Regency Centers (REG)
NASDAQ:REG
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Regency Centers
(NASDAQ:REG)
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Rating:75Outperform
Price Target:
$88.00
â–²(13.02% Upside)
Action:ReiteratedDate:03/11/26
Overall score is driven primarily by solid underlying financial quality (especially consistent cash generation) and a strong, positive earnings-call backdrop (leasing momentum, liquidity, and pipeline visibility). Technicals are supportive with price above major moving averages. The main offsets are valuation (P/E ~24.8) and the financial-statement risk flags around the latest-year revenue and gross margin decline, plus guidance headwinds from debt refinancing.
Positive Factors
Consistent Free Cash Flow
Regency’s persistent operating and free cash flow strength funds dividends, development and debt service without recurring equity raises. That durable cash conversion underpins self-funding for pipeline activity, supports distributions and preserves strategic optionality over the next several quarters.
Negative Factors
Rising Leverage and Larger Debt Stock
Higher absolute debt and a near-0.9 debt-to-equity reading reduce balance-sheet flexibility and increase interest-rate sensitivity. If rates remain elevated or asset valuations soften, higher leverage could constrain opportunistic acquisitions, increase refinancing risk and pressure future cash available for growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent Free Cash Flow
Regency’s persistent operating and free cash flow strength funds dividends, development and debt service without recurring equity raises. That durable cash conversion underpins self-funding for pipeline activity, supports distributions and preserves strategic optionality over the next several quarters.
Read all positive factors
Regency Centers (REG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$14.24B
Dividend Yield4.15%
Average Volume (3M)1.31M
Price to Earnings (P/E)24.8
Beta (1Y)0.34
Revenue Growth5.38%
EPS Growth3.13%
CountryUS
Employees495
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)1.09
Shares Outstanding182,906,560
10 Day Avg. Volume1,064,763
30 Day Avg. Volume1,307,107
Financial Highlights & Ratios
PEG Ratio0.78
Price to Book (P/B)1.89
Price to Sales (P/S)8.41
P/FCF Ratio33.17
Enterprise Value/Market Cap1.41
Enterprise Value/Revenue11.91
Enterprise Value/Gross Profit19.68
Enterprise Value/Ebitda18.67
Forecast
1Y Price Target
$82.50Price Target Upside5.96% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering13
EPS Forecast (FY)2.43
Revenue Forecast (FY)$1.66B
Regency Centers Business Overview & Revenue Model
Company Description
Regency Centers is the preeminent national owner, operator, and developer of shopping centers located in affluent and densely populated trade areas. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurant...
How the Company Makes Money
Regency Centers makes money primarily by generating rental income from tenants that lease space in its shopping centers. The largest recurring revenue stream is base rent paid under long-term lease agreements, typically with periodic contractual r...
Regency Centers Key Performance Indicators (KPIs)
Any
Number of Properties
Indicates the total count of properties owned, reflecting the company's market presence and potential for rental income generation.
Indicates the total count of properties owned, reflecting the company's market presence and potential for rental income generation.
Data provided by:
The Fly
The FlyRegency Centers Earnings Call Summary
Earnings Call Date:Feb 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Positive
The call presented a clearly positive operational and financial picture: strong 2025 results (same-property NOI >5%, FFO and core EPS growth ~8% and ~7%), highly active and accretive capital deployment, a deep and visible development pipeline, record lease spreads and high occupancy, and a healthy balance sheet. The primary near-term headwinds are a lower same-property NOI guidance range for 2026 (3.25%–3.75%) compared with 2025 performance, a forecasted 100–150 bps refinancing drag on earnings, and limited incremental occupancy upside versus the outsized occupancy gains realized in 2025. These negatives are manageable given the scale of positive operating fundamentals, accretive development economics and strong liquidity.Positive Updates
Same-Property NOI and Leasing Momentum
Delivered same-property NOI growth of 5.3% in 2025; same-property shop occupancy reached a record 94.2% (up 40 bps in Q4); average commenced occupancy increased 150 bps year-over-year. Q4 cash rent spreads were 12%, renewal spreads a record 13%, and GAAP rent spreads hit an all-time high of 25%.
Negative Updates
Lower Same-Property NOI Outlook for 2026
2026 same-property NOI guidance is 3.25%–3.75%, below 2025's ~5.3% achieved growth; management notes internal upside is more limited versus the outsized occupancy-led moves in 2025.
