Regency Centers Reports Third Quarter 2025 Results and Increases Common Stock Dividend

JACKSONVILLE, Fla., Oct. 28, 2025 (GLOBE NEWSWIRE) -- Regency Centers Corporation (“Regency Centers,” “Regency” or the “Company”) (Nasdaq: REG) today reported financial and operating results for the quarterly period ended September 30, 2025, and provided updated 2025 earnings guidance. For the three months ended September 30, 2025 and 2024, Net Income Attributable to Common Shareholders was $0.58 and $0.54, respectively, per diluted share.

ThirdQuarter2025 Highlights

Reported Nareit FFO of $1.15 per diluted share and Core Operating Earnings of $1.09 per diluted shareIncreased Same Property Net Operating Income ("NOI") year-over-year, excluding termination fees, by 4.8%Raised 2025 Nareit FFO guidance to a range of $4.62 to $4.64 per diluted share and 2025 Core Operating Earnings guidance to a range of $4.39 to $4.41 per diluted shareThe midpoint of increased 2025 Nareit FFO per share guidance represents more than 7% year-over-year growthRaised 2025 guidance for Same Property NOI year-over-year growth, excluding termination fees, to a range of +5.25% to +5.5%Same Property percent leased ended the quarter at 96.4%, an increase of 40 basis points year-over-year, and Same Property percent commenced ended the quarter at 94.4%, up 190 basis points year-over-yearExecuted 1.8 million square feet of comparable new and renewal leases during the quarter at blended rent spreads of +12.8% on a cash basis and +22.9% on a straight-lined basisStarted more than $170 million of new development and redevelopment projects in the quarter, bringing year-to-date total project starts to approximately $220 millionAs of September 30, 2025, Regency's in-process development and redevelopment projects had estimated net project costs of $668 million at a blended estimated yield of 9%Acquired a portfolio of five shopping centers located within the Rancho Mission Viejo master planned community in Orange County, CA, for $357 millionPro-rata net debt and preferred stock to TTM operating EBITDAre at September 30, 2025 was 5.3xSubsequent to quarter end, on October 27, 2025, Regency's Board of Directors (the "Board") declared a quarterly cash dividend on the Company's common stock of $0.755 per share, an increase of more than 7%

“We are pleased to report another quarter of exceptional results, highlighted by strong Same Property NOI, enabling us to raise our our full-year earnings growth outlook. Driven by this continued success and our strong performance, we are also increasing our common dividend by more than 7%,” said Lisa Palmer, President and Chief Executive Officer. “Our results reflect the tremendous talent of our team, driving strong revenue growth and successfully executing on our capital allocation strategy. So far this year, we have deployed more than $750 million of capital into accretive investments, enhancing our strong organic growth.”

FinancialResults

NetIncomeAttributabletoCommonShareholders

For the three months ended September 30, 2025, Net Income Attributable to Common Shareholders was $106.0 million, or $0.58 per diluted share, compared to Net Income Attributable to Common Shareholders of $98.1 million, or $0.54 per diluted share, for the same period in 2024.

Nareit FFO

For the three months ended September 30, 2025, Nareit FFO was $213.5 million, or $1.15 per diluted share, compared to $195.1 million, or $1.07 per diluted share, for the same period in 2024.

CoreOperating Earnings

For the three months ended September 30, 2025, Core Operating Earnings was $202.6 million, or $1.09 per diluted share, compared to $187.8 million, or $1.03 per diluted share, for the same period in 2024.

PortfolioPerformance

SamePropertyNOI

Third quarter 2025 Same Property NOI, excluding termination fees, increased by 4.8% compared to the same period in 2024.

Same Property base rent growth contributed 4.7% to Same Property NOI growth in the third quarter.

Occupancy

As of September 30, 2025, Regency’s Same Property portfolio was 96.4% leased, an increase of 40 basis points compared to September 30, 2024.

Same Property anchor percent leased, which includes spaces greater than or equal to 10,000 square feet, was 98.0%, an increase of 10 basis points compared to September 30, 2024.Same Property shop percent leased, which includes spaces less than 10,000 square feet, was 93.9%, an increase of 80 basis points compared to September 30, 2024.As of September 30, 2025, Regency’s Same Property portfolio was 94.4% commenced, an increase of 40 basis points sequentially and an increase of 190 basis points compared to September 30, 2024.

