Regency Centers (REG)
Real Estate · $13.5B market cap · SEC CIK 0000910606
fundamentals score out of 100
Next reports on Oct 26, 2026, after the close, with analysts expecting $0.61 in earnings per share.
The case for REG
- 34% of revenue drops through to net profit.
- Revenue growing 8.2% year over year.
- Earnings per share up 36.9%.
- Pays a 4.4% dividend while you wait.
- A PEG of 0.66: a P/E of 24.2× is low for EPS growing 37%.
- Gross margin of 70% absorbs cost shocks.
The case against
- Long-term debt of $4.7B would take 6 years of operating cash flow to repay.
- Priced at 8.3× sales with revenue growing only 8.2%.
- Current liabilities exceed current assets (ratio 0.71).
- Dividend takes 98% of earnings, leaving little cushion.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Real Estate companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 62 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 66 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 68 |
| Momentumhow the price has behaved lately | 43 |
| Stabilityhow violently it moves, what it owes and what it pays you | 65 |
- Each factor except momentum is half fixed thresholds, half rank among the 31 Real Estate companies.
Key numbers
| Price / earnings | 24.2× |
|---|---|
| Price / book | 2.12× |
| Price / sales | 8.3× |
| Revenue growth (YoY) | +8.2% |
| EPS growth (YoY) | +36.9% |
| Gross margin | 70% |
| Operating margin | 37% |
| Net margin | 34% |
| Return on equity | 8% |
| Debt / equity | 0.71× |
| Current ratio | 0.71 |
| Dividend yield | 4.37% |
| Beta | 0.83 |
| 52-week range | $66.86 – $83.66 |
| Position in that range | 40% of the way up |
| 3-month return | -5.2% |
| 1-year return | +3.8% |
Five years of financials, as filed
Pulled from Regency Centers's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $1.6B | $1.5B | $1.3B | $1.2B | $1.2B |
| Operating income | $1.1B | $1.0B | $951M | $897M | — |
| Net income | $527M | $400M | $365M | $483M | $361M |
| Operating cash flow | $828M | $790M | $720M | $656M | $659M |
| Total assets | $13.0B | $12.4B | $12.4B | $10.9B | $10.8B |
| Total liabilities | $5.8B | $5.5B | $5.2B | $4.7B | $4.7B |
| Shareholder equity | $6.9B | $6.7B | $7.0B | $6.1B | $6.0B |
| Cash | $121M | $61.9M | $91.4M | $68.8M | $95.0M |
| Long-term debt | $4.7B | $4.4B | $4.2B | $3.7B | $3.7B |
| Operating margin | 72.3% | 72.0% | 71.9% | 73.3% | — |
| Net margin | 34.0% | 27.5% | 27.6% | 39.4% | 31.0% |
What Regency Centers says it does
" for additional information regarding the definition of and other information regarding the non-GAAP financial measures we present in this Report. We do not consider non-GAAP financial measures as an alternative to financial measures determined in accordance with GAAP, rather they supplement GAAP measures by providing additional information we believe to be useful to our shareholders. The principal limitation of these non-GAAP financial measures is that they may exclude significant expense and income items that are required by GAAP to be recognized in our Consolidated Financial Statements. In addition, they reflect the exercise of management's judgment about which expense and income items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, reconciliations of the non-GAAP financial measures we use to their most directly comparable GAAP measures are provided, including…
Risk factors REG lists in its 10-K
- Corporate Responsibility and Human Capital
- Compliance with Governmental Regulations
- Information About Our Executive Officers
- Executive Officer in Position Shown Since
- Company Website Access and SEC Filings
- Adjusted Funds From Operations ("AFFO")
- Nareit Funds from Operations ("Nareit FFO")
- 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
- Changes in interest rates may adversely impact our cost to borrow, real estate valuation, stock price, and ability to raise capital through issuance of debt and equity
- Unfavorable developments that may affect the banking and financial services industry could adversely affect our business, liquidity and financial condition, and overall results of operations
- Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow
- Our success depends on the continued presence and success of our "anchor" tenants
- A percentage of our revenues are derived from "local" tenants and our net income may be adversely impacted if these tenants are not successful, or if the demand for the types or mix of tenants significantly change
- We may be unable to collect balances due from tenants in bankruptcy