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 .