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- **Record Growth**: Same-property NOI 5.25%-5.5% YTD, driven by 4.7% base rent growth and 13% re-leasing spreads. 
- **Development Dominance**: $800M+ development starts over 3 years, 9%+ IRR on new projects. 
- **Financial Strength**: 5.2x leverage, $100M+ free cash flow, 7.1% dividend increase. 
- **2026 Outlook**: Same-property NOI 3.5%-3.75%, FFO mid-4% after refinancing, mid-6% total NOI. 
- **Tenant Health**: 96.4% occupancy, 23% GAAP rent spreads, 20-25bps ULI vs. 40-50bps historical.

**【CEO Summary Section】**
- **Outstanding Q3 Results**: Same-property NOI growth of 5.25%-5.5%, driven by strong leasing and SNO pipeline execution. 
- **Capital Deployment Excellence**: $750M+ deployed in 2025, with $800M+ development starts over 3 years. 
- **Dividend Growth**: 7.1% dividend increase reflects confidence in cash flow sustainability. 
- **Development Differentiation**: Only national developer of grocery-anchored centers, achieving 9%+ IRR on new projects.

**【CFO Financial Commentary】**
- **2025 Guidance Update**: Nareit FFO up mid-7%, Core Earnings mid-6%, with credit loss guidance narrowed to 50-75bps. 
- **2026 Outlook**: Same-property NOI 3.5%-3.75% (mid-3%), total NOI mid-6%, FFO mid-4% (after 100-150bps refinancing drag). 
- **Balance Sheet Strength**: 5.2x leverage, $1.5B credit facility with $140M undrawn, A-rated debt. 
- **Free Cash Flow**: $100M+ annualized after dividend, supporting external growth.

**【Q&A Highlights】**
- **Development Pipeline**: $300M+ 2025 starts, $650M+ in-process projects with 9%+ returns. Ground-up starts now > redevelopments. 
- **Tenant Health**: 96.4% same-property leased, 13% cash re-leasing spreads, 23% GAAP spreads. 
- **JV Strategy**: Actively buying out partners (e.g., $350M RMB portfolio), maintaining 100% ownership of high-performing assets. 
- **Market Dynamics**: 5.5% cap rate on core assets, limited supply driving defensive NOI streams. 
- **Credit Loss**: 2026 expectations similar to 2025, with ULI at 20-25bps vs. historical 40-50bps.

Regency Centers Corporation (REG) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

REG

REG fundamentals

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