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Pay vs Performance Disclosure
12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
Pay Versus Performance Table
The following tables and discussion summarize the relationship between NEO compensation actually paid (“Compensation Actually Paid”) and our financial performance results for our last four completed fiscal years, calculated in the manner required by Item 402(v) of Regulation
S-K.
The tables and the associated narrative and graphical disclosure should be viewed together for a more complete presentation of such relationship over the time periods presented.
The calculations and analysis below do not necessarily reflect the Company’s approach to aligning executive compensation with performance. For information concerning the Company’s compensation philosophy and how the Company aligns executive compensation with financial performance, refer to the Compensation Discussion and Analysis on page 26 of this proxy statement.
 
                           
Value of Initial Fixed $100
Investment Based On:
             
Year
(1)
 
Summary
Compensation
Table Total for
Principal
Executive
Officer
(PEO)
   
Compensation
Actually Paid to
PEO
(2)(3)
   
Average
Summary
Compensation
Table Total for
non-PEO NEOs
   
Average
Compensation
Actually Paid
to
non-PEO

NEOs
(2)(3)
   
Total
Shareholder
Return
(8)
   
Peer Group
Total
Shareholder
Return
(8)
   
Net
Income (in
thousands)
   
Core
Operating
Earnings Per
Share
(9)
 
2023
    $9,269,035       $9,530,042
(4)
 
    $2,479,595       $2,586,810
(4)
 
    $125.99       $117.03       $370,867       $3.93  
2022
    $8,649,788       $6,276,760
(5)
 
    $2,291,627       $1,608,823
(5)
 
    $112.72       $104.46       $488,035       $3.62  
2021
    $7,026,315       $14,742,502
(6)
 
    $2,374,789       $3,894,473
(6)
 
    $130.41       $119.43       $366,288       $3.68  
2020
    $4,944,744       $4,451,284
(7)
 
    $2,138,002       $1,942,653
(7)
 
    $76.09       $72.36       $47,317       $2.97  
(1) NEOs included in the above compensation columns reflect the following:
 
Year
  
PEO
  
Non-PEOs
 2023
  
Ms. Palmer
   Mr. Stein, Mr. Mas, Mr. Roth and Mr. Wibbenmeyer
 2022
  
Ms. Palmer
   Mr. Stein, Mr. Mas, Mr. James D. Thompson, and Mr. Roth
 2021
  
Ms. Palmer
   Mr. Stein, Mr. Mas, Mr. James D. Thompson, and Mr. Dan M. Chandler
 2020
  
Ms. Palmer
   Mr. Stein, Mr. Mas, Mr. James D. Thompson, and Mr. Dan M. Chandler
(2) The dollar amounts reported represent the amount of “Compensation Actually Paid”, as computed in accordance with SEC rules, but do not reflect the actual amount of compensation received by our PEO (CEO) or other NEOs during the applicable year. Fair value or change in fair value, as applicable, of equity awards in the “Compensation Actually Paid” columns was determined by reference to (a) for restricted share awards (excluding performance share awards), closing price on applicable
year-end
date(s) or, in the case of vesting dates, the actual vesting price, (b) for performance share awards that are not market based, the same valuation methodology as restricted share awards above except
year-end
values are multiplied times the probability of achievement as of each such date, and (c) for market-based performance share awards the fair value calculated by a Monte Carlo simulation model as of the applicable
year-end
dates.
(3) For the portion of “Compensation Actually Paid” that is based on
year-end
stock prices, the following prices were used: $67.00, $62.50, $75.35, $45.59, and $63.09 for
year-end
2023, 2022, 2021, 2020, and 2019, respectively.
(4) 2023 “Compensation Actually Paid” to Ms. Palmer and the average “Compensation Actually Paid” to
non-PEOs
reflects the following adjustments from Total Compensation reported in the Summary Compensation Table:
 
     
PEO
   
Average
Non-PEO
 
Total Reported in 2023 Summary Compensation Table (SCT)
  
 
$9,269,035
 
 
 
$2,479,595
 
Less, value of Stock Awards reported in SCT
     ($5,536,918     ($1,265,942
Plus,
Year-End
value of Awards Granted in Fiscal Year that are Unvested and Outstanding
     $5,517,908       $1,263,196  
Plus, Change in Fair Value of Prior Year awards that are Outstanding and Unvested
     $216,704       $72,835  
Plus, FMV of Awards Granted this Year and that Vested this Year
     $0       $0  
Plus, Change in Fair Value (from prior
year-end)
of Prior Year awards that Vested this year
     $63,313       $37,126  
Less Prior Year Fair Value of Prior Year awards that Failed to vest this year
     $0       $0  
Total Adjustments
     $261,007       $107,215  
Compensation Actually Paid for Fiscal Year 2023
  
 
$9,530,042
 
 
 
$2,586,810
 
(5) 2022 “Compensation Actually Paid” to Ms. Palmer and the average “Compensation Actually Paid” to
non-PEOs
reflects the following adjustments from Total Compensation reported in the Summary Compensation Table:
     
PEO
   
Average
Non-PEO
 
Total Reported in 2022 Summary Compensation Table (SCT)
  
 
$8,649,788
 
 
 
$2,291,627
 
Less, value of Stock Awards reported in SCT
     ($5,184,152     ($1,212,490
Plus,
Year-End
value of Awards Granted in Fiscal Year that are Unvested and Outstanding
     $4,567,311       $1,085,215  
Plus, Change in Fair Value of Prior Year awards that are Outstanding and Unvested
     ($1,288,996     ($384,424
Plus, FMV of Awards Granted this Year and that Vested this Year
     $0       $0  
Plus, Change in Fair Value (from prior
year-end)
of Prior Year awards that Vested this year
     ($467,191     ($171,104
Less Prior Year Fair Value of Prior Year awards that Failed to vest this year
     $0       $0  
Total Adjustments
     ($2,373,028     ($682,803
Compensation Actually Paid for Fiscal Year 2022
  
 
$6,276,760
 
 
 
$1,608,823
 
(6) 2021 compensation “Actually Paid” to Ms. Palmer and the average Actually Paid to
non-PEOs
reflects the following adjustments from Total Compensation reported in the Summary Compensation Table:
 
     
PEO
   
Average
Non-PEO
 
Total Reported in 2021 Summary Compensation Table (SCT)
  
 
$7,026,315
 
 
 
$2,374,789
 
Less, value of Stock Awards reported in SCT
     ($3,950,257     ($1,420,337
Plus,
Year-End
value of Awards Granted in Fiscal Year that are Unvested and Outstanding
     $7,830,287       $2,153,181  
Plus, Change in Fair Value of Prior Year awards that are Outstanding and Unvested
     $2,664,658       $790,463  
Plus, FMV of Awards Granted this Year and that Vested this Year
     $0       $0  
Plus, Change in Fair Value (from prior
year-end)
of Prior Year awards that Vested this year
     $1,171,500       $608,353  
Less Prior Year Fair Value of Prior Year awards that Failed to vest this year
     $0       ($611,977
Total Adjustments
     $7,716,187       $1,519,684  
Compensation Actually Paid for Fiscal Year 2021
  
 
$14,742,502
 
 
 
$3,894,473
 
(7) 2020 compensation “Actually Paid” to Ms. Palmer and the average Actually Paid to
non-PEOs
reflects the following adjustments from Total Compensation reported in the Summary Compensation Table:
 
     
PEO
   
Average
Non-PEO
 
Total Reported in 2020 Summary Compensation Table (SCT)
  
 
$4,944,744
 
 
 
