Financial Performance - Net income attributable to common shareholders for the nine months ended September 30, 2025, was $314.7 million, compared to $303.7 million for the same period in 2024, reflecting a year-over-year increase [136]. - Total lease income rose by $67.9 million to $1.1 billion for the nine months ended September 30, 2025, driven by a $42.1 million increase in base rent and a $20.8 million increase in recoveries from tenants [156][158]. - Net income attributable to common shareholders increased by $11.1 million to $314.7 million for the nine months ended September 30, 2025, compared to $303.7 million in 2024 [165]. - Total real estate revenue for the nine months ended September 30, 2025, increased by $55,853,000 (4.9%) to $1,184,523,000 compared to the same period in 2024 [169]. - Net income attributable to common shareholders for Q3 2025 was $105,960,000, up from $98,056,000 in Q3 2024 [171]. - Nareit FFO for Q3 2025 was $213,499,000, an increase of $18,414,000 (9.4%) compared to Q3 2024 [172]. - Core Operating Earnings for Q3 2025 reached $202,610,000, up from $187,763,000 in Q3 2024 [173]. - AFFO for Q3 2025 was $176,522,000, an increase of $18,306,000 (11.6%) compared to Q3 2024 [173]. Leasing and Occupancy - Pro-rata same property NOI, excluding termination fees, grew by 5.5% compared to the nine months ended September 30, 2024, driven by improvements in occupancy rates and contractual rent increases [136]. - A total of 1,418 new and renewal leasing transactions were executed, representing 5.3 million Pro-rata square feet, with positive rent spreads of 10.4% during the nine months ended September 30, 2025 [136]. - The total property portfolio was 96.0% leased as of September 30, 2025, compared to 96.3% and 95.6% for December 31, 2024, and September 30, 2024, respectively [136]. - The same property portfolio was 96.4% leased as of September 30, 2025, compared to 96.7% and 96.0% for December 31, 2024, and September 30, 2024, respectively [136]. - The percentage leased for operating properties remains stable at 96.5% for both September 30, 2025, and December 31, 2024 [138]. - The company experienced a 10.4% positive rent spread for new and renewal leases for the nine months ended September 30, 2025, compared to 9.0% for the same period in 2024 [140]. Capital Structure and Debt Management - The company maintained a conservative capital structure with sufficient liquidity to meet capital needs and manage debt maturities [137]. - The company issued $400 million of senior unsecured notes due 2032 with a coupon rate of 5.0% on May 13, 2025 [139]. - The company has $646.3 million of loans maturing within the next 12 months, with $250 million repaid upon maturity on November 3, 2025 [139]. - The company plans to require approximately $1,085.5 million in capital over the next 12 months for leasing commissions, tenant improvements, and maturing debt repayments [184]. - As of September 30, 2025, the Company had $646.3 million of debt maturing within the next 12 months, including $450 million of unsecured public and private placement debt [179]. - The company has notes payable of $1.6 billion maturing through 2034, with 93.8% at a fixed interest rate of 4.0% and the remaining at a variable rate of 6.7% [200]. - The total scheduled principal payments and maturities for the remainder of the year reflect a total of $1.58 billion [200]. Operating Expenses - Total operating expenses for the three months ended September 30, 2025, increased by $8.3 million to $244.2 million, compared to $235.9 million for the same period in 2024 [147]. - Operating expenses increased by $11.2 million to $714.3 million for the nine months ended September 30, 2025, with property operating expenses rising by $11.4 million [157]. - Interest expense, net increased by $16.5 million to $149.6 million for the nine months ended September 30, 2025, primarily due to a provision for impairment of real estate of $4.6 million [160]. Investment and Development - The company executed a disciplined development and redevelopment platform to create exceptional retail centers that deliver favorable returns [136]. - Estimated pro-rata project costs for current development and redevelopment projects totaled $668.1 million as of September 30, 2025, up from $497.3 million at December 31, 2024 [139]. - The Company invested $307.3 million in development, redevelopment, and capital improvements during the nine months ended September 30, 2025, an increase of $71.998 million from the prior year [193]. - Total net development costs for projects in-process amount to $371.1 million, with 54% of costs incurred as of September 30, 2025 [196]. - The company has several redevelopment projects in-process with total estimated project costs of $296.99 million and 48% of costs incurred [196]. Shareholder Value and Dividends - The company aims to create shareholder value by increasing earnings and dividends per share, targeting total returns at or near the top of its shopping center peers [136]. - The Company declared a quarterly cash dividend of $0.705 per share on October 2, 2025, and plans to increase the dividend to $0.755 per share for January 6, 2026, representing a 7.1% increase [187]. - The company paid $14.4 million more in dividends in 2025 compared to 2024 due to a higher dividend rate and an increase in shares outstanding [197]. Corporate Responsibility and Market Conditions - The company emphasizes corporate responsibility practices to support and enhance its business goals and objectives [136]. - The company continuously monitors capital market conditions to assess financing options for maturing debt obligations [205]. - Strategies to mitigate interest rate risk include the use of interest rate swaps and prioritizing refinancing of maturing debt with long-duration fixed-rate debt [177].

