[Graphic omitted]
Regency Centers
September 30, 2003
Supplemental Information
Investor Relations
Diane Ortolano
121 W. Forsyth St., Suite 200
Jacksonville, FL 32202
904.598.7727
[Graphic omitted]
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 September 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 third quarter of 2003, Regency had 34 properties under
development for an estimated total investment at completion of $451 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 shopping centers with market-dominant anchors and
attractive demographics attracts 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 18 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
September 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........................................................13-14
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.........................................20-27
Significant Tenant Rents......................................................28
10 Year Lease Expiration Table................................................29
FORWARD-LOOKING INFORMATION:
- ---------------------------
Earnings and Valuation Guidance...............................................30
FFO per Share Guidance Reconciliation.........................................31
QUARTER HIGHLIGHTS
Operating Results
For the third quarter of 2003, same property NOI growth was 2.6%. Operating
properties were 95.3% leased, with a renewal percentage of 74%. During the
quarter 1.1 million square feet of GLA was renewed or newly leased through 352
leasing transactions. Rent growth remained strong at 11% for the quarter.
Financial Results
Net income for the quarter was $29.8 million, or $0.51 per diluted share. Funds
From Operations were $46.2 million, or $0.78 per diluted share.
Development Activity
Regency began development of six new centers in the third quarter:
o Bear Creek in Riverside, California
o John's Creek in Jacksonville, Florida
o Phase II of Centerplace of Greeley in Greeley, Colorado
o Shoppes of Ft. Wright in Ft. Wright, Kentucky (Cincinnati)
o Independence Square in Independence, Michigan (Detroit)
o Phase II of Padden Parkway in Vancouver, Washington.
For more information, please see page 13.
Disposition Activity
Regency sold three non-strategic properties in the third quarter: Terrace Walk
in Tampa, Florida, West Hills Plaza in Portland, Oregon, Center of Seven Springs
in New Port Ritchie, Florida, and three previously stabilized developments: El
Cerrito Plaza in Oakland, California, Amerige Heights in Orange County,
California and Milford in Cincinnati, Ohio. The three developments were sold
into the Macquarie-CountryWide joint venture. For more information on the
dispositions, please see page 12.
1
SUMMARY FINANCIAL INFORMATION
September 30, 2003
Financial Results
Three Months Ended Year to Date
------------------ ------------
2003 2002 2003 2002
Actual Actual Actual Actual
Net Income for common stockholders $29,768,737 $26,690,442 $73,325,205 $73,440,065
----------------------------------
Basic EPS $0.52 $0.46 $1.24 $1.26
Diluted EPS $0.51 $0.46 $1.23 $1.26
Diluted EPS per share growth rate 10.9% -2.4%
Funds from Operations for common stockholders $46,220,389 $44,879,464 $125,935,697 $124,734,851
---------------------------------------------
FFO per share - Basic $0.79 $0.74 $2.09 $2.08
FFO per share - Diluted $0.78 $0.73 $2.06 $2.04
Diluted FFO per share growth rate 6.8% 1.0%
Dividends paid per share and unit $0.520 $0.510 $1.560 $1.530
---------------------------------
Payout ratio of Diluted FFO per share 66.7% 69.9% 75.7% 75.0%
Interest Coverage Ratios
------------------------
Interest only 3.1 3.1 3.0 3.1
Capitalized interest $3,585,951 $3,149,732 $9,778,187 $11,020,043
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 $36.85 $4.45 $32.40 $27.75
High $36.95 $32.40 $27.75
Low $34.09 $25.22 $20.75
================= ===================================
YTD Shareholder Return 18.5%
Common shares and Equivalents Outstanding 61,042,272 (469,622) 61,511,894 60,644,594
Market equity value of Common and Convertible shares $2,249,408 $256,422 $1,992,985 $1,682,887
Non-Convertible Preferred Units and shares $304,000 ($80,000) $384,000 $384,000
Outstanding debt (000's) $1,477,818 $144,294 $1,333,524 $1,396,721
----------------------------------- -----------------------------------
Total market capitalization (000's) $4,031,226 $320,717 $3,710,509 $3,463,608
Debt to Total Market Capitalization 36.7% 35.9% 40.3%
================= ===================================
Total real estate investments at cost (000's) $3,159,289 $63,306 $3,095,983 $3,156,831
Debt to Total Assets, at Cost before Depreciation 43.7% 40.2% 42.2%
================= ===================================
Outstanding Classes of Stock and Partnership Units:
Common Shares Outstanding 59,610,435 - 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 61,042,272 - 61,511,894 60,644,594
================= ===================================
2
CONSOLIDATED BALANCE SHEET
For the Periods Ended September 30, 2003 and December 31, 2002 and 2001
Assets 2003 2002 2001
----- ---- ---- ----
Real Estate Investments:
Operating properties $ 2,680,357,979 2,688,756,594 2,515,042,827
Properties in development 345,614,496 276,085,435 408,437,476
------------------ -----------------------------------
3,025,972,475 2,964,842,029 2,923,480,303
Operating properties held for sale 0 5,658,905 158,121,462
Less: accumulated depreciation 284,678,878 244,595,928 202,325,324
------------------ -----------------------------------
2,741,293,597 2,725,905,006 2,879,276,441
Investments in real estate partnerships 133,316,456 125,482,151 75,229,636
------------------ -----------------------------------
Net real estate investments 2,874,610,053 2,851,387,157 2,954,506,077
Cash and cash equivalents 45,888,449 56,447,329 27,853,264
Notes receivable 77,586,149 56,630,876 32,504,941
Tenant receivables, net of allowances for uncollectible accounts 42,391,111 47,983,160 47,723,145
Deferred costs, less accumulated amortization 34,299,656 37,367,196 34,399,242
Other assets 20,861,456 19,112,148 12,327,567
------------------ -----------------------------------
$ 3,095,636,874 3,068,927,866 3,109,314,236
================== ===================================
Liabilities and Stockholders' Equity
------------------------------------
Notes payable $ 1,281,818,308 1,253,524,045 1,022,720,748
Unsecured line of credit 196,000,000 80,000,000 374,000,000
------------------ -----------------------------------
Total Notes Payable 1,477,818,308 1,333,524,045 1,396,720,748
------------------ -----------------------------------
Tenant security and escrow deposits 9,413,884 8,847,603 8,656,456
Accounts payable and other liabilities 91,959,394 83,977,263 73,434,322
------------------ -----------------------------------
Total liabilities 1,579,191,586 1,426,348,911 1,478,811,526
------------------ -----------------------------------
Preferred units 223,525,891 375,403,652 375,403,652
Exchangeable operating partnership units 28,207,552 30,629,974 32,108,191
Limited partners' interest in consolidated partnerships 15,388,919 14,825,256 3,940,011
------------------ -----------------------------------
Total minority interests 267,122,362 420,858,882 411,451,854
------------------ -----------------------------------
Stockholders' Equity
--------------------
Preferred stock 75,000,000 10,505,591 34,696,112
Common stock, $.01 par 646,443 634,804 609,955
Additional paid in capital, net of Treasury stock 1,273,689,152 1,290,109,653 1,260,233,020
Distributions in excess of net income (100,012,669) (79,529,975) (68,226,276)
Stock loans 0 0 (8,261,955)
------------------ -----------------------------------
Total Stockholders' Equity 1,249,322,926 1,221,720,073 1,219,050,856
------------------ -----------------------------------
$ 3,095,636,874 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 (REG 100% owned only) 79.5% 81.9%
Unsecured NOI to Total NOI (REG 100% owned only) 80.0% 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 September 30, 2003 and 2002
Three Months Ended Year to Date
2003 2002 2003 2002
Actual Actual Actual Actual
Real Estate Revenues:
Minimum rent $70,463,110 $73,374,843 $211,421,796 $217,538,803
Percentage rent $737,231 $533,123 1,500,145 1,527,140
Recoveries from tenants $20,162,473 $19,937,746 57,529,206 57,764,208
Other tenant income 1,115,246 1,593,058 4,163,401 4,970,638
----------------------------------- -----------------------------------
92,478,060 95,438,770 274,614,548 281,800,789
----------------------------------- -----------------------------------
Real Estate Operating Expenses:
Operating and maintenance 13,369,167 13,715,744 40,412,647 39,693,516
Real estate taxes 10,240,886 10,538,203 30,420,104 31,660,489
----------------------------------- -----------------------------------
23,610,053 24,253,947 70,832,751 71,354,005
----------------------------------- -----------------------------------
Net Operating Income 68,868,007 71,184,823 203,781,797 210,446,784
----------------------------------- -----------------------------------
Service Operations Revenue:
Development profits 10,307,517 6,040,995 16,336,974 7,537,905
Fees and commissions 1,561,441 1,388,688 5,006,385 3,173,122
Gains on sales of outparcels 1,152,866 1,317,870 4,415,224 3,058,153
Provision for income tax (expense) 0 0 0 0
----------------------------------- -----------------------------------
13,021,824 8,747,553 25,758,583 13,769,180
----------------------------------- -----------------------------------
Other Operating Expense (Income):
General and administrative excluding
franchise taxes 6,294,558 6,075,285 16,438,446 15,584,805
Franchise taxes (8,475) 22,302 148,411 (276,064)
Depreciation and amortization 19,124,642 18,744,938 56,887,493 54,158,412
Net interest expense 21,330,417 21,429,118 63,101,119 59,876,066
Loss (gain) on sale of operating properties (2,546,315) (1,829,596) (6,079,583) (6,569,241)
Provision for loss on operating properties 0 160,000 1,968,520 2,524,480
----------------------------------- -----------------------------------
44,194,827 44,602,047 132,464,406 125,298,458
----------------------------------- -----------------------------------
Minority interests (income)
Equity in income of unconsolidated partnerships (1,589,891) (1,302,059) (5,909,959) (4,187,270)
Preferred unit distributions 7,256,251 8,368,752 24,744,880 25,106,257
Exchangeable operating partnership units 750,019 689,392 1,841,957 1,922,411
Limited partners' interest in consolidated
partnerships 113,013 125,174 317,136 360,159
----------------------------------- -----------------------------------
Net income 31,165,612 27,449,070 76,081,960 75,715,949
Preferred stock dividends 1,396,875 758,628 2,756,755 2,275,884
----------------------------------- -----------------------------------
Net income for common stockholders $29,768,737 $26,690,442 $73,325,205 $73,440,065
=================================== ===================================
4
RECONCILIATION OF FFO TO NET INCOME
For the Periods Ended September 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 $29,768,737 $26,690,442 $73,325,205 $73,440,065
Add (Less):
Depreciation expense - real property $16,555,446 $17,105,232 51,815,671 49,706,979
Amortization of leasing commissions $1,692,502 $1,465,365 5,032,447 3,958,752
(Gain) loss on sale of operating properties ($2,546,315) ($1,829,595) (6,079,583) (6,569,240)
Convertible preferred stock dividends $0 $758,628 0 2,275,884
Minority interest of exchangeable
partnership units $750,019 $689,392 1,841,957 1,922,411
----------------------------------- -----------------------------------
Funds from Operations (a) $46,220,389 $44,879,464 $125,935,697 $124,734,851
=================================== ===================================
