EX-99.2 3 ex-992063016.htm EXHIBIT 99.2
EXHIBIT 99.2

At Regency Centers, we have lived our values
for 50 years by executing and successfully
meeting our commitments to our people, our
customers, and our communities. We hold
ourselves to that high standard every day.
Our exceptional culture will set us apart
for the next 50 years through our unending
dedication to these beliefs:
We are our people.
We believe our people are our most
fundamental asset - the best professionals
in the business who bring our culture to life.
We are the company you want to work for and
the people you want to do business with.
We work together to sustain
superior results.
We believe that, by partnering with each other
and with our customers, our talented team
will sustain superior results over the long
term. We believe that when you are passionate
about what you are doing and who you are
working with in a results-oriented, family
atmosphere, you do it better.
We provide exceptional service
to our customers.
We believe in putting our customers first.
This starts by owning, operating, and
developing dominant shopping centers
that are exceptionally merchandised and
maintained and most preferred by the
neighborhoods and communities where our
best-in-class retailers will thrive.
We add value.
We believe in creating value from every
transaction. We realize the critical importance
of executing, performing and delivering on our
commitments.
We perform for our investors.
We believe that the capital that our investors
have entrusted to us is precious. We are
open and transparent. We are committed
to enhancing the investments of our
shareholders, bond and mortgage holders,
lenders, and co-investment partners.
We connect to our communities.
We believe in contributing to the betterment
of our communities. We strive to develop
and operate thriving shopping centers that
are connected to our neighborhoods. We are
continuously reducing our environmental
impact through our greengenuity® program.
We do what is right.
We believe in unwavering standards of
honesty and integrity. Since 1963, our
Company has built its reputation by
maintaining the highest ethical principles.
You will find differentiation in our character –
we do what is right and you can take us at
our word.
We are the industry leader.
We believe that through dedication to
excellence, innovation, and ongoing process
improvements, and by remaining focused on
our core values, we will continue to be the
industry leader in a highly competitive and
ever-changing market.
Our Mission is to enhance our standing as the preeminent national shopping center company through the first-rate performance of our exceptionally merchandised portfolio of dominant grocery-anchored shopping centers, the value-added service from the best team of professionals in the business to our top-performing retailers, and profitable growth and development.

Table of Contents
June 30, 2016

Non-GAAP Disclosures.............................................................................................................................................. | 1
Earnings Press Release................................................................................................................................................ | 3
Summary Information: |
Summary Financial Information.................................................................................................................................. | 11
Summary Real Estate Information.............................................................................................................................. | 12
Financial Information: |
Balance Sheets (Non-GAAP)...................................................................................................................................... | 13
Statements of Operations (Non-GAAP)...................................................................................................................... | 14
Reconciliations of Non-GAAP Financial Measures.................................................................................................... | 18
Additional Non-GAAP Disclosures............................................................................................................................ | 22
Consolidated Statements of Operations (GAAP Basis).............................................................................................. | 24
Summary of Consolidated Debt.................................................................................................................................. | 25
Summary of Debt Covenants and Leverage Ratios..................................................................................................... | 28
Summary of Unconsolidated Debt.............................................................................................................................. | 30
Summary of Preferred Stock....................................................................................................................................... | 31
Investment Activity: |
Property Transactions.................................................................................................................................................. | 32
Summary of Development, Redevelopment, and Land Held...................................................................................... | 33
Co-investment Partnerships: |
Unconsolidated Investments........................................................................................................................................ | 34
Real Estate Information: |
Leasing Statistics......................................................................................................................................................... | 35
Average Base Rent by CBSA...................................................................................................................................... | 36
Significant Tenant Rents.............................................................................................................................................. | 37
Tenant Lease Expiration.............................................................................................................................................. | 38
Portfolio Summary Report by State............................................................................................................................ | 40
Forward-Looking Information: |
Earnings and Valuation Guidance................................................................................................................................ | 51
Reconciliation of NAREIT FFO and Core FFO Guidance to Net Income................................................................ | 52
Glossary of Terms........................................................................................................................................................ | 53

Non-GAAP Disclosures
June 30, 2016
We use certain non-GAAP performance measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of the Company's operational results. We manage our entire real estate portfolio without regard to ownership structure, although certain decisions impacting properties owned through partnerships require partner approval. Therefore, we believe presenting our pro-rata share of operating results regardless of ownership structure, along with other non-GAAP measures, makes comparisons of other REITs' operating results to the Company's more meaningful. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP performance measures to determine how best to provide relevant information to the public, and thus such reported measures could change.
The pro-rata information provided is not, and is not intended to be, presented in accordance with GAAP. The pro-rata balance sheets and statements of operations reflect our proportionate economic ownership of the assets, liabilities and operating results of the properties in our portfolio, regardless of ownership structure.

• | The amounts shown in the column labeled "Consolidated" are prepared on a basis consistent with the Company's consolidated financial statements as filed with the SEC on the most recent Form 10-Q or 10-K, as applicable.

• | The column labeled "Share of JVs" represents our ownership interest in our unconsolidated (equity method) investments in real estate partnerships, and was derived on a partnership by partnership basis by applying to each financial statement line item our ownership percentage interest used to arrive at our share of investments in real estate partnerships and equity in income or loss of investments in real estate partnerships during the period when applying the equity method of accounting to each of our unconsolidated co-investment partnerships.

• | A similar calculation was performed for the amounts in the column labeled ''Noncontrolling Interests”, which represents the limited partners’ interests in consolidated partnerships attributable to each financial statement line item.

We do not control the unconsolidated investment partnerships, and the presentations of the assets and liabilities and revenues and expenses do not necessarily represent our legal claim to such items. The partners are entitled to profit or loss allocations and distributions of cash flows according to the operating agreements, which provide for such allocations according to their invested capital. Our share of invested capital establishes the ownership interest we use to prepare our pro-rata balance sheets and statements of operations.
The presentation of pro-rata financial statements has limitations as an analytical tool. Some of these limitations include, but are not limited to the following:

• | The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting or allocating noncontrolling interests, and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and

• | Other companies in our industry may calculate their pro-rata interest differently, limiting the usefulness as a comparative measure.

Because of these limitations, the pro-rata balance sheets and statements of operations should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP results and using the pro-rata balance sheets and statements of operations as a supplement.

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The following non-GAAP measures, as defined in the Glossary of Terms, are commonly used by management and the investing public to understand and evaluate our operating results and performance:

• | Net Operating Income (NOI): The Company believes NOI provides useful information to investors to measure the operating performance of its portfolio properties. The Company provides a reconciliation of GAAP Income from Operations to pro-rata NOI.

• | Same Property NOI: The Company provides disclosure of NOI on a same property basis because it believes the measure provides investors with additional information regarding the operating performances of comparable assets. Same Property NOI excludes all development, non-same property and corporate level revenue and expenses. The Company provides a reconciliation of GAAP Income from Operations to pro-rata Same Property NOI.

• | NAREIT Funds From Operations (NAREIT FFO): The Company believes NAREIT FFO provides a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, acquisition and development activities, and financing costs. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to NAREIT FFO.

• | Core Funds From Operations (Core FFO): The Company believes Core FFO, which excludes certain non-cash and non-comparable items from the computation of NAREIT FFO that affect the Company's period-over-period performance, is useful to investors because it is more reflective of the core operating performance of its portfolio of properties. The Company provides a reconciliation of NAREIT FFO to Core FFO.

• | Adjusted Funds From Operations (AFFO): The Company believes AFFO provides useful information to investors to measure the Company’s ability to fund cash needs, including cash distributions to shareholders. The Company provides a reconciliation of Core FFO to AFFO

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Regency Centers Reports Second Quarter 2016 Results
JACKSONVILLE, Fla. (August 2, 2016) - Regency Centers Corporation (“Regency” or the “Company”) today reported financial and operating results for the period ended June 30, 2016.
Financial Results
Regency reported net income attributable to common stockholders (“Net Income”) for the second quarter of $34.8 million, or $0.35 per diluted share, compared to Net Income of $32.5 million, or $0.34 per diluted share, for the same period in 2015. For the six months ended June 30, 2016 Net Income was $82.7 million, or $0.84 per diluted share, compared to $57.7 million, or $0.61 per diluted share for the same period in 2015.
The Company reported NAREIT Funds From Operations (“NAREIT FFO”) for the second quarter of $79.7 million, or $0.81 per diluted share, compared to $71.0 million, or $0.75 per diluted share, for the same period in 2015. For the six months ended June 30, 2016 NAREIT FFO was $164.1 million, or $1.67 per diluted share, compared to $140.7 million, or $1.49 per diluted share for the same period in 2015.
Core Funds From Operations (“Core FFO”) for the second quarter was $81.0 million, or $0.82 per diluted share, compared to $71.2 million, or $0.75 per diluted share, for the same period in 2015. For the six months ended June 30, 2016 Core FFO was $159.8 million, or $1.63 per diluted share, compared to $140.7 million, or $1.49 per diluted share for the same period in 2015.
Operating Results
For the period ended June 30, 2016, Regency’s results for wholly owned properties plus its pro-rata share of co-investment partnerships were as follows:

| Q2 2016 | YTD
Percent leased, same properties | 96.3% |
Percent leased, all properties | 95.8% |
Same property NOI growth without termination fees | 3.4% | 3.7%
Same property NOI growth without termination fees or redevelopments | 3.2% | 3.2%
Rental rate growth(1) |  |
New leases | 29.0% | 37.0%
Renewal leases | 9.1% | 9.6%
Blended average | 12.2% | 13.7%
Leasing transactions(2) |  |
Number of new and renewal leasing transactions | 399 | 708
Total square feet leased (000s) | 1,611 | 2,774

(1) | Operating properties only. Rent growth is calculated on a comparable-space, cash basis.

