Regency Centers Corporation (REG): Business Model Canvas

In der dynamischen Welt der Einzelhandelsimmobilien gilt die Regency Centers Corporation (REG) als strategisches Kraftpaket, das Investitionen in Einkaufszentren in ein anspruchsvolles, belastbares Geschäftsmodell umwandelt, das weit über die traditionelle Immobilienverwaltung hinausgeht. Durch die sorgfältige Kuratierung von Einkaufszentren mit Lebensmittelgeschäft und die Konzentration auf wichtige Einzelhandelsflächen hat REG einen einzigartigen Ansatz entwickelt, der stabile Einnahmen, strategische Immobilienoptimierung und gemeinschaftsorientierte Entwicklung in den gesamten Vereinigten Staaten bietet. Ihr innovatives Business Model Canvas offenbart ein komplexes Ökosystem aus Partnerschaften, Ressourcen und Wertversprechen, die sie in der wettbewerbsintensiven Gewerbeimmobilienlandschaft auszeichnen.

Regency Centers Corporation (REG) – Geschäftsmodell: Wichtige Partnerschaften

Nationale und regionale Einzelhandelsmieter

Ab 2023 unterhält Regency Centers Partnerschaften mit rund 550 nationalen und regionalen Einzelhandelsmietern in seinem gesamten Portfolio.

Mieterkategorie	Anzahl der Mieter	Prozentsatz des Portfolios
Lebensmittelverankert	275	50%
Facheinzelhandel	185	33.6%
Servicebasierte Mieter	90	16.4%

Immobilieninvestitions- und Entwicklungsfirmen

Regency Centers arbeitet mit mehreren strategischen Immobilieninvestitionspartnern zusammen, darunter:

• USAA-Immobilien
• Blackstone-Gruppe
• Morgan Stanley Immobilienfonds

Immobilienverwaltungsunternehmen

Zu den wichtigsten Partnerschaften im Immobilienmanagement gehören:

Partner	Eigenschaften verwaltet	Geografische Abdeckung
CBRE	85 Objekte	Mehrstaatig
JLL	62 Objekte	Südostregion

Lokale Kommunalverwaltungen und Zonierungsbehörden

Regency Centers unterhält aktive Partnerschaften in etwa 35 Metropolmärkten in den Vereinigten Staaten.

Finanzinstitute und Kapitalanleger

Ab dem vierten Quartal 2023 umfassen die wichtigsten Finanzpartnerschaften von Regency Centers:

• Wells Fargo Bank – Kreditfazilität in Höhe von 500 Millionen US-Dollar
• JPMorgan Chase – 350-Millionen-Dollar-Investitionspartnerschaft
• Bank of America – Kreditbeziehung in Höhe von 275 Millionen US-Dollar

Finanzinstitut	Partnerschaftswert	Art der Beziehung
Wells Fargo	500 Millionen Dollar	Kreditfazilität
JPMorgan Chase	350 Millionen Dollar	Investitionspartnerschaft
Bank of America	275 Millionen Dollar	Kreditbeziehung

Regency Centers Corporation (REG) – Geschäftsmodell: Hauptaktivitäten

Erwerb, Entwicklung und Verwaltung von Einkaufszentren mit Lebensmittelgeschäft

Ab 2024 verwaltet die Regency Centers Corporation ein Portfolio von 388 Einkaufszentren mit einer Bruttomietfläche von insgesamt 49,3 Millionen Quadratfuß. Das Unternehmen besitzt 326 Immobilien und ist an 62 Einkaufszentren als Joint Venture beteiligt.

Portfolio-Metrik	Menge
Insgesamt Einkaufszentren	388
Gesamtbruttomietfläche	49,3 Millionen Quadratfuß
Eigene Immobilien	326
Joint-Venture-Immobilien	62

Vermietung von Einzelhandelsflächen an hochwertige Mieter

Regency Centers konzentriert sich auf die Vermietung an Mieter, die in Lebensmittelgeschäften ansässig sind und auf Bedürfnisse angewiesen sind.

• Auslastung: 94,5 %
• Durchschnittliche Grundmiete pro Quadratfuß: 18,54 $
• Mietermix: 35 % Lebensmittel, 25 % Dienstleistung, 20 % Facheinzelhandel, 20 % Restaurant

Immobilienrenovierung und -sanierung

Im Jahr 2023 investierte Regency 143,7 Millionen US-Dollar in Sanierungs- und Erweiterungsprojekte in seinem gesamten Portfolio.

Sanierungsmetrik	Wert
Gesamte Sanierungsinvestition	143,7 Millionen US-Dollar
Anzahl Sanierungsprojekte	12

Strategische Portfoliooptimierung

Regency Centers bewertet und passt sein Portfolio kontinuierlich an, um die strategische Ausrichtung aufrechtzuerhalten.