Additional Disclosure:
--------------------------------------------------
Straight-lining of rents adjustment 824,782 1,005,000 2,867,305 3,640,272
Provision for loss on sale of operating properties 0 160,000 1,968,520 2,524,480
Preferred stock and unit issuance costs 1,200,000 0 3,122,239 0
Capital Expenditures (non-revenue enhancing only)
--------------------------------------------------
Leasing commissions - Non-revenue enhancing $1,830,423 $1,725,841 $5,362,332 $4,775,082
Tenant improvements - Non-revenue enhancing $2,039,980 $1,416,298 $5,370,461 $5,398,175
Building improvements - Non-revenue enhancing $2,482,841 $1,886,299 $5,154,723 $3,636,235
Capital Expenditures (including rev-enhancing)
--------------------------------------------------
Leasing commissions $1,904,333 $2,481,838 $7,308,922 $8,224,925
Tenant improvements $2,305,003 $1,869,190 $5,976,871 $7,989,396
Building improvements $2,567,574 $2,089,513 $5,397,291 $4,024,812
(a) 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 September 30, 2003 and 2002
Three Months Ended Year to Date
------------------ ------------
2003 2002 2003 2002
Actual Actual Actual Actual
------ ------ ------ ------
Revenues:
Minimum rent $69,903,822 $68,695,823 $209,338,256 $198,629,445
Percentage rent 737,231 533,119 1,504,869 1,464,154
Recoveries from tenants 21,054,968 20,234,787 61,228,673 57,476,965
Service operations revenue (third party income) 13,357,686 8,301,507 26,606,097 12,436,245
Equity in income of investments in
real estate partnerships 1,589,891 1,302,058 5,909,959 4,187,268
----------------------------------- -----------------------------------
Total revenues 106,643,598 99,067,294 304,587,854 274,194,077
----------------------------------- -----------------------------------
Expenses:
Depreciation and amortization 18,997,852 17,722,077 56,200,672 50,209,070
Operating and maintenance 13,233,389 12,752,053 39,829,768 36,037,364
General and administrative 6,294,558 6,075,285 16,438,446 15,584,805
Real estate taxes 10,184,943 9,779,978 30,190,318 28,761,472
Net interest expense 21,320,301 21,381,435 62,890,764 62,411,095
(Gain) loss on sale of operating properties 0 56,754 0 (1,437,471)
Provision for loss on real estate 0 160,000 1,968,520 2,524,480
Other operating expenses (income) 310,847 267,328 1,572,171 (1,704,970)
----------------------------------- -----------------------------------
Total expenses 70,341,890 68,194,910 209,090,659 192,385,845
----------------------------------- -----------------------------------
Income before minority interests 36,301,708 30,872,384 95,497,195 81,808,232
Minority interest preferred unit distributions (7,256,251) (8,368,752) (24,744,881) (25,106,256)
Minority interest of exchangeable partnership units (678,720) (548,272) (1,662,975) (1,400,646)
Minority interest of limited partners (113,013) (125,174) (317,136) (360,158)
----------------------------------- -----------------------------------
Income from continuing operations 28,253,724 21,830,186 68,772,203 54,941,172
----------------------------------- -----------------------------------
Discontinued Operations:
Income from discontinued operations 442,575 3,104,608 813,002 13,537,227
Gain from sale of operating or development
properties 2,469,313 2,514,275 6,496,755 7,237,550
----------------------------------- -----------------------------------
Income from discontinued operations 2,911,888 5,618,883 7,309,757 20,774,777
----------------------------------- -----------------------------------
Net Income 31,165,612 27,449,069 76,081,960 75,715,949
----------------------------------- -----------------------------------
Preferred stock dividends (1,396,875) (758,628) (2,756,755) (2,275,884)
----------------------------------- -----------------------------------
Net income for common stockholders $29,768,737 $26,690,441 $73,325,205 $73,440,065
=================================== ===================================
6
CALCULATION OF EARNINGS AND FFO PER SHARE
For the Periods Ended September 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 $29,768,737 $26,690,442 $73,325,205 $73,440,065
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 750,019 689,392 1,841,957 1,922,411
----------------------------------- -----------------------------------
Net Income for Diluted EPS $30,518,756 $27,379,834 $75,167,162 $75,362,476
=================================== ===================================
Net Income from discontinued operations for
Basic EPS 2,911,888 5,618,883 7,309,757 20,774,777
Minority Interests of exchangeable O.P. units 71,299 141,120 178,982 521,765
----------------------------------- -----------------------------------
Net Income from discontinued operations for
Diluted EPS $2,983,187 $5,760,003 $7,488,739 $21,296,542
=================================== ===================================
Earnings Per Share:
Basic NI for CS before Disc. Ops. $0.47 $0.36 $1.12 $0.90
Diluted NI for CS before Disc. Ops. $0.46 $0.36 $1.11 $0.90
Basic Discontinued Operations $0.05 $0.10 $0.12 $0.36
Diluted Discontinued Operations $0.05 $0.10 $0.12 $0.36
Basic NI for common stockholders $0.52 $0.46 $1.24 $1.26
Diluted NI for common stockholders $0.51 $0.46 $1.23 $1.26
Funds From Operations Per Share
-------------------------------
Funds from Operations for Basic FFO per share $45,470,370 $43,431,444 $124,093,740 $120,536,556
=================================== ===================================
Increases to Diluted FFO as a result of
Dilutive CSE's
Convertible Preferred stock dividends 0 758,628 0 2,275,884
Minority interests of exchangeable
partnership units 750,019 689,392 1,841,957 1,922,411
----------------------------------- -----------------------------------
Funds from Operations for Diluted FFO per share $46,220,389 $44,879,464 $125,935,697 $124,734,851
=================================== ===================================
FFO Per Share:
Basic $0.79 $0.74 $2.09 $2.08
Diluted $0.78 $0.73 $2.06 $2.04
Weighted Average Shares Outstanding
-----------------------------------
Weighted Average Shares for Basic
Net Income and FFO Per Share 57,647,460 58,344,419 59,302,310 58,083,952
=================================== ===================================
Dilutive Common Stock Equivalents for EPS:
O.P. Unit equivalents after conversion to
common 1,431,837 1,512,847 1,463,767 1,523,750
Compensation based stock options
(Treasury Method) 362,562 312,766 395,335 171,770
----------------------------------- -----------------------------------
Weighted Average Shares for Diluted EPS 59,441,859 60,170,032 61,161,412 59,779,472
=================================== ===================================
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 59,441,859 61,657,539 61,161,412 61,266,979
=================================== ===================================
7
SUMMARY OF OUTSTANDING DEBT
Total Debt Outstanding 09/30/03 12/31/02
---------------------- -------- --------
Mortgage Loans Payable:
Fixed rate secured loans $ 233,379,143 229,551,448
Variable rate secured loans 49,335,575 24,998,148
Unsecured debt offering fixed rate 999,103,590 998,974,449
Unsecured line of credit variable rate 196,000,000 80,000,000
---------------- ---------------
Total $ 1,477,818,308 1,333,524,045
================ ===============
Scheduled Unsecured Term
Schedule of Maturities by Year: Amortization Line of Credit Maturities Total
------------------------------- ------------ -------------- ----------- -----
2003 $ 1,292,933 - 20,670,574 21,963,507
2004 5,344,129 196,000,000 222,603,820 423,947,949
2005 4,155,958 - 172,731,956 176,887,914
2006 3,476,268 - 24,093,312 27,569,580
2007 2,890,827 - 25,696,446 28,587,273
2008 2,696,989 - 19,619,878 22,316,867
2009 2,656,795 - 53,089,877 55,746,672
2010 2,451,847 - 177,124,567 179,576,414
2011 2,406,531 - 250,987,596 253,394,127
2012 2,475,399 - 255,402,274 257,877,673
>10 years 12,036,963 - 12,068,241 24,105,203
Net unamortized debt premiums - - 5,845,130 5,845,130
--------------- --------------- ---------------- ---------------
$ 41,884,639 196,000,000 1,239,933,669 1,477,818,308
=============== =============== ================ ===============
Percentage of Total Debt: 09/30/03 12/31/02
------------------------- -------- --------
Fixed 83.40% 92.13%
Variable 16.60% 7.87%
Current Average Interest Rate:
------------------------------
Fixed 7.50% 7.51%
Variable 2.06% 2.60%
Effective Interest Rate * 6.60% 6.93%
* rate as of period end and excluding the impact of amortization of deferred loan costs and debt premiums
8
SUMMARY OF OUTSTANDING DEBT
Consolidated debt by maturity date
Lender Secured Property Rate Maturity 09/30/03 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 11,278,094 11,497,054
Debt Offering Unsecured 7.400% 04/01/04 199,983,100 199,959,700
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 5,745,086 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 15,238,695 15,510,135
IDS Certificate Co. St. Ann Square 9.500% 07/01/05 4,377,992 4,488,979
Debt Offering Unsecured 7.125% 07/15/05 99,939,502 99,913,573
Teachers Ins & Annuity of America Westchester Plaza 8.010% 09/05/05 5,242,381 5,348,002
Teachers Ins & Annuity of America East Pointe Crossing 8.010% 09/05/05 4,477,119 4,566,501
Allstate Insurance Company of America Memorial Bend 7.920% 10/01/05 6,970,128 7,221,233
DLJ Commercial Mortgage Northlake Village 8.780% 11/01/05 6,552,449 6,648,152
Woodmen of the World Life Ins. SocietyMarket at Round Rock 8.625% 09/01/05 6,737,996 6,865,056
Allstate Life Insurance Company Highlands Square 8.450% 02/01/06 3,344,464 3,455,408
Principal Mutual Life Insurance Co. Briarcliff Village 7.040% 02/01/06 12,365,200 12,531,048
Teachers Ins & Annuity of America Statler Square 8.110% 05/01/06 5,029,926 5,111,624
Teachers Ins & Annuity of America Northgate Plaza/Maxtown 7.050% 08/01/06 4,889,954 4,989,474
Teachers Ins & Annuity of America Kernersville Plaza 8.730% 04/01/07 4,814,647 4,890,002
Teachers Ins & Annuity of America Maynard Crossing 8.735% 04/01/07 10,805,664 10,974,680
Principal Mutual Life Ins. Lakeshore 7.240% 12/10/07 3,394,335 3,455,153
Principal Mutual Life Ins. Shoppes at Mason 7.240% 12/10/07 3,572,984 3,637,003
Principal Mutual Life Ins. Lake Pine Plaza 7.240% 12/10/07 5,448,801 5,546,430
Northwestern Mutual Life Insurance Co.Sterling Ridge 6.640% 07/01/08 10,742,481 10,839,265
Allstate Insurance Company of America Alden Bridge 6.750% 08/01/08 10,313,068 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 - 5,031,871
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 4,079,077 4,186,394
Northwestern Mutual Life Insurance Co.Panther Creek 7.830% 04/01/10 10,435,386 10,489,641
Debt Offering Unsecured 8.450% 08/29/10 149,812,231 149,791,864
Principal Mutual Life Insurance Co. Cumming 400 7.970% 12/15/10 6,029,323 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 2,740,601 2,773,243
Debt Offering Unsecured 7.950% 01/22/11 219,781,250 219,759,308
Wachovia Bank Market at Opitz Crossing 7.300% 03/01/11 12,515,152 -
Debt Offering Unsecured 7.250% 12/12/11 19,896,882 19,887,504
Debt Offering Unsecured 6.750% 01/15/12 249,690,625 249,662,500
Prudential Mortgage Capital Co. Tall Oaks Village Center 7.600% 05/01/12 6,330,560 6,373,672
Allstate Life Insurance Company North Hills Town Center 7.370% 01/01/14 7,468,983 7,740,499
United of Omaha Life Insurance Co. Fleming Island 7.400% 03/05/15 2,878,285 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 5,124,636 5,299,635
Jefferson Pilot Peartree Village 8.400% 06/01/17 11,856,697 12,027,522
Aid Association of Lutherans Murrayhill Marketplace 8.050% 05/01/19 7,440,457 7,613,250
JP Morgan Chase Bank Cherry Street 5.650% 09/01/23 5,688,038 -
Net unamortized premiums on assumed debt of acquired properties 5,845,130 6,178,818
----------------------------
Total Fixed Rate Debt 1,232,482,733 1,228,525,897
