Regency Centers (REG) investor relations material

Executive summary

• Net income attributable to common shareholders rose to $237.5 million for the six months ended June 30, 2026, up from $208.8 million year-over-year, driven by higher base rent, occupancy, and positive leasing spreads.

• Nareit FFO reached $226.3 million ($1.21 per diluted share) and Core Operating Earnings were $217.7 million ($1.16 per diluted share) for Q2 2026, both increasing from the prior year.

• Same Property NOI grew 4.1% year-over-year for the six months and 3.8% for Q2, with portfolio occupancy at 96.9% leased and 94.5% commenced.

• 2.1 million square feet of new and renewal leases were executed at strong blended rent spreads, and $68 million in new development and redevelopment projects were started.

• Raised full-year forecasts for same-property and total NOI growth, with core operating EPS growth expected to exceed 5%.

Financial highlights

• Total revenues for the six months ended June 30, 2026, were $825.96 million, up from $761.76 million year-over-year.

• Nareit FFO per diluted share was $1.21 and Core Operating Earnings per diluted share was $1.16 for Q2 2026.

• Same Property NOI for Q2 2026 was $288.3 million, up 3.8% year-over-year; total NOI margin was 69.6%.

• Pro-rata net debt and preferred stock to TTM operating EBITDAre at 5.0x as of June 30, 2026.

• Total liquidity of $1.66 billion, including $1.47 billion undrawn credit facility and $192 million in cash and equivalents.

Outlook and guidance

• Full-year 2026 Nareit FFO guidance raised to $4.84–$4.88 per diluted share; Core Operating Earnings guidance raised to $4.62–$4.66 per diluted share.

• Same Property NOI growth guidance increased to 3.7%–4.1% year-over-year.

• Development and redevelopment spend projected at approximately $350 million for 2026.

• Management expects to meet capital needs for the next year through operating cash flows, refinancing, available liquidity, and potential property sales.

• $1.4 billion in capital requirements anticipated over the next 12 months for leasing, developments, redevelopments, and debt repayment.