United States
                       SECURITIES AND EXCHANGE COMMISSION
                               Washington DC 20549

                                    FORM 10-Q

                                   (Mark One)

              [X] For the quarterly period ended September 30, 2003

                                      -or-

          [ ] Transition Report Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

               For the transition period from ________ to ________

                         Commission File Number 1-12298

                           REGENCY CENTERS CORPORATION
                           ---------------------------
             (Exact name of registrant as specified in its charter)

               Florida                                    59-3191743
               -------                                    ----------
(State or other jurisdiction of                          (IRS Employer
  incorporation or organization)                       Identification No.)

                       121 West Forsyth Street, Suite 200
                          Jacksonville, Florida 32202
                          ---------------------------
              (Address of principal executive offices) (Zip Code)

                                 (904) 598-7000
                                 --------------
              (Registrant's telephone number, including area code)

                                    Unchanged
                                    ---------
              (Former name, former address and former fiscal year,
                          if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No[ ]

Indicate by check mark whether the  registrant  is an  accelerated  filer (as
defined in Rule 12b-2 of the Exchange Act). Yes [X]  No[  ]


                   (Applicable only to Corporate Registrants)
                   ------------------------------------------

As of November 12, 2003, there were 59,734,842 shares outstanding of the
Registrant's common stock.






                            REGENCY CENTERS CORPORATION
                            Consolidated Balance Sheets
                      September 30, 2003 and December 31, 2002
                                    (unaudited)



                                                                                               2003                     2002
                                                                                               ----                     ----
                                                                                                                
Assets
Real estate investments at cost:
     Land                                                                             $        715,731,924              715,255,513
     Buildings and improvements                                                              1,964,626,055            1,973,501,081
                                                                                         ------------------       -----------------
                                                                                             2,680,357,979            2,688,756,594
     Less:  accumulated depreciation                                                           284,678,878              244,595,928
                                                                                         ------------------       -----------------
                                                                                             2,395,679,101            2,444,160,666
     Properties in development                                                                 345,614,496              276,085,435
     Operating properties held for sale                                                                  -                5,658,905
     Investments in real estate partnerships                                                   133,316,456              125,482,151
                                                                                         ------------------       -----------------
          Net real estate investments                                                        2,874,610,053            2,851,387,157

Cash and cash equivalents                                                                       45,888,449               56,447,329
Notes receivable                                                                                77,586,149               56,630,876
Tenant receivables, net of allowance for uncollectible accounts
     of $4,100,974 and $4,258,891 at September 30, 2003
     and December 31, 2002, respectively                                                        42,391,111               47,983,160
Deferred costs, less accumulated amortization of
$31,721,996 and $25,588,464 at September 30, 2003
     and December 31, 2002, respectively                                                        34,299,656               37,367,196
Other assets                                                                                    20,861,456               19,112,148
                                                                                         ------------------       -----------------
                                                                                      $      3,095,636,874            3,068,927,866
                                                                                         ==================       =================

Liabilities and Stockholders' Equity
Liabilities:
     Notes payable                                                                    $      1,281,818,308            1,253,524,045
     Unsecured line of credit                                                                  196,000,000               80,000,000
     Accounts payable and other liabilities                                                     91,959,394               83,977,263
     Tenants' security and escrow deposits                                                       9,413,884                8,847,603
                                                                                         ------------------       -----------------
          Total liabilities                                                                  1,579,191,586            1,426,348,911
                                                                                         ------------------       -----------------

Preferred units                                                                                223,525,891              375,403,652
Exchangeable operating partnership units                                                        28,207,552               30,629,974
Limited partners' interest in consolidated partnerships                                         15,388,919               14,825,256
                                                                                         ------------------       -----------------
          Total minority interest                                                              267,122,362              420,858,882
                                                                                         ------------------       -----------------

Stockholders' equity:
     Series 3 cumulative redeemable preferred stock, $.01 par value per share,
        300,000 shares authorized, issued and outstanding
        at September 30, 2003; liquidation preference $250 per share                            75,000,000                        -
     Series 2 cumulative convertible preferred stock and paid in capital,
        $.01 par value per share, 1,502,532 shares authorized; 450,400
        shares issued and outstanding at December 31, 2002                                               -               10,505,591
     Common stock $.01 par value per share, 150,000,000 shares
        authorized, 64,644,295 and 63,480,417 shares issued
        at September 30, 2003 and December 31, 2002, respectively                                  646,443                  634,804
     Treasury stock at cost, 5,033,860 and 3,923,381 shares held at
        September 30, 2003 and December 31, 2002, respectively                                (111,033,978)             (77,698,485)
     Additional paid in capital                                                              1,386,400,386            1,367,808,138
     Accumulated other comprehensive income (loss)                                              (1,677,256)                       -
     Distributions in excess of net income                                                    (100,012,669)             (79,529,975)
                                                                                         ------------------       -----------------
          Total stockholders' equity                                                         1,249,322,926            1,221,720,073
                                                                                         ------------------       -----------------

Commitments and contingencies
                                                                                      $      3,095,636,874            3,068,927,866
                                                                                         ==================       =================


See accompanying notes to consolidated financial statements


                                       2


                            REGENCY CENTERS CORPORATION
                       Consolidated Statements of Operations
               For the Three Months ended September 30, 2003 and 2002
                                    (unaudited)



                                                                                               2003                     2002
                                                                                               ----                     ----
                                                                                                                   
Revenues:
     Minimum rent                                                                     $         69,903,822               68,695,823
     Percentage rent                                                                               737,231                  533,119
     Recoveries from tenants                                                                    21,054,968               20,234,787
     Service operations revenue                                                                 13,357,686                8,301,507
     Equity in income of investments in
        real estate partnerships                                                                 1,589,891                1,302,058
                                                                                         ------------------       -----------------
           Total revenues                                                                      106,643,598               99,067,294
                                                                                         ------------------       -----------------

Operating expenses:
     Depreciation and amortization                                                              18,997,852               17,722,077
     Operating and maintenance                                                                  13,233,389               12,752,053
     General and administrative                                                                  6,294,558                6,075,285
     Real estate taxes                                                                          10,184,943                9,779,978
     Other expenses                                                                                310,847                  267,328
                                                                                         ------------------       -----------------
           Total operating expenses                                                             49,021,589               46,596,721
                                                                                         ------------------       -----------------

Other expense (income)
     Interest expense, net of interest income of $335,212
        and $835,815 in 2003 and 2002, respectively                                             21,320,301               21,381,435
     Loss on sale of operating properties                                                                -                   56,754
     Provision for loss on operating and development properties                                          -                  160,000
                                                                                         ------------------       -----------------
           Total other expense (income)                                                         21,320,301               21,598,189
                                                                                         ------------------       -----------------

           Income before minority interests                                                     36,301,708               30,872,384

Minority interest preferred unit distributions                                                  (7,256,251)              (8,368,752)
Minority interest of exchangeable partnership units                                               (678,720)                (548,272)
Minority interest of limited partners                                                             (113,013)                (125,174)
                                                                                         ------------------       -----------------

           Income from continuing operations                                                    28,253,724               21,830,186

Discontinued operations, net:
     Operating income from discontinued operations                                                 442,575                3,104,608
     Gain on sale of operating properties and properties in development                          2,469,313                2,514,275
                                                                                         ------------------       -----------------
           Income from discontinued operations                                                   2,911,888                5,618,883
                                                                                         ------------------       -----------------

           Net income                                                                           31,165,612               27,449,069

Preferred stock dividends                                                                       (1,396,875)                (758,628)
                                                                                         ------------------       -----------------

           Net income for common stockholders                                         $         29,768,737               26,690,441
                                                                                         ==================       =================

Income per common share - Basic:
     Continuing operations                                                            $               0.47                     0.36
     Discontinued operations                                                          $               0.05                     0.10
                                                                                         ------------------       -----------------
          Net income for common stockholders per share                                $               0.52                     0.46
                                                                                         ==================       =================

Income per common share - Diluted:
     Continuing operations                                                            $               0.46                     0.36
     Discontinued operations                                                          $               0.05                     0.10
                                                                                         ------------------       -----------------
          Net income for common stockholders per share                                $               0.51                     0.46
                                                                                         ==================       =================


See accompanying notes to consolidated financial statements


                                       3


                            REGENCY CENTERS CORPORATION
                       Consolidated Statements of Operations
               For the Nine Months ended September 30, 2003 and 2002
                                    (unaudited)



                                                                                               2003                     2002
                                                                                               ----                     ----
                                                                                                                  
Revenues:
     Minimum rent                                                                     $        209,338,256              198,629,445
     Percentage rent                                                                             1,504,869                1,464,154
     Recoveries from tenants                                                                    61,228,673               57,476,965
     Service operations revenue                                                                 26,606,097               12,436,245
     Equity in income of investments in
        real estate partnerships                                                                 5,909,959                4,187,268
                                                                                         ------------------       -----------------
           Total revenues                                                                      304,587,854              274,194,077
                                                                                         ------------------       -----------------

Operating expenses:
     Depreciation and amortization                                                              56,200,672               50,209,070
     Operating and maintenance                                                                  39,829,768               36,037,364
     General and administrative                                                                 16,438,446               15,584,804
     Real estate taxes                                                                          30,190,318               28,761,472
     Other expenses                                                                              1,572,171                  678,555
                                                                                         ------------------       -----------------
           Total operating expenses                                                            144,231,375              131,271,265
                                                                                         ------------------       -----------------

Other expense (income)
     Interest expense, net of interest income of $1,613,078
        and $2,280,523 in 2003 and 2002, respectively                                           62,890,764               62,411,095
     Gain on sale of operating properties                                                                -               (1,437,471)
     Provision for loss on operating properties                                                  1,968,520                2,524,480
     Other income                                                                                        -               (2,383,524)
                                                                                         ------------------       -----------------
           Total other expense (income)                                                         64,859,284               61,114,580
                                                                                         ------------------       -----------------

           Income before minority interests                                                     95,497,195               81,808,232

Minority interest preferred unit distributions                                                 (24,744,881)             (25,106,256)
Minority interest of exchangeable partnership units                                             (1,662,975)              (1,400,646)
Minority interest of limited partners                                                             (317,136)                (360,158)
                                                                                         ------------------       -----------------

           Income from continuing operations                                                    68,772,203               54,941,172

Discontinued operations:
     Operating income from discontinued operations                                                 813,002               13,537,227
     Gain on sale of operating properties and properties in development                          6,496,755                7,237,550
                                                                                         ------------------       -----------------
           Income from discontinued operations                                                   7,309,757               20,774,777
                                                                                         ------------------       -----------------

           Net income                                                                           76,081,960               75,715,949

Preferred stock dividends                                                                       (2,756,755)              (2,275,884)
                                                                                         ------------------       -----------------

           Net income for common stockholders                                         $         73,325,205               73,440,065
                                                                                         ==================       =================

Income per common share - Basic:
     Income from continuing operations                                                $               1.12                     0.90
     Discontinued operations                                                          $               0.12                     0.36
                                                                                         ------------------       -----------------
          Net income for common stockholders per share                                $               1.24                     1.26
                                                                                         ==================       =================

Income per common share - Diluted:
     Income from continuing operations                                                $               1.11                     0.90
     Discontinued operations                                                          $               0.12                     0.36
                                                                                         ------------------       -----------------
          Net income for common stockholders per share                                $               1.23                     1.26
                                                                                         ==================       =================


See accompanying notes to consolidated financial statements


                                       4


                           REGENCY CENTERS CORPORATION
                 Consolidated Statement of Stockholders' Equity
                  For the Nine Months ended September 30, 2003
                                   (unaudited)



                                                                                                             Additional
                                                        Series 2 and 3      Common        Treasury            Paid In
                                                       Preferred Stock     Stock           Stock              Capital
                                                      ------------------------------   ---------------   -------------------
                                                                                                  
Balance at December 31, 2002                      $         10,505,591      634,804       (77,698,485)        1,367,808,138
Comprehensive Income:
Net income                                                           -            -                 -                     -
Change in fair value of derivative instruments                       -            -                 -                     -

Total comprehensive income                                           -            -                 -                     -
Common stock issued as
  compensation or purchased by
  directors or officers                                              -        4,497              (532)            7,422,677
Common stock issued for exercise
  of stock options                                                   -        2,200                 -             1,494,596
Common stock surrendered for payment of taxes                                                 (49,077)           (5,589,211)
Treasury stock issued for common
  stock offering                                                     -            -       117,216,000             6,359,877
Common stock issued for
  partnership units exchanged                                        -          438                 -             1,163,106
Common stock issued for Series 2
  preferred stock exchanged                                (10,505,591)       4,504                 -            10,501,087
Series 3 preferred stock issued                             75,000,000            -                 -            (2,705,033)
Repurchase of common stock                                           -            -      (150,501,884)                    -
Reallocation of minority interest                                    -            -                 -               (54,851)
Cash dividends declared:
Preferred stock ($1.39 per share)                                    -            -                 -                     -
Common stock ($1.56 per share)                                       -            -                 -                     -
                                                      -----------------  -----------   ---------------   -------------------
Balance at
     September 30, 2003                           $         75,000,000      646,443      (111,033,978)        1,386,400,386
                                                      =================  ===========   ===============   ===================





                                                     Accumulated
                                                       Other          Distributions           Total
                                                    Comprehensive      in Excess of        Stockholders'
                                                    Income (Loss)       Net Income            Equity
                                                 --------------------------------------------------------
                                                                                  
Balance at December 31, 2002                                    -       (79,529,975)       1,221,720,073
Comprehensive Income:
Net income                                                               76,081,961           76,081,961
Change in fair value of derivative instruments         (1,677,256)                -           (1,677,256)
                                                                                       ------------------
Total comprehensive income                                      -                 -           74,404,705
Common stock issued as
  compensation or purchased by
  directors or officers                                         -                 -            7,426,642
Common stock issued for exercise
  of stock options                                              -                 -            1,496,796
Common stock surrendered for payment of taxes                                                 (5,638,288)
Treasury stock issued for common
  stock offering                                                -                 -          123,575,877
Common stock issued for
  partnership units exchanged                                   -                 -            1,163,544
Common stock issued for Series 2
  preferred stock exchanged                                     -                 -                    -
Series 3 preferred stock issued                                 -                 -           72,294,967
Repurchase of common stock                                      -                 -         (150,501,884)
Reallocation of minority interest                               -                 -              (54,851)
Cash dividends declared:
Preferred stock ($1.39 per share)                               -        (2,756,755)          (2,756,755)
Common stock ($1.56 per share)                                  -       (93,807,900)         (93,807,900)
                                                 -----------------   ---------------   ------------------
Balance at
     September 30, 2003                                (1,677,256)     (100,012,669)       1,249,322,926
                                                 =================   ===============   ==================



See accompanying notes to consolidated financial statements.


                                       5


                           REGENCY CENTERS CORPORATION
                      Consolidated Statements of Cash Flows
              For the Nine Months ended September 30, 2003 and 2002
                                   (unaudited)



                                                                                       2003                       2002
                                                                                       ----                       ----
                                                                                                          
Cash flows from operating activities:
    Net income                                                               $        76,081,960                 75,715,949
    Adjustments to reconcile net income to net
      cash provided by operating activities:
          Depreciation and amortization                                               56,278,855                 54,158,411
          Deferred loan cost and debt premium amortization                             1,570,772                  1,127,586
          Stock based compensation                                                     8,688,129                  6,188,453
          Minority interest preferred units                                           24,744,881                 25,106,256
          Minority interest of exchangeable operating partnership units                1,841,955                  1,922,411
          Minority interest of limited partners                                          317,136                    360,158
          Equity in income of investments in real estate partnerships                 (5,909,959)                (4,187,268)
          Gain on sale of operating properties                                        (6,655,829)                (8,856,794)
          Provision for loss on operating properties                                   1,968,520                  2,524,480
          Other income - gain on early extinguishment of debt                                  -                 (2,383,524)
          Distributions from operations of investments in real estate partnerships     8,303,411                  3,652,021
          Changes in assets and liabilities:
              Tenant receivables                                                       5,592,050                  5,498,346
              Deferred leasing costs                                                  (7,308,922)                (8,224,925)
              Other assets                                                              (615,569)                (6,407,285)
              Accounts payable and other liabilities                                  (7,663,930)               (15,717,379)
              Tenants' security and escrow deposits                                      566,281                    870,593
                                                                               ------------------         ------------------
                 Net cash provided by operating activities                           157,799,741                131,347,489
                                                                               ------------------         ------------------

Cash flows from investing activities:
     Acquisition and development of real estate                                     (269,345,695)              (242,066,967)
     Proceeds from sale of real estate                                               138,830,142                265,119,869
     Repayment of notes receivable, net                                               48,332,147                 37,357,641
     Investment in real estate partnerships                                          (10,259,572)               (24,447,654)
     Distributions received from investments in real estate partnerships              18,360,644                  9,650,753
                                                                               ------------------         ------------------
                 Net cash (used in) provided by investing activities                 (74,082,334)                45,613,642
                                                                               ------------------         ------------------

Cash flows from financing activities:
     Net proceeds from common stock issuance                                         125,072,674                  9,932,137
     Repurchase of common stock                                                     (150,501,884)                (2,725,000)
     Redemption of preferred partnership units                                      (155,750,000)                         -
     Redemption of exchangeable operating partnership units                             (973,505)                   (83,232)
     Net distributions to limited partners in consolidated partnerships                  246,527                   (238,000)
     Distributions to exchangeable operating partnership unit holders                 (2,182,180)                (2,342,688)
     Distributions to preferred unit holders                                         (20,872,642)               (25,106,256)
     Dividends paid to common stockholders                                           (93,807,900)               (88,895,874)
     Dividends paid to preferred stockholders                                         (2,756,755)                (2,275,884)
     Net proceeds from issuance of Series 3 preferred stock                           72,294,967                          -
     Net proceeds from fixed rate unsecured notes                                              -                249,625,000
     Proceeds (repayment) of unsecured line of credit, net                           116,000,000               (244,000,000)
     Proceeds from notes payable                                                      30,821,695                          -
     Repayment of notes payable, net                                                  (7,255,541)               (45,589,300)
     Scheduled principal payments                                                     (4,358,163)                (4,164,277)
     Deferred loan costs                                                                (253,580)                (2,081,247)
                                                                               ------------------         ------------------
                 Net cash used in financing activities                               (94,276,287)              (157,944,621)
                                                                               ------------------         ------------------

                 Net (decrease) increase in cash and cash equivalents                (10,558,880)                19,016,510

Cash and cash equivalents at beginning of period                                      56,447,329                 27,853,264
                                                                               ------------------         ------------------

Cash and cash equivalents at end of period                                   $        45,888,449                 46,869,774
                                                                               ==================         ==================



                                       6


                           REGENCY CENTERS CORPORATION
                      Consolidated Statements of Cash Flows
              For the Nine Months ended September 30, 2003 and 2002
                                   (unaudited)
                                    continued



                                                                                     2003                       2002
                                                                                     ----                       ----

                                                                                                           
Supplemental disclosure of cash flow information - cash paid for interest
   (net of capitalized interest of $9,778,187 and
   $11,020,043 in 2003 and 2002, respectively)                               $        71,370,633                 63,557,496
                                                                               ==================         ==================

Supplemental disclosure of non-cash transactions:
Mortgage loans assumed for the acquisition of real estate                    $        15,341,889                 46,747,196
                                                                               ==================         ==================

Notes receivable taken in connection with sales of operating properties
   and properties in development                                             $        69,287,420                  7,952,700
                                                                               ==================         ==================

Real estate contributed as investment in real estate partnerships            $        18,328,829                 12,612,410
                                                                               ==================         ==================

Mortgage debt assumed by purchaser on sale of real estate                    $         5,253,767                          -
                                                                               ==================         ==================

Change in fair value of derivative instrument                                $         1,677,256                          -
                                                                               ==================         ==================

Common stock redeemed to pay off stock loans                                 $                 -                  6,089,273
                                                                               ==================         ==================




See accompanying notes to consolidated financial statements.


                                       7


                           Regency Centers Corporation

                   Notes to Consolidated Financial Statements

                               September 30, 2003


1.       Summary of Significant Accounting Policies

         (a)   Organization and Principles of Consolidation

               The accompanying consolidated financial statements include the
               accounts of Regency Centers Corporation, its wholly-owned
               qualified REIT subsidiaries, and partnerships in which it has
               voting control (the "Company" or "Regency"). All significant
               intercompany balances and transactions have been eliminated in
               the consolidated financial statements. The Company owns
               approximately 98% of the outstanding common units ("Units") of
               Regency Centers, L.P. ("RCLP"). Regency invests in real estate
               through its partnership interest in RCLP. Generally all of the
               acquisition, development, operations and financing activity of
               Regency, including the issuance of Units or preferred units, are
               executed by RCLP. The equity interests of third parties held in
               RCLP and the majority owned or controlled partnerships are
               included in the consolidated financial statements as preferred or
               exchangeable operating partnership units and limited partners'
               interest in consolidated partnerships. The Company is a qualified
               real estate investment trust ("REIT"), which began operations in
               1993.

               The financial statements reflect all adjustments that are of a
               normal recurring nature, and in the opinion of management, are
               necessary to properly state the results of operations and
               financial position. Certain information and footnote disclosures
               normally included in financial statements prepared in accordance
               with accounting principles generally accepted in the United
               States of America have been condensed or omitted although
               management believes that the disclosures are adequate to make the
               information presented not misleading. The financial statements
               should be read in conjunction with the financial statements and
               notes thereto included in the Company's December 31, 2002 Form
               10-K filed with the Securities and Exchange Commission.

         (b)   Revenues

               The Company leases space to tenants under agreements with varying
               terms. Leases are accounted for as operating leases with minimum
               rent recognized on a straight-line basis over the term of the
               lease regardless of when payments are due. Accrued rents are
               included in tenant receivables.

               Substantially all of the lease agreements contain provisions that
               grant additional rents based on tenants' sales volume (contingent
               or percentage rent) and reimbursement of the tenants' share of
               real estate taxes and certain common area maintenance ("CAM")
               costs. Percentage rents are recognized when the tenants achieve
               the specified targets as defined in their lease agreements and
               recovery of real estate taxes and CAM costs are recognized when
               earned.

               Service operations revenue includes management fees, commission
               income, and gains or losses from the sale of land and development
               properties without significant operations. Service operations
               revenue does not include gains or losses from the sale of
               operating properties. The Company accounts for profit recognition
               on sales of real estate in accordance with the FASB Statement No.
               66,



                                       8


                           Regency Centers Corporation

                   Notes to Consolidated Financial Statements

                               September 30, 2003


       (b)     Revenues (continued)

               "Accounting for Sales of Real Estate." In summary, profits from
               sales will not be recognized by the Company unless a sale has
               been consummated; the buyer's initial and continuing investment
               is adequate to demonstrate a commitment to pay for the property;
               the Company has transferred to the buyer the usual risks and
               rewards of ownership; and the Company does not have substantial
               continuing involvement with the property.

