--- title: "Regency Centers Pref Share REG 6.25 Perp 09/21/23 | 8-K: FY2026 Q1 EPS: USD 0.68" type: "News" locale: "en" url: "https://longbridge.com/en/news/284638814.md" datetime: "2026-04-29T20:31:22.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284638814.md) - [en](https://longbridge.com/en/news/284638814.md) - [zh-HK](https://longbridge.com/zh-HK/news/284638814.md) --- # Regency Centers Pref Share REG 6.25 Perp 09/21/23 | 8-K: FY2026 Q1 EPS: USD 0.68 EPS: As of FY2026 Q1, the actual value is USD 0.68. ### Financial Performance #### Net Income Attributable to Common Shareholders Net Income Attributable to Common Shareholders for the three months ended March 31, 2026, was $125.1 million, compared to $106.2 million for the same period in 2025, representing a 17.8% increase YoY . #### Nareit Funds From Operations (FFO) Nareit FFO for the three months ended March 31, 2026, was $224.3 million, up from $210.7 million for the same period in 2025, an increase of 6.5% YoY . Per diluted share, Nareit FFO was $1.20 . #### Core Operating Earnings Core Operating Earnings reached $216.5 million for the three months ended March 31, 2026, an increase from $199.4 million in the prior year period, showing an 8.6% increase YoY . Per diluted share, Core Operating Earnings were $1.16 . #### Net Operating Income (NOI) First quarter 2026 Same Property NOI increased by 4.4% compared to the same period in 2025, with Same Property base rent growth contributing 3.6% to this increase . The overall NOI for the first quarter of 2026 increased by 8.4% compared to the same period in 2025, reaching $296.4 million from $273.5 million . Same Property NOI was $285.6 million in Q1 2026, up from $273.7 million in Q1 2025 . Same Property NOI without Redevelopments was $242.5 million, an increase of 2.8% YoY from $235.9 million . The NOI Margin was 68.5% in Q1 2026, a slight decrease from 69.1% in Q1 2025 . #### Adjusted Funds from Operations (AFFO) Adjusted Funds from Operations was $197.5 million for the three months ended March 31, 2026, an increase from $183.3 million for the same period in 2025 . #### Operating EBITDAre Operating EBITDAre was $281.1 million for the three months ended March 31, 2026, compared to $259.5 million in the prior year period . #### Dividends Dividends declared per common share and unit were $0.755, with a dividend payout ratio of 62.9% as a percentage of Nareit FFO . #### Segment Revenue (Consolidated Only) - **Lease Income:** $402.6 million in Q1 2026, up from $371.1 million in Q1 2025 . - Base rent: $275.2 million in Q1 2026 vs. $254.6 million in Q1 2025 . - Recoveries from tenants: $103.3 million in Q1 2026 vs. $91.5 million in Q1 2025 . - Percentage rent: $7.4 million in Q1 2026 vs. $6.7 million in Q1 2025 . - Termination fees: $2.1 million in Q1 2026 vs. $2.1 million in Q1 2025 . - Uncollectible lease income: -$1.5 million in Q1 2026 vs. -$0.4 million in Q1 2025 . - Other lease income: $6.0 million in Q1 2026 vs. $4.3 million in Q1 2025 . - **Other Property Income:** $2.9 million in Q1 2026 vs. $3.0 million in Q1 2025 . - **Management, Transaction, and Other Fees:** $6.9 million in Q1 2026 vs. $6.8 million in Q1 2025 . #### Operating Costs (Consolidated Only) - **Depreciation and Amortization:** $106.4 million in Q1 2026 vs. $96.8 million in Q1 2025 . - **Property Operating Expense:** $73.3 million in Q1 2026 vs. $68.5 million in Q1 2025 . - **Real Estate Taxes:** $51.4 million in Q1 2026 vs. $46.4 million in Q1 2025 . - **General and Administrative:** $25.6 million in Q1 2026 vs. $21.6 million in Q1 2025 . - **Other Operating Expenses:** $1.0 million in Q1 2026 vs. $1.7 million in Q1 2025 . #### Other Expenses (Consolidated Only) - **Interest Expense, Net:** $52.2 million in Q1 2026 vs. $48.0 million in Q1 2025 . - **Gain on Sale of Real Estate, Net of Tax:** -$7.2 million in Q1 2026 vs. -$0.1 million in Q1 2025 . - **Net Investment (Income) Expense:** -$0.7 million in Q1 2026 vs. $0.8 million in Q1 2025 . ### Operational Metrics - **Occupancy**: As of March 31, 2026, Regency’s Same Property portfolio was 96.6% leased (flat year-over-year) and 94.3% commenced (up 90 basis points year-over-year) . The Same