NasdaqGS:REG

Stock Analysis Report

NOT FOR DISTRIBUTION
Header cover image

Executive Summary

Regency Centers is the preeminent national owner, operator, and developer of shopping centers located in affluent and densely populated trade areas. More Details


Snowflake Analysis

6 star dividend payer and fair value.


Similar Companies

Share Price & News

How has Regency Centers's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: REG is more volatile than 75% of US stocks over the past 3 months, typically moving +/- 12% a week.

Volatility Over Time: REG's weekly volatility (12%) has been stable over the past year, but is still higher than 75% of US stocks.


Market Performance


7 Day Return

-0.4%

REG

0.1%

US REITs

2.1%

US Market


1 Year Return

-26.9%

REG

-8.6%

US REITs

19.8%

US Market

Return vs Industry: REG underperformed the US REITs industry which returned -8.8% over the past year.

Return vs Market: REG underperformed the US Market which returned 19.7% over the past year.


Shareholder returns

REGIndustryMarket
7 Day-0.4%0.1%2.1%
30 Day31.4%8.6%8.1%
90 Day17.7%2.6%6.0%
1 Year-23.9%-26.9%-4.8%-8.6%22.5%19.8%
3 Year-21.5%-29.8%18.5%4.5%46.5%36.8%
5 Year-13.1%-26.7%50.7%20.4%96.9%75.3%

Long-Term Price Volatility Vs. Market

How volatile is Regency Centers's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Regency Centers undervalued compared to its fair value and its price relative to the market?

25.8%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: REG ($47.59) is trading below our estimate of fair value ($64.14)

Significantly Below Fair Value: REG is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: REG is poor value based on its PE Ratio (171.9x) compared to the US REITs industry average (38.3x).

PE vs Market: REG is poor value based on its PE Ratio (171.9x) compared to the US market (19.7x).


Price to Earnings Growth Ratio

PEG Ratio: REG is poor value based on its PEG Ratio (6.1x)


Price to Book Ratio

PB vs Industry: REG is good value based on its PB Ratio (1.3x) compared to the US REITs industry average (1.6x).


Next Steps

Future Growth

How is Regency Centers forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

28.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: REG's forecast earnings growth (28.4% per year) is above the savings rate (2.2%).

Earnings vs Market: REG's earnings (28.4% per year) are forecast to grow faster than the US market (22% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: REG's revenue (0.8% per year) is forecast to grow slower than the US market (10.2% per year).

High Growth Revenue: REG's revenue (0.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: REG's Return on Equity is forecast to be low in 3 years time (5.6%).


Next Steps

Past Performance

How has Regency Centers performed over the past 5 years?

6.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: REG has a large one-off loss of $116.6M impacting its September 30 2020 financial results.

Growing Profit Margin: REG's current net profit margins (4.4%) are lower than last year (23.6%).


Past Earnings Growth Analysis

Earnings Trend: REG's earnings have grown by 6.5% per year over the past 5 years.

Accelerating Growth: REG's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: REG had negative earnings growth (-83.2%) over the past year, making it difficult to compare to the REITs industry average (2%).


Return on Equity

High ROE: REG's Return on Equity (0.8%) is considered low.


Next Steps

Financial Health

How is Regency Centers's financial position?


Financial Position Analysis

Short Term Liabilities: REG's short term assets ($515.4M) exceed its short term liabilities ($200.2M).

Long Term Liabilities: REG's short term assets ($515.4M) do not cover its long term liabilities ($4.7B).


Debt to Equity History and Analysis

Debt Level: REG's debt to equity ratio (65.2%) is considered high.

Reducing Debt: REG's debt to equity ratio has reduced from 106.8% to 65.2% over the past 5 years.

Debt Coverage: REG's debt is not well covered by operating cash flow (13.2%).

Interest Coverage: REG's interest payments on its debt are not well covered by EBIT (2.1x coverage).


Balance Sheet


Next Steps

Dividend

What is Regency Centers's current dividend yield, its reliability and sustainability?

5.00%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: REG's dividend (5%) is higher than the bottom 25% of dividend payers in the US market (1.47%).

High Dividend: REG's dividend (5%) is in the top 25% of dividend payers in the US market (4.05%)


Stability and Growth of Payments

Stable Dividend: REG's dividends per share have been stable in the past 10 years.

