Regency Centers Corp. (REG)
NASDAQ:REG
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Regency Centers
(NASDAQ:REG)
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Rating:71Outperform
Price Target:
$84.00
â–²(3.79% Upside)
Action:Reiterated
Date:05/18/26
REG’s score is driven primarily by solid underlying financial performance and a strong, guidance-supportive earnings narrative (leasing momentum, high-returns development pipeline, and funding flexibility). The main offsets are weak near-term technical momentum and a relatively high P/E, with leverage and cash-flow variability adding risk despite overall operating strength.
Positive Factors
Occupancy & Leasing Momentum
Very high and improving occupancy with sizable leasing activity supports durable base rent and lowers vacancy risk across the portfolio. Sustained strong re-leasing spreads and commencement rates indicate structural tenant demand, helping stabilize cash rents and recurring NOI over the next several quarters.
Negative Factors
Elevated Leverage
Sizeable absolute debt and persistent leverage levels limit balance-sheet flexibility if interest rates or market access tighten. High nominal indebtedness increases refinancing and covenant risk, and could constrain capital allocation during stress, making funding of opportunistic investments or dividends relatively more sensitive to credit market shifts.
Read all positive and negative factors
Positive Factors
Negative Factors
Occupancy & Leasing Momentum
Very high and improving occupancy with sizable leasing activity supports durable base rent and lowers vacancy risk across the portfolio. Sustained strong re-leasing spreads and commencement rates indicate structural tenant demand, helping stabilize cash rents and recurring NOI over the next several quarters.
Read all positive factors
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 (REG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$14.16B
Dividend Yield4.15%
Average Volume (3M)1.47M
Price to Earnings (P/E)27.8
Beta (1Y)0.35
Revenue Growth7.84%
EPS Growth37.55%
CountryUS
Employees495
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)3.44
Shares Outstanding183,096,790
10 Day Avg. Volume1,496,583
30 Day Avg. Volume1,473,546
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 Cap1.39
Enterprise Value/Revenue11.57
Enterprise Value/Gross Profit24.16
Enterprise Value/Ebitda17.62
Forecast
1Y Price Target
$83.52Price Target Upside3.20% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering13
EPS Forecast (FY)2.44
Revenue Forecast (FY)$1.68B
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 Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call emphasized strong operating fundamentals: robust same-property NOI (4.4%) and base rent growth (3.5%), near-record leasing metrics (~97% leased, commenced +20 bps), a sizable SNO and development pipeline (> $600M pipeline, >9% blended returns, 7%+ yields), and a strengthened balance sheet highlighted by a $450M note issuance at 4.5% and leverage near the low end of target. Management maintained full-year guidance and reiterated the quality and defensiveness of grocery-anchored centers amid resilient tenant sales, collections and foot traffic. Near-term headwinds include lumpiness in noncash revenue (one lease moved to cash basis), ongoing bankruptcy-related uncertainty, and a tougher Q2 comp that will weigh quarterly cadence. Overall, operational strengths, accretive development execution, and balance sheet flexibility materially outweigh the limited near-term accounting and portfolio credit noise.Positive Updates
Strong Same-Property NOI and Base Rent Growth
Same-property NOI grew 4.4% in Q1 2026, driven by operating fundamentals and redevelopment activity; base rent growth was 3.5% in the quarter.
Negative Updates
Lumpiness and Near-Term Variability of Noncash Revenue
Noncash (straight-line) revenue guidance of $51 million for the year is lumpy; Q1 results were below a straight-line prorated expectation due in part to an accounting adjustment moving one lease to a cash basis and booking a reserve, creating quarter-to-quarter unevenness.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Same-Property NOI and Base Rent Growth
Same-property NOI grew 4.4% in Q1 2026, driven by operating fundamentals and redevelopment activity; base rent growth was 3.5% in the quarter.
Read all positive updates
Company Guidance
Regency reiterated full-year guidance for same-property NOI growth of 3.25%–3.75% and growth in core operating earnings and NAREIT FFO per share of 4.5% at the midpoint, while expecting total NOI growth north of 6% and $51 million of noncash revenue for the year; Q1 results included same-property NOI +4.4% and base rent growth +3.5%. Management highlighted leasing and pipeline metrics — percent leased approaching 97% (up 10 bps Q/Q), commenced rate +20 bps, a SNO pipeline representing roughly $42 million of incremental base rent, and cash re-leasing spreads near record highs — and investment activity/investment returns: $42 million of project deliveries and $73 million of starts in Q1, an in‑process pipeline >$600 million with blended returns above 9% and development yields in the 7%+ range, and visibility to more than $1 billion of potential project starts over the next three years. They modestly increased development/redevelopment spend and updated acquisitions to include known transactions, and cited balance sheet strength — $450 million of 7‑year notes issued at a 4.5% coupon, A ratings, leverage near the low end of a 5.0–5.5x target range, ample credit availability, and sufficient free cash flow to fund the pipeline with no current need to raise equity.Regency Centers Financial Statement Overview
