REGENCY CENTERS CORP
For the period ended Dec 31, 2025. Filed Feb 13, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 13, 2026
REG$74.84-1.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-02-14.
0000950170-25-021359
Item 7. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-13.
0001193125-26-051668
Item 7. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 249 previous paragraphs and 245 current paragraphs.
88 unchanged; 106 reworded; 42 added; 54 removed; 1 previous and 9 current paragraphs rearranged.
Tables are not compared: 19 previous and 20 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (42)
Current report
In May 2025, the Company issued $400 million of senior unsecured notes due 2032, at a par value of 99.279% and a coupon of 5.0% (the "2025 Notes").
Current report
In July 2025, as consideration for the acquisition of five operating properties, the Operating Partnership issued 2,773,087 Common Units, and assumed $150 million of secured mortgage debt with a weighted average interest rate of 4.2% and an average remaining term of approximately 12 years.
Current report
The Company settled forward sales agreements entered into during 2024 under its At-the-Market ("ATM") program as follows:
Current report
In August 2025, the Company issued 673,172 shares of common stock and received $49.2 million of net proceeds.
Current report
In October 2025, the Company issued an additional 666,205 shares of common stock and received $49.1 million of net proceeds. Upon completion of these settlements, the Company had fully settled all forward sales agreements entered into during 2024.
Current report
In October 2025, the Company received a property distribution from its Regency-GRI real estate investment partnership. The distribution involved 11 of the 66 properties within the partnership, and the Company received five of these properties, which had an aggregate fair value of $113.9 million. In addition, the Company assumed an existing fixed rate mortgage loan on one property of $10 million, maturing January 2026 with an interest rate of 3.95%. The remaining six properties were distributed to the Company's partner. The Company repaid the assumed mortgage loan in full in December 2025.
Current report
In November 2025, the Company repaid $250 million of fixed-rate unsecured debt upon maturity.
Current report
We recognize that current domestic and global economic policies and conditions such as tariffs, trade deal activity, inflation, labor cost and availability, energy prices, interest rate volatility, supply chain disruptions, access to and cost of credit, and tax and regulatory changes, have introduced additional business uncertainty to some of our tenants. These economic policies and conditions could place further financial strain on our tenants by impacting sales, raising costs and compressing margins. The impacts of these policies and conditions, which could included an economic downturn or recession, could negatively impact our tenants and their ability to continue to meet their lease obligations.
Current report
Results of Operations
Current report
Lease income increased by $100.0 million primarily due to the following:
Current report
$5.5 million increase related to our acquisitions of the remaining ownership interests in and resulting consolidation of properties previously held in unconsolidated real estate partnerships;
Current report
$3.5 million decrease due to disposition of operating properties.
Current report
$2.0 million increase related to our acquisitions of the remaining ownership interests in and resulting consolidation of properties previously held in unconsolidated real estate partnerships; partially offset by
Current report
$0.5 million decrease due to disposition of operating properties.
Current report
$3.9 million increase related to acquisitions of the remaining ownership interests in and resulting consolidation of properties previously held in unconsolidated real estate partnerships; partially offset by
Current report
$1.4 million decrease from dispositions of operating properties.
Current report
$4.1 million increase in acquisitions of operating properties and development properties; and
Current report
$1.4 million increase related to our acquisitions of the remaining ownership interests in and resulting consolidation of properties previously held in unconsolidated real estate partnerships; partially offset by
Current report
$1.0 million decrease due to disposition of operating properties.
Current report
$1.0 million increase related to our acquisitions of the remaining ownership interests in and resulting consolidation of properties previously held in unconsolidated real estate partnerships; partially offset by
Current report
$8.5 million decrease due to higher overhead capitalization resulting from increased development, redevelopment and leasing activity; and
Current report
Other operating expenses decreased by $2.0 million, mainly due to the $7.7 million of transition costs recognized in 2024 related to the UBP acquisition, partially offset by $5.7 million increase in environmental reserve costs, development pursuit costs, and other fees.
Current report
$1.9 million decrease in Interest income primarily due to lower interest rates in 2025 as compared to 2024 as well as lower average balances in interest bearing accounts and shorter durations of short term investment vehicles; partially offset by
Current report
$3.7 million increase in Capitalized interest based on the timing and progress of our development and redevelopment projects.
