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Regency Centers (REG) investor relations material
Regency Centers Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Delivered strong financial and operational results in 2025, with robust same-property NOI and dividend growth, driven by a high-quality, grocery-anchored portfolio and disciplined capital allocation.
Portfolio is over 85% grocery-anchored centers in suburban areas with strong demographics, focusing on necessity, service, convenience, and value retailers.
Healthy demand, low bad debt, and rising tenant sales and foot traffic reinforced portfolio durability.
Corporate responsibility and ESG are integral, with a focus on environmental stewardship, governance, and community engagement.
Financial highlights
2025 Net Income per diluted share was $2.82; Nareit FFO per diluted share was $4.64; Core Operating Earnings per diluted share was $4.41, with year-over-year growth of 7.9% and 6.8% for FFO and Core Operating Earnings, respectively.
Same-property NOI growth reached 5.3% for 2025, excluding termination fees.
Shop occupancy reached a record 94.2% at year-end, with the same property portfolio 96.5% leased.
Cash rent spreads hit 12% in Q4, with renewal spreads at a record 13% and GAAP rent spreads at 25%.
Q4 net income included a $72.2 million gain from a partial distribution-in-kind transaction.
Outlook and guidance
2026 guidance projects Net Income per diluted share of $2.35–$2.39, Nareit FFO per share of $4.83–$4.87, and Core Operating Earnings per share of $4.59–$4.63.
Same-property NOI growth expected between 3.25% and 3.75% for 2026.
Development and redevelopment spend projected at approximately $325 million in 2026.
No acquisitions or dispositions planned for 2026; focus remains on internal development and redevelopment.
Q1 2026 growth rate anticipated above full-year guidance due to higher expense recovery; Q2 below due to CAM reconciliation.
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