REGENCY CENTERS CORP Earnings Per Share Disclosure
Parent Company Earnings per Share
The following summarizes the calculation of basic and diluted earnings per share:
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Year ended December 31, |
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(in thousands, except per share data) |
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2025 |
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2024 |
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2023 |
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Numerator: |
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Net income attributable to common shareholders - basic |
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$ |
513,810 |
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|
386,738 |
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359,500 |
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Net income attributable to common shareholders - diluted |
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$ |
513,810 |
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|
386,738 |
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|
359,500 |
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Denominator: |
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Weighted average common shares outstanding for basic EPS |
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181,902 |
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182,817 |
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176,085 |
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Weighted average common shares outstanding for diluted EPS (1) |
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182,234 |
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|
183,040 |
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|
176,371 |
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Net income per common share – basic |
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$ |
2.82 |
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2.12 |
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|
2.04 |
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Net income per common share – diluted |
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$ |
2.82 |
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2.11 |
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2.04 |
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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 2,304,079, 1,099,187 and 953,085 for the year ended December 31, 2025, 2024 and 2023, respectively.
Operating Partnership Earnings per Unit
The following summarizes the calculation of basic and diluted earnings per unit ("EPU"):
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Year ended December 31, |
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(in thousands, except per unit data) |
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2025 |
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2024 |
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2023 |
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Numerator: |
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Net income attributable to common unit holders - basic |
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$ |
520,879 |
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389,076 |
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361,508 |
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Net income attributable to common unit holders - diluted |
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$ |
520,879 |
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|
389,076 |
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|
361,508 |
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Denominator: |
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Weighted average common units outstanding for basic EPU |
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184,206 |
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183,916 |
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177,038 |
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Weighted average common units outstanding for diluted EPU (1) |
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184,538 |
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184,139 |
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177,324 |
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Net income per common unit – basic |
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$ |
2.83 |
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2.12 |
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|
2.04 |
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Net income per common unit – diluted |
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$ |
2.82 |
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2.11 |
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|
2.04 |
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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 share. Accordingly, the impact of such assumed exchanges has not been included in the determination of diluted net income per unit calculations.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 17, 2021 | |
| 2019 | Feb 18, 2020 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.