REGENCY CENTERS (REG) Company Report

Regency delivered full-year NAREIT FFO per share growth of ~8% and Core Operating EPS growth of ~7%, driven by same-property NOI growth of over 5% in 2025.
2026 guidance calls for same-property NOI growth of 3.25%–3.75%, with Q1 expected above and Q2 below the full-year range, and a 100–150 bp headwind from debt refinancing factored in.
The company deployed >$825 million of accretive investments in 2025 (>$500 million in acquisitions; $300 million in development/redevelopment), with a $600 million in-process pipeline and visibility to $1 billion of project starts over the next three years.
Operational fundamentals remain robust: same-property NOI up 5.3%, average commencement rate +150 bps, shop occupancy at 94.2%, Q4 cash rent spreads 12%, renewal spreads 13%, and gap rent spreads 25%.

5 days ago

Transcript

Regency Centers reports Q4 2025 earnings and 2026 outlook

REG

Earnings

Guidance Update

New Projects/Investments

Regency delivered 5.3% same-property NOI growth in 2025, record 94.2% shop occupancy, 12% cash rent spreads and 13% renewal spreads in Q4 2025.
The investments platform deployed $825 million in 2025—$500 million of acquisitions and $300 million of development—completing $160 million of projects in Q4 at 9% blended returns.
Development activity accelerated with $300 million of new project starts in 2025 (over $800 million in the past three years), an in-process pipeline of $600 million, and visibility into $1 billion of starts over the next three years.
For 2026, guidance includes 3.25%–3.75% same-property NOI growth, mid-5%–6% FFO/share growth (ex-refinancing impact), supported by A3/A- ratings, 5.0–5.5x leverage and $1.5 billion of available credit.

5 days ago

Transcript

Regency Centers reports Q4 2025 earnings results

REG

Earnings

New Projects/Investments

Guidance Update

Delivered 5.3% same-property NOI growth, supported by rent commencement and redevelopment, and achieved a record 94.2% shop occupancy at year-end.
Recorded strong leasing spreads with 12% cash rent, 13% renewal, and 25% gap rent spreads; over 95% of 2025 leases include annual rent steps.
Deployed $825 million into accretive investments in 2025—$500 million in acquisitions and $300 million in development—and completed 13 projects totaling $160 million at a 9% blended return.
Initiated $300 million+ of new ground-up and redevelopment starts in 2025, maintaining an in-process pipeline of $600 million and visibility to $1 billion of starts over the next three years.
Guided $325 million of 2026 development and redevelopment spend, with approximately two-thirds allocated to ground-up projects.

5 days ago

Transcript

Regency Centers reports Q4 2025 results and 2026 guidance

REG

Earnings

Guidance Update

New Projects/Investments

Regency Centers’ portfolio consists of 85%+ grocery-anchored centers across 480 properties; net debt & preferred stock to trailing-12 month EBITDAre at 5.1x with ~$1.4 B revolver availability.
2025 reported per diluted share: Net Income $2.82, Nareit FFO $4.64, Core Operating Earnings $4.41.
2026 guidance per diluted share: Net Income $2.35–$2.39, Nareit FFO $4.83–$4.87, Core Operating Earnings $4.59–$4.63.
Same property NOI growth (excl. termination fees) expected at +3.25%–+3.75% in 2026.
Q4 2025 completions include 13 projects totaling $164 M, with $90 M+ in ground-up developments.

5 days ago

Presentation

Regency Centers reports Q4 and full-year 2025 results

REG

Earnings

Dividends

Net income per diluted share was $1.09 in Q4 (vs. $0.46 in Q4 2024) and $2.82 for the full year (vs. $2.11 in 2024).
Nareit FFO per diluted share was $1.17 in Q4 and $4.64 for the year; Core Operating Earnings were $1.12 in Q4 and $4.41 for the year.
Same Property NOI grew by 4.7% in Q4 and 5.3% for the full year (excluding termination fees), with occupancy at 96.5% as of December 31, 2025.
Declared a quarterly cash dividend of $0.755 per share on February 4, 2026; pro-rata net debt and preferred stock to TTM operating EBITDAre was 5.1x as of year-end.

