REGENCY CENTERS CORP
For the period ended Mar 31, 2026. Filed May 4, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 4, 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-Q
Period ended 2025-09-30; filed 2025-11-05.
0001193125-25-266456
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-04.
0001193125-26-203537
Item 2. 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 346 previous paragraphs and 260 current paragraphs.
136 unchanged; 102 reworded; 20 added; 82 removed; 26 previous and 2 current paragraphs rearranged.
Tables are not compared: 29 previous and 25 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 (20)
Current report
the Company’s stock,
Current report
Same property NOI includes revenues and operating expenses associated with these properties but excludes items that are not indicative of ongoing operating performance. These include, without limitation, termination fees, as well as corporate-level expenses, financing costs, and other non-operating items.
Current report
On February 18, 2026, the Company issued $450 million aggregate principal amount of senior unsecured notes due 2033 (the “2026 Notes”). The 2026 Notes were issued at 99.376% of par and bear interest at a rate of 4.50% per annum. The net proceeds were used to reduce the outstanding balance on the Line, and the remaining proceeds are expected to be used for the repayment of $100 million of 3.81% unsecured public debt due May 11, 2026, upon its maturity, as well as for general corporate purposes.
Current report
The success of the Company's tenants in operating their businesses and their corresponding ability to pay rent may be influenced by evolving political, economic, trade, tax and immigration policies and macroeconomic uncertainty, and the success of the Company's tenants, in the aggregate, is important to the operating and financial success of the Company. These include, without limitation, changes in trade and tariff policies (as well as potential trade disputes and retaliatory actions by other countries), entry into and termination of treaties and trade agreements, and economic sanctions. Additionally, geopolitical and macroeconomic challenges, including the wars involving Russia and Ukraine, the U.S. and Iran, other conflicts and instability in the Middle East and in other parts of the world, and economic conflicts with China, as well as the slowing of its economy, could impact aspects of the U.S. economy and, therefore, consumer confidence and spending.
Current report
Lease income increased by $31.5 million primarily due to the following:
Current report
$1.2 million decrease in Above / below market rent amortization, net primarily driven by accelerated amortization recognized in the prior year related to early tenant move-outs.
Current report
Depreciation and amortization increased by $9.6 million mainly due to the following:
Current report
$7.0 million increase from operating properties acquired and development properties placed in service during the period; and
Current report
$2.6 million increase from same properties primarily driven by redevelopment activities.
Current report
$1.1 million decrease attributable to higher property damage costs incurred in the prior period; and
Current report
Equity in income of investments in real estate partnerships increased by $7.9 million mainly due to $6.2 million in gains on partial real estate sales recognized at unconsolidated real estate partnerships during the current period, as well as a $1.8 million increase mainly driven by a gain recognized at an unconsolidated real estate partnership related to the Company’s acquisition of an operating property from that partnership.
Current report
Includes revenues and expenses attributable to Non-Same Property, Property in Development, termination fees, corporate activities, and noncontrolling interests.
Current report
On February 18, 2026, the Company issued $450 million aggregate principal amount of senior unsecured notes due 2033. The 2026 Notes were issued at 99.376% of par and bear interest at a rate of 4.50% per annum. The net proceeds were used to reduce the outstanding balance on the Line, and the remaining proceeds are expected to be used for the repayment of $100 million of 3.81% unsecured private placement debt due May 11, 2026, upon its maturity, as well as for general corporate purposes.
Current report
Net cash provided by operating activities decreased $8.3 million primarily due to the increase in prepaid insurance and timing of real estate tax payments and tenant receipts.
Current report
We sold two land parcels in 2026 for net proceeds of $11.8 million.
Current report
We received property insurance claim proceeds of $3.3 million in 2026.
Current report
We acquired one property for redevelopment in 2026.
Current report
We paid $150.4 million more in dividends and exchangeable operating partnership unit distributions during the three months ended March 31, 2026, of which $12.4 million was attributable to an increase in our dividend rate per share and the number of shares of our common stock and operating partnership units outstanding. The remaining $138.0 million increase was due to pre-funding of the April 1, 2026 dividend, which was funded on March 31, 2026 in accordance with the required cash settlement timing with our transfer agent.