Financial Performance - Net Income Attributable to Common Shareholders for Q3 2025 was $106.0 million, or $0.58 per diluted share, compared to $98.1 million, or $0.54 per diluted share in Q3 2024, representing a year-over-year increase of 3.7%[21] - Nareit FFO for Q3 2025 was $213.5 million, or $1.15 per diluted share, up from $195.1 million, or $1.07 per diluted share in Q3 2024, indicating a year-over-year growth of 7.5%[26] - Core Operating Earnings for Q3 2025 reached $202.6 million, or $1.09 per diluted share, compared to $187.8 million, or $1.03 per diluted share in Q3 2024, reflecting a year-over-year increase of 5.0%[27] - Net income attributable to common shareholders for Q3 2025 was $105,960,000, an increase from $98,056,000 in Q3 2024, representing a growth of 8.9%[42] - Total revenues for Q3 2025 reached $387.57 million, a 7.3% increase from $360.27 million in Q3 2024[83] - Total operating expenses for Q3 2025 were $244.18 million, an increase of 3.5% from $235.89 million in Q3 2024[83] - Interest expense, net for Q3 2025 was $51.32 million, up from $47.02 million in Q3 2024, indicating a 4.9% increase[83] - Consolidated Net Operating Income (NOI) for Q3 2025 was $256.64 million, a 8.2% increase from $237.28 million in Q3 2024[86] Property Operations - Same Property Net Operating Income (NOI) increased by 4.8% year-over-year, excluding termination fees[24] - Same Property NOI for Q3 2025 was $274,237,000, up 4.8% from $261,751,000 in Q3 2024[42] - Year-to-date Same Property NOI reached $826,259,000, reflecting a 5.6% increase compared to $782,700,000 in the same period of 2024[42] - For Q3 2025, Same Property NOI increased by 4.8% compared to Q3 2024, driven by a 4.7% growth in Same Property base rent[30] - Same Property percent leased at the end of Q3 2025 was 96.4%, an increase of 40 basis points year-over-year[24] - The company executed approximately 1.8 million square feet of new and renewal leases in Q3 2025, with a blended cash rent spread of +12.8%[30] - The overall occupancy rate across all properties was 96.0%, with a total GLA of 50,218,000 sq. ft. and a total ABR of $1,237,428,000[126] Guidance and Projections - The company raised its 2025 Nareit FFO guidance to a range of $4.62 to $4.64 per diluted share, representing more than 7% year-over-year growth[24] - Same Property NOI year-over-year growth guidance was raised to a range of +5.25% to +5.5%[24] - For full year 2025, Nareit FFO per diluted share guidance is updated to $4.62 - $4.64, up from the prior guidance of $4.59 - $4.63[35] - Full Year 2025 guidance for Net Income attributable to common shareholders per diluted share is projected to be between $2.30 and $2.32, compared to prior guidance of $2.28 to $2.32[144] - Same property NOI growth without termination fees is projected to be between +5.25% and +5.5%, compared to the previous estimate of +4.5% to +5.0%[144] Development and Acquisitions - The company started over $170 million in new development and redevelopment projects during the quarter, bringing the year-to-date total to approximately $220 million[24] - Regency acquired a portfolio of five shopping centers in Orange County, CA, for $357 million[24] - The company completed property acquisitions totaling $538.5 million in the first half of 2025, with an average cap rate of 6.0%[109] - Effective January 1, 2025, Regency acquired a partner's 33.3% share in a property for $10.3 million, consolidating it into its financial statements[107] Debt and Financial Health - Regency's pro-rata net debt to TTM operating EBITDAre was 5.3x as of September 30, 2025[33] - Total debt outstanding as of September 30, 2025, was $4.92 billion, up from $4.41 billion at the end of 2024, a 11.6% increase[99] - The company has a fixed charge coverage ratio of 4.6x and an interest coverage ratio of 5.2x, indicating strong financial health[103] - The company's total consolidated debt to total consolidated assets ratio is 28%, well below the required maximum of 65%[103] Dividends - The Board declared a quarterly cash dividend of $0.755 per share, reflecting a 7.1% increase, payable on January 6, 2026[33] - The company declared dividends of $0.705 per common share for Q3 2025, an increase from $0.670 in Q3 2024[70] Market and Economic Factors - Forward-looking statements indicate that the company anticipates potential impacts from economic and geopolitical factors on its operations and financial condition[55] - The company emphasizes that non-GAAP measures, such as Nareit FFO and Core Operating Earnings, are used to provide additional insights into financial performance[46][48]

Core Insights - Regency Centers Corp's MSCI ESG rating has been upgraded from A to AA as of September 17, 2025 [1] Group 1 - The upgrade reflects an improvement in the company's environmental, social, and governance practices [1]

Financial Performance - Net income attributable to common shareholders for the six months ended June 30, 2025, was $208.8 million, compared to $205.6 million for the same period in 2024[133]. - Net income attributable to common shareholders for the three months ended June 30, 2025, was $102.6 million, an increase of $3.4 million or 3.4% compared to $99.3 million in 2024[148]. - Total revenues for the six months ended June 30, 2025, were $761.8 million, reflecting an increase of $40.7 million compared to $721.1 million in 2024[150]. - Total lease income for the six months ended June 30, 2025, increased by $39.2 million to $740.2 million, driven primarily by a $23.3 million increase in base rent[150]. - Interest expense, net for the six months ended June 30, 2025, increased by $12.2 million to $98.3 million, primarily due to new public debt issuances and higher interest rates[154]. - General and administrative costs decreased by $3.3 million to $47.1 million, attributed to reduced expenses related to the UBP acquisition[153]. - Total other expense, net for the six months ended June 30, 2025, was $99.7 million, an increase of $39.1 million compared to $60.6 million in 2024[154]. Leasing and Occupancy - A total of 944 new and renewal leasing transactions were executed, representing 3.2 million Pro-rata square feet, with positive rent spreads of 9.1% during the six months ended June 30, 2025[133]. - The total property portfolio was 96.2% leased as of June 30, 2025, compared to 96.3% and 95.0% for December 31, 2024, and June 30, 2024, respectively[133]. - The same property portfolio was 96.5% leased as of June 30, 2025, consistent with the 96.5% leasing rate for December 31, 2024, and up from 95.5% for June 30, 2024[133]. - The company experienced a positive rent spread of 9.1% for new and renewal leases during the six months ended June 30, 2025, compared to 8.9% for the same period