$2,138,002
 
Less, value of Stock Awards reported in SCT
     ($3,588,410     ($1,332,018
Plus,
Year-End
value of Awards Granted in Fiscal Year that are Unvested and Outstanding
     $2,811,435       $1,043,604  
Plus, Change in Fair Value of Prior Year awards that are Outstanding and Unvested
     $56,637       ($40,231
Plus, FMV of Awards Granted this Year and that Vested this Year
     $0       $0  
Plus, Change in Fair Value (from prior
year-end)
of Prior Year awards that Vested this year
     $226,878       $133,297  
Less Prior Year Fair Value of Prior Year awards that Failed to vest this year
     $0       $0  
Total Adjustments
     ($493,460     ($195,349
Compensation Actually Paid for Fiscal Year 2020
  
 
$4,451,284
 
 
 
$1,942,653
 
(8) Regency and peer group Total Shareholder Return reflects the FTSE Nareit Shopping Center Index. Each year reflects what the cumulative value of $100 would be, including reinvestment of dividends, if such amount were invested on December 31, 2019.
(9) For 2023 and 2022, Adjusted Core Operating Earnings Per Share was utilized as the Company’s Selected Measure, to eliminate the impact of COVID related collections and/or prior period recoveries. Core Operating Earnings per Share is a
non-GAAP
financial measure. See Appendix A for reconciliations of GAAP to
non-GAAP
financial measures.
     
Company Selected Measure Name Core Operating Earnings Per Share      
Named Executive Officers, Footnote
Year
  
PEO
  
Non-PEOs
 2023
  
Ms. Palmer
   Mr. Stein, Mr. Mas, Mr. Roth and Mr. Wibbenmeyer
 2022
  
Ms. Palmer
   Mr. Stein, Mr. Mas, Mr. James D. Thompson, and Mr. Roth
 2021
  
Ms. Palmer
   Mr. Stein, Mr. Mas, Mr. James D. Thompson, and Mr. Dan M. Chandler
 2020
  
Ms. Palmer
   Mr. Stein, Mr. Mas, Mr. James D. Thompson, and Mr. Dan M. Chandler
     
Peer Group Issuers, Footnote Regency and peer group Total Shareholder Return reflects the FTSE Nareit Shopping Center Index. Each year reflects what the cumulative value of $100 would be, including reinvestment of dividends, if such amount were invested on December 31, 2019.      
PEO Total Compensation Amount $ 9,269,035 $ 8,649,788 $ 7,026,315 $ 4,944,744
PEO Actually Paid Compensation Amount $ 9,530,042 6,276,760 14,742,502 4,451,284
Adjustment To PEO Compensation, Footnote
(4) 2023 “Compensation Actually Paid” to Ms. Palmer and the average “Compensation Actually Paid” to
non-PEOs
reflects the following adjustments from Total Compensation reported in the Summary Compensation Table:
 
     
PEO
   
Average
Non-PEO
 
Total Reported in 2023 Summary Compensation Table (SCT)
  
 
$9,269,035
 
 
 
$2,479,595
 
Less, value of Stock Awards reported in SCT
     ($5,536,918     ($1,265,942
Plus,
Year-End
value of Awards Granted in Fiscal Year that are Unvested and Outstanding
     $5,517,908       $1,263,196  
Plus, Change in Fair Value of Prior Year awards that are Outstanding and Unvested
     $216,704       $72,835  
Plus, FMV of Awards Granted this Year and that Vested this Year
     $0       $0  
Plus, Change in Fair Value (from prior
year-end)
of Prior Year awards that Vested this year
     $63,313       $37,126  
Less Prior Year Fair Value of Prior Year awards that Failed to vest this year
     $0       $0  
Total Adjustments
     $261,007       $107,215  
Compensation Actually Paid for Fiscal Year 2023
  
 
$9,530,042
 
 
 
$2,586,810
 
(5) 2022 “Compensation Actually Paid” to Ms. Palmer and the average “Compensation Actually Paid” to
non-PEOs
reflects the following adjustments from Total Compensation reported in the Summary Compensation Table:
     
PEO
   
Average
Non-PEO
 
Total Reported in 2022 Summary Compensation Table (SCT)
  
 
$8,649,788
 
 
 
