REGENCY CENTERS CORP - FORM 8-K - EX-99.2 - SUPPLEMENTAL INFORMATION

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8-K - 8-K - REGENCY CENTERS CORP	d8k.htm
EX-99.3 - CAPITAL AVAILABILITY - REGENCY CENTERS CORP	dex993.htm
EX-99.1 - EARNINGS RELEASE - REGENCY CENTERS CORP	dex991.htm

EXHIBIT 99.2

Regency Centers Corporation

March 31, 2011

Supplemental Information

Investor Relations

Diane Ortolano

One Independent Drive, Suite 114

Jacksonville, FL 32202

904-598-7727

About Regency

Regency Centers Corporation is the leading national owner, operator, and developer of grocery-anchored and community shopping centers. At March 31, 2011, Regency’s total market capitalization was $6.2 billion.

As of March 31, 2011, the Company owned 396 shopping centers and single tenant properties, including those held in co-investment partnerships. Total gross leasable area (GLA) under management, including tenant-owned square footage was 52.9 million square feet, located in top markets across the nation. Founded in 1963 and operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.

Regency’s portfolio is distinguished by attractive demographics and strong retailers. The average household income in the trade area of Regency’s centers is more $94,000, 30% higher than the national average. Regency’s quality portfolio is anchored by dominant grocers such as Kroger and Publix, as well as leading national retailers such as Target, which drive traffic into its centers. In addition, 79% of the portfolio is leased to national and regional retailers. The quality of the tenant base and the strength of the Company’s tenant relationships are fundamentally differentiating factors for Regency. Premier Customer Initiative (PCI) is Regency’s relationship-based operating system that focuses on the national, regional, and local retailers that are the best operators in their merchandising category.

Regency’s operating and development expertise continues to create value from the operating portfolio and from new development opportunities. Since 2000 Regency has developed 204 shopping centers, including those currently in-process, representing an investment at completion of $3.0 billion. At the end of the first quarter of 2011, Regency had 30 projects under development for an estimated total investment at completion of $531.3 million. These in-process developments are 94% funded and 83% leased (91% leased and committed, including tenant-owned square footage).

Regency employs a capital recycling strategy to continue to improve the overall quality of the portfolio. The disposition of assets and an industry-leading co-investment partnership program are integral components of this strategy. The co-investment partnerships provide an embedded market for developments and acquisitions, enabling Regency to generate a growing stream of third-party revenue while profitably growing the portfolio. In the past eight years, capital recycling and co-investment partnerships have enabled Regency to cost effectively fund $9.5 billion in investments.

Regency has centers located in the top markets in the country and has 17 offices nationwide. The Company is listed on the New York Stock Exchange, traded under the symbol REG, and is included in the S&P MidCap 400 Index. There are also three series of preferred shares that trade under REG PRC, REG PRD and REG PRE.

Please visit www.RegencyCenters.com for more information.

The information provided in this supplemental package is unaudited and there can be no assurance that the information will not vary from the final information for the quarter ended March 31, 2011. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.

LOGO

Regency Centers Corporation

Press Release


www.RegencyCenters.com						CONTACT: LISA PALMER
						(904) 598-7636

REGENCY CENTERS REPORTS FIRST QUARTER RESULTS

First Quarter Recurring FFO per Share of $0.59

Jacksonville, Fla. (May 4, 2011) — Regency Centers Corporation announced today financial and operating results for the quarter ended March 31, 2011, subject to completion of the accounting review of its Non-Qualified Deferred Compensation Plan as described below. The Company’s net income is subject to change based upon the completion of its review; however, the Company does not anticipate any change to its FFO or Recurring FFO.

Earnings and Operations

Regency reported Recurring Funds From Operations (FFO) for the first quarter of $51.0 million, or $0.59 per diluted share, compared to $52.3 million and $0.63 per diluted share for the same period in 2010.

Regency reported net income attributable to common stockholders for the quarter of $2.2 million, or $0.02 per diluted share, compared to $11.4 million and $0.14 per diluted share for the same period in 2010. During the quarter, the Company recorded a $4.6 million impairment on our interest in a development joint venture.

Funds From Operations (FFO) for the first quarter was $48.1 million, or $0.56 per diluted share. For the same period in 2010, the Company reported FFO of $48.6 million and $0.58 per diluted share.

Regency reports FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (NAREIT) as a supplemental operating performance measure. The Company considers this a meaningful performance measurement in the Real Estate Investment Trust industry. Regency also reports Recurring FFO as FFO excluding the impact of gains from the sale of development projects and outparcels, net of related taxes and dead deal costs, provisions for impairment, gains and losses from the early extinguishment of debt and preferred stock, restructuring charges, transaction fees and promotes and other non-core items.

For the three months ended March 31, 2011, Regency’s results for wholly owned properties plus its pro-rata share of co-investment partnerships were as follows:

•

Percent leased, same properties only: 92.0%

•

Percent leased, all properties: 91.3%

•

Increase in same property net operating income (NOI) over the same period last year, excluding termination fees: 0.6%

•

Decline in same property NOI over the same period last year: (1.6%)

•

Same space rental rate decline on a cash basis for spaces vacant less than 12 months: (1.0%)

•

Same space rental rate decline on a cash basis: (4.9%)

•

Leasing transactions (wholly owned properties and 100% of co-investment partnerships): 360 new and renewal lease transactions for a total of 1.3 million square feet

Accounting Treatment for Non-Qualified Deferred Compensation Plan

The Company maintains a non-qualified deferred compensation plan (“NQDCP”). This plan allows select employees and directors to defer part or all of their salary, cash bonus, and vested restricted stock awards. All contributions to the participants’ accounts vest immediately. In accordance with the terms of the NQDCP, all deferred salary, bonus and stock have been placed in a Rabbi trust. The assets in the Rabbi trust remain subject to the claims of creditors of the Company and are not the property of the participant. The NQDCP has 21 investment choices that mirror the choices of the Company’s 401(k) and profit sharing plan, which includes mutual funds and the Regency Centers common stock fund.

In preparing its financial statements as of and for the three months ended March 31, 2011, the Company identified an error related to the accounting for its NQDCP. The Company determined that it did not properly account for the investment assets and the Company’s common stock held in the Rabbi trust on the Consolidated Balance Sheets, as well as the realized and unrealized gains and losses within the consolidated statements of operations. The issue relates to mark-to-market accounting on stock awards that were deferred into the NQDCP. The Company is still reviewing the accounting treatment for the NQDCP and expects to recognize further non-cash adjustments to net income. The Company’s net income is subject to change based upon the completion of its review; however, the Company does not anticipate any change to its FFO or Recurring FFO. The Company will file its Form 10-Q as soon as it has finalized its review.

Investments

Dispositions and Acquisitions

During the quarter, one co-investment operating property was sold at a gross sales price of $10.7 million. Regency’s share of the sales price was $4.3 million. Also, Regency sold two out parcels at a gross sales price of $1.4 million.

Development

Two projects were started during the quarter with estimated net development costs of $13.8 million and a completion yield of 9.1%. One project was completed during the quarter, representing $2.7 million of net development costs. At March 31, 2011, the Company had 30 projects under development with estimated net development costs of $531.3 million. The in-process developments are 94% funded and 83% leased.

Capital Markets

Co-investment Partnerships

During the quarter, the California State Teachers’ Retirement System (CalSTRS) committed an additional $100.0 million of equity to RegCal, LLC, an existing partnership between Regency and CalSTRS. This increased CalSTRS’ total commitment to the partnership to $185.0 million and extended the investment period through the end of 2013. Concurrently, Regency increased its commitment to nearly $62.0 million as required to maintain its 25% ownership interest in the partnership.

Effective May 1, 2011, Regency redeemed its approximate 16% interest in MCW-Regency-Desco, LLC. The Redemption Agreement allowed for a distribution-in-kind of the portfolio assets, with Regency receiving 100% ownership interest in four properties. The assets were divided using the selection process provided by the Partnership Operating Agreement. This process included a one-for-one selection rotation, with Regency selecting first, until the value of the properties selected, as agreed upon by the partnership members, exceeded Regency’s existing ownership interest. All four of the assets selected by Regency are located in the St. Louis market. Also as part of the redemption agreement, Regency received an approximate $5.0 million termination fee at closing and will continue to earn fees through 2011 for services over this time period.

Partnership Financings

Subsequent to quarter end, Regency and Global Retail Investors, LLC (GRI) closed on $340.0 million of mortgage financing secured by 20 assets in its GRI partnership to refinance a portion of the partnership’s $430.4 million of secured debt that was set to mature in mid-2011. The new secured debt provides a weighted average interest rate of 4.9% over a weighted average 11-year term and is interest-only for the first year. The aggregate loan amount represents approximately 59.9% of the combined property values that secure the mortgage loan.

Dividend

On May 2, 2011, the Board of Directors declared a quarterly cash dividend of $0.4625 per share, payable on June 1, 2011 to shareholders of record on May 18, 2011. The Board also declared a quarterly cash dividend of $0.46563 per share of Series 3 Preferred stock, payable on June 30, 2011 to shareholders of record on June 1, 2011; a quarterly cash dividend of $0.45313 per share of Series 4 Preferred stock, payable on June 30, 2011 to shareholders of record on June 1, 2011; and a quarterly cash dividend of $0.41875 on the Series 5 Preferred stock, payable on June 30, 2011 to shareholders of record on June 1, 2011.

Conference Call

In conjunction with Regency’s first quarter results, you are invited to listen to its conference call that will be broadcast live over the internet on Thursday, May 5 at 10:00 a.m. EDT on the Company’s web site www.RegencyCenters.com. If you are unable to participate during the live webcast, the call will also be archived on the web site.

The Company has published additional forward-looking statements in its first quarter 2011 supplemental information package that may help investors estimate earnings for 2011. A copy of the Company’s first quarter 2011 supplemental information will be available on the Company's web site at www.RegencyCenters.com or by written request to Diane Ortolano, Investor Relations, Regency Centers Corporation, One Independent Drive, Suite 114, Jacksonville, Florida, 32202. The supplemental information package contains more detailed financial and property results including financial statements, an outstanding debt summary, acquisition and development activity, investments in partnerships, information pertaining to securities issued other than common stock, property details, a significant tenant rent report and a lease expiration table in addition to earnings and valuation guidance assumptions. The information provided in the supplemental package is unaudited and there can be no assurance that the information will not vary from the information provided for the quarter ended March 31, 2011. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.

Reconciliation of Net Income Attributable to Common Stockholders to Funds From Operations and Recurring Funds From Operations—Actual


For the Periods Ended March 31, 2011 and 2010	Three Months Ended						Year to Date
	2011			2010			2011			2010

Net income attributable to common stockholders	$	2,185,400		$	11,399,425		$	2,185,400		$	11,399,425
Adjustments to reconcile to Funds from Operations:
Depreciation expense - consolidated properties		29,807,930			26,387,275			29,807,930			26,387,275
Depreciation and amortization expense - uncons properties		11,340,868			13,203,559			11,340,868			13,203,559
Consolidated JV partners’ share of depreciation		(134,591	)		(137,951	)		(134,591	)		(137,951	)
Amortization of leasing commissions and intangibles		4,380,464			3,885,633			4,380,464			3,885,633
Gain on sale of operating properties, including JV’s		(19,407	)		(7,194,648	)		(19,407	)		(7,194,648	)
Unrealized gain on REG shares in deferred compensation trust		547,875			969,545			547,875			969,545
Non-controlling interest of exchangeable partnership units		12,744			93,861			12,744			93,861


Funds From Operations		48,121,283			48,606,699			48,121,283			48,606,699

Dilutive effect of share-based awards		(224,824	)		(190,868	)		(224,824	)		(190,868	)

Funds From Operations for calculating Diluted FFO per Share	$	47,896,459		$	48,415,831		$	47,896,459		$	48,415,831


Funds From Operations	$	48,121,283		$	48,606,699		$	48,121,283		$	48,606,699
Adjustments to reconcile to Recurring Funds from Operations:
Development and outparcel gains, net of dead deal costs and tax, including JV’s		(1,724,633	)		(231,303	)		(1,724,633	)		(231,303	)
Provisions for impairment, including JV’s		4,580,000			3,613,131			4,580,000			3,613,131
Provisions for hedge ineffectiveness		—			343,459			—			343,459
Loss on early debt extinguishment		(23,139	)		—			(23,139	)		—


Recurring Funds From Operations		50,953,511			52,331,986			50,953,511			52,331,986

Dilutive effect of share-based awards		(224,824	)		(190,868	)		(224,824	)		(190,868	)

Recurring Funds From Operations for calculating Diluted Recurring FFO per Share	$	50,728,687		$	52,141,118		$	50,728,687		$	52,141,118


Weighted Average Shares For Diluted FFO per Share		85,358,476			82,780,272			85,358,476			82,780,272

Reported results are preliminary and not final until the filing of our Form 10-Q with the SEC and, therefore, remain subject to adjustment.

Regency Centers Corporation (NYSE: REG)

Regency is the leading national owner, operator, and developer of grocery-anchored and community shopping centers. At March 31, 2011, the Company owned 396 retail properties, including those held in co-investment partnerships. Including tenant-owned square footage, the portfolio encompassed 52.9 million square feet located in top markets throughout the United States. Since 2000 Regency has developed 204 shopping centers, including those currently in-process, representing an investment at completion of $3.0 billion. Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.

###

Forward-looking statements involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation with the SEC, specifically the most recent reports on Forms 10-K and 10-Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements.

Table of Contents

March 31, 2011


Highlights			1

Summary Information:

Definitions			2

Summary Financial Information			3

Summary Real Estate Information			4

Financial Information:

Consolidated Balance Sheets			5

Consolidated Statements of Operations (FFO format)			6

FFO and Other Information			7

Consolidated Statements of Operations (GAAP basis)			9

Summary of Consolidated Debt			10

Summary of Unsecured Public Debt Covenants			11

Summary of Preferred Units and Stock			12

Investment Activity:

Acquisitions, Dispositions and Development Sales			13

Development Information			15

Co-investment Partnerships:

Unconsolidated Investments			17

Unconsolidated Balance Sheets			18

Unconsolidated Statements of Operations			20

Summary of Unconsolidated Debt			22

Real Estate Information:

Leasing Statistics			23

Average Base Rent by State			25

Portfolio Summary Report by State			27

Significant Tenant Rents			34

Lease Expiration Schedule			36

Forward-Looking Information:

Earnings and Valuation Guidance			38

Reconciliation of FFO to Net Income			39

Highlights

March 31, 2011

Operating Results

(Wholly owned and Regency’s pro-rata share of co-investment partnerships)

For the quarter ended March 31, 2011, same property NOI declined 1.6%. When excluding termination fees, same property NOI increased 0.6%. Same property percent leased was 92.0%. Rental lease spreads declined 4.9% or 1.0% for spaces vacant less than 12 months.

Operating Results

(Wholly owned and 100% of co-investment partnerships)

For the quarter ended March 31, 2011, same property NOI declined 1.5%. When excluding termination fees, same property NOI increased 0.5%. Same property percent leased was 92.6%. Rental lease spreads declined 5.2% or 1.5% for spaces vacant less than 12 months.

Leasing Activity

During the quarter, 1.3 million square feet of GLA was renewed or newly leased through 360 leasing transactions.

Financial Results

Recurring Funds From Operations for the quarter was $51.0 million, or $0.59 per diluted share. Funds From Operations for the quarter was $48.1 million, or $0.56 per diluted share. Net income attributable to common stockholders for the quarter was $2.2 million, or $0.02 per diluted share.

Development Activity

At quarter end, Regency had 30 projects in process for an estimated net development cost of $531.3 million, an expected return at completion of 5.4% and an expected return at stabilization of 6.8%.

For more information on this development activity, please see page 15.

Acquisition & Disposition Activity

During the first quarter, Regency:

•

Sold one co-investment operating property at a gross sales price of $10.7 million and a cap rate of 12.2%. Regency’s share of the sales price was $4.3 million.

For more information on these acquisitions & dispositions, please see pages 13-14

Definitions

March 31, 2011

Development Properties: Properties that Regency acquires and develops, including partially operating properties specifically acquired for redevelopment, and if sold any related gains are included in its calculation of FFO. Once development properties become operating properties, related gains are no longer included in FFO unless it is owned by Regency’s taxable REIT subsidiary (TRS) and developed for the purpose of resale. A property is no longer considered a development property after the end of the third calendar year following completion.

Funds From Operations (FFO): FFO is a supplemental earnings measure defined by the National Association of Real Estate Investment Trusts (NAREIT) as net income attributable to common stockholders (computed in accordance with generally accepted accounting principles), excluding gains (or losses) from sales of depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect funds from operations on the same basis. NAREIT developed FFO as a supplement to net income and as a measure of recurring operating performance for real estate companies (April 2002). NAREIT also clarified that FFO should include the results of discontinued operations, non-recurring amounts (loss impairments, for example) except for those classified as extraordinary under GAAP, and could include certain gains and losses from the sale of undepreciated property with adequate disclosure. Regency includes gains from the sale of land or land it develops (Development Properties) in its calculation of FFO because it considers those items to be significant recurring operating amounts included in its financial results. To the extent that development sales to co-investment partnerships are impacted by the Restricted Gain Method, Regency adds back the additional gain deferral except for that amount of the ownership it has retained in the development sold.

Recurring Funds From Operations (Recurring FFO): Recurring FFO is defined as funds from operations excluding the impact of gains from the sale of development and outparcels, net of related taxes and dead deal costs, provisions for impairment, gains and losses from the early extinguishment of debt and preferred stock, restructuring charges, non-recurring transaction fees and promotes, and other one-time items.

Summary Financial Information

March 31, 2011


Financial Results	Three Months Ended						Year to Date
	2011			2010			2011			2010
Net income (loss) attributable to common stockholders	$	2,185,400		$	11,399,425		$	2,185,400		$	11,399,425

Basic EPS	$	0.02		$	0.14		$	0.02		$	0.14

Diluted EPS	$	0.02		$	0.14		$	0.02		$	0.14

Diluted EPS per share growth rate		-85.7	%					-85.7	%

Funds from Operations for common stockholders	$	48,121,283		$	48,606,699		$	48,121,283		$	48,606,699

FFO per share - Diluted	$	0.56		$	0.58		$	0.56		$	0.58

Diluted FFO per share growth rate		-3.4	%					-3.4	%

Recurring Funds from Operations for common stockholders	$	50,953,511		$	52,331,986		$	50,953,511		$	52,331,986

Recurring FFO per share - Diluted	$	0.59		$	0.63		$	0.59		$	0.63

Diluted Recurring FFO per share growth rate		-6.3	%					-6.3	%

Dividends paid per share and unit	$	0.463		$	0.463		$	0.463		$	0.463

Payout ratio of Diluted Recurring FFO per share		78.4	%		73.4	%		78.4	%		73.4	%

Interest Coverage Ratios

Interest only		3.1			2.9			3.1			2.9

Capitalized interest	$	588,951		$	2,079,773		$	588,951		$	2,079,773

Fixed Charge (Regency only)		2.5			2.4			2.5			2.4

Fixed Charge (with pro-rata share of partnerships)		2.2			2.0			2.2			2.0

Capital Information	03/31/11			YTD Change			12/31/10			12/31/09

Closing common stock price per share	$	43.48		$	1.24		$	42.24		$	35.06
Total Shareholder Return		4.0	%					26.6	%

Common Shares and Equivalents Outstanding		90,072,171			8,008,135			82,064,036			82,007,507

Market equity value of Common and Convertible shares (000’s)	$	3,916,338		$	449,953		$	3,466,385		$	2,875,183
Non-Convertible Preferred Units and shares (000’s)	$	325,000			—		$	325,000		$	325,000
Outstanding debt (000’s)	$	1,922,471		($	171,998	)	$	2,094,469		$	1,886,380
Total market capitalization (000’s)	$	6,163,809		$	277,955		$	5,885,854		$	5,086,563
Debt to Total Market Capitalization		31.2	%		-4.4	%		35.6	%		37.1	%

Total real estate at cost before depreciation (000’s)	$	4,409,179		($	8,567	)	$	4,417,746		$	4,259,955
Total assets at cost before depreciation (000’s)	$	4,720,304		$	45,779		$	4,674,525		$	4,595,970
Debt to Total Assets before Depreciation		40.7	%		-4.1	%		44.8	%		41.0	%

Outstanding Classes of Stock and Partnership Units:
Common Shares Outstanding		89,895,007			8,008,135			81,886,872			81,539,296
Exchangeable O.P. Units held by noncontrolling interests		177,164			—			177,164			468,211

Common Shares and Equivalents Issued and Outstanding		90,072,171			8,008,135			82,064,036			82,007,507


	Three Months Ended						Year to Date
	2011			2010			2011			2010
Wtd Average Diluted Shares for FFO per share		85,358,476			82,780,272			85,358,476			82,780,272
Treasury method shares related to fwd equity offering included above		1,695,242			1,086,781			1,695,242			1,086,781

Summary Real Estate Information

March 31, 2011

Wholly Owned and Regency’s Pro-Rata Share of Co-investment Partnerships


	3/31/11			12/31/10			3/31/10			12/31/09
Gross Leasable Area (GLA)		29,895,803			29,930,357			29,659,773			28,116,293

GLA - Same properties only		25,739,518			25,433,033			25,672,863			22,527,196

GLA including anchor-owned stores		36,038,054			36,050,765			35,754,186			34,130,227


% leased - All properties		91.3	%		92.0	%		91.5	%		91.4	%

% leased - Operating properties only		92.0	%		92.8	%		92.8	%		93.1	%

% leased - Same properties only		92.0	%		92.8	%		92.7	%		93.3	%

Average % leased - Same properties only		92.2	%		92.8	%		92.8	%		93.3	%


Rental rate growth - YTD⁽¹⁾		-4.9	%		-1.8	%		1.1	%		-2.7	%

Rental rate growth for spaces vacant less than 12 months - YTD⁽¹⁾		-1.0	%		-0.1	%		2.8	%		-2.6	%

Same property NOI growth - YTD		-1.6	%		1.2	%		-0.3	%		-6.7	%

Same property NOI growth without termination fees - YTD		0.6	%		0.0	%		-4.8	%		-6.1	%

Wholly Owned and 100% of Co-investment Partnerships


	3/31/11			12/31/10			3/31/10			12/31/09
Gross Leasable Area (GLA)		44,743,740			45,076,652			45,169,007			44,971,962

GLA - Same properties only		40,386,764			40,378,637			40,981,406			38,550,964

GLA including anchor-owned stores		52,863,699			53,142,005			53,208,365			53,011,320


Number of retail shopping centers		396			396			399			400

Number of centers under development (excluding expansions)		26			26			36			40

Number of grocery-anchored shopping centers		321			321			326			326


% leased - All properties		92.1	%		92.6	%		92.1	%		92.1	%

% leased - Operating properties only		92.5	%		93.2	%		93.0	%		93.2	%

% leased - Same properties only		92.6	%		93.2	%		92.9	%		93.3	%

Average % leased - Same properties only		92.7	%		93.1	%		93.1	%		93.5	%


Rental rate growth - YTD ⁽¹⁾		-5.2	%		-2.7	%		-1.5	%		-2.0	%

Rental rate growth for spaces vacant less than 12 months - YTD⁽¹⁾		-1.5	%		-0.7	%		1.3	%		-1.9	%

Same property NOI growth - YTD		-1.5	%		1.6	%		-1.2	%		-6.3	%

Same property NOI growth without termination fees - YTD		0.5	%		0.8	%		-4.3	%		-5.9	%

(1)	Rent growth is calculated on a same-space, cash basis pertaining to new and renewal leases executed.