----------------------------
Variable Rate Loans:
-------------------
First Star Bank Hampstead Village LIBOR + 1.35% 10/31/04 8,460,813 9,088,701
Suntrust Delk Sprectrum LIBOR + 1.30% 12/01/03 9,392,480 9,563,345
AmSouth Trace Crossing LIBOR + 1.50% 11/05/04 6,482,282 6,346,102
Wells Fargo Bank Various properties LIBOR + 1.25% 07/17/05 25,000,000 -
Wells Fargo Bank $600 Million Line
of Credit LIBOR + 0.85% 04/30/04 196,000,000 80,000,000
---------------------------
Total Variable Rate Debt 245,335,575 104,998,148
---------------------------
Total $1,477,818,308 1,333,524,045
============================
9
2003 SHOPPING CENTER ACQUISITIONS
Regency's 100% Owned Only
Regency
Date Property City/State GLA Cost Yield Anchor Tenant
---- -------- ---------- --- ---- ----- -------------
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
---- ------------- ------------- ---------- --- ---- ----- -------------
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
Sep-03 El Cerrito Plaza MCW San Francisco, CA 255,952 $69,262,560 7.60% Albertson's
Sep-03 Amerige Heights Town Center MCW Los Angeles, CA 96,679 $27,438,000 7.60% Albertson's
Sep-03 Regency Milford Center MCW Cincinnati, OH 108,903 $6,623,166 7.60% Kroger
----------------------------------------
Total JV Acquisitions 1,084,388 $178,651,060 8.03%
========================================
11
2003 SHOPPING CENTER SALES
Non-Development
Regency
Sales
Date Property Name City/State GLA Proceeds Yield Anchor Tenant
---- ------------- ---------- --- -------- ----- -------------
Jan-03 Tequesta Shoppes West Palm Beach, FL 109,937 $7,500,000 7.43% Publix
Feb-03 Oakley Plaza * Asheville, NC 118,728 $1,880,000 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
Jul-03 West Hills Portland, OR 53,579 $8,496,000 7.95% QFC
Aug-03 Center at Seven Springs New Port Ritchie, FL 162,580 $5,100,000 11.50% Winn Dixie
Aug-03 Terrace Walk Tampa, FL 50,936 $5,075,000 9.28% Northside Medical
------------ ----------------------
Total Dispositions 685,454 $47,716,000 8.88%
============ ======================
* 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
---- ------------- ---------- --- -------- ----- -------------
Mar-03 Sedgefield Village Greensboro, NC 56,630 $4,520,000 7.48% Food Lion
May-03 Carefree Marketplace Phoenix, AZ 24,697 $7,425,000 9.01% Fry's
Jun-03 Hillsboro Market Center* Portland, OR 150,356 $14,338,788 8.40% Albertson's
Jun-03 Killian Hill* Atlanta, GA 113,216 $10,129,955 8.40% Publix
Jun-03 Lynn Haven Shopping Center* Panama City, FL 63,871 $5,934,473 8.40% Publix
Jun-03 Rosewood Shopping Center* Columbia, SC 36,887 $4,498,400 8.40% Publix
Jun-03 Southgate Village* Birmingham, AL 75,092 $6,593,885 8.40% Publix
Sep-03 El Cerrito Plaza* San Francisco, CA 255,952 $51,946,920 7.60% Albertson's
Sep-03 Amerige Heights Town Center* Los Angeles, CA 96,679 $20,578,500 7.60% Albertson's
Sep-03 Regency Milford Center* Cincinnati, OH 108,903 $4,967,375 7.60% Kroger
-------------------------------------------
Total Development Sales 982,283 $130,933,295 7.92%
===========================================
* 75% interest sold to Macquarie-CountryWide joint venture
13
IN-PROCESS DEVELOPMENTS
September 30, 2003
Est. Net
Anchor Development Est. Gross
Project Name City State Anchor Tenant Opens Costs Costs
-------------------------------------------------------------------------------------------------------------------
Phenix Crossing Phenix City AL Publix 07/28/04 6,808,983 8,768,968
Trace Crossing Hoover AL Publix 10/09/02 8,660,137 10,880,344
230th & Hawthorne (Strouds) Torrance CA Pier 1 01/01/04 4,126,711 4,126,711
Bear Creek Wildomar CA Stater Bros. 08/01/04 14,912,085 16,387,362
Gilroy Gilroy CA Kohl's, Target 05/01/04 45,175,928 65,455,526
Valencia Crossroads Valencia CA Kohl's 03/07/03 36,395,361 36,730,966
Rosecrans & Inglewood Hawthorne CA CVS 02/01/04 4,683,399 4,683,399
Slatten Ranch Antioch CA BBB, Barnes & Noble 12/01/03 39,239,931 52,899,351
Vista Village Phase I Vista CA Krikorian Theatres 01/01/04 22,977,676 23,393,596
Vista Village Phase II Vista CA Staples 01/01/04 12,244,679 12,670,979
Westridge Center Phase I & II Valencia CA Albertsons 09/01/03 20,952,915 21,496,097
Centerplace of Greeley Greeley CO Safeway 09/01/03 18,878,904 27,484,764
Centerplace of Greeley II Greeley CO Kohl's 04/01/04 8,757,430 10,343,881
Hilltop Center Thorton CO King Soopers 10/01/03 7,112,325 13,108,725
New Windsor Windsor CO King Soopers 11/01/03 5,483,744 12,159,417
John's Creek Jacksonville FL Publix 01/21/05 9,131,819 11,756,419
Vineyard Shopping Center Tallahassee FL Publix 11/14/02 6,235,952 9,160,276
Shoppes of Ft. Wright Fort Wright KY Wal-Mart Supercenter 12/31/04 1,024,610 16,027,051
Independence Square Independence MI Kroger 07/01/04 10,894,978 14,400,451
McMinnville Market Center McMinnville OR Albertson's 07/01/04 6,974,848 7,497,838
Murray Landing Irmo SC Publix 10/08/03 7,264,235 10,245,025
Pelham Commons Greenville SC Publix 06/25/03 8,983,284 9,894,360
Atascocita Center Atascocita TX Kroger 11/01/03 9,196,114 14,061,904
Kleinwood Center Spring TX HEB 10/01/03 22,844,448 26,826,191
Legacy Center Frisco TX Albertson's 06/01/03 9,385,039 16,147,440
Main Street Center Frisco TX Albertson's 10/01/03 4,156,984 8,884,561
Rockwall Rockwall TX Tom Thumb 07/01/04 9,948,556 14,158,817
Somerset Gainesville VA Shoppers Food Warehouse11/01/03 17,941,770 18,892,193
Padden Parkway Vancouver WA Albertson's 05/01/03 12,771,417 13,721,217
-------------------------------------------------------------------------------------------------------------------
Total Consolidated 393,164,262 512,263,829
===================================================================================================================
Valleydale Village
Shopping Center Hoover AL Publix 06/25/03 12,621,795 14,835,955
Hermosa-PCH & 2nd Hermosa CA Sav-On 05/01/04 5,472,264 5,472,264
East Towne Center Clermont FL Publix 10/15/03 8,852,779 10,513,173
Regency Village (Tinwood)
Ph I & II Orlando FL Publix 06/27/02 12,944,092 23,357,539
Indian Springs The Woodlands TX HEB 05/01/04 17,961,422 24,052,226
-------------------------------------------------------------------------------------------------------------------
Total Unconsolidated 57,852,352 78,231,157
===================================================================================================================
-------------------------------------------------------------------------------------------------------------------
Total In-Process Developments 451,016,614 590,494,986
===================================================================================================================
Est. NOI
Est. Gross Yield on Company
Costs to Net Dev. Company Owned % Gross %
Project Name Complete (1) Costs (2) GLA Leased GLA Leased
---------------------------------------------------------------------------------------------------
Phenix Crossing 5,826,179 10.17% 56,563 69% 56,563 69%
Trace Crossing 101,301 9.62% 74,130 89% 74,130 89%
230th & Hawthorne (Strouds) 216,217 8.73% 13,435 100% 13,435 100%
Bear Creek 12,718,022 10.25% 81,219 100% 81,219 100%
Gilroy 31,726,336 11.04% 330,484 75% 475,450 83%
Valencia Crossroads 7,944,285 10.28% 180,517 100% 180,517 100%
Rosecrans & Inglewood 539,927 10.00% 12,000 100% 12,000 100%
Slatten Ranch 18,244,672 11.26% 207,197 91% 441,622 96%
Vista Village Phase I 11,222,673 11.42% 130,262 71% 130,262 71%
Vista Village Phase II 8,693,925 9.91% 73,388 43% 73,388 43%
Westridge Center Phase I & II 7,655,490 10.62% 97,286 96% 97,286 96%
Centerplace of Greeley 3,985,041 10.20% 148,610 73% 273,610 85%
Centerplace of Greeley II 8,046,869 10.17% 98,143 90% 98,143 90%
Hilltop Center 4,042,216 11.67% 100,028 84% 100,028 84%
New Windsor 4,303,777 12.07% 94,921 74% 94,921 74%
John's Creek 8,672,160 10.81% 75,041 60% 75,041 60%
Vineyard Shopping Center 326,268 10.57% 62,821 82% 62,821 82%
Shoppes of Ft. Wright 2,147,841 30.10% 18,850 85% 202,772 99%
Independence Square 9,541,619 9.67% 88,995 71% 88,995 71%
McMinnville Market Center 6,193,844 10.84% 73,933 76% 73,933 76%
Murray Landing 1,896,619 9.88% 64,441 91% 64,441 91%
Pelham Commons 617,257 10.20% 76,541 83% 76,541 83%
Atascocita Center 8,238,866 12.99% 94,180 71% 94,180 71%
Kleinwood Center 7,564,038 10.32% 152,906 69% 152,906 69%
Legacy Center 1,258,936 11.16% 56,684 62% 119,488 82%
Main Street Center 203,926 13.50% 32,665 66% 94,987 88%
Rockwall 7,627,575 10.60% 65,644 0% 122,661 46%
Somerset 5,123,382 10.76% 104,553 94% 104,553 94%
Padden Parkway 4,669,401 10.31% 88,569 70% 88,569 70%
--------------------------------------------------------------------------------------------------
Total Consolidated 189,348,662 10.74% 2,754,006 78% 3,624,462 83%
==================================================================================================
Valleydale Village
Shopping Center 1,002,283 9.53% 118,466 63% 118,466 63%
Hermosa-PCH & 2nd 1,932,238 11.06% 13,212 100% 13,212 100%
East Towne Center 2,898,343 10.18% 69,841 74% 69,841 74%
Regency Village (Tinwood)
Ph I & II 859,331 10.55% 83,169 87% 83,169 87%
Indian Springs 12,242,732 11.29% 135,756 58% 135,756 58%
--------------------------------------------------------------------------------------------------
Total Unconsolidated 18,934,927 10.55% 420,444 69% 420,444 69%
==================================================================================================
--------------------------------------------------------------------------------------------------
Total In-Process Developments 208,283,589 10.72% 3,174,450 77% 4,044,906 82%
==================================================================================================
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 9.7%.
14
IN-PROCESS DEVELOPMENTS FUNDING & STABILIZATION SCHEDULE
September 30, 2003
In-Process Developments Projected Funding (1)
($ Thousands)
Q4 2003E 2004+E
Properties in development $70,000 - $90,000 $118,000 - $138,000
(1) Funding for in-process consolidated and unconsolidated developments, excludes projected funding of future developments.
Estimated Property Stabilization
($ Thousands)
Q4 2003E 2004E 2005+E
Properties in development (2)
Gross Dev. Costs: $50,000 $310,000 - $360,000 $180,000 - $230,000
Net Dev. Costs: $50,000 $230,000 - $280,000 $120,000 - $170,000
(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
September 30, 2003
Number of Total Total Total
Legal Entity Property Name Properties GLA Assets Debt
------------ ------------- ---------- --- ------ -----
RRG-RMC Tracy, LLC Corral Hollow 1 167,118 $ 24,247,839 $ -
OTR/Regency Texas Realty Holdings, L.P. Village Center & Creekside 2 219,108 20,661,659 -
Tinwood LLC Regency Village 1 83,170 19,018,351 -
Columbia Regency Retail Partners, LLC Various 13 2,296,271 311,107,493 110,010,000
Macquarie CountryWide-Regency, LLC Various 23 2,301,276 333,804,951 173,708,813
Jog Road, LLC Shoppes of San Marco 1 91,538 16,395,691 9,626,630
Regency Woodlands /Kuykendahl Retail, Indian Springs 1 135,756 16,871,199 4,786,078
Ltd.
Hermosa Venture 2002, LLC Hermosa Beach 1 13,212 3,910,498 -
-----------------------------------------------------------
43 5,307,449 $ 746,017,681 $ 298,131,521
===========================================================
RRC
Ownership Investment Equity
Legal Entity Lender Interest 09/30/03 Pick-up
------------ ------ -------- -------- -------
RRG-RMC Tracy, LLC - 50.00% $ 23,449,236 $ 1,679,818
OTR/Regency Texas Realty Holdings, L.P. - 30.00% 16,070,857 320,793
Tinwood LLC - 50.00% 10,231,642 169,541
Columbia Regency Retail Partners, LLC Various 20.00% 39,628,449 1,995,859
Macquarie CountryWide-Regency, LLC Various 25.00% 31,770,088 1,698,625
Jog Road, LLC Union Bank 50.00% 3,000,053 (12,639)
Regency Woodlands /Kuykendahl Retail, Wells Fargo 50.00% 6,528,070 -
Ltd.
Hermosa Venture 2002, LLC - 27.00% 2,638,060 57,962
--------------------------------
$133,316,456 $ 5,909,959
================================
16
UNCONSOLIDATED REAL ESTATE PARTNERSHIPS
Balance Sheet
September 30, 2003 and December 31, 2002
(in thousands)
2003 2002
---- ----
Assets
------
Real estate, at cost
Land $ 271,371 207,002
Buildings and improvements 417,480 329,022
------------- -----------
688,851 536,024
Less: accumulated depreciation 21,098 11,228
------------- -----------
667,753 524,796
Properties in development 25,109 28,322
------------- -----------
Net real estate investments 692,862 553,118
Cash and cash equivalents 7,259 6,914
Tenant receivables, net of allowance
for uncollectible accounts 6,364 3,960
Deferred costs, less accumulated amortization 4,839 4,680
Other assets 34,694 167
------------- -----------
$ 746,018 568,839
============= ===========
Liabilities and Equity
----------------------
Liabilities:
Notes payable $ 298,132 167,071
Accounts payable and other liabilities 14,770 8,900
Tenants' security and escrow deposits 1,723 1,486
------------- -----------
Total liabilities 314,625 177,457
------------- -----------
Equity:
Equity - Regency Centers 133,316 125,482
Equity - Third parties 298,077 265,900
------------- -----------
Total equity 431,393 391,382
------------- -----------
$ 746,018 568,839
============= ===========
DEBT: (in thousands)
Average Interest Rate Average Maturity 2003 2002
---------------------- ------------------ ---- ----
Fixed 5.30% 12/29/09 176,681 102,019
Variable LIBOR + 1.25% 03/09/04 121,451 65,052
17
UNCONSOLIDATED REAL ESTATE PARTNERSHIPS
Statements of Operations
September 30, 2003 and 2002
(in thousands)
For the three months ended Year to date
-------------------------------- ----------------------------
2003 2002 2003 2002
---- ---- ---- ----
Revenues:
Property revenues $ 18,835 9,815 52,257 28,346
------------ ------------ ------------- -----------
Operating expenses:
Operating and maintenance 2,986 1,359 7,746 3,782
Real estate taxes 2,191 1,425 6,160 4,141
------------ ------------ ------------- -----------
Total operating expenses 5,177 2,784 13,906 7,923
------------ ------------ ------------- -----------
Net operating income 13,658 7,031 38,351 20,423
------------ ------------ ------------- -----------
Other expense (income):
General and administrative 616 332 1,783 841
Service operations - (570) 18 (2,394)
Depreciation and amortization expense 4,679 1,551 11,568 4,444
Interest expense, net 2,903 1,181 7,358 3,391
(Gain) loss on sale of operating
properties 9 0 (678) (750)
------------ ------------ ------------- -----------
Total other expenses 8,207 2,494 20,049 5,532
------------ ------------ ------------- -----------
Net income $ 5,451 4,537 18,302 14,891
============ ============ ============= ===========
Regency's Pro Rata Share of:
Net Operating Income $ 3,655 1,934 10,224 4,915
============ ============ ============= ===========
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 $155 Million
o Average Rate 8.88%
o Current Balance $229 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 September 30, 2003 and December 31, 2002
Retail Real Estate Portfolio Current YTD Change 12/31/02
---------------------------- ------- ---------- --------
Company owned GLA (including joint ventures) 29,933,344 450,718 29,482,626
GLA under Development, Redevelopment, or Renovation 3,263,489 137,006 3,126,483
Company owned GLA Growth 1.5% - 1.4%
Total GLA including anchor owned stores 31,886,193 485,770 31,400,423
Retail Properties Operating or Under Development 262 0 262
Retail Properties in Development included above 34 0 34
Grocery anchored shopping centers 228 3 225
------------------------------------------------------------------------------------- ----------------------------------
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 $203,781,797 - $282,136,389
Base rent growth on leasing and transactions (YTD) 10.0% - 10.8%
NOI - same property growth (YTD) 2.6% - 3.0%
20
PORTFOLIO SUMMARY REPORT BY REGION
September 30, 2003
Company Owned GLA
-----------------
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-02 Sep '03
- ------------------------------------------------------------------------------------------------------------------------------
Mid-Atlantic Region
-------------------
Pike Creek Shopping Center DE Wilmington Mid-Atlantic 1981 1998 229,510 229,510
White Oak - Dover DE DE Dover Mid-Atlantic 2000 2000 10,908 10,908
- ------------------------------------------------------------------------------------------------------------------------------
DE 240,418 240,418
==============================================================================================================================
Echelon Village Plaza NJ Philadelphia Mid-Atlantic 2000 2000 88,993 88,993
Hershey - Goodyear PA None Mid-Atlantic 2000 2000 6,000 6,000
Ashburn Farm Market Center VA Washington DC Mid-Atlantic 2000 2000 92,019 92,018
Brookville Plaza JV-M VA Lynchburg Mid-Atlantic 1991 1998 63,664 63,665
Cheshire Station VA Washington DC Mid-Atlantic 2000 2000 97,249 97,154
The Market at Opitz Crossing VA Washington DC Mid-Atlantic 0 2003 - 149,810
Somerset JV-O VA Washington DC Mid-Atlantic 2002 2002 108,400 104,553
Statler Square Shopping Ctr VA None Mid-Atlantic 1996 1998 133,660 133,660
Tall Oaks Village Center VA Washington DC Mid-Atlantic 1998 2002 69,331 69,331
Village Center at Dulles JV-C VA Washington DC Mid-Atlantic 1991 2002 308,473 298,601
- ------------------------------------------------------------------------------------------------------------------------------
VA 872,796 1,008,792
- ------------------------------------------------------------------------------------------------------------------------------
Regional Totals Mid-Atlantic 1,208,207 1,344,203
==============================================================================================================================
Midwest Region
--------------
Frankfort Crossing Shopping Center IL Chicago Midwest 0 2003 - 107,734
Hinsdale Lake Commons IL Chicago Midwest 1986 1998 178,975 178,975
Westbrook Commons IL Chicago Midwest 1984 2001 121,502 121,502
- ------------------------------------------------------------------------------------------------------------------------------
IL 300,477 408,211
==============================================================================================================================
Franklin Square Shopping Center KY Lexington Midwest 1988 1998 205,307 201,673
Shoppes at Ft. Wright KY Cincinnati Midwest 2003 2003 - 18,850
Silverlake Shopping Center JV-M KY Cincinnati Midwest 1988 1998 99,352 99,352
- ------------------------------------------------------------------------------------------------------------------------------
KY 304,659 319,875
==============================================================================================================================
Fenton Village Marketplace MI Flint Midwest 1999 1999 97,224 97,224
Independence Square MI Detroit Midwest 2004 2003 - 88,995
Lakeshore Village Shopping Ctr MI Detroit Midwest 1996 1998 85,940 85,940
Waterford Towne Center MI Detroit Midwest 1998 1998 96,101 96,101
- ------------------------------------------------------------------------------------------------------------------------------
MI 279,265 368,260
==============================================================================================================================
St. Ann Square MO St. Louis Midwest 1986 1998 82,498 82,498
Beckett Commons Shopping Ctr OH Cincinnati Midwest 1995 1998 121,497 121,497
Cherry Grove Plaza OH Cincinnati Midwest 1997 1998 195,497 195,497
Cherry Street Center OH Toledo Midwest 2000 2000 54,660 54,660
East Pointe Crossing Shopping Ctr OH Columbus Midwest 1993 1998 86,524 86,524
Hyde Park Plaza OH Cincinnati Midwest 1995 1997 397,893 397,893
Kingsdale Shopping Center OH Columbus Midwest 1999 1997 270,470 270,470
Kroger New Albany Center JV-O OH Columbus Midwest 1999 1999 91,722 91,722
Northgate Plaza OH Columbus Midwest 1996 1998 85,100 85,100
Park Place Center OH Columbus Midwest 1988 1998 106,833 106,833
Regency Milford Center JV-MD OH Cincinnati Midwest 2001 2001 108,903 108,903
Shoppes at Mason OH Cincinnati Midwest 1997 1998 80,800 80,800
Westchester Plaza OH Cincinnati Midwest 1988 1998 88,181 88,181
Windmiller Square OH Columbus Midwest 1997 1998 120,509 120,362
Worthington Park Centre OH Columbus Midwest 1991 1998 93,095 93,095
- ------------------------------------------------------------------------------------------------------------------------------
OH 1,901,684 1,901,537
- ------------------------------------------------------------------------------------------------------------------------------
Regional Totals Midwest 2,868,583 3,080,381
==============================================================================================================================
% Leased
--------
Grocery Anchor
Property Name Dec-02 Sep '03 GLA Grocery Anchor
- -------------------------------------------------------------------------------------------------------------------------
Pike Creek Shopping Center 99.00% 99.5% 49,069 Acme
White Oak - Dover DE 100.00% 100.0% - --
- -------------------------------------------------------------------------------------------------------------------------
99.0% 99.5% 49,069 1
=========================================================================================================================
Echelon Village Plaza 79.71% 86.6% 48,776 Genuardi's
Hershey - Goodyear 100.00% 100.0% - --
Ashburn Farm Market Center 100.00% 99.9% 48,999 Giant
Brookville Plaza 98.12% 98.1% 52,864 Kroger
Cheshire Station 97.84% 100.0% 55,256 Safeway
The Market at Opitz Crossing NA 99.3% 51,922 Safeway
Somerset 61.81% 93.9% 67,000 Shoppers Food Warehouse
Statler Square Shopping Ctr 100.00% 100.0% 65,003 Kroger
Tall Oaks Village Center 100.00% 100.0% 38,763 Giant
Village Center at Dulles 93.08% 99.2% 48,424 Shoppers Food Warehouse
- -------------------------------------------------------------------------------------------------------------------------
92.4% 98.9% 428,231 8
- -------------------------------------------------------------------------------------------------------------------------
Regional Totals 92.8% 98.2% 526,076 10
=========================================================================================================================
Midwest Region
--------------
Frankfort Crossing Shopping Center NA 95.0% 64,937 Jewel
Hinsdale Lake Commons 97.32% 98.4% 69,540 Dominick's
Westbrook Commons 94.36% 92.8% 51,304 Dominicks
- -------------------------------------------------------------------------------------------------------------------------
96.1% 95.9% 185,781 3
=========================================================================================================================
Franklin Square Shopping Center 95.63% 96.0% 50,499 Kroger
Shoppes at Ft. Wright NA 85.1% - --
Silverlake Shopping Center 98.49% 98.5% 60,000 Kroger
- -------------------------------------------------------------------------------------------------------------------------
96.6% 96.2% 110,499 2
=========================================================================================================================
Fenton Village Marketplace 98.56% 98.6% 53,739 Farmer Jack
Independence Square NA 71.3% 60,137 Kroger
Lakeshore Village Shopping Ctr 87.33% 85.0% 49,465 Kroger
Waterford Towne Center 91.26% 91.3% 60,202 Kroger
