SEC EDGAR · 10-Q
10-Q – 2026-08-03 – reg-20260630.htm
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Omsättning
- Unregistered Sales of Equity Securities and Use of Proceeds
- Investments in sales-type leases, net
- 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:
- • Percentage rent represents amounts billable to tenants based on the tenants' actual sales volume in excess of levels specified in the lease contract.
- At the Market ("ATM") Program | Under the Parent Company's ATM Program, as reauthorized by the Board in February 2026, 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. | As of June 30, 2026 , $ 500 million of common stock remained available for issuance under this ATM Program.
- • 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.
- Management believes this measure provides investors with a useful and consistent comparison of the Company’s operating performance and trends. Management uses Same Property NOI as a supplemental measure to assess property-level performance and to compare the performance of its stabilized property portfolio across reporting periods. 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
- Net investment income increased by $1.9 million primarily driven by market volatility, including a $1.6 million increase in returns on investments held in the non-qualified deferred compensation plan and a $0.3 million increase in returns related to other corporate investments. | Equity in income of investments in real estate partnerships increased by $2.4 million mainly due to gains on partial real estate sales recognized at unconsolidated real estate partnerships during the current period. | The following represents the remaining components that comprise Net income attributable to common shareholders and unit holders :
Rörelseresultat
- 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 segmen | 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:
- 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 financi | • 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.
Periodens resultat
- Distributions in excess of net income
- Net income
- Net income attributable to noncontrolling interests
- Net income attributable to the Company
- Net income attributable to common shareholders
- Net income attributable to common shareholders:
- Reclassification adjustment of derivative instruments included in net income
- in Excess of | Net Income
Resultat per aktie
- Earnings per Share and Unit
- Parent Company Earnings per Share | The following summarizes the calculation of basic and diluted earnings per shar e:
- Weighted average common shares outstanding for basic EPS
- Weighted average common shares outstanding for diluted EPS (1)
Kassaflöde
- Supplemental disclosure of cash flow information:
- 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 June 30, 2026, 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 affect earnings.
- 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 June 30, 2026, 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 affect earnings. | The following table represents the effect of the derivative financial instruments on the accompanying Consolidated Financial Statements:
- Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded
- 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 nonperfor | 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 positio
- While future dividends on shares of our common stock will be determined at the discretion of our Board of Directors, we plan to continue paying an aggregate amount of distributions to our stock and unit holders that, at a minimum, meet the requirements to continue qualifying as a REIT for federal income tax purposes. | We have historically generated sufficient cash flow from operations to fund our dividend distributions. During the six months ended June 30, 2026 and 2025, we generated cash flows from operating activities of $434.0 million and $405.1 million, respectively, and paid $288.6 million and $263.8 million in dividends to our common and preferred stock and unit holders, in the same respective periods. | We currently have development and redevelopment projects in various stages of planning, design and construction, along with a pipeline of potential projects for future development or redevelopment. After funding the July 2026 dividends for our common and preferred stock and Operating Partnership units, we estimate that we will require capital during the next 12 months of approximately $1.4 billion related to leasing commissions, tenant improvements, in-process developments and redevelopments, ca
- Our Line and unsecured debt require that we remain in compliance with various customary financial covenants, which are described in the Consolidated Financial Statements included in our 2025 Form 10-K. We were in compliance with these covenants at June 30, 2026, and expect to remain in compliance. | Summary of Cash Flow Activity | The following table summarizes net cash flows related to operating, investing, and financing activities of the Company:
- • $0.4 million increase in operating cash flow distributions from Investments in real estate partnerships.
Likvida medel
- Net increase in cash and cash equivalents and restricted cash
- Cash and cash equivalents and restricted cash at beginning of the period
- Cash and cash equivalents and restricted cash at end of the period
Nettoskuld
- Adjustments to reconcile net income to net cash provided by operating activities:
- Net cash provided by operating activities
- Net cash used in investing activities
- Net cash (used in) provided by financing activities
- Summary of Cash Flow Activity | The following table summarizes net cash flows related to operating, investing, and financing activities of the Company:
- Net cash provided by operating activities: | Net cash provided by operating activities increased $29.0 million due to:
- Net cash provided by operating activities: | Net cash provided by operating activities increased $29.0 million due to: | • $28.6 million increase in cash from operations due to the timing of receipts and payments
- Net cash used in investing activities: | Net cash used in investing activities changed by $153.5 million as follows:
Eget kapital
- 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 Part | 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 sharehold | 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 Co
- 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 Co | 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.
- Shareholders' equity:
- Total shareholders' equity
Antal aktier
- Regency Centers Corporation Yes ☐ No ☒ Regency Centers, L.P. Yes ☐ No ☒ | The number of shares outstanding of Regency Centers Corporation's common stock was 183,120,547 as of July 31, 2026.
- Except under certain limited conditions, each 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 | Common Stock of the Parent Company
- Weighted average common shares outstanding for basic EPS
- Weighted average common shares outstanding for diluted EPS (1)
- Total number of shares purchased (1)
- Total number of shares purchased as part of publicly announced plans or programs (2)
Antal anställda
- 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 Part
- • We have a dedicated staff of employees who directly support our development program, which includes redevelopment of our existing properties. Internal compensation costs directly attributable to these activities are capitalized as part of each project.
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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 June 30, 2026
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 183,120,547 as of July 31, 2026.
EXPLANATORY NOTE
This Quarterly Report on Form 10-Q (this "Report") combines the quarterly reports on Form 10-Q for the quarter ended June 30, 2026, 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 June 30, 2026, 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 $100 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 is also the guarantor of the Parent Company's $100 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 June 30, 2026 and December 31, 2025
1
Consolidated Statements of Operations for the periods ended June 30, 2026 and 2025
2
Consolidated Statements of Comprehensive Income for the periods ended June 30, 2026 and 2025
3
Consolidated Statements of Equity for the periods ended June 30, 2026 and 2025
4
Consolidated Statements of Cash Flows for the periods ended June 30, 2026 and 2025
6
Regency Centers, L.P.:
Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025
8
Consolidated Statements of Operations for the periods ended June 30, 2026 and 2025
9
Consolidated Statements of Comprehensive Income for the periods ended June 30, 2026 and 2025
10
Consolidated Statements of Capital for the periods ended June 30, 2026 and 2025
11
Consolidated Statements of Cash Flows for the periods ended June 30, 2026 and 2025
13
Notes to Consolidated Financial Statements
15
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
29
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
49
Item 4.
Controls and Procedures
50
PART II - OTHER INFORMATION
Item 1.
Legal Proceedings
51
Item 1A.
Risk Factors
51
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
51
Item 3.
Defaults Upon Senior Securities
51
Item 4.
Mine Safety Disclosures
51
Item 5.
Other Information
52
Item 6.
Exhibits
53
SIGNATURES
54
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
REGENCY CENTERS CORPORATION
Consolidated Balance Sheets
June 30, 2026 and December 31, 2025
(in thousands, except per share data)
2026
2025
Assets
(unaudited)
Net real estate investments:
Real estate assets, at cost
$
14,767,372
14,561,924
Less: accumulated depreciation
3,442,113
3,267,728
Real estate assets, net
11,325,259
11,294,196
Investments in sales-type leases, net
16,848
16,727
Investments in real estate partnerships
362,810
349,856
Net real estate investments
11,704,917
11,660,779
Cash, cash equivalents, and restricted cash, including $ 5,643 and $ 16,004 of restricted cash at June 30, 2026 and December 31, 2025, respectively
191,614
120,661
Tenant and other receivables, net
291,660
273,862
Deferred leasing costs, less accumulated amortization of $ 142,917 and $ 138,391 at June 30, 2026 and December 31, 2025, respectively
101,673
97,253
Acquired lease intangible assets, less accumulated amortization of $ 440,278 and $ 421,433 at June 30, 2026 and December 31, 2025, respectively
233,561
254,201
Right of use assets, net
311,846
315,804
Other assets
287,671
278,723
Total assets
$
13,122,942
13,001,283
Liabilities and Equity
Liabilities:
Notes payable, net
$
4,873,182
4,619,301
Unsecured credit facility
30,000
120,000
Accounts payable and other liabilities
399,523
391,847
Acquired lease intangible liabilities, less accumulated amortization of $ 256,559 and $ 243,040 at June 30, 2026 and December 31, 2025, respectively
345,570
356,454
Lease liabilities
240,325
242,368
Tenants' security, escrow deposits and prepaid rent
87,154
89,707
Total liabilities
5,975,754
5,819,677
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 June 30, 2026 and December 31, 2025
225,000
225,000
Common stock $ 0.01 par value per share, 220,000,000 shares authorized; 183,117,863 and 182,902,234 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively
1,831
1,829
Treasury stock at cost, 411,590 and 494,307 shares held at June 30, 2026 and December 31, 2025, respectively
( 33,085
)
( 31,075
)
Additional paid-in-capital
8,709,547
8,704,138
Accumulated other comprehensive loss
( 574
)
( 4,220
)
Distributions in excess of net income
( 2,027,768
)
( 1,988,782
)
Total shareholders' equity
6,874,951
6,906,890
Noncontrolling interests:
Exchangeable operating partnership units, aggregate redemption value of $ 306,057 and $ 264,950 at June 30, 2026 and December 31, 2025, respectively
144,222
144,940
Limited partners' interests in consolidated partnerships
128,015
129,776
Total noncontrolling interests
272,237
274,716
Total equity
7,147,188
7,181,606
Total liabilities and equity
$
13,122,942
13,001,283
The accompanying notes are an integral part of the consolidated financial statements.
