Regency Centers (REG) Q1 2026 earnings summary

Executive summary

• Net income attributable to common shareholders rose to $125.1 million ($0.68 per diluted share) for Q1 2026, up from $106.2 million ($0.58 per diluted share) year-over-year, driven by higher base rent, occupancy, and positive leasing spreads.

• Same Property NOI increased 4.4% year-over-year, with portfolio occupancy at 96.6% and strong leasing activity; 1.5–1.6 million sq ft of new and renewal leases executed in Q1 2026.

• Portfolio is over 85% grocery-anchored, focused on necessity, service, convenience, and value retailers in resilient suburban trade areas with favorable demographics.

• Ground-up development and redevelopment projects are key differentiators, with $73 million in new projects started and $42 million completed in Q1 2026.

• Corporate responsibility and ESG initiatives are integral to long-term strategy, emphasizing people, governance, and environmental stewardship.

Financial highlights

• Same-Property NOI growth was 4.4% in Q1 2026, with base rent growth of 3.5% and total NOI up 8.4% year-over-year.

• Nareit FFO reached $224.3 million ($1.20 per diluted share), and Core Operating Earnings were $216.5 million ($1.16 per diluted share), both increasing from Q1 2025.

• Full-year 2026 Nareit FFO guidance per diluted share: $4.83–$4.87, implying 4.5% year-over-year growth at midpoint.

• In-process development and redevelopment pipeline exceeds $600 million, with blended returns above 9%.

• AFFO reached $197.5 million, up from $183.3 million in Q1 2025.

Outlook and guidance

• Full-year Same-Property NOI growth guidance is 3.25%–3.75%, with total NOI growth projected above 6% driven by development deliveries and acquisitions.

• Core Operating Earnings and Nareit FFO per share expected to grow 4.5% at midpoint.

• Net income guidance per diluted share raised to $2.45–$2.49 for 2026.

• Development and redevelopment spend projected at approximately $350 million for the year.

• Acquisitions guidance: up to $25 million; no dispositions planned.