Regency Centers Corp
NASDAQ:REG
Intrinsic Value
Regency Centers Corp. operates as a real estate investment trust, which engages in the ownership, operation, and development of retail shopping centers. [ Read More ]
The intrinsic value of one REG stock under the Base Case scenario is 63.98 USD. Compared to the current market price of 60.74 USD, Regency Centers Corp is Undervalued by 5%.
Valuation Backtest
Regency Centers Corp
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Fundamental Analysis
Steady Growth and Strong Liquidity Expected in 2024
2023-Q4 Earnings Call
In 2023, the company reported a 6% increase in core operating earnings per share, excluding the impact of COVID reserve collections, driven by a 3.6% rise in same-property NOI and strong base rent growth which contributed 360 basis points. Looking forward, 2024 guidance anticipates more than 3% growth in core operating earnings, with same-property NOI increasing by 2% to 2.5%. Despite a temporary reduction in commenced occupancy rates by about 50 basis points, caused by a longer lead time to open new anchor tenants, robust tenant demand suggests that the overall lease rate will trend upward through the year, with significant anchor rent commencements expected to boost earnings later in 2024. The company's solid financial position, with free cash flow forecasted to exceed $160 million and leverage at the low end of the 5 to 5.5x net debt to EBITDA target, positions it well for sustainable growth and strategic development and redevelopment investments.
Balance Sheet Decomposition
Regency Centers Corp
Current Assets | 350.6m |
Cash & Short-Term Investments | 91.4m |
Receivables | 206.2m |
Other Current Assets | 53.1m |
Non-Current Assets | 12.1B |
Long-Term Investments | 431.3m |
PP&E | 11.1B |
Intangibles | 450.4m |
Other Non-Current Assets | 96.9m |
Current Liabilities | 682.7m |
Accounts Payable | 358.6m |
Accrued Liabilities | 246.1m |
Other Current Liabilities | 78.1m |
Non-Current Liabilities | 4.7B |
Long-Term Debt | 4.2B |
Other Non-Current Liabilities | 557.6m |
Earnings Waterfall
Regency Centers Corp
Revenue
|
1.3B
USD
|
Cost of Revenue
|
-394.8m
USD
|
Gross Profit
|
927.7m
USD
|
Operating Expenses
|
-459.5m
USD
|
Operating Income
|
468.2m
USD
|
Other Expenses
|
-108.7m
USD
|
Net Income
|
359.5m
USD
|
Free Cash Flow Analysis
Regency Centers Corp
What is Free Cash Flow?
REG Profitability Score
Profitability Due Diligence
Regency Centers Corp's profitability score is 60/100. The higher the profitability score, the more profitable the company is.
Score
Regency Centers Corp's profitability score is 60/100. The higher the profitability score, the more profitable the company is.
REG Solvency Score
Solvency Due Diligence
Regency Centers Corp's solvency score is 32/100. The higher the solvency score, the more solvent the company is.
Score
Regency Centers Corp's solvency score is 32/100. The higher the solvency score, the more solvent the company is.
Wall St
Price Targets
REG Price Targets Summary
Regency Centers Corp
According to Wall Street analysts, the average 1-year price target for REG is 72.17 USD with a low forecast of 65.65 USD and a high forecast of 78.75 USD.
Ownership
REG Insider Trading
Buy and sell transactions by insiders
Period | Sold | Bought | Net |
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Shareholder Return
REG Price
Regency Centers Corp
Average Annual Return | 8.26% |
Standard Deviation of Annual Returns | 47.25% |
Max Drawdown | -53% |
Market Capitalization | 11.7B USD |
Shares Outstanding | 184 963 000 |
Percentage of Shares Shorted | 1.6% |
Company Profile
Country
Industry
Market Cap
Dividend Yield
Description
Regency Centers Corp. operates as a real estate investment trust, which engages in the ownership, operation, and development of retail shopping centers. The company is headquartered in Jacksonville, Florida and currently employs 432 full-time employees. The firm conducts all its operations through Regency Centers, L.P. (the Operating Partnership). The company is primarily engaged in the ownership, management, leasing, acquisition, and development and redevelopment of shopping centers through the Operating Partnership. The firm owns approximately 298 properties and holds partial interests in an additional 104 properties through unconsolidated investments in real estate partnerships. The firm's properties include Willa Springs, Dunwoody Hall, Alden Bridge, Hasley Canyon Village, Shiloh Springs, Bethany Park Place, Blossom Valley, Amerige Heights Town Center, Clayton Valley Shopping Center, French Valley Village Center, Warwick Square Shopping Center, Pleasant Hill Shopping Center, Black Rock, Snell & Branham Plaza, Applewood Shopping Center, Spring Valley Shopping Center, Bridgemill Market, Rivertowns Square, and Point Royale Shopping Center, among others.
Contact
IPO
Employees
Officers
The intrinsic value of one REG stock under the Base Case scenario is 63.98 USD.
Compared to the current market price of 60.74 USD, Regency Centers Corp is Undervalued by 5%.