Profile: Regency Centers Corporation (REG)

Regency Centers Corporation (Regency) is a qualified real estate investment trust (REIT), focused on owning, operating and developing community and neighborhood shopping centers that are tenanted by grocers, anchors, specialty retailers and restaurants located in areas with above average household incomes and population densities. All of the Company's operating, investing and financing activities are performed through its operating partnership, Regency Centers, L.P. (RCLP or Partnership), RCLP’s wholly owned subsidiaries, and through its investments in real estate partnerships with third parties (also referred to as co-investment partnerships or joint ventures). As of December 31, 2008, Regency owned 99% of the outstanding operating partnership units of RCLP.

At December 31, 2008, the Company directly owned 224 shopping centers (the Consolidated Properties) located in 24 states representing 24.2 million square feet of gross leasable area (GLA). Through co-investment partnerships, the Company owns partial interests in 216 shopping centers (the Unconsolidated Properties) located in 27 states and the District of Columbia representing 25.4 million square feet of GLA. The shopping center portfolio that Regency manages, on a Combined Basis, represents 440 shopping centers located in 29 states and the District of Columbia and contains 49.6 million square feet of GLA. At December 31, 2008, Regency had 45 properties under construction or undergoing major renovations on a combined basis.

Regency’s leases have terms generally ranging from 3 to 5 years for tenant space under 5,000 square feet. Leases greater than 10,000 square feet generally have lease terms in excess of five years, mostly consisted of anchor tenants. Many of the anchor leases contain provisions allowing the tenant the option of extending the term of the lease at expiration. The leases provide for the monthly payment in advance of fixed minimum rentals, additional rents calculated as a percentage of the tenant’s sales, the tenant’s pro-rata share of real estate taxes, insurance, and common area maintenance expenses, and reimbursement for utility costs if not directly metered.