(2) | Total of comparable and non-comparable transactions. Square footage for co-investment partnerships at 100%.

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Portfolio Activity
Property Transactions
During the quarter, Regency sold one wholly owned property and three co-investment properties for a combined gross sales price of $45.4 million. Regency’s share of the gross sales price was $10.7 million. Subsequent to quarter-end, Regency sold three wholly owned properties and conveyed the 50% ownership interest in three properties to a co-investment partner for a total of $66.6 million.
Also during the quarter, Regency acquired the retail portion of Market Common Clarendon (“Clarendon”) on an unencumbered basis for a net purchase price of $280.5 million. Located three miles west of downtown Washington, D.C., Clarendon features 300,000 square feet of retail space anchored by Whole Foods Market, Apple, Crate & Barrel and other national retailers. The property features impressive 3-mile demographics, including average household incomes of $140,000, a daytime population of over 500,000, and nearly 75% of the population holds a Bachelor’s degree or higher. Clarendon will provide meaningful NOI growth opportunities through near-term lease expirations and the redevelopment of a contiguous parcel.
Subsequent to quarter-end, Regency acquired Klahanie shopping center on a wholly owned, unencumbered basis for a gross purchase price of $36.0 million. Located in an affluent trade area in the greater Seattle area, Klahanie shopping center is anchored by a highly productive, retailer-owned Quality Food Centers (a Kroger banner) and includes 67,000 square feet of space leased to a compelling mix of national and regional retailers.
Developments and Redevelopments
At quarter end, the Company had 22 properties in development or redevelopment with combined, estimated costs of $201.1 million. In-process developments were a combined 56% funded and 90% leased and committed.
Capital Markets
Credit Ratings
Since the end of the first quarter, both S&P Global Ratings and Fitch Ratings raised Regency’s corporate credit rating to BBB+, with a Stable Outlook.
Equity Offerings
During the quarter, Regency partially settled its forward sale agreement, dated March 17, 2016, in connection with its common stock offering that closed March 23, 2016. The Company received $137.5 million of net proceeds after adjustments for interest, dividends and the underwriters’ discount but before deducting offering expenses, by delivering 1,850,000 shares of the Company’s common stock. The remaining 1,250,000 shares of the Company’s common stock may be settled under the forward sale agreement prior to June 23, 2017.
Subsequent to quarter end, Regency closed an underwritten public offering of 5,002,500 shares of its common stock, which included the underwriters’ full exercise of its option to purchase up to 652,500 shares of Regency’s common stock. The offering resulted in gross proceeds of approximately $400 million (the “Proceeds”). The Company will use a portion of the Proceeds to redeem its outstanding $300 million 5.875% senior unsecured notes (the “Notes”). On July 13, 2016 the Company notified U.S. Bank National Association, as Trustee, of its intent to redeem the Notes on August 12, 2016. The redemption price will be determined in accordance with the applicable indenture and is expected to total approximately $316 million, including

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accrued and unpaid interest through the proposed redemption date and a make-whole amount as defined in such indenture. Regency will also use a portion of the Proceeds to settle in full certain forward starting swaps, which were originally intended for a planned new debt issuance in 2017. The payment to settle the forward starting swaps totaled $40.6 million. Excluding accrued and unpaid interest, these one-time charges resulting from the redemption of the Notes and termination of the swaps total $54 million and are expected to reduce NAREIT FFO by $0.54 in the third quarter of 2016. These one-time charges will not impact Core FFO.
Credit Facilities
Subsequent to quarter end, the Company amended its senior unsecured term loan facility (the “Facility”). The amendment increased the Facility size by $100 million to $265 million, extended the maturity date to January 5, 2022 and reduced the applicable interest rate to LIBOR plus 0.95% per annum, which is based on the Company’s credit rating. Following the closing of the Facility amendment, Regency executed interest rate swaps for the full notional amount of the Facility fixing the interest rate at 2.0% through maturity. Regency used the additional $100 million to pay down its line of credit, which was originally drawn as a component to fund the acquisition of Market Common Clarendon. The Company’s line of credit currently has a zero drawn balance.
2016 Guidance
The Company has updated certain components of its 2016 earnings guidance. These changes are summarized below. Please refer to the Company’s second quarter 2016 supplemental information package for a complete list of updates.

| Full Year 2016 Guidance
| Previous Guidance | Updated Guidance
Core FFO per diluted share | $3.20 - $3.26 | $3.22 - $3.27
NAREIT FFO per diluted share | $3.22 - $3.28 | $2.71 - $2.76
Acquisitions (pro-rata) ($000s) | $17,300 - $340,000 | $334,000
Dispositions for development funding (pro-rata) ($000s) | $75,000 - $100,000 | $115,000 - $125,000

Dividend
On July 28, 2016, Regency’s Board of Directors declared a quarterly cash dividend on the Company’s common stock of $0.50 per share. The dividend is payable on August 31, 2016 to shareholders of record as of August 17, 2016.
Conference Call Information
In conjunction with Regency’s second quarter results, the Company will host a conference call on Wednesday, August 3, 2016 at 11:00 a.m. ET. Dial-in and webcast information is listed below.

Second Quarter Conference Call
Date: |  | Wednesday, August 3, 2016
Time: |  | 11:00 a.m. ET
Dial#: |  | 877-407-0789 or 201-689-8562
Webcast: |  | www.regencycenters.com under Investor Relations

Replay
Webcast Archive: Investor Relations page under Webcasts & Presentations

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Non-GAAP Disclosure
The Company uses certain non-GAAP performance measures, in addition to the required GAAP presentations, as it believes these measures improve the understanding of the Company's operational results. Regency manages its entire real estate portfolio without regard to ownership structure, although certain decisions impacting properties owned through partnerships require partner approval. Therefore, the Company believes presenting its pro-rata share of operating results regardless of ownership structure, along with other non-GAAP measures, makes comparisons of other REITs' operating results to the Company's more meaningful. Management continually evaluates the usefulness, relevance, limitations, and calculation of the Company’s reported non-GAAP performance measures to determine how best to provide relevant information to the public, and thus such reported measures could change.
NAREIT FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (“NAREIT”) defines as net income, computed in accordance with GAAP, excluding gains and losses from dispositions of depreciable property, net of tax, excluding operating real estate impairments, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Regency computes NAREIT FFO for all periods presented in accordance with NAREIT's definition. Many companies use different depreciable lives and methods, and real estate values historically fluctuate with market conditions. Since NAREIT FFO excludes depreciation and amortization and gains and losses from depreciable property dispositions, and impairments, it can provide a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, NAREIT FFO is a supplemental non-GAAP financial measure of the Company's operating performance, which does not represent cash generated from operating activities in accordance with GAAP and therefore, should not be considered a substitute measure of cash flows from operations. Core FFO is an additional performance measure used by Regency as the computation of NAREIT FFO includes certain non-cash and non-comparable items that affect the Company's period-over-period performance. Core FFO excludes from NAREIT FFO, but is not limited to: (a) transaction related gains, income or expense; (b) impairments on land; (c) gains or losses from the early extinguishment of debt; and (d) other non-core amounts as they occur. The Company provides a reconciliation of NAREIT FFO to Core FFO.

