Regency Centers Reports Third Quarter 2025 Results and Increases Common Stock Dividend

JACKSONVILLE, Fla., Oct. 28, 2025 (GLOBE NEWSWIRE) — Regency Centers Corporation (“Regency Centers,” “Regency” or the “Company”) (Nasdaq: REG) today reported financial and operating results for the quarterly period ended September 30, 2025, and provided updated 2025 earnings guidance. For the three months ended September 30, 2025 and 2024, Net Income Attributable to Common Shareholders was $0.58 and $0.54, respectively, per diluted share.

ThirdQuarter2025 Highlights

• Reported Nareit FFO of $1.15 per diluted share and Core Operating Earnings of $1.09 per diluted share
• Increased Same Property Net Operating Income (“NOI”) year-over-year, excluding termination fees, by 4.8%
• Raised 2025 Nareit FFO guidance to a range of $4.62 to $4.64 per diluted share and 2025 Core Operating Earnings guidance to a range of $4.39 to $4.41 per diluted share
• The midpoint of increased 2025 Nareit FFO per share guidance represents more than 7% year-over-year growth
• Raised 2025 guidance for Same Property NOI year-over-year growth, excluding termination fees, to a range of +5.25% to +5.5%
• Same Property percent leased ended the quarter at 96.4%, an increase of 40 basis points year-over-year, and Same Property percent commenced ended the quarter at 94.4%, up 190 basis points year-over-year
• Executed 1.8 million square feet of comparable new and renewal leases during the quarter at blended rent spreads of +12.8% on a cash basis and +22.9% on a straight-lined basis
• Started more than $170 million of new development and redevelopment projects in the quarter, bringing year-to-date total project starts to approximately $220 million
• As of September 30, 2025, Regency’s in-process development and redevelopment projects had estimated net project costs of $668 million at a blended estimated yield of 9%
• Acquired a portfolio of five shopping centers located within the Rancho Mission Viejo master planned community in Orange County, CA, for $357 million
• Pro-rata net debt and preferred stock to TTM operating EBITDAre at September 30, 2025 was 5.3x
• Subsequent to quarter end, on October 27, 2025, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.755 per share, an increase of more than 7%

“We are pleased to report another quarter of exceptional results, highlighted by strong Same Property NOI, enabling us to raise our our full-year earnings growth outlook. Driven by this continued success and our strong performance, we are also increasing our common dividend by more than 7%,” said Lisa Palmer, President and Chief Executive Officer. “Our results reflect the tremendous talent of our team, driving strong revenue growth and successfully executing on our capital allocation strategy. So far this year, we have deployed more than $750 million of capital into accretive investments, enhancing our strong organic growth.”

FinancialResults

NetIncomeAttributabletoCommonShareholders

• For the three months ended September 30, 2025, Net Income Attributable to Common Shareholders was $106.0 million, or $0.58 per diluted share, compared to Net Income Attributable to Common Shareholders of $98.1 million, or $0.54 per diluted share, for the same period in 2024.

Nareit FFO

• For the three months ended September 30, 2025, Nareit FFO was $213.5 million, or $1.15 per diluted share, compared to $195.1 million, or $1.07 per diluted share, for the same period in 2024.

CoreOperating Earnings

• For the three months ended September 30, 2025, Core Operating Earnings was $202.6 million, or $1.09 per diluted share, compared to $187.8 million, or $1.03 per diluted share, for the same period in 2024.

PortfolioPerformance

SamePropertyNOI

• Third quarter 2025 Same Property NOI, excluding termination fees, increased by 4.8% compared to the same period in 2024.
  • Same Property base rent growth contributed 4.7% to Same Property NOI growth in the third quarter.

Occupancy

• As of September 30, 2025, Regency’s Same Property portfolio was 96.4% leased, an increase of 40 basis points compared to September 30, 2024.
  • Same Property anchor percent leased, which includes spaces greater than or equal to 10,000 square feet, was 98.0%, an increase of 10 basis points compared to September 30, 2024.
  • Same Property shop percent leased, which includes spaces less than 10,000 square feet, was 93.9%, an increase of 80 basis points compared to September 30, 2024.
• As of September 30, 2025, Regency’s Same Property portfolio was 94.4% commenced, an increase of 40 basis points sequentially and an increase of 190 basis points compared to September 30, 2024.

LeasingActivity

• During the three months ended September 30, 2025, Regency executed approximately 1.8 million square feet of comparable new and renewal leases at a blended cash rent spread of +12.8% and a blended straight-lined rent spread of +22.9%.
• During the twelve months ended September 30, 2025, the Company executed approximately 7.4 million square feet of comparable new and renewal leases at a blended cash rent spread of +10.5% and a blended straight- lined rent spread of +20.3%.

CapitalAllocationandBalance Sheet

DevelopmentsandRedevelopments

• For the three months ended September 30, 2025, the Company started development and redevelopment projects with estimated net project costs of approximately $170 million, at the Company’s share.
  • Third quarter project starts included over $140 million of ground-up development projects, including:
    • The Village at Seven Pines in Jacksonville, FL, a 239K square foot Publix-anchored center
    • Ellis Village Center in the San Francisco Bay Area, a 49K square foot Sprouts-anchored center
• For the three months ended September 30, 2025, the Company completed development and redevelopment projects with estimated net project costs of approximately $22 million, at the Company’s share.
• As of September 30, 2025, Regency’s in-process development and redevelopment projects had estimated net project costs of $668 million at the Company’s share, 51% of which has been incurred to date.

