What Regency Centers Corporation told the SEC could break it.

A significant share of Regency's portfolio sits in disaster-prone areas — 20.2% of GLA in California (SF Bay/LA, earthquake/wildfire) and 21.5% in Florida (hurricane/flood) — where property-insurance premiums have already risen significantly and may climb further as severe weather intensifies.

“At December 31, 2025, 20.2% of the GLA of our portfolio is located in the state of California, including a number of properties in the San Francisco Bay and Los Angeles areas. Additionally, 21.5% and 7.8% of the GLA of our portfolio is located in the states of Florida and Texas, respectively.”

Regency's rental income is geographically concentrated — California (24.8%), Florida (19.7%) and the New York-Newark-Jersey City CBSA (12.6%) each exceeded 10% of annualized base rent at YE2025 — making revenue more susceptible to localized economic, weather or natural-disaster events; no single tenant exceeded 10% of ABR.

“Real estate properties located in California, Florida and New York-Newark-Jersey City core-based statistical area accounted for 24.8 % , 19.7 % , and 12.6 % of AB R, respectively. As the result, this geographic concentration of our portfolio makes it potentially more susceptible to adverse weather, natural disasters or economic events that impact these locations.”

Because REIT rules require Regency to distribute at least 90% of taxable income, it cannot fund all capital needs from operations and depends on third-party equity and debt capital — availability of which hinges on market perception of growth, earnings and its credit rating.

“Because of these distribution requirements, we may not be able to fund all future capital needs with income from operations. In such instances, we would rely on third-party sources of capital, which may or may not be available on favorable terms or at all.”