Regency Centers owns, operates, and develops grocery-anchored, open-air neighborhood and community shopping centers across the U.S. As of year-end 2025, Regency had equity interests in 481 properties totaling about 58.4 million square feet. The core product is suburban shopping centers anchored by leading grocers — Publix, Whole Foods, Kroger, H-E-B, Trader Joe's, and others — that drive consistent foot traffic, with the remaining tenant mix focused on necessity and convenience retail: restaurants, health and wellness, personal services, and off-price retailers. Regency leases space in two categories: anchor space (10,000 SF or more) and shop space (under 10,000 SF). Revenue is driven by base rent, tenant expense recoveries, and a small percentage rent component. Regency is structured as a REIT and holds an A3/A- credit rating — which it argues is unique among shopping center REITs. Beyond steady-state leasing, Regency runs a ground-up development and redevelopment program it considers a core differentiator, targeting 7%+ returns on new projects and low double-digit returns on redevelopments. Regency started over $300M of new projects in 2025 and expects roughly $1B of new starts over the next three years. Development typically begins only after securing entitlements, pre-leasing anchors, and obtaining construction bids. Regency argues its long-standing grocer relationships, low-cost capital, and local expertise make this platform difficult to replicate at scale.