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 were $202,610,000, reflecting an increase of $14,847,000 (7.9%) from Q3 2024 [173]. - AFFO for Q3 2025 was $176,522,000, up from $158,216,000 in Q3 2024, representing a growth of 11.5% [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 weighted-average base rent PSF on signed Shop Space leases for the nine months ended September 30, 2025, is $41.39, reflecting a positive rent spread of 10.4% compared to the previous year [140]. - Base rent increased by $12,259,000 (4.5%) for Q3 2025 and $34,056,000 (4.2%) for the nine months ended September 30, 2025, driven by contractual rent steps and increased occupancy [170]. - Uncollectible lease income decreased by $2,058,000 during the nine months ended September 30, 2025, indicating improved collection rates [170]. Capital Structure and Financing - 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 utilize cash flows from operations, borrowings, and proceeds from real estate sales to meet long-term capital needs [176]. - 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 expects to repay maturing notes payable from new borrowings and/or partner capital contributions, with potential higher interest expenses if refinancing occurs in a high-rate environment [200]. - The average interest rate for fixed rate debt is projected to range from 4.19% to 4.79% over the next five years, while the variable rate debt is at 4.97% [209]. - The company has the capacity to fund its pro-rata share of capital requirements from existing cash balances and operating cash flows [201]. Development and Investment - 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 increased to $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 [193]. - Total net development costs for in-process developments amount to $371.1 million, with 54% of costs incurred as of September 30, 2025 [196]. - The Shops at SunVet in Long Island, NY has the highest estimated project cost of $92.9 million, with 86% of costs incurred [196]. Corporate Responsibility and Strategy - The company focuses on owning and managing high-quality neighborhood and community shopping centers, primarily anchored by market-leading grocers [135]. - 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 emphasizes corporate responsibility practices to support and enhance its business goals and objectives [136]. - The company continuously monitors capital market conditions to assess its ability to access financing for maturing debt obligations [205]. Cash Flow and Liquidity - Cash flows from operations for the nine months ended September 30, 2025, were $623.7 million, an increase of $24.9 million from $598.8 million in 2024 [183]. - Total cash, cash equivalents, and restricted cash as of September 30, 2025, amounted to $205.6 million, up from $114.8 million in 2024 [189]. - 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]. - Net cash used in investing activities increased by $195.6 million, totaling $404.7 million for the nine months ended September 30, 2025 [190]. - Net cash used in financing activities decreased by $290.9 million, from $(366.3) million in 2024 to $(75.3) million in 2025 [197].

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 11.9%[25] - 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 9.8%[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 10.2%[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] - Nareit Funds From Operations (Nareit FFO) for Q3 2025 reached $213,499,000, up 9.4% from $195,085,000 in Q3 2024[70] - Core Operating Earnings for Q3 2025 were $202,610,000, reflecting a 7.9% increase compared to $187,763,000 in Q3 2024[70] - Total revenues for Q3 2025 reached $387.57 million, a 7.3% increase from $360.27 million in Q3 2024[83] - Total operating expenses increased to $244.18 million in Q3 2025 from $235.89 million in Q3 2024, marking a rise of 3.4%[83] 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] - Same Property NOI without Termination Fees for Q3 2025 was $273,460,000, also showing a 4.8% increase from $261,002,000 in Q3 2024[42] - The company reported a total NOI of $281,868,000 for Q3 2025, compared to $261,160,000 in Q3 2024, marking a 7.9% increase[42] - Management highlighted that the increase in NOI was driven by improved rental rates and occupancy levels across properties[42] - Same Property percent leased at the end of Q3 2025 was 96.4%, an increase of 40 basis points year-over-year, while Same Property percent commenced was 94.4%, up 190 basis points year-over-year[24] Development and Acquisitions - Regency started over $170 million in new development and redevelopment projects during the quarter, bringing the year-to-date total to approximately $220 million[24] - The company acquired a portfolio of five shopping centers in Rancho Mission Viejo, CA, for $357 million[24] - Regency commenced development projects with estimated net costs of