Regency Centers
June 30, 2003
Supplemental Information
INVESTOR RELATIONS
Diane Ortolano
121 W. Forsyth St., Suite 200
Jacksonville, FL 32202
904.598.7727
ABOUT REGENCY
Regency Centers Corporation is the leading national owner, operator, and
developer focused on grocery-anchored, neighborhood and community retail
centers. Regency's total assets before depreciation exceed $3.2 billion.
As of June 30, 2003, the Company owned 262 retail properties, including those
held in joint venture partnerships, totaling 29.9 million square feet and
located in high growth markets throughout the United States. Founded in 1963 and
operating as a fully integrated real estate company, Regency is a qualified real
estate investment trust that is self-administered and self-managed.
The quality of Regency's portfolio, anchored by preeminent supermarket chains
such as Kroger, Publix, Safeway and Albertson's, draws nearly 15,000 shopper
visits per week. In addition, 77% of the portfolio is leased to national and
regional retailers. This quality combination of tenants has enabled occupancy
rates to remain above 93% for the past seven years.
Regency's operating and development expertise continues to create value from the
operating portfolio and from new development opportunities. In 2002 Regency
successfully leased 84% of space in $505 million of developments in process. At
the end of the second quarter of 2003, Regency had 32 properties under
development for an estimated total investment at completion of $441 million.
Regency engages in a self-funding capital structure for its development program
by selling non-strategic operating assets and developments and selling an
interest in operating centers and completed developments to joint venture
partners then using these proceeds to fund our new investments and developments.
This program has afforded the Company an investment grade-rated balance sheet.
Regency's portfolio of market-dominant anchors and above average demographic
locations attract nearly 15,000 customer visits per week into each of our
shopping centers. We also have a proprietary database that helps build and
nourish relationships with premier side shop retailers to ensure a quality
tenant mix.
Regency has centers located in the top markets in the country and has 19 offices
nationwide. The Company is listed on the New York Stock Exchange and is traded
under the symbol REG. There is also a preferred class of shares that trade under
REG PrC.
Please visit our web site at www.RegencyCenters.com for more information.
SUPPLEMENTAL INFORMATION TABLE OF CONTENTS
June 30, 2003
QUARTER HIGHLIGHTS ...........................................................1
- ------------------
FINANCIAL INFORMATION:
- ---------------------
Summary Financial Information.................................................2
Consolidated Balance Sheet....................................................3
Consolidated Statement of Operations (FFO format).............................4
Reconciliation of FFO to Net Income...........................................5
Consolidated Statement of Operations (GAAP basis).............................6
Basic and Diluted Per Share Calculation (EPS and FFO).........................7
Summary of Outstanding Debt.................................................8-9
Acquisitions, Dispositions and Sales .....................................10-12
Development Summary.......................................................13-15
Investments in Real Estate Partnerships......................................16
Unconsolidated Real Estate Partnerships Balance Sheet........................17
Unconsolidated Real Estate Partnerships Statements of Operations.............18
Securities Issued Other than Common Stock....................................19
REAL ESTATE INFORMATION:
- -----------------------
Summary Real Estate Information..............................................20
Portfolio Summary Report by Region........................................21-28
Significant Tenant Rents.....................................................29
10 Year Lease Expiration Table...............................................30
FORWARD-LOOKING INFORMATION:
- ---------------------------
Earnings and Valuation Guidance..............................................31
FFO per Share Guidance Reconciliation........................................32
QUARTER HIGHLIGHTS
Operating Results
For the second quarter of 2003, same property NOI growth was 3.2%. Operating
properties were 95.3% leased, with a renewal percentage of 73%. As of June 30,
2003, 1.1 million square feet of GLA was renewed or newly leased through 358
leasing transactions. Rent growth remained strong at 9% for the quarter.
Financial Results
Net income for the quarter was $25.6 million, or $0.42 per diluted share. Funds
From Operations were $43.2 million, or $0.70 per diluted share.
Development Activity
Regency began development of two new centers in the second quarter: Phase II of
Vista Village in Vista, California and Phenix Crossing in Phenix City, Alabama.
For more information, please see page 13.
Acquisition Activity
During the quarter, Regency purchased Market at Opitz Crossing, a
Safeway-anchored center in the Washington D.C. market. Columbia Regency Retail
Partners acquired Addison Town Center in the Dallas metropolitan area which is
anchored by Kroger and Target. For more information, please see pages 10 & 11.
Disposition Activity
Regency sold six development properties in the second quarter: Carefree
Marketplace in Phoenix, AZ, Hillsboro Market Center in Portland, OR, Killian
Hill in Atlanta, GA, Lynn Haven Shopping Center in Panama City, FL, Rosewood
Shopping Center in Columbia, SC and Southgate Village in Birmingham, AL. The
last five were sold into the Macquarie-CountryWide joint venture. For more
information on the dispositions, please see page 12.
1
SUMMARY FINANCIAL INFORMATION
June 30, 2003
Financial Results
Three Months Ended Year to Date
------------------ ------------
2003 2002 2003 2002
Actual Actual Actual Actual
Net Income for common stockholders $25,632,015 $22,231,589 $43,556,467 $46,749,624
- ----------------------------------
Basic EPS $0.43 $0.38 $0.72 $0.81
Diluted EPS $0.42 $0.38 $0.72 $0.80
Diluted EPS per share growth rate 10.5% -10.0%
Funds from Operations (FFO) $43,277,759 $42,253,254 $83,606,066 $82,219,868
- ---------------------------
FFO per share - Basic $0.71 $0.70 $1.37 $1.37
FFO per share - Diluted $0.70 $0.69 $1.35 $1.34
Diluted FFO per share growth rate 1.4% 0.7%
Dividends paid per share and unit $0.520 $0.510 $1.040 $1.020
- ---------------------------------
Payout ratio of Diluted FFO per share 74.3% 73.9% 77.0% 76.1%
Interest Coverage Ratios
Interest only 3.0 3.2 3.0 3.1
Capitalized interest $3,407,561 $4,072,764 $6,192,236 $7,870,311
Fixed Charge (debt svc + preferred dividends) 2.2 2.1 2.1 2.0
_________________________________________________________________________________________
Capital Information
--------------------------------- -------------------------------
Current YTD Change 12/31/02 12/31/01
================================= ===============================
Closing common stock price per share $34.98 $2.58 $32.40 $27.75
High $35.72 $32.40 $27.75
Low $32.41 $25.22 $20.75
=============== ===============================
TD Shareholder Return 11.2%
Common shares and Equivalents Outstanding 57,350,130 (4,161,764) 61,511,894 60,644,594
Market equity value of Common and Convertible shares $2,006,108 $13,122 $1,992,985 $1,682,887
Non-Convertible Preferred Units and shares $384,000 $0 $384,000 $384,000
Outstanding debt (000's) $1,485,823 $152,299 $1,333,524 $1,396,721
--------------------------------- -------------------------------
Total market capitalization (000's) $3,875,930 $165,421 $3,710,509 $3,463,608
Debt to Total Market Capitalization 38.3% 35.9% 40.3%
=============== ===============================
Total real estate investments at cost (000's) $3,174,661 $78,678 $3,095,983 $3,156,831
Debt to Total Assets, at Cost before Depreciation 44.8% 40.2% 42.2%
=============== ===============================
Outstanding Classes of Stock and Partnership Units:
Common Shares Outstanding 55,918,293 - 59,557,036 57,601,451
Exchangeable O.P Units held by minority interests 1,431,837 - 1,504,458 1,555,636
Series 2 Cumulative Convertible Preferred Stock 0 450,400 1,487,507
--------------- -------------------------------
Total Common Shares & Equivalents 57,350,130 - 61,511,894 60,644,594
=============== ===============================
(a) includes all capitalized costs on all operating properties not undergoing
development or significant revenue enhancing redevelopment.
2
CONSOLIDATED BALANCE SHEET
For the Periods Ended June 30, 2003 and December 31, 2002 and 2001
Assets 2003 2002 2001
- ------ ---- ---- ----
Real Estate Investments:
Operating properties $ 2,743,980,779 2,688,756,594 2,515,042,827
Properties in development 288,396,034 276,085,435 408,437,476
------------------- ---------------------------------
3,032,376,813 2,964,842,029 2,923,480,303
Operating properties held for sale 10,685,396 5,658,905 158,121,462
Less: accumulated depreciation 273,193,132 244,595,928 202,325,324
------------------- ---------------------------------
2,769,869,077 2,725,905,006 2,879,276,441
Investments in real estate partnerships 131,599,044 125,482,151 75,229,636
------------------- ---------------------------------
Net real estate investments 2,901,468,121 2,851,387,157 2,954,506,077
Cash and cash equivalents 45,926,882 56,447,329 27,853,264
Notes receivable 11,400,667 56,630,876 32,504,941
Tenant receivables, net of allowances for uncollectible accounts 32,449,975 47,983,160 47,723,145
Deferred costs, less accumulated amortization 36,439,470 37,367,196 34,399,242
Other assets 17,004,287 19,112,148 12,327,567
------------------- ---------------------------------
$ 3,044,689,402 3,068,927,866 3,109,314,236
=================== =================================
Liabilities and Stockholders' Equity
Notes payable $ 1,257,822,840 1,253,524,045 1,022,720,748
Unsecured line of credit 228,000,000 80,000,000 374,000,000
------------------- ---------------------------------
Total Notes Payable 1,485,822,840 1,333,524,045 1,396,720,748
------------------- ---------------------------------
Tenant security and escrow deposits 9,393,165 8,847,603 8,656,456
Accounts payable and other liabilities 74,589,988 83,977,263 73,434,322
------------------- ---------------------------------
Total liabilities 1,569,805,993 1,426,348,911 1,478,811,526
------------------- ---------------------------------
Preferred units 302,325,891 375,403,652 375,403,652
Exchangeable operating partnership units 26,985,381 30,629,974 32,108,191
Limited partners' interest in consolidated partnerships 16,697,663 14,825,256 3,940,011
------------------- ---------------------------------
Total minority interests 346,008,935 420,858,882 411,451,854
------------------- ---------------------------------
Stockholders' Equity
Preferred stock 75,000,000 10,505,591 34,696,112
Common stock, $.01 par 645,040 634,804 609,955
Additional paid in capital, net of Treasury stock 1,152,038,247 1,290,109,653 1,260,233,020
Distributions in excess of net income (98,808,813) (79,529,975) (68,226,276)
Stock loans 0 0 (8,261,955)
------------------- ---------------------------------
Total Stockholders' Equity 1,128,874,474 1,221,720,073 1,219,050,856
------------------- ---------------------------------
$ 3,044,689,402 3,068,927,866 3,109,314,236
=================== =================================
Other Summary Information
2003 2002
---- ----
Debt to Real Estate Assets, at cost before depreciation 46.8% 43.1%
Unsecured Assets to Total Real Estate Assets 79.9% 81.9%
Unsecured NOI to Total NOI 80.7% 85.0%
3
CONSOLIDATED STATEMENTS OF OPERATIONS
(Asset sales not separated as discontinued operations as
required by GAAP - See Form 10Q and Form 10K)
For the Periods Ended June 30, 2003 and 2002
Three Months Ended Year to Date
------------------ ------------
2003 2002 2003 2002
Actual Actual Actual Actual
Real Estate Revenues:
Minimum rent $70,793,345 $72,225,531 140,958,686 144,163,960
Percentage rent 453,019 340,436 762,914 994,017
Recoveries from tenants 18,249,429 18,983,000 37,366,733 37,826,462
Other tenant income 1,181,134 1,445,710 3,048,155 3,377,580
-------------------------------- -------------------------------
90,676,927 92,994,677 182,136,488 186,362,019
-------------------------------- -------------------------------
Real Estate Operating Expenses:
Operating and maintenance 13,580,364 13,512,704 27,043,480 25,977,772
Real estate taxes 9,952,188 10,292,201 20,179,218 21,122,286
-------------------------------- -------------------------------
23,532,552 23,804,905 47,222,698 47,100,058
-------------------------------- -------------------------------
Net Operating Income 67,144,375 69,189,772 134,913,790 139,261,961
-------------------------------- -------------------------------
Service Operations Revenue:
Development profits 6,402,755 748,297 6,029,457 1,496,910
Fees and commissions 1,884,096 1,037,371 3,444,944 1,784,434
Gains on sales of outparcels 779,044 1,572,693 3,262,358 1,740,283
Provision for income tax (expense) 0 0 0 0
-------------------------------- -------------------------------
9,065,895 3,358,361 12,736,759 5,021,627
-------------------------------- -------------------------------
Other Operating Expense (Income):
General and administrative excluding franchise taxes 6,066,842 5,516,095 10,143,888 9,509,520
Franchise taxes 99,033 (294,536) 156,886 (298,366)
Depreciation and amortization 18,899,455 18,023,931 37,762,851 35,413,474
Net interest expense 21,002,583 18,271,988 41,770,702 38,446,948
Loss (gain) on sale of operating properties (4,335,872) (1,581,207) (3,533,268) (4,739,645)
Provision for loss on operating properties 1,968,520 2,364,480 1,968,520 2,364,480
-------------------------------- -------------------------------
43,700,561 42,300,751 88,269,579 80,696,411
-------------------------------- -------------------------------
Minority interests (income)
Equity in income of unconsolidated partnerships (1,984,089) (1,819,700) (4,320,068) (2,885,211)
Preferred unit distributions 6,706,251 8,368,752 17,488,630 16,737,504
Exchangeable operating partnership units 655,237 582,240 1,091,938 1,233,019
Limited partners' interest in consolidated partnerships 140,415 125,873 204,123 234,985
-------------------------------- -------------------------------
Net income 26,991,895 22,990,217 44,916,347 48,266,880
Preferred stock dividends 1,359,880 758,628 1,359,880 1,517,256
-------------------------------- -------------------------------
Net income for common stockholders $25,632,015 $22,231,589 $43,556,467 $46,749,624
================================ ===============================
4
RECONCILIATION OF FFO TO NET INCOME
For the Periods Ended June 30, 2003 and 2002
Three Months Ended Year to Date
------------------ ------------
2003 2002 2003 2002
Actual Actual Actual Actual
Funds From Operations:
Net income for common stockholders $25,632,015 $22,231,589 $43,556,467 $46,749,624
Add (Less):
Depreciation expense - real property $17,709,724 $16,613,138 35,260,225 32,601,747
Amortization of leasing commissions $1,648,135 $1,284,386 3,339,945 2,493,387
(Gain) loss on sale of operating properties ($4,335,872) ($1,581,207) (3,533,268) (4,739,645)
Provision for loss on sale of operating properties $1,968,520 $2,364,480 1,968,520 2,364,480
Convertible preferred stock dividends $0 $758,628 0 1,517,256
Preferred unit issuance costs $0 $0 1,922,239 0
Minority interest of exchangeable partnership units $655,237 $582,240 1,091,938 1,233,019
-------------------------------- --------------------------------
Funds from Operations* $43,277,759 $42,253,254 $83,606,066 $82,219,868
================================ ================================
Capital Expenditures:
Leasing commissions - Non-revenue enhancing $1,960,321 $531,353 $3,346,962 $3,049,241
Tenant improvements - Non-revenue enhancing $1,770,322 $1,670,369 $3,330,481 $3,981,877
Building improvements - Non-revenue enhancing $1,658,583 $957,470 $2,671,882 $1,749,936
Total Capital Expenditures:
Leasing commissions $3,167,093 $2,830,680 $5,404,589 $5,743,087
Tenant improvements $1,957,366 $3,256,572 $3,671,868 $6,120,206
Building improvements $1,704,125 $1,142,833 $2,829,717 $1,935,299
Additional Disclosure:
Straight-lining of rents adjustment $938,672 $1,230,995 $2,042,523 $2,635,272
*Regency considers FFO to be an accurate benchmark to its peer group and a
meaningful performance measurement for the company because it excludes various
items in net income that do not relate to or are not indicative of the operating
performance of the ownership, management and development of real estate. FFO is
defined by the National Association of Real Estate Investment Trusts generally
as net earnings (computed in accordance with GAAP), (1) excluding real estate
depreciation and amortization, gains and losses from sales of properties (except
those gains and losses sold by Regency's taxable REIT subsidiary), after
adjustment for unconsolidated partnerships and joint ventures and (2) excluding
items classified by GAAP as extraordinary or unusual, along with significant
non-recurring events. Regency also adjusts for the payment of convertible
preferred stock dividends.
