--- title: "Regency Centres Pref Share REG 5.875 Perp 09/21/23 | 10-Q: FY2026 Q1 Revenue: USD 412.45 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285105167.md" datetime: "2026-05-04T18:04:57.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285105167.md) - [en](https://longbridge.com/en/news/285105167.md) - [zh-HK](https://longbridge.com/zh-HK/news/285105167.md) --- # Regency Centres Pref Share REG 5.875 Perp 09/21/23 | 10-Q: FY2026 Q1 Revenue: USD 412.45 M Revenue: As of FY2026 Q1, the actual value is USD 412.45 M. EPS: As of FY2026 Q1, the actual value is USD 0.68. EBIT: As of FY2026 Q1, the actual value is USD 206.9 M. The Company operates in a single reportable segment, “Shopping Centers” . #### Segment Revenue - **Total Revenues**: For the three months ended March 31, 2026, total revenues were $412,453 thousand, an increase of $31,541 thousand compared to $380,912 thousand in the prior year period . - **Lease Income**: Increased by $31,534 thousand to $402,613 thousand in 2026 from $371,079 thousand in 2025 . - **Base Rent**: Increased by $20,622 thousand, primarily due to same properties ($11,600 thousand), acquisitions ($7,100 thousand), and completed development properties ($3,400 thousand), partially offset by dispositions (-$1,500 thousand) . - **Recoveries from Tenants**: Increased by $11,780 thousand to $103,261 thousand in 2026 from $91,481 thousand in 2025 . - **Percentage Rent**: Increased by $777 thousand to $7,435 thousand in 2026 from $6,658 thousand in 2025 . - **Uncollectible Lease Income**: Was -$1,499 thousand in 2026, a decrease of -$1,113 thousand from -$386 thousand in 2025 . - **Other Lease Income**: Increased by $1,681 thousand to $8,094 thousand in 2026 from $6,413 thousand in 2025 . - **Straight-line Rent**: Decreased by -$1,051 thousand to $4,556 thousand in 2026 from $5,607 thousand in 2025 . - **Above/Below Market Rent Amortization, net**: Decreased by -$1,162 thousand to $5,588 thousand in 2026 from $6,750 thousand in 2025 . - **Other Property Income**: Decreased by -$114 thousand to $2,907 thousand in 2026 from $3,021 thousand in 2025 . - **Management, Transaction, and Other Fees**: Increased by $121 thousand to $6,933 thousand in 2026 from $6,812 thousand in 2025 . #### Operational Metrics - **Net Income Attributable to Common Shareholders**: Increased to $125,136 thousand in 2026 from $106,174 thousand in 2025 . - **Same Property Net Operating Income (NOI)**: Increased by $11,961 thousand to $285,634 thousand in 2026 from $273,673 thousand in 2025, representing 4.4% growth . This growth was driven by a $20,796 thousand increase in total real estate revenue and an $8,835 thousand increase in total real estate operating expenses . - **Operating Expenses**: Totaled $257,739 thousand in 2026, an increase of $22,858 thousand from $234,881 thousand in 2025 . - **Depreciation and Amortization**: Increased by $9,648 thousand to $106,422 thousand in 2026 from $96,774 thousand in 2025 . - **Property Operating Expense**: Increased by $4,841 thousand to $73,300 thousand in 2026 from $68,459 thousand in 2025 . - **Real Estate Taxes**: Increased by $5,050 thousand to $51,410 thousand in 2026 from $46,360 thousand in 2025 . - **General and Administrative Expenses**: Increased by $4,006 thousand to $25,606 thousand in 2026 from $21,600 thousand in 2025 . - **Interest Expense, net**: Increased by $4,172 thousand to $52,185 thousand in 2026 from $48,013 thousand in 2025 . - **Gain on Sale of Real Estate, net of tax**: Was -$7,194 thousand in 2026, compared to -$101 thousand in 2025 . - **Net Investment (Income) Expense**: Was -$695 thousand in 2026, compared to $761 thousand in 2025 . - **Equity in Income of Investments in Real Estate Partnerships**: Increased by $7,900 thousand to $22,380 thousand in 2026 from $14,495 thousand in 2025 . - **Nareit FFO**: Increased to $224,268 thousand in 2026 from $210,749 thousand in 2025 . - **Core Operating Earnings**: Increased to $216,523 thousand in 2026 from $199,443 thousand in 2025 . - **AFFO**: Increased to $197,534 thousand in 2026 from $183,262 thousand in 2025 . #### Cash Flow - **Net Cash Provided by Operating Activities**: Decreased by -$8,302 thousand to $152,729 thousand in 2026 from $161,031 thousand in 2025 . - **Net Cash Used in Investing Activities**: Decreased by $85,221 thousand to -$94,927 thousand in 2026 from -$180,148 thousand in 2025 . This change was influenced by lower acquisition of operating real estate (-$21,478 thousand in 2026 vs -$83,232 thousand in 2025) and higher return of capital from real estate partnerships ($34,679 thousand in 2026 vs $0 in 2025) . - **Net Cash (Used in) Provided by Financing Activities**: Decreased by -$68,673 thousand to -$32,903 thousand in 2026 from $35,770 thousand in 2025 . This was primarily due to increased dividends paid to common shareholders (-$275,915 thousand in 2026 vs -$127,684 thousand in 2025) and repayment of unsecured credit facilities (-$345,000 thousand in 2026 vs -$80,000 thousand in 2025), partially offset by proceeds from new fixed rate unsecured notes ($447,192 thousand in 2026) . #### Unique Metrics - **Total Property Portfolio Leased**: 96.2% as of March 31, 2026, compared to 96.1% as of December 31, 2025, and 96.3% as of March 31, 2025 . - **Same Property Portfolio Leased**: 96.6% as of March 31, 2026, compared to 96.5% as of December 31, 2025, and 96.6% as of March 31, 2025 . - **Leasing Activity (three months ended March 31, 2026)**: Executed 444 new and renewal transactions representing 1.6 million Pro-rata SF, with positive rent spreads of 12.1% . This compares to 450 transactions for 1.4 million Pro-rata SF with 8.1% positive rent spreads in the prior year . - **Development and Redevelopment Project Costs**: Estimated Pro-rata project costs for current in-process projects totaled $634.8 million as of March 31, 2026, up from $597.4 million as of December 31, 2025 . Projects completed during the three months ended March 31, 2026, represented $42.0 million of estimated net project costs with an average stabilized yield of 7.9% . - **Unencumbered Assets**: 88.4% of consolidated real estate assets were unencumbered as of March 31, 2026 . #### Future Outlook and Strategy The Company plans to maintain a high-quality portfolio of neighborhood and community shopping centers, primarily anchored by market-leading grocers, to drive higher rental and occupancy rates and grow NOI . It aims to create shareholder value through increased earnings and dividends per share, supported by a disciplined development and redevelopment platform and a conservative capital structure . The Company expects to meet its capital needs, including funding development projects and repaying $1.0 billion in maturing loans over the next 12 months, through operating cash flows, its Line of Credit, property sales, and new financing, while actively monitoring market conditions and mitigating interest rate risk . ### Related Stocks - [REGCO.US](https://longbridge.com/en/quote/REGCO.US.md) ## Related News & Research - [Why Fermi stock soared today](https://longbridge.com/en/news/295589259.md) - [REG - Sirius Real Estate - Dealing in Securities](https://longbridge.com/en/news/295817693.md) - [Homegate rent index shows Swiss asking rents flat in July, up 2.4% year-on-year](https://longbridge.com/en/news/295747612.md) - [REG - UIL Limited UIL Finance Ltd - Purchase of 2026 ZDP Shares](https://longbridge.com/en/news/295955673.md) - [Zillow says 54.1% of renter families with children are rent-burdened in US](https://longbridge.com/en/news/295795717.md)