A Business at a Glance
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REGENCY CENTERS CORP
REG
$15.0B
Mkt Cap
$82.15
+1.19%
REGENCY CENTERS CORP (REG) has a current P/E ratio of 29.1, compared to its historical median P/E of 30.6. The stock is currently considered Fair based on its historical valuation range.
REGENCY CENTERS CORP (REG) has a 5-year average return on invested capital (ROIC) of 8.6%. This is below average and may indicate limited pricing power.
REGENCY CENTERS CORP (REG) has a market capitalization of $15.0B. It is classified as a large-cap stock.
Yes, REGENCY CENTERS CORP (REG) pays a dividend with a trailing twelve-month yield of 4.39%. The company also returns capital through share buybacks, with a buyback yield of 0.01%.
Based on historical P/E analysis, REGENCY CENTERS CORP (REG) appears fair. The current P/E of 29.1 is 5% below its historical median of 30.6. The estimated fair value CAGR (P/E method) is 16.6%.
REGENCY CENTERS CORP (REG) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
REGENCY CENTERS CORP (REG) reported annual revenue of $1.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
Regency Centers Corporation is a fully integrated, self-administered and self-managed real estate investment trust that owns, develops, and operates neighborhood and community shopping centers anchored primarily by market-leading grocery stores in suburban trade areas across the United States. As of December 31, 2025, the company held full or partial equity ownership interests in 481 properties encompassing approximately 58.4 million square feet of gross leasable area, with a pro-rata share of approximately 50.5 million square feet. The company generates revenues by leasing space to necessity, convenience, service, and value-based retailers serving essential community needs, with a business model focused on long-term ownership and operation of high-quality assets in demographically compelling suburban markets. Regency's competitive advantages include the quality and location of its shopping centers, strong tenant relationships, experienced management team, and demonstrated capability in development, redevelopment, and acquisition activities. The company maintains a conservative capital structure with a strong balance sheet, disciplined development platform targeting yields north of 7%, and a strategy of reinvesting free cash flow and disposition proceeds into accretive growth opportunities while managing a carefully constructed debt maturity profile.
【Strong organic growth momentum】 Management expects same-property NOI growth to continue benefiting from base rent expansion driven by rent spreads, embedded rent steps, and commencement of the SNO (Shop Not Occupied) pipeline, with development and redevelopment projects delivering accretive returns. The company anticipates total NOI growth north of 6% reflecting meaningful contributions from ground-up development deliveries and acquisitions, while maintaining leverage near the low end of its 5x–5.5x target range with strong free cash flow generation supporting the development pipeline without need for equity raises or property sales. Management remains bullish on the development opportunity set, raising expectations for investment spend over the next three years to exceed $1 billion, with starts expected to be back-end loaded in 2026 and setting up strong deliveries in 2027 and beyond. The company expects to continue shrinking the gap between leased and commenced occupancy while driving outsized base rent growth, with credit loss anticipated to remain below historical averages similar to 2025 levels.
| Metric | Target | Period |
|---|---|---|
| Same-Property NOI Growth | 3.25%-3.75% | FY2026 |
| Core Operating Earnings per Share Growth | 4.5% at the midpoint | FY2026 |
| Nareit FFO per Share Growth | 4.5% at the midpoint | FY2026 |
| Total NOI Growth | north of 6% | FY2026 |
| Development and Redevelopment Spend | over $1 billion | next three years |
Same-Property NOI Growth (FY2026): “We are maintaining guidance for full year Same-Property NOI growth of 3.25%-3.75%”
Core Operating Earnings per Share Growth (FY2026): “growth in Core Operating Earnings and Nareit FFO per share, each at 4.5% at the midpoint”
Nareit FFO per Share Growth (FY2026): “growth in Core Operating Earnings and Nareit FFO per share, each at 4.5% at the midpoint”
Total NOI Growth (FY2026): “We continue to expect total NOI growth north of 6%, reflecting meaningful contributions from ground-up development deliveries and the substantial acquisitions we completed last year”
Development and Redevelopment Spend (next three years): “As we look forward, we expect our investment platform to invest over $1 billion over the next three years”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.6B | 1.6B | 1.5B | 1.3B | 1.2B | 1.2B |
| Net Income | 533M | 514M | 387M | 360M | 483M | 361M |
| EPS | $2.92 | $2.82 | $2.11 | $2.04 | $2.81 | $2.12 |
| Free Cash Flow | 817M | 819M | 776M | 711M | 651M | 267M |
| ROIC | 5.8% | 10.0% | 9.3% | 9.0% | 9.3% | 5.3% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.73 | 0.70 | 0.67 | 0.61 | 0.61 | 0.62 |
| Dividends/Share | $3.60 | $2.87 | $2.72 | $2.62 | $2.53 | $2.41 |
| Operating Income | 1.1B | 1.1B | 1.0B | 951M | 897M | 508M |
| Operating Margin | 72.3% | 72.3% | 72.0% | 71.9% | 73.3% | 43.5% |
| ROE | 7.7% | 7.5% | 5.6% | 5.5% | 8.0% | 6.0% |
| Shares Outstanding | 183M | 182M | 183M | 176M | 172M | 170M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 538M | 570M | N/A | 984M | 1.1B | 1.1B | 1.0B | 1.2B | 1.2B | 1.3B | 1.5B | 1.6B | 1.6B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 60M | 66M | 65M | 68M | 65M | 75M | 75M | 78M | 80M | 98M | 101M | 99M | 103M |
| EBIT | 298M | 255M | 234M | 283M | 398M | 392M | 9.5M | 508M | 897M | 951M | 1.0B | 1.1B | 1.1B |
| Op. Margin | 55.5% | 44.8% | N/A | 28.7% | 35.5% | 34.6% | 0.9% | 43.5% | 73.3% | 71.9% | 72.0% | 72.3% | 72.3% |
| Net Income | 188M | 153M | 144M | 160M | 249M | 239M | 45M | 361M | 483M | 360M | 387M | 514M | 533M |
| Net Margin | 34.9% | 26.8% | N/A | 16.2% | 22.2% | 21.1% | 4.4% | 31.0% | 39.4% | 27.2% | 26.6% | 33.1% | 33.6% |
| Non-Recurring | 1.3M | 0 | 1.7M | 0 | 0 | 0 | 132M | 84M | 0 | 0 | 14M | 4.6M | 4.6M |
| Returns on Capital | |||||||||||||
| ROIC | N/A | N/A | 197.3% | 7.6% | 3.9% | 3.9% | 0.4% | 5.3% | 9.3% | 9.0% | 9.3% | 10.0% | 5.8% |
| ROE | N/A | N/A | N/A | 14.2% | 3.8% | 3.8% | 0.7% | 6.0% | 8.0% | 5.5% | 5.6% | 7.5% | 7.7% |
| ROA | 358.5% | 144.8% | 121.1% | 280.6% | 4.5% | 2.2% | 0.4% | 3.3% | 4.5% | 3.1% | 3.1% | 4.0% | 4.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 278M | 276M | 297M | 470M | 610M | 621M | 499M | 659M | 656M | 720M | 790M | 828M | 819M |
| Free Cash Flow | 278M | 276M | 297M | 345M | 525M | 399M | 487M | 267M | 651M | 711M | 776M | 819M | 817M |
| Owner Earnings | 120M | 118M | 124M | 115M | 237M | 233M | 140M | 344M | 320M | 347M | 372M | 403M | 385M |
| CapEx | 0 | 0 | 0 | 125M | 85M | 223M | 12M | 392M | 4.9M | 8.9M | 14M | 8.2M | 2.9M |
| Maint. CapEx | 148M | 147M | 162M | 334M | 360M | 374M | 346M | 303M | 320M | 352M | 395M | 405M | 415M |
| Growth CapEx | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 89M | 0 | 0 | 0 | 0 | 0 |
| D&A | 148M | 147M | 162M | 334M | 360M | 374M | 346M | 303M | 320M | 352M | 395M | 405M | 415M |
| CapEx/OCF | 40.4% | 15.6% | 112.1% | 26.5% | 14.0% | 1.7% | 2.4% | 1.5% | 0.7% | 1.2% | 1.8% | 1.0% | 0.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 173M | 182M | 201M | 323M | 376M | 391M | 301M | 403M | 428M | 453M | 490M | 512M | 660M |
| Dividend Yield | 4.7% | 3.7% | 3.9% | 6.7% | 4.9% | 4.6% | 4.8% | 4.5% | 4.5% | 4.6% | 4.3% | 4.0% | 4.4% |
| Share Buybacks | 0 | 0 | 29K | 0 | 214M | 33M | 0 | 0 | 75M | 20M | 200M | 2.0M | 2.0M |
| Buyback Yield | N/A | N/A | 0.0% | N/A | 2.9% | 0.4% | N/A | N/A | 0.8% | 0.2% | 1.5% | N/A | 0.0% |
| Stock-Based Comp | 9.7M | 11M | 11M | 21M | 14M | 14M | 14M | 13M | 17M | 20M | 24M | 19M | 20M |
| Debt Repayment | 0 | 0 | 0 | 12M | 10M | 11M | 22M | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 1.8B | 1.7B | 1.4B | 3.5B | 3.6B | 3.8B | 3.5B | 3.6B | 3.6B | 4.2B | 4.3B | 4.6B | 4.9B |
| Cash & Equiv. | 114M | 37M | 13M | 49M | 45M | 116M | 378M | 95M | 69M | 91M | 62M | 121M | 149M |
| Long-Term Debt | 1.9B | 1.7B | 1.4B | 3.6B | 3.7B | 3.9B | 3.9B | 3.7B | 3.7B | 4.2B | 4.4B | 4.7B | 5.0B |
| Debt/Equity | N/A | N/A | N/A | -9.65 | 0.58 | 0.63 | 0.66 | 0.62 | 0.61 | 0.61 | 0.67 | 0.70 | 0.73 |
| Interest Coverage | 2.7 | 2.5 | 2.6 | 2.1 | 2.7 | 2.6 | 0.1 | 3.5 | 6.1 | 6.2 | 158.0 | 109.2 | 109.2 |
| Equity | N/A | N/A | N/A | -372M | 6.4B | 6.2B | 6.0B | 6.0B | 6.1B | 7.0B | 6.7B | 6.9B | 6.9B |
| Total Assets | 52M | 105M | 119M | 100M | 10.9B | 11.1B | 10.9B | 10.8B | 10.9B | 12.4B | 12.4B | 13.0B | 13.0B |
| Total Liabilities | N/A | N/A | N/A | 27M | 4.5B | 4.8B | 4.9B | 4.7B | 4.7B | 5.2B | 5.5B | 5.8B | 5.9B |
| Intangibles | 52M | 105M | 119M | N/A | 387M | 243M | 189M | 213M | 198M | 283M | 230M | 254M | 245M |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | 225M | N/A | 302M | 322M | 317M | 359M | 392M | 392M | 201M |
| Per Share Data | |||||||||||||
| EPS | 1.80 | 1.36 | 1.42 | 1.54 | 1.46 | 1.43 | 0.26 | 2.12 | 2.81 | 2.04 | 2.11 | 2.82 | 2.92 |
| Owner EPS | 1.15 | 1.05 | 1.23 | 1.11 | 1.39 | 1.39 | 0.81 | 2.02 | 1.86 | 1.97 | 2.03 | 2.21 | 2.10 |
| Book Value | N/A | N/A | N/A | -3.59 | 37.50 | 37.11 | 34.66 | 35.41 | 35.48 | 39.91 | 36.69 | 37.91 | 37.65 |
| Cash Flow/Share | 2.66 | 2.46 | 2.94 | 4.52 | 3.58 | 3.71 | 2.89 | 3.87 | 3.82 | 4.08 | 4.31 | 4.54 | 5.17 |
| Dividends/Share | 1.88 | 1.94 | 2.00 | 2.10 | 2.22 | 2.34 | 2.38 | 2.41 | 2.53 | 2.62 | 2.72 | 2.87 | 3.60 |
| Shares Out. | 104.3M | 112.2M | 101.3M | 103.9M | 170.6M | 167.4M | 172.7M | 170.5M | 171.8M | 176.2M | 183.3M | 182.2M | 183.1M |
| Valuation | |||||||||||||
| P/E Ratio | 23.7 | 34.3 | 32.9 | 50.1 | 30.0 | 33.9 | 144.0 | 29.6 | 19.4 | 30.6 | 33.7 | 24.7 | 28.1 |
| P/FCF | 16.0 | 19.0 | 15.9 | 15.1 | 14.2 | 20.4 | 13.3 | 40.0 | 14.4 | 15.5 | 16.8 | 15.5 | 18.4 |
| EV/EBIT | 21.3 | 27.7 | 25.9 | 38.7 | 26.2 | 29.3 | N/A | 28.2 | 20.7 | 29.0 | 30.5 | 24.1 | 17.4 |