in 2024[137]. - Pro-rata same property NOI, excluding termination fees, grew by 5.8% for the six months ended June 30, 2025, driven by improvements in base rent and occupancy rates[133]. - Pro-rata same property NOI for Q2 2025 was $276.9 million, an increase of 7.5% from $257.6 million in Q2 2024[163]. Development and Capital Expenditures - The estimated pro-rata project costs for ongoing development and redevelopment projects totaled $517.7 million as of June 30, 2025, up from $497.3 million at the end of 2024[136]. - The company invested $204.7 million in development, redevelopment, and capital improvements during the first half of 2025, a $62.9 million increase from the prior year[187]. - Redevelopment costs rose by $21.5 million in 2025, reflecting the company's commitment to continuously improve its shopping center portfolio[189]. - The company completed various redevelopment projects with a total cost of $17.1 million, achieving a stabilization rate of 92%[190]. - Total estimated net development costs for in-process developments amount to $229.0 million, with an average cost per square foot of $450[190]. Financial Position and Liquidity - The company maintained liquidity and financial flexibility to fund investment opportunities and manage debt maturities effectively[134]. - As of June 30, 2025, the company had $1.46 billion available on its credit line as of June 30, 2025, which expires on March 23, 2028[136]. - The company has $39.6 million in floating rate mortgage debt, and a 100 basis point increase in interest rates would decrease future earnings and cash flows by approximately $0.4 million per year[198]. - The company has a total of $1.6 billion in notes payable maturing through 2034, with 91.3% having a weighted average fixed interest rate of 3.9%[193]. - The company reported a net cash provided by financing activities of $60.5 million for the six months ended June 30, 2025, a significant increase of $329.1 million compared to the same period in 2024[191]. - Total cash, cash equivalents, and restricted cash increased to $154.8 million as of June 30, 2025, up from $79.9 million in 2024, reflecting improved liquidity[183]. Debt Management and Interest Rate Risk - The company issued $400 million of senior unsecured notes due 2032 with a coupon rate of 5.0% on May 13, 2025[136]. - The company plans to address maturing obligations through refinancing and available liquidity under its Line[172]. - The company is actively monitoring interest rate risks and considering strategies such as interest rate swaps to mitigate exposure[170]. - The company plans to manage interest rate risk by primarily borrowing at fixed rates and using derivative financial instruments[200]. - The principal cash flow payments for fixed rate debt are projected to be $271.1 million in 2025 and $2.5 billion thereafter[202]. - The fair value of total debt as of June 30, 2025, is estimated at $4.6 billion[202]. Shareholder Value and Returns - The company focuses on creating shareholder value by increasing earnings and dividends per share, aiming for total returns at or near the top of its shopping center peers[133]. - The company paid $263.8 million in dividends during the first half of 2025, compared to $255.4 million in 2024, indicating a stable dividend distribution strategy[177]. - Core Operating Earnings for Q2 2025 reached $202.2 million, compared to $189.3 million in Q2 2024, marking an increase of 6.5%[166]. - Nareit FFO for Q2 2025 was $212.1 million, up from $196.4 million in Q2 2024, reflecting a growth of 8.0%[166]. Economic and Market Conditions - The company’s management team is actively monitoring economic conditions that could impact tenant performance, including inflation and supply chain disruptions[140]. - At June 30, 2025, tenants in bankruptcy represented only 0.3% of the company's pro-rata annual base rent[141]. - The company continuously monitors capital markets to evaluate its ability to issue new debt and repay maturing debt[197]. - The table of cash flows does not include unused commitments, limiting its predictive value regarding future interest rate fluctuations[199].

Financial Performance - Net Income Attributable to Common Shareholders for Q2 2025 was $102.6 million, or $0.56 per diluted share, compared to $99.3 million, or $0.54 per diluted share in Q2 2024, representing a year-over-year increase of 3.9%[20] - Nareit FFO for Q2 2025 was $212.1 million, or $1.16 per diluted share, up from $196.4 million, or $1.06 per diluted share in Q2 2024, reflecting a growth of 7.8%[25] - Core Operating Earnings for Q2 2025 reached $202.2 million, or $1.10 per diluted share, compared to $189.3 million, or $1.02 per diluted share in Q2 2024, indicating a year-over-year increase of 6.9%[26] - Same Property NOI for Q2 2025 increased by 7.4% year-over-year, with Same Property base rent growth contributing 4.5% to this increase[29] - Same Property percent leased at the end of Q2 2025 was 96.5%, an increase of 100 basis points compared to the same period in 2024[29] - The company reported a net income attributable to common shareholders of $102.6 million for the three months ended June 30, 2025, compared to $99.3 million for the same period in 2024[40] - Total revenues for Q2 2025 reached $380.8 million, a 6.5% increase from $357.3 million in Q2 2024[82] - Lease income increased to $369.1 million in Q2 2025, up 6.1% from $347.8 million in Q2 2024[82] - Consolidated net operating income (NOI) for the first half of 2025 was $502.5 million, a 6.0% increase from $474.2 million in the first half of 2024[85] Guidance and Projections - The Company raised its 2025 Nareit FFO guidance to a range of $4.59 to $4.63 per diluted share, representing over 7% year-over-year growth[23] - Regency's updated guidance for 2025 includes Nareit FFO per diluted share projected at $4.59 - $4.63, up from the previous guidance of $4.52 - $4.58[34] - Same property NOI growth without termination fees is projected at +4.5% to +5.0%, an increase from the prior guidance of +3.2% to +4.0%[34] - Core Operating Earnings per diluted share guidance is set at $4.36 to $4.40, up from the prior range of $4.30 to $4.36[142] - Full Year 2025 guidance for Net Income Attributable to Common Shareholders per diluted share is projected to be between $2.28 and $2.32, compared to the prior guidance of $2.25 to $2.31[142] Development and Acquisitions - As of June 30, 2025, Regency's in-process development and redevelopment projects had estimated net project costs of $518 million at a blended estimated yield of 9%[23] - Subsequent to the quarter end, the Company acquired a portfolio of five shopping centers in Orange County, CA, for $357 million[23] - The company completed acquisitions totaling $138.3 