REGENCY CENTERS CORP (REG) — payout ratio, three ways
Fiscal year ending 2025-12-31 · sector Real estate · payout ratios computed from SEC filings, not taken from a data vendor.
Funds from operations is not shown for this company. It cannot be computed from what this company files — the inputs are absent from its XBRL, not zero. The figure marked in the table is free cash flow instead.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 101.8% | What most screeners publish, and badly wrong here — depressed by depreciation on buildings that are not losing value. |
| Operating cash flow | 61.8% | Before capital spending, so it understates the payout that free cash flow shows. |
| Free cash flow | 130.3% | Counts property acquisitions as though they were maintenance. |
Spread between highest and lowest: 69 percentage points. Same filings, different denominators.
Coverage rating 22 / 100 — Strained. ? Peer standing · not rankedDirection 0/30Stability 11/20
Free cash flow payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 130.3% |
| 2024-12-31 | 109.7% |
| 2023-12-31 | 93.1% |
| 2022-12-31 | 93.0% |
| 2021-12-31 | 150.8% |
| 2020-12-31 | 62.3% |
Coverage has deteriorated three years running — 93.0% to 130.3% — and the dividend now exceeds what the basis that applies can fund.
The arithmetic
- GAAP earnings — dividends declared per share $2.87 ÷ diluted EPS $2.82
- Operating cash flow — dividends paid $511.6m ÷ operating cash flow $827.7m
- Free cash flow — dividends paid $511.6m ÷ (operating cash flow $827.7m − capex $435.1m)
Where the figures came from
- 10-K filed 2026-02-13 · accession
0001193125-26-051668
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- FFO not derivable (no weighted-average diluted share count) — REIT page not publishable
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.