       (c)     Real Estate Investments

               Land, buildings and improvements are recorded at cost. All direct
               and indirect costs related to development activities are
               capitalized. Included in these costs are interest and real estate
               taxes incurred during construction as well as estimates for the
               portion of internal costs that are incremental, and deemed
               directly or indirectly related to development activity.
               Maintenance and repairs that do not improve or extend the useful
               lives of the respective assets are reflected in operating and
               maintenance expense.

               Depreciation is computed using the straight-line method over
               estimated useful lives of up to forty years for buildings and
               improvements, term of lease for tenant improvements, and three to
               seven years for furniture and equipment.

               On January 1, 2002, the Company adopted SFAS No. 144, "Accounting
               for the Impairment or Disposal of Long-Lived Assets" ("Statement
               144"). In accordance with Statement 144, operating properties
               held for sale includes only those properties available for
               immediate sale in their present condition and for which
               management believes it is probable that a sale of the property
               will be completed within one year. Operating properties held for
               sale are carried at the lower of cost or fair value less costs to
               sell. Depreciation and amortization are suspended during the
               period held for sale.

               The Company reviews its real estate portfolio for impairment
               whenever events or changes in circumstances indicate that the
               carrying amount may not be recoverable. Regency determines
               whether impairment has occurred by comparing the property's
               carrying value to an estimate of the future undiscounted cash
               flows. In the event impairment exists, assets are written down to
               fair value for held and used assets and fair value less costs to
               sell for held for sale assets. During the second quarter of 2003,
               the Company recorded a provision for loss of approximately $2
               million to adjust three operating properties to their estimated
               fair value. The fair values of the operating properties were
               determined by using prices for similar assets in their respective
               markets.

               The Company's properties generally have operations and cash flows
               that can be clearly distinguished from the rest of the Company.
               In accordance with Statement 144, the operations and gains on
               sales reported in discontinued operations include those operating
               properties and properties in development for which operations and
               cash flows can be clearly distinguished. The operations from
               these properties have been eliminated from ongoing operations and
               the Company will not have continuing involvement after
               disposition. Prior periods have been restated to reflect the
               operations of these properties as discontinued operations. The
               operations and gains on sales of operating properties sold to
               real estate partnerships in which the Company has some continuing
               involvement are included in income from continuing operations.



                                       9


                           Regency Centers Corporation

                   Notes to Consolidated Financial Statements

                               September 30, 2003


       (d)     Deferred Costs

               Deferred costs include deferred leasing costs, leasing
               intangibles acquired in business combinations and deferred loan
               costs, net of amortization. Such costs are amortized over the
               periods through lease expiration or loan maturity. Deferred
               leasing costs consist of internal and external commissions
               associated with leasing the Company's shopping centers. Leasing
               intangibles represent the allocation of purchase price to
               in-place leases of properties acquired. Net deferred leasing
               costs and leasing intangibles were $25.7 million and $26.5
               million at September 30, 2003 and December 31, 2002,
               respectively. Deferred loan costs consist of initial direct and
               incremental costs associated with financing activities. Net
               deferred loan costs were $8.6 million and $10.9 million at
               September 30, 2003 and December 31, 2002, respectively.

       (e)     Earnings per Share and Treasury stock

               Basic net income per share of common stock is computed based upon
               the weighted average number of common shares outstanding during
               the year. Diluted net income per share also includes common share
               equivalents for stock options, exchangeable operating partnership
               units, and preferred stock when dilutive. See note 7 for the
               calculation of earnings per share.

               Repurchases of the Company's common stock (net of shares retired)
               are recorded at cost and are reflected as Treasury stock in the
               consolidated statements of stockholders' equity. Outstanding
               shares do not include treasury shares.

       (f)     Stock-Based Compensation

               In December 2002, the FASB issued SFAS No. 148, "Accounting for
               Stock-Based Compensation - Transition and Disclosure" ("Statement
               148"). Statement 148 provides alternative methods of transition
               for a voluntary change to the fair value based method of
               accounting for stock-based employee compensation. In addition,
               Statement 148 amends the disclosure requirements of Statement No.
               123, "Accounting for Stock-Based Compensation" ("Statement 123"),
               to require more prominent and frequent disclosures in financial
               statements about the effects of stock-based compensation. The
               transition guidance and annual disclosure provisions of Statement
               148 are effective for fiscal years ending after December 15, 2002
               and the interim disclosure provisions are effective for periods
               beginning after December 15, 2002. As permitted under Statement
               123 and Statement 148, the Company will continue to follow the
               accounting guidelines pursuant to Accounting Principles Board
               Opinion No. 25, "Accounting for Stock Issued to Employees"
               ("Opinion 25"), for stock-based compensation and to furnish the
               pro forma disclosures as required under Statement 148.

               The Company applies Opinion 25 in accounting for its stock-based
               compensation plans, and accordingly, no compensation cost has
               been recognized for its stock options in the consolidated
               financial statements. Had the Company determined compensation
               cost based on the fair value at the grant date for its
               stock-based employee awards under Statement 123, the Company's
               net income for common stockholders for the three month and nine
               month periods ended September 30, 2003 and 2002 would have been
               reduced to the pro forma amounts indicated on the following page
               (in thousands except per share data):


                                       10


                           Regency Centers Corporation

                   Notes to Consolidated Financial Statements

                               September 30, 2003


       (f)     Stock-Based Compensation (continued)



                                                                             For the three months ended
                                                                                    September 30,
                                                                                2003            2002
                                                                                ----            ----
                                                                                             
                  Net income  for common stockholders
                    as reported:                                         $         29,769          26,690
                  Add:  stock-based employee compensation
                    expense included in reported net income                         2,918           2,127
                  Deduct:  total stock-based employee
                    compensation expense determined under
                    fair value based methods for all awards                         4,149           3,149
                                                                            -------------- ---------------
                  Pro forma net income                                   $         28,538          25,668
                                                                            ============== ===============

                   Earnings per share:
                      Basic - as reported                                $           0.52            0.46
                                                                            ============== ===============
                      Basic - pro forma                                  $           0.50            0.44
                                                                            ============== ===============

                      Diluted - as reported                              $           0.51            0.46
                                                                            ============== ===============
                      Diluted - pro forma                                $           0.49            0.44
                                                                            ============== ===============

                                                                              For the nine months ended
                                                                                    September 30,
                                                                                2003            2002
                                                                                ----            ----
                  Net income  for common stockholders
                    as reported:                                         $         73,325          73,440
                  Add:  stock-based employee compensation
                    expense included in reported net income                         8,688           6,188
                  Deduct:  total stock-based employee
                    compensation expense determined under
                    fair value based methods for all awards                        11,763           9,254
                                                                            -------------- ---------------
                  Pro forma net income                                   $         70,250          70,374
                                                                            ============== ===============

                    Earnings per share:
                      Basic - as reported                                $           1.24            1.26
                                                                            ============== ===============
                      Basic - pro forma                                  $           1.18            1.21
                                                                            ============== ===============

                      Diluted - as reported                              $           1.23            1.26
                                                                            ============== ===============
                      Diluted - pro forma                                $           1.18            1.21
                                                                            ============== ===============



                                       11


                           Regency Centers Corporation

                   Notes to Consolidated Financial Statements

                               September 30, 2003


       (g)    Consolidation of Variable Interest Entities

              In January 2003, the FASB issued Interpretation No. 46
              "Consolidation of Variable Interest Entities" ("Interpretation
              46"), which is intended to clarify the application of Accounting
              Research Bulletin No. 51, "Consolidated Financial Statements", to
              certain entities in which equity investors do not have the
              characteristics of a controlling financial interest or do not have
              sufficient equity at risk for the entity to finance its activities
              without additional subordinated financial support from other
              parties, or variable interest entities, as defined in the
              interpretation. Interpretation 46 requires that certain variable
              interest entities be consolidated into the majority variable
              interest holder's financial statements and is applicable
              immediately to all variable interest entities created after
              January 31, 2003, and as of the first interim period ending after
              December 15, 2003 to those variable interest entities created
              before February 1, 2003 and not already consolidated under
              Interpretation 46 in previously issued financial statements . The
              Company did not create any variable interest entities after
              January 31, 2003. The Company is continuing its analysis of the
              applicability of this interpretation to its structures created
              before February 1, 2003 and does not believe its adoption will
              have a material effect on the financial statements.

       (h)    Segment reporting

              The Company's business is investing in retail shopping centers
              through direct ownership or through joint ventures. The Company
              actively manages its portfolio of retail shopping centers and may
              from time to time make decisions to sell lower performing
              properties, or developments not meeting its long-term investment
              objectives. The proceeds of sales are invested into higher quality
              retail shopping centers through acquisitions or new developments,
              which management believes will meet its planned rate of return. It
              is management's intent that all retail shopping centers will be
              owned or developed for investment purposes. The Company's revenue
              and net income is generated from the operation of its investment
              portfolio. The Company will also earn incidental fees from third
              parties for services provided to manage and lease retail shopping
              centers owned through joint ventures.

              The Company's portfolio is located throughout the United States;
              however, management does not distinguish or group its operations
              on a geographical basis for purposes of allocating resources or
              measuring performance. The Company reviews operating and financial
              data for each property on an individual basis, therefore, the
              Company defines its operating segment as its individual
              properties. No individual property constitutes more than 10% of
              the Company's combined revenue, net income or assets, and thus the
              individual properties have been aggregated into one reportable
              segment based upon their similarities with regard to both the
              nature of the centers, tenants and operational processes, as well
              as, long-term average financial performance. In addition, no
              single tenant accounts for 10% or more of revenue and none of the
              shopping centers are located outside the United States.



                                       12


                           Regency Centers Corporation

                   Notes to Consolidated Financial Statements

                               September 30, 2003


       (i)    Derivative Financial Instruments

              The Company adopted SFAS No. 133 "Accounting for Derivative
              Instruments and Hedging Activities" as amended ("Statement 133"),
              on January 1, 2001. Statement 133 requires that all derivative
              instruments be recorded on the balance sheet at their fair value.
              Gains or losses resulting from changes in the values of those
              derivatives would be accounted for depending on the use of the
              derivative and whether it qualifies for hedge accounting. The
              Company uses derivative financial instruments such as interest
              rate swaps to mitigate its interest rate risk on a related
              financial instrument. Statement 133 requires that changes in fair
              value of derivatives that qualify as cash flow hedges be
              recognized in other comprehensive income (loss) while the
              ineffective portion of the derivative's change in fair value be
              recognized immediately in earnings.

              To determine the fair value of derivative instruments, the Company
              uses standard market conventions and techniques such as discounted
              cash flow analysis, option pricing models and termination costs at
              each balance sheet date. All methods of assessing fair value
              result in a general approximation of value, and such value may
              never actually be realized.

       (j)    Financial Instruments with Characteristics of both Liabilities and
              Equity

              In May 2003, the FASB issued Statement of Accounting Standards No.
              150, "Accounting for Certain Financial Instruments with
              Characteristics of both Liabilities and Equity" ("Statement 150").
              Statement 150 affects the accounting for certain financial
              instruments, including requiring companies having consolidated
              entities with specified termination dates to treat minority
              owners' interests in such entities as liabilities in an amount
              based on the fair value of the entities. Although Statement 150
              was originally effective July 1, 2003, the FASB has indefinitely
              deferred certain provisions related to classification and
              measurement requirements for mandatorily redeemable financial
              instruments that become subject to Statement 150 solely as a
              result of consolidation including minority interests of entities
              with specified termination dates. As a result, Statement 150 has
              no impact on the Company's Consolidated Statements of Operations
              for the three month and nine month periods ended September 30,
              2003.

              At September 30, 2003, the Company held a majority interest in six
              consolidated entities with specified termination dates ranging
              from 2007 to 2049. The minority owners' interests in these
              entities are to be settled upon termination by distribution of
              either cash or specific assets of the underlying entities. The
              estimated fair value of minority interests in entities with
              specified termination dates was approximately $24.8 million at
              September 30, 2003. The Company has no other financial instruments
              that currently are affected by Statement 150.