million in the first half of 2025, with an average cap rate of 5.5%[108] - Ground-up development expenditures surged to $41,466 in Q2 2025, significantly higher than $14,937 in Q2 2024, with year-to-date expenditures at $75,620 compared to $30,812[96] - Total in-process developments and redevelopments amount to $518 million, with 58% of costs incurred and a stabilized yield of approximately 9%[111] Debt and Financing - The Company issued $400 million of senior unsecured notes due 2032, with a coupon of 5.0%[23] - Outstanding debt increased to $5.374 billion as of June 30, 2025, compared to $4.984 billion at the end of 2024[70] - Total debt outstanding as of June 30, 2025, was $4,799,182, an increase from $4,408,700 as of December 31, 2024[98] - The weighted average contractual interest rate for total debt was 4.18% as of June 30, 2025, compared to 4.1% at the end of 2024[98] - The company has a total of $4.149 billion in unsecured debt with an effective interest rate of 4.19%[101] Operational Metrics - The company has a total of 483 properties with a gross leasable area (GLA) of 49,166,000 square feet[124] - The overall occupancy rate across all properties is 96.2%[124] - The average base rent per square foot for all properties is $25.45[124] - The percentage of leased retail operating properties was 96.4% as of June 30, 2025, slightly down from 96.5% in Q1 2025[72] - The company has a significant tenant exposure with 58% of ABR coming from shop tenants and 42% from anchor tenants[129] Risks and Challenges - Economic and geopolitical challenges, including interest rates and market conditions, may adversely impact the Company's financial condition and operations[56] - The Company faces risks related to retail trends and tenant success, which could affect revenues and cash flow[58] - The Company is subject to various risks, including those related to real estate investments, environmental factors, and compliance with regulations, which could materially affect its financial performance[59][60][61]

Financial Performance - Net Income Attributable to Common Shareholders for Q1 2025 was $106.2 million, or $0.58 per diluted share, consistent with Q1 2024[20]. - Nareit FFO for Q1 2025 was $210.7 million, or $1.15 per diluted share, an increase from $200.0 million, or $1.08 per diluted share in Q1 2024[25]. - Core Operating Earnings for Q1 2025 were $199.4 million, or $1.09 per diluted share, compared to $193.1 million, or $1.04 per diluted share in Q1 2024[26]. - Net income attributable to common shareholders for Q1 2025 was $106,174, compared to $106,361 in Q1 2024, reflecting a slight decrease[65]. - Nareit Funds From Operations (Nareit FFO) increased to $210,749 in Q1 2025 from $199,967 in Q1 2024, representing a growth of 5.9%[65]. - Core Operating Earnings for the three months ended March 31, 2025, were $199,443, up from $193,068 in 2024, with Core Operating Earnings per share increasing to $1.09 from $1.04[89]. - Total revenues for Q1 2025 increased to $380,912,000, up from $363,852,000 in Q1 2024, representing a growth of 4.3%[76]. Property Operations - Same Property NOI increased by 4.3% year-over-year, excluding lease termination fees, with Same Property base rents contributing 4.0% to this growth[23]. - Same Property NOI for Q1 2025 was $273.8 million, reflecting a 4.5% increase from $262.9 million in Q1 2024[39]. - Same Property NOI without termination fees grew by 4.3% year-over-year, reaching $271,498 in Q1 2025[65]. - Same Property percent leased ended the quarter at 96.5%, up 100 basis points year-over-year, while Same Property percent commenced was 93.5%, up 170 basis points year-over-year[23]. - The percentage leased for all properties remained stable at 96.3% as of March 31, 2025, consistent with the previous quarter[67]. - The overall occupancy rate across all properties is 96.3%, with a total annual base rent of $1,200,671,000, averaging $25.24 per square foot[3]. Leasing Activity - Executed 1.4 million square feet of comparable new and renewal leases during the quarter at blended rent spreads of +8.1% on a cash basis and +18.6% on a straight-lined basis[23]. - Leasing statistics for Q1 2025 show 384 transactions covering 1,409,000 square feet with a new base rent of $28.22 per square foot, reflecting an 8.1% cash rent spread[110]. - New leases in Q1 2025 totaled 84 transactions for 187,000 square feet, with a new base rent of $38.29 per square foot and a 22.7% straight-lined rent spread[110]. - Renewals in Q1 2025 accounted for 300 transactions covering 1,222,000 square feet, with a new base rent of $26.66 per square foot and a cash rent spread of 7.9%[110]. Acquisitions and Investments - Acquired Brentwood Place, a community center in Nashville, TN, for $119 million on March 14, 2025[23]. - The company completed acquisitions totaling approximately $133 million in Q1 2025, including Brentwood Place for $119 million[33]. - In Q1 2025, Regency completed acquisitions totaling $133.032 million, with a weighted average cap rate of 5.4%[103]. Debt and Financing - Pro-rata net debt and preferred stock to operating EBITDAre at March 31, 2025 was 5.3x[23]. - Total debt outstanding as of March 31, 2025, was $4,641,240,000, an increase from $4,408,700,000 as of December 31, 2024, representing a rise of 5.3%[93]. - The weighted average contractual interest rate for total debt was 4.16% as of March 31, 2025, compared to 4.1% as of December 31, 2024[93]. - The interest coverage ratio stands at 5.3x, indicating strong ability to meet interest obligations[97]. Guidance and Projections - Net Income Attributable to Common Shareholders per diluted share for 2025 is guided at $2.25 - $2.31, consistent with previous guidance[31]. - Nareit Funds From Operations (FFO) per diluted share is projected to be $4.52 - $4.58 for 2025, unchanged from prior guidance[31]. - Core Operating Earnings per diluted share is expected to be $4.30 - $4.36 for 2025, maintaining previous guidance[31]. - Same property NOI growth without termination fees is projected at 4.3%, compared to a previous range of +3.2% to +4.0%[31]. Development Projects - Regency's in-process development and redevelopment projects had estimated net project costs of $499 million at a blended yield of 9% as of March 31, 2025[23]. - Total in-process developments and redevelopments amount to $499 million, with 51% of costs incurred and an estimated stabilized yield of 9% +/-[105]. - Ground-up development expenditures were $34,154,000 in Q1 2025, significantly higher than $15,875,000 in Q1 2024, indicating a growth of 115.1%[91]. Shareholder Returns - Dividends declared per common share increased to $0.705 in Q1 2025 from $0.670 in Q1 2024, indicating a positive trend in shareholder returns[65].

Company Overview - As of December 31, 2024, Regency Centers Corporation had full or partial equity ownership interests in 482 properties, encompassing 57.3 million square feet of gross leasable area, with a pro-rata share of 48.8 million square feet[32]. - The company employs 500 individuals, including 5 part-time employees, and maintains 24 market offices nationwide[39]. - The company’s stock is traded on the NASDAQ Global Select Market under the ticker symbol "REG" for common stock and "REGCP" and "REGCO" for preferred stocks[62]. Financial Performance - The company reported a gross revenue of $1.329 billion, representing a year-over-year increase of 36.6%[1]. - The company reported a revenue increase of 36.8% year-over-year, reaching $788 million[1]. - The company reported a revenue increase of 40% year-over-year, reaching $2.00 billion in Q4 2023[1]. - The company reported a revenue increase of 9.6% year-over-year, reaching $1.2 billion in Q3 2023[1]. - The company reported a revenue increase of 14.8% year-over-year, reaching $1,419 million in Q3 2023[1]. - The company reported a year-over-year revenue growth of 32.1% in Q4 2023, reaching $871 million[182]. - The company reported a revenue increase of 20% in 2023 compared to 2022, reaching $4.1 billion[1]. - The company reported a revenue increase of 4.2% year-over-year, reaching $28.49 billion[1]. - The company reported a revenue increase of 14.8% year-over-year, reaching $2.65 billion[1]. Growth Strategy - The company plans to expand its market presence with new product launches and technology developments in the upcoming quarters[1]. - The company is actively pursuing strategic acquisitions to enhance its portfolio and market share[1]. - The company plans to expand its market presence with plans to open 50 new locations across key regions by the end of the fiscal year[5]. - The company is exploring potential acquisitions to enhance its market position, particularly in the e-commerce space[178]. - The company is considering strategic acquisitions to enhance its product portfolio, targeting a budget of $1 billion[7]. Sustainability and Corporate Responsibility - The company has set a target to reduce absolute Scope 1 and 2 greenhouse gas (GHG) emissions by 28% by 2030, measured against a 2019 baseline, and aims for net-zero emissions by 2050[53]. - Regency Centers Corporation supports its communities through charitable contributions and employee volunteerism, enhancing local economic impact[48]. - The company is committed to best-in-class corporate governance, emphasizing integrity and transparency in its reporting practices[49]. - The company actively engages in corporate responsibility practices, focusing on long-term value creation and sustainability[36]. Risks and Challenges - The company faces risks from high interest rates, which may increase borrowing costs and negatively impact real estate valuations and stock prices[72][74]. - Economic challenges such as inflation, labor shortages, and supply chain constraints are affecting tenants' ability to pay rent, potentially leading to higher uncollectible lease income[76][77]. - The company faces potential adverse impacts on business and liquidity due to unfavorable developments in the banking and financial services industry, which could impair access to capital and increase financing costs[78]. - The company may experience increased costs due to climate change, including higher insurance premiums and operational expenses, which could adversely impact financial performance[110]. Tenant and Lease Information - The company’s lease income is primarily derived from retail tenants, making it vulnerable to economic downturns and public health crises that could affect tenants' ability to meet lease obligations[81]. - The company maintains a diverse tenant mix, with significant contributions from grocery and retail sectors, including Kroger Co. and TJX Companies, Inc.[169]. - The company’s properties are primarily located in high-demand areas, with many properties achieving over 90% occupancy rates[175]. - The company reported a total leased percentage of 96.3% across its portfolio, with an average base rent of $25.16 per square foot[187]. Operational Efficiency - The company is focusing on enhancing its digital platforms to improve user experience and drive sales growth[1]. - The company plans to implement a new marketing strategy aimed at increasing brand awareness and customer acquisition by 20%[10]. - The company aims to improve operational efficiency, targeting a 5.8% reduction in costs over the next fiscal year[3]. - The company plans to enhance its supply chain efficiency, aiming for a 20% reduction in operational costs[10]. Financial Metrics - Net income attributable to common shareholders for the year ended December 31, 2024, was $386.7 million, an increase from $359.5 million in 2023, primarily due to the acquisition of UBP[198]. - Nareit FFO attributable to common stock and unit holders rose to $790,892,000 in 2024, up from $736,086,000 in 2023, reflecting an increase of about 7.4%[225]. - Core Operating Earnings reached $760,662,000 in 2024, compared to $700,856,000 in 2023, marking a growth of approximately 8.5%[225]. - The company reported a cumulative total shareholder return of 144.73% as of December 31, 2024, compared to the S&P 500's 197.02%[197].