Current report
We drew a net $200.0 million on our Line,
Current report
Effective January 1, 2026, the Company purchased its partner's ownership interest in a property held within this unconsolidated real estate partnership. Upon acquisition, this property was consolidated into Regency's financial statements.
Removed paragraphs (82)
Previous report
the Company’s stock price.
Previous report
Implement resiliency and governance practices through our Corporate Responsibility program to support and enhance our business goals and objectives.
Previous report
During the nine months ended September 30, 2025:
Previous 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 "2025 Notes").
Previous report
In July 2025, in connection with 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.
Previous report
The Company settled forward sales agreements entered into during 2024 under its ATM program as follows:
Previous report
In August 2025, the Company issued 673,172 shares of common stock and received $49.2 million of net proceeds.
Previous report
Subsequent to quarter end, 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.
Previous report
Subsequent to quarter end, on October 1, 2025, the Company received a property distribution from its Regency-GRI real estate 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 approximately $113 million, and 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 other partner.
Previous report
We recognize that current economic conditions including, but not limited to, the potential impacts of tariffs and trade deals, inflation, cost and availability of labor, including potential labor shortages related to deportations or threat of deportations, increasing energy prices and interest rates, supply chain disruptions, access to and cost of credit, and new tax and regulatory changes have introduced additional macroeconomic uncertainty. These economic conditions could place further financial strain on retailers by raising costs and compressing margins. 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.
Previous report
Total lease income increased by $28.7 million primarily due to the following:
Previous report
$18.8 million increase from billable Base rent, mainly from the following:
Previous report
$12.2 million net increase from same properties, including:
Previous report
$4.3 million increase due to redevelopment projects becoming operational; and
Previous report
Other property income decreased by $1.4 million primarily due to the business interruption insurance proceeds received in the comparative prior period.
Previous report
Depreciation and amortization costs increased by $1.8 million, mainly due to the following:
Previous report
$5.2 million increase from acquisitions of operating properties and development properties becoming available for occupancy, partially offset by
Previous report
$3.4 million decrease from same properties mainly driven by acquired lease intangibles becoming fully amortized.
Previous report
Property operating expense increased by $5.0 million, mainly due to higher recoverable common area maintenance, management fees and utility costs at same properties.
Previous report
$0.7 million increase primarily attributable to higher technology costs and professional fees.
Previous report
$2.6 million decrease in Interest on unsecured credit facilities primarily due to carrying a lower weighted average outstanding balance under our Line in 2025 as compared to 2024; and
Previous report
Provision for impairment of real estate, net of tax of $3.4 million was recognized in the three months ended September 30, 2025 related to dispositions of three operating properties.
Previous report
Equity in income of investments in real estate partnerships increased by $1.6 million mainly due to a sale of one outparcel at a property held in an unconsolidated real estate partnership.
Previous report
Income attributable to noncontrolling interests increased by $1.1 million, mainly due to issuance of 2.8 million exchangeable operating partnership units to unrelated third-party sellers for acquisition of five properties in July 2025.
Previous report
Net income attributable to exchangeable operating partnership units increased by $1.1 million, mainly due to the same acquisition of five properties discussed above.
Previous report
Results of Operations
Previous report
Comparison of the nine months ended September 30, 2025 and 2024:
Previous report
Lease income increased by $67.9 million primarily due to the following:
Previous report
$0.8 million increase attributable to property damage losses; partially offset by
Previous report
General and administrative costs decreased by $1.3 million mainly due to the following:
Previous report
$4.8 million decrease due to higher overhead capitalization resulting from increased development and redevelopment activity;
Previous report
Other operating expenses decreased by $4.0 million, mainly due to the $7.1 million of transition costs incurred in 2024 related to the UBP acquisition, partially offset by $3.1 million increase in environmental reserve costs and development pursuit costs.
Previous report
Provision for impairment of real estate, net of tax of $4.6 million was recognized during the nine months ended September 30, 2025 related to the sale of five operating properties.
Previous report
During the nine months ended September 30, 2025, we recognized gains on sale of real estate, net of tax of $6.0 million primarily from the sale of an operating property and an outparcel. During the nine months ended September 30, 2024, we recognized gains on sale of real estate, net of tax of $33.8 million primarily from the sale of four operating properties and recognition of two sales-type leases.
Previous report
There were no significant changes in Loss on early extinguishments of debt.
