Regency Centers Q3 FFO Meet Estimates, Same-Property NOI Rises

Core Insights - Regency Centers Corporation (REG) reported third-quarter 2025 NAREIT funds from operations (FFO) per share of $1.15, reflecting a 7.5% increase year-over-year and meeting the Zacks Consensus Estimate [1][9] - The company experienced strong leasing activity, with improvements in same-property net operating income (NOI) and base rents, leading to an increased 2025 NAREIT FFO per share outlook [1][11] Financial Performance - Total revenues for the quarter reached $387.6 million, a 7.6% increase from the previous year, surpassing the Zacks Consensus Estimate of $385.3 million [2][9] - Same-property NOI, excluding lease termination fees, rose 4.8% year-over-year to $273.5 million, driven by a 4.7% increase in same-property base rent growth [4][9] Leasing Activity - Regency Centers executed approximately 1.8 million square feet of comparable new and renewal leases at a blended cash rent spread of 12.8% during the third quarter [3] - As of September 30, 2025, the same property portfolio was 96.4% leased, an increase of 40 basis points year-over-year [3] Dividend and Capital Allocation - The board of directors declared a quarterly cash dividend of 75.5 cents per share, reflecting an increase of over 7% from the prior payout [2] - The company has deployed more than $750 million into accretive investments this year, enhancing organic growth [2] Portfolio Activity - In Q3 2025, Regency Centers acquired a portfolio of five shopping centers for $357 million and disposed of five assets for approximately $32 million [6][7] - The company also acquired its partner's interests in several properties, increasing its ownership to 100% in those assets [7] Balance Sheet and Outlook - As of September 30, 2025, Regency Centers had nearly $1.5 billion of capacity under its revolving credit facility, with a pro-rata net debt and preferred stock to trailing 12 months operating EBITDAre ratio of 5.3X [10] - The company raised its 2025 NAREIT FFO per share guidance to a range of $4.62-$4.64, compared to the previous guidance of $4.59-$4.63 [11]