Financial Performance - Net Income Attributable to Common Shareholders for Q4 2024 was $0.46 per diluted share, compared to $0.47 in Q4 2023[19] - Full year Net Income Attributable to Common Shareholders was $2.11 per diluted share for 2024, up from $2.04 in 2023[19] - For Q4 2024, Net Income Attributable to Common Shareholders was $83.1 million, or $0.46 per diluted share, down from $86.4 million, or $0.47 per diluted share in Q4 2023[24] - Net income attributable to common shareholders for Q4 2024 was $83,066,000, a decrease of 3.0% from $86,361,000 in Q4 2023[36] - Net income attributable to common shareholders for the year ended December 31, 2024, was $386,738 million, an increase from $359,500 million in 2023[80] Funds From Operations - Reported Nareit FFO of $1.09 per diluted share for Q4 2024 and $4.30 per diluted share for the full year[22] - Nareit FFO for Q4 2024 was $199.5 million, or $1.09 per diluted share, compared to $190.0 million, or $1.02 per diluted share in Q4 2023[24] - Nareit Funds From Operations (Nareit FFO) for the year ended 2024 increased to $790.892 million, up 7.4% from $736.086 million in 2023[58] - Nareit Funds From Operations (FFO) for Q4 2024 increased to $199.472 million, up from $190.038 million in Q4 2023, with FFO per share rising to $1.09 from $1.02[83] Core Operating Earnings - Core Operating Earnings for Q4 2024 were $1.04 per diluted share, with full year earnings at $4.13 per diluted share[22] - Core Operating Earnings for Q4 2024 reached $190.6 million, or $1.04 per diluted share, up from $184.4 million, or $0.99 per diluted share in Q4 2023[24] - Core Operating Earnings for Q4 2024 were $190.578 million, reflecting a growth of 3.3% compared to $184.381 million in Q4 2023[58] Same Property Performance - Same Property NOI increased by 4.0% year-over-year for Q4 and by 3.6% for the full year, excluding lease termination fees[22] - Same Property NOI for Q4 2024 increased by 4.0% year-over-year, with Same Property base rents contributing 3.3% to this growth[24] - For the full year 2024, Same Property NOI grew by 3.6% compared to 2023, with base rents contributing 2.9% to this growth[24] - Same Property NOI for Q4 2024 was $237,033,000, reflecting a 3.8% increase compared to $228,381,000 in Q4 2023[36] - Same Property NOI without termination fees for the year ended 2024 was $934.974 million, representing a growth of 3.1% from $907.172 million in 2023[58] Leasing Activity - Executed 8.1 million square feet of comparable new and renewal leases in 2024, with blended rent spreads of +9.5% on a cash basis[22] - The company executed approximately 2.3 million square feet of new and renewal leases in Q4 2024 at a blended cash rent spread of +10.8%[26] - In Q4 2024, total leasing transactions reached 426, with a Gross Leasable Area (GLA) of 2,298,000 sq. ft. and a new base rent of $27.49 per sq. ft., reflecting a rent spread of 10.8%[107] - The total number of leasing transactions for the past 12 months was 1,662, with a GLA of 8,133,000 sq. ft. and an average new base rent of $26.99 per sq. ft., resulting in a rent spread of 9.5%[107] Development and Redevelopment - Initiated over $35 million in new development and redevelopment projects in Q4 2024, totaling $258 million for the year[22] - The company plans to spend approximately $250 million on development and redevelopment in 2025, compared to $228.8 million in 2024[28] - Ground-up development expenditures for Q4 2024 were $19.476 million, significantly higher than $6.690 million in Q4 2023, indicating a focus on expanding operational capacity[85] - The total estimated costs for ground-up developments and redevelopments in-process is $545 million, with 41% of costs incurred[104] Acquisitions and Dispositions - Regency completed acquisitions totaling approximately $92 million and dispositions totaling approximately $112 million in 2024[26] - The company completed property acquisitions totaling $91.9 million in 2024, with an average cap rate of 6.4%[99] - Dispositions in 2024 totaled $111.9 million, with an average cap rate of 5.4%[100] Debt and Financing - Pro-rata net debt and preferred stock to operating EBITDAre was 5.2x as of December 31, 2024[22] - Total Debt Outstanding as of December 31, 2024, was $4.409 billion, an increase from $4.154 billion as of December 31, 2023[88] - Fixed rate debt constituted 98.3% of total debt as of December 31, 2024, compared to 96.3% in the previous year, indicating a shift towards more stable financing[88] - The company reported a provision for impairment of real estate of $14.3 million for Q4 2024, compared to no provision in Q4 2023[66] Market Capitalization and Equity - The market equity value of common shares and equivalents as of December 31, 2024, was $13.489 billion, an increase from $12.441 billion in 2023[58] - Total market capitalization as of December 31, 2024, reached $18.636 billion, up from $17.263 billion in 2023[58] Future Guidance - Regency's 2025 guidance projects Net Income Attributable to Common Shareholders per diluted share to be between $2.25 and $2.31, up from $2.11 in 2024[28] - Full Year 2025 guidance for net income attributable to common shareholders per diluted share is projected to be between $2.25 and $2.31, compared to $2.11 in 2024[152] - Same property NOI growth for 2025 is guided at 3.2% to 4.0%, compared to 3.6% in 2024[152] Tenant and Property Mix - Grocery tenants account for 20% of the total ABR, followed by Quick Service/Fast Casual restaurants at 13%[120] - Shop tenants (defined as <10K SF) make up 57% of the ABR, while Anchor tenants (defined as >10K SF) account for 43%[120] - The company maintains a diverse tenant mix, enhancing stability and reducing vacancy risks across its portfolio[130] Operational Efficiency - The company is exploring new technology solutions to enhance operational efficiency and tenant engagement[130] - Future strategies include enhancing tenant mix and exploring new development opportunities to increase overall ABR and occupancy rates[118]