Consolidated Balance Sheets

March 31, 2011 and December 31, 2010 and 2009


	2011			2010			2009
Assets
Real estate investments at cost:
Land, building and improvements	$	3,386,330,039			3,378,221,458			2,993,704,413
Properties in development		614,611,542			610,932,328			920,426,744

		4,000,941,581			3,989,153,786			3,914,131,157
Less: accumulated depreciation		729,133,039			700,878,014			622,163,237

		3,271,808,542			3,288,275,772			3,291,967,920
Operating properties held for sale		—			—			19,611,481
Investments in real estate partnerships		408,237,590			428,592,272			326,211,897

Net real estate investments		3,680,046,132			3,716,868,044			3,637,791,298

Cash and cash equivalents		65,763,934			22,460,118			99,477,017
Accounts receivable, net of allowance for uncollectible accounts		26,597,447			36,599,785			40,871,064
Straight line rent receivables, net of reserves		46,814,873			45,241,286			39,292,481
Notes receivable		35,930,927			35,930,927			37,753,438
Deferred costs, net of accumulated amortization		62,634,814			63,164,623			58,376,461
Acquired lease intangible assets, net of accumulated amortization		17,401,475			18,219,347			10,007,309
Trading securities held in trust, at fair value		21,661,451			20,890,523			18,421,621
Other assets		34,320,506			35,163,886			50,237,446

Total assets	$	3,991,171,559			3,994,538,539			3,992,228,135


Liabilities and Equity
Liabilities:
Notes payable	$	1,922,471,007			2,084,469,325			1,886,380,298
Unsecured line of credit		—			10,000,000			—

Total notes payable		1,922,471,007			2,094,469,325			1,886,380,298
Accounts payable and other liabilities		119,430,896			136,085,855			128,970,113
Derivative instruments, at fair value		—			—			28,363,231
Acquired lease intangible liabilities, net of accumulated accretion		6,404,153			6,682,371			5,895,885
Tenants’ security and escrow deposits		10,876,032			10,790,173			10,627,805

Total liabilities		2,059,182,088			2,248,027,724			2,060,237,332


Equity:
Stockholder’s Equity:
Preferred stock		275,000,000			275,000,000			275,000,000
Common stock, $.01 par		898,950			818,869			815,393
Additional paid in capital, net of treasury stock		2,239,324,468			2,022,970,667			2,007,295,096
Accumulated other comprehensive loss		(78,523,610	)		(80,885,436	)		(49,973,134	)
Distributions in excess of net income		(565,950,005	)		(530,618,159	)		(369,373,606	)

Total stockholders’ equity		1,870,749,803			1,687,285,941			1,863,763,749

Noncontrolling Interests:
Preferred units		49,157,977			49,157,977			49,157,977
Exchangeable operating partnership units		(826,167	)		(761,705	)		7,320,848
Limited partners’ interest in consolidated partnerships		12,907,858			10,828,602			11,748,229

Total noncontrolling interests		61,239,668			59,224,874			68,227,054

Total equity		1,931,989,471			1,746,510,815			1,931,990,803

Total liabilities and equity	$	3,991,171,559			3,994,538,539			3,992,228,135


Ratios	2011			2010			2009
Debt to real estate assets, before depreciation		43.6	%		47.4	%		44.3	%
Debt to total assets, before depreciation		40.7	%		44.6	%		40.9	%
Debt to total assets, before depreciation and including prorata share of JV’s ⁽¹⁾		44.8	%		48.1	%		45.7	%
Debt + preferred to total assets, before deprec. and incl. prorata share of JV’s		50.5	%		53.8	%		51.7	%
Unsecured assets to total real estate assets (wholly owned only)		82.4	%		81.6	%		81.6	%
Unsecured NOI to total NOI (wholly owned only)		81.8	%		81.5	%		79.5	%

(1)	debt ratio would be 44.2% if current cash balances were used to reduce outstanding debt

Consolidated Statements of Operations

For the Periods Ended March 31, 2011 and 2010

(Asset sales not separated as discontinued operations as required by GAAP - See Form 10Q and Form 10K)


	Three Months Ended						Year to Date
	2011			2010			2011			2010
Real Estate Revenues:
Minimum rent	$	89,381,388			86,623,172		$	89,381,388			86,623,172
Percentage rent		907,207			360,110			907,207			360,110
Recoveries from tenants		24,730,648			24,181,391			24,730,648			24,181,391
Termination Fees		2,761,938			4,536,249			2,761,938			4,536,249
Other income		1,504,784			1,862,629			1,504,784			1,862,629

		119,285,965			117,563,551			119,285,965			117,563,551


Real Estate Operating Expenses:
Operating and maintenance		19,579,109			17,762,024			19,579,109			17,762,024
Provision for doubtful accounts		626,808			2,278,913			626,808			2,278,913
Real estate taxes		14,724,984			14,593,671			14,724,984			14,593,671

		34,930,901			34,634,608			34,930,901			34,634,608


Net Operating Income		84,355,064			82,928,943			84,355,064			82,928,943

Fees, Development and Outparcel Gains:
Asset management fees		1,727,126			1,407,906			1,727,126			1,407,906
Property management fees		3,962,684			3,951,771			3,962,684			3,951,771
Leasing commissions and other fees		2,168,689			1,571,033			2,168,689			1,571,033
Development gains		—			38,456			—			38,456
Gain on sale of outparcels		—			373,188			—			373,188
Dead deal and Acquisition costs		(87,741	)		(154,861	)		(87,741	)		(154,861	)
Income tax (expense) benefit on operations		76,001			(25,480	)		76,001			(25,480	)
Income tax benefit on provisions for impairment		1,738,568			—			1,738,568			—

		9,585,327			7,162,013			9,585,327			7,162,013


Other Operating Expense (Income):
General and administrative		15,660,617			13,735,295			15,660,617			13,735,295
Other expenses		822,003			444,824			822,003			444,824
Depreciation and amortization (including FF&E)		35,189,795			31,333,176			35,189,795			31,333,176
Interest expense, net		30,864,643			29,128,476			30,864,643			29,128,476
Gain on sale of operating properties including taxes		—			(7,194,648	)		—			(7,194,648	)
Unrealized gain on REG shares in deferred compensation trust		547,875			969,545			547,875			969,545
Hedge ineffectiveness		—			343,459			—			343,459

		83,084,933			68,760,127			83,084,933			68,760,127


Equity in Loss of Unconsolidated Partnerships:
Operating income (loss)		1,835,510			(278,617	)		1,835,510			(278,617	)
Gain on sale of operating properties		19,407			—			19,407			—
Provision for impairment - JV properties		(4,580,000	)		(3,613,131	)		(4,580,000	)		(3,613,131	)

		(2,725,083	)		(3,891,748	)		(2,725,083	)		(3,891,748	)


Net Income		8,130,375			17,439,081			8,130,375			17,439,081

Noncontrolling Interests:
Preferred units		931,248			931,248			931,248			931,248
Exchangeable operating partnership units		12,744			93,861			12,744			93,861
Limited partners’ interest in consolidated partnerships		82,192			95,756			82,192			95,756

Net Income Attributable to Noncontrolling Interests		1,026,184			1,120,865			1,026,184			1,120,865

Net Income Attributable to Controlling Interests		7,104,191			16,318,216			7,104,191			16,318,216
Preferred Stock Dividends		4,918,791			4,918,791			4,918,791			4,918,791

Net Income Attributable to Common Stockholders	$	2,185,400			11,399,425		$	2,185,400			11,399,425

These Consolidated Statements of Operations are not accordance with GAAP because they do not reflect discontinued operations in accordance with FASB ASC Topic 360. The Company believes that the presentation is useful to readers of this report who wish to understand the Company’s operations without reclassifying sales of real estate into discontinued operations. The presentation of the Consolidated Statements of Operations prepared in accordance with GAAP are presented in the following pages.

Funds From Operations (FFO) and Other Information

For the Periods Ended March 31, 2011 and 2010


	Three Months Ended						Year to Date
	2011			2010			2011			2010
Reconciliation of Net income (loss) to Funds from Operations

Net income attributable to common stockholders	$	2,185,400			11,399,425		$	2,185,400			11,399,425
Adjustments to reconcile to Funds from Operations:
Depreciation and amortization - consolidated real estate		29,807,930			26,387,275			29,807,930			26,387,275
Depreciation and amortization - unconsolidated partnerships		11,340,868			13,203,559			11,340,868			13,203,559
Consolidated JV partners’ share of depreciation		(134,591	)		(137,951	)		(134,591	)		(137,951	)
Amortization of leasing commissions and intangibles		4,380,464			3,885,633			4,380,464			3,885,633
Gain on sale of operating properties ⁽²⁾		(19,407	)		(7,194,648	)		(19,407	)		(7,194,648	)
Unrealized gain on REG shares in deferred compensation trust		547,875			969,545			547,875			969,545
Noncontrolling interest of exchangeable partnership units		12,744			93,861			12,744			93,861


Funds From Operations ⁽¹⁾	$	48,121,283			48,606,699		$	48,121,283			48,606,699


Reconciliation of FFO to Recurring FFO

Funds from operations	$	48,121,283			48,606,699		$	48,121,283			48,606,699
Adjustments to reconcile to Recurring Funds from Operations:
Development and outparcel gains, net of dead deal costs and tax ⁽²⁾		(1,724,633	)		(231,303	)		(1,724,633	)		(231,303	)
Provision for impairment ⁽²⁾		4,580,000			3,613,131			4,580,000			3,613,131
Provision for hedge ineffectiveness		—			343,459			—			343,459
Loss on early debt extinguishment ⁽²⁾		(23,139	)		—			(23,139	)		—


Recurring Funds From Operations ⁽¹⁾	$	50,953,511			52,331,986		$	50,953,511			52,331,986


FFO Per Share Reconciliation (Diluted):
Net income (loss) attributable to common stockholders	$	0.02		$	0.14		$	0.02		$	0.14
Adjustments to reconcile to Funds from Operations per share:
Depreciation and amortization - consolidated real estate		0.35			0.31			0.35			0.31
Depreciation and amortization - unconsolidated partnerships		0.13			0.16			0.13			0.16
Amortization of leasing commissions and intangibles		0.05			0.05			0.05			0.05
Gain on sale of operating properties ⁽²⁾		—			(0.09	)		—			(0.09	)
Unrealized gain on REG shares in deferred compensation trust		0.01			0.01			0.01			0.01


Funds From Operations	$	0.56		$	0.58		$	0.56		$	0.58


Reconciliation of FFO to Recurring FFO

Funds from operations	$	0.56		$	0.58		$	0.56		$	0.58
Adjustments to reconcile to Recurring Funds from Operations:
Development and outparcel gains, net of dead deal costs and tax ⁽²⁾		(0.02	)		—			(0.02	)		—
Provision for impairment ⁽²⁾		0.05			0.05			0.05			0.05
Provision for hedge ineffectiveness		—			—			—			—
Loss on early debt extinguishment ⁽²⁾		—			—			—			—


Funds From Operations - Recurring	$	0.59		$	0.63		$	0.59		$	0.63

(1)	See the definition of Funds from Operations and Recurring Funds from Operations included on page 2 of this supplemental report.

(2)	Includes Regency’s pro-rata share of unconsolidated co-investment partnerships.

Additional Disclosures

For the Periods Ended March 31, 2011 and 2010


	Three Months Ended				Year to Date
	2011		2010		2011		2010
Additional Disclosures:

Straight-line rental income, net of reserve	$	1,573,589		990,135	$	1,573,589		990,135
Above- and below- market rent amortization		199,810		438,298		199,810		438,298
Pro-rata share of JV straight-line rental income, net		283,331		319,016		283,331		319,016
Pro-rata share of JV above- and below- mkt rent amortization		471,207		579,013		471,207		579,013

Debt premium amortization income	$	4,924		31,966	$	4,924		31,966
FFO impairment losses including pro-rata share of JV’s		4,580,000		3,613,131		4,580,000		3,613,131
Hedge ineffectiveness charged against net income		—		343,459		—		343,459
Stock based compensation expense		2,758,000		1,761,974		2,758,000		1,761,974
Capitalized direct leasing compensation costs		2,125,000		2,075,001		2,125,000		2,075,001
Capitalized direct development compensation costs		898,240		523,208		898,240		523,208

Fees earned from 3rd parties as reported for GAAP	$	7,858,499		6,930,710	$	7,858,499		6,930,710
Fees earned from 3rd parties, excluding REG owned portion		6,421,775		5,530,511		6,421,775		5,530,511

Components of same property NOI (wholly owned and Regency’s pro-rata share of co-investment partnerships):
Revenues	$	132,745,321		135,218,404	$	132,745,321		135,218,404
Expenses		38,937,492		39,849,812		38,937,492		39,849,812

Same property NOI	$	93,807,829		95,368,592	$	93,807,829		95,368,592

Capital Expenditures (non-revenue enhancing only):

Leasing commissions, including pro rata share of JV’s	$	3,172,051		3,727,985	$	3,172,051		3,727,985
Tenant improvements, including pro rata share of JV’s		1,494,123		1,666,699		1,494,123		1,666,699
Building improvements, including pro rata share of JV’s		1,960,606		1,333,385		1,960,606		1,333,385

Consolidated Statements of Operations (GAAP Basis)

For the Periods Ended March 31, 2011 and 2010


	Three Months Ended						Year to Date
	2011			2010			2011			2010
Revenues:
Minimum rent	$	89,383,746			86,203,700		$	89,383,746			86,203,700
Percentage rent		907,207			360,110			907,207			360,110
Recoveries from tenants and other income		28,965,084			30,583,371			28,965,084			30,583,371
Management, transaction, and other fees		7,858,499			6,930,710			7,858,499			6,930,710

Total revenues		127,114,536			124,077,891			127,114,536			124,077,891


Operating Expenses:
Depreciation and amortization		35,189,795			31,227,744			35,189,795			31,227,744
Operating and maintenance		19,575,419			17,598,175			19,575,419			17,598,175
General and administrative		15,660,617			13,735,295			15,660,617			13,735,295
Deferred compensation expense		1,292,569			1,583,320			1,292,569			1,583,320
Real estate taxes		14,702,852			14,493,028			14,702,852			14,493,028
Provision for doubtful accounts		626,252			2,338,743			626,252			2,338,743
Other expense (income)		(904,825	)		606,755			(904,825	)		606,755

Total operating expenses		86,142,679			81,583,059			86,142,679			81,583,059


Other Expense (Income):
Interest expense, net of interest income		30,864,643			29,128,681			30,864,643			29,128,681
Gain on sale of operating properties and properties in development		—			(790,741	)		—			(790,741	)
Income from deferred compensation plan		(744,694	)		(613,775	)		(744,694	)		(613,775	)
Loss on derivative instruments		—			343,459			—			343,459

Total other expense		30,119,949			28,067,624			30,119,949			28,067,624


Income before equity in loss of investments in real estate partnerships		10,851,908			14,427,208			10,851,908			14,427,208

Equity in loss of investments in real estate partnerships		(2,725,083	)		(3,891,748	)		(2,725,083	)		(3,891,748	)

Income from continuing operations		8,126,825			10,535,460			8,126,825			10,535,460


Discontinued Operations, net:
Operating income		3,550			106,397			3,550			106,397
Gain on sale of properties		—			6,797,224			—			6,797,224

Income from discontinued operations		3,550			6,903,621			3,550			6,903,621


Net income		8,130,375			17,439,081			8,130,375			17,439,081

Noncontrolling Interests:
Preferred units		(931,248	)		(931,248	)		(931,248	)		(931,248	)
Exchangeable operating partnership units		(12,744	)		(93,861	)		(12,744	)		(93,861	)
Limited partners’ interests in consolidated partnerships		(82,192	)		(95,756	)		(82,192	)		(95,756	)

Net income attributable to noncontrolling interests		(1,026,184	)		(1,120,865	)		(1,026,184	)		(1,120,865	)


Net income attributable to controlling interests		7,104,191			16,318,216			7,104,191			16,318,216

Preferred stock dividends		(4,918,791	)		(4,918,791	)		(4,918,791	)		(4,918,791	)

Net income attributable to common stockholders	$	2,185,400			11,399,425		$	2,185,400			11,399,425

These consolidated statements of operations should be read in conjunction with the Company’s most recent Form 10-Q and Form 10-K filed with the Securities and Exchange Commission.

Summary of Consolidated Debt

March 31, 2011 and December 31, 2010


Total Debt Outstanding:	3/31/11		12/31/10
Mortgage loans payable:
Fixed rate secured loans	$	400,971,006		402,150,902
Variable rate secured loans		11,947,802		11,189,507
Unsecured debt offering fixed rate		1,509,552,199		1,671,128,916
Unsecured line of credit		—		10,000,000

Total	$	1,922,471,007		2,094,469,325


Schedule of Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities		Unsecured Maturities⁽¹⁾			Total			Weighted Average Fixed Interest Rate

2011	$	3,754,351		8,494,199		20,000,000		$	32,248,550			7.2	%
2012		5,266,861		—		192,377,000			197,643,861			6.8	%
2013		5,150,928		16,339,853		—			21,490,781			7.1	%
2014		4,380,050		21,169,691		150,000,000			175,549,741			5.0	%
2015		3,136,459		46,250,771		350,000,000			399,387,230			5.3	%
2016		2,624,443		14,160,969		—			16,785,412			6.2	%
2017		1,883,139		75,510,749		400,000,000			477,393,888			5.9	%
2018		1,208,718		57,357,573		—			58,566,291			6.2	%
2019		—		106,000,000		—			106,000,000			7.8	%
2020		—		39,505,285		150,000,000			189,505,285			6.3	%
>10 years		—		—		250,000,000			250,000,000			4.8	%
Unamortized debt (discount)/premium		—		724,769		(2,824,801	)		(2,100,032	)

	$	27,404,949		385,513,859		1,509,552,199		$	1,922,471,007			5.8	%

(1)	Includes unsecured public debt and unsecured line of credit. The Line is included in 2012 maturities and matures in February 2012.


Percentage of Total Debt:	3/31/11			12/31/10
Fixed		99.4	%		99.7	%
Variable		0.6	%		0.3	%

Current Average Interest Rates:⁽²⁾
Fixed		5.8	%		6.4	%
Variable		4.1	%		5.3	%
Effective Interest Rate		5.8	%		6.4	%

(2)	Interest rates are as of the quarter end and exclude the impact of deferred loan cost amortization.


Average Maturity Date:
Fixed	01/25/17	11/11/14
Variable	09/18/12	03/15/14

Summary of Line of Credit, Unsecured Public Debt and Public Debt Covenants

March 31, 2011


Outstanding Line of Credit and Unsecured Public Debt:	Origination	Maturity	Rate	Balance

$600 Million Line of Credit	02/12/07	02/11/12	LIBOR + .55%	$	—

Unsecured Public Debt:	12/10/01	12/12/11	7.250%	$	20,000,000
	01/18/02	01/15/12	6.750%	$	192,377,000
	04/01/04	04/15/14	4.950%	$	150,000,000
	07/18/05	08/01/15	5.250%	$	350,000,000
	06/05/07	06/15/17	5.875%	$	400,000,000
	06/02/10	06/15/20	6.000%	$	150,000,000
	10/07/10	04/15/21	4.800%	$	250,000,000



Unsecured Public Debt Covenants:	Required			12/31/10			9/30/10			6/30/10			3/31/10

Fair Market Value Calculation Method Covenants⁽¹⁾
Total Consolidated Debt to Total Consolidated Assets	£	65	%		38	%		36	%		36	%		35	%
Secured Consolidated Debt to Total Consolidated Assets	£	40	%		7	%		7	%		7	%		7	%
Consolidated Income for Debt Service to Consolidated Debt Service	³	1.5	x		2.8			2.7			2.7			2.6
Unencumbered Consolidated Assets to Unsecured Consolidated Debt	>	150	%		281	%		294	%		292	%		309	%

Historical Cost Basis Covenants⁽¹⁾
Total Consolidated Debt to Total Undepreciated Assets	£	60	%		45	%		43	%		43	%		40	%
Secured Consolidated Debt to Total Undepreciated Assets	£	40	%		9	%		8	%		8	%		9	%
Consolidated Income for Debt Service to Consolidated Debt Service	³	1.5x			2.8			2.7			2.7			2.6
Unencumbered Consolidated Assets to Unsecured Consolidated Debt	>	150	%		236	%		249	%		248	%		262	%

Note: Debt covenant disclosure is in arrears due to current quarter calculations being dependent on the Company’s most recent Form 10-Q or Form 10-K filing.

(1)	For a complete listing of all Debt Covenant related to the Company’s Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company’s filings with the Securities and Exchange Commission.

Summary of Preferred Units and Stock

March 31, 2011


	Distribution Rate			Issuance Date		Callable Date		Exchangeable Date⁽¹⁾		Par Value		Current Balance		Issuance Costs
Preferred Units:

Series D		7.45	%		9/29/1999		9/29/2009		1/1/2014	$	50,000,000		49,157,977		842,023

Preferred Stock:

Series 3		7.45	%		4/3/2003		4/3/2008		N/A	$	75,000,000		75,000,000		2,705,034
Series 4		7.25	%		8/31/2004		8/31/2009		N/A		125,000,000		125,000,000		4,288,376
Series 5		6.70	%		8/2/2005		8/2/2010		N/A		75,000,000		75,000,000		2,222,292

										$	275,000,000		275,000,000		9,215,702

(1)	Preferred units are exchangeable only into preferred stock. Preferred stock is not exchangeable into common stock.