Current report
Net investment income decreased by $2.1 million primarily driven by market volatility during the current period, including a $2.0 million decrease in returns on investments held in the non-qualified deferred compensation plan.
Current report
$76.0 million increase related to a gain recognized from a partial distribution-in-kind transaction and partial sales of real estate; and
Current report
$7.2 million increase driven from increased occupancy and positive rental spreads on new and renewal leases.
Current report
There was no change in Preferred stock dividends.
Current report
Net income attributable to exchangeable operating partnership units increased by $4.7 million, mainly due to the issuance of 2.8 million exchangeable operating partnership units to unrelated third-party sellers in consideration for the acquisition of five properties in July 2025.
Current report
Pro-rata Same Property NOI (Non-GAAP Financial Measures):
Current report
Uncollectible lease income decreased by $1.1 million primarily driven by higher collection rates in the current period resulting in reduced levels of uncollectible lease income.
Current report
Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests.
Current report
On May 13, 2025, the Company issued $400 million of senior unsecured notes due 2032, at a par value of 99.279% and a coupon of 5.0%. The net proceeds were used (i) to reduce the outstanding balance on the Line, (ii) for the repayment of $250 million of 3.90% unsecured public debt due November 1, 2025, upon its maturity and (iii) for general corporate purposes, which may include the future repayment of other outstanding debt.
Current report
As of December 31, 2025, we had $441.8 million of loans maturing during the next 12 months, including Regency's share of maturities within our unconsolidated real estate partnerships, which we intend to refinance or pay off as they mature. We actively monitor the capital markets and maintain flexibility to access them opportunistically, while proactively managing our debt maturity profile to support a strong balance sheet. We currently expect to address these maturing obligations through a combination of cash flows from operations, refinancing, available liquidity under our Line, and proceeds from potential property sales. Of this amount, $88 million was repaid upon maturity on February 2, 2026.
Current report
Subsequent to December 31, 2025, our Board of Directors declared the following dividends:
Current report
We collected $0.7 million in short-term note receivables from real estate partners in 2025, compared to $3.1 million in 2024.
Current report
The values are reflected at the Company's pro-rata share of 50.0%, as the project was completed prior to the Company's purchase of its partner's 50.0% ownership interest.
Current report
During 2025, we received $98.2 million in Net proceeds from common stock issuance upon settling forward sales agreements under our ATM program.
Current report
Tax withholding on stock-based compensation totaled $6.8 million and $19.5 million during the years ended December 31, 2025 and 2024, respectively.
Current report
We paid $23.3 million more in Dividends paid to common shareholders and Distributions to exchangeable operating partnership unit holders in 2025 as a result of a higher dividend rate and an increase in the total number of shares and units outstanding.
Showing the first 40 of 42 passages. Open the source sections for the rest.
Removed paragraphs (54)
Previous report
On January 8, 2024, we priced a public offering of $400 million of senior unsecured notes due in 2034, with a coupon of 5.25% . We used a portion of the net proceeds to reduce the outstanding balance on the Line and invested the remaining net proceeds in certificates of deposit and short-term U.S. Treasury mutual funds until required for general corporate purposes including the repayment of outstanding debt, as further described below. All such investments matured within the year.
Previous report
On June 17, 2024, we repaid $250 million of maturing senior unsecured notes.
Previous report
On August 12, 2024, we priced a public offering of $325 million of senior unsecured notes due in 2035, with a coupon of 5.1%. We used the net proceeds from this offering to reduce the outstanding balance on the Line.
Previous report
During November and December 2024, we entered into forward sale agreements with respect to 1,339,377 shares that were purchased in several tranches at a weighted average offering price of $74.66 per share before any underwriting discount and offering expenses. These shares are pledged under forward sale agreements and must be settled within one year of their trade dates, which vary by agreement and are expected to result in net proceeds of approximately $100 million. Proceeds from the issuance of shares are expected to be used to fund acquisitions of operating properties, to fund developments and redevelopments, and for general corporate purposes. No shares have been settled through December 31, 2024.
Previous report
Our percent leased increased primarily due to favorable leasing activity in both our Anchor and Shop Space categories during 2024.
Previous report
In October 2022, Kroger Co. and Albertsons Companies, Inc. announced a proposed merger, and in September 2023, an agreement for a separate transaction was announced to divest certain assets of each company to a third party, C&S Wholesale Grocers. The proposed merger was terminated in the fourth quarter of 2024 after adverse court rulings that enjoined the transaction primarily due to antitrust issues.
Previous report
The results of operations for the year ended December 31, 2024, include a full year of results from our acquisition of UBP on August 18, 2023 as compared to a partial year in 2023.
Previous report
Lease income increased by $127.4 million primarily due to the following:
Previous report
$63.0 million increase resulting from the acquisition of UBP;
Previous report
$4.4 million decrease due to dispositions of operating properties.
Previous report
$23.5 million increase from the acquisition of UBP;
Previous report
$2.8 million change in Uncollectible lease income primarily driven by elevated collections in 2023 of previously reserved amounts, which reduced our adjustment in the comparative period.
Previous report
$5.1 million increase driven by acquisition of UBP; partially offset by
Previous report
$2.1 million decrease mainly due to lease termination fee income recognized in the comparative period.
Previous report
$3.4 million increase from the acquisition of UBP, and
Previous report
$1.8 million increase from lease commencements at development properties and acquisitions of other operating properties.
Previous report
$6.0 million decrease in Above and below market rent, net primarily due to:
Previous report
$8.9 million decrease from same properties mainly driven by accelerated below market rent amortization from an early tenant move-out in 2023; partially offset by
Previous report
$2.9 million increase from the acquisition of UBP and other operating properties.
Previous report
Other property income increased by $3.1 million primarily due to business interruption insurance proceeds received in 2024.
Previous report
$33.4 million increase from the acquisition of UBP;
Previous report
$1.1 million decrease from dispositions of operating properties.
Previous report
$18.1 million increase from the acquisition of UBP; and
Previous report
$14.9 million increase from acquisition of UBP; and
Previous report
$5.3 million change in overhead capitalization due to the number, timing and status of our development and redevelopment projects.
Previous report
Other operating expenses increased by $1.4 million, mainly due to the acquisition of UBP.
Previous report
$21.8 million increase due to a higher weighted average outstanding balance, coupled with incrementally higher weighted average contractual interest rates, and
Previous report
$10.6 million increase related to the loans assumed with the UBP acquisition;
Previous report
$1.7 million increase in Interest on unsecured credit facilities is primarily due to a higher weighted average outstanding balance under our Line coupled with incrementally higher weighted average contractual interest rates; partially offset by
Previous report
$7.7 million increase in interest income primarily due to maintaining higher levels of excess cash in short term investments.
Previous report
The $3.1 million increase in Income attributable to noncontrolling interests is mainly due to the acquisition of UBP.
Previous report
The $8.6 million increase in Preferred stock dividends is related to the preferred stock issued in connection with the UBP acquisition. The current period includes a full year of dividends as compared to a partial year in 2023, as the UBP acquisition was completed on August 18, 2023.
Previous report
Pro-rata Same Property NOI:
Previous report
Termination fees decreased by $3.0 million due to higher termination fees recognized in 2023 due to early tenant move outs.
Previous report
Uncollectible lease income adjustment decreased by $3.7 million primarily driven by favorable collections in 2023 of previously reserved amounts, reducing our adjustment in the comparable period.
Previous report
Other lease income increased by $1.1 million primarily due to sustainability income and other fees.
Previous report
Other property income increased by $1.5 million primarily due to business interruption insurance proceeds received in 2024.
Previous report
Our reconciliation of Net income attributable to common shareholders to Same Property NOI, on a Pro-rata basis, is as follows:
Previous report
On January 8, 2024, we priced a public offering of $400 million of senior unsecured notes due in 2034 (the "January 2024 Notes") under our existing shelf registration statement filed with the SEC. The January 2024 Notes were issued at 99.617% of par value with a coupon of 5.25%, and will mature on January 15, 2034. Additionally, on August 12, 2024, we priced a public offering of $325 million of senior unsecured notes due in 2035 (the "August 2024 Notes") under our existing shelf registration statement filed with the SEC. The August 2024 Notes were issued at 99.813% of par value with a coupon of 5.10%, and will mature on January 15, 2035.
