| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 31 | 25.1x | 17.8x | Bottom tier | |
Growth | 68 | 8.3% | 7.1% | Top tier | |
Quality | 43 | 8.5% | 4.5% | Around median | |
Safety | 51 | 3.6x | 2.6x | Around median | |
Capital Return | 49 | 3.85% | 2.12% | Around median | |
Momentum | 56 | 6.8% | 2.9% | Around median | |
Sentiment | 47 | 7 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Regency Centers Corporation owns, develops, and redevelops open-air shopping centers in strong neighborhoods and suburbs, with a primary focus on grocery-anchored centers. Its revenue comes from rent, tenant reimbursements of property expenses, lease termination fees, and additional income sources such as solar energy, electric vehicle charging, and marketing events; additional income reached an annualized rate of approximately $35 million in Q2 FY 2026. Its tenant mix includes grocery, health and wellness, restaurants, personal services, and value retailers, while medical and fitness businesses represented approximately 12% of annual base rent, an increase of 200 basis points over approximately five years.
In Q1 FY 2026, Regency Centers reported revenue of $412.5 million and net income of $128.5 million, representing a calculated net income margin of approximately 31.2%. For comparison across the disclosed periods, FY 2025 revenue was approximately $1.6 billion and net income was $527.5 million, while the figures for the trailing twelve months ending in FY 2026 were approximately $1.6 billion and $546.4 million, respectively. The provided data did not include gross profit or earnings per share, so the profitability assessment here focuses on net income and the operating metrics presented in the earnings call.
The Q2 FY 2026 call showed 3.8% growth in same-property net operating income, with a leased rate of approximately 97% and rent-paying occupancy of 94.5%. Cash rent spreads exceeded 10%, accounting rent spreads approached 20%, and the tenant retention rate was 84%. Leased space for which rent collection had not yet begun also exceeded current occupancy by approximately 240 basis points, giving the company a path to convert signed leases into actual revenue.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is “Buy,” with an average price target of $86.63 and a target range of $83 to $92. The average target is above the 52-week high of $83.66, and even the lowest target exceeds that high by a limited margin, reflecting expectations for continued occupancy and development growth, but leaving clear sensitivity to any execution or margin setbacks. A price-to-earnings ratio is not available in the provided data, so the attractiveness of the valuation cannot be confirmed using the traditional earnings metric.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
Growth depends on higher occupancy, rent spreads, and the development portfolio. In Q2 FY 2026, same-property net operating income grew 3.8%, the leased rate reached approximately 97%, and cash rent spreads exceeded 10%. The company also raised its outlook to total net operating income growth in the mid-6% range and core operating earnings per share growth above 5%.
Projects under construction totaled $680 million on July 30, 2026, with an expected blended yield of 9% and a leased rate of 80%. Regency Centers expects development and redevelopment starts to approach $400 million during FY 2026, after starting more than $140 million since the beginning of the year. Specific projects include the $55 million Berkman at Durbin Park, which is associated with Whole Foods and TJ Maxx stores.
Rent-paying occupancy was 94.5% in Q2 FY 2026, while the leased rate approached 97%. The gap associated with signed leases for which rent had not yet commenced was approximately 240 basis points, compared with a historically stable level of approximately 180 basis points. Management believes that converting these leases into rent-paying tenants will support net operating income and expense reimbursements.
The funding plan begins with expected free cash flow of approximately $180 million in FY 2026. Leverage was at the low end of the targeted range of 5 to 5.5 times, with nearly full availability under the $1.5 billion revolving credit facility. The company can also use debt, equity, or partnerships, including its partnership of more than 20 years with the state of Oregon.
Risks include pullbacks in some tenants' plans, construction cost volatility, and intensifying acquisition competition. In Q2 FY 2026, an electric vehicle charging station operator canceled the opening of 11 locations, although the company received a termination fee equivalent to four years of rent and began working to re-lease 8 locations. Capitalization rates on some grocery-center transactions also fell to levels beginning below 5%, alongside volatility in fuel, supply chains, and tariffs.
Management described the balance sheet as A-rated during the July 30, 2026 call. Leverage was at the low end of the targeted range of 5 to 5.5 times, with expected free cash flow of approximately $180 million in FY 2026. The $1.5 billion revolving credit facility was also nearly fully available, supporting the funding of projects and investment opportunities.