5
CONSOLIDATED STATEMENTS OF OPERATIONS (GAAP BASIS)
For the Periods Ended June 30, 2003 and 2002
Three Months Ended Year to Date
------------------ ------------
2003 2002 2003 2002
Actual Actual Actual Actual
Revenues:
Minimum rent $70,253,844 $65,965,120 $139,434,434 $130,086,563
Percentage rent 460,837 338,004 767,638 931,035
Recoveries from tenants 19,458,337 18,609,279 40,173,705 37,311,177
Service operations revenue (third party income) 9,311,296 2,420,368 13,248,411 4,134,738
Equity in income of investments in
real estate partnerships 1,984,089 1,819,700 4,320,068 2,885,210
------------------------------ --------------------------------
Total revenues 101,468,403 89,152,471 197,944,256 175,348,723
------------------------------ --------------------------------
Expenses:
Depreciation and amortization 18,670,025 16,618,214 37,202,820 32,543,397
Operating and maintenance 13,435,961 12,274,526 26,596,379 23,347,831
General and administrative 6,165,875 5,221,559 10,300,774 9,211,154
Real estate taxes 9,849,357 9,406,449 20,005,375 19,016,729
Net interest expense 20,902,459 21,166,320 41,570,463 41,029,660
(Gain) loss on sale of operating properties 0 0 0 (1,494,225)
Provision for loss on real estate 1,968,520 2,364,480 1,968,520 2,364,480
Other operating expenses (income) 677,699 (2,033,275) 1,104,438 (1,673,932)
------------------------------ --------------------------------
Total expenses 71,669,896 65,018,273 138,748,769 124,345,094
------------------------------ --------------------------------
Income before minority interests 29,798,507 24,134,198 59,195,487 51,003,629
Minority interest preferred unit distributions (6,706,251) (8,368,752) (17,488,630) (16,737,504)
Minority interest of exchangeable partnership units (542,962) (386,298) (984,255) (847,846)
Minority interest of limited partners (140,415) (125,873) (204,123) (234,985)
------------------------------ --------------------------------
Income from continuing operations 22,408,879 15,253,275 40,518,479 33,183,294
------------------------------ --------------------------------
Discontinued Operations:
Income from discontinued operations (71,136) 4,938,368 370,428 10,362,248
Gain from sale of operating or development properties 4,654,152 2,798,574 4,027,440 4,721,338
------------------------------ --------------------------------
Income from discontinued operations 4,583,016 7,736,942 4,397,868 15,083,586
------------------------------ --------------------------------
Net Income 26,991,895 22,990,217 44,916,347 48,266,880
------------------------------ --------------------------------
Preferred stock dividends (1,359,880) (758,628) (1,359,880) (1,517,256)
------------------------------ --------------------------------
Net income for common stockholders $25,632,015 $22,231,589 $43,556,467 $46,749,624
============================== ================================
6
CALCULATION OF EARNINGS AND FFO PER SHARE
For the Periods Ended June 30, 2003 and 2002
Three Months Ended Year to Date
------------------ ------------
2003 2002 2003 2002
Actual Actual Actual Actual
Earnings Per Share
Net Income for Basic EPS $25,632,015 $22,231,589 $43,556,467 $46,749,624
Increases to Diluted EPS as a result of Dilutive CSE's
Convertible Preferred stock dividends $0 $0 $0 $0
Minority interests of exchangeable partnership units 655,237 582,240 1,091,938 1,233,019
-------------------------------- --------------------------------
Net Income for Diluted EPS $26,287,252 $22,813,829 $44,648,405 $47,982,643
================================ ================================
Net Income from discontinued operations for Basic EPS 4,583,016 7,736,942 4,397,868 15,083,586
Minority Interests of exchangeable O.P. units 112,275 195,942 107,683 385,173
-------------------------------- --------------------------------
Net Income from discontinued operations for Diluted EPS $4,695,291 $7,932,884 $4,505,551 $15,468,759
================================ ================================
Earnings Per Share:
Basic NI for CS before Disc. Ops. $0.35 $0.25 $0.65 $0.55
Diluted NI for CS before Disc. Ops. $0.34 $0.25 $0.65 $0.54
Basic Discontinued Operations $0.08 $0.13 $0.07 $0.26
Diluted Discontinued Operations $0.08 $0.13 $0.07 $0.26
Basic NI for common stockholders $0.43 $0.38 $0.72 $0.81
Diluted NI for common stockholders $0.42 $0.38 $0.72 $0.80
Funds From Operations Per Share
Funds from Operations for Basic FFO per share $42,622,522 $40,912,386 $82,514,128 $79,469,593
================================ ================================
Increases to Diluted FFO as a result of Dilutive CSE's
Convertible Preferred stock dividends 0 758,628 0 1,517,256
Minority interests of exchangeable partnership units 655,237 582,240 1,091,938 1,233,019
-------------------------------- --------------------------------
Funds from Operations for Diluted FFO per share $43,277,759 $42,253,254 $83,606,066 $82,219,868
================================ ================================
FFO Per Share:
Basic $0.71 $0.70 $1.37 $1.37
Diluted $0.70 $0.69 $1.35 $1.34
Weighted Average Shares Outstanding
Weighted Average Shares for Basic
Net Income and FFO Per Share 60,162,166 58,120,377 60,167,336 57,952,550
=============================== =================================
Dilutive Common Stock Equivalents for EPS:
O.P. Unit equivalents after conversion to common 1,462,560 1,519,347 1,480,087 1,529,304
Compensation based stock options (Treasury Method) 386,424 458,986 411,721 425,636
------------------------------- ---------------------------------
Weighted Average Shares for Diluted EPS 62,011,150 60,098,710 62,059,144 59,907,490
=============================== =================================
Dilutive Common Stock Equivalents for FFO:
Series 2 Cumulative Convertible Preferred Stock 0 1,487,507 0 1,487,507
------------------------------- ---------------------------------
Weighted Average Shares for Diluted
Funds from Operations Per Share 62,011,150 61,586,217 62,059,144 61,394,997
=============================== =================================
7
SUMMARY OF OUTSTANDING DEBT
Total Debt Outstanding 06/30/03 12/31/02
- ---------------------- -------- --------
Mortgage Loans Payable:
Fixed rate secured loans $ 234,373,411 229,551,448
Variable rate secured loans 24,388,886 24,998,148
Unsecured debt offering fixed rate 999,060,543 998,974,449
Unsecured line of credit variable rate 228,000,000 80,000,000
--------------------- ---------------------
Total $ 1,485,822,840 1,333,524,045
===================== =====================
Scheduled Unsecured Term
Schedule of Maturities by Year: Amortization Line of Credit Maturities Total
- ------------------------------- ------------ -------------- ----------- -----
2003 $ 2,862,098 - 20,802,197 23,664,295
2004 5,252,991 228,000,000 222,557,906 455,810,897
2005 4,060,095 - 147,630,090 151,690,185
2006 3,376,455 - 24,043,349 27,419,804
2007 2,786,970 - 25,647,371 28,434,341
2008 2,500,843 - 24,269,989 26,770,832
2009 2,448,304 - 53,078,211 55,526,515
2010 2,231,094 - 177,101,413 179,332,507
2011 2,172,794 - 250,977,157 253,149,951
2012 2,228,583 - 255,387,603 257,616,186
>10 years 8,125,712 - 12,042,351 20,168,063
Net unamortized debt premiums - - 6,239,264 6,239,264
---------------- ------------------- --------------------- --------------------
$ 38,045,939 228,000,000 1,219,776,901 1,485,822,840
================ =================== ===================== ====================
Percentage of Total Debt: 06/30/03 12/31/02
- ------------------------- -------- --------
Fixed 83.01% 92.13%
Variable 16.99% 7.87%
Current Average Interest Rate:
Fixed 7.50% 7.51%
Variable 2.06% 2.60%
Effective Interest Rate 6.58% 6.93%
8
SUMMARY OF OUTSTANDING DEBT
Consolidated debt by maturity date
Lender Secured Property Rate Maturity 06/30/03 12/31/02
- ------ ---------------- ---- -------- -------- --------
Fixed Rate Loans:
- ----------------
Nationwide Life Insurance Company Glenwood Village 8.625% 06/01/03 $ - 1,803,015
G.E. Capital Pike Creek 9.040% 11/21/03 11,352,762 11,497,054
Debt Offering Unsecured 7.400% 04/01/04 199,975,300 199,959,700
Community Dev. Comm. City of Vista Vista Village 7.100% 07/01/04 2,000,000 -
Principal Mutual Life Insurance Co. Cochran's Crossing 8.410% 12/01/04 5,769,222 5,816,004
Ellen Kelly Woolaver Hillsboro Pike 7.100% 01/15/05 403,200 604,800
Nationwide Life Insurance Co. Friar's Mission 9.500% 06/10/05 15,331,324 15,510,135
IDS Certificate Co. St. Ann Square 9.500% 07/01/05 4,415,866 4,488,979
Debt Offering Unsecured 7.125% 07/15/05 99,930,859 99,913,573
Teachers Ins & Annuity of America Westchester Plaza 8.010% 09/05/05 5,278,293 5,348,002
Teachers Ins & Annuity of America East Pointe Crossing 8.010% 09/05/05 4,507,509 4,566,501
Allstate Insurance Company of America Memorial Bend 7.920% 10/01/05 7,055,487 7,221,233
DLJ Commercial Mortgage Northlake Village 8.780% 11/01/05 6,585,050 6,648,152
Woodmen of the World Life Ins. Society Market at Round Rock 8.625% 09/01/05 6,781,263 6,865,056
Allstate Life Insurance Company Highlands Square 8.450% 02/01/06 3,382,226 3,455,408
Principal Mutual Life Insurance Co. Briarcliff Village 7.040% 02/01/06 12,421,456 12,531,048
Teachers Ins & Annuity of America Statler Square 8.110% 05/01/06 5,057,711 5,111,624
Teachers Ins & Annuity of America Northgate Plaza/Maxtown 7.050% 08/01/06 4,923,712 4,989,474
Teachers Ins & Annuity of America Kernersville Plaza 8.730% 04/01/07 4,840,313 4,890,002
Teachers Ins & Annuity of America Maynard Crossing 8.735% 04/01/07 10,863,233 10,974,680
Principal Mutual Life Ins. Lakeshore 7.240% 12/10/07 3,414,975 3,455,153
Principal Mutual Life Ins. Shoppes at Mason 7.240% 12/10/07 3,594,710 3,637,003
Principal Mutual Life Ins. Lake Pine Plaza 7.240% 12/10/07 5,481,933 5,546,430
Northwestern Mutual Life Insurance Co. Sterling Ridge 6.640% 07/01/08 10,773,982 10,839,265
Allstate Insurance Company of America Alden Bridge 6.750% 08/01/08 10,352,626 10,429,774
Laureate Capital LLC Southgate Village 6.820% 10/01/08 - 5,309,307
Nationwide Life Insurance Co. West Hills Plaza 7.990% 12/10/08 5,002,592 5,031,871
Debt Offering Unsecured 7.750% 04/01/09 50,000,000 50,000,000
Allstate Insurance Company of America Ashford Place 8.950% 08/01/09 4,115,649 4,186,394
Northwestern Mutual Life Insurance Co. Panther Creek 7.830% 04/01/10 10,456,364 10,489,641
Debt Offering Unsecured 8.450% 08/29/10 149,805,442 149,791,864
Principal Mutual Life Insurance Co. Cumming 400 7.970% 12/15/10 6,053,737 6,101,134
Debt Offering Unsecured 8.000% 12/15/10 10,000,000 10,000,000
Principal Mutual Life Insurance Co. Powers Ferry Village 7.970% 12/15/10 2,751,698 2,773,243
Debt Offering Unsecured 7.950% 01/22/11 219,773,936 219,759,308
Wachovia Bank Market at Opitz Crossing 7.300% 03/01/11 12,544,586 -
Debt Offering Unsecured 7.250% 12/12/11 19,893,756 19,887,504
Debt Offering Unsecured 6.750% 01/15/12 249,681,250 249,662,500