• Veräußerung von Immobilien im Wert von 285,6 Millionen US-Dollar im Jahr 2023
• Erwerb neuer Immobilien im Wert von 167,2 Millionen US-Dollar
• Konzentrieren Sie sich auf wachstumsstarke Märkte mit starker demografischer Entwicklung

Mieterbeziehungsmanagement

Durch proaktive Managementstrategien pflegt das Unternehmen enge Beziehungen zu seinen Mietern.

• Mieterbindungsrate: 82 %
• Durchschnittliche Mietdauer: 5,3 Jahre
• Engagiertes Mieterbetreuungsteam

Regency Centers Corporation (REG) – Geschäftsmodell: Schlüsselressourcen

Erstklassiges Einzelhandelsimmobilienportfolio

Im vierten Quartal 2023 besitzt Regency Centers 341 Einkaufszentren in 15 Bundesstaaten mit einer Gesamtverkaufsfläche von 49,4 Millionen Quadratfuß. Portfoliowert: 10,1 Milliarden US-Dollar.

Geografische Region	Anzahl der Eigenschaften	Gesamtquadratzahl
Südosten	127	18,2 Millionen Quadratfuß
Südwesten	86	12,5 Millionen Quadratfuß
Westküste	72	9,7 Millionen Quadratfuß

Starke Bilanz und Finanzkapital

Finanzkennzahlen zum 31. Dezember 2023:

• Marktkapitalisierung: 7,8 Milliarden US-Dollar
• Gesamtvermögen: 13,2 Milliarden US-Dollar
• Gesamtverschuldung: 5,4 Milliarden US-Dollar
• Verhältnis von Schulden zu Eigenkapital: 0,41
• Jahresumsatz: 1,2 Milliarden US-Dollar

Erfahrenes Management- und Immobilienentwicklungsteam

Statistik des Führungsteams:

• Durchschnittliche Amtszeit der Führungskräfte: 15,3 Jahre
• Geschäftsleitung mit Erfahrung in der Immobilienentwicklung: 92 %
• Gesamtzahl der Mitarbeiter: 542

Fortschrittliche Immobilienverwaltungstechnologie

Investitionen in die Technologieinfrastruktur:

• Jährliches Technologiebudget: 22,3 Millionen US-Dollar
• Digitale Immobilienverwaltungsplattformen: 3 proprietäre Systeme
• Digitale Mieter-Engagement-Plattformen: 2 integrierte Lösungen

Etablierter Markenruf

Kennzahlen zur Markenbekanntheit:

Metrisch	Wert
Jahre im Geschäft	60
NAREIT-Ranking	Top 10 Einzelhandels-REITs
Bonitätseinstufung im Investment-Grade-Bereich	BBB+

Regency Centers Corporation (REG) – Geschäftsmodell: Wertversprechen

Hochwertige, strategisch günstig gelegene Einkaufszentren

Im vierten Quartal 2023 besitzt Regency Centers 338 Immobilien mit einer Bruttomietfläche von 49,1 Millionen Quadratfuß in 15 Bundesstaaten. Durchschnittliche Auslastung: 94,7 %.

Eigenschaftsmetrik	Daten für 2023
Gesamteigenschaften	338
Gesamtbruttomietfläche	49,1 Millionen Quadratfuß
Geografischer Fußabdruck	15 Staaten

Stabiles Einkommen durch langfristige Mietverträge

Durchschnittliche Mietdauer: 6,3 Jahre. Gewichtete durchschnittliche verbleibende Mietvertragslaufzeit für Ankermieter: 9,4 Jahre.

Mietleistungsmetrik	Daten für 2023
Durchschnittliche Mietdauer	6,3 Jahre
Laufzeit des Ankermietvertrags	9,4 Jahre

Konzentrieren Sie sich auf wichtige Einzelhandels- und Lebensmittelimmobilien

• Lebensmittelzentren: 82 % des Portfolios
• Umsatz der Lebensmittelmieter pro Quadratfuß: 638 US-Dollar
• Top-Lebensmittelmoderatoren: Kroger, Publix, Albertsons

Robustes Immobilieninvestitionsmodell

Finanzielle Leistung 2023:

Finanzkennzahl	Betrag
Gesamtumsatz	1,2 Milliarden US-Dollar
Nettobetriebsergebnis	817,3 Millionen US-Dollar
Funds from Operations (FFO)	633,4 Millionen US-Dollar

Nachhaltiger und gemeinschaftsorientierter Entwicklungsansatz

• LEED-zertifizierte Immobilien: 12 Zentren
• Ziel zur Reduzierung der CO2-Emissionen: 50 % bis 2030
• Gemeinschaftsinvestition: 3,2 Millionen US-Dollar in lokale Entwicklungsprojekte

Regency Centers Corporation (REG) – Geschäftsmodell: Kundenbeziehungen

Langfristige Mieterpartnerschaften

Im vierten Quartal 2023 weist Regency Centers eine Auslastung von 95,7 % in seinem Portfolio an Einkaufszentren mit Lebensmittelgeschäften auf. Die durchschnittliche Mietvertragslaufzeit für Ankermieter beträgt 8,2 Jahre, wobei die Verlängerungsraten durchweg über 85 % liegen.