approximately $170 million in Q3 2025, including significant projects in Jacksonville, FL, and the San Francisco Bay Area[30] - The company completed property acquisitions totaling $538.5 million in 2025, enhancing its real estate portfolio[109] Debt and Financial Health - Pro-rata net debt and preferred stock to TTM operating EBITDAre at September 30, 2025 was 5.3x[24] - Total Debt Outstanding as of September 30, 2025, was $4.92 billion, an increase from $4.41 billion at the end of 2024, indicating a 11.5% rise[99] - Outstanding debt as of September 30, 2025, was $5,490,222,000, an increase from $4,984,071,000 as of December 31, 2024[70] - The company has a fixed charge coverage ratio of 4.6x and an interest coverage ratio of 5.2x as of September 30, 2025, indicating strong financial health[103] - The company's total consolidated debt to total consolidated assets ratio is 28% as of September 30, 2025, well below the required maximum of 65%[103] Guidance and Future Outlook - The company raised its 2025 Nareit FFO guidance to a range of $4.62 to $4.64 per diluted share, representing over 7% year-over-year growth[24] - Full year 2025 guidance for Nareit FFO per diluted share is updated to $4.62 - $4.64, up from the prior guidance of $4.59 - $4.63[35] - Core Operating Earnings per diluted share guidance for 2025 is updated to $4.39 - $4.41, compared to the previous range of $4.36 - $4.40[35] - Forward-looking statements indicate expectations for continued growth in rental income and property performance in 2026[55] Leasing Activity - The company executed 1.8 million square feet of comparable new and renewal leases during the quarter with blended rent spreads of +12.8% on a cash basis and +22.9% on a straight-lined basis[24] - In Q3 2025, total leasing transactions reached 366, with a Gross Leasable Area (GLA) of 1,821,000 sq. ft., and a new base rent of $27.88 per sq. ft., reflecting a rent spread of 12.8%[118] - The total number of renewals in Q3 2025 was 274 transactions, covering 1,481,000 sq. ft., with a new base rent of $26.80 per sq. ft. and a cash rent spread of 9.3%[118] - The weighted average lease term for new leases was 10.3 years as of September 30, 2025, indicating a stable leasing strategy[122] Market Presence and Tenant Composition - The company has a significant tenant exposure, with 58% of ABR coming from shop tenants and 42% from anchor tenants[131] - Grocery tenants represent 20% of the total ABR, while Quick Service/Fast Casual restaurants account for 14%[131] - The company maintains a strong presence in major metropolitan areas, with significant market share in New York-Newark-Jersey City and Miami-Ft Lauderdale-Pompano Beach[129]

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, reflecting a slight increase [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 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]. - Core Operating Earnings for the first half of 2025 were $401.7 million, compared to $382.3 million in the same period of 2024, reflecting a growth of 5.1% [166]. Leasing Activity - 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 company executed 984 leasing transactions representing 4.1 million Pro-rata square feet with positive rent spreads of 8.9% during the six months ended June 30, 2024, for comparison [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]. Property Portfolio - 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’s properties include approximately 57.6 million square feet of gross leasable area across 483 retail properties as of June 30, 2025 [132]. - The total number of properties in the consolidated portfolio increased to 380 as of June 30, 2025, with a gross leasable area (GLA) of 44,343 thousand square feet [135]. - The overall occupancy rate for all properties was 96.2% as of June 30, 2025, slightly down from 96.3% at the end of 2024 [135]. Financial Position and Capital Structure - The company supports its business activities with a conservative capital structure and a strong balance sheet to meet capital needs [133]. - The company has $556.4 million of loans maturing within the next 12 months, which it plans to refinance or pay off [136]. - The company issued $400 million of senior unsecured notes due 2032 with a coupon rate of 5.0% on May 13, 2025 [136]. - As of June 30, 2025, the company has a total fixed rate debt of $4.8 billion with a fair value of $4.65 billion [202]. - The company plans to manage interest rate risk by primarily borrowing at fixed rates and utilizing derivative financial instruments [200]. Cash Flow and Investments - Cash flows from operations for the six months ended June 30, 2025, were $405.1 million, an increase of $33.9 million compared to $371.2 million in 2024 [177][183]. - The company invested $204.7 million in real estate development and capital improvements during the six months ended June 30, 2025, compared to $141.8 million in 