Previous report
During November and December 2024, we entered into forward sale agreements with respect to 1,339,377 shares that were purchased in several tranches at a weighted average offering price of $74.66 per share before any underwriting discount and offering expenses. These shares are pledged under forward sale agreements and must be settled within one year of their trade dates, which vary by agreement and are expected to result in net proceeds of approximately $100 million. After giving effect to this forward equity offering as of December 31, 2024, $400 million of common stock remains available for issuance under the ATM program authorized by the Company's Board of Directors, which is subject to change in the discretion of the Board.
Showing the first 40 of 54 passages. Open the source sections for the rest.
Reworded paragraphs (106)
Previous wording
During the year ended December 31, 2024, we had Net income attributable to common shareholders of $386.7 million as compared to $359.5 million during the year ended December 31, 2023 with the increase primarily related to the 2023 acquisition of UBP.
Current wording
During the year ended December 31, 2025, we had Net income attributable to common shareholders of $513.8 million as compared to $386.7 million during the year ended December 31, 2024. The increase was primarily attributable to a $72.2 million gain recognized from a partial distribution-in-kind transaction and a $45.2 million increase in base rent from same properties, reflecting improved operating performance.
Previous wording
Our Pro-rata same property NOI, excluding termination fees, grew 3.1%, primarily attributable to improvements in base rent from increases in year over year occupancy rates, contractual rent steps in existing leases, and positive rent spreads on new and renewal leases.
Current wording
Our Pro-rata same property NOI, excluding termination fees, grew 5.3%, as compared to the year ended December 31, 2024, primarily attributable to improvements in base rent and recoveries from increases in year over year occupancy rates, contractual rent steps in existing leases, and positive rent spreads on comparable new and renewal leases.
Previous wording
We executed 2,032 new and renewal leasing transactions representing 9.9 million Pro-rata SF with positive rent spreads of 9.5% during 2024, compared to 1,839 such transactions representing 6.9 million Pro-rata SF with positive rent spreads of 10.0% in 2023. Rent spreads are calculated on all executed leasing transactions for comparable Retail Operating Property spaces, including spaces vacant greater than 12 months.
Current wording
We executed 1,899 new and renewal leasing transactions representing 7.4 million Pro-rata SF with positive rent spreads of 10.8% during 2025, compared to 2,032 leasing transactions representing 9.9 million Pro-rata SF with positive rent spreads of 9.5% in 2024. Rent spreads are calculated on all executed leasing transactions for comparable Retail Operating Property spaces, including spaces vacant greater than 12 months.
Previous wording
At December 31, 2024, our total property portfolio was 96.3% leased while our same property portfolio was 96.7% leased, compared to 95.1% and 95.7%, respectively, at December 31, 2023.
Current wording
At December 31, 2025, our total property portfolio was 96.1% leased while our same property portfolio was 96.5% leased, compared to 96.3% and 96.6%, respectively, at December 31, 2024.
Previous wording
Estimated Pro-rata project costs of our current in process development and redevelopment projects totaled $497.3 million compared to $468.1 million at December 31, 2023.
Current wording
Estimated Pro-rata project costs of our current in process development and redevelopment projects totaled $597.4 million compared to $497.3 million at December 31, 2024.
Previous wording
Development and redevelopment projects completed during 2024 represented $236.6 million of estimated net project costs, with an average stabilized yield of 8.0%. A stabilized yield for development and redevelopment projects represents the incremental NOI (estimated stabilized NOI less NOI prior to project commencement) divided by the total project costs.
Current wording
Development and redevelopment projects completed during 2025 represented $212.4 million of estimated net project costs, with an average stabilized yield of 10.1%. A stabilized yield for development and redevelopment projects represents the incremental NOI (estimated stabilized NOI less NOI prior to project commencement) divided by the total project costs.
