Regency Centers Prices $450 Million Senior Unsecured Notes Offering

Rhea-AI Summary

Regency Centers (Nasdaq: REG) priced a $450 million public offering of senior unsecured notes due March 15, 2033, issued at 99.376% of par with a 4.50% coupon. Interest is payable semiannually on March 15 and September 15, first payment due September 15, 2026.

Proceeds are intended to reduce the company’s line of credit, repay $100 million of 3.81% notes maturing May 11, 2026, and for general corporate purposes. Settlement is expected February 23, 2026, subject to customary closing conditions.

Positive

• Proceeds raised of $450 million to bolster liquidity
• $100 million maturing notes scheduled for repayment on May 11, 2026
• Debt maturity extended to March 15, 2033 reducing near-term rollover risk

Negative

• New fixed interest obligation of 4.50% increases annual interest expense
• Additional long-term debt of $450 million increases leverage and cash outflows

Key Figures

Notes offering size: $450 million Issue price: 99.376% of par Coupon rate: 4.50% +5 more

8 metrics

Notes offering size $450 million Senior unsecured notes due 2033

Issue price 99.376% of par Pricing of 2033 senior unsecured notes

Coupon rate 4.50% Annual coupon on 2033 senior unsecured notes

Maturity date March 15, 2033 Senior unsecured notes maturity

First interest payment September 15, 2026 Semiannual interest schedule on notes

Refinanced notes $100 million 3.81% notes due May 11, 2026 to be repaid

Legacy coupon 3.81% Coupon on notes maturing May 11, 2026

Settlement date February 23, 2026 Expected closing of the offering

Market Reality Check

Price: $75.72 Vol: Volume 1,092,281 is below...

normal vol

$75.72 Last Close

Volume Volume 1,092,281 is below the 20-day average of 1,500,716, suggesting a measured reaction to the notes offering. normal

Technical Shares at $75.72 are trading above the $71.17 200-day MA and within 3% of the 52-week high.

Peers on Argus

REG gained 1.33% while key retail REIT peers were negative (KIM -1.95%, BRX -1.2...

REG gained 1.33% while key retail REIT peers were negative (KIM -1.95%, BRX -1.28%, FRT -0.95%, O -2.00%, SPG -1.03%), indicating a company-specific response to the notes offering rather than a sector-wide move.

Historical Context

5 past events · Latest: Feb 05 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 05	Q4/FY2025 earnings	Positive	-0.3%	Strong Q4 and FY2025 FFO with 2026 guidance and dividend declaration.
Jan 22	Tax distribution info	Neutral	-0.2%	Disclosure of 2025 tax characterization for common and preferred distributions.
Jan 06	Earnings call invite	Neutral	+0.5%	Scheduling and access details for upcoming Q4 2025 earnings call and webcast.
Dec 16	Board appointment	Positive	-1.6%	Election of experienced REIT CEO Mark J. Parrell to Board, expanding membership.
Oct 28	Q3 results/dividend	Positive	-3.1%	Strong Q3 results, raised 2025 guidance, higher Same Property NOI, and dividend increase.

Pattern Detected

Positive fundamental and capital markets news has often seen muted or negative next-day moves, indicating a tendency toward conservative or fading reactions.

Recent Company History

Over the past several months, Regency has reported strong operating metrics, guided to higher Nareit FFO, and increased its common dividend, while also adding an experienced REIT CEO to its Board. Despite these constructive updates, next-day price moves were often flat to negative following earnings, dividend increases, and governance news. Today’s notes offering fits into a pattern of active balance-sheet management and development funding. The new debt financing complements prior unsecured notes issuance and supports ongoing capital projects highlighted in recent filings and earnings releases.

Market Pulse Summary

This announcement details a $450 million senior unsecured notes offering due 2033 with a 4.50% coupo...

Analysis

This announcement details a $450 million senior unsecured notes offering due 2033 with a 4.50% coupon, earmarked to pay down the credit line, refinance $100 million of 3.81% notes maturing in 2026, and fund general corporate uses such as development. It follows recent earnings and 10-K disclosures emphasizing growth projects and a conservative balance sheet. Investors may watch execution on redevelopment spending, leverage trends, and how this financing supports long-term NOI and FFO objectives.

Key Terms

senior unsecured notes, coupon, prospectus supplement, registration statement, +1 more

5 terms

senior unsecured notes financial

"has priced a $450 million public offering of senior unsecured notes due 2033"

Senior unsecured notes are a type of loan a company borrows from investors, promising to pay back with interest. They are called "unsecured" because they aren’t backed by specific assets like buildings or equipment, but "senior" because they are paid back before other debts if the company gets into trouble. Investors see them as a relatively safer way for companies to raise money.

coupon financial

"were issued at 99.376% of par value with a coupon of 4.50%"

A coupon is the regular interest payment a bond issuer promises to make to bondholders, usually expressed as a percentage of the bond’s face value. It matters to investors because it provides predictable income like a steady paycheck and helps determine a bond’s market value and sensitivity to interest rate changes — higher coupons cushion price drops, while low coupons make bonds more sensitive to rate swings.

prospectus supplement regulatory

"including a prospectus and related prospectus supplement with the SEC"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

registration statement regulatory

"have jointly filed a registration statement (including a prospectus"

A registration statement is a formal document that companies file with a government agency to offer new shares of stock to the public. It provides essential information about the company's finances, operations, and risks, helping investors make informed decisions. Think of it as a detailed product description that ensures transparency and trust before buying into a company.

EDGAR regulatory

"You may obtain these documents for free by visiting EDGAR on the SEC website"

EDGAR is a system used by companies to share important financial and business information with the public. It functions like an online filing cabinet where investors can access official reports and documents that help them understand a company's financial health and operations. This transparency allows investors to make more informed decisions, much like checking a company's report card before investing.

AI-generated analysis. Not financial advice.

JACKSONVILLE, Fla., Feb. 18, 2026 (GLOBE NEWSWIRE) -- Regency Centers Corporation (“Regency,” “Regency Centers,” or the “Company”) (Nasdaq: REG) announced today that its operating partnership, Regency Centers, L.P., has priced a $450 million public offering of senior unsecured notes due 2033 (the “Notes”) under its existing shelf registration filed with the U.S. Securities and Exchange Commission (the “SEC”). The Notes will mature on March 15, 2033, and were issued at 99.376% of par value with a coupon of 4.50%. Interest on the Notes will be payable semiannually on September 15 and March 15 of each year, with the first payment due and payable on September 15, 2026. The Company will guarantee the payment of principal and interest on the Notes.

Regency intends to use the net proceeds of the offering (i) to reduce the outstanding balance on its line of credit, (ii) for the repayment of the $100 million aggregate principal amount outstanding of 3.81% notes due May 11, 2026 upon their maturity and (iii) for general corporate purposes, including, but not limited to, prefunding certain capital expenditures, development and redevelopment projects and the future repayment of other outstanding debt. Settlement of the offering is subject to the satisfaction of customary closing conditions and is expected to occur on February 23, 2026.

BofA Securities, Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC, PNC Capital Markets LLC, RBC Capital Markets, LLC and Scotia Capital (USA) Inc. are acting as joint book-running managers. BMO Capital Markets Corp., BNY Mellon Capital Markets, LLC, Mizuho Securities USA LLC, Regions Securities LLC, TD Securities (USA) LLC and Truist Securities, Inc. are acting as senior co-managers.

Regency and Regency Centers, L.P. have jointly filed a registration statement (including a prospectus and related prospectus supplement) with the SEC with respect to the offering of the Notes. Before you invest, you should read the prospectus in that registration statement and the prospectus supplement for the offering, as well as the other documents Regency and Regency Centers, L.P. have filed with the SEC for more complete information about Regency and Regency Centers, L.P. and the offering. You may obtain these documents for free by visiting EDGAR on the SEC website at http://www.sec.gov. Alternatively, by calling BofA Securities, Inc. at 1-800-294-1322, J.P. Morgan Securities LLC at 1-212-834-4533, U.S. Bancorp Investments, Inc. at 1-877-558-2607 or Wells Fargo Securities, LLC at 1-800-645-3751, or, such underwriter will arrange to send you the registration statement, prospectus and the related prospectus supplement upon your request.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Regency Centers Corporation (Nasdaq: REG)

Regency Centers is a preeminent national owner, operator, and developer of shopping centers located in suburban trade areas with compelling demographics. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member.                                               

Forward-Looking Statements
Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency’s future events, developments, or financial or operational performance or results, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “could,” “should,” “would,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “project,” “plan,” “anticipate,” “guidance,” and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained, and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties.

Our operations are subject to a number of risks and uncertainties including, but not limited to, those risk factors described in our SEC filings, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2025 under Item 1A. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our other filings with and submissions to the SEC. If any of the events described in the risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected. Forward-looking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements, whether as a result of new information, future events or developments or otherwise, except as and to the extent required by law.

Contact

Kathryn McKie
904 598 7348
KathrynMcKie@regencycenters.com

This press release was published by a CLEAR® Verified individual.

FAQ

What did Regency Centers (REG) announce about the $450 million note offering on February 18, 2026?

Regency priced a $450 million offering of senior unsecured notes due March 15, 2033, at 99.376% of par. According to the company, the notes carry a 4.50% coupon with semiannual interest payments beginning September 15, 2026.

How will Regency Centers (REG) use the net proceeds from the $450 million notes offering?

Proceeds will reduce the company’s line of credit, repay $100 million of notes maturing May 11, 2026, and fund general corporate purposes. According to the company, funds may prefund capital expenditures and redevelopment projects.

When do the new Regency Centers (REG) notes mature and when is settlement expected?

The new notes mature on March 15, 2033, with settlement expected on February 23, 2026 subject to customary closing conditions. According to the company, interest is payable each March 15 and September 15.

What are the interest payment terms for Regency Centers (REG) 2033 notes issued February 2026?

Interest on the notes is paid semiannually on March 15 and September 15, with the first payment due September 15, 2026. According to the company, the notes carry a fixed 4.50% coupon.

Will Regency Centers (REG) guarantee the payment of the new 2033 notes?

Yes. Regency Centers said the company will guarantee payment of principal and interest on the notes. According to the company, the offering was made under an existing shelf registration with the SEC.

Which underwriters managed Regency Centers (REG) $450 million notes offering and how can investors obtain the prospectus?

Joint book-running managers include BofA Securities and J.P. Morgan, among others. According to the company, investors can obtain the registration statement and prospectus free via EDGAR or by contacting listed underwriters.