Regency Centers Reports $855.7M Nareit FFO for 2025, Driven by Retail Real Estate Strength and Strategic Acquisitions

Regency Centers reported strong financial and operational results for full-year 2025, with Nareit Funds From Operations (FFO) reaching $4.64 per diluted share, representing 7.9% growth compared to the prior year. The Jacksonville, Florida-based retail real estate investment trust announced the results on February 5, 2026.

Record Financial Performance in Retail Real Estate

The company's Core Operating Earnings totaled $4.41 per diluted share for the full year, up 6.8% year-over-year. Net Income Attributable to Common Shareholders reached $2.82 per diluted share for the twelve months ended December 31, 2025, compared to $2.11 per diluted share in 2024.

For the fourth quarter alone, Regency Centers reported Nareit FFO of $1.17 per diluted share and Core Operating Earnings of $1.12 per diluted share. Net Income Attributable to Common Shareholders for the quarter was $1.09 per diluted share, compared to $0.46 per diluted share in the fourth quarter of 2024.

"We delivered another quarter and year of outstanding performance, highlighted by exceptional Same Property NOI, earnings, and dividend growth," said Lisa Palmer, President and Chief Executive Officer.

Strong Operational Metrics and Leasing Activity

Regency Centers increased Same Property Net Operating Income by 4.7% year-over-year in the fourth quarter and by 5.3% for the full year, excluding termination fees. The company's Same Property percent leased rose 10 basis points sequentially to 96.5% as of December 31, 2025.

The retail real estate firm executed 6.8 million square feet of comparable new and renewal leases during 2025 at blended rent spreads of 10.8% on a cash basis and 21.4% on a straight-lined basis.

Real Estate Acquisition and Development Activity

During 2025, Regency Centers acquired approximately $538 million of high-quality shopping centers. The company also maintained an active real estate development pipeline, starting approximately $318 million in new development and redevelopment projects throughout the year, including $97 million in the fourth quarter.

The company completed approximately $212 million of development and redevelopment projects during 2025, with $164 million completed in the fourth quarter. As of December 31, 2025, Regency's in-process development and redevelopment projects had estimated net project costs of $597 million at a blended estimated yield of 9%.

Commercial Real Estate Financing and Capital Structure

Regency Centers maintained pro-rata net debt and preferred stock to trailing twelve-month operating EBITDA of 5.1x as of December 31, 2025. On February 4, 2026, the company's Board of Directors declared a quarterly cash dividend of $0.755 per share on the company's common stock.

The company provided initial 2026 earnings guidance alongside its full-year results.