Regency Centers Corp (REG) is a grocery-anchored shopping center REIT with total assets of $13.05B at March 31, 2026. Under a liquidation lens, recovery to equity is deeply negative, consistent with the MFFAIS OLV of approximately negative $5.1B. The dominant asset is real estate: gross investment property of $14.66B carries accumulated depreciation of $3.35B, yielding a net book value of $11.31B. Applying a 50-70% liquidation haircut to gross PP&E produces a recovery range of roughly $7.3B to $10.3B on that asset class alone. Against this, total liabilities stand at $5.88B at face value, with long-term debt of $5.0B as the primary claim. Consolidated equity book value is $6.89B for common and preferred shareholders, but liquidation haircuts on real estate and intangibles erase most of that cushion. Goodwill of $167M receives a 100% haircut; finite-lived intangibles net of $245M also carry zero recovery value, together eliminating ~$412M of book equity. The equity method investment in real estate partnerships ($359M book value) represents Regency's pro-rata share of 16 unconsolidated JVs holding $2.7B combined assets against $1.6B combined liabilities; these investments receive the same PP&E haircut and likely recover at a fraction of book. During Q1 2026, REG issued $447M in new unsecured public notes while repaying $88M in mortgage debt and net $90M on its revolving line. This increased the gross debt stack materially — the long-term debt XBRL tag rose to $5.0B versus prior-period levels (prior filing was annual 10-K, December 31, 2025). The maturity profile shows $270M remaining in 2026 (fixed rate), $758M in 2027, $360M in 2028, $528M in 2029, and $608M in 2030, with $2.5B thereafter. The unconsolidated JV debt (Regency's pro-rata share: $538M) is non-recourse but represents contingent funding obligations if partners default. Operating lease liabilities of $241M at face value add to the liability stack under liquidation mechanics. The $138M pre-funding of the April 1 dividend recorded on March 31 inflated accounts payable or payable balances temporarily and is a timing artifact, not a structural change. No pension obligations or restructuring charges are present. The filing discusses an ongoing Iran-related geopolitical conflict and its potential inflationary and energy cost implications for property operations and development costs, but does not separately XBRL-tag these risk factors.
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