- -------------------------------------------------------------------------------------------------------------------------
92.6% 86.9% 223,543 4
=========================================================================================================================
St. Ann Square 92.94% 92.9% 43,483 National
Beckett Commons Shopping Ctr 100.00% 100.0% 70,815 Kroger
Cherry Grove Plaza 91.00% 90.2% 66,336 Kroger
Cherry Street Center 100.00% 100.0% 54,660 Farmer Jack
East Pointe Crossing Shopping Ctr 100.00% 98.4% 59,120 Kroger
Hyde Park Plaza 94.45% 93.3% 138,592 Kroger/Thriftway
Kingsdale Shopping Center 65.40% 56.3% 56,006 Big Bear
Kroger New Albany Center 98.47% 98.5% 63,805 Kroger
Northgate Plaza 100.00% 100.0% 62,000 Kroger
Park Place Center 98.82% 96.3% 56,859 Big Bear
Regency Milford Center 88.01% 88.4% 65,000 Kroger
Shoppes at Mason 97.52% 97.5% 56,800 Kroger
Westchester Plaza 98.41% 100.0% 66,523 Kroger
Windmiller Square 97.93% 96.8% 76,555 Kroger
Worthington Park Centre 91.21% 92.7% 52,337 Kroger
- -------------------------------------------------------------------------------------------------------------------------
91.4% 89.7% 945,408 14
- -------------------------------------------------------------------------------------------------------------------------
Regional Totals 92.6% 90.9% 1,508,714 24
=========================================================================================================================
21
PORTFOLIO SUMMARY REPORT BY REGION
September 30, 2003
Company Owned GLA
-----------------
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-02 Sep '03
- ------------------------------------------------------------------------------------------------------------------------------
Pacific Region
--------------
230th & Hawthorne CA Los Angeles Pacific 2002 2002 13,860 13,435
Amerige Heights Town Center JV-MD CA Los Angeles Pacific 2000 2000 96,679 96,679
Bear Creek Village Center CA Riverside-San Bernardino Pacific 2004 2003 - 81,219
Blossom Valley Shopping Ctr CA San Jose Pacific 1990 1999 93,314 93,315
Campus Marketplace JV-M CA San Diego Pacific 2000 2000 144,288 144,288
Corral Hollow JV-O CA Stockton Pacific 2000 2000 168,238 167,118
Costa Verde CA San Diego Pacific 1988 1999 178,621 178,622
Country Club Village - Calif CA Oakland Pacific 1994 1999 111,251 111,251
Diablo Plaza CA Oakland Pacific 1982 1999 63,214 63,214
El Camino Shopping Center CA Los Angeles Pacific 1995 1999 135,883 135,883
El Cerrito Plaza JV-MD CA San Francisco Pacific 2000 2000 254,840 255,952
El Norte Parkway Plaza CA San Diego Pacific 1984 1999 87,990 87,990
Encina Grande CA Oakland Pacific 1965 1999 102,499 102,499
Friars-Mission Center CA San Diego Pacific 1989 1999 146,898 146,897
Garden Village Shopping Center JV-M CA Los Angeles Pacific 2000 2000 112,957 112,957
Gelson's Westlake CA Ventura Pacific 2002 2002 82,315 84,831
Gilroy CA San Jose Pacific 2002 2002 123,709 330,484
Heritage Plaza CA Orange County Pacific 1981 1999 231,102 231,602
Hermosa Beach JV-O CA Los Angeles Pacific 2003 2003 - 13,212
Loehmann's Plaza Calif CA San Jose Pacific 1983 1999 113,310 113,310
Valencia Crossroads CA Los Angeles Pacific 2002 2002 179,227 180,517
Morningside Plaza CA Orange County Pacific 1996 1999 91,600 91,600
Newland Center CA Orange County Pacific 1985 1999 166,492 166,492
Oakbrook Plaza CA Ventura Pacific 1982 1999 83,279 83,279
Park Plaza Shopping Center JV-C CA Los Angeles Pacific 1991 2001 193,529 193,529
Plaza Hermosa CA Los Angeles Pacific 1984 1999 94,940 94,940
Powell Street Plaza CA Oakland Pacific 1987 2001 165,920 165,920
Prairie City Crossing CA Sacramento Pacific 1999 1999 82,503 82,503
Rona Plaza CA Orange County Pacific 1989 1999 51,754 51,754
Rosecrans & Inglewood CA Los Angeles Pacific 2002 2002 12,000 12,000
San Leandro Plaza CA Oakland Pacific 1982 1999 50,432 50,432
Santa Ana Downtown Plaza CA Orange County Pacific 1987 1999 100,305 100,305
Seal Beach JV-C CA Orange County Pacific 1966 2002 85,910 74,215
Sequoia Station CA San Francisco Pacific 1996 1999 103,148 103,148
Slatten Ranch JV-O CA Oakland Pacific 2002 2002 220,162 207,197
Strawflower Village CA San Francisco Pacific 1985 1999 78,827 78,827
Tassajara Crossing CA Oakland Pacific 1990 1999 146,188 146,188
Twin Peaks Plaza CA San Diego Pacific 1988 1999 198,139 198,139
Ventura Village Shopping Ctr CA Ventura Pacific 1984 1999 76,070 76,070
Vista Village Phase I CA San Diego Pacific 2002 2002 129,520 130,262
Vista Village Phase II CA San Diego Pacific 2002 2002 - 73,388
West Park Plaza CA San Jose Pacific 1996 1999 88,103 88,103
Westlake Plaza and Center CA Ventura Pacific 1975 1999 190,525 190,525
Westridge Center CA Los Angeles Pacific 2001 2001 87,284 97,286
Woodman - Van Nuys CA Los Angeles Pacific 1992 1999 107,614 107,614
Woodside Central Plaza CA San Francisco Pacific 1993 1999 80,591 80,591
- ------------------------------------------------------------------------------------------------------------------------------
CA 5,125,030 5,489,582
==============================================================================================================================
% Leased
--------
Grocery Anchor
Property Name Dec-02 Sep '03 GLA Grocery Anchor
- -------------------------------------------------------------------------------------------------------------------
Pacific Region
--------------
230th & Hawthorne 100.00% 103.2% - --
Amerige Heights Town Center 98.52% 100.0% 57,560 Albertson's
Bear Creek Village Center NA 56.1% 42,362 Stater Brother
Blossom Valley Shopping Ctr 100.00% 95.7% 34,208 Safeway
Campus Marketplace 94.39% 100.0% 58,527 Ralph's
Corral Hollow 100.00% 100.0% 65,715 Safeway
Costa Verde 100.00% 100.0% 40,000 Albertson's
Country Club Village - Calif 100.00% 100.0% 50,320 Ralph's
Diablo Plaza 100.00% 91.3% 53,000 Safeway
El Camino Shopping Center 100.00% 95.1% 35,650 Von's Food & Drug
El Cerrito Plaza 92.42% 96.6% 77,888 Albertson's/Trader Joe's
El Norte Parkway Plaza 96.41% 100.0% 42,315 Von's Food & Drug
Encina Grande 100.00% 100.0% 22,500 Safeway
Friars-Mission Center 100.00% 100.0% 55,303 Ralph's
Garden Village Shopping Center 97.12% 96.4% 57,050 Albertson's
Gelson's Westlake 90.14% 81.9% 37,500 Gelsons
Gilroy 0.00% 74.9% - --
Heritage Plaza 96.89% 98.9% 44,376 Ralph's
Hermosa Beach NA 100.0% - --
Loehmann's Plaza Calif 100.00% 98.0% 53,000 Safeway
Valencia Crossroads 69.22% 98.2% 35,000 Whole Foods
Morningside Plaza 100.00% 100.0% 42,630 Stater Brother
Newland Center 99.08% 99.1% 58,000 Lucky's
Oakbrook Plaza 100.00% 100.0% 43,842 Albertson's
Park Plaza Shopping Center 96.00% 91.6% 28,210 Von's Food & Drug
Plaza Hermosa 100.00% 94.7% 36,800 Von's Food & Drug
Powell Street Plaza 100.00% 98.1% 10,122 Trader Joe's
Prairie City Crossing 100.00% 100.0% 55,255 Safeway
Rona Plaza 100.00% 97.7% 37,194 Food 4 Less
Rosecrans & Inglewood 100.00% 100.0% - --
San Leandro Plaza 100.00% 100.0% 38,250 Safeway
Santa Ana Downtown Plaza 100.00% 100.0% 37,972 Food 4 Less
Seal Beach 100.00% 98.9% 25,000 Pavilions
Sequoia Station 100.00% 100.0% 62,050 Safeway
Slatten Ranch 33.59% 96.7% - --
Strawflower Village 100.00% 100.0% 33,753 Safeway
Tassajara Crossing 100.00% 100.0% 56,496 Safeway
Twin Peaks Plaza 99.68% 97.9% 44,686 Albertson's
Ventura Village Shopping Ctr 100.00% 97.9% 42,500 Von's Food & Drug
Vista Village Phase I 69.17% 70.6% - --
Vista Village Phase II NA 42.8% - --
West Park Plaza 100.00% 100.0% 24,712 Safeway
Westlake Plaza and Center 97.49% 97.6% 41,300 Von's Food & Drug
Westridge Center 88.66% 95.7% 50,216 Albertson's
Woodman - Van Nuys 100.00% 98.7% 77,648 Gigante
Woodside Central Plaza 100.00% 100.0% - --
- -------------------------------------------------------------------------------------------------------------------
91.4% 94.5% 1,708,910 39
===================================================================================================================
22
PORTFOLIO SUMMARY REPORT BY REGION
September 30, 2003
Company Owned GLA
-----------------
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-02 Sep '03
- ------------------------------------------------------------------------------------------------------------------------------
Cherry Park Market Center OR Portland Pacific 1997 1999 113,518 113,518
Hillsboro Market Center JV-M OR Portland Pacific 2000 2000 150,356 154,106
McMinnville Market Center OR Portland Pacific 2003 2003 - 73,933
Murrayhill Marketplace OR Portland Pacific 1988 1999 149,214 149,215
Sherwood Crossroads OR Portland Pacific 1999 1999 88,489 84,266
Sherwood Market Center OR Portland Pacific 1995 1999 124,256 124,257
Sunnyside 205 OR Portland Pacific 1988 1999 53,094 53,094
Walker Center OR Portland Pacific 1987 1999 89,609 89,609
West Hills Plaza OR Portland Pacific 1998 1999 53,579 -
- ------------------------------------------------------------------------------------------------------------------------------
OR 822,115 841,998
==============================================================================================================================
Cascade Plaza JV-C WA Seattle Pacific 1999 1999 217,657 217,657
Inglewood Plaza WA Seattle Pacific 1985 1999 17,253 17,253
James Center JV-M WA Tacoma Pacific 1999 1999 140,240 140,240
Padden Parkway WA Portland Pacific 2002 2002 54,473 88,613
Pine Lake Village WA Seattle Pacific 1989 1999 102,953 102,953
Sammamish Highland WA Seattle Pacific 1992 1999 101,289 101,289
South Point Plaza WA Seattle Pacific 1997 1999 190,355 190,355
Southcenter Plaza WA Seattle Pacific 1990 1999 58,282 58,282
Thomas Lake Center WA Seattle Pacific 1998 1999 103,872 103,872
- ------------------------------------------------------------------------------------------------------------------------------
WA 986,374 1,020,514
- ------------------------------------------------------------------------------------------------------------------------------
Regional Totals Pacific 6,933,519 7,352,094
==============================================================================================================================
Southeast Region
----------------
Bonner's Point AL None Southeast 1985 1993 87,282 87,282
Country Club Ala AL Montgomery Southeast 1991 1993 67,622 67,622
Southgate Village Shopping
Center JV-M AL Birmingham Southeast 1988 2001 75,392 75,092
The Marketplace - Alexander City AL None Southeast 1987 1993 162,723 162,723
Phenix Crossing AL None Southeast 2003 2003 - 56,564
Trace Crossing Shopping Center AL Birmingham Southeast 2001 2001 74,130 74,130
Valleydale Village Shopping
Center AL Birmingham Southeast 2002 2002 118,466 118,466
Village in Trussville, The AL Birmingham Southeast 1987 1993 59,281 56,356
- ------------------------------------------------------------------------------------------------------------------------------
AL 644,896 698,235
==============================================================================================================================
Anastasia Plaza JV-M FL Jacksonville Southeast 1988 1993 102,342 102,342
Aventura FL Miami Southeast 1974 1994 102,876 102,876
Beneva Village Shops FL Sarasota Southeast 1987 1998 141,532 141,532
Berkshire Commons FL Naples Southeast 1992 1994 106,354 106,334
Bloomingdale Square FL Tampa Southeast 1987 1998 267,935 267,935
Bolton Plaza FL Jacksonville Southeast 1988 1994 172,938 172,938
Boynton Lakes Plaza FL West Palm Beach Southeast 1993 1997 130,924 130,924
Carriage Gate FL Tallahassee Southeast 1978 1994 76,833 76,833
Center of Seven Springs FL Tampa Southeast 1986 1994 162,580 -
Chasewood Plaza FL West Palm Beach Southeast 1986 1993 141,178 155,803
