Fourth Quarter and Full Year 2025 Highlights
Reported Nareit FFO of $1.17 per diluted share for the fourth quarter, and $4.64 per diluted share for the full year
Reported Core Operating Earnings of $1.12 per diluted share for the fourth quarter, and $4.41 per diluted share for the full year
Generated full-year Nareit FFO per share growth of 7.9% and Core Operating Earnings per share growth of 6.8%
Increased Same Property Net Operating Income ("NOI") for the fourth quarter by 4.7% year-over-year, and for the full year by 5.3%, excluding termination fees
Increased Same Property percent leased by 10 basis points sequentially to 96.5%
Executed 6.8 million square feet of comparable new and renewal leases during the full year at blended rent spreads of 10.8% on a cash basis and 21.4% on a straight-lined basis
Started $97 million of new development and redevelopment projects in the fourth quarter, bringing full year total project starts to approximately $318 million
Completed $164 million of development and redevelopment projects in the fourth quarter, bringing full year total project completions to approximately $212 million
As of December 31, 2025, Regency's in-process development and redevelopment projects had estimated net project costs of $597 million at a blended estimated yield of 9%
During the full year 2025, acquired approximately $538 million of high-quality shopping centers
Pro-rata net debt and preferred stock to TTM operating EBITDAre at December 31, 2025 was 5.1x
Subsequent to quarter end, on February 4, 2026, Regency's Board of Directors (the "Board") declared a quarterly cash dividend on the Company's common stock of $0.755 per share
"We delivered another quarter and year of outstanding performance, highlighted by exceptional Same Property NOI, earnings, and dividend growth," said Lisa Palmer, President and Chief Executive Officer. "These results reflect the quality and locations of our shopping centers, the strength of our best-in-class operating and investments platforms, and the hard work of our talented team. With strong momentum across both internal and external growth, we are well-positioned to create long-term value for our shareholders in 2026 and beyond."
Financial Results
Net Income Attributable to Common Shareholders
For the three months ended December 31, 2025, Net Income Attributable to Common Shareholders was $199.1 million, or $1.09 per diluted share, compared to Net Income Attributable to Common Shareholders of $83.1 million, or $0.46 per diluted share, for the same period in 2024.
For the twelve months ended December 31, 2025 and 2024, Net Income Attributable to Common Shareholders was $513.8 million, or $2.82 per diluted share, compared to Net Income Attributable to Common Shareholders of $386.7 million, or $2.11 per diluted share, for the same period in 2024.
Net Income for the three months ended December 31, 2025 and for the full year 2025 was impacted by a $72.2 million gain recognized from a partial distribution-in-kind transaction.
Nareit FFO
For the three months ended December 31, 2025, Nareit FFO was $219.3 million, or $1.17 per diluted share, compared to $199.5 million, or $1.09 per diluted share, for the same period in 2024.
For the twelve months ended December 31, 2025 and 2024, Nareit FFO was $855.7 million, or $4.64 per diluted share, compared to $790.9 million, or $4.30 per diluted share, for the same period in 2024.
Core Operating Earnings
For the three months ended December 31, 2025, Core Operating Earnings was $209.0 million, or $1.12 per diluted share, compared to $190.6 million, or $1.04 per diluted share, for the same period in 2024.
For the twelve months ended December 31, 2025 and 2024, Core Operating Earnings was $813.2 million, or $4.41 per diluted share, compared to $760.7 million, or $4.13 per diluted share, for the same period in 2024.
Portfolio Performance
Same Property NOI
Fourth quarter 2025 Same Property NOI, excluding termination fees, increased by 4.7% compared to the same period in 2024.
Same Property base rent growth contributed 4.1% to Same Property NOI growth in the fourth quarter 2025.
Full year 2025 Same Property NOI, excluding termination fees, increased by 5.3% compared to the same period in 2024.
Same Property base rent growth contributed 4.3% to Same Property NOI growth in the full year 2025.
Occupancy
As of December 31, 2025, Regency's Same Property portfolio was 96.5% leased, an increase of 10 basis points sequentially, and a decrease of 10 basis points compared to December 31, 2024.
Same Property anchor percent leased, which includes spaces greater than or equal to 10,000 square feet, was 97.9%, a decrease of 70 basis points compared to December 31, 2024.
Same Property shop percent leased, which includes spaces less than 10,000 square feet, was 94.2%, an increase of 70 basis points compared to December 31, 2024.
As of December 31, 2025, Regency's Same Property portfolio was 94.1% commenced, a decrease of 20 basis points sequentially and an increase of 70 basis points compared to December 31, 2024.
Leasing Activity
During the three months ended December 31, 2025, Regency executed approximately 1.7 million square feet of comparable new and renewal leases at a blended cash rent spread of +12.0% and a blended straight-lined rent spread of +24.5%.
During the twelve months ended December 31, 2025, Regency executed approximately 6.8 million square feet of comparable new and renewal leases at a blended cash rent spread of +10.8% and a blended straight-lined rent spread of +21.4%.
Capital Allocation and Balance Sheet
Developments and Redevelopments
For the twelve months ended December 31, 2025, the Company started development and redevelopment projects with estimated net project costs of approximately $318 million, at the Company's share, including $97 million of starts during the fourth quarter.
Fourth quarter project starts included more than $90 million of ground-up development projects, including:
Oak Valley Village in Beaumont, CA, a 230K square foot Target and Sprouts-anchored center
Lone Tree Village in Denver, CO, a 158K square foot King Soopers-anchored center
For the twelve months ended December 31, 2025, the Company completed development and redevelopment projects with estimated net project costs of approximately $212 million, at the Company's share, including $164 million of completions during the fourth quarter.
Fourth quarter project completions included more than $90 million of ground-up development projects, including:
The Shops at Stone Bridge in Cheshire, CT, a 156K square foot Whole Foods-anchored center
Jordan Ranch Market in Houston, TX, a 159K square foot HEB-anchored center
As of December 31, 2025, Regency's in-process development and redevelopment projects had estimated net project costs of $597 million at the Company's share, 43% of which had been incurred.
Property Transactions
As previously disclosed, on October 1, 2025, the Company completed a property distribution with its partner involving 11 shopping centers within our Regency-GRI joint venture. Our partner transferred its 60% ownership interest in five properties to Regency, and effective October 1, 2025, Regency owns 100% of these five assets. In exchange, Regency transferred its 40% ownership interest in six properties to its partner, and effective October 1, 2025, Regency no longer has an ownership interest in these six assets.
As previously disclosed, on October 7, 2025, the Company disposed of Hammocks Town Center in Miami, FL, for approximately $72 million.
Subsequent to year end, the Company acquired Crystal Brook Corner, a redevelopment project on Long Island in New York, for $30 million. The project will be reflected as a first quarter 2026 redevelopment start.
Balance Sheet
During the fourth quarter, the Company settled the remaining approximately 666K shares under forward sale agreements in connection with its ATM program, entered into during 2024 at an average gross issuance price of $75.05 per share.
As of December 31, 2025, Regency had approximately $1.4 billion of available capacity under its revolving credit facility.
As of December 31, 2025, Regency's pro-rata net debt and preferred stock to TTM operating EBITDAre was 5.1x
Common and Preferred Dividends
On February 4, 2026, Regency's Board declared a quarterly cash dividend on the Company's common stock of $0.755 per share. The dividend is payable on April 1, 2026 to shareholders of record as of March 11, 2026.
On February 4, 2026, Regency's Board declared a quarterly cash dividend on the Company's Series A preferred stock of $0.390625 per share. The dividend is payable on April 30, 2026 to shareholders of record as of April 15, 2026.
