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Posted by Defense World Staff on Jul 22nd, 2026

California Public Employees Retirement System lowered its stake in Regency Centers Corporation (NASDAQ:REG – Free Report) by 7.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 445,886 shares of the company’s stock after selling 35,852 shares during the quarter. California Public Employees Retirement System owned approximately 0.24% of Regency Centers worth $33,736,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of REG. Kera Capital Partners Inc. grew its stake in Regency Centers by 12.8% in the first quarter. Kera Capital Partners Inc. now owns 4,775 shares of the company’s stock valued at $361,000 after purchasing an additional 543 shares in the last quarter. Assetmark Inc. increased its position in shares of Regency Centers by 2.9% during the 1st quarter. Assetmark Inc. now owns 24,487 shares of the company’s stock worth $1,853,000 after purchasing an additional 695 shares during the last quarter. Wealthfront Advisers LLC raised its stake in shares of Regency Centers by 2.2% during the 1st quarter. Wealthfront Advisers LLC now owns 25,877 shares of the company’s stock worth $1,958,000 after purchasing an additional 555 shares in the last quarter. MASTERINVEST Kapitalanlage GmbH bought a new stake in shares of Regency Centers during the 1st quarter worth approximately $205,000. Finally, Maryland State Retirement & Pension System boosted its holdings in shares of Regency Centers by 10.9% in the 1st quarter. Maryland State Retirement & Pension System now owns 9,358 shares of the company’s stock valued at $708,000 after buying an additional 919 shares during the last quarter. Institutional investors own 96.07% of the company’s stock.

Wall Street Analysts Forecast Growth Several equities analysts recently weighed in on the stock. BTIG Research reissued a “buy” rating and issued a $85.00 target price on shares of Regency Centers in a research note on Friday, June 12th. Evercore set a $81.00 price target on shares of Regency Centers in a research report on Tuesday, July 7th. Raymond James Financial reaffirmed an “outperform” rating and set a $88.00 price target on shares of Regency Centers in a research report on Monday, June 29th. Scotiabank increased their price target on shares of Regency Centers from $76.00 to $82.00 and gave the company a “sector perform” rating in a research note on Tuesday, March 24th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Regency Centers in a research report on Friday, May 29th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat, Regency Centers presently has an average rating of “Moderate Buy” and a consensus target price of $82.94.

Read Our Latest Report on Regency Centers

Regency Centers Price Performance NASDAQ:REG opened at $82.09 on Wednesday. The company has a quick ratio of 2.14, a current ratio of 2.14 and a debt-to-equity ratio of 0.72. The stock’s 50 day moving average price is $79.03 and its two-hundred day moving average price is $76.89. The firm has a market capitalization of $15.03 billion, a price-to-earnings ratio of 28.31, a P/E/G ratio of 3.48 and a beta of 0.80. Regency Centers Corporation has a 12-month low of $66.86 and a 12-month high of $83.66.

Regency Centers Announces Dividend The firm also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Friday, June 12th were issued a dividend of $0.755 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a $3.02 dividend on an annualized basis and a dividend yield of 3.7%. Regency Centers’s payout ratio is presently 104.14%.

Insider Buying and Selling In related news, insider Nicholas Andrew Wibbenmeyer sold 7,927 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $79.06, for a total value of $626,708.62. Following the sale, the insider owned 33,069 shares in the company, valued at approximately $2,614,435.14. This represents a 19.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Martin E. Stein, Jr. sold 274,615 shares of the firm’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $78.40, for a total value of $21,529,816.00. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 283,782 shares of company stock valued at $22,255,898. 1.00% of the stock is owned by insiders.

Regency Centers Company Profile (Free Report)

Regency Centers Corporation is a publicly traded real estate investment trust (REIT) specializing in the ownership, operation and development of grocery-anchored shopping centers. Focused on everyday needs retail, the company’s portfolio is strategically concentrated in high-growth, densely populated markets across the United States. By aligning its properties with essential retailers, Regency Centers delivers stable income streams and drives sustained value for shareholders.

Founded in 1963 and headquartered in Jacksonville, Florida, Regency Centers began as a single shopping center developer before evolving into one of the largest owners of grocery-center real estate.

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REG benefits from strong leasing, grocery-anchored centers and redevelopment, but e-commerce, debt and execution risks remain.

The Zacks REIT and Equity Trust - Retail industry appears well-placed for growth as need-based retail gains momentum. Centers anchored by grocery, discount, healthcare and other essential tenants enjoy steady traffic and more dependable leasing demand. Limited new supply also supports rents, occupancy and property values.

Physical stores continue to play an important role as shopping destinations, pickup and return points and local fulfillment hubs, enhancing the value of quality retail space. Companies such as Simon Property Group (SPG - Free Report) , Kimco Realty (KIM - Free Report) and Regency Centers (REG - Free Report) are positioned to benefit. Still, economic and geopolitical uncertainty could pressure discretionary spending and leasing activity.

Industry Description The Zacks REIT and Equity Trust - Retail industry comprises REITs that own, develop, manage and lease various retail properties, including regional malls, outlet centers, grocery-anchored shopping venues and power centers with big-box retailers. Net lease REITs focus on freestanding properties, where tenants bear rent and most operating expenses. Retail REIT performance is significantly impacted by economic conditions, employment levels and consumer spending trends. Key drivers of demand include the geographic location of properties and the demographics of surrounding trade areas. While the industry faced significant challenges from declining foot traffic, store closures and retailer bankruptcies in the past, it is now experiencing a rebound, driven by renewed consumer interest in in-store shopping, signaling a positive shift in the retail landscape.

What's Shaping the Future of the REIT and Equity Trust - Retail Industry? Need-Based Retail Is Bringing More Stable Demand: Need-based retail is emerging as a key force shaping the future of the retail REIT industry. Centers anchored by grocery, discount, healthcare and other essential tenants are better positioned because they meet everyday consumer needs. Consistent traffic helps support stable tenant demand and a more dependable leasing environment. As retailers grow more selective about expansion, properties tied to non-discretionary spending gain an edge. Going forward, performance will depend not only on size alone but also more on convenience, value, daily relevance and a strong mix of essential tenants. For retail REITs, this creates a positive path forward, especially for landlords that already own centers with a healthy mix of essential and value-oriented tenants.

Limited New Supply Is Helping Keep Fundamentals Firm: Another encouraging factor for the sector is the limited addition of new retail space. With development remaining subdued, existing properties face less competition from new projects. This creates a healthier operating backdrop, as landlords do not need exceptionally strong demand to maintain solid fundamentals. Even if leasing slows temporarily, a thin supply pipeline can keep the market from weakening too much. For retail REITs, this supports rents, protects occupancy, enhances the value of existing centers and gives owners more room to improve current assets.

