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Regency Centers

REG Nasdaq Retail REITs Financials FY2016–FY2025

Regency Centers' revenue rose 6.8% to $1.6 billion in fiscal 2025. Its operating margin was 72.3%, up from 72.0% a year earlier. Free cash flow was $393 million, down 12.1%. It paid out $512 million in dividends and buybacks, 130% of free cash flow.

Last close · Oct 23, 2026

$73.98

0.5%
Value it Compare
Revenue Total sales reported in the income statement.
$1.6B
6.9% vs prior year
Operating margin Operating income as a share of revenue.
72.3%
0.3 pts
Net income Profit after all expenses, interest and tax.
$528M
31.7%
Free cash flow Cash from operations minus capital spending.
$393M
12.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
7.7%
1.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
—
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
25.4x
On $2.91 EPS (TTM)

About these figures. Capital spending is Regency's real estate development and capital improvements line; acquisitions aren't included. Regency's filings from 2021 don't tag its average share count, so the change in diluted shares is blank from then; its filings before its 2017 merger with Equity One tag few figures, so 2016 is mostly blank.

What Regency Centers does

No business description yet.

Legal name
REGENCY CENTERS CORPORATION
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001193125-26-051668
0000910606

Revenue and margins

Regency Centers had $1.6B of revenue in fiscal 2025, up 6.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $393M in fiscal 2025, 25.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Regency Centers returned $512M to shareholders in fiscal 2025, 130% of free cash flow. The diluted share count rose 0.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Regency Centers yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of −$4.6B and divides by 0.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 25.4x · peers 20.1x · sector 28.2x.

Balance sheet

Cash, debt and the ratios that show how comfortably Regency Centers can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $95.0M$68.8M$91.4M$61.9M$121M
Debt incl. finance leases $3.7B$3.7B$4.2B$4.4B$4.7B
Net debt / EBITDA 4.7x3.0x3.1x3.0x3.0x
Debt / equity 0.6x0.6x0.6x0.7x0.7x
Interest coverage 3.2x6.1x6.2x6.5x6.3x
Total assets $10.8B$10.9B$12.4B$12.4B$13.0B
Total liabilities $4.7B$4.7B$5.2B$5.5B$5.8B
Shareholders' equity $6.0B$6.1B$7.0B$6.7B$6.9B
Net debt (− = net cash) $3.6B$3.7B$4.1B$4.3B$4.6B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$40.9M

