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

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8-K - FORM 8-K - REGENCY CENTERS CORP	d292303d8k.htm
EX-99.3 - EX-99.3 - REGENCY CENTERS CORP	d292303dex993.htm
EX-99.1 - EX-99.1 - REGENCY CENTERS CORP	d292303dex991.htm

EXHIBIT 99.2

Regency Centers Corporation

December 31, 2011

Supplemental Information

Investor Relations

Diane Ortolano

One Independent Drive, Suite 114

Jacksonville, FL 32202

904-598-7727

About Regency

Regency Centers Corporation is the leading national owner, operator, and developer of grocery-anchored and community shopping centers. At December 31, 2011, Regency’s total market capitalization was $5.7 billion.

As of December 31, 2011, the Company owned 364 shopping centers and single tenant properties, including those held in co-investment partnerships. Total gross leasable area (GLA) under management, including tenant-owned square footage was 49.5 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, boasting average household incomes of more than $100,000 and average population of approximately 100,000 people. 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 fourth quarter of 2011, Regency had nine projects under development for estimated net development costs of $161.3 million.

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. In the past eleven years, capital recycling and co-investment partnerships have enabled Regency to cost effectively build a $7 billion operating platform.

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 December 31, 2011. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.

Table of Contents

December 31, 2011


Highlights			1

Summary Information:

Definitions			2

Summary Financial Information			3

Summary Real Estate Information			4

Financial Information:

Consolidated Balance Sheets			5

Consolidated Statements of Operations (FFO format)			6

FFO and Other Information			7

Consolidated Statements of Operations (GAAP basis)			9

Summary of Consolidated Debt			10

Summary of Unsecured Public Debt Covenants			11

Summary of Preferred Units and Stock			12

Investment Activity:

Acquisitions, Dispositions and Development Sales			13

Development Information			15

Co-investment Partnerships:

Unconsolidated Investments			17

Unconsolidated Balance Sheets			18

Unconsolidated Statements of Operations			20

Summary of Unconsolidated Debt			22

Real Estate Information:

Leasing Statistics			23

Average Base Rent by State			25

Portfolio Summary Report by State			27

Significant Tenant Rents			33

Lease Expiration Schedule			35

Forward-Looking Information:

Earnings and Valuation Guidance			37

Reconciliation of FFO to Net Income			38

Highlights

December 31, 2011

Operating Results

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

For the quarter ended December 31, 2011, same property NOI increased 0.2%. When excluding termination fees, same property NOI was flat. Same property percent leased was 93.8%. Rental lease spreads declined 0.6%, or increased 1.6% for spaces vacant less than 12 months.

For the year ended December 31, 2011, same property NOI declined 0.6%. When excluding termination fees, same property NOI increased 0.1%. Same property percent leased was 93.8%. Rental lease spreads declined 1.7%, or increased 1.2% for spaces vacant less than 12 months.

Operating Results

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

For the quarter ended December 31, 2011, same property NOI declined 0.2%. When excluding termination fees, same property NOI declined 0.3%. Same property percent leased was 94.2%. Rental lease spreads declined 0.7%, or increased 1.8% for spaces vacant less than 12 months.

For the year ended December 31, 2011, same property NOI declined 0.5%. When excluding termination fees, same property NOI increased 0.2%. Same property percent leased was 94.2%. Rental lease spreads declined 1.9%, or increased 1.2% 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 480 leasing transactions.

For the year ended December 31, 2011, 6.9 million square feet of GLA was renewed or newly leased through 1,828 leasing transactions.

Financial Results

Recurring Funds From Operations for the quarter was $56.8 million, or $0.63 per diluted share. Funds From Operations for the quarter was $56.5 million, or $0.63 per diluted share. Net income attributable to common stockholders for the quarter was $8.1 million, or $0.09 per diluted share.

Development Activity

At quarter end, Regency had nine projects in process for an estimated net development cost of $161.3 million, an expected return at completion of 7.1% and an expected return at stabilization of 7.6%.

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

Acquisition & Disposition Activity

During the fourth quarter, Regency:

•

Sold four wholly owned operating properties at a gross sales price of $52.3 million and a weighted average cap rate of 7.6%.

•

Sold the office component of an operating property for a gross sales price of $4.8 million and a cap rate of 4.7%.

•

Sold one co-investment operating property and the anchor box at another co-investment operating property for a gross sales price of $27.5 million and a weighted average cap rate of 6.6%. Regency’s share of the sales price was $7.4 million.

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

Definitions

December 31, 2011

Recurring Funds From Operations (Recurring FFO): Recurring FFO is defined as funds from operations excluding the impact of gains and losses from the sale of development and out parcels, dead deal costs, provisions for impairment not otherwise excluded from FFO, gains and losses from the early extinguishment of debt and preferred stock, restructuring charges, non-recurring transaction fees and promotes, provisions for income taxes related to these transactions 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 and their tax impact, 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 clarified that FFO should include the results of discontinued operations, non-recurring amounts except for those classified as extraordinary under GAAP, and could include certain gains and losses from the sale of undepreciated property with adequate disclosure. NAREIT also clarified that FFO should exclude the impact of impairment losses on depreciable properties, either wholly owned or owned in joint venture (October 2011). Regency has calculated FFO for all periods presented in accordance with this clarification. 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 first calendar year following completion.

Summary Financial Information

December 31, 2011


Financial Results	Three Months Ended						Year to Date
	2011			2010			2011			2010
Net income attributable to common stockholders	$	8,138,421		($	37,899,593	)	$	31,695,187		($	10,859,263	)

Basic EPS	$	0.09		($	0.47	)	$	0.35		($	0.14	)

Diluted EPS	$	0.09		($	0.46	)	$	0.35		($	0.14	)

Diluted EPS per share growth rate		NA						NA

Funds from Operations for common stockholders	$	56,536,106		$	41,967,037		$	220,318,317		$	196,337,475

FFO per share - Diluted	$	0.63		$	0.50		$	2.48		$	2.35

Diluted FFO per share growth rate		26.0	%					5.5	%

Recurring Funds from Operations for common stockholders	$	56,836,840		$	47,494,300		$	213,147,750		$	199,356,568

Recurring FFO per share - Diluted	$	0.63		$	0.56		$	2.40		$	2.39

Diluted Recurring FFO per share growth rate		12.5	%					0.4	%

Dividends paid per share and unit	$	0.463		$	0.463		$	1.850		$	1.850

Payout ratio of Diluted Recurring FFO per share		73.4	%		82.6	%		77.1	%		77.4	%

Interest Coverage Ratios

Interest only		3.4			2.6			3.3			2.8

Capitalized interest	$	187,461		$	774,934		$	1,480,287		$	5,099,476

Fixed Charge (Regency only)		2.7			2.4			2.6			2.4

Fixed Charge (with pro-rata share of partnerships)		2.4			2.1			2.3			2.1

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

Closing common stock price per share	$	37.62		($	4.62	)	$	42.24		$	35.06
Total Shareholder Return		-6.6	%					26.6	%

Common Shares and Equivalents Outstanding		90,099,022			8,034,986			82,064,036			82,007,507

Market equity value of Common and Convertible shares (000’s)	$	3,389,525		($	76,860	)	$	3,466,385		$	2,875,183
Non-Convertible Preferred Units and shares (000’s)	$	325,000			—		$	325,000		$	325,000
Outstanding debt (000’s)	$	1,982,440		($	112,029	)	$	2,094,469		$	1,886,380
Total market capitalization (000’s)	$	5,696,966		($	188,889	)	$	5,885,854		$	5,086,563
Debt to Total Market Capitalization		34.8	%		-0.8	%		35.6	%		37.1	%

Total real estate at cost before depreciation (000’s)	$	4,488,795		$	71,049		$	4,417,746		$	4,259,991
Total assets at cost before depreciation (000’s)	$	4,778,690		$	83,274		$	4,695,417		$	4,614,391
Debt to Total Assets before Depreciation		41.5	%		-3.1	%		44.6	%		40.9	%

Outstanding Classes of Stock and Partnership Units:
Common Shares Outstanding		89,921,858			8,034,986			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		90,099,022			8,034,986			82,064,036			82,007,507


	Three Months Ended						Year to Date
	2011			2010			2011			2010
Wtd Average Diluted Shares for FFO per share		89,754,830			83,882,191			88,603,738			83,218,758
Treasury method shares related to fwd equity offering included above		—			2,115,621			423,810			1,533,607

Summary Real Estate Information

December 31, 2011

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


	12/31/11			9/30/11			12/31/10			9/30/10
Gross Leasable Area (GLA)		29,787,954			29,942,962			29,930,357			29,662,913

GLA - Same properties only		24,922,101			25,363,078			25,433,033			25,612,932

GLA including anchor-owned stores		35,940,659			36,070,985			36,050,765			35,787,785


% leased - All properties		92.7	%		92.6	%		92.0	%		91.9	%

% leased - Operating properties only		93.5	%		92.9	%		92.8	%		92.8	%

% leased - Same properties only		93.8	%		93.0	%		92.8	%		92.9	%

Average % leased - Same properties only		92.6	%		92.3	%		92.8	%		92.8	%


Rental rate growth for spaces vacant less than 12 months - YTD⁽¹⁾		1.2	%		1.0	%		-0.1	%		0.2	%

Same property NOI growth - YTD		-0.6	%		-0.9	%		1.2	%		1.4	%

Same property NOI growth without termination fees - YTD		0.1	%		0.2	%		0.0	%		-0.1	%


Wholly Owned and 100% of Co-investment Partnerships

	12/31/11			9/30/11			12/31/10			9/30/10
Gross Leasable Area (GLA)		42,148,917			42,445,709			45,076,652			45,053,264

GLA - Same properties only		37,022,956			37,515,352			40,378,637			40,802,372

GLA including anchor-owned stores		49,490,062			49,799,565			53,142,005			53,123,081


Number of retail shopping centers		364			367			396			399

Number of centers under development (excluding expansions)		7			18			26			30

Number of grocery-anchored shopping centers		291			294			321			324


% leased - All properties		93.3	%		93.1	%		92.6	%		92.5	%

% leased - Operating properties only		93.9	%		93.4	%		93.2	%		93.2	%

% leased - Same properties only		94.2	%		93.5	%		93.2	%		93.2	%

Average % leased - Same properties only		93.0	%		92.8	%		93.1	%		93.0	%


Rental rate growth for spaces vacant less than 12 months - YTD ⁽¹⁾		1.2	%		1.0	%		-0.7	%		-0.4	%

Same property NOI growth - YTD		-0.5	%		-0.6	%		1.6	%		1.1	%

Same property NOI growth without termination fees - YTD		0.2	%		0.4	%		0.8	%		0.1	%

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

Consolidated Balance Sheets

December 31, 2011, 2010, and 2009


	2011			2010			2009
Assets
Real estate investments at cost:
Land, building and improvements	$	3,877,834,836			3,378,221,458			2,993,704,413
Properties in development		224,077,355			610,932,328			920,426,744

		4,101,912,191			3,989,153,786			3,914,131,157
Less: accumulated depreciation		791,619,489			700,878,014			622,163,237

		3,310,292,702			3,288,275,772			3,291,967,920
Operating properties held for sale		—			—			19,647,481
Investments in real estate partnerships		386,882,640			428,592,272			326,211,897

Net real estate investments		3,697,175,342			3,716,868,044			3,637,827,298
Cash and cash equivalents		17,451,775			22,460,118			99,477,017
Accounts receivable, net of allowance for uncollectible accounts		37,732,816			36,599,785			40,871,064
Straight line rent receivables, net of reserves		48,132,347			45,241,286			39,292,481
Notes receivable		35,783,636			35,930,927			37,753,438
Deferred costs, net of accumulated amortization		70,203,975			63,164,623			58,376,461
Acquired lease intangible assets, net of accumulated amortization		27,054,214			18,219,347			10,007,309
Trading securities held in trust, at fair value		21,713,060			20,890,523			18,421,621
Other assets		31,823,588			35,163,886			50,201,446

Total assets	$	3,987,070,753			3,994,538,539			3,992,228,135

Liabilities and Equity
Liabilities:
Notes payable	$	1,942,440,312			2,084,469,325			1,886,380,298
Unsecured line of credit		40,000,000			10,000,000			—

Total notes payable		1,982,440,312			2,094,469,325			1,886,380,298
Accounts payable and other liabilities		101,862,411			138,195,855			130,354,232
Derivative instruments, at fair value		36,552			—			28,363,231
Acquired lease intangible liabilities, net of accumulated accretion		12,661,818			6,682,371			5,895,885
Tenants’ security and escrow deposits		20,416,096			10,790,173			10,627,805

Total liabilities		2,117,417,189			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		899,219			818,869			815,393
Additional paid in capital, net of treasury stock		2,266,619,870			2,023,436,667			2,008,374,437
Accumulated other comprehensive loss		(71,429,366	)		(80,885,436	)		(49,973,134	)
Distributions in excess of net income		(662,734,624	)		(533,194,159	)		(371,837,066	)

Total stockholders’ equity		1,808,355,099			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		(963,444	)		(761,705	)		7,320,848
Limited partners’ interest in consolidated partnerships		13,103,932			10,828,602			11,748,229

Total noncontrolling interests		61,298,465			59,224,874			68,227,054

Total equity		1,869,653,564			1,744,400,815			1,930,606,684

Total liabilities and equity	$	3,987,070,753			3,994,538,539			3,992,228,135


Ratios	2011			2010			2009
Debt to real estate assets, before depreciation		44.2	%		47.4	%		44.3	%
Debt to total assets, before depreciation		41.5	%		44.6	%		40.9	%
Debt to total assets, before depreciation and including prorata share of JV’s ⁽¹⁾		45.0	%		48.1	%		45.7	%
Debt + preferred to total assets, before deprec. and incl. prorata share of JV’s		50.6	%		53.8	%		51.7	%
Unsecured assets to total real estate assets (wholly owned only)		79.7	%		81.6	%		81.6	%
Unsecured NOI to total NOI (wholly owned only)		80.7	%		81.5	%		79.5	%

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

Consolidated Statements of Operations

For the Periods Ended December 31, 2011 and 2010

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


	Three Months Ended						Year to Date
	2011			2010			2011			2010
Real Estate Revenues:
Minimum rent	$	92,306,802			88,071,131		$	361,912,758			348,068,198
Percentage rent		1,508,772			1,517,268			2,996,197			2,540,193
Recoveries from tenants		23,539,647			21,931,158			95,436,613			92,653,014
Termination Fees		372,101			189,080			3,902,641			6,117,717
Other income		1,465,562			1,321,874			9,899,476			8,786,420

		119,192,884			113,030,511			474,147,685			458,165,542


Real Estate Operating Expenses:
Operating and maintenance		18,445,749			18,229,382			74,144,963			70,703,343
Provision for doubtful accounts		618,848			1,276,472			3,166,194			3,954,036
Real estate taxes		13,918,357			11,980,365			56,607,180			55,082,533

		32,982,954			31,486,219			133,918,337			129,739,912


Net Operating Income		86,209,930			81,544,292			340,229,348			328,425,630

Fees, Development and Outparcel Gains:
Asset management fees		1,616,368			1,728,702			6,705,377			6,695,228
Property management fees		3,571,458			3,830,699			14,910,325			15,598,903
Transaction fees		—			—			5,000,000			2,593,828
Leasing commissions and other fees		1,799,426			866,148			7,364,591			4,511,587
Development gain		—			—			—			38,456
Gain on sale of outparcels and land		2,404,115			217,091			2,404,115			660,837
Dead deal and acquisition costs		(133,142	)		(161,085	)		(957,250	)		(1,194,897	)
Income tax benefit (expense)		(4,338,035	)		2,451,724			(2,704,813	)		1,498,967

		4,920,190			8,933,279			32,722,345			30,402,909


Other Operating Expense (Income):
General and administrative		11,247,685			13,581,294			55,323,920			56,324,460
Other expenses		434,646			524,325			2,698,167			2,634,178
Depreciation and amortization (including FF&E)		33,237,972			30,700,533			133,756,469			124,008,580
Interest expense, net		31,348,032			37,557,209			123,645,013			129,529,085
Gain on sale of operating properties		(3,580,481	)		(593,768	)		(5,553,430	)		(7,947,336	)
(Income) loss from deferred compensation plan, net		(120,790	)		1,232,302			999,519			3,197,822
Provision for impairment - wholly owned properties		9,183,471			26,615,044			15,882,588			26,615,044
Hedge ineffectiveness		54,120			—			54,120			(1,418,709	)

		81,804,655			109,616,939			326,806,366			332,943,124


Equity in Income (Loss) of Unconsolidated Partnerships:
Operating income		3,050,694			2,937,224			12,155,189			8,350,200
Gain on sale of operating properties		1,803,681			863,561			2,067,818			1,795,733
Provision for impairment - JV properties		—			(16,676,754	)		(4,580,000	)		(23,029,922	)

		4,854,375			(12,875,969	)		9,643,007			(12,883,989	)


Net Income		14,179,840			(32,015,337	)		55,788,334			13,001,426

Noncontrolling Interests:
Preferred units		931,248			931,248			3,724,992			3,724,992
Exchangeable operating partnership units		26,167			(70,000	)		102,947			84,892
Limited partners’ interest in consolidated partnerships		165,213			104,217			590,044			375,641

Net Income Attributable to Noncontrolling Interests		1,122,628			965,465			4,417,983			4,185,525

Net Income Attributable to Controlling Interests		13,057,212			(32,980,802	)		51,370,351			8,815,901
Preferred Stock Dividends		4,918,791			4,918,791			19,675,164			19,675,164

Net Income Attributable to Common Stockholders	$	8,138,421			(37,899,593	)	$	31,695,187		$	(10,859,263	)

