REGENCY CENTERS CORP - FORM 8-K/A - EX-99.2 - AMENDED SUPPLEMENTAL INFORMATION

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EXHIBIT 99.2

Regency Centers Corporation

September 30, 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 September 30, 2011, Regency’s total market capitalization was $5.6 billion.

As of September 30, 2011, the Company owned 367 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 49.8 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 than $96,000, 33% 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, 78% 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 205 shopping centers, including those currently in-process, representing an investment at completion of $3.0 billion. At the end of the third quarter of 2011, Regency had 22 projects under development for an estimated total investment at completion of $378.9 million. These in-process developments are 96% funded and 87% leased (92% 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 $9.6 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 September 30, 2011. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.

Table of Contents

September 30, 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			33

Lease Expiration Schedule			35

Forward-Looking Information:

Earnings and Valuation Guidance			37

Reconciliation of FFO to Net Income			38

Highlights

September 30, 2011

Operating Results

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

For the quarter ended September 30, 2011, same property NOI declined 0.2%. When excluding termination fees, same property NOI increased 0.2%. Same property percent leased was 93.0%. Rental lease spreads declined 1.6%, or increased 0.5% for spaces vacant less than 12 months.

For the nine months ended September 30, 2011, same property NOI declined 0.9%. When excluding termination fees, same property NOI increased 0.2%. Same property percent leased was 93.0%. Rental lease spreads declined 2.1%, or increased 1.0% for spaces vacant less than 12 months.

Operating Results

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

For the quarter ended September 30, 2011, same property NOI was flat. When excluding termination fees, same property NOI increased 0.3%. Same property percent leased was 93.5%. Rental lease spreads declined 1.5%, or increased 1.1% for spaces vacant less than 12 months.

For the nine months ended September 30, 2011, same property NOI declined 0.6%. When excluding termination fees, same property NOI increased 0.4%. Same property percent leased was 93.5%. Rental lease spreads declined 2.3%, or increased 1.0% for spaces vacant less than 12 months.

Leasing Activity

During the quarter, 2.1 million square feet of GLA was renewed or newly leased through 478 leasing transactions.

For the nine months ended September 30, 2011, 5.1 million square feet of GLA was renewed or newly leased through 1,348 leasing transactions.

Financial Results

Recurring Funds From Operations for the quarter was $54.9 million, or $0.61 per diluted share. Funds From Operations for the quarter was $56.0 million, or $0.62 per diluted share. Net income attributable to common stockholders for the quarter was $8.5 million, or $0.09 per diluted share.

Development Activity

At quarter end, Regency had 22 projects in process for an estimated net development cost of $378.9 million, an expected return at completion of 5.3% and an expected return at stabilization of 6.6%.

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

Acquisition & Disposition Activity

During the third quarter, Regency:

•

Purchased two wholly owned operating properties at a gross sales price of $90.3 million and a weighted average cap rate of 5.8%.

•

Purchased two co-investment operating properties at a cost of $41.5 million and a weighted average cap rate of 6.6%. Regency’s share of the purchase price was $9.4 million.

•

Sold three wholly owned operating properties at a gross sales price of $17.7 million and a weighted average cap rate of 8.7%.

•

Disposed of one co-investment operating property at a gross value of $18.2 million and a cap rate of 7.5%. Regency’s share of the value was $3.6 million.

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

Definitions

September 30, 2011

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.

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 except for those classified as extraordinary under GAAP, and could include certain gains and losses from the sale of undepreciated property with adequate disclosure. NAREIT reiterated that FFO should exclude the impact of loss impairments (October 2011). Regency has excluded all loss impairments from depreciable assets and investments in joint ventures. 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.

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, but not Recurring 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.

Summary Financial Information

September 30, 2011


Financial Results	Three Months Ended						Year to Date
	2011			2010			2011			2010
Net income attributable to common stockholders	$	8,510,410		$	7,893,189		$	23,556,766		$	27,040,330

Basic EPS	$	0.09		$	0.10		$	0.26		$	0.33

Diluted EPS	$	0.09		$	0.09		$	0.26		$	0.32

Diluted EPS per share growth rate		0.0	%					-18.8	%

Funds from Operations for common stockholders	$	56,027,878		$	51,662,439		$	163,782,211		$	154,370,438

FFO per share - Diluted	$	0.62		$	0.62		$	1.85		$	1.85

Diluted FFO per share growth rate		0.0	%					-0.5	%

Recurring Funds from Operations for common stockholders	$	54,902,798		$	50,430,639		$	156,310,910		$	151,862,268

Recurring FFO per share - Diluted	$	0.61		$	0.60		$	1.77		$	1.82

Diluted Recurring FFO per share growth rate		1.7	%					-2.7	%

Dividends paid per share and unit	$	0.463		$	0.463		$	1.388		$	1.388

Payout ratio of Diluted Recurring FFO per share		75.8	%		77.1	%		78.4	%		76.2	%

Interest Coverage Ratios

Interest only		3.3			2.8			3.2			2.9

Capitalized interest	$	335,892		$	1,001,130		$	1,292,826		$	4,324,542

Fixed Charge (Regency only)		2.6			2.3			2.6			2.3

Fixed Charge (with pro-rata share of partnerships)		2.3			2.0			2.3			2.1

Capital Information	09/30/11			YTD Change			12/31/10			12/31/09

Closing common stock price per share	$	35.33		($	6.91	)	$	42.24		$	35.06
Total Shareholder Return		-13.1	%					26.6	%

Common Shares and Equivalents Outstanding		90,090,398			8,026,362			82,064,036			82,007,507

Market equity value of Common and Convertible shares (000’s)	$	3,182,894		($	283,491	)	$	3,466,385		$	2,875,183
Non-Convertible Preferred Units and shares (000’s)	$	325,000			—		$	325,000		$	325,000
Outstanding debt (000’s)	$	2,050,340		($	44,130	)	$	2,094,469		$	1,886,380
Total market capitalization (000’s)	$	5,558,234		($	327,621	)	$	5,885,854		$	5,086,563
Debt to Total Market Capitalization		36.9	%		1.3	%		35.6	%		37.1	%

Total real estate at cost before depreciation (000’s)	$	4,576,790		$	159,044		$	4,417,746		$	4,259,955
Total assets at cost before depreciation (000’s)	$	4,865,448		$	190,923		$	4,674,525		$	4,614,391
Debt to Total Assets before Depreciation		42.1	%		-2.7	%		44.8	%		40.9	%

Outstanding Classes of Stock and Partnership Units:
Common Shares Outstanding		89,913,234			8,026,362			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		90,090,398			8,026,362			82,064,036			82,007,507


	Three Months Ended						Year to Date
	2011			2010			2011			2010
Wtd Average Diluted Shares for FFO per share		89,694,067			83,118,609			88,235,673			83,002,006
Treasury method shares related to fwd equity offering included above		—			1,409,596			565,080			1,339,602

Summary Real Estate Information

September 30, 2011

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


	9/30/11			6/30/11			9/30/10			6/30/10
Gross Leasable Area (GLA)		29,942,962			29,940,666			29,662,913			29,618,371

GLA - Same properties only		25,363,078			25,693,597			25,612,932			25,631,472

GLA including anchor-owned stores		36,070,985			36,221,517			35,787,785			35,743,243


% leased - All properties		92.6	%		91.8	%		91.9	%		91.7	%

% leased - Operating properties only		92.9	%		92.1	%		92.8	%		92.8	%

% leased - Same properties only		93.0	%		92.2	%		92.9	%		92.8	%

Average % leased - Same properties only		92.3	%		92.1	%		92.8	%		92.8	%


Rental rate growth - YTD⁽¹⁾		-2.1	%		-2.5	%		-1.3	%		0.5	%

Rental rate growth for spaces vacant less than 12 months - YTD⁽¹⁾		1.0	%		1.4	%		0.2	%		1.8	%

Same property NOI growth - YTD		-0.9	%		-1.2	%		1.4	%		1.5	%

Same property NOI growth without termination fees - YTD		0.2	%		0.1	%		-0.1	%		-1.0	%


Wholly Owned and 100% of Co-investment Partnerships

	9/30/11			6/30/11			9/30/10			6/30/10
Gross Leasable Area (GLA)		42,445,709			42,490,757			45,053,264			45,065,551

GLA - Same properties only		37,515,352			38,042,997			40,802,372			40,877,961

GLA including anchor-owned stores		49,799,565			50,091,041			53,123,081			53,135,368


Number of retail shopping centers		367			367			399			398

Number of centers under development (excluding expansions)		18			19			30			34

Number of grocery-anchored shopping centers		294			293			324			325


% leased - All properties		93.1	%		92.3	%		92.5	%		92.3	%

% leased - Operating properties only		93.4	%		92.6	%		93.2	%		93.0	%

% leased - Same properties only		93.5	%		92.6	%		93.2	%		93.0	%

Average % leased - Same properties only		92.8	%		92.7	%		93.0	%		93.0	%


Rental rate growth - YTD ⁽¹⁾		-2.3	%		-2.8	%		-2.3	%		-1.1	%

Rental rate growth for spaces vacant less than 12 months - YTD ⁽¹⁾		1.0	%		0.9	%		-0.4	%		0.6	%

Same property NOI growth - YTD		-0.6	%		-0.9	%		1.1	%		0.7	%

Same property NOI growth without termination fees - YTD		0.4	%		0.4	%		0.1	%		-1.1	%

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

Consolidated Balance Sheets

September 30, 2011 and December 31, 2010 and 2009


	2011			2010			2009
Assets
Real estate investments at cost:
Land, building and improvements	$	3,629,385,547			3,378,221,458			2,993,704,413
Properties in development		521,944,796			610,932,328			920,426,744

		4,151,330,343			3,989,153,786			3,914,131,157
Less: accumulated depreciation		769,829,481			700,878,014			622,163,237

		3,381,500,862			3,288,275,772			3,291,967,920
Operating properties held for sale		—			—			19,611,481
Investments in real estate partnerships		425,459,932			428,592,272			326,211,897

Net real estate investments		3,806,960,794			3,716,868,044			3,637,791,298

Cash and cash equivalents		21,194,919			22,460,118			99,477,017
Accounts receivable, net of allowance for uncollectible accounts		29,243,238			36,599,785			40,871,064
Straight line rent receivables, net of reserves		48,327,045			45,241,286			39,292,481
Notes receivable		35,930,927			35,930,927			37,753,438
Deferred costs, net of accumulated amortization		70,005,393			63,164,623			58,376,461
Acquired lease intangible assets, net of accumulated amortization		26,855,144			18,219,347			10,007,309
Trading securities held in trust, at fair value		20,682,910			20,890,523			18,421,621
Other assets		36,418,908			35,163,886			50,237,446

Total assets	$	4,095,619,278			3,994,538,539			3,992,228,135

Liabilities and Equity
Liabilities:
Notes payable	$	1,965,339,771			2,084,469,325			1,886,380,298
Unsecured line of credit		85,000,000			10,000,000			—

Total notes payable		2,050,339,771			2,094,469,325			1,886,380,298
Accounts payable and other liabilities		114,872,660			138,195,855			130,354,232
Derivative instruments, at fair value		—			—			28,363,231
Acquired lease intangible liabilities, net of accumulated accretion		13,694,628			6,682,371			5,895,885
Tenants’ security and escrow deposits		19,240,687			10,790,173			10,627,805

Total liabilities		2,198,147,746			2,250,137,724			2,061,621,451


Equity:
Stockholder’s Equity:
Preferred stock		275,000,000			275,000,000			275,000,000
Common stock, $.01 par		899,132			818,869			815,393
Additional paid in capital, net of treasury stock		2,263,724,710			2,023,436,667			2,008,374,437
Accumulated other comprehensive loss		(73,799,958	)		(80,885,436	)		(49,973,134	)
Distributions in excess of net income		(629,627,824	)		(533,194,159	)		(371,837,066	)

Total stockholders’ equity		1,836,196,060			1,685,175,941			1,862,379,630

Noncontrolling Interests:
Preferred units		49,157,977			49,157,977			49,157,977
Exchangeable operating partnership units		(916,541	)		(761,705	)		7,320,848
Limited partners’ interest in consolidated partnerships		13,034,036			10,828,602			11,748,229

Total noncontrolling interests		61,275,472			59,224,874			68,227,054

Total equity		1,897,471,532			1,744,400,815			1,930,606,684

Total liabilities and equity	$	4,095,619,278			3,994,538,539			3,992,228,135


Ratios	2011			2010			2009
Debt to real estate assets, before depreciation		44.8	%		47.4	%		44.3	%
Debt to total assets, before depreciation		42.1	%		44.6	%		40.9	%
Debt to total assets, before depreciation and including prorata share of JV’s ⁽¹⁾		45.3	%		48.1	%		45.7	%
Debt + preferred to total assets, before deprec. and incl. prorata share of JV’s		50.8	%		53.8	%		51.7	%
Unsecured assets to total real estate assets (wholly owned only)		79.9	%		81.6	%		81.6	%
Unsecured NOI to total NOI (wholly owned only)		81.1	%		81.5	%		79.5	%

(1)	debt ratio would be 45.1% if current cash balances were used to reduce outstanding debt

Consolidated Statements of Operations

For the Periods Ended September 30, 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	$	90,538,437			87,264,665		$	269,605,956			259,997,067
Percentage rent		429,659			399,321			1,487,425			1,022,925
Recoveries from tenants		23,328,463			22,788,165			71,896,966			70,721,856
Termination Fees		428,541			792,762			3,530,540			5,928,637
Other income		4,728,341			4,383,619			8,433,914			7,464,546

		119,453,441			115,628,532			354,954,801			345,135,031


Real Estate Operating Expenses:
Operating and maintenance		18,255,296			17,410,380			55,699,214			52,473,961
Provision for doubtful accounts		335,350			316,641			2,547,346			2,677,564
Real estate taxes		13,648,813			14,048,127			42,688,823			43,102,168

		32,239,459			31,775,148			100,935,383			98,253,693


Net Operating Income		87,213,982			83,853,384			254,019,418			246,881,338

Fees, Development and Outparcel Gains:
Asset management fees		1,683,039			1,786,687			5,089,009			4,966,526
Property management fees		3,666,944			3,924,334			11,338,867			11,768,204
Transaction fees		—			—			5,000,000			2,593,828
Leasing commissions and other fees		1,590,139			813,607			5,565,165			3,645,439
Development gain		—			7,308			—			38,456
Gain on sale of outparcels		—			1,891			—			443,746
Dead deal and Acquisition costs		(573,012	)		(266,903	)		(824,108	)		(1,033,812	)
Income tax benefit (expense) on operations		36,127			(851,602	)		(105,346	)		(952,757	)
Income tax benefit on provisions for impairment		—			—			1,738,568			—

		6,403,237			5,415,322			27,802,155			21,469,630


Other Operating Expense (Income):
General and administrative		13,889,587			14,369,556			44,076,235			42,743,167
Other expenses		1,080,267			1,269,590			2,263,521			2,109,851
Depreciation and amortization (including FF&E)		33,272,185			30,475,857			100,518,497			93,308,047
Interest expense, net		30,868,494			32,208,578			92,296,981			91,971,876
Gain on sale of operating properties including taxes		(1,972,949	)		(477,075	)		(1,972,949	)		(7,353,568	)
Unrealized loss on REG shares in deferred compensation trust, net		64,646			1,991,541			1,120,309			1,965,520
Provision for impairment - wholly owned properties		6,699,117			—			6,699,117			—
Hedge ineffectiveness		—			(2,341,106	)		—			(1,418,709	)

		83,901,347			77,496,942			245,001,711			223,326,185


Equity in Income (Loss) of Unconsolidated Partnerships:
Operating income		4,586,360			2,902,096			9,104,495			5,412,976
Gain on sale of operating properties		238,918			(481	)		264,137			932,172
Provision for impairment - JV properties		—			(800,000	)		(4,580,000	)		(6,353,168	)

		4,825,278			2,101,615			4,788,632			(8,020	)


Net Income		14,541,150			13,873,379			41,608,494			45,016,763

Noncontrolling Interests:
Preferred units		931,248			931,248			2,793,744			2,793,744
Exchangeable operating partnership units		26,912			34,126			76,780			154,892
Limited partners’ interest in consolidated partnerships		153,789			96,025			424,831			271,424

Net Income Attributable to Noncontrolling Interests		1,111,949			1,061,399			3,295,355			3,220,060

Net Income Attributable to Controlling Interests		13,429,201			12,811,980			38,313,139			41,796,703
Preferred Stock Dividends		4,918,791			4,918,791			14,756,373			14,756,373

Net Income Attributable to Common Stockholders	$	8,510,410			7,893,189		$	23,556,766			27,040,330

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 September 30, 2011 and 2010


