# Regency Centers Corporation (REG) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/REG/thesis · /stocks/REG/memo

## Financial Snapshot

---
ticker: REG
step: 04
generated: 2026-05-13
source: quick-research
---

### Regency Centers Corporation (REG) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$1.21B | $1.32B | $1.45B | +9.8% |
| NOI Margin | ~65% | ~65% | ~65% | |
| Nareit FFO (total) | $707.8M | $736.1M | $790.9M | +7.4% |
| FFO/Share | $4.10 | $4.15 | $4.30 | +3.6% |
| Core Operating Earnings/Share | $3.83 | $3.95 | ~$4.17 | +5.6% |

*FY2024 revenue growth of +9.8% includes the first full year of Urstadt Biddle contribution (acquired Aug 2023). Organic same-store NOI growth was approximately 3–4%.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Nareit FFO | $790.9M |
| Annual Dividend | ~$2.68/share annualized (~3.5% yield) |
| Total Debt | ~$5.2B |
| Net Debt / EBITDA | ~6.2x |
| SNO Pipeline (signed-not-occupied) | Substantial — represents forward-committed NOI |

*Regency's balance sheet is investment-grade with moderate leverage at ~6.2x Net Debt/EBITDA — lower than Kimco. The SNO pipeline converts to actual rent revenue as leases commence over the next 12–18 months.*

#### Key Ratios (approximate)
- P/FFO: ~18x | P/E: ~27.7x (premium to peer 23.8x) | Dividend Yield: ~3.5%
- Same-Property NOI Growth (FY2024): ~3–4%
- Q4 2025 Blended Cash Rent Spreads: +12% (renewal spreads record +13%)
- Development Unlevered Yields: 7%+ (vs. ~5–5.5% implied cap rate on portfolio)

#### Growth Profile
Regency delivered consistent 3–4% organic SSNOI growth through FY2022–FY2024, supplemented by the Urstadt Biddle acquisition. FY2025 continued strong performance — heading into Q1 2026 with $856M in cumulative FFO — supported by robust leasing activity: 10% cash rent spreads in the first half of 2025 expanding to 12% in Q4 2025. Development/redevelopment at 7–9% returns adds above-market yield creation. The SNO pipeline provides a forward-committed NOI stream that typically converts to recognized revenue in 2–4 quarters.

#### Forward Estimates
- FY2026 Same-Property NOI Growth Guidance: 3.25%–3.75%
- FY2026 drivers: rent spreads and contractual steps, redevelopment deliveries, SNO pipeline conversion
- Analyst consensus FFO target: ~$4.50–$4.60/share for FY2026 (~5% growth)
- Analyst price targets: $77.85 average (vs. current ~$72–78 range); DCF fair value ~$101

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/REG/fundamental

## Navigation

- Overview: /stocks/REG
- Financials (this page): /stocks/REG/financials
- Thesis: /stocks/REG/thesis
- Investment Memo: /stocks/REG/memo
- Coverage universe: /stocks