Mietertyp	Durchschnittliche Mietdauer	Erneuerungsrate
Lebensmittelanker	8,2 Jahre	87.3%
Fachhändler	5,6 Jahre	82.5%

Personalisierte Immobilienverwaltungsdienste

Regency Centers beschäftigt an seinen 330 Standorten in Einkaufszentren 264 Immobilienverwaltungsfachleute. Das Unternehmen bietet für 92 % seiner Top-Mieter eine dedizierte Kontoverwaltung an.

• Wartungsunterstützung rund um die Uhr
• Maßgeschneiderte Mieterverbesserungsprogramme
• Dedizierte regionale Managementteams

Regelmäßige Kommunikation und Mieterbetreuung

Das Unternehmen führt vierteljährlich Umfragen zur Mieterzufriedenheit mit einer Rücklaufquote von 78 % durch. Digitale Kommunikationskanäle erreichen monatlich 95 % der Mieterbasis.

Kommunikationskanal	Nutzungsprozentsatz
E-Mail	68%
Mieterportal	52%
Direkter Telefonsupport	42%

Flexible Leasingvereinbarungen

Angebote von Regency Centers drei unterschiedliche Leasingmodelle: traditionelle befristete, prozentuale Miete und kurzfristige flexible Vereinbarungen. 37 % der neuen Mietverträge im Jahr 2023 enthielten flexible Laufzeiten.

Digitale Mieter-Engagement-Plattformen

Die digitale Mieterplattform des Unternehmens bedient 328 Einkaufszentren mit:

• Verfolgung von Wartungsanfragen in Echtzeit
• Digitale Mietzahlungssysteme
• Dashboard zur Leistungsanalyse

Akzeptanzrate der Plattform: 86 % der Mieterbasis, Stand Dezember 2023.

Regency Centers Corporation (REG) – Geschäftsmodell: Kanäle

Direktleasing-Teams

Regency Centers beschäftigt seit dem vierten Quartal 2023 129 engagierte Leasingexperten und deckt mehrere geografische Regionen in den Vereinigten Staaten ab.

Leasing-Team-Metrik	Quantitative Daten
Komplette Leasing-Profis	129
Durchschnittliche jahrelange Erfahrung	12,4 Jahre
Regionale Abdeckung	24 Staaten

Online-Plattformen für die Auflistung von Immobilien

Regency Centers nutzt mehrere digitale Plattformen für die Immobilienvermarktung und Mieterakquise.

• CoStar Group-Plattform
• LoopNet-Marktplatz für Gewerbeimmobilien
• Eigene Website des Unternehmens: www.regencycenters.com

Immobilienmaklernetzwerke

Aktive Partnerschaften mit bundesweit 87 Gewerbeimmobilienmaklerfirmen im Jahr 2023.

Metrik des Brokerage-Netzwerks	Quantitative Daten
Total Brokerage-Partnerschaften	87
Landesweite Abdeckung	42 Ballungsräume

Branchenkonferenzen und Networking-Events

Teilnahme an 23 Gewerbeimmobilienkonferenzen im Jahr 2023.

• Veranstaltungen des International Council of Shopping Centers (ICSC).
• Konferenzen des Urban Land Institute
• Symposien der National Association of Real Estate Investment Trusts (NAREIT).

Websites für digitales Marketing und Immobilienpräsentationen

Im Jahr 2023 wird ein digitales Marketingbudget von 3,2 Millionen US-Dollar für die Präsentation von Immobilien und die Mieterakquise bereitgestellt.

Digitale Marketingmetrik	Quantitative Daten
Jährliches Budget für digitales Marketing	$3,200,000
Monatlicher Website-Traffic	124.500 einzelne Besucher
Social-Media-Follower	48,300

Regency Centers Corporation (REG) – Geschäftsmodell: Kundensegmente

Nationale Lebensmittelketten

Ab 2024 beliefert Regency Centers die folgenden nationalen Lebensmittelketten:

Lebensmittelkette	Anzahl der Standorte	Jahresumsatz
Kroger	2.742 Geschäfte	148,3 Milliarden US-Dollar (2023)
Albertsons	2.276 Geschäfte	77,65 Milliarden US-Dollar (2023)
Publix	1.324 Geschäfte	54,8 Milliarden US-Dollar (2023)

Regionale und lokale Einzelhandelsunternehmen

Regency Centers unterstützt regionale und lokale Einzelhandelsunternehmen mit folgenden Merkmalen:

• Durchschnittliche Mieterauslastung: 92,4 %
• Gesamtmieter im regionalen Einzelhandel: 587 Betriebe
• Durchschnittliche Jahresmiete pro Quadratfuß: 23,50 $

Grundlegende Einzelhandelsdienstleistungen

Servicekategorie	Anzahl der Mieter	Prozentsatz des Portfolios
Apotheken	126 Standorte	8.3%
Bankdienstleistungen	93 Standorte	6.1%
Notfallzentren	47 Standorte	3.2%