Prudential Mortgage Capital Co. Tall Oaks Village Center 7.600% 05/01/12 6,342,970 6,373,672
Allstate Life Insurance Company North Hills Town Center 7.370% 01/01/14 7,561,156 7,740,499
United of Omaha Life Insurance Co. Fleming Island 7.400% 03/05/15 2,918,085 2,995,516
Municipal Tax Bonds Payable Friar's Mission 7.600% 09/02/15 1,202,154 1,202,154
Aid Association of Lutherans Woodman Van-Nuys 8.800% 09/15/15 5,184,252 5,299,635
Jefferson Pilot Peartree Village 8.400% 06/01/17 11,914,834 12,027,522
Aid Association of Lutherans Murrayhill Marketplace 8.050% 05/01/19 7,499,217 7,613,250
Net unamortized premiums on assumed
debt of acquired properties 6,239,264 6,178,818
--------------------------------
Total Fixed Rate Debt 1,233,433,954 1,228,525,897
--------------------------------
Variable Rate Loans:
- -------------------
First Star Bank Hampstead Village LIBOR + 1.35% 10/31/04 8,501,109 9,088,701
Suntrust Delk Sprectrum LIBOR + 1.30% 12/01/03 9,449,435 9,563,345
AmSouth Trace Crossing LIBOR + 1.50% 11/05/04 6,438,342 6,346,102
Wells Fargo Bank $600 Million Line of Credit LIBOR + 0.85% 04/30/04 228,000,000 80,000,000
--------------------------------
Total Variable Rate Debt 252,388,886 104,998,148
--------------------------------
Total $1,485,822,840 1,333,524,045
================================
9
2003 SHOPPING CENTER ACQUISITIONS
Regency's 100% Owned Only
Regency
Date Property City/State GLA Cost Yield Anchor Tenant
---- -------- ---------- --- ---- ----- -------------
(in thousands)
Feb-03 Frankfort Crossing Frankfort, IL 107,734 $15,494,300 8.69% Jewel Osco
Jun-03 Market at Opitz Crossing Woodbridge, VA 158,254 $19,700,000 8.93% Safeway
---------------------------------
Total Acquisitions $35,194,300 8.82%
=================================
10
JOINT VENTURE 2003 SHOPPING CENTER ACQUISITIONS
Date Property Name Joint Venture City/State GLA Cost Yield Anchor Tenant
- ---- ------------- ------------- ---------- --- ---- ----- -------------
(in thousands)
May-03 Addison Town Center OPERF Addison, TX 183,432 $20,000,000 9.21% Kroger, Target
Jun-03 Hillsboro Market Center MCW Portland, OR 150,356 $19,118,384 8.40% Albertson's
Jun-03 Killian Hill MCW Atlanta, GA 113,216 $13,506,606 8.40% Publix
Jun-03 Lynn Haven Shopping Center MCW Panama City, FL 63,871 $7,912,630 8.40% Publix
Jun-03 Rosewood Shopping Center MCW Columbia, SC 36,887 $5,997,867 8.40% Publix
Jun-03 Southgate Village MCW Birmingham, AL 75,092 $8,791,847 8.40% Publix
-----------------------------------------------
Total JV Acquisitions 622,854 $75,327,334 8.62%
===============================================
11
2003 SHOPPING CENTER SALES
Non-Development
Regency
Sales
Date Property Name City/State GLA Proceeds Yield Anchor Tenant
---- ------------- ---------- --- -------- ----- -------------
(in thousands)
Jan-03 Tequesta Shoppes West Palm Beach, FL 109,937 $7,500,000 7.43% Publix
Feb-03 Oakley Plaza * Asheville, NC 118,728 $9,400,000 9.62% Bi-Lo
Mar-03 Redlands Marketplace Grand Junction, CO 14,659 $1,665,000 10.00% Albertsons
May-03 Sandy Plains Village Atlanta, GA 175,035 $18,000,000 8.90% Kroger
------------- ------------------------------
Total Dispositions 418,359 $36,565,000 8.83%
============= ==============================
* sold from the MCW joint venture in which Regency has a 25% minority interest
12
2003 DEVELOPMENT SALES
Regency
Date Property Name City/State GLA Proceeds Yield Anchor Tenant
---- ------------- ---------- --- -------- ----- -------------
(in thousands)
March 20, 2003 Sedgefield Village Greensboro, NC 56,630 $4,520,000 7.48% Food Lion
May 1, 2003 Carefree Marketplace Phoenix, AZ 24,697 $7,425,000 9.01% Fry's
June 26, 2003 Hillsboro Market Center* Portland, OR 150,356 $14,338,788 8.40% Albertson's
June 26, 2003 Killian Hill* Atlanta, GA 113,216 $10,129,955 8.40% Publix
June 26, 2003 Lynn Haven Shopping Center* Panama City, FL 63,871 $5,934,473 8.40% Publix
June 26, 2003 Rosewood Shopping Center* Columbia, SC 36,887 $4,498,400 8.40% Publix
June 26, 2003 Southgate Village* Birmingham, AL 75,092 $6,593,885 8.40% Publix
----------------------------------------------
Total Development Sales 520,749 $53,440,501 8.40%
==============================================
* 75% interest sold to Macquarie-CountryWide joint venture
13
IN-PROCESS DEVELOPMENTS
June 30, 2003
Anchor
Project Name City State AnchorTenant Opens
====================================================================================================================================
Phenix Crossing Phenix City AL Publix 07/01/04
Trace Crossing Hoover AL Publix 10/09/02
Valleydale Village Shopping Center Hoover AL Publix 06/25/03
230th & Hawthorne (Strouds) Torrance CA Sav-On or CVS 01/01/04
Gelson's Westlake Thousand Oaks CA Gelson's 06/28/02
Gilroy Gilroy CA Kohl's, Target 05/01/04
Hermosa-PCH & 2nd Hermosa CA Sav-On 05/01/04
McBean & Valencia Valencia CA Kohl's 03/07/03
Rosecrans & Inglewood Hawthorne CA CVS 11/01/03
Slatten Ranch Antioch CA BBB, Barnes & Nobles, Sport Chalet, Cost Plus 04/01/04
Vista Village Phase I Vista CA Krikorian Theatres 01/01/04
Vista Village Phase I I Vista CA Staples 01/01/04
Westridge Center Phase I & II Valencia CA Albertsons / Beverages & More 09/01/03
Centerplace of Greeley Greeley CO Safeway 11/01/03
Hilltop Center Thorton CO King Soopers 10/01/03
New Windsor Windsor CO King Soopers 11/01/03
East Towne Center Clermont FL Publix 10/15/03
Vineyard Shopping Center Tallahassee FL Publix 11/14/02
Echelon Village Plaza Voorhees NJ Genuardi's 08/22/01
McMinnville Market Center McMinnville OR Albertson's 07/01/04
Murray Landing Irmo SC Publix 09/24/03
Pelham Commons Greenville SC Publix 06/26/03
Atascocita Center Atascocita TX Kroger 11/01/03
Indian Springs The Woodlands TX HEB 05/01/04
Kleinwood Center Spring TX HEB 10/01/03
Legacy Center Frisco TX Albertson's 06/01/03
Main Street Center Frisco TX Albertson's 10/01/03
Rockwall Rockwall TX Tom Thumb 07/01/04
Somerset Gainesville VA Shoppers Food Warehouse 11/01/03
Padden Parkway (Phase I only) Vancouver WA Albertson's 05/01/03
- ------------------------------------------------------------------------------------------------------------------------------------
Total Consolidated
- ------------------------------------------------------------------------------------------------------------------------------------
Regency Village (Tinwood) Ph I & II Orlando FL Publix 06/27/02
Shops of San Marco Delray Beach FL Publix 05/24/03
- ------------------------------------------------------------------------------------------------------------------------------------
Total Unconsolidated
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Total In-Process Developments
- ------------------------------------------------------------------------------------------------------------------------------------
Est. NOI
Est. Net Est. Gross Yield on Company
Development Est. Gross Costs to Net Dev Company Owned %
Project Name Costs Costs Complete Costs(2) GLA Leased Gross GLA % Leased
====================================================================================================================================
Phenix Crossing 6,784,535 8,744,520 6,609,455 10.22% 56,564 69% 56,564 69%
Trace Crossing 8,660,625 10,880,832 136,803 9.66% 74,130 87% 74,130 87%
Valleydale Village Shopping Center 12,197,676 14,451,836 1,421,499 10.24% 118,466 77% 118,466 77%
230th & Hawthorne (Strouds) 3,885,895 3,885,895 287,845 10.29% 13,860 100% 13,860 100%
Gelson's Westlake 12,716,615 12,716,615 1,667,370 9.11% 84,831 82% 84,831 82%
Gilroy 45,175,928 65,544,395 37,723,960 10.90% 330,635 55% 475,601 69%
Hermosa-PCH & 2nd 5,472,264 5,472,264 1,960,252 11.06% 13,212 100% 13,212 100%
McBean & Valencia 36,396,658 36,666,714 14,284,474 10.26% 180,519 98% 180,519 98%
Rosecrans & Inglewood 4,683,399 4,717,693 789,639 10.00% 12,000 100% 12,000 100%
Slatten Ranch 39,264,475 52,580,232 34,403,516 11.01% 207,197 86% 441,622 93%
Vista Village Phase I 21,863,167 22,358,167 15,815,365 11.35% 129,615 72% 129,615 72%
Vista Village Phase I I 12,244,679 12,625,679 9,507,604 10.05% 73,388 43% 73,388 43%
Westridge Center Phase I & II 21,507,609 22,005,109 10,895,240 10.50% 97,286 84% 97,286 84%
Centerplace of Greeley 19,028,899 27,541,564 12,072,401 10.30% 148,475 47% 273,475 71%
Hilltop Center 7,126,463 14,216,222 7,311,740 11.44% 99,892 77% 99,892 77%
New Windsor 5,474,394 12,154,239 6,840,025 11.75% 94,950 69% 94,950 69%
East Towne Center 8,739,740 10,393,609 6,085,022 10.07% 69,841 70% 69,841 70%
Vineyard Shopping Center 6,204,239 9,114,265 412,530 10.63% 62,821 82% 62,821 82%
Echelon Village Plaza 13,882,520 16,434,725 599,456 9.30% 88,993 87% 88,993 87%
McMinnville Market Center 6,974,848 7,474,848 7,119,541 10.57% 73,959 75% 73,959 75%
Murray Landing 7,037,791 9,920,391 4,525,513 10.20% 64,441 81% 64,441 81%
Pelham Commons 8,687,420 9,598,496 1,139,559 10.49% 76,541 71% 76,541 71%
Atascocita Center 11,393,646 16,179,898 9,145,925 10.46% 94,180 70% 94,180 70%
Indian Springs 19,095,630 25,171,000 13,528,126 10.48% 135,977 57% 135,977 57%
Kleinwood Center 23,213,729 26,774,493 10,364,975 10.10% 152,906 67% 152,906 67%
Legacy Center 9,353,077 16,081,305 1,604,750 11.11% 56,685 55% 119,489 78%
Main Street Center 5,099,341 9,850,918 2,192,895 11.10% 32,605 55% 94,927 85%
Rockwall 9,939,708 14,158,817 7,882,601 10.61% 65,644 0% 122,661 46%
Somerset 17,872,482 18,702,482 10,009,124 10.51% 104,530 70% 104,530 70%
Padden Parkway (Phase I only) 5,981,790 6,804,790 3,354,763 10.09% 54,473 96% 54,473 96%
- ------------------------------------------------------------------------------------------------------------------------------------
Total Consolidated 415,959,242 523,222,013 239,691,967 10.5% 2,868,616 70% 3,555,150 76%
- ------------------------------------------------------------------------------------------------------------------------------------
Regency Village (Tinwood) Ph I & II 12,216,324 23,446,890 958,737 10.06% 83,170 89% 83,170 89%
Shops of San Marco 12,753,343 14,474,195 1,002,762 11.58% 91,538 100% 91,538 100%
- ------------------------------------------------------------------------------------------------------------------------------------
Total Unconsolidated 24,969,667 37,921,085 1,961,499 10.8% 174,708 95% 174,708 95%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Total In-Process Developments 440,928,909 561,143,098 241,653,466 10.5% 3,043,324 72.0% 3,729,858 77%
- ------------------------------------------------------------------------------------------------------------------------------------
Notes:
(1) Construction in progress (CIP) balance and costs to date on in process
developments are not equal. CIP balance contains costs of land held for
development, deposits on contracts and other pre-closing costs.
(2) The NOI Yield on total costs after allocating land basis for outparcel
proceeds is estimated to be 9.6%.
