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Dec 31, 2025
Regency Centers Q4 2025 Earnings Report
Regency Centers reported its financial and operating results for the fourth quarter and full year ended December 31, 2025, and provided initial 2026 earnings guidance.
Key Takeaways
Regency Centers delivered an outstanding performance in Q4 2025, with Net Income Attributable to Common Shareholders reaching $1.09 per diluted share, a significant increase from $0.46 in Q4 2024. The company also reported strong Nareit FFO of $1.17 per diluted share and Core Operating Earnings of $1.12 per diluted share, alongside a 4.7% increase in Same Property Net Operating Income year-over-year.
Net Income Attributable to Common Shareholders was $1.09 per diluted share for Q4 2025, up from $0.46 in Q4 2024.
Nareit FFO was $1.17 per diluted share for Q4 2025, compared to $1.09 in Q4 2024.
Core Operating Earnings were $1.12 per diluted share for Q4 2025, an increase from $1.04 in Q4 2024.
Same Property Net Operating Income (NOI) increased by 4.7% year-over-year in Q4 2025, excluding termination fees.
Forward Guidance
Regency Centers provided initial 2026 guidance, projecting Net Income Attributable to Common Shareholders per diluted share between $2.35 and $2.39, Nareit FFO per diluted share between $4.83 and $4.87, and Core Operating Earnings per diluted share between $4.59 and $4.63. Same property NOI growth without termination fees is expected to be between 3.25% and 3.75%.
Positive Outlook
- Projected Nareit FFO per diluted share of $4.83-$4.87, indicating continued growth.
- Anticipated Core Operating Earnings per diluted share of $4.59-$4.63.
- Expected Same property NOI growth without termination fees of +3.25% to +3.75%.
- Development and Redevelopment spend projected at +/-$325 million, suggesting ongoing investment in portfolio expansion and enhancement.
- Management, transaction and other fees are expected to remain stable at +/-$27 million.
Challenges Ahead
- Net Income Attributable to Common Shareholders per diluted share is projected to decrease to $2.35-$2.39 from $2.82 in 2025.
- No acquisitions are planned for 2026, indicating a pause in external growth through property purchases.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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