Acquisitions

March 31, 2011

Property Name

Co-investment
Partner

City/State

Total
GLA

Purchase
Price

Regency’s
Share

Yield

Anchor
Tenant

Consolidated:

None

—

Total

—

Unconsolidated:

Acquisitions from 3rd Parties:

None

—

Total

—

Regency Contributions:

None

—

Total

—

Total Acquisitions from 3rd Parties

—

Total Acquisitions including Regency Contributions

—

Dispositions

March 31, 2011


Date	Property Name	Co-investment Partner		City/State		GLA		Sales Price		Regency’s Share of Sales Price		Regency’s Pro Rata Cap Rate			Anchor Tenant
Consolidated:
	None						—		—		—

							—		—		—

Unconsolidated:
Mar-11	Oaks Shopping Center		GRI		Des Plaines, IL		135,005	$	10,743,868	$	4,297,547		12.2	%		Dominick’s

							135,005	$	10,743,868	$	4,297,547		12.2	%

	Total Dispositions						135,005	$	10,743,868	$	4,297,547		12.2	%

	Partnership with GRI - Regency owns 40%

Development Status Report

March 31, 2011


Project Name	State		CBSA	Anchor Tenant	Anchor Opens		Est. Net Dev Costs After Partner Participation		Est. Net Costs to Complete(1)			Stabilized Yield			Completion Yield(2)			Completion Year Yield Qtr/Year		Company Owned GLA		Company Owned % Leased			Gross GLA		Gross % Leased
In-Process Dev Starts After 1/1/09:
Indio Towne Center-Babies/Toys		CA	Riverside-San Bernardino- Ontario	Babies “R” Us, Toys “R” Us		10/01/11	$	6,001,091	$	3,796,866			10.6	%		10.6	%		Q4 - 2011		46,827		100	%		46,827		100	%
Kent Place		CO	Denver-Aurora	King Soopers		10/01/12		8,765,009		4,137,940			9.3	%		9.3	%		Q4 - 2013		47,418		63	%		47,418		63	%
NorthGate Village		CO	Greeley	King Soopers		03/01/11		5,405,171		1,033,132			9.1	%		9.1	%		Q4 - 2013		19,376		5	%		139,912		87	%
Seminole Shoppes		FL	Jacksonville	Publix		09/01/10		15,259,116		1,194,969			9.8	%		9.8	%		Q4 - 2011		73,241		92	%		73,241		92	%
Market at Colonnade		NC	Raleigh-Cary	Whole Foods		03/01/11		15,579,217		3,164,582			9.1	%		9.1	%		Q3 - 2012		57,503		81	%		57,503		81	%
Shops at Stonewall Ph II		VA	Washington-Arlington- Alexandria	Dick’s Sporting Goods		11/01/11		4,995,641		4,580,160			8.7	%		8.7	%		Q4 - 2011		40,670		100	%		40,670		100	%

Total In-Process Dev Starts After 1/1/09							$	56,005,246	$	17,907,649			9.4	%		9.4	%				285,035		82	%		405,571		87	%


In-Process Dev Starts Prior to 1/1/09:
Shoppes at Fairhope Village		AL	Mobile	Publix		07/01/09		16,671,593		11,907			7.1	%		5.7	%		Q2 - 2012		84,740		78	%		84,740		78	%
Applegate Ranch Shopping Center		CA	Merced	Wal-Mart, Target		08/01/08		37,815,400		(419,083	)		5.0	%		3.4	%		Q2 - 2011		144,444		75	%		464,136		92	%
Golden Hills Promenade		CA	San Luis Obispo-Paso Robles	Lowe’s		11/01/09		32,392,195		1,287,281			4.4	%		3.7	%		Q4 - 2012		216,846		91	%		216,846		91	%
Indio Towne Center		CA	Riverside-San Bernardino- Ontario	WinCo Foods		09/01/08		41,343,122		1,259,317			5.4	%		2.9	%		Q4 - 2011		132,678		59	%		368,512		85	%
Jefferson Square		CA	Riverside-San Bernardino- Ontario	Fresh & Easy		10/01/11		9,356,119		(2,016,416	)		5.5	%		2.7	%		Q2 - 2012		38,013		75	%		38,013		75	%
Paseo Del Sol		CA	Santa Barbara-Santa Maria- Goleta	Whole Foods		10/01/09		32,439,776		2,409,502			6.4	%		6.4	%		Q3 - 2012		49,680		77	%		49,680		77	%
Plaza Rio Vista		CA	Riverside-San Bernardino- Ontario	Stater Bros.		05/01/08		18,820,953		449,398			7.2	%		4.0	%		Q2 - 2011		67,622		85	%		67,622		85	%
Centerplace of Greeley III		CO	Greeley	Best Buy, Sports Authority		09/01/08		16,297,150		(1,140,769	)		8.1	%		5.8	%		Q4 - 2011		94,090		81	%		94,090		81	%
Shops at Quail Creek		CO	Boulder	King Soopers		05/01/09		7,297,975		265,952			11.4	%		11.0	%		Q2 - 2012		37,585		80	%		137,429		94	%
Caligo Crossing		FL	Miami-Fort Lauderdale- Miami Beach	Kohl’s		10/01/08		6,709,434		(25,589	)		8.1	%		8.1	%		Q3 - 2011		10,763		87	%		108,928		99	%
Nocatee Town Center		FL	Jacksonville	Publix		02/01/10		14,203,045		(4,034,497	)		7.1	%		4.5	%		Q1 - 2013		69,679		88	%		69,679		88	%
Suncoast Crossing Ph I		FL	Tampa-St. Petersburg- Clearwater	Kohl’s		10/01/08		8,891,780		(264,575	)		6.5	%		3.2	%		Q4 - 2011		108,434		92	%		108,434		92	%
Suncoast Crossing Ph II		FL	Tampa-St. Petersburg- Clearwater	Target		08/01/09		7,670,562		506,440			3.0	%		1.7	%		Q3 - 2012		9,451		44	%		151,649		97	%
Walton Towne Center		KY	Cincinnati-Middletown	Kroger		11/01/08		6,453,406		(699,864	)		7.7	%		4.6	%		Q4 - 2011		23,186		82	%		139,618		97	%
Shops at Saugus		MA	Boston-Cambridge-Quincy	PetSmart, La-Z-Boy		08/01/08		35,701,401		457,345			6.6	%		6.3	%		Q2 - 2011		90,055		92	%		90,055		92	%
Village at Lee Airpark (f.k.a. Village at Lee Airport)		MD	Baltimore-Towson	Giant		11/01/10		23,170,959		2,149,873			8.3	%		8.0	%		Q4 - 2013		87,548		92	%		87,548		92	%
State Street Crossing		MI	Ann Arbor	Wal-Mart		10/01/09		7,792,326		(1,424,737	)		6.5	%		1.4	%		Q2 - 2011		21,049		60	%		168,540		95	%
Harris Crossing		NC	Raleigh-Cary	Harris Teeter		03/01/11		8,361,114		(1,601,459	)		7.0	%		6.4	%		Q4 - 2012		65,150		85	%		65,150		85	%
Deer Springs Town Center		NV	Las Vegas-Paradise	Target, Home Depot		03/01/09		82,389,005		2,683,917			5.3	%		3.6	%		Q1 - 2012		330,907		89	%		463,267		92	%
Lower Nazareth Commons		PA	Allentown-Bethlehem- Easton	Target, Sports Authority		08/01/09		26,932,959		(882,270	)		6.8	%		6.8	%		Q3 - 2012		65,367		98	%		198,367		99	%
Hickory Creek Plaza		TX	Dallas-Fort Worth- Arlington	Kroger		02/01/09		9,875,605		274,677			8.3	%		7.7	%		Q4 - 2011		28,134		78	%		109,398		94	%
Waterside Marketplace		TX	Houston-Baytown- Sugar Land	Kroger		10/01/09		5,767,371		137,229			11.1	%		11.1	%		Q4 - 2011		24,858		93	%		147,858		99	%

Total In-Process Consolidated Dev Starts Prior to 1/1/09							$	456,353,251	$	(616,422	)		6.3	%		4.9	%				1,800,279		84	%		3,429,559		91	%

Canopy Oak Center		FL	Ocala	Publix		09/01/08		16,899,689		(1,096,806	)		10.0	%		7.0	%		Q3 - 2011		90,041		78	%		90,041		78	%
Shoppes at Bartram Park - Phase III		FL	Jacksonville	Publix		10/01/04		2,034,206		(653,144	)		12.3	%		9.2	%		Q1 - 2012		14,639		30	%		33,639		70	%

Total In-Process Unconsolidated Dev Starts Prior to 1/1/09							$	18,933,895	$	(1,749,951	)		10.3	%		7.2	%				104,680		71	%		123,680		76	%

Total In-Process Developments			30				$	531,292,392	$	15,541,277			6.8	%		5.4	%				2,189,994		83	%		3,958,810		91	%

Completions:
Airport Crossing		IN	Chicago-Naperville-Joliet	Kohl’s		10/01/07		2,684,960		(675,067	)		6.0	%		2.7	%		Q1 - 2011		11,924		78	%		101,835		97	%

Total Completed⁽⁴⁾			1				$	2,684,960	$	(675,067	)		6.0	%		2.7	%				11,924		78	%		101,835		97	%

Notes:

New starts for the quarter are in bold and shaded.

(1)	Construction in progress (CIP) balance and costs to date on in-process developments are not equal. CIP balance contains costs of land held for development, deposits on contracts and other pre-closing costs.

(2)	The yield at completion, no later than 3 years from last company owned anchor open date or 4 years from sitework start date.

(3)	The NOI stabilized yield on costs above after allocating land basis for outparcel proceeds is estimated to be 6.3% (in-process) and 6.0% (completions).

(4)	All completed projects are consolidated.

Projected Development Funding, Completions and Land Held

March 31, 2011

In-Process Developments Projected Funding ⁽¹⁾

($ Thousands)


Q2 2011E	Q3 2011E	Q4 2011E	2012+E

$4,000 - $8,000	$1,500 - $4,500	$(500)⁽²⁾ - $1,500	$5,000 - $6,000

Estimated Development Completion Schedule

($ Thousands)


	Completed⁽³⁾		Q2 2011E	Q3 2011E	Q4 2011E	2012+E

Net Dev. Costs:	$	452,352	$106,800 - $110,000	$16,800 - $55,330	$83,715 - $91,985	$265,000 - $305,000

Land Held for Future Development⁽⁴⁾

($ Thousands)


# of Projects	Net Development Costs To Date
15	$	95,562

(1)	Net Funding for in-process consolidated and unconsolidated developments, excludes projected funding of future developments.

(2)	Negative amount due to expected outparcel proceeds.

(3)	Development properties already completed but not yet sold.

(4)	Net development costs at completion subject to change as costs based on preliminary development plans only.

Unconsolidated Investments

March 31, 2011


										Regency
Co-investment Partner and Portfolio Summary Abbreviation	Property Name	Number of Properties		Total GLA		Total Assets		Total Debt		Ownership Interest			Share of Debt		Investment 3/31/11			Equity Pick-up

State of Oregon
(JV-C, JV-C2)	Various		29		3,484,782	$	576,258,922	$	313,517,116		20.00	%	$	62,703,423	$	29,076,465		$	359,157
(JV-CCV)	Cameron Village		1		554,738		106,027,806		47,300,000		30.00	%		14,190,000		17,511,442			137,427

			30		4,039,520		682,286,728		360,817,116

GRI
(JV-GRI)	Various		82		10,271,190		2,024,431,405		1,107,765,894		40.00	%		443,106,358		260,402,181			1,176,606

Charter Hall Retail REIT
(JV-M3)	Various		4		376,174		62,644,805		44,070,000		24.95	%		10,995,465		(40,935	)		(54,920	)

Charter Hall Retail REIT and
(JV-D)	Various		32		2,732,377		360,497,868		179,686,054		16.35	%		29,383,947		18,995,061			(274,897	)

CalSTRS
(JV-RC)	Various		8		956,824		181,031,092		87,158,644		25.00	%		21,789,661		19,252,798			63,297

Regency Retail Partners
(JV-RRP)	Various		9		1,540,506		339,302,978		208,012,305		20.00	%		41,514,053		17,206,554			37,913

USAA
(JV-USA)	Various		8		809,079		131,852,281		66,924,500		20.01	%		13,390,254		3,605,528			(16,359	)

Publix
(JV-O)	Shoppes at Bartram Park		1		119,958		20,641,537		—		50.00	%		—		10,279,757			88,967
(JV-O)	Valleydale Village		1		118,466		10,462,527		—		50.00	%		—		4,927,073			41,041
(JV-O)	Pebblebrook and Lynnhaven		2		140,638		24,438,804		—		50.00	%		—		10,697,629			136,844
(JV-O)	Queensborough		1		82,333		4,276,498		—		50.00	%		—		2,936,995			61,227
(JV-O)	Canopy Oak Center		1		90,041		17,608,275		—		50.00	%		—		9,260,524			89,541

			6		551,436		77,427,641		—

H.E.B.
(JV-O)	Fairfield Town Center ⁽¹⁾		—		—		9,556,697		—		50.00	%		—		4,830,921			(46,359	)
(JV-O)	White Oak Marketplace ⁽¹⁾		—		—		11,905,877		—		50.00	%		—		5,963,622			(15,772	)
(JV-O)	Indian Springs Center		1		136,625		18,040,521		26,742,122		50.00	%		13,371,061		(4,129,659	)		92,174

			1		136,625		39,503,095		26,742,122

Individual Investors
(JV-O)	East San Marco ⁽¹⁾		—		—		12,436,553		8,781,632		50.00	%		4,390,816		(2,538,366	)		(4,600,970	)

			180		21,413,731	$	3,911,414,446	$	2,089,958,267				$	654,835,038	$	408,237,590		$	(2,725,083	)

(1) Land held for future development
Reconciliation of Equity of Regency Centers in Unconsolidated Partnerships to Regency Centers’ Investment in Real Estate Partnerships:

Equity of Regency Centers in Unconsolidated Partnerships															$	541,383,186
less: APB 18 Impairment recorded at Regency Centers																(13,330,000	)
less: Ownership percentage or Restricted Gain Method deferral recorded at Regency Centers																(41,613,273	)
less: Net book equity in excess of purchase price for 15% buy-up in JV-GRI																(78,202,322	)

Regency Centers’ Investment in Real Estate Partnerships															$	408,237,590

Unconsolidated Balance Sheets

March 31, 2011 and December 31, 2010


	2011		2010
Assets
Real estate, at cost	$	4,196,469,938	$	4,205,321,979
Less: accumulated depreciation		591,752,115		565,801,328

		3,604,717,823		3,639,520,651
Properties in development		39,340,237		41,814,619

Net real estate investments		3,644,058,060		3,681,335,270

Cash and cash equivalents		44,651,313		61,387,146
Accounts receivable, net of allowance for uncollectible accounts		25,797,594		37,164,261
Straight line rent receivable, net of reserves		34,933,025		32,262,316
Deferred costs, less accumulated amortization		31,219,467		30,713,536
Acquired lease intangible assets, net		113,850,324		120,162,709
Other assets		11,689,141		14,866,754
Regency only assets ⁽¹⁾		5,215,522		5,229,894

Total assets	$	3,911,414,446	$	3,983,121,886


Liabilities and Equity
Liabilities:
Notes payable	$	2,089,958,267	$	2,117,694,714
Accounts payable and other liabilities		61,701,251		60,781,412
Tenants’ security and escrow deposits		8,525,722		8,448,349
Acquired lease intangible liabilities, net		72,133,975		75,551,209

Total liabilities		2,232,319,215		2,262,475,684


Equity:
Equity - Regency Centers		541,383,186		557,374,488
Equity - Third parties		1,137,712,045		1,163,271,714

Total equity		1,679,095,231		1,720,646,202

Total Liabilities and Equity	$	3,911,414,446	$	3,983,121,886

(1)	Capitalized development costs

Unconsolidated Balance Sheets - Regency’s Pro-Rata Share

March 31, 2011 and December 31, 2010


	2011		2010
Assets
Real estate, at cost	$	1,334,072,164	$	1,338,374,799
Less: accumulated depreciation		197,128,467		189,226,139

		1,136,943,697		1,149,148,660
Properties in development		19,497,902		19,882,852

Net real estate investments		1,156,441,599		1,169,031,512

Cash and cash equivalents		13,283,213		20,859,552
Accounts receivable, net of allowance for uncollectible accounts		8,329,288		11,515,022
Straight line rent receivable, net of reserves		11,201,803		10,260,756
Deferred costs, less accumulated amortization		10,185,128		10,019,998
Acquired lease intangible assets, net		29,129,927		30,918,136
Other assets		4,454,772		5,565,168
Regency only assets ⁽¹⁾		5,215,522		5,229,897

Total assets	$	1,238,241,252		1,263,400,041


Liabilities and Equity
Liabilities:
Notes payable	$	654,835,038	$	663,055,241
Accounts payable and other liabilities		20,581,451		20,471,567
Tenants’ security and escrow deposits		2,794,352		2,784,264
Acquired lease intangible liabilities, net		18,647,225		19,714,481

Total liabilities		696,858,066		706,025,553


Equity:
Equity - Regency Centers		541,383,186		557,374,488

Total Liabilities and Equity	$	1,238,241,252	$	1,263,400,041

(1)	Capitalized development costs

Pro-rata financial information is not and is not intended to be a presentation in accordance with generally accepted accounting principles. However, management believes that providing such information is useful to investors in assessing the impact of its unconsolidated real estate partnership activities on the operations of the Company which include such items on a single line presentation under the equity method in the Company’s consolidated financial statements.

Unconsolidated Statements of Operations

For the periods ended March 31, 2011 and December 31, 2010


	Three Months Ended						Year to Date
	2011			2010			2011			2010

Revenues:
Minimum rent	$	80,722,299			81,412,379		$	80,722,299			81,412,379
Percentage rent		643,519			292,722			643,519			292,722
Recoveries from tenants		25,490,647			26,387,165			25,490,647			26,387,165
Termination fees		179,032			1,101,214			179,032			1,101,214
Other income		1,147,824			710,152			1,147,824			710,152

Total revenues		108,183,321			109,903,632			108,183,321			109,903,632


Operating expenses:
Operating and maintenance		19,383,962			18,772,269			19,383,962			18,772,269
Real estate taxes		14,540,426			15,120,119			14,540,426			15,120,119
Provision for doubtful accounts		1,247,238			1,485,187			1,247,238			1,485,187
Other (income) expense		(33,754	)		42,732			(33,754	)		42,732

Total operating expenses		35,137,872			35,420,307			35,137,872			35,420,307


Net operating income		73,045,449			74,483,325			73,045,449			74,483,325


Other expense (income):
General and administrative		1,942,320			2,220,591			1,942,320			2,220,591
Depreciation and amortization expense		36,375,064			39,083,673			36,375,064			39,083,673
Interest expense, net		30,892,966			34,733,661			30,892,966			34,733,661
Gain on sale of real estate		(48,517	)		—			(48,517	)		—
Provision for impairment		—			9,032,827			—			9,032,827
Other (income) expense		(490,606	)		1,168			(490,606	)		1,168

Total other expense		68,671,227			85,071,920			68,671,227			85,071,920


Net income (loss)	$	4,374,222			(10,588,595	)	$	4,374,222			(10,588,595	)

Unconsolidated Statements of Operations – Regency’s Pro-Rata Share

For the periods ended March 31, 2011 and December 31, 2010


	Three Months Ended						Year to Date
	2011			2010			2011			2010
Revenues:
Minimum rent	$	25,363,927			27,849,343		$	25,363,927			27,849,343
Percentage rent		232,636			230,486			232,636			230,486
Recoveries from tenants		7,931,634			8,993,661			7,931,634			8,993,661
Termination fees		37,427			299,285			37,427			299,285
Other income		360,503			278,906			360,503			278,906

Total revenues		33,926,127			37,651,681			33,926,127			37,651,681


Operating expenses:
Operating and maintenance		5,979,835			6,459,754			5,979,835			6,459,754
Real estate taxes		4,567,929			5,090,181			4,567,929			5,090,181
Provision for doubtful accounts		411,962			624,466			411,962			624,466
Other expenses		(15,860	)		24,086			(15,860	)		24,086

Total operating expenses		10,943,866			12,198,487			10,943,866			12,198,487


Net operating income		22,982,261			25,453,194			22,982,261			25,453,194


Other expense (income):
General and administrative		476,942			558,848			476,942			558,848
Depreciation and amortization expense		11,400,133			13,234,051			11,400,133			13,234,051
Interest expense, net		9,476,529			11,965,520			9,476,529			11,965,520
Gain on sale of real estate		(19,407	)		—			(19,407	)		—
Provision for impairment		—			3,613,131			—			3,613,131
Other (income) expense		(196,126	)		584			(196,126	)		584

Total other expense		21,138,071			29,372,134			21,138,071			29,372,134


Net loss before Regency only expense (income)		1,844,190			(3,918,940	)		1,844,190			(3,918,940	)

Regency only expense (income):
Accretion of excess investment		(50,659	)		(43,897	)		(50,659	)		(43,897	)
Depreciation of capitalized costs		39,932			16,705			39,932			16,705
Provision for impairment on investment in real estate partnerships		4,580,000			—			4,580,000			—

Total Regency only expense		4,569,273			(27,192	)		4,569,273			(27,192	)


Net loss	$	(2,725,083	)		(3,891,748	)	$	(2,725,083	)		(3,891,748	)

Pro-rata financial information is not and is not intended to be a presentation in accordance with generally accepted accounting principles. However, the impact of its unconsolidated real estate partnership activities on the operations of the Company which include suchmanagement believes that providing such information is useful to investors in assessing items on a single line presentation under the equity method in the Company’s consolidated financial statements.

Summary of Unconsolidated Debt

March 31, 2011 and December 31, 2010


Total Debt Outstanding:	3/31/11		12/31/10
Mortgage loans payable:
Fixed rate secured loans	$	2,070,157,022		2,097,889,505
Unsecured line of credit variable rate		19,801,245		19,805,209

Total	$	2,089,958,267		2,117,694,714


Schedule of Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities		Unsecured Maturities		Total		Regency’s Pro Rata Share		Weighted Average Fixed Interest Rate

2011	$	4,679,944		448,760,010		8,781,632		462,221,586		181,581,854		5.2	%
2012		8,682,631		244,418,296		11,019,613		264,120,540		99,849,021		5.3	%
2013		10,014,507		24,373,193				34,387,700		12,331,486		5.0	%
2014		10,414,655		77,304,699				87,719,354		25,426,299		6.7	%
2015		10,324,804		298,324,199				308,649,003		73,074,877		6.6	%
2016		8,088,848		317,859,845				325,948,693		98,769,821		5.9	%
2017		7,222,561		190,646,498				197,869,059		42,059,421		6.0	%
2018		7,334,849		87,341,127				94,675,976		21,044,245		6.0	%
2019		6,751,092		65,964,224				72,715,316		16,994,095		7.4	%
2020		3,953,524		214,116,797				218,070,321		79,243,219		5.6	%
>10 Years		8,379,548		10,873,682				19,253,230		3,584,335		7.3	%
Net unamortized debt premium				4,327,489				4,327,489		876,365

	$	85,846,963		1,984,310,059		19,801,245		2,089,958,267		654,835,038		5.8	%


Percentage of Total Debt:	3/31/11			12/31/10
Fixed		99.1	%		99.1	%
Variable		0.9	%		0.9	%

Current Average Interest Rates:⁽¹⁾
Fixed		5.8	%		5.8	%
Variable		2.1	%		2.1	%
Effective Interest Rate		5.8	%		5.8	%

(1)	Interest rates are as of the quarter end and exclude the impact of deferred loan cost amortization.


Average Maturity Date:
Fixed		July 3, 2015	June 15, 2015
Variable		February 9, 2012	February 10, 2012

Summary of Unconsolidated Debt - Regency’s Pro-Rata Share

Mortgage Loans Payable:
Fixed rate secured loans	$	648,240,299	656,466,320
Unsecured line of credit variable rate		6,594,739	6,588,921

Total	$	654,835,038	663,055,241

Leasing Statistics - Wholly Owned and Regency’s Pro-Rata Share of Co-investment Partnerships

March 31, 2011


Total	Leasing Transactions		Sq. Feet		Base Rent Per Sq. Ft.		Rent Growth %			Weighted Avg. Lease Term		Tenant Improvements Per Sq. Ft.		Rent Growth (spaces vacant < 12 mo)
1st Quarter 2011		360		958,079	$	15.97		-4.9	%		5.8	$	1.43		-1.0	%
4th Quarter 2010		450		937,379		20.06		-3.5	%		5.6		2.54		-1.2	%
3rd Quarter 2010		460		1,117,023		17.81		-4.5	%		5.5		2.61		-2.5	%
2nd Quarter 2010		426		977,696		19.76		-0.1	%		5.6		3.74		0.9	%

Total - 12 months		1,696		3,990,177	$	18.38		-3.1	%		5.6	$	2.59		-1.0	%


New Leases	Leasing Transactions		Sq. Feet		Base Rent Per Sq. Ft.		Rent Growth %			Weighted Avg. Lease Term		Tenant Improvements Per Sq. Ft.		Rent Growth (spaces vacant < 12 mo)
1st Quarter 2011		121		314,184	$	15.84		-18.4	%		8.7	$	4.12		-3.4	%
4th Quarter 2010		179		356,171		19.72		-11.1	%		8.1		5.62		-4.2	%
3rd Quarter 2010		181		302,569		18.86		-12.6	%		6.7		9.05		-6.9	%
2nd Quarter 2010		150		350,341		20.12		0.2	%		8.8		9.45		4.7	%

Total - 12 months		631		1,323,265	$	18.71		-9.3	%		8.1	$	7.06		-1.4	%


Renewals	Leasing Transactions		Sq. Feet		Base Rent Per Sq. Ft.		Rent Growth %			Weighted Avg. Lease Term		Tenant Improvements Per Sq. Ft.		Rent Growth (spaces vacant < 12 mo)
1st Quarter 2011		239		643,895	$	16.03		-0.7	%		4.4	$	0.11		-0.7	%
4th Quarter 2010		271		581,209		20.26		-0.6	%		4.0		0.65		-0.6	%
3rd Quarter 2010		279		814,454		17.43		-1.9	%		5.0		0.22		-1.9	%
2nd Quarter 2010		276		627,355		19.56		-0.2	%		3.8		0.54		-0.2	%

Total - 12 months		1,065		2,666,912	$	18.21		-0.9	%		4.3	$	0.37		-0.9	%

Notes:

Rent growth is on a same space, cash basis

All amounts reported at execution

Leasing Statistics - Wholly Owned and 100% of Co-investment Partnerships

March 31, 2011


Total	Leasing Transactions		Sq. Feet		Base Rent Per Sq. Ft.		Rent Growth %			Weighted Avg. Lease Term		Tenant Improvements Per Sq. Ft.		Rent Growth (spaces vacant < 12 mo)
1^st Quarter 2011		360		1,271,108	$	17.02		-5.2	%		5.6	$	1.39		-1.5	%
4^th Quarter 2010		450		1,350,242		19.40		-3.8	%		5.7		2.41		-1.6	%
3^rd Quarter 2010		460		1,592,220		17.81		-4.5	%		5.4		2.82		-2.1	%
2^nd Quarter 2010		426		1,498,478		18.60		-0.8	%		5.3		2.85		-0.1	%

Total – 12 months		1,696		5,712,048	$	18.22		-3.4	%		5.5	$	2.41		-1.3	%


New Leases	Leasing Transactions		Sq. Feet		Base Rent Per Sq. Ft.		Rent Growth %			Weighted Avg. Lease Term		Tenant Improvements Per Sq. Ft.		Rent Growth (spaces vacant < 12 mo)
1^st Quarter 2011		121		396,035	$	16.33		-18.4	%		8.3	$	4.26		-1.8	%
4^th Quarter 2010		179		514,066		19.00		-8.5	%		8.5		5.34		-0.2	%
3^rd Quarter 2010		181		452,181		18.08		-14.6	%		6.8		9.42		-9.6	%
2^nd Quarter 2010		150		460,211		19.69		-1.6	%		8.4		8.37		1.6	%

Total – 12 months		631		1,822,493	$	18.37		-9.8	%		8.0	$	6.88		-2.1	%


Renewals	Leasing Transactions		Sq. Feet		Base Rent Per Sq. Ft.		Rent Growth %			Weighted Avg. Lease Term		Tenant Improvements Per Sq. Ft.		Rent Growth (spaces vacant < 12 mo)
1^st Quarter 2011		239		875,073	$	17.33		-1.5	%		4.3	$	0.10		-1.5	%
4^th Quarter 2010		271		836,176		19.65		-2.0	%		3.9		0.61		-2.0	%
3^rd Quarter 2010		279		1,140,039		17.70		-0.9	%		4.8		0.20		-0.9	%
2^nd Quarter 2010		276		1,038,267		18.12		-0.5	%		3.9		0.40		-0.5	%

Total – 12 months		1,065		3,889,555	$	18.15		-1.2	%		4.3	$	0.32		-1.2	%

Notes:

Rent growth is on a same space, cash basis

All amounts reported at execution

Average Base Rent by State - Wholly Owned and Regency’s Pro-Rata Share of Co-investment Partnerships

March 31, 2011


State	Number of Properties	GLA		% of Total GLA			% Leased⁽¹⁾			Annualized Base Rent⁽²⁾		% of Ann. Base Rent			Average Base Rent/ Sq. Ft
Alabama	2		143,973		0.5	%		72.4	%	$	1,402,685		0.3	%	$	13.56
Arizona	4		409,968		1.4	%		90.7	%		5,424,497		1.2	%		14.67
California	69		6,395,701		21.4	%		93.2	%		126,432,129		28.9	%		21.90
Colorado	21		1,497,792		5.0	%		87.9	%		16,778,524		3.8	%		13.36
Connecticut	1		71,945		0.2	%		99.8	%		1,650,825		0.4	%		22.99
Delaware	4		335,315		1.1	%		89.0	%		4,325,864		1.0	%		14.58
District of Columbia	2		12,437		0.0	%		92.5	%		711,169		0.2	%		61.79
Florida	55		4,750,200		15.9	%		91.4	%		54,041,598		12.4	%		12.87
Georgia	19		1,476,899		4.9	%		89.1	%		20,150,094		4.6	%		15.82
Illinois	23		1,448,416		4.8	%		92.8	%		17,345,191		4.0	%		13.13
Indiana	6		123,099		0.4	%		82.5	%		1,636,045		0.4	%		17.56
Kentucky	1		23,186		0.1	%		81.9	%		329,965		0.1	%		17.38
Maryland	16		734,877		2.5	%		89.1	%		13,372,335		3.1	%		18.78
Massachusetts	3		408,814		1.4	%		93.8	%		6,770,339		1.5	%		17.77
Michigan	2		118,273		0.4	%		39.2	%		482,044		0.1	%		21.49
Minnesota	3		165,682		0.6	%		97.0	%		2,104,814		0.5	%		13.10
Missouri	23		328,221		1.1	%		96.3	%		3,252,497		0.7	%		10.30
Nevada	2		439,422		1.5	%		87.1	%		4,477,261		1.0	%		12.81
New Jersey	2		62,593		0.2	%		93.8	%		986,994		0.2	%		16.80
North Carolina	16		1,238,541		4.1	%		89.9	%		15,326,760		3.5	%		13.96
Ohio	15		1,805,677		6.0	%		91.0	%		18,306,530		4.2	%		11.31
Oregon	8		696,300		2.3	%		94.3	%		10,974,005		2.5	%		16.84
Pennsylvania	11		635,208		2.1	%		94.5	%		11,542,347		2.6	%		19.60
South Carolina	6		175,543		0.6	%		96.1	%		2,233,062		0.5	%		13.35
Tennessee	7		493,393		1.7	%		93.4	%		5,989,372		1.4	%		13.34
Texas	33		3,281,690		11.0	%		89.7	%		49,922,539		11.4	%		17.30
Virginia	29		1,885,286		6.3	%		93.7	%		29,308,792		6.7	%		17.18
Washington	11		629,702		2.1	%		93.2	%		11,481,994		2.6	%		19.60
Wisconsin	2		107,651		0.4	%		94.2	%		754,381		0.2	%		7.44

Total All Properties	396		29,895,803		100.0	%		91.3	%	$	437,514,650		100.0	%	$	16.42

(1)	% leased includes leases that are executed but not yet rent paying.

(2)	Annualized Base Rent does not include ground leases.

Average Base Rent by State - Wholly Owned and 100% of Co-investment Partnerships

March 31, 2011


State	Number of Properties	GLA		% of total GLA			% Leased⁽¹⁾			Annualized Base Rent⁽²⁾		% of Ann. Base Rent			Average Base Rent/ Sq. Ft
Alabama	2		203,206		0.5	%		70.1	%	$	1,826,218		0.3	%	$	12.95
Arizona	4		496,074		1.1	%		91.1	%		6,466,915		1.0	%		14.37
California	69		8,766,783		19.6	%		93.4	%		168,692,236		26.1	%		21.18
Colorado	21		2,107,612		4.7	%		90.1	%		24,451,399		3.8	%		13.39
Connecticut	1		179,863		0.4	%		99.8	%		4,127,063		0.6	%		22.99
Delaware	4		474,267		1.1	%		87.8	%		6,262,871		1.0	%		15.11
District of Columbia	2		39,647		0.1	%		90.6	%		2,033,167		0.3	%		56.58
Florida	55		5,312,563		11.9	%		91.5	%		61,266,548		9.5	%		13.00
Georgia	19		1,671,580		3.7	%		89.6	%		22,458,550		3.5	%		15.46
Illinois	23		2,989,000		6.7	%		92.8	%		34,007,447		5.3	%		12.51
Indiana	6		273,253		0.6	%		87.3	%		3,586,881		0.6	%		15.65
Kentucky	1		23,186		0.1	%		81.9	%		329,965		0.1	%		17.38
Maryland	16		1,853,256		4.1	%		89.4	%		30,211,816		4.7	%		17.81
Massachusetts	3		557,037		1.2	%		95.1	%		8,309,680		1.3	%		15.76
Michigan	2		118,273		0.3	%		39.2	%		482,044		0.1	%		21.49
Minnesota	3		483,520		1.1	%		97.4	%		6,037,331		0.9	%		12.82
Missouri	23		2,007,467		4.5	%		96.3	%		19,892,948		3.1	%		10.30
Nevada	2		439,422		1.0	%		87.1	%		4,477,261		0.7	%		12.81
New Jersey	2		156,482		0.3	%		93.8	%		2,467,484		0.4	%		16.80
North Carolina	16		2,189,573		4.9	%		92.2	%		28,451,941		4.4	%		14.35
Ohio	15		2,235,335		5.0	%		91.2	%		23,599,579		3.6	%		11.72
Oregon	8		752,161		1.7	%		94.4	%		11,664,058		1.8	%		16.54
Pennsylvania	11		1,287,079		2.9	%		93.7	%		20,575,996		3.2	%		17.26
South Carolina	6		360,718		0.8	%		96.3	%		4,364,794		0.7	%		12.62
Tennessee	7		565,386		1.3	%		93.2	%		6,799,608		1.1	%		13.19
Texas	33		4,153,026		9.3	%		89.9	%		62,165,207		9.6	%		16.93
Virginia	29		3,740,329		8.4	%		94.5	%		63,015,064		9.7	%		18.25
Washington	11		1,038,514		2.3	%		92.2	%		16,970,777		2.6	%		17.78
Wisconsin	2		269,128		0.6	%		94.2	%		1,885,952		0.3	%		7.44

Total All Properties	396		44,743,740		100.0	%		92.1	%	$	646,880,802		100.0	%	$	16.02

(1)	% leased includes leases that are executed but not yet rent paying.

(2)	Annualized Base Rent does not include ground leases.

Portfolio Summary Report By State

March 31, 2011


											JVs at 100%		REG’s pro-rata share		JVs at 100%			REG’s pro-rata share			JVs at 100%			REG’s pro-rata share
Property Name	JV		REG’s Ownership %			State		CBSA	Yr Const, Last Renovation or Dev Start Yr		GLA		GLA		% Leased			% Leased			% Leased - Operating Properties			% Leased - Operating Properties			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Shoppes at Fairhope Village							AL	Mobile		2008		84,740		84,740		77.8	%		77.8	%								—		54,340	Publix	$	14.85
Valleydale Village Shop Center		JV-O		50	%		AL	Birmingham-Hoover		2003		118,466		59,233		64.6	%		64.6	%								—		44,271	Publix	$	11.29

							AL					203,206		143,973		70.1	%		72.4	%		64.6	%		64.6	%		—		98,611

Anthem Marketplace							AZ	Phoenix-Mesa-Scottsdale		2000		113,293		113,293		90.1	%		90.1	%								—		55,256	Safeway	$	14.86
Palm Valley Marketplace		JV-C		20	%		AZ	Phoenix-Mesa-Scottsdale		1999		107,633		21,527		93.2	%		93.2	%								—		55,403	Safeway	$	12.98
Pima Crossing							AZ	Phoenix-Mesa-Scottsdale		1996		239,438		239,438		91.7	%		91.7	%								—		—	Golf & Tennis Pro Shop, Inc.	$	15.05
Shops at Arizona							AZ	Phoenix-Mesa-Scottsdale		2000		35,710		35,710		84.2	%		84.2	%								—		—	—	$	12.46

							AZ					496,074		409,968		91.1	%		90.7	%		91.1	%		90.7	%		—		110,659

4S Commons Town Center							CA	San Diego-Carlsbad-San Marcos		2004		240,060		240,060		96.2	%		96.2	%								—		68,000	Ralphs, Jimbo’s...Naturally!	$	27.49
Amerige Heights Town Center							CA	Los Angeles-Long Beach-Santa Ana		2000		96,680		96,680		100.0	%		100.0	%								142,600		57,560	Albertsons, (Target)	$	25.68
Applegate Ranch Shopping Center							CA	Merced		2006		144,444		144,444		75.0	%		75.0	%								319,692		178,500	(Super Target), (Home Depot)	$	15.23
Auburn Village		JV-GRI		40	%		CA	Sacramento-Arden-Arcade-Roseville		1990		133,944		53,578		87.3	%		87.3	%								—		45,540	Bel Air Market	$	18.58
Bayhill Shopping Center		JV-GRI		40	%		CA	San Francisco-Oakland-Fremont		1990		121,846		48,738		99.2	%		99.2	%								—		32,110	Mollie Stone’s Market	$	20.90
Blossom Valley		JV-USAA		20	%		CA	San Jose-Sunnyvale-Santa Clara		1990		93,316		18,663		100.0	%		100.0	%								—		34,208	Safeway	$	24.41
Brea Marketplace		JV-GRI		40	%		CA	Los Angeles-Long Beach-Santa Ana		1987		352,022		140,809		98.0	%		98.0	%								—		24,867	Sprout’s Markets	$	15.62
Clayton Valley Shopping Center							CA	San Francisco-Oakland-Fremont		2004		260,205		260,205		92.4	%		92.4	%								—		14,000	Fresh & Easy, Home Depot	$	19.39
Clovis Commons							CA	Fresno		2004		174,990		174,990		98.5	%		98.5	%								145,653		145,653	(Super Target)	$	20.28
Corral Hollow		JV-RC		25	%		CA	Stockton		2000		167,184		41,796		97.3	%		97.3	%								—		65,715	Safeway, Orchard Supply & Hardware	$	15.72
Costa Verde Center							CA	San Diego-Carlsbad-San Marcos		1988		178,623		178,623		90.6	%		90.6	%								—		40,000	Bristol Farms	$	34.06
Diablo Plaza							CA	San Francisco-Oakland-Fremont		1982		63,265		63,265		96.7	%		96.7	%								53,000		53,000	(Safeway)	$	33.97
El Camino Shopping Center							CA	Los Angeles-Long Beach-Santa Ana		1995		135,728		135,728		92.4	%		92.4	%								—		35,650	Von’s Food & Drug	$	22.58
El Cerrito Plaza							CA	San Francisco-Oakland-Fremont		2000		256,035		256,035		98.5	%		98.5	%								66,700		77,888	(Lucky’s)	$	25.04
El Norte Pkwy Plaza							CA	San Diego-Carlsbad-San Marcos		1984		90,549		90,549		92.9	%		92.9	%								—		42,315	Von’s Food & Drug	$	15.40
Encina Grande							CA	San Francisco-Oakland-Fremont		1965		102,413		102,413		97.1	%		97.1	%								—		22,500	Safeway	$	20.43
Falcon Ridge Town Center Phase I		JV-RRP		20	%		CA	Riverside-San Bernardino-Ontario		2004		232,754		46,551		98.0	%		98.0	%								123,735		43,718	Stater Bros., (Target)	$	15.97
Falcon Ridge Town Center Phase II		JV-RRP		20	%		CA	Riverside-San Bernardino-Ontario		2005		66,864		13,373		100.0	%		100.0	%								—		—	24 Hour Fitness	$	26.74
Five Points Shopping Center		JV-GRI		40	%		CA	Santa Barbara-Santa Maria-Goleta		1960		144,553		57,821		97.0	%		97.0	%								—		35,305	Albertsons	$	24.35
Folsom Prairie City Crossing							CA	Sacramento-Arden-Arcade-Roseville		1999		90,237		90,237		93.6	%		93.6	%								—		55,255	Safeway	$	19.40
French Valley Village Center							CA	Riverside-San Bernardino-Ontario		2004		98,752		98,752		95.2	%		95.2	%								—		44,054	Stater Bros.	$	23.31
Friars Mission Center							CA	San Diego-Carlsbad-San Marcos		1989		146,897		146,897		95.0	%		95.0	%								—		55,303	Ralphs	$	28.41
Gateway 101							CA	San Francisco-Oakland-Fremont		2008		92,110		92,110		100.0	%		100.0	%								212,485		—	(Home Depot), (Best Buy), Sports Authority, Nordstrom Rack	$	31.14
Gelson’s Westlake Market Plaza							CA	Oxnard-Thousand Oaks-Ventura		2002		84,975		84,975		91.7	%		91.7	%								—		37,500	Gelson’s Markets	$	16.43
Golden Hills Promenade							CA	San Luis Obispo-Paso Robles		2006		216,846		216,846		90.6	%		90.6	%								—		—	Lowe’s	$	4.63
Granada Village		JV-GRI		40	%		CA	Los Angeles-Long Beach-Santa Ana		1965		224,721		89,888		77.0	%		77.0	%								—		25,000	Sprout’s Markets	$	17.95
Hasley Canyon Village		JV-USAA		20	%		CA	Los Angeles-Long Beach-Santa Ana		2003		65,801		13,160		100.0	%		100.0	%								—		51,800	Ralphs	$	22.11
Heritage Plaza							CA	Los Angeles-Long Beach-Santa Ana		1981		231,371		231,371		92.3	%		92.3	%								—		44,376	Ralphs	$	29.20
Indio Towne Center							CA	Riverside-San Bernardino-Ontario		2006		132,678		132,678		59.0	%		59.0	%								235,834		93,696	(Home Depot), (WinCo)	$	17.68
Indio Towne Center Phase II							CA	Riverside-San Bernardino-Ontario		2010		46,827		46,827		100.0	%		100.0	%								—		—	Toys “R” Us/Babies “R” Us		NA
Jefferson Square							CA	Riverside-San Bernardino-Ontario		2007		38,013		38,013		74.7	%		74.7	%								—		13,969	Fresh & Easy	$	17.94
Laguna Niguel Plaza		JV-GRI		40	%		CA	Los Angeles-Long Beach-Santa Ana		1985		41,943		16,777		87.4	%		87.4	%								38,917		38,917	(Albertsons)	$	25.97
Loehmanns Plaza California							CA	San Jose-Sunnyvale-Santa Clara		1983		113,310		113,310		98.2	%		98.2	%								53,000		53,000	(Safeway)	$	17.10
Marina Shores		JV-C2		20	%		CA	Los Angeles-Long Beach-Santa Ana		2001		67,727		13,545		91.1	%		91.1	%								—		25,987	Whole Foods	$	30.49
Mariposa Shopping Center		JV-GRI		40	%		CA	San Jose-Sunnyvale-Santa Clara		1957		126,658		50,663		96.8	%		96.8	%								—		42,896	Safeway	$	17.98
Morningside Plaza							CA	Los Angeles-Long Beach-Santa Ana		1996		91,212		91,212		92.0	%		92.0	%								—		42,630	Stater Bros.	$	21.62
Navajo Shopping Center		JV-GRI		40	%		CA	San Diego-Carlsbad-San Marcos		1964		102,139		40,856		94.6	%		94.6	%								—		44,180	Albertsons	$	12.66
Newland Center							CA	Los Angeles-Long Beach-Santa Ana		1985		149,140		149,140		98.8	%		98.8	%								—		58,000	Albertsons	$	20.23
Oakbrook Plaza							CA	Oxnard-Thousand Oaks-Ventura		1982		83,286		83,286		92.7	%		92.7	%								—		43,842	Albertsons	$	16.17
Park Plaza Shopping Center		JV-C		20	%		CA	Los Angeles-Long Beach-Santa Ana		1991		194,396		38,879		91.6	%		91.6	%								—		28,210	Henry’s Marketplace	$	18.37
Paseo Del Sol							CA	Santa Barbara-Santa Maria-Goleta		2004		49,680		49,680		77.2	%		77.2	%								—		40,000	Whole Foods	$	50.77
Plaza Hermosa							CA	Los Angeles-Long Beach-Santa Ana		1984		94,940		94,940		92.9	%		92.9	%								—		36,800	Von’s Food & Drug	$	20.69
Pleasant Hill Shopping Center		JV-GRI		40	%		CA	San Francisco-Oakland-Fremont		1970		227,681		91,072		99.1	%		99.1	%								—		—	Target, Toys “R” Us	$	21.97
Point Loma Plaza		JV-GRI		40	%		CA	San Diego-Carlsbad-San Marcos		1987		212,415		84,966		96.0	%		96.0	%								—		50,000	Von’s Food & Drug	$	18.08
Powell Street Plaza							CA	San Francisco-Oakland-Fremont		1987		165,928		165,928		98.5	%		98.5	%								—		10,122	Trader Joe’s	$	29.24
Raley’s Supermarket		JV-C2		20	%		CA	Sacramento-Arden-Arcade-Roseville		1964		62,827		12,565		100.0	%		100.0	%								—		62,827	Raley’s	$	5.41
Rancho San Diego Village		JV-GRI		40	%		CA	San Diego-Carlsbad-San Marcos		1981		153,256		61,302		91.3	%		91.3	%								—		39,777	Von’s Food & Drug	$	18.61
Rio Vista Town Center							CA	Riverside-San Bernardino-Ontario		2005		67,622		67,622		85.5	%		85.5	%								—		44,700	Stater Bros.	$	15.93
Rona Plaza							CA	Los Angeles-Long Beach-Santa Ana		1989		51,760		51,760		98.1	%		98.1	%								—		37,194	Superior Super Warehouse	$	18.11
San Leandro Plaza							CA	San Francisco-Oakland-Fremont		1982		50,432		50,432		100.0	%		100.0	%								38,250		38,250	(Safeway)	$	29.57
Seal Beach		JV-C		20	%		CA	Los Angeles-Long Beach-Santa Ana		1966		96,858		19,372		93.5	%		93.5	%								—		48,000	Von’s Food & Drug	$	23.50
Sequoia Station							CA	San Francisco-Oakland-Fremont		1996		103,148		103,148		88.5	%		88.5	%								62,050		62,050	(Safeway)	$	34.01
Silverado Plaza		JV-GRI		40	%		CA	Napa		1974		84,916		33,966		100.0	%		100.0	%								—		31,833	Nob Hill	$	15.10
Snell & Branham Plaza		JV-GRI		40	%		CA	San Jose-Sunnyvale-Santa Clara		1988		99,351		39,740		92.2	%		92.2	%								—		52,550	Safeway	$	15.85
Stanford Ranch Village		JV-GRI		40	%		CA	Sacramento-Arden-Arcade-Roseville		1991		89,875		35,950		95.1	%		95.1	%								—		45,540	Bel Air Market	$	15.56
Strawflower Village							CA	San Francisco-Oakland-Fremont		1985		78,827		78,827		98.3	%		98.3	%								—		33,753	Safeway	$	18.94
Tassajara Crossing							CA	San Francisco-Oakland-Fremont		1990		146,140		146,140		97.4	%		97.4	%								—		56,496	Safeway	$	20.74

Portfolio Summary Report By State

March 31, 2011


									JVs at 100%		REG’s pro-rata share		JVs at 100%			REG’s pro-rata share			JVs at 100%			REG’s pro-rata share
Property Name	JV		REG’s Ownership %			State	CBSA	Yr Const, Last Renovation or Dev Start Yr	GLA		GLA		% Leased			% Leased			% Leased - Operating Properties			% Leased - Operating Properties			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Twin Oaks Shopping Center		JV-GRI		40	%	CA	Los Angeles-Long Beach-Santa Ana	1978		98,399		39,360		95.6	%		95.6	%								—		40,775	Ralphs	$	13.94
Twin Peaks						CA	San Diego-Carlsbad-San Marcos	1988		198,139		198,139		99.1	%		99.1	%								—		44,686	Albertsons, Target	$	17.57
Valencia Crossroads						CA	Los Angeles-Long Beach-Santa Ana	2003		172,856		172,856		98.8	%		98.8	%								—		35,000	Whole Foods, Kohl’s	$	22.84
Ventura Village						CA	Oxnard-Thousand Oaks-Ventura	1984		76,070		76,070		97.9	%		97.9	%								—		42,500	Von’s Food & Drug	$	18.99
Vine at Castaic						CA	Los Angeles-Long Beach-Santa Ana	2005		27,314		27,314		66.4	%		66.4	%								—		—	—	$	24.39
Vista Village Phase I		JV-RRP		20	%	CA	San Diego-Carlsbad-San Marcos	2003		129,009		25,802		91.1	%		91.1	%								165,000		—	Krikorian Theaters, (Lowe’s)	$	25.04
Vista Village Phase II		JV-RRP		20	%	CA	San Diego-Carlsbad-San Marcos	2003		55,000		11,000		45.5	%		45.5	%								—		25,000	Frazier Farms	$	17.28
Vista Village IV						CA	San Diego-Carlsbad-San Marcos	2006		11,000		11,000		45.5	%		45.5	%								—		—	—	$	40.16
West Park Plaza						CA	San Jose-Sunnyvale-Santa Clara	1996		88,104		88,104		91.6	%		91.6	%								—		24,712	Safeway	$	17.74
Westlake Village Plaza and Center						CA	Oxnard-Thousand Oaks-Ventura	1975		190,529		190,529		91.5	%		91.5	%								—		41,300	Von’s Food & Drug	$	30.11
Westridge Village						CA	Los Angeles-Long Beach-Santa Ana	2003		92,287		92,287		94.4	%		94.4	%								—		50,782	Albertsons	$	25.07
Woodman Van Nuys						CA	Los Angeles-Long Beach-Santa Ana	1992		107,614		107,614		95.7	%		95.7	%								—		77,648	El Super	$	13.60
Woodside Central						CA	San Francisco-Oakland-Fremont	1993		80,591		80,591		94.0	%		94.0	%								113,000		—	(Target)	$	20.39
Ygnacio Plaza		JV-GRI		40	%	CA	San Francisco-Oakland-Fremont	1968		109,701		43,880		100.0	%		100.0	%								—		17,050	Fresh & Easy	$	35.20

						CA				8,766,783		6,395,701		93.4	%		93.2	%		94.6	%		94.9	%		1,769,916		2,904,489

Applewood Shopping Center		JV-GRI		40	%	CO	Denver-Aurora	1956		370,221		148,088		95.7	%		95.7	%								—		71,074	King Soopers, Wal-Mart	$	9.52
Arapahoe Village		JV-GRI		40	%	CO	Boulder	1957		159,237		63,695		93.0	%		93.0	%								—		43,500	Safeway	$	15.90
Belleview Square						CO	Denver-Aurora	1978		117,335		117,335		99.0	%		99.0	%								—		65,104	King Soopers	$	15.19
Boulevard Center						CO	Denver-Aurora	1986		88,579		88,579		89.2	%		89.2	%								52,700		52,700	(Safeway)	$	22.46
Buckley Square						CO	Denver-Aurora	1978		116,147		116,147		92.2	%		92.2	%								—		62,400	King Soopers	$	8.50
Centerplace of Greeley Phase III						CO	Greeley	2007		94,090		94,090		81.5	%		81.5	%								—		—	Sports Authority	$	14.69
Cherrywood Square		JV-GRI		40	%	CO	Denver-Aurora	1978		86,162		34,465		93.3	%		93.3	%								—		51,640	King Soopers	$	10.86
Crossroads Commons		JV-C		20	%	CO	Boulder	1986		144,720		28,944		98.7	%		98.7	%								—		39,247	Whole Foods	$	24.43
Falcon Marketplace						CO	Colorado Springs	2005		22,491		22,491		72.5	%		72.5	%								184,305		50,000	(Wal-Mart Supercenter)	$	22.31
Hilltop Village		JV-M3		25	%	CO	Denver-Aurora	2003		100,030		25,008		93.8	%		93.8	%								—		66,000	King Soopers	$	8.90
Kent Place						CO	Denver-Aurora	2011		47,418		47,418		63.3	%		63.3	%								—		30,018	King Soopers		NA
Littleton Square						CO	Denver-Aurora	1997		94,222		94,222		72.2	%		72.2	%								—		49,751	King Soopers	$	11.80
Lloyd King Center						CO	Denver-Aurora	1998		83,326		83,326		91.6	%		91.6	%								—		61,040	King Soopers	$	11.04
Marketplace at Briargate						CO	Colorado Springs	2006		29,075		29,075		90.0	%		90.0	%								66,000		66,000	(King Soopers)	$	27.06
Monument Jackson Creek						CO	Colorado Springs	1999		85,263		85,263		100.0	%		100.0	%								—		69,913	King Soopers	$	10.82
NorthGate Village						CO	Greeley	2008		19,376		19,376		5.3	%		5.3	%								120,536		125,000	(King Soopers)		NA
Ralston Square Shopping Center		JV-GRI		40	%	CO	Denver-Aurora	1977		82,750		33,100		96.2	%		96.2	%								—		55,311	King Soopers	$	9.15
Shops at Quail Creek						CO	Denver-Aurora	2008		37,585		37,585		79.7	%		79.7	%								99,844		99,844	(King Soopers)	$	24.24
South Lowry Square						CO	Denver-Aurora	1993		119,916		119,916		81.2	%		81.2	%								—		62,600	Safeway	$	12.10
Stroh Ranch						CO	Denver-Aurora	1998		93,436		93,436		93.3	%		93.3	%								—		69,719	King Soopers	$	11.78
Woodmen Plaza						CO	Colorado Springs	1998		116,233		116,233		88.7	%		88.7	%								—		69,716	King Soopers	$	12.61

						CO				2,107,612		1,497,792		90.1	%		87.9	%		92.2	%		90.7	%		523,385		1,260,577

Corbin’s Corner		JV-GRI		40	%	CT	Hartford-West Hartford-East Hartford	1962		179,863		71,945		99.8	%		99.8	%								—		10,150	Trader Joe’s	$	22.99

						CT				179,863		71,945		99.8	%		99.8	%		99.8	%		99.8	%		—		10,150

Shops at The Columbia		JV-RC		25	%	DC	Washington-Arlington-Alexandria	2006		22,812		5,703		83.7	%		83.7	%								—		11,833	Trader Joe’s	$	35.63
Spring Valley Shopping Center		JV-GRI		40	%	DC	Washington-Arlington-Alexandria	1930		16,835		6,734		100.0	%		100.0	%								—		—	—	$	80.34

						DC				39,647		12,437		90.6	%		92.5	%		90.6	%		92.5	%		—		11,833

First State Plaza		JV-GRI		40	%	DE	Philadelphia-Camden-Wilmington	1988		164,779		65,912		83.2	%		83.2	%								—		57,319	Shop Rite	$	14.76
Pike Creek						DE	Philadelphia-Camden-Wilmington	1981		231,772		231,772		90.1	%		90.1	%								—		49,069	Acme Markets, K-Mart	$	12.93
Shoppes of Graylyn		JV-GRI		40	%	DE	Philadelphia-Camden-Wilmington	1971		66,808		26,723		89.1	%		89.1	%								—		—	—	$	20.25
White Oak—Dover, DE						DE	Dover	2000		10,908		10,908		100.0	%		100.0	%								—		—	—	$	32.73

						DE				474,267		335,315		87.8	%		89.0	%		87.8	%		89.0	%		—		106,388

Anastasia Plaza						FL	Jacksonville	1988		102,342		102,342		97.6	%		97.6	%								—		48,555	Publix	$	11.32
Aventura Shopping Center						FL	Miami-Fort Lauderdale-Miami Beach	1974		102,876		102,876		87.3	%		87.3	%								—		35,908	Publix	$	15.45
Beneva Village Shops						FL	Sarasota-Bradenton-Venice	1987		141,532		141,532		90.4	%		90.4	%								—		42,112	Publix	$	11.73
Berkshire Commons						FL	Naples-Marco Island	1992		110,062		110,062		100.0	%		100.0	%								—		65,537	Publix	$	12.39
Bloomingdale Square						FL	Tampa-St. Petersburg-Clearwater	1987		267,736		267,736		96.3	%		96.3	%								—		39,795	Publix, Wal-Mart, Bealls	$	8.78
Boynton Lakes Plaza						FL	Miami-Fort Lauderdale-Miami Beach	1993		124,924		124,924		83.1	%		83.1	%								—		56,000	Winn-Dixie	$	11.46
Caligo Crossing						FL	Miami-Fort Lauderdale-Miami Beach	2007		10,763		10,763		87.0	%		87.0	%								98,165		—	(Kohl’s)	$	36.02
Canopy Oak Center		JV-O		50	%	FL	Ocala	2006		90,041		45,021		77.8	%		77.8	%								—		54,340	Publix	$	17.90
Carriage Gate						FL	Tallahassee	1978		76,784		76,784		88.9	%		88.9	%								—		—	—	$	14.04
Chasewood Plaza						FL	Miami-Fort Lauderdale-Miami Beach	1986		155,603		155,603		95.5	%		95.5	%								—		54,420	Publix	$	17.82
Corkscrew Village						FL	Cape Coral-Fort Myers	1997		82,011		82,011		95.3	%		95.3	%								—		51,420	Publix	$	12.77
Courtyard Shopping Center						FL	Jacksonville	1987		137,256		137,256		100.0	%		100.0	%								62,771		62,771	(Publix), Target	$	3.33
East Port Plaza						FL	Port St. Lucie-Fort Pierce	1991		162,831		162,831		82.4	%		82.4	%								—		42,112	Publix	$	13.71
East Towne Center						FL	Orlando	2003		69,841		69,841		84.0	%		84.0	%								—		44,840	Publix	$	12.82
First Street Village						FL	Cape Coral-Fort Myers	2006		54,926		54,926		92.4	%		92.4	%								—		39,393	Publix	$	16.65
Five Corners Plaza		JV-RC		25	%	FL	Miami-Fort Lauderdale-Miami Beach	2001		44,647		11,162		88.1	%		88.1	%								—		27,887	Publix	$	12.46
Fleming Island						FL	Jacksonville	2000		136,663		136,663		67.1	%		67.1	%								129,807		47,955	Publix, (Target)	$	13.88
Garden Square						FL	Miami-Fort Lauderdale-Miami Beach	1991		90,258		90,258		95.7	%		95.7	%								—		42,112	Publix	$	14.52
Grande Oak						FL	Cape Coral-Fort Myers	2000		78,784		78,784		100.0	%		100.0	%								—		54,379	Publix	$	14.28
Hibernia Pavilion						FL	Jacksonville	2006		51,298		51,298		94.9	%		94.9	%								—		39,203	Publix	$	17.19
Hibernia Plaza						FL	Jacksonville	2006		8,400		8,400		16.7	%		16.7	%								—		—	—	$	12.60
Horton’s Corner						FL	Jacksonville	2007		14,820		14,820		100.0	%		100.0	%								—		—	—	$	25.71

Portfolio Summary Report By State

March 31, 2011


								JVs at 100%		REG’s pro-rata share		JVs at 100%			REG’s pro-rata share			JVs at 100%			REG’s pro-rata share
Property Name	JV	REG’s Ownership %			State	CBSA	Yr Const, Last Renovation or Dev Start Yr	GLA		GLA		% Leased			% Leased			% Leased - Operating Properties			% Leased - Operating Properties			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Island Crossing	JV-C2		20	%	FL	Port St. Lucie-Fort Pierce	1996		58,456		11,691		97.6	%		97.6	%								—		47,955	Publix	$	9.86
John’s Creek Center	JV-C2		20	%	FL	Jacksonville	2004		75,101		15,020		92.5	%		92.5	%								—		44,840	Publix	$	13.08
Julington Village	JV-C		20	%	FL	Jacksonville	1999		81,820		16,364		100.0	%		100.0	%								—		51,420	Publix	$	14.11
Kings Crossing Sun City					FL	Tampa-St. Petersburg-Clearwater	1999		75,020		75,020		97.1	%		97.1	%								—		51,420	Publix	$	11.89
Lynnhaven	JV-O		50	%	FL	Panama City-Lynn Haven	2001		63,871		31,936		100.0	%		100.0	%								—		44,271	Publix	$	11.79
Marketplace Shopping Center					FL	Tampa-St. Petersburg-Clearwater	1983		90,296		90,296		71.4	%		71.4	%								—		—	LA Fitness	$	25.33
Martin Downs Village Center					FL	Port St. Lucie-Fort Pierce	1985		112,666		112,666		90.1	%		90.1	%								—		—	—	$	15.79
Martin Downs Village Shoppes					FL	Port St. Lucie-Fort Pierce	1998		48,937		48,937		83.4	%		83.4	%								—		—	—	$	17.91
Millhopper Shopping Center					FL	Gainesville	1974		80,421		80,421		100.0	%		100.0	%								—		37,244	Publix	$	14.09
Naples Walk Shopping Center					FL	Naples-Marco Island	1999		125,390		125,390		85.4	%		85.4	%								—		51,420	Publix	$	15.42
Newberry Square					FL	Gainesville	1986		180,524		180,524		95.5	%		95.5	%								—		39,795	Publix, K-Mart	$	7.68
Nocatee Town Center					FL	Jacksonville	2007		69,679		69,679		88.0	%		88.0	%								—		54,340	Publix	$	14.36
Northgate Square					FL	Tampa-St. Petersburg-Clearwater	1995		75,495		75,495		92.3	%		92.3	%								—		47,955	Publix	$	12.38
Oakleaf Commons					FL	Jacksonville	2006		73,717		73,717		81.0	%		81.0	%								—		45,600	Publix	$	13.93
Old St Augustine Plaza					FL	Jacksonville	1990		232,459		232,459		98.3	%		98.3	%								—		51,832	Publix, Burlington Coat Factory, Hobby Lobby	$	7.77
Pebblebrook Plaza	JV-O		50	%	FL	Naples-Marco Island	2000		76,767		38,384		100.0	%		100.0	%								—		61,166	Publix	$	13.06
Pine Tree Plaza					FL	Jacksonville	1999		63,387		63,387		96.8	%		96.8	%								—		37,866	Publix	$	12.72
Plantation Plaza	JV-C2		20	%	FL	Jacksonville	2004		77,747		15,549		92.9	%		92.9	%								—		44,840	Publix	$	15.81
Regency Square					FL	Tampa-St. Petersburg-Clearwater	1986		349,848		349,848		91.8	%		91.8	%								66,000		—	AMC Theater, Michaels, (Best Buy), (Macdill)	$	14.41
Seminole Shoppes					FL	Jacksonville	2009		73,241		73,241		91.6	%		91.6	%								—		54,340	Publix	$	17.88
Shoppes @ 104					FL	Miami-Fort Lauderdale-Miami Beach	1990		108,192		108,192		93.5	%		93.5	%								—		46,368	Winn-Dixie	$	13.43
Shoppes at Bartram Park	JV-O		50	%	FL	Jacksonville	2004		105,319		52,660		92.5	%		92.5	%								97,000		44,840	Publix, (Kohl’s)	$	17.23
Shoppes at Bartram Park Phase II	JV-O		50	%	FL	Jacksonville	2008		14,639		7,320		30.1	%		30.1	%								—		—	—	$	21.08
Shops at John’s Creek					FL	Jacksonville	2004		15,490		15,490		65.0	%		65.0	%								—		—	—	$	17.56
Starke					FL	None	2000		12,739		12,739		100.0	%		100.0	%								—		—	—	$	24.65
Suncoast Crossing Phase I					FL	Tampa-St. Petersburg-Clearwater	2007		108,434		108,434		91.9	%		91.9	%								—		—	Kohl’s	$	4.13
Suncoast Crossing Phase II					FL	Tampa-St. Petersburg-Clearwater	2008		9,451		9,451		44.5	%		44.5	%								143,055		—	(Target)	$	21.00
Town Center at Martin Downs					FL	Port St. Lucie-Fort Pierce	1996		64,546		64,546		100.0	%		100.0	%								—		56,146	Publix	$	12.44
Town Square					FL	Tampa-St. Petersburg-Clearwater	1999		44,380		44,380		88.2	%		88.2	%								—		—	—	$	27.11
Village Center					FL	Tampa-St. Petersburg-Clearwater	1993		181,110		181,110		96.3	%		96.3	%								—		36,434	Publix	$	12.87
Vineyard Shopping Center	JV-M3		25	%	FL	Tallahassee	2002		62,821		15,705		81.6	%		81.6	%								—		44,271	Publix	$	10.39
Welleby Plaza					FL	Miami-Fort Lauderdale-Miami Beach	1982		109,949		109,949		93.5	%		93.5	%								—		46,779	Publix	$	10.20
Wellington Town Square					FL	Miami-Fort Lauderdale-Miami Beach	1982		107,325		107,325		96.2	%		96.2	%								—		44,840	Publix	$	19.06
Westchase					FL	Tampa-St. Petersburg-Clearwater	1998		78,998		78,998		93.4	%		93.4	%								—		51,420	Publix	$	12.97
Willa Springs	JV-USAA		20	%	FL	Orlando	2000		89,930		17,986		97.8	%		97.8	%								—		44,271	Publix	$	15.96