2024, marking an increase of $62.9 million [187]. - Net cash used in investing activities was $372.7 million for the six months ended June 30, 2025, a significant increase of $258.6 million from $114.1 million in 2024 [183][184]. - 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 a net change of $92.9 million [183]. - The company plans to require approximately $982.5 million in capital over the next 12 months for various projects, including leasing commissions and tenant improvements [178]. Debt and Interest Rates - The weighted average fixed interest rate on notes payable is 3.9%, while the variable interest rate is 6.6% as of June 30, 2025 [193]. - The variable interest rate on the company's line of credit as of June 30, 2025, is 5.145%, which includes an applicable margin of 0.685% [200]. - The average interest rate for fixed rate debt is projected to range from 4.19% to 4.83% across the years 2025 to 2029 [202]. - The company continuously monitors capital markets to evaluate its ability to issue new debt and repay maturing obligations [197]. - The company does not engage in derivative transactions for speculative purposes, focusing instead on interest rate protection [200]. Challenges and Risks - The company continues to face challenges from permitting delays and labor shortages, which may impact project completion timelines [178]. - The tenants currently in bankruptcy represent only 0.3% of the company's pro-rata annual base rent as of June 30, 2025 [141]. - 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]. - The company is actively monitoring interest rate risks and considering strategies such as interest rate swaps to mitigate exposure [170]. - 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 December 31, 2024 [136].

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 3.8%[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] - Total revenues for Q2 2025 reached $380.8 million, a 6.5% increase from $357.3 million in Q2 2024[82] - Net income attributable to common shareholders for the first half of 2025 was $208.8 million, compared to $205.6 million in the same period of 2024, reflecting a 1.1% increase[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] Property Operations - Same Property NOI increased by 7.4% year-over-year for Q2 2025, with Same Property base rent growth contributing 4.5% to this increase[29] - Same Property percent leased was 96.5% at the end of Q2 2025, an increase of 100 basis points compared to the same period in 2024[29] - Same Property NOI for the three months ended June 30, 2025, was $276,888 million, reflecting a 7.5% increase compared to $257,596 million in 2024[91] - Same property NOI growth without termination fees year-to-date was 5.8%, compared to 4.3% in the previous year[72] Leasing Activity - The Company executed approximately 1.9 million square feet of comparable new and renewal leases during Q2 2025, achieving blended cash rent spreads of +10.0% and +19.3% on a straight-lined basis[29] - New leases in Q2 2025 totaled 102 transactions, with a new base rent of $36.73 per square foot and a cash rent spread of 14.4%[116] - Renewals in Q2 2025 accounted for 320 transactions, with a new base rent of $24.54 per square foot and a cash rent spread of 8.9%[116] Development and Acquisitions - Regency's in-process development and redevelopment projects had estimated net project costs of $518 million at a blended estimated yield of 9% as of June 30, 2025[23] - Subsequent to the quarter end, Regency acquired a portfolio of five shopping centers in Orange County, CA, for $357 million[23] - The company acquired properties totaling $138.3 million in purchase price during the first half of 2025, with an average cap rate of 5.5%[108] 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, compared to $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] Guidance and Projections - The midpoint of the increased 2025 Nareit FFO guidance represents more than 7% year-over-year growth, with guidance raised to a range of $4.59 to $4.63 per diluted share[23] - Full Year 2025 guidance for Net Income Attributable to Common Shareholders per diluted share is projected to be between $2.28 and $2.32, up from the prior guidance of $2.25 to $2.31[142] - Same property NOI growth without termination fees is projected to be between 4.5% and 5.0%, an increase from the previous estimate of 3.2% to 4.0%[142] Risks and Uncertainties - Economic and geopolitical factors, including interest rates and market conditions, may adversely impact the Company's financial condition and operations[56] - The Company faces risks related to retail market conditions, including shifts in consumer behavior and the success of anchor tenants, which could affect revenues and cash flow[58] - The Company is subject to various risks associated with real estate investments, including potential declines in asset values and challenges in property acquisitions[59] Non-GAAP Measures - Nareit FFO is a key performance measure for the Company, reflecting net income excluding gains on sale and impairments of real estate, plus depreciation and amortization related to real estate[48] - Core Operating Earnings exclude transaction-related income or expenses and certain non-cash components, providing a clearer view of operational performance[49] - Adjusted Funds From Operations (AFFO) reflects cash available for business needs and distributions to shareholders, calculated by adjusting Core Operating Earnings for capital expenditures and other costs[50]

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, up 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 per diluted share for 2025 is projected to be between $2.25 and $2.31, consistent with previous guidance[31] - Nareit Funds From Operations (FFO) per diluted share is expected to be between $4.52 and $4.58 for 2025, unchanged from prior guidance[31] - Core Operating Earnings per diluted share guidance for 2025 is also set at $4.30 to $4.36, maintaining previous estimates[31] Property and Leasing Performance - Same Property NOI increased by 4.3% year-over-year, excluding lease termination fees, with base rents contributing 4.0% to this growth[23] - Same Property percent leased ended the quarter at 96.5%, an increase of 100 basis points year-over-year[23] - Executed 1.4 million square feet of comparable new and renewal leases during Q1 2025 at blended rent spreads of +8.1% on a cash basis and +18.6% on a straight-lined basis[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] - The percentage of leased retail operating properties remained stable at 96.5% for Q1 2025, consistent with Q4 2024[77] Acquisitions and Developments - 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] - 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% +/-[106] Debt and Financial Ratios - Pro-rata net debt and preferred stock to operating EBITDAre was 5.3x as of March 31, 2025[23] - Outstanding debt rose to $5,208,574 as of March 31, 2025, compared to $4,984,071 at the end of 2024, indicating increased leverage[65] - 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, reflecting a growth of 5.3%[93] - The company's total consolidated debt to total consolidated assets ratio is 27%, well below the required maximum of 65%[98] - The fixed charge coverage ratio is 4.7x, demonstrating strong ability to cover fixed financial obligations[98] Revenue and Income Growth - Total revenues for Q1 2025 increased to $380,912,000, up from $363,852,000 in Q1 2024, representing a growth of 4.3%[77] - Lease income rose to $371,079,000 in Q1 2025, compared to $353,106,000 in Q1 2024, reflecting an increase of 5.1%[77] - The company reported a consolidated NOI of $247,796 for the three months ended March 31, 2025, compared to $239,334 in 2024[80] 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] Market and Portfolio Overview - The company reported a total of 483 properties as of March 31, 2025, unchanged from the previous quarter[67] - The total gross leasable area (GLA) for all properties increased to 57,654,000 square feet as of March 31, 2025, from 57,013,000 square feet a year earlier[67] - The company has a diverse portfolio with properties in multiple states, enhancing its market presence and revenue stability[4] Future Guidance and Projections - Same property NOI growth without termination fees is projected at 4.3%, aligning with previous guidance of +3.2% to +4.0%[31] - General and administrative (G&A) expense is guided at $93,000 to $96,000 for 2025, with a year-to-date actual of $22,193[138] - Development and redevelopment spend is guided at approximately +/- $250,000 for 2025, with a year-to-date actual of $66,906[138]

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%[176]. - The company reported a revenue increase of 7.8% year-over-year, reaching $788 million[2]. - The company reported a revenue increase of 8.7% year-over-year, reaching $1.5 billion in Q3 2023[1]. - The company reported a revenue increase of 16.5% year-over-year, reaching $2.26 billion[1]. - The company reported a revenue increase of 20% in 2023, reaching $4.1 billion[1]. - The company reported a year-over-year revenue growth of 32.1% for the latest quarter, reaching $871 million[182]. - The company reported a revenue increase of 14.8% year-over-year, reaching $2.65 billion[1]. - The company reported a revenue increase of 4.2% year-over-year, reaching $28.49 billion[1]. Growth Strategy - The company plans to expand its market presence by acquiring new properties, targeting a 40% increase in portfolio size by 2025[176]. - The company is expanding its market presence with plans to open 50 new locations by the end of the year[2]. - The company is expanding its market presence in Europe, targeting a 20% market share by the end of 2024[5]. - The company is expanding its market presence