# REGENCY CENTERS CORP (REG)

Informational only - not investment advice.

CIK: 0000910606
SIC: 6798 Real Estate Investment Trusts
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Holding And Other Investment Offices](/major-group/67/) > [SIC 6798 Real Estate Investment Trusts](/industry/6798/)
Latest 10-K filed: 2026-02-13
SEC page: https://www.sec.gov/edgar/browse/?CIK=910606
Filing source: https://www.sec.gov/Archives/edgar/data/910606/000119312526051668/reg-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-13 · accession 0001193125-26-051668 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000910606.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,553,524,000 USD | 2025 | verified |
| Net income | 527,460,000 USD | 2025 | verified |
| Assets | 13,001,283,000 USD | 2025 | verified |
| Net margin | 33.95% | 2025 | computed |
| Operating margin | 72.32% | 2025 | computed |
| Revenue YoY | +6.85% | 2025 | computed |
| ROE | 7.64% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | REG | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 34.0% | 16.8% | 75 | 149 |
| Operating margin | 72.3% | 23.2% | 95 | 66 |
| Revenue growth | 6.9% | 3.7% | 67 | 149 |
| ROE | 7.6% | 5.7% | 63 | 151 |
| ROA | 4.1% | 1.5% | 79 | 155 |
| Liabilities / equity | 0.84 | 1.48 | 22 | 151 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6798 Real Estate Investment Trusts, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1553524000 | USD | 2025 | 2026-02-13 |
| Net income | 527460000 | USD | 2025 | 2026-02-13 |
| Assets | 13001283000 | USD | 2025 | 2026-02-13 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-13. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000910606.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2013 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 126,005,000 | 984,326,000 | 1,120,975,000 | 1,133,138,000 | 1,016,175,000 | 1,166,161,000 | 1,224,022,000 | 1,322,466,000 | 1,453,904,000 | 1,553,524,000 |
| Net income |  | 176,077,000 | 249,127,000 | 239,430,000 | 44,889,000 | 361,411,000 | 482,865,000 | 364,557,000 | 400,388,000 | 527,460,000 |
| Operating income |  |  |  |  |  |  | 896,786,000 | 951,288,000 | 1,047,368,000 | 1,123,441,000 |
| Operating cash flow |  | 469,784,000 | 610,327,000 | 621,271,000 | 499,118,000 | 659,388,000 | 655,815,000 | 719,591,000 | 790,198,000 | 827,692,000 |
| Dividends paid |  | 322,650,000 | 375,978,000 | 390,598,000 | 300,537,000 | 403,085,000 | 428,276,000 | 453,065,000 | 490,365,000 | 511,564,000 |
| Share buybacks |  | 0.00 | 213,851,000 | 32,778,000 | 0.00 |  | 75,419,000 | 20,006,000 | 200,066,000 |  |
| Assets |  |  | 10,944,663,000 | 11,132,253,000 | 10,936,904,000 | 10,792,563,000 | 10,860,220,000 | 12,426,913,000 | 12,391,961,000 | 13,001,283,000 |
| Liabilities |  |  | 4,494,495,000 | 4,842,292,000 | 4,878,757,000 | 4,682,631,000 | 4,682,181,000 | 5,234,978,000 | 5,491,654,000 | 5,819,677,000 |
| Stockholders' equity |  |  | 6,397,970,000 | 6,213,348,000 | 5,984,912,000 | 6,037,371,000 | 6,096,985,000 | 7,032,687,000 | 6,724,146,000 | 6,906,890,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2013 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 17.89% | 22.22% | 21.13% | 4.42% | 30.99% | 39.45% | 27.57% | 27.54% | 33.95% |
| Operating margin |  |  |  |  |  |  | 73.27% | 71.93% | 72.04% | 72.32% |
| Return on equity |  |  | 3.89% | 3.85% | 0.75% | 5.99% | 7.92% | 5.18% | 5.95% | 7.64% |
| Return on assets |  |  | 2.28% | 2.15% | 0.41% | 3.35% | 4.45% | 2.93% | 3.23% | 4.06% |
| Liabilities / equity |  |  | 0.70 | 0.78 | 0.82 | 0.78 | 0.77 | 0.74 | 0.82 | 0.84 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000910606.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q4 | 2022-12-31 | 314,517,000 | 95,263,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2023-Q1 | 2023-03-31 | 317,977,000 | 97,281,000 |  | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 314,247,000 | 86,782,000 |  | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 330,638,000 | 90,720,000 |  | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 359,604,000 | 89,774,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 363,852,000 | 109,774,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-09-30 | 360,266,000 | 101,469,000 |  | reported discrete quarter |
| 2025-Q1 | 2025-03-31 | 380,912,000 | 109,587,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 380,848,000 | 106,021,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 387,570,000 | 109,373,000 |  | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 404,194,000 | 202,479,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 412,453,000 | 128,549,000 |  | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from REG's latest 10-K: [/company/REG/business/](/company/REG/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from REG's latest 10-K: [/company/REG/risk-factors/](/company/REG/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/910606/000119312526330021/reg-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-03
Report date: 2026-06-30

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

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, 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 risk factors, including, without limitation, risk factors relating to:

•
the current economic and geopolitical environments

•
pandemics or other health crises

•
operating retail-based shopping centers

•
real estate investments

•
the environment affecting our properties

•
corporate matters

•
our partnerships and joint ventures

•
funding strategies and capital structure

•
information management and technology

•
taxes and the Parent Company’s qualification as a REIT

•
the Company’s stock

As more specifically described in Part I, Item 1A. “Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2025 ("2025 Form 10-K") and in Part II, Item 1A. "Risk Factors" in this Report. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our most recent 2025 Form 10-K, subsequent Quarterly Reports on Form 10-Q, and our other filings with 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 and to the extent required by law.

Non-GAAP Financial Measures

In addition to the required Generally Accepted Accounting Principles ("GAAP") presentations, we use and report certain non-GAAP financial measures as we believe these measures improve the understanding of our operational results. We believe these non-GAAP financial 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 continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP financial measures to determine how best to provide relevant information to the public, and thus such reported measures could change.

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.

29

Our non-GAAP financial measures include the following:

•
Adjusted Funds From Operations ("AFFO") is an additional performance measure we use 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 our portfolio of properties, (ii) debt cost and derivative adjustments and (iii) stock-based compensation.

•
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.

•
Nareit Funds from Operations ("Nareit FFO") is a commonly used measure of REIT performance, which 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, and after adjustments for unconsolidated real estate investment partnerships and joint ventures. We compute Nareit FFO for all periods presented in accordance with Nareit's definition.

Companies use different depreciable lives and methods, and real estate values historically fluctuate with market conditions. Since Nareit FFO excludes depreciation and amortization and gains on sale 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 our financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, Nareit FFO is a supplemental non-GAAP financial measure of our 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.

•
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.

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 our consolidated properties plus our economic share (based on our ownership interest) in our unconsolidated real estate investment partnerships.

We provide Pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our consolidated and unconsolidated real estate investment partnerships, when read in conjunction with our reported results under GAAP. We believe presenting our Pro-rata share of assets, liabilities, operating results, and other metrics, along with certain other non-GAAP financial measures, makes comparisons of our 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 our 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 our proportionate economic interest in the assets, liabilities, and operating results of properties in our portfolio. We do not control the unconsolidated real estate investment 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. Our share of invested capital establishes the ownership interests we use to prepare our Pro-rata share.

