Regency Centres Pref Share REG 5.875 Perp 09/21/23 | 8-K: FY2026 Q2 Revenue: USD 300.11 M

Revenue: As of FY2026 Q2, the actual value is USD 300.11 M.

EPS: As of FY2026 Q2, the actual value is USD 0.61.

EBIT: As of FY2026 Q2, the actual value is USD 178 M.

Financial Reporting Dates

REGENCY CENTERS CORPORATION issued an earnings release for the three and six months ended June 30, 2026, on July 29, 2026.

Net Income Attributable to Common Shareholders

Net Income Attributable to Common Shareholders was $112.4 million for the three months ended June 30, 2026, compared to $102.6 million for the same period in 2025. Year-to-date, Net Income Attributable to Common Shareholders was $237.487 million in 2026, up from $208.782 million in 2025.

Nareit Funds From Operations (FFO)

Nareit FFO for the three months ended June 30, 2026, was $226.3 million, an increase from $212.1 million in the same period of 2025. Year-to-date, Nareit FFO was $450.565 million in 2026, compared to $422.880 million in 2025. Reported Nareit FFO was $1.21 per diluted share for the second quarter of 2026.

Core Operating Earnings

Core Operating Earnings for the three months ended June 30, 2026, reached $217.7 million, up from $202.2 million in the prior year period. Year-to-date, Core Operating Earnings was $434.253 million in 2026, compared to $401.668 million in 2025. Core Operating Earnings were $1.16 per diluted share for the second quarter of 2026.

Net Operating Income (NOI)

Second quarter 2026 Same Property NOI increased by 3.8% year-over-year, with Same Property base rent growth contributing 3.7% to this increase. Total NOI for the second quarter of 2026 increased by 6.8% compared to the same period in 2025. Year-to-date Same Property NOI increased by 4.1% and total NOI increased by 7.6% compared to the same period in 2025.

Occupancy and Leasing Activity

As of June 30, 2026, Regency’s Same Property portfolio was 96.9% leased, an increase of 40 basis points year-over-year, and 94.5% commenced, up 50 basis points year-over-year. During the second quarter of 2026, the company executed 2.1 million square feet of comparable new and renewal leases at blended rent spreads of +10.4% on a cash basis and +19.5% on a straight-lined basis. For the twelve months ended June 30, 2026, 7.1 million square feet of comparable leases were executed with blended cash rent spreads of +11.8% and straight-lined rent spreads of +22.7%.

Capital Allocation

During the second quarter of 2026, the company started $68 million in ground-up development and redevelopment projects and completed approximately $20 million of redevelopment projects. As of June 30, 2026, in-process development and redevelopment projects had estimated net project costs of $680 million at a blended estimated yield of approximately 9%. The company acquired one shopping center and two outparcels for approximately $48 million in Q2 2026, with Regency’s share totaling $19 million. Subsequent to quarter end, two shopping centers were acquired for $101 million, or $42 million at Regency’s share.

Balance Sheet and Liquidity

As of June 30, 2026, Regency’s pro-rata net debt and preferred stock to TTM operating EBITDAre was 5.0x. The company had approximately $1.5 billion of available capacity under its revolving credit facility. Total Consolidated Debt to Total Consolidated Assets was 27%, and Secured Consolidated Debt to Total Consolidated Assets was 4%. Consolidated Income for Debt Service to Consolidated Debt Service was 4.7x, and Unencumbered Consolidated Assets to Unsecured Consolidated Debt was 384%. Total Capitalization was $20.5 billion, with Unsecured Debt - Bonds representing 72% and Secured debt representing 22% of the capital structure. Total pro rata debt was $5.4 billion, with a weighted average interest rate of 4.5% and weighted average years to maturity of 6.6. The Unsecured Credit Facility - Committed was $1,500 million, with a balance outstanding of - $30 million, resulting in an undrawn portion of $1,470 million. Cash, Cash Equivalents & Marketable Securities totaled $192 million, and Total Liquidity was $1,662 million.

Credit Ratings

As of June 30, 2026, S&P credit rating was A- with a Stable outlook, last reviewed on March 26, 2026. Moody’s credit rating was A3 with a Stable outlook, last reviewed on December 23, 2025.

Outlook / Guidance

Regency Centers raised its full year 2026 Nareit FFO guidance to a range of $4.84 to $4.88 per diluted share and its Core Operating Earnings guidance to a range of $4.62 to $4.66 per diluted share. The midpoint of the updated Core Operating Earnings guidance now projects year-over-year growth exceeding 5%. The company also increased its full year 2026 guidance for Same Property NOI growth to a range of 3.7% to 4.1% year-over-year.