$2,291,627
 
Less, value of Stock Awards reported in SCT
     ($5,184,152     ($1,212,490
Plus,
Year-End
value of Awards Granted in Fiscal Year that are Unvested and Outstanding
     $4,567,311       $1,085,215  
Plus, Change in Fair Value of Prior Year awards that are Outstanding and Unvested
     ($1,288,996     ($384,424
Plus, FMV of Awards Granted this Year and that Vested this Year
     $0       $0  
Plus, Change in Fair Value (from prior
year-end)
of Prior Year awards that Vested this year
     ($467,191     ($171,104
Less Prior Year Fair Value of Prior Year awards that Failed to vest this year
     $0       $0  
Total Adjustments
     ($2,373,028     ($682,803
Compensation Actually Paid for Fiscal Year 2022
  
 
$6,276,760
 
 
 
$1,608,823
 
(6) 2021 compensation “Actually Paid” to Ms. Palmer and the average Actually Paid to
non-PEOs
reflects the following adjustments from Total Compensation reported in the Summary Compensation Table:
 
     
PEO
   
Average
Non-PEO
 
Total Reported in 2021 Summary Compensation Table (SCT)
  
 
$7,026,315
 
 
 
$2,374,789
 
Less, value of Stock Awards reported in SCT
     ($3,950,257     ($1,420,337
Plus,
Year-End
value of Awards Granted in Fiscal Year that are Unvested and Outstanding
     $7,830,287       $2,153,181  
Plus, Change in Fair Value of Prior Year awards that are Outstanding and Unvested
     $2,664,658       $790,463  
Plus, FMV of Awards Granted this Year and that Vested this Year
     $0       $0  
Plus, Change in Fair Value (from prior
year-end)
of Prior Year awards that Vested this year
     $1,171,500       $608,353  
Less Prior Year Fair Value of Prior Year awards that Failed to vest this year
     $0       ($611,977
Total Adjustments
     $7,716,187       $1,519,684  
Compensation Actually Paid for Fiscal Year 2021
  
 
$14,742,502
 
 
 
$3,894,473
 
(7) 2020 compensation “Actually Paid” to Ms. Palmer and the average Actually Paid to
non-PEOs
reflects the following adjustments from Total Compensation reported in the Summary Compensation Table:
 
     
PEO
   
Average
Non-PEO
 
Total Reported in 2020 Summary Compensation Table (SCT)
  
 
$4,944,744
 
 
 
$2,138,002
 
Less, value of Stock Awards reported in SCT
     ($3,588,410     ($1,332,018
Plus,
Year-End
value of Awards Granted in Fiscal Year that are Unvested and Outstanding
     $2,811,435       $1,043,604  
Plus, Change in Fair Value of Prior Year awards that are Outstanding and Unvested
     $56,637       ($40,231
Plus, FMV of Awards Granted this Year and that Vested this Year
     $0       $0  
Plus, Change in Fair Value (from prior
year-end)
of Prior Year awards that Vested this year
     $226,878       $133,297  
Less Prior Year Fair Value of Prior Year awards that Failed to vest this year
     $0       $0  
Total Adjustments
     ($493,460     ($195,349
Compensation Actually Paid for Fiscal Year 2020
  
 
$4,451,284
 
 
 
$1,942,653
 
     
Non-PEO NEO Average Total Compensation Amount $ 2,479,595 2,291,627 2,374,789 2,138,002
Non-PEO NEO Average Compensation Actually Paid Amount $ 2,586,810 1,608,823 3,894,473 1,942,653
Adjustment to Non-PEO NEO Compensation Footnote
(4) 2023 “Compensation Actually Paid” to Ms. Palmer and the average “Compensation Actually Paid” to
non-PEOs
reflects the following adjustments from Total Compensation reported in the Summary Compensation Table:
 
     
PEO
   
Average
Non-PEO
 
Total Reported in 2023 Summary Compensation Table (SCT)
  
 
$9,269,035
 
 
 
