Regency Centers Corporation is a fully integrated real estate company and a self-administered and self-managed real estate investment trust (REIT) that primarily focuses on acquiring, developing, owning, and operating income-producing retail real estate . The company's portfolio consists of neighborhood and community shopping centers predominantly located in suburban trade areas across the United States, with a strong emphasis on properties anchored by market-leading grocery stores . Regency Centers generates revenue primarily through leasing space to necessity, service, convenience, and value-based retailers, which serve the essential needs of communities .
- Retail Shopping Centers - Owns and operates neighborhood and community shopping centers, focusing on properties anchored by market-leading grocery stores.
- Direct Ownership - Holds direct ownership interests in retail shopping centers, actively managing and optimizing the portfolio.
- Partnership Interests - Engages in joint ventures to own and manage shopping centers, earning fees for management and leasing services.
- Leasing Services - Leases space to necessity, service, convenience, and value-based retailers, ensuring a diverse tenant mix that serves essential community needs.
- Portfolio Management - Actively manages the portfolio by selling lower-performing properties and reinvesting in higher-quality centers to enhance net operating income (NOI).
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Lisa Palmer ExecutiveBoard | President and Chief Executive Officer | Director at Jacksonville Branch of the Federal Reserve Bank of Atlanta, Brooks Rehabilitation; Chair of United Way of Northeast Florida; Member of Nareit, ULI, and ICSC Board of Trustees. | Joined REG in 1996; became CEO on January 1, 2020; previously served as CFO and President; extensive experience in real estate, finance, and governance. | View Report → |
Martin E. Stein, Jr. ExecutiveBoard | Executive Chairman of the Board | Director of FRP Holdings, Inc.; Member of ULI, ICSC, and The Real Estate Roundtable. | Joined REG in 1976; served as CEO from 1993 to 2019; led REG through its IPO and significant growth; transitioned to Executive Chairman on January 1, 2020. | |
Alan T. Roth Executive | East Region President and Chief Operating Officer | Member of ICSC and Nareit; Planning Committee for ICSC Open Air Conference. | Joined REG in 1997; became East Region President and COO on January 1, 2024; previously served as EVP, National Property Operations, and East Region President; extensive experience in operations and investment strategies. | |
Michael J. Mas Executive | Executive Vice President and Chief Financial Officer | None mentioned. | Joined REG in 2003; became CFO on August 12, 2019; previously served as Managing Director of Finance and SVP of Capital Markets; extensive experience in capital markets and financial strategy. | |
Nicholas A. Wibbenmeyer Executive | West Region President and Chief Investment Officer | Member of ICSC and Nareit. | Joined REG in 2005; became West Region President and CIO on January 1, 2024; previously served as Senior Managing Director, West Region; expertise in investments and development strategy. | |
C. Ronald Blankenship Board | Director | Director of Civeo Corporation, Pacolet-Miliken Enterprises, Inc., Berkshire Residential Investments, and Merit Hill Holdings, LP. | Joined REG in 2001; extensive experience in real estate investment and management; serves on multiple boards in the real estate and investment sectors. | |
David P. O’Connor Board | Director, Chair of Nominating and Governance Committee | Managing Partner of High Rise Capital Partners, LLC; Co-Chairman of HighBrook Investment Management, LP; Director at Prologis, Inc.; Trustee at Boston College; Member of Zell/Lurie Real Estate Center. | Joined REG in 2011; extensive experience in real estate investment and governance; serves on multiple boards and advisory committees. | |
Deirdre J. Evens Board | Director, Chair of Compensation Committee | None mentioned. | Joined REG in 2022; previously EVP and General Manager at Iron Mountain; extensive experience in executive compensation, governance, and operations. | |
