Regency Centers Corporation (REG) 10-Year Financial Performance & Capital Metrics

REG • • REIT / Real Estate

Real EstateRetail REITsGrocery-Anchored Shopping CentersNational Grocery-Anchored REITs

AboutRegency 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, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member.Show more

Revenue $1.5B +9.7%
FFO $772M +12.3%
FFO/Share 4.22 +8.2%
FFO Payout 63.49% -3.6%
FFO per Share 4.22 +8.2%
NOI Margin 71.19%
FFO Margin 51.38% +2.3%
ROE 5.68% +4.2%
ROA 3.23% +3.1%
Debt/Assets 40.5% +4.9%
Net Debt/EBITDA 3.70 -5.7%
Book Value/Share 37.70 -7.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Sustainable FFO payout ratio of 63.5%
✓High NOI margin of 71.2%
✓Healthy dividend yield of 3.8%

✗Weaknesses

✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.47%

5Y5.24%

3Y7.68%

TTM4.79%

Profit (Net Income) CAGR

10Y7.89%

5Y10.83%

3Y3.47%

TTM1.93%

EPS CAGR

10Y1.6%

5Y8.09%

3Y-0.16%

TTM1.88%

ROCE

10Y Avg5.96%

5Y Avg7.55%

3Y Avg7.99%

Latest8.12%

Peer Comparison

National Grocery-Anchored REITs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
IVTInvenTrust Properties Corp.	2.23B	28.67	150.89	5.91%	40.59%	6.55%	4.53%	0.42
PECOPhillips Edison & Company, Inc.	4.44B	35.26	69.14	8.4%	10.46%	3.34%	5.4%	0.80
KIMKimco Realty Corporation	14.07B	20.78	37.78	14.22%	26.51%	5.32%	4.84%	0.79
REGRegency Centers Corporation	12.78B	69.85	33.10	9.74%	26.36%	5.83%	6.19%	0.73

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	591.16M	645.89M	1.02B	1.16B	1.16B	1.05B	1.2B	1.27B	1.37B	1.5B
Revenue Growth %	0.06%	0.09%	0.58%	0.14%	0%	-0.1%	0.15%	0.06%	0.08%	0.1%
Property Operating Expenses	144.83M	161.42M	253.71M	305.89M	306.14M	313.08M	326.68M	345.94M	394.77M	433.05M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	351.9M	374M	641.46M	65.49M	74.98M	75M	78.22M	79.9M	97.81M	101.47M
G&A Expenses	65.6M	65.33M	67.62M	65.49M	74.98M	75M	78.22M	79.9M	97.81M	101.47M
EBITDA+	239.66M	268.92M	436.96M	1.12B	1.11B	965.21M	1.08B	1.14B	1.2B	1.34B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	145.23M	158.45M	311.06M	326.36M	330.42M	305.36M	280.39M	298.7M	323.15M	372.01M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	94.43M	110.47M	125.9M	788.96M	783.54M	659.85M	798.97M	845.25M	877.27M	968.77M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	95.31M	83.48M	132.63M	141.28M	141.3M	153.95M	145.36M	146.19M	155.78M	189.02M
Interest Coverage	0.99x	1.32x	0.95x	5.58x	5.55x	4.29x	5.50x	5.78x	5.63x	5.13x
Non-Operating Income	-133.34M	-138.76M	-231.11M	368.72M	381.34M	358.9M	308.04M	325.9M	360.85M	401.04M
Pretax Income+	152.54M	166.99M	169.24M	253.03M	244.01M	46.96M	367.33M	488M	371.76M	414.38M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	0	-9.74M	706K	757K	-355K	1.04M	-39K	895K	4.54M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	150.06M	164.92M	176.08M	249.13M	239.43M	44.89M	361.41M	482.87M	364.56M	400.39M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.2%	0.1%	0.07%	0.41%	-0.04%	-0.81%	7.05%	0.34%	-0.25%	0.1%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	-0.11%	0.1%	0.51%	0.18%	-0.01%	-0.39%	0.83%	0.22%	-0.12%	0.12%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	1.36	1.42	1.00	1.46	1.43	0.26	2.12	2.81	2.04	2.11
EPS Growth %	-0.24%	0.04%	-0.3%	0.46%	-0.02%	-0.82%	7.15%	0.33%	-0.27%	0.03%
EPS (Basic)	1.37	1.43	1.00	1.47	1.43	0.27	2.12	2.82	2.04	2.12
Diluted Shares Outstanding	94.86M	101.28M	159.96M	170.1M	167.77M	169.46M	170.69M	171.79M	176.37M	183.04M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	4.19B	4.49B	11.14B	10.94B	11.13B	10.94B	10.79B	10.86B	12.43B	12.39B
Asset Growth %	-0%	0.07%	1.48%	-0.02%	0.02%	-0.02%	-0.01%	0.01%	0.14%	-0%
Real Estate & Other Assets+	3.6B	3.9B	9.68B	9.45B	9.43B	9.2B	9.42B	9.55B	10.89B	10.88B
PP&E (Net)	0	4.09M	6.12M	6.13M	299.88M	294.39M	286.23M	281.32M	334.66M	330.24M
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	175.88M	158.19M	252.02M	278.06M	330.46M	556.02M	273.69M	257.64M	325.1M	333.67M
Cash & Equivalents	36.86M	13.26M	45.37M	45.19M	113.02M	376.07M	93.1M	66.47M	84.97M	56.28M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	32.86M	4.62M	4.01M	60.52M	48.11M	36.31M	27.5M	2.31M	25.26M	5.6M
Intangible Assets	105.38M	118.83M	477.59M	387.07M	242.82M	188.8M	212.71M	197.75M	283.38M	229.98M
Total Liabilities	2.11B	1.86B	4.41B	4.49B	4.84B	4.88B	4.68B	4.68B	5.23B	5.49B
Total Debt+	1.91B	1.7B	4.13B	4.21B	4.79B	4.52B	4.3B	4.29B	4.8B	5.02B
Net Debt	1.87B	1.68B	4.09B	4.17B	4.68B	4.15B	4.2B	4.23B	4.71B	4.96B
Long-Term Debt	1.86B	1.63B	3.53B	3.57B	3.7B	3.92B	3.72B	3.73B	4B	4.34B
Short-Term Borrowings	0	1000K	1000K	1000K	1000K	0	0	0	1000K	1000K
Capital Lease Obligations	42.03M	54.18M	537.4M	496.73M	222.92M	220.39M	215.79M	213.72M	644.37M	609.47M
Total Current Liabilities+	329.51M	417.43M	857.53M	369.81M	433.7M	302.36M	322.27M	317.26M	510.61M	457.3M
Accounts Payable	164.51M	138.94M	234.27M	224.81M	213.71M	302.36M	322.27M	317.26M	358.61M	392.3M
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Liabilities	29.43M	28.87M	46.01M	57.75M	58.87M	55.21M	62.35M	70.24M	78.05M	81.18M
Total Equity+	2.08B	2.62B	6.73B	6.45B	6.29B	6.06B	6.11B	6.18B	7.19B	6.9B
Equity Growth %	0.08%	0.26%	1.57%	-0.04%	-0.02%	-0.04%	0.01%	0.01%	0.16%	-0.04%
Shareholders Equity	2.05B	2.59B	6.69B	6.4B	6.21B	5.98B	6.04B	6.1B	7.03B	6.72B
Minority Interest	28.51M	33.2M	41M	52.2M	76.61M	73.23M	72.56M	81.05M	159.25M	176.16M
Common Stock	972K	1.04M	1.71M	1.68M	1.68M	1.7M	1.71M	1.71M	1.85M	1.81M
Additional Paid-in Capital	2.74B	3.29B	7.87B	7.67B	7.65B	7.79B	7.88B	7.88B	8.7B	8.5B
Retained Earnings	-936.02M	-994.26M	-1.16B	-1.26B	-1.41B	-1.77B	-1.81B	-1.76B	-1.87B	-1.98B
Preferred Stock	325M	325M	289K	0	0	0	0	0	225M	225M
Return on Assets (ROA)	0.04%	0.04%	0.02%	0.02%	0.02%	0%	0.03%	0.04%	0.03%	0.03%
Return on Equity (ROE)	0.07%	0.07%	0.04%	0.04%	0.04%	0.01%	0.06%	0.08%	0.05%	0.06%
Debt / Assets	0.45%	0.38%	0.37%	0.38%	0.43%	0.41%	0.4%	0.4%	0.39%	0.4%
Debt / Equity	0.92x	0.65x	0.61x	0.65x	0.76x	0.75x	0.70x	0.70x	0.67x	0.73x
Net Debt / EBITDA	7.80x	6.26x	9.35x	3.74x	4.20x	4.29x	3.90x	3.70x	3.93x	3.70x
Book Value per Share	21.96	25.91	42.09	37.92	37.49	35.75	35.79	35.96	40.78	37.70

