Revenue growth has shown signs of instability, with the NOI margin contracting sharply from a 72.6% peak in 2025Q2 to 18.5% by 2026Q1.
| 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 |
|---|
| Revenue | 1.7B | 1.55B | 1.5B | 1.37B | 1.27B | 1.2B | 1.05B | 1.16B | 1.16B | 1.02B | 645.89M | 591.16M | 555.55M | 516.88M | 497.74M | 500.42M | 486.81M | 489.23M | 493.42M | 451.51M | 420.34M | 394.04M | 391.95M | 377.62M | 380.2M | 388.55M | 361.58M | 301.89M | 143.3M | 97.79M | 46.95M |
| Revenue Growth % | 11.75% | 3.39% | 9.74% | 7.77% | 5.58% | 14.88% | -10.02% | 0.37% | 13.64% | 58.09% | 9.26% | 6.41% | 7.48% | 3.85% | -0.54% | 2.8% | -0.5% | -0.85% | 9.28% | 7.42% | 6.67% | 0.53% | 3.79% | -0.68% | -2.15% | 7.46% | 19.77% | 110.67% | 46.54% | 108.29% | 36.08% |
| Property Operating Expenses | 887.02M | 860.07M | 433.05M | 394.77M | 345.94M | 326.68M | 313.08M | 306.14M | 305.89M | 253.71M | 161.42M | 144.83M | 136.82M | 124.74M | 119.6M | 72.63M | 70.37M | 66.06M | 59.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 814.76M | 694.11M | 1.07B | 975.08M | 925.15M | 877.18M | 734.85M | 858.53M | 854.45M | 767.36M | 484.47M | 446.33M | 418.73M | 392.13M | 378.14M | 427.79M | 416.43M | 423.17M | 434.05M | 451.51M | 420.34M | 394.04M | 391.95M | 377.62M | 380.2M | 388.55M | 361.58M | 301.89M | 143.3M | 97.79M | 46.95M |
| NOI Margin % | 47.88% | 44.66% | 71.19% | 71.18% | 72.78% | 72.86% | 70.12% | 73.71% | 73.64% | 75.15% | 75.01% | 75.5% | 75.37% | 75.87% | 75.97% | 85.49% | 85.54% | 86.5% | 87.97% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 11.67M | 118.54M | 101.47M | 97.81M | 79.9M | 78.22M | 75M | 74.98M | 65.49M | 641.46M | 374M | 351.9M | 60.24M | 200.43M | 206.9M | 253.51M | 241.25M | 239.87M | 215.27M | 256.76M | 240.52M | 213.52M | 213.72M | 196.93M | 184.33M | 181.4M | 163.6M | 135.82M | 70.95M | 49.17M | 26.87M |
| G&A Expenses | 88M | 118.54M | 101.47M | 97.81M | 79.9M | 78.22M | 75M | 74.98M | 65.49M | 67.62M | 65.33M | 65.6M | 60.24M | 61.23M | 61.7M | 56.12M | 56.32M | 54.14M | 47.07M | 50.58M | 45.49M | 37.81M | 30.28M | 24.23M | 22.57M | 20.56M | 19.93M | 19.27M | 15.06M | 9.96M | 6.05M |
| EBITDA | 1.21B | 980.61M | 1.34B | 1.2B | 1.14B | 1.08B | 965.21M | 1.11B | 1.12B | 436.96M | 268.92M | 239.66M | 503.18M | 324.69M | 318.54M | 318.04M | 327.36M | 384.46M | 322.15M | 340.47M | 332.83M | 282.44M | 298.75M | 255.72M | 272.64M | 273.96M | 257.42M | 215.24M | 97.39M | 64.92M | 28.83M |
| EBITDA Margin % | 71.25% | 63.1% | 89.19% | 87.63% | 90% | 89.66% | 92.11% | 95.65% | 96.12% | 42.79% | 41.64% | 40.54% | 90.57% | 62.82% | 64% | 63.55% | 67.25% | 78.58% | 65.29% | 75.41% | 79.18% | 71.68% | 76.22% | 67.72% | 71.71% | 70.51% | 71.19% | 71.3% | 67.96% | 66.39% | 61.42% |
| Depreciation & Amortization | 409.49M | 405.04M | 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 | 132.13M | 123.73M | 116.92M | 104.74M | 93.51M | 87.41M | 83.5M | 81.94M | 75.02M | 74.38M | 67.51M | 59.43M | 49.17M | 25.05M | 16.3M | 8.76M |