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

Net income attributable to common stockholders	$	8,510,410			7,893,189		$	23,556,766			27,040,330
Adjustments to reconcile to Funds from Operations:
Depreciation and amortization - consolidated real estate		28,336,534			25,733,946			85,199,084			78,930,967
Depreciation and amortization - unconsolidated partnerships		10,792,650			12,109,930			33,022,669			37,396,274
Consolidated JV partners’ share of depreciation		(177,268	)		(134,258	)		(559,098	)		(405,541	)
Provision for impairment ⁽²⁾		6,699,117			800,000			11,279,117			6,353,168
Amortization of leasing commissions and intangibles		3,986,744			3,710,559			12,323,670			11,220,568
Gain on sale of operating properties ⁽²⁾		(2,211,867	)		(476,594	)		(2,237,086	)		(8,285,740	)
Income deferrals under the Restricted Gain Method for GAAP		0			0			—			—
Unrealized loss on REG shares in deferred compensation trust		64,646			1,991,541			1,120,309			1,965,520
Noncontrolling interest of exchangeable partnership units		26,912			34,126			76,780			154,892


Funds From Operations ⁽¹⁾	$	56,027,878			51,662,439		$	163,782,211			154,370,438


Reconciliation of FFO to Recurring FFO

Funds from operations	$	56,027,878			51,662,439		$	163,782,211			154,370,438
Adjustments to reconcile to Recurring Funds from Operations:
Development and outparcel loss (gain), net of dead deal costs and tax ⁽²⁾		613,252			1,109,306			(730,552	)		1,504,367
Provision for hedge ineffectiveness		0			(2,341,106	)		—			(1,418,709	)
Gain on early debt extinguishment⁽²⁾		(1,738,332	)		0			(1,740,749	)		—
Restructuring charges		0			0			—			—
Transaction fees and promotes		0			0			(5,000,000	)		(2,593,828	)


Recurring Funds From Operations ⁽¹⁾	$	54,902,798			50,430,639		$	156,310,910			151,862,268


FFO Per Share Reconciliation (Diluted):
Net income attributable to common stockholders	$	0.09		$	0.09		$	0.26		$	0.32
Adjustments to reconcile to Funds from Operations per share:
Depreciation and amortization - consolidated real estate		0.32			0.31			0.97			0.94
Depreciation and amortization - unconsolidated partnerships		0.12			0.15			0.37			0.45
Consolidated JV partners’ share of depreciation		—			—			—			—
Provision for impairment ⁽²⁾		0.07			0.01			0.13			0.08
Amortization of leasing commissions and intangibles		0.04			0.05			0.14			0.14
Gain on sale of operating properties ⁽²⁾		(0.02	)		(0.01	)		(0.03	)		(0.10	)
Gain deferrals under the Restricted Gain Method		—			—			—			—
Unrealized loss on REG shares in deferred compensation trust		—			0.02			0.01			0.02


Funds From Operations	$	0.62		$	0.62		$	1.85		$	1.85


Reconciliation of FFO to Recurring FFO

Funds from operations	$	0.62		$	0.62		$	1.85		$	1.85
Adjustments to reconcile to Recurring Funds from Operations:
Development and outparcel loss (gain), net of dead deal costs and tax ⁽²⁾		0.01			0.01			—			0.02
Provision for hedge ineffectiveness		—			(0.03	)		—			(0.02	)
Gain on early debt extinguishment⁽²⁾		(0.02	)		—			(0.02	)		—
Restructuring charges		—			—			—			—
Transaction fees and promotes		—			—			(0.06	)		(0.03	)


Funds From Operations - Recurring	$	0.61		$	0.60		$	1.77		$	1.82

(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 September 30, 2011 and 2010


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

Straight-line rental income, net of reserve	$	730,849		2,179,318		$	3,257,143		4,544,261
Above- and below- market rent amortization		319,017		183,730			717,358		960,598
Pro-rata share of JV straight-line rental income, net		203,587		545,424			567,515		1,384,495
Pro-rata share of JV above- and below- mkt rent amortization		400,494		635,909			1,284,229		1,762,369

Debt premium (discount) amortization income (expense)	$	75,863		(13,302	)	$	85,712		5,361
FFO impairment losses including pro-rata share of JV’s		6,699,117		800,000			11,279,117		6,353,168
Hedge ineffectiveness charged against net income		—		(2,341,106	)		—		(1,418,709	)
Stock based compensation expense		2,767,884		1,779,186			8,293,000		5,311,239
Capitalized direct leasing compensation costs		2,625,000		2,574,999			7,875,000		6,725,001
Capitalized direct development compensation costs		602,411		645,774			2,081,150		1,451,387

Fees earned from 3rd parties as reported for GAAP	$	6,940,122		6,524,628		$	26,993,041		22,973,997
Fees earned from 3rd parties, excluding REG owned portion		5,552,867		5,095,138			22,758,591		18,730,861

Components of same property NOI (wholly owned and Regency’s pro-rata share of co-investment partnerships):
Revenues	$	126,612,183		128,245,156		$	387,097,754		392,665,528
Expenses		34,403,175		35,843,253			109,283,829		112,332,450

Same property NOI	$	92,209,008		92,401,903		$	277,813,925		280,333,078

Capital Expenditures (non-revenue enhancing only):

Leasing commissions, including pro rata share of JV’s	$	5,134,609	$	3,337,074		$	11,831,189	$	9,813,060
Tenant improvements, including pro rata share of JV’s		2,171,451		1,347,047			4,985,450		4,410,038
Building improvements, including pro rata share of JV’s		5,880,257		4,824,381			11,446,494		8,909,896
Major Renovations, including pro rata share of JV’s		496,999		—			574,690		—

Consolidated Statements of Operations (GAAP Basis)

For the Periods Ended September 30, 2011 and 2010


	Three Months Ended						Year to Date
	2011			2010			2011			2010
Revenues:
Minimum rent	$	90,129,099			86,486,742			268,169,291			257,389,485
Percentage rent		429,659			399,321			1,487,425			1,022,925
Recoveries from tenants and other income		28,248,230			27,383,173			83,040,249			83,150,117
Management, transaction, and other fees		6,940,122			6,524,628			26,993,041			22,973,997

Total revenues		125,747,110			120,793,864			379,690,006			364,536,524


Operating Expenses:
Depreciation and amortization		33,166,152			30,181,837			100,005,646			92,323,872
Operating and maintenance		18,101,073			17,145,593			55,105,683			51,521,347
General and administrative		11,671,170			17,760,320			43,801,275			45,734,363
Real estate taxes		13,532,798			13,787,648			42,162,806			42,267,171
Provision for doubtful accounts		325,571			247,827			2,533,828			2,634,349
Other expense (income)		1,900,400			2,382,172			1,737,655			4,070,660

Total operating expenses		78,697,164			81,505,397			245,346,893			238,551,762


Other Expense (Income):
Interest expense, net of interest income		30,868,494			32,208,578			92,296,981			91,972,081
Gain on sale of operating properties and properties in development		—			(479,164	)		—			(1,044,159	)
Provision for impairment		6,361,781			—			6,361,781			—
(Income) loss from deferred compensation plan		2,283,063			(1,399,223	)		1,395,269			(1,025,676	)
Gain on derivative instruments		—			(2,341,106	)		—			(1,418,709	)

Total other expense		39,513,338			27,989,085			100,054,031			88,483,537


Income before equity in income (loss) of investments in real estate partnerships		7,536,609			11,299,382			34,289,082			37,501,225

Equity in income (loss) of investments in real estate partnerships		4,825,278			2,101,615			4,788,632			(8,020	)

Income from continuing operations		12,361,887			13,400,997			39,077,714			37,493,205


Discontinued Operations, net:
Operating (loss) income		(141,983	)		469,877			209,534			756,454
(Loss) gain on sale of properties		2,321,246			2,505			2,321,246			6,767,104

Income (loss) from discontinued operations		2,179,263			472,382			2,530,780			7,523,558


Net income		14,541,150			13,873,379			41,608,494			45,016,763

Noncontrolling Interests:
Preferred units		(931,248	)		(931,248	)		(2,793,744	)		(2,793,744	)
Exchangeable operating partnership units		(26,912	)		(34,126	)		(76,780	)		(154,892	)
Limited partners’ interests in consolidated partnerships		(153,789	)		(96,025	)		(424,831	)		(271,424	)

Net income attributable to noncontrolling interests		(1,111,949	)		(1,061,399	)		(3,295,355	)		(3,220,060	)


Net income attributable to controlling interests		13,429,201			12,811,980			38,313,139			41,796,703

Preferred stock dividends		(4,918,791	)		(4,918,791	)		(14,756,373	)		(14,756,373	)

Net income attributable to common stockholders	$	8,510,410			7,893,189		$	23,556,766			27,040,330

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

September 30, 2011 and December 31, 2010


Total Debt Outstanding:	9/30/11		12/31/10
Mortgage loans payable:
Fixed rate secured loans	$	442,859,824		402,150,902
Variable rate secured loans		12,699,178		11,189,507
Unsecured debt offering fixed rate		1,509,780,769		1,671,128,916
Unsecured line of credit		85,000,000		10,000,000

Total	$	2,050,339,771		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	$	1,757,197		—		20,000,000			21,757,197		7.2	%
2012		6,997,720		—		192,377,000			199,374,720		6.8	%
2013		6,995,420		16,339,730		—			23,335,150		7.1	%
2014		6,481,456		29,742,631		150,000,000			186,224,087		5.0	%
2015		5,169,657		46,312,553		435,000,000			486,482,210		5.3	%
2016		4,857,332		14,161,143		—			19,018,475		6.2	%
2017		4,263,152		75,510,749		400,000,000			479,773,901		5.9	%
2018		3,745,694		57,357,572		—			61,103,266		6.2	%
2019		2,704,446		106,000,000		—			108,704,446		7.8	%
2020		2,676,075		43,329,660		150,000,000			196,005,735		6.1	%
>10 years		11,100,909		5,847,935		250,000,000			266,948,844		4.9	%
Unamortized debt (discount)/premium		—		4,207,970		(2,596,231	)		1,611,739

	$	56,749,058		398,809,943		1,594,780,769			2,050,339,771		5.8	%

(1)	Includes unsecured public debt and Unsecured line of credit. The Line is included in 2015 maturities and matures in September 2015.


Percentage of Total Debt:	9/30/11			12/31/10
Fixed		95.2	%		99.7	%
Variable		4.8	%		0.3	%

Current Average Interest Rates:⁽²⁾
Fixed		5.8	%		6.4	%
Variable		1.8	%		5.3	%
Effective Interest Rate		5.6	%		6.4	%

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


Average Maturity Date:
Fixed	03/22/17	11/11/14
Variable	07/19/15	03/15/14

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

September 30, 2011


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

$600 Million Line of Credit		09/07/11		09/05/15	LIBOR + 1.25%	$	85,000,000

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			6/30/11			3/31/11			12/31/10			9/30/10

Fair Market Value Calculation Method Covenants⁽¹⁾
Total Consolidated Debt to Total Consolidated Assets	£	65	%		35	%		34	%		38	%		36	%
Secured Consolidated Debt to Total Consolidated Assets	£	40	%		8	%		7	%		7	%		7	%
Consolidated Income for Debt Service to Consolidated Debt Service	³	1.5	x		2.9			2.7			2.8			2.7
Unencumbered Consolidated Assets to Unsecured Consolidated Debt	>	150	%		310	%		315	%		281	%		294	%

Historical Cost Basis Covenants⁽¹⁾
Total Consolidated Debt to Total Undepreciated Assets	£	60	%		41	%		41	%		45	%		43	%
Secured Consolidated Debt to Total Undepreciated Assets	£	40	%		9	%		9	%		9	%		8	%
Consolidated Income for Debt Service to Consolidated Debt Service	³	1.5	x		2.9			2.7			2.8			2.7
Unencumbered Consolidated Assets to Unsecured Consolidated Debt	>	150	%		260	%		266	%		236	%		249	%

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

September 30, 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

September 30, 2011


Date	Property Name	Co-investment Partner	City/State	Total GLA		Purchase Price		Regency’s Share		Yield			Anchor Tenant
Consolidated:
Jun-11	Ocala Corners		Tallahassee, FL		86,772	$	11,029,387	$	11,029,387		7.6	%	Publix
Aug-11	Oak Shade Town Center		Davis, CA		103,762	$	34,858,600	$	34,858,600		5.8	%	Safeway, Rite Aid, Office Max
Sep-11	Tech Ridge Center		Austin, TX		187,350	$	55,400,000	$	55,400,000		5.8	%	H-E-B, Office Depot, Petco

	Total				377,884	$	101,287,987	$	101,287,987		6.0	%


Unconsolidated:
Acquisitions from 3rd Parties:
Jul-11	Calhoun Commons	CalSTRS	Minneapolis, MN		66,150	$	21,020,000	$	5,255,000		6.4	%	Whole Foods
Aug-11	Rockridge Center	Oregon	Plymouth, MN		125,213	$	20,500,000	$	4,100,000		7.0	%	Cub Foods

	Total				191,363	$	41,520,000	$	9,355,000		6.6	%

Regency Contributions:
	None				—	$	—	$	—

	Total				—	$	—	$	—

Total Acquisitions from 3rd Parties					569,247	$	142,807,987	$	110,642,987		6.0	%

Total Acquisitions including Regency Contributions					569,247	$	142,807,987	$	110,642,987		6.0	%

Partnership with CalSTRS - Regency owns 25%
Partnership with Oregon - Regency owns 20%

Dispositions

September 30, 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:
Aug-11	Park Place Center			Columbus, OH		106,832	$	2,061,250	$	2,061,250		3.6	%		None
Sep-11	Fort Bend Center			Houston, TX		30,164	$	3,653,000	$	3,653,000		9.6	%		Kroger (NAP)
Sep-11	Prestonwood Park			Plano, TX		101,167	$	11,950,000	$	11,950,000		9.3	%		None

						238,163	$	17,664,250	$	17,664,250		8.7	%

Unconsolidated:
Mar-11	Oaks Shopping Center		GRI	Des Plaines, IL		135,005	$	10,743,868	$	4,297,547		12.2	%		Dominick’s
Jun-11	601 King Street		GRI	Alexandria, VA		8,003	$	3,050,000	$	1,220,000		4.9	%
Sep-11	Deer Grove		Oregon	Chicago, IL		236,173	$	18,191,800	$	3,638,360		7.5	%		Dominick’s

						379,181	$	31,985,668	$	9,155,907		9.3	%

	Total Dispositions					617,344	$	49,649,918	$	26,820,157		8.9	%

	Partnership with GRI - Regency owns 40%
	Partnership with Oregon - Regency owns 20%
	NAP means the anchor store is anchor owned and not a part of the center’s GLA

Development Status Report

September 30, 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:
Centerplace of Greeley III Ph II		CO	Greeley	TJ Maxx		03/01/12		2,157,888		1,933,810			9.8	%		9.8	%		Q1 - 2012		25,000		100	%		25,000		100	%
Kent Place		CO	Denver-Aurora	King Soopers		10/01/12		8,765,009		3,430,716			9.3	%		9.3	%		Q4 - 2013		47,418		63	%		47,418		63	%
Market at Colonnade		NC	Raleigh-Cary	Whole Foods		03/01/11		15,563,040		1,835,099			9.1	%		9.1	%		Q2 - 2012		57,625		85	%		57,625		85	%
Shops at Stonewall Ph II		VA	Washington- Arlington- Alexandria	Dick’s Sporting Goods		11/01/11		4,961,243		1,290,702			8.7	%		8.7	%		Q4 - 2011		40,670		100	%		40,670		100	%

Total In-Process Dev Starts After 1/1/09							$	31,447,180	$	8,490,328			9.1	%		9.1	%				170,713		85	%		170,713		85	%


In-Process Dev Starts Prior to 1/1/09:
Shoppes at Fairhope Village		AL	Mobile	Publix		07/01/09		16,747,993		1,917			6.8	%		5.7	%		Q2 - 2012		84,740		86	%		84,740		86	%
Golden Hills Promenade		CA	San Luis Obispo-Paso Robles	Lowe’s		11/01/09		31,951,037		698,574			4.4	%		3.3	%		Q4 - 2012		216,846		91	%		216,846		91	%
Indio Towne Center		CA	Riverside-San Bernardino- Ontario	WinCo Foods		09/01/08		41,700,607		1,291,319			5.4	%		3.5	%		Q4 - 2011		132,678		75	%		368,512		91	%
Jefferson Square		CA	Riverside-San Bernardino- Ontario	Fresh & Easy		03/01/13		9,356,119		(1,968,801	)		5.5	%		3.5	%		Q2 - 2012		38,013		75	%		38,013		75	%
Paseo Del Sol		CA	Santa Barbara-Santa Maria-Goleta	Whole Foods		10/01/09		26,191,162		(4,417,139	)		6.7	%		6.7	%		Q4 - 2011		49,680		77	%		49,680		77	%
Centerplace of Greeley III		CO	Greeley	Best Buy, Sports Authority		09/01/08		16,297,150		(1,174,223	)		8.1	%		5.1	%		Q4 - 2011		94,090		81	%		94,090		81	%
Shops at Quail Creek		CO	Boulder	King Soopers		05/01/09		7,287,975		150,872			11.7	%		9.8	%		Q2 - 2012		37,585		80	%		137,429		94	%
Nocatee Town Center		FL	Jacksonville	Publix		02/01/10		14,203,045		(4,141,533	)		6.7	%		4.5	%		Q1 - 2013		69,679		91	%		69,679		91	%
Suncoast Crossing Ph I		FL	Tampa-St. Petersburg- Clearwater	Kohl’s		10/01/08		8,891,780		(281,134	)		6.5	%		2.6	%		Q4 - 2011		108,434		94	%		108,434		94	%
Suncoast Crossing Ph II		FL	Tampa-St. Petersburg- Clearwater	Target		08/01/09		7,670,562		483,017			3.0	%		1.5	%		Q3 - 2012		9,451		59	%		151,649		97	%
Walton Towne Center		KY	Cincinnati- Middletown	Kroger		11/01/08		6,441,884		(347,205	)		7.7	%		4.6	%		Q4 - 2011		23,186		76	%		139,618		96	%
Village at Lee Airpark (f.k.a. Village at Lee Airport)		MD	Baltimore- Towson	Giant		11/01/10		24,352,984		2,746,010			8.3	%		8.0	%		Q4 - 2011		87,549		100	%		87,549		100	%
Harris Crossing		NC	Raleigh-Cary	Harris Teeter		03/01/11		8,409,965		(2,046,522	)		7.0	%		6.4	%		Q4 - 2012		65,150		91	%		65,150		91	%
Deer Springs Town Center		NV	Las Vegas- Paradise	Target, Home Depot		03/01/09		82,111,547		1,574,434			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		28,104,479		154,315			6.8	%		6.8	%		Q3 - 2012		65,368		98	%		198,368		99	%
Hickory Creek Plaza		TX	Dallas-Fort Worth- Arlington	Kroger		02/01/09		9,885,105		191,414			8.3	%		7.0	%		Q4 - 2011		28,134		78	%		109,398		94	%
Waterside Marketplace		TX	Houston- Baytown- Sugar Land	Kroger		10/01/09		5,767,371		87,003			11.5	%		11.5	%		Q2 - 2012		24,858		88	%		147,858		98	%

