Regency Centers Corporation (REG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de los bienes raíces minoristas, Regency Centers Corporation (REG) se erige como una potencia estratégica, transformando las inversiones de los centros comerciales en un modelo de negocio sofisticado y resistente que va mucho más allá de la administración de la propiedad tradicional. Al curar meticulosamente los centros comerciales anclados en comestibles y centrarse en espacios minoristas esenciales, Reg ha creado un enfoque único que ofrece ingresos estables, optimización estratégica de propiedades y desarrollo impulsado por la comunidad en los Estados Unidos. Su innovador lienzo de modelo de negocio revela un complejo ecosistema de asociaciones, recursos y propuestas de valor que los distinguen en el panorama de bienes raíces comerciales competitivos.

Regency Centers Corporation (REG) - Modelo de negocio: asociaciones clave

Inquilinos minoristas nacionales y regionales

A partir de 2023, Regency Centers mantiene asociaciones con aproximadamente 550 inquilinos minoristas nacionales y regionales en su cartera.

Categoría de inquilino	Número de inquilinos	Porcentaje de cartera
Anillado	275	50%
Minorista especializado	185	33.6%
Inquilinos basados ​​en servicios	90	16.4%

Empresas de inversión y desarrollo inmobiliario

Regency Centers colabora con múltiples socios estratégicos de inversión inmobiliaria, que incluyen:

• OSAA Real Estate
• Grupo de piedra negra
• Fondos inmobiliarios de Morgan Stanley

Empresas de administración de propiedades

Las asociaciones clave de administración de propiedades incluyen:

Pareja	Propiedades administradas	Cobertura geográfica
CBRE	85 propiedades	Multi-estatal
Jll	62 propiedades	Región sudeste

Gobiernos municipales locales y autoridades de zonificación

Regency Centers mantiene asociaciones activas en aproximadamente 35 mercados metropolitanos en los Estados Unidos.

Instituciones financieras e inversores de capital

A partir del cuarto trimestre de 2023, las asociaciones financieras clave de Regency Centers incluyen:

• Wells Fargo Bank - Facilidad de crédito de $ 500 millones
• JPMorgan Chase - Asociación de inversión de $ 350 millones
• Bank of America - Relación de préstamos de $ 275 millones

Institución financiera	Valor de asociación	Tipo de relación
Wells Fargo	$ 500 millones	Línea de crédito
JPMorgan Chase	$ 350 millones	Asociación de inversión
Banco de América	$ 275 millones	Relación de préstamo

Regency Centers Corporation (Reg) - Modelo de negocio: actividades clave

Adquirir, desarrollar y administrar centros comerciales anclados

A partir de 2024, Regency Centers Corporation administra una cartera de 388 centros comerciales por un total de 49.3 millones de pies cuadrados de área gruesa porjes. La compañía posee 326 propiedades y tiene un interés de empresa conjunta en 62 centros comerciales.

Métrico de cartera	Cantidad
Centros de compras totales	388
Área de lesiones gruesas totales	49.3 millones de pies cuadrados
Propiedades propias	326
Propiedades de la empresa conjunta	62

Arrendar espacios minoristas a inquilinos de alta calidad

Regency Centers se centra en el arrendamiento a inquilinos anclados en comestibles y necesarios.

• Tasa de ocupación: 94.5%
• Alquiler base promedio por pie cuadrado: $ 18.54
• Mezcla de inquilinos: 35% de comestibles, 25% de servicio, 20% de venta minorista especializada, 20% de restaurante

Renovación y reurbanización de la propiedad

En 2023, Regency invirtió $ 143.7 millones en proyectos de reurbanización y expansión en su cartera.

Métrico de reurbanización	Valor
Inversión total de reurbanización	$ 143.7 millones
Número de proyectos de reurbanización	12

Optimización de cartera estratégica

Los centros de regencia evalúan y ajustan continuamente su cartera para mantener la alineación estratégica.

• Desechado $ 285.6 millones en propiedades en 2023
• Adquirió $ 167.2 millones en nuevas propiedades
• Centrarse en los mercados de alto crecimiento con fuertes tendencias demográficas

Gestión de la relación de inquilino

La compañía mantiene fuertes relaciones con los inquilinos a través de estrategias de gestión proactiva.

