Regency Centers delivered robust fourth quarter results, reporting net income attributable to common shareholders of $199.1 million, or $1.09 per diluted share, compared with $83.1 million, or $0.46 per share, in the prior year period. For the full year, net income reached $513.8 million, or $2.82 per diluted share, up from $386.7 million, or $2.11 per share, a year earlier. Adjusted funds from operations (Nareit FFO) came in at $1.17 per diluted share for the quarter and $4.64 per diluted share for the year, representing year-over-year growth of 7.3% and 7.9%, respectively. Core operating earnings rose 7.7% to $1.12 per share in the quarter and 6.8% to $4.41 per share for the year.

Same property net operating income increased by 4.7% in the fourth quarter and 5.3% for the full year, driven by base rent growth of 4.1% and 4.3%, respectively. Occupancy in the same property portfolio stood at 96.5% at year-end, up 10 basis points sequentially, while anchor occupancy remained high at 97.9%. During the quarter, the company executed 1.7 million square feet of comparable new and renewal leases with blended cash rent spreads of 12.0% and straight-lined spreads of 24.5%. Full-year leasing activity totaled 6.8 million square feet at cash spreads of 10.8% and straight-lined spreads of 21.4%.

In the fourth quarter, Regency Centers commenced $97 million of new development and redevelopment projects, contributing to $318 million of total starts for 2025. Notable ground-up projects included a 230,000 square foot grocery-anchored center in Beaumont, California, and a 158,000 square foot supermarket-anchored center in Denver, Colorado. The company completed $164 million of projects in Q4 and $212 million for the year, including a 156,000 square foot center in Cheshire, Connecticut, and a 159,000 square foot market in Houston, Texas. At year-end, in-process projects totaled $597 million at an estimated blended yield of 9%. During 2025, the company also acquired $538 million of high-quality shopping centers and completed a property distribution that increased its ownership to 100% in five joint-venture assets.

Regency Centers ended the year with pro-rata net debt and preferred stock to trailing twelve-month operating EBITDAre at 5.1x and maintained approximately $1.4 billion of available capacity under its revolving credit facility. In early February, the board declared quarterly common and preferred dividends of $0.755, $0.390625 and $0.3672 per share, payable in April. Initial 2026 guidance projects continued growth in funds from operations and operating earnings, supported by stable occupancy, continued leasing momentum and the contribution from recently completed and in-process development projects.