Regency Centers Corporation REG
Regency Centers' Q2 2026 FFO beat and raised 2026 outlook confirm leasing momentum in its grocery-anchored portfolio, with FY2025 revenue of $1.55B and net income up 31.7% YoY to $527M. However, FY2025 gross margin compressed sharply to 44.7% from 71.2% in FY2024, free cash flow declined for a second consecutive year to $394M as capex climbed to $435M, and total debt rose to $5.94B.
Net insider selling of ~$24.8M over 24 months and a stock price at $76.19 below its 50-day moving average of $79.52 temper enthusiasm despite a 19.5% P/E discount to peer KIM.
What could go wrong
- Margin compression. FY2025 gross margin collapsed to 44.7% from 71.2% in FY2024 and operating margin fell to 37.0% from 64.4%, signaling either a structural cost shift or large non-cash charges that erode earnings quality.
- Rising leverage amid declining FCF. Total debt increased to $5.94B in FY2025 from $5.02B in FY2024 while free cash flow fell to $394M from $447M, tightening coverage as capex reached $435M.
- Persistent insider selling. Over 24 months insiders net sold ~198,585 shares worth ~$24.8M with no cluster buys; recent August 2026 acquisitions were small grant-based transactions, not open-market purchases.
- Technical weakness. RSI at 34.6 and MACD histogram negative at -0.32 indicate near-term downward momentum, with the stock trading below its 50-day MA of $79.52.
What would change my mind
Where this comes from: FMP FY2025 annual · derived_metrics FY2025 vs FY2024 · FMP FY2023–FY2025 annual · FMP FY2024–FY2025 annual. Orin's read on REG; not advice.
Twelve months actual closes to 2026-09-24 · actual filings
50-day average 200-day average · volume below
On file
All REG filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Norges Bank | $1.4B | 0.1% of fund |
| Vanguard Portfolio Management | $1.2B | 0.1% of fund |
| State Street | $979.3M | 0.0% of fund |
| Vanguard Capital Management | $904.8M | 0.0% of fund |
| Price T Rowe Associates /Md/ | $663.4M | 0.1% of fund |
| Jpmorgan Chase & | $501.3M | 0.0% of fund |
75 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 163 Form 4 filings, net −$24.8M. Of the 50 on hand, 0 were open-market purchases and 1 a sale— the rest are grants, option exercises and tax withholding.
Ask Orin about REG
Orin answers questions about REG from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 20.7× | 32.8× | 56.8× |
| EV/EBITDA | 15.6× | 19.9× | — |
| P/S | 7.73× | 8.74× | — |
| P/B | 1.9× | 1.9× | — |
Its P/E sits below all 5 of the last 5 years (−1.71σ from its own mean).
14.8%
free-cash-flow growth every year for 10 years, discounted at 10%, is what today’s price implies — starting from $0.4B of trailing free cash flow. It is an assumption the market is making, not a forecast Orin is making.
What Wall Street published
$85
$81 – $92 · +18% against today's price
- 19 buy or overweight
- 13 hold
- 1 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| REGRegency Centers Corporation | $13B | 20.7× | 15.6× | 35.1% | 38.2% | 10% |
| KIMKimco Realty Corporation | $15B | 25.0× | 14.7× | 54.8% | 27.7% | 6% |
The median is of the 1 peers listed above and nothing else — check it against the column. This company trades 17.4% below it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Discounted cash flow
| Model | Fair value | Against | Computed |
|---|---|---|---|
| Standard DCF | $95 | $80.25 · +19% | 2026-06-10 |
| Levered DCF | $58 | $80.25 · −28% | 2026-06-10 |
The vendor’s intrinsic-value models. Treat them as a low-growth anchor — for a fast grower the market routinely pays well above a DCF. These were computed against the price in the “against” column, not today’s.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.