1
REGENCY CENTERS CORPORATION
Consolidated Statements of Operations
For the periods ended June 30, 2026, and 2025
(in thousands, except per share data)
(unaudited)
Three months ended June 30,
Six months ended June 30,
2026
2025
2026
2025
Revenues:
Lease income
$
402,798
369,105
$
805,411
740,184
Other property income
3,520
4,499
6,427
7,520
Management, transaction, and other fees
7,192
7,244
14,125
14,056
Total revenues
413,510
380,848
825,963
761,760
Operating expenses:
Depreciation and amortization
108,803
99,535
215,225
196,309
Property operating expense
70,946
60,759
144,246
129,218
Real estate taxes
49,985
47,500
101,395
93,860
General and administrative
27,567
25,480
53,173
47,080
Other operating expenses
2,037
1,944
3,038
3,632
Total operating expenses
259,338
235,218
517,077
470,099
Other expense, net:
Interest expense, net
53,582
50,272
105,767
98,285
Provision for impairment of real estate
—
1,262
—
1,262
(Gain) Loss on sale of real estate, net of tax
( 268
)
294
( 7,462
)
193
Net investment income
( 2,721
)
( 788
)
( 3,416
)
( 27
)
Total other expense, net
50,593
51,040
94,889
99,713
Income before equity in income of investments in real estate partnerships
103,579
94,590
213,997
191,948
Equity in income of investments in real estate partnerships
16,160
13,759
38,540
28,254
Net income
119,739
108,349
252,537
220,202
Noncontrolling interests:
Exchangeable operating partnership units
( 2,360
)
( 586
)
( 4,977
)
( 1,228
)
Limited partners' interests in consolidated partnerships
( 1,615
)
( 1,742
)
( 3,247
)
( 3,366
)
Net income attributable to noncontrolling interests
( 3,975
)
( 2,328
)
( 8,224
)
( 4,594
)
Net income attributable to the Company
115,764
106,021
244,313
215,608
Preferred stock dividends
( 3,413
)
( 3,413
)
( 6,826
)
( 6,826
)
Net income attributable to common shareholders
$
112,351
102,608
$
237,487
208,782
Net income attributable to common shareholders:
Per common share - basic
$
0.61
0.57
$
1.30
1.15
Per common share - diluted
$
0.61
0.56
$
1.30
1.15
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 June 30, 2026, and 2025
(in thousands)
(unaudited)
Three months ended June 30,
Six months ended June 30,
2026
2025
2026
2025
Net income
$
119,739
108,349
$
252,537
220,202
Other comprehensive income (loss):
Effective portion of change in fair value of derivative instruments:
Effective portion of change in fair value of derivative instruments
2,557
( 1,295
)
4,735
( 3,943
)
Reclassification adjustment of derivative instruments included in net income
( 377
)
( 1,015
)
( 842
)
( 2,760
)
Unrealized (loss) gain on available-for-sale debt securities
22
94
( 55
)
288
Other comprehensive income (loss)
2,202
( 2,216
)
3,838
( 6,415
)
Comprehensive income
121,941
106,133
256,375
213,787
Less: comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests
3,975
2,328
8,224
4,594
Other comprehensive income (loss) attributable to noncontrolling interests
89
( 143
)
192
( 401
)
Comprehensive income attributable to noncontrolling interests
4,064
2,185
8,416
4,193
Comprehensive income attributable to the Company
$
117,877
103,948
$
247,959
209,594
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 June 30, 2026 and 2025
(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 March 31, 2025
$
225,000
1,815
( 29,133
)
8,505,489
( 1,715
)
( 2,001,878
)
6,699,578
40,584
136,278
176,862
6,876,440
Net income
—
—
—
—
—
106,021
106,021
586
1,742
2,328
108,349
Other comprehensive loss
Other comprehensive loss before reclassification
—
—
—
—
( 1,146
)
—
( 1,146
)
( 7
)
( 48
)
( 55
)
( 1,201
)
Amounts reclassified from accumulated other comprehensive loss
—
—
—
—
( 927
)
—
( 927
)
( 6
)
( 82
)
( 88
)
( 1,015
)
Deferred compensation plan, net
—
—
( 1,077
)
1,077
—
—
—
—
—
—
—
Amortization of equity awards
—
1
—
5,569
—
—
5,570
—
—
—
5,570
Tax withholding on stock-based compensation
—
—
—
( 23
)
—
—
( 23
)
—
—
—
( 23
)
Repurchase of exchangeable operating partnership units
—
—
—
—
—
—
—
( 2,046
)
—
( 2,046
)
( 2,046
)
Common stock issued under dividend reinvestment plan
—
—
—
196
—
—
196
—
—
—
196
Contributions from partners
—
—
—
—
—
—
—
—
5,439
5,439
5,439
Distributions to partners
—
—
—
—
—
—
—
—
( 2,620
)
( 2,620
)
( 2,620
)
Dividends declared:
Preferred stock
—
—
—
—
—
( 3,413
)
( 3,413
)
—
—
—
( 3,413
)
Common stock/unit
—
—
—
—
—
( 127,984
)
( 127,984
)
( 752
)
—
( 752
)
( 128,736
)
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
Balance at March 31, 2026
$
225,000
1,831
( 32,207
)
8,702,768
( 2,687
)
( 2,001,870
)
6,892,835
144,705
127,367
272,072
7,164,907
Net income
—
—
—
—
—
115,764
115,764
2,360
1,615
3,975
119,739
Other comprehensive income
Other comprehensive income before reclassification
—
—
—
—
2,451
—
2,451
51
77
128
2,579
Amounts reclassified from accumulated other comprehensive income
—
—
—
—
( 338
)
—
( 338
)
4
( 43
)
( 39
)
( 377
)
Deferred compensation plan, net
—
—
( 878
)
829
—
—
( 49
)
—
—
—
( 49
)
Amortization of equity awards
—
—
—
6,204
—
—
6,204
—
—
—
6,204
Tax withholding on stock-based compensation
—
—
—
( 436
)
—
—
( 436
)
—
—
—
( 436
)
Common stock issued under dividend reinvestment plan
—
—
—
182
—
—
182
—
—
—
182
Contributions from partners
—
—
—
—
—
—
—
—
2,074
2,074
2,074
Distributions to partners
—
—
—
—
—
—
—
—
( 3,075
)
( 3,075
)
( 3,075
)
Dividends declared:
Preferred stock
—
—
—
—
—
( 3,413
)
( 3,413
)
—
—
—
( 3,413
)
Common stock/unit
—
—
—
—
—
( 138,249
)
( 138,249
)
( 2,898
)
—
( 2,898
)
( 141,147
)
Balance at June 30, 2026
$
225,000
1,831
( 33,085
)
8,709,547
( 574
)
( 2,027,768
)
6,874,951
144,222
128,015
272,237
7,147,188
The accompanying notes are an integral part of the consolidated financial statements.