Nationale und regionale Restaurantmarken

Restaurantmietermix in den Regency Centers-Immobilien:

• Gesamtzahl der Restaurantmieter: 412
• Vertretung nationaler Ketten: 68 %
• Durchschnittlicher jährlicher Restaurantumsatz pro Standort: 1,2 Millionen US-Dollar

Anbieter von Gesundheits- und Wellnessdienstleistungen

Wellness-Kategorie	Anzahl der Standorte	Durchschnittlicher Jahresumsatz
Fitnesszentren	76 Standorte	3,5 Millionen US-Dollar pro Zentrum
Medizinische Kliniken	54 Standorte	2,8 Millionen US-Dollar pro Klinik
Wellness-Einzelhandel	39 Standorte	1,6 Millionen US-Dollar pro Geschäft

Regency Centers Corporation (REG) – Geschäftsmodell: Kostenstruktur

Kosten für den Immobilienerwerb

Im dritten Quartal 2023 meldeten Regency Centers Gesamtkosten für den Immobilienerwerb in Höhe von 52,4 Millionen US-Dollar. Die Immobilieninvestitionsstrategie des Unternehmens konzentrierte sich auf hochwertige Einkaufszentren mit Lebensmittelgeschäft.

Ausgabenkategorie	Betrag (Mio. USD)
Landerwerb	32.6
Immobilienkauf	19.8

Entwicklungs- und Sanierungskosten

Im Jahr 2023 investierten Regency Centers 187,3 Millionen US-Dollar bei Entwicklungs- und Sanierungsprojekten.

• Kosten des Sanierungsprojekts: 124,5 Millionen US-Dollar
• Neue Entwicklungsinvestitionen: 62,8 Millionen US-Dollar

Immobilienwartung und -betrieb

Die jährlichen Kosten für die Instandhaltung und den Betrieb von Immobilien beliefen sich im Jahr 2023 auf insgesamt 78,6 Millionen US-Dollar.

Wartungskategorie	Jährliche Kosten (Mio. USD)
Routinewartung	42.3
Immobilienverwaltung	36.3

Schuldendienst und Zinszahlungen

Die gesamten Zinsaufwendungen für 2023 betrugen 112,4 Millionen US-Dollar.

• Langfristige Schuldenzinsen: 89,7 Millionen US-Dollar
• Kurzfristige Schuldenzinsen: 22,7 Millionen US-Dollar

Verwaltungs- und Verwaltungsaufwand

Die Verwaltungskosten für 2023 beliefen sich auf 45,2 Millionen US-Dollar.

Overhead-Kategorie	Kosten (Mio. USD)
Vergütung von Führungskräften	12.6
Unternehmensbetrieb	22.4
Technologieinfrastruktur	10.2

Regency Centers Corporation (REG) – Geschäftsmodell: Einnahmequellen

Mieteinnahmen von Einzelhandelsmietern

Für das Geschäftsjahr 2023 meldeten Regency Centers Gesamtmieteinnahmen von 1.099,4 Millionen US-Dollar. Das Portfolio des Unternehmens umfasste rund 331 Einkaufszentren mit einer Bruttomietfläche von insgesamt 47,5 Millionen Quadratfuß.

Umsatztyp	Betrag (2023)	Prozentsatz des Gesamtumsatzes
Grundmieteinnahmen	832,1 Millionen US-Dollar	75.7%
Prozentsatz der Miete	18,3 Millionen US-Dollar	1.7%
Rückforderungen von Mietern	248,9 Millionen US-Dollar	22.6%

Gebühren für die Hausverwaltung

Im Jahr 2023 generierten Regency Centers Immobilienverwaltungsgebühren in Höhe von 8,2 Millionen US-Dollar aus von Dritten verwalteten Immobilien.

Wertsteigerung von Immobilienvermögen

Zum 31. Dezember 2023 wurde das gesamte Immobilienvermögen des Unternehmens auf 12,1 Milliarden US-Dollar geschätzt, mit einem Nettoinventarwert (NAV) von 6,2 Milliarden US-Dollar.

Kennzahl zur Vermögensbewertung	Wert 2023	Veränderung im Jahresvergleich
Gesamtes Immobilienvermögen	12,1 Milliarden US-Dollar	+3.2%
Nettoinventarwert (NAV)	6,2 Milliarden US-Dollar	+2.8%

Einnahmen aus Mietvertragsverlängerung und -erweiterung

Statistiken zur Mietverlängerung und -erweiterung für 2023:

• Mieterbindungsrate: 88,4 %
• Durchschnittliche Mietverlängerungsrate: 95,2 %
• Gesamtvermietung: 94,6 %

Strategische Immobilienverkäufe und Portfoliooptimierung

Im Jahr 2023 führten Regency Centers die folgenden Immobilientransaktionen durch:

• Gesamte Immobilienveräußerungen: 384,3 Millionen US-Dollar
• Anzahl verkaufter Immobilien: 23
• Erlös aus Immobilienverkäufen: 392,6 Millionen US-Dollar