$2,479,595
 
Less, value of Stock Awards reported in SCT
     ($5,536,918     ($1,265,942
Plus,
Year-End
value of Awards Granted in Fiscal Year that are Unvested and Outstanding
     $5,517,908       $1,263,196  
Plus, Change in Fair Value of Prior Year awards that are Outstanding and Unvested
     $216,704       $72,835  
Plus, FMV of Awards Granted this Year and that Vested this Year
     $0       $0  
Plus, Change in Fair Value (from prior
year-end)
of Prior Year awards that Vested this year
     $63,313       $37,126  
Less Prior Year Fair Value of Prior Year awards that Failed to vest this year
     $0       $0  
Total Adjustments
     $261,007       $107,215  
Compensation Actually Paid for Fiscal Year 2023
  
 
$9,530,042
 
 
 
$2,586,810
 
(5) 2022 “Compensation Actually Paid” to Ms. Palmer and the average “Compensation Actually Paid” to
non-PEOs
reflects the following adjustments from Total Compensation reported in the Summary Compensation Table:
     
PEO
   
Average
Non-PEO
 
Total Reported in 2022 Summary Compensation Table (SCT)
  
 
$8,649,788
 
 
 
$2,291,627
 
Less, value of Stock Awards reported in SCT
     ($5,184,152     ($1,212,490
Plus,
Year-End
value of Awards Granted in Fiscal Year that are Unvested and Outstanding
     $4,567,311       $1,085,215  
Plus, Change in Fair Value of Prior Year awards that are Outstanding and Unvested
     ($1,288,996     ($384,424
Plus, FMV of Awards Granted this Year and that Vested this Year
     $0       $0  
Plus, Change in Fair Value (from prior
year-end)
of Prior Year awards that Vested this year
     ($467,191     ($171,104
Less Prior Year Fair Value of Prior Year awards that Failed to vest this year
     $0       $0  
Total Adjustments
     ($2,373,028     ($682,803
Compensation Actually Paid for Fiscal Year 2022
  
 
$6,276,760
 
 
 
$1,608,823
 
(6) 2021 compensation “Actually Paid” to Ms. Palmer and the average Actually Paid to
non-PEOs
reflects the following adjustments from Total Compensation reported in the Summary Compensation Table:
 
     
PEO
   
Average
Non-PEO
 
Total Reported in 2021 Summary Compensation Table (SCT)
  
 
$7,026,315
 
 
 
$2,374,789
 
Less, value of Stock Awards reported in SCT
     ($3,950,257     ($1,420,337
Plus,
Year-End
value of Awards Granted in Fiscal Year that are Unvested and Outstanding
     $7,830,287       $2,153,181  
Plus, Change in Fair Value of Prior Year awards that are Outstanding and Unvested
     $2,664,658       $790,463  
Plus, FMV of Awards Granted this Year and that Vested this Year
     $0       $0  
Plus, Change in Fair Value (from prior
year-end)
of Prior Year awards that Vested this year
     $1,171,500       $608,353  
Less Prior Year Fair Value of Prior Year awards that Failed to vest this year
     $0       ($611,977
Total Adjustments
     $7,716,187       $1,519,684  
Compensation Actually Paid for Fiscal Year 2021
  
 
$14,742,502
 
 
 
$3,894,473
 
(7) 2020 compensation “Actually Paid” to Ms. Palmer and the average Actually Paid to
non-PEOs
reflects the following adjustments from Total Compensation reported in the Summary Compensation Table:
 
     
PEO
   
Average
Non-PEO
 
Total Reported in 2020 Summary Compensation Table (SCT)
  
 
$4,944,744
 
 
 
$2,138,002
 
Less, value of Stock Awards reported in SCT
     ($3,588,410     ($1,332,018
Plus,
Year-End
value of Awards Granted in Fiscal Year that are Unvested and Outstanding
     $2,811,435       $1,043,604  
Plus, Change in Fair Value of Prior Year awards that are Outstanding and Unvested
     $56,637       ($40,231
Plus, FMV of Awards Granted this Year and that Vested this Year
     $0       $0  
Plus, Change in Fair Value (from prior
year-end)
of Prior Year awards that Vested this year
     $226,878       $133,297  
Less Prior Year Fair Value of Prior Year awards that Failed to vest this year
     $0       $0  
Total Adjustments
     ($493,460     ($195,349
Compensation Actually Paid for Fiscal Year 2020
  