James H. Simmons, III Board | Director | CEO of Asland Capital Partners; Vice-Chair of Real Estate Executive Council; Trustee at Greater Jamaica Development Corporation; Member of Princeton University Advisory Council. | Joined REG in 2021; extensive experience in real estate investment and development; leads Asland Capital Partners and serves on various advisory boards. | |
Karin M. Klein Board | Director | Founding Partner of Bloomberg Beta; Director at Paramount Group, Inc.; Former Trustee of Harvey Mudd College. | Joined REG in 2019; extensive experience in venture capital, technology, and business strategy; previously held leadership roles at Bloomberg L.P. and Softbank Corp.. | |
Kristin A. Campbell Board | Director | Director at The ODP Corporation; Board member at Crete Mechanical Group; Advisory Board member at Boston University School of Hospitality Administration and LegalMation. | Joined REG in 2023; previously EVP, General Counsel, and Chief ESG Officer at Hilton Worldwide; extensive experience in legal, compliance, and ESG matters. | |
Peter D. Linneman Board | Director | Principal of Linneman Associates; Director at AG Mortgage Investment Trust, Paramount Group, Inc., and Equity Commonwealth. | Joined REG in 2017; emeritus professor at Wharton School; extensive expertise in real estate and finance; serves on multiple public company boards. | |
Thomas W. Furphy Board | Director | CEO of Consumer Equity Partners; Chairman and CEO of Replenium, Inc.; Luminary at Accenture. | Joined REG in 2019; previously VP at Amazon.com; extensive experience in e-commerce, technology, and retail strategy; founder of multiple companies. |
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In the latest quarter, small shop occupancy ticked down sequentially; could you elaborate on the factors behind this decline, and are there any signs of stress among local mom-and-pop tenants that could impact future occupancy levels?
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With your recent share repurchase at an implied cap rate of 7%, does this indicate a scarcity of attractive acquisition opportunities, and how does this align with your capital allocation priorities moving forward?
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Considering the uncertain macro environment and inflationary pressures on consumers, how confident are you that your current sales and traffic trends are sustainable, and what strategies do you have in place to address potential shifts in consumer behavior?
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Given your expectations that cap rates may not rise and could potentially decrease due to more capital entering the sector, how might this affect your investment strategy and asset valuations in the coming quarters?
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With $300 million currently drawn on your revolver to fund recent investments, can you discuss your plans for managing liquidity and debt, particularly if capital market conditions become more volatile?
Research analysts who have asked questions during REGENCY CENTERS earnings calls.
Juan Sanabria
BMO Capital Markets
8 questions for REG
Todd Thomas
KeyBanc Capital Markets
8 questions for REG
Floris van Dijkum
Compass Point Research & Trading
6 questions for REG
Michael Goldsmith
UBS
6 questions for REG
Michael Gorman
BTG Pactual
6 questions for REG
Paulina Rojas Schmidt
Green Street Advisors
6 questions for REG
Jamie Feldman
Wells Fargo & Company
5 questions for REG
Ki Bin Kim
Truist Securities
5 questions for REG
Ronald Kamdem
Morgan Stanley
5 questions for REG
Viktor Fediv
Scotiabank
5 questions for REG
Cooper Clark
Wells Fargo
4 questions for REG
Linda Tsai
Jefferies
4 questions for REG
Samir Khanal
Bank of America
4 questions for REG
Steve Sakwa
Evercore ISI
4 questions for REG
Wes Golladay
Robert W. Baird & Co.
4 questions for REG
Craig Mailman
Citigroup
3 questions for REG
Michael Griffin
Citigroup Inc.
3 questions for REG
Ravi Vaidya
Mizuho
3 questions for REG
Haendel St. Juste
Mizuho Financial Group
2 questions for REG
Michael Mueller
JPMorgan Chase & Co.
2 questions for REG
Mike Mueller
JPMorgan Chase & Co.
2 questions for REG
Nick Joseph
Citigroup Inc.
2 questions for REG
Rich Hightower
Barclays
2 questions for REG
Sydney Rome
Barclays Bank
2 questions for REG
Wesley Golladay
Robert W. Baird & Co.
2 questions for REG
Andrew Reale
Bank of America
1 question for REG
Dori Kesten
Wells Fargo & Company
1 question for REG
Floris Gerbrand van Dijkum
Compass Point Research & Trading, LLC
1 question for REG
Greg McGinnis
Scotiabank
1 question for REG
Greg McGinniss
Scotiabank
1 question for REG
Michael Muller
JPMorgan Chase & Co.
1 question for REG
Mike Muller
JPMorgan Chase & Co.
1 question for REG
Nicholas Joseph
Citigroup
1 question for REG
Paulina Rojas
Green Street
1 question for REG
Sameer Hanal
Bank of America
1 question for REG
Victor Faiti
Scotiabank
1 question for REG
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Publix | Landlord-tenant | All | $33.949 million (3.0% of annualized base rent) |
Albertsons Companies, Inc. | Landlord-tenant | All | $33.559 million (3.0% of annualized base rent) |
Kroger Co. | Landlord-tenant | All | $30.228 million (2.7% of annualized base rent) |
Amazon/Whole Foods | Landlord-tenant | All | $29.809 million (2.6% of annualized base rent) |
TJX Companies, Inc. | Landlord-tenant | All | $29.715 million (2.6% of annualized base rent) |
Ahold Delhaize | Landlord-tenant | All | $22.583 million (2.0% of annualized base rent) |
CVS | Landlord-tenant | All | $20.628 million (1.8% of annualized base rent) |
L.A. Fitness Sports Club | Landlord-tenant | All | $11.137 million (1.0% of annualized base rent) |
Trader Joe's | Landlord-tenant | All | $11.023 million (1.0% of annualized base rent) |
JPMorgan Chase Bank | Landlord-tenant | All | $10.667 million (0.9% of annualized base rent) |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Putnam Plaza | 2025 | Regency Centers acquired its partner’s interest in Putnam Plaza for approximately $10 million, effective January 1, 2025, which gives them 100% ownership of the asset. |
Urstadt Biddle Properties Inc. | 2023 | Completed as an all‐stock transaction valued at approximately $1.4 billion, this deal involved an exchange ratio of 0.347 REG share per Urstadt Biddle share and was structured to deliver cost synergies and enhance scale, with closing on August 18, 2023. |
Glenwood Green | 2022 | The acquisition of Glenwood Green in Old Bridge, NJ involved a 70% ownership stake in a 355,000 sq ft ground-up development anchored by ShopRite and Target, purchased for $11 million with estimated net development costs of $45.53 million and stabilization expected by 2025. |
Naperville Plaza | 2022 | Regency Centers acquired a 20% joint venture interest in Naperville Plaza through Columbia Regency Partners II, LLC for its share of $10.5 million, as part of a total deal valued at $52.38 million, positioning the asset with prominent anchors like Trader Joe’s and achieving high leased occupancy. |
Island Village | 2022 | The full acquisition of Island Village, an operating property in Bainbridge Island, WA, was completed for $30.65 million, adding 106,000 sq ft of retail space anchored by Safeway and Rite Aid with 98.2% leased occupancy and an average rent of $15.70 per square foot. |
RegCal JV Portfolio Properties | 2022 | Regency Centers acquired its partner’s 75% interest in a portfolio of four properties (including anchors such as Whole Foods, Trader Joe's, and Safeway) for $88.5 million, streamlining the joint venture portfolio to one operating property post-deal. |
Baederwood Shopping Center | 2022 | Acquired an 80% interest in Baederwood Shopping Center in Jenkintown, PA for a share price of $41.3 million, this deal included significant anchor tenants (Whole Foods and Planet Fitness), robust leased occupancy (96.3–97%), $5.8 million in intangible assets, and the assumption of $22.8 million in debt. |
Recent press releases and 8-K filings for REG.
- 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.
- 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.
- 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-.
- 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.
- Same-property NOI grew nearly 5%, driven by 4.7% base rent growth and a 96.4% occupancy rate.