Previous report
Equity in income of investments in real estate partnerships increased by $5.6 million mainly due to increases in operating income driven from increased occupancy and positive rental spreads on new and renewal leases, and a sale of one outparcel at a property held in unconsolidated real estate partnerships.
Previous report
Income attributable to noncontrolling interests increased by $0.6 million, primarily due to $1.1 million increase associated with the issuance of 2.8 million exchangeable operating partnership units to unrelated third-party sellers in connection with the acquisition of five properties in July 2025, partially offset by a $0.5 million decrease in net income from other consolidated real estate partnerships.
Previous report
Other property income decreased by $1.6 million during the three months ended September 30, 2025, due to an increase in business interruption insurance proceeds received in the comparative prior period.
Previous 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 intended use of the net proceeds includes (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 it's maturity and (iii) for general corporate purposes, which may include the future repayment of other outstanding debt. Pending the maturity of the November 2025 unsecured public debt, we also temporarily invested a portion of the proceeds in commercial time deposits.
Previous report
On August 5, 2025, the Board:
Showing the first 40 of 82 passages. Open the source sections for the rest.
Reworded paragraphs (102)
Previous wording
Core Operating Earningsis an additional performance measure we use because the computation of Nareit Funds from Operations ("Nareit FFO") includes certain non-comparable items that affect our period-over-period performance. Core Operating Earnings excludes from Nareit FFO: (i) transaction related income or expenses, (ii) gains or losses from the early extinguishment of debt, (iii) certain non-cash components of earnings derived from straight-line rents, above and below market rent amortization, and debt and derivative mark-to-market amortization, and (iv) other amounts as they occur.
Current wording
Core Operating Earningsis an additional non-GAAP performance measure that adjusts Nareit Funds from Operations ("Nareit FFO") to exclude certain non-cash and other items that impact the comparability of the Company's period-over-period performance. Core Operating Earnings excludes from Nareit FFO: (i) certain income or expenses related to non-comparable events and transactions; (ii) gains or losses from the early extinguishment of debt; (iii) certain non-cash items derived from straight-line rents, above and below market rent amortization, and debt and derivative mark-to-market amortization, and (iv) other non-cash or non-comparable amounts as they occur.
Previous wording
The Pro-rata information is prepared on a basis consistent with the comparable consolidated amounts and is intended to more accurately reflect our proportionate economic interest in the assets, liabilities, and operating results of properties in our portfolio. We do not control the unconsolidated real estate partnerships, and the Pro-rata presentations of the assets and liabilities, and revenues and expenses do not represent our legal claim to such items. The partners are entitled to profit or loss allocations and distributions of cash flows according to the operating agreements, which generally provide for such allocations according to their invested capital. Our share of invested capital establishes the ownership interests we use to prepare our Pro-rata share.
Current wording
The Pro-rata information is prepared on a basis consistent with the comparable consolidated amounts and is intended to more accurately reflect our proportionate economic interest in the assets, liabilities, and operating results of properties in our portfolio. We do not control the unconsolidated real estate investment partnerships, and the Pro-rata presentations of the assets and liabilities, and revenues and expenses do not represent our legal claim to such items. The partners are entitled to profit or loss allocations and distributions of cash flows according to the operating agreements, which generally provide for such allocations according to their invested capital. Our share of invested capital establishes the ownership interests we use to prepare our Pro-rata share.
Previous wording
Pro-rata Same Property NOI is a key non-GAAP financial measure commonly used by REITs to evaluate operating performance. It is calculated on a proportionate ownership basis for properties held during the comparable reporting periods, excluding revenue and expenses related to non-same properties during the periods.
Current wording
Same Property NOI is a key non-GAAP financial measure commonly used by REITs to evaluate operating performance. It is calculated on a Pro-rata ownership basis for properties owned and operated for the entirety of both the current and prior comparable reporting periods.
Previous wording
Management believes this measure provides investors with a useful and consistent comparison of the Company’s operating performance and trends. Management uses Pro-rata Same Property NOI as a supplemental measure to assess property-level performance, excluding the effects of corporate-level expenses, financing costs, and non-operating activities. This measure allows investors to evaluate trends in revenue and expense growth for properties that have been consistently operated during the periods.