					FL				5,312,563		4,750,200		91.5	%		91.4	%		92.1	%		91.8	%		596,798		2,030,412

Ashford Place					GA	Atlanta-Sandy Springs-Marietta	1993		53,345		53,345		61.7	%		61.7	%								—		—	—	$	18.75
Briarcliff La Vista					GA	Atlanta-Sandy Springs-Marietta	1962		39,204		39,204		100.0	%		100.0	%								—		—	—	$	16.96
Briarcliff Village					GA	Atlanta-Sandy Springs-Marietta	1990		187,156		187,156		94.1	%		94.1	%								—		43,454	Publix	$	14.64
Buckhead Court					GA	Atlanta-Sandy Springs-Marietta	1984		48,338		48,338		93.3	%		93.3	%								—		—	—	$	16.68
Cambridge Square					GA	Atlanta-Sandy Springs-Marietta	1979		71,474		71,474		99.9	%		99.9	%								—		40,852	Kroger	$	13.12
Chapel Hill Centre					GA	Atlanta-Sandy Springs-Marietta	2005		66,970		66,970		94.3	%		94.3	%								88,713		—	(Kohl’s), Hobby Lobby	$	11.41
Cromwell Square					GA	Atlanta-Sandy Springs-Marietta	1990		80,406		80,406		95.7	%		95.7	%								—		—	—	$	9.83
Delk Spectrum					GA	Atlanta-Sandy Springs-Marietta	1991		100,539		100,539		82.0	%		82.0	%								—		45,044	Publix	$	15.30
Dunwoody Hall	JV-USAA		20	%	GA	Atlanta-Sandy Springs-Marietta	1986		89,351		17,870		98.8	%		98.8	%								—		44,271	Publix	$	14.91
Dunwoody Village					GA	Atlanta-Sandy Springs-Marietta	1975		120,598		120,598		92.0	%		92.0	%								—		18,400	Fresh Market	$	17.20
Howell Mill Village					GA	Atlanta-Sandy Springs-Marietta	1984		97,990		97,990		83.6	%		83.6	%								—		31,000	Publix	$	15.95
King Plaza	JV-C2		20	%	GA	Atlanta-Sandy Springs-Marietta	1998		81,432		16,286		88.9	%		88.9	%								—		51,420	Publix	$	11.57
Loehmanns Plaza Georgia					GA	Atlanta-Sandy Springs-Marietta	1986		137,139		137,139		93.4	%		93.4	%								—		—	—	$	18.64
Lost Mountain Crossing	JV-C2		20	%	GA	Atlanta-Sandy Springs-Marietta	1994		72,568		14,514		93.0	%		93.0	%								—		47,814	Publix	$	11.43
Paces Ferry Plaza					GA	Atlanta-Sandy Springs-Marietta	1987		61,697		61,697		98.0	%		98.0	%								—		—	—	$	30.75
Powers Ferry Square					GA	Atlanta-Sandy Springs-Marietta	1987		95,651		95,651		78.8	%		78.8	%								—		—	—	$	23.10
Powers Ferry Village					GA	Atlanta-Sandy Springs-Marietta	1994		78,896		78,896		81.0	%		81.0	%								—		47,955	Publix	$	9.92
Rivermont Station					GA	Atlanta-Sandy Springs-Marietta	1996		90,267		90,267		72.5	%		72.5	%								—		58,261	Kroger	$	14.71
Russell Ridge					GA	Atlanta-Sandy Springs-Marietta	1995		98,559		98,559		97.6	%		97.6	%								—		63,296	Kroger	$	11.59

					GA				1,671,580		1,476,899		89.6	%		89.1	%		89.6	%		89.1	%		88,713		491,767

Baker Hill Center	JV-C		20	%	IL	Chicago-Naperville-Joliet	1998		135,355		27,071		99.1	%		99.1	%								—		72,397	Dominick’s	$	14.33
Brentwood Commons	JV-GRI		40	%	IL	Chicago-Naperville-Joliet	1962		125,550		50,220		99.1	%		99.1	%								—		64,762	Dominick’s	$	10.48
Carbondale Center	JV-D		16	%	IL	Carbondale	1997		59,726		9,765		100.0	%		100.0	%								—		56,726	Schnucks	$	10.21
Civic Center Plaza	JV-GRI		40	%	IL	Chicago-Naperville-Joliet	1989		264,973		105,989		98.0	%		98.0	%								—		87,135	Super H Mart, Home Depot	$	10.85
Champaign Commons	JV-D		16	%	IL	Champaign-Urbana	1990		88,105		14,405		90.7	%		90.7	%								—		72,326	Schnucks	$	8.59
Country Club Plaza	JV-D		16	%	IL	St. Louis	2001		86,867		14,203		94.4	%		94.4	%								—		54,554	Schnucks	$	6.82
Deer Grove Center	JV-C		20	%	IL	Chicago-Naperville-Joliet	1996		236,173		47,235		79.0	%		79.0	%								117,000		65,816	Dominick’s, (Target)	$	13.69
Frankfort Crossing Shpg Ctr					IL	Chicago-Naperville-Joliet	1992		114,534		114,534		84.7	%		84.7	%								—		64,937	Jewel / OSCO	$	11.77
Geneva Crossing	JV-C		20	%	IL	Chicago-Naperville-Joliet	1997		123,182		24,636		98.8	%		98.8	%								—		72,385	Dominick’s	$	14.10
Glen Oak Plaza					IL	Chicago-Naperville-Joliet	1967		62,616		62,616		100.0	%		100.0	%								—		11,944	Trader Joe’s	$	20.99

Portfolio Summary Report By State

March 31, 2011


								JVs at 100%		REG’s pro-rata share		JVs at 100%			REG’s pro-rata share			JVs at 100%			REG’s pro-rata share
Property Name	JV	REG’s Ownership %			State	CBSA	Yr Const, Last Renovation or Dev Start Yr	GLA		GLA		% Leased			% Leased			% Leased - Operating Properties			% Leased - Operating Properties			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Granite City	JV-D		16	%	IL	St. Louis	2004		46,237		7,560		100.0	%		100.0	%								—		46,237	Schnucks	$	8.28
Hinsdale					IL	Chicago-Naperville-Joliet	1986		178,960		178,960		95.0	%		95.0	%								—		69,540	Dominick’s	$	12.19
McHenry Commons Shopping Center	JV-GRI		40	%	IL	Chicago-Naperville-Joliet	1988		100,526		40,210		36.8	%		36.8	%								—		—	—	$	15.05
Montvale Commons	JV-D		16	%	IL	Springfield	1996		73,937		12,089		98.1	%		98.1	%								—		62,447	Schnucks	$	10.38
Riverside Sq & River’s Edge	JV-GRI		40	%	IL	Chicago-Naperville-Joliet	1986		169,435		67,774		100.0	%		100.0	%								—		74,495	Dominick’s	$	14.76
Riverview Plaza	JV-GRI		40	%	IL	Chicago-Naperville-Joliet	1981		140,460		56,184		93.2	%		93.2	%								—		51,298	Mariano’s	$	13.94
Shorewood Crossing	JV-C		20	%	IL	Chicago-Naperville-Joliet	2001		87,705		17,541		98.4	%		98.4	%								—		65,977	Dominick’s	$	14.68
Shorewood Crossing II	JV-C2		20	%	IL	Chicago-Naperville-Joliet	2005		86,276		17,255		98.1	%		98.1	%								—		—	—	$	13.34
Stonebrook Plaza Shopping Center	JV-GRI		40	%	IL	Chicago-Naperville-Joliet	1984		95,825		38,330		100.0	%		100.0	%								—		63,000	Dominick’s	$	11.43
Swansea Plaza	JV-D		16	%	IL	St. Louis	1988		118,892		19,439		95.9	%		95.9	%								—		70,017	Schnucks	$	9.77
Urbana Crossing	JV-D		16	%	IL	Champaign-Urbana	1997		85,196		13,930		95.3	%		95.3	%								—		62,105	Schnucks	$	11.16
Westbrook Commons					IL	Chicago-Naperville-Joliet	1984		123,855		123,855		90.0	%		90.0	%								—		51,304	Dominick’s	$	11.21
Willow Festival					IL	Chicago-Naperville-Joliet	2007		384,615		384,615		95.2	%		95.2	%								—		60,040	Whole Foods, Best Buy, Lowe’s	$	14.57

					IL				2,989,000		1,448,416		92.8	%		92.8	%		92.8	%		92.8	%		117,000		1,299,442

Airport Crossing					IN	Chicago-Naperville-Joliet	2006		11,924		11,924		77.8	%		77.8	%								89,911		—	(Kohl’s)	$	15.94
Augusta Center					IN	Chicago-Naperville-Joliet	2006		14,532		14,532		90.1	%		90.1	%								213,988		—	(Menards)	$	22.78
Evansville West Center	JV-D		16	%	IN	Evansville	1989		79,885		13,061		91.9	%		91.9	%								—		62,273	Schnucks	$	8.49
Greenwood Springs					IN	Indianapolis	2004		28,028		28,028		60.0	%		60.0	%								265,798		50,000	(Gander Mountain), (Wal-Mart Supercenter)	$	16.35
Willow Lake Shopping Center	JV-GRI		40	%	IN	Indianapolis	1987		85,923		34,369		84.9	%		84.9	%								64,000		64,000	(Kroger)	$	16.65
Willow Lake West Shopping Center	JV-GRI		40	%	IN	Indianapolis	2001		52,961		21,184		100.0	%		100.0	%								—		10,028	Trader Joe’s	$	22.57

					IN				273,253		123,099		87.3	%		82.5	%		87.3	%		82.5	%		633,697		186,301

Walton Towne Center					KY	Cincinnati-Middletown	2007		23,186		23,186		81.9	%		81.9	%								116,432		116,432	(Kroger)	$	17.38

					KY				23,186		23,186		81.9	%		81.9	%		NA			NA			116,432		116,432

Shops at Saugus					MA	Boston-Cambridge-Quincy	2006		90,055		90,055		91.9	%		91.9	%								—		11,000	Trader Joe’s	$	25.27
Speedway Plaza	JV-C2		20	%	MA	Worcester	1988		185,279		37,056		98.8	%		98.8	%								—		59,970	Stop & Shop, BJ’s Warehouse	$	10.52
Twin City Plaza					MA	Boston-Cambridge-Quincy	2004		281,703		281,703		93.7	%		93.7	%								—		62,500	Shaw’s, Marshall’s	$	16.42

					MA				557,037		408,814		95.1	%		93.8	%		95.7	%		94.3	%		—		133,470

Bowie Plaza	JV-GRI		40	%	MD	Washington-Arlington-Alexandria	1966		102,904		41,162		89.3	%		89.3	%								—		—	—	$	17.60
Clinton Park	JV-C		20	%	MD	Washington-Arlington-Alexandria	2003		206,050		41,210		94.1	%		94.1	%								49,000		43,000	Giant Food, Sears, (Toys “R” Us)	$	8.58
Cloppers Mill Village	JV-GRI		40	%	MD	Washington-Arlington-Alexandria	1995		137,035		54,814		84.6	%		84.6	%								—		70,057	Shoppers Food Warehouse	$	17.77
Elkridge Corners	JV-GRI		40	%	MD	Baltimore-Towson	1990		73,529		29,412		100.0	%		100.0	%								—		39,571	Super Fresh	$	15.35
Festival at Woodholme	JV-GRI		40	%	MD	Baltimore-Towson	1986		81,016		32,406		82.6	%		82.6	%								—		10,370	Trader Joe’s	$	34.86
Firstfield Shopping Center	JV-GRI		40	%	MD	Washington-Arlington-Alexandria	1978		22,328		8,931		93.3	%		93.3	%								—		—	—	$	37.20
Goshen Plaza	JV-GRI		40	%	MD	Washington-Arlington-Alexandria	1987		45,654		18,262		85.0	%		85.0	%								—		—	—	$	18.84
King Farm Village Center	JV-RC		25	%	MD	Washington-Arlington-Alexandria	2001		118,326		29,582		96.4	%		96.4	%								—		53,754	Safeway	$	25.85
Mitchellville Plaza	JV-GRI		40	%	MD	Washington-Arlington-Alexandria	1991		156,125		62,450		79.2	%		79.2	%								—		45,100	Food Lion	$	21.91
Parkville Shopping Center	JV-GRI		40	%	MD	Baltimore-Towson	1961		162,435		64,974		96.7	%		96.7	%								—		41,223	Super Fresh	$	12.40
Southside Marketplace	JV-GRI		40	%	MD	Baltimore-Towson	1990		125,146		50,058		86.8	%		86.8	%								—		44,264	Shoppers Food Warehouse	$	15.23
Takoma Park	JV-GRI		40	%	MD	Washington-Arlington-Alexandria	1960		106,469		42,588		92.7	%		92.7	%								—		63,643	Shoppers Food Warehouse	$	10.15
Valley Centre	JV-GRI		40	%	MD	Baltimore-Towson	1987		247,837		99,135		82.9	%		82.9	%								—		—	—	$	14.92
Village at Lee Airpark					MD	Baltimore-Towson	2005		87,556		87,556		91.5	%		91.5	%								75,000		70,260	Giant Food, (Sunrise)	$	23.15
Watkins Park Plaza	JV-GRI		40	%	MD	Washington-Arlington-Alexandria	1985		113,443		45,377		94.8	%		94.8	%								—		43,205	Safeway	$	19.21
Woodmoor Shopping Center	JV-GRI		40	%	MD	Washington-Arlington-Alexandria	1954		67,403		26,961		87.8	%		87.8	%								—		—	—	$	25.37

					MD				1,853,256		734,877		89.4	%		89.1	%		89.3	%		88.8	%		124,000		524,447

Fenton Marketplace					MI	Flint	1999		97,224		97,224		34.7	%		34.7	%								—		—	—	$	19.04
State Street Crossing					MI	Ann Arbor	2006		21,049		21,049		60.0	%		60.0	%								147,491		—	(Wal-Mart)	$	23.39

					MI				118,273		118,273		39.2	%		39.2	%		34.7	%		34.7	%		147,491		—

Affton Plaza	JV-D		16	%	MO	St. Louis	2000		67,760		11,079		100.0	%		100.0	%								—		61,218	Schnucks	$	6.06
Bellerive Plaza	JV-D		16	%	MO	St. Louis	2000		115,252		18,844		93.3	%		93.3	%								—		67,985	Schnucks	$	9.55
Brentwood Plaza	JV-D		16	%	MO	St. Louis	2002		60,452		9,884		96.5	%		96.5	%								—		51,800	Schnucks	$	9.72
Bridgeton	JV-D		16	%	MO	St. Louis	2005		70,762		11,570		100.0	%		100.0	%								129,802		63,482	Schnucks, (Home Depot)	$	11.92
Butler Hill Centre	JV-D		16	%	MO	St. Louis	1987		90,889		14,860		96.3	%		96.3	%								—		63,304	Schnucks	$	10.67
Capital Crossing	JV-D		16	%	MO	Jefferson City	2002		85,149		13,922		94.4	%		94.4	%								—		63,111	Schnucks	$	11.09
City Plaza	JV-D		16	%	MO	St. Louis	1998		80,150		13,105		100.0	%		100.0	%								—		62,348	Schnucks	$	9.37
Crestwood Commons	JV-D		16	%	MO	St. Louis	1994		67,285		11,001		100.0	%		100.0	%								132,463		67,285	Schnucks, (Best Buy), (Gordman’s)	$	11.79
Dardenne Crossing	JV-D		16	%	MO	St. Louis	1996		67,430		11,025		100.0	%		100.0	%								—		63,333	Schnucks	$	10.96
Dorsett Village	JV-D		16	%	MO	St. Louis	1998		104,217		17,039		100.0	%		100.0	%								35,090		59,483	Schnucks, (Orlando Gardens Banquet Center)	$	11.95
Kirkwood Commons	JV-D		16	%	MO	St. Louis	2000		209,703		34,286		100.0	%		100.0	%								258,000		—	Wal-Mart, (Target), (Lowe’s)	$	9.58
Lake St. Louis	JV-D		16	%	MO	St. Louis	2004		75,643		12,368		96.3	%		96.3	%								—		63,187	Schnucks	$	12.50
O’Fallon Centre	JV-D		16	%	MO	St. Louis	1984		71,300		11,658		89.0	%		89.0	%								—		55,050	Schnucks	$	8.11
Plaza 94	JV-D		16	%	MO	St. Louis	2005		66,555		10,882		95.4	%		95.4	%								—		52,844	Schnucks	$	9.58
Richardson Crossing	JV-D		16	%	MO	St. Louis	2000		82,994		13,570		97.1	%		97.1	%								—		61,494	Schnucks	$	12.10
Shackelford Center	JV-D		16	%	MO	St. Louis	2006		49,635		8,115		95.8	%		95.8	%								—		45,960	Schnucks	$	7.27
Sierra Vista Plaza	JV-D		16	%	MO	St. Louis	1993		74,666		12,208		98.4	%		98.4	%								—		56,201	Schnucks	$	10.14
Twin Oaks	JV-D		16	%	MO	St. Louis	2006		71,682		11,720		100.0	%		100.0	%								—		63,482	Schnucks	$	12.12
University City Square	JV-D		16	%	MO	St. Louis	1997		79,230		12,954		100.0	%		100.0	%								—		61,600	Schnucks	$	9.29
Washington Crossing	JV-D		16	%	MO	St. Louis	1999		117,626		19,232		97.1	%		97.1	%								—		56,250	Schnucks	$	10.92

Portfolio Summary Report By State

March 31, 2011


								JVs at 100%		REG’s pro-rata share		JVs at 100%			REG’s pro-rata share			JVs at 100%			REG’s pro-rata share
Property Name	JV	REG’s Ownership %			State	CBSA	Yr Const, Last Renovation or Dev Start Yr	GLA		GLA		% Leased			% Leased			% Leased - Operating Properties			% Leased - Operating Properties			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Wentzville Commons	JV-D		16	%	MO	St. Louis	2000		74,205		12,133		100.0	%		100.0	%								106,086		61,860	Schnucks, (Home Depot)	$	11.24
Wildwood Crossing	JV-D		16	%	MO	St. Louis	1997		108,200		17,691		74.4	%		74.4	%								—		61,500	Schnucks	$	11.77
Zumbehl Commons	JV-D		16	%	MO	St. Louis	1990		116,682		19,078		94.3	%		94.3	%								—		74,672	Schnucks	$	8.65

					MO				2,007,467		328,221		96.3	%		96.3	%		96.3	%		96.3	%		661,441		1,337,449

Apple Valley Square	JV-RC		25	%	MN	Minneapolis-St. Paul-Bloomington	1998		184,841		46,210		100.0	%		100.0	%								87,437		61,736	Rainbow Foods, Jo-Ann Fabrics, (Burlington Coat Factory)	$	11.19
Colonial Square	JV-GRI		40	%	MN	Minneapolis-St. Paul-Bloomington	1959		93,200		37,280		100.0	%		100.0	%								—		43,978	Lund’s	$	17.19
Rockford Road Plaza	JV-GRI		40	%	MN	Minneapolis-St. Paul-Bloomington	1991		205,479		82,192		93.9	%		93.9	%								—		65,608	Rainbow Foods	$	12.28

					MN				483,520		165,682		97.4	%		97.0	%		97.4	%		97.0	%		87,437		171,322

Cameron Village	JV-CCV		30	%	NC	Raleigh-Cary	1949		554,738		166,421		97.6	%		97.6	%								—		79,830	Harris Teeter, Fresh Market	$	16.10
Carmel Commons					NC	Charlotte-Gastonia-Concord	1979		132,651		132,651		90.5	%		90.5	%								—		14,300	Fresh Market	$	16.40
Cochran Commons	JV-C2		20	%	NC	Charlotte-Gastonia-Concord	2003		66,020		13,204		91.6	%		91.6	%								—		41,500	Harris Teeter	$	14.17
Colonnade Center					NC	Raleigh-Cary	2009		57,503		57,503		81.2	%		81.2	%								—		40,000	Whole Foods	$	25.50
Fuquay Crossing	JV-RC		25	%	NC	Raleigh-Cary	2002		124,774		31,194		90.2	%		90.2	%								—		46,478	Kroger	$	9.53
Garner Towne Square					NC	Raleigh-Cary	1998		221,776		221,776		78.9	%		78.9	%								273,000		57,590	Kroger, (Home Depot), (Target)	$	11.86
Glenwood Village					NC	Raleigh-Cary	1983		42,864		42,864		96.8	%		96.8	%								—		27,764	Harris Teeter	$	13.53
Harris Crossing					NC	Raleigh-Cary	2007		65,150		65,150		84.8	%		84.8	%								—		53,365	Harris Teeter	$	4.34
Lake Pine Plaza					NC	Raleigh-Cary	1997		87,690		87,690		89.6	%		89.6	%								—		57,590	Kroger	$	11.10
Maynard Crossing	JV-USAA		20	%	NC	Raleigh-Cary	1997		122,782		24,556		90.8	%		90.8	%								—		55,973	Kroger	$	14.69
Providence Commons	JV-RC		25	%	NC	Charlotte-Gastonia-Concord	1994		197,801		49,450		96.7	%		96.7	%								—		50,420	Lowe’s	$	14.63
Middle Creek Commons					NC	Raleigh-Cary	2006		73,634		73,634		95.9	%		95.9	%								—		49,495	Lowes Foods	$	14.70
Shoppes of Kildaire	JV-GRI		40	%	NC	Raleigh-Cary	1986		148,204		59,282		97.2	%		97.2	%								—		18,613	Trader Joe’s	$	15.24
Southpoint Crossing					NC	Durham	1998		103,128		103,128		90.2	%		90.2	%								—		59,160	Kroger	$	15.36
Sutton Square	JV-C2		20	%	NC	Raleigh-Cary	1985		101,025		20,205		92.9	%		92.9	%								—		24,167	Fresh Market	$	15.02
Woodcroft Shopping Center					NC	Durham	1984		89,833		89,833		93.2	%		93.2	%								—		40,832	Food Lion	$	12.22

					NC				2,189,573		1,238,541		92.2	%		89.9	%		92.8	%		90.7	%		273,000		717,077

Plaza Square	JV-GRI		40	%	NJ	New York-Northern New Jersey-Long Island	1990		103,842		41,537		94.1	%		94.1	%								—		60,000	Shop Rite	$	21.79
Haddon Commons	JV-GRI		40	%	NJ	Philadelphia-Camden-Wilmington	1985		52,640		21,056		93.4	%		93.4	%								—		34,240	Acme Markets	$	6.90

					NJ				156,482		62,593		93.8	%		93.8	%		93.8	%		93.8	%		—		94,240

Anthem Highlands Shopping Center					NV	Las Vegas-Paradise	2004		108,515		108,515		80.6	%		80.6	%								—		53,963	Albertsons	$	13.22
Deer Springs Town Center					NV	Las Vegas-Paradise	2007		330,907		330,907		89.3	%		89.3	%								132,360		—	(Target), Home Depot, Toys “R” Us	$	12.68