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Reconciliation of Net Income Attributable to Common Stockholders to NAREIT FFO and Core FFO - Actual (in thousands)

For the Periods Ended June 30, 2016 and 2015 |  | Three Months Ended |  | Year to Date
|  |  |  | 2016 | 2015 |  | 2016 | 2015
Net Income Attributable to Common Stockholders |  | $ | 34,810 |  | 32,480 |  |  | $ | 82,687 |  | 57,653 |
Adjustments to reconcile to Funds From Operations:(1) |  |  |  |  |  |
Depreciation and amortization |  | 48,130 |  | 45,293 |  |  | 95,546 |  | 90,385 |
Provision for impairment |  | — |  | — |  |  | 659 |  | — |
Gain on sale of operating properties |  | (3,308 | ) | (6,792 | ) |  | (14,949 | ) | (7,475 | )
Exchangeable operating partnership units |  | 64 |  | 61 |  |  | 150 |  | 110 |
NAREIT Funds From Operations |  | $ | 79,696 |  | 71,042 |  |  | $ | 164,093 |  | 140,673 |
NAREIT Funds From Operations |  | $ | 79,696 |  | 71,042 |  |  | 164,093 |  | 140,673 |
Adjustments to reconcile to Core Funds From Operations:(1) |  |  |  |  |  |
Development and acquisition pursuit costs |  | 1,451 |  | 484 |  |  | 2,433 |  | 523 |
Gain on sale of land |  | (148 | ) | 43 |  |  | (7,258 | ) | (68 | )
Provision for impairment to land |  | — |  | — |  |  | 512 |  | — |
Hedge ineffectiveness |  | 1 |  | 1 |  |  | 3 |  | 4 |
Early extinguishment of debt |  | 14 |  | — |  |  | 14 |  | (61 | )
Gain on sale of investments |  | $ | — |  | (417 | ) |  | $ | — |  | (417 | )
Core Funds From Operations |  | $ | 81,014 |  | 71,153 |  |  | $ | 159,797 |  | 140,654 |
Weighted Average Shares For Earnings per Share |  | 98,218 |  | 94,503 |  |  | 98,075 |  | 94,392 |
Weighted Average Shares For Diluted NAREIT FFO and Core FFO per Share |  | 98,372 |  | 94,658 |  |  | 98,229 |  | 94,546 |
(1) Includes pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests

Same property NOI is a key non-GAAP measure used by management in evaluating the operating performance of Regency’s properties. The Company provides a reconciliation of income from operations to pro-rata same property NOI.

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Reconciliation of Income from Operations to Pro-Rata Same Property NOI - Actual (in thousands)

For the Periods Ended June 30, 2016 and 2015 |  | Three Months Ended |  | Year to Date
|  |  |  | 2016 | 2015 |  | 2016 | 2015
Income from operations |  | $ | 40,096 |  | 32,623 |  |  | $ | 80,804 |  | 62,811 |
Less: |  |  |  |  |  |
Management, transaction, and other fees |  | (6,140 | ) | (6,008 | ) |  | (12,904 | ) | (12,246 | )
Other (1) |  | (3,584 | ) | (3,618 | ) |  | (7,492 | ) | (7,518 | )
Plus: |  |  |  |  |  |
Depreciation and amortization |  | 40,299 |  | 36,225 |  |  | 79,015 |  | 72,218 |
General and administrative |  | 16,350 |  | 15,099 |  |  | 32,649 |  | 31,477 |
Other operating expense, excluding provision for doubtful accounts |  | 1,945 |  | 1,222 |  |  | 3,846 |  | 1,665 |
Other expense (income) |  | 23,799 |  | 26,308 |  |  | 49,764 |  | 52,247 |
Equity in income of investments in real estate excluded from NOI (2) |  | 12,008 |  | 15,887 |  |  | 21,797 |  | 32,587 |
Pro-Rata NOI |  | 124,773 |  | 117,738 |  |  | 247,479 |  | 233,241 |
Less pro-rata non-same property NOI (3) |  | (5,122 | ) | (1,970 | ) |  | (8,762 | ) | (3,637 | )
Pro-Rata Same Property NOI |  | $ | 119,651 |  | 115,768 |  |  | $ | 238,717 |  | 229,604 |
Pro-Rata Same Property NOI without termination fees |  | $ | 119,556 |  | 115,664 |  |  | $ | 237,878 |  | 229,356 |
Pro-Rata Same Property NOI without termination fees or redevelopments |  | $ | 102,847 |  | 99,699 |  |  | $ | 204,624 |  | 198,335 |
(1) Includes straight-line rental income, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests.
(2) Includes non-NOI expenses incurred at our unconsolidated real estate partnerships, such as, but not limited to, straight-line rental income, above and below market rent amortization, depreciation and amortization, and interest expense.
(3) Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests.

Reported results are preliminary and not final until the filing of the Company’s Form 10-Q with the SEC and, therefore, remain subject to adjustment.

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Reconciliation of Net Income Attributable to Common Stockholders to NAREIT FFO and Core FFO - Guidance

|  | Full Year
NAREIT FFO and Core FFO Guidance: |  | 2016
Net income attributable to common stockholders |  | $ | 0.92 |  | 0.97 |
Adjustments to reconcile net income to NAREIT FFO: |  |  |
Depreciation and amortization |  | 1.93 |  | 1.93 |
Gain on sale of operating properties |  | (0.15 | ) | (0.15 | )
All other amounts |  | 0.01 |  | 0.01 |
NAREIT Funds From Operations |  | $ | 2.71 |  | 2.76 |
Adjustments to reconcile NAREIT FFO to Core FFO: |  |  |
Development and acquisition pursuit costs |  | 0.04 |  | 0.04 |
Gain on sale of land |  | (0.07 | ) | (0.07 | )
Early extinguishment of debt |  | 0.15 |  | 0.15 |
Derivative settlement |  | 0.40 |  | 0.40 |
All other non-core amounts |  | (0.01 | ) | (0.01 | )
Core Funds From Operations |  | $ | 3.22 |  | 3.27 |

The Company has published forward-looking statements and additional financial information in its second quarter 2016 supplemental information package that may help investors estimate earnings for 2016. A copy of the Company’s second quarter 2016 supplemental information will be available on the Company's website at www.RegencyCenters.com or by written request to: Investor Relations, Regency Centers Corporation, One Independent Drive, Suite 114, Jacksonville, Florida, 32202. The supplemental information package contains more detailed financial and property results including financial statements, an outstanding debt summary, acquisition and development activity, investments in partnerships, information pertaining to securities issued other than common stock, property details, a significant tenant rent report and a lease expiration table in addition to earnings and valuation guidance assumptions. The information provided in the supplemental package is unaudited and there can be no assurance that the information will not vary from the final information in the Company’s Form 10-Q for the quarter ended June 30, 2016. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.
About Regency Centers Corporation (NYSE: REG)
With more than 50 years of experience, Regency is the preeminent national owner, operator and developer of high-quality, grocery anchored neighborhood and community shopping centers. The Company’s portfolio of 311 retail properties encompasses over 42.3 million square feet located in top markets throughout the United States, including co-investment partnerships. Regency has developed 222 shopping centers since 2000, representing an investment at completion of more than $3 billion. Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.
###
Forward-looking statements involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation with the SEC, specifically the most recent reports on Forms

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10-K and 10-Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements.

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Summary Financial Information
June 30, 2016
(in thousands, except per share information)

