Canadian Halal Investor.

NASDAQ Shariah screener · October 2026

Is Regency Centers Corporation (REG) Halal?

FAIL

Regency Centers Corporation · NASDAQ: REG · Real Estate

The short answer

Regency Centers fails the debt gate: it is a grocery-anchored shopping-center REIT (clean business, investment income only 0.26% of revenue), but its $4,739.3M of interest-bearing debt is 35.5% of its ~$13.34 billion market cap, over the 33% ceiling.

Gate 1 — Business activity: PASS

Gate 1 — business activity: PASS. Regency Centers Corporation, per its FY2025 Form 10-K (year ended December 31, 2025, filed February 13, 2026), is a real estate investment trust (REIT) — the Parent Company is the general partner of Regency Centers, L.P., which holds the company's assets (about $13.0 billion of total assets, largely shopping-center real estate).

The company owns, operates and develops grocery-anchored retail shopping centers merchandised with highly productive grocers, restaurants, service providers and best-in-class retailers. It is not an interest-based lender and is not involved in tobacco, gambling, pork, or conventional banking or insurance. Leasing retail space to conventional businesses is an ordinary landlord activity, not an interest-based business. The business passes gate 1.

Gate 2 — Debt and cash: FAIL

Gate 2 — interest-bearing debt: FAIL (35.5%, ceiling 33%). Per Regency Centers' FY2025 consolidated balance sheet (December 31, 2025): notes payable, net of $4,619,301 thousand plus an unsecured credit facility balance of $120,000 thousand — total interest-bearing debt of about $4,739.3 million (fixed rate mortgage loans, fixed rate unsecured debt, and variable rate debt).

$4,739.3 million of interest-bearing debt against a market capitalization of about $13.34 billion (Finnhub, October 2, 2026) is about 35.5% — over the 33% ceiling, so Regency Centers fails this screener's debt gate. Its Q1 2026 10-Q shows notes payable, net of $4,973,934 thousand at March 31, 2026 — leverage increased further. Cash and short-term investments were about $105 million at December 31, 2025 (FT).

Gate 3 — Non-compliant income: PASS

Gate 3 — non-compliant income: PASS (0.26%, ceiling 5%). Regency Centers' FY2025 Form 10-K separately discloses net investment income of ($4,077) thousand — net investment income of $4,077 thousand — against total revenues of $1,553,524 thousand, about 0.26% — far under the 5% ceiling (interest expense, net was $199,548 thousand).

The income gate passes, but the screener's overall result is FAIL because of the debt gate.

Key figures used

Frequently asked questions

What does Regency Centers do?

Regency Centers Corporation (NASDAQ: REG) is a real estate investment trust (REIT) that owns, operates and develops grocery-anchored shopping centers in the United States. Per its FY2025 Form 10-K (year ended December 31, 2025, filed February 13, 2026), the Parent Company is a REIT and general partner of Regency Centers, L.P., which holds the company's assets - about $13.0 billion of total assets, largely shopping-center real estate. Its portfolio is merchandised with highly productive grocers, restaurants, service providers and retailers. It was founded in 1963 and is headquartered in Jacksonville, Florida.

Is Regency Centers' business Shariah compliant?

Regency Centers is a REIT that owns and operates retail shopping centers - it is not an interest-based lender and is not involved in tobacco, gambling, pork, or conventional banking or insurance. Its income comes from leasing retail space to grocers, restaurants, service providers and retailers; leasing space to conventional businesses is an ordinary landlord activity, not an interest-based business. Assessed on the filed business description, the business passes this screener's first gate.

How much interest-bearing debt does Regency Centers have?

Regency Centers' FY2025 Form 10-K balance sheet (December 31, 2025) shows notes payable, net of $4,619,301 thousand and an unsecured credit facility balance of $120,000 thousand - total interest-bearing debt of about $4,739.3 million. Against a market capitalization of about $13.34 billion (Finnhub, October 2, 2026), that is about 35.5% - over the 33% ceiling, so Regency Centers fails this screener's debt gate. (Its Q1 2026 10-Q shows notes payable, net of $4,973,934 thousand at March 31, 2026 - higher still.)

How much interest income does Regency Centers earn?

Regency Centers' FY2025 Form 10-K separately discloses net investment income of ($4,077) thousand - net investment income of $4,077 thousand - against total revenues of $1,553,524 thousand, about 0.26% - under the 5% non-compliant income ceiling. Interest expense, net was $199,548 thousand. The most recent annual figure (0.26%) is used for this gate; it passes, but the screener's result is FAIL because of the debt gate.

What do third-party Shariah screeners say about Regency Centers?

I could not verify a Zoya rating page for REG, a Musaffa rating page for REG, or a ShariaPortfolio rating from public sources. Third-party screeners apply different assumptions and update on different schedules, and their results can change when new financial statements are published - always check the latest screening before investing.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).