14
IN-PROCESS DEVELOPMENTS FUNDING & STABILIZATION SCHEDULE
June 30, 2003
In-Process Developments Projected Funding (1)
($ Thousands)
Q3 2003E Q4 2003E 2004+E
Properties in development $75,000 - $85,000 $55,000 - $65,000 $92,000 - $112,000
(1) Funding for in-process consolidated and unconsolidated developments,
excludes projected funding of future developments.
Estimated Property Stabilization
($ Thousands)
Q3 2003E Q4 2003E 2004+E
Properties in development (2)
Gross Dev. Costs: $30,000 - $35,000 $65,000 - $70,000 $456,000 - $466,000
Net Dev. Costs: $30,000 - $35,000 $55,000 - $60,000 $346,000 - $356,000
(2) 40%- 80% of properties in development are expected to be sold within 6
months of stabilization at a 10-20% profit margin and between 7-12% after
out parcel allocation and income taxes.
15
INVESTMENTS IN REAL ESTATE PARTNERSHIPS
June 30, 2003
Number of Total Total
Legal Entity Property Name Properties Assets Debt Lender
- ------------ ------------- ---------- ------ ----- ------
RRG-RMC Tracy, LLC Corral Hollow 1 $ 24,409,434 $ - -
OTR/Regency Texas Village Ctr. Southlake 2 20,448,857 - -
Realty Holdings, L.P. and Creekside
Tinwood LLC Regency Village 1 19,828,964 - -
Columbia Regency Retail
Partners, LLC Various 13 311,482,686 78,213,640 Various
Macquarie CountryWide-
Regency, LLC Various 20 231,250,703 117,155,768 Various
Jog Road, LLC Shoppes of San Marco 1 16,094,325 9,165,085 Union Bank
Regency Woodlands/Kuykendahl Indian Springs 1 16,711,345 - -
Retail, Ltd.
------------------------------------------------
39 $ 640,226,314 $204,534,493
================================================
RRC Regency
Ownership Share Investment Equity
Legal Entity Maturity Interest of Debt 06/30/03 Pick-up
- ------------ -------- -------- ------- ---------- -------
RRG-RMC Tracy, LLC - 50.00% $ - $ 23,640,017 $ 1,294,296
OTR/Regency Texas
Realty Holdings, L.P. - 30.00% - 16,023,979 $ 201,267
Tinwood LLC - 50.00% - 10,477,719 $ 104,977
Columbia Regency Retail
Partners, LLC - 20.00% 15,642,728 46,300,616 $ 1,377,310
Macquarie CountryWide-
Regency, LLC - 25.00% 29,288,942 23,535,432 $ 1,340,599
Jog Road, LLC May-07 50.00% 4,582,543 2,938,859 $ 1,616
Regency Woodlands/Kuykendahl - 50.00% - 8,682,422 $ 3
Retail, Ltd.
------------------------------------------------------------
$ 49,514,213 $ 131,599,044 $ 4,320,068
============================================================
16
UNCONSOLIDATED REAL ESTATE PARTNERSHIPS
Balance Sheet
June 30, 2003 and December 31, 2002
(in thousands)
2003 2002
---- ----
Assets
- ------
Real estate, at cost
Land $ 246,679 207,002
Buildings and improvements 370,672 329,022
------------------ ------------------
617,351 536,025
Less: accumulated depreciation 17,268 11,228
------------------ ------------------
600,083 524,796
Properties in development 20,978 28,322
------------------ ------------------
Net real estate investments 621,061 553,118
Cash and cash equivalents 5,145 6,914
Tenant receivables, net of allowance for uncollectible accounts 7,136 3,960
Deferred costs, less accumulated amortization 6,455 4,680
Other assets 429 167
------------------ ------------------
$ 640,226 568,839
================== ==================
Liabilities and Equity
- ----------------------
Liabilities:
Notes payable $ 204,534 167,071
Accounts payable and other liabilities 11,341 8,899
Tenants' security and escrow deposits 1,721 1,487
------------------ ------------------
Total liabilities 217,596 177,457
------------------ ------------------
Equity:
Equity - Regency Centers 131,599 125,482
Equity - Third parties 291,031 265,900
------------------ ------------------
Total equity 422,630 391,382
------------------ ------------------
$ 640,226 568,839
================== ==================
DEBT: (in thousands)
Average Interest Rate Average Maturity 2003 2002
--------------------- ---------------- ---- ----
Fixed 5.832% 01/16/09 144,534 102,019
Variable LIBOR + 1.39% 11/14/03 60,000 65,052
17
UNCONSOLIDATED REAL ESTATE PARTNERSHIPS
Statements of Operations
June 30, 2003 and 2002
(in thousands)
Three Months Ended Year to Date
---------------------------------- ----------------------------------
2003 2002 2003 2002
---- ---- ---- ----
Revenues:
Property revenues $ 17,110 9,350 33,374 18,648
Service operations revenue - 1,850 (18) 1,824
-------------- --------------- --------------- --------------
Total revenues 17,110 11,200 33,356 20,472
-------------- --------------- --------------- --------------
Operating expenses:
Operating and maintenance 2,462 1,235 4,759 2,440
Real estate taxes 2,083 1,406 3,969 2,724
-------------- --------------- --------------- --------------
Total operating expenses 4,545 2,641 8,728 5,164
-------------- --------------- --------------- --------------
Net operating income 12,565 8,559 24,628 15,308
-------------- --------------- --------------- --------------
Other expense (income):
General and administrative 674 282 1,167 509
Depreciation and amortization expense 3,442 1,366 6,740 2,845
Interest expense, net 2,308 1,201 4,604 2,280
Gain on sale of operating properties 6 48 (687) (750)
-------------- --------------- --------------- --------------
Total other expenses 6,430 2,897 11,824 4,884
-------------- --------------- --------------- --------------
Net income $ 6,135 5,662 12,804 10,424
============== =============== =============== ==============
18
SECURITIES ISSUED OTHER THAN COMMON STOCK
Security Issued: SERIES 3 CUMULATIVE REDEEMABLE PREFERRED STOCK
- ---------------
-Regency Centers Corporation
o Issuance Date April 3, 2003
o Conversion Nonconvertible
o Dividend 7.45% annual dividend
o Redeemable On or after April 3, 2008
Security Issued: PERPETUAL PREFERRED UNITS
- ---------------
- Regency Centers, L.P.
o Issuance Dates Jun-98, Sep-99, May-00, Sep-00
o Original Amount Issued $384 Million
o Redemption $75 Million
o Average Rate 8.68%
o Current Balance $309 Million
Security Issued: EXCHANGEABLE OPERATING PARTNERSHIP UNITS
- ---------------
-Regency Centers, L.P.
o Issuance Date Variable
o Units Outstanding 1,431,837 OP Units
o Conversion Convertible into Common Stock 1:1
o Dividend Equal to current Common Dividend
19
SUMMARY RETAIL PROPERTY INFORMATION
For the Periods Ended June 30, 2003 and December 31, 2002
Retail Real Estate Portfolio Current TD Change 12/31/02
- ------------------------------------------------------------------------------------------------------------------------------------
Company owned GLA (including joint ventures) 29,879,706 397,080 29,482,626
GLA under Development, Redevelopment, or Renovation 3,043,324 (83,159) 3,126,483
Company owned GLA Growth 1.3% - 1.4%
Total GLA including anchor owned stores 31,687,589 287,166 31,400,423
- ------------------------------------------------------------------------------------------------------------------------------------
Retail Properties Operating or Under Development 262 0 262
Retail Properties in Development included above 32 (2) 34
Grocery anchored shopping centers 224 (1) 225
Grocery centers ranked #1, #2 or #3 in market 195 (1) 196
- ------------------------------------------------------------------------------------------------------------------------------------
Percent leased - All Properties including Development 92.9% NA 91.5%
Percent leased - Operating Properties excluding development 95.3% 0.5% 94.8%
- ------------------------------------------------------------------------------------------------------------------------------------
Net Operating Income $134,913,790 - $282,136,389
NOI growth -3.2% - 6.2%
Base rent growth on leasing and transactions (YTD) 9.3% - 10.8%
NOI - same property growth (YTD) 2.4% - 3.0%
- ------------------------------------------------------------------------------------------------------------------------------------
20
PORTFOLIO SUMMARY REPORT BY REGION
June 30, 2003
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-02
- ------------------------------------------------------------------------------------------------------------------------------------
Mid- Atlantic Region
--------------------
Pike Creek Shopping Center DE Wilmington Mid-Atlantic 1981 1998 229,510
White Oak - Dover DE DE Dover Mid-Atlantic 2000 2000 10,908
- ------------------------------------------------------------------------------------------------------------------------------------
DE 240,418
====================================================================================================================================
Echelon Village Plaza NJ Philadelphia Mid-Atlantic 2000 2000 88,993
Hershey - Goodyear PA Mid-Atlantic 2000 2000 6,000
Ashburn Farm Market Center VA Washington DC Mid-Atlantic 2000 2000 92,019
Brookville Plaza JV-M VA Lynchburg Mid-Atlantic 1991 1998 63,664
Cheshire Station VA Washington DC Mid-Atlantic 2000 2000 97,249
Opitz Crossing VA Washington DC Mid-Atlantic 1991 2003 -
Somerset JV-O VA Washington DC Mid-Atlantic 2002 2002 108,400
Statler Square Shopping Ctr VA None Mid-Atlantic 1996 1998 133,660
Tall Oaks Village Center VA Washington DC Mid-Atlantic 1998 2002 69,331
Village Center at Dulles JV-C VA Washington DC Mid-Atlantic 1991 2002 308,473
- ------------------------------------------------------------------------------------------------------------------------------------
VA 872,796
- ------------------------------------------------------------------------------------------------------------------------------------
Regional Totals Mid-Atlantic 1,208,207
====================================================================================================================================
Midwest Region
--------------
Frankfort Crossing Shopping Ctr IL Chicago Midwest 1992 2003
Hinsdale Lake Commons IL Chicago Midwest 1986 1998 178,975
Westbrook Commons IL Chicago Midwest 1984 2001 121,502
- ------------------------------------------------------------------------------------------------------------------------------------
IL 300,477
====================================================================================================================================
Franklin Square Shopping Center KY Lexington Midwest 1988 1998 205,307
Silverlake Shopping Center JV-M KY Cincinnati Midwest 1988 1998 99,352
- ------------------------------------------------------------------------------------------------------------------------------------
KY 304,659
====================================================================================================================================
Fenton Village Marketplace MI Flint Midwest 1999 1999 97,224
Lakeshore Village Shopping Ctr MI Detroit Midwest 1996 1998 85,940
Waterford Towne Center MI Detroit Midwest 1998 1998 96,101
- ------------------------------------------------------------------------------------------------------------------------------------
MI 279,265
====================================================================================================================================
St. Ann Square MO St. Louis Midwest 1986 1998 82,498
Beckett Commons Shopping Ctr OH Cincinnati Midwest 1995 1998 121,497
Cherry Grove Plaza OH Cincinnati Midwest 1997 1998 195,497
Cherry Street Center OH Toledo Midwest 2000 2000 54,660
East Pointe Crossing Shopping Ctr OH Columbus Midwest 1993 1998 86,524
Hyde Park Plaza OH Cincinnati Midwest 1995 1997 397,893
Kingsdale Shopping Center OH Columbus Midwest 1999 1997 270,470
Kroger New Albany Center JV-O OH Columbus Midwest 1999 1999 91,722
Northgate Plaza OH Columbus Midwest 1996 1998 85,100
Park Place Center OH Columbus Midwest 1988 1998 106,833
Regency Milford Center OH Cincinnati Midwest 2001 2001 108,903
Shoppes at Mason OH Cincinnati Midwest 1997 1998 80,800
Westchester Plaza OH Cincinnati Midwest 1988 1998 88,181
Windmiller Square OH Columbus Midwest 1997 1998 120,509
Worthington Park Centre OH Columbus Midwest 1991 1998 93,095
- ------------------------------------------------------------------------------------------------------------------------------------
OH 1,901,684
- ------------------------------------------------------------------------------------------------------------------------------------
Regional Totals Midwest 2,868,583
====================================================================================================================================
21
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-02
- ------------------------------------------------------------------------------------------------------------------------------------
Pacific Region
--------------
230th & Hawthorne CA Los Angeles Pacific 2002 2002 13,860
Amerige Heights Town Center CA Los Angeles Pacific 2000 2000 96,679
Blossom Valley Shopping Ctr CA San Jose Pacific 1990 1999 93,314
Campus Marketplace JV-M CA San Diego Pacific 2000 2000 144,288
Corral Hollow JV-O CA Stockton Pacific 2000 2000 168,238
Costa Verde CA San Diego Pacific 1988 1999 178,621
Country Club Village - Calif CA Oakland Pacific 1994 1999 111,251
Diablo Plaza CA Oakland Pacific 1982 1999 63,214
El Camino Shopping Center CA Los Angeles Pacific 1995 1999 135,883
El Cerrito Plaza CA San Francisco Pacific 2000 2000 254,840
El Norte Parkway Plaza CA San Diego Pacific 1984 1999 87,990
Encina Grande CA Oakland Pacific 1965 1999 102,499
Friars-Mission Center CA San Diego Pacific 1989 1999 146,898
Garden Village Shopping Center JV-M CA Los Angeles Pacific 2000 2000 112,957
