Financial Data and Key Metrics Changes - The company reported same property NOI growth exceeding 7%, with base rent contributing 4.5% [10][19] - Full year growth outlook for same property NOI, core operating earnings, and NAREIT FFO has been raised due to strong performance [8][19] - NAREIT FFO range increased by $0.06 per share at the midpoint, representing full year growth of more than 7% [19][21] Business Line Data and Key Metrics Changes - The company achieved record low shop move outs and sustained robust leasing activity with strong rent growth [6][10] - Cash rent spreads of 10% and GAAP rent spreads of nearly 20% were achieved for both new and renewal leasing [11][19] - The S and O pipeline represents $38 million of incremental base rent, with a lease to commenced occupancy spread of 260 basis points [11][12] Market Data and Key Metrics Changes - The company successfully acquired five shopping centers in South Orange County, California for $357 million, enhancing its presence in a supply-constrained market [6][14] - The acquisition portfolio is 97% leased and includes over 600,000 square feet of high-quality retail GLA [13][14] Company Strategy and Development Direction - The company is focused on high-quality grocery-anchored shopping centers in desirable suburban trade areas, emphasizing essential retail offerings [9][10] - The ongoing commitment to corporate responsibility is highlighted as a foundational strategy [7] - The company plans to continue capitalizing on persistent demand for its shopping centers and is optimistic about future growth opportunities [12][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the operating fundamentals and the ability to sustain growth into 2026 and beyond [9][19] - The company is raising its earnings guidance based on strong first-half performance and greater conviction about the remainder of the year [18][19] - Management noted that the current year lease commencements are largely derisked, allowing for continued growth momentum [12][19] Other Important Information - The company has a strong balance sheet with low leverage and dependable access to low-cost capital, enabling it to pursue strategic growth opportunities [9][21] - The company has successfully executed a $400 million bond offering, demonstrating a clear cost of capital advantage [21] Q&A Session Summary Question: Contribution from various components into the second half for same store NOI cadence - Management indicated that base rent will continue to be the largest contributor, but there may be a slight increase in uncollectible lease income in the second half [24][26] Question: Shift away from occupancy into other components of same property NOI growth - Management confirmed that while peak leased occupancy is being reached, there is still room for growth in commenced occupancy, which will positively impact NOI [31][34] Question: State property NOI growth algorithm and contractual rent steps - Management highlighted that redevelopments are expected to positively impact same property NOI growth, with continued strong contractual rent steps [32][34] Question: Health of tenants and turnover rates - Management reported strong tenant health with a retention rate of about 77%, attributing this to supply constraints and productive stores [76][78] Question: Credit loss assumptions for 2025 - Management narrowed the credit loss guidance due to increased clarity on bankruptcy outcomes, indicating a positive outlook for tenant health [85][86] Question: Development opportunities and retailer discussions - Management confirmed ongoing discussions with national retailers about new developments, with a bullish outlook on finding attractive opportunities [48][49] Question: Future acquisition strategies and portfolio cap rates - Management noted that there is strong demand for grocery-anchored assets, with cap rates remaining stable in the low fives to low sixes [71][72]

Financial Performance and Guidance - The company forecasts approximately 7% year-over-year growth in Nareit FFO (Funds From Operations) per share at the midpoint of guidance, driven by same-property NOI (Net Operating Income) growth of +4.5% to +5.0%[29] - Nareit FFO guidance was raised by +6 cents at the midpoint from the previous quarter[30] - The company expects non-cash revenues of approximately $49 million[26] - The company anticipates general and administrative expenses between $93 million and $96 million[26] - The company projects interest expense, net, and preferred stock dividends between $235 million and $237 million[26] Portfolio and Occupancy - The company's signed-not-occupied (SNO) pipeline reflects a 260 basis point leased-to-occupied spread, representing approximately $38 million of base rent[39] - Of the $38 million in base rent represented by leases signed within the current SNO pipeline, 64% is expected to commence by year-end 2025, and 100% by year-end 2026[43] Acquisition and Capital Structure - The company acquired a five-property portfolio of premier shopping centers in Rancho Mission Viejo for $357 million[50] - The company assumed $150 million of debt at a 4.2% weighted average interest rate with the RMV acquisition[56] - The company's net debt and preferred stock to trailing 12-month EBITDAre is 5.3x, with approximately $1.5 billion revolver availability as of June 30, 2025[20]

分组1 - Regency Centers reported quarterly funds from operations (FFO) of $1.16 per share, exceeding the Zacks Consensus Estimate of $1.12 per share, and up from $1.06 per share a year ago, representing an FFO surprise of +3.57% [1] - The company achieved revenues of $380.85 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.90%, and an increase from $357.25 million year-over-year [2] - Regency Centers has consistently surpassed consensus FFO and revenue estimates over the last four quarters [2] 分组2 - The stock has underperformed the market, losing about 5.3% since the beginning of the year, while the S&P 500 has gained 8.6% [3] - The future performance of Regency Centers' stock will depend on management's commentary during the earnings call and the sustainability of the stock's price movement based on recent numbers and future FFO expectations [3][4] - The current consensus FFO estimate for the upcoming quarter is $1.13 on revenues of $382.68 million, and for the current fiscal year, it is $4.54 on revenues of $1.53 billion [7] 分组3 - The Zacks Industry Rank places the REIT and Equity Trust - Retail sector in the top 38% of over 250 Zacks industries, indicating a favorable outlook for the industry [8] - Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions, which can be tracked by investors or through tools like the Zacks Rank [5][6] - Regency Centers currently holds a Zacks Rank 2 (Buy), suggesting that the shares are expected to outperform the market in the near future [6]

Exhibit 99.2 Table of Contents June 30, 2025 | Safe Harbor Language | i | | --- | --- | | Earnings Press Release | ii | | Summary Information: | | | Financial Results Summary | 1 | | Real Estate Portfolio Summary | 2 | | Financial Information: | | | Consolidated Balance Sheets | 3 | | Supplemental Details of Assets and Liabilities (Real Estate Partnerships Only) | 4 | | Consolidated Statements of Operations | 5 | | Supplemental Details of Operations (Consolidated Only) | 6 | | Supplemental Details of Operat ...

Core Insights - Regency Centers Corporation reported a net income attributable to common shareholders of $102.6 million, or $0.56 per diluted share, for the quarter ended June 30, 2025, compared to $99.3 million, or $0.54 per diluted share, for the same period in 2024 [4][26] - The company raised its 2025 earnings guidance, projecting Nareit FFO in the range of $4.59 to $4.63 per diluted share, representing over 7% year-over-year growth [7][17] Financial Performance - Nareit FFO for the quarter was $212.1 million, or $1.16 per diluted share, up from $196.4 million, or $1.06 per diluted share, in the same quarter of 2024 [5][26] - Core Operating Earnings reached $202.2 million, or $1.10 per diluted share, compared to $189.3 million, or $1.02 per diluted share, for the same period in 2024 [6][26] - Same Property NOI increased by 7.4% year-over-year for the quarter, with a year-to-date growth of 5.8% [7][13] Leasing and Occupancy - The same property percent leased at the end of the quarter was 96.5%, an increase of 100 basis points year-over-year [7][13] - The company executed 1.9 million square feet of comparable new and renewal leases during the quarter, achieving blended rent spreads of +10.0% on a cash basis and +19.3% on a straight-lined basis [7][13] Capital Allocation - Regency strategically deployed over $600 million into accretive investments year-to-date, including the acquisition of five shopping centers in Southern California for $357 million [3][7] - As of June 30, 2025, the company's in-process development and redevelopment projects had estimated net project costs of $518 million at a blended estimated yield of 9% [7][14] Corporate Responsibility - The company issued its annual Corporate Responsibility report on May 21, 2025, highlighting its commitment to corporate responsibility initiatives [10]

