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REGCP customer relationships

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REGCP customers relationship map

Regency Centers (REGCP) — customer relationship map and investment implications

Thesis: Regency Centers monetizes suburban retail real estate by acquiring, developing, leasing and operating shopping centers where long-term anchor leases (grocers, home improvement and value retailers) drive stable base rent while smaller shop tenants provide higher turnover and re-leasing optionality; revenue streams are therefore a blend of long-dated anchor cash flow and shorter-term shop leasing economics that support net operating income and predictable distributions. For an investor evaluating REGCP customer exposure, the portfolio is grocer-anchored, U.S.-centric, and highly leased, with active leasing and redevelopment programs that both de-risk and concentrate exposure at essential retailers. Learn more at https://nullexposure.com/.

What the relationship list tells investors: a compact read

Regency’s public filings and local press coverage together reveal a consistent operating pattern: anchors (Publix, Kroger, Whole Foods/Amazon, TJX, H-E-B) account for material GLA and base rent, while a steady stream of national and regional tenants (Sephora, Nordstrom Rack, Shake Shack, Ulta, DSW, Barnes & Noble) populate shop space as Regency repositions centers. The following section enumerates every customer/tenant mention in the available coverage with a short plain-English takeaway and the corresponding source.

All relationships seen in filings and press (concise takeaways)