On February 4, 2026, Regency's Board declared a quarterly cash dividend on the Company's Series B preferred stock of $0.367200 per share. The dividend is payable on April 30, 2026 to shareholders of record as of April 15, 2026.
2026 Guidance
Regency Centers is hereby providing initial 2026 Guidance, as summarized in the table below. Please refer to the Company's fourth quarter 2025 "Earnings Presentation" and "Quarterly Supplemental Disclosure" for additional detail. All materials are posted on the Company's website at investors.regencycenters.com.
Full Year 2026 Guidance (in thousands, except per share data)
2025 Actual
2026 Guidance
Net Income Attributable to Common Shareholders per diluted share
$
2.82
$2.35 - $2.39
Nareit Funds From Operations ("Nareit FFO") per diluted share
$
4.64
$4.83 - $4.87
Core Operating Earnings per diluted share(1)
$
4.41
$4.59 - $4.63
Same property NOI growth without termination fees
5.3
%
+3.25% to +3.75%
Non-cash revenues(2)
$
49,163
+/-$51,000
G&A expense, net(3)
$
96,408
$96,000-$100,000
Interest expense, net and Preferred stock dividends(4)
$
234,146
$250,000-$252,000
Management, transaction and other fees
$
27,298
+/-$27,000
Development and Redevelopment spend
$
316,300
+/-$325,000
Acquisitions (as incurred)
$
538,486
$
0
Cap rate (weighted average)
6.0
%
0.0
%
Dispositions (as incurred)
$
109,954
$
0
Cap rate (weighted average)(5)
5.6
%
0.0
%
Share/unit issuances(6)
$
299,662
$
0
Note: Figures above represent 100% of Regency's consolidated entities and its pro-rata share of unconsolidated real estate partnerships, with the exception of items that are net of noncontrolling interests including per share data, "Development and Redevelopment spend," "Acquisitions," and "Dispositions".
(1) Core Operating Earnings excludes from Nareit FFO: (i) transaction related income or expenses; (ii) gains or losses from the early extinguishment of debt; (iii) certain non-cash components of earnings derived from straight-line rents, above and below market rent amortization, and debt and derivative mark-to-market amortization; and (iv) other amounts as they occur.
(2) Includes above and below market rent amortization and straight-line rents, and excludes debt and derivative mark to market amortization.
(3) Represents 'General & administrative, net' before gains or losses on deferred compensation plan, as reported on supplemental pages 6 and 7 and calculated on a pro -rata basis.
(4) Includes debt and derivative mark to market amortization, and is net of interest income.
(5) 2025 Disposition cap rate excludes the $11M sale of 101 7th Avenue on 7/1/2025, which was vacant at the time of closing.
(6) 2025 Share/unit issuances reflect (i) ~$100M of common equity raised on a forward basis through the Company's ATM in 4Q24, and (ii) ~$200M from the Company's issuance of operating partnership units for the funding of the 5-asset portfolio acquisition in Orange County, CA in 3Q25.
Conference Call Information
To discuss Regency's fourth quarter results and provide further business updates, management will host a conference call on Friday, February 6th at 11:00 a.m. ET. Dial-in and webcast information is below.
Fourth Quarter 2025 Earnings Conference Call
Date:
Friday, February 6, 2026
Time:
11:00 a.m. ET
Dial#:
877-407-0789 or 201-689-8562
Webcast:
Fourth Quarter 2025 Webcast Link
Replay: Webcast Archive, Investor Relations page under Events & Webcasts
About Regency Centers Corporation (NASDAQ:REG)
Regency Centers is a preeminent national owner, operator, and developer of shopping centers located in suburban trade areas with compelling demographics. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member. For more information, please visit RegencyCenters.com.
Reconciliation of Net Income Attributable to Common Shareholders to Nareit FFO, Core Operating Earnings, and Adjusted Funds from Operations, Actual (in thousands, except per share amounts)
For the Periods Ended December 31, 2025 and 2024
Three Months Ended
Year Ended
2025
2024