Previous wording
We engaged in successful capital markets transactions and related activity that enabled us to maintain liquidity and the financial flexibility to cost effectively fund investment opportunities and debt maturities:
Current wording
We maintained liquidity and financial flexibility to cost effectively fund investment opportunities and debt maturities:
Previous wording
We received a credit rating upgrade to A3 with a stable outlook from Moody's Investors Service, and S&P Global upgraded our outlook to 'Positive' and affirmed the Company's BBB+ credit rating.
Current wording
In February 2025, the Company received a credit rating upgrade to A- with a stable outlook, from S&P Global Ratings. The Company maintains an A3 rating with a stable outlook from Moody’s Investors Service.
Previous wording
We have $101.6 million of secured loans maturing during the next 12 months, including Regency's pro-rata share of maturities within our unconsolidated real estate partnerships, which we intend to refinance or pay-off as they mature.
Current wording
As of December 31, 2025, we had $441.8 million of loans maturing during the next 12 months, including Regency's share of maturities within our unconsolidated real estate partnerships, which we intend to refinance or pay off as they mature. Of this amount, $88.0 million was repaid at maturity on February 2, 2026.
Previous wording
At December 31, 2024, we had $1.4 billion available on the Line, which expires on March 23, 2028 unless we exercise the available options to extend the maturity for two additional six-month periods, in which case the term will be extended in accordance with any such option exercise.
Current wording
At December 31, 2025, we had $1.4 billion available on the Line, which expires on March 23, 2028 unless we exercise the available options to extend the expiration for the first of two additional consecutive six-month periods, in which case the term will be extended in accordance with any such option exercise.
Previous wording
The weighted-average base rent PSF on signed Shop Space leases during 2024 was $38.92 PSF, which is higher than the weighted average annual base rent PSF of all Shop Space leases due to expire during the next 12 months of $35.98 PSF. New and renewal rent spreads, compared to prior rents on these same spaces leased, were positive at 9.5% for the 12 months ended December 31, 2024, compared to 10.0% for the 12 months ended December 31, 2023.
Current wording
The weighted-average base rent PSF on signed Shop Space leases during 2025 was $41.67 PSF, which is higher than the weighted average annual base rent PSF of all Shop Space leases due to expire during the next 12 months of $37.85 PSF. New and renewal rent spreads, compared to prior rents on these same spaces leased, were positive at 10.8% for the 12 months ended December 31, 2025, compared to 9.5% for the 12 months ended December 31, 2024.
Previous wording
Includes Regency's Pro-rata share of unconsolidated properties and excludes those owned by anchors.
Current wording
Includes Regency's share of unconsolidated properties and excludes those owned by anchors.
Previous wording
Our management team devotes significant time to researching and monitoring consumer preferences and trends, customer shopping behaviors, changes in delivery methods, shifts to e-commerce, and changing demographics in order to anticipate the challenges and opportunities impacting our industry. We seek to mitigate potentially adverse impacts through maintaining a high quality portfolio, diversifying our geographic and tenant mix, replacing less successful tenants with stronger operators, anchoring our centers with market leading grocery stores that drive customer traffic, and investing in suburban trade areas with compelling demographic populations benefiting from high levels of disposal income. The potential for a recession and the severity and duration of any economic downturn could negatively impact our existing tenants and their ability to continue to meet their lease obligations.
Current wording
Our management team devotes significant time to researching and monitoring consumer preferences and trends, customer shopping behaviors, changes in delivery methods, shifts to e-commerce, and changing demographics in order to anticipate the challenges and opportunities impacting our industry. We seek to mitigate potentially adverse impacts through maintaining a high quality portfolio, diversifying our geographic and tenant mix, replacing less successful tenants with stronger operators, anchoring our centers with market leading grocery stores that drive customer traffic, and investing in suburban trade areas with compelling demographic populations benefiting from high levels of disposal income.