|  | Three Months Ended |  | Year to Date
Financial Results |  | 2016 |  | 2015 |  | 2016 |  | 2015
Net income attributable to common stockholders |  | $ | 34,810 |  |  | $ | 32,480 |  |  | $ | 82,687 |  |  | $ | 57,653 |
Net income per share (diluted) |  | $ | 0.35 |  |  | $ | 0.34 |  |  | $ | 0.84 |  |  | $ | 0.61 |
NAREIT Funds From Operations (NAREIT FFO) |  | $ | 79,696 |  |  | $ | 71,042 |  |  | $ | 164,093 |  |  | $ | 140,673 |
NAREIT FFO per share (diluted) |  | $ | 0.81 |  |  | $ | 0.75 |  |  | $ | 1.67 |  |  | $ | 1.49 |
Core Funds From Operations (Core FFO) |  | $ | 81,014 |  |  | $ | 71,153 |  |  | $ | 159,797 |  |  | $ | 140,654 |
Core FFO per share (diluted) |  | $ | 0.82 |  |  | $ | 0.75 |  |  | $ | 1.63 |  |  | $ | 1.49 |
Diluted share and unit count |  |  |  |  |  |  |  |
Weighted average shares (diluted) - Net income |  | 98,218 |  |  | 94,503 |  |  | 98,075 |  |  | 94,392 |
Weighted average shares (diluted) - NAREIT FFO and Core FFO |  | 98,372 |  |  | 94,658 |  |  | 98,229 |  |  | 94,546 |
Dividends paid per share and unit |  | $ | 0.500 |  |  | $ | 0.485 |  |  | $ | 1.000 |  |  | $ | 0.970 |
Payout ratio of Core FFO per share (diluted) |  | 61.0 | % |  | 64.7 | % |  | 61.3 | % |  | 65.1 | %
Payout ratio of AFFO per share (diluted) |  | 67.6 | % |  | 71.3 | % |  | 67.1 | % |  | 71.3 | %
Debt metrics (pro-rata; trailing twelve months "TTM") |  |  |  |  |
Net Debt-to-Core EBITDA |  |  |  |  |  | 5.3x |  |  | 5.7x |
Fixed charge coverage |  |  |  |  |  | 3.0x |  |  | 2.6x |
|  | As of |  | As of |  | As of |  | As of
Capital Information |  | 6/30/2016 |  | 12/31/2015 |  | 12/31/2014 |  | 12/31/2013
Market price per common share |  | $ | 83.73 |  |  | $ | 68.12 |  |  | $ | 63.78 |  |  | $ | 46.30 |
Market equity value of common and convertible shares |  | $ | 8,342,916 |  |  | $ | 6,632,627 |  |  | $ | 6,012,045 |  |  | $ | 4,282,702 |
Non-convertible preferred stock |  | $ | 325,000 |  |  | $ | 325,000 |  |  | $ | 325,000 |  |  | $ | 325,000 |
Outstanding debt |  | $ | 2,464,667 |  |  | $ | 2,363,238 |  |  | $ | 2,528,137 |  |  | $ | 2,388,837 |
Total market capitalization |  | $ | 11,132,583 |  |  | $ | 9,320,865 |  |  | $ | 8,865,182 |  |  | $ | 6,996,538 |
Total real estate at cost before depreciation |  | $ | 5,130,948 |  |  | $ | 4,852,106 |  |  | $ | 4,743,053 |  |  | $ | 4,385,380 |
Total assets at cost before depreciation |  | $ | 5,516,051 |  |  | $ | 5,234,861 |  |  | $ | 5,130,878 |  |  | $ | 4,758,390 |
Outstanding Classes of Stock and Partnership Units |  |  |  |  |  |  |  |
Common shares outstanding |  | 99,487 |  |  | 97,213 |  |  | 94,108 |  |  | 92,333 |
Exchangeable units held by noncontrolling interests |  | 154 |  |  | 154 |  |  | 154 |  |  | 166 |
Common shares and equivalents issued and outstanding |  | 99,641 |  |  | 97,367 |  |  | 94,262 |  |  | 92,499 |

|  | 11

Summary Real Estate Information
June 30, 2016
(GLA in thousands)

Wholly Owned and 100% of Co-investment Partnerships |  | 6/30/2016 |  | 3/31/2016 |  | 12/31/2015 |  | 9/30/2015 |  | 6/30/2015
Number of shopping centers - All properties |  | 311 |  | 314 |  | 318 |  | 318 |  | 319
Number of shopping centers - Operating properties |  | 306 |  | 308 |  | 311 |  | 313 |  | 313
Number of shopping centers - Same properties |  | 298 |  | 302 |  | 300 |  | 302 |  | 303
Number of projects in development |  | 5 |  | 6 |  | 7 |  | 5 |  | 6
Gross Leasable Area (GLA) - All properties |  | 37,864 |  | 37,849 |  | 38,034 |  | 37,926 |  | 37,984
GLA including retailer-owned stores - All properties |  | 42,300 |  | 42,335 |  | 42,824 |  | 42,716 |  | 42,774
GLA - Operating properties |  | 37,380 |  | 37,279 |  | 37,457 |  | 37,549 |  | 37,454
GLA - Same properties |  | 36,113 |  | 36,492 |  | 36,049 |  | 36,182 |  | 36,317
GLA - Projects in development |  | 483 |  | 570 |  | 577 |  | 377 |  | 530
Wholly Owned and Pro-Rata Share of Co-investment Partnerships |  |  |  |
GLA - All properties |  | 28,714 |  | 28,414 |  | 28,381 |  | 28,173 |  | 28,237
GLA including retailer-owned stores - All properties |  | 33,150 |  | 32,899 |  | 33,170 |  | 32,963 |  | 33,027
GLA - Operating properties |  | 28,231 |  | 27,844 |  | 27,804 |  | 27,796 |  | 27,707
GLA - Same properties |  | 26,964 |  | 27,057 |  | 26,508 |  | 26,541 |  | 26,682
Spaces ≥ 10,000 sf |  | 16,501 |  | 16,536 |  | 16,270 |  | 16,297 |  | 16,429
Spaces < 10,000 sf |  | 10,463 |  | 10,521 |  | 10,238 |  | 10,244 |  | 10,253
GLA - Projects in development |  | 483 |  | 570 |  | 577 |  | 377 |  | 530
% leased - All properties |  | 95.8% |  | 95.8% |  | 95.6% |  | 96.0% |  | 95.8%
% leased - Operating properties |  | 96.0% |  | 96.2% |  | 95.9% |  | 96.1% |  | 95.9%
% leased - Same properties (1) |  | 96.3% |  | 96.3% |  | 96.2% |  | 96.4% |  | 96.2%
Spaces ≥ 10,000 sf (1) |  | 98.7% |  | 99.0% |  | 98.9% |  | 99.2% |  | 99.1%
Spaces < 10,000 sf (1) |  | 92.4% |  | 92.0% |  | 92.0% |  | 91.9% |  | 91.7%
Average % leased - Same properties (1) |  | 96.3% |  | 96.2% |  | 96.2% |  | 96.2% |  | 96.1%
% commenced - Same properties(1)(2) |  | 94.4% |  | 94.7% |  | 94.7% |  | 95.1% |  | 94.8%
Same property NOI growth - YTD |  | 4.0% |  | 4.6% |  | 4.1% |  | 4.3% |  | 4.2%
Same property NOI growth without termination fees - YTD |  | 3.7% |  | 4.1% |  | 4.4% |  | 4.5% |  | 4.4%
Same property NOI growth without termination fees or redevelopments - YTD |  | 3.2% |  | 3.2% |  | 3.2% |  | 3.4% |  | 3.5%
Rental rate growth - YTD(3) |  | 13.7% |  | 15.9% |  | 9.6% |  | 8.8% |  | 8.8%
Rental rate growth for spaces vacant less than 12 months - YTD(3) |  | 13.3% |  | 16.2% |  | 9.3% |  | 8.3% |  | 8.1%
(1) Prior periods adjusted for current same property pool. |  |  |  |  |  |  |
(2) Excludes leases that are signed but have not yet commenced. |  |  |  |  |  |  |
(3) Operating properties only. Rent growth is calculated on a comparable-space, cash basis for new and renewal leases executed.

|  | 12

Balance Sheets (Non-GAAP)
June 30, 2016 and December 31, 2015
(in thousands)

|  | As of June 30, 2016 |  | As of December 31, 2015
|  | Consolidated | Noncontrolling Interests | Share of JVs | Total Pro-Rata Share |  | Consolidated | Noncontrolling Interests | Share of JVs | Total Pro-Rata Share
Assets |  |  |  |  |  |  |  |  |  |
Real estate investments at cost: |  |  |  |  |  |  |  |  |  |
Land, building and improvements |  | $ | 4,684,751 |  | (74,265 | ) | 1,073,201 |  | 5,683,687 |  |  | $ | 4,328,864 |  | (72,835 | ) | 1,096,187 |  | 5,352,216 |
Properties in development |  | 137,562 |  | (4,802 | ) | 1,527 |  | 134,287 |  |  | 217,036 |  | (2,583 | ) | 3,202 |  | 217,655 |
|  | 4,822,313 |  | (79,067 | ) | 1,074,728 |  | 5,817,974 |  |  | 4,545,900 |  | (75,418 | ) | 1,099,389 |  | 5,569,871 |
Less: accumulated depreciation |  | 1,079,448 |  | (9,218 | ) | 337,318 |  | 1,407,548 |  |  | 1,043,787 |  | (8,512 | ) | 331,724 |  | 1,366,999 |
|  | 3,742,865 |  | (69,849 | ) | 737,410 |  | 4,410,426 |  |  | 3,502,113 |  | (66,906 | ) | 767,665 |  | 4,202,872 |
Properties held for sale |  | 29,365 |  |  |  | — |  | 29,365 |  |  | — |  |  | — |  | — |
Investments in real estate partnerships |  | 279,270 |  | — |  | (279,270 | ) | — |  |  | 306,206 |  | — |  | (306,206 | ) | — |
Net real estate investments |  | 4,051,500 |  | (69,849 | ) | 458,140 |  | 4,439,791 |  |  | 3,808,319 |  | (66,906 | ) | 461,459 |  | 4,202,872 |
Cash and cash equivalents |  | 28,444 |  | (5,103 | ) | 10,477 |  | 33,818 |  |  | 40,623 |  | (1,054 | ) | 7,168 |  | 46,737 |
Accounts receivable, net |  | 27,765 |  | (503 | ) | 5,035 |  | 32,297 |  |  | 32,292 |  | (613 | ) | 6,732 |  | 38,411 |
Straight line rent receivables, net |  | 66,291 |  | (1,083 | ) | 14,243 |  | 79,451 |  |  | 63,392 |  | (974 | ) | 13,845 |  | 76,263 |
Notes receivable |  | 10,480 |  | — |  | — |  | 10,480 |  |  | 10,480 |  | — |  | — |  | 10,480 |
Deferred leasing costs, net |  | 68,297 |  | (1,022 | ) | 11,431 |  | 78,706 |  |  | 66,367 |  | (927 | ) | 11,845 |  | 77,285 |
Acquired lease intangible assets, net |  | 124,325 |  | (1,576 | ) | 10,315 |  | 133,064 |  |  | 105,380 |  | (1,830 | ) | 11,362 |  | 114,912 |
Trading securities held in trust, at fair value |  | 29,939 |  | — |  | — |  | 29,939 |  |  | 29,093 |  | — |  | — |  | 29,093 |
Other assets |  | 29,561 |  | (264 | ) | 5,062 |  | 34,359 |  |  | 26,935 |  | (291 | ) | 5,778 |  | 32,422 |
Total assets |  | $ | 4,436,602 |  | (79,400 | ) | 514,703 |  | 4,871,905 |  |  | $ | 4,182,881 |  | (72,595 | ) | 518,189 |  | 4,628,475 |
Liabilities and Equity |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |
Notes payable |  | $ | 1,674,631 |  | (39,811 | ) | 480,452 |  | 2,115,272 |  |  | $ | 1,699,771 |  | (40,053 | ) | 487,564 |  | 2,147,282 |
Unsecured credit facilities |  | 309,585 |  | — |  | — |  | 309,585 |  |  | 164,514 |  | — |  | — |  | 164,514 |
Total notes payable |  | 1,984,216 |  | (39,811 | ) | 480,452 |  | 2,424,857 |  |  | 1,864,285 |  | (40,053 | ) | 487,564 |  | 2,311,796 |
Accounts payable and other liabilities |  | 165,611 |  | (1,409 | ) | 23,518 |  | 187,720 |  |  | 164,515 |  | (1,077 | ) | 20,426 |  | 183,864 |
Acquired lease intangible liabilities, net |  | 57,776 |  | (668 | ) | 5,878 |  | 62,986 |  |  | 42,034 |  | (738 | ) | 6,722 |  | 48,018 |
Tenants' security and escrow deposits |  | 26,974 |  | (230 | ) | 4,855 |  | 31,599 |  |  | 29,427 |  | (241 | ) | 3,477 |  | 32,663 |
Total liabilities |  | 2,234,577 |  | (42,118 | ) | 514,703 |  | 2,707,162 |  |  | 2,100,261 |  | (42,109 | ) | 518,189 |  | 2,576,341 |
Equity: |  |  |  |  |  |  |  |  |  |  |
Stockholders' Equity: |  |  |  |  |  |  |  |  |  |
Preferred stock |  | 325,000 |  | — |  | — |  | 325,000 |  |  | 325,000 |  | — |  | — |  | 325,000 |
Common stock, $.01 par |  | 995 |  | — |  | — |  | 995 |  |  | 972 |  | — |  | — |  | 972 |
Additional paid in capital, net of treasury stock |  | 2,871,740 |  | — |  | — |  | 2,871,740 |  |  | 2,722,850 |  | — |  | — |  | 2,722,850 |
Accumulated other comprehensive loss |  | (80,038 | ) | — |  | — |  | (80,038 | ) |  | (58,693 | ) | — |  | — |  | (58,693 | )
Distributions in excess of net income |  | (950,941 | ) | — |  | — |  | (950,941 | ) |  | (936,020 | ) | — |  | — |  | (936,020 | )
Total stockholders' equity |  | 2,166,756 |  | — |  | — |  | 2,166,756 |  |  | 2,054,109 |  | — |  | — |  | 2,054,109 |
Noncontrolling Interests: |  |  |  |  |  |  |  |  |  |
Exchangeable operating partnership units |  | (2,013 | ) | — |  | — |  | (2,013 | ) |  | (1,975 | ) | — |  | — |  | (1,975 | )
Limited partners' interest |  | 37,282 |  | (37,282 | ) | — |  | — |  |  | 30,486 |  | (30,486 | ) | — |  | — |
Total noncontrolling interests |  | 35,269 |  | (37,282 | ) | — |  | (2,013 | ) |  | 28,511 |  | (30,486 | ) | — |  | (1,975 | )
Total equity |  | 2,202,025 |  | (37,282 | ) | — |  | 2,164,743 |  |  | 2,082,620 |  | (30,486 | ) | — |  | 2,052,134 |
Total liabilities and equity |  | $ | 4,436,602 |  | (79,400 | ) | 514,703 |  | 4,871,905 |  |  | $ | 4,182,881 |  | (72,595 | ) | 518,189 |  | 4,628,475 |

|  | 13

Statements of Operations - Quarter Only (Non-GAAP)
For the Periods Ended June 30, 2016 and 2015
(in thousands)