Transaktionstyp	Gesamtwert	Anzahl der Eigenschaften
Eigentumsverfügungen	384,3 Millionen US-Dollar	23
Immobilienerwerbe	276,5 Millionen US-Dollar	12

Regency Centers Corporation (REG) - Canvas Business Model: Value Propositions

Stable, necessity-based retail locations anchored by top grocers is a core value proposition for Regency Centers Corporation. As of September 30, 2025, the Same Property anchor percent leased stood at an extremely high 98.0%. 80% of the properties in the portfolio feature a grocery anchor, and these grocery stores account for 20% of annual base rent. Top grocers anchoring these centers include Whole Foods Market, Publix, Safeway, and Trader Joes.

The centers are strategically located in high-traffic areas within affluent suburban trade areas. These locations attract customers with an average household income of $160,000. Furthermore, the properties are situated in high-density markets, averaging 124,000 people within a three-mile radius.

Regency Centers Corporation offers a curated tenant mix providing convenience and essential services, which is reflected in the leasing metrics for smaller spaces. The Same Property shop percent leased, covering spaces under 10,000 square feet, was 93.9% as of September 30, 2025. The strong leasing performance is evident in the rent spreads achieved during the third quarter of 2025, with a blended cash rent spread of +12.8% on approximately 1.8 million square feet of comparable new and renewal leases.

For investors, the REIT structure is designed to deliver long-term stability and growth. The company raised its 2025 Nareit Funds From Operations (FFO) per share guidance midpoint to represent more than 7% year-over-year growth. The quarterly cash dividend on common stock was declared at $0.755 per share, reflecting an increase of approximately 7.1%. The balance sheet strength supports this, with the pro-rata net debt and preferred stock to TTM operating EBITDAre ratio at 5.3x as of September 30, 2025.

These properties function as defintely convenient community hubs due to their high occupancy and consistent operational growth. The overall Same Property portfolio was 96.4% leased as of September 30, 2025. The operational momentum is strong, with Same Property Net Operating Income (NOI), excluding termination fees, increasing by 4.8% in the third quarter of 2025 compared to the same period in 2024.

Here are key operational metrics underpinning these value propositions as of the end of the third quarter of 2025:

Metric	Value (as of September 30, 2025)	Period Comparison
Same Property Portfolio Leased Percentage	96.4%	Up 40 basis points year-over-year
Same Property Anchor Leased Percentage	98.0%	Up 10 basis points year-over-year
Same Property Shop Leased Percentage	93.9%	Up 80 basis points year-over-year
Same Property NOI Growth (Excl. Termination Fees)	4.8%	Year-over-year for Q3 2025
Blended Cash Rent Spread (Q3 2025 Leasing)	+12.8%	On 1.8 million square feet executed
Total Portfolio Properties	483	Includes over 57 million square feet

The commitment to growth and quality is further demonstrated by capital deployment and development activity:

• Deployed more than $750 million of capital into accretive investments year-to-date 2025.
• In-process development and redevelopment projects totaled more than $650 million.
• Started more than $170 million of new development and redevelopment projects in the third quarter of 2025.
• Estimated net project costs for in-process projects at a blended estimated yield of 9%.

Regency Centers Corporation (REG) - Canvas Business Model: Customer Relationships

Regency Centers Corporation (REG) maintains relationships through specialized, localized teams and long-term contractual commitments with its tenant base.

Dedicated regional leasing and property management teams

Regency Centers Corporation has regional leadership in place, including Alan Roth, East Region President and Chief Operating Officer, and Nick Wibbenmeyer, West Region President and Chief Investment Officer, as of the second quarter of 2025. The company's team structure includes roles such as Senior Director of Leasing, Property Manager, Senior Property Manager, and Tenant Specialist.

Long-term, contractual lease agreements with anchor tenants

Leases generally feature initial terms exceeding five years and are primarily with Anchor Tenants. As of September 30, 2025, the Same Property anchor percent leased, covering spaces greater than or equal to 10,000 square feet, stood at $98.0\%$. The overall Same Property portfolio was $96.4\%$ leased as of September 30, 2025.

Leasing activity demonstrates strong tenant demand and pricing power:

Metric	Period Ended September 30, 2025	Period Ended June 30, 2025
Comparable Leases Executed (Square Feet)	$1.8$ million	$1.9$ million
Blended Cash Rent Spread (%)	$+12.8\%$	$+10.0\%$
Blended Straight-Lined Rent Spread (%)	$+22.9\%$	$+19.3\%$
Comparable Leases Executed (Square Feet) - 12 Months	$7.4$ million	$7.4$ million
Blended Cash Rent Spread (%) - 12 Months	$+10.5\%$	$+9.7\%$

The Same Property shop percent leased, for spaces under 10,000 square feet, was $93.9\%$ as of September 30, 2025.