Current wording
Management believes this measure provides investors with a useful and consistent comparison of the Company’s operating performance and trends. Management uses Same Property NOI as a supplemental measure to assess property-level performance and to compare the performance of its stabilized property portfolio across reporting periods. This measure allows investors to evaluate trends in revenue and expense growth for properties that have been consistently operated during the periods.
Previous wording
Anchor Spaceis a space equal to or greater than 10,000 SF.
Current wording
Anchor Spaceis space equal to or greater than 10,000 square feet in a Retail Operating Property.
Previous wording
Shop Space is a space under 10,000 SF.
Current wording
Shop Space is space under 10,000 square feet in a Retail Operating Property.
Previous wording
We are a preeminent national owner, operator, and developer of neighborhood and community shopping centers predominantly located in suburban trade areas with compelling demographics. As of September 30, 2025, we had full or partial ownership interests in 485 retail properties. Our properties are high-quality neighborhood and community shopping centers primarily anchored by market leading grocers and principally located in suburban markets within the country's most desirable metro areas, and contain approximately 58.6 million square feet ("SF") of gross leasable area ("GLA"). Our mission is to create thriving environments for retailers and service providers to connect with surrounding neighborhoods and communities. Our vision is to elevate quality of life as an integral thread in the fabric of our communities. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect with their neighborhoods, communities, and customers.
Current wording
We are a preeminent national owner, operator, and developer of neighborhood and community shopping centers predominantly located in suburban trade areas with compelling demographics. As of March 31, 2026, we had full or partial ownership interests in 481 retail properties. Our properties are high-quality neighborhood and community shopping centers primarily anchored by market leading grocers and principally located in suburban markets within the country's most desirable metro areas, and contain approximately 58.5 million square feet ("SF") of gross leasable area ("GLA"). Our mission is to create thriving environments for retailers and service providers to connect with surrounding neighborhoods and communities. Our vision is to elevate quality of life as an integral thread in the fabric of our communities. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect with their neighborhoods, communities, and customers.
Previous wording
Maintain an industry leading, disciplined development and redevelopment platform to create exceptional retail centers that deliver favorable returns;
Current wording
Maintain an industry leading, disciplined development and redevelopment platform to create exceptional retail centers that deliver favorable returns; and
Previous wording
Support our business activities with a conservative capital structure, including a strong balance sheet with sufficient liquidity to meet our capital needs together with a carefully constructed debt maturity profile; and
Current wording
Support our business activities with a conservative capital structure, including a strong balance sheet with sufficient liquidity to meet our capital needs together with a carefully constructed debt maturity profile.
Previous wording
During the nine months ended September 30, 2025, we had Net income attributable to common shareholders of $314.7 million as compared to $303.7 million during the nine months ended September 30, 2024.
Current wording
During the three months ended March 31, 2026, we had Net income attributable to common shareholders of $125.1 million as compared to $106.2 million during the three months ended March 31, 2025.
Previous wording
Our Pro-rata same property NOI, excluding termination fees, grew 5.5%, as compared to the nine months ended September 30, 2024, 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 comparable new and renewal leases.
Current wording
Our Same property NOI grew 4.4%, as compared to the three months ended March 31, 2025, 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 1,418 new and renewal leasing transactions representing 5.3 million Pro-rata SF with positive rent spreads of 10.4% during the nine months ended September 30, 2025, compared to 1,503 leasing transactions representing 6.3 million Pro-rata SF with positive rent spreads of 9.0% during the nine months ended September 30, 2024. 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 444 new and renewal leasing transactions representing 1.6 million Pro-rata SF with positive rent spreads of 12.1% during the three months ended March 31, 2026, compared to 450 leasing transactions representing 1.4 million Pro-rata SF with positive rent spreads of 8.1% during the three months ended March 31, 2025. 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 September 30, 2025, December 31, 2024, and September 30, 2024, our total property portfolio was 96.0%, 96.3%, and 95.6% leased, respectively. At September 30, 2025, December 31, 2024, and September 30, 2024 our same property portfolio was 96.4%, 96.7%, and 96.0% leased, respectively.
Current wording
At March 31, 2026, December 31, 2025, and March 31, 2025, our total property portfolio was 96.2%, 96.1%, and 96.3% leased, respectively. At March 31, 2026, December 31, 2025, and March 31, 2025 our same property portfolio was 96.6%, 96.5%, and 96.6% leased, respectively.
