Regency Centers (REG) Q4 2025 earnings summary

Executive summary

• Delivered strong operational and financial performance in 2025, driven by robust demand for grocery-anchored shopping centers in strong suburban areas and disciplined capital allocation.

• Portfolio is over 85% grocery-anchored centers in suburban areas with strong demographics, focusing on necessity, service, convenience, and value retailers.

• Achieved strong financial and operational results for Q4 and full year 2025, with significant growth in earnings and leasing activity.

• Corporate responsibility and ESG are integral, with a focus on environmental stewardship, governance, and community engagement.

Financial highlights

• NAREIT FFO per share grew 7.9% to $4.64 and Core Operating Earnings per share rose 6.8% to $4.41 year-over-year.

• Net Income per diluted share was $2.82 for 2025; Q4 net income included a $72.2 million gain from a partial distribution-in-kind transaction.

• Same-property NOI growth reached 5.3% for 2025, with Q4 shop occupancy at a record 94.2%.

• Over $1 billion of EBITDA achieved for the first time as a public company.

Outlook and guidance

• 2026 guidance projects Net Income per diluted share of $2.35–$2.39, Nareit FFO per share of $4.83–$4.87, and Core Operating Earnings per share of $4.59–$4.63.

• Same-property NOI growth expected between 3.25% and 3.75% for 2026.

• Development and redevelopment spend projected at approximately $325 million in 2026.

• No acquisitions or dispositions planned for 2026; focus on internal development and redevelopment.