FULLTEXT DEL 1 AV 2
10-Q – 2025-11-05 – reg-20250930.htm
10-Q
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 1-12298 (Regency Centers Corporation)
Commission File Number 0-24763 (Regency Centers, L.P.)
REGENCY CENTERS CORPORATION
REGENCY CENTERS, L.P.
(Exact name of registrant as specified in its charter)
florida (REGENCY CENTERS CORPORATION)
59-3191743
Delaware (REGENCY CENTERS, L.P)
59-3429602
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
One Independent Drive , Suite 114
Jacksonville , Florida 32202
( 904 ) 598-7000
(Address of principal executive offices) (zip code)
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Regency Centers Corporation
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value
REG
The Nasdaq Stock Market LLC
6.250% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share
REGCP
The Nasdaq Stock Market LLC
5.875% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share
REGCO
The Nasdaq Stock Market LLC
Regency Centers, L.P.
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
None
N/A
N/A
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Regency Centers Corporation Yes ☒ No ☐ Regency Centers, L.P. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ( §232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Regency Centers Corporation Yes ☒ No ☐ Regency Centers, L.P. Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act:
Regency Centers Corporation:
Large accelerated filer
☒
Accelerated filer
☐
Emerging growth company
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Regency Centers, L.P.:
Large accelerated filer
☐
Accelerated filer
☐
Emerging growth company
☐
Non-accelerated filer
☒
Smaller reporting company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Regency Centers Corporation ☐ Regency Centers, L.P. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Regency Centers Corporation Yes ☐ No ☒ Regency Centers, L.P. Yes ☐ No ☒
The number of shares outstanding of Regency Centers Corporation's common stock was 182,900,978 as of November 3, 2025.
EXPLANATORY NOTE
This Quarterly Report on Form 10-Q (this "Report") combines the quarterly reports on Form 10-Q for the quarter ended September 30, 2025, of Regency Centers Corporation and Regency Centers, L.P. Unless stated otherwise or the context otherwise requires, references to "Regency Centers Corporation" or the "Parent Company" mean Regency Centers Corporation and its controlled subsidiaries and references to "Regency Centers, L.P." or the "Operating Partnership" mean Regency Centers, L.P. and its controlled subsidiaries. The terms "the Company," "Regency Centers," "Regency," "we," "our," and "us" as used in this Report mean the Parent Company, the Operating Partnership and their controlled subsidiaries, collectively.
The Parent Company is a real estate investment trust ("REIT") and the general partner of the Operating Partnership. As the sole general partner of the Operating Partnership, the Parent Company has exclusive control of the Operating Partnership's day-to-day management. The Operating Partnership's capital includes general and limited common partnership units ("Common Units"). As of September 30, 2025, the Parent Company owned approximately 97.9% of the Common Units in the Operating Partnership. The remaining Common Units, which are all limited Common Units, are owned by third party investors. In addition to the Common Units, the Operating Partnership has also issued two series of preferred units: the 6.250% Series A Cumulative Redeemable Preferred Units (the "Series A Preferred Units") and the 5.875% Series B Cumulative Redeemable Preferred Units (the "Series B Preferred Units"). The Parent Company currently owns all of the Series A Preferred Units and Series B Preferred Units. The Series A Preferred Units and Series B Preferred Units are sometimes referred to collectively as the "Preferred Units."
The Company believes combining the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into this single report provides the following benefits:
• Enhances investors' understanding of the Parent Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
• Eliminates duplicative disclosure and provides a more streamlined and readable presentation; and
• Creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
Management operates the Parent Company and the Operating Partnership as a single business. The management of the Parent Company consists of the same individuals as the management of the Operating Partnership. These individuals are officers of the Parent Company, and officers and employees of the Operating Partnership.
The Company believes it is important to understand the key differences between the Parent Company and the Operating Partnership in the context of how the Parent Company and the Operating Partnership operate as a consolidated company. The Parent Company is a REIT, whose only material asset is its ownership of Common and Preferred Units of the Operating Partnership. As a result, the Parent Company does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing certain debt of the Operating Partnership. Except for $200 million of unsecured private placement debt, the Parent Company does not directly hold any indebtedness, but guarantees all of the unsecured debt of the Operating Partnership. The Operating Partnership, directly or indirectly, is also the co-issuer and guarantor of the Parent Company's $200 million unsecured private placement debt referenced above. The Operating Partnership holds all the assets of the Company and ownership of the Company's subsidiaries and equity interests in its joint ventures. Except for net proceeds from public equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for Common Units or Preferred Units, the Operating Partnership generates all other capital required by the Company's business. These sources include the Operating Partnership's operations, its direct or indirect incurrence of indebtedness, and the issuance of Common Units and Preferred Units.
Shareholders' equity, partners' capital, and noncontrolling interests are the main areas of difference between the Consolidated Financial Statements of the Parent Company and those of the Operating Partnership. The Operating Partnership's capital includes the Common Units and the Preferred Units. The limited partners' Common Units in the Operating Partnership owned by third parties are accounted for in partners' capital in the Operating Partnership's financial statements and outside of shareholders' equity in noncontrolling interests in the Parent Company's financial statements. The Preferred Units owned by the Parent Company are eliminated in consolidation in the accompanying consolidated financial statements of the Parent Company and are classified as preferred units of the general partner in the accompanying consolidated financial statements of the Operating Partnership.
In order to highlight the differences between the Parent Company and the Operating Partnership, there are sections in this Report that separately discuss the Parent Company and the Operating Partnership, including separate financial statements, controls and procedures sections, and separate Exhibit 31 and 32 certifications. In the sections that combine disclosure for the Parent Company and the Operating Partnership, this Report refers to actions or holdings as being actions or holdings of the Company.
As general partner with control of the Operating Partnership, the Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have assets other than its investment in the Operating Partnership. Therefore, while shareholders' equity and partners' capital differ as discussed above, the assets and liabilities of the Parent Company and the Operating Partnership are the same on their respective financial statements.
TABLE OF CONTENTS
Form 10-Q
Report Page
PART I - FINANCIAL INFORMATION
Item 1.
Financial Statements (Unaudited)
Regency Centers Corporation:
Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024
1
Consolidated Statements of Operations for the periods ended September 30, 2025 and 2024
2
Consolidated Statements of Comprehensive Income for the periods ended September 30, 2025 and 2024
3
Consolidated Statements of Equity for the periods ended September 30, 2025 and 2024
4
Consolidated Statements of Cash Flows for the periods ended September 30, 2025 and 2024
6
Regency Centers, L.P.:
Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024
8
Consolidated Statements of Operations for the periods ended September 30, 2025 and 2024
9
Consolidated Statements of Comprehensive Income for the periods ended September 30, 2025 and 2024
10
Consolidated Statements of Capital for the periods ended September 30, 2025 and 2024
11
Consolidated Statements of Cash Flows for the periods ended September 30, 2025 and 2024
13
Notes to Consolidated Financial Statements
15
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
31
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
52
Item 4.
Controls and Procedures
54
PART II - OTHER INFORMATION
Item 1.
Legal Proceedings
55
Item 1A.
Risk Factors
55
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
55
Item 3.
Defaults Upon Senior Securities
56
Item 4.
Mine Safety Disclosures
56
Item 5.
Other Information
56
Item 6.
Exhibits
57
SIGNATURES
58
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
REGENCY CENTERS CORPORATION
Consolidated Balance Sheets
September 30, 2025 and December 31, 2024
(in thousands, except share data)
2025
2024
Assets
(unaudited)
Net real estate investments:
Real estate assets, at cost
$
14,342,200
13,698,419
Less: accumulated depreciation
3,180,995
2,960,399
Real estate assets, net
11,161,205
10,738,020
Investments in sales-type leases, net
16,668
16,291
Investments in real estate partnerships
367,837
399,044
Net real estate investments
11,545,710
11,153,355
Properties held for sale, net
53,572
—
Cash, cash equivalents, and restricted cash, including $ 4,907 and $ 5,601 of restricted cash at September 30, 2025 and December 31, 2024, respectively
205,595
61,884
Tenant and other receivables, net
255,543
255,495
Deferred leasing costs, less accumulated amortization of $ 136,359 and $ 131,080 at September 30, 2025 and December 31, 2024, respectively
88,838
79,911
Acquired lease intangible assets, less accumulated amortization of $ 412,407 and $ 395,209 at September 30, 2025 and December 31, 2024, respectively
254,939
229,983
Right of use assets, net
317,580
322,287
Other assets
337,202
289,046
Total assets
$
13,058,979
12,391,961
Liabilities and Equity
Liabilities:
Notes payable, net
$
4,885,954
4,343,700
Unsecured credit facility
30,000
65,000
Accounts payable and other liabilities
396,817
392,302
Acquired lease intangible liabilities, less accumulated amortization of $ 238,651 and $ 222,052 at September 30, 2025 and December 31, 2024, respectively
362,040
364,608
Lease liabilities
243,272
244,861
Tenants' security, escrow deposits and prepaid rent
80,840
81,183
Total liabilities
5,998,923
5,491,654
Commitments and contingencies
—
—
Equity:
Shareholders' equity:
Preferred stock $ 0.01 par value per share, 30,000,000 shares authorized; 9,000,000 shares issued and outstanding, in the aggregate, in Series A and Series B at September 30, 2025 and December 31, 2024
225,000
225,000
Common stock $ 0.01 par value per share, 220,000,000 shares authorized; 182,232,143 and 181,361,454 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively
1,822
1,814
Treasury stock at cost, 490,228 and 479,251 shares held at September 30, 2025 and December 31, 2024, respectively
( 30,641
)
( 28,045
)
Additional paid-in-capital
8,654,914
8,503,227
Accumulated other comprehensive (loss) income
( 4,299
)
2,226
Distributions in excess of net income
( 2,049,762
)
( 1,980,076
)
Total shareholders' equity
6,797,034
6,724,146
Noncontrolling interests:
Exchangeable operating partnership units, aggregate redemption value of $ 279,804 and $ 81,076 at September 30, 2025 and December 31, 2024, respectively
137,745
40,744
Limited partners' interests in consolidated partnerships
125,277
135,417
Total noncontrolling interests
263,022
176,161
Total equity
7,060,056
6,900,307
Total liabilities and equity
$
13,058,979
12,391,961
The accompanying notes are an integral part of the consolidated financial statements.
1
REGENCY CENTERS CORPORATION
Consolidated Statements of Operations
For the periods ended September 30, 2025, and 2024
(in thousands, except per share data)
(unaudited)
Three months ended September 30,
Nine months ended September 30,
2025
2024
2025
2024
Revenues:
Lease income
$
377,761
349,057
$
1,117,945
1,050,008
Other property income
3,089
4,444
10,609
11,464
Management, transaction, and other fees
6,720
6,765
20,776
19,896
Total revenues
387,570
360,266
1,149,330
1,081,368
Operating expenses:
Depreciation and amortization
102,799
100,955
299,108
299,508
Property operating expense
65,471
60,477
194,689
183,242
Real estate taxes
47,080
45,729
140,940
135,514
General and administrative
27,060
25,073
74,140
75,443
Other operating expenses
1,770
3,654
5,402
9,363
Total operating expenses
244,180
235,888
714,279
703,070
Other expense, net:
Interest expense, net
51,323
47,022
149,608
133,068
Provision for impairment of real estate
3,374
—
4,636
—
Gain on sale of real estate, net of tax
( 6,198
)
( 11,360
)
( 6,005
)
( 33,844
)
Loss on early extinguishment of debt
—
—
—
180
Net investment income
( 2,602
)
( 1,372
)
( 2,629
)
( 4,506
)
Total other expense, net
45,897
34,290
145,610
94,898
Income before equity in income of investments in real estate partnerships
97,493
90,088
289,441
283,400
Equity in income of investments in real estate partnerships
15,124
13,488
43,378
37,763
Net income
112,617
103,576
332,819
321,163
Noncontrolling interests:
Exchangeable operating partnership units
( 1,664
)
( 593
)
( 2,892
)
( 1,836
)
Limited partners' interests in consolidated partnerships
( 1,580
)
( 1,514
)
( 4,946
)
( 5,416
)
Net income attributable to noncontrolling interests
( 3,244
)
( 2,107
)
( 7,838
)
( 7,252
)
Net income attributable to the Company
109,373
101,469
324,981
313,911
Preferred stock dividends
( 3,413
)
( 3,413
)
( 10,239
)
( 10,239
)
Net income attributable to common shareholders
$
105,960
98,056
$
314,742
303,672
Net income attributable to common shareholders:
Per common share - basic
$
0.58
0.54
$
1.73
1.66
Per common share - diluted
$
0.58
0.54
$
1.73
1.66
The accompanying notes are an integral part of the consolidated financial statements.
