REGENCY CENTERS CORP recently released its 10-Q report. The company is a real estate investment trust focused on owning, operating and developing neighborhood and community shopping centers, primarily in suburban trade areas. It is self-administered and self-managed, was incorporated in 1963, and is based in Jacksonville, Florida.
In Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations, Regency emphasized that its reported results should be read alongside a large set of non-GAAP measures, including AFFO, Core Operating Earnings, Nareit FFO, NOI, pro-rata information and Same Property NOI. The company said AFFO is intended to show cash available for business needs and shareholder distributions, while Core Operating Earnings strips out non-cash and non-comparable items from Nareit FFO; Nareit FFO itself excludes gains on sales and impairments of real estate, depreciation and amortization. Regency also defined NOI as property-level rent and fee income less operating and maintenance expenses, taxes, ground rent and uncollectible lease income, and said Same Property NOI is used to compare operating performance for properties owned throughout both periods.
Regency said it began operations as a publicly traded REIT in 1993 and conducts its activities through Regency Centers, L.P. and wholly owned subsidiaries, plus real estate partnerships. As of June 30, 2026, the parent company owned about 97.9% of the Operating Partnership’s common units and 100% of its preferred units. The portfolio included full or partial ownership interests in 482 retail properties totaling about 58.8 million square feet of gross leasable area.
The filing also laid out the company’s property categories and operating definitions. It described a Development Completion as a project deemed complete once either 90% of estimated net development costs have been incurred and the property is at least 95% leased, or the property has at least two years of anchor operations. A Redevelopment Completion follows a similar 90%-cost and 95%-leased test, or two years of anchor operations if applicable. Regency said Same Property excludes developments, prior-year development completions and non-same properties, while properties in redevelopment are generally included unless otherwise noted.
Regency’s portfolio focus remained on neighborhood and community shopping centers anchored by grocers and located in suburban markets within major metro areas. The company said its mission is to create environments where retailers and service providers connect with surrounding neighborhoods and communities. The market has reacted to these announcements by moving the company's shares -0.55% to a price of $79.85. If you want to know more, read the company's complete 10-Q report here.