Total In-Process Consolidated Dev Starts Prior to 1/1/09							$	345,370,765	$	(6,997,682	)		6.3	%		4.9	%				1,466,348		87	%		2,530,280		93	%

Shoppes at Bartram Park - Phase III		FL	Jacksonville	Publix		10/01/04		2,034,206		(658,059	)		11.4	%		2.9	%		Q1 - 2012		14,639		41	%		33,639		74	%

Total In-Process Unconsolidated Dev Starts Prior to 1/1/09							$	2,034,206	$	(658,059	)		11.4	%		2.9	%				14,639		41	%		33,639		74	%

Total In-Process Developments			22				$	378,852,150	$	834,586			6.6	%		5.3	%				1,651,700		87	%		2,734,632		92	%

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	%
Applegate Ranch Shopping Center		CA	Merced	Wal-Mart, Target		08/01/08		37,727,400		(526,106	)		4.9	%		3.5	%		Q2 - 2011		144,444		82	%		464,136		95	%
Plaza Rio Vista		CA	Riverside-San Bernardino- Ontario	Stater Bros.		05/01/08		18,788,250		402,718			7.2	%		4.1	%		Q2 - 2011		67,622		83	%		67,622		83	%
Caligo Crossing		FL	Miami-Fort Lauderdale- Miami Beach	Kohl’s		10/01/08		6,709,434		(36,481	)		8.2	%		8.2	%		Q2 - 2011		10,763		100	%		108,928		100	%
Seminole Shoppes		FL	Jacksonville	Publix		09/01/10		15,116,699		484,215			9.9	%		9.9	%		Q2 - 2011		73,241		96	%		73,241		96	%
Shops at Saugus		MA	Boston- Cambridge- Quincy	Trader Joe’s, PetSmart, La-Z-Boy		08/01/08		35,701,401		457,345			6.7	%		6.2	%		Q2 - 2011		90,055		95	%		90,055		95	%
State Street Crossing		MI	Ann Arbor	Wal-Mart		10/01/09		7,792,326		(1,425,854	)		6.7	%		1.4	%		Q2 - 2011		21,049		60	%		168,540		95	%
Indio Towne Center-Babies/Toys		CA	Riverside-San Bernardino- Ontario	Babies “R” Us, Toys “R” Us		09/01/11		5,846,657		605,095			11.0	%		11.0	%		Q3 - 2011		46,827		100	%		46,827		100	%
Canopy Oak Center		FL	Ocala	Publix		09/01/08		17,668,723		(331,973	)		9.8	%		6.7	%		Q3 - 2011		90,042		79	%		90,042		79	%

Total Completed (4)			9				$	148,035,851	$	(1,046,108	)		7.2	%		5.6	%				555,967		87	%		1,211,226		94	%

Notes:

No new starts for the quarter.

(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. Negative amounts due to expected outparcel proceeds.

(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 6.1% (in-process) and 6.8% (completions).

(4)	All completed projects are consolidated, but Canopy Oak.

Project Development Funding, Completions and Land Held

September 30, 2011

In-Process Developments Projected Funding ⁽¹⁾

($ Thousands)


Q4 2011E	Q1 2012E	Q2 2012E	Q3 2012E	Q4 2012E	2013+E

$1,000 - $1,500	$400 - $500	$400 - $500	$400 - $500	$100 - $200	$(1,500)⁽²⁾ - $(1,000)⁽²⁾

Estimated Development Completion Schedule

($ Thousands)


	Completed⁽³⁾		Q4 2011E		2012E		2013+E
Net Dev. Costs:	$	598,408	$	109,000 - $139,000	$	200,000 - $220,000	$	14,000 - $25,000

Land Held for Future Development⁽⁴⁾

($ Thousands)


# of Projects	Net Development Costs To Date
14	$	91,142

(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

September 30, 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 9/30/11			Equity Pick-up

State of Oregon
(JV-C, JV-C2)	Various	29		3,371,796	$	583,588,928	$	310,372,836		20.00	%	$	62,074,567	$	30,789,466		$	2,648,673
(JV-CCV)	Cameron Village	1		554,738		104,817,783		47,300,000		30.00	%		14,190,000		17,048,033			279,506

		30		3,926,534		688,406,711		357,672,836

GRI
(JV-GRI)	Various	81		10,246,627		2,010,520,635		1,015,962,887		40.00	%		406,385,154		289,039,483			4,950,933

Charter Hall Retail REIT
(JV-M3)	Various	4		376,174		62,130,772		44,070,000		24.95	%		10,995,465		(244,210	)		(174,865	)

Charter Hall Retail REIT and DESCO (1)
(JV-D)	Various	—		—		—		—		—			—		—			(316,347	)

CalSTRS
(JV-RC)	Various	9		1,022,974		200,878,797		92,880,116		25.00	%		23,220,029		22,720,346			300,835

Regency Retail Partners
(JV-RRP)	Various	9		1,535,454		335,133,148		207,936,868		20.00	%		41,496,640		16,696,154			174,154

USAA
(JV-USA)	Various	8		809,079		129,357,427		66,924,500		20.01	%		13,390,254		3,375,420			208,509

Publix
(JV-O)	Various	6		551,436		76,812,111		—		50.00	%		—		37,648,464			1,252,611

H.E.B.
(JV-O)	Various ⁽²⁾	1		136,625		39,495,096		26,549,307		50.00	%		13,274,654		6,523,798			98,607

Individual Investors
(JV-O)	East San Marco ⁽²⁾	—		—		12,489,401		—		50.00	%		—		1,862,978			(4,633,984	)

		148		18,604,903	$	3,555,224,098	$	1,811,996,514				$	585,026,763	$	425,459,932		$	4,788,632

(1) The liquidation of Regency’s 16.35% Co-investment Partnership with Charter Hall Retail REIT and DESCO was complete effective May 4, 2011. (2) Includes 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														$	551,148,294
less: APB 18 Impairment recorded at Regency Centers															(5,880,000	)
less: Ownership percentage or Restricted Gain Method deferral recorded at Regency Centers															(41,606,040	)
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														$	425,459,932

Unconsolidated Balance Sheets

September 30, 2011 and December 31, 2010


	2011		2010
Assets
Real estate, at cost	$	3,841,309,329	$	4,205,321,979
Less: accumulated depreciation		589,702,106		565,801,328

		3,251,607,223		3,639,520,651
Properties in development		53,365,003		41,814,619

Net real estate investments		3,304,972,226		3,681,335,270

Cash and cash equivalents		44,889,867		61,387,146
Accounts receivable, net of allowance for uncollectible accounts		23,684,576		37,164,261
Straight line rent receivable, net of reserves		35,392,877		32,262,316
Deferred costs, less accumulated amortization		37,911,821		30,713,536
Acquired lease intangible assets, net		91,870,542		120,162,709
Other assets		11,627,567		14,866,754
Regency only assets ⁽¹⁾		4,874,622		5,229,894

Total assets	$	3,555,224,098	$	3,983,121,886


Liabilities and Equity
Liabilities:
Notes payable	$	1,811,996,514	$	2,117,694,714
Accounts payable and other liabilities		66,636,357		60,781,412
Tenants’ security and escrow deposits		8,514,441		8,448,349
Acquired lease intangible liabilities, net		52,989,809		75,551,209

Total liabilities		1,940,137,121		2,262,475,684


Equity:
Equity - Regency Centers		551,148,294		557,374,488
Equity - Third parties		1,063,938,683		1,163,271,714

Total equity		1,615,086,977		1,720,646,202

Total Liabilities and Equity	$	3,555,224,098	$	3,983,121,886

(1)	Capitalized development costs

Unconsolidated Balance Sheets - Regency’s Pro-Rata Share

September 30, 2011 and December 31, 2010


	2011		2010
Assets
Real estate, at cost	$	1,278,827,512	$	1,338,374,799
Less: accumulated depreciation		205,982,518		189,226,139

		1,072,844,994		1,149,148,660
Properties in development		25,007,501		19,882,852

Net real estate investments		1,097,852,495		1,169,031,512

Cash and cash equivalents		13,783,773		20,859,552
Accounts receivable, net of allowance for uncollectible accounts		7,876,004		11,515,022
Straight line rent receivable, net of reserves		11,373,285		10,260,756
Deferred costs, less accumulated amortization		12,917,209		10,019,998
Acquired lease intangible assets, net		24,777,503		30,918,136
Other assets		4,337,603		5,565,168
Regency only assets ⁽¹⁾		4,874,623		5,229,897

Total assets	$	1,177,792,495		1,263,400,041


Liabilities and Equity
Liabilities:
Notes payable	$	585,026,763	$	663,055,241
Accounts payable and other liabilities		23,792,242		20,471,567
Tenants’ security and escrow deposits		2,836,500		2,784,264
Acquired lease intangible liabilities, net		14,988,696		19,714,481

Total liabilities		626,644,201		706,025,553


Equity:
Equity - Regency Centers		551,148,294		557,374,488

Total Liabilities and Equity	$	1,177,792,495	$	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 September 30, 2011 and 2010


	Three Months Ended						Year to Date
	2011			2010			2011			2010
Revenues:
Minimum rent	$	73,591,202			82,866,840		$	229,125,309			246,876,943
Percentage rent		236,731			307,062			2,020,732			1,535,979
Recoveries from tenants		20,050,659			24,410,097			67,727,783			76,873,602
Termination fees		105,549			160,933			389,841			2,111,423
Other income		2,765,443			2,711,028			5,253,788			4,233,630

Total revenues		96,749,584			110,455,960			304,517,453			331,631,577

Operating expense (income):
Operating and maintenance		13,990,519			15,814,124			47,653,964			51,719,455
Real estate taxes		11,597,472			15,023,038			37,974,625			44,946,084
Provision for doubtful accounts		742,459			22,149			3,697,390			1,580,822
Other expense (income)		(7,244	)		47,176			112,690			423,885

Total operating expenses		26,323,206			30,906,487			89,438,669			98,670,246

Net operating income		70,426,378			79,549,473			215,078,784			232,961,331

Other expense (income):
General and administrative		2,880,575			1,512,483			6,375,501			5,647,553
Depreciation and amortization expense		32,067,381			38,896,101			101,991,828			116,594,543
Interest expense, net		26,095,231			31,703,465			85,477,843			98,189,819
Gain on sale of real estate		(201,271	)		(498,469	)		(791,004	)		(2,830,100	)
Gain on extinguishment of debt		(8,691,660	)		—			(8,718,893	)		—
Provision for impairment		—			2,000,000			—			17,433,011
Other expense (income)		426,639			8,992			798,068			(360,903	)

Total other expense		52,576,895			73,622,572			185,133,343			234,673,924

Net income (loss)	$	17,849,484			5,926,902		$	29,945,442			(1,712,593	)

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

For the periods ended September 30, 2011 and 2010


	Three Months Ended						Year to Date
	2011			2010			2011			2010
Revenues:
Minimum rent	$	24,028,581			25,951,561		$	73,376,878			79,721,135
Percentage rent		80,765			100,948			731,410			690,066
Recoveries from tenants		6,764,632			7,687,116			21,843,768			24,954,384
Termination fees		31,954			54,891			109,417			684,448
Other income		871,045			856,996			1,668,581			1,408,063

Total revenues		31,776,977			34,651,512			97,730,054			107,458,096

Operating expense (income):
Operating and maintenance		4,578,330			5,012,679			15,205,582			16,962,693
Real estate taxes		3,935,131			4,716,129			12,269,011			14,455,947
Provision for doubtful accounts		418,897			29,786			1,386,101			708,636
Other expense (income)		(6,723	)		20,114			26,537			159,428

Total operating expenses		8,925,635			9,778,708			28,887,231			32,286,704

Net operating income		22,851,342			24,872,804			68,842,823			75,171,392

Other expense (income):
General and administrative		655,077			373,164			1,514,407			1,382,609
Depreciation and amortization expense		10,668,197			12,113,463			32,916,399			37,388,468
Interest expense, net		8,293,227			9,664,216			26,479,313			31,345,960
Gain on sale of real estate		(59,567	)		(199,388	)		(288,040	)		(1,132,040	)
Gain on extinguishment of debt		(1,738,332	)		—			(1,741,064	)		—
Provision for impairment		—			800,000			—			6,353,168
Other expense (income)		85,228			2,142			493,619			(148,708	)

Total other expense		17,903,830			22,753,597			59,374,634			75,189,457

Net income (loss) before Regency only expense (income)		4,947,512			2,119,207			9,468,189			(18,065	)

Regency only expense (income):
Accretion of excess investment		(54,471	)		(23,767	)		(157,044	)		(151,971	)
Depreciation of capitalized costs		176,704			41,359			256,601			157,162
Brokerage fees		—			—			—			(15,236	)
Provision for impairment on investment in real estate partnerships		—			—			4,580,000			—

Total Regency only expense (income)		122,233			17,592			4,679,557			(10,045	)

Net income (loss)	$	4,825,279			2,101,615		$	4,788,632			(8,020	)

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 such management 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

September 30, 2011 and December 31, 2010


Total Debt Outstanding:	9/30/11		12/31/10
Mortgage loans payable:
Fixed rate secured loans	$	1,800,798,637		2,097,889,505
Unsecured line of credit variable rate		11,197,877		19,805,209

Total	$	1,811,996,514		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		1,803,137		—				1,803,137		549,841		0.0	%
2012		12,844,493		244,418,296		11,197,877		268,460,666		101,475,701		5.3	%
2013		16,610,001		24,373,194				40,983,195		14,883,060		5.0	%
2014		17,360,289		77,369,016				94,729,305		28,123,437		5.7	%
2015		17,401,564		130,795,869				148,197,433		47,761,673		5.6	%
2016		14,478,536		329,757,425				344,235,961		103,704,731		5.9	%
2017		13,821,029		190,654,500				204,475,529		44,723,142		6.0	%
2018		14,262,408		87,341,125				101,603,533		23,841,247		6.0	%
2019		13,818,782		65,939,205				79,757,987		19,874,913		7.4	%
2020		10,544,219		214,199,326				224,743,545		82,089,278		5.8	%
>10 Years		17,036,695		281,565,649				298,602,344		117,050,704		4.9	%
Net unamortized debt premium				4,403,879				4,403,879		949,036

	$	149,981,153		1,650,817,484		11,197,877		1,811,996,514		585,026,763		5.7	%


Percentage of Total Debt:	9/30/11			12/31/10
Fixed		99.4	%		99.1	%
Variable		0.6	%		0.9	%

Current Average Interest Rates:⁽¹⁾
Fixed		5.7	%		5.8	%
Variable		3.0	%		2.1	%
Effective Interest Rate		5.6	%		5.8	%

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


Average Maturity Date:
Fixed		September 26, 2017	June 15, 2015
Variable		September 28, 2012	February 10, 2012

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

Mortgage Loans Payable:
Fixed rate secured loans	$	582,787,188	656,466,320
Unsecured line of credit variable rate		2,239,575	6,588,921

Total	$	585,026,763	663,055,241

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

September 30, 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)
3rd Quarter 2011		478		1,507,697	$	17.50		-1.6	%		5.9	$	1.55		0.5	%
2nd Quarter 2011		510		1,356,404		17.58		-1.0	%		5.3		1.82		2.8	%
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	%

Total - 12 months		1,798		4,759,559	$	17.72		-2.4	%		5.7	$	1.80		0.5	%


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)
3rd Quarter 2011		183		434,979	$	20.88		-10.5	%		9.0	$	4.96		-6.1	%
2nd Quarter 2011		206		436,498		18.03		-11.5	%		7.0		5.19		2.0	%
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	%

