Regency Centers (REG)
Market Price (5/29/2026): $78.53 | Market Cap: $14.4 BilSector: Real Estate | Industry: Retail REITs
Regency Centers (REG)
Market Price (5/29/2026): $78.53Market Cap: $14.4 BilSector: Real EstateIndustry: Retail REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.4%, Dividend Yield is 4.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.2%, FCF Yield is 5.7% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 52%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 52% Low stock price volatilityVol 12M is 16% Megatrend and thematic driversMegatrends include E-commerce & DTC Adoption, E-commerce & Digital Retail, and Sustainable & Green Buildings. Themes include Online Grocery Platforms, Show more. | Trading close to highsDist 52W High is -3.2%, Dist 3Y High is -3.2% Weak multi-year price returns2Y Excs Rtn is -1.6%, 3Y Excs Rtn is -29% | Key risksREG key risks include [1] potential impairment losses from declining real estate asset values and [2] execution risks tied to its property development and redevelopment projects, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.4%, Dividend Yield is 4.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.2%, FCF Yield is 5.7% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 52%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 52% |
| Low stock price volatilityVol 12M is 16% |
| Megatrend and thematic driversMegatrends include E-commerce & DTC Adoption, E-commerce & Digital Retail, and Sustainable & Green Buildings. Themes include Online Grocery Platforms, Show more. |
| Trading close to highsDist 52W High is -3.2%, Dist 3Y High is -3.2% |
| Weak multi-year price returns2Y Excs Rtn is -1.6%, 3Y Excs Rtn is -29% |
| Key risksREG key risks include [1] potential impairment losses from declining real estate asset values and [2] execution risks tied to its property development and redevelopment projects, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Regency Centers (REG) stock has gained about 10% since 1/31/2026 because of the following key factors:
1. Strong First Quarter 2026 Financial and Operational Performance.
Regency Centers reported robust financial results for the first quarter of 2026, with earnings per share (EPS) of $0.68, surpassing the forecast of $0.6212 by 9.47%, and revenue of $425.75 million, exceeding the anticipated $413.21 million by 3.03%. This strong performance was underpinned by a 4.4% year-over-year increase in Same Property Net Operating Income (NOI), which included 3.5% base rent growth and surpassed the company's full-year guidance range of 3.25% to 3.75%. The company also achieved a high Same Property leased occupancy of 96.6% as of March 31, 2026, and executed 1.5 million square feet of comparable new and renewal leases at blended cash rent spreads of 12.1%.
2. Robust Development Pipeline and Strategic Capital Allocation.
Regency Centers demonstrated strong growth prospects through its active development and redevelopment initiatives. The in-process development and redevelopment pipeline exceeded $600 million with blended returns above 9%. During the first quarter, the company commenced $73 million in redevelopment projects and completed $42 million in ground-up development and redevelopment. Furthermore, management increased its development and redevelopment spending projection to approximately $350 million from $325 million and added new acquisition guidance of $25 million for 2026. The company also strengthened its balance sheet by pricing $450 million of senior unsecured notes due 2033 at a 4.50% coupon, the lowest credit spread in its history.
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Stock Movement Drivers
Fundamental Drivers
The 8.8% change in REG stock from 1/31/2026 to 5/28/2026 was primarily driven by a 27.5% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 5282026 | Change |
|---|---|---|---|
| Stock Price ($) | 72.17 | 78.52 | 8.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,522 | 1,585 | 4.2% |
| Net Income Margin (%) | 27.0% | 34.5% | 27.5% |
| P/E Multiple | 31.9 | 26.3 | -17.6% |
| Shares Outstanding (Mil) | 182 | 183 | -0.6% |
| Cumulative Contribution | 8.8% |
Market Drivers
1/31/2026 to 5/28/2026| Return | Correlation | |
|---|---|---|
| REG | 8.8% | |
| Market (SPY) | 9.3% | 16.2% |
| Sector (XLRE) | 7.9% | 60.3% |
Fundamental Drivers
The 16.3% change in REG stock from 10/31/2025 to 5/28/2026 was primarily driven by a 27.7% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 5282026 | Change |