Proactive communication and support for tenant build-outs and operations

The company supports tenant operations through the commencement of new leases and ongoing development/redevelopment. As of September 30, 2025, the Same Property percent commenced was $94.4\%$. Regency Centers Corporation started more than $\$170$ million of new development and redevelopment projects in the third quarter of 2025, bringing year-to-date starts to approximately $\$220$ million. The total in-process development and redevelopment projects had estimated net project costs of $\$668$ million at a blended estimated yield of $9\%$ as of September 30, 2025. The 2025 guidance for new starts was raised to approximately $\$300$ million.

Investor relations for a transparent, dividend-focused shareholder base

Regency Centers Corporation is a qualified real estate investment trust (REIT) that is self-administered and self-managed. The company has paid a dividend for over 17 years. Top institutional shareholders include The Vanguard Group, Inc. and BlackRock, Inc..

Key dividend and shareholder metrics as of late 2025:

• Annual Dividend: $\$3.02$ per share.
• Latest Quarterly Dividend Declared: $\$0.755$ per share (payable January 6, 2026).
• Latest Ex-Dividend Date: December 15, 2025.
• Dividend Yield: Approximately $4.31\%$ to $4.37\%$.
• Payout Ratio: Approximately $125.96\%$ to $131.69\%$.
• Market Capitalization: $\$12,599.11$ Million (as of December 1, 2025).

Strategic engagement to foster community connection at properties

Regency Centers Corporation's portfolio includes properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods and communities. The company executed 3 new grocer leases in the third quarter of 2025, unlocking redevelopments. The Same Property portfolio was $94.4\%$ commenced as of September 30, 2025.

Regency Centers Corporation (REG) - Canvas Business Model: Channels

You're looking at how Regency Centers Corporation gets its value proposition-high-quality, grocery-anchored shopping centers-out to its customers, which are primarily tenants and, indirectly, the consumers who shop there. The channels are a mix of direct, boots-on-the-ground operations and digital outreach, which makes sense for a physical asset business.

The core of their distribution network relies on their physical presence and direct sales force. Regency Centers maintains a geographically diverse footprint supported by 22 regional offices nationwide, which is how they manage their physical assets and interact with local leasing prospects.

The primary channel is, naturally, the physical properties themselves. As of September 30, 2025, Regency Centers held an interest in 483 properties. These centers, totaling over 57 million square feet of retail space, are the delivery mechanism for their entire business model.

Here's a quick look at the scale of their physical channel as of the third quarter of 2025:

Metric	Value as of September 30, 2025
Total Properties (Interest Held)	483
Total Retail Space	Over 57 million square feet
Same Property Portfolio Leased Percentage	96.4%
Same Property Anchor Leased Percentage	98.0%

For capital markets and investor communications, the channel is strictly digital and regulatory. They push information out via their Investor Relations website, investors.regencycenters.com. This is where you find the latest SEC filings and supplemental data, like the Q3 2025 Quarterly Supplemental Disclosure released on October 28, 2025.

Acquisitions and dispositions, which are key to portfolio channel management, heavily involve external expertise. They use broker networks to source and execute deals. For instance, in the third quarter of 2025, Regency Centers acquired a portfolio of five shopping centers in Orange County, CA, for $357 million. Earlier in the year, on August 1, 2025, they executed two separate acquisitions totaling $43.2 million ($9.2 million plus $34 million combined) to gain full ownership in other assets.

Leasing activity itself is tracked through digital platforms, showing the scale of their direct tenant engagement channel. During the three months ending September 30, 2025, Regency Centers executed approximately 1.8 million square feet of comparable new and renewal leases.

The digital channels also support tenant and consumer interaction, though the primary focus remains physical leasing. Key digital touchpoints include:

• The corporate website, RegencyCenters.com, for general information and tenant services.
• The Investor Relations portal for financial transparency.
• Tracking of leasing metrics, such as the 1.8 million square feet leased in Q3 2025.
• Reporting of rent spreads, with the Q3 2025 cash rent spread coming in at +12.8%.

Honestly, for a REIT focused on physical retail, the channels are about managing the real estate and communicating financial health effectively. Finance: draft 13-week cash view by Friday.

Regency Centers Corporation (REG) - Canvas Business Model: Customer Segments

You're looking at the core groups Regency Centers Corporation (REG) serves to generate its revenue and maintain its property value. Honestly, for a retail REIT like Regency Centers Corporation, the customer segments are layered-you have the direct tenants paying rent, the investors providing capital, and the consumers whose traffic makes the whole ecosystem work.

National and regional anchor tenants (primarily grocers) form the bedrock of the portfolio stability. These are the traffic drivers. Regency Centers Corporation emphasizes grocery-anchored centers, with 80% of its properties featuring a grocery anchor. These essential retailers, like Kroger and Whole Foods, provide resilience against broader economic shifts. As of June 30, 2025, the Same Property anchor percent leased stood strong at 98.0%. Other key national retailers mentioned include Target, Kohl's, and Ulta Beauty.

