Analyst Consensus ?
ConsensusBuy30 ratings
Bullish1756.7%
Neutral1240.0%
Bearish13.3%
1 unmapped firm rating excluded from the percentages.
Regency Centers Corporation · REG · FY2026 Q1 · Calendar Q2 2026
Regency Centers Beats Q1 as NOI Rises 4.4%, Pipeline Tops $600M
Regency Centers reported a solid Q1 2026 beat, with EPS of $0.68 exceeding the $0.62 consensus by 9.3% and revenue of $419M topping estimates by 2.0%. Same-property NOI grew 4.4%, supported by 3.5% base rent growth and strong re-leasing spreads. Occupancy reached approximately 97%, up from 94.2% at year-end 2025. The development pipeline now exceeds $600M following $73M of new Q1 starts, with a target of over $1B of new starts over three years. Management maintained full-year guidance and issued $450M of 7-year unsecured notes at a 4.5% coupon -- the lowest credit spread in the company's history. Despite the beat, shares traded down 2.9% on an abnormal basis versus a positive benchmark, suggesting the market may have been priced for an even stronger print or reacted to the sequential NOI deceleration from 5.3% to 4.4%.
Reported After market closeNASDAQReal Estate
$14.67B market cap
100quality score
Company context
Snapshot as of publicationRegency Centers is recognized as a leading national entity specializing in the ownership, management, and development of retail complexes. These properties are strategically located in prosperous and densely populated market regions. The company's portfolio showcases a collection of thriving sites, expertly curated with high-performing supermarkets, popular eateries, essential service businesses, and premier retailers, all deeply integrated with their local neighborhoods, communities, and clientele. Operating as a comprehensive real estate firm, Regency Centers is a qualified Real Estate Investment Trust (REIT), characterized by its self-administered and self-managed structure, and is a respected constituent of the S&P 500 Index.
Earnings scorecard
Reported versus consensus
Reported EPS
$0.68
Consensus $1
EPS surprise
+9.3%
Reported versus consensus
Reported revenue
$419.1M
Consensus $410.8M
Revenue surprise
+2.0%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$80.36Previous close
$60Low
$79.82Average
$90High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Jul 31, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Evercore ISI Group | In Line | In Line | Maintain | Jul 30, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 23, 2026 |
| UBS | Neutral | Neutral | Maintain | Jul 9, 2026 |
| Barclays | Overweight | Overweight | Maintain | May 12, 2026 |
| Citigroup | Neutral | Neutral | Maintain | May 5, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Apr 21, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Mar 24, 2026 |
| Truist Securities | Buy | Buy | Maintain | Mar 2, 2026 |
| Mizuho | Neutral | Outperform | Downgrade | Jan 9, 2026 |
| JP Morgan | Neutral | Overweight | Downgrade | Dec 18, 2025 |
| Keybanc | Overweight | Downgrade | Dec 4, 2025 | |
| Baird | Outperform | Outperform | Maintain | Jul 30, 2025 |
| BTIG | Buy | Buy | Maintain | Nov 27, 2024 |
| Deutsche Bank | Hold | Buy | Downgrade | Sep 26, 2024 |
| Compass Point | Buy | Buy | Maintain | Sep 10, 2024 |
| Raymond James | Outperform | Outperform | Maintain | Aug 16, 2024 |
| Jefferies | Buy | Buy | Maintain | Mar 7, 2024 |
| Argus Research | Buy | Hold | Upgrade | Sep 20, 2023 |
| B of A Securities | Buy | Buy | Maintain | Aug 22, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Jun 23, 2022 |
| BMO Capital | Outperform | Market Perform | Upgrade | Dec 1, 2021 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Jul 21, 2020 |
| RBC Capital | Outperform | Top Pick | Downgrade | Dec 14, 2018 |
| Argus | Hold | Buy | Downgrade | May 5, 2018 |
| BTIG Research | Buy | Neutral | Upgrade | Jan 29, 2018 |
| Boenning & Scattergood | Neutral | Underperform | Upgrade | Oct 3, 2017 |
| Roth Capital | Buy | Buy | Maintain | Apr 1, 2016 |
| Bank of America | Buy | Neutral | Upgrade | Dec 4, 2014 |
| ISI Group | Neutral | Buy | Downgrade | Dec 17, 2013 |
| Janney Capital | Neutral | Neutral | Maintain | Sep 10, 2013 |
| Goldman Sachs | Sell | Sell | Maintain | May 9, 2013 |
Named analyst price targets
Upside is calculated against the persisted previous close $80.36. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Evercore ISI | Analyst unavailable | $83 | $80.06 | +3.3% | Jul 30, 2026 |
| Wells Fargo | Jamie Feldman | $90 | $82.22 | +12.0% | Jul 23, 2026 |
| UBS | Analyst unavailable | $85 | $79.72 | +5.8% | Jul 9, 2026 |
| Evercore ISI | Steve Sakwa | $81 | $80.87 | +0.8% | Jul 7, 2026 |
| Raymond James | Analyst unavailable | $88 | $81.68 | +9.5% | Jun 29, 2026 |
