Regency Centers Corporation (NYSE: REG) reported financial results for the fourth quarter and full year ended December 31, 2025. The company had a market capitalization of approximately $13.8 billion at the time of reporting. Results showed higher net income and funds from operations compared with the prior year, along with the release of initial guidance for 2026.
Financial Performance
For the fourth quarter of 2025, Regency Centers reported total revenue of $404.2 million. Net income attributable to common shareholders was $199.1 million, or $1.09 per diluted share, compared with $83.1 million, or $0.46 per diluted share, in the same period of 2024.
For the full year, net income was $513.8 million, or $2.82 per diluted share, compared with $386.7 million, or $2.11 per diluted share, in 2024. Nareit funds from operations were $219.3 million, or $1.17 per diluted share, for the quarter and $855.7 million, or $4.64 per diluted share, for the year.
Core operating earnings were $209.0 million, or $1.12 per diluted share, for the quarter and $813.2 million, or $4.41 per diluted share, for the year. Same-property net operating income excluding termination fees increased 4.7 percent in the quarter and 5.3 percent for the full year. Same-property occupancy was 96.5 percent at December 31, 2025.
Operating Performance
During the fourth quarter, the company executed approximately 1.7 million square feet of comparable new and renewal leases. Blended cash rent spreads were about 12.0 percent, and straight-lined rent spreads were about 24.5 percent.
For the full year, comparable leasing volume totaled approximately 6.8 million square feet, with blended cash rent spreads of about 10.8 percent and straight-lined rent spreads of about 21.4 percent. Development and redevelopment projects started totaled about $97 million in the quarter and $318 million for the year.
Project completions reached approximately $212 million in 2025. In-process development and redevelopment projects had estimated net costs of $597 million at year-end. The company acquired approximately $538 million of shopping centers during the year.
Balance Sheet and Liquidity
At December 31, 2025, Regency Centers had approximately $1.4 billion of available capacity under its revolving credit facility. Pro-rata net debt and preferred stock to trailing twelve-month operating EBITDAre was 5.1 times.
The company settled remaining shares under forward sale agreements during the quarter. The board declared a quarterly cash dividend of $0.755 per common share, payable in April 2026.
Capital Allocation
Capital expenditures in 2025 focused on development and redevelopment activities. Property transactions included asset disposals and acquisitions across several markets.
The company sold Hammocks Town Center for approximately $72 million and completed multiple redevelopment investments.
Outlook and Guidance
Regency Centers issued initial guidance for 2026. The company expects full-year Nareit funds from operations per diluted share in the range of $4.83 to $4.87.
Guidance also includes specified ranges for core operating earnings and same-property net operating income growth compared with 2025.
Market Context
U.S. retail real estate conditions in 2025 reflected stable demand for necessity-based shopping centers. Consumer spending remained focused on essential goods and services.
Interest rates stayed elevated compared with prior years, increasing financing costs across the real estate sector. Leasing activity in grocery-anchored and community shopping centers continued to support occupancy levels.