2
REGENCY CENTERS CORPORATION
Consolidated Statements of Comprehensive Income
For the periods ended September 30, 2025, and 2024
(in thousands)
(unaudited)
Three months ended September 30,
Nine months ended September 30,
2025
2024
2025
2024
Net income
$
112,617
103,576
$
332,819
321,163
Other comprehensive loss:
Effective portion of change in fair value of derivative instruments:
Effective portion of change in fair value of derivative instruments
369
( 9,305
)
( 3,574
)
2,412
Reclassification adjustment of derivative instruments included in net income
( 1,063
)
( 2,306
)
( 3,823
)
( 7,113
)
Unrealized gain on available-for-sale debt securities
109
415
397
295
Other comprehensive loss
( 585
)
( 11,196
)
( 7,000
)
( 4,406
)
Comprehensive income
112,032
92,380
325,819
316,757
Less: comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests
3,244
2,107
7,838
7,252
Other comprehensive loss attributable to noncontrolling interests
( 74
)
( 687
)
( 475
)
( 340
)
Comprehensive income attributable to noncontrolling interests
3,170
1,420
7,363
6,912
Comprehensive income attributable to the Company
$
108,862
90,960
$
318,456
309,845
The accompanying notes are an integral part of the consolidated financial statements.
3
REGENCY CENTERS CORPORATION
Consolidated Statements of Equity
For the three months ended September 30, 2025 and 2024
(in thousands, except per share data)
(unaudited)
Noncontrolling Interests
Preferred
Stock
Common
Stock
Treasury
Stock
Additional
Paid In
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Distributions
in Excess of
Net Income
Total
Shareholders'
Equity
Exchangeable
Operating
Partnership
Units
Limited
Partners'
Interest in
Consolidated
Partnerships
Total
Noncontrolling
Interests
Total
Equity
Balance at June 30, 2024
$
225,000
1,815
( 27,234
)
8,502,753
5,135
( 1,911,741
)
6,795,728
40,738
126,704
167,442
6,963,170
Net income
—
—
—
—
—
101,469
101,469
593
1,514
2,107
103,576
Other comprehensive loss
Other comprehensive income before reclassification
—
—
—
—
( 8,357
)
—
( 8,357
)
( 53
)
( 480
)
( 533
)
( 8,890
)
Amounts reclassified from accumulated other comprehensive income
—
—
—
—
( 2,152
)
—
( 2,152
)
( 14
)
( 140
)
( 154
)
( 2,306
)
Adjustment for noncontrolling interests
—
—
—
( 1,305
)
—
—
( 1,305
)
1,305
—
1,305
—
Deferred compensation plan, net
—
—
( 404
)
404
—
—
—
—
—
—
—
Amortization of equity awards
—
—
—
6,674
—
—
6,674
—
—
—
6,674
Tax withholding on stock-based compensation
—
—
—
119
—
—
119
—
—
—
119
Common stock issued under dividend reinvestment plan
—
—
—
170
—
—
170
—
—
—
170
Common stock issued for partnership units exchanged
—
—
—
206
—
—
206
( 206
)
—
( 206
)
—
Contributions from partners
—
—
—
—
—
—
—
—
11,424
11,424
11,424
Distributions to partners
—
—
—
—
—
—
—
—
( 3,181
)
( 3,181
)
( 3,181
)
Dividends declared:
Preferred stock (Series A: $ 0.390625 per share/unit; Series B: $ 0.367200 per share/unit)
—
—
—
—
—
( 3,413
)
( 3,413
)
—
—
—
( 3,413
)
Common stock/unit ($ 0.670 per share/unit)
—
—
—
—
—
( 121,673
)
( 121,673
)
( 1,473
)
—
( 1,473
)
( 123,146
)
Balance at September 30, 2024
$
225,000
1,815
( 27,638
)
8,509,021
( 5,374
)
( 1,935,358
)
6,767,466
40,890
135,841
176,731
6,944,197
Balance at June 30, 2025
$
225,000
1,816
( 30,210
)
8,512,308
( 3,788
)
( 2,027,254
)
6,677,872
38,359
140,709
179,068
6,856,940
Net income
—
—
—
—
—
109,373
109,373
1,664
1,580
3,244
112,617
Other comprehensive income
Other comprehensive income before reclassification
—
—
—
—
447
—
447
7
24
31
478
Amounts reclassified from accumulated other comprehensive income
—
—
—
—
( 958
)
—
( 958
)
( 22
)
( 83
)
( 105
)
( 1,063
)
Adjustment for noncontrolling interests
—
—
—
87,209
—
—
87,209
( 99,018
)
11,809
( 87,209
)
—
Deferred compensation plan, net
—
—
( 431
)
431
—
—
—
—
—
—
—
Amortization of equity awards
—
—
—
5,433
—
—
5,433
—
—
—
5,433
Common stock issued under dividend reinvestment plan
—
—
—
177
—
—
177
—
—
—
177
Common stock issued for partnership units exchanged
—
—
—
200
—
—
200
( 200
)
—
( 200
)
—
Common stock issued, net of issuance costs
—
6
—
49,156
—
—
49,162
—
—
—
49,162
Contributions from partners
—
—
—
—
—
—
—
199,663
2,283
201,946
201,946
Distributions to partners
—
—
—
—
—
—
—
—
( 31,045
)
( 31,045
)
( 31,045
)
Dividends declared:
Preferred stock (Series A: $ 0.390625 per share/unit; Series B: $ 0.367200 per share/unit)
—
—
—
—
—
( 3,413
)
( 3,413
)
—
—
—
( 3,413
)
Common stock/unit ($ 0.705 per share/unit)
—
—
—
—
—
( 128,468
)
( 128,468
)
( 2,708
)
—
( 2,708
)
( 131,176
)
Balance at September 30, 2025
$
225,000
1,822
( 30,641
)
8,654,914
( 4,299
)
( 2,049,762
)
6,797,034
137,745
125,277
263,022
7,060,056
The accompanying notes are an integral part of the consolidated financial statements.
4
REGENCY CENTERS CORPORATION
Consolidated Statements of Equity
For the nine months ended September 30, 2025 and 2024
(in thousands, except per share data)
(unaudited)
Noncontrolling Interests
Preferred
Stock
Common
Stock
Treasury
Stock
Additional
Paid In
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Distributions
in Excess of
Net Income
Total
Shareholders'
Equity
Exchangeable
Operating
Partnership
Units
Limited
Partners'
Interest in
Consolidated
Partnerships
Total
Noncontrolling
Interests
Total
Equity
Balance at December 31, 2023
$
225,000
1,846
( 25,488
)
8,704,240
( 1,308
)
( 1,871,603
)
7,032,687
42,195
117,053
159,248
7,191,935
Net income
—
—
—
—
—
313,911
313,911
1,836
5,416
7,252
321,163
Other comprehensive income
Other comprehensive income before reclassification
—
—
—
—
2,585
—
2,585
13
109
122
2,707
Amounts reclassified from accumulated other comprehensive income
—
—
—
—
( 6,651
)
—
( 6,651
)
( 41
)
( 421
)
( 462
)
( 7,113
)
Adjustment for noncontrolling interests
—
—
—
( 9,999
)
—
—
( 9,999
)
1,305
8,694
9,999
—
Deferred compensation plan, net
—
—
( 2,150
)
2,150
—
—
—
—
—
—
—
Amortization of equity awards
—
2
—
19,809
—
—
19,811
—
—
—
19,811
Tax withholding on stock-based compensation
—
—
—
( 8,375
)
—
—
( 8,375
)
—
—
—
( 8,375
)
Common stock repurchased and retired
—
( 33
)
—
( 200,033
)
—
—
( 200,066
)
—
—
—
( 200,066
)
Common stock issued under dividend reinvestment plan
—
—
—
494
—
—
494
—
—
—
494
Common stock issued for exchangeable units exchanged
—
—
—
735
—
—
735
( 735
)
—
( 735
)
—
Contributions from partners
—
—
—
—
—
—
—
—
14,425
14,425
14,425
Distributions to partners
—
—
—
—
—
—
—
—
( 9,435
)
( 9,435
)
( 9,435
)
Dividends declared:
Preferred stock stock/unit (Series A: $ 1.171875 per share/unit; Series B: $ 1.101600 per share/unit)
—
—
—
—
—
( 10,239
)
( 10,239
)
—
—
—
( 10,239
)
Common stock/unit ($ 2.010 per share/unit)
—
—
—
—
—
( 367,427
)
( 367,427
)
( 3,683
)
—
( 3,683
)
( 371,110
)
Balance at September 30, 2024
$
225,000
1,815
( 27,638
)
8,509,021
( 5,374
)
( 1,935,358
)
6,767,466
40,890
135,841
176,731
6,944,197
Balance at December 31, 2024
$
225,000
1,814
( 28,045
)
8,503,227
2,226
( 1,980,076
)
6,724,146
40,744
135,417
176,161
6,900,307
Net income
—
—
—
—
—
324,981
324,981
2,892
4,946
7,838
332,819
Other comprehensive income
Other comprehensive loss before reclassification
—
—
—
—
( 2,988
)
—
( 2,988
)
( 20
)
( 169
)
( 189
)
( 3,177
)
Amounts reclassified from accumulated other comprehensive income
—
—
—
—
( 3,537
)
—
( 3,537
)
( 36
)
( 250
)
( 286
)
( 3,823
)
Adjustment for noncontrolling interests
—
—
—
89,419
—
—
89,419
( 101,228
)
11,809
( 89,419
)
—
Deferred compensation plan, net
—
—
( 2,596
)
2,596
—
—
—
—
—
—
—
Amortization of equity awards
—
2
—
16,549
—
—
16,551
—
—
—
16,551
Tax withholding on stock-based compensation
—
—
—
( 6,783
)
—
—
( 6,783
)
—
—
—
( 6,783
)
Repurchase of exchangeable operating partnership units
—
—
—
—
—
—
—
( 2,046
)
—
( 2,046
)
( 2,046
)
Common stock issued under dividend reinvestment plan
—
—
—
550
—
—
550
—
—
—
550
Common stock issued for partnership units exchanged
—
—
—
200
—
—
200
( 200
)
—
( 200
)
—
Common stock issued, net of issuance costs
—
6
—
49,156
—
—
49,162
—
—
—
49,162
Contributions from partners
—
—
—
—
—
—
—
201,873
10,699
212,572
212,572
Distributions to partners
—
—
—
—
—
—
—
—
( 37,175
)
( 37,175
)
( 37,175
)
Dividends declared:
Preferred stock stock/unit (Series A: $ 1.171875 per share/unit; Series B: $ 1.101600 per share/unit)
—
—
—
—
—
( 10,239
)
( 10,239
)
—
—
—
( 10,239
)
Common stock/unit ($ 2.115 per share/unit)
—
—
—
—
—
( 384,428
)
( 384,428
)
( 4,234
)
—
( 4,234
)
( 388,662
)
Balance at September 30, 2025
$
225,000
1,822
( 30,641
)
8,654,914
( 4,299
)
( 2,049,762
)
6,797,034
137,745
125,277
263,022
7,060,056
The accompanying notes are an integral part of the consolidated financial statements.
5
REGENCY CENTERS CORPORATION
Consolidated Statements of Cash Flows
For the periods ended September 30, 2025, and 2024
(in thousands)
(unaudited)
Nine months ended September 30,
2025
2024
Cash flows from operating activities:
Net income
$
332,819
321,163
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
299,108
299,508
Amortization of deferred financing costs and debt premiums
10,962
9,754
Amortization of above and below market lease intangibles, net
( 16,662
)
( 17,383
)
Stock-based compensation, net of capitalization
14,817
18,829
Equity in income of investments in real estate partnerships
( 43,378
)
( 37,763
)
Gain on sale of real estate, net of tax
( 6,005
)
( 33,844
)
Provision for impairment of real estate, net of tax
4,636
—
Loss on early extinguishment of debt
—
180
Distribution of earnings from investments in real estate partnerships
47,699
49,987
Deferred compensation expense
1,960
3,615
Realized and unrealized gain on investments
( 2,681
)
( 4,439
)
Changes in assets and liabilities:
Tenant and other receivables
( 2,196
)
( 8,736
)
Deferred leasing costs
( 13,776
)
( 7,643
)
Other assets
( 13,242
)
( 10,738
)
Accounts payable and other liabilities
11,983
13,881
Tenants' security, escrow deposits and prepaid rent
( 2,300
)
2,442
Net cash provided by operating activities
623,744
598,813
Cash flows from investing activities:
Acquisition of operating real estate, net of cash acquired of $ 4,273 and $ 14,143 in 2025 and 2024, respectively
( 103,502
)
( 45,205
)
Real estate development and capital improvements
( 307,282
)
( 235,284
)
Proceeds from sale of real estate
51,084
103,626
Proceeds from property insurance casualty claims
—
5,257
Issuance of notes receivable
( 176
)
( 32,651
)
Collection of notes receivable
479
3,052
Investments in real estate partnerships
( 12,399
)
( 25,771
)
Return of capital from investments in real estate partnerships
12,162
12,859
Dividends on investment securities
1,232
296
Purchase of investment securities
( 99,770
)
( 99,035
)
Proceeds from sale of investment securities
53,461
103,785
Net cash used in investing activities
( 404,711
)
( 209,071
)
6
Nine months ended September 30,
2025
2024
Cash flows from financing activities:
Net proceeds from common stock issuance
49,162
—
Tax withholding on stock-based compensation
( 6,783
)
( 8,776
)
Common shares repurchased through share repurchase program
—
( 200,066
)
Redemption of exchangeable operating partnership units
( 2,046
)
—
Proceeds from sale of treasury stock
462
210
Contributions from noncontrolling interests
10,699
6,533
Distributions to and redemptions of noncontrolling interests
( 37,175
)
( 9,435
)
Distributions to exchangeable operating partnership unit holders
( 2,299
)
( 2,215
)
Dividends paid to common shareholders
( 383,267
)
( 368,999
)
Dividends paid to preferred shareholders
( 10,239
)
( 10,239
)
Repayment of fixed rate unsecured notes
—
( 250,000
)
Proceeds from issuance of fixed rate unsecured notes, net of debt discount
397,116
722,860
Proceeds from unsecured credit facilities
510,000
527,419
Repayment of unsecured credit facilities
( 545,000
)
( 649,419
)
Proceeds from notes payable
10,000
12,000
Repayment of notes payable
( 54,130
)
( 110,862
)
Scheduled principal payments
( 7,983
)
( 8,716
)
Payment of financing costs
( 3,839
)
( 16,560
)
Net cash used in financing activities
( 75,322
)
( 366,265
)
Net increase in cash and cash equivalents and restricted cash
143,711
23,477
Cash and cash equivalents and restricted cash at beginning of the period
61,884
91,354
Cash and cash equivalents and restricted cash at end of the period
$
205,595
114,831
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $ 7,302 and $ 4,812 in 2025 and 2024, respectively)
$
154,783
137,367
Cash paid for income taxes, net of refunds
$
1,125
7,114
Supplemental disclosure of non-cash transactions:
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid
$
133,451
126,085
Right of use assets obtained in exchange for new operating lease liabilities
$
—
1,271
Sale of leased asset in exchange for net investment in sales-type lease
$
—
2,846
Acquisition of operating real estate:
Acquired lease intangible assets
$
55,081
—
Notes payable assumed in acquisition, at fair value
$
166,480
—
Intangible liabilities, Accounts payable and other liabilities
$
23,198
—
Acquisition of previously unconsolidated real estate investments:
Acquired lease intangible assets
$
10,356
—
Notes payable assumed in acquisition, at fair value
$
28,527
—
Intangible liabilities, Accounts payable and other liabilities
$
6,216
—
Acquisition of real estate assets
$
24,747
—
Exchangeable operating partnership units issued for acquisition of real estate
$
199,662
—
Change in accrued capital expenditures
$
16,032
8,837
Stock-based compensation capitalized
$
1,733
1,383
Contributions to investments in real estate partnerships
$
783
18,242
Contributions from limited partners in consolidated partnerships
$
2,211
7,891
The accompanying notes are an integral part of the consolidated financial statements.
7
REGENCY CENTERS, L.P.
Consolidated Balance Sheets
September 30, 2025 and December 31, 2024
(in thousands, except unit data)
2025
2024
Assets
(unaudited)
Net real estate investments:
Real estate assets, at cost
$
14,342,200
13,698,419
Less: accumulated depreciation
3,180,995
2,960,399
Real estate assets, net
11,161,205
10,738,020
Investments in sales-type leases, net
16,668
16,291
Investments in real estate partnerships
367,837
399,044
Net real estate investments
11,545,710
11,153,355
Properties held for sale, net
53,572
—
Cash, cash equivalents, and restricted cash, including $ 4,907 and $ 5,601 of restricted cash at September 30, 2025 and December 31, 2024, respectively
205,595
61,884
Tenant and other receivables, net
255,543
255,495
Deferred leasing costs, less accumulated amortization of $ 136,359 and $ 131,080 at September 30, 2025 and December 31, 2024, respectively
88,838
79,911
Acquired lease intangible assets, less accumulated amortization of $ 412,407 and $ 395,209 at September 30, 2025 and December 31, 2024, respectively
254,939
229,983
Right of use assets, net
317,580
322,287
Other assets
337,202
289,046
Total assets
$
13,058,979
12,391,961
Liabilities and Capital
Liabilities:
Notes payable, net
$
4,885,954
4,343,700
Unsecured credit facility
30,000
65,000
Accounts payable and other liabilities
396,817
392,302
Acquired lease intangible liabilities, less accumulated amortization of $ 238,651 and $ 222,052 at September 30, 2025 and December 31, 2024, respectively
362,040
364,608
Lease liabilities
243,272
244,861
Tenants' security, escrow deposits and prepaid rent
80,840
81,183
Total liabilities
5,998,923
5,491,654
Commitments and contingencies
—
—
Capital:
Partners' capital:
Preferred units $ 0.01 par value per unit, 30,000,000 units authorized; 9,000,000 units issued and outstanding, in the aggregate, in Series A and Series B at September 30, 2025 and December 31, 2024
225,000
225,000
General partner's common units, 182,232,143 and 181,361,454 units issued and outstanding at September 30, 2025 and December 31, 2024, respectively
6,576,333
6,496,920
Limited partners' common units, 3,838,188 and 1,096,659 units issued and outstanding at September 30, 2025 and December 31, 2024 respectively
137,745
40,744
Accumulated other comprehensive (loss) income
( 4,299
)
2,226
Total partners' capital
6,934,779
6,764,890
Noncontrolling interest: Limited partners' interests in consolidated partnerships
125,277
135,417
Total capital
7,060,056
6,900,307
Total liabilities and capital
$
13,058,979
12,391,961
The accompanying notes are an integral part of the consolidated financial statements.
8
REGENCY CENTERS, L.P.
Consolidated Statements of Operations
For the periods ended September 30, 2025, and 2024
(in thousands, except per unit data)
(unaudited)
Three months ended September 30,
Nine months ended September 30,
2025
2024
2025
2024
Revenues:
Lease income
$
377,761
349,057
$
1,117,945
1,050,008
Other property income
3,089
4,444
10,609
11,464
Management, transaction, and other fees
6,720
6,765
20,776
19,896
Total revenues
387,570
360,266
1,149,330
1,081,368
Operating expenses:
Depreciation and amortization
102,799
100,955
299,108
299,508
Property operating expense
65,471
60,477
194,689
183,242
Real estate taxes
47,080
45,729
140,940
135,514
General and administrative
27,060
25,073
74,140
75,443
Other operating expenses
1,770
3,654
5,402
9,363
Total operating expenses
244,180
235,888
714,279
703,070
Other expense, net:
Interest expense, net
51,323
47,022
149,608
133,068
Provision for impairment of real estate
3,374
—
4,636
—
Gain on sale of real estate, net of tax
( 6,198
)
( 11,360
)
( 6,005
)
( 33,844
)
Loss on early extinguishment of debt
—
—
—
180
Net investment income
( 2,602
)
( 1,372
)
( 2,629
)
( 4,506
)
Total other expense, net
45,897
34,290
145,610
94,898
Income before equity in income of investments in real estate partnerships
97,493
90,088
289,441
283,400
Equity in income of investments in real estate partnerships
15,124
13,488
43,378
37,763
Net income
112,617
103,576
332,819
321,163
Limited partners' interests in consolidated partnerships
( 1,580
)
( 1,514
)
( 4,946
)
( 5,416
)
Net income attributable to the Partnership
111,037
102,062
327,873
315,747
Preferred unit distributions
( 3,413
)
( 3,413
)
( 10,239
)
( 10,239
)
Net income attributable to common unit holders
$
107,624
98,649
$
317,634
305,508
Net income attributable to common unit holders:
Per common unit - basic
$
0.58
0.54
$
1.73
1.66
Per common unit - diluted
$
0.58
0.54
$
1.73
1.66
The accompanying notes are an integral part of the consolidated financial statements.
9
REGENCY CENTERS, L.P.
Consolidated Statements of Comprehensive Income
For the periods ended September 30, 2025, and 2024
(in thousands)
(unaudited)
Three months ended September 30,
Nine months ended September 30,
2025
2024
2025
2024
Net income
$
112,617
103,576
$
332,819
321,163
Other comprehensive loss:
Effective portion of change in fair value of derivative instruments:
Effective portion of change in fair value of derivative instruments
369
( 9,305
)
( 3,574
)
2,412
Reclassification adjustment of derivative instruments included in net income
( 1,063
)
( 2,306
)
( 3,823
)
( 7,113
)
Unrealized gain on available-for-sale debt securities
109
415
397
295
Other comprehensive loss
( 585
)
( 11,196
)
( 7,000
)
( 4,406
)
Comprehensive income
112,032
92,380
325,819
316,757
Less: comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests
1,580
1,514
4,946
5,416
Other comprehensive loss attributable to noncontrolling interests
( 59
)
( 620
)
( 419
)
( 312
)
Comprehensive income attributable to noncontrolling interests
1,521
894
4,527
5,104
Comprehensive income attributable to the Partnership
$
110,511
91,486
$
321,292
311,653
The accompanying notes are an integral part of the consolidated financial statements.
10
REGENCY CENTERS, L.P.
Consolidated Statements of Capital
For the three months ended September 30, 2025 and 2024
(in thousands)
(unaudited)
General Partner Preferred
and Common Units
Limited
Partners
Accumulated
Other
Comprehensive
Income (Loss)
Total
Partners’
Capital
Noncontrolling Interests in
Limited Partners’ Interest in
Consolidated Partnerships
Total
Capital
Balance at June 30, 2024
$
6,790,593
40,738
5,135
6,836,466
126,704
6,963,170
Net income
101,469
593
—
102,062
1,514
103,576
Other comprehensive income
Other comprehensive loss before reclassification
—
( 53
)
( 8,357
)
( 8,410
)
( 480
)
( 8,890
)
Amounts reclassified from accumulated other comprehensive loss
—
( 14
)
( 2,152
)
( 2,166
)
( 140
)
( 2,306
)
Adjustment for noncontrolling interests in the Operating Partnership
( 1,305
)
1,305
—
—
—
—
Contributions from partners
—
—
—
—
11,424
11,424
Distributions to partners
( 121,673
)
( 1,473
)
—
( 123,146
)
( 3,181
)
( 126,327
)
Preferred unit distributions
( 3,413
)
—
—
( 3,413
)
—
( 3,413
)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization
6,674
—
—
6,674
—
6,674
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances
289
—
—
289
—
289
Exchangeable operating partnership units exchanged for common stock of Parent Company
206
( 206
)
—
—
—
—
Balance at September 30, 2024
$
6,772,840
40,890
( 5,374
)
6,808,356
135,841
6,944,197
Balance at June 30, 2025
$
6,681,660
38,359
( 3,788
)
6,716,231
140,709
6,856,940
Net income
109,373
1,664
—
111,037
1,580
112,617
Other comprehensive income
Other comprehensive income before reclassification
—
7
447
454
24
478
Amounts reclassified from accumulated other comprehensive loss
—
( 22
)
( 958
)
( 980
)
( 83
)
( 1,063
)
Adjustment for noncontrolling interests in the Operating Partnership
87,209
( 99,018
)
—
( 11,809
)
11,809
—
Contributions from partners
—
199,663
—
199,663
2,283
201,946
Distributions to partners
( 128,468
)
( 2,708
)
—
( 131,176
)
( 31,045
)
( 162,221
)
Preferred unit distributions
( 3,413
)
—
—
( 3,413
)
—
( 3,413
)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization
5,433
—
—
5,433
—
5,433
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company
49,162
—
—
49,162
—
49,162
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances
177
—
—
177
—
177
Exchangeable operating partnership units exchanged for common stock of Parent Company
200
( 200
)
—
—
—
—
Balance at September 30, 2025
$
6,801,333
137,745
( 4,299
)
6,934,779
125,277
7,060,056
The accompanying notes are an integral part of the consolidated financial statements.
11
REGENCY CENTERS, L.P.
Consolidated Statements of Capital
For the nine months ended September 30, 2025 and 2024
(in thousands)
(unaudited)
General Partner Preferred
and Common Units
Limited
Partners
Accumulated
Other
Comprehensive
Income (Loss)
Total
Partners'
Capital
Noncontrolling Interests in
Limited Partners' Interest in
Consolidated Partnerships
Total
Capital
Balance at December 31, 2023
$
7,033,995
42,195
( 1,308
)
7,074,882
117,053
7,191,935
Net income
313,911
1,836
—
315,747
5,416
321,163
Other comprehensive income
Other comprehensive income before reclassification
—
13
2,585
2,598
109
2,707
Amounts reclassified from accumulated other comprehensive income
—
( 41
)
( 6,651
)
( 6,692
)
( 421
)
( 7,113
)
Adjustment for noncontrolling interests in the Operating Partnership
( 9,999
)
1,305
—
( 8,694
)
8,694
—
Contributions from partners
—
—
—
—
14,425
14,425
Distributions to partners
( 367,427
)
( 3,683
)
—
( 371,110
)
( 9,435
)
( 380,545
)
Preferred unit distributions
( 10,239
)
—
—
( 10,239
)
—
( 10,239
)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization
19,811
—
—
19,811
—
19,811
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company
( 200,066
)
—
—
( 200,066
)
—
( 200,066
)
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances
( 7,881
)
—
—
( 7,881
)
—
( 7,881
)
Exchangeable operating partnership units exchanged for common stock of Parent Company
735
( 735
)
—
—
—
—
Balance at September 30, 2024
$
6,772,840
40,890
( 5,374
)
6,808,356
135,841
6,944,197
Balance at December 31, 2024
$
6,721,920
40,744
2,226
6,764,890
135,417
6,900,307
Net income
324,981
2,892
—
327,873
4,946
332,819
Other comprehensive income
Other comprehensive loss before reclassification
—
( 20
)
( 2,988
)
( 3,008
)
( 169
)
( 3,177
)
Amounts reclassified from accumulated other comprehensive income
—
( 36
)
( 3,537
)
( 3,573
)
( 250
)
( 3,823
)
Adjustment for noncontrolling interests in the Operating Partnership
89,419
( 101,228
)
—
( 11,809
)
11,809
—
Contributions from partners
—
201,873
—
201,873
10,699
212,572
Distributions to partners
( 384,428
)
( 4,234
)
—
( 388,662
)
( 37,175
)
( 425,837
)
Preferred unit distributions
( 10,239
)
—
—
( 10,239
)
—
( 10,239
)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization
16,551
—
—
16,551
—
16,551
Repurchase of exchangeable operating partnership units
—
( 2,046
)
—
( 2,046
)
—
( 2,046
)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs
49,162
—
—
49,162
—
49,162
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances
( 6,233
)
—
—
( 6,233
)
—
( 6,233
)
Exchangeable operating partnership units exchanged for common stock of Parent Company
200
( 200
)
—
—
—
—
Balance at September 30, 2025
$
6,801,333
137,745
( 4,299
)
6,934,779
125,277
7,060,056
The accompanying notes are an integral part of the consolidated financial statements.
12
REGENCY CENTERS, L.P.
Consolidated Statem ents of Cash Flows
For the periods ended September 30, 2025, and 2024
(in thousands)
(unaudited)
Nine months ended September 30,
2025
2024
Cash flows from operating activities:
Net income
$
332,819
321,163
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
299,108
299,508
Amortization of deferred financing costs and debt premiums
10,962
9,754
Amortization of above and below market lease intangibles, net
( 16,662
)
( 17,383
)
Stock-based compensation, net of capitalization
14,817
18,829
Equity in income of investments in real estate partnerships
( 43,378
)
( 37,763
)
Gain on sale of real estate, net of tax
( 6,005
)
( 33,844
)
Provision for impairment of real estate, net of tax
4,636
—
Loss on early extinguishment of debt
—
180
Distribution of earnings from investments in real estate partnerships
47,699
49,987
Deferred compensation expense
1,960
3,615
Realized and unrealized gain on investments
( 2,681
)
( 4,439
)
Changes in assets and liabilities:
Tenant and other receivables
( 2,196
)
( 8,736
)
Deferred leasing costs
( 13,776
)
( 7,643
)
Other assets
( 13,242
)
( 10,738
)
Accounts payable and other liabilities
11,983
13,881
Tenants' security, escrow deposits and prepaid rent
( 2,300
)
2,442
Net cash provided by operating activities
623,744
598,813
Cash flows from investing activities:
Acquisition of operating real estate, net of cash acquired of $ 4,273 and $ 14,143 in 2025 and 2024, respectively
( 103,502
)
( 45,205
)
Real estate development and capital improvements
( 307,282
)
( 235,284
)
Proceeds from sale of real estate
51,084
103,626
Proceeds from property insurance casualty claims
—
5,257
Issuance of notes receivable
( 176
)
( 32,651
)
Collection of notes receivable
479
3,052
Investments in real estate partnerships
( 12,399
)
( 25,771
)
Return of capital from investments in real estate partnerships
12,162
12,859
Dividends on investment securities
1,232
296
Acquisition of investment securities
( 99,770
)
( 99,035
)
Proceeds from sale of investment securities
53,461
103,785
Net cash used in investing activities
( 404,711
)
( 209,071
)
13
Nine months ended September 30,
2025
2024
Cash flows from financing activities:
Net proceeds from common stock issuance
49,162
—
Tax withholding on stock-based compensation
( 6,783
)
( 8,776
)
Common units repurchased through share repurchase program
—
( 200,066
)
Redemption of exchangeable operating partnership units
( 2,046
)
—
Proceeds from sale of treasury stock
462
210
Contributions from noncontrolling interests
10,699
6,533
Distributions to and redemptions of noncontrolling interests
( 37,175
)
( 9,435
)
Distributions to partners
( 385,566
)
( 371,214
)
Dividends paid to preferred unit holders
( 10,239
)
( 10,239
)
Repayment of fixed rate unsecured notes
—
( 250,000
)
Proceeds from issuance of fixed rate unsecured notes, net of debt discount
397,116
722,860
Proceeds from unsecured credit facilities
510,000
527,419
Repayment of unsecured credit facilities
( 545,000
)
( 649,419
)
Proceeds from notes payable
10,000
12,000
Repayment of notes payable
( 54,130
)
( 110,862
)
Scheduled principal payments
( 7,983
)
( 8,716
)
Payment of financing costs
( 3,839
)
( 16,560
)
Net cash used in financing activities
( 75,322
)
( 366,265
)
Net increase in cash and cash equivalents and restricted cash
143,711
23,477
Cash and cash equivalents and restricted cash at beginning of the period
61,884
91,354
Cash and cash equivalents and restricted cash at end of the period
$
205,595
114,831
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $ 7,302 and $ 4,812 in 2025 and 2024, respectively)
$
154,783
137,367
Cash paid for income taxes, net of refunds
$
1,125
7,114
Supplemental disclosure of non-cash transactions:
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid
$
133,451
126,085
Right of use assets obtained in exchange for new operating lease liabilities
$
—
1,271
Sale of leased asset in exchange for net investment in sales-type lease
$
—
2,846
Acquisition of operating real estate:
Acquired lease intangible assets
$
55,081
—
Notes payable assumed in acquisition, at fair value
$
166,480
—
Intangible liabilities, Accounts payable and other liabilities
$
23,198
—
Acquisition of previously unconsolidated real estate investments:
Acquired lease intangible assets
$
10,356
—
Notes payable assumed in acquisition, at fair value
$
28,527
—
Intangible liabilities, Accounts payable and other liabilities
$
6,216
—
Acquisition of real estate assets
$
24,747
—
Exchangeable operating partnership units issued for acquisition of real estate
$
199,662
—
Change in accrued capital expenditures
$
16,032
8,837
Stock-based compensation capitalized
$
1,733
1,383
Contributions to investments in real estate partnerships
$
783
18,242
Contributions from limited partners in consolidated partnerships
$
2,211
7,891
The accompanying notes are an integral part of the consolidated financial statements.
14
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Unaudited Consolidated Financial Statements
September 30, 2025
1.
O rganization and Significant Accounting Policies
General
Regency Centers Corporation (the "Parent Company") began its operations as a REIT in 1993 and is the general partner of Regency Centers, L.P. (the "Operating Partnership"). The Parent Company primarily engages in the ownership, management, leasing, acquisition, development, and redevelopment of shopping centers through the Operating Partnership and has no other assets other than through its investment in the Operating Partnership. Its only indebtedness consists of $ 200 million of unsecured private placement notes, which are co-issued and guaranteed by the Operating Partnership. The Parent Company guarantees all of the unsecured debt of the Operating Partnership.
As of September 30, 2025, th e Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis owned 384 properties and held partial interests in an additional 101 properties through unconsolidated Investments in real estate partnerships (also referred to as "joint ventures" or "investment partnerships").
Basis of Presentation
The information included in this Report should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (the “Annual Report on Form 10-K”), as certain disclosures in this Report that would duplicate those included in such Annual Report on Form 10-K are not included in these consolidated financial statements. The consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. These adjustments are considered to be of a normal recurring nature.
Estimates, Risks and Uncertainties
The preparation of the Consolidated Financial Statements in conformity with Generally Accepted Accounting Principles ("GAAP") requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of commitments and contingent assets and liabilities, as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates in the Company's financial statements relate to the net carrying values of its real estate investments, collectibility of lease income, and acquired lease intangible assets and liabilities. It is possible that the estimates and assumptions that have been utilized in the preparation of the Consolidated Financial Statements could change significantly if economic conditions were to change.
The success of the Company's tenants in operating their businesses and their corresponding ability to pay rent may be influenced by evolving political, economic, trade, tax and immigration policies and macroeconomic uncertainties, and the success of the Company's tenants, in the aggregate, is important to the operating and financial success of the Company. These issues include, but are not limited to, the potential for impacts from tariffs, tax and other regulatory changes and potential trade disputes, retaliatory actions by other countries, inflation, the cost and availability of labor, including labor shortages related to deportations or threat of deportations, increasing energy prices and interest rates, supply chain disruptions, and access to and cost of capital. Additionally, geopolitical and macroeconomic challenges, including the war involving Russia and Ukraine, the Middle East conflicts and wars, and economic conflicts with China, as well as the slowing of its economy, could impact aspects of the U.S. economy and, therefore, consumer confidence and spending.