       (k)    Reclassifications

              Certain reclassifications have been made to the 2002 amounts to
              conform to classifications adopted in 2003.


                                       13


                           Regency Centers Corporation

                   Notes to Consolidated Financial Statements

                               September 30, 2003


2.     Discontinued Operations

       During 2003, the Company sold 100% of its interest in eight operating
       properties for proceeds of $57.6 million and the combined operating
       income and gain of $7.3 million on these sales are included in
       discontinued operations. The revenues from properties included in
       discontinued operations, including properties sold in 2003 and 2002, as
       well as, operating properties held for sale, were $2.5 million and $24.2
       million for the nine months ended September 30, 2003 and 2002,
       respectively. The operating income from these properties was $813,002 and
       $13.5 million for the nine months ended September 30, 2003 and 2002,
       respectively. Operating income and gains on sales included in
       discontinued operations are shown net of minority interest of
       exchangeable operating partnership units totaling $178,981 and $521,765
       for the nine months ended September 30, 2003 and 2002, respectively.

3.     Investments in Real Estate and Real Estate Partnerships

       During 2003, the Company acquired two grocery-anchored shopping centers
       for $35 million. The 2003 acquisitions were accounted for as purchases
       and the results of their operations are included in the consolidated
       financial statements from the date of the acquisition. Acquisitions
       (either individually or in the aggregate) were not significant to the
       operations of the Company in the periods in which they were acquired or
       the period preceding the acquisition.

       The Company allocates the purchase price of acquired properties to land,
       buildings, and identifiable intangible assets based on their fair values.
       The total value of intangible assets is measured based on the difference
       between the purchase price paid for the property and the value of the
       property on an "as-if vacant" basis. Management's estimates of "as-if
       vacant" value are based on replacement costs for similar properties and
       consideration of carrying costs such as real estate taxes, insurance, and
       other operating expenses and lost rentals during expected lease-up
       periods. Total intangible assets are allocated to (i) above or
       below-market lease intangibles, (ii) at-market lease intangibles
       (in-place leases) and (iii) customer relationship value, if any. Above or
       below-market lease intangibles are recorded based on the present value of
       the difference between the contractual amounts to be received on acquired
       leases and the estimated amounts that would be received for similar
       leases at current market terms. Above- and below-market lease intangibles
       are amortized to rental income over the remaining non-cancelable terms of
       the respective leases. The remaining amount of total intangible assets is
       assigned to the value of in-place leases and is amortized to expense over
       the initial term of the respective leases.

       The Company accounts for all investments in which it owns 50% or less and
       does not have a controlling financial interest using the equity method.
       The Company's combined investment in these partnerships was $133.3
       million and $125.5 million at September 30, 2003 and December 31, 2002,
       respectively. Net income, which includes all operating results, as well
       as gains and losses on sales of properties within the joint ventures, is
       allocated to the Company in accordance with the respective partnership
       agreements. Such allocations of net income are recorded in equity in
       income of investments in real estate partnerships in the accompanying
       consolidated statements of operations.

       The Company has a 25% equity interest in Macquarie CountryWide-Regency,
       LLC ("MCWR"), a joint venture with an affiliate of Macquarie CountryWide
       Trust of Australia, a Sydney, Australia-based property trust focused on
       investing in grocery-anchored shopping centers. During the nine months
       ended, September 30, 2003, MCWR acquired eight shopping centers from the
       Company for $158.7 million, for which the Company received net proceeds
       of $59.2 million. The Company


                                       14


                           Regency Centers Corporation

                   Notes to Consolidated Financial Statements

                               September 30, 2003


3.     Investments in Real Estate and Real Estate Partnerships (continued)

       holds a note receivable of $69.3 million related to the sale of three of
       the assets in September 2003. The note receivable has an interest rate of
       LIBOR plus 1.5% and matures on December 31, 2003. Since the Company has a
       continuing involvement in these properties, the development gains
       recognized by the Company on these sales represents gain recognition on
       only that portion of the sale to MCWR not owned by the Company and are
       not included in discontinued operations. The gains on these sales of
       $16.3 million are recorded in service operations revenue in the Company's
       consolidated statements of operations.

       The Company also has a 20% equity interest in Columbia Regency Retail
       Partners, LLC ("Columbia"), a joint venture with the Oregon State
       Treasury that was formed for the purpose of investing in retail shopping
       centers. During the current year, Columbia has acquired one shopping
       center for $20 million.

       With the exception of Columbia and MCWR, both of which intend to continue
       expanding their investment in shopping centers, the investments in real
       estate partnerships represent single asset entities formed for the
       purpose of developing or owning retail based commercial real estate.

       The Company's investments in real estate partnerships as of September 30,
       2003 and December 31, 2002 consist of the following (in thousands):



                                                              Ownership               2003          2002
                                                              ---------               ----          ----

                                                                                            
       Columbia Regency Retail Partners, LLC                     20%         $          39,628        42,413
       Macquarie CountryWide-Regency, LLC                        25%                    31,770        22,281
       RRG-RMC Tracy, LLC                                        50%                    23,449        23,269
       OTR/Regency Texas Realty Holdings, L.P.                   30%                    16,071        15,992
       Tinwood, LLC                                              50%                    10,232        10,983
       Regency Woodlands/Kuykendahl, Ltd.                        50%                     6,528         7,973
       Jog Road, LLC                                             50%                     3,000         2,571
       Hermosa Venture 2002, LLC                                 27%                     2,638             -
                                                                                  ------------- -------------
                                                                              $        133,316       125,482
                                                                                  ============= =============


       Summarized financial information for the unconsolidated investments on a
       combined basis, is as follows (in thousands):



                                                                       September 30,           December 31,
                                                                           2003                    2002
                                                                           ----                    ----
                                                                                                 
       Balance Sheet:
       Investment in real estate, net                            $              692,862                553,118
       Other assets                                                              53,156                 15,721
                                                                    --------------------    -------------------
             Total assets                                        $              746,018                568,839
                                                                    ====================    ===================

       Notes payable                                             $              298,132                167,071
       Other liabilities                                                         16,493                 10,386
       Equity and partners' capital                                             431,393                391,382
                                                                    --------------------    -------------------
             Total liabilities and equity                        $              746,018                568,839
                                                                    ====================    ===================


       Unconsolidated partnerships and joint ventures had notes payable of $298
       million at September 30, 2003 and the Company's proportionate share of
       these loans was $58.1 million.


                                       15


                           Regency Centers Corporation

                   Notes to Consolidated Financial Statements

                               September 30, 2003


3.     Investments in Real Estate and Real Estate Partnerships (continued)

       The revenues and expenses on a combined basis are summarized as follows
       for the three months ended September 30, 2003 and 2002:



                                                                            2003                  2002
                                                                            ----                  ----
                                                                                                  
       Statement of Operations:
       Total revenues                                            $               18,835                 9,815
       Total expenses                                                            13,384                 5,278
                                                                     -------------------    ------------------
            Net income                                           $                5,451                 4,537
                                                                     ===================    ==================

       The revenues and expenses on a combined basis are summarized as follows
       for the nine months ended September 30, 2003 and 2002:

                                                                            2003                  2002
                                                                            ----                  ----
       Statement of Operations:
       Total revenues                                            $               52,257                28,346
       Total expenses                                                            33,955                13,455
                                                                     -------------------    ------------------
            Net income                                           $               18,302                14,891
                                                                     ===================    ==================



4.     Notes Payable and Unsecured Line of Credit

       The Company's outstanding debt at September 30, 2003 and December 31,
       2002 consists of the following (in thousands):



                                                                      2003            2002
                                                                      ----            ----
                                                                                
        Notes Payable:
            Fixed rate mortgage loans                         $         233,378         229,551
            Variable rate mortgage loans                                 49,336          24,998
            Fixed rate unsecured loans                                  999,104         998,975
                                                                 --------------- ---------------
                  Total notes payable                                 1,281,818       1,253,524
        Unsecured line of credit                                        196,000          80,000
                                                                 --------------- ---------------
                 Total                                        $       1,477,818       1,333,524
                                                                 =============== ===============



       Interest rates paid on the unsecured line of credit (the "Line"), which
       are based on LIBOR plus .85%, were 1.975% and 2.2880% at September 30,
       2003 and December 31, 2002, respectively. The spread that the Company
       pays on the Line is dependent upon maintaining specific investment grade
       ratings. The Company is required to comply, and is in compliance with,
       certain financial and other covenants customary with this type of
       unsecured financing. The Line is used primarily to finance the
       acquisition and development of real estate, but is also available for
       general working capital purposes.

       Mortgage loans are secured by certain real estate properties, and may be
       prepaid, but could be subject to a yield-maintenance premium. Mortgage
       loans are generally due in monthly installments of interest and principal
       and mature over various terms through 2023. Variable interest rates on
       mortgage loans are currently based on LIBOR plus a spread in a range of
       130 to 150 basis points. Fixed interest rates on mortgage loans range
       from 5.65% to 9.5%.


                                       16


                           Regency Centers Corporation

                   Notes to Consolidated Financial Statements

                               September 30, 2003


4.     Notes Payable and Unsecured Line of Credit (continued)

       In June 2003, the Company assumed debt with a fair value of $13.3 million
       related to the acquisition of a property, which includes a debt premium
       of $797,303 based upon the above market interest rate of the debt
       instrument. The debt premium is being amortized over the term of the
       related debt instrument.

       As of September 30, 2003, scheduled principal repayments on notes payable
       and the Line were as follows (in thousands):



                                                             Scheduled
                                                             Principal      Term Loan         Total
              Scheduled Payments by Year                     Payments       Maturities       Payments
              --------------------------                   -------------- --------------- ---------------

                                                                                      
              2003                                      $          1,293          20,671          21,964
              2004 (includes the Line)                             5,344         418,604         423,948
              2005                                                 4,156         172,732         176,888
              2006                                                 3,476          24,094          27,570
              2007                                                 2,891          25,696          28,587
              Beyond 5 Years                                      24,725         768,291         793,016
              Unamortized debt premiums                                -           5,845           5,845
                                                           -------------- --------------- ---------------
                   Total                                $         41,885       1,435,933       1,477,818
                                                           ============== =============== ===============


5.     Derivative Financial Instruments

       The Company is exposed to capital market risk, such as changes in
       interest rates. In order to manage the volatility relating to interest
       rate risk, the Company may enter into interest rate hedging arrangements
       from time to time. The Company does not utilize derivative financial
       instruments for trading or speculative purposes. The Company accounts for
       derivative instruments under Statement of Financial Accounting Standard
       No. 133, "Accounting for Derivative Instruments and Hedging Activities"
       as amended ("Statement 133").

       In July and September, 2003, the Company entered into two
       forward-starting interest rate swaps of $96.5 million and $47.7 million,
       respectively. The Company designated the $144.2 million swaps as hedges
       to effectively fix the rate on a refinancing expected in April 2004. The
       fair value of the swaps was a liability of $1.7 million as of September
       30, 2003, and is recorded in accounts payable and other liabilities in
       the accompanying balance sheet. The swaps qualify for hedge accounting
       under Statement 133; therefore, changes in fair value are recorded in
       other comprehensive income (loss). No hedge ineffectiveness has been
       incurred and recognized to date on these swaps. Amounts reported in
       accumulated other comprehensive income (loss) related to these swaps will
       be reclassified to interest expense as interest payments are made on the
       forecasted refinancing.



