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Form 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported) May 2, 2012

REGENCY CENTERS CORPORATION

(Exact name of registrant as specified in its charter)

Florida

001-12298

59-3191743

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

One Independent Drive, Suite 114

Jacksonville, Florida

32202

(Address of principal executive offices)

(Zip Code)

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

Not Applicable

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

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

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

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

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

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

Item 2.02 Disclosure of Results of Operations and Financial Condition

On May 2, 2012 Regency issued an earnings release for the three months ended March 31, 2012, which is attached as Exhibit 99.1.

On May 2, 2012 Regency posted on its website at www.regencycenters.com the supplemental information for the three months ended March 31, 2012 which is attached as Exhibit 99.2.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits


Exhibit 99.1		Earnings release issued by Regency on May 2, 2012, for the three months ended March 31, 2012.

Exhibit 99.2		Supplemental information posted on its website on May 2, 2012, for the three months ended March 31, 2012.

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


	REGENCY CENTERS CORPORATION
	(registrant)

Date: May 2, 2012	By:	*/s/ J. Christian Leavitt*
		J. Christian Leavitt, Senior Vice President,
		Finance and Principal Accounting Officer

EX-99.1

Exhibit 99.1


		NEWS RELEASE
		For immediate release
		Patrick Johnson
		904 598 7422
		PatrickJohnson@RegencyCenters.com

Regency Centers Reports First Quarter Results

Operating Fundamentals Exceed Expectations

JACKSONVILLE, Fla. (May, 2, 2012) — Regency Centers Corporation (NYSE:REG) announced today financial and operating results for the quarter ended March 31, 2012.

Earnings

Regency reported Recurring Funds From Operations (Recurring FFO) for the first quarter of $56.2 million, or $0.62 per diluted share, compared to $51.0 million and $0.59 per diluted share for the same period in 2011.

Regency reported net income attributable to common stockholders for the quarter of $13.2 million, or $0.14 per diluted share, compared to net income of $2.2 million and $0.02 per diluted share for the same period in 2011.

Funds From Operations (FFO) for the first quarter was $49.9 million, or $0.55 per diluted share. For the same period in 2011, the Company reported FFO of $52.7 million and $0.61 per diluted share.

FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (NAREIT) defines as net income, computed in accordance with GAAP, excluding gains and losses from sales of depreciable property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Regency computes FFO for all periods presented in accordance with the guidance set forth by NAREIT’s April 1, 2001 White Paper as well as the October 2011 definitional change to exclude operating real estate impairments; however, Regency also includes gains and losses from the sale of development properties in its calculation of FFO because it considers those items to be significant operating amounts included in its financial results. An additional performance measure used by Regency, Recurring FFO, represents FFO as defined above, excluding the effects of non-recurring transaction income or expense, gains or losses from the early extinguishment of debt and other one-time items.

Operations

For the three months ended March 31, 2012, Regency’s results for wholly owned properties plus its pro-rata share of co-investment partnerships were as follows:

•

Percent leased, same properties only: 93.6%

•

Percent leased, all properties: 92.7%

•

Increase in same property net operating income (NOI) over the same period last year, excluding termination fees: 4.2%

•

Same space rental rate growth on a cash basis for spaces vacant less than 12 months: 2.9%

•

Leasing transactions, including in-process developments (wholly owned properties and 100% of co-investment partnerships): 405 new and renewal lease transactions for a total of 1.5 million square feet

Investments

Property Transactions

During the quarter, Regency sold two wholly owned operating properties at a gross sales price of $23.1 million and a weighted average cap rate of 7.4%. Also, Regency sold two out parcels at a gross sales price of $7.4 million. Subsequent to quarter end, the Company sold two co-investment operating properties for a gross sales price of $80.5 million and a weighted average cap rate of 5.9%. Regency’s share of the sales price was $19.8 million.

During the quarter, Regency and a co-investment partner purchased Lake Grove Commons at a gross purchase price of $72.5 million and a cap rate of 5.6%. Regency’s share of the purchase price was $29.0 million. The property is a 141,382 square foot, 100% leased Whole Foods-anchored shopping center located on Long Island.

Developments and Redevelopments

At March 31, 2012, the Company had 10 projects under development with estimated net development costs of $217.7 million. Additionally, Regency had six redevelopment projects in process with estimated net incremental costs, including its pro-rata share of co-investment partnerships, of $29.8 million.

Capital Markets

Preferred Stock

During the quarter, Regency issued $250 million of 6.625% Series 6 Cumulative Redeemable Preferred Shares (“Series 6 Stock”). The Company used the proceeds for the purchase of its 7.45% Series D Cumulative Preferred Limited Partnership Units and the redemption of its 7.45% Series 3 and 7.25% Series 4 Cumulative Redeemable Preferred Shares (collectively, the “Preferred Redemptions”). Beginning in 2013, the Preferred Redemptions and the issuance of the Series 6 Stock will result in annual preferred dividend savings of approximately $1.8 million.

Unsecured Term Loan

During the quarter, Regency drew $150 million on the $250 million unsecured term loan that it closed in November 2011. The Company retains the option to draw the remaining $100 million by July 13, 2012.

Rating Agencies

During the quarter, Standard and Poor’s and Fitch Ratings both affirmed Regency’s corporate credit rating and senior unsecured ratings of BBB, with each maintaining a Stable outlook.

Partnership Financings

Subsequent to quarter end, Regency closed on $128 million of mortgage loan refinancings in its GRI partnership. The 4.5% interest rate was locked in October 2011. The new loans carry a term of ten years and include interest-only payments for the first year outstanding.

Dividend

On May 1, 2012, the Board of Directors declared a quarterly cash dividend on the Company’s common stock of $0.4625 per share, payable on May 30, 2012 to shareholders of record on May 16, 2012.

2012 Guidance

The Company has updated its 2012 Recurring FFO per share and same property net operating income growth guidance. Some of these changes are summarized below. Please refer to the Company’s first quarter 2012 supplemental information package for the complete listing of updates.


	Full Year 2012 Guidance
	Previous Guidance	Updated Guidance
Recurring FFO/share - 2012	$2.38 - $2.52	$2.42 - $2.54
FFO/share - 2012	$2.23 - $2.39	$2.30 - $2.42
Same property NOI growth - without termination fees^(a)	1.5% - 3.0%	2.0% - 3.25%
Same property percent leased - at period end^(a)	93.0% - 94.0%	93.25% - 94.25%

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

Conference Call

In conjunction with Regency’s first quarter results, you are invited to listen to its conference call that will be broadcast live over the internet on Thursday, May 3, 2012 at 10:00 a.m. EDT on the Company’s web site www.RegencyCenters.com. If you are unable to participate during the live webcast, the call will also be archived on the web site.

The Company has published forward-looking statements and additional financial information in its first quarter 2012 supplemental information package that may help investors estimate earnings for 2012. A copy of the Company’s first quarter 2012 supplemental information will be available on the Company’s web site at www.RegencyCenters.com or by written request to Diane Ortolano, Investor Relations, Regency Centers Corporation, One Independent Drive, Suite 114, Jacksonville, Florida, 32202. The supplemental information package contains more detailed financial and property results including financial statements, an outstanding debt summary, acquisition and development activity, investments in partnerships, information pertaining to securities issued other than common stock, property details, a significant tenant rent report and a lease expiration table in addition to earnings and valuation guidance assumptions. The information provided in the supplemental package is unaudited and there can be no assurance that the information will not vary from the information provided for the quarter ended March 31, 2012. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.

Reconciliation of Net Income Attributable to Common Stockholders to Funds From Operations and Recurring Funds From Operations—Actual (in thousands)


For the Periods Ended March 31, 2012 and 2011	Three Months Ended						Year to Date
	2012			2011			2012			2011

Net income attributable to common stockholders	$	13,181		$	2,185		$	13,181		$	2,185
Adjustments to reconcile to Funds from Operations:
Depreciation and amortization - consolidated real estate		28,039			29,808			28,039			29,808
Depreciation and amortization - unconsolidated partnerships		11,100			11,341			11,100			11,341
Consolidated JV partners’ share of depreciation		(181	)		(135	)		(181	)		(135	)
Provision for impairment		—			4,580			—			4,580
Amortization of leasing commissions and intangibles		4,013			4,380			4,013			4,380
Gain on sale of operating properties, net of tax		(6,301	)		(19	)		(6,301	)		(19	)
(Income) loss from deferred compensation plan, net		(51	)		548			(51	)		548
Noncontrolling interest of exchangeable partnership units		54			13			54			13


Funds From Operations		49,854			52,701			49,854			52,701

Dilutive effect of share-based awards		(217	)		(225	)		(217	)		(225	)

Funds From Operations for calculating Diluted FFO per Share	$	49,637		$	52,476		$	49,637		$	52,476


Funds From Operations	$	49,854		$	52,701		$	49,854		$	52,701
Adjustments to reconcile to Recurring Funds from Operations:
Development and outparcel loss (gain), net of dead deal costs and tax		(1,329	)		(1,724	)		(1,329	)		(1,724	)
Provision for hedge ineffectiveness		(5	)		—			(5	)		—
Gain on early debt extinguishment		—			(23	)		—			(23	)
Original preferred stock issuance costs expensed		7,835			—			7,835			—
Gain on redemption of preferred units		(1,875	)		—			(1,875	)		—
One-time additional preferred dividend payment		1,750			—			1,750			—


Recurring Funds From Operations		56,230			50,954			56,230			50,954

Dilutive effect of share-based awards		(217	)		(225	)		(217	)		(225	)

Recurring Funds From Operations for calculating Diluted Recurring FFO per Share	$	56,013		$	50,729		$	56,013		$	50,729


Weighted Average Shares For Diluted FFO per Share		89,704			85,358			89,704			85,358

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

Regency Centers Corporation (NYSE: REG)

Regency is the preeminent national owner, operator, and developer of dominant grocery-anchored and community shopping centers. At March 31, 2012, the Company owned 365 retail properties, including those held in co-investment partnerships. Including tenant-owned square footage, the portfolio encompassed 49.8 million square feet located in top markets throughout the United States. Since 2000 Regency has developed 207 shopping centers, including those currently in-process, representing an investment at completion of $3.0 billion. Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.

###

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

EX-99.2

EXHIBIT 99.2

Regency Centers Corporation

March 31, 2012

Supplemental Information

Investor Relations

Diane Ortolano

One Independent Drive, Suite 114

Jacksonville, FL 32202

904-598-7000

LOGO

At Regency Centers, we have lived our values for 50 years by executing and successfully meeting our commitments to our people, our customers, and our communities. We hold ourselves to that high standard every day. Our exceptional culture will set us apart for the next 50 years through our unending dedication to these beliefs:

We are our people.

We believe our people are our most fundamental asset — the best professionals in the business who bring our culture to life. We are the company you want to work for and the people you want to do business with.

We work together to sustain superior results.

We believe that, by partnering with each other and with our customers, our talented team will sustain superior results over the long term. We believe that when you are passionate about what you are doing and who you are working with in a results-oriented, family atmosphere, you do it better.

We provide exceptional service to our customers.

We believe in putting our customers first. This starts by owning, operating, and developing dominant shopping centers that are exceptionally merchandised and maintained and most preferred by the neighborhoods and communities where our best-in-class retailers will thrive.

We add value.

We believe in creating value from every transaction. We realize the critical importance of executing, performing and delivering on our commitments.

We perform for our investors.

We believe that the capital that our investors have entrusted to us is precious. We are open and transparent. We are committed to enhancing the investments of our shareholders, bond and mortgage holders, lenders, and co-investment partners.

We connect to our communities.

We believe in contributing to the betterment of our communities. We strive to develop and operate thriving shopping centers that are connected to our neighborhoods. We are continuously reducing our environmental impact through our greengenuity^® program.

We do what is right.

We believe in unwavering standards of honesty and integrity. Since 1963, our Company has built its reputation by maintaining the highest ethical principles. You will find differentiation in our character — we do what is right and you can take us at our word.

We are the industry leader.

We believe that through dedication to excellence, innovation, and ongoing process improvements, and by remaining focused on our core values, we will continue to be the industry leader in a highly competitive and ever-changing market.

Our Mission is to enhance our standing as the preeminent national shopping center company through the first-rate performance of our exceptionally merchandised portfolio of dominant grocery-anchored shopping centers, the value-added service from the best team of professionals in the business to our top-performing retailers, and profitable growth and development.

Table of Contents

March 31, 2012


Press Release			1

Summary Information:

Summary Financial Information			5

Summary Real Estate Information			6

Financial Information:

Consolidated Balance Sheets			7

Consolidated Statements of Operations (FFO format)			8

FFO and Other Information			9

Consolidated Statements of Operations (GAAP basis)			11

Summary of Consolidated Debt			12

Summary of Unsecured Public Debt Covenants			13

Summary of Preferred Stock			14

Investment Activity:

Property Transactions			15

Development Information			16

Co-investment Partnerships:

Unconsolidated Investments			18

Unconsolidated Balance Sheets			19

Unconsolidated Statements of Operations			20

Summary of Unconsolidated Debt			21

Real Estate Information:

Leasing Statistics			22

Average Base Rent by State			23

Portfolio Summary Report by State			24

Significant Tenant Rents			30

Lease Expiration Schedule			31

Forward-Looking Information:

Earnings and Valuation Guidance			33

Reconciliation of FFO to Net Income			34



Glossary of Terms			35


		NEWS RELEASE
		For immediate release
		Patrick Johnson
		904 598 7422
		PatrickJohnson@RegencyCenters.com

Regency Centers Reports First Quarter Results

Operating Fundamentals Exceed Expectations

JACKSONVILLE, Fla. (May, 2, 2012) – Regency Centers Corporation (NYSE:REG) announced today financial and operating results for the quarter ended March 31, 2012.

Earnings

Funds From Operations (FFO) for the first quarter was $49.9 million, or $0.55 per diluted share. For the same period in 2011, the Company reported FFO of $52.7 million and $0.61 per diluted share.

Operations

For the three months ended March 31, 2012, Regency’s results for wholly owned properties plus its pro-rata share of co-investment partnerships were as follows:

•

Percent leased, same properties only: 93.6%

•

Percent leased, all properties: 92.7%

•

Increase in same property net operating income (NOI) over the same period last year, excluding termination fees: 4.2%

•

Same space rental rate growth on a cash basis for spaces vacant less than 12 months: 2.9%

•

Leasing transactions, including in-process developments (wholly owned properties and 100% of co-investment partnerships): 405 new and renewal lease transactions for a total of 1.5 million square feet

Investments

Property Transactions

Developments and Redevelopments

Capital Markets

Preferred Stock

Unsecured Term Loan

Rating Agencies

During the quarter, Standard and Poor’s and Fitch Ratings both affirmed Regency’s corporate credit rating and senior unsecured ratings of BBB, with each maintaining a Stable outlook.

Partnership Financings

Dividend

On May 1, 2012, the Board of Directors declared a quarterly cash dividend on the Company’s common stock of $0.4625 per share, payable on May 30, 2012 to shareholders of record on May 16, 2012.

