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Regency Centers Corporation (REG), headquartered in Jacksonville, Florida, is a leading real estate investment trust (REIT) that owns, operates, and develops shopping centers located in suburban trade areas with compelling demographics. Valued at $13.8 billion by market cap, the company’s portfolio includes properties with highly productive grocers, restaurants, service providers, and leading retailers. Shares of this leading retail REIT have underperformed the broader market over the past year. REG has ...

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Shop leasing was a focal point in the quarter. Roth said Regency leased its largest percentage of vacant shop space in more than five years during Q4, lifting same-property shop occupancy 40 basis points to a year-end record of 94.2% leased . He added that shop occupancy increased 70 basis points year-over-year and noted the company has roughly 1 million square feet in negotiations across regions.East Region President and Chief Operating Officer Alan Roth described 2025 as “one of the strongest operational ...

Financial Data and Key Metrics Changes - Regency Centers achieved NAREIT FFO per share growth of close to 8% and Core Operating Earnings per share growth of nearly 7% for the full year [16][19] - Same-Property NOI growth finished at 5.3%, driven by strong operating fundamentals and substantial external growth [9][16] - The company expects same-property NOI growth in a range of 3.25%-3.75% for 2026, largely driven by rent spreads and redevelopment deliveries [17][19] Business Line Data and Key Metrics Changes - The company reported significant same-property NOI growth of 5.3%, supported by substantial base rent contributions and increased occupancy [9][16] - Average percent commencement rate for the portfolio increased by 150 basis points year-over-year, indicating strong tenant demand [9][11] - Cash rent spreads of 12% in Q4, with renewal spreads at a record 13%, highlighting the depth of embedded mark-to-market in the portfolio [11][12] Market Data and Key Metrics Changes - Tenant demand remains exceptionally strong across nearly every category, with significant leasing activity from grocery anchors like Whole Foods, Sprouts, and Trader Joe's [10][12] - The company noted historically low bad debt and continued growth in tenant sales and foot traffic, reinforcing the durability of its portfolio [6][8] - The development pipeline includes over $300 million of new project starts, with a total of more than $800 million in new projects started over the past three years [7][14] Company Strategy and Development Direction - Regency Centers is focused on ground-up development as a primary driver of external growth, leveraging expertise and access to low-cost capital [7][15] - The company aims to create long-term shareholder value while amplifying its NOI growth profile through disciplined capital allocation [8][19] - The management emphasized the importance of maintaining a strong balance sheet and liquidity position to remain opportunistic in the market [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operating environment, noting robust demand for grocery-anchored real estate and a favorable backdrop for physical retail [8][19] - The company is optimistic about the significant momentum into 2026, with strong fundamentals and active leasing teams driving occupancy and rent growth [12][19] - Management acknowledged potential challenges in the broader retail environment but emphasized the essential nature of their tenants and the resilience of their portfolio [53] Other Important Information - Regency Centers has a strong development platform with a projected visibility of nearly $1 billion in project starts over the next three years [14][19] - The company maintains a fortress balance sheet with A3, A- credit ratings from Moody's and S&P, and no need to raise equity or sell properties to fund its investment pipeline [19] Q&A Session Summary Question: Follow-up on acquisitions and dispositions - Management noted that there is strong demand for grocery-anchored real estate, with a broad range of opportunities available, but they do not guide on acquisitions [21][23] Question: Impact of Amazon closing grocery stores - Management expressed confidence in the grocery sector, highlighting that Amazon's focus on Whole Foods is encouraging and that they are exploring options for the closed stores [29][30] Question: Development and redevelopment spend guidance - Management indicated that the $325 million development and redevelopment spend is roughly two-thirds ground-up and one-third redevelopment [38] Question: Changes in store openings or closures - Management reported strong tenant health, with below-historic norms for accounts receivable and continued upward trends in sales and foot traffic [51][53] Question: Leasing spreads and renewal spreads - Management explained that renewal spreads exceeded new spreads due to favorable supply-demand dynamics and opportunities to mark below-market leases to market [82][83]

