Nasdaq: REG · Retail REITs
Regency Centers
Regency Centers, based in Jacksonville, Florida, is a REIT that owns shopping centers primarily anchored by market-leading grocery stores, and says it is among the largest owners of U.S. shopping centers by revenue, properties, GLA and market capitalization. At end-2025 it held full or partial interests in 481 properties with about 58.4 million square feet of gross leasable area. Revenue grew from $1,016 million (2020) to $1,554 million (2025) and net income to $527 million. No single tenant reaches 10% of revenue; the largest are Publix, TJX and Albertsons (each under 3% of base rent). Development and redevelopment spending rose to $435 million in 2025.
Last updated
Analysis last edited: November 1, 2026 · Financial data fetched: November 1, 2026 09:57 (SEC EDGAR) · Source 10-K filed: February 13, 2026
Built on10-K FY2025 · filed 2026-02-1310-Q (quarter ended 2026-09-30) · filed 2026-11-06Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 8.9%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 72.3%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +2.7 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 3.0x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.57x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 26.3x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.49
Higher than 55% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 99% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 47% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 72% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 53% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; fiscal FY2025
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$75.78close on 2026-11-04
Market cap$13.86B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 26.3x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.0x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 12.1x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 2.8%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 3.8%
At FY2025 year-end: 24.5x
Earnings: fiscal FY2025
At FY2025 year-end: 1.8x
Book value at FY2025 year-end
At FY2025 year-end: 11.3x
EBITDA for FY2025
At FY2025 year-end: 3.1%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Mar 31, 2026.
These figures are behind: a newer quarter was reported on Nov 5, 2026, but SEC's structured data doesn't include it yet. Read the release ↗
- Revenue$381M → $412M (vs. a year earlier)↑ +8.3%$381M → $412M (vs. a year earlier)
- Operating margin71.8% → 71.9% (vs. a year earlier)→ +0.0 pts71.8% → 71.9% (vs. a year earlier)
- Net income$110M → $129M (vs. a year earlier)↑ +17.3%$110M → $129M (vs. a year earlier)
- Cash$121M → $146M (vs. previous quarter-end)↑ +20.6%$121M → $146M (vs. previous quarter-end)
- Long-term debt$4.74B → $5B (vs. previous quarter-end)↑ +5.6%$4.74B → $5B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Jul 29, 2026.
Management outlook ↑ Raised
Raised 2026 Nareit FFO guidance to $4.84–$4.88 per share. Source sentence
Raised full year 2026 Nareit FFO guidance to a range of $4.84 to $4.88 per diluted share and 2026 Core Operating Earnings guidance to a range of $4.62 to $4.66 per diluted share
Key changes
Same Property NOI up 3.8%. Source sentence
Increased quarterly Same Property Net Operating Income ("NOI") year-over-year by 3.8%
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- REGENCY CENTERS CORP
- Headquarters
- JACKSONVILLE, FL
- Incorporated in
- Florida
- Fiscal year end
- 12/31
- Exchange & ticker
- Nasdaq: REG
- Industry
- Retail REITs
- CIK
- 910606
Workforce (as of FY2025 year-end)
Employees
507
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 36–39 days after quarter end (Feb 5, 2026; Feb 6, 2025; Feb 8, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 28–39 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Nov 5, 2026 (+36 days) | Nov 6, 2026 10-Q (+37 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 29, 2026 (+29 days) | Aug 3, 2026 10-Q (+34 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 29, 2026 (+29 days) | May 4, 2026 10-Q (+34 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 5, 2026 (+36 days) | Feb 13, 2026 10-K (+44 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 28, 2025 (+28 days) | Nov 5, 2025 10-Q (+36 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 29, 2025 (+29 days) | Aug 4, 2025 10-Q (+35 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 29, 2025 (+29 days) | May 2, 2025 10-Q (+32 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 6, 2025 (+37 days) | Feb 14, 2025 10-K (+45 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 28, 2024 (+28 days) | Nov 1, 2024 10-Q (+32 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 1, 2024 (+32 days) | Aug 2, 2024 10-Q (+33 days) |
| Q1 FY2024 | Mar 31, 2024 | May 2, 2024 (+32 days) | May 3, 2024 10-Q (+33 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 8, 2024 (+39 days) | Feb 16, 2024 10-K (+47 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Shopping centers
Grocery-anchored centers
Neighborhood and community centers anchored by leading grocers.