with plans to open 10 new locations in key urban areas[5]. - The company plans to enter three new markets in 2024, targeting a 20% market share within the first year[1]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of $300 million allocated for potential mergers[183]. Operational Efficiency - The company aims to improve operational efficiency, targeting a 5% reduction in costs by the next quarter[2]. - The company has implemented cost-cutting measures that are expected to save $30 million annually[177]. - The company plans to invest $1.5 billion in technology upgrades to enhance operational efficiency and customer experience[1]. - The company is investing in new technology for property management to streamline operations and reduce costs[186]. Sustainability Initiatives - 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]. - The company plans to invest in sustainability initiatives, aiming for a 20% reduction in carbon footprint by 2025[178]. - A focus on sustainability initiatives is expected to drive long-term growth and customer loyalty[176]. Tenant and Lease Information - The company maintains a diverse tenant base, with significant contributions from retailers such as Kroger Co. and Amazon/Whole Foods, each contributing approximately 2.6% to the total annualized base rent[169]. - The company’s properties in California have a GLA of 8,355 thousand square feet, with a leased percentage of 96.0% as of December 31, 2024[165]. - The company reported a total of 140,467 holders of common stock as of February 7, 2025[192]. - The total property portfolio was 96.3% leased as of December 31, 2024, an increase from 95.1% in 2023[201]. 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 face challenges in collecting rents from tenants who file for bankruptcy, potentially leading to significant revenue reductions[92]. Corporate Governance - Regency Centers Corporation is committed to best-in-class corporate governance, emphasizing integrity and transparency in its reporting practices[49]. - The company is committed to transparency in its financial reporting, providing reconciliations of non-GAAP measures to GAAP measures to assist investors in understanding operational results[66]. Market Conditions - Geopolitical challenges, including conflicts and economic uncertainties, may negatively impact consumer spending in the U.S., affecting the company's financial condition and results of operations[80]. - The geographic concentration of properties in California (23.4%), Florida (20.5%), and New York-Newark-Jersey City (12.3%) may expose the company to greater risks if market conditions deteriorate in these areas[87]. Future Outlook - Future outlook remains positive, with anticipated market expansion in key regions such as San Francisco and Oakland[176]. - The company provided a future outlook with a revenue guidance of $1.5 billion for the next quarter, representing a 10% increase[1]. - The company provided a future outlook with a revenue guidance of $30 billion for the next quarter, representing a 5% increase[3].

Financial Performance - Net Income Attributable to Common Shareholders for Q4 2024 was $0.46 per diluted share, compared to $0.47 per diluted share in Q4 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 Q4 2024 was $83.066 million, a decrease from $86.361 million in Q4 2023, while the full year net income increased to $386.738 million from $359.500 million[83] Funds from Operations - Nareit FFO for Q4 2024 was reported at $1.09 per diluted share, with a full year total of $4.30 per diluted share[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, reflecting a 7.9% increase[24] - Nareit Funds From Operations (Nareit FFO) for Q4 2024 increased to $199.472 million, up 4.3% from $190.038 million in Q4 2023[58] - Nareit Funds From Operations (Nareit FFO) per diluted share is expected to be between $4.52 and $4.58 for 2025, up from $4.30 in 2024[152] Core Operating Earnings - Core Operating Earnings for Q4 2024 were $1.04 per diluted share, with a full year total of $4.13 per diluted share[22] - Core Operating Earnings for Q4 2024 were $190.6 million, or $1.04 per diluted share, up from $184.4 million, or $0.99 per diluted share in Q4 2023, indicating a 6.2% growth[24] - Core Operating Earnings for Q4 2024 reached $190.578 million, compared to $184.381 million in Q4 2023, and full year Core Operating Earnings increased to $760.662 million from $700.856 million[83] Same Property Performance - Same Property NOI increased by 4.0% year-over-year for Q4 2024 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] - Same Property NOI for Q4 2024 was $237,033,000, reflecting a 3.8% increase compared to $228,381,000 in Q4 2023[36] - Full year 2024 Same Property NOI growth was 3.6%, with guidance for 2025 set between +3.2% to +4.0%[28] Leasing Activity - Executed 8.1 million square feet of comparable new and renewal leases during the