Financial Performance - Net income attributable to common shareholders for the nine months ended September 30, 2024, was $303.7 million, up from $273.1 million for the same period in 2023, representing an increase of approximately 11.5%[125] - Net income for the nine months ended September 30, 2024, was $321.2 million, an increase of $42.3 million compared to the same period in 2023[155] - Total lease income for the nine months ended September 30, 2024, increased by $115.8 million to $1.05 billion, driven by an $81.9 million increase in base rent[145] - Total lease income increased by $28.1 million to $349.1 million for the three months ended September 30, 2024, compared to $320.9 million in the same period of 2023[134] - Nareit FFO attributable to common stock and unit holders was $195.1 million for the three months and $591.4 million for the nine months ended September 30, 2024, compared to $182.8 million and $546.0 million in the same periods of 2023[161] - Core Operating Earnings reached $187.8 million for the three months and $570.1 million for the nine months ended September 30, 2024, compared to $174.0 million and $516.5 million in the same periods of 2023[161] Property and Leasing - As of September 30, 2024, the company owned interests in 483 retail properties, with a total gross leasable area (GLA) of approximately 57.2 million square feet[124] - The percentage leased for operating and development properties was 95.5% as of September 30, 2024, compared to 94.9% at the end of 2023[128] - The percentage leased for unconsolidated properties in real estate investment partnerships was 96.6% as of September 30, 2024, consistent with the previous period[128] - The total property portfolio was 95.6% leased as of September 30, 2024, compared to 94.6% a year earlier[129] - A total of 1,503 new and renewal leasing transactions were executed, representing 6.3 million Pro-rata SF with positive rent spreads of 9.0% for the nine months ended September 30, 2024[129] Revenue and Expenses - Total operating expenses for the nine months ended September 30, 2024, rose by $91.9 million to $703.1 million[147] - Total operating expenses rose by $24.5 million to $235.9 million for the three months ended September 30, 2024, compared to $211.3 million in 2023[138] - Interest expense, net, increased by $20.9 million to $133.1 million, primarily due to higher average outstanding balances and interest rates[151] - General and administrative costs increased by $4.2 million, attributed to various operational factors[151] - Real estate taxes increased by $18.4 million, primarily due to higher assessments across the portfolio[151] Cash Flow and Liquidity - The company generated cash flows from operating activities of $598.8 million for the nine months ended September 30, 2024, compared to $547.7 million in the same period of 2023[169] - Net cash provided by operating activities increased by $51.1 million to $598.8 million for the nine months ended September 30, 2024, compared to $547.7 million in 2023[174] - The company has $110.0 million of unrestricted cash and additional capital sources including a $1.5 billion line of credit with $1.46 billion available[167] - The company expects to continue paying dividends that meet the requirements to qualify as a REIT for federal income tax purposes[168] Development and Investment - The company invested $235.3 million in real estate development and capital improvements during the nine months ended September 30, 2024, an increase of $76.3 million from 2023[179] - Estimated Pro-rata project costs for current development projects totaled $618.3 million as of September 30, 2024, up from $468.1 million at December 31, 2023[129] - The company plans to continue developing and redeveloping shopping centers, with several projects in various stages of completion, including Baybrook East and Sienna Grande[182] Shareholder Returns - The company aims to create shareholder value by increasing earnings and dividends per share, targeting total returns at or near the top of its shopping center peers[127] - Preferred stock dividends increased by $8.6 million due to the preferred stock issued in connection with the UBP acquisition[156] - The company paid $47.2 million more in dividends due to an increase in the dividend rate per share and the number of shares outstanding, along with preferred dividends starting in late 2023[45] - The company repurchased common shares through its share repurchase program totaling $200.1 million in 2024, a significant increase from $20.0 million in 2023[183] Debt and Financing - The company had $1.6 billion in notes payable maturing through 2034, with 93.4% at a fixed interest rate of 3.9%[185] - The average interest rate for variable rate debt as of September 30, 2024, was 5.88%[192] - The company repaid $122.0 million in net proceeds from its Line and received $734.9 million from issuing unsecured public debt in 2024[45] - The company received a credit rating upgrade to A3 with a stable outlook from Moody's Investors Service[129] ESG and Corporate Responsibility - The company is committed to implementing leading environmental, social, and governance (ESG) practices through its Corporate Responsibility program[127] - The company has implemented mitigation strategies to address inflation-related cost increases in construction materials and labor, including fixed cost contracts and pre-ordering materials[170]