Development
Development and redevelopment
Ground-up development and redevelopment of centers.
From the Form 10-K, FY2025.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Shopping centers
U.S. shopping centers
U.S. share
Among the largest
Company-disclosed“We are among the largest owners of shopping centers in the USA” by revenue, properties, GLA and market cap (no percentage stated).
Worldwide share
—
Not disclosed
07
Recent strategic focusSite analysis
Recent developments.
Q2 2026 results
Q2 revenue $413.5M (vs $380.8M); net income attributable to common shareholders $112.4M (vs $102.6M).
Source: Form 10-Q (quarter ended 2026-06-30)
Development
Real estate development and capital improvements of $435M in 2025, up from $343M.
Source: Form 10-K (FY2025)
Dividend
Dividends per share rose from $2.38 (2020) to $2.87 (2025).
Source: Form 10-K (FY2025)
Capex ÷ D&A (FY2025)
1.07x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$435M ÷ $405M = 1.07x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$1.63B
Latest year: $699M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $181M in FY2020 to $435M in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$1.55B
As reported in the 10-K
Revenue CAGR (5 years)
+8.9%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($1,554M ÷ $1,016M) ^ (1÷5) − 1 = 8.9%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
72.3%
formulaoperating income ÷ revenue × 100
e.g.$1,123M ÷ $1,554M × 100 = 72.3%
ROE (FY2025)
7.7%
6-year average: 5.6%
As reported in the 10-K
P/B (FY2025 end)
1.82x
formulafiscal year-end closing price ÷ book value per share
e.g.$69.03 ÷ $38.03 = 1.82x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
11.3x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($12,626M + $4,739M − $121M) ÷ ($1,123M + $405M) = 11.3x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +8.9% a year over 5 years (strong growth)
From $1.02B in FY2020 to $1.55B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Equity ratio is 53.1% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ―
ROE averaged 5.6% over 6 years (latest: 7.7%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Urstadt Biddle Properties
07 · what it does
Key activities
- Owning and leasing shopping centers
- Ground-up development and redevelopment
- Investments in real estate partnerships
06 · what it draws on
Key resources
- 507 employees (27 offices)
- 481 properties, about 58.4M SF of GLA (50.5M SF pro-rata)
- Unsecured notes and credit facility
02 · why customers buy
Value propositions
- Grocery-anchored neighborhood and community shopping centers with tenants less exposed to e-commerce.
04 · how it keeps them
Customer relationships
- Long-term leases and renewals.
03 · how it reaches them
Channels
- Leases negotiated directly with grocers, retailers, restaurants and service tenants.
01 · who it serves
Customer segments
- Grocery anchors such as Publix, Albertsons, Kroger and Whole Foods
- Off-price and other retailers (e.g., TJX)
- Restaurants and service tenants
09 · where money goes
Cost structure
FY2025, share of revenue ($1.55B)
- Selling, general & administrative6.4%
- Other operating costs (incl. cost of goods sold)21.3%
Operating profit left: 72.3% of revenue. Depreciation & amortization (inside the costs above): $405M. Capital spending: $435M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Total revenue $1,554M (2025)
- Lease income from base rent and recoveries
- Development capex $435M (2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Leases space in grocery-anchored neighborhood and community centers to grocers, off-price retailers, restaurants and service tenants, and develops and redevelops centers.
01 what it draws on
Inputs & resources
- 507 employees (27 offices)
- 481 properties, about 58.4M SF of GLA (50.5M SF pro-rata)
- Unsecured notes and credit facility
02 what it does
Activities
- Owning and leasing shopping centers
- Ground-up development and redevelopment
- Investments in real estate partnerships
03 who it serves
Customers
- Grocery anchors such as Publix, Albertsons, Kroger and Whole Foods
- Off-price and other retailers (e.g., TJX)
- Restaurants and service tenants
04 how money comes in
How it earns
- Total revenue $1,554M (2025)
- Lease income from base rent and recoveries
- Development capex $435M (2025)
How the business makes money
- Single reportable segment.
- No tenant ≥10% of revenue.
- $250M buyback program authorized July 2024.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Regency is a REIT; its credit facility has sustainability-linked pricing.
Government funding & tax credits
REIT tax status
To keep REIT status (no corporate income tax on distributed income) it must distribute at least 90% of REIT taxable income each year.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Environmental rules
Sustainability-linked credit
Credit agreement interest rate adjusts with sustainability metrics.
Supports and constrainsTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Total revenues
1,553.5 (100%)
Source: Form 10-K (FY2025) Single reportable segment; nearly all revenue is lease income.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
Urstadt Biddle Properties
Acquired August 18, 2023; each UBP common share converted into 0.347 Regency share and UBP 6.25% preferred into Regency preferred.
Source: Form 10-K (FY2025)
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Grocers, retailers, restaurants and service tenants.
Named by the company
Suppliers
Construction contractors and service providers.
Named by the company
No single supplier is named as material.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Numerous companies and individuals compete in Regency’s markets, including grocery chains that own shopping centers; the 10-K does not name REIT rivals.
Competitors named in the 10-K
No REIT competitor is named in the 10-K.
Peer group the company chose
Peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Compensation peer group from the 2026 proxy statement.
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Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 1,016 | 1,166 | 1,224 | 1,322 | 1,454 | 1,554 |
| Operating income | — | — | 897 | 951 | 1,047 | 1,123 |
| Pretax income | 13 | 319 | 428 | 320 | 360 | 407 |
| Net income (attributable) | 45 | 361 | 483 | 365 | 400 | 527 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 14.8% | 5.0% | 8.0% | 9.9% | 6.9% |
| Operating margincalcoperating income ÷ revenue × 100 | — | — | 73.3% | 71.9% | 72.0% | 72.3% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 4.4% | 31.0% | 39.4% | 27.6% | 27.5% | 34.0% |
| Balance sheet ($M) | ||||||
| Total assets | 10,937 | 10,793 | 10,860 | 12,427 | 12,392 | 13,001 |
| Total equity | 6,058 | 6,110 | 6,178 | 7,192 | 6,900 | 7,182 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 3,923 | 3,719 | 3,727 | 4,154 | 4,409 | 4,739 |
| Equity ratio | 54.7% | 55.9% | 56.1% | 56.6% | 54.3% | 53.1% |
| ROE | 0.8% | 6.0% | 8.0% | 5.6% | 5.8% | 7.7% |
| Cash flow ($M) | ||||||
| Operating CF | 499 | 659 | 656 | 720 | 790 | 828 |
| Investing CF | -26 | -286 | -206 | -342 | -327 | -421 |
| Financing CF | -211 | -656 | -476 | -355 | -493 | -348 |
| Free cash flowcalccash flow from operations − capital expenditures | 318 | 482 | 460 | 487 | 447 | 393 |
| Cash and equivalents | 378 | 95 | 69 | 91 | 62 | 121 |
| Per share & other | ||||||
| EPS ($) | 0.26 | 2.12 | 2.81 | 2.04 | 2.11 | 2.82 |
| BVPS ($) | 35.70 | 35.69 | 36.10 | 37.74 | 36.81 | 38.03 |
| Dividend per share ($) | 2.38 | 2.41 | 2.53 | 2.62 | 2.72 | 2.87 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 915.4% | 113.7% | 89.9% | 128.4% | 128.7% | 101.8% |
| P/E (x) | 175.4 | 35.5 | 22.2 | 32.8 | 35.0 | 24.5 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | — | — | 11.8 | 12.6 | 12.3 | 11.3 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.28 | 2.11 | 1.73 | 1.78 | 2.01 | 1.82 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income |
|---|---|---|---|
| 2026-03-31 | $412M+8.3% | $296M+8.4% | $129M+17.3% |
| 2025-12-31 † | $404M+8.5% | $287M+8.4% | $202M+134.1% |
| 2025-09-30 | $388M+7.6% | $282M+7.9% | $109M+7.8% |
| 2025-06-30 | $381M+6.6% | $281M+8.7% | $106M+3.3% |
| 2025-03-31 | $381M | $274M | $110M |
| 2024-12-31 † | $373M | $265M | $86M |
| 2024-09-30 | $360M | $261M | $101M |
| 2024-06-30 | $357M | $258M | $103M |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
9.6%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$1,123M × (1 − 0.5%) ÷ $11,615M × 100 = 9.6%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
6.90%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $12.63B ÷ ($12.63B + $4.74B) = 72.7%
e.g.Debt weight: $4.74B ÷ ($12.63B + $4.74B) = 27.3%
e.g.WACC: 7.6% × 72.7% + 5.0% × (1 − 0.5%) × 27.3% = 6.90%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 5.9%–8.2% and ROIC − WACC runs +1.4 to +3.7 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 6.90% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.49 (price-derived adjusted beta, but correlation with the market is low (R² 0.04), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 7.64%
- Cost of debt
- 4.95% (no debt on record, using the risk-free rate)
- Tax rate
- 0.5% (effective rate, FY2022–FY2024)
- Capital structure (equity : debt)
- 73% : 27%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 6.90%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.49 (price-derived adjusted beta. Raw β 0.24, R² 0.04, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.245 + 0.33 = 0.494
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.49 × 5.5% = 7.6%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
4.8%
Perpetual FCF growth: g = r − FCF ÷ EV = 6.9% − 2.1%
Past FCF growth (FY2020–FY2025)
+4.3%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+8.9%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $393M (operating CF − capex); enterprise value $18.48B = market cap $13.86B (latest close, 2026-11-04) + debt $4.74B − cash and short-term investments $121M; r = WACC of 6.9% using this page’s default assumptions (β 0.49, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$18.69B
FCF $393M ÷ (6.9% − 4.8%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 4.9% | 5.9% | 6.9% | 7.9% | 8.9% |
|---|---|---|---|---|---|
| 0% | 0.43x | 0.36x | 0.31x | 0.27x | 0.24x |
| 2% | 0.73x | 0.54x | 0.43x | 0.36x | 0.31x |
| 4% | 2.36x | 1.12x | 0.73x | 0.54x | 0.43x |
| 6% | — | — | 2.36x | 1.12x | 0.73x |
| 8% | — | — | — | — | 2.36x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 3.30x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -2.4%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 276%
Most profit comes from core operations.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$828M ÷ $527M = 1.57x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$1,123M ÷ $407M × 100 = 276%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 100%+
- Directors & officers (shares)
- 1.0%
- Everyone else (est.)
- ≈0%
- Directors & officers (voting power)
- 1.0%
- Institutional-ownership rank
- 59 of 416
- Beta (adjusted)
- 0.49
Reported total 100.6%
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 14% of covered companies have more
above 1 = swings more than the market
- 184.2M shares reported by 611 13F filers ÷ 183.1M shares outstanding on 2026-04-30. Option positions are excluded.
- The 13F total exceeds shares outstanding because some shares are reported twice — for example shares lent to short sellers and then bought by another manager, or holdings that overlapping managers both report.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-25 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-04-30)
19
Strengths & weaknessesSite analysis
Strengths
1. Scale
Among the largest U.S. shopping center owners by revenue, properties, GLA and market cap.
Evidence: Form 10-K (FY2025)
2. Steady growth
Revenue grew every year from 2020 to 2025.
Evidence: Form 10-K (FY2025)
3. Diversified tenants
Largest tenant Publix is 2.9% of base rent.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Low earnings in 2020
Net income was only $45M in 2020.
Evidence: Form 10-K (FY2025)
2. Rising debt
Notes payable rose to $4,619M at end-2025.
Evidence: Form 10-K (FY2025)
3. Retail exposure
Depends on brick-and-mortar retail tenants.
Evidence: Form 10-K (FY2025)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
24.5x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
4.16%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
102%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
3.1%
(Operating CF − capex) ÷ market cap
1. Defensive grocery anchors
Centers anchored by market-leading grocers.
- What has to hold
- Grocery traffic remains steady.
- The other side
- Retail disruption.
Evidence: Form 10-K (FY2025)
2. Growing dividend
Dividend raised each year 2021–2025.
- What has to hold
- Cash flow growth continues.
- The other side
- Rate sensitivity.
Evidence: Form 10-K (FY2025)
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
—
$121M vs. —
Interest coverage (operating income ÷ interest expense)
Not disclosed
Interest expense isn’t reported as a separate line.
Free cash flow ÷ dividends paid
0.8x
$393M vs. $512M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Profitable through 2020
Net income stayed positive in 2020 ($45M).
Source: Form 10-K (FY2025)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Regency discloses no material pending litigation; it accrues for environmental assessment and remediation ($16.4M at June 30, 2026).
Company statement:
Based on Form 10-Q (quarter ended 2026-06-30) — Note on Commitments and Contingencies, reviewed 2026-11-01. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
Retail competition
- Company disclosure (summarized from the 10-K)
- Competes with numerous owners, including grocery chains that own centers; e-commerce and specialty grocers affect foot traffic.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 2Demand & macro
Tenant health
- Company disclosure (summarized from the 10-K)
- Tenant bankruptcies or closures reduce rent.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 3FX & interest rates
Interest rates
- Company disclosure (summarized from the 10-K)
- Higher rates raise financing costs and cap rates.
- Company’s stated mitigation
- We manage our exposure to interest rate volatility by using interest rate hedging arrangements.
- This site’s assessment
- Impact Med / Likelihood High
- 4Law & regulation
Environmental liabilities
- Company disclosure (summarized from the 10-K)
- $16.4M accrued for environmental assessment and remediation at June 30, 2026.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Low / Likelihood Med
- 5Disaster
Natural disasters
- Company disclosure (summarized from the 10-K)
- Centers in Florida and other areas face hurricanes and similar events.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (5)
Macroeconomic, political, and geopolitical conditions and governmental policies may adversely impact consumer confidence and spending and the businesses of our tenants and could, in turn, adversely impact our business.
Our business, and the businesses of our tenants, are significantly influenced by overall economic conditions and consumer spending in the United States. Read more
A variety of macroeconomic, political, and geopolitical factors, driven in some cases by governmental policy decisions, individually or in the aggregate, could adversely affect the operating environment for retailers and service providers, including increasing the potential for a recession. These factors include federal budgetary and spending policies, actions taken by the Board of Governors of the Federal Reserve System (the "U.S. Federal Reserve"), inflationary pressures, changes in interest rates, energy price changes, labor availability and shortages (including those influenced by governmental immigration policies), supply chain disruptions, tightening credit markets, decreases in consumer confidence and discretionary spending,…
The U.S. Federal Reserve has changed its benchmark federal funds rate at different times since 2021. Read more
Currently, the federal funds rate remains elevated as compared with the 2010-2020 period. The federal funds rate has historically been adjusted by the U.S. Federal Reserve to address its perception of economic conditions, including inflation and the jobs market.
Despite the above risks and challenges associated with the use of AI, in the retail industry AI is increasingly being adopted for personalized marketing, inventory management, customer service, pricing optimization, and supply chain management. The costs of implementing new technologies, including AI-driven property management tools, smart building systems, and data analytics platforms, may be substantial.The effectiveness of these tools are being evaluated in an ongoing mannter.
Advanced analytics and AI may enable retailers to optimize their store footprints, potentially leading to reduced space requirements and location closures. Read more
Moreover, generative AI and virtual shopping experiences may further shift consumer behavior away from physical stores. AI-powered tools may enable more efficient e-commerce operations, potentially impacting some of the competitive advantages of physical retail locations. Because the use and regulation of AI technologies continue to evolve, additional risks may emerge over time.
No longer in the text (4)
The Board of Governors of the Federal Reserve System ("the U.S. Read more
Federal Reserve") rapidly increased its benchmark interest rate from 2021 through 2023 in response to sustained elevated inflation, which has since moderated. Higher interest rates may negatively impact consumer spending, our tenants' businesses, and/or future demand for space in our shopping centers.
Additionally, high interest rates adversely impact our cost of borrowing. Read more
Our exposure to high interest rates in the short term includes our variable-rate debt, which consist of borrowings under our unsecured senior line of credit and variable rate-based secured notes
Although the extent of any prolonged periods of high interest rates remains unknown at this time, negative impacts to our cost of capital may also adversely affect our future business plans and growth, at least in the near term.
Economic challenges and policy changes may adversely impact our tenants and our business.
12 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 13, 2026 ↗ with the 10-K filed Feb 14, 2025 ↗.
25
What to watch going forwardSite analysis
- Same-property NOI and occupancy.
- Development pipeline returns.
- Funding costs.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: November 1, 2026 · Financial data fetched: November 1, 2026 09:57 (SEC EDGAR) · Source 10-K filed: February 13, 2026
Built on10-K FY2025 · filed 2026-02-13Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Regency Centers’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.