Chasewood Storage FL West Palm Beach Southeast 1986 1993 42,810 -
Courtyard, The FL Jacksonville Southeast 1987 1993 137,256 137,256
East Port Plaza FL Fort Pierce Southeast 1991 1997 235,842 235,842
East Towne Shopping Center FL Orlando Southeast 2002 2002 69,841 69,841
Fleming Island Shopping Ctr FL Jacksonville Southeast 2000 1998 136,662 136,662
Garden Square Shopping Ctr FL Miami Southeast 1991 1997 90,258 90,258
Grande Oaks FL Ft Myers-Cape Coral Southeast 2000 2000 78,784 78,784
Highlands Square Shopping Ctr FL Jacksonville Southeast 1999 1998 272,554 262,194
% Leased
--------
Grocery Anchor
Property Name Dec-02 Sep '03 GLA Grocery Anchor
- ---------------------------------------------------------------------------------------------------------------------
Cherry Park Market Center 88.57% 91.7% 55,164 Safeway
Hillsboro Market Center 95.06% 93.6% 57,370 Albertson's
McMinnville Market Center NA 76.4% 53,667 Albertson's
Murrayhill Marketplace 90.17% 88.6% 41,132 Safeway
Sherwood Crossroads 87.00% 95.7% 55,150 Safeway
Sherwood Market Center 98.01% 98.3% 49,793 Albertson's
Sunnyside 205 96.33% 100.0% - --
Walker Center 100.00% 94.0% - --
West Hills Plaza 98.13% 0.0% - --
- ---------------------------------------------------------------------------------------------------------------------
93.7% 92.3% 312,276 6
=====================================================================================================================
Cascade Plaza 99.50% 99.2% 49,440 Safeway
Inglewood Plaza 100.00% 100.0% - --
James Center 95.46% 94.2% 68,273 Fred Myer
Padden Parkway 96.27% 70.2% 52,443 Albertson's
Pine Lake Village 100.00% 100.0% 40,982 Quality Foods
Sammamish Highland 100.00% 97.2% 55,000 Safeway
South Point Plaza 100.00% 100.0% 55,443 Cost Cutters
Southcenter Plaza 95.20% 100.0% - --
Thomas Lake Center 100.00% 100.0% 50,065 Albertson's
- ---------------------------------------------------------------------------------------------------------------------
98.8% 96.2% 371,646 7
- ---------------------------------------------------------------------------------------------------------------------
Regional Totals 92.7% 94.5% 2,392,832 52
=====================================================================================================================
Southeast Region
----------------
Bonner's Point 98.63% 100.0% 34,700 Winn-Dixie
Country Club Ala 92.90% 92.9% 35,922 Winn-Dixie
Southgate Village Shopping
Center 97.28% 98.9% 46,733 Publix
The Marketplace - Alexander City 96.38% 95.7% 47,668 Winn-Dixie
Phenix Crossing NA 68.9% 38,997 Publix
Trace Crossing Shopping Center 87.17% 88.8% 51,420 Publix
Valleydale Village Shopping
Center 77.75% 63.5% 44,271 Publix
Village in Trussville, The 79.88% 84.0% 38,380 Bruno's
- ---------------------------------------------------------------------------------------------------------------------
90.4% 87.0% 338,091 8
=====================================================================================================================
Anastasia Plaza 97.65% 90.7% 48,555 Publix
Aventura 94.95% 84.5% 35,908 Publix
Beneva Village Shops 97.99% 94.9% 42,112 Publix
Berkshire Commons 97.60% 100.0% 65,537 Publix
Bloomingdale Square 99.62% 99.6% 39,795 Publix
Bolton Plaza 96.53% 98.8% - --
Boynton Lakes Plaza 98.39% 98.4% 56,000 Winn-Dixie
Carriage Gate 87.56% 87.6% - --
Center of Seven Springs 37.84% 0.0% - --
Chasewood Plaza 91.56% 97.1% 39,795 Publix
Chasewood Storage 100.00% 0.0% - --
Courtyard, The 100.00% 100.0% 62,771 Albertson's
East Port Plaza 55.34% 56.4% 42,112 Publix
East Towne Shopping Center 64.20% 74.2% 44,840 Publix
Fleming Island Shopping Ctr 95.89% 98.3% 47,955 Publix
Garden Square Shopping Ctr 98.59% 96.1% 42,112 Publix
Grande Oaks 93.15% 96.4% 54,379 Publix
Highlands Square Shopping Ctr 88.77% 97.3% 84,314 Publix/Winn-Dixie
23
PORTFOLIO SUMMARY REPORT BY REGION
September 30, 2003
Company Owned GLA
-----------------
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-02 Sep '03
- ------------------------------------------------------------------------------------------------------------------------------
John's Creek Shopping Center FL Jacksonville Southeast 2003 2003 - 75,041
Julington Village JV-C FL Jacksonville Southeast 1999 1999 81,821 81,821
Kings Crossing - Sun City JV-M FL Tampa Southeast 1999 1999 75,020 75,020
Lynn Haven JV-M FL Panama City Southeast 2001 2001 63,871 63,871
Mainstreet Square Shopping Ctr FL Orlando Southeast 1988 1997 107,134 107,134
Mariner's Village Shopping Ctr FL Orlando Southeast 1986 1997 117,690 138,940
Market Place - St. Petersburg FL Tampa Southeast 1983 1995 90,296 90,296
Martin Downs Village Center FL Fort Pierce Southeast 1985 1993 121,946 121,946
Martin Downs Village Shoppes FL Fort Pierce Southeast 1998 1993 49,773 49,773
Millhopper Shopping Center FL Gainesville Southeast 1974 1993 84,065 84,065
Newberry Square FL Gainesville Southeast 1986 1994 180,524 180,524
Ocala Corners JV-M FL Tallahassee Southeast 2000 2000 86,772 86,772
Ocean Breeze Plaza FL Fort Pierce Southeast 1985 1993 108,209 108,209
Old St. Augustine Plaza FL Jacksonville Southeast 1990 1996 175,459 175,459
Palm Harbour Shopping Ctr FL Daytona Beach Southeast 1991 1996 172,758 172,758
Palm Trails Plaza FL Fort Lauderdale Southeast 1998 1997 76,067 76,067
Peachland Promenade FL Punta Gorda Southeast 1991 1995 82,082 82,082
Pebblebrooke Plaza JV-M FL Naples Southeast 2000 2000 76,767 76,767
Pine Tree Plaza FL Jacksonville Southeast 1999 1997 60,787 60,787
Regency Court FL Jacksonville Southeast 1992 1997 218,648 218,648
Regency Square at Brandon FL Tampa Southeast 1986 1993 349,848 349,848
Regency Village JV-O FL Orlando Southeast 2000 2000 83,170 83,170
Shoppes at 104 JV-M FL Miami Southeast 1990 1998 108,190 108,192
Shops of San Marco JV-O FL West Palm Beach Southeast 2002 2002 91,538 91,538
Starke (US 301 & SR 100) FL Jacksonville Southeast 2000 2000 12,738 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 64,546
Town Square FL Tampa Southeast 1999 1997 44,679 44,679
University Collection FL Tampa Southeast 1984 1996 106,899 106,899
University Marketplace FL Miami Southeast 1990 1993 129,121 129,121
Village Center 6 -Tampa FL Tampa Southeast 1993 1995 181,110 181,110
Vineyard Shopping Center FL Tallahassee Southeast 2001 2001 62,821 62,821
Welleby Plaza FL Fort Lauderdale Southeast 1982 1996 109,949 109,949
Wellington Town Square FL West Palm Beach Southeast 1982 1996 105,150 105,150
Willa Springs FL Orlando Southeast 2000 2000 83,730 89,930
- ------------------------------------------------------------------------------------------------------------------------------
FL 6,193,550 5,934,025
==============================================================================================================================
Ashford Place GA Atlanta Southeast 1993 1997 53,450 53,450
Briarcliff LaVista Shopping Ctr GA Atlanta Southeast 1962 1997 39,203 39,203
Briarcliff Village GA Atlanta Southeast 1990 1997 187,156 187,156
Buckhead Court GA Atlanta Southeast 1984 1997 55,229 55,235
Cambridge Square Shopping Ctr GA Atlanta Southeast 1979 1996 77,629 71,475
Cromwell Square GA Atlanta Southeast 1990 1997 70,282 70,282
Cumming 400 GA Atlanta Southeast 1994 1997 126,900 126,900
Delk Spectrum GA Atlanta Southeast 1991 1998 100,880 100,539
Dunwoody Hall GA Atlanta Southeast 1986 1997 89,511 89,351
Dunwoody Village GA Atlanta Southeast 1975 1997 120,597 120,597
Killian Hill Market JV-M GA Atlanta Southeast 2000 2000 113,227 113,216
LaGrange Marketplace GA Augusta-Aiken Southeast 1989 1993 76,327 76,327
Loehmann's Plaza Georgia GA Atlanta Southeast 1986 1997 137,601 137,601
Lovejoy Station JV-M GA Atlanta Southeast 1995 1997 77,336 77,336
% Leased
--------
Grocery Anchor
Property Name Dec-02 Sep '03 GLA Grocery Anchor
- ---------------------------------------------------------------------------------------------------------------------
John's Creek Shopping Center NA 59.8% 44,840 Publix
Julington Village 100.00% 100.0% 51,420 Publix
Kings Crossing - Sun City 96.80% 100.0% 51,420 Publix
Lynn Haven 93.42% 100.0% 44,271 Publix
Mainstreet Square Shopping Ctr 90.52% 87.7% 56,000 Winn-Dixie
Mariner's Village Shopping Ctr 78.96% 95.8% 45,500 Winn-Dixie
Market Place - St. Petersburg 97.64% 98.8% 36,464 Publix
Martin Downs Village Center 96.72% 98.7% - --
Martin Downs Village Shoppes 92.31% 86.3% - --
Millhopper Shopping Center 100.00% 100.0% 37,244 Publix
Newberry Square 99.42% 96.0% 39,795 Publix
Ocala Corners 100.00% 100.0% 61,171 Publix
Ocean Breeze Plaza 84.66% 82.8% 36,464 Publix
Old St. Augustine Plaza 95.13% 100.0% 51,832 Publix
Palm Harbour Shopping Ctr 99.24% 99.2% 45,254 Publix
Palm Trails Plaza 97.57% 100.0% 59,562 Winn-Dixie
Peachland Promenade 96.93% 94.1% 48,890 Publix
Pebblebrooke Plaza 100.00% 100.0% 61,166 Publix
Pine Tree Plaza 100.00% 100.0% 37,866 Publix
Regency Court 79.45% 96.9% - --
Regency Square at Brandon 98.18% 96.0% - --
Regency Village 87.49% 89.4% 54,379 Publix
Shoppes at 104 98.62% 98.7% 46,368 Winn-Dixie
Shops of San Marco 58.63% 100.0% 44,271 Publix
Starke (US 301 & SR 100) 100.00% 100.0% - --
Tequesta Shoppes 88.83% 0.0% - --
Terrace Walk 90.23% 0.0% - --
Town Center at Martin Downs 100.00% 100.0% 56,146 Publix
Town Square 99.32% 87.5% - --
University Collection 96.21% 100.0% 40,143 Kash N Karry
University Marketplace 85.75% 94.3% 63,139 Albertson's
Village Center 6 -Tampa 98.43% 96.4% 36,434 Publix
Vineyard Shopping Center 81.61% 81.6% 44,271 Publix
Welleby Plaza 95.44% 98.9% 46,779 Publix
Wellington Town Square 98.94% 92.2% 36,464 Publix
Willa Springs 100.00% 100.0% 44,271 Publix
- ---------------------------------------------------------------------------------------------------------------------
90.9% 94.1% 2,028,009 42
=====================================================================================================================
Ashford Place 98.57% 98.6% - --
Briarcliff LaVista Shopping Ctr 89.57% 100.0% - --
Briarcliff Village 99.77% 97.2% 43,454 Publix
Buckhead Court 90.47% 81.2% - --
Cambridge Square Shopping Ctr 92.36% 100.0% 40,852 Kroger
Cromwell Square 95.09% 100.0% - --
Cumming 400 97.01% 95.9% 56,146 Publix
Delk Spectrum 100.00% 100.0% 45,044 Publix
Dunwoody Hall 98.37% 100.0% 44,271 Publix
Dunwoody Village 88.66% 92.6% 18,400 Fresh Market
Killian Hill Market 78.35% 92.5% 54,340 Publix
LaGrange Marketplace 90.30% 91.9% 46,733 Winn-Dixie
Loehmann's Plaza Georgia 92.18% 88.7% - --
Lovejoy Station 100.00% 95.0% 47,955 Publix
24
PORTFOLIO SUMMARY REPORT BY REGION
September 30, 2003
Company Owned GLA
-----------------
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-02 Sep '03
- ------------------------------------------------------------------------------------------------------------------------------
Memorial Bend GA Atlanta Southeast 1995 1997 177,283 177,283
Orchard Square JV-M GA Atlanta Southeast 1987 1995 93,222 93,222
Paces Ferry Plaza GA Atlanta Southeast 1987 1997 61,696 61,696
Parkway Station GA Macon Southeast 1983 1996 94,290 94,290
Powers Ferry Square GA Atlanta Southeast 1987 1997 97,704 97,704
Powers Ferry Village GA Atlanta Southeast 1994 1997 78,995 78,996
Rivermont Station GA Atlanta Southeast 1996 1997 90,267 90,267
Roswell Village JV-C GA Atlanta Southeast 1997 1997 145,334 145,334
Russell Ridge GA Atlanta Southeast 1995 1994 98,558 98,558
Sandy Plains Village I & II GA Atlanta Southeast 1992 1996 175,035 -
- ------------------------------------------------------------------------------------------------------------------------------
GA 2,437,712 2,256,018