full year, achieving blended rent spreads of +9.5% on a cash basis[22] - Regency 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] 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 started development and redevelopment projects with estimated net project costs of approximately $258 million in 2024, including over $35 million in Q4[26] - Development and redevelopment spending for 2025 is estimated at approximately $250,000,000, compared to $228,847,000 in 2024[152] Debt and Financial Ratios - Pro-rata net debt and preferred stock to operating EBITDAre was 5.2x as of December 31, 2024[22] - Outstanding debt as of December 31, 2024, was $4.984 billion, up from $4.689 billion in 2023[58] - The company maintains a net debt to total market capitalization ratio of 24.1% as of December 31, 2024, reflecting a stable financial position[92] - The interest coverage ratio stands at 5.3x for the quarter ending December 31, 2024, indicating strong ability to meet interest obligations[92] Dividend Information - A quarterly cash dividend of $0.705 per share was declared on February 4, 2025[22] - The company declared dividends of $0.705 per common share for Q4 2024, up from $0.67 in Q4 2023[58] Market and Asset Overview - 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, compared to $17.264 billion in 2023[58] - Total assets as of December 31, 2024, were $1.02 billion, an increase from $936.4 million in 2023[71] Strategic Initiatives - The company’s management highlighted ongoing efforts in market expansion and new product development as part of their strategic initiatives moving forward[66] - The company is exploring potential acquisitions to further diversify its portfolio and enhance market presence[130] - Future strategies include enhancing tenant mix and exploring new acquisition opportunities to drive growth[140]

Financial Performance - Net income attributable to common shareholders for the nine months ended September 30, 2024, was $303.7 million, an increase of 11.4% compared to $273.1 million for the same period in 2023[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] - Net income attributable to common shareholders was $98.1 million for the three months and $303.7 million for the nine months ended September 30, 2024, representing increases of 10.6% and 11.2%, respectively[161] - 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, reflecting increases of 6.7% and 8.3%, respectively[161] - Core Operating Earnings reached $187.8 million for the three months and $570.1 million for the nine months ended September 30, 2024, up 7.9% and 10.4%, respectively[161] Property and Leasing - As of September 30, 2024, the company owned interests in 483 retail properties, totaling approximately 57.2 million square feet of gross leasable area (GLA)[124] - The percentage leased for operating and development properties increased to 95.5% as of September 30, 2024, compared to 94.9% at the end of 2023[128] - The percentage leased for unconsolidated properties remained stable at 96.6% for both operating and development properties as of September 30, 2024[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 Income - 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] - 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] - Base rent increased by $19.2 million, primarily due to a $12.9 million increase from the acquisition of UBP and a $5.1 million net increase from same properties[137] - Base rent increased by $6.0 million (2.5%) for the three months and by $18.7 million (2.6%) for the nine months ended September 30, 2024, driven by rent steps in existing leases and increased occupancy[160] Expenses and Costs - Operating expenses rose to $235.9 million for the three months ended September 30, 2024, an increase of $24.5 million from $211.3 million in 2023[138] - Total operating expenses for the nine months ended September 30, 2024, rose by $91.9 million to $703.1 million, with significant increases in depreciation and property operating expenses[147] - General and administrative costs increased by $4.2 million, mainly due to higher compensation costs and technology support services[151] - Real estate taxes increased by $18.4 million, primarily due to higher assessments across the portfolio[151] - Interest expense, net, increased by $20.9 million to $133.1 million, primarily due to higher average outstanding balances and interest rates[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 for the same period in 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 REIT qualification requirements, having paid $381.5 million in dividends to common and preferred stockholders during the nine months ended September 30, 2024[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 the previous year[179] - Estimated Pro-rata project costs for current development and redevelopment 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] 