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Regency Centers (REG) FY2025 results: revenue $1.6 billion, up 6.9% on the year

Regency Centers Corp. (REG) reported revenue of $1.6 billion for fiscal 2025, the year ended 31 December 2025, up 6.9% on the year before. Net income was $527 million, up 31.7%, and diluted earnings per share $2.82. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2026.

Revenue
$1.6 billion
+6.9% on the year
FY2018FY2025
Operating margin
72.3%
72.0% a year earlier
FY2018FY2025
Net income
$527 million
+31.7% on the year
FY2018FY2025
Diluted EPS
$2.82
+33.6% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 13 new.

  • Core Operating Earnings per share rose: Core Operating Earnings was $209.0 million, or $1.12 per diluted share, for the quarter, against $1.04 a year earlier. Full-year figure was $4.41 per diluted share against $4.13.
  • Nareit FFO per share grew: Full-year Nareit FFO was $855.7 million, or $4.64 per diluted share, against $4.30 in 2024. Quarterly Nareit FFO was $1.17 per diluted share, against $1.09 a year earlier.
  • Leased rate edged up sequentially: Same Property leased rate was 96.5%, up 10 basis points from September and down 10 basis points from a year earlier. Commenced rate was 94.1%, down 20 basis points sequentially.
  • In-process pipeline at $597 million: In-process development and redevelopment projects had estimated net project costs of $597 million at the Company's share, with 43% incurred and a blended estimated yield of 9%.
  • Leverage ratio at 5.1x: Pro-rata net debt and preferred stock to TTM operating EBITDA was 5.1x at December 31, 2025, versus 5.3x at September 30, 2025 in the prior release.
Read the Q4 FY2025 earnings call summary

From this 10-K

Regency Centers acquires, develops, owns and operates income-producing retail real estate in the United States, mainly neighbourhood and community shopping centres anchored by grocery stores in suburban trade areas. It has been a publicly traded REIT since 1993, with head office in Jacksonville, Florida. Substantially all of its operations and assets sit in a subsidiary partnership, Regency Centers, L.P.

Regency Centers Corp., the 10-K for 2025

Regency Centers acquires, develops, owns and operates income-producing retail real estate in the United States, mainly neighbourhood and community shopping centres anchored by grocery stores in suburban trade areas. It has been a publicly traded REIT since 1993, with head office in Jacksonville, Florida. Substantially all of its operations and assets sit in a subsidiary partnership, Regency Centers, L.P.

The portfolio

At the end of 2025 Regency held full or partial equity ownership interests in 481 properties, primarily anchored by grocery stores, totalling about 58.4 million square feet of gross leasable area. Its pro-rata share of that space, counting only its own share of properties held through unconsolidated real estate partnerships, is about 50.5 million square feet.

Who the tenants are

Revenue comes from leasing space to necessity, service, convenience and value-based retailers. The company describes the merchandising mix as grocers, restaurants, service providers and retailers.

What it says it is aiming at

Four stated goals. Own and manage a portfolio of neighbourhood and community shopping centres anchored primarily by market-leading grocers in suburban trade areas of the most desirable metro areas; the company states that it expects these centres to command higher rental and occupancy rates, giving prospects to grow net operating income. Create shareholder value by increasing earnings and dividends per share. Maintain a disciplined development and redevelopment platform. And support the business with a conservative capital structure, including sufficient liquidity and a carefully constructed debt maturity profile.

The strategies it names to get there: generate same property net operating income growth that ranks at or near the top of its shopping centre peers over the long term; reinvest free cash flow and the proceeds of portfolio-enhancement disposals into developments, redevelopments and acquisitions; keep a conservative balance sheet with liquidity and managed debt maturities that let it weather economic downturns; pursue corporate responsibility practices; and attract and retain a team with a range of skills.

Competition

The filing places Regency among the largest owners of shopping centres in the United States measured by revenues, number of properties, gross leasable area and market capitalisation. It names as competitors numerous companies and individuals in the same line of business in its target markets, including grocery store chains that own shopping centres themselves and also anchor some of Regency's own. The company says this produces competition both for attracting tenants and for acquiring existing centres and new development sites, and it adds that bricks and mortar shopping centres face continued competition from alternative shopping and delivery methods.

The company states that its competitive advantages are driven by the market areas it operates in and where its centres sit within those trade areas; the quality of the centres, including its strategy of maintaining and renovating them to its own standards; the demographics surrounding them; its relationships with anchor, shop and out-parcel tenants; its leadership team and cycle-tested expertise; and its ability to develop, redevelop and acquire shopping centres.

How it reports

Regency presents pro-rata financial information alongside its GAAP results. It explains why: the pro-rata view is intended to help investors and analysts estimate the company's economic interest in both its consolidated and its unconsolidated real estate partnerships, and to make comparison with other REITs easier. It is a supplement to, not a replacement for, the reported GAAP figures.

From Regency Centers' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 13 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue1,5541,4541,322+6.9%
Operating income1,1231,047951+7.3%
Operating margin72.3%72.0%71.9%
Interest expense200180154+10.8%
Pre-tax income407360320+13.3%
Income taxn/a4.50.9
Effective tax raten/a1.3%0.3%
Net income527400365+31.7%
Net margin34.0%27.5%27.6%
Diluted EPS$2.82$2.11$2.04+33.6%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow828790720+4.7%
Capital expenditure435343233+26.7%
Free cash flow393447487-12.1%
Free cash flow margin25.3%30.7%36.8%
Cash from investing-421-327-342
Cash from financing-348-493-355
Depreciation and amortisation405395352+2.6%
Share-based compensation19.523.520.1-17.2%
Buybacksn/a20020.0
Dividends paid512490453+4.3%
Dividend per share$2.87$2.71$2.62+5.7%
Shares outstanding at period end183m181m185m+0.8%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity6,9076,7247,033+2.7%
Non-controlling interest275176159+55.9%
Debt4,7394,4094,154+7.5%
Other liabilities1,0801,0831,081-0.2%
Total liabilities and equity13,00112,39212,427+4.9%
Fixed assets12.78.06.7+60.0%
Goodwill1671671670.0%
Intangible assets254230283+10.5%
Cash and equivalents12161.991.4+95.0%
Other assets12,44711,92511,878+4.4%
Total assets13,00112,39212,427+4.9%

10-K for the year ended 31 December 2025, filed 13 February 2026: the filing.