Physical Stores Still Matter Even in a Digital World: Another positive is that stores now serve multiple functions beyond traditional shopping. They support pickup, returns, local fulfillment and impulse purchases linked to online orders, making quality retail space more valuable. For retail REITs, this helps sustain occupancy and strengthens the role of well-located centers in modern retail strategies. The best properties now function as storefronts, service hubs and logistics support points, making them more adaptable, relevant and difficult to replace as shopping habits evolve.

Economic and Global Uncertainty Is Keeping Consumers in Focus: The main concern for retail REITs is that consumer behavior is increasingly influenced by broader economic and geopolitical uncertainty. While spending remains intact, shoppers are becoming more cautious and selective, with a greater focus on essentials and value. This makes discretionary demand less predictable and can affect retailer confidence, store expansion and leasing activity. As a result, landlords may face a more uneven environment. REITs with strong exposure to everyday-use categories should remain relatively stable, while those tied more closely to discretionary spending are likely to encounter greater pressure ahead.

Zacks Industry Rank Indicates Bright Prospects The Zacks REIT and Equity Trust - Retail industry is housed within the broader Zacks Finance sector. It carries a Zacks Industry Rank #33, which places it in the top 14% of 244 Zacks industries.

The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates robust near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

The industry’s positioning in the top 50% of the Zacks-ranked industries is a result of the upward funds from operations (FFO) per share outlook for the constituent companies in aggregate. Looking at the aggregate FFO per share estimate revisions, it appears that analysts are gaining confidence in this group’s growth potential. Over the past year, the industry’s FFO per share estimates for 2026 and 2027 have moved 1.8% and 1.7% north, respectively.

Before we present a few stocks that you may want to consider for your portfolio, let’s take a look at the industry’s recent stock market performance and valuation picture.

Industry Outperforms Sector, Lags S&P 500 The REIT and Equity Trust - Retail Industry has outperformed the broader Zacks Finance sector but lagged the S&P 500 composite over the past year.

The industry has risen 24.5% during this period compared with the S&P 500’s rise of 36.5% and the broader Finance sector’s growth of 19.4%.

One-Year Price Performance

Industry's Current Valuation On the basis of the forward 12-month price-to-FFO, which is a commonly used multiple for valuing retail REITs, we see that the industry is currently trading at 17.18X compared with the S&P 500’s forward 12-month price-to-earnings (P/E) of 22.05X. The industry is trading above the Finance sector’s forward 12-month P/E of 16.38X. These are shown in the chart below.

Forward 12 Month Price-to-FFO (P/FFO) Ratio

Over the last five years, the industry has traded as high as 18.89X and as low as 12.21X, with a median of 15.15X.

3 Retail REIT Stocks to Buy Simon Property Group: This retail REIT, based in Indianapolis, IN, is among the world’s premier retail real estate owners, with a focus on high-quality malls, premium outlets and mixed-use destinations in the United States and abroad. Its portfolio is centered on strong markets, recognized brands and differentiated experiences that help keep its properties attractive to both retailers and consumers.

As of Dec. 31, 2025, SPG held interests in 212 income-producing U.S. properties and 42 international assets, including malls, Premium Outlets and The Mills. In 2025, the company generated record real estate FFO, highlighting the strength of its platform and asset base.

Simon Property Group’s investment case is supported by stable operations and multiple growth drivers, including redevelopments and selective acquisitions. U.S. malls and Premium Outlets ended 2025 with 96.4% occupancy, while average base minimum rent increased 4.7% to $60.97 per square foot, and retailer sales reached $799 per square foot.

SPG also returned $3.5 billion to shareholders, completed 23 redevelopments and acquired $2 billion of high-quality retail assets. This balance of stable cash generation, disciplined capital allocation and ongoing property upgrades supports a compelling long-term growth story and reinforces SPG’s appeal as a high-quality retail real estate leader.

Analysts seem bullish on this stock, with the Zacks Consensus Estimate for its 2026 and 2027 FFO per share being revised upward to $13.19 and $13.61, respectively, over the past month.

Simon Property currently carries a Zacks Rank #2 (Buy). The stock has risen 10.6% over the past three months.  You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Price and Consensus: SPG

Kimco Realty Corporation: Headquartered in Jericho, NY, Kimco is a leading open-air shopping center REIT with a strong focus on grocery-anchored centers in affluent first-ring suburban markets.

At the end of 2025, the company had interests in 565 properties totaling roughly 100 million square feet, with 86% of annual base rent generated from grocery-anchored assets.

This necessity-based strategy supports resilient performance, steady customer traffic and relevance across varying economic conditions. Kimco’s emphasis on premium locations, solid tenant relationships and mixed-use opportunities strengthens its ability to create lasting value.

Kimco stands out for its blend of dependable cash flow and clear growth potential. Management cited strong leasing activity, record occupancy and a large signed-but-not-open pipeline that should drive future rent gains.

In 2025, FFO per share increased 6.7%, occupancy reached 96.4%, and the signed-but-not-open pipeline climbed to a record $73 million of ABR. Backed by $2.2 billion in liquidity and strong credit ratings, Kimco remains financially well-positioned.

KIM currently has a Zacks Rank #2. The Zacks Consensus Estimate for its 2026 FFO per share has been raised marginally over the past month to $1.82, indicating a 3.41% year-over-year increase. The consensus mark for 2027 FFO per share has also been revised upward and calls for a 3.95% increase year over year. The stock has rallied 14.1% over the past three months.

Price and Consensus: KIM

Regency Centers Corporation: Based in Jacksonville, FL, Regency Centers is a retail REIT specializing in open-air shopping centers located in affluent suburban trade areas. The company owns, operates and develops a high-quality portfolio that is heavily focused on grocery-anchored properties, typically bringing together grocers, restaurants, service businesses and other necessity-driven retailers.

Its platform includes more than 480 properties, above 58 million square feet of space and more than 9,000 tenants, with more than 85% of its centers anchored by grocery stores. This broad national footprint underscores Regency’s emphasis on necessity-based retail and strong tenant quality.

What stands out is the balance of quality and growth. At the end of 2025, the portfolio was 96.5% leased, highlighting healthy demand for its properties, while same-property NOI growth was 5.3% for the year.

The company also maintains a solid balance sheet, with net debt to EBITDAre of 5.1X, providing the flexibility to support redevelopment activity and future investments. Overall, Regency offers stable cash flows, prudent capital allocation and clear long-term growth prospects.