• Tasa de retención de inquilinos: 82%
• Término de arrendamiento promedio: 5.3 años
• Equipo de apoyo de inquilinos dedicado

Regency Centers Corporation (REG) - Modelo de negocio: recursos clave

Portafolio de bienes raíces minoristas Prime

A partir del cuarto trimestre de 2023, Regency Centers posee 341 centros comerciales en 15 estados, por un total de 49.4 millones de pies cuadrados de espacio minorista. Valor de cartera: $ 10.1 mil millones.

Región geográfica	Número de propiedades	Hoques cuadrados totales
Sudeste	127	18.2 millones de pies cuadrados
Suroeste	86	12.5 millones de pies cuadrados
Costa oeste	72	9.7 millones de pies cuadrados

Balance general fuerte y capital financiero

Métricas financieras al 31 de diciembre de 2023:

• Capitalización de mercado: $ 7.8 mil millones
• Activos totales: $ 13.2 mil millones
• Deuda total: $ 5.4 mil millones
• Relación de deuda / capital: 0.41
• Ingresos anuales: $ 1.2 mil millones

Equipo experimentado de gestión y desarrollo inmobiliario

Estadísticas del equipo de liderazgo:

• Promedio de tenencia ejecutiva: 15.3 años
• Alta Gestión con experiencia en desarrollo inmobiliario: 92%
• Total de empleados: 542

Tecnología avanzada de administración de propiedades

Inversiones de infraestructura tecnológica:

• Presupuesto de tecnología anual: $ 22.3 millones
• Plataformas de administración de propiedades digitales: 3 sistemas propietarios
• Plataformas de participación digital del inquilino: 2 soluciones integradas

Reputación de marca establecida

Métricas de reconocimiento de marca:

Métrico	Valor
Años en los negocios	60
Ranking nareit	Top 10 REIT minorista
Calificación crediticia de grado de inversión	BBB+

Regency Centers Corporation (REG) - Modelo de negocio: propuestas de valor

Centros comerciales de alta calidad y ubicados estratégicamente

A partir del cuarto trimestre de 2023, Regency Centers posee 338 propiedades que comprenden 49.1 millones de pies cuadrados de área gruesa poría en 15 estados. Tasa de ocupación promedio: 94.7%.

Métrico de propiedad	2023 datos
Propiedades totales	338
Área de lesiones gruesas totales	49.1 millones de pies cuadrados
Huella geográfica	15 estados

Ingresos estables a través de contratos de arrendamiento a largo plazo

Término de arrendamiento promedio: 6.3 años. Término de arrendamiento promedio ponderado restante para inquilinos de anclaje: 9.4 años.

Métrica de rendimiento de arrendamiento	2023 datos
Término de arrendamiento promedio	6.3 años
Término de arrendamiento del inquilino de anclaje	9.4 años

Concéntrese en las propiedades esenciales de venta minorista y ancladas en comestibles

• Centros con manchas de comestibles: 82% de la cartera
• Ventas de inquilinos de supermercado por pie cuadrado: $ 638
• Los mejores anclajes de comestibles: Kroger, Publix, Albertsons

Modelo de inversión inmobiliaria resistente

2023 Rendimiento financiero:

Métrica financiera	Cantidad
Ingresos totales	$ 1.2 mil millones
Ingresos operativos netos	$ 817.3 millones
Fondos de Operaciones (FFO)	$ 633.4 millones

Enfoque de desarrollo sostenible y orientado a la comunidad

• Propiedades certificadas con LEED: 12 centros
• Objetivo de reducción de emisiones de carbono: 50% para 2030
• Inversión comunitaria: $ 3.2 millones en proyectos de desarrollo local

Regency Centers Corporation (Reg) - Modelo de negocio: relaciones con los clientes

Asociaciones de inquilinos a largo plazo

A partir del cuarto trimestre de 2023, Regency Centers mantiene una tasa de ocupación del 95.7% en su cartera de centros comerciales anclados en comestibles. El plazo de arrendamiento promedio para los inquilinos de anclaje es de 8.2 años, con tasas de renovación consistentemente superiores al 85%.

Tipo de inquilino	Duración promedio de arrendamiento	Tasa de renovación
Anclajes de comestibles	8.2 años	87.3%
Minoristas especializados	5.6 años	82.5%

Servicios de administración de propiedades personalizados

Regency Centers emplea a 264 profesionales de administración de propiedades en sus 330 ubicaciones de centros comerciales. La compañía ofrece administración de cuentas dedicada para el 92% de sus inquilinos de primer nivel.

