Regency Centers (REG) Citi’s Miami Global Property CEO Conference 2026 summary

Opening remarks and investment highlights

• Emphasized strong operating momentum, high-quality necessity-based shopping centers, disciplined execution, and a differentiated development platform as key investment reasons.

• Delivered solid NOI, earnings, and dividend growth, supported by healthy tenant demand and accretive capital allocation.

• Leasing activity remains robust, with high-quality tenants expanding and occupancy growing.

• Development is a primary external growth engine, with a pipeline advancing through starts and completions for meaningful NOI contribution in 2026 and beyond.

• Maintains a strong balance sheet with A-level credit ratings, low leverage, and strong liquidity, enabling internal funding of development and opportunistic acquisitions.

Leasing environment and tenant trends

• Demand is strong across both anchors and shops, with limited new retail supply supporting rent growth.

• Health and wellness uses are increasing, along with new food and beverage concepts, especially in neighborhood shopping centers.

• Restaurant category sees the most turnover but also the most new leasing and concepts.

• Leasing pipeline is active, with executed leases supporting future growth and development deliveries contributing to earnings.

Rent growth, occupancy, and market dynamics

• Shop occupancy continues to set record highs, though frictional vacancy and tenant turnover are natural.

• Anchor leasing has room for further growth, not yet at historic peaks.

• Rent ceilings are influenced by tenant profitability and inflation, with future potential for higher occupancy cost ratios as technology improves tenant margins.

• Achieved 11% cash-on-cash lease spreads and 21% GAAP rent spreads in 2025, reflecting strong pricing power.