Regency Centers currently carries a Zacks Rank #2. Over the past month, the Zacks Consensus Estimate for 2026 and 2027 FFO per share has witnessed upward revisions to $4.85 and $5.07, calling for a 4.53% and 4.63% increase year over year, respectively. The stock has appreciated 12.9% over the past three months.

Price and Consensus: REG

Note: Funds from operations (FFO) is a widely used metric to gauge the performance of REITs rather than net income as it indicates cash flow from their operations. FFO is obtained after adding depreciation and amortization to earnings and subtracting the gains on sales.

JACKSONVILLE, Fla., April 29, 2026 (GLOBE NEWSWIRE) -- Regency Centers Corporation (“Regency Centers,” “Regency” or the “Company”) (Nasdaq: REG) today reported financial and operating results for the period ended March 31, 2026, and provided updated 2026 earnings guidance. For the three months ended March 31, 2026 and 2025, Net Income Attributable to Common Shareholders was $0.68 and $0.58, respectively, per diluted share.

First Quarter 2026 Highlights

Reported Nareit Funds From Operations (“FFO”) of $1.20 per diluted share and Core Operating Earnings of $1.16 per diluted shareIncreased Same Property Net Operating Income (“NOI”) year-over-year by 4.4%Same Property percent leased ended the quarter at 96.6%, flat year-over-year, and Same Property percent commenced ended the quarter at 94.3%, up 90 basis points year-over-yearSame Property anchor percent leased ended the quarter at 98.2%, and Same Property shop percent leased ended the quarter at 94.1%Executed 1.5 million square feet of comparable new and renewal leases during the quarter at blended rent spreads of 12.1% on a cash basis and 24.3% on a straight-lined basisStarted $73 million of redevelopment projects and completed $42 million of ground-up development and redevelopment projectsAs of March 31, 2026, Regency’s in-process development and redevelopment projects had estimated net project costs of $635 million at a blended estimated yield of 9%The Company’s operating partnership, Regency Centers, L.P., priced a public offering of $450 million of senior unsecured notes due 2033 at a coupon of 4.50%Pro-rata net debt and preferred stock to TTM operating EBITDAre at March 31, 2026 was 5.2xReaffirmed 2026 earnings guidance for Nareit FFO, Core Operating Earnings, and Same Property NOI growth “We delivered an outstanding start to the year, driven by strong Same Property NOI growth, continued robust tenant demand, and meaningful momentum across our investments platform,” said Lisa Palmer, President and Chief Executive Officer. “Our differentiated growth strategy, anchored by high-quality trade areas, a leading development platform, a strong balance sheet and our exceptional team, continues to position Regency to deliver durable and consistent results.”

Financial Results

Net Income Attributable to Common Shareholders

For the three months ended March 31, 2026, Net Income Attributable to Common Shareholders was $125.1 million, or $0.68 per diluted share, compared to Net Income Attributable to Common Shareholders of $106.2 million, or $0.58 per diluted share, for the same period in 2025. Nareit FFO

For the three months ended March 31, 2026, Nareit FFO was $224.3 million, or $1.20 per diluted share, compared to $210.7 million, or $1.15 per diluted share, for the same period in 2025. Core Operating Earnings

For the three months ended March 31, 2026, Core Operating Earnings was $216.5 million, or $1.16 per diluted share, compared to $199.4 million, or $1.09 per diluted share, for the same period in 2025. Portfolio Performance

NOI

First quarter 2026 Same Property NOI increased by 4.4% compared to the same period in 2025. Same Property base rent growth contributed 3.6% to Same Property NOI growth in the first quarter of 2026. First quarter 2026 NOI increased by 8.4% compared to the same period in 2025. Occupancy

As of March 31, 2026, Regency’s Same Property portfolio was 96.6% leased, an increase of 10 basis points sequentially, and flat compared to March 31, 2025. Same Property anchor percent leased, which includes spaces greater than or equal to 10,000 square feet, was 98.2%.Same Property shop percent leased, which includes spaces less than 10,000 square feet, was 94.1%. As of March 31, 2026, Regency’s Same Property portfolio was 94.3% commenced, an increase of 20 basis points sequentially and an increase of 90 basis points compared to March 31, 2025. Leasing Activity

During the three months ended March 31, 2026, Regency executed approximately 1.5 million square feet of comparable new and renewal leases at a blended cash rent spread of +12.1% and a blended straight-lined rent spread of +24.3%.During the twelve months ended March 31, 2026, Regency executed approximately 6.9 million square feet of comparable new and renewal leases at a blended cash rent spread of +11.7% and a blended straight-lined rent spread of +22.7%. Capital Allocation and Balance Sheet

Developments and Redevelopments

For the three months ended March 31, 2026, the Company started redevelopment projects with estimated net project costs of approximately $73 million, at the Company’s share. First quarter starts included Crystal Brook Corner, a $59 million redevelopment project on Long Island in New York. For the three months ended March 31, 2026, the Company completed approximately $42 million of ground up development and redevelopment projects. First quarter completions included Oakley Shops at Laurel Fields, a 78K square foot Safeway-anchored ground-up development project in California’s Bay Area. As of March 31, 2026, Regency’s in-process development and redevelopment projects had estimated net project costs of $635 million at the Company’s share, 46% of which had been incurred. Property Transactions

Effective January 1, 2026, the Company acquired its partner’s 60% interest in Haddon Commons in Westmont, NJ for approximately $6 million, and now owns 100% of the asset. Balance Sheet

On February 4, 2026, Regency’s Board of Directors authorized a refreshed share repurchase program, which authorizes the repurchase by Regency of up to $500 million of its common stock. The program will remain in place until February 28, 2029 unless earlier modified, extended or terminated in the discretion of the Board. The timing and price of share repurchases, if any, will be dependent upon market conditions and other factors.As of March 31, 2026, Regency had approximately $1.5 billion of available capacity under its revolving credit facility.As of March 31, 2026, Regency’s pro-rata net debt and preferred stock to TTM operating EBITDAre was 5.2x.As previously disclosed, on February 18, 2026, the Company’s operating partnership, Regency Centers, L.P., priced a public offering of $450 million of senior unsecured notes due 2033 with a coupon of 4.50%. 2026 Guidance

Regency Centers is providing updated 2026 Guidance, as summarized in the table below. Please refer to the Company’s first quarter 2026 “Earnings Presentation” and “Quarterly Supplemental Disclosure” for additional detail. All materials are posted on the Company’s website at investors.regencycenters.com.

