Regency Centers Corporation
- Open
- 76.08
- Day high
- 76.44
- Day low
- 75.52
- Prev close
- 76.06
- Volume
- 1.0M
- Mkt cap
- $14.4B
- P/E (TTM)
- 21.5
- EPS (TTM)
- $3.53
- P/B
- 2.1
- P/S
- 8.3
- Yield
- 3.92%
- Per share
- $2.97
- ▼Insiders net selling -$99K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
Regency Centers Corporation (REG) is a Real Estate company listed on NASDAQ. The stock is up 5% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 1 published research article covering REG.
Regency Centers Corporation (REG) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
REG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $0.59 | $0.61 | +2.7% | $422M | +2.5% |
| Apr 30, 2026 | $0.62 | $1.20 | +92.9% | $419M | +2.0% |
| Feb 5, 2026 | $1.17 | $1.17 | +0.0% | $507M | +28.1% |
| Oct 28, 2025 | $1.15 | $1.15 | +0.0% | $387M | -0.4% |
| Jul 29, 2025 | $1.12 | $1.16 | +3.6% | $395M | +6.9% |
| Apr 29, 2025 | $1.14 | $1.15 | +0.9% | $381M | +3.4% |
| Feb 6, 2025 | $0.48 | $1.09 | +127.1% | $373M | +4.7% |
| Aug 1, 2024 | $1.02 | $1.06 | +3.8% | $359M | +1.9% |
| May 2, 2024 | $1.04 | $1.08 | +3.7% | $365M | +2.7% |
| Feb 8, 2024 | $1.02 | $1.02 | +0.1% | $360M | +0.2% |
| Nov 2, 2023 | $1.01 | $1.02 | +1.0% | $331M | +3.1% |
| Aug 3, 2023 | $1.01 | $1.03 | +1.9% | $314M | +1.0% |
REG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 7, 2026 | Parrell Mark J.director | Grant | 334 | — |
| Aug 7, 2026 | BLANKENSHIP C RONALDdirector | Grant | 167 | — |
| Aug 7, 2026 | Klein Karindirector | Grant | 382 | — |
| Aug 7, 2026 | LINNEMAN PETERdirector | Grant | 318 | — |
| Jun 15, 2026 | Devereaux Terah Lofficer: Principal Accounting Officer | Sell | 1,240 | $80.14 |
| May 12, 2026 | Campbell Kristin Anndirector | Option | 71 | — |
| May 12, 2026 | LINNEMAN PETERdirector | Option | 71 | — |
| May 12, 2026 | Campbell Kristin Anndirector | Option | 1,736 | — |
| May 12, 2026 | BLANKENSHIP C RONALDdirector | Option | 77 | — |
| May 12, 2026 | FURPHY THOMAS Wdirector | Option | 71 | — |
| May 12, 2026 | Klein Karindirector | Option | 1,736 | — |
| May 12, 2026 | BLAIR BRYCEdirector | Option | 1,736 | — |
| May 12, 2026 | LINNEMAN PETERdirector | Option | 1,736 | — |
| May 12, 2026 | Klein Karindirector | Option | 71 | — |
| May 12, 2026 | Anderson Gary Edirector | Option | 71 | — |
Source: REG SEC Form 4 filings, latest Aug 7, 2026. For informational purposes only — not investment advice.
See the full REG insider & 13F page →Regency Centers Corporation company profile
Overview
Regency Centers Corporation (NYSE:REG) is a leading real estate investment trust (REIT) founded in 1963 and publicly traded since 1993. The company has established itself as the preeminent national owner, operator, and developer of grocery-anchored shopping centers throughout the United States. Headquartered in Jacksonville, Florida, Regency operates as a fully integrated real estate company and is a member of the S&P 500 Index. The company has built a portfolio of high-quality retail properties strategically located in affluent and densely populated suburban trade areas, focusing primarily on neighborhood and community shopping centers that serve the daily needs of local consumers.
Business
Regency Centers operates in the retail real estate sector as a Real Estate Investment Trust (REIT), which is a company that owns, operates, or finances income-generating real estate. REITs allow individual investors to earn dividends from real estate investments without having to buy, manage, or finance properties themselves. The company's core business revolves around grocery-anchored shopping centers - retail properties where a major grocery store serves as the primary tenant that draws customers to the location. These centers typically range from neighborhood strip centers to larger community shopping centers. A grocery anchor is crucial because grocery shopping is a frequent, non-discretionary activity that generates consistent foot traffic, which benefits the smaller retail tenants in the same center. Regency's portfolio consists of approximately 480 properties totaling around 56 million square feet across the United States. The company focuses on what it calls the "shop space" - the smaller retail units surrounding the grocery anchors that house restaurants, service providers, medical offices, and specialty retailers. These shop spaces typically command higher rents per square foot than anchor spaces and represent a growing portion of the company's revenue base. The portfolio is strategically concentrated in high-demographic trade areas - locations with above-average household incomes and population density. This positioning allows Regency to attract premium tenants and command higher rents while maintaining strong occupancy rates. The company operates in markets with limited new supply, which helps protect against oversupply and supports rent growth over time.
