# Regency Centers Corporation (REG) — Stock CV

Regency Centers Corporation is a $13.2B real estate company. Revenue grew 42.6% over the last year, it keeps 34¢ of every dollar of sales as profit, and its net debt equals ~5.7 years of free cash flow. It trades at 23.7× earnings — near the lowest of its own history.

> Regency Centers is one of the largest shopping center-focused retail REITs. The company's portfolio includes an interest in 482 properties, which includes over 58 million square feet of retail space following the completion of the Urstadt Biddle acquisition in August 2023.

## Identity

- **Ticker**: REG
- **Sector**: Real Estate
- **Industry**: Real Estate Investment Trusts
- **Headquarters**: JACKSONVILLE, FL
- **Employees**: 507
- **Website**: https://www.regencycenters.com
- **Market cap**: $13.2B
- **Last price**: $72.05
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $1.62B
- **Net income**: $556M
- **Free cash flow**: $857M
- **Net debt**: $4.86B
- **P/E**: 23.7
- **Revenue growth (YoY)**: 42.6%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 69 |
| Growth | 36 |
| Profitability | 67 |
| Health | 29 |
| Quality | 40 |
| Moat | 25 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +42.6% YoY
- [x] Profitable — $556M TTM
- [x] Profit growing — +1.0% YoY
- [x] Generates cash — $857M TTM
- [ ] Debt under control — ~5.7y of cash flow to repay
- [x] Established company — $13.2B market cap
- [x] Not printing shares — +6.9% shares over ~5y
- [x] Proven track record — 7/9 profitable years
- [ ] Financially stable — health score 24/100
- [x] Pays a dividend — yield 4.14%
- [x] Valuation not extreme — P/E 23.7

## Experience (career milestones)

- **FY2025** — Best year on record: $527M net income
- **FY2019** — Revenue crossed $1B: $1.13B for the year
- **FY2019** — Positive free cash flow every year since: 6-year streak
- **FY2016** — Profitable every year on record: 7 consecutive profitable years in our data

## Strengths

- High gross margin (70.3%)
- Strongly profitable — 34.4% net margin
- Revenue growing 42.6% year over year
- Strong cash conversion — FCF is 53.0% of revenue
- Interest covered 9.7× by operating earnings

## Watch-outs

- Net debt equals ~5.7 years of free cash flow

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.17B | $361M | $659M |
| FY2022 | $1.22B | $483M | $656M |
| FY2023 | $1.37B | $360M | $720M |
| FY2024 | $1.45B | $400M | $790M |
| FY2025 | $1.55B | $527M | $828M |

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Source: https://stockcv.com/REG — derived from company filings; may be delayed or incomplete. Information, not investment advice.