Gelson's Westlake CA Ventura Pacific 2002 2002 82,315
Gilroy CA San Jose Pacific 2002 2002 123,709
Heritage Plaza CA Orange County Pacific 1981 1999 231,102
Hermosa Beach JV-O CA Los Angeles Pacific 2003 2003 -
Loehmann's Plaza Calif CA San Jose Pacific 1983 1999 113,310
McBean & Valencia CA Los Angeles Pacific 2002 2002 179,227
Morningside Plaza CA Orange County Pacific 1996 1999 91,600
Newland Center CA Orange County Pacific 1985 1999 166,492
Oakbrook Plaza CA Ventura Pacific 1982 1999 83,279
Park Plaza Shopping Center JV-C CA Los Angeles Pacific 1991 2001 193,529
Plaza Hermosa CA Los Angeles Pacific 1984 1999 94,940
Powell Street Plaza CA Oakland Pacific 1987 2001 165,920
Prairie City Crossing CA Sacramento Pacific 1999 1999 82,503
Rona Plaza CA Orange County Pacific 1989 1999 51,754
Rosecrans & Inglewood CA Los Angeles Pacific 2002 2002 12,000
San Leandro Plaza CA Oakland Pacific 1982 1999 50,432
Santa Ana Downtown Plaza CA Orange County Pacific 1987 1999 100,305
Seal Beach JV-C CA Orange County Pacific 1966 2002 85,910
Sequoia Station CA San Francisco Pacific 1996 1999 103,148
Slatten Ranch JV-O CA Oakland Pacific 2002 2002 220,162
Strawflower Village CA San Francisco Pacific 1985 1999 78,827
Tassajara Crossing CA Oakland Pacific 1990 1999 146,188
Twin Peaks Plaza CA San Diego Pacific 1988 1999 198,139
Ventura Village Shopping Ctr CA Ventura Pacific 1984 1999 76,070
Vista Village Phase I CA San Diego Pacific 2002 2002 129,520
Vista Village Phase II CA San Diego Pacific 2002 2002 -
West Park Plaza CA San Jose Pacific 1996 1999 88,103
Westlake Plaza and Center CA Ventura Pacific 1975 1999 190,525
Westridge Center CA Los Angeles Pacific 2001 2001 87,284
Woodman - Van Nuys CA Los Angeles Pacific 1992 1999 107,614
Woodside Central Plaza CA San Francisco Pacific 1993 1999 80,591
- ------------------------------------------------------------------------------------------------------------------------------------
CA 5,125,030
====================================================================================================================================
22
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-02
- ------------------------------------------------------------------------------------------------------------------------------------
Cherry Park Market Center OR Portland Pacific 1997 1999 113,518
Hillsboro Market Center JV-M OR Portland Pacific 2000 2000 67,240
Hillsboro Market Center Phase II OR Portland Pacific 2002 2002 83,116
McMinnville Market Center OR Portland Pacific 2003 2003 -
Murrayhill Marketplace OR Portland Pacific 1988 1999 149,214
Sherwood Crossroads OR Portland Pacific 1999 1999 88,489
Sherwood Market Center OR Portland Pacific 1995 1999 124,256
Sunnyside 205 OR Portland Pacific 1988 1999 53,094
Walker Center OR Portland Pacific 1987 1999 89,609
West Hills Plaza OR Portland Pacific 1998 1999 53,579
- ------------------------------------------------------------------------------------------------------------------------------------
OR 822,115
====================================================================================================================================
Cascade Plaza JV-C WA Seattle Pacific 1999 1999 217,657
Inglewood Plaza WA Seattle Pacific 1985 1999 17,253
James Center JV-M WA Tacoma Pacific 1999 1999 140,240
Padden Parkway WA Portland Pacific 2002 2002 54,473
Pine Lake Village WA Seattle Pacific 1989 1999 102,953
Sammamish Highland WA Seattle Pacific 1992 1999 101,289
South Point Plaza WA Seattle Pacific 1997 1999 190,355
Southcenter Plaza WA Seattle Pacific 1990 1999 58,282
Thomas Lake Center WA Seattle Pacific 1998 1999 103,872
- ------------------------------------------------------------------------------------------------------------------------------------
WA 986,374
- ------------------------------------------------------------------------------------------------------------------------------------
Regional Totals Pacific 6,933,519
====================================================================================================================================
23
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-02
- ------------------------------------------------------------------------------------------------------------------------------------
Southeast Region
----------------
Bonner's Point AL None Southeast 1985 1993 87,282
Country Club Ala AL Montgomery Southeast 1991 1993 67,622
Southgate Village Shopping Center JV-M AL Birmingham Southeast 1988 2001 -
The Marketplace - Alexander City AL None Southeast 1987 1993 75,392
Phenix Crossing AL None Southeast 2003 2003 162,723
Trace Crossing Shopping Center AL Birmingham Southeast 2001 2001 74,130
Valleydale Village Shopping Center AL Birmingham Southeast 2002 2002 118,466
Village in Trussville, The AL Birmingham Southeast 1987 1993 59,281
- ------------------------------------------------------------------------------------------------------------------------------------
AL 644,896
====================================================================================================================================
Anastasia Plaza JV-M FL Jacksonville Southeast 1988 1993 102,342
Aventura FL Miami Southeast 1974 1994 102,876
Beneva Village Shops FL Sarasota Southeast 1987 1998 141,532
Berkshire Commons FL Naples Southeast 1992 1994 106,354
Bloomingdale Square FL Tampa Southeast 1987 1998 267,935
Bolton Plaza FL Jacksonville Southeast 1988 1994 172,938
Boynton Lakes Plaza FL West Palm Beach Southeast 1993 1997 130,924
Carriage Gate FL Tallahassee Southeast 1978 1994 76,833
Center of Seven Springs FL Tampa Southeast 1986 1994 162,580
Chasewood Plaza FL West Palm Beach Southeast 1986 1993 141,178
Chasewood Storage FL West Palm Beach Southeast 1986 1993 42,810
Courtyard, The FL Jacksonville Southeast 1987 1993 137,256
East Port Plaza FL Fort Pierce Southeast 1991 1997 235,842
East Towne Shopping Center FL Orlando Southeast 2002 2002 69,841
Fleming Island Shopping Ctr FL Jacksonville Southeast 2000 1998 136,662
Garden Square Shopping Ctr FL Miami Southeast 1991 1997 90,258
Grande Oaks FL Ft Myers-Cape Coral Southeast 2000 2000 78,784
Highlands Square Shopping Ctr FL Jacksonville Southeast 1999 1998 272,554
Julington Village JV-C FL Jacksonville Southeast 1999 1999 81,821
Kings Crossing - Sun City JV-M FL Tampa Southeast 1999 1999 75,020
Lynn Haven JV-M FL Panama City Southeast 2001 2001 63,871
Mainstreet Square Shopping Ctr FL Orlando Southeast 1988 1997 107,134
Mariner's Village Shopping Ctr FL Orlando Southeast 1986 1997 117,690
Market Place - St. Petersburg FL Tampa Southeast 1983 1995 90,296
Martin Downs Village Center FL Fort Pierce Southeast 1985 1993 121,946
Martin Downs Village Shoppes FL Fort Pierce Southeast 1998 1993 49,773
Millhopper Shopping Center FL Gainesville Southeast 1974 1993 84,065
Newberry Square FL Gainesville Southeast 1986 1994 180,524
Ocala Corners JV-M FL Tallahassee Southeast 2000 2000 86,772
Ocean Breeze Plaza FL Fort Pierce Southeast 1985 1993 108,209
Old St. Augustine Plaza FL Jacksonville Southeast 1990 1996 175,459
Palm Harbour Shopping Ctr FL Daytona Beach Southeast 1991 1996 172,758
Palm Trails Plaza FL Fort Lauderdale Southeast 1998 1997 76,067
Peachland Promenade FL Punta Gorda Southeast 1991 1995 82,082
Pebblebrooke Plaza JV-M FL Naples Southeast 2000 2000 76,767
Pine Tree Plaza FL Jacksonville Southeast 1999 1997 60,787
24
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-02
- ------------------------------------------------------------------------------------------------------------------------------------
Regency Court FL Jacksonville Southeast 1992 1997 218,648
Regency Square at Brandon FL Tampa Southeast 1986 1993 349,848
Regency Village JV-O FL Orlando Southeast 2000 2000 83,170
Shoppes at 104 JV-M FL Miami Southeast 1990 1998 108,190
Shops of San Marco JV-O FL West Palm Beach Southeast 2002 2002 91,538
Starke (US 301 & SR 100) FL Jacksonville Southeast 2000 2000 12,738
Tequesta Shoppes FL West Palm Beach Southeast 1986 1996 109,937
Terrace Walk FL Tampa Southeast 1990 1993 50,936
Town Center at Martin Downs FL Fort Pierce Southeast 1996 1996 64,546
Town Square FL Tampa Southeast 1999 1997 44,679
University Collection FL Tampa Southeast 1984 1996 106,899
University Marketplace FL Miami Southeast 1990 1993 129,121
Village Center 6 -Tampa FL Tampa Southeast 1993 1995 181,110
Vineyard Shopping Center FL Tallahassee Southeast 2001 2001 62,821
Welleby Plaza FL Fort Lauderdale Southeast 1982 1996 109,949
Wellington Town Square FL West Palm Beach Southeast 1982 1996 105,150
Willa Springs FL Orlando Southeast 2000 2000 83,730
- ------------------------------------------------------------------------------------------------------------------------------------
FL 6,193,550
====================================================================================================================================
Ashford Place GA Atlanta Southeast 1993 1997 53,450
Briarcliff LaVista Shopping Ctr GA Atlanta Southeast 1962 1997 39,203
Briarcliff Village GA Atlanta Southeast 1990 1997 187,156
Buckhead Court GA Atlanta Southeast 1984 1997 55,229
Cambridge Square Shopping Ctr GA Atlanta Southeast 1979 1996 77,629
Cromwell Square GA Atlanta Southeast 1990 1997 70,282
Cumming 400 GA Atlanta Southeast 1994 1997 126,900
Delk Spectrum GA Atlanta Southeast 1991 1998 100,880
Dunwoody Hall GA Atlanta Southeast 1986 1997 89,511
Dunwoody Village GA Atlanta Southeast 1975 1997 120,597
Killian Hill Market JV-M GA Atlanta Southeast 2000 2000 113,227
LaGrange Marketplace GA Augusta-Aiken Southeast 1989 1993 76,327
Loehmann's Plaza Georgia GA Atlanta Southeast 1986 1997 137,601
Lovejoy Station JV-M GA Atlanta Southeast 1995 1997 77,336
Memorial Bend GA Atlanta Southeast 1995 1997 177,283
Orchard Square JV-M GA Atlanta Southeast 1987 1995 93,222
Paces Ferry Plaza GA Atlanta Southeast 1987 1997 61,696
Parkway Station GA Macon Southeast 1983 1996 94,290
Powers Ferry Square GA Atlanta Southeast 1987 1997 97,704
Powers Ferry Village GA Atlanta Southeast 1994 1997 78,995
Rivermont Station GA Atlanta Southeast 1996 1997 90,267
Roswell Village JV-C GA Atlanta Southeast 1997 1997 145,334
Russell Ridge GA Atlanta Southeast 1995 1994 98,558
Sandy Plains Village I & II GA Atlanta Southeast 1992 1996 175,035
- ------------------------------------------------------------------------------------------------------------------------------------
GA 2,437,712
====================================================================================================================================
25
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-02
- ------------------------------------------------------------------------------------------------------------------------------------
Bent Tree Plaza NC Raleigh Southeast 1994 1998 79,503
Carmel Commons NC Charlotte Southeast 1979 1997 132,651
Garner Towne Square NC Raleigh Southeast 1998 1998 221,576
Glenwood Village NC Raleigh Southeast 1983 1997 42,864
Kernersville Marketplace SC NC Greensboro Southeast 1997 1998 72,590
Lake Pine Plaza NC Raleigh Southeast 1997 1998 87,691
Maynard Crossing Shopping Ctr NC Raleigh Southeast 1997 1998 122,814
Oakley Plaza JV-M NC Asheville Southeast 1988 1997 118,728
Sedgefield Village NC Greensboro Southeast 2000 2000 56,630
Southpoint Crossing NC Raleigh Southeast 1998 1998 103,128
Union Square Shopping Center NC Charlotte Southeast 1989 1996 97,191
Woodcroft Shopping Center NC Raleigh Southeast 1984 1996 89,835
- ------------------------------------------------------------------------------------------------------------------------------------
NC 1,225,201
====================================================================================================================================
Merchants Village JV-M SC Charleston Southeast 1997 1997 79,724
Murray Landing SC Columbia Southeast 2002 2002 64,041
Pelham Commons SC Greenville Southeast 2002 2002 76,271
Queensborough Shopping Ctr JV-O SC Charleston Southeast 1993 1998 82,333
Rosewood Shopping Center JV-M SC Columbia Southeast 2001 2001 36,887
- ------------------------------------------------------------------------------------------------------------------------------------
SC 339,256
====================================================================================================================================
Dickson (Hwy 46 & 70) TN Southeast 1998 1998 10,908
Harpeth Village TN Nashville Southeast 1998 1997 70,091
Nashboro Village TN Nashville Southeast 1998 1998 86,811
Northlake Village TN Nashville Southeast 1988 2000 151,629
Peartree Village TN Nashville Southeast 1997 1997 114,795
West End Avenue TN Nashville Southeast 1998 1998 10,000
- ------------------------------------------------------------------------------------------------------------------------------------
TN 444,234
- ------------------------------------------------------------------------------------------------------------------------------------
Regional Totals Southeast 11,284,849
====================================================================================================================================
Southwest Region
Carefree Marketplace AZ Phoenix Southwest 2000 2000 24,697
Palm Valley Marketplace JV-C AZ Phoenix Southwest 1999 2001 107,630
