REGENCY CENTERS CORP

Listed Company

REGCIK 0000910606NasdaqLarge AcceleratedReal Estate Investment TrustsFloridaFY ends Dec 31

Period

FY 2025

Revenue

$1.55B

Net Income

$527.46M

Total Assets

$13.00B

Equity

$6.91B

Shares Out

182.91M

Op. Cash Flow

$827.69M

Business

REGENCY CENTERS CORP is a fully integrated real estate company and self-administered, self-managed REIT that acquires, develops, owns, and operates income-producing retail real estate. It leases retail space primarily to necessity, service, convenience, and value-based retailers, including grocers, restaurants, and service providers that serve local communities. Its operations encompass property ownership and asset management, development and redevelopment, leasing, and investments through consolidated and unconsolidated partnerships. Regency focuses on neighborhood and community shopping centers located in suburban trade areas across the United States and distributes space through direct leasing to national and local tenants.

Summary from filing dated 2025-02-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Lease income	1,511	1,411	1,284	1,187	1,113
Other property income	14	15	12	11	12
Management, transaction, and other fees	28	28	27	26	40
Total revenues	1,554	1,454	1,322	1,224	1,166
Depreciation and amortization	405	395	352	320	303
Property operating expense	265	249	229	196	185
Real estate taxes	192	184	166	150	142
General and administrative	99	101	98	80	78
Other operating expenses	9	11	9	6	6
Total operating expenses	970	940	854	752	714
Interest expense, net	200	180	154	146	—
Provision for impairment of real estate	5	14	0	—	84
Gain on sale of real estate, net of tax	−24	−34	−661,000	−109	−91
Loss (gain) on early extinguishment of debt	0	180,000	−99,000	—	—
Net investment income	−4	−6	−6	7	−5
Total other expense, net	176	154	148	44	133
Income before equity in income of investments in real estate partnerships	407	360	320	428	319
Equity in income of investments in real estate partnerships	133	50	51	60	47
Net income	541	410	371	488	366
"Exchangeable operating partnership units (""EOP"")"	−7	−2	−2	−2	−2
Limited partners interests in consolidated partnerships	−6	−7	−4	−3	−3
Net income attributable to noncontrolling interests	−13	−9	−6	−5	−5
Net income attributable to the Company	527	400	365	483	361
Preferred stock dividends	−14	−14	−5	—	—
Net income attributable to common shareholders	514	387	360	483	361
Per common share - basic	2.82	2.12	2.04	2.82	2.12
Per common share - diluted	2.82	2.11	2.04	2.81	2.12

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Real estate assets, at cost	14,562	13,698	13,454	11,858	11,496
Less: accumulated depreciation	3,268	2,960	2,691	2,416	2,175
Real estate assets, net	11,294	10,738	10,763	9,442	9,321
Investments in sales-type leases, net	17	16	9	—	—
Investments in real estate partnerships	350	399	371	350	373
Net real estate investments	11,661	11,153	11,142	9,793	9,693
Cash, cash equivalents, and restricted cash, including $16,004 and $5,601 of restricted cash at December 31, 2025 and 2024, respectively	121	62	91	69	95
Tenant and other receivables, net	274	255	206	189	153
Deferred leasing costs, less accumulated amortization of $138,391 and $131,080 at December 31, 2025 and 2024, respectively	97	80	73	69	66
Acquired lease intangible assets, less accumulated amortization of $421,433 and $395,209 at December 31, 2025 and 2024, respectively	254	230	283	198	213
Right of use assets, net	316	322	328	276	281
Other assets	279	289	283	268	266
Total assets	13,001	12,392	12,427	10,860	10,793
Notes payable, net	4,619	4,344	4,002	3,727	3,719
Unsecured credit facility	120	65	152	—	—
Accounts payable and other liabilities	392	392	359	317	322
Acquired lease intangible liabilities, less accumulated amortization of $243,040 and $222,052 at December 31, 2025 and 2024, respectively	356	365	398	354	363
Lease liabilities	242	245	246	214	216
Tenants security, escrow deposits and prepaid rent	90	81	78	70	62
Total liabilities	5,820	5,492	5,235	4,682	4,683
Commitments and contingencies	—	—	—	—	—
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 December 31, 2025 and 2024	225	225	225	—	—
Common stock $0.01 par value per share, 220,000,000 shares authorized; 182,902,234 and 181,361,454 shares issued and outstanding at December 31, 2025 and 2024, respectively	2	2	2	2	2
Treasury stock at cost, 494,307 and 479,251 shares held at December 31, 2025 and 2024, respectively	−31	−28	−25	−24	−23
Additional paid-in-capital	8,704	8,503	8,704	7,877	7,883
Accumulated other comprehensive (loss) income	−4	2	−1	8	−10
Distributions in excess of net income	−1,989	−1,980	−1,872	−1,765	−1,815
Total shareholders' equity	6,907	6,724	7,033	6,097	6,037
Exchangeable operating partnership units, aggregate redemption value of $264,950 and $81,076 at December 31, 2025 and 2024, respectively	145	41	42	34	35
Limited partners' interests in consolidated partnerships	130	135	117	47	37
Total noncontrolling interests	275	176	159	81	73
Total equity	7,182	6,900	7,192	6,178	6,110
Total liabilities and equity	13,001	12,392	12,427	10,860	10,793