Growing Dividend: REG's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (73.6%), REG's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: REG's dividends in 3 years are forecast to be covered by earnings (61.9% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.8yrs

Average management tenure


CEO

Lisa Palmer (52 yo)

0.83

Tenure

US$3,000,805

Compensation

Ms. Lisa Palmer has been Chief Executive Officer of Regency Centers Corporation since January 1, 2020 and its President since January 1, 2016. She served as Chief Financial Officer of of Regency Centers Co...


CEO Compensation Analysis

Compensation vs Market: Lisa's total compensation ($USD3.00M) is below average for companies of similar size in the US market ($USD6.86M).

Compensation vs Earnings: Lisa's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Martin Stein
Executive Chairman of the Board21.83yrsUS$5.62m0.77%
$ 62.2m
Lisa Palmer
President0.83yrUS$3.00m0.031%
$ 2.5m
Michael Mas
Executive VP & CFO1.25yrsUS$1.22m0.0076%
$ 611.5k
James Thompson
Executive VP & COO4.83yrsUS$2.09m0.048%
$ 3.9m
Dan Chandler
Executive VP & Chief Investment Officer4.83yrsUS$2.09m0.023%
$ 1.8m
Dale Johnston
Chief Information Officer & Senior VPno datano datano data
Michael Herman
Senior VP & General Counsel0.50yrno data0.0023%
$ 186.0k
Jan Hanak
Vice President of Marketing & Communications5.25yrsno datano data
Amy D'Olimpio
Senior Vice President of Human Resourcesno datano datano data
Nicholas Wibbenmeyer
Senior Managing Director of West Region6.83yrsno data0.0023%
$ 187.7k
Mike Kinsella
Senior VP of the Southeast Region & Senior Market Officer12.83yrsno datano data
Patrick Krejs
Managing Director of Central Region11.83yrsno data0.027%
$ 2.2m

4.8yrs

Average Tenure

55yo

Average Age

Experienced Management: REG's management team is considered experienced (4.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Martin Stein
Executive Chairman of the Board21.83yrsUS$5.62m0.77%
$ 62.2m
Lisa Palmer
President0.83yrUS$3.00m0.031%
$ 2.5m
Bryce Blair
Independent Director6.08yrsUS$243.85k0.012%
$ 961.8k
C. Blankenship
Lead Independent Director1.83yrsUS$285.35k0.042%
$ 3.4m
Thomas Wattles
Independent Director19.83yrsUS$253.85k0.028%
$ 2.3m
Joseph Azrack
Independent Director3.67yrsUS$228.85k0.0072%
$ 584.0k
Thomas Furphy
Independent Director1.5yrsUS$195.44k0.0012%
$ 99.5k
Peter Linneman
Independent Director3.67yrsUS$228.85k0.020%
$ 1.7m
Karin Klein
Independent Director1.5yrsUS$195.44k0.0024%
$ 195.8k
David O'Connor
Independent Director9.25yrsUS$223.85k0.011%
$ 923.8k
Deirdre Evens
Independent Director2.58yrsUS$228.85k0.0024%
$ 198.2k

3.7yrs

Average Tenure

61yo

Average Age

Experienced Board: REG's board of directors are considered experienced (3.7 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: REG insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Regency Centers Corporation's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Regency Centers Corporation
  • Ticker: REG
  • Exchange: NasdaqGS
  • Founded: 1963
  • Industry: Retail REITs
  • Sector: Real Estate
  • Implied Market Cap: US$8.089b
  • Market Cap: US$8.053b
  • Shares outstanding: 169.98m
  • Website: https://www.regencycenters.com

Number of Employees


Location

  • Regency Centers Corporation
  • One Independent Drive
  • Suite 114
  • Jacksonville
  • Florida
  • 32202
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
REGNasdaqGS (Nasdaq Global Select)YesCommon SharesUSUSDOct 1993
RRCDB (Deutsche Boerse AG)YesCommon SharesDEEUROct 1993
0KUTLSE (London Stock Exchange)YesCommon SharesGBUSDOct 1993
REG1 *BMV (Bolsa Mexicana de Valores)YesCommon SharesMXMXNOct 1993
R1EG34BOVESPA (Bolsa de Valores de Sao Paulo)BDR EACH 2 REPR 1 COMBRBRLJan 2020

Biography

Regency Centers is the preeminent national owner, operator, and developer of shopping centers located in affluent and densely populated trade areas. Our portfolio includes thriving properties merchandised ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/11/27 00:38
End of Day Share Price2020/11/25 00:00
Earnings2020/09/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.