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REGENCY CENTERS (REG)

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 .

  1. 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.
  2. Leasing Services - Leases space to necessity, service, convenience, and value-based retailers, ensuring a diverse tenant mix that serves essential community needs.
  3. 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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NamePositionExternal RolesShort 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.

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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.

  1. 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?

  2. 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?

  3. 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?

  4. 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?

  5. 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

6 questions for REG

Also covers: AMH, BRX, CTRE +20 more

Michael Gorman

BTG Pactual

6 questions for REG

Also covers: BNL, CSR, CTO +12 more

Todd Thomas

KeyBanc Capital Markets

6 questions for REG

Also covers: AAT, AKR, BRX +20 more

Jamie Feldman

Wells Fargo & Company

5 questions for REG

Also covers: AMH, AVB, BRX +16 more

Ki Bin Kim

Truist Securities

5 questions for REG

Also covers: ADC, AKR, BNL +20 more

Floris van Dijkum

Compass Point Research & Trading

4 questions for REG

Also covers: AKR, ALX, APLE +19 more

Michael Goldsmith

UBS

4 questions for REG

Also covers: ADC, AMH, AVB +30 more

Paulina Rojas Schmidt

Green Street Advisors

4 questions for REG

Also covers: AKR, BRX, CURB +8 more

Steve Sakwa

Evercore ISI

4 questions for REG

Also covers: ALX, AMH, AVB +31 more

Ronald Kamdem

Morgan Stanley

3 questions for REG

Also covers: AAT, ADC, AHR +36 more

Viktor Fediv

Scotiabank

3 questions for REG

Also covers: AHH, BRX, FR +3 more

Cooper Clark

Wells Fargo

2 questions for REG

Also covers: APLE, AVB, BRX +15 more

Haendel St. Juste

Mizuho Financial Group

2 questions for REG

Also covers: AAT, ADC, AIV +21 more

Linda Tsai

Jefferies

2 questions for REG

Also covers: ADC, AKR, AMH +20 more

Michael Mueller

JPMorgan Chase & Co.

2 questions for REG

Also covers: AKR, BRX, CBL +25 more

Nick Joseph

Citigroup Inc.

2 questions for REG

Also covers: AIV, ARE, AVB +8 more

Rich Hightower

Barclays

2 questions for REG

Also covers: ADC, AVB, CPT +11 more

Samir Khanal

Bank of America

2 questions for REG

Also covers: BRX, COLD, CUBE +16 more

Wes Golladay

Robert W. Baird & Co.

2 questions for REG

Also covers: ADC, AHR, O

Wesley Golladay

Robert W. Baird & Co.

2 questions for REG

Also covers: ADC, ARE, CPT +22 more

Andrew Reale

Bank of America

1 question for REG

Also covers: AKR, BRX, IVT +3 more

Craig Mailman

Citigroup

1 question for REG

Also covers: AKR, BRX, COLD +15 more

Dori Kesten

Wells Fargo & Company

1 question for REG

Also covers: APLE, BRX, DRH +14 more

Floris Gerbrand van Dijkum

Compass Point Research & Trading, LLC

1 question for REG

Also covers: AKR, ALX, APLE +14 more

Greg McGinnis

Scotiabank

1 question for REG

Greg McGinniss

Scotiabank

1 question for REG

Also covers: BRX, COLD, EPRT +14 more

Michael Griffin

Citigroup Inc.

1 question for REG

Also covers: AHR, ALX, ARE +32 more

Michael Muller

JPMorgan Chase & Co.

1 question for REG

Also covers: DOC, PECO, REXR +1 more

Mike Mueller

JPMorgan Chase & Co.

1 question for REG

Also covers: LINE, MRT

Nicholas Joseph

Citigroup

1 question for REG

Also covers: AMH, ARE, CUBE +13 more

Paulina Rojas

Green Street

1 question for REG

Also covers: BRX

Ravi Vaidya

Mizuho

1 question for REG

Also covers: AAT, CUBE, EXR +9 more

Sameer Hanal

Bank of America

1 question for REG

Victor Faiti

Scotiabank

1 question for REG

Program DetailsProgram 1Program 2
Approval DateFebruary 8, 2023 July 31, 2024
End Date/DurationFebruary 7, 2025 June 30, 2026
Total additional amount$250 million $250 million
Remaining authorizationN/A$250 million
DetailsReplaced by new program Active, executed through open market purchases
YearAmount Due (in billions)Debt TypeInterest Rate (%)% of Total Debt
20240.033Scheduled Principal + Mortgage Loans3.9 - 4.2 0.8% = (0.033 / 4.395) * 100
20250.312Scheduled Principal + Mortgage + Unsecured3.9 - 4.1 7.1% = (0.312 / 4.395) * 100
20260.358Mortgage + Unsecured3.9 - 4.1 8.1% = (0.358 / 4.395) * 100
20270.755Mortgage + Unsecured3.9 - 4.1 17.2% = (0.755 / 4.395) * 100
20280.372Mortgage + Unsecured3.9 - 5.8 8.5% = (0.372 / 4.395) * 100
Beyond 20282.601Mortgage + Unsecured3.9 - 5.25 59.2% = (2.601 / 4.395) * 100
CustomerRelationshipSegmentDetails

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)

NameStart DateEnd DateReason for Change
KPMG LLP1993 PresentCurrent auditor

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

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.

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 $500 million in in-process development and redevelopment projects, reinforcing its long-term growth strategy .
  • Updated full-year guidance with key metrics including net income, Nareit FFO, and Core Operating Earnings per diluted share, underscoring steady growth expectations .
  • Addressed macroeconomic and geopolitical risks impacting borrowing costs, tenant performance, and overall operations, alongside evolving retail trends and REIT-specific challenges .
  • Strengthened its balance sheet with an S&P upgrade to A- while maintaining leverage within targeted ranges, ensuring ample liquidity and access to low-cost capital .
Apr 30, 2025, 3:01 PM
Regency Centers Reports Q1 2025 Results
·$REG
Earnings
M&A
Guidance Update
  • Nareit FFO of $1.15 per diluted share and Core Operating Earnings of $1.09 per diluted share were reported for the quarter, with net income of $106.2 million ($0.58 per diluted share) remaining consistent with the prior year.
  • Same Property NOI increased by 4.3% year-over-year, with portfolio occupancy at 96.5% and improvements in anchor and shop leasing percentages.
  • The company executed approximately 1.4 million square feet of new and renewal leases, highlighting robust leasing activity during the quarter.
  • An acquisition was completed for Brentwood Place in Nashville, TN, at approximately $119 million, and updated 2025 earnings guidance was reaffirmed.
Apr 29, 2025, 12:00 AM