| D&A / Revenue % | 24.06% | 26.06% | 24.75% | 23.59% | 23.5% | 23.29% | 29.14% | 28.37% | 28.13% | 30.46% | 24.53% | 24.57% | 26.04% | 25.53% | 25.47% | 26.4% | 25.42% | 23.9% | 21.23% | 20.71% | 20.8% | 21.19% | 20.9% | 19.87% | 19.56% | 17.37% | 16.44% | 16.29% | 17.48% | 16.67% | 18.65% |
| Operating Income | 803.09M | 575.57M | 968.77M | 877.27M | 845.25M | 798.97M | 659.85M | 783.54M | 788.96M | 125.9M | 110.47M | 94.43M | 358.49M | 192.72M | 191.74M | 185.91M | 203.63M | 267.54M | 217.41M | 246.96M | 245.42M | 198.94M | 216.81M | 180.7M | 198.26M | 206.45M | 197.99M | 166.07M | 72.34M | 48.62M | 20.08M |
| Operating Margin % | 47.19% | 37.03% | 64.44% | 64.04% | 66.5% | 66.37% | 62.97% | 67.28% | 67.99% | 12.33% | 17.1% | 15.97% | 64.53% | 37.29% | 38.52% | 37.15% | 41.83% | 54.69% | 44.06% | 54.7% | 58.39% | 50.49% | 55.32% | 47.85% | 52.15% | 53.13% | 54.76% | 55.01% | 50.48% | 49.72% | 42.76% |
| Interest Expense | 1000K | 211.98M | 189.02M | 155.78M | 146.19M | 145.36M | 153.95M | 141.3M | 141.28M | 132.63M | 83.48M | 95.31M | 101.33M | 101M | 112.13M | 123.65M | 125.29M | 109.24M | 92.78M | 82.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 3.44x | 3.00x | 3.32x | 3.55x | 3.38x | 1.95x | 2.85x | 2.97x | 2.69x | 2.99x | 2.39x | 2.02x | 1.91x | 1.71x | 1.26x | 0.99x | 0.92x | 2.28x | 2.36x | - | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | 51.51M | -152.89M | 401.04M | 360.85M | 325.9M | 308.04M | 358.9M | 381.34M | 368.72M | -231.11M | -138.76M | -133.34M | 153.99M | 0 | 0 | 10.06M | 38.2M | 80.47M | 6.43M | 52.22M | -22.46M | 0 | 133.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 645.67M | 516.49M | 414.38M | 371.76M | 488M | 367.33M | 46.96M | 244.01M | 253.03M | 169.24M | 166.99M | 152.54M | 187.85M | 86M | 61.16M | 39.01M | 21.45M | 183.3M | 218.78M | 194.74M | 179.82M | 180.52M | 178.23M | 0 | 195.88M | 207.15M | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | 37.94% | 33.23% | 27.57% | 27.14% | 38.39% | 30.51% | 4.48% | 20.95% | 21.81% | 16.57% | 25.85% | 25.8% | 33.81% | 16.64% | 12.29% | 7.79% | 4.41% | 37.47% | 44.34% | 43.13% | 42.78% | 45.81% | 45.47% | 0% | 51.52% | 53.31% | 0% | 0% | 0% | 0% | 0% |
| Income Tax | 0 | 0 | 4.54M | 895K | -39K | 1.04M | -355K | 757K | 706K | -9.74M | 0 | 0 | -996K | 0 | 13.22M | 122.91M | 163.17M | 220M | 69.94M | -8.91M | -38.69M | 17.87M | 41.91M | 49.91M | 85.35M | 106.49M | 110.38M | 76.22M | 21.75M | 21.21M | 10.11M |
| Effective Tax Rate % | 0% | 0% | 1.1% | 0.24% | -0.01% | 0.28% | -0.76% | 0.31% | 0.28% | -5.75% | 0% | 0% | -0.53% | 0% | 21.62% | 315.1% | 760.66% | 120.02% | 31.97% | -4.57% | -21.52% | 9.9% | 23.51% | - | 43.57% | 51.41% | - | - | - | - | - |
| Net Income | 648.65M | 527.46M | 400.39M | 364.56M | 482.87M | 361.41M | 44.89M | 239.43M | 249.13M | 176.08M | 164.92M | 150.06M | 187.39M | 63.01M | 14.49M | 51.37M | 12.01M | -36.7M | 148.84M | 203.65M | 218.51M | 162.65M | 136.33M | 130.79M | 110.52M | 100.66M | 87.61M | 89.85M | 50.59M | 27.4M | 9.96M |
| Net Margin % | 38.12% | 33.94% | 26.63% | 26.61% | 37.99% | 30.02% | 4.28% | 20.56% | 21.47% | 17.24% | 25.53% | 25.38% | 33.73% | 12.19% | 2.91% | 10.27% | 2.47% | -7.5% | 30.17% | 45.1% | 51.98% | 41.28% | 34.78% | 34.64% | 29.07% | 25.91% | 24.23% | 29.76% | 35.3% | 28.02% | 21.23% |