Previous wording
Estimated Pro-rata project costs of our current in process development and redevelopment projects totaled $668.1 million at September 30, 2025, compared to $497.3 million at December 31, 2024.
Current wording
Estimated Pro-rata project costs of our current in process development and redevelopment projects totaled $634.8 million at March 31, 2026, compared to $597.4 million at December 31, 2025.
Previous wording
Development and redevelopment projects completed during the nine months ended September 30, 2025 represented $48.4 million of estimated net project costs, with an average stabilized yield of 14.3%. 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 the three months ended March 31, 2026 represented $42.0 million of estimated net project costs, with an average stabilized yield of 7.9%. 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 maintained 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
In February 2025, we received a credit rating upgrade to A- with a stable outlook from S&P Global Ratings.
Current wording
We maintain a credit rating A- with a stable outlook from S&P Global Ratings, and an A3 rating with a stable outlook from Moody's Investors Service.
Previous wording
We have $646.3 million of loans maturing during the next 12 months, of which, $250 million was repaid upon maturity on November 3, 2025, and 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 March 31, 2026, we had $1.0 billion 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.
Previous wording
At September 30, 2025, we had $1.46 billion available on the Line, which expires on March 23, 2028 unless we exercise the available options to extend the expiration for either or both of two additional consecutive six-month periods, in which case the term will be extended in accordance with any such option exercise.
Current wording
At March 31, 2026, we had $1.46 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 for the nine months ended September 30, 2025 is $41.39 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 $36.91 PSF. New and renewal rent spreads, compared to prior rents on these same spaces leased, were positive at 10.4% for the nine months ended September 30, 2025, compared to 9.0% for the nine months ended September 30, 2024.
Current wording
The weighted-average base rent PSF on signed Shop Space leases for the three months ended March 31, 2026 is $41.20 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 $37.82 PSF. New and renewal rent spreads, compared to prior rents on these same spaces leased, were positive at 12.1% for the three months ended March 31, 2026, compared to 8.1% for the three months ended March 31, 2025.
Previous wording
We seek to reduce our risk by limiting dependence on any single tenant. Based on percentage of annualized base rent, the following table summarizes our most significant tenants, of which four of the top five are grocers:
Current wording
We seek to reduce our risk by limiting dependence on any single property, market, or tenant. Based on percentage of annualized base rent, the following table summarizes our most significant tenants, of which four of the top five are grocers:
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. At September 30, 2025, the tenants who are currently in bankruptcy and which continue to occupy space in our shopping centers represent an aggregate of 0.2% of our 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. At March 31, 2026, the tenants who are currently in bankruptcy and continue to occupy space in our shopping centers represent an aggregate of 0.4% of our Pro-rata annual base rent.
Previous wording
$42.1 million increase in Base rent, mainly driven by the following:
Current wording
$20.6 million increase in Base rent, mainly driven by the following:
Previous wording
$32.7 million increase resulting from same properties, including:
Current wording
$11.6 million increase resulting from same properties, including:
Previous wording
$20.4 million increase due to increases from occupancy, contractual rent steps in existing leases, and positive rental spreads on new and renewal leases;
Current wording
$5.0 million increase due to increases from occupancy, contractual rent steps in existing leases, and positive rental spreads on new and renewal leases;
Previous wording
$9.8 million increase due to redevelopment projects that commenced operations; and
Current wording
$4.1 million increase due to redevelopment projects that commenced operations; and
Previous wording
$2.5 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 wording
$2.5 million increase related to the acquisitions of the remaining ownership interests in and resulting consolidation of properties previously held in unconsolidated real estate partnerships;
Previous wording
$5.9 million increase from acquisitions of operating properties in 2025 as compared to 2024 activity; and
Current wording
$7.1 million increase from acquisitions of operating properties in 2026 as compared to 2025 activity; and
Previous wording
$1.2 million increase from rent commencements at completed development properties; partially offset by
Current wording
$3.4 million increase from rent commencements at completed development properties; partially offset by
Previous wording
$0.5 million decrease due to dispositions of operating properties.
Current wording
$1.5 million decrease due to dispositions of operating properties.