6 days ago

8-K

Regency Centers reports fourth quarter and full year 2025 results

REG

Earnings

Guidance Update

Regency reported Net Income Attributable to Common Shareholders per diluted share of $1.09 for Q4 2025 (vs. $0.46 in Q4 2024) and $2.82 for FY 2025 (vs. $2.11 in FY 2024).
Fourth quarter Nareit FFO was $1.17 per diluted share, and full-year Nareit FFO was $4.64 per diluted share, representing 7.9% growth year-over-year.
Same Property NOI (excluding termination fees) rose 4.7% in Q4 and 5.3% for FY 2025, with portfolio occupancy at 96.5% as of December 31, 2025.
Executed 6.8 million sq ft of comparable new and renewal leases in 2025 at +10.8% cash rent spread and +21.4% straight-lined rent spread.
Provided initial 2026 guidance with Nareit FFO per diluted share of $4.83–$4.87 and Same Property NOI growth of +3.25% to +3.75%.

6 days ago

Press Release

Regency Centers reports Q3 2025 results

REG

Earnings

Guidance Update

New Projects/Investments

Delivered strong operating performance with 5.25–5.5% same-property NOI growth guidance, driven by robust leasing activity and low bad debt.
Raised full-year outlook to mid-7% NAREIT FFO growth and mid-6% core operating earnings growth, reflecting higher organic NOI and accretive capital deployment.
Deployed over $750 million of capital year-to-date into acquisitions, ground-up development, and redevelopments; expects $10 million of incremental NOI from 2026 ground-up projects.
Increased the quarterly dividend by more than 7%, underscoring commitment to returning cash to shareholders.
Maintains an A-rated balance sheet with leverage within the 5–5.5× target range and nearly full availability on its $1.5 billion credit facility.

Oct 29, 2025, 3:00 PM

Transcript

Regency Centers reports Q3 2025 results

REG

Earnings

Guidance Update

New Projects/Investments

Regency delivered ~5% same-property NOI growth, driven by 4.7% base rent growth, with occupancy at 96.4%.
Invested $170 million in new development starts in Q3 (YTD $220 million), expects $300 million of starts in 2025, and completed a $350 million five-property acquisition in South Orange County.
Raised full-year guidance to 5.25%–5.5% same-property NOI growth; NAREIT FFO now expected to grow mid-7%, core operating earnings mid-6%, and increased the dividend by >7%.
Maintained a strong balance sheet with 5x–5.5x leverage, near-full availability on its $1.5 billion credit facility, and provided early 2026 outlook of mid-3% same-property NOI growth, mid-6% total NOI growth, and mid-4% NAREIT FFO growth.

Oct 29, 2025, 3:00 PM

Transcript

Regency Reports Q3 2025 Earnings and Provides 2025 Guidance Update

REG

Earnings

Guidance Update

New Projects/Investments

YTD 2025 Nareit FFO per diluted share was $3.46; full-year 2025 guidance for Nareit FFO is $4.62–$4.64 per share and Core Operating Earnings (COE) is $4.39–$4.41 per share, implying mid-7% y/y FFO growth at the midpoint.
Full-year 2025 net income per diluted share guidance is $2.30–$2.32; YTD actual was $1.73 per share.
Same-property NOI growth is expected to be 5.25%–5.50%, driven by lease renewals, rent step-ups and net acquisition activity.
Portfolio comprises over 480 open-air shopping centers, with $668 million of development and redevelopment projects in process; operating platform spans 25+ offices nationwide.
Balance sheet remains strong with net debt & preferred stock to trailing-12M EBITDAre of 5.3x, $1.5 billion revolver availability, and credit ratings of Moody’s A3 / S&P A-.

Oct 29, 2025, 3:00 PM

Presentation

Regency Reports Q3 2025 Results and Raises 2025 Guidance

REG

Earnings

Guidance Update

Regency updated its 2025 Nareit FFO per diluted share guidance to $4.62–$4.64, up 2¢ at the midpoint, implying mid-7% y/y growth, driven by Same Property NOI growth of +5.25%–+5.5%.
Maintains a strong balance sheet with Net Debt & Preferred Stock to TTM EBITDAre of 5.3x, sector-leading ratings (Moody’s A3 / S&P A-), and ~$1.5 B revolver availability as of 9/30/25.
Portfolio comprises 85%+ grocery-anchored open-air centers across 480+ properties, underpinned by $668 M of development and redevelopment projects in process.
Signed-not-occupied pipeline shows a 200 bp leased-to-commenced occupancy gap (~$36 M incremental ABR), with 32% of SNO leases expected to commence by YE 2025 and 99% by YE 2026.

Oct 29, 2025, 3:00 PM

Presentation

Earnings Transcripts

Quarterly earnings call transcripts for REGENCY CENTERS.

Q4 2025

Feb 6, 2026

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Q3 2025

Oct 29, 2025

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Q2 2025

Jul 30, 2025

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REGENCY CENTERS (REG)

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