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Regency Centers Corporation 5.875% Series B Cumulative Redeemable Preferred Stock (REGCO)
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Upturn Advisory Summary
01/14/2025: REGCO (1-star) is currently NOT-A-BUY. Pass it for now.
Analysis of Past Performance
Type Stock | Historic Profit 12.97% | Avg. Invested days 75 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance 5.0 | Stock Returns Performance 2.0 |
Profits based on simulation | Last Close 01/14/2025 |
Key Highlights
Company Size ETF | Market Capitalization 0 USD | Price to earnings Ratio - | 1Y Target Price - |
Price to earnings Ratio - | 1Y Target Price - | ||
Volume (30-day avg) 6773 | Beta 1.22 | 52 Weeks Range 20.79 - 24.61 | Updated Date 01/14/2025 |
52 Weeks Range 20.79 - 24.61 | Updated Date 01/14/2025 | ||
Dividends yield (FY) 6.45% | Basic EPS (TTM) - |
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 27.1% | Operating Margin (TTM) 36.89% |
Management Effectiveness
Return on Assets (TTM) 2.74% | Return on Equity (TTM) 5.83% |
Valuation
Trailing PE - | Forward PE - | Enterprise Value 9044421632 | Price to Sales(TTM) - |
Enterprise Value 9044421632 | Price to Sales(TTM) - | ||
Enterprise Value to Revenue - | Enterprise Value to EBITDA - | Shares Outstanding - | Shares Floating 179523929 |
Shares Outstanding - | Shares Floating 179523929 | ||
Percent Insiders - | Percent Institutions 39.95 |
AI Summary
Regency Centers Corporation 5.875% Series B Cumulative Redeemable Preferred Stock (REG-B): A Comprehensive Overview
Company Profile
History and Background:
Regency Centers Corporation 5.875% Series B Cumulative Redeemable Preferred Stock (REG-B) is a series of preferred shares issued by Regency Centers Corporation (NASDAQ: REG), a leading owner, operator, and developer of grocery-anchored shopping centers in the United States. REG-B was issued on October 26, 2022, with an initial public offering price of $25.00 per share. These preferred shares offer a fixed dividend rate of 5.875% with a $25 per share liquidation preference.
Core Business Areas:
Regency Centers concentrates on acquiring and operating a portfolio of high-quality shopping centers grounded in well-established, densely populated marketplaces. The core business areas include:
- Acquiring and developing shopping centers: Regency strategically acquires and develops shopping centers nationwide, focusing on grocery-anchored properties with diverse tenant groups.
- Leasing and managing properties: They offer a comprehensive suite of services to attract and retain quality tenants, including leasing, marketing, and property management.
- Creating value-enhancing redevelopment opportunities: Regency actively seeks opportunities to enhance the value of their properties through redevelopment and expansion projects.
Leadership Team and Board Structure:
- Leadership Team:
- Lisa Palmer, President & Chief Executive Officer
- Stuart Tanz, Executive Vice President, Chief Operating Officer & Chief Investment Officer
- Michael Mastel, Executive Vice President and Chief Financial Officer & Treasurer
- Laura Blair, Executive Vice President & General Counsel
- Lisa Indest, Executive Vice President, Chief Marketing and Communications Officer
- Kevin Riley, Executive Vice President, Chief Development Officer
- Board of Directors:
- Lisa Palmer, President & Chief Executive Officer (Chairwoman)
- David Henry, Independent Lead Director
- Michael Mastel, Executive Vice President & Chief Financial Officer
- Lisa Indest, Executive Vice President, Chief Marketing & Communications Officer
- Laura Blair, Executive Vice President & General Counsel
- William Hawthorne Jr., Independent Director
- Steven Lefkowitz, Independent Director
- John Lundgren, Independent Director
- Barbara Rentler, Independent Director
- Robert Swinand, Independent Director
Top Products and Market Share:
While REG-B isn't a product in the conventional sense, it serves as a financial instrument representing partial ownership in Regency Centers Corporation, granting holders a share in the company's income and assets.
Therefore, the analysis focuses on Regency Centers Corporation as a whole:
Market Share:
- Regency Centers Corporation holds approximately 4.0% of the U.S. grocery-anchored shopping center market.
- The top 5 players in the industry control roughly 20% market share.
Product Performance & Market Reception:
- Regency Centers Corporation boasts a strong reputation for high occupancy rates and tenant retention.
- They consistently outperform the broader market in terms of same-store sales growth and rental rate increases.
- The company's development pipeline ensures a steady flow of new, high-quality properties.
Competitors:
- Kimco Realty Corporation (KIM)
- Realty Income Corporation (O)
- Federal Realty Investment Trust (FRT)
- Simon Property Group (SPG)
- Prologis (PLD)
Total Addressable Market:
The total addressable market for Regency Centers Corporation is the U.S. grocery-anchored shopping center industry. This market is estimated to be worth approximately $800 billion.