Paseo Village AZ Phoenix Southwest 1998 1999 92,399
Pima Crossing AZ Phoenix Southwest 1996 1999 236,539
Stonebridge Center AZ Phoenix Southwest 2000 2000 30,235
The Provinces Shopping Ctr AZ Phoenix Southwest 2000 2000 34,201
- ------------------------------------------------------------------------------------------------------------------------------------
AZ 525,701
====================================================================================================================================
26
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-02
- ------------------------------------------------------------------------------------------------------------------------------------
Boulevard Center CO Denver Southwest 1986 1999 88,511
Buckley Square CO Denver Southwest 1978 1999 111,146
Centerplace of Greeley CO Greeley Southwest 2002 2002 148,110
Cheyenne Meadows Center JV-M CO Colorado Springs Southwest 1998 1998 89,893
Crossroads Commons JV-C CO Boulder Southwest 1986 2001 144,288
Hilltop Village CO Denver Southwest 2002 2002 99,836
Jackson Creek Crossing CO Colorado Springs Southwest 1999 1998 85,263
Leetsdale Marketplace CO Denver Southwest 1993 1999 119,916
Littleton Square CO Denver Southwest 1997 1999 94,257
Lloyd King Center CO Denver Southwest 1998 1998 83,326
New Windsor Marketplace CO Greeley Southwest 2002 2002 94,950
Redlands Marketplace CO Grand Junction Southwest 1999 1999 14,659
Stroh Ranch Center CO Denver Southwest 1998 1998 93,436
Willow Creek Center JV-C CO Denver Southwest 1985 2001 166,421
Woodmen Plaza CO Colorado Springs Southwest 1998 1998 104,558
- ------------------------------------------------------------------------------------------------------------------------------------
CO 1,538,570
====================================================================================================================================
Addison Town Center JV-C TX Dallas Southwest 1993 2003
Alden Bridge TX Houston Southwest 1998 2002 138,952
Arapaho Village TX Dallas Southwest 1997 1999 103,033
Atascocita Center TX Houston Southwest 2002 2002 94,180
Bethany Park Place Shopping Ctr TX Dallas Southwest 1998 1998 74,067
Casa Linda Plaza TX Dallas Southwest 1997 1999 324,639
Champion Forest Shopping Ctr TX Houston Southwest 1983 1999 115,247
Cochran's Crossing TX Houston Southwest 1994 2002 138,192
Coles Center TX Houston Southwest 2001 2001 42,063
Cooper Street Plaza TX Fort Worth Southwest 1992 1999 133,196
Creekside Plaza JV-O TX Fort Worth Southwest 1998 1998 96,816
Fort Bend Market TX Houston Southwest 2000 2000 30,158
Hancock Center TX Austin Southwest 1998 1999 410,438
Hebron Parkway Plaza JV-M TX Dallas Southwest 1999 1999 46,800
Hillcrest Village TX Dallas Southwest 1991 1999 14,530
Indian Springs Center JV-O TX Houston Southwest 2002 2002 135,977
Keller Town Center TX Fort Worth Southwest 1999 1999 114,937
Kleinwood Center TX Houston Southwest 2002 2002 152,959
Lebanon/Legacy Center TX Dallas Southwest 2000 2000 56,802
MacArthur Park - Phase 2 JV-C TX Dallas Southwest 1999 1999 198,443
Main Street Center TX Dallas Southwest 2002 2002 32,680
Market at Preston Forest, The TX Dallas Southwest 1990 1999 90,171
Market at Round Rock, The TX Austin Southwest 1987 1999 123,347
Matlock Center TX Dallas Southwest 2000 2000 40,139
Mills Pointe TX Dallas Southwest 1986 1999 126,186
Mockingbird Commons TX Dallas Southwest 1987 1999 121,564
27
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-02
- ------------------------------------------------------------------------------------------------------------------------------------
North Hills Town Center TX Austin Southwest 1995 1999 144,019
Northview Plaza TX Dallas Southwest 1991 1999 116,016
Overton Park Plaza JV-C TX Fort Worth Southwest 1991 2001 350,856
Panther Creek TX Houston Southwest 1994 2002 164,080
Preston Park Village TX Dallas Southwest 1985 1999 273,396
Prestonbrook Crossing TX Dallas Southwest 1998 1998 91,274
Prestonwood Park TX Dallas Southwest 1999 1999 101,024
Rockwall TX Dallas Southwest 2002 2002 65,644
Shiloh Springs TX Dallas Southwest 1998 1998 110,040
Southlake - Village Center JV-O TX Fort Worth Southwest 1998 1998 118,092
Southpark TX Tyler Southwest 1997 1999 146,758
Sterling Ridge TX Houston Southwest 2000 2002 128,643
Sweetwater Plaza JV-C TX Houston Southwest 2000 2001 134,045
Trophy Club TX Fort Worth Southwest 1999 1999 106,607
Valley Ranch Centre TX Dallas Southwest 1997 1999 117,187
- ------------------------------------------------------------------------------------------------------------------------------------
TX 5,123,197
- ------------------------------------------------------------------------------------------------------------------------------------
Regional Totals Southwest 7,187,468
====================================================================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
Regency Centers Total 29,482,626
====================================================================================================================================
28
Company Owned
GLA % Leased
- ------------------------------------------------------------------------------------------------------------------------------------
Grocery Anchor
Property Name Jun '03 Dec-02 Jun '03 GLA Grocery Anchor
- ------------------------------------------------------------------------------------------------------------------------------------
Mid- Atlantic Region
--------------------
Pike Creek Shopping Center 229,510 99.0% 99.5% 49,069 Acme
White Oak - Dover DE 10,908 100.0% 100.0% - --
- ------------------------------------------------------------------------------------------------------------------------------------
240,418 99.0% 99.5% 49,069 1
====================================================================================================================================
Echelon Village Plaza 88,993 79.7% 86.6% 48,776 Genuardi's
Hershey - Goodyear 6,000 100.0% 100.0% - --
Ashburn Farm Market Center 91,905 100.0% 100.0% 48,999 Giant
Brookville Plaza 63,664 98.1% 98.1% 52,864 Kroger
Cheshire Station 97,156 97.8% 100.0% 55,256 Safeway
Opitz Crossing 158,254 NA 99.0% 51,922 Safeway
Somerset 104,530 61.8% 69.9% 67,000 Shoppers Food Warehouse
Statler Square Shopping Ctr 133,660 100.0% 100.0% 65,003 Kroger
Tall Oaks Village Center 69,331 100.0% 100.0% 38,763 Giant
Village Center at Dulles 298,601 93.1% 99.2% 48,424 Shoppers Food Warehouse
- ------------------------------------------------------------------------------------------------------------------------------------
1,017,101 92.4% 96.4% 428,231 8
- ------------------------------------------------------------------------------------------------------------------------------------
Regional Totals 1,352,512 92.8% 96.3% 526,076 10
====================================================================================================================================
Midwest Region
---------------
Frankfort Crossing Shopping Ctr 107,734 NA 95.0% 64,937 Jewel
Hinsdale Lake Commons 178,975 97.3% 97.3% 69,540 Dominick's
Westbrook Commons 121,502 94.4% 92.8% 51,304 Dominicks
- ------------------------------------------------------------------------------------------------------------------------------------
408,211 96.1% 95.4% 185,781 3
====================================================================================================================================
Franklin Square Shopping Center 201,673 95.6% 96.0% 50,499 Kroger
Silverlake Shopping Center 99,352 98.5% 98.5% 60,000 Kroger
- ------------------------------------------------------------------------------------------------------------------------------------
301,025 96.6% 96.9% 110,499 2
====================================================================================================================================
Fenton Village Marketplace 97,224 98.6% 98.6% 53,739 Farmer Jack
Lakeshore Village Shopping Ctr 85,940 87.3% 89.2% 49,465 Kroger
Waterford Towne Center 96,101 91.3% 91.3% 60,202 Kroger
- ------------------------------------------------------------------------------------------------------------------------------------
279,265 92.6% 93.2% 163,406 3
====================================================================================================================================
St. Ann Square 82,498 92.9% 92.9% 43,483 National
Beckett Commons Shopping Ctr 121,497 100.0% 100.0% 70,815 Kroger
Cherry Grove Plaza 195,497 91.0% 90.2% 66,336 Kroger
Cherry Street Center 54,660 100.0% 100.0% 54,660 Farmer Jack
East Pointe Crossing Shopping Ctr 86,524 100.0% 98.4% 59,120 Kroger
Hyde Park Plaza 397,893 94.4% 94.7% 138,592 Kroger/Thriftway
Kingsdale Shopping Center 270,470 65.4% 57.2% 56,006 Big Bear
Kroger New Albany Center 91,722 98.5% 98.5% 63,805 Kroger
Northgate Plaza 85,100 100.0% 100.0% 62,000 Kroger
Park Place Center 106,833 98.8% 96.3% 56,859 Big Bear
Regency Milford Center 108,903 88.0% 88.4% 65,000 Kroger
Shoppes at Mason 80,800 97.5% 97.5% 56,800 Kroger
Westchester Plaza 88,181 98.4% 100.0% 66,523 Kroger
Windmiller Square 120,429 97.9% 96.8% 76,555 Kroger
Worthington Park Centre 93,095 91.2% 91.2% 52,337 Kroger
- ------------------------------------------------------------------------------------------------------------------------------------
1,901,604 91.4% 90.0% 945,408 14
- ------------------------------------------------------------------------------------------------------------------------------------
Regional Totals 2,972,603 92.6% 91.8% 1,448,577 23
====================================================================================================================================
21
Company Owned
GLA % Leased
- ------------------------------------------------------------------------------------------------------------------------------------
Grocery Anchor
Property Name Jun '03 Dec-02 Jun '03 GLA Grocery Anchor
- ------------------------------------------------------------------------------------------------------------------------------------
Pacific Region
--------------
230th & Hawthorne 13,860 100.0% 100.0% - --
Amerige Heights Town Center 96,679 98.5% 98.5% 57,560 Albertson's
Blossom Valley Shopping Ctr 93,315 100.0% 100.0% 34,208 Safeway
Campus Marketplace 144,288 94.4% 100.0% 58,527 Ralph's
Corral Hollow 167,118 100.0% 100.0% 65,715 Safeway
Costa Verde 178,622 100.0% 99.7% 40,000 Albertson's
Country Club Village - Calif 111,251 100.0% 100.0% 50,320 Ralph's
Diablo Plaza 63,214 100.0% 100.0% 53,000 Safeway
El Camino Shopping Center 135,883 100.0% 95.1% 35,650 Von's Food & Drug
El Cerrito Plaza 255,952 92.4% 95.5% 77,888 Albertson's/Trader Joe's
El Norte Parkway Plaza 87,990 96.4% 98.0% 42,315 Von's Food & Drug
Encina Grande 102,499 100.0% 100.0% 22,500 Safeway
Friars-Mission Center 146,897 100.0% 100.0% 55,303 Ralph's
Garden Village Shopping Center 112,957 97.1% 95.1% 57,050 Albertson's
Gelson's Westlake 84,831 90.1% 81.9% 37,500 Gelsons
Gilroy 330,635 0.0% 55.2% - --
Heritage Plaza 231,612 96.9% 99.9% 44,376 Ralph's
Hermosa Beach 13,212 NA 100.0% - --
Loehmann's Plaza Calif 113,310 100.0% 100.0% 53,000 Safeway
McBean & Valencia 180,519 69.2% 98.2% - --
Morningside Plaza 91,600 100.0% 100.0% 42,630 Stater Brother
Newland Center 166,492 99.1% 98.2% 58,000 Lucky's
Oakbrook Plaza 83,279 100.0% 100.0% 43,842 Albertson's
Park Plaza Shopping Center 193,529 96.0% 92.5% 28,210 Von's Food & Drug
Plaza Hermosa 94,940 100.0% 94.7% 36,800 Von's Food & Drug
Powell Street Plaza 165,920 100.0% 100.0% 10,122 Trader Joe's
Prairie City Crossing 82,503 100.0% 100.0% 55,255 Safeway
Rona Plaza 51,754 100.0% 97.7% 37,194 Food 4 Less
Rosecrans & Inglewood 12,000 100.0% 100.0% - --
San Leandro Plaza 50,432 100.0% 100.0% 38,250 Safeway
Santa Ana Downtown Plaza 100,305 100.0% 100.0% 37,972 Food 4 Less
Seal Beach 115,925 100.0% 100.0% 25,000 Pavilions
Sequoia Station 103,148 100.0% 100.0% 62,050 Safeway
Slatten Ranch 207,197 33.6% 86.0% - --
Strawflower Village 78,827 100.0% 100.0% 33,753 Safeway
Tassajara Crossing 146,188 100.0% 100.0% 56,496 Safeway
Twin Peaks Plaza 198,139 99.7% 100.0% 44,686 Albertson's
Ventura Village Shopping Ctr 76,070 100.0% 97.9% 42,500 Von's Food & Drug
Vista Village Phase I 129,520 69.2% 71.7% - --
Vista Village Phase II 73,483 NA 42.7% - --
West Park Plaza 88,103 100.0% 100.0% 24,712 Safeway
Westlake Plaza and Center 190,525 97.5% 98.9% 41,300 Von's Food & Drug
Westridge Center 97,286 88.7% 84.4% 50,216 Albertson's
Woodman - Van Nuys 107,614 100.0% 95.8% 77,648 Gigante
Woodside Central Plaza 80,591 100.0% 100.0% - --
- ------------------------------------------------------------------------------------------------------------------------------------
5,450,014 91.4% 93.6% 1,631,548 36
====================================================================================================================================
22
Company Owned
GLA % Leased
- ------------------------------------------------------------------------------------------------------------------------------------
Grocery Anchor
Property Name Jun '03 Dec-02 Jun '03 GLA Grocery Anchor
- ------------------------------------------------------------------------------------------------------------------------------------
Cherry Park Market Center 113,518 88.6% 87.2% 55,164 Safeway
Hillsboro Market Center 150,356 100.0% 95.1% 57,370 Albertson's
Hillsboro Market Center Phase II - 91.1% NA - --
McMinnville Market Center 73,959 NA 74.5% 53,667 Albertson's
Murrayhill Marketplace 149,215 90.2% 89.5% 41,132 Safeway
Sherwood Crossroads 84,266 87.0% 95.7% 55,150 Safeway
Sherwood Market Center 124,257 98.0% 98.3% 49,793 Albertson's
Sunnyside 205 53,094 96.3% 96.3% - --
Walker Center 89,609 100.0% 100.0% - --
West Hills Plaza 53,579 98.1% 100.0% 30,154 QFC
- ------------------------------------------------------------------------------------------------------------------------------------
891,853 93.7% 92.8% 342,430 7
====================================================================================================================================
Cascade Plaza 217,657 99.5% 99.2% 49,440 Safeway
Inglewood Plaza 17,253 100.0% 100.0% - --
James Center 140,240 95.5% 95.5% 68,273 Fred Myer
Padden Parkway 54,473 96.3% 96.3% 52,443 Albertson's
Pine Lake Village 102,953 100.0% 100.0% 40,982 Quality Foods
Sammamish Highland 101,289 100.0% 100.0% 55,000 Safeway
South Point Plaza 190,355 100.0% 100.0% 55,443 Cost Cutters
Southcenter Plaza 58,282 95.2% 100.0% - --
Thomas Lake Center 103,872 100.0% 100.0% 50,065 Albertson's
- ------------------------------------------------------------------------------------------------------------------------------------
986,374 98.8% 99.0% 371,646 7
- ------------------------------------------------------------------------------------------------------------------------------------
Regional Totals 7,328,241 92.7% 94.2% 2,345,624 50
====================================================================================================================================
23
Company Owned
GLA % Leased
- ------------------------------------------------------------------------------------------------------------------------------------
Grocery Anchor
Property Name Jun '03 Dec-02 Jun '03 GLA Grocery Anchor
- ------------------------------------------------------------------------------------------------------------------------------------
Southeast Region
----------------
Bonner's Point 87,282 98.6% 100.0% 34,700 Winn-Dixie
Country Club Ala 67,622 92.9% 92.9% 35,922 Winn-Dixie
Southgate Village Shopping Center 56,564 NA 68.9% 38,997 Publix
The Marketplace - Alexander City 75,092 97.3% 98.9% 46,733 Publix
Phenix Crossing 162,723 96.4% 95.7% 47,668 Winn-Dixie
Trace Crossing Shopping Center 74,130 87.2% 87.2% 51,420 Publix
Valleydale Village Shopping Center 118,466 77.8% 77.4% 44,271 Publix
Village in Trussville, The 56,356 79.9% 84.0% 38,380 Bruno's
- ------------------------------------------------------------------------------------------------------------------------------------
698,235 90.4% 89.2% 338,091 8
====================================================================================================================================
Anastasia Plaza 102,342 97.6% 98.2% 48,555 Publix
Aventura 102,876 94.9% 94.9% 35,908 Publix
Beneva Village Shops 141,532 98.0% 96.3% 42,112 Publix
Berkshire Commons 106,354 97.6% 100.0% 65,537 Publix
Bloomingdale Square 267,935 99.6% 99.9% 39,795 Publix
Bolton Plaza 172,938 96.5% 98.8% - --
Boynton Lakes Plaza 130,924 98.4% 98.4% 56,000 Winn-Dixie
Carriage Gate 76,833 87.6% 87.6% - --
Center of Seven Springs 162,580 37.8% 47.3% 35,000 Winn-Dixie
Chasewood Plaza 141,178 91.6% 95.0% 39,795 Publix
Chasewood Storage 42,810 100.0% 100.0% - --
Courtyard, The 137,256 100.0% 100.0% 62,771 Albertson's
East Port Plaza 235,842 55.3% 56.1% 42,112 Publix
East Towne Shopping Center 69,841 64.2% 70.2% 44,840 Publix
Fleming Island Shopping Ctr 136,662 95.9% 96.6% 47,955 Publix
Garden Square Shopping Ctr 90,258 98.6% 98.6% 42,112 Publix
Grande Oaks 78,784 93.1% 96.4% 54,379 Publix
Highlands Square Shopping Ctr 262,194 88.8% 94.6% 84,314 Publix/Winn-Dixie
Julington Village 81,821 100.0% 98.0% 51,420 Publix
Kings Crossing - Sun City 75,020 96.8% 100.0% 51,420 Publix
Lynn Haven 63,871 93.4% 100.0% 44,271 Publix
Mainstreet Square Shopping Ctr 107,134 90.5% 89.4% 56,000 Winn-Dixie
Mariner's Village Shopping Ctr 138,940 79.0% 94.8% 45,500 Winn-Dixie
Market Place - St. Petersburg 90,296 97.6% 98.8% 36,464 Publix
Martin Downs Village Center 121,946 96.7% 98.7% - --
Martin Downs Village Shoppes 49,773 92.3% 86.3% - --
Millhopper Shopping Center 84,065 100.0% 100.0% 37,244 Publix
Newberry Square 180,524 99.4% 96.0% 39,795 Publix
Ocala Corners 86,772 100.0% 100.0% 61,171 Publix
Ocean Breeze Plaza 108,209 84.7% 84.3% 36,464 Publix
Old St. Augustine Plaza 175,459 95.1% 100.0% 51,832 Publix
Palm Harbour Shopping Ctr 172,758 99.2% 98.2% 45,254 Publix
Palm Trails Plaza 76,067 97.6% 100.0% 59,562 Winn-Dixie
Peachland Promenade 82,082 96.9% 94.1% 48,890 Publix
Pebblebrooke Plaza 76,767 100.0% 100.0% 61,166 Publix
Pine Tree Plaza 60,787 100.0% 100.0% 37,866 Publix
24
Company Owned
GLA % Leased
- ------------------------------------------------------------------------------------------------------------------------------------
Grocery Anchor
Property Name Jun '03 Dec-02 Jun '03 GLA Grocery Anchor
- ------------------------------------------------------------------------------------------------------------------------------------
Regency Court 218,648 79.4% 91.8% - --
Regency Square at Brandon 349,848 98.2% 96.5% - --
Regency Village 83,170 87.5% 89.4% 54,379 Publix
Shoppes at 104 108,192 98.6% 98.7% 46,368 Winn-Dixie
Shops of San Marco 91,538 58.6% 100.0% 44,271 Publix
Starke (US 301 & SR 100) 12,738 100.0% 100.0% - --
Tequesta Shoppes - 88.8% NA - --
Terrace Walk 50,936 90.2% 90.2% - --
Town Center at Martin Downs 64,546 100.0% 100.0% 56,146 Publix
Town Square 44,679 99.3% 87.5% - --
University Collection 106,899 96.2% 98.0% 40,143 Kash N Karry
University Marketplace 129,121 85.7% 94.6% 63,139 Albertson's
Village Center 6 -Tampa 181,110 98.4% 97.6% 36,434 Publix
Vineyard Shopping Center 62,821 81.6% 81.6% 44,271 Publix
Welleby Plaza 109,949 95.4% 98.5% 46,779 Publix
Wellington Town Square 105,150 98.9% 92.2% 36,464 Publix
Willa Springs 89,930 100.0% 100.0% 44,271 Publix
- ------------------------------------------------------------------------------------------------------------------------------------
100,705 90.9% 93.2% 2,018,169 42
====================================================================================================================================
Ashford Place 53,450 98.6% 98.6% - --
Briarcliff LaVista Shopping Ctr 39,203 89.6% 100.0% - --
Briarcliff Village 187,156 99.8% 98.3% 43,454 Publix
Buckhead Court 55,210 90.5% 79.9% - --
Cambridge Square Shopping Ctr 71,475 92.4% 100.0% 40,852 Kroger
Cromwell Square 70,282 95.1% 100.0% - --
Cumming 400 126,900 97.0% 97.0% 56,146 Publix
Delk Spectrum 100,539 100.0% 100.0% 45,044 Publix
Dunwoody Hall 89,351 98.4% 100.0% 44,271 Publix
Dunwoody Village 120,597 88.7% 93.6% 18,400 Fresh Market
Killian Hill Market 113,216 78.4% 91.0% 54,340 Publix
LaGrange Marketplace 76,327 90.3% 90.3% 46,733 Winn-Dixie
Loehmann's Plaza Georgia 137,601 92.2% 89.7% - --
Lovejoy Station 77,336 100.0% 100.0% 47,955 Publix
Memorial Bend 177,283 93.4% 92.0% 56,146 Publix
Orchard Square 93,222 96.1% 94.9% 44,271 Publix
Paces Ferry Plaza 61,696 100.0% 100.0% - --
Parkway Station 94,290 83.0% 78.8% 42,130 Kroger
Powers Ferry Square 97,704 89.5% 88.5% - --
Powers Ferry Village 78,996 99.9% 99.9% 47,955 Publix
Rivermont Station 90,267 100.0% 100.0% 58,261 Kroger
Roswell Village 145,334 79.8% 81.1% 37,888 Publix
Russell Ridge 98,558 100.0% 100.0% 63,296 Kroger
Sandy Plains Village I & II - 91.9% NA - --
- ------------------------------------------------------------------------------------------------------------------------------------
2,255,993 93.2% 94.0% 747,142 16
====================================================================================================================================
25
Company Owned
GLA % Leased
- ------------------------------------------------------------------------------------------------------------------------------------
Grocery Anchor
Property Name Jun '03 Dec-02 Jun '03 GLA Grocery Anchor
- ------------------------------------------------------------------------------------------------------------------------------------
Bent Tree Plaza 79,503 100.0% 100.0% 54,153 Kroger
Carmel Commons 132,651 98.0% 96.4% 14,300 Fresh Market
Garner Towne Square 221,776 100.0% 100.0% 57,590 Kroger
Glenwood Village 42,864 86.2% 91.8% 27,764 Harris Teeter
Kernersville Marketplace SC 72,590 97.9% 97.9% 57,590 Harris Teeter
Lake Pine Plaza 87,691 100.0% 100.0% 57,590 Kroger
Maynard Crossing Shopping Ctr 122,814 97.8% 97.8% 55,973 Kroger
Oakley Plaza - 98.5% 0.0% - --
Sedgefield Village - 76.9% 0.0% - --
Southpoint Crossing 103,128 100.0% 100.0% 59,160 Kroger
Union Square Shopping Center 97,191 100.0% 100.0% 33,000 Harris Teeter
Woodcroft Shopping Center 89,835 98.4% 98.4% 40,832 Food Lion
- ------------------------------------------------------------------------------------------------------------------------------------
1,050,043 97.6% 98.7% 457,952 10
====================================================================================================================================
Merchants Village 79,724 100.0% 100.0% 37,888 Publix
Murray Landing 64,441 76.6% 80.6% 44,840 Publix
Pelham Commons 76,541 58.0% 71.0% 44,271 Publix
Queensborough Shopping Ctr 82,333 100.0% 100.0% 65,796 Publix
Rosewood Shopping Center 36,887 95.1% 95.1% 27,887 Publix
- ------------------------------------------------------------------------------------------------------------------------------------
339,926 85.6% 89.3% 220,682 5
====================================================================================================================================
Dickson (Hwy 46 & 70) 10,908 100.0% 100.0% - --
Harpeth Village 70,091 100.0% 100.0% 55,377 Publix
Nashboro Village 86,811 96.8% 96.8% 61,224 Kroger
Northlake Village 151,629 88.1% 96.8% 64,537 Kroger
Peartree Village 114,795 100.0% 100.0% 65,538 Harris Teeter
West End Avenue 10,000 100.0% 100.0% - --
- ------------------------------------------------------------------------------------------------------------------------------------
444,234 95.3% 98.3% 246,676 4
- ------------------------------------------------------------------------------------------------------------------------------------
Regional Totals 10,889,136 92.1% 93.7% 4,028,712 85
====================================================================================================================================
Southwest Region
----------------
Carefree Marketplace - 89.3% NA - --
Palm Valley Marketplace 107,630 98.1% 98.1% 55,403 Safeway
Paseo Village 92,399 97.5% 99.6% 23,800 ABCO
Pima Crossing 236,539 99.5% 99.5% - --
Stonebridge Center 30,236 78.4% 70.6% 55,250 Safeway
The Provinces Shopping Ctr 34,201 80.8% 84.5% 55,256 Safeway
- ------------------------------------------------------------------------------------------------------------------------------------
501,005 95.9% 96.4% 189,709 4
====================================================================================================================================
26
Company Owned
GLA % Leased
- ------------------------------------------------------------------------------------------------------------------------------------
Grocery Anchor
Property Name Jun '03 Dec-02 Jun '03 GLA Grocery Anchor
- ------------------------------------------------------------------------------------------------------------------------------------
Boulevard Center 88,511 96.3% 91.8% 52,700 Safeway
Buckley Square 111,241 94.5% 97.1% 62,400 King Soopers
Centerplace of Greeley 148,475 39.2% 46.7% 58,092 Safeway
Cheyenne Meadows Center 89,893 94.1% 100.0% 69,913 King Soopers
Crossroads Commons 144,288 100.0% 91.6% 40,846 Whole Foods
Hilltop Village 99,892 67.3% 76.6% 67,150 King Soopers
Jackson Creek Crossing 85,263 100.0% 100.0% 69,913 King Soopers
Leetsdale Marketplace 119,916 100.0% 98.9% 62,600 Safeway
Littleton Square 94,257 97.7% 99.0% 49,751 King Soopers
Lloyd King Center 83,326 98.4% 100.0% 61,040 King Soopers
New Windsor Marketplace 94,950 69.0% 69.0% 65,550 King Soopers
Redlands Marketplace - 80.7% NA - --
Stroh Ranch Center 93,436 98.5% 100.0% 69,719 King Soopers
Willow Creek Center 166,421 98.9% 98.5% 53,294 Safeway
Woodmen Plaza 104,558 100.0% 100.0% 69,716 King Soopers
- ------------------------------------------------------------------------------------------------------------------------------------
1,524,427 88.5% 89.5% 852,684 14
====================================================================================================================================
Addison Town Center 183,432 NA 75.0% - Kroger
Alden Bridge 138,952 100.0% 96.5% 67,768 Kroger
Arapaho Village 103,033 98.0% 98.0% 43,256 Tom Thumb
Atascocita Center 94,180 66.6% 69.7% 62,680 Kroger
Bethany Park Place Shopping Ctr 74,066 100.0% 100.0% 58,374 Kroger
Casa Linda Plaza 324,639 83.7% 85.4% 59,561 Albertson's
Champion Forest Shopping Ctr 115,247 94.2% 91.9% 56,457 Randall's Food
Cochran's Crossing 138,192 100.0% 100.0% 63,449 Kroger
Coles Center 42,063 88.1% 93.4% 67,493 Randall's Food
Cooper Street Plaza 133,196 100.0% 100.0% - --
Creekside Plaza 101,016 100.0% 97.2% 60,932 Kroger
Fort Bend Market 30,158 72.2% 75.3% 67,106 Kroger
Hancock Center 410,438 91.2% 98.7% 90,217 H.E.B.