| BTIG | Analyst unavailable | $85 | $80.69 | +5.8% | Jun 12, 2026 |
| Deutsche Bank | Analyst unavailable | $85 | $78.52 | +5.8% | May 29, 2026 |
| Wells Fargo | Analyst unavailable | $88 | $78.84 | +9.5% | May 26, 2026 |
| UBS | Analyst unavailable | $81 | $77.33 | +0.8% | May 18, 2026 |
| Barclays | Richard Hightower | $90 | $77.72 | +12.0% | May 12, 2026 |
| Evercore ISI | Analyst unavailable | $80 | $77.59 | -0.4% | May 1, 2026 |
| Robert W. Baird | Analyst unavailable | $84 | $76.81 | +4.5% | Feb 10, 2026 |
| Deutsche Bank | Omotayo Okusanya | $83 | $71.47 | +3.3% | Jan 20, 2026 |
| UBS | Analyst unavailable | $76 | $69.52 | -5.4% | Jan 14, 2026 |
| Mizuho Securities | Analyst unavailable | $74 | $70.62 | -7.9% | Jan 9, 2026 |
| UBS | Analyst unavailable | $74 | $70.62 | -7.9% | Jan 9, 2026 |
| UBS | Michael Goldsmith | $75 | $69.99 | -6.7% | Jan 8, 2026 |
| Morgan Stanley | Ronald Kamdem | $85 | $68.09 | +5.8% | Jan 5, 2026 |
| Jefferies | Analyst unavailable | $79 | $68.24 | -1.7% | Dec 15, 2025 |
| Wells Fargo | Analyst unavailable | $82 | $72.21 | +2.0% | Oct 21, 2025 |
| Barclays | Analyst unavailable | $83 | $71.68 | +3.3% | Oct 6, 2025 |
| Scotiabank | Nicholas Yulico | $76 | $71.58 | -5.4% | Aug 28, 2025 |
| Truist Financial | Ki Bin Kim | $81 | $71.02 | +0.8% | Aug 15, 2025 |
| Wells Fargo | Dori Kesten | $79 | $72.83 | -1.7% | Mar 26, 2025 |
| Scotiabank | Analyst unavailable | $80 | $76.7 | -0.4% | Feb 28, 2025 |
| KeyBanc | Todd Thomas | $80 | $72.28 | -0.4% | Nov 4, 2024 |
| Evercore ISI | Steve Sakwa | $77 | $71.75 | -4.2% | Oct 29, 2024 |
| Deutsche Bank | Derek Johnston | $75 | $71.85 | -6.7% | Sep 26, 2024 |
| Evercore ISI | Samir Khanal | $75 | $74.68 | -6.7% | Sep 16, 2024 |
| Truist Financial | Ki Bin Kim | $78 | $70.01 | -2.9% | Aug 15, 2024 |
| Truist Financial | Ki Bin Kim | $70 | $60.61 | -12.9% | May 20, 2024 |
| Scotiabank | Greg McGinnis | $65 | $60.42 | -19.1% | May 16, 2024 |
| Mizuho Securities | Haendel Juste | $60 | $57.29 | -25.3% | Apr 18, 2024 |
| Wells Fargo | Dori Kesten | $70 | $62.9 | -12.9% | Mar 5, 2024 |
| Evercore ISI | Steve Sakwa | $71 | $62.97 | -11.6% | Jan 22, 2024 |
| Morgan Stanley | Ronald Kamdem | $75 | $65.54 | -6.7% | Dec 21, 2023 |
| Barclays | Ross Smotrich | $71 | $67.02 | -11.6% | Dec 18, 2023 |
| BTIG | Michael Gorman | $77 | $71.15 | -4.2% | Dec 15, 2021 |
| Evercore ISI | Samir Khanal | $82 | $71.81 | +2.0% | Dec 6, 2021 |
| Barclays | Anthony Powell | $78 | $73.35 | -2.9% | Nov 17, 2021 |
Track every rating change on REG the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
-1.9%
Event window
SPY move
+1.0%
Same window
Abnormal move
-2.9%
Stock minus SPY
Volume
2.3×
Versus trailing sessions
Subsequent drift
-0.6%
Up to 20 sessions
REGSPY benchmark
Follow REG with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeTranscript intelligence
What changed
Same-property NOI growth decelerated to 4.4% from 5.3% in Q4 2025, though occupancy improved meaningfully to approximately 97% from 94.2% at year-end. The development pipeline expanded to over $600M with $73M of new Q1 starts. The company issued $450M of 7-year unsecured notes at 4.5%, achieving its lowest-ever credit spread. EPS of $0.68 beat the $0.62 estimate by 9.3%, and revenue of $419M beat by 2.0%.
Guidance delta
Full-year 2026 guidance for same-property NOI (3.25%-3.75%), core operating earnings, and NAREIT FFO was maintained. Management expects total NOI growth north of 6%.
Key takeaways
- Same-property NOI grew 4.4% in Q1, driven by 3.5% base rent growth and strong re-leasing spreads.
- Occupancy approaches 97%, with a 20-basis-point increase in same-property commenced rate.
- Development pipeline exceeds $600M with a target of over $1B of new starts in the next three years.
- Full-year guidance for NOI, core operating earnings, and NAREIT FFO maintained with expected total NOI growth north of 6%.
- Balance sheet remains strong with low leverage (~5-5.5x) and access to inexpensive capital, including a $450M debt issuance at the lowest credit spread in company history.
Management priorities
- Accelerate ground-up and redevelopment projects, including new starts worth $73M in Q1.
- Target over $1B of development spend over the next three years.
- Continue leveraging relationships with grocers and master-plan developers for new sites.
- Maintain focus on lease escalations and occupancy growth to drive NOI.
- Potential opportunistic equity issuance to fund accretive growth.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-31T09:42:28.857852+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-31T09:42:28.855155+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.