REGENCY CENTERS CORP Income Taxes Disclosure
8. Income Taxes
The Company has elected to be taxed as a REIT under the applicable provisions of the Internal Revenue Code with certain of its subsidiaries treated as taxable REIT subsidiary entities, which are subject to federal and state income taxes. The following table summarizes the tax status of dividends paid on our common stock:
|
|
Year ended December 31, |
|
|
|||||||||
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
|||
Dividend per share |
|
$ |
2.84 |
|
(1) |
|
2.56 |
|
(2) |
|
2.53 |
|
(3) |
Ordinary income |
|
|
99 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
Capital gain (4) |
|
|
1 |
% |
|
|
— |
% |
|
|
— |
% |
|
Additional tax status information: |
|
|
|
|
|
|
|
|
|
|
|||
Qualified dividend income |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
Section 199A dividend |
|
|
99 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
Section 897 ordinary dividends |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
Section 897 capital gains |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
The following table summarizes the tax status of dividends paid on our Series A preferred stock:
|
|
Year ended December 31, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Dividend per share |
|
$ |
1.56 |
|
|
|
0.39 |
|
Ordinary income |
|
|
99 |
% |
|
|
100 |
% |
Capital gain |
|
|
1 |
% |
|
|
— |
% |
Additional tax status information: |
|
|
|
|
|
|
||
Qualified dividend income |
|
|
— |
% |
|
|
— |
% |
Section 199A dividend |
|
|
99 |
% |
|
|
100 |
% |
Section 897 ordinary dividends |
|
|
— |
% |
|
|
— |
% |
Section 897 capital gains |
|
|
— |
% |
|
|
— |
% |
The following table summarizes the tax status of dividends paid on our Series B preferred stock:
|
|
Year ended December 31, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Dividend per share |
|
$ |
1.47 |
|
|
|
0.37 |
|
Ordinary income |
|
|
99 |
% |
|
|
100 |
% |
Capital gain |
|
|
1 |
% |
|
|
— |
% |
Additional tax status information: |
|
|
|
|
|
|
||
Qualified dividend income |
|
|
— |
% |
|
|
— |
% |
Section 199A dividend |
|
|
99 |
% |
|
|
100 |
% |
Section 897 ordinary dividends |
|
|
— |
% |
|
|
— |
% |
Section 897 capital gains |
|
|
— |
% |
|
|
— |
% |
Our consolidated expense (benefit) for income taxes for the years ended December 31, 2024, 2023, and 2022 was as follows:
|
|
Year ended December 31, |
|
|||||||||
(in thousands) |
|
2024 |
|
|
2023 |
|
|
2022 |
|
|||
Income tax expense (benefit): |
|
|
|
|
|
|
|
|
|
|||
Current |
|
$ |
7,571 |
|
|
|
796 |
|
|
|
(332 |
) |
Deferred |
|
|
(3,026 |
) |
|
|
99 |
|
|
|
293 |
|
Total income tax expense (benefit) (1) |
|
$ |
4,545 |
|
|
|
895 |
|
|
|
(39 |
) |
The TRS entities are subject to federal and state income taxes and file separate tax returns. Income tax expense (benefit) differed from the amounts computed by applying the U.S. Federal income tax rate to pretax income of the TRS entities, as follows:
|
|
Year ended December 31, |
|
|||||||||
(in thousands) |
|
2024 |
|
|
2023 |
|
|
2022 |
|
|||
Computed expected tax expense (benefit) |
|
$ |
2,723 |
|
|
|
371 |
|
|
|
504 |
|
State income tax, net of federal benefit |
|
|
1,376 |
|
|
|
60 |
|
|
|
52 |
|
Valuation allowance |
|
|
406 |
|
|
|
227 |
|
|
|
(323 |
) |
Permanent items |
|
|
2 |
|
|
|
2 |
|
|
|
1 |
|
All other items |
|
|
38 |
|
|
|
235 |
|
|
|
(273 |
) |
Total income tax expense (1) |
|
|
4,545 |
|
|
|
895 |
|
|
|
(39 |
) |
Income tax expense attributable to operations (1) |
|
$ |
4,545 |
|
|
|
895 |
|
|
|
(39 |
) |
The tax effects of temporary differences (included in Accounts payable and other liabilities in the accompanying Consolidated Balance Sheets) are summarized as follows:
|
|
December 31, |
|
|||||
(in thousands) |
|
2024 |
|
|
2023 |
|
||
Deferred tax assets |
|
|
|
|
|
|
||
Other |
|
|
2,301 |
|
|
|
1,893 |
|
Deferred tax assets |
|
|
2,301 |
|
|
|
1,893 |
|
Valuation allowance |
|
|
(2,301 |
) |
|
|
(1,893 |
) |
Deferred tax assets, net |
|
$ |
— |
|
|
|
— |
|
Deferred tax liabilities |
|
|
|
|
|
|
||
Fixed assets |
|
|
(9,324 |
) |
|
|
(12,563 |
) |
Other |
|
|
(972 |
) |
|
|
(780 |
) |
Deferred tax liabilities |
|
|
(10,296 |
) |
|
|
(13,343 |
) |
Net deferred tax liabilities |
|
$ |
(10,296 |
) |
|
|
(13,343 |
) |
The Company believes it is more likely than not that the remaining deferred tax assets will not be realized unless tax planning strategies are implemented.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2024 | Feb 14, 2025 | Showing above |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 17, 2021 | |
| 2019 | Feb 18, 2020 | |
| 2018 | Feb 21, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2015 | Feb 18, 2016 | |
About Income Taxes Disclosures
The income tax disclosure reveals how much a company actually pays in taxes versus what the statutory rate would predict. Analysts focus on the effective tax rate (ETR) reconciliation, which breaks down every item driving the gap between the 21% federal rate and the company's reported ETR — including R&D credits, foreign rate differentials, and state taxes. Deferred tax assets (DTAs) and their valuation allowances signal management's confidence in future profitability: a rising allowance suggests the company doubts it can use accumulated tax benefits. Uncertain tax benefit (UTB) reserves quantify exposure to IRS challenges on aggressive positions.
Key signals to watch: sudden ETR drops without clear operational reasons, large increases in valuation allowances, growing UTB balances, and significant unremitted foreign earnings. Post-TCJA, pay attention to GILTI and BEAT provisions that affect multinational tax structures. Compare the cash taxes paid (from the cash flow statement) against the income tax provision to gauge earnings quality.