					NV				439,422		439,422		87.1	%		87.1	%		80.6	%		80.6	%		132,360		53,963

Beckett Commons					OH	Cincinnati-Middletown	1995		121,498		121,498		87.0	%		87.0	%								—		70,815	Kroger	$	11.12
Cherry Grove					OH	Cincinnati-Middletown	1997		195,513		195,513		98.0	%		98.0	%								—		66,336	Kroger	$	10.14
East Pointe					OH	Columbus	1993		86,503		86,503		98.4	%		98.4	%								—		59,120	Kroger	$	10.57
Hyde Park					OH	Cincinnati-Middletown	1995		396,861		396,861		96.9	%		96.9	%								—		169,267	Kroger, Biggs	$	13.84
Indian Springs Market Center	JV-RRP		20	%	OH	Cincinnati-Middletown	2005		146,116		29,223		100.0	%		100.0	%								203,000		—	Kohl’s, (Wal-Mart Supercenter)	$	5.09
Kroger New Albany Center					OH	Columbus	1999		93,286		93,286		90.3	%		90.3	%								—		63,805	Kroger	$	11.27
Maxtown Road (Northgate)					OH	Columbus	1996		85,100		85,100		98.4	%		98.4	%								90,000		62,000	Kroger, (Home Depot)	$	10.82
Park Place Shopping Center					OH	Columbus	1988		106,832		106,832		25.8	%		25.8	%								—		—	—	$	14.52
Red Bank Village					OH	Cincinnati-Middletown	2006		164,317		164,317		97.4	%		97.4	%								—		—	Wal-Mart	$	5.66
Regency Commons					OH	Cincinnati-Middletown	2004		30,770		30,770		80.5	%		80.5	%								—		—	—	$	24.44
Shoppes at Mason					OH	Cincinnati-Middletown	1997		80,800		80,800		92.6	%		92.6	%								—		56,800	Kroger	$	10.25
Sycamore Crossing & Sycamore Plaza	JV-RRP		20	%	OH	Cincinnati-Middletown	1966		390,957		78,191		89.0	%		89.0	%								—		25,723	Fresh Market, Macy’s Furniture Gallery, Toys ‘R Us, Dick’s Sporting Goods	$	16.88
Wadsworth Crossing					OH	Cleveland-Elyria-Mentor	2005		108,164		108,164		90.0	%		90.0	%								366,722		—	(Kohl’s), (Lowe’s), (Target)	$	13.90
Westchester Plaza					OH	Cincinnati-Middletown	1988		88,181		88,181		98.4	%		98.4	%								—		66,523	Kroger	$	9.78
Windmiller Plaza Phase I					OH	Columbus	1997		140,437		140,437		98.5	%		98.5	%								—		101,428	Kroger	$	8.58

					OH				2,235,335		1,805,677		91.2	%		91.0	%		91.2	%		91.0	%		659,722		741,817

Corvallis Market Center					OR	Corvallis	2006		84,548		84,548		100.0	%		100.0	%								—		12,017	Trader Joe’s	$	18.45
Greenway Town Center	JV-GRI		40	%	OR	Portland-Vancouver-Beaverton	1979		93,101		37,240		95.9	%		95.9	%								—		37,500	Lamb’s Thriftway	$	12.89
Murrayhill Marketplace					OR	Portland-Vancouver-Beaverton	1988		148,967		148,967		89.6	%		89.6	%								—		41,132	Safeway	$	13.91
Sherwood Crossroads					OR	Portland-Vancouver-Beaverton	1999		87,966		87,966		93.3	%		93.3	%								—		55,227	Safeway	$	10.62
Sherwood Market Center					OR	Portland-Vancouver-Beaverton	1995		124,259		124,259		97.8	%		97.8	%								—		49,793	Albertsons	$	17.15
Sunnyside 205					OR	Portland-Vancouver-Beaverton	1988		52,710		52,710		76.8	%		76.8	%								—		—	—	$	23.93
Tanasbourne Market					OR	Portland-Vancouver-Beaverton	2006		71,000		71,000		97.3	%		97.3	%								—		56,500	Whole Foods	$	24.81
Walker Center					OR	Portland-Vancouver-Beaverton	1987		89,610		89,610		100.0	%		100.0	%								—		—	Sports Authority	$	17.01

					OR				752,161		696,300		94.4	%		94.3	%		94.4	%		94.3	%		—		252,169

Allen Street Shopping Center	JV-GRI		40	%	PA	Allentown-Bethlehem-Easton	1958		46,228		18,491		93.3	%		93.3	%								—		22,075	Ahart Market	$	13.34
City Avenue Shopping Center	JV-GRI		40	%	PA	Philadelphia-Camden-Wilmington	1960		159,095		63,638		90.6	%		90.6	%								—		—	—	$	17.56
Gateway Shopping Center					PA	Philadelphia-Camden-Wilmington	1960		219,257		219,257		96.7	%		96.7	%								—		11,100	Trader Joe’s	$	24.10
Hershey					PA	Harrisburg-Carlisle	2000		6,000		6,000		100.0	%		100.0	%								—		—	—	$	30.41
Kulpsville Village Center					PA	Philadelphia-Camden-Wilmington	2006		14,820		14,820		100.0	%		100.0	%								—		—	—	$	30.36
Lower Nazareth Commons					PA	Allentown-Bethlehem-Easton	2007		65,367		65,367		97.6	%		97.6	%								133,000		—	(Target), Sports Authority	$	23.42

Portfolio Summary Report By State

March 31, 2011


									JVs at 100%		REG’s pro-rata share		JVs at 100%			REG’s pro-rata share			JVs at 100%			REG’s pro-rata share
Property Name	JV	REG’s Ownership %			State		CBSA	Yr Const, Last Renovation or Dev Start Yr	GLA		GLA		% Leased			% Leased			% Leased - Operating Properties			% Leased - Operating Properties			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Mercer Square Shopping Center	JV-GRI		40	%		PA	Philadelphia-Camden-Wilmington	1988		91,400		36,560		90.1	%		90.1	%								—		50,708	Genuardi’s	$	20.09
Newtown Square Shopping Center	JV-GRI		40	%		PA	Philadelphia-Camden-Wilmington	1970		146,959		58,784		92.8	%		92.8	%								—		56,226	Acme Markets	$	15.17
Silver Spring Square	JV-RRP		20	%		PA	Harrisburg-Carlisle	2005		314,449		62,890		95.4	%		95.4	%								139,377		130,000	Wegmans, (Target)	$	14.88
Stefko Boulevard Shopping Center	JV-GRI		40	%		PA	Allentown-Bethlehem-Easton	1976		133,824		53,530		89.9	%		89.9	%								—		73,000	Valley Farm Market	$	7.04
Warwick Square Shopping Center	JV-GRI		40	%		PA	Philadelphia-Camden-Wilmington	1999		89,680		35,872		92.5	%		92.5	%								—		50,658	Genuardi’s	$	18.10

						PA				1,287,079		635,208		93.7	%		94.5	%		93.5	%		94.1	%		272,377		393,767

Buckwalter Village						SC	Hilton Head Island-Beaufort	2006		59,601		59,601		95.3	%		95.3	%								—		45,600	Publix	$	13.82
Merchants Village	JV-GRI		40	%		SC	Charleston-North Charleston	1997		79,724		31,890		97.0	%		97.0	%								—		37,888	Publix	$	13.81
Murray Landing	JV-M3		25	%		SC	Columbia	2003		64,359		16,090		100.0	%		100.0	%								—		44,840	Publix	$	12.17
Orangeburg						SC	Charleston-North Charleston	2006		14,820		14,820		100.0	%		100.0	%								—		—	—	$	23.01
Queensborough Shopping Center	JV-O		50	%		SC	Charleston-North Charleston	1993		82,333		41,167		93.9	%		93.9	%								—		65,796	Publix	$	9.57
Surfside Beach Commons	JV-C2		20	%		SC	Myrtle Beach-Conway-North Myrtle Beach	1999		59,881		11,976		94.7	%		94.7	%								—		46,624	Bi-Lo	$	11.77

						SC				360,718		175,543		96.3	%		96.1	%		96.3	%		96.1	%		—		240,748

Collierville Crossing	JV-D		16	%		TN	Memphis	2004		86,065		14,072		92.0	%		92.0	%								125,500		63,193	Schnucks, (Target)	$	12.23
Dickson Tn						TN	Nashville-Davidson--Murfreesboro	1998		10,908		10,908		100.0	%		100.0	%								—		—	—	$	20.35
Harpeth Village Fieldstone						TN	Nashville-Davidson--Murfreesboro	1998		70,091		70,091		95.4	%		95.4	%								—		55,377	Publix	$	13.50
Lebanon Center						TN	Nashville-Davidson--Murfreesboro	2006		63,800		63,800		89.0	%		89.0	%								—		45,600	Publix	$	12.18
Nashboro Village						TN	Nashville-Davidson--Murfreesboro	1998		86,811		86,811		95.2	%		95.2	%								—		61,224	Kroger	$	10.69
Northlake Village						TN	Nashville-Davidson--Murfreesboro	1988		137,807		137,807		87.6	%		87.6	%								—		64,537	Kroger	$	11.79
Peartree Village						TN	Nashville-Davidson--Murfreesboro	1997		109,904		109,904		100.0	%		100.0	%								—		60,647	Harris Teeter	$	17.32

						TN				565,386		493,393		93.2	%		93.4	%		93.2	%		93.4	%		125,500		350,578

Alden Bridge	JV-USAA		20	%		TX	Houston-Baytown-Sugar Land	1998		138,953		27,791		94.5	%		94.5	%								—		67,768	Kroger	$	17.37
Bethany Park Place	JV-USAA		20	%		TX	Dallas-Fort Worth-Arlington	1998		98,906		19,781		92.6	%		92.6	%								—		83,214	Kroger	$	10.90
Cochran’s Crossing						TX	Houston-Baytown-Sugar Land	1994		138,192		138,192		93.4	%		93.4	%								—		63,449	Kroger	$	16.11
Cooper Street						TX	Dallas-Fort Worth-Arlington	1992		127,696		127,696		86.0	%		86.0	%								102,950		—	(Home Depot)	$	10.16
Fort Bend Center						TX	Houston-Baytown-Sugar Land	2000		30,164		30,164		83.3	%		83.3	%								67,106		67,106	(Kroger)	$	16.45
Hancock						TX	Austin-Round Rock	1998		410,438		410,438		95.1	%		95.1	%								—		90,217	H.E.B., Sears	$	12.76
Hickory Creek Plaza						TX	Dallas-Fort Worth-Arlington	2006		28,134		28,134		77.6	%		77.6	%								81,264		81,264	(Kroger)	$	20.50
Hillcrest Village						TX	Dallas-Fort Worth-Arlington	1991		14,530		14,530		100.0	%		100.0	%								—		—	—	$	22.27
Indian Springs Center	JV-O		50	%		TX	Houston-Baytown-Sugar Land	2003		136,625		68,313		98.5	%		98.5	%								—		79,000	H.E.B.	$	18.94
Keller Town Center						TX	Dallas-Fort Worth-Arlington	1999		114,937		114,937		92.9	%		92.9	%								—		63,631	Tom Thumb	$	14.59
Kleinwood Center	JV-M3		25	%		TX	Houston-Baytown-Sugar Land	2003		148,964		37,241		79.4	%		79.4	%								—		80,925	H.E.B.	$	15.73
Lebanon/Legacy Center						TX	Dallas-Fort Worth-Arlington	2002		56,674		56,674		76.5	%		76.5	%								62,804		62,804	(Albertsons)	$	22.81
Main Street Center	JV-GRI		40	%		TX	Dallas-Fort Worth-Arlington	2002		42,754		17,102		46.2	%		46.2	%								62,322		62,322	(Albertsons)	$	19.27
Market at Preston Forest						TX	Dallas-Fort Worth-Arlington	1990		96,353		96,353		97.4	%		97.4	%								—		64,228	Tom Thumb	$	18.05
Market at Round Rock						TX	Austin-Round Rock	1987		122,646		122,646		60.2	%		60.2	%								—		29,523	Sprout’s Markets	$	17.67
Mockingbird Common						TX	Dallas-Fort Worth-Arlington	1987		120,321		120,321		100.0	%		100.0	%								—		48,525	Tom Thumb	$	15.73
North Hills						TX	Austin-Round Rock	1995		144,020		144,020		99.8	%		99.8	%								—		60,465	H.E.B.	$	20.47
Panther Creek						TX	Houston-Baytown-Sugar Land	1994		166,076		166,076		100.0	%		100.0	%								—		65,800	Randall’s Food	$	16.20
Preston Park						TX	Dallas-Fort Worth-Arlington	1985		239,333		239,333		85.2	%		85.2	%								—		53,118	Tom Thumb	$	25.02
Prestonbrook						TX	Dallas-Fort Worth-Arlington	1998		91,537		91,537		93.5	%		93.5	%								—		63,636	Kroger	$	13.23
Prestonwood Park						TX	Dallas-Fort Worth-Arlington	1999		101,167		101,167		65.3	%		65.3	%								62,322		62,322	(Albertsons)	$	18.84
Rockwall Town Center						TX	Dallas-Fort Worth-Arlington	2004		46,095		46,095		93.5	%		93.5	%								73,770		57,017	(Kroger)	$	23.31
Shiloh Springs	JV-USAA		20	%		TX	Dallas-Fort Worth-Arlington	1998		110,040		22,008		84.9	%		84.9	%								—		60,932	Kroger	$	13.75
Shops at Highland Village						TX	Dallas-Fort Worth-Arlington	2005		351,635		351,635		81.1	%		81.1	%								—		—	AMC Theater	$	23.45
Signature Plaza						TX	Dallas-Fort Worth-Arlington	2004		32,415		32,415		80.0	%		80.0	%								61,962		61,962	(Kroger)	$	21.00
Sterling Ridge						TX	Houston-Baytown-Sugar Land	2000		128,643		128,643		100.0	%		100.0	%								—		63,373	Kroger	$	18.35
Sweetwater Plaza	JV-C		20	%		TX	Houston-Baytown-Sugar Land	2000		134,045		26,809		92.7	%		92.7	%								—		65,241	Kroger	$	16.12
Trophy Club						TX	Dallas-Fort Worth-Arlington	1999		106,507		106,507		87.5	%		87.5	%								—		63,654	Tom Thumb	$	12.88
Waterside Marketplace						TX	Houston-Baytown-Sugar Land	2007		24,858		24,858		92.5	%		92.5	%								102,984		102,984	(Kroger)	$	22.96
Weslayan Plaza East	JV-GRI		40	%		TX	Houston-Baytown-Sugar Land	1969		169,693		67,877		100.0	%		100.0	%								—		—	—	$	13.61
Weslayan Plaza West	JV-GRI		40	%		TX	Houston-Baytown-Sugar Land	1969		185,964		74,386		98.5	%		98.5	%								—		51,960	Randall’s Food	$	16.80
Westwood Village						TX	Houston-Baytown-Sugar Land	2006		183,546		183,546		96.6	%		96.6	%								126,874		—	(Target)	$	15.87
Woodway Collection	JV-GRI		40	%		TX	Houston-Baytown-Sugar Land	1974		111,165		44,466		85.7	%		85.7	%								—		56,596	Randall’s Food	$	15.73

						TX				4,153,026		3,281,690		89.9	%		89.7	%		89.9	%		89.8	%		804,358		1,833,036

601 King Street	JV-GRI		40	%		VA	Washington-Arlington-Alexandria	1980		8,003		3,201		87.7	%		87.7	%								—		—	—	$	44.24
Ashburn Farm Market Center						VA	Washington-Arlington-Alexandria	2000		91,905		91,905		94.7	%		94.7	%								—		48,999	Giant Food	$	21.41
Ashburn Farm Village Center	JV-GRI		40	%		VA	Washington-Arlington-Alexandria	1996		88,897		35,559		89.3	%		89.3	%								—		57,030	Shoppers Food Warehouse	$	13.17
Braemar Shopping Center	JV-RC		25	%		VA	Washington-Arlington-Alexandria	2004		96,439		24,110		94.8	%		94.8	%								—		57,860	Safeway	$	17.35
Centre Ridge Marketplace	JV-GRI		40	%		VA	Washington-Arlington-Alexandria	1996		104,100		41,640		94.5	%		94.5	%								—		55,138	Shoppers Food Warehouse	$	16.09
Cheshire Station						VA	Washington-Arlington-Alexandria	2000		97,156		97,156		100.0	%		100.0	%								—		55,163	Safeway	$	16.65
Culpeper Colonnade						VA	Culpeper	2006		131,707		131,707		96.1	%		96.1	%								127,307		68,421	Martin’s, (Target)	$	14.06
Fairfax Shopping Center						VA	Washington-Arlington-Alexandria	1955		76,311		76,311		83.6	%		83.6	%								—		—	—	$	13.54
Festival at Manchester Lakes	JV-GRI		40	%		VA	Washington-Arlington-Alexandria	1990		165,130		66,052		98.5	%		98.5	%								—		65,000	Shoppers Food Warehouse	$	22.31

Portfolio Summary Report By State

March 31, 2011


										JVs at 100%		REG’s pro-rata share		JVs at 100%			REG’s pro-rata share			JVs at 100%			REG’s pro-rata share
Property Name	JV	REG’s Ownership %			State		CBSA	Yr Const, Last Renovation or Dev Start Yr		GLA		GLA		% Leased			% Leased			% Leased - Operating Properties			% Leased - Operating Properties			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾		Average Base Rent/ Sq. Ft⁽²⁾
Fortuna Center Plaza	JV-RRP		20	%		VA	Washington-Arlington-Alexandria		2004		104,694		20,939		100.0	%		100.0	%								123,735		66,870		Shoppers Food Warehouse, (Target)	$	14.71
Fox Mill Shopping Center	JV-GRI		40	%		VA	Washington-Arlington-Alexandria		1977		103,269		41,308		97.6	%		97.6	%								—		49,837		Giant Food	$	20.24
Gayton Crossing	JV-GRI		40	%		VA	Richmond		1983		156,917		62,767		92.9	%		92.9	%								54,606		38,408		Martin’s, (Kroger)	$	13.65
Greenbriar Town Center	JV-GRI		40	%		VA	Washington-Arlington-Alexandria		1972		340,006		136,002		97.8	%		97.8	%								—		62,319		Giant Food	$	21.32
Hanover Village Shopping Center	JV-GRI		40	%		VA	Richmond		1971		88,006		35,202		82.1	%		82.1	%								—		—		—	$	8.19
Hollymead Town Center	JV-C2		20	%		VA	Charlottesville		2004		153,739		30,748		96.9	%		96.9	%								142,500		60,607		Harris Teeter, (Target)	$	20.11
Kamp Washington Shopping Center	JV-GRI		40	%		VA	Washington-Arlington-Alexandria		1960		71,825		28,730		95.8	%		95.8	%								—		—		—	$	32.79
Kings Park Shopping Center	JV-GRI		40	%		VA	Washington-Arlington-Alexandria		1966		74,702		29,881		92.9	%		92.9	%								—		28,161		Giant Food	$	23.89
Lorton Station Marketplace	JV-C2		20	%		VA	Washington-Arlington-Alexandria		2005		132,445		26,489		100.0	%		100.0	%								—		63,000		Shoppers Food Warehouse	$	19.12
Lorton Town Center	JV-C2		20	%		VA	Washington-Arlington-Alexandria		2005		51,807		10,361		94.7	%		94.7	%								—		—		—	$	26.29
Market at Opitz Crossing						VA	Washington-Arlington-Alexandria		2003		149,791		149,791		81.3	%		81.3	%								—		51,922		Safeway	$	12.20
Saratoga Shopping Center	JV-GRI		40	%		VA	Washington-Arlington-Alexandria		1977		113,013		45,205		94.7	%		94.7	%								—		55,713		Giant Food	$	16.93
Shops at County Center						VA	Washington-Arlington-Alexandria		2005		96,695		96,695		95.5	%		95.5	%								—		52,409		Harris Teeter	$	19.96
Shops at Stonewall						VA	Washington-Arlington-Alexandria		2007		267,175		267,175		95.7	%		95.7	%								—		140,000		Wegmans	$	12.72
Shops at Stonewall Phase II						VA	Washington-Arlington-Alexandria		2011		40,670		40,670		100.0	%		100.0	%								—		—		Dick’s Sporting Goods		NA
Signal Hill	JV-C2		20	%		VA	Washington-Arlington-Alexandria		2004		95,172		19,034		100.0	%		100.0	%								—		67,470		Shoppers Food Warehouse	$	19.25
Town Center at Sterling Shopping Center	JV-GRI		40	%		VA	Washington-Arlington-Alexandria		1980		190,069		76,028		87.6	%		87.6	%								—		46,935		Giant Food	$	17.11
Village Center at Dulles	JV-C		20	%		VA	Washington-Arlington-Alexandria		1991		298,271		59,654		98.3	%		98.3	%								—		48,424		Shoppers Food Warehouse, Gold’s Gym	$	20.65
Village Shopping Center	JV-GRI		40	%		VA	Richmond		1948		111,177		44,471		93.5	%		93.5	%								—		45,023		Martin’s	$	19.16
Willston Centre I	JV-GRI		40	%		VA	Washington-Arlington-Alexandria		1952		105,376		42,150		88.5	%		88.5	%								—		—		—	$	21.11
Willston Centre II	JV-GRI		40	%		VA	Washington-Arlington-Alexandria		1986		135,862		54,345		94.6	%		94.6	%								140,984		42,491		Safeway, (Target)	$	19.19

						VA					3,740,329		1,885,286		94.5	%		93.7	%		94.5	%		93.6	%		589,132		1,327,200

Aurora Marketplace	JV-GRI		40	%		WA	Seattle-Tacoma-Bellevue		1991		106,921		42,768		94.6	%		94.6	%								—		48,893		Safeway	$	14.41
Cascade Plaza	JV-C		20	%		WA	Seattle-Tacoma-Bellevue		1999		211,072		42,214		79.2	%		79.2	%								—		49,440		Safeway	$	11.01
Eastgate Plaza	JV-GRI		40	%		WA	Seattle-Tacoma-Bellevue		1956		78,230		31,292		100.0	%		100.0	%								—		28,775		Albertsons	$	23.14
Inglewood Plaza						WA	Seattle-Tacoma-Bellevue		1985		17,253		17,253		100.0	%		100.0	%								—		—		—	$	29.72
Orchards Market Center I	JV-RRP		20	%		WA	Portland-Vancouver-Beaverton		2004		100,663		20,133		100.0	%		100.0	%								—		—		Wholesale Sports	$	13.11
Orchards Market Center II						WA	Portland-Vancouver-Beaverton		2005		77,478		77,478		87.3	%		87.3	%								—		—		LA Fitness	$	17.79
Overlake Fashion Plaza	JV-GRI		40	%		WA	Seattle-Tacoma-Bellevue		1987		80,555		32,222		100.0	%		100.0	%								230,300		—		(Sears)	$	21.36
Pine Lake Village						WA	Seattle-Tacoma-Bellevue		1989		102,899		102,899		100.0	%		100.0	%								—		40,982		Quality Foods	$	20.14
Sammamish-Highlands						WA	Seattle-Tacoma-Bellevue		1992		101,289		101,289		91.6	%		91.6	%								55,000		55,000		(Safeway)	$	24.12
Southcenter						WA	Seattle-Tacoma-Bellevue		1990		58,282		58,282		90.0	%		90.0	%								111,900		—		(Target)	$	27.07
Thomas Lake						WA	Seattle-Tacoma-Bellevue		1998		103,872		103,872		92.8	%		92.8	%								—		50,065		Albertsons	$	14.83