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	405	395	352	320	303
Amortization of deferred financing costs and debt premiums	15	13	8	6	6
Amortization of above and below market lease intangibles, net	−22	−23	−29	−21	−23
Stock-based compensation, net of capitalization	19	24	20	17	13
Gain on sale of real estate, net of tax	−24	−34	−661,000	−109	−91
Distribution of earnings from investments in real estate partnerships	64	69	67	61	72
Deferred compensation expense	3	5	5	−6	5
Realized and unrealized gain on investments	−4	−6	−6	7	−5
Tenant and other receivables	−19	−24	−14	−35	−25
Deferred leasing costs	−19	−12	−11	−11	−7
Other assets	−2	2	3	1	−1
Accounts payable and other liabilities	−8	4	5	−9	7
Tenants security, escrow deposits and prepaid rent	7	3	−316,000	7	6
Net cash provided by operating activities	828	790	720	656	659
Acquisition of operating real estate, net of cash acquired of $4,273 in 2025	−104	−45	−45	−170	−392
Acquisition of UBP, net of cash acquired of $14,143	—	—	−82	—	—
Real estate development and capital improvements	−435	−343	−233	−195	−178
Proceeds from sale of real estate	125	109	11	143	206
Proceeds from property insurance casualty claims	—	5	—	—	—
Issuance of notes receivable	−838,000	−33	−4	—	−20,000
Collection of notes receivable	687,000	3	4	2	—
Investments in real estate partnerships	−44	−41	−13	−36	−23
Return of capital from investments in real estate partnerships	33	13	11	48	100
Dividends on investment securities	1	453,000	1	1	813,000
Purchase of investment securities	−103	−101	−8	−21	−24
Proceeds from sale of investment securities	107	107	16	22	24
Net cash used in investing activities	−421	−327	−342	−206	−286
Net proceeds from common stock issuance	98	—	−33,000	61	83
Tax withholding on stock-based compensation	−7	−20	−8	−6	−4
Common shares repurchased through share repurchase program	—	−200	−20	−75	—
Redemption of exchangeable operating partnership units	−2	—	−9	—	—
Proceeds from sale of treasury stock	502,000	210,000	103,000	64,000	96,000
Contributions from noncontrolling interests	17	7	10	—	—
Distributions to and redemptions of noncontrolling interests	−41	−12	−8	−7	−4
Distributions to exchangeable operating partnership unit holders	−5	−3	−2	−2	−2
Dividends paid to common shareholders	−512	−490	−453	−428	−403
Dividends paid to preferred shareholders	−14	−14	−3	—	—
Repayment of fixed rate unsecured notes	−250	−250	—	—	—
Proceeds from issuance of fixed rate unsecured notes, net of debt discount	397	723	—	—	—
Proceeds from unsecured credit facilities	650	722	557	95	—
Repayment of unsecured credit facilities	−595	−809	−405	−95	−265
Proceeds from notes payable	10	12	60	—	—
Repayment of notes payable	−80	−131	−62	−7	−42
Scheduled principal payments	−11	−11	−11	−11	−11
Payment of financing costs	−4	−17	−526,000	−88,000	−7
Net cash used in financing activities	−348	−493	−355	−476	−656
Net change in cash, cash equivalents and restricted cash	59	−29	23	−26	−283
Cash paid for interest (net of capitalized interest of $10,289, $6,627, and $5,695 in 2025, 2024, and 2023, respectively)	179	161	147	141	140
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid	143	133	127	112	—
Right of use assets obtained in exchange for new operating lease liabilities	278,000	1	37	—	—
Sale of leased asset in exchange for net investment in sales-type lease	—	3	9	—	—
Exchangeable operating partnership units issued for acquisition of real estate	200	—	31	—	—
Change in accrued capital expenditures	8	14	9	5	10
Contributions to investments in real estate partnerships	1	18	920,000	—	—
Contributions from limited partners in consolidated partnerships	3	8	—	5	—

Filings

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