Regency Centers Reports Solid Q1 2025 Results, Reaffirms Full-Year Guidance

Regency Centers Corporation (Nasdaq: REG) posted strong first-quarter 2025 results, reporting Net Income of $106.2 million, or $0.58 per diluted share, matching Q1 2024. Nareit Funds From Operations (FFO) rose to $1.15 per share, up from $1.08 a year earlier, while Core Operating Earnings increased to $1.09 per share, from $1.04.

Key highlights:

Same Property Net Operating Income (NOI), excluding lease termination fees, grew 4.3% year-over-year.

Portfolio occupancy reached 96.5% leased, with anchor space at 98.3% and shop space at 93.7%.

Executed 1.4 million sq. ft. of comparable new and renewal leases at +8.1% cash and +18.6% straight-line rent spreads.

Acquired Brentwood Place in Nashville, TN for $119 million, contributing to $133 million in total Q1 acquisitions.

Maintains $499 million in ongoing development and redevelopment projects.

S&P upgraded the company’s credit rating to “A-” in February.

Net debt and preferred stock to EBITDAre stood at 5.3x at quarter-end.

Full-Year 2025 Guidance Reaffirmed:

Net Income per share: $2.25–$2.31

Nareit FFO per share: $4.52–$4.58

Core Operating Earnings per share: $4.30–$4.36

Same Property NOI growth: +3.2% to +4.0%