LeasingActivity

During the three months ended September 30, 2025, Regency executed approximately 1.8 million square feet of comparable new and renewal leases at a blended cash rent spread of +12.8% and a blended straight-lined rent spread of +22.9%.During the twelve months ended September 30, 2025, the Company executed approximately 7.4 million square feet of comparable new and renewal leases at a blended cash rent spread of +10.5% and a blended straight- lined rent spread of +20.3%.

CapitalAllocationandBalance Sheet

DevelopmentsandRedevelopments

For the three months ended September 30, 2025, the Company started development and redevelopment projects with estimated net project costs of approximately $170 million, at the Company's share.

Third quarter project starts included over $140 million of ground-up development projects, including:

The Village at Seven Pines in Jacksonville, FL, a 239K square foot Publix-anchored centerEllis Village Center in the San Francisco Bay Area, a 49K square foot Sprouts-anchored centerFor the three months ended September 30, 2025, the Company completed development and redevelopment projects with estimated net project costs of approximately $22 million, at the Company's share.As of September 30, 2025, Regency’s in-process development and redevelopment projects had estimated net project costs of $668 million at the Company’s share, 51% of which has been incurred to date.

Property Transactions

As previously disclosed, on July 23, 2025, the Company acquired a portfolio of five shopping centers in the Rancho Mission Viejo master planned community in Orange County, CA, for $357 million.On August 1, 2025, the Company acquired its partner's 50% interest in Chestnut Ridge Shopping Center in Montvale, NJ for approximately $9.2 million, and now owns 100% of the asset.On August 1, 2025, the Company acquired its partner's 50% interest in Baybrook East and 47% interest in The Market at Springwoods Village, both in Houston, TX, for a combined total of $34 million and now owns 100% of both assets.Subsequent to quarter end, 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: Ashburn Farm Village, Firstfield Shopping Center, Stefko Boulevard, Willow Lake and Willow Lake West. 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: Allen Street, Centre Ridge, Hanover Village, Laguna Niguel, Ralston Square and Warwick Square. Effective October 1, 2025, Regency no longer has an ownership interest in these six assets. The transaction is expected to have a neutral impact to Regency's Nareit FFO and Core Operating Earnings in 2025.During the quarter, the Company disposed of five assets for approximately $32 million.Subsequent to quarter end, on October 7, 2025, the Company disposed of Hammocks Town Center in Miami, FL, for approximately $72 million.

BalanceSheet

During the third quarter, the Company settled approximately 673K shares under forward sale agreements in connection with its ATM program, entered into during 2024 at an average gross issuance price of $74.28 per share.As of September 30, 2025, Regency had approximately $1.5 billion of available capacity under its revolving credit facility.As of September 30, 2025, Regency’s pro-rata net debt and preferred stock to TTM operating EBITDAre was 5.3x

CommonandPreferredDividends

On October 27, 2025, Regency's Board declared a quarterly cash dividend on the Company's common stock of $0.755 per share, an increase of approximately 7.1%. The dividend is payable on January 6, 2026 to shareholders of record as of December 15, 2025.On October 27, 2025, 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 January 30, 2026 to shareholders of record as of January 16, 2026.On October 27, 2025, 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 January 30, 2026 to shareholders of record as of January 16, 2026.