Full Year 2026 Guidance (in thousands, except per share data)YTD ActualCurrent
2026 GuidancePrior
2026 GuidanceNet Income Attributable to Common Shareholders per diluted share$0.68$2.45 - $2.49$2.35 - $2.39Nareit Funds From Operations (“Nareit FFO”) per diluted share$1.20$4.83 - $4.87$4.83 - $4.87Core Operating Earnings per diluted share(1)$1.16$4.59 - $4.63$4.59 - $4.63Same property NOI growth4.4%+3.25% to +3.75%+3.25% to +3.75%Non-cash revenues(2)$9,693+/-$51,000+/- $51,000G&A expense, net(3)$24,894$96,000-$100,000$96,000-$100,000Interest expense, net and Preferred stock dividends(4)$60,962$250,000-$252,000$250,000-$252,000Management, transaction and other fees$6,652+/-$27,000+/-$27,000Development and Redevelopment spend$100,700+/-$350,000+/-$325,000Acquisitions$6,300+/-$25,000$0Cap rate (weighted average)7.3%+/- 5.9%0.0%Dispositions$0$0$0Cap rate (weighted average)0.0%0.0%0.0%
Note: Figures above represent 100% of Regency’s consolidated entities and its pro-rata share of unconsolidated real estate partnerships, with the exception of items that are net of noncontrolling interests including per share data, “Development and Redevelopment spend,” “Acquisitions,” and “Dispositions”.
(1) Core Operating Earnings excludes fromNareitFFO: (i) transaction related income or expenses; (ii) gains or losses from the early extinguishment of debt; (iii) certain non-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) Includes above and below market rent amortization and straight-line rents, and excludes debt and derivative mark to market amortization.
(3) Represents ’General & administrative, net’ before gains or losses on deferred compensation plan, as reported on supplemental pages 6 and 7 and calculated on a pro-rata basis.
(4) Includes debt and derivative mark to market amortization, and is net of interest income.
Conference Call Information

To discuss Regency’s first quarter results and provide further business updates, management will host a conference call on Thursday, April 30 at 11:00 a.m. ET. Dial-in and webcast information is below.

First Quarter 2026 Earnings Conference Call

Replay: Webcast Archive – Investor Relations page under Events & Webcasts

About Regency Centers Corporation (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.

Reconciliation of Net Income Attributable to Common Shareholders to Nareit FFO, Core Operating Earnings, and Adjusted Funds from Operations – Actual (in thousands, except per share amounts)

For the Periods Ended March 31, 2026 and 2025 Three Months Ended   2026  2025 Reconciliation of Net Income Attributable to Common Shareholders to Nareit FFO:             Net Income Attributable to Common Shareholders $125,136   106,174 Adjustments to reconcile to Nareit Funds From Operations(1):      Depreciation and amortization (excluding FF&E)  113,562   104,034 Gain on sale of real estate, net of tax  (17,047)  (101)Exchangeable operating partnership units  2,617   642 Nareit FFO $224,268   210,749        Nareit FFO per share (diluted) $1.20   1.15 Weighted average shares (diluted)  187,220   182,910        Reconciliation of Nareit FFO to Core Operating Earnings:             Nareit FFO $224,268   210,749 Adjustments to reconcile to Core Operating Earnings(1):      Certain Non-Cash Items      Straight-line rent  (6,618)  (6,513)Uncollectible straight-line rent  2,180   376 Above/below market rent amortization, net  (5,249)  (6,461)Debt and derivative mark-to-market amortization  1,942   1,292 Core Operating Earnings $216,523   199,443        Core Operating Earnings per share (diluted) $1.16   1.09 Weighted average shares (diluted)  187,220   182,910               Reconciliation of Core Operating Earnings to Adjusted Funds from Operations:             Core Operating Earnings $216,523   199,443 Adjustments to reconcile to Adjusted Funds from Operations(1):      Operating capital expenditures  (27,087)  (23,753)Debt cost and derivative adjustments  2,230   2,129 Stock-based compensation  5,868   5,443 Adjusted Funds from Operations $197,534   183,262 
(1) Includes Regency’s consolidated entities and its share of unconsolidated real estate partnerships, net of share attributable to noncontrolling interests.
Reconciliation of Net Income Attributable to Common Shareholders to Pro-Rata Same Property NOI – Actual (in thousands)

For the Periods Ended March 31, 2026 and 2025 Three Months Ended    2026 2025 Change       Net income attributable to common shareholders $125,136 106,174  Less:      Management, transaction, and other fees  (6,933)(6,812) Other(1)  (11,396)(13,689) Plus:      Depreciation and amortization  106,422 96,774  General and administrative  25,606 21,600  Other operating expense  1,001 1,688  Other expense, net  44,296 48,673  Equity in income of investments in real estate partnerships excluded from NOI(2)  4,600 13,451  Net income attributable to noncontrolling interests  4,249 2,266  Preferred stock dividends  3,413 3,413  NOI  296,394 273,538         Less non-same property NOI(3)  (10,760)135  Same Property NOI $285,634 273,673 4.4%       Same Property NOI without Redevelopments $242,476 235,922 2.8%       Expense Recovery Ratio  86.0%84.7%        NOI Margin  68.5%69.1% 
(1) Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests.
(2) Includes non-NOI expenses incurred at our unconsolidated real estate partnerships, such as, but not limited to, straight-line rental income, above and below market rent amortization, depreciation and amortization, interest expense, and real estate gains and impairments.
(3) Includes revenues and expenses attributable to Non-Same Property, Property in Development, termination fees, corporate activities, and noncontrolling interests.
Same Property NOI is a key non-GAAP pro-rata measure used by management in evaluating the operating performance of Regency’s properties. The Company provides a reconciliation of Net Income Attributable to Common Shareholders to Same Property NOI.

Reported results are preliminary and not final until the filing of the Company’s Form 10-Q with the SEC and, therefore, remain subject to adjustment.

The Company has published additional financial information in its first quarter 2026 supplemental package that may help investors estimate earnings. A copy of the Company’s first quarter 2026 supplemental package will be available on the Company’s website at investors.regencycenters.com or by written request to: Investor Relations, Regency Centers Corporation, One Independent Drive, Suite 114, Jacksonville, Florida, 32202. The supplemental package contains more detailed financial and property results including financial statements, an outstanding debt summary, acquisition and development activity, investments in partnerships, information pertaining to securities issued other than common stock, property details, a significant tenant rent report and a lease expiration table in addition to earnings and valuation guidance assumptions. The information provided in the supplemental package is unaudited and includes non-GAAP measures, and there can be no assurance that the information will not vary from the final information in the Company’s Form 10-Q for the period ended March 31, 2026. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.

Non-GAAP Financial Measures

We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP financial measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes.

We do not consider non-GAAP financial measures an alternative to financial measures determined in accordance with GAAP, rather they supplement GAAP measures by providing additional information we believe to be useful to our shareholders. The principal limitation of these non-GAAP financial measures is that they may exclude significant expense and income items that are required by GAAP to be recognized in our consolidated financial statements. In addition, they reflect the exercise of management’s judgment about which expense and income items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, reconciliations of the non-GAAP financial measures we use to their most directly comparable GAAP measures are provided. Non-GAAP financial measures should not be relied upon in evaluating the financial condition, results of operations or future prospects of the Company.

Nareit FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (“Nareit”) defines as net income, computed in accordance with GAAP, excluding gains on sales and impairments of real estate, net of tax, plus depreciation and amortization related to real estate, and after adjustments for unconsolidated real estate partnerships and joint ventures. Regency computes Nareit FFO for all periods presented in accordance with Nareit’s definition. Since Nareit FFO excludes depreciation and amortization and gains on sales and impairments of real estate, it provides a performance measure that, when compared year over year, reflects the impact on operations from trends in percent leased, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, Nareit FFO is a supplemental non-GAAP financial measure of the Company’s operating performance, which does not represent cash generated from operating activities in accordance with GAAP; and, therefore, should not be considered a substitute measure of cash flows from operations. The Company provides a reconciliation of Net Income Attributable to Common Shareholders to Nareit FFO.

Core Operating Earnings is an additional non-GAAP performance measure that adjusts Nareit Funds from Operations (“Nareit FFO”) to exclude certain non-cash and other items that impact the comparability of the Company’s period-over-period performance. Core Operating Earnings excludes from Nareit FFO: (i) certain income or expenses related to non-comparable events and transactions; (ii) gains or losses from the early extinguishment of debt; (iii) certain non-cash items derived from straight-line rents, above and below market rent amortization, and debt and derivative mark-to-market amortization; and (iv) other non-cash or non-comparable amounts as they occur.

Adjusted Funds From Operations (“AFFO”) is an additional performance measure used by Regency that reflects cash available to fund the Company’s business needs and distribution to shareholders. AFFO is calculated by adjusting Core Operating Earnings (“COE”) for (i) capital expenditures necessary to maintain and lease the Company’s portfolio of properties, (ii) debt cost and derivative adjustments and (iii) stock-based compensation. The Company provides a reconciliation of Net Income Attributable to Common Shareholders to Nareit FFO, to Core Operating Earnings, and to Adjusted Funds from Operations.

Net Operating Income (NOI) is 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 straight-line rental income and expense, above and below market rent and ground rent amortization, tenant lease inducement amortization, and other fees. The Company also provides disclosure of NOI excluding termination fees, which excludes both termination fee income and expenses. Management believes that NOI is a useful measure for investors because it provides insight into the core operations and performance of our properties, independent of the capital structure, financing activities, and non-operating factors. By focusing on property-level performance, NOI allows investors to compare the performance of our real estate assets across periods and with those of other REIT peers in the industry, facilitating a clearer understanding of trends in occupancy, rental income, and operating expense management. In addition to its relevance for investors, management uses NOI as a key performance metric in making operational and strategic decisions. NOI is used to evaluate income generated from shopping centers (i.e., return on assets) and to guide decisions on capital investments. These decisions may include acquisitions, redevelopments, and investments in capital improvements.

Pro-rata information: includes 100% of the Company’s consolidated properties plus its economic share (based on the ownership interest) in the unconsolidated real estate investment partnerships. The Company provides Pro-rata financial information because Regency believes it assists investors and analysts in estimating the economic interest in the consolidated and unconsolidated real estate investment partnerships, when read in conjunction with the Company’s reported results under GAAP. The Company believes presenting its Pro-rata share of assets, liabilities, operating results, and other metrics, along with certain other non-GAAP financial measures, makes comparisons of its operating results to those of other REITs more meaningful. The Pro-rata information provided is not, nor is it intended to be, presented in accordance with GAAP. The Pro-rata supplemental details of assets and liabilities and supplemental details of operations reflect the Company’s proportionate economic ownership of the assets, liabilities, and operating results of the properties in our portfolio.

The Pro-rata information is prepared on a basis consistent with the comparable consolidated amounts and is intended to more accurately reflect the Company’s proportionate economic interest in the assets, liabilities, and operating results of properties in its portfolio. The Company does not control the unconsolidated real estate partnerships, and the Pro-rata presentations of the assets and liabilities, and revenues and expenses do not represent our legal claim to such items. The partners are entitled to profit or loss allocations and distributions of cash flows according to the operating agreements, which generally provide for such allocations according to their invested capital. The Company’s share of invested capital establishes the ownership interests Regency uses to prepare its Pro-rata share.

The presentation of Pro-rata information has limitations which include, but are not limited to, the following:

The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; andOther companies in our industry may calculate their Pro-rata interest differently, limiting the comparability of Pro-rata information. Because of these limitations, the Pro-rata financial information should not be considered independently or as a substitute for the financial statements as reported under GAAP. The Company compensates for these limitations by relying primarily on our GAAP financial statements, using the Pro-rata information as a supplement.

Same Property NOI is a key non-GAAP financial measure commonly used by real estate investment trusts (REITs) to evaluate operating performance. It is calculated on a Pro-rata ownership basis for properties owned and operated for the entirety of both the current and prior comparable reporting periods. Same Property NOI includes revenues and operating expenses associated with these properties but excludes items that are not indicative of ongoing operating performance. These include, without limitation, termination fees, as well as corporate-level expenses, financing costs, and other non-operating items. Management believes this measure provides investors with a useful and consistent comparison of the Company’s operating performance and trends. Management uses Same Property NOI as a supplemental measure to assess property-level performance and to compare the performance of its stabilized property portfolio across reporting periods. This measure allows investors to evaluate trends in revenue and expense growth for properties that have been consistently operated during the periods.

Forward-Looking Statements

Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency’s future events, developments, or financial or operational performance or results such as our current 2026 guidance, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “could,” “should,” “would,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “project,” “plan,” “anticipate,” “guidance,” and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained, and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Our operations are subject to a number of risks and uncertainties including, but not limited to, those risk factors described in our Securities and Exchange Commission (“SEC”) filings, our Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”) under Item 1A, as supplemented by the discussion in Item 1A of Part II of our subsequent Quarterly Reports on Form 10-Q. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our other filings and submissions to the SEC. If any of the events described in the risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected. Forward-looking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements, whether as a result of new information, future events or developments or otherwise, except as to the extent required by law. These risks and events include, without limitation:

Risk Factors Related to the Current Economic and Geopolitical Environments

Macroeconomic, political, and geopolitical conditions and governmental policies may adversely impact consumer confidence and spending and the businesses of our tenants and could, in turn, adversely impact our business. Changes in interest rates may adversely impact our cost to borrow, real estate valuation, stock price, and ability to raise capital through issuance of debt and equity. Unfavorable developments that may affect the banking and financial services industry could adversely affect our business, liquidity and financial condition, and overall results of operations.