2012 Guidance


	Full Year 2012 Guidance
	Previous Guidance	Updated Guidance
Recurring FFO/share - 2012	$2.38 - $2.52	$2.42 - $2.54
FFO/share - 2012	$2.23 - $2.39	$2.30 - $2.42
Same property NOI growth - without termination fees^(a)	1.5% - 3.0%	2.0% - 3.25%
Same property percent leased- at period end^(a)	93.0% - 94.0%	93.25% - 94.25%

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

Conference Call

Reconciliation of Net Income Attributable to Common Stockholders to Funds From Operations and Recurring Funds From Operations—Actual (in thousands)


For the Periods Ended March 31, 2012 and 2011	Three Months Ended						Year to Date
	2012			2011			2012			2011

Net income attributable to common stockholders	$	13,181		$	2,185		$	13,181		$	2,185
Adjustments to reconcile to Funds from Operations:
Depreciation and amortization - consolidated real estate		28,039			29,808			28,039			29,808
Depreciation and amortization - unconsolidated partnerships		11,100			11,341			11,100			11,341
Consolidated JV partners’ share of depreciation		(181	)		(135	)		(181	)		(135	)
Provision for impairment		—			4,580			—			4,580
Amortization of leasing commissions and intangibles		4,013			4,380			4,013			4,380
Gain on sale of operating properties, net of tax		(6,301	)		(19	)		(6,301	)		(19	)
(Income) loss from deferred compensation plan, net		(51	)		548			(51	)		548
Noncontrolling interest of exchangeable partnership units		54			13			54			13


Funds From Operations		49,854			52,701			49,854			52,701

Dilutive effect of share-based awards		(217	)		(225	)		(217	)		(225	)

Funds From Operations for calculating Diluted FFO per Share	$	49,637		$	52,476		$	49,637		$	52,476


Funds From Operations	$	49,854		$	52,701		$	49,854		$	52,701
Adjustments to reconcile to Recurring Funds from Operations:
Development and outparcel loss (gain), net of dead deal costs and tax		(1,329	)		(1,724	)		(1,329	)		(1,724	)
Provision for hedge ineffectiveness		(5	)		—			(5	)		—
Gain on early debt extinguishment		—			(23	)		—			(23	)
Original preferred stock issuance costs expensed		7,835			—			7,835			—
Gain on redemption of preferred units		(1,875	)		—			(1,875	)		—
One-time additional preferred dividend payment		1,750			—			1,750			—


Recurring Funds From Operations		56,230			50,954			56,230			50,954

Dilutive effect of share-based awards		(217	)		(225	)		(217	)		(225	)

Recurring Funds From Operations for calculating Diluted Recurring FFO per Share	$	56,013		$	50,729		$	56,013		$	50,729


Weighted Average Shares For Diluted FFO per Share		89,704			85,358			89,704			85,358

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

Regency Centers Corporation (NYSE: REG)

###

Summary Financial Information

March 31, 2012

(in thousands, except per share information)


Financial Results	Three Months Ended						Year to Date
	2012			2011			2012			2011
Recurring Funds From Operations (Recurring FFO)	$	56,230		$	50,954		$	56,230		$	50,954

Recurring FFO per share - Diluted	$	0.62		$	0.59		$	0.62		$	0.59

Diluted Recurring FFO per share growth rate		5.1	%					5.1	%

Funds From Operations (FFO)	$	49,854		$	52,701		$	49,854		$	52,701

FFO per share - Diluted	$	0.55		$	0.61		$	0.55		$	0.61

Diluted share count

Wtd Average Diluted Shares for FFO per share		89,704			85,358			89,704			85,358

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

Payout ratio of Diluted Recurring FFO per share		74.6	%		78.4	%		74.6	%		78.4	%

Coverage ratios

Interest only		3.5			3.1			3.5			3.1

Fixed Charge (Consolidated)		2.8			2.5			2.8			2.5

Fixed Charge (including pro-rata share of co-investment partnerships)		2.4			2.2			2.4			2.2

Capital Information	3/31/12			YTD Change			12/31/11			12/31/10

Closing common stock price per share	$	44.48		$	6.86		$	37.62		$	42.24
Total Shareholder Return		19.5	%					-6.6	%

Common Shares and Equivalents Outstanding		90,107			8			90,099			82,064

Market equity value of Common and Convertible shares	$	4,007,959		$	618,435		$	3,389,524		$	3,466,383
Non-Convertible Preferred Units and shares	$	325,000		$	0		$	325,000		$	325,000
Outstanding debt	$	2,023,358		$	40,918		$	1,982,440		$	2,094,469
Total market capitalization	$	6,356,317		$	659,353		$	5,696,964		$	5,885,852

Total real estate at cost before depreciation	$	4,519,523		$	30,729		$	4,488,794		$	4,417,746
Total assets at cost before depreciation	$	4,818,063		$	39,373		$	4,778,690		$	4,695,417

Outstanding Classes of Stock and Partnership Units:
Common Shares Outstanding		89,930		$	8			89,922			81,887
Exchangeable O.P. Units held by noncontrolling interests		177			—			177			177

Common Shares and Equivalents Issued and Outstanding		90,107			8			90,099			82,064

Summary Real Estate Information

March 31, 2012

(GLA in thousands)


Wholly Owned and 100% of Co-investment Partnerships	3/31/12			12/31/11			3/31/11			12/31/10
Number of shopping centers - All properties		365			367			396			396

Number of shopping centers - Operating properties		356			357			370			370

Number of shopping centers - Same properties		352			316			354			350

Number of projects in development		10			9			30			29


Gross Leasable Area (GLA) - All properties		42,435			42,149			44,744			45,077

GLA including anchor-owned stores - All properties		49,777			49,490			52,864			53,142

GLA - Operating properties		41,474			41,498			42,554			42,955

GLA - Same properties		40,571			37,023			40,387			40,379

GLA - Projects in development		961			651			2,190			2,121


Wholly Owned and Regency’s Pro-Rata Share of Co-investment Partnerships	3/31/12			12/31/11			3/31/11			12/31/10
GLA - All properties		29,991			29,788			29,896			29,930

GLA including anchor-owned stores - All properties		36,144			35,941			36,038			36,051

GLA - Operating properties		29,030			29,137			27,758			27,861

GLA - Same properties		28,361			24,922			25,740			25,433

GLA - Projects in development		961			651			2,138			2,069


% leased - All properties		92.7	%		92.7	%		91.3	%		92.0	%

% leased - Operating properties		93.6	%		93.5	%		92.0	%		92.8	%

% leased - Same properties		93.6	%		93.8	%		92.0	%		92.8	%

Average % leased - Same properties		93.4	%		92.6	%		92.2	%		92.8	%

% Leased - Projects in development		64.2	%		58.4	%		83.2	%		81.3	%


Rental rate growth for spaces vacant less than 12 months - YTD⁽¹⁾		2.9	%		1.2	%		-1.0	%		-0.1	%

Same property NOI growth - YTD		1.8	%		-0.6	%		-1.6	%		1.2	%

Same property NOI growth without termination fees - YTD		4.2	%		0.1	%		0.6	%		0.0	%

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

Consolidated Balance Sheets

March 31, 2012 and December 31, 2011

(in thousands)


	2012			2011
Assets
Real estate investments at cost:
Land, building and improvements	$	3,873,248			3,877,835
Properties in development		250,342			224,077

		4,123,590			4,101,912
Less: accumulated depreciation		813,187			791,619

		3,310,403			3,310,293
Investments in real estate partnerships		395,933			386,882

Net real estate investments		3,706,336			3,697,175
Cash and cash equivalents		27,115			11,402
Restricted cash		6,406			6,050
Accounts receivable, net of allowance for doubtful accounts		42,338			37,733
Straight line rent receivables, net of reserves		49,625			48,132
Notes receivable		23,883			35,784
Deferred costs, net of accumulated amortization		71,094			70,204
Acquired lease intangible assets, net of accumulated amortization		25,937			27,054
Trading securities held in trust, at fair value		23,411			21,713
Other assets		28,731			31,824

Total assets	$	4,004,876			3,987,071

Liabilities and Equity
Liabilities:
Notes payable	$	1,748,358			1,942,440
Unsecured credit facilities		275,000			40,000

Total notes payable		2,023,358			1,982,440
Accounts payable and other liabilities		104,819			101,862
Derivative instruments, at fair value		59			37
Acquired lease intangible liabilities, net of accumulated accretion		12,269			12,662
Tenants’ security and escrow deposits		19,757			20,416

Total liabilities		2,160,262			2,117,417


Equity:
Stockholder’s Equity:
Preferred stock		325,000			275,000
Common stock, $.01 par		899			899
Additional paid in capital, net of treasury stock		2,266,559			2,266,620
Accumulated other comprehensive loss		(69,083	)		(71,429	)
Distributions in excess of net income		(690,845	)		(662,735	)

Total stockholders’ equity		1,832,530			1,808,355

Noncontrolling Interests:
Preferred units		—			49,158
Exchangeable operating partnership units		(990	)		(963	)
Limited partners’ interest in consolidated partnerships		13,074			13,104

Total noncontrolling interests		12,084			61,299

Total equity		1,844,614			1,869,654

Total liabilities and equity	$	4,004,876			3,987,071


Ratios	2012			2011
Debt to real estate assets, before depreciation		44.8	%		44.2	%
Debt to total assets, before depreciation		42.0	%		41.5	%
Debt to total assets, before depreciation and including prorata share of JV’s ⁽¹⁾		45.4	%		45.0	%
Debt + preferred to total assets, before deprec. and incl. prorata share of JV’s		51.0	%		50.6	%
Unsecured assets to total real estate assets (wholly owned only)		78.5	%		79.7	%
Unsecured NOI to total NOI (wholly owned only)		78.5	%		80.7	%

(1)	debt ratio would be 45.1% if current cash balances were used to reduce outstanding debt

Consolidated Statements of Operations

For the Periods Ended March 31, 2012 and 2011

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

(in thousands)


	Three Months Ended						Year to Date
	2012			2011			2012			2011
Real Estate Revenues:
Minimum rent	$	92,677			89,381		$	92,677			89,381
Percentage rent		1,160			907			1,160			907
Recoveries from tenants		25,539			24,731			25,539			24,731
Termination Fees		188			2,762			188			2,762
Other income		999			1,505			999			1,505

		120,563			119,286			120,563			119,286


Real Estate Operating Expenses:
Operating and maintenance		18,678			19,579			18,678			19,579
Provision for doubtful accounts		453			627			453			627
Real estate taxes		15,396			14,725			15,396			14,725

		34,527			34,931			34,527			34,931


Net Operating Income		86,036			84,355			86,036			84,355

Fees, Development and Outparcel Gains:
Asset management fees		1,636			1,726			1,636			1,726
Property management fees		3,543			3,963			3,543			3,963
Leasing commissions and other fees		1,971			2,169			1,971			2,169
Gain on sale of outparcels and land		1,834			—			1,834			—
Dead deal and acquisition costs		(85	)		(88	)		(85	)		(88	)
Income tax benefit (expense)		(169	)		1,815			(169	)		1,815

		8,730			9,585			8,730			9,585


Other Operating Expense (Income):
General and administrative		14,645			15,661			14,645			15,661
Other expenses		818			821			818			821
Depreciation and amortization (including FF&E)		32,929			35,190			32,929			35,190
Interest expense, net		28,958			30,865			28,958			30,865
Gain on sale of operating properties		(6,301	)		—			(6,301	)		—
(Income) loss from deferred compensation plan, net		(51	)		548			(51	)		548
Hedge ineffectiveness		(1	)		—			(1	)		—

		70,997			83,085			70,997			83,085


Equity in Income (Loss) of Unconsolidated Partnerships:
Operating income		2,962			1,836			2,962			1,836
Gain on sale of operating properties		—			19			—			19
Provision for impairment - JV properties		—			(4,580	)		—			(4,580	)
Hedge ineffectiveness - JV properties		4			—			4			—

		2,966			(2,725	)		2,966			(2,725	)


Net Income		26,735			8,130			26,735			8,130

Noncontrolling Interests:
Preferred units		(629	)		931			(629	)		931
Exchangeable operating partnership units		54			13			54			13
Limited partners’ interest in consolidated partnerships		192			82			192			82

Net Income Attributable to Noncontrolling Interests		(383	)		1,026			(383	)		1,026

Net Income Attributable to Controlling Interests		27,118			7,104			27,118			7,104
Preferred Stock Dividends		13,937			4,919			13,937			4,919

Net Income Attributable to Common Stockholders	$	13,181			2,185		$	13,181		$	2,185

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

Funds From Operations (FFO) and Other Information

For the Periods Ended March 31, 2012 and 2011

(in thousands, except share information)


	Three Months Ended						Year to Date
	2012			2011			2012			2011
Reconciliation of Net income to Funds from Operations

Net income attributable to common stockholders	$	13,181			2,185		$	13,181			2,185
Adjustments to reconcile to Funds from Operations:
Depreciation and amortization - consolidated real estate		28,039			29,808			28,039			29,808
Depreciation and amortization - unconsolidated partnerships		11,100			11,341			11,100			11,341
Consolidated JV partners’ share of depreciation		(181	)		(135	)		(181	)		(135	)
Provision for impairment ⁽²⁾		—			4,580			0			4,580
Amortization of leasing commissions and intangibles		4,013			4,380			4,013			4,380
Gain on sale of operating properties, net of tax ⁽²⁾		(6,301	)		(19	)		(6,301	)		(19	)
(Income) loss from deferred compensation plan, net		(51	)		548			(51	)		548
Noncontrolling interest of exchangeable partnership units		54			13			54			13


Funds From Operations ⁽¹⁾	$	49,854			52,701		$	49,854			52,701


Reconciliation of FFO to Recurring FFO

Funds from operations	$	49,854			52,701		$	49,854			52,701
Adjustments to reconcile to Recurring Funds from Operations:
Development and outparcel gain, net of dead deal costs and tax ⁽²⁾		(1,329	)		(1,724	)		(1,329	)		(1,724	)
Provision for hedge ineffectiveness⁽²⁾		(5	)		—			(5	)		—
Gain on early debt extinguishment⁽²⁾		—			(23	)		—			(23	)
Original preferred stock issuance costs expensed		7,835			—			7,835			—
Gain on redemption of preferred units		(1,875	)		—			(1,875	)		—
One-time additional preferred dividend payment		1,750			—			1,750			—


Recurring Funds From Operations ⁽¹⁾	$	56,230			50,954		$	56,230			50,954


FFO Per Share Reconciliation (Diluted):
Net income attributable to common stockholders	$	0.14		$	0.02		$	0.14		$	0.02
Adjustments to reconcile to Funds from Operations:
Depreciation and amortization - consolidated real estate		0.31			0.35			0.31			0.35
Depreciation and amortization - unconsolidated partnerships		0.12			0.13			0.12			0.13
Consolidated JV partners’ share of depreciation		—			—			—			—
Provision for impairment⁽²⁾		—			0.05			—			0.05
Amortization of leasing commissions and intangibles		0.05			0.05			0.05			0.05
Gain on sale of operating properties, net of tax⁽²⁾		(0.07	)		—			(0.07	)		—
(Income) loss from deferred compensation plan, net		—			0.01			—			0.01
Noncontrolling interest of exchangeable partnership units		—			—			—			—


Funds From Operations	$	0.55		$	0.61		$	0.55		$	0.61


Reconciliation of FFO to Recurring FFO

Funds from operations	$	0.55		$	0.61		$	0.55		$	0.61
Adjustments to reconcile to Recurring Funds from Operations:
Development and outparcel gain, net of dead deal costs and tax ⁽²⁾		(0.02	)		(0.02	)		(0.02	)		(0.02	)
Provision for hedge ineffectiveness⁽²⁾		—			—			—			—
Gain on early debt extinguishment⁽²⁾		—			—			—			—
Original preferred stock issuance costs expensed		0.09			—			0.09			—
Gain on redemption of preferred units		(0.02	)		—			(0.02	)		—
One-time additional preferred dividend payment		0.02			—			0.02			—


Funds From Operations - Recurring	$	0.62		$	0.59		$	0.62		$	0.59

(1)	See the definition of Funds from Operations and Recurring Funds from Operations included on page 35 of this supplemental report.

