawback Policy, the Company is not permitted to indemnify any Covered Person for any compensation that the Covered Person is required to reimburse or forfeit pursuant to the Policy.

In addition to the Restatement Clawback Policy, under a separate Misconduct Clawback Policy, if the Board or applicable committee determines that any officer of the Company has committed an act or acts constituting fraud, gross negligence or intentional misconduct, the Board or committee has the authority in its sole discretion, upon evaluating the associated costs and benefits, to recover any incentive compensation received by any covered person during the three fiscal years preceding the period from the date on which the misconduct first occurred or thereafter, calculated on a pre-taxbasis. Recovery of such incentive compensation shall not be the Company's exclusive remedy for any such misconduct.

In making any such determination relating to clawback of incentive compensation under the Misconduct Clawback Policy, the Board or applicable committee may consider such factors as it deems appropriate, including, without limitation (1) the practicability of obtaining such recovery and the costs to the Company and/or its shareholders of pursuing such recovery, (2) the likelihood of success of enforcement under governing law versus the cost and effort involved, (3) whether the assertion of a claim may prejudice other interests of the Company, including in any related proceeding or investigation, (4) any pending legal proceeding relating to any applicable fraud gross negligence or intentional misconduct, and (5) any other factors deemed relevant by the Board or committee.

Risk Consideration in our Compensation Program

The Compensation Committee and Board believe that our compensation policies and practices are reasonable and align our employees' interests with those of our shareholders. In addition, the committee and Board believe that our compensation policies and practices are not reasonably likely to have a material adverse effect on the Company. The committee believes that the fact that our executive officers have their annual and long-term incentive compensation tied to financial metrics and corporate responsibility objectives (in the case of annual incentives), as well as relative total shareholder return (in the case of long-term incentive awards) as compared to a peer group index, encourages actions that focus on both annual and longer-term profitability and value creation for the benefit of shareholders. Our stock ownership policy and our policy prohibiting hedging and pledging transactions relating to our Company stock further align the interest of our senior officers with the long-term interests of our shareholders. Moreover, there are significant checks in place within our compensation structure so that employees whose compensation may have a shorter-term focus are closely managed by employees and officers whose compensation is in large part based on the Company's and its shareholders' interests over the long term.

Compensation Committee Interlocks and Insider Participation

During the last fiscal year, no member of the Compensation Committee had a relationship with Regency that required disclosure under Item 404 of Regulation S-K.No executive officer of the Company served as: (i) a member of the Compensation Committee of another entity, one of whose executive officers served on the Compensation Committee of the Company; (ii) a member of the Board of Directors of another entity, one of whose executive officers served on the Compensation Committee of the Company; or (iii) a member of the Compensation Committee of another entity, one of whose executive officers served on the Board of the Company. None of the members of our Compensation Committee is an officer or employee of our Company, nor have they ever been an officer or employee of our Company.

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