Risk Factors Related to Pandemics or other Public Health Crises

Pandemics or other public health crises may adversely affect our tenants’ financial condition, the profitability of our properties, and our access to the capital markets and could have a material adverse effect on our business, results of operations, cash flows and financial condition.

Risk Factors Related to Operating Retail-Based Shopping Centers

Shifts in retail trends, sales, and delivery methods between brick and mortar stores, e-commerce, home delivery, and curbside pick-up, as well as autonomous delivery systems, may adversely impact our revenues, results of operations, and cash flows. Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow. Our success depends on the continued presence and success of our “anchor” tenants. A percentage of our revenues are derived from “local” tenants and our net income may be adversely impacted if these tenants are not successful, or if the demand for the types or mix of tenants significantly change. We may be unable to collect balances due from tenants in bankruptcy. Many of our costs and expenses associated with operating our properties may remain constant or increase, even if our lease income decreases. Compliance with the Americans with Disabilities Act and other building, fire, and safety regulations may have an adverse effect on us.

Risk Factors Related to Real Estate Investments

Our real estate assets may decline in value and be subject to impairment losses which may reduce our net income. We face risks associated with development, redevelopment, and expansion of properties. We face risks associated with the development of mixed-use commercial properties. We face risks associated with the acquisition of properties. We may be unable to sell properties when desired because of market conditions. Changes in tax laws could impact our acquisition or disposition of real estate.

Risk Factors Related to the Environment Affecting Our Properties

Climate change may adversely impact our properties, some of which may be more vulnerable due to their geographic location, and may lead to additional compliance obligations and costs. Costs of environmental remediation may adversely impact our financial performance and reduce our cash flow.

Risk Factors Related to Corporate Matters

An increased and differing focus on metrics and reporting related to environmental, social and governance ("ESG") factors by investors, lenders and other stakeholders may impose additional costs and expose us to new risks. An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue on those properties. Failure to attract and retain key personnel may adversely affect our business and operations.

Risk Factors Related to Our Partnerships and Joint Ventures

We do not have voting control over all of the properties owned in our real estate partnerships and joint ventures, so we are unable to ensure that our objectives will be pursued. The termination of our partnerships may adversely affect our cash flow, operating results, and our ability to make distributions to stock and unit holders.

Risk Factors Related to Funding Strategies and Capital Structure

Our ability to sell properties and fund acquisitions and developments may be adversely impacted by higher market capitalization rates and lower NOI at our properties which may adversely affect results of operations and financial condition. We depend on external sources of capital, which may not be available in the future on favorable terms or at all. Our debt financing may adversely affect our business and financial condition. Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition. Increases in interest rates would cause our borrowing costs to rise and negatively impact our results of operations. Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us.

Risk Factors Related to Information Management and Technology

The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data, or of Regency’s proprietary or confidential information stored in our information systems or by third parties on our behalf, could impact operations, and expose us to potential liabilities and material adverse financial impact. Any actual or perceived failure to comply with new or existing laws, regulations and other requirements relating to the privacy, security and processing of personal information could adversely affect our business, results of operations, or financial condition. The use of technology based on artificial intelligence presents risks relating to confidentiality, creation of inaccurate and flawed outputs and emerging regulatory risk, any or all of which may adversely affect our business and results of operations.

Risk Factors Related to Taxes and the Parent Company’s Qualification as a REIT

If the Parent Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at regular corporate rates. Dividends paid by REITs generally do not qualify for reduced tax rates. Legislative or other actions affecting REITs may have a negative effect on us or our investors. Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities. Partnership tax audit rules could have a material adverse effect.

Risk Factors Related to the Company’s Stock

Restrictions on the ownership of the Parent Company’s capital stock to preserve its REIT status may delay or prevent a change in control. The issuance of the Parent Company’s capital stock may delay or prevent a change in control. Ownership in the Parent Company may be diluted in the future. The Parent Company’s amended and restated bylaws provide that the courts located in the State of Florida will be the sole and exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees. There is no assurance that we will continue to pay dividends at current or historical rates.

Kathryn McKie
904 598 7348
[email protected]

Regency Centers remains a resilient, grocery-anchored REIT with a strong tenant mix and high occupancy, trading near 52-week highs. Q1 results were in line, with FFO of $1.20, and same-property NOI up 4.4%, but margins compressed due to higher property taxes. REG maintains conservative leverage (net 4.9x), funds $635 million redevelopment at 9% yield, and offers a secure 3.8% dividend yield.

Same Property NOI Growth: 4.4% in the first quarter.Same Property Percent Leased: Approaching 97%, up 10 basis points over the fourth quarter.Same Property Com

May 07, 2026 08:15 ET  | Source: Regency Centers Corporation

JACKSONVILLE, Fla., May 07, 2026 (GLOBE NEWSWIRE) -- Regency Centers Corporation (“Regency Centers,” “Regency” or the “Company”) (NASDAQ: REG) announced today that the Company’s Board of Directors (the “Board”) declared quarterly cash dividends on Regency’s common stock, Series A preferred stock, and Series B preferred stock, respectively.

On May 6, 2026, the Board declared a quarterly cash dividend on the Company’s common stock of $0.755 per share. The dividend is payable on July 2, 2026, to shareholders of record as of June 12, 2026.On May 6, 2026, the Board declared a quarterly cash dividend on the Company’s Series A preferred stock of $0.390625 per share. The dividend is payable on July 31, 2026, to shareholders of record as of July 16, 2026.On May 6, 2026, the Board declared a quarterly cash dividend on the Company’s Series B preferred stock of $0.367200 per share. The dividend is payable on July 31, 2026, to shareholders of record as of July 16, 2026. About Regency Centers Corporation (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

Kathryn McKie
904 598 7348
[email protected]

Key Takeaways Macerich Q1 FFOA matched last year at 34 cents per share and beat consensus estimates.MAC signed leases for 1.6M square feet as leased portfolio occupancy rose to 93.4%.MAC acquired Annapolis Mall for $260M, targeting higher NOI through leasing and repositioning. The Macerich Company (MAC - Free Report) reported first-quarter 2026 funds from operations as adjusted (FFOA) per share of 34 cents, matching the year-ago level and beating the Zacks Consensus Estimate by 9.68%. Total revenues of $241.54 million declined 3.1% year over year but topped the consensus mark by 1.2%.