 
$4,451,284
 
 
 
$1,942,653
 
     
Compensation Actually Paid vs. Total Shareholder Return
LOGO
     
Compensation Actually Paid vs. Net Income
LOGO
     
Compensation Actually Paid vs. Company Selected Measure
LOGO
     
Tabular List, Table
The following unranked list of performance measures reflects the Company’s most important performance measures used by our Company to link Compensation Actually Paid for fiscal 2023 to our performance. Each of these financial performance measures is further described and defined in the Compensation Discussion and Analysis section of this proxy statement.
Most Important Performance Measures for 2023
 
Adjusted Core Operating Earnings Per Share (Company-Selected Measure)
Corporate Responsibility Objectives
Relative Total Shareholder Return
     
Total Shareholder Return Amount $ 125.99 112.72 130.41 76.09
Peer Group Total Shareholder Return Amount 117.03 104.46 119.43 72.36
Net Income (Loss) $ 370,867,000 $ 488,035,000 $ 366,288,000 $ 47,317,000
Company Selected Measure Amount 3.93 3.62 3.68 2.97
PEO Name Ms. Palmer Ms. Palmer Ms. Palmer Ms. Palmer
Measure:: 1        
Pay vs Performance Disclosure        
Name Adjusted Core Operating Earnings Per Share (Company-Selected Measure)      
Non-GAAP Measure Description For 2023 and 2022, Adjusted Core Operating Earnings Per Share was utilized as the Company’s Selected Measure, to eliminate the impact of COVID related collections and/or prior period recoveries. Core Operating Earnings per Share is a
non-GAAP
financial measure. See Appendix A for reconciliations of GAAP to
non-GAAP
financial measures.
     
Measure:: 2        
Pay vs Performance Disclosure        
Name Corporate Responsibility Objectives      
Measure:: 3        
Pay vs Performance Disclosure        
Name Relative Total Shareholder Return      
PEO | Value of Stock Awards reported in SCT [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (5,536,918) $ (5,184,152) $ (3,950,257) $ (3,588,410)
PEO | Year End value of Awards Granted in Fiscal Year that are Unvested and Outstanding [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 5,517,908 4,567,311 7,830,287 2,811,435
PEO | Change in Fair Value of Prior Year awards that are Outstanding and Unvested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 216,704 (1,288,996) 2,664,658 56,637
PEO | FMV of Awards Granted this Year and that Vested this Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
PEO | Change in Fair Value (from prior yearend) of Prior Year awards that Vested this year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 63,313 (467,191) 1,171,500 226,878
PEO | Prior Year Fair Value of Prior Year awards that Failed to vest this year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
PEO | Total Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 261,007 (2,373,028) 7,716,187 (493,460)
Non-PEO NEO | Value of Stock Awards reported in SCT [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (1,265,942) (1,212,490) (1,420,337) (1,332,018)
Non-PEO NEO | Year End value of Awards Granted in Fiscal Year that are Unvested and Outstanding [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,263,196 1,085,215 2,153,181 1,043,604
Non-PEO NEO | Change in Fair Value of Prior Year awards that are Outstanding and Unvested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 72,835 (384,424) 790,463 (40,231)
Non-PEO NEO | FMV of Awards Granted this Year and that Vested this Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
Non-PEO NEO | Change in Fair Value (from prior yearend) of Prior Year awards that Vested this year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 37,126 (171,104) 608,353 133,297
Non-PEO NEO | Prior Year Fair Value of Prior Year awards that Failed to vest this year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 (611,977) 0
Non-PEO NEO | Total Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 107,215 $ (682,803) $ 1,519,684 $ (195,349)