Dividend coverage has deteriorated significantly, with a 2026Q1 payout ratio of 1.17 indicating that distributions currently exceed the company's AFFO generation.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 819.39M | 827.69M | 790.2M | 719.59M | 655.82M | 659.39M | 499.12M | 621.27M | 610.33M | 471.15M | 289.38M | 275.64M | 277.74M | 250.73M | 257.21M | 217.63M | 141.21M | 193.86M | 219.17M | 224.3M | 216.81M | 208.16M | 183.9M | 227.88M | 173.04M | 184.06M | 178.53M | 151.3M | 65M | 43.04M | 16M |
| Operating CF Growth % | 17.43% | 4.74% | 9.81% | 9.72% | -0.54% | 32.11% | -19.66% | 1.79% | 29.54% | 62.81% | 4.98% | -0.76% | 10.77% | -2.52% | 18.19% | 54.12% | -27.16% | -11.55% | -2.29% | 3.45% | 4.16% | 13.19% | -19.3% | 31.7% | -5.99% | 3.09% | 18% | 132.77% | 51.01% | 168.96% | 0.65% |
| Operating CF / Revenue % | 48.15% | 53.26% | 52.56% | 52.53% | 51.59% | 54.77% | 47.63% | 53.34% | 52.6% | 46.14% | 44.8% | 46.63% | 49.99% | 48.51% | 51.68% | 43.49% | 29.01% | 39.63% | 44.42% | 49.68% | 51.58% | 52.83% | 46.92% | 60.35% | 45.51% | 47.37% | 49.38% | 50.12% | 45.36% | 44.02% | 34.09% |
| Net Income | 648.65M | 540.95M | 409.84M | 370.87M | 488.04M | 366.29M | 47.32M | 243.26M | 252.32M | 178.98M | 166.99M | 152.54M | 188.85M | 151.28M | 26.21M | 55.79M | 16.2M | -32.74M | 136.19M | 203.65M | 218.51M | 162.65M | 136.33M | 130.79M | 110.52M | 100.66M | 87.61M | 89.8M | 50.6M | 27.4M | 10M |
| Depreciation & Amortization | 398.62M | 382.75M | 372.01M | 323.15M | 298.7M | 280.39M | 305.36M | 330.42M | 326.36M | 311.06M | 158.45M | 145.23M | 144.69M | 131.97M | 126.8M | 133.76M | 123.93M | 116.11M | 105.47M | 93.51M | 87.41M | 83.5M | 81.94M | 75.02M | 74.38M | 67.51M | 59.43M | 49.17M | 25.05M | 16.3M | 8.76M |
| Stock-Based Compensation | 19.77M | 19.46M | 23.5M | 20.07M | 16.52M | 12.52M | 13.58M | 14.34M | 13.63M | 20.55M | 10.65M | 11.08M | 9.66M | 12.19M | 9.81M | 9.82M | 6.62M | 4.67M | 5.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -94.14M | -74.72M | 11.61M | 22.69M | -100.7M | 3.53M | 9.02M | 4.3M | 10.48M | 4.77M | 9.76M | 2.41M | 15.17M | 12.34M | 85.37M | -2.14M | 26.8M | 23.16M | 36.06M | -38.42M | -64.25M | -20.15M | -23.4M | 26.19M | 25.22M | 41.56M | 45.4M | 16.12M | -4.43M | 2.97M | -105.12K |
| Working Capital Changes | -66.78M | -40.75M | -26.77M | -17.2M | -46.74M | -20.68M | 6.12M | -8.03M | -25.12M | -34.47M | -21.42M | -31.98M | -12.27M | -17.07M | -4.69M | -35.65M | -28.16M | -32.03M | -60.51M | -34.44M | -24.86M | -17.84M | -10.96M | -4.12M | -37.08M | -25.68M | -13.91M | -3.79M | -6.21M | -3.63M | -2.65M |
| Cash from Investing | -335.92M | -421.14M | -326.64M | -341.98M | -206.11M | -286.35M | -25.64M | -282.69M | -106.02M | -1.01B | -409.67M | -139.35M | -210.29M | -9.82M | 3.62M | -77.72M | -184M | 45.73M | -105.78M | -418.29M | 38.23M | -484.78M | -38.32M | -96.24M | 110.59M | -162.31M | -335.26M | -216.61M | -236.39M | -188.53M | -109.84M |
| Acquisitions (Net) | -65.57M | -44.32M | -41.34M | -95.51M | -36.27M | -23.48M | -51.44M | -66.92M | -74.24M | -672.29M | -37.88M | -20.05M | -23.58M | -10.88M | -66.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -340.22M | -456.52M | -301.81M | -330.29M | -305.63M | -144.66M | -237.67M | 0 | 0 |
| Purchase of Investments | -127.05M | -103.31M | -101.04M | -7.99M | -21.11M | -23.97M | -25.16M | -23.46M | -23.16M | -23.54M | -55.22M | -31.94M | -23.76M | -19.14M | -17.93M | -218.06M | -231.85M | -28.71M | -48.62M | -42.66M | -21.79M | -417.71M | -66.3M | -14.88M | -46.02M | -47.98M | -72.79M | -30.75M | -29.07M | 0 | 0 |