Previous wording
Although base rent is derived from long-term lease contracts, tenants that file for bankruptcy generally have the legal right to reject any or all of their leases and close related stores. Any unsecured claim we hold against a bankrupt tenant for unpaid rent might be paid only to the extent that funds are available and only in the same percentage as is paid to all other holders of unsecured claims. As a result, in a tenant bankruptcy situation it is likely that we would recover substantially less than the full value of any unsecured claims we hold. Additionally, we may incur significant expense to adjudicate our claim and significant downtime to re-lease the vacated space. In the event that a tenant with a significant number of leases in our shopping centers files for bankruptcy and rejects its leases, we could experience a significant reduction in our revenues. As of December 31, 2024, the tenants who are currently in bankruptcy and which continue to occupy space in our shopping centers represent an aggregate of 0.7% of our Pro-rata annual base rent with no single tenant exceeding 0.5% of Pro-rata annual base rent.
Current wording
Although base rent is derived from long-term lease contracts, tenants that file for bankruptcy generally have the legal right to reject any or all of their leases and close related stores. Any unsecured claim we hold against a bankrupt tenant for unpaid rent might be paid only to the extent that funds are available and only in the same percentage as is paid to all other holders of unsecured claims. As a result, in a tenant bankruptcy situation it is likely that we would recover substantially less than the full value of any unsecured claims we hold. Additionally, we may incur significant expense to adjudicate our claim and significant downtime to re-lease the vacated space. In the event that a tenant with a significant number of leases in our shopping centers files for bankruptcy and rejects its leases, we could experience a significant reduction in our revenues. As of December 31, 2025, the tenants who are currently in bankruptcy and continue to occupy space in our shopping centers represent an aggregate of 0.69% of our Pro-rata annual base rent with no single tenant exceeding 0.5% of Pro-rata annual base rent.
Previous wording
The changes in revenues are summarized in the following table:
Current wording
Changes in revenues are summarized in the following table:
Previous wording
$89.5 million increase in Base rent, mainly driven by the following:
Current wording
$62.9 million increase in Base rent, mainly driven by the following:
Previous wording
$22.5 million increase resulting from same properties, including:
Current wording
$45.2 million increase resulting from same properties, including:
Previous wording
$15.1 million increase due to increases from occupancy, rent steps in existing leases, and positive rental spreads on new and renewal leases; and
Current wording
$25.7 million increase due to increases from occupancy, contractual rent steps in existing leases, and positive rental spreads on new and renewal leases;
Previous wording
$7.4 million increase due to redevelopment projects that commenced operations in 2024.
Current wording
$14.0 million increase due to redevelopment projects that commenced operations in 2025; and
Previous wording
$6.5 million increase from acquisitions of other operating properties in 2024 and 2023;
Current wording
$16.2 million increase from acquisitions of operating properties in 2025 as compared to 2024 activity; and
Previous wording
$1.9 million increase from rent commencements at completed development properties; partially offset by
Current wording
$5.0 million increase from rent commencements at completed development properties; partially offset by
Previous wording
$33.4 million increase in contractual Recoveries from tenants which represents their proportionate share of the operating, maintenance, insurance, and real estate tax expenses that we incur to operate our shopping centers. Recoveries from tenants increased, mainly from the following:
Current wording
$31.1 million increase from contractual Recoveries from tenants which represents their proportionate share of the operating, maintenance, insurance, and real estate tax expenses that we incur to operate our shopping centers. Recoveries from tenants increased, mainly from the following:
Previous wording
$8.6 million increase from same properties primarily due to higher operating costs in the current year coupled with higher expense recovery rates;
Current wording
$23.2 million increase primarily driven by higher operating costs and higher recovery rates due to increased occupancy in the current year;
Previous wording
$2.3 million increase driven by the acquisition of other operating properties in 2023 and 2024 and rent commencements at development properties; partially offset by
Current wording
$6.5 million increase driven by the acquisition of operating properties in 2025 as compared to 2024 and rent commencements at development properties; and
Previous wording
$3.0 million increase in Other lease income primarily due to:
Current wording
$1.6 million increase in Other lease income mainly due to increase in lease termination fee income.
Previous wording
$4.3 million due to timing and degree of contractual rent steps and new lease commencements within same properties;
Current wording
$4.2 million increase in Straight-line rent mainly due to timing and degree of contractual rent steps and new lease commencements.
Previous wording
There were no significant changes in Management, transaction, and other fees.
Current wording
There were no significant changes in Other property income, or Management, transaction, and other fees.
