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

REGENCY CENTERS CORP - FORM 8-K - EX-99.2 - SUPPLEMENT INFORMATION - August 3, 2011

Attached files

Attached files

REGENCY CENTERS CORP Reports

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

EXHIBIT 99.2

Regency Centers Corporation

June 30, 2011

Supplemental Information

Investor Relations

Diane Ortolano

One Independent Drive, Suite 114

Jacksonville, FL 32202

904-598-7727

About Regency

Regency Centers Corporation is the leading national owner, operator, and developer of grocery-anchored and community shopping centers. At June 30, 2011, Regency’s total market capitalization was $6.3 billion.

As of June 30, 2011, the Company owned 367 shopping centers and single tenant properties, including those held in co-investment partnerships. Total gross leasable area (GLA) under management, including tenant-owned square footage was 50.1 million square feet, located in top markets across the nation. Founded in 1963 and operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.

Regency’s portfolio is distinguished by attractive demographics and strong retailers. The average household income in the trade area of Regency’s centers is more than $96,000, 33% higher than the national average. Regency’s quality portfolio is anchored by dominant grocers such as Kroger and Publix, as well as leading national retailers such as Target, which drive traffic into its centers. In addition, 78% of the portfolio is leased to national and regional retailers. The quality of the tenant base and the strength of the Company’s tenant relationships are fundamentally differentiating factors for Regency. Premier Customer Initiative (PCI) is Regency’s relationship-based operating system that focuses on the national, regional, and local retailers that are the best operators in their merchandising category.

Regency’s operating and development expertise continues to create value from the operating portfolio and from new development opportunities. Since 2000 Regency has developed 205 shopping centers, including those currently in-process, representing an investment at completion of $3.0 billion. At the end of the second quarter of 2011, Regency had 24 projects under development for an estimated total investment at completion of $400.7 million. These in-process developments are 95% funded and 86% leased (91% leased and committed, including tenant-owned square footage).

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

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

Please visit www.RegencyCenters.com for more information.

The information provided in this supplemental package is unaudited and there can be no assurance that the information will not vary from the final information for the quarter ended June 30, 2011. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.

Table of Contents

June 30, 2011


Highlights			1

Summary Information:

Definitions			2

Summary Financial Information			3

Summary Real Estate Information			4

Financial Information:

Consolidated Balance Sheets			5

Consolidated Statements of Operations (FFO format)			6

FFO and Other Information			7

Consolidated Statements of Operations (GAAP basis)			9

Summary of Consolidated Debt			10

Summary of Unsecured Public Debt Covenants			11

Summary of Preferred Units and Stock			12

Investment Activity:

Acquisitions, Dispositions and Development Sales			13

Development Information			15

Co-investment Partnerships:

Unconsolidated Investments			17

Unconsolidated Balance Sheets			18

Unconsolidated Statements of Operations			20

Summary of Unconsolidated Debt			22

Real Estate Information:

Leasing Statistics			23

Average Base Rent by State			25

Portfolio Summary Report by State			27

Significant Tenant Rents			33

Lease Expiration Schedule			35

Forward-Looking Information:

Earnings and Valuation Guidance			37

Reconciliation of FFO to Net Income			38

Highlights

June 30, 2011

Operating Results

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

For the quarter ended June 30, 2011, same property NOI declined 0.8%. When excluding termination fees, same property NOI declined 0.3%. Same property percent leased was 92.2%. Rental lease spreads declined 1.0%, or increased 2.8% for spaces vacant less than 12 months.

For the six months ended June 30, 2011, same property NOI declined 1.2%. When excluding termination fees, same property NOI increased 0.1%. Same property percent leased was 92.2%. Rental lease spreads declined 2.5%, or increased 1.4% for spaces vacant less than 12 months.

Operating Results

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

For the quarter ended June 30, 2011, same property NOI declined 0.3%. When excluding termination fees, same property NOI increased 0.3%. Same property percent leased was 92.6%. Rental lease spreads declined 1.2%, or increased 2.6% for spaces vacant less than 12 months.

For the six months ended June 30, 2011, same property NOI declined 0.9%. When excluding termination fees, same property NOI increased 0.4%. Same property percent leased was 92.6%. Rental lease spreads declined 2.8%, or increased 0.9% for spaces vacant less than 12 months.

Leasing Activity

During the quarter, 1.8 million square feet of GLA was renewed or newly leased through 510 leasing transactions.

For the six months ended June 30, 2011, 3.1 million square feet of GLA was renewed or newly leased through 870 leasing transactions.

Financial Results

Recurring Funds From Operations for the quarter was $50.5 million, or $0.56 per diluted share. Funds From Operations for the quarter was $55.1 million, or $0.61 per diluted share. Net income attributable to common stockholders for the quarter was $12.9 million, or $0.14 per diluted share.

Development Activity

At quarter end, Regency had 24 projects in process for an estimated net development cost of $400.7 million, an expected return at completion of 5.5% and an expected return at stabilization of 6.8%.

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

Acquisition & Disposition Activity

During the second quarter, Regency:

•

Purchased one wholly owned operating property at a gross sales price of $11.0 million and a cap rate of 7.6%.

•

Sold one co-investment operating property at a gross sales price of $3.1 million and a cap rate of 4.9%. Regency’s share of the sales price was $1.2 million.

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

Definitions

June 30, 2011

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

Funds From Operations (FFO): FFO is a supplemental earnings measure defined by the National Association of Real Estate Investment Trusts (NAREIT) as net income attributable to common stockholders (computed in accordance with generally accepted accounting principles), excluding gains (or losses) from sales of depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect funds from operations on the same basis. NAREIT developed FFO as a supplement to net income and as a measure of recurring operating performance for real estate companies (April 2002). NAREIT also clarified that FFO should include the results of discontinued operations, non-recurring amounts (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.

Development Properties: Properties that Regency acquires and develops, including partially operating properties specifically acquired for redevelopment, and if sold any related gains are included in its calculation of FFO, but not Recurring FFO. Once development properties become operating properties, related gains are no longer included in FFO unless it is owned by Regency’s taxable REIT subsidiary (TRS) and developed for the purpose of resale. A property is no longer considered a development property after the end of the third calendar year following completion.

Summary Financial Information

June 30, 2011


Financial Results	Three Months Ended						Year to Date
	2011			2010			2011			2010
Net income attributable to common stockholders	$	12,860,956		$	7,747,716		$	15,046,356		$	19,147,141

Basic EPS	$	0.14		$	0.09		$	0.17		$	0.23

Diluted EPS	$	0.14		$	0.09		$	0.17		$	0.23

Diluted EPS per share growth rate		55.6	%					-26.1	%

Funds from Operations for common stockholders	$	55,053,050		$	48,548,131		$	103,174,333		$	97,154,830

FFO per share - Diluted	$	0.61		$	0.58		$	1.17		$	1.17

Diluted FFO per share growth rate		5.2	%					0.0	%

Recurring Funds from Operations for common stockholders	$	50,454,601		$	49,099,642		$	101,408,112		$	101,431,628

Recurring FFO per share - Diluted	$	0.56		$	0.59		$	1.15		$	1.22

Diluted Recurring FFO per share growth rate		-5.1	%					-5.7	%

Dividends paid per share and unit	$	0.463		$	0.463		$	0.925		$	0.925

Payout ratio of Diluted Recurring FFO per share		82.6	%		78.4	%		80.4	%		75.8	%

Interest Coverage Ratios

Interest only		3.3			2.9			3.2			2.9

Capitalized interest	$	367,983		$	1,243,639		$	956,934		$	3,323,412

Fixed Charge (Regency only)		2.6			2.4			2.6			2.4

Fixed Charge (with pro-rata share of partnerships)		2.3			2.1			2.2			2.1

Capital Information	06/30/11			YTD Change			12/31/10			12/31/09

Closing common stock price per share	$	43.97		$	1.73		$	42.24		$	35.06
Total Shareholder Return		6.3	%					26.6	%

Common Shares and Equivalents Outstanding		90,082,482			8,018,446			82,064,036			82,007,507

Market equity value of Common and Convertible shares (000’s)	$	3,960,927		$	494,542		$	3,466,385		$	2,875,183
Non-Convertible Preferred Units and shares (000’s)	$	325,000			—		$	325,000		$	325,000
Outstanding debt (000’s)	$	1,970,145		($	124,324	)	$	2,094,469		$	1,886,380
Total market capitalization (000’s)	$	6,256,072		$	370,218		$	5,885,854		$	5,086,563
Debt to Total Market Capitalization		31.5	%		-4.1	%		35.6	%		37.1	%

Total real estate at cost before depreciation (000’s)	$	4,502,269		$	84,523		$	4,417,746		$	4,259,955
Total assets at cost before depreciation (000’s)	$	4,775,667		$	101,142		$	4,674,525		$	4,614,391
Debt to Total Assets before Depreciation		41.3	%		-3.6	%		44.8	%		40.9	%

Outstanding Classes of Stock and Partnership Units:
Common Shares Outstanding		89,905,318			8,018,446			81,886,872			81,539,296
Exchangeable O.P. Units held by noncontrolling interests		177,164			—			177,164			468,211

Common Shares and Equivalents Issued and Outstanding		90,082,482			8,018,446			82,064,036			82,007,507


	Three Months Ended						Year to Date
	2011			2010			2011			2010
Wtd Average Diluted Shares for FFO per share		89,648,246			83,178,627			87,505,167			82,954,572
Treasury method shares related to fwd equity offering included above		—			1,522,429			847,621			1,304,605

Summary Real Estate Information

June 30, 2011

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


	6/30/11			3/31/11			6/30/10			3/31/10
Gross Leasable Area (GLA)		29,940,666			29,895,803			29,618,371			29,659,773

GLA - Same properties only		25,693,597			25,739,518			25,631,472			25,672,863

GLA including anchor-owned stores		36,221,517			36,038,054			35,743,243			35,754,186


% leased - All properties		91.8	%		91.3	%		91.7	%		91.5	%

% leased - Operating properties only		92.1	%		92.0	%		92.8	%		92.8	%

% leased - Same properties only		92.2	%		92.0	%		92.8	%		92.7	%

Average % leased - Same properties only		92.1	%		92.2	%		92.8	%		92.8	%


Rental rate growth - YTD⁽¹⁾		-2.5	%		-4.9	%		0.5	%		1.1	%

Rental rate growth for spaces vacant less than 12 months - YTD⁽¹⁾		1.4	%		-1.0	%		1.8	%		2.8	%

Same property NOI growth - YTD		-1.2	%		-1.6	%		1.5	%		-0.3	%

Same property NOI growth without termination fees - YTD		0.1	%		0.6	%		-1.0	%		-4.8	%


Wholly Owned and 100% of Co-investment Partnerships

	6/30/11			3/31/11			6/30/10			3/31/10
Gross Leasable Area (GLA)		42,490,757			44,743,740			45,065,551			45,169,007

GLA - Same properties only		38,042,997			40,386,764			38,033,624			40,981,406

GLA including anchor-owned stores		50,091,041			52,863,699			53,135,368			53,208,365


Number of retail shopping centers		367			396			398			399

Number of centers under development (excluding expansions)		19			26			34			36

Number of grocery-anchored shopping centers		293			321			325			326


% leased - All properties		92.3	%		92.1	%		92.3	%		92.1	%

% leased - Operating properties only		92.6	%		92.5	%		93.0	%		93.0	%

% leased - Same properties only		92.6	%		92.6	%		93.0	%		92.9	%

Average % leased - Same properties only		92.7	%		92.7	%		93.0	%		93.1	%


Rental rate growth - YTD ⁽¹⁾		-2.8	%		-5.2	%		-1.1	%		-1.5	%

Rental rate growth for spaces vacant less than 12 months - YTD ⁽¹⁾		0.9	%		-1.5	%		0.6	%		1.3	%

Same property NOI growth - YTD		-0.9	%		-1.5	%		0.7	%		-1.2	%

Same property NOI growth without termination fees - YTD		0.4	%		0.5	%		-1.1	%		-4.3	%

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

Consolidated Balance Sheets

June 30, 2011 and December 31, 2010 and 2009


	2011			2010			2009
Assets
Real estate investments at cost:
Land, building and improvements	$	3,577,125,855			3,378,221,458			2,993,704,413
Properties in development		499,584,214			610,932,328			920,426,744

		4,076,710,069			3,989,153,786			3,914,131,157
Less: accumulated depreciation		755,377,852			700,878,014			622,163,237

		3,321,332,217			3,288,275,772			3,291,967,920
Operating properties held for sale		—			—			19,611,481
Investments in real estate partnerships		425,559,311			428,592,272			326,211,897

Net real estate investments		3,746,891,528			3,716,868,044			3,637,791,298

Cash and cash equivalents		18,407,958			22,460,118			99,477,017
Accounts receivable, net of allowance for uncollectible accounts		27,301,005			36,599,785			40,871,064
Straight line rent receivables, net of reserves		47,767,579			45,241,286			39,292,481
Notes receivable		35,930,927			35,930,927			37,753,438
Deferred costs, net of accumulated amortization		62,912,278			63,164,623			58,376,461
Acquired lease intangible assets, net of accumulated amortization		18,320,254			18,219,347			10,007,309
Trading securities held in trust, at fair value		23,284,466			20,890,523			18,421,621
Other assets		39,473,858			35,163,886			50,237,446

Total assets	$	4,020,289,853			3,994,538,539			3,992,228,135


Liabilities and Equity
Liabilities:
Notes payable	$	1,940,145,262			2,084,469,325			1,886,380,298
Unsecured line of credit		30,000,000			10,000,000			—

Total notes payable		1,970,145,262			2,094,469,325			1,886,380,298
Accounts payable and other liabilities		121,616,313			138,195,855			130,354,232
Derivative instruments, at fair value		—			—			28,363,231
Acquired lease intangible liabilities, net of accumulated accretion		8,681,790			6,682,371			5,895,885
Tenants’ security and escrow deposits		11,151,669			10,790,173			10,627,805

Total liabilities		2,111,595,034			2,250,137,724			2,061,621,451


Equity:
Stockholder’s Equity:
Preferred stock		275,000,000			275,000,000			275,000,000
Common stock, $.01 par		899,053			818,869			815,393
Additional paid in capital, net of treasury stock		2,244,760,618			2,023,436,667			2,008,374,437
Accumulated other comprehensive loss		(76,161,784	)		(80,885,436	)		(49,973,134	)
Distributions in excess of net income		(596,897,259	)		(533,194,159	)		(371,837,066	)

Total stockholders’ equity		1,847,600,628			1,685,175,941			1,862,379,630

Noncontrolling Interests:
Preferred units		49,157,977			49,157,977			49,157,977
Exchangeable operating partnership units		(862,018	)		(761,705	)		7,320,848
Limited partners’ interest in consolidated partnerships		12,798,232			10,828,602			11,748,229

Total noncontrolling interests		61,094,191			59,224,874			68,227,054

Total equity		1,908,694,819			1,744,400,815			1,930,606,684

Total liabilities and equity	$	4,020,289,853			3,994,538,539			3,992,228,135


Ratios	2011			2010			2009
Debt to real estate assets, before depreciation		43.8	%		47.4	%		44.3	%
Debt to total assets, before depreciation		41.3	%		44.6	%		40.9	%
Debt to total assets, before depreciation and including prorata share of JV’s ⁽¹⁾		44.7	%		48.1	%		45.7	%
Debt + preferred to total assets, before deprec. and incl. prorata share of JV’s		50.4	%		53.8	%		51.7	%
Unsecured assets to total real estate assets (wholly owned only)		81.7	%		81.6	%		81.6	%
Unsecured NOI to total NOI (wholly owned only)		81.1	%		81.5	%		79.5	%

(1)	debt ratio would be 44.5% if current cash balances were used to reduce outstanding debt

Consolidated Statements of Operations

For the Periods Ended June 30, 2011 and 2010

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


	Three Months Ended						Year to Date
	2011			2010			2011			2010
Real Estate Revenues:
Minimum rent	$	89,686,131			86,109,230		$	179,067,519			172,732,402
Percentage rent		150,559			263,494			1,057,766			623,604
Recoveries from tenants		23,837,855			23,752,300			48,568,503			47,933,691
Termination Fees		340,061			599,626			3,101,999			5,135,875
Other income		2,200,789			1,218,298			3,705,573			3,080,927

		116,215,395			111,942,948			235,501,360			229,506,499


Real Estate Operating Expenses:
Operating and maintenance		17,864,809			17,301,557			37,443,918			35,063,581
Provision for doubtful accounts		1,585,188			82,010			2,211,996			2,360,923
Real estate taxes		14,315,026			14,460,370			29,040,010			29,054,041

		33,765,023			31,843,937			68,695,924			66,478,545


Net Operating Income		82,450,372			80,099,011			166,805,436			163,027,954

Fees, Development and Outparcel Gains:
Asset management fees		1,678,844			1,771,933			3,405,970			3,179,839
Property management fees		3,709,239			3,892,099			7,671,923			7,843,870
Transaction fees		5,000,000			2,593,828			5,000,000			2,593,828
Leasing commissions and other fees		1,806,337			1,260,799			3,975,026			2,831,832
Development (loss) gain		—			(7,308	)		—			31,148
Gain on sale of outparcels		—			68,667			—			441,855
Dead deal and Acquisition costs		(163,355	)		(612,048	)		(251,096	)		(766,909	)
Income tax expense on operations		(217,474	)		(75,675	)		(141,473	)		(101,155	)
Income tax benefit on provisions for impairment		—			—			1,738,568			—

		11,813,591			8,892,295			21,398,918			16,054,308


Other Operating Expense (Income):
General and administrative		14,526,031			14,638,316			30,186,648			28,373,611
Other expenses		361,251			395,437			1,183,254			840,261
Depreciation and amortization (including FF&E)		32,056,517			31,499,014			67,246,312			62,832,190
Interest expense, net		30,563,844			30,634,822			61,428,487			59,763,298
Loss (gain) on sale of operating properties including taxes		—			318,155			—			(6,876,493	)
Unrealized loss (gain) on REG shares in deferred compensation trust, net		507,788			(995,566	)		1,055,663			(26,021	)
Hedge ineffectiveness		—			578,938			—			922,397

		78,015,431			77,069,116			161,100,364			145,829,243


Equity in Income (Loss) of Unconsolidated Partnerships:
Operating income		2,682,625			2,789,497			4,518,135			2,510,880
Gain on sale of operating properties		5,812			932,653			25,219			932,653
Provision for impairment - JV properties		—			(1,940,037	)		(4,580,000	)		(5,553,168	)

		2,688,437			1,782,113			(36,646	)		(2,109,635	)


Net Income		18,936,969			13,704,303			27,067,344			31,143,384

Noncontrolling Interests:
Preferred units		931,248			931,248			1,862,496			1,862,496
Exchangeable operating partnership units		37,124			26,905			49,868			120,766
Limited partners’ interest in consolidated partnerships		188,850			79,643			271,042			175,399

Net Income Attributable to Noncontrolling Interests		1,157,222			1,037,796			2,183,406			2,158,661

Net Income Attributable to Controlling Interests		17,779,747			12,666,507			24,883,938			28,984,723
Preferred Stock Dividends		4,918,791			4,918,791			9,837,582			9,837,582

