Regency Centers Corporation (Reg): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'immobilier de la vente au détail, Regency Centers Corporation (REG) est une puissance stratégique, transformant les investissements du centre commercial en un modèle commercial sophistiqué et résilient qui va bien au-delà de la gestion immobilière traditionnelle. En organisant méticuleusement les centres commerciaux ancrés et en se concentrant sur les espaces de vente au détail essentiels, Reg a conçu une approche unique qui offre un revenu stable, une optimisation stratégique de propriétés et un développement axé sur la communauté aux États-Unis. Leur toile de modèle commercial innovant révèle un écosystème complexe de partenariats, de ressources et de propositions de valeur qui les distinguent dans le paysage immobilier commercial compétitif.

Regency Centers Corporation (Reg) - Modèle d'entreprise: partenariats clés

Locataires de vente au détail nationaux et régionaux

En 2023, Regency Centers entretient des partenariats avec environ 550 locataires de détail nationaux et régionaux à travers son portefeuille.

Catégorie des locataires	Nombre de locataires	Pourcentage de portefeuille
Épicerie	275	50%
Spécialité de vente au détail	185	33.6%
Locataires basés sur le service	90	16.4%

Entreprises d'investissement immobilier et de développement

Regency Centers collabore avec plusieurs partenaires stratégiques d'investissement immobilier, notamment:

• Immobilier USAA
• Groupe Blackstone
• Fonds immobiliers de Morgan Stanley

Sociétés de gestion immobilière

Les partenariats clés de gestion immobilière comprennent:

Partenaire	Propriétés gérées	Couverture géographique
CBRE	85 propriétés	Multi-États
Jll	62 propriétés	Région du sud-est

Gouvernements municipaux locaux et autorités de zonage

Regency Centers maintient des partenariats actifs sur environ 35 marchés métropolitains à travers les États-Unis.

Institutions financières et investisseurs en capital

Au quatrième trimestre 2023, les principaux partenariats financiers des centres de Regency comprennent:

• Banque Wells Fargo - facilité de crédit de 500 millions de dollars
• JPMorgan Chase - Partenariat d'investissement de 350 millions de dollars
• Bank of America - Relation de prêt de 275 millions de dollars

Institution financière	Valeur de partenariat	Type de relation
Wells Fargo	500 millions de dollars	Facilité de crédit
JPMorgan Chase	350 millions de dollars	Partenariat d'investissement
Banque d'Amérique	275 millions de dollars	Relation de prêt

Regency Centers Corporation (Reg) - Modèle d'entreprise: activités clés

Acquérir, développer et gérer les centres commerciaux ancrés à l'épicerie

En 2024, Regency Centers Corporation gère un portefeuille de 388 centres commerciaux totalisant 49,3 millions de pieds carrés de superficie de location brute. La société possède 326 propriétés et a une participation de coentreprise dans 62 centres commerciaux.

Métrique de portefeuille	Quantité
Centres commerciaux totaux	388
Zone de levage brute totale	49,3 millions de pieds carrés
Propriétés possédées	326
Propriétés de coentreprise	62

Louer des espaces de vente au détail à des locataires de haute qualité

Les centres Regency se concentrent sur la location des locataires basés sur les épiceries et basés sur la nécessité.

• Taux d'occupation: 94,5%
• Loyer de base moyen par pied carré: 18,54 $
• Mélange de locataires: 35% d'épicerie, 25% de service, 20% de vente au détail de spécialité, restaurant à 20%

Rénovation et réaménagement des biens

En 2023, Regency a investi 143,7 millions de dollars dans des projets de réaménagement et d'expansion à travers son portefeuille.

Métrique de réaménagement	Valeur
Investissement total de réaménagement	143,7 millions de dollars
Nombre de projets de réaménagement	12

Optimisation de portefeuille stratégique

Regency Centres évalue et ajuste en permanence son portefeuille pour maintenir l'alignement stratégique.

• Disposé de 285,6 millions de dollars de propriétés en 2023
• Acquis 167,2 millions de dollars de nouvelles propriétés
• Concentrez-vous sur les marchés à forte croissance avec de fortes tendances démographiques

Gestion des relations des locataires

La société entretient de solides relations avec les locataires grâce à des stratégies de gestion proactives.

