# Regency Centers (REG.US)

Canonical: https://gigainvestors.com/s/REG

Analysis as of: 2026-10-16T07:31:30.215Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $73.04 per share; close as of 2026-10-15.

Estimated value: low $34.51 per share, central $39.15 per share, high $45.33 per share. Buy at or below the central value $39.15 per share. Valuation as of 2026-10-16T07:31:30.215Z; scenarios are not confidence intervals.

Expected annual return: 6.7% at the stated quote. About 6.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.38×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.31×

- FY2017: 0.23×

- FY2018: 0.29×

- FY2019: 0.27×

- FY2020: 0.63×

- FY2021: 0.66×

- FY2022: 0.66×

- FY2023: 0.64×

- FY2024: 0.64×

- FY2025: 0.37×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 28.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: 4.8%

- ROIC, second-lowest year: 2.8%

- Typical minus recent gross margin: 28.1 pp

- Typical gross margin (annual median): 72.7%

- Recent gross margin (lower of latest and 3-year median): 44.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 20.6%

- ROIC including acquisitions, ten-year median: 3.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 2.8%

- FY2017: 2.1%

- FY2018: 3.3%

- FY2019: 2.9%

- FY2020: 6.8%

- FY2021: 7.9%

- FY2022: 6.1%

- FY2023: 7.6%

- FY2024: 8.3%

- FY2025: 3.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.21×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.6B

- Net income, five-year total: $2.1B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: 2.6 pp

- Working capital / revenue, final three-year average: -0.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.05×

- FY2022: 1.61×

- FY2023: 1.35×

- FY2024: 1.07×

- FY2025: 0.96×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 2.8% vs 7.6%

- Per-share earnings: 1.53 to 2.19 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 6.5%

- Ordinary dilution, 5-year annual growth: 1.5%

- Market cap gain: $5.4B

- Cumulative retained earnings: -$995M

- Diluted shares, 10-year annual growth: 6.5%

- Diluted shares, 5-year annual growth: 1.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.5%

- Per-share value change: $0.65

- Per-share value, starting three-year median: $1.53

- Per-share value, ending three-year median: $2.19

- Buybacks concentrated in cheaper years (correlation): 0.19

- Average buyback yield: 0.6%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $895M

- Cumulative net income, 10 years: $3.0B

- ROIC, first three-year median: 2.8%

- ROIC, last three-year median: 7.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.57

- FY2017: $1.10

- FY2018: $1.46

- FY2019: $1.43

- FY2020: $0.26

- FY2021: $2.10

- FY2022: $2.81

- FY2023: $2.07

- FY2024: $2.19

- FY2025: $2.88

### accounting: pass

- Sloan accruals: -2.3%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.57×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.09×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.8%

- FY2017: -2.6%

- FY2018: -3.3%

- FY2019: -3.4%

- FY2020: -4.2%

- FY2021: -2.8%

- FY2022: -1.6%

- FY2023: -2.9%

- FY2024: -3.1%

- FY2025: -2.3%

## Holders

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 8.9% a year for ten years · sales +3.4%

Story as of 2026-10-16T09:59:29.095Z; price observation 2026-10-15.

Price needs cash profits to grow 8.9% a year for ten years

- 2026-04-30: REG's Q1 FFO Misses Estimates, Revenues Top on Leasing Momentum ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/regs-q1-ffo-misses-estimates-153000294.html))

- 2026-07-30: REG's Q2 FFO Beat Estimates on Leasing Momentum, '26 View Raised ([finance.yahoo.com](https://finance.yahoo.com/real-estate/articles/regs-q2-ffo-beat-estimates-183600661.html))

### Sales · FY2024–2025

sales +3.4%; source https://www.sec.gov/Archives/edgar/data/910606/000119312526051668/reg-20251231.htm; observed 2026-02-13.

- FY2016: $614M 

- FY2017: $984M 

- FY2018: $1.1B 

- FY2019: $1.1B 

- FY2020: $1.0B 

- FY2021: $1.2B 

- FY2022: $1.3B 

- FY2023: $1.4B 

- FY2024: $1.5B 

- FY2025: $1.6B 

### Gross margin · FY2025

gross margin 44.7%; source https://www.sec.gov/Archives/edgar/data/910606/000119312526051668/reg-20251231.htm; observed 2026-02-13.

- FY2016: 73.7% 

- FY2017: 74.2% 

- FY2018: 72.7% 

- FY2019: 73.0% 

- FY2020: 70.1% 

- FY2021: 72.9% 

- FY2022: 72.8% 

- FY2023: 71.2% 

- FY2024: 71.2% 

- FY2025: 44.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are USD 1.6 billion.

- Source: https://eodhd.com/api/fundamentals/REG.US.json#2025-12-31 (filed 2026-02-13); FY2025: revenue 1554179000; grossProfit 694114000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 44.7% to 71.2% during 2023–25; it earns 4.8% on its capital.

- Source: https://eodhd.com/api/fundamentals/REG.US.json#2023-12-31 (filed 2026-02-13); FY2023: grossProfit / revenue = 71.2%.

- Source: https://eodhd.com/api/fundamentals/REG.US.json#2024-12-31 (filed 2026-02-13); FY2024: grossProfit / revenue = 71.2%.

- Source: https://eodhd.com/api/fundamentals/REG.US.json#2025-12-31 (filed 2026-02-13); FY2025: grossProfit / revenue = 44.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); 10-year return on capital observations [[2016,0.028422471713361763],[2017,0.02144344279452679],[2018,0.033141304733575294],[2019,0.02948241836477442],[2020,0.06807105147400468],[2021,0.0790757285484993],[2022,0.06053237570303148],[2023,0.07558177984591576],[2024,0.08317771130341002],[2025,0.03621253166205217]]; median 0.048372453682541824. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 73% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/910606/000119312526051668/reg-20251231.htm (filed 2026-02-13); Gross margin observations: [[2021,0.7286394593422696],[2022,0.7278392382019325],[2023,0.7118150507429303]]; range within 2 percentage points.

### Where the cash goes

Reinvests 11% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/REG.US.json#2016-12-31 (filed 2026-02-13); FY2016: growth capex 72271000; upkeep 162327000; owner earnings 164922000. Growth capex / owner earnings = 0.4382132159445071.

- Source: https://eodhd.com/api/fundamentals/REG.US.json#2017-12-31 (filed 2026-02-13); FY2017: growth capex 0; upkeep 328295000; cash acquisitions 646790000; owner earnings 181983000. Growth capex plus acquisitions / owner earnings = 3.554123187330685.

- Source: https://eodhd.com/api/fundamentals/REG.US.json#2018-12-31 (filed 2026-02-13); FY2018: growth capex 0; upkeep 45857000; cash acquisitions 0; owner earnings 562958000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/REG.US.json#2019-12-31 (filed 2026-02-13); FY2019: growth capex 0; upkeep 220656000; cash acquisitions 0; owner earnings 393057000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/REG.US.json#2020-12-31 (filed 2026-02-13); FY2020: growth capex 0; upkeep 24351000; owner earnings 325898000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/REG.US.json#2021-12-31 (filed 2026-02-13); FY2021: growth capex 0; upkeep 262731000; owner earnings 379075000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/REG.US.json#2022-12-31 (filed 2026-02-13); FY2022: growth capex 0; upkeep 4888000; cash acquisitions 36266000; owner earnings 776679000. Growth capex plus acquisitions / owner earnings = 0.04669367911325013.

- Source: https://eodhd.com/api/fundamentals/REG.US.json#2023-12-31 (filed 2026-02-13); FY2023: growth capex 0; upkeep 195293999; cash acquisitions 82389000; owner earnings 492415001. Growth capex plus acquisitions / owner earnings = 0.167316186210176.

- Source: https://eodhd.com/api/fundamentals/REG.US.json#2024-12-31 (filed 2026-02-13); FY2024: growth capex 0; upkeep 343368000; cash acquisitions 41345000; owner earnings 429033000. Growth capex plus acquisitions / owner earnings = 0.09636787846156357.

- Source: https://eodhd.com/api/fundamentals/REG.US.json#2025-12-31 (filed 2026-02-13); FY2025: growth capex 11499476.399315357; upkeep 423612523.60068464; cash acquisitions 44323000; owner earnings 508891476.39931536. Growth capex plus acquisitions / owner earnings = 0.10969426486426892.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Dividend observations: [[2016,222091000],[2017,327679000],[2018,375978000],[2019,390598000],[2020,300537000],[2021,403085000],[2022,428276000],[2023,456478000],[2024,504015000],[2025,525214000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/REG.US.json#2025-12-31 (filed 2026-02-13); FY2025: cash repurchases 8840000 USD.

### Are managers owners

Insiders own 0.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); REG.US SharesStats.PercentInsiders = 0.6459999999999999 percentage points; cache date 2026-10-16.

### What could break it

"Our success depends on the continued presence and success of our "anchor" tenants." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/910606/000119312526051668/reg-20251231.htm (filed 2026-02-13); Our success depends on the continued presence and success of our "anchor" tenants.

### What the price says

The price assumes cash profits grow 8.9% yearly over ten years; actual growth was 4.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Ten-year compound average after fade. Initial solved rate 0.1143428699548118. Price 73.04; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.8340928746235516 → FY2025 2.7823141646225893. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $72.07 per share

- 2016-11: $66.84 per share

- 2016-12: $68.95 per share

- 2017-01: $69.73 per share

- 2017-02: $70.35 per share

- 2017-03: $66.39 per share

- 2017-04: $63.18 per share

- 2017-05: $60.86 per share

- 2017-06: $62.64 per share

- 2017-07: $66.22 per share

- 2017-08: $64.32 per share

- 2017-09: $62.04 per share

- 2017-10: $61.55 per share

- 2017-11: $67.81 per share

- 2017-12: $69.18 per share

- 2018-01: $62.91 per share

- 2018-02: $58.11 per share

- 2018-03: $58.98 per share

- 2018-04: $58.85 per share

- 2018-05: $58.08 per share

- 2018-06: $62.08 per share

- 2018-07: $63.63 per share

- 2018-08: $66.03 per share

- 2018-09: $64.67 per share

- 2018-10: $63.36 per share

- 2018-11: $63.66 per share

- 2018-12: $58.68 per share

- 2019-01: $65.00 per share

- 2019-02: $65.25 per share

- 2019-03: $67.49 per share

- 2019-04: $67.17 per share

- 2019-05: $65.96 per share

- 2019-06: $66.74 per share

- 2019-07: $66.70 per share

- 2019-08: $64.51 per share

- 2019-09: $69.49 per share

- 2019-10: $67.24 per share

- 2019-11: $65.04 per share

- 2019-12: $63.09 per share

- 2020-01: $62.04 per share

- 2020-02: $57.44 per share

- 2020-03: $38.43 per share

- 2020-04: $43.91 per share

- 2020-05: $42.79 per share

- 2020-06: $45.89 per share

- 2020-07: $41.03 per share

- 2020-08: $39.71 per share

- 2020-09: $38.02 per share

- 2020-10: $35.59 per share

- 2020-11: $45.58 per share

- 2020-12: $45.59 per share

- 2021-01: $47.18 per share

- 2021-02: $54.78 per share

- 2021-03: $56.71 per share

- 2021-04: $63.66 per share

- 2021-05: $64.60 per share

- 2021-06: $64.07 per share

- 2021-07: $65.41 per share

- 2021-08: $68.62 per share

- 2021-09: $67.33 per share

- 2021-10: $70.41 per share

- 2021-11: $69.34 per share

- 2021-12: $75.35 per share

- 2022-01: $71.75 per share

- 2022-02: $65.89 per share

- 2022-03: $71.34 per share

- 2022-04: $68.83 per share

- 2022-05: $68.21 per share

- 2022-06: $59.31 per share

- 2022-07: $64.43 per share

- 2022-08: $60.84 per share

- 2022-09: $53.85 per share

- 2022-10: $60.51 per share

- 2022-11: $66.43 per share

- 2022-12: $62.50 per share

- 2023-01: $66.63 per share

- 2023-02: $62.90 per share

- 2023-03: $61.18 per share

- 2023-04: $61.43 per share

- 2023-05: $56.27 per share

- 2023-06: $61.77 per share

- 2023-07: $65.53 per share

- 2023-08: $62.20 per share

- 2023-09: $59.44 per share

- 2023-10: $60.26 per share

- 2023-11: $62.78 per share

- 2023-12: $67.00 per share

- 2024-01: $62.67 per share

- 2024-02: $61.95 per share

