REGENCY CENTERS CORP Segments Disclosure
The Company's business consists of acquiring, developing, owning, and operating income-producing retail real estate in the United States of America ("USA" or "United States"). The Company owns and manages a portfolio of neighborhood and community shopping centers, anchored primarily by grocers. Nearly all of the Company's consolidated revenues are generated from real estate investments in shopping centers.
The Company derives revenue primarily by leasing retail spaces to tenants under long-term leases with varying terms that generally provide for fixed payments of base rent with stated increases over the lease term. Some leases also include provisions for additional percentage rent based on tenant sales performance. Additionally, most lease agreements contain provisions requiring tenants to reimburse their share of actual real estate taxes, insurance and CAM costs incurred by the Company.
The CODM evaluates the performance of shopping centers and allocates resources on an individual property basis. Consequently, the Company defines its operating segments as individual properties. These operating segments are aggregated into one reportable segment due to similarities in the nature and economics of the centers, tenant profiles, operating processes, and long-term financial performance. The accounting policies for the shopping centers segment are consistent with those described in the Summary of Significant Accounting Policies.
The CODM assesses the performance of each shopping center and allocates resources based on Net Operating Income (“NOI”). NOI is calculated as the sum of base rent, percentage rent, termination fee income, tenant recoveries, other lease income, and other property income, less operating and maintenance expenses, real estate taxes, ground rent, termination expense, and uncollectible lease income. NOI excludes items such as straight-line rental income and expense, above and below market rent and ground rent amortization, tenant lease inducement amortization, and other fees. The Company’s NOI also includes its share of NOI from unconsolidated real estate investment partnerships. The Company does not report asset information for the segment because it is not used to evaluate performance or regularly provided to the CODM.
The CODM uses NOI to evaluate income generated from shopping centers (i.e., return on assets) and to guide decisions on capital investments. These decisions may include acquisitions, investments in real estate developments and/or capital improvement.
The following tables provide information about the shopping centers segment revenues, significant expenses, NOI and the reconciliations of these amounts to the Company’s consolidated Net income and Total revenues:
|
Year ended December 31, |
|
|||||||||
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Lease income |
$ |
1,655,538 |
|
|
|
1,548,929 |
|
|
|
1,413,079 |
|
Other property income |
|
14,818 |
|
|
|
15,450 |
|
|
|
12,260 |
|
Less: |
|
|
|
|
|
|
|
|
|||
Straight-line rent on lease income |
|
(27,224 |
) |
|
|
(22,193 |
) |
|
|
(13,559 |
) |
Above/below market rent amortization, net |
|
(25,265 |
) |
|
|
(25,612 |
) |
|
|
(31,604 |
) |
Total real estate revenues |
|
1,617,867 |
|
|
|
1,516,574 |
|
|
|
1,380,176 |
|
Operating expenses (1) |
|
(284,468 |
) |
|
|
(267,660 |
) |
|
|
(247,792 |
) |
Real estate taxes |
|
(209,958 |
) |
|
|
(201,546 |
) |
|
|
(181,096 |
) |
NOI |
$ |
1,123,441 |
|
|
|
1,047,368 |
|
|
|
951,288 |
|
Reconciliation of Total real estate revenues to Total revenues: |
|
|
|
|
|
|
|
|
|||
Total real estate revenues |
|
1,617,867 |
|
|
|
1,516,574 |
|
|
|
1,380,176 |
|
Consolidated: |
|
|
|
|
|
|
|
|
|||
Straight-line rent on lease income |
|
24,495 |
|
|
|
20,300 |
|
|
|
10,788 |
|
Above/below market rent amortization, net |
|
24,428 |
|
|
|
24,843 |
|
|
|
30,826 |
|
Management, transaction, and other fees |
|
28,358 |
|
|
|
27,874 |
|
|
|
26,954 |
|
Add: Share of noncontrolling interests |
|
12,079 |
|
|
|
11,859 |
|
|
|
10,865 |
|
Less: Share of unconsolidated real estate partnerships |
|
(153,703 |
) |
|
|
(147,546 |
) |
|
|
(137,143 |
) |
Total revenues |
$ |
1,553,524 |
|
|
|
1,453,904 |
|
|
|
1,322,466 |
|
|
Year ended December 31, |
|
|||||||||
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Reconciliation of NOI to Net income: |
|
|
|
|
|
|
|
|
|||
NOI |
|
1,123,441 |
|
|
|
1,047,368 |
|
|
|
951,288 |
|
Consolidated: |
|
|
|
|
|
|
|
|
|||
Straight-line rent on lease income |
|
24,495 |
|
|
|
20,300 |
|
|
|
10,788 |
|
Above/below market rent amortization, net |
|
24,428 |
|
|
|
24,843 |
|
|
|
30,826 |
|
Management, transaction, and other fees |
|
28,358 |
|
|
|
27,874 |
|
|
|
26,954 |
|
Straight-line rent on ground rent |
|
(1,343 |
) |
|
|
(1,350 |
) |
|
|
(1,405 |
) |
Above/below market ground rent amortization |
|
(2,138 |
) |
|
|
(2,142 |
) |
|
|
(1,696 |
) |
Depreciation and amortization |
|
(405,044 |
) |
|
|
(394,714 |
) |
|
|
(352,282 |
) |
General and administrative |
|
(99,407 |
) |
|
|
(101,465 |
) |
|
|
(97,806 |
) |
Other operating expenses |
|
(8,849 |
) |
|
|
(10,867 |
) |
|
|
(9,459 |
) |
Other expense, net |
|
(175,613 |
) |
|
|
(154,260 |
) |
|
|
(147,824 |
) |
Add: Share of noncontrolling interests excluded from NOI |
|
8,400 |
|
|
|
8,293 |
|
|
|
7,571 |
|
Less: Equity in income of investments in real estate excluded from NOI |
|
24,223 |
|
|
|
(54,040 |
) |
|
|
(46,088 |
) |
Net income |
$ |
540,951 |
|
|
|
409,840 |
|
|
|
370,867 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.