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

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EXHIBIT 99.2

Regency Centers Corporation

March 31, 2010

Supplemental Information

Investor Relations

Diane Ortolano

One Independent Drive, Suite 114

Jacksonville, FL 32202

904-598-7727

About Regency

Regency Centers Corporation is the leading national owner, operator, and developer of grocery-anchored and community shopping centers. At March 31, 2010, Regency’s total market capitalization was $5.3 billion.

As of March 31, 2010, the Company owned 399 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 53.2 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 over $90,000, nearly 30% higher than the national average. Regency’s quality portfolio is anchored by dominant grocers such as Kroger and Publix, as well as leading national retailers such as Target, which drive traffic into its centers. In addition, 79% of the portfolio is leased to national and regional retailers. The quality of the tenant base and the strength of the Company’s tenant relationships are fundamentally differentiating factors for Regency. Premier Customer Initiative (PCI) is Regency’s relationship-based operating system that focuses on the national, regional, and local retailers that are the best operators in their merchandising category.

Regency’s operating and development expertise continues to create value from the operating portfolio and from new development opportunities. Since 2000 Regency has developed 201 shopping centers, including those currently in-process, representing an investment at completion of $3.0 billion. At the end of the first quarter of 2010, Regency had 38 projects under development for an estimated total investment at completion of $721.8 million. These in-process developments are 91% funded and 89% 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 approximately $9.0 billion in investments.

Regency has centers located in the top markets in the country and has 18 offices nationwide. The Company is listed on the New York Stock Exchange, traded under the symbol REG, and is included in the S&P MidCap 400 Index. There are also three series of preferred shares that trade under REG PRC, REG PRD and REG PRE.

Please visit www.RegencyCenters.com for more information.

The information provided in this supplemental package is unaudited and there can be no assurance that the information will not vary from the final information for the quarter ended March 31, 2010. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.

Table of Contents

March 31, 2010


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 Preferred Units and Stock		12

Investment Activity:

Acquisitions, Dispositions and Development Sales		13

Development Information		16

Co-investment Partnerships:

Unconsolidated Investments		18

Unconsolidated Balance Sheets		19

Unconsolidated Statements of Operations		21

Summary of Unconsolidated Debt		23

Real Estate Information:

Leasing Statistics		24

Average Base Rent by State		26

Portfolio Summary Report by Region		28

Significant Tenant Rents		35

Lease Expiration Schedule		37

Forward-Looking Information:

Earnings and Valuation Guidance		39

Reconciliation of FFO to Net Income		40

Highlights

March 31, 2010

Operating Results

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

For the quarter ended March 31, 2010, same property NOI declined 0.3%. Same property percent leased was 92.7%. Rental lease spreads declined 0.5%.

Gross accounts receivable have decreased during the quarter by $8.7 million to $20.6 million. Gross accounts receivable now represent 3.6% of revenues, compared with 5.4% at the end of 2009. This decrease is primarily attributable to collection of annual real estate taxes billed in the previous quarter. Accounts receivable greater than 90 days have increased by $1.5 million to $8.0 million, or 1.4% of revenues. The reserves for accounts receivable have increased by $2.5 million to $11.0 million, more than covering all accounts receivable greater than 60 days.

Operating Results

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

For the quarter ended March 31, 2010, same property NOI declined 1.2%. Same property percent leased was 92.9%. Rental lease spreads declined 2.6%.

Leasing Results

During the quarter, 1.2 million square feet of GLA was renewed or newly leased through 351 leasing transactions.

Financial Results

Recurring Funds From Operations for the quarter was $52.3 million, or $0.63 per diluted share. Funds From Operations for the quarter was $48.6 million, or $0.58 per diluted share. Net income attributable to common stockholders for the quarter was $12.4 million, or $0.15 per diluted share.

Development Activity

At quarter end, Regency had 38 projects in process for an estimated net development cost of $721.8 million, an expected return at completion of 5.1% and an expected return at stabilization of 7.0%.

For more information on this development activity, please see page 16.

Acquisition & Disposition Activity

During the first quarter, Regency:

•

Purchased one property through our co-investment partnership at a cost of $30.9 million and a cap rate of 8.9%. Regency’s share of the purchase price was $7.7 million.

•

Sold one wholly owned operating property at a gross sales price of $17.3 million and a cap rate of 8.9%.

•

Sold one completed development property at a gross sales price of $9.2 million and a cap rate of 9.4%.

For more information on these acquisitions & dispositions, please see pages 13-15.

Definitions

March 31, 2010

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

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

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

Summary Financial Information

March 31, 2010


	Three Months Ended						Year to Date
Financial Results	2010			2009			2010			2009

Net income attributable to common stockholders	$	12,368,970		$	19,562,977		$	12,368,970		$	19,562,977
Basic EPS	$	0.15		$	0.28		$	0.15		$	0.28
Diluted EPS	$	0.15		$	0.28		$	0.15		$	0.28
Diluted EPS per share growth rate		-46.4	%					-46.4	%

Funds from Operations for common stockholders	$	48,606,699		$	54,980,885		$	48,606,699		$	54,980,885
FFO per share - Basic	$	0.59		$	0.78		$	0.59		$	0.78
FFO per share - Diluted	$	0.58		$	0.78		$	0.58		$	0.78
Diluted FFO per share growth rate		-25.6	%					-25.6	%

Recurring Funds from Operations for common stockholders	$	52,331,986		$	53,160,338		$	52,331,986		$	53,160,338
Recurring FFO per share - Diluted	$	0.63		$	0.75		$	0.63		$	0.75
Diluted Recurring FFO per share growth rate		-16.4	%					-16.4	%

Dividends paid per share and unit	$	0.463		$	0.725		$	0.463		$	0.725
Payout ratio of Diluted FFO per share		79.7	%		92.9	%		79.7	%		92.9	%

Interest Coverage Ratios
Interest only		2.9			2.7			2.9			2.7
Capitalized interest	$	2,079,773		$	6,358,681		$	2,079,773		$	6,358,681
Fixed Charge (Regency only)		2.3			2.2			2.3			2.2
Fixed Charge (with pro-rata share of partnerships)		2.0			2.1			2.0			2.1

Capital Information	3/31/10			YTD Change			12/31/09			12/31/08

Closing common stock price per share	$	37.47		$	2.41		$	35.06		$	46.70
Shareholder Return (assumes no reinvestment of dividends)		8.2	%

Common Shares and Equivalents Outstanding		82,028,144			20,637			82,007,507			70,504,881

Market equity value of Common and Convertible shares	$	3,073,595		$	198,411		$	2,875,183		$	3,292,578
Non-Convertible Preferred Units and shares		325,000			—			325,000			325,000
Outstanding debt (000’s)	$	1,886,528		$	148		$	1,886,380		$	2,135,571
Total market capitalization (000’s)	$	5,285,123		$	198,559		$	5,086,563		$	5,753,149
Debt to Total Market Capitalization		35.7	%		-1.4	%		37.1	%		37.1	%

Total real estate at cost before depreciation (000’s)	$	4,253,376		$	(4,530	)	$	4,257,906		$	4,425,896
Total assets at cost before depreciation (000’s)	$	4,579,632		$	(16,338	)	$	4,595,970		$	4,696,971
Debt to Total Assets before Depreciation		41.2	%		0.1	%		41.0	%		45.5	%

Outstanding Classes of Stock and Partnership Units:
Common Shares Outstanding		81,584,156			44,860			81,539,296			70,036,670
Exchangeable O.P. Units held by noncontrolling interests		443,988			(24,223	)		468,211			468,211

Total Common Shares and Equivalents		82,028,144			20,637			82,007,507			70,504,881

Summary Real Estate Information

March 31, 2010


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

	3/31/10		12/31/09		3/31/09		12/31/08
Gross Leasable Area (GLA)	29,659,773		28,116,293		29,709,825		30,220,208
GLA including anchor-owned stores	35,754,186		34,130,227		36,122,324		36,529,084
% leased - Operating and development properties	91.5	%	91.4	%	90.6	%	91.0	%
% leased - Operating properties only	92.8	%	93.1	%	93.3	%	93.8	%
% leased - Same properties only	92.7	%	93.3	%	93.5	%	94.0	%
Average % leased - Same properties only	92.8	%	93.3	%	93.6	%	94.5	%
Rental rate growth - YTD⁽¹⁾	-0.5	%	-2.7	%	0.9	%	10.6	%
Same property NOI growth - YTD	-0.3	%	-6.7	%	-2.0	%	2.6	%
Same property NOI growth without termination fees - YTD	-4.8	%	-6.1	%	-2.2	%	1.6	%
Same property NOI growth without termination fees or provision for doubtful accounts - YTD	-2.7	%	-3.8	%	-2.2	%	1.8	%

Wholly Owned and 100% of Co-investment Partnerships

	3/31/10		12/31/09		3/31/09		12/31/08
Gross Leasable Area (GLA)	45,169,007		44,971,962		46,786,906		49,644,545
GLA including anchor-owned stores	53,208,365		53,011,320		55,340,204		58,411,251
GLA under development	2,998,180		3,693,399		4,449,212		4,551,765
Number of retail shopping centers	399		400		413		440
Number of centers under development (excluding expansions)	36		40		45		45
Number of grocery-anchored shopping centers	326		326		330		356
% leased - Operating and development properties	92.1	%	92.1	%	91.8	%	92.3	%
% leased - Operating properties only	93.0	%	93.2	%	93.6	%	94.1	%
% leased - Same properties only	92.9	%	93.3	%	93.7	%	94.1	%
Average % leased - Same properties only	93.1	%	93.5	%	93.9	%	94.7	%
Rental rate growth - YTD ⁽¹⁾	-2.6	%	-2.0	%	0.7	%	10.6	%
Same property NOI growth - YTD	-1.2	%	-6.3	%	-1.7	%	2.2	%
Same property NOI growth without termination fees - YTD	-4.3	%	-5.9	%	-2.1	%	2.0	%
Same property NOI growth without termination fees or provision for doubtful accounts - YTD	-2.5	%	-3.5	%	-1.5	%	1.9	%

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

Consolidated Balance Sheets

March 31, 2010 and December 31, 2009 and 2008


	2010			2009		2008
Assets
Real estate investments at cost:
Land, building and improvements	$	3,103,084,821		2,993,704,413		2,897,155,188
Properties in development		816,328,284		920,426,744		1,078,885,554

		3,919,413,105		3,914,131,157		3,976,040,742
Less: accumulated depreciation		646,236,266		622,163,237		554,595,228

		3,273,176,839		3,291,967,920		3,421,445,514
Operating properties held for sale		—		17,562,973		66,446,995
Investments in real estate partnerships		333,963,338		326,211,897		383,407,938

Net real estate investments		3,607,140,177		3,635,742,790		3,871,300,447

Cash and cash equivalents		119,537,735		99,477,017		21,533,019
Accounts receivable, net of allowance for uncollectible accounts		31,231,969		40,871,064		66,201,397
Straight line rent receivables, net of reserves		40,078,375		39,292,481		37,595,112
Notes receivable		36,814,125		37,753,438		31,438,066
Deferred costs, net of accumulated amortization		57,985,239		58,376,461		57,476,785
Acquired lease intangible assets, net of accumulated amortization		9,360,545		10,007,309		12,902,821
Other assets		31,248,347		52,285,954		43,927,668


Total assets	$	3,933,396,512		3,973,806,514		4,142,375,315


Liabilities and Equity
Liabilities:
Notes payable	$	1,886,528,130		1,886,380,298		1,837,904,495
Unsecured credit facilities		—		—		297,666,667

Total notes payable		1,886,528,130		1,886,380,298		2,135,571,162


Accounts payable and other liabilities		84,341,681		99,144,898		141,395,128
Derivative instruments, at fair value		34,278,756		28,363,231		83,690,668
Acquired lease intangible liabilities, net of accumulated accretion		5,430,152		5,895,885		7,864,832
Tenants’ security and escrow deposits		10,623,161		10,627,805		11,571,209

Total liabilities		2,021,201,880		2,030,412,117		2,380,092,999


Equity:
Stockholder’s Equity:
Preferred stock		275,000,000		275,000,000		275,000,000
Common stock, $.01 par		815,842		815,393		756,349
Additional paid in capital, net of treasury stock		2,024,243,918		2,022,670,478		1,666,849,877
Accumulated other comprehensive (loss)		(55,674,029	)	(49,973,134	)	(90,688,873	)
Distributions in excess of net income		(398,698,631	)	(373,345,394	)	(155,056,788	)

Total stockholders’ equity		1,845,687,100		1,875,167,343		1,696,860,565

Noncontrolling Interests:
Preferred units		49,157,977		49,157,977		49,157,977
Exchangeable operating partnership units		6,532,340		7,320,848		8,283,914
Limited partners’ interest in consolidated partnerships		10,817,215		11,748,229		7,979,860

Total noncontrolling interests		66,507,532		68,227,054		65,421,751

Total equity		1,912,194,632		1,943,394,397		1,762,282,316


Total liabilities and equity	$	3,933,396,512		3,973,806,514		4,142,375,315


Ratios	2010			2009		2008
Debt to real estate assets, before depreciation		44.4	%	44.3	%	48.3	%
Debt to total assets, before depreciation		41.2	%	41.0	%	45.5	%
Debt to total assets, before depreciation and including prorata share of JV’s (note a)		47.0	%	45.9	%	50.0	%
Debt + preferred to total assets, before deprec. and incl. prorata share of JV’s		52.6	%	51.9	%	55.8	%
Unsecured assets to total real estate assets (wholly owned only)		81.9	%	81.6	%	87.5	%
Unsecured NOI to total NOI (wholly owned only)		80.2	%	79.5	%	86.8	%

(a)	debt ratio would be 44.8% if current cash balances were used to reduce outstanding debt

Consolidated Statements of Operations

For the Periods Ended March 31, 2010 and 2009

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


	Three Months Ended					Year to Date
	2010			2009		2010			2009
Real Estate Revenues:
Minimum rent	$	86,623,172		88,045,894		$	86,623,172		88,045,894
Percentage rent		360,110		699,985			360,110		699,985
Recoveries from tenants		24,181,391		23,658,287			24,181,391		23,658,287
Termination Fees		4,536,249		287,843			4,536,249		287,843
Other income		1,862,629		1,529,675			1,862,629		1,529,675

		117,563,551		114,221,684			117,563,551		114,221,684


Real Estate Operating Expenses:
Operating and maintenance		17,762,024		16,198,887			17,762,024		16,198,887
Provision for doubtful accounts		2,278,913		500,529			2,278,913		500,529
Real estate taxes		14,593,671		14,580,691			14,593,671		14,580,691

		34,634,608		31,280,107			34,634,608		31,280,107


Net Operating Income		82,928,943		82,941,577			82,928,943		82,941,577


Fees, Development and Outparcel Gains:
Asset management fees		1,407,906		2,598,660			1,407,906		2,598,660
Property management fees		3,951,771		3,940,254			3,951,771		3,940,254
Transaction fees		—		—			—		—
Leasing commissions and other fees		1,571,033		1,217,728			1,571,033		1,217,728
Development gains		38,456		3,967,845			38,456		3,967,845
Gain (loss) on sale of outparcels		373,188		—			373,188		—
Dead deal costs		(154,861	)	(149,756	)		(154,861	)	(149,756	)
Provision for income tax (expense)		(25,480	)	240,943			(25,480	)	240,943

		7,162,013		11,815,674			7,162,013		11,815,674


Other Operating Expense (Income):
General and administrative		13,735,295		15,884,327			13,735,295		15,884,327
Franchise taxes		444,824		328,549			444,824		328,549
Depreciation and amortization (including FF&E)		31,333,176		28,082,329			31,333,176		28,082,329
Interest expense, net		29,128,476		26,518,262			29,128,476		26,518,262
(Gain) loss on sale of operating properties including taxes		(7,194,648	)	132,657			(7,194,648	)	132,657
Hedge ineffectiveness ^(a)		343,459		—			343,459		—

		67,790,582		70,946,124			67,790,582		70,946,124


Equity in Income (Loss) of Unconsolidated Partnerships:
Operating income (loss) including development gains		(278,617	)	676,127			(278,617	)	676,127
Gain (loss) on sale of operating properties		—		1,225,651			—		1,225,651
Provision for impairment - JV properties		(3,613,131	)	—			(3,613,131	)	—

		(3,891,748	)	1,901,777			(3,891,748	)	1,901,777


Net Income (Loss)		18,408,626		25,712,904			18,408,626		25,712,904

Noncontrolling Interests:
Preferred units		931,248		931,248			931,248		931,248
Exchangeable operating partnership units		93,861		163,695			93,861		163,695
Limited partners’ interest in consolidated partnerships		95,756		136,193			95,756		136,193

Net Income Attributable to Noncontrolling Interests		1,120,865		1,231,136			1,120,865		1,231,136


Net Income (Loss) Attributable to Controlling Interests		17,287,761		24,481,768			17,287,761		24,481,768

Preferred Stock Dividends		4,918,791		4,918,791			4,918,791		4,918,791


Net Income (Loss) Attributable to Common Stockholders	$	12,368,970		19,562,977		$	12,368,970		19,562,977

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.

(a)

Hedge ineffectiveness is a charge to earnings related to an over-hedged position as a result of changing our assumptions of future debt issues. As a result of completing the $246 million forward equity offering in December 2009, we revised our assumptions delaying a portion of expected debt issuance into 2011.

Funds From Operations (FFO) and Other Information

For the Periods Ended March 31, 2010 and 2009


	Three Months Ended						Year to Date
	2010			2009			2010			2009

Reconciliation of Net income (loss) to Funds from Operations

Net income (loss) attributable to common stockholders	$	12,368,970			19,562,977		$	12,368,970			19,562,977
Adjustments to reconcile to Funds from Operations:
Depreciation and amortization - consolidated real estate		26,387,275			23,353,809			26,387,275			23,353,809
Depreciation and amortization - unconsolidated partnerships		13,203,559			9,510,545			13,203,559			9,510,545
Consolidated JV partners’ share of depreciation		(137,951	)		(139,647	)		(137,951	)		(139,647	)
Amortization of leasing commissions and intangibles		3,885,633			3,622,500			3,885,633			3,622,500
(Gain) loss on sale of operating properties, including JV’s		(7,194,648	)		(1,092,994	)		(7,194,648	)		(1,092,994	)
Income deferrals under the Restricted Gain Method for GAAP		—			—			—			—
Noncontrolling interest of exchangeable partnership units		93,861			163,695			93,861			163,695


Funds From Operations (a)	$	48,606,699			54,980,885		$	48,606,699			54,980,885


Reconciliation of FFO to Recurring FFO

Funds from operations	$	48,606,699			54,980,885		$	48,606,699			54,980,885
Adjustments to reconcile to Recurring Funds from Operations:
Development and outparcel gains, net of dead deal costs and tax		(231,303	)		(4,059,032	)		(231,303	)		(4,059,032	)
Provision for impairment		3,613,131			—			3,613,131			—
Provision for hedge ineffectiveness		343,459			—			343,459			—
Loss (gain) on early debt extinguishment		—			—			—			—
Restructuring charges		—			2,238,485			—			2,238,485
Transaction fees and promotes		—			—			—			—


Recurring Funds From Operations (a)	$	52,331,986			53,160,338		$	52,331,986			53,160,338


FFO Per Share Reconciliation (Diluted):

Net income (loss) attributable to common stockholders	$	0.15		$	0.28		$	0.15		$	0.28
Adjustments to reconcile to Funds from Operations per share:
Depreciation and amortization - consolidated real estate		0.32			0.33			0.32			0.33
Depreciation and amortization - unconsolidated partnerships		0.16			0.14			0.16			0.14
Consolidated JV partners’ share of depreciation		—			—			—			—
Amortization of leasing commissions and intangibles		0.05			0.05			0.05			0.05
(Gain) on sale of operating properties		(0.09	)		(0.02	)		(0.09	)		(0.02	)
Gain deferrals under the Restricted Gain Method		—			—			—			—


Funds From Operations	$	0.58		$	0.78		$	0.58		$	0.78


Reconciliation of FFO to Recurring FFO

Funds from operations	$	0.58		$	0.78		$	0.58		$	0.78
Adjustments to reconcile to Recurring Funds from Operations:
Development and outparcel gains, net of dead deal costs and tax		—			(0.06	)		—			(0.06	)
Provision for impairment loss		0.05			—			0.05			—
Provision for hedge ineffectiveness		—			—			—			—
Loss (gain) on early debt extinguishment		—			—			—			—
Restructuring charges		—			0.03			—			0.03
Transaction fees and promotes		—			—			—			—


Funds From Operations - Recurring	$	0.63			0.75		$	0.63			0.75

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

Additional Disclosures

For the Periods Ended March 31, 2010 and 2009


	Three Months Ended			Year to Date
	2010		2009	2010		2009

Additional Disclosures:

Straight-line rental income, net of reserve	$	990,135	1,279,485	$	990,135	1,279,485
Above- and below- market rent amortization		438,298	481,186		438,298	481,186
Pro-rata share of JV straight-line rental income, net		319,016	257,460		319,016	257,460
Pro-rata share of JV above- and below- mkt rent amortization		579,013	549,585		579,013	549,585

Debt premium amortization income	$	31,966	31,966	$	31,966	31,966
FFO impairment losses including pro-rata share of JV’s		3,613,131	—		3,613,131	—
Hedge ineffectiveness charged against net income		343,459	—		343,459	—
Stock based compensation expense		1,761,974	1,531,767		1,761,974	1,531,767
Capitalized direct leasing compensation costs		2,075,001	3,003,171		2,075,001	3,003,171
Capitalized direct development compensation costs		523,208	2,071,204		523,208	2,071,204

Fees earned from 3rd parties as reported for GAAP	$	6,930,710	7,756,642	$	6,930,710	7,756,642
Fees earned from 3rd parties, excluding REG owned portion		5,530,511	6,615,565		5,530,511	6,615,565

Components of same property NOI (wholly owned and Regency’s pro-rata share of co-investment partnerships):
Revenues	$	134,102,424	130,744,862	$	134,102,424	130,744,862
Expenses		39,768,071	36,150,154		39,768,071	36,150,154

Same property NOI	$	94,334,353	94,594,708	$	94,334,353	94,594,708


Capital Expenditures (non-revenue enhancing only):

Leasing commissions - consolidated properties	$	3,426,505	2,261,561	$	3,426,505	2,261,561
Tenant improvements - consolidated properties		1,417,507	833,865		1,417,507	833,865
Building improvements - consolidated properties		939,089	1,042,595		939,089	1,042,595

Pro-rata share of unconsolidated leasing commissions	$	301,480	341,720	$	301,480	341,720
Pro-rata share of unconsolidated tenant improvements		249,192	216,677		249,192	216,677
Pro-rata share of unconsolidated building improvements		394,296	133,718		394,296	133,718

Consolidated Statements of Operations (GAAP Basis)

For the Periods Ended March 31, 2010 and 2009


	Three Months Ended					Year to Date
	2010			2009		2010			2009
Revenues:
Minimum rent	$	86,428,150		86,190,076		$	86,428,150		86,190,076
Percentage rent		360,110		699,985			360,110		699,985
Recoveries from tenants and other income		30,649,315		25,067,314			30,649,315		25,067,314
Management, transaction, and other fees		6,930,710		7,756,642			6,930,710		7,756,642

Total revenues		124,368,285		119,714,017			124,368,285		119,714,017


Operating Expenses:
Depreciation and amortization		31,330,926		27,852,632			31,330,926		27,852,632
Operating and maintenance		17,648,908		15,792,927			17,648,908		15,792,927
General and administrative		13,735,295		15,884,327			13,735,295		15,884,327
Real estate taxes		14,533,153		14,148,107			14,533,153		14,148,107
Provision for doubtful accounts		2,354,869		500,529			2,354,869		500,529
Other expenses		606,755		288,237			606,755		288,237

Total operating expenses		80,209,906		74,466,759			80,209,906		74,466,759


Other Expense (Income):
Interest expense, net of interest income		29,128,681		26,518,262			29,128,681		26,518,262
Gain on sale of operating properties and properties in development		(790,741	)	—			(790,741	)	—
Provision for impairment		—		—			—		—
Loss on early debt extinguishment		—		—			—		—
Loss on derivative instruments		343,459		—			343,459		—

Total other expense (income)		28,681,399		26,518,262			28,681,399		26,518,262


Income before equity in income (loss) of investments in real estate partnerships		15,476,980		18,728,996			15,476,980		18,728,996

Equity in income (loss) of investments in real estate partnerships		(3,891,748	)	1,901,777			(3,891,748	)	1,901,777

Income from continuing operations		11,585,232		20,630,773			11,585,232		20,630,773


Discontinued Operations, net:
Operating income		26,170		1,196,069			26,170		1,196,069
Gain on sale of properties		6,797,224		3,886,062			6,797,224		3,886,062

Income from discontinued operations		6,823,394		5,082,131			6,823,394		5,082,131


Net income		18,408,626		25,712,904			18,408,626		25,712,904

Noncontrolling Interests:
Preferred units		(931,248	)	(931,248	)		(931,248	)	(931,248	)
Exchangeable operating partnership units		(93,861	)	(163,695	)		(93,861	)	(163,695	)
Limited partners’ interests in consolidated partnerships		(95,756	)	(136,193	)		(95,756	)	(136,193	)

Net income attributable to noncontrolling interests		(1,120,865	)	(1,231,136	)		(1,120,865	)	(1,231,136	)


Net income attributable to controlling interests		17,287,761		24,481,768			17,287,761		24,481,768

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

Net income attributable to common stockholders	$	12,368,970		19,562,977		$	12,368,970		19,562,977

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

Summary of Consolidated Debt

March 31, 2010 and December 31, 2009


Total Debt Outstanding:	3/31/10		12/31/09

Mortgage loans payable:
Fixed rate secured loans	$	397,590,491	398,820,411
Variable rate secured loans		6,879,671	5,595,579
Unsecured debt offering fixed rate		1,482,057,968	1,481,964,308

Total	$	1,886,528,130	1,886,380,298


Schedule of Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities		Unsecured Public Debt		Total

2010	$	3,738,447	28,523,042		140,461,000		172,722,489
2011		4,836,849	13,603,107		193,486,000		211,925,956
2012		5,105,465	—		250,000,000		255,105,465
2013		4,978,597	16,347,694		—		21,326,291
2014		4,380,046	15,703,177		150,000,000		170,083,223
2015		3,136,469	46,250,768		350,000,000		399,387,237
2016		2,624,442	14,161,144		—		16,785,586
2017		1,883,140	75,510,745		400,000,000		477,393,885
2018		1,208,718	57,357,574		—		58,566,292
2019		—	106,000,000		—		106,000,000
>10 years		—	—		—		—
Net unamortized debt discount			(879,262	)	(1,889,032	)	(2,768,294	)

	$	31,892,174	372,577,988		1,482,057,968		1,886,528,130


Percentage of Total Debt:					3/31/10		12/31/09
Fixed					99.6	%	99.7	%
Variable					0.4	%	0.3	%

Current Average Interest Rates:⁽¹⁾
Fixed					6.4	%	6.4	%
Variable					4.9	%	5.3	%
Effective Interest Rate					6.4	%	6.4	%

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

Average Maturity Date:
Fixed					November 11, 2014		November 11, 2014
Variable					September 15, 2013		March 15, 2014

Summary of Consolidated Debt

March 31, 2010 and December 31, 2009


Lender:	Secured Property	Rate	Maturity	3/31/10			12/31/09
Fixed Rate Loans:
Northwestern Mutual Life Insurance Co.	Panther Creek	7.830%	4/1/10	$	9,658,150		9,698,306
Principal Global Investors	Anastasia Plaza	4.440%	5/1/10		4,480,000		4,480,000
Principal Global Investors	Shoppes @ 104	4.440%	5/1/10		7,000,000		7,000,000
Debt Offering	Unsecured	8.450%	9/1/10		130,451,228		130,445,364
Principal Mutual Life Insurance Co.	Russell Ridge	7.970%	12/15/10		5,190,277		5,231,192
Debt Offering	Unsecured	8.000%	12/15/10		10,000,000		10,000,000
Principal Mutual Life Insurance Co.	Powers Ferry Village	7.970%	12/15/10		2,359,216		2,377,814
Debt Offering	Unsecured	7.950%	1/15/11		173,467,563		173,461,417
Wells Fargo	Market at Opitz Crossing	7.300%	3/1/11		11,463,730		11,517,074
Debt Offering	Unsecured	7.250%	12/12/11		19,978,142		19,975,017
Debt Offering	Unsecured	6.750%	1/15/12		249,932,546		249,923,348
PNC Bank	Gateway Shopping Center	7.110%	5/1/13		19,092,156		19,296,330
TIAA	Northgate Square	5.640%	1/10/14		6,317,661		6,364,464
Debt Offering	Unsecured	4.950%	4/15/14		149,848,248		149,838,764
Northwestern Mutual Life Insurance Co.	Belleview Square	6.200%	7/1/14		8,282,372		8,373,196
Aid Association of Lutherans	Murryhill Marketplace	5.220%	1/1/15		7,961,845		8,018,769
United of Omaha Life Insurance Co.	Fleming Island	7.400%	2/5/15		1,538,185		1,602,475
Escrow Bank, USA	Twin City Plaza	5.650%	4/6/15		42,931,035		43,085,017
Debt Offering	Unsecured	5.250%	8/1/15		349,737,500		349,725,002
Municipal Tax Bonds Payable	Friars Mission Center	7.600%	9/2/15		703,869		703,869
GMAC	Naples Walk	6.150%	8/11/16		17,155,470		17,251,452
Jefferson Pilot	Peartree Village	8.400%	6/1/17		9,826,584		9,926,759
Allianz Life Insurance Company of N. A.	4S Commons Town Center	6.000%	6/10/17		62,500,000		62,500,000
Debt Offering	Unsecured	5.875%	6/15/17		398,642,742		398,595,396
Metropolitan Life Insurance Company	Corkscrew Village	6.170%	8/1/17		9,045,705		9,096,183
TIAA	Westchase	5.520%	7/10/18		8,470,082		8,526,187
Guardian Life Insurance Company	Amerige Heights Town Center	6.130%	12/1/18		17,000,000		17,000,000
Guardian Life Insurance Company	El Cerrito Plaza	6.380%	12/1/18		41,493,415		41,618,622
Allianz Life Insurance Company of N. A.	Tassajara Crossing	7.750%	7/10/19		19,800,000		19,800,000
Allianz Life Insurance Company of N. A.	Plaza Hermosa	7.750%	7/10/19		13,800,000		13,800,000
Allianz Life Insurance Company of N. A.	Sequoia Station	7.750%	7/10/19		21,100,000		21,100,000
Allianz Life Insurance Company of N. A.	Mockingbird Common	7.750%	7/10/19		10,300,000		10,300,000
Allianz Life Insurance Company of N. A.	Sterling Ridge	7.750%	7/10/19		13,900,000		13,900,000
Allianz Life Insurance Company of N. A.	Frisco Prestonbrook	7.750%	7/10/19		6,800,000		6,800,000
Allianz Life Insurance Company of N. A.	Wellington Town Square	7.750%	7/10/19		12,800,000		12,800,000
Allianz Life Insurance Company of N. A.	Berkshire Commons	7.750%	7/10/19		7,500,000		7,500,000
Net unamortized discounts on assumed debt of acquired properties					(879,262	)	(847,297	)

Total Fixed Rate Debt				$	1,879,648,459		1,880,784,719


Variable Rate Loans:
PNC Bank	Seminole Shoppes	LIBOR + 3.00%	9/2/11	$	2,327,068		991,975
US Bank	Kroger New Albany Center	LIBOR + 3.80%	10/1/14		4,552,603		4,603,603

Total Variable Rate Debt				$	6,879,671		5,595,579

Total				$	1,886,528,130		1,886,380,298

Summary of Preferred Units and Stock

March 31, 2010


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

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

Preferred Stock:

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

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

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

Acquisitions

March 31, 2010


	Property Name	Co-investment Partner	City/State	Total GLA	Purchase Price		Regency’s Share		Yield		Anchor Tenant

Consolidated:
Mar-10	Increase investment in GRI-JV to 40% from 25%			NA	$	239,717,622	$	239,717,622	9.6	%

	Total			0	$	239,717,622	$	239,717,622	9.6	%


Unconsolidated:

Acquisitions from 3rd Parties:
Mar-10	Providence Commons	CalSTRS	Charlotte, NC	191,301	$	30,886,500	$	7,721,625	8.9	%	Harris Teeter, Lowe’s

	Total			191,301	$	30,886,500	$	7,721,625	8.9	%


Regency Contributions:
	None			0	$	0	$	0	0.0	%

	Total			0	$	0	$	0	0.0	%


	Total Acquisitions from 3rd Parties			191,301	$	270,604,122	$	247,439,247	9.6	%


	Total Acquisitions including Regency Contributions			191,301	$	270,604,122	$	247,439,247	9.6	%


	Partnership with CalSTRS - Regency owns 25%

Operating Property Dispositions

March 31, 2010


Date	Property Name	Co-investment Partner	City/State	GLA	Sales Price		Regency’s Share of Sales Price		Cap Rate		Anchor Tenant

Consolidated:
Jan-10	Santa Ana Downtown Plaza		Santa Ana, CA	100,306	$	17,250,000	$	17,250,000	8.9	%	Food 4 Less

				100,306	$	17,250,000	$	17,250,000	8.9	%


Unconsolidated:
				0	$	0	$	0	0.0	%

				0	$	0	$	0	0.0	%


	Total Dispositions			100,306	$	17,250,000	$	17,250,000	8.9	%

Development Sales

March 31,2010


Date	Property Name	Co-investment Partner	City/State	GLA	Sales Price		Regency’s Share of Sales Price		Regency’s Average Cap Rate		Anchor Tenant

Sales to Co-investment Partnerships:

None				0	$	0	$	0	0.0	%	—

				0	$	0	$	0	0.0	%


Sales to Third Parties:
Feb-10 Highland Crossing			Highland, CA	45,000	$	9,215,000	$	9,215,000	9.4	%	LA Fitness

				45,000	$	9,215,000	$	9,215,000	9.4	%



Total Development Sales				45,000	$	9,215,000	$	9,215,000	9.4	%

Development Status Report

March 31,2010


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:
Shoppes at Fairhope Village	AL	Mobile	Publix	07/01/09	$	16,202,687	$	(713,736	)	7.6	%	7.2	%	Q2 -2012	84,740	76	%	84,740	76	%
Applegate Ranch Shopping Center	CA	Merced	Wal-Mart, Target	08/01/08		38,050,832		857,950		4.9	%	2.7	%	Q2 -2011	144,444	66	%	464,136	89	%
Golden Hills Promenade	CA	San Luis Obispo-Paso Robles	Lowe’s	11/01/09		34,000,730		1,191,016		4.2	%	4.2	%	Q4 -2012	216,846	93	%	216,846	93	%
Indio Towne Center	CA	Riverside-San Bernardino- Ontario	WinCo Foods	09/01/08		41,402,053		(143,437	)	5.4	%	2.5	%	Q4 -2011	132,692	51	%	368,527	82	%
Jefferson Square	CA	Riverside-San Bernardino- Ontario	Fresh & Easy	06/01/11		9,356,119		(1,848,823	)	5.0	%	2.7	%	Q2 -2012	38,013	75	%	38,013	75	%
Paseo Del Sol	CA	Santa Barbara-Santa Maria- Goleta	Whole Foods	10/01/09		32,291,744		3,182,290		6.8	%	6.8	%	Q4 -2012	49,680	84	%	49,680	84	%
Plaza Rio Vista	CA	Riverside-San Bernardino- Ontario	Stater Bros.	05/01/08		18,726,143		441,354		6.7	%	3.5	%	Q2 -2011	67,622	79	%	67,622	79	%
Vine at Castaic	CA	Los Angeles-Long Beach- Santa Ana	NA	10/01/07		10,113,412		237,541		7.5	%	4.8	%	Q3 -2010	27,314	68	%	30,814	71	%
Centerplace of Greeley III	CO	Greeley	Best Buy, Sports Authority	09/01/08		16,297,150		(955,226	)	8.1	%	6.3	%	Q4 -2011	94,090	81	%	94,090	81	%
Falcon Highlands Marketplace	CO	Colorado Springs	Wal-Mart	08/01/07		3,873,552		(265,371	)	11.2	%	6.8	%	Q3 -2010	22,491	66	%	206,796	96	%
NorthGate Village	CO	Greeley	King Soopers	03/01/11		5,847,638		2,726,270		9.6	%	9.6	%	Q4 -2013	19,377	5	%	139,913	87	%
Shops at Quail Creek	CO	Boulder	King Soopers	05/01/09		7,325,932		(170,081	)	11.3	%	9.8	%	Q2 -2012	37,585	58	%	137,429	89	%
Caligo Crossing	FL	Miami-Fort Lauderdale- Miami Beach	Kohl’s	10/01/08		4,276,731		(2,180,717	)	7.5	%	7.5	%	Q4 -2011	10,762	75	%	108,927	98	%
First Street Village	FL	Cape Coral-Fort Myers	Publix	11/01/07		11,427,920		(2,024,558	)	6.9	%	5.0	%	Q4 -2010	54,926	89	%	54,926	89	%
Hibernia Plaza	FL	Jacksonville	Walgreens	11/01/07		1,557,508		139,756		9.0	%	-1.2	%	Q4 -2010	8,400	33	%	23,220	76	%
Nocatee Town Center	FL	Jacksonville	Publix	02/01/10		14,032,400		(5,143,070	)	7.7	%	7.6	%	Q1 -2013	69,679	88	%	69,679	88	%
Oakleaf Plaza	FL	Jacksonville	Publix	09/01/07		10,755,610		(1,976,863	)	9.7	%	5.0	%	Q3 -2010	73,717	79	%	88,537	83	%
Seminole Shoppes	FL	Jacksonville	Publix	08/01/10		13,453,532		4,700,581		9.3	%	9.3	%	Q3 -2013	78,240	76	%	78,240	76	%
Suncoast Crossing Ph I	FL	Tampa-St. Petersburg- Clearwater	Kohl’s	10/01/08		8,821,323		(302,646	)	7.0	%	3.3	%	Q4 -2011	108,434	92	%	108,434	92	%
Suncoast Crossing Ph II	FL	Tampa-St. Petersburg- Clearwater	Target	08/01/09		7,029,962		192,586		3.4	%	1.6	%	Q3 -2012	9,451	15	%	151,649	95	%
Airport Crossing	IN	Chicago-Naperville-Joliet	Kohl’s	10/01/07		2,685,323		(680,748	)	6.1	%	5.7	%	Q1 -2011	11,924	66	%	101,835	96	%
Walton Towne Center	KY	Cincinnati-Middletown	Kroger	11/01/08		6,273,406		(740,968	)	8.0	%	5.5	%	Q4 -2011	23,186	82	%	139,618	97	%
Shops at Saugus	MA	Boston-Cambridge-Quincy	PetSmart, La-Z-Boy	08/01/08		35,701,401		1,518,455		6.7	%	6.3	%	Q2 -2011	90,055	91	%	90,055	91	%
Village at Lee Airport	MD	Baltimore-Towson	Giant	12/01/10		23,201,284		18,374,225		7.9	%	7.9	%	Q4 -2013	95,001	85	%	95,001	85	%
State Street Crossing	MI	Ann Arbor	Wal-Mart	10/01/09		7,792,326		(163,350	)	7.3	%	3.8	%	Q2 -2011	21,049	60	%	168,540	95	%
Harris Crossing	NC	Raleigh-Cary	Harris Teeter	03/01/11		9,662,405		3,221,177		7.8	%	7.7	%	Q4 - 2012	65,367	87	%	65,367	87	%
Market at Colonnade	NC	Raleigh-Cary	Whole Foods	02/01/11		16,360,885		11,398,886		8.4	%	8.3	%	Q4 -2013	57,000	70	%	57,000	70	%
Middle Creek Commons	NC	Raleigh-Cary	Lowes Foods	11/01/07		12,283,256		(59,435	)	9.6	%	8.2	%	Q4 -2010	73,634	91	%	73,634	91	%
Deer Springs Town Center	NV	Las Vegas-Paradise	Target, Home Depot	03/01/09		82,219,225		2,173,084		5.0	%	3.6	%	Q1 -2012	330,952	79	%	463,312	85	%
Lower Nazareth Commons	PA	Allentown-Bethlehem- Easton	Target, Sport’s Authority	08/01/09		26,952,508		(716,811	)	6.7	%	6.7	%	Q3 -2012	65,367	86	%	198,367	95	%
Buckwalter Place	SC	Hilton Head Island- Beaufort	Publix	09/01/08		11,237,953		(1,239,824	)	7.6	%	6.2	%	Q3 -2011	59,601	93	%	59,601	93	%
Lebanon Center	TN	Nashville-Davidson- Murfreesboro	Publix	09/01/07		8,987,847		(162,236	)	8.4	%	6.0	%	Q3 -2010	63,800	89	%	63,800	89	%
Hickory Creek Plaza	TX	Dallas-Fort Worth- Arlington	Kroger	02/01/09		9,862,141		492,166		8.3	%	6.1	%	Q4 -2011	28,134	51	%	109,398	87	%
Shops at Highland Village	TX	Dallas-Fort Worth- Arlington	AMC Theater, Barnes & Noble	10/01/07		101,867,400		6,126,107		7.5	%	2.9	%	Q2 -2010	351,635	81	%	351,635	81	%
Waterside Marketplace	TX	Houston-Baytown- Sugar Land	Kroger	10/01/09		5,786,243		355,572		10.6	%	10.6	%	Q2 -2012	24,858	93	%	147,858	99	%
Westwood Village	TX	Houston-Baytown- Sugar Land	Target, TJ Maxx, Ross	03/01/08		36,703,473		(5,510,414	)	8.3	%	6.0	%	Q4 -2010	183,425	85	%	310,299	91	%
Total In-Process Consolidated					$	702,420,054	$	32,330,699		6.9	%	5.1	%		2,893,491	79	%	5,077,538	88	%

Canopy Oak Center	FL	Ocala	Publix	09/01/08		17,199,989		(772,605	)	9.9	%	7.7	%	Q3 -2011	90,041	78	%	90,041	78	%
Shoppes at Bartram Park—Phase III	FL	Jacksonville	Publix	10/01/04		2,184,206		(456,951	)	12.8	%	12.8	%	Q1 -2012	14,639	49	%	33,639	78	%
Total In-Process Unconsolidated					$	19,384,195	$	(1,229,556	)	10.3	%	8.3	%		104,680	74	%	123,680	78	%

Total In-Process		38			$	721,804,249	$	31,101,143		7.0	%	5.1	%		2,998,171	79	%	5,201,218	88	%

Completions:
Hibernia Pavilion	FL	Jacksonville	Publix	08/01/08		9,529,023		71,900		8.4	%	7.7	%	Q1 -2010	51,298	95	%	51,298	95	%
Red Bank Village	OH	Cincinnati-Middletown	Wal-Mart	11/01/09		15,463,261		(10,231	)	7.0	%	4.7	%	Q1 -2010	164,317	97	%	164,317	97	%
Wadsworth Crossing	OH	Cleveland- Elyria-Mentor	Bed Bath & Beyond, Office Max	02/01/07		24,152,372		(1,107,611	)	7.0	%	5.4	%	Q1 -2010	108,167	89	%	474,889	97	%
Shops at Stonewall	VA	Washington-Arlington-Alexandria	Wegmans	11/01/08		48,003,101		(364,101	)	8.8	%	7.3	%	Q1 -2010	267,175	96	%	267,175	96	%
Total Completed (4)		4			$	97,147,758	$	(1,410,044	)	8.1	%	6.4	%		590,957	95	%	957,679	97	%

Notes:

There are 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.

(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 6.47% (in-process) and 7.36% (completions).

(4)	All completed projects are consolidated.

Projected Development Funding, Completions and Land Held

March 31,2010

In-Process Developments Projected Funding ⁽¹⁾

($ Thousands)


Q2 2010E		Q3 2010E		Q4 2010E		2011+E

$	5,000 - $8,000	$	5,000 - $8,000	$	2,500 - $7,500	$	12,500 - $14,500

Estimated Development Completion Schedule

($ Thousands)


	Stabilized⁽²⁾		Q2 2010E		Q3 2010E		Q4 2010E		2011+E

Net Dev. Costs:	$	495,711	$	101,000 - $102,000	$	33,000 - $74,000	$	61,000 - $62,000	$	480,000 - $530,000

Land Held for Future Development⁽³⁾

($ Thousands)

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

(2)	Development properties already stabilized but not yet sold.

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

Unconsolidated Investments

March 31, 2010


									Regency
Co-investment Partner and Abbreviation	Property Name	Number of Properties	Total GLA	Total Assets		Total Debt		Lender	Ownership Interest		Share of Debt		Investment 3/31/10			Equity Pick-up

State of Oregon
(JV-C, JV-C2)	Various	30	3,580,118	$	627,922,755	$	315,698,610	Various	20	%	$	63,139,722	$	38,656,876		$	385,075
(JV-CCV)	Cameron Village	1	635,918		107,476,817		47,300,000	Wells Fagro	30	%		14,190,000		18,011,251			(95,895	)

		31	4,216,036		735,399,572		362,998,610

GRI and Charter Hall Retail REIT (formerly Macquarie CountryWide)
(JV-GRI)	Various	86	10,791,834		2,171,556,321		1,491,437,482	Various	40	%		596,574,993		162,068,843			(4,177,211	)

Charter Hall Retail REIT (formerly Macquarie CountryWide)
(JV-M3)	Various	4	376,174		64,276,269		44,070,000	Various	25	%		10,995,465		319,293			(32,944	)

DESCO and Charter Hall Retail REIT (formerly Macquarie CountryWide
(JV-D)	Various	32	2,990,376		374,813,933		180,159,157	Various	16	%		29,461,313		23,746,104			(258,920	)

CalSTRS
(JV-RC)	Various	8	956,824		186,867,404		105,882,462	Various	25	%		26,470,616		15,871,204			(50,596	)

Regency Retail Partners
(JV-RRP)	Various	9	1,540,506		364,774,404		208,152,685	Various	20	%		41,556,913		21,753,125			(43,972	)

USAA
(JV-USA)	Various	8	809,079		139,428,645		66,932,500	Aviva Life	20	%		13,391,855		4,864,509			(74,870	)

Publix
(JV-O)	Shoppes at Bartram Park	1	119,958		21,368,652		—	—	50	%		—		10,660,175			120,298
(JV-O)	Valleydale Village	1	118,466		10,869,189		—	—	50	%		—		5,147,274			48,752
(JV-O)	Pebblebrook and Lynnhaven	2	140,638		25,527,905		—	—	50	%		—		11,080,899			140,965
(JV-O)	Queensborough	1	82,333		4,415,155		—	—	50	%		—		3,042,885			74,291
(JV-O)	Canopy Oak Center	1	90,041		18,209,735		—	—	50	%		—		9,586,164			86,519

		6	551,436		80,390,636		—

H.E.B.
(JV-O)	Fairfield Town Center (1)	—	—		9,635,443		—	—	50	%		—		5,081,105			(58,950	)
(JV-O)	White Oak Marketplace (1)	—	—		11,956,666		—	—	50	%		—		6,028,500			(12,624	)
(JV-O)	Indian Springs Center	1	136,625		18,278,561		27,000,000	Wells Fargo	50	%		13,500,000		(4,122,623	)		91,323

		1	136,625		39,870,670		27,000,000

Individual Investors
(JV-O)	East San Marco (1)	—	—		12,496,575		8,590,651	Wells Fagro	50	%		4,295,326		2,167,754			(32,989	)


		185	22,368,890	$	4,169,874,429	$	2,495,223,547				$	813,576,202	$	333,963,338		$	(3,891,748	)

(1)	Land held for future development


Reconciliation of Equity of Regency Centers in Unconsolidated Partnerships to Regency Centers’ Investment in Real Estate Partnerships:

Equity of Regency Centers in Unconsolidated Partnerships	$	460,666,150
less: ABP 18 Impairment recorded at Regency Centers	$	(6,000,000	)
less: Ownership percentage or Restricted Gain Method deferral recorded at Regency Centers		(42,500,490	)
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	$	333,963,338

Unconsolidated Balance Sheets

March 31,2010 and December 31, 2009


	2010		2009
Assets
Real estate, at cost	$	4,363,361,801	$	4,328,501,701
Less: accumulated depreciation		517,174,198		486,480,914

		3,846,187,603		3,842,020,787
Properties in development		41,416,191		52,154,043

Net real estate investments		3,887,603,794		3,894,174,830

Cash and cash equivalents		43,569,322		40,957,706
Accounts receivable, net of allowance for uncollectible accounts		26,028,132		36,928,080
Straight line rent receivable, net of reserves		28,295,374		27,303,749
Deferred costs, less accumulated amortization		28,059,789		28,664,652
Acquired lease intangible assets, net		143,148,702		147,150,687
Other assets		7,040,308		3,899,697
Regency only assets ⁽¹⁾		6,129,008		6,101,947

Total assets	$	4,169,874,429	$	4,185,181,348


Liabilities and Equity
Liabilities:
Notes payable	$	2,495,223,547	$	2,477,927,642
Accounts payable and other liabilities		63,581,640		71,589,350
Tenants’ security and escrow deposits		8,469,244		8,422,049
Acquired lease intangible liabilities, net		85,814,790		87,008,903

Total liabilities		2,653,089,221		2,644,947,944

Equity:
Equity - Regency Centers		460,666,150		375,075,768
Equity - Third parties		1,056,119,058		1,165,157,636

Total equity		1,516,785,208		1,540,233,404

Total Liabilities and Equity	$	4,169,874,429	$	4,185,181,348

⁽¹⁾	Capitalized development costs

Unconsolidated Balance Sheets - Regency’s Pro-Rata Share

March 31, 2010 and December 31, 2009


	2010		2009
Assets
Real estate, at cost	$	1,390,097,310	$	1,022,896,181
Less: accumulated depreciation		175,086,823		117,503,761

		1,215,010,487		905,392,420
Properties in development		19,753,240		21,875,458

Net real estate investments		1,234,763,727		927,267,878

Cash and cash equivalents		13,745,930		9,947,154
Accounts receivable, net of allowance for uncollectible accounts		8,116,551		8,788,044
Straight line rent receivable, net of reserves		9,151,096		6,675,060
Deferred costs, less accumulated amortization		9,047,683		6,954,873
Acquired lease intangible assets, net		37,393,922		32,253,561
Other assets		2,767,837		971,621
Regency only assets ⁽¹⁾		6,129,008		6,101,947

Total assets	$	1,321,115,754		998,960,138


Liabilities and Equity
Liabilities:
Notes payable	$	813,576,202	$	585,472,337
Accounts payable and other liabilities		21,316,263		17,091,347
Tenants’ security and escrow deposits		2,818,090		2,098,233
Acquired lease intangible liabilities, net		22,739,049		19,222,453

Total liabilities		860,449,604		623,884,370

Equity:
Equity - Regency Centers		460,666,150		375,075,768

Total Liabilities and Equity	$	1,321,115,754	$	998,960,138

⁽¹⁾	Capitalized development costs

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

Unconsolidated Statements of Operations

For the periods ended March 31,2010 and 2009


	Three Months Ended					Year to Date
	2010			2009		2010			2009
Revenues:
Minimum rent	$	81,412,379		83,353,351		$	81,412,379		83,353,351
Percentage rent		292,722		695,279			292,722		695,279
Recoveries from tenants		26,387,165		24,467,086			26,387,165		24,467,086
Termination fees		1,101,214		835,581			1,101,214		835,581
Other income		710,152		1,075,819			710,152		1,075,819

Total revenues		109,903,632		110,427,116			109,903,632		110,427,116


Operating expenses:
Operating and maintenance		18,772,269		16,877,695			18,772,269		16,877,695
Real estate taxes		15,120,119		15,489,250			15,120,119		15,489,250
Provision for doubtful accounts		1,485,187		587,977			1,485,187		587,977
Other expenses		42,732		(112,183	)		42,732		(112,183	)

Total operating expenses		35,420,307		32,842,739			35,420,307		32,842,739


Net operating income		74,483,325		77,584,377			74,483,325		77,584,377


Other expense (income):
General and administrative		2,220,591		1,726,469			2,220,591		1,726,469
Depreciation and amortization expense		39,083,673		40,726,522			39,083,673		40,726,522
Interest expense, net		34,733,661		33,452,201			34,733,661		33,452,201
Gain on sale of real estate		—		(6,431,755	)		—		(6,431,755	)
Provision for impairment		9,032,827		—			9,032,827		—
Other expense		1,168		34,738			1,168		34,738

Total other expense		85,071,920		69,508,175			85,071,920		69,508,175


Net (loss) income	$	(10,588,595	)	8,076,202		$	(10,588,595	)	8,076,202

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

For the periods ended March 31,2010 and 2009


	Three Months Ended					Year to Date
	2010			2009		2010			2009
Revenues:
Minimum rent	$	27,849,343		19,776,207		$	27,849,343		19,776,207
Percentage rent		230,486		173,718			230,486		173,718
Recoveries from tenants		8,993,661		5,747,223			8,993,661		5,747,223
Termination fees		299,285		205,328			299,285		205,328
Other income		278,906		279,612			278,906		279,612

Total revenues		37,651,681		26,182,088			37,651,681		26,182,088


Operating expenses:
Operating and maintenance		6,459,754		4,004,482			6,459,754		4,004,482
Real estate taxes		5,090,181		3,692,187			5,090,181		3,692,187
Provision for doubtful accounts		624,466		147,940			624,466		147,940
Other expenses		24,086		(26,945	)		24,086		(26,945	)

Total operating expenses		12,198,487		7,817,664			12,198,487		7,817,664


Net operating income		25,453,194		18,364,424			25,453,194		18,364,424


Other expense (income):
General and administrative		558,848		388,566			558,848		388,566
Depreciation and amortization expense		13,234,051		9,539,326			13,234,051		9,539,326
Interest expense, net		11,965,520		7,897,537			11,965,520		7,897,537
Loss (gain) on sale of real estate		—		(2,289,572	)		—		(2,289,572	)
Provision for impairment		3,613,131		—			3,613,131		—
Other expense		584		17,369			584		17,369

Total other expense		29,372,134		15,553,226			29,372,134		15,553,226


Net (loss) income before Regency only expense (income)		(3,918,940	)	2,811,198			(3,918,940	)	2,811,198

Regency only expense (income):
Accretion of excess investment		(43,897	)	(46,432	)		(43,897	)	(46,432	)
Depreciation of capitalized costs		16,705		18,635			16,705		18,635
Loss on sale of 100% costs		—		708,468			—		708,468
Brokerage fees		—		228,750			—		228,750

Total Regency only expense		(27,192	)	909,421			(27,192	)	909,421


Net (loss) income	$	(3,891,748	)	1,901,777		$	(3,891,748	)	1,901,777

Summary of Unconsolidated Debt

March 31, 2010 and December 31, 2009


Total Debt Outstanding:	3/31/10		12/31/09

Mortgage loans payable:
Fixed rate secured loans	$	2,421,052,683	2,403,835,297
Variable rate secured loans		47,234,600	47,234,600
Unsecured line of credit variable rate		26,936,264	26,857,745

Total	$	2,495,223,547	2,477,927,642


Schedule of Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities	Unsecured Maturities	Total			Regency’s Pro Rata Share

2010	$	2,914,857	613,309,600	18,345,613		634,570,070		242,295,900
2011		3,694,323	466,469,887	8,590,651		478,754,861		185,450,555
2012		4,396,221	244,418,296			248,814,517		96,053,709
2013		4,226,242	32,447,164			36,673,406		13,376,295
2014		4,212,742	77,289,927			81,502,669		23,080,894
2015		3,782,816	300,133,803			303,916,619		71,356,990
2016		3,753,953	328,915,570			332,669,523		101,617,859
2017		3,055,375	190,654,500			193,709,875		40,564,125
2018		2,918,467	87,341,127			90,259,594		19,453,833
2019		2,070,613	65,964,223			68,034,836		15,306,603
>10 Years		9,973,465	10,873,678			20,847,143		3,875,854
Net unamortized debt premium			5,470,434			5,470,434		1,143,585

	$	44,999,074	2,423,288,209	26,936,264		2,495,223,547		813,576,202


Percentage of Total Debt:					3/31/10			12/31/09
Fixed						97.0	%	97.0	%
Variable						3.0	%	3.0	%

Current Average Interest Rates:⁽¹⁾
Fixed						5.6	%	5.6	%
Variable						1.6	%	2.2	%
Effective Interest Rate						5.5	%	5.5	%

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

Average Maturity Date:
Fixed						October 10, 2013		October 20, 2013
Variable						October 5, 2010		August 23, 2010

Summary of Unconsolidated Debt - Regency’s Pro-Rata Share
Mortgage Loans Payable:
Fixed rate secured loans					$	786,717,914		565,738,498
Variable rate secured loans						18,893,840		11,808,650
Unsecured line of credit variable rate						7,964,448		7,925,189

Total					$	813,576,202		585,472,337

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

March 31, 2010


Total	Leasing Transactions	Sq. Feet	Base Rent Per Sq. Ft.		Prior Rent Per Sq. Ft.		Rent Growth %		Weighted Avg. Lease Term	Tenant Improvements Per Sq. Ft.
1st Quarter 2010	329	836,435	$	18.02	$	18.11	-0.5	%	6.9	$	4.09
4th Quarter 2009	436	916,615		18.34		18.41	-0.4	%	5.9		2.15
3rd Quarter 2009	374	709,788		20.24		18.75	-7.4	%	4.2		2.71
2nd Quarter 2009	358	676,775		19.75		20.52	-3.8	%	4.7		1.63

Total - 12 months	1,497	3,139,613	$	18.60	$	19.20	-2.9	%	5.6	$	2.66


New Leases	Leasing Transactions	Sq. Feet	Base Rent Per Sq. Ft.		Prior Rent Per Sq. Ft.		Rent Growth %		Weighted Avg. Lease Term	Tenant Improvements Per Sq. Ft.
1st Quarter 2010	114	301,008	$	18.44	$	18.33	0.6	%	8.9	$	9.95
4th Quarter 2009	137	220,196		17.83		21.88	-18.5	%	6.6		8.22
3rd Quarter 2009	125	190,806		19.77		23.98	-17.5	%	5.7		9.40
2nd Quarter 2009	113	165,843		19.52		22.48	-13.1	%	4.8		5.89

Total - 12 months	489	877,853	$	18.63	$	21.23	-11.5	%	6.9	$	8.57


Renewals	Leasing Transactions	Sq. Feet	Base Rent Per Sq. Ft.		Prior Rent Per Sq. Ft.		Rent Growth %		Weighted Avg. Lease Term	Tenant Improvements Per Sq. Ft.
1st Quarter 2010	215	535,427	$	17.78	$	17.98	-1.1	%	5.8	$	0.79
4th Quarter 2009	299	696,419		18.50		17.31	6.8	%	5.7		0.23
3rd Quarter 2009	249	518,982		18.37		18.86	-2.6	%	3.6		0.25
2nd Quarter 2009	246	510,932		19.82		19.89	-0.4	%	4.7		0.24

Total - 12 months	1,009	2,261,760	$	18.59	$	18.41	1.0	%	5.0	$	0.37

Notes:

Leasing statistics and rent growth are on a same space, cash basis

All amounts reported at execution

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

March 31, 2010


Total	Leasing Transactions	Sq. Feet	Base Rent Per Sq. Ft.		Prior Rent Per Sq. Ft.		Rent Growth %		Weighted Avg. Lease Term	Tenant Improvements Per Sq. Ft.
1st Quarter 2010	329	1,186,508	$	17.87	$	18.34	-2.6	%	6.2	$	3.48
4th Quarter 2009	436	1,437,365		18.06		18.23	-0.9	%	5.4		1.81
3rd Quarter 2009	374	1,225,365		16.59		17.69	-6.3	%	4.5		1.99
2nd Quarter 2009	359	1,191,442		18.35		18.68	0.0	%	4.8		1.63

Total - 12 months	1,498	5,040,680	$	17.61	$	18.23	-2.8	%	5.3	$	2.14


New Leases	Leasing Transactions	Sq. Feet	Base Rent Per Sq. Ft.		Prior Rent Per Sq. Ft.		Rent Growth %		Weighted Avg. Lease Term	Tenant Improvements Per Sq. Ft.
1st Quarter 2010	114	424,631	$	17.58	$	18.32	-4.0	%	8.1	$	8.68
4th Quarter 2009	137	310,344		17.98		21.86	-17.8	%	6.1		7.24
3rd Quarter 2009	125	276,943		19.02		22.79	-16.6	%	5.8		7.68
2nd Quarter 2009	113	250,991		21.28		21.96	-3.1	%	5.1		7.12

Total - 12 months	489	1,262,909	$	18.30	$	20.89	-10.4	%	6.6	$	7.57


Renewals	Leasing Transactions	Sq. Feet	Base Rent Per Sq. Ft.		Prior Rent Per Sq. Ft.		Rent Growth %		Weighted Avg. Lease Term	Tenant Improvements Per Sq. Ft.
1st Quarter 2010	215	761,877	$	18.02	$	18.34	-1.7	%	5.1	$	0.58
4th Quarter 2009	299	1,127,021		18.08		17.23	4.9	%	5.2		0.31
3rd Quarter 2009	249	948,422		15.88		16.21	-2.0	%	4.1		0.33
2nd Quarter 2009	246	940,451		17.57		17.80	-1.3	%	4.7		0.16

Total - 12 months	1,009	3,777,771	$	17.38	$	17.33	0.3	%	4.8	$	0.33

Notes:

Leasing statistics and rent growth are on a same space, cash basis

All amounts reported at execution

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

March 31, 2010


State	Number of Properties	GLA	% of Total GLA		% Leased⁽¹⁾		Annualized Base Rent⁽²⁾		% of Ann. Base Rent		Average Base Rent/ Sq. Ft
Alabama	2	143,973	0.5	%	72.3	%	$	1,414,391	0.3	%	$	13.59
Arizona	4	409,967	1.4	%	91.7	%		5,492,317	1.3	%		14.71
California	69	6,349,152	21.4	%	92.5	%		127,305,351	29.3	%		22.01
Colorado	20	1,452,213	4.9	%	89.5	%		16,995,292	3.9	%		13.30
Connecticut	1	71,944	0.2	%	100.0	%		1,642,283	0.4	%		22.83
Delaware	4	333,053	1.1	%	91.5	%		4,394,562	1.0	%		14.42
District of Columbia	2	12,437	0.0	%	100.0	%		709,743	0.2	%		57.07
Florida	56	4,769,562	16.1	%	91.7	%		53,822,709	12.4	%		12.63
Georgia	19	1,476,951	5.0	%	88.3	%		20,550,402	4.7	%		15.78
Illinois	23	1,070,861	3.6	%	90.2	%		11,394,986	2.6	%		12.19
Indiana	6	123,099	0.4	%	71.3	%		1,591,617	0.4	%		18.12
Kentucky	1	23,186	0.1	%	81.9	%		325,858	0.1	%		17.16
Maryland	16	742,189	2.5	%	90.3	%		10,331,327	2.4	%		17.78
Massachusetts	3	408,814	1.4	%	93.8	%		6,729,250	1.5	%		17.56
Michigan	2	118,273	0.4	%	85.8	%		1,445,771	0.3	%		14.24
Minnesota	3	165,849	0.6	%	96.0	%		2,007,112	0.5	%		12.61
Missouri	23	370,404	1.2	%	97.0	%		3,258,278	0.7	%		10.29
Nevada	2	439,467	1.5	%	79.1	%		4,634,000	1.1	%		13.34
New Jersey	2	62,593	0.2	%	95.2	%		1,024,511	0.2	%		17.19
North Carolina	16	1,262,609	4.3	%	92.4	%		14,911,014	3.4	%		14.11
Ohio	15	1,805,680	6.1	%	93.8	%		18,634,116	4.3	%		11.00
Oregon	8	696,300	2.3	%	98.1	%		11,500,935	2.6	%		17.02
Pennsylvania	12	680,179	2.3	%	92.2	%		12,108,482	2.8	%		19.36
South Carolina	6	175,543	0.6	%	95.5	%		2,248,417	0.5	%		13.41
Tennessee	7	493,393	1.7	%	89.9	%		6,041,285	1.4	%		13.62
Texas	35	3,419,624	11.5	%	89.0	%		51,739,481	11.9	%		17.13
Virginia	29	1,845,107	6.2	%	94.0	%		30,107,357	6.9	%		17.38
Washington	11	629,702	2.1	%	93.6	%		11,466,532	2.6	%		19.46
Wisconsin	2	107,651	0.4	%	98.3	%		787,351	0.2	%		7.49

Total All Properties	399	29,659,773	100.0	%	91.5	%	$	434,614,731	100.0	%	$	16.34

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

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

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

March 31, 2010


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	0.4	%	70.7	%	$	1,869,822	0.3	%	$	13.01
Arizona	4	496,073	1.1	%	90.7	%		6,468,776	1.0	%		14.47
California	69	8,720,239	19.3	%	92.7	%		169,800,652	26.1	%		21.26
Colorado	20	2,064,253	4.6	%	91.1	%		24,604,457	3.8	%		13.27
Connecticut	1	179,860	0.4	%	100.0	%		4,105,708	0.6	%		22.83
Delaware	4	472,005	1.0	%	90.1	%		6,399,782	1.0	%		15.04
District of Columbia	2	39,647	0.1	%	100.0	%		2,041,024	0.3	%		51.48
Florida	56	5,433,356	12.0	%	91.8	%		62,628,501	9.6	%		12.85
Georgia	19	1,671,632	3.7	%	89.1	%		22,975,797	3.5	%		15.45
Illinois	23	2,769,037	6.1	%	90.4	%		29,777,191	4.6	%		12.10
Indiana	6	273,253	0.6	%	82.1	%		3,523,748	0.5	%		15.72
Kentucky	1	23,186	0.1	%	81.9	%		325,858	0.1	%		17.16
Maryland	16	1,860,355	4.1	%	91.2	%		27,761,675	4.3	%		17.42
Massachusetts	3	557,037	1.2	%	95.4	%		8,299,852	1.3	%		15.61
Michigan	2	118,273	0.3	%	85.8	%		1,445,771	0.2	%		14.24
Minnesota	3	483,938	1.1	%	96.5	%		5,781,911	0.9	%		12.38
Missouri	23	2,265,466	5.0	%	97.0	%		19,928,304	3.1	%		10.29
Nevada	2	439,467	1.0	%	79.1	%		4,634,000	0.7	%		13.34
New Jersey	2	156,482	0.3	%	95.2	%		2,561,277	0.4	%		17.19
North Carolina	16	2,270,466	5.0	%	91.5	%		28,159,213	4.3	%		14.41
Ohio	15	2,235,338	4.9	%	93.4	%		23,786,126	3.7	%		11.39
Oregon	8	752,161	1.7	%	98.1	%		12,200,997	1.9	%		16.70
Pennsylvania	12	1,399,386	3.1	%	92.9	%		22,178,532	3.4	%		17.12
South Carolina	6	360,718	0.8	%	96.0	%		4,391,644	0.7	%		12.69
Tennessee	7	565,386	1.3	%	90.5	%		6,885,148	1.1	%		13.45
Texas	35	4,352,958	9.6	%	89.5	%		64,851,330	10.0	%		16.76
Virginia	29	3,698,187	8.2	%	94.2	%		63,975,544	9.8	%		18.38
Washington	11	1,038,514	2.3	%	94.8	%		17,070,098	2.6	%		17.33
Wisconsin	2	269,128	0.6	%	98.3	%		1,968,378	0.3	%		7.49

Total All Properties	399	45,169,007	100.0	%	92.1	%	$	650,401,114	100.0	%	$	15.94

(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 Region

March 31, 2010


							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	Last Renovation or Dev	GLA	GLA	% Leased		% Leased		– Operating		– Operating		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	76.2	%	76.2	%					—	54,340	Publix	$	14.86
Valleydale Village Shop Center	JV-O	50	%	AL	Birmingham-Hoover	2003	118,466	59,233	66.8	%	66.8	%					—	44,271	Publix	$	11.51
				AL			203,206	143,973	70.7	%	72.3	%	66.8	%	66.8	%	—	98,611
Anthem Marketplace				AZ	Phoenix-Mesa-Scottsdale	2000	113,292	113,292	91.8	%	91.8	%					—	55,256	Safeway	$	15.35
Palm Valley Marketplace	JV-C	20	%	AZ	Phoenix-Mesa-Scottsdale	1999	107,633	21,527	85.8	%	85.8	%					—	55,403	Safeway	$	13.22
Pima Crossing				AZ	Phoenix-Mesa-Scottsdale	1996	239,438	239,438	93.3	%	93.3	%					—	—	Golf & Tennis Pro Shop, Inc.	$	14.85
Shops at Arizona				AZ	Phoenix-Mesa-Scottsdale	2000	35,710	35,710	84.2	%	84.2	%					—	—	—	$	12.26
				AZ			496,073	409,967	90.7	%	91.7	%	90.7	%	91.7	%	—	110,659
4S Commons Town Center				CA	San Diego-Carlsbad-San Marcos	2004	240,060	240,060	95.5	%	95.5	%					—	68,000	Ralphs, Jimbo’s...Naturally!	$	27.87
Amerige Heights Town Center				CA	Los Angeles-Long Beach-Santa Ana	2000	96,680	96,680	98.0	%	98.0	%					142,600	57,560	Albertsons, (Target)	$	25.72
Applegate Ranch Shopping Center				CA	Merced	2006	144,444	144,444	66.2	%	66.2	%					319,692	178,500	(Super Target), (Home Depot)	$	14.43
Auburn Village	JV-GRI	40	%	CA	Sacramento—Arden-Arcade—Roseville	1990	133,944	53,578	91.2	%	91.2	%					—	45,540	Bel Air Market	$	18.50
Bayhill Shopping Center	JV-GRI	40	%	CA	San Francisco-Oakland-Fremont	1990	121,846	48,738	100.0	%	100.0	%					—	32,110	Mollie Stone’s Market	$	20.56
Blossom Valley	JV-USAA	20	%	CA	San Jose-Sunnyvale-Santa Clara	1990	93,316	18,663	92.2	%	92.2	%					—	34,208	Safeway	$	23.95
Brea Marketplace	JV-GRI	40	%	CA	Los Angeles-Long Beach-Santa Ana	1987	352,115	140,846	95.6	%	95.6	%					—	24,867	Sprout’s Markets	$	15.26
Clayton Valley Shopping Center				CA	San Francisco-Oakland-Fremont	2004	260,205	260,205	68.9	%	68.9	%					—	14,000	Fresh & Easy, Home Depot	$	25.32
Clovis Commons				CA	Fresno	2004	174,990	174,990	96.9	%	96.9	%					145,653	145,653	(Super Target)	$	20.53
Corral Hollow	JV-RC	25	%	CA	Stockton	2000	167,184	41,796	98.7	%	98.7	%					—	65,715	Safeway, Orchard Supply & Hardware	$	16.14
Costa Verde Center				CA	San Diego-Carlsbad-San Marcos	1988	178,623	178,623	94.6	%	94.6	%					—	40,000	Bristol Farms	$	33.15
Diablo Plaza				CA	San Francisco-Oakland-Fremont	1982	63,265	63,265	96.7	%	96.7	%					53,000	53,000	(Safeway)	$	34.09
El Camino Shopping Center				CA	Los Angeles-Long Beach-Santa Ana	1995	135,728	135,728	92.2	%	92.2	%					—	35,650	Von’s Food & Drug	$	22.14
El Cerrito Plaza				CA	San Francisco-Oakland-Fremont	2000	256,035	256,035	98.0	%	98.0	%					66,700	77,888	(Lucky’s)	$	25.14
El Norte Pkwy Plaza				CA	San Diego-Carlsbad-San Marcos	1984	90,549	90,549	95.9	%	95.9	%					—	42,315	Von’s Food & Drug	$	15.87
Encina Grande				CA	San Francisco-Oakland-Fremont	1965	102,413	102,413	89.7	%	89.7	%					—	22,500	Safeway	$	20.28
Falcon Ridge Town Center Phase I	JV-RRP	20	%	CA	Riverside-San Bernardino-Ontario	2004	232,754	46,551	97.8	%	97.8	%					123,735	43,718	Stater Bros., (Target)	$	15.63
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	$	26.43
Five Points Shopping Center	JV-GRI	40	%	CA	Santa Barbara-Santa Maria-Goleta	1960	144,553	57,821	100.0	%	100.0	%					—	35,305	Albertsons	$	24.48
Folsom Prairie City Crossing				CA	Sacramento—Arden-Arcade—Roseville	1999	90,237	90,237	95.7	%	95.7	%					—	55,255	Safeway	$	19.44
French Valley Village Center				CA	Riverside-San Bernardino-Ontario	2004	98,752	98,752	92.8	%	92.8	%					—	44,054	Stater Bros.	$	23.27
Friars Mission Center				CA	San Diego-Carlsbad-San Marcos	1989	146,897	146,897	96.4	%	96.4	%					—	55,303	Ralphs	$	28.69
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	90.8	%	90.8	%					—	37,500	Gelson’s Markets	$	16.98
Golden Hills Promenade				CA	San Luis Obispo-Paso Robles	2006	216,846	216,846	92.7	%	92.7	%					—	—	Lowe’s	$	5.23
Granada Village	JV-GRI	40	%	CA	Los Angeles-Long Beach-Santa Ana	1965	224,649	89,860	68.9	%	68.9	%					—	—	—	$	18.61
Hasley Canyon Village	JV-USAA	20	%	CA	Los Angeles-Long Beach-Santa Ana	2003	65,801	13,160	95.7	%	95.7	%					—	51,800	Ralphs	$	22.71
Heritage Plaza				CA	Los Angeles-Long Beach-Santa Ana	1981	231,582	231,582	98.6	%	98.6	%					—	44,376	Ralphs	$	26.73
Indio Towne Center				CA	Riverside-San Bernardino-Ontario	2006	132,693	132,693	50.8	%	50.8	%					235,834	93,696	(Home Depot), (WinCo)	$	18.58
Jefferson Square				CA	Riverside-San Bernardino-Ontario	2007	38,013	38,013	74.7	%	74.7	%					—	13,969	Fresh & Easy	$	15.20
Laguna Niguel Plaza	JV-GRI	40	%	CA	Los Angeles-Long Beach-Santa Ana	1985	41,943	16,777	89.5	%	89.5	%					38,917	38,917	(Albertsons)	$	26.26
Loehmanns Plaza California				CA	San Jose-Sunnyvale-Santa Clara	1983	113,310	113,310	99.1	%	99.1	%					53,000	53,000	(Safeway)	$	16.78
Marina Shores	JV-C2	20	%	CA	Los Angeles-Long Beach-Santa Ana	2001	67,727	13,545	91.1	%	91.1	%					—	25,987	—	$	30.36
Mariposa Shopping Center	JV-GRI	40	%	CA	San Jose-Sunnyvale-Santa Clara	1957	126,658	50,663	100.0	%	100.0	%					—	42,896	Safeway	$	17.86
Morningside Plaza				CA	Los Angeles-Long Beach-Santa Ana	1996	91,212	91,212	94.3	%	94.3	%					—	42,630	Stater Bros.	$	23.24
Navajo Shopping Center	JV-GRI	40	%	CA	San Diego-Carlsbad-San Marcos	1964	102,139	40,856	96.6	%	96.6	%					—	44,180	Albertsons	$	12.82
Newland Center				CA	Los Angeles-Long Beach-Santa Ana	1985	149,140	149,140	100.0	%	100.0	%					—	58,000	Albertsons	$	20.05
Oakbrook Plaza				CA	Oxnard-Thousand Oaks-Ventura	1982	83,286	83,286	98.1	%	98.1	%					—	43,842	Albertsons	$	16.70
Park Plaza Shopping Center	JV-C	20	%	CA	Los Angeles-Long Beach-Santa Ana	1991	194,396	38,879	94.3	%	94.3	%					—	28,210	Henry’s Marketplace	$	18.98
Paseo Del Sol				CA	Santa Barbara-Santa Maria-Goleta	2004	49,680	49,680	83.9	%	83.9	%					—	40,000	Whole Foods	$	47.80
Plaza Hermosa				CA	Los Angeles-Long Beach-Santa Ana	1984	94,940	94,940	100.0	%	100.0	%					—	36,800	Von’s Food & Drug	$	19.85
Pleasant Hill Shopping Center	JV-GRI	40	%	CA	San Francisco-Oakland-Fremont	1970	227,670	91,068	86.0	%	86.0	%					—	—	Target, Toys “R” Us	$	22.38
Point Loma Plaza	JV-GRI	40	%	CA	San Diego-Carlsbad-San Marcos	1987	212,415	84,966	96.7	%	96.7	%					—	50,000	Von’s Food & Drug	$	17.80
Powell Street Plaza				CA	San Francisco-Oakland-Fremont	1987	165,928	165,928	100.0	%	100.0	%					—	10,122	Trader Joe’s	$	30.99
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	94.1	%	94.1	%					—	39,777	Von’s Food & Drug	$	18.42
Rio Vista Town Center				CA	Riverside-San Bernardino-Ontario	2005	67,622	67,622	78.6	%	78.6	%					—	44,700	Stater Bros.	$	16.82
Rona Plaza				CA	Los Angeles-Long Beach-Santa Ana	1989	51,760	51,760	100.0	%	100.0	%					—	37,194	Superior Super Warehouse	$	18.15
San Leandro Plaza				CA	San Francisco-Oakland-Fremont	1982	50,432	50,432	100.0	%	100.0	%					38,250	38,250	(Safeway)	$	28.82
Seal Beach	JV-C	20	%	CA	Los Angeles-Long Beach-Santa Ana	1966	96,858	19,372	91.5	%	91.5	%					—	48,000	Von’s Food & Drug	$	23.27
Sequoia Station				CA	San Francisco-Oakland-Fremont	1996	103,148	103,148	88.2	%	88.2	%					62,050	62,050	(Safeway)	$	33.83
Silverado Plaza	JV-GRI	40	%	CA	Napa	1974	84,916	33,966	98.3	%	98.3	%					—	31,833	Nob Hill	$	14.63
Snell & Branham Plaza	JV-GRI	40	%	CA	San Jose-Sunnyvale-Santa Clara	1988	99,350	39,740	98.3	%	98.3	%					—	52,550	Safeway	$	16.55
Stanford Ranch Village	JV-GRI	40	%	CA	Sacramento—Arden-Arcade—Roseville	1991	89,875	35,950	95.1	%	95.1	%					—	45,540	Bel Air Market	$	15.86
Strawflower Village				CA	San Francisco-Oakland-Fremont	1985	78,827	78,827	94.4	%	94.4	%					—	33,753	Safeway	$	18.84
Tassajara Crossing				CA	San Francisco-Oakland-Fremont	1990	146,188	146,188	96.7	%	96.7	%					—	56,496	Safeway	$	20.60

Portfolio Summary Report By Region

March 31, 2010


							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	Last Renovation or Dev	GLA	GLA	% Leased		% Leased		– Operating		– Operating		Anchor- Owned GLA	Grocery Anchor GLA	Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Twin Oaks Shopping Center	JV-GRI	40	%	CA	Los Angeles-Long Beach-Santa Ana	1978	98,399	39,360	100.0	%	100.0	%					—	40,775	Ralphs	$	15.35
Twin Peaks				CA	San Diego-Carlsbad-San Marcos	1988	198,139	198,139	95.5	%	95.5	%					—	44,686	Albertsons, Target	$	17.35
Valencia Crossroads				CA	Los Angeles-Long Beach-Santa Ana	2003	172,856	172,856	98.6	%	98.6	%					—	35,000	Whole Foods, Kohl’s	$	22.71
Ventura Village				CA	Oxnard-Thousand Oaks-Ventura	1984	76,070	76,070	96.4	%	96.4	%					—	42,500	Von’s Food & Drug	$	19.65
Vine at Castaic				CA	Los Angeles-Long Beach-Santa Ana	2005	27,314	27,314	67.6	%	67.6	%					—	—	—	$	30.09
Vista Village Phase I	JV-RRP	20	%	CA	San Diego-Carlsbad-San Marcos	2003	129,009	25,802	91.8	%	91.8	%					165,000	—	Krikorian Theaters, (Lowe’s)	$	25.08
Vista Village Phase II	JV-RRP	20	%	CA	San Diego-Carlsbad-San Marcos	2003	55,000	11,000	45.5	%	45.5	%					—	25,000	Sprout’s Markets	$	16.00
Vista Village IV				CA	San Diego-Carlsbad-San Marcos	2006	11,000	11,000	100.0	%	100.0	%					—	—	—	$	39.12
West Park Plaza				CA	San Jose-Sunnyvale-Santa Clara	1996	88,104	88,104	98.0	%	98.0	%					—	24,712	Safeway	$	15.13
Westlake Village Plaza and Center				CA	Oxnard-Thousand Oaks-Ventura	1975	190,529	190,529	96.6	%	96.6	%					—	41,300	Von’s Food & Drug	$	25.71
Westridge Village				CA	Los Angeles-Long Beach-Santa Ana	2003	92,287	92,287	100.0	%	100.0	%					—	50,782	Albertsons	$	25.98
Woodman Van Nuys				CA	Los Angeles-Long Beach-Santa Ana	1992	107,614	107,614	100.0	%	100.0	%					—	77,648	El Super	$	13.82
Woodside Central				CA	San Francisco-Oakland-Fremont	1993	80,591	80,591	98.1	%	98.1	%					113,000	—	(Target)	$	20.62
Ygnacio Plaza	JV-GRI	40	%	CA	San Francisco-Oakland-Fremont	1968	109,701	43,880	99.0	%	99.0	%					—	17,050	Fresh & Easy	$	34.97
				CA			8,720,239	6,349,152	92.7	%	92.5	%	94.2	%	94.7	%	1,769,916	2,879,489
Applewood Shopping Center	JV-GRI	40	%	CO	Denver-Aurora	1956	375,622	150,249	92.9	%	92.9	%					—	71,074	King Soopers, Wal-Mart	$	9.34
Arapahoe Village	JV-GRI	40	%	CO	Boulder	1957	159,237	63,695	94.2	%	94.2	%					—	43,500	Safeway	$	16.22
Belleview Square				CO	Denver-Aurora	1978	117,335	117,335	100.0	%	100.0	%					—	65,104	King Soopers	$	15.18
Boulevard Center				CO	Denver-Aurora	1986	88,512	88,512	78.8	%	78.8	%					52,700	52,700	(Safeway)	$	23.05
Buckley Square				CO	Denver-Aurora	1978	116,147	116,147	91.4	%	91.4	%					—	62,400	King Soopers	$	8.33
Centerplace of Greeley Phase III				CO	Greeley	2007	94,090	94,090	81.5	%	81.5	%					—	—	Sports Authority	$	14.93
Cherrywood Square	JV-GRI	40	%	CO	Denver-Aurora	1978	86,162	34,465	97.4	%	97.4	%					—	51,640	King Soopers	$	10.71
Crossroads Commons	JV-C	20	%	CO	Boulder	1986	143,444	28,689	98.7	%	98.7	%					—	39,247	Whole Foods	$	23.69
Falcon Marketplace				CO	Colorado Springs	2005	22,491	22,491	65.8	%	65.8	%					184,305	50,000	(Wal-Mart Supercenter)	$	23.16
Hilltop Village	JV-M3	25	%	CO	Denver-Aurora	2003	100,030	25,008	93.7	%	93.7	%					—	66,000	King Soopers	$	8.75
South Lowry Square				CO	Denver-Aurora	1993	119,916	119,916	86.5	%	86.5	%					—	62,600	Safeway	$	12.18
Littleton Square				CO	Denver-Aurora	1997	94,222	94,222	91.2	%	91.2	%					—	49,751	King Soopers	$	12.08
Lloyd King Center				CO	Denver-Aurora	1998	83,326	83,326	100.0	%	100.0	%					—	61,040	King Soopers	$	11.28
Marketplace at Briargate				CO	Colorado Springs	2006	29,075	29,075	84.8	%	84.8	%					66,000	66,000	(King Soopers)	$	27.90
Monument Jackson Creek				CO	Colorado Springs	1999	85,263	85,263	100.0	%	100.0	%					—	69,913	King Soopers	$	10.78
NorthGate Village				CO	Greeley	2008	19,377	19,377	5.3	%	5.3	%					125,000	125,000	(King Soopers)		NA
Ralston Square Shopping Center	JV-GRI	40	%	CO	Denver-Aurora	1977	82,750	33,100	96.1	%	96.1	%					—	55,311	King Soopers	$	9.11
Shops at Quail Creek				CO	Denver-Aurora	2008	37,585	37,585	58.3	%	58.3	%					99,844	99,844	(King Soopers)	$	24.26
Stroh Ranch				CO	Denver-Aurora	1998	93,436	93,436	95.5	%	95.5	%					—	69,719	King Soopers	$	11.93
Woodmen Plaza				CO	Colorado Springs	1998	116,233	116,233	88.8	%	88.8	%					—	69,716	King Soopers	$	12.80
				CO			2,064,253	1,452,213	91.1	%	89.5	%	93.4	%	92.7	%	527,849	1,230,559
Corbin’s Corner	JV-GRI	40	%	CT	Hartford-West Hartford-East Hartford	1962	179,860	71,944	100.0	%	100.0	%					—	10,150	Trader Joe’s	$	22.83
				CT			179,860	71,944	100.0	%	100.0	%	100.0	%	100.0	%	—	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	$	31.17
Spring Valley Shopping Center	JV-GRI	40	%	DC	Washington-Arlington-Alexandria	1930	16,835	6,734	100.0	%	100.0	%					—	—	—	$	79.00
				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	86.8	%	86.8	%					—	57,319	Shop Rite	$	15.35
Pike Creek				DE	Philadelphia-Camden-Wilmington	1981	229,510	229,510	93.0	%	93.0	%					—	49,069	Acme Markets, K-Mart	$	12.66
Shoppes of Graylyn	JV-GRI	40	%	DE	Philadelphia-Camden-Wilmington	1971	66,808	26,723	87.1	%	87.1	%					—	—	—	$	19.72
White Oak—Dover, DE				DE	Dover	2000	10,908	10,908	100.0	%	100.0	%					—	—	—	$	32.73
				DE			472,005	333,053	90.1	%	91.5	%	90.1	%	91.5	%	—	106,388
Anastasia Plaza				FL	Jacksonville	1988	102,342	102,342	95.0	%	95.0	%					—	48,555	Publix	$	11.18
Aventura Shopping Center				FL	Miami-Fort Lauderdale-Miami Beach	1974	102,876	102,876	87.3	%	87.3	%					—	35,908	Publix	$	14.81
Beneva Village Shops				FL	Sarasota-Bradenton-Venice	1987	141,532	141,532	79.6	%	79.6	%					—	42,112	Publix	$	12.02
Berkshire Commons				FL	Naples-Marco Island	1992	106,354	106,354	100.0	%	100.0	%					—	65,537	Publix	$	12.56
Bloomingdale Square				FL	Tampa-St. Petersburg-Clearwater	1987	267,736	267,736	96.7	%	96.7	%					—	39,795	Publix, Wal-Mart, Bealls	$	8.72
Boynton Lakes Plaza				FL	Miami-Fort Lauderdale-Miami Beach	1993	124,924	124,924	83.5	%	83.5	%					—	56,000	Winn-Dixie	$	11.76
Caligo Crossing				FL	Miami-Fort Lauderdale-Miami Beach	2007	10,762	10,762	74.9	%	74.9	%					98,165	—	(Kohl’s)	$	35.85
Canopy Oak Center	JV-O	50	%	FL	Ocala	2006	90,041	45,021	77.8	%	77.8	%					—	54,340	Publix	$	17.60
Carriage Gate				FL	Tallahassee	1978	76,784	76,784	91.4	%	91.4	%					—	—	—	$	12.31
Chasewood Plaza				FL	Miami-Fort Lauderdale-Miami Beach	1986	155,603	155,603	98.6	%	98.6	%					—	54,420	Publix	$	18.02
Corkscrew Village				FL	Cape Coral-Fort Myers	1997	82,011	82,011	91.9	%	91.9	%					—	51,420	Publix	$	12.44
Courtyard Shopping Center				FL	Jacksonville	1987	137,256	137,256	100.0	%	100.0	%					62,771	62,771	(Publix), Target	$	3.17
East Port Plaza				FL	Port St. Lucie-Fort Pierce	1991	113,281	113,281	88.4	%	88.4	%					—	42,112	Publix	$	9.60
East Towne Center				FL	Orlando	2003	69,841	69,841	84.0	%	84.0	%					—	44,840	Publix	$	12.86
First Street Village				FL	Cape Coral-Fort Myers	2006	54,926	54,926	89.4	%	89.4	%					—	39,393	Publix	$	16.95
Five Corners Plaza	JV-RC	25	%	FL	Miami-Fort Lauderdale-Miami Beach	2001	44,647	11,162	88.1	%	88.1	%					—	27,887	Publix	$	13.13
Fleming Island				FL	Jacksonville	2000	136,663	136,663	62.8	%	62.8	%					129,807	47,955	Publix, (Target)	$	13.69
Garden Square				FL	Miami-Fort Lauderdale-Miami Beach	1991	90,258	90,258	100.0	%	100.0	%					—	42,112	Publix	$	14.67
Grande Oak				FL	Cape Coral-Fort Myers	2000	78,784	78,784	100.0	%	100.0	%					—	54,379	Publix	$	14.27
Hibernia Pavilion				FL	Jacksonville	2006	51,298	51,298	94.9	%	94.9	%					—	39,203	Publix	$	17.01
Hibernia Plaza				FL	Jacksonville	2006	8,400	8,400	33.3	%	33.3	%					—	—	—	$	12.00
Horton’s Corner				FL	Jacksonville	2007	14,820	14,820	100.0	%	100.0	%					—	—	—	$	25.71

Portfolio Summary Report By Region

March 31, 2010


							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	Last Renovation or Dev	GLA	GLA	% Leased		% Leased		– Operating		– Operating		Anchor- Owned GLA	Grocery Anchor GLA	Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Island Crossing	JV-C2	20	%	FL	Port St. Lucie-Fort Pierce	1996	58,456	11,691	100.0	%	100.0	%					—	47,955	Publix	$	10.05
John’s Creek Center	JV-C2	20	%	FL	Jacksonville	2004	75,101	15,020	100.0	%	100.0	%					—	44,840	Publix	$	12.79
Julington Village	JV-C	20	%	FL	Jacksonville	1999	81,820	16,364	100.0	%	100.0	%					—	51,420	Publix	$	14.27
Kings Crossing Sun City				FL	Tampa-St. Petersburg-Clearwater	1999	75,020	75,020	98.4	%	98.4	%					—	51,420	Publix	$	11.73
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	81.6	%	81.6	%					—	—	—	$	23.11
Martin Downs Village Center				FL	Port St. Lucie-Fort Pierce	1985	112,666	112,666	87.3	%	87.3	%					—	—	—	$	15.28
Martin Downs Village Shoppes				FL	Port St. Lucie-Fort Pierce	1998	48,937	48,937	87.1	%	87.1	%					—	—	—	$	17.95
Millhopper Shopping Center				FL	Gainesville	1974	80,421	80,421	100.0	%	100.0	%					—	37,244	Publix	$	9.32
Naples Walk Shopping Center				FL	Naples-Marco Island	1999	125,390	125,390	88.9	%	88.9	%					—	51,420	Publix	$	15.76
Newberry Square				FL	Gainesville	1986	180,524	180,524	95.5	%	95.5	%					—	39,795	Publix, K-Mart	$	7.64
Nocatee Town Center				FL	Jacksonville	2007	69,679	69,679	88.0	%	88.0	%					—	54,340	Publix	$	14.34
Northgate Square				FL	Tampa-St. Petersburg-Clearwater	1995	75,495	75,495	100.0	%	100.0	%					—	47,955	Publix	$	12.64
Oakleaf Commons				FL	Jacksonville	2006	73,717	73,717	79.1	%	79.1	%					—	45,600	Publix	$	14.23
Old St Augustine Plaza				FL	Jacksonville	1990	232,459	232,459	99.1	%	99.1	%					—	51,832	Publix, Burlington Coat Factory, Hobby Lobby	$	7.64
Pebblebrook Plaza	JV-O	50	%	FL	Naples-Marco Island	2000	76,767	38,384	100.0	%	100.0	%					—	61,166	Publix	$	12.98
Pine Tree Plaza				FL	Jacksonville	1999	63,387	63,387	98.4	%	98.4	%					—	37,866	Publix	$	12.19
Plantation Plaza	JV-C2	20	%	FL	Jacksonville	2004	77,747	15,549	96.7	%	96.7	%					—	44,840	Publix	$	16.19
Regency Square				FL	Tampa-St. Petersburg-Clearwater	1986	349,848	349,848	93.2	%	93.2	%					66,000	—	AMC Theater, Michaels, (Best Buy), (Macdill)	$	13.85
Seminole Shoppes				FL	Jacksonville	2009	78,240	78,240	75.8	%	75.8	%					—	54,340	Publix	$	19.17
Shoppes @ 104				FL	Miami-Fort Lauderdale-Miami Beach	1990	108,192	108,192	96.1	%	96.1	%					—	46,368	Winn-Dixie	$	13.69
Shoppes at Bartram Park	JV-O	50	%	FL	Jacksonville	2004	105,319	52,660	95.3	%	95.3	%					97,000	44,840	Publix, (Kohl’s)	$	16.61
Shoppes at Bartram Park Phase II	JV-O	50	%	FL	Jacksonville	2008	14,639	7,320	49.3	%	49.3	%					—	—	—	$	21.15
Shops at John’s Creek				FL	Jacksonville	2004	15,490	15,490	72.6	%	72.6	%					—	—	—	$	20.13
Starke				FL	None	2000	12,739	12,739	100.0	%	100.0	%					—	—	—	$	23.83
Suncoast Crossing Phase I				FL	Tampa-St. Petersburg-Clearwater	2007	108,434	108,434	91.9	%	91.9	%					—	—	Kohl’s	$	4.13
Suncoast Crossing Phase II				FL	Tampa-St. Petersburg-Clearwater	2008	9,451	9,451	14.8	%	14.8	%					143,055	—	(Target)	$	21.00
Town Center at Martin Downs				FL	Port St. Lucie-Fort Pierce	1996	64,546	64,546	100.0	%	100.0	%					—	56,146	Publix	$	12.34
Town Square				FL	Tampa-St. Petersburg-Clearwater	1999	44,380	44,380	100.0	%	100.0	%					—	—	—	$	26.51
Village Center				FL	Tampa-St. Petersburg-Clearwater	1993	181,110	181,110	96.5	%	96.5	%					—	36,434	Publix	$	12.88
Village Commons Shopping Center	JV-GRI	40	%	FL	Miami-Fort Lauderdale-Miami Beach	1986	169,053	67,621	79.1	%	79.1	%					—	39,975	Publix	$	16.78
Vineyard Shopping Center	JV-M3	25	%	FL	Tallahassee	2002	62,821	15,705	83.8	%	83.8	%					—	44,271	Publix	$	10.38
Welleby Plaza				FL	Miami-Fort Lauderdale-Miami Beach	1982	109,949	109,949	93.1	%	93.1	%					—	46,779	Publix	$	10.29
Wellington Town Square				FL	Miami-Fort Lauderdale-Miami Beach	1982	107,325	107,325	98.0	%	98.0	%					—	44,840	Publix	$	18.99
Westchase				FL	Tampa-St. Petersburg-Clearwater	1998	78,998	78,998	95.2	%	95.2	%					—	51,420	Publix	$	12.95
Willa Springs	JV-USAA	20	%	FL	Orlando	2000	89,930	17,986	98.3	%	98.3	%					—	44,271	Publix	$	16.01
				FL			5,433,356	4,769,562	91.8	%	91.7	%	93.0	%	92.9	%	596,798	2,070,387
Ashford Place				GA	Atlanta-Sandy Springs-Marietta	1993	53,345	53,345	65.0	%	65.0	%					—	—	—	$	16.90
Briarcliff La Vista				GA	Atlanta-Sandy Springs-Marietta	1962	39,204	39,204	100.0	%	100.0	%					—	—	—	$	16.86
Briarcliff Village				GA	Atlanta-Sandy Springs-Marietta	1990	187,156	187,156	81.9	%	81.9	%					—	43,454	Publix	$	14.35
Buckhead Court				GA	Atlanta-Sandy Springs-Marietta	1984	48,338	48,338	97.7	%	97.7	%					—	—	—	$	15.99
Cambridge Square				GA	Atlanta-Sandy Springs-Marietta	1979	71,474	71,474	99.9	%	99.9	%					—	40,852	Kroger	$	12.79
Chapel Hill Centre				GA	Atlanta-Sandy Springs-Marietta	2005	66,970	66,970	94.3	%	94.3	%					88,713	—	(Kohl’s), Hobby Lobby	$	11.31
Cromwell Square				GA	Atlanta-Sandy Springs-Marietta	1990	80,406	80,406	92.5	%	92.5	%					—	—	—	$	11.63
Delk Spectrum				GA	Atlanta-Sandy Springs-Marietta	1991	100,539	100,539	79.2	%	79.2	%					—	45,044	Publix	$	15.70
Dunwoody Hall	JV-USAA	20	%	GA	Atlanta-Sandy Springs-Marietta	1986	89,351	17,870	100.0	%	100.0	%					—	44,271	Publix	$	14.84
Dunwoody Village				GA	Atlanta-Sandy Springs-Marietta	1975	120,598	120,598	87.2	%	87.2	%					—	18,400	Fresh Market	$	16.86
Howell Mill Village				GA	Atlanta-Sandy Springs-Marietta	1984	97,990	97,990	85.3	%	85.3	%					—	31,000	Publix	$	16.59
King Plaza	JV-C2	20	%	GA	Atlanta-Sandy Springs-Marietta	1998	81,432	16,286	93.1	%	93.1	%					—	51,420	Publix	$	12.45
Loehmanns Plaza Georgia				GA	Atlanta-Sandy Springs-Marietta	1986	137,139	137,139	96.5	%	96.5	%					—	—	—	$	18.27
Lost Mountain Crossing	JV-C2	20	%	GA	Atlanta-Sandy Springs-Marietta	1994	72,568	14,514	91.5	%	91.5	%					—	47,814	Publix	$	11.48
Paces Ferry Plaza				GA	Atlanta-Sandy Springs-Marietta	1987	61,697	61,697	100.0	%	100.0	%					—	—	—	$	29.50
Powers Ferry Square				GA	Atlanta-Sandy Springs-Marietta	1987	95,703	95,703	75.1	%	75.1	%					—	—	—	$	22.93
Powers Ferry Village				GA	Atlanta-Sandy Springs-Marietta	1994	78,896	78,896	100.0	%	100.0	%					—	47,955	Publix	$	10.62
Rivermont Station				GA	Atlanta-Sandy Springs-Marietta	1996	90,267	90,267	78.0	%	78.0	%					—	58,261	Kroger	$	15.62
Russell Ridge				GA	Atlanta-Sandy Springs-Marietta	1995	98,559	98,559	91.8	%	91.8	%					—	63,296	Kroger	$	11.51
				GA			1,671,632	1,476,951	89.1	%	88.3	%	89.1	%	88.3	%	88,713	491,767
Baker Hill Center	JV-C	20	%	IL	Chicago-Naperville-Joliet	1998	135,355	27,071	97.3	%	97.3	%					—	72,397	Dominick’s	$	14.27
Brentwood Commons	JV-GRI	40	%	IL	Chicago-Naperville-Joliet	1962	125,585	50,234	92.8	%	92.8	%					—	64,762	Dominick’s	$	12.04
Carbondale Center	JV-D	16	%	IL	Carbondale	1997	59,726	9,765	100.0	%	100.0	%					—	56,726	Schnucks	$	10.18
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	$	10.73
Champaign Commons	JV-D	16	%	IL	Champaign-Urbana	1990	88,105	14,405	90.7	%	90.7	%					—	72,326	Schnucks	$	8.59
Country Club Plaza	JV-D	16	%	IL	St. Louis	2001	86,867	14,203	89.0	%	89.0	%					—	54,554	Schnucks	$	6.78
Deer Grove Center	JV-C	20	%	IL	Chicago-Naperville-Joliet	1996	236,173	47,235	73.4	%	73.4	%					117,000	65,816	Dominick’s, (Target)	$	13.34
Frankfort Crossing Shpg Ctr				IL	Chicago-Naperville-Joliet	1992	114,534	114,534	91.8	%	91.8	%					—	64,937	Jewel / OSCO	$	11.90
Geneva Crossing	JV-C	20	%	IL	Chicago-Naperville-Joliet	1997	123,182	24,636	98.8	%	98.8	%					—	72,385	Dominick’s	$	14.23

Portfolio Summary Report By Region

March 31, 2010


							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	Last Renovation or Dev	GLA	GLA	% Leased		% Leased		– Operating		– Operating		Anchor- Owned GLA	Grocery Anchor GLA	Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Granite City	JV-D	16	%	IL	St. Louis	2004	46,237	7,560	100.0	%	100.0	%					—	46,237	Schnucks	$	8.28
Hinsdale				IL	Chicago-Naperville-Joliet	1986	178,960	178,960	93.7	%	93.7	%					—	69,540	Dominick’s	$	13.08
McHenry Commons Shopping Center	JV-GRI	40	%	IL	Chicago-Naperville-Joliet	1988	100,526	40,210	16.6	%	16.6	%					—	—	—	$	16.41
Montvale Commons	JV-D	16	%	IL	Springfield	1996	73,937	12,089	98.1	%	98.1	%					—	62,447	Schnucks	$	10.57
Oaks Shopping Center	JV-GRI	40	%	IL	Chicago-Naperville-Joliet	1983	135,005	54,002	86.1	%	86.1	%					—	63,863	Dominick’s	$	14.70
Riverside Sq & River’s Edge	JV-GRI	40	%	IL	Chicago-Naperville-Joliet	1986	169,435	67,774	98.6	%	98.6	%					—	74,495	Dominick’s	$	14.60
Riverview Plaza	JV-GRI	40	%	IL	Chicago-Naperville-Joliet	1981	139,256	55,702	96.7	%	96.7	%					—	50,094	Dominick’s	$	10.84
Shorewood Crossing	JV-C	20	%	IL	Chicago-Naperville-Joliet	2001	87,705	17,541	96.5	%	96.5	%					—	65,977	Dominick’s	$	14.58
Shorewood Crossing II	JV-C2	20	%	IL	Chicago-Naperville-Joliet	2005	86,276	17,255	98.1	%	98.1	%					—	—	—	$	13.40
Stearns Crossing	JV-C	20	%	IL	Chicago-Naperville-Joliet	1999	96,613	19,323	92.9	%	92.9	%					—	65,613	Dominick’s	$	13.63
Stonebrook Plaza Shopping Center	JV-GRI	40	%	IL	Chicago-Naperville-Joliet	1984	95,825	38,330	100.0	%	100.0	%					—	63,000	Dominick’s	$	11.35
Swansea Plaza	JV-D	16	%	IL	St. Louis	1988	118,892	19,439	97.1	%	97.1	%					—	70,017	Schnucks	$	10.14
Urbana Crossing	JV-D	16	%	IL	Champaign-Urbana	1997	85,196	13,930	96.7	%	96.7	%					—	62,105	Schnucks	$	11.14
Westbrook Commons				IL	Chicago-Naperville-Joliet	1984	120,674	120,674	87.4	%	87.4	%					—	51,304	Dominick’s	$	10.97
				IL			2,769,037	1,070,861	90.4	%	90.2	%	90.4	%	90.2	%	117,000	1,355,730
Airport Crossing				IN	Chicago-Naperville-Joliet	2006	11,924	11,924	66.4	%	66.4	%					89,911	—	(Kohl’s)	$	16.91
Augusta Center				IN	Chicago-Naperville-Joliet	2006	14,532	14,532	65.5	%	65.5	%					213,988	213,988	(Menards)	$	26.44
Evansville West Center	JV-D	16	%	IN	Evansville	1989	79,885	13,061	91.9	%	91.9	%					—	62,273	Schnucks	$	8.50
Greenwood Springs				IN	Indianapolis	2004	28,028	28,028	29.9	%	29.9	%					265,798	50,000	(Gander Mountain), (Wal-Mart Supercenter)	$	19.57
Willow Lake Shopping Center	JV-GRI	40	%	IN	Indianapolis	1987	85,923	34,369	83.8	%	83.8	%					64,000	64,000	(Kroger)	$	16.59
Willow Lake West Shopping Center	JV-GRI	40	%	IN	Indianapolis	2001	52,961	21,184	100.0	%	100.0	%					—	10,028	Trader Joe’s	$	21.82
				IN			273,253	123,099	82.1	%	71.3	%	82.8	%	71.9	%	633,697	400,289
Walton Towne Center				KY	Cincinnati-Middletown	2007	23,186	23,186	81.9	%	81.9	%					116,432	116,432	(Kroger)	$	17.16
				KY			23,186	23,186	81.9	%	81.9	%	NA		NA		116,432	116,432
Shops at Saugus				MA	Boston-Cambridge-Quincy	2006	90,055	90,055	90.5	%	90.5	%					—	11,000	Trader Joe’s	$	25.23
Speedway Plaza	JV-C2	20	%	MA	Worcester	1988	185,279	37,056	100.0	%	100.0	%					—	59,970	Stop & Shop, BJ’s Warehouse	$	10.60
Twin City Plaza				MA	Boston-Cambridge-Quincy	2004	281,703	281,703	94.0	%	94.0	%					—	62,500	Shaw’s, Marshall’s	$	16.17
				MA			557,037	408,814	95.4	%	93.8	%	96.4	%	94.7	%	—	133,470
Bowie Plaza	JV-GRI	40	%	MD	Washington-Arlington-Alexandria	1966	102,537	41,015	80.5	%	80.5	%					—	21,750	Giant Food	$	19.91
Clinton Park	JV-C	20	%	MD	Washington-Arlington-Alexandria	2003	206,050	41,210	95.3	%	95.3	%					49,000	43,000	Giant Food, Sears, (Toys “R” Us)	$	8.75
Cloppers Mill Village	JV-GRI	40	%	MD	Washington-Arlington-Alexandria	1995	137,035	54,814	94.2	%	94.2	%					—	70,057	Shoppers Food Warehouse	$	17.61
Elkridge Corners	JV-GRI	40	%	MD	Baltimore-Towson	1990	73,529	29,412	100.0	%	100.0	%					—	39,571	Super Fresh	$	14.87
Festival at Woodholme	JV-GRI	40	%	MD	Baltimore-Towson	1986	81,028	32,411	85.2	%	85.2	%					—	10,370	Trader Joe’s	$	33.90
Firstfield Shopping Center	JV-GRI	40	%	MD	Washington-Arlington-Alexandria	1978	22,328	8,931	93.3	%	93.3	%					—	—	—	$	36.34
Goshen Plaza	JV-GRI	40	%	MD	Washington-Arlington-Alexandria	1987	45,654	18,262	90.8	%	90.8	%					—	—	—	$	19.00
King Farm Village Center	JV-RC	25	%	MD	Washington-Arlington-Alexandria	2001	118,326	29,582	96.4	%	96.4	%					—	53,754	Safeway	$	25.12
Lee Airport				MD	Baltimore-Towson	2005	95,010	95,010	84.9	%	84.9	%					75,000	70,260	Giant Food, (Sunrise)		NA
Mitchellville Plaza	JV-GRI	40	%	MD	Washington-Arlington-Alexandria	1991	156,125	62,450	89.8	%	89.8	%					—	45,100	Food Lion	$	22.36
Parkville Shopping Center	JV-GRI	40	%	MD	Baltimore-Towson	1961	162,435	64,974	96.7	%	96.7	%					—	41,223	Super Fresh	$	12.41
Southside Marketplace	JV-GRI	40	%	MD	Baltimore-Towson	1990	125,146	50,058	95.6	%	95.6	%					—	44,264	Shoppers Food Warehouse	$	15.57
Takoma Park	JV-GRI	40	%	MD	Washington-Arlington-Alexandria	1960	106,469	42,588	96.2	%	96.2	%					—	63,643	Shoppers Food Warehouse	$	10.05
Valley Centre	JV-GRI	40	%	MD	Baltimore-Towson	1987	247,837	99,135	81.6	%	81.6	%					—	—	—	$	15.12
Watkins Park Plaza	JV-GRI	40	%	MD	Washington-Arlington-Alexandria	1985	113,443	45,377	94.9	%	94.9	%					—	43,205	Safeway	$	19.20
Woodmoor Shopping Center	JV-GRI	40	%	MD	Washington-Arlington-Alexandria	1954	67,403	26,961	87.9	%	87.9	%					—	—	—	$	24.83
				MD			1,860,355	742,189	91.2	%	90.3	%	91.5	%	91.1	%	124,000	546,197
Fenton Marketplace				MI	Flint	1999	97,224	97,224	91.4	%	91.4	%					—	53,739	Farmer Jack	$	12.96
State Street Crossing				MI	Ann Arbor	2006	21,049	21,049	60.0	%	60.0	%					147,491	—	(Wal-Mart)	$	23.24
				MI			118,273	118,273	85.8	%	85.8	%	91.4	%	91.4	%	147,491	53,739
Affton Plaza	JV-D	16	%	MO	St. Louis	2000	67,760	11,079	100.0	%	100.0	%					—	61,218	Schnucks	$	6.04
Bellerive Plaza	JV-D	16	%	MO	St. Louis	2000	115,252	18,844	93.3	%	93.3	%					—	67,985	Schnucks	$	9.61
Brentwood Plaza	JV-D	16	%	MO	St. Louis	2002	60,452	9,884	96.5	%	96.5	%					—	51,800	Schnucks	$	9.66
Bridgeton	JV-D	16	%	MO	St. Louis	2005	70,762	11,570	100.0	%	100.0	%					129,802	63,482	Schnucks, (Home Depot)	$	11.92
Butler Hill Centre	JV-D	16	%	MO	St. Louis	1987	90,889	14,860	97.8	%	97.8	%					—	63,304	Schnucks	$	10.49
Capital Crossing	JV-D	16	%	MO	Jefferson City	2002	85,149	13,922	98.6	%	98.6	%					—	63,111	Schnucks	$	11.16
City Plaza	JV-D	16	%	MO	St. Louis	1998	80,149	13,104	94.9	%	94.9	%					—	62,348	Schnucks	$	9.13
Crestwood Commons	JV-D	16	%	MO	St. Louis	1994	67,285	11,001	100.0	%	100.0	%					132,463	67,285	Schnucks, (Best Buy), (Gordman’s)	$	11.79
Dardenne Crossing	JV-D	16	%	MO	St. Louis	1996	67,430	11,025	100.0	%	100.0	%					—	63,333	Schnucks	$	10.96
Dorsett Village	JV-D	16	%	MO	St. Louis	1998	104,217	17,039	100.0	%	100.0	%					35,090	59,483	Schnucks, (Orlando Gardens Banquet Center)	$	11.94
Kirkwood Commons	JV-D	16	%	MO	St. Louis	2000	467,703	76,469	100.0	%	100.0	%					258,000	—	Wal-Mart, (Target), (Lowe’s)	$	9.40
Lake St. Louis	JV-D	16	%	MO	St. Louis	2004	75,643	12,368	98.1	%	98.1	%					—	63,187	Schnucks	$	12.69
O’Fallon Centre	JV-D	16	%	MO	St. Louis	1984	71,300	11,658	87.5	%	87.5	%					—	55,050	Schnucks	$	8.11
Plaza 94	JV-D	16	%	MO	St. Louis	2005	66,555	10,882	95.4	%	95.4	%					—	52,844	Schnucks	$	9.60
Richardson Crossing	JV-D	16	%	MO	St. Louis	2000	82,994	13,570	97.1	%	97.1	%					—	61,494	Schnucks	$	12.05
Shackelford Center	JV-D	16	%	MO	St. Louis	2006	49,635	8,115	97.4	%	97.4	%					—	45,960	Schnucks	$	7.43
Sierra Vista Plaza	JV-D	16	%	MO	St. Louis	1993	74,666	12,208	98.4	%	98.4	%					—	56,201	Schnucks	$	10.09
Twin Oaks	JV-D	16	%	MO	St. Louis	2006	71,682	11,720	100.0	%	100.0	%					—	63,482	Schnucks	$	12.17
University City Square	JV-D	16	%	MO	St. Louis	1997	79,230	12,954	100.0	%	100.0	%					—	61,600	Schnucks	$	9.22
Washington Crossing	JV-D	16	%	MO	St. Louis	1999	117,626	19,232	97.1	%	97.1	%					—	56,250	Schnucks	$	10.91

Portfolio Summary Report By Region

March 31, 2010


							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	Last Renovation or Dev	GLA	GLA	% Leased		% Leased		– Operating		– Operating		Anchor- Owned GLA	Grocery Anchor GLA	Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Wentzville Commons	JV-D	16	%	MO	St. Louis	2000	74,205	12,133	98.1	%	98.1	%					106,086	61,860	Schnucks, (Home Depot)	$	11.13
Wildwood Crossing	JV-D	16	%	MO	St. Louis	1997	108,200	17,691	79.5	%	79.5	%					—	61,500	Schnucks	$	12.06
Zumbehl Commons	JV-D	16	%	MO	St. Louis	1990	116,682	19,078	94.2	%	94.2	%					—	74,672	Schnucks	$	8.68
				MO			2,265,466	370,404	97.0	%	97.0	%	97.0	%	97.0	%	661,441	1,337,449
Apple Valley Square	JV-RC	25	%	MN	Minneapolis-St. Paul-Bloomington	1998	184,841	46,210	99.4	%	99.4	%					87,437	61,736	Rainbow Foods, Jo-Ann Fabrics, (Burlington Coat Factory)	$	11.10
Colonial Square	JV-GRI	40	%	MN	Minneapolis-St. Paul-Bloomington	1959	93,200	37,280	97.0	%	97.0	%					—	43,978	Lund’s	$	15.11
Rockford Road Plaza	JV-GRI	40	%	MN	Minneapolis-St. Paul-Bloomington	1991	205,897	82,359	93.7	%	93.7	%					—	65,608	Rainbow Foods	$	12.33
				MN			483,938	165,849	96.5	%	96.0	%	96.5	%	96.0	%	87,437	171,322
Cameron Village	JV-CCV	30	%	NC	Raleigh-Cary	1949	635,918	190,775	86.6	%	86.6	%					—	79,830	Harris Teeter, Fresh Market	$	15.79
Carmel Commons				NC	Charlotte-Gastonia-Concord	1979	132,651	132,651	99.1	%	99.1	%					—	14,300	Fresh Market	$	16.13
Cochran Commons	JV-C2	20	%	NC	Charlotte-Gastonia-Concord	2003	66,020	13,204	91.6	%	91.6	%					—	41,500	Harris Teeter	$	14.44
Colonnade Center				NC	Raleigh-Cary	2009	57,000	57,000	70.2	%	70.2	%					—	40,000	Whole Foods		NA
Fuquay Crossing	JV-RC	25	%	NC	Raleigh-Cary	2002	124,774	31,194	94.6	%	94.6	%					—	46,478	Kroger	$	8.96
Garner Towne Square				NC	Raleigh-Cary	1998	221,776	221,776	95.8	%	95.8	%					273,000	57,590	Kroger, (Home Depot), (Target)	$	12.56
Glenwood Village				NC	Raleigh-Cary	1983	42,864	42,864	100.0	%	100.0	%					—	27,764	Harris Teeter	$	13.78
Harris Crossing				NC	Raleigh-Cary	2007	65,367	65,367	87.4	%	87.4	%					—	53,365	Harris Teeter		NA
Lake Pine Plaza				NC	Raleigh-Cary	1997	87,690	87,690	89.6	%	89.6	%					—	57,590	Kroger	$	10.89
Maynard Crossing	JV-USAA	20	%	NC	Raleigh-Cary	1997	122,782	24,556	94.0	%	94.0	%					—	55,973	Kroger	$	14.80
Providence Commons	JV-RC	25	%	NC	Raleigh-Cary	1994	197,801	49,450	100.0	%	100.0	%					—	50,420	Lowes	$	15.08
Middle Creek Commons				NC	Raleigh-Cary	2006	73,634	73,634	91.0	%	91.0	%					—	49,495	Lowes Foods	$	15.19
Shoppes of Kildaire	JV-GRI	40	%	NC	Raleigh-Cary	1986	148,204	59,282	93.5	%	93.5	%					—	18,613	Trader Joe’s	$	14.85
Southpoint Crossing				NC	Durham	1998	103,128	103,128	96.4	%	96.4	%					—	59,160	Kroger	$	15.87
Sutton Square	JV-C2	20	%	NC	Raleigh-Cary	1985	101,024	20,205	78.8	%	78.8	%					—	24,167	Fresh Market	$	16.26
Woodcroft Shopping Center				NC	Durham	1984	89,833	89,833	97.0	%	97.0	%					—	40,832	Food Lion	$	12.14
				NC			2,270,466	1,262,609	91.5	%	92.4	%	92.2	%	94.0	%	273,000	717,077
Plaza Square	JV-GRI	40	%	NJ	New York-Northern New Jersey-Long Island	1990	103,842	41,537	96.1	%	96.1	%					—	60,000	Shop Rite	$	22.92
Haddon Commons	JV-GRI	40	%	NJ	Philadelphia-Camden-Wilmington	1985	52,640	21,056	93.4	%	93.4	%					—	34,240	Acme Markets	$	5.56
				NJ			156,482	62,593	95.2	%	95.2	%	95.2	%	95.2	%	—	94,240
Anthem Highlands Shopping Center				NV	Las Vegas-Paradise	2004	108,515	108,515	80.6	%	80.6	%					—	53,963	Albertsons	$	13.67
Deer Springs Town Center				NV	Las Vegas-Paradise	2007	330,952	330,952	78.6	%	78.6	%					132,360	—	(Target), Home Depot, Toys “R” Us	$	13.23
				NV			439,467	439,467	79.1	%	79.1	%	80.6	%	80.6	%	132,360	53,963
Beckett Commons				OH	Cincinnati-Middletown	1995	121,498	121,498	98.7	%	98.7	%					—	70,815	Kroger	$	9.97
Cherry Grove				OH	Cincinnati-Middletown	1997	195,513	195,513	95.5	%	95.5	%					—	66,336	Kroger	$	9.90
East Pointe				OH	Columbus	1993	86,503	86,503	100.0	%	100.0	%					—	59,120	Kroger	$	10.65
Hyde Park				OH	Cincinnati-Middletown	1995	396,861	396,861	96.5	%	96.5	%					—	169,267	Kroger, Biggs	$	13.70
Indian Springs Market Center	JV-RRP	20	%	OH	Cincinnati-Middletown	2005	146,116	29,223	100.0	%	100.0	%					203,000	—	Kohl’s, (Wal-Mart Supercenter)	$	5.09
Kroger New Albany Center				OH	Columbus	1999	93,286	93,286	93.3	%	93.3	%					—	63,805	Kroger	$	11.25
Maxtown Road (Northgate)				OH	Columbus	1996	85,100	85,100	98.4	%	98.4	%					90,000	62,000	Kroger, (Home Depot)	$	10.75
Park Place Shopping Center				OH	Columbus	1988	106,832	106,832	61.2	%	61.2	%					—	—	—	$	9.39
Red Bank Village				OH	Cincinnati-Middletown	2006	164,317	164,317	96.5	%	96.5	%					—	—	Wal-Mart	$	5.58
Regency Commons				OH	Cincinnati-Middletown	2004	30,770	30,770	75.0	%	75.0	%					—	—	—	$	23.17
Shoppes at Mason				OH	Cincinnati-Middletown	1997	80,800	80,800	100.0	%	100.0	%					—	56,800	Kroger	$	10.33
Sycamore Crossing & Sycamore Plaza	JV-RRP	20	%	OH	Cincinnati-Middletown	1966	390,957	78,191	88.4	%	88.4	%					—	25,723	Fresh Market, Macy’s Furniture Gallery, Toys ‘R Us, Dick’s Sporting Goods	$	16.48
Wadsworth Crossing				OH	Cleveland-Elyria-Mentor	2005	108,167	108,167	88.7	%	88.7	%					336,263	—	(Kohl’s), (Lowe’s), (Target)	$	13.89
Westchester Plaza				OH	Cincinnati-Middletown	1988	88,181	88,181	98.4	%	98.4	%					—	66,523	Kroger	$	10.01
Windmiller Plaza Phase I				OH	Columbus	1997	140,437	140,437	98.5	%	98.5	%					—	101,428	Kroger	$	8.55
				OH			2,235,338	1,805,680	93.4	%	93.8	%	93.4	%	93.8	%	629,263	741,817
Corvallis Market Center				OR	Corvallis	2006	84,548	84,548	100.0	%	100.0	%					—	12,017	Trader Joe’s	$	18.45
Greenway Town Center	JV-GRI	40	%	OR	Portland-Vancouver-Beaverton	1979	93,101	37,240	98.1	%	98.1	%					—	37,500	Lamb’s Thriftway	$	12.77
Murrayhill Marketplace				OR	Portland-Vancouver-Beaverton	1988	148,967	148,967	96.4	%	96.4	%					—	41,132	Safeway	$	14.08
Sherwood Crossroads				OR	Portland-Vancouver-Beaverton	1999	87,966	87,966	98.4	%	98.4	%					—	55,227	Safeway	$	10.88
Sherwood Market Center				OR	Portland-Vancouver-Beaverton	1995	124,259	124,259	97.5	%	97.5	%					—	49,793	Albertsons	$	17.92
Sunnyside 205				OR	Portland-Vancouver-Beaverton	1988	52,710	52,710	98.4	%	98.4	%					—	—	—	$	22.86
Tanasbourne Market				OR	Portland-Vancouver-Beaverton	2006	71,000	71,000	97.3	%	97.3	%					—	56,500	Whole Foods	$	24.81
Walker Center				OR	Portland-Vancouver-Beaverton	1987	89,610	89,610	100.0	%	100.0	%					—	—	Sports Authority	$	17.20
				OR			752,161	696,300	98.1	%	98.1	%	98.1	%	98.1	%	—	252,169
Allen Street Shopping Center	JV-GRI	40	%	PA	Allentown-Bethlehem-Easton	1958	46,228	18,491	96.7	%	96.7	%					—	22,075	Ahart Market	$	12.72
City Avenue Shopping Center	JV-GRI	40	%	PA	Philadelphia-Camden-Wilmington	1960	159,095	63,638	93.2	%	93.2	%					—	—	—	$	17.62
Gateway Shopping Center				PA	Philadelphia-Camden-Wilmington	1960	219,337	219,337	92.4	%	92.4	%					—	11,100	Trader Joe’s	$	23.92
Hershey				PA	Harrisburg-Carlisle	2000	6,000	6,000	100.0	%	100.0	%					—	—	—	$	27.64
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	85.9	%	85.9	%					133,000	—	(Target), Sports Authority	$	25.59
Mayfair Shopping Center	JV-GRI	40	%	PA	Philadelphia-Camden-Wilmington	1988	112,276	44,910	89.7	%	89.7	%					—	25,673	Shop ‘N Bag	$	15.85

Portfolio Summary Report By Region

March 31, 2010


							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	Last Renovation or Dev	GLA	GLA	% Leased		% Leased		– Operating		– Operating		Anchor- Owned GLA	Grocery Anchor GLA	Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Mercer Square Shopping Center	JV-GRI	40	%	PA	Philadelphia-Camden-Wilmington	1988	91,400	36,560	92.1	%	92.1	%					—	50,708	Genuardi’s	$	19.45
Newtown Square Shopping Center	JV-GRI	40	%	PA	Philadelphia-Camden-Wilmington	1970	146,910	58,764	89.6	%	89.6	%					—	56,226	Acme Markets	$	14.82
Silver Spring Square	JV-RRP	20	%	PA	Harrisburg-Carlisle	2005	314,449	62,890	95.9	%	95.9	%					139,377	130,000	Wegmans, (Target)	$	14.96
Stefko Boulevard Shopping Center	JV-GRI	40	%	PA	Allentown-Bethlehem-Easton	1976	133,824	53,530	90.2	%	90.2	%					—	73,000	Valley Farm Market	$	7.25
Warwick Square Shopping Center	JV-GRI	40	%	PA	Philadelphia-Camden-Wilmington	1999	89,680	35,872	98.0	%	98.0	%					—	50,658	Genuardi’s	$	18.19
				PA			1,399,386	680,179	92.9	%	92.2	%	93.2	%	92.9	%	272,377	419,440
Buckwalter Village				SC	Hilton Head Island-Beaufort	2006	59,601	59,601	93.0	%	93.0	%					—	45,600	Publix	$	13.91
Merchants Village	JV-GRI	40	%	SC	Charleston-North Charleston	1997	79,724	31,890	97.0	%	97.0	%					—	37,888	Publix	$	13.53
Murray Landing	JV-M3	25	%	SC	Columbia	2003	64,359	16,090	97.8	%	97.8	%					—	44,840	Publix	$	12.46
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	95.9	%	95.9	%					—	65,796	Publix	$	9.81
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	$	11.91
				SC			360,718	175,543	96.0	%	95.5	%	96.5	%	96.9	%	—	240,748
Collierville Crossing	JV-D	16	%	TN	Memphis	2004	86,065	14,072	94.8	%	94.8	%					125,500	63,193	Schnucks, (Target)	$	12.36
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	100.0	%	100.0	%					—	55,377	Publix	$	13.59
Lebanon Center				TN	Nashville-Davidson—Murfreesboro	2006	63,800	63,800	89.0	%	89.0	%					—	45,600	Publix	$	12.17
Nashboro Village				TN	Nashville-Davidson—Murfreesboro	1998	86,811	86,811	95.2	%	95.2	%					—	61,224	Kroger	$	10.56
Northlake Village				TN	Nashville-Davidson—Murfreesboro	1988	137,807	137,807	79.9	%	79.9	%					—	64,537	Kroger	$	12.81
Peartree Village				TN	Nashville-Davidson—Murfreesboro	1997	109,904	109,904	90.9	%	90.9	%					—	60,647	Harris Teeter	$	17.31
				TN			565,386	493,393	90.5	%	89.9	%	90.7	%	90.1	%	125,500	350,578
Alden Bridge	JV-USAA	20	%	TX	Houston-Baytown-Sugar Land	1998	138,953	27,791	91.1	%	91.1	%					—	67,768	Kroger	$	16.79
Atascocita Center				TX	Houston-Baytown-Sugar Land	2003	97,240	97,240	96.1	%	96.1	%					—	65,740	Kroger	$	9.93
Bethany Park Place	JV-USAA	20	%	TX	Dallas-Fort Worth-Arlington	1998	98,906	19,781	96.6	%	96.6	%					—	83,214	Kroger	$	11.15
Cochran’s Crossing				TX	Houston-Baytown-Sugar Land	1994	138,192	138,192	95.9	%	95.9	%					—	63,449	Kroger	$	16.20
Cooper Street				TX	Dallas-Fort Worth-Arlington	1992	127,696	127,696	88.3	%	88.3	%					102,950	—	(Home Depot)	$	10.48
Fort Bend Center				TX	Houston-Baytown-Sugar Land	2000	30,164	30,164	87.5	%	87.5	%					67,106	67,106	(Kroger)	$	16.74
Hancock				TX	Austin-Round Rock	1998	410,438	410,438	96.0	%	96.0	%					—	90,217	H.E.B., Sears	$	12.80
Hickory Creek Plaza				TX	Dallas-Fort Worth-Arlington	2006	28,134	28,134	51.2	%	51.2	%					81,264	81,264	(Kroger)	$	21.45
Hillcrest Village				TX	Dallas-Fort Worth-Arlington	1991	14,530	14,530	100.0	%	100.0	%					—	—	—	$	33.92
Highland Village				TX	Dallas-Fort Worth-Arlington	2005	351,635	351,635	80.7	%	80.7	%					—	—	AMC Theater	$	24.51
Indian Springs Center	JV-O	50	%	TX	Houston-Baytown-Sugar Land	2003	136,625	68,313	98.1	%	98.1	%					—	79,000	H.E.B.	$	18.88
Keller Town Center				TX	Dallas-Fort Worth-Arlington	1999	114,937	114,937	95.2	%	95.2	%					—	63,631	Tom Thumb	$	14.65
Kleinwood Center	JV-M3	25	%	TX	Houston-Baytown-Sugar Land	2003	148,964	37,241	79.7	%	79.7	%					—	80,925	H.E.B.	$	15.95
Lebanon/Legacy Center				TX	Dallas-Fort Worth-Arlington	2002	56,674	56,674	79.6	%	79.6	%					62,804	62,804	(Albertsons)	$	23.04
Main Street Center	JV-GRI	40	%	TX	Dallas-Fort Worth-Arlington	2002	42,754	17,102	54.0	%	54.0	%					62,322	62,322	(Albertsons)	$	20.20
Market at Preston Forest				TX	Dallas-Fort Worth-Arlington	1990	96,353	96,353	98.8	%	98.8	%					—	64,228	Tom Thumb	$	18.10
Market at Round Rock				TX	Austin-Round Rock	1987	122,646	122,646	61.0	%	61.0	%					—	29,523	Sprout’s Markets	$	16.88
Memorial Collection Shopping Center	JV-GRI	40	%	TX	Houston-Baytown-Sugar Land	1974	103,330	41,332	94.2	%	94.2	%					—	53,993	Randall’s Food	$	14.49
Mockingbird Common				TX	Dallas-Fort Worth-Arlington	1987	120,321	120,321	98.8	%	98.8	%					—	48,525	Tom Thumb	$	14.68
North Hills				TX	Austin-Round Rock	1995	144,020	144,020	93.9	%	93.9	%					—	60,465	H.E.B.	$	20.04
Panther Creek				TX	Houston-Baytown-Sugar Land	1994	165,560	165,560	98.8	%	98.8	%					—	65,800	Randall’s Food	$	16.55
Preston Park				TX	Dallas-Fort Worth-Arlington	1985	239,333	239,333	90.4	%	90.4	%					—	53,118	Tom Thumb	$	24.55
Prestonbrook				TX	Dallas-Fort Worth-Arlington	1998	91,537	91,537	93.8	%	93.8	%					—	63,636	Kroger	$	13.23
Prestonwood Park				TX	Dallas-Fort Worth-Arlington	1999	101,167	101,167	49.3	%	49.3	%					62,322	62,322	(Albertsons)	$	21.65
Rockwall Town Center				TX	Dallas-Fort Worth-Arlington	2004	46,095	46,095	100.0	%	100.0	%					73,770	57,017	(Kroger)	$	22.79
Shiloh Springs	JV-USAA	20	%	TX	Dallas-Fort Worth-Arlington	1998	110,040	22,008	91.2	%	91.2	%					—	60,932	Kroger	$	14.14
Signature Plaza				TX	Dallas-Fort Worth-Arlington	2004	32,415	32,415	68.8	%	68.8	%					61,962	61,962	(Kroger)	$	20.42
Sterling Ridge				TX	Houston-Baytown-Sugar Land	2000	128,643	128,643	100.0	%	100.0	%					—	63,373	Kroger	$	17.89
Sweetwater Plaza	JV-C	20	%	TX	Houston-Baytown-Sugar Land	2000	134,045	26,809	97.3	%	97.3	%					—	65,241	Kroger	$	16.35
Trophy Club				TX	Dallas-Fort Worth-Arlington	1999	106,507	106,507	87.1	%	87.1	%					—	63,654	Tom Thumb	$	12.87
Waterside Marketplace				TX	Houston-Baytown-Sugar Land	2007	24,858	24,858	92.8	%	92.8	%					102,984	102,984	(Kroger)	$	22.82
Weslayan Plaza East	JV-GRI	40	%	TX	Houston-Baytown-Sugar Land	1969	169,693	67,877	94.8	%	94.8	%					—	—	—	$	13.26
Weslayan Plaza West	JV-GRI	40	%	TX	Houston-Baytown-Sugar Land	1969	185,964	74,386	98.0	%	98.0	%					—	51,960	Randall’s Food	$	16.69
Westwood Village				TX	Houston-Baytown-Sugar Land	2006	183,424	183,424	85.3	%	85.3	%					126,874	—	(Target)	$	15.49
Woodway Collection	JV-GRI	40	%	TX	Houston-Baytown-Sugar Land	1974	111,165	44,466	82.3	%	82.3	%					—	56,596	Randall’s Food	$	15.02
				TX			4,352,958	3,419,624	89.5	%	89.0	%	90.8	%	90.7	%	804,358	1,952,769
601 King Street	JV-GRI	40	%	VA	Washington-Arlington-Alexandria	1980	8,003	3,201	86.4	%	86.4	%					—	—	—	$	47.08
Ashburn Farm Market Center				VA	Washington-Arlington-Alexandria	2000	91,905	91,905	95.7	%	95.7	%					—	48,999	Giant Food	$	21.35
Ashburn Farm Village Center	JV-GRI	40	%	VA	Washington-Arlington-Alexandria	1996	88,897	35,559	89.3	%	89.3	%					—	57,030	Shoppers Food Warehouse	$	13.30
Braemar Shopping Center	JV-RC	25	%	VA	Washington-Arlington-Alexandria	2004	96,439	24,110	92.7	%	92.7	%					—	57,860	Safeway	$	17.11
Centre Ridge Marketplace	JV-GRI	40	%	VA	Washington-Arlington-Alexandria	1996	104,100	41,640	94.5	%	94.5	%					—	55,138	Shoppers Food Warehouse	$	15.99
Cheshire Station				VA	Washington-Arlington-Alexandria	2000	97,156	97,156	100.0	%	100.0	%					—	55,163	Safeway	$	16.51
Culpeper Colonnade				VA	Culpeper	2006	131,707	131,707	97.1	%	97.1	%					127,307	68,421	Martin’s, (Target)	$	14.11
Fairfax Shopping Center				VA	Washington-Arlington-Alexandria	1955	78,111	78,111	78.9	%	78.9	%					—	—	—	$	13.48
Festival at Manchester Lakes	JV-GRI	40	%	VA	Washington-Arlington-Alexandria	1990	165,130	66,052	97.9	%	97.9	%					—	65,000	Shoppers Food Warehouse	$	22.47

Portfolio Summary Report By Region

March 31, 2010


							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	Last Renovation or Dev	GLA	GLA	% Leased		% Leased		– Operating		– Operating		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)	$	14.35
Fox Mill Shopping Center	JV-GRI	40	%	VA	Washington-Arlington-Alexandria	1977	103,269	41,308	96.1	%	96.1	%					—	49,837	Giant Food	$	20.63
Gayton Crossing	JV-GRI	40	%	VA	Richmond	1983	156,917	62,767	98.4	%	98.4	%					—	38,408	Ukrop’s	$	13.22
Greenbriar Town Center	JV-GRI	40	%	VA	Washington-Arlington-Alexandria	1972	340,006	136,002	97.6	%	97.6	%					—	62,319	Giant Food	$	21.11
Hanover Village Shopping Center	JV-GRI	40	%	VA	Richmond	1971	93,147	37,259	72.2	%	72.2	%					—	—	—	$	9.82
Hollymead Town Center	JV-C2	20	%	VA	Charlottesville	2004	153,739	30,748	97.0	%	97.0	%					142,500	60,607	Harris Teeter, (Target)	$	19.87
Kamp Washington Shopping Center	JV-GRI	40	%	VA	Washington-Arlington-Alexandria	1960	71,825	28,730	95.8	%	95.8	%					—	—	—	$	32.77
Kings Park Shopping Center	JV-GRI	40	%	VA	Washington-Arlington-Alexandria	1966	74,702	29,881	95.6	%	95.6	%					—	28,161	Giant Food	$	23.47
Lorton Station Marketplace	JV-C2	20	%	VA	Washington-Arlington-Alexandria	2005	132,445	26,489	97.3	%	97.3	%					—	63,000	Shoppers Food Warehouse	$	18.89
Lorton Town Center	JV-C2	20	%	VA	Washington-Arlington-Alexandria	2005	51,807	10,361	88.5	%	88.5	%					—	—	—	$	28.47
Market at Opitz Crossing				VA	Washington-Arlington-Alexandria	2003	149,791	149,791	90.3	%	90.3	%					—	51,922	Safeway	$	14.38
Saratoga Shopping Center	JV-GRI	40	%	VA	Washington-Arlington-Alexandria	1977	113,013	45,205	97.8	%	97.8	%					—	55,713	Giant Food	$	15.96
Shops at County Center				VA	Washington-Arlington-Alexandria	2005	96,695	96,695	96.9	%	96.9	%					—	52,409	Harris Teeter	$	20.18
Signal Hill	JV-C2	20	%	VA	Washington-Arlington-Alexandria	2004	95,172	19,034	97.5	%	97.5	%					—	67,470	Shoppers Food Warehouse	$	19.03
Stonewall				VA	Washington-Arlington-Alexandria	2007	267,175	267,175	95.7	%	95.7	%					—	140,000	Wegmans	$	12.83
Town Center at Sterling Shopping Center	JV-GRI	40	%	VA	Washington-Arlington-Alexandria	1980	190,069	76,028	75.1	%	75.1	%					—	46,935	Giant Food	$	19.82
Village Center at Dulles	JV-C	20	%	VA	Washington-Arlington-Alexandria	1991	298,271	59,654	97.0	%	97.0	%					—	48,424	Shoppers Food Warehouse, Gold’s Gym	$	20.72
Village Shopping Center	JV-GRI	40	%	VA	Richmond	1948	111,177	44,471	100.0	%	100.0	%					—	45,023	Ukrop’s	$	18.15
Willston Centre I	JV-GRI	40	%	VA	Washington-Arlington-Alexandria	1952	105,376	42,150	92.6	%	92.6	%					—	—	—	$	21.40
Willston Centre II	JV-GRI	40	%	VA	Washington-Arlington-Alexandria	1986	127,449	50,980	97.3	%	97.3	%					140,984	42,491	Safeway, (Target)	$	18.84
				VA			3,698,187	1,845,107	94.2	%	94.0	%	94.2	%	94.0	%	534,526	1,327,200
Aurora Marketplace	JV-GRI	40	%	WA	Seattle-Tacoma-Bellevue	1991	106,921	42,768	97.2	%	97.2	%					—	48,893	Safeway	$	14.92
Cascade Plaza	JV-C	20	%	WA	Seattle-Tacoma-Bellevue	1999	211,072	42,214	94.2	%	94.2	%					—	49,440	Safeway	$	10.36
Eastgate Plaza	JV-GRI	40	%	WA	Seattle-Tacoma-Bellevue	1956	78,230	31,292	100.0	%	100.0	%					—	28,775	Albertsons	$	20.89
Inglewood Plaza				WA	Seattle-Tacoma-Bellevue	1985	17,253	17,253	100.0	%	100.0	%					—	—	—	$	28.98
Orchards Market Center I	JV-RRP	20	%	WA	Portland-Vancouver-Beaverton	2004	100,663	20,133	100.0	%	100.0	%					—	—	Wholesale Sports	$	12.51
Orchards Market Center II				WA	Portland-Vancouver-Beaverton	2005	77,478	77,478	87.3	%	87.3	%					—	—	LA Fitness	$	17.79
Overlake Fashion Plaza	JV-GRI	40	%	WA	Seattle-Tacoma-Bellevue	1987	80,555	32,222	96.9	%	96.9	%					230,300	—	(Sears)	$	22.15
Pine Lake Village				WA	Seattle-Tacoma-Bellevue	1989	102,899	102,899	100.0	%	100.0	%					—	40,982	Quality Foods	$	19.86
Sammamish-Highlands				WA	Seattle-Tacoma-Bellevue	1992	101,289	101,289	95.1	%	95.1	%					55,000	55,000	(Safeway)	$	23.26
Southcenter				WA	Seattle-Tacoma-Bellevue	1990	58,282	58,282	70.2	%	70.2	%					111,900	—	(Target)	$	34.12
Thomas Lake				WA	Seattle-Tacoma-Bellevue	1998	103,872	103,872	96.4	%	96.4	%					—	50,065	Albertsons	$	14.52
				WA			1,038,514	629,702	94.8	%	93.6	%	94.8	%	93.6	%	397,200	273,155
Racine Centre Shopping Center	JV-GRI	40	%	WI	Racine	1988	135,827	54,331	98.2	%	98.2	%					—	50,979	Piggly Wiggly	$	7.26
Whitnall Square Shopping Center	JV-GRI	40	%	WI	Milwaukee-Waukesha-West Allis	1989	133,301	53,320	98.4	%	98.4	%					—	69,090	Pick ‘N’ Save	$	7.72
				WI			269,128	107,651	98.3	%	98.3	%	98.3	%	98.3	%	—	120,069
Regency Centers Total							45,169,007	29,659,773	92.1	%	91.5	%	93.0	%	92.8	%	8,039,358	17,667,696

(1) Major Tenants are the grocer anchor and any tenant over 40,000 square feet. Tenants in parenthesis own their own GLA.

(2) Average Base Rent/Sq. Ft. does not include ground leases.


JV-C:		Co-investment Partnership with Oregon
JV-C2:		Co-investment Partnership with Oregon
JV-CCV:		Co-investment Partnership with Oregon
JV-D:		Co-investment Partnership with DESCO and Charter Hall Retail REIT (formerly Macquarie Countrywide)
JV-GRI:		Co-investment Partnership with GRI and Charter Hall Retail REIT (formerly Macquarie Countrywide)
JV-M:		Co-investment Partnership with Charter Hall Retail REIT (formerly Macquarie Countrywide)
JV-M3:		Co-investment Partnership with Charter Hall Retail REIT (formerly Macquarie Countrywide)
JV-O:		Other, single property Co-investment Partnerships
JV-RC:		Co-investment Partnership with CalSTRS
JV-RRP:		Regency Retail Partners (open-end fund)
JV-USAA:		Co-investment Partnership with USAA

Properties managed by Regency, but not owned


Ocala Corners	FL	Tallahassee	86,772
Northlake Promenade	GA	Atlanta-Sandy Springs-Marietta	25,394
Orchard Square	GA	Atlanta-Sandy Springs-Marietta	93,222
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
Trowbridge Crossing	GA	Atlanta-Sandy Springs-Marietta	62,558
Woodstock Crossing	GA	Atlanta-Sandy Springs-Marietta	66,122
Franklin Square	KY	Frankfort	203,317
Centennial Crossroads Plaza	NV	Las Vegas-Paradise	99,064
Regency Milford Center	OH	Cincinnati-Middletown	108,923
Hillsboro Market Center	OR	Portland-Vancouver-Beaverton	148,051
Cherry Park Market	OR	Portland-Vancouver-Beaverton	113,518


Total square footage managed by Regency, but not owned			1,281,507

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

March 31, 2009


Tenant	Tenant GLA ⁽¹⁾	% of Company- Owned GLA⁽¹⁾		Total Annualized Base Rent ⁽²⁾		% of Total Annualized Base Rent ⁽²⁾		# of Leased Stores	# of Leased Stores in JV
Kroger	2,204,033	7.6	%	$	20,390,815	4.6	%	45	13
Publix	1,970,183	6.8	%		18,468,426	4.1	%	56	19
Safeway	1,757,801	6.0	%		17,256,365	3.9	%	55	31
Supervalu	965,485	3.3	%		11,213,881	2.5	%	28	15
CVS	505,031	1.7	%		7,179,978	1.6	%	49	23
Blockbuster Video	273,165	0.9	%		5,793,970	1.3	%	70	29
TJX Companies	442,711	1.5	%		4,557,152	1.0	%	23	11
Ross Dress For Less	266,607	0.9	%		4,141,968	0.9	%	16	10
Whole Foods	139,980	0.5	%		4,122,301	0.9	%	5	2
Wells Fargo Bank	69,383	0.2	%		3,520,833	0.8	%	49	29
Sports Authority	181,523	0.6	%		3,460,631	0.8	%	5	1
Starbucks	102,095	0.4	%		3,459,322	0.8	%	86	34
PETCO	185,318	0.6	%		3,413,155	0.8	%	22	12
Sears Holdings	442,821	1.5	%		3,389,116	0.8	%	14	8
Rite Aid	227,758	0.8	%		3,209,845	0.7	%	26	15
Ahold	278,445	1.0	%		3,177,332	0.7	%	12	10
Walgreens	193,000	0.7	%		3,079,162	0.7	%	17	5
Bank of America	72,266	0.2	%		3,074,355	0.7	%	32	15
PetSmart	178,850	0.6	%		2,903,317	0.7	%	10	4
Target	349,683	1.2	%		2,861,943	0.6	%	4	2
Subway	99,178	0.3	%		2,837,857	0.6	%	113	53
H.E.B.	210,413	0.7	%		2,771,745	0.6	%	4	2
Schnucks	308,578	1.1	%		2,687,565	0.6	%	31	31
The UPS Store	98,755	0.3	%		2,535,471	0.6	%	98	41
Hallmark	143,088	0.5	%		2,482,557	0.6	%	50	27
Harris Teeter	192,746	0.7	%		2,465,032	0.6	%	7	4
JPMorgan Chase Bank	61,213	0.2	%		2,362,851	0.5	%	23	6
Michael’s	194,825	0.7	%		2,325,981	0.5	%	12	4

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	$	101,550
Kroger Total		34,450
Schnucks Total		6,540


GLA owned and occupied by the anchor not included above:		# of Tenant- Owned Stores	# of Stores including Tenant- Owned
Target	1,911,479	20	24
Kroger	688,932	9	54
Safeway	314,000	6	61
Sears Holdings	92,080	1	15
Supervalu	78,371	3	31
Publix	62,771	1	57

	3,147,632

(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 Tenant Rents - Wholly Owned and 100% of Co-investment Partnerships

March 31, 2010


Tenant	Tenant GLA ⁽¹⁾	% of Company- Owned GLA⁽¹⁾		Total Annualized Base Rent ⁽²⁾		% of Total Annualized Base Rent ⁽²⁾		# of Leased Stores	# of Leased Stores in JV
Safeway	2,937,120	6.6	%	$	30,752,052	4.6	%	55	31
Kroger	2,727,615	6.1	%		24,814,081	3.7	%	45	13
Publix	2,565,196	5.8	%		24,303,756	3.6	%	56	19
Supervalu	1,494,411	3.4	%		16,654,944	2.5	%	28	15
Schnucks	1,887,329	4.3	%		16,437,709	2.5	%	31	31
CVS	728,108	1.6	%		10,909,402	1.6	%	49	23
Blockbuster Video	376,360	0.8	%		7,982,088	1.2	%	70	29
Ross Dress For Less	461,206	1.0	%		6,744,258	1.0	%	16	10
TJX Companies	634,557	1.4	%		6,631,196	1.0	%	23	11
Ahold	569,709	1.3	%		6,139,715	0.9	%	12	10
Whole Foods	214,366	0.5	%		6,076,907	0.9	%	5	2
PETCO	313,164	0.7	%		5,898,988	0.9	%	22	12
Wells Fargo Bank	113,640	0.3	%		5,891,072	0.9	%	49	29
Rite Aid	377,211	0.9	%		4,854,169	0.7	%	26	15
Starbucks	139,408	0.3	%		4,761,213	0.7	%	86	34
Target	514,078	1.2	%		4,738,724	0.7	%	4	2
Sears Holdings	596,196	1.3	%		4,712,450	0.7	%	14	8
Bank of America	97,463	0.2	%		4,509,004	0.7	%	32	15
Harris Teeter	356,347	0.8	%		4,467,121	0.7	%	7	4
Subway	150,056	0.3	%		4,230,405	0.6	%	113	53
H.E.B.	310,607	0.7	%		4,146,745	0.6	%	4	2
24 Hour Fitness	198,706	0.4	%		3,959,205	0.6	%	6	4
Walgreens	238,531	0.5	%		3,836,432	0.6	%	17	5
Sports Authority	209,757	0.5	%		3,820,620	0.6	%	5	1
PetSmart	240,700	0.5	%		3,813,174	0.6	%	10	4
Hallmark	226,225	0.5	%		3,807,656	0.6	%	50	27
Toys “R” Us	262,446	0.6	%		3,689,186	0.6	%	6	5
The UPS Store	140,507	0.3	%		3,561,671	0.5	%	98	41
Staples	249,067	0.6	%		3,423,381	0.5	%	12	6

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


Grocer fuel pads on ground leases	Annualized Base Rent ⁽²⁾
Safeway Total	$	237,000
Kroger Total		44,200
Schnucks Total		40,000


GLA owned and occupied by the anchor not included above:		# of Tenant- Owned Stores	# of Stores including Tenant- Owned
Target	2,637,263	20	24
Kroger	727,332	9	54
Safeway	314,000	6	61
Sears Holdings	230,200	1	15
Supervalu	101,721	3	31
Publix	62,771	1	57

	4,073,287

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

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

Tenant Lease Expirations

March 31, 2010


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)	435,826	1.6%	$	7,988,761	1.8%	$	18.33	609,611	1.5%	$	11,773,542	1.8%
2010	1,738,723	6.5%		34,354,175	7.7%		19.76	2,602,955	6.4%		49,924,425	7.5%
2011	3,076,924	11.6%		54,423,289	12.2%		17.69	4,371,929	10.7%		79,192,571	11.9%
2012	3,524,047	13.3%		65,266,573	14.6%		18.52	5,113,487	12.5%		94,038,356	14.1%
2013	2,673,841	10.1%		49,253,283	11.1%		18.42	4,190,536	10.3%		72,815,643	10.9%
2014	2,496,445	9.4%		47,430,473	10.6%		19.00	3,677,040	9.0%		69,522,961	10.4%
2015	1,150,331	4.3%		21,138,402	4.7%		18.38	1,961,083	4.8%		34,342,526	5.2%
2016	797,929	3.0%		13,330,562	3.0%		16.71	1,627,212	4.0%		24,635,351	3.7%
2017	1,276,363	4.8%		21,907,481	4.9%		17.16	2,037,524	5.0%		33,010,081	5.0%
2018	1,288,444	4.8%		19,989,671	4.5%		15.51	1,833,578	4.5%		28,106,784	4.2%
2019	1,169,323	4.4%		17,461,604	3.9%		14.93	1,740,784	4.3%		25,507,551	3.8%

10 Year Total	19,628,195	73.8%		352,544,271	79.1%		17.96	29,765,739	73.0%		522,869,789	78.5%

Thereafter	6,965,295	26.2%		93,092,600	20.9%		13.37	11,025,801	27.0%		143,138,105	21.5%

	26,593,490	100.0%	$	445,636,871	100.0%	$	16.76	40,791,540	100.0%	$	666,007,894	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)	59,967	0.4%	$	388,820	0.3%	$	6.48	59,967	0.3%	$	388,820	0.2%
2010	390,860	2.7%		3,373,891	2.2%		8.63	634,890	2.7%		5,163,382	2.1%
2011	1,078,734	7.5%		7,938,581	5.2%		7.36	1,426,070	6.2%		11,278,860	4.6%
2012	1,288,651	8.9%		12,469,824	8.2%		9.68	1,852,321	8.0%		17,787,204	7.3%
2013	941,851	6.5%		7,758,354	5.1%		8.24	1,679,877	7.3%		13,956,296	5.7%
2014	898,777	6.2%		8,935,280	5.9%		9.94	1,293,314	5.6%		13,600,868	5.6%
2015	461,840	3.2%		4,756,444	3.1%		10.30	920,148	4.0%		9,504,235	3.9%
2016	483,151	3.3%		5,223,473	3.4%		10.81	1,049,676	4.5%		11,070,935	4.6%
2017	781,416	5.4%		9,419,238	6.2%		12.05	1,405,354	6.1%		16,793,328	6.9%
2018	850,080	5.9%		9,259,110	6.1%		10.89	1,251,601	5.4%		13,757,552	5.7%
2019	929,477	6.4%		11,708,498	7.7%		12.60	1,379,312	6.0%		16,610,012	6.8%

10 Year Total	8,164,804	56.4%		81,231,513	53.3%		9.95	12,952,530	56.1%		129,911,490	53.4%

Thereafter	6,299,283	43.6%		71,045,504	46.7%		11.28	10,147,433	43.9%		113,142,341	46.6%

	14,464,086	100.0%	$	152,277,017	100.0%	$	10.53	23,099,963	100.0%	$	243,053,831	100.0%

Reflects in place leases as of March 31, 2010, assuming that no tenants exercise renewal options.

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

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

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

Tenant Lease Expirations

March 31, 2010



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)	375,859	3.1%	$	7,599,940	2.6%	$	20.22	549,644	3.1%	$	11,384,722	2.7%
2010	1,347,864	11.1%		30,980,284	10.6%		22.98	1,968,065	11.1%		44,761,043	10.6%
2011	1,998,189	16.5%		46,484,708	15.8%		23.26	2,945,859	16.7%		67,913,711	16.1%
2012	2,235,396	18.4%		52,796,749	18.0%		23.62	3,261,166	18.4%		76,251,151	18.0%
2013	1,731,990	14.3%		41,494,928	14.1%		23.96	2,510,659	14.2%		58,859,347	13.9%
2014	1,597,668	13.2%		38,495,193	13.1%		24.09	2,383,726	13.5%		55,922,093	13.2%
2015	688,490	5.7%		16,381,958	5.6%		23.79	1,040,935	5.9%		24,838,291	5.9%
2016	314,778	2.6%		8,107,089	2.8%		25.75	577,536	3.3%		13,564,416	3.2%
2017	494,947	4.1%		12,488,243	4.3%		25.23	632,170	3.6%		16,216,753	3.8%
2018	438,364	3.6%		10,730,561	3.7%		24.48	581,977	3.3%		14,349,233	3.4%
2019	239,847	2.0%		5,753,105	2.0%		23.99	361,472	2.0%		8,897,540	2.1%

10 Year Total	11,463,392	94.5%		271,312,758	92.5%		23.67	16,813,209	95.0%		392,958,299	92.9%

Thereafter	666,012	5.5%		22,047,095	7.5%		33.10	878,368	5.0%		29,995,764	7.1%

	12,129,404	100.0%	$	293,359,853	100.0%	$	24.19	17,691,577	100.0%	$	422,954,063	100.0%

Reflects

in place leases as of March 31, 2010, assuming that no tenants exercise renewal options.

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

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

Earnings and Valuation Guidance

March 30, 2009


	Annual Guidance
($000s except per share numbers)	2008A		2009A		2010E		1Q10A	2Q10E

FFO / Share (for actuals please see related press release)						$2.15-$2.34		$.53-$.58
Recurring FFO / Share						$2.17-$2.36		$.50-$.55

Same Property - Wholly owned and Regency’s pro-rata share of co-investment partnerships:
Same property percent leased at period end		93.8%		93.1%		91% - 93%	92.7%
Same property growth		2.6%		-6.7%		(2.5)%-0.5%	-0.3%
Rental rate growth		10.6%		-2.7%		(8.0)%-(2.0)%	0.7%
Percentage Rent - Consolidated Only	$	4,260	$	3,584		$2,600-$3,200	$360
Recovery Rate - Consolidated Only - All Properties		79.4%		73.7%		73%-75%	75.5%
Operating Portfolio only excluding development		83.0%		77.3%		77%-79%	78.5%

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

Acquisitions - consolidated	$	0	$	0		$25,000-$50,000	$0
Cap rate		0.0%		0.0%		7%-8%	0.0%
JV Acquisitions - 3rd Party (gross $)	$	121,775	$	17,884		$50,000-$100,000	$30,887
Cap rate		6.5%		9.3%		7%-8%	8.9%
REG % ownership		20%		50%		22%	25%
JV Acquisitions - REG contributions (gross $)	$	157,894	$	133,865		$0	$0
Cap rate		7.0%		8.8%		0.0%	0.0%
REG % ownership		20%		20%		0%	0%
Dispositions - (REG Pro-Rata)	$	263,484	$	189,509		$40,000-$75,000	$26,465
Cap rate (average)		7.3%		8.4%		8% - 9%	9.06%
Development starts	$	176,891	$	29,814		$0-$50,000	$0
Development completions - net costs	$	102,888	$	111,257		$290,000-$335,000	$97,148
Stabilized yield (net dev costs)		10.3%		7.9%		7.7%-8.0%	8.1%
Completion yield (net dev costs)				7.7%		5.0%-5.2%	6.4%
Capitalized interest on completions			$	1,585		$600-$950	$378
Transaction profits net of taxes*	$	57,921	$	27,353		$2,500-$4,500	$386
Minority share of transaction profits	$	0	$	0		$0	$0
Acquisition closing costs and dead deal costs	-$	15,510	-$	4,120		-$1,500 to -$2,000	-$155
Third party fees and commissions	$	36,332	$	30,508		$24,000-$26,000	$6,931

* 2008A includes $19.7 million of promote income. 2009A includes $13.1 million of promote income.



Net Asset Valuation Guidance:
Estimated market value of expansion land and outparcels available	$	37,820	$	40,614	$	69,658
NOI from CIP properties (current quarter)	$	6,637	$	9,689	$	7,179
NOI from leases signed but not yet rent-paying in operating properties (including stabilized developments)	$	1,212	$	478	$	899

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

Reconciliation of FFO and Recurring FFO Guidance to Net Income

March 31, 2010

All numbers are per share except weighted average shares


Funds From Operations Guidance:	Three Months Ended June 30, 2010					Full Year 2010
Net income attributable to common stockholders	$	0.03		0.08		$	0.26			0.41

Adjustments to reconcile net income to FFO:
Depreciation expense and amortization		0.50		0.50			2.01			2.01
Loss (gain) on sale of operating properties		—		—			(0.09	)		(0.09	)


Funds From Operations	$	0.53		0.58		$	2.18			2.33

Adjustments to reconcile FFO to Recurring FFO:
All non-recurring items as defined below		(0.03	)	(0.03	)	$	0.02		$	0.02

Recurring Funds From Operations	$	0.50		0.55		$	2.20			2.35


Weighted average shares (000’s)		83,356					83,765

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

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

# of Projects

Net Development
Costs To Date

Est. Net Dev Costs
at Completion

215,000 - $265,000