						WA					1,038,514		629,702		92.2	%		93.2	%		92.2	%		93.2	%		397,200		273,155

Racine Centre Shopping Center	JV-GRI		40	%		WI	Racine		1988		135,827		54,331		98.2	%		98.2	%								—		50,979		Piggly Wiggly	$	7.23
Whitnall Square Shopping Center	JV-GRI		40	%		WI	Milwaukee-Waukesha-West Allis		1989		133,301		53,320		90.0	%		90.0	%								—		69,090		Pick ‘N’ Save	$	7.68

						WI					269,128		107,651		94.2	%		94.2	%		94.2	%		94.2	%		—		120,069

Regency Centers Total											44,743,740		29,895,803		92.1	%		91.3	%		92.5	%		92.0	%		8,119,959		17,191,568

(1) Major Tenants are the grocer anchor and any tenant over 40,000 square feet. Tenants in parenthesis own their own GLA.
(2) Average Base Rent/Sq. Ft. does not include ground leases.
JV-C:	Co-investment Partnership with Oregon
JV-C2:	Co-investment Partnership with Oregon
JV-CCV:	Co-investment Partnership with Oregon
JV-D:	Co-investment Partnership with DESCO and Charter Hall Retail REIT
JV-GRI:	Co-investment Partnership with GRI
JV-M3:	Co-investment Partnership with Charter Hall Retail REIT
JV-O:	Other, single property Co-investment Partnerships
JV-RC:	Co-investment Partnership with CalSTRS
JV-RRP:	Regency Retail Partners (closed-end fund)
JV-USAA:	Co-investment Partnership with USAA

Properties managed by Regency, but not
owned

Ocala Corners

Tallahassee

86,772

Northlake Promenade

Atlanta-Sandy Springs-Marietta

25,394

Powers Ferry Kroger

Atlanta-Sandy Springs-Marietta

45,528

Lindbergh Crossing

Atlanta-Sandy Springs-Marietta

27,059

Roswell Crossing

Atlanta-Sandy Springs-Marietta

201,979

Trowbridge Crossing

Atlanta-Sandy Springs-Marietta

62,558

Woodstock Crossing

Atlanta-Sandy Springs-Marietta

66,122

Centennial Crossroads Plaza

Las Vegas-Paradise

99,064

Cherry Park Market

Portland-Vancouver-Beaverton

113,518

Hillsboro Market Center

Portland-Vancouver-Beaverton

148,051

Total square footage managed by Regency, but not owned

876,045

Significant Tenants Rents - Wholly Owned and Regency’s Pro-Rata Share of Co-investment Partnerships

March 31, 2011


Tenant	Tenant GLA⁽¹⁾		% of Company- Owned GLA⁽¹⁾			Total Annualized Base Rent⁽²⁾		% of Total Annualized Base Rent⁽²⁾			Total # of Leased Stores - 100% Owned and JV	# of Leased Stores in JV
Kroger		2,148,361		7.2	%	$	20,022,909		4.5	%	44	13
Publix		2,018,569		6.8	%		19,802,417		4.4	%	55	18
Safeway		1,680,864		5.6	%		16,496,997		3.7	%	51	27
Supervalu		925,485		3.1	%		10,756,238		2.4	%	27	15
CVS		500,827		1.7	%		7,324,513		1.6	%	48	23
Whole Foods		240,240		0.8	%		6,404,684		1.4	%	7	2
TJX Companies		497,326		1.7	%		5,784,960		1.3	%	25	11
Ahold		348,705		1.2	%		4,677,487		1.0	%	13	10
Ross Dress For Less		278,612		0.9	%		4,217,143		0.9	%	17	11
Blockbuster Video		167,032		0.6	%		3,693,267		0.8	%	43	16
Walgreens		193,909		0.6	%		3,631,375		0.8	%	16	4
PETCO		193,994		0.6	%		3,599,099		0.8	%	22	11
Starbucks		103,351		0.3	%		3,590,834		0.8	%	86	33
Sports Authority		181,523		0.6	%		3,460,631		0.8	%	5	1
Wells Fargo Bank		64,831		0.2	%		3,427,965		0.8	%	38	22
Sears Holdings		440,702		1.5	%		3,399,491		0.8	%	11	5
Bank of America		77,429		0.3	%		3,171,309		0.7	%	28	12
Rite Aid		216,638		0.7	%		3,005,059		0.7	%	25	15
PetSmart		178,850		0.6	%		2,959,265		0.7	%	10	4
Subway		99,679		0.3	%		2,897,540		0.6	%	113	52
Target		349,683		1.2	%		2,883,723		0.6	%	4	2
H.E.B.		210,413		0.7	%		2,771,745		0.6	%	4	2
Schnucks		308,578		1.0	%		2,687,565		0.6	%	31	31
Harris Teeter		245,746		0.8	%		2,650,532		0.6	%	8	4
The UPS Store		96,420		0.3	%		2,508,391		0.6	%	97	41
JPMorgan Chase Bank		62,755		0.2	%		2,411,043		0.5	%	23	6
Hallmark		136,424		0.5	%		2,303,992		0.5	%	46	24
Trader Joe’s		89,994		0.3	%		2,273,408		0.5	%	11	5
Staples		154,720		0.5	%		2,230,843		0.5	%	12	6

Fuel Pad base rent (below) is included in the respective grocer’s annualized base rent above.


Grocer fuel pads on ground leases	Annualized Base Rent⁽²⁾
Safeway Total	$	103,425
Kroger Total		34,450
Schnucks Total		6,540


GLA owned and occupied by the anchor not included above:		# of Tenant- Owned Stores		# of Stores including Tenant- Owned
Target	1,911,479		20		24
Kroger	809,468		10		54
Safeway	314,000		6		57
Lowe’s Home Improvement	202,568		3		3
Sears Holdings	92,080		1		12
Supervalu	78,371		2		29
Publix	62,771		1		56

	3,470,736

(1)	GLA includes only Regency’s pro-rata share of GLA in unconsolidated co-investment partnerships.

(2)	Annualized Base Rent includes only Regency’s pro-rata share of rent from unconsolidated co-investment partnerships.

Significant Tenants Rents - Wholly Owned and 100% of Co-investment Partnerships

March 31, 2011


Tenant	Tenant GLA⁽¹⁾		% of Company- Owned GLA⁽¹⁾			Total Annualized Base Rent⁽²⁾		% of Total Annualized Base Rent⁽²⁾			Total # of Leased Stores - 100% Owned and JV	# of Leased Stores in JV
Safeway		2,711,970		6.1	%	$	28,507,718		4.3	%	51	27
Publix		2,590,717		5.8	%		25,530,538		3.9	%	55	18
Kroger		2,671,943		6.0	%		24,446,176		3.7	%	44	13
Schnucks		1,887,329		4.2	%		16,437,709		2.5	%	31	31
Supervalu		1,454,411		3.3	%		16,320,307		2.5	%	27	15
CVS		726,744		1.6	%		11,098,088		1.7	%	48	23
Whole Foods		315,502		0.7	%		8,426,100		1.3	%	7	2
TJX Companies		689,172		1.5	%		7,871,552		1.2	%	25	11
Ahold		639,969		1.4	%		7,640,103		1.2	%	13	10
Ross Dress For Less		491,217		1.1	%		7,170,161		1.1	%	17	11
PETCO		312,062		0.7	%		5,959,111		0.9	%	22	11
Wells Fargo Bank		97,600		0.2	%		5,570,315		0.8	%	38	22
Blockbuster Video		223,631		0.5	%		5,009,760		0.8	%	43	16
Starbucks		139,704		0.3	%		4,890,810		0.7	%	86	33
Target		514,078		1.1	%		4,760,504		0.7	%	4	2
Sears Holdings		590,300		1.3	%		4,696,425		0.7	%	11	5
Rite Aid		366,091		0.8	%		4,661,841		0.7	%	25	15
Harris Teeter		409,347		0.9	%		4,652,621		0.7	%	8	4
Bank of America		102,624		0.2	%		4,649,351		0.7	%	28	12
Subway		149,018		0.3	%		4,299,183		0.6	%	113	52
Walgreens		229,963		0.5	%		4,180,151		0.6	%	16	4
H.E.B.		310,607		0.7	%		4,146,745		0.6	%	4	2
24 Hour Fitness		198,706		0.4	%		3,979,061		0.6	%	6	4
PetSmart		240,700		0.5	%		3,924,549		0.6	%	10	4
Sports Authority		209,757		0.5	%		3,820,620		0.6	%	5	1
Toys “R” Us		262,446		0.6	%		3,785,358		0.6	%	6	5
The UPS Store		138,282		0.3	%		3,543,816		0.5	%	97	41
Staples		249,067		0.6	%		3,496,406		0.5	%	12	6
Hallmark		210,415		0.5	%		3,475,134		0.5	%	46	24
Lowe’s Home Improvement		448,112		1.0	%		3,386,132		0.5	%	3	1

Fuel Pad base rent (below) is included in the respective grocer’s annualized base rent above.


Grocer fuel pads on ground leases	Annualized Base Rent⁽²⁾
Safeway Total	$	244,500
Kroger Total		44,200
Schnucks Total		40,000


GLA owned and occupied by the anchor not included above:		# of Tenant- Owned Stores	# of Stores including Tenant- Owned
Target	2,637,263	20	24
Kroger	847,868	10	54
Lowe’s Home Improvement	446,659	3	3
Safeway	314,000	6	57
Sears Holdings	230,200	1	12
Supervalu	101,721	2	29
Publix	62,771	1	56

	4,640,482

(1)	GLA includes 100% of the GLA in unconsolidated co-investment partnerships.

(2)	Total Annualized Base Rent includes 100% of the base rent in unconsolidated co-investment partnerships.

Tenant Lease Expirations

March 31, 2011


All Tenants			Regency’s Pro-Rata Share										Co-investment Partnerships at 100%
Lease Expiration Year	Pro-Rata Expiring GLA		Percent of Pro-Rata Expiring GLA			Pro-Rata In-Place Minimum Rent Under Expiring Leases		Percent of Expiring Pro-Rata Minimum Rent⁽²⁾			Pro-rata Expiring A.B.R		Expiring GLA at 100%		Percent of Expiring GLA			In-Place Minimum Rent Under Expiring Leases at 100%		Percent of Expiring Minimum Rent⁽²⁾
(1)		269,353		1.0	%	$	5,795,169		1.3	%	$	21.52		394,100		1.0	%	$	8,319,944		1.3	%
2011		1,758,753		6.6	%		30,798,406		6.9	%		17.51		2,433,871		6.0	%		43,357,030		6.5	%
2012		3,537,781		13.3	%		65,301,956		14.5	%		18.46		5,012,801		12.4	%		92,927,595		14.0	%
2013		2,643,571		9.9	%		50,294,920		11.2	%		19.03		4,200,395		10.4	%		75,004,030		11.3	%
2014		2,524,434		9.5	%		48,435,022		10.8	%		19.19		3,723,228		9.2	%		70,962,856		10.7	%
2015		2,181,918		8.2	%		42,835,753		9.5	%		19.63		3,515,673		8.7	%		65,620,650		9.9	%
2016		1,729,667		6.5	%		29,321,190		6.5	%		16.95		2,846,709		7.0	%		47,350,377		7.1	%
2017		1,355,665		5.1	%		24,030,978		5.4	%		17.73		2,139,668		5.3	%		35,320,386		5.3	%
2018		1,367,918		5.1	%		21,457,270		4.8	%		15.69		1,954,786		4.8	%		30,170,883		4.6	%
2019		1,199,361		4.5	%		18,497,919		4.1	%		15.42		1,750,539		4.3	%		26,389,954		4.0	%
2020		1,475,113		5.5	%		22,213,814		4.9	%		15.06		2,411,992		6.0	%		32,300,293		4.9	%

10 Year Total		20,043,535		75.2	%		358,982,396		80.0	%		17.91		30,383,762		75.2	%		527,723,997		79.6	%

Thereafter		6,601,758		24.8	%		90,020,503		20.0	%		13.64		10,005,635		24.8	%		134,910,740		20.4	%

		26,645,292		100.0	%	$	449,002,899		100.0	%	$	16.85		40,389,397		100.0	%	$	662,634,737		100.0	%


Anchor Tenants⁽³⁾			Regency’s Pro-Rata Share										Co-investment Partnerships at 100%
Lease Expiration Year	Pro-Rata Expiring GLA		Percent of Pro-Rata Expiring GLA			Pro-Rata In-Place Minimum Rent Under Expiring Leases		Percent of Expiring Pro-Rata Minimum Rent⁽²⁾			Pro-rata Expiring A.B.R		Expiring GLA at 100%		Percent of Expiring GLA			In-Place Minimum Rent Under Expiring Leases at 100%		Percent of Expiring Minimum Rent⁽²⁾
(1)		—		0.0	%	$	—		0.0	%		—		—		0.0	%	$	—		0.0	%
2011		600,182		4.0	%		3,372,390		2.1	%		5.62		751,346		3.2	%		4,355,947		1.7	%
2012		1,230,828		8.3	%		11,717,381		7.3	%		9.52		1,714,464		7.3	%		16,601,385		6.6	%
2013		801,574		5.4	%		6,703,761		4.2	%		8.36		1,528,586		6.6	%		12,836,532		5.1	%
2014		904,927		6.1	%		9,025,016		5.6	%		9.97		1,313,814		5.6	%		13,863,646		5.5	%
2015		716,168		4.8	%		7,037,301		4.4	%		9.83		1,341,283		5.7	%		13,043,868		5.2	%
2016		878,915		5.9	%		8,757,423		5.5	%		9.96		1,483,712		6.4	%		15,466,571		6.2	%
2017		805,477		5.4	%		9,815,265		6.1	%		12.19		1,437,290		6.2	%		17,037,386		6.8	%
2018		898,380		6.1	%		10,337,776		6.5	%		11.51		1,333,601		5.7	%		15,256,509		6.1	%
2019		949,842		6.4	%		12,225,230		7.6	%		12.87		1,371,777		5.9	%		16,864,619		6.7	%
2020		1,126,377		7.6	%		13,958,803		8.7	%		12.39		1,915,600		8.2	%		20,771,314		8.3	%

10 Year Total		8,912,670		60.0	%		92,950,345		58.0	%		10.43		14,191,473		60.8	%		146,097,777		58.3	%

Thereafter		5,930,038		40.0	%		67,231,821		42.0	%		11.34		9,141,229		39.2	%		104,374,050		41.7	%

		14,842,708		100.0	%	$	160,182,166		100.0	%	$	10.79		23,332,702		100.0	%	$	250,471,826		100.0	%

Reflects in place leases as of March 31, 2011, but does not account for contractual rent steps and assumes that no tenants exercise renewal options.

(1)	Leases currently under month to month lease or in process of renewal.

(2)	Total Minimum Rent includes base rent for all properties, but excludes additional rent such as percentage rent, common area maintenance, real estate taxes, and insurance reimbursements.

(3)	Anchor tenants represent any tenant at least 20,000 square feet.

Tenant Lease Expirations

March 31, 2011


Inline Tenants			Regency’s Pro-Rata Share										Co-investment Partnerships at 100%
Lease Expiration Year	Pro-Rata Expiring GLA		Percent of Pro-Rata Expiring GLA			Pro-Rata In-Place Minimum Rent Under Expiring Leases		Percent of Expiring Pro-Rata Minimum Rent⁽²⁾			Pro-rata Expiring A.B.R		Expiring GLA at 100%		Percent of Expiring GLA			In-Place Minimum Rent Under Expiring Leases at 100%		Percent of Expiring Minimum Rent⁽²⁾
(1)		269,353		2.3	%	$	5,795,169		2.0	%	$	21.52		394,100		2.3	%	$	8,319,944		2.0	%
2011		1,158,571		9.8	%		27,426,016		9.5	%		23.67		1,682,525		9.9	%		39,001,083		9.5	%
2012		2,306,953		19.5	%		53,584,575		18.6	%		23.23		3,298,337		19.3	%		76,326,210		18.5	%
2013		1,841,996		15.6	%		43,591,159		15.1	%		23.67		2,671,809		15.7	%		62,167,498		15.1	%
2014		1,619,507		13.7	%		39,410,007		13.6	%		24.33		2,409,414		14.1	%		57,099,210		13.9	%
2015		1,465,750		12.4	%		35,798,452		12.4	%		24.42		2,174,390		12.7	%		52,576,781		12.8	%
2016		850,752		7.2	%		20,563,766		7.1	%		24.17		1,362,997		8.0	%		31,883,806		7.7	%
2017		550,188		4.7	%		14,215,713		4.9	%		25.84		702,378		4.1	%		18,283,000		4.4	%
2018		469,538		4.0	%		11,119,494		3.8	%		23.68		621,185		3.6	%		14,914,374		3.6	%
2019		249,520		2.1	%		6,272,689		2.2	%		25.14		378,762		2.2	%		9,525,336		2.3	%
2020		348,736		3.0	%		8,255,011		2.9	%		23.67		496,392		2.9	%		11,528,979		2.8	%

10 Year Total		11,130,865		94.3	%		266,032,051		92.1	%		23.90		16,192,289		94.9	%		381,626,220		92.6	%

Thereafter		671,719		5.7	%		22,788,682		7.9	%		33.93		864,406		5.1	%		30,536,690		7.4	%

		11,802,584		100.0	%	$	288,820,732		100.0	%	$	24.47		17,056,695		100.0	%	$	412,162,911		100.0	%

Reflects in place leases as of March 31, 2011, but does not account for contractual rent steps and assumes that no tenants exercise renewal options.

(1)	Leases currently under month to month lease or in process of renewal.

(2)	Total Minimum Rent includes base rent for all properties, but excludes additional rent such as percentage rent, common area maintenance, real estate taxes, and insurance reimbursements.

Earnings and Valuation Guidance

March 31, 2011


($000s except per share numbers)	2009A			2010A			2011E	1Q11A			2Q11E

FFO / Share (for actuals please see related press release)							$2.30 - $2.45				$	.61 - $.66
Recurring FFO / Share							$2.30 - $2.45				$	.56 - $.61
Same Property - Wholly owned and Regency’s pro-rata share of co-investment partnerships:
Same property percent leased at period end		93.1	%		92.8	%	92.0% - 93.5%		92.0	%
Same property NOI growth		-6.7	%		1.2	%	(1.0)% - 1.5%		-1.6	%
Same property recovery rate		77.3	%		77.0	%	77% - 79%		75.4	%

Rental rate growth		-2.7	%		-1.8	%	(6.0)% - (1.0)%		-4.9	%
Percentage Rent - Consolidated Only	$	3,584		$	2,540		$2,000 - $2,800	$	907
Recovery Rate - Consolidated Only - All Properties		73.7	%		74.2	%	73% - 75%		72.1	%

Investment Activity
Regency’s Additional 15% Investment in GRI JV	$	0		$	239,718		$0	$	0
Cap rate		0.0	%		9.6	%	0.0%		0.0	%

Acquisitions - (REG Pro-Rata)	$	8,942		$	89,722		$100,000 - $200,000	$	0
Cap rate (average)		9.3	%		6.7	%	6% - 7%		0.0	%

JV Acquisitions - REG contributions (gross $)	$	133,865		$	0		$0	$	0
Cap rate		8.8	%		0.0	%	0.0%		0.0	%
REG % ownership		20	%		0	%	0%		0	%

Dispositions - (REG Pro-Rata)	$	189,509		$	62,600		$100,000 - $200,000	$	4,298
Cap rate (average)		8.4	%		8.4	%	8% - 9%		12.18	%

Development starts	$	29,814		$	6,060		$25,000 - $75,000	$	13,761

Development completions - net costs	$	111,257		$	306,188		$210,000 - $260,000	$	2,685
Stabilized yield (net dev costs)		7.9	%		7.9	%	6.6% - 7.2%		6.0	%
Completion yield (net dev costs)		7.7	%		6.0	%	4.6% - 5.3%		2.7	%
Capitalized interest on completions	$	1,585		$	607		$0 - $500	$	112

Transaction profits net of deal costs and taxes	$	23,233		$	3,597		$3,250 to $5,550	$	1,522
Third party fees and commissions	$	30,508		$	26,806		$25,500 - $27,500	$	7,858

Net Asset Valuation Guidance:
Estimated market value of expansion land and outparcels available								$	74,362

NOI from in-process developments (current quarter)								$	5,131

NOI from leases signed but not yet rent-paying in operating properties, including completed developments (current quarter)								$	2,038

Forward-looking statements involve risks, uncertainties and assumptions. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation with the SEC, specifically the most recent reports on forms 10K and 10Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements.

Reconciliation of FFO and Recurring FFO Guidance to Net Income

March 31, 2011

All numbers are per share except weighted average shares


Funds From Operations Guidance:	Three Months Ended June 30, 2011					Full Year 2011
Net income attributable to common stockholders	$	0.10		0.15		$	0.24		0.39

Adjustments to reconcile net income to FFO:
Depreciation expense and amortization		0.51		0.51			2.05		2.05
Unrealized gain on REG shares held in deferred compensation trust		0.00		0.00			0.01		0.01


Funds From Operations	$	0.61		0.66		$	2.30		2.45


Adjustments to reconcile FFO to Recurring FFO:
All non-recurring items as defined below		(0.05	)	(0.05	)		(0.00	)	(0.00	)


Recurring Funds From Operations	$	0.56		0.61		$	2.30		2.45


Weighted average shares (000’s)		89,669					89,099

Regency considers FFO to be an accurate benchmark to its peer group and a meaningful performance measurement for the company because it excludes various items in net income that do not relate to or are not indicative of the operating performance of the ownership, management and development of real estate. FFO is defined by the National Association of Real Estate Investment Trusts generally as net income attributable to common stockholders (computed in accordance with GAAP), (1) excluding real estate depreciation and amortization and gains and losses from sales of operating properties (excluding gains and losses from the sale of development properties or land), (2) after adjustment for unconsolidated partnerships and joint ventures computed on the same basis as item 1 and (3) excluding items classified by GAAP as extraordinary.

Regency also provides “Recurring FFO” for the purpose of excluding those items considered non-recurring that are included within FFO. Non -recurring income would include transaction profits, net, which is comprised of development and outparcel gains, and non-recurring transaction fees such as promote income, net of dead deal costs and applicable income taxes. Non-recurring expenses would include provisions for impairment, restructuring charges, losses on early debt stock extinguishments, and other signficant charges considered non-recurring.

Attached files

REGENCY CENTERS CORP Reports

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