The policies implemented by the U.S. government to address these and related issues, including changes by the Board of Governors of the Federal Reserve System of its benchmark federal funds rate, increases or decreases in federal government spending, and economic sanctions and tariffs, could result in adverse impacts on the U.S. economy, including inflation, reduction in consumer confidence and spending, a slowing of growth, and potentially a recession, thereby adversely impacting the costs to our tenants of operating their businesses, demand for their products and services, and their ability to pay rent, and/or decreasing future demand for space in shopping centers, which could adversely impact occupancy rates and rents. The potential impact of current macroeconomic and geopolitical challenges on the Company's financial condition, results of operations, and cash flows is subject to change and continues to depend on the extent and duration of these risks and uncertainties. See Item 1A of Part I of the Company's Annual Report on Form 10-K, as supplemented by the discussion in Item 1A of Part II of this Quarterly Report on Form 10-Q, for a more detailed discussion of the Risk Factors potentially impacting the Company's business and results of operations.
15
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Unaudited Consolidated Financial Statements
September 30, 2025
Investment Risk Concentrations
As of September 30, 2025, no single tenant comprised 10% or more of our aggregate annualized base rent ("ABR") . As of September 30, 2025, the Company had three geographic concentrations that individually accounted for at least 10% of its aggregate ABR. Real estate properties located in California, Florida and the New York-Newark-Jersey City core-based statistical area accounted for 24.7 % , 20.1 % and 12.7 % of ABR respectively. This geographic concentration makes those portions of the portfolio more susceptible to adverse weather, natural disasters or economic events that may specifically and disproportionately impact these areas. None of the Regency's shopping centers are located outside the United States.
Consolidation
The Company consolidates properties that are wholly-owned and properties where it owns less than 100% but holds a controlling financial interest in the entity. Controlling financial interest is determined using an evaluation based on accounting standards related to the consolidation of Variable Interest Entities ("VIEs") and voting interest entities.
Ownership of the Parent Company
The Parent Company currently has a single class of common stock and two series of preferred stock outstanding.
Ownership of the Operating Partnership
The Operating Partnership's capital includes Common Units and Preferred Units. As of September 30, 2025, the Parent Company owned approximately 97.9 % of the outstanding Common Units, with the remaining limited partners' Common Units held by third parties ("Exchangeable operating partnership units" or "EOP units"). The Parent Company currently owns all of the Preferred Units.
Real Estate Partnerships
As of September 30, 2025, the Company held partial ownership interests in 118 properties through various real estate partnerships, of which 17 are consolidated. These partnerships were formed for the purpose of owning and operating real estate properties. The Company's partners in these arrangements include institutional investors, real estate developers or operators, and passive investors (collectively, the "Partners" or "Limited Partners"). The Company’s involvement in these partnerships is through its ownership of its equity interests and its role in property-level management.
The assets of these partnerships are restricted to use by the respective partnerships and cannot be directly reached by general creditors of the Company. Similarly, the obligations of the partnerships are backed by, and can only be settled through the assets of these partnerships or by additional capital contributions by the partners, except to the extent that the Company has provided contractual payment guarantees.
Some of these entities have been determined to be variable interest entities ("VIEs") under applicable accounting guidelines. This determination is primarily based on the assessment that the Limited Partners lack substantive kick-out rights (i.e., the ability to remove the general or managing partner with a simple majority vote or less) and do not possess substantive participating rights.
For those VIE partnerships in which the Company is deemed to be the primary beneficiary in accordance with GAAP, the Company consolidates the entity in its financial statements and the Limited Partners’ ownership interests in such entities are reported as noncontrolling interests.
16
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Unaudited Consolidated Financial Statements
September 30, 2025
The carrying amounts of VIEs' assets and liabilities included in the Company's consolidated financial statements, exclusive of the Operating Partnership, are as follows:
(in thousands)
September 30, 2025
December 31, 2024
Assets
Real estate assets, net
$
308,343
312,873
Cash, cash equivalents and restricted cash
24,040
16,687
Tenant and other receivables, net
5,257
5,833
Deferred costs, net
5,331
3,178
Acquired lease intangible assets, net
4,599
6,293
Right of use assets, net
17,778
18,148
Other assets
1,068
597
Total Assets
$
366,416
363,609
Liabilities
Notes payable
$
23,849
32,653
Accounts payable and other liabilities
10,397
16,149
Acquired lease intangible liabilities, net
10,208
10,627
Tenants' security, escrow deposits and prepaid rent
942
1,260
Lease liabilities
19,510
19,370
Total Liabilities
$
64,906
80,059
For partnerships in which the Company is not the primary beneficiary and does not hold a controlling financial interest but is able to exercise significant influence, the Company accounts for its investments using the equity method of accounting.
Revenues, and Tenant and other Receivables
Income within Management, transaction, and other fees is primarily derived from contracts with the Company's investments in real estate partnerships. The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts are as follows:
Three months ended September 30,
Nine months ended September 30,
(in thousands)
Timing of satisfaction of performance obligations
2025
2024
2025
2024
Management, transaction, and other fees:
Property management services
Over time
$
3,935
3,909
$
12,196
11,765
Asset management services
Over time
1,777
1,693
5,240
4,915
Leasing services
Point in time
902
946
2,777
2,537
Other transaction fees
Point in time
106
217
563
679
Total management, transaction, and other fees
$
6,720
6,765
$
20,776
19,896
The accounts receivable for total management, transactions, and other fees, which are included within Tenant and other receivables in the accompanying Consolidated Balance Sheets, are $ 18.2 million and $ 19.7 million , as of September 30, 2025 and December 31, 2024 , respectively.
17
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Unaudited Consolidated Financial Statements
September 30, 2025
Recent Accounting Pronouncements
The following table provides a brief description of recent accounting pronouncements and the expected impact on our financial statements:
Standard
Description
Date of adoption
Effect on the financial statements or other significant matters
Recently issued :
ASU 2023-09 , Income Taxes (Topic 740): Improvements to Income Tax Disclosures.
ASU 2023-09 requires public business entities to disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate for federal, state, and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a specified threshold.
January 1, 2025
This is an annual disclosure requirement in the Form 10-K and the adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements.
ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
ASU 2024-03 requires public business entities to provide additional disclosures that disaggregate certain income statement expense captions into specified categories. The ASU does not impact the presentation of expenses on the face of the income statement but requires additional footnote disclosures to provide users of the financial statements with greater insight into the nature and composition of reported expenses.
January 1, 2027
The Company is assessing the impact this ASU will have on the Company’s financial statement disclosures. While the adoption of this standard is not expected to have a material impact on the financial position or results of operations, it will require enhanced footnote disclosures related to the disaggregation of income statement expenses.
ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity
ASU 2025-03 clarifies the guidance in determining the accounting acquirer in a business combination effected primarily by exchanging equity interests when the acquiree is a VIE that meets the definition of a business.
January 1, 2027
The Company is currently evaluating the impact of this ASU, but it is not expected to materially affect the company's consolidated financial statements.
18
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Unaudited Consolidated Financial Statements
September 30, 2025
2.
Real Estate Investments
The following tables detail the properties acquired for the periods set forth below:
(in thousands)
Nine months ended September 30, 2025
Date Purchased
Property Name
City/State
Property
Type
Regency's Ownership
Purchase
Price (1)
Debt
Assumed,
Net of
Discounts (Premium) (1)
Intangible
Assets (1)
Intangible
Liabilities (1)
Consolidated
1/1/2025
Putnam Plaza (2)
Carmel Hamlet, NY
Operating
100 %
$
31,000
16,749
4,308
460
1/10/2025
Orange Meadows
Orange, CT
Outparcel
100 %
4,200
—
354
299
3/14/2025
Brentwood Place
Nashville, TN
Operating
100 %
118,500
40,060
9,371
18,295
7/23/2025
Rancho Mission Viejo Portfolio (3)
Various, CA
Operating
100 %
357,000
126,860
45,356
2,224
8/1/2025
Chestnut Ridge Shopping Center (4)
Montvale, NJ
Operating
100 %
18,300
—
3,070
458
8/1/2025
Baybrook East (4)
Webster, TX
Operating
100 %
29,097
11,778
2,978
991
8/1/2025
Baybrook East Phase II
Webster, TX
Redevelopment
100 %
3,597
—
—
—
9/15/2025
The Villages at Seven Pines
Jacksonville, FL
Development
100 %
8,466
—
—
—
9/19/2025
Ellis Village Center
Tracy, CA
Development
100 %
1,350
—
—
—
Total consolidated
$
571,510
195,447
65,437
22,727
Unconsolidated
5/12/2025
Armonk Square
Armonk, NY
Operating
20 %
26,250
11,884
2,405
5,498
Total unconsolidated
$
26,250
11,884
2,405
5,498
Total property acquisitions
$
597,760
207,331
67,842
28,225
(1) Amounts for purchase price and allocation are reflected at 100 %.
(2) This property was held within a single property unconsolidated real estate partnership, in which the Company held a 66.7 % ownership interest. Effective January 1, 2025, the Company purchased its partner's remaining 33.3 % ownership interest. Upon acquisition, this property was consolidated into Regency's financial statements.
(3) In July 2025, the Company completed a $ 357 million acquisition of five operating properties, all located in Orange County, California. The purchase price was funded through a combination of units of the Operating Partnership issued at $ 72 per unit, and the assumption of $ 150 million of secured mortgage debt with a weighted average interest rate of 4.2 % and a weighted average remaining term of approximately 12 years.
(4) These properties were held within single property unconsolidated real estate partnerships, in which the Company held a 50.0 % ownership interest in each. Effective August 1, 2025, the Company purchased each of its partners' remaining 50.0 % ownership interests. Upon acquisition, these properties were consolidated into Regency’s financial statements.
During the three months ended September 30, 2025, the Company acquired its partners’ remaining ownership interests in two existing consolidated properties for a combined purchase price of $ 29.4 million . Following these transactions, the Company now owns 100 % of the equity interests in both properties.
Subsequent to the period ended September 30, 2025, an unconsolidated real estate investment partnership in which the Company holds an interest completed a partial distribution-in-kind (“DIK”) transaction involving a total of eleven operating properties. The Company received five of these properties, which had an aggregate fair value of approximately $ 113 million, and assumed an existing fixed rate mortgage loan on one property of $ 10 million maturing January 2026 with an interest rate of 3.95 %. The remaining six properties were distributed to the other partner.
19
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Unaudited Consolidated Financial Statements
September 30, 2025
(in thousands)
Nine months ended September 30, 2024
Date Purchased
Property Name
City/State
Property
Type
Regency's Ownership
Purchase
Price (1)
Debt
Assumed,
Net of
Discounts (Premium) (1)
Intangible
Assets (1)
Intangible
Liabilities (1)
Consolidated
2/23/2024
The Shops at Stone Bridge
Cheshire, CT
Development
100 %
$
8,000
—
—
—
5/3/2024
Compo Acres North shopping center
Westport, CT
Operating
100 %
45,500
—
5,360
2,175
7/16/2024
Jordan Ranch Market
Houston, TX
Development
50 %
15,784
—
—
—
8/21/2024
Oakley Shops at Laurel Fields
Oakley, CA
Development
100 %
2,120
—
—
—
Total consolidated
$
71,404
—
5,360
2,175
Unconsolidated
8/30/2024
East Greenwich Square
East Greenwich, RI
Operating
70 %
46,650
—
5,127
1,877
Total unconsolidated
$
46,650
—
5,127
1,877
Total property acquisitions
$
118,054
—
10,487
4,052
(1) Amounts for purchase price and allocation are reflected at 100 %.
3.