• Taux de rétention des locataires: 82%
• Terme de location moyenne: 5,3 ans
• Équipe de support des locataires dédiée

Regency Centers Corporation (Reg) - Modèle d'entreprise: Ressources clés

Portfolio immobilier de premier ordre

Au quatrième trimestre 2023, Regency Centers possède 341 centres commerciaux dans 15 États, totalisant 49,4 millions de pieds carrés d'espace de vente au détail. Valeur du portefeuille: 10,1 milliards de dollars.

Région géographique	Nombre de propriétés	Total en pieds carrés
Au sud-est	127	18,2 millions de pieds carrés
Sud-ouest	86	12,5 millions de pieds carrés
Côte ouest	72	9,7 millions de pieds carrés

Bilan solide et capital financier

Mesures financières au 31 décembre 2023:

• Capitalisation boursière: 7,8 milliards de dollars
• Actif total: 13,2 milliards de dollars
• Dette totale: 5,4 milliards de dollars
• Ratio dette / fonds propres: 0,41
• Revenu annuel: 1,2 milliard de dollars

Équipe de gestion expérimentée et de développement immobilier

Statistiques de l'équipe de leadership:

• Pureur exécutif moyen: 15,3 ans
• Sensiderie avec une expérience de développement immobilier: 92%
• Total des employés: 542

Technologie avancée de gestion immobilière

Investissements infrastructures technologiques:

• Budget technologique annuel: 22,3 millions de dollars
• Plateformes de gestion immobilière numérique: 3 systèmes propriétaires
• Plateformes d'engagement numérique du locataire: 2 solutions intégrées

Réputation de la marque établie

Métriques de reconnaissance de la marque:

Métrique	Valeur
Années de travail	60
Classement Nareit	Top 10 REIT de vente au détail
Note de crédit de qualité investissement	Bbb +

Regency Centers Corporation (Reg) - Modèle d'entreprise: propositions de valeur

Centres commerciaux de haute qualité et stratégiquement situés

Au quatrième trimestre 2023, Regency Centers possède 338 propriétés comprenant 49,1 millions de pieds carrés de superficie de location brute dans 15 États. Taux d'occupation moyen: 94,7%.

Métrique immobilière	2023 données
Propriétés totales	338
Zone de levage brute totale	49,1 millions de pieds carrés
Empreinte géographique	15 États

Revenu stable grâce à des accords de location à long terme

Terme de bail moyenne: 6,3 ans. Terme de location restante moyenne pondérée pour les locataires d'ancrage: 9,4 ans.

Bail Performance Metric	2023 données
Terme de location moyenne	6,3 ans
Terme de location du locataire ancre	9,4 ans

Concentrez-vous sur les propriétés essentielles de la vente au détail et de l'épicerie

• Centres ancrés d'épicerie: 82% du portefeuille
• Ventes de locataires d'épicerie par pied carré: 638 $
• Top d'épicerie ancres: Kroger, Publix, Albertsons

Modèle d'investissement immobilier résilient

2023 Performance financière:

Métrique financière	Montant
Revenus totaux	1,2 milliard de dollars
Bénéfice d'exploitation net	817,3 millions de dollars
Fonds des opérations (FFO)	633,4 millions de dollars

Approche de développement durable et axée sur la communauté

• Propriétés certifiées LEED: 12 centres
• Cible de réduction des émissions de carbone: 50% d'ici 2030
• Investissement communautaire: 3,2 millions de dollars dans des projets de développement locaux

Regency Centers Corporation (REG) - Modèle d'entreprise: relations clients

Partenariats de locataires à long terme

Au quatrième trimestre 2023, Regency Centers maintient un taux d'occupation de 95,7% dans son portefeuille de centres commerciaux ancrés d'épicerie. La durée du bail moyen des locataires d'ancrage est de 8,2 ans, avec des taux de renouvellement constamment supérieurs à 85%.

Type de locataire	Durée de location moyenne	Taux de renouvellement
Ancres d'épicerie	8,2 ans	87.3%
Détaillants spécialisés	5,6 ans	82.5%

Services de gestion immobilière personnalisés

Regency Centers emploie 264 professionnels de la gestion immobilière dans ses 330 emplacements du centre commercial. La Société fournit une gestion des comptes dédiée à 92% de ses locataires de haut niveau.

