Regency Centers(US:REG)2025-10-28 21:00Financial 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 7.8%[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 12.3%[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 7.6%[27]. - 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, up from $235.89 million in Q3 2024, representing a 3.4% rise[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]. - The company reported a net income attributable to noncontrolling interests of $3,244,000 for Q3 2025, compared to $2,107,000 in Q3 2024[42]. - Nareit Funds From Operations (Nareit FFO) for the year-to-date 2025 reached $636,379,000, up 7.6% from $591,420,000 in the same period of 2024[70]. 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, reflecting a 4.8% increase compared to $261,751,000 in Q3 2024[42]. - Year-to-date Same Property NOI reached $826,259,000, up 5.6% from $782,700,000 in the same period last year[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]. - 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 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]. - The overall occupancy rate across all properties was 96.0%, with a total GLA of 50,218,000 sq. ft.[126]. 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 Orange County, CA, for $357 million[24]. - The company completed property acquisitions totaling $538.5 million in 2025, with an average capitalization rate of 6.0%[109]. - Regency acquired a partner's 33.3% share in a property partnership for $10.3 million, consolidating it into its financial statements[107]. - The company has ongoing developments and redevelopments with a total estimated cost of $668 million, of which 51% has been incurred[113]. Debt and Financial Guidance - Regency's pro-rata net debt and preferred stock to TTM operating EBITDAre was 5.3x as of September 30, 2025[33]. - Outstanding debt increased to $5,490,222,000 as of September 30, 2025, compared to $4,984,071,000 at the end of 2024[70]. - The company reported a provision for impairment of real estate of $3.37 million in Q3 2025, compared to none in Q3 2024[83]. - 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]. - Full Year 2025 guidance for Net Income per diluted share is projected to be between $2.30 and $2.32, compared to prior guidance of $2.28 to $2.32[144]. - Interest expense, net and Preferred stock dividends guidance is set at $235,000 to $237,000, consistent with prior guidance[144]. Dividends - The Board declared a quarterly cash dividend of $0.755 per share, an increase of more than 7%[24]. - The company declared dividends of $0.705 per common share for Q3 2025, up from $0.670 in Q3 2024, reflecting a payout ratio of 64.7%[70]. - The Board declared a quarterly cash dividend of $0.755 per share, reflecting a 7.1% increase, payable on January 6, 2026[33]. Market and Economic Outlook - Forward-looking statements indicate that the company anticipates potential impacts from economic and geopolitical challenges on its operations[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].