-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
REG reported Q1 revenue of $413M (+8.3% Y/Y, +2.0% Q/Q) with lease and property revenue of $403M beating consensus estimates by $3M. Same property NOI reached $286M, up 4.4% Y/Y excluding termination fees, with base rent growth contributing 3.6% to overall NOI performance during the quarter. The company closed 1.5M square feet of comparable new/renewal leases during Q1 at 12.1% cash increases (+24.3% straight-line basis), though this represented a decline from 1.7M square feet completed in Q4. Management maintained full-year 2026 guidance for same property NOI growth of 3.25%-3.75% despite the strong Q1 performance. Rental spreads remained mostly flat Q/Q, suggesting REG may be approaching peak occupancy levels in its portfolio. The strong leasing spreads and consistent NOI growth reflect the continued strength in grocery-anchored retail properties, though the sequential decline in leasing volume may indicate some moderation in market activity levels going forward.