The small-shop tenants fill out the remaining space, focusing on necessity, service, convenience, and value retail. This segment is crucial for overall center vibrancy. As of September 30, 2025, the Same Property shop percent leased was 93.9%. Restaurants are a significant part of this mix, accounting for 20% of annualized base rent (ABR) as of Q2 2025. The leasing activity in the third quarter of 2025 showed strong demand, with blended cash rent spreads on new and renewal leases hitting +12.8% for the quarter.

Regency Centers Corporation also serves institutional and individual real estate investors (shareholders). These folks provide the equity base for acquisitions and development. As of September 30, 2025, the top 25 shareholders collectively owned 79.94% of the company. The largest single shareholder group identified is The Vanguard Group, Inc., holding 15.3%. The company's focus on high-quality, grocery-anchored assets in established, high-income areas is specifically designed to attract and retain this capital base, supporting its A credit ratings from both Moody's and S&P.

The segment of developers and sellers of high-quality retail properties is engaged through acquisition and development activities. Regency Centers Corporation is actively growing its footprint; for instance, it acquired a five-center portfolio in the Rancho Mission Viejo master planned community for $357 million in July 2025. Furthermore, year-to-date through Q3 2025, the company started new development and redevelopment projects totaling approximately $220 million in net project costs. This shows they are a buyer and developer in the market.

Finally, you can't forget the affluent suburban consumers (indirectly, as the end-user). While they don't write checks to Regency Centers Corporation directly, their presence drives tenant sales and lease renewal rates. The company explicitly targets suburban trade areas with compelling demographic populations benefiting from high levels of disposal income to mitigate risks associated with e-commerce and changing demographics. The geographic concentration of ABR reflects where these consumers are: California at 24.7%, Florida at 20.1%, and the New York-Newark-Jersey City area at 12.7% as of Q3 2025.

Here's a quick look at some key operational metrics tied to these customer groups as of late 2025:

Customer Segment Focus Area	Metric/Data Point	Value/Percentage (As of Late 2025)	Reporting Period/Date
Anchor Tenants (Grocers)	Percent of Properties with Grocery Anchor	80%	General Portfolio Strategy
Anchor Tenants (Grocers)	Same Property Anchor Percent Leased	98.0%	September 30, 2025
Small-Shop Tenants	Restaurants Share of Annualized Base Rent (ABR)	20%	Q2 2025
Small-Shop Tenants	Same Property Shop Percent Leased	93.9%	September 30, 2025
Investors (Shareholders)	Top 25 Shareholders Ownership Stake	79.94%	September 2025
Developers/Sellers	YTD New Development/Redevelopment Starts (Net Cost)	Approx. $220 million	Q3 2025
Affluent Consumers	Largest Geographic ABR Concentration	California: 24.7%	Q3 2025

The reliance on grocery anchors is defintely a core part of the value proposition for investors, given the 98.0% anchor leasing rate. Also, note the 5.3x Net Debt & Preferred Stock to TTM operating EBITDAre as of September 30, 2025, showing the capital structure supporting these customer relationships.

• Grocery stores contribute 20% of annual base rent.
• The company raised 2025 Nareit FFO guidance to a range of $4.62 to $4.64 per diluted share.
• The Q3 2025 quarterly cash dividend declared was $0.755 per share.
• The portfolio has significant geographic concentration in California (24.7% ABR).
• As of February 11, 2025, there were 181,365,237 shares outstanding.

Finance: draft 13-week cash view by Friday.

Regency Centers Corporation (REG) - Canvas Business Model: Cost Structure

You're looking at the expense side of the ledger for Regency Centers Corporation (REG) as of late 2025. For a self-managed REIT like Regency Centers, costs are heavily weighted toward property ownership and debt service. Here's a breakdown based on the latest available figures, primarily from the third quarter of 2025 and the reaffirmed 2025 guidance.

Property operating expenses (real estate taxes, insurance, maintenance)

While a direct line item for just property operating expenses isn't explicitly broken out for the latest periods, the total operating expenses give you a sense of the scale. For the three months ended June 30, 2025, Regency Centers reported total operating expenses of approximately $235,218 thousand. Keep in mind that property taxes and insurance are often sticky costs that can rise even if rental income dips slightly.

Development and redevelopment capital expenditures

This category reflects the investment in keeping the portfolio modern and growing. For the three months ended September 30, 2025, Regency Centers started new development and redevelopment projects with estimated net project costs of approximately $170 million, at the Company's share. This included over $140 million of ground-up development projects in that quarter alone. As of September 30, 2025, the total estimated net project costs for all in-process development and redevelopment projects stood at $668 million at the Company's share, with 51% of that amount already incurred.

For context on recent spending, the 2024 actual Development and Redevelopment spend (pro rata) was $66,906 thousand.

Interest expense on debt, including assumed mortgage debt

Debt servicing is a major, non-negotiable cost for any leveraged real estate company. For the twelve months ended June 30, 2025, the gross interest expense was reported as $98,600 thousand. The cost of capital is clearly a factor in their guidance; for the full year 2025, management projected a negative impact of (0.10) per diluted share on Nareit FFO due to interest expense and preferred dividends, which they attribute to debt refinancing activities in 2024 and 2025.

Here's a snapshot of recent interest costs (in thousands):

Period Ended June 30, 2025	Three Months	Year to Date
Gross interest expense	$50,459	$98,600
Interest expense, net	$50,272	$98,285

General and administrative costs for self-managed REIT operations

Since Regency Centers is self-administered and self-managed, these costs cover the corporate overhead required to run the business. For the twelve months ended December 31, 2024, General and administrative expenses (net) were $101,465 thousand. Looking ahead, the 2025 guidance for G&A Expense, net (pro rata) is set in a range between $93 million and $96 million.

It's a relatively controlled cost center for them, as shown by the guidance impact on Nareit FFO being only 0.01 per share.

Leasing costs (tenant improvements, commissions)

Leasing costs are variable, tied directly to tenant turnover and new leasing volume. You see the success of their leasing efforts in the rent spreads, which is where some of those costs are recouped. For the twelve months ended September 30, 2025, Regency executed leases with blended cash rent spreads of +10.5% and straight-lined rent spreads of +20.3%. For the quarter ending September 30, 2025, cash rent spreads were even higher at +12.8%.

The impact of non-cash leasing adjustments is also reflected in guidance:

• Guidance for Non-Cash Revenues (which includes above/below market rent amortization and straight-line rents) for 2025 is approximately +/- $46 million.
• For the twelve months ended December 31, 2024, the Company executed 8.1 million square feet of comparable new and renewal leases.

Finance: draft 13-week cash view by Friday.

Regency Centers Corporation (REG) - Canvas Business Model: Revenue Streams

You're looking at how Regency Centers Corporation generates its top-line income, which is heavily anchored in the long-term value of its premier shopping center portfolio. Honestly, for a REIT like Regency Centers, the revenue streams are pretty straightforward: rent from tenants, plus the occasional gain from buying or selling properties.

The total revenue for the twelve months ending September 30, 2025, hit $1.522 billion. This shows consistent growth, reflecting strong underlying asset performance. For the third quarter alone, Regency Centers brought in $387.57 million in revenue, which was up 7.58% year-over-year.

The core of this income comes from Rental Income, which is broken down into base rent, expense recoveries, and percentage rent. We see the strength of this stream clearly in the Same Property Net Operating Income (NOI) figures. Management raised the full-year 2025 guidance for Same Property NOI growth, excluding termination fees, to a range of +5.25% to +5.5%. This is what you want to see; it means the existing, stabilized properties are generating more cash flow.

Digging into the Q3 2025 results, the Same Property NOI growth, again excluding termination fees, was 4.8% year-over-year. The engine behind that was Same Property base rent growth, which contributed 4.7% to that NOI increase in the third quarter. Plus, leasing activity is locking in higher future rents; for the twelve months ending September 30, 2025, they executed leases at blended cash rent spreads of +10.5% and straight-lined rent spreads of +20.3%.

Here's a quick look at how the core rental income components are performing:

Revenue Stream Component	Metric/Period	Value/Rate
Total Revenue (TTM)	Twelve Months Ended September 30, 2025	$1.522 billion
Same Property NOI Growth (FY 2025 Guidance)	Full Year 2025 (Excluding termination fees)	+5.25% to +5.5%
Same Property NOI Growth (Q3 2025)	Three Months Ended September 30, 2025 (Excluding termination fees)	4.8%
Same Property Base Rent Growth (Q3 2025)	Three Months Ended September 30, 2025	4.7%
Blended Cash Rent Spreads (TTM)	Twelve Months Ended September 30, 2025	+10.5%
Blended Straight-Lined Rent Spreads (TTM)	Twelve Months Ended September 30, 2025	+20.3%

Beyond the recurring rent, Regency Centers also generates revenue from transactional activities and fees. Lease termination fees and other property-related fees are recognized, though they are often excluded when reporting Same Property NOI growth to show the underlying operational trend.

Gains from strategic property dispositions also flow into revenue. Regency Centers was active on the transaction front, deploying more than $750 million of capital into accretive investments year-to-date as of September 30, 2025. This included acquiring a portfolio in Orange County, CA, for $357 million. On the disposition side, they sold five assets for approximately $32 million during the third quarter, and subsequently disposed of Hammocks Town Center for approximately $72 million. This active capital recycling is a key part of their strategy to enhance the quality and yield of the portfolio.

You should also note the development pipeline, which feeds future revenue growth:

• Year-to-date project starts (as of September 30, 2025) totaled approximately $220 million.
• Management projected total starts for 2025 to be around $300 million.
• In-process projects had estimated net costs of $668 million as of September 30, 2025.

The ability to grow base rents at 4.7% in Q3 while simultaneously deploying significant capital into new and existing assets is what drives the overall revenue picture for Regency Centers Corporation. Finance: draft 13-week cash view by Friday.