• Support de maintenance 24/7
• Programmes d'amélioration des locataires personnalisés
• Équipes de gestion régionale dédiée

Communication régulière et soutien aux locataires

La société mène des enquêtes trimestrielles sur la satisfaction des locataires avec un taux de réponse de 78%. Les canaux de communication numériques atteignent 95% de la base des locataires mensuellement.

Canal de communication	Pourcentage d'utilisation
E-mail	68%
Portail des locataires	52%
Prise en charge du téléphone direct	42%

Arrangements de location flexibles

Regency Centers Offre Trois modèles de location distincts: Traditional à terme, loyer pour pourcentage et arrangements flexibles à court terme. 37% des nouveaux baux en 2023 comprenaient une forme de termes flexibles.

Plateformes d'engagement des locataires numériques

La plateforme de locataires numériques de l'entreprise sert 328 centres commerciaux avec:

• Suivi des demandes de maintenance en temps réel
• Systèmes de paiement de loyer numérique
• Tableau de bord d'analyse des performances

Taux d'adoption de la plate-forme: 86% de la base des locataires en décembre 2023.

Regency Centers Corporation (Reg) - Modèle d'entreprise: canaux

Équipes de location directe

Regency Centers opère avec 129 professionnels de la location dédiés au quatrième trimestre 2023, couvrant plusieurs régions géographiques à travers les États-Unis.

Métrique de l'équipe de location	Données quantitatives
Professionnels totaux de location	129
Des années moyennes d'expérience	12.4 ans
Couverture régionale	24 États

Plateformes d'inscription de propriétés en ligne

Regency Centers utilise plusieurs plateformes numériques pour le marketing immobilier et l'acquisition des locataires.

• Plate-forme de groupe de costar
• Loopnet Commercial Real Estate Marketplace
• Site Web propriétaire de l'entreprise: www.regencycenters.com

Réseaux de courtage immobilier

Partenariats actifs avec 87 sociétés de courtage immobilier commerciales à l'échelle nationale en 2023.

Métrique du réseau de courtage	Données quantitatives
Partenariats totaux de courtage	87
Couverture nationale	42 zones métropolitaines

Conférences de l'industrie et événements de réseautage

Participation à 23 conférences immobilières commerciales en 2023.

• Événements du Conseil international des centres commerciaux (ICSC)
• Conférences de l'Institut foncier urbain
• Symposiums nationaux de la fiducie de l'investissement immobilier (NAREIT)

Digital Marketing and Property présente les sites Web

Budget de marketing numérique de 3,2 millions de dollars alloué à la vitrine immobilière et à l'acquisition des locataires en 2023.

Métrique du marketing numérique	Données quantitatives
Budget annuel du marketing numérique	$3,200,000
Trafic mensuel du site Web	124 500 visiteurs uniques
Abonnés des médias sociaux	48,300

Regency Centers Corporation (Reg) - Modèle d'entreprise: segments de clientèle

Chaînes nationales d'épicerie

En 2024, Regency Centers sert les chaînes nationales d'épicerie suivantes:

Chaîne d'épicerie	Nombre d'emplacements	Revenus annuels
Kroger	2 742 magasins	148,3 milliards de dollars (2023)
Albertsons	2 276 magasins	77,65 milliards de dollars (2023)
Public	1 324 magasins	54,8 milliards de dollars (2023)

Commerces de détail régionaux et locaux

Regency Centers soutient les entreprises de vente au détail régionales et locales avec les caractéristiques suivantes:

• Taux d'occupation moyen des locataires: 92,4%
• Total des locataires régionaux de vente au détail: 587 entreprises
• Loyer annuel moyen par pied carré: 23,50 $

Services de vente au détail essentiels

Catégorie de service	Nombre de locataires	Pourcentage de portefeuille
Pharmacies	126 emplacements	8.3%
Services bancaires	93 emplacements	6.1%
Centres de soins urgents	47 emplacements	3.2%