| Sale of Investments | 152.87M | 106.98M | 106.67M | 16M | 21.79M | 23.85M | 19.99M | 19.54M | 21.59M | 21.38M | 57.59M | 28.4M | 31.22M | 13.99M | 18.08M | 292.81M | 138.31M | 217.43M | 331.63M | 312.35M | 469.42M | 268.05M | 364.55M | 257.52M | 437.2M | 84.39M | -323.36M | 704.47K | 383.85K | 68.69K | 231.58K |
| Other Investing | -191.1M | -380.49M | -290.92M | -254.48M | -170.51M | -20K | 6.62M | 8.8M | 15.65M | -5.24M | -374.16M | 1.72M | -194.18M | 27.35M | -552K | 225K | 0 | 0 | 0 | 545K | 14.77M | -8.46M | 404.23M | 574.16M | 643.38M | 812.81M | 994.09M | 225.88M | 496.99M | 188.67M | 98.69M |
| Cash from Financing | -416.35M | -347.77M | -493.02M | -355.04M | -475.96M | -656.46M | -210.59M | -268.21M | -508.49M | 568.95M | 96.69M | -213.21M | -34.36M | -182.58M | -249.89M | -145.57M | -34.23M | -161.65M | -110.53M | 178.62M | -263.46M | 223.76M | -80.13M | -158.22M | -255.03M | -94.88M | 203.6M | 99.51M | 174.72M | 153.78M | 98.73M |
| Dividends Paid | -672.67M | -525.21M | -504.01M | -456.48M | -428.28M | -403.08M | -300.54M | -390.6M | -375.98M | -327.68M | -222.09M | -202.45M | -193.66M | -188.84M | -188.08M | -183.88M | -172.52M | -183.94M | -237.06M | -202.72M | -182.91M | -167.21M | -154.7M | -155.01M | -155.3M | -151.3M | -141.5M | -109.6M | -52.85M | -33.91M | -16.18M |
| Common Dividends | -659.02M | -511.56M | -490.37M | -453.06M | -428.28M | -403.08M | -300.54M | -390.6M | -375.98M | -322.65M | -201.03M | -181.39M | -172.6M | -167.77M | -164.42M | -160.16M | -148.65M | -159.67M | -199.53M | -185.53M | -159.51M | -141M | -129.47M | -124.88M | -118.97M | -114.86M | -109.08M | -94.99M | -49.49M | -37M | -16.2M |
| Debt Issuance (Net) | 0 | 1000K | 1000K | 1000K | -1000K | -1000K | 537K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K |
| Share Repurchases | -10.75M | -8.84M | -219.61M | -36.86M | -81.87M | -4.08M | -5.51M | -38.98M | -220.62M | -18.65M | -8.01M | -9.91M | -300K | 0 | -323.13M | -13K | 0 | 0 | 0 | 0 | 0 | -54M | 0 | -150.5M | -2.73M | -155.38K | -11.09M | -54.54M | 0 | 0 | 0 |
| Other Financing | -40.4M | -33.23M | -25M | -469K | -9.2M | -13.63M | -30.95M | -22.08M | -25.24M | -34.47M | -10.63M | -9.78M | -8.67M | 1.19M | 1.05M | -1.06M | -10.26M | -3.18M | -14.13M | -4.54M | -4.9M | -60.19M | -151.79M | -13.77M | -5.71M | -17.65M | -13.23M | -11.22M | 131.2M | 1.68M | -1.72M |
| Net Change in Cash | 67.12M | 58.78M | -29.47M | 22.58M | -26.25M | -283.42M | 262.89M | 70.37M | -4.19M | 32.11M | -23.6M | -76.92M | 33.09M | 58.34M | 10.95M | -5.66M | -77.02M | 77.94M | 2.87M | -15.38M | -8.41M | -52.86M | 65.45M | -26.58M | 28.59M | -73.13M | 46.87M | 34.2M | 3.33M | 8.29M | 4.89M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 120.66M | 61.88M | 91.35M | 68.78M | 95.03M | 378.45M | 115.56M | 45.19M | 49.38M | 13.26M | 36.86M | 113.78M | 80.68M | 22.35M | 11.4M | 17.06M | 99.48M | 21.53M | 18.67M | 34.05M | 42.46M | 95.32M | 29.87M | 56.45M | 27.85M | 100.99M | 54.12M | 19.92M | 16.59M | 8.29M | 3.4M |
| Cash at End | 145.56M | 120.66M | 61.88M | 91.35M | 68.78M | 95.03M | 378.45M | 115.56M | 45.19M | 45.37M | 13.26M | 36.86M | 113.78M | 80.68M | 22.35M | 11.4M | 22.46M | 99.48M | 21.53M | 18.67M | 34.05M | 42.46M | 95.32M | 29.87M | 56.45M | 27.85M | 100.99M | 54.12M | 19.92M | 16.59M | 8.29M |
| Free Cash Flow | 586.65M | 393.97M | 447.28M | 525.58M | 501.86M | 396.66M | 523.47M | 400.62M | 564.47M | 142.85M | 54.78M | 158.17M | 277.74M | 229.6M | 327.91M | 64.94M | 50.75M | 50.87M | -169.61M | -464.23M | -207.36M | -118.51M | -216.67M | -228.64M | -449.12M | -497.19M | -449.05M | -116.48M | -402.02M | -334.22M | -192.76M |
| FCF Growth % | -25.12% | -11.92% | -14.9% | 4.73% | 26.52% | -24.23% | 30.67% | -29.03% | 295.15% | 160.78% | -65.37% | -43.05% | 20.97% | -29.98% | 404.98% | 27.95% | -0.24% | 129.99% | 63.46% | -123.88% | -74.98% | 45.31% | 5.23% | 49.09% | 9.67% | -10.72% | -285.5% | 71.03% | -20.28% | -73.39% | -1486.78% |