Summary
Income Statement
83
Very Positive
Balance Sheet
74
Positive
Cash Flow
69
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.70B | 1.55B | 1.50B | 1.37B | 1.27B | 1.20B |
| Gross Profit | 814.76M | 694.11M | 1.07B | 975.08M | 925.15M | 877.18M |
| EBITDA | 1.12B | 980.61M | 939.75M | 839.58M | 818.05M | 771.32M |
| Net Income | 648.65M | 527.46M | 400.39M | 364.56M | 482.87M | 361.41M |
Balance Sheet | ||||||
| Total Assets | 13.05B | 13.00B | 12.39B | 12.43B | 10.86B | 10.79B |
| Cash, Cash Equivalents and Short-Term Investments | 145.56M | 120.66M | 56.28M | 84.97M | 66.47M | 93.10M |
| Total Debt | 5.60B | 5.94B | 5.02B | 4.80B | 4.29B | 4.30B |
| Total Liabilities | 5.88B | 5.82B | 5.49B | 5.23B | 4.68B | 4.68B |
| Stockholders Equity | 6.89B | 6.91B | 6.72B | 7.03B | 6.10B | 6.04B |
Cash Flow | ||||||
| Free Cash Flow | 586.65M | 393.97M | 447.28M | 525.58M | 501.86M | 396.66M |
| Operating Cash Flow | 819.55M | 829.08M | 790.65M | 720.87M | 656.93M | 659.39M |
| Investing Cash Flow | -330.18M | -405.94M | -326.64M | -341.98M | -206.11M | -286.35M |
| Financing Cash Flow | -422.24M | -364.37M | -493.02M | -355.04M | -475.96M | -656.46M |
Regency Centers Technical Analysis
Positive
80.93
Price Trends
77.66
Positive
75.34
Positive
72.29
Positive
Market Momentum
-0.31
Positive
48.86
Neutral
55.23
Neutral
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 80.93 is above the 20-day moving average (MA) of 78.33, above the 50-day MA of 77.66, and above the 200-day MA of 72.29, indicating a neutral trend. The MACD of -0.31 indicates Positive momentum. The RSI at 48.86 is Neutral, neither overbought nor oversold. The STOCH value of 55.23 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $9.99B | 14.36 | 15.55% | 4.38% | 7.43% | 65.72% | |
75 Outperform | $9.21B | 17.30 | 14.86% | 4.41% | 5.92% | 37.44% | |
73 Outperform | $15.83B | 22.89 | 5.90% | 5.02% | 4.01% | 13.27% | |
71 Outperform | $14.16B | 27.82 | 9.51% | 4.15% | 7.84% | 37.55% | |
71 Outperform | $8.43B | 21.14 | 8.81% | 6.04% | 5.77% | -4.61% | |
67 Neutral | $9.10B | 36.30 | 3.65% | 4.28% | 17.67% | 3.73% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
REG
Regency Centers
77.74
9.23
13.47%
ADC
Agree Realty
75.54
3.72
5.17%
KIM
Kimco Realty
23.81
4.15
21.10%
NNN
NNN REIT
45.30
6.51
16.77%
FRT
Federal Realty
116.06
26.32
29.32%
BRX
Brixmor Property
30.42
6.71
28.27%
Regency Centers Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Regency Centers Updates Investor Presentation for Conferences
Positive
May 18, 2026
On May 18, 2026, Regency Centers Corporation released an updated investor presentation for use at conferences and meetings starting that day and over the following weeks. The materials are available on the company’s investor relations websit...
Business Operations and StrategyRegulatory Filings and Compliance
Regency Centers Updates Investor Presentation for Conferences
Neutral
May 18, 2026
On May 18, 2026, Regency Centers Corporation released an updated investor presentation for use at upcoming conferences and meetings. The materials were made available to investors via the company’s investor relations website, underscoring Re...
Executive/Board ChangesDividendsShareholder Meetings
Regency Centers Shareholders Back Board, Executive Pay Plans
Positive
May 7, 2026
On May 7, 2026, Regency Centers held its annual shareholder meeting, where investors elected all 11 board nominees to serve until the 2027 meeting and approved, on an advisory basis, executive compensation for fiscal 2025, while also ratifying KPM...
Executive/Board ChangesDividendsShareholder Meetings
Regency Centers Shareholders Approve Board, Pay, and Auditor
Positive
May 7, 2026
Regency Centers Corporation, a U.S. shopping-center focused REIT listed on NASDAQ under the ticker REG, concentrates on owning, operating, and developing grocery-anchored and service-oriented retail properties in affluent suburban markets. Its por...
Business Operations and StrategyStock BuybackFinancial DisclosuresPrivate Placements and Financing
Regency Centers Delivers Strong Q1 Results and Outlook
Positive
Apr 29, 2026
Regency Centers reported first-quarter 2026 net income attributable to common shareholders of $125.1 million, or $0.68 per diluted share, up from $0.58 a year earlier, with Nareit FFO rising to $1.20 and Core Operating Earnings to $1.16 per dilute...
Business Operations and StrategyStock BuybackFinancial DisclosuresPrivate Placements and Financing
Regency Centers Reports Strong Q1 2026 Earnings and Outlook
Positive
Apr 29, 2026
Regency Centers reported solid first-quarter 2026 results on April 29, with net income attributable to common shareholders rising to $0.68 per diluted share from $0.58 a year earlier and Nareit FFO increasing to $1.20 per diluted share. Core opera...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Regency Centers Updates Dividend Reinvestment and Stock Purchase Plan
Positive
Apr 10, 2026
On April 10, 2026, Regency Centers Corporation filed a prospectus supplement with the Securities and Exchange Commission related to its Dividend Reinvestment and Stock Purchase Plan, updating a February 17, 2026 prospectus under an existing shelf ...
Private Placements and FinancingRegulatory Filings and Compliance
Regency Centers Updates Dividend Reinvestment and Stock Purchase Plan
Neutral
Apr 10, 2026
On April 10, 2026, Regency Centers Corporation filed a prospectus supplement with the Securities and Exchange Commission related to its existing Dividend Reinvestment and Stock Purchase Plan, updating offering details under a previously effective ...
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...
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.