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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 2, 2011

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 2, 2011 Regency issued an earnings release for the year ended December 31, 2010, which is attached as Exhibit 99.1.

On February 2, 2011 Regency posted on its website at www.regencycenters.com the supplemental information for the year ended December 31, 2010 which is attached as Exhibit 99.2.

On February 2, 2011 Regency posted on its website at www.regencycenters.com the capital availability as of January 31, 2011 which is attached as Exhibit 99.3.

Item 9.01

Financial Statements and Exhibits

(d) Exhibits


Exhibit 99.1		Earnings release issued by Regency on February 2, 2011, for the year ended December 31, 2010.

Exhibit 99.2		Supplemental information posted on its website on February 2, 2011, for the year ended December 31, 2010.

Exhibit 99.3		Capital availability posted on its website on February 2, 2011, as of January 31, 2011.

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 2, 2011	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 RESULTS

2010 Recurring FFO per Share of $2.39

Jacksonville, Fla. (February 2, 2011) — Regency Centers Corporation announced today financial and operating results for the quarter and year ended December 31, 2010.

Earnings and Operations

Regency reported Recurring Funds From Operations (FFO) for the fourth quarter of $47.5 million, or $0.56 per diluted share, compared to $50.9 million and $0.63 per diluted share for the same period in 2009. For the year ended December 31, 2010, Recurring FFO was $199.4 million and $2.39 per diluted share, compared to $208.0 million and $2.68 per diluted share for the same period last year.

Regency reported net loss attributable to common stockholders for the quarter of ($36.7) million, or ($0.44) per diluted share, compared to net income attributable to common stockholders of $25.3 million and $0.31 per diluted share for the same period in 2009. During the quarter, the Company recorded $43.3 million of impairments, including its pro rata share of impairments recorded in its co-investment partnerships; nearly all relating to over 30 properties that have been targeted for sale over the next three years. Net loss for the year ended December 31, 2010, was ($7.7) million and ($0.10) per diluted share, compared to a net loss of ($56.4) million and ($0.74) per diluted share for the same period last year.

Funds From Operations (FFO) before impairments for the fourth quarter was $46.6 million, or $0.55 per diluted share, compared to $58.0 million and $0.71 per diluted share for the same period in 2009. For the year ended December 31, 2010, FFO before impairments was $201.0 million and $2.41 per diluted share, compared to $217.6 million and $2.81 per diluted share for the same period last year.

FFO for the fourth quarter was $3.3 million, or $0.04 per diluted share. For the same period in 2009, the Company reported FFO of $58.0 million and $0.71 per diluted share. For the year ended December 31, 2010, FFO was $151.3 million and $1.81 per diluted share, compared to $85.8 million and $1.10 per diluted share for the same period last year.

Regency reports FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (NAREIT) as a supplemental operating performance measure. The Company considers this a meaningful performance measurement in the Real Estate Investment Trust industry. Regency also reports Recurring FFO as FFO excluding the impact of gains from the sale of development projects and outparcels, net of related taxes and dead deal costs, provisions for impairment, gains and losses from the early extinguishment of debt and preferred stock, restructuring charges, transaction fees and promotes and other non-core items.

For the three months ended December 31, 2010, Regency’s results for wholly owned properties plus its pro-rata share of co-investment partnerships were as follows:

•

Increase in same property net operating income over the same period last year: 0.6%

•

Same space rental rate decline on a cash basis: (3.5%)

•

Leasing transactions (wholly owned properties and 100% of co-investment partnerships): 450 new and renewal lease transactions for a total of 1.4 million square feet

For the year ended December 31, 2010, Regency’s results for wholly owned properties plus its pro-rata share of co-investment partnerships were as follows:

•

Percent leased, same properties only: 92.8%

•

Percent leased, including operating and development properties: 92.0%

•

Increase in same property net operating income over the same period last year: 1.2%

•

Same space rental rate decline on a cash basis: (1.8%)

•

Leasing transactions (wholly owned properties and 100% of co-investment partnerships): 1,687 new and renewal lease transactions for a total of 5.7 million square feet

Investments

Dispositions and Acquisitions

During the quarter Regency purchased one wholly owned operating property at a gross sales price of $64.0 million and a cap rate of 6.5%. The property is a 405,616 square foot Whole Foods-anchored shopping center located in the North Shore sub-market of Chicago, an affluent and mature community approximately 20 miles northwest of downtown Chicago. The shopping center is currently 95.5% leased and boasts outstanding demographics, exhibited by average household income of $180,000 within a three-mile radius of the property, which exceeds the average household income in the Chicago core based statistical area (CBSA) by more than 100%.

During the quarter Regency sold one wholly owned operating property at a gross sales price of $9.9 million and a cap rate of 7.9%. Regency also sold three co-investment operating properties at a gross sales price of $56.6 million and a weighted average cap rate of 7.7%. Regency’s share of the sales price was $20.2 million. Also, Regency and a co-investment partnership sold three out parcels at a gross sales price of $7.6 million.

Development

One project was started during the quarter with estimated net development costs of $6.1 million and a completion yield of 10.6%. Four projects were completed during the quarter, representing $62.3 million of net development costs. At December 31, 2010, the Company had 29 projects under development with estimated net development costs of $520.7 million. The in-process developments are 95% funded and 81% leased.

Capital Markets

During the quarter, Regency completed the sale of $250.0 million of 4.8% ten-year senior unsecured notes (4.8% Notes). The Notes are due April 15, 2021 and were priced at 99.860%. Concurrent with this sale, the Company initiated a cash tender offer of its 6.75% Notes due 2012 (6.75% Notes) and 7.95% Notes due 2011 (7.95% Notes), purchasing an aggregate of $57.6 million principal amount of the 6.75% Notes and $11.8 million principal amount of the 7.95% Notes. Regency recognized a $4.2 million loss on the early extinguishment of debt upon settlement of the tender offer. The net proceeds from the 4.8% Notes were used for the purchase of the 6.75% Notes and 7.95% Notes, to settle remaining forward-starting swaps and for general corporate purposes, including the repayment of our line of credit.

In December, Regency exercised a one-year extension option on its $600 million credit facility, extending the maturity date to February 2012.

Partnership Financings

During the fourth quarter, Regency and GRI locked the interest rate on $340.0 million of mortgage loan financings secured by 19 assets in its GRI partnership to refinance a portion of the partnership’s $430.4 million of secured debt maturing in mid-2011. The refinance includes a weighted average interest rate of 4.9% over a weighted average 11-year term and is interest-only for the first year. This loan is approximately 65% of combined property values.

Rating Agencies

Subsequent to quarter end, Moody’s Investors Service affirmed Regency Centers’ corporate credit rating and outlook at Baa2 stable.

Dividend

On February 1, 2011, the Board of Directors declared a quarterly cash dividend of $0.4625 per share, payable on March 2, 2011 to shareholders of record on February 16, 2011. The Board also declared a quarterly cash dividend of $0.46563 per share of Series 3 Preferred stock, payable on March 31, 2011 to shareholders of record on March 1, 2011; a quarterly cash dividend of $0.45313 per share of Series 4 Preferred stock, payable on March 31, 2011 to shareholders of record on March 1, 2011; and a quarterly cash dividend of $0.41875 on the Series 5 Preferred stock, payable on March 31, 2011 to shareholders of record on March 1, 2011.

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 3 at 10:00 a.m. EDT 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 2010 supplemental information package that may help investors estimate earnings for 2011. A copy of the Company’s fourth quarter 2010 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 information provided for the quarter ended December 31, 2010. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.

Reconciliation of Net Income (Loss) Attributable to Common Stockholders to Funds From Operations and Recurring Funds From Operations - Actual


For the Periods Ended December 31, 2010 and 2009	Three Months Ended						Year to Date
	2010			2009			2010			2009
Net income (loss) attributable to common stockholders	$	(36,667,291	)	$	25,330,221		$	(7,661,441	)	$	(56,379,212	)
Adjustments to reconcile to Funds from Operations:
Depreciation expense - consolidated properties		25,793,275			26,224,899			104,724,242			97,962,976
Depreciation and amortization expense - uncons properties		11,949,301			9,424,913			49,345,575			37,735,678
Consolidated JV partners’ share of depreciation		(134,051	)		(135,226	)		(539,592	)		(539,430	)
Amortization of leasing commissions and intangibles		3,890,263			4,323,860			15,110,831			15,678,543
Gain on sale of operating properties, including JV’s		(1,457,329	)		(20,525,860	)		(9,743,069	)		(21,619,136	)
Income deferrals under the Restricted Gain Method for GAAP		—			13,135,336			—			13,135,336
Non-controlling interest of exchangeable partnership units		(70,000	)		173,683			84,892			(216,392	)


Funds From Operations		3,304,168			57,951,826			151,321,438			85,758,363

Dilutive effect of share-based awards		(135,387	)		(122,107	)		(541,549	)		(488,428	)

Funds From Operations for calculating Diluted FFO per Share	$	3,168,781		$	57,829,719		$	150,779,889		$	85,269,935


Funds From Operations	$	3,304,168		$	57,951,826		$	151,321,438		$	85,758,363
Adjustments to reconcile to Recurring Funds from Operations:
Development and outparcel gains, net of dead deal costs and tax, including JV’s		(3,344,442	)		(1,337,018	)		(1,840,075	)		(2,316,335	)
Provisions for impairment, including JV’s		43,291,798			—			49,644,966			131,878,424
Provisions for hedge ineffectiveness		—			3,294,246			(1,418,709	)		3,294,246
Loss on early debt extinguishment		4,242,776			75,200			4,242,776			2,784,117
Restructuring charges		—			4,092,142			—			7,488,964
Transaction fees and promotes		—			(13,135,336	)		(2,593,828	)		(20,916,820	)


Recurring Funds From Operations		47,494,300			50,941,060			199,356,568			207,970,959

Dilutive effect of share-based awards		(135,387	)		(122,107	)		(541,549	)		(488,428	)

Recurring Funds From Operations for calculating Diluted Recurring FFO per Share	$	47,358,913		$	50,818,953		$	198,815,019		$	207,482,531

Weighted Average Shares For Diluted FFO per Share		83,882,190			81,128,825			83,218,758			77,364,520

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, 2010, the Company owned 396 retail properties, including those held in co-investment partnerships. Including tenant-owned square footage, the portfolio encompassed 53.1 million square feet located in top markets throughout the United States. Since 2000 Regency has developed 202 shopping centers, including those currently in-process, representing an investment at completion of $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 10-K and 10-Q, 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, 2010

Supplemental Information

Investor Relations

Diane Ortolano

One Independent Drive, Suite 114

Jacksonville, FL 32202

904-598-7727

About Regency

Regency Centers Corporation is the leading national owner, operator, and developer of grocery-anchored and community shopping centers. At December 31, 2010, Regency’s total market capitalization was $5.9 billion.

As of December 31, 2010, the Company owned 396 shopping centers and single tenant properties, including those held in co-investment partnerships. Total gross leasable area (GLA) under management, including tenant-owned square footage was 53.1 million square feet, located in top markets across the nation. Founded in 1963 and operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.

Regency’s portfolio is distinguished by attractive demographics and strong retailers. The average household income in the trade area of Regency’s centers is nearly $95,000, 30% higher than the national average. Regency’s quality portfolio is anchored by dominant grocers such as Kroger and Publix, as well as leading national retailers such as Target, which drive traffic into its centers. In addition, 79% of the portfolio is leased to national and regional retailers. The quality of the tenant base and the strength of the Company’s tenant relationships are fundamentally differentiating factors for Regency. Premier Customer Initiative (PCI) is Regency’s relationship-based operating system that focuses on the national, regional, and local retailers that are the best operators in their merchandising category.

Regency’s operating and development expertise continues to create value from the operating portfolio and from new development opportunities. Since 2000 Regency has developed 202 shopping centers, including those currently in-process, representing an investment at completion of $3.0 billion. At the end of the fourth quarter of 2010, Regency had 29 projects under development for an estimated total investment at completion of $520.7 million. These in-process developments are 95% funded and 81% leased (91% leased and committed, including tenant-owned square footage).

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

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

Please visit www.RegencyCenters.com for more information.

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

Table of Contents

December 31, 2010


Highlights			1

Summary Information:

Definitions			2

Summary Financial Information			3

Summary Real Estate Information			4

Financial Information:

Consolidated Balance Sheets			5

Consolidated Statements of Operations (FFO format)			6

FFO and Other Information			7

Consolidated Statements of Operations (GAAP basis)			9

Summary of Consolidated Debt			10

Summary of Unsecured Public Debt Covenants			12

Summary of Preferred Units and Stock			13

Investment Activity:

Acquisitions, Dispositions and Development Sales			14

Development Information			17

Co-investment Partnerships:

Unconsolidated Investments			19

Unconsolidated Balance Sheets			20

Unconsolidated Statements of Operations			22

Summary of Unconsolidated Debt			24

Real Estate Information:

Leasing Statistics			25

Average Base Rent by State			27

Portfolio Summary Report by Region			29

Significant Tenant Rents			36

Lease Expiration Schedule			38

Forward-Looking Information:

Earnings and Valuation Guidance			40

Reconciliation of FFO to Net Income			41

Highlights

December 31, 2010

Operating Results

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

For the quarter ended December 31, 2010, same property NOI increased 0.6%. Same property percent leased was 92.8%. Rental lease spreads declined 3.5%.

For the year ended December 31, 2010, same property NOI increased 1.2%. Same property percent leased was 92.8%. Rental lease spreads declined 1.8%.

Operating Results

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

For the quarter ended December 31, 2010, same property NOI increased 3.2%. Same property percent leased was 93.2%. Rental lease spreads declined 3.8%.

For the year ended December 31, 2010, same property NOI increased 1.6%. Same property percent leased was 93.2%. Rental lease spreads declined 2.7%.

Leasing Activity

During the quarter, 1.4 million square feet of GLA was renewed or newly leased through 450 leasing transactions.

For the year ended December 31, 2010, 5.7 million square feet of GLA was renewed or newly leased through 1,687 leasing transactions.

Financial Results

Recurring Funds From Operations for the quarter was $47.5 million, or $0.56 per diluted share. Funds From Operations for the quarter was $3.3 million, or $0.04 per diluted share. Net loss attributable to common stockholders for the quarter was $36.7 million, or $0.44 per diluted share.

Development Activity

At quarter end, Regency had 29 projects in process for an estimated net development cost of $520.7 million, an expected return at completion of 5.3% and an expected return at stabilization of 6.7%.

For more information on this development activity, please see page 17.

Acquisition & Disposition Activity

During the fourth quarter, Regency:

•

Purchased one wholly owned operating property at a gross sales price of $64.0 million and a cap rate of 6.5%.

•

Sold one wholly owned operating property at a gross sales price of $9.9 million and a cap rate of 7.9%.

•

Sold three co-investment operating properties at a gross sales price of $56.6 million and a weighted average cap rate of 7.7%. Regency’s share of the sales price was $20.2 million.

For more information on these acquisitions & dispositions, please see pages 14-16.

Definitions

December 31, 2010

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

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

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

Summary Financial Information

December 31, 2010


Financial Results	Three Months Ended						Year to Date
	2010			2009			2010			2009
Net income (loss) attributable to common stockholders	($	36,667,291	)	$	25,330,221		($	7,661,441	)	($	56,379,212	)
Basic EPS	($	0.45	)	$	0.31		($	0.10	)	($	0.74	)
Diluted EPS	($	0.44	)	$	0.31		($	0.10	)	($	0.74	)
Diluted EPS per share growth rate		-241.9	%					NA

Funds from Operations for common stockholders	$	3,304,168		$	57,951,826		$	151,321,438		$	85,758,363
FFO per share - Basic	$	0.04		$	0.72		$	1.85		$	1.11
FFO per share - Diluted	$	0.04		$	0.71		$	1.81		$	1.10
Diluted FFO per share growth rate		-94.4	%					64.5	%

Recurring Funds from Operations for common stockholders	$	47,494,300		$	50,941,060		$	199,356,568		$	207,970,959
Recurring FFO per share - Diluted	$	0.56		$	0.63		$	2.39		$	2.68
Diluted Recurring FFO per share growth rate		-11.1	%					-10.8	%

Dividends paid per share and unit	$	0.463		$	0.463		$	1.850		$	2.113
Payout ratio of Diluted Recurring FFO per share		82.6	%		73.4	%		77.4	%		78.8	%

Interest Coverage Ratios
Interest only		2.6			2.8			2.8			2.7
Capitalized interest	$	774,934		$	2,756,543		$	5,099,476		$	19,062,076
Fixed Charge (Regency only)		2.4			2.2			2.4			2.3
Fixed Charge (with pro-rata share of partnerships)		2.1			2.0			2.1			2.1


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

Closing common stock price per share	$	42.24		$	7.18		$	35.06		$	46.70
Total Shareholder Return		26.6	%

Common Shares and Equivalents Outstanding		82,064,036			56,529			82,007,507			70,504,881

Market equity value of Common and Convertible shares (000’s)	$	3,466,385		$	591,202		$	2,875,183		$	3,292,578
Non-Convertible Preferred Units and shares (000’s)	$	325,000		$	0		$	325,000		$	325,000
Outstanding debt (000’s)	$	2,094,469		$	208,089		$	1,886,380		$	2,135,571
Total market capitalization (000’s)	$	5,885,854		$	799,291		$	5,086,563		$	5,753,149
Debt to Total Market Capitalization		35.6	%		-1.5	%		37.1	%		37.1	%

Total real estate at cost before depreciation (000’s)	$	4,417,746		$	157,792		$	4,259,955		$	4,425,896
Total assets at cost before depreciation (000’s)	$	4,674,525		$	78,555		$	4,595,970		$	4,696,971
Debt to Total Assets before Depreciation		44.8	%		3.8	%		41.0	%		45.5	%

Outstanding Classes of Stock and Partnership Units:
Common Shares Outstanding		81,886,872			347,576			81,539,296			70,036,670
Exchangeable O.P. Units held by noncontrolling interests		177,164			(291,047	)		468,211			468,211

Common Shares and Equivalents Issued and Outstanding		82,064,036			56,529			82,007,507			70,504,881


	Three Months Ended						Year to Date
	2010			2009			2010			2009

Wtd Average Diluted Shares for FFO per share		83,882,190			81,128,825			83,218,758			77,364,520
Treasury method shares related to fwd equity offering included above		2,115,621			268,550			1,533,607			67,138

Summary Real Estate Information

December 31, 2010

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


	12/31/10			9/30/10			12/31/09			9/30/09

Gross Leasable Area (GLA)		29,930,357			29,662,913			28,116,293			28,996,138

GLA including anchor-owned stores		36,050,765			35,787,785			34,130,227			35,093,573


% leased - Operating and development properties		92.0	%		91.9	%		91.4	%		91.2	%

% leased - Operating properties only		92.8	%		92.8	%		93.1	%		93.2	%

% leased - Same properties only		92.8	%		92.9	%		93.3	%		93.3	%

Average % leased - Same properties only		92.8	%		92.8	%		93.3	%		93.4	%


Rental rate growth - YTD⁽¹⁾		-1.8	%		-1.3	%		-2.7	%		-3.6	%

Same property NOI growth - YTD		1.2	%		1.4	%		-6.7	%		-6.4	%

Same property NOI growth without termination fees - YTD		0.0	%		-0.1	%		-6.1	%		-6.7	%

Same property NOI growth without termination fees or provision for doubtful accounts - YTD		-1.8	%		-1.5	%		-3.8	%		-3.5	%

Wholly Owned and 100% of Co-investment Partnerships


	12/31/10			9/30/10			12/31/09			9/30/09

Gross Leasable Area (GLA)		45,076,652			45,053,264			44,971,962			45,883,496

GLA including anchor-owned stores		53,142,005			53,123,081			53,011,320			54,121,854

GLA under development		2,121,301			2,400,370			3,693,399			3,782,156


Number of retail shopping centers		396			399			400			409

Number of centers under development (excluding expansions)		26			30			40			40

Number of grocery-anchored shopping centers		321			324			326			330


% leased - Operating and development properties		92.6	%		92.5	%		92.1	%		92.0	%

% leased - Operating properties only		93.2	%		93.2	%		93.2	%		93.3	%

% leased - Same properties only		93.2	%		93.2	%		93.3	%		93.4	%

Average % leased - Same properties only		93.1	%		93.0	%		93.5	%		93.6	%


Rental rate growth -YTD ⁽¹⁾		-2.7	%		-2.3	%		-2.0	%		-2.5	%

Same property NOI growth - YTD		1.6	%		1.1	%		-6.3	%		-6.6	%

Same property NOI growth without termination fees - YTD		0.8	%		0.1	%		-5.9	%		-6.7	%

Same property NOI growth without termination fees or provision for doubtful accounts - YTD		-1.2	%		-1.0	%		-3.5	%		-4.0	%

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

Consolidated Balance Sheets

December 31, 2010, 2009 and 2008


	2010			2009			2008
Assets
Real estate investments at cost:
Land, building and improvements	$	3,378,221,458			2,993,704,413			2,897,155,188
Properties in development		610,932,328			920,426,744			1,078,885,554

		3,989,153,786			3,914,131,157			3,976,040,742
Less: accumulated depreciation		700,878,014			622,163,237			554,595,228


		3,288,275,772			3,291,967,920			3,421,445,514
Operating properties held for sale		—			19,611,481			66,446,995
Investments in real estate partnerships		428,592,272			326,211,897			383,407,938

Net real estate investments		3,716,868,044			3,637,791,298			3,871,300,447

Cash and cash equivalents		22,460,118			99,477,017			21,533,019
Accounts receivable, net of allowance for uncollectible accounts		36,599,785			40,871,064			66,201,397
Straight line rent receivables, net of reserves		45,241,286			39,292,481			37,595,112
Notes receivable		35,930,927			37,753,438			31,438,066
Deferred costs, net of accumulated amortization		63,164,623			58,376,461			57,476,785
Acquired lease intangible assets, net of accumulated amortization		18,219,347			10,007,309			12,902,821
Other assets		35,163,886			50,237,446			43,927,668

Total assets	$	3,973,648,016			3,973,806,514			4,142,375,315


Liabilities and Equity
Liabilities:
Notes payable	$	2,084,469,325			1,886,380,298			1,837,904,495
Unsecured credit facilities		10,000,000			—			297,666,667

Total notes payable		2,094,469,325			1,886,380,298			2,135,571,162
Accounts payable and other liabilities		101,046,404			99,144,898			141,395,128
Derivative instruments, at fair value		—			28,363,231			83,690,668
Acquired lease intangible liabilities, net of accumulated accretion		6,682,371			5,895,885			7,864,832
Tenants’ security and escrow deposits		10,790,173			10,627,805			11,571,209

Total liabilities		2,212,988,273			2,030,412,117			2,380,092,999


Equity:
Stockholder’s Equity:
Preferred stock		275,000,000			275,000,000			275,000,000
Common stock, $.01 par		818,869			815,393			756,349
Additional paid in capital, net of treasury stock		2,038,005,776			2,022,670,478			1,666,849,877
Accumulated other comprehensive loss		(80,885,436	)		(49,973,134	)		(90,688,873	)
Distributions in excess of net income		(531,504,340	)		(373,345,394	)		(155,056,788	)

Total stockholders’ equity		1,701,434,869			1,875,167,343			1,696,860,565

Noncontrolling Interests:
Preferred units		49,157,977			49,157,977			49,157,977
Exchangeable operating partnership units		(761,705	)		7,320,848			8,283,914
Limited partners’ interest in consolidated partnerships		10,828,602			11,748,229			7,979,860

Total noncontrolling interests		59,224,874			68,227,054			65,421,751

Total equity		1,760,659,743			1,943,394,397			1,762,282,316

Total liabilities and equity	$	3,973,648,016			3,973,806,514			4,142,375,315


Ratios	2010			2009			2008
Debt to real estate assets, before depreciation		47.4	%		44.3	%		48.3	%
Debt to total assets, before depreciation		44.8	%		41.0	%		45.5	%
Debt to total assets, before depreciation and including prorata share of JV’s ⁽¹⁾		48.3	%		45.9	%		50.0	%
Debt + preferred to total assets, before deprec. and incl. prorata share of JV’s		54.0	%		51.9	%		55.8	%
Unsecured assets to total real estate assets (wholly owned only)		81.6	%		81.6	%		87.5	%
Unsecured NOI to total NOI (wholly owned only)		81.5	%		79.5	%		86.8	%

(1)	debt ratio would be 47.9% if current cash balances were used to reduce outstanding debt

Consolidated Statements of Operations

For the Periods Ended December 31, 2010 and 2009

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


	Three Months Ended						Year to Date
	2010			2009			2010			2009
Real Estate Revenues:
Minimum rent	$	88,071,131			87,319,022		$	348,068,198			352,135,233
Percentage rent		1,517,268			2,342,088			2,540,193			3,584,531
Recoveries from tenants		21,931,158			21,877,979			92,653,014			90,128,317
Termination Fees		189,080			2,211,596			6,117,717			4,885,050
Other income		1,321,874			1,231,070			8,786,420			8,879,099

		113,030,511			114,981,755			458,165,542			459,612,230


Real Estate Operating Expenses:
Operating and maintenance		18,229,382			18,686,526			70,703,343			67,229,289
Provision for doubtful accounts		1,276,472			1,388,048			3,954,036			9,077,824
Real estate taxes		11,980,365			11,614,346			55,082,533			55,107,746

		31,486,219			31,688,920			129,739,912			131,414,859


Net Operating Income		81,544,292			83,292,835			328,425,630			328,197,371


Fees, Development and Outparcel Gains:
Asset management fees		1,728,702			1,950,359			6,695,228			9,670,732
Property management fees		3,830,699			3,830,954			15,598,903			15,030,720
Transaction fees		—			—			2,593,828			7,781,484
Leasing commissions and other fees		866,148			2,247,081			4,511,587			5,806,479
Development gains		—			2,043,380			38,456			6,029,900
Gain on sale of outparcels		217,091			105,891			660,837			20,436
Dead deal and Acquisition costs		(161,085	)		(448,881	)		(1,194,897	)		(4,250,940	)
Provision for income tax (expense)		2,451,724			(363,372	)		1,498,967			386,437

		8,933,279			9,365,412			30,402,909			40,475,248


Other Operating Expense (Income):
General and administrative		13,581,294			16,808,385			56,324,461			54,135,928
Other expenses		524,325			777,690			2,634,176			2,163,819
Depreciation and amortization (including FF&E)		30,700,533			30,227,958			124,008,580			117,995,301
Interest expense, net		37,557,209			29,235,478			129,529,085			112,022,666
Gain on sale of operating properties including taxes		(593,768	)		(19,103,538	)		(7,947,336	)		(18,971,075	)
Provision for impairment - wholly owned properties		26,615,044			—			26,615,044			104,401,989
Hedge ineffectiveness ⁽¹⁾		—			3,294,246			(1,418,709	)		3,294,246

		108,384,637			61,240,219			329,745,301			375,042,874


Equity in Income (Loss) of Unconsolidated Partnerships:
Operating income (loss)		2,937,224			22,750			8,350,200			(1,544,383	)
Gain on sale of operating properties		863,561			—			1,795,733			1,225,738
Provision for impairment - JV properties		(16,676,754	)		—			(23,029,922	)		(26,054,103	)

		(12,875,969	)		22,750			(12,883,989	)		(26,372,748	)


Net Income (Loss)		(30,783,035	)		31,440,778			16,199,248			(32,743,003	)

Noncontrolling Interests:
Preferred units		931,248			931,248			3,724,992			3,724,992
Exchangeable operating partnership units		(70,000	)		173,683			84,892			(216,392	)
Limited partners’ interest in consolidated partnerships		104,217			86,835			375,641			452,445

Net Income Attributable to Noncontrolling Interests		965,465			1,191,766			4,185,525			3,961,045


Net Income (Loss) Attributable to Controlling Interests		(31,748,500	)		30,249,012			12,013,723			(36,704,048	)

Preferred Stock Dividends		4,918,791			4,918,791			19,675,164			19,675,164


Net Income (Loss) Attributable to Common Stockholders	$	(36,667,291	)		25,330,221		$	(7,661,441	)		(56,379,212	)

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

⁽¹⁾

Hedge ineffectiveness has historically been a charge to earnings related to an over-hedged position as a result of changing future debt issuance assumptions. In October 2010, we accelerated previous debt assumptions by issuing $250 MM of unsecured debt and settled our remaining hedge. As a result, previous ineffectiveness charges of $2.3 MM reversed in September 2010 and were recorded as income.

Funds From Operations (FFO) and Other Information

For the Periods Ended December 31, 2010 and 2009


	Three Months Ended						Year to Date
	2010			2009			2010			2009
Reconciliation of Net income (loss) to Funds from Operations

Net income (loss) attributable to common stockholders	$	(36,667,291	)		25,330,221		$	(7,661,441	)		(56,379,212	)
Adjustments to reconcile to Funds from Operations:
Depreciation and amortization - consolidated real estate		25,793,275			26,224,899			104,724,242			97,962,976
Depreciation and amortization - unconsolidated partnerships		11,949,301			9,424,913			49,345,575			37,735,678
Consolidated JV partners’ share of depreciation		(134,051	)		(135,226	)		(539,592	)		(539,430	)
Amortization of leasing commissions and intangibles		3,890,263			4,323,860			15,110,831			15,678,543
Gain on sale of operating properties ⁽²⁾		(1,457,329	)		(20,525,860	)		(9,743,069	)		(21,619,136	)
Income deferrals under the Restricted Gain Method for GAAP		—			13,135,336			—			13,135,336
Noncontrolling interest of exchangeable partnership units		(70,000	)		173,683			84,892			(216,392	)


Funds From Operations ⁽¹⁾	$	3,304,168			57,951,826		$	151,321,438			85,758,363


Reconciliation of FFO to Recurring FFO

Funds from operations	$	3,304,168			57,951,826		$	151,321,438			85,758,363
Adjustments to reconcile to Recurring Funds from Operations:
Development and outparcel gains, net of dead deal costs and tax ⁽²⁾		(3,344,442	)		(1,337,018	)		(1,840,075	)		(2,316,335	)
Provision for impairment ⁽²⁾		43,291,798			—			49,644,966			131,878,424
Provision for hedge ineffectiveness		—			3,294,246			(1,418,709	)		3,294,246
Loss on early debt extinguishment		4,242,776			75,200			4,242,776			2,784,117
Restructuring charges		—			4,092,142			—			7,488,964
Transaction fees and promotes		—			(13,135,336	)		(2,593,828	)		(20,916,820	)


Recurring Funds From Operations ⁽¹⁾	$	47,494,300			50,941,060		$	199,356,568			207,970,959


FFO Per Share Reconciliation (Diluted):
Net income (loss) attributable to common stockholders	$	(0.44	)	$	0.31		$	(0.10	)	$	(0.74	)
Adjustments to reconcile to Funds from Operations per share:
Depreciation and amortization - consolidated real estate		0.31			0.32			1.27			1.27
Depreciation and amortization - unconsolidated partnerships		0.14			0.12			0.59			0.49
Consolidated JV partners’ share of depreciation		—			—			(0.01	)		(0.01	)
Amortization of leasing commissions and intangibles		0.05			0.05			0.18			0.20
Gain on sale of operating properties ⁽²⁾		(0.02	)		(0.25	)		(0.12	)		(0.28	)
Gain deferrals under the Restricted Gain Method		—			0.16			—			0.17


Funds From Operations	$	0.04		$	0.71		$	1.81		$	1.10


Reconciliation of FFO to Recurring FFO

Funds from operations	$	0.04		$	0.71		$	1.81		$	1.10
Adjustments to reconcile to Recurring Funds from Operations:
Development and outparcel gains, net of dead deal costs and tax ⁽²⁾		(0.04	)		(0.02	)		(0.02	)		(0.03	)
Provision for impairment loss ⁽²⁾		0.51			—			0.60			1.70
Provision for hedge ineffectiveness		—			0.04			(0.02	)		0.04
Loss on early debt extinguishment		0.05			—			0.05			0.04
Restructuring charges		—			0.05			—			0.10
Transaction fees and promotes		—			(0.15	)		(0.03	)		(0.27	)


Funds From Operations - Recurring	$	0.56		$	0.63		$	2.39		$	2.68

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

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

Additional Disclosures

For the Periods Ended December 31, 2010 and 2009


	Three Months Ended				Year to Date
	2010		2009		2010			2009

Additional Disclosures:

Straight-line rental income, net of reserve	$	1,657,713		1,518,770	$	6,201,974			3,958,994
Above- and below- market rent amortization		202,226		474,187		1,162,824			1,867,420
Pro-rata share of JV straight-line rental income, net		207,633		438,668		1,592,128			745,913
Pro-rata share of JV above- and below- mkt rent amortization		538,869		536,124		2,301,238			2,271,137

Debt premium amortization income	$	12,416		31,965	$	17,777			127,863
FFO impairment losses including pro-rata share of JV’s		43,291,798		—		49,644,966			131,878,424
Hedge ineffectiveness charged against net income		—		3,294,246		(1,418,709	)		3,294,246
Stock based compensation expense		2,156,358		1,014,362		7,467,597			6,242,247
Capitalized direct leasing compensation costs		4,274,999		3,003,171		11,000,000			12,012,684
Capitalized direct development compensation costs		1,211,270		90,859		2,662,657			6,501,057

Fees earned from 3rd parties as reported for GAAP	$	6,425,549		8,028,394	$	29,399,546			38,289,415
Fees earned from 3rd parties, excluding REG owned portion		5,026,432		6,905,591		23,757,292			33,827,046

Components of same property NOI (wholly owned and Regency’s pro-rata share of co-investment partnerships):
Revenues	$	125,417,574		128,365,519	$	514,938,888			513,543,318
Expenses		33,851,186		37,337,441		146,205,709			149,089,974

Same property NOI	$	91,566,388		91,028,078	$	368,733,179			364,453,344


Capital Expenditures (non-revenue enhancing only):

Leasing commissions - consolidated properties	$	3,345,468		2,710,440	$	11,796,028			9,483,731
Tenant improvements - consolidated properties		2,096,352		1,337,650		5,645,015			4,336,606
Building improvements - consolidated properties		5,213,225		5,294,710		12,238,483			10,072,005

Pro-rata share of unconsolidated leasing commissions	$	484,185		454,920	$	1,846,685			1,801,677
Pro-rata share of unconsolidated tenant improvements		457,180		133,501		1,318,555			694,254
Pro-rata share of unconsolidated building improvements		1,787,305		820,198		3,671,943			1,897,319

Consolidated Statements of Operations (GAAP Basis)

For the Periods Ended December 31, 2010 and 2009


	Three Months Ended						Year to Date
	2010			2009			2010			2009

Revenues:
Minimum rent	$	88,041,206			85,708,691		$	347,122,126			344,708,994
Percentage rent		1,517,268			2,342,088			2,540,193			3,584,531
Recoveries from tenants and other income		23,917,934			25,262,892			107,744,488			101,490,434
Management, transaction, and other fees		6,425,549			8,028,394			29,399,546			38,289,415

Total revenues		119,901,957			121,342,065			486,806,353			488,073,374


Operating Expenses:
Depreciation and amortization		30,700,533			29,765,619			123,730,787			116,455,755
Operating and maintenance		18,214,134			18,421,958			70,374,590			65,888,241
General and administrative		13,581,293			16,808,386			56,324,460			54,135,929
Real estate taxes		11,906,150			11,344,920			54,756,496			53,698,065
Provision for doubtful accounts		1,272,047			1,131,820			3,941,059			8,676,927
Other expenses		(1,574,979	)		3,794,475			2,495,681			8,283,729

Total operating expenses		74,099,177			81,267,178			311,623,073			307,138,646


Other Expense (Income):
Interest expense, net of interest income		33,314,433			29,160,278			125,286,514			109,238,549
(Gain) loss on sale of operating properties and properties in development		51,065			(19,442,805	)		(993,094	)		(19,357,350	)
Provision for impairment		26,615,044			—			26,615,044			97,519,184
Loss on early debt extinguishment		4,242,776			75,200			4,242,776			2,784,117
Gain on derivative instruments		—			3,294,246			(1,418,709	)		3,294,246

Total other expense		64,223,318			13,086,919			153,732,531			193,478,746


Income (loss) before equity in income (loss) of investments in real estate partnerships		(18,420,538	)		26,987,967			21,450,749			(12,544,018	)

Equity in income (loss) of investments in real estate partnerships		(12,875,969	)		22,750			(12,883,989	)		(26,372,748	)

Income (loss) from continuing operations		(31,296,507	)		27,010,717			8,566,760			(38,916,766	)


Discontinued Operations, net:
Operating income (loss)		(296,709	)		2,500,031			55,203			338,802
Gain on sale of properties		810,181			1,930,029			7,577,285			5,834,960

Income from discontinued operations		513,472			4,430,060			7,632,488			6,173,762


Net income (loss)		(30,783,035	)		31,440,777			16,199,248			(32,743,004	)

Noncontrolling Interests:
Preferred units		(931,248	)		(931,248	)		(3,724,992	)		(3,724,992	)
Exchangeable operating partnership units		70,000			(173,683	)		(84,892	)		216,392
Limited partners’ interests in consolidated partnerships		(104,217	)		(86,834	)		(375,641	)		(452,444	)

Net income attributable to noncontrolling interests		(965,465	)		(1,191,765	)		(4,185,525	)		(3,961,044	)


Net income (loss) attributable to controlling interests		(31,748,500	)		30,249,012			12,013,723			(36,704,048	)

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

Net income (loss) attributable to common stockholders	$	(36,667,291	)		25,330,221		$	(7,661,441	)		(56,379,212	)

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

Summary of Consolidated Debt

December 31, 2010 and 2009


Total Debt Outstanding:	12/31/10		12/31/09
Mortgage loans payable:
Fixed rate secured loans	$	401,545,902		398,820,411
Variable rate secured loans		11,189,507		5,595,579
Unsecured debt offering fixed rate		1,671,733,916		1,481,964,308
Unsecured credit facilities		10,000,000		—

Total	$	2,094,469,325		1,886,380,298


Schedule of Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities		Unsecured Maturities ⁽¹⁾			Total

2011	$	4,956,904		7,664,904		181,691,000			194,312,808
2012		5,266,861		—		202,377,000			207,643,861
2013		5,150,928		16,341,133		—			21,492,061
2014		4,380,050		21,211,652		150,000,000			175,591,702
2015		3,136,459		46,250,773		350,000,000			399,387,232
2016		2,624,443		14,161,145		—			16,785,588
2017		1,883,139		75,510,750		400,000,000			477,393,889
2018		1,208,718		57,357,573		—			58,566,291
2019		—		106,000,000		—			106,000,000
2020		—		189,505,285		—			189,505,285
>10 years		—		—		250,000,000			250,000,000
Unamortized debt (discount)/premium				729,692		(2,939,084	)		(2,209,392	)

	$	28,607,502		534,732,907		1,531,128,916			2,094,469,325

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


Percentage of Total Debt:	12/31/10			12/31/09
Fixed		99.0	%		99.7	%
Variable		1.0	%		0.3	%

Current Average Interest Rates:⁽²⁾
Fixed		6.0	%		6.4	%
Variable		2.6	%		5.3	%
Effective Interest Rate		5.9	%		6.4	%

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


Average Maturity Date
Fixed	August 6, 2016	November 11, 2014
Variable	June 23, 2012	March 15, 2014

Summary of Consolidated Debt

December 31, 2010 and 2009


Lender:	Secured Property	Rate			Maturity	12/31/10		12/31/09
Fixed Rate Loans:
Northwestern Mutual Life Insurance Co.	Panther Creek		7.830	%	4/1/10	$	—		9,698,306
Principal Global Investors	Anastasia Plaza		4.440	%	5/1/10		—		4,480,000
Principal Global Investors	Shoppes @ 104		4.440	%	5/1/10		—		7,000,000
Debt Offering	Unsecured		8.450	%	9/1/10		—		130,445,364
Principal Mutual Life Insurance Co.	Russell Ridge		7.970	%	12/15/10		—		5,231,192
Debt Offering	Unsecured		8.000	%	12/15/10		—		10,000,000
Principal Mutual Life Insurance Co.	Powers Ferry Village		7.970	%	12/15/10		—		2,377,814
Debt Offering	Unsecured		7.950	%	1/15/11		161,691,000		173,461,417
Wells Fargo	Market at Opitz Crossing		7.300	%	3/1/11		—		11,517,074
Berkshire Commons Inc.	Berkshire Commons Land		5.000	%	4/30/11		605,000		—
Debt Offering	Unsecured		7.250	%	12/12/11		19,987,515		19,975,017
Debt Offering	Unsecured		6.750	%	1/15/12		192,345,754		249,923,348
PNC Bank	Gateway Shopping Center		7.110	%	5/1/13		18,476,253		19,296,330
TIAA	Northgate Square		5.640	%	1/10/14		6,173,237		6,364,464
Debt Offering	Unsecured		4.950	%	4/15/14		149,876,702		149,838,764
Northwestern Mutual Life Insurance Co.	Belleview Square		6.200	%	7/1/14		8,008,429		8,373,196
Glenview State Bank	Glen Oak Plaza		5.750	%	10/1/14		6,265,684		—
Aid Association of Lutherans	Murrayhill Marketplace		5.220	%	1/1/15		7,786,557		8,018,769
United of Omaha Life Insurance Co.	Fleming Island		7.400	%	2/5/15		1,338,047		1,602,475
Escrow Bank, USA	Twin City Plaza		5.650	%	4/6/15		42,489,753		43,085,017
Debt Offering	Unsecured		5.250	%	8/1/15		349,774,994		349,725,002
Municipal Tax Bonds Payable	Friars Mission Center		7.600	%	9/2/15		609,058		703,869
GMAC	Naples Walk		6.150	%	8/11/16		16,858,532		17,251,452
Jefferson Pilot	Peartree Village		8.400	%	6/1/17		9,513,172		9,926,759
Allianz Life Insurance Company of N. A.	4S Commons Town Center		6.000	%	6/10/17		62,500,000		62,500,000
Debt Offering	Unsecured		5.875	%	6/15/17		398,784,780		398,595,396
Metropolitan Life Insurance Company	Corkscrew Village		6.170	%	8/1/17		8,889,529		9,096,183
TIAA	Westchase		5.520	%	7/10/18		8,297,055		8,526,187
Guardian Life Insurance Company	Amerige Heights Town Center		6.130	%	12/1/18		17,000,000		17,000,000
Guardian Life Insurance Company	El Cerrito Plaza		6.380	%	12/1/18		41,105,619		41,618,622
Allianz Life Insurance Company of N. A.	Tassajara Crossing		7.750	%	7/10/19		19,800,000		19,800,000
Allianz Life Insurance Company of N. A.	Plaza Hermosa		7.750	%	7/10/19		13,800,000		13,800,000
Allianz Life Insurance Company of N. A.	Sequoia Station		7.750	%	7/10/19		21,100,000		21,100,000
Allianz Life Insurance Company of N. A.	Mockingbird Common		7.750	%	7/10/19		10,300,000		10,300,000
Allianz Life Insurance Company of N. A.	Sterling Ridge		7.750	%	7/10/19		13,900,000		13,900,000
Allianz Life Insurance Company of N. A.	Frisco Prestonbrook		7.750	%	7/10/19		6,800,000		6,800,000
Allianz Life Insurance Company of N. A.	Wellington Town Square		7.750	%	7/10/19		12,800,000		12,800,000
Allianz Life Insurance Company of N. A.	Berkshire Commons		7.750	%	7/10/19		7,500,000		7,500,000
Allianz Life Insurance Company of N. A.	Willow Festival		5.750	%	1/10/20		39,505,285		—
Debt Offering	Unsecured		6.000	%	6/15/20		149,009,838		—
Debt Offering	Unsecured		4.800	%	4/15/21		249,658,333		—
Unamortized (discounts)/premiums on assumed debt of acquired properties							729,692		(847,297	)

Total Fixed Rate Debt						$	2,073,279,818		1,880,784,720


Variable Rate Loans:
PNC Bank	Seminole Shoppes		LIBOR + 3.00	%	9/2/11	$	7,059,904		991,975
Wells Fargo Bank	$600 Million Line of Credit		LIBOR + 0.55	%	2/11/12		10,000,000		—
US Bank	Kroger New Albany Center		LIBOR + 3.80	%	10/1/14		4,129,603		4,603,603

Total Variable Rate Debt						$	21,189,507		5,595,578


Total						$	2,094,469,325		1,886,380,298

Summary of Unsecured Public Debt Covenants

December 31, 2010


	Required			9/30/10			6/30/10			3/31/10			12/31/09

Fair Market Value Calculation Method Covenants ⁽¹⁾
Total Consolidated Debt to Total Consolidated Assets	£	65	%		36	%		36	%		35	%		34	%
Secured Consolidated Debt to Total Consolidated Assets	£	40	%		7	%		7	%		7	%		7	%
Consolidated Income for Debt Service to Consolidated Debt Service	³	1.5x			2.7			2.7			2.6			2.5
Unencumbered Consolidated Assets to Unsecured Consolidated Debt	>	150	%		294	%		292	%		309	%		310	%

Historical Cost Basis Covenants ⁽¹⁾
Total Consolidated Debt to Total Undepreciated Assets	£	60	%		43	%		43	%		40	%		39	%
Secured Consolidated Debt to Total Undepreciated Assets	£	40	%		8	%		8	%		9	%		8	%
Consolidated Income for Debt Service to Consolidated Debt Service	³	1.5x			2.7			2.7			2.6			2.5
Unencumbered Consolidated Assets to Unsecured Consolidated Debt	>	150	%		249	%		248	%		262	%		263	%

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

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

Summary of Preferred Units and Stock

December 31, 2010


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

Preferred Units:

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

Preferred Stock:

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

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

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

Acquisitions

December 31, 2010


Property Name	Co-investment Partner		City/State		Total GLA		Purchase Price		Regency’s Share		Yield			Anchor Tenant
Consolidated:
Mar-10 Increase investment in GRI-JV to 40% from 25%						NA	$	239,717,622	$	239,717,622		9.6	%
Sep-10 Glen Oak Plaza				Chicago, IL		62,400	$	18,000,000	$	18,000,000		6.7	%		Trader Joe’s, Walgreen’s
Dec-10 Willow Festival				Northbrook, IL		405,572	$	64,000,000	$	64,000,000		6.5	%		Whole Foods, Lowes, Best Buy, REI

Total						467,972	$	321,717,622	$	321,717,622		8.8	%


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

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


Regency Contributions:

None						—		—		—		—


Total						—		—		—		—


Total Acquisitions from 3rd Parties						659,273	$	352,604,122	$	329,439,247		8.8	%


Total Acquisitions including Regency Contributions						659,273	$	352,604,122	$	329,439,247		8.8	%


Partnership with CalSTRS - Regency owns 25%

Operating Property Dispositions

December 31, 2010


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

Consolidated:
Jan-10	Santa Ana Downtown Plaza				Santa Ana, CA		100,306	$	17,250,000	$	17,250,000		8.9	%		Food 4 Less
Oct-10	Atascocita Center				Houston, TX		93,484	$	9,850,000	$	9,850,000		7.9	%		Kroger

							193,790	$	27,100,000	$	27,100,000		8.5	%


Unconsolidated:
Apr-10	Memorial Collections		GRI		Houston, TX		103,330	$	15,325,000	$	6,130,000		8.6	%		Randall’s
Dec-10	Stearns Crossing		Oregon		Bartlett, IL		91,413	$	12,375,000	$	2,475,000		9.1	%		Dominick’s
Dec-10	Mayfair Shopping Center		GRI		Philadelphia, PA		97,777	$	18,500,000	$	7,400,000		8.5	%		Shop N Bag
Dec-10	Village Commons		GRI		West Palm Beach, FL		169,053	$	25,700,000	$	10,280,000		6.8	%		Publix

							461,573	$	71,900,000	$	26,285,000		7.9	%


	Total Dispositions						655,363	$	99,000,000	$	53,385,000		8.2	%


	Partnership with GRI - Regency owns 40%
	Partnership with Oregon - Regency owns 20%

Development Sales

December 31, 2010


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

Sales to Co-investment Partnerships:
	None					—		—		—		—			—

						—		—		—		—


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

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

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

Development Status Report

December 31, 2010


Project Name	State	CBSA	Anchor Tenant	Anchor Opens		Est. Net Dev Costs After Partner Participation		Est. Net Costs to Complete (1)			Stabilized Yield			Completion Yield (2)			Completion Year Yield Qtr / Year		Company Owned GLA		Company Owned % Leased			Gross GLA		Gross % Leased
In-Process:
Shoppes at Fairhope Village	AL	Mobile	Publix		07/01/09	$	16,671,593	$	18,426			7.1	%		5.7	%		Q2 - 2012		84,740		78	%		84,740		78	%
Applegate Ranch Shopping Center	CA	Merced	Wal-Mart, Target		08/01/08		37,815,400		(344,433	)		5.0	%		3.4	%		Q2 - 2011		144,444		75	%		464,136		92	%
Golden Hills Promenade	CA	San Luis Obispo-Paso Robles	Lowe’s		11/01/09		32,392,195		662,665			4.4	%		3.7	%		Q4 - 2012		216,846		91	%		216,846		91	%
Indio Towne Center	CA	Riverside-San Bernardino- Ontario	WinCo Foods		09/01/08		41,351,777		1,472,456			5.4	%		2.9	%		Q4 - 2011		132,678		59	%		368,512		85	%
Indio Towne Center-Babies/Toys	CA	Riverside-San Bernardino- Ontario	Babies “R” Us, Toys “R” Us		10/01/11		6,060,184		4,697,003			10.6	%		10.6	%		Q4 - 2011		46,827		100	%		46,827		100	%
Jefferson Square	CA	Riverside-San Bernardino- Ontario	Fresh & Easy		10/01/11		9,356,119		(2,016,416	)		5.5	%		2.7	%		Q2 - 2012		38,013		75	%		38,013		75	%
Paseo Del Sol	CA	Santa Barbara-Santa Maria- Goleta	Whole Foods		10/01/09		32,439,776		2,439,426			6.4	%		6.4	%		Q4 - 2012		49,680		77	%		49,680		77	%
Plaza Rio Vista	CA	Riverside-San Bernardino- Ontario	Stater Bros.		05/01/08		18,790,719		487,397			7.2	%		4.0	%		Q2 - 2011		67,622		84	%		67,622		84	%
Centerplace of Greeley III	CO	Greeley	Best Buy, Sports Authority		09/01/08		16,297,150		(1,129,334	)		8.1	%		5.8	%		Q4 - 2011		94,090		81	%		94,090		81	%
NorthGate Village	CO	Greeley	King Soopers		03/01/11		5,405,138		478,592			9.1	%		9.1	%		Q4 - 2013		19,376		5	%		139,912		87	%
Shops at Quail Creek	CO	Boulder	King Soopers		05/01/09		7,325,932		(287,268	)		11.4	%		11.0	%		Q2 - 2012		37,585		76	%		137,429		94	%
Caligo Crossing	FL	Miami-Fort Lauderdale- Miami Beach	Kohl’s		10/01/08		6,709,434		(25,593	)		8.1	%		8.1	%		Q4 - 2011		10,763		87	%		108,928		99	%
Nocatee Town Center	FL	Jacksonville	Publix		02/01/10		14,204,448		(3,906,679	)		7.1	%		4.5	%		Q1 - 2013		69,679		88	%		69,679		88	%
Seminole Shoppes	FL	Jacksonville	Publix		09/01/10		15,259,116		1,423,510			9.8	%		9.8	%		Q3 - 2013		73,241		92	%		73,241		92	%
Suncoast Crossing Ph I	FL	Tampa-St. Petersburg- Clearwater	Kohl’s		10/01/08		8,891,780		(253,958	)		6.5	%		3.2	%		Q4 - 2011		108,434		93	%		108,434		93	%
Suncoast Crossing Ph II	FL	Tampa-St. Petersburg- Clearwater	Target		08/01/09		7,670,562		499,199			3.0	%		1.7	%		Q3 - 2012		9,451		44	%		151,649		97	%
Airport Crossing	IN	Chicago-Naperville-Joliet	Kohl’s		10/01/07		2,684,960		(657,643	)		6.2	%		3.6	%		Q1 - 2011		11,924		78	%		101,835		97	%
Walton Towne Center	KY	Cincinnati-Middletown	Kroger		11/01/08		6,543,406		(474,000	)		7.7	%		5.5	%		Q4 - 2011		23,186		82	%		139,618		97	%
Shops at Saugus	MA	Boston-Cambridge-Quincy	PetSmart, La- Z-Boy		08/01/08		35,701,401		457,345			6.6	%		6.3	%		Q2 - 2011		90,055		92	%		90,055		92	%
Village at Lee Airpark (f.k.a. Village at Lee Airport)	MD	Baltimore-Towson	Giant		11/01/10		23,269,288		2,362,942			8.3	%		8.0	%		Q4 - 2013		95,002		90	%		95,002		90	%
State Street Crossing	MI	Ann Arbor	Wal-Mart		10/01/09		7,792,326		(95,237	)		6.5	%		1.8	%		Q2 - 2011		21,049		60	%		168,540		95	%
Harris Crossing	NC	Raleigh-Cary	Harris Teeter		03/01/11		8,350,855		(281,589	)		7.0	%		6.4	%		Q4 - 2012		65,150		85	%		65,150		85	%
Market at Colonnade	NC	Raleigh-Cary	Whole Foods		03/01/11		15,810,885		4,920,893			8.8	%		8.8	%		Q4 - 2013		57,511		77	%		57,511		77	%
Deer Springs Town Center	NV	Las Vegas-Paradise	Target, Home Depot		03/01/09		82,389,005		2,901,266			5.3	%		3.6	%		Q1 - 2012		330,907		79	%		463,267		85	%
Lower Nazareth Commons	PA	Allentown-Bethlehem- Easton	Target, Sports Authority		08/01/09		26,969,755		(787,911	)		6.6	%		6.6	%		Q3 - 2012		65,367		92	%		198,367		97	%
Hickory Creek Plaza	TX	Dallas-Fort Worth- Arlington	Kroger		02/01/09		9,875,605		356,676			8.3	%		7.7	%		Q4 - 2011		28,134		78	%		109,398		94	%
Waterside Marketplace	TX	Houston-Baytown- Sugar Land	Kroger		10/01/09		5,767,371		192,229			11.1	%		11.1	%		Q2 - 2012		24,858		93	%		147,858		99	%

Total In-Process Consolidated						$	501,796,181	$	13,109,964			6.5	%		5.2	%				2,016,612		82	%		3,856,339		90	%


Canopy Oak Center	FL	Ocala	Publix		09/01/08		16,899,689		(1,096,806	)		10.0	%		7.0	%		Q3 - 2011		90,041		78	%		90,041		78	%
Shoppes at Bartram Park - Phase III	FL	Jacksonville	Publix		10/01/04		2,034,206		(649,744	)		12.8	%		9.7	%		Q1 - 2012		14,639		30	%		33,639		70	%

Total In-Process Unconsolidated						$	18,933,895	$	(1,746,551	)		10.3	%		7.3	%				104,680		71	%		123,680		76	%

Total In-Process		29				$	520,730,077	$	11,363,413			6.7	%		5.3	%				2,121,292		81	%		3,980,019		90	%

Completions:
Hibernia Pavilion	FL	Jacksonville	Publix		08/01/08		9,529,023		71,900			8.4	%		7.7	%		Q1 - 2010		51,298		95	%		51,298		95	%
Red Bank Village	OH	Cincinnati-Middletown	Wal-Mart		11/01/09		15,463,261		(10,231	)		7.0	%		4.7	%		Q1 - 2010		164,317		97	%		164,317		97	%
Wadsworth Crossing	OH	Cleveland- Elyria-Mentor	Bed Bath & Beyond, Office Max		02/01/07		24,152,372		(1,107,611	)		7.0	%		5.4	%		Q1 - 2010		108,164		89	%		474,886		97	%
Shops at Stonewall	VA	Washington-Arlington-Alexandria	Wegmans		11/01/08		48,003,101		(364,101	)		8.8	%		7.3	%		Q1 - 2010		267,175		95	%		267,175		95	%
Buckwalter Place Ph I	SC	Hilton Head Island-Beaufort	Publix		09/01/08		11,237,953		(1,283,141	)		7.5	%		5.7	%		Q2 - 2010		59,601		95	%		59,601		95	%
Shops at Highland Village	TX	Dallas-Fort Worth-Arlington	AMC Theater, Barnes & Noble		10/01/07		101,867,400		5,987,046			7.3	%		5.5	%		Q2 - 2010		351,635		83	%		351,635		83	%
Vine at Castaic	CA	Los Angeles-Long Beach- Santa Ana	NA		10/01/07		10,097,407		216,510			6.7	%		4.0	%		Q3 - 2010		27,314		66	%		30,814		70	%
Falcon Highlands Marketplace	CO	Colorado Springs	Wal-Mart		08/01/07		4,067,368		(130,152	)		10.3	%		8.3	%		Q3 - 2010		22,491		66	%		206,796		96	%
Oakleaf Plaza	FL	Jacksonville	Publix		09/01/07		10,513,358		(2,229,002	)		9.7	%		5.0	%		Q3 - 2010		73,717		81	%		88,537		84	%
Lebanon Center	TN	Nashville-Davidson- Murfreesboro	Publix		09/01/07		8,987,847		(163,975	)		8.4	%		6.9	%		Q3 - 2010		63,800		89	%		63,800		89	%
First Street Village	FL	Cape Coral-Fort Myers	Publix		11/01/07		11,624,680		(1,132,798	)		7.0	%		5.5	%		Q4 - 2010		54,926		89	%		54,926		89	%
Hibernia Plaza	FL	Jacksonville	Walgreens		11/01/07		1,557,508		139,756			7.3	%		-0.6	%		Q4 - 2010		8,400		17	%		23,220		70	%
Middle Creek Commons	NC	Raleigh-Cary	Lowes Foods		11/01/07		12,283,256		(304,209	)		9.7	%		8.5	%		Q4 - 2010		73,634		93	%		73,634		93	%
Westwood Village	TX	Houston-Baytown- Sugar Land	Target, TJ Maxx, Ross		03/01/08		36,803,893		(5,701,794	)		8.4	%		6.5	%		Q4 - 2010		183,546		95	%		310,420		97	%

Total Completed (4)		14				$	306,188,427	$	(6,011,804	)		7.9	%		6.0	%				1,510,018		89	%		2,221,059		93	%

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

(3)	The NOI stabilized yield on costs above after allocating land basis for outparcel proceeds is estimated to be 6.25% (in-process) and 7.27% (completions).

(4)	All completed projects are consolidated.

Projected Development Funding, Completions and Land Held

December 31, 2010

In-Process Developments Projected Funding ⁽¹⁾

($ Thousands)


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

$4,500 - $6,500	$1,500 - $2,500	$1,500 - $2,500	$(1,000)⁽²⁾ - $1,000	$2,000 - $4,000

Estimated Development Completion Schedule

($ Thousands)


	Completed⁽³⁾		Q1 2011E	Q2 2011E	Q3 2011E	Q4 2011E	2012+E

Net Dev. Costs:	$	705,060	$2,500 - $3,000	$81,000 - $102,000	$35,000 - $58,000	$91,500 - $97,000	$255,000 - $305,000

Land Held for Future Development⁽⁴⁾

($ Thousands)


# of Projects	Net Development Costs To Date
16	$	98,987

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

(2)	Negative amount due to expected outparcel proceeds.

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

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

Unconsolidated Investments

December 31, 2010


											Regency
Co-investment Partner and Abbreviation	Property Name	Number of Properties		Total GLA		Total Assets		Total Debt		Lender	Ownership Interest			Share of Debt		Investment 12/31/10			Equity Pick-up

State of Oregon
(JV-C, JV-C2)	Various		29		3,483,686	$	580,253,330	$	314,227,407	Various		20.00	%	$	62,845,481	$	29,840,503		$	(3,039,763	)
(JV-CCV)	Cameron Village		1		554,738		105,953,121		47,300,000	Wells Fargo		30.00	%		14,190,000		17,604,006			(220,854	)

			30		4,038,424		686,206,451		361,527,407

GRI
(JV-GRI)	Various		83		10,410,220		2,077,239,545		1,116,520,516	Various		40.00	%		446,608,206		277,235,328			(6,672,316	)

Charter Hall Retail REIT
(JV-M3)	Various		4		376,174		63,601,947		44,070,000	Various		24.95	%		10,995,465		63,096			(108,462	)

Charter Hall Retail REIT and DESCO
(JV-D)	Various		32		2,990,377		366,771,126		179,807,270	Various		16.35	%		29,403,769		20,049,766			(817,197	)

CalSTRS
(JV-RC)	Various		8		956,824		183,506,732		105,184,845	Various		25.00	%		26,296,211		15,339,583			194,228

Regency Retail Partners
(JV-RRP)	Various		9		1,540,506		341,108,563		208,048,692	Various		20.00	%		41,522,511		17,477,511			(3,565,297	)

USAA
(JV-USA)	Various		8		809,079		134,294,388		66,932,500	Aviva Life		20.01	%		13,391,855		3,940,876			(88,194	)

Publix
(JV-O)	Shoppes at Bartram Park		1		119,958		20,647,308		—	—		50.00	%		—		10,328,790			292,844
(JV-O)	Valleydale Village		1		118,466		10,508,905		—	—		50.00	%		—		4,968,032			135,501
(JV-O)	Pebblebrook and Lynnhaven		2		140,638		24,715,723		—	—		50.00	%		—		10,830,285			467,351
(JV-O)	Queensborough		1		82,333		4,284,901		—	—		50.00	%		—		2,961,769			265,176
(JV-O)	Canopy Oak Center		1		90,041		17,866,778		—	—		50.00	%		—		9,408,483			351,773

			6		551,436		78,023,615		—

H.E.B.
(JV-O)	Fairfield Town Center ⁽¹⁾		—		—		9,559,869		—	—		50.00	%		—		4,687,833			(201,009	)
(JV-O)	White Oak Marketplace ⁽¹⁾		—		—		11,840,546		—	—		50.00	%		—		5,867,141			(63,741	)
(JV-O)	Indian Springs Center		1		136,625		18,526,096		26,843,888	Wells Fargo		50.00	%		13,421,944		(4,073,334	)		324,110

			1		136,625		39,926,511		26,843,888

Individual Investors
(JV-O)	East San Marco ⁽¹⁾		—		—		12,443,008		8,759,596	Wells Fargo		50.00	%		4,379,798		2,062,604			(138,139	)

			181		21,809,665	$	3,983,121,886	$	2,117,694,714					$	663,055,241	$	428,592,272		$	(12,883,989	)

⁽¹⁾ Land held for future development
Reconciliation of Equity of Regency Centers in Unconsolidated Partnerships to Regency Centers’ Investment in Real Estate Partnerships:

Equity of Regency Centers in Unconsolidated Partnerships																$	557,374,488
less: APB 18 Impairment recorded at Regency Centers																	(8,750,000	)
less: Ownership percentage or Restricted Gain Method deferral recorded at Regency Centers																	(41,829,894	)
less: Net book equity in excess of purchase price for 15% buy-up in JV-GRI																	(78,202,322	)

Regency Centers’ Investment in Real Estate Partnerships																$	428,592,272

Unconsolidated Balance Sheets

December 31, 2010 and 2009


	2010		2009
Assets
Real estate, at cost	$	4,205,321,979	$	4,328,501,701
Less: accumulated depreciation		565,801,328		486,480,914

		3,639,520,651		3,842,020,787
Properties in development		41,814,619		52,154,043

Net real estate investments		3,681,335,270		3,894,174,830

Cash and cash equivalents		61,387,146		40,957,706
Accounts receivable, net of allowance for uncollectible accounts		37,164,261		36,928,080
Straight line rent receivable, net of reserves		32,262,316		27,303,749
Deferred costs, less accumulated amortization		30,713,536		28,664,652
Acquired lease intangible assets, net		120,162,709		147,150,687
Other assets		14,866,754		3,899,697
Regency only assets ⁽¹⁾		5,229,894		6,101,947

Total assets	$	3,983,121,886	$	4,185,181,348


Liabilities and Equity
Liabilities:
Notes payable	$	2,117,694,714	$	2,477,927,642
Accounts payable and other liabilities		60,781,412		71,589,350
Tenants’ security and escrow deposits		8,448,349		8,422,049
Acquired lease intangible liabilities, net		75,551,209		87,008,903

Total liabilities		2,262,475,684		2,644,947,944


Equity:
Equity - Regency Centers		557,374,488		375,075,768
Equity - Third parties		1,163,271,714		1,165,157,636

Total equity		1,720,646,202		1,540,233,404

Total Liabilities and Equity	$	3,983,121,886	$	4,185,181,348

⁽¹⁾	Capitalized development costs

Unconsolidated Balance Sheets - Regency’s Pro-Rata Share

December 31, 2010 and 2009


	2010		2009
Assets
Real estate, at cost	$	1,338,374,799	$	1,022,896,181
Less: accumulated depreciation		189,226,139		117,503,761

		1,149,148,660		905,392,420
Properties in development		19,882,852		21,875,458

Net real estate investments		1,169,031,512		927,267,878

Cash and cash equivalents		20,859,552		9,947,154
Accounts receivable, net of allowance for uncollectible accounts		11,515,022		8,788,044
Straight line rent receivable, net of reserves		10,260,756		6,675,060
Deferred costs, less accumulated amortization		10,019,998		6,954,873
Acquired lease intangible assets, net		30,918,136		32,253,561
Other assets		5,565,168		971,621
Regency only assets ⁽¹⁾		5,229,897		6,101,947

Total assets	$	1,263,400,041		998,960,138


Liabilities and Equity
Liabilities:
Notes payable	$	663,055,241	$	585,472,337
Accounts payable and other liabilities		20,471,567		17,091,347
Tenants’ security and escrow deposits		2,784,264		2,098,233
Acquired lease intangible liabilities, net		19,714,481		19,222,453

Total liabilities		706,025,553		623,884,370


Equity:
Equity - Regency Centers		557,374,488		375,075,768

Total Liabilities and Equity	$	1,263,400,041	$	998,960,138

⁽¹⁾	Capitalized development costs

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

Unconsolidated Statements of Operations

For the periods ended December 31, 2010 and 2009


	Three Months Ended						Year to Date
	2010			2009			2010			2009

Revenues:
Minimum rent	$	81,425,234			84,595,781		$	328,302,177			329,568,621
Percentage rent		994,050			1,613,219			2,530,029			3,712,963
Recoveries from tenants		21,235,787			24,062,525			98,109,389			95,131,072
Termination fees		292,968			157,112			2,404,391			1,557,035
Other income		1,449,417			937,292			5,683,047			4,080,130

Total revenues		105,397,456			111,365,929			437,029,033			434,049,821


Operating expenses:
Operating and maintenance		15,821,733			17,446,702			67,541,188			63,855,388
Real estate taxes		10,979,921			14,317,359			55,926,005			59,339,188
Provision for doubtful accounts		1,369,955			1,636,519			2,950,777			10,062,215
Other expenses		291,076			1,498,535			714,961			2,097,873

Total operating expenses		28,462,685			34,899,115			127,132,931			135,354,664


Net operating income		76,934,771			76,466,814			309,896,102			298,695,157


Other expense (income):
General and administrative		1,736,330			1,612,291			7,383,883			8,247,157
Depreciation and amortization expense		38,551,395			40,268,011			155,145,938			160,484,014
Interest expense, net		31,391,190			35,103,184			129,581,009			137,793,523
(Gain) loss on sale of real estate		(6,146,353	)		1,729			(8,976,453	)		(6,140,554	)
Provision for impairment		61,475,125			—			78,908,136			104,415,989
Other expense		1,168			1,178			(383,172	)		71,812

Total other expense		127,008,855			76,986,393			361,659,341			404,871,941


Net loss	$	(50,074,084	)		(519,579	)	$	(51,763,239	)		(106,176,784	)

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

For the periods ended December 31, 2010 and 2009


	Three Months Ended						Year to Date
	2010			2009			2010			2009

Revenues:
Minimum rent	$	25,206,717			20,131,244		$	105,252,684			78,386,959
Percentage rent		381,319			377,314			1,071,385			899,933
Recoveries from tenants		6,525,093			5,693,777			31,577,321			22,474,699
Termination fees		67,898			37,658			753,448			378,627
Other income		416,336			222,634			1,830,321			1,059,679

Total revenues		32,597,363			26,462,627			140,485,159			103,199,897


Operating expenses:
Operating and maintenance		4,914,452			4,192,156			21,942,003			15,235,210
Real estate taxes		3,366,832			3,521,686			17,883,954			14,172,927
Provision for doubtful accounts		411,025			385,385			1,116,501			2,472,837
Other expenses		95,387			391,092			255,195			531,611

Total operating expenses		8,787,696			8,490,319			41,197,653			32,412,585


Net operating income		23,809,667			17,972,308			99,287,506			70,787,312


Other expense (income):					—
General and administrative		432,418			367,028			1,826,697			1,890,108
Depreciation and amortization expense		11,829,906			9,465,260			49,361,754			37,933,052
Interest expense, net		9,370,109			8,197,967			40,872,144			32,347,815
(Gain) loss on sale of real estate		(1,613,415	)		432			(2,745,455	)		(2,214,055	)
Provision for impairment		16,676,754			—			23,029,922			26,054,103
Other expense		584			590			(152,802	)		35,906

Total other expense		36,696,356			18,031,277			112,192,260			96,046,929


Net loss before Regency only expense (income)		(12,886,689	)		(58,969	)		(12,904,754	)		(25,259,617	)

Regency only expense (income):
Accretion of excess investment		(50,655	)		(93,109	)		(202,626	)		108,901
Depreciation of capitalized costs		39,935			11,390			197,097			67,012
Loss on sale of 100% costs		—			—			—			708,468
Brokerage fees		—			—			(15,236	)		228,750

Total Regency only expense		(10,720	)		(81,719	)		(20,765	)		1,113,131


Net income (loss)	$	(12,875,969	)		22,750		$	(12,883,989	)		(26,372,748	)

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

Summary of Unconsolidated Debt

December 31, 2010 and 2009


Total Debt Outstanding:	12/31/10		12/31/09
Mortgage loans payable:
Fixed rate secured loans	$	2,097,889,505		2,403,835,297
Variable rate secured loans		—		47,234,600
Unsecured line of credit variable rate		19,805,209		26,857,745

Total	$	2,117,694,714		2,477,927,642


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

2011	$	4,275,171		466,469,886		8,759,596		479,504,653		185,651,181
2012		6,488,517		244,418,295		11,045,613		261,952,425		98,976,581
2013		7,529,545		32,447,164		—		39,976,709		14,567,096
2014		7,713,580		77,304,285		—		85,017,865		24,345,793
2015		7,493,001		299,977,690		—		307,470,691		72,613,955
2016		7,686,005		328,915,570		—		336,601,575		103,031,335
2017		7,222,561		190,654,500		—		197,877,061		42,061,465
2018		7,334,849		87,341,126		—		94,675,975		21,044,392
2019		6,751,092		65,964,224		—		72,715,316		16,994,094
2020		4,284,489		213,785,832		—		218,070,321		79,243,218
>10 Years		8,379,548		10,874,061		—		19,253,609		3,584,397
Net unamortized debt premium				4,578,514		—		4,578,514		941,734

	$	75,158,358		2,022,731,147		19,805,209		2,117,694,714		663,055,241


Percentage of Total Debt:	12/31/10			12/31/09
Fixed		99.1	%		97.0	%
Variable		0.9	%		3.0	%

Current Average Interest Rates:⁽¹⁾
Fixed		5.8	%		5.6	%
Variable		2.1	%		2.2	%
Effective Interest Rate		5.8	%		5.5	%

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


Average Maturity Date:
Fixed		June 15, 2015	October 20, 2013
Variable		February 10, 2012	August 23, 2010

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

Mortgage Loans Payable:
Fixed rate secured loans	$	656,466,320	565,738,498
Variable rate secured loans		—	11,808,650
Unsecured line of credit variable rate		6,588,921	7,925,189

Total	$	663,055,241	585,472,337

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

December 31, 2010


Total	Leasing Transactions		Sq. Feet		Base Rent Per Sq. Ft.		Rent Growth %			Weighted Avg. Lease Term		Tenant Improvements Per Sq. Ft.
4th Quarter 2010		450		937,379	$	20.06		-3.5	%		5.6	$	2.54
3rd Quarter 2010		460		1,117,023		17.81		-4.5	%		5.5		2.61
2nd Quarter 2010		426		977,696		19.76		-0.1	%		5.6		3.74
1st Quarter 2010		351		883,332		18.31		1.1	%		6.1		4.61

Total - 12 months		1,687		3,915,430	$	18.95		-1.8	%		5.7	$	3.33


New Leases	Leasing Transactions		Sq. Feet		Base Rent Per Sq. Ft.		Rent Growth %			Weighted Avg. Lease Term		Tenant Improvements Per Sq. Ft.
4th Quarter 2010		179		356,171	$	19.72		-11.1	%		8.1	$	5.62
3rd Quarter 2010		181		302,569		18.86		-12.6	%		6.7		9.05
2nd Quarter 2010		150		350,341		20.12		0.2	%		8.8		9.45
1st Quarter 2010		136		347,904		18.79		2.8	%		8.5		10.47

Total - 12 months		646		1,356,985	$	19.39		-4.5	%		8.1	$	8.63


Renewals	Leasing Transactions		Sq. Feet		Base Rent Per Sq. Ft.		Rent Growth %			Weighted Avg. Lease Term		Tenant Improvements Per Sq. Ft.
4th Quarter 2010		271		581,209	$	20.26		-0.6	%		4.0	$	0.65
3rd Quarter 2010		279		814,454		17.43		-1.9	%		5.0		0.22
2nd Quarter 2010		276		627,355		19.56		-0.2	%		3.8		0.54
1st Quarter 2010		215		535,427		18.00		0.1	%		4.6		0.79

Total - 12 months		1,041		2,558,445	$	18.72		-0.7	%		4.4	$	0.52

Notes:

Rent growth is on a same space, cash basis

All amounts reported at execution

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

December 31, 2010


Total	Leasing Transactions		Sq. Feet		Base Rent Per Sq. Ft.		Rent Growth %			Weighted Avg. Lease Term		Tenant Improvements Per Sq. Ft.
4th Quarter 2010		450		1,350,242	$	19.40		-3.8	%		5.7	$	2.41
3rd Quarter 2010		460		1,592,220		17.81		-4.5	%		5.4		2.82
2nd Quarter 2010		426		1,498,478		18.60		-0.8	%		5.3		2.85
1st Quarter 2010		351		1,238,351		18.18		-1.5	%		5.7		3.89

Total - 12 months		1,687		5,679,291	$	18.48		-2.7	%		5.5	$	2.97


New Leases	Leasing Transactions		Sq. Feet		Base Rent Per Sq. Ft.		Rent Growth %			Weighted Avg. Lease Term		Tenant Improvements Per Sq. Ft.
4th Quarter 2010		179		514,066	$	19.00		-8.5	%		8.5	$	5.34
3rd Quarter 2010		181		452,181		18.08		-14.6	%		6.8		9.42
2nd Quarter 2010		150		460,211		19.69		-1.6	%		8.4		8.37
1st Quarter 2010		136		476,474		18.18		-2.5	%		7.9		9.19

Total - 12 months		646		1,902,932	$	18.74		-6.6	%		7.9	$	8.03


Renewals	Leasing Transactions		Sq. Feet		Base Rent Per Sq. Ft.		Rent Growth %			Weighted Avg. Lease Term		Tenant Improvements Per Sq. Ft.
4th Quarter 2010		271		836,176	$	19.65		-2.0	%		3.9	$	0.61
3rd Quarter 2010		279		1,140,039		17.70		-0.9	%		4.8		0.20
2nd Quarter 2010		276		1,038,267		18.12		-0.5	%		3.9		0.40
1st Quarter 2010		215		761,877		18.18		-0.9	%		4.3		0.58

Total - 12 months		1,041		3,776,359	$	18.34		-1.1	%		4.3	$	0.42

Notes:

Rent growth is on a same space, cash basis

All amounts reported at execution

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

December 31, 2010


State	Number of Properties	GLA		% of Total GLA			% Leased⁽¹⁾			Annualized Base Rent⁽²⁾		% of Ann. Base Rent			Average Base Rent/ Sq. Ft
Alabama	2		143,973		0.5	%		72.4	%	$	1,383,311		0.3	%	$	13.55
Arizona	4		409,967		1.4	%		90.7	%		5,328,392		1.2	%		14.58
California	69		6,395,932		21.4	%		93.8	%		127,553,070		28.8	%		21.87
Colorado	20		1,452,275		4.9	%		88.6	%		16,839,686		3.8	%		13.31
Connecticut	1		71,945		0.2	%		99.8	%		1,650,537		0.4	%		22.99
Delaware	4		335,315		1.1	%		88.8	%		4,300,180		1.0	%		14.49
District of Columbia	2		12,437		0.0	%		92.5	%		709,493		0.2	%		61.65
Florida	55		4,746,492		15.9	%		92.4	%		54,456,317		12.3	%		12.84
Georgia	19		1,476,951		4.9	%		88.3	%		20,509,146		4.6	%		16.09
Illinois	24		1,522,937		5.1	%		93.2	%		18,338,330		4.1	%		13.28
Indiana	6		123,099		0.4	%		78.5	%		1,641,326		0.4	%		17.75
Kentucky	1		23,186		0.1	%		81.9	%		379,055		0.1	%		19.96
Maryland	16		742,331		2.5	%		89.5	%		11,553,185		2.6	%		18.21
Massachusetts	3		408,814		1.4	%		94.3	%		6,768,931		1.5	%		17.75
Michigan	2		118,273		0.4	%		84.6	%		1,177,044		0.3	%		15.45
Minnesota	3		165,682		0.6	%		97.0	%		2,086,106		0.5	%		13.04
Missouri	23		370,404		1.2	%		96.8	%		3,239,516		0.7	%		10.27
Nevada	2		439,422		1.5	%		79.5	%		4,458,821		1.0	%		12.76
New Jersey	2		62,593		0.2	%		93.8	%		984,788		0.2	%		16.77
North Carolina	16		1,238,550		4.1	%		90.4	%		15,699,578		3.5	%		14.21
Ohio	15		1,805,677		6.0	%		93.1	%		18,644,142		4.2	%		11.17
Oregon	8		696,300		2.3	%		96.7	%		11,234,273		2.5	%		16.90
Pennsylvania	11		635,208		2.1	%		93.4	%		11,692,076		2.6	%		20.00
South Carolina	6		175,543		0.6	%		96.3	%		2,284,159		0.5	%		13.51
Tennessee	7		493,393		1.6	%		92.4	%		6,080,768		1.4	%		13.34
Texas	33		3,281,690		11.0	%		90.1	%		50,920,598		11.5	%		17.55
Virginia	29		1,844,616		6.2	%		94.0	%		30,159,950		6.8	%		17.53
Washington	11		629,702		2.1	%		93.9	%		11,470,331		2.6	%		19.46
Wisconsin	2		107,651		0.4	%		94.2	%		753,471		0.2	%		7.43

Total All Properties	396		29,930,357		100.0	%		92.0	%	$	442,296,578		100.0	%	$	16.45

(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, 2010


State	Number of Properties	GLA		% of total GLA			% Leased⁽¹⁾			Annualized Base Rent⁽²⁾		% of Ann. Base Rent			Average Base Rent/ Sq. Ft
Alabama	2		203,206		0.5	%		70.1	%	$	1,805,910		0.3	%	$	12.94
Arizona	4		496,073		1.1	%		91.1	%		6,336,752		1.0	%		14.26
California	69		8,766,970		19.4	%		94.0	%		169,855,280		26.0	%		21.12
Colorado	20		2,064,400		4.6	%		90.5	%		24,037,499		3.7	%		13.25
Connecticut	1		179,863		0.4	%		99.8	%		4,126,343		0.6	%		22.99
Delaware	4		474,267		1.1	%		88.1	%		6,251,596		1.0	%		15.06
District of Columbia	2		39,647		0.1	%		90.6	%		2,027,347		0.3	%		56.42
Florida	55		5,308,855		11.8	%		92.4	%		61,684,706		9.5	%		12.97
Georgia	19		1,671,632		3.7	%		88.9	%		22,832,705		3.5	%		15.69
Illinois	24		3,143,802		7.0	%		92.8	%		35,491,642		5.4	%		12.52
Indiana	6		273,253		0.6	%		85.5	%		3,564,476		0.5	%		15.67
Kentucky	1		23,186		0.1	%		81.9	%		379,055		0.1	%		19.96
Maryland	16		1,860,710		4.1	%		89.8	%		28,551,001		4.4	%		17.62
Massachusetts	3		557,037		1.2	%		95.8	%		8,345,839		1.3	%		15.76
Michigan	2		118,273		0.3	%		84.6	%		1,177,044		0.2	%		15.45
Minnesota	3		483,520		1.1	%		97.4	%		5,990,560		0.9	%		12.76
Missouri	23		2,265,467		5.0	%		96.8	%		19,813,555		3.0	%		10.27
Nevada	2		439,422		1.0	%		79.5	%		4,458,821		0.7	%		12.76
New Jersey	2		156,482		0.3	%		93.8	%		2,461,971		0.4	%		16.77
North Carolina	16		2,189,581		4.9	%		92.9	%		29,012,232		4.4	%		14.50
Ohio	15		2,235,335		5.0	%		92.9	%		23,881,823		3.7	%		11.58
Oregon	8		752,161		1.7	%		96.7	%		11,932,449		1.8	%		16.61
Pennsylvania	11		1,287,079		2.9	%		93.5	%		20,739,135		3.2	%		17.42
South Carolina	6		360,718		0.8	%		96.3	%		4,436,719		0.7	%		12.77
Tennessee	7		565,386		1.3	%		92.7	%		6,925,133		1.1	%		13.21
Texas	33		4,153,026		9.2	%		90.3	%		63,208,677		9.7	%		17.14
Virginia	29		3,699,659		8.2	%		94.6	%		64,135,617		9.8	%		18.57
Washington	11		1,038,514		2.3	%		92.7	%		16,921,999		2.6	%		17.61
Wisconsin	2		269,128		0.6	%		94.2	%		1,883,677		0.3	%		7.43

Total All Properties	396		45,076,652		100.0	%		92.6	%	$	652,269,562		100.0	%	$	16.03

(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, 2010


								JVs at 100%		REG’s pro-rata share		JVs at 100%			REG’s pro-rata share			JVs at 100%			REG’s pro-rata share
Property Name	JV	REG’s Ownership%			State	CBSA	Last Renovation or Dev	GLA		GLA		% Leased			% Leased			- Operating			- Operating			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Shoppes at Fairhope Village					AL	Mobile	2008		84,740		84,740		77.8	%		77.8	%								—		54,340	Publix	$	14.89
Valleydale Village Shop Center	JV-O		50	%	AL	Birmingham-Hoover	2003		118,466		59,233		64.6	%		64.6	%								—		44,271	Publix	$	11.26

					AL				203,206		143,973		70.1	%		72.4	%		64.6	%		64.6	%		—		98,611

Anthem Marketplace					AZ	Phoenix-Mesa-Scottsdale	2000		113,292		113,292		90.1	%		90.1	%								—		55,256	Safeway	$	14.86
Palm Valley Marketplace	JV-C		20	%	AZ	Phoenix-Mesa-Scottsdale	1999		107,633		21,527		93.2	%		93.2	%								—		55,403	Safeway	$	12.79
Pima Crossing					AZ	Phoenix-Mesa-Scottsdale	1996		239,438		239,438		91.7	%		91.7	%								—		—	Golf & Tennis Pro Shop, Inc.	$	14.91
Shops at Arizona					AZ	Phoenix-Mesa-Scottsdale	2000		35,710		35,710		84.2	%		84.2	%								—		—	—	$	12.46

					AZ				496,073		409,967		91.1	%		90.7	%		91.1	%		90.7	%		—		110,659

4S Commons Town Center					CA	San Diego-Carlsbad-San Marcos	2004		240,060		240,060		96.2	%		96.2	%								—		68,000	Ralphs, Jimbo’s…Naturally!	$	27.53
Amerige Heights Town Center					CA	Los Angeles-Long Beach-Santa Ana	2000		96,680		96,680		100.0	%		100.0	%								142,600		57,560	Albertsons, (Target)	$	25.57
Applegate Ranch Shopping Center					CA	Merced	2006		144,444		144,444		75.0	%		75.0	%								319,692		178,500	(Super Target), (Home Depot)	$	15.86
Auburn Village	JV-GRI		40	%	CA	Sacramento-Arden-Arcade- Roseville	1990		133,944		53,578		89.4	%		89.4	%								—		45,540	Bel Air Market	$	18.58
Bayhill Shopping Center	JV-GRI		40	%	CA	San Francisco-Oakland-Fremont	1990		121,846		48,738		100.0	%		100.0	%								—		32,110	Mollie Stone’s Market	$	20.86
Blossom Valley	JV-USAA		20	%	CA	San Jose-Sunnyvale-Santa Clara	1990		93,316		18,663		94.1	%		94.1	%								—		34,208	Safeway	$	24.03
Brea Marketplace	JV-GRI		40	%	CA	Los Angeles-Long Beach-Santa Ana	1987		352,022		140,809		98.0	%		98.0	%								—		24,867	Sprout’s Markets	$	15.56
Clayton Valley Shopping Center					CA	San Francisco-Oakland-Fremont	2004		260,205		260,205		94.0	%		94.0	%								—		14,000	Fresh & Easy, Home Depot	$	19.55
Clovis Commons					CA	Fresno	2004		174,990		174,990		95.9	%		95.9	%								145,653		145,653	(Super Target)	$	20.07
Corral Hollow	JV-RC		25	%	CA	Stockton	2000		167,184		41,796		98.1	%		98.1	%								—		65,715	Safeway, Orchard Supply & Hardware	$	15.79
Costa Verde Center					CA	San Diego-Carlsbad-San Marcos	1988		178,623		178,623		91.5	%		91.5	%								—		40,000	Bristol Farms	$	34.17
Diablo Plaza					CA	San Francisco-Oakland-Fremont	1982		63,265		63,265		96.7	%		96.7	%								53,000		53,000	(Safeway)	$	33.67
El Camino Shopping Center					CA	Los Angeles-Long Beach-Santa Ana	1995		135,728		135,728		99.0	%		99.0	%								—		35,650	Von’s Food & Drug	$	21.70
El Cerrito Plaza					CA	San Francisco-Oakland-Fremont	2000		256,035		256,035		97.9	%		97.9	%								66,700		77,888	(Lucky’s)	$	25.12
El Norte Pkwy Plaza					CA	San Diego-Carlsbad-San Marcos	1984		90,549		90,549		93.9	%		93.9	%								—		42,315	Von’s Food & Drug	$	15.41
Encina Grande					CA	San Francisco-Oakland-Fremont	1965		102,413		102,413		98.3	%		98.3	%								—		22,500	Safeway	$	19.79
Falcon Ridge Town Center Phase I	JV-RRP		20	%	CA	Riverside-San Bernardino-Ontario	2004		232,754		46,551		98.0	%		98.0	%								123,735		43,718	Stater Bros., (Target)	$	15.45
Falcon Ridge Town Center Phase II	JV-RRP		20	%	CA	Riverside-San Bernardino-Ontario	2005		66,864		13,373		100.0	%		100.0	%								—		—	24 Hour Fitness	$	26.65
Five Points Shopping Center	JV-GRI		40	%	CA	Santa Barbara-Santa Maria-Goleta	1960		144,553		57,821		97.0	%		97.0	%								—		35,305	Albertsons	$	24.23
Folsom Prairie City Crossing					CA	Sacramento-Arden-Arcade-Roseville	1999		90,237		90,237		98.0	%		98.0	%								—		55,255	Safeway	$	19.64
French Valley Village Center					CA	Riverside-San Bernardino-Ontario	2004		98,752		98,752		94.1	%		94.1	%								—		44,054	Stater Bros.	$	23.50
Friars Mission Center					CA	San Diego-Carlsbad-San Marcos	1989		146,897		146,897		95.6	%		95.6	%								—		55,303	Ralphs	$	28.41
Gateway 101					CA	San Francisco-Oakland-Fremont	2008		92,110		92,110		100.0	%		100.0	%								212,485		—	(Home Depot), (Best Buy), Sports Authority, Nordstrom Rack	$	31.14
Gelson’s Westlake Market Plaza					CA	Oxnard-Thousand Oaks-Ventura	2002		84,975		84,975		93.4	%		93.4	%								—		37,500	Gelson’s Markets	$	17.03
Golden Hills Promenade					CA	San Luis Obispo-Paso Robles	2006		216,846		216,846		91.1	%		91.1	%								—		—	Lowe’s	$	4.73
Granada Village	JV-GRI		40	%	CA	Los Angeles-Long Beach-Santa Ana	1965		224,649		89,860		76.9	%		76.9	%								—		—	—	$	17.21
Hasley Canyon Village	JV-USAA		20	%	CA	Los Angeles-Long Beach-Santa Ana	2003		65,801		13,160		98.2	%		98.2	%								—		51,800	Ralphs	$	22.03
Heritage Plaza					CA	Los Angeles-Long Beach-Santa Ana	1981		231,582		231,582		92.7	%		92.7	%								—		44,376	Ralphs	$	28.63
Indio Towne Center					CA	Riverside-San Bernardino-Ontario	2006		132,678		132,678		59.0	%		59.0	%								235,834		93,696	(Home Depot), (WinCo)	$	17.60
Indio Towne Center Phase II					CA	Riverside-San Bernardino-Ontario	2010		46,827		46,827		100.0	%		100.0	%								—		—	Toys “R” Us/Babies “R” Us		NA
Jefferson Square					CA	Riverside-San Bernardino-Ontario	2007		38,013		38,013		74.7	%		74.7	%								—		13,969	Fresh & Easy	$	17.94
Laguna Niguel Plaza	JV-GRI		40	%	CA	Los Angeles-Long Beach-Santa Ana	1985		41,943		16,777		96.7	%		96.7	%								38,917		38,917	(Albertsons)	$	26.48
Loehmanns Plaza California					CA	San Jose-Sunnyvale-Santa Clara	1983		113,310		113,310		98.2	%		98.2	%								53,000		53,000	(Safeway)	$	17.10
Marina Shores	JV-C2		20	%	CA	Los Angeles-Long Beach-Santa Ana	2001		67,727		13,545		100.0	%		100.0	%								—		25,987	Whole Foods	$	28.22
Mariposa Shopping Center	JV-GRI		40	%	CA	San Jose-Sunnyvale-Santa Clara	1957		126,658		50,663		96.8	%		96.8	%								—		42,896	Safeway	$	17.87
Morningside Plaza					CA	Los Angeles-Long Beach-Santa Ana	1996		91,212		91,212		93.8	%		93.8	%								—		42,630	Stater Bros.	$	21.72
Navajo Shopping Center	JV-GRI		40	%	CA	San Diego-Carlsbad-San Marcos	1964		102,139		40,856		94.6	%		94.6	%								—		44,180	Albertsons	$	12.67
Newland Center					CA	Los Angeles-Long Beach-Santa Ana	1985		149,140		149,140		98.8	%		98.8	%								—		58,000	Albertsons	$	20.30
Oakbrook Plaza					CA	Oxnard-Thousand Oaks-Ventura	1982		83,286		83,286		94.5	%		94.5	%								—		43,842	Albertsons	$	15.87
Park Plaza Shopping Center	JV-C		20	%	CA	Los Angeles-Long Beach-Santa Ana	1991		194,396		38,879		94.4	%		94.4	%								—		28,210	Henry’s Marketplace	$	17.91
Paseo Del Sol					CA	Santa Barbara-Santa Maria-Goleta	2004		49,680		49,680		77.2	%		77.2	%								—		40,000	Whole Foods	$	50.77
Plaza Hermosa					CA	Los Angeles-Long Beach-Santa Ana	1984		94,940		94,940		92.9	%		92.9	%								—		36,800	Von’s Food & Drug	$	20.67
Pleasant Hill Shopping Center	JV-GRI		40	%	CA	San Francisco-Oakland-Fremont	1970		227,681		91,072		99.1	%		99.1	%								—		—	Target, Toys "R" Us	$	21.95
Point Loma Plaza	JV-GRI		40	%	CA	San Diego-Carlsbad-San Marcos	1987		212,415		84,966		96.4	%		96.4	%								—		50,000	Von’s Food & Drug	$	18.05
Powell Street Plaza					CA	San Francisco-Oakland-Fremont	1987		165,928		165,928		100.0	%		100.0	%								—		10,122	Trader Joe’s	$	29.04
Raley’s Supermarket	JV-C2		20	%	CA	Sacramento-Arden-Arcade-Roseville	1964		62,827		12,565		100.0	%		100.0	%								—		62,827	Raley’s	$	5.41
Rancho San Diego Village	JV-GRI		40	%	CA	San Diego-Carlsbad-San Marcos	1981		153,256		61,302		92.3	%		92.3	%								—		39,777	Von’s Food & Drug	$	18.63
Rio Vista Town Center					CA	Riverside-San Bernardino-Ontario	2005		67,622		67,622		83.6	%		83.6	%								—		44,700	Stater Bros.	$	15.93
Rona Plaza					CA	Los Angeles-Long Beach-Santa Ana	1989		51,760		51,760		100.0	%		100.0	%								—		37,194	Superior Super Warehouse	$	18.34
San Leandro Plaza					CA	San Francisco-Oakland-Fremont	1982		50,432		50,432		100.0	%		100.0	%								38,250		38,250	(Safeway)	$	29.46
Seal Beach	JV-C		20	%	CA	Los Angeles-Long Beach-Santa Ana	1966		96,858		19,372		93.5	%		93.5	%								—		48,000	Von’s Food & Drug	$	23.46
Sequoia Station					CA	San Francisco-Oakland-Fremont	1996		103,148		103,148		88.5	%		88.5	%								62,050		62,050	(Safeway)	$	33.73
Silverado Plaza	JV-GRI		40	%	CA	Napa	1974		84,916		33,966		100.0	%		100.0	%								—		31,833	Nob Hill	$	15.04
Snell & Branham Plaza	JV-GRI		40	%	CA	San Jose-Sunnyvale-Santa Clara	1988		99,351		39,740		95.5	%		95.5	%								—		52,550	Safeway	$	16.14
Stanford Ranch Village	JV-GRI		40	%	CA	Sacramento-Arden-Arcade- Roseville	1991		89,875		35,950		95.1	%		95.1	%								—		45,540	Bel Air Market	$	15.81
Strawflower Village					CA	San Francisco-Oakland-Fremont	1985		78,827		78,827		98.9	%		98.9	%								—		33,753	Safeway	$	19.02
Tassajara Crossing					CA	San Francisco-Oakland-Fremont	1990		146,188		146,188		95.8	%		95.8	%								—		56,496	Safeway	$	20.85

Portfolio Summary Report By Region

December 31, 2010


								JVs at 100%		REG’s pro-rata share		JVs at 100%			REG’s pro-rata share			JVs at 100%			REG’s pro-rata share
Property Name	JV	REG’s Ownership%			State	CBSA	Last Renovation or Dev	GLA		GLA		% Leased			% Leased			- Operating			- Operating			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Twin Oaks Shopping Center	JV-GRI		40	%	CA	Los Angeles-Long Beach-Santa Ana	1978		98,399		39,360		94.4	%		94.4	%								—		40,775	Ralphs	$	13.52
Twin Peaks					CA	San Diego-Carlsbad-San Marcos	1988		198,139		198,139		99.4	%		99.4	%								—		44,686	Albertsons, Target	$	17.65
Valencia Crossroads					CA	Los Angeles-Long Beach-Santa Ana	2003		172,856		172,856		98.8	%		98.8	%								—		35,000	Whole Foods, Kohl’s	$	22.76
Ventura Village					CA	Oxnard-Thousand Oaks-Ventura	1984		76,070		76,070		92.1	%		92.1	%								—		42,500	Von’s Food & Drug	$	18.90
Vine at Castaic					CA	Los Angeles-Long Beach-Santa Ana	2005		27,314		27,314		66.4	%		66.4	%								—		—	—	$	25.25
Vista Village Phase I	JV-RRP		20	%	CA	San Diego-Carlsbad-San Marcos	2003		129,009		25,802		91.1	%		91.1	%								165,000		—	Krikorian Theaters, (Lowe’s)	$	24.92
Vista Village Phase II	JV-RRP		20	%	CA	San Diego-Carlsbad-San Marcos	2003		55,000		11,000		45.5	%		45.5	%								—		25,000	Frazier Farms	$	17.28
Vista Village IV					CA	San Diego-Carlsbad-San Marcos	2006		11,000		11,000		100.0	%		100.0	%								—		—	—	$	39.25
West Park Plaza					CA	San Jose-Sunnyvale-Santa Clara	1996		88,104		88,104		98.0	%		98.0	%								—		24,712	Safeway	$	17.20
Westlake Village Plaza and Center					CA	Oxnard-Thousand Oaks-Ventura	1975		190,529		190,529		92.7	%		92.7	%								—		41,300	Von’s Food & Drug	$	30.28
Westridge Village					CA	Los Angeles-Long Beach-Santa Ana	2003		92,287		92,287		95.7	%		95.7	%								—		50,782	Albertsons	$	25.30
Woodman Van Nuys					CA	Los Angeles-Long Beach-Santa Ana	1992		107,614		107,614		95.7	%		95.7	%								—		77,648	El Super	$	13.60
Woodside Central					CA	San Francisco-Oakland-Fremont	1993		80,591		80,591		94.0	%		94.0	%								113,000		—	(Target)	$	20.39
Ygnacio Plaza	JV-GRI		40	%	CA	San Francisco-Oakland-Fremont	1968		109,701		43,880		100.0	%		100.0	%								—		17,050	Fresh & Easy	$	35.30

					CA				8,766,970		6,395,932		94.0	%		93.8	%		95.2	%		95.6	%		1,769,916		2,879,489

Applewood Shopping Center	JV-GRI		40	%	CO	Denver-Aurora	1956		375,522		150,209		96.1	%		96.1	%								—		71,074	King Soopers, Wal-Mart	$	9.40
Arapahoe Village	JV-GRI		40	%	CO	Boulder	1957		159,237		63,695		90.4	%		90.4	%								—		43,500	Safeway	$	15.88
Belleview Square					CO	Denver-Aurora	1978		117,335		117,335		100.0	%		100.0	%								—		65,104	King Soopers	$	15.34
Boulevard Center					CO	Denver-Aurora	1986		88,579		88,579		89.2	%		89.2	%								52,700		52,700	(Safeway)	$	22.39
Buckley Square					CO	Denver-Aurora	1978		116,147		116,147		92.2	%		92.2	%								—		62,400	King Soopers	$	8.47
Centerplace of Greeley Phase III					CO	Greeley	2007		94,090		94,090		81.5	%		81.5	%								—		—	Sports Authority	$	14.69
Cherrywood Square	JV-GRI		40	%	CO	Denver-Aurora	1978		86,162		34,465		93.3	%		93.3	%								—		51,640	King Soopers	$	10.71
Crossroads Commons	JV-C		20	%	CO	Boulder	1986		143,625		28,725		96.7	%		96.7	%								—		39,247	Whole Foods	$	26.93
Falcon Marketplace					CO	Colorado Springs	2005		22,491		22,491		66.2	%		66.2	%								184,305		50,000	(Wal-Mart Supercenter)	$	23.05
Hilltop Village	JV-M3		25	%	CO	Denver-Aurora	2003		100,030		25,008		93.8	%		93.8	%								—		66,000	King Soopers	$	8.42
South Lowry Square					CO	Denver-Aurora	1993		119,916		119,916		82.3	%		82.3	%								—		62,600	Safeway	$	11.95
Littleton Square					CO	Denver-Aurora	1997		94,222		94,222		70.9	%		70.9	%								—		49,751	King Soopers	$	11.79
Lloyd King Center					CO	Denver-Aurora	1998		83,326		83,326		91.6	%		91.6	%								—		61,040	King Soopers	$	11.04
Marketplace at Briargate					CO	Colorado Springs	2006		29,075		29,075		90.0	%		90.0	%								66,000		66,000	(King Soopers)	$	27.01
Monument Jackson Creek					CO	Colorado Springs	1999		85,263		85,263		100.0	%		100.0	%								—		69,913	King Soopers	$	10.80
NorthGate Village					CO	Greeley	2008		19,376		19,376		5.3	%		5.3	%								120,536		125,000	(King Soopers)		NA
Ralston Square Shopping Center	JV-GRI		40	%	CO	Denver-Aurora	1977		82,750		33,100		96.2	%		96.2	%								—		55,311	King Soopers	$	9.02
Shops at Quail Creek					CO	Denver-Aurora	2008		37,585		37,585		76.5	%		76.5	%								99,844		99,844	(King Soopers)	$	23.59
Stroh Ranch					CO	Denver-Aurora	1998		93,436		93,436		93.3	%		93.3	%								—		69,719	King Soopers	$	11.78
Woodmen Plaza					CO	Colorado Springs	1998		116,233		116,233		89.9	%		89.9	%								—		69,716	King Soopers	$	12.73

					CO				2,064,400		1,452,275		90.5	%		88.6	%		92.0	%		90.7	%		523,385		1,230,559

Corbin’s Corner	JV-GRI		40	%	CT	Hartford-West Hartford-East Hartford	1962		179,863		71,945		99.8	%		99.8	%								—		10,150	Trader Joe’s	$	22.99

					CT				179,863		71,945		99.8	%		99.8	%		99.8	%		99.8	%		—		10,150

Shops at The Columbia	JV-RC		25	%	DC	Washington-Arlington-Alexandria	2006		22,812		5,703		83.7	%		83.7	%								—		11,833	Trader Joe’s	$	35.40
Spring Valley Shopping Center	JV-GRI		40	%	DC	Washington-Arlington-Alexandria	1930		16,835		6,734		100.0	%		100.0	%								—		—	—	$	80.26

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

First State Plaza	JV-GRI		40	%	DE	Philadelphia-Camden-Wilmington	1988		164,779		65,912		85.1	%		85.1	%								—		57,319	Shop Rite	$	14.92
Pike Creek					DE	Philadelphia-Camden-Wilmington	1981		231,772		231,772		89.4	%		89.4	%								—		49,069	Acme Markets, K-Mart	$	12.76
Shoppes of Graylyn	JV-GRI		40	%	DE	Philadelphia-Camden-Wilmington	1971		66,808		26,723		89.1	%		89.1	%								—		—	—	$	20.18
White Oak - Dover, DE					DE	Dover	2000		10,908		10,908		100.0	%		100.0	%								—		—	—	$	32.73

					DE				474,267		335,315		88.1	%		88.8	%		88.1	%		88.8	%		—		106,388

Anastasia Plaza					FL	Jacksonville	1988		102,342		102,342		97.6	%		97.6	%								—		48,555	Publix	$	11.23
Aventura Shopping Center					FL	Miami-Fort Lauderdale-Miami Beach	1974		102,876		102,876		87.3	%		87.3	%								—		35,908	Publix	$	14.89
Beneva Village Shops					FL	Sarasota-Bradenton-Venice	1987		141,532		141,532		90.4	%		90.4	%								—		42,112	Publix	$	12.00
Berkshire Commons					FL	Naples-Marco Island	1992		106,354		106,354		98.9	%		98.9	%								—		65,537	Publix	$	12.47
Bloomingdale Square					FL	Tampa-St. Petersburg-Clearwater	1987		267,736		267,736		97.0	%		97.0	%								—		39,795	Publix, Wal-Mart, Bealls	$	8.69
Boynton Lakes Plaza					FL	Miami-Fort Lauderdale-Miami Beach	1993		124,924		124,924		84.7	%		84.7	%								—		56,000	Winn-Dixie	$	11.91
Caligo Crossing					FL	Miami-Fort Lauderdale-Miami Beach	2007		10,763		10,763		87.0	%		87.0	%								98,165		—	(Kohl’s)	$	34.49
Canopy Oak Center	JV-O		50	%	FL	Ocala	2006		90,041		45,021		77.8	%		77.8	%								—		54,340	Publix	$	17.85
Carriage Gate					FL	Tallahassee	1978		76,784		76,784		93.2	%		93.2	%								—		—	—	$	13.51
Chasewood Plaza					FL	Miami-Fort Lauderdale-Miami Beach	1986		155,603		155,603		95.5	%		95.5	%								—		54,420	Publix	$	17.64
Corkscrew Village					FL	Cape Coral-Fort Myers	1997		82,011		82,011		93.6	%		93.6	%								—		51,420	Publix	$	12.66
Courtyard Shopping Center					FL	Jacksonville	1987		137,256		137,256		100.0	%		100.0	%								62,771		62,771	(Publix), Target	$	3.33
East Port Plaza					FL	Port St. Lucie-Fort Pierce	1991		162,831		162,831		84.9	%		84.9	%								—		42,112	Publix	$	12.92
East Towne Center					FL	Orlando	2003		69,841		69,841		84.0	%		84.0	%								—		44,840	Publix	$	12.78
First Street Village					FL	Cape Coral-Fort Myers	2006		54,926		54,926		89.4	%		89.4	%								—		39,393	Publix	$	15.81
Five Corners Plaza	JV-RC		25	%	FL	Miami-Fort Lauderdale-Miami Beach	2001		44,647		11,162		88.1	%		88.1	%								—		27,887	Publix	$	13.16
Fleming Island					FL	Jacksonville	2000		136,663		136,663		67.7	%		67.7	%								129,807		47,955	Publix, (Target)	$	14.56
Garden Square					FL	Miami-Fort Lauderdale-Miami Beach	1991		90,258		90,258		95.7	%		95.7	%								—		42,112	Publix	$	14.46
Grande Oak					FL	Cape Coral-Fort Myers	2000		78,784		78,784		100.0	%		100.0	%								—		54,379	Publix	$	14.25
Hibernia Pavilion					FL	Jacksonville	2006		51,298		51,298		94.9	%		94.9	%								—		39,203	Publix	$	17.15
Hibernia Plaza					FL	Jacksonville	2006		8,400		8,400		16.7	%		16.7	%								—		—	—	$	12.60
Horton’s Corner					FL	Jacksonville	2007		14,820		14,820		100.0	%		100.0	%								—		—	—	$	25.71

Portfolio Summary Report By Region

December 31, 2010


								JVs at 100%		REG’s pro-rata share		JVs at 100%			REG’s pro-rata share			JVs at 100%			REG’s pro-rata share
Property Name	JV	REG’s Ownership%			State	CBSA	Last Renovation or Dev	GLA		GLA		% Leased			% Leased			- Operating			- Operating			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Island Crossing	JV-C2		20	%	FL	Port St. Lucie-Fort Pierce	1996		58,456		11,691		100.0	%		100.0	%								—		47,955	Publix	$	10.07
John’s Creek Center	JV-C2		20	%	FL	Jacksonville	2004		75,101		15,020		92.5	%		92.5	%								—		44,840	Publix	$	12.98
Julington Village	JV-C		20	%	FL	Jacksonville	1999		81,820		16,364		100.0	%		100.0	%								—		51,420	Publix	$	13.79
Kings Crossing Sun City					FL	Tampa-St. Petersburg-Clearwater	1999		75,020		75,020		95.7	%		95.7	%								—		51,420	Publix	$	11.69
Lynnhaven	JV-O		50	%	FL	Panama City-Lynn Haven	2001		63,871		31,936		100.0	%		100.0	%								—		44,271	Publix	$	11.62
Marketplace Shopping Center					FL	Tampa-St. Petersburg-Clearwater	1983		90,296		90,296		75.5	%		75.5	%								—		—	LA Fitness	$	22.05
Martin Downs Village Center					FL	Port St. Lucie-Fort Pierce	1985		112,666		112,666		87.3	%		87.3	%								—		—	—	$	15.77
Martin Downs Village Shoppes					FL	Port St. Lucie-Fort Pierce	1998		48,937		48,937		83.4	%		83.4	%								—		—	—	$	18.12
Millhopper Shopping Center					FL	Gainesville	1974		80,421		80,421		100.0	%		100.0	%								—		37,244	Publix	$	14.07
Naples Walk Shopping Center					FL	Naples-Marco Island	1999		125,390		125,390		87.9	%		87.9	%								—		51,420	Publix	$	15.41
Newberry Square					FL	Gainesville	1986		180,524		180,524		95.5	%		95.5	%								—		39,795	Publix, K-Mart	$	7.65
Nocatee Town Center					FL	Jacksonville	2007		69,679		69,679		88.0	%		88.0	%								—		54,340	Publix	$	14.34
Northgate Square					FL	Tampa-St. Petersburg-Clearwater	1995		75,495		75,495		100.0	%		100.0	%								—		47,955	Publix	$	12.60
Oakleaf Commons					FL	Jacksonville	2006		73,717		73,717		81.0	%		81.0	%								—		45,600	Publix	$	13.88
Old St Augustine Plaza					FL	Jacksonville	1990		232,459		232,459		99.1	%		99.1	%								—		51,832	Publix, Burlington Coat Factory, Hobby Lobby	$	7.72
Pebblebrook Plaza	JV-O		50	%	FL	Naples-Marco Island	2000		76,767		38,384		100.0	%		100.0	%								—		61,166	Publix	$	13.05
Pine Tree Plaza					FL	Jacksonville	1999		63,387		63,387		96.8	%		96.8	%								—		37,866	Publix	$	12.61
Plantation Plaza	JV-C2		20	%	FL	Jacksonville	2004		77,747		15,549		89.1	%		89.1	%								—		44,840	Publix	$	15.71
Regency Square					FL	Tampa-St. Petersburg-Clearwater	1986		349,848		349,848		95.8	%		95.8	%								66,000		—	AMC Theater, Michaels, (Best Buy), (Macdill)	$	14.29
Seminole Shoppes					FL	Jacksonville	2009		73,241		73,241		91.6	%		91.6	%								—		54,340	Publix	$	17.88
Shoppes @ 104					FL	Miami-Fort Lauderdale-Miami Beach	1990		108,192		108,192		94.9	%		94.9	%								—		46,368	Winn-Dixie	$	13.63
Shoppes at Bartram Park	JV-O		50	%	FL	Jacksonville	2004		105,319		52,660		94.0	%		94.0	%								97,000		44,840	Publix, (Kohl’s)	$	17.10
Shoppes at Bartram Park Phase II	JV-O		50	%	FL	Jacksonville	2008		14,639		7,320		30.1	%		30.1	%								—		—	—	$	21.08
Shops at John’s Creek					FL	Jacksonville	2004		15,490		15,490		65.0	%		65.0	%								—		—	—	$	17.56
Starke					FL	None	2000		12,739		12,739		100.0	%		100.0	%								—		—	—	$	24.65
Suncoast Crossing Phase I					FL	Tampa-St. Petersburg-Clearwater	2007		108,434		108,434		93.2	%		93.2	%								—		—	Kohl’s	$	4.13
Suncoast Crossing Phase II					FL	Tampa-St. Petersburg-Clearwater	2008		9,451		9,451		44.5	%		44.5	%								143,055		—	(Target)	$	21.00
Town Center at Martin Downs					FL	Port St. Lucie-Fort Pierce	1996		64,546		64,546		100.0	%		100.0	%								—		56,146	Publix	$	12.41
Town Square					FL	Tampa-St. Petersburg-Clearwater	1999		44,380		44,380		100.0	%		100.0	%								—		—	—	$	26.61
Village Center					FL	Tampa-St. Petersburg-Clearwater	1993		181,110		181,110		97.1	%		97.1	%								—		36,434	Publix	$	12.89
Vineyard Shopping Center	JV-M3		25	%	FL	Tallahassee	2002		62,821		15,705		81.6	%		81.6	%								—		44,271	Publix	$	10.45
Welleby Plaza					FL	Miami-Fort Lauderdale-Miami Beach	1982		109,949		109,949		93.5	%		93.5	%								—		46,779	Publix	$	10.01
Wellington Town Square					FL	Miami-Fort Lauderdale-Miami Beach	1982		107,325		107,325		97.0	%		97.0	%								—		44,840	Publix	$	19.08
Westchase					FL	Tampa-St. Petersburg-Clearwater	1998		78,998		78,998		95.2	%		95.2	%								—		51,420	Publix	$	13.17
Willa Springs	JV-USAA		20	%	FL	Orlando	2000		89,930		17,986		100.0	%		100.0	%								—		44,271	Publix	$	16.19

					FL				5,308,855		4,746,492		92.4	%		92.4	%		93.0	%		92.8	%		596,798		2,030,412

Ashford Place					GA	Atlanta-Sandy Springs-Marietta	1993		53,345		53,345		59.7	%		59.7	%								—		—	—	$	18.90
Briarcliff La Vista					GA	Atlanta-Sandy Springs-Marietta	1962		39,204		39,204		100.0	%		100.0	%								—		—	—	$	17.64
Briarcliff Village					GA	Atlanta-Sandy Springs-Marietta	1990		187,156		187,156		87.2	%		87.2	%								—		43,454	Publix	$	14.48
Buckhead Court					GA	Atlanta-Sandy Springs-Marietta	1984		48,338		48,338		98.4	%		98.4	%								—		—	—	$	16.45
Cambridge Square					GA	Atlanta-Sandy Springs-Marietta	1979		71,474		71,474		99.9	%		99.9	%								—		40,852	Kroger	$	13.08
Chapel Hill Centre					GA	Atlanta-Sandy Springs-Marietta	2005		66,970		66,970		94.3	%		94.3	%								88,713		—	(Kohl’s), Hobby Lobby	$	11.28
Cromwell Square					GA	Atlanta-Sandy Springs-Marietta	1990		80,406		80,406		92.5	%		92.5	%								—		—	—	$	11.83
Delk Spectrum					GA	Atlanta-Sandy Springs-Marietta	1991		100,539		100,539		82.0	%		82.0	%								—		45,044	Publix	$	15.50
Dunwoody Hall	JV-USAA		20	%	GA	Atlanta-Sandy Springs-Marietta	1986		89,351		17,870		100.0	%		100.0	%								—		44,271	Publix	$	14.99
Dunwoody Village					GA	Atlanta-Sandy Springs-Marietta	1975		120,598		120,598		87.4	%		87.4	%								—		18,400	Fresh Market	$	18.23
Howell Mill Village					GA	Atlanta-Sandy Springs-Marietta	1984		97,990		97,990		88.7	%		88.7	%								—		31,000	Publix	$	17.28
King Plaza	JV-C2		20	%	GA	Atlanta-Sandy Springs-Marietta	1998		81,432		16,286		84.6	%		84.6	%								—		51,420	Publix	$	11.54
Loehmanns Plaza Georgia					GA	Atlanta-Sandy Springs-Marietta	1986		137,139		137,139		92.4	%		92.4	%								—		—	—	$	18.64
Lost Mountain Crossing	JV-C2		20	%	GA	Atlanta-Sandy Springs-Marietta	1994		72,568		14,514		93.0	%		93.0	%								—		47,814	Publix	$	11.41
Paces Ferry Plaza					GA	Atlanta-Sandy Springs-Marietta	1987		61,697		61,697		100.0	%		100.0	%								—		—	—	$	30.46
Powers Ferry Square					GA	Atlanta-Sandy Springs-Marietta	1987		95,703		95,703		78.8	%		78.8	%								—		—	—	$	23.55
Powers Ferry Village					GA	Atlanta-Sandy Springs-Marietta	1994		78,896		78,896		96.2	%		96.2	%								—		47,955	Publix	$	10.34
Rivermont Station					GA	Atlanta-Sandy Springs-Marietta	1996		90,267		90,267		69.7	%		69.7	%								—		58,261	Kroger	$	14.70
Russell Ridge					GA	Atlanta-Sandy Springs-Marietta	1995		98,559		98,559		92.6	%		92.6	%								—		63,296	Kroger	$	11.57

					GA				1,671,632		1,476,951		88.9	%		88.3	%		88.9	%		88.3	%		88,713		491,767

Baker Hill Center	JV-C		20	%	IL	Chicago-Naperville-Joliet	1998		135,355		27,071		99.1	%		99.1	%								—		72,397	Dominick’s	$	14.30
Brentwood Commons	JV-GRI		40	%	IL	Chicago-Naperville-Joliet	1962		125,550		50,220		99.1	%		99.1	%								—		64,762	Dominick’s	$	10.48
Carbondale Center	JV-D		16	%	IL	Carbondale	1997		59,726		9,765		100.0	%		100.0	%								—		56,726	Schnucks	$	10.21
Civic Center Plaza	JV-GRI		40	%	IL	Chicago-Naperville-Joliet	1989		264,973		105,989		98.0	%		98.0	%								—		87,135	Super H Mart, Home Depot	$	10.84
Champaign Commons	JV-D		16	%	IL	Champaign-Urbana	1990		88,105		14,405		90.7	%		90.7	%								—		72,326	Schnucks	$	8.59
Country Club Plaza	JV-D		16	%	IL	St. Louis	2001		86,867		14,203		94.4	%		94.4	%								—		54,554	Schnucks	$	6.81
Deer Grove Center	JV-C		20	%	IL	Chicago-Naperville-Joliet	1996		236,173		47,235		79.0	%		79.0	%								117,000		65,816	Dominick’s, (Target)	$	13.04
Frankfort Crossing Shpg Ctr					IL	Chicago-Naperville-Joliet	1992		114,534		114,534		87.1	%		87.1	%								—		64,937	Jewel / OSCO	$	11.76
Geneva Crossing	JV-C		20	%	IL	Chicago-Naperville-Joliet	1997		123,182		24,636		96.7	%		96.7	%								—		72,385	Dominick’s	$	14.06
Glen Oak Plaza					IL	Chicago-Naperville-Joliet	1967		62,616		62,616		97.6	%		97.6	%								—		11,944	Trader Joe’s	$	20.88

Portfolio Summary Report By Region

December 31, 2010


											JVs at 100%		REG’s pro-rata share		JVs at 100%			REG’s pro-rata share			JVs at 100%			REG’s pro-rata share
Property Name	JV		REG’s Ownership%			State		CBSA	Last Renovation or Dev		GLA		GLA		% Leased			% Leased			- Operating			- Operating			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Granite City		JV-D		16	%		IL	St. Louis		2004		46,237		7,560		100.0	%		100.0	%								—		46,237	Schnucks	$	8.28
Hinsdale							IL	Chicago-Naperville-Joliet		1986		178,960		178,960		97.5	%		97.5	%								—		69,540	Dominick’s	$	12.55
McHenry Commons Shopping Center		JV-GRI		40	%		IL	Chicago-Naperville-Joliet		1988		100,526		40,210		38.2	%		38.2	%								—		—	—	$	16.29
Montvale Commons		JV-D		16	%		IL	Springfield		1996		73,937		12,089		98.1	%		98.1	%								—		62,447	Schnucks	$	10.35
Oaks Shopping Center		JV-GRI		40	%		IL	Chicago-Naperville-Joliet		1983		135,005		54,002		91.5	%		91.5	%								—		63,863	Dominick’s	$	14.68
Riverside Sq & River’s Edge		JV-GRI		40	%		IL	Chicago-Naperville-Joliet		1986		169,435		67,774		95.8	%		95.8	%								—		74,495	Dominick’s	$	14.74
Riverview Plaza		JV-GRI		40	%		IL	Chicago-Naperville-Joliet		1981		139,256		55,702		93.1	%		93.1	%								—		50,094	Dominick’s	$	10.56
Shorewood Crossing		JV-C		20	%		IL	Chicago-Naperville-Joliet		2001		87,705		17,541		98.4	%		98.4	%								—		65,977	Dominick’s	$	14.68
Shorewood Crossing II		JV-C2		20	%		IL	Chicago-Naperville-Joliet		2005		86,276		17,255		98.1	%		98.1	%								—		—	—	$	13.34
Stonebrook Plaza Shopping Center		JV-GRI		40	%		IL	Chicago-Naperville-Joliet		1984		95,825		38,330		100.0	%		100.0	%								—		63,000	Dominick’s	$	11.41
Swansea Plaza		JV-D		16	%		IL	St. Louis		1988		118,892		19,439		95.9	%		95.9	%								—		70,017	Schnucks	$	10.01
Urbana Crossing		JV-D		16	%		IL	Champaign-Urbana		1997		85,196		13,930		95.3	%		95.3	%								—		62,105	Schnucks	$	11.16
Westbrook Commons							IL	Chicago-Naperville-Joliet		1984		123,855		123,855		91.5	%		91.5	%								—		51,304	Dominick’s	$	10.87
Willow Festival							IL	Chicago-Naperville-Joliet		2007		405,616		405,616		95.5	%		95.5	%								—		60,040	Whole Foods, Best Buy, Lowe’s	$	15.39

							IL					3,143,802		1,522,937		92.8	%		93.2	%		92.8	%		93.2	%		117,000		1,362,101

Airport Crossing							IN	Chicago-Naperville-Joliet		2006		11,924		11,924		77.8	%		77.8	%								89,911		—	(Kohl’s)	$	16.28
Augusta Center							IN	Chicago-Naperville-Joliet		2006		14,532		14,532		75.4	%		75.4	%								213,988		—	(Menards)	$	23.88
Evansville West Center		JV-D		16	%		IN	Evansville		1989		79,885		13,061		91.9	%		91.9	%								—		62,273	Schnucks	$	8.49
Greenwood Springs							IN	Indianapolis		2004		28,028		28,028		50.0	%		50.0	%								265,798		50,000	(Gander Mountain), (Wal-Mart Supercenter)	$	17.95
Willow Lake Shopping Center		JV-GRI		40	%		IN	Indianapolis		1987		85,923		34,369		84.9	%		84.9	%								64,000		64,000	(Kroger)	$	16.87
Willow Lake West Shopping Center		JV-GRI		40	%		IN	Indianapolis		2001		52,961		21,184		100.0	%		100.0	%								—		10,028	Trader Joe’s	$	21.92

							IN					273,253		123,099		85.5	%		78.5	%		85.8	%		78.6	%		633,697		186,301

Walton Towne Center							KY	Cincinnati-Middletown		2007		23,186		23,186		81.9	%		81.9	%								116,432		116,432	(Kroger)	$	19.96

							KY					23,186		23,186		81.9	%		81.9	%		NA			NA			116,432		116,432

Shops at Saugus							MA	Boston-Cambridge-Quincy		2006		90,055		90,055		91.9	%		91.9	%								—		11,000	Trader Joe’s	$	25.20
Speedway Plaza		JV-C2		20	%		MA	Worcester		1988		185,279		37,056		100.0	%		100.0	%								—		59,970	Stop & Shop, BJ’s Warehouse	$	10.64
Twin City Plaza							MA	Boston-Cambridge-Quincy		2004		281,703		281,703		94.3	%		94.3	%								—		62,500	Shaw’s, Marshall’s	$	16.40

							MA					557,037		408,814		95.8	%		94.3	%		96.5	%		94.9	%		—		133,470

Bowie Plaza		JV-GRI		40	%		MD	Washington-Arlington-Alexandria		1966		102,904		41,162		89.3	%		89.3	%								—		—	—	$	18.77
Clinton Park		JV-C		20	%		MD	Washington-Arlington-Alexandria		2003		206,050		41,210		94.1	%		94.1	%								49,000		43,000	Giant Food, Sears, (Toys “R” Us)	$	8.54
Cloppers Mill Village		JV-GRI		40	%		MD	Washington-Arlington-Alexandria		1995		137,035		54,814		87.7	%		87.7	%								—		70,057	Shoppers Food Warehouse	$	18.69
Elkridge Corners		JV-GRI		40	%		MD	Baltimore-Towson		1990		73,529		29,412		100.0	%		100.0	%								—		39,571	Super Fresh	$	15.08
Festival at Woodholme		JV-GRI		40	%		MD	Baltimore-Towson		1986		81,016		32,406		85.8	%		85.8	%								—		10,370	Trader Joe’s	$	34.73
Firstfield Shopping Center		JV-GRI		40	%		MD	Washington-Arlington-Alexandria		1978		22,328		8,931		93.3	%		93.3	%								—		—	—	$	37.04
Goshen Plaza		JV-GRI		40	%		MD	Washington-Arlington-Alexandria		1987		45,654		18,262		88.1	%		88.1	%								—		—	—	$	18.75
King Farm Village Center		JV-RC		25	%		MD	Washington-Arlington-Alexandria		2001		118,326		29,582		96.4	%		96.4	%								—		53,754	Safeway	$	25.48
Mitchellville Plaza		JV-GRI		40	%		MD	Washington-Arlington-Alexandria		1991		156,125		62,450		81.4	%		81.4	%								—		45,100	Food Lion	$	21.60
Parkville Shopping Center		JV-GRI		40	%		MD	Baltimore-Towson		1961		162,435		64,974		96.7	%		96.7	%								—		41,223	Super Fresh	$	13.69
Southside Marketplace		JV-GRI		40	%		MD	Baltimore-Towson		1990		125,146		50,058		86.8	%		86.8	%								—		44,264	Shoppers Food Warehouse	$	15.12
Takoma Park		JV-GRI		40	%		MD	Washington-Arlington-Alexandria		1960		106,469		42,588		93.4	%		93.4	%								—		63,643	Shoppers Food Warehouse	$	10.19
Valley Centre		JV-GRI		40	%		MD	Baltimore-Towson		1987		247,837		99,135		81.6	%		81.6	%								—		—	—	$	14.81
Village at Lee Airpark							MD	Baltimore-Towson		2005		95,010		95,010		90.1	%		90.1	%								75,000		70,260	Giant Food, (Sunrise)	$	21.35
Watkins Park Plaza		JV-GRI		40	%		MD	Washington-Arlington-Alexandria		1985		113,443		45,377		94.8	%		94.8	%								—		43,205	Safeway	$	18.89
Woodmoor Shopping Center		JV-GRI		40	%		MD	Washington-Arlington-Alexandria		1954		67,403		26,961		88.6	%		88.6	%								—		—	—	$	25.45

							MD					1,860,710		742,331		89.8	%		89.5	%		89.8	%		89.4	%		124,000		524,447

Fenton Marketplace							MI	Flint		1999		97,224		97,224		90.0	%		90.0	%								—		53,739	Farmer Jack	$	13.88
State Street Crossing							MI	Ann Arbor		2006		21,049		21,049		60.0	%		60.0	%								147,491		—	(Wal-Mart)	$	23.39

							MI					118,273		118,273		84.6	%		84.6	%		90.0	%		90.0	%		147,491		53,739

Affton Plaza		JV-D		16	%		MO	St. Louis		2000		67,760		11,079		100.0	%		100.0	%								—		61,218	Schnucks	$	6.06
Bellerive Plaza		JV-D		16	%		MO	St. Louis		2000		115,252		18,844		93.3	%		93.3	%								—		67,985	Schnucks	$	9.69
Brentwood Plaza		JV-D		16	%		MO	St. Louis		2002		60,452		9,884		96.5	%		96.5	%								—		51,800	Schnucks	$	9.70
Bridgeton		JV-D		16	%		MO	St. Louis		2005		70,762		11,570		100.0	%		100.0	%								129,802		63,482	Schnucks, (Home Depot)	$	11.92
Butler Hill Centre		JV-D		16	%		MO	St. Louis		1987		90,889		14,860		96.3	%		96.3	%								—		63,304	Schnucks	$	10.61
Capital Crossing		JV-D		16	%		MO	Jefferson City		2002		85,149		13,922		94.4	%		94.4	%								—		63,111	Schnucks	$	11.07
City Plaza		JV-D		16	%		MO	St. Louis		1998		80,150		13,105		100.0	%		100.0	%								—		62,348	Schnucks	$	9.34
Crestwood Commons		JV-D		16	%		MO	St. Louis		1994		67,285		11,001		100.0	%		100.0	%								132,463		67,285	Schnucks, (Best Buy), (Gordman’s)	$	11.79
Dardenne Crossing		JV-D		16	%		MO	St. Louis		1996		67,430		11,025		100.0	%		100.0	%								—		63,333	Schnucks	$	10.96
Dorsett Village		JV-D		16	%		MO	St. Louis		1998		104,217		17,039		100.0	%		100.0	%								35,090		59,483	Schnucks, (Orlando Gardens Banquet Center)	$	11.86
Kirkwood Commons		JV-D		16	%		MO	St. Louis		2000		467,703		76,469		100.0	%		100.0	%								258,000		—	Wal-Mart, (Target), (Lowe’s)	$	9.50
Lake St. Louis		JV-D		16	%		MO	St. Louis		2004		75,643		12,368		96.3	%		96.3	%								—		63,187	Schnucks	$	12.50
O’Fallon Centre		JV-D		16	%		MO	St. Louis		1984		71,300		11,658		89.0	%		89.0	%								—		55,050	Schnucks	$	8.16
Plaza 94		JV-D		16	%		MO	St. Louis		2005		66,555		10,882		95.4	%		95.4	%								—		52,844	Schnucks	$	9.53
Richardson Crossing		JV-D		16	%		MO	St. Louis		2000		82,994		13,570		97.1	%		97.1	%								—		61,494	Schnucks	$	12.09
Shackelford Center		JV-D		16	%		MO	St. Louis		2006		49,635		8,115		95.8	%		95.8	%								—		45,960	Schnucks	$	7.27
Sierra Vista Plaza		JV-D		16	%		MO	St. Louis		1993		74,666		12,208		98.4	%		98.4	%								—		56,201	Schnucks	$	10.14
Twin Oaks		JV-D		16	%		MO	St. Louis		2006		71,682		11,720		100.0	%		100.0	%								—		63,482	Schnucks	$	11.98
University City Square		JV-D		16	%		MO	St. Louis		1997		79,230		12,954		100.0	%		100.0	%								—		61,600	Schnucks	$	9.28
Washington Crossing		JV-D		16	%		MO	St. Louis		1999		117,626		19,232		97.1	%		97.1	%								—		56,250	Schnucks	$	10.88

Portfolio Summary Report By Region

December 31, 2010


											JVs at 100%		REG’s pro-rata share		JVs at 100%			REG’s pro-rata share			JVs at 100%			REG’s pro-rata share
Property Name	JV		REG’s Ownership%			State		CBSA	Last Renovation or Dev		GLA		GLA		% Leased			% Leased			- Operating			- Operating			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Wentzville Commons		JV-D		16	%		MO	St. Louis		2000		74,205		12,133		100.0	%		100.0	%								106,086		61,860	Schnucks, (Home Depot)	$	11.24
Wildwood Crossing		JV-D		16	%		MO	St. Louis		1997		108,200		17,691		74.4	%		74.4	%								—		61,500	Schnucks	$	11.72
Zumbehl Commons		JV-D		16	%		MO	St. Louis		1990		116,682		19,078		95.7	%		95.7	%								—		74,672	Schnucks	$	8.59

							MO					2,265,467		370,404		96.8	%		96.8	%		96.8	%		96.8	%		661,441		1,337,449

Apple Valley Square		JV-RC		25	%		MN	Minneapolis-St. Paul-Bloomington		1998		184,841		46,210		100.0	%		100.0	%								87,437		61,736	Rainbow Foods, Jo-Ann Fabrics, (Burlington Coat Factory)	$	11.19
Colonial Square		JV-GRI		40	%		MN	Minneapolis-St. Paul-Bloomington		1959		93,200		37,280		100.0	%		100.0	%								—		43,978	Lund’s	$	16.96
Rockford Road Plaza		JV-GRI		40	%		MN	Minneapolis-St. Paul-Bloomington		1991		205,479		82,192		93.9	%		93.9	%								—		65,608	Rainbow Foods	$	12.28

							MN					483,520		165,682		97.4	%		97.0	%		97.4	%		97.0	%		87,437		171,322

Cameron Village		JV-CCV		30	%		NC	Raleigh-Cary		1949		554,738		166,421		96.9	%		96.9	%								—		79,830	Harris Teeter, Fresh Market	$	15.94
Carmel Commons							NC	Charlotte-Gastonia-Concord		1979		132,651		132,651		90.5	%		90.5	%								—		14,300	Fresh Market	$	16.27
Cochran Commons		JV-C2		20	%		NC	Charlotte-Gastonia-Concord		2003		66,020		13,204		91.6	%		91.6	%								—		41,500	Harris Teeter	$	14.23
Colonnade Center							NC	Raleigh-Cary		2009		57,511		57,511		76.5	%		76.5	%								—		40,000	Whole Foods	$	25.50
Fuquay Crossing		JV-RC		25	%		NC	Raleigh-Cary		2002		124,774		31,194		94.6	%		94.6	%								—		46,478	Kroger	$	9.91
Garner Towne Square							NC	Raleigh-Cary		1998		221,776		221,776		78.9	%		78.9	%								273,000		57,590	Kroger, (Home Depot), (Target)	$	11.87
Glenwood Village							NC	Raleigh-Cary		1983		42,864		42,864		96.8	%		96.8	%								—		27,764	Harris Teeter	$	13.46
Harris Crossing							NC	Raleigh-Cary		2007		65,151		65,151		84.8	%		84.8	%								—		53,365	Harris Teeter	$	7.00
Lake Pine Plaza							NC	Raleigh-Cary		1997		87,690		87,690		89.6	%		89.6	%								—		57,590	Kroger	$	11.08
Maynard Crossing		JV-USAA		20	%		NC	Raleigh-Cary		1997		122,782		24,556		93.2	%		93.2	%								—		55,973	Kroger	$	14.79
Providence Commons		JV-RC		25	%		NC	Charlotte-Gastonia-Concord		1994		197,801		49,450		100.0	%		100.0	%								—		50,420	Lowe’s	$	15.12
Middle Creek Commons							NC	Raleigh-Cary		2006		73,634		73,634		92.7	%		92.7	%								—		49,495	Lowes Foods	$	15.73
Shoppes of Kildaire		JV-GRI		40	%		NC	Raleigh-Cary		1986		148,204		59,282		97.8	%		97.8	%								—		18,613	Trader Joe’s	$	15.23
Southpoint Crossing							NC	Durham		1998		103,128		103,128		96.4	%		96.4	%								—		59,160	Kroger	$	15.77
Sutton Square		JV-C2		20	%		NC	Raleigh-Cary		1985		101,024		20,205		91.9	%		91.9	%								—		24,167	Fresh Market	$	14.73
Woodcroft Shopping Center							NC	Durham		1984		89,833		89,833		95.4	%		95.4	%								—		40,832	Food Lion	$	12.36