Property Transactions

• As previously disclosed, on July 23, 2025, the Company acquired a portfolio of five shopping centers in the Rancho Mission Viejo master planned community in Orange County, CA, for $357 million.
• On August 1, 2025, the Company acquired its partner’s 50% interest in Chestnut Ridge Shopping Center in Montvale, NJ for approximately $9.2 million, and now owns 100% of the asset.
• On August 1, 2025, the Company acquired its partner’s 50% interest in Baybrook East and 47% interest in The Market at Springwoods Village, both in Houston, TX, for a combined total of $34 million and now owns 100% of both assets.
• Subsequent to quarter end, the Company completed a property distribution with its partner involving 11 shopping centers within our Regency-GRI joint venture. Our partner transferred its 60% ownership interest in five properties to Regency: Ashburn Farm Village, Firstfield Shopping Center, Stefko Boulevard, Willow Lake and Willow Lake West. Effective October 1, 2025, Regency owns 100% of these five assets. In exchange, Regency transferred its 40% ownership interest in six properties to its partner: Allen Street, Centre Ridge, Hanover Village, Laguna Niguel, Ralston Square and Warwick Square. Effective October 1, 2025, Regency no longer has an ownership interest in these six assets. The transaction is expected to have a neutral impact to Regency’s Nareit FFO and Core Operating Earnings in 2025.
• During the quarter, the Company disposed of five assets for approximately $32 million.
• Subsequent to quarter end, on October 7, 2025, the Company disposed of Hammocks Town Center in Miami, FL, for approximately $72 million.

BalanceSheet

• During the third quarter, the Company settled approximately 673K shares under forward sale agreements in connection with its ATM program, entered into during 2024 at an average gross issuance price of $74.28 per share.
• As of September 30, 2025, Regency had approximately $1.5 billion of available capacity under its revolving credit facility.
• As of September 30, 2025, Regency’s pro-rata net debt and preferred stock to TTM operating EBITDAre was 5.3x

CommonandPreferredDividends

• On October 27, 2025, Regency’s Board declared a quarterly cash dividend on the Company’s common stock of $0.755 per share, an increase of approximately 7.1%. The dividend is payable on January 6, 2026 to shareholders of record as of December 15, 2025.
• On October 27, 2025, Regency’s Board declared a quarterly cash dividend on the Company’s Series A preferred stock of $0.390625 per share. The dividend is payable on January 30, 2026 to shareholders of record as of January 16, 2026.
• On October 27, 2025, Regency’s Board declared a quarterly cash dividend on the Company’s Series B preferred stock of $0.367200 per share. The dividend is payable on January 30, 2026 to shareholders of record as of January 16, 2026.

2025Guidance

Regency Centers is hereby providing updated 2025 guidance, as summarized in the table below. Please refer to the Company’s third quarter 2025 “Earnings Presentation” and “Quarterly Supplemental Disclosure” for additional detail. All materials are posted on the Company’s website at investors.regencycenters.com.

Note:Figuresaboverepresent100%ofRegency’sconsolidatedentitiesanditspro-ratashareofunconsolidatedrealestatepartnerships,withtheexceptionofitemsthatare net of noncontrolling interests including per share data, “Development and Redevelopment spend,” “Acquisitions,” and “Dispositions”.

(1) CoreOperatingEarningsexcludesfromNareitFFO:(i)transactionrelatedincomeorexpenses;(ii)gainsorlossesfromtheearlyextinguishmentofdebt;(iii)certainnon-cash components of earnings derived from straight-line rents, above and below market rent amortization, and debt and derivative mark-to-market amortization; and (iv) other amounts as they occur.

(2) Includesaboveandbelowmarketrentamortizationandstraight-linerents,andexcludesdebtandderivativemarktomarket amortization.

(3) Represents‘General&administrative,net’beforegainsorlossesondeferredcompensationplan,asreportedonsupplementalpages6and7andcalculatedonapro-rata basis.

(4) Includesdebtandderivativemarktomarketamortization,andisnetofinterest income.

(5) Disposition capratesexcludethe$11Msaleof1017thAvenueon7/1/2025,whichwasvacantatthetimeofclosing.

(6) Share/unitissuancesguidance of$300Mreflects(i)$100MofcommonequityraisedonaforwardbasisthroughtheCompany’sATMin4Q24,and(ii)~$200Mfromthe Company’s issuance of operating partnership units for the funding of the 5-asset portfolio acquisition in Orange County, CA in 3Q25.

Conference Call Information

To discuss Regency’s third quarter results and provide further business updates, management will host a conference call on Wednesday, October 29th at 11:00 a.m. ET. Dial-in and webcast information is below.

ThirdQuarter2025EarningsConference Call

Date:        Wednesday, October 29, 2025

Time:        11:00 a.m. ET

Dial#:        877-407-0789 or 201-689-8562

Webcast:  ThirdQuarter2025WebcastLink

Replay: Webcast Archive – InvestorRelations page under Events&Webcasts

AboutRegencyCentersCorporation(Nasdaq: REG)

Regency Centers is a preeminent national owner, operator, and developer of shopping centers located in suburban trade areas with compelling demographics. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member. For more information, please visit RegencyCenters.com.

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