| FCF / Revenue % | 34.47% | 25.35% | 29.75% | 38.37% | 39.48% | 32.95% | 49.95% | 34.4% | 48.65% | 13.99% | 8.48% | 26.76% | 49.99% | 44.42% | 65.88% | 12.98% | 10.43% | 10.4% | -34.38% | -102.82% | -49.33% | -30.08% | -55.28% | -60.55% | -118.13% | -127.96% | -124.19% | -38.59% | -280.55% | -341.79% | -410.59% |
High capital intensity requirements
As reported in recent financial statements, the dividend payout ratio reached 1.17 in 2026Q1, indicating that Regency Centers paid out more in dividends than it generated in AFFO, a concerning departure from the more sustainable 0.31 payout ratio observed in the final quarter of 2025.
The shift toward a payout ratio exceeding 1.0 suggests that the company's current dividend policy may be reliant on balance sheet liquidity rather than recurring cash flow. Investors should monitor whether this trend is a temporary byproduct of integration-related capital outflows or a structural deterioration in the company's ability to fund distributions from operations.
Based on the provided quarterly data, Regency Centers recorded a significant $105.1M in capital expenditures during 2026Q1, which represents a substantial cash drain that directly reduces the pool of funds available for shareholders and highlights the high cost of maintaining its infill retail portfolio.
The volatility in capital spending, which spiked from zero in several prior quarters to over $100M in recent periods, suggests that the company is facing lumpy, non-discretionary reinvestment needs. This level of capital intensity appears to be a primary driver of the widening gap between FFO and AFFO, warranting further investigation into whether these costs are truly recurring maintenance or growth-oriented redevelopments.
According to the company's reported figures, the FFO to Net Income ratio of 1.19 in 2026Q1 underscores the significant impact of non-cash depreciation charges, which consistently inflate the headline earnings metric relative to the actual cash generated by the underlying real estate assets.
While FFO is the industry standard, the wide variance between Net Income and FFO suggests that the company's accounting earnings are heavily influenced by non-cash items that do not reflect the immediate cash-generating capacity of the centers. Analysts should be cautious in relying on FFO as a proxy for liquidity, as it fails to account for the substantial capital expenditures required to keep the portfolio competitive.
As indicated by the historical data, the conversion of FFO into actual operating cash flow has been inconsistent, with 2026Q1 showing an FFO of $235.0M against an OCF of $152.7M, suggesting that timing differences in working capital may be creating temporary distortions in reported cash performance.
The disconnect between FFO and OCF may imply that the company is experiencing delays in cash collection or is carrying significant receivables that have yet to be converted into liquid assets. This lack of alignment between accounting earnings and cash inflows warrants further investigation into the company's tenant credit quality and the efficiency of its rent collection processes.
Quick answers to the most common questions about buying REG stock.
Regency Centers Corporation (REG) generated $827.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Regency Centers Corporation (REG) generated $394.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Regency Centers Corporation (REG) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Regency Centers Corporation (REG) returned $525.2M to shareholders via cash dividends and spent $8.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.