Results reflected solid leasing volume and an increase in Go-Forward Portfolio Centers’ net operating income (NOI) and base rent re-leasing spreads.

Operationally, leased portfolio occupancy was 93.4% as of March 31, 2026, up 80 basis points from 92.6% a year earlier, though down 60 basis points from 94% at the end of 2025.

MAC’s Leasing Volume Supports Path Forward PlanLeasing activity remained a central operating theme. During the first quarter, Macerich signed leases for 1.6 million square feet, reflecting a 2.5% increase in leased square footage year over year on a comparable-center basis (excluding a multi-location anchor renewal package executed in the prior-year period).

Management also emphasized the company’s new-store leasing pipeline. New store leases are expected to produce total gross revenues of approximately $116 million at Macerich’s share in excess of the revenues generated in 2024 from prior uses in those same spaces, spanning open stores, signed-not-open leases and leases in documentation from 2024 through 2028.

MAC’s NOI Trend Shows Better Core Property ResultsGo-Forward Portfolio Centers NOI, excluding lease termination income, increased 1.2% year over year in the first quarter. The metric points to steadier underlying property performance, even as the quarter included shifting items such as asset-sale activity and other below-the-line movements.

On a GAAP basis, Macerich posted a net loss attributable to the company of $36.4 million, or 14 cents per share, compared with a loss of $50.1 million, or 20 cents per share, in the prior-year quarter. Management attributed the change primarily to gains on sale or write-down of assets, net, recognized in the first quarter of 2026.

Macerich’s Tenant Demand Signals Healthier SalesTenant sales productivity strengthened year over year. Portfolio tenant sales per square foot for spaces smaller than 10,000 square feet were $899 for the 12 months ended March 31, 2026 compared with $837 for the 12 months ended March 31, 2025. Go-Forward Portfolio Centers' sales per square foot for the same category were higher at $941.

The company also reported average base rent per square foot (for spaces under 10,000 square feet, excluding Santa Monica Place) of $71.06 as of March 31, 2026, up from $69.21 a year earlier. These figures help frame how Macerich’s leasing and merchandising efforts are translating into improved productivity and rent capture over time.

Macerich Expands With Annapolis Mall AcquisitionA notable portfolio action was the acquisition of Annapolis Mall, a Class A regional mall totaling approximately 1.5 million square feet in Annapolis, MD, for $260 million, plus an adjacent 13.1-acre vacant Sears parcel for $12 million. The company said that the transaction was funded with cash on hand and $150 million of borrowings from the line of credit.

Macerich presented the asset as one with repositioning and leasing upside. The acquisition materials highlighted year-one estimated NOI of roughly $24 million (forward 12 months), rising to about $29 million, including the annualized impact of signed-not-open leasing expected to commence in 2026 and 2027.

MAC’s Balance Sheet Actions Highlight Liquidity FocusMacerich’s balance sheet activity during the quarter included multiple financing and capital steps. The company completed an amended and restated $900 million revolving credit facility on Feb. 24, 2026, increasing the facility size from $650 million to $900 million, extending maturity from February 2027 to March 2030 (inclusive of a 12-month extension option) and reducing the pricing grid.

Liquidity remained a key investor focus point. As of the filing date, Macerich reported approximately $780 million of liquidity, including $650 million of available capacity on the revolving credit facility. The company also reported net debt to adjusted EBITDA, as further modified, of 7.76X as of March 31, 2026, providing a snapshot of leverage, while management works through financing, disposition and operational initiatives under its Path Forward Plan.

MAC’s Zacks RankCurrently, Macerich carries a Zacks Rank #3 (Hold).  You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Other Retail REITsRegency Centers Corporation (REG - Free Report) reported first-quarter 2026 core FFO per share of $1.20, missing the Zacks Consensus Estimate of $1.21. However, the metric increased 4.3% from the year-ago quarter.

Results were aided by continued leasing traction, as reflected in same-property NOI growth of 4.4% year over year.

Kimco Realty Corporation (KIM - Free Report) reported first-quarter 2026 core FFO per share of 46 cents, topping the Zacks Consensus Estimate of 45 cents. The metric increased 4.5% from the year-ago quarter.

Results were supported by steady rent growth and continued demand for Kimco’s open-air, grocery-anchored centers, with pro-rata leased occupancy ending the quarter at 96.3%, up 50 basis points year over year.

Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.

Key Takeaways FRT targets dense, high-income, supply-constrained markets to support steadier retail demand.FRT hit a Q1 record: 101 comparable leases (649,078 sq ft) with 13% cash rent growth.REG is 85% grocery-anchored and has $635M in projects underway with a 9% blended yield. Retail REITs have had to prove that open-air centers can keep drawing shoppers even when consumers are more careful with spending. Federal Realty Investment Trust (FRT - Free Report) and Regency Centers (REG - Free Report) both look well-placed in that environment.

FRT leans on dense, high-income markets, mixed-use destinations, strong leasing and one of the most impressive dividend records in real estate. Meanwhile, REG is a national leader in grocery-anchored neighborhood centers, with a large development platform and a strong balance sheet.

Both companies reported solid first-quarter 2026 results, showing healthy rent growth, high leased rates and active tenant demand. The question for investors is not which company is good but which one has the stronger mix of durability, growth drivers and long-term quality. Let’s delve deeper to find out which retail REIT looks like the better stock to consider now.

The Case for FRTFederal Realty’s biggest advantage is the quality of its real estate. The company focuses on high-barrier, supply-constrained markets where strong household incomes support retailers, even when the economy is uneven. Management made this point clearly on the latest call, noting that FRT’s centers sit in areas with significant purchasing power and that the company benefits from the higher end of a K-shaped consumer economy. This matters because stronger trade areas can support better tenant sales, steadier occupancy and more confidence from retailers looking for scarce space.

FRT’s first-quarter results also show strong operating momentum. The company generated core FFO per diluted share of $1.88, up 10.6% from the prior year. Comparable property operating income rose 4.7%, while adjusted comparable POI increased 5.1%. Its overall portfolio was 96.1% leased, and it signed 101 comparable retail leases covering 649,078 square feet, a first-quarter record, with 13% cash rent growth and 23% straight-line rent growth. Compared with REG’s 12.1% cash rent spread in the quarter, FRT’s leasing spread was slightly stronger, even though both companies posted healthy numbers.