Core Viewpoint - Regency Centers Corporation has announced the acquisition of a portfolio of five suburban shopping centers in the Rancho Mission Viejo community of Orange County, CA, totaling approximately 630,000 square feet [1][2]. Acquisition Details - The acquisition includes Bridgepark Plaza, Mercantile West, Mercantile East, Terrace Shops, and Sendero Marketplace, enhancing Regency's presence in a supply-constrained coastal market [1][2]. - The total purchase price for the portfolio is $357 million, funded through a combination of operating partnership units, assumption of secured mortgage debt, and cash [3]. Financial Metrics - The portfolio is 97% leased, with grocer sales nearing $800 per square foot, and the average household income within a 3-mile radius is approximately $200,000 [2]. - The assumed mortgage debt amounts to $150 million, with a weighted average interest rate of 4.2% and a term to maturity of about 12 years [3]. Strategic Alignment - The acquisition aligns with Regency's capital allocation objectives, aiming for earnings accretion, quality, and growth [3]. - The transaction is expected to be accretive to Regency's 2025 Core Operating Earnings per share [3]. Advisory Information - BofA Securities acted as the financial advisor, while EY served as the tax advisor to the seller, and legal matters were handled by Latham & Watkins for the seller and Paul Hastings for Regency [4]. Company Overview - Regency Centers is a leading national owner, operator, and developer of shopping centers, focusing on suburban trade areas with strong demographics [6]. - The company operates as a fully integrated real estate investment trust (REIT) and is a member of the S&P 500 Index [6].

Core Viewpoint - Adecoagro S.A. has announced the pricing of $500 million aggregate principal amount of 7.500% Senior Notes due 2032, which will be used primarily to fund a tender offer for its existing 6.000% Notes due 2027 and for general corporate purposes [1][2] Group 1 - The Senior Notes will be issued at a price of 100.00% and will mature on July 29, 2032 [1] - The Notes will be guaranteed on a senior unsecured basis by certain subsidiaries of the Company [1] - The offering is conducted under Rule 144A and Regulation S of the Securities Act, targeting qualified institutional buyers and non-U.S. persons [1][3] Group 2 - The net proceeds from the Notes will be allocated to a tender offer for the Company's existing 6.000% Notes due 2027 and for general corporate purposes, including capital expenditures and liability management [2] - Adecoagro operates on 210.4 thousand hectares of farmland and produces over 2.8 million tons of agricultural products and over 1 million MWh of renewable electricity [4]

Core Viewpoint - Regency Centers Corp. is expected to report year-over-year growth in revenues and funds from operations (FFO) per share for the second quarter of 2025 [1][10] Company Performance - In the last reported quarter, Regency reported NAREIT FFO per share of $1.15, exceeding the Zacks Consensus Estimate of $1.14, driven by healthy leasing activity and improvements in net operating income and base rent [2] - The Zacks Consensus Estimate for Regency's second-quarter revenues is $377.4 million, indicating a 5.7% increase from the previous year's figure [9] - The FFO per share estimate has remained unchanged at $1.14, suggesting a growth of nearly 5.7% from the prior-year quarter [10] Industry Environment - The U.S. retail real estate market experienced negative net absorption of 6.5 million square feet in Q2 2025, marking the first time negative absorption has occurred for two consecutive quarters in the post-pandemic era [4] - The national vacancy rate increased by 50 basis points to 5.8% year over year, although it remains low compared to the 6.4% level from 2017 to 2019 [5] - Asking rents for U.S. shopping centers increased by 2.3% year over year to $24.99 per square foot in Q2 2025 [6] Factors Influencing Regency - Regency's portfolio is primarily located in affluent suburban areas, benefiting from post-pandemic migration trends and a hybrid work setup [7] - The company has a high-quality portfolio with over 80% of its centers being grocery-anchored, which supports rental income stability [8] - Increased e-commerce adoption and higher interest expenses may negatively impact Regency's quarterly performance [9]