==============================================================================================================================
Bent Tree Plaza NC Raleigh Southeast 1994 1998 79,503 79,503
Carmel Commons NC Charlotte Southeast 1979 1997 132,651 132,651
Garner Towne Square NC Raleigh Southeast 1998 1998 221,576 221,776
Glenwood Village NC Raleigh Southeast 1983 1997 42,864 42,864
Kernersville Marketplace SC NC Greensboro Southeast 1997 1998 72,590 72,590
Lake Pine Plaza NC Raleigh Southeast 1997 1998 87,691 87,691
Maynard Crossing Shopping Ctr NC Raleigh Southeast 1997 1998 122,814 122,814
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 103,128 103,128
Union Square Shopping Center NC Charlotte Southeast 1989 1996 97,191 97,191
Woodcroft Shopping Center NC Raleigh Southeast 1984 1996 89,835 89,835
- ------------------------------------------------------------------------------------------------------------------------------
NC 1,225,201 1,050,043
==============================================================================================================================
Merchants Village JV-M SC Charleston Southeast 1997 1997 79,724 79,724
Murray Landing SC Columbia Southeast 2002 2002 64,041 64,441
Pelham Commons SC Greenville Southeast 2002 2002 76,271 76,541
Queensborough Shopping Ctr JV-O SC Charleston Southeast 1993 1998 82,333 82,333
Rosewood Shopping Center JV-M SC Columbia Southeast 2001 2001 36,887 36,887
- ------------------------------------------------------------------------------------------------------------------------------
SC 339,256 339,926
==============================================================================================================================
Dickson (Hwy 46 & 70) TN None Southeast 1998 1998 10,908 10,908
Harpeth Village TN Nashville Southeast 1998 1997 70,091 70,091
Nashboro Village TN Nashville Southeast 1998 1998 86,811 86,811
Northlake Village TN Nashville Southeast 1988 2000 151,629 151,629
Peartree Village TN Nashville Southeast 1997 1997 114,795 114,795
West End Avenue TN Nashville Southeast 1998 1998 10,000 10,000
- ------------------------------------------------------------------------------------------------------------------------------
TN 444,234 444,234
- ------------------------------------------------------------------------------------------------------------------------------
Regional Totals Southeast 11,284,849 10,722,481
==============================================================================================================================
% Leased
--------
Grocery Anchor
Property Name Dec-02 Sep '03 GLA Grocery Anchor
- -------------------------------------------------------------------------------------------------------------------
Memorial Bend 93.41% 96.2% 56,146 Publix
Orchard Square 96.14% 94.9% 44,271 Publix
Paces Ferry Plaza 100.00% 100.0% - --
Parkway Station 83.04% 77.6% 42,130 Kroger
Powers Ferry Square 89.49% 91.6% - --
Powers Ferry Village 99.87% 99.9% 47,955 Publix
Rivermont Station 100.00% 100.0% 58,261 Kroger
Roswell Village 79.80% 82.1% 37,888 Publix
Russell Ridge 100.00% 100.0% 63,296 Kroger
Sandy Plains Village I & II 91.92% 0.0% - --
- -------------------------------------------------------------------------------------------------------------------
93.2% 94.2% 747,142 16
===================================================================================================================
Bent Tree Plaza 100.00% 100.0% 54,153 Kroger
Carmel Commons 98.04% 96.4% 14,300 Fresh Market
Garner Towne Square 100.00% 100.0% 57,590 Kroger
Glenwood Village 86.24% 91.8% 27,764 Harris Teeter
Kernersville Marketplace SC 97.93% 100.0% 57,590 Harris Teeter
Lake Pine Plaza 100.00% 100.0% 57,590 Kroger
Maynard Crossing Shopping Ctr 97.84% 97.8% 55,973 Kroger
Oakley Plaza 98.48% 0.0% - --
Sedgefield Village 76.87% 0.0% - --
Southpoint Crossing 100.00% 100.0% 59,160 Kroger
Union Square Shopping Center 100.00% 100.0% 33,000 Harris Teeter
Woodcroft Shopping Center 98.40% 98.4% 40,832 Food Lion
- -------------------------------------------------------------------------------------------------------------------
97.6% 98.8% 457,952 10
===================================================================================================================
Merchants Village 100.00% 100.0% 37,888 Publix
Murray Landing 76.58% 91.5% 44,840 Publix
Pelham Commons 58.04% 82.7% 44,271 Publix
Queensborough Shopping Ctr 100.00% 100.0% 65,796 Publix
Rosewood Shopping Center 95.12% 95.1% 27,887 Publix
- -------------------------------------------------------------------------------------------------------------------
85.6% 94.0% 220,682 5
===================================================================================================================
Dickson (Hwy 46 & 70) 100.00% 100.0% - --
Harpeth Village 100.00% 100.0% 55,377 Publix
Nashboro Village 96.77% 95.2% 61,224 Kroger
Northlake Village 88.07% 96.8% 64,537 Kroger
Peartree Village 100.00% 100.0% 65,538 Harris Teeter
West End Avenue 100.00% 100.0% - --
- -------------------------------------------------------------------------------------------------------------------
95.3% 98.0% 246,676 4
- -------------------------------------------------------------------------------------------------------------------
Regional Totals 92.1% 94.3% 4,038,552 85
===================================================================================================================
25
PORTFOLIO SUMMARY REPORT BY REGION
September 30, 2003
Company Owned GLA
-----------------
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-02 Sep '03
- ------------------------------------------------------------------------------------------------------------------------------
Southwest Region
----------------
Carefree Marketplace AZ Phoenix Southwest 2000 2000 24,697 -
Palm Valley Marketplace JV-C AZ Phoenix Southwest 1999 2001 107,630 107,629
Paseo Village AZ Phoenix Southwest 1998 1999 92,399 92,399
Pima Crossing AZ Phoenix Southwest 1996 1999 236,539 236,539
Stonebridge Center AZ Phoenix Southwest 2000 2000 30,235 30,236
The Provinces Shopping Ctr AZ Phoenix Southwest 2000 2000 34,201 34,202
- ------------------------------------------------------------------------------------------------------------------------------
AZ 525,701 501,005
==============================================================================================================================
Boulevard Center CO Denver Southwest 1986 1999 88,511 88,511
Buckley Square CO Denver Southwest 1978 1999 111,146 111,146
Centerplace of Greeley CO Greeley Southwest 2002 2002 148,110 246,753
Cheyenne Meadows Center JV-M CO Colorado Springs Southwest 1998 1998 89,893 89,893
Crossroads Commons JV-C CO Boulder Southwest 1986 2001 144,288 144,288
Hilltop Village CO Denver Southwest 2002 2002 99,836 100,028
Jackson Creek Crossing CO Colorado Springs Southwest 1999 1998 85,263 85,263
Leetsdale Marketplace CO Denver Southwest 1993 1999 119,916 119,916
Littleton Square CO Denver Southwest 1997 1999 94,257 94,257
Lloyd King Center CO Denver Southwest 1998 1998 83,326 83,326
New Windsor Marketplace CO Greeley Southwest 2002 2002 94,950 94,921
Redlands Marketplace CO Grand Junction Southwest 1999 1999 14,659 -
Stroh Ranch Center CO Denver Southwest 1998 1998 93,436 93,436
Willow Creek Center JV-C CO Denver Southwest 1985 2001 166,421 166,421
Woodmen Plaza CO Colorado Springs Southwest 1998 1998 104,558 104,558
- ------------------------------------------------------------------------------------------------------------------------------
CO 1,538,570 1,622,717
==============================================================================================================================
Addison Town Center JV-C TX Dallas Southwest 1993 2003 - 183,432
Alden Bridge TX Houston Southwest 1998 2002 138,952 138,952
Arapaho Village TX Dallas Southwest 1997 1999 103,033 103,033
Atascocita Center TX Houston Southwest 2002 2002 94,180 94,180
Bethany Park Place Shopping Ctr TX Dallas Southwest 1998 1998 74,067 74,066
Casa Linda Plaza TX Dallas Southwest 1997 1999 324,639 324,639
Champion Forest Shopping Ctr TX Houston Southwest 1983 1999 115,247 115,247
Cochran's Crossing TX Houston Southwest 1994 2002 138,192 138,192
Coles Center TX Houston Southwest 2001 2001 42,063 42,063
Cooper Street Plaza TX Fort Worth Southwest 1992 1999 133,196 133,196
Creekside Plaza JV-O TX Fort Worth Southwest 1998 1998 96,816 101,016
Fort Bend Market TX Houston Southwest 2000 2000 30,158 30,164
Hancock Center TX Austin Southwest 1998 1999 410,438 410,438
Hebron Parkway Plaza JV-M TX Dallas Southwest 1999 1999 46,800 46,800
Hillcrest Village TX Dallas Southwest 1991 1999 14,530 14,530
Indian Springs Center JV-O TX Houston Southwest 2002 2002 135,977 135,756
Keller Town Center TX Fort Worth Southwest 1999 1999 114,937 114,937
Kleinwood Center TX Houston Southwest 2002 2002 152,959 152,906
Lebanon/Legacy Center TX Dallas Southwest 2000 2000 56,802 56,684
% Leased
--------
Grocery Anchor
Property Name Dec-02 Sep '03 GLA Grocery Anchor
- ---------------------------------------------------------------------------------------------------------------------
Southwest Region
----------------
Carefree Marketplace 89.31% 0.0% - --
Palm Valley Marketplace 98.14% 98.1% 55,403 Safeway
Paseo Village 97.45% 93.0% 23,800 ABCO
Pima Crossing 99.46% 100.0% - --
Stonebridge Center 78.41% 66.1% 55,250 Safeway
The Provinces Shopping Ctr 80.78% 72.8% 55,256 Safeway
- ---------------------------------------------------------------------------------------------------------------------
95.9% 94.4% 189,709 4
=====================================================================================================================
Boulevard Center 96.27% 92.8% 52,700 Safeway
Buckley Square 94.50% 98.3% 62,400 King Soopers
Centerplace of Greeley 39.22% 44.1% 58,092 Safeway
Cheyenne Meadows Center 94.08% 100.0% 69,913 King Soopers
Crossroads Commons 100.00% 91.6% 40,846 Whole Foods
Hilltop Village 67.26% 83.7% 67,150 King Soopers
Jackson Creek Crossing 100.00% 100.0% 69,913 King Soopers
Leetsdale Marketplace 100.00% 100.0% 62,600 Safeway
Littleton Square 97.69% 99.1% 49,751 King Soopers
Lloyd King Center 98.37% 100.0% 61,040 King Soopers
New Windsor Marketplace 69.04% 74.4% 65,550 King Soopers
Redlands Marketplace 80.70% 0.0% - --
Stroh Ranch Center 98.50% 100.0% 69,719 King Soopers
Willow Creek Center 98.86% 96.4% 53,294 Safeway
Woodmen Plaza 100.00% 100.0% 69,716 King Soopers
- ---------------------------------------------------------------------------------------------------------------------
88.5% 87.3% 852,684 14
=====================================================================================================================
Addison Town Center NA 73.9% - Kroger
Alden Bridge 100.00% 96.5% 67,768 Kroger
Arapaho Village 97.96% 86.6% 43,256 Tom Thumb
Atascocita Center 66.55% 71.0% 62,680 Kroger
Bethany Park Place Shopping Ctr 100.00% 100.0% 58,374 Kroger
Casa Linda Plaza 83.68% 86.1% 59,561 Albertson's
Champion Forest Shopping Ctr 94.21% 88.6% 56,457 Randall's Food
Cochran's Crossing 100.00% 100.0% 63,449 Kroger
Coles Center 88.08% 96.0% 67,493 Randall's Food
Cooper Street Plaza 100.00% 100.0% - --
Creekside Plaza 100.00% 97.2% 60,932 Kroger
Fort Bend Market 72.15% 76.4% 67,106 Kroger
Hancock Center 91.20% 100.0% 90,217 H.E.B.
Hebron Parkway Plaza 94.95% 88.0% 59,460 Albertson's
Hillcrest Village 100.00% 100.0% - --
Indian Springs Center 57.46% 57.6% 78,132 H.E.B.
Keller Town Center 95.09% 96.7% 63,631 Tom Thumb
Kleinwood Center 57.63% 69.5% 78,348 H.E.B.