							NC					2,189,581		1,238,550		92.9	%		90.4	%		93.6	%		91.4	%		273,000		717,077

Plaza Square		JV-GRI		40	%		NJ	New York-Northern New Jersey-Long Island		1990		103,842		41,537		94.1	%		94.1	%								—		60,000	Shop Rite	$	21.73
Haddon Commons		JV-GRI		40	%		NJ	Philadelphia-Camden-Wilmington		1985		52,640		21,056		93.4	%		93.4	%								—		34,240	Acme Markets	$	6.90

							NJ					156,482		62,593		93.8	%		93.8	%		93.8	%		93.8	%		—		94,240

Anthem Highlands Shopping Center							NV	Las Vegas-Paradise		2004		108,515		108,515		80.6	%		80.6	%								—		53,963	Albertsons	$	13.04
Deer Springs Town Center							NV	Las Vegas-Paradise		2007		330,907		330,907		79.2	%		79.2	%								132,360		—	(Target), Home Depot, Toys “R” Us	$	12.67

							NV					439,422		439,422		79.5	%		79.5	%		80.6	%		80.6	%		132,360		53,963

Beckett Commons							OH	Cincinnati-Middletown		1995		121,498		121,498		81.8	%		81.8	%								—		70,815	Kroger	$	11.12
Cherry Grove							OH	Cincinnati-Middletown		1997		195,513		195,513		98.0	%		98.0	%								—		66,336	Kroger	$	10.06
East Pointe							OH	Columbus		1993		86,503		86,503		98.4	%		98.4	%								—		59,120	Kroger	$	10.57
Hyde Park							OH	Cincinnati-Middletown		1995		396,861		396,861		97.4	%		97.4	%								—		169,267	Kroger, Biggs	$	13.95
Indian Springs Market Center		JV-RRP		20	%		OH	Cincinnati-Middletown		2005		146,116		29,223		100.0	%		100.0	%								203,000		—	Kohl’s, (Wal-Mart Supercenter)	$	5.09
Kroger New Albany Center							OH	Columbus		1999		93,286		93,286		91.8	%		91.8	%								—		63,805	Kroger	$	11.38
Maxtown Road (Northgate)							OH	Columbus		1996		85,100		85,100		98.4	%		98.4	%								90,000		62,000	Kroger, (Home Depot)	$	10.81
Park Place Shopping Center							OH	Columbus		1988		106,832		106,832		61.2	%		61.2	%								—		—	—	$	9.21
Red Bank Village							OH	Cincinnati-Middletown		2006		164,317		164,317		96.5	%		96.5	%								—		—	Wal-Mart	$	5.66
Regency Commons							OH	Cincinnati-Middletown		2004		30,770		30,770		80.5	%		80.5	%								—		—	—	$	23.91
Shoppes at Mason							OH	Cincinnati-Middletown		1997		80,800		80,800		100.0	%		100.0	%								—		56,800	Kroger	$	9.96
Sycamore Crossing & Sycamore Plaza		JV-RRP		20	%		OH	Cincinnati-Middletown		1966		390,957		78,191		89.0	%		89.0	%								—		25,723	Fresh Market, Macy’s Furniture Gallery, Toys ‘R Us, Dick’s Sporting Goods	$	16.79
Wadsworth Crossing							OH	Cleveland-Elyria-Mentor		2005		108,164		108,164		88.7	%		88.7	%								366,722		—	(Kohl’s), (Lowe’s), (Target)	$	13.90
Westchester Plaza							OH	Cincinnati-Middletown		1988		88,181		88,181		98.4	%		98.4	%								—		66,523	Kroger	$	9.75
Windmiller Plaza Phase I							OH	Columbus		1997		140,437		140,437		98.5	%		98.5	%								—		101,428	Kroger	$	8.56

							OH					2,235,335		1,805,677		92.9	%		93.1	%		92.9	%		93.1	%		659,722		741,817

Corvallis Market Center							OR	Corvallis		2006		84,548		84,548		100.0	%		100.0	%								—		12,017	Trader Joe’s	$	18.45
Greenway Town Center		JV-GRI		40	%		OR	Portland-Vancouver-Beaverton		1979		93,101		37,240		95.9	%		95.9	%								—		37,500	Lamb’s Thriftway	$	13.04
Murrayhill Marketplace							OR	Portland-Vancouver-Beaverton		1988		148,967		148,967		93.5	%		93.5	%								—		41,132	Safeway	$	13.97
Sherwood Crossroads							OR	Portland-Vancouver-Beaverton		1999		87,966		87,966		93.3	%		93.3	%								—		55,227	Safeway	$	10.33
Sherwood Market Center							OR	Portland-Vancouver-Beaverton		1995		124,259		124,259		97.8	%		97.8	%								—		49,793	Albertsons	$	17.00
Sunnyside 205							OR	Portland-Vancouver-Beaverton		1988		52,710		52,710		98.4	%		98.4	%								—		—	—	$	23.84
Tanasbourne Market							OR	Portland-Vancouver-Beaverton		2006		71,000		71,000		97.3	%		97.3	%								—		56,500	Whole Foods	$	24.81
Walker Center							OR	Portland-Vancouver-Beaverton		1987		89,610		89,610		100.0	%		100.0	%								—		—	Sports Authority	$	17.01

							OR					752,161		696,300		96.7	%		96.7	%		96.7	%		96.7	%		—		252,169

Allen Street Shopping Center		JV-GRI		40	%		PA	Allentown-Bethlehem-Easton		1958		46,228		18,491		100.0	%		100.0	%								—		22,075	Ahart Market	$	12.83
City Avenue Shopping Center		JV-GRI		40	%		PA	Philadelphia-Camden-Wilmington		1960		159,095		63,638		92.8	%		92.8	%								—		—	—	$	17.53
Gateway Shopping Center							PA	Philadelphia-Camden-Wilmington		1960		219,257		219,257		94.0	%		94.0	%								—		11,100	Trader Joe’s	$	23.83
Hershey							PA	Harrisburg-Carlisle		2000		6,000		6,000		100.0	%		100.0	%								—		—	—	$	30.41
Kulpsville Village Center							PA	Philadelphia-Camden-Wilmington		2006		14,820		14,820		100.0	%		100.0	%								—		—	—	$	30.36
Lower Nazareth Commons							PA	Allentown-Bethlehem-Easton		2007		65,367		65,367		92.0	%		92.0	%								133,000		—	(Target), Sports Authority	$	29.20

Portfolio Summary Report By Region

December 31, 2010


											JVs at 100%		REG’s pro-rata share		JVs at 100%			REG’s pro-rata share			JVs at 100%			REG’s pro-rata share
Property Name	JV		REG’s Ownership%			State		CBSA	Last Renovation or Dev		GLA		GLA		% Leased			% Leased			- Operating			- Operating			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Mercer Square Shopping Center		JV-GRI		40	%		PA	Philadelphia-Camden-Wilmington		1988		91,400		36,560		90.1	%		90.1	%								-		50,708	Genuardi’s	$	19.99
Newtown Square Shopping Center		JV-GRI		40	%		PA	Philadelphia-Camden-Wilmington		1970		146,959		58,784		92.8	%		92.8	%								—		56,226	Acme Markets	$	15.14
Silver Spring Square		JV-RRP		20	%		PA	Harrisburg-Carlisle		2005		314,449		62,890		95.4	%		95.4	%								139,377		130,000	Wegmans, (Target)	$	14.87
Stefko Boulevard Shopping Center		JV-GRI		40	%		PA	Allentown-Bethlehem-Easton		1976		133,824		53,530		89.9	%		89.9	%								—		73,000	Valley Farm Market	$	7.04
Warwick Square Shopping Center		JV-GRI		40	%		PA	Philadelphia-Camden-Wilmington		1999		89,680		35,872		92.5	%		92.5	%								—		50,658	Genuardi’s	$	18.08

							PA					1,287,079		635,208		93.5	%		93.4	%		93.5	%		93.6	%		272,377		393,767

Buckwalter Village							SC	Hilton Head Island-Beaufort		2006		59,601		59,601		95.3	%		95.3	%								—		45,600	Publix	$	14.08
Merchants Village		JV-GRI		40	%		SC	Charleston-North Charleston		1997		79,724		31,890		97.0	%		97.0	%								—		37,888	Publix	$	13.75
Murray Landing		JV-M3		25	%		SC	Columbia		2003		64,359		16,090		97.8	%		97.8	%								—		44,840	Publix	$	12.42
Orangeburg							SC	Charleston-North Charleston		2006		14,820		14,820		100.0	%		100.0	%								—		—	—	$	23.01
Queensborough Shopping Center		JV-O		50	%		SC	Charleston-North Charleston		1993		82,333		41,167		95.9	%		95.9	%								—		65,796	Publix	$	9.81
Surfside Beach Commons		JV-C2		20	%		SC	Myrtle Beach-Conway-North Myrtle Beach		1999		59,881		11,976		94.7	%		94.7	%								—		46,624	Bi-Lo	$	11.93

							SC					360,718		175,543		96.3	%		96.3	%		96.3	%		96.3	%		—		240,748

Collierville Crossing		JV-D		16	%		TN	Memphis		2004		86,065		14,072		94.8	%		94.8	%								125,500		63,193	Schnucks, (Target)	$	12.37
Dickson Tn							TN	Nashville-Davidson- Murfreesboro		1998		10,908		10,908		100.0	%		100.0	%								—		—	—	$	20.35
Harpeth Village Fieldstone							TN	Nashville-Davidson- Murfreesboro		1998		70,091		70,091		100.0	%		100.0	%								—		55,377	Publix	$	13.63
Lebanon Center							TN	Nashville-Davidson- Murfreesboro		2006		63,800		63,800		89.0	%		89.0	%								—		45,600	Publix	$	12.18
Nashboro Village							TN	Nashville-Davidson- Murfreesboro		1998		86,811		86,811		95.2	%		95.2	%								—		61,224	Kroger	$	10.61
Northlake Village							TN	Nashville-Davidson- Murfreesboro		1988		137,807		137,807		88.7	%		88.7	%								—		64,537	Kroger	$	11.78
Peartree Village							TN	Nashville-Davidson- Murfreesboro		1997		109,904		109,904		90.9	%		90.9	%								—		60,647	Harris Teeter	$	17.32

							TN					565,386		493,393		92.7	%		92.4	%		92.7	%		92.4	%		125,500		350,578

Alden Bridge		JV-USAA		20	%		TX	Houston-Baytown-Sugar Land		1998		138,953		27,791		94.5	%		94.5	%								—		67,768	Kroger	$	17.20
Bethany Park Place		JV-USAA		20	%		TX	Dallas-Fort Worth-Arlington		1998		98,906		19,781		96.6	%		96.6	%								—		83,214	Kroger	$	11.17
Cochran’s Crossing							TX	Houston-Baytown-Sugar Land		1994		138,192		138,192		93.4	%		93.4	%								—		63,449	Kroger	$	15.97
Cooper Street							TX	Dallas-Fort Worth-Arlington		1992		127,696		127,696		87.6	%		87.6	%								102,950		—	(Home Depot)	$	10.12
Fort Bend Center							TX	Houston-Baytown-Sugar Land		2000		30,164		30,164		83.3	%		83.3	%								67,106		67,106	(Kroger)	$	16.45
Hancock							TX	Austin-Round Rock		1998		410,438		410,438		94.6	%		94.6	%								—		90,217	H.E.B., Sears	$	12.67
Hickory Creek Plaza							TX	Dallas-Fort Worth-Arlington		2006		28,134		28,134		77.6	%		77.6	%								81,264		81,264	(Kroger)	$	32.15
Hillcrest Village							TX	Dallas-Fort Worth-Arlington		1991		14,530		14,530		100.0	%		100.0	%								—		—	—	$	33.92
Indian Springs Center		JV-O		50	%		TX	Houston-Baytown-Sugar Land		2003		136,625		68,313		98.5	%		98.5	%								—		79,000	H.E.B.	$	18.92
Keller Town Center							TX	Dallas-Fort Worth-Arlington		1999		114,937		114,937		95.2	%		95.2	%								—		63,631	Tom Thumb	$	14.73
Kleinwood Center		JV-M3		25	%		TX	Houston-Baytown-Sugar Land		2003		148,964		37,241		81.2	%		81.2	%								—		80,925	H.E.B.	$	15.93
Lebanon/Legacy Center							TX	Dallas-Fort Worth-Arlington		2002		56,674		56,674		76.5	%		76.5	%								62,804		62,804	(Albertsons)	$	22.82
Main Street Center		JV-GRI		40	%		TX	Dallas-Fort Worth-Arlington		2002		42,754		17,102		51.4	%		51.4	%								62,322		62,322	(Albertsons)	$	21.85
Market at Preston Forest							TX	Dallas-Fort Worth-Arlington		1990		96,353		96,353		97.4	%		97.4	%								—		64,228	Tom Thumb	$	18.03
Market at Round Rock							TX	Austin-Round Rock		1987		122,646		122,646		60.2	%		60.2	%								—		29,523	Sprout’s Markets	$	17.67
Mockingbird Common							TX	Dallas-Fort Worth-Arlington		1987		120,321		120,321		100.0	%		100.0	%								—		48,525	Tom Thumb	$	15.69
North Hills							TX	Austin-Round Rock		1995		144,020		144,020		98.6	%		98.6	%								—		60,465	H.E.B.	$	20.49
Panther Creek							TX	Houston-Baytown-Sugar Land		1994		166,076		166,076		100.0	%		100.0	%								—		65,800	Randall’s Food	$	16.16
Preston Park							TX	Dallas-Fort Worth-Arlington		1985		239,333		239,333		90.6	%		90.6	%								—		53,118	Tom Thumb	$	24.09
Prestonbrook							TX	Dallas-Fort Worth-Arlington		1998		91,537		91,537		93.5	%		93.5	%								—		63,636	Kroger	$	13.22
Prestonwood Park							TX	Dallas-Fort Worth-Arlington		1999		101,167		101,167		61.7	%		61.7	%								62,322		62,322	(Albertsons)	$	19.61
Rockwall Town Center							TX	Dallas-Fort Worth-Arlington		2004		46,095		46,095		100.0	%		100.0	%								73,770		57,017	(Kroger)	$	23.14
Shiloh Springs		JV-USAA		20	%		TX	Dallas-Fort Worth-Arlington		1998		110,040		22,008		83.6	%		83.6	%								—		60,932	Kroger	$	13.75
Shops at Highland Village							TX	Dallas-Fort Worth-Arlington		2005		351,635		351,635		83.1	%		83.1	%								—		—	AMC Theater	$	23.78
Signature Plaza							TX	Dallas-Fort Worth-Arlington		2004		32,415		32,415		75.9	%		75.9	%								61,962		61,962	(Kroger)	$	20.81
Sterling Ridge							TX	Houston-Baytown-Sugar Land		2000		128,643		128,643		100.0	%		100.0	%								—		63,373	Kroger	$	18.03
Sweetwater Plaza		JV-C		20	%		TX	Houston-Baytown-Sugar Land		2000		134,045		26,809		92.7	%		92.7	%								—		65,241	Kroger	$	16.03
Trophy Club							TX	Dallas-Fort Worth-Arlington		1999		106,507		106,507		85.7	%		85.7	%								—		63,654	Tom Thumb	$	12.84
Waterside Marketplace							TX	Houston-Baytown-Sugar Land		2007		24,858		24,858		92.5	%		92.5	%								102,984		102,984	(Kroger)	$	22.93
Weslayan Plaza East		JV-GRI		40	%		TX	Houston-Baytown-Sugar Land		1969		169,693		67,877		100.0	%		100.0	%								—		—	—	$	14.57
Weslayan Plaza West		JV-GRI		40	%		TX	Houston-Baytown-Sugar Land		1969		185,964		74,386		98.5	%		98.5	%								—		51,960	Randall’s Food	$	16.56
Westwood Village							TX	Houston-Baytown-Sugar Land		2006		183,546		183,546		94.9	%		94.9	%								126,874		—	(Target)	$	17.40
Woodway Collection		JV-GRI		40	%		TX	Houston-Baytown-Sugar Land		1974		111,165		44,466		84.5	%		84.5	%								—		56,596	Randall’s Food	$	15.49

							TX					4,153,026		3,281,690		90.3	%		90.1	%		90.4	%		90.2	%		804,358		1,833,036

601 King Street		JV-GRI		40	%		VA	Washington-Arlington-Alexandria		1980		8,003		3,201		87.3	%		87.3	%								—		—	—	$	43.56
Ashburn Farm Market Center							VA	Washington-Arlington-Alexandria		2000		91,905		91,905		97.2	%		97.2	%								—		48,999	Giant Food	$	21.08
Ashburn Farm Village Center		JV-GRI		40	%		VA	Washington-Arlington-Alexandria		1996		88,897		35,559		89.3	%		89.3	%								—		57,030	Shoppers Food Warehouse	$	12.99
Braemar Shopping Center		JV-RC		25	%		VA	Washington-Arlington-Alexandria		2004		96,439		24,110		94.8	%		94.8	%								—		57,860	Safeway	$	17.29
Centre Ridge Marketplace		JV-GRI		40	%		VA	Washington-Arlington-Alexandria		1996		104,100		41,640		94.5	%		94.5	%								—		55,138	Shoppers Food Warehouse	$	16.06
Cheshire Station							VA	Washington-Arlington-Alexandria		2000		97,156		97,156		100.0	%		100.0	%								—		55,163	Safeway	$	16.65
Culpeper Colonnade							VA	Culpeper		2006		131,707		131,707		96.1	%		96.1	%								127,307		68,421	Martin’s, (Target)	$	14.04
Fairfax Shopping Center							VA	Washington-Arlington-Alexandria		1955		76,311		76,311		80.8	%		80.8	%								—		—	—	$	13.65
Festival at Manchester Lakes		JV-GRI		40	%		VA	Washington-Arlington-Alexandria		1990		165,130		66,052		95.3	%		95.3	%								—		65,000	Shoppers Food Warehouse	$	22.22

Portfolio Summary Report By Region

December 31, 2010


								JVs at 100%		REG’s pro-rata share		JVs at 100%			REG’s pro-rata share			JVs at 100%			REG’s pro-rata share
Property Name	JV	REG’s Ownership%			State	CBSA	Last Renovation or Dev	GLA		GLA		% Leased			% Leased			- Operating			- Operating			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Fortuna Center Plaza	JV-RRP		20	%	VA	Washington-Arlington-Alexandria	2004		104,694		20,939		100.0	%		100.0	%								123,735		66,870	Shoppers Food Warehouse, (Target)	$	14.71
Fox Mill Shopping Center	JV-GRI		40	%	VA	Washington-Arlington-Alexandria	1977		103,269		41,308		96.1	%		96.1	%								—		49,837	Giant Food	$	20.80
Gayton Crossing	JV-GRI		40	%	VA	Richmond	1983		156,917		62,767		93.6	%		93.6	%								—		38,408	Ukrop’s	$	13.28
Greenbriar Town Center	JV-GRI		40	%	VA	Washington-Arlington-Alexandria	1972		340,006		136,002		96.9	%		96.9	%								—		62,319	Giant Food	$	22.08
Hanover Village Shopping Center	JV-GRI		40	%	VA	Richmond	1971		88,006		35,202		85.0	%		85.0	%								—		—	—	$	9.03
Hollymead Town Center	JV-C2		20	%	VA	Charlottesville	2004		153,739		30,748		98.1	%		98.1	%								142,500		60,607	Harris Teeter, (Target)	$	19.83
Kamp Washington Shopping Center	JV-GRI		40	%	VA	Washington-Arlington-Alexandria	1960		71,825		28,730		95.8	%		95.8	%								—		—	—	$	32.77
Kings Park Shopping Center	JV-GRI		40	%	VA	Washington-Arlington-Alexandria	1966		74,702		29,881		95.6	%		95.6	%								—		28,161	Giant Food	$	23.30
Lorton Station Marketplace	JV-C2		20	%	VA	Washington-Arlington-Alexandria	2005		132,445		26,489		97.7	%		97.7	%								—		63,000	Shoppers Food Warehouse	$	18.98
Lorton Town Center	JV-C2		20	%	VA	Washington-Arlington-Alexandria	2005		51,807		10,361		94.7	%		94.7	%								—		—	—	$	27.58
Market at Opitz Crossing					VA	Washington-Arlington-Alexandria	2003		149,791		149,791		88.4	%		88.4	%								—		51,922	Safeway	$	13.18
Saratoga Shopping Center	JV-GRI		40	%	VA	Washington-Arlington-Alexandria	1977		113,013		45,205		94.7	%		94.7	%								—		55,713	Giant Food	$	16.63
Shops at County Center					VA	Washington-Arlington-Alexandria	2005		96,695		96,695		96.9	%		96.9	%								—		52,409	Harris Teeter	$	19.47
Signal Hill	JV-C2		20	%	VA	Washington-Arlington-Alexandria	2004		95,172		19,034		100.0	%		100.0	%								—		67,470	Shoppers Food Warehouse	$	19.24
Stonewall					VA	Washington-Arlington-Alexandria	2007		267,175		267,175		95.3	%		95.3	%								—		140,000	Wegmans	$	13.96
Town Center at Sterling Shopping Center	JV-GRI		40	%	VA	Washington-Arlington-Alexandria	1980		190,069		76,028		88.3	%		88.3	%								—		46,935	Giant Food	$	17.24
Village Center at Dulles	JV-C		20	%	VA	Washington-Arlington-Alexandria	1991		298,271		59,654		98.3	%		98.3	%								—		48,424	Shoppers Food Warehouse, Gold’s Gym	$	21.57
Village Shopping Center	JV-GRI		40	%	VA	Richmond	1948		111,177		44,471		93.2	%		93.2	%								—		45,023	Ukrop’s	$	19.10
Willston Centre I	JV-GRI		40	%	VA	Washington-Arlington-Alexandria	1952		105,376		42,150		85.9	%		85.9	%								—		—	—	$	24.77
Willston Centre II	JV-GRI		40	%	VA	Washington-Arlington-Alexandria	1986		135,862		54,345		94.6	%		94.6	%								140,984		42,491	Safeway, (Target)	$	19.00

					VA				3,699,659		1,844,616		94.6	%		94.0	%		94.6	%		94.0	%		534,526		1,327,200

Aurora Marketplace	JV-GRI		40	%	WA	Seattle-Tacoma-Bellevue	1991		106,921		42,768		95.9	%		95.9	%								—		48,893	Safeway	$	14.60
Cascade Plaza	JV-C		20	%	WA	Seattle-Tacoma-Bellevue	1999		211,072		42,214		80.5	%		80.5	%								—		49,440	Safeway	$	10.84
Eastgate Plaza	JV-GRI		40	%	WA	Seattle-Tacoma-Bellevue	1956		78,230		31,292		100.0	%		100.0	%								—		28,775	Albertsons	$	22.49
Inglewood Plaza					WA	Seattle-Tacoma-Bellevue	1985		17,253		17,253		100.0	%		100.0	%								—		—	—	$	29.72
Orchards Market Center I	JV-RRP		20	%	WA	Portland-Vancouver-Beaverton	2004		100,663		20,133		100.0	%		100.0	%								—		—	Wholesale Sports	$	12.75
Orchards Market Center II					WA	Portland-Vancouver-Beaverton	2005		77,478		77,478		87.3	%		87.3	%								—		—	LA Fitness	$	17.79
Overlake Fashion Plaza	JV-GRI		40	%	WA	Seattle-Tacoma-Bellevue	1987		80,555		32,222		96.9	%		96.9	%								230,300		—	(Sears)	$	21.29
Pine Lake Village					WA	Seattle-Tacoma-Bellevue	1989		102,899		102,899		100.0	%		100.0	%								—		40,982	Quality Foods	$	20.06
Sammamish-Highlands					WA	Seattle-Tacoma-Bellevue	1992		101,289		101,289		95.5	%		95.5	%								55,000		55,000	(Safeway)	$	24.03
Southcenter					WA	Seattle-Tacoma-Bellevue	1990		58,282		58,282		90.0	%		90.0	%								111,900		—	(Target)	$	26.72
Thomas Lake					WA	Seattle-Tacoma-Bellevue	1998		103,872		103,872		92.8	%		92.8	%								—		50,065	Albertsons	$	14.66

					WA				1,038,514		629,702		92.7	%		93.9	%		92.7	%		93.9	%		397,200		273,155

Racine Centre Shopping Center	JV-GRI		40	%	WI	Racine	1988		135,827		54,331		98.2	%		98.2	%								—		50,979	Piggly Wiggly	$	7.22
Whitnall Square Shopping Center	JV-GRI		40	%	WI	Milwaukee-Waukesha-West Allis	1989		133,301		53,320		90.0	%		90.0	%								—		69,090	Pick ‘N’ Save	$	7.68

					WI				269,128		107,651		94.2	%		94.2	%		94.2	%		94.2	%		—		120,069

Regency Centers Total									45,076,652		29,930,357		92.6	%		92.0	%		93.2	%		92.8	%		8,065,353		17,252,948

(1) Major Tenants are the grocer anchor and any tenant over 40,000 square feet. Tenants in parenthesis own their own GLA. (2) Average Base Rent/Sq. Ft. does not include ground leases.

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

Properties managed by Regency, but not owned

Ocala Corners					FL	Tallahassee			86,772
Northlake Promenade					GA	Atlanta-Sandy Springs-Marietta			25,394
Powers Ferry Kroger					GA	Atlanta-Sandy Springs-Marietta			45,528
Lindbergh Crossing					GA	Atlanta-Sandy Springs-Marietta			27,059
Roswell Crossing					GA	Atlanta-Sandy Springs-Marietta			201,979
Trowbridge Crossing					GA	Atlanta-Sandy Springs-Marietta			62,558
Woodstock Crossing					GA	Atlanta-Sandy Springs-Marietta			66,122
Centennial Crossroads Plaza					NV	Las Vegas-Paradise			99,064
Regency Milford Center					OH	Cincinnati-Middletown			108,923
Cherry Park Market					OR	Portland-Vancouver-Beaverton			113,518
Hillsboro Market Center					OR	Portland-Vancouver-Beaverton			148,051

Total square footage managed by Regency, but not owned									984,968

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

December 31, 2010


Tenant	Tenant GLA⁽¹⁾		% of Company- Owned GLA⁽¹⁾			Total Annualized Base Rent⁽²⁾		% of Total Annualized Base Rent⁽²⁾			Total # of Leased Stores - - 100% Owned and JV	# of Leased Stores in JV
Kroger		2,148,362		7.3	%	$	19,991,223		4.4	%	44	13
Publix		2,018,569		6.9	%		19,799,676		4.4	%	55	18
Safeway		1,726,446		5.9	%		16,965,753		3.8	%	53	29
Supervalu		925,485		3.2	%		10,720,885		2.4	%	27	15
CVS		525,840		1.8	%		7,680,965		1.7	%	50	23
Whole Foods		239,460		0.8	%		6,381,978		1.4	%	7	2
TJX Companies		497,326		1.7	%		5,769,512		1.3	%	25	11
Ahold		348,705		1.2	%		4,674,127		1.0	%	13	10
Blockbuster Video		200,866		0.7	%		4,445,083		1.0	%	52	20
Ross Dress For Less		278,612		1.0	%		4,201,054		0.9	%	17	11
Walgreens		190,201		0.6	%		3,602,431		0.8	%	16	4
Starbucks		103,351		0.4	%		3,573,053		0.8	%	86	33
Sports Authority		181,523		0.6	%		3,458,514		0.8	%	5	1
PETCO		182,874		0.6	%		3,443,440		0.8	%	21	11
Wells Fargo Bank		68,038		0.2	%		3,387,440		0.8	%	41	25
Sears Holdings		442,433		1.5	%		3,379,516		0.7	%	11	5
Rite Aid		227,758		0.8	%		3,214,007		0.7	%	26	15
Bank of America		77,429		0.3	%		3,171,309		0.7	%	28	12
PetSmart		178,850		0.6	%		2,917,244		0.6	%	10	4
Target		349,683		1.2	%		2,883,723		0.6	%	4	2
Subway		99,496		0.3	%		2,870,540		0.6	%	113	53
Harris Teeter		245,746		0.8	%		2,836,032		0.6	%	8	4
H.E.B.		210,413		0.7	%		2,771,745		0.6	%	4	2
Schnucks		308,578		1.1	%		2,687,565		0.6	%	31	31
The UPS Store		97,975		0.3	%		2,547,691		0.6	%	97	40
JPMorgan Chase Bank		61,213		0.2	%		2,379,487		0.5	%	23	6
Trader Joe’s		89,994		0.3	%		2,266,388		0.5	%	11	5

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


Grocer fuel pads on ground leases	Annualized Base Rent⁽²⁾
Safeway Total	$	103,425
Kroger Total		34,450
Schnucks Total		6,540


GLA owned and occupied by the anchor not included above:		# of Tenant- Owned Stores		Stores including Tenant- Owned
Target	1,911,479		20		24
Kroger	809,468		10		54
Safeway	314,000		6		59
Lowe’s Home Improvement	202,568		3		3
Sears Holdings	92,080		1		12
Supervalu	78,371		2		29
Publix	62,771		1		56

	3,470,736

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

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

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

December 31, 2010


Tenant	Tenant GLA⁽¹⁾		% of Company- Owned GLA⁽¹⁾			Total Annualized Base Rent⁽²⁾		% of Total Annualized Base Rent⁽²⁾			Total # of Leased Stores - - 100% Owned and JV	# of Leased Stores in JV
Safeway		2,825,927		6.4	%	$	29,703,279		4.5	%	53	29
Publix		2,590,717		5.9	%		25,527,796		3.8	%	55	18
Kroger		2,671,944		6.1	%		24,414,489		3.7	%	44	13
Schnucks		1,887,329		4.3	%		16,437,709		2.5	%	31	31
Supervalu		1,454,411		3.3	%		16,284,954		2.5	%	27	15
CVS		751,757		1.7	%		11,411,552		1.7	%	50	23
Whole Foods		311,598		0.7	%		8,312,572		1.3	%	7	2
TJX Companies		689,172		1.6	%		7,843,556		1.2	%	25	11
Ahold		639,969		1.5	%		7,631,703		1.1	%	13	10
Ross Dress For Less		491,217		1.1	%		7,103,524		1.1	%	17	11
Blockbuster Video		270,069		0.6	%		6,049,901		0.9	%	52	20
PETCO		300,942		0.7	%		5,786,895		0.9	%	21	11
Wells Fargo Bank		108,635		0.2	%		5,570,153		0.8	%	41	25
Starbucks		139,704		0.3	%		4,868,369		0.7	%	86	33
Rite Aid		377,211		0.9	%		4,864,575		0.7	%	26	15
Harris Teeter		409,347		0.9	%		4,838,121		0.7	%	8	4
Target		514,078		1.2	%		4,760,504		0.7	%	4	2
Sears Holdings		594,627		1.4	%		4,676,450		0.7	%	11	5
Bank of America		102,624		0.2	%		4,649,351		0.7	%	28	12
Subway		150,665		0.3	%		4,293,612		0.6	%	113	53
Walgreens		226,255		0.5	%		4,151,207		0.6	%	16	4
H.E.B.		310,607		0.7	%		4,146,745		0.6	%	4	2
Toys “R” Us		307,271		0.7	%		3,988,358		0.6	%	13	10
24 Hour Fitness		198,706		0.5	%		3,979,061		0.6	%	6	4
PetSmart		240,700		0.5	%		3,847,993		0.6	%	10	4
Sports Authority		209,757		0.5	%		3,810,032		0.6	%	5	1
The UPS Store		138,557		0.3	%		3,549,646		0.5	%	97	40
Staples		249,067		0.6	%		3,423,381		0.5	%	12	6
Hallmark		204,121		0.5	%		3,404,016		0.5	%	43	23
Lowe’s Home Improvement		448,112		1.0	%		3,386,132		0.5	%	3	1

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	$	244,500
Kroger Total		44,200
Schnucks Total		40,000


GLA owned and occupied by the anchor not included above:		# of Tenant- Owned Stores		# of Stores including Tenant- Owned
Target	2,637,263		20		24
Kroger	847,868		10		54
Lowe’s Home Improvement	446,659		3		3
Safeway	314,000		6		59
Sears Holdings	230,200		1		12
Supervalu	101,721		2		29
Publix	62,771		1		56

	4,640,482

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

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

Tenant Lease Expirations

December 31, 2010


All Tenants			Regency’s Pro-Rata Share										Co-investment Partnerships at 100%
Lease Expiration Year	Pro-Rata Expiring GLA		Percent of Pro-Rata Expiring GLA			Pro-Rata In-Place Minimum Rent Under Expiring Leases		Percent of Expiring Pro-Rata Minimum Rent⁽²⁾			Pro-rata Expiring A.B.R		Expiring GLA at 100%		Percent of Expiring GLA			In-Place Minimum Rent Under Expiring Leases at 100%		Percent of Expiring Minimum Rent⁽²⁾
(1)		347,598		1.3	%	$	6,115,616		1.4	%	$	17.59		499,453		1.2	%	$	8,796,263		1.3	%
2011		2,457,614		9.1	%		43,108,153		9.6	%		17.54		3,391,012		8.3	%		60,729,837		9.1	%
2012		3,512,975		13.1	%		65,096,730		14.4	%		18.53		5,015,395		12.3	%		93,284,588		14.0	%
2013		2,657,644		9.9	%		50,375,765		11.2	%		18.96		4,199,990		10.3	%		74,658,453		11.2	%
2014		2,480,093		9.2	%		47,373,958		10.5	%		19.10		3,653,815		9.0	%		69,454,471		10.5	%
2015		2,179,022		8.1	%		42,774,708		9.5	%		19.63		3,504,324		8.6	%		65,193,974		9.8	%
2016		1,359,450		5.1	%		22,926,433		5.1	%		16.86		2,348,498		5.8	%		37,963,840		5.7	%
2017		1,389,524		5.2	%		24,538,262		5.4	%		17.66		2,210,529		5.4	%		36,354,264		5.5	%
2018		1,359,345		5.1	%		21,279,987		4.7	%		15.65		1,940,549		4.8	%		29,905,453		4.5	%
2019		1,202,740		4.5	%		18,435,138		4.1	%		15.33		1,729,327		4.3	%		25,924,082		3.9	%
2020		1,465,468		5.4	%		22,012,325		4.9	%		15.02		2,384,368		5.9	%		31,717,860		4.8	%

10 Year Total		20,411,472		75.9	%		364,037,074		80.7	%		17.83		30,877,260		75.9	%		533,983,085		80.4	%

Thereafter		6,479,514		24.1	%		87,005,329		19.3	%		13.43		9,808,333		24.1	%		130,399,598		19.6	%

		26,890,986		100.0	%	$	451,042,403		100.0	%	$	16.77		40,685,593		100.0	%	$	664,382,683		100.0	%


Anchor Tenants⁽³⁾			Regency’s Pro-Rata Share										Co-investment Partnerships at 100%
Lease Expiration Year	Pro-Rata Expiring GLA		Percent of Pro-Rata Expiring GLA			Pro-Rata In-Place Minimum Rent Under Expiring Leases		Percent of Expiring Pro-Rata Minimum Rent⁽²⁾			Pro-rata Expiring A.B.R		Expiring GLA at 100%		Percent of Expiring GLA			In-Place Minimum Rent Under Expiring Leases at 100%		Percent of Expiring Minimum Rent⁽²⁾
(1)		33,000		0.2	%	$	247,500		0.2	%		—		33,000		0.1	%	$	247,500		0.1	%
2011		813,690		5.5	%		5,111,468		3.2	%		6.28		1,009,261		4.3	%		6,413,046		2.6	%
2012		1,214,017		8.2	%		11,682,988		7.3	%		9.62		1,713,637		7.3	%		16,744,477		6.7	%
2013		801,574		5.4	%		6,668,896		4.2	%		8.32		1,528,586		6.5	%		12,794,601		5.1	%
2014		898,777		6.0	%		8,978,891		5.6	%		9.99		1,293,314		5.5	%		13,709,896		5.5	%
2015		716,168		4.8	%		7,029,389		4.4	%		9.82		1,341,283		5.7	%		13,024,087		5.2	%
2016		717,819		4.8	%		7,295,479		4.6	%		10.16		1,322,616		5.7	%		13,860,329		5.6	%
2017		831,022		5.6	%		10,170,177		6.4	%		12.24		1,501,153		6.4	%		17,924,667		7.2	%
2018		898,380		6.0	%		10,292,338		6.4	%		11.46		1,333,601		5.7	%		15,197,246		6.1	%
2019		943,694		6.3	%		12,132,749		7.6	%		12.86		1,341,039		5.7	%		16,402,218		6.6	%
2020		1,126,377		7.6	%		13,863,264		8.7	%		12.31		1,915,600		8.2	%		20,675,774		8.3	%

10 Year Total		8,994,519		60.4	%		93,473,138		58.6	%		10.39		14,333,090		61.3	%		146,993,842		58.9	%

Thereafter		5,889,015		39.6	%		66,112,089		41.4	%		11.23		9,050,320		38.7	%		102,470,876		41.1	%

		14,883,535		100.0	%	$	159,585,227		100.0	%	$	10.72		23,383,410		100.0	%	$	249,464,718		100.0	%

Reflects in place leases as of December 31, 2010, but does not account for contractual rent steps and assumes that no tenants exercise renewal options.

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

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

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

Tenant Lease Expirations

December 31, 2010


Inline Tenants			Regency’s Pro-Rata Share										Co-investment Partnerships at 100%
Lease Expiration Year	Pro-Rata Expiring GLA		Percent of Pro-Rata Expiring GLA			Pro-Rata In-Place Minimum Rent Under Expiring Leases		Percent of Expiring Pro-Rata Minimum Rent⁽²⁾			Pro-rata Expiring A.B.R		Expiring GLA at 100%		Percent of Expiring GLA			In-Place Minimum Rent Under Expiring Leases at 100%		Percent of Expiring Minimum Rent⁽²⁾
(1)		314,598		2.6	%	$	5,868,116		2.0	%	$	18.65		466,453		2.7	%	$	8,548,763		2.1	%
2011		1,643,923		13.7	%		37,996,685		13.0	%		23.11		2,381,751		13.8	%		54,316,792		13.1	%
2012		2,298,957		19.1	%		53,413,743		18.3	%		23.23		3,301,758		19.1	%		76,540,111		18.4	%
2013		1,856,070		15.5	%		43,706,869		15.0	%		23.55		2,671,404		15.4	%		61,863,852		14.9	%
2014		1,581,315		13.2	%		38,395,067		13.2	%		24.28		2,360,501		13.6	%		55,744,575		13.4	%
2015		1,462,854		12.2	%		35,745,319		12.3	%		24.44		2,163,041		12.5	%		52,169,887		12.6	%
2016		641,631		5.3	%		15,630,954		5.4	%		24.36		1,025,882		5.9	%		24,103,511		5.8	%
2017		558,502		4.7	%		14,368,085		4.9	%		25.73		709,376		4.1	%		18,429,598		4.4	%
2018		460,965		3.8	%		10,987,649		3.8	%		23.84		606,948		3.5	%		14,708,207		3.5	%
2019		259,046		2.2	%		6,302,388		2.2	%		24.33		388,288		2.2	%		9,521,863		2.3	%
2020		339,091		2.8	%		8,149,061		2.8	%		24.03		468,768		2.7	%		11,042,085		2.7	%

10 Year Total		11,416,953		95.1	%		270,563,936		92.8	%		23.70		16,544,170		95.6	%		386,989,243		93.3	%

Thereafter		590,499		4.9	%		20,893,240		7.2	%		35.38		758,013		4.4	%		27,928,722		6.7	%

		12,007,452		100.0	%	$	291,457,176		100.0	%	$	24.27		17,302,183		100.0	%	$	414,917,966		100.0	%

Reflects in place leases as of December 31, 2010, but does not account for contractual rent steps and assumes that no tenants exercise renewal options.

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

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

Earnings and Valuation Guidance

December 31, 2010


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

FFO / Share (for actuals please see related press release)								$2.28 - $2.48		$.55 - $.60
Recurring FFO / Share								$2.30 - $2.45		$.55 - $.60

Same Property - Wholly owned and Regency’s pro-rata share of co-investment partnerships:
Same property percent leased at period end		93.1	%		92.8	%		92.0% - 93.5%
Same property growth		-6.7	%		1.2	%		(1.0)% - 1.5%

Rental rate growth		-2.7	%		-1.8	%		(6.0)% - (1.0)%
Percentage Rent - Consolidated Only	$	3,584		$	2,540			$2,000 - $2,800
Recovery Rate - Consolidated Only - All Properties		73.7	%		74.2	%		73% - 75%
Operating Portfolio only excluding development		77.3	%		77.0	%		77% - 79%

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

Acquisitions - (REG Pro-Rata)	$	8,942		$	89,722			$100,000 - $200,000
Cap rate (average)		9.3	%		6.7	%		6% - 7%

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

Dispositions - (REG Pro-Rata)	$	189,509		$	62,600			$100,000 - $200,000
Cap rate (average)		8.4	%		8.4	%		8% - 9%

Development starts	$	29,814		$	6,060			$25,000 - $75,000

Development completions - net costs	$	111,257		$	306,188			$210,000 - $260,000
Stabilized yield (net dev costs)		7.9	%		7.9	%		6.6% - 7.2%
Completion yield (net dev costs)		7.7	%		6.0	%		4.6% - 5.3%
Capitalized interest on completions	$	1,585		$	607			$0 - $500

Transaction profits net of deal costs and taxes	$	23,233		$	3,597			-$1,750 to $3,750
Third party fees and commissions	$	30,508		$	26,806			$25,500 - $27,500

Net Asset Valuation Guidance:
Estimated market value of expansion land and outparcels available				$	70,862

NOI from in-process developments (current quarter)				$	4,733

NOI from leases signed but not yet rent-paying in operating properties, including completed developments (current quarter)				$	2,197

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

Reconcilliation of FFO and Recurring FFO Guidance to Net Income

December 31, 2010

All numbers are per share except weighted average shares


Funds From Operations Guidance:	Three Months Ended March 31, 2011			Full Year 2011

Net income attributable to common stockholders	$	0.05	0.10	$	0.35		0.55

Adjustments to reconcile net income to FFO:
Depreciation expense and amortization		0.50	0.50		1.93		1.93
Gain on sale of operating properties		—	—		—		—


Funds From Operations	$	0.55	0.60	$	2.28		2.48


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

Recurring Funds From Operations	$	0.55	0.60	$	2.30		2.45


Weighted average shares (000’s)		86,386			89,843

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

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

Capital Availability

Exhibit 99.3

Capital Availability

Assumes no property sales, no additional cash flow, no additional consolidated refinancings

(as of January 31, 2011)


($ thousands)
	2011			2012			2013
Capital Sources:

Line commitments combined	$	713,833		$	—		$	—
Outstanding line balance - 1/31/11		(170,000	)		—			—
Line maturity - 2/11/11 & 2/11/12 ⁽¹⁾⁽²⁾		(113,833	)					—

Line Availability		430,000			419,297			210,691

Cash balance - 1/31/11 ⁽³⁾		44,700			—			—
Forward equity offering (net of costs)		218,000			—			—


Funding Availability before Capital Requirements		692,700			419,297			210,691


Capital Requirements:
Financing requirements - maturing consolidated debt		(189,322	)		(192,377	)		(16,341	)
Assumed equity requirement to refinance maturing JV mortgage debt		(44,887	)		(5,392	)		—
Costs to complete in-process developments ⁽⁴⁾		(39,194	)		(10,837	)		(2,753	)


Total Capital Requirements		(273,403	)		(208,606	)		(19,094	)


Total Capital Availability	$	419,297		$	210,691		$	191,597

⁽¹⁾	$113.8 million matures on 2/11/11, with no extension option

⁽²⁾	Assumes $600 million refinance of 2/11/12 line maturity

⁽³⁾	Including our pro rata share of co-investment partnerships

⁽⁴⁾	Net of tenant reimbursements, but exclusive of out parcel proceeds