30

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

o
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; and

o
Other 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 our financial statements as reported under GAAP. We compensate 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 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 comparis

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/910606/000119312526051668/reg-20251231.htm
Complete FY 2025 MD&A: /company/REG/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-02-13
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Executing on our Strategy

During the year ended December 31, 2025, we had Net income attributable to common shareholders of $513.8 million as compared to $386.7 million during the year ended December 31, 2024. The increase was primarily attributable to a $72.2 million gain recognized from a partial distribution-in-kind transaction and a $45.2 million increase in base rent from same properties, reflecting improved operating performance.

During the year ended December 31, 2025:

•
Our Pro-rata same property NOI, excluding termination fees, grew 5.3%, as compared to the year ended December 31, 2024, primarily attributable to improvements in base rent and recoveries from increases in year over year occupancy rates, contractual rent steps in existing leases, and positive rent spreads on comparable new and renewal leases.

•
We executed 1,899 new and renewal leasing transactions representing 7.4 million Pro-rata SF with positive rent spreads of 10.8% during 2025, compared to 2,032 leasing transactions representing 9.9 million Pro-rata SF with positive rent spreads of 9.5% in 2024. Rent spreads are calculated on all executed leasing transactions for comparable Retail Operating Property spaces, including spaces vacant greater than 12 months.

•
At December 31, 2025, our total property portfolio was 96.1% leased while our same property portfolio was 96.5% leased, compared to 96.3% and 96.6%, respectively, at December 31, 2024.

We continued our development and redevelopment of high-quality shopping centers:

•
Estimated Pro-rata project costs of our current in process development and redevelopment projects totaled $597.4 million compared to $497.3 million at December 31, 2024.

•
Development and redevelopment projects completed during 2025 represented $212.4 million of estimated net project costs, with an average stabilized yield of 10.1%. A stabilized yield for development and redevelopment projects represents the incremental NOI (estimated stabilized NOI less NOI prior to project commencement) divided by the total project costs.

We maintained liquidity and financial flexibility to cost effectively fund investment opportunities and debt maturities:

•
In February 2025, the Company received a credit rating upgrade to A- with a stable outlook, from S&P Global Ratings. The Company maintains an A3 rating with a stable outlook from Moody’s Investors Service.

•
In May 2025, the Company issued $400 million of senior unsecured notes due 2032, at a par value of 99.279% and a coupon of 5.0% (the "2025 Notes").

•
In July 2025, as consideration for the acquisition of five operating properties, the Operating Partnership issued 2,773,087 Common Units, and assumed $150 million of secured mortgage debt with a weighted average interest rate of 4.2% and an average remaining term of approximately 12 years.

•
The Company settled forward sales agreements entered into during 2024 under its At-the-Market ("ATM") program as follows:

o
In August 2025, the Company issued 673,172 shares of common stock and received $49.2 million of net proceeds.

o
In October 2025, the Company issued an additional 666,205 shares of common stock and received $49.1 million of net proceeds. Upon completion of these settlements, the Company had fully settled all forward sales agreements entered into during 2024.

•
In October 2025, the Company received a property distribution from its Regency-GRI real estate investment partnership. The distribution involved 11 of the 66 properties within the partnership, and the Company received five of these properties, which had an aggregate fair value of $113.9 million. In addition, the Company assumed an existing fixed rate mortgage loan on one property of $10 million, maturing January 2026 with an interest rate of 3.95%. The remaining six properties were distributed to the Company's partner. The Company repaid the assumed mortgage loan in full in December 2025.

•
In November 2025, the Company repaid $250 million of fixed-rate unsecured debt upon maturity.

•
As of December 31, 2025, we had $441.8 million of loans maturing during the next 12 months, including Regency's share of maturities within our unconsolidated real estate partnerships, which we intend to refinance or pay off as they mature. Of this amount, $88.0 million was repaid at maturity on February 2, 2026.

•
At December 31, 2025, we had $1.4 billion available on the Line, which expires on March 23, 2028 unless we exercise the available options to extend the expiration for the first of two additional consecutive six-month periods, in which case the term will be extended in accordance with any such option exercise.