Revenue model
Regency Centers generates revenue primarily through rental income from its tenants, operating under a traditional landlord business model. The company collects base rent from tenants under long-term lease agreements, typically ranging from 5-20 years depending on the tenant type. Anchor tenants like grocery stores usually sign longer-term leases at lower per-square-foot rates, while shop tenants pay higher rents for shorter-term leases. Beyond base rent, Regency collects percentage rent from some tenants based on their sales performance, though this represents a smaller portion of total revenue. The company also recovers operating expenses from tenants, including property taxes, insurance, and common area maintenance costs, which helps maintain stable profit margins. The company's revenue growth comes from several sources: annual rent escalations built into lease agreements (typically 2-3% annually), re-leasing space at higher market rates when leases expire, improving occupancy rates by filling vacant space, and developing or acquiring new properties. Regency has demonstrated strong rent spreads - the difference between expiring rents and new lease rates - with blended cash rent spreads consistently above 9% in recent quarters. Several factors influence Regency's profitability margins. Positive factors include the essential nature of grocery-anchored retail, which maintains stable demand even during economic downturns, limited new supply in their target markets due to zoning restrictions and high development costs, and the company's focus on affluent demographics that support premium rents. Negative factors include potential tenant bankruptcies, competition from e-commerce affecting certain retail categories, rising interest rates that increase financing costs, and inflation impacting operating expenses. However, the grocery-anchored model provides significant insulation from e-commerce disruption since grocery shopping remains largely location-dependent.
Competitive moat
Regency Centers possesses a moderate to strong competitive moat built on several defensive characteristics. The company's primary moat stems from its strategic real estate locations in high-demographic suburban markets with significant barriers to entry. Zoning restrictions, limited available land, and lengthy development approval processes make it extremely difficult for competitors to replicate Regency's portfolio in these desirable locations. The grocery-anchored model provides inherent defensive qualities since grocery shopping remains largely immune to e-commerce disruption and represents a frequent, non-discretionary consumer need. This creates stable, predictable cash flows that are less cyclical than other retail formats. The company's long-term lease structure with creditworthy tenants, including established grocery chains and national retailers, provides additional stability and predictability. Regency's operational expertise in development, leasing, and property management creates competitive advantages. The company has cultivated strong relationships with major grocery chains, which provides preferential access to expansion opportunities and development partnerships. Their integrated platform allows them to identify, develop, and manage properties more efficiently than smaller competitors. However, the moat faces several challenges. E-commerce growth continues to pressure certain retail categories, particularly apparel and general merchandise, though this has less impact on service-oriented and experiential tenants that comprise much of Regency's shop space. Changing consumer preferences toward urban living and online shopping could reduce demand for suburban retail over time. Additionally, capital intensity requirements and access to low-cost capital create ongoing competitive pressures, as REITs with stronger balance sheets can outbid competitors for premium assets. The competitive landscape includes other retail REITs, private real estate investors, and institutional capital, all competing for similar high-quality assets. While Regency's scale and expertise provide advantages, the company must continuously invest in property improvements and tenant relationships to maintain its competitive position.
Risks & safety
Regency Centers demonstrates a moderate margin of safety with solid financial fundamentals but some valuation concerns at current levels. Financial Stability: 1. Strong balance sheet with investment-grade credit ratings from both S&P (A-) and Moody's (A3), recently upgraded 2. Debt-to-equity ratio of approximately 0.75x, within management's target leverage range of 5.0x to 5.5x net debt-to-EBITDA 3. Ample liquidity with over $1.4 billion in available credit facilities and modest cash position 4. Positive free cash flow generation of approximately $790 million annually 5. No significant debt maturities creating near-term refinancing risk 6. Low credit loss exposure with historical bad debt averaging 75-100 basis points Valuation Metrics: 1. Trading at approximately 30x P/E ratio, elevated compared to historical averages 2. EV/EBITDA multiple of approximately 19x, reflecting premium valuation 3. Price-to-book ratio around 2.0x, indicating market premium to net asset value 4. Dividend yield of approximately 3.5%, providing some income support 5. Implied cap rate of current stock price suggests market efficiency versus private market transactions Other Considerations: 1. Interest rate sensitivity given REIT structure and development financing needs 2. Occupancy rates near historical highs, limiting upside from further improvements 3. Development pipeline provides growth visibility but requires continued capital investment
Recent development
Over the past several years, Regency Centers has executed a focused strategy centered on portfolio quality enhancement and development-driven growth. The company completed the integration of Urstadt Biddle Properties in 2023, which expanded its presence in high-barrier-to-entry Northeast markets and added approximately $200 million in annual revenue. Regency has significantly ramped up its development and redevelopment program, targeting $250 million in annual project starts. The company maintains a robust pipeline of nearly $500 million in active projects with blended expected returns exceeding 9%. This includes both ground-up developments, typically yielding 7-9% returns, and redevelopment projects that often achieve double-digit returns by repositioning underperforming assets. The company has strategically focused on shop space optimization, growing the percentage of revenue from higher-rent small tenant spaces. Shop occupancy has reached record levels above 93%, with shop space now representing a larger portion of the portfolio's annual base rent. This shift toward shop space provides higher rental rates and more frequent lease turnover opportunities. Operational improvements have been substantial, with the company achieving record-high occupancy rates and maintaining strong rent spreads. Regency has demonstrated pricing power with blended cash rent spreads consistently above 9% and GAAP rent spreads in the upper teens. The signed-but-not-occupied pipeline represents approximately $50 million in future annual base rent, providing visible near-term growth. Recent capital allocation has emphasized development over acquisitions, though the company completed selective acquisitions including Brentwood Place in Nashville and properties in Connecticut. Regency executed a $200 million share repurchase program when shares traded at attractive valuations, demonstrating disciplined capital allocation. The company has also maintained its dividend growth trajectory, increasing the dividend by 5% in 2024.
REG company profile · for informational purposes only — not investment advice.
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