Regency Centers Corporation (REG) Q2 2025 Financial Results Summary

# Regency Centers (REG) Q2 2025 Financial Results Summary

Regency Centers Corporation (“Regency Centers,” “Regency,” or the “Company”) (Nasdaq: REG) reported its financial and operating results for the quarterly period ended June 30, 2025, on July 29, 2025. Below is a summary of the financial highlights and key metrics from the release.

## Financial Highlights:

– **Net Income Attributable to Common Shareholders:**
– **Q2 2025:** $102.6 million, or **$0.56** per diluted share
– **Q2 2024:** $99.3 million, or **$0.54** per diluted share
– **Growth:** **3.7%** increase in net income per diluted share

– **Nareit Funds From Operations (FFO):**
– **Q2 2025:** $212.1 million, or **$1.16** per diluted share
– **Q2 2024:** $196.4 million, or **$1.06** per diluted share
– **Growth:** **9.4%** increase in Nareit FFO per diluted share

– **Core Operating Earnings:**
– **Q2 2025:** $202.2 million, or **$1.10** per diluted share
– **Q2 2024:** $189.3 million, or **$1.02** per diluted share
– **Growth:** **7.8%** increase in Core Operating Earnings per diluted share

## Operational Metrics:

– **Same Property Net Operating Income (NOI):**
– **Q2 2025:** Increased by **7.4%** year-over-year (excluding lease termination fees)
– **Year-to-Date:** **5.8%** growth in Same Property NOI

– **Occupancy Rates:**
– **Same Property Percent Leased:** **96.5%**, an increase of **100 basis points** year-over-year
– **Same Property Percent Commenced:** **93.9%**, up by **190 basis points** year-over-year
– **Same Property Anchor Percent Leased:** **98.0%**, a rise of **90 basis points** year-over-year
– **Same Property Shop Percent Leased:** **93.9%**, an increase of **100 basis points** year-over-year

– **Leasing Activity:**
– Executed **1.9 million square feet** of comparable new and renewal leases during Q2 2025
– Achieved blended rent spreads of **+10.0%** on a cash basis and **+19.3%** on a straight-line basis

## Capital Allocation:

– **Acquisitions:**
– Acquired a portfolio of **five shopping centers** in the Rancho Mission Viejo community for **$357 million** subsequent to quarter-end

– **Funding:**
– Issued **$400 million** of senior unsecured notes due 2032, with a coupon of **5.0%**

– **Development Projects:**
– Current in-process development and redevelopment projects at estimated costs of **$518 million** with a blended estimated yield of **9%**

## Guidance for 2025:

– **Nareit FFO Guidance:** Raised to **$4.59 – $4.63** per diluted share, representing **over 7%** year-over-year growth
– **Core Operating Earnings Guidance:** Adjusted to **$4.36 – $4.40** per diluted share
– **Same Property NOI Growth Guidance:** Increased to **4.5% – 5.0%** year-over-year growth
– **Interest Expense Guidance:** Projected between **$235,000 – $237,000**

## Shareholder Meeting and Dividend:

– Regency Centers has not explicitly mentioned any dividends declared in this report. However, it is noteworthy that the prior mention of preferred stock dividends stands at **$3.413 million**.

## Financial Ratios:

– **Pro-rata Net Debt and Preferred Stock to TTM Operating EBITDA:**
– At **5.3x** as of June 30, 2025

## Analyst Call:

– Regency will host a conference call on **Wednesday, July 30, 2025**, at **11:00 a.m. ET** to discuss these results further.

These highlights encapsulate the critical financial metrics and operational achievements of Regency Centers for Q2 2025, showcasing a strong performance amid evolving market conditions.

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