REGENCY CENTERS CORP Stock Compensation Disclosure
The Company records stock-based compensation expense within General and administrative expenses in the accompanying Consolidated Statements of Operations, and recognizes forfeitures as they occur.
|
|
Year ended December 31, |
|
|||||||||
(in thousands) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Restricted stock (1)(2) |
|
$ |
21,648 |
|
|
|
18,549 |
|
|
|
17,277 |
|
Directors' fees paid in common stock and other employee stock grants |
|
|
439 |
|
|
|
528 |
|
|
|
590 |
|
Capitalized stock-based compensation |
|
|
(2,628 |
) |
|
|
(1,941 |
) |
|
|
(954 |
) |
Stock-based compensation, net of capitalization |
|
$ |
19,459 |
|
|
|
17,136 |
|
|
|
16,913 |
|
The Company established its Omnibus Incentive Plan (the "Plan") under which the Board of Directors may grant stock options and other stock-based awards to officers, directors, and other key employees. The Plan allows the Company to issue up to 5.0 million shares in the form of the Parent Company's common stock or stock options. As of December 31, 2025, there were 3.5 million shares available for grant under the Plan.
Restricted Stock Units
The Company grants restricted stock under the Plan to its employees as a form of long-term compensation and retention. The terms of each restricted stock grant vary depending upon the participant's responsibilities and position within the Company. The Company's stock grants can be categorized as either time-based awards, performance-based awards, or market-based awards. All awards are valued at grant date fair value, earn dividends throughout the vesting period, and have no voting rights. Fair value is measured using the grant date market price for all time-based and performance-based awards. Market based awards are valued using a Monte Carlo simulation model to estimate the fair value based on the probability of
satisfying the market conditions and the projected stock price at the time of payout, discounted to the valuation date over a three year performance period. Assumptions used in the estimate include historic volatility over the previous three-year period, risk-free interest rates, and Regency's historic daily return as compared to the market index. Since the award payout includes dividend equivalents and the total shareholder return includes the value of dividends, no dividend yield assumption is required for the valuation. Compensation expense is measured at the grant date and recognized on a straight-line basis over the requisite service period for the entire award, regardless of whether the market condition is ultimately achieved.
The following table summarizes non-vested restricted stock activity:
|
|
Year ended December 31, 2025 |
|
|||||||||
|
|
Number of Shares |
|
|
Intrinsic Value (in thousands) |
|
|
Weighted Average Grant Date Fair Value |
|
|||
Non-vested as of December 31, 2024 |
|
|
803,789 |
|
|
|
|
|
|
|
||
Time-based awards granted (1) (4) |
|
|
160,733 |
|
|
|
|
|
$ |
71.81 |
|
|
Performance-based awards granted (2) (4) |
|
|
18,721 |
|
|
|
|
|
$ |
71.78 |
|
|
Market-based awards granted (3) (4) |
|
|
145,778 |
|
|
|
|
|
$ |
83.97 |
|
|
Change in market-based awards earned for performance (3) |
|
|
(33,825 |
) |
|
|
|
|
$ |
70.89 |
|
|
Vested (5) |
|
|
(250,944 |
) |
|
|
|
|
$ |
71.01 |
|
|
Forfeited |
|
|
(9,338 |
) |
|
|
|
|
$ |
67.68 |
|
|
Non-vested as of December 31, 2025 (6) |
|
|
834,914 |
|
|
$ |
57,634 |
|
|
|
|
|
|
|
Year ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Expected volatility |
|
|
23.8 |
% |
|
|
25.50 |
% |
|
|
45.50 |
% |
Risk free interest rate |
|
|
4.25 |
% |
|
|
4.14 |
% |
|
|
3.75 |
% |
|
|
Year ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Weighted-average grant date fair value for restricted stock |
|
$ |
77.26 |
|
|
$ |
60.36 |
|
|
$ |
68.28 |
|
|
|
Year ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Intrinsic value of restricted stock vested |
|
$ |
17,820 |
|
|
$ |
19,254 |
|
|
$ |
19,717 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 17, 2021 | |
| 2019 | Feb 18, 2020 | |
| 2018 | Feb 21, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 27, 2017 | |
| 2015 | Feb 18, 2016 | |
About Stock Compensation Disclosures
Stock-based compensation disclosures detail the equity awards granted to employees and executives — including stock options, restricted stock units (RSUs), and performance shares — along with the valuation methods and assumptions used to expense them. This section reveals the true cost of talent retention and the alignment between management incentives and shareholder interests.
Key signals: total unrecognized compensation expense and its expected recognition period signal future earnings headwinds from already-granted awards. For stock options, examine Black-Scholes assumptions — expected volatility, risk-free rate, and expected term — as understating any of these reduces reported compensation expense. Compare stock compensation expense as a percentage of revenue against peers to assess dilution cost. Watch vesting schedules for acceleration clauses tied to change-of-control events. Performance-based awards with undemanding targets may indicate weak governance. Add back stock compensation to operating cash flow to calculate a more conservative free cash flow figure.