Regency Centers Corporation 6.25% Series A Cumulative Redeemable Preferred Stock (REGCP)

FairStock Score: 80/100 — HIGH CONVICTION

Key Financials

AI Analysis

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

As a value investor, I start with the security, not just the ticker. REGCP is a 6.25% cumulative redeemable preferred of Regency Centers, a retail REIT focused on grocery-anchored shopping centers. At the close on 2026-10-13, it trades at $22.08 for a 7.08% yield. That is a contractual, cumulative dividend, but it sits behind debt and ahead only of common equity. The underlying business has been growing: FY2025 revenue was $1.6B and net income $527.5M, up from FY2024 revenue $1.5B and net income $400.4M, and FY2023 revenue $1.3B and net income $364.6M. In the latest filed quarter, fiscal Q1 2026 ended 2026-03-31, revenue was $412.5M and net income $128.5M. FairStock's price-to-book reads 0.61, which classifies it as an ASSET PLAY, and trailing free cash flow of $819.4M gives a 20.3% FCF yield. Leverage is moderate at D/E 0.72, but Altman Z of 0.29 and ROCE of 3.23% tell me this is not a fortress. Piotroski 5/9 is middling. Crucially, FFO/AFFO, the right REIT measures, are not in the data, so I cannot properly test dividend coverage. The preferred yield looks attractive, and the price is near the lower end of its 52-week range. But I would demand ample compensation for the credit and preferred-equity risk, because the claim is only as good as the REIT's cash flow and balance sheet.

In plain English: Regency Centers owns and operates grocery-anchored shopping centers around the U.S. This preferred stock pays a fixed 6.25% dividend, which at $22.08 works out to about a 7.1% yield, while the underlying property company is profitable and growing revenue and net income but uses debt and lacks key cash-flow measures. At this price, the preferred looks moderately cheap against its dividend and book value, though the risks are real.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

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