Net Income Attributable to Common Stockholders	$	12,860,956			7,747,716		$	15,046,356			19,147,141

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

Funds From Operations (FFO) and Other Information

For the Periods Ended June 30, 2011 and 2010


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

Net income attributable to common stockholders	$	12,860,956			7,747,716		$	15,046,356			19,147,141
Adjustments to reconcile to Funds from Operations:
Depreciation and amortization - consolidated real estate		27,054,620			26,809,746			56,862,550			53,197,021
Depreciation and amortization - unconsolidated partnerships		10,889,151			12,082,785			22,230,019			25,286,344
Consolidated JV partners’ share of depreciation		(247,239	)		(133,332	)		(381,830	)		(271,283	)
Amortization of leasing commissions and intangibles		3,956,462			3,624,376			8,336,926			7,510,009
Gain on sale of operating properties ⁽²⁾		(5,812	)		(614,498	)		(25,219	)		(7,809,146	)
Unrealized loss (gain) on REG shares in deferred compensation trust		507,788			(995,566	)		1,055,663			(26,021	)
Noncontrolling interest of exchangeable partnership units		37,124			26,905			49,868			120,766


Funds From Operations ⁽¹⁾	$	55,053,050			48,548,131		$	103,174,333			97,154,830


Reconciliation of FFO to Recurring FFO

Funds from operations	$	55,053,050			48,548,131		$	103,174,333			97,154,830
Adjustments to reconcile to Recurring Funds from Operations:
Development and outparcel loss (gain), net of dead deal costs and tax ⁽²⁾		380,829			626,364			(1,343,804	)		395,061
Provision for impairment ⁽²⁾		—			2,175,516			4,580,000			5,788,647
Provision for hedge ineffectiveness		—			343,459			—			686,918
Loss (gain) on early debt extinguishment⁽²⁾		20,722			—			(2,417	)		—
Transaction fees and promotes		(5,000,000	)		(2,593,828	)		(5,000,000	)		(2,593,828	)


Recurring Funds From Operations ⁽¹⁾	$	50,454,601			49,099,642		$	101,408,112			101,431,628


FFO Per Share Reconciliation (Diluted):
Net income attributable to common stockholders	$	0.14		$	0.09		$	0.17		$	0.23
Adjustments to reconcile to Funds from Operations per share:
Depreciation and amortization - consolidated real estate		0.30			0.32			0.64			0.64
Depreciation and amortization - unconsolidated partnerships		0.12			0.15			0.25			0.30
Amortization of leasing commissions and intangibles		0.04			0.04			0.10			0.09
Gain on sale of operating properties ⁽²⁾		—			(0.01	)		—			(0.09	)
Unrealized loss (gain) on REG shares in deferred compensation trust		0.01			(0.01	)		0.01			—


Funds From Operations	$	0.61		$	0.58		$	1.17		$	1.17


Reconciliation of FFO to Recurring FFO

Funds from operations	$	0.61		$	0.58		$	1.17		$	1.17
Adjustments to reconcile to Recurring Funds from Operations:
Development and outparcel loss (gain), net of dead deal costs and tax ⁽²⁾		0.01			0.01			(0.01	)		—
Provision for impairment ⁽²⁾		—			0.03			0.05			0.07
Provision for hedge ineffectiveness		—			—			—			0.01
Transaction fees and promotes		(0.06	)		(0.03	)		(0.06	)		(0.03	)


Funds From Operations - Recurring	$	0.56		$	0.59		$	1.15		$	1.22

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

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

Additional Disclosures

For the Periods Ended June 30, 2011 and 2010


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

Straight-line rental income, net of reserve	$	952,705		1,374,808		$	2,526,294		2,364,943
Above- and below- market rent amortization		198,531		338,569			398,341		776,868
Pro-rata share of JV straight-line rental income, net		80,597		520,055			363,928		839,071
Pro-rata share of JV above- and below- mkt rent amortization		412,528		547,447			883,735		1,126,460

Debt premium amortization income	$	4,925		(13,303	)	$	9,849		18,663
FFO impairment losses including pro-rata share of JV’s		—		1,940,037			4,580,000		5,553,168
Hedge ineffectiveness charged against net income		—		578,938			—		922,397
Stock based compensation expense		2,767,116		1,770,080			5,525,116		3,532,054
Capitalized direct leasing compensation costs		3,125,000		2,075,001			5,250,000		4,150,002
Capitalized direct development compensation costs		580,499		282,405			1,478,739		805,613

Fees earned from 3rd parties as reported for GAAP	$	12,194,420		9,518,659		$	20,052,919		16,449,369
Fees earned from 3rd parties, excluding REG owned portion		10,783,949		8,105,212			17,205,724		13,635,723

Components of same property NOI (wholly owned and Regency’s pro-rata share of co-investment partnerships):
Revenues	$	127,667,224		129,130,668		$	260,039,252		263,888,436
Expenses		35,878,257		36,605,366			74,506,804		76,169,437

Same property NOI	$	91,788,968		92,525,302		$	185,532,448		187,718,999

Capital Expenditures (non-revenue enhancing only):

Leasing commissions, including pro rata share of JV’s	$	3,524,529	$	2,748,001		$	6,696,580	$	6,475,986
Tenant improvements, including pro rata share of JV’s		1,319,876		1,396,292			2,813,998		3,062,991
Building improvements, including pro rata share of JV’s		3,561,611		2,752,130			5,566,237		4,085,515

Consolidated Statements of Operations (GAAP Basis)

For the Periods Ended June 30, 2011 and 2010


	Three Months Ended						Year to Date
	2011			2010			2011			2010
Revenues:
Minimum rent	$	89,683,772			85,845,690			179,067,519			172,049,390
Percentage rent		150,559			263,494			1,057,766			623,604
Recoveries from tenants and other income		26,352,089			25,623,928			55,317,173			56,207,299
Management, transaction, and other fees		12,194,420			9,518,659			20,052,919			16,449,369

Total revenues		128,380,840			121,251,771			255,495,377			245,329,662


Operating Expenses:
Depreciation and amortization		32,056,517			31,395,614			67,246,312			62,623,357
Operating and maintenance		17,860,695			17,220,377			37,436,114			34,818,551
General and administrative		15,176,919			12,655,428			32,130,105			27,974,043
Real estate taxes		14,297,152			14,377,547			29,000,004			28,870,575
Provision for doubtful accounts		1,585,818			63,044			2,212,070			2,401,787
Other expense (income)		734,464			1,081,733			(173,911	)		1,688,488

Total operating expenses		81,711,565			76,793,742			167,850,694			158,376,801


Other Expense (Income):
Interest expense, net of interest income		30,563,844			30,634,822			61,428,487			59,763,503
Loss (gain) on sale of operating properties and properties in development		—			225,746			—			(564,995	)
(Income) loss from deferred compensation plan		(143,100	)		987,322			(887,794	)		373,547
Loss on derivative instruments		—			578,938			—			922,397

Total other expense		30,420,744			32,426,828			60,540,693			60,494,452


Income before equity in income (loss) of investments in real estate partnerships		16,248,532			12,031,201			27,103,990			26,458,408

Equity in income (loss) of investments in real estate partnerships		2,688,437			1,782,113			(36,646	)		(2,109,635	)

Income from continuing operations		18,936,969			13,813,314			27,067,344			24,348,773


Discontinued Operations, net:
Operating (loss) income		—			(76,386	)		—			30,012
(Loss) gain on sale of properties		—			(32,625	)		—			6,764,599

Income (loss) from discontinued operations		—			(109,011	)		—			6,794,611


Net income		18,936,969			13,704,303			27,067,344			31,143,384

Noncontrolling Interests:
Preferred units		(931,248	)		(931,248	)		(1,862,496	)		(1,862,496	)
Exchangeable operating partnership units		(37,124	)		(26,905	)		(49,868	)		(120,766	)
Limited partners’ interests in consolidated partnerships		(188,850	)		(79,643	)		(271,042	)		(175,399	)

Net income attributable to noncontrolling interests		(1,157,222	)		(1,037,796	)		(2,183,406	)		(2,158,661	)


Net income attributable to controlling interests		17,779,747			12,666,507			24,883,938			28,984,723

Preferred stock dividends		(4,918,791	)		(4,918,791	)		(9,837,582	)		(9,837,582	)

Net income attributable to common stockholders	$	12,860,956			7,747,716		$	15,046,356			19,147,141

Summary of Consolidated Debt

June 30, 2011 and December 31, 2010


Total Debt Outstanding:	6/30/11		12/31/10
Mortgage loans payable:
Fixed rate secured loans	$	417,711,925		402,150,902
Variable rate secured loans		12,766,852		11,189,507
Unsecured debt offering fixed rate		1,509,666,485		1,671,128,916
Unsecured line of credit		30,000,000		10,000,000

Total	$	1,970,145,262		2,094,469,325


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

2011	$	2,824,581		8,849,852		20,000,000			31,674,433			7.2	%
2012		5,835,756		—		222,377,000			228,212,756			6.8	%
2013		5,762,938		16,341,781		—			22,104,719			7.1	%
2014		5,174,174		20,927,903		150,000,000			176,102,077			5.0	%
2015		3,783,032		46,312,553		350,000,000			400,095,585			5.3	%
2016		3,386,549		14,161,144		—			17,547,693			6.2	%
2017		2,703,101		75,510,750		400,000,000			478,213,851			5.9	%
2018		2,090,955		57,357,573		—			59,448,528			6.2	%
2019		949,270		106,000,000		—			106,949,270			7.8	%
2020		814,364		43,329,660		150,000,000			194,144,024			6.3	%
>10 years		1,454,128		5,878,906		250,000,000			257,333,034			4.8	%
Unamortized debt (discount)/premium		—		1,029,808		(2,710,515	)		(1,680,707	)

	$	34,778,847		395,699,930		1,539,666,485			1,970,145,262			5.8	%

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


Percentage of Total Debt:	6/30/11			12/31/10
Fixed		97.8	%		99.7	%
Variable		2.2	%		0.3	%

Current Average Interest Rates:⁽²⁾
Fixed		5.8	%		6.4	%
Variable		2.1	%		5.3	%
Effective Interest Rate		5.7	%		6.4	%

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


Average Maturity Date:
Fixed	02/12/17	11/11/14
Variable	04/05/12	03/15/14

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

June 30, 2011


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

$600 Million Line of Credit		02/12/07		02/11/12	LIBOR + .55%	$	30,000,000

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



Unsecured Public Debt Covenants:	Required			3/31/11			12/31/10			9/30/10			6/30/10

Fair Market Value Calculation Method Covenants⁽¹⁾
Total Consolidated Debt to Total Consolidated Assets	£	65	%		34	%		38	%		36	%		36	%
Secured Consolidated Debt to Total Consolidated Assets	£	40	%		7	%		7	%		7	%		7	%
Consolidated Income for Debt Service to Consolidated Debt Service	³	1.5	x		2.7			2.8			2.7			2.7
Unencumbered Consolidated Assets to Unsecured Consolidated Debt	>	150	%		315	%		281	%		294	%		292	%

Historical Cost Basis Covenants⁽¹⁾
Total Consolidated Debt to Total Undepreciated Assets	£	60	%		41	%		45	%		43	%		43	%
Secured Consolidated Debt to Total Undepreciated Assets	£	40	%		9	%		9	%		8	%		8	%
Consolidated Income for Debt Service to Consolidated Debt Service	³	1.5	x		2.7			2.8			2.7			2.7
Unencumbered Consolidated Assets to Unsecured Consolidated Debt	>	150	%		266	%		236	%		249	%		248	%

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

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

Summary of Preferred Units and Stock

June 30, 2011


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

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

Preferred Stock:

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

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

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

Acquisitions

June 30, 2011


Property Name		Co-investment Partner	City/State		Total GLA		Purchase Price		Regency’s Share		Yield			Anchor Tenant
Consolidated:
Jun-11	Ocala Corners			Tallahassee, FL		86,772	$	11,029,387	$	11,029,387		7.6	%		Publix

	Total					86,772	$	11,029,387	$	11,029,387		7.6	%


Unconsolidated:
Acquisitions from 3rd Parties:
	None					—	$	—	$	—

	Total					—	$	—	$	—

Regency Contributions:
	None					—	$	—	$	—

	Total					—	$	—	$	—

Total Acquisitions from 3rd Parties						86,772	$	11,029,387	$	11,029,387		7.6	%

Total Acquisitions including Regency Contributions						86,772	$	11,029,387	$	11,029,387		7.6	%

Dispositions

June 30, 2011


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

							—		—		—

Unconsolidated:
Mar-11	Oaks Shopping Center		GRI		Des Plaines, IL		135,005	$	10,743,868	$	4,297,547		12.2	%		Dominick’s
Jun-11	601 King Street		GRI		Alexandria, VA		8,003	$	3,050,000	$	1,220,000		4.9	%

							143,008	$	13,793,868	$	5,517,547		10.6	%

	Total Dispositions						143,008	$	13,793,868	$	5,517,547		10.6	%

	Partnership with GRI - Regency owns 40%

Development Status Report

June 30, 2011


Project Name	State		CBSA	Anchor Tenant	Anchor Opens		Est. Net Dev Costs After Partner Participation		Est. Net Costs to Complete (1)			Stabilized Yield			Completion Yield (2)			Completion Year Yield Qtr/Year		Company Owned GLA		Company Owned % Leased			Gross GLA		Gross % Leased
In-Process Dev Starts After 1/1/09:
Indio Towne Center-Babies/Toys		CA	Riverside-San Bernardino- Ontario	Babies “R” Us, Toys “R” Us		09/01/11	$	5,837,668	$	2,121,419			11.0	%		11.0	%		Q4 - 2011		46,827		100	%		46,827		100	%
Centerplace of Greeley III Ph II		CO	Greeley	TJ Maxx		03/01/12		2,109,549		2,046,721			10.1	%		10.1	%		Q1 -2012		25,000		100	%		25,000		100	%
Kent Place		CO	Denver-Aurora	King Soopers		10/01/12		8,765,009		3,596,314			9.3	%		9.3	%		Q4 -2013		47,418		63	%		47,418		63	%
Market at Colonnade		NC	Raleigh-Cary	Whole Foods		03/01/11		15,563,522		2,273,991			9.1	%		9.1	%		Q2 - 2012		57,503		83	%		57,503		83	%
Shops at Stonewall Ph II		VA	Washington- Arlington- Alexandria	Dick’s Sporting Goods		11/01/11		4,995,641		3,239,031			8.7	%		8.7	%		Q4 -2011		40,670		100	%		40,670		100	%

Total In-Process Dev Starts After 1/1/09							$	37,271,389	$	13,277,475			9.4	%		9.4	%				217,418		88	%		217,418		88	%


In-Process Dev Starts Prior to 1/1/09:
Shoppes at Fairhope Village		AL	Mobile	Publix		07/01/09		16,747,993		56,240			7.1	%		5.7	%		Q2 - 2012		84,740		81	%		84,740		81	%
Golden Hills Promenade		CA	San Luis Obispo-Paso Robles	Lowe’s		11/01/09		31,951,037		707,518			4.4	%		3.3	%		Q4 - 2012		216,846		91	%		216,846		91	%
Indio Towne Center		CA	Riverside-San Bernardino- Ontario	WinCo Foods		09/01/08		41,700,607		1,472,463			5.4	%		3.5	%		Q4 - 2011		132,678		74	%		368,512		91	%
Jefferson Square		CA	Riverside-San Bernardino- Ontario	Fresh & Easy		03/01/13		9,356,119		(2,016,416	)		5.5	%		3.5	%		Q2 - 2012		38,013		75	%		38,013		75	%
Paseo Del Sol		CA	Santa Barbara-Santa Maria- Goleta	Whole Foods		10/01/09		26,444,339		(4,163,846	)		6.4	%		6.4	%		Q4 - 2012		49,680		77	%		49,680		77	%
Centerplace of Greeley III		CO	Greeley	Best Buy, Sports Authority		09/01/08		16,297,150		(1,171,557	)		8.1	%		5.8	%		Q4 - 2011		94,090		81	%		94,090		81	%
Shops at Quail Creek		CO	Boulder	King Soopers		05/01/09		7,297,975		156,872			11.4	%		10.6	%		Q2 - 2012		37,585		80	%		137,429		94	%
Nocatee Town Center		FL	Jacksonville	Publix		02/01/10		14,203,045		(4,064,050	)		7.1	%		4.5	%		Q1 - 2013		69,679		88	%		69,679		88	%
Suncoast Crossing Ph I		FL	Tampa-St. Petersburg- Clearwater	Kohl’s		10/01/08		8,891,780		(279,672	)		6.5	%		2.6	%		Q4 - 2011		108,434		94	%		108,434		94	%
Suncoast Crossing Ph II		FL	Tampa-St. Petersburg- Clearwater	Target		08/01/09		7,670,562		486,667			3.0	%		2.1	%		Q3 - 2012		9,451		59	%		151,649		97	%
Walton Towne Center		KY	Cincinnati- Middletown	Kroger		11/01/08		6,441,884		(341,229	)		7.7	%		5.0	%		Q4 - 2011		23,186		82	%		139,618		97	%
Village at Lee Airpark (f.k.a. Village at Lee Airport)		MD	Baltimore- Towson	Giant		11/01/10		23,646,177		2,251,935			8.3	%		8.0	%		Q4 - 2011		87,548		99	%		87,548		99	%
Harris Crossing		NC	Raleigh-Cary	Harris Teeter		03/01/11		8,384,198		(1,938,587	)		7.0	%		6.4	%		Q4 - 2012		65,150		91	%		65,150		91	%
Deer Springs Town Center		NV	Las Vegas- Paradise	Target, Home Depot		03/01/09		82,111,547		1,689,518			5.3	%		3.6	%		Q1 - 2012		330,907		89	%		463,267		92	%
Lower Nazareth Commons		PA	Allentown- Bethlehem- Easton	Target, Sports Authority		08/01/09		26,932,959		(957,222	)		6.8	%		6.8	%		Q3 - 2012		65,367		98	%		198,367		99	%
Hickory Creek Plaza		TX	Dallas-Fort Worth- Arlington	Kroger		02/01/09		9,885,105		254,116			8.3	%		7.0	%		Q4 - 2011		28,134		78	%		109,398		94	%
Waterside Marketplace		TX	Houston- Baytown- Sugar Land	Kroger		10/01/09		5,767,371		87,003			11.1	%		11.1	%		Q2 - 2012		24,858		93	%		147,858		99	%

Total In-Process Consolidated Dev Starts Prior to 1/1/09							$	343,729,848	$	(7,770,249	)		6.3	%		5.0	%				1,466,346		87	%		2,530,278		92	%

Canopy Oak Center		FL	Ocala	Publix		09/01/08		17,697,244		(299,251	)		10.0	%		6.6	%		Q3 - 2011		90,041		79	%		90,041		79	%
Shoppes at Bartram Park - Phase III		FL	Jacksonville	Publix		10/01/04		2,034,206		(653,144	)		12.3	%		4.1	%		Q1 - 2012		14,639		41	%		33,639		74	%

Total In-Process Unconsolidated Dev Starts Prior to 1/1/09							$	19,731,450	$	(952,396	)		10.3	%		6.4	%				104,680		74	%		123,680		78	%

Total In-Process Developments			24				$	400,732,686	$	4,554,831			6.8	%		5.5	%				1,788,444		86	%		2,871,376		91	%

Completions:
Airport Crossing		IN	Chicago- Naperville- Joliet	Kohl’s		10/01/07		2,684,960		(675,067	)		6.0	%		2.7	%		Q1 - 2011		11,924		78	%		101,835		97	%
Seminole Shoppes		FL	Jacksonville	Publix		09/01/10		15,116,699		484,215			9.9	%		9.9	%		Q2 - 2011		73,241		96	%		73,241		96	%
Applegate Ranch Shopping Center		CA	Merced	Wal-Mart, Target		08/01/08		37,727,400		(526,106	)		4.9	%		3.5	%		Q2 - 2011		144,444		75	%		464,136		92	%
Plaza Rio Vista		CA	Riverside-San Bernardino- Ontario	Stater Bros.		05/01/08		18,788,250		402,718			7.2	%		4.1	%		Q2 - 2011		67,622		86	%		67,622		86	%
Caligo Crossing		FL	Miami-Fort Lauderdale- Miami Beach	Kohl’s		10/01/08		6,709,434		(36,481	)		8.2	%		8.2	%		Q2 - 2011		10,763		100	%		108,928		100	%
Shops at Saugus		MA	Boston- Cambridge- Quincy	PetSmart, La-Z- Boy		08/01/08		35,701,401		457,345			6.7	%		6.2	%		Q2 - 2011		90,055		93	%		90,055		93	%
State Street Crossing		MI	Ann Arbor	Wal-Mart		10/01/09		7,792,326		(1,425,854	)		6.7	%		1.4	%		Q2 - 2011		21,049		60	%		168,540		95	%

Total Completed (4)			7				$	124,520,471	$	(1,319,230	)		6.7	%		5.2	%				419,098		84	%		1,074,357		94	%

Notes:

New starts for the quarter are in bold and shaded.

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

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

(3)	The NOI stabilized yield on costs above after allocating land basis for outparcel proceeds is estimated to be 6.3% (in-process) and 6.2% (completions).

(4)	All completed projects are consolidated.

Projected Development Funding, Completions and Land Held

June 30, 2011

In-Process Developments Projected Funding ⁽¹⁾

($ Thousands)

Estimated Development Completion Schedule

($ Thousands)


	Completed⁽³⁾		Q3 2011E		Q4 2011E		2012+E
Net Dev. Costs:	$	574,943	$	17,500 - $24,500	$	83,000 - $111,000	$	235,000 - $300,000

Land Held for Future Development⁽⁴⁾

($ Thousands)


# of Projects	Net Development Costs To Date
16	$	100,974

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

(2)	Negative amount due to expected outparcel proceeds.

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

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

Unconsolidated Investments

June 30, 2011


									Regency
Co-investment Partner and Portfolio Summary Abbreviation	Property Name	Number of Properties	Total GLA		Total Assets		Total Debt		Ownership Interest			Share of Debt		Investment 6/30/11			Equity Pick-up

State of Oregon
(JV-C, JV-C2)	Various	29		3,482,756	$	573,408,225	$	312,715,489		20.00	%	$	62,543,098	$	28,509,351		$	597,064
(JV-CCV)	Cameron Village	1		554,738		105,374,604		47,300,000		30.00	%		14,190,000		17,281,279			189,998

		30		4,037,494		678,782,829		360,015,489

GRI
(JV-GRI)	Various	81		10,253,536		2,037,384,282		1,042,168,619		40.00	%		416,867,447		290,065,629			2,742,260

Charter Hall Retail REIT
(JV-M3)	Various	4		376,174		62,391,421		44,070,000		24.95	%		10,995,465		(137,057	)		(130,202	)

Charter Hall Retail REIT and DESCO (1)
(JV-D)	Various	—		—		—		—		—			—		—			(359,321	)

CalSTRS
(JV-RC)	Various	8		956,824		195,943,261		87,060,508		25.00	%		21,765,127		22,995,432			260,673

Regency Retail Partners
(JV-RRP)	Various	9		1,540,507		338,025,955		207,975,034		20.00	%		41,505,320		16,917,287			75,447

USAA
(JV-USA)	Various	8		809,079		130,550,077		66,924,500		20.01	%		13,390,254		3,591,156			254,360

Publix
(JV-O)	Various	6		551,436		77,202,225		—		50.00	%		—		37,889,200			877,845

H.E.B.
(JV-O)	Various ⁽²⁾	1		136,625		39,486,880		26,646,324		50.00	%		13,323,162		6,569,096			74,254

Individual Investors
(JV-O)	East San Marco ⁽²⁾	—		—		12,501,653		—		50.00	%		—		1,877,938			(4,619,024	)

		147		18,661,675	$	3,572,268,583	$	1,834,860,474				$	594,579,872	$	425,559,311		$	(36,646	)

(1) The liquidation of Regency’s 16.35% Co-investment Partnership with Charter Hall Retail REIT and DESCO was complete effective May 4, 2011. (2) Includes land held for future development
Reconciliation of Equity of Regency Centers in Unconsolidated Partnerships to Regency Centers’ Investment in Real Estate Partnerships:

Equity of Regency Centers in Unconsolidated Partnerships														$	551,508,355
less: APB 18 Impairment recorded at Regency Centers															(5,880,000	)
less: Ownership percentage or Restricted Gain Method deferral recorded at Regency Centers															(41,866,721	)
less: Net book equity in excess of purchase price for 15% buy-up in JV-GRI															(78,202,322	)

Regency Centers’ Investment in Real Estate Partnerships														$	425,559,311

Unconsolidated Balance Sheets

June 30, 2011 and December 31, 2010


	2011		2010
Assets
Real estate, at cost	$	3,809,113,715	$	4,205,321,979
Less: accumulated depreciation		564,586,033		565,801,328

		3,244,527,682		3,639,520,651
Properties in development		47,462,194		41,814,619

Net real estate investments		3,291,989,876		3,681,335,270

Cash and cash equivalents		81,538,194		61,387,146
Accounts receivable, net of allowance for uncollectible accounts		24,998,209		37,164,261
Straight line rent receivable, net of reserves		34,834,980		32,262,316
Deferred costs, less accumulated amortization		35,346,075		30,713,536
Acquired lease intangible assets, net		90,917,552		120,162,709
Other assets		7,585,181		14,866,754
Regency only assets ⁽¹⁾		5,058,516		5,229,894

Total assets	$	3,572,268,583	$	3,983,121,886


Liabilities and Equity
Liabilities:
Notes payable	$	1,834,860,474	$	2,117,694,714
Accounts payable and other liabilities		64,612,503		60,781,412
Tenants’ security and escrow deposits		8,268,153		8,448,349
Acquired lease intangible liabilities, net		52,828,335		75,551,209

Total liabilities		1,960,569,465		2,262,475,684


Equity:
Equity - Regency Centers		551,508,355		557,374,488
Equity - Third parties		1,060,190,763		1,163,271,714

Total equity		1,611,699,118		1,720,646,202

Total Liabilities and Equity	$	3,572,268,583	$	3,983,121,886

(1)	Capitalized development costs

Unconsolidated Balance Sheets - Regency’s Pro-Rata Share

June 30, 2011 and December 31, 2010


	2011		2010
Assets
Real estate, at cost	$	1,270,794,333	$	1,338,374,799
Less: accumulated depreciation		197,339,377		189,226,139

		1,073,454,956		1,149,148,660
Properties in development		22,739,395		19,882,852

Net real estate investments		1,096,194,351		1,169,031,512

Cash and cash equivalents		26,728,379		20,859,552
Accounts receivable, net of allowance for uncollectible accounts		8,107,733		11,515,022
Straight line rent receivable, net of reserves		11,200,097		10,260,756
Deferred costs, less accumulated amortization		11,972,654		10,019,998
Acquired lease intangible assets, net		24,767,132		30,918,136
Other assets		2,621,530		5,565,168
Regency only assets ⁽¹⁾		5,058,516		5,229,897

Total assets	$	1,186,650,392		1,263,400,041


Liabilities and Equity
Liabilities:
Notes payable	$	594,579,872	$	663,055,241
Accounts payable and other liabilities		22,608,193		20,471,567
Tenants’ security and escrow deposits		2,778,362		2,784,264
Acquired lease intangible liabilities, net		15,175,610		19,714,481

Total liabilities		635,142,037		706,025,553


Equity:
Equity - Regency Centers		551,508,355		557,374,488

Total Liabilities and Equity	$	1,186,650,392	$	1,263,400,041

(1)	Capitalized development costs

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

Unconsolidated Statements of Operations

For the periods ended June 30, 2011 and 2010


	Three Months Ended						Year to Date
	2011			2010			2011			2010

Revenues:
Minimum rent	$	74,811,808			82,597,727		$	155,534,107			164,010,107
Percentage rent		1,140,482			936,195			1,784,001			1,228,917
Recoveries from tenants		22,186,477			26,076,336			47,677,124			52,463,509
Termination fees		105,260			849,276			284,292			1,950,490
Other income		1,367,754			812,458			2,515,578			1,522,602

Total revenues		99,611,781			111,271,992			207,795,102			221,175,625


Operating expenses:
Operating and maintenance		14,279,483			17,133,065			33,663,445			35,905,332
Real estate taxes		11,836,727			14,802,929			26,377,153			29,923,047
Provision for doubtful accounts		1,707,693			73,486			2,954,931			1,558,673
Other expenses		153,688			333,966			119,934			376,697

Total operating expenses		27,977,591			32,343,446			63,115,463			67,763,749


Net operating income		71,634,190			78,928,546			144,679,639			153,411,876


Other expense (income):
General and administrative		1,552,606			1,914,480			3,494,926			4,135,067
Depreciation and amortization expense		33,549,383			38,614,769			69,924,447			77,698,441
Interest expense, net		28,489,646			31,752,694			59,382,612			66,486,354
Gain on sale of real estate		(541,216	)		(2,331,631	)		(589,733	)		(2,331,631	)
Provision for impairment		—			6,400,184			—			15,433,011
Other expense (income)		846,409			(386,676	)		355,803			(385,508	)

Total other expense		63,896,828			75,963,820			132,568,055			161,035,734


Net income (loss)	$	7,737,362			2,964,726		$	12,111,584			(7,623,858	)

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

For the periods ended June 30, 2011 and 2010


	Three Months Ended						Year to Date
	2011			2010			2011			2010

Revenues:
Minimum rent	$	24,229,454			25,982,124		$	49,593,381			53,823,898
Percentage rent		418,009			358,634			650,645			589,119
Recoveries from tenants		7,219,045			8,292,381			15,150,679			17,284,902
Termination fees		40,036			330,484			77,463			629,782
Other income		442,102			272,616			802,605			551,460

Total revenues		32,348,646			35,236,239			66,274,773			72,879,161


Operating expenses:
Operating and maintenance		4,696,585			5,502,981			10,676,420			11,961,628
Real estate taxes		3,806,377			4,661,299			8,374,306			9,750,795
Provision for doubtful accounts		559,319			53,588			971,281			678,071
Other expenses		49,985			115,286			34,125			139,374

Total operating expenses		9,112,266			10,333,154			20,056,132			22,529,868


Net operating income		23,236,380			24,903,085			46,218,641			50,349,293


Other expense (income):
General and administrative		387,499			426,983			864,441			985,255
Depreciation and amortization expense		10,948,400			12,067,942			22,348,533			25,299,158
Interest expense, net		8,831,660			9,746,773			18,308,189			21,708,702
Gain on sale of real estate		(209,066	)		(932,652	)		(228,473	)		(932,652	)
Provision for impairment		—			1,940,037			—			5,553,168
Other expense (income)		601,400			(154,554	)		405,274			(153,970	)

Total other expense		20,559,893			23,094,529			41,697,964			52,459,661


Net income (loss) before Regency only expense (income)		2,676,487			1,808,556			4,520,677			(2,110,368	)
Regency only expense (income):
Accretion of excess investment		(51,915	)		(50,653	)		(102,574	)		(101,300	)
Depreciation of capitalized costs		39,965			77,096			79,897			100,567
Provision for impairment on investment in real estate partnerships		—			—			4,580,000			—

Total Regency only expense (income)		(11,950	)		26,443			4,557,323			(733	)


Net income (loss)	$	2,688,437			1,782,113		$	(36,646	)		(2,109,635	)

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

Summary of Unconsolidated Debt

June 30, 2011 and December 31, 2010


Total Debt Outstanding:	6/30/11		12/31/10
Mortgage loans payable:
Fixed rate secured loans	$	1,823,988,474		2,097,889,505
Unsecured line of credit variable rate		10,872,000		19,805,209

Total	$	1,834,860,474		2,117,694,714


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

2011	$	2,942,418		43,867,760		—		46,810,178		14,751,988		6.4	%
2012		10,941,849		244,418,295		10,872,000		266,232,144		100,878,759		5.3	%
2013		14,537,693		24,373,194				38,910,887		14,307,984		5.0	%
2014		15,234,098		78,188,632				93,422,730		27,692,725		5.7	%
2015		15,633,917		132,546,303				148,180,220		48,177,491		5.6	%
2016		13,647,391		317,873,975				331,521,366		101,128,640		5.9	%
2017		13,041,759		190,646,498				203,688,257		44,527,117		6.0	%
2018		13,426,389		87,341,126				100,767,515		23,632,375		6.0	%
2019		13,127,143		65,966,430				79,093,573		19,709,140		7.4	%
2020		10,626,749		214,116,797				224,743,546		82,089,278		5.8	%
>10 Years		17,036,695		281,565,647				298,602,342		117,050,704		4.9	%
Net unamortized debt premium				2,887,716				2,887,716		633,671

	$	140,196,101		1,683,792,373		10,872,000		1,834,860,474		594,579,872		5.7	%


Percentage of Total Debt:	6/30/11			12/31/10
Fixed		99.4	%		99.1	%
Variable		0.6	%		0.9	%

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

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


Average Maturity Date:
Fixed		August 6, 2017	June 15, 2015
Variable		September 28, 2012	February 10, 2012

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

Mortgage Loans Payable:
Fixed rate secured loans	$	592,405,472	656,466,320
Unsecured line of credit variable rate		2,174,400	6,588,921

Total	$	594,579,872	663,055,241

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

June 30, 2011


Total	Leasing Transactions		Sq. Feet		Base Rent Per Sq. Ft.		Rent Growth %			Weighted Avg. Lease Term		Tenant Improvements Per Sq. Ft.		Rent Growth (spaces vacant < 12 mo)
2nd Quarter 2011		510		1,356,404	$	17.58		-1.0	%		5.3	$	1.82		2.8	%
1st Quarter 2011		360		958,079		15.97		-4.9	%		5.8		1.43		-1.0	%
4th Quarter 2010		450		937,379		20.06		-3.5	%		5.6		2.54		-1.2	%
3rd Quarter 2010		460		1,117,023		17.81		-4.5	%		5.5		2.61		-2.5	%

Total - 12 months		1,780		4,368,885	$	17.82		-3.3	%		5.5	$	2.09		-0.4	%


New Leases	Leasing Transactions		Sq. Feet		Base Rent Per Sq. Ft.		Rent Growth %			Weighted Avg. Lease Term		Tenant Improvements Per Sq. Ft.		Rent Growth (spaces vacant < 12 mo)
2nd Quarter 2011		206		436,498	$	18.03		-11.5	%		7.0	$	5.19		2.0	%
1st Quarter 2011		121		314,184		15.84		-18.4	%		8.7		4.12		-3.4	%
4th Quarter 2010		179		356,171		19.72		-11.1	%		8.1		5.62		-4.2	%
3rd Quarter 2010		181		302,569		18.86		-12.6	%		6.7		9.05		-6.9	%

Total - 12 months		687		1,409,422	$	18.15		-12.9	%		7.6	$	5.89		-2.8	%


Renewals	Leasing Transactions		Sq. Feet		Base Rent Per Sq. Ft.		Rent Growth %			Weighted Avg. Lease Term		Tenant Improvements Per Sq. Ft.		Rent Growth (spaces vacant < 12 mo)
2nd Quarter 2011		304		919,906	$	17.36		2.9	%		4.5	$	0.23		2.9	%
1st Quarter 2011		239		643,895		16.03		-0.7	%		4.4		0.11		-0.7	%
4th Quarter 2010		271		581,209		20.26		-0.6	%		4.0		0.65		-0.6	%
3rd Quarter 2010		279		814,454		17.43		-1.9	%		5.0		0.22		-1.9	%

Total - 12 months		1,093		2,959,463	$	17.66		0.1	%		4.5	$	0.28		0.1	%

Notes:

Rent growth is on a same space, cash basis

All amounts reported at execution

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

June 30, 2011


Total	Leasing Transactions		Sq. Feet		Base Rent Per Sq. Ft.		Rent Growth %			Weighted Avg. Lease Term		Tenant Improvements Per Sq. Ft.		Rent Growth (spaces vacant < 12 mo)
2nd Quarter 2011		510		1,793,298	$	18.08		-1.2	%		5.5	$	1.83		2.6	%
1st Quarter 2011		360		1,271,108		17.02		-5.2	%		5.6		1.39		-1.5	%
4th Quarter 2010		450		1,350,242		19.40		-3.8	%		5.7		2.41		-1.6	%
3rd Quarter 2010		460		1,592,220		17.81		-4.5	%		5.4		2.82		-2.1	%

Total - 12 months		1,780		6,006,868	$	18.08		-3.5	%		5.5	$	2.13		-0.6	%


New Leases	Leasing Transactions		Sq. Feet		Base Rent Per Sq. Ft.		Rent Growth %			Weighted Avg. Lease Term		Tenant Improvements Per Sq. Ft.		Rent Growth (spaces vacant < 12 mo)
2nd Quarter 2011		206		587,273	$	18.54		-10.5	%		7.2	$	5.09		3.7	%
1st Quarter 2011		121		396,035		16.33		-18.4	%		8.3		4.26		-1.8	%
4th Quarter 2010		179		514,066		19.00		-8.5	%		8.5		5.34		-0.2	%
3rd Quarter 2010		181		452,181		18.08		-14.6	%		6.8		9.42		-9.6	%

Total - 12 months		687		1,949,555	$	18.11		-12.4	%		7.7	$	5.99		-1.8	%


Renewals	Leasing Transactions		Sq. Feet		Base Rent Per Sq. Ft.		Rent Growth %			Weighted Avg. Lease Term		Tenant Improvements Per Sq. Ft.		Rent Growth (spaces vacant < 12 mo)
2nd Quarter 2011		304		1,206,025	$	17.85		2.4	%		4.6	$	0.25		2.4	%
1st Quarter 2011		239		875,073		17.33		-1.5	%		4.3		0.10		-1.5	%
4th Quarter 2010		271		836,176		19.65		-2.0	%		3.9		0.61		-2.0	%
3rd Quarter 2010		279		1,140,039		17.70		-0.9	%		4.8		0.20		-0.9	%

Total - 12 months		1,093		4,057,313	$	18.07		-0.4	%		4.5	$	0.28		-0.4	%

Notes:

Rent growth is on a same space, cash basis

All amounts reported at execution

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

June 30, 2011


State	Number of Properties		GLA		% of Total GLA			% Leased⁽¹⁾			Annualized Base Rent⁽²⁾		% of Ann. Base Rent			Average Base Rent/ Sq. Ft
Alabama		2		143,973		0.5	%		74.2	%	$	1,382,788		0.3	%	$	13.45
Arizona		4		409,968		1.4	%		92.7	%		5,357,108		1.2	%		14.21
California		69		6,395,538		21.4	%		93.4	%		126,390,918		28.9	%		21.93
Colorado		20		1,503,010		5.0	%		89.5	%		16,945,281		3.9	%		13.43
Connecticut		1		71,946		0.2	%		99.8	%		1,650,825		0.4	%		22.99
Delaware		4		335,315		1.1	%		89.6	%		4,279,148		1.0	%		14.55
District of Columbia		2		12,437		0.0	%		92.5	%		711,169		0.2	%		61.79
Florida		56		4,836,972		16.2	%		91.4	%		55,392,098		12.7	%		12.90
Georgia		19		1,477,004		4.9	%		89.9	%		20,000,105		4.6	%		15.86
Illinois		16		1,354,531		4.5	%		91.9	%		16,425,959		3.8	%		13.48
Indiana		5		110,038		0.4	%		82.7	%		1,591,273		0.4	%		18.50
Kentucky		1		23,186		0.1	%		81.9	%		330,662		0.1	%		17.42
Maryland		16		734,877		2.5	%		91.1	%		12,051,060		2.8	%		18.57
Massachusetts		3		408,814		1.4	%		92.9	%		6,681,856		1.5	%		17.76
Michigan		2		118,273		0.4	%		39.2	%		501,518		0.1	%		22.36
Minnesota		3		165,682		0.6	%		97.3	%		2,117,205		0.5	%		13.13
Missouri		4		408,347		1.4	%		98.7	%		4,097,559		0.9	%		10.17
Nevada		2		439,422		1.5	%		87.1	%		4,588,896		1.0	%		13.13
New Jersey		2		62,593		0.2	%		94.9	%		989,052		0.2	%		16.84
North Carolina		16		1,238,541		4.1	%		90.5	%		15,394,008		3.5	%		14.12
Ohio		15		1,805,677		6.0	%		90.7	%		18,288,296		4.2	%		11.31
Oregon		8		696,300		2.3	%		94.3	%		11,005,111		2.5	%		17.00
Pennsylvania		11		635,208		2.1	%		95.3	%		11,727,063		2.7	%		19.74
South Carolina		6		175,513		0.6	%		96.1	%		2,240,465		0.5	%		13.40
Tennessee		6		479,321		1.6	%		93.8	%		5,882,545		1.3	%		13.41
Texas		33		3,278,742		11.0	%		90.6	%		50,215,999		11.5	%		17.34
Virginia		28		1,882,085		6.3	%		94.3	%		29,164,493		6.7	%		17.11
Washington		11		629,702		2.1	%		94.5	%		11,469,138		2.6	%		19.64
Wisconsin		2		107,651		0.4	%		93.5	%		752,574		0.2	%		7.82

Total All Properties		367		29,940,666		100.0	%		91.8	%	$	437,624,171		100.0	%	$	16.44

(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

June 30, 2011


State	Number of Properties	GLA		% of Total GLA			% Leased⁽¹⁾			Annualized Base Rent⁽²⁾		% of Ann. Base Rent			Average Base Rent/ Sq. Ft
Alabama	2		203,206		0.5	%		71.4	%	$	1,817,224		0.3	%	$	12.88
Arizona	4		496,074		1.2	%		92.8	%		6,463,214		1.0	%		14.14
California	69		8,766,620		20.6	%		93.6	%		168,600,979		27.0	%		21.22
Colorado	20		2,111,210		5.0	%		90.9	%		24,409,755		3.9	%		13.38
Connecticut	1		179,864		0.4	%		99.8	%		4,127,063		0.7	%		22.99
Delaware	4		474,267		1.1	%		89.5	%		6,256,697		1.0	%		15.18
District of Columbia	2		39,647		0.1	%		90.6	%		2,033,167		0.3	%		56.58
Florida	56		5,399,335		12.7	%		91.6	%		62,543,715		10.0	%		13.02
Georgia	19		1,671,685		3.9	%		90.1	%		22,296,791		3.6	%		15.50
Illinois	16		2,426,220		5.7	%		91.5	%		28,907,425		4.6	%		13.34
Indiana	5		193,368		0.5	%		86.1	%		3,034,754		0.5	%		18.78
Kentucky	1		23,186		0.1	%		81.9	%		330,662		0.1	%		17.42
Maryland	16		1,853,256		4.4	%		90.9	%		28,952,812		4.6	%		17.69
Massachusetts	3		557,037		1.3	%		94.5	%		8,221,197		1.3	%		15.73
Michigan	2		118,273		0.3	%		39.2	%		501,518		0.1	%		22.36
Minnesota	3		483,520		1.1	%		97.7	%		6,069,132		1.0	%		12.84
Missouri	4		408,347		1.0	%		98.7	%		4,097,559		0.7	%		10.17
Nevada	2		439,422		1.0	%		87.1	%		4,588,896		0.7	%		13.13
New Jersey	2		156,482		0.4	%		94.9	%		2,472,631		0.4	%		16.84
North Carolina	16		2,189,573		5.2	%		92.5	%		28,426,479		4.6	%		14.43
Ohio	15		2,235,335		5.3	%		91.2	%		23,590,945		3.8	%		11.73
Oregon	8		752,161		1.8	%		94.4	%		11,694,984		1.9	%		16.68
Pennsylvania	11		1,287,080		3.0	%		94.8	%		20,851,656		3.3	%		17.36
South Carolina	6		360,643		0.8	%		96.3	%		4,391,579		0.7	%		12.70
Tennessee	6		479,321		1.1	%		93.8	%		5,882,545		0.9	%		13.41
Texas	33		4,145,657		9.8	%		90.8	%		62,389,857		10.0	%		16.97
Virginia	28		3,732,326		8.8	%		95.1	%		62,620,340		10.0	%		18.18
Washington	11		1,038,514		2.4	%		92.9	%		16,951,160		2.7	%		17.81
Wisconsin	2		269,128		0.6	%		93.5	%		1,881,436		0.3	%		7.82

Total All Properties	367		42,490,757		100.0	%		92.3	%	$	624,406,173		100.0	%	$	16.38

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

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

Portfolio Summary Report By State

June 30, 2011


										JVs at 100%		REG’s pro-rata share		JVs at 100%			REG’s pro-rata share			JVs at 100%			REG’s pro-rata share
Property Name	JV	REG’s Ownership %			State		CBSA	Yr Const, Last Renovation or Dev Start Yr		GLA		GLA		% Leased			% Leased			% Leased - Operating Properties			% Leased - Operating Properties			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Shoppes at Fairhope Village						AL	Mobile		2008		84,740		84,740		80.9	%		80.9	%								—		54,340	Publix	$	14.69
Valleydale Village Shop Center	JV-O		50	%		AL	Birmingham-Hoover		2003		118,466		59,233		64.6	%		64.6	%								—		44,271	Publix	$	11.36

						AL					203,206		143,973		71.4	%		74.2	%		64.6	%		64.6	%		—		98,611

Anthem Marketplace						AZ	Phoenix-Mesa-Scottsdale		2000		113,293		113,293		90.1	%		90.1	%								—		55,256	Safeway	$	15.20
Palm Valley Marketplace	JV-C		20	%		AZ	Phoenix-Mesa-Scottsdale		1999		107,633		21,527		93.2	%		93.2	%								—		55,403	Safeway	$	13.78
Pima Crossing						AZ	Phoenix-Mesa-Scottsdale		1996		239,438		239,438		95.5	%		95.5	%								—		—	Golf & Tennis Pro Shop, Inc.	$	14.18
Shops at Arizona						AZ	Phoenix-Mesa-Scottsdale		2000		35,710		35,710		81.5	%		81.5	%								—		—	—	$	11.27

						AZ					496,074		409,968		92.8	%		92.7	%		92.8	%		92.7	%		—		110,659

4S Commons Town Center						CA	San Diego-Carlsbad-San Marcos		2004		240,060		240,060		94.3	%		94.3	%								—		68,000	Ralphs, Jimbo’s...Naturally!	$	27.44
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)	$	25.33
Applegate Ranch Shopping Center						CA	Merced		2006		144,444		144,444		75.0	%		75.0	%								319,692		178,500	(Super Target), (Home Depot)	$	15.23
Auburn Village	JV-GRI		40	%		CA	Sacramento--Arden-Arcade--Roseville		1990		133,944		53,578		88.4	%		88.4	%								—		45,540	Bel Air Market	$	18.57
Bayhill Shopping Center	JV-GRI		40	%		CA	San Francisco-Oakland-Fremont		1990		121,846		48,738		99.2	%		99.2	%								—		32,110	Mollie Stone’s Market	$	20.74
Blossom Valley	JV-USAA		20	%		CA	San Jose-Sunnyvale-Santa Clara		1990		93,316		18,663		100.0	%		100.0	%								—		34,208	Safeway	$	24.32
Brea Marketplace	JV-GRI		40	%		CA	Los Angeles-Long Beach-Santa Ana		1987		352,022		140,809		98.3	%		98.3	%								—		24,867	Sprout’s Markets	$	15.59
Clayton Valley Shopping Center						CA	San Francisco-Oakland-Fremont		2004		260,205		260,205		94.1	%		94.1	%								—		14,000	Fresh & Easy, Home Depot	$	18.99
Clovis Commons						CA	Fresno		2004		174,990		174,990		99.3	%		99.3	%								145,653		145,653	(Super Target)	$	20.46
Corral Hollow	JV-RC		25	%		CA	Stockton		2000		167,184		41,796		97.3	%		97.3	%								—		65,715	Safeway, Orchard Supply & Hardware	$	15.72
Costa Verde Center						CA	San Diego-Carlsbad-San Marcos		1988		178,623		178,623		90.6	%		90.6	%								—		40,000	Bristol Farms	$	34.31
Diablo Plaza						CA	San Francisco-Oakland-Fremont		1982		63,265		63,265		75.6	%		75.6	%								53,000		53,000	(Safeway)	$	36.27
El Camino Shopping Center						CA	Los Angeles-Long Beach-Santa Ana		1995		135,728		135,728		92.4	%		92.4	%								—		35,650	Von’s Food & Drug	$	22.54
El Cerrito Plaza						CA	San Francisco-Oakland-Fremont		2000		256,035		256,035		98.5	%		98.5	%								66,700		77,888	(Lucky’s)	$	25.24
El Norte Pkwy Plaza						CA	San Diego-Carlsbad-San Marcos		1984		90,549		90,549		92.9	%		92.9	%								—		42,315	Von’s Food & Drug	$	15.43
Encina Grande						CA	San Francisco-Oakland-Fremont		1965		102,413		102,413		97.1	%		97.1	%								—		22,500	Safeway	$	20.42
Falcon Ridge Town Center Phase I	JV-RRP		20	%		CA	Riverside-San Bernardino-Ontario		2004		232,754		46,551		98.0	%		98.0	%								123,735		43,718	Stater Bros., (Target)	$	16.00
Falcon Ridge Town Center Phase II	JV-RRP		20	%		CA	Riverside-San Bernardino-Ontario		2005		66,864		13,373		100.0	%		100.0	%								—		—	24 Hour Fitness	$	26.57
Five Points Shopping Center	JV-GRI		40	%		CA	Santa Barbara-Santa Maria-Goleta		1960		144,553		57,821		98.9	%		98.9	%								—		35,305	Albertsons	$	24.24
Folsom Prairie City Crossing						CA	Sacramento--Arden-Arcade--Roseville		1999		90,237		90,237		94.2	%		94.2	%								—		55,255	Safeway	$	19.11
French Valley Village Center						CA	Riverside-San Bernardino-Ontario		2004		98,752		98,752		95.2	%		95.2	%								—		44,054	Stater Bros.	$	23.30
Friars Mission Center						CA	San Diego-Carlsbad-San Marcos		1989		146,897		146,897		89.7	%		89.7	%								—		55,303	Ralphs	$	29.17
Gateway 101						CA	San Francisco-Oakland-Fremont		2008		92,110		92,110		100.0	%		100.0	%								212,485		—	(Home Depot), (Best Buy), Sports Authority, Nordstrom Rack	$	31.14
Gelson’s Westlake Market Plaza						CA	Oxnard-Thousand Oaks-Ventura		2002		84,975		84,975		91.7	%		91.7	%								—		37,500	Gelson’s Markets	$	16.49
Golden Hills Promenade						CA	San Luis Obispo-Paso Robles		2006		216,846		216,846		90.6	%		90.6	%								—		—	Lowe’s	$	4.63
Granada Village	JV-GRI		40	%		CA	Los Angeles-Long Beach-Santa Ana		1965		224,721		89,888		84.6	%		84.6	%								—		25,000	Sprout’s Markets	$	19.64
Hasley Canyon Village	JV-USAA		20	%		CA	Los Angeles-Long Beach-Santa Ana		2003		65,801		13,160		100.0	%		100.0	%								—		51,800	Ralphs	$	22.21
Heritage Plaza						CA	Los Angeles-Long Beach-Santa Ana		1981		231,371		231,371		97.6	%		97.6	%								—		44,376	Ralphs	$	29.82
Indio Towne Center						CA	Riverside-San Bernardino-Ontario		2006		132,678		132,678		74.4	%		74.4	%								235,834		93,696	(Home Depot), (WinCo)	$	17.63
Indio Towne Center Phase II						CA	Riverside-San Bernardino-Ontario		2010		46,827		46,827		100.0	%		100.0	%								—		—	Toys “R” Us/Babies “R” Us		NA
Jefferson Square						CA	Riverside-San Bernardino-Ontario		2007		38,013		38,013		74.7	%		74.7	%								—		13,969	Fresh & Easy	$	17.86
Laguna Niguel Plaza	JV-GRI		40	%		CA	Los Angeles-Long Beach-Santa Ana		1985		41,943		16,777		83.8	%		83.8	%								38,917		38,917	(Albertsons)	$	26.05
Loehmanns Plaza California						CA	San Jose-Sunnyvale-Santa Clara		1983		113,310		113,310		94.2	%		94.2	%								53,000		53,000	(Safeway)	$	17.20
Marina Shores	JV-C2		20	%		CA	Los Angeles-Long Beach-Santa Ana		2001		67,727		13,545		95.3	%		95.3	%								—		25,987	Whole Foods	$	30.90
Mariposa Shopping Center	JV-GRI		40	%		CA	San Jose-Sunnyvale-Santa Clara		1957		126,658		50,663		96.8	%		96.8	%								—		42,896	Safeway	$	18.07
Morningside Plaza						CA	Los Angeles-Long Beach-Santa Ana		1996		91,212		91,212		94.5	%		94.5	%								—		42,630	Stater Bros.	$	21.68
Navajo Shopping Center	JV-GRI		40	%		CA	San Diego-Carlsbad-San Marcos		1964		102,139		40,856		94.6	%		94.6	%								—		44,180	Albertsons	$	12.77
Newland Center						CA	Los Angeles-Long Beach-Santa Ana		1985		149,140		149,140		98.8	%		98.8	%								—		58,000	Albertsons	$	20.36
Oakbrook Plaza						CA	Oxnard-Thousand Oaks-Ventura		1982		83,286		83,286		92.7	%		92.7	%								—		43,842	Albertsons	$	16.21
Park Plaza Shopping Center	JV-C		20	%		CA	Los Angeles-Long Beach-Santa Ana		1991		194,396		38,879		91.4	%		91.4	%								—		28,210	Henry’s Marketplace	$	18.61
Paseo Del Sol						CA	Santa Barbara-Santa Maria-Goleta		2004		49,680		49,680		77.2	%		77.2	%								—		40,000	Whole Foods	$	50.77
Plaza Hermosa						CA	Los Angeles-Long Beach-Santa Ana		1984		94,777		94,777		92.9	%		92.9	%								—		36,800	Von’s Food & Drug	$	20.17
Pleasant Hill Shopping Center	JV-GRI		40	%		CA	San Francisco-Oakland-Fremont		1970		227,681		91,072		99.1	%		99.1	%								—		—	Target, Toys “R” Us	$	21.97
Point Loma Plaza	JV-GRI		40	%		CA	San Diego-Carlsbad-San Marcos		1987		212,415		84,966		92.8	%		92.8	%								—		50,000	Von’s Food & Drug	$	18.04
Powell Street Plaza						CA	San Francisco-Oakland-Fremont		1987		165,928		165,928		100.0	%		100.0	%								—		10,122	Trader Joe’s	$	29.27
Raley’s Supermarket	JV-C2		20	%		CA	Sacramento--Arden-Arcade--Roseville		1964		62,827		12,565		100.0	%		100.0	%								—		62,827	Raley’s	$	5.41
Rancho San Diego Village	JV-GRI		40	%		CA	San Diego-Carlsbad-San Marcos		1981		153,256		61,302		90.1	%		90.1	%								—		39,777	Von’s Food & Drug	$	18.83
Rio Vista Town Center						CA	Riverside-San Bernardino-Ontario		2005		67,622		67,622		86.4	%		86.4	%								—		44,700	Stater Bros.	$	17.26
Rona Plaza						CA	Los Angeles-Long Beach-Santa Ana		1989		51,760		51,760		100.0	%		100.0	%								—		37,194	Superior Super Warehouse	$	18.13
San Leandro Plaza						CA	San Francisco-Oakland-Fremont		1982		50,432		50,432		100.0	%		100.0	%								38,250		38,250	(Safeway)	$	29.72
Seal Beach	JV-C		20	%		CA	Los Angeles-Long Beach-Santa Ana		1966		96,858		19,372		93.5	%		93.5	%								—		48,000	Von’s Food & Drug	$	23.17
Sequoia Station						CA	San Francisco-Oakland-Fremont		1996		103,148		103,148		88.5	%		88.5	%								62,050		62,050	(Safeway)	$	34.03
Silverado Plaza	JV-GRI		40	%		CA	Napa		1974		84,916		33,966		100.0	%		100.0	%								—		31,833	Nob Hill	$	15.23
Snell & Branham Plaza	JV-GRI		40	%		CA	San Jose-Sunnyvale-Santa Clara		1988		99,351		39,740		92.2	%		92.2	%								—		52,550	Safeway	$	15.86
Stanford Ranch Village	JV-GRI		40	%		CA	Sacramento--Arden-Arcade--Roseville		1991		89,875		35,950		97.2	%		97.2	%								—		45,540	Bel Air Market	$	15.59
Strawflower Village						CA	San Francisco-Oakland-Fremont		1985		78,827		78,827		98.3	%		98.3	%								—		33,753	Safeway	$	18.94
Tassajara Crossing						CA	San Francisco-Oakland-Fremont		1990		146,140		146,140		96.8	%		96.8	%								—		56,496	Safeway	$	20.74
Twin Oaks Shopping Center	JV-GRI		40	%		CA	Los Angeles-Long Beach-Santa Ana		1978		98,399		39,360		96.7	%		96.7	%								—		40,775	Ralphs	$	14.47
Twin Peaks						CA	San Diego-Carlsbad-San Marcos		1988		198,139		198,139		99.4	%		99.4	%								—		44,686	Albertsons, Target	$	17.68
Valencia Crossroads						CA	Los Angeles-Long Beach-Santa Ana		2003		172,856		172,856		98.2	%		98.2	%								—		35,000	Whole Foods, Kohl’s	$	22.83
Ventura Village						CA	Oxnard-Thousand Oaks-Ventura		1984		76,070		76,070		90.7	%		90.7	%								—		42,500	Von’s Food & Drug	$	17.81
Vine at Castaic						CA	Los Angeles-Long Beach-Santa Ana		2005		27,314		27,314		72.9	%		72.9	%								—		—	—	$	23.83
Vista Village Phase I	JV-RRP		20	%		CA	San Diego-Carlsbad-San Marcos		2003		129,009		25,802		91.1	%		91.1	%								165,000		—	Krikorian Theaters, (Lowe’s)	$	25.74
Vista Village Phase II	JV-RRP		20	%		CA	San Diego-Carlsbad-San Marcos		2003		55,000		11,000		45.5	%		45.5	%								—		25,000	Frazier Farms	$	17.28

Portfolio Summary Report By State

June 30, 2011


								JVs at 100%		REG’s pro-rata share		JVs at 100%			REG’s pro-rata share			JVs at 100%			REG’s pro-rata share
Property Name	JV	REG’s Ownership %			State	CBSA	Yr Const, Last Renovation or Dev Start Yr	GLA		GLA		% Leased			% Leased			% Leased - Operating Properties			% Leased - Operating Properties			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Vista Village IV					CA	San Diego-Carlsbad-San Marcos	2006		11,000		11,000		45.5	%		45.5	%								—		—	—	$	40.16
West Park Plaza					CA	San Jose-Sunnyvale-Santa Clara	1996		88,104		88,104		84.7	%		84.7	%								—		24,712	Safeway	$	16.92
Westlake Village Plaza and Center					CA	Oxnard-Thousand Oaks-Ventura	1975		190,529		190,529		90.5	%		90.5	%								—		41,300	Von’s Food & Drug	$	28.60
Westridge Village					CA	Los Angeles-Long Beach-Santa Ana	2003		92,287		92,287		95.4	%		95.4	%								—		50,782	Albertsons	$	25.04
Woodman Van Nuys					CA	Los Angeles-Long Beach-Santa Ana	1992		107,614		107,614		95.7	%		95.7	%								—		77,648	El Super	$	13.58
Woodside Central					CA	San Francisco-Oakland-Fremont	1993		80,591		80,591		95.9	%		95.9	%								113,000		—	(Target)	$	20.45
Ygnacio Plaza	JV-GRI		40	%	CA	San Francisco-Oakland-Fremont	1968		109,701		43,880		100.0	%		100.0	%								—		17,050	Fresh & Easy	$	32.84

					CA				8,766,620		6,395,538		93.6	%		93.4	%		94.2	%		94.1	%		1,769,916		2,904,489

Applewood Shopping Center	JV-GRI		40	%	CO	Denver-Aurora	1956		370,221		148,088		95.7	%		95.7	%								—		71,074	King Soopers, Wal-Mart	$	9.58
Arapahoe Village	JV-GRI		40	%	CO	Boulder	1957		159,237		63,695		92.0	%		92.0	%								—		43,500	Safeway	$	15.63
Belleview Square					CO	Denver-Aurora	1978		117,335		117,335		96.8	%		96.8	%								—		65,104	King Soopers	$	15.14
Boulevard Center					CO	Denver-Aurora	1986		88,579		88,579		90.9	%		90.9	%								52,700		52,700	(Safeway)	$	21.97
Buckley Square					CO	Denver-Aurora	1978		116,147		116,147		92.2	%		92.2	%								—		62,400	King Soopers	$	8.59
Centerplace of Greeley III Phase I					CO	Greeley	2007		94,090		94,090		81.5	%		81.5	%								—		—	Sports Authority	$	14.69
Centerplace of Greeley III Phase II					CO	Greeley	2011		25,000		25,000		100.0	%		100.0	%								—		—	—		NA
Cherrywood Square	JV-GRI		40	%	CO	Denver-Aurora	1978		86,162		34,465		93.3	%		93.3	%								—		51,640	King Soopers	$	10.88
Crossroads Commons	JV-C		20	%	CO	Boulder	1986		142,694		28,539		92.5	%		92.5	%								—		39,247	Whole Foods	$	24.47
Falcon Marketplace					CO	Colorado Springs	2005		22,491		22,491		72.5	%		72.5	%								184,305		50,000	(Wal-Mart Supercenter)	$	22.36
Hilltop Village	JV-M3		25	%	CO	Denver-Aurora	2003		100,030		25,008		93.8	%		93.8	%								—		66,000	King Soopers	$	8.91
Kent Place					CO	Denver-Aurora	2011		47,418		47,418		63.3	%		63.3	%								—		30,018	King Soopers		NA
Littleton Square					CO	Denver-Aurora	1997		94,222		94,222		72.2	%		72.2	%								—		49,751	King Soopers	$	12.01
Lloyd King Center					CO	Denver-Aurora	1998		83,326		83,326		91.6	%		91.6	%								—		61,040	King Soopers	$	11.04
Marketplace at Briargate					CO	Colorado Springs	2006		29,075		29,075		100.0	%		100.0	%								66,000		66,000	(King Soopers)	$	27.64
Monument Jackson Creek					CO	Colorado Springs	1999		85,263		85,263		100.0	%		100.0	%								—		69,913	King Soopers	$	10.82
Ralston Square Shopping Center	JV-GRI		40	%	CO	Denver-Aurora	1977		82,750		33,100		96.2	%		96.2	%								—		55,311	King Soopers	$	9.18
Shops at Quail Creek					CO	Denver-Aurora	2008		37,585		37,585		79.7	%		79.7	%								99,844		99,844	(King Soopers)	$	23.88
South Lowry Square					CO	Denver-Aurora	1993		119,916		119,916		83.4	%		83.4	%								—		62,600	Safeway	$	12.87
Stroh Ranch					CO	Denver-Aurora	1998		93,436		93,436		97.0	%		97.0	%								—		69,719	King Soopers	$	11.76
Woodmen Plaza					CO	Colorado Springs	1998		116,233		116,233		88.7	%		88.7	%								—		69,716	King Soopers	$	12.61

					CO				2,111,210		1,503,010		90.9	%		89.5	%		92.1	%		91.2	%		402,849		1,135,577

Corbin’s Corner	JV-GRI		40	%	CT	Hartford-West Hartford-East Hartford	1962		179,864		71,946		99.8	%		99.8	%								—		10,150	Trader Joe’s	$	22.99

					CT				179,864		71,946		99.8	%		99.8	%		99.8	%		99.8	%		—		10,150

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

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

First State Plaza	JV-GRI		40	%	DE	Philadelphia-Camden-Wilmington	1988		164,779		65,912		86.7	%		86.7	%								—		57,319	Shop Rite	$	14.94
Pike Creek					DE	Philadelphia-Camden-Wilmington	1981		231,772		231,772		89.1	%		89.1	%								—		49,069	Acme Markets, K-Mart	$	12.73
Shoppes of Graylyn	JV-GRI		40	%	DE	Philadelphia-Camden-Wilmington	1971		66,808		26,723		96.1	%		96.1	%								—		—	—	$	20.95
White Oak - Dover, DE					DE	Dover	2000		10,908		10,908		100.0	%		100.0	%								—		—	—	$	32.73

					DE				474,267		335,315		89.5	%		89.6	%		89.5	%		89.6	%		—		106,388

Anastasia Plaza					FL	Jacksonville	1988		102,342		102,342		95.3	%		95.3	%								—		48,555	Publix	$	11.36
Aventura Shopping Center					FL	Miami-Fort Lauderdale-Miami Beach	1974		102,876		102,876		87.3	%		87.3	%								—		35,908	Publix	$	15.44
Beneva Village Shops					FL	Sarasota-Bradenton-Venice	1987		141,532		141,532		87.7	%		87.7	%								—		42,112	Publix	$	11.47
Berkshire Commons					FL	Naples-Marco Island	1992		110,062		110,062		100.0	%		100.0	%								—		65,537	Publix	$	12.32
Bloomingdale Square					FL	Tampa-St. Petersburg-Clearwater	1987		267,736		267,736		96.3	%		96.3	%								—		39,795	Publix, Wal-Mart, Bealls	$	8.49
Boynton Lakes Plaza					FL	Miami-Fort Lauderdale-Miami Beach	1993		124,924		124,924		81.9	%		81.9	%								—		56,000	Publix	$	12.03
Caligo Crossing					FL	Miami-Fort Lauderdale-Miami Beach	2007		10,763		10,763		100.0	%		100.0	%								98,165		—	(Kohl’s)	$	34.49
Canopy Oak Center	JV-O		50	%	FL	Ocala	2006		90,041		45,021		79.4	%		79.4	%								—		54,340	Publix	$	17.93
Carriage Gate					FL	Tallahassee	1978		76,784		76,784		86.8	%		86.8	%								—		—	—	$	14.18
Chasewood Plaza					FL	Miami-Fort Lauderdale-Miami Beach	1986		155,603		155,603		95.0	%		95.0	%								—		54,420	Publix	$	17.83
Corkscrew Village					FL	Cape Coral-Fort Myers	1997		82,011		82,011		95.3	%		95.3	%								—		51,420	Publix	$	12.77
Courtyard Shopping Center					FL	Jacksonville	1987		137,256		137,256		100.0	%		100.0	%								62,771		62,771	(Publix), Target	$	3.33
East Port Plaza					FL	Port St. Lucie-Fort Pierce	1991		162,831		162,831		82.4	%		82.4	%								—		42,112	Publix	$	13.24
East Towne Center					FL	Orlando	2003		69,841		69,841		84.0	%		84.0	%								—		44,840	Publix	$	12.84
First Street Village					FL	Cape Coral-Fort Myers	2006		54,926		54,926		92.4	%		92.4	%								—		39,393	Publix	$	15.36
Five Corners Plaza	JV-RC		25	%	FL	Miami-Fort Lauderdale-Miami Beach	2001		44,647		11,162		93.5	%		93.5	%								—		27,887	Publix	$	12.77
Fleming Island					FL	Jacksonville	2000		136,663		136,663		66.3	%		66.3	%								129,807		47,955	Publix, (Target)	$	20.41
Garden Square					FL	Miami-Fort Lauderdale-Miami Beach	1991		90,258		90,258		95.7	%		95.7	%								—		42,112	Publix	$	14.55
Grande Oak					FL	Cape Coral-Fort Myers	2000		78,784		78,784		94.7	%		94.7	%								—		54,379	Publix	$	14.03
Hibernia Pavilion					FL	Jacksonville	2006		51,298		51,298		94.9	%		94.9	%								—		39,203	Publix	$	17.19
Hibernia Plaza					FL	Jacksonville	2006		8,400		8,400		16.7	%		16.7	%								—		—	—	$	12.60
Horton’s Corner					FL	Jacksonville	2007		14,820		14,820		100.0	%		100.0	%								—		—	—	$	25.71
Island Crossing	JV-C2		20	%	FL	Port St. Lucie-Fort Pierce	1996		58,456		11,691		97.6	%		97.6	%								—		47,955	Publix	$	9.89
John’s Creek Center	JV-C2		20	%	FL	Jacksonville	2004		75,101		15,020		90.7	%		90.7	%								—		44,840	Publix	$	13.00
Julington Village	JV-C		20	%	FL	Jacksonville	1999		81,820		16,364		100.0	%		100.0	%								—		51,420	Publix	$	14.15
Kings Crossing Sun City					FL	Tampa-St. Petersburg-Clearwater	1999		75,020		75,020		97.1	%		97.1	%								—		51,420	Publix	$	11.74
Lynnhaven	JV-O		50	%	FL	Panama City-Lynn Haven	2001		63,871		31,936		100.0	%		100.0	%								—		44,271	Publix	$	11.79
Marketplace Shopping Center					FL	Tampa-St. Petersburg-Clearwater	1983		90,296		90,296		71.4	%		71.4	%								—		—	LA Fitness	$	18.21
Martin Downs Village Center					FL	Port St. Lucie-Fort Pierce	1985		112,666		112,666		88.7	%		88.7	%								—		—	—	$	15.68
Martin Downs Village Shoppes					FL	Port St. Lucie-Fort Pierce	1998		48,937		48,937		85.7	%		85.7	%								—		—	—	$	17.73
Millhopper Shopping Center					FL	Gainesville	1974		80,421		80,421		100.0	%		100.0	%								—		37,244	Publix	$	14.10
Naples Walk Shopping Center					FL	Naples-Marco Island	1999		125,390		125,390		83.1	%		83.1	%								—		51,420	Publix	$	14.89
Newberry Square					FL	Gainesville	1986		180,524		180,524		94.7	%		94.7	%								—		39,795	Publix, K-Mart	$	7.58
Nocatee Town Center					FL	Jacksonville	2007		69,679		69,679		88.0	%		88.0	%								—		54,340	Publix	$	14.36

Portfolio Summary Report By State

June 30, 2011


								JVs at 100%		REG’s pro-rata share		JVs at 100%			REG’s pro-rata share			JVs at 100%			REG’s pro-rata share
Property Name	JV	REG’s Ownership %			State	CBSA	Yr Const, Last Renovation or Dev Start Yr	GLA		GLA		% Leased			% Leased			% Leased - Operating Properties			% Leased - Operating Properties			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Northgate Square					FL	Tampa-St. Petersburg-Clearwater	1995		75,495		75,495		92.3	%		92.3	%								—		47,955	Publix	$	12.42
Oakleaf Commons					FL	Jacksonville	2006		73,717		73,717		84.8	%		84.8	%								—		45,600	Publix	$	13.94
Ocala Corners					FL	Tallahassee	2000		86,772		86,772		94.0	%		94.0	%								—		61,171	Publix	$	12.32
Old St Augustine Plaza					FL	Jacksonville	1990		232,459		232,459		98.3	%		98.3	%								—		51,832	Publix, Burlington Coat Factory, Hobby Lobby	$	7.78
Pebblebrook Plaza	JV-O		50	%	FL	Naples-Marco Island	2000		76,767		38,384		100.0	%		100.0	%								—		61,166	Publix	$	12.68
Pine Tree Plaza					FL	Jacksonville	1999		63,387		63,387		96.8	%		96.8	%								—		37,866	Publix	$	12.97
Plantation Plaza	JV-C2		20	%	FL	Jacksonville	2004		77,747		15,549		89.9	%		89.9	%								—		44,840	Publix	$	15.13
Regency Square					FL	Tampa-St. Petersburg-Clearwater	1986		349,848		349,848		92.0	%		92.0	%								66,000		—	AMC Theater, Michaels, (Best Buy), (Macdill)	$	14.42
Seminole Shoppes					FL	Jacksonville	2009		73,241		73,241		96.4	%		96.4	%								—		54,340	Publix	$	18.15
Shoppes @ 104					FL	Miami-Fort Lauderdale-Miami Beach	1990		108,192		108,192		94.9	%		94.9	%								—		46,368	Winn-Dixie	$	13.48
Shoppes at Bartram Park	JV-O		50	%	FL	Jacksonville	2004		105,319		52,660		94.9	%		94.9	%								97,000		44,840	Publix, (Kohl’s)	$	17.11
Shoppes at Bartram Park Phase II	JV-O		50	%	FL	Jacksonville	2008		14,639		7,320		40.5	%		40.5	%								—		—	—	$	21.71
Shops at John’s Creek					FL	Jacksonville	2004		15,490		15,490		65.0	%		65.0	%								—		—	—	$	17.84
Starke					FL	None	2000		12,739		12,739		100.0	%		100.0	%								—		—	—	$	24.65
Suncoast Crossing Phase I					FL	Tampa-St. Petersburg-Clearwater	2007		108,434		108,434		93.5	%		93.5	%								—		—	Kohl’s	$	4.13
Suncoast Crossing Phase II					FL	Tampa-St. Petersburg-Clearwater	2008		9,451		9,451		59.3	%		59.3	%								143,055		—	(Target)	$	19.21
Town Center at Martin Downs					FL	Port St. Lucie-Fort Pierce	1996		64,546		64,546		100.0	%		100.0	%								—		56,146	Publix	$	12.46
Town Square					FL	Tampa-St. Petersburg-Clearwater	1999		44,380		44,380		86.4	%		86.4	%								—		—	—	$	26.43
Village Center					FL	Tampa-St. Petersburg-Clearwater	1993		181,110		181,110		92.9	%		92.9	%								—		36,434	Publix	$	12.81
Vineyard Shopping Center	JV-M3		25	%	FL	Tallahassee	2002		62,821		15,705		84.7	%		84.7	%								—		44,271	Publix	$	10.41
Welleby Plaza					FL	Miami-Fort Lauderdale-Miami Beach	1982		109,949		109,949		92.4	%		92.4	%								—		46,779	Publix	$	10.55
Wellington Town Square					FL	Miami-Fort Lauderdale-Miami Beach	1982		107,325		107,325		97.8	%		97.8	%								—		44,840	Publix	$	19.14
Westchase					FL	Tampa-St. Petersburg-Clearwater	1998		78,998		78,998		100.0	%		100.0	%								—		51,420	Publix	$	13.08
Willa Springs	JV-USAA		20	%	FL	Orlando	2000		89,930		17,986		100.0	%		100.0	%								—		44,271	Publix	$	16.18

					FL				5,399,335		4,836,972		91.6	%		91.4	%		92.0	%		91.6	%		596,798		2,091,583

Ashford Place					GA	Atlanta-Sandy Springs-Marietta	1993		53,449		53,449		89.9	%		89.9	%								—		—	—	$	18.75
Briarcliff La Vista					GA	Atlanta-Sandy Springs-Marietta	1962		39,204		39,204		100.0	%		100.0	%								—		—	—	$	16.96
Briarcliff Village					GA	Atlanta-Sandy Springs-Marietta	1990		187,156		187,156		93.1	%		93.1	%								—		43,454	Publix	$	14.60
Buckhead Court					GA	Atlanta-Sandy Springs-Marietta	1984		48,338		48,338		96.0	%		96.0	%								—		—	—	$	16.23
Cambridge Square					GA	Atlanta-Sandy Springs-Marietta	1979		71,474		71,474		99.9	%		99.9	%								—		40,852	Kroger	$	13.23
Chapel Hill Centre					GA	Atlanta-Sandy Springs-Marietta	2005		66,970		66,970		96.4	%		96.4	%								88,713		—	(Kohl’s), Hobby Lobby	$	11.43
Cromwell Square					GA	Atlanta-Sandy Springs-Marietta	1990		80,406		80,406		95.7	%		95.7	%								—		—	—	$	10.10
Delk Spectrum					GA	Atlanta-Sandy Springs-Marietta	1991		100,539		100,539		82.0	%		82.0	%								—		45,044	Publix	$	15.33
Dunwoody Hall	JV-USAA		20	%	GA	Atlanta-Sandy Springs-Marietta	1986		89,351		17,870		98.8	%		98.8	%								—		44,271	Publix	$	14.99
Dunwoody Village					GA	Atlanta-Sandy Springs-Marietta	1975		120,598		120,598		88.1	%		88.1	%								—		18,400	Fresh Market	$	17.49
Howell Mill Village					GA	Atlanta-Sandy Springs-Marietta	1984		97,990		97,990		79.1	%		79.1	%								—		31,000	Publix	$	15.06
King Plaza	JV-C2		20	%	GA	Atlanta-Sandy Springs-Marietta	1998		81,432		16,286		90.1	%		90.1	%								—		51,420	Publix	$	11.86
Loehmanns Plaza Georgia					GA	Atlanta-Sandy Springs-Marietta	1986		137,139		137,139		95.4	%		95.4	%								—		—	—	$	18.79
Lost Mountain Crossing	JV-C2		20	%	GA	Atlanta-Sandy Springs-Marietta	1994		72,568		14,514		84.7	%		84.7	%								—		47,814	Publix	$	11.19
Paces Ferry Plaza					GA	Atlanta-Sandy Springs-Marietta	1987		61,698		61,698		98.0	%		98.0	%								—		—	—	$	30.89
Powers Ferry Square					GA	Atlanta-Sandy Springs-Marietta	1987		95,651		95,651		84.7	%		84.7	%								—		—	—	$	23.28
Powers Ferry Village					GA	Atlanta-Sandy Springs-Marietta	1994		78,896		78,896		81.0	%		81.0	%								—		47,955	Publix	$	10.26
Rivermont Station					GA	Atlanta-Sandy Springs-Marietta	1996		90,267		90,267		81.4	%		81.4	%								—		58,261	Kroger	$	14.51
Russell Ridge					GA	Atlanta-Sandy Springs-Marietta	1995		98,559		98,559		87.3	%		87.3	%								—		63,296	Kroger	$	11.26

					GA				1,671,685		1,477,004		90.1	%		89.9	%		90.1	%		89.9	%		88,713		491,767

Baker Hill Center	JV-C		20	%	IL	Chicago-Naperville-Joliet	1998		135,355		27,071		99.1	%		99.1	%								—		72,397	Dominick’s	$	14.39
Brentwood Commons	JV-GRI		40	%	IL	Chicago-Naperville-Joliet	1962		125,550		50,220		99.1	%		99.1	%								—		64,762	Dominick’s	$	10.51
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	$	10.88
Deer Grove Center	JV-C		20	%	IL	Chicago-Naperville-Joliet	1996		236,173		47,235		77.9	%		77.9	%								117,000		65,816	Dominick’s, (Target)	$	13.66
Frankfort Crossing Shpg Ctr					IL	Chicago-Naperville-Joliet	1992		114,534		114,534		83.7	%		83.7	%								—		64,937	Jewel / OSCO	$	11.66
Geneva Crossing	JV-C		20	%	IL	Chicago-Naperville-Joliet	1997		123,182		24,636		98.8	%		98.8	%								—		72,385	Dominick’s	$	14.11
Glen Oak Plaza					IL	Chicago-Naperville-Joliet	1967		62,616		62,616		100.0	%		100.0	%								—		11,944	Trader Joe’s	$	20.99
Hinsdale					IL	Chicago-Naperville-Joliet	1986		178,960		178,960		93.8	%		93.8	%								—		69,540	Dominick’s	$	12.23
McHenry Commons Shopping Center	JV-GRI		40	%	IL	Chicago-Naperville-Joliet	1988		98,318		39,327		36.4	%		36.4	%								—		—	—	$	14.77
Riverside Sq & River’s Edge	JV-GRI		40	%	IL	Chicago-Naperville-Joliet	1986		169,435		67,774		100.0	%		100.0	%								—		74,495	Dominick’s	$	14.65
Riverview Plaza	JV-GRI		40	%	IL	Chicago-Naperville-Joliet	1981		140,460		56,184		88.6	%		88.6	%								—		51,298	Mariano’s	$	14.03
Shorewood Crossing	JV-C		20	%	IL	Chicago-Naperville-Joliet	2001		87,705		17,541		98.4	%		98.4	%								—		65,977	Dominick’s	$	15.09
Shorewood Crossing II	JV-C2		20	%	IL	Chicago-Naperville-Joliet	2005		86,276		17,255		98.1	%		98.1	%								—		—	—	$	13.45
Stonebrook Plaza Shopping Center	JV-GRI		40	%	IL	Chicago-Naperville-Joliet	1984		95,825		38,330		100.0	%		100.0	%								—		63,000	Dominick’s	$	11.47
Westbrook Commons					IL	Chicago-Naperville-Joliet	1984		123,855		123,855		81.3	%		81.3	%								—		51,304	Dominick’s	$	11.38
Willow Festival					IL	Chicago-Naperville-Joliet	2007		383,003		383,003		97.2	%		97.2	%								—		60,040	Whole Foods, Best Buy, Lowe’s	$	14.67

					IL				2,426,220		1,354,531		91.5	%		91.9	%		91.5	%		91.9	%		117,000		875,030

Airport Crossing					IN	Chicago-Naperville-Joliet	2006		11,924		11,924		77.8	%		77.8	%								89,911		—	(Kohl’s)	$	15.94
Augusta Center					IN	Chicago-Naperville-Joliet	2006		14,532		14,532		90.1	%		90.1	%								213,988		—	(Menards)	$	22.87
Greenwood Springs					IN	Indianapolis	2004		28,028		28,028		65.0	%		65.0	%								265,798		50,000	(Gander Mountain), (Wal-Mart Supercenter)	$	14.94
Willow Lake Shopping Center	JV-GRI		40	%	IN	Indianapolis	1987		85,923		34,369		84.9	%		84.9	%								64,000		64,000	(Kroger)	$	16.49
Willow Lake West Shopping Center	JV-GRI		40	%	IN	Indianapolis	2001		52,961		21,184		100.0	%		100.0	%								—		10,028	Trader Joe’s	$	22.71

					IN				193,368		110,038		86.1	%		82.7	%		86.1	%		82.7	%		633,697		124,028

Walton Towne Center					KY	Cincinnati-Middletown	2007		23,186		23,186		81.9	%		81.9	%								116,432		116,432	(Kroger)	$	17.42

					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		93.2	%		93.2	%								—		11,000	Trader Joe’s	$	25.33
Speedway Plaza	JV-C2		20	%	MA	Worcester	1988		185,279		37,056		98.8	%		98.8	%								—		59,970	Stop & Shop, BJ’s Warehouse	$	10.52
Twin City Plaza					MA	Boston-Cambridge-Quincy	2004		281,703		281,703		92.1	%		92.1	%								—		62,500	Shaw’s, Marshall’s	$	16.35

					MA				557,037		408,814		94.5	%		92.9	%		94.5	%		92.9	%		—		133,470

Portfolio Summary Report By State

June 30, 2011


								JVs at 100%		REG’s pro-rata share		JVs at 100%			REG’s pro-rata share			JVs at 100%			REG’s pro-rata share
Property Name	JV	REG’s Ownership %			State	CBSA	Yr Const, Last Renovation or Dev Start Yr	GLA		GLA		% Leased			% Leased			% Leased - Operating Properties			% Leased - Operating Properties			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Bowie Plaza	JV-GRI		40	%	MD	Washington-Arlington-Alexandria	1966		102,904		41,162		89.3	%		89.3	%								—		—	—	$	17.37
Clinton Park	JV-C		20	%	MD	Washington-Arlington-Alexandria	2003		206,050		41,210		94.1	%		94.1	%								49,000		43,000	Giant Food, Sears, (Toys “R” Us)	$	8.42
Cloppers Mill Village	JV-GRI		40	%	MD	Washington-Arlington-Alexandria	1995		137,035		54,814		85.7	%		85.7	%								—		70,057	Shoppers Food Warehouse	$	17.98
Elkridge Corners	JV-GRI		40	%	MD	Baltimore-Towson	1990		73,529		29,412		100.0	%		100.0	%								—		39,571	Super Fresh	$	15.33
Festival at Woodholme	JV-GRI		40	%	MD	Baltimore-Towson	1986		81,016		32,406		84.7	%		84.7	%								—		10,370	Trader Joe’s	$	34.28
Firstfield Shopping Center	JV-GRI		40	%	MD	Washington-Arlington-Alexandria	1978		22,328		8,931		93.3	%		93.3	%								—		—	—	$	37.35
Goshen Plaza	JV-GRI		40	%	MD	Washington-Arlington-Alexandria	1987		45,654		18,262		91.2	%		91.2	%								—		—	—	$	18.97
King Farm Village Center	JV-RC		25	%	MD	Washington-Arlington-Alexandria	2001		118,326		29,582		97.4	%		97.4	%								—		53,754	Safeway	$	25.75
Mitchellville Plaza	JV-GRI		40	%	MD	Washington-Arlington-Alexandria	1991		156,125		62,450		83.1	%		83.1	%								—		45,100	Food Lion	$	21.99
Parkville Shopping Center	JV-GRI		40	%	MD	Baltimore-Towson	1961		162,435		64,974		97.2	%		97.2	%								—		41,223	Super Fresh	$	12.58
Southside Marketplace	JV-GRI		40	%	MD	Baltimore-Towson	1990		125,146		50,058		90.3	%		90.3	%								—		44,264	Shoppers Food Warehouse	$	15.11
Takoma Park	JV-GRI		40	%	MD	Washington-Arlington-Alexandria	1960		106,469		42,588		93.4	%		93.4	%								—		63,643	Shoppers Food Warehouse	$	10.18
Valley Centre	JV-GRI		40	%	MD	Baltimore-Towson	1987		247,837		99,135		83.8	%		83.8	%								—		—	—	$	14.97
Village at Lee Airpark					MD	Baltimore-Towson	2005		87,556		87,556		98.6	%		98.6	%								75,000		70,260	Giant Food, (Sunrise)	$	24.85
Watkins Park Plaza	JV-GRI		40	%	MD	Washington-Arlington-Alexandria	1985		113,443		45,377		94.8	%		94.8	%								—		43,205	Safeway	$	19.25
Woodmoor Shopping Center	JV-GRI		40	%	MD	Washington-Arlington-Alexandria	1954		67,403		26,961		89.4	%		89.4	%								—		—	—	$	25.24

					MD				1,853,256		734,877		90.9	%		91.1	%		90.6	%		90.1	%		124,000		524,447

Fenton Marketplace					MI	Flint	1999		97,224		97,224		34.7	%		34.7	%								—		—	—	$	20.92
State Street Crossing					MI	Ann Arbor	2006		21,049		21,049		60.0	%		60.0	%								147,491		—	(Wal-Mart)	$	23.48

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

Brentwood Plaza					MO	St. Louis	2002		60,452		60,452		96.5	%		96.5	%								—		51,800	Schnucks	$	9.72
Bridgeton					MO	St. Louis	2005		70,762		70,762		97.3	%		97.3	%								129,802		63,482	Schnucks, (Home Depot)	$	11.82
Dardenne Crossing					MO	St. Louis	1996		67,430		67,430		97.9	%		97.9	%								—		63,333	Schnucks	$	10.72
Kirkwood Commons					MO	St. Louis	2000		209,703		209,703		100.0	%		100.0	%								258,000		—	Wal-Mart, (Target), (Lowe’s)	$	9.58

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

Apple Valley Square	JV-RC		25	%	MN	Minneapolis-St. Paul-Bloomington	1998		184,841		46,210		100.0	%		100.0	%								87,437		61,736	Rainbow Foods, Jo-Ann Fabrics, (Burlington Coat Factory)	$	11.20
Colonial Square	JV-GRI		40	%	MN	Minneapolis-St. Paul-Bloomington	1959		93,200		37,280		100.0	%		100.0	%								—		43,978	Lund’s	$	17.21
Rockford Road Plaza	JV-GRI		40	%	MN	Minneapolis-St. Paul-Bloomington	1991		205,479		82,192		94.6	%		94.6	%								—		65,608	Rainbow Foods	$	12.32

					MN				483,520		165,682		97.7	%		97.3	%		97.7	%		97.3	%		87,437		171,322

Cameron Village	JV-CCV		30	%	NC	Raleigh-Cary	1949		554,738		166,421		97.3	%		97.3	%								—		79,830	Harris Teeter, Fresh Market	$	16.23
Carmel Commons					NC	Charlotte-Gastonia-Concord	1979		132,651		132,651		90.5	%		90.5	%								—		14,300	Fresh Market	$	16.42
Cochran Commons	JV-C2		20	%	NC	Charlotte-Gastonia-Concord	2003		66,020		13,204		95.9	%		95.9	%								—		41,500	Harris Teeter	$	14.34
Colonnade Center					NC	Raleigh-Cary	2009		57,503		57,503		83.5	%		83.5	%								—		40,000	Whole Foods	$	25.50
Fuquay Crossing	JV-RC		25	%	NC	Raleigh-Cary	2002		124,774		31,194		91.8	%		91.8	%								—		46,478	Kroger	$	9.37
Garner Towne Square					NC	Raleigh-Cary	1998		221,776		221,776		76.5	%		76.5	%								273,000		57,590	Kroger, (Home Depot), (Target)	$	11.69
Glenwood Village					NC	Raleigh-Cary	1983		42,864		42,864		96.8	%		96.8	%								—		27,764	Harris Teeter	$	13.55
Harris Crossing					NC	Raleigh-Cary	2007		65,150		65,150		91.1	%		91.1	%								—		53,365	Harris Teeter	$	7.92
Lake Pine Plaza					NC	Raleigh-Cary	1997		87,690		87,690		94.4	%		94.4	%								—		57,590	Kroger	$	11.15
Maynard Crossing	JV-USAA		20	%	NC	Raleigh-Cary	1997		122,782		24,556		86.8	%		86.8	%								—		55,973	Kroger	$	14.03
Providence Commons	JV-RC		25	%	NC	Charlotte-Gastonia-Concord	1994		197,801		49,450		96.7	%		96.7	%								—		50,420	Lowe’s	$	14.64
Middle Creek Commons					NC	Raleigh-Cary	2006		73,634		73,634		100.0	%		100.0	%								—		49,495	Lowes Foods	$	14.77
Shoppes of Kildaire	JV-GRI		40	%	NC	Raleigh-Cary	1986		148,204		59,282		95.5	%		95.5	%								—		18,613	Trader Joe’s	$	15.20
Southpoint Crossing					NC	Durham	1998		103,128		103,128		91.1	%		91.1	%								—		59,160	Kroger	$	15.38
Sutton Square	JV-C2		20	%	NC	Raleigh-Cary	1985		101,025		20,205		95.5	%		95.5	%								—		24,167	Fresh Market	$	15.19
Woodcroft Shopping Center					NC	Durham	1984		89,833		89,833		93.2	%		93.2	%								—		40,832	Food Lion	$	12.07

					NC				2,189,573		1,238,541		92.5	%		90.5	%		92.8	%		90.8	%		273,000		717,077

Plaza Square	JV-GRI		40	%	NJ	New York-Northern New Jersey-Long Island	1990		103,842		41,537		95.7	%		95.7	%								—		60,000	Shop Rite	$	21.84
Haddon Commons	JV-GRI		40	%	NJ	Philadelphia-Camden-Wilmington	1985		52,640		21,056		93.4	%		93.4	%								—		34,240	Acme Markets	$	6.90

					NJ				156,482		62,593		94.9	%		94.9	%		94.9	%		94.9	%		—		94,240

Anthem Highlands Shopping Center					NV	Las Vegas-Paradise	2004		108,515		108,515		80.6	%		80.6	%								—		53,963	Albertsons	$	12.94
Deer Springs Town Center					NV	Las Vegas-Paradise	2007		330,907		330,907		89.3	%		89.3	%								132,360		—	(Target), Home Depot, Toys “R” Us	$	13.20

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

Beckett Commons					OH	Cincinnati-Middletown	1995		121,498		121,498		87.0	%		87.0	%								—		70,815	Kroger	$	11.12
Cherry Grove					OH	Cincinnati-Middletown	1997		195,513		195,513		97.0	%		97.0	%								—		66,336	Kroger	$	10.11
East Pointe					OH	Columbus	1993		86,503		86,503		98.4	%		98.4	%								—		59,120	Kroger	$	10.58
Hyde Park					OH	Cincinnati-Middletown	1995		396,861		396,861		96.2	%		96.2	%								—		169,267	Kroger, Biggs	$	13.87
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		85.8	%		85.8	%								—		63,805	Kroger	$	11.10
Maxtown Road (Northgate)					OH	Columbus	1996		85,100		85,100		98.4	%		98.4	%								90,000		62,000	Kroger, (Home Depot)	$	10.90
Park Place Shopping Center					OH	Columbus	1988		106,832		106,832		25.8	%		25.8	%								—		—	—	$	14.58
Red Bank Village					OH	Cincinnati-Middletown	2006		164,317		164,317		97.4	%		97.4	%								—		—	Wal-Mart	$	5.76
Regency Commons					OH	Cincinnati-Middletown	2004		30,770		30,770		80.5	%		80.5	%								—		—	—	$	24.47
Shoppes at Mason					OH	Cincinnati-Middletown	1997		80,800		80,800		92.6	%		92.6	%								—		56,800	Kroger	$	10.16
Sycamore Crossing & Sycamore Plaza	JV-RRP		20	%	OH	Cincinnati-Middletown	1966		390,957		78,191		90.9	%		90.9	%								—		25,723	Fresh Market, Macy’s Furniture Gallery, Toys ‘R Us, Dick’s Sporting Goods	$	16.91
Wadsworth Crossing					OH	Cleveland-Elyria-Mentor	2005		108,164		108,164		92.6	%		92.6	%								366,722		—	(Kohl’s), (Lowe’s), (Target)	$	13.96
Westchester Plaza					OH	Cincinnati-Middletown	1988		88,181		88,181		97.0	%		97.0	%								—		66,523	Kroger	$	9.63
Windmiller Plaza Phase I					OH	Columbus	1997		140,437		140,437		98.5	%		98.5	%								—		101,428	Kroger	$	8.58

					OH				2,235,335		1,805,677		91.2	%		90.7	%		91.2	%		90.7	%		659,722		741,817

Corvallis Market Center					OR	Corvallis	2006		84,548		84,548		100.0	%		100.0	%								—		12,017	Trader Joe’s	$	18.58
Greenway Town Center	JV-GRI		40	%	OR	Portland-Vancouver-Beaverton	1979		93,101		37,240		95.9	%		95.9	%								—		37,500	Lamb’s Thriftway	$	12.88
Murrayhill Marketplace					OR	Portland-Vancouver-Beaverton	1988		148,967		148,967		89.2	%		89.2	%								—		41,132	Safeway	$	14.49
Sherwood Crossroads					OR	Portland-Vancouver-Beaverton	1999		87,966		87,966		92.1	%		92.1	%								—		55,227	Safeway	$	10.43

Portfolio Summary Report By State

June 30, 2011


								JVs at 100%		REG’s pro-rata share		JVs at 100%			REG’s pro-rata share			JVs at 100%			REG’s pro-rata share
Property Name	JV	REG’s Ownership %			State	CBSA	Yr Const, Last Renovation or Dev Start Yr	GLA		GLA		% Leased			% Leased			% Leased - Operating Properties			% Leased - Operating Properties			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Sherwood Market Center					OR	Portland-Vancouver-Beaverton	1995		124,259		124,259		97.8	%		97.8	%								—		49,793	Albertsons	$	17.12
Sunnyside 205					OR	Portland-Vancouver-Beaverton	1988		52,710		52,710		76.8	%		76.8	%								—		—	—	$	24.22
Tanasbourne Market					OR	Portland-Vancouver-Beaverton	2006		71,000		71,000		100.0	%		100.0	%								—		56,500	Whole Foods	$	24.81
Walker Center					OR	Portland-Vancouver-Beaverton	1987		89,610		89,610		100.0	%		100.0	%								—		—	Sports Authority	$	17.28

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

Allen Street Shopping Center	JV-GRI		40	%	PA	Allentown-Bethlehem-Easton	1958		46,228		18,491		100.0	%		100.0	%								—		22,075	Ahart Market	$	13.34
City Avenue Shopping Center	JV-GRI		40	%	PA	Philadelphia-Camden-Wilmington	1960		159,095		63,638		91.4	%		91.4	%								—		—	—	$	17.58
Gateway Shopping Center					PA	Philadelphia-Camden-Wilmington	1960		219,257		219,257		96.7	%		96.7	%								—		11,100	Trader Joe’s	$	24.43
Hershey					PA	Harrisburg-Carlisle	2000		6,000		6,000		100.0	%		100.0	%								—		—	—	$	30.41
Kulpsville Village Center					PA	Philadelphia-Camden-Wilmington	2006		14,820		14,820		100.0	%		100.0	%								—		—	—	$	30.36
Lower Nazareth Commons					PA	Allentown-Bethlehem-Easton	2007		65,367		65,367		97.6	%		97.6	%								133,000		—	(Target), Sports Authority	$	23.56
Mercer Square Shopping Center	JV-GRI		40	%	PA	Philadelphia-Camden-Wilmington	1988		91,400		36,560		98.0	%		98.0	%								—		50,708	Genuardi’s	$	19.80
Newtown Square Shopping Center	JV-GRI		40	%	PA	Philadelphia-Camden-Wilmington	1970		146,959		58,784		92.8	%		92.8	%								—		56,226	Acme Markets	$	15.26
Silver Spring Square	JV-RRP		20	%	PA	Harrisburg-Carlisle	2005		314,450		62,890		96.4	%		96.4	%								139,377		130,000	Wegmans, (Target)	$	14.89
Stefko Boulevard Shopping Center	JV-GRI		40	%	PA	Allentown-Bethlehem-Easton	1976		133,824		53,530		89.9	%		89.9	%								—		73,000	Valley Farm Market	$	7.14
Warwick Square Shopping Center	JV-GRI		40	%	PA	Philadelphia-Camden-Wilmington	1999		89,680		35,872		92.5	%		92.5	%								—		50,658	Genuardi’s	$	18.14

					PA				1,287,080		635,208		94.8	%		95.3	%		94.7	%		95.1	%		272,377		393,767

Buckwalter Village					SC	Hilton Head Island-Beaufort	2006		59,601		59,601		95.3	%		95.3	%								—		45,600	Publix	$	13.82
Merchants Village	JV-GRI		40	%	SC	Charleston-North Charleston	1997		79,649		31,860		97.0	%		97.0	%								—		37,888	Publix	$	13.89
Murray Landing	JV-M3		25	%	SC	Columbia	2003		64,359		16,090		100.0	%		100.0	%								—		44,840	Publix	$	12.51
Orangeburg					SC	Charleston-North Charleston	2006		14,820		14,820		100.0	%		100.0	%								—		—	—	$	23.01
Queensborough Shopping Center	JV-O		50	%	SC	Charleston-North Charleston	1993		82,333		41,167		93.9	%		93.9	%								—		65,796	Publix	$	9.57
Surfside Beach Commons	JV-C2		20	%	SC	Myrtle Beach-Conway-North Myrtle Beach	1999		59,881		11,976		94.7	%		94.7	%								—		46,624	Bi-Lo	$	11.77

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

Dickson Tn					TN	Nashville-Davidson--Murfreesboro	1998		10,908		10,908		100.0	%		100.0	%								—		—	—	$	20.35
Harpeth Village Fieldstone					TN	Nashville-Davidson--Murfreesboro	1998		70,091		70,091		97.7	%		97.7	%								—		55,377	Publix	$	13.50
Lebanon Center					TN	Nashville-Davidson--Murfreesboro	2006		63,800		63,800		89.0	%		89.0	%								—		45,600	Publix	$	12.18
Nashboro Village					TN	Nashville-Davidson--Murfreesboro	1998		86,811		86,811		95.2	%		95.2	%								—		61,224	Kroger	$	10.69
Northlake Village					TN	Nashville-Davidson--Murfreesboro	1988		137,807		137,807		87.6	%		87.6	%								—		64,537	Kroger	$	11.78
Peartree Village					TN	Nashville-Davidson--Murfreesboro	1997		109,904		109,904		100.0	%		100.0	%								—		60,647	Harris Teeter	$	17.44

					TN				479,321		479,321		93.8	%		93.8	%		93.8	%		93.8	%		—		287,385

Alden Bridge	JV-USAA		20	%	TX	Houston-Baytown-Sugar Land	1998		138,953		27,791		94.5	%		94.5	%								—		67,768	Kroger	$	17.46
Bethany Park Place	JV-USAA		20	%	TX	Dallas-Fort Worth-Arlington	1998		98,906		19,781		92.6	%		92.6	%								—		83,214	Kroger	$	10.90
Cochran’s Crossing					TX	Houston-Baytown-Sugar Land	1994		138,192		138,192		93.4	%		93.4	%								—		63,449	Kroger	$	16.11
Cooper Street					TX	Dallas-Fort Worth-Arlington	1992		127,696		127,696		88.6	%		88.6	%								102,950		—	(Home Depot)	$	10.11
Fort Bend Center					TX	Houston-Baytown-Sugar Land	2000		30,164		30,164		92.1	%		92.1	%								67,106		67,106	(Kroger)	$	16.13
Hancock					TX	Austin-Round Rock	1998		410,438		410,438		97.2	%		97.2	%								—		90,217	H.E.B., Sears	$	12.85
Hickory Creek Plaza					TX	Dallas-Fort Worth-Arlington	2006		28,134		28,134		77.6	%		77.6	%								81,264		81,264	(Kroger)	$	20.66
Hillcrest Village					TX	Dallas-Fort Worth-Arlington	1991		14,530		14,530		100.0	%		100.0	%								—		—	—	$	22.30
Indian Springs Center	JV-O		50	%	TX	Houston-Baytown-Sugar Land	2003		136,625		68,313		100.0	%		100.0	%								—		79,000	H.E.B.	$	18.99
Keller Town Center					TX	Dallas-Fort Worth-Arlington	1999		114,937		114,937		88.1	%		88.1	%								—		63,631	Tom Thumb	$	14.18
Kleinwood Center	JV-M3		25	%	TX	Houston-Baytown-Sugar Land	2003		148,964		37,241		79.4	%		79.4	%								—		80,925	H.E.B.	$	15.78
Lebanon/Legacy Center					TX	Dallas-Fort Worth-Arlington	2002		56,674		56,674		83.5	%		83.5	%								62,804		62,804	(Albertsons)	$	22.75
Main Street Center	JV-GRI		40	%	TX	Dallas-Fort Worth-Arlington	2002		42,754		17,102		46.2	%		46.2	%								62,322		62,322	(Albertsons)	$	19.40
Market at Preston Forest					TX	Dallas-Fort Worth-Arlington	1990		96,353		96,353		100.0	%		100.0	%								—		64,228	Tom Thumb	$	18.05
Market at Round Rock					TX	Austin-Round Rock	1987		122,646		122,646		61.0	%		61.0	%								—		29,523	Sprout’s Markets	$	17.66
Mockingbird Common					TX	Dallas-Fort Worth-Arlington	1987		120,321		120,321		100.0	%		100.0	%								—		48,525	Tom Thumb	$	16.14
North Hills					TX	Austin-Round Rock	1995		144,020		144,020		99.8	%		99.8	%								—		60,465	H.E.B.	$	20.55
Panther Creek					TX	Houston-Baytown-Sugar Land	1994		166,076		166,076		100.0	%		100.0	%								—		65,800	Randall’s Food	$	16.32
Preston Park					TX	Dallas-Fort Worth-Arlington	1985		239,333		239,333		85.9	%		85.9	%								—		53,118	Tom Thumb	$	25.10
Prestonbrook					TX	Dallas-Fort Worth-Arlington	1998		91,537		91,537		95.0	%		95.0	%								—		63,636	Kroger	$	13.23
Prestonwood Park					TX	Dallas-Fort Worth-Arlington	1999		101,167		101,167		69.9	%		69.9	%								62,322		62,322	(Albertsons)	$	18.91
Rockwall Town Center					TX	Dallas-Fort Worth-Arlington	2004		46,095		46,095		93.5	%		93.5	%								73,770		57,017	(Kroger)	$	23.43
Shiloh Springs	JV-USAA		20	%	TX	Dallas-Fort Worth-Arlington	1998		110,040		22,008		80.3	%		80.3	%								—		60,932	Kroger	$	13.38
Shops at Highland Village					TX	Dallas-Fort Worth-Arlington	2005		351,635		351,635		81.7	%		81.7	%								—		—	AMC Theater	$	23.64
Signature Plaza					TX	Dallas-Fort Worth-Arlington	2004		32,415		32,415		80.0	%		80.0	%								61,962		61,962	(Kroger)	$	21.06
Sterling Ridge					TX	Houston-Baytown-Sugar Land	2000		128,643		128,643		100.0	%		100.0	%								—		63,373	Kroger	$	18.32
Sweetwater Plaza	JV-C		20	%	TX	Houston-Baytown-Sugar Land	2000		134,045		26,809		95.7	%		95.7	%								—		65,241	Kroger	$	16.08
Trophy Club					TX	Dallas-Fort Worth-Arlington	1999		106,507		106,507		87.5	%		87.5	%								—		63,654	Tom Thumb	$	12.89
Waterside Marketplace					TX	Houston-Baytown-Sugar Land	2007		24,858		24,858		92.5	%		92.5	%								102,984		102,984	(Kroger)	$	23.05
Weslayan Plaza East	JV-GRI		40	%	TX	Houston-Baytown-Sugar Land	1969		169,693		67,877		100.0	%		100.0	%								—		—	—	$	13.61
Weslayan Plaza West	JV-GRI		40	%	TX	Houston-Baytown-Sugar Land	1969		185,964		74,386		100.0	%		100.0	%								—		51,960	Randall’s Food	$	16.83
Westwood Village					TX	Houston-Baytown-Sugar Land	2006		183,546		183,546		96.6	%		96.6	%								126,874		—	(Target)	$	16.02
Woodway Collection	JV-GRI		40	%	TX	Houston-Baytown-Sugar Land	1974		103,796		41,518		93.5	%		93.5	%								—		56,596	Randall’s Food	$	15.74

					TX				4,145,657		3,278,742		90.8	%		90.6	%		90.9	%		90.7	%		804,358		1,833,036

Ashburn Farm Market Center					VA	Washington-Arlington-Alexandria	2000		91,905		91,905		100.0	%		100.0	%								—		48,999	Giant Food	$	21.31
Ashburn Farm Village Center	JV-GRI		40	%	VA	Washington-Arlington-Alexandria	1996		88,897		35,559		98.7	%		98.7	%								—		57,030	Shoppers Food Warehouse	$	13.38
Braemar Shopping Center	JV-RC		25	%	VA	Washington-Arlington-Alexandria	2004		96,439		24,110		94.8	%		94.8	%								—		57,860	Safeway	$	17.36
Centre Ridge Marketplace	JV-GRI		40	%	VA	Washington-Arlington-Alexandria	1996		104,100		41,640		94.5	%		94.5	%								—		55,138	Shoppers Food Warehouse	$	16.16
Cheshire Station					VA	Washington-Arlington-Alexandria	2000		97,156		97,156		100.0	%		100.0	%								—		55,163	Safeway	$	16.67
Culpeper Colonnade					VA	Culpeper	2006		131,707		131,707		97.1	%		97.1	%								127,307		68,421	Martin’s, (Target)	$	14.06
Fairfax Shopping Center					VA	Washington-Arlington-Alexandria	1955		76,311		76,311		82.8	%		82.8	%								—		—	—	$	12.96
Festival at Manchester Lakes	JV-GRI		40	%	VA	Washington-Arlington-Alexandria	1990		165,130		66,052		100.0	%		100.0	%								—		65,000	Shoppers Food Warehouse	$	22.27

Portfolio Summary Report By State

June 30, 2011


								JVs at 100%		REG’s pro-rata share		JVs at 100%			REG’s pro-rata share			JVs at 100%			REG’s pro-rata share
Property Name	JV	REG’s Ownership %			State	CBSA	Yr Const, Last Renovation or Dev Start Yr	GLA		GLA		% Leased			% Leased			% Leased - Operating Properties			% Leased - Operating Properties			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Fortuna Center Plaza	JV-RRP		20	%	VA	Washington-Arlington-Alexandria	2004		104,694		20,939		100.0	%		100.0	%								123,735		66,870	Shoppers Food Warehouse, (Target)	$	14.72
Fox Mill Shopping Center	JV-GRI		40	%	VA	Washington-Arlington-Alexandria	1977		103,269		41,308		97.6	%		97.6	%								—		49,837	Giant Food	$	20.38
Gayton Crossing	JV-GRI		40	%	VA	Richmond	1983		156,917		62,767		94.8	%		94.8	%								54,606		38,408	Martin’s, (Kroger)	$	13.83
Greenbriar Town Center	JV-GRI		40	%	VA	Washington-Arlington-Alexandria	1972		340,006		136,002		96.9	%		96.9	%								—		62,319	Giant Food	$	21.24
Hanover Village Shopping Center	JV-GRI		40	%	VA	Richmond	1971		88,006		35,202		82.1	%		82.1	%								—		—	—	$	7.83
Hollymead Town Center	JV-C2		20	%	VA	Charlottesville	2004		153,739		30,748		96.9	%		96.9	%								142,500		60,607	Harris Teeter, (Target)	$	20.11
Kamp Washington Shopping Center	JV-GRI		40	%	VA	Washington-Arlington-Alexandria	1960		71,825		28,730		95.8	%		95.8	%								—		—	—	$	32.81
Kings Park Shopping Center	JV-GRI		40	%	VA	Washington-Arlington-Alexandria	1966		74,702		29,881		97.2	%		97.2	%								—		28,161	Giant Food	$	23.92
Lorton Station Marketplace	JV-C2		20	%	VA	Washington-Arlington-Alexandria	2005		132,445		26,489		100.0	%		100.0	%								—		63,000	Shoppers Food Warehouse	$	19.48
Lorton Town Center	JV-C2		20	%	VA	Washington-Arlington-Alexandria	2005		51,807		10,361		94.7	%		94.7	%								—		—	—	$	26.13
Market at Opitz Crossing					VA	Washington-Arlington-Alexandria	2003		149,791		149,791		79.7	%		79.7	%								—		51,922	Safeway	$	12.31
Saratoga Shopping Center	JV-GRI		40	%	VA	Washington-Arlington-Alexandria	1977		113,013		45,205		94.7	%		94.7	%								—		55,713	Giant Food	$	16.98
Shops at County Center					VA	Washington-Arlington-Alexandria	2005		96,695		96,695		93.4	%		93.4	%								—		52,409	Harris Teeter	$	19.67
Shops at Stonewall					VA	Washington-Arlington-Alexandria	2007		267,175		267,175		96.6	%		96.6	%								—		140,000	Wegmans	$	12.87
Shops at Stonewall Phase II					VA	Washington-Arlington-Alexandria	2011		40,670		40,670		100.0	%		100.0	%								—		—	Dick’s Sporting Goods		NA
Signal Hill	JV-C2		20	%	VA	Washington-Arlington-Alexandria	2004		95,172		19,034		100.0	%		100.0	%								—		67,470	Shoppers Food Warehouse	$	19.27
Town Center at Sterling Shopping Center	JV-GRI		40	%	VA	Washington-Arlington-Alexandria	1980		190,069		76,028		90.1	%		90.1	%								—		46,935	Giant Food	$	16.94
Village Center at Dulles	JV-C		20	%	VA	Washington-Arlington-Alexandria	1991		298,271		59,654		98.3	%		98.3	%								—		48,424	Shoppers Food Warehouse, Gold’s Gym	$	20.53
Village Shopping Center	JV-GRI		40	%	VA	Richmond	1948		111,177		44,471		93.5	%		93.5	%								—		45,023	Martin’s	$	19.26
Willston Centre I	JV-GRI		40	%	VA	Washington-Arlington-Alexandria	1952		105,376		42,150		90.2	%		90.2	%								—		—	—	$	21.09
Willston Centre II	JV-GRI		40	%	VA	Washington-Arlington-Alexandria	1986		135,862		54,345		92.3	%		92.3	%								140,984		42,491	Safeway, (Target)	$	19.16

					VA				3,732,326		1,882,085		95.1	%		94.3	%		95.1	%		94.2	%		589,132		1,327,200

Aurora Marketplace	JV-GRI		40	%	WA	Seattle-Tacoma-Bellevue	1991		106,921		42,768		93.2	%		93.2	%								—		48,893	Safeway	$	14.18
Cascade Plaza	JV-C		20	%	WA	Seattle-Tacoma-Bellevue	1999		211,072		42,214		79.2	%		79.2	%								—		49,440	Safeway	$	11.03
Eastgate Plaza	JV-GRI		40	%	WA	Seattle-Tacoma-Bellevue	1956		78,230		31,292		100.0	%		100.0	%								—		28,775	Albertsons	$	23.40
Inglewood Plaza					WA	Seattle-Tacoma-Bellevue	1985		17,253		17,253		100.0	%		100.0	%								—		—	—	$	29.82
Orchards Market Center I	JV-RRP		20	%	WA	Portland-Vancouver-Beaverton	2004		100,663		20,133		100.0	%		100.0	%								—		—	Wholesale Sports	$	13.11
Orchards Market Center II					WA	Portland-Vancouver-Beaverton	2005		77,478		77,478		89.9	%		89.9	%								—		—	LA Fitness	$	17.79
Overlake Fashion Plaza	JV-GRI		40	%	WA	Seattle-Tacoma-Bellevue	1987		80,555		32,222		100.0	%		100.0	%								230,300		—	(Sears)	$	21.48
Pine Lake Village					WA	Seattle-Tacoma-Bellevue	1989		102,899		102,899		100.0	%		100.0	%								—		40,982	Quality Foods	$	20.25
Sammamish-Highlands					WA	Seattle-Tacoma-Bellevue	1992		101,289		101,289		95.5	%		95.5	%								55,000		55,000	(Safeway)	$	24.18
Southcenter					WA	Seattle-Tacoma-Bellevue	1990		58,282		58,282		97.0	%		97.0	%								111,900		—	(Target)	$	27.42
Thomas Lake					WA	Seattle-Tacoma-Bellevue	1998		103,872		103,872		91.5	%		91.5	%								—		50,065	Albertsons	$	14.59

					WA				1,038,514		629,702		92.9	%		94.5	%		92.9	%		94.5	%		397,200		273,155

Racine Centre Shopping Center	JV-GRI		40	%	WI	Racine	1988		135,827		54,331		95.4	%		95.4	%								—		50,979	Piggly Wiggly	$	7.95
Whitnall Square Shopping Center	JV-GRI		40	%	WI	Milwaukee-Waukesha-West Allis	1989		133,301		53,320		91.6	%		91.6	%								—		69,090	Pick ‘N’ Save	$	7.69

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

Regency Centers Total									42,490,757		29,940,666		92.3	%		91.8	%		92.6	%		92.1	%		7,600,284		15,419,027

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


Properties managed by Regency, but not owned
Northlake Promenade	GA	Atlanta-Sandy Springs-Marietta	25,394
Powers Ferry Kroger	GA	Atlanta-Sandy Springs-Marietta	45,528
Lindbergh Crossing	GA	Atlanta-Sandy Springs-Marietta	27,059
Roswell Crossing	GA	Atlanta-Sandy Springs-Marietta	201,979
Trowbridge Crossing	GA	Atlanta-Sandy Springs-Marietta	62,558
Woodstock Crossing	GA	Atlanta-Sandy Springs-Marietta	66,122
Centennial Crossroads Plaza	NV	Las Vegas-Paradise	99,064
Cherry Park Market	OR	Portland-Vancouver-Beaverton	113,518
Hillsboro Market Center	OR	Portland-Vancouver-Beaverton	148,051

Total square footage managed by Regency, but not owned			789,273

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

June 30, 2011


Tenant	Tenant GLA⁽¹⁾		% of Company- Owned GLA⁽¹⁾			Total Annualized Base Rent⁽²⁾		% of Total Annualized Base Rent⁽²⁾			Total # of Leased Stores - 100% Owned and JV	# of Leased Stores in JV
Kroger		2,148,361		7.2	%	$	20,022,909		4.5	%	44	13
Publix		2,031,785		6.8	%		19,988,116		4.4	%	55	18
Safeway		1,680,864		5.6	%		16,524,358		3.7	%	51	27
Supervalu		925,485		3.1	%		10,762,538		2.4	%	27	15
CVS		500,827		1.7	%		7,324,513		1.6	%	48	23
Whole Foods		239,835		0.8	%		6,392,901		1.4	%	7	2
TJX Companies		543,334		1.8	%		6,289,997		1.4	%	25	9
Ahold		341,251		1.1	%		4,665,362		1.0	%	13	10
Ross Dress For Less		278,612		0.9	%		4,353,146		1.0	%	17	11
Walgreens		193,909		0.6	%		3,631,375		0.8	%	16	4
Starbucks		103,037		0.3	%		3,599,505		0.8	%	85	32
PETCO		193,394		0.6	%		3,587,148		0.8	%	22	11
Sports Authority		181,523		0.6	%		3,460,631		0.8	%	5	1
Wells Fargo Bank		64,831		0.2	%		3,430,069		0.8	%	38	22
Sears Holdings		440,702		1.5	%		3,399,491		0.8	%	11	5
Bank of America		77,429		0.3	%		3,178,091		0.7	%	28	12
Rite Aid		216,638		0.7	%		3,170,878		0.7	%	25	15
PetSmart		178,850		0.6	%		2,959,265		0.7	%	10	4
Subway		99,504		0.3	%		2,921,999		0.6	%	112	51
Target		349,683		1.2	%		2,883,723		0.6	%	4	2
Harris Teeter		245,746		0.8	%		2,836,032		0.6	%	8	4
H.E.B.		210,413		0.7	%		2,771,745		0.6	%	4	2
The UPS Store		99,063		0.3	%		2,582,321		0.6	%	96	38
Wal-Mart		435,400		1.5	%		2,465,948		0.5	%	4	1
JPMorgan Chase Bank		58,414		0.2	%		2,458,253		0.5	%	23	6
Trader Joe’s		89,994		0.3	%		2,273,408		0.5	%	11	5
Hallmark		133,950		0.4	%		2,261,557		0.5	%	41	19
Staples		154,720		0.5	%		2,230,843		0.5	%	12	6

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


Grocer fuel pads on ground leases	Annualized Base Rent⁽²⁾
Safeway Total	$	105,405
Kroger Total	$	34,450


GLA owned and occupied by the anchor not included above:		# of Tenant- Owned Stores	# of Stores including Tenant- Owned
Target	1,870,685	19	23
Kroger	688,932	9	53
Wal-Mart	575,487	4	8
Lowe’s Home Improvement	314,659	3	6
Safeway	314,000	6	57
Sears Holdings	92,080	1	12
Supervalu	78,371	2	29
Publix	62,771	1	56

	3,996,985

(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

June 30, 2011


Tenant	Tenant GLA⁽¹⁾		% of Company- Owned GLA⁽¹⁾			Total Annualized Base Rent⁽²⁾		% of Total Annualized Base Rent⁽²⁾			Total # of Leased Stores - 100% Owned and JV	# of Leased Stores in JV
Safeway		2,711,970		6.4	%	$	28,607,950		4.5	%	51	27
Publix		2,603,933		6.1	%		25,717,047		4.0	%	55	18
Kroger		2,671,943		6.3	%		24,446,176		3.8	%	44	13
Supervalu		1,454,411		3.4	%		16,351,807		2.6	%	27	15
CVS		726,744		1.7	%		11,098,088		1.7	%	48	23
Whole Foods		313,476		0.7	%		8,367,184		1.3	%	7	2
TJX Companies		689,172		1.6	%		7,871,552		1.2	%	25	9
Ahold		632,515		1.5	%		7,627,978		1.2	%	13	10
Ross Dress For Less		491,217		1.2	%		7,306,164		1.1	%	17	11
PETCO		310,562		0.7	%		5,923,895		0.9	%	22	11
Wells Fargo Bank		97,600		0.2	%		5,575,575		0.9	%	38	22
Rite Aid		366,091		0.9	%		5,076,387		0.8	%	25	15
Starbucks		137,782		0.3	%		4,841,457		0.8	%	85	32
Harris Teeter		409,347		1.0	%		4,838,121		0.8	%	8	4
Target		514,078		1.2	%		4,760,504		0.7	%	4	2
Sears Holdings		590,300		1.4	%		4,696,425		0.7	%	11	5
Bank of America		102,624		0.2	%		4,683,260		0.7	%	28	12
Subway		146,243		0.3	%		4,323,819		0.7	%	112	51
Walgreens		229,963		0.5	%		4,180,151		0.7	%	16	4
H.E.B.		310,607		0.7	%		4,146,745		0.6	%	4	2
24 Hour Fitness		198,706		0.5	%		3,979,061		0.6	%	6	4
PetSmart		240,700		0.6	%		3,924,549		0.6	%	10	4
Sports Authority		209,757		0.5	%		3,820,620		0.6	%	5	1
Toys “R” Us		262,446		0.6	%		3,785,358		0.6	%	6	5
The UPS Store		136,997		0.3	%		3,543,216		0.6	%	96	38
Staples		249,067		0.6	%		3,496,406		0.5	%	12	6
Lowe’s Home Improvement		448,112		1.1	%		3,386,132		0.5	%	3	1
Hallmark		195,284		0.5	%		3,241,473		0.5	%	41	19
JPMorgan Chase Bank		78,524		0.2	%		3,217,593		0.5	%	23	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	$	254,400
Kroger Total	$	44,200


GLA owned and occupied by the anchor not included above:		# of Tenant- Owned Stores	# of Stores including Tenant- Owned
Target	2,387,763	19	23
Kroger	727,332	9	53
Wal-Mart	737,887	4	8
Lowe’s Home Improvement	446,659	3	6
Safeway	314,000	6	57
Sears Holdings	230,200	1	12
Supervalu	101,721	2	29
Publix	62,771	1	56

	5,008,333

(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

June 30, 2011


All Tenants			Regency’s Pro-Rata Share										Co-investment Partnerships at 100%
Lease Expiration Year	Pro-Rata Expiring GLA		Percent of Pro-Rata Expiring GLA			Pro-Rata In-Place Minimum Rent Under Expiring Leases		Percent of Expiring Pro-Rata Minimum Rent⁽²⁾			Pro-rata Expiring A.B.R		Expiring GLA at 100%		Percent of Expiring GLA			In-Place Minimum Rent Under Expiring Leases at 100%		Percent of Expiring Minimum Rent⁽²⁾
(1)		196,368		0.7	%	$	4,436,212		1.0	%	$	22.59		286,923		0.8	%	$	6,298,119		1.0	%
2011		1,005,645		3.8	%		17,507,862		3.9	%		17.41		1,421,213		3.7	%		24,840,826		3.9	%
2012		3,428,280		12.9	%		63,594,127		14.1	%		18.55		4,715,853		12.4	%		88,444,082		13.8	%
2013		2,607,047		9.8	%		50,210,677		11.2	%		19.26		4,038,684		10.6	%		73,336,467		11.4	%
2014		2,528,760		9.5	%		49,192,614		10.9	%		19.45		3,676,599		9.6	%		71,133,456		11.1	%
2015		2,174,752		8.2	%		43,162,047		9.6	%		19.85		3,396,604		8.9	%		64,449,613		10.1	%
2016		2,341,423		8.8	%		39,237,718		8.7	%		16.76		3,435,429		9.0	%		58,529,191		9.1	%
2017		1,424,892		5.4	%		25,599,008		5.7	%		17.97		2,035,862		5.3	%		35,624,250		5.6	%
2018		1,366,457		5.1	%		21,493,380		4.8	%		15.73		1,912,269		5.0	%		29,937,151		4.7	%
2019		1,172,377		4.4	%		18,279,729		4.1	%		15.59		1,560,412		4.1	%		24,561,181		3.8	%
2020		1,596,758		6.0	%		23,395,036		5.2	%		14.65		2,147,720		5.6	%		30,538,311		4.8	%

10 Year Total		19,842,759		74.5	%		356,108,411		79.2	%		17.95		28,627,568		75.1	%		507,692,645		79.2	%

Thereafter		6,773,961		25.5	%		93,668,531		20.8	%		13.83		9,496,182		24.9	%		133,010,133		20.8	%

		26,616,720		100.0	%	$	449,776,942		100.0	%	$	16.90		38,123,750		100.0	%	$	640,702,778		100.0	%


Anchor Tenants⁽³⁾			Regency’s Pro-Rata Share										Co-investment Partnerships at 100%
Lease Expiration Year	Pro-Rata Expiring GLA		Percent of Pro-Rata Expiring GLA			Pro-Rata In-Place Minimum Rent Under Expiring Leases		Percent of Expiring Pro-Rata Minimum Rent⁽²⁾			Pro-rata Expiring A.B.R		Expiring GLA at 100%		Percent of Expiring GLA			In-Place Minimum Rent Under Expiring Leases at 100%		Percent of Expiring Minimum Rent⁽²⁾
(1)		—		0.0	%	$	—		0.0	%		—		—		0.0	%	$	—		0.0	%
2011		365,371		2.4	%		2,091,835		1.3	%		5.73		500,398		2.3	%		3,034,693		1.3	%
2012		1,181,743		7.9	%		11,170,522		6.9	%		9.45		1,593,036		7.4	%		15,327,872		6.5	%
2013		781,183		5.2	%		6,598,789		4.1	%		8.45		1,477,607		6.8	%		12,580,840		5.3	%
2014		856,972		5.7	%		8,629,387		5.3	%		10.07		1,265,859		5.8	%		13,468,017		5.7	%
2015		705,974		4.7	%		6,963,803		4.3	%		9.86		1,278,935		5.9	%		12,594,339		5.3	%
2016		1,144,782		7.7	%		10,385,582		6.4	%		9.07		1,642,359		7.6	%		16,218,214		6.8	%
2017		822,533		5.5	%		10,084,407		6.2	%		12.26		1,265,930		5.8	%		15,694,472		6.6	%
2018		869,741		5.8	%		10,003,736		6.2	%		11.50		1,260,758		5.8	%		14,569,175		6.1	%
2019		920,673		6.2	%		11,955,241		7.4	%		12.99		1,193,373		5.5	%		15,213,316		6.4	%
2020		1,239,022		8.3	%		14,910,677		9.2	%		12.03		1,644,729		7.6	%		18,832,426		7.9	%

10 Year Total		8,887,994		59.5	%		92,793,979		57.4	%		10.44		13,122,984		60.6	%		137,533,365		58.0	%

Thereafter		6,041,618		40.5	%		68,730,082		42.6	%		11.38		8,539,076		39.4	%		99,536,317		42.0	%

		14,929,612		100.0	%	$	161,524,061		100.0	%	$	10.82		21,662,060		100.0	%	$	237,069,682		100.0	%

Reflects in place leases as of June 30, 2011, but does not account for contractual rent steps and assumes that no tenants exercise renewal options.

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

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

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

Tenant Lease Expirations

June 30, 2011


Inline Tenants			Regency’s Pro-Rata Share										Co-investment Partnerships at 100%
Lease Expiration Year	Pro-Rata Expiring GLA		Percent of Pro-Rata Expiring GLA			Pro-Rata In-Place Minimum Rent Under Expiring Leases		Percent of Expiring Pro-Rata Minimum Rent⁽²⁾			Pro-rata Expiring A.B.R		Expiring GLA at 100%		Percent of Expiring GLA			In-Place Minimum Rent Under Expiring Leases at 100%		Percent of Expiring Minimum Rent⁽²⁾
(1)		196,368		1.7	%	$	4,436,212		1.5	%	$	22.59		286,923		1.7	%	$	6,298,119		1.6	%
2011		640,274		5.5	%		15,416,027		5.3	%		24.08		920,815		5.6	%		21,806,132		5.4	%
2012		2,246,537		19.2	%		52,423,605		18.2	%		23.34		3,122,817		19.0	%		73,116,210		18.1	%
2013		1,825,864		15.6	%		43,611,888		15.1	%		23.89		2,561,077		15.6	%		60,755,627		15.1	%
2014		1,671,787		14.3	%		40,563,227		14.1	%		24.26		2,410,740		14.6	%		57,665,439		14.3	%
2015		1,468,778		12.6	%		36,198,244		12.6	%		24.65		2,117,669		12.9	%		51,855,273		12.8	%
2016		1,196,641		10.2	%		28,852,136		10.0	%		24.11		1,793,070		10.9	%		42,310,976		10.5	%
2017		602,359		5.2	%		15,514,601		5.4	%		25.76		769,932		4.7	%		19,929,777		4.9	%
2018		496,715		4.3	%		11,489,645		4.0	%		23.13		651,511		4.0	%		15,367,976		3.8	%
2019		251,705		2.2	%		6,324,488		2.2	%		25.13		367,039		2.2	%		9,347,865		2.3	%
2020		357,736		3.1	%		8,484,359		2.9	%		23.72		502,991		3.1	%		11,705,886		2.9	%

10 Year Total		10,954,765		93.7	%		263,314,432		91.3	%		24.04		15,504,584		94.2	%		370,159,280		91.7	%

Thereafter		732,343		6.3	%		24,938,449		8.7	%		34.05		957,106		5.8	%		33,473,816		8.3	%

		11,687,108		100.0	%	$	288,252,881		100.0	%	$	24.66		16,461,690		100.0	%	$	403,633,096		100.0	%

Reflects in place leases as of June 30, 2011, but does not account for contractual rent steps and assumes that no tenants exercise renewal options.

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

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

Earnings and Valuation Guidance

June 30, 2011


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

FFO / Share (for actuals please see related press release)							$2.33 - $2.43							$	.55 - $.60
Recurring FFO / Share							$2.33 - $2.43							$	.57 - $.62
Same Property - Wholly owned and Regency’s pro-rata share of co-investment partnerships:
Same property percent leased at period end		93.1	%		92.8	%	92.0% -93.5%		92.0	%		92.2	%
Same property NOI growth		-6.7	%		1.2	%	(1.0)% - 1.0%		-1.6	%		-0.8	%
Same property recovery rate		77.3	%		77.0	%	76% - 78%		75.4	%		76.4	%

Rental rate growth		-2.7	%		-1.8	%	(6.0)% - (1.0)%		-4.9	%		-1.0	%
Percentage Rent - Consolidated Only	$	3,584		$	2,540		$2,000 - $2,800	$	907		$	151
Recovery Rate - Consolidated Only - All Properties		73.7	%		74.2	%	72% - 74%		72.1	%		74.6	%

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

Acquisitions - (REG Pro-Rata)	$	8,942		$	89,722		$100,000-$200,000	$	0		$	11,029
Cap rate (average)		9.3	%		6.7	%	6% - 6.5%		0.0	%		7.6	%

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

Dispositions - (REG Pro-Rata)	$	189,509		$	62,600		$100,000-$200,000	$	4,298		$	1,220
Cap rate (average)		8.4	%		8.4	%	8% - 8.8%		12.2	%		4.9	%

Development starts	$	29,814		$	6,060		$30,000-$90,000	$	13,761		$	2,109

Development completions - net costs	$	111,257		$	306,188		$225,000 -$260,000	$	2,685		$	121,836
Stabilized yield (net dev costs)		7.9	%		7.9	%	6.6%-7.2%		6.0	%		6.7	%
Completion yield (net dev costs)		7.7	%		6.0	%	4.6%-5.3%		2.7	%		5.2	%
Capitalized interest on completions	$	1,585		$	607		$212 - $500	$	112		$	100

Transaction profits net of deal costs and taxes	$	23,233		$	3,597		$3,250 to $5,550	$	1,522		$	4,619
Third party fees and commissions	$	30,508		$	26,806		$25,500-$27,500	$	7,858		$	7,194

Net Asset Valuation Guidance:
Estimated market value of expansion land and outparcels available											$	73,437

NOI from in-process developments (current quarter)											$	4,153

NOI from leases signed but not yet rent-paying in operating properties, including completed developments (current quarter)											$	1,696

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

June 30, 2011

All numbers are per share except weighted average shares


Funds From Operations Guidance:	Three Months Ended September 30, 2011				Full Year 2011
Net income attributable to common stockholders	$	0.09	$	0.14	$	0.39	$	0.49

Adjustments to reconcile net income to FFO:
Depreciation expense, amortization and other amounts as defined below	$	0.46		0.46	$	1.94		1.94


Funds From Operations	$	0.55		0.60	$	2.33	$	2.43


Adjustments to reconcile FFO to Recurring FFO:
All non-recurring items as defined below		0.02		0.02		0.00		0.00


Recurring Funds From Operations	$	0.57		0.62	$	2.33		2.43


Weighted average shares (000’s)		89,726				88,720

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 charges considered non-recurring.

$3,000 - $6,000

$1,000 - $3,000

$(1,000)⁽²⁾ - $1,000