REG Company Report

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

Regency Centers reports Q3 2025 results

REG

Earnings

Guidance Update

New Projects/Investments

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.

Oct 29, 2025, 3:00 PM

Transcript

Regency Centers reports Q3 2025 results and raises dividend

REG

Earnings

Guidance Update

Dividends

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.

Oct 28, 2025, 9:00 PM

8-K

Regency Centers reports Q3 2025 results and raises dividend

REG

Earnings

Guidance Update

Dividends

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.

Oct 28, 2025, 8:15 PM

Press Release

Regency Centers reports Q2 2025 results

REG

Earnings

Guidance Update

M&A

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%.

Jul 30, 2025, 7:15 PM

Regency Centers Discusses Strategic Growth and Operational Resilience at REITweek 2025

REG

New Projects/Investments

Dividends

M&A

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 ( ).

Jun 4, 2025, 2:26 AM

Regency Centers Corp Q1 2025 Performance & Earnings Highlights

REG

Earnings

M&A

New Projects/Investments

Guidance Update

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 .

Apr 30, 2025, 3:01 PM

Transcript Presentation

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