Regency Centers Corporation (REG) Earnings
Regency Centers Corporation is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $0.59. REG has beaten EPS estimates in 7 of its last 12 reported quarters (average surprise +24.1% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $0.62 | $1.20 | +92.9% | $419M | +2.0% |
| Feb 5, 2026 | $1.17 | $1.17 | +0.0% | $507M | +28.1% |
| Oct 28, 2025 | $1.15 | $1.15 | +0.0% | $387M | -0.4% |
| Jul 29, 2025 | $1.12 | $1.16 | +3.6% | $395M | +6.9% |
| Apr 29, 2025 | $1.14 | $1.15 | +0.9% | $381M | +3.4% |
| Feb 6, 2025 | $0.48 | $1.09 | +127.1% | $373M | +4.7% |
| Aug 1, 2024 | $1.02 | $1.06 | +3.9% | $359M | +1.8% |
| May 2, 2024 | $1.04 | $1.08 | +3.8% | $365M | +2.5% |
| Feb 8, 2024 | $1.02 | $1.02 | +0.0% | $360M | -0.2% |
| Nov 2, 2023 | $1.01 | $1.02 | +1.0% | $331M | +3.0% |
| Aug 3, 2023 | $1.01 | $1.03 | +2.0% | $314M | +1.1% |
| May 4, 2023 | $1.02 | $1.08 | +5.9% | $318M | +2.6% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Leasing Activity - Tenant demand is robust across nearly all categories and regions. Same property percent leased approached 97% and was up 10 basis points over the fourth quarter. Commenced rate increased 20 basis points. Pipeline represents $42 million of incremental base rent. ### Ground-Up Development - Completed $42 million of projects in the first quarter, including Oakley Shops at Laurel Fields. Started $73 million of new projects, such as Crystal Brook Corner. In-process pipeline exceeds $600 million with blended returns above 9%. Ground-up development is a key differentiator with strong leasing momentum and visibility to over $1 billion of project starts over the next three years. ### Financial Performance - Delivered strong same-property NOI and earnings growth driven by robust operating fundamentals and accretive capital allocation. Base rent continues to grow healthily benefiting from increasing rents, commencing S&O pipeline, and redevelopment projects.
Guidance
### Full-Year Guidance - Maintain same-property NOI growth guidance of 3.25% to 3.75%, core operating earnings and FFO per share growth at midpoint of 4.5%. Total NOI growth north of 6% due to ground-up development deliveries and acquisitions. Modestly increased development and redevelopment spend due to increased starts expectations and including known acquisitions transactions.
Segment performance
In the first quarter, same property NOI growth was 4.4%. Base rent growth was 3.5%. The pipeline represents approximately $42 million of incremental base rent. Ground-up development projects like Oakley Shops at Laurel Fields, Crystal Brook Corner, Ellis Village, Sunbed, and Stonebridge are contributing to future NOI growth.
Risks & headwinds
### Non-Cash Revenue Variance - Non-cash revenue can be uneven. Adjustments to a single tenant lease adjustment moving to cash basis is a large component of variance. Last year tenant move-outs and acceleration of below-market rents also affected non-cash cadence. ### Bankruptcy and Uncertainty - Ongoing bankruptcy filings present uncertainties, and it takes time to gain clarity on opportunities from bankruptcies.
Analyst Q&A
Q: Walk through the non-cash revenue component, including the variance from prorated number and what drives it.
A: Non-cash can be uneven. A single tenant lease adjustment moving to cash basis is a large component of variance. Last year tenant move-outs and acceleration of below-market rents also affected non-cash cadence.
Q: Provide color on small shop tenant health, occupancy costs, and differences among categories.
A: Tenants are healthy with strong sales, near record low collections, and resilient foot traffic.
Q: Talk about projects slated to start this year, leasing activity, and future starts.
A: Expect increased starts driving development spend, with continued upward momentum in ground-up development and bullish outlook on opportunity set.
Q: Impact of single-family built-for-rent uncertainty on development pipeline.
A: Our program not heavily involved in build to rent, master plan developers working on are for sale communities with no impact seen.
Q: Cadence of starts, yield trends on new projects.
A: Starts are lumpy due to de-risking process, but increased visibility to starts this year. Development yields in 7% plus range.
Q: Leverage on anchor leases.
A: No dramatic shift in embedded steps on anchor front, but still pricing power with levers like better work letters, lower TIs, more rent upfront.
Q: Identify tenant moved to cash basis and debt range.
A: One lease with judgment call on future obligations, core operating earnings unimpacted. Operating at below historical averages.
Q: Protect from rising land values and option strategy.
A: Work with land sellers, option property, de-risk before closing, teams educate landowners with track record and relationships.
Q: Commence occupancy getting to new peak.
A: Optimistic about prospects, aim to shrink gap between leased and commenced, continue driving base rent growth.
Q: Tapping equity market.
A: Take opportunistic view, have balance sheet capacity and free cash flow, will access equity when opportunity presents.
Q: Outperform versus peers.
A: Unique combination of quality portfolio, development platform, balance sheet, and team, confident in long-term top sector performance in same property NOI growth and investment returns.
Q: Portfolio trends during higher oil prices.
A: Property type is defensive, produces consistent cash flows through cycles, grew through global financial crisis and COVID.