  • Publix — Regency reported 67 Publix-anchored stores, representing 5.8% of company-owned GLA and 2.9% of annual base rent in FY2025, making Publix a material anchor in the portfolio (Regency FY2025 10‑K, Dec 31, 2025).
  • Amazon/Whole Foods — 39 Amazon/Whole Foods locations comprised 2.6% of GLA and 2.5% of annual base rent in FY2025, underlining grocery-driven rent stability (Regency FY2025 10‑K, Dec 31, 2025).
  • Kroger Co. — 51 Kroger stores equaled 5.9% of GLA and 2.5% of annual base rent in FY2025, confirming Kroger as a top grocery anchor (Regency FY2025 10‑K, Dec 31, 2025).
  • TJX Companies, Inc. — 76 TJX locations made up 3.6% of GLA and contributed 2.7% of annual base rent in FY2025, representing value retail exposure (Regency FY2025 10‑K, Dec 31, 2025).
  • Albertsons Companies, Inc. — 52 Albertsons stores represented 4.1% of GLA and 2.7% of base rent in FY2025, another grocer concentration point (Regency FY2025 10‑K, Dec 31, 2025).
  • REG / Multiple tenants at Mandarin Landing — Regency is redeveloping the Whole Foods-anchored Mandarin Landing property and adding tenants such as Sephora, Another Broken Egg, European Wax Center, Cooper’s Hawk and Baptist Health, indicating active re-tenanting and upgrade work (JAX Daily Record, Apr 2024).
  • Leaf & Grain — Leaf & Grain signed a lease at Weslayan Plaza and was represented by a retail broker in a Regency lease, showing Regency’s engagement with growing regional food concepts (Houston Chronicle, reporting on Weslayan Plaza, coverage 2021–2024).
  • Publix (East San Marco project) — Local reporting noted a 39,000‑sf Publix anchored development at East San Marco, reflecting ongoing grocer-led development activity (JAX Daily Record, Nov 2020).
  • Jamestown — Jamestown acquired a Publix‑anchored asset from Regency with JLL representing the sale, a reminder that Regency transacts assets to recycle capital (JLL newsroom, sale closed 2024).
  • The Home Depot — Home Depot anchors multiple centers where Regency is placing value/outlet tenants such as Nordstrom Rack, signaling big-box anchor traffic (JAX Daily Record, Apr 2023).
  • Nordstrom Inc. / JWN / Nordstrom Rack — Nordstrom Rack leases (30,000 sf) were announced for Regency’s South Beach Regional center, adding off-price national fashion exposure (JAX Daily Record, Apr 2023).
  • Cooper’s Hawk Winery & Restaurants — Cooper’s Hawk committed to a 10,600‑sf standalone lease adjacent to Firestone at a Regency center, representing destination dining drive (JAX Daily Record, Apr 2024).
  • Baptist Health — Baptist Health leased a renovated 24,650‑sf former Office Depot at a Regency center, reflecting diversification into medical/health tenants (JAX Daily Record, Apr 2024).
  • The Home Depot (repeat) — Coverage reiterates Home Depot’s presence anchoring centers where Regency is adding complementary tenants (JAX Daily Record, Apr 2023).
  • Another Broken Egg Cafe — Signed a small-shop lease near Sephora in Mandarin Landing; Regency is targeting experiential and F&B operators (JAX Daily Record, Apr 2024).
  • DSW / DBI — DSW leased a 19,832‑sf space at Ridgeway Shopping Center, demonstrating Regency’s ability to attract national footwear retailers (Patch Stamford, reporting 2025).
  • Sephora — Regency approved Sephora construction and signed leases at multiple centers (Mandarin Landing and Pablo Plaza), adding national beauty retail to shop mix (BizJournals and JAX Daily Record, Apr 2024).
  • DSW (Designer Shoe Warehouse) — DSW referenced again in local leasing notices for Stamford, showing repeat national brand placements (Patch Stamford, 2025).
  • Dave’s Hot Chicken — Dave’s Hot Chicken was reported as a planned tenant at Ridgeway, illustrating quick-service rotation in shop space (CT Insider, 2025).
  • IVX Health — IVX Health leased medical space at Regency’s Stamford centers, reinforcing the portfolio’s health-care tenant mix (CT Insider, 2025).
  • Milkshake Factory — Regional dessert concept added at High Ridge, part of Regency’s lifestyle and food mix (CT Insider, 2025).
  • King Thai — Local restaurant in permitting at Newfield Green, another regional F&B addition (CT Insider, 2025).
  • Serotonin Centers — An anti‑aging spa leased at High Ridge, showing wellness tenants in shop portfolios (CT Insider, 2025).
  • Whole Foods Market — Whole Foods anchors several Regency centers and is referenced in redevelopment narratives at San Jose Boulevard (JAX Daily Record, Apr 2024).
  • Vitality Bowls — Health-focused fast-casual brand added at High Ridge, supporting lifestyle tenant demand (CT Insider, 2025).
  • YogaSix — YogaSix under construction at Newfield Green, reflecting service-oriented tenancy (CT Insider, 2025).
  • H‑E‑B — Regency developed an H‑E‑B-anchored center in partnership with CDC Houston at Eastfield at Baybrook, showing Texas grocery expansion (Houston Chronicle, Aug 2022 reporting).
  • Enza’s Italian Restaurant — Local restaurant noted as anchor/tenant at San Jose Boulevard center (JAX Daily Record, Apr 2024).
  • RK Center II / RK Centers / Raanan Katz Company — Regency sold multiple assets to RK entities across years, reflecting active portfolio disposition activity (NEREJ, BizJournals, 2020–2022).
  • California Fish Grill — California Fish Grill planned to occupy a refit space in a Regency-owned center, evidence of regional casual-dining leasing (Patch Fairfax, 2025).
  • Shake Shack / SHAK — Shake Shack committed to space within Regency’s Kamp Washington and Sun Vet redevelopment projects, sometimes with Regency building shell space for tenants (Patch Fairfax; Newsday, 2025).
  • Tatte Bakery & Cafe — Tatte leased shop space at Kamp Washington, adding a premium cafe operator (Patch Fairfax, 2025).
  • Nordstrom Rack / JWN (repeat) — Nordstrom Rack appears across acquisitions and redevelopments, reinforcing off-price apparel placement (Williamson Source, Mar 2025).
  • TJ Maxx/HomeGoods (TJX) — Occupies space in Brentwood Place after Regency acquisition, confirming TJX family retail anchoring (Williamson Source, 2025).
  • Total Wine — Total Wine listed among stores at newly acquired Brentwood Place, a wine/destination retailer in community centers (Williamson Source, 2025).
  • Sephora (BizJournals) — BizJournals reported Sephora construction approvals at Mandarin Landing, confirming the earlier reporting (BizJournals, Apr 2024).
  • Sterling Organization — Sterling purchased a retail portion of The Grove from Regency, one example of asset disposition (BizJournals Orlando, Jun 2022).
  • RK Centers (repeat) — Regency sales to RK again show the firm recycles assets regionally (BizJournals South Florida, 2021).
  • Kroger / KR (repeat) — Regency acquisition activity tied to Kroger Marketplace development via an affiliate entity illustrates build-to-suit or land dispositions supporting grocer expansion (Cincinnati.com, Apr 2023).
  • Burlington (BURL) — Burlington opened at Ridgeway, indicating discount retail additions to shop suites (CT Insider, 2025).
  • Grade A Market / Cingari Family Markets — Grade A Market anchors Newfield Green, a local-market anchoring tenant owned by Cingari family markets (CT Insider, 2025).
  • Ulta Beauty (ULTA) — Ulta opened at Ridgeway, strengthening beauty and value retail concentration (CT Insider, 2025).
  • Publix Liquors — Permits filed for a Publix Liquors store at East San Marco project, extending the Publix ecosystem (JAX Daily Record, 2020).
  • Ross / ROST — Ross stores appear adjacent to prospective Nordstrom Rack sites, showing discount apparel adjacency (JAX Daily Record, Apr 2023).
  • ROST (repeat) — Local reporting referenced Ross again in center layouts (JAX Daily Record, Apr 2023).
  • Trader Joe’s — Trader Joe’s anchors the South Beach Regional center alongside Home Depot, a grocery co-anchor configuration (JAX Daily Record, Apr 2023).
  • European Wax Center — European Wax Center signed as a shop tenant near Sephora and Another Broken Egg (JAX Daily Record, Apr 2024).
  • Kirkland’s Home — Kirkland’s referenced as an anchor at the San Jose Boulevard center (JAX Daily Record, Apr 2024).
  • Dollar Tree (DLTR) — Dollar Tree listed among tenants at Tamarac Town Square in a JLL sale listing, representing value retail exposure (JLL newsroom, 2024).
  • Humana (HUM) — Health-insurance tenant presence listed in Tamarac Town Square, illustrating non-retail tenant income diversity (JLL newsroom, 2024).
  • McDonald’s (MCD) — QSR presence noted at Tamarac Town Square, consistent QSR anchoring in community centers (JLL newsroom, 2024).
  • Retro Fitness — Fitness operator part of tenant roster at Tamarac Town Square, contributing recurring service income (JLL newsroom, 2024).
  • Shake Shack / SHAK (Newsday) — Regency financed and built a multi-tenant building shared by Shake Shack and Tony’s Tacos in a redevelopment, sometimes increasing capital spend (Newsday, 2025).
  • Tony’s Tacos — Local QSR included in shared building developments with Shake Shack (Newsday, 2025).
  • Great Clips — Great Clips located adjacent to new Sephora at Pablo Plaza, a standard neighborhood services tenant (JAX Daily Record, Apr 2024).
  • HomeGoods — HomeGoods located near Sephora at Pablo Plaza, reinforcing off-price/home goods mix (JAX Daily Record, Apr 2024).
  • Mod Pizza — Mod Pizza formerly occupied a space being refit for California Fish Grill, demonstrating tenant churn and reuse (Patch Fairfax, 2025).
  • SMRTQ / Stein Mart — Stein Mart’s former footprint is being reused for Nordstrom Rack, an example of deep‑box reuse (JAX Daily Record, Apr 2023).
  • In‑N‑Out Burger — In‑N‑Out signed a lease at Baybrook East, indicating national QSR expansion into Regency development projects (BizJournals Houston, Aug 2022).
  • Urban Bird Hot Chicken — Regency announced Urban Bird Hot Chicken as a tenant at City Place, a growing fast-casual concept addition (Houston Chronicle neighborhood coverage, 2022).
  • Barnes & Noble — Barnes & Noble announced for High Ridge Center, reflecting experiential retail additions (CT Insider, 2025).
  • Wonder (food hall) — Wonder opened at High Ridge Center as a delivery/food hall concept, showing mixed-use food experimentation (CT Insider, 2025).