Hebron Parkway Plaza 46,800 94.9% 97.0% 59,460 Albertson's
Hillcrest Village 14,530 100.0% 100.0% - --
Indian Springs Center 135,977 57.5% 57.5% 78,132 H.E.B.
Keller Town Center 114,937 95.1% 96.7% 63,631 Tom Thumb
Kleinwood Center 152,906 57.6% 67.1% 78,348 H.E.B.
Lebanon/Legacy Center 56,685 31.4% 54.6% 62,804 Albertson's
MacArthur Park - Phase 2 198,443 100.0% 100.0% 63,373 Kroger
Main Street Center 32,605 18.2% 55.3% 62,322 Albertson's
Market at Preston Forest, The 90,171 100.0% 100.0% 50,365 Tom Thumb
Market at Round Rock, The 123,046 98.3% 99.4% 63,800 Albertson's
Matlock Center 40,139 34.5% 73.7% 42,000 Wal-Mart
Mills Pointe 126,186 92.1% 93.5% 52,688 Tom Thumb
Mockingbird Commons 121,564 86.3% 90.2% 48,525 Tom Thumb
27
Company Owned
GLA % Leased
- ------------------------------------------------------------------------------------------------------------------------------------
Grocery Anchor
Property Name Jun '03 Dec-02 Jun '03 GLA Grocery Anchor
- ------------------------------------------------------------------------------------------------------------------------------------
North Hills Town Center 144,019 98.9% 98.9% 60,465 H.E.B.
Northview Plaza 116,016 91.1% 89.3% 58,890 Kroger
Overton Park Plaza 350,856 99.1% 98.1% 59,561 Albertson's
Panther Creek 165,580 95.1% 95.1% 65,800 Randall's Food
Preston Park Village 273,396 78.5% 76.3% 52,688 Tom Thumb
Prestonbrook Crossing 91,274 96.9% 100.0% 63,373 Kroger
Prestonwood Park 101,024 85.9% 89.1% 62,322 Albertson's
Rockwall 65,644 0.0% 0.0% 57,017 Tom Thumb
Shiloh Springs 110,040 100.0% 93.6% 60,932 Kroger
Southlake - Village Center 118,092 97.0% 100.0% 60,932 Kroger
Southpark 146,758 94.4% 94.4% 54,980 Albertson's
Sterling Ridge 128,643 100.0% 100.0% 63,373 Kroger
Sweetwater Plaza 134,045 92.7% 97.4% 65,241 Kroger
Trophy Club 106,607 83.8% 83.8% 63,654 Tom Thumb
Valley Ranch Centre 117,187 89.0% 92.4% 55,750 Tom Thumb
- ------------------------------------------------------------------------------------------------------------------------------------
5,311,782 88.1% 89.5% 2,327,719 38
- ------------------------------------------------------------------------------------------------------------------------------------
Regional Totals 7,337,214 88.8% 90.0% 3,370,112 56
====================================================================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
Regency Centers Total 29,879,706 91.5% 92.9% 11,719,101 224
====================================================================================================================================
JV-C: Joint Venture with Columbia (Oregon Public Employees Retirement Fund)
JV-M: Joint Venture with Macquarie Country-wide U.S.
JV-O: Other, single property joint ventue
28
SUMMARY OF TENANT RENTS EXCEEDING .5% OF TOTAL RENTS
June 30, 2003
# of
% of Leased Leased
% to Company Annualized Company # of Leased Stores in
Tenant Tenant GLA Owned GLA Base Rent Base Rent Stores JV
====================================================================================================================================
Kroger 3,134,547 12.0% 26,361,301 8.72% 60 9
Publix 1,855,279 7.1% 14,801,643 4.90% 52 16
Safeway 1,554,550 6.0% 13,999,922 4.63% 36 6
Albertsons 833,155 3.2% 7,780,356 2.57% 18 3
Blockbuster 350,281 1.3% 6,613,956 2.19% 70 10
Winn Dixie 544,717 2.1% 3,892,772 1.29% 12 1
Walgreens 220,171 0.8% 2,710,122 0.90% 17 2
Hallmark 172,874 0.7% 2,622,697 0.87% 50 8
Kohl's Department Store 178,213 0.7% 2,372,488 0.79% 2 0
H.E.B. Grocery 268,530 1.0% 2,224,162 0.74% 4 1
Long's Drugs 189,871 0.7% 2,072,721 0.69% 14 3
Washington Mutual Bank 78,984 0.3% 1,974,005 0.65% 28 6
Harris Teeter 183,892 0.7% 1,941,870 0.64% 4 0
Eckerd (JC Penney) 181,202 0.7% 1,927,440 0.64% 19 1
Starbucks 70,459 0.3% 1,874,267 0.62% 53 10
Petco 109,965 0.4% 1,808,952 0.60% 10 2
The UPS Store 91,478 0.4% 1,707,782 0.57% 76 16
Barnes & Noble 92,764 0.4% 1,675,986 0.55% 7 3
Target 240,086 0.9% 1,589,996 0.53% 2 0
Subway 72,070 0.3% 1,588,643 0.53% 69 14
# of Stores
GLA owned & occupied by the anchor not included above: # of Stores w/ Leased
- ------------------------------------------------------ ----------- ---------
Albertsons 439,518 7 25
Safeway 549,016 10 46
Kroger 67,106 1 61
Target 697,459 7 9
Wal-Mart 42,000 1 5
-------------------
1,795,099
===================
*GLA and Base rent amounts reflect Regency's pro-rata share. In the past, these
amounts included 100% of joint venture properties.
29
TENANT LEASE EXPIRATIONS
The following table sets forth, for all leases in place as of June 30, 2003 a
schedule of the lease expirations of operating properties for the next ten
years, assuming that no tenants exercise renewal options:
In-Place Percent of
Percent of Minimum Rent Total
Lease Expiration Total Company Under Expiring Minimum
Year Expiring GLA SF Leases Rent (2)
==========================================================================================================
(1) 303,671 1.2% 4,397,408 1.3%
2003 781,054 3.0% 12,713,113 3.8%
2004 2,149,811 8.2% 33,812,770 10.2%
2005 2,379,471 9.1% 36,330,079 10.9%
2006 2,733,806 10.4% 39,508,969 11.9%
2007 3,016,450 11.5% 43,357,408 13.0%
2008 2,200,144 8.4% 24,882,147 7.5%
2009 801,455 3.1% 9,742,700 2.9%
2010 920,021 3.5% 11,281,049 3.4%
2011 1,106,115 4.2% 13,867,612 4.2%
2012 1,264,419 4.8% 17,479,522 5.3%
==================================================================================
10 Year Total 17,656,417 67.2% 247,372,777 74.4%
Thereafter 8,620,137 32.8% 85,239,233 25.6%
----------------------------------------------------------------------------------
26,276,554 100.0% 332,612,010 100.0%
- --------------------------------------------------------------------------------
(1) Leases currently under month to month lease or in process of renewal
Total rent includes minimum rent for all properties, but excludes additional
rent such as percentage rent, common area maintenance, real estate taxes, and
insurance reimbursements.
30
EARNINGS and VALUATION GUIDANCE
June 30, 2003
($000s except per share numbers) Annual Quarterly
------------------------------------------ --------------------------------------
2001A 2002A 2003E 1Q03A 2Q03A 3Q03E 4Q03E
-------------------------------------------------------------------------------------
FFO / Share (for actuals please see
related press release) $3.02 - $3.08 $0.79 -
$0.84
Operating Portfolio
Occupancy 94.9% 94.8% 95.0% 94.9% 95.3%
Same store growth 3.2% 3.0% 2.25% - 2.75% 1.6% 3.2%
Rental growth 10.5% 10.8% 6% - 8% 9.7% 9.0%
Recovery rate 78.0% 79.0% 78% -82% 80.7% 77.6%
Percentage rent $5,834 $5,443 $5,200 - $5,800 $310 $453
Investment Activity
Acquisitions - 100% REG owned $103,226 $106,704 $35,194 $15,494 $19,700
Acquisition cap rate 9.1% 8.5% 8.8% 8.7% 8.9%
JV Acquisitions (gross $) $185,210 $246,773 $300,000 $0 $75,327
JV Acquisition cap rate 9.3% 9.0% 8% - 8.5% 8.6%
REG % Ownership 21% 23% 23% 24%
Dispositions - op. properties $38,363 $258,023 $175,000 - $200,000 $15,565 $18,000
Dispositions cap rate 9.6% 9.5% 9% - 9.5% 8.8% 8.9%
Development starts $155,700 $335,505 $300,000 $12,400 $19,000
Development stabilizations - net
development costs $177,979 $287,049 $170,000 - $180,000 $72,810 $11,900
NOI yield on net dev. Costs 10.4% 10.4% 10% - 10.5% 10.4% 9.4%
Development stabilizations - total
costs after out parcel allocation $192,486 $310,206 $185,000 - $200,000 $83,225 $12,400
NOI yield on total costs after
out parcel allocation 9.6% 9.6% 9.3% - 9.8% 9.1% 9.0%
Out parcel sales gains $16,909 $6,202 $10,000 - $15,000 $2,483 $779
Third party fees and commissions $3,437 $4,617 $6,000 $1,561 $1,884
Financing Assumptions
Projected development funding (in
process properties only)
Debt / total assets before depreciation 42% 40.3% <43% 43.1% 44.8%
Unsecured/secured debt offerings $220,000 $250,000
-- interest rate 8.0% 6.75%
Capitalized interest/gross interest 22.4% 13.8% 11.6% 16.2%
Capitalized interest $21,195 $13,754 $2,785 $3,408
Net Asset Valuation Guidance 2Q03
Expansion land and out parcels available 45.52
-- estimated market value $23,179
NOI from CIP properties $1,338
Straight-line rent receivable $20,686
In addition to historical information, the information in this Supplemental
Information Package contains forward-looking statements under the federal
securities law. These statements are based on current expectations, estimates
and projections about the industry and the markets in which Regency operates,
management's beliefs and assumptions. Forward-looking statements are not
guarantees of future performance and involve certain known and unknown risks and
uncertainties that could cause actual results to differ materially from those
expressed or implied by such statements. Such risks and uncertainties include,
but are not limited to, changes in national and local economic conditions,
financial difficulties of tenants, competitive market conditions including
pricing of acquisitions and sales of properties and out parcels, changes in
expected leasing activity and market rents, timing of acquisitions, development
starts and sales of properties and out parcels, weather, obtaining government
approvals and meeting development schedules.
During the quarter, Regency's corporate representatives may reiterate these
forward-looking statements during private meetings with investors, investment
analysts, the media and others. At the same time, Regency will keep this
information publicly available on its web site www.RegencyCenters.com. The
public can continue to rely on this information as still being Regency's current
expectations, unless Regency publishes a notice stating otherwise.
31
RECONCILIATION OF FFO GUIDANCE TO NET INCOME
All numbers are per share except weighted average shares
Three Months Ended Full Year 2003
------------------ --------------
September 30, 2003
Funds From Operations Guidance:
Net income for common stockholders $0.51 $0.56 $1.85 $1.91
Add (Less):
Depreciation expense and Amortization $0.27 $0.27 $1.12 $1.12
Loss (gain) on sale of operating properties ($0.03) ($0.03) ($0.05) ($0.05)
Preferred stock dividends $0.02 $0.02 $0.05 $0.05
Minority interest of exchangeable partnership units $0.02 $0.02 $0.05 $0.05
--------------------------- ---------------------------
Funds from Operations $0.79 $0.84 $3.02 $3.08
=========================== ===========================
Weighted Average Shares (000's) 59,529 61,266
Regency reports Funds From Operations (FFO) as a supplemental earnings measure.
The Company considers FFO to be an accurate benchmark to its peer group and the
most meaningful performance measurement for the Company because it excludes
various items in net income that do not relate to or are not indicative of the
operating performance of the ownership, management and development of real
estate. FFO is defined by the National Association of Real Estate Investment
Trusts generally as net earnings (computed in accordance with GAAP), excluding
real estate depreciation and amortization, gains and losses from sales of
properties (except those gains and losses sold by the Company's taxable REIT
subsidiary), after adjustment from unconsolidated partnerships and joint
ventures and excluding items classified by GAAP as extraordinary or unusual,
along with significant non-recurring events. Regency also adjusts for the
payment of convertible preferred stock dividends.
32