- Raised 2025 guidance: same-property NOI growth to 5.25–5.5%, NAREIT FFO growth mid-7%, core operating earnings mid-6%, and dividend up over 7%.
- Started $170 million of development/redevelopment projects in Q3 (YTD > $220 million), with an in-process pipeline exceeding $650 million and blended returns above 9%; targeting ~$300 million of total 2025 starts.
- Deployed over $750 million of capital YTD into acquisitions, ground-up development, and redevelopment, including a $350 million RMV portfolio purchase and acquisition of JV interests.
- Maintained a strong A-rated balance sheet with leverage at 5.0–5.5×, near-full availability on a $1.5 billion credit facility, and completion of a $100 million forward equity settlement by October-end.
- Reported Q3 2025 Net Income Attributable to Common Shareholders of $106.0 million ($0.58 per diluted share) and Nareit FFO of $213.5 million ($1.15 per diluted share).
- Achieved 4.8% year-over-year Same Property NOI growth, excluding termination fees, with occupancy metrics at 96.4% leased and 94.4% commenced.
- Raised 2025 guidance: Nareit FFO to $4.62–4.64 per diluted share and Same Property NOI growth to +5.25% to +5.5%.
- Declared a 7%+ increase in quarterly dividend to $0.755 per share, payable Q4 2025.
- Regency reported $0.58 Net Income and $1.15 Nareit FFO per diluted share in Q3 2025, up from $0.54 and $1.07, respectively, year-over-year.
- Raised 2025 Nareit FFO guidance to $4.62 – $4.64 and Core Operating Earnings guidance to $4.39 – $4.41 per share.
- Declared a 7.1% increase to the quarterly common dividend, raising it to $0.755 per share, payable January 6, 2026.
- Same Property NOI grew 4.8%, portfolio occupancy reached 96.4%, and the company executed 1.8 million sq ft of leases at 12.8% cash rent spread.
- Same property NOI rose over 7% in Q2 2025, led by a 4.5% increase in base rent and improved expense recoveries.
- Announced acquisition of a five-asset, 600,000 sq ft portfolio in South Orange County for $357 M, 97% leased, and assumed $150 M of below-market debt.
- Deployed >$600 M of accretive capital year-to-date and maintains a $500 M development/redevelopment pipeline yielding > 9%, with $50 M of new ground-up starts.
- Raised full-year guidance: same property NOI growth to 4.5%–5% (up 115 bps), NAREIT FFO growth > 7%, and core operating EPS growth > 6%.
- Strategic growth focus: Regency Centers plans to grow its property portfolio by about 3% annually and targets an overall 5% earnings growth through a blend of steady operations and a best‐in‐class development program with annual starts of $250M+ ( ).
- Quality tenant and occupancy emphasis: The management highlighted a resilient tenant base with increasing rent paying occupancy, underscoring the importance of grocery-anchored assets and strong operator relationships ( ).
- Balanced capital deployment: The firm prioritizes development and redevelopment for accretive earnings, while strategically considering acquisitions only when quality and earnings objectives are met ( ).
- Regency Centers reported strong same-property NOI growth and robust leasing activity driven by healthy tenant demand and an active lease pipeline .
- Acquired Brentwood Place in Nashville/Tennessee—a 320,000 sq ft asset highlighted as a strategic investment for $119M—and expanded its pipeline with $46 million of incremental base rent potential .
- Executed $500 million in in-process development and redevelopment projects, reinforcing its long-term growth strategy .
- Updated full-year guidance with key metrics including net income, Nareit FFO, and Core Operating Earnings per diluted share, underscoring steady growth expectations .
- Addressed macroeconomic and geopolitical risks impacting borrowing costs, tenant performance, and overall operations, alongside evolving retail trends and REIT-specific challenges .
- Strengthened its balance sheet with an S&P upgrade to A- while maintaining leverage within targeted ranges, ensuring ample liquidity and access to low-cost capital .