| Net Income Growth % | 62.08% | 31.74% | 9.83% | -24.5% | 33.61% | 705.12% | -81.25% | -3.89% | 41.49% | 6.76% | 9.91% | -19.92% | 197.4% | 334.78% | -71.79% | 327.6% | 132.73% | -124.66% | -26.91% | -6.8% | 34.35% | 19.31% | 4.23% | 18.34% | 9.8% | 14.9% | -2.49% | 77.6% | 84.62% | 174.98% | 77.94% |
| Funds From Operations (FFO) | 1.06B | 932.5M | 772.4M | 687.71M | 781.57M | 641.81M | 350.25M | 569.85M | 575.49M | 487.13M | 323.37M | 295.29M | 332.08M | 194.97M | 141.29M | 183.5M | 135.74M | 80.22M | 253.58M | 297.16M | 305.92M | 246.14M | 218.26M | 205.81M | 184.9M | 168.17M | 147.04M | 139.01M | 75.64M | 43.7M | 18.72M |
| FFO Margin % | 62.18% | 60% | 51.38% | 50.2% | 61.49% | 53.31% | 33.42% | 48.93% | 49.6% | 47.71% | 50.07% | 49.95% | 59.77% | 37.72% | 28.39% | 36.67% | 27.88% | 16.4% | 51.39% | 65.81% | 72.78% | 62.47% | 55.69% | 54.5% | 48.63% | 43.28% | 40.67% | 46.05% | 52.78% | 44.69% | 39.88% |
| FFO Growth % | 159.66% | 20.73% | 12.32% | -12.01% | 21.78% | 83.24% | -38.54% | -0.98% | 18.14% | 50.64% | 9.51% | -11.08% | 70.32% | 38% | -23% | 35.18% | 69.21% | -68.37% | -14.66% | -2.87% | 24.29% | 12.77% | 6.05% | 11.31% | 9.95% | 14.37% | 5.77% | 83.79% | 73.06% | 133.43% | 56.02% |
| FFO per Share | 5.77 | 5.12 | 4.22 | 3.90 | 4.55 | 3.76 | 2.07 | 3.40 | 3.38 | 3.05 | 3.19 | 3.11 | 3.59 | 2.13 | 1.58 | 2.08 | 1.64 | 1.04 | 3.64 | 4.29 | 4.45 | 3.76 | 3.56 | 3.45 | 3.16 | 2.91 | 2.58 | 2.55 | 2.62 | 1.96 | 1.55 |
| FFO Payout Ratio % | 62.28% | 54.86% | 63.49% | 65.88% | 54.8% | 62.8% | 85.81% | 68.54% | 65.33% | 66.23% | 62.17% | 61.43% | 51.98% | 86.05% | 116.37% | 87.28% | 109.51% | 199.04% | 78.68% | 62.43% | 52.14% | 57.29% | 59.32% | 60.68% | 64.34% | 68.3% | 74.18% | 68.33% | 65.43% | 84.66% | 86.52% |
| EPS (Diluted) | 3.54 | 2.82 | 2.11 | 2.04 | 2.81 | 2.12 | 0.26 | 1.43 | 1.46 | 1.00 | 1.42 | 1.36 | 1.80 | 0.69 | 0.16 | 0.35 | -0.14 | -0.48 | 1.66 | 2.65 | 2.89 | 2.23 | 2.03 | 2.11 | 1.81 | 1.69 | 1.08 | 1.61 | 1.75 | 1.23 | 0.82 |
| EPS Growth % | 64.15% | 33.65% | 3.43% | -27.4% | 32.55% | 715.38% | -81.82% | -2.05% | 46% | -29.58% | 4.41% | -24.44% | 160.87% | 331.25% | -54.29% | 350% | 70.83% | -128.92% | -37.36% | -8.3% | 29.6% | 9.85% | -3.79% | 16.57% | 7.1% | 56.48% | -32.92% | -8% | 42.28% | 50% | 9.33% |
| EPS (Basic) | - | 2.79 | 2.12 | 2.04 | 2.82 | 2.12 | 0.27 | 1.43 | 1.47 | 1.00 | 1.43 | 1.37 | 1.80 | 0.69 | 0.16 | 0.35 | -0.14 | -0.48 | 1.66 | 2.65 | 2.91 | 2.25 | 2.03 | 2.11 | 1.81 | 1.70 | 1.49 | 1.61 | 1.80 | 1.28 | 0.82 |
| Diluted Shares Outstanding | 183.38M | 182.23M | 183.04M | 176.37M | 171.79M | 170.69M | 169.46M | 167.77M | 170.1M | 159.96M | 101.28M | 94.86M | 92.4M | 91.41M | 89.67M | 88.26M | 82.6M | 76.9M | 69.66M | 69.2M | 68.8M | 65.43M | 61.39M | 59.72M | 58.51M | 57.81M | 56.93M | 54.41M | 28.91M | 22.28M | 12.07M |
Margin volatility and integration
As reported in recent financial filings, Regency Centers experienced a significant revenue spike to $506.8M in 2025Q4, yet the subsequent 2026Q1 revenue contraction to $413.4M suggests that organic growth drivers may be struggling to maintain momentum following the recent portfolio expansion efforts.
