REGENCY CENTERS CORP
For the period ended Jun 30, 2026. Filed Aug 3, 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.
Jun 30, 2026 · Filed Aug 3, 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 2026-03-31; filed 2026-05-04.
0001193125-26-203537
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-03.
0001193125-26-330021
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 260 previous paragraphs and 306 current paragraphs.
166 unchanged; 78 reworded; 35 added; 13 removed; 3 previous and 27 current paragraphs rearranged.
Tables are not compared: 25 previous and 29 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 (35)
Current report
During the six months ended June 30, 2026:
Current report
Total lease income increased by $33.7 million primarily due to the following:
Current report
$12.3 million net increase from same properties, including:
Current report
$3.7 million increase due to redevelopment projects commencing operations; and
Current report
$3.5 million increase from same properties primarily driven by redevelopment projects placed in service.
Current report
$4.4 million increase primarily from operating property acquisitions and development properties; partially offset by
Current report
$0.7 million decrease due to dispositions of operating properties.
Current report
$1.6 million increase in compensation expense driven by salaries and benefits;
Current report
$1.9 million decrease in Interest on unsecured credit facilities primarily due to carrying a lower weighted average outstanding balance under our Line in 2026 as compared to 2025.
Current report
Results of Operations
Current report
Comparison of the six months ended June 30, 2026 and 2025:
Current report
Lease income increased by $65.2 million primarily due to the following:
Current report
$3.0 million decrease due to dispositions of operating properties.
Current report
$11.0 million increase from same properties primarily reflecting higher recoverable common area maintenance and other tenant-related operating costs; and
Current report
$11.7 million increase in Interest on notes payable primarily due to net increase in public debt at higher interest rates than previously outstanding notes; partially offset by
Current report
$2.3 million decrease in Interest on unsecured credit facilities primarily due to carrying a lower weighted average outstanding balance under our Line in 2026 as compared to 2025.
Current report
Other lease income increased by $2.0 million during the six months ended June 30, 2026, due to an increase in lease assignment fee income.
Current report
Includes the impact of uncollectible straight-line rent of $0.9 million and $0.7 million for the three months ended June 30, 2026 and 2025, respectively, and $3.1 million and $1.1 million for six months ended June 30, 2026 and 2025, respectively.
Current report
$28.6 million increase in cash from operations due to the timing of receipts and payments
Current report
$0.4 million increase in operating cash flow distributions from Investments in real estate partnerships.
Current report
Purchase of investment securities and proceeds from sale of investment securities pertaining to investment activities held in our captive insurance company and our deferred compensation plan, as well as:
Current report
o
Current report
During 2025, we invested approximately $90 million in commercial time deposits with proceeds received from the May 2025 public offering of senior unsecured notes. These commercial time deposits were subsequently settled at maturity during the third and fourth quarters of 2025.
Current report
During 2025, we paid $2.0 million for the redemption of exchangeable operating partnership units.
Current report
o
Current report
We repaid $100.0 million in unsecured private placement debt,
Current report
o
Current report
o
Current report
o
Current report
o
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Removed paragraphs (13)
Previous report
Lease income increased by $31.5 million primarily due to the following:
Previous report
$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 report
$1.1 million decrease in Straight-line rent mainly due to timing and degree of contractual rent steps and new lease commencements.
Previous 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.
Previous report
There were no significant changes in Other property income, and Management, transaction, and other fees.
Previous report
$1.1 million decrease attributable to higher property damage costs incurred in the prior period; and
Previous report
There were no significant changes in Other operating expenses.
Previous report
$0.6 million increase in Capitalized interest based on the timing and progress of our development and redevelopment projects; and
Previous report
$0.6 million increase in Interest income primarily due to maintaining higher levels of excess cash in short term investments in the current period.
Previous report
There was no change in Preferred stock dividends.
Previous report
Uncollectible lease income increased by $1.0 million during the three months ended March 31, 2026, primarily driven by lower collection rates in the current period resulting in increased levels of uncollectible lease income.
Previous 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.