Read all updates
Q4-2025 Updates
Positive
Negative
Same-Property NOI and Leasing Momentum
Delivered same-property NOI growth of 5.3% in 2025; same-property shop occupancy reached a record 94.2% (up 40 bps in Q4); average commenced occupancy increased 150 bps year-over-year. Q4 cash rent spreads were 12%, renewal spreads a record 13%, and GAAP rent spreads hit an all-time high of 25%.
Read all positive updates
Company Guidance
Regency guided 2026 same-property NOI growth of 3.25%–3.75%, noting Q1 should be above the full-year range (driven by a higher expense recovery rate and other income) while Q2 should be below (tough CAM reconciliation comps); management expects uncollectible lease income to remain below its historical average of ~50 bps of revenue and calls out a 100–150 bps anticipated headwind to earnings from debt refinancing (excluding which the midpoint of guidance would be in the mid‑5%–6% range). The company plans ~$325 million of 2026 development/redevelopment spend (roughly two‑thirds ground‑up, one‑third redev), has an in‑process pipeline near $600 million and visibility to nearly $1 billion of project starts over the next three years, and still expects to convert SNO pipeline (≈$45 million of incremental base rent; SNO/commenced dynamics previously moved ~150 bps in 2025 and the SNO pipeline stood near 240 bps with a stabilized target nearer 185 bps). Regency reiterated strong 2025 operating and investment momentum (same‑property NOI ~5.3% in 2025; >$825M deployed in 2025 including >$500M acquisitions and ~$300M development/redev), emphasized balance‑sheet strength (A3/A‑ ratings, leverage in a 5.0–5.5x target range, nearly full availability on a $1.5B credit facility) and said free cash flow funds the program without equity raises.Regency Centers Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
64
Positive
Cash Flow
81
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.55B | 1.50B | 1.37B | 1.27B | 1.20B |
| Gross Profit | 694.11M | 1.07B | 975.08M | 925.15M | 877.18M |
| EBITDA | 980.61M | 939.75M | 839.58M | 818.05M | 771.32M |
| Net Income | 527.46M | 400.39M | 364.56M | 482.87M | 361.41M |
Balance Sheet | |||||
| Total Assets | 13.00B | 12.39B | 12.43B | 10.86B | 10.79B |
| Cash, Cash Equivalents and Short-Term Investments | 120.66M | 56.28M | 84.97M | 66.47M | 93.10M |
| Total Debt | 5.94B | 5.02B | 4.80B | 4.29B | 4.30B |
| Total Liabilities | 5.82B | 5.49B | 5.23B | 4.68B | 4.68B |
| Stockholders Equity | 6.91B | 6.72B | 7.03B | 6.10B | 6.04B |
Cash Flow | |||||
| Free Cash Flow | 393.97M | 447.28M | 525.58M | 501.86M | 396.66M |
| Operating Cash Flow | 829.08M | 790.65M | 720.87M | 656.93M | 659.39M |
| Investing Cash Flow | -405.94M | -326.64M | -341.98M | -206.11M | -286.35M |
| Financing Cash Flow | -364.37M | -493.02M | -355.04M | -475.96M | -656.46M |
Regency Centers Technical Analysis
Positive
77.86
Price Trends
75.72
Positive
72.13
Positive
70.75
Positive
Market Momentum
0.27
Negative
63.22
Neutral
89.07
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For REG, the sentiment is Positive. The current price of 77.86 is above the 20-day moving average (MA) of 76.07, above the 50-day MA of 75.72, and above the 200-day MA of 70.75, indicating a bullish trend. The MACD of 0.27 indicates Negative momentum. The RSI at 63.22 is Neutral, neither overbought nor oversold. The STOCH value of 89.07 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for REG.
Regency Centers Risk Analysis
Regency Centers disclosed 42 risk factors in its most recent earnings report. Regency Centers reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Regency Centers Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $8.27B | 19.50 | 8.88% | 6.04% | 4.53% | -3.46% | |
79 Outperform | $9.21B | 39.03 | 3.49% | 4.28% | 14.67% | -5.17% | |
75 Outperform | $14.24B | 24.78 | 9.30% | 4.15% | 5.38% | 3.13% | |
73 Outperform | $9.01B | 20.85 | 13.01% | 4.41% | 6.07% | -0.28% | |
72 Outperform | $9.32B | 21.05 | 12.74% | 4.38% | 6.05% | 14.70% | |
71 Outperform | $15.28B | 23.39 | 5.56% | 5.02% | 7.99% | 55.05% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
REG
Regency Centers
77.86
10.97
16.39%
ADC
Agree Realty
76.76
6.85
9.80%
KIM
Kimco Realty
22.67
3.44
17.88%
NNN
NNN REIT
43.55
6.53
17.64%
FRT
Federal Realty
107.39
20.97
24.27%
BRX
Brixmor Property
29.37
5.66
23.85%
Regency Centers Corporate Events
Business Operations and Strategy
Regency Centers Announces Co-Founder’s Passing and Estate-Related Sales
Neutral
Mar 11, 2026
Regency Centers Corporation announced the passing of co-founder and former Chair Joan Wellhouse Stein Newton at age 97, highlighting her pivotal role in guiding the company from its founding in 1963 through its 1993 initial public offering and her...
Regulatory Filings and Compliance
Regency Centers Announces Passing of Co-Founder Joan Newton
Negative
Mar 11, 2026
Regency Centers Corporation announced that co-founder and longtime leader Joan Wellhouse Stein Newton has died at age 97, marking the passing of a pioneering figure in both the company’s history and the broader U.S. REIT sector. Newton co-fo...
Business Operations and StrategyRegulatory Filings and Compliance
Regency Centers Updates Investor Presentation for Upcoming Conferences
Neutral
Mar 2, 2026
On March 2, 2026, Regency Centers Corporation released an updated investor presentation for use at financial conferences and investor meetings beginning that day and over the following weeks. The presentation, made available through the company...
Business Operations and StrategyRegulatory Filings and Compliance
Regency Centers Updates Investor Presentation to Engage Stakeholders
Positive
Mar 2, 2026
On March 2, 2026, Regency Centers Corporation released an updated investor presentation for use at conferences and meetings beginning that day and over the following weeks. The presentation was made accessible through the investor relations sectio...
Business Operations and StrategyPrivate Placements and Financing
Regency Centers Issues $450 Million Senior Unsecured Notes
Positive
Feb 23, 2026
On February 18, 2026, Regency Centers, L.P., the operating partnership of Regency Centers Corporation, entered into an underwriting agreement to issue $450 million of senior unsecured notes due March 15, 2033, priced at 99.376% of par with a 4.50%...
Business Operations and StrategyPrivate Placements and Financing
Regency Centers Prices $450 Million Senior Notes Offering
Positive
Feb 23, 2026
Regency Centers Corporation is a U.S.-based, fully integrated real estate investment trust that is a preeminent national owner, operator and developer of shopping centers in suburban trade areas with attractive demographics. Its portfolio is ancho...
Business Operations and StrategyPrivate Placements and Financing
Regency Centers Expands ATM Equity Program With RBC
Positive
Feb 17, 2026
On February 17, 2026, Regency Centers Corporation expanded its at-the-market equity offering program by adding RBC Capital Markets, LLC and Royal Bank of Canada as additional sales agent, forward seller, and forward purchaser counterparties under ...
Business Operations and StrategyPrivate Placements and Financing
Regency Centers Expands At-the-Market Equity Offering Program
Positive
Feb 17, 2026
On February 17, 2026, Regency Centers Corporation expanded its existing at-the-market equity offering program by adding RBC Capital Markets and Royal Bank of Canada as additional sales agents, forward sellers, and forward purchasers for the issuan...
Executive/Board Changes
Regency Centers announces retirement of long-serving board director
Neutral
Feb 6, 2026
On February 4, 2026, Regency Centers Corporation announced that long-serving director C. Ronald Blankenship will retire from its Board of Directors at the expiration of his current term, immediately following the company’s 2026 Annual Meetin...
Business Operations and StrategyDividendsFinancial Disclosures
Regency Centers posts strong 2025 results, boosts dividend
Positive
Feb 5, 2026
On February 5, 2026, Regency Centers reported strong financial and operating results for the fourth quarter and full year ended December 31, 2025, and issued initial 2026 earnings guidance. Net income attributable to common shareholders rose to $1...
Business Operations and StrategyDividendsFinancial Disclosures
Regency Centers Boosts Dividends After Strong 2025 Results
Positive
Feb 5, 2026
On February 5, 2026, Regency Centers reported that for the quarter and year ended December 31, 2025, net income attributable to common shareholders rose to $1.09 per diluted share from $0.46 a year earlier in the quarter and to $2.82 from $2.11 fo...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.