REGENCY CENTERS (REG) Company Report

Highlighted a portfolio of high-quality, necessity-based grocery-anchored centers, disciplined execution, and a differentiated development platform driving visible earnings growth and value creation.
Reported strong leasing demand with limited new supply, approaching peak shop occupancy, and 2025 lease spreads of +11% cash-on-cash and +21% GAAP, underpinning robust pricing power.
Advanced an $825 million development pipeline over the past three years, targeting >7% yields on cost with a 150 bp cap-rate spread, including a recent Jacksonville Publix-anchored groundbreaking.
Emphasized an A-rated balance sheet with low leverage and strong liquidity; funding growth via levered free cash flow alongside a $450 million bond at the lowest spread in company history and regular early-2027 refinancing.
Provided 2027 guidance of 3% same-store NOI growth.

Mar 2, 2026, 1:50 PM

Transcript

Regency Centers outlines 2026 growth strategy at Citi conference

REG

New Projects/Investments

Guidance Update

Emphasizes combination of high-quality grocery-anchored shopping centers, strong tenant demand and limited new supply supporting record occupancies and robust leasing momentum.
Highlights a differentiated development platform with an $825 million pipeline advancing through starts and completions, targeting ≥7% yield on cost and a 150 bp spread to market cap rates for accretive NOI in 2026 and beyond.
Notes a strong balance sheet with A-level credit ratings, low leverage and ample liquidity to internally fund development while remaining opportunistic on acquisitions.
Reports leasing strength with 11% cash-on-cash lease spreads and 21% GAAP rent spreads in 2025, and provides same-property NOI growth guidance of 3% for 2027.
Describes an enterprise intelligence initiative, leveraging data analytics and a fast-follower approach to technology and AI partnerships to drive operational efficiency and scalability.

Mar 2, 2026, 1:50 PM

Transcript

Regency Centers presents at Citi Miami Global Property CEO Conference 2026

REG

Debt Issuance

New Projects/Investments

Regency highlighted a compelling growth strategy based on high-quality, necessity-based shopping centers, disciplined execution, and a differentiated development platform driving earnings growth and value creation.
Strong leasing momentum, with demand outpacing minimal new supply, record shop occupancy, and 2025 GAAP rent spreads of 21%, underscoring robust pricing power.
Development pipeline of $825 million under construction, targeting ≥7% yield on cost and a 150 bp spread to market cap rates, with meaningful NOI contributions expected in 2026 and beyond.
A-rated balance sheet with low leverage supported a $450 million bond issuance at the lowest credit spread in company history; levered free cash flow funds development while maintaining refinancing flexibility.
Focus on enterprise intelligence, leveraging data analytics and partnering on AI solutions as a fast follower to enhance leasing and back-office productivity and scale efficiently.

Mar 2, 2026, 1:50 PM

Transcript

Regency Centers outlines portfolio strength, development pipeline and 2026 guidance

REG

Guidance Update

New Projects/Investments

480+ properties encompassing 58 M+ SF of grocery-anchored centers with >96% same-property leased and 3.9% dividend CAGR since 2014.
Strong balance sheet with net debt + preferred stock/to EBITDAre of 5.1x, Moody’s A3/S&P A- ratings and ~$1.4 B revolver availability as of 12/31/25.
Robust development pipeline: > $825 M of project starts (2023–25), ~$600 M in-process projects, $597 M in-process pipeline at ~9% yields; targeting ~$1 B of starts over the next three years.
2025 acquisitions of ~$540 M at a ~6% blended cap rate, including the $357 M Rancho Mission Viejo portfolio.
2026 guidance: Nareit FFO of $4.83–$4.87 per diluted share, Core Operating Earnings of $4.59–$4.63, and same-property NOI growth of 3.25–3.75%.

Mar 2, 2026, 12:00 PM

Presentation

Regency Centers issues $450 M senior notes due 2033

REG

Debt Issuance

Regency Centers, L.P. priced a $450 million public offering of 4.50% senior unsecured notes due March 15, 2033 at 99.376% of par (coupon 4.50%).
Guaranteed by Regency Centers Corporation, the notes rank pari passu with existing unsecured debt and pay interest semi-annually on March 15 and September 15, beginning September 15, 2026.
Estimated net proceeds of approximately $443.3 million will be used to reduce the outstanding credit line, repay $100 million of 3.81% notes maturing May 11, 2026, and for general corporate purposes.
The underwritten offering, led by BofA Securities as representative, was agreed under an underwriting agreement on February 18, 2026 and closed on February 23, 2026.

Feb 23, 2026, 9:06 PM

8-K

Regency Centers prices $450M senior unsecured notes due 2033

REG

Debt Issuance

Regency Centers priced $450 million of senior unsecured notes due March 15, 2033 at 99.376% of par with a 4.50% coupon.
Proceeds will reduce its credit line, repay $100 million of 3.81% notes maturing May 11, 2026, and fund general corporate purposes including capital expenditures and development projects.
Settlement is expected on February 23, 2026, with interest payable semiannually on March 15 and September 15, beginning September 15, 2026.

Feb 18, 2026, 9:38 PM

Press Release

Regency Centers enters Equity Distribution Agreement

REG

On February 17, 2026, Regency Centers Corp. entered into an Equity Distribution Agreement with RBC Capital Markets, LLC as agent and Royal Bank of Canada as forward purchaser to issue shares of its $0.01 par common stock under its automatic shelf registration (Form S-3, File No. 333-217081).
The Company may sell shares through net share settlement, cash, or physical settlement methods under the Equity Distribution and Forward Master Confirmations, with proceeds applied as set forth in the prospectus.
Foley & Lardner LLP opined that shares issued and delivered under the agreement will be validly issued, fully paid, and non-assessable under Florida law.
Issued shares will conform to the registration statement and prospectus descriptions, carry no preemptive or similar rights, and be delivered free of liens or claims.

Feb 17, 2026, 9:46 PM

8-K

Regency Centers reports Q4 2025 earnings and 2026 guidance

REG

Earnings

Guidance Update

New Projects/Investments

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%.

Feb 6, 2026, 4:00 PM

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.

Feb 6, 2026, 4:00 PM

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.

Feb 6, 2026, 4:00 PM

Transcript

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)

Analyst Earnings Quarterly Reports

Q4 2016

Q1 2014

Q4 2025

Executives

Lisa Palmer

Alan T. Roth

Martin E. Stein, Jr.

Michael J. Mas

Nicholas A. Wibbenmeyer

Board Members

Bryce Blair

C. Ronald Blankenship

Deirdre J. Evens

Gary E. Anderson

James H. Simmons, III

Karin M. Klein

Kristin A. Campbell

Peter D. Linneman

Thomas W. Furphy

Analyst Coverage

Juan Sanabria

Todd Thomas

Floris van Dijkum

Michael Goldsmith

Michael Gorman

Paulina Rojas Schmidt

Ronald Kamdem

Cooper Clark

Samir Khanal

Wesley Golladay

Craig Mailman

Jamie Feldman

Ki Bin Kim

Michael Griffin

Mike Mueller

Ravi Vaidya

Viktor Fediv

Greg McGinniss

Linda Tsai

Steve Sakwa

Michael Mueller

Alec Vergara

Haendel St. Juste

Nick Joseph

Omotayo Okusanya

Paulina Rojas

Rich Hightower

Sydney Rome

Sydney Wessinger

Andrew Reale

Dori Kesten

Floris Gerbrand van Dijkum

Nicholas Joseph

Sameer Hanal

Victor Faiti

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