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] - A 100 basis point increase in interest rates is estimated to decrease future earnings and cash flows by approximately $0.3 million per year based on $33.8 million of floating rate mortgage debt[189] - Net cash used in financing activities increased by $62.4 million to $366.3 million for the nine months ended September 30, 2024, compared to $303.9 million in 2023[183] - The company repaid $122.0 million in net proceeds from its Line of credit in 2024[45] 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, reflecting a full nine months of dividends related to the UBP acquisition[156] - 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] - The company paid $47.2 million more in dividends in 2024 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] 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 were $187.8 million, or $1.03 per diluted share, up from $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, a 8.7% increase compared to $320.9 million in the same quarter last year[70]. - Net income attributable to common shareholders for Q3 2024 was $98,056, compared to $89,076 in Q3 2023, reflecting a year-over-year increase of 10.6%[38]. - Nareit FFO for the year-to-date 2024 was $591,420, up from $546,048 in the same period of 2023, representing an increase of 8.3%[38]. - Same Property NOI for Q3 2024 was $235,588, a 4.2% increase from $225,999 in Q3 2023[39]. - Total market capitalization as of September 30, 2024, was $18,266,139,000, up from $17,263,582,000 at the end of 2023, indicating a growth of 5.8%[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 over 5% year-over-year growth at the midpoint[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]. Leasing and Occupancy - Same Property percent leased reached 96.1%, 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, with blended cash rent spreads of +9.3% and blended straight-lined rent spreads of +20.7%[29]. - The percentage of leased retail operating properties improved to 95.9%, compared to 94.9% in Q3 2023[70]. - The total annual base rent (ABR) as of September 30, 2024, was $1,167,133,000, with an average ABR per sq. ft. of $24.91 across 483 properties[119]. - The total number of leases signed but not yet commenced as of September 30, 2024, was 336, covering 1,824,000 sq. ft. with an annual ABR of $48,643,000[116]. Development and Acquisitions - Initiated over $100 million in new development and redevelopment projects in Q3 2024, bringing the year-to-date total to $220 million[24]. - The company acquired East Greenwich Square for approximately $33 million and University Commons for about $14 million, while disposing of Fenton Marketplace for $12 million and an office building in Greenwich for $3 million[33]. - The company completed acquisitions totaling $78,155,000 in May and August 2024, with properties including Compo Shopping Center and East Greenwich Square[101]. - Dispositions in early 2024 totaled $106,500,000, including properties like Glengary Shoppes and Tamarac Town Square[102]. Debt and Financial Position - 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]. - Total liabilities decreased to $611.6 million from $565.8 million, a reduction of 8.1%[75]. - The company has a total of $4,395,007,000 in debt, with an overall effective interest rate of 4.10%[90]. - The average interest rate on total debt is 4.08% as of September 30, 2024, compared to 3.9% as of December 31, 2023[95]. - The company has a cash and cash equivalents balance of $73,731,000 and tenant receivables of $91,403,000[167]. Market and Tenant Overview - Grocery tenants represent 20% of the total ABR, while quick service/fast casual restaurants account for 13%[124]. - The company has a significant tenant exposure, with 58% of ABR coming from shop tenants and 42% from anchor tenants[124]. - Major tenants across the portfolio include CVS, Safeway, and Target, indicating a strong retail presence in the properties[135]. - The average base rent per square foot across various properties ranges from $7.29 to $57.98, with notable examples including $57.98 at Bayhill Shopping Center and $7.29 at Golden Hills Plaza[135]. Future Strategies - The company anticipates continued growth in 2024, with forward-looking statements indicating expectations based on reasonable assumptions, though actual results may differ due to various risks[47]. - Future expansion strategies may include increasing the percentage of leased properties and enhancing tenant mix to improve overall performance[135]. - The company is focusing on expanding its presence in the Bridgeport-Stamford-Norwalk area, which has shown strong leasing performance[141]. - Future guidance indicates a projected increase in rental income by 5% for the next fiscal year[146]. - The company is actively monitoring market trends to identify potential acquisition opportunities that align with its growth strategy[145].

