Financials Regency Centers Corporation

Equities

REG

US7588491032

Commercial REITs

Market Closed - Nasdaq Other stock markets 04:00:00 2024-05-10 pm EDT			5-day change	1st Jan Change
59.57 ^USD	+0.42%		+0.97%	-11.09%

May. 09	Regency Centers Acquires Compo Shopping Centers in Connecticut	MT
May. 09	Regency Centers Continues Northeast Expansion with Connecticut Acquisition	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,544	7,714	12,865	10,695	12,337	10,980	-	-
Enterprise Value (EV) ¹	14,348	11,259	16,489	14,353	16,400	15,635	15,311	15,277
P/E ratio	44.1 x	175 x	35.5 x	22.2 x	32.8 x	31.2 x	28.1 x	24 x
Yield	3.71%	5.22%	3.2%	4.04%	3.91%	4.53%	4.69%	4.84%
Capitalization / Revenue	9.56 x	7.79 x	11.4 x	8.93 x	9.52 x	7.9 x	7.45 x	7.06 x
EV / Revenue	13 x	11.4 x	14.6 x	12 x	12.7 x	11.3 x	10.4 x	9.82 x
EV / EBITDA	18 x	16.2 x	20.4 x	17.2 x	18.4 x	16 x	15.5 x	15.1 x
EV / FCF	34.1 x	35.4 x	34.2 x	31.2 x	33.7 x	29.4 x	33.7 x	31.7 x
FCF Yield	2.94%	2.83%	2.92%	3.21%	2.97%	3.4%	2.96%	3.15%
Price to Book	1.71 x	1.3 x	2.15 x	1.76 x	1.77 x	1.62 x	1.65 x	1.65 x
Nbr of stocks (in thousands)	167,129	169,210	170,736	171,123	184,137	184,326	-	-
Reference price ²	63.09	45.59	75.35	62.50	67.00	59.57	59.57	59.57
Announcement Date	2/12/20	2/11/21	2/10/22	2/9/23	2/8/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,104	989.7	1,126	1,198	1,296	1,389	1,474	1,556
EBITDA ¹	798.6	693.6	806.9	835.3	889.6	980	987.1	1,009
EBIT ¹	369.9	269.6	452.2	472.3	468.2	548.2	592.5	638.2
Operating Margin	33.52%	27.24%	40.16%	39.42%	36.14%	39.46%	40.2%	41.01%
Earnings before Tax (EBT) ¹	243.3	47.32	366.3	488	370.9	350.6	379.5	432.9
Net income ¹	239.4	44.89	361.4	482.9	359.5	356.2	392.7	450
Net margin	21.7%	4.54%	32.1%	40.3%	27.75%	25.64%	26.64%	28.91%
EPS ²	1.430	0.2600	2.120	2.810	2.040	1.910	2.124	2.487
Free Cash Flow ¹	421.3	318.3	481.8	460.4	486.7	531.8	453.8	481.7
FCF margin	38.17%	32.16%	42.79%	38.42%	37.57%	38.28%	30.79%	30.95%
FCF Conversion (EBITDA)	52.75%	45.89%	59.71%	55.12%	54.71%	54.27%	45.98%	47.75%
FCF Conversion (Net income)	175.94%	709.11%	133.3%	95.35%	135.39%	149.3%	115.56%	107.05%
Dividend per Share ²	2.340	2.380	2.410	2.525	2.620	2.697	2.791	2.883
Announcement Date	2/12/20	2/11/21	2/10/22	2/9/23	2/8/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	290	296.7	295.6	298.2	307.6	311.9	307.1	323.6	352.9	357.5	340.5	342.5	353.3	370.2	368
EBITDA ¹	203.2	210.6	207	195.3	213	221.5	209.1	221.5	237.6	249.6	229.1	232.7	235.7	241.8	240.9
EBIT	113.8	121.3	120	115	116	121	111.4	119.3	116.4	129.9	-	-	-	148.1	143.9
Operating Margin	39.25%	40.87%	40.6%	38.56%	37.71%	38.79%	36.28%	36.87%	32.99%	36.34%	-	-	-	40.02%	39.11%
Earnings before Tax (EBT) ¹	68.98	196.8	106	88.85	96.38	98.49	88.17	92.17	92.03	112.7	85.68	93.43	94.4	97.58	95.54
Net income ¹	67.86	195.2	104.8	87.58	95.26	97.28	86.78	89.08	86.36	106.4	84.71	89.4	90.64	98.18	95.65
Net margin	23.4%	65.79%	35.45%	29.37%	30.97%	31.19%	28.25%	27.53%	24.47%	29.75%	24.87%	26.1%	25.66%	26.52%	25.99%
EPS ²	0.3900	1.140	0.6100	0.5100	0.5600	0.5700	0.5100	0.5000	0.4700	0.5800	0.4514	0.4757	0.4884	0.5600	0.5288
Dividend per Share ²	0.6250	0.6250	0.6250	0.6250	0.6500	0.6500	0.6500	0.6500	0.6700	0.6700	0.6700	0.6700	0.6818	0.6874	0.6874
Announcement Date	2/10/22	5/3/22	8/5/22	11/3/22	2/9/23	5/4/23	8/3/23	11/2/23	2/8/24	5/2/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,804	3,545	3,624	3,658	4,063	4,655	4,331	4,296
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.764 x	5.11 x	4.491 x	4.379 x	4.567 x	4.75 x	4.387 x	4.259 x
Free Cash Flow ¹	421	318	482	460	487	532	454	482
ROE (net income / shareholders' equity)	4.46%	0.74%	6.01%	7.96%	5.48%	5.33%	5.99%	6.95%
ROA (Net income/ Total Assets)	2.55%	0.41%	3.33%	4.46%	3.09%	2.7%	3.13%	3.69%
Assets ¹	9,394	11,035	10,865	10,826	11,644	13,193	12,546	12,202
Book Value Per Share ²	36.90	35.10	35.10	35.50	37.90	36.70	36.10	36.10
Cash Flow per Share ²	3.700	2.950	3.860	3.820	4.080	4.340	4.580	4.840
Capex ¹	285	181	178	195	233	260	258	244
Capex / Sales	25.83%	18.27%	15.78%	16.31%	17.97%	18.71%	17.52%	15.68%
Announcement Date	2/12/20	2/11/21	2/10/22	2/9/23	2/8/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Regency Centers Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

59.57 USD

Average target price

69.95 USD

Spread / Average Target

+17.42%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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