Total - 12 months		689		1,541,832	$	18.78		-12.2	%		8.2	$	5.00		-3.0	%


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)
3rd Quarter 2011		295		1,072,718	$	16.13		1.8	%		4.5	$	0.17		1.8	%
2nd Quarter 2011		304		919,906		17.36		2.9	%		4.5		0.23		2.9	%
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	%

Total - 12 months		1,109		3,217,727	$	17.21		1.2	%		4.4	$	0.26		1.2	%

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

September 30, 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)
3rd Quarter 2011		478		2,085,451	$	17.29		-1.5	%		5.8	$	1.44		1.1	%
2nd Quarter 2011		510		1,793,298		18.08		-1.2	%		5.5		1.83		2.6	%
1st Quarter 2011		360		1,271,108		17.02		-5.2	%		5.6		1.39		-1.5	%
4th Quarter 2010		450		1,350,242		19.40		-3.8	%		5.7		2.41		-1.6	%

Total - 12 months		1,798		6,500,099	$	17.89		-2.6	%		5.6	$	1.74		0.4	%


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)
3rd Quarter 2011		183		614,009	$	19.86		-11.7	%		8.7	$	4.47		-5.8	%
2nd Quarter 2011		206		587,273		18.54		-10.5	%		7.2		5.09		3.7	%
1st Quarter 2011		121		396,035		16.33		-18.4	%		8.3		4.26		-1.8	%
4th Quarter 2010		179		514,066		19.00		-8.5	%		8.5		5.34		-0.2	%

Total - 12 months		689		2,111,383	$	18.62		-11.6	%		8.2	$	4.81		-1.3	%


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)
3rd Quarter 2011		295		1,471,442	$	16.21		2.6	%		4.4	$	0.18		2.6	%
2nd Quarter 2011		304		1,206,025		17.85		2.4	%		4.6		0.25		2.4	%
1st Quarter 2011		239		875,073		17.33		-1.5	%		4.3		0.10		-1.5	%
4th Quarter 2010		271		836,176		19.65		-2.0	%		3.9		0.61		-2.0	%

Total - 12 months		1,109		4,388,716	$	17.54		0.7	%		4.4	$	0.27		0.7	%

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

September 30, 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	%		77.3	%	$	1,409,175		0.3	%	$	13.32
Arizona		4		409,968		1.4	%		88.3	%		4,990,481		1.1	%		13.90
California		70		6,489,797		21.7	%		94.3	%		128,566,280		29.1	%		21.93
Colorado		20		1,494,751		5.0	%		89.6	%		16,872,797		3.8	%		13.36
Connecticut		1		71,946		0.2	%		99.8	%		1,654,714		0.4	%		23.05
Delaware		4		335,315		1.1	%		90.0	%		4,384,726		1.0	%		14.67
District of Columbia		2		12,437		0.0	%		100.0	%		726,228		0.2	%		63.10
Florida		56		4,829,173		16.1	%		91.7	%		55,398,521		12.5	%		13.00
Georgia		19		1,475,279		4.9	%		89.1	%		19,961,457		4.5	%		16.08
Illinois		15		1,307,748		4.4	%		94.9	%		15,895,293		3.6	%		13.52
Indiana		5		110,038		0.4	%		85.4	%		1,678,419		0.4	%		18.13
Kentucky		1		23,186		0.1	%		75.9	%		300,015		0.1	%		17.05
Maryland		16		734,877		2.5	%		91.3	%		12,044,339		2.7	%		18.97
Massachusetts		3		397,353		1.3	%		94.8	%		6,855,249		1.6	%		18.34
Michigan		2		118,273		0.4	%		39.2	%		478,768		0.1	%		21.34
Minnesota		5		207,262		0.7	%		98.9	%		2,783,214		0.6	%		13.71
Missouri		4		408,347		1.4	%		98.7	%		4,098,055		0.9	%		10.17
Nevada		2		439,422		1.5	%		87.1	%		4,590,696		1.0	%		13.14
New Jersey		2		62,593		0.2	%		96.2	%		1,004,592		0.2	%		16.91
North Carolina		16		1,237,422		4.1	%		90.4	%		15,556,204		3.5	%		14.20
Ohio		14		1,697,834		5.7	%		95.8	%		17,975,453		4.1	%		11.24
Oregon		8		697,137		2.3	%		92.9	%		11,050,579		2.5	%		17.32
Pennsylvania		11		630,194		2.1	%		96.3	%		11,706,175		2.6	%		19.77
South Carolina		6		175,513		0.6	%		96.1	%		2,245,001		0.5	%		13.43
Tennessee		6		478,923		1.6	%		93.8	%		6,046,433		1.4	%		13.56
Texas		32		3,334,762		11.1	%		92.5	%		52,238,878		11.8	%		17.48
Virginia		28		1,882,085		6.3	%		94.6	%		29,355,449		6.6	%		17.20
Washington		11		629,702		2.1	%		94.0	%		11,753,095		2.7	%		19.92
Wisconsin		2		107,651		0.4	%		93.5	%		649,107		0.1	%		7.43

Total All Properties		367		29,942,962		100.0	%		92.6	%	$	442,269,394		100.0	%	$	16.55

(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

September 30, 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	%		73.6	%	$	1,844,749		0.3	%	$	12.81
Arizona	4		496,074		1.2	%		89.1	%		6,138,781		1.0	%		13.97
California	70		8,857,871		20.9	%		94.4	%		171,130,608		27.1	%		21.23
Colorado	20		2,102,951		5.0	%		91.3	%		24,624,812		3.9	%		13.40
Connecticut	1		179,864		0.4	%		99.8	%		4,136,786		0.7	%		23.05
Delaware	4		474,267		1.1	%		89.9	%		6,380,707		1.0	%		15.25
District of Columbia	2		39,647		0.1	%		100.0	%		2,090,329		0.3	%		58.17
Florida	56		5,391,536		12.7	%		91.8	%		62,490,643		9.9	%		13.10
Georgia	19		1,669,960		3.9	%		89.3	%		22,250,040		3.5	%		15.69
Illinois	15		2,191,178		5.2	%		95.9	%		26,648,887		4.2	%		13.33
Indiana	5		193,368		0.5	%		88.9	%		3,141,473		0.5	%		18.42
Kentucky	1		23,186		0.1	%		75.9	%		300,015		0.0	%		17.05
Maryland	16		1,853,256		4.4	%		91.0	%		28,775,674		4.6	%		18.03
Massachusetts	3		545,576		1.3	%		95.4	%		8,344,134		1.3	%		16.13
Michigan	2		118,273		0.3	%		39.2	%		478,768		0.1	%		21.34
Minnesota	5		674,883		1.6	%		99.1	%		9,031,782		1.4	%		13.62
Missouri	4		408,347		1.0	%		98.7	%		4,098,055		0.6	%		10.17
Nevada	2		439,422		1.0	%		87.1	%		4,590,696		0.7	%		13.14
New Jersey	2		156,482		0.4	%		96.2	%		2,511,481		0.4	%		16.91
North Carolina	16		2,186,592		5.2	%		92.4	%		28,537,976		4.5	%		14.45
Ohio	14		2,123,450		5.0	%		95.3	%		23,235,730		3.7	%		11.67
Oregon	8		752,998		1.8	%		92.9	%		11,701,880		1.9	%		16.97
Pennsylvania	11		1,282,111		3.0	%		95.6	%		20,959,172		3.3	%		17.38
South Carolina	6		360,643		0.8	%		96.3	%		4,398,071		0.7	%		12.72
Tennessee	6		478,923		1.1	%		93.8	%		6,046,433		1.0	%		13.56
Texas	32		4,201,677		9.9	%		92.5	%		64,489,168		10.2	%		17.09
Virginia	28		3,732,326		8.8	%		95.6	%		63,204,426		10.0	%		18.31
Washington	11		1,038,514		2.4	%		92.4	%		17,298,815		2.7	%		18.08
Wisconsin	2		269,128		0.6	%		93.5	%		1,622,766		0.3	%		7.43

Total All Properties	367		42,445,709		100.0	%		93.1	%	$	630,502,858		100.0	%	$	16.49

(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

September 30, 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		86.2	%		86.2	%								—		54,340	Publix	$	14.42
Valleydale Village Shop Center	JV-O		50	%		AL	Birmingham-Hoover		2003		118,466		59,233		64.6	%		64.6	%								—		44,271	Publix	$	11.39

						AL					203,206		143,973		73.6	%		77.3	%		64.6	%		64.6	%		—		98,611

Anthem Marketplace						AZ	Phoenix-Mesa-Scottsdale		2000		113,293		113,293		88.1	%		88.1	%								—		55,256	Safeway	$	15.06
Palm Valley Marketplace	JV-C		20	%		AZ	Phoenix-Mesa-Scottsdale		1999		107,633		21,527		93.2	%		93.2	%								—		55,403	Safeway	$	14.30
Pima Crossing						AZ	Phoenix-Mesa-Scottsdale		1996		239,438		239,438		88.9	%		88.9	%								—		—	Golf & Tennis Pro Shop, Inc.	$	13.66
Shops at Arizona						AZ	Phoenix-Mesa-Scottsdale		2000		35,710		35,710		81.5	%		81.5	%								—		—	—	$	11.36

						AZ					496,074		409,968		89.1	%		88.3	%		89.1	%		88.3	%		—		110,659

4S Commons Town Center						CA	San Diego-Carlsbad-San Marcos		2004		240,060		240,060		94.3	%		94.3	%								—		68,000	Ralphs, Jimbo’s...Naturally!	$	27.29
Amerige Heights Town Center						CA	Los Angeles-Long Beach-Santa Ana		2000		89,181		89,181		97.8	%		97.8	%								142,600		57,560	Albertsons, (Target)	$	26.06
Applegate Ranch Shopping Center						CA	Merced		2006		144,444		144,444		82.4	%		82.4	%								319,692		178,500	(Super Target), (Home Depot)	$	15.25
Auburn Village	JV-GRI		40	%		CA	Sacramento--Arden-Arcade--Roseville		1990		133,944		53,578		85.5	%		85.5	%								—		45,540	Bel Air Market	$	18.55
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	$	21.12
Blossom Valley	JV-USAA		20	%		CA	San Jose-Sunnyvale-Santa Clara		1990		93,316		18,663		100.0	%		100.0	%								—		34,208	Safeway	$	24.05
Brea Marketplace	JV-GRI		40	%		CA	Los Angeles-Long Beach-Santa Ana		1987		352,022		140,809		98.3	%		98.3	%								—		24,867	Sprout’s Markets, Target	$	15.75
Clayton Valley Shopping Center						CA	San Francisco-Oakland-Fremont		2004		260,205		260,205		94.2	%		94.2	%								—		14,000	Fresh & Easy, Orchard Supply Hardware	$	19.01
Clovis Commons						CA	Fresno		2004		174,990		174,990		99.3	%		99.3	%								145,653		145,653	(Super Target)	$	20.53
Corral Hollow	JV-RC		25	%		CA	Stockton		2000		167,184		41,796		97.4	%		97.4	%								—		65,715	Safeway, Orchard Supply & Hardware	$	15.59
Costa Verde Center						CA	San Diego-Carlsbad-San Marcos		1988		178,623		178,623		96.0	%		96.0	%								—		40,000	Bristol Farms	$	34.49
Diablo Plaza						CA	San Francisco-Oakland-Fremont		1982		63,265		63,265		100.0	%		100.0	%								53,000		53,000	(Safeway)	$	36.37
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	$	22.72
El Cerrito Plaza						CA	San Francisco-Oakland-Fremont		2000		256,035		256,035		99.1	%		99.1	%								66,700		77,888	(Lucky’s)	$	25.27
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	$	15.93
Encina Grande						CA	San Francisco-Oakland-Fremont		1965		102,413		102,413		98.3	%		98.3	%								—		22,500	Safeway	$	20.46
Falcon Ridge Town Center Phase I	JV-RRP		20	%		CA	Riverside-San Bernardino-Ontario		2004		232,754		46,551		96.0	%		96.0	%								123,735		43,718	Stater Bros., (Target)	$	15.76
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	$	26.57
Five Points Shopping Center	JV-GRI		40	%		CA	Santa Barbara-Santa Maria-Goleta		1960		144,553		57,821		98.9	%		98.9	%								—		35,305	Albertsons	$	24.54
Folsom Prairie City Crossing						CA	Sacramento--Arden-Arcade--Roseville		1999		90,237		90,237		94.2	%		94.2	%								—		55,255	Safeway	$	19.21
French Valley Village Center						CA	Riverside-San Bernardino-Ontario		2004		98,752		98,752		96.8	%		96.8	%								—		44,054	Stater Bros.	$	23.33
Friars Mission Center						CA	San Diego-Carlsbad-San Marcos		1989		146,897		146,897		90.3	%		90.3	%								—		55,303	Ralphs	$	29.20
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	$	16.40
Golden Hills Promenade						CA	San Luis Obispo-Paso Robles		2006		216,846		216,846		90.6	%		90.6	%								—		—	Lowe’s	$	4.59
Granada Village	JV-GRI		40	%		CA	Los Angeles-Long Beach-Santa Ana		1965		226,708		90,683		89.6	%		89.6	%								—		25,000	Sprout’s Markets	$	19.53
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	$	22.21
Heritage Plaza						CA	Los Angeles-Long Beach-Santa Ana		1981		231,371		231,371		97.5	%		97.5	%								—		44,376	Ralphs	$	29.41
Indio Towne Center						CA	Riverside-San Bernardino-Ontario		2006		132,678		132,678		74.7	%		74.7	%								235,834		93,696	(Home Depot), (WinCo), Toys R Us	$	17.79
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	$	17.86
Laguna Niguel Plaza	JV-GRI		40	%		CA	Los Angeles-Long Beach-Santa Ana		1985		41,943		16,777		83.8	%		83.8	%								38,917		38,917	(Albertsons)	$	26.15
Loehmanns Plaza California						CA	San Jose-Sunnyvale-Santa Clara		1983		113,310		113,310		94.2	%		94.2	%								53,000		53,000	(Safeway)	$	17.12
Marina Shores	JV-C2		20	%		CA	Los Angeles-Long Beach-Santa Ana		2001		67,727		13,545		100.0	%		100.0	%								—		25,987	Whole Foods	$	31.38
Mariposa Shopping Center	JV-GRI		40	%		CA	San Jose-Sunnyvale-Santa Clara		1957		126,658		50,663		96.8	%		96.8	%								—		42,896	Safeway	$	18.18
Morningside Plaza						CA	Los Angeles-Long Beach-Santa Ana		1996		91,212		91,212		93.8	%		93.8	%								—		42,630	Stater Bros.	$	21.79
Navajo Shopping Center	JV-GRI		40	%		CA	San Diego-Carlsbad-San Marcos		1964		102,139		40,856		94.6	%		94.6	%								—		44,180	Albertsons	$	12.77
Newland Center						CA	Los Angeles-Long Beach-Santa Ana		1985		149,140		149,140		98.8	%		98.8	%								—		58,000	Albertsons	$	20.56
Oakbrook Plaza						CA	Oxnard-Thousand Oaks-Ventura		1982		83,286		83,286		90.1	%		90.1	%								—		43,842	Albertsons	$	14.85
Oak Shade Town Center						CA	Sacramento--Arden-Arcade--Roseville		1998		103,762		103,762		93.1	%		93.1	%								—		40,000	Safeway	$	19.09
Park Plaza Shopping Center	JV-C		20	%		CA	Los Angeles-Long Beach-Santa Ana		1991		194,396		38,879		91.4	%		91.4	%								—		28,210	Henry’s Marketplace	$	18.64
Paseo Del Sol						CA	Santa Barbara-Santa Maria-Goleta		2004		49,680		49,680		77.2	%		77.2	%								—		29,884	Whole Foods	$	50.94
Plaza Hermosa						CA	Los Angeles-Long Beach-Santa Ana		1984		94,777		94,777		92.9	%		92.9	%								—		36,800	Von’s Food & Drug	$	21.54
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	$	21.98
Point Loma Plaza	JV-GRI		40	%		CA	San Diego-Carlsbad-San Marcos		1987		212,415		84,966		91.7	%		91.7	%								—		50,000	Von’s Food & Drug	$	18.01
Powell Street Plaza						CA	San Francisco-Oakland-Fremont		1987		165,928		165,928		100.0	%		100.0	%								—		10,122	Trader Joe’s	$	28.93
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		90.1	%		90.1	%								—		39,777	Von’s Food & Drug	$	18.76
Rio Vista Town Center						CA	Riverside-San Bernardino-Ontario		2005		67,622		67,622		83.5	%		83.5	%								—		44,700	Stater Bros.	$	17.65
Rona Plaza						CA	Los Angeles-Long Beach-Santa Ana		1989		51,760		51,760		100.0	%		100.0	%								—		37,194	Superior Super Warehouse	$	18.36
San Leandro Plaza						CA	San Francisco-Oakland-Fremont		1982		50,432		50,432		100.0	%		100.0	%								38,250		38,250	(Safeway)	$	29.78
Seal Beach	JV-C		20	%		CA	Los Angeles-Long Beach-Santa Ana		1966		96,858		19,372		95.5	%		95.5	%								—		48,000	Von’s Food & Drug	$	22.84
Sequoia Station						CA	San Francisco-Oakland-Fremont		1996		103,148		103,148		100.0	%		100.0	%								62,050		62,050	(Safeway)	$	34.52
Silverado Plaza	JV-GRI		40	%		CA	Napa		1974		84,916		33,966		100.0	%		100.0	%								—		31,833	Nob Hill	$	15.42
Snell & Branham Plaza	JV-GRI		40	%		CA	San Jose-Sunnyvale-Santa Clara		1988		92,352		36,941		96.4	%		96.4	%								—		52,550	Safeway	$	15.12
Stanford Ranch Village	JV-GRI		40	%		CA	Sacramento--Arden-Arcade--Roseville		1991		89,875		35,950		97.2	%		97.2	%								—		45,540	Bel Air Market	$	15.64
Strawflower Village						CA	San Francisco-Oakland-Fremont		1985		78,827		78,827		98.3	%		98.3	%								—		33,753	Safeway	$	18.64
Tassajara Crossing						CA	San Francisco-Oakland-Fremont		1990		146,140		146,140		96.3	%		96.3	%								—		56,496	Safeway	$	20.70
Twin Oaks Shopping Center	JV-GRI		40	%		CA	Los Angeles-Long Beach-Santa Ana		1978		98,399		39,360		94.2	%		94.2	%								—		40,775	Ralphs	$	13.78
Twin Peaks						CA	San Diego-Carlsbad-San Marcos		1988		198,139		198,139		98.7	%		98.7	%								—		44,686	Albertsons, Target	$	17.51
Valencia Crossroads						CA	Los Angeles-Long Beach-Santa Ana		2003		172,856		172,856		98.2	%		98.2	%								—		35,000	Whole Foods, Kohl’s	$	23.00
Ventura Village						CA	Oxnard-Thousand Oaks-Ventura		1984		76,070		76,070		90.7	%		90.7	%								—		42,500	Von’s Food & Drug	$	18.47
Vine at Castaic						CA	Los Angeles-Long Beach-Santa Ana		2005		27,314		27,314		72.9	%		72.9	%								—		—	—	$	24.39
Vista Village Phase I	JV-RRP		20	%		CA	San Diego-Carlsbad-San Marcos		2003		129,009		25,802		95.4	%		95.4	%								165,000		—	Krikorian Theaters, (Lowe’s)	$	25.77
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