|  | For the Three Months Ended June 30, 2016 |  | For the Three Months Ended June 30, 2015
|  | Consolidated | Noncontrolling Interests | Share of JVs | Total Pro-Rata Share |  | Consolidated | Noncontrolling Interests | Share of JVs | Total Pro-Rata Share
Real Estate Revenues: |  |  |  |  |  |  |  |  |  |
Base rent |  | $ | 107,656 |  | (1,688 | ) | 22,973 |  | 128,941 |  |  | $ | 100,339 |  | (1,671 | ) | 22,932 |  | 121,600 |
Recoveries from tenants |  | 32,414 |  | (416 | ) | 7,224 |  | 39,222 |  |  | 31,335 |  | (487 | ) | 7,371 |  | 38,219 |
Percentage rent |  | 453 |  | (1 | ) | 444 |  | 896 |  |  | 300 |  | — |  | 438 |  | 738 |
Termination fees |  | 86 |  | — |  | 9 |  | 95 |  |  | 96 |  | (9 | ) | 8 |  | 95 |
Other income |  | 3,374 |  | (39 | ) | 895 |  | 4,230 |  |  | 1,902 |  | (26 | ) | 549 |  | 2,425 |
Total real estate revenues |  | 143,983 |  | (2,144 | ) | 31,545 |  | 173,384 |  |  | 133,972 |  | (2,193 | ) | 31,298 |  | 163,077 |
Real Estate Operating Expenses: |  |  |  |  |  |  |  |  |  |
Operating and maintenance |  | 21,679 |  | (308 | ) | 4,621 |  | 25,992 |  |  | 19,889 |  | (382 | ) | 4,671 |  | 24,178 |
Real estate taxes |  | 16,769 |  | (267 | ) | 3,701 |  | 20,203 |  |  | 15,667 |  | (260 | ) | 3,696 |  | 19,103 |
Ground rent |  | 1,789 |  | (25 | ) | 88 |  | 1,852 |  |  | 1,238 |  | (24 | ) | 69 |  | 1,283 |
Provision for doubtful accounts |  | 495 |  | (8 | ) | 77 |  | 564 |  |  | 557 |  | — |  | 218 |  | 775 |
Total real estate operating expenses |  | 40,732 |  | (608 | ) | 8,487 |  | 48,611 |  |  | 37,351 |  | (666 | ) | 8,654 |  | 45,339 |
Net Operating Income |  | 103,251 |  | (1,536 | ) | 23,058 |  | 124,773 |  |  | 96,621 |  | (1,527 | ) | 22,644 |  | 117,738 |
Other Rent Amounts: |  |  |  |  |  |  |  |  |  |
Straight line rent, net |  | 1,223 |  | (60 | ) | 515 |  | 1,678 |  |  | 1,676 |  | (38 | ) | 377 |  | 2,015 |
Above/below market rent amortization |  | 1,066 |  | 4 |  | 236 |  | 1,306 |  |  | 375 |  | 2 |  | 293 |  | 670 |
Above/below market ground rent amortization |  | (241 | ) | — |  | (5 | ) | (246 | ) |  | 40 |  | — |  | (5 | ) | 35 |
Total other rent amounts |  | 2,048 |  | (56 | ) | 746 |  | 2,738 |  |  | 2,091 |  | (36 | ) | 665 |  | 2,720 |
Fee Income: |  |  |  |  |  |  |  |  |  |
Property management fees |  | 3,277 |  | — |  | — |  | 3,277 |  |  | 3,312 |  | — |  | — |  | 3,312 |
Asset management fees |  | 1,616 |  | — |  | (264 | ) | 1,352 |  |  | 1,562 |  | — |  | (256 | ) | 1,306 |
Leasing commissions and other fees |  | 1,247 |  | — |  | — |  | 1,247 |  |  | 1,134 |  | — |  | — |  | 1,134 |
Total fee income |  | 6,140 |  | — |  | (264 | ) | 5,876 |  |  | 6,008 |  | — |  | (256 | ) | 5,752 |
Interest Expense, net: |  |  |  |  |  |  |  |  |  |
Gross interest expense |  | 22,800 |  | (401 | ) | 5,668 |  | 28,067 |  |  | 26,138 |  | (485 | ) | 6,677 |  | 32,330 |
Derivative amortization |  | 2,269 |  | (40 | ) | 235 |  | 2,464 |  |  | 2,252 |  | (36 | ) | 62 |  | 2,278 |
Debt cost and premium/discount amortization |  | 376 |  | 34 |  | 183 |  | 593 |  |  | 504 |  | 86 |  | 210 |  | 800 |
Capitalized interest |  | (793 | ) | — |  | — |  | (793 | ) |  | (1,956 | ) | — |  | — |  | (1,956 | )
Interest income |  | (251 | ) | — |  | — |  | (251 | ) |  | (263 | ) | — |  | (1 | ) | (264 | )
Total interest expense, net |  | 24,401 |  | (407 | ) | 6,086 |  | 30,080 |  |  | 26,675 |  | (435 | ) | 6,948 |  | 33,188 |
General & Administrative, net: |  |  |  |  |  |  |  |  |  |
Gross general & administrative |  | 17,566 |  | — |  | 55 |  | 17,621 |  |  | 17,302 |  | — |  | 68 |  | 17,370 |
Stock-based compensation |  | 3,402 |  | — |  | — |  | 3,402 |  |  | 3,564 |  |  |  | 3,564 |
Capitalized direct leasing compensation costs |  | (2,688 | ) | — |  | — |  | (2,688 | ) |  | (2,994 | ) | — |  | — |  | (2,994 | )
Capitalized direct development compensation costs |  | (2,532 | ) | — |  | — |  | (2,532 | ) |  | (2,738 | ) | — |  | — |  | (2,738 | )
Total general & administrative, net |  | 15,748 |  | — |  | 55 |  | 15,803 |  |  | 15,134 |  | — |  | 68 |  | 15,202 |
Real Estate (Gains) Losses: |  |  |  |  |  |  |  |  |  |
Gain on sale of operating properties |  | (399 | ) | — |  | (2,909 | ) | (3,308 | ) |  | (5,693 | ) | — |  | (1,099 | ) | (6,792 | )
Gain on sale of land |  | (149 | ) | — |  | 1 |  | (148 | ) |  | 36 |  | — |  | 7 |  | 43 |
Total real estate (gains) losses |  | (548 | ) | — |  | (2,908 | ) | (3,456 | ) |  | (5,657 | ) | — |  | (1,092 | ) | (6,749 | )
Depreciation, Transaction and Other Expense (Income): |  |  |  |  |  |  |  |  |  |
Depreciation and amortization (including FF&E) |  | 40,299 |  | (660 | ) | 8,788 |  | 48,427 |  |  | 36,225 |  | (646 | ) | 9,937 |  | 45,516 |
Development and acquisition pursuit costs |  | 1,451 |  | — |  | — |  | 1,451 |  |  | 475 |  | — |  | 9 |  | 484 |
Loss from deferred compensation plan, net |  | — |  | — |  | — |  | — |  |  | 15 |  | — |  | — |  | 15 |
Early extinguishment of debt |  | — |  | — |  | 14 |  | 14 |  |  | — |  | — |  | — |  | — |
Hedge ineffectiveness |  | — |  | — |  | 1 |  | 1 |  |  | — |  | — |  | 1 |  | 1 |
Gain on sale of investments | — |  | — |  | — |  | — |  |  | (417 | ) | — |  | — |  | (417 | )
Other expenses |  | 494 |  | (21 | ) | 454 |  | 927 |  |  | 747 |  | (9 | ) | 425 |  | 1,163 |

|  | 14

|  | For the Three Months Ended June 30, 2016 |  | For the Three Months Ended June 30, 2015
|  | Consolidated | Noncontrolling Interests | Share of JVs | Total Pro-Rata Share |  | Consolidated | Noncontrolling Interests | Share of JVs | Total Pro-Rata Share
Total depreciation, transaction and other expense (income) |  | 42,244 |  | (681 | ) | 9,257 |  | 50,820 |  |  | 37,045 |  | (655 | ) | 10,372 |  | 46,762 |
Equity in income of unconsolidated partnerships |  | 11,050 |  | — |  | (11,050 | ) | — |  |  | 6,757 |  | — |  | (6,757 | ) | — |
Net Income |  | 40,644 |  | (504 | ) | — |  | 40,140 |  |  | 38,280 |  | (473 | ) | — |  | 37,807 |
Noncontrolling Interests: |  |  |  |  |  |  |  |  |  |
Exchangeable operating partnership units |  | 64 |  | — |  | — |  | 64 |  |  | 61 |  | — |  | — |  | 61 |
Limited partners' interest in consolidated partnerships |  | 504 |  | (504 | ) | — |  | — |  |  | 473 |  | (473 | ) | — |  | — |
Net income attributable to noncontrolling interests |  | 568 |  | (504 | ) | — |  | 64 |  |  | 534 |  | (473 | ) | — |  | 61 |
Net Income Attributable to Controlling Interests |  | 40,076 |  | — |  | — |  | 40,076 |  |  | 37,746 |  | — |  | — |  | 37,746 |
Preferred stock dividends |  | 5,266 |  | — |  | — |  | 5,266 |  |  | 5,266 |  | — |  | — |  | 5,266 |
Net Income Attributable to Common Stockholders |  | $ | 34,810 |  | — |  | — |  | 34,810 |  |  | $ | 32,480 |  | — |  | — |  | 32,480 |

|  | 15

Statements of Operations - Year to Date (Non-GAAP)
For the Periods Ended June 30, 2016 and 2015
(in thousands)

