REG changes
Pick any two versions below to diff them.
- Price
- $74.84 → $76.18(+1.8%)
- Discount category
- Well below intrinsic value → Below intrinsic value
- Balance sheet
- Cash: $138M Debt: $4.9B Net debt: $4.7B Net debt / EBITDA: 4.9× (high) Interest cover: 5.2× Undrawn credit line: $1.4B, to removed: March 2028 added: November 2030 Ratings: S&P A- (stable outlook), Moody's A3 (stable outlook) Regency funds itself mostly with fixed-rate unsecured notes. At September 30, 2026, consolidated debt was $4.89 billion: $4.12 billion of unsecured public notes, $652 million of mortgage loans and $115 million drawn on the $1.5 billion revolving credit line, which runs to March 2028 with two six-month extension options. The $100 million of private placement notes of June 30, 2026 were no longer outstanding. Of the debt, 97.6% had a fixed rate, the average rate was 4.2% and the average time to maturity of the fixed-rate debt was 6.8 years. About $771 million of consolidated debt is due in 2027. Cash, including restricted cash, was $138 million. Pro-rata net debt and preferred stock were 4.9 times trailing 12-month operating EBITDAre, as the company reports it, which includes its share of joint venture debt and $225 million of preferred stock. Interest coverage was 5.2 times. About $1.39 billion of the revolving credit line was undrawn. added: On November 10, 2026, a new credit agreement extended the $1.5 billion revolving credit line to November 8, 2030 and added a $550 million delayed draw term loan that matures on February 10, 2031. S&P rates Regency A- and Moody's rates it A3, both with a stable outlook. As of Sep 30, 2026.
- Recent events
- Nov added: 10, 2026: Regency signed a new credit agreement. It has a $1.5 billion unsecured revolving credit line that matures on November 8, 2030, and a new $550 million unsecured delayed draw term loan that matures on February 10, 2031. Regency can draw the term loan in up to six parts until May 10, 2027. Nov 5, 2026: Regency reported Q3 2026 results. Nareit FFO was $1.23 per diluted share and Core Operating Earnings was $1.18, up from $1.09. Same property NOI grew 5.1%, and the same property portfolio was 97.0% leased. It signed 1.7 million square feet of comparable leases at a cash rent spread of 11.9%. Regency raised its 2026 guidance to Nareit FFO of $4.86 to $4.88 per share, Core Operating Earnings of $4.65 to $4.67 per share and same property NOI growth of 4.25% or more. The board raised the quarterly dividend by 6% to $0.80 per share. Sep 30, 2026: Regency said it will report Q3 2026 results after the market close on November 5, 2026, and hold its call on November 6, 2026. Aug 5, 2026: The board declared the quarterly dividend on the common stock and on the Series A and Series B preferred stock. Jul 29, 2026: Regency reported Q2 2026 results. Nareit FFO was $1.21 per diluted share and Core Operating Earnings was $1.16. Same property NOI grew 3.8% and the same property portfolio was 96.9% leased. It signed 2.1 million square feet of comparable leases at a cash rent spread of 10.4%. Regency raised its 2026 guidance to Nareit FFO of $4.84 to $4.88 per share and same property NOI growth of 3.7% to 4.1%. Jul 14, 2026: Regency bought Cornerstone at Westford in Massachusetts, a center anchored by Market Basket, through a joint venture for $74 million, or $15 million at its share. On July 8, 2026, it bought Franklin Crossing in New Jersey, anchored by Stop & Shop, for $27 million. Feb 4, 2026: The board authorized a program to buy back up to $500 million of common stock.