Regency Centers

REG · Nasdaq · Real Estate · Financials, fiscal 2016 to 2025

REG · Last close · October 26, 2026

$73.67

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.

REGENCY CENTERS CORPORATION Latest fiscal year ended December 31, 2025 10-K filed February 13, 2026 · 0001193125-26-051668 Updated October 9, 2026

Revenue

$1.6B

6.8%

Operating margin

72.3%

0.3 pts

Net income

$528M

31.7%

Free cash flow

$393M

12.1%

Return on capital

7.7%

1.5 pts

Market cap

—

No share count

P/E

25.3x

On $2.91 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2025, earnings per share grew 13.8% a year and net income 14.7% a year.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Regency Centers yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Regency Centers' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need Regency Centers' diluted shares, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Regency Centers's own revenue growth, as above. Cautious: growth of 4% then 3% a year, 2% after year 10, a 10% discount rate. Base: growth of 8.5% then 5.5% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 12.5% then 8% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $73.67
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Regency Centers' earnings per share of $2.91 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 25.3×, the middle of Regency Centers' own P/E today, its peers' median and its sector's median (Regency Centers' own P/E today) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to March 31, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Brixmor Property Group, Federal Realty Investment Trust, Kimco Realty, NNN Reit.

Earnings growth in the years ahead (% a year) Starts at Regency Centers' revenue growth over the last 3 years, 8.3% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $73.67
Value at this multiple, against the last close: —
Regency Centers' P/E at the last close: 25.3×

Company	Last close	Earnings per share	P/E today
Kimco RealtyKIM	$23.65	$0.86	27.5×
Regency CentersREG	$73.67	$2.91	25.3×
Brixmor Property GroupBRX	$28.12	$1.37	20.5×
NNN ReitNNN	$42.03	$2.07	20.3×
Federal Realty Investment TrustFRT	$109.23	$5.76	19.0×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	95	69	91	62	121
Debt incl. finance leases	3,719	3,727	4,154	4,409	4,739
Net debt (negative means net cash)	3,624	3,658	4,062	4,347	4,619
Net debt to EBITDA	4.7x	3.0x	3.1x	3.0x	3.0x
Debt to equity	0.6x	0.6x	0.6x	0.7x	0.7x
Interest coverage	3.2x	6.1x	6.2x	6.5x	6.3x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Regency Centers shares on the open market, and 6 insiders sold $40.9 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Jun 12, 2026	Terah L DevereauxPrincipal Accounting Officer	Sold	1,240	$80.14	$99,374	Form 4
May 5, 2026	Nicholas Andrew WibbenmeyerW. Regional Pres. & CIO	Sold	7,927	$79.06	$626,709	Form 4
May 4, 2026	Martin E Stein JrExecutive Chairman, Director	Sold	274,615	$78.40	$21.5 million	Form 4
Mar 11, 2026	Martin E Stein JrExecutive Chairman, Director	Sold	38,000	$77.21	$2.9 million	Form 4
Mar 10, 2026	Martin E Stein JrExecutive Chairman, Director	Sold	129,490	$78.33	$10.1 million	Form 4
Feb 20, 2026	Martin E Stein JrExecutive Chairman, Director	Sold	10,000	$76.30	$763,000	Form 4
Feb 10, 2026	Lisa PalmerPresident and CEO, Director	Sold	26,000	$76.75	$2.0 million	Form 4
Feb 10, 2026	Michael J MasEVP and CFO	Sold	15,000	$76.85	$1.2 million	Form 4
Feb 10, 2026	Alan Todd RothE. Regional Pres. & COO	Sold	8,000	$77.05	$616,400	Form 4
Nov 10, 2025	Martin E Stein JrExecutive Chairman, Director	Sold	15,000	$70.02	$1.1 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	—	—	—
Share count didn't rise	—	—	—
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Fail	Pass
F-score	—	—	—
Accruals ratio	−3.0%	−3.1%	−2.4%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Regency Centers side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Regency Centers	FY25	6.8%	72.3%	25.3%	7.7%	3.0x	—
Brixmor Property Group	FY25	6.7%	—	—	—	—	—	Compare
Federal Realty Investment Trust	FY25	6.4%	47.1%	—	6.0%	5.0x	—	Compare
Kimco Realty	FY25	5.1%	36.0%	—	4.3%	5.4x	—	Compare
NNN Reit	FY25	6.5%	63.6%	—	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	—	984	1,121	1,133	1,016	1,166	1,224	1,322	1,454	1,554
Revenue growth	—	—	13.9%	1.1%	−10.3%	14.8%	5.0%	8.0%	9.9%	6.8%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	897	951	1,047	1,123
Net income	167	176	249	239	45	361	483	365	400	528
Diluted EPS (US$)	—	1.00	1.46	1.43	0.26	2.12	2.81	2.04	2.11	2.82
Diluted shares (millions)	—	160	170	168	170	—	—	—	—	—
Cash flow
Cash from operations	—	470	610	621	499	659	656	720	790	828
Capital expenditure	—	347	226	200	181	178	195	233	343	435
Free cash flow	—	123	384	421	318	482	460	487	447	393
Dividends paid	0	323	376	391	300	403	428	453	490	512
Share buybacks	0	0	214	33	0	0	75	20	200	0
Acquisitions	388	647	0	0	0	533	241	82	71	699
Stock-based compensation	—	20	14	14	14	12	16	20	24	20
Balance sheet at fiscal year end
Cash and short-term investments	18	49	45	116	378	95	69	91	62	121
Debt incl. finance leases	1,642	3,595	3,715	3,920	3,923	3,719	3,727	4,154	4,409	4,739
Total assets	—	—	10,945	11,132	10,937	10,793	10,860	12,427	12,392	13,001
Total liabilities	—	—	4,494	4,842	4,879	4,683	4,682	5,235	5,492	5,820
Shareholders' equity	2,624	6,733	6,398	6,213	5,985	6,037	6,097	7,033	6,724	6,907
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	73.3%	71.9%	72.0%	72.3%
Net margin	—	17.9%	22.2%	21.1%	4.4%	31.0%	39.5%	27.6%	27.5%	34.0%
Free cash flow margin	—	12.5%	34.3%	37.2%	31.3%	41.3%	37.6%	36.8%	30.7%	25.3%
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%	5.5%	5.8%	7.7%
Return on assets	—	—	—	2.2%	0.4%	3.3%	4.5%	3.1%	3.2%	4.2%
Net debt to EBITDA	—	6.0x	5.1x	5.4x	6.9x	4.7x	3.0x	3.1x	3.0x	3.0x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Regency Centers' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Regency Centers.