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

Additional Disclosures

For the Periods Ended March 31, 2012 and 2011

(in thousands)


	Three Months Ended				Year to Date
	2012		2011		2012		2011
Additional Disclosures:

Straight-line rental income, net of reserve	$	1,650		1,574	$	1,650		1,574
Above- and below- market rent amortization		221		200		221		200
Pro-rata share of JV straight-line rental income, net		384		283		384		283
Pro-rata share of JV above- and below- market rent amortization		392		471		392		471

Impairment losses including pro-rata share of JV’s		—		4,580		—		4,580
Stock based compensation expense		2,926		2,758		2,926		2,758
Capitalized interest		371		589		371		589
Capitalized direct leasing compensation costs		2,750		2,125		2,750		2,125
Capitalized direct development compensation costs		2,597		898		2,597		898

Fees earned from 3rd parties as reported for GAAP	$	7,150		7,858	$	7,150		7,858
Fees earned from 3rd parties, excluding REG owned portion		5,761		6,422		5,761		6,422

Components of same property NOI (wholly owned and Regency’s pro-rata share of co-investment partnerships):
Revenues	$	144,950	$	145,783	$	144,950	$	145,783
Expenses		40,977		43,606		40,977		43,606

Same property NOI	$	103,973		102,177	$	103,973		102,177

Capital Expenditures (non-revenue enhancing only):

Leasing commissions, including pro rata share of JV’s	$	3,667	$	2,810	$	3,667	$	2,810
Tenant improvements, including pro rata share of JV’s		3,426		1,494		3,426		1,494
Building improvements, including pro rata share of JV’s		4,199		1,954		4,199		1,954
Major Renovations, including pro rata share of JV’s		836		1,043		836		1,043

Consolidated Statements of Operations (GAAP Basis)

For the Periods Ended March 31, 2012 and 2011

(in thousands)


	Three Months Ended						Year to Date
	2012			2011			2012			2011
Revenues:
Minimum rent	$	92,365			87,173			92,365			87,173
Percentage rent		1,160			907			1,160			907
Recoveries from tenants and other income		26,714			28,390			26,714			28,390
Management, transaction, and other fees		7,150			7,858			7,150			7,858

Total revenues		127,389			124,328			127,389			124,328


Operating Expenses:
Depreciation and amortization		32,841			34,499			32,841			34,499
Operating and maintenance		18,594			18,984			18,594			18,984
General and administrative		16,122			16,953			16,122			16,953
Real estate taxes		15,289			14,357			15,289			14,357
Other expense (income)		1,589			(321	)		1,589			(321	)

Total operating expenses		84,435			84,472			84,435			84,472


Other Expense (Income):
Interest expense, net of interest income		28,958			30,865			28,958			30,865
Gain on sale of operating properties and properties in development		(1,834	)		—			(1,834	)		—
Provision for impairment		—			—			—			—
Loss on early debt extinguishment		—			—			—			—
Net investment income from deferred compensation plan		(1,528	)		(745	)		(1,528	)		(745	)

Total other expense		25,596			30,120			25,596			30,120


Income before equity in income (loss) of investments in real estate partnerships		17,358			9,736			17,358			9,736

Equity in income (loss) of investments in real estate partnerships		2,966			(2,725	)		2,966			(2,725	)

Income from continuing operations		20,324			7,011			20,324			7,011


Discontinued Operations, net:
Operating income		110			1,119			110			1,119
Gain on sale of properties		6,301			—			6,301			—

Income from discontinued operations		6,411			1,119			6,411			1,119


Net income		26,735			8,130			26,735			8,130

Noncontrolling Interests:
Preferred units		629			(931	)		629			(931	)
Exchangeable operating partnership units		(54	)		(13	)		(54	)		(13	)
Limited partners’ interests in consolidated partnerships		(192	)		(82	)		(192	)		(82	)

Net income attributable to noncontrolling interests		383			(1,026	)		383			(1,026	)


Net income attributable to controlling interests		27,118			7,104			27,118			7,104

Preferred stock dividends		(13,937	)		(4,919	)		(13,937	)		(4,919	)

Net income attributable to common stockholders	$	13,181			2,185		$	13,181			2,185

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

Summary of Consolidated Debt

March 31, 2012 and December 31, 2011

(in thousands)


Total Debt Outstanding:	3/31/12		12/31/11
Mortgage loans payable:
Fixed rate secured loans	$	438,120		439,880
Variable rate secured loans		12,614		12,665
Unsecured debt offering fixed rate		1,297,624		1,489,895
Unsecured credit facilities		275,000		40,000

Total	$	2,023,358		1,982,440


Schedule of Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities		Unsecured Maturities ⁽¹⁾			Total		Weighted Average Fixed Interest Rate
2012		5,306		—		—			5,306		6.8	%
2013		6,995		16,332		—			23,327		7.1	%
2014		6,481		28,483		150,000			184,964		5.0	%
2015		5,170		46,313		475,000			526,483		5.3	%
2016		4,857		14,161		150,000			169,018		6.2	%
2017		4,263		75,511		400,000			479,774		5.9	%
2018		3,746		57,358		—			61,104		6.2	%
2019		2,704		106,000		—			108,704		7.8	%
2020		2,676		43,330		150,000			196,006		6.1	%
2021		2,782		—		250,000			252,782		4.8	%
>10 years		8,319		5,848		—			14,167		0.2	%
Unamortized debt (discount)/premium		—		4,099		(2,376	)		1,723

	$	53,299		397,435		1,572,624			2,023,358		5.8	%

(1)	Includes unsecured public debt and unsecured credit facilities.


Percentage of Total Debt:	3/31/12			12/31/11
Fixed		85.8	%		97.3	%
Variable		14.2	%		2.7	%

Current Average Interest Rates:⁽²⁾
Fixed		5.7	%		5.8	%
Variable		1.7	%		1.8	%
Effective Interest Rate		5.1	%		5.7	%

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


Average Years to Maturity:
Fixed	5.6	5.0
Variable	4.0	3.2

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

March 31, 2012

(in thousands)


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

$600 Million Line of Credit		09/07/11		09/05/15	LIBOR + 1.25%	$	125,000

$250 Million Term Loan		11/17/11		12/15/16	LIBOR + 1.45%	$	150,000

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


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

Fair Market Value Calculation Method Covenants⁽¹⁾
Total Consolidated Debt to Total Consolidated Assets	£	65	%		35	%		36	%		35	%		34	%
Secured Consolidated Debt to Total Consolidated Assets	£	40	%		8	%		8	%		8	%		7	%
Consolidated Income for Debt Service to Consolidated Debt Service	³	1.5	x		2.9			3.1			2.9			2.7
Unencumbered Consolidated Assets to Unsecured Consolidated Debt	>	150	%		304	%		298	%		310	%		315	%

Historical Cost Basis Covenants⁽¹⁾
Total Consolidated Debt to Total Undepreciated Assets	£	60	%		42	%		42	%		41	%		41	%
Secured Consolidated Debt to Total Undepreciated Assets	£	40	%		10	%		9	%		9	%		9	%
Consolidated Income for Debt Service to Consolidated Debt Service	³	1.5	x		2.9			3.1			2.9			2.7
Unencumbered Consolidated Assets to Unsecured Consolidated Debt	>	150	%		257	%		252	%		260	%		266	%

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

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

Summary of Preferred Stock

March 31, 2012

(in thousands)


	Dividend Rate			Issuance Date	Callable Date	Par Value		Issuance Costs
Series 5		6.700	%	8/2/2005	8/2/2010	$	75,000	$	2,222
Series 6		6.625	%	2/16/2012	2/16/2017		250,000		8,582

						$	325,000	$	10,804

Property Transactions

March 31, 2012

(in thousands)

Acquisitions:

Date

Property Name

Co-investment
Partner

City/State

Total
GLA

Purchase
Price

Regency’s
Share of
Purchase Price

Regency’s
Pro Rata
Cap Rate

Anchor Tenant

Jan-12

Lake Grove Commons

GRI

Lake Grove, NY

141

72,500

29,000

5.6

Whole Foods

Total Acquisitions

141

72,500

29,000

5.6

Dispositions:

Date

Property Name

Co-investment
Partner

City/State

Total
GLA

Sales
Price

Regency’s
Share of
Sales Price

Regency’s
Pro Rata
Cap Rate

Anchor Tenant

Feb-12

Shoppes at Mason

Cincinnati, OH

8,200

6.8

Kroger

Mar-12

Trophy Club

Dallas, TX

107

14,900

7.8

Tom Thumb

Total Dispositions

187

23,100

7.4

Note: Partnership with GRI - Regency owns 40%

Developments and Redevelopments

March 31, 2012


Project Name	State		CBSA	Anchor Tenants	Anchor Opens	Est. Net Dev Costs After Partner Participation		Est. Net Costs to Complete (1)			Stabilized Yield		Company Owned GLA		Company Owned % Leased		Gross GLA		Gross % Leased
						(in thousands)		(in thousands)					(in thousands)				(in thousands)
Projects in Development (after 1/1/09):
East Washington Place ⁽³⁾		CA	Santa Rosa- Petaluma	Target	07/01/13		61,453		54,241			7.4%		208		0%		347		40%
South Bay Village ⁽⁴⁾		CA	Los Angeles- Long Beach- Santa Ana	Orchard Supply Hardware, HomeGoods	09/01/12		29,746		11,819			7.0%		108		69%		108		69%
Kent Place		CO	Denver- Aurora	King Soopers	10/01/12		9,152		2,313			9.0%		47		81%		47		81%
Market at Colonnade		NC	Raleigh- Cary	Whole Foods	03/01/11		15,515		505			9.1%		58		94%		58		94%
Northgate Marketplace		OR	Medford	Trader Joe’s, REI	10/01/12		18,589		13,134			8.2%		81		76%		81		76%
Southpark at Cinco Ranch		TX	Houston- Sugar Land- Baytown	Kroger & Academy Sports	11/01/12		28,866		14,942			8.7%		228		76%		228		76%

Total Projects in Development (after 1/1/09)						$	163,320	$	96,954			7.9%		729		55%		868		62%


Projects in Development (prior to 1/1/09):
Nocatee Town Center		FL	Jacksonville	Publix	02/01/10		14,204		(4,183	)		6.7%		70		91%		70		91%
Suncoast Crossing Ph II		FL	Tampa-St. Petersburg- Clearwater	Target	08/01/09		7,600		339			3.0%		9		70%		152		98%
Village at Lee Airpark		MD	Baltimore- Towson	Giant	11/01/10		24,145		1,950			8.3%		88		97%		88		97%
Harris Crossing		NC	Raleigh- Cary	Harris Teeter	03/01/11		8,407		(2,341	)		7.0%		65		93%		65		93%

Total Projects in Development (prior to 1/1/09)						$	54,356	$	(4,235	)		7.0%		232		93%		374		96%


Total Projects in Development			10			$	217,676	$	92,719			7.6%		961		64%		1,242		72%

Development Completions:
Centerplace of Greeley III Ph II		CO	Greeley	TJ Maxx	03/01/12		2,110		177			10.0%		25		100%		25		100%

Total Development Completions			1			$	2,110	$	177			10.0%		25		100%		25		100%


Redevelopments:						Incremental Costs (5)		Incremental Costs to Complete			Incremental Yield		Company Owned GLA		Company Owned % Leased		Gross GLA		Gross % Leased
Various Properties			6				29,784		9,793			8.0%		1,043		92%		1,176		93%

Notes:

New starts for the quarter are in bold and shaded.

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

(2)	The NOI stabilized yield on costs above after allocating land basis for outparcel proceeds and additional interest and overhead capitalization is estimated to be 7.1% (Projects in Development) and 9.4% (Development Completions).

(3)	Conversion of previously purchased land with incremental net development costs of $47,819 at an incremental stabilized yield of 9.5%.

(4)	Conversion of previously purchased land with incremental net development costs of $12,378 at an incremental stabilized yield of 13.4%.

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

Projected Development Funding, Completions and Land Held

March 31, 2012

In-Process Developments Projected Funding ⁽¹⁾

($ Thousands)


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

$	12,000 - $15,500	$	10,000 - $13,500	$	10,000 - $12,000	$	45,000 - $65,000

Estimated Development Completion Schedule

($ Thousands)


	Q2 2012E		Q3 2012E		Q4 2012E		2013+E
Net Dev. Costs:	$	24,000 - $24,200	$	7,000 - $7,800	$	22,000 - $38,000	$	145,000 - $163,000

Land Held for Future Development⁽²⁾

($ Thousands)

# of Projects

Net Development

Costs To Date

61,604

Notes:

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

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

Unconsolidated Investments

March 31, 2012

(in thousands)


									Regency
Co-investment Partner and Portfolio Summary Abbreviation	Property Name	Number of Properties	Total GLA		Total Assets		Total Debt		Ownership Interest			Share of Debt		Investment 3/31/2012			Equity Pick-up

State of Oregon
(JV-C, JV-C2)	Various	29		3,371	$	575,264	$	308,739		20.00	%	$	61,748		29,869		$	429
(JV-CCV)	Cameron Village	1		553		104,313		47,300		30.00	%		14,190		17,064			207

		30		3,924		679,577		356,039

GRI
(JV-GRI)	Various	81		10,303		2,062,642		1,110,809		40.00	%		444,323		272,379			1,622

Charter Hall Retail REIT
(JV-M3)	Various	4		376		61,044		44,070		24.95	%		10,995		157			(24	)

CalSTRS
(JV-RC)	Various	9		903		180,378		92,386		25.00	%		23,097		18,041			90

Regency Retail Partners
(JV-RRP)	Various	9		1,535		331,156		207,663		20.00	%		41,533		16,207			136

USAA
(JV-USA)	Various	8		809		126,026		66,917		20.01	%		13,389		2,835			36

Publix
(JV-O)	Various	6		551		75,272		—		50.00	%		—		37,125			422

H.E.B.
(JV-O)	Various ⁽¹⁾	1		137		26,758		26,344		50.00	%		13,172		373			59

Individual Investors
(JV-O)	East San Marco ⁽¹⁾	—		—		12,487		—		50.00	%		—		1,883			(11	)

		148		18,358	$	3,555,340	$	1,904,228				$	622,447		395,933		$	2,966

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

Equity of Regency Centers in Unconsolidated Partnerships															520,752
less: Impairment															(5,880	)
less: Ownership percentage or Restricted Gain Method deferral															(40,737	)
less: Net book equity in excess of purchase price															(78,202	)

Regency Centers’ Investment in Real Estate Partnerships															395,933

Unconsolidated Balance Sheets - Regency’s Pro-Rata Share

March 31, 2012 and December 31, 2011

(in thousands)


	2012		2011
Assets
Real estate, at cost	$	1,315,538	$	1,284,113
Less: accumulated depreciation		224,104		214,599

		1,091,434		1,069,514
Properties in development		12,442		12,442

Net real estate investments		1,103,876		1,081,956

Cash and cash equivalents		11,290		11,805
Accounts receivable, net of allowance for uncollectible accounts		10,732		9,072
Straight line rent receivable, net of reserves		11,974		11,609
Deferred costs, net		13,736		13,484
Acquired lease intangible assets, net		23,792		22,950
Other assets		2,842		4,596
Regency only assets ⁽¹⁾		4,509		5,482

Total assets	$	1,182,751		1,160,954


Liabilities and Equity
Liabilities:
Notes payable	$	622,447	$	610,430
Accounts payable and other liabilities		21,481		21,216
Tenants’ security and escrow deposits		2,887		2,788
Acquired lease intangible liabilities, net		15,184		14,099

Total liabilities		661,999		648,533


Equity:
Equity - Regency Centers		520,752		512,421

Total Liabilities and Equity	$	1,182,751	$	1,160,954

(1)	Capitalized development costs

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

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

For the periods ended March 31, 2012 and December 31, 2011

(in thousands)


	Three Months Ended						Year to Date
	2012			2011			2012			2011
Revenues:
Minimum rent	$	24,529			25,240		$	24,529			25,240
Percentage rent		293			233			293			233
Recoveries from tenants		7,084			7,892			7,084			7,892
Termination fees		222			37			222			37
Other income		229			359			229			359

Total revenues		32,357			33,761			32,357			33,761


Operating expense (income):
Operating and maintenance		4,761			5,953			4,761			5,953
Real estate taxes		3,994			4,545			3,994			4,545
Provision for doubtful accounts		150			412			150			412
Other expense (income)		8			(16	)		8			(16	)

Total operating expenses		8,913			10,894			8,913			10,894


Net operating income		23,444			22,867			23,444			22,867


Other expense (income):
General and administrative		654			473			654			473
Depreciation and amortization expense		11,115			11,349			11,115			11,349
Interest expense, net		8,729			9,415			8,729			9,415
Gain on sale of real estate		—			(19	)		—			(19	)
Gain on hedge ineffectiveness		(4	)		—			(4	)		—
Other expense (income)		—			(195	)		—			(195	)

Total other expense		20,494			21,023			20,494			21,023


Net income before Regency only expense (income)		2,950			1,844			2,950			1,844
Regency only expense (income):
Accretion of excess investment		(53	)		(51	)		(53	)		(51	)
Depreciation of capitalized costs		37			40			37			40
Provision for impairment on investment in real estate partnerships		—			4,580			—			4,580

Total Regency only expense (income)		(16	)		4,569			(16	)		4,569


Net income	$	2,966			(2,725	)	$	2,966			(2,725	)

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

Summary of Unconsolidated Debt

March 31, 2012 and December 31, 2011

(in thousands)


Total Debt Outstanding:	3/31/12		12/31/11
Mortgage loans payable:
Fixed rate secured loans	$	1,883,430		1,853,982
Unsecured line of credit variable rate		20,798		20,798

Total		1,904,228		1,874,780


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

2012		11,978		234,838		20,798		267,614		101,356			5.20	%
2013		18,293		24,373		—		42,666		15,557			5.04	%
2014		19,122		77,369		—		96,491		28,829			5.67	%
2015		19,247		130,796		—		150,043		48,517			5.60	%
2016		16,406		329,757		—		346,163		104,503			5.94	%
2017		15,844		190,655		—		206,499		45,566			6.04	%
2018		16,381		87,341		—		103,722		24,700			5.97	%
2019		16,037		65,939		—		81,977		20,762			7.45	%
2020		12,653		242,632		—		255,285		94,306			5.82	%
2021		7,473		151,432		—		158,905		63,379			4.85	%
>10 Years		12,629		180,477		—		193,105		75,035			4.80	%
Net unamortized debt premium/(discount)		—		1,758		—		1,758		(63	)

	$	166,063		1,717,367		20,798		1,904,228		622,447			5.61	%


Percentage of Total Debt:	3/31/12			12/31/11
Fixed		98.9	%		98.9	%
Variable		1.1	%		1.1	%

Current Average Interest Rates:⁽¹⁾
Fixed		5.6	%		5.6	%
Variable		2.9	%		3.1	%
Effective Interest Rate		5.6	%		5.6	%

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


Average Years to Maturity:
Fixed		5.3	4.6
Variable		3.5	0.5

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

Mortgage Loans Payable:
Fixed rate secured loans	$	618,288	606,270
Unsecured line of credit variable rate		4,159	4,160

Total	$	622,447	610,430

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

March 31, 2012

Leasing Statistics - Comparable


														Rent Growth (spaces vacant < 12 mo)
Total	Leasing Transactions		GLA (in thousands)		Base Rent/ Sq. Ft		Rent Growth %			Weighted Avg. Lease Term		Tenant Improvements/ Sq. Ft.		Leasing Transactions		GLA (in thousands)		Rent Growth
1st Quarter 2012		333		782	$	19.45		0.5	%		5.0	$	1.32		280		689		2.9	%
4th Quarter 2011		391		879		19.98		-0.6	%		5.0		1.40		319		776		1.6	%
3rd Quarter 2011		403		1,218		17.45		-1.6	%		4.9		1.24		339		1,104		0.5	%
2nd Quarter 2011		421		1,097		17.58		-1.0	%		5.1		1.10		344		985		2.8	%

Total - 12 months		1,548		3,976	$	18.44		-0.8	%		5.0	$	1.25		1,282		3,554		1.9	%


														Rent Growth (spaces vacant < 12 mo)
New Leases	Leasing Transactions		GLA (in thousands)		Base Rent/ Sq. Ft		Rent Growth %			Weighted Avg. Lease Term		Tenant Improvements/ Sq. Ft.		Leasing Transactions		GLA (in thousands)		Rent Growth
1st Quarter 2012		89		189	$	19.05		-5.2	%		6.8	$	4.41		36		97		6.0	%
4th Quarter 2011		131		203		22.84		-4.6	%		5.7		5.25		59		99		5.4	%
3rd Quarter 2011		130		225		23.48		-10.5	%		6.7		5.92		66		110		-6.1	%
2nd Quarter 2011		142		245		19.11		-11.5	%		5.9		4.06		65		133		2.0	%

Total - 12 months		492		862	$	21.11		-8.3	%		6.3	$	4.90		226		439		0.9	%


														Rent Growth (spaces vacant < 12 mo)
Renewals	Leasing Transactions		GLA (in thousands)		Base Rent/ Sq. Ft		Rent Growth %			Weighted Avg. Lease Term		Tenant Improvements/ Sq. Ft.		Leasing Transactions		GLA (in thousands)		Rent Growth
1st Quarter 2012		244		592	$	19.58		2.4	%		4.4	$	0.33		244		592		2.4	%
4th Quarter 2011		260		676		19.12		0.9	%		4.9		0.24		260		676		0.9	%
3rd Quarter 2011		273		994		16.08		1.8	%		4.5		0.18		273		994		1.8	%
2nd Quarter 2011		279		852		17.14		2.9	%		4.8		0.25		279		852		2.9	%

Total - 12 months		1,056		3,114	$	17.70		2.0	%		4.7	$	0.24		1,056		3,114		2.0	%

Leasing Statistics - Comparable and Non-comparable


Total	Leasing Transactions		GLA (in thousands)		Base Rent/ Sq. Ft		Weighted Avg. Lease Term		Tenant Improvements/ Sq. Ft.
1st Quarter 2012		405		1,168	$	17.90		8.1	$	1.30
4th Quarter 2011		480		1,188		19.62		6.0		2.53
3rd Quarter 2011		478		1,508		17.50		5.9		1.55
2nd Quarter 2011		510		1,356		17.58		5.3		1.82

Total - 12 months		1,873		5,220	$	18.09		6.2	$	1.79

Notes:

Rent growth is on a same space, cash basis

All amounts reported at execution

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

March 31, 2012

(in thousands)


State	Number of Properties	GLA		% of Total GLA			% Leased⁽¹⁾			Annualized Base Rent⁽²⁾		% of Ann. Base Rent			Average Base Rent/ Sq. Ft
Alabama	2		144		0.5	%		79.2	%	$	1,521		0.3	%	$	13.66
Arizona	4		410		1.4	%		83.9	%	$	4,982		1.1	%		14.54
California	72		6,810		22.7	%		91.6	%	$	131,631		29.6	%		21.90
Colorado	20		1,495		5.0	%		92.8	%	$	17,296		3.9	%		13.54
Connecticut	1		72		0.2	%		99.8	%	$	1,731		0.4	%		24.12
Delaware	4		334		1.1	%		90.9	%	$	4,482		1.0	%		14.98
District of Columbia	2		12		0.0	%		100.0	%	$	757		0.2	%		60.83
Florida	56		4,829		16.1	%		92.3	%	$	56,233		12.6	%		13.14
Georgia	17		1,318		4.4	%		91.4	%	$	19,123		4.3	%		16.73
Illinois	15		1,308		4.4	%		96.1	%	$	16,222		3.6	%		13.31
Indiana	5		110		0.4	%		88.9	%	$	1,764		0.4	%		18.38
Kentucky	1		23		0.1	%		93.9	%	$	376		0.1	%		17.28
Maryland	16		720		2.4	%		92.9	%	$	11,951		2.7	%		18.67
Massachusetts	3		397		1.3	%		95.7	%	$	6,748		1.5	%		18.04
Michigan	2		118		0.4	%		39.2	%	$	480		0.1	%		21.38
Minnesota	5		207		0.7	%		98.4	%	$	2,676		0.6	%		13.29
Missouri	4		408		1.4	%		99.0	%	$	4,118		0.9	%		10.22
Nevada	1		331		1.1	%		88.7	%	$	3,488		0.8	%		13.27
New Jersey	2		63		0.2	%		94.7	%	$	989		0.2	%		16.96
New York	1		57		0.2	%		100.0	%	$	1,678		0.4	%		29.68
North Carolina	16		1,169		3.9	%		94.6	%	$	15,432		3.5	%		14.39
Ohio	13		1,617		5.4	%		95.5	%	$	17,588		4.0	%		11.45
Oregon	9		778		2.6	%		90.4	%	$	10,586		2.4	%		17.79
Pennsylvania	11		652		2.2	%		96.5	%	$	11,819		2.7	%		19.75
South Carolina	6		176		0.6	%		96.9	%	$	2,310		0.5	%		13.59
Tennessee	6		479		1.6	%		94.1	%	$	6,154		1.4	%		13.66
Texas	31		3,439		11.5	%		93.3	%	$	52,048		11.7	%		17.80
Virginia	28		1,882		6.3	%		94.2	%	$	30,041		6.7	%		17.23
Washington	10		526		1.8	%		93.2	%	$	10,125		2.3	%		20.90
Wisconsin	2		108		0.4	%		93.5	%	$	783		0.2	%		7.78

Total All Properties	365		29,991		100.0	%		92.7	%	$	445,133		100.0	%	$	16.75

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

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

Portfolio Summary Report By State

March 31, 2012

(in thousands)


										JVs at 100%		REG’s pro- rata share		REG’s pro- rata share			REG’s pro-rata share
Property Name	JV	REG’s Ownership %			State		CBSA	Yr Const, Last Renovation or Dev Start Yr		GLA		GLA		% Leased			% Leased - Operating Properties			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Shoppes at Fairhope Village						AL	Mobile		2008		85		85		87.8	%					—		54	Publix	$	14.77
Valleydale Village Shop Center	JV-O		50	%		AL	Birmingham-Hoover		2003		118		59		66.9	%					—		44	Publix	$	11.55

						AL					203		144		79.2	%		79.2	%		—		99

Anthem Marketplace						AZ	Phoenix-Mesa-Scottsdale		2000		113		113		88.1	%					—		55	Safeway	$	15.17
Palm Valley Marketplace	JV-C		20	%		AZ	Phoenix-Mesa-Scottsdale		1999		108		22		82.2	%					—		55	Safeway	$	14.21
Pima Crossing						AZ	Phoenix-Mesa-Scottsdale		1996		239		239		88.9	%					—		—	Golf & Tennis Pro Shop, Inc.	$	13.99
Shops at Arizona						AZ	Phoenix-Mesa-Scottsdale		2000		36		36		38.3	%					—		—	—	$	19.17

						AZ					496		410		83.9	%		83.9	%		—		111

4S Commons Town Center						CA	San Diego-Carlsbad-San Marcos		2004		240		240		93.2	%					—		68	Ralphs, Jimbo’s...Naturally!	$	27.53
Amerige Heights Town Center						CA	Los Angeles-Long Beach-Santa Ana		2000		89		89		97.8	%					143		58	Albertsons, (Target)	$	25.07
Applegate Ranch Shopping Center						CA	Merced		2006		144		144		82.4	%					320		179	(Super Target), (Home Depot)	$	14.97
Auburn Village	JV-GRI		40	%		CA	Sacramento--Arden-Arcade--Roseville		1990		134		54		82.4	%					—		46	Bel Air Market	$	18.48
Bayhill Shopping Center	JV-GRI		40	%		CA	San Francisco-Oakland-Fremont		1990		122		49		98.7	%					—		32	Mollie Stone’s Market	$	21.10
Blossom Valley	JV-USAA		20	%		CA	San Jose-Sunnyvale-Santa Clara		1990		93		19		95.7	%					—		34	Safeway	$	24.23
Brea Marketplace	JV-GRI		40	%		CA	Los Angeles-Long Beach-Santa Ana		1987		352		141		99.6	%					—		25	Sprout’s Markets, Target	$	16.03
Clayton Valley Shopping Center						CA	San Francisco-Oakland-Fremont		2004		260		260		95.5	%					—		14	Fresh & Easy, Orchard Supply Hardware	$	19.48
Clovis Commons						CA	Fresno		2004		175		175		99.3	%					146		146	(Super Target)	$	20.58
Corral Hollow	JV-RC		25	%		CA	Stockton		2000		167		42		98.5	%					—		66	Safeway, Orchard Supply & Hardware	$	15.71
Costa Verde Center						CA	San Diego-Carlsbad-San Marcos		1988		179		179		96.5	%					—		40	Bristol Farms	$	34.20
Diablo Plaza						CA	San Francisco-Oakland-Fremont		1982		63		63		90.6	%					53		53	(Safeway)	$	34.96
East Washington Place						CA	Santa Rosa-Petaluma		2011		208		208		0.0	%					138		—	(Target)		NA
El Camino Shopping Center						CA	Los Angeles-Long Beach-Santa Ana		1995		136		136		91.7	%					—		36	Von’s Food & Drug	$	22.51
El Cerrito Plaza						CA	San Francisco-Oakland-Fremont		2000		256		256		99.6	%					67		78	(Lucky’s), Trader Joe’s	$	25.71
El Norte Pkwy Plaza						CA	San Diego-Carlsbad-San Marcos		1984		91		91		92.2	%					—		42	Von’s Food & Drug	$	15.83
Encina Grande						CA	San Francisco-Oakland-Fremont		1965		102		102		98.3	%					—		23	Safeway	$	20.83
Falcon Ridge Town Center Phase I	JV-RRP		20	%		CA	Riverside-San Bernardino-Ontario		2004		233		47		98.9	%					124		44	Stater Bros., (Target)	$	15.79
Falcon Ridge Town Center Phase II	JV-RRP		20	%		CA	Riverside-San Bernardino-Ontario		2005		67		13		100.0	%					—		—	24 Hour Fitness	$	26.30
Five Points Shopping Center	JV-GRI		40	%		CA	Santa Barbara-Santa Maria-Goleta		1960		145		58		95.3	%					—		35	Albertsons	$	24.39
Folsom Prairie City Crossing						CA	Sacramento--Arden-Arcade--Roseville		1999		90		90		91.4	%					—		55	Safeway	$	18.90
French Valley Village Center						CA	Riverside-San Bernardino-Ontario		2004		99		99		95.3	%					—		44	Stater Bros.	$	23.70
Friars Mission Center						CA	San Diego-Carlsbad-San Marcos		1989		147		147		91.1	%					—		55	Ralphs	$	29.69
Gateway 101						CA	San Francisco-Oakland-Fremont		2008		92		92		100.0	%					212		—	(Home Depot), (Best Buy), Sports Authority, Nordstrom Rack	$	31.14
Gelson’s Westlake Market Plaza						CA	Oxnard-Thousand Oaks-Ventura		2002		85		85		94.7	%					—		38	Gelson’s Markets	$	17.28
Golden Hills Promenade						CA	San Luis Obispo-Paso Robles		2006		242		242		92.5	%					—		—	Lowe’s	$	5.53
Granada Village	JV-GRI		40	%		CA	Los Angeles-Long Beach-Santa Ana		1965		227		91		92.8	%					—		24	Sprout’s Markets	$	18.82
Hasley Canyon Village	JV-USAA		20	%		CA	Los Angeles-Long Beach-Santa Ana		2003		66		13		100.0	%					—		52	Ralphs	$	22.35
Heritage Plaza						CA	Los Angeles-Long Beach-Santa Ana		1981		230		230		95.5	%					—		44	Ralphs	$	29.48
Indio Towne Center						CA	Riverside-San Bernardino-Ontario		2006		133		133		78.4	%					236		94	(Home Depot), (WinCo), Toys R Us	$	15.58
Indio Towne Center Phase II						CA	Riverside-San Bernardino-Ontario		2010		47		47		100.0	%					—		—	Toys “R” Us/ Babies “R” Us		NA
Jefferson Square						CA	Riverside-San Bernardino-Ontario		2007		38		38		81.4	%					—		14	Fresh & Easy	$	17.86
Laguna Niguel Plaza	JV-GRI		40	%		CA	Los Angeles-Long Beach-Santa Ana		1985		42		17		94.5	%					39		39	(Albertsons)	$	25.57
Loehmanns Plaza California						CA	San Jose-Sunnyvale-Santa Clara		1983		113		113		98.2	%					53		53	(Safeway)	$	17.12
Marina Shores	JV-C2		20	%		CA	Los Angeles-Long Beach-Santa Ana		2001		68		14		97.8	%					—		26	Whole Foods	$	32.15
Mariposa Shopping Center	JV-GRI		40	%		CA	San Jose-Sunnyvale-Santa Clara		1957		127		51		100.0	%					—		43	Safeway	$	18.37
Morningside Plaza						CA	Los Angeles-Long Beach-Santa Ana		1996		91		91		97.5	%					—		43	Stater Bros.	$	20.64
Navajo Shopping Center	JV-GRI		40	%		CA	San Diego-Carlsbad-San Marcos		1964		102		41		95.5	%					—		44	Albertsons	$	12.90
Newland Center						CA	Los Angeles-Long Beach-Santa Ana		1985		149		149		97.7	%					—		58	Albertsons	$	20.56
Oakbrook Plaza						CA	Oxnard-Thousand Oaks-Ventura		1982		83		83		93.8	%					—		44	Albertsons	$	15.36
Oak Shade Town Center						CA	Sacramento--Arden-Arcade--Roseville		1998		104		104		93.1	%					—		40	Safeway	$	19.15
Park Plaza Shopping Center	JV-C		20	%		CA	Los Angeles-Long Beach-Santa Ana		1991		195		39		94.2	%					—		25	Sprout’s Markets	$	18.36
Paseo Del Sol						CA	Santa Barbara-Santa Maria-Goleta		2004		30		30		100.0	%					—		30	Whole Foods	$	55.66
Plaza Hermosa						CA	Los Angeles-Long Beach-Santa Ana		1984		95		95		92.9	%					—		37	Von’s Food & Drug	$	22.33
Pleasant Hill Shopping Center	JV-GRI		40	%		CA	San Francisco-Oakland-Fremont		1970		228		91		97.9	%					—		—	Target, Toys “R” Us	$	22.78
Point Loma Plaza	JV-GRI		40	%		CA	San Diego-Carlsbad-San Marcos		1987		212		85		91.8	%					—		50	Von’s Food & Drug	$	17.82
Powell Street Plaza						CA	San Francisco-Oakland-Fremont		1987		166		166		100.0	%					—		10	Trader Joe’s	$	29.22
Raley’s Supermarket	JV-C2		20	%		CA	Sacramento--Arden-Arcade--Roseville		1964		63		13		100.0	%					—		63	Raley’s	$	5.41
Rancho San Diego Village	JV-GRI		40	%		CA	San Diego-Carlsbad-San Marcos		1981		153		61		90.6	%					—		40	Von’s Food & Drug	$	19.51
Rio Vista Town Center						CA	Riverside-San Bernardino-Ontario		2005		68		68		83.5	%					—		45	Stater Bros.	$	17.49
Rona Plaza						CA	Los Angeles-Long Beach-Santa Ana		1989		52		52		100.0	%					—		37	Superior Super Warehouse	$	18.49
San Leandro Plaza						CA	San Francisco-Oakland-Fremont		1982		50		50		100.0	%					38		38	(Safeway)	$	30.38
Seal Beach	JV-C		20	%		CA	Los Angeles-Long Beach-Santa Ana		1966		97		19		95.5	%					—		48	Von’s Food & Drug	$	22.91
Sequoia Station						CA	San Francisco-Oakland-Fremont		1996		103		103		100.0	%					62		62	(Safeway)	$	34.80
Silverado Plaza	JV-GRI		40	%		CA	Napa		1974		85		34		100.0	%					—		32	Nob Hill	$	14.94
Snell & Branham Plaza	JV-GRI		40	%		CA	San Jose-Sunnyvale-Santa Clara		1988		92		37		98.4	%					—		53	Safeway	$	15.33
South Bay Village						CA	Los Angeles-Long Beach-Santa Ana		2012		108		108		69.3	%					—		—	Orchard Supply Hardware		NA
Stanford Ranch Village	JV-GRI		40	%		CA	Sacramento--Arden-Arcade--Roseville		1991		90		36		95.9	%					—		46	Bel Air Market	$	15.58
Strawflower Village						CA	San Francisco-Oakland-Fremont		1985		79		79		98.3	%					—		34	Safeway	$	18.81
Tassajara Crossing						CA	San Francisco-Oakland-Fremont		1990		146		146		97.2	%					—		56	Safeway	$	21.11
Twin Oaks Shopping Center	JV-GRI		40	%		CA	Los Angeles-Long Beach-Santa Ana		1978		98		39		98.9	%					—		41	Ralphs	$	15.65
Twin Peaks						CA	San Diego-Carlsbad-San Marcos		1988		198		198		98.1	%					—		45	Albertsons, Target	$	17.66
Valencia Crossroads						CA	Los Angeles-Long Beach-Santa Ana		2003		173		173		98.8	%					—		35	Whole Foods, Kohl’s	$	23.06
Ventura Village						CA	Oxnard-Thousand Oaks-Ventura		1984		76		76		92.8	%					—		43	Von’s Food & Drug	$	19.16
Vine at Castaic						CA	Los Angeles-Long Beach-Santa Ana		2005		27		27		72.9	%					—		—	—	$	24.68
Vista Village Phase I	JV-RRP		20	%		CA	San Diego-Carlsbad-San Marcos		2003		129		26		96.7	%					165		—	Krikorian Theaters, (Lowe’s)	$	25.15
Vista Village Phase II	JV-RRP		20	%		CA	San Diego-Carlsbad-San Marcos		2003		55		11		45.5	%					—		25	Frazier Farms	$	17.28

Portfolio Summary Report By State

March 31, 2012

(in thousands)


										JVs at 100%		REG’s pro-rata share		REG’s pro-rata share			REG’s pro-rata share
Property Name	JV	REG’s Ownership %			State		CBSA	Yr Const, Last Renovation or Dev Start Yr		GLA		GLA		% Leased			% Leased - Operating Properties			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Vista Village IV						CA	San Diego-Carlsbad-San Marcos		2006		11		11		100.0	%					—		—	—	$	32.79
West Park Plaza						CA	San Jose-Sunnyvale-Santa Clara		1996		88		88		91.6	%					—		25	Safeway	$	17.10
Westlake Village Plaza and Center						CA	Oxnard-Thousand Oaks-Ventura		1975		191		191		89.5	%					—		72	Von’s Food & Drug and Sprouts	$	14.53
Westridge Village						CA	Los Angeles-Long Beach-Santa Ana		2003		92		92		100.0	%					—		51	Albertsons	$	25.91
Woodman Van Nuys						CA	Los Angeles-Long Beach-Santa Ana		1992		108		108		98.7	%					—		78	El Super	$	13.56
Woodside Central						CA	San Francisco-Oakland-Fremont		1993		81		81		95.9	%					113		—	(Target)	$	20.77
Ygnacio Plaza	JV-GRI		40	%		CA	San Francisco-Oakland-Fremont		1968		110		44		100.0	%					—		17	Fresh & Easy	$	33.14

						CA					9,178		6,810		91.6	%		94.9	%		1,908		2,962

Applewood Shopping Center	JV-GRI		40	%		CO	Denver-Aurora		1956		370		148		94.0	%					—		71	King Soopers, Wal-Mart	$	9.64
Arapahoe Village	JV-GRI		40	%		CO	Boulder		1957		159		64		88.2	%					—		44	Safeway	$	18.14
Belleview Square						CO	Denver-Aurora		1978		117		117		100.0	%					—		65	King Soopers	$	15.81
Boulevard Center						CO	Denver-Aurora		1986		80		80		91.6	%					53		53	(Safeway)	$	21.61
Buckley Square						CO	Denver-Aurora		1978		116		116		98.8	%					—		62	King Soopers	$	9.19
Centerplace of Greeley III Phase I						CO	Greeley		2007		94		94		85.9	%					—		—	Sports Authority	$	14.69
Centerplace of Greeley III Phase II						CO	Greeley		2011		25		25		100.0	%					—		—	—		NA
Cherrywood Square	JV-GRI		40	%		CO	Denver-Aurora		1978		86		34		93.3	%					—		52	King Soopers	$	10.93
Crossroads Commons	JV-C		20	%		CO	Boulder		1986		143		29		98.7	%					—		66	Whole Foods	$	24.80
Falcon Marketplace						CO	Colorado Springs		2005		22		22		72.5	%					184		50	(Wal-Mart Supercenter)	$	21.10
Hilltop Village	JV-M3		25	%		CO	Denver-Aurora		2003		100		25		93.8	%					—		66	King Soopers	$	8.55
Kent Place						CO	Denver-Aurora		2011		47		47		80.7	%					—		30	King Soopers		NA
Littleton Square						CO	Denver-Aurora		1997		94		94		73.4	%					—		50	King Soopers	$	12.22
Lloyd King Center						CO	Denver-Aurora		1998		83		83		96.9	%					—		61	King Soopers	$	11.05
Marketplace at Briargate						CO	Colorado Springs		2006		29		29		100.0	%					66		66	(King Soopers)	$	26.85
Monument Jackson Creek						CO	Colorado Springs		1999		85		85		100.0	%					—		70	King Soopers	$	10.88
Ralston Square Shopping Center	JV-GRI		40	%		CO	Denver-Aurora		1977		83		33		96.4	%					—		55	King Soopers	$	9.17
Shops at Quail Creek						CO	Denver-Aurora		2008		38		38		83.4	%					100		100	(King Soopers)	$	24.05
South Lowry Square						CO	Denver-Aurora		1993		120		120		93.5	%					—		63	Safeway	$	11.87
Stroh Ranch						CO	Denver-Aurora		1998		93		93		97.0	%					—		70	King Soopers	$	12.05
Woodmen Plaza						CO	Colorado Springs		1998		116		116		96.4	%					—		70	King Soopers	$	12.48

						CO					2,103		1,495		92.8	%		93.1	%		403		1,162

Corbin’s Corner	JV-GRI		40	%		CT	Hartford-West Hartford-East Hartford		1962		180		72		99.8	%					—		10	Trader Joe’s	$	24.12

						CT					180		72		99.8	%		99.8	%		—		10

Shops at The Columbia	JV-RC		25	%		DC	Washington-Arlington-Alexandria		2006		23		6		100.0	%					—		12	Trader Joe’s	$	36.22
Spring Valley Shopping Center	JV-GRI		40	%		DC	Washington-Arlington-Alexandria		1930		17		7		100.0	%					—		—	—	$	81.68

						DC					40		12		100.0	%		100.0	%		—		12

First State Plaza	JV-GRI		40	%		DE	Philadelphia-Camden-Wilmington		1988		161		64		86.4	%					—		57	Shop Rite	$	14.77
Pike Creek						DE	Philadelphia-Camden-Wilmington		1981		232		232		91.1	%					—		49	Acme Markets, K-Mart	$	13.37
Shoppes of Graylyn	JV-GRI		40	%		DE	Philadelphia-Camden-Wilmington		1971		67		27		96.1	%					—		—	—	$	20.87
White Oak - Dover, DE						DE	Dover		2000		11		11		100.0	%					—		—	—	$	32.73

						DE					470		334		90.9	%		90.9	%		—		106

Anastasia Plaza						FL	Jacksonville		1988		102		102		95.9	%					—		49	Publix	$	11.59
Aventura Shopping Center						FL	Miami-Fort Lauderdale-Miami Beach		1974		103		103		92.2	%					—		36	Publix	$	16.04
Beneva Village Shops						FL	Sarasota-Bradenton-Venice		1987		142		142		91.1	%					—		42	Publix	$	11.30
Berkshire Commons						FL	Naples-Marco Island		1992		110		110		100.0	%					—		66	Publix	$	13.38
Bloomingdale Square						FL	Tampa-St. Petersburg-Clearwater		1987		268		268		96.3	%					—		40	Publix, Wal-Mart, Bealls	$	8.86
Boynton Lakes Plaza						FL	Miami-Fort Lauderdale-Miami Beach		1993		117		117		79.0	%					—		46	Publix	$	17.63
Caligo Crossing						FL	Miami-Fort Lauderdale-Miami Beach		2007		11		11		100.0	%					98		—	(Kohl’s)	$	33.39
Canopy Oak Center	JV-O		50	%		FL	Ocala		2006		90		45		82.5	%					—		54	Publix	$	17.95
Carriage Gate						FL	Tallahassee		1978		77		77		86.8	%					—		—	—	$	13.62
Chasewood Plaza						FL	Miami-Fort Lauderdale-Miami Beach		1986		156		156		94.0	%					—		54	Publix	$	18.36
Corkscrew Village						FL	Cape Coral-Fort Myers		1997		82		82		100.0	%					—		51	Publix	$	13.07
Courtyard Shopping Center						FL	Jacksonville		1987		137		137		100.0	%					63		63	(Publix), Target	$	3.33
East Port Plaza						FL	Port St. Lucie-Fort Pierce		1991		163		163		91.1	%					—		42	Publix	$	13.37
East Towne Center						FL	Orlando		2003		70		70		90.0	%					—		45	Publix	$	12.74
First Street Village						FL	Cape Coral-Fort Myers		2006		55		55		93.0	%					—		39	Publix	$	16.47
Five Corners Plaza	JV-RC		25	%		FL	Miami-Fort Lauderdale-Miami Beach		2001		45		11		99.4	%					—		28	Publix	$	12.69
Fleming Island						FL	Jacksonville		2000		137		137		74.8	%					130		48	Publix, (Target)	$	21.07
Garden Square						FL	Miami-Fort Lauderdale-Miami Beach		1991		90		90		100.0	%					—		42	Publix	$	14.87
Grande Oak						FL	Cape Coral-Fort Myers		2000		79		79		94.7	%					—		54	Publix	$	14.25
Hibernia Pavilion						FL	Jacksonville		2006		51		51		97.4	%					—		39	Publix	$	17.01
Hibernia Plaza						FL	Jacksonville		2006		8		8		16.7	%					—		—	—	$	13.23
Horton’s Corner						FL	Jacksonville		2007		15		15		100.0	%					—		—	—	$	25.71
Island Crossing	JV-C2		20	%		FL	Port St. Lucie-Fort Pierce		1996		58		12		97.6	%					—		48	Publix	$	9.99
John’s Creek Center	JV-C2		20	%		FL	Jacksonville		2004		75		15		87.0	%					—		45	Publix	$	12.02
Julington Village	JV-C		20	%		FL	Jacksonville		1999		82		16		100.0	%					—		51	Publix	$	14.32
Kings Crossing Sun City						FL	Tampa-St. Petersburg-Clearwater		1999		75		75		98.7	%					—		51	Publix	$	11.84
Lynnhaven	JV-O		50	%		FL	Panama City-Lynn Haven		2001		64		32		95.6	%					—		44	Publix	$	11.71
Marketplace Shopping Center						FL	Tampa-St. Petersburg-Clearwater		1983		90		90		74.7	%					—		—	LA Fitness	$	18.09
Martin Downs Village Center						FL	Port St. Lucie-Fort Pierce		1985		113		113		88.1	%					—		—	—	$	15.91
Martin Downs Village Shoppes						FL	Port St. Lucie-Fort Pierce		1998		49		49		81.8	%					—		—	—	$	17.03
Millhopper Shopping Center						FL	Gainesville		1974		80		80		100.0	%					—		46	Publix	$	14.09
Naples Walk Shopping Center						FL	Naples-Marco Island		1999		125		125		84.1	%					—		51	Publix	$	14.14
Newberry Square						FL	Gainesville		1986		181		181		94.7	%					—		40	Publix, K- Mart	$	8.02
Nocatee Town Center						FL	Jacksonville		2007		70		70		91.2	%					—		54	Publix	$	13.93

Portfolio Summary Report By State

March 31, 2012

(in thousands)


										JVs at 100%		REG’s pro-rata share		REG’s pro-rata share			REG’s pro-rata share
Property Name	JV	REG’s Ownership %			State		CBSA	Yr Const, Last Renovation or Dev Start Yr		GLA		GLA		% Leased			% Leased - Operating Properties			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Northgate Square						FL	Tampa-St. Petersburg-Clearwater		1995		75		75		92.3	%					—		48	Publix	$	12.45
Oakleaf Commons						FL	Jacksonville		2006		74		74		86.7	%					—		46	Publix	$	13.51
Ocala Corners						FL	Tallahassee		2000		87		87		95.9	%					—		61	Publix	$	12.72
Old St Augustine Plaza						FL	Jacksonville		1990		232		232		94.3	%					—		52	Publix, Burlington Coat Factory, Hobby Lobby	$	7.67
Pebblebrook Plaza	JV-O		50	%		FL	Naples-Marco Island		2000		77		38		100.0	%					—		61	Publix	$	13.16
Pine Tree Plaza						FL	Jacksonville		1999		63		63		96.8	%					—		38	Publix	$	12.85
Plantation Plaza	JV-C2		20	%		FL	Jacksonville		2004		78		16		84.5	%					—		45	Publix	$	14.94
Regency Square						FL	Tampa-St. Petersburg-Clearwater		1986		350		350		92.0	%					66		—	AMC Theater, Michaels, (Best Buy), (Macdill)	$	14.85
Seminole Shoppes						FL	Jacksonville		2009		73		73		96.4	%					—		54	Publix	$	18.86
Shoppes @ 104						FL	Miami-Fort Lauderdale-Miami Beach		1990		108		108		95.5	%					—		46	Winn- Dixie	$	13.93
Shoppes at Bartram Park	JV-O		50	%		FL	Jacksonville		2004		105		53		93.5	%					97		45	Publix, (Kohl’s)	$	17.24
Shoppes at Bartram Park Phase II	JV-O		50	%		FL	Jacksonville		2008		15		7		70.0	%					—		—	—	$	20.37
Shops at John’s Creek						FL	Jacksonville		2004		15		15		73.5	%					—		—	—	$	18.47
Starke						FL	None		2000		13		13		100.0	%					—		—	—	$	24.65
Suncoast Crossing Phase I						FL	Tampa-St. Petersburg-Clearwater		2007		108		108		94.8	%					—		—	Kohl’s	$	4.48
Suncoast Crossing Phase II						FL	Tampa-St. Petersburg-Clearwater		2008		9		9		70.4	%					143		—	(Target)	$	18.34
Town Center at Martin Downs						FL	Port St. Lucie-Fort Pierce		1996		65		65		100.0	%					—		56	Publix	$	12.54
Town Square						FL	Tampa-St. Petersburg-Clearwater		1999		44		44		89.9	%					—		—	—	$	26.31
Village Center						FL	Tampa-St. Petersburg-Clearwater		1993		181		181		93.4	%					—		36	Publix	$	13.03
Vineyard Shopping Center	JV-M3		25	%		FL	Tallahassee		2002		63		16		84.7	%					—		44	Publix	$	10.76
Welleby Plaza						FL	Miami-Fort Lauderdale-Miami Beach		1982		110		110		86.0	%					—		47	Publix	$	10.64
Wellington Town Square						FL	Miami-Fort Lauderdale-Miami Beach		1982		107		107		98.5	%					—		45	Publix	$	19.09
Westchase						FL	Tampa-St. Petersburg-Clearwater		1998		79		79		100.0	%					—		51	Publix	$	12.93
Willa Springs	JV-USAA		20	%		FL	Orlando		2000		90		18		100.0	%					—		44	Publix	$	16.60

						FL					5,392		4,829		92.3	%		92.4	%		597		2,089

Ashford Place						GA	Atlanta-Sandy Springs-Marietta		1993		53		53		98.1	%					—		—	—	$	18.34
Briarcliff La Vista						GA	Atlanta-Sandy Springs-Marietta		1962		39		39		100.0	%					—		—	—	$	17.14
Briarcliff Village						GA	Atlanta-Sandy Springs-Marietta		1990		190		190		94.2	%					—		43	Publix	$	14.67
Buckhead Court						GA	Atlanta-Sandy Springs-Marietta		1984		48		48		97.5	%					—		—	—	$	15.44
Cambridge Square						GA	Atlanta-Sandy Springs-Marietta		1979		71		71		100.0	%					—		41	Kroger	$	13.38
Cornerstone Square						GA	Atlanta-Sandy Springs-Marietta		1990		80		80		77.6	%					—		18	Aldi	$	15.84
Delk Spectrum						GA	Atlanta-Sandy Springs-Marietta		1991		101		101		75.9	%					—		45	Publix	$	14.30
Dunwoody Hall	JV-USAA		20	%		GA	Atlanta-Sandy Springs-Marietta		1986		89		18		96.5	%					—		44	Publix	$	15.09
Dunwoody Village						GA	Atlanta-Sandy Springs-Marietta		1975		120		120		91.6	%					—		18	Fresh Market	$	17.23
Howell Mill Village						GA	Atlanta-Sandy Springs-Marietta		1984		92		92		87.7	%					—		31	Publix	$	15.65
King Plaza	JV-C2		20	%		GA	Atlanta-Sandy Springs-Marietta		1998		81		16		91.2	%					—		51	Publix	$	11.90
Loehmanns Plaza Georgia						GA	Atlanta-Sandy Springs-Marietta		1986		137		137		94.0	%					—		—	—	$	18.98
Lost Mountain Crossing	JV-C2		20	%		GA	Atlanta-Sandy Springs-Marietta		1994		73		15		88.0	%					—		48	Publix	$	11.45
Paces Ferry Plaza						GA	Atlanta-Sandy Springs-Marietta		1987		62		62		95.9	%					—		—	—	$	33.57
Powers Ferry Square						GA	Atlanta-Sandy Springs-Marietta		1987		98		98		85.1	%					—		—	—	$	23.31
Powers Ferry Village						GA	Atlanta-Sandy Springs-Marietta		1994		79		79		98.1	%					—		48	Publix	$	10.31
Russell Ridge						GA	Atlanta-Sandy Springs-Marietta		1995		99		99		93.8	%					—		63	Kroger	$	11.73

						GA					1,513		1,318		91.4	%		91.4	%		—		452

Baker Hill Center	JV-C		20	%		IL	Chicago-Naperville-Joliet		1998		135		27		99.1	%					—		72	Dominick’s	$	14.49
Brentwood Commons	JV-GRI		40	%		IL	Chicago-Naperville-Joliet		1962		126		50		99.1	%					—		65	Dominick’s	$	10.83
Civic Center Plaza	JV-GRI		40	%		IL	Chicago-Naperville-Joliet		1989		265		106		98.4	%					—		87	Super H Mart, Home Depot	$	10.64
Frankfort Crossing Shpg Ctr						IL	Chicago-Naperville-Joliet		1992		115		115		88.2	%					—		65	Jewel / OSCO	$	11.42
Geneva Crossing	JV-C		20	%		IL	Chicago-Naperville-Joliet		1997		123		25		98.8	%					—		72	Dominick’s	$	14.16
Glen Oak Plaza						IL	Chicago-Naperville-Joliet		1967		63		63		100.0	%					—		12	Trader Joe’s	$	21.59
Hinsdale						IL	Chicago-Naperville-Joliet		1986		179		179		96.2	%					—		70	Dominick’s	$	12.19
McHenry Commons Shopping Center	JV-GRI		40	%		IL	Chicago-Naperville-Joliet		1988		99		40		89.8	%					—		—	Hobby Lobby	$	6.92
Riverside Sq & River’s Edge	JV-GRI		40	%		IL	Chicago-Naperville-Joliet		1986		169		68		95.9	%					—		74	Dominick’s	$	14.54
Roscoe Square	JV-GRI		40	%		IL	Chicago-Naperville-Joliet		1981		140		56		88.8	%					—		51	Mariano’s	$	14.62
Shorewood Crossing	JV-C		20	%		IL	Chicago-Naperville-Joliet		2001		88		18		100.0	%					—		66	Dominick’s	$	14.81
Shorewood Crossing II	JV-C2		20	%		IL	Chicago-Naperville-Joliet		2005		86		17		98.1	%					—		—	—	$	13.45
Stonebrook Plaza Shopping Center	JV-GRI		40	%		IL	Chicago-Naperville-Joliet		1984		96		38		100.0	%					—		63	Dominick’s	$	11.52
Westbrook Commons						IL	Chicago-Naperville-Joliet		1984		124		124		92.4	%					—		51	Dominick’s	$	11.26
Willow Festival						IL	Chicago-Naperville-Joliet		2007		383		383		98.6	%					—		60	Whole Foods, Lowe’s	$	14.76

						IL					2,191		1,308		96.1	%		96.1	%		—		809

Airport Crossing						IN	Chicago-Naperville-Joliet		2006		12		12		77.8	%					90		—	(Kohl’s)	$	16.89
Augusta Center						IN	Chicago-Naperville-Joliet		2006		15		15		100.0	%					214		—	(Menards)	$	22.50
Greenwood Springs						IN	Indianapolis		2004		28		28		75.0	%					266		50	(Gander Mountain), (Wal-Mart Supercenter)	$	14.52
Willow Lake Shopping Center	JV-GRI		40	%		IN	Indianapolis		1987		86		34		92.4	%					64		64	(Kroger)	$	16.30
Willow Lake West Shopping Center	JV-GRI		40	%		IN	Indianapolis		2001		53		21		100.0	%					—		10	Trader Joe’s	$	22.98

						IN					193		110		88.9	%		88.9	%		634		124

Walton Towne Center						KY	Cincinnati-Middletown		2007		23		23		93.9	%					116		116	(Kroger)	$	17.28

						KY					23		23		93.9	%		93.9	%		116		116

Shops at Saugus						MA	Boston-Cambridge-Quincy		2006		90		90		98.2	%					—		11	Trader Joe’s	$	25.45
Speedway Plaza	JV-C2		20	%		MA	Worcester		1988		185		37		98.1	%					—		60	Stop & Shop, BJ’s Warehouse	$	10.25
Twin City Plaza						MA	Boston-Cambridge-Quincy		2004		270		270		94.6	%					—		63	Shaw’s, Marshall’s	$	16.63

						MA					546		397		95.7	%		95.7	%		—		133

Portfolio Summary Report By State

March 31, 2012

(in thousands)


										JVs at 100%		REG’s pro-rata share		REG’s pro-rata share			REG’s pro-rata share
Property Name	JV	REG’s Ownership %			State		CBSA	Yr Const, Last Renovation or Dev Start Yr		GLA		GLA		% Leased			% Leased - Operating Properties			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Bowie Plaza	JV-GRI		40	%		MD	Washington-Arlington-Alexandria		1966		103		41		95.5	%					—		—	—	$	21.61
Clinton Park	JV-C		20	%		MD	Washington-Arlington-Alexandria		2003		206		41		92.9	%					49		43	Giant Food, Sears, (Toys “R” Us)	$	8.54
Cloppers Mill Village	JV-GRI		40	%		MD	Washington-Arlington-Alexandria		1995		137		55		89.8	%					—		70	Shoppers Food Warehouse	$	18.05
Elkridge Corners	JV-GRI		40	%		MD	Baltimore-Towson		1990		74		29		98.4	%					—		40	Green Valley Markets	$	13.58
Festival at Woodholme	JV-GRI		40	%		MD	Baltimore-Towson		1986		81		32		91.3	%					—		10	Trader Joe’s	$	35.43
Firstfield Shopping Center	JV-GRI		40	%		MD	Washington-Arlington-Alexandria		1978		22		9		93.3	%					—		—	—	$	37.63
Goshen Plaza	JV-GRI		40	%		MD	Washington-Arlington-Alexandria		1987		43		17		84.1	%					—		—	—	$	19.92
King Farm Village Center	JV-RC		25	%		MD	Washington-Arlington-Alexandria		2001		118		30		95.6	%					—		54	Safeway	$	25.26
Mitchellville Plaza	JV-GRI		40	%		MD	Washington-Arlington-Alexandria		1991		152		61		81.1	%					—		45	Food Lion	$	21.17
Parkville Shopping Center	JV-GRI		40	%		MD	Baltimore-Towson		1961		162		65		86.9	%					—		41	Giant Food	$	11.77
Southside Marketplace	JV-GRI		40	%		MD	Baltimore-Towson		1990		125		50		95.1	%					—		44	Shoppers Food Warehouse	$	16.01
Takoma Park	JV-GRI		40	%		MD	Washington-Arlington-Alexandria		1960		106		43		92.0	%					—		64	Shoppers Food Warehouse	$	10.80
Valley Centre	JV-GRI		40	%		MD	Baltimore-Towson		1987		216		86		97.1	%					—		—	—	$	14.46
Village at Lee Airpark						MD	Baltimore-Towson		2005		88		88		97.2	%					75		63	Giant Food, (Sunrise)	$	25.05
Watkins Park Plaza	JV-GRI		40	%		MD	Washington-Arlington-Alexandria		1985		113		45		98.5	%					—		43	Safeway	$	19.24
Woodmoor Shopping Center	JV-GRI		40	%		MD	Washington-Arlington-Alexandria		1954		69		28		94.9	%					—		—	—	$	25.02

						MD					1,815		720		92.9	%		92.3	%		124		517

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

						MI					118		118		39.2	%		39.2	%		147		—

Brentwood Plaza						MO	St. Louis		2002		60		60		96.5	%					—		52	Schnucks	$	9.77
Bridgeton						MO	St. Louis		2005		71		71		97.3	%					130		63	Schnucks, (Home Depot)	$	11.81
Dardenne Crossing						MO	St. Louis		1996		67		67		100.0	%					—		63	Schnucks	$	10.72
Kirkwood Commons						MO	St. Louis		2000		210		210		100.0	%					258		—	Wal-Mart, (Target), (Lowe’s)	$	9.67

						MO					408		408		99.0	%		99.0	%		388		179

Apple Valley Square	JV-RC		25	%		MN	Minneapolis-St. Paul-Bloomington		1998		185		46		100.0	%					87		62	Rainbow Foods, Jo- Ann Fabrics, (Burlington Coat Factory)	$	11.31
Calhoun Commons	JV-RC		25	%		MN	Minneapolis-St. Paul-Bloomington		1999		66		17		100.0	%					—		50	Whole Foods	$	21.94
Colonial Square	JV-GRI		40	%		MN	Minneapolis-St. Paul-Bloomington		1959		93		37		100.0	%					—		44	Lund’s	$	17.14
Rockford Road Plaza	JV-GRI		40	%		MN	Minneapolis-St. Paul-Bloomington		1991		205		82		97.2	%					—		66	Rainbow Foods	$	11.26
Rockridge Center	JV-C2		20	%		MN	Minneapolis-St. Paul-Bloomington		2006		125		25		95.8	%					—		89	Cub Foods	$	11.93

						MN					675		207		98.4	%		98.4	%		87		311

Cameron Village	JV-CCV		30	%		NC	Raleigh-Cary		1949		553		166		98.8	%					—		87	Harris Teeter, Fresh Market	$	16.97
Carmel Commons						NC	Charlotte-Gastonia-Concord		1979		133		133		89.6	%					—		14	Fresh Market	$	16.25
Cochran Commons	JV-C2		20	%		NC	Charlotte-Gastonia-Concord		2003		66		13		100.0	%					—		42	Harris Teeter	$	15.08
Colonnade Center						NC	Raleigh-Cary		2009		58		58		93.7	%					—		40	Whole Foods	$	26.03
Fuquay Crossing	JV-RC		25	%		NC	Raleigh-Cary		2002		125		31		96.3	%					—		46	Kroger	$	9.64
Garner Towne Square						NC	Raleigh-Cary		1998		184		184		90.0	%					273		58	Kroger, (Home Depot), (Target)	$	11.54
Glenwood Village						NC	Raleigh-Cary		1983		43		43		100.0	%					—		28	Harris Teeter	$	15.88
Harris Crossing						NC	Raleigh-Cary		2007		65		65		92.9	%					—		53	Harris Teeter	$	8.39
Lake Pine Plaza						NC	Raleigh-Cary		1997		88		88		96.8	%					—		58	Kroger	$	11.55
Maynard Crossing	JV-USAA		20	%		NC	Raleigh-Cary		1997		123		25		84.4	%					—		56	Kroger	$	14.11
Providence Commons	JV-RC		25	%		NC	Charlotte-Gastonia-Concord		1994		77		19		91.6	%					—		50	Harris Teeter	$	15.80
Middle Creek Commons						NC	Raleigh-Cary		2006		74		74		100.0	%					—		49	Lowes Foods	$	14.40
Shoppes of Kildaire	JV-GRI		40	%		NC	Raleigh-Cary		1986		145		58		95.5	%					—		19	Trader Joe’s	$	15.58
Southpoint Crossing						NC	Durham		1998		103		103		95.9	%					—		59	Kroger	$	14.99
Sutton Square	JV-C2		20	%		NC	Raleigh-Cary		1985		101		20		95.5	%					—		24	Fresh Market	$	15.32
Woodcroft Shopping Center						NC	Durham		1984		90		90		95.4	%					—		41	Food Lion	$	11.68

						NC					2,026		1,169		94.6	%		94.7	%		273		723

Plaza Square	JV-GRI		40	%		NJ	New York-Northern New Jersey-Long Island		1990		104		42		98.3	%					—		60	Shop Rite	$	21.76
Haddon Commons	JV-GRI		40	%		NJ	Philadelphia-Camden-Wilmington		1985		53		21		87.7	%					—		34	Acme Markets	$	6.60

						NJ					157		63		94.7	%		94.7	%		—		94

Deer Springs Town Center						NV	Las Vegas-Paradise		2007		331		331		88.7	%					132		—	(Target), Home Depot, Toys “R” Us	$	13.27

						NV					331		331		88.7	%		88.7	%		132		—

Lake Grove Commons			40	%		NY	New York-Northern New Jersey-Long Island		2008		141		57		100.0	%					—		48	Whole Foods, LA Fitness	$	29.68

						NY					141		57		100.0	%		100.0	%		—		48

Beckett Commons						OH	Cincinnati-Middletown		1995		121		121		87.1	%					—		71	Kroger	$	11.05
Cherry Grove						OH	Cincinnati-Middletown		1997		196		196		98.0	%					—		66	Kroger	$	10.26
East Pointe						OH	Columbus		1993		87		87		98.4	%					—		59	Kroger	$	10.57
Hyde Park						OH	Cincinnati-Middletown		1995		397		397		96.9	%					—		169	Kroger, Biggs	$	14.23
Indian Springs Market Center	JV-RRP		20	%		OH	Cincinnati-Middletown		2005		141		28		100.0	%					203		—	Kohl’s, (Wal-Mart Supercenter)	$	4.88
Kroger New Albany Center						OH	Columbus		1999		93		93		91.8	%					—		65	Kroger	$	11.10
Maxtown Road (Northgate)						OH	Columbus		1996		85		85		98.4	%					90		62	Kroger, (Home Depot)	$	10.71
Red Bank Village						OH	Cincinnati-Middletown		2006		164		164		97.4	%					—		—	Wal-Mart	$	5.79
Regency Commons						OH	Cincinnati-Middletown		2004		31		31		86.2	%					—		—	—	$	23.92
Sycamore Crossing & Sycamore Plaza	JV-RRP		20	%		OH	Cincinnati-Middletown		1966		391		78		90.4	%					—		26	Fresh Market, Macy’s Furniture Gallery, Toys ‘R Us, Dick’s Sporting Goods	$	17.19
Wadsworth Crossing						OH	Cleveland-Elyria-Mentor		2005		108		108		92.6	%					367		—	(Kohl’s), (Lowe’s), (Target)	$	14.31
Westchester Plaza						OH	Cincinnati-Middletown		1988		88		88		95.4	%					—		67	Kroger	$	9.51
Windmiller Plaza Phase I						OH	Columbus		1997		140		140		98.5	%					—		101	Kroger	$	8.59

						OH					2,042		1,617		95.5	%		95.5	%		660		686

Corvallis Market Center						OR	Corvallis		2006		85		85		100.0	%					—		12	Trader Joe’s	$	18.69
Greenway Town Center	JV-GRI		40	%		OR	Portland-Vancouver-Beaverton		1979		93		37		90.4	%					—		38	Lamb’s Thriftway	$	12.33
Murrayhill Marketplace						OR	Portland-Vancouver-Beaverton		1988		149		149		80.3	%					—		41	Safeway	$	15.66
Northgate Marketplace						OR	Medford		2011		81		81		76.2	%					—		13	Trader Joe’s		NA
Sherwood Crossroads						OR	Portland-Vancouver-Beaverton		1999		88		88		90.1	%					—		55	Safeway	$	10.10

Portfolio Summary Report By State

March 31, 2012

(in thousands)


										JVs at 100%		REG’s pro-rata share		REG’s pro-rata share			REG’s pro-rata share
Property Name	JV	REG’s Ownership %			State		CBSA	Yr Const, Last Renovation or Dev Start Yr		GLA		GLA		% Leased			% Leased - Operating Properties			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Sherwood Market Center						OR	Portland-Vancouver-Beaverton		1995		124		124		96.7	%					—		50	Albertsons	$	17.17
Sunnyside 205						OR	Portland-Vancouver-Beaverton		1988		54		54		86.4	%					—		—	—	$	24.41
Tanasbourne Market						OR	Portland-Vancouver-Beaverton		2006		71		71		100.0	%					—		57	Whole Foods	$	24.90
Walker Center						OR	Portland-Vancouver-Beaverton		1987		90		90		97.4	%					—		—	Bed Bath and Beyond	$	23.68

						OR					834		778		90.4	%		92.1	%		—		265

Allen Street Shopping Center	JV-GRI		40	%		PA	Allentown-Bethlehem-Easton		1958		46		18		100.0	%					—		22	Ahart Market	$	13.36
City Avenue Shopping Center	JV-GRI		40	%		PA	Philadelphia-Camden-Wilmington		1960		159		64		91.0	%					—		—	—	$	16.69
Gateway Shopping Center						PA	Philadelphia-Camden-Wilmington		1960		214		214		97.6	%					—		11	Trader Joe’s	$	24.60
Hershey						PA	Harrisburg-Carlisle		2000		6		6		100.0	%					—		—	—	$	30.41
Kulpsville Village Center						PA	Philadelphia-Camden-Wilmington		2006		15		15		100.0	%					—		—	—	$	30.36
Lower Nazareth Commons						PA	Allentown-Bethlehem-Easton		2007		87		87		98.2	%					133		—	(Target), Sports Authority	$	23.93
Mercer Square Shopping Center	JV-GRI		40	%		PA	Philadelphia-Camden-Wilmington		1988		91		37		100.0	%					—		51	Genuardi’s	$	20.42
Newtown Square Shopping Center	JV-GRI		40	%		PA	Philadelphia-Camden-Wilmington		1970		147		59		90.9	%					—		56	Acme Markets	$	15.00
Silver Spring Square	JV-RRP		20	%		PA	Harrisburg-Carlisle		2005		314		63		97.5	%					139		126	Wegmans, (Target)	$	14.99
Stefko Boulevard Shopping Center	JV-GRI		40	%		PA	Allentown-Bethlehem-Easton		1976		134		54		93.8	%					—		73	Valley Farm Market	$	7.55
Warwick Square Shopping Center	JV-GRI		40	%		PA	Philadelphia-Camden-Wilmington		1999		90		36		100.0	%					—		51	Genuardi’s	$	18.72

						PA					1,304		652		96.5	%		96.5	%		272		390

Buckwalter Village						SC	Hilton Head Island-Beaufort		2006		60		60		97.6	%					—		46	Publix	$	14.22
Merchants Village	JV-GRI		40	%		SC	Charleston-North Charleston		1997		80		32		97.0	%					—		38	Publix	$	13.99
Murray Landing	JV-M3		25	%		SC	Columbia		2003		64		16		100.0	%					—		45	Publix	$	12.65
Orangeburg						SC	Charleston-North Charleston		2006		15		15		100.0	%					—		—	—	$	23.01
Queensborough Shopping Center	JV-O		50	%		SC	Charleston-North Charleston		1993		82		41		93.9	%					—		66	Publix	$	9.61
Surfside Beach Commons	JV-C2		20	%		SC	Myrtle Beach-Conway-North Myrtle Beach		1999		60		12		94.7	%					—		47	Bi-Lo	$	11.80

						SC					361		176		96.9	%		96.9	%		—		241

Dickson Tn						TN	Nashville-Davidson-Murfreesboro		1998		11		11		100.0	%					—		—	—	$	20.35
Harpeth Village Fieldstone						TN	Nashville-Davidson-Murfreesboro		1998		70		70		97.7	%					—		55	Publix	$	13.74
Lebanon Center						TN	Nashville-Davidson--Murfreesboro		2006		64		64		89.0	%					—		46	Publix	$	12.19
Nashboro Village						TN	Nashville-Davidson-Murfreesboro		1998		87		87		96.8	%					—		61	Kroger	$	10.82
Northlake Village						TN	Nashville-Davidson-Murfreesboro		1988		138		138		87.6	%					—		75	Kroger	$	11.74
Peartree Village						TN	Nashville-Davidson-Murfreesboro		1997		110		110		100.0	%					—		61	Harris Teeter	$	18.01

						TN					479		479		94.1	%		94.1	%		—		297

Alden Bridge	JV-USAA		20	%		TX	Houston-Baytown-Sugar Land		1998		139		28		96.8	%					—		68	Kroger	$	17.60
Bethany Park Place	JV-USAA		20	%		TX	Dallas-Fort Worth-Arlington		1998		99		20		98.0	%					—		83	Kroger	$	10.93
Cochran’s Crossing						TX	Houston-Baytown-Sugar Land		1994		138		138		93.4	%					—		63	Kroger	$	16.27
Cooper Street						TX	Dallas-Fort Worth-Arlington		1992		128		128		91.9	%					103		—	(Home Depot)	$	10.67
Hancock						TX	Austin-Round Rock		1998		410		410		97.9	%					—		90	H.E.B., Sears	$	13.15
Hickory Creek Plaza						TX	Dallas-Fort Worth-Arlington		2006		28		28		77.6	%					81		81	(Kroger)	$	20.88
Hillcrest Village						TX	Dallas-Fort Worth-Arlington		1991		15		15		100.0	%					—		—	—	$	39.69
Indian Springs Center	JV-O		50	%		TX	Houston-Baytown-Sugar Land		2003		137		68		100.0	%					—		79	H.E.B.	$	19.14
Keller Town Center						TX	Dallas-Fort Worth-Arlington		1999		115		115		91.8	%					—		64	Tom Thumb	$	14.27
Kleinwood Center	JV-M3		25	%		TX	Houston-Baytown-Sugar Land		2003		149		37		89.3	%					—		81	H.E.B.	$	15.66
Lebanon/Legacy Center						TX	Dallas-Fort Worth-Arlington		2002		57		57		83.4	%					63		63	(Albertsons), Wal-Mart	$	22.41
Market at Preston Forest						TX	Dallas-Fort Worth-Arlington		1990		96		96		100.0	%					—		64	Tom Thumb	$	19.16
Market at Round Rock						TX	Austin-Round Rock		1987		123		123		80.7	%					—		30	Sprout’s Markets	$	17.70
Mockingbird Common						TX	Dallas-Fort Worth-Arlington		1987		120		120		100.0	%					—		49	Tom Thumb	$	16.29
North Hills						TX	Austin-Round Rock		1995		144		144		99.8	%					—		60	H.E.B.	$	20.44
Panther Creek						TX	Houston-Baytown-Sugar Land		1994		166		166		100.0	%					—		66	Randall’s Food	$	16.44
Preston Park						TX	Dallas-Fort Worth-Arlington		1985		239		239		90.5	%					—		53	Tom Thumb	$	24.88
Prestonbrook						TX	Dallas-Fort Worth-Arlington		1998		92		92		97.2	%					—		64	Kroger	$	13.52
Rockwall Town Center						TX	Dallas-Fort Worth-Arlington		2004		46		46		100.0	%					74		74	(Kroger)	$	23.62
Shiloh Springs	JV-USAA		20	%		TX	Dallas-Fort Worth-Arlington		1998		110		22		83.1	%					—		61	Kroger	$	13.40
Shops at Highland Village						TX	Dallas-Fort Worth-Arlington		2005		352		352		88.3	%					—		—	AMC Theater	$	23.29
Signature Plaza						TX	Dallas-Fort Worth-Arlington		2004		32		32		84.6	%					62		62	(Kroger)	$	21.29
Southpark at Cinco Ranch						TX	Houston-Baytown-Sugar Land		2012		228		228		76.1	%					—		101	Kroger, Academy		NA
Sterling Ridge						TX	Houston-Baytown-Sugar Land		2000		129		129		100.0	%					—		63	Kroger	$	18.82
Sweetwater Plaza	JV-C		20	%		TX	Houston-Baytown-Sugar Land		2000		134		27		94.5	%					—		65	Kroger	$	16.14
Tech Ridge Center						TX	Austin-Round Rock		2001		187		187		94.6	%					—		84	H.E.B.	$	19.84
Waterside Marketplace						TX	Houston-Baytown-Sugar Land		2007		25		25		92.5	%					103		103	(Kroger)	$	23.54
Weslayan Plaza East	JV-GRI		40	%		TX	Houston-Baytown-Sugar Land		1969		170		68		100.0	%					—		—	—	$	13.68
Weslayan Plaza West	JV-GRI		40	%		TX	Houston-Baytown-Sugar Land		1969		186		74		100.0	%					—		52	Randall’s Food	$	16.76
Westwood Village						TX	Houston-Baytown-Sugar Land		2006		184		184		98.2	%					127		—	(Target)	$	16.28
Woodway Collection	JV-GRI		40	%		TX	Houston-Baytown-Sugar Land		1974		104		42		96.4	%					—		57	Randall’s Food	$	15.97

						TX					4,280		3,439		93.3	%		94.5	%		613		1,780

Ashburn Farm Market Center						VA	Washington-Arlington-Alexandria		2000		92		92		98.8	%					—		49	Giant Food	$	22.36
Ashburn Farm Village Center	JV-GRI		40	%		VA	Washington-Arlington-Alexandria		1996		89		36		96.9	%					—		57	Shoppers Food Warehouse	$	14.61
Braemar Shopping Center	JV-RC		25	%		VA	Washington-Arlington-Alexandria		2004		96		24		94.8	%					—		58	Safeway	$	17.57
Centre Ridge Marketplace	JV-GRI		40	%		VA	Washington-Arlington-Alexandria		1996		104		42		100.0	%					—		55	Shoppers Food Warehouse	$	16.65
Cheshire Station						VA	Washington-Arlington-Alexandria		2000		97		97		97.8	%					—		55	Safeway	$	16.61
Culpeper Colonnade						VA	Culpeper		2006		132		132		97.1	%					127		70	Martin’s, (Target)	$	14.19
Fairfax Shopping Center						VA	Washington-Arlington-Alexandria		1955		76		76		79.9	%					—		—	—	$	13.16
Festival at Manchester Lakes	JV-GRI		40	%		VA	Washington-Arlington-Alexandria		1990		165		66		98.5	%					—		65	Shoppers Food Warehouse	$	22.93

Portfolio Summary Report By State

March 31, 2012

(in thousands)


										JVs at 100%		REG’s pro-rata share		REG’s pro-rata share			REG’s pro-rata share
Property Name	JV	REG’s Ownership %			State		CBSA	Yr Const, Last Renovation or Dev Start Yr		GLA		GLA		% Leased			% Leased - Operating Properties			Anchor- Owned GLA		Grocery Anchor GLA		Major Tenants⁽¹⁾	Average Base Rent/ Sq. Ft⁽²⁾
Fortuna Center Plaza	JV-RRP		20	%		VA	Washington-Arlington-Alexandria		2004		105		21		100.0	%					124		67	Shoppers Food Warehouse, (Target)	$	15.07
Fox Mill Shopping Center	JV-GRI		40	%		VA	Washington-Arlington-Alexandria		1977		103		41		97.1	%					—		50	Giant Food	$	20.62
Gayton Crossing	JV-GRI		40	%		VA	Richmond		1983		157		63		89.0	%					55		38	Martin’s, (Kroger)	$	13.73
Greenbriar Town Center	JV-GRI		40	%		VA	Washington-Arlington-Alexandria		1972		340		136		98.8	%					—		62	Giant Food	$	21.33
Hanover Village Shopping Center	JV-GRI		40	%		VA	Richmond		1971		88		35		86.6	%					—		—	—	$	8.09
Hollymead Town Center	JV-C2		20	%		VA	Charlottesville		2004		154		31		98.1	%					143		61	Harris Teeter, (Target)	$	20.44
Kamp Washington Shopping Center	JV-GRI		40	%		VA	Washington-Arlington-Alexandria		1960		72		29		86.7	%					—		—	—	$	40.96
Kings Park Shopping Center	JV-GRI		40	%		VA	Washington-Arlington-Alexandria		1966		75		30		97.2	%					—		28	Giant Food	$	24.35
Lorton Station Marketplace	JV-C2		20	%		VA	Washington-Arlington-Alexandria		2005		132		26		97.7	%					—		63	Shoppers Food Warehouse	$	19.92
Lorton Town Center	JV-C2		20	%		VA	Washington-Arlington-Alexandria		2005		52		10		91.5	%					—		—	—	$	26.22
Market at Opitz Crossing						VA	Washington-Arlington-Alexandria		2003		150		150		79.1	%					—		52	Safeway	$	12.00
Saratoga Shopping Center	JV-GRI		40	%		VA	Washington-Arlington-Alexandria		1977		113		45		94.7	%					—		56	Giant Food	$	17.12
Shops at County Center						VA	Washington-Arlington-Alexandria		2005		97		97		93.6	%					—		52	Harris Teeter	$	19.63
Shops at Stonewall						VA	Washington-Arlington-Alexandria		2007		267		267		98.2	%					—		140	Wegmans, Dick’s Sporting Goods	$	12.84
Shops at Stonewall Phase II						VA	Washington-Arlington-Alexandria		2011		41		41		100.0	%					—		—	Dick’s Sporting Goods		NA
Signal Hill	JV-C2		20	%		VA	Washington-Arlington-Alexandria		2004		95		19		100.0	%					—		67	Shoppers Food Warehouse	$	19.32
Town Center at Sterling Shopping Center	JV-GRI		40	%		VA	Washington-Arlington-Alexandria		1980		190		76		89.5	%					—		47	Giant Food	$	18.04
Village Center at Dulles	JV-C		20	%		VA	Washington-Arlington-Alexandria		1991		298		60		98.8	%					—		48	Shoppers Food Warehouse, Gold’s Gym	$	21.21
Village Shopping Center	JV-GRI		40	%		VA	Richmond		1948		111		44		93.8	%					—		45	Martin’s	$	19.46
Willston Centre I	JV-GRI		40	%		VA	Washington-Arlington-Alexandria		1952		105		42		93.7	%					—		—	—	$	21.65
Willston Centre II	JV-GRI		40	%		VA	Washington-Arlington-Alexandria		1986		136		54		94.3	%					141		59	Safeway, (Target)	$	20.29

						VA					3,732		1,882		94.2	%		94.2	%		589		1,344

Aurora Marketplace	JV-GRI		40	%		WA	Seattle-Tacoma-Bellevue		1991		107		43		98.7	%					—		49	Safeway	$	15.04
Cascade Plaza	JV-C		20	%		WA	Seattle-Tacoma-Bellevue		1999		211		42		78.0	%					—		49	Safeway	$	11.05
Eastgate Plaza	JV-GRI		40	%		WA	Seattle-Tacoma-Bellevue		1956		78		31		100.0	%					—		29	Albertsons	$	22.85
Inglewood Plaza						WA	Seattle-Tacoma-Bellevue		1985		17		17		100.0	%					—		—	—	$	30.31
Orchards Market Center I	JV-RRP		20	%		WA	Portland-Vancouver-Beaverton		2004		101		20		100.0	%					—		—	Wholesale Sports	$	13.27
Orchards Market Center II						WA	Portland-Vancouver-Beaverton		2005		77		77		89.9	%					—		—	LA Fitness	$	17.86
Overlake Fashion Plaza	JV-GRI		40	%		WA	Seattle-Tacoma-Bellevue		1987		81		32		94.5	%					230		—	(Sears)	$	23.53
Pine Lake Village						WA	Seattle-Tacoma-Bellevue		1989		103		103		100.0	%					—		41	Quality Foods	$	20.30
Sammamish-Highlands						WA	Seattle-Tacoma-Bellevue		1992		101		101		89.3	%					55		55	(Safeway)	$	24.49
Southcenter						WA	Seattle-Tacoma-Bellevue		1990		58		58		90.8	%					112		—	(Target)	$	27.71

						WA					935		526		93.2	%		93.2	%		397		223

Racine Centre Shopping Center	JV-GRI		40	%		WI	Racine		1988		136		54		95.4	%					—		51	Piggly Wiggly	$	7.77
Whitnall Square Shopping Center	JV-GRI		40	%		WI	Milwaukee-Waukesha-West Allis		1989		133		53		91.6	%					—		69	Pick ‘N’ Save	$	7.79

						WI					269		108		93.5	%		93.5	%		—		120

Regency Centers Total											42,435		29,991		92.7	%		93.6	%		7,341		15,404

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


Properties managed by Regency, but not owned
Northlake Promenade	GA	Atlanta-Sandy Springs-Marietta	25
Powers Ferry Kroger	GA	Atlanta-Sandy Springs-Marietta	46
Lindbergh Crossing	GA	Atlanta-Sandy Springs-Marietta	27
Woodstock Crossing	GA	Atlanta-Sandy Springs-Marietta	66
Centennial Crossroads Plaza	NV	Las Vegas-Paradise	99

Total square footage managed by Regency, but not owned			263

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

March 31, 2012

(in thousands)


Tenant	Tenant GLA⁽¹⁾		% of Company- Owned GLA⁽¹⁾			Total Annualized Base Rent⁽²⁾		% of Total Annualized Base Rent⁽²⁾			Total # of Leased Stores - 100% Owned and JV		# of Leased Stores in JV
Publix		2,033		6.8	%	$	20,017		4.4	%		55		18
Kroger		2,033		6.8	%	$	18,743		4.1	%		42		13
Safeway		1,644		5.5	%	$	16,372		3.6	%		50		26
Supervalu		839		2.8	%	$	10,131		2.2	%		26		16
Whole Foods		271		0.9	%	$	7,196		1.6	%		9		4
CVS		474		1.6	%	$	7,087		1.5	%		45		22
TJX Companies		543		1.8	%	$	6,397		1.4	%		25		9
Ahold		349		1.2	%	$	4,871		1.1	%		13		10
Ross Dress For Less		280		0.9	%	$	4,411		1.0	%		17		11
H.E.B.		295		1.0	%	$	4,326		0.9	%		5		2
PETCO		225		0.8	%	$	4,278		0.9	%		26		13
Walgreens		194		0.6	%	$	3,729		0.8	%		16		4
Starbucks		98		0.3	%	$	3,477		0.8	%		82		32
Bank of America		78		0.3	%	$	3,375		0.7	%		27		13
Wells Fargo Bank		68		0.2	%	$	3,307		0.7	%		35		20
Sears Holdings		428		1.4	%	$	3,213		0.7	%		8		3
Rite Aid		207		0.7	%	$	3,189		0.7	%		24		15
Sports Authority		141		0.5	%	$	3,063		0.7	%		4		1
JPMorgan Chase Bank		62		0.2	%	$	3,062		0.7	%		24		6
PetSmart		179		0.6	%	$	2,959		0.6	%		10		4
Harris Teeter		248		0.8	%	$	2,929		0.6	%		8		4
Subway		97		0.3	%	$	2,898		0.6	%		111		51
Target		350		1.2	%	$	2,884		0.6	%		4		2
Toys “R” Us		176		0.6	%	$	2,753		0.6	%		7		5
The UPS Store		95		0.3	%	$	2,495		0.5	%		92		36
Wal-Mart		435		1.5	%	$	2,466		0.5	%		4		1
Trader Joe’s		90		0.3	%	$	2,316		0.5	%		11		5

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


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


GLA owned and occupied by the anchor not included above:		# of Tenant- Owned Stores		# of Stores including Tenant- Owned
Target	1,971		18		22
Kroger	628		8		50
Wal-Mart	575		4		8
Safeway	314		6		56
Sears Holdings	92		1		9
Supervalu	78		2		28
Publix	63		1		56

	3,722

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

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

Tenant Lease Expirations

March 31, 2012

(in thousands)


All Tenants			Regency’s Pro-Rata Share
Lease Expiration Year	Pro-Rata Expiring GLA		Percent of Pro-Rata Expiring GLA			Pro-Rata In-Place Minimum Rent Under Expiring Leases		Percent of Expiring Pro-Rata Minimum Rent⁽²⁾			Pro-rata Expiring A.B.R
(1)		334		1.3	%	$	5,732		1.3	%	$	17.18
2012		1,778		6.7	%	$	34,401		7.5	%		19.34
2013		2,518		9.5	%	$	49,968		10.9	%		19.84
2014		2,657		10.0	%	$	53,038		11.6	%		19.96
2015		2,217		8.3	%	$	45,071		9.8	%		20.33
2016		3,018		11.4	%	$	51,619		11.3	%		17.10
2017		2,466		9.3	%	$	44,376		9.7	%		17.99
2018		1,495		5.6	%	$	23,403		5.1	%		15.66
2019		1,226		4.6	%	$	19,744		4.3	%		16.10
2020		1,521		5.7	%	$	22,712		5.0	%		14.93
2021		1,308		4.9	%	$	20,490		4.5	%		15.66

10 Year Total		20,540		77.3	%		370,556		81.0	%		18.04

Thereafter		6,033		22.7	%		87,195		19.0	%		14.45

		26,573		100.0	%	$	457,751		100.0	%	$	17.23


Anchor Tenants⁽³⁾			Regency’s Pro-Rata Share
Lease Expiration Year	Pro-Rata Expiring GLA		Percent of Pro-Rata Expiring GLA			Pro-Rata In-Place Minimum Rent Under Expiring Leases		Percent of Expiring Pro-Rata Minimum Rent⁽²⁾			Pro-rata Expiring A.B.R
(1)		89		0.6	%	$	488		0.3	%		—
2012		453		3.1	%	$	3,648		2.2	%		8.06
2013		716		4.8	%	$	6,025		3.7	%		8.42
2014		874		5.9	%	$	8,902		5.5	%		10.19
2015		686		4.6	%	$	6,735		4.1	%		9.82
2016		1,355		9.2	%	$	11,545		7.1	%		8.52
2017		1,320		8.9	%	$	15,341		9.4	%		11.62
2018		945		6.4	%	$	10,591		6.5	%		11.21
2019		934		6.3	%	$	12,289		7.5	%		13.15
2020		1,167		7.9	%	$	14,201		8.7	%		12.17
2021		846		5.7	%	$	8,434		5.2	%		9.97

10 Year Total		9,385		63.4	%		98,199		60.2	%		10.46

Thereafter		5,411		36.6	%		64,890		39.8	%		11.99

		14,796		100.0	%	$	163,090		100.0	%	$	11.02

Reflects in place leases as of March 31, 2012, but does not account for contractual rent steps and assumes that no tenants exercise renewal options.

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

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

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

Tenant Lease Expirations

March 31, 2012

(in thousands)


Inline Tenants			Regency’s Pro-Rata Share
Lease Expiration Year	Pro-Rata Expiring GLA		Percent of Pro-Rata Expiring GLA			Pro-Rata In-Place Minimum Rent Under Expiring Leases		Percent of Expiring Pro-Rata Minimum Rent⁽²⁾			Pro-rata Expiring A.B.R
(1)		244		2.1	%	$	5,244		1.8	%	$	21.45
2012		1,326		11.3	%	$	30,752		10.4	%		23.19
2013		1,803		15.3	%	$	43,943		14.9	%		24.37
2014		1,783		15.1	%	$	44,136		15.0	%		24.75
2015		1,531		13.0	%	$	38,336		13.0	%		25.04
2016		1,663		14.1	%	$	40,074		13.6	%		24.10
2017		1,146		9.7	%	$	29,036		9.9	%		25.33
2018		550		4.7	%	$	12,813		4.3	%		23.31
2019		292		2.5	%	$	7,456		2.5	%		25.56
2020		354		3.0	%	$	8,511		2.9	%		24.03
2021		462		3.9	%	$	12,056		4.1	%		26.08

10 Year Total		11,155		94.7	%		272,357		92.4	%		24.42

Thereafter		622		5.3	%		22,304		7.6	%		35.86

		11,777		100.0	%	$	294,661		100.0	%	$	25.02

Reflects in place leases as of March 31, 2012, but does not account for contractual rent steps and assumes that no tenants exercise renewal options.

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

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

Earnings and Valuation Guidance

March 31, 2012


($000s except per share numbers)	2010A			2011A			2012E	1Q12A			2Q12E

FFO / Share (for actuals please see related press release)							$2.30 - $2.42				$.61 - $.65
Recurring FFO / Share							$2.42 - $2.54				$.62 - $.66
Same Property - Wholly owned and Regency’s pro-rata share of co-investment partnerships:
Same property percent leased at period end		92.8	%		93.8	%	93.25% - 94.25%		93.6	%
Same property NOI growth without termination fees		0.0	%		0.1	%	2.0% - 3.25%		4.2	%
Same property recovery rate		77.0	%		76.4	%	76% - 78%		75.8	%

Rental rate growth (spaces vacant < 12 months)		-0.1	%		1.2	%	(1.0)% - 2.5%		2.9%
Percentage Rent - Consolidated Only	$	2,540		$	2,996		$2,600 - $3,400	$	1,160
Recovery Rate - Consolidated Only - All Properties		74.2	%		73.3	%	73% - 75%		74.4	%

Investment Activity
Regency’s Additional 15% Investment in GRI JV	$	239,718		$	0		$0	$	0
Cap rate (average)		9.6	%		0.0	%	0.0%		0.0	%
Acquisitions - (REG Pro-Rata)	$	89,722		$	110,643		$125,000 - $250,000	$	29,000
Cap rate (average)		6.7	%		6.0	%	5.5% - 6.0%		5.6	%
Dispositions - (REG Pro-Rata)	$	62,600		$	91,205		$200,000 - $300,000	$	23,100
Cap rate (average)		8.4	%		7.8	%	7.5% - 8.0%		7.4	%
Development starts	$	6,060		$	95,904		$75,000 - $150,000	$	58,612
Development completions - net costs	$	306,188		$	445,035		$55,000 - $72,000	$	2,110
Stabilized yield (net dev costs)		7.9	%		6.6	%	6.5%-7.5%		10.0	%
Capitalized interest on completions	$	607		$	241		$30 - $100	$	13
Transaction profits net of deal costs and taxes	$	3,597		$	3,742		($3,000) to ($1,000)	$	1,580
Third party fees and commissions	$	26,806		$	28,980		$24,800 - $26,400	$	7,150

Net Asset Valuation Guidance:
Estimated market value of expansion land and outparcels available								$	85,123
NOI from Projects in Development (current quarter)								$	1,062
NOI from leases signed but not yet rent-paying in operating properties, including Development Completions (current quarter)								$	1,861

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

Reconciliation of FFO and Recurring FFO Guidance to Net Income

March 31, 2012

All numbers are per share except weighted average shares


	Three Months Ended
Funds From Operations Guidance:	June 30, 2012				Full Year 2012
Net income attributable to common stockholders	$	0.14	$	0.18	$	0.49		$	0.61

Adjustments to reconcile net income to FFO:
Depreciation expense, amortization and other amounts as defined below	$	0.47		0.47	$	1.81			1.81


Funds From Operations ⁽¹⁾	$	0.61		0.65	$	2.30		$	2.42

Adjustments to reconcile FFO to Recurring FFO:
One-time additional preferred dividend payment		0.00		0.00		0.02			0.02
Gain on redemption of preferred units		0.00		0.00		(0.02	)		(0.02	)
Original preferred stock issuance costs expensed		0.00		0.00		0.09			0.09
All other non-recurring items as defined below		0.01		0.01		0.03			0.03


Recurring Funds From Operations ⁽¹⁾	$	0.62		0.66	$	2.42			2.54


Weighted average shares (000’s)		89,706				89,832

(1)	See the definition of Funds from Operations and Recurring Funds from Operations included on page 35 of this supplemental report.

Glossary of Terms

March 31, 2012

Development Completion: A Project In Development is deemed complete at the point in time when either (i) 90% of total estimated net development costs have been incurred and percent leased equals or exceeds 95%, or (ii) two years have passed since the open date for the last tenant leasing space equal to or greater than 20,000 square feet, or (iii) three years have passed since the start of construction. Once deemed complete, the property is termed an Operating Property.

Development Property Gains and Losses: Gains and losses incurred when properties that were acquired and subsequently developed (including partially operating properties specifically acquired for redevelopment) are sold before the end of the first calendar year following Development Completion.

Fixed Charge Coverage Ratio: Earnings before interest, taxes, depreciation and amortization divided by the sum of the gross interest and scheduled mortgage principal paid to our lenders plus dividends paid to our preferred stockholders.

Funds From Operations (FFO): FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (NAREIT) defines as net income, computed in accordance with GAAP, excluding gains and losses from sales of depreciable property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Regency computes FFO for all periods presented in accordance with the guidance set forth by NAREIT’s April 1, 2001 White Paper as well as the October 2011 definitional change to exclude operating real estate impairments; however, Regency also includes gains and losses from the sale of development properties (Development Property Gains and Losses) in its calculation of FFO because it considers those items to be significant operating amounts included in its financial results.

Non-Same Property: A property acquired during either period being compared or a Development Completion that is less than 90% funded or features less than two years of anchor operations. In no event can a Development Completion be termed a Non-Same Property for more than two years.

Operating Property: Any property not termed a Project In Development.

Project In Development: A property owned and intended to be developed, including partially operating properties acquired specifically for redevelopment and excluding land held for future development.

Recurring Funds From Operations (Recurring FFO): An additional performance measure used by Regency. Recurring FFO represents FFO as defined above, excluding the effects of non-recurring transaction income or expense, gains or losses from the early extinguishment of debt and other one-time items.

Same Property: Information provided on a same property basis is provided for comparable operating properties that were owned and operated for the entirety of both periods being compared. This term excludes all Projects In Development and Non-Same Properties.