Another plus is FRT’s ability to create value from mixed-use assets. The company is not just operating shopping centers; it is also adding residential density and building retail-centered communities such as Santana Row, Pike & Rose and Assembly Row. Management said that nearly 800 residential units under development or planned around existing shopping center assets could add about $27 million of operating income once stabilized over the next few years, which gives FRT a growth path that is harder for a pure grocery-anchored retail landlord to match.

FRT also has a rare income-growth record. The company has increased its quarterly dividend for 58 consecutive years, the longest streak in the REIT industry, while maintaining a 60% Nareit FFO payout ratio in the first quarter. This combination of dividend consistency, healthy leasing, strong trade areas and improving guidance makes FRT stand out as a high-quality compounder rather than just another retail REIT.

The Case for REGRegency Centers’ portfolio is built around grocery-anchored neighborhood and community centers, with more than 85% of its properties in that format. This gives REG a defensive profile because grocers, service tenants, restaurants, value retailers and convenience-based users tend to draw regular traffic. In uncertain periods, the essential-retail focus can help keep cash flows steady.

REG’s first-quarter numbers were also solid. Same-Property NOI increased 4.4%, Nareit FFO per share rose to $1.20 from $1.15, and core operating earnings per share jumped to $1.16 from $1.09. Same-Property percent leased was 96.6%, with anchor leased at 98.2% and shop leased at 94.1%.

Regency’s development platform is another key strength. The company had about $635 million of in-process development and redevelopment projects at quarter end, with a blended estimated yield of 9%, and management highlighted more than $1 billion of potential project starts over the next three years. In a market where new retail supply remains limited, REG’s ability to deliver new grocery-anchored centers at scale is a real competitive edge.

However, REG’s growth story, while attractive, looks a bit more dependent on its development pipeline and grocery-anchored format. This is not a weakness in normal terms, but compared with FRT, it offers less mixed-use upside and less exposure to the affluent urban-suburban destinations that can support multiple income streams.

How Do Estimates Compare for FRT & REG?The Zacks Consensus Estimate for Federal Realty’s 2026 and 2027 sales implies year-over-year growth of 6.42% and 3.91%, respectively. The consensus mark for 2026 and 2027 funds from operations (FFO) per share suggests year-over-year growth of 3.74% and 4.51%, respectively. Over the past month, estimates for FRT’s 2026 FFO per share have been tweaked marginally northward to $7.49, while the same for 2027 has been revised upward to $7.83.

Estimates for Federal Realty:

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Regency Centers’s 2026 and 2027 sales indicates year-over-year growth of 5.78% and 3.70%, respectively. Over the past month, the consensus mark for 2026 has remained unchanged, while that for 2027 has been tweaked upward marginally. The figures suggest year-over-year increases of 4.53% and 4.69%, respectively.

Estimates for Regency Centers:

Image Source: Zacks Investment Research

Price Performance & Valuation of FRT & REGSo far this year, Federal Realty shares have risen 18.8%, and Regency Centers’ stock has rallied 14.2%. In comparison, the Zacks REIT and Equity Trust - Retail industry has gained 12.7%, whereas the S&P 500 composite has returned 9.7% in the same time frame. 

Image Source: Zacks Investment Research

FRT is trading at a forward 12-month price-to-FFO, which is a commonly used multiple for valuing REITs, of 15.70X, which is above its three-year median of 13.60X.

REG is presently trading at a forward 12-month price-to-FFO of 15.95X, which is also above its three-year median of 15.24X. Both FRT and REG carry a Value Score of D.

Image Source: Zacks Investment Research

Conclusion: FRT Has the EdgeFRT and REG are both high-quality retail REITs with strong leasing, healthy tenant demand and durable portfolios. REG deserves credit for its grocery-anchored focus, high leased rate, development platform and balance sheet strength.

But if the goal is to pick the better retail REIT now, Federal Realty stands out. Its higher first-quarter FFO growth, stronger cash rent spread, raised guidance, mixed-use growth opportunities, affluent trade areas, and unmatched dividend growth record give it a broader and more durable investment story. For investors choosing between the two, FRT has the edge. Estimate revisions also point in the same direction.

FRT carries a Zacks Rank #2 (Buy), whereas REG has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.

May 28, 2026 08:15 ET  | Source: Regency Centers Corporation

JACKSONVILLE, Fla., May 28, 2026 (GLOBE NEWSWIRE) -- Regency Centers Corporation (“Regency”, “Regency Centers” or the “Company”) (Nasdaq:REG) today released its 2025 Corporate Responsibility Report. The report underscores Regency's continued commitment to responsible business practices and long-term stewardship of its assets, while reflecting the Company's ongoing efforts to create value for its shareholders and the communities it serves. The report can be found on the Corporate Responsibility page of Regency’s website.

“The principles behind Regency’s Corporate Responsibility program have long been part of how we operate and remain foundational to our long-term business strategy," said Lisa Palmer, President and Chief Executive Officer. “By investing thoughtfully in our properties, supporting our people, and strengthening the communities we serve, we continue to create long-term value for our shareholders.”

Our 2025 Corporate Responsibility Report highlights recent awards, recognition, and notable achievements, including:

Record-high Employee Engagement score of 88% for the third consecutive yearReceived the Healthiest Companies Award from the First Coast Workplace Wellness Council for the 17th consecutive yearTogether with our employees, we contributed approximately $2.2 million to charitable causesEmployees volunteered 2,000+ hours to local communitiesExceeded our 2030 Scope 1 and 2 greenhouse gas emissions (GHG) reduction target five years ahead of schedule, with a cumulative reduction of 38% from the 2019 baseline yearInvested $2.6 million in high-efficiency LED Projects in 2025Achieved meaningful progress across water conservation, waste diversion, and EV charging initiatives About Regency Centers Corporation (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.

Forward-Looking Statements

Certain statements in this document and the referenced 2025 Corporate Responsibility Report and TCFD-aligned Climate Risk Report regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency’s future events, developments, or financial or operational performance or results such as our current 2026 guidance, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “could,” “should,” “would,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “project,” “plan,” “anticipate,” “guidance,” and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained, and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Our operations are subject to a number of risks and uncertainties including, but not limited to, those risk factors described in our Securities and Exchange Commission (“SEC”) filings, our Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”) under Item 1A, as supplemented by the discussion in Item 1A of Part II of our subsequent Quarterly Reports on Form 10-Q. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our other filings and submissions to the SEC. If any of the events described in the risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected. Forward-looking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements, whether as a result of new information, future events or developments or otherwise, except as to the extent required by law.

Kathryn McKie
904 598 7348
[email protected]