REGREGENCY CENTERS CORP

Real Estate Investment Trusts

Revenue: $1.6B; 6.9% YoY
Operating margin: 72.3%; 0.4% YoY
EBITDA: $1.5B; 6.0% YoY
Market cap: $13.7B
Employees: 507; $3M revenue each
Net debt / EBITDA: 3.2×; $5.0B net debt
AI in 10-K: 2.7; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
157% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
86% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$3M · 80th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.7 per 10K words · 65th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$13.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$41M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.2B	$1.2B	$1.3B	$1.5B	$1.6B	6.9%
Operating income	—	$897M	$951M	$1.0B	$1.1B	7.3%
Net income	$361M	$483M	$365M	$400M	$527M	32%
Operating cash flow	$659M	$656M	$720M	$790M	$828M	4.7%
Stock-based comp	$13M	$17M	$20M	$24M	$19M	17%
Buybacks	—	$75M	$20M	$200M	—
Dividends	$403M	$428M	$453M	$490M	$512M	4.3%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $41M · 12
Net: −$41M

Pay vs performance

No pay-versus-performance disclosure yet.