Property anchor percent leased was 98.2%, and the Same Property shop percent leased was 94.1% . - **Leasing Activity**: During the first quarter of 2026, Regency Centers executed 1.5 million square feet of comparable new and renewal leases . These leases had blended rent spreads of 12.1% on a cash basis and 24.3% on a straight-lined basis . - **Development and Redevelopment**: The Company started $73 million of redevelopment projects in Q1 2026 and completed $42 million of ground-up development and redevelopment projects . As of March 31, 2026, in-process development and redevelopment projects had estimated net project costs of $635 million at a blended estimated yield of 9% . - **Acquisitions**: Effective January 1, 2026, the Company acquired its partner’s 60% interest in Haddon Commons for approximately $6 million, now owning 100% of the asset . ### Capital Structure and Debt - **Total Capitalization (as of March 31, 2026)**: $19.8 Billion . - **Total Consolidated Debt:** $5.0 billion as of March 31, 2026, up from $4.7 billion as of December 31, 2025 . - **Net Debt and Preferred Stock:** $5.6 billion as of March 31, 2026, compared to $5.4 billion as of December 31, 2025 . - **Total Pro Rata Debt**: $5.6 Billion . - **Pro-Rata Net Debt and Preferred Stock to TTM Operating EBITDAre (as of March 31, 2026)**: 5.2x . - **Fixed Charge Coverage (Pro-rata):** 4.2x as of March 31, 2026 . - **Senior Unsecured Notes Offering**: Regency’s operating partnership priced a public offering of $450 million of senior unsecured notes due 2033 at a coupon of 4.50% . - **Debt Composition (Pro-Rata)**: Unsecured Debt - Bonds: 71%; Secured Fixed Rate: 22%; Secured Variable Rate: 3%; Preferred Equity: 3%; Line of Credit: <1% . - **Secured vs. Unsecured Debt**: Unsecured 78%, Secured 22% . - **Weighted Average Interest Rate**: 4.5% . - **Weighted Average Years to Maturity**: 6.7 years . - **Credit Ratings**: S&P A- Stable (last reviewed 3/26/26) and Moody’s A3 Stable (last reviewed 12/23/25) . - **Unsecured Public Debt Covenants (as of 3/31/26)**: - Total Consolidated Debt to Total Consolidated Assets: 28% (Required: 65%) . - Secured Consolidated Debt to Total Consolidated Assets: 4% (Required: 40%) . - Consolidated Income for Debt Service to Consolidated Debt Service: 4.5x (Required: 1.5x) . - Unencumbered Consolidated Assets to Unsecured Consolidated Debt: 372% (Required: 150%) . ### Liquidity Profile (as of March 31, 2026) - **Unsecured Credit Facility - Committed**: $1,500 million . - **Available Liquidity**: Regency had approximately $1.5 billion of available capacity under its revolving credit facility as of March 31, 2026 . - **Balance Outstanding (Unsecured Credit Facility)**: -$30 million . - **Undrawn Portion of Credit Facility**: $1,470 million . - **Cash, Cash Equivalents & Marketable Securities**: $146 million . - **Total Liquidity**: $1,616 million . ### Share Repurchase Program On February 4, 2026, Regency Centers’ Board of Directors authorized a refreshed share repurchase program of up to $500 million of its common stock, valid until February 28, 2029 . ### Outlook / Guidance Regency Centers reaffirmed its 2026 earnings guidance for Nareit FFO, Core Operating Earnings, and Same Property NOI growth . The company anticipates full-year 2026 Net Income Attributable to Common Shareholders per diluted share to be between $2.45 and $2.49, with Nareit FFO per diluted share projected between $4.83 and $4.87 . Same Property NOI growth is expected to be between +3.25% and +3.75% for the full year 2026 . ### Related Stocks - [REGCP.US](https://longbridge.com/en/quote/REGCP.US.md) ## Related News & Research - [Baxter Q2 2026 Earnings Preview](https://longbridge.com/en/news/294224876.md) - [BNL: Q2 2026 net income doubled year-over-year, with AFFO and guidance both increasing](https://longbridge.com/en/news/294261305.md) - [Ciena's Q3 2026 Earnings: What to Expect](https://longbridge.com/en/news/293952665.md) - [Essex Property beats quarterly FFO estimates on strong rental growth](https://longbridge.com/en/news/294267478.md) - [Equatorial Energia updates financial calendar for 2026 disclosures](https://longbridge.com/en/news/294368263.md)