|  | For the Six Months Ended June 30, 2016 |  | For the Six Months Ended June 30, 2015
|  | Consolidated | Noncontrolling Interests | Share of JVs | Total Pro-Rata Share |  | Consolidated | Noncontrolling Interests | Share of JVs | Total Pro-Rata Share
Real Estate Revenues: |  |  |  |  |  |  |  |  |  |
Base rent |  | $ | 212,944 |  | (3,555 | ) | 45,950 |  | 255,339 |  |  | $ | 199,287 |  | (3,319 | ) | 45,817 |  | 241,785 |
Recoveries from tenants |  | 63,240 |  | (904 | ) | 14,651 |  | 76,987 |  |  | 61,120 |  | (966 | ) | 15,034 |  | 75,188 |
Percentage rent |  | 2,156 |  | (5 | ) | 990 |  | 3,141 |  |  | 2,108 |  | — |  | 1,021 |  | 3,129 |
Termination fees |  | 518 |  | — |  | 321 |  | 839 |  |  | 223 |  | (25 | ) | 25 |  | 223 |
Other income |  | 5,604 |  | (66 | ) | 1,207 |  | 6,745 |  |  | 3,888 |  | (53 | ) | 835 |  | 4,670 |
Total real estate revenues |  | 284,462 |  | (4,530 | ) | 63,119 |  | 343,051 |  |  | 266,626 |  | (4,363 | ) | 62,732 |  | 324,995 |
Real Estate Operating Expenses: |  |  |  |  |  |  |  |  |  |
Operating and maintenance |  | 42,539 |  | (664 | ) | 9,432 |  | 51,307 |  |  | 40,675 |  | (754 | ) | 9,788 |  | 49,709 |
Real estate taxes |  | 32,639 |  | (550 | ) | 7,542 |  | 39,631 |  |  | 30,798 |  | (540 | ) | 7,503 |  | 37,761 |
Ground rent |  | 3,394 |  | (49 | ) | 175 |  | 3,520 |  |  | 2,515 |  | (47 | ) | 137 |  | 2,605 |
Provision for doubtful accounts |  | 901 |  | 11 |  | 202 |  | 1,114 |  |  | 1,278 |  | 8 |  | 393 |  | 1,679 |
Total real estate operating expenses |  | 79,473 |  | (1,252 | ) | 17,351 |  | 95,572 |  |  | 75,266 |  | (1,333 | ) | 17,821 |  | 91,754 |
Net Operating Income |  | 204,989 |  | (3,278 | ) | 45,768 |  | 247,479 |  |  | 191,360 |  | (3,030 | ) | 44,911 |  | 233,241 |
Other Rent Amounts: |  |  |  |  |  |  |  |  |  |
Straight line rent, net |  | 3,013 |  | (116 | ) | 881 |  | 3,778 |  |  | 3,552 |  | (104 | ) | 825 |  | 4,273 |
Above/below market rent amortization |  | 1,662 |  | 5 |  | 480 |  | 2,147 |  |  | 856 |  | 4 |  | 603 |  | 1,463 |
Above/below market ground rent amortization |  | (461 | ) | — |  | (11 | ) | (472 | ) |  | 80 |  | — |  | (11 | ) | 69 |
Total other rent amounts |  | 4,214 |  | (111 | ) | 1,350 |  | 5,453 |  |  | 4,488 |  | (100 | ) | 1,417 |  | 5,805 |
Fee Income: |  |  |  |  |  |  |  |  |  |
Property management fees |  | 6,622 |  | — |  | — |  | 6,622 |  |  | 6,631 |  | — |  | — |  | 6,631 |
Asset management fees |  | 3,324 |  | — |  | (550 | ) | 2,774 |  |  | 3,121 |  | — |  | (512 | ) | 2,609 |
Leasing commissions and other fees |  | 2,958 |  | — |  | — |  | 2,958 |  |  | 2,494 |  | — |  | — |  | 2,494 |
Total fee income |  | 12,904 |  | — |  | (550 | ) | 12,354 |  |  | 12,246 |  | — |  | (512 | ) | 11,734 |
Interest Expense, net: |  |  |  |  |  |  |  |  |  |
Gross interest expense |  | 45,717 |  | (853 | ) | 11,413 |  | 56,277 |  |  | 52,506 |  | (983 | ) | 13,377 |  | 64,900 |
Derivative amortization |  | 4,499 |  | (72 | ) | 460 |  | 4,887 |  |  | 4,502 |  | (72 | ) | 106 |  | 4,536 |
Debt cost and premium/discount amortization |  | 628 |  | 89 |  | 386 |  | 1,103 |  |  | 844 |  | 183 |  | 386 |  | 1,413 |
Capitalized interest |  | (1,766 | ) | — |  | — |  | (1,766 | ) |  | (4,015 | ) | — |  | — |  | (4,015 | )
Interest income |  | (534 | ) | — |  | — |  | (534 | ) |  | (529 | ) | — |  | (1 | ) | (530 | )
Total interest expense, net |  | 48,544 |  | (836 | ) | 12,259 |  | 59,967 |  |  | 53,308 |  | (872 | ) | 13,868 |  | 66,304 |
General & Administrative, net: |  |  |  |  |  |  |  |  |  |
Gross general & administrative |  | 35,240 |  | — |  | 109 |  | 35,349 |  |  | 34,351 |  | — |  | 212 |  | 34,563 |
Stock-based compensation |  | 6,804 |  | — |  | — |  | 6,804 |  |  | 7,113 |  | — |  | — |  | 7,113 |
Capitalized direct leasing compensation costs |  | (5,286 | ) | — |  | — |  | (5,286 | ) |  | (5,189 | ) | — |  | — |  | (5,189 | )
Capitalized direct development compensation costs |  | (4,577 | ) | — |  | — |  | (4,577 | ) |  | (5,407 | ) | — |  | — |  | (5,407 | )
Total general & administrative, net |  | 32,181 |  | — |  | 109 |  | 32,290 |  |  | 30,868 |  | — |  | 212 |  | 31,080 |
Real Estate (Gains) Losses: |  |  |  |  |  |  |  |  |  |
Gain on sale of operating properties |  | (6,183 | ) | 128 |  | (8,894 | ) | (14,949 | ) |  | (6,382 | ) | — |  | (1,093 | ) | (7,475 | )
Provision for impairment of operating properties |  | 866 |  | (207 | ) | — |  | 659 |  |  | — |  | — |  | — |  | — |
Gain on sale of land |  | (7,234 | ) | — |  | (24 | ) | (7,258 | ) |  | (78 | ) | — |  | 10 |  | (68 | )
Provision for impairment of land |  | 800 |  | (288 | ) | — |  | 512 |  |  | — |  | — |  | — |  | — |
Total real estate (gains) losses |  | (11,751 | ) | (367 | ) | (8,918 | ) | (21,036 | ) |  | (6,460 | ) | — |  | (1,083 | ) | (7,543 | )
Depreciation, Transaction and Other Expense (Income): |  |  |  |  |  |  |  |  |  |
Depreciation and amortization (including FF&E) |  | 79,015 |  | (1,293 | ) | 18,483 |  | 96,205 |  |  | 72,218 |  | (1,266 | ) | 20,016 |  | 90,968 |
Development and acquisition pursuit costs |  | 2,429 |  | — |  | 4 |  | 2,433 |  |  | 497 |  | — |  | 26 |  | 523 |
Loss from deferred compensation plan, net |  | 22 |  | — |  | — |  | 22 |  |  | 26 |  | — |  | — |  | 26 |
Early extinguishment of debt |  | — |  | — |  | 14 |  | 14 |  |  | (61 | ) | — |  | — |  | (61 | )
Hedge ineffectiveness |  | — |  | — |  | 4 |  | 4 |  |  | — |  | — |  | 4 |  | 4 |

|  | 16

|  | For the Six Months Ended June 30, 2016 |  | For the Six Months Ended June 30, 2015
|  | Consolidated | Noncontrolling Interests | Share of JVs | Total Pro-Rata Share |  | Consolidated | Noncontrolling Interests | Share of JVs | Total Pro-Rata Share
Gain on sale of investments | — |  | — |  | — |  | — |  |  | (417 | ) | — |  | — |  | (417 | )
Other expenses |  | 1,417 |  | (40 | ) | 642 |  | 2,019 |  |  | 1,168 |  | (15 | ) | 449 |  | 1,602 |
Total depreciation, transaction and other expense (income) |  | 82,883 |  | (1,333 | ) | 19,147 |  | 100,697 |  |  | 73,431 |  | (1,281 | ) | 20,495 |  | 92,645 |
Equity in income of unconsolidated partnerships |  | 23,971 |  | — |  | (23,971 | ) | — |  |  | 12,324 |  | — |  | (12,324 | ) | — |
Net Income |  | 94,221 |  | (853 | ) | — |  | 93,368 |  |  | 69,271 |  | (977 | ) | — |  | 68,294 |
Noncontrolling Interests: |  |  |  |  |  |  |  |  |  |
Exchangeable operating partnership units |  | 150 |  | — |  | — |  | 150 |  |  | 110 |  | — |  | — |  | 110 |
Limited partners' interest in consolidated partnerships |  | 853 |  | (853 | ) | — |  | — |  |  | 977 |  | (977 | ) | — |  | — |
Net income attributable to noncontrolling interests |  | 1,003 |  | (853 | ) | — |  | 150 |  |  | 1,087 |  | (977 | ) | — |  | 110 |
Net Income Attributable to Controlling Interests |  | 93,218 |  | — |  | — |  | 93,218 |  |  | 68,184 |  | — |  | — |  | 68,184 |
Preferred stock dividends |  | 10,531 |  | — |  | — |  | 10,531 |  |  | 10,531 |  | — |  | — |  | 10,531 |
Net Income Attributable to Common Stockholders |  | $ | 82,687 |  | — |  | — |  | 82,687 |  |  | $ | 57,653 |  | — |  | — |  | 57,653 |

|  | 17

Reconciliations of Non-GAAP Financial Measures - Quarter Only
For the Periods Ended June 30, 2016 and 2015
(in thousands, except share information)

