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]
Regency Centers(REGCO) - 2025 Q3 - Quarterly Results