Regency Centers Corporation 5.875% Series B Cumulative Redeemable Preferred Stock (REGCO)

FairStock Score: 80/100 — HIGH CONVICTION

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I seek a durable stream of payments and a price that protects me if things go wrong. Regency Centers owns grocery-anchored shopping centers in suburban trade areas, a business that depends on necessity retail and neighborhood traffic. The security here is the 5.875% Series B cumulative redeemable preferred, so the dividend is fixed and must be paid before common dividends. At $21.30 on 2026-10-13, the supplied data show a 6.90% dividend yield. Filed results show revenue of $412.5M and net income of $128.5M in fiscal Q1 2026, the quarter ended 2026-03-31, versus revenue of $380.9M and net income of $109.6M in fiscal Q1 2025, the quarter ended 2025-03-31. Over full years, revenue went from $1.3B in FY2023 to $1.5B in FY2024 to $1.6B in FY2025, and net income from $364.6M to $400.4M to $527.5M. That is respectable. Debt-to-equity is 0.72, and trailing free cash flow is $819.4M, giving a FairStock-computed FCF yield of 21.0%. FairStock also calculates price-to-book at 0.59, EV/EBITDA at 7.88, and a score of 80/100; it labels this an ASSET PLAY because it trades at 0.59 times book. But FFO and AFFO, the right REIT measures, are not in the data. The Altman Z-score of 0.27 and Piotroski score of 5/9 are not comforting. I would want to see stable cash flow and manageable leverage before trusting the preferred dividend. The yield is attractive, but the asset coverage and retail fundamentals must hold.

In plain English: This is a preferred stock tied to Regency Centers, a real estate company that owns grocery-anchored shopping centers in suburban areas. The business looks steady, with filed revenue and net income growing in recent years, and the dividend yield is high. The price looks inexpensive compared with the company's accounting value, but debt and some financial-health scores are caution flags.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · fiscal Q1 2025 10-Q (period ended 2025-03-31) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer