EPS: As of FY2026 Q1, the actual value is USD 0.68.

Operational Metrics

Net Income Attributable to Common Shareholders

• For the three months ended March 31, 2026, Net Income Attributable to Common Shareholders was $125.1 million, compared to $106.2 million for the same period in 2025.

Nareit Funds From Operations (FFO)

• For the three months ended March 31, 2026, Nareit FFO was $224.3 million, compared to $210.7 million for the same period in 2025.
• Nareit FFO was reported at $1.20 per diluted share for the first quarter of 2026.

Core Operating Earnings

• For the three months ended March 31, 2026, Core Operating Earnings was $216.5 million, compared to $199.4 million for the same period in 2025.
• Core Operating Earnings reached $1.16 per diluted share for the first quarter of 2026.

Net Operating Income (NOI)

• First quarter 2026 Same Property NOI increased by 4.4% compared to the same period in 2025.
• Same Property base rent growth contributed 3.6% to Same Property NOI growth in the first quarter of 2026.
• First quarter 2026 NOI increased by 8.4% compared to the same period in 2025.
• NOI for the three months ended March 31, 2026, was $296,394,000, compared to $273,538,000 for the same period in 2025.
• Same Property NOI for the three months ended March 31, 2026, was $285,634,000, compared to $273,673,000 for the same period in 2025, representing a 4.4% change.
• Same Property NOI without Redevelopments for the three months ended March 31, 2026, was $242,476,000, compared to $235,922,000 for the same period in 2025, representing a 2.8% change.
• NOI Margin was 68.5% for the three months ended March 31, 2026, compared to 69.1% for the same period in 2025.

Operating Costs

• General and administrative expenses for the three months ended March 31, 2026, were $25,606,000, compared to $21,600,000 for the same period in 2025.
• Other operating expense for the three months ended March 31, 2026, was $1,001,000, compared to $1,688,000 for the same period in 2025.
• Other expense, net for the three months ended March 31, 2026, was $44,296,000, compared to $48,673,000 for the same period in 2025.
• Management, transaction, and other fees for the three months ended March 31, 2026, were - $6,933,000, compared to - $6,812,000 for the same period in 2025.

Cash Flow

Adjusted Funds from Operations (AFFO)

• Adjusted Funds from Operations for the three months ended March 31, 2026, was $197,534,000, compared to $183,262,000 for the same period in 2025.

Unique Metrics

Occupancy and Leasing Activity

• Same Property percent leased ended the quarter at 96.6%, flat year-over-year.
• Same Property percent commenced ended the quarter at 94.3%, up 90 basis points year-over-year.
• Same Property anchor percent leased ended the quarter at 98.2%.
• Same Property shop percent leased ended the quarter at 94.1%.
• Regency executed 1.5 million square feet of comparable new and renewal leases during the quarter at blended rent spreads of 12.1% on a cash basis and 24.3% on a straight-lined basis.
• During the twelve months ended March 31, 2026, Regency executed approximately 6.9 million square feet of comparable new and renewal leases at a blended cash rent spread of +11.7% and a blended straight-lined rent spread of +22.7%.

Development and Redevelopment

• The Company started redevelopment projects with estimated net project costs of approximately $73 million in the first quarter of 2026.
• The Company completed approximately $42 million of ground up development and redevelopment projects in the first quarter of 2026.
• As of March 31, 2026, Regency’s in-process development and redevelopment projects had estimated net project costs of $635 million at a blended estimated yield of 9%.
• Development and Redevelopment spend year-to-date was $100,700,000.

Debt and Capital Structure

• Regency’s operating partnership priced a public offering of $450 million of senior unsecured notes due 2033 at a coupon of 4.50%.
• Pro-rata net debt and preferred stock to TTM operating EBITDAre at March 31, 2026, was 5.2x.
• As of March 31, 2026, Regency had approximately $1.5 billion of available capacity under its revolving credit facility.
• Interest expense, net and Preferred stock dividends year-to-date was $60,962,000.
• Regency’s Board of Directors authorized a refreshed share repurchase program of up to $500 million of its common stock.
• Total Capitalization was $19.8 billion.
• The Unsecured Credit Facility was $1,500 million committed, with a balance outstanding of - $30 million, resulting in an undrawn portion of $1,470 million.
• Cash, Cash Equivalents & Marketable Securities were $146 million.
• Total Liquidity was $1,616 million.
• Total Pro Rata Debt was $5.6 billion, with a weighted average interest rate of 4.5% and a weighted average years to maturity of 6.7 years.

Debt Covenants (as of March 31, 2026)

• Total Consolidated Debt to Total Consolidated Assets was 28% (Required: 65%).
• Secured Consolidated Debt to Total Consolidated Assets was 4% (Required: 40%).
• Consolidated Income for Debt Service to Consolidated Debt Service was 4.5x (Required: 1.5x).
• Unencumbered Consolidated Assets to Unsecured Consolidated Debt was 372% (Required: 150%).

Credit Ratings

• S&P: A- Stable (Last Review: March 26, 2026).
• Moody’s: A3 Stable (Last Review: December 23, 2025).

Property Transactions

• Effective January 1, 2026, the Company acquired its partner’s 60% interest in Haddon Commons for approximately $6 million.
• Acquisitions year-to-date were $6,300,000.

Outlook / Guidance

Regency Centers Corporation reaffirmed its 2026 guidance for Nareit FFO and Core Operating Earnings per diluted share, along with its Same Property NOI growth guidance. The company updated its full-year 2026 guidance for Net Income Attributable to Common Shareholders per diluted share to $2.45 - $2.49 from $2.35 - $2.39. The company believes its forward-looking statements are reasonable, though actual results may differ due to various risks and uncertainties.