- 2024-03: $60.56 per share

- 2024-04: $59.22 per share

- 2024-05: $61.40 per share

- 2024-06: $62.20 per share

- 2024-07: $67.34 per share

- 2024-08: $72.69 per share

- 2024-09: $72.23 per share

- 2024-10: $71.44 per share

- 2024-11: $75.59 per share

- 2024-12: $73.93 per share

- 2025-01: $71.84 per share

- 2025-02: $76.70 per share

- 2025-03: $73.76 per share

- 2025-04: $72.18 per share

- 2025-05: $72.15 per share

- 2025-06: $71.23 per share

- 2025-07: $71.40 per share

- 2025-08: $72.50 per share

- 2025-09: $72.90 per share

- 2025-10: $68.95 per share

- 2025-11: $71.16 per share

- 2025-12: $69.03 per share

- 2026-01: $72.87 per share

- 2026-02: $79.00 per share

- 2026-03: $75.66 per share

- 2026-04: $77.85 per share

- 2026-05: $77.35 per share

- 2026-06: $79.74 per share

- 2026-07: $80.29 per share

- 2026-08: $74.77 per share

- 2026-09: $71.88 per share

- 2026-10: $73.04 per share

## Annual estimated value (USD per share)

- FY2016: low $20.20 per share, central $22.98 per share, high $26.67 per share

- FY2017: low $21.37 per share, central $24.29 per share, high $28.17 per share

- FY2018: low $22.80 per share, central $25.93 per share, high $30.09 per share

- FY2019: low $23.80 per share, central $27.01 per share, high $31.27 per share

- FY2020: low $23.13 per share, central $26.03 per share, high $29.89 per share

- FY2021: low $24.51 per share, central $27.83 per share, high $32.26 per share

- FY2022: low $28.31 per share, central $32.17 per share, high $37.32 per share

- FY2023: low $29.77 per share, central $33.83 per share, high $39.24 per share

- FY2024: low $28.41 per share, central $32.31 per share, high $37.50 per share

- FY2025: low $30.90 per share, central $35.09 per share, high $40.68 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/910606/000119312526051668/reg-20251231.htm); period 2025-12-31, filed 2026-02-13.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Christopher Davis](https://gigainvestors.com/DAV): 116,340 REG shares; USD 9,277,000 reported position value; 0.04% of portfolio; reduce; quarter 2026 Q2.

# REG — Regency Centers Corp.

Held by 1 investor · USD 9,277,000 total · 2026 Q2 · reported price USD 79.74 (split-adjusted).
Page: https://gigainvestors.com/s/REG

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Christopher Davis (https://gigainvestors.com/DAV) | USD 9,277,000 | <0.1% | reduce -16.08% |

## Total held by quarter

- 2019 Q4: USD 8,374,567 · 1 holder · USD 63.09
- 2020 Q1: USD 0 · 0 holders
- 2020 Q2: USD 0 · 0 holders
- 2020 Q3: USD 0 · 0 holders
- 2020 Q4: USD 0 · 0 holders
- 2021 Q1: USD 0 · 0 holders
- 2021 Q2: USD 0 · 0 holders
- 2021 Q3: USD 0 · 0 holders
- 2021 Q4: USD 0 · 0 holders
- 2022 Q1: USD 0 · 0 holders
- 2022 Q2: USD 0 · 0 holders
- 2022 Q3: USD 0 · 0 holders
- 2022 Q4: USD 0 · 0 holders
- 2023 Q1: USD 0 · 0 holders
- 2023 Q2: USD 5,608,716 · 1 holder · USD 61.77
- 2023 Q3: USD 7,304,582 · 1 holder · USD 59.44
- 2023 Q4: USD 8,233,630 · 1 holder · USD 67.00
- 2024 Q1: USD 7,348,350 · 1 holder · USD 60.56
- 2024 Q2: USD 7,538,640 · 1 holder · USD 62.20
- 2024 Q3: USD 8,643,042 · 1 holder · USD 72.23
- 2024 Q4: USD 8,785,102 · 1 holder · USD 73.93
- 2025 Q1: USD 8,714,006 · 1 holder · USD 73.76
- 2025 Q2: USD 8,677,951 · 1 holder · USD 71.23
- 2025 Q3: USD 10,214,019 · 1 holder · USD 72.90
- 2025 Q4: USD 9,432,950 · 1 holder · USD 69.03
- 2026 Q1: USD 10,488,746 · 1 holder · USD 75.66
- 2026 Q2: USD 9,277,000 · 1 holder · USD 79.74