Financial Performance - Net Income Attributable to Common Shareholders for Q3 2024 was $98.1 million, or $0.54 per diluted share, compared to $89.1 million, or $0.50 per diluted share in Q3 2023, representing an 8.9% increase year-over-year[21] - Nareit FFO for Q3 2024 was $195.1 million, or $1.07 per diluted share, compared to $182.8 million, or $1.02 per diluted share in Q3 2023, reflecting a 9.2% increase year-over-year[26] - Core Operating Earnings for Q3 2024 was $187.8 million, or $1.03 per diluted share, compared to $174.0 million, or $0.97 per diluted share in Q3 2023, indicating a 7.0% increase year-over-year[27] - Total revenues for Q3 2024 increased to $360.3 million, up 8.9% from $330.6 million in Q3 2023[70] - Lease income rose to $349.1 million in Q3 2024, compared to $320.9 million in Q3 2023, reflecting a growth of 8.8%[70] - Net income attributable to common shareholders for Q3 2024 was $98,056,000, compared to $89,076,000 in Q3 2023, representing an increase of 10.6%[62] - Nareit Funds From Operations (FFO) for Q3 2024 was $195,085,000, up from $182,780,000 in Q3 2023, reflecting a year-over-year growth of 6.9%[62] - Core Operating Earnings for Q3 2024 reached $187,763,000, compared to $173,989,000 in Q3 2023, indicating an increase of 7.9%[62] Guidance and Projections - Updated 2024 Nareit FFO guidance to a range of $4.27 to $4.29 per diluted share, and Core Operating Earnings guidance to a range of $4.12 to $4.14 per diluted share, representing more than 5% year-over-year growth[24] - Full Year 2024 guidance for Net Income Attributable to Common Shareholders per diluted share is projected at $2.13 - $2.15, up from the previous guidance of $2.02 - $2.06[31] - Nareit Funds From Operations (FFO) per diluted share is expected to be $4.27 - $4.29, an increase from the prior guidance of $4.21 - $4.25[31] - Core Operating Earnings per diluted share guidance is set at $4.12 - $4.14, compared to the previous range of $4.06 - $4.10[31] - Same property NOI growth without termination fees or collection of 2020/2021 reserves is projected at +/- 3.50%, an increase from the previous estimate of +2.25% to +2.75%[31] Property Operations - Same Property NOI increased by 4.9% year-over-year in Q3 2024, with Same Property base rents contributing 2.7% to this growth[29] - Same Property portfolio was 96.1% leased as of September 30, 2024, an increase of 20 basis points sequentially and 80 basis points year-over-year[29] - Executed 1.8 million square feet of comparable new and renewal leases in Q3 2024 at blended rent spreads of +9.3% on a cash basis and +20.7% on a straight-lined basis[24] - Same Property NOI for the year to date increased by 2.4% to $702.8 million compared to $686.7 million in the previous year[39] - The percentage of leased retail operating properties improved to 95.9% in Q3 2024, up from 94.9% in Q3 2023[70] Acquisitions and Dispositions - The company acquired East Greenwich Square for approximately $33 million and University Commons for approximately $14 million[33] - The company disposed of Fenton Marketplace for approximately $12 million and an office building in Greenwich for approximately $3 million[33] - Acquired two grocery-anchored shopping centers for a total of $47 million at Regency's share, with one acquisition occurring after the quarter-end[24] - The company completed acquisitions totaling $78,155,000 in May and August 2024, with an average cap rate of 6.6%[101] - Dispositions in the first half of 2024 totaled $106,500,000, with an average cap rate of 5.4%[102] Debt and Financing - Priced a public offering of $325 million of senior unsecured notes due January 2035, with a coupon of 5.1%[24] - Outstanding debt as of September 30, 2024, was $4,966,828,000, compared to $4,688,805,000 at the end of 2023, representing an increase of 5.9%[62] - The pro-rata net debt and preferred stock to operating EBITDAre ratio is 5.2x as of September 30, 2024[33] - Total Debt Outstanding as of September 30, 2024, was $4,395,007, an increase from $4,153,949 at the end of 2023[87] - The weighted average contractual interest rate for fixed debt was 4.10% as of September 30, 2024, compared to 3.90% at the end of 2023[87] Development and Redevelopment - Started over $100 million in new development and redevelopment projects in Q3 2024, bringing the year-to-date total to $220 million[24] - Development and redevelopment expenditures for Q3 2024 were $65,940, significantly higher than $30,951 in Q3 2023, reflecting a growth of 113%[85] - Total in-process developments and redevelopments amount to $618 million, with 92% leased and an estimated stabilized yield of 9% +/-[104] - Ground-up developments have incurred costs of $237 million, with an average yield of 7% +/- and 73% leased[104] - Redevelopments total $382 million in costs, with 94% leased and an estimated yield of 10% +/-[104] Tenant and Leasing Information - The total annual base rent (ABR) as of September 30, 2024, reached $1,167,133,000, with an average ABR per sq. ft of $24.91 across 483 properties[119] - The company reported a total of 1,671 leasing transactions over the past 12 months, with a GLA of 7,900,000 sq. ft and an average new base rent of $27.14 per sq. ft[110] - The cash rent spread for new leases over the last 12 months was 18.0%, with a weighted average lease term of 9.5 years[110] - Grocery tenants contribute 20% to the total ABR, followed by Quick Service/Fast Casual restaurants at 13%[124] - The company has a significant tenant exposure, with 58% of ABR coming from shop tenants and 42% from anchor tenants[124] Market Presence and Strategy - The company has a significant presence in California, with multiple properties achieving over 95% leased status in major metropolitan areas[138] - Future expansion strategies may include increasing the GLA in high-demand areas to capitalize on market trends[140] - The company is focusing on maintaining high occupancy rates, with several properties achieving over 98% leased status[138] - The overall performance indicates a strong market presence and effective property management strategies, positioning the company for future growth[140] - The company is exploring potential acquisitions to enhance its portfolio and market presence in key regions[141]