42

Leasing Activity and Significant Tenants

We believe our high-quality, neighborhood and community shopping centers located in suburban trade areas with compelling demographics create attractive spaces for retail and service providers to operate their businesses.

Pro-rata Percent Leased

The following table summarizes Pro-rata percent leased of our combined consolidated and unconsolidated shopping center portfolio:

[[GREPCENT_TABLE]]
[["","","December 31, 2025","","","December 31, 2024"],["Percent Leased \u2013 All properties","","","96.1","%","","","96.3","%"],["Anchor Space (spaces \u2265 10,000 SF)","","","98.0","%","","","98.4","%"],["Shop Space (spaces 10,000 SF)","","","93.2","%","","","93.0","%"]]
[[/GREPCENT_TABLE]]

Pro-rata Leasing Activity

The following table summarizes leasing activity, including our Pro-rata share of activity within the portfolio of our real estate partnerships (totals as a weighted-average PSF):

[[GREPCENT_TABLE]]
[["","","Year Ended December 31, 2025"],["","","Leasing Transactions","","","SF (in thousands)","","","Base Rent PSF","","","Tenant Allowance and Landlord Work PSF","","","Leasing Commissions PSF"],["Anchor Space Leases"],["New","","","34","","","","1,030","","","$","17.46","","","$","28.67","","","$","4.65"],["Renewal","","","102","","","","3,050","","","","15.14","","","","0.65","","","","0.41"],["Total Anchor Space Leases","","","136","","","","4,080","","","$","15.73","","","$","7.72","","","$","1.48"],["Shop Space Leases"],["New","","","586","","","","1,155","","","$","43.16","","","$","51.12","","","$","17.37"],["Renewal","","","1,177","","","","2,214","","","","40.89","","","","1.45","","","","1.30"],["Total Shop Space Leases","","","1,763","","","","3,369","","","$","41.67","","","$","18.48","","","$","6.81"],["Total Leases","","","1,899","","","","7,449","","","$","27.46","","","$","12.58","","","$","3.89"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","","Year Ended December 31, 2024"],["","","Leasing Transactions","","","SF (in thousands)","","","Base Rent PSF","","","Tenant Allowance and Landlord Work PSF","","","Leasing Commissions PSF"],["Anchor Space Leases"],["New","","","39","","","","952","","","$","20.06","","","$","61.64","","","$","6.77"],["Renewal","","","153","","","","4,778","","","","18.48","","","","0.72","","","","0.09"],["Total Anchor Space Leases","","","192","","","","5,730","","","$","18.76","","","$","11.74","","","$","1.30"],["Shop Space Leases"],["New","","","598","","","","1,415","","","$","39.91","","","$","44.11","","","$","14.58"],["Renewal","","","1,242","","","","2,714","","","","38.39","","","","2.52","","","","0.65"],["Total Shop Space Leases","","","1,840","","","","4,129","","","$","38.92","","","$","16.98","","","$","5.49"],["Total Leases","","","2,032","","","","9,859","","","$","27.19","","","$","13.93","","","$","3.05"]]
[[/GREPCENT_TABLE]]

The weighted-average base rent PSF on signed Shop Space leases during 2025 was $41.67 PSF, which is higher than the weighted average annual base rent PSF of all Shop Space leases due to expire during the next 12 months of $37.85 PSF. New and renewal rent spreads, compared to prior rents on these same spaces leased, were positive at 10.8% for the 12 months ended December 31, 2025, compared to 9.5% for the 12 months ended December 31, 2024.