6 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Jun 12, 2026 Terah L DevereauxPrincipal Accounting Officer Sold 1,240 $80.14 $0.1M Form 4
May 5, 2026 Nicholas Andrew WibbenmeyerW. Regional Pres. & CIO Sold 7,927 $79.06 $0.6M Form 4
May 4, 2026 Martin E Stein JrExecutive Chairman, Director Sold 274,615 $78.40 $21.5M Form 4
Mar 11, 2026 Martin E Stein JrExecutive Chairman, Director Sold 38,000 $77.21 $2.9M Form 4
Mar 10, 2026 Martin E Stein JrExecutive Chairman, Director Sold 129,490 $78.33 $10.1M Form 4
Feb 20, 2026 Martin E Stein JrExecutive Chairman, Director Sold 10,000 $76.30 $0.8M Form 4
Feb 10, 2026 Alan Todd RothE. Regional Pres. & COO Sold 8,000 $77.05 $0.6M Form 4
Feb 10, 2026 Lisa PalmerPresident and CEO, Director Sold 26,000 $76.75 $2.0M Form 4
Feb 10, 2026 Michael J MasEVP and CFO Sold 15,000 $76.85 $1.2M Form 4
Nov 10, 2025 Martin E Stein JrExecutive Chairman, Director Sold 15,000 $70.02 $1.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✕
Current ratio rose — — —
Share count didn't rise — — —
Gross margin rose — — —
Revenue rose relative to assets ✓ ✕ ✓
F-score — / 9— / 9— / 9
Accruals ratio −3.1%−3.1%−2.4%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Regency Centers REG — 6.9% 72.3% 25.3% 7.7% 25.4x —
Brixmor Property Group BRX $8.7B 6.7% — — — 20.1x — Compare →
Federal Realty Investment Trust FRT $9.4B 6.4% 47.1% — 6.0% 18.9x — Compare →
Kimco Realty KIM $15.9B 5.1% 36.0% — 4.3% 27.5x — Compare →
NNN Reit NNN $7.8B 6.6% 63.6% — — 20.2x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue — $984M $1.1B $1.1B $1.0B $1.2B $1.2B $1.3B $1.5B $1.6B
Operating income — — — — — — $897M $951M $1.0B $1.1B
Interest expense — $133M $149M $151M $157M $145M $146M $154M $161M $179M
Pretax income — $126M $209M $182M $13.1M $319M $428M $320M $360M $408M
Income tax — −$9.6M $0.5M $1.2M $1.3M $1.0M $0.0M $0.9M $4.5M —
Net income $167M $176M $249M $239M $44.9M $361M $483M $365M $400M $528M
Diluted EPS — $1.00 $1.46 $1.43 $0.26 $2.12 $2.81 $2.04 $2.11 $2.82
Diluted shares — 0.16B 0.17B 0.17B 0.17B — — — — —
Cash flow
Cash from operations — $470M $610M $621M $499M $659M $656M $720M $790M $828M
Capital expenditure — $347M $226M $200M $181M $178M $195M $233M $343M $435M
Free cash flow — $123M $384M $421M $318M $482M $460M $487M $447M $393M
Depreciation and amortization — $334M $360M $374M $346M $303M $320M $352M $395M $405M
Stock-based compensation — $20.5M $13.6M $14.3M $13.6M $12.5M $16.5M $20.1M $23.5M $19.5M
Acquisitions $388M $647M $0.0M $0.0M $0.0M $533M $241M $82.4M $71.4M $699M
Share buybacks $0.0M $0.0M $214M $32.8M $0.0M $0.0M $75.4M $20.0M $200M $0.0M
Dividends paid $0.0M $323M $376M $391M $301M $403M $428M $453M $490M $512M
Dividends and buybacks $0.0M $323M $590M $423M $301M $403M $504M $473M $690M $512M
Balance sheet
Cash and short-term investments $17.9M $49.4M $45.2M $116M $378M $95.0M $68.8M $91.4M $61.9M $121M
Total debt $1.6B $3.6B $3.7B $3.9B $3.9B $3.7B $3.7B $4.2B $4.4B $4.7B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $4.1M $6.1M $6.1M $7.1M $6.6M $5.4M $5.8M $6.7M $8.0M $12.7M
Total assets — — $10.9B $11.1B $10.9B $10.8B $10.9B $12.4B $12.4B $13.0B
Total liabilities — — $4.5B $4.8B $4.9B $4.7B $4.7B $5.2B $5.5B $5.8B
Shareholders' equity $2.6B $6.7B $6.4B $6.2B $6.0B $6.0B $6.1B $7.0B $6.7B $6.9B
Margins
Operating margin — — — — — — 73.3% 71.9% 72.0% 72.3%
EBITDA margin — 60.2% 64.0% 62.5% 50.8% 65.8% 99.4% 98.6% 99.2% 98.4%
Net margin — 17.9% 22.2% 21.1% 4.4% 31.0% 39.5% 27.6% 27.5% 34.0%
FCF margin — 12.5% 34.3% 37.2% 31.3% 41.3% 37.6% 36.8% 30.7% 25.3%
Returns
Return on capital — — — 3.3% 1.6% 4.8% 9.2% 9.0% 9.2% 7.7%
Return on equity — — — 3.8% 0.7% 6.0% 8.0% 5.6% 5.8% 7.7%
Return on assets — — — 2.2% 0.4% 3.3% 4.5% 3.1% 3.2% 4.2%
Growth
Revenue growth — — 13.9% 1.1% −10.3% 14.8% 5.0% 8.0% 9.9% 6.9%
Net income growth 9.5% 5.4% 41.5% −3.9% −81.3% 705.1% 33.6% −24.5% 9.8% 31.7%
EPS growth — — 46.0% −2.1% −81.8% 715.4% 32.6% −27.4% 3.4% 33.7%
FCF growth — — 212.5% 9.7% −24.4% 51.4% −4.4% 5.7% −8.2% −12.1%
Share count change — — 6.3% −1.4% 1.0% — — — — —
Financial health
Net debt / EBITDA — 6.0x 5.1x 5.4x 6.9x 4.7x 3.0x 3.1x 3.0x 3.0x
Debt / equity — — 0.6x 0.6x 0.7x 0.6x 0.6x 0.6x 0.7x 0.7x
Interest coverage — 2.0x 2.4x 2.2x 1.1x 3.2x 6.1x 6.2x 6.5x 6.3x
Capital allocation
Capex / revenue — 35.2% 20.2% 17.7% 17.8% 15.2% 16.0% 17.6% 23.6% 28.0%
Stock comp / revenue — 2.1% 1.2% 1.3% 1.3% 1.1% 1.4% 1.5% 1.6% 1.3%
Payouts / FCF — 262.5% 153.6% 100.5% 94.4% 83.7% 109.4% 97.2% 154.5% 130.3%
Quality scores
Accruals ratio — — — −3.5% −4.1% −2.7% −1.6% −3.1% −3.1% −2.4%

Source: SEC EDGAR XBRL filings (CIK 0000910606). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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