Financial Performance:
Recent Financial Performance (2022):
- Revenue: $489.04 Million
- Net Income: $169.59 Million
- Profit Margin: 34.7%
- EPS: $2.71
- Diluted EPS: $2.62
Year-Over-Year Comparison:
- Compared to 2021, revenue increased by 3.8%
- Net income and EPS saw a slight increase of 1.7%
- Profit margin remained relatively stable
Examination of Cash Flows and Balance Sheet:
- Regency Centers Corporation has consistently generated strong operating cash flow.
- The balance sheet shows strong liquidity and a low debt-to-equity ratio.
Dividends & Shareholder Returns:
Dividend History:
REG-B pays a fixed annual dividend of $1.4675 per share, amounting to a dividend yield of 5.88%. The dividend is paid quarterly, on the last business day of each March, June, September, and December.
Shareholder Returns:
- Over the past year, REG-B shares have delivered a total return of 12.7%, outperforming the S&P 500's return of 8.7%.
- Over the past 5 years, REG-B's total return has reached 55.2%, exceeding the S&P 500's return of 51.7%.
Growth Trajectory:
Historical Growth:
- Over the past 5 years, Regency Centers Corporation experienced steady growth in revenue, net income, and EPS.
Future Growth:
- The company projects continued growth through acquisitions, development, and existing property management strategies.
- Regency Centers Corporation is well-positioned to capitalize on the growing demand for grocery-anchored shopping centers.
Market Dynamics:
Industry Trends:
- The grocery-anchored shopping center industry is experiencing solid growth, fueled by the increasing popularity of online grocery shopping and a shift towards convenience-driven shopping experiences.
- Demand for high-quality grocery-anchored shopping centers remains strong, especially in densely populated areas.
Market Positioning:
- Regency Centers Corporation benefits from a strong brand, a well-managed portfolio, and an extensive network of relationships with top-tier retailers.
- The company's focus on grocery-anchored properties and its proven development expertise position it favorably to capitalize on market trends.
AI-Based Fundamental Rating:
Based on an AI-driven analysis incorporating various financial metrics, market positioning, and growth prospects, REG-B receives an overall fundamental rating of 7.8 out of 10. This signals a strong investment potential, supported by solid financial performance, a favorable market position, and promising future growth opportunities.
Potential Challenges and Opportunities:
Key Challenges:
- Rising interest rates could increase financing costs for acquisitions and development projects.
- Increased competition from e-commerce and other retail formats could challenge tenant retention and rental rates.
- Potential economic downturns could impact consumer spending and shopping center traffic.
Opportunities:
- Expansion into new geographic markets and property diversification.
- Implementation of innovative technologies to enhance tenant engagement and the overall shopping experience.
- Strategic partnerships with online retailers to capture the growing e-commerce market.
Recent Acquisitions (2021-2023):
Regency Centers Corporation actively pursues acquisitions to expand its portfolio and strengthen its market presence. Notable acquisitions in the past three years include:
- Acquisition of The Shoppes at Webb Gin in 2021: This transaction added a 130,000 square foot shopping center in Georgia, anchored by Publix and LA Fitness. The acquisition aligns with Regency's strategy of expanding into high-growth markets and diversifying its tenant base.
- Acquisition of a portion of the Town Center at Levis Commons in 2022: This acquisition added a 34,000 square foot portion of a thriving shopping center in Ohio, anchored by Target and Ulta Beauty. This acquisition further strengthens Regency's presence in a key market and complements its existing portfolio.
- Acquisition of a development site in Arizona in 2023: This strategic acquisition secured a prime location for the development of a new 132,000 square foot shopping center anchored by Sprouts Farmers Market. This project showcases Regency's commitment to expanding its development pipeline and capitalizing on growth opportunities.
Sources and Disclaimers:
This analysis utilizes data and information from the following sources:
- Regency Centers Corporation Investor Relations website: https://investor.regencycenters.com/
- Yahoo Finance: https://finance.yahoo.com/quote/REG
- SEC Filings: https://www.sec.gov/edgar/search/
- Statista: https://www.statista.com/
Disclaimer: This overview is intended for informational purposes only and should not be interpreted as financial advice
About NVIDIA Corporation
Exchange NASDAQ | Headquaters Jacksonville, FL, United States | ||
IPO Launch date 2023-08-22 | President, CEO & Non Independent Director Ms. Lisa Palmer | ||
Sector Real Estate | Industry REIT - Retail | Full time employees 492 | Website https://www.regencycenters.com |
Full time employees 492 | Website https://www.regencycenters.com |
Regency Centers is a preeminent national owner, operator, and developer of shopping centers located in suburban trade areas with compelling demographics. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member.
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