| Price/Book | N/A | N/A | N/A | N/A | 1.2 | 1.3 | 1.1 | 1.8 | 1.5 | 1.6 | 1.9 | 1.8 | 2.2 |
| Price/Sales | 6.9 | 8.5 | N/A | 7.6 | 6.9 | 7.4 | 6.2 | 7.7 | 7.9 | 7.4 | 7.8 | 8.2 | 9.5 |
| FCF Yield | 6.3% | 5.3% | 6.3% | 4.3% | 7.0% | 4.9% | 7.5% | 2.5% | 7.0% | 6.5% | 6.0% | 6.5% | 5.4% |
| Market Cap | 4.4B | 5.2B | 4.7B | 8.0B | 7.5B | 8.1B | 6.5B | 10.7B | 9.4B | 11.0B | 13.0B | 12.7B | 15.0B |
| Avg. Price | 35.46 | 43.41 | 51.58 | 46.55 | 45.22 | 50.21 | 36.55 | 52.56 | 55.92 | 55.67 | 62.10 | 69.75 | 82.15 |
| Year-End Price | 42.58 | 46.65 | 46.70 | 50.14 | 43.81 | 48.51 | 37.45 | 62.68 | 54.50 | 62.40 | 71.02 | 69.55 | 82.15 |
REGENCY CENTERS CORP passes 4 of 9 quality checks, suggesting mixed fundamentals.
REGENCY CENTERS CORP trades at 29.1x trailing earnings, compared to its 15-year median P/E of 30.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 18.3x vs a median of 15.5x. The company's 5-year average ROIC is 8.6%. Total shareholder yield (dividends) is 4.4%. At current prices, the estimated annualized return to fair value is +5.2%.
REGENCY CENTERS CORP (REG) has a net profit margin of 33.1%. This is a strong margin indicating high profitability.
REGENCY CENTERS CORP (REG) generated $819 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
REGENCY CENTERS CORP (REG) has a debt-to-equity ratio of 0.70. This indicates moderate leverage.
REGENCY CENTERS CORP (REG) reported earnings per share (EPS) of $2.82 in its most recent fiscal year.
REGENCY CENTERS CORP (REG) has a return on equity (ROE) of 7.5%. This indicates moderate shareholder returns.
The Ledger Terminal provides 17 years of financial data for REGENCY CENTERS CORP (REG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
REGENCY CENTERS CORP (REG) has a book value per share of $37.91, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects same-property NOI growth to continue benefiting from base rent expansion driven by rent spreads, embedded rent steps, and commencement of the SNO (Shop Not Occupied) pipeline, with development and redevelopment projects delivering accretive returns. The company anticipates total NOI growth north of 6% reflecting meaningful contributions from ground-up development deliveries and acquisitions, while maintaining leverage near the low end of its 5x–5.5x target range with strong free cash flow generation supporting the development pipeline without need for equity raises or property sales. Management remains bullish on the development opportunity set, raising expectations for investment spend over the next three years to exceed $1 billion, with starts expected to be back-end loaded in 2026 and setting up strong deliveries in 2027 and beyond. The company expects to continue shrinking the gap between leased and commenced occupancy while driving outsized base rent growth, with credit loss anticipated to remain below historical averages similar to 2025 levels.
Based on recent SEC filings and earnings calls, REGENCY CENTERS CORP (REG) has provided the following forward guidance: Same-Property NOI Growth: 3.25%-3.75% (FY2026); Core Operating Earnings per Share Growth: 4.5% at the midpoint (FY2026); Nareit FFO per Share Growth: 4.5% at the midpoint (FY2026); Total NOI Growth: north of 6% (FY2026); Development and Redevelopment Spend: over $1 billion (next three years).
No recent press releases.