Portfolio Summary Report By State

September 30, 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⁾
Vista Village IV					CA	San Diego-Carlsbad-San Marcos	2006		11,000		11,000		100.0	%		100.0	%								—		—	—	$	40.16
West Park Plaza					CA	San Jose-Sunnyvale-Santa Clara	1996		88,104		88,104		82.7	%		82.7	%								—		24,712	Safeway	$	17.03
Westlake Village Plaza and Center					CA	Oxnard-Thousand Oaks-Ventura	1975		190,529		190,529		90.0	%		90.0	%								—		41,300	Von’s Food & Drug and Sprouts	$	28.41
Westridge Village					CA	Los Angeles-Long Beach-Santa Ana	2003		92,287		92,287		100.0	%		100.0	%								—		50,782	Albertsons	$	25.35
Woodman Van Nuys					CA	Los Angeles-Long Beach-Santa Ana	1992		107,614		107,614		97.2	%		97.2	%								—		77,648	El Super	$	13.58
Woodside Central					CA	San Francisco-Oakland-Fremont	1993		80,591		80,591		95.9	%		95.9	%								113,000		—	(Target)	$	20.59
Ygnacio Plaza	JV-GRI		40	%	CA	San Francisco-Oakland-Fremont	1968		109,701		43,880		100.0	%		100.0	%								—		17,050	Fresh & Easy	$	32.93

					CA				8,857,871		6,489,797		94.4	%		94.3	%		95.0	%		95.1	%		1,769,916		2,934,373

Applewood Shopping Center	JV-GRI		40	%	CO	Denver-Aurora	1956		370,221		148,088		95.7	%		95.7	%								—		71,074	King Soopers, Wal-Mart	$	9.66
Arapahoe Village	JV-GRI		40	%	CO	Boulder	1957		159,237		63,695		92.0	%		92.0	%								—		43,500	Safeway	$	15.80
Belleview Square					CO	Denver-Aurora	1978		117,335		117,335		97.8	%		97.8	%								—		65,104	King Soopers	$	15.33
Boulevard Center					CO	Denver-Aurora	1986		80,320		80,320		90.0	%		90.0	%								52,700		52,700	(Safeway)	$	21.40
Buckley Square					CO	Denver-Aurora	1978		116,147		116,147		95.0	%		95.0	%								—		62,400	King Soopers	$	8.62
Centerplace of Greeley III Phase I					CO	Greeley	2007		94,090		94,090		81.5	%		81.5	%								—		—	Sports Authority	$	14.69
Centerplace of Greeley III Phase II					CO	Greeley	2011		25,000		25,000		100.0	%		100.0	%								—		—	—		NA
Cherrywood Square	JV-GRI		40	%	CO	Denver-Aurora	1978		86,162		34,465		93.3	%		93.3	%								—		51,640	King Soopers	$	10.89
Crossroads Commons	JV-C		20	%	CO	Boulder	1986		142,694		28,539		98.7	%		98.7	%								—		39,247	Whole Foods	$	24.77
Falcon Marketplace					CO	Colorado Springs	2005		22,491		22,491		72.5	%		72.5	%								184,305		50,000	(Wal-Mart Supercenter)	$	20.80
Hilltop Village	JV-M3		25	%	CO	Denver-Aurora	2003		100,030		25,008		93.8	%		93.8	%								—		66,000	King Soopers	$	8.92
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	$	12.02
Lloyd King Center					CO	Denver-Aurora	1998		83,326		83,326		91.6	%		91.6	%								—		61,040	King Soopers	$	11.05
Marketplace at Briargate					CO	Colorado Springs	2006		29,075		29,075		94.7	%		94.7	%								66,000		66,000	(King Soopers)	$	27.54
Monument Jackson Creek					CO	Colorado Springs	1999		85,263		85,263		100.0	%		100.0	%								—		69,913	King Soopers	$	10.83
Ralston Square Shopping Center	JV-GRI		40	%	CO	Denver-Aurora	1977		82,750		33,100		96.2	%		96.2	%								—		55,311	King Soopers	$	9.18
Shops at Quail Creek					CO	Denver-Aurora	2008		37,585		37,585		79.7	%		79.7	%								99,844		99,844	(King Soopers)	$	23.94
South Lowry Square					CO	Denver-Aurora	1993		119,916		119,916		82.3	%		82.3	%								—		62,600	Safeway	$	12.02
Stroh Ranch					CO	Denver-Aurora	1998		93,436		93,436		97.0	%		97.0	%								—		69,719	King Soopers	$	11.96
Woodmen Plaza					CO	Colorado Springs	1998		116,233		116,233		87.5	%		87.5	%								—		69,716	King Soopers	$	12.57

					CO				2,102,951		1,494,751		91.3	%		89.6	%		92.5	%		91.3	%		402,849		1,135,577

Corbin’s Corner	JV-GRI		40	%	CT	Hartford-West Hartford-East Hartford	1962		179,864		71,946		99.8	%		99.8	%								—		10,150	Trader Joe’s	$	23.05

					CT				179,864		71,946		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		100.0	%		100.0	%								—		11,833	Trader Joe’s	$	38.36
Spring Valley Shopping Center	JV-GRI		40	%	DC	Washington-Arlington-Alexandria	1930		16,835		6,734		100.0	%		100.0	%								—		—	—	$	80.65

					DC				39,647		12,437		100.0	%		100.0	%		100.0	%		100.0	%		—		11,833

First State Plaza	JV-GRI		40	%	DE	Philadelphia-Camden-Wilmington	1988		164,779		65,912		86.7	%		86.7	%								—		57,319	Shop Rite	$	14.85
Pike Creek					DE	Philadelphia-Camden-Wilmington	1981		231,772		231,772		89.8	%		89.8	%								—		49,069	Acme Markets, K-Mart	$	12.96
Shoppes of Graylyn	JV-GRI		40	%	DE	Philadelphia-Camden-Wilmington	1971		66,808		26,723		96.1	%		96.1	%								—		—	—	$	21.00
White Oak - Dover, DE					DE	Dover	2000		10,908		10,908		100.0	%		100.0	%								—		—	—	$	32.73

					DE				474,267		335,315		89.9	%		90.0	%		89.9	%		90.0	%		—		106,388

Anastasia Plaza					FL	Jacksonville	1988		102,342		102,342		95.3	%		95.3	%								—		48,555	Publix	$	11.41
Aventura Shopping Center					FL	Miami-Fort Lauderdale-Miami Beach	1974		102,876		102,876		87.3	%		87.3	%								—		35,908	Publix	$	15.50
Beneva Village Shops					FL	Sarasota-Bradenton-Venice	1987		141,532		141,532		86.1	%		86.1	%								—		42,112	Publix	$	11.20
Berkshire Commons					FL	Naples-Marco Island	1992		110,062		110,062		100.0	%		100.0	%								—		65,537	Publix	$	13.32
Bloomingdale Square					FL	Tampa-St. Petersburg-Clearwater	1987		267,736		267,736		96.3	%		96.3	%								—		39,795	Publix, Wal-Mart, Bealls	$	8.76
Boynton Lakes Plaza					FL	Miami-Fort Lauderdale-Miami Beach	1993		117,124		117,124		78.4	%		78.4	%								—		56,000	Publix	$	17.19
Caligo Crossing					FL	Miami-Fort Lauderdale-Miami Beach	2007		10,763		10,763		100.0	%		100.0	%								98,165		—	(Kohl’s)	$	33.39
Canopy Oak Center	JV-O		50	%	FL	Ocala	2006		90,041		45,021		79.4	%		79.4	%								—		54,340	Publix	$	17.89
Carriage Gate					FL	Tallahassee	1978		76,784		76,784		86.8	%		86.8	%								—		—	—	$	14.20
Chasewood Plaza					FL	Miami-Fort Lauderdale-Miami Beach	1986		155,603		155,603		95.0	%		95.0	%								—		54,420	Publix	$	18.02
Corkscrew Village					FL	Cape Coral-Fort Myers	1997		82,011		82,011		95.3	%		95.3	%								—		51,420	Publix	$	12.94
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		91.1	%		91.1	%								—		42,112	Publix	$	13.27
East Towne Center					FL	Orlando	2003		69,841		69,841		86.0	%		86.0	%								—		44,840	Publix	$	12.54
First Street Village					FL	Cape Coral-Fort Myers	2006		54,926		54,926		94.7	%		94.7	%								—		39,393	Publix	$	15.36
Five Corners Plaza	JV-RC		25	%	FL	Miami-Fort Lauderdale-Miami Beach	2001		44,647		11,162		93.5	%		93.5	%								—		27,887	Publix	$	12.61
Fleming Island					FL	Jacksonville	2000		136,663		136,663		66.3	%		66.3	%								129,807		47,955	Publix, (Target)	$	20.51
Garden Square					FL	Miami-Fort Lauderdale-Miami Beach	1991		90,258		90,258		95.7	%		95.7	%								—		42,112	Publix	$	14.53
Grande Oak					FL	Cape Coral-Fort Myers	2000		78,784		78,784		94.7	%		94.7	%								—		54,379	Publix	$	14.05
Hibernia Pavilion					FL	Jacksonville	2006		51,298		51,298		97.4	%		97.4	%								—		39,203	Publix	$	17.11
Hibernia Plaza					FL	Jacksonville	2006		8,400		8,400		16.7	%		16.7	%								—		—	—	$	13.23
Horton’s Corner					FL	Jacksonville	2007		14,820		14,820		100.0	%		100.0	%								—		—	—	$	25.71
Island Crossing	JV-C2		20	%	FL	Port St. Lucie-Fort Pierce	1996		58,456		11,691		97.6	%		97.6	%								—		47,955	Publix	$	9.91
John’s Creek Center	JV-C2		20	%	FL	Jacksonville	2004		75,101		15,020		88.8	%		88.8	%								—		44,840	Publix	$	12.33
Julington Village	JV-C		20	%	FL	Jacksonville	1999		81,820		16,364		100.0	%		100.0	%								—		51,420	Publix	$	14.15
Kings Crossing Sun City					FL	Tampa-St. Petersburg-Clearwater	1999		75,020		75,020		95.5	%		95.5	%								—		51,420	Publix	$	11.76
Lynnhaven	JV-O		50	%	FL	Panama City-Lynn Haven	2001		63,871		31,936		100.0	%		100.0	%								—		44,271	Publix	$	11.81
Marketplace Shopping Center					FL	Tampa-St. Petersburg-Clearwater	1983		90,296		90,296		71.1	%		71.1	%								—		—	LA Fitness	$	18.28
Martin Downs Village Center					FL	Port St. Lucie-Fort Pierce	1985		112,667		112,667		89.1	%		89.1	%								—		—	—	$	15.72
Martin Downs Village Shoppes					FL	Port St. Lucie-Fort Pierce	1998		48,937		48,937		87.9	%		87.9	%								—		—	—	$	17.60
Millhopper Shopping Center					FL	Gainesville	1974		80,421		80,421		100.0	%		100.0	%								—		37,244	Publix	$	14.15
Naples Walk Shopping Center					FL	Naples-Marco Island	1999		125,390		125,390		82.0	%		82.0	%								—		51,420	Publix	$	14.34
Newberry Square					FL	Gainesville	1986		180,524		180,524		94.7	%		94.7	%								—		39,795	Publix, K- Mart	$	7.66
Nocatee Town Center					FL	Jacksonville	2007		69,679		69,679		90.8	%		90.8	%								—		54,340	Publix	$	14.19

Portfolio Summary Report By State

September 30, 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⁾
Northgate Square					FL	Tampa-St. Petersburg-Clearwater	1995		75,495		75,495		92.3	%		92.3	%								—		47,955	Publix	$	12.42
Oakleaf Commons					FL	Jacksonville	2006		73,717		73,717		84.8	%		84.8	%								—		45,600	Publix	$	13.72
Ocala Corners					FL	Tallahassee	2000		86,772		86,772		95.9	%		95.9	%								—		61,171	Publix	$	12.51
Old St Augustine Plaza					FL	Jacksonville	1990		232,459		232,459		98.3	%		98.3	%								—		51,832	Publix, Burlington Coat Factory, Hobby Lobby	$	7.80
Pebblebrook Plaza	JV-O		50	%	FL	Naples-Marco Island	2000		76,767		38,384		100.0	%		100.0	%								—		61,166	Publix	$	12.72
Pine Tree Plaza					FL	Jacksonville	1999		63,387		63,387		96.8	%		96.8	%								—		37,866	Publix	$	12.97
Plantation Plaza	JV-C2		20	%	FL	Jacksonville	2004		77,747		15,549		89.9	%		89.9	%								—		44,840	Publix	$	15.12
Regency Square					FL	Tampa-St. Petersburg-Clearwater	1986		349,848		349,848		92.0	%		92.0	%								66,000		—	AMC Theater, Michaels, (Best Buy), (Macdill)	$	14.55
Seminole Shoppes					FL	Jacksonville	2009		73,241		73,241		96.4	%		96.4	%								—		54,340	Publix	$	18.61
Shoppes @ 104					FL	Miami-Fort Lauderdale-Miami Beach	1990		108,192		108,192		98.8	%		98.8	%								—		46,368	Winn-Dixie	$	13.50
Shoppes at Bartram Park	JV-O		50	%	FL	Jacksonville	2004		105,319		52,660		92.0	%		92.0	%								97,000		44,840	Publix, (Kohl’s)	$	17.15
Shoppes at Bartram Park Phase II	JV-O		50	%	FL	Jacksonville	2008		14,639		7,320		40.5	%		40.5	%								—		—	—	$	20.37
Shops at John’s Creek					FL	Jacksonville	2004		15,490		15,490		73.5	%		73.5	%								—		—	—	$	18.20
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		93.5	%		93.5	%								—		—	Kohl’s	$	4.37
Suncoast Crossing Phase II					FL	Tampa-St. Petersburg-Clearwater	2008		9,451		9,451		59.3	%		59.3	%								143,055		—	(Target)	$	18.41
Town Center at Martin Downs					FL	Port St. Lucie-Fort Pierce	1996		64,546		64,546		100.0	%		100.0	%								—		56,146	Publix	$	12.48
Town Square					FL	Tampa-St. Petersburg-Clearwater	1999		44,380		44,380		86.4	%		86.4	%								—		—	—	$	26.55
Village Center					FL	Tampa-St. Petersburg-Clearwater	1993		181,110		181,110		93.8	%		93.8	%								—		36,434	Publix	$	12.81
Vineyard Shopping Center	JV-M3		25	%	FL	Tallahassee	2002		62,821		15,705		84.7	%		84.7	%								—		44,271	Publix	$	10.41
Welleby Plaza					FL	Miami-Fort Lauderdale-Miami Beach	1982		109,949		109,949		86.7	%		86.7	%								—		46,779	Publix	$	10.62
Wellington Town Square					FL	Miami-Fort Lauderdale-Miami Beach	1982		107,325		107,325		99.2	%		99.2	%								—		44,840	Publix	$	18.80
Westchase					FL	Tampa-St. Petersburg-Clearwater	1998		78,998		78,998		98.7	%		98.7	%								—		51,420	Publix	$	12.93
Willa Springs	JV-USAA		20	%	FL	Orlando	2000		89,930		17,986		100.0	%		100.0	%								—		44,271	Publix	$	16.47

					FL				5,391,536		4,829,173		91.8	%		91.7	%		92.0	%		91.8	%		596,798		2,091,583

Ashford Place					GA	Atlanta-Sandy Springs-Marietta	1993		53,449		53,449		93.3	%		93.3	%								—		—	—	$	18.79
Briarcliff La Vista					GA	Atlanta-Sandy Springs-Marietta	1962		39,204		39,204		100.0	%		100.0	%								—		—	—	$	17.07
Briarcliff Village					GA	Atlanta-Sandy Springs-Marietta	1990		189,551		189,551		93.2	%		93.2	%								—		43,454	Publix	$	14.64
Buckhead Court					GA	Atlanta-Sandy Springs-Marietta	1984		48,318		48,318		97.5	%		97.5	%								—		—	—	$	15.60
Cambridge Square					GA	Atlanta-Sandy Springs-Marietta	1979		71,429		71,429		100.0	%		100.0	%								—		40,852	Kroger	$	13.25
Chapel Hill Centre					GA	Atlanta-Sandy Springs-Marietta	2005		66,970		66,970		96.4	%		96.4	%								88,713		—	(Kohl’s), Hobby Lobby	$	11.44
Cornerstone Square					GA	Atlanta-Sandy Springs-Marietta	1990		80,406		80,406		77.6	%		77.6	%								—		—	—	$	15.57
Delk Spectrum					GA	Atlanta-Sandy Springs-Marietta	1991		100,539		100,539		77.4	%		77.4	%								—		45,044	Publix	$	14.03
Dunwoody Hall	JV-USAA		20	%	GA	Atlanta-Sandy Springs-Marietta	1986		89,351		17,870		96.5	%		96.5	%								—		44,271	Publix	$	14.90
Dunwoody Village					GA	Atlanta-Sandy Springs-Marietta	1975		120,169		120,169		88.5	%		88.5	%								—		18,400	Fresh Market	$	17.17
Howell Mill Village					GA	Atlanta-Sandy Springs-Marietta	1984		92,118		92,118		83.0	%		83.0	%								—		31,000	Publix	$	15.06
King Plaza	JV-C2		20	%	GA	Atlanta-Sandy Springs-Marietta	1998		81,432		16,286		90.1	%		90.1	%								—		51,420	Publix	$	11.98
Loehmanns Plaza Georgia					GA	Atlanta-Sandy Springs-Marietta	1986		137,139		137,139		93.3	%		93.3	%								—		—	—	$	18.90
Lost Mountain Crossing	JV-C2		20	%	GA	Atlanta-Sandy Springs-Marietta	1994		72,568		14,514		86.4	%		86.4	%								—		47,814	Publix	$	11.37
Paces Ferry Plaza					GA	Atlanta-Sandy Springs-Marietta	1987		61,698		61,698		100.0	%		100.0	%								—		—	—	$	31.03
Powers Ferry Square					GA	Atlanta-Sandy Springs-Marietta	1987		97,897		97,897		85.1	%		85.1	%								—		—	—	$	23.49
Powers Ferry Village					GA	Atlanta-Sandy Springs-Marietta	1994		78,896		78,896		81.0	%		81.0	%								—		47,955	Publix	$	10.28
Rivermont Station					GA	Atlanta-Sandy Springs-Marietta	1996		90,267		90,267		83.3	%		83.3	%								—		58,261	Kroger	$	14.30
Russell Ridge					GA	Atlanta-Sandy Springs-Marietta	1995		98,559		98,559		87.3	%		87.3	%								—		63,296	Kroger	$	11.35

					GA				1,669,960		1,475,279		89.3	%		89.1	%		89.3	%		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	$	14.46
Brentwood Commons	JV-GRI		40	%	IL	Chicago-Naperville-Joliet	1962		125,550		50,220		99.1	%		99.1	%								—		64,762	Dominick’s	$	10.53
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	$	10.90
Frankfort Crossing Shpg Ctr					IL	Chicago-Naperville-Joliet	1992		114,534		114,534		84.8	%		84.8	%								—		64,937	Jewel / OSCO	$	11.39
Geneva Crossing	JV-C		20	%	IL	Chicago-Naperville-Joliet	1997		123,182		24,636		98.8	%		98.8	%								—		72,385	Dominick’s	$	14.24
Glen Oak Plaza					IL	Chicago-Naperville-Joliet	1967		62,616		62,616		100.0	%		100.0	%								—		11,944	Trader Joe’s	$	21.09
Hinsdale					IL	Chicago-Naperville-Joliet	1986		178,960		178,960		93.8	%		93.8	%								—		69,540	Dominick’s	$	12.90
McHenry Commons Shopping Center	JV-GRI		40	%	IL	Chicago-Naperville-Joliet	1988		99,448		39,779		89.8	%		89.8	%								—		—	Hobby Lobby	$	11.19
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	$	14.61
Roscoe Square	JV-GRI		40	%	IL	Chicago-Naperville-Joliet	1981		140,461		56,184		89.5	%		89.5	%								—		51,298	Mariano’s	$	14.31
Shorewood Crossing	JV-C		20	%	IL	Chicago-Naperville-Joliet	2001		87,705		17,541		98.4	%		98.4	%								—		65,977	Dominick’s	$	14.88
Shorewood Crossing II	JV-C2		20	%	IL	Chicago-Naperville-Joliet	2005		86,276		17,255		98.1	%		98.1	%								—		—	—	$	13.45
Stonebrook Plaza Shopping Center	JV-GRI		40	%	IL	Chicago-Naperville-Joliet	1984		95,825		38,330		100.0	%		100.0	%								—		63,000	Dominick’s	$	11.50
Westbrook Commons					IL	Chicago-Naperville-Joliet	1984		123,855		123,855		88.8	%		88.8	%								—		51,304	Dominick’s	$	11.40
Willow Festival					IL	Chicago-Naperville-Joliet	2007		383,003		383,003		97.2	%		97.2	%								—		60,040	Whole Foods, Lowe’s	$	14.62

					IL				2,191,178		1,307,748		95.9	%		94.9	%		95.9	%		94.9	%		—		809,214

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		100.0	%		100.0	%								213,988		—	(Menards)	$	22.02
Greenwood Springs					IN	Indianapolis	2004		28,028		28,028		65.0	%		65.0	%								265,798		50,000	(Gander Mountain), (Wal-Mart Supercenter)	$	14.64
Willow Lake Shopping Center	JV-GRI		40	%	IN	Indianapolis	1987		85,923		34,369		89.6	%		89.6	%								64,000		64,000	(Kroger)	$	16.03
Willow Lake West Shopping Center	JV-GRI		40	%	IN	Indianapolis	2001		52,961		21,184		100.0	%		100.0	%								—		10,028	Trader Joe’s	$	22.75

					IN				193,368		110,038		88.9	%		85.4	%		88.9	%		85.4	%		633,697		124,028

Walton Towne Center					KY	Cincinnati-Middletown	2007		23,186		23,186		75.9	%		75.9	%								116,432		116,432	(Kroger)	$	17.05

					KY				23,186		23,186		75.9	%		75.9	%		NA			NA			116,432		116,432

Shops at Saugus					MA	Boston-Cambridge-Quincy	2006		90,055		90,055		94.6	%		94.6	%								—		11,000	Trader Joe’s	$	25.44
Speedway Plaza	JV-C2		20	%	MA	Worcester	1988		185,279		37,056		96.8	%		96.8	%								—		59,970	Stop & Shop, BJ’s Warehouse	$	10.38
Twin City Plaza					MA	Boston-Cambridge-Quincy	2004		270,242		270,242		94.6	%		94.6	%								—		62,500	Shaw’s, Marshall’s	$	17.11

					MA				545,576		397,353		95.4	%		94.8	%		95.4	%		94.8	%		—		133,470

Portfolio Summary Report By State

September 30, 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⁾
Bowie Plaza	JV-GRI		40	%	MD	Washington-Arlington-Alexandria	1966		102,904		41,162		87.3	%		87.3	%								—		—	—	$	16.82
Clinton Park	JV-C		20	%	MD	Washington-Arlington-Alexandria	2003		206,050		41,210		92.9	%		92.9	%								49,000		43,000	Giant Food, Sears, (Toys “R” Us)	$	8.31
Cloppers Mill Village	JV-GRI		40	%	MD	Washington-Arlington-Alexandria	1995		137,035		54,814		85.7	%		85.7	%								—		70,057	Shoppers Food Warehouse	$	18.10
Elkridge Corners	JV-GRI		40	%	MD	Baltimore-Towson	1990		73,529		29,412		100.0	%		100.0	%								—		39,571	Green Valley Markets	$	20.42
Festival at Woodholme	JV-GRI		40	%	MD	Baltimore-Towson	1986		81,016		32,406		85.3	%		85.3	%								—		10,370	Trader Joe’s	$	35.61
Firstfield Shopping Center	JV-GRI		40	%	MD	Washington-Arlington-Alexandria	1978		22,328		8,931		93.3	%		93.3	%								—		—	—	$	37.80
Goshen Plaza	JV-GRI		40	%	MD	Washington-Arlington-Alexandria	1987		45,654		18,262		85.1	%		85.1	%								—		—	—	$	19.89
King Farm Village Center	JV-RC		25	%	MD	Washington-Arlington-Alexandria	2001		118,326		29,582		97.4	%		97.4	%								—		53,754	Safeway	$	25.49
Mitchellville Plaza	JV-GRI		40	%	MD	Washington-Arlington-Alexandria	1991		156,125		62,450		83.4	%		83.4	%								—		45,100	Food Lion	$	21.67
Parkville Shopping Center	JV-GRI		40	%	MD	Baltimore-Towson	1961		162,435		64,974		97.2	%		97.2	%								—		41,223	Mrs. Greens	$	12.62
Southside Marketplace	JV-GRI		40	%	MD	Baltimore-Towson	1990		125,146		50,058		93.7	%		93.7	%								—		44,264	Shoppers Food Warehouse	$	16.77
Takoma Park	JV-GRI		40	%	MD	Washington-Arlington-Alexandria	1960		106,469		42,588		93.4	%		93.4	%								—		63,643	Shoppers Food Warehouse	$	10.43
Valley Centre	JV-GRI		40	%	MD	Baltimore-Towson	1987		247,837		99,135		82.4	%		82.4	%								—		—	—	$	15.23
Village at Lee Airpark					MD	Baltimore-Towson	2005		87,556		87,556		100.0	%		100.0	%								75,000		70,260	Giant Food, (Sunrise)	$	24.98
Watkins Park Plaza	JV-GRI		40	%	MD	Washington-Arlington-Alexandria	1985		113,443		45,377		97.0	%		97.0	%								—		43,205	Safeway	$	19.48
Woodmoor Shopping Center	JV-GRI		40	%	MD	Washington-Arlington-Alexandria	1954		67,403		26,961		93.1	%		93.1	%								—		—	—	$	24.92

					MD				1,853,256		734,877		91.0	%		91.3	%		90.5	%		90.2	%		124,000		524,447

Fenton Marketplace					MI	Flint	1999		97,224		97,224		34.7	%		34.7	%								—		—	—	$	18.60
State Street Crossing					MI	Ann Arbor	2006		21,049		21,049		60.0	%		60.0	%								147,491		—	(Wal-Mart)	$	23.48

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

Brentwood Plaza					MO	St. Louis	2002		60,452		60,452		96.5	%		96.5	%								—		51,800	Schnucks	$	9.73
Bridgeton					MO	St. Louis	2005		70,762		70,762		97.3	%		97.3	%								129,802		63,482	Schnucks, (Home Depot)	$	11.81
Dardenne Crossing					MO	St. Louis	1996		67,430		67,430		97.9	%		97.9	%								—		63,333	Schnucks	$	10.72
Kirkwood Commons					MO	St. Louis	2000		209,703		209,703		100.0	%		100.0	%								258,000		—	Wal-Mart, (Target), (Lowe’s)	$	9.58

					MO				408,347		408,347		98.7	%		98.7	%		98.7	%		98.7	%		387,802		178,615

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)	$	11.29
Calhoun Commons	JV-RC		25	%	MN	Minneapolis-St. Paul-Bloomington	1999		66,150		16,538		100.0	%		100.0	%								—		49,971	Whole Foods	$	21.94
Colonial Square	JV-GRI		40	%	MN	Minneapolis-St. Paul-Bloomington	1959		93,200		37,280		97.9	%		97.9	%								—		43,978	Lund’s	$	17.08
Rockford Road Plaza	JV-GRI		40	%	MN	Minneapolis-St. Paul-Bloomington	1991		205,479		82,192		98.5	%		98.5	%								—		65,608	Rainbow Foods	$	12.32
Rockridge Center	JV-C2		20	%	MN	Minneapolis-St. Paul-Bloomington	2006		125,213		25,043		98.9	%		98.9	%								—		89,219	Cub Foods	$	12.19

					MN				674,883		207,262		99.1	%		98.9	%		99.1	%		98.9	%		87,437		310,512

Cameron Village	JV-CCV		30	%	NC	Raleigh-Cary	1949		554,738		166,421		95.6	%		95.6	%								—		79,830	Harris Teeter, Fresh Market	$	16.15
Carmel Commons					NC	Charlotte-Gastonia-Concord	1979		132,651		132,651		90.5	%		90.5	%								—		14,300	Fresh Market	$	16.71
Cochran Commons	JV-C2		20	%	NC	Charlotte-Gastonia-Concord	2003		66,020		13,204		95.9	%		95.9	%								—		41,500	Harris Teeter	$	14.46
Colonnade Center					NC	Raleigh-Cary	2009		57,625		57,625		85.4	%		85.4	%								—		40,000	Whole Foods	$	25.96
Fuquay Crossing	JV-RC		25	%	NC	Raleigh-Cary	2002		124,774		31,194		96.3	%		96.3	%								—		46,478	Kroger	$	9.15
Garner Towne Square					NC	Raleigh-Cary	1998		221,776		221,776		76.5	%		76.5	%								273,000		57,590	Kroger, (Home Depot), (Target)	$	11.58
Glenwood Village					NC	Raleigh-Cary	1983		42,864		42,864		96.8	%		96.8	%								—		27,764	Harris Teeter	$	13.38
Harris Crossing					NC	Raleigh-Cary	2007		65,150		65,150		91.1	%		91.1	%								—		53,365	Harris Teeter	$	8.20
Lake Pine Plaza					NC	Raleigh-Cary	1997		87,690		87,690		94.4	%		94.4	%								—		57,590	Kroger	$	11.35
Maynard Crossing	JV-USAA		20	%	NC	Raleigh-Cary	1997		122,782		24,556		87.9	%		87.9	%								—		55,973	Kroger	$	14.04
Providence Commons	JV-RC		25	%	NC	Charlotte-Gastonia-Concord	1994		197,801		49,450		96.7	%		96.7	%								—		50,420	Lowe’s	$	14.64
Middle Creek Commons					NC	Raleigh-Cary	2006		73,634		73,634		98.4	%		98.4	%								—		49,495	Lowes Foods	$	14.39
Shoppes of Kildaire	JV-GRI		40	%	NC	Raleigh-Cary	1986		145,101		58,040		95.5	%		95.5	%								—		18,613	Trader Joe’s	$	15.14
Southpoint Crossing					NC	Durham	1998		103,128		103,128		88.4	%		88.4	%								—		59,160	Kroger	$	15.20
Sutton Square	JV-C2		20	%	NC	Raleigh-Cary	1985		101,025		20,205		96.9	%		96.9	%								—		24,167	Fresh Market	$	15.30
Woodcroft Shopping Center					NC	Durham	1984		89,833		89,833		95.4	%		95.4	%								—		40,832	Food Lion	$	12.14

					NC				2,186,592		1,237,422		92.4	%		90.4	%		92.7	%		90.6	%		273,000		717,077

Plaza Square	JV-GRI		40	%	NJ	New York-Northern New Jersey-Long Island	1990		103,842		41,537		97.6	%		97.6	%								—		60,000	Shop Rite	$	21.87
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		96.2	%		96.2	%		96.2	%		96.2	%		—		94,240

Anthem Highlands Shopping Center					NV	Las Vegas-Paradise	2004		108,515		108,515		80.6	%		80.6	%								—		53,963	Albertsons	$	12.96
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	$	13.20

					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	$	11.03
Cherry Grove					OH	Cincinnati-Middletown	1997		195,513		195,513		97.0	%		97.0	%								—		66,336	Kroger	$	10.13
East Pointe					OH	Columbus	1993		86,503		86,503		98.4	%		98.4	%								—		59,120	Kroger	$	10.52
Hyde Park					OH	Cincinnati-Middletown	1995		396,861		396,861		97.6	%		97.6	%								—		169,267	Kroger, Biggs	$	13.83
Indian Springs Market Center	JV-RRP		20	%	OH	Cincinnati-Middletown	2005		141,063		28,213		100.0	%		100.0	%								203,000		—	Kohl’s, (Wal-Mart Supercenter)	$	4.84
Kroger New Albany Center					OH	Columbus	1999		93,286		93,286		91.8	%		91.8	%								—		63,805	Kroger	$	11.06
Maxtown Road (Northgate)					OH	Columbus	1996		85,100		85,100		98.4	%		98.4	%								90,000		62,000	Kroger, (Home Depot)	$	10.90
Red Bank Village					OH	Cincinnati-Middletown	2006		164,317		164,317		97.4	%		97.4	%								—		—	Wal-Mart	$	5.76
Regency Commons					OH	Cincinnati-Middletown	2004		30,770		30,770		86.2	%		86.2	%								—		—	—	$	24.47
Shoppes at Mason					OH	Cincinnati-Middletown	1997		80,800		80,800		92.6	%		92.6	%								—		56,800	Kroger	$	10.16
Sycamore Crossing & Sycamore Plaza	JV-RRP		20	%	OH	Cincinnati-Middletown	1966		390,957		78,191		90.9	%		90.9	%								—		25,723	Fresh Market, Macy’s Furniture Gallery, Toys ‘R Us, Dick’s Sporting Goods	$	16.93
Wadsworth Crossing					OH	Cleveland-Elyria-Mentor	2005		108,164		108,164		96.5	%		96.5	%								366,722		—	(Kohl’s), (Lowe’s), (Target)	$	13.93
Westchester Plaza					OH	Cincinnati-Middletown	1988		88,181		88,181		97.0	%		97.0	%								—		66,523	Kroger	$	9.50
Windmiller Plaza Phase I					OH	Columbus	1997		140,437		140,437		98.5	%		98.5	%								—		101,428	Kroger	$	8.58

					OH				2,123,450		1,697,834		95.3	%		95.8	%		95.3	%		95.8	%		659,722		741,817

Corvallis Market Center					OR	Corvallis	2006		84,548		84,548		100.0	%		100.0	%								—		12,017	Trader Joe’s	$	18.58
Greenway Town Center	JV-GRI		40	%	OR	Portland-Vancouver-Beaverton	1979		93,101		37,240		92.5	%		92.5	%								—		37,500	Lamb’s Thriftway	$	12.60
Murrayhill Marketplace					OR	Portland-Vancouver-Beaverton	1988		148,967		148,967		80.4	%		80.4	%								—		41,132	Safeway	$	15.49

Sherwood Crossroads					OR	Portland-Vancouver-Beaverton	1999		87,966		87,966		92.1	%		92.1	%								—		55,227	Safeway	$	10.36

Portfolio Summary Report By State

September 30, 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⁾
Sherwood Market Center						OR	Portland-Vancouver-Beaverton	1995		124,259		124,259		97.8	%		97.8	%								—		49,793	Albertsons	$	17.39
Sunnyside 205						OR	Portland-Vancouver-Beaverton	1988		53,547		53,547		89.9	%		89.9	%								—		—	—	$	24.73
Tanasbourne Market						OR	Portland-Vancouver-Beaverton	2006		71,000		71,000		100.0	%		100.0	%								—		56,500	Whole Foods	$	24.90
Walker Center						OR	Portland-Vancouver-Beaverton	1987		89,610		89,610		97.4	%		97.4	%								—		—	Sports Authority	$	17.39

						OR				752,998		697,137		92.9	%		92.9	%		92.9	%		92.9	%		—		252,169

Allen Street Shopping Center	JV-GRI		40	%		PA	Allentown-Bethlehem-Easton	1958		46,228		18,491		100.0	%		100.0	%								—		22,075	Ahart Market	$	13.29
City Avenue Shopping Center	JV-GRI		40	%		PA	Philadelphia-Camden-Wilmington	1960		159,095		63,638		91.4	%		91.4	%								—		—	—	$	17.68
Gateway Shopping Center						PA	Philadelphia-Camden-Wilmington	1960		214,213		214,213		98.4	%		98.4	%								—		11,100	Trader Joe’s	$	24.62
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	$	23.74
Mercer Square Shopping Center	JV-GRI		40	%		PA	Philadelphia-Camden-Wilmington	1988		91,400		36,560		98.0	%		98.0	%								—		50,708	Genuardi’s	$	19.65
Newtown Square Shopping Center	JV-GRI		40	%		PA	Philadelphia-Camden-Wilmington	1970		146,959		58,784		94.3	%		94.3	%								—		56,226	Acme Markets	$	15.27
Silver Spring Square	JV-RRP		20	%		PA	Harrisburg-Carlisle	2005		314,450		62,890		96.4	%		96.4	%								139,377		130,000	Wegmans, (Target)	$	15.02
Stefko Boulevard Shopping Center	JV-GRI		40	%		PA	Allentown-Bethlehem-Easton	1976		133,899		53,560		92.8	%		92.8	%								—		73,000	Valley Farm Market	$	7.15
Warwick Square Shopping Center	JV-GRI		40	%		PA	Philadelphia-Camden-Wilmington	1999		89,680		35,872		92.5	%		92.5	%								—		50,658	Genuardi’s	$	18.14

						PA				1,282,111		630,194		95.6	%		96.3	%		95.5	%		96.1	%		272,377		393,767

Buckwalter Village						SC	Hilton Head Island-Beaufort	2006		59,601		59,601		95.3	%		95.3	%								—		45,600	Publix	$	13.88
Merchants Village	JV-GRI		40	%		SC	Charleston-North Charleston	1997		79,649		31,860		97.0	%		97.0	%								—		37,888	Publix	$	13.91
Murray Landing	JV-M3		25	%		SC	Columbia	2003		64,359		16,090		100.0	%		100.0	%								—		44,840	Publix	$	12.51
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	$	11.79

						SC				360,643		175,513		96.3	%		96.1	%		96.3	%		96.1	%		—		240,748

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		97.7	%		97.7	%								—		55,377	Publix	$	13.36
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	$	11.76
Peartree Village						TN	Nashville-Davidson--Murfreesboro	1997		109,506		109,506		100.0	%		100.0	%								—		60,647	Harris Teeter	$	17.87

						TN				478,923		478,923		93.8	%		93.8	%		93.8	%		93.8	%		—		287,385

Alden Bridge	JV-USAA		20	%		TX	Houston-Baytown-Sugar Land	1998		138,953		27,791		96.8	%		96.8	%								—		67,768	Kroger	$	17.49
Bethany Park Place	JV-USAA		20	%		TX	Dallas-Fort Worth-Arlington	1998		98,906		19,781		92.6	%		92.6	%								—		83,214	Kroger	$	10.92
Cochran’s Crossing						TX	Houston-Baytown-Sugar Land	1994		138,192		138,192		93.4	%		93.4	%								—		63,449	Kroger	$	16.17
Cooper Street						TX	Dallas-Fort Worth-Arlington	1992		127,696		127,696		91.4	%		91.4	%								102,950		—	(Home Depot)	$	10.27
Hancock						TX	Austin-Round Rock	1998		410,438		410,438		97.9	%		97.9	%								—		90,217	H.E.B., Sears	$	12.95
Hickory Creek Plaza						TX	Dallas-Fort Worth-Arlington	2006		28,134		28,134		77.6	%		77.6	%								81,264		81,264	(Kroger)	$	20.68
Hillcrest Village						TX	Dallas-Fort Worth-Arlington	1991		14,530		14,530		100.0	%		100.0	%								—		—	—	$	22.30
Indian Springs Center	JV-O		50	%		TX	Houston-Baytown-Sugar Land	2003		136,625		68,313		100.0	%		100.0	%								—		79,000	H.E.B.	$	19.04
Keller Town Center						TX	Dallas-Fort Worth-Arlington	1999		114,937		114,937		90.8	%		90.8	%								—		63,631	Tom Thumb	$	14.22
Kleinwood Center	JV-M3		25	%		TX	Houston-Baytown-Sugar Land	2003		148,964		37,241		83.8	%		83.8	%								—		80,925	H.E.B.	$	15.75
Lebanon/Legacy Center						TX	Dallas-Fort Worth-Arlington	2002		56,674		56,674		86.6	%		86.6	%								62,804		62,804	(Albertsons)	$	22.78
Main Street Center	JV-GRI		40	%		TX	Dallas-Fort Worth-Arlington	2002		42,754		17,102		56.4	%		56.4	%								62,322		62,322	(Albertsons)	$	19.34
Market at Preston Forest						TX	Dallas-Fort Worth-Arlington	1990		96,353		96,353		100.0	%		100.0	%								—		64,228	Tom Thumb	$	18.07
Market at Round Rock						TX	Austin-Round Rock	1987		122,646		122,646		61.0	%		61.0	%								—		29,523	Sprout’s Markets	$	17.71
Mockingbird Common						TX	Dallas-Fort Worth-Arlington	1987		120,321		120,321		100.0	%		100.0	%								—		48,525	Tom Thumb	$	16.14
North Hills						TX	Austin-Round Rock	1995		144,020		144,020		99.0	%		99.0	%								—		60,465	H.E.B.	$	20.51
Panther Creek						TX	Houston-Baytown-Sugar Land	1994		166,077		166,077		100.0	%		100.0	%								—		65,800	Randall’s Food	$	16.34
Preston Park						TX	Dallas-Fort Worth-Arlington	1985		239,333		239,333		87.0	%		87.0	%								—		53,118	Tom Thumb	$	25.18
Prestonbrook						TX	Dallas-Fort Worth-Arlington	1998		91,537		91,537		96.9	%		96.9	%								—		63,636	Kroger	$	13.38
Rockwall Town Center						TX	Dallas-Fort Worth-Arlington	2004		46,095		46,095		93.5	%		93.5	%								73,770		57,017	(Kroger)	$	23.65
Shiloh Springs	JV-USAA		20	%		TX	Dallas-Fort Worth-Arlington	1998		110,040		22,008		81.6	%		81.6	%								—		60,932	Kroger	$	13.38
Shops at Highland Village						TX	Dallas-Fort Worth-Arlington	2005		351,635		351,635		87.4	%		87.4	%								—		—	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)	$	21.10
Sterling Ridge						TX	Houston-Baytown-Sugar Land	2000		128,643		128,643		100.0	%		100.0	%								—		63,373	Kroger	$	18.51
Sweetwater Plaza	JV-C		20	%		TX	Houston-Baytown-Sugar Land	2000		134,045		26,809		96.9	%		96.9	%								—		65,241	Kroger	$	16.29
Tech Ridge Center						TX	Austin-Round Rock	2001		187,350		187,350		90.4	%		90.4	%								—		84,352	H.E.B.	$	19.73
Trophy Club						TX	Dallas-Fort Worth-Arlington	1999		106,507		106,507		87.5	%		87.5	%								—		63,654	Tom Thumb	$	12.89
Waterside Marketplace						TX	Houston-Baytown-Sugar Land	2007		24,858		24,858		88.0	%		88.0	%								102,984		102,984	(Kroger)	$	22.90
Weslayan Plaza East	JV-GRI		40	%		TX	Houston-Baytown-Sugar Land	1969		169,693		67,877		100.0	%		100.0	%								—		—	—	$	13.66
Weslayan Plaza West	JV-GRI		40	%		TX	Houston-Baytown-Sugar Land	1969		185,964		74,386		100.0	%		100.0	%								—		51,960	Randall’s Food	$	16.92
Westwood Village						TX	Houston-Baytown-Sugar Land	2006		183,546		183,546		98.2	%		98.2	%								126,874		—	(Target)	$	16.09
Woodway Collection	JV-GRI		40	%		TX	Houston-Baytown-Sugar Land	1974		103,796		41,518		93.5	%		93.5	%								—		56,596	Randall’s Food	$	15.74

						TX				4,201,677		3,334,762		92.5	%		92.5	%		92.7	%		92.6	%		674,930		1,787,960

Ashburn Farm Market Center						VA	Washington-Arlington-Alexandria	2000		91,905		91,905		100.0	%		100.0	%								—		48,999	Giant Food	$	21.26
Ashburn Farm Village Center	JV-GRI		40	%		VA	Washington-Arlington-Alexandria	1996		88,897		35,559		96.9	%		96.9	%								—		57,030	Shoppers Food Warehouse	$	13.56
Braemar Shopping Center	JV-RC		25	%		VA	Washington-Arlington-Alexandria	2004		96,439		24,110		94.8	%		94.8	%								—		57,860	Safeway	$	17.38
Centre Ridge Marketplace	JV-GRI		40	%		VA	Washington-Arlington-Alexandria	1996		104,100		41,640		100.0	%		100.0	%								—		55,138	Shoppers Food Warehouse	$	16.18
Cheshire Station						VA	Washington-Arlington-Alexandria	2000		97,156		97,156		97.8	%		97.8	%								—		55,163	Safeway	$	16.59
Culpeper Colonnade						VA	Culpeper	2006		131,707		131,707		97.1	%		97.1	%								127,307		68,421	Martin’s, (Target)	$	14.17
Fairfax Shopping Center						VA	Washington-Arlington-Alexandria	1955		76,311		76,311		80.0	%		80.0	%								—		—	—	$	13.09
Festival at Manchester Lakes	JV-GRI		40	%		VA	Washington-Arlington-Alexandria	1990		165,130		66,052		100.0	%		100.0	%								—		65,000	Shoppers Food Warehouse	$	22.69

Portfolio Summary Report By State

September 30, 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)	$	14.80
Fox Mill Shopping Center		JV-GRI		40	%	VA	Washington-Arlington-Alexandria	1977		103,269		41,308		94.7	%		94.7	%								—		49,837	Giant Food	$	20.52
Gayton Crossing		JV-GRI		40	%	VA	Richmond	1983		156,917		62,767		95.9	%		95.9	%								54,606		38,408	Martin’s, (Kroger)	$	13.88
Greenbriar Town Center		JV-GRI		40	%	VA	Washington-Arlington-Alexandria	1972		340,006		136,002		96.9	%		96.9	%								—		62,319	Giant Food	$	21.30
Hanover Village Shopping Center		JV-GRI		40	%	VA	Richmond	1971		88,006		35,202		82.1	%		82.1	%								—		—	—	$	7.89
Hollymead Town Center		JV-C2		20	%	VA	Charlottesville	2004		153,739		30,748		98.1	%		98.1	%								142,500		60,607	Harris Teeter, (Target)	$	20.41
Kamp Washington Shopping Center		JV-GRI		40	%	VA	Washington-Arlington-Alexandria	1960		71,825		28,730		100.0	%		100.0	%								—		—	—	$	33.38
Kings Park Shopping Center		JV-GRI		40	%	VA	Washington-Arlington-Alexandria	1966		74,702		29,881		97.2	%		97.2	%								—		28,161	Giant Food	$	23.61
Lorton Station Marketplace		JV-C2		20	%	VA	Washington-Arlington-Alexandria	2005		132,445		26,489		100.0	%		100.0	%								—		63,000	Shoppers Food Warehouse	$	19.70
Lorton Town Center		JV-C2		20	%	VA	Washington-Arlington-Alexandria	2005		51,807		10,361		94.7	%		94.7	%								—		—	—	$	26.17
Market at Opitz Crossing						VA	Washington-Arlington-Alexandria	2003		149,791		149,791		79.7	%		79.7	%								—		51,922	Safeway	$	12.34
Saratoga Shopping Center		JV-GRI		40	%	VA	Washington-Arlington-Alexandria	1977		113,013		45,205		94.7	%		94.7	%								—		55,713	Giant Food	$	17.03
Shops at County Center						VA	Washington-Arlington-Alexandria	2005		96,695		96,695		93.4	%		93.4	%								—		52,409	Harris Teeter	$	19.83
Shops at Stonewall						VA	Washington-Arlington-Alexandria	2007		267,175		267,175		97.6	%		97.6	%								—		140,000	Wegmans, Dick’s Sporting Goods	$	12.84
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	$	19.31
Town Center at Sterling Shopping Center		JV-GRI		40	%	VA	Washington-Arlington-Alexandria	1980		190,069		76,028		90.4	%		90.4	%								—		46,935	Giant Food	$	17.03
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	$	20.83
Village Shopping Center		JV-GRI		40	%	VA	Richmond	1948		111,177		44,471		93.5	%		93.5	%								—		45,023	Martin’s	$	19.31
Willston Centre I		JV-GRI		40	%	VA	Washington-Arlington-Alexandria	1952		105,376		42,150		95.8	%		95.8	%								—		—	—	$	21.29
Willston Centre II		JV-GRI		40	%	VA	Washington-Arlington-Alexandria	1986		135,862		54,345		95.0	%		95.0	%								140,984		42,491	Safeway, (Target)	$	19.16

						VA				3,732,326		1,882,085		95.6	%		94.6	%		95.5	%		94.5	%		589,132		1,327,200

Aurora Marketplace		JV-GRI		40	%	WA	Seattle-Tacoma-Bellevue	1991		106,921		42,768		94.5	%		94.5	%								—		48,893	Safeway	$	14.86
Cascade Plaza		JV-C		20	%	WA	Seattle-Tacoma-Bellevue	1999		211,072		42,214		79.2	%		79.2	%								—		49,440	Safeway	$	11.05
Eastgate Plaza		JV-GRI		40	%	WA	Seattle-Tacoma-Bellevue	1956		78,230		31,292		100.0	%		100.0	%								—		28,775	Albertsons	$	22.80
Inglewood Plaza						WA	Seattle-Tacoma-Bellevue	1985		17,253		17,253		100.0	%		100.0	%								—		—	—	$	29.94
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		89.9	%		89.9	%								—		—	LA Fitness	$	17.86
Overlake Fashion Plaza		JV-GRI		40	%	WA	Seattle-Tacoma-Bellevue	1987		80,555		32,222		94.5	%		94.5	%								230,300		—	(Sears)	$	23.06
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		95.5	%		95.5	%								55,000		55,000	(Safeway)	$	24.62
Southcenter						WA	Seattle-Tacoma-Bellevue	1990		58,282		58,282		97.0	%		97.0	%								111,900		—	(Target)	$	28.20
Thomas Lake						WA	Seattle-Tacoma-Bellevue	1998		103,872		103,872		89.5	%		89.5	%								—		50,065	Albertsons	$	14.32

						WA				1,038,514		629,702		92.4	%		94.0	%		92.4	%		94.0	%		397,200		273,155

Racine Centre Shopping Center		JV-GRI		40	%	WI	Racine	1988		135,827		54,331		95.4	%		95.4	%								—		50,979	Piggly Wiggly	$	7.11
Whitnall Square Shopping Center		JV-GRI		40	%	WI	Milwaukee-Waukesha-West Allis	1989		133,301		53,320		91.6	%		91.6	%								—		69,090	Pick ‘N’ Save	$	7.69

						WI				269,128		107,651		93.5	%		93.5	%		93.5	%		93.5	%		—		120,069

Regency Centers Total										42,445,709		29,942,962		93.1	%		92.6	%		93.4	%		92.9	%		7,353,856		15,477,209

(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-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
Northlake Promenade	GA	Atlanta-Sandy Springs-Marietta	25,394
Powers Ferry Kroger	GA	Atlanta-Sandy Springs-Marietta	45,528
Lindbergh Crossing	GA	Atlanta-Sandy Springs-Marietta	27,059
Roswell Crossing	GA	Atlanta-Sandy Springs-Marietta	201,979
Woodstock Crossing	GA	Atlanta-Sandy Springs-Marietta	66,122
Centennial Crossroads Plaza	NV	Las Vegas-Paradise	99,064
Cherry Park Market	OR	Portland-Vancouver-Beaverton	113,518
Hillsboro Market Center	OR	Portland-Vancouver-Beaverton	148,051

Total square footage managed by Regency, but not owned			726,715

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

September 30, 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		4.4	%		44		13
Publix		2,031,785		6.8	%		19,989,244		4.4	%		55		18
Safeway		1,707,700		5.7	%		16,878,899		3.7	%		51		26
Supervalu		925,485		3.1	%		10,775,538		2.4	%		27		15
CVS		500,827		1.7	%		7,359,513		1.6	%		48		23
Whole Foods		252,450		0.8	%		6,652,988		1.5	%		8		3
TJX Companies		543,334		1.8	%		6,331,997		1.4	%		25		9
Ahold		341,251		1.1	%		4,665,362		1.0	%		13		10
Ross Dress For Less		278,612		0.9	%		4,353,146		1.0	%		17		11
H.E.B.		294,765		1.0	%		4,325,545		1.0	%		5		2
PETCO		213,379		0.7	%		3,993,390		0.9	%		23		10
Walgreens		193,909		0.6	%		3,728,665		0.8	%		16		4
Starbucks		101,637		0.3	%		3,578,601		0.8	%		84		32
Rite Aid		234,160		0.8	%		3,547,086		0.8	%		26		15
Sports Authority		181,523		0.6	%		3,460,631		0.8	%		5		1
Wells Fargo Bank		64,830		0.2	%		3,434,976		0.8	%		37		21
Bank of America		76,963		0.3	%		3,264,408		0.7	%		28		12
Sears Holdings		423,487		1.4	%		3,184,303		0.7	%		10		5
Subway		100,591		0.3	%		2,975,786		0.7	%		114		52
PetSmart		178,850		0.6	%		2,959,265		0.7	%		10		4
Target		349,683		1.2	%		2,883,723		0.6	%		4		2
Harris Teeter		245,746		0.8	%		2,836,032		0.6	%		8		4
The UPS Store		97,118		0.3	%		2,537,559		0.6	%		94		37
Wal-Mart		498,204		1.7	%		2,465,948		0.5	%		4		1
JPMorgan Chase Bank		54,572		0.2	%		2,400,703		0.5	%		22		6
Trader Joe’s		89,994		0.3	%		2,285,832		0.5	%		11		5

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	$	105,405
Kroger Total	$	34,450


GLA owned and occupied by the anchor not included above:		# of Tenant- Owned Stores	# of Stores including Tenant- Owned
Target	1,971,285	18	22
Kroger	627,856	8	52
Wal-Mart	575,487	4	8
Lowe’s Home Improvement	314,659	3	6
Safeway	314,000	6	57
Sears Holdings	92,080	1	11
Supervalu	78,371	2	29
Publix	62,771	1	56

	4,036,509

(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

September 30, 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		2,686,154		6.3	%	$	28,318,188		4.4	%	51	26
Publix		2,603,933		6.1	%		25,718,175		4.0	%	55	18
Kroger		2,671,943		6.3	%		24,446,176		3.8	%	44	13
Supervalu		1,454,411		3.4	%		16,384,307		2.5	%	27	15
CVS		726,744		1.7	%		11,133,088		1.7	%	48	23
Whole Foods		363,569		0.9	%		9,398,199		1.5	%	8	3
TJX Companies		689,172		1.6	%		7,913,552		1.2	%	25	9
Ahold		632,515		1.5	%		7,627,978		1.2	%	13	10
Ross Dress For Less		491,217		1.2	%		7,306,164		1.1	%	17	11
PETCO		322,585		0.8	%		6,256,214		1.0	%	23	10
H.E.B.		394,959		0.9	%		5,700,545		0.9	%	5	2
Wells Fargo Bank		97,599		0.2	%		5,487,579		0.8	%	37	21
Rite Aid		383,613		0.9	%		5,473,946		0.8	%	26	15
Harris Teeter		409,347		1.0	%		4,838,121		0.7	%	8	4
Starbucks		136,382		0.3	%		4,829,182		0.7	%	84	32
Bank of America		102,158		0.2	%		4,769,577		0.7	%	28	12
Target		514,078		1.2	%		4,760,504		0.7	%	4	2
Sears Holdings		573,085		1.4	%		4,481,238		0.7	%	10	5
Subway		148,331		0.3	%		4,416,013		0.7	%	114	52
Walgreens		229,963		0.5	%		4,277,441		0.7	%	16	4
24 Hour Fitness		198,706		0.5	%		3,979,061		0.6	%	6	4
PetSmart		240,700		0.6	%		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		132,172		0.3	%		3,454,859		0.5	%	94	37
Lowe’s Home Improvement		448,112		1.1	%		3,386,132		0.5	%	3	1
Trader Joe’s		128,365		0.3	%		3,219,094		0.5	%	11	5

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	$	254,400
Kroger Total	$	44,200


GLA owned and occupied by the anchor not included above:		# of Tenant- Owned Stores		# of Stores including Tenant- Owned
Target	2,394,763		18		22
Wal-Mart	737,887		4		8
Kroger	666,256		8		52
Lowe’s Home Improvement	446,659		3		6
Safeway	314,000		6		57
Sears Holdings	230,200		1		11
Supervalu	101,721		2		29
Publix	62,771		1		56

	4,954,257

(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

September 30, 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)		230,655		0.9	%	$	4,705,982		1.0	%	$	20.40		318,658		0.8	%	$	6,664,018		1.0	%
2011		309,604		1.2	%		6,200,388		1.4	%		20.03		432,190		1.1	%		8,859,495		1.4	%
2012		2,990,306		11.2	%		57,842,756		12.7	%		19.34		4,171,812		10.9	%		81,062,419		12.5	%
2013		2,626,502		9.8	%		50,860,147		11.2	%		19.36		4,109,411		10.7	%		74,390,604		11.5	%
2014		2,546,658		9.5	%		50,220,000		11.1	%		19.72		3,710,487		9.7	%		72,456,424		11.2	%
2015		2,165,099		8.1	%		43,330,335		9.5	%		20.01		3,372,138		8.8	%		64,784,664		10.0	%
2016		2,784,410		10.4	%		46,441,723		10.2	%		16.68		4,012,503		10.5	%		68,145,553		10.5	%
2017		1,837,883		6.9	%		31,399,735		6.9	%		17.08		2,578,076		6.7	%		43,243,293		6.7	%
2018		1,395,655		5.2	%		22,144,019		4.9	%		15.87		1,948,991		5.1	%		30,778,722		4.8	%
2019		1,190,727		4.5	%		18,800,989		4.1	%		15.79		1,619,576		4.2	%		26,094,254		4.0	%
2020		1,596,564		6.0	%		23,391,229		5.1	%		14.65		2,141,949		5.6	%		30,334,865		4.7	%

10 Year Total		19,674,061		73.7	%		355,337,302		78.2	%		18.06		28,415,791		74.3	%		506,814,311		78.4	%

Thereafter		7,036,675		26.3	%		99,029,215		21.8	%		14.07		9,822,656		25.7	%		140,014,522		21.6	%

		26,710,736		100.0	%	$	454,366,517		100.0	%	$	17.01		38,238,447		100.0	%	$	646,828,831		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)		51,922		0.3	%	$	259,610		0.2	%		—		51,922		0.2	%	$	259,610		0.1	%
2011		40,832		0.3	%		214,250		0.1	%		5.25		40,832		0.2	%		214,250		0.1	%
2012		889,069		5.9	%		7,881,627		4.8	%		8.87		1,246,399		5.7	%		11,514,907		4.8	%
2013		815,899		5.4	%		7,000,577		4.3	%		8.58		1,567,183		7.2	%		13,312,571		5.6	%
2014		822,472		5.5	%		8,324,742		5.1	%		10.12		1,231,359		5.7	%		13,163,372		5.5	%
2015		686,068		4.6	%		6,734,466		4.1	%		9.82		1,218,976		5.6	%		11,882,928		5.0	%
2016		1,337,839		8.9	%		11,690,232		7.1	%		8.74		1,886,070		8.7	%		17,749,218		7.4	%
2017		1,114,657		7.4	%		13,304,264		8.1	%		11.94		1,625,067		7.5	%		19,345,248		8.1	%
2018		869,741		5.8	%		10,003,736		6.1	%		11.50		1,260,758		5.8	%		14,569,175		6.1	%
2019		927,672		6.2	%		12,216,788		7.4	%		13.17		1,237,851		5.7	%		16,245,790		6.8	%
2020		1,239,022		8.3	%		14,910,677		9.1	%		12.03		1,644,729		7.6	%		18,832,426		7.9	%

10 Year Total		8,795,194		58.6	%		92,540,969		56.4	%		10.52		13,011,146		59.8	%		137,089,496		57.2	%

Thereafter		6,210,770		41.4	%		71,460,464		43.6	%		11.51		8,735,659		40.2	%		102,656,346		42.8	%

		15,005,964		100.0	%	$	164,001,434		100.0	%	$	10.93		21,746,805		100.0	%	$	239,745,843		100.0	%

Reflects in place leases as of September 30, 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

September 30, 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)		178,733		1.5	%	$	4,446,372		1.5	%	$	24.88		266,736		1.6	%	$	6,404,408		1.6	%
2011		268,772		2.3	%		5,986,138		2.1	%		22.27		391,358		2.4	%		8,645,245		2.1	%
2012		2,101,237		18.0	%		49,961,128		17.2	%		23.78		2,925,413		17.7	%		69,547,512		17.1	%
2013		1,810,603		15.5	%		43,859,570		15.1	%		24.22		2,542,228		15.4	%		61,078,032		15.0	%
2014		1,724,186		14.7	%		41,895,258		14.4	%		24.30		2,479,128		15.0	%		59,293,052		14.6	%
2015		1,479,031		12.6	%		36,595,870		12.6	%		24.74		2,153,162		13.1	%		52,901,736		13.0	%
2016		1,446,572		12.4	%		34,751,491		12.0	%		24.02		2,126,433		12.9	%		50,396,335		12.4	%
2017		723,226		6.2	%		18,095,470		6.2	%		25.02		953,009		5.8	%		23,898,045		5.9	%
2018		525,913		4.5	%		12,140,284		4.2	%		23.08		688,233		4.2	%		16,209,547		4.0	%
2019		263,055		2.2	%		6,584,200		2.3	%		25.03		381,725		2.3	%		9,848,463		2.4	%
2020		357,542		3.1	%		8,480,552		2.9	%		23.72		497,220		3.0	%		11,502,439		2.8	%

10 Year Total		10,878,868		92.9	%		262,796,333		90.5	%		24.16		15,404,645		93.4	%		369,724,814		90.8	%

Thereafter		825,904		7.1	%		27,568,751		9.5	%		33.38		1,086,997		6.6	%		37,358,175		9.2	%

		11,704,772		100.0	%	$	290,365,084		100.0	%	$	24.81		16,491,642		100.0	%	$	407,082,989		100.0	%

Reflects in place leases as of September 30, 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

September 30, 2011


($000s except per share numbers)	2009A			2010A			2011E	1Q11A			2Q11A			3Q11A			4Q11E

FFO / Share (for actuals please see related press release)							$2.45 - $2.51										$.61 - $.67
Recurring FFO / Share							$2.34 - $2.40										$.58 - $.64
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	%		92.2	%		93.0	%
Same property NOI growth		-6.7	%		1.2	%	(1.0)% - 0%		-1.6	%		-0.8	%		-0.2	%
Same property NOI growth without termination fees		-6.1	%		0.0	%	(0.25)% - 0.75%		0.6	%		-0.3	%		0.2	%
Same property recovery rate		77.3	%		77.0	%	76% - 78%		75.4	%		76.4	%		76.4	%

Rental rate growth		-2.7	%		-1.8	%	(3.0)% - 0%		-4.9	%		-1.0	%		-1.6	%
Percentage Rent - Consolidated Only	$	3,584		$	2,540		$2,000 - $2,800	$	907		$	151		$	430
Recovery Rate - Consolidated Only - All Properties		73.7	%		74.2	%	72% - 74%		72.1	%		74.6	%		73.7	%

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

Acquisitions - (REG Pro-Rata)	$	8,942		$	89,722		$110,643 - $140,000	$	0		$	11,029		$	99,614
Cap rate (average)		9.3	%		6.7	%	5.8% - 6.0%		0.0	%		7.6	%		5.9	%

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

Dispositions - (REG Pro-Rata)	$	189,509		$	62,600		$32,000 - $90,000	$	4,298		$	1,220		$	21,303
Cap rate (average)		8.4	%		8.4	%	7.8% - 8.3%		12.2	%		4.9	%		8.5	%

Development starts	$	29,814		$	6,060		$40,000 - $100,000	$	13,761		$	2,109		$	0

Development completions - net costs	$	111,257		$	306,188		$257,000 - $287,000	$	2,685		$	121,836		$	23,515
Stabilized yield (net dev costs)		7.9	%		7.9	%	6.9% - 7.1%		6.0	%		6.7	%		10.1	%
Completion yield (net dev costs)		7.7	%		6.0	%	5.0% - 5.5%		2.7	%		5.2	%		7.7	%
Capitalized interest on completions	$	1,585		$	607		$345 - $500	$	112		$	100		$	133

Transaction profits net of deal costs and taxes	$	23,233		$	3,597		$5,700 to $8,000	$	1,727		$	4,619		-$	537
Third party fees and commissions	$	30,508		$	26,806		$27,500 - $29,000	$	7,858		$	7,194		$	6,940

Net Asset Valuation Guidance:
Estimated market value of expansion land and outparcels available														$	90,511

NOI from in-process developments (current quarter)														$	4,512

NOI from leases signed but not yet rent-paying in operating properties, including completed developments (current quarter)														$	2,052

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

September 30, 2011

All numbers are per share except weighted average shares


Funds From Operations Guidance:	Three Months Ended December 31, 2011						Full Year 2011
Net income attributable to common stockholders	$	0.13		$	0.19		$	0.40		$	0.46

Adjustments to reconcile net income to FFO:
Depreciation expense, amortization and other amounts as defined below	$	0.48			0.48		$	2.05			2.05


Funds From Operations ⁽¹⁾	$	0.61			0.67		$	2.45		$	2.51


Adjustments to reconcile FFO to Recurring FFO:
All non-recurring items as defined below		(0.03	)		(0.03	)		(0.11	)		(0.11	)


Recurring Funds From Operations ⁽¹⁾	$	0.58			0.64		$	2.34			2.40


Weighted average shares (000’s)		89,813						88,646

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

REGENCY CENTERS CORP - FORM 8-K/A - EX-99.2 - AMENDED SUPPLEMENTAL INFORMATION - November 7, 2011

Attached files

REGENCY CENTERS CORP Reports