Regency Centers | 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, beating the estimate of USD 0.5962.

EBIT: As of FY2026 Q2, the actual value is USD 166.36 M.

Financial Performance (Three Months Ended June 30, 2026 vs. 2025)

• Net Income Attributable to Common Shareholders: $112.4 million, up from $102.6 million in the prior year period.
• Nareit Funds From Operations (FFO): $226.3 million, an increase from $212.1 million in the same period of 2025. Per diluted share, reported Nareit FFO was $1.21.
• Core Operating Earnings: $217.7 million, compared to $202.2 million in the second quarter of 2025. Core Operating Earnings were $1.16 per diluted share.
• Same Property Net Operating Income (NOI): Increased by 3.8% to $288.3 million, from $277.6 million in the prior year.
• Net Operating Income (NOI): Increased by 6.8% to $300.1 million, from $280.9 million in the prior year.
• Operating EBITDAre: $284.1 million, up from $264.6 million in the second quarter of 2025.
• Adjusted Funds from Operations (AFFO): $185.3 million, compared to $177.5 million in the same period of 2025.
• Dividends Declared per Common Share and Unit: $0.755, up from $0.705.
• Dividend Payout Ratio as a % of Nareit FFO: 62.4%, compared to 60.8% in the prior year.

Financial Performance (Year to Date June 30, 2026 vs. 2025)

• Net Income Attributable to Common Shareholders: $237.5 million, up from $208.8 million in the prior year period.
• Nareit Funds From Operations (FFO): $450.6 million, an increase from $422.9 million in the same period of 2025.
• Core Operating Earnings: $434.3 million, compared to $401.7 million in the prior year period.
• Same Property Net Operating Income (NOI): Increased by 4.1% to $573.9 million, from $551.3 million in the prior year.
• Net Operating Income (NOI): Increased by 7.6% to $596.5 million, from $554.5 million in the prior year.
• Operating EBITDAre: $565.2 million, up from $524.1 million in the prior year period.
• Adjusted Funds from Operations (AFFO): $382.9 million, compared to $360.7 million in the prior year period.
• Dividends Declared per Common Share and Unit: $1.510, up from $1.410.
• Dividend Payout Ratio as a % of Nareit FFO: 62.7%, compared to 61.0% in the prior year.

Balance Sheet and Capital Information (As of June 30, 2026 vs. December 31, 2025)

• Preferred Stock: $225.0 million for both periods.
• Outstanding Debt: $5,443.7 million, up from $5,280.3 million. 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.
• Cash: $191.6 million, an increase from $120.7 million. Cash, Cash Equivalents & Marketable Securities totaled $192 million, bringing total liquidity to $1,662 million.
• Net Debt and Preferred Stock: $5,477.1 million, up from $5,384.6 million.
• Total Market Capitalization: $20,384.9 million, up from $18,275.3 million. Total Capitalization was $20.5 billion.
• Available Capacity under Revolving Credit Facility: Approximately $1.5 billion. The Unsecured Credit Facility - Committed amount was $1,500 million, with a balance outstanding of - $30 million, resulting in an undrawn portion of $1,470 million.

Debt Metrics (Pro-Rata, Trailing 12 Months as of June 30, 2026 vs. December 31, 2025)

• Net Debt and Preferreds-to-Operating EBITDAre: 5.0x, down from 5.1x. Pro-rata net debt and preferred stock to TTM operating EBITDAre at June 30, 2026 was 5.0x.
• Fixed Charge Coverage: 4.2x, consistent with the prior period.
• Total Consolidated Debt to Total Consolidated Assets: 27%.
• Secured Consolidated Debt to Total Consolidated Assets: 4%.
• Consolidated Income for Debt Service to Consolidated Debt Service: 4.7x.
• Unencumbered Consolidated Assets to Unsecured Consolidated Debt: 384%.

Portfolio Performance and Leasing Activity (As of/For Three Months Ended June 30, 2026)

• Same Property Percent Leased: 96.9%, an increase of 40 basis points year-over-year.
• Same Property Percent Commenced: 94.5%, an increase of 50 basis points year-over-year.
• Comparable New and Renewal Leases Executed: 2.1 million square feet.
• Blended Rent Spreads on Comparable Leases: 10.4% on a cash basis and 19.5% on a straight-lined basis.
• New Leases (Q2 2026): Blended cash rent spread of 15.8% and straight-lined rent spread of 27.0%.
• Renewals (Q2 2026): Blended cash rent spread of 9.4% and straight-lined rent spread of 18.0%.
• Leases Signed Not Yet Commenced (As of June 30, 2026): Totaled 1,303 thousand square feet with an Annual ABR of $41,245 thousand.

Development and Property Transactions (Q2 2026 and Subsequent)

• Ground-up Development and Redevelopment Projects Started: $68 million in estimated net project costs.
• Redevelopment Projects Completed: Approximately $20 million.
• In-Process Development and Redevelopment Projects (As of June 30, 2026): Estimated net project costs of $680 million at a blended estimated yield of approximately 9%.
• Acquisitions (Q2 2026): One shopping center and two outparcels for a total of approximately $48 million, with $19 million at Regency Centers Corporation’s share.
• Subsequent Acquisitions: Two shopping centers for $101 million, with $42 million at Regency Centers Corporation’s share.
• Dispositions (Q2 2026): One property for $2,925 thousand.

Outlook / Guidance

Regency Centers Corporation has updated its full year 2026 guidance, expecting Nareit FFO to be in the range of $4.84 to $4.88 per diluted share and Core Operating Earnings between $4.62 and $4.66 per diluted share. The midpoint of the 2026 Core Operating Earnings guidance now indicates year-over-year growth exceeding 5%. Additionally, the full year 2026 guidance for Same Property NOI growth was raised to a range of 3.7% to 4.1% year-over-year.