SEC Filing | Regency Centers Corporation

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Form 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) February 6, 2008

REGENCY CENTERS CORPORATION

(Exact name of registrant as specified in its charter)

Florida

001-12298

59-3191743

(State or other jurisdiction

of incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

One Independent Drive, Suite 114

Jacksonville, Florida

32202

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number including area code: (904)-598-7000

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230 .425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02

Disclosure of Results of Operations and Financial Condition

On February 6, 2008 Regency issued an earnings release for the year ended December 31, 2007, which is attached as Exhibit 99.1.

On February 6, 2008 Regency posted on its website at www.regencycenters.com the supplemental information for the year ended December 31, 2007 which is attached as Exhibit 99.2.

Item 9.01

Financial Statements and Exhibits

(d)

Exhibits


Exhibit 99.1		Earnings release issued by Regency on February 6, 2008, for the year ended December 31, 2007.

Exhibit 99.2		Supplemental information posted on its website on February 6, 2008, for the year ended December 31, 2007.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	REGENCY CENTERS CORPORATION
	(registrant)

Date: February 6, 2008	By:	*/s/ J. Christian Leavitt*
		J. Christian Leavitt, Senior Vice President,
		Finance and Principal Accounting Officer

Earnings release

EXHIBIT 99.1

Regency Centers Corporation

Press Release

www.RegencyCenters.com

CONTACT: LISA PALMER

(904) 598-7636

REGENCY CENTERS REPORTS FOURTH QUARTER & YEAR END RESULTS

FFO per share increased 8.2%, Dividend Increased 10%

Jacksonville, Fla. (February 6, 2008) — Regency Centers Corporation announced today financial and operating results for the quarter and year ended December 31, 2007.

Funds From Operations (FFO) for the fourth quarter was $81.2 million, or $1.16 per diluted share, compared to $77.0 million and $1.10 per diluted share for the same period in 2006. For the year ended December 31, 2007, FFO was $293.9 million or $4.20 per diluted share, compared to $270.0 million or $3.88 per diluted share for the same period in 2006, a per share increase of 8.2%. Regency reports FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (NAREIT) as a supplemental earnings measure. The Company considers this a meaningful performance measurement in the Real Estate Investment Trust industry.

Net income for common stockholders for the quarter was $50.6 million, or $0.72 per diluted share, compared to $61.5 million and $0.89 per diluted share for the same period in 2006. Net income for the year ended December 31, 2007 was $184.0 million or $2.65 per diluted share, compared to $198.8 million and $2.89 per diluted share for the same period in 2006 due to a lower level of operating property sales and resulting gains in 2007.

Portfolio Results

For the three months ended December 31, 2007, Regency’s results for wholly-owned properties and its pro-rata share of co-investment partnerships were as follows:

•

Same store net operating income (NOI) growth: 3.3%

•

Same store rental rate growth on a cash basis: 11.3%

•

Leasing transactions: 485 new and renewal lease transactions for a total of 2.0 million square feet

For the year ended December 31, 2007, Regency’s results for wholly-owned properties and its pro-rata share of co-investment partnerships were as follows:

•

Same store net operating income (NOI) growth: 3.0%

•

Same store rental rate growth on a cash basis: 13.0%

•

Percent leased (operating properties only): 95.0%

•

Leasing transactions: 1,883 new and renewal lease transactions for a total of 7.2 million square feet

Acquisitions, Capital Recycling and Co-investment Partnerships

During the year Regency sold $438.4 million of consolidated and unconsolidated operating properties and development properties. In the fourth quarter eight operating properties were sold out of the Macquarie co-investment partnership as a portfolio at a gross sales price of $104.0 million and a cap rate of 6.84%. Three completed developments were sold to the Regency Retail Partners open-end fund for a gross sales price of $56.5 million at a weighted average cap rate of 6.28%. Three more completed developments, one of which was unconsolidated, were sold to unrelated third parties for a gross sales price of $47.8 million and a weighted average cap rate of 6.35%. During the quarter the Company sold five outparcels for total proceeds of $8.9 million.

Also during the quarter, Regency, along with its co-investment partner Oregon Public Employees Retirement Fund, acquired seven grocery-anchored retail centers at a gross purchase price of $76.7 million and a weighted average cap rate of 6.92%. Regency’s share of the cost was $15.3 million.

Development

During the quarter, the Company started seven new development projects representing $136.6 million of estimated net costs after partner participation. These starts have an expected NOI yield of 8.71% on net development costs after partner participation. Regency’s shadow pipeline of potential future starts totals over $1.6 billion. As of December 31, 2007, the Company had 50 projects under development for an estimated total net investment at completion of $1.1 billion and an expected return of 8.96% on net development costs after partner participation. The in-process developments are 55% funded and 80% leased and committed, including tenant-owned GLA.

Capital Markets

During the quarter, Standard and Poor’s upgraded Regency Centers’ Corporate Credit rating and Senior Unsecured rating to BBB+ from BBB.

Dividend

On February 5, 2008, the Board of Directors declared a quarterly cash dividend of $0.725 per share, payable on March 5, 2008 to shareholders of record on February 20, 2008. This increase represents a 10% increase to $2.90 on an annualized basis. The Board also declared a quarterly cash dividend of $0.46563 per share of Series 3 Preferred stock, payable on March 31, 2008 to shareholders of record on March 3, 2008; a quarterly cash dividend of $0.45313 per share of Series 4 Preferred stock, payable on March 31, 2008 to shareholders of record on March 3, 2008; and a quarterly cash dividend of $0.41875 on the Series 5 Preferred stock, payable on March 31, 2008 to shareholders of record on March 3, 2008.

Conference Call

In conjunction with Regency’s fourth quarter results, you are invited to listen to its conference call that will be broadcast live over the internet on Thursday, February 7 at 10:00 a.m. EST on the Company’s web site www.RegencyCenters.com. If you are unable to participate during the live webcast, the call will also be archived on the web site.

The Company has published additional forward-looking statements in its fourth quarter 2007 supplemental information package that may help investors estimate earnings for 2008. A copy of the Company’s fourth quarter 2007 supplemental information will be available on the Company’s web site at www.RegencyCenters.com or by written request to Diane Ortolano, Investor Relations, Regency Centers Corporation, One Independent Drive, Suite 114, Jacksonville, Florida, 32202. The supplemental information package contains more detailed financial and property results including financial statements, an outstanding debt summary, acquisition and development activity, investments in partnerships, information pertaining to securities issued other than common stock, property details, a significant tenant rent report and a lease expiration table in addition to earnings and valuation guidance assumptions. The information provided in the supplemental package is unaudited and there can be no assurance that the information will not vary from the final information for the quarter and year ended December 31, 2007. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.

Reconciliation of Net Income to Funds From Operations—Actual Results


For the Periods Ended December 31, 2007 and 2006	Three Months Ended						Year to Date
	2007			2006			2007			2006
Net income for common stockholders	$	50,560,865		$	61,460,879		$	183,975,177		$	198,836,277
Adjustments to reconcile to Funds from Operations:
Depreciation expense—consolidated properties		20,987,526			18,628,540			77,307,673			73,450,021
Depreciation and amortization expense—uncons properties		10,448,747			10,787,702			42,547,686			43,415,510
Consolidated JV partners’ share of depreciation		(129,461	)		(20,568	)		(481,404	)		(239,076	)
Amortization of leasing commissions and intangibles		3,207,432			2,857,526			12,106,277			11,350,984
(Gain) loss on sale of operating properties, including JV’s		(4,235,866	)		(17,392,850	)		(23,214,823	)		(59,729,735	)
Minority interest of exchangeable partnership units		379,845			711,163			1,650,067			2,875,808


Funds From Operations		81,219,088			77,032,392			293,890,653			269,959,789
Dilutive effect of share-based awards		(213,816	)		(183,186	)		(790,222	)		(814,262	)

Funds From Operations for calculating Diluted FFO per Share	$	81,005,272		$	76,849,206		$	293,100,431		$	269,145,527


Weighted Average Shares For Diluted FFO per Share		69,926,241			69,723,104			69,809,383			69,373,514

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

Regency Centers Corporation (NYSE: REG)

Regency is the leading national owner, operator, and developer of grocery-anchored and community shopping centers. At December 31, 2007, the Company owned 451 retail properties, including those held in co-investment partnerships. Including tenant-owned square footage, the portfolio encompassed 59.2 million square feet located in top markets throughout the United States. Since 2000 Regency has developed 187 shopping centers, including those currently in-process, representing an investment at completion of nearly $3.0 billion. Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.

###

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

Supplemental information

EXHIBIT 99.2

Regency Centers Corporation

December 31, 2007

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, 2007, Regency’s total market capitalization was $6.9 billion.

As of December 31, 2007, the Company owned 451 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 59 million square feet, located in top markets across the nation. Founded in 1963 and operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.

Regency’s portfolio is distinguished by attractive demographics and strong retailers. The average household income in the trade area of Regency’s centers is over $85,000, nearly 30% higher than the national average. Regency’s quality portfolio is anchored by dominant grocers such as Kroger and Publix, as well as leading national retailers such as Target, which drive traffic into our centers. In addition, 77% of the portfolio is leased to national and regional retailers. We believe that the quality of our tenant base and the strength of our 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. For the past eight years, this combination of compelling demographics and quality tenants has produced occupancy rates of approximately 95% and average net operating income (NOI) growth in excess of 3% per year.

Regency’s operating and development expertise continues to create value from the operating portfolio and from new development opportunities. Since 2000 Regency has developed 187 shopping centers, including those currently in-process, representing an investment at completion of nearly $3.0 billion. At the end of the fourth quarter of 2007, Regency had 50 projects under development for an estimated total investment at completion of $1.1 billion. These in-process developments are 55% funded and 80% leased and committed.

Regency employs a self-funding capital strategy to fund its growth. The culling of non-strategic assets and our industry-leading co-investment partnership program are integral components of this strategy. Our co-investment partners provide an embedded market for our developments and acquisitions, enabling Regency to generate a growing stream of third-party revenue while profitably growing the portfolio. In the past six years, capital recycling and co-investment partnerships have enabled Regency to cost effectively fund over $8.0 billion in investments.

Regency has centers located in the top markets in the country and has 21 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 our web site at 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, 2007. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.

Table of Contents

December 31, 2007


Highlights		1

Summary Information:

Summary Financial Information		2

Summary Real Estate Information		3

Financial Information:

Consolidated Balance Sheets		4

Consolidated Statements of Operations (FFO format)		5

Reconciliation of FFO to Net Income		6

Consolidated Statements of Operations (GAAP basis)		7

Summary of Consolidated Debt		8-9

Summary of Preferred Units and Stock		10

Investment Activity:

Acquisitions, Dispositions and Sales		11-13

Development Information		14-18

Co-investment Partnerships:

Unconsolidated Investments		19

Unconsolidated Balance Sheets		20-21

Unconsolidated Statements of Operations		22-23

Summary of Unconsolidated Debt		24

Real Estate Information:

Leasing Statistics		25-26

Average Base Rent by State		27-28

Portfolio Summary Report by Region		29-36

Significant Tenant Rents		37-38

Lease Expiration Schedule		39-40

Forward-Looking Information:

Earnings and Valuation Guidance		41

FFO per Share Guidance Reconciliation		42

Highlights

December 31, 2007

Operating Results

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

For the quarter ended December 31, 2007, same property NOI growth was 3.3%. Operating properties were 95.0% leased. Rent growth was 11.3%.

For the year ended December 31, 2007, same property NOI growth was 3.0%. Operating properties were 95.0% leased. Rent growth was 13.0%.

Operating Results

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

For the quarter ended December 31, 2007, same property NOI growth was 3.5%. Operating properties were 95.2% leased. Rent growth was 11.5%.

For the year ended December 31, 2007, same property NOI growth was 3.2%. Operating properties were 95.2% leased. Rent growth was 13.0%.

During the quarter, 2.0 million square feet of GLA was renewed or newly leased through 485 leasing transactions.

During the year, 7.2 million square feet of GLA was renewed or newly leased through 1,883 leasing transactions.

Financial Results

Funds From Operations for the quarter was $81.2 million, or $1.16 per diluted share. Net income for the quarter was $50.6 million, or $0.72 per diluted share.

Funds From Operations for the year was $293.9 million, or $4.20 per diluted share. Net income for the year was $184.0 million, or $2.65 per diluted share.

Development Activity

At quarter end, Regency had 50 projects in process for an estimated net development cost of $1.1 billion and an expected return of 8.96%.

For more information on this development activity, please see pages 14-15.

Acquisition & Disposition Activity

During the fourth quarter, Regency:

•

Purchased seven co-investment properties at a cost of $76.7 million and a weighted average cap rate of 6.92%. Regency’s share of the purchase price was $15.3 million.

•

Contributed three completed development properties to Regency’s open-end fund at a gross contribution value of $56.5 million and a weighted average cap rate of 6.28%.

•

Sold eight co-investment operating properties at a weighted average cap rate of 6.84%. Regency’s share of the gross sales price was $26.0 million.

•

Sold three completed development properties at a gross sales price of $47.8 million and a weighted average cap rate of 6.35%. Regency’s share of the gross sales price was $36.8 million.

For more information on these acquisitions & dispositions, please see pages 11-13.

Summary Financial Information

December 31, 2007


	Three Months Ended						Year to Date
Financial Results	2007			2006			2007			2006
Net Income for common stockholders	$	50,560,865		$	61,460,879		$	183,975,177		$	198,836,277
Basic EPS	$	0.73		$	0.89		$	2.65		$	2.91
Diluted EPS	$	0.72		$	0.89		$	2.65		$	2.89
Diluted EPS per share growth rate		-19.1	%					-8.3	%
Funds from Operations for common stockholders	$	81,219,088		$	77,032,392		$	293,890,653		$	269,959,789
FFO per share—Basic	$	1.16		$	1.11		$	4.22		$	3.91
FFO per share—Diluted	$	1.16		$	1.10		$	4.20		$	3.88
Diluted FFO per share growth rate		5.5	%					8.2	%
Dividends paid per share and unit	$	0.660		$	0.595		$	2.640		$	2.380
Payout ratio of Diluted FFO per share		56.9	%		54.1	%		62.9	%		61.3	%
Interest Coverage Ratios
Interest only		3.5			3.8			3.4			3.6
Capitalized interest	$	9,353,368		$	7,020,526		$	35,423,774		$	23,951,975
Fixed Charge (Regency only)		2.9			3.0			2.8			2.9
Fixed Charge (with pro-rata share of partnerships)		2.6			2.6			2.5			2.5


Capital Information	12/31/07			YTD Change			12/31/06			12/31/05
Closing common stock price per share	$	64.49		$	(13.68	)	$	78.17		$	58.95
Shareholder Return (assumes no reinvestment of dividends)		-14.1	%

Common Shares and Equivalents Outstanding		70,112,248			353,427			69,758,821			69,218,483

Market equity value of Common and Convertible shares	$	4,521,539		$	(931,508	)	$	5,453,047		$	4,080,430
Non-Convertible Preferred Units and shares		325,000			—			325,000			325,000
Outstanding debt (000’s)	$	2,007,975		$	432,589		$	1,575,385		$	1,613,942
Total market capitalization (000’s)	$	6,854,514		$	(498,919	)	$	7,353,433		$	6,019,371
Debt to Total Market Capitalization		29.3	%		7.9	%		21.4	%		26.8	%

Total real estate at cost before depreciation (000’s)	$	4,398,195		$	496,561		$	3,901,634		$	3,775,433
Total assets at cost before depreciation (000’s)	$	4,640,509		$	541,335		$	4,099,175		$	3,996,828
Debt to Total Assets before Depreciation		43.3	%		4.8	%		38.4	%		40.4	%

Outstanding Classes of Stock and Partnership Units:
Common Shares Outstanding		69,638,637			620,642			69,017,995			67,966,343
Exchangeable O.P. Units held by minority interests		473,611			(267,215	)		740,826			1,252,140

Total Common Shares and Equivalents		70,112,248			353,427			69,758,821			69,218,483

Summary Real Estate Information

December 31, 2007

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


	12/31/07		12/31/06
Gross Leasable Area (GLA)	31,791,357		30,378,539
GLA including anchor-owned stores	37,587,096		35,528,178

% leased—Operating and development properties	89.4	%	88.7	%
% leased—Operating properties only	95.0	%	95.2	%

Rental rate growth—YTD⁽¹⁾	13.0	%	12.6	%
Same property NOI growth—YTD	3.0	%	3.8	%

Wholly-Owned and 100% of Co-investment Partnerships


	12/31/07		12/31/06
Gross Leasable Area (GLA)	51,106,824		47,187,462
GLA including anchor-owned stores	59,198,217		53,501,601
GLA under development	5,232,481		4,991,716

Number of retail shopping centers	451		405
Number of centers under development (excluding expansions)	49		47
Number of grocery-anchored shopping centers	360		322

% leased—Operating and development properties	91.7	%	91.0	%
% leased—Operating properties only	95.2	%	95.4	%

Rental rate growth—YTD ⁽¹⁾	13.0	%	12.5	%
Same property NOI growth—YTD	3.2	%	3.4	%

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

Consolidated Balance Sheets

December 31, 2007, 2006 and 2005


	2007			2006		2005
Assets
Real estate investments at cost:
Operating properties	$	3,059,355,394		2,826,485,380		2,779,571,863
Properties in development		905,929,461		615,450,669		413,676,569

		3,965,284,855		3,441,936,049		3,193,248,432
Operating properties held for sale		—		25,607,741		36,567,246
Less: accumulated depreciation		497,498,468		427,389,404		380,612,771

		3,467,786,387		3,040,154,386		2,849,202,907
Investments in real estate partnerships		432,910,064		434,089,822		545,617,124

Net real estate investments		3,900,696,451		3,474,244,208		3,394,820,031
Cash and cash equivalents		18,667,717		34,046,219		42,458,314
Notes receivable		44,542,740		19,988,087		46,472,575
Tenant receivables, net of allowance for uncollectible accounts		75,440,580		67,161,676		56,877,770
Deferred costs, less accumulated amortization		52,784,152		40,989,102		41,656,834
Acquired lease intangible assets, net		17,227,865		12,315,042		10,181,568
Other assets		33,651,422		23,040,830		23,748,340

	$	4,143,010,927		3,671,785,164		3,616,215,432

Liabilities and Stockholders’ Equity
Notes payable	$	1,799,974,913		1,454,385,498		1,451,941,831
Unsecured line of credit		208,000,000		121,000,000		162,000,000

Total notes payable		2,007,974,913		1,575,385,498		1,613,941,831

Tenants’ security and escrow deposits		11,436,472		10,517,225		10,276,317
Acquired lease intangible liabilities, net		10,353,746		7,729,080		4,207,138
Accounts payable and other liabilities		164,478,807		140,940,055		110,800,014

Total liabilities		2,194,243,938		1,734,571,858		1,739,225,300

Preferred units		49,157,977		49,157,977		49,157,977
Exchangeable operating partnership units		10,831,917		16,941,350		27,918,461
Limited partners’ interest in consolidated partnerships		18,392,152		17,797,344		11,088,193

Total minority interests		78,382,046		83,896,671		88,164,631


Stockholders’ Equity
Preferred stock		275,000,000		275,000,000		275,000,000
Common stock, $.01 par		751,687		744,318		732,635
Additional paid in capital, net of treasury stock		1,654,866,175		1,632,787,270		1,602,206,748
Accumulated other comprehensive (loss) income		(18,916,679	)	(13,317,497	)	(11,692,345	)
Distributions in excess of net income		(41,316,240	)	(41,897,456	)	(77,421,537	)

Total stockholders’ equity		1,870,384,943		1,853,316,635		1,788,825,501

	$	4,143,010,927		3,671,785,164		3,616,215,432


Ratios	2007			2006		2005
Debt to real estate assets, before depreciation		45.7	%	40.4	%	42.7	%
Debt to total assets, before depreciation		43.3	%	38.4	%	40.4	%
Debt to total assets, before depreciation and including prorata share of JV’s		48.9	%	45.3	%	48.9	%
Debt + preferred to total assets, before deprec. and incl. prorata share of JV’s		54.9	%	52.0	%	55.5	%
Unsecured assets to total real estate assets (wholly-owned only)		87.5	%	83.5	%	82.1	%
Unsecured NOI to total NOI (wholly-owned only)		87.5	%	83.1	%	82.2	%

Consolidated Statements of Operations

For the Periods Ended December 31, 2007 and 2006

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


	Three Months Ended					Year to Date
	2007			2006		2007			2006
Real Estate Revenues:
Minimum rent	$	84,932,036		77,614,925		$	323,650,521		305,259,404
Percentage rent		2,695,390		2,536,375			4,678,008		4,524,741
Recoveries from tenants		21,683,019		22,060,162			82,320,372		79,098,563
Other income		2,626,122		2,702,822			12,161,308		11,709,251

		111,936,567		104,914,284			422,810,209		400,591,959

Real Estate Operating Expenses:
Operating and maintenance		16,932,508		15,462,109			58,036,036		53,878,210
Real estate taxes		11,405,738		11,786,202			46,876,798		45,036,497

		28,338,246		27,248,311			104,912,834		98,914,707

Net operating income		83,598,321		77,665,973			317,897,375		301,677,252


Equity in Income of Unconsolidated Partnerships
Operating income (loss) including development gains		7,320,839		683,006			10,121,541		851,959
Gain (loss) on sale of operating properties		4,526,423		901,839			7,971,147		1,728,217

		11,847,262		1,584,845			18,092,688		2,580,176


Fees, Development and Outparcel Gains:
Asset management fees		2,901,632		1,833,025			11,020,895		5,976,602
Property management fees		3,593,642		3,314,501			13,865,450		11,041,311
Transaction and other fees		647,018		525,621			4,514,141		11,682,355
Tenant representation and other commissions		1,254,836		1,403,142			3,663,424		3,104,405
Development gains		18,519,064		27,559,107			50,057,505		39,531,844
Gain on sale of outparcels		1,165,082		1,313,500			7,191,419		19,637,831
Provision for income tax (expense)		(4,929,772	)	(6,437,378	)		(3,738,902	)	(6,527,444	)

		23,151,501		29,511,518			86,573,931		84,446,904


Other Operating Expense (Income):
General and administrative		13,217,249		13,097,080			50,580,448		45,495,194
Franchise taxes		194,797		205,027			1,209,421		1,790,516
Depreciation and amortization (including FF&E)		25,591,564		22,261,069			93,507,902		87,413,180
Interest expense, net		22,278,971		21,596,218			82,494,061		81,531,925
(Gain) loss on sale of operating properties including taxes		290,558		(16,491,012	)		(15,243,675	)	(58,001,519	)
Provision for loss on operating properties		—		—			—		500,000

		61,573,139		40,668,382			212,548,157		158,729,296


Minority Interests
Preferred unit distributions		931,272		931,248			3,725,016		3,724,992
Exchangeable operating partnership units		379,845		711,163			1,650,067		2,875,808
Limited partners’ interest in consolidated partnerships		233,176		71,833			990,417		4,862,799

Net income		55,479,652		66,379,710			203,650,337		218,511,437
Preferred stock dividends		4,918,787		4,918,831			19,675,160		19,675,160

Net income for common stockholders	$	50,560,865		61,460,879		$	183,975,177		198,836,277

These Consolidated Statements of Operations are presented in a format not in accordance with GAAP. The statements do not reflect the operations related to sales of real estate being segregated as discontinued operations in accordance with SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets. The Company believes that the presentation is useful to readers of its supplemental report who wish to understand the details of its operations without reclassifying the sale 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 and Other Information

For the Periods Ended December 31, 2007 and 2006


	Three Months Ended					Year to Date
	2007			2006		2007			2006
Reconciliation of Net Income to Funds from Operations:
Net income for common stockholders	$	50,560,865		61,460,879		$	183,975,177		198,836,277
Add (Less):
Depreciation expense—consolidated properties		20,987,526		18,628,540			77,307,673		73,450,021
Depreciation and amortization expense—uncons properties		10,448,747		10,787,702			42,547,686		43,415,510
Consolidated JV partners’ share of depreciation		(129,461	)	(20,568	)		(481,404	)	(239,076	)
Amortization of leasing commissions and intangibles		3,207,432		2,857,526			12,106,277		11,350,984
(Gain) loss on sale of operating properties, including JV’s		(4,235,866	)	(17,392,850	)		(23,214,823	)	(59,729,735	)
Minority interest of exchangeable partnership units		379,845		711,163			1,650,067		2,875,808

Funds From Operations	$	81,219,088		77,032,392		$	293,890,653		269,959,789


FFO Per Share Reconciliation (Diluted):
Net income for common stockholders	$	0.72		0.89		$	2.65		2.89
Add (Less):
Depreciation expense—consolidated properties		0.30		0.27			1.11		1.07
Depreciation and amortization expense—uncons properties		0.15		0.15			0.61		0.62
Consolidated JV partners’ share of depreciation		0.00		0.00			(0.01	)	0.00
Amortization of leasing commissions and intangibles		0.05		0.04			0.17		0.16
Gain on sale of operating properties		(0.06	)	(0.25	)		(0.33	)	(0.86	)

Funds From Operations	$	1.16		1.10		$	4.20		3.88


Additional Disclosures:
Straight-line rental income	$	1,599,658		1,284,037		$	6,284,649		4,149,768
Above- and below- market rent amortization		593,941		392,381			1,926,078		1,387,009
Pro-rata share of JV straight-line rental income		381,893		580,241			1,884,360		2,069,646
Pro-rata share of JV above- and below- mkt rent amortization		556,613		1,045,135			2,027,968		2,971,854
Provision for loss on sale of operating properties		—		—			—		500,000
Debt premium amortization income		77,459		184,497			459,683		758,581
Stock based compensation expense		2,288,783		2,412,877			9,583,950		9,041,807
Fees earned from 3rd parties as reported for GAAP		8,397,126		7,076,289			33,063,909		31,804,673
Fees earned from 3rd parties, excluding REG owned portion		7,148,389		6,053,636			28,202,441		27,724,823

Capital Expenditures (non-revenue enhancing only):
Leasing commissions—consolidated properties	$	1,842,309		1,834,740		$	7,946,839		6,866,610
Tenant improvements—consolidated properties		444,755		1,156,072			4,111,648		3,857,759
Building improvements—consolidated properties		4,442,356		4,536,447			11,003,685		10,153,860
Pro-rata share of unconsolidated leasing commissions		431,966		366,092			1,630,608		1,699,825
Pro-rata share of unconsolidated tenant improvements		150,948		165,832			720,881		537,112
Pro-rata share of unconsolidated building improvements		1,745,459		907,621			2,814,391		2,010,039

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

Consolidated Statements of Operations (GAAP Basis)

For the Periods Ended December 31, 2007 and 2006


	Three Months Ended					Year to Date
	2007			2006		2007			2006
Revenues:
Minimum rent	$	84,475,702		75,766,185		$	320,322,518		294,727,631
Percentage rent		2,695,390		2,526,657			4,661,067		4,428,181
Recoveries from tenants and other income		24,227,924		23,791,248			93,460,410		86,006,918
Management fees and commissions		8,397,126		7,076,289			33,063,909		31,804,673

Total revenues		119,796,142		109,160,379			451,507,904		416,967,403


Operating Expenses:
Depreciation and amortization		25,542,043		21,754,146			93,256,947		84,159,681
Operating and maintenance		16,736,183		14,820,178			56,930,365		50,980,668
General and administrative		13,217,249		13,097,080			50,580,448		45,495,194
Real estate taxes		11,441,693		11,429,702			45,915,616		42,795,925
Other operating expense		6,734,262		11,362,828			10,080,543		15,927,733

Total operating expenses		73,671,430		72,463,934			256,763,919		239,359,201


Other Expense (Income):
Interest expense, net of interest income		22,278,971		20,506,004			82,494,061		79,769,523
Gain on sale of properties		(17,629,255	)	(24,913,000	)		(52,215,431	)	(65,599,532	)

Total other expense (income)		4,649,716		(4,406,996	)		30,278,630		14,169,991

Income before minority interests		41,474,996		41,103,441			164,465,355		163,438,211

Minority interest of preferred units		(931,272	)	(931,248	)		(3,725,016	)	(3,724,992	)
Minority interest of exchangeable operating partnership units		(355,935	)	(421,207	)		(1,424,234	)	(2,045,015	)
Minority interest of limited partners		(233,176	)	(71,833	)		(990,417	)	(4,862,799	)
Equity in income of investments in real estate partnerships		11,847,262		1,584,845			18,092,687		2,580,176

Income from continuing operations		51,801,875		41,263,998			176,418,375		155,385,581


Discontinued Operations:
Operating income from discontinued operations		242,144		211,482			1,946,983		4,758,507
Gain on sale of properties		3,435,633		24,904,230			25,284,979		58,367,349

Income from discontinued operations		3,677,777		25,115,712			27,231,962		63,125,856

Net income		55,479,652		66,379,710			203,650,337		218,511,437

Preferred stock dividends		(4,918,787	)	(4,918,831	)		(19,675,160	)	(19,675,160	)

Net income for common stockholders	$	50,560,865		61,460,879		$	183,975,177		198,836,277

These consolidated statement 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, 2007


Total Debt Outstanding:	12/31/07		12/31/06
Mortgage loans payable:
Fixed rate secured loans	$	196,914,814	186,896,641
Variable rate secured loans		5,820,786	68,661,970
Unsecured debt offering fixed rate		1,597,239,313	1,198,826,887
Unsecured line of credit variable rate		208,000,000	121,000,000

Total	$	2,007,974,913	1,575,385,498



Schedule of Maturities by Year:	Scheduled Amortization		Unsecured Line of Credit	Term Maturities		Total
2008		4,270,142	—	19,401,864		23,672,006
2009		4,079,103	—	58,606,445		62,685,548
2010		4,038,334	—	176,970,995		181,009,329
2011		3,830,258	208,000,000	251,132,981		462,963,239
2012		4,042,724	—	249,849,764		253,892,488
2013		3,640,213	—	16,351,517		19,991,730
2014		2,240,476	—	163,590,871		165,831,347
2015		1,499,834	—	400,397,813		401,897,647
2016		1,171,223	—	14,113,475		15,284,698
2017		822,070	—	414,141,594		414,963,664
>10 years		175,542	—	6,110,159		6,285,701
Net unamortized debt discount			—	(502,484	)	(502,484	)

	$	29,809,919	208,000,000	1,770,164,994		2,007,974,913



	12/31/07		12/31/06
Percentage of Total Debt:
Fixed	89.35	%	87.96	%
Variable	10.65	%	12.04	%

Current Average Interest Rates:⁽¹⁾
Fixed	6.37	%	6.53	%
Variable	5.41	%	5.88	%
Effective Interest Rate	6.27	%	6.45	%

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


Average Maturity Date:
Fixed	January 4, 2014	October 28, 2012
Variable	January 24, 2011	May 16, 2007

Summary of Consolidated Debt

December 31, 2007


Lender	Secured Property	Rate		Maturity	12/31/07			12/31/06
Fixed Rate Loans:
Teachers Ins & Annuity of America	Kernersville Plaza	8.730	%	04/01/07	$	—		4,424,836
Teachers Ins & Annuity of America	Maynard Crossing	8.735	%	04/01/07		—		9,931,034
Principal Mutual Life Insurance Co.	Shoppes at Mason	7.240	%	12/10/07		—		3,599,619
Principal Mutual Life Insurance Co.	Lake Pine Plaza	7.240	%	12/10/07		—		5,516,940
Northwestern Mutual Life Insurance Co.	Sterling Ridge	6.640	%	07/01/08		10,089,644		10,260,062
Allstate Insurance Company of America	Alden Bridge	6.750	%	08/01/08		9,527,946		9,733,371
Debt Offering	Unsecured	7.750	%	04/01/09		50,000,000		50,000,000
Allstate Insurance Company of America	Ashford Place	8.950	%	08/01/09		3,314,671		3,521,405
Northwestern Mutual Life Insurance Co.	Panther Creek	7.830	%	04/01/10		9,974,030		10,096,606
Debt Offering	Unsecured	8.450	%	09/01/10		149,928,075		149,900,488
Principal Mutual Life Insurance Co.	Russell Ridge	7.970	%	12/15/10		5,530,756		5,663,574
Debt Offering	Unsecured	8.000	%	12/15/10		10,000,000		10,000,000
Principal Mutual Life Insurance Co.	Powers Ferry Village	7.970	%	12/15/10		2,513,979		2,574,351
Debt Offering	Unsecured	7.950	%	01/15/11		219,906,920		219,876,332
Wachovia Securities	Market at Opitz Crossing	7.300	%	03/01/11		11,886,679		12,053,230
Debt Offering	Unsecured	7.250	%	12/12/11		19,950,021		19,937,520
Debt Offering	Unsecured	6.750	%	01/15/12		249,849,764		249,812,500
PNC Bank	Gateway Shopping Center	7.110	%	05/01/13		20,765,803		21,427,100
Allstate Insurance Company of America	North Hills Town Center	7.370	%	01/01/14		5,612,864		6,103,099
TIAA	Northgate Square	5.640	%	01/10/14		6,716,101		—
Debt Offering	Unsecured	4.950	%	04/15/14		149,762,887		149,724,862
Northwestern Mutual Life Insurance Co.	Belleview Square	6.200	%	07/01/14		9,038,367		9,341,372
Aid Association of Lutherans	Murrayhill Marketplace	5.220	%	01/01/15		8,448,434		8,647,053
United of Omaha Life Insurance Co.	Fleming Island	7.400	%	02/05/15		2,076,250		2,288,178
Escrow Bank, USA	Twin City Plaza	5.650	%	04/06/15		44,000,000		44,000,000
Debt Offering	Unsecured	5.250	%	08/01/15		349,625,018		349,575,185
Municipal Tax Bonds Payable	Friar’s Mission	7.600	%	09/02/15		874,762		949,485
Aid Association of Lutherans	Woodman Van-Nuys	8.800	%	09/15/15		—		4,218,054
GMAC	Naples Walk	6.150	%	08/11/16		17,968,547		—
Jefferson Pilot	Peartree Village	8.400	%	06/01/17		10,656,966		10,978,707
Debt Offering	Unsecured	5.875	%	06/15/17		398,216,628		—
Metropolitan Life Insurance Company	Corkscrew Village	6.170	%	08/01/17		9,473,223		—
TIAA	Westchase	5.520	%	07/10/18		8,948,276		—
Net unamortized (discounts) premiums on assumed debt of acquired properties						(502,484	)	1,568,565

Total Fixed Rate Debt					$	1,794,154,127		1,385,723,528


Variable Rate Loans:
Wells Fargo Bank	$35 Million (Various properties)	LIBOR + 0.90	%	07/13/07		—		35,000,000
Commerz Bank	Anthem Marketplace	LIBOR + 1.30	%	10/27/07		—		14,869,966
Commerz Bank	Shops at Arizona	LIBOR + 1.30	%	10/27/07		—		4,713,791
Commerz Bank	Shops of Santa Barbara	LIBOR + 1.30	%	10/27/07		—		7,916,243
First Star Bank	Hampstead Village	LIBOR + 1.00	%	05/01/09		5,820,786		6,161,970
Wells Fargo Bank	$600 Million Line of Credit	LIBOR + 0.55	%	02/11/11	$	208,000,000		121,000,000

Total Variable Rate Debt					$	213,820,786		189,661,970

Total					$	2,007,974,913		1,575,385,498

Summary of Preferred Units and Stock

December 31, 2007


	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	1/1/2016	$	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, 2007


Date	Property Name	JV	City/State	Total GLA	Purchase Price		Regency’s Share		Yield		Anchor Tenant
Consolidated:
Apr-07	Fairfax Shopping Center		Fairfax, VA	85,482	$	26,969,000	$	26,969,000	6.76	%⁽¹⁾	NA
Jun-07	Corkscrew Village		Ft. Myers, FL	82,011	$	16,081,663	$	16,081,663	5.73	%	Publix
Jul-07	Northgate Shopping Center		Tampa, FL	75,495	$	14,518,032	$	14,518,032	5.73	%	Publix
Jul-07	Publix at Westchase		Tampa, FL	75,998	$	15,299,555	$	15,299,555	5.73	%	Publix
Jul-07	Naples Shopping Center		Naples, FL	125,490	$	33,115,895	$	33,115,895	5.73	%	Publix

	Total			444,476	$	105,984,145	$	105,984,145	5.99	%


Unconsolidated:
Acquisitions from 3rd Parties:
Jan-07	Centennial Crossroads	Macquarie	Las Vegas, NV	105,414	$	23,000,000	$	5,750,000	6.20	%	Vons, Target (NAP)
Apr-07	Shorewood Crossing II	Oregon	Chicago, IL	86,276	$	12,000,000	$	2,400,000	7.44	%	Staples, PETCO
Aug-07	DESCO Portfolio (32 Centers)	MCW-DESCO	St. Louis, MO	2,987,253	$	396,200,000	$	64,778,700	6.30	%	Schnucks
Dec-07	Cochran Commons	Oregon	Charlotte, NC	60,020	$	14,500,000	$	2,900,000	6.60	%	Harris Teeter
Dec-07	King Plaza	Oregon	Roswell, GA	81,432	$	14,243,292	$	2,848,658	7.00	%	Publix
Dec-07	Island Crossing	Oregon	Hobe Sound, FL	58,455	$	6,535,987	$	1,307,197	7.00	%	Publix
Dec-07	Lost Mountain	Oregon	Powder Springs, GA	72,568	$	10,823,194	$	2,164,639	7.00	%	Publix
Dec-07	Surfside Beach	Oregon	Surfside Beach, SC	59,880	$	9,137,178	$	1,827,436	7.00	%	Bi-Lo
Dec-07	Raley’s Supermarket	Oregon	Placerville, CA	62,827	$	8,172,158	$	1,634,432	7.00	%	Raley’s
Dec-07	Highland Knolls	Oregon	Katy, TX	87,469	$	13,238,191	$	2,647,638	7.00	%	Randalls

	Total			3,661,594	$	507,850,000	$	88,258,700	6.43	%

Regency Contributions:
Mar-07	Vista Village	RRP	Vista, CA	184,009	$	60,988,000	$	12,197,600	6.02	%	Krikorian Theatres, Sprouts Market
Sep-07	Orchards Market Center	RRP	Portland, OR	51,959	$	8,919,000	$	1,783,800	6.56	%	PETCO, Jo-Ann Fabrics
Dec-07	Orchards Market Center Ph 2	RRP	Portland, OR	48,704	$	9,491,000	$	1,898,200	6.40	%	Sportsman's Warehouse
Dec-07	Falcon Ridge Ph 2	RRP	Fontana, CA	66,864	$	26,927,000	$	5,385,400	6.11	%	CVS, 24 Hour Fitness
Dec-07	Fortuna	RRP	Washington DC	90,131	$	20,050,000	$	4,010,000	6.45	%	Shoppers Food, Target (NAP)

	Total			441,667	$	126,375,000	$	25,275,000	6.17	%

	Total Acquisitions from 3rd Parties			4,106,070	$	613,834,145	$	194,242,845	6.19	%

	Total Acquisitions including Regency Contributions			4,547,737	$	740,209,145	$	219,517,845	6.19	%

RRP—Regency owns 20%

Oregon—Regency owns 20%

Macquarie—Regency owns 25%

MCW-DESCO—Regency owns 16.4%

(1)	Fairfax will be redeveloped. Reported yield is estimated at completion of redevelopment.

Operating Property Dispositions

December 31, 2007


Date	Property Name	JV	City/State	GLA	Sales Price		Regency’s Share of Sales Price		Cap Rate		Anchor Tenant
Consolidated:
Apr-07	Regency Court		Jacksonville, FL	218,649	$	25,254,000	$	25,254,000	7.97	%	Sports Authority
Jul-07	Valley Ranch		Coppell, TX	117,187	$	15,850,000	$	15,850,000	7.32	%	Tom Thumb

				335,836	$	41,104,000	$	41,104,000	7.72	%

Unconsolidated:
Mar-07	Somerset Crossing	Macquarie	Gainesville, VA	104,128	$	33,350,000	$	8,337,500	5.97	%	Shoppers Food
Jul-07	Jetton Village	CalSTRS	Cornelius, NC	70,097	$	13,200,000	$	3,300,000	6.32	%	Harris Teeter
Aug-07	First Colony	MCW II	Houston, TX	111,675	$	13,500,000	$	3,368,250	7.42	%	Randalls - dark
Nov-07	Brookwood Village	Macquarie	Atlanta, GA	28,774	$	9,807,692	$	2,451,923	6.84	%	N/A
Nov-07	Cobb Center	Macquarie	Smyrna, GA	69,547	$	7,600,962	$	1,900,240	6.84	%	Publix
Nov-07	Greystone Village	Macquarie	Raleigh, NC	85,665	$	12,380,614	$	3,095,153	6.84	%	Food Lion
Nov-07	Highland Square	Macquarie	Jacksonville, FL	262,195	$	35,904,963	$	8,976,241	6.84	%	Publix
Nov-07	North Pointe	Macquarie	Columbia, SC	64,257	$	7,846,154	$	1,961,538	6.84	%	Publix
Nov-07	Peachtree Parkway	Macquarie	Norcross, GA	95,509	$	12,259,615	$	3,064,904	6.84	%	N/A
Nov-07	Poplar Springs	Macquarie	Spartanburg, SC	64,038	$	7,850,000	$	1,962,500	6.84	%	Publix
Nov-07	Bethesda Walk	Macquarie	Lawerenceville, GA	68,271	$	10,350,000	$	2,587,500	6.84	%	Publix

				1,024,156	$	164,050,000	$	41,005,750	6.67	%

	Total Dispositions			1,359,992	$	205,154,000	$	82,109,750	7.19	%

Macquarie—Regency owns 25%

MCW II—Regency owns 24.95%

CalSTRS—Regency owns 25%

Development Sales

December 31, 2007


Date	Property Name	JV	City/State	GLA	Sales Price		Regency’s Share of Sales Price		Regency’s Average Cap Rate		Anchor Tenant
Sales to Co-investment Partnerships:
Mar-07	Vista Village	RRP	Vista, CA	184,009	$	60,988,000	$	48,790,400	6.02	%	Krikorian Theatres, Sprouts Market
Sep-07	Orchard Market Center	RRP	Portland, OR	51,959	$	8,919,000	$	7,135,200	6.56	%	PETCO, Jo-Ann Fabrics
Dec-07	Orchards Market Center Ph 2	RRP	Portland, OR	48,704	$	9,491,000	$	7,592,800	6.40	%	Sportsman’s Warehouse
Dec-07	Falcon Ridge Ph 2	RRP	Fontana, CA	66,864	$	26,927,000	$	21,541,600	6.11	%	CVS, 24 Hour Fitness
Dec-07	Fortuna	RRP	Washington DC	90,131	$	20,050,000	$	16,040,000	6.45	%	Shoppers Food, Target (NAP)

				441,667	$	126,375,000	$	101,100,000	6.17	%


Sales to Third Parties:
May-07	Alameda Bridgeside Shopping Center		Alameda, CA	105,118	$	40,500,000	$	40,500,000	5.84	%	Nob Hill
Jun-07	Spring West Center		Spring, TX	144,060	$	18,570,000	$	18,570,000	NA
Dec-07	Soquel Canyon Crossings		Chino Hills, CA	38,926	$	16,100,000	$	16,100,000	5.92	%	Rite Aid
Dec-07	Shops of San Marco		Delray Beach, FL	81,916	$	22,000,000	$	11,000,000	6.40	%	Publix
Dec-07	Amherst Street Village Center		Nashua, NH	33,481	$	9,730,000	$	9,730,000	7.00	%	Petsmart, Walgreens

				403,501	$	106,900,000	$	95,900,000	6.08	%

	Total Development Sales			845,168	$	233,275,000	$	197,000,000	6.13	%

RRP—Regency owns 20%

Note: See Acquisitions on page 11 for additional information on sales to co-investment partnerships.