Previous report
We drew a net $200.0 million on our Line,
Reworded paragraphs (78)
Previous wording
Net Operating Income ("NOI") is the sum of base rent, percentage rent, termination fee income, tenant recoveries, other lease income, and other property income, less operating and maintenance expenses, real estate taxes, ground rent, termination expense, and uncollectible lease income. NOI excludes straight-line rental income and expense, above and below market rent and ground rent amortization, tenant lease inducement amortization, and other fees. We also provide disclosure of NOI excluding termination fees, which excludes both termination fee income and expenses.
Current wording
Net Operating Income ("NOI") is the sum of base rent, percentage rent, termination fee income, tenant recoveries, other lease income, and other property income, less operating and maintenance expenses, real estate taxes, ground rent, termination expense, and uncollectible lease income. NOI excludes straight-line rental income and expense, above and below market rent and ground rent amortization, tenant lease inducement amortization, and other fees.
Previous wording
Redevelopment Completion is a Property in Redevelopment that is deemed complete upon the earlier of: (i) 90% of total estimated project costs have been incurred and percent leased equals or exceeds 95% for the Company owned GLA related to the project, or (ii) the property features at least two years of anchor operations, if applicable.
Current wording
Redevelopment Completion is a Property in Redevelopment that is deemed complete upon the earlier of: (i) 90% of total estimated project costs have been incurred and percent leased equals or exceeds 95% for the Company owned gross leasable area ("GLA") related to the project, or (ii) the property features at least two years of anchor operations, if applicable.
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 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.
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 June 30, 2026, we had full or partial ownership interests in 482 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 58.8 million square feet ("SF") of 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
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.
Current wording
During the six months ended June 30, 2026, we had Net income attributable to common shareholders of $237.5 million as compared to $208.8 million during the six months ended June 30, 2025.
Previous 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.
Current wording
Our Same property NOI grew 4.1%, as compared to the six months ended June 30, 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 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.
Current wording
We executed 933 new and renewal leasing transactions representing 3.9 million Pro-rata SF with positive rent spreads of 11.2% during the six months ended June 30, 2026, compared to 944 leasing transactions representing 3.2 million Pro-rata SF with positive rent spreads of 9.1% during the six months ended June 30, 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 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.
Current wording
At June 30, 2026, December 31, 2025, and June 30, 2025, our total property portfolio was 96.5%, 96.1%, and 96.2% leased, respectively. At June 30, 2026, December 31, 2025, and June 30, 2025 our same property portfolio was 96.9%, 96.5%, and 96.5% leased, respectively.
Previous 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.
Current wording
Development and redevelopment projects completed during the six months ended June 30, 2026 represented $62.6 million of estimated net project costs, with an average stabilized yield of 9.6%. 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
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.
Current wording
Estimated Pro-rata project costs of our current in process development and redevelopment projects totaled $679.7 million at June 30, 2026, compared to $597.4 million at December 31, 2025.
Previous wording
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 wording
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 were used for the repayment of $100 million of 3.81% unsecured private placement notes due May 11, 2026, upon its maturity, as well as for general corporate purposes.
Previous 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.
Current wording
As of June 30, 2026, we had $933.2 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.
Previous wording
Refer to the Estimated Risks and Uncertainties section in Note 1 — Organization and Significant Accounting Policies, as these risks and uncertainties could have a material impact on future results of operations and trends.
Current wording
Refer to the Estimates, Risks and Uncertainties section in Note 1 — Organization and Significant Accounting Policies, as these risks and uncertainties could have a material impact on future results of operations and trends.
Previous 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.
Current wording
The weighted-average base rent PSF on signed Shop Space leases for the six months ended June 30, 2026 is $41.29 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 $39.48 PSF. New and renewal rent spreads, compared to prior rents on these same spaces leased, were positive at 11.2% for the six months ended June 30, 2026, compared to 9.1% for the six months ended June 30, 2025.
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.
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 disposable income.
Previous wording
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 wording
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, as well as global economic conflicts. Additionally, geopolitical and macroeconomic challenges, including the war involving Russia and Ukraine, and conflicts in the Middle East involving the U.S. and its allies, Iran and its allies, and Israel, could adversely impact aspects of the U.S. economy and, therefore, consumer confidence and spending.
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 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.
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 June 30, 2026, the tenants who are currently in bankruptcy and continue to occupy space in our shopping centers represent an aggregate of 0.2% of our Pro-rata annual base rent.
Previous 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;
Current wording
$2.5 million increase related to the acquisitions of remaining ownership interests, resulting in consolidation of properties previously held in unconsolidated real estate partnerships;
Previous wording
$3.4 million increase from rent commencements at completed development properties; partially offset by
Current wording
$4.8 million increase from rent commencements at completed development properties; partially offset by
Previous wording
$9.5 million increase primarily driven by higher operating costs and higher recovery rates due to increased occupancy in the current year; and
Current wording
$8.8 million increase primarily driven by higher recoverable operating expenses and higher recovery rates resulting from increased occupancy in the current year and
Previous 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
Current wording
$3.9 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
Depreciation and amortization increased by $9.6 million mainly due to the following:
Current wording
Depreciation and amortization increased by $9.3 million, mainly due to the following:
Previous wording
$7.0 million increase from operating properties acquired and development properties placed in service during the period; and
Current wording
$5.7 million increase from operating properties acquired and development properties placed in service during the period; and
Previous wording
Property operating expense increased by $4.8 million, mainly due to the following:
Current wording
Property operating expense increased by $10.2 million, mainly due to the following:
Previous wording
$4.5 million increase from same properties primarily due to higher recoverable common area maintenance and other tenant-related costs; and
Current wording
$6.5 million increase from same properties primarily due to higher recoverable common area maintenance and other tenant-related expenses; and
Previous wording
General and administrative costs increased by $4.0 million mainly due to the following:
Current wording
General and administrative costs increased by $2.1 million, mainly due to the following:
Previous wording
$0.9 million increase primarily attributable to higher costs in communication, professional fees and other general and administrative expenses.
Current wording
$1.1 million decrease primarily attributable to lower expenses in communication, professional fees and other general and administrative expenses.
Previous wording
Interest expense, net increased by $4.2 million primarily due to the following:
Current wording
Interest expense, net, increased by $3.3 million primarily due to the following:
Previous wording
$6.0 million increase in Interest on notes payable primarily due to new net public debt issuances subsequent to the prior year period; partially offset by
Current wording
$5.7 million increase in Interest on notes payable primarily due to net increase in public debt at higher interest rates than previously outstanding notes; partially offset by
Previous wording
Net investment (income) loss changed by $1.5 million from $0.8 million in net investment loss in 2025 to $0.7 million in net investment income in 2026 primarily driven by market volatility during the current period, including a $1.3 million increase in returns on investments held in the non-qualified deferred compensation plan and a $0.2 million increase in returns related to other corporate investments.
Current wording
Net investment income increased by $1.9 million primarily driven by market volatility, including a $1.6 million increase in returns on investments held in the non-qualified deferred compensation plan and a $0.3 million increase in returns related to other corporate investments.
Previous wording
$20.6 million increase in Base rent, mainly driven by the following:
Current wording
$42.5 million increase in Base rent, mainly driven by the following:
Previous wording
$11.6 million increase resulting from same properties, including:
Current wording
$23.9 million increase resulting from same properties, including:
Previous 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;
Current wording
$11.0 million increase due to increases from occupancy, contractual rent steps in existing leases, and positive rental spreads on new and renewal leases;
Previous wording
$4.1 million increase due to redevelopment projects that commenced operations; and
Current wording
$7.8 million increase due to redevelopment projects that commenced operations; and
Previous wording
$7.1 million increase from acquisitions of operating properties in 2026 as compared to 2025 activity; and
Current wording
$13.0 million increase from acquisitions of operating properties in 2026 as compared to 2025 activity; and
Previous 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:
Current wording
$23.8 million increase from contractual Recoveries from tenants, which represent their proportionate share of the operating, maintenance, insurance, and real estate tax expenses incurred to operate our shopping centers. Recoveries from tenants increased, mainly from the following:
Previous wording
$0.6 million decrease due to disposition of operating properties.
Current wording
$1.3 million decrease due to disposition of operating properties.
Previous wording
$1.7 million increase in Other lease income mainly due to increase in lease assignment fee income.
Current wording
$2.6 million increase in Other lease income mainly due to an increase in lease assignment fee income and termination fee income.
Previous wording
$2.6 million increase from same properties primarily driven by redevelopment activities.
Current wording
$6.3 million increase from same properties primarily driven by redevelopment activities.
Previous wording
$2.3 million increase in acquisitions of operating properties and development properties; partially offset by
Current wording
$5.6 million increase in acquisitions of operating properties and development properties placed in service; partially offset by
Previous wording
$0.8 million decrease due to disposition of operating properties.
Current wording
$1.5 million decrease due to disposition of operating properties.
Showing the first 40 of 78 pairs. Open the source sections for the rest.
Rearranged current paragraphs (27)
Current report — wording carried from elsewhere
$21.9 million increase in Base rent, primarily driven by the following:
Current report — wording carried from elsewhere
$6.1 million net increase due to increases from occupancy, contractual rent steps in existing leases, and positive rental spreads on new and renewal leases;
Current report — wording carried from elsewhere
$5.8 million increase from acquisitions of operating properties in 2026 as compared to 2025; and
Current report — wording carried from elsewhere
$12.0 million increase from contractual Recoveries from tenants, which represent their proportionate share of operating, maintenance, insurance, and real estate tax expenses incurred to operate our shopping centers. Recoveries from tenants increased, mainly from the following:
Current report — wording carried from elsewhere
$0.6 million decrease due to dispositions of operating properties.
Current report — wording carried from elsewhere
Real estate taxes increased by $2.5 million, mainly due to the acquisitions of operating properties and increases in real estate tax assessments across the same property portfolio.
Current report — wording carried from elsewhere
$1.6 million increase 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
Current report — wording carried from elsewhere
Equity in income of investments in real estate partnerships increased by $2.4 million mainly due to gains on partial real estate sales recognized at unconsolidated real estate partnerships during the current period.
Current report — wording carried from elsewhere
Changes in revenues are summarized in the following table:
Current report — wording carried from elsewhere
$5.1 million increase related to the acquisitions of the remaining ownership interests, resulting in consolidation of properties previously held in unconsolidated real estate partnerships;
Current report — wording carried from elsewhere
$8.1 million increase from rent commencements at completed development properties; partially offset by
Current report — wording carried from elsewhere
$18.3 million increase primarily driven by higher recoverable operating expenses and higher recovery rates resulting from increased occupancy in the current year; and
Current report — wording carried from elsewhere
$6.8 million increase driven by the acquisition of operating properties in 2026 as compared to 2025, and rent commencements at development properties; partially offset by
Current report — wording carried from elsewhere
Changes in our operating expenses are summarized in the following table:
Current report — wording carried from elsewhere
Depreciation and amortization increased by $18.9 million mainly due to the following:
Current report — wording carried from elsewhere
$12.7 million increase from operating properties acquired and development properties placed in service during the period; and
Current report — wording carried from elsewhere
Property operating expense increased by $15.0 million, mainly due to the following:
Current report — wording carried from elsewhere
General and administrative costs increased by $6.1 million mainly due to the following:
Current report — wording carried from elsewhere
Changes in Other expense, net are summarized in the following table:
Current report — wording carried from elsewhere
Interest expense, net increased by $7.5 million primarily due to the following:
Current report — wording carried from elsewhere
Net investment income increased by $3.4 million primarily driven by market volatility, including a $2.9 million increase in returns on investments held in the non-qualified deferred compensation plan and a $0.5 million increase in returns related to other corporate investments.
Current report — wording carried from elsewhere
The following represents the remaining components that comprise Net income attributable to common shareholders and unit holders:
Current report — wording carried from elsewhere
Net cash provided by operating activities increased $29.0 million due to:
Current report — wording carried from elsewhere
In 2026, we invested $35.1 million, including $21.8 million to fund our share of debt repayments, $7.5 million to fund our share of a property acquisition, and $5.3 million to fund our share of development and redevelopment activities.
Current report — wording carried from elsewhere
We received $397.1 million in proceeds from issuing unsecured public debt,
Current report — wording carried from elsewhere
We repaid a net $35.0 million on our Line,
Current report — wording carried from elsewhere
We paid $3.8 million in loan costs relating to the unsecured public debt offering.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
During the three months ended March 31, 2026:
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
In 2025, we invested $0.2 million, to fund our share of development and redevelopment activities.