Lebanon/Legacy Center 31.39% 54.6% 62,804 Albertson's
26
PORTFOLIO SUMMARY REPORT BY REGION
September 30, 2003
Company Owned GLA
-----------------
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-02 Sep '03
- -------------------------------------------------------------------------------------------------------------------------------
MacArthur Park - Phase 2 JV-C TX Dallas Southwest 1999 1999 198,443 198,443
Main Street Center TX Dallas Southwest 2002 2002 32,680 32,665
Market at Preston Forest, The TX Dallas Southwest 1990 1999 90,171 90,171
Market at Round Rock, The TX Austin Southwest 1987 1999 123,347 123,046
Matlock Center TX Dallas Southwest 2000 2000 40,139 40,139
Mills Pointe TX Dallas Southwest 1986 1999 126,186 126,186
Mockingbird Commons TX Dallas Southwest 1987 1999 121,564 120,321
North Hills Town Center TX Austin Southwest 1995 1999 144,019 144,019
Northview Plaza TX Dallas Southwest 1991 1999 116,016 116,016
Overton Park Plaza JV-C TX Fort Worth Southwest 1991 2001 350,856 350,856
Panther Creek TX Houston Southwest 1994 2002 164,080 165,660
Preston Park Village TX Dallas Southwest 1985 1999 273,396 273,396
Prestonbrook Crossing TX Dallas Southwest 1998 1998 91,274 91,274
Prestonwood Park TX Dallas Southwest 1999 1999 101,024 101,024
Rockwall TX Dallas Southwest 2002 2002 65,644 65,644
Shiloh Springs TX Dallas Southwest 1998 1998 110,040 110,040
Southlake - Village Center JV-O TX Fort Worth Southwest 1998 1998 118,092 118,092
Southpark TX Tyler Southwest 1997 1999 146,758 146,758
Sterling Ridge TX Houston Southwest 2000 2002 128,643 128,643
Sweetwater Plaza JV-C TX Houston Southwest 2000 2001 134,045 134,045
Trophy Club TX Fort Worth Southwest 1999 1999 106,607 106,607
Valley Ranch Centre TX Dallas Southwest 1997 1999 117,187 117,187
- -------------------------------------------------------------------------------------------------------------------------------
TX 5,123,197 5,310,463
- -------------------------------------------------------------------------------------------------------------------------------
Regional Totals Southwest 7,187,468 7,434,185
===============================================================================================================================
- -------------------------------------------------------------------------------------------------------------------------------
Regency Centers Total 29,482,626 29,933,344
===============================================================================================================================
% Leased
--------
Grocery Anchor
Property Name Dec-02 Sep '03 GLA Grocery Anchor
- -------------------------------------------------------------------------------------------------------------------
MacArthur Park - Phase 2 100.00% 100.0% 63,373 Kroger
Main Street Center 18.21% 65.7% 62,322 Albertson's
Market at Preston Forest, The 100.00% 100.0% 50,365 Tom Thumb
Market at Round Rock, The 98.29% 99.4% 63,800 Albertson's
Matlock Center 34.51% 87.9% 42,000 Wal-Mart
Mills Pointe 92.13% 91.5% 52,688 Tom Thumb
Mockingbird Commons 86.31% 91.1% 48,525 Tom Thumb
North Hills Town Center 98.89% 99.0% 60,465 H.E.B.
Northview Plaza 91.10% 89.3% 58,890 Kroger
Overton Park Plaza 99.10% 96.5% 59,561 Albertson's
Panther Creek 95.10% 93.4% 65,800 Randall's Food
Preston Park Village 78.55% 76.2% 52,688 Tom Thumb
Prestonbrook Crossing 96.86% 100.0% 63,373 Kroger
Prestonwood Park 85.86% 83.4% 62,322 Albertson's
Rockwall 0.00% 0.0% 57,017 Tom Thumb
Shiloh Springs 100.00% 93.6% 60,932 Kroger
Southlake - Village Center 96.95% 97.9% 60,932 Kroger
Southpark 94.44% 94.4% 54,980 Albertson's
Sterling Ridge 100.00% 100.0% 63,373 Kroger
Sweetwater Plaza 92.67% 98.3% 65,241 Kroger
Trophy Club 83.80% 83.8% 63,654 Tom Thumb
Valley Ranch Centre 88.97% 86.7% 55,750 Tom Thumb
- -------------------------------------------------------------------------------------------------------------------
88.1% 89.1% 2,327,719 39
- -------------------------------------------------------------------------------------------------------------------
Regional Totals 88.8% 89.1% 3,370,112 57
===================================================================================================================
- -------------------------------------------------------------------------------------------------------------------
Regency Centers Total 91.5% 92.9% 11,836,286 228
===================================================================================================================
JV-C: Joint Venture with Columbia (Oregon Public Employees Retirement Fund)
JV-M: Joint Venture with Macquarie Country-wide U.S.
JV-MD: Joint Venture with Macquarie Direct Property U.S.
JV-O: Other, single property joint venture
27
SUMMARY OF TENANT RENTS EXCEEDING .5% OF TOTAL RENTS
September 30, 2003
% of # of
Annualized Total # of Leased
% to Company Annualized Company Leased Stores in
Tenant Tenant GLA Owned GLA * Base Rent Base Rent * Stores JVs
===========================================================================================================================
Kroger 3,573,148 12.0% $26,675,326 8.67% 60 12
Publix 2,501,653 8.4% 16,293,475 5.29% 54 16
Safeway 1,804,567 6.0% 14,502,998 4.71% 37 6
Albertsons 967,140 3.2% 7,290,487 2.37% 18 6
Blockbuster 386,558 1.3% 6,615,207 2.15% 70 10
Winn Dixie 544,717 1.8% 3,677,240 1.19% 11 1
Kohl's Department Store 266,621 0.9% 3,079,752 1.00% 3 0
Walgreens 252,776 0.8% 2,833,621 0.92% 18 2
H.E.B. Grocery 261,720 0.9% 2,484,166 0.81% 4 1
Washington Mutual Bank 115,587 0.4% 2,423,134 0.79% 28 6
Hallmark 187,046 0.6% 2,374,278 0.77% 43 7
Long's Drugs 233,845 0.8% 2,059,653 0.67% 10 3
Eckerd (JC Penney) 177,192 0.6% 1,989,570 0.65% 19 1
Harris Teeter 183,892 0.6% 1,941,870 0.63% 4 0
Starbucks 82,804 0.3% 1,807,378 0.59% 53 14
Subway 89,628 0.3% 1,729,205 0.56% 72 14
The UPS Store 111,189 0.4% 1,702,325 0.55% 78 19
Hollywood Video 94,418 0.3% 1,604,381 0.52% 15 3
Target 240,086 0.8% 1,589,996 0.52% 2 0
Petco 131,791 0.4% 1,551,458 0.50% 10 3
# of Stores
GLA owned & occupied by the anchor not included above: # of Stores w/ Leased
------------------------------------------------------ ----------- ---------
Albertsons 439,518 7 25
Safeway 549,016 10 47
Kroger 67,106 1 61
Target 890,494 7 9
Wal-Mart 42,000 1 5
----------------
1,988,134
================
* GLA includes 100% of the GLA in unconsolidated joint ventures. Annualized
Company Base Rent includes only Regency's pro-rata share of rent from
unconsolidated joint ventures.
28
TENANT LEASE EXPIRATIONS
The following table sets forth, for all leases in place as of September 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**
================================================================================================================================
(1) 300,879 1.1% 4,004,329 1.4%
2003 337,200 1.3% 4,929,370 1.7%
2004 1,978,140 7.5% 29,434,928 10.1%
2005 2,339,961 8.9% 31,612,675 10.9%
2006 2,867,043 10.9% 37,255,549 12.8%
2007 2,946,806 11.2% 36,796,462 12.7%
2008 2,536,048 9.6% 28,790,449 9.9%
2009 921,241 3.5% 9,805,230 3.4%
2010 987,539 3.7% 10,500,544 3.6%
2011 1,106,991 4.2% 11,245,091 3.9%
2012 1,257,419 4.8% 13,067,051 4.5%
================================================================================================---------
10 Year Total 17,579,267 66.6% 217,441,678 74.9%
Thereafter 8,815,247 33.4% 72,727,608 25.1%
---------------------------------------------------------------------------------------------------------
26,394,514 100.0% 290,169,285 100.0%
- --------------------------------------------------------------------------------
(1) Leases currently under month to month lease or in process of renewal
* GLA includes 100% of the GLA in unconsolidated joint ventures. Annualized
Company Base Rent includes only Regency's pro-rata share of rent from
unconsolidated joint ventures.
**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.
29
EARNINGS and VALUATION GUIDANCE
September 30, 2003
($000s except per share numbers) Annual
---------------------------------------------------------------------
2001A 2002A 2003E
FFO / Share (for actuals please
see related press release) $2.93 - $2.99
Operating Portfolio
Occupancy 94.9% 94.8% 95.0%
Same store growth 3.2% 3.0% 2.25% - 2.75%
Rental growth 10.5% 10.8% 8% - 10%
Recovery rate 78.0% 79.0% 78% -82%
Percentage rent $5,834 $5,443 $5,200 - $5,800
Investment Activity
Acquisitions - 100% REG owned $103,226 $106,704 $35,194
Acquisition cap rate 9.1% 8.5% 8.8%
JV Acquisitions (gross $) $185,210 $246,773 $300,000
JV Acquisition cap rate 9.3% 9.0% 8% - 8.5%
REG % Ownership 21% 23% 23%
Dispositions - op. properties $38,363 $258,023 $175,000 - $200,000
Dispositions cap rate 9.6% 9.5% 9% - 9.5%
Development starts $155,700 $335,505 $300,000
Development stabilizations - net $177,979 $287,049 $170,000 - $180,000
development costs
NOI yield on net dev. Costs 10.4% 10.4% 10% - 10.5%
Development stabilizations - total $192,486 $310,206 $185,000 - $200,000
costs after out parcel allocation
NOI yield on total costs after 9.6% 9.6% 9.3% - 9.5%
out parcel allocation
Out parcel sales gains $16,909 $6,202 $10,000 - $15,000
Third party fees and commissions $3,437 $4,617 $6,500
Financing Assumptions
Projected development funding (in process
properties only)
Debt / total assets before depreciation 42% 40.3% <43%
Unsecured/secured debt offerings $220,000 $250,000
-- interest rate 8.0% 6.75%
Capitalized interest/gross interest 22.4% 13.8%
Capitalized interest $21,195 $13,754
Net Asset Valuation Guidance 3Q03
Expansion land and out parcels available 34.32
-- estimated market value $20,221
NOI from CIP properties $1,748
Straight-line rent receivable $20,621
EARNINGS and VALUATION GUIDANCE
September 30, 2003
($000s except per share numbers) Quarterly
----------------------------------------------------------------------------
1Q03A 2Q03A 3Q03A 4Q03E
FFO / Share (for actuals please
see related press release) $0.87 - $0.93
Operating Portfolio
Occupancy 94.9% 95.3% 95.3%
Same store growth 1.6% 3.2% 3.0%
Rental growth 9.7% 9.0% 11.2%
Recovery rate 80.7% 77.6% 85.4%
Percentage rent $310 $453 $737
Investment Activity
Acquisitions - 100% REG owned $15,494 $19,700 $0
Acquisition cap rate 8.7% 8.9% n/a
JV Acquisitions (gross $) $0 $75,327 $103,324
JV Acquisition cap rate n/a 8.6% 7.6%
REG % Ownership n/a 24% 25%
Dispositions - op. properties $15,565 $18,000 $18,671
Dispositions cap rate 8.8% 8.9% 9.3%
Development starts $12,400 $19,000 $51,511
Development stabilizations - net $72,810 $11,900 $39,500
development costs
NOI yield on net dev. Costs 10.4% 9.4% 9.9%
Development stabilizations - total $83,225 $12,400 $41,900
costs after out parcel allocation
NOI yield on total costs after 9.1% 9.0% 9.4%
out parcel allocation
Out parcel sales gains $2,483 $779 $1,153
Third party fees and commissions $1,561 $1,884 $1,561
Financing Assumptions
Projected development funding (in process
properties only)
Debt / total assets before depreciation 43.1% 44.8% 43.7%
Unsecured/secured debt offerings
-- interest rate
Capitalized interest/gross interest 11.6% 14.0% 14.5%
Capitalized interest $2,785 $3,408 $3,586
Net Asset Valuation Guidance
Expansion land and out parcels available
-- estimated market value
NOI from CIP properties
Straight-line rent receivable
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.
30
RECONCILIATION OF FFO GUIDANCE TO NET INCOME
All numbers are per share except weighted average shares
Three Months Ended Full Year 2003
------------------ --------------
December 31, 2003
-----------------
Funds From Operations Guidance:
-------------------------------------------------------
Net income for common stockholders $0.60 $0.66 $1.88 $1.94
Add (Less):
Depreciation expense and Amortization $0.25 $0.25 $1.10 $1.10
Loss (gain) on sale of operating properties $0.00 $0.00 ($0.10) ($0.10)
Minority interest of exchangeable partnership units $0.02 $0.02 $0.05 $0.05
------------------------- -------------------------
Funds from Operations $0.87 $0.93 $2.93 $2.99
========================= =========================
Weighted Average Shares (000's) 61,437 61,231
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 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), 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.
31