Financial Performance - Net income attributable to common shareholders for the six months ended June 30, 2024, was $205.6 million, an increase from $184.1 million for the same period in 2023[138] - Net income attributable to common shareholders increased by $12.5 million, reaching $99.3 million compared to $86.8 million in the previous year[152] - Total revenues for the six months ended June 30, 2024, were $721.1 million, up from $632.2 million in 2023, marking an increase of $88.9 million[154] - Net income attributable to common shareholders for the three months ended June 30, 2024, was $99.3 million, up from $86.8 million in 2023[166] - Nareit FFO attributable to common stock and unit holders increased to $196.4 million for the three months ended June 30, 2024, compared to $176.8 million in 2023[167] - Core Operating Earnings for the three months ended June 30, 2024, were $189.3 million, an increase from $164.7 million in 2023[167] Property and Leasing - As of June 30, 2024, the company had a total of 380 properties with a gross leasable area (GLA) of 43,815 thousand square feet, compared to 381 properties and 43,758 thousand square feet as of December 31, 2023[138] - The percentage leased for operating and development properties remained stable at 94.9% as of June 30, 2024[138] - The percentage leased for operating properties was 95.3%, slightly down from 95.4% as of December 31, 2023[138] - A total of 984 new and renewal leasing transactions were executed, representing 4.1 million Pro-rata SF with positive rent spreads of 8.9% for the six months ended June 30, 2024[139] - The total property portfolio was 95.0% leased as of June 30, 2024, compared to 94.6% as of June 30, 2023[139] Revenue and Income - Total lease income increased by $43.4 million to $347.8 million for the three months ended June 30, 2024, primarily due to a $31.5 million increase in base rent[144][146] - Total lease income rose by $87.7 million, driven by a $62.7 million increase in base rent, largely from the UBP acquisition[154] - Base rent increased by $6.4 million (2.7%) and $12.7 million (2.7%) for the three and six months ended June 30, 2024, respectively, due to positive rental spreads and increased occupancy[165] Expenses and Costs - Operating expenses increased by $30.4 million to $233.2 million for the three months ended June 30, 2024, with depreciation and amortization costs rising by $17.8 million[147] - Depreciation and amortization costs increased by $32.7 million, reflecting higher asset values post-acquisition[156] - Interest expense, net increased by $6.2 million, with interest on notes payable rising to $46.9 million from $37.2 million[148] - Interest expense, net for the six months ended June 30, 2024, was $86.0 million, an increase of $12.7 million from the previous year[159] Development and Investment - Estimated Pro-rata project costs for current development projects totaled $577.6 million as of June 30, 2024, up from $468.1 million at December 31, 2023[139] - The company invested $141.8 million in real estate development and capital improvements during the first half of 2024, a $41.7 million increase from 2023[184] - The company has ongoing development projects with estimated net development costs totaling $220.5 million, with 49% of costs incurred as of June 30, 2024[185] - Redevelopment projects in process have estimated net project costs of $357.1 million, with 49% of costs incurred[187] Capital Structure and Liquidity - The company focuses on maintaining a conservative capital structure and sufficient liquidity to fund investment opportunities and debt maturities[138] - The company has $73.8 million of unrestricted cash and additional capital sources including a $1.5 billion line of credit with $1.18 billion available[173] - The company estimates a capital requirement of approximately $530.6 million over the next 12 months for leasing commissions, tenant improvements, and debt repayment[176] - Compliance with financial covenants was maintained as of June 30, 2024, ensuring continued borrowing capacity[179] 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[137] - The company declared a common stock dividend of $0.67 per share, payable on October 3, 2024[174] - The company plans to continue paying dividends that meet REIT qualification requirements, having paid $255.4 million in dividends to common and preferred stockholders during the six months ended June 30, 2024[175] Environmental and Social Responsibility - The company is committed to implementing leading environmental, social, and governance (ESG) practices through its Corporate Responsibility program[137] - The company emphasizes the importance of a talented and diverse team to drive innovation and continuous improvement[137] Market and Economic Conditions - The company has implemented strategies to mitigate inflation impacts on construction costs, including fixed cost contracts and pre-ordering materials[176] - The company expects that a 100 basis point increase in interest rates could decrease future earnings and cash flows by approximately $3.1 million annually based on $313.8 million of floating rate mortgage debt[198] Credit and Ratings - Regency received a credit rating upgrade to A3 with a stable outlook from Moody's Investors Service[139]