Regency Centers
REG on Nasdaq. Regency Centers rents space to tenants in its properties. Market value $13.1bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.17 of spare cash in the past 12 months. A savings account pays about $4.
You pay 15.3 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 7 cents a year. Above 10 is good.
Quality score: 89 of 100. Price score: 68 of 100. Our list needs 70 on quality and 60 on price.
$71.42 a share, 7% above its 1-year low
Over the past year the price has ranged from $66.86 to $83.66.
Dividend: 3.9% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.2bn | $1.2bn | $1.3bn | $1.5bn | $1.6bn |
| Operating margin | |||||
| Operating margin | 39.8% | 73.3% | 71.9% | 72.0% | 72.3% |
| Debt to equity | |||||
| Debt to equity | 0.62 | 0.61 | 0.59 | 0.66 | 0.69 |
| Shares outstanding | |||||
| Shares outstanding | 0.17bn | 0.18bn | 0.18bn | 0.18bn | 0.18bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.69× equity
- Revenue growth, five yearsSlow, 8.9% a year
- Buying back its own sharesNo, 7% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $414 million last quarter, up 9% on a year ago.
- Profit: $116 million, up 9% on a year ago.
- It keeps 72 cents of each $1 of sales as operating profit, about the same as a year earlier.
- Spare cash over the past 12 months: $414 million, down from $418 million.
- Debt is $4.7 billion more than cash, up from $4.6 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $360m |
| December 2024 | $373m |
| March 2025 | $381m |
| June 2025 | $381m |
| September 2025 | $388m |
| December 2025 | $404m |
| March 2026 | $412m |
| June 2026 | $414m |
| Quarter to | Amount |
|---|---|
| September 2024 | $101m |
| December 2024 | $86m |
| March 2025 | $110m |
| June 2025 | $106m |
| September 2025 | $109m |
| December 2025 | $202m |
| March 2026 | $129m |
| June 2026 | $116m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 28 October 2026
- Last annual report (10-K)
- 13 February 2026
- Next quarterly (estimated, 10-Q)
- 2 November 2026
Who owns it
5 long-term investors we follow own it, unchanged from 5 last quarter. 611 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Boston PartnersBoston Partners team | $309m | 0.3% | Added |
| Gotham Asset ManagementJoel Greenblatt | $23m | <0.1% | Added |
| Davis Selected AdvisersChris Davis | $9m | <0.1% | Cut |
| First Manhattan Co.First Manhattan partners | $4m | <0.1% | Cut |
| GAMCO InvestorsMario Gabelli | $3m | <0.1% | Cut |
Largest holders overall
- BlackRock$1.6bnCut
- Norges Bank$1.4bnNew
- Vanguard Portfolio Management$1.2bn
- State Street$979m
- Vanguard Capital Management$905m
- Price T Rowe Associates$663mCut
- Principal Financial Group$634mCut
- JPMorgan Chase$501mCut
- Geode Capital Management$407m
- Invesco$336mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BlackRock, Inc.Passive investor10.1%Since 31 March 2025
- Vanguard Portfolio ManagementPassive investor8.2%Since 31 March 2026
- Vanguard Capital ManagementPassive investor7.0%Since 31 March 2026
- T. Rowe Price Associates, Inc.Passive investorSold down below 5%Since 31 December 2025
- JPMORGAN CHASE & COPassive investorSold down below 5%Since 30 April 2026
- PRINCIPAL REAL ESTATE INVESTORS LLCPassive investorSold down below 5%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 10.1% | 31 March 2025 | |
Vanguard Portfolio Management Passive investor | 8.2% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 7.0% | 31 March 2026 | |
T. Rowe Price Associates, Inc. Passive investor | Sold down below 5% | 31 December 2025 | |
JPMORGAN CHASE & CO Passive investor | Sold down below 5% | 30 April 2026 | |
PRINCIPAL REAL ESTATE INVESTORS LLC Passive investor | Sold down below 5% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 6 sold $41m.
- Devereaux Terah LPrincipal Accounting OfficerSold
- Date
- 12 June 2026
- Shares
- 1,240
- Price
- $80.14
- Value
- $99,374
- WIBBENMEYER NICHOLAS ANDREWW. Regional Pres. & CIOSold
- Date
- 5 May 2026
- Shares
- 7,927
- Price
- $79.06
- Value
- $626,709
- STEIN MARTIN E JRExecutive Chairman, DirectorSold
- Date
- 4 May 2026
- Shares
- 274,615
- Price
- $78.40
- Value
- $22m
- STEIN MARTIN E JRExecutive Chairman, DirectorSold
- Date
- 11 March 2026
- Shares
- 38,000
- Price
- $77.21
- Value
- $3m
- STEIN MARTIN E JRExecutive Chairman, DirectorSold
- Date
- 10 March 2026
- Shares
- 129,490
- Price
- $78.33
- Value
- $10m
- STEIN MARTIN E JRExecutive Chairman, DirectorSold
- Date
- 20 February 2026
- Shares
- 10,000
- Price
- $76.30
- Value
- $763,000
- ROTH ALAN TODDE. Regional Pres. & COOSold
- Date
- 10 February 2026
- Shares
- 8,000
- Price
- $77.05
- Value
- $616,400
- MAS MICHAEL JEVP and CFOSold
- Date
- 10 February 2026
- Shares
- 15,000
- Price
- $76.85
- Value
- $1m
- PALMER LISAPresident and CEO, DirectorSold
- Date
- 10 February 2026
- Shares
- 26,000
- Price
- $76.75
- Value
- $2m
- STEIN MARTIN E JRExecutive Chairman, DirectorSold
- Date
- 10 November 2025
- Shares
- 15,000
- Price
- $70.02
- Value
- $1m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 12 June 2026 | Devereaux Terah L Principal Accounting Officer | Sold | 1,240 | $80.14 | $99,374 |
| 5 May 2026 | WIBBENMEYER NICHOLAS ANDREW W. Regional Pres. & CIO | Sold | 7,927 | $79.06 | $626,709 |
| 4 May 2026 | STEIN MARTIN E JR Executive Chairman, Director | Sold | 274,615 | $78.40 | $22m |
| 11 March 2026 | STEIN MARTIN E JR Executive Chairman, Director | Sold | 38,000 | $77.21 | $3m |
| 10 March 2026 | STEIN MARTIN E JR Executive Chairman, Director | Sold | 129,490 | $78.33 | $10m |
| 20 February 2026 | STEIN MARTIN E JR Executive Chairman, Director | Sold | 10,000 | $76.30 | $763,000 |
| 10 February 2026 | ROTH ALAN TODD E. Regional Pres. & COO | Sold | 8,000 | $77.05 | $616,400 |
| 10 February 2026 | MAS MICHAEL J EVP and CFO | Sold | 15,000 | $76.85 | $1m |
| 10 February 2026 | PALMER LISA President and CEO, Director | Sold | 26,000 | $76.75 | $2m |
| 10 November 2025 | STEIN MARTIN E JR Executive Chairman, Director | Sold | 15,000 | $70.02 | $1m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 13 Feb 2026, plus the 10-Q filed 3 Aug 2026 and 15 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.