43

Diversification and Concentration of Tenant Risk

We seek to reduce our risk by limiting concentration. For example, we utilize geographic diversification, as described in "Item 2. Properties" of this Report, and also seek to avoid dependence on any single property, market, or tenant. Based on percentage of annualized base rent, the following table summarizes our most significant tenants, of which four of the top five are grocers:

[[GREPCENT_TABLE]]
[["","","December 31, 2025"],["Anchor","","Number of Stores","","","Percentage of Company- owned GLA (1)","","","Percentage of Annual Base Rent (1)"],["Publix","","","67","","","","5.8","%","","","2.9","%"],["TJX Companies, Inc.","","","76","","","","3.6","%","","","2.7","%"],["Albertsons Companies, Inc.","","","52","","","","4.1","%","","","2.7","%"],["Amazon/Whole Foods","","","39","","","","2.6","%","","","2.5","%"],["Kroger Co.","","","51","","","","5.9","%","","","2.5","%"]]
[[/GREPCENT_TABLE]]

(1)
Includes Regency's share of unconsolidated properties and excludes those owned by anchors.

Bankruptcies and Credit Concerns

Our management team devotes significant time to researching and monitoring consumer preferences and trends, customer shopping behaviors, changes in delivery methods, shifts to e-commerce, and changing demographics in order to anticipate the challenges and opportunities impacting our industry. We seek to mitigate potentially adverse impacts through maintaining a high quality portfolio, diversifying our geographic and tenant mix, replacing less successful tenants with stronger operators, anchoring our centers with market leading grocery stores that drive customer traffic, and investing in suburban trade areas with compelling demographic populations benefiting from high levels of disposal income.

We recognize that current domestic and global economic policies and conditions such as tariffs, trade deal activity, inflation, labor cost and availability, energy prices, interest rate volatility, supply chain disruptions, access to and cost of credit, and tax and regulatory changes, have introduced additional business uncertainty to some of our tenants. These economic policies and conditions could place further financial strain on our tenants by impacting sales, raising costs and compressing margins. The impacts of these policies and conditions, which could included an economic downturn or recession, could negatively impact our tenants and their ability to continue to meet their lease obligations.

Although base rent is derived from long-term lease contracts, tenants that file for bankruptcy generally have the legal right to reject any or all of their leases and close related stores. Any unsecured claim we hold against a bankrupt tenant for unpaid rent might be paid only to the extent that funds are available and only in the same percentage as is paid to all other holders of unsecured claims. As a result, in a tenant bankruptcy situation it is likely that we would recover substantially less than the full value of any unsecured claims we hold. Additionally, we may incur significant expense to adjudicate our claim and significant downtime to re-lease the vacated space. In the event that a tenant with a significant number of leases in our shopping centers files for bankruptcy and rejects its leases, we could experience a significant reduction in our revenues. As of December 31, 2025, the tenants who are currently in bankruptcy and continue to occupy space in our shopping centers represent an aggregate of 0.69% of our Pro-rata annual base rent with no single tenant exceeding 0.5% of Pro-rata annual base rent.

For a discussion and analysis of the year ended December 31, 2024, compared to the same period in 2023, see "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K for the year ended December 31, 20

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/REG/mda/fy2025/
All MD&A years: /company/REG/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/REG/mda/fy2024/): filed 2025-02-14; accession 0000950170-25-021359 (https://www.sec.gov/Archives/edgar/data/910606/000095017025021359/reg-20241231.htm)
- [FY 2023 MD&A](/company/REG/mda/fy2023/): filed 2024-02-16; accession 0000950170-24-016260 (https://www.sec.gov/Archives/edgar/data/910606/000095017024016260/reg-20231231.htm)
- [FY 2022 MD&A](/company/REG/mda/fy2022/): filed 2023-02-17; accession 0000950170-23-003160 (https://www.sec.gov/Archives/edgar/data/910606/000095017023003160/reg-20221231.htm)
- [FY 2021 MD&A](/company/REG/mda/fy2021/): filed 2022-02-17; accession 0000950170-22-001418 (https://www.sec.gov/Archives/edgar/data/910606/000095017022001418/reg-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6798 Real Estate Investment Trusts) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/REG.md · JSON record: /company/REG.json · verified financials: /company/REG/financials.json / /company/REG/financials.csv · machine TOC for the whole site: /llms.txt