Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Dec. 31, 2010	Feb. 23, 2011	Jun. 30, 2010
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2010
Document Fiscal Year Focus	2010
Document Fiscal Period Focus	FY
Entity Registrant Name	REGENCY CENTERS CORP
Entity Central Index Key	0000910606
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		81,888,361
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 2,752,880,606
Regency Centers, L.P.
Entity Registrant Name	REGENCY CENTERS LP
Entity Central Index Key	0001066247
Entity Filer Category	Accelerated Filer

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009
Regency Centers Corporation
Assets
Land	$ 1,093,700	$ 975,861
Buildings and improvements	2,284,522	2,017,843
Properties in development	610,932	920,427
Gross real estate investments at cost	3,989,154	3,914,131
Less: accumulated depreciation	700,878	622,163
Total	3,288,276	3,291,968
Operating properties held for sale, net		19,647
Investments in real estate partnerships	428,592	326,212
Net real estate investments	3,716,868	3,637,827
Cash and cash equivalents	22,460	99,477
Accounts receivable, net of allowance for doubtful accounts of $4,819 and $6,567 at December 31, 2010 and 2009, respectively	36,600	40,871
Straight-line rent receivable, net of reserve of $1,396 and $1,899 at December 31, 2010 and 2009, respectively	45,241	39,292
Notes receivable (note 5)	35,931	37,753
Deferred costs, less accumulated amortization of $69,158 and $58,861 at December 31, 2010 and 2009, respectively	63,165	58,376
Acquired lease intangible assets, less accumulated amortization of $13,996 and $11,632 at December 31, 2010 and 2009, respectively (note 6)	18,219	10,007
Other assets	35,164	50,203
Total assets	3,973,648	3,973,806
Liabilities and Equity/Capital
Notes payable (note 8)	2,084,469	1,886,380
Unsecured credit facilities (note 8)	10,000
Accounts payable and other liabilities	101,047	99,145
Derivative instruments, at fair value (note 9)		28,363
Acquired lease intangible liabilities, less accumulated accretion of $11,010 and $9,715 at December 31, 2010 and 2009, respectively (note 6)	6,682	5,896
Tenants' security and escrow deposits	10,790	10,628
Total liabilities	2,212,988	2,030,412
Commitments and contingencies (notes 14 and 15)
Equity/Capital:
Preferred stock, $.01 par value per share, 30,000,000 shares authorized; 11,000,000 Series 3-5 shares issued and outstanding at December 31, 2010 and 2009 with liquidation preferences of $25 per share	275,000	275,000
Common stock $.01 par value per share, 150,000,000 shares authorized; 81,886,872 and 81,539,296 shares issued at December 31, 2010 and 2009, respectively	819	815
Additional paid in capital	2,038,006	2,022,670
Accumulated other comprehensive loss	(80,885)	(49,973)
Distributions in excess of net income	(531,505)	(373,345)
Total stockholders' equity	1,701,435	1,875,167
Series D preferred units, aggregate redemption value of $50,000 at December 31, 2010 and 2009	49,158	49,158
Exchangeable operating partnership units, aggregate redemption value of $7,483 and $16,415 at December 31, 2010 and 2009, respectively (note 10)	(762)	7,321
Limited partners' interests in consolidated partnerships	10,829	11,748
Total noncontrolling interests	59,225	68,227
Total equity	1,760,660	1,943,394
Total liabilities and equity	3,973,648	3,973,806
Regency Centers, L.P.
Assets
Land	1,093,700	975,861
Buildings and improvements	2,284,522	2,017,843
Properties in development	610,932	920,427
Gross real estate investments at cost	3,989,154	3,914,131
Less: accumulated depreciation	700,878	622,163
Total	3,288,276	3,291,968
Operating properties held for sale, net		19,647
Investments in real estate partnerships	428,592	326,212
Net real estate investments	3,716,868	3,637,827
Cash and cash equivalents	22,460	99,477
Accounts receivable, net of allowance for doubtful accounts of $4,819 and $6,567 at December 31, 2010 and 2009, respectively	36,600	40,871
Straight-line rent receivable, net of reserve of $1,396 and $1,899 at December 31, 2010 and 2009, respectively	45,241	39,292
Notes receivable (note 5)	35,931	37,753
Deferred costs, less accumulated amortization of $69,158 and $58,861 at December 31, 2010 and 2009, respectively	63,165	58,376
Acquired lease intangible assets, less accumulated amortization of $13,996 and $11,632 at December 31, 2010 and 2009, respectively (note 6)	18,219	10,007
Other assets	35,164	50,203
Total assets	3,973,648	3,973,806
Liabilities and Equity/Capital
Notes payable (note 8)	2,084,469	1,886,380
Unsecured credit facilities (note 8)	10,000
Accounts payable and other liabilities	101,047	99,145
Derivative instruments, at fair value (note 9)		28,363
Acquired lease intangible liabilities, less accumulated accretion of $11,010 and $9,715 at December 31, 2010 and 2009, respectively (note 6)	6,682	5,896
Tenants' security and escrow deposits	10,790	10,628
Total liabilities	2,212,988	2,030,412
Commitments and contingencies (notes 14 and 15)
Equity/Capital:
Series D preferred units, par value $100: 500,000 units issued and outstanding at December 31, 2010 and 2009	49,158	49,158
Preferred units of general partner, $.01 par value per unit, 11,000,000 units issued and outstanding at December 31, 2010 and 2009, liquidation preference of $25 per unit	275,000	275,000
General partner; 81,886,872 and 81,539,296 units outstanding at December 31, 2010 and 2009, respectively	1,507,320	1,650,140
Limited partners; 177,164 and 468,211 units outstanding at December 31, 2010 and 2009, respectively	(762)	7,321
Accumulated other comprehensive loss	(80,885)	(49,973)
Limited partners' interests in consolidated partnerships	10,829	11,748
Total noncontrolling interests	10,829	11,748
Total partners' capital	1,749,831	1,931,646
Total capital	1,760,660	1,943,394
Total equity	1,760,660	1,943,394
Total liabilities and capital	$ 3,973,648	$ 3,973,806

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2010	Dec. 31, 2009
Regency Centers Corporation
Accounts receivable, net of allowance for doubtful accounts	$ 4,819,000	$ 6,567,000
Rent receivable reserve	1,396,000	1,899,000
Deferred costs accumulated amortization	69,158,000	58,861,000
Accumulated amortization of acquired lease intangible assets	13,996,000	11,632,000
Accumulated accretion of acquired lease intangible liabilities	11,010,000	9,715,000
Preferred stock, par value per share	$ 0.01	$ 0.01
Preferred stock, Shares authorized	30,000,000	30,000,000
Preferred stock, Series 3-5 shares issued	11,000,000	11,000,000
Preferred stock, Series 3-5 shares outstanding	11,000,000	11,000,000
Preferred stock, liquidation preferences per share	$ 25	$ 25
Common stock, par value per share	$ 0.01	$ 0.01
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	81,886,872	81,539,296
Preferred units, aggregate redemption value	50,000,000	50,000,000
Exchangeable operating partnership units, aggregate redemption value	7,483,000	16,415,000
Regency Centers, L.P.
Accounts receivable, net of allowance for doubtful accounts	4,819,000	6,567,000
Rent receivable reserve	1,396,000	1,899,000
Deferred costs accumulated amortization	69,158,000	58,861,000
Accumulated amortization of acquired lease intangible assets	13,996,000	11,632,000
Accumulated accretion of acquired lease intangible liabilities	11,010,000	9,715,000
Series D par value	$ 100	$ 100
Series D units issued	500,000	500,000
Series D units outstanding	500,000	500,000
Preferred units of general partner, par value per unit	$ 0.01	$ 0.01
Preferred stock, Series 3-5 shares issued	11,000,000	11,000,000
Preferred stock, Series 3-5 shares outstanding	11,000,000	11,000,000
Preferred stock, liquidation preferences per share	$ 25	$ 25
General Partners in Partnership [Member] \| Regency Centers, L.P.
General Partner units outstanding	81,886,872	81,539,296
Limited Partners in Partnership [Member] \| Regency Centers, L.P.
Limited Partner units outstanding	177,164	468,211

Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Regency Centers Corporation
Revenues:
Minimum rent (note 14)	$ 347,122	$ 344,709	$ 333,659
Percentage rent	2,540	3,585	4,258
Recoveries from tenants and other income	107,744	101,490	100,985
Management, transaction, and other fees	29,400	38,289	56,032
Total revenues	486,806	488,073	494,934
Operating expenses:
Depreciation and amortization	123,731	116,456	104,159
Operating and maintenance	70,375	65,887	58,961
General and administrative	56,324	54,136	49,495
Real estate taxes	54,756	53,698	48,526
Provision for doubtful accounts	3,941	8,677	1,130
Other expenses	2,495	8,284	14,824
Total operating expenses	311,622	307,138	277,095
Other expense (income):
Interest expense, net of interest income of $2,408, $3,767, and $4,696 in 2010, 2009, and 2008, respectively	125,287	109,239	92,784
Gain on sale of operating properties and properties in development	(993)	(19,357)	(20,346)
Provision for impairment	26,615	97,519	31,469
Early extinguishment of debt	4,243	2,784
Loss (gain) on derivative instruments (note 9)	(1,419)	3,294
Total other expense (income)	153,733	193,479	103,907
Income (loss) before equity in income (loss) of investments in real estate partnerships	21,451	(12,544)	113,932
Equity in income (loss) of investments in real estate partnerships (note 4)	(12,884)	(26,373)	5,292
Income (loss) from continuing operations	8,567	(38,917)	119,224
Discontinued operations, net (note 3):
Operating income	55	339	4,916
Gain on sale of operating properties and properties in development	7,577	5,835	17,381
Income from discontinued operations	7,632	6,174	22,297
Net income (loss)	16,199	(32,743)	141,521
Noncontrolling interests:
Distributions to preferred unit holders	(3,725)	(3,725)	(3,725)
Exchangeable operating partnership units	(84)	216	(907)
Limited partners' interests in consolidated partnerships	(376)	(452)	(701)
Net income attributable to noncontrolling interests	(4,185)	(3,961)	(5,333)
Net income (loss) attributable to controlling interests	12,014	(36,704)	136,188
Preferred stock dividends	(19,675)	(19,675)	(19,675)
Preferred unit distributions	(3,725)	(3,725)	(3,725)
Net income (loss) attributable to common stockholders	(7,661)	(56,379)	116,513
Income (loss) per common share/unit-basic (note 13):
Continuing operations	$ (0.19)	$ (0.82)	$ 1.35
Discontinued operations	$ 0.09	$ 0.08	$ 0.31
Net income (loss) attributable to common stockholders	$ (0.10)	$ (0.74)	$ 1.66
Income (loss) per common share/unit-diluted (note 13):
Continuing operations	$ (0.19)	$ (0.82)	$ 1.35
Discontinued operations	$ 0.09	$ 0.08	$ 0.31
Net income (loss) attributable to common stockholders	$ (0.10)	$ (0.74)	$ 1.66
Regency Centers, L.P.
Revenues:
Minimum rent (note 14)	347,122	344,709	333,659
Percentage rent	2,540	3,585	4,258
Recoveries from tenants and other income	107,744	101,490	100,985
Management, transaction, and other fees	29,400	38,289	56,032
Total revenues	486,806	488,073	494,934
Operating expenses:
Depreciation and amortization	123,731	116,456	104,159
Operating and maintenance	70,375	65,887	58,961
General and administrative	56,324	54,136	49,495
Real estate taxes	54,756	53,698	48,526
Provision for doubtful accounts	3,941	8,677	1,130
Other expenses	2,495	8,284	14,824
Total operating expenses	311,622	307,138	277,095
Other expense (income):
Interest expense, net of interest income of $2,408, $3,767, and $4,696 in 2010, 2009, and 2008, respectively	125,287	109,239	92,784
Gain on sale of operating properties and properties in development	(993)	(19,357)	(20,346)
Provision for impairment	26,615	97,519	31,469
Early extinguishment of debt	4,243	2,784
Loss (gain) on derivative instruments (note 9)	(1,419)	3,294
Total other expense (income)	153,733	193,479	103,907
Income (loss) before equity in income (loss) of investments in real estate partnerships	21,451	(12,544)	113,932
Equity in income (loss) of investments in real estate partnerships (note 4)	(12,884)	(26,373)	5,292
Income (loss) from continuing operations	8,567	(38,917)	119,224
Discontinued operations, net (note 3):
Operating income	55	339	4,916
Gain on sale of operating properties and properties in development	7,577	5,835	17,381
Income from discontinued operations	7,632	6,174	22,297
Net income (loss)	16,199	(32,743)	141,521
Noncontrolling interests:
Limited partners' interests in consolidated partnerships	(376)	(452)	(701)
Net income attributable to noncontrolling interests	(376)	(452)	(701)
Net income (loss) attributable to controlling interests	15,823	(33,195)	140,820
Preferred unit distributions	(23,400)	(23,400)	(23,400)
Net income (loss) attributable to common unit holders	$ (7,577)	$ (56,595)	$ 117,420
Income (loss) per common share/unit-basic (note 13):
Continuing operations	$ (0.19)	$ (0.82)	$ 1.35
Discontinued operations	$ 0.09	$ 0.08	$ 0.31
Net income (loss) attributable to common unit holders	$ (0.10)	$ (0.74)	$ 1.66
Income (loss) per common share/unit-diluted (note 13):
Continuing operations	$ (0.19)	$ (0.82)	$ 1.35
Discontinued operations	$ 0.09	$ 0.08	$ 0.31
Net income (loss) attributable to common unit holders	$ (0.10)	$ (0.74)	$ 1.66

Consolidated Statements of Equity and Comprehensive Income (Loss) (USD $) In Thousands, unless otherwise specified	Regency Centers Corporation	Regency Centers, L.P.	Preferred Units [Member] Regency Centers, L.P.	General Partner Preferred and Common Units [Member] Regency Centers, L.P.	Limited Partners [Member] Regency Centers, L.P.	Accumulated Other Comprehensive Income (Loss) [Member] Regency Centers, L.P.	Total Partners Capital [Member] Regency Centers, L.P.	Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [Member] Regency Centers, L.P.	Preferred Stock [Member] Regency Centers Corporation	Common Stock [Member] Regency Centers Corporation	Treasury Stock [Member] Regency Centers Corporation	Additional Paid In Capital [Member] Regency Centers Corporation	Accumulated Other Comprehensive Loss [Member] Regency Centers Corporation	Distributions in Excess of Net Income [Member] Regency Centers Corporation	Total Stockholders' Equity [Member] Regency Centers Corporation	Noncontrolling Interests Preferred Units [Member] Regency Centers Corporation	Noncontrolling Interests Exchangeable Operating Partnership Units [Member] Regency Centers Corporation	Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [Member] Regency Centers Corporation	Total Noncontrolling Interests [Member] Regency Centers Corporation
Balance at Dec. 31, 2007	$ 1,920,529	$ 1,920,529	$ 49,158	$ 1,861,683	$ 9,919	$ (18,622)	$ 1,902,138	$ 18,391	$ 275,000	$ 752	$ (111,414)	$ 1,766,280	$ (18,622)	$ (68,935)	$ 1,843,061	$ 49,158	$ 9,919	$ 18,391	$ 77,468
Comprehensive Income (note 9):
Net income (loss)	141,521	141,521	3,725	136,188	907		140,820	701						136,188	136,188	3,725	907	701	5,333
Amortization of loss on derivative instruments	1,306	1,306			9	1,297	1,306						1,297		1,297		9		9
Change in fair value of derivative instruments	(73,855)	(73,855)			(491)	(73,364)	(73,855)						(73,364)		(73,364)		(491)		(491)
Total comprehensive income	68,972	68,972					68,271								64,121				4,851
Restricted stock issued, net of amortization (note 12)	8,193									3		8,190			8,193
Common stock redeemed for taxes withheld for stock based compensation, net	(3,659)											(3,659)			(3,659)
Common stock issued for dividend reinvestment plan	4,474									1		4,473			4,474
Tax benefit for issuance of stock options	2,285											2,285			2,285
Common stock issued for partnership units exchanged	232	232										232			232		(232)		(232)
Reallocation of limited partners' interest				464	(464)							464			464		(464)		(464)
Contributions from partners	3,157	3,157						3,157										3,157	3,157
Distributions to partners		(218,269)		(202,635)	(1,365)		(204,000)	(14,269)
Preferred unit distributions	(3,725)	(23,400)	(3,725)	(19,675)			(23,400)
Distributions to partners	(14,269)	(199,528)																(14,269)	(14,269)
Restricted stock issued by Parent Company, net of amortization (note 12)		8,193		8,193			8,193
Common units issued as a result of common stock issued by Parent Company, net of repurchases		3,100		3,100			3,100
Common units exchanged for common stock of Parent Company				232	(232)
Cash dividends declared:
Preferred stock/unit	(23,400)													(19,675)	(19,675)	(3,725)			(3,725)
Common stock/unit	(204,000)													(202,635)	(202,635)		(1,365)		(1,365)
Balance at Dec. 31, 2008	1,762,282	1,762,282	49,158	1,787,550	8,283	(90,689)	1,754,302	7,980	275,000	756	(111,414)	1,778,265	(90,689)	(155,057)	1,696,861	49,158	8,283	7,980	65,421
Comprehensive Income (note 9):
Net income (loss)	(32,743)	(32,743)	3,725	(36,704)	(216)		(33,195)	452						(36,704)	(36,704)	3,725	(216)	452	3,961
Amortization of loss on derivative instruments	2,305	2,305			13	2,292	2,305						2,292		2,292		13		13
Change in fair value of derivative instruments	38,645	38,645			221	38,424	38,645						38,424		38,424		221		221
Total comprehensive income	8,207	8,207					7,755								4,012				4,195
Restricted stock issued, net of amortization (note 12)	5,963									2		5,961			5,963
Common stock redeemed for taxes withheld for stock based compensation, net	343											343			343
Common stock issued for dividend reinvestment plan	3,223									1		3,222			3,223
Tax benefit for issuance of stock options	552											552			552
Common stock issued for stock offerings, net of issuance costs	345,797									112		345,685			345,797
Treasury stock cancellation										(56)	111,414	(111,358)
Contributions from partners	4,197	4,197						4,197										4,197	4,197
Distributions to partners		(163,770)		(161,909)	(980)		(162,889)	(881)
Preferred unit distributions	(3,725)	(23,400)	(3,725)	(19,675)			(23,400)
Distributions to partners	(881)	(159,670)																(881)	(881)
Restricted stock issued by Parent Company, net of amortization (note 12)		5,963		5,963			5,963
Common units issued as a result of common stock issued by Parent Company, net of repurchases		349,915		349,915			349,915
Cash dividends declared:
Preferred stock/unit	(23,400)													(19,675)	(19,675)	(3,725)			(3,725)
Common stock/unit	(162,889)													(161,909)	(161,909)		(980)		(980)
Balance at Dec. 31, 2009	1,943,394	1,943,394	49,158	1,925,140	7,321	(49,973)	1,931,646	11,748	275,000	815		2,022,670	(49,973)	(373,345)	1,875,167	49,158	7,321	11,748	68,227
Comprehensive Income (note 9):
Net income (loss)	16,199	16,199	3,725	12,014	84		15,823	376						12,014	12,014	3,725	84	376	4,185
Amortization of loss on derivative instruments	5,575	5,575			12	5,563	5,575						5,563		5,563		12		12
Change in fair value of derivative instruments	(36,556)	(36,556)			(81)	(36,475)	(36,556)						(36,475)		(36,475)		(81)		(81)
Total comprehensive income	(14,782)	(14,782)					(15,158)								(18,898)				4,116
Restricted stock issued, net of amortization (note 12)	7,236											7,236			7,236
Common stock redeemed for taxes withheld for stock based compensation, net	(1,374)											(1,374)			(1,374)
Common stock issued for dividend reinvestment plan	1,848									1		1,847			1,848
Common stock issued for partnership units exchanged	7,630	7,630								3		7,627			7,630		(7,630)		(7,630)
Contributions from partners	161	161						161										161	161
Distributions to partners	(1,456)	(152,423)		(150,499)	(468)		(150,967)	(1,456)										(1,456)	(1,456)
Preferred unit distributions	(3,725)	(23,400)	(3,725)	(19,675)			(23,400)
Distributions to partners		(149,117)
Restricted stock issued by Parent Company, net of amortization (note 12)		7,236		7,236			7,236
Common units issued as a result of common stock issued by Parent Company, net of repurchases		474		474			474
Common units exchanged for common stock of Parent Company				7,630	(7,630)
Cash dividends declared:
Preferred stock/unit	(23,400)													(19,675)	(19,675)	(3,725)			(3,725)
Common stock/unit	(150,967)													(150,499)	(150,499)		(468)		(468)
Balance at Dec. 31, 2010	$ 1,760,660	$ 1,760,660	$ 49,158	$ 1,782,320	$ (762)	$ (80,885)	$ 1,749,831	$ 10,829	$ 275,000	$ 819		$ 2,038,006	$ (80,885)	$ (531,505)	$ 1,701,435	$ 49,158	$ (762)	$ 10,829	$ 59,225

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Regency Centers Corporation
Cash flows from operating activities:
Net income (loss)	$ 16,199	$ (32,743)	$ 141,521
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	123,933	117,979	107,846
Amortization of deferred loan cost and debt premium	8,533	5,822	4,287
Amortization and (accretion) of above and below market lease intangibles, net	(1,161)	(1,867)	(2,376)
Stock-based compensation, net of capitalization	6,615	4,668	5,950
Equity in loss (income) of investments in real estate partnerships	12,884	26,373	(5,292)
Net gain on sale of properties	(8,648)	(25,192)	(37,843)
Provision for doubtful accounts	3,954	9,078	1,197
Provision for impairment	26,615	104,402	34,855
Early extinguishment of debt	4,243	2,784
Distribution of earnings from operations of investments in real estate partnerships	41,054	31,252	30,730
Settlement of derivative instruments	(63,435)	(19,953)
Loss (gain) on derivative instruments	(1,419)	3,294
Changes in assets and liabilities:
Accounts receivable	(1,297)	(2,995)	(6,621)
Straight-line rent receivables, net	(6,202)	(3,959)	(3,709)
Other receivables		19,700	(19,700)
Deferred leasing costs	(15,563)	(9,799)	(6,734)
Other assets	(4,681)	(16,493)	(12,839)
Accounts payable and other liabilities	(449)	(18,035)	(12,423)
Tenants' security and escrow deposits	33	(454)	320
Net cash provided by operating activities	141,208	193,862	219,169
Cash flows from investing activities:
Acquisition of operating real estate	(24,569)
Development of real estate including acquisition of land	(65,889)	(142,989)	(388,783)
Proceeds from sale of real estate investments	47,333	180,307	274,417
Collection of notes receivable	883	13,572	28,287
Investments in real estate partnerships	(231,847)	(28,709)	(48,619)
Distributions received from investments in real estate partnerships	90,092	23,548	28,923
Net cash (used in) provided by investing activities	(183,997)	45,729	(105,775)
Cash flows from financing activities:
Net proceeds from common stock issuance		345,800	1,020
Distributions to limited partners in consolidated partnerships, net	(1,427)	(872)	(14,134)
Distributions to preferred unit holders/partners		(881)	(14,269)
Distributions to exchangeable operating partnership unit holders	(468)	(980)	(1,363)
Preferred unit distributions	(3,725)	(3,725)	(3,725)
Dividends paid to common stockholders	(148,649)	(158,690)	(198,165)
Dividends paid to preferred stockholders	(19,675)	(19,675)	(19,675)
Repayment of fixed rate unsecured notes	(209,879)	(116,053)
Proceeds from issuance of fixed rate unsecured notes, net	398,599
Proceeds from unsecured credit facilities	250,000	135,000	89,667
Repayment of unsecured credit facilities	(240,000)	(432,667)
Proceeds from notes payable	6,068	106,992	62,500
Repayment of notes payable	(51,687)	(8,056)	(19,932)
Scheduled principal payments	(5,024)	(5,214)	(4,806)
Payment of loan costs	(4,361)	(1,195)	(1,916)
Payment of premium on tender offer	(4,000)	(2,312)
Net cash used in financing activities	(34,228)	(161,647)	(110,529)
Net (decrease) increase in cash and cash equivalents	(77,017)	77,944	2,865
Cash and cash equivalents at beginning of the year	99,477	21,533	18,668
Cash and cash equivalents at end of the year	22,460	99,477	21,533
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $5,099, $19,062, and $36,510 in 2010, 2009, and 2008, respectively)	127,591	112,730	94,632
Supplemental disclosure of non-cash transactions:
Common stock issued for partnership units exchanged	7,630		232
Real estate received through distribution in kind		100,717
Mortgage loans assumed through distribution in kind		70,541
Mortgage loans assumed for the acquisition of operating real estate	58,981
Real estate contributed for investments in real estate partnerships		26,410	6,825
Notes receivable taken in connection with sales of properties in development		11,413	16,294
Real estate received through foreclosure on notes receivable	990
Change in fair value of derivative instruments	28,363	55,328	(73,855)
Common stock issued for dividend reinvestment plan	1,847	3,219	4,470
Stock-based compensation capitalized	852	1,574	3,606
Contributions from limited partners in consolidated partnerships, net	132	4,188	3,020
Regency Centers, L.P.
Cash flows from operating activities:
Net income (loss)	16,199	(32,743)	141,521
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	123,933	117,979	107,846
Amortization of deferred loan cost and debt premium	8,533	5,822	4,287
Amortization and (accretion) of above and below market lease intangibles, net	(1,161)	(1,867)	(2,376)
Stock-based compensation, net of capitalization	6,615	4,668	5,950
Equity in loss (income) of investments in real estate partnerships	12,884	26,373	(5,292)
Net gain on sale of properties	(8,648)	(25,192)	(37,843)
Provision for doubtful accounts	3,954	9,078	1,197
Provision for impairment	26,615	104,402	34,855
Early extinguishment of debt	4,243	2,784
Distribution of earnings from operations of investments in real estate partnerships	41,054	31,252	30,730
Settlement of derivative instruments	(63,435)	(19,953)
Loss (gain) on derivative instruments	(1,419)	3,294
Changes in assets and liabilities:
Accounts receivable	(1,297)	(2,995)	(6,621)
Straight-line rent receivables, net	(6,202)	(3,959)	(3,709)
Other receivables		19,700	(19,700)
Deferred leasing costs	(15,563)	(9,799)	(6,734)
Other assets	(4,681)	(16,493)	(12,839)
Accounts payable and other liabilities	(449)	(18,035)	(12,423)
Tenants' security and escrow deposits	33	(454)	320
Net cash provided by operating activities	141,208	193,862	219,169
Cash flows from investing activities:
Acquisition of operating real estate	(24,569)
Development of real estate including acquisition of land	(65,889)	(142,989)	(388,783)
Proceeds from sale of real estate investments	47,333	180,307	274,417
Collection of notes receivable	883	13,572	28,287
Investments in real estate partnerships	(231,847)	(28,709)	(48,619)
Distributions received from investments in real estate partnerships	90,092	23,548	28,923
Net cash (used in) provided by investing activities	(183,997)	45,729	(105,775)
Cash flows from financing activities:
Net proceeds from common stock issuance		345,800	1,020
Distributions to limited partners in consolidated partnerships, net	(1,427)	(872)	(14,134)
Distributions to preferred unit holders/partners	(149,117)	(159,670)	(199,528)
Preferred unit distributions	(23,400)	(23,400)	(23,400)
Repayment of fixed rate unsecured notes	(209,879)	(116,053)
Proceeds from issuance of fixed rate unsecured notes, net	398,599
Proceeds from unsecured credit facilities	250,000	135,000	89,667
Repayment of unsecured credit facilities	(240,000)	(432,667)
Proceeds from notes payable	6,068	106,992	62,500
Repayment of notes payable	(51,687)	(8,056)	(19,932)
Scheduled principal payments	(5,024)	(5,214)	(4,806)
Payment of loan costs	(4,361)	(1,195)	(1,916)
Payment of premium on tender offer	(4,000)	(2,312)
Net cash used in financing activities	(34,228)	(161,647)	(110,529)
Net (decrease) increase in cash and cash equivalents	(77,017)	77,944	2,865
Cash and cash equivalents at beginning of the year	99,477	21,533	18,668
Cash and cash equivalents at end of the year	22,460	99,477	21,533
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $5,099, $19,062, and $36,510 in 2010, 2009, and 2008, respectively)	127,591	112,730	94,632
Supplemental disclosure of non-cash transactions:
Common stock issued for partnership units exchanged	7,630		232
Real estate received through distribution in kind		100,717
Mortgage loans assumed through distribution in kind		70,541
Mortgage loans assumed for the acquisition of operating real estate	58,981
Real estate contributed for investments in real estate partnerships		26,410	6,825
Notes receivable taken in connection with sales of properties in development		11,413	16,294
Real estate received through foreclosure on notes receivable	990
Change in fair value of derivative instruments	28,363	55,328	(73,855)
Common stock issued for dividend reinvestment plan	1,847	3,219	4,470
Stock-based compensation capitalized	852	1,574	3,606
Contributions from limited partners in consolidated partnerships, net	$ 132	$ 4,188	$ 3,020

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2010

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

1.	Summary of Significant Accounting Policies

(a)

Organization and Principles of Consolidation

General

Regency Centers Corporation (the "Parent Company") began its operations as a Real Estate Investment Trust ("REIT") in 1993 and is the managing general partner of Regency Centers, L.P. (the "Operating Partnership"). The Parent Company currently owns approximately 99.8% of the outstanding common Partnership Units of the Operating Partnership. The Parent Company engages in the ownership, management, leasing, acquisition, and development of retail shopping centers through the Operating Partnership, and has no other assets or liabilities other than through its investment in the Operating Partnership. At December 31, 2010, the Parent Company, the Operating Partnership and their controlled subsidiaries on a consolidated basis ("the Company" or "Regency") directly owned 215 retail shopping centers and held partial interests in an additional 181 retail shopping centers through investments in real estate partnerships (also referred to as joint ventures or real estate partnerships).

Estimates, Risks, and Uncertainties

The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles ("GAAP") requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates in the Company's financial statements relate to the carrying values of its investments in real estate including its shopping centers, properties in development and its investments in real estate partnerships, accounts receivable, net, and derivative instruments. Although the U.S. economy is recovering from the recession of 2009, economic conditions remain challenging, and therefore, it is possible that the estimates and assumptions that have been utilized in the preparation of the consolidated financial statements could change significantly, if economic conditions where to weaken.

Consolidation

The accompanying consolidated financial statements include the accounts of the Parent Company, the Operating Partnership, its wholly-owned subsidiaries, and consolidated partnerships in which the Company has a controlling ownership interest. All significant inter-company balances and transactions are eliminated in the consolidated financial statements.

Ownership of the Parent Company

The Parent Company has a single class of common stock outstanding and three series of preferred stock outstanding ("Series 3, 4, and 5 Preferred Stock"). The dividends on the Series 3, 4, and 5 Preferred Stock are cumulative and payable in arrears on the last day of each calendar quarter. The Parent Company owns corresponding Series 3, 4, and 5 preferred unit interests ("Series 3, 4, and 5 Preferred Units") in the Operating Partnership that entitle the Parent Company to income and distributions from the Operating Partnership in amounts equal to the dividends paid on the Parent Company's Series 3, 4, and 5 Preferred Stock.

Ownership of the Operating Partnership

The Operating Partnership's capital includes general and limited common Partnership Units, Series 3, 4, and 5 Preferred Units owned by the Parent Company, and Series D Preferred Units owned by institutional investors. At December 31, 2010, the Parent Company owned approximately 99.8% or 81,886,872 of the total 82,064,036 Partnership Units outstanding.

Net income and distributions of the Operating Partnership are allocable first to the Preferred Units and the remaining amounts to the general and limited common Partnership Units in accordance with their ownership percentages. The Series 3, 4, and 5 Preferred Units owned by the Parent Company are eliminated in consolidation in the accompanying consolidated financial statements of the Parent Company and are classified as preferred units of general partner in the accompanying consolidated financial statements of the Operating Partnership.

Investments in Real Estate Partnerships

Investments in real estate partnerships not controlled by the Company are accounted for under the equity method. Income or loss from these real estate partnerships, which includes all operating results (including impairments) and gains on sales of properties within the joint ventures, is allocated to the Company in accordance with the respective partnership agreements. Such allocations of net income or loss are recorded in equity in income (loss) of investments in real estate partnerships in the accompanying Consolidated Statements of Operations. The net difference in the carrying amount of investments in real estate partnerships and the underlying equity in net assets is either accreted to income and recorded in equity in income (loss) of investments in real estate partnerships in the accompanying Consolidated Statements of Operations over the expected useful lives of the properties and other intangible assets, which range in lives from 10 to 40 years, or recognized at liquidation if the joint venture agreement includes a unilateral right to elect to dissolve the real estate partnership and, upon such an election, receive a distribution in-kind, as discussed further below.

Cash distributions of earnings from operations from investments in real estate partnerships are presented in cash flows provided by operating activities in the accompanying Consolidated Statements of Cash Flows. Cash distributions from the sale of a property or loan proceeds received from the placement of debt on a property included in investments in real estate partnerships are presented in cash flows provided by investing activities in the accompanying Consolidated Statements of Cash Flows.

The Company evaluates the structure and the substance of its investments in the real estate partnerships to determine if they are variable interest entities. The Company has concluded that these partnership investments are not variable interest entities. Further, the joint venture partners in the real estate partnerships have significant ownership rights, including approval over operating budgets and strategic plans, capital spending, sale or financing, and admission of new partners. Upon formation of the joint ventures, the Company, through the Operating Partnership, also became the managing member, responsible for the day-to-day operations of the real estate partnerships. In accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 810, the Company evaluated its investment in each real estate partnership and concluded that the other partners have kick-out rights and/or substantive participating rights and, therefore, the Company has concluded that the equity method of accounting is appropriate for these investments and they do not require consolidation. Under the equity method of accounting, investments in real estate partnerships are initially recorded at cost, subsequently increased for additional contributions and allocations of income, and reduced for distributions received and allocations of loss. These investments are included in the consolidated financial statements as investments in real estate partnerships.

Noncontrolling Interests

The Company consolidates all entities in which it has a controlling ownership interest. A controlling ownership interest is typically attributable to the entity with a majority voting interest. Noncontrolling interest is the portion of equity, in a subsidiary or consolidated entity, not attributable, directly or indirectly to the Company. Such noncontrolling interests are reported on the Consolidated Balance Sheets within equity or capital, but separately from stockholders' equity or partners' capital. On the Consolidated Statements of Operations, all of the revenues and expenses from less-than-wholly-owned consolidated subsidiaries are reported in net income (loss), including both the amounts attributable to the Company and noncontrolling interests. The amounts of consolidated net income (loss) attributable to the Company and to the noncontrolling interests are clearly identified on the accompanying Consolidated Statements of Operations.

Noncontrolling Interests of the Parent Company

The consolidated financial statements of the Parent Company include the following ownership interests held by owners other than the preferred and common stockholders of the Parent Company: the preferred units in the Operating Partnership held by third parties ("Series D preferred units"), the limited Partnership Units in the Operating Partnership held by third parties ("Exchangeable operating partnership units"), and the minority-owned interest held by third parties in consolidated partnerships ("Limited partners' interests in consolidated partnerships"). The Parent Company has included all of these noncontrolling interests in permanent equity, separate from the Parent Company's stockholders' equity, in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity and Comprehensive Income (Loss). The portion of net income (loss) or comprehensive income (loss) attributable to these noncontrolling interests is included in net income (loss) and comprehensive income (loss) in the accompanying Consolidated Statements of Operations and Consolidated Statements of Equity and Comprehensive Income (Loss) of the Parent Company.

In accordance with the FASB ASC Topic 480, securities that are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, are classified as redeemable noncontrolling interests outside of permanent equity in the Consolidated Balance Sheets. The Parent Company has evaluated the conditions as specified under the FASB ASC Topic 480 as it relates to Preferred Units and exchangeable operating partnership units outstanding and concluded that it has the right to satisfy the redemption requirements of the units by delivering unregistered preferred or common stock. Each outstanding Preferred Unit and exchangeable operating partnership unit is exchangeable for one share of preferred stock or common stock of the Parent Company, respectively, and the unit holder cannot require redemption in cash or other assets. Limited partners' interests in consolidated partnerships are not redeemable by the holders. The Parent Company's only asset is its investment in the Operating Partnership, and therefore settlement in shares would not be a surrender of assets, but a contra-equity. The Parent Company also evaluated its fiduciary duties to itself, its shareholders, and, as the managing general partner of the Operating Partnership, to the Operating Partnership, and concluded its fiduciary duties are not in conflict with each other or the underlying agreements. Therefore, the Parent Company classifies such units and interests as permanent equity in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity and Comprehensive Income (Loss).

Noncontrolling Interests of the Operating Partnership

The Operating Partnership has determined that Limited partners' interests in consolidated partnerships are noncontrolling interests. The Operating Partnership has included these noncontrolling interests in permanent capital, separate from partners' capital, in the accompanying Consolidated Balance Sheets and Consolidated Statements of Capital and Comprehensive Income (Loss). The portion of net income (loss) or comprehensive income (loss) attributable to these noncontrolling interests is included in net income (loss) and comprehensive income (loss) in the accompanying Consolidated Statements of Operations and Consolidated Statements of Capital and Comprehensive Income (Loss) of the Operating Partnership.

(b)

Revenues

The Company leases space to tenants under agreements with varying terms. Leases are accounted for as operating leases with minimum rent recognized on a straight-line basis over the term of the lease regardless of when payments are due. The Company estimates the collectibility of the accounts receivable related to base rents, straight-line rents, expense reimbursements, and other revenue taking into consideration the Company's experience in the retail sector, available internal and external tenant credit information, payment history, industry trends, tenant credit-worthiness, and remaining lease terms. In some cases, primarily related to straight-line rents, the ultimate collection of these amounts are associated with increased rents to be collected in future years which extend beyond one year. During the years ended December 31, 2010, 2009, and 2008, the Company recorded provisions for doubtful accounts of $4.0 million, $9.1 million, and $1.2 million respectively, of which approximately $13,000, $401,000, and $66,000 respectively, is included in discontinued operations.

The following table represents the components of accounts receivable, net of allowance for doubtful accounts, as of December 31, 2010 and 2009 in the accompanying Consolidated Balance Sheets (in thousands):


	2010			2009
Tenant receivables	$	19,314		$	22,395
CAM and tax reimbursements		13,629			15,099
Other receivables		8,476			9,944
Less: allowance for doubtful accounts		(4,819	)		(6,567	)

Total	$	36,600		$	40,871

Substantially all of the lease agreements with anchor tenants contain provisions that provide for additional rents based on tenants' sales volume (percentage rent). Percentage rents are recognized when the tenants achieve the specified targets as defined in their lease agreements. Substantially all lease agreements contain provisions for reimbursement of the tenants' share of real estate taxes, insurance and common area maintenance ("CAM") costs. Recovery of real estate taxes, insurance, and CAM costs are recognized as the respective costs are incurred in accordance with the lease agreements.

As part of the leasing process, the Company may provide the lessee with an allowance for the construction of leasehold improvements. These leasehold improvements are capitalized and recorded as tenant improvements, and depreciated over the shorter of the useful life of the improvements or the remaining lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of minimum rent. Factors considered during this evaluation include, among other things, who holds legal title to the improvements as well as other controlling rights provided by the lease agreement and provisions for substantiation of such costs (e.g. unilateral control of the tenant space during the build-out process). Determination of the appropriate accounting for the payment of a tenant allowance is made on a lease-by-lease basis, considering the facts and circumstances of the individual tenant lease. When the Company is the owner of the leasehold improvements, recognition of lease revenue commences when the lessee is given possession of the leased space upon completion of tenant improvements. However, when the leasehold improvements are owned by the tenant, the lease inception date is the date the tenant obtains possession of the leased space for purposes of constructing their leasehold improvements.

Profits from sales of real estate are recognized under the full accrual method by the Company when a sale is consummated; the buyer's initial and continuing investment is adequate to demonstrate a commitment to pay for the property; the Company's receivable, if applicable, is not subject to future subordination; the Company has transferred to the buyer the usual risks and rewards of ownership; and the Company does not have substantial continuing involvement with the property.

The Company sells shopping centers to joint ventures in exchange for cash equal to the fair value of the ownership interest of its partners. The Company accounts for those sales as "partial sales" and recognizes gains on those partial sales in the period the properties were sold to the extent of the percentage interest sold, and in the case of certain real estate partnerships, applies a more restrictive method of recognizing gains, as discussed further below. The gains and operations associated with properties sold to these real estate partnerships are not classified as discontinued operations because the Company continues to partially own and manage these shopping centers.

As of December 31, 2010, six of the Company's joint ventures ("DIK-JV") give each partner the unilateral right to elect to dissolve the real estate partnership and, upon such an election, receive a distribution in-kind ("DIK") of the assets of the real estate partnership equal to their respective capital account, which could include properties the Company previously sold to the real estate partnership. The liquidation provisions require that all of the properties owned by the real estate partnership be appraised to determine their respective fair values. As a general rule, if the Company initiates the liquidation process, its partner has the right to choose the first property that it will receive with the Company choosing the next property that it will receive in liquidation. If the Company's partner initiates the liquidation process, the order of the selection process is reversed. The process then continues with an alternating selection of properties by each partner until the balance of each partner's capital account, on a fair value basis, has been distributed. After the final selection, to the extent that the fair value of properties in the DIK-JV are not distributable in a manner that equals the balance of each partner's capital account, a cash payment would be made to the other partner by the partner receiving a property distribution in excess of its capital account. The partners may also elect to liquidate some or all of the properties through sales rather than through the DIK process.

The Company has concluded that these DIK dissolution provisions constitute in-substance call/put options and represent a form of continuing involvement with respect to property that the Company has sold to these real estate partnerships, limiting the Company's recognition of gain related to the partial sale. This more restrictive method of gain recognition ("Restricted Gain Method") considers the Company's potential ability to receive property through a DIK on which partial gain has been recognized, and ensures, as discussed below, maximum gain deferral upon sale to a DIK-JV. The Company has applied the Restricted Gain Method to partial sales of property to real estate partnerships that contain unilateral DIK provisions.

Profit shall be recognized under a method determined by the nature and extent of the seller's continuing involvement and the profit recognized shall be reduced by the maximum exposure to loss. The Company has concluded that the Restricted Gain Method accomplishes this objective.

Under the Restricted Gain Method, for purposes of gain deferral, the Company considers the aggregate pool of properties sold into the DIK-JV as well as the aggregate pool of properties which will be distributed in the DIK process. As a result, upon the sale of properties to a DIK-JV, the Company performs a hypothetical DIK liquidation assuming that it would choose only those properties that it has sold to the DIK-JV in an amount equal to its capital account. For purposes of calculating the gain to be deferred, the Company assumes that it will select properties in a DIK liquidation that would otherwise have generated the highest gain to the Company when originally sold to the DIK-JV. The deferred gain, recorded by the Company upon the sale of a property to a DIK-JV, is calculated whenever a property is sold to a DIK-JV. During the periods when there are no property sales to a DIK-JV, the deferred gain is not recalculated.

Because the contingency associated with the possibility of receiving a particular property back upon liquidation, which forms the basis of the Restricted Gain Method, is not satisfied at the property level, but at the aggregate level, no deferred gain is recognized on property sold by the DIK-JV to a third party or received by the Company upon actual dissolution. Instead, the property received upon dissolution is recorded at the carrying value of the Company's investment in the DIK-JV on the date of dissolution.

The Company is engaged under agreements with its joint venture partners to provide asset management, property management, leasing, investing, and financing services for such joint ventures' shopping centers. The fees are market-based, generally calculated as a percentage of either revenues earned or the estimated values of the properties managed or the proceeds received, and are recognized as services are rendered, when fees due are determinable, and collectibility is reasonably assured. The Company also receives transaction fees, as contractually agreed upon with a joint venture, which include fees such as acquisition fees, disposition fees, "promotes", or "earnouts".

(c)

Real Estate Investments

Land, buildings, and improvements are recorded at cost. All specifically identifiable costs related to development activities are capitalized into properties in development on the accompanying Consolidated Balance Sheets. Properties in development are defined as properties that are in the construction or initial lease-up phase and have not reached their initial full occupancy. In summary, a project changes from non-operating to operating when it is substantially completed and available for occupancy. At that time, costs are no longer capitalized. The capitalized costs include pre-development costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, and allocated direct employee costs incurred during the period of development. Interest costs are capitalized into each development project based upon applying the Company's weighted average borrowing rate to that portion of the actual development costs expended. The Company discontinues interest cost capitalization when the property is no longer being developed or is available for occupancy upon substantial completion of tenant improvements, but in no event would the Company capitalize interest on the project beyond 12 months after substantial completion of the building shell.

The following table represents the components of properties in development as of December 31, 2010 and 2009 in the accompanying Consolidated Balance Sheets (in thousands):


	2010		2009
Construction in process	$	41,611	$	127,376
Construction complete and in lease-up		459,231		673,052
Land held for future development		110,090		119,999

Total	$	610,932	$	920,427

Construction in process represents developments where the Company has not yet incurred at least 90% of the expected costs to complete. Construction complete and in lease-up represents developments where the Company has incurred at least 90% of the estimated costs to complete, but is still completing lease-up and final tenant build out. Land held for future development represents projects not in construction, but identified and available for future development if and when the market demand for a new shopping center exists.

The Company incurs costs prior to land acquisition including contract deposits, as well as legal, engineering, and other external professional fees related to evaluating the feasibility of developing a shopping center. These pre-development costs are included in properties in development in the accompanying Consolidated Balance Sheets. At December 31, 2010 and 2009, the Company had capitalized pre-development costs of approximately $899,000 and $816,000, respectively, of which approximately $840,000 and $325,000, respectively, were refundable deposits. If the Company determines that the development of a particular shopping center is no longer probable, any related pre-development costs previously capitalized are immediately expensed in other expenses in the accompanying Consolidated Statements of Operations. During the years ended December 31, 2010, 2009, and 2008, the Company expensed pre-development costs of approximately $520,000, $3.8 million, and $15.5 million, respectively, in other expenses in the accompanying Consolidated Statements of Operations.

Maintenance and repairs that do not improve or extend the useful lives of the respective assets are recorded in operating and maintenance expense.

Depreciation is computed using the straight-line method over estimated useful lives of approximately 40 years for buildings and improvements, the shorter of the useful life or the remaining lease term subject to a maximum of 10 years for tenant improvements, and three to seven years for furniture and equipment.

The Company and the real estate partnerships account for business combinations using the acquisition method by recognizing and measuring the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree at their acquisition date fair values. The Company expenses transaction costs associated with business combinations in the period incurred.

The Company's methodology includes estimating an "as-if vacant" fair value of the physical property, which includes land, building, and improvements. In addition, the Company determines the estimated fair value of identifiable intangible assets, considering the following three categories: (i) value of in-place leases, (ii) above and below-market value of in-place leases, and (iii) customer relationship value.

The value of in-place leases is estimated based on the value associated with the costs avoided in originating leases compared to the acquired in-place leases as well as the value associated with lost rental and recovery revenue during the assumed lease-up period. The value of in-place leases is recorded to amortization expense over the remaining initial term of the respective leases.

Above-market and below-market in-place lease values for acquired properties are recorded based on the present value of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for comparable in- place leases, measured over a period equal to the remaining non-cancelable term of the lease. The value of above-market leases is amortized as a reduction of minimum rent over the remaining terms of the respective leases and the value of below-market leases is accreted to minimum rent over the remaining terms of the respective leases, including below-market renewal options, if applicable. The Company does not assign value to customer relationship intangibles if it has pre-existing business relationships with the major retailers at the acquired property since they do not provide incremental value over the Company's existing relationships.

The Company classifies an operating property or a property in development as held-for-sale when it determines that the property is available for immediate sale in its present condition, the property is being actively marketed for sale, and management believes it is probable that a sale will be consummated within one year. Given the nature of all real estate sales contracts, it is not unusual for such contracts to allow prospective buyers a period of time to evaluate the property prior to formal acceptance of the contract. In addition, certain other matters critical to the final sale, such as financing arrangements, often remain pending even upon contract acceptance. As a result, properties under contract may not close within the expected time period, or may not close at all. Therefore, any properties categorized as held-for-sale represent only those properties that management has determined are probable to close within the requirements set forth above. Operating properties held-for-sale are carried at the lower of cost or fair value less costs to sell. The recording of depreciation and amortization expense is suspended during the held-for-sale period. If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a property previously classified as held-for-sale, the property is reclassified as held and used and is measured individually at the lower of its (i) carrying amount before the property was classified as held-for-sale, adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used or (ii) the fair value at the date of the subsequent decision not to sell. Any required adjustment to the carrying amount of the property reclassified as held and used is included in income from continuing operations in the period of the subsequent decision not to sell and the results of operations previously reported in discontinued operations are reclassified and included in income from continuing operations for all periods presented.

When the Company sells a property or classifies a property as held-for-sale and will not have significant continuing involvement in the operation of the property, the operations of the property are eliminated from ongoing operations and classified in discontinued operations. Its operations, including any mortgage interest and gain on sale, are reported in discontinued operations so that the operations are clearly distinguished. Prior periods are also reclassified to reflect the operations of the property as discontinued operations. When the Company sells an operating property to a joint venture or to a third party, and will continue to manage the property, the operations and gain on sale are included in income from continuing operations.

The Company reviews its real estate portfolio, including the properties owned through real estate partnerships, for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. In addition, the Company performs an annual review to re-evaluate market-based capitalization rates, estimated holding periods, expected future operating income, trends and prospects, the effects of demand, competition and other factors. For properties to be "held and used" for long term investment, to determine recoverability, the Company estimates undiscounted future cash flows over the expected investment term including the estimated future value of the asset upon sale at the end of the investment period. Future value is generally determined by applying a market-based capitalization rate to the estimated future net operating income in the final year of the expected investment term. If the estimated undiscounted cash flows used in the recoverability test are less than the long-lived asset's carrying amount, management then determines the fair value of the long-lived asset and if the carrying amount of the long-lived asset exceeds its fair value, an impairment loss is recognized equal to the excess of carrying value over fair value. Fair value is determined through comparable sales information and other market data if available, or through use of an income approach such as the direct capitalization method or the traditional discounted cash flow approach. For properties "held-for-sale", the Company estimates current resale values through appraisal information and other market data, less expected costs to sell. These methods of determining fair value can fluctuate significantly as a result of a number of factors, including changes in the general economy for those markets in which the Company operates, the Company's estimated holding period of the property, tenant credit quality, ongoing leasing activity, and demand for new retail stores. If as a result of a change in the Company's strategy for a specific property which the Company owns directly or through real estate partnerships, a property previously classified as held and used is changed to held-for-sale, or if its estimated holding period changes, such change could cause the Company to determine that the property is impaired and a provision for impairment would be recorded either directly or through the Company's equity in income (loss) of investments in real estate partnerships. During the years ended December 31, 2010, 2009, and 2008, the Company established a provision for impairment on consolidated properties of $23.9 million, $103.9 million, and $27.8 million, respectively, of which there was no impact to discontinued operations in 2010, and $6.9 million and $3.4 million were included in discontinued operations for 2009 and 2008, respectively. See Note 10 for further discussion.

A loss in value of investments in real estate partnerships under the equity method of accounting, other than a temporary decline, must be recognized in the period in which the loss occurs. To evaluate the Company's investment in real estate partnerships, the Company calculates the fair value of the investment by discounting estimated future cash flows over the expected term of the investment. As a result of this evaluation, the Company established a provision for impairment of $2.7 million on one investment in real estate partnership and $6.0 million on two investments in real estate partnerships for the years ended December 31, 2010 and 2008, respectively. No provision for impairment for investments in real estate partnerships was recorded during the year ended December 31, 2009.

(d)

Cash and Cash Equivalents

Any instruments which have an original maturity of 90 days or less when purchased are considered cash equivalents. At December 31, 2010 and 2009, $5.4 million and $3.6 million, respectively, of cash was restricted through escrow agreements and certain mortgage loans.

(e)

Notes Receivable

The Company records notes receivable at cost on the accompanying Consolidated Balance Sheets and interest income is accrued as earned and netted against interest expense in the accompanying Consolidated Statements of Operations. If a note receivable is past due, meaning the debtor is past due per contractual obligations, the Company ceases to accrue interest. However, in the event the debtor subsequently becomes current, the Company will resume accruing interest and record the interest income accordingly. The Company evaluates the collectibility of both interest and principal for all notes receivable to determine whether impairment exists using the present value of expected cash flows discounted at the note receivable's effective interest rate or, alternatively, at the observable market price of the loan or the fair value of the collateral if the loan is collateral dependent. In the event the Company determines a note receivable or a portion thereof is considered uncollectible, the Company records a provision for impairment. No impairment was recorded during the year ended December 31, 2010, and approximately $465,000 and $1.1 million was recorded during the years ended December 31, 2009 and 2008, respectively. The Company estimates the collectibility of notes receivable taking into consideration the Company's experience in the retail sector, available internal and external credit information, payment history, market and industry trends, and debtor credit-worthiness. See Note 5 for further discussion.

(f)

Deferred Costs

Deferred costs include leasing costs and loan costs, net of accumulated amortization. Such costs are amortized over the periods through lease expiration or loan maturity, respectively. If the lease is terminated early, or if the loan is repaid prior to maturity, the remaining leasing costs or loan costs are written off. Deferred leasing costs consist of internal and external commissions associated with leasing the Company's shopping centers. Net deferred leasing costs were $52.9 million and $49.9 million at December 31, 2010 and 2009, respectively. Deferred loan costs consist of initial direct and incremental costs associated with financing activities. Net deferred loan costs were $10.2 million and $8.5 million at December 31, 2010 and 2009, respectively.

(g)

Derivative Financial Instruments

All derivative instruments, whether designated in hedging relationships or not, are recorded on the accompanying Consolidated Balance Sheets at their fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.

The Company's use of derivative financial instruments is intended to mitigate its interest rate risk on a related financial instrument or forecasted transaction through the use of interest rate swaps (the "Swaps") and the Company designates these interest rate swaps as cash flow hedges. The gains or losses resulting from changes in fair value of derivatives that qualify as cash flow hedges are recognized in other comprehensive income ("OCI") while the ineffective portion of the derivative's change in fair value is recognized in the Statements of Operations as a gain or loss on derivative instruments. Upon the settlement of a hedge, gains and losses remaining in OCI are amortized over the underlying term of the hedged transaction. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company assesses, both at inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows and/or forecasted cash flows of the hedged items.

In assessing the valuation of the hedges, the Company uses standard market conventions and techniques such as discounted cash flow analysis, option pricing models, and termination costs at each balance sheet date. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized. See Notes 9 and 10 for further discussion.

The settlement of swap terminations is presented in cash flows provided by operating activities in the accompanying Consolidated Statements of Cash Flows.

(h)

Income Taxes

The Parent Company believes it qualifies, and intends to continue to qualify, as a REIT under the Internal Revenue Code (the "Code"). As a REIT, the Parent Company will generally not be subject to federal income tax, provided that distributions to its stockholders are at least equal to REIT taxable income. Regency Realty Group, Inc. ("RRG"), a wholly-owned subsidiary of the Operating Partnership, is a Taxable REIT Subsidiary ("TRS") as defined in Section 856(l) of the Code. RRG is subject to federal and state income taxes and files separate tax returns. As a pass through entity, the Operating Partnership's taxable income or loss is reported by its partners, of which the Parent Company as general partner and approximately 99.8% owner, is allocated its pro-rata share of tax attributes.

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates in effect for the year in which these temporary differences are expected to be recovered or settled.

Earnings and profits, which determine the taxability of dividends to stockholders, differs from net income reported for financial reporting purposes primarily because of differences in depreciable lives and cost bases of the shopping centers, as well as other timing differences. See Note 7 for further discussion.

Tax positions are initially recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions shall initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open tax years (after 2008 for federal and state) based on an assessment of many factors including past experience and interpretations of tax laws applied to the facts of each matter.

(i)

Earnings per Share and Unit

Basic earnings per share of common stock and unit are computed based upon the weighted average number of common shares and units, respectively, outstanding during the period. Diluted earnings per share and unit reflect the conversion of obligations and the assumed exercises of securities including the effects of shares issuable under the Company's share-based payment arrangements, if dilutive. Dividends paid on the Company's share-based payment transactions are not participating securities as they are forfeitable. See Note 13 for the calculation of earnings per share ("EPS") and earnings per unit ("EPU").

(j)

Stock-Based Compensation

The Company grants stock-based compensation to its employees and directors. The Company recognizes stock-based compensation based on the grant-date fair value of the award and the cost of the stock-based compensation is expensed over the vesting period. See Note 12 for further discussion.

When the Parent Company issues common shares as compensation, it receives a like number of common units from the Operating Partnership. The Company is committed to contribute to the Operating Partnership all proceeds from the exercise of stock options or other share-based awards granted under the Parent Company's Long-Term Omnibus Plan (the "Plan"). Accordingly, the Parent Company's ownership in the Operating Partnership will increase based on the amount of proceeds contributed to the Operating Partnership for the common units it receives. As a result of the issuance of common units to the Parent Company for stock-based compensation, the Operating Partnership accounts for stock-based compensation in the same manner as the Parent Company.

(k)

Segment Reporting

The Company's business is investing in retail shopping centers through direct ownership or through joint ventures. The Company actively manages its portfolio of retail shopping centers and may from time to time make decisions to sell lower performing properties or developments not meeting its long-term investment objectives. The proceeds from sales are reinvested into higher quality retail shopping centers, through acquisitions or new developments, which management believes will generate sustainable revenue growth and attractive returns. It is management's intent that all retail shopping centers will be owned or developed for investment purposes; however, the Company may decide to sell all or a portion of a development upon completion. The Company's revenues and net income are generated from the operation of its investment portfolio. The Company also earns fees for services provided to manage and lease retail shopping centers owned through joint ventures.

The Company's portfolio is located throughout the United States; however, management does not distinguish or group its operations on a geographical basis for purposes of allocating resources or capital. The Company reviews operating and financial data for each property on an individual basis; therefore, the Company defines an operating segment as its individual properties. The individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the centers, tenants and operational processes, as well as long-term average financial performance. In addition, no single tenant accounts for 5% or more of revenue and none of the shopping centers are located outside the United States.

(l)

Financial Instruments with Characteristics of Both Liabilities and Equity

The Company accounts for the fair value of noncontrolling interests in consolidated entities with specified termination dates in accordance with FASB ASC Topic 480. See Note 10 for further discussion.

(m)

Assets and Liabilities Measured at Fair Value

Fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement is determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the Company uses a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from independent sources (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the Company's own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). The three levels of inputs used to measure fair value are as follows:

•

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access.

•

Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.

•

Level 3 - Unobservable inputs for the asset or liability, which are typically based on the Company's own assumptions, as there is little, if any, related market activity.

The Company also remeasures nonfinancial assets and nonfinancial liabilities, initially measured at fair value in a business combination or other new basis event, at fair value in subsequent periods. See Note 10 for all fair value measurements of assets and liabilities made on a recurring and nonrecurring basis.

(n)

Recent Accounting Pronouncements

In January 2010, the FASB issued Accounting Standards Update ("ASU") No. 2010-06, "Fair Value Measurements and Disclosures (820) - Improving Disclosures about Fair Value Measurements" ("ASU 2010-06"). ASU 2010-06 provides amendments to Subtopic 820-10 and requires new disclosures for transfers in and out of Levels 1 and 2 and activity in Level 3 fair value measurements. ASU 2010-06 also clarifies existing disclosure requirements for the level of disaggregation for each class of assets and liabilities and for the inputs and valuation techniques used to measure fair value. ASU 2010-06 is effective for financial statements issued for interim and annual periods ending after December 15, 2009, except for the disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measurements which is effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. The Company adopted this ASU on December 31, 2009.

In December 2009, the FASB issued ASU No. 2009-17 "Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities" ("ASU 2009-17"). ASU 2009-17 was issued to reflect the amendments from Statement 167 "Amendments to FASB Interpretation No. 46(R)" as a revision to FASB Interpretation No. 46 (Revised December 2003), "Consolidation of Variable Interest Entities". ASU 2009-17 changes how a reporting entity determines when an entity that is insufficiently capitalized or is not controlled through voting (or similar rights) should be consolidated. The determination of whether a reporting entity is required to consolidate another entity is based on, among other things, the other entity's purpose and design and the reporting entity's ability to direct the activities of the other entity that most significantly impact the other entity's economic performance. ASU 2009-17 was effective January 1, 2010 and early application is not permitted. The Company has evaluated the adoption of this ASU and it has no effect on its results of operations or financial position, as it does not currently have any variable interests that it believes would require consolidation.

(o)

Reclassifications

Certain reclassifications have been made to the 2009 and 2008 amounts to conform to classifications adopted in 2010.

Real Estate Investments

12 Months Ended

Dec. 31, 2010

Real Estate Investment

Real Estate Investments

2.	Real Estate Investments

On December 15, 2010, the Company acquired a shopping center for a purchase price of $64.0 million which included the assumption of $51.1 million in debt, recorded net of a $1.6 million debt premium. Acquired lease intangible assets and acquired lease intangible liabilities of $9.2 million and $1.5 million, respectively, were recorded for this acquisition. On September 1, 2010, the Company acquired a shopping center for a purchase price of $18.0 million which included the assumption of $7.9 million in debt. Acquired lease intangible assets and acquired lease intangible liabilities of $1.5 million and approximately $562,000, respectively, were recorded for this acquisition. The acquisitions were accounted for as purchase business combinations and the results are included in the consolidated financial statements from the date of acquisition. The Company did not have any acquisition activity, other than through its investments in real estate partnerships during 2009.

- Definition

This element represents certain disclosures of real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. This element may be used as a single block of text to encapsulate the entire real estate disclosure including data and tables.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 66

-Paragraph 4, 5, 37, 50, 59, 65, 95, 97

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher OTS

-Name Federal Regulation (FR)

-Number Title 12

-Chapter V

-Section 563c.102

-Paragraph 10

-Subparagraph a, b

-Subsection I

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 75-2

-Paragraph 47, 51, 52

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 11

-Article 9

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Audit and Accounting Guide (AAG)

-Number AAG-DEP

-Chapter 11

-Paragraph 2, 6, 9-11, 18, 20

-IssueDate 2006-05-01

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 10

-Subparagraph 4

-Article 9

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 144

-Paragraph 7, 34

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 34

-Paragraph 9, 11, 12, 13, 14, 15, 21

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph c

-Subparagraph Schedule III

-Article 5

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 04-2

-Paragraph 41, 63, 64

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 28

-Article 12

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 57

-Paragraph 2

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 6

-Subparagraph a

-Article 5

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher OTS

-Name Federal Regulation (FR)

-Number Title 12

-Chapter V

-Section 563c.102

-Paragraph 11

-Subsection I

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 154

-Paragraph 22

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 43

-Chapter 3

-Section A

-Paragraph 9

Reference 17: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 01-6

-Paragraph 13

-Subparagraph f

Reference 18: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 67

-Paragraph 4, 5, 6, 7

Reference 19: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 46R

-Paragraph 23, 24

Reference 20: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 15

-Paragraph 28

+ Details

Discontinued Operations

12 Months Ended

Dec. 31, 2010

Discontinued Operations

Discontinued Operations

3.	Discontinued Operations

During the year ended December 31, 2010, the Company sold 100% of its ownership interest in two operating properties and one property in development for net proceeds of $34.9 million. During the year ended December 31, 2009, the Company sold 100% of its ownership interest in one operating property and four properties in development for proceeds of $73.0 million, net of notes receivable taken by the Company of $20.4 million of which $8.9 million was subsequently paid in full in May 2009. During the year ended December 31, 2008, the Company sold 100% of its ownership interest in three operating properties and seven properties in development for net proceeds of $86.2 million. The combined operating income and gain on the sale of these properties and properties classified as held-for-sale were reclassified to discontinued operations. The revenues from properties included in discontinued operations were approximately $759,000, $9.8 million, and $17.4 million for the years ended December 31, 2010, 2009, and 2008, respectively. The operating income and gains on sales of properties included in discontinued operations are reported net of income taxes, if the property is sold by the TRS. Income tax benefit of approximately $166,000 and $2.1 million was allocated to operating income (loss) from discontinued operations at December 31, 2010 and 2009, respectively. There was no income tax benefit or expense allocated in 2008.

Investments in Real Estate Partnerships

12 Months Ended

Dec. 31, 2010

Investments In Real Estate Partnership

Investments in Real Estate Partnerships

4.	Investments in Real Estate Partnerships

The Company's investments in real estate partnerships were $428.6 million and $326.2 million at December 31, 2010 and 2009, respectively. The Company's carrying amount of these investments was $128.8 million and $48.9 million lower than the underlying equity in net assets at December 31, 2010 and 2009, respectively.

Investments in real estate partnerships are primarily composed of real estate partnerships where the Company invests with five co-investment partners and a close-ended real estate fund ("Regency Retail Partners" or the "Fund"), as further described below. In addition to earning its pro-rata share of net income or loss in each of these real estate partnerships, the Company received recurring market-based fees for asset management, property management, and leasing as well as fees for investment and financing services, of $25.1 million, $29.1 million and $31.6 million and transaction fees of $2.6 million, $7.8 million and $23.7 million for the years ended December 31, 2010, 2009, and 2008, respectively.

Investments in real estate partnerships as of December 31, 2010 and 2009 consist of the following (in thousands):


	Ownership			2010		2009
GRI - Regency, LLC (GRIR)⁽¹⁾		40.00	%	$	277,235		154,350
Macquarie CountryWide-Regency III, LLC (MCWR III)		24.95	%		63		351
Macquarie CountryWide-Regency-DESCO, LLC
(MCWR-DESCO)		16.35	%		20,050		24,374
Columbia Regency Retail Partners, LLC (Columbia I)		20.00	%		20,025		28,347
Columbia Regency Partners II, LLC (Columbia II)		20.00	%		9,815		11,202
Cameron Village, LLC (Cameron)		30.00	%		17,604		18,285
RegCal, LLC (RegCal)		25.00	%		15,340		12,863
Regency Retail Partners, LP (the Fund)		20.00	%		17,478		22,114
US Regency Retail I, LLC (USAA)		20.01	%		3,941		5,111
Other investments in real estate partnerships		50.00	%		47,041		49,215

Total				$	428,592		326,212

(1)	At December 31, 2009, the Company's ownership interest in GRIR (formerly Macquarie CountryWide-Regency II, LLC) was 25.00%.

Investments in real estate partnerships are reported net of deferred gains of $51.4 million and $52.0 million at December 31, 2010 and 2009, respectively. Cumulative deferred gains related to each real estate partnership are described below.

The Company co-invests with Global Retail Investors LLC ("GRI"), a joint venture between the California Public Employees' Retirement System ("CalPERS") and an affiliate of First Washington Realty, Inc. in one real estate partnership in which the Company has an ownership interest of 40%. During March 2010, an amendment was filed with the state of Delaware to change the name of the real estate partnership from Macquarie CountryWide – Regency II, LLC ("MCWR II") to GRI – Regency, LLC ("GRIR"). The Company's investment in GRIR totals $277.2 million and represents 7.0% of the Company's total assets at December 31, 2010.

On July 17, 2009, the Company announced that Charter Hall Retail REIT ("CHRR"), formerly Macquarie CountryWide, had agreed to sell 60% of the partnership's interest to GRI in two closings. The first closing was completed on July 31, 2009, with GRI purchasing a 45% ownership interest in the real estate partnership. As part of the closing, the Company acquired Macquarie-Regency Management, LLC's ("US Manager") 0.1% ownership of the real estate partnership. US Manager was owned 50/50 by the Company and an affiliate of Macquarie Bank Limited. The transaction increased the Company's ownership to 25% from 24.95%. At the first closing, the Company received a disposition fee of $7.8 million from CHRR equal to 1% of the gross sales price paid by GRI.

As part of the original agreement with CHRR, the Company negotiated two separate options to acquire an additional 15% interest in the partnership at a 7.7% discount. In November 2009, the Company exercised its two options with the closing contingent upon obtaining lender consents. The Company funded the purchase price of $16.0 million on December 23, 2009, which was held in escrow and recorded in other assets in the accompanying Consolidated Balance Sheets at December 31, 2009. On March 30, 2010, the Company closed on both of its options increasing its ownership interest in the real estate partnership to 40%.

On April 30, 2010, GRIR prepaid $514.8 million of mortgage debt, without penalty, in order to minimize its future refinancing and interest rate risks. The Company contributed capital of $206.7 million to GRIR for its pro-rata share of the repayment funded from its unsecured line of credit and available cash balances. Simultaneously, GRI closed on the purchase of its remaining 15% interest from CHRR, increasing its total ownership in the real estate partnership to 60%. As a part of this second closing, the Company also received a disposition fee of $2.6 million equal to 1% of gross sales price paid by GRI. The Company retained asset management, property management, and leasing responsibilities. On June 2, 2010, GRIR closed on $202.0 million of new ten year secured mortgage loans. The Company received $79.6 million as its pro-rata share of the proceeds. On September 1, 2010, an additional $47.2 million of mortgage debt was repaid, which also required pro-rata contributions from each joint venture partner.

As of December 31, 2010, GRIR owned 83 shopping centers, had total assets of $2.1 billion and a net loss of $15.1 million for the year ended primarily related to the provision for impairment of $12.3 million on one property that sold in 2010 and $23.9 million on seven properties that it expects to sell in the next three years. The Company's share of its total assets and net loss was $831.5 million and $6.7 million, respectively. Effective January 1, 2010, the partnership agreement was amended to include a unilateral right to elect to dissolve the partnership and receive a DIK upon liquidation; therefore, the Company will apply the Restricted Gain Method for additional properties sold to GRIR on or after January 1, 2010. During 2010, the Company did not sell any properties to GRIR. Since the inception of the real estate partnership in 2005, the Company has recognized gain of $2.3 million on partial sales to GRIR and deferred gains of approximately $766,000. During 2010, GRIR sold three shopping centers to third parties for $59.5 million and recognized a gain of $5.4 million.

The Company co-invests with CHRR in two real estate partnerships, one in which the Company has an ownership interest of 24.95% ("MCWR III") and one in which the Company has an ownership interest of 16.35% ("MCWR-DESCO"). The Company's investment with CHRR totals $20.1 million and represents less than 1% of the Company's total assets at December 31, 2010. At December 31, 2010, these joint ventures had total assets of $430.4 million and a net loss of $5.3 million for the year ended.

As of December 31, 2010, MCWR III owned four shopping centers, had total assets of $63.6 million, and a net loss of approximately $433,000 for the year ended and the Company's share of its total assets and net loss was $15.9 million and approximately $108,000, respectively. Effective January 1, 2010, the partnership agreement was amended to include a unilateral right to elect to dissolve the partnership and receive a DIK upon liquidation; therefore, the Company will apply the Restricted Gain Method for properties sold to MCWR III on or after January 1, 2010. During 2010, the Company did not sell any properties to MCWR III. Since the inception of MCWR III in 2005, the Company has recognized gain of $14.1 million on partial sales to MCWR III and deferred gains of $4.7 million.

As of December 31, 2010, MCWR-DESCO owned 32 shopping centers, had total assets of $366.8 million and recorded a net loss of $4.9 million for the year ended and the Company's share of its total assets and net loss was $60.0 million and approximately $817,000, respectively. Since the inception of MCWR-DESCO in 2007, Regency has not sold any properties to MCWR-DESCO. The partnership agreement does not contain any DIK provisions that would require the Company to apply the Restricted Gain Method. In December 2010, the partners of MCWR-DESCO began negotiating the liquidation of the portfolio through DIK. If agreed to and executed by the partners, the liquidation could occur in 2011, whereby Regency would receive four shopping centers from MCWR-DESCO representing the distribution of its equity in the partnership on a pro-rata basis. As a result of the expected liquidation of the partnership, Regency reduced its investment in MCWR-DESCO to fair value and recorded a provision for impairment of $2.7 million at December 31, 2010 in the accompanying Consolidated Statements of Operations.

The Company co-invests with the Oregon Public Employees Retirement Fund ("OPERF") in three real estate partnerships, two of which the Company has ownership interests of 20% ("Columbia I" and "Columbia II") and one in which the Company has an ownership interest of 30% ("Cameron"). The Company's investment in these three real estate partnerships totals $47.4 million and represents 1.2% of the Company's total assets at December 31, 2010. At December 31, 2010, the OPERF joint ventures had total assets of $686.2 million and a net loss of $15.9 million.

As of December 31, 2010, Columbia I owned 13 shopping centers, had total assets of $277.8 million, and net loss of $14.9 million for the year ended primarily related to the provision for impairment of $23.7 million on two properties that it expects to sell in the next three years. The Company's share of its total assets and net loss was $57.8 million and $3.0 million, respectively. The partnership agreement has a unilateral right for election to dissolve the partnership and receive a DIK upon liquidation; therefore, the Company has applied the Restricted Gain Method to determine the amount of gain recognized on property sales to Columbia I. During 2010, the Company did not sell any properties to Columbia I. Since the inception of Columbia I in 2001, the Company has recognized gain of $2.0 million on partial sales to Columbia I and deferred gains of $4.3 million. During 2010, Columbia I sold one shopping center to a third party for $12.4 million and recognized a gain of $1.2 million.

As of December 31, 2010, Columbia II owned 16 shopping centers, had total assets of $302.4 million and net loss of approximately $330,000 for the year ended primarily related to the provision for impairment of approximately $857,000 on one property it expects to sell in the next three years. The Company's share of its total assets and net loss was $59.0 million and approximately $69,000, respectively. The partnership agreement has a unilateral right for election to dissolve the partnership and receive a DIK upon liquidation; therefore, the Company has applied the Restricted Gain Method to determine the amount of gain recognized on property sales to Columbia II. During 2010, the Company did not sell any properties to Columbia II. Since the inception of Columbia II in 2004, the Company has recognized gain of $9.1 million on partial sales to Columbia II and deferred gains of $15.7 million.

As of December 31, 2010, Cameron owned one shopping center, had total assets of $106.0 million and a net loss of approximately $708,000 for the year ended and the Company's share of its total assets and net loss was $31.9 million and approximately $221,000, respectively. The partnership agreement does not contain any DIK provisions that would require the Company to apply the Restricted Gain Method. Since the inception of Cameron in 2004, the Company has not sold any properties to the real estate partnership.

The Company co-invests with the California State Teachers' Retirement System ("CalSTRS") in a joint venture ("RegCal") in which the Company has a 25% ownership interest. As of December 31, 2010, RegCal owned eight shopping centers, had total assets of $183.5 million, and net income of approximately $858,000 for the year ended and the Company's share of its total assets and net income was $45.9 million and approximately $194,000 respectively. The partnership agreement has a unilateral right for election to dissolve the partnership and receive a DIK upon liquidation; therefore, the Company has applied the Restricted Gain Method to determine the amount of gain recognized on property sales to RegCal. During 2010, the Company did not sell any properties to RegCal. Since the inception of RegCal in 2004, the Company has recognized gain of $10.1 million on partial sales to RegCal and deferred gains of $3.4 million. In March 2010, RegCal purchased one property from a third party for a sales price of $12.9 million, net of assumed debt of $18.0 million, and the Company contributed $3.3 million for its proportionate share of the purchase price.

The Company co-invests with Regency Retail Partners (the "Fund"), a closed-end, finite life investment fund in which the Company has an ownership interest of 20%. As of December 31, 2010, the Fund owned nine shopping centers, had total assets of $341.1 million, and recorded a net loss of $18.9 million for the year ended, primarily related to provisions for impairment of $18.1 million recorded on four properties that are expected to sell in the next three years, and the Company's share of its total assets and net loss was $68.1 million and $3.6 million, respectively. The partnership agreement does not contain any DIK provisions that would require the Company to apply the Restricted Gain Method. During 2010, the Company did not sell any properties to the Fund. Since the inception of the Fund in 2006, the Company has recognized gains of $71.6 million on partial sales to the Fund and deferred gains of $17.9 million.

The Company co-invests with United Services Automobile Association (the "USAA partnership") in which the Company has an ownership interest of 20.01%. As of December 31, 2010, the USAA partnership owned eight shopping centers, had total assets of $134.3 million and recorded a net loss of approximately $441,000 for the year ended and the Company's share of its total assets and net loss was $26.9 million and approximately $88,000, respectively. The partnership agreement has a unilateral right for election to dissolve the partnership and receive a DIK upon liquidation; therefore, the Company has applied the Restricted Gain Method to determine the amount of gain recognized on property sales to the USAA partnership. During 2010, the Company did not sell any properties to the USAA partnership. Since the inception of the USAA partnership in 2009, the Company has recognized gains of $19.4 million on partial sales to the USAA partnership and deferred gains of $8.0 million.

The Company co-invests in another nine joint ventures that own seven shopping centers and land ("other investments in real estate partnerships") in which the Company has an ownership interest of 50% in each venture. Each venture is also owned 50% by one of three partners, two partners of which are also the grocery anchor tenants in the seven shopping centers owned by the various ventures. The Company's investment in these other investments in real estate partnerships totals $47.0 million and represents 1.2% of the Company's total assets at December 31, 2010. As of December 31, 2010, the other investments in real estate partnerships had total combined assets of $130.4 million, and recorded combined net income of $3.2 million for the year ended and the Company's share of these combined total assets and combined net income was $66.5 million and $1.4 million, respectively.

Summarized financial information for the investments in real estate partnerships on a combined basis, is as follows (in thousands):


	December 31, 2010		December 31, 2009
Investment in real estate, net	$	3,686,565		3,900,277
Acquired lease intangible assets, net		120,163		147,151
Other assets		176,394		137,753

Total assets	$	3,983,122		4,185,181

Notes payable	$	2,117,695		2,477,928
Acquired lease intangible liabilities, net		75,551		87,009
Other liabilities		69,230		80,011
Capital - Regency		557,374		375,076
Capital - Third parties		1,163,272		1,165,157

Total liabilities and capital	$	3,983,122		4,185,181

Investments in real estate partnerships had notes payable of $2.1 billion and $2.5 billion as of December 31, 2010 and 2009, respectively, and the Company's proportionate share of these loans was $663.1 million and $585.5 million, respectively. The Company does not guarantee these loans with the exception of an $8.8 million loan related to its 50% ownership interest in a single asset real estate partnership where the loan agreement contains "several" guarantees from each partner.

As of December 31, 2010, scheduled principal repayments on notes payable of the investments in real estate partnerships were as follows (in thousands):


Scheduled Principal Payments by Year:	Scheduled Principal Payments		Mortgage Loan Maturities		Unsecured Maturities		Total		Regency's Pro-Rata Share
2011	$	4,275		466,470		8,759		479,504		185,651
2012		6,489		244,418		11,046		261,953		98,977
2013		7,530		32,447		—		39,977		14,567
2014		7,714		77,304		—		85,018		24,346
2015		7,493		299,978		—		307,471		72,614
Beyond 5 Years		41,658		897,535		—		939,193		265,959
Unamortized debt premiums, net		—		4,579		—		4,579		942

Total	$	75,159		2,022,731		19,805		2,117,695		663,056

The revenues and expenses for the investments in real estate partnerships on a combined basis are summarized as follows (in thousands):


	For the years ended December 31,
	2010			2009			2008
Total revenues	$	437,029			434,050			491,246

Operating expenses:
Depreciation and amortization		155,146			160,484			182,844
Operating and maintenance		67,541			63,855			70,158
General and administrative		7,383			8,247			8,860
Real estate taxes		55,926			59,339			63,393
Provision for doubtful accounts		2,951			10,062			2,765
Other expenses		715			2,098			658

Total operating expenses		289,662			304,085			328,678

Other expense (income):
Interest expense, net		129,581			137,794			146,765
Gain on sale of real estate		(8,976	)		(6,141	)		(14,461	)
Provision for impairment		78,908			104,416			—
Other income		(383	)		72			139

Total other expense		199,130			236,141			132,443

Net income (loss)	$	(51,763	)		(106,176	)		30,125

Regency's share of net income (loss)	$	(12,884	)		(26,373	)		5,292

- Definition

Equity investment disclosure, or group of investments for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20% of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

+ References+ Details

Notes Receivable

12 Months Ended

Dec. 31, 2010

Notes Receivable

Notes Receivable

5.	Notes Receivable

The Company had notes receivable outstanding of $35.9 million and $37.8 million at December 31, 2010 and 2009, respectively. The notes receivable have fixed interest rates ranging from 6.0% to 9.0% with maturity dates through January 2019 and are secured by property held as collateral. There was no provision for impairment recorded for notes receivable during 2010. During the years ended December 31, 2009 and 2008, impairment losses of approximately $465,000 related to an $879,000 note receivable and $1.1 million related to a $3.6 million note receivable, respectively, were recorded in the accompanying Consolidated Statements of Operations. During the years ended December 31, 2009, and 2008, the Company recorded approximately $50,000 and $417,000 in interest income related to these impaired loans of which $296,000 was recognized on a cash basis during the year ended December 31, 2008.

Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2010

Acquired Lease Intangibles

Acquired Lease Intangibles

6.	Acquired Lease Intangibles

The Company had acquired lease intangible assets, net of amortization, of $18.2 million and $10.0 million at December 31, 2010 and 2009, respectively, of which $15.7 million and $9.7 million, respectively relates to in-place leases. These in-place leases had a remaining weighted average amortization period of 7.9 years. The aggregate amortization expense recorded for these in-place leases was $2.3 million, $2.7 million, and $4.2 million for the years ended December 31, 2010, 2009, and 2008, respectively. The Company had above-market lease intangible assets, net of amortization, of approximately $974,000 and $341,000 at December 31, 2010 and 2009, respectively. The remaining weighted average amortization period was 6.0 years. The aggregate amortization expense recorded as a reduction to minimum rent for these above-market leases was approximately $108,000, $102,000 and $113,000 for the years ended December 31, 2010, 2009, and 2008, respectively. In 2010, the Company acquired an above-market ground rent lease intangible asset in the amount of $1.6 million with a remaining life of 91 years. There were no above-market ground rent lease intangible assets recorded as of December 31, 2009.

The Company had acquired lease intangible liabilities, net of accretion, of $6.7 million and $5.9 million as of December 31, 2010 and 2009, respectively. The remaining weighted average accretion period is 8.4 years. The aggregate amount recorded as an increase to minimum rent for these below-market rents was $1.3 million, $1.9 million, and $2.5 million for the years ended December 31, 2010, 2009, and 2008, respectively.

The estimated aggregate amortization and net accretion amounts from acquired lease intangibles for the next five years are as follows (in thousands):


Year Ending December 31,	Amortization Expense		Minimum Rent, net
2011	$	2,715		859
2012		2,233		793
2013		1,907		715
2014		1,585		530
2015		1,319		474

Income Taxes

12 Months Ended

Dec. 31, 2010

Income Taxes

Income Taxes

7.	Income Taxes

The net book basis of the Company's real estate assets exceeds the tax basis by $40.2 million and $78.7 million at December 31, 2010 and 2009, respectively, primarily due to the difference between the cost basis of the assets acquired and their carryover basis recorded for tax purposes.

The following summarizes the tax status of dividends paid during the respective years:


	2010			2009			2008
Dividend per share	$	1.85			2.11			2.90
Ordinary income		40	%		54	%		73	%
Capital gain		2	%		14	%		22	%
Return of capital		58	%		32	%		5	%

RRG is subject to federal and state income taxes and files separate tax returns. Income tax expense (benefit) is included in other expenses in the accompanying Consolidated Statements of Operations and consists of the following for the years ended December 31, 2010, 2009, and 2008 (in thousands):


	2010			2009			2008
Income tax (benefit) expense:
Current	$	(639	)		4,692			88
Deferred		(860	)		(4,894	)		(1,688	)

Total income tax benefit	$	(1,499	)		(202	)		(1,600	)

Income tax expense (benefit) is included in either other expenses if the related income is from continuing operations or discontinued operations on the Consolidated Statements of Operations as follows for the years ended December 31, 2010, 2009, and 2008 (in thousands):


	2010			2009			2008
Income tax expense (benefit) from:
Continuing operations	$	(1,333	)		1,883			(1,600	)
Discontinued operations		(166	)		(2,085	)		—

Total income tax benefit	$	(1,499	)		(202	)		(1,600	)

Income tax benefit differed from the amounts computed by applying the U.S. Federal income tax rate of 34% to pretax income of RRG for the years ended December 31, 2010, 2009, and 2008, respectively as follows (in thousands):


	2010			2009			2008
Computed expected tax benefit	$	(3,368	)		(4,791	)		(2,324	)
Increase in income tax resulting from state taxes		(392	)		(558	)		(197	)
Provision for valuation allowance		286			4,755			—
Straight-line rent and all other items		1,975			392			921

Total income tax benefit	$	(1,499	)		(202	)		(1,600	)

All other items principally represent the tax effect of gains associated with the sale of properties to joint ventures. Included in the income tax expense (benefit) disclosed above, the Company has approximately $600,000 of state income tax expense at the Operating Partnership for the Texas Gross Margin Tax recorded in other expenses in the accompanying Consolidated Statements of Operations for the years ended December 31, 2010, 2009, and 2008.

The following table represents the Company's net deferred tax assets as of December 31, 2010 and 2009 recorded in other assets in the accompanying Consolidated Balance Sheets (in thousands):


	2010			2009
Deferred tax assets	$	23,189			19,802
Deferred tax liabilities		(1,999	)		(1,057	)
Provision for valuation allowance		(5,041	)		(4,755	)

Total	$	16,149			13,990

During 2010, a valuation allowance of approximately $286,000 was established representing 100% of the charitable contribution carryforward. During 2009, a valuation allowance of $4.8 million was established representing 100% of the disallowed interest, under Section 163(j) of the Code. In both cases, it was determined to be more likely than not that the asset would not be realized. Other deferred tax assets and deferred tax liabilities relate primarily to differences in the timing of the recognition of income or loss between U.S. GAAP and tax basis of accounting. Excluding the provision for valuation allowance, significant portions of the deferred tax assets and deferred tax liabilities include a $5.1 million deferred tax asset for capitalized costs under Section 263A of the Code, a $9.0 million deferred tax asset related to the provision for impairment, a $2.7 million deferred tax asset related to a net operating loss ("NOL") carryforward and a $1.7 million deferred tax liability related to straight line rents. Our estimated Federal NOL generated in 2010 is $7.6 million of which we carryback two years and forward 20 years. We intend to carryback approximately $527,000 to 2009 and the balance forward, expiring in 2030. We assessed the components of the net deferred tax asset balance at year end, excluding the items for which a valuation allowance was provided, and determined that it is more likely than not that the assets will be utilized.

The Company accounts for uncertainties in income tax law in accordance with FASB ASC Topic 740. Under FASB ASC Topic 740, tax positions shall initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions shall initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open tax years based on an assessment of many factors including past experience and interpretations of tax laws applied to the facts of each matter. Federal and state tax returns are open from 2007 and forward for the Company and federal returns are open from 2008 and forward for the TRS.

During 2008, the Internal Revenue Service ("IRS") commenced an examination of RRG's U.S. income tax returns for 2006 and 2007 which was completed in June 2009. No adjustments were made.

Notes Payable and Unsecured Credit Facilities

12 Months Ended

Dec. 31, 2010

Notes Payable and Unsecured Credit Facilities

Notes Payable and Unsecured Credit Facilities

8.	Notes Payable and Unsecured Credit Facilities

The Parent Company does not hold any indebtedness, but guarantees all of the unsecured debt and less than 9% of the secured debt of the Operating Partnership.

Notes Payable

Notes payable consist of mortgage loans secured by properties and unsecured public debt. Mortgage loans may be prepaid, but could be subject to yield maintenance premiums. Mortgage loans are generally due in monthly installments of principal and interest or interest only, and mature over various terms through 2020, whereas, interest on unsecured public debt is payable semi-annually and the debt mature over various terms through 2021. Fixed interest rates on mortgage loans range from 5.00% to 8.40% with a weighted average rate of 6.52%. As of December 31, 2010, the Company had two variable rate mortgage loans, one in the amount of $4.1 million with an interest rate equal to LIBOR plus 380 basis points maturing on October 1, 2014 and one construction loan with a current balance of $7.1 million with a variable interest rate of LIBOR plus 300 basis points maturing on September 2, 2011. During the year ended December 31, 2010, $6.1 million was funded from the construction loan for a development project.

On June 2, 2010, RCLP completed the sale of $150.0 million of 6.0% ten-year senior unsecured notes. The notes are due June 15, 2020. Interest on the notes will be payable semi-annually on June 15^th and December 15^th of each year. The net proceeds were used to repay the balance of the unsecured line of credit.

On October 7, 2010, RCLP completed the sale of $250.0 million of 4.80% ten-year senior unsecured notes. The notes are due April 15, 2021. Interest on the notes will be payable semiannually on April 15^th and October 15^th of each year. A portion of the net proceeds were used to repay the $110.0 million balance of the unsecured line of credit and to fund the debt tender offer discussed below.

On October 29, 2010, RCLP completed a tender offer for outstanding debt by purchasing $11.8 million of its $173.5 million 7.95% unsecured notes maturing in January 2011, and $57.6 million of its $250.0 million 6.75% unsecured notes maturing in January 2012 (collectively, the "Notes"). The total consideration paid for the Notes was $74.8 million or $1,066.25 per $1,000 in principal amount of the 6.75% Notes and $1,015.50 per $1,000 in principal amount of the 7.95% Notes, plus accrued and unpaid interest. The Company recognized a $4.2 million expense for the early extinguishment of this debt.

Unsecured Credit Facilities

The Company has a $600.0 million line of credit (the "Line") commitment under an agreement with Wells Fargo Bank and a syndicate of other banks that matures in February 2012. The Line has a current interest rate of LIBOR plus 55 basis points and an annual facility fee of 15 basis points subject to Regency maintaining its corporate credit and senior unsecured ratings at BBB. The balance on the Line was $10.0 million at December 31, 2010 and there was no balance outstanding at December 31, 2009. The Company has begun discussions with its lender to enter into a new Line commitment and term, and expects to close on a new commitment prior to February 2012.

The Company had a $113.8 million revolving credit facility under an agreement with Wells Fargo Bank and a syndicate of other banks that matured in February 2011. At December 31, 2010 and 2009, the revolving credit facility had a variable interest rate equal to LIBOR plus 100 basis points and an annual facility fee of 20 basis points subject to maintaining its corporate credit and senior unsecured ratings at BBB. There was no balance outstanding at December 31, 2010 or 2009 and the Company did not renew this facility.

Including both the Line commitment and the revolving credit facility (collectively, "Unsecured credit facilities"), the Company has $703.8 million of total availability as of December 31, 2010 and the spread paid is dependent upon the Company maintaining specific investment-grade ratings. The Company is also required to comply with certain financial covenants as defined in the Credit Agreement such as Minimum Net Worth, Ratio of Total Liabilities to Gross Asset Value ("GAV") and Ratio of Recourse Secured Indebtedness to GAV, Ratio of Earnings Before Interest Taxes Depreciation and Amortization ("EBITDA") to Fixed Charges, and other covenants customary with this type of unsecured financing. As of December 31, 2010, management of the Company believes it is in compliance with all financial covenants for the Unsecured credit facilities. The Unsecured credit facilities are used to finance the acquisition and development of real estate and for general working-capital purposes.

The Company's outstanding debt at December 31, 2010 and 2009 consists of the following (in thousands):


	2010		2009
Notes payable:
Fixed rate mortgage loans	$	402,151		398,820
Variable rate mortgage loans		11,189		5,596
Fixed rate unsecured loans		1,671,129		1,481,964

Total notes payable		2,084,469		1,886,380
Unsecured credit facilities		10,000		—

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

As of December 31, 2010, scheduled principal repayments on notes payable were as follows (in thousands):


Scheduled Principal Payments by Year:	Scheduled Principal Payments		Mortgage Loan Maturities		Unsecured Maturities (1)			Total
2011	$	4,957		7,665		181,691			194,313
2012		5,267		—		202,377			207,644
2013		5,151		16,341		—			21,492
2014		4,515		21,076		150,000			175,591
2015		3,075		46,312		350,000			399,387
Beyond 5 Years		5,716		292,535		800,000			1,098,251
Unamortized debt discounts, net		—		730		(2,939	)		(2,209	)

Total	$	28,681		384,659		1,681,129			2,094,469

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

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2010

Derivative Financial Instruments

Derivative Financial Instruments

9.	Derivative Financial Instruments

Risk Management Objective of Using Derivatives

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or future payment of known and uncertain cash amounts, the amount of which are determined by interest rates. The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company's known or expected cash payments principally related to the Company's borrowings.

Cash Flow Hedges of Interest Rate Risk

The Company's objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated other comprehensive loss and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During 2010, such derivatives were used to hedge the variable cash flows associated with forecasted issuances of debt (see "Objectives and Strategies" below for further discussion). The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings as gain or loss on derivative instruments. During the years ended December 31, 2010 and 2009, the Company recognized a gain of $1.4 million and loss of $3.3 million, respectively, for changes in hedge ineffectiveness attributable to revised inputs used in the valuation models to estimate effectiveness. There was no hedge ineffectiveness recognized for the year ended December 31, 2008.

On October 7, 2010, the Company paid $36.7 million to settle the remaining $140.7 million of interest rate swaps then outstanding. On October 7, 2010, the Company closed on $250.0 million of 4.80% ten-year senior unsecured notes The Company began amortizing the $36.7 million loss realized from the swap settlement in October 2010 over a ten year period; therefore, the effective interest rate on these notes is 6.26%.

On June 1, 2010, the Company paid $26.8 million to settle and partially settle $150.0 million of its interest rate swaps then outstanding of $290.7 million. On June 2, 2010 the Company also closed on $150.0 million of ten-year senior unsecured notes with an interest rate of 6.00%. The Company began amortizing the $26.8 million loss realized from the swap settlement in June 2010 over a ten year period; therefore, the effective interest rate on these notes is 7.67%.

Realized gains and losses associated with the settled interest rate swaps have been included in accumulated other comprehensive loss in the accompanying Consolidated Statements of Equity and Comprehensive Income (Loss) of the Parent Company and the accompanying Consolidated Statements of Capital and Comprehensive Income (Loss) of the Operating Partnership and are amortized as the corresponding hedged interest payments are made in future periods.

The tables below represent the effect of the derivative financial instruments on the accompanying consolidated financial statements for the years ended (in thousands):


Derivatives in FASB ASC Topic 815 Cash Flow Hedging Relationships:	Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)								Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)		Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)									Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)

	December 31,										December 31,										December 31,
	2010			2009		2008					2010			2009			2008				2010		2009			2008
Interest rate products	$	(36,556	)		38,645		(73,855	)		Interest expense	$	(5,575	)		(2,305	)		(1,306	)	Gain (loss) on derivative instruments	$	1,419		(3,294	)		—

The unamortized balance of the settled interest rate swaps at December 31, 2010 and 2009 was $81.5 million and $25.4 million, respectively, of which the Company expects to amortize $9.5 million over 2011.

The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2010 and 2009 (in thousands):


Liability Derivatives
2010			2009
Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments	$	—	Derivative instruments	$	(28,363	)

Non-designated Hedges

The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedges.

Objectives and Strategies

The Company continuously monitors the capital markets and evaluates its ability to issue new debt to repay maturing debt or fund its commitments. Based upon the current capital markets, the Company's current credit ratings, and the number of high quality, unencumbered properties that it owns which could collateralize borrowings, the Company expects that it will successfully issue new secured or unsecured debt to fund its obligations.

Fair Value Measurements

12 Months Ended

Dec. 31, 2010

Fair Value Measurements

Fair Value Measurements

10.	Fair Value Measurements

Derivative Financial Instruments

The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements.

Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties.

As of December 31, 2010, there were no liabilities measured at fair value on a recurring basis.

As of December 31, 2009, the Company's liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall were as follows (in thousands):


				Fair Value Measurements Using:
Liabilities	Balance			Quoted Prices in Active Markets for Identical Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Derivative instruments	$	(28,363	)		—		(29,040	)		677

Changes in Level 3 inputs are not considered significant enough to warrant reconciliation as of December 31, 2009.

Impairment of Long-lived Assets

Long-lived assets held and used are comprised primarily of real estate. During the years ended December 31, 2010 and 2009, the Company established provisions for impairment of long-lived assets as follows (in thousands):


	2010		2009
Land held for future development or sale	$	2,177		93,710
Operating and development properties		21,688		10,227

Total	$	23,865		103,937

The triggering event that led to the impairment charges during 2010 was primarily due to a change in the expected investment holding period for certain properties. As a result, the Company evaluated the current fair value of said properties and recorded an impairment loss during 2010. Additional impairments may be necessary in the future, in the event that market conditions change and impact the factors used to estimate fair value, the Company reduces the holding period on properties held and used, or it decides to classify properties as held for sale where they were previously classified as held and used. See Note 1(c) for a discussion of the inputs used in determining the fair value of long-lived assets. The Company has determined that the inputs used to value its long-lived assets fall within Level 3 of the fair value hierarchy.

The Company's assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded a provision for impairment during 2010. The assets measured at fair value on a nonrecurring basis are as follows (in thousands):


	Fair Value Measurements Using:
Assets	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total (Losses)
Long-lived assets held and used:
Land held for future development or sale	$	5,638		—		—		5,638		(2,177	)
Operating and development properties		93,510		—		—		93,510		(21,688	)
Investment in real estate partnerships		20,050		—		—		20,050		(2,750	)

Total	$	119,198		—		—		119,198		(26,615	)

Notes Payable

The fair value of the Company's notes payable are estimated based on the current rates available to the Company for debt of the same terms and remaining maturities. Fixed rate loans assumed in connection with real estate acquisitions are recorded in the accompanying consolidated financial statements at fair value at the time of acquisition excluding those loans assumed in DIK liquidations. Each of these fair value measurements fall within Level 3 of the fair value hierarchy. Based on the estimates used by the Company, the fair value of notes payable was $1.7 billion and $1.4 billion at December 31, 2010 and 2009, respectively.

Noncontrolling Interests of the Parent Company and Partners' Capital

The Operating Partnership had 177,164 and 468,211 limited Partnership Units outstanding as of December 31, 2010 and 2009, respectively. The limited Partnership Units are exchangeable for the Parent Company's common stock. The redemption value of the limited Partnership Units is based on the closing market price of the Parent Company's common stock and is used to calculate the fair value measurement. Therefore, the fair value measurements fall within Level 1 of the fair value hierarchy. The Parent Company's closing common stock price was $42.24 and $35.06 per share as of December 31, 2010 and 2009, respectively, and the aggregate redemption value of the limited Partnership Units was $7.5 million and $16.4 million, respectively.

Noncontrolling Interests of the Parent Company and the Operating Partnership

At December 31, 2010, the Company held a majority interest in four consolidated entities with specified termination dates through 2049. The noncontrolling interests in these entities will be settled upon termination by distribution or transfer of either cash or specific assets of the underlying entities. The estimated fair value of the noncontrolling interests in entities with specified termination dates was $9.3 million and $9.1 million at December 31, 2010 and 2009, respectively, and is generally determined by applying a market-based capitalization rate to net operating income. Each of the inputs used in calculating these fair value measurements fall within Level 3 of the fair value hierarchy. Their related carrying value was $6.8 million and $6.6 million as of December 31, 2010 and 2009, respectively, which is included within noncontrolling interests of Limited partners' interests in consolidated partnerships in the accompanying Consolidated Balance Sheets.

- Definition

This item represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the Company is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risk is are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References+ Details

Equity and Capital

12 Months Ended

Dec. 31, 2010

Equity and Capital

Equity and Capital

11.	Equity and Capital

Equity of the Parent Company

Preferred Stock

The Series 3, 4, and 5 preferred shares are perpetual, are not convertible into common stock of the Parent Company, and are redeemable at par upon the Company's election beginning five years after the issuance date. None of the terms of the preferred stock contain any unconditional obligations that would require the Company to redeem the securities at any time or for any purpose and the Company does not currently anticipate redeeming any preferred stock. Terms and conditions of the three series of preferred stock outstanding as of December 31, 2010 are summarized as follows:


Series	Shares Outstanding		Liquidation Preference		Distribution Rate			Callable By Company
Series 3		3,000,000	$	75,000,000		7.45	%		4/3/2008
Series 4		5,000,000		125,000,000		7.25	%		8/31/2009
Series 5		3,000,000		75,000,000		6.70	%		8/2/2010

		11,000,000	$	275,000,000

Common Stock

On December 9, 2009, the Parent Company completed a public offering of 8.0 million shares of common stock at $30.75 per share in connection with forward sale agreements entered into with J.P Morgan and Wells Fargo Securities, which will result in estimated future net proceeds of $217.8 million, net of issuance costs, once the agreements are settled by March 2011, unless the Company and the forward purchasers agree to extend the settlement date. This offering included an over-allotment option of 1.2 million shares which closed simultaneously with the offering and provided the Company with net proceeds of $34.9 million during 2010. The Company intends to use the proceeds it receives upon settlement of the forward sale agreements to repay debt maturing in 2011 and outstanding balances on its line of credit.

On April 24, 2009, the Parent Company completed a public offering of 10.0 million common shares at $32.50 per share resulting in proceeds of $310.9 million, net of issuance costs. The net proceeds were used to repay the balance of the Line and general working capital purposes.

Noncontrolling Interest of Preferred Units

At December 31, 2010 and 2009, the face value of the Series D preferred units was $50.0 million with a fixed distribution rate of 7.45% which are recorded in the accompanying Consolidated Balance Sheets, net of original issuance costs of approximately $842,000.

Terms and conditions for the Series D preferred units outstanding as of December 31, 2010 and 2009 are summarized as follows:


Units Outstanding	Amount Outstanding		Distribution Rate			Callable by Company		Exchangeable by Unit holder
500,000	$	50,000,000		7.45	%		9/29/2009		1/1/2014

The Series D preferred units are callable at par beginning September 29, 2009, have no stated maturity or mandatory redemption and pay a cumulative, quarterly dividend at a fixed rate. The Series D preferred units may be exchanged by the holder for cumulative redeemable preferred stock of the Parent Company at an exchange rate of one unit for one share. The Series D preferred units and the related preferred stock are not convertible into common stock of the Parent Company.

Noncontrolling Interest of Exchangeable Operating Partnership Units

The Operating Partnership had 177,164 and 468,211 limited Partnership Units not owned by the Parent Company outstanding as of December 31, 2010 and 2009, respectively. See Note 10 for further discussion.

Noncontrolling Interests of Limited Partners' Interests in Consolidated Partnerships

Limited partners' interests in consolidated partnerships not owned by the Company are classified as noncontrolling interests on the accompanying Consolidated Balance Sheets of the Parent Company. Subject to certain conditions and pursuant to the conditions of the agreement, the Company has the right, but not the obligation, to purchase the other member's interest or sell its own interest in these consolidated partnerships. At December 31, 2010 and 2009, the Company's noncontrolling interest in these consolidated partnerships was $10.8 million and $11.7 million, respectively.

Capital of the Operating Partnership

Preferred Units

The Series D Preferred Units are owned by institutional investors. As of December 31, 2010 and 2009, the face value of the Series D Preferred Units was $50.0 million with a fixed distribution rate of 7.45% and are recorded in the accompanying Consolidated Balance Sheets net of original issuance costs of approximately $842,000.

Preferred Units of General Partner

The Parent Company, as general partner, owns corresponding Series 3, 4, and 5 preferred unit interests ("Series 3, 4, and 5 Preferred Units") in the Operating Partnership. See above for further discussion.

General Partner

As of December 31, 2010, the Parent Company, as general partner, owned approximately 99.8% or 81,886,872 of the total 82,064,036 Partnership Units outstanding.

Limited Partners

The Operating Partnership had 177,164 and 468,211 limited Partnership Units outstanding as of December 31, 2010 and 2009, respectively. See Note 10 for further discussion.

Noncontrolling Interests of Limited Partners' Interests in Consolidated Partnerships

See above for further discussion.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2010

Stock-Based Compensation

Stock-Based Compensation

12.	Stock-Based Compensation

The Company recorded stock-based compensation in general and administrative expenses in the accompanying Consolidated Statements of Operations, the components of which are further described below (in thousands):


	2010			2009			2008
Restricted stock	$	7,236			5,227			8,193
Stock options		—			—			988
Directors' fees paid in common stock		231			279			375
Capitalized stock-based compensation		(852	)		(1,574	)		(3,606	)

Total	$	6,615			3,932			5,950

The recorded amounts of stock-based compensation expense represent amortization of deferred compensation related to share-based payments. Compensation expense specifically identifiable to development and leasing activities is capitalized and included above.

The Company established the Plan under which the Board of Directors may grant stock options and other stock-based awards to officers, directors, and other key employees. The Plan allows the Company to issue up to 5.0 million shares in the form of the Parent Company's common stock or stock options. The plan permits the grant of any type of stock-based award but limits non-option awards to no more than 2.75 million shares. At December 31, 2010, there were approximately 2.2 million shares available for grant under the Plan either through options or restricted stock. The Plan also limits outstanding awards to no more than 12% of the Parent Company's outstanding common stock.

Stock options are granted under the Plan with an exercise price equal to the Parent Company's stock's price at the date of grant. All stock options granted have ten-year lives, contain vesting terms of one to five years from the date of grant and some have dividend equivalent rights. Stock options granted prior to 2005 also contained "reload" rights, which allowed an option holder the right to receive new options each time existing options were exercised, if the existing options were exercised under specific criteria provided for in the Plan.

The fair value of each option award is estimated on the date of grant using the Black-Scholes-Merton closed-form ("Black-Scholes") option valuation model. The Company believes that the use of the Black-Scholes model meets the fair value measurement objectives of FASB ASC Topic 718 and reflects all substantive characteristics of the instruments being valued.

The following table reports stock option activity during the year ended December 31, 2010:


	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding December 31, 2009		453,463	$	51.90
Less: Exercised		1,996		41.44
Less: Forfeited		2,580		51.36
Less: Expired		6,007		59.68

Outstanding December 31, 2010		442,880	$	51.85		3.5	$	(4,255	)

Vested and expected to vest – December 31, 2010		442,880	$	51.85		3.5	$	(4,255	)

Exercisable December 31, 2010		440,695	$	51.67		3.5	$	(4,154	)

There were no stock options granted in 2010, 2009, and 2008. The total intrinsic value of options exercised during the years ended December 31, 2010, 2009, and 2008 was approximately $1,000, $40,000, and $2.3 million, respectively. The Company received cash proceeds for stock option exercises of $1.0 million during 2008. The Company issues new shares to fulfill option exercises from its authorized shares available.

The following table presents information regarding non-vested option activity during the year ended December 31, 2010:


	Non-vested Number of Options		Weighted Average Grant-Date Fair Value
Non-vested at December 31, 2009		4,369	$	8.78
Less: 2010 Vesting		2,184		8.78

Non-vested at December 31, 2010		2,185	$	8.78

The Company grants restricted stock under the Plan to its employees as a form of long-term compensation and retention. The terms of each grant vary depending upon the participant's responsibilities and position within the Company. The Company's stock grants can be categorized as either time-based awards, performance-based awards, or market-based awards. All awards were valued at the fair market value on the date of grant, earn dividends throughout the vesting period, and have no voting rights. Compensation expense is measured at the grant date and recognized over the vesting period.

•

Time-based awards vest 25% per year beginning on the first anniversary following the grant date. These grants are subject only to continued employment and not dependent on future performance measures; and accordingly, if such vesting criteria are not met, compensation cost previously recognized would be reversed. During 2010, the Company granted 181,309 shares of time-based awards.

•

Performance-based awards are earned subject to future performance measurements, including individual goals, annual growth in earnings, and compounded three-year growth in earnings. Once the performance criteria are achieved and the actual number of shares earned is determined, shares will vest over a required service period. If such performance criteria are not met, compensation cost previously recognized would be reversed. The Company considers the likelihood of meeting the performance criteria based upon managements' estimates from which it determines the amounts recognized as expense on a periodic basis. During 2010, the Company did not grant any performance-based awards.

•

Market-based awards are earned dependent upon the Company's total shareholder return in relation to the shareholder return of peer indices over a three-year period ("TSR Grant"). Once the market criteria are met and the actual number of shares earned is determined, 100% of the earned shares vest. The probability of meeting the market criteria was considered when calculating the estimated fair market value on the date of grant using a Monte Carlo simulation. These awards were accounted for as awards with market criteria, with compensation cost recognized over the service period, regardless of whether the market criteria are achieved and the awards are ultimately earned and vest. During 2010, the Company granted 93,688 shares of market-based awards.

The following table reports non-vested restricted stock activity during the year ended December 31, 2010:


	Number of Shares		Intrinsic Value (in thousands)		Weighted Average Grant Price
Non-vested at December 31, 2009		367,662
Add: Time-based awards		181,309			$	35.85
Add: Market-based awards		93,688			$	35.26
Less: Vested and Distributed		173,076			$	35.21
Less: Forfeited		33,024			$	67.49

Non-vested at December 31, 2010		436,559		$18,440

The following table reports shares vested and distributed during the years ended December 31, 2010 and 2009:


	2010		2009
Time-based awards		108,637		138,773
Performance-based awards		40,618		87,723
Market-based awards earned		23,821		27,227

Total vested and distributed		173,076		253,723

The weighted-average grant price for restricted stock granted during the years 2010, 2009, and 2008 was $35.65, $38.91, and $63.76, respectively. The total intrinsic value of restricted stock vested during the years ended December 31, 2010, 2009, and 2008 was $6.1 million, $9.6 million, and $12.3 million, respectively.

As of December 31, 2010, there was $11.4 million of unrecognized compensation cost related to non-vested restricted stock granted under the Plan. When recognized, this compensation results in additional paid in capital in the accompanying Consolidated Statements of Equity and Comprehensive Income (Loss) of the Parent Company and in general partner preferred and common units in the accompanying Consolidated Statements of Capital and Comprehensive Income (Loss) of the Operating Partnership. This unrecognized compensation cost is expected to be recognized over the next three years, through 2013. The Company issues new restricted stock from its authorized shares available at the date of grant.

The Company maintains a 401(k) retirement plan covering substantially all employees, which permits participants to defer up to the maximum allowable amount determined by the IRS of their eligible compensation. This deferred compensation, together with Company matching contributions equal to 100% of employee deferrals up to a maximum of $3,900 of their eligible compensation, is fully vested and funded as of December 31, 2010. Costs related to the matching portion of the plan were $1.1 million, $1.4 million, and $1.5 million for the years ended December 31, 2010, 2009, and 2008, respectively.

Earnings per Share and Unit

12 Months Ended

Dec. 31, 2010

Earnings per Share and Unit

Earnings per Share and Unit

13.	Earnings per Share and Unit

Parent Company Earnings per Share

The following summarizes the calculation of basic and diluted earnings per share for the years ended December 31, 2010, 2009, and 2008, respectively (in thousands except per share data):


	2010			2009			2008
Numerator:
Income (loss) from continuing operations	$	8,567			(38,917	)		119,224
Discontinued operations		7,632			6,174			22,297

Net income (loss)		16,199			(32,743	)		141,521
Less: Preferred stock dividends		19,675			19,675			19,675
Less: Noncontrolling interests		4,185			3,961			5,333

Net income (loss) attributable to common stockholders		(7,661	)		(56,379	)		116,513
Less: Dividends paid on unvested restricted stock		542			488			733

Net income (loss) attributable to common stockholders – basic and diluted	$	(8,203	)		(56,867	)		115,780

Denominator:
Weighted average common shares outstanding for basic EPS		81,414			76,829			69,578
Incremental shares to be issued under common stock options		—			—			84
Incremental shares to be issued under Forward Equity Offering		1,534			67			—

Weighted average common shares outstanding for diluted EPS		82,948			76,896			69,662

Income (loss) per common share – basic
Continuing operations	$	(0.19	)		(0.82	)		1.35
Discontinued operations		0.09			0.08			0.31

Net income (loss) attributable to common stockholders	$	(0.10	)		(0.74	)		1.66

Income (loss) per common share – diluted
Continuing operations	$	(0.19	)		(0.82	)		1.35
Discontinued operations		0.09			0.08			0.31

Net income (loss) attributable to common stockholders	$	(0.10	)		(0.74	)		1.66

The exchangeable operating partnership units were anti-dilutive to diluted EPS for the years ended December 31, 2010, 2009, and 2008 and therefore, the units and related minority interest of exchangeable operating partnership units are excluded from the calculation of diluted EPS.

Operating Partnership Earnings per Unit

The following summarizes the calculation of basic and diluted earnings per unit for the years ended December 31, 2010, 2009, and 2008, respectively (in thousands except per unit data):


	2010			2009			2008
Numerator:
Income (loss) from continuing operations	$	8,567			(38,917	)		119,224
Discontinued operations		7,632			6,174			22,297

Net income (loss)		16,199			(32,743	)		141,521
Less: Preferred unit distributions		23,400			23,400			23,400
Less: Noncontrolling interests		376			452			701

Net income (loss) attributable to common unit holders		(7,577	)		(56,595	)		117,420
Less: Dividends paid on unvested restricted stock		542			488			733

Net income (loss) attributable to common unit holders – basic and diluted	$	(8,119	)		(57,083	)		116,687

Denominator:
Weighted average common units outstanding for basic EPU		81,685			77,297			70,048
Incremental units to be issued under common stock options		—			—			84
Incremental units to be issued under Forward Equity Offering		1,534			67			—

Weighted average common units outstanding for diluted EPU		83,219			77,364			70,132

Income (loss) per common unit – basic
Continuing operations	$	(0.19	)		(0.82	)		1.35
Discontinued operations		0.09			0.08			0.31

Net income (loss) attributable to common unit holders	$	(0.10	)		(0.74	)		1.66

Income (loss) per common unit – diluted
Continuing operations	$	(0.19	)		(0.82	)		1.35
Discontinued operations		0.09			0.08			0.31

Net income (loss) attributable to common unit holders	$	(0.10	)		(0.74	)		1.66

Operating Leases

12 Months Ended

Dec. 31, 2010

Operating Leases

Operating Leases

14.	Operating Leases

The Company's properties are leased to tenants under operating leases with expiration dates extending to the year 2084. Future minimum rents under non-cancelable operating leases as of December 31, 2010, excluding both tenant reimbursements of operating expenses and additional percentage rent based on tenants' sales volume, are as follows (in thousands):


Year Ending December 31,	Amount
2011	$	330,503
2012		303,970
2013		262,040
2014		226,918
2015		192,837
Thereafter		1,149,219

Total	$	2,465,487

The shopping centers' tenant base includes primarily national and regional supermarkets, drug stores, discount department stores and other retailers and, consequently, the credit risk is concentrated in the retail industry. There were no tenants that individually represented more than 5% of the Company's annualized future minimum rents.

The Company has shopping centers that are subject to non-cancelable long-term ground leases where a third party owns and has leased the underlying land to the Company to construct and/or operate a shopping center. Ground leases expire through the year 2085 and in most cases provide for renewal options. In addition, the Company has non-cancelable operating leases pertaining to office space from which it conducts its business. Office leases expire through the year 2017 and in most cases provide for renewal options. Leasehold improvements are capitalized, recorded as tenant improvements, and depreciated over the shorter of the useful life of the improvements or the lease term. Operating lease expense, including capitalized ground lease payments on properties in development, was $8.1 million, $7.9 million, and $8.1 million for the years ended December 31, 2010, 2009, and 2008, respectively. The following table summarizes the future obligations under non-cancelable operating leases as of December 31, 2010, (in thousands):


Year Ending December 31,	Amount
2011	$	8,041
2012		7,747
2013		7,621
2014		6,923
2015		6,686
Thereafter		108,667

Total	$	145,685

Commitments and Contingencies

12 Months Ended

Dec. 31, 2010

Commitments and Contingencies

Commitments and Contingencies

15.	Commitments and Contingencies

The Company is involved in litigation on a number of matters and is subject to certain claims which arise in the normal course of business, none of which, in the opinion of management, is expected to have a material adverse effect on the Company's consolidated financial position, results of operations, or liquidity. The Company is also subject to numerous environmental laws and regulations as they apply to real estate pertaining to chemicals used by the dry cleaning industry, the existence of asbestos in older shopping centers, and underground petroleum storage tanks. The Company believes that the tenants who currently operate dry cleaning plants or gas stations do so in accordance with current laws and regulations. The Company has placed environmental insurance, when possible, on specific properties with known contamination, in order to mitigate its environmental risk. The Company monitors the shopping centers containing environmental issues and in certain cases voluntarily remediates the sites. If an operating or development property requires remediation to be performed by the Company prior to development or as a condition of sale, environmental remediation obligations are estimated and are considered in the assessment of the property's value. In the event environmental remediation is required, the Company adjusts the sales price of the property for the environmental remediation to be performed, funds the cash in escrow to remediate the environmental issues, or agrees to remain responsible for the future environmental remediation expenses in which case the Company would accrue the estimated potential liability. The Company also has legal obligations to remediate certain sites and is in the process of doing so. The Company estimates the cost associated with remediating all of its environmental obligations at December 31, 2010 and 2009 to be $2.9 million and $3.2 million, respectively, all of which has been accrued in accounts payable and other liabilities on the accompanying Consolidated Balance Sheets. The Company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations; however, it can give no assurance that existing environmental studies with respect to the shopping centers have revealed all potential environmental liabilities; that any previous owner, occupant or tenant did not create any material environmental condition not known to it; that the current environmental condition of the shopping centers will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; or that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company.

The Company has the right to issue letters of credit under the Line up to an amount not to exceed $50.0 million which reduces the credit availability under the Line. The Company also has stand alone letters of credit with other banks. These letters of credit are primarily issued as collateral to facilitate the construction of development projects. As of December 31, 2010 and 2009, the Company had $5.3 million and $9.5 million letters of credit outstanding, respectively.

Reorganizing and Restructuring Charges

12 Months Ended

Dec. 31, 2010

Reorganization and Restructuring Charges [Abstract]

Reorganization and Restructuring Charges

16.	Reorganization and Restructuring Charges

During 2009 and 2008, the Company announced restructuring plans designed to align employee headcount with projected workload. During 2009, the Company severed 103 employees with no future service requirement and recorded restructuring charges of $7.5 million for employee severance benefits. During 2008, the Company severed 50 employees and recorded restructuring charges of $2.4 million for employee severance benefits. There were no restructuring charges in 2010. Restructuring charges are included in general and administrative expenses in the accompanying Consolidated Statements of Operations. All severance payouts were completed by January 2010 and funded using cash from operations. The component charges of the restructuring program for the years ended December 31, 2010, 2009, and 2008 follows (in thousands):


	2010		2009		2008
Severance	$	—		5,966		2,086
Health insurance		—		1,092		150
Placement services		—		431		187

Total	$	—		7,489		2,423

As of December 31, 2010 and 2009, the remaining accrued liabilities are as follows (in thousands):


	2010		2009
Compensation	$	—		1,160
Insurance		—		—
Other		—		—

	$	—		1,160

Summary of Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2010

Summary of Quarterly Financial Data (Unaudited)

Summary of Quarterly Financial Data (Unaudited)

17.	Summary of Quarterly Financial Data (Unaudited)

The following table sets forth selected Quarterly Financial Data for the Company on a historical basis for each of the years ended December 31, 2010 and 2009 and has been derived from the accompanying consolidated financial statements as reclassified for discontinued operations (in thousands except per share and per unit data):


	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
2010:

Operating Data:
Revenues as originally reported	$	124,368			121,600			121,410			119,901
Reclassified to discontinued operations		(290	)		(348	)		165			—

Adjusted Revenues	$	124,078			121,252			121,575			119,901

Net income (loss) attributable to common stockholders	$	12,368			6,753			9,885			(36,667	)
Net income (loss) of limited partners		94			27			34			(71	)

Net income (loss) attributable to common unit holders	$	12,462			6,780			9,919			(36,738	)

Net income (loss) attributable to common stock and unit holders per share and unit:
Basic	$	0.15			0.08			0.12			(0.45	)

Diluted	$	0.15			0.08			0.12			(0.44	)

2009:

Operating Data:
Revenues as originally reported	$	120,159			116,461			133,742			121,625
Reclassified to discontinued operations		(744	)		(1,466	)		(1,421	)		(283	)

Adjusted Revenues	$	119,415			114,995			132,321			121,342

Net income (loss) attributable to common stockholders	$	19,563			(17,180	)		(84,092	)		25,330
Net income (loss) of limited partners		164			(92	)		(462	)		174

Net income (loss) attributable to common unit holders	$	19,727			(17,272	)		(84,554	)		25,504

Net income (loss) attributable to common stock and unit holders per share and unit:
Basic	$	0.28			(0.23	)		(1.05	)		0.31

Diluted	$	0.28			(0.23	)		(1.05	)		0.31

- Definition

This element can be used to disclose the entire quarterly financial data disclosure in the annual financial statements as a single block of text. The disclosure includes a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. Alternatively, the details of this disclosure can be reported using the elements in this group, or by using other taxonomy elements and applying the appropriate quarterly date and period contexts when creating an instance document. For example, the element for "Interest and Dividend Income, Operating" may be used by financial institutions from the Statement of Income, applying the appropriate quarterly date and period context when creating an instance document.

+ References+ Details

Schedule III - Consolidated Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2010

Consolidated Real Estate and Accumulated Depreciation

Combined Real Estate and Accumulated Depreciation

REGENCY CENTERS CORPORATION

Consolidated Real Estate and Accumulated Depreciation

December 31, 2010

(in thousands)


Shopping Centers ⁽¹⁾	Initial Cost					Cost Capitalized Subsequent to Acquisition ⁽²⁾			Total Cost										Total Cost Net of Accumulated Depreciation		Mortgages
Shopping Centers ⁽¹⁾	Land			Building & Improvements		Cost Capitalized Subsequent to Acquisition ⁽²⁾			Land		Building & Improvements		Properties held for Sale		Total		Accumulated Depreciation		Total Cost Net of Accumulated Depreciation		Mortgages
4S COMMONS TOWN CENTER	$	30,760			35,830		(200	)		30,811		35,579		—		66,390		7,868		58,522		62,500
AMERIGE HEIGHTS TOWN CENTER		10,109			11,288		79			10,108		11,368		—		21,476		890		20,586		17,000
ANASTASIA PLAZA		9,065			—		(101	)		3,328		5,636		—		8,964		232		8,732		—
ANTHEM HIGHLANDS SHOPPING CTR		8,643			11,981		(24	)		8,643		11,957		—		20,600		1,651		18,949		—
ANTHEM MARKETPLACE		6,714			13,696		(5,931	)		4,889		9,590		—		14,479		—		14,479		—
ASHBURN FARM MARKET CENTER		9,835			4,812		13			9,835		4,825		—		14,660		2,394		12,266		—
ASHFORD PLACE		2,584			9,865		143			2,584		10,008		—		12,592		4,513		8,079		—
AUGUSTA CENTER		5,142			2,720		(5,763	)		1,326		773		—		2,099		—		2,099		—
AVENTURA SHOPPING CENTER		2,751			10,459		51			2,751		10,510		—		13,261		8,557		4,704		—
BECKETT COMMONS		1,625			10,960		407			1,625		11,367		—		12,992		3,387		9,605		—
BELLEVIEW SQUARE		8,132			9,756		107			8,132		9,863		—		17,995		3,055		14,940		8,008
BENEVA VILLAGE SHOPS		2,484			10,162		778			2,484		10,940		—		13,424		3,642		9,782		—
BERKSHIRE COMMONS		2,295			9,551		131			2,295		9,682		—		11,977		4,574		7,403		7,500
BLOOMINGDALE SQUARE		3,940			14,912		148			3,940		15,060		—		19,000		5,338		13,662		—
BOULEVARD CENTER		3,659			10,787		662			3,659		11,449		—		15,108		3,763		11,345		—
BOYNTON LAKES PLAZA		2,628			11,236		250			2,628		11,486		—		14,114		4,142		9,972		—
BRIARCLIFF LA VISTA		694			3,292		150			694		3,442		—		4,136		1,799		2,337		—
BRIARCLIFF VILLAGE		4,597			24,836		287			4,597		25,123		—		29,720		11,439		18,281		—
BUCKHEAD COURT		1,417			7,432		104			1,417		7,536		—		8,953		3,739		5,214		—
BUCKLEY SQUARE		2,970			5,978		206			2,970		6,184		—		9,154		2,294		6,860		—
BUCKWALTER PLACE SHOPPING CTR		6,563			6,590		—			6,563		6,590		—		13,153		901		12,252		—
CAMBRIDGE SQUARE		774			4,347		588			774		4,935		—		5,709		1,820		3,889		—
CARMEL COMMONS		2,466			12,548		310			2,466		12,858		—		15,324		4,650		10,674		—
CARRIAGE GATE		833			4,974		155			833		5,129		—		5,962		3,203		2,759		—
CHAPEL HILL CENTRE		3,932			3,897		(160	)		2,988		4,681		—		7,669		—		7,669		—
CHASEWOOD PLAZA		4,612			20,829		173			4,612		21,002		—		25,614		10,727		14,887		—
CHERRY GROVE		3,533			15,862		334			3,533		16,196		—		19,729		5,478		14,251		—
CHESHIRE STATION		9,896			8,344		39			9,896		8,383		—		18,279		4,887		13,392		—
CLAYTON VALLEY SHOPPING CENTER		24,189			35,422		995			24,528		36,078		—		60,606		8,743		51,863		—
CLOVIS COMMONS		11,100			32,692		1,229			12,134		32,887		—		45,021		4,935		40,086		—
COCHRAN'S CROSSING		13,154			12,315		261			13,154		12,576		—		25,730		4,914		20,816		—
COOPER STREET		2,079			10,682		(725	)		1,954		10,082		—		12,036		3,200		8,836		—
CORKSCREW VILLAGE		8,407			8,004		21			8,407		8,025		—		16,432		1,124		15,308		8,890
CORVALLIS MARKET CENTER		6,674			12,244		34			6,696		12,256		—		18,952		1,384		17,568		—
COSTA VERDE CENTER		12,740			26,868		513			12,798		27,323		—		40,121		9,867		30,254		—
COURTYARD SHOPPING CENTER		5,867			4		3			5,867		7		—		5,874		—		5,874		—
CROMWELL SQUARE		1,772			6,944		7			1,772		6,951		—		8,723		3,183		5,540		—
CULPEPER COLONNADE		15,944			10,601		34			15,945		10,634		—		26,579		2,387		24,192		—
DELK SPECTRUM		2,985			12,001		116			2,985		12,117		—		15,102		4,189		10,913		—
DIABLO PLAZA		5,300			8,181		172			5,300		8,353		—		13,653		2,716		10,937		—
DICKSON TN		675			1,568		—			675		1,568		—		2,243		439		1,804		—
DUNWOODY VILLAGE		3,342			15,934		722			3,342		16,656		—		19,998		7,543		12,455		—
EAST POINTE		1,730			7,189		8			1,730		7,197		—		8,927		2,904		6,023		—
EAST PORT PLAZA		3,257			10,051		2,981			3,758		12,531		—		16,289		3,339		12,950		—
EAST TOWNE CENTER		2,957			4,938		(84	)		2,957		4,854		—		7,811		1,739		6,072		—
EL CAMINO SHOPPING CENTER		7,600			11,538		42			7,600		11,580		—		19,180		3,762		15,418		—
EL CERRITO PLAZA		11,025			27,371		32			11,025		27,403		—		38,428		1,960		36,468		41,106
EL NORTE PKWY PLAZA		2,834			7,370		55			2,840		7,419		—		10,259		2,593		7,666		—
ENCINA GRANDE		5,040			11,572		(45	)		5,040		11,527		—		16,567		3,828		12,739		—
FAIRFAX SHOPPING CENTER		15,239			11,367		(5,557	)		13,111		7,938		—		21,049		411		20,638		—
FALCON		1,340			4,168		—			1,340		4,168		—		5,508		590		4,918		—
FENTON MARKETPLACE		2,298			8,510		(5	)		2,298		8,505		—		10,803		2,344		8,459		—
FIRST STREET VILLAGE		4,161			8,103		—			4,161		8,103		—		12,264		1,277		10,987		—
FLEMING ISLAND		3,077			11,587		542			3,077		12,129		—		15,206		3,750		11,456		1,338
FORT BEND CENTER		2,594			3,175		(1,800	)		1,885		2,084		—		3,969		1,348		2,621		—
FORTUNA		2,025			—		883			2,908		—		—		2,908		—		2,908		—
FRANKFORT CROSSING SHPG CTR		7,417			8,065		408			7,418		8,472		—		15,890		3,547		12,343		—
FRENCH VALLEY VILLAGE CENTER		11,924			16,856		82			11,924		16,938		—		28,862		4,164		24,698		—
FRIARS MISSION CENTER		6,660			28,021		208			6,660		28,229		—		34,889		8,492		26,397		609
GARDENS SQUARE		2,136			8,273		194			2,136		8,467		—		10,603		2,958		7,645		—
GARNER TOWNE SQUARE		5,591			21,866		93			5,591		21,959		—		27,550		6,888		20,662		—
GATEWAY 101		24,971			9,113		—			24,971		9,113		—		34,084		768		33,316		—
GATEWAY SHOPPING CENTER		52,665			7,134		323			52,665		7,457		—		60,122		5,267		54,855		18,476
GELSON'S WESTLAKE MARKET PLAZA		3,157			11,153		174			3,157		11,327		—		14,484		2,812		11,672		—
GLEN OAK PLAZA		4,103			12,951		—			4,103		12,951		—		17,054		162		16,892		6,266
GLENWOOD VILLAGE		1,194			5,381		38			1,194		5,419		—		6,613		2,694		3,919		—
GREENWOOD SPRINGS		2,720			3,059		(3,726	)		889		1,164		—		2,053		—		2,053		—
HANCOCK		8,232			28,260		318			8,232		28,578		—		36,810		9,581		27,229		—
HARPETH VILLAGE FIELDSTONE		2,284			9,443		5			2,284		9,448		—		11,732		3,123		8,609		—
HERITAGE LAND		12,390			—		—			12,390		—		—		12,390		—		12,390		—
HERITAGE PLAZA		—			26,097		286			—		26,383		—		26,383		8,917		17,466		—
HERSHEY		7			808		—			7		808		—		815		207		608		—
HIGHLAND CROSSROADS		2,260			4,924		(7,184	)		—		—		—		—		—		—		—
HIBERNIA PAVILION		4,929			5,065		—			4,929		5,065		—		9,994		671		9,323		—
HIBERNIA PLAZA		267			230		—			267		230		—		497		—		497		—
HILLCREST VILLAGE		1,600			1,909		—			1,600		1,909		—		3,509		589		2,920		—
HINSDALE		5,734			16,709		558			5,734		17,267		—		23,001		5,638		17,363		—
HORTON'S CORNER		3,137			2,779		25			3,213		2,728		—		5,941		354		5,587		—
HOWELL MILL VILLAGE		5,157			14,279		28			5,157		14,307		—		19,464		909		18,555		—
HYDE PARK		9,809			39,905		678			9,809		40,583		—		50,392		14,842		35,550		—
INGLEWOOD PLAZA		1,300			2,159		28			1,300		2,187		—		3,487		742		2,745		—
KELLER TOWN CENTER		2,294			12,841		73			2,294		12,914		—		15,208		3,946		11,262		—
KINGS CROSSING SUN CITY		515			1,246		(10	)		515		1,236		—		1,751		124		1,627		—
KROGER NEW ALBANY CENTER		3,844			6,599		228			3,844		6,827		—		10,671		3,224		7,447		4,130
KULPSVILLE		5,518			3,756		148			5,614		3,808		—		9,422		279		9,143		—
LAKE PINE PLAZA		2,008			7,632		32			2,029		7,643		—		9,672		2,536		7,136		—
LEBANON/LEGACY CENTER		3,913			7,874		94			3,913		7,968		—		11,881		3,201		8,680		—
LEBANON CENTER		3,865			5,751		—			3,865		5,751		—		9,616		873		8,743		—
LEGACY WEST		1,770			—		(1,000	)		770		—		—		770		—		770		—
LITTLETON SQUARE		2,030			8,859		113			2,030		8,972		—		11,002		2,761		8,241		—
LLOYD KING CENTER		1,779			10,060		93			1,779		10,153		—		11,932		3,297		8,635		—
LOEHMANNS PLAZA		3,983			18,687		167			3,983		18,854		—		22,837		7,713		15,124		—
LOEHMANNS PLAZA CALIFORNIA		5,420			9,450		391			5,420		9,841		—		15,261		3,200		12,061		—
LOVELAND SHOPPING CENTER		157			—		—			157		—		—		157		—		157		—
MARKET AT OPITZ CROSSING		9,902			9,248		(6,100	)		6,597		6,453		—		13,050		—		13,050		—
MARKET AT PRESTON FOREST		4,400			11,445		661			4,400		12,106		—		16,506		3,555		12,951		—
MARKET AT ROUND ROCK		2,000			9,676		3,064			2,000		12,740		—		14,740		3,342		11,398		—
MARKETPLACE AT BRIARGATE		1,706			4,885		47			1,727		4,911		—		6,638		894		5,744		—
MARKETPLACE SHOPPING CENTER		1,287			5,509		14			1,287		5,523		—		6,810		2,245		4,565		—
MARTIN DOWNS TOWN CENTER		1,364			5,187		30			1,364		5,217		—		6,581		1,894		4,687		—
MARTIN DOWNS VILLAGE CENTER		2,438			9,142		522			2,438		9,664		—		12,102		5,425		6,677		—
MARTIN DOWNS VILLAGE SHOPPES		817			4,965		54			817		5,019		—		5,836		2,427		3,409		—
MERRIMACK SHOPPING CENTER		285			—		(285	)		—		—		—		—		—		—		—
MIDDLE CREEK COMMONS		5,042			8,100		—			5,042		8,100		—		13,142		1,243		11,899		—
MILLHOPPER SHOPPING CENTER		1,073			5,358		4,405			1,784		9,052		—		10,836		4,065		6,771		—
MOCKINGBIRD COMMON		3,000			10,728		384			3,000		11,112		—		14,112		3,751		10,361		10,300
MONUMENT JACKSON CREEK		2,999			6,765		259			2,999		7,024		—		10,023		3,094		6,929		—
MORNINGSIDE PLAZA		4,300			13,951		127			4,300		14,078		—		18,378		4,466		13,912		—
MURRAYHILL MARKETPLACE		2,670			18,401		78			2,670		18,479		—		21,149		6,340		14,809		7,787
NAPLES WALK		18,173			13,554		18			18,173		13,572		—		31,745		1,820		29,925		16,859
NASHBORO VILLAGE		1,824			7,678		—			1,824		7,678		—		9,502		2,295		7,207		—
NEWBERRY SQUARE		2,412			10,150		225			2,412		10,375		—		12,787		5,513		7,274		—
NEWLAND CENTER		12,500			10,697		178			12,500		10,875		—		23,375		3,990		19,385		—
NORTH HILLS		4,900			19,774		512			4,900		20,286		—		25,186		6,087		19,099		—
NORTHGATE PLAZA (MAXTOWN ROAD)		1,769			6,652		23			1,769		6,675		—		8,444		2,351		6,093		—
NORTHGATE SQUARE		5,011			8,692		85			5,011		8,777		—		13,788		1,150		12,638		6,173
NORTHLAKE VILLAGE		2,662			11,284		84			2,662		11,368		—		14,030		3,342		10,688		—
OAKBROOK PLAZA		4,000			6,668		164			4,000		6,832		—		10,832		2,305		8,527		—
OAKLEAF COMMONS		3,503			11,671		—			3,503		11,671		—		15,174		1,647		13,527		—
OLD ST AUGUSTINE PLAZA		2,368			11,405		241			2,368		11,646		—		14,014		4,475		9,539		—
ORANGEBURG & CENTRAL		2,071			2,384		(85	)		2,071		2,299		—		4,370		314		4,056		—
ORCHARDS MARKET CENTER II		6,602			9,690		(3,016	)		5,497		7,779		—		13,276		—		13,276		—
PACES FERRY PLAZA		2,812			12,639		49			2,812		12,688		—		15,500		5,588		9,912		—
PANTHER CREEK		14,414			14,748		488			14,414		15,236		—		29,650		5,997		23,653		—
PARK PLACE SHOPPING CENTER		2,232			5,027		(1,983	)		1,332		3,944		—		5,276		2,819		2,457		—
PASEO DEL SOL		9,477			1,331		19,492			17,788		12,512		—		30,300		2,423		27,877		—
PEARTREE VILLAGE		5,197			19,746		322			5,197		20,068		—		25,265		7,263		18,002		9,513
PHENIX CROSSING		1,544			—		(500	)		1,044		—		—		1,044		—		1,044		—
PIKE CREEK		5,153			20,652		224			5,153		20,876		—		26,029		7,250		18,779		—
PIMA CROSSING		5,800			28,143		830			5,800		28,973		—		34,773		9,191		25,582		—
PINE LAKE VILLAGE		6,300			10,991		467			6,300		11,458		—		17,758		3,494		14,264		—
PINE TREE PLAZA		668			6,220		36			668		6,256		—		6,924		2,130		4,794		—
PLAZA HERMOSA		4,200			10,109		138			4,200		10,247		—		14,447		3,121		11,326		13,800
POWELL STREET PLAZA		8,248			30,716		1,108			8,248		31,824		—		40,072		7,353		32,719		—
POWERS FERRY SQUARE		3,687			17,965		119			3,687		18,084		—		21,771		8,187		13,584		—
POWERS FERRY VILLAGE		1,191			4,672		65			1,191		4,737		—		5,928		2,136		3,792		—
PRAIRIE CITY CROSSING		4,164			13,032		384			4,164		13,416		—		17,580		3,338		14,242		—
PRESTON PARK		6,400			54,817		(344	)		5,733		55,140		—		60,873		18,122		42,751		—
PRESTONBROOK		7,069			8,622		(17	)		7,069		8,605		—		15,674		4,153		11,521		6,800
PRESTONWOOD PARK		7,399			9,012		(2,417	)		6,274		7,720		—		13,994		4,204		9,790		—
RED BANK		10,336			9,505		—			10,336		9,505		—		19,841		324		19,517		—
REGENCY COMMONS		3,917			3,616		12			3,917		3,628		—		7,545		1,046		6,499		—
REGENCY SQUARE		4,770			25,191		818			4,770		26,009		—		30,779		15,813		14,966		—
RIVERMONT STATION		2,887			10,648		(4,505	)		2,636		6,394		—		9,030		—		9,030		—
ROCKWALL TOWN CENTER		4,438			5,140		(82	)		4,438		5,058		—		9,496		1,283		8,213		—
RONA PLAZA		1,500			4,917		53			1,500		4,970		—		6,470		1,667		4,803		—
RUSSELL RIDGE		2,234			6,903		194			2,234		7,097		—		9,331		2,983		6,348		—
SAMMAMISH-HIGHLANDS		9,300			8,075		350			9,300		8,425		—		17,725		2,595		15,130		—
SAN LEANDRO PLAZA		1,300			8,226		30			1,300		8,256		—		9,556		2,630		6,926		—
SANTA ANA DOWNTOWN PLAZA		4,240			8,514		(12,754	)		—		—		—		—		—		—		—
SEQUOIA STATION		9,100			18,356		137			9,100		18,493		—		27,593		5,624		21,969		21,100
SHERWOOD CROSSROADS		2,731			6,360		(52	)		2,731		6,308		—		9,039		1,391		7,648		—
SHERWOOD MARKET CENTER		3,475			16,362		3			3,475		16,365		—		19,840		5,283		14,557		—
SHOPPES @ 104		11,193			—		(279	)		6,652		4,262		—		10,914		206		10,708		—
SHOPPES AT MASON		1,577			5,685		119			1,577		5,804		—		7,381		1,944		5,437		—
SHOPPES OF GRANDE OAK		5,091			5,985		55			5,091		6,040		—		11,131		2,598		8,533		—
SHOPS AT ARIZONA		3,063			3,243		38			3,063		3,281		—		6,344		1,160		5,184		—
SHOPS AT COUNTY CENTER		9,957			11,269		83			9,990		11,319		—		21,309		2,426		18,883		—
SHOPS AT HIGHLAND VILLAGE		33,145			66,926		—			33,145		66,926		—		100,071		12,485		87,586		—
SHOPS AT JOHN'S CREEK		1,863			2,014		—			1,870		2,006		—		3,876		537		3,339		—
SIGNATURE PLAZA		2,396			3,898		129			2,396		4,028		—		6,424		1,365		5,059		—
SOUTH LOWRY SQUARE		3,434			10,445		114			3,434		10,559		—		13,993		3,318		10,675		—
SOUTH MOUNTAIN		146			—		465			611		—		—		611		—		611		—
SOUTHCENTER		1,300			12,750		405			1,300		13,155		—		14,455		3,874		10,581		—
SOUTHPOINT CROSSING		4,412			12,235		62			4,412		12,297		—		16,709		3,850		12,859		—
STARKE		71			1,683		—			71		1,683		—		1,754		427		1,327		—
STERLING RIDGE		12,846			12,162		217			12,846		12,379		—		25,225		4,875		20,350		13,900
STONEWALL		27,511			22,123		—			27,511		22,123		—		49,634		3,484		46,150		—
STRAWFLOWER VILLAGE		4,060			8,084		183			4,060		8,267		—		12,327		2,756		9,571		—
STROH RANCH		4,280			8,189		83			4,280		8,272		—		12,552		3,682		8,870		—
SUNNYSIDE 205		1,200			9,459		327			1,200		9,786		—		10,986		3,092		7,894		—
TANASBOURNE MARKET		3,269			10,861		(297	)		3,269		10,564		—		13,833		1,297		12,536		—
TASSAJARA CROSSING		8,560			15,464		158			8,560		15,622		—		24,182		4,794		19,388		19,800
THOMAS LAKE		6,000			10,628		(66	)		6,000		10,562		—		16,562		3,287		13,275		—
TOWN SQUARE		883			8,132		—			883		8,132		—		9,015		3,089		5,926		—
TRACE CROSSING		279			—		—			279		—		—		279		—		279		—
TROPHY CLUB		2,595			11,023		17			2,595		11,040		—		13,635		3,289		10,346		—
TWIN CITY PLAZA		17,245			44,225		771			17,263		44,978		—		62,241		6,312		55,929		42,489
TWIN PEAKS		5,200			25,827		196			5,200		26,023		—		31,223		7,900		23,323		—
VALENCIA CROSSROADS		17,921			17,659		201			17,921		17,860		—		35,781		8,643		27,138		—
VENTURA VILLAGE		4,300			6,648		115			4,300		6,763		—		11,063		2,103		8,960		—
VILLAGE CENTER		3,885			14,131		427			3,885		14,558		—		18,443		5,487		12,956		—
VINE AT CASTAIC		4,799			5,884		—			4,799		5,884		—		10,683		902		9,781		—
VISTA VILLAGE IV		2,287			2,765		15			2,287		2,780		—		5,067		979		4,088		—
WADSWORTH CROSSING		12,093			14,101		—			12,093		14,101		—		26,194		1,731		24,463		—
WALKER CENTER		3,840			7,232		165			3,840		7,397		—		11,237		2,434		8,803		—
WELLEBY PLAZA		1,496			7,787		182			1,496		7,969		—		9,465		4,322		5,143		—
WELLINGTON TOWN SQUARE		2,041			12,131		76			2,041		12,207		—		14,248		4,157		10,091		12,800
WEST PARK PLAZA		5,840			5,759		206			5,840		5,965		—		11,805		1,853		9,952		—
WESTBROOK COMMONS		3,366			11,751		(1,156	)		3,091		10,870		—		13,961		2,809		11,152		—
WESTCHASE		5,302			8,273		63			5,302		8,336		—		13,638		1,038		12,600		8,297
WESTCHESTER PLAZA		1,857			7,572		40			1,857		7,612		—		9,469		3,313		6,156		—
WESTLAKE PLAZA AND CENTER		7,043			27,195		239			7,043		27,434		—		34,477		9,117		25,360		—
WESTRIDGE VILLAGE		9,529			11,397		92			9,529		11,489		—		21,018		3,526		17,492		—
WESTWOOD VILLAGE		19,933			25,301		—			19,933		25,301		—		45,234		3,379		41,855		—
WHITE OAK—DOVER, DE		2,144			3,069		—			2,144		3,069		—		5,213		1,524		3,689		—
WILLOW FESTIVAL		1,954			56,501		—			1,954		56,501		—		58,455		142		58,313		39,505
WINDMILLER PLAZA PHASE I		2,638			13,241		25			2,638		13,266		—		15,904		4,625		11,279		—
WOODCROFT SHOPPING CENTER		1,419			6,284		97			1,421		6,379		—		7,800		2,537		5,263		—
WOODMAN VAN NUYS		5,500			7,195		24			5,500		7,219		—		12,719		2,356		10,363		—
WOODMEN PLAZA		7,621			11,018		223			7,621		11,241		—		18,862		6,448		12,414		—
WOODSIDE CENTRAL		3,500			9,288		133			3,500		9,421		—		12,921		2,908		10,013		—
CORPORATELY HELD ASSETS		—			—		2,800			670		2,130		—		2,800		2,042		758		605
PROPERTIES IN DEVELOPMENT		(200	)		1,078,886		(467,754	)		—		610,932		—		610,932		21,127		589,805		7,059

	$	1,117,743			3,341,829		(470,418	)		1,093,700		2,895,454		—		3,989,154		700,878		3,288,276		412,610

(1)	See Item 2. Properties for geographic location and year acquired.

(2)	The negative balance for costs capitalized subsequent to acquisition could include out-parcels sold, provision for loss recorded and development transfers subsequent to the initial costs.

See accompanying report of independent registered public accounting firm.

REGENCY CENTERS CORPORATION

Consolidated Real Estate and Accumulated Depreciation

December 31, 2010

(in thousands)

Depreciation and amortization of the Company's investment in buildings and improvements reflected in the statements of operations is calculated over the estimated useful lives of the assets as follows:

Buildings and improvements up to 40 or more years

The aggregate cost for Federal income tax purposes was approximately $3.2 billion at December 31, 2010.

The changes in total real estate assets for the years ended December 31, 2010, 2009, and 2008:


	2010			2009			2008
Balance, beginning of year	$	3,933,778			4,042,487			3,965,284
Developed or acquired properties		93,759			180,346			358,156
Improvements		18,772			15,617			15,995
Sale of properties		(14,503	)		(150,792	)		(202,758	)
Properties held for sale		—			(19,647	)		(66,447	)
Properties reclassed to held for use		—			(30,296	)		—
Provision for impairment		(42,652	)		(103,937	)		(27,743	)

Balance, end of year	$	3,989,154			3,933,778			4,042,487

The changes in accumulated depreciation for the years ended December 31, 2010, 2009, and 2008:


	2010			2009			2008
Balance, beginning of year	$	622,163			554,595			497,498
Depreciation for year		99,554			97,019			88,509
Sale of properties		(2,052	)		(31,792	)		(19,771	)
Accumulated depreciation related to properties held for sale		—			(3,066	)		(11,641	)
Accumulated depreciation related to properties reclassed to held for use		—			5,407			—
Provision for impairment		(18,787	)		—			—

Balance, end of year	$	700,878			622,163			554,595

- Definition

An entity whose business is acquiring and holding for investment real estate or interests in real estate should list all real estate that is held for investment. The schedule should describe the property and list the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule should also list the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. The entity should provide a reconciliation in total of the carrying amount of real estate from the beginning of the period to the end of the period. A similar reconciliation should be provided for accumulated depreciation. Any real estate investments that have been written down or reserved against should be described, including the basis of the write-down. A material amount of intercompany profit in the total carrying amount of real estate should be disclosed. The aggregate cost of all real estate investments for federal income tax purposes should also be disclosed.

+ References+ Details

Consolidated Statements of Operations (Parenthetical) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Regency Centers Corporation
Interest income	$ 2,408	$ 3,767	$ 4,696
Regency Centers, L.P.
Interest income	$ 2,408	$ 3,767	$ 4,696

Consolidated Statements of Cash Flows (Parenthetical) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Regency Centers Corporation
Capitalized interest	$ 5,099	$ 19,062	$ 36,510
Regency Centers, L.P.
Capitalized interest	$ 5,099	$ 19,062	$ 36,510