Core Viewpoint - Regency Centers Corp. (REG) is positioned for long-term growth due to its premium portfolio of grocery-anchored shopping centers, strategic acquisitions, and a strong development pipeline [1][5]. Group 1: Financial Performance and Estimates - The Zacks Consensus Estimate for REG's 2025 funds from operations (FFO) per share has increased to $4.54 over the past three months [2]. - Shares of REG have decreased by 3.1% in the last three months, while the industry has seen a smaller decline of 0.7% [2]. Group 2: Operational Strengths - Regency's shopping centers are located in affluent suburban areas, attracting high-spending consumers and top grocers [3]. - The company experienced a 4% growth in same-property net operating income in Q1 2025, driven by embedded rent escalators [3]. Group 3: Tenant Base and Market Position - REG has a strong tenant base with industry-leading grocers such as Publix, Kroger, and Amazon/Whole Foods, with over 80% of its centers being grocery-anchored [4]. - Six of the top ten tenants are high-performing grocers, enhancing the stability of rental revenue [4]. Group 4: Strategic Expansion - REG is actively pursuing acquisitions and development projects to enhance its portfolio, demonstrating prudent financial management [5][7]. - In Q1 2025, REG acquired Brentwood Place Shopping Center for approximately $119 million and made additional purchases totaling around $14 million [8]. Group 5: Development Projects - As of March 31, 2025, REG has ongoing development projects with estimated net costs of around $499 million [9]. - The company aims to replicate its successful development execution from 2024 in 2025 [9]. Group 6: Balance Sheet and Credit Ratings - Regency maintains a strong balance sheet with nearly $1.2 billion in capacity under its revolving credit facility and approximately $78.5 million in cash [10]. - S&P Global Ratings upgraded REG's credit rating to 'A-' with a stable outlook, enhancing lender confidence [10]. Group 7: Dividend Policy - REG is committed to increasing shareholder wealth through solid dividend payouts, with a recent increase of 5.2% in its quarterly cash dividend to 70.5 cents [10]. - The company has achieved a compound annual growth rate (CAGR) of 3.7% in dividends from 2014 to Q4 2024, with three increases in the last five years [10].

Core Viewpoint - In the current market characterized by economic uncertainty, real estate investment trusts (REITs) focused on necessity-based retail are increasingly seen as defensive income investments, with Realty Income and Regency Centers highlighted for their scale and income-generating capabilities [1][22]. Realty Income - Realty Income, known as "The Monthly Dividend Company," has a diversified portfolio of over 15,600 properties across the U.S., U.K., and Europe, focusing on single-tenant, triple-net leased assets, resulting in a 95% EBITDA margin [4][6]. - Approximately 91% of Realty Income's rent comes from tenants in resilient industries such as dollar stores and pharmacies, and the company has expanded into high-growth sectors like data centers [5][6]. - The company has maintained a 98.5% occupancy rate and has delivered positive operational returns for 29 consecutive years, with a median annual growth of 5.5% in adjusted funds from operations (AFFO) per share since 1996 [6][7]. - Realty Income has a strong financial position with an investment-grade credit rating (A3/A-), a 5.61% dividend yield, and a history of 111 consecutive quarterly dividend increases [7][8]. - However, the retail-focused portfolio faces vulnerabilities related to tariff issues and tenant bankruptcies, alongside a significant debt load of $27.6 billion [8]. Regency Centers - Regency Centers specializes in open-air shopping centers, with around 85% of its properties anchored by top-performing grocers, providing income stability during economic downturns [9][10]. - The REIT operates 480 grocery-anchored centers in affluent suburban markets, supporting long-term tenant performance and rent growth, with same-property lease rates exceeding 96% [11]. - Regency maintains a robust development pipeline with approximately $500 million in active projects, aiming for yields at least 150 basis points above private market cap rates [12][13]. - The company has a solid financial position with sector-leading credit ratings (A3/A-), low leverage, and $1.2 billion in liquidity [13]. - However, Regency faces challenges from growing e-commerce adoption and operational costs associated with multi-tenant properties, which may compress margins [14]. Financial Estimates and Performance - The Zacks Consensus Estimate for Realty Income's 2025 sales and FFO per share indicates year-over-year growth of 6.4% and 2.4%, respectively [15][20]. - For Regency Centers, the 2025 sales and FFO per share estimates imply growth of 5.5% and 5.6%, with recent estimates remaining unchanged [17][19]. - Year-to-date, Realty Income shares have increased by 7.6%, while Regency Centers stock has declined by 5.9%, contrasting with the broader REIT industry decline of 8.5% [20]. - Realty Income trades at a forward price-to-FFO of 13.21X, while Regency is at 14.99X, with both REITs carrying a Value Score of D [20]. Comparative Analysis - Both Realty Income and Regency Centers appeal to income-focused investors through their exposure to essential retail tenants, but Realty Income's global scale and lease simplicity make it a more reliable long-term income stock [22][23].