• Soporte de mantenimiento 24/7
• Programas de mejora de inquilinos personalizados
• Equipos de gestión regionales dedicados

Comunicación regular y apoyo para inquilinos

La compañía realiza encuestas trimestrales de satisfacción del inquilino con una tasa de respuesta del 78%. Los canales de comunicación digital alcanzan el 95% de la base del inquilino mensualmente.

Canal de comunicación	Porcentaje de uso
Correo electrónico	68%
Portal de inquilino	52%
Soporte telefónico directo	42%

Arreglos de arrendamiento flexibles

Regency Centers ofrece Tres modelos de arrendamiento distintos: Tradicional a plazo fijo, porcentaje de alquiler y arreglos flexibles a corto plazo. El 37% de los nuevos arrendamientos en 2023 incluyeron alguna forma de términos flexibles.

Plataformas de compromiso de inquilinos digitales

La plataforma de inquilinos digitales de la compañía sirve 328 centros comerciales con:

• Seguimiento de solicitud de mantenimiento en tiempo real
• Sistemas de pago de alquiler digital
• Panel de análisis de Analytics de rendimiento

Tasa de adopción de la plataforma: 86% de la base del inquilino a diciembre de 2023.

Regency Centers Corporation (REG) - Modelo de negocios: canales

Equipos de arrendamiento directo

Regency Centers opera con 129 profesionales de arrendamiento dedicados a partir del cuarto trimestre de 2023, que cubre múltiples regiones geográficas en los Estados Unidos.

Métrica del equipo de arrendamiento	Datos cuantitativos
Profesionales de arrendamiento total	129
Años promedio de experiencia	12.4 años
Cobertura regional	24 estados

Plataformas de listado de propiedades en línea

Regency Centers utiliza múltiples plataformas digitales para el marketing de propiedades y la adquisición de inquilinos.

• Plataforma de grupo de costo
• Mercado inmobiliario comercial de Loopnet
• Sitio web propietario de la empresa: www.regencycenters.com

Redes de corretaje de bienes raíces

Asociaciones activas con 87 firmas de corretaje de bienes raíces comerciales en todo el país en 2023.

Métrica de red de corretaje	Datos cuantitativos
Partnia de corretaje total	87
Cobertura nacional	42 áreas metropolitanas

Conferencias de la industria y eventos de redes

Participación en 23 conferencias inmobiliarias comerciales durante 2023.

• Eventos del Consejo Internacional de Centros Comerciales (ICSC)
• Conferencias del Instituto de Tierras Urbanas
• Simposios de la Asociación Nacional de Fideicomisos de Inversiones de Estado Real (NareIT)

Marketing digital y sitios web de exhibición de propiedades

Presupuesto de marketing digital de $ 3.2 millones asignados para la exhibición de propiedades y la adquisición de inquilinos en 2023.

Métrica de marketing digital	Datos cuantitativos
Presupuesto anual de marketing digital	$3,200,000
Sitio web Tráfico mensual	124,500 visitantes únicos
Seguidores de redes sociales	48,300

Regency Centers Corporation (REG) - Modelo de negocio: segmentos de clientes

Cadenas nacionales de tiendas de comestibles

A partir de 2024, Regency Centers atiende a las siguientes cadenas nacionales de supermercados:

Cadena de supermercado	Número de ubicaciones	Ingresos anuales
Kroger	2,742 tiendas	$ 148.3 mil millones (2023)
Albertsons	2,276 tiendas	$ 77.65 mil millones (2023)
Editor	1.324 tiendas	$ 54.8 mil millones (2023)

Empresas minoristas regionales y locales

Regency Centers apoya a las empresas minoristas regionales y locales con las siguientes características:

• Tasa promedio de ocupación del inquilino: 92.4%
• Inquilinos minoristas regionales totales: 587 empresas
• Alquiler anual promedio por pie cuadrado: $ 23.50

Servicios minoristas esenciales

Categoría de servicio	Número de inquilinos	Porcentaje de cartera
Farmacias	126 ubicaciones	8.3%
Servicios bancarios	93 ubicaciones	6.1%
Centros de atención urgente	47 ubicaciones	3.2%