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 December 31, 2011 and 2010


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

Net income attributable to common stockholders	$	8,138,421			(37,899,593	)	$	31,695,187			(10,859,263	)
Adjustments to reconcile to Funds from Operations:
Depreciation and amortization - consolidated real estate		28,185,604			25,793,275			113,384,688			104,724,242
Depreciation and amortization - unconsolidated partnerships		10,727,674			11,949,301			43,750,343			49,345,575
Consolidated JV partners’ share of depreciation		(179,542	)		(134,051	)		(738,640	)		(539,592	)
Provision for impairment ⁽²⁾		8,334,534			41,114,593			19,613,651			47,467,761
Amortization of leasing commissions and intangibles		4,103,387			3,890,263			16,427,057			15,110,831
Gain on sale of operating properties, net of tax ⁽²⁾		(2,679,349	)		(3,909,053	)		(4,916,435	)		(12,194,793	)
Income deferrals under the Restricted Gain Method for GAAP		—			—			—			—
(Income) loss from deferred compensation plan, net		(120,790	)		1,232,302			999,519			3,197,822
Noncontrolling interest of exchangeable partnership units		26,167			(70,000	)		102,947			84,892


Funds From Operations ⁽¹⁾	$	56,536,106			41,967,037		$	220,318,317			196,337,475


Reconciliation of FFO to Recurring FFO

Funds from operations	$	56,536,106			41,967,037		$	220,318,317			196,337,475
Adjustments to reconcile to Recurring Funds from Operations:
Development and outparcel loss (gain), net of dead deal costs and tax ⁽²⁾		(597,430	)		(892,718	)		(1,327,982	)		611,649
Provision for impairment ⁽²⁾		848,937			2,177,205			848,937			2,177,205
Provision for hedge ineffectiveness		54,120			—			54,120			(1,418,709	)
(Gain) loss on early debt extinguishment⁽²⁾		(4,893	)		4,242,776			(1,745,642	)		4,242,776
Restructuring charges		—			—			—			—
Transaction fees and promotes		—			—			(5,000,000	)		(2,593,828	)


Recurring Funds From Operations ⁽¹⁾	$	56,836,840			47,494,300		$	213,147,750			199,356,568


FFO Per Share Reconciliation (Diluted):
Net income attributable to common stockholders	$	0.09		$	(0.46	)	$	0.35		$	(0.14	)
Adjustments to reconcile to Funds from Operations per share:
Depreciation and amortization - consolidated real estate		0.31			0.31			1.28			1.26
Depreciation and amortization - unconsolidated partnerships		0.12			0.14			0.50			0.59
Consolidated JV partners’ share of depreciation		—			—			(0.01	)		(0.01	)
Provision for impairment ⁽²⁾		0.09			0.49			0.22			0.57
Amortization of leasing commissions and intangibles		0.05			0.05			0.19			0.18
Gain on sale of operating properties, net of tax ⁽²⁾		(0.03	)		(0.04	)		(0.06	)		(0.14	)
Gain deferrals under the Restricted Gain Method		—			—			—			—
(Income) loss from deferred compensation plan, net		—			0.01			0.01			0.04


Funds From Operations	$	0.63		$	0.50		$	2.48		$	2.35


Reconciliation of FFO to Recurring FFO

Funds from operations	$	0.63		$	0.50		$	2.48		$	2.35
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	)		0.01
Provision for impairment		0.01			0.02			0.01			0.03
Provision for hedge ineffectiveness		—			—			—			(0.02	)
(Gain) loss on early debt extinguishment⁽²⁾		—			0.05			(0.02	)		0.05
Restructuring charges		—			—			—			—
Transaction fees and promotes		—			—			(0.06	)		(0.03	)


Funds From Operations - Recurring	$	0.63		$	0.56		$	2.40		$	2.39

(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 December 31, 2011 and 2010


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

Straight-line rental income, net of reserve	$	1,384,602		1,657,713	$	4,641,745		6,201,974
Above- and below- market rent amortization		229,106		202,226		946,464		1,162,824
Pro-rata share of JV straight-line rental income, net		266,612		207,633		834,127		1,592,128
Pro-rata share of JV above- and below- mkt rent amortization		369,798		538,869		1,654,027		2,301,238

Debt premium (discount) amortization income (expense)	$	129,802		12,416	$	215,514		17,777
Impairment losses including pro-rata share of JV’s		9,183,471		43,291,798		20,462,588		49,644,966
Hedge ineffectiveness expense (income)		54,120		—		54,120		(1,418,709	)
Stock based compensation expense		2,634,482		2,156,358		10,927,482		7,467,597
Capitalized direct leasing compensation costs		3,361,068		4,274,999		11,236,068		11,000,000
Capitalized direct development compensation costs		3,457,156		1,211,270		5,538,306		2,662,657

Fees earned from 3rd parties as reported for GAAP	$	6,987,252		6,425,549	$	33,980,293		29,399,546
Fees earned from 3rd parties, excluding REG owned portion		5,608,977		5,026,432		28,367,568		23,757,292

Components of same property NOI (wholly owned and Regency’s pro-rata share of co-investment partnerships):
Revenues	$	126,252,430		125,153,152	$	513,350,184		517,818,680
Expenses		34,050,568		33,166,863		143,334,397		145,499,313

Same property NOI	$	92,201,862		91,986,289	$	370,015,787		372,319,367

Capital Expenditures (non-revenue enhancing only):

Leasing commissions, including pro rata share of JV’s	$	4,450,734	$	3,829,653	$	16,281,923	$	13,642,713
Tenant improvements, including pro rata share of JV’s		3,091,640		2,553,532		8,077,090		6,963,570
Building improvements, including pro rata share of JV’s		6,885,971		7,000,530		17,757,775		15,910,426
Major Renovations, including pro rata share of JV’s		448,510		—		1,023,200		—

Consolidated Statements of Operations (GAAP Basis)

For the Periods Ended December 31, 2011 and 2010


	Three Months Ended						Year to Date
	2011			2010			2011			2010
Revenues:
Minimum rent	$	91,592,758			86,313,184			356,097,204			338,639,315
Percentage rent		1,508,772			1,517,268			2,996,197			2,540,193
Recoveries from tenants and other income		25,233,818			23,328,758			107,343,505			105,582,154
Management, transaction, and other fees		6,987,252			6,425,549			33,980,293			29,399,546

Total revenues		125,322,600			117,584,759			500,417,199			476,161,208


Operating Expenses:
Depreciation and amortization		33,114,661			29,287,456			132,129,029			120,449,504
Operating and maintenance		18,267,107			17,718,954			72,625,570			68,495,648
General and administrative		12,315,877			15,770,232			56,117,152			61,504,595
Real estate taxes		13,847,144			11,677,858			55,541,588			53,461,581
Provision for doubtful accounts		615,093			1,289,536			3,074,879			3,927,833
Other expense (income)		4,911,753			(1,574,979	)		6,649,408			2,495,682

Total operating expenses		83,071,635			74,169,057			326,137,626			310,334,843


Other Expense (Income):
Interest expense, net of interest income		31,348,032			33,314,433			123,645,013			125,286,514
Gain on sale of operating properties and properties in development		(2,404,115	)		51,065			(2,404,115	)		(993,094	)
Provision for impairment		7,410,641			26,615,044			13,772,422			26,615,044
Loss on early debt extinguishment		—			4,242,776			—			4,242,776
(Income) loss from deferred compensation plan		(1,188,982	)		(956,637	)		206,287			(1,982,313	)
Loss (gain) on derivative instruments		54,120			—			54,120			(1,418,709	)

Total other expense		35,219,696			63,266,681			135,273,727			151,750,218


Income before equity in income (loss) of investments in real estate partnerships		7,031,269			(19,850,979	)		39,005,846			14,076,147

Equity in income (loss) of investments in real estate partnerships		4,854,375			(12,875,969	)		9,643,007			(12,883,989	)

Income from continuing operations		11,885,644			(32,726,948	)		48,648,853			1,192,158


Discontinued Operations, net:
Operating (loss) income		2,294,196			(98,570	)		1,197,017			4,231,983
(Loss) gain on sale of properties		—			810,181			5,942,464			7,577,285

Income (loss) from discontinued operations		2,294,196			711,611			7,139,481			11,809,268


Net income		14,179,840			(32,015,337	)		55,788,334			13,001,426

Noncontrolling Interests:
Preferred units		(931,248	)		(931,248	)		(3,724,992	)		(3,724,992	)
Exchangeable operating partnership units		(26,167	)		70,000			(102,947	)		(84,892	)
Limited partners’ interests in consolidated partnerships		(165,213	)		(104,217	)		(590,044	)		(375,641	)

Net income attributable to noncontrolling interests		(1,122,628	)		(965,465	)		(4,417,983	)		(4,185,525	)

Net income attributable to controlling interests		13,057,212			(32,980,802	)		51,370,351			8,815,901

Preferred stock dividends		(4,918,791	)		(4,918,791	)		(19,675,164	)		(19,675,164	)

Net income attributable to common stockholders	$	8,138,421			(37,899,593	)	$	31,695,187			(10,859,263	)

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

Summary of Consolidated Debt

December 31, 2011 and 2010


Total Debt Outstanding:	12/31/11		12/31/10
Mortgage loans payable:
Fixed rate secured loans	$	439,880,271		401,545,902
Variable rate secured loans		12,665,000		11,189,507
Unsecured debt offering fixed rate		1,489,895,041		1,671,733,916
Unsecured line of credit		40,000,000		10,000,000

Total	$	1,982,440,312		2,094,469,325


Schedule of Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities		Unsecured Maturities ⁽¹⁾			Total		Weighted Average Fixed Interest Rate
2012		6,997,720		—		192,377,000			199,374,720		6.8	%
2013		6,995,420		16,330,175		—			23,325,595		7.1	%
2014		6,481,455		28,518,653		150,000,000			185,000,108		5.0	%
2015		5,169,657		46,312,554		390,000,000			441,482,211		5.3	%
2016		4,857,332		14,161,143		—			19,018,475		6.2	%
2017		4,263,152		75,510,751		400,000,000			479,773,903		5.9	%
2018		3,745,694		57,357,572		—			61,103,266		6.2	%
2019		2,704,446		106,000,000		—			108,704,446		7.8	%
2020		2,676,075		43,329,660		150,000,000			196,005,735		6.1	%
2021		2,781,724		—		250,000,000			252,781,724		4.8	%
>10 years		8,319,185		5,847,935		—			14,167,120		0.2	%
Unamortized debt (discount)/premium		—		4,184,968		(2,481,959	)		1,703,009

	$	54,991,860		397,553,411		1,529,895,041			1,982,440,312		5.8	%

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


Percentage of Total Debt:	12/31/11			12/31/10
Fixed		97.3	%		99.0	%
Variable		2.7	%		1.0	%

Current Average Interest Rates:⁽²⁾
Fixed		5.8	%		6.0	%
Variable		1.8	%		2.6	%
Effective Interest Rate		5.7	%		5.9	%

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


Average Maturity Date:
Fixed	April 11, 2017	August 6, 2016
Variable	June 9, 2015	June 23, 2012

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

December 31, 2011


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

$600 Million Line of Credit		09/07/11		09/05/15	LIBOR + 1.25%	$	40,000,000

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

Fair Market Value Calculation Method Covenants⁽¹⁾
Total Consolidated Debt to Total Consolidated Assets	£	65	%		36	%		35	%		34	%		38	%
Secured Consolidated Debt to Total Consolidated Assets	£	40	%		8	%		8	%		7	%		7	%
Consolidated Income for Debt Service to Consolidated Debt Service	³	1.5	x		3.1			2.9			2.7			2.8
Unencumbered Consolidated Assets to Unsecured Consolidated Debt	>	150	%		298	%		310	%		315	%		281	%

Historical Cost Basis Covenants⁽¹⁾
Total Consolidated Debt to Total Undepreciated Assets	£	60	%		42	%		41	%		41	%		45	%
Secured Consolidated Debt to Total Undepreciated Assets	£	40	%		9	%		9	%		9	%		9	%
Consolidated Income for Debt Service to Consolidated Debt Service	³	1.5	x		3.1			2.9			2.7			2.8
Unencumbered Consolidated Assets to Unsecured Consolidated Debt	>	150	%		252	%		260	%		266	%		236	%

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

December 31, 2011


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

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

Preferred Stock:

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

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

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

Acquisitions

December 31, 2011


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

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


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

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

Regency Contributions:
	None				—	$	—	$	—

	Total				—	$	—	$	—

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

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

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

Dispositions

December 31, 2011


Date	Property Name	Co- investment Partner		City/State	GLA		Sales Price		Regency’s Share of Sales Price		Regency’s Pro Rata Cap Rate			Anchor Tenant
Consolidated:
Aug-11	Park Place Center			Columbus, OH		106,832	$	2,061,250	$	2,061,250		3.6	%		None
Sep-11	Fort Bend Center			Houston, TX		30,164	$	3,653,000	$	3,653,000		9.6	%		Kroger (NAP)
Sep-11	Prestonwood Park			Plano, TX		101,167	$	11,950,000	$	11,950,000		9.3	%		None
Oct-11	Paseo Del Sol Office Building			Santa Barbara, CA		19,195	$	4,781,500	$	4,781,500		4.7	%		None
Oct-11	Chapel Hill			Douglasville, GA		66,970	$	8,400,000	$	8,400,000		7.3	%		Hobby Lobby
Nov-11	Thomas Lake			Bothel, WA		103,872	$	18,350,000	$	18,350,000		7.4	%		Albertsons, Rite Aid
Nov-11	Rivermont			Atlanta, GA		90,267	$	8,000,000	$	8,000,000		8.1	%		Kroger
Dec-11	Anthem Highlands			Henderson, NV		108,515	$	17,500,000	$	17,500,000		7.8	%		Albertsons, CVS

						626,982	$	74,695,750	$	74,695,750		7.7	%

Unconsolidated:
Mar-11	Oaks Shopping Center		GRI	Des Plaines, IL		135,005	$	10,743,868	$	4,297,547		12.2	%		Dominick’s
Jun-11	601 King Street		GRI	Alexandria, VA		8,003	$	3,050,000	$	1,220,000		4.9	%		None
Sep-11	Deer Grove		Oregon	Chicago, IL		236,173	$	18,191,800	$	3,638,360		7.5	%		Dominick’s
Dec-11	Lowes @ Providence Commons		CalSTRS	Charlotte, NC		120,487	$	24,295,000	$	6,073,750		6.8	%		Lowes
Dec-11	Main Street Center		GRI	Frisco, TX		42,754	$	3,200,000	$	1,280,000		5.5	%		Albertson’s (NAP)

						542,422	$	59,480,668	$	16,509,657		8.1	%

	Total Dispositions					1,169,404	$	134,176,418	$	91,205,407		7.8	%

	Partnership with CALSTRS - Regency owns 25%
	Partnership with GRI - Regency owns 40%
	Partnership with Oregon - Regency owns 20%
	NAP means the anchor store is anchor owned and not a part of the center’s GLA

Development status Report

December 31, 2011


Project Name	State		CBSA	Anchor Tenant	Anchor Opens		Est. Net Dev Costs After Partner Participation		Est. Net Costs to Complete (1)			Stabilized Yield			Completion Yield (2)			Completion Year Yield Qtr/Year		Company Owned GLA		Company Owned % Leased			Gross GLA		Gross % Leased
In-Process Dev Starts After 1/1/09:
East Washington Place *(see note below)*		CA	Santa Rosa- Petaluma	Target		07/01/13		61,452,730		55,617,494			7.4	%		7.4	%		Q3 - 2014		208,224		0	%		346,548		40	%
Centerplace of Greeley III Ph II		CO	Greeley	TJ Maxx		03/01/12		2,157,888		844,409			9.8	%		9.8	%		Q1 - 2012		25,000		100	%		25,000		100	%
Kent Place		CO	Denver- Aurora	King Soopers		10/01/12		9,166,956		3,020,630			9.0	%		9.0	%		Q2 - 2013		47,418		68	%		47,418		68	%
Market at Colonnade		NC	Raleigh- Cary	Whole Foods		03/01/11		15,504,714		605,424			9.1	%		9.1	%		Q4 - 2012		57,625		85	%		57,625		85	%
Northgate Marketplace		OR	Medford	Trader Joe’s, REI		09/01/12		18,580,859		16,342,711			8.2	%		8.2	%		Q3 - 2013		80,900		73	%		80,900		73	%


Total In-Process Dev Starts After 1/1/09							$	106,863,146	$	76,430,669			7.9	%		7.9	%				419,167		39	%		557,491		55	%

In-Process Dev Starts Prior to 1/1/09:
Nocatee Town Center		FL	Jacksonville	Publix		02/01/10		14,203,044		(4,148,781	)		6.7	%		4.0	%		Q4 - 2012		69,679		91	%		69,679		91	%
Suncoast Crossing Ph II		FL	Tampa-St. Petersburg- Clearwater	Target		08/01/09		7,670,562		479,867			3.0	%		1.5	%		Q3 - 2012		9,451		70	%		151,649		98	%
Village at Lee Airpark (f.k.a. Village at Lee Airport)		MD	Baltimore- Towson	Giant		11/01/10		24,188,088		2,106,533			8.3	%		8.0	%		Q4 - 2012		87,549		97	%		87,549		97	%
Harris Crossing		NC	Raleigh- Cary	Harris Teeter		03/01/11		8,407,271		(2,226,472	)		7.0	%		5.5	%		Q4 - 2012		65,150		91	%		65,150		91	%

Total In-Process Dev Starts Prior to 1/1/09							$	54,468,965	$	(3,788,853	)		7.0	%		5.6	%				231,829		93	%		374,027		95	%

Total In-Process Developments			9				$	161,332,111	$	72,641,817			7.6	%		7.1	%				650,996		58	%		931,518		71	%

Completions:
Airport Crossing		IN	Chicago- Naperville- Joliet	Kohl’s		10/01/07		2,684,960		(675,067	)		6.0	%		2.7	%		Q1 - 2011		11,924		78	%		101,835		97	%
Applegate Ranch Shopping Center		CA	Merced	Wal-Mart, Target		08/01/08		37,727,400		(526,106	)		4.9	%		3.5	%		Q2 - 2011		144,444		82	%		464,136		95	%
Plaza Rio Vista		CA	Ontario	Stater Bros.		05/01/08		18,788,250		402,718			7.2	%		4.1	%		Q2 - 2011		67,622		83	%		67,622		83	%
Caligo Crossing		FL	Miami-Fort Lauderdale- Miami Beach	Kohl’s		10/01/08		6,709,434		(36,481	)		8.2	%		8.2	%		Q2 - 2011		10,763		100	%		108,928		100	%
Seminole Shoppes		FL	Jacksonville	Publix		09/01/10		15,116,699		484,215			9.9	%		9.9	%		Q2 - 2011		73,241		96	%		73,241		96	%
Shops at Saugus		MA	Boston- Cambridge- Quincy	Trader Joe’s, PetSmart, La-Z-Boy		08/01/08		35,701,401		457,345			6.7	%		6.2	%		Q2 - 2011		90,055		95	%		90,055		95	%
State Street Crossing		MI	Ann Arbor	Wal-Mart		10/01/09		7,792,326		(1,425,854	)		6.7	%		1.4	%		Q2 - 2011		21,047		60	%		168,538		95	%
Indio Towne Center-Babies/Toys		CA	Riverside- San Bernardino- Ontario	Babies “R” Us, Toys “R” Us		09/01/11		5,846,657		605,095			11.0	%		11.0	%		Q3 - 2011		46,827		100	%		46,827		100	%
Canopy Oak Center⁽⁴⁾		FL	Ocala	Publix		09/01/08		17,668,723		(331,973	)		9.8	%		6.7	%		Q3 - 2011		90,042		82	%		90,042		82	%
Shoppes at Fairhope Village		AL	Mobile	Publix		07/01/09		16,751,689		(101,387	)		6.8	%		5.5	%		Q4 - 2011		84,740		86	%		84,740		86	%
Golden Hills Promenade		CA	San Luis Obispo-Paso Robles	Lowe’s		11/01/09		31,951,037		697,789			4.4	%		2.2	%		Q4 - 2011		241,846		92	%		241,846		92	%
Indio Towne Center		CA	Riverside- San Bernardino- Ontario	WinCo Foods		09/01/08		41,668,738		1,139,186			5.5	%		3.6	%		Q4 - 2011		132,678		75	%		368,512		91	%
Jefferson Square		CA	Riverside- San Bernardino- Ontario	Fresh & Easy		03/01/13		9,359,982		(1,964,863	)		5.5	%		3.7	%		Q4 - 2011		38,013		75	%		38,013		75	%
Paseo Del Sol		CA	Santa Barbara- Santa Maria- Goleta	Whole Foods		10/01/09		26,185,170		8,532			6.7	%		6.7	%		Q4 - 2011		29,885		100	%		29,885		100	%
Centerplace of Greeley III		CO	Greeley	Best Buy, Sports Authority		09/01/08		16,297,150		(1,192,459	)		8.4	%		5.4	%		Q4 - 2011		94,090		84	%		94,090		84	%
Shops at Quail Creek		CO	Boulder	King Soopers		05/01/09		7,287,975		47,805			11.7	%		9.0	%		Q4 - 2011		37,585		80	%		137,429		94	%
Shoppes at Bartram Park - Phase III ⁽⁴⁾		FL	Jacksonville	Publix		10/01/04		2,035,498		(706,166	)		11.4	%		2.3	%		Q4 - 2011		14,639		70	%		33,639		87	%
Suncoast Crossing Ph I		FL	Tampa-St. Petersburg- Clearwater	Kohl’s		10/01/08		8,891,778		(333,479	)		6.4	%		2.7	%		Q4 - 2011		108,434		95	%		108,434		95	%
Walton Towne Center		KY	Cincinnati- Middletown	Kroger		11/01/08		5,681,659		(1,112,040	)		7.3	%		5.1	%		Q4 - 2011		23,186		94	%		139,618		99	%
Deer Springs Town Center		NV	Las Vegas- Paradise	Target, Home Depot		03/01/09		82,111,547		1,574,434			5.5	%		3.8	%		Q4 - 2011		330,907		89	%		463,267		92	%
Lower Nazareth Commons		PA	Allentown- Bethlehem- Easton	Target, Sports Authority		08/01/09		28,176,562		213,311			7.0	%		6.0	%		Q4 - 2011		86,868		98	%		219,868		99	%
Hickory Creek Plaza		TX	Dallas-Fort Worth- Arlington	Kroger		02/01/09		9,885,105		191,414			8.3	%		7.1	%		Q4 - 2011		28,134		78	%		109,398		94	%
Waterside Marketplace		TX	Houston- Baytown- Sugar Land	Kroger		10/01/09		5,767,371		78,003			11.4	%		11.0	%		Q4 - 2011		24,858		93	%		147,858		99	%
Shops at Stonewall Ph II		VA	Washington- Arlington- Alexandria	Dick’s Sporting Goods		11/01/11		4,948,039		18,415			8.7	%		8.7	%		Q4 - 2011		40,670		100	%		40,670		100	%

Total Completed			24				$	445,035,152	$	(2,487,613	)		6.6	%		5.0	%				1,872,498		88	%		3,468,491		93	%

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 7.0% (in-process) and 6.2% (completions).

(4)	Unconsolidated project.

East Washington Place note: This is land already owned (previously in land held for future development) with incremental net development costs of $47,818,596 at an incremental stabilized yield of 9.5%.

Project Development Funding, Completions and Land Held

December 31, 2011

In-Process Developments Projected Funding ⁽¹⁾

($ Thousands)


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

$4,000 - $10,000	$	4,000 - $10,000	$	3,000 - $8,000	$	6,000 - $15,000	$	38,000 - $42,000

Estimated Development Completion Schedule

($ Thousands)


	Completed⁽³⁾		Q1 2012E		Q2 2012E		Q3 2012E		Q4 2012E		2013+E
Net Dev. Costs:	$	752,316	$	2,000 - $2,200	$	0	$	7,000 - $7,800	$	46,000 - $62,000	$	85,000 - $100,000

Land Held for Future Development⁽⁴⁾

($ Thousands)

# of Projects

Net Development

Costs To Date

66,060

(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

December 31, 2011


										Regency
	Co-investment Partner and Portfolio Summary Abbreviation	Property Name	Number of Properties	Total GLA		Total Assets		Total Debt		Ownership Interest			Share of Debt		Investment 12/31/11			Equity Pick-up

	State of Oregon
Columbia Regency Partners II	(JV-C, JV-C2)	Various	29		3,371,463	$	576,944,957	$	309,551,312		20.00	%	$	61,910,262	$	30,021,382		$	2,953,719
Columbia Regency Retail Partners, LLC	(JV-CCV)	Cameron Village	1		554,853		104,313,935		47,300,000		30.00	%		14,190,000		17,110,017			321,873

Cameron Village LLC			30		3,926,316		681,258,892		356,851,312

	GRI
Global Retail Investors, LLC	(JV-GRI)	Various	80		10,161,238		2,001,525,671		1,079,953,900		40.00	%		431,981,559		262,018,242			7,265,629

	Charter Hall Retail REIT
Macquarie CountryWide-Direct	(JV-M3)	Various	4		376,174		61,867,377		44,070,000		24.95	%		10,995,465		194,969			(150,055	)
Macquarie CountryWide-Regency III, LLC

	Charter Hall Retail REIT and DESCO (1)
Macquarie CountryWide-DESCO	(JV-D)	Various	—		—		—		—		—			—		—			(317,756	)

	CalSTRS
RegCal LLC	(JV-RC)	Various	9		902,487		180,490,485		92,635,181		25.00	%		23,158,795		18,128,300			1,903,790

	Regency Retail Partners
Open End Fund	(JV-RRP)	Various	9		1,535,454		333,012,784		207,897,792		20.00	%		41,579,558		16,429,510			268,248

	USAA
US Regency Retail I, LLC	(JV-USA)	Various	8		809,079		127,762,580		66,924,500		20.01	%		13,390,254		3,093,199			243,109

	Publix
Bartram Park Center, LLC	(JV-O)	Various	6		551,437		75,529,210		—		50.00	%		—		37,334,858			1,630,004

	H.E.B.
Regency Grand Parkway / 290 Retail, Ltd.	(JV-O)	Various ⁽²⁾	1		136,625		27,839,587		26,447,486		50.00	%		13,223,743		658,730			167,413

	Individual Investors
East San Marco LLC	(JV-O)	East San Marco ⁽²⁾	—		—		12,488,365		—		50.00	%		—		1,893,433			(4,642,967	)

			147		18,398,810	$	3,501,774,951	$	1,874,780,171				$	610,429,637	$	386,882,640		$	9,643,007

(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															$	512,420,899
less: APB 18 Impairment recorded at Regency Centers																(5,880,000	)
less: Ownership percentage or Restricted Gain Method deferral recorded at Regency Centers																(41,455,937	)
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															$	386,882,640

Unconsolidated Balance Sheets

December 31, 2011 and 2010


	2011		2010
Assets
Real estate, at cost	$	3,827,996,158	$	4,205,321,979
Less: accumulated depreciation		614,933,677		565,801,328

		3,213,062,481		3,639,520,651
Properties in development		45,159,389		41,814,619

Net real estate investments		3,258,221,870		3,681,335,270

Cash and cash equivalents		38,079,608		61,387,146
Accounts receivable, net of allowance for uncollectible accounts		27,143,766		37,164,261
Straight line rent receivable, net of reserves		36,238,300		32,262,316
Deferred costs, less accumulated amortization		39,376,157		30,713,536
Acquired lease intangible assets, net		85,232,048		120,162,709
Other assets		12,001,543		14,866,754
Regency only assets ⁽¹⁾		5,481,659		5,229,894

Total assets	$	3,501,774,951	$	3,983,121,886


Liabilities and Equity
Liabilities:
Notes payable	$	1,874,780,171	$	2,117,694,714
Accounts payable and other liabilities		59,158,150		60,781,412
Tenants’ security and escrow deposits		8,336,831		8,448,349
Acquired lease intangible liabilities, net		49,938,212		75,551,209

Total liabilities		1,992,213,364		2,262,475,684


Equity:
Equity - Regency Centers		512,420,899		557,374,488
Equity - Third parties		997,140,688		1,163,271,714

Total equity		1,509,561,587		1,720,646,202

Total Liabilities and Equity	$	3,501,774,951	$	3,983,121,886

(1)	Capitalized development costs

Unconsolidated Balance Sheets - Regency’s Pro-Rata Share

December 31, 2011 and 2010


	2011		2010
Assets
Real estate, at cost	$	1,275,952,492	$	1,338,374,799
Less: accumulated depreciation		214,599,462		189,226,139

		1,061,353,030		1,149,148,660
Properties in development		20,602,695		19,882,852

Net real estate investments		1,081,955,725		1,169,031,512

Cash and cash equivalents		11,805,313		20,859,552
Accounts receivable, net of allowance for uncollectible accounts		9,072,063		11,515,022
Straight line rent receivable, net of reserves		11,609,028		10,260,756
Deferred costs, less accumulated amortization		13,484,116		10,019,998
Acquired lease intangible assets, net		22,949,869		30,918,136
Other assets		4,595,908		5,565,168
Regency only assets ⁽¹⁾		5,481,659		5,229,897

Total assets	$	1,160,953,681		1,263,400,041


Liabilities and Equity
Liabilities:
Notes payable	$	610,429,637	$	663,055,241
Accounts payable and other liabilities		21,215,608		20,471,567
Tenants’ security and escrow deposits		2,788,235		2,784,264
Acquired lease intangible liabilities, net		14,099,302		19,714,481

Total liabilities		648,532,782		706,025,553


Equity:
Equity - Regency Centers		512,420,899		557,374,488

Total Liabilities and Equity	$	1,160,953,681	$	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 December 31, 2011 and 2010


	Three Months Ended						Year to Date
	2011			2010			2011			2010
Revenues:
Minimum rent	$	73,323,199			81,425,234		$	302,448,508			328,302,177
Percentage rent		934,747			994,050			2,955,479			2,530,029
Recoveries from tenants		19,652,007			21,235,787			86,696,593			98,109,389
Termination fees		258,220			292,968			648,061			2,404,391
Other income		1,088,989			1,449,417			6,342,777			5,683,047

Total revenues		95,257,162			105,397,456			399,091,418			437,029,033


Operating expense (income):
Operating and maintenance		14,787,838			15,821,733			62,441,802			67,541,188
Real estate taxes		11,128,305			10,979,921			49,102,930			55,926,005
Provision for doubtful accounts		145,623			1,369,955			3,159,816			2,950,777
Other expense (income)		205,405			291,076			318,095			714,961

Total operating expenses		26,267,171			28,462,685			115,022,643			127,132,931


Net operating income		68,989,991			76,934,771			284,068,775			309,896,102


Other expense (income):
General and administrative		1,529,316			1,736,330			7,904,817			7,383,883
Depreciation and amortization expense		32,244,636			38,551,395			134,236,464			155,145,938
Interest expense, net		26,621,248			31,391,190			112,099,091			129,581,009
Gain on sale of real estate		(6,672,740	)		(6,146,353	)		(7,463,744	)		(8,976,453	)
Gain on extinguishment of debt		(24,464	)		—			(8,743,357	)		—
Provision for impairment		—			61,475,125			—			78,908,136
Other expense (income)		(22,282	)		1,168			775,786			(383,172	)

Total other expense		53,675,714			127,008,855			238,809,057			361,659,341


Net income (loss)	$	15,314,277			(50,074,084	)	$	45,259,718			(51,763,239	)

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

For the periods ended December 31, 2011 and 2010


	Three Months Ended						Year to Date
	2011			2010			2011			2010
Revenues:
Minimum rent	$	24,006,141			25,206,717		$	97,383,019			105,252,684
Percentage rent		361,177			381,319			1,092,587			1,071,385
Recoveries from tenants		6,447,366			6,525,093			27,921,234			31,577,321
Termination fees		100,161			67,898			209,578			753,448
Other income		344,561			416,336			2,013,142			1,830,321

Total revenues		31,259,406			32,597,363			128,619,560			140,485,159


Operating expense (income):
Operating and maintenance		4,860,064			4,914,452			20,065,646			21,942,003
Real estate taxes		3,642,482			3,366,832			15,911,493			17,883,954
Provision for doubtful accounts		34,680			411,025			1,050,881			1,116,501
Other expense (income)		66,009			95,387			92,546			255,195

Total operating expenses		8,603,235			8,787,696			37,120,566			41,197,653


Net operating income		22,656,171			23,809,667			91,498,994			99,287,506


Other expense (income):
General and administrative		401,571			432,418			1,915,978			1,826,697
Depreciation and amortization expense		10,743,146			11,829,906			43,659,545			49,361,754
Interest expense, net		8,465,032			9,370,109			34,944,345			40,872,144
Gain on sale of real estate		(1,787,718	)		(1,613,415	)		(2,075,758	)		(2,745,455	)
Gain on extinguishment of debt		(4,893	)		—			(1,745,957	)		—
Provision for impairment		—			16,676,754			—			23,029,922
Other expense (income)		(4,102	)		584			489,517			(152,802	)

Total other expense		17,813,036			36,696,356			77,187,670			112,192,260


Net income (loss) before Regency only expense (income)		4,843,135			(12,886,689	)		14,311,324			(12,904,754	)
Regency only expense (income):
Accretion of excess investment		(48,230	)		(50,655	)		(205,274	)		(202,626	)
Depreciation of capitalized costs		36,990			39,935			293,591			197,097
Brokerage fees		—			—			—			(15,236	)
Provision for impairment on investment in real estate partnerships		—			—			4,580,000			—

Total Regency only expense (income)		(11,240	)		(10,720	)		4,668,317			(20,765	)


Net income (loss)	$	4,854,375			(12,875,969	)	$	9,643,007			(12,883,989	)

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

December 31, 2011 and 2010


Total Debt Outstanding:	12/31/11		12/31/10
Mortgage loans payable:
Fixed rate secured loans	$	1,853,982,294		2,097,889,505
Unsecured line of credit variable rate		20,797,877		19,805,209

Total		1,874,780,171		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

2012		13,876,023		234,838,126		20,797,877		269,512,025		101,895,707		5.0	%
2013		17,666,045		24,373,194				42,039,239		15,305,961		5.0	%
2014		18,504,828		77,369,016				95,873,844		28,581,765		5.7	%
2015		18,598,564		130,795,869				149,394,433		48,257,596		5.6	%
2016		15,730,401		329,757,425				345,487,826		104,232,924		5.9	%
2017		15,130,274		190,654,500				205,784,774		45,280,459		6.0	%
2018		15,631,664		87,341,126				102,972,790		24,400,225		6.0	%
2019		15,250,797		65,939,205				81,190,002		20,447,719		7.4	%
2020		12,041,872		214,199,326				226,241,198		82,688,339		5.8	%
2021		7,472,944		151,431,721				158,904,665		63,378,941		4.9	%
>10 Years		12,628,813		180,514,835				193,143,648		75,050,150		4.8	%
Net unamortized debt premium				4,235,727				4,235,727		909,851

	$	162,532,225		1,691,450,070		20,797,877		1,874,780,171		610,429,637		5.6	%


Percentage of Total Debt:	12/31/11			12/31/10
Fixed		98.9	%		99.1	%
Variable		1.1	%		0.9	%

Current Average Interest Rates:⁽¹⁾
Fixed		5.6	%		5.8	%
Variable		3.1	%		2.1	%
Effective Interest Rate		5.6	%		5.8	%

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


Average Maturity Date:
Fixed		December 12, 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	$	606,270,062	656,466,320
Unsecured line of credit variable rate		4,159,575	6,588,921

Total	$	610,429,637	663,055,241

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

December 31, 2011


Total	Leasing Transactions		Sq. Feet		Base Rent Per Sq. Ft.		Rent Growth %			Weighted Avg. Lease Term		Tenant Improvements Per Sq. Ft.		Rent Growth (spaces vacant < 12 mo)
4th Quarter 2011		480		1,188,330	$	19.62		-0.6	%		6.0	$	2.53		1.6	%
3rd Quarter 2011		478		1,507,697		17.50		-1.6	%		5.9		1.55		0.5	%
2nd Quarter 2011		510		1,356,404		17.58		-1.0	%		5.3		1.82		2.8	%
1st Quarter 2011		360		958,079		15.97		-4.9	%		5.8		1.43		-1.0	%

Total - 12 months		1,828		5,010,510	$	17.73		-1.7	%		5.7	$	1.83		1.2	%


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)
4th Quarter 2011		201		447,083	$	20.20		-4.6	%		7.3	$	6.27		5.4	%
3rd Quarter 2011		183		434,979		20.88		-10.5	%		9.0		4.96		-6.1	%
2nd Quarter 2011		206		436,498		18.03		-11.5	%		7.0		5.19		2.0	%
1st Quarter 2011		121		314,184		15.84		-18.4	%		8.7		4.12		-3.5	%

Total - 12 months		711		1,632,744	$	18.96		-10.4	%		8.0	$	5.22		-0.5	%


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)
4th Quarter 2011		279		741,247	$	19.26		0.9	%		5.2	$	0.26		0.9	%
3rd Quarter 2011		295		1,072,718		16.13		1.8	%		4.5		0.17		1.8	%
2nd Quarter 2011		304		919,906		17.36		2.9	%		4.5		0.23		2.9	%
1st Quarter 2011		239		643,895		16.03		-0.7	%		4.4		0.11		-0.7	%

Total - 12 months		1,117		3,377,766	$	17.13		1.5	%		4.6	$	0.20		1.5	%

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

December 31, 2011


Total	Leasing Transactions		Sq. Feet		Base Rent Per Sq. Ft.		Rent Growth %			Weighted Avg. Lease Term		Tenant Improvements Per Sq. Ft.		Rent Growth (spaces vacant < 12 mo)
4th Quarter 2011		480		1,773,239	$	19.13		-0.7	%		6.3	$	2.27		1.8	%
3rd Quarter 2011		478		2,085,451		17.29		-1.5	%		5.8		1.44		1.1	%
2nd Quarter 2011		510		1,793,298		18.08		-1.2	%		5.5		1.83		2.6	%
1st Quarter 2011		360		1,271,108		17.02		-5.2	%		5.6		1.39		-1.5	%

Total - 12 months		1,828		6,923,096	$	17.91		-1.9	%		5.8	$	1.75		1.2	%


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)
4th Quarter 2011		201		589,598	$	20.51		-5.7	%		7.2	$	6.26		5.7	%
3rd Quarter 2011		183		614,009		19.86		-11.7	%		8.7		4.47		-5.8	%
2nd Quarter 2011		206		587,273		18.54		-10.5	%		7.2		5.09		3.7	%
1st Quarter 2011		121		396,035		16.33		-18.4	%		8.3		4.26		-1.6	%

Total - 12 months		711		2,186,915	$	19.04		-10.8	%		7.9	$	5.08		0.2	%


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)
4th Quarter 2011		279		1,183,641	$	18.44		1.2	%		5.9	$	0.28		1.2	%
3rd Quarter 2011		295		1,471,442		16.21		2.6	%		4.4		0.18		2.6	%
2nd Quarter 2011		304		1,206,025		17.85		2.4	%		4.6		0.25		2.4	%
1st Quarter 2011		239		875,073		17.33		-1.5	%		4.3		0.10		-1.5	%

Total - 12 months		1,117		4,736,181	$	17.39		1.4	%		4.8	$	0.21		1.4	%

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

December 31, 2011


State	Number of Properties		GLA		% of Total GLA			% Leased⁽¹⁾			Annualized Base Rent⁽²⁾		% of Ann. Base Rent			Average Base Rent/ Sq. Ft
Alabama		2		143,973		0.5	%		77.3	%	$	1,465,687		0.3	%	$	13.60
Arizona		4		409,968		1.4	%		84.4	%		4,953,867		1.1	%		14.35
California		71		6,703,308		22.5	%		91.9	%		129,588,030		29.4	%		21.84
Colorado		20		1,494,747		5.0	%		92.4	%		17,220,094		3.9	%		13.54
Connecticut		1		71,946		0.2	%		99.8	%		1,654,714		0.4	%		23.05
Delaware		4		333,931		1.1	%		89.5	%		4,386,802		1.0	%		14.68
District of Columbia		2		12,437		0.0	%		100.0	%		728,139		0.2	%		63.27
Florida		56		4,829,174		16.2	%		92.6	%		55,977,557		12.7	%		13.07
Georgia		17		1,318,042		4.4	%		89.2	%		18,580,445		4.2	%		16.58
Illinois		15		1,307,748		4.4	%		95.8	%		15,978,472		3.6	%		13.52
Indiana		5		110,038		0.4	%		87.7	%		1,731,553		0.4	%		18.32
Kentucky		1		23,186		0.1	%		93.9	%		350,181		0.1	%		17.18
Maryland		16		719,391		2.4	%		93.4	%		11,782,876		2.7	%		18.61
Massachusetts		3		397,353		1.3	%		94.9	%		6,654,914		1.5	%		18.00
Michigan		2		118,273		0.4	%		39.2	%		479,639		0.1	%		21.38
Minnesota		5		207,317		0.7	%		98.4	%		2,671,088		0.6	%		13.26
Missouri		4		408,347		1.4	%		98.7	%		4,099,376		0.9	%		10.17
Nevada		1		330,907		1.1	%		88.7	%		3,479,704		0.8	%		13.23
New Jersey		2		62,612		0.2	%		96.6	%		1,000,865		0.2	%		16.82
North Carolina		16		1,169,906		3.9	%		93.6	%		15,386,103		3.5	%		14.29
Ohio		14		1,697,834		5.7	%		96.1	%		18,207,465		4.1	%		11.30
Oregon		9		777,845		2.6	%		90.9	%		11,179,850		2.5	%		17.34
Pennsylvania		11		651,695		2.2	%		97.1	%		11,709,191		2.7	%		19.73
South Carolina		6		175,513		0.6	%		96.9	%		2,277,857		0.5	%		13.51
Tennessee		6		478,923		1.6	%		94.1	%		6,105,601		1.4	%		13.60
Texas		31		3,318,113		11.1	%		93.9	%		52,808,705		12.0	%		17.62
Virginia		28		1,881,945		6.3	%		93.5	%		29,852,283		6.8	%		17.13
Washington		10		525,830		1.8	%		93.6	%		10,270,954		2.3	%		20.89
Wisconsin		2		107,651		0.4	%		93.5	%		650,116		0.1	%		7.44

Total All Properties		364		29,787,954		100.0	%		92.7	%	$	441,232,128		100.0	%	$	16.61

(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

December 31, 2011


State	Number of Properties	GLA		% of total GLA			% Leased⁽¹⁾			Annualized Base Rent⁽²⁾		% of Ann. Base Rent			Average Base Rent/ Sq. Ft
Alabama	2		203,206		0.5	%		73.6	%	$	1,903,048		0.3	%	$	13.03
Arizona	4		496,074		1.2	%		85.8	%		6,011,267		1.0	%		14.16
California	71		9,071,676		21.5	%		92.8	%		172,080,319		27.4	%		21.14
Colorado	20		2,102,947		5.0	%		93.4	%		25,183,703		4.0	%		13.61
Connecticut	1		179,864		0.4	%		99.8	%		4,136,786		0.7	%		23.05
Delaware	4		470,420		1.1	%		89.4	%		6,412,476		1.0	%		15.24
District of Columbia	2		39,647		0.1	%		100.0	%		2,095,105		0.3	%		58.30
Florida	56		5,391,537		12.8	%		92.7	%		63,032,969		10.0	%		13.15
Georgia	17		1,512,723		3.6	%		89.6	%		20,894,675		3.3	%		16.09
Illinois	15		2,191,178		5.2	%		96.5	%		26,724,223		4.3	%		13.31
Indiana	5		193,368		0.5	%		90.0	%		3,181,456		0.5	%		18.58
Kentucky	1		23,186		0.1	%		93.9	%		350,181		0.1	%		17.18
Maryland	16		1,814,540		4.3	%		93.2	%		28,139,049		4.5	%		17.67
Massachusetts	3		545,576		1.3	%		95.8	%		8,145,350		1.3	%		15.87
Michigan	2		118,273		0.3	%		39.2	%		479,639		0.1	%		21.38
Minnesota	5		675,021		1.6	%		98.4	%		8,721,646		1.4	%		13.26
Missouri	4		408,347		1.0	%		98.7	%		4,099,376		0.7	%		10.17
Nevada	1		330,907		0.8	%		88.7	%		3,479,704		0.6	%		13.23
New Jersey	2		156,531		0.4	%		96.6	%		2,502,162		0.4	%		16.82
North Carolina	16		2,028,791		4.8	%		94.5	%		27,611,644		4.4	%		14.69
Ohio	14		2,123,450		5.0	%		95.5	%		23,605,050		3.8	%		11.75
Oregon	9		833,706		2.0	%		91.0	%		11,831,151		1.9	%		16.99
Pennsylvania	11		1,303,612		3.1	%		96.6	%		20,940,451		3.3	%		17.32
South Carolina	6		360,643		0.9	%		96.7	%		4,436,583		0.7	%		12.78
Tennessee	6		478,923		1.1	%		94.1	%		6,105,601		1.0	%		13.60
Texas	31		4,159,375		9.9	%		94.3	%		65,065,473		10.4	%		17.22
Virginia	28		3,731,626		8.9	%		94.3	%		63,580,910		10.1	%		18.30
Washington	10		934,642		2.2	%		92.1	%		15,863,625		2.5	%		18.46
Wisconsin	2		269,128		0.6	%		93.5	%		1,625,290		0.3	%		7.44

Total All Properties	364		42,148,917		100.0	%		93.3	%	$	628,238,913		100.0	%	$	16.53

(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

December 31, 2011


										JVs at 100%		REG’s pro-rata share		JVs at 100%			REG’s pro-rata share			JVs at 100%			REG’s pro-rata share
Property Name	JV	REG’s Ownership %			State		CBSA	Yr Const, Last Renovation or Dev Start Yr		GLA		GLA		% Leased			% Leased			% Leased - Operating Properties			% Leased - Operating Properties			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Shoppes at Fairhope Village						AL	Mobile		2008		84,740		84,740		86.2	%		86.2	%								—		54,340	Publix	$	14.79
Valleydale Village Shop Center	JV-O		50	%		AL	Birmingham-Hoover		2003		118,466		59,233		64.6	%		64.6	%								—		44,271	Publix	$	11.43

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

Anthem Marketplace						AZ	Phoenix-Mesa-Scottsdale		2000		113,293		113,293		88.1	%		88.1	%								—		55,256	Safeway	$	15.11
Palm Valley Marketplace	JV-C		20	%		AZ	Phoenix-Mesa-Scottsdale		1999		107,633		21,527		92.1	%		92.1	%								—		55,403	Safeway	$	13.33
Pima Crossing						AZ	Phoenix-Mesa-Scottsdale		1996		239,438		239,438		88.9	%		88.9	%								—		—	Golf & Tennis Pro Shop, Inc.	$	13.77
Shops at Arizona						AZ	Phoenix-Mesa-Scottsdale		2000		35,710		35,710		38.3	%		38.3	%								—		—	—	$	19.80

						AZ					496,074		409,968		85.8	%		84.4	%		85.8	%		84.4	%		—		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!	$	27.40
Amerige Heights Town Center						CA	Los Angeles-Long Beach-Santa Ana		2000		89,181		89,181		95.5	%		95.5	%								142,600		57,560	Albertsons, (Target)	$	25.43
Applegate Ranch Shopping Center						CA	Merced		2006		144,444		144,444		82.4	%		82.4	%								319,692		178,500	(Super Target), (Home Depot)	$	14.94
Auburn Village	JV-GRI		40	%		CA	Sacramento--Arden-Arcade--Roseville		1990		133,944		53,578		84.5	%		84.5	%								—		45,540	Bel Air Market	$	18.69
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	$	20.91
Blossom Valley	JV-USAA		20	%		CA	San Jose-Sunnyvale-Santa Clara		1990		93,316		18,663		100.0	%		100.0	%								—		34,208	Safeway	$	24.10
Brea Marketplace	JV-GRI		40	%		CA	Los Angeles-Long Beach-Santa Ana		1987		352,022		140,809		98.4	%		98.4	%								—		24,930	Sprout's Markets, Target	$	15.82
Clayton Valley Shopping Center						CA	San Francisco-Oakland-Fremont		2004		260,205		260,205		95.7	%		95.7	%								—		14,000	Fresh & Easy, Orchard Supply Hardware	$	19.26
Clovis Commons						CA	Fresno		2004		174,990		174,990		99.3	%		99.3	%								145,653		145,653	(Super Target)	$	20.55
Corral Hollow	JV-RC		25	%		CA	Stockton		2000		167,184		41,796		98.5	%		98.5	%								—		65,715	Safeway, Orchard Supply & Hardware	$	15.70
Costa Verde Center						CA	San Diego-Carlsbad-San Marcos		1988		178,623		178,623		96.9	%		96.9	%								—		40,000	Bristol Farms	$	33.89
Diablo Plaza						CA	San Francisco-Oakland-Fremont		1982		63,265		63,265		98.5	%		98.5	%								53,000		53,000	(Safeway)	$	33.92
East Washington Place						CA	Santa Rosa-Petaluma		2011		208,224		208,224		0.0	%		0.0	%								138,324		—	(Target)		NA
El Camino Shopping Center						CA	Los Angeles-Long Beach-Santa Ana		1995		135,728		135,728		91.9	%		91.9	%								—		35,650	Von's Food & Drug	$	22.60
El Cerrito Plaza						CA	San Francisco-Oakland-Fremont		2000		256,035		256,035		99.2	%		99.2	%								66,700		77,888	(Lucky’s)	$	25.19
El Norte Pkwy Plaza						CA	San Diego-Carlsbad-San Marcos		1984		90,549		90,549		91.9	%		91.9	%								—		42,315	Von's Food & Drug	$	15.88
Encina Grande						CA	San Francisco-Oakland-Fremont		1965		102,413		102,413		98.3	%		98.3	%								—		22,500	Safeway	$	20.80
Falcon Ridge Town Center Phase I	JV-RRP		20	%		CA	Riverside-San Bernardino-Ontario		2004		232,754		46,551		98.3	%		98.3	%								123,735		43,718	Stater Bros., (Target)	$	15.76
Falcon Ridge Town Center Phase II	JV-RRP		20	%		CA	Riverside-San Bernardino-Ontario		2005		66,864		13,373		100.0	%		100.0	%								—		—	24 Hour Fitness	$	26.57
Five Points Shopping Center	JV-GRI		40	%		CA	Santa Barbara-Santa Maria-Goleta		1960		144,553		57,821		98.9	%		98.9	%								—		35,305	Albertsons	$	24.41
Folsom Prairie City Crossing						CA	Sacramento--Arden-Arcade--Roseville		1999		90,237		90,237		94.2	%		94.2	%								—		55,255	Safeway	$	19.22
French Valley Village Center						CA	Riverside-San Bernardino-Ontario		2004		98,752		98,752		95.3	%		95.3	%								—		43,887	Stater Bros.	$	23.78
Friars Mission Center						CA	San Diego-Carlsbad-San Marcos		1989		146,897		146,897		91.1	%		91.1	%								—		55,303	Ralphs	$	29.46
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		94.7	%		94.7	%								—		37,500	Gelson’s Markets	$	16.45
Golden Hills Promenade						CA	San Luis Obispo-Paso Robles		2006		241,846		241,846		91.6	%		91.6	%								—		—	Lowe’s	$	4.59
Granada Village	JV-GRI		40	%		CA	Los Angeles-Long Beach-Santa Ana		1965		226,708		90,683		91.0	%		91.0	%								—		24,098	Sprout’s Markets	$	18.60
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	$	22.25
Heritage Plaza						CA	Los Angeles-Long Beach-Santa Ana		1981		231,380		231,380		98.2	%		98.2	%								—		44,376	Ralphs	$	28.79
Indio Towne Center						CA	Riverside-San Bernardino-Ontario		2006		132,678		132,678		74.7	%		74.7	%								235,834		93,696	(Home Depot), (WinCo), Toys R Us	$	16.05
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		87.4	%		87.4	%								38,917		38,917	(Albertsons)	$	25.42
Loehmanns Plaza California						CA	San Jose-Sunnyvale-Santa Clara		1983		113,310		113,310		98.2	%		98.2	%								53,000		53,000	(Safeway)	$	17.08
Marina Shores	JV-C2		20	%		CA	Los Angeles-Long Beach-Santa Ana		2001		67,727		13,545		97.8	%		97.8	%								—		25,987	Whole Foods	$	31.67
Mariposa Shopping Center	JV-GRI		40	%		CA	San Jose-Sunnyvale-Santa Clara		1957		126,658		50,663		100.0	%		100.0	%								—		42,896	Safeway	$	18.20
Morningside Plaza						CA	Los Angeles-Long Beach-Santa Ana		1996		91,212		91,212		95.1	%		95.1	%								—		42,630	Stater Bros.	$	21.32
Navajo Shopping Center	JV-GRI		40	%		CA	San Diego-Carlsbad-San Marcos		1964		102,139		40,856		94.6	%		94.6	%								—		44,180	Albertsons	$	12.78
Newland Center						CA	Los Angeles-Long Beach-Santa Ana		1985		149,140		149,140		97.7	%		97.7	%								—		58,000	Albertsons	$	20.50
Oakbrook Plaza						CA	Oxnard-Thousand Oaks-Ventura		1982		83,286		83,286		93.8	%		93.8	%								—		43,842	Albertsons	$	14.85
Oak Shade Town Center						CA	Sacramento--Arden-Arcade--Roseville		1998		103,762		103,762		93.1	%		93.1	%								—		40,000	Safeway	$	19.11
Park Plaza Shopping Center	JV-C		20	%		CA	Los Angeles-Long Beach-Santa Ana		1991		194,763		38,953		94.2	%		94.2	%								—		28,210	Sprout’s Markets	$	18.06
Paseo Del Sol						CA	Santa Barbara-Santa Maria-Goleta		2004		29,885		29,885		100.0	%		100.0	%								—		29,884	Whole Foods	$	55.66
Plaza Hermosa						CA	Los Angeles-Long Beach-Santa Ana		1984		94,777		94,777		92.9	%		92.9	%								—		36,800	Von’s Food & Drug	$	21.59
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	$	22.17
Point Loma Plaza	JV-GRI		40	%		CA	San Diego-Carlsbad-San Marcos		1987		212,415		84,966		92.1	%		92.1	%								—		50,000	Von’s Food & Drug	$	17.91
Powell Street Plaza						CA	San Francisco-Oakland-Fremont		1987		165,928		165,928		98.8	%		98.8	%								—		10,122	Trader Joe’s	$	29.15
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	$	18.87
Rio Vista Town Center						CA	Riverside-San Bernardino-Ontario		2005		67,622		67,622		83.5	%		83.5	%								—		44,700	Stater Bros.	$	17.53
Rona Plaza						CA	Los Angeles-Long Beach-Santa Ana		1989		51,760		51,760		100.0	%		100.0	%								—		37,194	Superior Super Warehouse	$	18.43
San Leandro Plaza						CA	San Francisco-Oakland-Fremont		1982		50,432		50,432		100.0	%		100.0	%								38,250		38,250	(Safeway)	$	29.84
Seal Beach	JV-C		20	%		CA	Los Angeles-Long Beach-Santa Ana		1966		96,858		19,372		95.5	%		95.5	%								—		48,000	Von’s Food & Drug	$	22.84
Sequoia Station						CA	San Francisco-Oakland-Fremont		1996		103,148		103,148		100.0	%		100.0	%								62,050		62,050	(Safeway)	$	34.57
Silverado Plaza	JV-GRI		40	%		CA	Napa		1974		84,916		33,966		100.0	%		100.0	%								—		31,833	Nob Hill	$	15.43
Snell & Branham Plaza	JV-GRI		40	%		CA	San Jose-Sunnyvale-Santa Clara		1988		92,352		36,941		96.4	%		96.4	%								—		52,550	Safeway	$	15.27
Stanford Ranch Village	JV-GRI		40	%		CA	Sacramento--Arden-Arcade--Roseville		1991		89,875		35,950		95.9	%		95.9	%								—		45,540	Bel Air Market	$	15.57
Strawflower Village						CA	San Francisco-Oakland-Fremont		1985		78,827		78,827		98.3	%		98.3	%								—		33,753	Safeway	$	18.75
Tassajara Crossing						CA	San Francisco-Oakland-Fremont		1990		146,140		146,140		96.3	%		96.3	%								—		56,448	Safeway	$	21.08
Twin Oaks Shopping Center	JV-GRI		40	%		CA	Los Angeles-Long Beach-Santa Ana		1978		98,399		39,360		98.9	%		98.9	%								—		40,775	Ralphs	$	14.55
Twin Peaks						CA	San Diego-Carlsbad-San Marcos		1988		198,139		198,139		98.1	%		98.1	%								—		44,686	Albertsons, Target	$	17.45
Valencia Crossroads						CA	Los Angeles-Long Beach-Santa Ana		2003		172,856		172,856		98.8	%		98.8	%								—		35,000	Whole Foods, Kohl’s	$	23.04
Ventura Village						CA	Oxnard-Thousand Oaks-Ventura		1984		76,070		76,070		90.7	%		90.7	%								—		42,500	Von’s Food & Drug	$	18.47
Vine at Castaic						CA	Los Angeles-Long Beach-Santa Ana		2005		27,314		27,314		72.9	%		72.9	%								—		—	—	$	24.41
Vista Village Phase I	JV-RRP		20	%		CA	San Diego-Carlsbad-San Marcos		2003		129,009		25,802		96.7	%		96.7	%								165,000		—	Krikorian Theaters, (Lowe’s)	$	25.09
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

December 31, 2011


										JVs at 100%		REG’s pro-rata share		JVs at 100%			REG’s pro-rata share			JVs at 100%			REG’s pro-rata share
Property Name	JV	REG’s Ownership %			State		CBSA	Yr Const, Last Renovation or Dev Start Yr		GLA		GLA		% Leased			% Leased			% Leased - Operating Properties			% Leased - Operating Properties			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Vista Village IV						CA	San Diego-Carlsbad-San Marcos		2006		11,000		11,000		100.0	%		100.0	%								—		—	—	$	40.46
West Park Plaza						CA	San Jose-Sunnyvale-Santa Clara		1996		88,104		88,104		91.6	%		91.6	%								—		24,712	Safeway	$	17.03
Westlake Village Plaza and Center						CA	Oxnard-Thousand Oaks-Ventura		1975		190,529		190,529		87.9	%		87.9	%								—		72,452	Von’s Food & Drug and Sprouts	$	14.48
Westridge Village						CA	Los Angeles-Long Beach-Santa Ana		2003		92,287		92,287		100.0	%		100.0	%								—		50,782	Albertsons	$	25.65
Woodman Van Nuys						CA	Los Angeles-Long Beach-Santa Ana		1992		107,614		107,614		98.7	%		98.7	%								—		77,648	El Super	$	13.38
Woodside Central						CA	San Francisco-Oakland-Fremont		1993		80,591		80,591		95.9	%		95.9	%								113,000		—	(Target)	$	20.17
Ygnacio Plaza	JV-GRI		40	%		CA	San Francisco-Oakland-Fremont		1968		109,701		43,880		98.7	%		98.7	%								—		17,050	Fresh & Easy	$	32.94

						CA					9,071,676		6,703,308		92.8	%		91.9	%		95.0	%		94.8	%		1,908,240		2,964,471

Applewood Shopping Center	JV-GRI		40	%		CO	Denver-Aurora		1956		370,221		148,088		95.7	%		95.7	%								—		71,074	King Soopers, Wal-Mart	$	9.68
Arapahoe Village	JV-GRI		40	%		CO	Boulder		1957		159,237		63,695		93.0	%		93.0	%								—		43,500	Safeway	$	17.73
Belleview Square						CO	Denver-Aurora		1978		117,331		117,331		100.0	%		100.0	%								—		65,104	King Soopers	$	15.56
Boulevard Center						CO	Denver-Aurora		1986		80,320		80,320		92.0	%		92.0	%								52,700		52,700	(Safeway)	$	21.96
Buckley Square						CO	Denver-Aurora		1978		116,147		116,147		98.8	%		98.8	%								—		62,400	King Soopers	$	8.76
Centerplace of Greeley III Phase I						CO	Greeley		2007		94,090		94,090		84.4	%		84.4	%								—		—	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	$	10.92
Crossroads Commons	JV-C		20	%		CO	Boulder		1986		142,694		28,539		98.7	%		98.7	%								—		66,154	Whole Foods	$	24.79
Falcon Marketplace						CO	Colorado Springs		2005		22,491		22,491		72.5	%		72.5	%								184,305		50,000	(Wal-Mart Supercenter)	$	20.92
Hilltop Village	JV-M3		25	%		CO	Denver-Aurora		2003		100,030		25,008		93.8	%		93.8	%								—		66,000	King Soopers	$	8.51
Kent Place						CO	Denver-Aurora		2011		47,418		47,418		68.1	%		68.1	%								—		30,018	King Soopers		NA
Littleton Square						CO	Denver-Aurora		1997		94,222		94,222		73.4	%		73.4	%								—		49,751	King Soopers	$	12.07
Lloyd King Center						CO	Denver-Aurora		1998		83,326		83,326		96.9	%		96.9	%								—		61,040	King Soopers	$	11.05
Marketplace at Briargate						CO	Colorado Springs		2006		29,075		29,075		100.0	%		100.0	%								66,000		66,000	(King Soopers)	$	26.81
Monument Jackson Creek						CO	Colorado Springs		1999		85,263		85,263		100.0	%		100.0	%								—		69,913	King Soopers	$	10.84
Ralston Square Shopping Center	JV-GRI		40	%		CO	Denver-Aurora		1977		82,750		33,100		98.0	%		98.0	%								—		55,311	King Soopers	$	9.19
Shops at Quail Creek						CO	Denver-Aurora		2008		37,585		37,585		79.7	%		79.7	%								99,844		99,844	(King Soopers)	$	24.00
South Lowry Square						CO	Denver-Aurora		1993		119,916		119,916		93.5	%		93.5	%								—		62,600	Safeway	$	12.01
Stroh Ranch						CO	Denver-Aurora		1998		93,436		93,436		97.0	%		97.0	%								—		69,719	King Soopers	$	12.05
Woodmen Plaza						CO	Colorado Springs		1998		116,233		116,233		93.6	%		93.6	%								—		69,716	King Soopers	$	12.72

						CO					2,102,947		1,494,747		93.4	%		92.4	%		93.9	%		93.1	%		402,849		1,162,484

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

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

Shops at The Columbia	JV-RC		25	%		DC	Washington-Arlington-Alexandria		2006		22,812		5,703		100.0	%		100.0	%								—		11,833	Trader Joe’s	$	38.36
Spring Valley Shopping Center	JV-GRI		40	%		DC	Washington-Arlington-Alexandria		1930		16,835		6,734		100.0	%		100.0	%								—		—	—	$	80.93

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

First State Plaza	JV-GRI		40	%		DE	Philadelphia-Camden-Wilmington		1988		160,673		64,269		86.4	%		86.4	%								—		57,319	Shop Rite	$	14.78
Pike Creek						DE	Philadelphia-Camden-Wilmington		1981		232,031		232,031		89.1	%		89.1	%								—		49,069	Acme Markets, K- Mart	$	12.96
Shoppes of Graylyn	JV-GRI		40	%		DE	Philadelphia-Camden-Wilmington		1971		66,808		26,723		96.1	%		96.1	%								—		—	—	$	20.62
White Oak-Dover, DE						DE	Dover		2000		10,908		10,908		100.0	%		100.0	%								—		—	—	$	32.73

						DE					470,420		333,931		89.4	%		89.5	%		89.4	%		89.5	%		—		106,388

Anastasia Plaza						FL	Jacksonville		1988		102,342		102,342		96.4	%		96.4	%								—		48,555	Publix	$	11.45
Aventura Shopping Center						FL	Miami-Fort Lauderdale-Miami Beach		1974		102,876		102,876		92.2	%		92.2	%								—		35,908	Publix	$	15.86
Beneva Village Shops						FL	Sarasota-Bradenton-Venice		1987		141,532		141,532		91.1	%		91.1	%								—		42,112	Publix	$	11.40
Berkshire Commons						FL	Naples-Marco Island		1992		110,062		110,062		100.0	%		100.0	%								—		65,537	Publix	$	13.42
Bloomingdale Square						FL	Tampa-St. Petersburg-Clearwater		1987		267,736		267,736		96.3	%		96.3	%								—		39,795	Publix, Wal- Mart, Bealls	$	8.59
Boynton Lakes Plaza						FL	Miami-Fort Lauderdale-Miami Beach		1993		117,124		117,124		78.4	%		78.4	%								—		45,600	Publix	$	17.54
Caligo Crossing						FL	Miami-Fort Lauderdale-Miami Beach		2007		10,763		10,763		100.0	%		100.0	%								98,165		—	(Kohl’s)	$	33.39
Canopy Oak Center	JV-O		50	%		FL	Ocala		2006		90,042		45,021		82.5	%		82.5	%								—		54,340	Publix	$	17.99
Carriage Gate						FL	Tallahassee		1978		76,784		76,784		86.8	%		86.8	%								—		—	—	$	14.20
Chasewood Plaza						FL	Miami-Fort Lauderdale-Miami Beach		1986		155,603		155,603		95.0	%		95.0	%								—		54,420	Publix	$	18.26
Corkscrew Village						FL	Cape Coral-Fort Myers		1997		82,011		82,011		100.0	%		100.0	%								—		51,420	Publix	$	12.92
Courtyard Shopping Center						FL	Jacksonville		1987		137,256		137,256		100.0	%		100.0	%								62,771		62,771	(Publix), Target	$	3.33
East Port Plaza						FL	Port St. Lucie-Fort Pierce		1991		162,831		162,831		91.1	%		91.1	%								—		42,112	Publix	$	13.28
East Towne Center						FL	Orlando		2003		69,841		69,841		86.0	%		86.0	%								—		44,840	Publix	$	12.45
First Street Village						FL	Cape Coral-Fort Myers		2006		54,926		54,926		94.7	%		94.7	%								—		39,203	Publix	$	15.28
Five Corners Plaza	JV-RC		25	%		FL	Miami-Fort Lauderdale-Miami Beach		2001		44,647		11,162		99.4	%		99.4	%								—		27,887	Publix	$	12.63
Fleming Island						FL	Jacksonville		2000		136,663		136,663		74.8	%		74.8	%								129,807		47,955	Publix, (Target)	$	20.99
Garden Square						FL	Miami-Fort Lauderdale-Miami Beach		1991		90,258		90,258		100.0	%		100.0	%								—		42,112	Publix	$	14.58
Grande Oak						FL	Cape Coral-Fort Myers		2000		78,784		78,784		94.7	%		94.7	%								—		54,379	Publix	$	14.22
Hibernia Pavilion						FL	Jacksonville		2006		51,298		51,298		97.4	%		97.4	%								—		39,203	Publix	$	17.13
Hibernia Plaza						FL	Jacksonville		2006		8,400		8,400		16.7	%		16.7	%								—		—	—	$	13.23
Horton’s Corner						FL	Jacksonville		2007		14,820		14,820		100.0	%		100.0	%								—		—	—	$	25.71
Island Crossing	JV-C2		20	%		FL	Port St. Lucie-Fort Pierce		1996		58,456		11,691		97.6	%		97.6	%								—		47,955	Publix	$	9.99
John’s Creek Center	JV-C2		20	%		FL	Jacksonville		2004		75,101		15,020		87.0	%		87.0	%								—		44,840	Publix	$	12.19
Julington Village	JV-C		20	%		FL	Jacksonville		1999		81,820		16,364		100.0	%		100.0	%								—		51,420	Publix	$	14.15
Kings Crossing Sun City						FL	Tampa-St. Petersburg-Clearwater		1999		75,020		75,020		95.5	%		95.5	%								—		51,420	Publix	$	11.81
Lynnhaven	JV-O		50	%		FL	Panama City-Lynn Haven		2001		63,871		31,936		100.0	%		100.0	%								—		44,271	Publix	$	11.82
Marketplace Shopping Center						FL	Tampa-St. Petersburg-Clearwater		1983		90,296		90,296		74.7	%		74.7	%								—		—	LA Fitness	$	17.85
Martin Downs Village Center						FL	Port St. Lucie-Fort Pierce		1985		112,667		112,667		89.1	%		89.1	%								—		—	—	$	15.88
Martin Downs Village Shoppes						FL	Port St. Lucie-Fort Pierce		1998		48,937		48,937		87.9	%		87.9	%								—		—	—	$	17.75
Millhopper Shopping Center						FL	Gainesville		1974		80,421		80,421		100.0	%		100.0	%								—		45,600	Publix	$	14.07
Naples Walk Shopping Center						FL	Naples-Marco Island		1999		125,390		125,390		79.7	%		79.7	%								—		51,420	Publix	$	14.04
Newberry Square						FL	Gainesville		1986		180,524		180,524		94.7	%		94.7	%								—		39,795	Publix, K- Mart	$	7.69
Nocatee Town Center						FL	Jacksonville		2007		69,679		69,679		90.8	%		90.8	%								—		54,340	Publix	$	14.19

Portfolio Summary Report By State

December 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	$	12.45
Oakleaf Commons						FL	Jacksonville		2006		73,717		73,717		86.7	%		86.7	%								—		45,600	Publix	$	13.47
Ocala Corners						FL	Tallahassee		2000		86,772		86,772		95.9	%		95.9	%								—		61,171	Publix	$	12.70
Old St Augustine Plaza						FL	Jacksonville		1990		232,459		232,459		98.3	%		98.3	%								—		51,832	Publix, Burlington Coat Factory, Hobby Lobby	$	7.80
Pebblebrook Plaza	JV-O		50	%		FL	Naples- Marco Island		2000		76,767		38,384		100.0	%		100.0	%								—		61,166	Publix	$	13.14
Pine Tree Plaza						FL	Jacksonville		1999		63,387		63,387		96.8	%		96.8	%								—		37,866	Publix	$	12.73
Plantation Plaza	JV-C2		20	%		FL	Jacksonville		2004		77,747		15,549		88.1	%		88.1	%								—		44,840	Publix	$	15.15
Regency Square						FL	Tampa-St. Petersburg- Clearwater		1986		349,848		349,848		92.0	%		92.0	%								66,000		—	AMC Theater, Michaels, (Best Buy), (Macdill)	$	14.57
Seminole Shoppes						FL	Jacksonville		2009		73,241		73,241		96.4	%		96.4	%								—		54,340	Publix	$	18.86
Shoppes @ 104						FL	Miami-Fort Lauderdale- Miami Beach		1990		108,192		108,192		100.0	%		100.0	%								—		46,368	Winn- Dixie	$	13.58
Shoppes at Bartram Park	JV-O		50	%		FL	Jacksonville		2004		105,319		52,660		93.5	%		93.5	%								97,000		44,840	Publix, (Kohl’s)	$	17.08
Shoppes at Bartram Park Phase II	JV-O		50	%		FL	Jacksonville		2008		14,639		7,320		70.0	%		70.0	%								—		—	—	$	20.37
Shops at John’s Creek						FL	Jacksonville		2004		15,490		15,490		73.5	%		73.5	%								—		—	—	$	18.47
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		94.8	%		94.8	%								—		—	Kohl’s	$	4.37
Suncoast Crossing Phase II						FL	Tampa-St. Petersburg- Clearwater		2008		9,451		9,451		70.4	%		70.4	%								143,055		—	(Target)	$	18.34
Town Center at Martin Downs						FL	Port St. Lucie-Fort Pierce		1996		64,546		64,546		100.0	%		100.0	%								—		56,146	Publix	$	12.51
Town Square						FL	Tampa-St. Petersburg- Clearwater		1999		44,380		44,380		90.1	%		90.1	%								—		—	—	$	27.23
Village Center						FL	Tampa-St. Petersburg- Clearwater		1993		181,110		181,110		93.8	%		93.8	%								—		36,434	Publix	$	13.03
Vineyard Shopping Center	JV-M3		25	%		FL	Tallahassee		2002		62,821		15,705		84.7	%		84.7	%								—		44,271	Publix	$	10.50
Welleby Plaza						FL	Miami-Fort Lauderdale- Miami Beach		1982		109,949		109,949		86.7	%		86.7	%								—		46,779	Publix	$	10.66
Wellington Town Square						FL	Miami-Fort Lauderdale- Miami Beach		1982		107,325		107,325		99.2	%		99.2	%								—		44,840	Publix	$	18.98
Westchase						FL	Tampa-St. Petersburg- Clearwater		1998		78,998		78,998		100.0	%		100.0	%								—		51,420	Publix	$	13.09
Willa Springs	JV-USAA		20	%		FL	Orlando		2000		89,930		17,986		100.0	%		100.0	%								—		44,271	Publix	$	15.51

						FL					5,391,537		4,829,174		92.7	%		92.6	%		92.8	%		92.7	%		596,798		2,089,349

Ashford Place						GA	Atlanta- Sandy Springs- Marietta		1993		53,449		53,449		98.1	%		98.1	%								—		—	—	$	17.72
Briarcliff La Vista						GA	Atlanta- Sandy Springs- Marietta		1962		39,204		39,204		100.0	%		100.0	%								—		—	—	$	17.07
Briarcliff Village						GA	Atlanta- Sandy Springs- Marietta		1990		189,551		189,551		93.2	%		93.2	%								—		43,454	Publix	$	14.65
Buckhead Court						GA	Atlanta- Sandy Springs- Marietta		1984		48,318		48,318		97.5	%		97.5	%								—		—	—	$	15.82
Cambridge Square						GA	Atlanta- Sandy Springs- Marietta		1979		71,429		71,429		100.0	%		100.0	%								—		40,852	Kroger	$	13.33
Cornerstone Square						GA	Atlanta- Sandy Springs- Marietta		1990		80,406		80,406		74.4	%		74.4	%								—		—	—	$	15.84
Delk Spectrum						GA	Atlanta- Sandy Springs- Marietta		1991		100,539		100,539		77.4	%		77.4	%								—		45,044	Publix	$	14.24
Dunwoody Hall	JV-USAA		20	%		GA	Atlanta- Sandy Springs- Marietta		1986		89,351		17,870		96.5	%		96.5	%								—		44,271	Publix	$	15.05
Dunwoody Village						GA	Atlanta- Sandy Springs- Marietta		1975		120,169		120,169		88.5	%		88.5	%								—		18,400	Fresh Market	$	17.21
Howell Mill Village						GA	Atlanta- Sandy Springs- Marietta		1984		92,118		92,118		83.0	%		83.0	%								—		31,000	Publix	$	15.50
King Plaza	JV-C2		20	%		GA	Atlanta- Sandy Springs- Marietta		1998		81,432		16,286		92.1	%		92.1	%								—		51,420	Publix	$	12.00
Loehmanns Plaza Georgia						GA	Atlanta- Sandy Springs- Marietta		1986		137,139		137,139		94.0	%		94.0	%								—		—	—	$	18.98
Lost Mountain Crossing	JV-C2		20	%		GA	Atlanta- Sandy Springs- Marietta		1994		72,568		14,514		86.4	%		86.4	%								—		47,814	Publix	$	11.41
Paces Ferry Plaza						GA	Atlanta- Sandy Springs- Marietta		1987		61,698		61,698		95.9	%		95.9	%								—		—	—	$	31.41
Powers Ferry Square						GA	Atlanta- Sandy Springs- Marietta		1987		97,897		97,897		85.1	%		85.1	%								—		—	—	$	23.27
Powers Ferry Village						GA	Atlanta- Sandy Springs- Marietta		1994		78,896		78,896		82.9	%		82.9	%								—		47,955	Publix	$	10.31
Russell Ridge						GA	Atlanta- Sandy Springs- Marietta		1995		98,559		98,559		88.5	%		88.5	%								—		63,296	Kroger	$	11.36

						GA					1,512,723		1,318,042		89.6	%		89.2	%		89.6	%		89.2	%		—		433,506

Baker Hill Center	JV-C		20	%		IL	Chicago- Naperville- Joliet		1998		135,355		27,071		99.1	%		99.1	%								—		72,397	Dominick’s	$	14.48
Brentwood Commons	JV-GRI		40	%		IL	Chicago- Naperville- Joliet		1962		125,550		50,220		99.1	%		99.1	%								—		64,762	Dominick’s	$	10.46
Civic Center Plaza	JV-GRI		40	%		IL	Chicago- Naperville- Joliet		1989		264,973		105,989		99.5	%		99.5	%								—		87,135	Super H Mart, Home Depot	$	10.73
Frankfort Crossing Shpg Ctr						IL	Chicago- Naperville- Joliet		1992		114,534		114,534		86.8	%		86.8	%								—		64,937	Jewel / OSCO	$	11.40
Geneva Crossing	JV-C		20	%		IL	Chicago- Naperville- Joliet		1997		123,182		24,636		98.8	%		98.8	%								—		72,385	Dominick’s	$	14.12
Glen Oak Plaza						IL	Chicago- Naperville- Joliet		1967		62,616		62,616		96.0	%		96.0	%								—		11,944	Trader Joe’s	$	21.18
Hinsdale						IL	Chicago- Naperville- Joliet		1986		178,960		178,960		93.8	%		93.8	%								—		69,540	Dominick’s	$	12.76
McHenry Commons Shopping Center	JV-GRI		40	%		IL	Chicago- Naperville- Joliet		1988		99,448		39,779		89.8	%		89.8	%								—		—	Hobby Lobby	$	11.12
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	$	14.58
Roscoe Square	JV-GRI		40	%		IL	Chicago- Naperville- Joliet		1981		140,461		56,184		89.5	%		89.5	%								—		51,298	Mariano’s	$	14.27
Shorewood Crossing	JV-C		20	%		IL	Chicago- Naperville- Joliet		2001		87,705		17,541		98.4	%		98.4	%								—		65,977	Dominick’s	$	14.81
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	$	11.51
Westbrook Commons						IL	Chicago- Naperville- Joliet		1984		123,855		123,855		92.4	%		92.4	%								—		51,304	Dominick’s	$	11.39
Willow Festival						IL	Chicago- Naperville- Joliet		2007		383,003		383,003		98.6	%		98.6	%								—		60,040	Whole Foods, Lowe’s	$	14.73

						IL					2,191,178		1,307,748		96.5	%		95.8	%		96.5	%		95.8	%		—		809,214

Airport Crossing						IN	Chicago- Naperville- Joliet		2006		11,924		11,924		77.8	%		77.8	%								89,911		—	(Kohl’s)	$	16.59
Augusta Center						IN	Chicago- Naperville- Joliet		2006		14,532		14,532		100.0	%		100.0	%								213,988		—	(Menards)	$	23.41
Greenwood Springs						IN	Indianapolis		2004		28,028		28,028		75.0	%		75.0	%								265,798		50,000	(Gander Mountain), (Wal-Mart Supercenter)	$	14.49
Willow Lake Shopping Center	JV-GRI		40	%		IN	Indianapolis		1987		85,923		34,369		88.8	%		88.8	%								64,000		64,000	(Kroger)	$	16.18
Willow Lake West Shopping Center	JV-GRI		40	%		IN	Indianapolis		2001		52,961		21,184		100.0	%		100.0	%								—		10,028	Trader Joe’s	$	22.75

						IN					193,368		110,038		90.0	%		87.7	%		90.0	%		87.7	%		633,697		124,028

Walton Towne Center						KY	Cincinnati- Middletown		2007		23,186		23,186		93.9	%		93.9	%								116,432		116,432	(Kroger)	$	17.18

						KY					23,186		23,186		93.9	%		93.9	%		93.9	%		93.9	%		116,432		116,432

Shops at Saugus						MA	Boston- Cambridge- Quincy		2006		90,055		90,055		94.6	%		94.6	%								—		11,000	Trader Joe’s	$	25.36
Speedway Plaza	JV-C2		20	%		MA	Worcester		1988		185,279		37,056		98.1	%		98.1	%								—		59,970	Stop & Shop, BJ’s Warehouse	$	10.39
Twin City Plaza						MA	Boston- Cambridge- Quincy		2004		270,242		270,242		94.6	%		94.6	%								—		62,500	Shaw’s, Marshall’s	$	16.58

						MA					545,576		397,353		95.8	%		94.9	%		95.8	%		94.9	%		—		133,470

Portfolio Summary Report By State

December 31, 2011


										JVs at 100%		REG’s pro-rata share		JVs at 100%			REG’s pro-rata share			JVs at 100%			REG’s pro-rata share
Property Name	JV	REG’s Ownership %			State		CBSA	Yr Const, Last Renovation or Dev Start Yr		GLA		GLA		% Leased			% Leased			% Leased - Operating Properties			% Leased - Operating Properties			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Bowie Plaza	JV-GRI		40	%		MD	Washington-Arlington-Alexandria		1966		102,904		41,162		89.7	%		89.7	%								—		—	—	$	16.84
Clinton Park	JV-C		20	%		MD	Washington-Arlington-Alexandria		2003		206,050		41,210		92.9	%		92.9	%								49,000		43,000	Giant Food, Sears, (Toys “R” Us)	$	8.32
Cloppers Mill Village	JV-GRI		40	%		MD	Washington-Arlington-Alexandria		1995		137,035		54,814		89.8	%		89.8	%								—		70,057	Shoppers Food Warehouse	$	18.17
Elkridge Corners	JV-GRI		40	%		MD	Baltimore-Towson		1990		73,529		29,412		98.4	%		98.4	%								—		39,571	Green Valley Markets	$	19.97
Festival at Woodholme	JV-GRI		40	%		MD	Baltimore-Towson		1986		81,016		32,406		96.0	%		96.0	%								—		10,370	Trader Joe’s	$	35.27
Firstfield Shopping Center	JV-GRI		40	%		MD	Washington-Arlington-Alexandria		1978		22,328		8,931		100.0	%		100.0	%								—		—	—	$	38.04
Goshen Plaza	JV-GRI		40	%		MD	Washington-Arlington-Alexandria		1987		42,906		17,162		84.1	%		84.1	%								—		—	—	$	19.74
King Farm Village Center	JV-RC		25	%		MD	Washington-Arlington-Alexandria		2001		118,326		29,582		96.3	%		96.3	%								—		53,754	Safeway	$	25.54
Mitchellville Plaza	JV-GRI		40	%		MD	Washington-Arlington-Alexandria		1991		152,214		60,886		84.0	%		84.0	%								—		45,100	Food Lion	$	20.69
Parkville Shopping Center	JV-GRI		40	%		MD	Baltimore-Towson		1961		162,435		64,974		94.6	%		94.6	%								—		41,223	Mrs. Greens	$	11.44
Southside Marketplace	JV-GRI		40	%		MD	Baltimore-Towson		1990		125,146		50,058		95.1	%		95.1	%								—		44,264	Shoppers Food Warehouse	$	15.42
Takoma Park	JV-GRI		40	%		MD	Washington-Arlington-Alexandria		1960		106,469		42,588		93.4	%		93.4	%								—		63,643	Shoppers Food Warehouse	$	10.47
Valley Centre	JV-GRI		40	%		MD	Baltimore-Towson		1987		215,780		86,312		93.9	%		93.9	%								—		—	—	$	14.45
Village at Lee Airpark						MD	Baltimore-Towson		2005		87,556		87,556		97.2	%		97.2	%								75,000		62,806	Giant Food, (Sunrise)	$	24.97
Watkins Park Plaza	JV-GRI		40	%		MD	Washington-Arlington-Alexandria		1985		113,443		45,377		97.0	%		97.0	%								—		43,205	Safeway	$	19.99
Woodmoor Shopping Center	JV-GRI		40	%		MD	Washington-Arlington-Alexandria		1954		67,403		26,961		93.7	%		93.7	%								—		—	—	$	25.40

						MD					1,814,540		719,391		93.2	%		93.4	%		92.9	%		92.8	%		124,000		516,993

Fenton Marketplace						MI	Flint		1999		97,224		97,224		34.7	%		34.7	%								—		—	—	$	18.60
State Street Crossing						MI	Ann Arbor		2006		21,049		21,049		60.0	%		60.0	%								147,491		—	(Wal-Mart)	$	23.54

						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	$	9.75
Bridgeton						MO	St. Louis		2005		70,762		70,762		97.3	%		97.3	%								129,802		63,482	Schnucks, (Home Depot)	$	11.81
Dardenne Crossing						MO	St. Louis		1996		67,430		67,430		97.9	%		97.9	%								—		63,333	Schnucks	$	10.72
Kirkwood Commons						MO	St. Louis		2000		209,703		209,703		100.0	%		100.0	%								258,000		—	Wal-Mart, (Target), (Lowe’s)	$	9.58

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

Apple Valley Square	JV-RC		25	%		MN	Minneapolis-St. Paul-Bloomington		1998		184,841		46,210		100.0	%		100.0	%								87,437		61,736	Rainbow Foods, Jo- Ann Fabrics, (Burlington Coat Factory)	$	11.31
Calhoun Commons	JV-RC		25	%		MN	Minneapolis-St. Paul-Bloomington		1999		66,150		16,538		100.0	%		100.0	%								—		49,971	Whole Foods	$	21.94
Colonial Square	JV-GRI		40	%		MN	Minneapolis-St. Paul-Bloomington		1959		93,338		37,335		100.0	%		100.0	%								—		43,978	Lund’s	$	17.15
Rockford Road Plaza	JV-GRI		40	%		MN	Minneapolis-St. Paul-Bloomington		1991		205,479		82,192		97.2	%		97.2	%								—		65,608	Rainbow Foods	$	11.18
Rockridge Center	JV-C2		20	%		MN	Minneapolis-St. Paul-Bloomington		2006		125,213		25,043		95.8	%		95.8	%								—		89,219	Cub Foods	$	11.93

						MN					675,021		207,317		98.4	%		98.4	%		98.4	%		98.4	%		87,437		310,512

Cameron Village	JV-CCV		30	%		NC	Raleigh-Cary		1949		554,853		166,456		98.2	%		98.2	%								—		86,713	Harris Teeter, Fresh Market	$	16.71
Carmel Commons						NC	Charlotte-Gastonia-Concord		1979		132,651		132,651		88.7	%		88.7	%								—		14,300	Fresh Market	$	16.60
Cochran Commons	JV-C2		20	%		NC	Charlotte-Gastonia-Concord		2003		66,020		13,204		100.0	%		100.0	%								—		41,500	Harris Teeter	$	15.17
Colonnade Center						NC	Raleigh-Cary		2009		57,625		57,625		85.4	%		85.4	%								—		40,122	Whole Foods	$	25.96
Fuquay Crossing	JV-RC		25	%		NC	Raleigh-Cary		2002		124,774		31,194		96.3	%		96.3	%								—		46,478	Kroger	$	9.53
Garner Towne Square						NC	Raleigh-Cary		1998		184,347		184,347		95.1	%		95.1	%								273,000		57,590	Kroger, (Home Depot), (Target)	$	11.59
Glenwood Village						NC	Raleigh-Cary		1983		42,864		42,864		91.2	%		91.2	%								—		27,764	Harris Teeter	$	13.21
Harris Crossing						NC	Raleigh-Cary		2007		65,150		65,150		91.1	%		91.1	%								—		53,000	Harris Teeter	$	8.39
Lake Pine Plaza						NC	Raleigh-Cary		1997		87,690		87,690		94.5	%		94.5	%								—		57,590	Kroger	$	11.44
Maynard Crossing	JV-USAA		20	%		NC	Raleigh-Cary		1997		122,782		24,556		84.4	%		84.4	%								—		55,973	Kroger	$	14.08
Providence Commons	JV-RC		25	%		NC	Charlotte-Gastonia-Concord		1994		77,314		19,329		91.6	%		91.6	%								—		50,420	Harris Teeter	$	15.76
Middle Creek Commons						NC	Raleigh-Cary		2006		73,634		73,634		100.0	%		100.0	%								—		49,032	Lowes Foods	$	14.32
Shoppes of Kildaire	JV-GRI		40	%		NC	Raleigh-Cary		1986		145,101		58,040		95.5	%		95.5	%								—		18,613	Trader Joe’s	$	15.41
Southpoint Crossing						NC	Durham		1998		103,128		103,128		89.7	%		89.7	%								—		59,160	Kroger	$	14.95
Sutton Square	JV-C2		20	%		NC	Raleigh-Cary		1985		101,025		20,205		96.9	%		96.9	%								—		24,167	Fresh Market	$	15.36
Woodcroft Shopping Center						NC	Durham		1984		89,833		89,833		95.4	%		95.4	%								—		40,832	Food Lion	$	12.26

						NC					2,028,791		1,169,906		94.5	%		93.6	%		94.9	%		94.3	%		273,000		723,254

Plaza Square	JV-GRI		40	%		NJ	New York-Northern New Jersey-Long Island		1990		103,891		41,556		98.3	%		98.3	%								—		60,000	Shop Rite	$	21.71
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					156,531		62,612		96.6	%		96.6	%		96.6	%		96.6	%		—		94,240

Deer Springs Town Center						NV	Las Vegas-Paradise		2007		330,907		330,907		88.7	%		88.7	%								132,360		—	(Target), Home Depot, Toys “R” Us	$	13.23

						NV					330,907		330,907		88.7	%		88.7	%		88.7	%		88.7	%		132,360		—

Beckett Commons						OH	Cincinnati-Middletown		1995		121,498		121,498		87.0	%		87.0	%								—		70,815	Kroger	$	11.06
Cherry Grove						OH	Cincinnati-Middletown		1997		195,513		195,513		97.0	%		97.0	%								—		66,336	Kroger	$	10.14
East Pointe						OH	Columbus		1993		86,503		86,503		98.4	%		98.4	%								—		59,120	Kroger	$	10.57
Hyde Park						OH	Cincinnati-Middletown		1995		396,861		396,861		98.9	%		98.9	%								—		169,267	Kroger, Biggs	$	13.87
Indian Springs Market Center	JV-RRP		20	%		OH	Cincinnati-Middletown		2005		141,063		28,213		100.0	%		100.0	%								203,000		—	Kohl’s, (Wal-Mart Supercenter)	$	4.88
Kroger New Albany Center						OH	Columbus		1999		93,286		93,286		91.8	%		91.8	%								—		65,368	Kroger	$	11.08
Maxtown Road (Northgate)						OH	Columbus		1996		85,100		85,100		98.4	%		98.4	%								90,000		62,000	Kroger, (Home Depot)	$	10.90
Red Bank Village						OH	Cincinnati-Middletown		2006		164,317		164,317		97.4	%		97.4	%								—		—	Wal-Mart	$	5.76
Regency Commons						OH	Cincinnati-Middletown		2004		30,770		30,770		86.2	%		86.2	%								—		—	—	$	23.92
Shoppes at Mason						OH	Cincinnati-Middletown		1997		80,800		80,800		92.6	%		92.6	%								—		56,800	Kroger	$	10.13
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	$	17.04
Wadsworth Crossing						OH	Cleveland-Elyria-Mentor		2005		108,164		108,164		96.5	%		96.5	%								366,722		—	(Kohl’s), (Lowe’s), (Target)	$	14.27
Westchester Plaza						OH	Cincinnati-Middletown		1988		88,181		88,181		97.0	%		97.0	%								—		66,523	Kroger	$	9.69
Windmiller Plaza Phase I						OH	Columbus		1997		140,437		140,437		98.5	%		98.5	%								—		100,755	Kroger	$	8.58

						OH					2,123,450		1,697,834		95.5	%		96.1	%		95.5	%		96.1	%		659,722		742,707

Corvallis Market Center						OR	Corvallis		2006		84,548		84,548		100.0	%		100.0	%								—		12,017	Trader Joe’s	$	18.58
Greenway Town Center	JV-GRI		40	%		OR	Portland-Vancouver-Beaverton		1979		93,101		37,240		92.5	%		92.5	%								—		37,500	Lamb’s Thriftway	$	12.60
Murrayhill Marketplace						OR	Portland-Vancouver-Beaverton		1988		148,967		148,967		81.2	%		81.2	%								—		41,132	Safeway	$	15.48
Northgate Marketplace						OR	Medford		2011		80,708		80,708		73.1	%		73.1	%								—		13,000	Trader Joe’s		NA
Sherwood Crossroads						OR	Portland-Vancouver-Beaverton		1999		87,966		87,966		92.1	%		92.1	%								—		55,227	Safeway	$	10.37

Portfolio Summary Report By State

December 31, 2011


									JVs at 100%		REG’s pro-rata share		JVs at 100%			REG’s pro-rata share			JVs at 100%			REG’s pro-rata share
Property Name	JV	REG’s Ownership %			State		CBSA	Yr Const, Last Renovation or Dev Start Yr	GLA		GLA		% Leased			% Leased			% Leased - Operating Properties			% Leased - Operating Properties			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Sherwood Market Center						OR	Portland-Vancouver-Beaverton	1995		124,259		124,259		97.8	%		97.8	%								—		49,793	Albertsons	$	17.18
Sunnyside 205						OR	Portland-Vancouver-Beaverton	1988		53,547		53,547		88.2	%		88.2	%								—		—	—	$	24.45
Tanasbourne Market						OR	Portland-Vancouver-Beaverton	2006		71,000		71,000		100.0	%		100.0	%								—		56,500	Whole Foods	$	24.90
Walker Center						OR	Portland-Vancouver-Beaverton	1987		89,610		89,610		97.4	%		97.4	%								—		—	Sports Authority	$	17.48

						OR				833,706		777,845		91.0	%		90.9	%		92.9	%		92.9	%		—		265,169

Allen Street Shopping Center	JV-GRI		40	%		PA	Allentown-Bethlehem-Easton	1958		46,228		18,491		100.0	%		100.0	%								—		22,075	Ahart Market	$	13.33
City Avenue Shopping Center	JV-GRI		40	%		PA	Philadelphia-Camden-Wilmington	1960		159,095		63,638		93.8	%		93.8	%								—		—	—	$	16.88
Gateway Shopping Center						PA	Philadelphia-Camden-Wilmington	1960		214,213		214,213		98.4	%		98.4	%								—		11,100	Trader Joe’s	$	24.65
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		86,868		86,868		98.2	%		98.2	%								133,000		—	(Target), Sports Authority	$	23.78
Mercer Square Shopping Center	JV-GRI		40	%		PA	Philadelphia-Camden-Wilmington	1988		91,400		36,560		98.0	%		98.0	%								—		50,708	Genuardi’s	$	19.87
Newtown Square Shopping Center	JV-GRI		40	%		PA	Philadelphia-Camden-Wilmington	1970		146,959		58,784		94.3	%		94.3	%								—		56,226	Acme Markets	$	15.32
Silver Spring Square	JV-RRP		20	%		PA	Harrisburg-Carlisle	2005		314,450		62,890		96.9	%		96.9	%								139,377		126,240	Wegmans, (Target)	$	14.94
Stefko Boulevard Shopping Center	JV-GRI		40	%		PA	Allentown-Bethlehem-Easton	1976		133,899		53,560		93.8	%		93.8	%								—		73,000	Valley Farm Market	$	7.11
Warwick Square Shopping Center	JV-GRI		40	%		PA	Philadelphia-Camden-Wilmington	1999		89,680		35,872		98.0	%		98.0	%								—		50,658	Genuardi’s	$	18.67

						PA				1,303,612		651,695		96.6	%		97.1	%		96.6	%		97.1	%		272,377		390,007

Buckwalter Village						SC	Hilton Head Island-Beaufort	2006		59,601		59,601		97.6	%		97.6	%								—		45,600	Publix	$	14.08
Merchants Village	JV-GRI		40	%		SC	Charleston-North Charleston	1997		79,649		31,860		97.0	%		97.0	%								—		37,888	Publix	$	13.93
Murray Landing	JV-M3		25	%		SC	Columbia	2003		64,359		16,090		100.0	%		100.0	%								—		44,840	Publix	$	12.58
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	$	9.58
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	$	11.80

						SC				360,643		175,513		96.7	%		96.9	%		96.7	%		96.9	%		—		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	$	13.70
Lebanon Center						TN	Nashville-Davidson--Murfreesboro	2006		63,800		63,800		89.0	%		89.0	%								—		45,600	Publix	$	12.19
Nashboro Village						TN	Nashville-Davidson--Murfreesboro	1998		86,811		86,811		96.8	%		96.8	%								—		61,224	Kroger	$	10.68
Northlake Village						TN	Nashville-Davidson--Murfreesboro	1988		137,807		137,807		87.6	%		87.6	%								—		74,606	Kroger	$	11.70
Peartree Village						TN	Nashville-Davidson--Murfreesboro	1997		109,506		109,506		100.0	%		100.0	%								—		60,647	Harris Teeter	$	17.88

						TN				478,923		478,923		94.1	%		94.1	%		94.1	%		94.1	%		—		297,454

Alden Bridge	JV-USAA		20	%		TX	Houston-Baytown-Sugar Land	1998		138,953		27,791		96.8	%		96.8	%								—		67,768	Kroger	$	17.53
Bethany Park Place	JV-USAA		20	%		TX	Dallas-Fort Worth-Arlington	1998		98,906		19,781		98.0	%		98.0	%								—		83,214	Kroger	$	10.93
Cochran’s Crossing						TX	Houston-Baytown-Sugar Land	1994		138,192		138,192		93.4	%		93.4	%								—		63,449	Kroger	$	16.26
Cooper Street						TX	Dallas-Fort Worth-Arlington	1992		127,696		127,696		91.9	%		91.9	%								102,950		—	(Home Depot)	$	10.57
Hancock						TX	Austin-Round Rock	1998		410,438		410,438		97.9	%		97.9	%								—		90,217	H.E.B., Sears	$	13.14
Hickory Creek Plaza						TX	Dallas-Fort Worth-Arlington	2006		28,134		28,134		77.6	%		77.6	%								81,264		81,264	(Kroger)	$	20.68
Hillcrest Village						TX	Dallas-Fort Worth-Arlington	1991		14,530		14,530		100.0	%		100.0	%								—		—	—	$	22.30
Indian Springs Center	JV-O		50	%		TX	Houston-Baytown-Sugar Land	2003		136,625		68,313		100.0	%		100.0	%								—		79,000	H.E.B.	$	19.13
Keller Town Center						TX	Dallas-Fort Worth-Arlington	1999		114,937		114,937		91.8	%		91.8	%								—		63,631	Tom Thumb	$	14.25
Kleinwood Center	JV-M3		25	%		TX	Houston-Baytown-Sugar Land	2003		148,964		37,241		89.3	%		89.3	%								—		80,925	H.E.B.	$	15.79
Lebanon/Legacy Center						TX	Dallas-Fort Worth-Arlington	2002		56,674		56,674		83.4	%		83.4	%								62,804		62,804	(Albertsons), Wal-Mart	$	22.63
Market at Preston Forest						TX	Dallas-Fort Worth-Arlington	1990		96,353		96,353		100.0	%		100.0	%								—		64,228	Tom Thumb	$	19.14
Market at Round Rock						TX	Austin-Round Rock	1987		122,646		122,646		77.4	%		77.4	%								—		29,523	Sprout’s Markets	$	17.71
Mockingbird Common						TX	Dallas-Fort Worth-Arlington	1987		120,321		120,321		100.0	%		100.0	%								—		48,525	Tom Thumb	$	16.23
North Hills						TX	Austin-Round Rock	1995		144,020		144,020		94.9	%		94.9	%								—		60,465	H.E.B.	$	20.41
Panther Creek						TX	Houston-Baytown-Sugar Land	1994		166,077		166,077		100.0	%		100.0	%								—		65,800	Randall’s Food	$	16.37
Preston Park						TX	Dallas-Fort Worth-Arlington	1985		239,333		239,333		91.3	%		91.3	%								—		53,118	Tom Thumb	$	25.32
Prestonbrook						TX	Dallas-Fort Worth-Arlington	1998		91,537		91,537		97.2	%		97.2	%								—		63,636	Kroger	$	13.33
Rockwall Town Center						TX	Dallas-Fort Worth-Arlington	2004		46,095		46,095		100.0	%		100.0	%								73,770		57,017	(Kroger)	$	23.68
Shiloh Springs	JV-USAA		20	%		TX	Dallas-Fort Worth-Arlington	1998		110,040		22,008		83.1	%		83.1	%								—		60,932	Kroger	$	13.38
Shops at Highland Village						TX	Dallas-Fort Worth-Arlington	2005		352,086		352,086		87.7	%		87.7	%								—		—	AMC Theater	$	23.73
Signature Plaza						TX	Dallas-Fort Worth-Arlington	2004		32,415		32,415		80.0	%		80.0	%								61,962		61,962	(Kroger)	$	21.20
Sterling Ridge						TX	Houston-Baytown-Sugar Land	2000		128,643		128,643		100.0	%		100.0	%								—		63,373	Kroger	$	18.74
Sweetwater Plaza	JV-C		20	%		TX	Houston-Baytown-Sugar Land	2000		134,045		26,809		98.9	%		98.9	%								—		65,241	Kroger	$	16.62
Tech Ridge Center						TX	Austin-Round Rock	2001		187,350		187,350		93.8	%		93.8	%								—		84,352	H.E.B.	$	19.92
Trophy Club						TX	Dallas-Fort Worth-Arlington	1999		106,507		106,507		89.3	%		89.3	%								—		63,654	Tom Thumb	$	13.14
Waterside Marketplace						TX	Houston-Baytown-Sugar Land	2007		24,858		24,858		92.5	%		92.5	%								102,984		102,984	(Kroger)	$	23.29
Weslayan Plaza East	JV-GRI		40	%		TX	Houston-Baytown-Sugar Land	1969		169,693		67,877		100.0	%		100.0	%								—		—	—	$	13.67
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	$	17.07
Westwood Village						TX	Houston-Baytown-Sugar Land	2006		183,547		183,547		98.2	%		98.2	%								126,874		—	(Target)	$	16.19
Woodway Collection	JV-GRI		40	%		TX	Houston-Baytown-Sugar Land	1974		103,796		41,518		93.5	%		93.5	%								—		56,596	Randall’s Food	$	15.97

						TX				4,159,375		3,318,113		94.3	%		93.9	%		94.3	%		93.9	%		612,608		1,725,638

Ashburn Farm Market Center						VA	Washington-Arlington-Alexandria	2000		91,905		91,905		100.0	%		100.0	%								—		48,999	Giant Food	$	22.31
Ashburn Farm Village Center	JV-GRI		40	%		VA	Washington-Arlington-Alexandria	1996		88,897		35,559		96.9	%		96.9	%								—		57,030	Shoppers Food Warehouse	$	14.30
Braemar Shopping Center	JV-RC		25	%		VA	Washington-Arlington-Alexandria	2004		96,439		24,110		94.8	%		94.8	%								—		57,860	Safeway	$	17.50
Centre Ridge Marketplace	JV-GRI		40	%		VA	Washington-Arlington-Alexandria	1996		104,100		41,640		100.0	%		100.0	%								—		55,138	Shoppers Food Warehouse	$	16.25
Cheshire Station						VA	Washington-Arlington-Alexandria	2000		97,156		97,156		97.8	%		97.8	%								—		55,163	Safeway	$	16.61
Culpeper Colonnade						VA	Culpeper	2006		131,707		131,707		97.1	%		97.1	%								127,307		69,594	Martin’s, (Target)	$	14.17
Fairfax Shopping Center						VA	Washington-Arlington-Alexandria	1955		76,311		76,311		80.0	%		80.0	%								—		—	—	$	13.16
Festival at Manchester Lakes	JV-GRI		40	%		VA	Washington-Arlington-Alexandria	1990		165,130		66,052		98.5	%		98.5	%								—		65,000	Shoppers Food Warehouse	$	22.85

Portfolio Summary Report By State

December 31, 2011


										JVs at 100%		REG’s pro-rata share		JVs at 100%			REG’s pro-rata share			JVs at 100%			REG’s pro-rata share
Property Name	JV		REG’s Ownership %			State		CBSA	Yr Const, Last Renovation or Dev Start Yr	GLA		GLA		% Leased			% Leased			% Leased - Operating Properties			% Leased - Operating Properties			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Fortuna Center Plaza		JV-RRP		20	%		VA	Washington-Arlington-Alexandria	2004		104,694		20,939		100.0	%		100.0	%								123,735		66,870	Shoppers Food Warehouse, (Target)	$	14.86
Fox Mill Shopping Center		JV-GRI		40	%		VA	Washington-Arlington-Alexandria	1977		103,269		41,308		97.1	%		97.1	%								—		49,837	Giant Food	$	20.58
Gayton Crossing		JV-GRI		40	%		VA	Richmond	1983		156,917		62,767		89.3	%		89.3	%								54,606		38,408	Martin’s, (Kroger)	$	13.71
Greenbriar Town Center		JV-GRI		40	%		VA	Washington-Arlington-Alexandria	1972		340,006		136,002		97.6	%		97.6	%								—		62,319	Giant Food	$	21.27
Hanover Village Shopping Center		JV-GRI		40	%		VA	Richmond	1971		88,006		35,202		82.1	%		82.1	%								—		—	—	$	7.91
Hollymead Town Center		JV-C2		20	%		VA	Charlottesville	2004		153,739		30,748		98.1	%		98.1	%								142,500		60,607	Harris Teeter, (Target)	$	20.39
Kamp Washington Shopping Center		JV-GRI		40	%		VA	Washington-Arlington-Alexandria	1960		71,825		28,730		58.2	%		58.2	%								—		—	—	$	37.92
Kings Park Shopping Center		JV-GRI		40	%		VA	Washington-Arlington-Alexandria	1966		74,702		29,881		97.2	%		97.2	%								—		28,161	Giant Food	$	23.61
Lorton Station Marketplace		JV-C2		20	%		VA	Washington-Arlington-Alexandria	2005		132,445		26,489		97.7	%		97.7	%								—		63,000	Shoppers Food Warehouse	$	19.88
Lorton Town Center		JV-C2		20	%		VA	Washington-Arlington-Alexandria	2005		51,807		10,361		91.5	%		91.5	%								—		—	—	$	26.14
Market at Opitz Crossing							VA	Washington-Arlington-Alexandria	2003		149,791		149,791		79.1	%		79.1	%								—		51,922	Safeway	$	12.26
Saratoga Shopping Center		JV-GRI		40	%		VA	Washington-Arlington-Alexandria	1977		113,013		45,205		94.7	%		94.7	%								—		55,713	Giant Food	$	17.11
Shops at County Center							VA	Washington-Arlington-Alexandria	2005		96,695		96,695		93.6	%		93.6	%								—		52,409	Harris Teeter	$	19.31
Shops at Stonewall							VA	Washington-Arlington-Alexandria	2007		267,175		267,175		96.6	%		96.6	%								—		140,000	Wegmans, Dick’s Sporting Goods	$	12.66
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	$	19.38
Town Center at Sterling Shopping Center		JV-GRI		40	%		VA	Washington-Arlington-Alexandria	1980		190,069		76,028		89.5	%		89.5	%								—		46,935	Giant Food	$	17.28
Village Center at Dulles		JV-C		20	%		VA	Washington-Arlington-Alexandria	1991		297,571		59,514		99.2	%		99.2	%								—		48,424	Shoppers Food Warehouse, Gold’s Gym	$	21.12
Village Shopping Center		JV-GRI		40	%		VA	Richmond	1948		111,177		44,471		93.8	%		93.8	%								—		45,023	Martin’s	$	19.40
Willston Centre I		JV-GRI		40	%		VA	Washington-Arlington-Alexandria	1952		105,376		42,150		94.5	%		94.5	%								—		—	—	$	21.78
Willston Centre II		JV-GRI		40	%		VA	Washington-Arlington-Alexandria	1986		135,862		54,345		94.3	%		94.3	%								140,984		58,544	Safeway, (Target)	$	20.69

							VA				3,731,626		1,881,945		94.3	%		93.5	%		94.3	%		93.5	%		589,132		1,344,426

Aurora Marketplace		JV-GRI		40	%		WA	Seattle-Tacoma-Bellevue	1991		106,921		42,768		95.9	%		95.9	%								—		48,893	Safeway	$	14.91
Cascade Plaza		JV-C		20	%		WA	Seattle-Tacoma-Bellevue	1999		211,072		42,214		79.2	%		79.2	%								—		49,440	Safeway	$	11.15
Eastgate Plaza		JV-GRI		40	%		WA	Seattle-Tacoma-Bellevue	1956		78,230		31,292		100.0	%		100.0	%								—		28,775	Albertsons	$	22.85
Inglewood Plaza							WA	Seattle-Tacoma-Bellevue	1985		17,253		17,253		100.0	%		100.0	%								—		—	—	$	30.21
Orchards Market Center I		JV-RRP		20	%		WA	Portland-Vancouver-Beaverton	2004		100,663		20,133		100.0	%		100.0	%								—		—	Wholesale Sports	$	13.27
Orchards Market Center II							WA	Portland-Vancouver-Beaverton	2005		77,478		77,478		89.9	%		89.9	%								—		—	LA Fitness	$	17.86
Overlake Fashion Plaza		JV-GRI		40	%		WA	Seattle-Tacoma-Bellevue	1987		80,555		32,222		94.5	%		94.5	%								230,300		—	(Sears)	$	23.13
Pine Lake Village							WA	Seattle-Tacoma-Bellevue	1989		102,899		102,899		100.0	%		100.0	%								—		40,982	Quality Foods	$	20.24
Sammamish-Highlands							WA	Seattle-Tacoma-Bellevue	1992		101,289		101,289		94.5	%		94.5	%								55,000		55,000	(Safeway)	$	24.73
Southcenter							WA	Seattle-Tacoma-Bellevue	1990		58,282		58,282		86.6	%		86.6	%								111,900		—	(Target)	$	27.63

							WA				934,642		525,830		92.1	%		93.6	%		92.1	%		93.6	%		397,200		223,090

Racine Centre Shopping Center		JV-GRI		40	%		WI	Racine	1988		135,827		54,331		95.4	%		95.4	%								—		50,979	Piggly Wiggly	$	7.12
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	$	7.70

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

Regency Centers Total											42,148,917		29,787,954		93.3	%		92.7	%		93.9	%		93.5	%		7,341,145		15,343,517

(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
Woodstock Crossing	GA	Atlanta-Sandy Springs-Marietta	66,122
Centennial Crossroads Plaza	NV	Las Vegas-Paradise	99,064

Total square footage managed by Regency, but not owned			263,167

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

December 31, 2011


Tenant	Tenant GLA⁽¹⁾		% of Company- Owned GLA⁽¹⁾			Total Annualized Base Rent⁽²⁾		% of Total Annualized Base Rent⁽²⁾			Total # of Leased Stores - 100% Owned and JV		# of Leased Stores in JV
Publix		2,031,785		6.8	%	$	19,992,170		4.4	%		55		18
Kroger		2,090,100		7.0	%		19,202,005		4.2	%		43		13
Safeway		1,707,700		5.7	%		16,878,899		3.7	%		51		26
Supervalu		839,301		2.8	%		10,021,838		2.2	%		26		16
CVS		483,136		1.6	%		7,191,558		1.6	%		46		22
Whole Foods		252,450		0.8	%		6,663,865		1.5	%		8		3
TJX Companies		543,334		1.8	%		6,331,997		1.4	%		25		9
Ahold		341,251		1.1	%		4,751,264		1.0	%		13		10
Ross Dress For Less		279,805		0.9	%		4,353,146		1.0	%		17		11
H.E.B.		294,765		1.0	%		4,325,545		1.0	%		5		2
PETCO		219,706		0.7	%		4,103,990		0.9	%		25		12
Walgreens		193,909		0.7	%		3,728,665		0.8	%		16		4
Starbucks		100,076		0.3	%		3,507,273		0.8	%		83		32
Sports Authority		181,523		0.6	%		3,460,631		0.8	%		5		1
Wells Fargo Bank		69,089		0.2	%		3,310,793		0.7	%		36		21
Bank of America		76,767		0.3	%		3,269,861		0.7	%		26		12
Sears Holdings		428,090		1.4	%		3,213,253		0.7	%		8		3
Rite Aid		207,459		0.7	%		3,184,120		0.7	%		24		15
PetSmart		178,850		0.6	%		2,959,265		0.7	%		10		4
Harris Teeter		247,811		0.8	%		2,929,032		0.6	%		8		4
Subway		98,248		0.3	%		2,915,185		0.6	%		112		51
Target		349,683		1.2	%		2,883,723		0.6	%		4		2
JPMorgan Chase Bank		54,573		0.2	%		2,706,541		0.6	%		23		6
The UPS Store		95,642		0.3	%		2,498,886		0.6	%		93		37
Wal-Mart		435,400		1.5	%		2,465,948		0.5	%		4		1
Trader Joe’s		89,994		0.3	%		2,295,923		0.5	%		11		5

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


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


GLA owned and occupied by the anchor not included above:		# of Tenant- Owned Stores		# of Stores including Tenant- Owned
Target	1,971,285		18		22
Kroger	627,856		8		51
Wal-Mart	575,487		4		8
Lowe’s Home Improvement	314,659		3		5
Safeway	314,000		6		57
Sears Holdings	92,080		1		9
Supervalu	78,371		2		28
Publix	62,771		1		56

	4,036,509

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

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

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

December 31, 2011


Tenant	Tenant GLA⁽¹⁾		% of Company- Owned GLA⁽¹⁾			Total Annualized Base Rent⁽²⁾		% of Total Annualized Base Rent⁽²⁾			Total # of Leased Stores - 100% Owned and JV		# of Leased Stores in JV
Safeway		2,686,154		6.4	%	$	28,318,188		4.4	%		51		26
Publix		2,603,933		6.2	%		25,722,756		4.0	%		55		18
Kroger		2,613,682		6.2	%		23,625,271		3.7	%		43		13
Supervalu		1,439,602		3.4	%		16,166,991		2.5	%		26		16
CVS		698,289		1.7	%		10,915,616		1.7	%		46		22
Whole Foods		363,569		0.9	%		9,452,583		1.5	%		8		3
TJX Companies		689,172		1.6	%		7,913,552		1.2	%		25		9
Ahold		632,515		1.5	%		7,713,880		1.2	%		13		10
Ross Dress For Less		497,184		1.2	%		7,306,164		1.1	%		17		11
PETCO		338,402		0.8	%		6,524,507		1.0	%		25		12
H.E.B.		394,959		0.9	%		5,700,545		0.9	%		5		2
Wells Fargo Bank		101,858		0.2	%		5,375,885		0.8	%		36		21
Harris Teeter		416,230		1.0	%		5,148,121		0.8	%		8		4
Rite Aid		353,684		0.8	%		4,981,334		0.8	%		24		15
Bank of America		101,962		0.2	%		4,775,030		0.7	%		26		12
Target		514,078		1.2	%		4,760,504		0.7	%		4		2
Starbucks		134,821		0.3	%		4,751,929		0.7	%		83		32
Subway		145,148		0.3	%		4,343,555		0.7	%		112		51
Walgreens		229,963		0.5	%		4,277,441		0.7	%		16		4
Sears Holdings		542,294		1.3	%		4,052,388		0.6	%		8		3
24 Hour Fitness		198,706		0.5	%		3,999,612		0.6	%		6		4
PetSmart		240,700		0.6	%		3,924,549		0.6	%		10		4
Toys “R” Us		262,446		0.6	%		3,829,944		0.6	%		6		5
Sports Authority		209,757		0.5	%		3,820,620		0.6	%		5		1
JPMorgan Chase Bank		74,683		0.2	%		3,436,092		0.5	%		23		6
The UPS Store		130,696		0.3	%		3,418,125		0.5	%		93		37
Trader Joe’s		128,365		0.3	%		3,244,320		0.5	%		11		5

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


Grocer fuel pads on ground leases	Annualized Base Rent⁽²⁾
Safeway Total	$	254,400
Kroger Total	$	44,200


GLA owned and occupied by the anchor not included above:		# of Tenant- Owned Stores		# of Stores including Tenant- Owned
Target	2,394,763		18		22
Wal-Mart	737,887		4		8
Kroger	666,256		8		51
Lowe’s Home Improvement	446,659		3		5
Safeway	314,000		6		57
Sears Holdings	230,200		1		9
Supervalu	101,721		2		28
Publix	62,771		1		56

	4,954,257

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

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

Tenant Lease Expirations

December 31, 2011


All Tenants			Regency’s Pro-Rata Share										Co-investment Partnerships at 100%
Lease Expiration Year	Pro-Rata Expiring GLA		Percent of Pro-Rata Expiring GLA			Pro-Rata In-Place Minimum Rent Under Expiring Leases		Percent of Expiring Pro-Rata Minimum Rent⁽²⁾			Pro-rata Expiring A.B.R		Expiring GLA at 100%		Percent of Expiring GLA			In-Place Minimum Rent Under Expiring Leases at 100%		Percent of Expiring Minimum Rent⁽²⁾
(1)		432,809		1.6	%	$	7,845,816		1.7	%	$	18.13		633,611		1.7	%	$	11,834,280		1.8	%
2012		2,366,496		8.9	%		46,159,003		10.2	%		19.51		3,205,913		8.4	%		63,751,617		9.9	%
2013		2,594,516		9.8	%		50,532,324		11.1	%		19.48		4,011,913		10.6	%		73,102,097		11.3	%
2014		2,609,414		9.8	%		51,487,181		11.3	%		19.73		3,780,183		9.9	%		73,668,700		11.4	%
2015		2,185,396		8.2	%		43,890,938		9.7	%		20.08		3,397,621		8.9	%		65,495,956		10.1	%
2016		2,923,044		11.0	%		50,018,995		11.0	%		17.11		4,182,797		11.0	%		72,487,036		11.2	%
2017		2,096,959		7.9	%		35,865,508		7.9	%		17.10		2,957,035		7.8	%		49,634,427		7.7	%
2018		1,431,217		5.4	%		22,702,173		5.0	%		15.86		2,004,980		5.3	%		31,731,705		4.9	%
2019		1,200,274		4.5	%		18,976,872		4.2	%		15.81		1,659,595		4.4	%		26,625,991		4.1	%
2020		1,597,409		6.0	%		23,439,800		5.2	%		14.67		2,144,063		5.6	%		30,453,646		4.7	%
2021		1,306,866		4.9	%		19,697,539		4.3	%		15.07		1,845,909		4.9	%		28,987,092		4.5	%

10 Year Total		20,744,399		78.1	%		370,616,150		81.7	%		17.87		29,823,620		78.5	%		527,772,548		81.8	%

Thereafter		5,808,152		21.9	%		83,033,288		18.3	%		14.30		8,181,894		21.5	%		117,710,818		18.2	%

		26,552,551		100.0	%	$	453,649,437		100.0	%	$	17.08		38,005,514		100.0	%	$	645,483,365		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)		110,980		0.7	%	$	732,587		0.5	%		—		138,320		0.6	%	$	1,120,677		0.5	%
2012		637,335		4.3	%		5,372,982		3.3	%		8.43		791,354		3.7	%		6,792,633		2.9	%
2013		787,919		5.3	%		6,632,887		4.1	%		8.42		1,481,483		6.9	%		12,243,347		5.2	%
2014		844,543		5.7	%		8,490,946		5.3	%		10.05		1,259,556		5.9	%		13,364,302		5.7	%
2015		686,068		4.6	%		6,735,114		4.2	%		9.82		1,218,976		5.7	%		11,885,088		5.0	%
2016		1,314,380		8.9	%		11,226,420		6.9	%		8.54		1,858,231		8.7	%		16,962,745		7.2	%
2017		1,232,206		8.3	%		14,023,799		8.7	%		11.38		1,814,542		8.5	%		20,621,257		8.8	%
2018		882,600		6.0	%		10,135,542		6.3	%		11.48		1,292,906		6.0	%		14,898,692		6.3	%
2019		934,334		6.3	%		12,287,878		7.6	%		13.15		1,271,160		5.9	%		16,601,236		7.0	%
2020		1,239,022		8.4	%		14,930,660		9.2	%		12.05		1,644,729		7.7	%		18,882,384		8.0	%
2021		877,973		5.9	%		8,592,767		5.3	%		9.79		1,239,382		5.8	%		13,015,404		5.5	%

10 Year Total		9,547,361		64.5	%		99,161,583		61.4	%		10.39		14,010,639		65.4	%		146,387,765		62.2	%

Thereafter		5,258,965		35.5	%		62,464,680		38.6	%		11.88		7,424,890		34.6	%		89,140,513		37.8	%

		14,806,326		100.0	%	$	161,626,263		100.0	%	$	10.92		21,435,529		100.0	%	$	235,528,278		100.0	%

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

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

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

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

Tenant Lease Expirations

December 31, 2011


Inline Tenants			Regency’s Pro-Rata Share										Co-investment Partnerships at 100%
Lease Expiration Year	Pro-Rata Expiring GLA		Percent of Pro-Rata Expiring GLA			Pro-Rata In-Place Minimum Rent Under Expiring Leases		Percent of Expiring Pro-Rata Minimum Rent⁽²⁾			Pro-rata Expiring A.B.R		Expiring GLA at 100%		Percent of Expiring GLA			In-Place Minimum Rent Under Expiring Leases at 100%		Percent of Expiring Minimum Rent⁽²⁾
(1)		321,828		2.7	%	$	7,113,229		2.4	%	$	22.10		495,291		3.0	%	$	10,713,603		2.6	%
2012		1,729,160		14.7	%		40,786,021		14.0	%		23.59		2,414,559		14.6	%		56,958,984		13.9	%
2013		1,806,597		15.4	%		43,899,436		15.0	%		24.30		2,530,430		15.3	%		60,858,750		14.8	%
2014		1,764,871		15.0	%		42,996,235		14.7	%		24.36		2,520,627		15.2	%		60,304,398		14.7	%
2015		1,499,329		12.8	%		37,155,824		12.7	%		24.78		2,178,645		13.1	%		53,610,868		13.1	%
2016		1,608,665		13.7	%		38,792,575		13.3	%		24.11		2,324,566		14.0	%		55,524,291		13.5	%
2017		864,752		7.4	%		21,841,709		7.5	%		25.26		1,142,493		6.9	%		29,013,169		7.1	%
2018		548,617		4.7	%		12,566,631		4.3	%		22.91		712,074		4.3	%		16,833,014		4.1	%
2019		265,940		2.3	%		6,688,995		2.3	%		25.15		388,435		2.3	%		10,024,755		2.4	%
2020		358,387		3.1	%		8,509,140		2.9	%		23.74		499,334		3.0	%		11,571,262		2.8	%
2021		428,893		3.7	%		11,104,772		3.8	%		25.89		606,527		3.7	%		15,971,688		3.9	%

10 Year Total		11,197,038		95.3	%		271,454,567		93.0	%		24.24		15,812,981		95.4	%		381,384,783		93.0	%

Thereafter		549,187		4.7	%		20,568,608		7.0	%		37.45		757,004		4.6	%		28,570,305		7.0	%

		11,746,225		100.0	%	$	292,023,174		100.0	%	$	24.86		16,569,985		100.0	%	$	409,955,088		100.0	%

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

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

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

Earnings and Valuation Guidance

December 31, 2011


($000s except per share numbers)	2010A			2011A			2012E	1Q12E

FFO / Share (for actuals please see related press release)							$2.30 - $2.46	$.55 - $.59
Recurring FFO / Share							$2.36 - $2.50	$.54 - $.58
Same Property - Wholly owned and Regency’s pro-rata share of co-investment partnerships:
Same property percent leased at period end		92.8	%		93.8	%	93.0% -94.0%
Same property NOI growth without termination fees		0.0	%		0.1	%	1.5% - 3.0%
Same property recovery rate		77.0	%		76.4	%	76% - 78%

Rental rate growth (spaces vacant < 12 months)		-0.1	%		1.2	%	(1.0)% - 2.5%
Percentage Rent - Consolidated Only	$	2,540		$	2,996		$2,000 -$2,800
Recovery Rate - Consolidated Only - All Properties		74.2	%		73.3	%	73% - 75%

Investment Activity
Regency’s Additional 15% Investment in GRI JV	$	239,718		$	0		$0
Cap rate (average)		9.6	%		0.0	%	0.0%
Acquisitions - (REG Pro-Rata)	$	89,722		$	110,643		$100,000 -$200,000
Cap rate (average)		6.7	%		6.0	%	5.7% - 6.3%
Dispositions - (REG Pro-Rata)	$	62,600		$	91,205		$150,000 - $250,000
Cap rate (average)		8.4	%		7.8	%	8.0% - 8.8%
Development starts	$	6,060		$	95,904		$75,000 - $150,000
Development completions - net costs	$	306,188		$	445,035		$55,000 - $72,000
Stabilized yield (net dev costs)		7.9	%		6.6	%	6.5%-7.5%
Completion yield (net dev costs)		6.0	%		5.0	%	5.5% - 6.5%
Capitalized interest on completions	$	607		$	241		$30 - $100
Transaction profits net of deal costs and taxes	$	3,597		$	3,742		($5,500) to ($3,500)
Third party fees and commissions	$	26,806		$	28,980		$24,800 - $27,000

Net Asset Valuation Guidance:
Estimated market value of expansion land and outparcels available				$	88,894
NOI from in-process developments (current quarter)				$	985
NOI from leases signed but not yet rent-paying in operating properties, including completed developments (current quarter)				$	1,949

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

December 31, 2011

All numbers are per share except weighted average shares


Funds From Operations Guidance:	Three Months Ended March 31, 2012						Full Year 2012
Net income attributable to common stockholders	$	0.07		$	0.11		$	0.39	$	0.55

Adjustments to reconcile net income to FFO:
Depreciation expense, amortization and other amounts as defined below	$	0.48			0.48		$	1.91		1.91


Funds From Operations ⁽¹⁾	$	0.55			0.59		$	2.30	$	2.46

Adjustments to reconcile FFO to Recurring FFO:
All non-recurring items as defined below		(0.01	)		(0.01	)		0.06		0.04


Recurring Funds From Operations ⁽¹⁾	$	0.54			0.58		$	2.36		2.50


Weighted average shares (000’s) ⁽²⁾		90,314						90,424

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

(2)	Weighted average shares expected at March 31, 2012 are 4.6 million shares higher than the actual weighted average shares at March 31, 2011 due to the forward equity offering settled in March 2011.

Attached files

REGENCY CENTERS CORP Reports

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