Previous wording
$7.6 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:
Current wording
$11.8 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
$17.5 million increase primarily due to higher operating costs and higher recovery rates due to increased occupancy in the current year; and
Current wording
$9.5 million increase primarily driven by higher operating costs and higher recovery rates due to increased occupancy in the current year; and
Previous wording
$3.7 million increase driven by the acquisition of operating properties in 2025 as compared to 2024, and lease commencements at development properties; partially offset by
Current wording
$2.9 million increase driven by the acquisition of operating properties in 2026 as compared to 2025, and rent commencements at development properties; partially offset by
Previous wording
$0.4 million decrease due to disposition of operating properties.
Current wording
$0.6 million decrease due to disposition of operating properties.
Previous wording
$1.5 million decrease in Uncollectible lease income primarily driven by higher collection rates in the current period.
Current wording
$1.1 million increase in Uncollectible lease income primarily driven by lower collections rates in the current period resulting in increased levels of uncollectible lease income.
Previous wording
$1.4 million increase in Other lease income mainly due to increase in lease termination fee income.
Current wording
$1.7 million increase in Other lease income mainly due to increase in lease assignment fee income.
Previous wording
$1.6 million increase in Straight-line rent mainly due to timing and degree of contractual rent steps and new lease commencements.
Current wording
$1.1 million decrease in Straight-line rent mainly due to timing and degree of contractual rent steps and new lease commencements.
Previous wording
Property operating expense increased by $11.4 million, mainly due to the following:
Current wording
Property operating expense increased by $4.8 million, mainly due to the following:
Previous wording
$8.4 million increase from same properties primarily due to higher recoverable common area maintenance, management and utility expenses;
Current wording
$4.5 million increase from same properties primarily due to higher recoverable common area maintenance and other tenant-related costs; and
Previous wording
$2.6 million increase in acquisitions of operating properties and development properties;
Current wording
$2.3 million increase in acquisitions of operating properties and development properties; partially offset by
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Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
During the three months ended March 31, 2026:
Current report — wording carried from elsewhere
Net cash (used in) provided by financing activities:
Rearranged previous paragraphs (26)
Previous report — wording carried elsewhere
$6.8 million net increase due to increases from occupancy, contractual rent steps in existing leases, and positive rental spreads on new and renewal leases;
Previous report — wording carried elsewhere
$1.1 million increase related to our acquisitions of the remaining ownership interests in and resulting consolidation of operating properties previously held in unconsolidated real estate partnerships;
Previous report — wording carried elsewhere
$5.8 million increase primarily due to higher reimbursable operating costs and higher recovery rates due to increased occupancy in the current quarter; and
Previous report — wording carried elsewhere
$1.8 million increase driven by the acquisitions of operating properties in 2025 as compared to 2024, and rent commencements at development properties.
Previous report — wording carried elsewhere
There were no significant changes in Management, transaction, and other fees.
Previous report — wording carried elsewhere
Real estate taxes increased by $1.4 million, mainly due to the acquisitions of operating properties in 2025 as compared to 2024 and increases in real estate tax assessments across the same property portfolio.
Previous report — wording carried elsewhere
Net investment income increased by $1.2 million primarily driven by market volatility during the current period, including a $1.3 million increase in fair values on investments held in the non-qualified deferred compensation plan partially offset by a $0.1 million decrease in returns related to other corporate investments.
Previous report — wording carried elsewhere
Changes in revenues are summarized in the following table:
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$8.8 million increase from acquisitions of operating properties in 2025 as compared to 2024 activity; and
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$3.0 million increase from rent commencements at completed development properties; partially offset by
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$2.4 million decrease due to dispositions of operating properties.
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$20.8 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:
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$3.3 million increase in Straight-line rent mainly due to timing and degree of contractual rent steps and new lease commencements.
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Changes in our operating expenses are summarized in the following table:
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$1.7 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
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Changes in Other expense, net are summarized in the following table:
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Interest expense, net increased by $16.5 million primarily due to the following:
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$15.6 million increase in Interest on notes payable is primarily due to new net public debt issuances in 2025 and 2024;
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$2.5 million change in Capitalized interest is based on the timing and progress of our development and redevelopment projects.
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The following represents the remaining components that comprise Net income attributable to common shareholders and unit holders:
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There were no significant changes in Preferred stock dividends.
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Net cash provided by operating activities increased $24.9 million due to:
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Net cash used in financing activities:
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$722.9 million from issuing unsecured public debt and
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$12.0 million from a mortgage refinancing, o
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We repaid a net $122.0 million on our Line,