4
REGENCY CENTERS CORPORATION
Consolidated Statements of Equity
For the six months ended June 30, 2026 and 2025
(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, 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
—
—
—
—
—
215,608
215,608
1,228
3,366
4,594
220,202
Other comprehensive loss
Other comprehensive loss before reclassification
—
—
—
—
( 3,435
)
—
( 3,435
)
( 27
)
( 193
)
( 220
)
( 3,655
)
Amounts reclassified from accumulated other comprehensive loss
—
—
—
—
( 2,579
)
—
( 2,579
)
( 14
)
( 167
)
( 181
)
( 2,760
)
Adjustment for noncontrolling interests
—
—
—
2,210
—
—
2,210
( 2,210
)
—
( 2,210
)
—
Deferred compensation plan, net
—
—
( 2,165
)
2,165
—
—
—
—
—
—
—
Amortization of equity awards
—
2
—
11,116
—
—
11,118
—
—
—
11,118
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
—
—
—
373
—
—
373
—
—
—
373
Contributions from partners
—
—
—
—
—
—
—
2,210
8,416
10,626
10,626
Distributions to partners
—
—
—
—
—
—
—
—
( 6,130
)
( 6,130
)
( 6,130
)
Dividends declared:
Preferred stock
—
—
—
—
—
( 6,826
)
( 6,826
)
—
—
—
( 6,826
)
Common stock/unit
—
—
—
—
—
( 255,960
)
( 255,960
)
( 1,526
)
—
( 1,526
)
( 257,486
)
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
Balance at December 31, 2025
$
225,000
1,829
( 31,075
)
8,704,138
( 4,220
)
( 1,988,782
)
6,906,890
144,940
129,776
274,716
7,181,606
Net income
—
—
—
—
—
244,313
244,313
4,977
3,247
8,224
252,537
Other comprehensive income
Other comprehensive income before reclassification
—
—
—
—
4,406
—
4,406
94
180
274
4,680
Amounts reclassified from accumulated other comprehensive income
—
—
—
—
( 760
)
—
( 760
)
6
( 88
)
( 82
)
( 842
)
Deferred compensation plan, net
—
—
( 2,010
)
1,958
—
—
( 52
)
—
—
—
( 52
)
Amortization of equity awards
—
2
—
12,184
—
—
12,186
—
—
—
12,186
Tax withholding on stock-based compensation
—
—
—
( 9,108
)
—
—
( 9,108
)
—
—
—
( 9,108
)
Common stock issued under dividend reinvestment plan
—
—
—
375
—
—
375
—
—
—
375
Contributions from partners
—
—
—
—
—
—
—
—
2,311
2,311
2,311
Distributions to partners
—
—
—
—
—
—
—
—
( 7,411
)
( 7,411
)
( 7,411
)
Dividends declared:
Preferred stock
—
—
—
—
—
( 6,826
)
( 6,826
)
—
—
—
( 6,826
)
Common stock/unit
—
—
—
—
—
( 276,473
)
( 276,473
)
( 5,795
)
—
( 5,795
)
( 282,268
)
Balance at June 30, 2026
$
225,000
1,831
( 33,085
)
8,709,547
( 574
)
( 2,027,768
)
6,874,951
144,222
128,015
272,237
7,147,188
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 June 30, 2026, and 2025
(in thousands)
(unaudited)
Six months ended June 30,
2026
2025
Cash flows from operating activities:
Net income
$
252,537
220,202
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
215,225
196,309
Amortization of deferred financing costs and debt premiums
8,033
6,922
Amortization of above and below market lease intangibles, net
( 9,964
)
( 11,414
)
Stock-based compensation, net of capitalization
10,620
9,864
Equity in income of investments in real estate partnerships
( 38,540
)
( 28,254
)
(Gain) loss on sale of real estate, net of tax
( 7,462
)
193
Provision for impairment of real estate, net of tax
—
1,262
Distribution of earnings from investments in real estate partnerships
34,870
34,502
Deferred compensation expense (income)
2,670
( 253
)
Realized and unrealized gain on investments
( 3,323
)
( 87
)
Changes in assets and liabilities:
Tenant and other receivables
( 17,258
)
( 1,670
)
Deferred leasing costs
( 10,178
)
( 8,802
)
Other assets
( 14,434
)
( 15,123
)
Accounts payable and other liabilities
13,994
464
Tenants' security, escrow deposits and prepaid rent
( 2,760
)
964
Net cash provided by operating activities
434,030
405,079
Cash flows from investing activities:
Acquisition of operating real estate, net of cash acquired of $ 787 in 2025
( 32,766
)
( 83,261
)
Real estate development and capital improvements
( 212,003
)
( 204,657
)
Proceeds from sale of real estate
13,882
7,165
Proceeds from property insurance casualty claims
3,301
—
Issuance of notes receivable
( 1,500
)
—
Collection of notes receivable
1,069
180
Investments in real estate partnerships
( 35,142
)
( 6,217
)
Return of capital from investments in real estate partnerships
40,914
—
Dividends on investment securities
1,646
1,081
Purchase of investment securities
( 6,109
)
( 96,226
)
Proceeds from sale of investment securities
7,551
9,242
Net cash used in investing activities
( 219,157
)
( 372,693
)
6
Six months ended June 30,
2026
2025
Cash flows from financing activities:
Tax withholding on stock-based compensation
( 9,108
)
( 6,783
)
Redemption of exchangeable operating partnership units
—
( 2,046
)
Proceeds from sale of treasury stock
123
462
Contributions from noncontrolling interests
2,311
8,416
Distributions to and redemptions of noncontrolling interests
( 7,411
)
( 6,130
)
Distributions to exchangeable operating partnership unit holders
( 5,796
)
( 1,546
)
Dividends paid to common shareholders
( 275,936
)
( 255,455
)
Dividends paid to preferred shareholders
( 6,826
)
( 6,826
)
Repayment of fixed rate unsecured notes
( 100,000
)
—
Proceeds from issuance of fixed rate unsecured notes, net of debt discount
447,192
397,116
Proceeds from unsecured credit facilities
285,000
395,000
Repayment of unsecured credit facilities
( 375,000
)
( 430,000
)
Proceeds from notes payable
—
10,000
Repayment of notes payable
( 88,000
)
( 32,787
)
Scheduled principal payments
( 6,412
)
( 5,060
)
Payment of financing costs
( 4,057
)
( 3,812
)
Net cash (used in) provided by financing activities
( 143,920
)
60,549
Net increase in cash and cash equivalents and restricted cash
70,953
92,935
Cash and cash equivalents and restricted cash at beginning of the period
120,661
61,884
Cash and cash equivalents and restricted cash at end of the period
$
191,614
154,819
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $ 5,061 and $ 4,534 in 2026 and 2025, respectively)
$
99,024
90,174
Supplemental disclosure of non-cash transactions:
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid
$
143,423
131,017
Acquisition of operating real estate:
Acquired lease intangible assets
$
3,214
9,725
Notes payable assumed in acquisition, at fair value
$
—
40,060
Intangible liabilities, Accounts payable and other liabilities
$
3,126
18,945
Acquisition of previously unconsolidated real estate investments:
Acquired lease intangible assets
$
1,329
4,308
Notes payable assumed in acquisition, at fair value
$
—
16,749
Change in accrued capital expenditures
$
8,553
15,244
Contributions to investments in real estate partnerships
$
14,318
518
The accompanying notes are an integral part of the consolidated financial statements.
7
REGENCY CENTERS, L.P.
Consolidated Balance Sheets
June 30, 2026 and December 31, 2025
(in thousands, except unit data)
2026
2025
Assets
(unaudited)
Net real estate investments:
Real estate assets, at cost
$
14,767,372
14,561,924
Less: accumulated depreciation
3,442,113
3,267,728
Real estate assets, net
11,325,259
11,294,196
Investments in sales-type leases, net
16,848
16,727
Investments in real estate partnerships
362,810
349,856
Net real estate investments
11,704,917
11,660,779
Cash, cash equivalents, and restricted cash, including $ 5,643 and $ 16,004 of restricted cash at June 30, 2026 and December 31, 2025, respectively
191,614
120,661
Tenant and other receivables, net
291,660
273,862
Deferred leasing costs, less accumulated amortization of $ 142,917 and $ 138,391 at June 30, 2026 and December 31, 2025, respectively
101,673
97,253
Acquired lease intangible assets, less accumulated amortization of $ 440,278 and $ 421,433 at June 30, 2026 and December 31, 2025, respectively
233,561
254,201
Right of use assets, net
311,846
315,804
Other assets
287,671
278,723
Total assets
$
13,122,942
13,001,283
Liabilities and Capital
Liabilities:
Notes payable, net
$
4,873,182
4,619,301
Unsecured credit facility
30,000
120,000
Accounts payable and other liabilities
399,523
391,847
Acquired lease intangible liabilities, less accumulated amortization of $ 256,559 and $ 243,040 at June 30, 2026 and December 31, 2025, respectively
345,570
356,454
Lease liabilities
240,325
242,368
Tenants' security, escrow deposits and prepaid rent
87,154
89,707
Total liabilities
5,975,754
5,819,677
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 June 30, 2026 and December 31, 2025
225,000
225,000
General partner's common units, 183,117,863 and 182,902,234 units issued and outstanding at June 30, 2026 and December 31, 2025, respectively
6,650,525
6,686,110
Limited partners' common units, 3,838,188 and 3,838,188 units issued and outstanding at June 30, 2026 and December 31, 2025 respectively
144,222
144,940
Accumulated other comprehensive loss
( 574
)
( 4,220
)
Total partners' capital
7,019,173
7,051,830
Noncontrolling interest: Limited partners' interests in consolidated partnerships
128,015
129,776
Total capital
7,147,188
7,181,606
Total liabilities and capital
$
13,122,942
13,001,283
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 June 30, 2026, and 2025
(in thousands, except per unit data)
(unaudited)
Three months ended June 30,
Six months ended June 30,
2026
2025
2026
2025
Revenues:
Lease income
$
402,798
369,105
$
805,411
740,184
Other property income
3,520
4,499
6,427
7,520
Management, transaction, and other fees
7,192
7,244
14,125
14,056
Total revenues
413,510
380,848
825,963
761,760
Operating expenses:
Depreciation and amortization
108,803
99,535
215,225
196,309
Property operating expense
70,946
60,759
144,246
129,218
Real estate taxes
49,985
47,500
101,395
93,860
General and administrative
27,567
25,480
53,173
47,080
Other operating expenses
2,037
1,944
3,038
3,632
Total operating expenses
259,338
235,218
517,077
470,099
Other expense, net:
Interest expense, net
53,582
50,272
105,767
98,285
Provision for impairment of real estate
—
1,262
—
1,262
(Gain) Loss on sale of real estate, net of tax
( 268
)
294
( 7,462
)
193
Net investment income
( 2,721
)
( 788
)
( 3,416
)
( 27
)
Total other expense, net
50,593
51,040
94,889
99,713
Income before equity in income of investments in real estate partnerships
103,579
94,590
213,997
191,948
Equity in income of investments in real estate partnerships
16,160
13,759
38,540
28,254
Net income
119,739
108,349
252,537
220,202
Limited partners' interests in consolidated partnerships
( 1,615
)
( 1,742
)
( 3,247
)
( 3,366
)
Net income attributable to the Partnership
118,124
106,607
249,290
216,836
Preferred unit distributions
( 3,413
)
( 3,413
)
( 6,826
)
( 6,826
)
Net income attributable to common unit holders
$
114,711
103,194
$
242,464
210,010
Net income attributable to common unit holders:
Per common unit - basic
$
0.61
0.57
$
1.30
1.15
Per common unit - diluted
$
0.61
0.56
$
1.30
1.15
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 June 30, 2026, and 2025
(in thousands)
(unaudited)
Three months ended June 30,
Six months ended June 30,
2026
2025
2026
2025
Net income
$
119,739
108,349
$
252,537
220,202
Other comprehensive income (loss):
Effective portion of change in fair value of derivative instruments:
Effective portion of change in fair value of derivative instruments
2,557
( 1,295
)
4,735
( 3,943
)
Reclassification adjustment of derivative instruments included in net income
( 377
)
( 1,015
)
( 842
)
( 2,760
)
Unrealized (loss) gain on available-for-sale debt securities
22
94
( 55
)
288
Other comprehensive income (loss)
2,202
( 2,216
)
3,838
( 6,415
)
Comprehensive income
121,941
106,133
256,375
213,787
Less: comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests
1,615
1,742
3,247
3,366
Other comprehensive income (loss) attributable to noncontrolling interests
34
( 130
)
92
( 360
)
Comprehensive income attributable to noncontrolling interests
1,649
1,612
3,339
3,006
Comprehensive income attributable to the Partnership
$
120,292
104,521
$
253,036
210,781
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 June 30, 2026 and 2025
(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 March 31, 2025
$
6,701,293
40,584
( 1,715
)
6,740,162
136,278
6,876,440
Net income
106,021
586
—
106,607
1,742
108,349
Other comprehensive loss
Other comprehensive loss before reclassification
—
( 7
)
( 1,146
)
( 1,153
)
( 48
)
( 1,201
)
Amounts reclassified from accumulated other comprehensive loss
—
( 6
)
( 927
)
( 933
)
( 82
)
( 1,015
)
Contributions from partners
—
—
—
—
5,439
5,439
Distributions to partners
( 127,984
)
( 752
)
—
( 128,736
)
( 2,620
)
( 131,356
)
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
5,570
—
—
5,570
—
5,570
Repurchase of exchangeable operating partnership units
—
( 2,046
)
—
( 2,046
)
—
( 2,046
)
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances
173
—
—
173
—
173
Balance at June 30, 2025
$
6,681,660
38,359
( 3,788
)
6,716,231
140,709
6,856,940
Balance at March 31, 2026
$
6,895,522
144,705
( 2,687
)
7,037,540
127,367
7,164,907
Net income
115,764
2,360
—
118,124
1,615
119,739
Other comprehensive income
Other comprehensive income before reclassification
—
51
2,451
2,502
77
2,579
Amounts reclassified from accumulated other comprehensive income
—
4
( 338
)
( 334
)
( 43
)
( 377
)
Deferred compensation plan, net
( 49
)
—
—
( 49
)
—
( 49
)
Contributions from partners
—
—
—
—
2,074
2,074
Distributions to partners
( 138,249
)
( 2,898
)
—
( 141,147
)
( 3,075
)
( 144,222
)
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
6,204
—
—
6,204
—
6,204
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances
( 254
)
—
—
( 254
)
—
( 254
)
Balance at June 30, 2026
$
6,875,525
144,222
( 574
)
7,019,173
128,015
7,147,188
The accompanying notes are an integral part of the consolidated financial statements.
11
REGENCY CENTERS, L.P.
Consolidated Statements of Capital
For the six months ended June 30, 2026 and 2025
(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, 2024
$
6,721,920
40,744
2,226
6,764,890
135,417
6,900,307
Net income
215,608
1,228
—
216,836
3,366
220,202
Other comprehensive loss
Other comprehensive loss before reclassification
—
( 27
)
( 3,435
)
( 3,462
)
( 193
)
( 3,655
)
Amounts reclassified from accumulated other comprehensive loss
—
( 14
)
( 2,579
)
( 2,593
)
( 167
)
( 2,760
)
Adjustment for noncontrolling interests in the Operating Partnership
2,210
( 2,210
)
—
—
—
—
Contributions from partners
—
2,210
—
2,210
8,416
10,626
Distributions to partners
( 255,960
)
( 1,526
)
—
( 257,486
)
( 6,130
)
( 263,616
)
Preferred unit distributions
( 6,826
)
—
—
( 6,826
)
—
( 6,826
)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization
11,118
—
—
11,118
—
11,118
Repurchase of exchangeable operating partnership units
—
( 2,046
)
—
( 2,046
)
—
( 2,046
)
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances
( 6,410
)
—
—
( 6,410
)
—
( 6,410
)
Balance at June 30, 2025
$
6,681,660
38,359
( 3,788
)
6,716,231
140,709
6,856,940
Balance at December 31, 2025
$
6,911,110
144,940
( 4,220
)
7,051,830
129,776
7,181,606
Net income
244,313
4,977
—
249,290
3,247
252,537
Other comprehensive income
Other comprehensive income before reclassification
—
94
4,406
4,500
180
4,680
Amounts reclassified from accumulated other comprehensive income
—
6
( 760
)
( 754
)
( 88
)
( 842
)
Deferred compensation plan, net
( 52
)
—
—
( 52
)
—
( 52
)
Contributions from partners
—
—
—
—
2,311
2,311
Distributions to partners
( 276,473
)
( 5,795
)
—
( 282,268
)
( 7,411
)
( 289,679
)
Preferred unit distributions
( 6,826
)
—
—
( 6,826
)
—
( 6,826
)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization
12,186
—
—
12,186
—
12,186
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances
( 8,733
)
—
—
( 8,733
)
—
( 8,733
)
Balance at June 30, 2026
$
6,875,525
144,222
( 574
)
7,019,173
128,015
7,147,188
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 June 30, 2026, and 2025
(in thousands)
(unaudited)
Six months ended June 30,
2026
2025
Cash flows from operating activities:
Net income
$
252,537
220,202
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
215,225
196,309
Amortization of deferred financing costs and debt premiums
8,033
6,922
Amortization of above and below market lease intangibles, net
( 9,964
)
( 11,414
)
Stock-based compensation, net of capitalization
10,620
9,864
Equity in income of investments in real estate partnerships
( 38,540
)
( 28,254
)
(Gain) loss on sale of real estate, net of tax
( 7,462
)
193
Provision for impairment of real estate, net of tax
—
1,262
Distribution of earnings from investments in real estate partnerships
34,870
34,502
Deferred compensation expense (income)
2,670
( 253
)
Realized and unrealized gain on investments
( 3,323
)
( 87
)
Changes in assets and liabilities:
Tenant and other receivables
( 17,258
)
( 1,670
)
Deferred leasing costs
( 10,178
)
( 8,802
)
Other assets
( 14,434
)
( 15,123
)
Accounts payable and other liabilities
13,994
464
Tenants' security, escrow deposits and prepaid rent
( 2,760
)
964
Net cash provided by operating activities
434,030
405,079
Cash flows from investing activities:
Acquisition of operating real estate, net of cash acquired of $ 787 in 2025
( 32,766
)
( 83,261
)
Real estate development and capital improvements
( 212,003
)
( 204,657
)
Proceeds from sale of real estate
13,882
7,165
Proceeds from property insurance casualty claims
3,301
—
Issuance of notes receivable
( 1,500
)
—
Collection of notes receivable
1,069
180
Investments in real estate partnerships
( 35,142
)
( 6,217
)
Return of capital from investments in real estate partnerships
40,914
—
Dividends on investment securities
1,646
1,081
Purchase of investment securities
( 6,109
)
( 96,226
)
Proceeds from sale of investment securities
7,551
9,242
Net cash used in investing activities
( 219,157
)
( 372,693
)
13
Six months ended June 30,
2026
2025
Cash flows from financing activities:
Tax withholding on stock-based compensation
( 9,108
)
( 6,783
)
Redemption of exchangeable operating partnership units
—
( 2,046
)
Proceeds from sale of treasury stock
123
462
Contributions from noncontrolling interests
2,311
8,416
Distributions to and redemptions of noncontrolling interests
( 7,411
)
( 6,130
)
Distributions to partners
( 281,732
)
( 257,001
)
Dividends paid to preferred unit holders
( 6,826
)
( 6,826
)
Repayment of fixed rate unsecured notes
( 100,000
)
—
Proceeds from issuance of fixed rate unsecured notes, net of debt discount
447,192
397,116
Proceeds from unsecured credit facilities
285,000
395,000
Repayment of unsecured credit facilities
( 375,000
)
( 430,000
)
Proceeds from notes payable
—
10,000
Repayment of notes payable
( 88,000
)
( 32,787
)
Scheduled principal payments
( 6,412
)
( 5,060
)
Payment of financing costs
( 4,057
)
( 3,812
)
Net cash (used in) provided by financing activities
( 143,920
)
60,549
Net increase in cash and cash equivalents and restricted cash
70,953
92,935
Cash and cash equivalents and restricted cash at beginning of the period
120,661
61,884
Cash and cash equivalents and restricted cash at end of the period
$
191,614
154,819
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $ 5,061 and $ 4,534 in 2026 and 2025, respectively)
$
99,024
90,174
Supplemental disclosure of non-cash transactions:
Common and Preferred units, and exchangeable operating partnership units distributions declared but not paid
$
143,423
131,017
Acquisition of operating real estate:
Acquired lease intangible assets
$
3,214
9,725
Notes payable assumed in acquisition, at fair value
$
—
40,060
Intangible liabilities, Accounts payable and other liabilities
$
3,126
18,945
Acquisition of previously unconsolidated real estate investments:
Acquired lease intangible assets
$
1,329
4,308
Notes payable assumed in acquisition, at fair value
$
—
16,749
Change in accrued capital expenditures
$
8,553
15,244
Contributions to investments in real estate partnerships
$
14,318
518
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
June 30, 2026
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 $ 100 million of unsecured private placement notes, which are guaranteed by the Operating Partnership, which the Company plans to payoff at maturity in 2026. The Parent Company guarantees all of the unsecured debt of the Operating Partnership.
As of June 30, 2026, the Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis (the "Company" or "Regency") owned 392 properties and held partial interests in an additional 90 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, 2025 (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 uncertainty, and the success of the Company's tenants, in the aggregate, is important to the operating and financial success of the Company. These include, without limitation, changes in trade and tariff policies (as well as potential trade disputes and retaliatory actions by other countries), entry into and termination of treaties and trade agreements, and economic sanctions, as well as global economic conflicts. Additionally, geopolitical and macroeconomic challenges, including the war involving Russia and Ukraine, and conflicts in the Middle East involving the U.S. and its allies, Iran and its allies, and Israel, could adversely 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
June 30, 2026
Investment Risk Concentrations
As of June 30, 2026, no single tenant comprised 10% or more of our aggregate annualized base rent ("ABR") . As of June 30, 2026, 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 % , 19.9 % and 12.8 % of ABR, respectively. As a result, this geographic concentration of our portfolio makes it potentially more susceptible to adverse weather, natural disasters or economic events that may impact these locations. None of 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 June 30, 2026, 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 June 30, 2026, the Company held partial ownership interests in 107 properties through various real estate partnerships, of which 17 are consolidated partnerships. 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
June 30, 2026
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)
June 30, 2026
December 31, 2025
Assets
Real estate assets, net
$
258,021
332,759
Cash, cash equivalents and restricted cash
17,091
21,890
Tenant and other receivables, net
7,273
7,614
Deferred costs, net
4,068
6,715
Acquired lease intangible assets, net
3,828
4,328
Right of use assets, net
—
17,656
Other assets
826
775
Total Assets
$
291,107
391,737
Liabilities
Notes payable
$
23,613
23,771
Accounts payable and other liabilities
7,506
12,758
Acquired lease intangible liabilities, net
9,941
10,119
Tenants' security, escrow deposits and prepaid rent
959
960
Lease liabilities
—
19,559
Total Liabilities
$
42,019
67,167
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 June 30,
Six months ended June 30,
(in thousands)
Timing of satisfaction of performance obligations
2026
2025
2026
2025
Management, transaction, and other fees:
Property management services
Over time
$
4,061
4,151
$
8,143
8,261
Asset management services
Over time
1,760
1,746
3,535
3,463
Leasing services
Point in time
1,054
1,003
1,883
1,875
Other transaction fees
Point in time
317
344
564
457
Total management, transaction, and other fees
$
7,192
7,244
$
14,125
14,056
The accounts receivable for total management, transactions, and other fees, which are included within Tenant and other receivables, net in the accompanying Consolidated Balance Sheets, are $ 18.0 million and $ 17.8 million , as of June 30, 2026 and December 31, 2025 , respectively.
17
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Unaudited Consolidated Financial Statements
June 30, 2026
Recent Accounting Pronouncements
The following table provides a brief description of recent accounting pronouncements and the expected impact on our financial statements:
Standard
Description
Effective date
Effect on the financial statements or other significant matters
Recently issued:
ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
ASU 2025-01, Income Statement - Reporting Comprehensive, Income -Expense Disaggregation Disclosures (Subtopic 220-40), Clarifying the Effective Date
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.
Fiscal years beginning January 1, 2027, and interim periods for fiscal years beginning January 1, 2028; Early adoption permitted.
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; Early adoption is permitted.
The Company is currently evaluating the impact of this ASU, but the adoption will not have a material effect on the Company's financial position or results of operations.
ASU 2025-06, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software
ASU 2025-06 amends certain aspects of the accounting for and disclosure of software costs and makes targeted improvements for accounting for internally developed software to be sold or marketed externally.
January 1, 2028; Early adoption is permitted.
The Company is currently evaluating the impact of this ASU, but the adoption will not have a material effect on the Company’s financial position or results of operations.
ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818)
ASU 2026-02 establishes a comprehensive accounting framework for environmental credits and related environmental compliance obligations. The ASU provides guidance on the recognition, measurement, presentation, derecognition, and disclosure of environmental credits, including renewable energy certificates, carbon offsets, emissions allowances, and similar instruments.
January 1, 2028; Early adoption is permitted.
The Company is currently evaluating the impact of this ASU, but the adoption will not have a material effect on the Company’s financial position or results of operations.
18
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Unaudited Consolidated Financial Statements
June 30, 2026
2.
Real Estate Investments
The following tables detail the properties acquired for the periods set forth below:
(in thousands)
Six months ended June 30, 2026
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
1/1/2026
Haddon Commons (2)
Westmont, NJ
Operating
100 %
$
10,500
—
1,329
1,217
1/28/2026
Crystal Brook Corner
Brookhaven, NY
Redevelopment
100 %
30,000
—
2,245
2,068
4/24/2026
Pablo Plaza
Jacksonville Beach, FL
Outparcel
100 %
2,300
—
179
—
5/6/2026
Berkshire Commons
Naples, FL
Outparcel
100 %
9,000
—
790
748
6/25/2026
The Berkeley at Durbin Park
St Johns, FL
Development
100 %
7,000
—
—
—
Total consolidated
$
58,800
—
4,543
4,033
Unconsolidated
6/11/2026
Shops at Highland Walk
Denver, CO
Operating
20 %
37,100
—
3,201
728
Total unconsolidated
$
37,100
—
3,201
728
Total property acquisitions
$
95,900
—
7,744
4,761
(1) Amounts for purchase price and allocation are reflected at 100 %.
(2) This property was held within an unconsolidated real estate partnership, in which the Company held a 40 % interest. Effective January 1, 2026, the Company purchased its partner's remaining 60 % ownership interest in this property. Upon acquisition, this property was consolidated into Regency's financial statements.
(in thousands)
Six months ended June 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
Total consolidated
$
153,700
56,809
14,033
19,054
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
$
179,950
68,693
16,438
24,552
(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 33.3 % ownership interest. Upon acquisition, this property was consolidated into Regency's financial statements.
19
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Unaudited Consolidated Financial Statements
June 30, 2026
3.
Property Dispositions
The following table provides a summary of consolidated operating properties and land parcels sold during the current period:
Three months ended June 30,
Six months ended June 30,
(in thousands, except number sold data)
2026
2025
2026
2025
Net proceeds from sale of real estate investments
$
2,052
7,165
$
13,882
7,165
Gain (Loss) on sale of real estate, net of tax
268
( 294
)
7,462
( 193
)
Provision for impairment of real estate sold (1)
—
554
—
554
Number of operating properties sold
1
1
1
1
Number of land parcels sold
1
—
3
—
Percent interest sold
100 %
100 %
100 %
100 %
(1) The Company recognized a total Provision for impairment of $ 1.3 million during the three and six months ended June 30, 2025 which includes a $ 0.7 million impairment charge related to the operating property held for sale as of June 30, 2025 and subsequently sold in July 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)
June 30, 2026
December 31, 2025
Goodwill
$
166,739
166,739
Investments
51,528
51,373
Prepaid and other
37,497
34,575
Derivative assets
7,304
6,778
Furniture, fixtures, and equipment, net ("FF&E")
19,578
12,728
Deferred financing costs, net
5,025
6,530
Total other assets
$
287,671
278,723
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
June 30, 2026
December 31, 2025
Notes payable:
Fixed rate mortgage loans
1/1/2027 - 10/1/2038
4.0 %
4.9 %
$
386,028
475,948
Variable rate mortgage loans (1)
10/1/2026 - 2/20/2032
4.4 %
4.6 %
268,098
270,489
Fixed rate unsecured debt
8/11/2026 - 3/15/2049
4.2 %
4.4 %
4,219,056
3,872,864
Total notes payable, net
4,873,182
4,619,301
Unsecured credit facility:
$ 1.5 Billion line of credit
(the "Line") (1)(2)
3/23/2028
4.4 %
4.7 %
30,000
120,000
Total unsecured credit facility
30,000
120,000
Total debt outstanding
$
4,903,182
4,739,301
(1) As of June 30, 2026, 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 beyond the Scheduled Maturity Date set forth in the table above . Weighted average effective rate for the Line is calculated based on a fully drawn Line balance using the period end variable rate.
20
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Unaudited Consolidated Financial Statements
June 30, 2026
Significant financing activity during 2026 includes:
On February 2, 2026, $ 88.0 million of a fixed rate mortgage loan was repaid at maturity.
On February 18, 2026, the Company issued $ 450.0 million aggregate principal amount of senior unsecured notes due 2033 (the “2026 Notes”). The 2026 Notes were issued at 99.376 % of par and bear interest at a rate of 4.50 % per annum.
On May 11, 2026, the Company repaid $ 100.0 million aggregate principal amount of unsecured private placement notes at maturity. The repayment was funded with available liquidity, including proceeds from the Company's February 2026 senior unsecured notes offering.
Scheduled principal payments and maturities on notes payable and the unsecured credit facility were as follows:
(in thousands)
June 30, 2026
Scheduled Principal Payments and Maturities by Year:
Scheduled
Principal
Payments
Mortgage
Loan
Maturities
Unsecured
Maturities (1)
Total
2026 (2)
$
6,417
59,851
100,000
166,268
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
2030
5,445
2,163
600,000
607,608
Beyond 5 Years
24,209
190,681
2,300,000
2,514,890
Unamortized debt premium/(discount) and issuance costs
—
( 30,292
)
( 30,944
)
( 61,236
)
Total
$
60,106
594,020
4,249,056
4,903,182
(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 June 30, 2026 , with all debt covenants.
6.
Derivative Instruments
The Company may use derivative financial instruments, including interest rate 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 meet the Company's stringent standards for creditworthiness. 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 is as follows:
(in thousands, except number of instruments data)
Interest Rate Swaps
June 30, 2026
December 31, 2025
Notional amount
$
296,806
299,375
Number of instruments
15
15
Detail on the fair value of the Company's interest rate derivatives is as follows:
(in thousands)
Interest rate swaps classified as:
June 30, 2026
December 31, 2025
Derivative assets
$
7,304
6,778
Derivative liabilities
( 459
)
( 1,606
)
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.
21
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Unaudited Consolidated Financial Statements
June 30, 2026
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 June 30, 2026, 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 affect earnings.
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 June 30,
Three months ended June 30,
Three months ended June 30,
(in thousands)
2026
2025
2026
2025
2026
2025
Interest rate swaps
$
2,557
( 1,295
)
Interest expense, net
$
( 377
)
( 1,015
)
Interest expense, net
$
53,582
50,272
Six months ended June 30,
Six months ended June 30,
Six months ended June 30,
(in thousands)
2026
2025
2026
2025
2026
2025
Interest rate swaps
$
4,735
( 3,943
)
Interest expense, net
$
( 842
)
( 2,760
)
Interest expense, net
$
105,767
98,285
As of June 30, 2026, the Company expects approximately $ 1.6 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, 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:
Three months ended June 30,
Six months ended June 30,
(in thousands)
2026
2025
2026
2025
Operating lease income
Fixed and in-substance fixed lease income
$
294,095
271,608
$
583,443
538,344
Variable lease income
105,930
93,762
217,133
192,141
Other lease related income, net:
Above/below market rent and tenant rent inducement amortization, net
5,449
5,731
11,037
12,481
Uncollectible straight-line rent (1)
( 894
)
( 423
)
( 2,921
)
( 823
)
Uncollectible amounts billable in lease income
( 1,782
)
( 1,573
)
( 3,281
)
( 1,959
)
Total lease income
$
402,798
369,105
$
805,411
740,184
(1) The amounts include straight-line rent adjustments associated with converting between cash basis and accrual basis of accounting for certain leases.
22
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Unaudited Consolidated Financial Statements
June 30, 2026
The following table represents the components of Tenant and other receivables, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets:
(in thousands)
June 30, 2026
December 31, 2025
Tenant receivables
$
31,797
29,578
Straight-line rent receivables
190,757
180,871
Other receivables (1)
69,106
63,413
Total tenant and other receivables
$
291,660
273,862
(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:
June 30, 2026
December 31, 2025
(in thousands)
Carrying
Amount
Fair Value
Carrying
Amount
Fair Value
Financial assets:
Notes receivable
$
32,421
32,435
$
31,987
32,173
Financial liabilities:
Notes payable, net
$
4,873,182
4,751,276
$
4,619,301
4,554,628
Unsecured credit facilities (1)
$
30,000
30,000
$
120,000
120,000
(1) The carrying amount approximates its fair value 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 June 30, 2026, and December 31, 2025, 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 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.
23
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Unaudited Consolidated Financial Statements
June 30, 2026
Changes in the value of securities are recorded within Net investment income in the accompanying Consolidated Statements of Operations, and include the following:
Three months ended June 30,
Six months ended June 30,
(in thousands)
2026
2025
2026
2025
Unrealized Gain (Loss)
2,566
62
1,071
( 2,385
)
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 measured at fair value on a recurring basis:
Fair Value Measurements as of June 30, 2026
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
$
40,346
40,346
—
—
Available-for-sale debt securities
11,182
—
11,182
—
Interest rate derivatives
7,304
—
7,304
—
Total
$
58,832
40,346
18,486
—
Liabilities:
Interest rate derivatives
$
( 459
)
—
( 459
)
—
Fair Value Measurements as of December 31, 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
$
39,887
39,887
—
—
Available-for-sale debt securities
11,486
—
11,486
—
Interest rate derivatives
6,778
—
6,778
—
Total
$
58,151
39,887
18,264
—
Liabilities:
Interest rate derivatives
$
( 1,606
)
—
( 1,606
)
—
24
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Unaudited Consolidated Financial Statements
June 30, 2026
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 June 30, 2026 and December 31, 2025
Date of Issuance (1)
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
(1) Issued in connection with the August 18, 2023 merger at terms consistent with their original issuance.
Except under certain limited conditions, each 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
At the Market ("ATM") Program
Under the Parent Company's ATM Program, as reauthorized by the Board in February 2026, 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.
As of June 30, 2026 , $ 500 million of common stock remained available for issuance under this ATM Program.
Stock Repurchase Program
On February 4, 2026, the Board authorized a common stock repurchase program under which the Company may purchase up to $ 500 million of its outstanding common stock (the "Repurchase Program"). Under the Repurchase Program, the Company may repurchase shares through open market transactions in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act. The Repurchase Program expires on February 28, 2029 , unless modified, extended or earlier terminated by the Board in its discretion. Any common stock repurchased, if not retired, will be treated as treasury stock.
During the six months ended June 30, 2026 , the Company made no repurchases under the Repurchase Program and $ 500 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, redeemed, or retired on a one-for-one basis with shares of the Parent Company’s common stock, as described above.
25
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Unaudited Consolidated Financial Statements
June 30, 2026
Dividends Declared
The following table provides a summary of dividends declared per share for the periods presented:
Three months ended June 30,
Six months ended June 30,
2026
2025
2026
2025
Common Stock
$
0.755000
$
0.705000
$
1.510000
$
1.410000
Series A Preferred Stock
$
0.390625
$
0.390625
$
0.781250
$
0.781250
Series B Preferred Stock
$
0.367200
$
0.367200
$
0.734400
$
0.734400
10.
Stock-Based Compensation
The Company granted 335,836 shares of restricted stock with a weighted-average grant-date fair value of $ 80.89 per share and 321,704 shares of restricted stock with a weighted-average grant-date fair value of $ 77.32 per share during the six months ended June 30, 2026 and June 30, 2025 , 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 June 30,
Six months ended June 30,
(in thousands)
2026
2025
2026
2025
Restricted stock
$
6,061
5,455
$
11,929
10,898
Directors' fees paid in common stock and other employee stock grants
143
115
257
220
Capitalized stock-based compensation
( 863
)
( 671
)
( 1,566
)
( 1,254
)
Stock-based compensation, net of capitalization
$
5,341
4,899
$
10,620
9,864
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 June 30,
Six months ended June 30,
(in thousands, except per share data)
2026
2025
2026
2025
Numerator:
Net income attributable to common shareholders - basic
$
112,351
102,608
$
237,487
208,782
Net income attributable to common shareholders - diluted
$
112,351
102,608
$
237,487
208,782
Denominator:
Weighted average common shares outstanding for basic EPS
183,108
181,543
183,053
181,497
Weighted average common shares outstanding for diluted EPS (1)
183,351
181,955
183,309
181,877
Net income per common share – basic
$
0.61
0.57
$
1.30
1.15
Net income per common share – diluted
$
0.61
0.56
$
1.30
1.15
(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 3,838,188 and 1,067,844 for the three months ended June 30, 2026 and 2025, respectively, and 3,838,188 and 1,088,815 for the six months ended June 30, 2026 and 2025, respectively.
26
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Unaudited Consolidated Financial Statements
June 30, 2026
Operating Partnership Earnings per Unit
The following summarizes the calculation of basic and diluted earnings per uni t ("EPU"):
Three months ended June 30,
Six months ended June 30,
(in thousands, except per unit data)
2026
2025
2026
2025
Numerator:
Net income attributable to common unit holders - basic
$
114,711
103,194
$
242,464
210,010
Net income attributable to common unit holders - diluted
$
114,711
103,194
$
242,464
210,010
Denominator:
Weighted average common units outstanding for basic EPU
186,946
182,611
186,891
182,586
Weighted average common units outstanding for diluted EPU (1)
187,190
183,023
187,147
182,966
Net income per common unit – basic
$
0.61
0.57
$
1.30
1.15
Net income per common unit – diluted
$
0.61
0.56
$
1.30
1.15
(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 unit. 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 June 30,
Six months ended June 30,
(in thousands)
2026
2025
2026
2025
Lease income
$
438,463
405,915
$
875,558
814,003
Other property income
4,000
4,613
7,718
7,992
Less:
Straight-line rent on lease income
( 5,816
)
( 6,332
)
( 10,524
)
( 12,783
)
Above/below market rent amortization, net
( 5,594
)
( 5,919
)
( 11,389
)
( 12,924
)
Total real estate revenues
431,053
398,277
861,363
796,288
Operating expenses (1)
( 76,316
)
( 65,664
)
( 154,464
)
( 139,128
)
Real estate taxes
( 54,631
)
( 51,680
)
( 110,399
)
( 102,689
)
NOI
$
300,106
280,933
$
596,500
554,471
(1) Operating expenses include Operating and maintenance, Ground rent and Termination expense
27
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Unaudited Consolidated Financial Statements
June 30, 2026
Three months ended June 30,
Six months ended June 30,
(in thousands)
2026
2025
2026
2025
Reconciliation of NOI to Net income:
NOI
$
300,106
280,933
$
596,500
554,471
Consolidated:
Straight-line rent on lease income
5,469
5,787
10,025
11,394
Above/below market rent amortization, net
5,449
5,731
11,037
12,481
Management, transaction, and other fees
7,192
7,244
14,125
14,056
Straight-line rent on ground rent
( 499
)
( 336
)
( 880
)
( 673
)
Above/below market ground rent amortization
( 536
)
( 532
)
( 1,072
)
( 1,067
)
Depreciation and amortization
( 108,803
)
( 99,535
)
( 215,225
)
( 196,309
)
General and administrative
( 27,567
)
( 25,480
)
( 53,173
)
( 47,080
)
Other operating expenses
( 2,037
)
( 1,944
)
( 3,038
)
( 3,632
)
Other expense, net
( 50,593
)
( 51,040
)
( 94,889
)
( 99,713
)
Add: Share of noncontrolling interests excluded from NOI
2,298
2,200
4,467
4,404
Less: Equity in income of investments in real estate excluded from NOI
( 10,740
)
( 14,679
)
( 15,340
)
( 28,130
)
Net income
$
119,739
108,349
$
252,537
220,202
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 $ 16.4 million and $ 19.2 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 June 30, 2026 and December 31, 2025, 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 reduce 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 $ 12.5 million and $ 12.9 million in letters of credit outstanding as of June 30, 2026 and December 31, 2025 , respectively.
28
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
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, 2025 ("2025 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 2025 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.
29
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 non-GAAP performance measure that adjusts Nareit Funds from Operations (" Nareit FFO ") to exclude certain non-cash and other items that impact the comparability of the Company's period-over-period performance. Core Operating Earnings excludes from Nareit FFO: (i) certain income or expenses related to non-comparable events and transactions; (ii) gains or losses from the early extinguishment of debt; (iii) certain non-cash items derived from straight-line rents, above and below market rent amortization, and debt and derivative mark-to-market amortization, and (iv) other non-cash or non-comparable 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.
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 investment 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.
30
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.
• Same Property NOI is a key non-GAAP financial measure commonly used by REITs to evaluate operating performance. It is calculated on a Pro-rata ownership basis for properties owned and operated for the entirety of both the current and prior comparable reporting periods.
Same property NOI includes revenues and operating expenses associated with these properties but excludes items that are not indicative of ongoing operating performance. These include, without limitation, termination fees, as well as corporate-level expenses, financing costs, and other non-operating items.
Management believes this measure provides investors with a useful and consistent comparison of the Company’s operating performance and trends. Management uses Same Property NOI as a supplemental measure to assess property-level performance and to compare the performance of its stabilized property portfolio across reporting periods. 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 space equal to or greater than 10,000 square feet in a Retail Operating Property.
• 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 gross leasable area ("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 space under 10,000 square feet in a Retail Operating Property.
31
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 June 30, 2026, the Parent Company owned approximately 97.9% of the outstanding Common Units and 100% of the Preferred Units of the Operating Partnership.
We are a preeminent national owner, operator, and developer of neighborhood and community shopping centers predominantly located in suburban trade areas with compelling demographics. As of June 30, 2026, we had full or partial ownership interests in 482 retail properties. Our properties are high-quality neighborhood and community shopping centers primarily anchored by market leading grocers and principally located in suburban markets within the country's most desirable metro areas, and contain approximately 58.8 million square feet ("SF") of GLA. Our mission is to create thriving environments for retailers and service providers to connect with surrounding neighborhoods and communities. Our vision is to elevate quality of life as an integral thread in the fabric of our communities. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect with their neighborhoods, communities, and customers.
Our values:
• We are our people: Our people are our greatest asset, and we believe that our highly skilled and talented team makes us better.
• We do what is right: We act with unwavering standards of honesty and integrity.
• We connect with our communities: We promote philanthropic ideas and strive for the betterment of our neighborhoods by giving our time and financial support.
• We are responsible: Our duty is to balance purpose and profit, being good stewards of capital and the environment for the benefit of all our stakeholders.
• We strive for excellence: When we are passionate about what we do, it is reflected in our performance.
• We are better together: When we listen to each other and our customers, we will succeed together.
Our goals are to:
• Own and manage a portfolio of high-quality neighborhood and community shopping centers anchored primarily by market leading grocers and principally located in suburban trade areas in the most desirable metro areas in the United States. We believe that this strategy will result in highly desirable and attractive centers with best-in-class retailers. These centers should command higher rental and occupancy rates resulting in excellent prospects to grow NOI;
• Create shareholder value by increasing earnings and dividends per share that generate total returns at or near the top of our shopping center peers;
• Maintain an industry leading, disciplined development and redevelopment platform to create exceptional retail centers that deliver favorable returns; and
• Support our business activities with a conservative capital structure, including a strong balance sheet with sufficient liquidity to meet our capital needs together with a carefully constructed debt maturity profile.
Executing on our Strategy
During the six months ended June 30, 2026, we had Net income attributable to common shareholders of $237.5 million as compared to $208.8 million during the six months ended June 30, 2025.
During the six months ended June 30, 2026:
• Our Same property NOI grew 4.1%, as compared to the six months ended June 30, 2025, primarily attributable to improvements in base rent and recoveries from increases in year over year occupancy rates, contractual rent steps in existing leases, and positive rent spreads on comparable new and renewal leases.
• We executed 933 new and renewal leasing transactions representing 3.9 million Pro-rata SF with positive rent spreads of 11.2% during the six months ended June 30, 2026, compared to 944 leasing transactions representing 3.2 million Pro-rata SF with positive rent spreads of 9.1% during the six months ended June 30, 2025. Rent spreads are calculated on all executed leasing transactions for comparable Retail Operating Property spaces, including spaces vacant greater than 12 months.
• At June 30, 2026, December 31, 2025, and June 30, 2025, our total property portfolio was 96.5%, 96.1%, and 96.2% leased, respectively. At June 30, 2026, December 31, 2025, and June 30, 2025 our same property portfolio was 96.9%, 96.5%, and 96.5% leased, respectively.
32
We continued our development and redevelopment of high-quality shopping centers:
• Development and redevelopment projects completed during the six months ended June 30, 2026 represented $62.6 million of estimated net project costs, with an average stabilized yield of 9.6%. A stabilized yield for development and redevelopment projects represents the incremental NOI (estimated stabilized NOI less NOI prior to project commencement) divided by the total project costs.
• Estimated Pro-rata project costs of our current in process development and redevelopment projects totaled $679.7 million at June 30, 2026, compared to $597.4 million at December 31, 2025.
We maintained liquidity and financial flexibility to cost effectively fund investment opportunities and debt maturities:
• We maintain a credit rating A- with a stable outlook from S&P Global Ratings, and an A3 rating with a stable outlook from Moody's Investors Service.
• On February 18, 2026, the Company issued $450 million aggregate principal amount of senior unsecured notes due 2033 (the “2026 Notes”). The 2026 Notes were issued at 99.376% of par and bear interest at a rate of 4.50% per annum. The net proceeds were used to reduce the outstanding balance on the Line, and the remaining proceeds were used for the repayment of $100 million of 3.81% unsecured private placement notes due May 11, 2026, upon its maturity, as well as for general corporate purposes.
• As of June 30, 2026, we had $933.2 million of loans maturing during the next 12 months, including Regency's share of maturities within our unconsolidated real estate partnerships which we intend to refinance or pay-off as they mature.
• At June 30, 2026, we had $1.46 billion available on the Line, which expires on March 23, 2028 unless we exercise the available options to extend the expiration for the first of two additional consecutive six-month periods, in which case the term will be extended in accordance with any such option exercise.
Economic Conditions
Refer to the Estimates, Risks and Uncertainties section in Note 1 — Organization and Significant Accounting Policies, as these risks and uncertainties could have a material impact on future results of operations and trends.
Property Portfolio
The following table summarizes general information related to the consolidated properties in our portfolio:
(GLA in thousands)
June 30, 2026
December 31, 2025
Number of Properties
392
391
GLA
46,458
46,102
% Leased – Operating and Development
96.5
%
96.0
%
% Leased – Operating
96.8
%
96.6
%
Weighted average annual effective rent per square foot ("PSF"), net of tenant concessions.