2025Guidance

Regency Centers is hereby providing updated 2025 guidance, as summarized in the table below. Please refer to the Company’s third 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 2025 Guidance (in thousands, except per share data)YTD ActualCurrent 2025 GuidancePrior 2025 GuidanceNet Income Attributable to Common Shareholders per diluted share$1.73$2.30 - $2.32$2.28 - $2.32Nareit Funds From Operations (“Nareit FFO”) per diluted share$3.46$4.62 - $4.64$4.59 - $4.63Core Operating Earnings per diluted share(1)$3.29$4.39 - $4.41$4.36 - $4.40Same property NOI growth without termination fees5.5%+5.25% to +5.5%+4.5% to +5.0%Non-cash revenues(2)$36,802+/-$49,000+/- $49,000G&A expense, net(3)$72,396+/-$96,000$93,000-$96,000Interest expense, net and Preferred stock dividends(4)$175,524$235,000-$237,000$235,000-$237,000Management, transaction and other fees$19,982+/-$27,000+/-$27,000Development and Redevelopment spend$224,771+/-$300,000+/-$300,000Acquisitions$538,486$538,500+/-$500,000Cap rate (weighted average)6.0%6.0%+/- 6.0%Dispositions$38,029$110,000+/-$75,000Cap rate (weighted average)(5)5.1%5.6%+/- 5.5%Share/unit issuances(6)$249,662$300,000$300,000

Note:Figuresaboverepresent100%ofRegency'sconsolidatedentitiesanditspro-ratashareofunconsolidatedrealestatepartnerships,withtheexceptionofitemsthatare net of noncontrolling interests including per share data, "Development and Redevelopment spend," "Acquisitions," and "Dispositions".

(1) CoreOperatingEarningsexcludesfromNareitFFO:(i)transactionrelatedincomeorexpenses;(ii)gainsorlossesfromtheearlyextinguishmentofdebt;(iii)certainnon-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) Includesaboveandbelowmarketrentamortizationandstraight-linerents,andexcludesdebtandderivativemarktomarket amortization. (3) Represents'General&administrative,net'beforegainsorlossesondeferredcompensationplan,asreportedonsupplementalpages6and7andcalculatedonapro-rata basis. (4) Includesdebtandderivativemarktomarketamortization,andisnetofinterest income. (5) Disposition capratesexcludethe$11Msaleof1017thAvenueon7/1/2025,whichwasvacantatthetimeofclosing. (6) Share/unitissuancesguidance of$300Mreflects(i)$100MofcommonequityraisedonaforwardbasisthroughtheCompany'sATMin4Q24,and(ii)~$200Mfromthe 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 third quarter results and provide further business updates, management will host a conference call on Wednesday, October 29th at 11:00 a.m. ET. Dial-in and webcast information is below.

ThirdQuarter2025EarningsConference Call

Date:        Wednesday, October 29, 2025
Time:        11:00 a.m. ET
Dial#:        877-407-0789 or 201-689-8562
Webcast: ThirdQuarter2025WebcastLink

Replay: Webcast Archive – InvestorRelations page under Events&Webcasts

AboutRegencyCentersCorporation(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.

ReconciliationofNetIncomeAttributabletoCommonShareholderstoNareitFFO,CoreOperating Earnings,andAdjustedFundsfromOperations–Actual(inthousands,exceptpershareamounts)

ForthePeriodsEnded September30,2025and 2024ThreeMonthsEnded Yearto Date 20252024 20252024Reconciliation of Net Income Attributable to Common Shareholders to NareitFFO: Net Income Attributable to Common Shareholders$105,960 98,056 $314,742 303,672 Adjustments to reconcile to Nareit Funds From Operations (1): Depreciation and amortization (excluding FF&E) 109,933 107,801 321,296 319,765 Gain on sale of real estate, net of tax (7,432)(11,365) (7,187)(33,853)Provision for impairment of real estate 3,374 - 4,636 - Exchangeable operating partnership units 1,664 593 2,892 1,836 NareitFFO$213,499 195,085 $636,379 591,420 Nareit FFO per share (diluted)$1.15 1.07 $3.46 3.20 Weighted average shares (diluted) 185,494 182,872 183,781 184,548 ReconciliationofNareitFFOtoCoreOperatingEarnings: Nareit FFO$213,499 195,085 $636,379 591,420 Adjustments to reconcile to Core Operating Earnings (1): Not Comparable Items Merger transition costs - 2,375 - 7,069 Loss on early extinguishment of debt - - - 180 Certain Non-Cash Items Straight-line rent (6,773)(5,886) (20,070)(16,907)Uncollectible straight-line rent (509)(134) 611 1,899 Above/below market rent amortization, net (5,423)(5,370) (17,260)(17,910)Debt and derivative mark-to-market amortization 1,816 1,693 4,618 4,333 CoreOperatingEarnings$202,610 187,763 604,278 570,084 Core Operating Earnings per share (diluted)$1.09 1.03 $3.29 3.09 Weighted average shares (diluted) 185,494 182,872 183,781 184,548 Weighted Average Shares For Diluted Earnings per Share 182,346 181,772 181,996 183,448 Weighted Average Shares For Diluted FFO and Core Operating Earnings per Share 185,494 182,872 183,781 184,548 ReconciliationofCoreOperatingEarningstoAdjustedFundsfrom Operations: Core Operating Earnings$202,610 187,763 $604,278 570,084 Adjustments to reconcile to Adjusted Funds from Operations (1): Operating capital expenditures (33,832)(36,430) (90,109)(91,168)Debt cost and derivative adjustments 2,423 2,107 6,849 6,269 Stock-based compensation 5,321 4,776 16,219 14,078 AdjustedFundsfromOperations$176,522 158,216 $537,237 499,263