|---|---|---|---|
| Stock Price ($) | 67.52 | 78.52 | 16.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,495 | 1,585 | 6.1% |
| Net Income Margin (%) | 27.0% | 34.5% | 27.7% |
| P/E Multiple | 30.4 | 26.3 | -13.4% |
| Shares Outstanding (Mil) | 182 | 183 | -0.8% |
| Cumulative Contribution | 16.3% |
Market Drivers
10/31/2025 to 5/28/2026| Return | Correlation | |
|---|---|---|
| REG | 16.3% | |
| Market (SPY) | 11.3% | 16.1% |
| Sector (XLRE) | 10.5% | 61.4% |
Fundamental Drivers
The 13.3% change in REG stock from 4/30/2025 to 5/28/2026 was primarily driven by a 25.2% change in the company's Net Income Margin (%).| (LTM values as of) | 4302025 | 5282026 | Change |
|---|---|---|---|
| Stock Price ($) | 69.32 | 78.52 | 13.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,454 | 1,585 | 9.0% |
| Net Income Margin (%) | 27.5% | 34.5% | 25.2% |
| P/E Multiple | 31.4 | 26.3 | -16.3% |
| Shares Outstanding (Mil) | 181 | 183 | -0.9% |
| Cumulative Contribution | 13.3% |
Market Drivers
4/30/2025 to 5/28/2026| Return | Correlation | |
|---|---|---|
| REG | 13.3% | |
| Market (SPY) | 37.6% | 27.6% |
| Sector (XLRE) | 11.3% | 69.7% |
Fundamental Drivers
The 44.4% change in REG stock from 4/30/2023 to 5/28/2026 was primarily driven by a 36.5% change in the company's P/E Multiple.| (LTM values as of) | 4302023 | 5282026 | Change |
|---|---|---|---|
| Stock Price ($) | 54.38 | 78.52 | 44.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,224 | 1,585 | 29.5% |
| Net Income Margin (%) | 39.4% | 34.5% | -12.6% |
| P/E Multiple | 19.3 | 26.3 | 36.5% |
| Shares Outstanding (Mil) | 171 | 183 | -6.5% |
| Cumulative Contribution | 44.4% |
Market Drivers
4/30/2023 to 5/28/2026| Return | Correlation | |
|---|---|---|
| REG | 44.4% | |
| Market (SPY) | 88.5% | 40.4% |
| Sector (XLRE) | 30.4% | 78.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| REG Return | 71% | -13% | 12% | 15% | -3% | 15% | 116% |
| Peers Return | 53% | -8% | 10% | 15% | -4% | 20% | 107% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| REG Win Rate | 83% | 33% | 58% | 50% | 42% | 80% | |
| Peers Win Rate | 82% | 40% | 57% | 65% | 43% | 76% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| REG Max Drawdown | -10% | -30% | -17% | -15% | -15% | -6% | |
| Peers Max Drawdown | -13% | -29% | -20% | -12% | -19% | -7% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: KIM, FRT, BRX, PECO, KRG. See REG Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/28/2026 (YTD)
How Low Can It Go
| Event | REG | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -11.9% | -9.5% |
| % Gain to Breakeven | 13.5% | 10.5% |
| Time to Breakeven | 62 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.5% | -6.7% |
| % Gain to Breakeven | 19.8% | 7.1% |
| Time to Breakeven | 56 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -28.5% | -24.5% |
| % Gain to Breakeven | 39.8% | 32.4% |
| Time to Breakeven | 672 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.6% | -33.7% |
| % Gain to Breakeven | 94.5% | 50.9% |
| Time to Breakeven | 381 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -11.0% | -19.2% |
| % Gain to Breakeven | 12.4% | 23.8% |
| Time to Breakeven | 32 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -24.6% | -3.7% |
| % Gain to Breakeven | 32.6% | 3.9% |
| Time to Breakeven | 1478 days | 6 days |
In The Past
Regency Centers's stock fell -10.0% during the 2025 US Tariff Shock. Such a loss loss requires a 11.1% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | REG | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -28.5% | -24.5% |
| % Gain to Breakeven | 39.8% | 32.4% |
| Time to Breakeven | 672 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.6% | -33.7% |
| % Gain to Breakeven | 94.5% | 50.9% |
| Time to Breakeven | 381 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -24.6% | -3.7% |
| % Gain to Breakeven | 32.6% | 3.9% |
| Time to Breakeven | 1478 days | 6 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -28.5% | -17.9% |
| % Gain to Breakeven | 39.8% | 21.8% |
| Time to Breakeven | 211 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -64.4% | -53.4% |
| % Gain to Breakeven | 180.8% | 114.4% |
| Time to Breakeven | 1439 days | 1085 days |
In The Past
Regency Centers's stock fell -10.0% during the 2025 US Tariff Shock. Such a loss loss requires a 11.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Regency Centers (REG)
AI Analysis | Feedback
Here are a few analogies for Regency Centers (REG):
- It's like American Tower for prime neighborhood shopping centers.
- It's like Simon Property Group, but for essential neighborhood retail.
AI Analysis | Feedback
- Leasing Retail Space: Providing commercial space within their shopping centers to a diverse range of grocers, restaurants, and retailers.
- Shopping Center Development: Designing, building, and delivering new retail properties located in affluent and densely populated areas.
- Property Management: Managing and maintaining their portfolio of shopping centers to ensure optimal operation, attractiveness, and tenant satisfaction.
AI Analysis | Feedback
Regency Centers (REG) sells primarily to other companies that lease space in its shopping centers. Its major customers are the retailers, grocers, restaurants, and service providers that operate within its properties. Examples of such major customer companies, which are publicly traded, include:
- Kroger (NYSE: KR)
- TJX Companies (NYSE: TJX)
- CVS Health (NYSE: CVS)
- Starbucks (NASDAQ: SBUX)
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Lisa Palmer, President and Chief Executive Officer
Lisa Palmer has served as President and Chief Executive Officer of Regency Centers since January 2020. She joined Regency Centers in 1996, and prior to her current role, she held several key positions, including President from 2016 to 2020, Chief Financial Officer from 2013 to 2019, and Senior Vice President of Capital Markets from 2003 to 2013. Earlier in her career at Regency, she served as Senior Manager of Investment Services and Vice President of Capital Markets. Before joining Regency, Ms. Palmer worked as a consultant for Accenture (formerly Andersen Consulting Strategic Services) and as a financial analyst for General Electric.
Mike Mas, Executive Vice President, Chief Financial Officer
Mike Mas is the Executive Vice President and Chief Financial Officer of Regency Centers, a role he assumed in August 2019. He joined Regency in 2003 and has held various financial leadership positions, including Managing Director of Finance from February 2017 to August 2019, Senior Vice President of Capital Markets from January 2013 to January 2017, and Vice President of Capital Markets and JV Portfolio Management from December 2004 to December 2012. Before his tenure at Regency, Mr. Mas was a Manager for Assurance and Advisory Services at Deloitte & Touche LLP.
Alan Roth, East Region President and Chief Operating Officer
Alan Roth serves as the East Region President and Chief Operating Officer for Regency Centers. He is responsible for overseeing the company's operations in the eastern United States. No information is available regarding whether Mr. Roth founded or managed other companies, sold companies he was previously involved with, or has a pattern of managing companies backed by private equity firms.
Nicholas I. Wibbenmeyer, West Region President and Chief Investment Officer
Nicholas I. Wibbenmeyer is the West Region President and Chief Investment Officer for Regency Centers. In this role, he is responsible for national investment and development strategy and processes, as well as overseeing the West and Central regions. Mr. Wibbenmeyer joined Regency in 2005 as Manager of Investments for the upper Midwest. He progressed through several roles including Vice President of Investments, Vice President, Regional Officer, and Senior Vice President, Senior Market Officer. Prior to joining Regency, he worked as a retail broker with Mid-America Real Estate Group, where he handled tenant representation and shopping center leasing in the Chicago metropolitan area.
AI Analysis | Feedback
Here are the key risks to Regency Centers (REG) in order from most significant to least significant:
- Interest Rate and Debt Refinancing Risk: Regency Centers, like other REITs, is significantly exposed to fluctuations in interest rates. Rising interest rates increase borrowing costs for new acquisitions and developments, and crucially, elevate the cost of refinancing existing debt. While Regency Centers is expected to refinance its debt, it will likely come at a higher cost, impacting profitability and making its stock less attractive to investors. Their debt is substantial, and although their financial position is considered solid, the company faces upcoming debt maturities amidst a volatile credit market.
- Evolving Retail Landscape and Economic Headwinds: The retail sector is undergoing significant transformation due to the growth of e-commerce, changing consumer behaviors, and the shift towards online shopping and home delivery. Although Regency Centers focuses on necessity-based, grocery-anchored shopping centers, which are less vulnerable to e-commerce competition, the success of its "anchor" tenants is critical. Economic weakness can impact retail fundamentals, leading to lower sales for tenants and increasing the risk that they may not be able to pay rent, which in turn affects occupancy rates and property values. Tenant bankruptcies or downsizing of major anchor tenants could significantly hurt the entire shopping center.
- Property Valuation and Development Risks: Regency Centers faces inherent risks associated with its core activities of acquiring, developing, redeveloping, and expanding properties. There is a risk that property assets may decline in value or be subject to impairment losses, which could reduce net income. Furthermore, if properties do not generate sufficient net operating income (NOI) or if market capitalization rates increase, it could hinder the company's ability to sell properties, thereby constraining its capacity to raise funds for new projects. Challenges in executing its development pipeline at favorable yields also pose a risk to future performance.
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The addressable market for Regency Centers (REG), which focuses on owning, operating, and developing shopping centers, particularly those anchored by grocers, restaurants, and service providers, is primarily within the United States.
The global shopping centers market size was valued at approximately USD 6.22 trillion in 2025 and is projected to reach USD 8.63 trillion by 2030, growing at a compound annual growth rate (CAGR) of 6.8%. North America holds a significant portion of this market, accounting for over 46% of the market revenue share in 2021. Based on this, the addressable market for shopping centers in North America was approximately USD 2.87 trillion in 2024 (46% of USD 6.24 trillion).
More specifically, the U.S. grocery retail market, which underpins the demand for grocery-anchored shopping centers, is projected to exceed USD 1.5 trillion by 2027. Investment in multi-tenant, grocery-anchored retail properties totaled USD 7.0 billion in 2024.
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Regency Centers (REG) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Rent Growth through Strong Spreads and Escalators: Regency Centers consistently reports strong rent growth, with management highlighting impressive cash and GAAP rent spreads on new and renewal leases. For example, the company achieved GAAP rent spreads of almost 20% for the full year 2024, reflecting its ability to capture mark-to-market rents and benefit from contractual rent steps. In 2025, cash rent spreads were 12% in Q4, with renewal spreads at a record 13%, and over 95% of negotiated leases included annual rent escalators, further bolstering future revenue.
- Increased Occupancy Rates: The company has demonstrated a strong ability to increase and maintain high occupancy levels within its portfolio. Same-property leased occupancy rates reached record highs, exceeding 96% by Q3 2024 and ending 2024 at 96.7%. By year-end 2025, same-property portfolio occupancy reached 96.5% leased, driven by sustained tenant demand for its well-located shopping centers. This higher occupancy directly translates into increased rental income.
- Development and Redevelopment Projects: Regency Centers actively invests in new development and redevelopment projects, which are expected to contribute significantly to total Net Operating Income (NOI) growth. In 2024, the company started over $220 million in new projects and completed $230 million. In 2025, Regency started more than $300 million in development and redevelopment projects, with an in-process pipeline estimated at $597 million at year-end. These projects, particularly ground-up developments, are generating strong returns and providing clear visibility into future growth.
- Strategic Acquisitions: The company's strategy includes accretive acquisitions to expand its portfolio in desirable, affluent, and densely populated trade areas. In 2024, Regency made acquisitions totaling over $90 million. This accelerated in 2025 with approximately $538 million of shopping centers acquired. Recent activity, such as the acquisition and rebranding of Mount Sinai Shopping Center (now Crystal Brook Corner) in early 2026, underscores a continued focus on expanding its high-quality, grocery-anchored retail property footprint.
- Robust Tenant Demand and Limited Supply: Regency Centers benefits from robust and sustained tenant demand for its grocery-anchored shopping centers, which are located in affluent and densely populated areas. Management commentary indicates a "healthy retail environment" and a "lack of available quality retail supply in our markets", allowing the company to command higher rents and maintain strong leasing momentum. This favorable supply-demand dynamic supports continued base rent growth and occupancy gains.
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```htmlShare Repurchases
- Regency Centers announced a share repurchase program authorizing the repurchase of up to $500 million of common stock, valid until February 28, 2029.
- In August 2024, the company authorized a share repurchase program for up to $250 million of common stock, valid until July 30, 2026.
- During June 2022, Regency Centers repurchased 1,294,201 common shares for $75.4 million under its Authorized Repurchase Program.
Share Issuance
- On February 17, 2026, Regency Centers expanded its at-the-market (ATM) equity offering program, adding new agents for the issuance and sale of up to $500 million of its common stock, utilizing forward sale structures for flexibility.
- In 2025, share/unit issuances included approximately $100 million of common equity raised on a forward basis through the ATM program in Q4 2024.
- Also in 2025, approximately $200 million was raised from the issuance of operating partnership units for the funding of a 5-asset portfolio acquisition in Orange County, CA during Q3.
Outbound Investments
- In 2025, Regency Centers acquired approximately $538 million of shopping centers.
- On July 24, 2025, the company completed the acquisition of a portfolio of five premier suburban shopping centers in Orange County, CA, for $357 million, funded by operating partnership units, assumed debt, and cash.
- Regency Centers closed the acquisition of Urstadt Biddle Properties in an all-stock transaction on August 18, 2023.
Capital Expenditures
- For the twelve months ended December 31, 2025, development and redevelopment projects started totaled approximately $318 million, with project completions reaching around $212 million.
- In 2024, Regency Centers started over $250 million in new development and redevelopment projects.
- Capital expenditures in 2025 were primarily focused on ground-up developments and redevelopments of shopping centers, including projects like Oak Valley Village (Target and Sprouts-anchored) in Beaumont, CA, and Lone Tree Village (King Soopers-anchored) in Denver, CO.
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| 03272026 | SBAC | SBA Communications | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 32.4% | 32.4% | 0.0% |
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| 03062026 | VNO | Vornado Realty Trust | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 11.0% | 11.0% | -8.3% |
| 02272026 | KRC | Kilroy Realty | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 13.7% | 13.7% | -5.4% |
| 06302020 | REG | Regency Centers | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 1.4% | 46.1% | -24.8% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 35.73 |
| Mkt Cap | 9.9 |
| Rev LTM | 1,350 |
| Op Inc LTM | 493 |
| FCF LTM | 497 |
| FCF 3Y Avg | 471 |
| CFO LTM | 646 |
| CFO 3Y Avg | 611 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.0% |
| Rev Chg 3Y Avg | 6.9% |
| Rev Chg Q | 6.0% |
| QoQ Delta Rev Chg LTM | 1.5% |
| Op Inc Chg LTM | 10.5% |
| Op Inc Chg 3Y Avg | 8.2% |
| Op Mgn LTM | 34.8% |
| Op Mgn 3Y Avg | 34.1% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 48.6% |
| CFO/Rev 3Y Avg | 49.0% |
| FCF/Rev LTM | 39.8% |
| FCF/Rev 3Y Avg | 39.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 9.9 |
| P/S | 7.2 |
| P/Op Inc | 23.3 |
| P/EBIT | 16.6 |
| P/E | 23.8 |
| P/CFO | 14.6 |
| Total Yield | 6.9% |
| Dividend Yield | 3.5% |
| FCF Yield 3Y Avg | 5.8% |
| D/E | 0.5 |
| Net D/E | 0.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 1.4% |
| 3M Rtn | 3.8% |
| 6M Rtn | 20.3% |
| 12M Rtn | 24.6% |
| 3Y Rtn | 58.5% |
| 1M Excs Rtn | -4.6% |
| 3M Excs Rtn | -5.7% |
| 6M Excs Rtn | 8.2% |
| 12M Excs Rtn | -3.4% |
| 3Y Excs Rtn | -28.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Acquiring, developing, owning, and operating income-producing retail real estate | 1,454 | 1,322 | |||
| Lease income | 1,187 | 1,113 | 980 | ||
| Management, transaction, and other fees | 26 | 40 | 27 | ||
| Other property income | 11 | 12 | 10 | ||
| Total | 1,454 | 1,322 | 1,224 | 1,166 | 1,016 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Acquiring, developing, owning, and operating income-producing retail real estate | 410 | ||||
| Total | 410 |
Price Behavior
| Market Price | $78.52 | |
| Market Cap ($ Bil) | 14.3 | |
| First Trading Date | 10/29/1993 | |
| Distance from 52W High | -3.2% | |
| 50 Days | 200 Days | |
| DMA Price | $77.82 | $72.50 |
| DMA Trend | up | up |
| Distance from DMA | 0.9% | 8.3% |
| 3M | 1YR | |
| Volatility | 14.0% | 15.6% |
| Downside Capture | 27.39 | 10.51 |
| Upside Capture | 21.86 | 22.85 |