Property Dispositions and Assets Held for Sale
The following table provides a summary of consolidated operating properties and land parcels sold during the periods set forth below:
Three months ended September 30,
Nine months ended September 30,
(in thousands, except number sold data)
2025
2024
2025
2024
Net proceeds from sale of real estate investments
$
43,919
11,409
$
51,084
103,568
Gain on sale of real estate, net of tax
6,198
11,360
6,005
33,844
Provision for impairment of real estate sold
3,374
—
4,636
—
Number of operating properties sold
5
1
6
4
Number of land parcels sold
1
—
1
—
Percent interest sold
100 %
100 %
100 %
100 %
The following table presents the assets associated with the properties classified as held for sale as of September 30, 2025:
(in thousands)
September 30, 2025
Land and improvements
$
34,091
Buildings and improvements
27,536
Less: accumulated depreciation
( 9,005
)
Real estate, net
52,622
Other assets, net
950
Assets associated with real estate assets held for sale
$
53,572
As of September 30, 2025 the Company had one operating property and one land parcel classified as held for sale. There were no liabilities associated with these properties. Both the operating property and the land parcel were subsequently sold in October 2025. As of December 31, 2024 the Company did no t have any of its properties classified as held for sale.
20
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Unaudited Consolidated Financial Statements
September 30, 2025
4.
Other Assets
The following table represents the components of Other assets in the accompanying Consolidated Balance Sheets as of the periods set forth below:
(in thousands)
September 30, 2025
December 31, 2024
Goodwill
$
166,739
166,739
Investments
100,002
51,820
Prepaid and other
45,774
40,240
Derivative assets
7,435
12,781
Furniture, fixtures, and equipment, net ("FF&E")
9,969
7,954
Deferred financing costs, net
7,283
9,512
Total other assets
$
337,202
289,046
5.
Notes Payable and Unsecured Credit Facilities
The Company's outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following as of the dates set forth below:
(in thousands)
Scheduled Maturity Date
Weighted
Average
Contractual
Rate
Weighted
Average
Effective
Rate
September 30, 2025
December 31, 2024
Notes payable:
Fixed rate mortgage loans
11/5/2025 - 10/1/2038
4.0 %
4.4 %
$
492,848
337,703
Variable rate mortgage loans (1)
10/1/2026 - 2/20/2032
4.4 %
4.6 %
271,669
282,117
Fixed rate unsecured debt
11/3/2025 - 3/15/2049
4.2 %
4.3 %
4,121,437
3,723,880
Total notes payable, net
4,885,954
4,343,700
Unsecured credit facility:
$ 1.5 Billion Line of Credit
(the "Line") (1)(2)
3/23/2028
5.0 %
5.3 %
30,000
65,000
Total unsecured credit facility
30,000
65,000
Total debt outstanding
$
4,915,954
4,408,700
(1) As of September 30, 2025, 99.5 % of the variable rate debt are fixed through interest rate swaps.
(2) The Company has the option to extend the maturity date by two additional six-month periods . Weighted average effective rate for the Line is calculated based on a fully drawn Line balance using the period end variable rate.
Significant financing activity during 2025 includes:
On May 13, 2025, the Company issued $ 400 million of senior unsecured notes due 2032, at a par value of 99.279 % and a coupon of 5.0 % (the "2025 Notes").
In July 2025, in connection with the acquisition of the Rancho Mission Viejo portfolio, the Company assumed $ 150 million of fixed-rate mortgage loans with a weighted average interest rate of 4.2 % and a weighted average remaining term to maturity of approximately 12 years.
Subsequent to September 30, 2025, the Company repaid $ 250 million of fixed rate unsecured debt and $ 16 million of fixed rate mortgage loans upon maturity on November 3 and November 5, 2025 , respectively.
21
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Unaudited Consolidated Financial Statements
September 30, 2025
Scheduled principal payments and maturities on notes payable and the unsecured credit facility were as follows:
(in thousands)
September 30, 2025
Scheduled Principal Payments and Maturities by Year:
Scheduled
Principal
Payments
Mortgage
Loan
Maturities
Unsecured
Maturities (1)
Total
2025 (2)
$
3,160
16,000
250,000
269,160
2026
12,836
147,851
200,000
360,687
2027
10,051
222,558
525,000
757,609
2028
8,365
51,939
330,000
390,304
2029
5,619
97,120
425,000
527,739
Beyond 5 Years
29,655
192,837
2,450,000
2,672,492
Unamortized debt premium/(discount) and issuance costs
—
( 33,474
)
( 28,563
)
( 62,037
)
Total
$
69,686
694,831
4,151,437
4,915,954
(1) Includes unsecured public and private debt and unsecured credit facilities.
(2) Reflects scheduled principal payments and maturities for the remainder of the year.
The Company was in compliance as of September 30, 2025 , with all debt covenants.
6.
Derivative Instruments
The Company may use derivative financial instruments, including interest swaps, caps, options, floors, and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The Company does not intend to utilize derivative instruments for speculative transactions or purposes other than mitigation of interest rate risk. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties that have high credit ratings. The Company does not anticipate that any of the counterparties will fail to meet their obligations.
Detail on the Company's interest rate derivatives outstanding as of September 30, 2025 and December 31, 2024 is as follows:
(in thousands, except number of instruments data)
Interest Rate Swaps
September 30, 2025
December 31, 2024
Notional amount
$
300,642
301,444
Number of instruments
15
14
Detail on the fair value of the Company's interest rate derivatives as of September 30, 2025 and December 31, 2024 is as follows:
(in thousands)
Interest rate swaps classified as:
September 30, 2025
December 31, 2024
Derivative assets
$
7,435
12,781
Derivative liabilities
( 1,735
)
( 423
)
Derivatives in an asset position are included within Other assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts payable and other liabilities.
These derivative financial instruments are all interest rate swaps, which are designated and qualify as cash flow hedges. The Company does not enter into derivative instruments for trading or speculative purposes. As of September 30, 2025, all of the Company's derivatives are designated as cash flow hedges.
The changes in the fair value of derivatives designated and qualifying as cash flow hedges are recorded in Accumulated other comprehensive income ("AOCI") and subsequently reclassified into earnings in the period that the hedged interest payments affects earnings.
22
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Unaudited Consolidated Financial Statements
September 30, 2025
The following table represents the effect of the derivative financial instruments on the accompanying Consolidated Financial Statements:
Location and Amount of (Loss) Gain Recognized in OCI on Derivative
Location and Amount of Gain Reclassified from AOCI into Net Income
Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded
Three months ended September 30,
Three months ended September 30,
Three months ended September 30,
(in thousands)
2025
2024
2025
2024
2025
2024
Interest rate swaps
$
369
( 9,305
)
Interest expense, net
$
( 1,063
)
( 2,306
)
Interest expense, net
$
51,323
47,022
Nine months ended September 30,
Nine months ended September 30,
Nine months ended September 30,
(in thousands)
2025
2024
2025
2024
2025
2024
Interest rate swaps
$
( 3,574
)
2,412
I nterest expense, ne t
$
( 3,823
)
( 7,113
)
Interest expense, net
$
149,608
133,068
As of September 30, 2025, the Company expects approximately $ 0.6 million of accumulated comprehensive income on derivative instruments, including the Company's share from its Investments in real estate partnerships, to be reclassified into earnings during the next 12 months.
7.
Leases
Substantially all of the Company's leases are classified as operating leases. The Company's Lease income is comprised of both fixed and variable income. Fixed and in-substance fixed lease income includes stated amounts per lease contracts, which are primarily related to base rent, and in some cases stated amounts for common area maintenance ("CAM"), real estate taxes, and insurance (collectively, "Recoverable Costs"). Income for these amounts is recognized on a straight-line basis.
Variable lease income includes the following two main items in the lease contracts:
• Recoveries from tenants represent the tenants' contractual obligations to reimburse the Company for their portion of Recoverable Costs incurred. Generally, the Company's leases provide for the tenants to reimburse the Company based on the tenants' share of the actual costs incurred in proportion to the tenants' share of leased space in the property.
• Percentage rent represents amounts billable to tenants based on the tenants' actual sales volume in excess of levels specified in the lease contract.
The following table provides a disaggregation of lease income recognized as either fixed or variable lease income based on the criteria specified in Topic 842:
(in thousands)
Three months ended September 30,
Nine months ended September 30,
2025
2024
2025
2024
Operating lease income
Fixed and in-substance fixed lease income
$
278,670
258,185
$
817,014
771,800
Variable lease income
92,904
85,617
285,044
263,991
Other lease related income, net:
Above/below market rent and tenant rent inducement amortization, net
5,784
5,726
18,265
18,990
Uncollectible straight-line rent (1)
350
( 129
)
( 472
)
( 1,340
)
Uncollectible lease income
53
( 342
)
( 1,906
)
( 3,433
)
Total lease income
$
377,761
349,057
$
1,117,945
1,050,008
(1) The amounts include straight-line rent adjustments associated with converting between cash basis and accrual basis of accounting for certain leases.
23
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Unaudited Consolidated Financial Statements
September 30, 2025
The following table represents the components of Tenant and other receivables, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets:
(in thousands)
September 30, 2025
December 31, 2024
Tenant receivables
$
24,088
35,306
Straight-line rent receivables
174,572
157,507
Other receivables (1)
56,883
62,682
Total tenant and other receivables
$
255,543
255,495
(1) Other receivables include notes receivable, construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction, and other fee income.
8.
Fair Value Measurements
(a) Disclosure of Fair Value of Financial Instruments
All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximate their fair values, except those instruments listed below:
September 30, 2025
December 31, 2024
(in thousands)
Carrying
Amount
Fair Value
Carrying
Amount
Fair Value
Financial assets:
Notes receivable
$
31,517
31,665
$
31,790
31,755
Financial liabilities:
Notes payable, net
$
4,885,954
4,813,613
$
4,343,700
4,141,096
Unsecured credit facilities (1)
$
30,000
30,000
$
65,000
65,000
(1) The carrying amounts approximated its fair values due to the variable nature of the terms.
The above fair values represent management's estimate of the amounts that would be received from selling those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants as of September 30, 2025, and December 31, 2024, respectively. These fair value measurements maximize the use of observable inputs which are classified within Level 2 of the fair value hierarchy. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company's own judgments about the assumptions that market participants would use in pricing the asset or liability.
The Company develops its judgments based on the best information available at the measurement date, including expected cash flows, appropriate risk-adjusted discount rates, and available observable and unobservable inputs. Service providers involved in fair value measurements are evaluated for competency and qualifications on an ongoing basis. As considerable judgment is often necessary to estimate the fair value of these financial instruments, the fair values presented above are not necessarily indicative of amounts that will be realized upon disposition of the financial instruments.
(b) Fair Value Measurements
The following financial instruments are measured at fair value on a recurring basis:
Securities
The Company has investments in marketable securities and commercial time deposits that are included within Other assets on the accompanying Consolidated Balance Sheets. The marketable securities, which include mutual funds and exchange-traded funds, are measured at fair value using quoted prices in active markets and are classified as Level 1 inputs of the fair value hierarchy. During the nine months ended September 30, 2025 , the Company invested $ 90 million in commercial time deposits, consisting of two tranches with original maturities of five months and four months , respectively, of which $ 40 million matured as of September 30, 2025 , and the remaining $ 50 million matured in October 2025. These deposits are classified as Level 2 within the fair value hierarchy.
24
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Unaudited Consolidated Financial Statements
September 30, 2025
Changes in the value of securities are recorded within Net investment income in the accompanying Consolidated Statements of Operations, and include the following:
(in thousands)
Three months ended September 30,
Nine months ended September 30,
2025
2024
2025
2024
Unrealized Gain (Loss)
2,259
1,372
( 125
)
4,506
Available-for-Sale Debt Securities
Available-for-sale debt securities consist of investments in corporate bonds and agency mortgage-backed securities. These securities are recorded at fair value, which is determined using either recent trade prices for the identical debt instrument or comparable instruments by issuers of similar industry sector, issuer credit rating, duration and security type. The fair value measurements for these are considered Level 2 inputs of the fair value hierarchy. Unrealized gains and losses on these available-for-sale debt securities are recognized through Other comprehensive income.
Interest Rate Derivatives
The fair value of the Company's interest rate derivatives is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements.
Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swaps. As a result, the Company determined that its interest rate swaps valuation in its entirety is classified in Level 2 of the fair value hierarchy.
The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis:
Fair Value Measurements as of September 30, 2025
Quoted Prices in Active Markets for Identical Assets
Significant Other Observable Inputs
Significant Unobservable Inputs
(in thousands)
Balance
(Level 1)
(Level 2)
(Level 3)
Assets:
Securities
$
88,449
38,449
50,000
—
Available-for-sale debt securities
11,553
—
11,553
—
Interest rate derivatives
7,435
—
7,435
—
Total
$
107,437
38,449
68,988
—
Liabilities:
Interest rate derivatives
$
( 1,735
)
—
( 1,735
)
—
Fair Value Measurements as of December 31, 2024
Quoted Prices in Active Markets for Identical Assets
Significant Other Observable Inputs
Significant Unobservable Inputs
(in thousands)
Balance
(Level 1)
(Level 2)
(Level 3)
Assets:
Securities
$
39,419
39,419
—
—
Available-for-sale debt securities
12,401
—
12,401
—
Interest rate derivatives
12,781
—
12,781
—
Total
$
64,601
39,419
25,182
—
Liabilities:
Interest rate derivatives
$
( 423
)
—
( 423
)
—
25
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Unaudited Consolidated Financial Statements
September 30, 2025
9.
Equity and Capital
Preferred Stock of the Parent Company
Terms and conditions of the preferred stock outstanding are summarized as follows:
Preferred Stock Outstanding as of September 30, 2025 and December 31, 2024
Date of Issuance
Shares Issued and Outstanding
Liquidation Preference
Distribution Rate
Callable By Company
Series A
8/18/2023
4,600,000
$
115,000,000
6.250 %
On demand
Series B
8/18/2023
4,400,000
110,000,000
5.875 %
On demand
9,000,000
$
225,000,000
Dividends Declared
On August 5, 2025 , the Board:
• Declared a quarterly cash dividend on the Company’s Series A preferred stock of $ 0.390625 per share. The dividend was paid on October 31, 2025 , to shareholders of record as of October 16, 2025 .
• Declared a quarterly cash dividend on the Company’s Series B preferred stock of $ 0.367200 per share. The dividend was paid on October 31, 2025 , to shareholders of record as of October 16, 2025 .
Subsequent to the period ended September 30, 2025, on October 27, 2025 , the Board:
• Declared a dividend on the Series A Preferred Stock, which will be paid at a rate of $ 0.390625 per share on January 30, 2026 . The dividend will be payable to holders of record of the Series A Preferred Stock as of the close of business on January 16, 2026 .
• Declared a dividend on the Series B Preferred Stock, which will be paid at a rate of $ 0.367200 per share on January 30, 2026 . The dividend will be payable to holders of record of the Series B Preferred Stock as of the close of business on January 16, 2026 .
Except under certain limited conditions, e ach series of Preferred Stock is non-voting, has no stated maturity and is redeemable for cash at $ 25.00 per share at the Company's option. The holders of the Preferred Stock have general preference rights over common stockholders with respect to liquidation and quarterly distributions. In the event of a cumulative arrearage equal to six quarterly dividends, holders of the Preferred Stock (voting as a single class without regard to series) will have the right to elect two additional members to serve on the Company's Board of Directors until the arrearage has been cured. Upon the occurrence of a Change of Control, as defined in the Company's Articles of Incorporation, the holders of the Preferred Stock will have the right to convert all or part of the shares of the Preferred Stock held by such holders on the applicable conversion date into a number of shares of common stock.
Common Stock of the Parent Company
Dividends Declared
On August 5, 2025 , the Board declared a quarterly cash dividend on the Company’s common stock of $ 0.705 per share. The dividend was paid on October 2, 2025 , to shareholders of record as of September 11, 2025 .
Subsequent to the period ended September 30, 2025, on October 27, 2025 , the Board declared a quarterly cash dividend on the Company's common stock of $ 0.755 per share, representing an increase of $ 0.05 per share, or 7.1 %, from the prior quarterly dividend. The dividend is payable on January 6, 2026 , to shareholders of record as of December 15, 2025 .
At the Market ("ATM") Program
Under the Parent Company's ATM Program, as authorized by the Board, the Parent Company may sell up to $ 500 million of common stock at prices determined by the market at the time of sale. The timing of sales, if any, will be dependent on market conditions and other factors.
26
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Unaudited Consolidated Financial Statements
September 30, 2025
Durin g 2024, the Company entered into forward sale agreements under its ATM program through which the Parent Company expects to issue 1,339,377 shares of its common stock at a weighted average offering price of $ 74.66 per share before any underwriting discount and offering expenses. The shares under the forward sales agreements must be settled within one year of their trade dates, which vary by agreement, and range from November 26, 2025, to December 5, 2025. Upon settlement, subject to certain exceptions, the Company may elect, in its sole discretion, to physically settle, cash settle, or net share settle all or any portion of our obligations under any forward sale agreement. Proceeds from the issuance of shares are expected to be used to fund acquisitions of operating properties, fund developments and redevelopments, and for general corporate purposes.
The Company settled forward sales agreements entered into during 2024 under its ATM program as follows:
• In August 2025, the Company issued 673,172 shares of common stock and received $ 49.2 million of net proceeds.
• Subsequent to quarter end, in October 2025, the Company issued an additional 666,205 shares of common stock and received $ 49.1 million of net proceeds. Upon completion of these settlements, the Company had fully settled all forward sales agreements entered into during 2024.
As of September 30, 2025, and after giving effect to the aforementioned forward equity offering , $ 400 million of common stock remained available for issuance under this ATM Program.
Stock Repurchase Program
On July 31, 2024, the Board authorized a common stock repurchase program under which the Company may purchase up to a maximum of $ 250 million of its outstanding common stock through open market transactions, and/or in privately negotiated transactions (referred to as the "Repurchase Program"). The timing and price of stock repurchases, if any, are dependent upon market conditions and other factors. The stock repurchased, if not retired, is treated as treasury stock. The Repurchase Program authorized by the Board expires on June 30, 2026 , unless modified, extended or earlier terminated by the Board in its discretion.
During the nine months ended September 30, 2025 , the Company made no repurchases and $ 250 million remained available under the Repurchase Program.
Preferred Units of the Operating Partnership
The number of Series A Preferred Units and Series B Preferred Units, respectively, issued by the Operating Partnership is equal to the number of Series A Preferred Stock and Series B Preferred Stock, respectively, issued by the Parent Company.
Common Units of the Operating Partnership
Common Units are issued, or redeemed and retired, for each share of the Parent Company stock issued or redeemed, or retired, as described above, in each case at the Parent Company's election. During the nine months ended September 30, 2025 , unitholders redeemed a total of 31,558 Common Units, consisting of 28,815 units redeemed in exchange for approximately $ 2.0 million in cash and 2,743 units redeemed in exchange for shares of the Parent Company’s common stock. Cash redemptions were made at amounts equivalent to the market value of the Parent Company’s common stock at the time of redemption, while unit-for-share exchanges were completed on a one-for-one basis. During the same period ended September 30, 2024, 10,795 Common Units were exchanged for Parent Company common stock.
In July 2025, the Operating Partnership issued 2,773,087 Common Units, valued at $ 199.7 million based on the market price at the time of issuance, to unrelated third-party sellers as partial purchase price consideration for the acquisition of five properties.
27
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Unaudited Consolidated Financial Statements
September 30, 2025
10.
Stock-Based Compensation
The Company granted 324,608 shares of restricted stock with a weighted-average grant-date fair value of $ 77.27 per share and 350,391 shares of restricted stock with a weighted-average grant-date fair value of $ 60.35 per share during the nine months ended September 30, 2025 and September 30, 2024 , respectively. The Company records stock-based compensation expense within General and administrative expenses in the accompanying Consolidated Statements of Operations, and recognizes forfeitures as they occur.
Three months ended September 30,
Nine months ended September 30,
(in thousands)
2025
2024
2025
2024
Restricted stock (1)
$
5,321
4,776
$
16,219
14,078
Directors' fees paid in common stock and other employee stock grants
112
119
332
400
Capitalized stock-based compensation
( 479
)
( 503
)
( 1,733
)
( 1,383
)
Stock-based compensation, net of capitalization
$
4,954
4,392
$
14,818
13,095
(1) In addition, during the three and nine months ended September 30, 2024, the Company expensed $ 1.9 million and $ 5.7 million , respectively, within Other operating expenses in connection with vesting of restricted stock units related to the 2023 acquisition of Urstadt Biddle Properties ("UBP").
11.
Earnings per Share and Unit
Parent Company Earnings per Share
The following summarizes the calculation of basic and diluted earnings per shar e:
Three months ended September 30,
Nine months ended September 30,
(in thousands, except per share data)
2025
2024
2025
2024
Numerator:
Net income attributable to common shareholders - basic
$
105,960
98,056
$
314,742
303,672
Net income attributable to common shareholders - diluted
$
105,960
98,056
$
314,742
303,672
Denominator:
Weighted average common shares outstanding for basic EPS
181,921
181,498
181,640
183,281
Weighted average common shares outstanding for diluted EPS (1)
182,346
181,772
181,996
183,448
Net income per common share – basic
$
0.58
0.54
$
1.73
1.66
Net income per common share – diluted
$
0.58
0.54
$
1.73
1.66
(1) Includes the dilutive impact of unvested restricted stock.
The effect of the assumed exchange of the EOP units and certain other exchangeable units had an anti-dilutive effect upon the calculation of net income attributable to the common shareholders per share. Accordingly, the impact of such assumed exchanges has not been included in the determination of diluted net income per share calculations. Weighted average EOP units outstanding were 3,147,659 and 1,099,516 for the three months ended September 30, 2025 and 2024, respectively, and 1,785,189 and 1,100,039 for the nine months ended September 30, 2025 and 2024, respectively.
28
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Unaudited Consolidated Financial Statements
September 30, 2025
Operating Partnership Earnings per Unit
The following summarizes the calculation of basic and diluted earnings per uni t ("EPU"):
Three months ended September 30,
Nine months ended September 30,
(in thousands, except per unit data)
2025
2024
2025
2024
Numerator:
Net income attributable to common unit holders - basic
$
107,624
98,649
$
317,634
305,508
Net income attributable to common unit holders - diluted
$
107,624
98,649
$
317,634
305,508
Denominator:
Weighted average common units outstanding for basic EPU
185,068
182,597
183,425
184,381
Weighted average common units outstanding for diluted EPU (1)
185,494
182,872
183,781
184,548
Net income per common unit – basic
$
0.58
0.54
$
1.73
1.66
Net income per common unit – diluted
$
0.58
0.54
$
1.73
1.66
(1) Includes the dilutive impact of unvested restricted stock.
The effect of the assumed exchange of certain other exchangeable units had an anti-dilutive effect upon the calculation of net income attributable to the common unit holders per share. Accordingly, the impact of such assumed exchanges has not been included in the determination of diluted net income per unit calculations.
12.
Segment Information
The Company's portfolio is located throughout the United States. Management does not distinguish or group its operations on a geographical basis for purposes of allocating resources or capital. The Company’s chief operating decision maker ("CODM") evaluates operating and financial performance for each property on an individual property level; therefore, the Company defines an operating segment as its individual properties. The individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the centers, tenants and operational processes, as well as long-term average financial performance.
The following tables provide information about the Company's reportable segment's revenues, significant expenses, net operating income ("NOI") and the reconciliation of NOI to the Company’s consolidated Net income:
Three months ended September 30,
Nine months ended September 30,
2025
2024
2025
2024
Lease income
$
413,947
383,762
$
1,227,950
1,151,343
Other property income
3,201
4,644
11,193
12,016
Less:
Straight-line rent on lease income
( 7,642
)
( 6,444
)
( 20,425
)
( 16,258
)
Above/below market rent amortization, net
( 5,968
)
( 5,916
)
( 18,892
)
( 19,545
)
Total real estate revenues
403,538
376,046
1,199,826
1,127,556
Operating expenses (1)
( 70,073
)
( 64,792
)
( 209,201
)
( 196,951
)
Real estate taxes
( 51,597
)
( 50,094
)
( 154,286
)
( 148,115
)
NOI
$
281,868
261,160
$
836,339
782,490
(1) Operating expenses include Operating and maintenance, Ground rent and Termination expense
29
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Unaudited Consolidated Financial Statements
September 30, 2025
Three months ended September 30,
Nine months ended September 30,
2025
2024
2025
2024
Reconciliation of NOI to Net income:
NOI
$
281,868
261,160
$
836,339
782,490
Consolidated:
Straight-line rent on lease income
6,743
5,163
18,137
14,877
Above/below market rent amortization, net
5,784
5,726
18,265
18,990
Management, transaction, and other fees
6,720
6,765
20,776
19,896
Straight-line rent on ground rent
( 336
)
( 337
)
( 1,009
)
( 1,014
)
Above/below market ground rent amortization
( 535
)
( 536
)
( 1,602
)
( 1,606
)
Depreciation and amortization
( 102,799
)
( 100,955
)
( 299,108
)
( 299,508
)
General and administrative
( 27,060
)
( 25,073
)
( 74,140
)
( 75,443
)
Other operating expenses
( 1,770
)
( 3,654
)
( 5,402
)
( 9,363
)
Other expense, net
( 45,897
)
( 34,290
)
( 145,610
)
( 94,898
)
Add: Share of noncontrolling interests excluded from NOI
1,998
2,099
6,402
6,181
Less: Equity in income of investments in real estate excluded from NOI
( 12,099
)
( 12,492
)
( 40,229
)
( 39,439
)
Net income
$
112,617
103,576
$
332,819
321,163
13.
Commitments and Contingencies
Litigation
The Company is a party to litigation and other disputes that arise in the ordinary course of business. While the outcome of any particular lawsuit or dispute cannot be predicted with certainty, in the opinion of management, the Company's currently pending litigation and disputes are not expected to have a material adverse effect on the Company's consolidated financial position, results of operations, or liquidity. Legal fees are expensed as incurred.
Environmental
The Company is subject to numerous environmental laws and regulations. With respect to applicability to the Company, these pertain primarily to chemicals historically used by certain current and former dry cleaning tenants, the existence of asbestos in older shopping centers, underground petroleum storage tanks and other historic land uses. The Company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations. The Company can give no assurance that existing environmental studies with respect to its shopping centers have revealed all potential environmental contamination; that its estimate of liabilities will not change as more information becomes available; that any previous owner, occupant or tenant did not create any material environmental condition not known to the Company; that the current environmental condition of the shopping centers will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; and that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company.
The Company had accrued liabilities of $ 18.8 million and $ 17.3 million for environmental assessment and remediation, which are i ncluded in Accounts payable, and other liabilities on the Company’s Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024, respectively.
Letters of Credit
The Company has the right to issue letters of credit under the Line up to an aggregate amount not to exceed $ 50.0 million, which reduces the credit availability under the Line. These letters of credit are primarily issued as collateral on behalf of its captive insurance subsidiary and to facilitate the construction of development projects. The Comp any had $ 13.4 million and $ 10.9 million in letters of credit outstanding as of September 30, 2025 and December 31, 2024 , respectively.
30
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Forward-Looking Statements
Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency's future events, developments, or financial or operational performance or results, are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as "may," "will," "could," "should," "would," "expect," "estimate," "believe," "intend," "forecast," "project," "plan," "anticipate," "guidance," and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained, and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risk factors, including, without limitation, risk factors relating to:
• the current economic and geopolitical environments
• pandemics or other health crises
• operating retail-based shopping centers
• real estate investments
• the environment affecting our properties
• corporate matters
• our partnerships and joint ventures
• funding strategies and capital structure
• information management and technology
• taxes and the Parent Company’s qualification as a REIT
• the Company’s stock price.
As more specifically described in Part I, Item 1A. “Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2024 ("2024 Form 10-K") and in Part II, Item 1A. "Risk Factors" in this Report. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our most recent 2024 Form 10-K, subsequent Quarterly Reports on Form 10-Q, and our other filings with and submissions to the SEC. If any of the events described in the risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected. Forward-looking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements, whether as a result of new information, future events or developments or otherwise, except as and to the extent required by law.
Non-GAAP Financial Measures
In addition to the required Generally Accepted Accounting Principles ("GAAP") presentations, we use and report certain non-GAAP financial measures as we believe these measures improve the understanding of our operational results. We believe these non-GAAP financial measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP financial measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP financial measures to determine how best to provide relevant information to the public, and thus such reported measures could change.
We do not consider non-GAAP financial measures an alternative to financial measures determined in accordance with GAAP, rather they supplement GAAP measures by providing additional information we believe to be useful to our shareholders. The principal limitation of these non-GAAP financial measures is that they may exclude significant expense and income items that are required by GAAP to be recognized in our Consolidated Financial Statements. In addition, they reflect the exercise of management's judgment about which expense and income items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, reconciliations of the non-GAAP financial measures we use to their most directly comparable GAAP measures are provided. Non-GAAP financial measures should not be relied upon in evaluating the financial condition, results of operations, or future prospects of the Company.
31
Our non-GAAP financial measures include the following:
• Adjusted Funds From Operations ("AFFO") is an additional performance measure we use that reflects cash available to fund the Company’s business needs and distribution to shareholders. AFFO is calculated by adjusting Core Operating Earnings ("COE") for (i) capital expenditures necessary to maintain and lease our portfolio of properties, (ii) debt cost and derivative adjustments and (iii) stock-based compensation.
• Core Operating Earnings is an additional performance measure we use because the computation of Nareit Funds from Operations (" Nareit FFO ") includes certain non-comparable items that affect our period-over-period performance. Core Operating Earnings excludes from Nareit FFO: (i) transaction related income or expenses, (ii) gains or losses from the early extinguishment of debt, (iii) certain non-cash components of earnings derived from straight-line rents, above and below market rent amortization, and debt and derivative mark-to-market amortization, and (iv) other amounts as they occur.
• Nareit Funds from Operations ("Nareit FFO") is a commonly used measure of REIT performance, which Nareit defines as net income, computed in accordance with GAAP, excluding gains on sales and impairments of real estate, net of tax, plus depreciation and amortization, and after adjustments for unconsolidated real estate investment partnerships and joint ventures. We compute Nareit FFO for all periods presented in accordance with Nareit's definition.
Companies use different depreciable lives and methods, and real estate values historically fluctuate with market conditions. Since Nareit FFO excludes depreciation and amortization and gains on sale and impairments of real estate, it provides a performance measure that, when compared year over year, reflects the impact on operations from trends in percent leased, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of our financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, Nareit FFO is a supplemental non-GAAP financial measure of our operating performance, which does not represent cash generated from operating activities in accordance with GAAP; and, therefore, should not be considered a substitute measure of cash flows from operations.
• Net Operating Income ("NOI") is the sum of base rent, percentage rent, termination fee income, tenant recoveries, other lease income, and other property income, less operating and maintenance expenses, real estate taxes, ground rent, termination expense, and uncollectible lease income. NOI excludes straight-line rental income and expense, above and below market rent and ground rent amortization, tenant lease inducement amortization, and other fees. We also provide disclosure of NOI excluding termination fees, which excludes both termination fee income and expenses.
Management believes that NOI is a useful measure for investors because it provides insight into the core operations and performance of our properties, independent of the capital structure, financing activities, and non-operating factors. By focusing on property-level performance, NOI allows investors to compare the performance of our real estate assets across periods and with those of other REIT peers in the industry, facilitating a clearer understanding of trends in occupancy, rental income, and operating expense management. In addition to its relevance for investors, management uses NOI as a key performance metric in making operational and strategic decisions. NOI is used to evaluate income generated from shopping centers (i.e., return on assets) and to guide decisions on capital investments. These decisions may include acquisitions, redevelopments, and investments in capital improvements.
• Pro-rata information includes 100% of our consolidated properties plus our economic share (based on our ownership interest) in our unconsolidated real estate investment partnerships.
We provide Pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our consolidated and unconsolidated real estate investment partnerships, when read in conjunction with our reported results under GAAP. We believe presenting our Pro-rata share of assets, liabilities, operating results, and other metrics, along with certain other non-GAAP financial measures, makes comparisons of our operating results to those of other REITs more meaningful. The Pro-rata information provided is not, nor is it intended to be, presented in accordance with GAAP. The Pro-rata supplemental details of assets and liabilities and supplemental details of operations reflect our proportionate economic ownership of the assets, liabilities, and operating results of the properties in our portfolio.
The Pro-rata information is prepared on a basis consistent with the comparable consolidated amounts and is intended to more accurately reflect our proportionate economic interest in the assets, liabilities, and operating results of properties in our portfolio. We do not control the unconsolidated real estate partnerships, and the Pro-rata presentations of the assets and liabilities, and revenues and expenses do not represent our legal claim to such items. The partners are entitled to profit or loss allocations and distributions of cash flows according to the operating agreements, which generally provide for such allocations according to their invested capital. Our share of invested capital establishes the ownership interests we use to prepare our Pro-rata share.
32
The presentation of Pro-rata information has limitations which include, but are not limited to, the following:
o The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and
o Other companies in our industry may calculate their Pro-rata interest differently, limiting the comparability of Pro-rata information.
Because of these limitations, the Pro-rata financial information should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP financial statements, using the Pro-rata information as a supplement.
• Pro-rata Same Property NOI is a key non-GAAP financial measure commonly used by REITs to evaluate operating performance. It is calculated on a proportionate ownership basis for properties held during the comparable reporting periods, excluding revenue and expenses related to non-same properties during the periods.
Management believes this measure provides investors with a useful and consistent comparison of the Company’s operating performance and trends. Management uses Pro-rata Same Property NOI as a supplemental measure to assess property-level performance, excluding the effects of corporate-level expenses, financing costs, and non-operating activities. This measure allows investors to evaluate trends in revenue and expense growth for properties that have been consistently operated during the periods.
Other Defined Terms
The following terms, as defined, are commonly used by management and the investing public to understand and evaluate our operational results, and are included in this document:
• Anchor Space is a space equal to or greater than 10,000 SF.
• Development Completion is a Property in Development that is deemed complete upon the earlier of: (i) 90% of total estimated net development costs have been incurred and percent leased equals or exceeds 95%, or (ii) the property features at least two years of anchor operations. Once deemed complete, the property is termed a Retail Operating Property.
• A Non-Same Property is any property, during either calendar year period being compared, that was acquired, sold, a Property in Development, a Development Completion, or a property under, or being positioned for, significant redevelopment that distorts comparability between periods. Non-retail properties and corporate activities, including the captive insurance program, are part of Non-Same Property.
• Property In Development includes properties in various stages of ground-up development.
• Property In Redevelopment includes Retail Operating Properties under redevelopment or being positioned for redevelopment. Unless otherwise indicated, a Property in Redevelopment is included in the Same Property pool.
• Redevelopment Completion is a Property in Redevelopment that is deemed complete upon the earlier of: (i) 90% of total estimated project costs have been incurred and percent leased equals or exceeds 95% for the Company owned GLA related to the project, or (ii) the property features at least two years of anchor operations, if applicable.
• Retail Operating Property is any retail property not termed a Property in Development. A retail property is any property where the majority of the income is generated from retail uses.
• Same Property is a Retail Operating Property that was owned and operated for the entirety of both calendar year periods being compared. This term excludes Properties in Development, prior year Development Completions, and Non-Same Properties. Properties in Redevelopment are included unless otherwise indicated.
• Shop Space is a space under 10,000 SF.
Overview of Our Strategy
Regency Centers Corporation began operations as a publicly-traded REIT in 1993. All of our operating, investing, and financing activities are performed through our Operating Partnership, Regency Centers, L.P. and its wholly-owned subsidiaries, and through our real estate partnerships. As of September 30, 2025, the Parent Company owned approximately 97.9% of the outstanding Common Units and 100% of the Preferred Units of the Operating Partnership.
33