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	275.64M	289.38M	471.15M	610.33M	621.27M	499.12M	659.39M	655.82M	719.59M	790.2M
Operating CF Growth %	-0.01%	0.05%	0.63%	0.3%	0.02%	-0.2%	0.32%	-0.01%	0.1%	0.1%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	152.54M	166.99M	178.98M	252.32M	243.26M	47.32M	366.29M	488.04M	370.87M	409.84M
Depreciation & Amortization	145.23M	158.45M	311.06M	326.36M	330.42M	305.36M	280.39M	298.7M	323.15M	372.01M
Stock-Based Compensation	11.08M	10.65M	20.55M	13.63M	14.34M	13.58M	12.52M	16.52M	20.07M	23.5M
Other Non-Cash Items	2.41M	9.76M	4.77M	10.48M	4.3M	9.02M	3.53M	-100.7M	22.69M	11.61M
Working Capital Changes	-31.98M	-21.42M	-34.47M	-25.12M	-8.03M	6.12M	-20.68M	-46.74M	-17.2M	-26.77M
Cash from Investing+	-139.35M	-409.67M	-1.01B	-106.02M	-282.69M	-25.64M	-286.35M	-206.11M	-341.98M	-326.64M
Acquisitions (Net)	-20.05M	-37.88M	-672.29M	-74.24M	-66.92M	-51.44M	-23.48M	-36.27M	-95.51M	-41.34M
Purchase of Investments	-31.94M	-55.22M	-23.54M	-23.16M	-23.46M	-25.16M	-23.97M	-21.11M	-7.99M	-101.04M
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	1.72M	-374.16M	-5.24M	15.65M	8.8M	6.62M	-20K	-170.51M	-254.48M	-290.92M
Cash from Financing+	-213.21M	96.69M	568.95M	-508.49M	-268.21M	-210.59M	-656.46M	-475.96M	-355.04M	-493.02M
Dividends Paid	-202.45M	-222.09M	-327.68M	-375.98M	-390.6M	-300.54M	-403.08M	-428.28M	-456.48M	-504.01M
Common Dividends	-181.39M	-201.03M	-322.65M	-375.98M	-390.6M	-300.54M	-403.08M	-428.28M	-453.06M	-490.37M
Debt Issuance (Net)	-1000K	-1000K	1000K	1000K	1000K	537K	-1000K	-1000K	1000K	1000K
Share Repurchases	-9.91M	-8.01M	-18.65M	-220.62M	-38.98M	-5.51M	-4.08M	-81.87M	-36.86M	-219.61M
Other Financing	-9.78M	-10.63M	-34.47M	-25.24M	-22.08M	-30.95M	-13.63M	-9.2M	-469K	-25M
Net Change in Cash+	-76.92M	-23.6M	32.11M	-4.19M	70.37M	262.89M	-283.42M	-26.25M	22.58M	-29.47M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	113.78M	36.86M	13.26M	49.38M	45.19M	115.56M	378.45M	95.03M	68.78M	91.35M
Cash at End	36.86M	13.26M	45.37M	45.19M	115.56M	378.45M	95.03M	68.78M	91.35M	61.88M
Free Cash Flow+	158.17M	54.78M	142.85M	564.47M	400.62M	523.47M	396.66M	655.82M	719.59M	790.2M
FCF Growth %	-0.43%	-0.65%	1.61%	2.95%	-0.29%	0.31%	-0.24%	0.65%	0.1%	0.1%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	3.11	3.19	3.05	3.38	3.4	2.07	3.76	4.55	3.9	4.22
FFO Payout Ratio	61.43%	62.17%	66.23%	65.33%	68.54%	85.81%	62.8%	54.8%	65.88%	63.49%
NOI Margin	75.5%	75.01%	75.15%	73.64%	73.71%	70.12%	72.86%	72.78%	71.18%	71.19%
Net Debt / EBITDA	7.80x	6.26x	9.35x	3.74x	4.20x	4.29x	3.90x	3.70x	3.93x	3.70x
Debt / Assets	45.49%	37.8%	37.08%	38.48%	43.05%	41.34%	39.82%	39.55%	38.61%	40.5%
Interest Coverage	0.99x	1.32x	0.95x	5.58x	5.55x	4.29x	5.50x	5.78x	5.63x	5.13x
Book Value / Share	21.96	25.91	42.09	37.92	37.49	35.75	35.79	35.96	40.78	37.7
Revenue Growth	6.41%	9.26%	58.09%	13.64%	0.37%	-10.02%	14.88%	5.58%	7.77%	9.74%

Revenue by Segment

	2021	2022	2023
Propertymanagementservices	14.41M	13.47M	14.07M
Propertymanagementservices Growth	-	-6.56%	4.49%
Assetmanagementservices	6.92M	6.75M	6.54M
Assetmanagementservices Growth	-	-2.44%	-3.11%
Leasingservices	4.1M	3.94M	3.91M
Leasingservices Growth	-	-3.69%	-0.94%
Othertransactionfees	1.32M	1.68M	2.43M
Othertransactionfees Growth	-	27.96%	44.24%
Promote income	13.59M	13.6M	-
Promote income Growth	-	0.08%	-

Frequently Asked Questions

Valuation & Price

Regency Centers Corporation (REG) has a price-to-earnings (P/E) ratio of 33.1x. This suggests investors expect higher future growth.

Growth & Financials

Regency Centers Corporation (REG) reported $1.56B in revenue for fiscal year 2024. This represents a 212% increase from $500.4M in 2011.

Regency Centers Corporation (REG) grew revenue by 9.7% over the past year. This is steady growth.

Yes, Regency Centers Corporation (REG) is profitable, generating $411.5M in net income for fiscal year 2024 (26.6% net margin).

Dividend & Returns

Yes, Regency Centers Corporation (REG) pays a dividend with a yield of 3.84%. This makes it attractive for income-focused investors.

Regency Centers Corporation (REG) has a return on equity (ROE) of 5.7%. This is below average, suggesting room for improvement.

Industry Metrics

Regency Centers Corporation (REG) generated Funds From Operations (FFO) of $789.0M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Regency Centers Corporation (REG) offers a 3.84% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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