(1) Includes Regency's consolidated entities and its pro-rata share of unconsolidated real estate partnerships, net of pro-rata share attributable to noncontrolling interests.

ReconciliationofNetIncomeAttributabletoCommonShareholderstoPro-RataSameProperty NOI - Actual (in thousands)

For the Periods Ended September 30, 2025 and 2024Three Months Ended Year to Date 20252024 20252024 Net income attributable to common shareholders$105,960 98,056 $314,742 303,672 Less: Management, transaction, and other fees (6,720)(6,765) (20,776)(19,896)Other (1) (13,654)(12,115) (40,193)(37,428)Plus: Depreciation and amortization 102,799 100,955 299,108 299,508 General and administrative 27,060 25,073 74,140 75,443 Other operating expense 1,770 3,654 5,402 9,363 Other expense, net 45,897 34,290 145,610 94,898 Equity in income of investments in real estate partnerships excluded from NOI (2) 12,099 12,492 40,229 39,439 Net income attributable to noncontrolling interests 3,244 2,107 7,838 7,252 Preferred stock dividends 3,413 3,413 10,239 10,239 NOI 281,868 261,160 836,339 782,490 Less non-same property NOI (3) (7,631)591 (10,080)210 SamePropertyNOI$274,237 261,751 $826,259 782,700 % change 4.8% 5.6% SamePropertyNOIwithoutTerminationFees$273,460 261,002 $821,113 778,545 % change 4.8% 5.5% SamePropertyNOIwithoutTerminationFeesor Redevelopments$233,476 225,015 $702,778 672,529 % change 3.8% 4.5%

(1) Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests.
(2) Includes non-NOI expenses incurred at our unconsolidated real estate partnerships, such as, but not limited to, straight-line rental income, above and below market rent amortization, depreciation and amortization, interest expense, and real estate gains and impairments.
(3) Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests.

Same Property NOI is a key non-GAAP pro-rata measure used by management in evaluating the operating performance of Regency’s properties. The Company provides a reconciliation of Net Income Attributable to Common Shareholders to pro-rata Same Property NOI.

Reported results are preliminary and not final until the filing of the Company’s Form 10-Q with the SEC and, therefore, remain subject to adjustment.

The Company has published additional financial information in its third quarter 2025 supplemental package that may help investors estimate earnings. A copy of the Company’s third quarter 2025 supplemental package will be available on the Company's website at investors.regencycenters.com or by written request to: Investor Relations, Regency Centers Corporation, One Independent Drive, Suite 114, Jacksonville, Florida, 32202. The supplemental package contains more detailed financial and property results including financial statements, an outstanding debt summary, acquisition and development activity, investments in partnerships, information pertaining to securities issued other than common stock, property details, a significant tenant rent report and a lease expiration table in addition to earnings and valuation guidance assumptions. The information provided in the supplemental package is unaudited and includes non-GAAP measures, and there can be no assurance that the information will not vary from the final information in the Company’s Form 10-Q for the period ended September 30, 2025. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.

Kathryn McKie
904 598 7348
[email protected]

This press release was published by a CLEAR® Verified individual.