                                       17


                           Regency Centers Corporation

                   Notes to Consolidated Financial Statements

                               September 30, 2003


6.     Stockholders' Equity and Minority Interest

       (a)     The Company, through RCLP, has issued Cumulative Redeemable
               Preferred Units ("Preferred Units") in various amounts since
               1998. The issues were sold primarily to institutional investors
               in private placements for $100 per unit. The Preferred Units,
               which may be called by RCLP at par after certain dates, have no
               stated maturity or mandatory redemption, and pay a cumulative,
               quarterly dividend at fixed rates. At any time after ten years
               from the date of issuance, the Preferred Units may be exchanged
               by the holder for Cumulative Redeemable Preferred Stock
               ("Preferred Stock") at an exchange rate of one share for one
               unit. The Preferred Units and the related Preferred Stock are not
               convertible into common stock of the Company. The net proceeds of
               these offerings were used to reduce the Line. At September 30,
               2003 and December 31, 2002, the face value of total Preferred
               Units issued was $229 million and $384 million, respectively with
               an average fixed distribution rate of 8.88% and 8.72%,
               respectively.

               During the third quarter of 2003, the Company redeemed $80
               million of Series A 8.125% Preferred Units which was funded from
               proceeds from the stock offering completed on August 18, 2003 and
               described below. At the time of the redemption, $1.2 million of
               previously deferred costs related to the original preferred
               units' issuance were recognized in the consolidated statements of
               operations as a component of minority interest preferred unit
               distributions. During the first quarter of 2003, the Company
               redeemed $35 million of Series C 9% Preferred Units and $40
               million of Series E 8.75% Preferred Units. The redemptions were
               portions of each series and the Company paid a 1% premium on the
               face value of the redeemed units totaling $750,000. At the time
               of redemption, the premium and $1.9 million of previously
               deferred costs related to the original preferred units' issuance
               were recognized in the consolidated statements of operations as a
               component of minority interest preferred unit distributions. The
               redemption of the Series C and E units was funded from proceeds
               from the Line.

               Terms and conditions of the Preferred Units outstanding as of
               September 30, 2003 are summarized as follows:



                   Units              Issue                 Amount       Distribution       Callable        Exchangeable
   Series       Outstanding           Price              Outstanding         Rate          by Company       by Unitholder
- ----------------------------------------------------------------------------------------------------------------------------

                                                                                            
Series B              850,000        100.00               85,000,000        8.750%          09/03/04          09/03/09
Series C              400,000        100.00               40,000,000        9.000%          09/03/04          09/03/09
Series D              500,000        100.00               50,000,000        9.125%          09/29/04          09/29/09
Series E              300,000        100.00               30,000,000        8.750%          05/25/05          05/25/10
Series F              240,000        100.00               24,000,000        8.750%          09/08/05          09/08/10
               ---------------                      -----------------
                    2,290,000                    $       229,000,000
               ===============                      =================


       (b)     On August 18, 2003, we issued 3,600,000 shares of common stock at
               $35.96 per share in a public offering.

               Until June 24, 2003, Security Capital beneficially owned
               34,273,236 shares, representing 56.6% of the voting stock
               outstanding of Regency. On June 24, 2003, Security Capital sold
               common stock through (1) an underwritten public offering (the
               "Secondary Offering"), and (2) the sale of shares to Regency
               pursuant to a Purchase and Sale Agreement dated


                                       18


                           Regency Centers Corporation

                   Notes to Consolidated Financial Statements

                               September 30, 2003


6.     Stockholders' Equity and Minority Interest (continued)


       (b)     June 11, 2003 (the "Purchase and Sale Agreement"), and also
               agreed to sell the balance of the shares pursuant to forward
               sales contracts.

               Security Capital sold 9,666,356 shares of common stock in the
               Secondary Offering. On June 24, 2003, it also sold 4,606,880
               shares of common stock to Regency at the public offering price of
               $32.56 per share pursuant to the Purchase and Sale Agreement. The
               purchase price of $150 million was funded from the Company's
               Line. Currently, Security Capital owns 12,186,667 shares of
               common stock (constituting approximately 20.4% of Regency's
               outstanding common stock) all of which are subject to forward
               sales contracts. Upon settlement of all of the forward sales
               contracts, which provide for settlement at various times during
               the first half of 2004, or earlier at the election of Security
               Capital, they will no longer own any shares of Regency common
               stock, unless Security Capital elects to settle one or more of
               the forward contracts in cash rather than by delivery of shares
               of common stock.


               Concurrently with the closing of the Secondary Offering and the
               sale of common stock to Regency, Security Capital and Regency
               terminated the Stockholders Agreement dated as of July 10, 1996,
               as amended. This termination was pursuant to an Agreement
               Relating to Disposition of Shares dated as of June 11, 2003 (the
               "Disposition Agreement"). Under the Disposition Agreement,
               Security Capital also agreed that, following the closing of the
               Secondary Offering, it will vote any shares of common stock that
               are subject to forward contracts and over which it has voting
               power in the same proportion as shares are voted by other
               shareholders of Regency. In addition, Security Capital agreed
               that, if it settles forward contracts in cash rather than shares,
               within 100 trading days thereafter, it will sell a sufficient
               number of shares so that it will no longer beneficially own
               shares with a value in excess of 7% of the total value of
               Regency's capital stock.


               Security Capital also agreed in the Disposition Agreement to
               waive the special ownership limit created for it in Regency's
               articles of incorporation. Once Security Capital reduces its
               ownership to 7% or less after the forward contracts settle in
               2004, it will be subject to the same 7% ownership limit in
               Regency's articles of incorporation that applies to other
               shareholders.


       (c)     During the first quarter of 2003, the holder of the Series 2
               preferred stock converted all of its remaining 450,400 preferred
               shares into common stock at a conversion ratio of 1:1.

       (d)     On April 3, 2003, the Company received proceeds from a $75
               million offering of 3,000,000 depositary shares representing
               300,000 shares of Series 3 Cumulative Redeemable Preferred Stock.
               The depositary shares are not convertible into common stock of
               the Company and are redeemable at par upon Regency's election on
               or after April 3, 2008, pay a 7.45% annual dividend and have a
               liquidation value of $25 per depositary share. The proceeds from
               this offering were used to reduce the Line.


                                       19


                           Regency Centers Corporation

                   Notes to Consolidated Financial Statements

                               September 30, 2003


7.     Earnings per Share

       The following summarizes the calculation of basic and diluted earnings
       per share for the three months ended September 30, 2003 and 2002 (in
       thousands except per share data):



                                                                          2003                 2002
                                                                          ----                 ----
                                                                                              
         Numerator:
         Income from continuing operations                       $             28,254               21,830
         Discontinued operations                                                2,912                5,619
                                                                    ------------------   ------------------
         Net income                                                            31,166               27,449
         Less: Preferred stock dividends                                        1,397                  759
                                                                    ------------------   ------------------
         Net income for common stockholders - Basic                            29,769               26,690
         Add:  Minority interest of exchangeable operating
           partnership units - continuing operations                              679                  549
         Minority interest of exchangeable operating
            partnership units - discontinued operations                            71                  141
                                                                    ------------------   ------------------
         Net income for common stockholders - Diluted            $             30,519               27,380
                                                                    ==================   ==================

         Denominator:
         -------------
         Weighted average common shares
           outstanding for Basic EPS                                           57,647               58,344
         Exchangeable operating partnership units                               1,432                1,513
         Incremental shares to be issued under common
           stock options using the Treasury stock method                          363                  313
                                                                    ------------------   ------------------
         Weighted average common shares outstanding
          for Diluted EPS                                                      59,442               60,170
                                                                    ==================   ==================

         Income per common share - Basic
         Income from continuing operations                       $               0.47                 0.36
         Discontinued operations                                 $               0.05                 0.10
                                                                    ------------------   ------------------
         Net income for common stockholders
           per share                                             $               0.52                 0.46
                                                                    ==================   ==================

         Income per common share - Diluted
         Income from continuing operations                       $               0.46                 0.36
         Discontinued operations                                 $               0.05                 0.10
                                                                    ------------------   ------------------
         Net income for common stockholders
           per share                                             $               0.51                 0.46
                                                                    ==================   ==================


       The Series 2 preferred stock is not included in the above calculation for
       periods prior to the conversion in the first quarter of 2003 and the
       fourth quarter of 2002 because its effects were anti-dilutive.



                                       20


                           Regency Centers Corporation

                   Notes to Consolidated Financial Statements

                               September 30, 2003


7.     Earnings per Share (continued)

       The following summarizes the calculation of basic and diluted earnings
       per share for the nine months ended September 30, 2003 and 2002 (in
       thousands except per share data):



                                                                          2003                 2002
                                                                          ----                 ----
                                                                                              
         Numerator:
         Income from continuing operations                       $             68,772               54,941
         Discontinued operations                                                7,310               20,775
                                                                    ------------------   ------------------
         Net income                                                            76,082               75,716
         Less: Preferred stock dividends                                        2,757                2,276
                                                                    ------------------   ------------------
         Net income for common stockholders - Basic                            73,325               73,440
         Add:  Minority interest of exchangeable operating
           partnership units - continuing operations                            1,663                1,400
         Minority interest of exchangeable operating
            partnership units - discontinued operations                           179                  522
                                                                    ------------------   ------------------
         Net income for common stockholders - Diluted            $             75,167               75,362
                                                                    ==================   ==================

         Denominator:
         -------------
         Weighted average common shares
           outstanding for Basic EPS                                           59,302               58,084
         Exchangeable operating partnership units                               1,464                1,524
         Incremental shares to be issued under common
           stock options using the Treasury stock method                          395                  172
                                                                    ------------------   ------------------
         Weighted average common shares outstanding
           for Diluted EPS                                                     61,161               59,780
                                                                    ==================   ==================

         Income per common share - Basic
         Income from continuing operations                       $               1.12                 0.90
         Discontinued operations                                 $               0.12                 0.36
                                                                    ------------------   ------------------
         Net income for common stockholders
           per share                                             $               1.24                 1.26
                                                                    ==================   ==================

         Income per common share - Diluted
         Income from continuing operations                       $               1.11                 0.90
         Discontinued operations                                 $               0.12                 0.36
                                                                    ------------------   ------------------
         Net income for common stockholders
           per share                                             $               1.23                 1.26
                                                                    ==================   ==================


       The Series 2 preferred stock is not included in the above calculation for
       periods prior to the conversion in the first quarter of 2003 and the
       fourth quarter of 2002 because its effects were anti-dilutive.


                                       21


Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations

         In addition to historical information, the following information
contains forward-looking statements under the federal securities laws. These
statements are based on current expectations, estimates and projections about
the industry and markets in which Regency operates, and 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; the ability to obtain governmental approvals; and
meeting development schedules. The following discussion should be read in
conjunction with the accompanying Consolidated Financial Statements and Notes
thereto of Regency Centers Corporation ("Regency" or "Company") appearing
elsewhere within.

Organization
- ------------

         Regency is a qualified real estate investment trust ("REIT"), which
began operations in 1993. We invest in retail shopping centers through our
partnership interest in Regency Centers, L.P. ("RCLP"), an operating partnership
in which Regency currently owns approximately 98% of the outstanding common
partnership units ("Common Units"). Regency's acquisition, development,
operations and financing activities, including the issuance of Common Units or
Cumulative Redeemable Preferred Units ("Preferred Units"), are generally
executed by RCLP.

Shopping Center Business
- ------------------------

          We are a national owner, operator and developer of grocery-anchored
neighborhood retail shopping centers. A list of our shopping centers including
those partially owned through joint ventures, summarized by state and in order
of largest holdings, including their gross leasable areas ("GLA") follows:



                                     September 30, 2003                               December 31, 2002
                                     ------------------                               -----------------
      Location           # Properties           GLA         % Leased       # Properties           GLA         % Leased
      --------           ------------           ---         --------       ------------           ---         --------
                                                                                            
Florida                       50              5,934,025       94.1%             53              6,193,550      91.9%
California                    46              5,489,582       94.5%             43              5,125,030      99.1%
Texas                         41              5,310,463       89.1%             40              5,123,197      93.6%
Georgia                       23              2,256,018       94.2%             24              2,437,712      93.9%
Ohio                          14              1,901,537       89.7%             14              1,901,684      91.4%
Colorado                      14              1,622,717       87.3%             15              1,538,570      98.0%
North Carolina                10              1,050,043       98.8%             12              1,225,201      97.6%
Virginia                      8               1,008,792       98.9%              7                872,796      96.8%
Washington                    9               1,020,514       96.2%              9                986,374      98.9%
Oregon                        8                 841,998       92.3%              9                822,115      93.7%
Alabama                       8                 698,235       87.0%              7                644,896      94.3%
Arizona                       5                 501,005       94.4%              6                525,701      96.3%
Tennessee                     6                 444,234       98.0%              6                444,234      95.3%
Illinois                      3                 408,211       95.9%              2                300,477      96.1%
South Carolina                5                 339,926       94.0%              5                339,256      99.1%
Kentucky                      3                 319,875       96.2%              2                304,659      96.6%
Michigan                      4                 368,260       86.9%              3                279,265      92.6%
Delaware                      2                 240,418       99.5%              2                240,418      99.0%
New Jersey                    1                  88,993       86.6%              1                 88,993        -
Missouri                      1                  82,498       92.9%              1                 82,498      92.9%
Pennsylvania                  1                   6,000      100.0%              1                  6,000     100.0%
                       ---------------------------------------------------------------------------------------------------
    Total                    262             29,933,344       92.9%             262            29,482,626      91.5%
                       ===================================================================================================



                                       22


          We are focused on building a portfolio of grocery-anchored
neighborhood shopping centers that are positioned to withstand adverse economic
conditions by providing consumers with convenient shopping for daily necessities
and adjacent local tenants with foot traffic. Regency's current investment
markets are stable, and we expect to realize growth in net income as a result of
increasing occupancy in the portfolio, increasing rental rates, development and
acquisition of shopping centers in targeted markets, and redevelopment of
existing shopping centers.

          The following table summarizes the four largest grocery-tenants
occupying our shopping centers, including those partially owned through joint
ventures at September 30, 2003:



                                                           Percentage of      Percentage of
                     Grocery              Number of           Company-         Annualized
                     Anchor               Stores (a)         owned GLA         Base Rent
                     ------               ----------       -------------      -------------

                                                                         
                    Kroger                    61               12.0%              8.7%
                    Publix                    54               8.4%               5.3%
                    Safeway                   47               6.0%               4.7%
                    Albertsons                25               3.2%               2.4%


         (a) Includes grocery-tenant-owned stores

Acquisition and Development of Shopping Centers
- -----------------------------------------------

         We have implemented a growth strategy dedicated to developing and
acquiring high-quality shopping centers. Our development program makes a
significant contribution to our overall growth. Development is customer-driven,
meaning we generally have an executed lease from the grocery-anchor before we
begin construction. Developments serve the growth needs of our grocery and
specialty retail customers, result in modern shopping centers with long-term
leases from grocery and other anchors, and produce either attractive returns on
invested capital or profits from sale. This development process can require up
to 36 months from initial land or redevelopment acquisition through
construction, lease-up and stabilization, depending upon the size and type of
project. Generally, anchor tenants begin operating their stores prior to
construction completion of the entire center, resulting in rental income during
the development phase.

         At September 30, 2003, we had 34 projects under construction or
undergoing major renovations, which, when completed, are expected to represent
an investment of $590.5 million before the estimated reimbursement of certain
tenant-related costs and projected sales proceeds from adjacent land and
out-parcels of $139.5 million. Costs necessary to complete these developments
will be $208.3 million, are generally already committed as part of existing
construction contracts, and will be expended through 2005. These developments
are approximately 65% complete and 81% pre-leased.

         We have a 20% equity interest in and serve as property manager for
Columbia Regency Retail Partners, LLC ("Columbia"), a joint venture with the
Oregon State Treasury that was formed for the purpose of investing in retail
shopping centers. At September 30, 2003, Columbia owned 13 shopping centers and
had total assets of $311.1 million. Columbia has acquired one shopping center
for $20 million during 2003.

         We have a 25% equity interest in and serve as property manager for
  Macquarie CountryWide-Regency, LLC ("MCWR"), a joint venture with an affiliate
  of Macquarie CountryWide Trust of Australia, a Sydney, Australia based
  property trust focused on investing in grocery-anchored shopping centers.
  During 2003, MCWR acquired eight shopping centers from the Company for $158.7
  million, for which we received net proceeds of $59.2 million and a note
  receivable of $69.3 million with a rate of LIBOR plus 1.5% maturing on
  December 31, 2003. MCWR is currently in the process of placing third-party
  fixed-rate mortgages on the properties, the proceeds of which will be used to
  repay the note receivable. We recognized gains on these development sales of
  $16.3 million recorded as service operations revenue. The recognition of gain
  is recorded on only that portion of the sale to MCWR not attributable to our
  25% joint venture interest. The gain is not recorded as discontinued
  operations because of our continuing


                                       23


  involvement in these shopping centers.  Also during 2003, MCWR sold a shopping
  center to a third party for $9.4 million. At September 30, 2003, MCWR owned 23
  shopping centers and had total assets of $333.8 million.

         Columbia and MCWR intend to continue to acquire retail shopping
centers, some of which they may acquire directly from us. For those properties
acquired from third parties, Regency is required to provide its pro rata share
of the purchase price.

Liquidity and Capital Resources
- -------------------------------

         We expect that the cash generated from revenues will provide the
necessary funds on a short-term basis to pay our operating expenses, interest
expense, scheduled principal payments on outstanding indebtedness, recurring
capital expenditures necessary to maintain our shopping centers properly, and
distributions to stock and unit holders. Net cash provided by operating
activities was $157.8 million and $131.3 million for the nine months ended
September 30, 2003 and 2002, respectively. During the first nine months of 2003
and 2002, respectively, we incurred capital expenditures of $11.4 million and
$12 million to improve our shopping center portfolio, paid scheduled principal
payments of $4.4 million and $4.2 million to our lenders, and paid dividends and
distributions of $119.6 million and $118.6 million to our share and unit
holders.

         Although base rent is supported by long-term lease contracts, tenants
who file bankruptcy have the ability to cancel their leases and close the
related stores. In the event that a tenant with a significant number of leases
in our shopping centers files bankruptcy and cancels its leases, we could
experience a significant reduction in our revenues. We are not currently aware
of any current or pending bankruptcy of any of our tenants that would cause a
significant reduction in our revenues, and no tenant represents more than 10% of
our annual base-rental revenues.

         We expect to meet long-term capital requirements for maturing preferred
units and debt, the acquisition of real estate, and the renovation or
development of shopping centers from: (i) cash generated from operating
activities after the payments described above, (ii) proceeds from the sale of
real estate, (iii) joint venturing of real estate, (iv) refinancing of debt, and
(v) equity raised in the private or public markets. Additionally, the Company
has the right to call and repay at par outstanding preferred units five years
after their issuance date, at the Company's discretion.

         We are exposed to capital market risk, such as changes in interest
rates. In order to manage the volatility relating to interest rate risk, we may
enter into interest rate hedging arrangements from time to time. We do not
utilize derivative financial instruments for trading or speculative purposes. We
account for derivative instruments under Statement of Financial Accounting
Standard No. 133, "Accounting for Derivative Instruments and Hedging Activities"
as amended ("Statement 133").

         We have $200 million of 7.4% unsecured debt maturing April 1, 2004. In
July and September, 2003, we entered into two forward-starting interest rate
swaps of $96.5 million and $47.7 million, respectively. We designated the
aggregate $144.2 million swaps as a hedge to effectively fix the rate on
financing expected in April, 2004. The fair value of the swaps was a liability
of $1.7 million as of September 30, 2003, and is recorded in accounts payable
and other liabilities in the accompanying balance sheet. The swaps qualify for
hedge accounting under Statement 133; therefore, changes in fair value are
recorded in other comprehensive income (loss). No hedge ineffectiveness has been
incurred and recognized to date on these swaps. Amounts reported in accumulated
other comprehensive income (loss) related to these swaps will be reclassified to
interest expense as interest payments are made on the related debt.

         On August 18, 2003, we issued 3,600,000 shares of common stock at
$35.96 per share in a public offering. The proceeds of $129.5 million were used
to pay offering costs, redeem $80 million or 100% of the Series A Preferred
Units and the balance to reduce the Line. At the time of the redemption, $1.2
million of previously deferred costs related to the original preferred units'
issuance were recognized in the consolidated statement of operations as a
component of minority interest preferred unit distributions.


                                       24


         On June 24, 2003, we purchased 4,606,880 shares of common stock for
$150 million from Security Capital pursuant to a Purchase and Sale Agreement
dated June 11, 2003. The purchase was funded from the Line and the shares are
held as Treasury shares.

       On April 3, 2003, we received proceeds from a $75 million offering of
3,000,000 depositary shares representing Series 3 Cumulative Redeemable
Preferred Stock. The depositary shares are not convertible into common stock of
the Company and are redeemable at par upon Regency's election on or after April
3, 2008, pay a 7.45% annual dividend and have a liquidation value of $25 per
depositary share.

         During the first quarter, we redeemed $35 million of Series C 9%
Preferred Units and $40 million of Series E 8.75% Preferred Units in a
negotiated transaction. The redemptions were portions of each series and we paid
a 1% premium on the face value of the redeemed units totaling $750,000 which is
recorded as minority interest preferred units. At the time of redemption, the
premium and $1.9 million of previously deferred costs related to the original
preferred units' issuance were recognized in the consolidated statement of
operations as a component of minority interest preferred unit distributions. The
redemption was funded from proceeds from the Line.

         Our commitment to maintaining a high-quality portfolio dictates that we
continually assess the value of all of our properties and sell to third parties
those operating properties that no longer meet our long-term investment
standards. We may also sell a portion of an operating or development property to
one of our joint ventures, which may provide Regency with a capital source for
new development and acquisitions. By selling a property to a joint venture,
Regency owns less than 100% of the property, generally 20% to 50%, and shares
the risks and rewards of the property with its partner.

         Proceeds from the sale or joint venturing of properties are included in
net investing activities on the Consolidated Statements of Cash Flows. During
2003 net proceeds from the sale or joint venturing of real estate was $138.8
million, compared to $265.1 million during the first nine months of 2002. Net
cash used in investing activities was $74.1 million for the nine months ended
September 30, 2003. Net cash provided by investing activities was $45.6 million
for the nine months ended September 30, 2002. Net cash used in financing
activities was $94.3 million and $157.9 million for the nine months ended
September 30, 2003 and 2002, respectively.

Outstanding debt at September 30, 2003 and December 31, 2002 consists of the
following (in thousands):



                                                                             2003            2002
                                                                             ----            ----
                                                                                       
                Notes Payable:
                    Fixed-rate mortgage loans                         $        233,378         229,551
                    Variable-rate mortgage loans                                49,336          24,998
                    Fixed-rate unsecured loans                                 999,104         998,975
                                                                         -------------- ---------------
                          Total notes payable                                1,281,818       1,253,524
                Unsecured line of credit                                       196,000          80,000
                                                                         -------------- ---------------
                         Total                                        $      1,477,818       1,333,524
                                                                         ============== ===============


         Mortgage loans are secured by certain real estate properties, and may
be prepaid, but could be subject to a yield-maintenance premium. Mortgage loans
are generally due in monthly installments of interest and principal, and mature
over various terms through 2023. Variable interest rates on mortgage loans are
currently based on LIBOR plus a spread in a range of 130 to 150 basis points.
Fixed interest rates on mortgage loans range from 5.65% to 9.5%.

         Interest rates paid on the Line, which are based on LIBOR plus .85%, at
September 30, 2003 and December 31, 2002 were 1.975% and 2.288%, respectively.
The spread that we pay on the Line is dependent upon maintaining specific
investment-grade ratings. We are also required to comply, and are in compliance,
with certain financial and other covenants customary with this type of unsecured
financing.


                                       25


The Line is used primarily to finance the acquisition and development
of real estate, but is also available for general working-capital purposes.

         As of September 30, 2003, scheduled principal repayments on notes
payable and the Line were as follows (in thousands):



                                                               Scheduled
                                                               Principal      Term-Loan         Total
              Scheduled Payments by Year                       Payments       Maturities       Payments
              --------------------------                     -------------- --------------- ---------------

                                                                                      
              2003                                      $          1,293          20,671          21,964
              2004 (includes the Line)                             5,344         418,604         423,948
              2005                                                 4,156         172,732         176,888
              2006                                                 3,476          24,094          27,570
              2007                                                 2,891          25,696          28,587
              Beyond five years                                   24,725         768,291         793,016
              Unamortized debt premiums                                0           5,845           5,845
                                                             -------------- --------------- ---------------
                   Total                                $         41,885       1,435,933       1,477,818
                                                             ============== =============== ===============


         Unconsolidated partnerships and joint ventures in which we have an
investment had notes and mortgage loans payable of $298.1 million at September
30, 2003 and the Company's proportionate share of these loans was $58.1 million.

         RCLP has issued Preferred Units in various amounts since 1998, the net
proceeds of which we used to reduce the balance of the Line. RCLP sold the
issues primarily to institutional investors in private placements. The Preferred
Units, which may be called by RCLP after certain dates ranging from 2004 to
2005, have no stated maturity or mandatory redemption, and they pay a
cumulative, quarterly dividend at fixed rates ranging from 8.75% to 9.125%. At
any time after 10 years from the date of issuance, the Preferred Units may be
exchanged by the holders for Cumulative Redeemable Preferred Stock ("Preferred
Stock") at an exchange rate of one share for one unit. The Preferred Units and
the related Preferred Stock are not convertible into Regency common stock. At
September 30, 2003 and December 31, 2002 the face value of total Preferred Units
issued was $229 million and $384 million, respectively with an average fixed
distribution rate of 8.88% and 8.72%, respectively.

         We intend to continue growing our portfolio through acquisitions and
developments, either directly or through our joint venture relationships.
Because acquisition and development activities are discretionary in nature, they
are not expected to burden the capital resources we have currently available for
liquidity requirements. Regency expects that cash provided by operating
activities, unused amounts available under the Line, and cash reserves are
adequate to meet liquidity requirements.

Critical Accounting Policies and Estimates
- ------------------------------------------

         Knowledge about our accounting policies is necessary for a complete
understanding of our financial results, and discussions and analysis of these
results. The preparation of our financial statements requires that we make
certain estimates that impact the balance of assets and liabilities at a
financial statement date and the reported amount of income and expenses during a
financial reporting period. These accounting estimates are based upon our
judgments and are considered to be critical because of their significance to the
financial statements and the possibility that future events may differ from
those judgments, or that the use of different assumptions could result in
materially different estimates. We review these estimates on a periodic basis to
ensure reasonableness. However, the amounts we may ultimately realize could
differ from such estimates.

         Capitalization of Costs - We have an investment services group with an
established infrastructure that supports the due diligence, land acquisition,
construction, leasing and accounting of our development properties. All direct
and indirect costs related to these activities are capitalized. Included in
these costs are interest and real estate taxes incurred during construction as
well as estimates for the portion of internal costs that are incremental, and
deemed directly or indirectly related to our development activity. If future
accounting standards limit the amount of internal costs that may be capitalized,
or if our


                                       26


development activity were to decline significantly without a proportionate
decrease in internal costs, we could incur a significant increase in our
operating expenses.

         Valuation of Real Estate Investments - Our long-lived assets, primarily
real estate held for investment, are carried at cost unless circumstances
indicate that the carrying value of the assets may not be recoverable. We review
long-lived assets for impairment whenever events or changes in circumstances
indicate such an evaluation is warranted. The review involves a number of
assumptions and estimates used in determining whether impairment exists.
Depending on the asset, we use varying methods such as i) estimating future cash
flows, ii) determining resale values by market, or iii) applying a
capitalization rate to net operating income using prevailing rates in a given
market. These methods of determining fair value can fluctuate up or down
significantly as a result of a number of factors including changes in the
general economy of those markets in which we operate, tenant credit quality, and
demand for new retail stores. If we determine that impairment exists due to the
inability to recover an asset's carrying value, a provision for loss is recorded
to the extent that the carrying value exceeds estimated fair value.

         Discontinued Operations - The application of current accounting
principles that govern the classification of any of our properties as held for
sale on the balance sheet, or the presentation of results of operations and
gains on the sale of these properties as discontinued, requires management to
make certain significant judgments. In evaluating whether a property meets the
criteria set forth in FASB Statement No. 144 "Accounting for the Impairment and
Disposal of Long-Lived Assets" ("Statement 144"), the Company makes a
determination as to the point in time that it can be reasonably certain that a
sale will be consummated. Given the nature of all real estate sales contracts,
not only those entered into by the Company, it is not unusual for such contracts
to allow potential buyers a period of time to evaluate the property prior to
formal acceptance of the contract. In addition, certain other matters critical
to the final sale, such as financing arrangements, often remain pending even
upon contract acceptance. As a result, properties under contract may not close
within the expected time period, if at all. Due to these uncertainties, it is
not likely that the Company can meet the criteria of Statement 144 prior to the
sale formally closing. Therefore, any properties categorized as held for sale
represent only those properties that management has determined are probable to
close within the requirements set forth in Statement 144. The Company also makes
judgments regarding the extent of involvement it will have with a property
subsequent to its sale, in order to determine if the results of operations and
gain/loss on sale should be reflected as discontinued. Consistent with Statement
144, any property sold to an entity in which the Company has significant
continuing involvement (most often joint ventures) are not considered to be
discontinued. In addition, any property which the Company sells to an unrelated
third party, but retains a property or asset management function, are also not
considered discontinued. Thus, only properties sold, or to be sold, to unrelated
third parties for which the Company, in its judgment, has no continuing
involvement are classified as discontinued.

         Income Tax Status - The prevailing assumption underlying the operation
of our business is that we will continue to operate so as to qualify as a REIT,
defined under the Internal Revenue Code. Certain income and asset tests are
required to be met on a periodic basis to ensure we continue to qualify as a
REIT. As a REIT, we are allowed to reduce taxable income by all or a portion of
our distributions to stockholders. As we evaluate each transaction entered into,
we determine the impact that these transactions will have on our REIT status.
Determining our taxable income, calculating distributions, and evaluating
transactions requires us to make certain judgments and estimates as to the
positions we take in our interpretation of the Internal Revenue Code. Because
many types of transactions are susceptible to varying interpretations under
federal and state income tax laws and regulations, our positions are subject to
change at a later date upon final determination by the taxing authorities.

New Accounting Pronouncements
- -----------------------------

         In January 2003, the FASB issued Interpretation No. 46 "Consolidation
 of Variable Interest Entities" ("Interpretation 46"), which is intended to
 clarify the application of Accounting Research Bulletin No. 51, "Consolidated
 Financial Statements", to certain entities in which equity investors do not
 have the characteristics of a controlling financial interest or do not have
 sufficient equity at risk for the entity to finance its activities without
 additional subordinated financial support from other parties, or variable


                                       27


 interest entities, as defined in the interpretation. Interpretation 46 requires
 that certain variable interest entities be consolidated into the majority
 variable interest holder's financial statements and is applicable immediately
 to all variable interest entities created after January 31, 2003, and as of the
 first interim period ending after December 15, 2003 to those variable interest
 entities created before February 1, 2003 and not already consolidated under
 Interpretation 46 in previously issued financial statements. The Company did
 not create any variable interest entities after January 31, 2003. The Company
 is continuing its analysis of the applicability of this interpretation to its
 structures created before February 1, 2003 and does not believe its adoption
 will have a material effect on the financial statements.

         In May 2003, the FASB issued Statement of Accounting Standards No. 150,
 "Accounting for Certain Financial Instruments with Characteristics of both
 Liabilities and Equity" ("Statement 150"). Statement 150 affects the accounting
 for certain financial instruments, including requiring companies having
 consolidated entities with specified termination dates to treat minority owners
 interests in such entities as liabilities in an amount based on the fair value
 of the entities. Although Statement 150 was originally effective July 1, 2003,
 the FASB has indefinitely deferred certain provisions related to classification
 and measurement requirements for mandatorily redeemable financial instruments
 that become subject to Statement 150 solely as a result of consolidation
 including minority interests of entities with specified termination dates. As a
 result, Statement 150 has no impact on the Company's consolidated statements of
 operations for the three month and nine month periods ended September 30, 2003.

         At September 30, 2003, the Company held a majority interest in six
 consolidated entities with specified termination dates ranging from 2007 to
 2049. The minority owners' interests in these entities are to be settled upon
 termination by distribution of either cash or specific assets of the underlying
 entities. The estimated fair value of minority interests in entities with
 specified termination dates was approximately $24.8 million at September 30,
 2003. The Company has no other financial instruments that currently are
 affected by Statement 150.

Results from Operations
- -----------------------

Comparison of the nine months ended September 30, 2003 to September 30, 2002

         At September 30, 2003, we were operating or developing 262 shopping
centers. We identify our shopping centers as either development properties or
stabilized properties. Development properties are defined as properties that are
in the construction and initial lease-up process and are not yet fully leased
(fully leased generally means greater than 90% leased) or occupied. Stabilized
properties are those properties that are generally greater than 90% leased and,
if they were developed, are more than three years beyond their original
development start date. At September 30, 2003, we had 228 stabilized shopping
centers that were 95.3% leased.

         Revenues increased $30.4 million, or 11.1%, to $304.6 million in 2003.
This increase was due primarily to our realization of a full year of revenues
from new 2002 developments and from growth in rental rates of the operating
properties. In 2003, rental rates grew by 10% from renewal leases and new leases
replacing previously occupied spaces in the stabilized properties. Minimum rent
increased $10.7 million, or 5.4%, and recoveries from tenants increased $3.8
million, or 6.5%.

         Service operations revenue includes management fees, commission income,
and gains or losses from the sale of land and development properties without
significant operations. Service operations revenue does not include gains or
losses from the sale of non-development operating properties. The Company
accounts for profit recognition on sales of real estate in accordance with FASB
Statement No. 66, "Accounting for Sales of Real Estate." Profits from sales of
real estate will not be recognized by the Company unless a sale has been
consummated; the buyer's initial and continuing investment is adequate to
demonstrate a commitment to pay for the property; the Company has transferred to
the buyer the usual risks and rewards of ownership; and the Company does not
have substantial continuing involvement with the property.


                                       28


         Service operations revenue increased $14.2 million to $26.6 million in
2003, or 113.9%. The increase was primarily due to a $10.8 million increase in
development profits during 2003 primarily from the sale of development
properties to MCWR joint venture, a $1.5 million increase in gains from the sale
of land and outparcels and a $1.8 million increase in management fees primarily
related to the increased assets of Columbia and MCWR joint ventures.

         Operating expenses increased $13 million, or 9.9%, to $144.2 million in
2003. Combined operating, maintenance, and real estate taxes increased $5.2
million, or 8.1%, during 2003 to $70 million. The increase was primarily due to
new developments that incurred expenses for only a portion of the previous year,
and general increases in operating expenses on the stabilized properties.
General and administrative expenses were $16.4 million during 2003 compared with
$15.6 million in 2002, or 5.5% higher, as a result of general salary and benefit
increases. Depreciation and amortization increased $6 million during 2003
related to the construction completion of development properties and placing
them in service.

         We review our real estate portfolio for impairment whenever events or
changes in circumstances indicate that we may not be able to recover the
carrying amount of an asset. Regency determines whether impairment has occurred
by comparing the property's carrying value to an estimate of fair value based
upon methods described in our Critical Accounting Policies. In the event the
properties are impaired, we write down assets to fair value for "held-and-used"
assets and fair value less costs to sell for "held-for-sale" assets. During the
nine months ended September 30, 2003 and 2002, we recorded a provision for loss
of approximately $2 million and $2.5 million, respectively.

         Net interest expense increased to $62.9 million in 2003 from $62.4
million in 2002, or 0.8%. Weighted average interest rates on outstanding debt
declined to 6.6% at September 30, 2003 from 7.1% at September 30, 2002 related
to reductions in the LIBOR rate. Average fixed rates remained unchanged at 7.5%.
Average outstanding debt at September 30, 2003 was $1.406 billion vs. $1.424
billion in the prior year; however, average fixed rate debt increased $40
million, and average variable rate debt decreased $58 million.

         Income from discontinued operations was $7.3 million in 2003 primarily
due to the sale of eight shopping centers to unrelated parties for $57.6 million
with a combined gain on sale of $6.5 million. In compliance with the adoption of
SFAS No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets"
("Statement 144") in January 2002, if we sell an asset in the current year, we
are required to reclassify its operating income into discontinued operations for
2003 and 2002, which will result in a reclassification of amounts previously
reported as discontinued operations in 2002. The reclassified 2002 operating
income from discontinued operations was $20.8 million compared to $12.6 million
originally reported in 2002 due to the reclassification of $8.2 million of
operating income for properties sold subsequent to September 30, 2002. Operating
income and gains on sales from discontinued operations are shown net of minority
interest of exchangeable partnership units totaling $178,982 and $521,765 for
the nine months ended September 30, 2003 and 2002, respectively.

         Net income for common stockholders was $73.3 million in 2003 compared
with $73.4 million in 2002, or a 0.2% decrease due to reasons discussed above, a
reduction in gains on sales of operating properties of $1.4 million and a $2.4
million early extinguishment of debt recorded in 2002 as other income. Diluted
earnings per share were $1.23 in 2003 compared with $1.26 in 2002, or 2.4% lower
related to the reduction in net income and an increase in weighted average
common shares of 1.4 million shares.

Comparison of the three months ended September 30, 2003 to September 30, 2002

         Revenues increased $7.6 million, or 7.6%, to $106.6 million in 2003.
Minimum rent increased $1.2 million, or 1.8%, and recoveries from tenants
increased $820,181, or 4.1%. This increase was due to revenues from completed
developments and acquisitions that began operating after September 30, 2002
along with rental rate growth on the existing portfolio previously described.


                                       29


         Service operations revenue increased $5.1 million to $13.4 million in
2003, or 60.9%. The increase was primarily due to a $5.1 million dollar increase
in development sales during 2003, and a $172,753 increase in management fees
primarily related to the Columbia and MCWR joint ventures, offset by a $169,335
decrease resulting from selling fewer outparcels during 2003 than in 2002.

         Operating expenses increased $2.4 million, or 5.2%, to $49.0 million in
2003. Combined operating, maintenance, and real estate taxes increased $886,301,
or 3.9%, during 2003 to $23.4 million. This increase is due to new developments
and acquisitions which were not operating at September 30, 2002. General and
administrative expenses were $6.3 million during 2003 compared with $6.1 million
in 2002, or 3.6% higher, as a result of general salary and benefit increases.
Depreciation and amortization increased $1.3 million during 2003 related to the
construction completion of development properties and placing them in service.

         Income from discontinued operations was $2.9 million related to the
sale of three shopping centers during the third quarter for $18.7 million. The
reclassified operating income from discontinued operations for the three months
ended September 30, 2002 is $5.6 million compared to $2.9 million originally
reported in 2002 due to the reclassification of $2.7 million of operating income
for properties sold subsequent to September 30, 2002 in compliance with the
adoption of Statement 144. Operating (loss) income and gain on sales from
discontinued operations are shown net of minority interest of exchangeable
partnership units totaling $71,299 and $141,120 for the three months ended
September 30, 2003 and 2002, respectively.

        Net income for common stockholders was $29.8 million in 2003 compared
with $26.7 million in 2002, or an 11.5% increase for the reasons previously
described. Diluted earnings per share were $.51 in 2003 compared with $.46 in
2002, or 10.9% higher related to the increase in net income.

Environmental Matters
- ---------------------

            Regency, like others in the commercial real estate industry, is
subject to numerous environmental laws and regulations. The operation of dry
cleaning plants at our shopping centers is the principal environmental concern.
We believe that the tenants who operate these plants do so in accordance with
current laws and regulations and have established procedures to monitor their
operations. Additionally, we use all legal means to cause tenants to remove dry
cleaning plants from our shopping centers. Where available, we have applied and
been accepted into state-sponsored environmental programs. We have a blanket
environmental insurance policy that covers Regency against third-party
liabilities and remediation costs on shopping centers that currently have no
known environmental contamination. We have also placed environmental insurance
on specific properties with known contamination in order to mitigate Regency's
environmental risk. We believe that the ultimate disposition of currently known
environmental matters will not have a material effect on Regency's financial
position, liquidity, or operations.

            No assurance can be given that existing environmental studies with
respect to our shopping centers reveal all potential environmental liabilities;
that any previous owner, occupant or tenant did not create any material
environmental condition not known to us; that the current environmental
condition of the shopping centers will not be affected by tenants and occupants,
by the condition of nearby properties, or by unrelated third parties; or that
changes in applicable environmental laws and regulations or their interpretation
will not result in imposition of additional environmental liability.





                                       30


Inflation
- ---------

         Inflation has remained relatively low and has had a minimal impact on
the operating performance of our shopping centers; however, substantially all of
our long-term leases contain provisions designed to mitigate the adverse impact
of inflation. Such provisions include clauses enabling us to receive percentage
rentals based on tenants' gross sales, which generally increase as prices rise;
and/or escalation clauses, which generally increase rental rates during the
terms of the leases. Such escalation clauses are often related to increases in
the consumer price index or similar inflation indices. In addition, many of our
leases are for terms of less than 10 years, which permits us to seek increased
rents upon re-rental at market rates. Most of our leases require tenants to pay
their share of operating expenses, including common area maintenance, real
estate taxes, and insurance and utilities, thereby reducing our exposure to
increases in costs and operating expenses resulting from inflation.

Item 3.  Quantitative and Qualitative Disclosures about Market Risk

Market Risk
- -----------

         Regency is exposed to interest rate changes primarily as a result of
the line of credit and long-term debt used to maintain liquidity, fund capital
expenditures and expand Regency's real estate investment portfolio. Regency's
interest rate risk management objective is to limit the impact of interest rate
changes on earnings and cash flows and to lower its overall borrowing costs. To
achieve its objectives, Regency borrows primarily at fixed rates and may enter
into derivative financial instruments such as interest rate swaps, caps and
treasury locks in order to mitigate its interest rate risk on a related
financial instrument. Regency has no plans to enter into derivative or interest
rate transactions for speculative purposes.

         Regency's interest rate risk is monitored using a variety of
techniques. The table below presents the principal cash flows (in thousands),
weighted average interest rates of remaining debt, and the fair value of total
debt (in thousands), by year of expected maturity to evaluate the expected cash
flows and sensitivity to interest rate changes.



                                                                                                                        Fair
                                         2003      2004       2005         2006      2007    Thereafter      Total      Value
                                         ----      ----       ----         ----      ----    ----------      -----      -----
                                                                                               
Fixed rate debt                      $  12,517    213,059    151,888      27,570    28,587      793,016    1,226,637   1,311,575
Average interest rate for all debt       7.58%      7.61%      7.60%       7.60%     7.59%        7.61%            -           -

Variable rate LIBOR debt             $   9,447    210,889     25,000           -         -            -      245,336     245,336
Average interest rate for all debt       2.04%      2.53%          -           -         -            -            -           -



         As the table incorporates only those exposures that exist as of
September 30, 2003, it does not consider those exposures or positions, which
could arise after that date. Moreover, because firm commitments are not
presented in the table above, the information presented therein has limited
predictive value. As a result, Regency's ultimate realized gain or loss with
respect to interest rate fluctuations will depend on the exposures that arise
during the period, its hedging strategies at that time, and interest rates.

Item 4.  Controls and Procedures

         Under the supervision and with the participation of the Company's
management, including the Company's Chief Executive Officer, Chief Operating
Officer and Chief Financial Officer, the Company has evaluated the effectiveness
of the design and operation of its disclosure controls and procedures as of the
end of the period covered by this quarterly report, and, based on their
evaluation, the Chief Executive Officer, Chief Operating Officer and Chief
Financial Officer have concluded that these disclosure controls and procedures
are effective. There has been no significant change in our internal controls
over financial reporting identified in connection with the foregoing evaluation
that occurred during the last quarter and that has materially affected, or is
reasonably likely to material affect, our internal controls over financial
reporting.


                                       31


Part II

Item 6. Exhibits and Reports on Form 8-K


     (a)  Exhibits


          31.1        Certification of Regency Centers Corporation's Chief
                      Executive Officer Pursuant to Section 302 of the
                      Sarbanes-Oxley Act and Rule 13a-14(a) or 15d-14(a) under
                      the Securities Act of 1934.

          31.2        Certification of Regency Centers Corporation's Chief
                      Financial Officer Pursuant to Section 302 of the
                      Sarbanes-Oxley Act and Rule 13a-14(a) or 15d-14(a) under
                      the Securities Act of 1934.

          31.3        Certification of Regency Centers Corporation's Chief
                      Operating Officer Pursuant to Section 302 of the
                      Sarbanes-Oxley Act and Rule 13a-14(a) or 15d-14(a) under
                      the Securities Act of 1934.

          32.1        Certification of Regency Centers Corporation's Chief
                      Executive Officer Pursuant to 18 U.S.C. Section 1350 (as
                      adopted by Section 906 of the Sarbanes-Oxley Act of 2002)

          32.2        Certification of Regency Centers Corporation's Chief
                      Financial Officer Pursuant to 18 U.S.C. Section 1350 (as
                      adopted by Section 906 of the Sarbanes-Oxley Act of 2002)

          32.3        Certification of Regency Centers Corporation's Chief
                      Operating Officer Pursuant to 18 U.S.C. Section 1350 (as
                      adopted by Section 906 of the Sarbanes-Oxley Act of 2002)

     (b)  Reports on Form 8-K

                      1.  Current report on Form 8-K dated August 12, 2003 for
                          the purpose of furnishing Regency Centers
                          Corporation's earnings release and supplemental
                          information for the three months ended June 30, 2003.
                          **

                      2.  Current report on Form 8-K dated August 12, 2003 for
                          the purpose of filing exhibits under registration
                          statement no. 333-37911.

- -------------------------
                      **  Furnished for information only, not deemed to be
                          "filed"






                                       32






                                    SIGNATURE

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


         Date:  November 12, 2003       REGENCY CENTERS CORPORATION



                                         By:    /s/  J. Christian Leavitt
                                            ------------------------------------
                                                 Senior Vice President,
                                                 and Chief Accounting Officer











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