Financial Data and Key Metrics Changes - Regency Centers achieved NAREIT FFO per share growth of close to 8% and Core Operating Earnings per share growth of nearly 7% for the full year 2025, driven by strong operating fundamentals and substantial external growth from acquisitions and development projects [15][18] - Same-Property NOI growth finished at 5.3%, supported by substantial base rent contributions and low levels of uncollectible lease income [7][15] Business Line Data and Key Metrics Changes - The company reported a significant increase in same-property shop occupancy by 40 basis points, reaching a record of 94.2% leased at year-end [7][8] - Cash rent spreads of 12% in Q4 and renewal spreads at a record 13% highlight the depth of embedded mark-to-market in the portfolio [9][10] Market Data and Key Metrics Changes - The grocery leasing activity was significant, with leases signed with major retailers such as Whole Foods, Sprouts, and Trader Joe's, indicating strong demand in the grocery sector [8][9] - The company noted that tenant demand remains exceptionally strong across nearly every category, with a notable increase in leasing activity for shop spaces [7][10] Company Strategy and Development Direction - Regency Centers is focused on ground-up development as a primary driver of external growth, with over $300 million in new project starts in 2025 and a pipeline translating into meaningful NOI growth in 2026 and beyond [5][12] - The company is leveraging its expertise and long-standing tenant relationships to build high-quality shopping centers at meaningful spreads to market value, positioning itself favorably in a low-supply growth environment [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operating environment, noting that physical retail, particularly grocery-anchored real estate, continues to benefit from limited new supply and strong tenant demand [6][18] - The guidance for 2026 anticipates same-property NOI growth in the range of 3.25%-3.75%, driven by rent spreads and redevelopment deliveries [16][17] Other Important Information - The company has a strong balance sheet with A3, A- credit ratings from Moody's and S&P, and nearly full availability on its $1.5 billion credit facility, providing a solid foundation for future investments [18] - Regency Centers is not planning to raise equity or sell properties to fund its investment pipeline, relying instead on strong free cash flow generation [18] Q&A Session Summary Question: Thoughts on acquisitions and market opportunities - Management noted that there is growing demand for grocery-anchored real estate, with a broad range of opportunities available, but emphasized that acquisitions will only be pursued if they meet quality and growth profiles [20][22] Question: Impact of Amazon closing grocery stores - Management reassured that the closure of Amazon Fresh stores does not indicate a pullback in physical retail, as Amazon still owns Whole Foods and is expanding that brand [28][29] Question: Development and redevelopment spend guidance - The company indicated that the $325 million development and redevelopment spend is roughly two-thirds ground-up and one-third redevelopment, with a strong focus on ground-up development moving forward [35][37] Question: Current tenant health and consumer resilience - Management reported that tenant health remains strong, with below-average accounts receivable and increasing sales and foot traffic, indicating confidence in the current market conditions [51][53] Question: Construction cost assumptions and pressures - Management expressed confidence in stable construction costs and good visibility in their underwriting, indicating no anticipated pressure on development yields [94][95]

Regency Centers (NasdaqGS:REG) Q4 2025 Earnings call February 06, 2026 11:00 AM ET Speaker5Greetings and welcome to Regency Centers Corporation fourth quarter 2025 earnings conference call. At this time, all participants are on a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the c ...

Core Insights - Regency Centers Corporation (REG) reported fourth-quarter 2025 NAREIT funds from operations (FFO) per share of $1.17, reflecting a 7.3% increase year-over-year and meeting the Zacks Consensus Estimate [1][8] - The company experienced strong leasing activity, with a year-over-year improvement in same-property net operating income (NOI) and base rents [1][4] - Regency Centers issued its 2026 NAREIT FFO per share guidance in the range of $4.83-$4.87, slightly above the current Zacks Consensus Estimate of $4.82 [10] Financial Performance - Total revenues for the fourth quarter reached $404.2 million, an 8.5% increase from the previous year, surpassing the Zacks Consensus Estimate of $395 million [2] - For the full year 2025, NAREIT FFO per share was $4.64, up from $4.30 year-over-year, although it fell short of the Zacks Consensus Estimate of $4.82 [2] - Total revenues for the full year amounted to $1.55 billion, reflecting a 6.9% increase from the prior year [2] Leasing Activity - In Q4 2025, Regency Centers executed approximately 1.7 million square feet of comparable new and renewal leases at a blended cash rent spread of 12% [3][8] - The same-property portfolio was 96.5% leased as of December 31, 2025, a slight decrease of 10 basis points year-over-year [3][8] - The same-property anchor percent leased was 97.9%, down 70 basis points year-over-year, while the same-property shop percent leased increased by 70 basis points to 94.2% [3][4] Operational Metrics - Same-property NOI, excluding lease termination fees, increased by 4.7% year-over-year to $274.2 million, with base rent growth contributing 4.1% to this increase [4][8] - As of December 31, 2025, Regency Centers had $597 million in estimated net project costs for in-process development and redevelopment projects, having incurred 43% of this cost [5] Portfolio Activity - In Q4 2025, the company completed a property distribution involving 11 shopping centers within the Regency-GRI joint venture [6] - The company disposed of Hammocks Town Center in Miami, FL, for approximately $72 million and acquired Crystal Brook Corner, a redevelopment project in New York, for $30 million [6] Balance Sheet - As of December 31, 2025, Regency Centers had nearly $1.4 billion of capacity under its revolving credit facility, with a pro-rata net debt and preferred stock to trailing 12 months operating EBITDAre ratio of 5.1X [9]

Our Space is Your Place EARNINGS PRESENTATION 4th Quarter 2025 RegencyCenters.com Anastasia Plaza St. Augustine, FL Risk Factors Related to Pandemics or other Public Health Crises Pandemics or other public health crises, may adversely affect our tenants' financial condition, the profitability of our properties, and our access to the capital markets and could have a material adverse effect on our business, results of operations, cash flows and financial condition. Risk Factors Related to Operating Retail-Bas ...

Regency Centers (REG) came out with quarterly funds from operations (FFO) of $1.17 per share, in line with the Zacks Consensus Estimate . This compares to FFO of $1.09 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of +0.09%. A quarter ago, it was expected that this shopping center real estate investment trust would post FFO of $1.15 per share when it actually produced FFO of $1.15, delivering no surprise.Over the last four quarters, ...