Marcas de restaurantes nacionales y regionales

Mezcla de inquilinos de restaurantes en Regency Centers Propiedades:

• Inquilinos totales de restaurantes: 412
• Representación de cadenas nacionales: 68%
• Ventas promedio de restaurantes anuales por ubicación: $ 1.2 millones

Proveedores de servicios de salud y bienestar

Categoría de bienestar	Número de ubicaciones	Ingresos anuales promedio
Centros de fitness	76 ubicaciones	$ 3.5 millones por centro
Clínicas médicas	54 ubicaciones	$ 2.8 millones por clínica
Bienestar minorista	39 ubicaciones	$ 1.6 millones por tienda

Regency Centers Corporation (REG) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

A partir del tercer trimestre de 2023, los centros de regencia informaron costos totales de adquisición de propiedades de $ 52.4 millones. La estrategia de inversión inmobiliaria de la compañía se centró en centros comerciales anclados en comestibles de alta calidad.

Categoría de gastos	Cantidad ($ m)
Adquisición de tierras	32.6
Compra de propiedades	19.8

Costos de desarrollo y reurbanización

En 2023, los centros de regencia invirtieron $ 187.3 millones en proyectos de desarrollo y reurbanización.

• Costos del proyecto de reurbanización: $ 124.5 millones
• Nuevas inversiones de desarrollo: $ 62.8 millones

Mantenimiento y operaciones de la propiedad

Los gastos anuales de mantenimiento y operaciones de la propiedad totalizaron $ 78.6 millones en 2023.

Categoría de mantenimiento	Costo anual ($ M)
Mantenimiento de rutina	42.3
Administración de propiedades	36.3

Servicio de deuda y pagos de intereses

Los gastos de intereses totales para 2023 fueron $ 112.4 millones.

• Intereses de la deuda a largo plazo: $ 89.7 millones
• Intereses de la deuda a corto plazo: $ 22.7 millones

Gastos generales administrativos y de gestión

Los gastos administrativos para 2023 ascendieron a $ 45.2 millones.

Categoría de gastos generales	Costo ($ M)
Compensación ejecutiva	12.6
Operaciones corporativas	22.4
Infraestructura tecnológica	10.2

Regency Centers Corporation (REG) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de inquilinos minoristas

Para el año fiscal 2023, Regency Centers reportó ingresos por alquiler totales de $ 1,099.4 millones. La cartera de la compañía consistió en aproximadamente 331 centros comerciales, por un total de 47.5 millones de pies cuadrados de área gruesa porjes.

Tipo de ingresos	Cantidad (2023)	Porcentaje de ingresos totales
Ingresos de alquiler base	$ 832.1 millones	75.7%
Porcentaje de alquiler	$ 18.3 millones	1.7%
Recuperaciones de los inquilinos	$ 248.9 millones	22.6%

Tarifas de administración de propiedades

En 2023, los centros de regencia generaron tarifas de administración de propiedades de $ 8.2 millones de propiedades administradas por terceros.

Apreciación de activos inmobiliarios

Al 31 de diciembre de 2023, los activos inmobiliarios totales de la compañía se valoraron en $ 12.1 mil millones, con un valor de activo neto (NAV) de $ 6.2 mil millones.

Métrica de valoración de activos	Valor 2023	Cambio año tras año
Activos inmobiliarios totales	$ 12.1 mil millones	+3.2%
Valor de activos netos (NAV)	$ 6.2 mil millones	+2.8%

Renovación de arrendamiento y ingresos por expansión

Estadísticas de renovación y expansión de arrendamiento para 2023:

• Tasa de retención de inquilinos: 88.4%
• Tasa de renovación de arrendamiento promedio: 95.2%
• Ocupación total arrendada: 94.6%

Ventas de propiedades estratégicas y optimización de cartera

En 2023, Regency Centers ejecutaron las siguientes transacciones de propiedad:

• Disposiciones de propiedad totales: $ 384.3 millones
• Número de propiedades vendidas: 23
• Ganancias de las ventas de propiedades: $ 392.6 millones

Tipo de transacción	Valor total	Número de propiedades
Disposición de la propiedad	$ 384.3 millones	23
Adquisiciones de propiedades	$ 276.5 millones	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.