The sharp fluctuation in quarterly revenue figures indicates that the company's recent M&A activity, specifically the Urstadt Biddle integration, may be creating temporary noise in the top-line trajectory. Investors should monitor whether the company can stabilize these revenue streams as the portfolio integration matures and the impact of non-recurring items fades.
According to the provided income statement data, the NOI margin plummeted from a peak of 72.6% in 2025Q2 to just 18.5% by 2026Q1, signaling a potential breakdown in the company's ability to effectively pass through rising operating costs to its tenant base.
This dramatic margin compression warrants further investigation into whether the company is absorbing higher property taxes or maintenance expenses that were previously recoverable. Such a shift suggests that the REIT's operating leverage may be working against it during periods of elevated inflationary pressure on property-level expenses.
Based on the company's reported figures, FFO per share exhibited extreme variance, jumping to $2.24 in 2025Q4 before retreating to $1.28 in 2026Q1, which complicates the assessment of long-term dividend safety and the underlying quality of recurring cash flows.
The erratic nature of FFO growth appears to be heavily influenced by non-recurring accounting adjustments or transaction-related costs rather than pure operational performance. Analysts should be cautious in extrapolating these figures, as the lack of consistent FFO growth may indicate that the company is struggling to generate accretive returns from its recent capital deployment.
Financial statements indicate that the gap between FFO and AFFO, particularly in 2026Q1 where AFFO was $129.9M compared to $235.0M in FFO, suggests that significant capital expenditures are required to maintain the portfolio, potentially overstating the true cash-generating capacity of the business.
The substantial difference between these two metrics implies that a large portion of the company's earnings is being reinvested into the properties just to sustain current operations. This high level of maintenance CAPEX may limit the company's ability to grow dividends organically without relying on external financing or further equity dilution.
Quick answers to the most common questions about buying REG stock.
For fiscal year 2025, Regency Centers Corporation (REG) reported total revenue of $1.55B. This represents a 3210.5% increase compared to $46.9M in 1996.
Regency Centers Corporation (REG) is profitable, generating $527.5M in net income for the fiscal year ending 2025 with a net profit margin of 33.9%.
Regency Centers Corporation (REG) reported an operating income of $575.6M, resulting in an operating profit margin of 37.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Regency Centers Corporation (REG) generated $694.1M in gross profit for the year, representing a gross profit margin of 44.7%. This demonstrates the company's core pricing power and production efficiency.