In-Process Developments

December 31, 2007


Project Name	State	CBSA	Anchor Tenant	Anchor Opens	Est. Net Dev Costs After Partner Participation		Est. Gross Costs		Est. Gross Costs to Complete(1)		NOI Yield Before Partner Participation		NOI Yield After Partner Participation		Company Owned GLA	Company Owned % Leased		Gross GLA	Gross % Leased
Applegate Ranch Shopping Center	CA	Merced	Home Depot, Target	07/01/08	$	44,837,512	$	69,605,550	$	33,559,503	9.13	%	9.13	%	179,131	28	%	498,823	74	%
Golden Hills Promenade	CA	San Luis Obispo- Pasa Robles	Lowe’s	12/01/08		38,454,559		44,040,084		26,341,344	9.34	%	8.45	%	290,888	60	%	290,888	60	%
Highland	CA	Riverside-San Bernardino- Ontario	LA Fitness	04/01/09		23,881,224		25,332,298		22,565,777	8.70	%	8.70	%	92,450	49	%	92,450	49	%
Indio Towne Center	CA	Riverside-San Bernardino-Ontario	WinCo Foods	09/01/08		78,615,682		100,345,139		68,632,021	9.29	%	9.29	%	355,469	30	%	591,303	58	%
Jefferson Square	CA	Riverside-San Bernardino- Ontario	Fresh & Easy	03/01/09		23,722,922		24,912,922		20,597,155	9.31	%	7.86	%	102,832	14	%	102,832	14	%
Plaza Rio Vista	CA	Riverside-San Bernardino-Ontario	Stater Bros.	05/01/08		16,859,173		19,326,885		10,173,632	8.09	%	7.92	%	72,619	69	%	79,519	63	%
Shops at Santa Barbara	CA	Santa Barbara-Santa Maria-Goleta	Whole Foods	06/01/10		39,044,066		46,191,031		27,216,672	7.78	%	7.78	%	63,657	95	%	63,657	95	%
Vine at Castaic	CA	Los Angeles-Long Beach-Santa Ana	NA	10/01/07		10,841,444		12,247,355		1,803,322	9.14	%	8.35	%	30,236	83	%	33,736	84	%
Centerplace of Greeley III	CO	Greeley	Best Buy, Sports Authority	11/01/08		20,986,908		23,701,952		18,705,140	9.28	%	9.28	%	119,014	61	%	119,014	61	%
Falcon Highlands Marketplace	CO	Colorado Springs	Wal-Mart	08/01/07		3,897,949		10,800,983		668,992	11.91	%	11.91	%	22,491	59	%	206,796	96	%
Loveland Shopping Center	CO	Fort Collins- Loveland	Gold’s Gym	12/01/06		7,115,545		7,160,545		534,008	10.70	%	10.70	%	93,142	45	%	93,142	45	%
Caligo Crossing	FL	Miami-Fort Lauderdale-Miami Beach	Kohl’s	10/01/08		2,995,922		22,826,365		5,533,192	10.45	%	10.45	%	10,800	0	%	108,965	90	%
First Street Village	FL	Cape Coral-Fort Myers	Publix	11/01/07		12,017,170		17,228,202		1,913,085	7.61	%	7.61	%	54,926	83	%	54,926	83	%
Hibernia Pavilion	FL	Jacksonville	Publix	06/01/08		9,486,279		10,869,237		6,301,666	8.81	%	8.81	%	51,298	76	%	51,298	76	%
Hibernia Plaza	FL	Jacksonville	Walgreens	09/01/07		1,489,243		5,913,352		177,903	11.99	%	11.99	%	8,400	33	%	23,220	76	%
Horton’s Corner	FL	Jacksonville	Walgreens	09/01/08		4,626,635		6,126,635		3,920,410	8.21	%	8.21	%	14,820	100	%	14,820	100	%
Nocatee Town Center	FL	Jacksonville	Publix	07/01/09		18,451,148		20,951,148		14,176,978	9.26	%	9.11	%	81,082	67	%	81,082	67	%
Oakleaf Plaza	FL	Jacksonville	Publix	09/01/07		11,304,601		19,442,575		2,429,871	10.46	%	10.46	%	73,719	79	%	88,539	83	%
Spring Hill Ph I	FL	Tampa-St. Petersburg- Clearwater	Kohl’s	10/01/08		9,075,289		12,527,969		9,344,101	9.03	%	9.03	%	108,317	91	%	108,317	91	%
Chapel Hill Centre	GA	Atlanta-Sandy Springs-Marietta	Kohl’s	10/01/06		9,996,674		15,110,729		3,498,840	7.20	%	7.20	%	66,970	90	%	189,683	96	%
Airport Crossing	IN	Chicago-Naperville- Joliet	Kohl’s	10/01/07		4,098,211		7,814,765		1,296,407	9.89	%	8.93	%	11,922	0	%	101,833	88	%
Walton Towne Center	KY	Cincinnati- Middletown	Kroger	11/01/08		5,364,199		12,646,424		4,358,212	10.25	%	10.25	%	23,122	0	%	139,554	83	%
Shops at Saugus	MA	Boston-Cambridge- Quincy	La-Z-Boy	09/01/08		36,776,407		36,776,407		20,724,506	7.19	%	7.00	%	94,194	41	%	97,394	43	%
Village at Lee Airport	MD	Baltimore-Towson	Giant	01/01/09		25,556,625		25,686,625		22,979,053	9.50	%	9.31	%	129,340	77	%	204,340	86	%
State Street Crossing	MI	Ann Arbor	Wal-Mart	02/01/09		6,951,281		9,231,281		3,399,273	8.89	%	8.89	%	21,049	35	%	168,540	92	%
Harris Crossing	NC	Burlington	Harris Teeter	11/01/09		11,714,092		11,714,092		11,134,279	9.04	%	9.04	%	76,818	69	%	76,818	69	%
Middle Creek Commons	NC	Raleigh-Cary	Lowes Foods	11/01/07		12,927,204		12,927,204		1,117,694	9.82	%	9.82	%	73,635	78	%	73,635	78	%
Merrimack Shopping Center	NH	Manchester-Nashua	Shaw’s	05/01/06		13,577,329		13,721,453		471,255	8.13	%	8.13	%	91,692	75	%	91,692	75	%
Anthem Highland	NV	Las Vegas-Paradise	Albertsons	01/01/07		20,581,279		23,945,098		443,276	12.37	%	10.18	%	119,313	90	%	125,313	90	%
Deer Springs Town Center	NV	Las Vegas-Paradise	Target, Home Depot	11/01/08		121,930,689		138,023,989		81,997,385	9.10	%	9.10	%	556,359	24	%	688,719	39	%
Red Bank Village	OH	Cincinnati- Middletown	Wal-Mart	03/01/09		17,650,096		28,946,589		7,378,498	9.73	%	9.73	%	215,219	86	%	215,219	86	%
Wadsworth Crossing	OH	Cleveland-Elyria- Mentor	Bed Bath & Beyond, Office Max	02/01/07		26,516,899		26,516,899		3,406,059	8.31	%	8.02	%	107,731	71	%	474,453	93	%
Corvallis Market Center	OR	Corvallis	Michaels, TJ Maxx	03/01/08		17,153,466		17,153,466		7,296,535	8.03	%	8.03	%	82,671	81	%	82,671	81	%
Hillsboro	OR	Portland- Vancouver- Beaverton	Best Buy, Sports Authority	04/01/08		17,906,747		17,906,747		2,614,216	11.41	%	11.41	%	76,844	100	%	76,844	100	%
Kulpsville Village Center	PA	Philadelphia- Camden- Wilmington	Walgreens	08/01/08		5,264,540		8,557,208		3,900,250	8.45	%	8.45	%	14,820	100	%	14,820	100	%
Lower Nazareth Commons	PA	Allentown- Bethlehem-Easton	Target	08/01/09		28,735,977		40,941,791		40,192,814	8.51	%	8.51	%	106,462	0	%	239,462	56	%
Market at Buckwalter Place	SC	Hilton Head Island- Beaufort	Publix	09/01/08		14,305,059		16,384,222		11,254,442	9.44	%	9.44	%	79,302	61	%	79,302	61	%
Lebanon Center	TN	Nashville-Davidson- Murfreesboro	Publix	09/01/07		10,132,523		10,519,695		398,428	9.28	%	9.28	%	63,802	78	%	63,802	78	%

In-Process Developments

December 31, 2007


Project Name	State	CBSA	Anchor Tenant	Anchor Opens	Est. Net Dev Costs After Partner Participation		Est. Gross Costs		Est. Gross Costs to Complete(1)		NOI Yield Before Partner Participation		NOI Yield After Partner Participation		Company Owned GLA	Company Owned % Leased		Gross GLA	Gross % Leased
Hickory Creek Plaza	TX	Dallas-Fort Worth- Arlington	Kroger	11/01/08		8,138,787		12,000,247		6,874,140	10.37	%	10.37	%	28,134	16	%	109,398	78	%
Rockwall Town Center	TX	Dallas-Fort Worth- Arlington	Kroger	03/01/06		8,677,869		12,882,618		422,733	10.70	%	10.70	%	45,969	80	%	119,739	92	%
Shops at Highland Village	TX	Dallas-Fort Worth- Arlington	AMC Theater, Barnes & Noble	10/01/07		93,712,632		102,765,753		19,336,022	8.70	%	8.49	%	351,906	77	%	351,906	77	%
South Shore Marketplace	TX	Houston-Baytown- Sugar Land	Kroger	04/01/07		5,401,737		10,028,593		696,486	14.03	%	14.03	%	27,939	73	%	109,409	93	%
Waterside Marketplace	TX	Houston-Baytown- Sugar Land	Kroger	03/01/09		6,972,791		12,142,720		7,241,367	11.58	%	11.58	%	24,520	19	%	127,504	84	%
Westwood Village	TX	Houston-Baytown- Sugar Land	Target, TJ Maxx, Ross	03/01/08		35,357,923		56,562,846		12,402,134	8.90	%	8.90	%	184,176	77	%	311,050	86	%
Culpeper Colonnade	VA	None	PetSmart, Target	03/01/07		20,842,375		27,586,986		3,628,904	8.43	%	8.02	%	93,368	68	%	220,675	87	%
Shops at Stonewall	VA	Washington- Arlington- Alexandria	Wegmans	01/01/09		51,753,415		51,954,245		28,033,537	9.02	%	9.02	%	318,682	76	%	318,682	76	%
Lynnwood	WA	Seattle-Tacoma- Bellevue	H Mart	07/01/08		9,385,752		9,385,752		993,213	12.51	%	12.51	%	77,028	100	%	77,028	100	%
Orchards Phase II—LA Fitness	WA	Portland- Vancouver- Beaverton	LA Fitness	06/01/09		15,728,105		15,728,105		4,882,749	8.88	%	8.88	%	77,478	90	%	77,478	90	%
Puyallup	WA	Seattle-Tacoma- Bellevue	JCPenney	03/01/08		7,022,190		7,022,190		378,545	10.37	%	10.37	%	76,682	100	%	76,682	100	%

Total Consolidated					$	1,047,836,147	$	1,292,134,968	$	587,346,022	9.11	%	8.94	%	5,142,438	61	%	7,806,972	74	%

Canopy Oak Center	FL	Ocala	Publix	09/01/08		18,747,058		19,239,265		13,076,475	9.66	%	9.66	%	90,043	62	%	90,043	62	%

Total Unconsolidated					$	18,747,058	$	19,239,265	$	13,076,475	9.66	%	9.66	%	90,043	62	%	90,043	62	%

Total					$	1,066,583,205	$	1,311,374,233	$	600,422,497	9.12	%	8.96	%	5,232,481	61	%	7,897,015	74	%

Notes:

New starts for the quarter are in bold.

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

(2)	The NOI Yield on total costs after allocating land basis for outparcel proceeds is estimated to be 8.33%.

Projected Development Funding, Stabilizations and Land Held

December 31, 2007

In-Process Developments Projected Funding ⁽¹⁾

($ Thousands)


Q1 2008E	Q2 2008E		Q3 2008E		Q4 2008E		2009+E
$60,000 - $80,000	$	55,000 - $75,000	$	45,000 - $65,000	$	30,000 - $50,000	$	360,000 - $380,000

Estimated Development Stabilization Schedule

($ Thousands)


	Stabilized⁽²⁾		Q1 2008E		Q2 2008E		Q3 2008E		Q4 2008E		2009+E
Gross Dev. Costs:			$	15,000 - $25,000	$	40,000 - $50,000	$	20,000 - $70,000	$	45,000 - $150,000	$	1,010,000 - $1,050,000
Net Dev. Costs:	$	470,000	$	15,000 - $20,000	$	40,000 - $45,000	$	20,000 - $55,000	$	40,000 - $130,000	$	805,000 - $845,000

Land Held for Future Development or Sale⁽³⁾

($ Thousands)


# of Projects	Net Development Costs To Date		Est. Net Dev Costs at Completion
19	$	158,748	$	435,000 - $485,000

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

(2)	For-sale or potential joint venture properties already stabilized but not yet sold.

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

Development Stabilizations

December 31, 2007


Stabilization Date	Property Name	State	Anchor Tenant	Anchor Opened	Est. Net Dev Costs After Partner Participation		NOI Yield After Partner Participation		Gross GLA	Gross % Leased
Consolidated:
Mar-07	Shops at Johns Creek	FL	NA	11/01/05	$	3,006,014	10.56	%	15,490	100	%
Jun-07	Alameda Bridgeside Shopping Center	CA	Nob Hill	03/01/07	$	29,488,414	8.03	%	106,118	87	%
Jun-07	Regency Commons	OH	NA	06/01/05	$	7,494,827	9.44	%	30,770	78	%
Jun-07	Soquel Canyon Crossing	CA	Rite Aid	04/01/07	$	9,447,722	9.81	%	38,926	97	%
Jun-07	Spring West Center	TX	NA	NA	$	17,581,497	N/A		29,314	19	%
Jun-07	Vista Village IV	CA	NA	11/01/06	$	4,737,269	7.81	%	17,234	92	%
Sep-07	Augusta Center	IN	Menards	10/01/07	$	7,885,905	8.72	%	228,524	97	%
Sep-07	Clovis	CA	PetSmart, Target	03/01/06	$	43,577,319	8.10	%	326,508	98	%
Sep-07	Marketplace at Briargate	CO	King Soopers	08/01/07	$	5,124,815	13.72	%	95,075	100	%
Sep-07	Silver Spring Square	PA	Target, Wegman’s	07/01/07	$	66,905,503	8.06	%	485,528	97	%
Dec-07	Clayton Valley Shopping Center	CA	Fresh & Easy, Home Depot	12/01/05	$	60,365,175	9.15	%	260,671	93	%
Dec-07	Orangeburg	SC	Walgreens	12/01/07	$	4,167,130	8.18	%	14,820	100	%
Dec-07	Orchards Ph II - Sportsman’s Warehouse	WA	Sportsman’s Warehouse	10/01/06	$	7,026,533	8.65	%	48,704	100	%
Dec-07	Shops at County Center	VA	Harris Teeter	03/01/07	$	17,652,828	11.58	%	106,665	93	%
Dec-07	Tanasbourne Market	OR	Whole Foods	04/01/08	$	13,725,751	8.17	%	71,000	100	%

					$	298,186,701	8.78	%	1,875,347	95	%


Unconsolidated:
Mar-07	Shoppes at Bartram Park Ph II	FL	Publix	10/16/04	$	4,673,432	12.14	%	28,345	100	%
Sep-07	Seal Beach Center	CA	Vons	03/01/08	$	21,405,209	10.98	%	102,235	95	%
Dec-07	Lorton Station Town Center	VA	NA	11/01/07	$	2,290,136	13.02	%	12,630	66	%

					$	28,368,777	11.33	%	143,210	93	%

	Total Development Stabilizations				$	326,555,478	9.02	%	2,018,557	95	%

Unconsolidated Investments

December 31, 2007


									Regency
Co-investment Partner and Portfolio Summary Abbreviation	Property Name	Number of Properties	Total GLA	Total Assets		Total Debt		Lender	Ownership Interest		Share of Debt		Investment 12/31/07			Equity Pick-up
State of Oregon
(JV-C, JV-C2)	Various	27	3,286,583	$	532,369,609	$	254,400,421	Various	20	%	$	50,880,084	$	54,126,814		$	2,628,749
(JV-CCV)	Cameron Village	1	635,918		115,822,004		47,300,000	Wachovia	30	%		14,190,000		20,364,427			(74,265	)

		28	3,922,501		648,191,613		301,700,421

Macquarie CountryWide
(JV-M, JV-MD)	Various	42	4,393,313		611,990,353		374,298,655	Various	25	%		93,574,664		46,710,302			10,328,770
(JV-M2, JV-M3)	Various	96	11,842,083		2,607,529,240		1,608,079,659	Various	24.95	%		401,215,875		215,261,398			(3,169,127	)

		138	16,235,396		3,219,519,593		1,982,378,314

Macquarie CountryWide-DESCO
(JV-D)	Various	32	2,990,381		419,860,472		211,131,073	Various	16.4	%		34,526,113		29,478,413			(465,028	)

CalSTRS
(JV-RC)	Various	8	825,798		167,267,907		86,248,713	Various	25	%		21,562,178		17,110,294			662,217

Regency Retail Partners
(JV-RRP)	Various	7	820,679		209,003,104		105,220,000	Various	20	%		20,988,524		13,296,049			325,861

Publix
(JV-O)	Shoppes at Bartram Park	1	118,014		21,612,068		—	—	50	%		—		10,667,960			379,327
(JV-O)	Valleydale Village	1	118,466		11,954,505		—	—	50	%		—		5,634,103			218,924
(JV-O)	Regency Village	1	83,170		17,893,587		—	—	50	%		—		9,241,168			241,943
(JV-O)	Queensborough	1	82,333		4,677,332		—	—	50	%		—		3,151,818			297,076
(JV-O)	Canopy Oak Center	1	90,043		6,962,275		—	—	50	%		—		3,660,720			(57	)

		5	492,026		63,099,767		—

H.E.B.
(JV-O)	Fairfield Town Center (1)	—	—		9,506,549		—	—	50	%		—		4,978,978			(258	)
(JV-O)	Indian Springs Center	1	136,625		20,172,890		27,000,000	Wells Fargo	50	%		13,500,000		(3,293,034	)		304,652

		1	136,625		29,679,439		27,000,000

Individual Investors
(JV-O)	Shops of San Marco (2)	—	—		297,170		—	—	50	%		—		—			6,831,504
(JV-O)	East San Marco (1)	—	—		10,634,110		5,794,705	Wachovia	50	%		2,897,353		2,520,653			(417,601	)

		219	25,423,406	$	4,767,553,175	$	2,719,473,226				$	653,334,791	$	432,910,064		$	18,092,687

(1)	Land held for future development

(2)	Property sold

Unconsolidated Balance Sheets

December 31, 2007 and 2006


	2007		2006
Assets
Real estate, at cost
Land	$	1,953,369,319	1,879,526,551
Buildings and improvements		2,756,515,019	2,337,053,038

Real estate, at cost		4,709,884,338	4,216,579,589
Less: accumulated depreciation		332,903,974	225,316,286

		4,376,980,364	3,991,263,303
Properties in development		45,552,309	38,125,358

Net real estate investments		4,422,532,673	4,029,388,661

Cash and cash equivalents		45,281,601	43,169,862
Tenant receivables, net of allowance for uncollectible accounts		72,770,126	64,194,166
Deferred costs, less accumulated amortization		24,195,857	21,623,646
Acquired lease intangible assets, net		197,495,461	200,835,015
Other assets		5,277,457	6,463,534

	$	4,767,553,175	4,365,674,884


Liabilities and Equity
Liabilities:
Notes payable	$	2,719,473,226	2,435,229,413
Accounts payable and other liabilities		73,681,789	60,789,208
Tenants’ security and escrow deposits		10,052,109	9,506,071
Acquired lease intangible liabilities, net		86,031,082	69,335,597

Total liabilities		2,889,238,206	2,574,860,289


Equity:
Equity—Regency Centers		459,068,748	460,457,047
Equity—Third parties		1,419,246,221	1,330,357,548

Total equity		1,878,314,969	1,790,814,595

	$	4,767,553,175	4,365,674,884

Unconsolidated Balance Sheets—Regency’s Pro-Rata Share

December 31, 2007 and 2006


	2007		2006
Assets
Real estate, at cost	$	1,132,879,756	1,061,545,851
Less: accumulated depreciation		82,895,413	56,913,660

		1,049,984,343	1,004,632,191
Properties in development		19,331,436	16,702,199

Net real estate investments		1,069,315,779	1,021,334,390

Cash and cash equivalents		11,128,056	11,185,725
Tenant receivables, net of allowance for uncollectible accounts		17,981,106	16,610,936
Deferred costs, less accumulated amortization		6,010,975	5,572,490
Acquired lease intangible assets, net		45,658,514	50,175,502
Other assets		1,778,047	1,924,415

	$	1,151,872,477	1,106,803,457


Liabilities and Equity
Liabilities:
Notes payable	$	653,334,791	610,777,427
Accounts payable and other liabilities		17,833,493	15,805,032
Tenants’ security and escrow deposits		2,517,622	2,461,799
Acquired lease intangible liabilities, net		19,117,823	17,302,152

Total liabilities		692,803,729	646,346,410


Equity:
Equity—Regency Centers		459,068,748	460,457,047

	$	1,151,872,477	1,106,803,457

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, 2007 and 2006


	Three Months Ended					Year to Date
	2007			2006		2007			2006
Revenues:
Minimum rent	$	90,807,400		81,443,826		$	344,320,836		315,701,897
Percentage rent		1,911,801		2,089,199			4,464,873		4,355,227
Recoveries from tenants		27,564,854		23,680,357			96,598,467		87,190,536
Other income		467,513		1,587,970			6,683,381		6,394,388

Total revenues		120,751,568		108,801,352			452,067,557		413,642,048


Operating expenses:
Operating and maintenance		18,530,820		16,060,448			64,916,753		57,843,840
Real estate taxes		15,105,365		13,249,195			53,844,711		48,982,846

Total operating expenses		33,636,185		29,309,643			118,761,464		106,826,686

Net operating income		87,115,383		79,491,709			333,306,093		306,815,362

Other expense (income):
General and administrative		2,170,016		1,119,852			9,892,720		6,838,862
Depreciation and amortization expense		45,346,448		43,367,687			176,596,617		173,811,800
Interest expense, net		35,653,816		31,711,034			135,759,627		125,377,599
Gain on sale of real estate		(27,610,220	)	(2,419,150	)		(38,164,974	)	(9,225,445	)
Other expense		34,726		35,993			137,638		162,118

Total other expense (income)		55,594,786		73,815,416			284,221,628		296,964,934

Net income	$	31,520,597		5,676,293		$	49,084,465		9,850,428

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

For the periods ended December 31, 2007 and 2006


	Three Months Ended					Year to Date
	2007			2006		2007			2006
Revenues:
Minimum rent	$	22,049,708		20,529,706		$	85,169,109		79,801,602
Percentage rent		459,563		500,741			1,101,955		1,078,245
Recoveries from tenants		6,623,936		5,959,334			23,763,325		21,906,945
Other income		110,927		386,289			1,673,819		1,589,202

Total revenues		29,244,134		27,376,070			111,708,208		104,375,994

Operating expenses:
Operating and maintenance		4,564,295		4,075,599			16,188,902		14,698,714
Real estate taxes		3,629,720		3,349,220			13,196,353		12,288,697

Total operating expenses		8,194,015		7,424,819			29,385,255		26,987,411

Net operating income		21,050,119		19,951,251			82,322,953		77,388,583

Other expense (income):
General and administrative		546,756		257,612			2,512,965		1,641,288
Depreciation and amortization expense		10,844,451		10,898,128			43,374,138		43,841,201
Interest expense, net		8,612,461		7,930,973			33,374,289		31,473,332
Gain on sale of real estate		(10,181,992	)	(605,067	)		(12,786,705	)	(2,246,662	)
Other expense (income)		(618,819	)	(115,240	)		(2,244,421	)	99,248

Total other expense (income)		9,202,857		18,366,406			64,230,266		74,808,407

Net income	$	11,847,262		1,584,845		$	18,092,687		2,580,176

Summary of Unconsolidated Debt

December 31, 2007 and 2006


Total Debt Outstanding:	12/31/07			12/31/06
Mortgage loans payable:
Fixed rate secured loans	$	2,544,439,474		2,305,939,793
Variable rate secured loans		65,684,006		47,234,600
Unsecured line of credit variable rate		109,349,746		82,055,020

Total	$	2,719,473,226		2,435,229,413


Percentage of Total Debt:	12/31/07			12/31/06
Fixed		93.56	%	94.69	%
Variable		6.44	%	5.31	%

Current Average Interest Rates:⁽¹⁾
Fixed		5.30	%	5.20	%
Variable		5.75	%	6.43	%
Effective Interest Rate		5.33	%	5.27	%

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


Average Maturity Date:
Fixed	August 20, 2012	April 30, 2012
Variable	February 8, 2010	October 7, 2007

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


Mortgage Loans Payable:
Fixed rate secured loans	$	616,329,920	579,736,139
Variable rate secured loans		10,741,258	11,785,033
Unsecured line of credit variable rate		26,263,613	19,256,255

Total	$	653,334,791	610,777,427

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

December 31, 2007

All numbers are on a same store, cash basis


Total	Leasing Transactions	Sq. Feet	Base Rent Per Sq. Ft.		Prior Rent Per Sq. Ft.		Rent Growth %		Weighted Avg. Lease Term	Tenant Improvements Per Sq. Ft.
4th Quarter 2007	378	1,459,888	$	17.15	$	15.41	11.3	%	5.1	$	1.66
3rd Quarter 2007	355	736,926		18.62		16.38	13.7	%	6.3		2.17
2nd Quarter 2007	416	787,146		18.77		16.34	14.9	%	5.4		2.34
1st Quarter 2007	354	637,035		19.77		17.52	12.8	%	5.8		1.49

Total—12 months	1,503	3,620,995	$	18.57	$	16.43	13.0	%	5.6	$	1.91


New Leases	Leasing Transactions	Sq. Feet	Base Rent Per Sq. Ft.		Prior Rent Per Sq. Ft.		Rent Growth %		Weighted Avg. Lease Term	Tenant Improvements Per Sq. Ft.
4th Quarter 2007	82	190,642	$	23.05	$	19.50	18.2	%	6.9	$	5.02
3rd Quarter 2007	96	214,126		19.40		15.40	26.0	%	8.0		6.78
2nd Quarter 2007	106	166,655		26.92		20.92	28.7	%	6.2		9.34
1st Quarter 2007	96	180,901		23.01		19.68	16.9	%	6.1		4.94

Total—12 months	380	752,324	$	22.99	$	18.82	22.2	%	6.9	$	6.51


Renewals	Leasing Transactions	Sq. Feet	Base Rent Per Sq. Ft.		Prior Rent Per Sq. Ft.		Rent Growth %		Weighted Avg. Lease Term	Tenant Improvements Per Sq. Ft.
4th Quarter 2007	296	1,269,246	$	15.98	$	14.54	9.9	%	4.7	$	0.98
3rd Quarter 2007	259	522,800		18.23		16.66	9.4	%	5.6		0.28
2nd Quarter 2007	310	620,491		16.59		15.01	10.5	%	5.2		0.46
1st Quarter 2007	258	456,134		18.65		16.77	11.2	%	5.7		0.12

Total—12 months	1,123	2,868,671	$	17.30	$	15.70	10.2	%	5.2	$	0.50

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

December 31, 2007

All numbers are on a same store, cash basis


Total	Leasing Transactions	Sq. Feet	Base Rent Per Sq. Ft.		Prior Rent Per Sq. Ft.		Rent Growth %		Weighted Avg. Lease Term	Tenant Improvements Per Sq. Ft.
4th Quarter 2007	378	1,459,888	$	16.60	$	14.89	11.5	%	5.0	$	1.34
3rd Quarter 2007	355	1,188,663		18.47		16.26	13.6	%	6.0		2.22
2nd Quarter 2007	416	1,400,472		18.46		16.09	14.7	%	6.0		2.55
1st Quarter 2007	354	1,112,176		18.31		16.23	12.8	%	5.6		1.10

Total—12 months	1,503	5,161,199	$	17.91	$	15.85	13.0	%	5.6	$	1.81


New Leases	Leasing Transactions	Sq. Feet	Base Rent Per Sq. Ft.		Prior Rent Per Sq. Ft.		Rent Growth %		Weighted Avg. Lease Term	Tenant Improvements Per Sq. Ft.
4th Quarter 2007	82	190,642	$	23.50	$	19.95	17.8	%	6.7	$	5.92
3rd Quarter 2007	96	337,085		18.70		14.85	25.9	%	8.0		6.69
2nd Quarter 2007	106	293,882		24.63		19.37	27.2	%	6.4		9.06
1st Quarter 2007	96	263,648		23.10		19.78	16.8	%	6.0		4.23

Total—12 months	380	1,085,257	$	22.16	$	18.18	21.9	%	6.9	$	6.56


Renewals	Leasing Transactions	Sq. Feet	Base Rent Per Sq. Ft.		Prior Rent Per Sq. Ft.		Rent Growth %		Weighted Avg. Lease Term	Tenant Improvements Per Sq. Ft.
4th Quarter 2007	296	1,269,246	$	15.53	$	14.13	9.9	%	4.8	$	0.65
3rd Quarter 2007	259	851,578		18.38		16.80	9.4	%	5.1		0.45
2nd Quarter 2007	310	1,106,590		16.82		15.22	10.5	%	5.9		0.82
1st Quarter 2007	258	848,528		16.82		15.12	11.2	%	5.5		0.13

Total—12 months	1,123	4,075,942	$	16.78	$	15.23	10.2	%	5.3	$	0.55

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

December 31, 2007


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	78,006	0.2	%	80.3	%	$	724,012	0.2	%	$	11.56
Arizona	4	409,967	1.3	%	99.0	%		6,209,936	1.5	%		17.37
California	73	6,603,674	20.8	%	87.9	%		109,135,406	26.8	%		21.52
Colorado	22	1,558,728	4.9	%	89.6	%		16,951,337	4.2	%		12.98
Connecticut	1	44,875	0.1	%	100.0	%		1,004,957	0.2	%		22.39
Delaware	5	343,801	1.1	%	94.9	%		4,295,970	1.1	%		13.12
District of Columbia	2	9,903	0.0	%	78.2	%		384,860	0.1	%		48.97
Florida	60	4,878,500	15.3	%	94.1	%		54,284,916	13.3	%		12.89
Georgia	30	1,706,758	5.4	%	93.3	%		24,080,589	5.9	%		15.56
Illinois	24	949,703	3.0	%	93.6	%		10,791,360	2.7	%		12.53
Indiana	6	102,240	0.3	%	66.1	%		1,259,924	0.3	%		18.64
Kentucky	3	98,790	0.3	%	72.6	%		672,547	0.2	%		9.38
Maryland	18	600,518	1.9	%	92.1	%		7,582,189	1.9	%		16.78
Massachusetts	3	412,953	1.3	%	81.3	%		4,538,142	1.1	%		15.26
Michigan	4	303,457	1.0	%	89.6	%		3,523,087	0.9	%		13.32
Minnesota	3	120,835	0.4	%	96.2	%		1,447,347	0.4	%		12.48
Missouri	23	371,537	1.2	%	97.9	%		3,253,224	0.8	%		10.15
Nevada	3	700,438	2.2	%	37.9	%		1,622,654	0.4	%		15.36
New Hampshire	1	91,692	0.3	%	74.8	%		778,200	0.2	%		11.94
New Jersey	2	39,042	0.1	%	95.2	%		606,756	0.1	%		16.32
North Carolina	16	1,336,163	4.2	%	93.1	%		15,954,184	3.9	%		13.44
Ohio	16	2,072,233	6.5	%	85.8	%		16,877,050	4.1	%		11.47
Oregon	11	822,648	2.6	%	97.2	%		9,218,328	2.3	%		15.58
Pennsylvania	14	799,767	2.5	%	80.1	%		11,532,562	2.8	%		18.66
South Carolina	9	282,520	0.9	%	86.9	%		2,529,440	0.6	%		12.84
Tennessee	8	504,664	1.6	%	95.2	%		6,350,122	1.6	%		13.27
Texas	38	3,707,485	11.7	%	89.4	%		52,714,667	13.0	%		16.74
Virginia	34	1,994,775	6.3	%	91.4	%		26,358,981	6.5	%		17.69
Washington	14	778,538	2.4	%	98.5	%		11,761,783	2.9	%		19.18
Wisconsin	2	67,147	0.2	%	97.7	%		489,564	0.1	%		7.46

Total All Properties	451	31,791,357	100.0	%	89.4	%	$	406,934,093	100.0	%	$	15.98

(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, 2007


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	193,558	0.4	%	83.5	%	$	1,852,447	0.3	%	$	11.46
Arizona	4	496,073	1.0	%	98.8	%		7,441,065	1.1	%		16.83
California	73	9,615,484	18.8	%	89.9	%		161,200,712	24.1	%		20.58
Colorado	22	2,424,813	4.7	%	91.4	%		27,108,205	4.1	%		12.96
Connecticut	1	179,860	0.4	%	100.0	%		4,027,884	0.6	%		22.39
Delaware	5	654,779	1.3	%	89.7	%		7,858,424	1.2	%		13.28
District of Columbia	2	39,646	0.1	%	79.4	%		1,541,236	0.2	%		48.98
Florida	60	6,137,127	12.0	%	94.2	%		68,914,564	10.3	%		12.82
Georgia	30	2,628,658	5.1	%	94.0	%		35,491,809	5.3	%		14.63
Illinois	24	2,901,849	5.7	%	94.5	%		32,861,664	4.9	%		12.14
Indiana	6	273,256	0.5	%	81.9	%		3,552,154	0.5	%		15.88
Kentucky	3	325,792	0.6	%	88.1	%		2,690,189	0.4	%		9.38
Maryland	18	2,058,337	4.0	%	95.0	%		30,759,266	4.6	%		16.62
Massachusetts	3	561,176	1.1	%	86.2	%		6,016,489	0.9	%		13.50
Michigan	4	303,457	0.6	%	89.6	%		3,523,087	0.5	%		13.32
Minnesota	3	483,938	0.9	%	96.2	%		5,797,205	0.9	%		12.49
Missouri	23	2,265,472	4.4	%	97.9	%		19,836,731	3.0	%		10.15
Nevada	3	774,736	1.5	%	43.7	%		2,621,906	0.4	%		14.72
New Hampshire	1	91,692	0.2	%	74.8	%		778,200	0.1	%		11.94
New Jersey	2	156,482	0.3	%	95.2	%		2,431,887	0.4	%		16.32
North Carolina	16	2,180,033	4.3	%	92.7	%		26,812,875	4.0	%		13.63
Ohio	16	2,270,932	4.4	%	86.7	%		17,593,242	2.6	%		11.43
Oregon	11	1,088,697	2.1	%	96.9	%		12,596,507	1.9	%		14.90
Pennsylvania	14	1,596,969	3.1	%	87.4	%		22,069,251	3.3	%		16.11
South Carolina	9	547,735	1.1	%	92.5	%		5,622,677	0.8	%		12.27
Tennessee	8	576,614	1.1	%	95.7	%		7,241,498	1.1	%		13.17
Texas	38	4,524,621	8.9	%	90.7	%		64,522,463	9.7	%		16.43
Virginia	34	4,153,392	8.1	%	93.8	%		63,405,322	9.5	%		18.13
Washington	14	1,332,518	2.6	%	98.5	%		19,970,771	3.0	%		17.24
Wisconsin	2	269,128	0.5	%	97.7	%		1,962,179	0.3	%		7.46

Total All Properties	451	51,106,824	100.0	%	91.7	%	$	668,101,910	100.0	%	$	15.43

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

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

Portfolio Summary Report By Region

December 31, 2007


							JV’s at 100%	REG’s pro-rata share	JV’s at 100%		REG’s pro-rata share
Property Name	JV	REG’s Ownership %		State	CBSA	Yr Const or Last Rnvtn	GLA	GLA	% Leased		% Leased		Anchor- Owned GLA	Grocery Anchor GLA	Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Northeast Region
Shops at The Columbia	JV-RC	25	%	DC	Washington-Arlington-Alexandria	2006	22,812	5,703	82.3	%	82.3	%	—	11,833	Trader Joe’s	$	34.23
Spring Valley Shopping Center	JV-M2	24.95	%	DC	Washington-Arlington-Alexandria	1930	16,834	4,200	75.3	%	75.3	%	—	—	—	$	70.83

				DC			39,646	9,903	79.4	%	79.4	%	—	11,833

First State Plaza	JV-M2	24.95	%	DE	Philadelphia-Camden-Wilmington	1988	164,668	41,085	86.6	%	86.6	%	—	57,319	Shop Rite	$	14.54
Newark Shopping Center	JV-M2	24.95	%	DE	Philadelphia-Camden-Wilmington	1987	183,017	45,663	75.7	%	75.7	%	—	—	—	$	9.94
Pike Creek				DE	Philadelphia-Camden-Wilmington	1981	229,510	229,510	99.6	%	99.6	%	—	49,069	Acme Markets, K- Mart	$	12.05
Shoppes of Graylyn	JV-M2	24.95	%	DE	Philadelphia-Camden-Wilmington	1971	66,676	16,636	100.0	%	100.0	%	—	—	—	$	18.42
White Oak—Dover, DE				DE	Dover	2000	10,908	10,908	100.0	%	100.0	%	—	—	—	$	32.73

				DE			654,779	343,801	89.7	%	94.9	%	—	106,388

Corbin's Corner	JV-M2	24.95	%	CT	Hartford-West Hartford-East Hartford	1962	179,860	44,875	100.0	%	100.0	%	—	10,150	Trader Joe’s	$	22.39

				CT			179,860	44,875	100.0	%	100.0	%	—	10,150

Merrimack Shopping Center				NH	Manchester-Nashua	2004	91,692	91,692	74.8	%	74.8	%	—	53,146	Shaw’s	$	11.94

				NH			91,692	91,692	74.8	%	74.8	%	—	53,146

Plaza Square	JV-M2	24.9	5%	NJ	New York-Northern New Jersey-Long Island	1990	103,842	25,909	96.1	%	96.1	%	—	60,000	Shop Rite	$	21.80
Haddon Commons	JV-M2	24.95	%	NJ	Philadelphia-Camden-Wilmington	1985	52,640	13,134	93.4	%	93.4	%	—	34,240	Acme Markets	$	5.19

				NJ			156,482	39,042	95.2	%	95.2	%	—	94,240

Bowie Plaza	JV-M2	24.95%		MD	Washington-Arlington-Alexandria	1966	104,037	25,957	89.0	%	89.0	%	—	21,750	Giant Food	$	17.34
Clinton Park	JV-C	20	%	MD	Washington-Arlington-Alexandria	2003	206,050	41,210	98.8	%	98.8	%	49,000	43,000	Giant Food, Sears, (Toys “R” Us)	$	9.33
Cloppers Mill Village	JV-M2	24.95	%	MD	Washington-Arlington-Alexandria	1995	137,035	34,190	97.2	%	97.2	%	—	70,057	Shoppers Food Warehouse	$	17.91
Elkridge Corners	JV-M2	24.95	%	MD	Baltimore-Towson	1990	73,529	18,345	100.0	%	100.0	%	—	39,571	Super Fresh	$	14.24
Festival at Woodholme	JV-M2	24.95	%	MD	Baltimore-Towson	1986	81,027	20,216	98.0	%	98.0	%	—	10,370	Trader Joe’s	$	33.54
Firstfield Shopping Center	JV-M2	24.95	%	MD	Washington-Arlington-Alexandria	1978	22,328	5,571	100.0	%	100.0	%	—	—	—	$	34.58
Goshen Plaza	JV-M2	24.95	%	MD	Washington-Arlington-Alexandria	1987	45,654	11,391	94.3	%	94.3	%	—	—	—	$	17.95
King Farm Apartments	JV-RC	25	%	MD	Washington-Arlington-Alexandria	2001	64,775	16,194	72.2	%	72.2	%	—	—	—	$	14.29
King Farm Village Center	JV-RC	25	%	MD	Washington-Arlington-Alexandria	2001	120,326	30,082	99.0	%	99.0	%	—	53,754	Safeway	$	24.81
Lee Airport				MD	Baltimore-Towson	2005	129,340	129,340	77.3	%	77.3	%	75,000	60,000	(Giant Food)		NA
Mitchellville Plaza	JV-M2	24.95	%	MD	Washington-Arlington-Alexandria	1991	156,125	38,953	92.9	%	92.9	%	—	45,100	Food Lion	$	20.99
Northway Shopping Center	JV-M2	24.95	%	MD	Baltimore-Towson	1987	98,016	24,455	98.5	%	98.5	%	—	49,028	Shoppers Food Warehouse	$	13.69
Parkville Shopping Center	JV-M2	24.95	%	MD	Baltimore-Towson	1961	162,435	40,528	99.6	%	99.6	%	—	41,223	Super Fresh	$	11.45
Southside Marketplace	JV-M2	24.95	%	MD	Baltimore-Towson	1990	125,146	31,224	96.5	%	96.5	%	—	44,264	Shoppers Food Warehouse	$	15.05
Takoma Park	JV-M2	24.95	%	MD	Washington-Arlington-Alexandria	1960	106,469	26,564	100.0	%	100.0	%	—	63,643	Shoppers Food Warehouse	$	10.11
Valley Centre	JV-M2	24.95	%	MD	Baltimore-Towson	1987	247,920	61,856	96.8	%	96.8	%	—	—	—	$	14.54
Watkins Park Plaza	JV-M2	24.95	%	MD	Washington-Arlington-Alexandria	1985	113,443	28,304	97.1	%	97.1	%	—	43,205	Safeway	$	18.61
Woodmoor Shopping Center	JV-M2	24.95	%	MD	Washington-Arlington-Alexandria	1954	64,682	16,138	94.0	%	94.0	%	—	—	—	$	23.54

				MD			2,058,337	600,518	95.0	%	92.1	%	124,000	584,965

Shops at Saugus				MA	Boston-Cambridge-Quincy	2006	94,194	94,194	40.6	%	40.6	%	—	—	—		NA
Speedway Plaza	JV-C2	20	%	MA	Worcester	1988	185,279	37,056	100.0	%	100.0	%	—	59,970	Stop & Shop, BJ’s Wholesale	$	9.97
Twin City Plaza				MA	Boston-Cambridge-Quincy	2004	281,703	281,703	92.4	%	92.4	%	—	62,500	Shaw’s, Marshall's	$	16.01

				MA			561,176	412,953	86.2	%	81.3	%	—	122,470

Allen Street Shopping Center	JV-M2	24.95%		PA	Allentown-Bethlehem-Easton	1958	46,420	11,582	90.2%		90.2	%	—	22,075	Ahart Market	$	12.99
City Avenue Shopping Center	JV-M2	24.95	%	PA	Philadelphia-Camden-Wilmington	1960	159,669	39,837	96.3	%	96.3	%	—	—	—	$	16.28
Gateway Shopping Center				PA	Philadelphia-Camden-Wilmington	1960	219,337	219,337	95.4	%	95.4	%	—	10,610	Trader Joe’s	$	23.31
Hershey				PA	Harrisburg-Carlisle	2000	6,000	6,000	100.0	%	100.0	%	—	—	—	$	27.64
Kenhorst Plaza	JV-M2	24.95	%	PA	Reading	1990	159,150	39,708	95.7	%	95.7	%	—	57,935	Redner’s Market	$	11.03
Kulpsville Village Center				PA	Philadelphia-Camden-Wilmington	2006	14,820	14,820	100.0	%	100.0	%	—	—	—		NA
Lower Nazareth Commons				PA	Allentown-Bethlehem-Easton	2007	106,462	106,462	0.0	%	0.0	%	133,000	—	(Target)		NA
Mayfair Shopping Center	JV-M2	24.95	%	PA	Philadelphia-Camden-Wilmington	1988	112,276	28,013	92.7	%	92.7	%	—	25,673	Shop ‘N Bag	$	14.78
Mercer Square Shopping Center	JV-M2	24.95	%	PA	Philadelphia-Camden-Wilmington	1988	91,400	22,804	100.0	%	100.0	%	—	50,708	Genuardi’s	$	18.48
Newtown Square Shopping Center	JV-M2	24.95	%	PA	Philadelphia-Camden-Wilmington	1970	146,893	36,650	92.0	%	92.0	%	—	56,226	Acme Markets	$	14.49
Silver Spring Square				PA	Harrisburg-Carlisle	2005	188,122	188,122	84.8	%	84.8	%	139,377	130,000	Wegmans, (Target)	$	19.69
Stefko Boulevard Shopping Center	JV-M2	24.95	%	PA	Allentown-Bethlehem-Easton	1976	133,824	33,389	91.7	%	91.7	%	—	73,000	Valley Farm Market	$	7.09
Towamencin Village Square	JV-M2	24.95	%	PA	Philadelphia-Camden-Wilmington	1990	122,916	30,668	95.9	%	95.9	%	—	40,750	Genuardi’s	$	15.74
Warwick Square Shopping	JV-M2	24.95	%	PA	Philadelphia-Camden-Wilmington	1999	89,680	22,375	96.5	%	96.5	%	—	50,658	Genuardi's	$	16.98

				PA			1,596,969	799,767	87.4	%	80.1	%	272,377	517,635

601 King Street	JV-M2	24.95	%	VA	Washington-Arlington-Alexandria	1980	8,349	2,083	95.9	%	95.9	%	—	—	—	$	48.60
Ashburn Farm Market Center				VA	Washington-Arlington-Alexandria	2000	91,905	91,905	94.3	%	94.3	%	—	48,999	Giant Food	$	20.22
Ashburn Farm Village Center	JV-M2	24.95	%	VA	Washington-Arlington-Alexandria	1996	88,897	22,180	98.7	%	98.7	%	—	57,030	Shoppers Food Warehouse	$	14.32
Braemar Shopping Center	JV-RC	25	%	VA	Washington-Arlington-Alexandria	2004	96,439	24,110	95.9	%	95.9	%	—	57,860	Safeway	$	17.54
Brafferton Center	JV-M2	24.95	%	VA	Washington-Arlington-Alexandria	1997	97,872	24,419	95.9	%	95.9	%	—	—	Sport and Health Clubs	$	14.28
Brookville Plaza	JV-M	25	%	VA	Lynchburg	1991	63,665	15,916	100.0	%	100.0	%	—	52,864	Kroger	$	9.53
Centre Ridge Marketplace	JV-M2	24.95	%	VA	Washington-Arlington-Alexandria	1996	104,155	25,987	98.8	%	98.8	%	—	55,138	Shoppers Food Warehouse	$	15.98
Cheshire Station				VA	Washington-Arlington-Alexandria	2000	97,156	97,156	97.0	%	97.0	%	—	55,163	Safeway	$	16.41
Culpeper Colonnade				VA	None	2006	93,368	93,368	68.5	%	68.5	%	127,307	—	(Target)	$	16.21
Fairfax Shopping Center				VA	Washington-Arlington-Alexandria	1955	85,482	85,482	92.0	%	92.0	%	—	—	—	$	17.85
Festival at Manchester Lakes	JV-M2	24.95	%	VA	Washington-Arlington-Alexandria	1990	165,130	41,200	97.4	%	97.4	%	—	65,000	Shoppers Food Warehouse	$	22.15
Fortuna Center Plaza	JV-RRP	20.00	%	VA	Washington-Arlington-Alexandria	2004	90,131	18,026	96.1	%	96.1	%	123,735	66,870	Shoppers Food Warehouse, (Target)	$	29.70
Fox Mill Shopping Center	JV-M2	24.95	%	VA	Washington-Arlington-Alexandria	1977	103,269	25,766	100.0	%	100.0	%	—	49,837	Giant Food	$	19.64
Gayton Crossing	JV-M2	24.95	%	VA	Richmond	1983	156,917	39,151	95.1	%	95.1	%	—	38,408	Ukrop’s	$	13.16
Glen Lea Centre	JV-M2	24.95	%	VA	Richmond	1969	78,494	19,584	54.3	%	54.3	%	—	—	—	$	11.94

Portfolio Summary Report By Region

December 31, 2007


							JV’s at 100%	REG’s pro-rata share	JV’s at 100%		REG’s pro-rata share
Property Name	JV	REG’s Ownership %		State	CBSA	Yr Const or Last Rnvtn	GLA	GLA	% Leased		% Leased		Anchor- Owned GLA	Grocery Anchor GLA	Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Greenbriar Town Center	JV-M2	24.95	%	VA	Washington-Arlington-Alexandria	1972	345,935	86,311	97.4	%	97.4	%	—	62,319	Giant Food	$	20.57
Hanover Village	JV-M2	24.95	%	VA	Richmond	1971	96,146	23,988	86.5	%	86.5	%	—	—	—	$	9.36
Hollymead Town Center				VA	Charlottesville	2004	153,739	153,739	97.0	%	97.0	%	142,500	60,607	Harris Teeter, (Target)	$	19.85
Kamp Washington Shopping Center	JV-M2	24.95	%	VA	Washington-Arlington-Alexandria	1960	71,825	17,920	100.0	%	100.0	%	—	—	—	$	32.37
Kings Park Shopping Center	JV-M2	24.95	%	VA	Washington-Arlington-Alexandria	1966	74,703	18,638	100.0	%	100.0	%	—	28,161	Giant Food	$	22.75
Laburnum Park Shopping Center	JV-M2	24.95	%	VA	Richmond	1977	64,992	16,216	96.8	%	96.8	%	49,000	49,000	(Ukrop’s)	$	15.35
Lorton Station Marketplace	JV-C2	20	%	VA	Washington-Arlington-Alexandria	2005	132,445	26,489	100.0	%	100.0	%	—	63,000	Shoppers Food Warehouse	$	19.20
Lorton Town Center	JV-C2	20	%	VA	Washington-Arlington-Alexandria	2005	64,437	12,887	86.5	%	86.5	%	—	—	—	$	27.45
Market at Opitz Crossing				VA	Washington-Arlington-Alexandria	2003	149,791	149,791	95.7	%	95.7	%	—	51,922	Safeway	$	16.06
Saratoga Shopping Center	JV-M2	24.95	%	VA	Washington-Arlington-Alexandria	1977	101,587	25,346	100.0	%	100.0	%	—	39,187	Giant Food	$	17.34
Shops at County Center				VA	Washington-Arlington-Alexandria	2005	96,696	96,696	102.5	%	102.5	%	—	52,409	Harris Teeter	$	31.38
Signal Hill				VA	Washington-Arlington-Alexandria	2004	95,172	95,172	96.2	%	96.2	%	—	67,470	Shoppers Food Warehouse	$	18.07
Statler Square Phase I				VA	Staunton-Waynesboro	1996	133,660	133,660	90.2	%	90.2	%	—	65,003	Kroger	$	8.30
Stonewall				VA	Washington-Arlington-Alexandria	2007	318,682	318,682	76.4	%	76.4	%	—	140,000	Wegmans		NA
Town Center at Sterling Shopping Center	JV-M2	24.95	%	VA	Washington-Arlington-Alexandria	1980	190,069	47,422	100.0	%	100.0	%	—	46,935	Giant Food	$	17.42
Village Center at Dulles	JV-C	20	%	VA	Washington-Arlington-Alexandria	1991	298,282	59,656	95.8	%	95.8	%	—	48,424	Shoppers Food Warehouse, Gold’s Gym	$	19.71
Village Shopping Center	JV-M2	24.95	%	VA	Richmond	1948	111,177	27,739	100.0	%	100.0	%	—	45,023	Ukrop's	$	16.98
Willston Centre I	JV-M2	24.95	%	VA	Washington-Arlington-Alexandria	1952	105,376	26,291	97.1	%	97.1	%	—	—	—	$	19.61
Willston Centre II	JV-M2	24.95	%	VA	Washington-Arlington-Alexandria	1986	127,449	31,799	97.5	%	97.5	%	—	42,491	Safeway	$	17.51

				VA			4,153,392	1,994,775	93.8	%	91.4	%	442,542	1,409,120

Regional Totals							9,492,333	4,337,326	92.1	%	88.5	%	838,919	2,909,947

Midwest Region
Baker Hill Center	JV-C	20	%	IL	Chicago-Naperville-Joliet	1998	135,285	27,057	83.2	%	83.2	%	—	72,397	Dominick’s	$	14.75
Brentwood Commons	JV-M2	24.95	%	IL	Chicago-Naperville-Joliet	1962	125,585	31,333	87.8	%	87.8	%	—	64,762	Dominick's	$	12.12
Carbondale Center	JV-D	16.40	%	IL	Carbondale	1997	59,726	9,795	100.0	%	100.0	%	—	56,726	Schnucks	$	10.14
Civic Center Plaza	JV-M2	24.95	%	IL	Chicago-Naperville-Joliet	1989	264,973	66,111	89.9	%	89.9	%	—	87,135	Super H Mart, Home Depot	$	10.88
Champaign Commons	JV-D	16.40	%	IL	Champaign-Urbana	1990	88,105	14,449	92.3	%	92.3	%	—	72,326	Schnucks	$	8.66
Country Club Plaza	JV-D	16.40	%	IL	St. Louis	2001	86,866	14,246	100.0	%	100.0	%	—	54,554	Schnucks	$	6.61
Deer Grove Center	JV-C	20	%	IL	Chicago-Naperville-Joliet	1996	239,356	47,871	95.9	%	95.9	%	117,000	65,816	Dominick’s, Linens-N- Things, (Target)	$	13.04
Frankfort Crossing Shpg Ctr				IL	Chicago-Naperville-Joliet	1992	114,534	114,534	89.8	%	89.8	%	—	64,937	Jewel /OSCO	$	12.70
Geneva Crossing	JV-C	20	%	IL	Chicago-Naperville-Joliet	1997	123,182	24,636	93.9	%	93.9	%	—	72,385	Dominick’s	$	14.44
Granite City	JV-D	16	%	IL	St. Louis	2004	46,237	7,583	100.0	%	100.0	%	—	46,237	Schnucks	$	8.28
Heritage Plaza—Chicago	JV-M	25	%	IL	Chicago-Naperville-Joliet	2005	128,871	32,218	97.3	%	97.3	%	—	64,922	Jewel /OSCO	$	12.28
Hinsdale				IL	Chicago-Naperville-Joliet	1986	178,960	178,960	98.4	%	98.4	%	—	69,540	Dominick’s	$	13.50
McHenry Commons Shopping Center	JV-M2	24.95	%	IL	Chicago-Naperville-Joliet	1988	100,526	25,081	96.2	%	96.2	%	—	76,170	Dominick’s	$	10.16
Montvale Commons	JV-D	16.40	%	IL	Springfield	1996	73,937	12,126	100.0	%	100.0	%	—	62,447	Schnucks	$	10.49
Oaks Shopping Center	JV-M2	24.95	%	IL	Chicago-Naperville-Joliet	1983	135,006	33,684	91.2	%	91.2	%	—	63,863	Dominick’s	$	14.91
Riverside Sq & River’s Edge	JV-M2	24.95	%	IL	Chicago-Naperville-Joliet	1986	169,435	42,274	100.0	%	100.0	%	—	74,495	Dominick’s	$	13.48
Riverview Plaza	JV-M2	24.95	%	IL	Chicago-Naperville-Joliet	1981	139,256	34,744	97.8	%	97.8	%	—	50,094	Dominick’s	$	11.09
Shorewood Crossing	JV-C	20	%	IL	Chicago-Naperville-Joliet	2001	87,705	17,541	94.8	%	94.8	%	—	65,977	Dominick’s	$	14.66
Shorewood Crossing II	JV-C2	20	%	IL	Chicago-Naperville-Joliet	2005	86,276	17,255	98.1	%	98.1	%	—	—	—	$	13.43
Stearns Crossing	JV-C	20	%	IL	Chicago-Naperville-Joliet	1999	96,613	19,323	98.6	%	98.6	%	—	65,613	Dominick’s	$	14.63
Stonebrook Plaza Shopping Center	JV-M2	24.95	%	IL	Chicago-Naperville-Joliet	1984	95,825	23,908	97.7	%	97.7	%	—	63,000	Dominick’s	$	11.30
Swansea Plaza	JV-D	16.40	%	IL	St. Louis	1988	118,892	19,498	97.1	%	97.1	%	—	70,017	Schnucks	$	10.04
Urbana Crossing	JV-D	16.40	%	IL	Champaign-Urbana	1997	85,196	13,972	98.4	%	98.4	%	—	62,105	Schnucks	$	11.01
Westbrook Commons				IL	Chicago-Naperville-Joliet	1984	121,502	121,502	85.3	%	85.3	%	—	51,304	Dominick’s	$	13.01

				IL			2,901,849	949,703	94.5	%	93.6	%	117,000	1,496,822

Airport Crossing				IN	Chicago-Naperville-Joliet	2006	11,922	11,922	0.0	%	0.0	%	89,911	—	(Kohl’s)		NA
Augusta Center				IN	Chicago-Naperville-Joliet	2006	14,537	14,537	60.4	%	60.4	%	213,988	213,988	(Menards)	$	31.37
Evansville West Center	JV-D	16.40	%	IN	Evansville	1989	79,885	13,101	93.7	%	93.7	%	—	62,273	Schnucks	$	8.58
Greenwood Springs				IN	Indianapolis	2004	28,028	28,028	55.1	%	55.1	%	265,798	50,000	(Gander Mountain), (Wal-Mart Supercenter)	$	19.13
Willow Lake Shopping Center	JV-M2	24.95	%	IN	Indianapolis	1987	85,923	21,438	85.1	%	85.1	%	64,000	64,000	(Kroger)	$	16.89
Willow Lake West Shopping Center	JV-M2	24.95	%	IN	Indianapolis	2001	52,961	13,214	97.3	%	97.3	%	—	10,028	Trader Joe’s	$	21.43

				IN			273,256	102,240	81.9	%	66.1	%	633,697	400,289

Franklin Square	JV-M	25	%	KY	Frankfort	1988	203,318	50,830	93.9	%	93.9	%	—	50,499	Kroger	$	9.11
Silverlake	JV-M	25	%	KY	Cincinnati-Middletown	1988	99,352	24,838	96.7	%	96.7	%	—	60,000	Kroger	$	9.90
Walton Towne Center				KY	Cincinnati-Middletown	2007	23,122	23,122	0.0	%	0.0	%	116,432	116,432	(Kroger)		NA

				KY			325,792	98,790	88.1	%	72.6	%	116,432	226,931

Fenton Marketplace				MI	Flint	1999	97,224	97,224	92.9	%	92.9	%	—	53,739	Farmer Jack	$	13.22
Independence Square				MI	Detroit-Warren-Livonia	2004	89,083	89,083	98.0	%	98.0	%	—	60,137	Kroger	$	12.47
State Street Crossing				MI	Ann Arbor	2006	21,049	21,049	35.0	%	35.0	%	147,491	—	—		NA
Waterford Towne Center				MI	Detroit-Warren-Livonia	1998	96,101	96,101	90.3	%	90.3	%	—	60,202	Kroger	$	14.29

				MI			303,457	303,457	89.6	%	89.6	%	147,491	174,078

Affton Plaza	JV-D	16.40	%	MO	St. Louis	2000	67,760	11,113	100.0	%	100.0	%	—	61,218	Schnucks	$	5.98
Bellerive Plaza	JV-D	16.40	%	MO	St. Louis	2000	115,208	18,894	90.8	%	90.8	%	—	67,985	Schnucks	$	9.40
Brentwood Plaza	JV-D	16.40	%	MO	St. Louis	2002	60,452	9,914	100.0	%	100.0	%	—	51,800	Schnucks	$	9.76
Bridgeton	JV-D	16.40	%	MO	St. Louis	2005	70,762	11,605	100.0	%	100.0	%	129,802	63,482	Schnucks, (Home Depot)	$	11.90
Butler Hill Centre	JV-D	16.40	%	MO	St. Louis	1987	90,889	14,906	100.0	%	100.0	%	—	63,304	Schnucks	$	10.62
Capital Crossing	JV-D	16.40	%	MO	Jefferson City	2002	85,149	13,964	98.6	%	98.6	%	—	63,111	Schnucks	$	10.89
City Plaza	JV-D	16.40	%	MO	St. Louis	1998	80,149	13,144	100.0	%	100.0	%	—	62,348	Schnucks	$	9.22

Portfolio Summary Report By Region

December 31, 2007


							JV’s at 100%	REG’s pro-rata share	JV’s at 100%		REG’s pro-rata share
Property Name	JV	REG’s Ownership %		State	CBSA	Yr Const or Last Rnvtn	GLA	GLA	% Leased		% Leased		Anchor- Owned GLA	Grocery Anchor GLA	Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Crestwood Commons	JV-D	16.40	%	MO	St. Louis	1994	67,285	11,035	100.0	%	100.0	%	132,463	67,285	Schnucks, (Best Buy), (Gordman’s)	$	11.79
Dardenne Crossing	JV-D	16.40	%	MO	St. Louis	1996	67,430	11,059	100.0	%	100.0	%	—	63,333	Schnucks	$	10.89
Dorsett Village	JV-D	16.40	%	MO	St. Louis	1998	104,217	17,092	98.7	%	98.7	%	35,090	59,483	Schnucks, (Orlando Gardens Banquet Center)	$	10.29
Kirkwood Commons	JV-D	16.40	%	MO	St. Louis	2000	467,703	76,703	100.0	%	100.0	%	258,000	—	Wal-Mart, (Target), (Lowe’s)	$	9.35
Lake St. Louis	JV-D	16.40	%	MO	St. Louis	2004	75,643	12,405	100.0	%	100.0	%	—	63,187	Schnucks	$	12.75
O'Fallon Centre	JV-D	16.40	%	MO	St. Louis	1984	71,300	11,693	91.7	%	91.7	%	—	55,050	Schnucks	$	8.28
Plaza 94	JV-D	16.40	%	MO	St. Louis	2005	66,555	10,915	100.0	%	100.0	%	—	52,844	Schnucks	$	9.58
Richardson Crossing	JV-D	16.40	%	MO	St. Louis	2000	82,994	13,611	98.6	%	98.6	%	—	61,494	Schnucks	$	12.19
Shackelford Center	JV-D	16.40	%	MO	St. Louis	2006	49,635	8,140	97.4	%	97.4	%	—	45,960	Schnucks	$	7.39
Sierra Vista Plaza	JV-D	16.40	%	MO	St. Louis	1993	74,666	12,245	98.4	%	98.4	%	—	56,201	Schnucks	$	9.85
Twin Oaks	JV-D	16.40	%	MO	St. Louis	2006	71,682	11,756	100.0	%	100.0	%	—	63,000	Schnucks	$	12.14
University City Square	JV-D	16.40	%	MO	St. Louis	1997	79,280	13,002	98.2	%	98.2	%	—	61,600	Schnucks	$	8.83
Washington Crossing	JV-D	16.40	%	MO	St. Louis	1999	117,626	19,291	100.0	%	100.0	%	—	56,250	Schnucks	$	10.98
Wentzville Commons	JV-D	16.40	%	MO	St. Louis	2000	74,205	12,170	100.0	%	100.0	%	106,086	61,860	Schnucks, (Home Depot)	$	10.98
Wildwood Crossing	JV-D	16.40	%	MO	St. Louis	1997	108,200	17,745	85.4	%	85.4	%	—	61,500	Schnucks	$	11.92
Zumbehl Commons	JV-D	16.40	%	MO	St. Louis	1990	116,682	19,136	94.2	%	94.2	%	—	74,672	Schnucks	$	8.53

				MO			2,265,472	371,537	97.9	%	97.9	%	661,441	1,336,967

Apple Valley Square	JV-RC	25	%	MN	Minneapolis-St. Paul-Bloomington	1998	184,841	46,210	95.2	%	95.2	%	87,437	61,736	Rainbow Foods, Jo-Ann Fabrics, (Burlington Coat Factory)	$	10.73
Colonial Square	JV-M2	24.95	%	MN	Minneapolis-St. Paul-Bloomington	1959	93,200	23,253	97.9	%	97.9	%	—	43,978	Lund’s	$	15.63
Rockford Road Plaza	JV-M2	24.95	%	MN	Minneapolis-St. Paul-Bloomington	1991	205,897	51,371	96.3	%	96.3	%	—	65,608	Rainbow Foods	$	12.61

				MN			483,938	120,835	96.2	%	96.2	%	87,437	171,322

Beckett Commons				OH	Cincinnati-Middletown	1995	121,498	121,498	100.0	%	100.0	%	—	70,815	Kroger	$	10.03
Cherry Grove				OH	Cincinnati-Middletown	1997	195,512	195,512	93.8	%	93.8	%	—	66,336	Kroger	$	10.08
East Pointe				OH	Columbus	1993	86,503	86,503	100.0	%	100.0	%	—	59,120	Kroger	$	10.62
Hyde Park				OH	Cincinnati-Middletown	1995	397,893	397,893	98.0	%	98.0	%	—	169,267	Kroger, Biggs	$	13.37
Indian Springs Market Center	JV-RRP	20	%	OH	Cincinnati-Middletown	2005	146,258	29,252	100.0	%	100.0	%	203,000	—	Kohl’s	$	9.89
Kingsdale Shopping Center				OH	Columbus	1999	266,878	266,878	44.5	%	44.5	%	—	56,006	Giant Eagle	$	14.17
Kroger New Albany Center				OH	Columbus	1999	91,722	91,722	91.7	%	91.7	%	—	63,805	Kroger	$	11.83
Maxtown Road (Northgate)				OH	Columbus	1996	85,100	85,100	98.4	%	98.4	%	90,000	62,000	Kroger, (Home Depot)	$	10.57
Park Place Shopping Center				OH	Columbus	1988	106,833	106,833	58.9	%	58.9	%	—	—	—	$	9.66
Red Bank Village				OH	Cincinnati-Middletown	2006	215,219	215,219	86.4	%	86.4	%	—	—	—		NA
Regency Commons				OH	Cincinnati-Middletown	2004	30,770	30,770	72.7	%	72.7	%	—	—	—	$	23.74
Regency Milford Center	JV-MD	25	%	OH	Cincinnati-Middletown	2001	108,923	27,231	91.7	%	91.7	%	—	65,000	Kroger	$	11.52
Shoppes at Mason				OH	Cincinnati-Middletown	1997	80,800	80,800	100.0	%	100.0	%	—	56,800	Kroger	$	10.22
Wadsworth Crossing				OH	Cleveland-Elyria-Mentor	2005	107,731	107,731	71.3	%	71.3	%	336,263	—	(Kohl’s), (Lowe’s), (Target)		NA
Westchester Plaza				OH	Cincinnati-Middletown	1988	88,182	88,182	96.9	%	96.9	%	—	66,523	Kroger	$	9.79
Windmiller Plaza Phase I				OH	Columbus	1997	141,110	141,110	100.0	%	100.0	%	—	101,428	Kroger	$	8.54

				OH			2,270,932	2,072,233	86.7	%	85.8	%	629,263	837,100

Racine Centre Shopping Center	JV-M2	24.95	%	WI	Racine	1988	135,827	33,889	98.2	%	98.2	%	—	50,979	Piggly Wiggly	$	7.51
Whitnall Square Shopping Center	JV-M2	24.95	%	WI	Milwaukee-Waukesha-West Allis	1989	133,301	33,259	97.2	%	97.2	%	—	69,090	Pick ‘N’ Save	$	7.41

				WI			269,128	67,147	97.7	%	97.7	%	—	120,069

Regional Totals							9,093,824	4,085,942	92.8	%	88.7	%	2,392,761	4,763,578

Pacific Region
4S Commons Town Center				CA	San Diego-Carlsbad-San Marcos	2004	240,118	240,118	98.8	%	98.8	%	—	68,000	Ralphs, Jimbo’s...Naturally!	$	27.27
Amerige Heights Town Center	JV-MD	25	%	CA	Los Angeles-Long Beach-Santa Ana	2000	96,679	24,170	98.5	%	98.5	%	142,600	57,560	Albertsons, (Target)	$	24.64
Applegate Ranch Shopping Center				CA	Merced	2006	179,131	179,131	28.4	%	28.4	%	319,692	178,500	(Super Target), (Home Depot)		NA
Auburn Village	JV-M2	24.95	%	CA	Sacramento—Arden-Arcade— Roseville	1990	133,944	33,419	100.0	%	100.0	%	—	45,540	Bel Air Market	$	18.57
Bayhill Shopping Center	JV-M2	24.95	%	CA	San Francisco-Oakland-Fremont	1990	121,846	30,401	100.0	%	100.0	%	—	32,110	Mollie Stone’s Market	$	20.12
Bear Creek Village Center	JV-M	25	%	CA	Riverside-San Bernardino-Ontario	2004	75,220	18,805	97.6	%	97.6	%	—	44,093	Stater Bros.	$	22.14
Blossom Valley				CA	San Jose-Sunnyvale-Santa Clara	1990	93,316	93,316	98.9	%	98.9	%	—	34,208	Safeway	$	25.06
Brea Marketplace	JV-M2	24.95	%	CA	Los Angeles-Long Beach-Santa Ana	1987	298,311	74,429	77.6	%	77.6	%	—	—	Toys “R” Us	$	20.05
Campus Marketplace	JV-M	25	%	CA	San Diego-Carlsbad-San Marcos	2000	144,289	36,072	98.9	%	98.9	%	—	58,527	Ralphs	$	22.31
Clayton Valley				CA	San Francisco-Oakland-Fremont	2004	260,853	260,853	93.0	%	93.0	%	—	—	Yardbirds Home Center	$	20.74
Clovis Commons				CA	Fresno	2004	175,039	175,039	95.8	%	95.8	%	145,653	145,653	(Super Target)	$	20.03
Corral Hollow	JV-RC	25	%	CA	Stockton	2000	167,184	41,796	98.6	%	98.6	%	—	65,715	Safeway, Orchard Supply & Hardware	$	16.03
Costa Verde				CA	San Diego-Carlsbad-San Marcos	1988	178,623	178,623	94.2	%	94.2	%	—	40,000	Bristol Farms	$	31.10
Diablo Plaza				CA	San Francisco-Oakland-Fremont	1982	63,265	63,265	100.0	%	100.0	%	53,000	53,000	(Safeway)	$	31.81
El Camino				CA	Los Angeles-Long Beach-Santa Ana	1995	135,728	135,728	100.0	%	100.0	%	—	35,650	Von’s Food & Drug	$	21.23
El Cerrito Plaza	JV-MD	25	%	CA	San Francisco-Oakland-Fremont	2000	256,035	64,009	86.5	%	86.5	%	66,700	77,888	(Lucky’s), Trader Joe’s	$	25.80
El Norte Pkwy Plaza				CA	San Diego-Carlsbad-San Marcos	1984	90,679	90,679	98.0	%	98.0	%	—	42,315	Von’s Food & Drug	$	15.21
Encina Grande				CA	San Francisco-Oakland-Fremont	1965	102,499	102,499	92.9	%	92.9	%	—	22,500	Safeway	$	18.86
Falcon Ridge Town Center Phase I	JV-RRP	20	%	CA	Riverside-San Bernardino-Ontario	2004	232,754	46,551	100.0	%	100.0	%	123,735	43,718	Stater Bros., (Target)	$	17.67
Falcon Ridge Town Center Phase II	JV-RRP	20.00	%	CA	Riverside-San Bernardino-Ontario	2005	66,864	13,373	100.0	%	100.0	%	—	—	24 Hour Fitness	$	26.31
Five Points Shopping Center	JV-M2	24.95	%	CA	Santa Barbara-Santa Maria-Goleta	1960	144,553	36,066	100.0	%	100.0	%	—	35,305	Albertsons	$	22.70
Folsom Prairie City Crossing				CA	Sacramento—Arden-Arcade— Roseville	1999	90,237	90,237	98.2	%	98.2	%	—	55,255	Safeway	$	20.64
French Valley				CA	Riverside-San Bernardino-Ontario	2004	99,019	99,019	93.6	%	93.6	%	—	44,054	Stater Bros.	$	22.01
Friars Mission				CA	San Diego-Carlsbad-San Marcos	1989	146,898	146,898	99.2	%	99.2	%	—	55,303	Ralphs	$	27.89
Garden Village Shopping Center	JV-M	25	%	CA	Los Angeles-Long Beach-Santa Ana	2000	112,767	28,192	100.0	%	100.0	%	—	57,050	Albertsons	$	18.77
Gelson’s Westlake Market Plaza				CA	Oxnard-Thousand Oaks-Ventura	2002	84,975	84,975	100.0	%	100.0	%	—	37,500	Gelson’s Markets	$	18.54
Golden Hills Promenade				CA	San Luis Obispo-Paso Robles	2006	290,888	290,888	60.0	%	60.0	%	—	—	Lowe’s		NA
Granada Village	JV-M2	24.95	%	CA	Los Angeles-Long Beach-Santa Ana	1965	224,649	56,050	76.3	%	76.3	%	—	—	Kohl’s	$	17.23

Portfolio Summary Report By Region

December 31, 2007


							JV’s at 100%	REG’s pro-rata share	JV’s at 100%		REG’s pro-rata share
Property Name	JV	REG’s Ownership %		State	CBSA	Yr Const or Last Rnvtn	GLA	GLA	% Leased		% Leased		Anchor- Owned GLA	Grocery Anchor GLA	Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Hasley Canyon Village				CA	Los Angeles-Long Beach-Santa Ana	2003	65,801	65,801	100.0	%	100.0	%	—	51,800	Ralphs	$	23.03
Heritage Plaza				CA	Los Angeles-Long Beach-Santa Ana	1981	231,582	231,582	99.8	%	99.8	%	—	44,376	Ralphs	$	25.40
Highland Greenspot				CA	Riverside-San Bernardino-Ontario	2007	92,450	92,450	48.7	%	48.7	%	—	—	LA Fitness		NA
Indio-Jackson				CA	Riverside-San Bernardino-Ontario	2006	355,469	355,469	30.3	%	30.3	%	235,834	93,696	(Home Depot), (WinCo)		NA
Jefferson Square				CA	Riverside-San Bernardino-Ontario	2007	102,832	102,832	13.6	%	13.6	%	—	13,969	Fresh & Easy		NA
Laguna Niguel Plaza	JV-M2	24.95	%	CA	Los Angeles-Long Beach-Santa Ana	1985	41,943	10,465	93.9	%	93.9	%	38,917	38,917	(Albertsons)	$	24.90
Loehmanns Plaza California				CA	San Jose-Sunnyvale-Santa Clara	1983	113,310	113,310	98.0	%	98.0	%	53,000	53,000	(Safeway)	$	17.28
Mariposa Shopping Center	JV-M2	24.95	%	CA	San Jose-Sunnyvale-Santa Clara	1957	126,658	31,601	98.2	%	98.2	%	—	42,896	Safeway	$	16.20
Morningside Plaza				CA	Los Angeles-Long Beach-Santa Ana	1996	91,222	91,222	95.5	%	95.5	%	—	42,630	Stater Bros.	$	22.95
Navajo Shopping Center	JV-M2	24.95	%	CA	San Diego-Carlsbad-San Marcos	1964	102,138	25,483	100.0	%	100.0	%	—	44,180	Albertsons	$	12.85
Newland Center				CA	Los Angeles-Long Beach-Santa Ana	1985	149,140	149,140	100.0	%	100.0	%	—	58,000	Albertsons	$	18.35
Oakbrook Plaza				CA	Oxnard-Thousand Oaks-Ventura	1982	83,279	83,279	98.3	%	98.3	%	—	43,842	Albertsons	$	15.20
Park Plaza Shopping Center	JV-C	20	%	CA	Los Angeles-Long Beach-Santa Ana	1991	194,396	38,879	97.7	%	97.7	%	—	28,210	Henry’s Marketplace	$	18.16
Plaza Hermosa				CA	Los Angeles-Long Beach-Santa Ana	1984	94,940	94,940	100.0	%	100.0	%	—	36,800	Von’s Food & Drug	$	19.69
Pleasant Hill Shopping Center	JV-M2	24.95	%	CA	San Francisco-Oakland-Fremont	1970	233,679	58,303	99.2	%	99.2	%	—	—	Target, Toys “R” Us	$	13.59
Point Loma Plaza	JV-M2	24.95	%	CA	San Diego-Carlsbad-San Marcos	1987	212,774	53,087	95.6	%	95.6	%	—	50,000	Von’s Food & Drug	$	17.60
Powell Street Plaza				CA	San Francisco-Oakland-Fremont	1987	165,928	165,928	100.0	%	100.0	%	—	10,122	Trader Joe’s	$	26.06
Raley’s Supermarket	JV-C2	20.00	%	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-M2	24.95	%	CA	San Diego-Carlsbad-San Marcos	1981	152,896	38,148	98.2	%	98.2	%	—	39,777	Von’s Food & Drug	$	16.68
Rio Vista Town Center				CA	Riverside-San Bernardino-Ontario	2005	72,619	72,619	68.7	%	68.7	%	—	44,700	Stater Bros.		NA
Rona Plaza				CA	Los Angeles-Long Beach-Santa Ana	1989	51,760	51,760	100.0	%	100.0	%	—	37,194	Food 4 Less	$	16.76
San Leandro				CA	San Francisco-Oakland-Fremont	1982	50,432	50,432	100.0	%	100.0	%	38,250	38,250	(Safeway)	$	26.67
Santa Ana Downtown				CA	Los Angeles-Long Beach-Santa Ana	1987	100,306	100,306	97.6	%	97.6	%	—	37,972	Food 4 Less	$	19.69
Santa Maria Commons				CA	Santa Barbara-Santa Maria-Goleta	2005	113,514	113,514	100.0	%	100.0	%	—	—	Kohl’s	$	10.58
Seal Beach	JV-C	20	%	CA	Los Angeles-Long Beach-Santa Ana	1966	90,172	18,034	72.4	%	72.4	%	—	25,000	Von’s Food & Drug	$	19.52
Sequoia Station				CA	San Francisco-Oakland-Fremont	1996	103,148	103,148	100.0	%	100.0	%	62,050	62,050	(Safeway)	$	31.08
Shops of Santa Barbara				CA	Santa Barbara-Santa Maria-Goleta	2004	51,568	51,568	86.0	%	86.0	%	—	—	—	$	22.71
Shops of Santa Barbara Phase II				CA	Santa Barbara-Santa Maria-Goleta	2004	63,657	63,657	95.2	%	95.2	%	—	40,000	Whole Foods		NA
Silverado Plaza	JV-M2	24.95	%	CA	Napa	1974	84,916	21,187	100.0	%	100.0	%	—	31,833	Nob Hill	$	14.15
Snell & Branham Plaza	JV-M2	24.95	%	CA	San Jose-Sunnyvale-Santa Clara	1988	99,350	24,788	100.0	%	100.0	%	—	52,550	Safeway	$	15.44
Stanford Ranch Village	JV-M2	24.95	%	CA	Sacramento—Arden-Arcade--Roseville	1991	89,875	22,424	87.1	%	87.1	%	—	45,540	Bel Air Market	$	17.54
Strawflower Village				CA	San Francisco-Oakland-Fremont	1985	78,827	78,827	94.9	%	94.9	%	—	33,753	Safeway	$	19.35
Tassajara Crossing				CA	San Francisco-Oakland-Fremont	1990	146,188	146,188	99.0	%	99.0	%	—	56,496	Safeway	$	19.98
Twin Oaks Shopping Center	JV-M2	24.95	%	CA	Los Angeles-Long Beach-Santa Ana	1978	98,399	24,551	100.0	%	100.0	%	—	40,775	Ralphs	$	14.08
Twin Peaks				CA	San Diego-Carlsbad-San Marcos	1988	198,140	198,140	99.2	%	99.2	%	—	44,686	Albertsons, Target	$	17.06
Valencia Crossroads				CA	Los Angeles-Long Beach-Santa Ana	2003	172,856	172,856	100.0	%	100.0	%	—	35,000	Whole Foods, Kohl’s	$	31.00
Ventura Village				CA	Oxnard-Thousand Oaks-Ventura	1984	76,070	76,070	100.0	%	100.0	%	—	42,500	Von’s Food & Drug	$	19.69
Vine at Castaic				CA	Los Angeles-Long Beach-Santa Ana	2005	30,236	30,236	82.6	%	82.6	%	—	—	—	$	30.85
Vista Village Phase I	JV-RRP	20.00	%	CA	San Diego-Carlsbad-San Marcos	2003	129,009	25,802	100.0	%	100.0	%	165,000	—	Krikorian Theaters, (Lowe’s)	$	24.80
Vista Village Phase II	JV-RRP	20.00	%	CA	San Diego-Carlsbad-San Marcos	2003	55,000	11,000	100.0	%	100.0	%	—	25,000	Sprout’s Markets	$	15.95
Vista Village IV				CA	San Diego-Carlsbad-San Marcos	2006	11,000	11,000	88.2	%	88.2	%	—	—	—	$	38.31
West Park Plaza				CA	San Jose-Sunnyvale-Santa Clara	1996	88,103	88,103	98.3	%	98.3	%	—	24,712	Safeway	$	15.09
Westlake Village Plaza and Center				CA	Oxnard-Thousand Oaks-Ventura	1975	190,519	190,519	99.0	%	99.0	%	—	41,300	Von’s Food & Drug	$	23.53
Westridge				CA	Los Angeles-Long Beach-Santa Ana	2003	92,287	92,287	98.9	%	98.9	%	—	50,782	Albertsons	$	25.41
Woodman Van Nuys				CA	Los Angeles-Long Beach-Santa Ana	1992	107,614	107,614	100.0	%	100.0	%	—	77,648	Gigante	$	13.87
Woodside Central				CA	San Francisco-Oakland-Fremont	1993	80,591	80,591	100.0	%	100.0	%	113,000	—	(Target)	$	20.64
Ygnacio Plaza	JV-M2	24.95	%	CA	San Francisco-Oakland-Fremont	1968	109,701	27,370	100.0	%	100.0	%	—	—	The Sports Basement	$	26.85

				CA			9,615,484	6,603,674	89.9	%	87.9	%	1,557,431	2,972,227

Cherry Park Market	JV-M	25	%	OR	Portland-Vancouver-Beaverton	1997	113,518	28,380	90.0	%	90.0	%	—	55,164	Safeway	$	13.58
Corvallis Market Center				OR	Corvallis	2006	82,671	82,671	81.2	%	81.2	%	—	—	—		NA
Greenway Town Center	JV-M2	24.95	%	OR	Portland-Vancouver-Beaverton	1979	93,101	23,229	100.0	%	100.0	%	—	37,500	Unified Western Grocers	$	12.01
Hillsboro Market Center	JV-M	25	%	OR	Portland-Vancouver-Beaverton	2000	148,051	37,013	98.1	%	98.1	%	—	57,370	Albertsons	$	13.93
Hillsboro—Mervyns				OR	Portland-Vancouver-Beaverton	2006	76,844	76,844	100.0	%	100.0	%	—	—	Best Buy		NA
Murrayhill Marketplace				OR	Portland-Vancouver-Beaverton	1988	148,967	148,967	100.0	%	100.0	%	—	41,132	Safeway	$	14.41
Sherwood Crossroads				OR	Portland-Vancouver-Beaverton	1999	87,966	87,966	100.0	%	100.0	%	—	55,227	Safeway	$	10.79
Sherwood Market Center				OR	Portland-Vancouver-Beaverton	1995	124,259	124,259	100.0	%	100.0	%	—	49,793	Albertsons	$	17.32
Sunnyside 205				OR	Portland-Vancouver-Beaverton	1988	52,710	52,710	100.0	%	100.0	%	—	—	—	$	21.13
Tanasbourne Market				OR	Portland-Vancouver-Beaverton	2006	71,000	71,000	100.0	%	100.0	%	—	56,500	Whole Foods	$	34.66
Walker Center				OR	Portland-Vancouver-Beaverton	1987	89,610	89,610	95.7	%	95.7	%	—	—	Sportmart	$	15.54

				OR			1,088,697	822,648	96.9	%	97.2	%	—	352,686

Aurora Marketplace	JV-M2	24.95	%	WA	Seattle-Tacoma-Bellevue	1991	106,921	26,677	98.3	%	98.3	%	—	48,893	Safeway	$	15.28
Cascade Plaza	JV-C	20	%	WA	Seattle-Tacoma-Bellevue	1999	211,072	42,214	99.0	%	99.0	%	—	49,440	Safeway	$	11.21
Eastgate Plaza	JV-M2	24.95	%	WA	Seattle-Tacoma-Bellevue	1956	78,230	19,518	100.0	%	100.0	%	—	28,775	Albertsons	$	20.98
Inglewood Plaza				WA	Seattle-Tacoma-Bellevue	1985	17,253	17,253	100.0	%	100.0	%	—	—	—	$	27.91
James Center	JV-M	25	%	WA	Seattle-Tacoma-Bellevue	1999	140,240	35,060	94.7	%	94.7	%	—	68,273	Fred Myer	$	16.00
Lynnwood—Meryvns				WA	Seattle-Tacoma-Bellevue	2007	77,028	77,028	100.0	%	100.0	%	—	77,028	H Mart		NA
Orchards Market Center I	JV-RRP	20	%	WA	Portland-Vancouver-Beaverton	2004	100,663	20,133	100.0	%	100.0	%	—	—	Sportsman’s Warehouse	$	12.51
Orchards Market Center II				WA	Portland-Vancouver-Beaverton	2005	77,478	77,478	89.9	%	89.9	%	—	—	Wallace Theaters	$	18.24
Overlake Fashion Plaza	JV-M2	24.95	%	WA	Seattle-Tacoma-Bellevue	1987	80,555	20,098	100.0	%	100.0	%	230,300	—	(Sears)	$	21.44
Pine Lake Village				WA	Seattle-Tacoma-Bellevue	1989	102,953	102,953	100.0	%	100.0	%	—	40,982	Quality Foods	$	17.95

Portfolio Summary Report By Region

December 31, 2007


							JV’s at 100%	REG’s pro-rata share	JV’s at 100%		REG’s pro-rata share
Property Name	JV	REG’s Ownership %		State	CBSA	Yr Const or Last Rnvtn	GLA	GLA	% Leased		% Leased		Anchor- Owned GLA	Grocery Anchor GLA	Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Puyallup—Meryvns				WA	Seattle-Tacoma-Bellevue	2007	76,682	76,682	100.0	%	100.0	%	—	—	JC Penney		NA
Sammamish Highland				WA	Seattle-Tacoma-Bellevue	1992	101,289	101,289	100.0	%	100.0	%	55,000	55,000	(Safeway)	$	22.91
Southcenter				WA	Seattle-Tacoma-Bellevue	1990	58,282	58,282	98.2	%	98.2	%	111,900	—	(Target)	$	31.45
Thomas Lake				WA	Seattle-Tacoma-Bellevue	1998	103,872	103,872	100.0	%	100.0	%	—	50,065	Albertsons	$	14.92

				WA			1,332,518	778,538	98.5	%	98.5	%	397,200	418,456

Regional Totals							12,036,699	8,204,860	91.5	%	89.8	%	1,954,631	3,743,369

Southeast Region
Southgate Village Shopping Ctr	JV-M	25	%	AL	Birmingham-Hoover	1988	75,092	18,773	96.7	%	96.7	%	—	46,733	Publix	$	11.13
Valleydale Village Shop Center	JV-O	50	%	AL	Birmingham-Hoover	2003	118,466	59,233	75.1	%	75.1	%	—	44,271	Publix	$	11.73

				AL			193,558	78,006	83.5	%	80.3	%	—	91,004

Anastasia Plaza	JV-M	25	%	FL	Jacksonville	1988	102,342	25,586	97.3	%	97.3	%	—	48,555	Publix	$	10.94
Aventura Shopping Center				FL	Miami-Fort Lauderdale-Miami Beach	1974	102,876	102,876	100.0	%	100.0	%	—	35,908	Publix	$	16.35
Beneva Village Shops				FL	Sarasota-Bradenton-Venice	1987	141,532	141,532	94.5	%	94.5	%	—	42,112	Publix	$	11.64
Berkshire Commons				FL	Naples-Marco Island	1992	106,354	106,354	100.0	%	100.0	%	—	65,537	Publix	$	12.41
Bloomingdale				FL	Tampa-St. Petersburg-Clearwater	1987	267,736	267,736	100.0	%	100.0	%	—	39,795	Publix, Wal-Mart, Bealls	$	9.00
Boynton Lakes Plaza				FL	Miami-Fort Lauderdale-Miami Beach	1993	124,924	124,924	99.4	%	99.4	%	—	56,000	Winn-Dixie	$	12.08
Caligo Crossing				FL	Miami-Fort Lauderdale-Miami Beach	2007	10,800	10,800	0.0	%	0.0	%	98,165	—	(Kohl's)		NA
Canopy Oak Center	JV-O	50	%	FL	Ocala	2006	90,043	45,022	61.9	%	61.9	%	—	54,340	Publix		NA
Carriage Gate				FL	Tallahassee	1978	76,784	76,784	100.0	%	100.0	%	—	—	—	$	12.56
Chasewood Plaza				FL	Miami-Fort Lauderdale-Miami Beach	1986	155,603	155,603	100.0	%	100.0	%	—	54,420	Publix	$	16.76
Corkscrew Village				FL	Cape Coral-Fort Myers	1997	82,011	82,011	100.0	%	100.0	%	—	51,420	Publix	$	12.78
Courtyard Shopping Center				FL	Jacksonville	1987	137,256	137,256	100.0	%	100.0	%	62,771	62,771	(Publix), Target		NA
East Port Plaza				FL	Port St. Lucie-Fort Pierce	1991	235,842	235,842	60.8	%	60.8	%	—	42,112	Publix	$	10.82
East Towne Shopping Center				FL	Orlando	2003	69,841	69,841	100.0	%	100.0	%	—	44,840	Publix	$	13.86
First Street Village				FL	Cape Coral-Fort Myers	2006	54,926	54,926	83.2	%	83.2	%	—	39,393	Publix	$	15.16
Five Corners Plaza	JV-RC	25	%	FL	Miami-Fort Lauderdale-Miami Beach	2001	44,647	11,162	94.8	%	94.8	%	—	27,887	Publix	$	13.19
Fleming Island				FL	Jacksonville	2000	136,662	136,662	95.7	%	95.7	%	129,807	47,955	Publix, (Target)	$	12.96
Garden Square				FL	Miami-Fort Lauderdale-Miami Beach	1991	90,258	90,258	100.0	%	100.0	%	—	42,112	Publix	$	14.66
Grande Oak				FL	Cape Coral-Fort Myers	2000	78,784	78,784	100.0	%	100.0	%	—	54,379	Publix	$	14.04
Hibernia Pavilion				FL	Jacksonville	2006	51,298	51,298	76.4	%	76.4	%	—	39,203	Publix		NA
Hibernia Plaza				FL	Jacksonville	2006	8,400	8,400	33.3	%	33.3	%	—	—	—	$	24.00
Horton’s Corner				FL	Jacksonville	2007	14,820	14,820	100.0	%	100.0	%	—	—	—		NA
Island Crossing	JV-C2	20	%	FL	Port St. Lucie-Fort Pierce	1996	58,456	11,691	100.0	%	100.0	%	—	47,955	Publix	$	9.88
John’s Creek Shopping Center				FL	Jacksonville	2004	89,921	89,921	100.0	%	100.0	%	—	44,840	Publix	$	15.73
Julington Village	JV-C	20	%	FL	Jacksonville	1999	81,820	16,364	100.0	%	100.0	%	—	51,420	Publix	$	13.76
Kings Crossing Sun City	JV-M	25	%	FL	Tampa-St. Petersburg-Clearwater	1999	75,020	18,755	100.0	%	100.0	%	—	51,420	Publix	$	11.89
Lynnhaven	JV-M	25	%	FL	Panama City-Lynn Haven	2001	63,871	15,968	95.6	%	95.6	%	—	44,271	Publix	$	11.21
Marketplace St Pete				FL	Tampa-St. Petersburg-Clearwater	1983	90,296	90,296	95.5	%	95.5	%	—	36,464	Publix	$	13.09
Martin Downs Village Center				FL	Port St. Lucie-Fort Pierce	1985	121,946	121,946	85.9	%	85.9	%	—	—	—	$	14.85
Martin Downs Village Shoppes				FL	Port St. Lucie-Fort Pierce	1998	48,907	48,907	96.2	%	96.2	%	—	—	—	$	17.20
Merchants Crossing	JV-M	25	%	FL	Punta Gorda	1990	213,739	53,435	93.6	%	93.6	%	—	48,555	Publix	$	9.20
Millhopper				FL	Gainesville	1974	84,065	84,065	100.0	%	100.0	%	—	37,244	Publix	$	8.55
Naples Walk Shopping Center				FL	Naples-Marco Island	1999	125,390	125,390	99.2	%	99.2	%	—	51,420	Publix	$	16.18
Newberry Square				FL	Gainesville	1986	180,524	180,524	97.8	%	97.8	%	—	39,795	Publix, K-Mart	$	7.59
Nocatee Town Center				FL	Jacksonville	2007	81,082	81,082	67.0	%	67.0	%	—	54,340	Publix		NA
Northgate Square				FL	Tampa-St. Petersburg-Clearwater	1995	75,495	75,495	100.0	%	100.0	%	—	47,955	Publix	$	12.43
Oakleaf Commons				FL	Jacksonville	2006	73,719	73,719	79.1	%	79.1	%	—	45,600	Publix	$	14.12
Ocala Corners	JV-M	25	%	FL	Tallahassee	2000	86,772	21,693	100.0	%	100.0	%	—	61,171	Publix	$	12.90
Old St Augustine Plaza				FL	Jacksonville	1990	232,459	232,459	99.5	%	99.5	%	—	51,832	Publix, Burlington Coat Factory, Hobby Lobby	$	7.65
Palm Harbor Shopping Village	JV-M	25	%	FL	Palm Coast	1991	166,041	41,510	92.5	%	92.5	%	—	45,254	Publix	$	11.13
Peachland Promenade	JV-M	25	%	FL	Punta Gorda	1991	82,082	20,521	98.7	%	98.7	%	—	48,890	Publix	$	10.67
Pebblebrook Plaza	JV-M	25	%	FL	Naples-Marco Island	2000	76,767	19,192	100.0	%	100.0	%	—	61,166	Publix	$	12.46
Pine Tree Plaza				FL	Jacksonville	1999	63,387	63,387	92.9	%	92.9	%	—	37,866	Publix	$	13.07
Plantation Plaza	JV-C2	20	%	FL	Jacksonville	2004	77,747	15,549	100.0	%	100.0	%	—	44,840	Publix	$	16.36
Regency Square Brandon				FL	Tampa-St. Petersburg-Clearwater	1986	349,848	349,848	99.4	%	99.4	%	66,000	—	AMC Theater, Michaels, (Best Buy)	$	13.60
Regency Village	JV-O	50	%	FL	Orlando	2002	83,170	41,585	89.9	%	89.9	%	—	54,379	Publix	$	14.07
Shoppes @ 104	JV-M	25	%	FL	Miami-Fort Lauderdale-Miami Beach	1990	108,192	27,048	100.0	%	100.0	%	—	46,368	Winn-Dixie	$	12.93
Shoppes at Bartram Park	JV-O	50	%	FL	Jacksonville	2004	118,014	59,007	88.1	%	88.1	%	97,000	44,840	Publix, (Kohl’s)	$	17.55
Shops at John’s Creek				FL	Jacksonville	2004	15,490	15,490	100.0	%	100.0	%	—	—	—	$	22.35
Spring Hill Phase I				FL	Tampa-St. Petersburg-Clearwater	2007	108,317	108,317	90.6	%	90.6	%	98,165	—	(Kohl’s)		NA
Starke				FL	None	2000	12,739	12,739	100.0	%	100.0	%	—	—	—	$	23.83
Town Center at Martin Downs				FL	Port St. Lucie-Fort Pierce	1996	64,546	64,546	100.0	%	100.0	%	—	56,146	Publix	$	12.55
Town Square				FL	Tampa-St. Petersburg-Clearwater	1999	44,380	44,380	100.0	%	100.0	%	—	—	—	$	26.23
Village Center 6				FL	Tampa-St. Petersburg-Clearwater	1993	181,110	181,110	98.7	%	98.7	%	—	36,434	Publix	$	12.71
Village Commons Shopping Center	JV-M2	24.95	%	FL	Miami-Fort Lauderdale-Miami Beach	1986	169,053	42,179	92.6	%	92.6	%	—	39,975	Publix	$	17.11
Vineyard Shopping Center	JV-M3	25	%	FL	Tallahassee	2002	62,821	15,705	87.5	%	87.5	%	—	44,271	Publix	$	11.25
Welleby				FL	Miami-Fort Lauderdale-Miami Beach	1982	109,949	109,949	96.2	%	96.2	%	—	46,779	Publix	$	10.19
Wellington Town Square				FL	Miami-Fort Lauderdale-Miami Beach	1982	107,325	107,325	98.0	%	98.0	%	—	44,840	Publix	$	18.81
Westchase				FL	Tampa-St. Petersburg-Clearwater	1998	78,998	78,998	96.5	%	96.5	%	—	51,420	Publix	$	12.65
Willa Springs Shopping Center				FL	Orlando	2000	89,930	89,930	100.0	%	100.0	%	—	44,271	Publix	$	15.09

				FL			6,137,127	4,878,500	94.2	%	94.1	%	551,908	2,310,760

Portfolio Summary Report By Region

December 31, 2007


							JV’s at 100%	REG’s pro-rata share	JV’s at 100%		REG’s pro-rata share
Property Name	JV	REG’s Ownership %		State	CBSA	Yr Const or Last Rnvtn	GLA	GLA	% Leased		% Leased		Anchor- Owned GLA	Grocery Anchor GLA	Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Ashford Place				GA	Atlanta-Sandy Springs-Marietta	1993	53,450	53,450	88.7	%	88.7	%	—	—	—	$	20.07
Briarcliff La Vista				GA	Atlanta-Sandy Springs-Marietta	1962	39,204	39,204	100.0	%	100.0	%	—	—	—	$	13.22
Briarcliff Village				GA	Atlanta-Sandy Springs-Marietta	1990	187,156	187,156	89.8	%	89.8	%	—	43,454	Publix	$	14.43
Buckhead Court				GA	Atlanta-Sandy Springs-Marietta	1984	48,338	48,338	100.0	%	100.0	%	—	—	—	$	15.29
Buckhead Crossing	JV-M	25	%	GA	Atlanta-Sandy Springs-Marietta	1989	221,874	55,469	98.4	%	98.4	%	—	—	—	$	16.56
Cambridge Square Shopping Ctr				GA	Atlanta-Sandy Springs-Marietta	1979	71,474	71,474	98.7	%	98.7	%	—	40,852	Kroger	$	11.70
Chapel Hill				GA	Atlanta-Sandy Springs-Marietta	2005	66,970	66,970	89.5	%	89.5	%	88,713	—	(Kohl’s)	$	23.61
Coweta Crossing	JV-M	25	%	GA	Atlanta-Sandy Springs-Marietta	1994	68,489	17,122	95.5	%	95.5	%	—	56,077	Publix	$	9.57
Cromwell Square				GA	Atlanta-Sandy Springs-Marietta	1990	70,283	70,283	91.5	%	91.5	%	—	—	—	$	10.21
Delk Spectrum				GA	Atlanta-Sandy Springs-Marietta	1991	100,539	100,539	90.7	%	90.7	%	—	45,044	Publix	$	16.08
Dunwoody Hall				GA	Atlanta-Sandy Springs-Marietta	1986	89,351	89,351	94.2	%	94.2	%	—	44,271	Publix	$	14.46
Dunwoody Village				GA	Atlanta-Sandy Springs-Marietta	1975	120,598	120,598	93.0	%	93.0	%	—	18,400	Fresh Market	$	17.09
Howell Mill Village	JV-M	25	%	GA	Atlanta-Sandy Springs-Marietta	1984	97,990	24,498	97.8	%	97.8	%	—	31,000	Publix	$	16.22
King Plaza	JV-C2	20	%	GA	Atlanta-Sandy Springs-Marietta	1998	81,432	16,286	94.3	%	94.3	%	—	51,420	Publix	$	12.35
Lindbergh Crossing	JV-M	25	%	GA	Atlanta-Sandy Springs-Marietta	1998	27,059	6,765	96.0	%	96.0	%	—	—	—	$	22.44
Loehmanns Plaza Georgia				GA	Atlanta-Sandy Springs-Marietta	1986	137,139	137,139	100.0	%	100.0	%	—	—	—	$	17.91
Lost Mountain Shopping Center	JV-C2	20	%	GA	Atlanta-Sandy Springs-Marietta	1994	72,568	14,514	93.2	%	93.2	%	—	47,814	Publix	$	11.41
Northlake Promenade	JV-M	25	%	GA	Atlanta-Sandy Springs-Marietta	1986	25,394	6,349	90.7	%	90.7	%	—	—	—	$	18.61
Orchard Square	JV-M	25	%	GA	Atlanta-Sandy Springs-Marietta	1987	93,222	23,306	81.1	%	81.1	%	—	44,271	Publix	$	10.25
Paces Ferry Plaza				GA	Atlanta-Sandy Springs-Marietta	1987	61,697	61,697	93.5	%	93.5	%	—	—	—	$	29.84
Powers Ferry Kroger	JV-M	25	%	GA	Atlanta-Sandy Springs-Marietta	1983	45,528	11,382	100.0	%	100.0	%	—	45,528	Kroger	$	6.60
Powers Ferry Square				GA	Atlanta-Sandy Springs-Marietta	1987	95,704	95,704	99.0	%	99.0	%	—	—	—	$	24.26
Powers Ferry Village				GA	Atlanta-Sandy Springs-Marietta	1994	78,996	78,996	99.9	%	99.9	%	—	47,955	Publix	$	10.02
Rivermont Station				GA	Atlanta-Sandy Springs-Marietta	1996	90,267	90,267	76.8	%	76.8	%	—	58,261	Kroger	$	15.72
Rose Creek	JV-M	25	%	GA	Atlanta-Sandy Springs-Marietta	1993	69,790	17,448	94.8	%	94.8	%	—	56,077	Publix	$	9.94
Roswell Crossing	JV-M	25	%	GA	Atlanta-Sandy Springs-Marietta	1999	201,979	50,495	95.8	%	95.8	%	—	11,606	Trader Joe’s, Pike Nursery	$	13.88
Russell Ridge				GA	Atlanta-Sandy Springs-Marietta	1995	98,559	98,559	87.5	%	87.5	%	—	63,296	Kroger	$	11.45
Thomas Crossroads	JV-M	25	%	GA	Atlanta-Sandy Springs-Marietta	1995	84,928	21,232	96.3	%	96.3	%	—	54,498	Kroger	$	11.03
Trowbridge Crossing	JV-M	25	%	GA	Atlanta-Sandy Springs-Marietta	1998	62,558	15,640	100.0	%	100.0	%	—	37,888	Publix	$	10.56
Woodstock Crossing	JV-M	25	%	GA	Atlanta-Sandy Springs-Marietta	1994	66,122	16,531	96.2	%	96.2	%	—	54,322	Kroger	$	9.30
				GA			2,628,658	1,706,758	94.0	%	93.3	%	88,713	852,034
Bent Tree Plaza	JV-M	25	%	NC	Raleigh-Cary	1994	79,503	19,876	98.5	%	98.5	%	—	54,153	Kroger	$	11.75
Cameron Village	JV-CCV	30	%	NC	Raleigh-Cary	1949	635,918	190,775	91.4	%	91.4	%	—	79,830	Harris Teeter, Fresh Market	$	15.06
Carmel Commons				NC	Charlotte-Gastonia-Concord	1979	132,651	132,651	98.4	%	98.4	%	—	14,300	Fresh Market	$	15.35
Cochran Commons	JV-C2	20	%	NC	Charlotte-Gastonia-Concord	2003	66,020	13,204	100.0	%	100.0	%	—	41,500	Harris Teeter	$	15.63
Fuquay Crossing	JV-RC	25	%	NC	Raleigh-Cary	2002	124,774	31,194	93.5	%	93.5	%	—	46,478	Kroger	$	9.84
Garner				NC	Raleigh-Cary	1998	221,776	221,776	98.8	%	98.8	%	273,000	57,590	Kroger, (Home Depot), (Target)	$	12.42
Glenwood Village				NC	Raleigh-Cary	1983	42,864	42,864	94.4	%	94.4	%	—	27,764	Harris Teeter	$	12.94
Harris Crossing				NC	Burlington	2007	76,818	76,818	69.5	%	69.5	%	—	53,365	Harris Teeter		NA
Kernersville Plaza				NC	Winston-Salem	1997	72,590	72,590	95.0	%	95.0	%	—	57,590	Harris Teeter	$	10.16
Lake Pine Plaza				NC	Raleigh-Cary	1997	87,691	87,691	100.0	%	100.0	%	—	57,590	Kroger	$	11.60
Maynard Crossing				NC	Raleigh-Cary	1997	122,782	122,782	91.9	%	91.9	%	—	55,973	Kroger	$	14.68
Middle Creek Commons				NC	Raleigh-Cary	2006	73,635	73,635	78.0	%	78.0	%	—	49,495	Lowes Foods	$	14.09
Shoppes of Kildaire	JV-M2	24.95	%	NC	Raleigh-Cary	1986	148,204	36,977	87.0	%	87.0	%	—	18,613	Trader Joe’s	$	14.04
Southpoint Crossing				NC	Durham	1998	103,128	103,128	96.6	%	96.6	%	—	59,160	Kroger	$	15.38
Sutton Square	JV-C2	20	%	NC	Raleigh-Cary	1985	101,846	20,369	90.4	%	90.4	%	—	34,000	Harris Teeter	$	13.27
Woodcroft Shopping Center				NC	Durham	1984	89,833	89,833	96.8	%	96.8	%	—	40,832	Food Lion	$	11.46

				NC			2,180,033	1,336,163	92.7	%	93.1	%	273,000	748,233

Buckwalter Village				SC	Hilton Head Island-Beaufort	2006	79,302	79,302	61.0	%	61.0	%	—	45,600	Publix		NA
Fairview Market	JV-M	25	%	SC	Greenville	1998	53,888	13,472	100.0	%	100.0	%	—	37,888	Publix	$	10.66
Merchants Village	JV-M	25	%	SC	Charleston-North Charleston	1997	79,724	19,931	97.5	%	97.5	%	—	37,888	Publix	$	12.49
Murray Landing	JV-M3	25	%	SC	Columbia	2003	64,359	16,090	97.8	%	97.8	%	—	44,840	Publix	$	12.26
Orangeburg				SC	Charleston-North Charleston	2006	14,820	14,820	100.0	%	100.0	%	—	—	—	$	23.01
Pelham Commons				SC	Greenville	2003	76,541	76,541	93.7	%	93.7	%	—	44,271	Publix	$	13.01
Queensborough	JV-O	50	%	SC	Charleston-North Charleston	1993	82,333	41,167	100.0	%	100.0	%	—	65,796	Publix	$	9.89
Rosewood Shopping Center	JV-M	25	%	SC	Columbia	2001	36,887	9,222	94.3	%	94.3	%	—	27,887	Publix	$	14.43
Surfside Beach Commons	JV-C2	20	%	SC	Myrtle Beach-Conway-North Myrtle Beach	1999	59,881	11,976	100.0	%	100.0	%	—	46,624	Bi-Lo	$	11.94

				SC			547,735	282,520	92.5	%	86.9	%	—	350,794

Collierville Crossing	JV-D	16	%	TN	Memphis	2004	86,065	14,115	98.8	%	98.8	%	125,500	63,193	Schnucks, (Target)	$	12.54
Dickson TN				TN	Nashville-Davidson-Murfreesboro	1998	10,908	10,908	100.0	%	100.0	%	—	—	—	$	20.35
Harding Place				TN	Nashville-Davidson-Murfreesboro	2004	7,348	7,348	24.9	%	24.9	%	177,000	—	(Wal-Mart)	$	16.00
Harpeth Village Fieldstone				TN	Nashville-Davidson-Murfreesboro	1998	70,091	70,091	100.0	%	100.0	%	—	55,377	Publix	$	12.84
Lebanon Center				TN	Nashville-Davidson-Murfreesboro	2006	63,802	63,802	78.1	%	78.1	%	—	45,600	Publix	$	12.21
Nashboro				TN	Nashville-Davidson-Murfreesboro	1998	86,811	86,811	100.0	%	100.0	%	—	61,224	Kroger	$	10.54
Northlake Village I & II				TN	Nashville-Davidson-Murfreesboro	1988	141,685	141,685	96.8	%	96.8	%	—	64,537	Kroger	$	11.46
Peartree Village				TN	Nashville-Davidson-Murfreesboro	1997	109,904	109,904	100.0	%	100.0	%	—	60,647	Harris Teeter	$	17.76

				TN			576,614	504,664	95.7	%	95.2	%	302,500	350,578

Regional Totals							12,263,725	8,786,611	93.7	%	93.5	%	1,216,121	4,703,403

Southwest Region
Anthem Marketplace				AZ	Phoenix-Mesa-Scottsdale	2000	113,292	113,292	100.0	%	100.0	%	—	55,256	Safeway	$	16.71

Portfolio Summary Report By Region

December 31, 2007


							JV’s at 100%	REG’s pro-rata share	JV’s at 100%		REG’s pro-rata share
Property Name	JV	REG’s Ownership %		State	CBSA	Yr Const or Last Rnvtn	GLA	GLA	% Leased		% Leased		Anchor- Owned GLA	Grocery Anchor GLA	Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Palm Valley Marketplace	JV-C	20	%	AZ	Phoenix-Mesa-Scottsdale	1999	107,633	21,527	98.1	%	98.1	%	—	55,403	Safeway	$	14.57
Pima Crossing				AZ	Phoenix-Mesa-Scottsdale	1996	239,438	239,438	99.3	%	99.3	%	—	—	Chez Antiques	$	17.68
Shops at Arizona				AZ	Phoenix-Mesa-Scottsdale	2000	35,710	35,710	94.1	%	94.1	%	—	—	—	$	19.54

				AZ			496,073	409,967	98.8	%	99.0	%	—	110,659

Applewood Shopping Center	JV-M2	24.95	%	CO	Denver-Aurora	1956	375,622	93,718	94.2	%	94.2	%	—	71,074	King Soopers, Wal-Mart	$	9.25
Arapahoe Village	JV-M2	24.95	%	CO	Boulder	1957	159,237	39,730	92.8	%	92.8	%	—	43,500	Safeway	$	16.28
Belleview Square				CO	Denver-Aurora	1978	117,335	117,335	100.0	%	100.0	%	—	65,104	King Soopers	$	15.08
Boulevard Center				CO	Denver-Aurora	1986	88,512	88,512	86.9	%	86.9	%	52,700	52,700	(Safeway)	$	23.11
Buckley Square				CO	Denver-Aurora	1978	116,146	116,146	97.2	%	97.2	%	—	62,400	King Soopers	$	8.59
Centerplace of Greeley	JV-M	25	%	CO	Greeley	2003	148,575	37,144	100.0	%	100.0	%	213,408	58,374	Safeway, (Target), (Kohl’s)	$	14.07
Centerplace of Greeley Phase III				CO	Greeley	2007	119,014	119,014	60.6	%	60.6	%	—	—	Best Buy, Sports Authority		NA
Cherrywood Square	JV-M2	24.95	%	CO	Denver-Aurora	1978	86,161	21,497	100.0	%	100.0	%	—	51,640	King Soopers	$	11.21
Cheyenne Meadows	JV-M	25	%	CO	Colorado Springs	1998	89,893	22,473	100.0	%	100.0	%	—	69,913	King Soopers	$	11.00
Crossroads Commons	JV-C	20	%	CO	Boulder	1986	105,041	21,008	79.2	%	79.2	%	—	39,247	Whole Foods	$	21.64
Falcon Marketplace				CO	Colorado Springs	2005	22,491	22,491	58.7	%	58.7	%	184,305	50,000	(Wal-Mart Supercenter)	$	23.27
Fort Collins Center				CO	Fort Collins-Loveland	2005	99,359	99,359	0.0	%	0.0	%	—	—	JC Penney	$	7.75
Hilltop Village	JV-M3	25	%	CO	Denver-Aurora	2003	100,029	25,007	97.3	%	97.3	%	—	66,000	King Soopers	$	22.85
South Lowry Square				CO	Denver-Aurora	1993	119,916	119,916	95.4	%	95.4	%	—	62,600	Safeway	$	12.99
Littleton Square				CO	Denver-Aurora	1997	94,257	94,257	91.3	%	91.3	%	—	49,751	King Soopers	$	11.61
Lloyd King Center				CO	Denver-Aurora	1998	83,326	83,326	100.0	%	100.0	%	—	61,040	King Soopers	$	11.65
Loveland Shopping Center				CO	Fort Collins-Loveland	2005	93,142	93,142	44.7	%	44.7	%	—	—	Murdoch’s Ranch	$	11.50
Marketplace at Briargate				CO	Colorado Springs	2006	29,075	29,075	100.0	%	100.0	%	66,000	66,000	(King Soopers)	$	27.67
Monument Jackson Creek				CO	Colorado Springs	1999	85,263	85,263	100.0	%	100.0	%	—	69,913	King Soopers	$	10.53
Ralston Square Shopping Center	JV-M2	24.95	%	CO	Denver-Aurora	1977	82,750	20,646	98.2	%	98.2	%	—	55,311	King Soopers	$	9.29
Stroh Ranch				CO	Denver-Aurora	1998	93,436	93,436	98.5	%	98.5	%	—	69,719	King Soopers	$	12.17
Woodmen Plaza				CO	Colorado Springs	1998	116,233	116,233	90.2	%	90.2	%	—	69,716	King Soopers	$	13.93

				CO			2,424,813	1,558,728	91.4	%	89.6	%	516,413	1,134,002

Anthem Highland Shopping Center				NV	Las Vegas-Paradise	2004	119,313	119,313	89.7	%	89.7	%	—	53,963	Albertsons	$	15.83
Deer Springs Town Center				NV	Las Vegas-Paradise	2007	556,359	556,359	24.0	%	24.0	%	132,360	—	(Target), Home Depot		NA
Centennial Crossroads	JV-M	25.00	%	NV	Las Vegas-Paradise	2002	99,064	24,766	98.9	%	98.9	%	154,000	55,256	Von's Food & Drug, (Target)	$	13.79

				NV			774,736	700,438	43.7	%	37.9	%	286,360	109,219

Alden Bridge				TX	Houston-Baytown-Sugar Land	1998	138,953	138,953	100.0	%	100.0	%	—	67,768	Kroger	$	16.63
Atascocita Center				TX	Houston-Baytown-Sugar Land	2003	97,240	97,240	87.7	%	87.7	%	—	65,740	Kroger	$	9.92
Bethany Park Place				TX	Dallas-Fort Worth-Arlington	1998	74,066	74,066	95.5	%	95.5	%	—	58,374	Kroger	$	11.99
Cochran's Crossing				TX	Houston-Baytown-Sugar Land	1994	138,192	138,192	96.5	%	96.5	%	—	63,449	Kroger	$	15.92
Cooper Street				TX	Dallas-Fort Worth-Arlington	1992	133,196	133,196	87.5	%	87.5	%	102,950	—	(Home Depot)	$	11.61
Fort Bend Center				TX	Houston-Baytown-Sugar Land	2000	30,164	30,164	79.0	%	79.0	%	67,106	67,106	(Kroger)	$	16.72
Hancock				TX	Austin-Round Rock	1998	410,438	410,438	95.5	%	95.5	%	—	90,217	H.E.B., Sears	$	12.45
Hickory Creek Plaza				TX	Dallas-Fort Worth-Arlington	2006	28,134	28,134	15.8	%	15.8	%	81,624	81,264	(Kroger)		NA
Hillcrest Village				TX	Dallas-Fort Worth-Arlington	1991	14,530	14,530	100.0	%	100.0	%	—	—	—	$	33.69
Highland Knoll	JV-C2	20	%	TX	Houston-Baytown-Sugar Land	1998	87,470	17,494	97.0	%	97.0	%	—	62,389	Randalls Food	$	12.41
Highland Village				TX	Dallas-Fort Worth-Arlington	2005	351,906	351,906	77.0	%	77.0	%	—	—	AMC Theater, Barnes & Noble	$	26.48
Indian Springs Center	JV-O	50	%	TX	Houston-Baytown-Sugar Land	2003	136,625	68,313	100.0	%	100.0	%	—	79,000	H.E.B.	$	18.32
Keller Town Center				TX	Dallas-Fort Worth-Arlington	1999	114,937	114,937	96.3	%	96.3	%	—	63,631	Tom Thumb	$	14.10
Kleinwood Center	JV-M3	25	%	TX	Houston-Baytown-Sugar Land	2003	148,964	37,241	91.6	%	91.6	%	—	78,348	H.E.B.	$	16.90
Kleinwood Center II				TX	Houston-Baytown-Sugar Land	2005	45,001	45,001	100.0	%	100.0	%	—	—	LA Fitness	$	16.50
Lebanon/Legacy Center				TX	Dallas-Fort Worth-Arlington	2002	56,674	56,674	97.9	%	97.9	%	62,804	62,804	(Albertsons)	$	21.85
Main Street Center	JV-M2	24.95	%	TX	Dallas-Fort Worth-Arlington	2002	42,754	10,667	81.4	%	81.4	%	62,322	62,322	(Albertsons)	$	20.34
Market at Preston Forest				TX	Dallas-Fort Worth-Arlington	1990	91,624	91,624	100.0	%	100.0	%	—	51,818	Tom Thumb	$	16.23
Market at Round Rock				TX	Austin-Round Rock	1987	123,046	123,046	92.5	%	92.5	%	—	63,800	Albertsons	$	11.69
Memorial Collection Shopping Center	JV-M2	24.95	%	TX	Houston-Baytown-Sugar Land	1974	103,330	25,781	97.5	%	97.5	%	—	53,993	Randall’s Food	$	14.37
Mockingbird Common				TX	Dallas-Fort Worth-Arlington	1987	120,321	120,321	98.4	%	98.4	%	—	48,525	Tom Thumb	$	14.21
North Hills				TX	Austin-Round Rock	1995	144,020	144,020	90.2	%	90.2	%	—	60,465	H.E.B.	$	17.58
Panther Creek				TX	Houston-Baytown-Sugar Land	1994	165,560	165,560	100.0	%	100.0	%	—	65,800	Randall’s Food	$	15.64
Preston Park				TX	Dallas-Fort Worth-Arlington	1985	273,826	273,826	80.7	%	80.7	%	—	52,688	Tom Thumb	$	24.78
Prestonbrook				TX	Dallas-Fort Worth-Arlington	1998	91,537	91,537	98.8	%	98.8	%	—	63,373	Kroger	$	13.45
Prestonwood Park				TX	Dallas-Fort Worth-Arlington	1999	101,167	101,167	67.6	%	67.6	%	62,322	62,322	(Albertsons)	$	21.32
Rockwall Town Center				TX	Dallas-Fort Worth-Arlington	2004	45,969	45,969	79.7	%	79.7	%	73,770	57,017	(Kroger)	$	22.51
Shiloh Springs				TX	Dallas-Fort Worth-Arlington	1998	110,040	110,040	97.5	%	97.5	%	—	60,932	Kroger	$	14.50
Signature Plaza				TX	Dallas-Fort Worth-Arlington	2004	32,415	32,415	80.0	%	80.0	%	61,962	61,962	(Kroger)	$	24.14
South Shore				TX	Houston-Baytown-Sugar Land	2005	27,939	27,939	72.7	%	72.7	%	81,470	81,470	(Kroger)	$	22.82
Sterling Ridge				TX	Houston-Baytown-Sugar Land	2000	128,643	128,643	100.0	%	100.0	%	—	63,373	Kroger	$	17.33
Sweetwater Plaza	JV-C	20	%	TX	Houston-Baytown-Sugar Land	2000	134,045	26,809	99.0	%	99.0	%	—	65,241	Kroger	$	16.10
Trophy Club				TX	Dallas-Fort Worth-Arlington	1999	106,507	106,507	88.5	%	88.5	%	—	63,654	Tom Thumb	$	13.07

Portfolio Summary Report By Region

December 31, 2007


							JV’s at 100%	REG’s pro-rata share	JV’s at 100%		REG’s pro-rata share
Property Name	JV	REG’s Ownership %		State	CBSA	Yr Const or Last Rnvtn	GLA	GLA	% Leased		% Leased		Anchor- Owned GLA	Grocery Anchor GLA	Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Waterside Marketplace				TX	Houston-Baytown-Sugar Land	2007	24,520	24,520	19.2	%	19.2	%	102,984	102,984	(Kroger)		NA
Weslayan Plaza East	JV-M2	24.95	%	TX	Houston-Baytown-Sugar Land	1969	169,693	42,338	99.1	%	99.1	%	—	—	—	$	12.65
Weslayan Plaza West	JV-M2	24.95	%	TX	Houston-Baytown-Sugar Land	1969	185,834	46,366	95.9	%	95.9	%	—	51,960	Randall’s Food	$	14.70
Westwood Village				TX	Houston-Baytown-Sugar Land	2006	184,176	184,176	76.9	%	76.9	%	126,874	—	(Target)		NA
Woodway Collection	JV-M2	24.95	%	TX	Houston-Baytown-Sugar Land	1974	111,165	27,736	98.2	%	98.2	%	—	56,596	Randall’s Food	$	15.43

				TX			4,524,621	3,707,485	90.7	%	89.4	%	886,188	2,090,385

Regional Totals							8,220,243	6,376,618	87.0	%	84.4	%	1,688,961	3,444,265

Regency Centers Total							51,106,824	31,791,357	91.7	%	89.4	%	8,091,393	19,564,562

(1)

Major Tenants are the grocer anchor and any tenant over 40,000 sq. ft. 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-RC:		Co-investment Partnership with CalSTRS
JV-M:		Co-investment Partnership with Macquarie
JV-MD:		Co-investment Partnership with Macquarie
JV-M2:		Co-investment Partnership with Macquarie
JV-M3:		Co-investment Partnership with Macquarie
JV-RRP:		Regency Retail Partners (open-end fund)
JV-D:		Co-investment Partnership with Macquarie and DESCO
JV-O:		Other, single property Co-investment Partnerships

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

December 31, 2007


Tenant	Tenant GLA⁽¹⁾	% of Company- Owned GLA⁽¹⁾		Total Annualized Base Rent⁽²⁾		% of Total Annualized Base Rent⁽²⁾		# of Leased Stores	# of Leased Stores in JV
Kroger	2,815,024	8.86	%	$	26,580,497	5.89	%	60	18
Publix	2,115,188	6.66	%		19,353,278	4.29	%	65	28
Safeway	1,672,156	5.26	%		15,918,223	3.53	%	59	34
Supervalu	1,004,004	3.16	%		11,430,702	2.53	%	33	19
Blockbuster Video	315,644	0.99	%		6,727,361	1.49	%	84	35
CVS	270,823	0.85	%		4,703,665	1.04	%	41	21
Whole Foods	144,754	0.46	%		4,487,427	0.99	%	5	2
TJX Companies	434,184	1.37	%		4,444,445	0.98	%	27	15
Harris Teeter	346,382	1.09	%		4,004,525	0.89	%	9	3
Walgreens	239,870	0.76	%		3,981,447	0.88	%	23	8
Ahold	248,795	0.78	%		3,666,951	0.81	%	11	8
Starbucks	103,140	0.32	%		3,258,350	0.72	%	95	42
Sears Holdings	433,809	1.37	%		3,237,083	0.72	%	16	10
Rite Aid	227,691	0.72	%		3,191,160	0.71	%	35	24
Washington Mutual Bank	92,010	0.29	%		2,997,406	0.66	%	39	15
Hallmark	165,085	0.52	%		2,844,081	0.63	%	61	31
Best Buy	137,564	0.43	%		2,812,624	0.62	%	7	3
PETCO	156,164	0.49	%		2,710,930	0.60	%	20	11
Schnucks	309,522	0.97	%		2,695,784	0.60	%	31	31
Ross Dress For Less	198,594	0.63	%		2,637,377	0.58	%	16	12
Bank of America	69,566	0.22	%		2,630,181	0.58	%	31	14
Kohl's	315,680	0.99	%		2,547,527	0.56	%	4	1
Longs Drug	211,818	0.67	%		2,516,809	0.56	%	15	7
H.E.B.	210,413	0.66	%		2,499,163	0.55	%	4	2
Subway	90,621	0.29	%		2,488,934	0.55	%	116	61
L.A. Fitness Sports Club	138,188	0.44	%		2,483,484	0.55	%	4	1
The UPS Store	98,293	0.31	%		2,358,410	0.52	%	112	57
Staples	167,316	0.53	%		2,339,828	0.52	%	12	5
Stater Bros.	151,151	0.48	%		2,300,289	0.51	%	5	2

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	$	161,301
Kroger Total		55,100
Supervalu Total		10,625
Schnucks Total		6,560


GLA owned and occupied by the anchor not included above:		# of Tenant- Owned Stores	# of Stores including Tenant- Owned
Kroger	594,926	8	68
Safeway	314,000	6	66
Sears Holdings	57,435	2	64
Supervalu	72,514	2	35
Publix	62,771	1	66

	1,101,646

Note: GLA and Annualized Base Rent include preleases. Preleases are defined as leases that are executed but not yet rent paying.

(1)	GLA includes only Regency's pro-rata share of GLA in unconsolidated joint ventures.

(2)	Annualized Base Rent includes only Regency's pro-rata share of rent from unconsolidated joint ventures.

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

December 31, 2007


Tenant	Tenant GLA⁽¹⁾	% of Company- Owned GLA⁽¹⁾		Total Annualized Base Rent⁽²⁾		% of Total Annualized Base Rent⁽²⁾		# of Leased Stores	# of Leased Stores in JV
Kroger	3,590,970	7.06	%	$	32,159,158	4.47	%	60	18
Safeway	3,155,089	6.21	%		31,407,294	4.36	%	59	34
Publix	3,148,253	6.19	%		28,554,514	3.97	%	65	28
Supervalu	1,776,782	3.49	%		19,349,850	2.69	%	33	19
Schnucks	1,887,329	3.71	%		16,437,709	2.28	%	31	31
Blockbuster Video	462,854	0.91	%		9,895,080	1.37	%	84	35
CVS	454,522	0.89	%		7,943,391	1.10	%	41	21
TJX Companies	746,227	1.47	%		7,791,067	1.08	%	27	15
Ahold	521,264	1.03	%		6,265,993	0.87	%	11	8
Ross Dress For Less	464,756	0.91	%		6,069,449	0.84	%	16	12
Rite Aid	467,056	0.92	%		5,730,660	0.80	%	35	24
Whole Foods	197,768	0.39	%		5,682,134	0.79	%	5	2
Walgreens	322,313	0.63	%		5,192,508	0.72	%	23	8
PETCO	281,722	0.55	%		4,994,689	0.69	%	20	11
Starbucks	155,403	0.31	%		4,949,809	0.69	%	95	42
Harris Teeter	450,882	0.89	%		4,871,117	0.68	%	9	3
Sears Holdings	590,620	1.16	%		4,554,750	0.63	%	16	10
Hallmark	272,129	0.54	%		4,492,850	0.62	%	61	31
Washington Mutual Bank	131,525	0.26	%		4,340,936	0.60	%	39	15
Bank of America	100,382	0.20	%		4,137,148	0.57	%	31	14
Subway	154,155	0.30	%		4,088,482	0.57	%	116	61
Longs Drug	331,830	0.65	%		3,970,931	0.55	%	15	7
H.E.B.	310,607	0.61	%		3,874,163	0.54	%	4	2
The UPS Store	160,860	0.32	%		3,817,781	0.53	%	112	57
24 Hour Fitness	199,094	0.39	%		3,815,212	0.53	%	6	4

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


Grocer fuel pads on ground leases	Annualized Base Rent⁽²⁾
Safeway Total	$	485,004
Kroger Total		87,800
Supervalu Total		42,500
Schnucks Total		40,000


GLA owned and occupied by the anchor not included above:		# of Tenant- Owned Stores	# of Stores including Tenant- Owned
Kroger	642,958	8	68
Safeway	314,000	6	65
Sears Holdings	230,200	2	18
Supervalu	101,721	2	35
Publix	62,771	1	66

	1,351,650

Note: GLA and Annualized Base Rent include preleases. Preleases are defined as leases that are executed but not yet rent paying.

(1)	GLA includes 100% of the GLA in unconsolidated joint ventures.

(2)	Total Annualized Base Rent includes 100% of the base rent in unconsolidated joint ventures.

Tenant Lease Expirations

December 31, 2007

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)	482,215	1.9	%	$	8,056,099	1.9	%	$	16.71	844,884	1.9	%	$	13,472,092	2.0	%
2008	1,800,898	6.9	%		34,557,885	8.2	%		19.19	3,081,737	7.0	%		55,583,498	8.1	%
2009	2,581,489	9.9	%		48,346,537	11.5	%		18.73	4,353,174	9.8	%		79,114,309	11.5	%
2010	2,543,345	9.8	%		47,601,932	11.3	%		18.72	4,220,213	9.5	%		76,322,524	11.1	%
2011	2,845,531	10.9	%		49,952,956	11.9	%		17.55	4,448,634	10.1	%		79,211,907	11.5	%
2012	3,254,578	12.5	%		58,570,659	13.9	%		18.00	5,371,713	12.1	%		95,303,459	13.8	%
2013	1,269,126	4.9	%		21,102,490	5.0	%		16.63	2,476,534	5.6	%		37,458,678	5.4	%
2014	783,656	3.0	%		11,394,840	2.7	%		14.54	1,568,562	3.5	%		21,849,935	3.2	%
2015	741,434	2.8	%		11,841,862	2.8	%		15.97	1,584,906	3.6	%		23,929,031	3.5	%
2016	836,198	3.2	%		14,072,697	3.3	%		16.83	1,723,694	3.9	%		25,977,682	3.8	%
2017	1,280,552	4.9	%		23,103,472	5.5	%		18.04	2,113,821	4.8	%		35,177,403	5.1	%

10 Year Total	18,419,023	70.7	%		328,601,430	78.0	%		17.84	31,787,872	71.8	%		543,400,519	78.7	%

Thereafter	7,623,953	29.3	%		92,837,550	22.0	%		12.18	12,463,969	28.2	%		146,687,553	21.3	%

	26,042,976	100.0	%	$	421,438,980	100.0	%	$	16.18	44,251,841	100.0	%	$	690,088,072	100.0	%

Anchor 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)	120,821	0.9	%	$	1,279,982	1.0	%	$	10.59	194,314	0.8	%	$	1,817,667	0.8	%
2008	280,989	2.0	%		1,914,032	1.4	%		6.81	581,141	2.4	%		3,976,321	1.7	%
2009	623,972	4.6	%		5,909,909	4.4	%		9.47	1,113,151	4.6	%		11,259,647	4.8	%
2010	692,884	5.1	%		5,794,459	4.3	%		8.36	1,196,121	5.0	%		9,637,066	4.1	%
2011	1,040,027	7.6	%		7,786,103	5.8	%		7.49	1,531,853	6.3	%		12,628,910	5.4	%
2012	1,224,615	8.9	%		10,984,963	8.2	%		8.97	2,085,714	8.6	%		19,510,574	8.3	%
2013	564,432	4.1	%		4,879,743	3.6	%		8.65	1,286,774	5.3	%		10,905,599	4.6	%
2014	468,287	3.4	%		4,078,222	3.0	%		8.71	971,702	4.0	%		8,643,266	3.7	%
2015	469,102	3.4	%		5,037,722	3.8	%		10.74	1,092,219	4.5	%		11,423,023	4.8	%
2016	496,832	3.6	%		5,591,633	4.2	%		11.25	1,077,709	4.5	%		11,159,613	4.7	%
2017	764,320	5.6	%		9,008,673	6.7	%		11.79	1,454,892	6.0	%		17,228,231	7.3	%

10 Year Total	6,746,280	49.2	%		62,265,439	46.5	%		9.23	12,585,590	52.2	%		118,189,917	50.2	%

Thereafter	6,962,778	50.8	%		71,676,940	53.5	%		10.29	11,541,672	47.8	%		117,406,478	49.8	%

	13,709,058	100.0	%	$	133,942,380	100.0	%	$	9.77	24,127,262	100.0	%	$	235,596,394	100.0	%

Reflects in place leases as of December 31, 2007, assuming that no tenants exercise renewal options.

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

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

Tenant Lease Expirations

December 31, 2007

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)	361,394	2.9	%	$	6,776,117	2.4	%	$	18.75	650,570	3.2	%	$	11,654,425	2.6	%
2008	1,519,910	12.3	%		32,643,853	11.4	%		21.48	2,500,596	12.4	%		51,607,177	11.4	%
2009	1,957,517	15.9	%		42,436,629	14.8	%		21.68	3,240,023	16.1	%		67,854,663	14.9	%
2010	1,850,461	15.0	%		41,807,473	14.5	%		22.59	3,024,092	15.0	%		66,685,458	14.7	%
2011	1,805,505	14.6	%		42,166,853	14.7	%		23.35	2,916,781	14.5	%		66,582,997	14.6	%
2012	2,029,963	16.5	%		47,585,696	16.6	%		23.44	3,285,999	16.3	%		75,792,885	16.7	%
2013	704,694	5.7	%		16,222,747	5.6	%		23.02	1,189,760	5.9	%		26,553,079	5.8	%
2014	315,369	2.6	%		7,316,618	2.5	%		23.20	596,860	3.0	%		13,206,669	2.9	%
2015	272,332	2.2	%		6,804,141	2.4	%		24.98	492,687	2.4	%		12,506,008	2.8	%
2016	339,366	2.8	%		8,481,064	2.9	%		24.99	645,985	3.2	%		14,818,069	3.3	%
2017	516,232	4.2	%		14,094,799	4.9	%		27.30	658,929	3.3	%		17,949,172	3.9	%

10 Year Total	11,672,743	94.6	%		266,335,991	92.6	%		22.82	19,202,282	95.4	%		425,210,603	93.6	%

Thereafter	661,175	5.4	%		21,160,609	7.4	%		32.00	922,297	4.6	%		29,281,075	6.4	%

	12,333,918	100.0	%	$	287,496,600	100.0	%	$	23.31	20,124,579	100.0	%	$	454,491,678	100.0	%

Reflects in place leases as of December 31, 2007, assuming that no tenants exercise renewal options.

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

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

Earnings and Valuation Guidance

December 31, 2007


	Quarterly
($000s except per share numbers)	2006A	2007A	2008E	1Q07A	2Q07A	3Q07A	4Q07A	1Q08E
FFO / Share (for actuals please see related press release)			$4.54 - $4.66					$0.81 - $0.85
Operating Portfolio — Wholly-owned and Regency’s pro-rata share of joint ventures
Occupancy at period end	95.2%	95.1%	94.9% - 95.1%	95.1%	95.2%	95.1%	95.1%
Same store growth	3.8%	3.0%	2.4% - 2.8%	2.0%	4.5%	2.3%	3.3%
Rental rate growth	12.6%	13.0%	8% - 10%	12.8%	14.4%	13.7%	11.3%
Percentage Rent — Consolidated Only	$4,525	$4,678	$4,000 - $4,500	$735	$359	$889	$2,695
Recovery Rate — Consolidated Only	80%	78.5%	77% - 79%	79.9%	78.1%	79.6%	76.5%
Investment Activity
Acquisitions—consolidated	$63,100	$105,984	$0	$0	$43,051	$62,933	$0
Cap rate	6.2%	6.0%	0.0%	0.0%	6.4%	5.7%	0.0%

JV Acquisitions—3rd Party (gross $)	$169,325	$507,850	$175,000 - $250,000	$23,000	$12,000	$396,200	$76,650
Cap rate	6.9%	6.4%	6.3% - 6.7%	6.2%	7.4%	6.3%	6.9%
REG % ownership	22%	17%	20%	25%	20%	16%	20%

JV Acquisitions—REG contributions (gross $)	$134,994	$126,375	$200,000 - $240,000	$60,988	$0	$8,919	$56,468
Cap rate	6.6%	6.2%	6.6%	6.0%	0.0%	6.6%	6.3%
REG % ownership	26%	20%	20%	20%	0%	20%	20%

Dispositions—op. properties (REG Pro-Rata)	$456,270	$82,110	$125,000 - $175,000	$8,338	$25,254	$22,543	$26,000
Cap rate (average)	6.5%	7.2%	7.25% - 7.75%	6.0%	8.0%	7.2%	6.8%

Development starts	$503,319	$378,831	$400,000 - $500,000	$30,953	$192,750	$22,235	$132,893

Development stabilizations—net costs	$167,668	$326,555	$115,000 - $240,000	$7,679	$68,750	$144,899	$105,228
NOI yield on stabilizations (net dev costs)	10.1%	9.0%	8.75% - 9.25%	11.5%	9.1%	8.7%	9.4%
Development stabilizations—total costs after outparcel allocation	$175,759	$352,784	$125,000 - $260,000	$8,336	$72,496	$155,496	$116,455
NOI yield on costs after outparcel allocation	9.5%	8.3%	8.25% - 8.50%	10.6%	8.6%	8.2%	8.5%

Transaction profits net of taxes *	$52,643	$57,927	$63,000 - $78,000	$23,602	$10,640	$4,007	$19,154
Minority share of transaction profits	-$4,669	$0	$0	$0	$0	$0	$0
Third party fees and commissions	$31,805	$33,064	$35,000 - $38,000	$6,381	$7,496	$10,789	$8,397
* 2007A and 4QA include $4.4 MM for our 50% share of the sale of Shops of San Marco, accounted for as an unconsolidated development; 2008E includes $21-$23 million of promote income

Financing Assumptions
Debt / total assets before depreciation including pro-rata share of JVs	45.8%	48.9	< 50%	46.2%	47.3%	48.5%	48.9%
Unsecured/secured debt offerings	$0
— interest rate	0.00%
— interest rate after hedge settlement	0.00%


	1Q07	2Q07	3Q07	4Q07
Net Asset Valuation Guidance
Expansion land and outparcels available
— estimated market value	$52,200	$58,217	$50,158	$47,214
NOI from CIP properties	$3,054	$2,503	$2,443	$2,742
NOI from leases signed but not yet rent-paying in stabilized developments	$876	$967	$2,534	$1,735
Straight-line rent receivable	$29,203	$30,400	$31,533	$32,531

Reconciliation of FFO Guidance to Net Income

December 31, 2007

All numbers are per share except weighted average shares


	Three Months Ended
Funds From Operations Guidance:	March 31, 2008			Full Year 2008
Net income for common stockholders	$	0.35	0.39	$	2.78		2.94
Add (less):
Depreciation expense and amortization		0.46	0.46		1.90		1.90
Loss (gain) on sale of operating properties		—	—		(0.14	)	(0.14	)

Funds From Operations	$	0.81	0.85	$	4.54		4.70

Weighted average shares (000’s)		70,622			70,683