Regency Centers Q4 FFO Meet Estimates, Same-Property NOI Rises

Regency Centers Corporation (REG) reported fourth-quarter 2025 NAREIT funds from operations (FFO) per share of $1.17, in line with the Zacks Consensus Estimate. The figure increased 7.3% from the prior-year quarter.

Results reflect healthy leasing activity. It witnessed a year-over-year improvement in the same-property net operating income (“NOI”) and base rents during the quarter. The company issued its 2026 NAREIT FFO per share outlook.

Total revenues of $404.2 million increased 8.5% from the year-ago period. The figure surpassed the Zacks Consensus Estimate of $395 million.

Per Lisa Palmer, president and CEO of Regency Centers, “With strong momentum across both internal and external growth, we are well-positioned to create long-term value for our shareholders in 2026 and beyond.”

For the full-year 2025, Regency Centers’ NAREIT FFO per share came in at $4.64, up from the year-ago tally of $4.30. The reported number was below the Zacks Consensus Estimate of $4.82. Total revenues of $1.55 billion increased 6.9% from a year ago.

REG’s Q4 in Detail

In the fourth quarter, Regency Centers executed approximately 1.7 million square feet of comparable new and renewal leases at a blended cash rent spread of 12%.

As of Dec. 31, 2025, REG’s same property portfolio was 96.5% leased, down 10 basis points (bps) year over year.

The same-property anchor percent leased (includes spaces greater than or equal to 10,000 square feet) was 97.9%, decreasing 70 bps year over year.

The same-property shop percent leased (includes spaces less than 10,000 square feet) was 94.2%, increasing 70 bps year over year.

The same-property NOI, excluding lease termination fees, increased 4.7% on a year-over-year basis to $274.2 million. The same-property base rent growth contributed 4.1% to the same-property NOI growth in the quarter.

As of Dec. 31, 2025, Regency Centers’ in-process development and redevelopment projects have estimated net project costs of $597 million at its share. So far, it has incurred 43% of the cost.

REG’s Portfolio Activity

In the fourth quarter of 2025, Regency Centers completed a property distribution with its partner involving 11 shopping centers within the Regency-GRI joint venture.

In the fourth quarter, the company disposed of Hammocks Town Center in Miami, FL, for approximately $72 million.

Following the year end, REG acquired Crystal Brook Corner, a redevelopment project on Long Island in New York, for $30 million.

REG’s Balance Sheet

As of Dec. 31, 2025, this retail REIT had nearly $1.4 billion of capacity under its revolving credit facility. As of the same date, its pro-rata net debt and preferred stock to trailing 12 months (“TTM”) operating EBITDAre were 5.1X.

REG’s 2026 Outlook

Regency Centers issued its 2026 NAREIT FFO per share guidance in the range of $4.83-$4.87. The Zacks Consensus Estimate is presently pegged at $4.82, which is below the guided range.

Regency Centers currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Regency Centers Corporation Price, Consensus and EPS Surprise

Regency Centers Corporation price-consensus-eps-surprise-chart | Regency Centers Corporation Quote

Upcoming Earnings Releases

We now look forward to the earnings releases of other retail REITs, such as Federal Realty Investment Trust FRT and Kimco Realty KIM, which are slated to report on Feb. 12.

The Zacks Consensus Estimate for Federal Realty Investment Trust’s fourth-quarter 2025 FFO per share is pegged at $1.86, implying a 7.5% year-over-year increase. FRT currently carries a Zacks Rank #3.

The Zacks Consensus Estimate for Kimco’s fourth-quarter 2025 FFO per share is pinned at 44 cents, indicating a 4.8% rise year over year. KIM currently has a Zacks Rank #3.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

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This article originally published on Zacks Investment Research (zacks.com).

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