Regency Centers(US:REG)2025-10-29 15:00Financial Performance & Guidance - The company forecasts mid-7% year-over-year growth in Nareit FFO per share at the midpoint of guidance[34] - Same property NOI growth is guided at +5.25% to +5.5%, increased from a prior range of +4.5% to +5.0%[30, 34] - Non-cash revenues are guided at +/- $49 million[30] - The company expects a weighted average diluted share count of approximately 184.5 million for the calculation of Nareit FFO in 2025[35] Portfolio & Operations - Over 85% of the portfolio is grocery-anchored neighborhood and community centers[24] - The company has more than $668 million of development and redevelopment projects in process[24] - The signed-not-occupied (SNO) pipeline represents ~$36 million of base rent, reflecting a 200bps leased-to-occupied spread[36, 41, 43] - Of the $36 million ABR in the SNO pipeline, 32% is expected to rent commence by year-end 2025, and 99% by year-end 2026[45] Capital Structure & Investments - Net Debt & Preferred Stock to Trailing 12-Month EBITDAre is 5.3x[24] - The company has ~$1.5 billion revolver availability as of 9/30/2025[24] - Total capitalization is $19.3 billion, with equity representing 70%[62] - The company commenced a new ground-up development project in Jacksonville, FL, with total project costs of ~$112 million and a stabilized yield of ~8%[52, 56]