Regency Centres Pref Share REG 5.875 Perp 09/21/23 | 8-K: FY2025 Q4 EPS: USD 1.09

EPS: As of FY2025 Q4, the actual value is USD 1.09.

Financial Highlights for Q4 and Full Year 2025

Net Income Attributable to Common Shareholders

• For the three months ended December 31, 2025, Net Income Attributable to Common Shareholders was $199.1 million, compared to $83.1 million for the same period in 2024.
• For the twelve months ended December 31, 2025, Net Income Attributable to Common Shareholders was $513.8 million, compared to $386.7 million for the same period in 2024.
• Net Income for both periods in 2025 was impacted by a $72.2 million gain from a partial distribution-in-kind transaction.

Nareit FFO

• For the three months ended December 31, 2025, Nareit FFO was $219.3 million, compared to $199.5 million for the same period in 2024.
• For the twelve months ended December 31, 2025, Nareit FFO was $855.7 million, compared to $790.9 million for the same period in 2024, representing a full-year Nareit FFO per share growth of 7.9%.

Core Operating Earnings

• For the three months ended December 31, 2025, Core Operating Earnings was $209.0 million, compared to $190.6 million for the same period in 2024.
• For the twelve months ended December 31, 2025, Core Operating Earnings was $813.2 million, compared to $760.7 million for the same period in 2024, representing a full-year Core Operating Earnings per share growth of 6.8%.

Adjusted Funds from Operations (AFFO)

• For the three months ended December 31, 2025, Adjusted Funds from Operations was $169.4 million, compared to $150.1 million for the same period in 2024.
• For the twelve months ended December 31, 2025, Adjusted Funds from Operations was $706.6 million, compared to $649.4 million for the same period in 2024.

Same Property Net Operating Income (NOI)

• Fourth quarter 2025 Same Property NOI, excluding termination fees, increased by 4.7% year-over-year.
• Full year 2025 Same Property NOI, excluding termination fees, increased by 5.3% year-over-year.
• Same Property base rent growth contributed 4.1% to Same Property NOI growth in Q4 2025 and 4.3% in 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.
• Same Property anchor percent leased was 97.9%, while Same Property shop percent leased was 94.2%.

Leasing Activity

• During the three months ended December 31, 2025, Regency executed approximately 1.7 million square feet of comparable new and renewal leases with blended cash rent spreads of +12.0% and straight-lined rent spreads of +24.5%.
• During the twelve months ended December 31, 2025, approximately 6.8 million square feet of comparable new and renewal leases were executed at blended cash rent spreads of +10.8% and straight-lined rent spreads of +21.4%.

Development and Redevelopment

• Regency started $97 million of new development and redevelopment projects in the fourth quarter, bringing full year total project starts to approximately $318 million.
• Regency 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, in-process development and redevelopment projects had estimated net project costs of $597 million at a blended estimated yield of 9%.

Property Transactions

• During the full year 2025, Regency acquired approximately $538 million of high-quality shopping centers.
• Regency disposed of Hammocks Town Center for approximately $72 million on October 7, 2025.
• Subsequent to year-end, Regency acquired Crystal Brook Corner for $30 million, which will be a first quarter 2026 redevelopment start.

Balance Sheet & Debt

• As of December 31, 2025, Regency had approximately $1.4 billion of available capacity under its revolving credit facility.
• Pro-rata net debt and preferred stock to TTM operating EBITDAre at December 31, 2025, was 5.1x.

Dividends

• On February 4, 2026, Regency’s Board of Directors declared a quarterly cash dividend on common stock of $0.755 per share.
• Quarterly cash dividends were also declared for Series A preferred stock ($0.390625 per share) and Series B preferred stock ($0.367200 per share).

2026 Guidance

Regency Centers provided initial 2026 guidance, expecting Net Income Attributable to Common Shareholders per diluted share to be between $2.35 and $2.39. Nareit FFO per diluted share is projected to range from $4.83 to $4.87, and Core Operating Earnings per diluted share is anticipated to be $4.59 to $4.63. The company also forecasts Same Property NOI growth without termination fees between +3.25% and +3.75%.