Marques de restaurants nationaux et régionaux

Mélange de locataires de restaurants dans les centres de régence Propriétés:

• Total des locataires de restauration: 412
• Représentation des chaînes nationales: 68%
• Ventes de restaurants annuelles moyennes par emplacement: 1,2 million de dollars

Fournisseurs de services de santé et de bien-être

Catégorie de bien-être	Nombre d'emplacements	Revenus annuels moyens
Centres de fitness	76 emplacements	3,5 millions de dollars par centre
Cliniques médicales	54 emplacements	2,8 millions de dollars par clinique
Vendeur de bien-être	39 emplacements	1,6 million de dollars par magasin

Regency Centers Corporation (Reg) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

Au troisième trimestre 2023, les centres Regency ont déclaré des coûts d'acquisition totale de propriétés de 52,4 millions de dollars. La stratégie d'investissement immobilier de l'entreprise s'est concentrée sur les centres commerciaux ancrés de haute qualité.

Catégorie de dépenses	Montant ($ m)
Acquisition de terres	32.6
Achat de propriété	19.8

Coûts de développement et de réaménagement

En 2023, les centres Regency ont investi 187,3 millions de dollars dans les projets de développement et de réaménagement.

• Coûts du projet de réaménagement: 124,5 millions de dollars
• Nouveaux investissements au développement: 62,8 millions de dollars

Entretien et opérations des biens

Les frais de maintenance et d'exploitation des biens annuels ont totalisé 78,6 millions de dollars en 2023.

Catégorie de maintenance	Coût annuel ($ m)
Maintenance de routine	42.3
Gestion immobilière	36.3

Entretien de la dette et paiements d'intérêts

Les dépenses totales d'intérêt pour 2023 étaient 112,4 millions de dollars.

• Intérêt de dette à long terme: 89,7 millions de dollars
• Intérêt de dette à court terme: 22,7 millions de dollars

Administrative et au-dessus de la direction

Les dépenses administratives pour 2023 s'élevaient à 45,2 millions de dollars.

Catégorie aérienne	Coût ($ m)
Rémunération des dirigeants	12.6
Opérations d'entreprise	22.4
Infrastructure technologique	10.2

Regency Centers Corporation (Reg) - Modèle d'entreprise: Strots de revenus

Revenus locatifs des locataires de détail

Pour l'exercice 2023, Regency Centers a déclaré des revenus de location totaux de 1 099,4 million de dollars. Le portefeuille de la société comprenait environ 331 centres commerciaux, totalisant 47,5 millions de pieds carrés de superficie de levage brut.

Type de revenus	Montant (2023)	Pourcentage du total des revenus
Revenus de location de base	832,1 millions de dollars	75.7%
Pourcentage de loyer	18,3 millions de dollars	1.7%
Recouvrements auprès des locataires	248,9 millions de dollars	22.6%

Frais de gestion immobilière

En 2023, les centres Regency ont généré des frais de gestion immobilière de 8,2 millions de dollars provenant de propriétés gérées par des tiers.

Appréciation des actifs immobiliers

Au 31 décembre 2023, le total des actifs immobiliers de la société était évalué à 12,1 milliards de dollars, avec une valeur de l'actif (NAV) de 6,2 milliards de dollars.

Métrique d'évaluation des actifs	Valeur 2023	Changement d'une année à l'autre
Actifs immobiliers totaux	12,1 milliards de dollars	+3.2%
Valeur net de l'actif (NAV)	6,2 milliards de dollars	+2.8%

Renouvellement des locations et revenus d'expansion

Statistiques de renouvellement de location et d'expansion pour 2023:

• Taux de rétention des locataires: 88,4%
• Taux de renouvellement de location moyen: 95,2%
• Occupation louée totale: 94,6%

Ventes de propriétés stratégiques et optimisation du portefeuille

En 2023, Regency Centers a exécuté les transactions immobilières suivantes:

• Total des dispositions de propriété: 384,3 millions de dollars
• Nombre de propriétés vendues: 23
• Procédé des ventes de biens: 392,6 millions de dollars

Type de transaction	Valeur totale	Nombre de propriétés
Disposition des biens	384,3 millions de dollars	23
Acquisitions de biens	276,5 millions de dollars	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.