Previous wording
Depreciation and amortization increased by $42.4 million, mainly due to the following:
Current wording
Depreciation and amortization increased by $10.3 million, mainly due to the following:
Previous wording
$6.4 million increase from acquisitions of other operating properties and development properties becoming available for occupancy;
Current wording
$16.7 million increase from acquisitions of operating properties and development properties becoming available for occupancy; and
Previous wording
$3.2 million increase from same properties mainly driven by the timing of capital expenditures being placed in service within our redevelopment projects and accelerated amortization of certain early tenant move-outs; partially offset by
Current wording
$9.1 million decrease from same properties mainly driven by the timing of capital expenditures being placed in service within our redevelopment projects and accelerated amortization of certain early tenant move-outs; and
Previous wording
Property operating expense increased by $19.4 million, mainly due to the following:
Current wording
Property operating expense increased by $16.2 million, mainly due to the following:
Previous wording
$1.3 million increase from same properties primarily attributable to higher recoverable common area maintenance and other tenant-related costs.
Current wording
$11.7 million increase from same properties primarily due to higher recoverable common area maintenance, management and utility expenses;
Previous wording
Real estate taxes increased by $18.9 million, mainly due to the following:
Current wording
Real estate taxes increased by $7.9 million, mainly due to the following:
Previous wording
$3.5 million net increase from same properties primarily due to increases in real estate tax assessments across the portfolio.
Current wording
$5.4 million increase from same properties primarily due to increases in real estate tax assessments across the portfolio;
Previous wording
$1.2 million increase from the acquisitions of other operating properties and development properties; offset by
Current wording
$2.4 million increase from the acquisitions of other operating properties and development properties; and
Previous wording
General and administrative costs increased by $3.7 million, mainly due to the following:
Current wording
General and administrative costs decreased by $2.1 million, mainly due to the following:
Previous wording
$0.5 million increase due to changes in the value of participant obligations within the deferred compensation plan, which were attributable to increases in the market values of those investments recognized in Net investment income; partially offset by
Current wording
$2.0 million decrease due to changes in the fair value of participant obligations within the deferred compensation plan, which were attributable to changes in the fair values of those investments recognized in Net investment income; partially offset by
Previous wording
$6.9 million increase in compensation costs primarily driven by salary increases and performance-based incentive compensation;
Current wording
$5.4 million increase in compensation costs primarily driven by performance-based incentive compensation; and
Previous wording
$1.6 million increase primarily attributable to higher costs in technology related spending and professional fees;
Current wording
$3.0 million increase primarily attributable to higher costs in business promotion, charitable contributions, professional fees and other general and administrative expenses.
Previous wording
Interest expense, net increased by $25.9 million primarily due to the following:
Current wording
Interest expense, net increased by $19.4 million primarily due to the following:
Showing the first 40 of 106 pairs. Open the source sections for the rest.
Rearranged current paragraphs (9)
Current report — wording carried from elsewhere
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Current report — wording carried from elsewhere
Equity in income of investments in real estate partnerships increased by $83.2 million due to:
Current report — wording carried from elsewhere
While future dividends on shares of our common stock will be determined at the discretion of our Board of Directors, we plan to continue paying an aggregate amount of distributions to our stock and unit holders that, at a minimum, meet the requirements to continue qualifying as a REIT for federal income tax purposes.
Current report — wording carried from elsewhere
Purchase of investment securities and proceeds from sale of investment securities pertain to investment activities held in our captive insurance company and our deferred compensation plan, as well as:
Current report — wording carried from elsewhere
During 2025, we invested approximately $90 million in commercial time deposits with proceeds received from the 2025 Notes. These commercial deposits were subsequently settled at maturity during the third and fourth quarters of 2025.
Current report — wording carried from elsewhere
We paid $3.8 million in loan costs relating to the unsecured public debt offering.
Current report — wording carried from elsewhere
We repaid $250.0 million in unsecured public debt,
Current report — wording carried from elsewhere
We received $722.9 million from issuing unsecured public debt
Current report — wording carried from elsewhere
$131.3 million for repaying three mortgage loans at maturity, and
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
$9.5 million increase in Straight-line rent mainly due to: