Regency Centers Provides Update for First Quarter 2009

JACKSONVILLE, Fla.--(Business Wire)--
Regency Centers Corporation (NYSE: REG)announced today preliminary financial and
operating results for the quarter ended March 31, 2009 and revised its 2009
guidance.

Earnings and Operations

While the Company`s first quarter Form 10-Q and review by its auditor is not
complete, the company expects that Funds From Operations (FFO) per share for the
first quarter of 2009 will be in the range of $0.76 - $0.78, within the previous
guidance range of $0.74 - $0.82 per share. Excluding a one-time severance charge
of $2.24 million in March in connection with the Company's ongoing cost savings
initiatives originally planned to occur later in the year, first quarter FFO per
share would have been $0.80-$0.82. Regency reports FFO in accordance with the
standards established by the National Association of Real Estate Investment
Trusts (NAREIT) as a supplemental earnings measure. The Company considers this a
meaningful performance measurement in the Real Estate Investment Trust industry.
A reconciliation of FFO per share to net income for common stockholders per
share is presented at the end of this release.

The company expects net income for common stockholders for the first quarter of
2009 to be in a range of $0.26 - $0.28 per diluted share.

During the first quarter of 2009, Regency leased and renewed 1.1 million square
feet of space in its operating portfolio through 331 transactions. Additionally,
107,000 square feet of space was leased in its development portfolio in 16
transactions. Same space rental rate growth on a cash basis, combining new
leases and renewals, was 0.9%. Same store net operating income (NOI) declined
2.0% on a pro-rata basis during the quarter. At quarter end, Regency`s operating
portfolio was 93.3% leased compared to 93.8% as of December 31, 2008.

Results of the first quarter are preliminary and are not final until the Company
files their Form 10-Q with the Securities and Exchange Commission, and
therefore, remain subject to adjustment.

Investments

Dispositions

During the quarter Regency sold two operating properties from its co-investment
partnerships and one recently completed, wholly owned development at a weighted
average cap rate of 7.63% at a gross sales price of $36.5 million. Regency also
sold four out parcels at a gross sales price of $3.2 million.

Development

There were no new development starts during the quarter. One project stabilized
at an 8.6% yield and is 100% leased. At March 31, 2009, the Company had 47
projects under development for an estimated total net investment at completion
of $970 million and an expected return of 8.1% on net development costs after
partner participation. The in-process developments are 79% funded and 86% leased
and committed, including tenant-owned GLA.

Balance Sheet

Secured Financings

Year-to-date, Regency has closed a loan secured by three properties in its
co-investment partnerships totaling $39.0 million at an interest rate of 7.5%
over a ten-year term. This loan amount is approximately 57% of combined property
value. Regency has also received a loan commitment on a single-property secured
mortgage in its co-investment partnerships for $7.5 million at an interest rate
of 6.75% over a ten-year term. This loan amount is approximately 50% of property
value.

In the wholly owned portfolio, Regency has received a loan commitment and locked
rate on $106.0 million of loan proceeds secured by eight assets. This commitment
includes an interest rate of 7.75% over a ten-year term and is interest-only for
the duration. This loan is approximately 55% of combined property values.

Co-Investment Partnerships

In January 2009, Regency and its joint venture partner Macquarie Countrywide
Trust (MCW) began the dissolution process, at MCW`s election, of two
co-investment entities. As a result of the dissolution, MCW and Regency have
commenced the distribution of their ownership interests through a
distribution-in-kind process (DIK). The dissolution is ongoing and is expected
to be completed by the end of 2009, with timing being subject to lender
consents. Upon completion of the dissolution process, MCW will have received 35
properties, of which 12 have already been sold to Inland Real Estate Corporation
and an additional eight are under contract to be sold. Regency will receive six
properties upon completion of the dissolution process. The dissolution of the
entities results in a promote and liquidation management fee payable to Regency
expected to be in the range of $11 million to $13 million, which will be
recorded in 2009 and paid to Regency in the form of property distributions as
part of the selection process described above.

Dividend

In order to preserve financial flexibility in light of the current state of the
capital markets, and after taking into account the dividend payments for the
increased number of shares expected to be outstanding upon completion of the
common stock offering announced today, management will recommend to the Board of
Directors a quarterly dividend of $0.4625 per share to be paid in cash, which is
a reduction from the previous quarterly dividend of $0.725 per share. The record
date for this dividend is expected to be May 20, 2009. The company's policy is
to pay aggregate annual dividends in 2009 in an amount generally equal to its
annual taxable income and currently expects to pay all 2009 dividend payments in
cash.

While the statements above concerning the remaining distributions for 2009 are
the company's current expectation, the actual distributions payable will be
determined by the Board of Directors based upon circumstances at the time of
authorization, and the actual dividend paid may vary from currently expected
amounts.

2009 Earnings and Operations Guidance Update

The company has revised its 2009 FFO per share guidance. Full-year 2009 FFO per
share is expected to be in the range of $3.25 to $3.50 compared to previous
guidance of $3.30 to $3.70 per share. The primary drivers of this revision are:

Previous Guidance Revised Guidance
-- Same store NOI growth: -3.5% to -1.0% -5.0% to -3.0%
-- Rental rate growth: 0.0% to 5.0% -2.0% to 2.0%
-- Development starts: $0 to $125 million $10 million to $50 million
-- Transaction profits net of $15 million to $28 million $15 million to $20 million
taxes and dead deal costs
-- Net interest expense: $12 million greater than 2008 $19 million greater than 2008

Conference Call

Regency will release first quarter 2009 results after market close on May 6,
2009. 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 7 at 10:00 a.m. EST on the Company`s web site
www.RegencyCenters.com. If you are unable to participate during the live
webcast, the call will also be archived on the web site.

Reconciliation of Net Income to Funds From Operations:

Projected Range Projected Range
For the Quarter Ended For the 12 Months Ended
($ in thousands, except per share data) March 31, 2009 December 31, 2009
Low High Low High
Reconciliation of Net income to Funds from Operations

Net income for common stockholders $ 18,279 $ 19,688 $ 91,488 $ 109,124
Adjustments:
Depreciation and amortization 36,347 36,347 142,758 142,758
(Gain) on sale of operating properties, including JV's (1,093 ) (1,093 ) (6,093 ) (6,093 )
Minority interest of exchangeable partnership units 160 160 1,157 1,157

Funds from opearations $ 53,693 $ 55,102 $ 229,310 $ 246,945
Funds from opearations per share $ 0.76 $ 0.78 $ 3.25 $ 3.50
Weighted average shares outstanding 70,491 70,491 70,542 70,542

Regency Centers Corporation (NYSE: REG)

Regency is the leading national owner, operator, and developer of
grocery-anchored and community shopping centers. At March 31, 2009, the company
owned 413 retail properties, including those held in co-investment partnerships.
Including tenant-owned square footage, the portfolio encompassed 55.3 million
square feet located in top markets throughout the United States. Since 2000
Regency has developed 195 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 Securities and Exchange Commission, 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.

Regency Centers Corporation
Lisa Palmer, 904-598-7636

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