| Correlation (SPY) | 30.9% | 22.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.32 | 0.37 | 0.18 | 0.20 | 0.37 | 0.51 |
| Up Beta | 0.24 | 0.23 | 0.12 | 0.29 | 0.60 | 0.57 |
| Down Beta | 1.85 | 0.90 | 0.89 | 0.56 | 0.48 | 0.50 |
| Up Capture | 38% | 30% | 27% | 22% | 20% | 21% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 13 | 20 | 35 | 64 | 122 | 371 |
| Down Capture | -85% | 29% | -35% | -18% | 20% | 72% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 9 | 23 | 29 | 59 | 127 | 375 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with REG | |
|---|---|---|---|---|
| REG | 13.4% | 15.6% | 0.61 | - |
| Sector ETF (XLRE) | 11.3% | 13.3% | 0.55 | 68.3% |
| Equity (SPY) | 29.2% | 11.8% | 1.86 | 21.8% |
| Gold (GLD) | 35.7% | 26.7% | 1.12 | 5.6% |
| Commodities (DBC) | 40.2% | 18.8% | 1.66 | -9.1% |
| Real Estate (VNQ) | 13.3% | 13.0% | 0.70 | 70.8% |
| Bitcoin (BTCUSD) | -31.9% | 41.6% | -0.81 | 5.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with REG | |
|---|---|---|---|---|
| REG | 9.1% | 22.4% | 0.34 | - |
| Sector ETF (XLRE) | 4.3% | 19.0% | 0.13 | 76.4% |
| Equity (SPY) | 14.2% | 17.0% | 0.66 | 55.6% |
| Gold (GLD) | 18.6% | 18.0% | 0.84 | 10.3% |
| Commodities (DBC) | 10.6% | 19.4% | 0.43 | 15.6% |
| Real Estate (VNQ) | 3.6% | 18.8% | 0.09 | 79.2% |
| Bitcoin (BTCUSD) | 12.8% | 54.7% | 0.43 | 19.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with REG | |
|---|---|---|---|---|
| REG | 4.4% | 29.8% | 0.20 | - |
| Sector ETF (XLRE) | 7.2% | 20.4% | 0.31 | 71.8% |
| Equity (SPY) | 15.8% | 17.9% | 0.75 | 52.4% |
| Gold (GLD) | 13.1% | 16.0% | 0.68 | 4.6% |
| Commodities (DBC) | 7.3% | 17.9% | 0.33 | 20.7% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 76.5% |
| Bitcoin (BTCUSD) | 66.5% | 66.9% | 1.06 | 10.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/04/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Income Attributable to Common Shareholders per diluted share | 2.45 | 2.47 | 2.49 | 4.2% | Raised | Guidance: 2.37 for 2026 | |
| 2026 Nareit Funds From Operations (“Nareit FFO”) per diluted share | 4.83 | 4.85 | 4.87 | 0 | Affirmed | Guidance: 4.85 for 2026 | |
| 2026 Core Operating Earnings per diluted share | 4.59 | 4.61 | 4.63 | 0 | Affirmed | Guidance: 4.61 for 2026 | |
| 2026 Same property NOI growth | 3.25% | 3.5% | 3.75% | 0 | 0 | Affirmed | Guidance: 3.5% for 2026 |
Prior: Q4 2025 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Income Attributable to Common Shareholders per diluted share | 2.35 | 2.37 | 2.39 | 2.6% | Higher New | Actual: 2.31 for 2025 | |
| 2026 Nareit FFO per diluted share | 4.83 | 4.85 | 4.87 | 4.8% | Higher New | Actual: 4.63 for 2025 | |
| 2026 Core Operating Earnings per diluted share | 4.59 | 4.61 | 4.63 | 4.8% | Higher New | Actual: 4.4 for 2025 | |
| 2026 Same property NOI growth without termination fees | 3.25% | 3.5% | 3.75% | -34.9% | -1.9% | Lower New | Actual: 5.38% for 2025 |
Insider Activity
Expand for MoreUpdated on 5122026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wibbenmeyer, Nicholas Andrew | W. Regional Pres. & CIO | Direct | Sell | 5072026 | 79.06 | 7,927 | 626,715 | 2,614,426 | Form |
| 2 | Stein, Martin E JR | Executive Chairman | Corporation | Sell | 5052026 | 78.40 | 110,263 | Form | ||
| 3 | Stein, Martin E JR | Executive Chairman | General Partnership | Sell | 5052026 | 78.39 | 157,892 | Form | ||
| 4 | Stein, Martin E JR | Executive Chairman | Trust | Sell | 5052026 | 78.49 | 6,460 | Form | ||
| 5 | Stein, Martin E JR | Executive Chairman | General Partnership | Sell | 3112026 | 77.21 | 38,000 | 2,934,128 | 12,191,457 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why. Last Updated: 5282026