$26.87
$26.55
The following table summarizes general information related to the unconsolidated properties owned in real estate investment partnerships in our portfolio:
(GLA in thousands)
June 30, 2026
December 31, 2025
Number of Properties
90
90
GLA
12,327
12,275
% Leased – Operating and Development
96.3
%
96.8
%
% Leased –Operating
96.3
%
96.8
%
Weighted average annual effective rent PSF, net of tenant concessions
$26.13
$25.87
The following table summarizes Pro-rata occupancy rates of our combined consolidated and unconsolidated shopping center portfolio:
June 30, 2026
December 31, 2025
Percent Leased – All Properties
96.5
%
96.3
%
Anchor Space (spaces ≥ 10,000 SF)
98.4
%
98.4
%
Shop Space (spaces < 10,000 SF)
93.4
%
93.0
%
33
The following table summarizes leasing activity, including our Pro-rata share of activity within the portfolio of our real estate partnerships (totals as a weighted average PSF):
Six months ended June 30, 2026
Leasing
Transactions
SF (in
thousands)
Base Rent
PSF
Tenant
Allowance
and Landlord
Work PSF
Leasing
Commissions
PSF
Anchor Space Leases
New
18
446
$
24.22
$
20.39
$
6.46
Renewal
65
1,788
17.64
0.44
0.32
Total Anchor Space Leases
83
2,234
$
18.96
$
4.42
$
1.55
Shop Space Leases
New
273
563
$
43.59
$
46.31
$
18.40
Renewal
577
1,113
40.13
2.14
1.54
Total Shop Space Leases
850
1,676
$
41.29
$
16.98
$
7.20
Total Leases
933
3,910
$
28.53
$
9.80
$
3.97
Six months ended June 30, 2025
Leasing
Transactions
SF (in
thousands)
Base Rent
PSF
Tenant
Allowance
and Landlord
Work PSF
Leasing
Commissions
PSF
Anchor Space Leases
New
8
156
$
20.34
$
63.92
$
6.22
Renewal
48
1,430
13.83
0.49
0.19
Total Anchor Space Leases
56
1,586
$
14.47
$
6.75
$
0.78
Shop Space Leases
New
263
475
$
42.40
$
52.43
$
16.72
Renewal
625
1,184
40.45
1.40
1.31
Total Shop Space Leases
888
1,659
$
41.00
$
16.00
$
5.72
Total Leases
944
3,245
$
28.03
$
11.48
$
3.30
The weighted-average base rent PSF on signed Shop Space leases for the six months ended June 30, 2026 is $41.29 PSF, which is higher than the weighted average annual base rent PSF of all Shop Space leases due to expire during the next 12 months of $39.48 PSF. New and renewal rent spreads, compared to prior rents on these same spaces leased, were positive at 11.2% for the six months ended June 30, 2026, compared to 9.1% for the six months ended June 30, 2025.
Diversification and Concentration of Tenant Risk
We seek to reduce our risk by limiting dependence on any single property, market, or tenant. Based on percentage of annualized base rent, the following table summarizes our most significant tenants, of which four of the top five are grocers:
June 30, 2026
Tenant
Number of
Stores
Percentage of
Company-
owned GLA (1)
Percentage of
Annual Base Rent (1)
Publix
67
5.8%
2.8%
TJX Companies, Inc.
77
3.7%
2.7%
Albertsons Companies, Inc.
52
4.1%
2.7%
Amazon/Whole Foods
41
2.7%
2.6%
Kroger Co.
52
6.0%
2.5%
(1) Includes Regency's Pro-rata share of unconsolidated properties and excludes those owned by anchors.
34
Bankruptcies and Credit Concerns
Our management team devotes significant time to researching and monitoring consumer preferences and trends, customer shopping behaviors, changes in delivery methods, shifts to e-commerce, and changing demographics in order to anticipate the challenges and opportunities impacting our industry. We seek to mitigate potentially adverse impacts through maintaining a high quality portfolio, diversifying our geographic and tenant mix, replacing less successful tenants with stronger operators, anchoring our centers with market leading grocery stores that drive customer traffic, and investing in suburban trade areas with compelling demographic populations benefiting from high levels of disposable income.
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 uncertainty, and the success of the Company's tenants, in the aggregate, is important to the operating and financial success of the Company. These include, without limitation, changes in trade and tariff policies (as well as potential trade disputes and retaliatory actions by other countries), entry into and termination of treaties and trade agreements, and economic sanctions, as well as global economic conflicts. Additionally, geopolitical and macroeconomic challenges, including the war involving Russia and Ukraine, and conflicts in the Middle East involving the U.S. and its allies, Iran and its allies, and Israel, could adversely impact aspects of the U.S. economy and, therefore, consumer confidence and spending.
Although base rent is derived from long-term lease contracts, tenants that file for bankruptcy generally have the legal right to reject any or all of their leases and close related stores. Any unsecured claim we hold against a bankrupt tenant for unpaid rent might be paid only to the extent that funds are available and only in the same percentage as is paid to all other holders of unsecured claims. As a result, in a tenant bankruptcy situation it is likely that we would recover substantially less than the full value of any unsecured claims we hold. Additionally, we may incur significant expense to adjudicate our claim and significant downtime to re-lease the vacated space. In the event that a tenant with a significant number of leases in our shopping centers files for bankruptcy and rejects its leases, we could experience a significant reduction in our revenues. At June 30, 2026, the tenants who are currently in bankruptcy and continue to occupy space in our shopping centers represent an aggregate of 0.2% of our Pro-rata annual base rent.
Results of Operations
Comparison of the three months ended June 30, 2026 and 2025:
Changes in revenues are summarized in the following table:
Three months ended June 30,
(in thousands)
2026
2025
Change
Lease income
Base rent
$
280,260
258,371
21,889
Recoveries from tenants
103,533
91,505
12,028
Percentage rent
2,575
2,950
(375
)
Uncollectible lease income
(1,782
)
(1,573
)
(209
)
Other lease income
7,294
6,334
960
Straight-line rent
5,469
5,787
(318
)
Above/below market rent amortization, net
5,449
5,731
(282
)
Total lease income
$
402,798
369,105
33,693
Other property income
3,520
4,499
(979
)
Management, transaction, and other fees
7,192
7,244
(52
)
Total revenues
$
413,510
380,848
32,662
Total lease income increased by $33.7 million primarily due to the following:
• $21.9 million increase in Base rent, primarily driven by the following:
o $12.3 million net increase from same properties, including:
▪ $6.1 million net increase due to increases from occupancy, contractual rent steps in existing leases, and positive rental spreads on new and renewal leases;
▪ $3.7 million increase due to redevelopment projects commencing operations; and
▪ $2.5 million increase related to the acquisitions of remaining ownership interests, resulting in consolidation of properties previously held in unconsolidated real estate partnerships;
o $5.8 million increase from acquisitions of operating properties in 2026 as compared to 2025; and
o $4.8 million increase from rent commencements at completed development properties; partially offset by
o $1.5 million decrease due to dispositions of operating properties.
35
• $12.0 million increase from contractual Recoveries from tenants, which represent their proportionate share of operating, maintenance, insurance, and real estate tax expenses incurred to operate our shopping centers. Recoveries from tenants increased, mainly from the following:
o $8.8 million increase primarily driven by higher recoverable operating expenses and higher recovery rates resulting from increased occupancy in the current year and
o $3.9 million increase driven by the acquisition of operating properties in 2026 as compared to 2025, and rent commencements at development properties; partially offset by
o $0.6 million decrease due to dispositions of operating properties.
Changes in our operating expenses are summarized in the following table :
Three months ended June 30,
(in thousands)
2026
2025
Change
Depreciation and amortization
$
108,803
99,535
9,268
Property operating expense
70,946
60,759
10,187
Real estate taxes
49,985
47,500
2,485
General and administrative
27,567
25,480
2,087
Other operating expenses
2,037
1,944
93
Total operating expenses
$
259,338
235,218
24,120
Depreciation and amortization increased by $9.3 million, mainly due to the following:
• $5.7 million increase from operating properties acquired and development properties placed in service during the period; and
• $3.5 million increase from same properties primarily driven by redevelopment projects placed in service.
Property operating expense increased by $10.2 million, mainly due to the following:
• $6.5 million increase from same properties primarily due to higher recoverable common area maintenance and other tenant-related expenses; and
• $4.4 million increase primarily from operating property acquisitions and development properties; partially offset by
• $0.7 million decrease due to dispositions of operating properties.
Real estate taxes increased by $2.5 million, mainly due to the acquisitions of operating properties and increases in real estate tax assessments across the same property portfolio.
General and administrative costs increased by $2.1 million, mainly due to the following:
• $1.6 million increase in compensation expense driven by salaries and benefits;
• $1.6 million increase due to changes in the fair value of participant obligations within the deferred compensation plan, which were attributable to changes in the fair values of those investments recognized in Net investment income; partially offset by
• $1.1 million decrease primarily attributable to lower expenses in communication, professional fees and other general and administrative expenses.
Changes in other expense, net are summarized in the following table:
Three months ended June 30,
(in thousands)
2026
2025
Change
Interest expense, net
Interest on notes payable
$
56,772
51,081
5,691
Interest on unsecured credit facilities
849
2,735
(1,886
)
Capitalized interest
(2,348
)
(2,422
)
74
Hedge expense
47
226
(179
)
Interest income
(1,738
)
(1,348
)
(390
)
Interest expense, net
$
53,582
50,272
3,310
Provision for impairment of real estate, net of tax
—
1,262
(1,262
)
(Gain) Loss on sale of real estate, net of tax
(268
)
294
(562
)
Net investment income