Operating constraints and what they mean for investors

  • Contracting posture: Regency’s leases are a mix of long-term anchor leases (>5 years) and shorter shop leases (3–7 years); this structure creates predictable anchor cash flow while allowing reversion capture in shop space. Evidence: Regency’s leasing policy in its FY2024–FY2025 filings.
  • Concentration profile: Four of the top five tenants by annualized base rent are grocers, which creates concentration risk tied to grocery anchors but also stability because grocery tenants generate steady traffic. This is a company-level signal from the FY2025 disclosures.
  • Counterparty mix and criticality: Local tenants with fewer than three locations account for ~22% of annualized base rent, indicating meaningful exposure to small/regional operators alongside national chains—this mixes credit profiles and provides localized demand resilience (company disclosure as of Dec 31, 2024).
  • Geography and maturity: Regency operates principally across U.S. suburban trade areas, with a high portfolio lease rate (~96% occupied on same-property basis), demonstrating mature, cash-flowing assets and active redevelopment programs.
  • Role dynamics: Regency primarily functions as landlord and seller (asset recycler) and occasionally as developer, taking on build‑to‑suit or redevelopment capex to attract destination tenants—a structural driver of NOI and capital deployment.

Bottom line for investors

  • Positive: The portfolio’s grocer and essential-retail anchoring plus high occupancy support resilient base rent and NOI. Regency’s active re‑tenanting and redevelopment capture additional upside and revenue diversification through experiential and health tenants.
  • Watchlist: Monitor concentration to grocers, redevelopment capex (which can compress near-term free cash flow), and exposure to smaller local tenants that represent ~22% of base rent. For a deeper relationship and portfolio analysis, visit https://nullexposure.com/ for full coverage and primary-source extracts.

If you want a tailored extract of Regency’s customer exposures or a one‑page briefing for investment committee review, I can prepare a concise memo with prioritized tenant concentrations and lease‑term roll schedules.

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