|  | For the Three Months Ended June 30, 2016 |  | For the Three Months Ended June 30, 2015
|  | Consolidated | Noncontrolling Interests | Share of JVs | Total Pro-Rata Share |  | Consolidated | Noncontrolling Interests | Share of JVs | Total Pro-Rata Share
Reconciliation of Net Income to NAREIT FFO: |  |  |  |  |  |  |  |  |  |
Net Income Attributable to Common Stockholders |  |  |  |  | 34,810 |  |  |  |  |  | $ | 32,480 |
Adjustments to reconcile to Funds From Operations: |  |  |  |  |  |  |  |  |  |
Depreciation and amortization (excluding FF&E) |  | $ | 39,850 |  | (660 | ) | 8,940 |  | 48,130 |  |  | $ | 35,755 |  | (646 | ) | 10,184 |  | 45,294 |
Gain on sale of operating properties |  | (399 | ) | — |  | (2,909 | ) | (3,308 | ) |  | (5,693 | ) | — |  | (1,099 | ) | (6,792 | )
Exchangeable operating partnership units |  | 64 |  | — |  | — |  | 64 |  |  | 61 |  | — |  | — |  | 60 |
NAREIT Funds From Operations |  |  |  |  | $ | 79,696 |  |  |  |  |  | $ | 71,042 |
Reconciliation of NAREIT FFO to Core FFO: |  |  |  |  |  |  |  |  |  |
NAREIT Funds From Operations |  |  |  |  | $ | 79,696 |  |  |  |  |  | $ | 71,042 |
Adjustments to reconcile to Core Funds From Operations: |  |  |  |  |  |  |  |  |  |
Development and acquisition pursuit costs |  | $ | 1,451 |  | — |  | — |  | 1,451 |  |  | $ | 475 |  | — |  | 9 |  | 484 |
Gain on sale of land |  | (149 | ) | — |  | 1 |  | (148 | ) |  | 36 |  | — |  | 7 |  | 43 |
Hedge ineffectiveness |  | — |  | — |  | 1 |  | 1 |  |  | — |  | — |  | 1 |  | 1 |
Early extinguishment of debt |  | — |  | — |  | 14 |  | 14 |  |  | — |  | — |  | — |  | — |
Gain on sale of investments |  | — |  | — |  | — |  | — |  |  | (417 | ) | — |  | — |  | (417 | )
Core Funds From Operations |  |  |  |  | $ | 81,014 |  |  |  |  |  | $ | 71,153 |
Reconciliation of Core FFO to AFFO: |  |  |  |  |  |  |  |  |  |
Core Funds From Operations |  |  |  |  | $ | 81,014 |  |  |  |  |  | $ | 71,153 |
Adjustments to reconcile to Adjusted Funds From Operations: |  |  |  |  |  |  |  |  |  |
Straight line rent, net |  | $ | (1,223 | ) | 60 |  | (515 | ) | (1,678 | ) |  | $ | (1,676 | ) | 38 |  | (377 | ) | (2,015 | )
Above/below market rent amortization, net |  | (825 | ) | (3 | ) | (230 | ) | (1,058 | ) |  | (415 | ) | (2 | ) | (287 | ) | (704 | )
Derivative amortization |  | 2,269 |  | — |  | — |  | 2,269 |  |  | 2,252 |  | — |  | — |  | 2,252 |
Debt cost and premium/discount amortization |  | 376 |  | 35 |  | 183 |  | 594 |  |  | 504 |  | 85 |  | 210 |  | 799 |
Stock-based compensation |  | 3,402 |  | — |  | — |  | 3,402 |  |  | 3,564 |  | — |  | — |  | 3,564 |
Capital expenditures |  | (8,769 | ) | — |  | (2,401 | ) | (11,170 | ) |  | (8,146 | ) | — |  | (1,928 | ) | (10,074 | )
Adjusted Funds From Operations |  |  |  |  | $ | 73,373 |  |  |  |  |  | $ | 64,975 |
Reconciliation of Net Income to NAREIT FFO (per diluted share): |  |  |  |  |  |  |  |  |  |
Net Income Attributable to Common Stockholders |  |  |  |  | $ | 0.35 |  |  |  |  |  | $ | 0.34 |
Adjustments to reconcile to Funds From Operations: |  |  |  |  |  |  |  |  |  |
Depreciation and amortization (excluding FF&E) |  | $ | 0.40 |  | (0.01 | ) | 0.10 |  | 0.49 |  |  | $ | 0.38 |  | (0.01 | ) | 0.11 |  | 0.48 |
Gain on sale of operating properties |  | — |  | — |  | (0.03 | ) | (0.03 | ) |  | (0.06 | ) | — |  | (0.01 | ) | (0.07 | )
Exchangeable operating partnership units |  | — |  | — |  | — |  | — |  |  | — |  | — |  | — |  | — |
NAREIT Funds From Operations |  |  |  |  | $ | 0.81 |  |  |  |  |  | $ | 0.75 |

|  | 18

|  | For the Three Months Ended June 30, 2016 |  | For the Three Months Ended June 30, 2015
|  | Consolidated | Noncontrolling Interests | Share of JVs | Total Pro-Rata Share |  | Consolidated | Noncontrolling Interests | Share of JVs | Total Pro-Rata Share
Reconciliation of NAREIT FFO to Core FFO (per diluted share): |  |  |  |  |  |  |  |  |  |
NAREIT Funds From Operations |  |  |  |  | $ | 0.81 |  |  |  |  |  | $ | 0.75 |
Adjustments to reconcile to Core Funds From Operations: |  |  |  |  |  |  |  |  |  |
Development and acquisition pursuit costs |  | $ | 0.01 |  | — |  | — |  | 0.01 |  |  | $ | — |  | — |  | — |  | — |
Gain on sale of land |  | — |  | — |  | — |  | — |  |  | — |  | — |  | — |  | — |
Hedge ineffectiveness |  | — |  | — |  | — |  | — |  |  | — |  | — |  | — |  | — |
Early extinguishment of debt |  | — |  | — |  | — |  | — |  |  | — |  | — |  | — |  | — |
Gain on sale of investments |  | — |  | — |  | — |  | — |  |  | — |  | — |  | — |  | — |
Core Funds From Operations |  |  |  |  | $ | 0.82 |  |  |  |  |  | $ | 0.75 |
Reconciliation of Core FFO to AFFO (per diluted share): |  |  |  |  |  |  |  |  |  |
Core Funds From Operations |  |  |  |  | $ | 0.82 |  |  |  |  |  | $ | 0.75 |
Adjustments to reconcile to Adjusted Funds From Operations: |  |  |  |  |  |  |  |  |  |
Straight line rent, net |  | $ | (0.01 | ) | — |  | — |  | (0.01 | ) |  | $ | (0.02 | ) | — |  | — |  | (0.02 | )
Above/below market rent amortization, net |  | (0.01 | ) | — |  | — |  | (0.01 | ) |  | — |  | — |  | — |  | — |
Derivative amortization |  | 0.02 |  | — |  | — |  | 0.02 |  |  | 0.02 |  | — |  | — |  | 0.02 |
Debt cost and premium/discount amortization |  | — |  | — |  | — |  | — |  |  | 0.01 |  | — |  | — |  | 0.01 |
Stock-based compensation |  | 0.04 |  | — |  | — |  | 0.04 |  |  | 0.04 |  | — |  | — |  | 0.04 |
Capital expenditures |  | (0.09 | ) | — |  | (0.02 | ) | (0.11 | ) |  | (0.09 | ) | — |  | (0.02 | ) | (0.11 | )
Adjusted Funds From Operations |  |  |  |  | $ | 0.75 |  |  |  |  |  | $ | 0.69 |

|  | 19

Reconciliations of Non-GAAP Financial Measures - Year to Date
For the Periods Ended June 30, 2016 and 2015
(in thousands, except share information)

|  | For the Six Months Ended June 30, 2016 |  | For the Six Months Ended June 30, 2015
|  | Consolidated | Noncontrolling Interests | Share of JVs | Total Pro-Rata Share |  | Consolidated | Noncontrolling Interests | Share of JVs | Total Pro-Rata Share
Reconciliation of Net Income to NAREIT FFO: |  |  |  |  |  |  |  |  |  |
Net Income Attributable to Common Stockholders |  |  |  |  | $ | 82,687 |  |  |  |  |  | $ | 57,653 |
Adjustments to reconcile to Funds From Operations: |  |  |  |  |  |  |  |  |  |
Depreciation and amortization (excluding FF&E) |  | $ | 78,080 |  | (1,293 | ) | 18,759 |  | 95,546 |  |  | $ | 71,334 |  | (1,266 | ) | 20,317 |  | 90,385 |
Provision for impairment to operating properties |  | 866 |  | (207 | ) | — |  | 659 |  |  | — |  | — |  | — |  | — |
Gain on sale of operating properties |  | (6,183 | ) | 128 |  | (8,894 | ) | (14,949 | ) |  | (6,382 | ) | — |  | (1,093 | ) | (7,475 | )
Exchangeable operating partnership units |  | 150 |  | — |  | — |  | 150 |  |  | 110 |  | — |  | — |  | 110 |
NAREIT Funds From Operations |  |  |  |  | $ | 164,093 |  |  |  |  |  | $ | 140,673 |
Reconciliation of NAREIT FFO to Core FFO: |  |  |  |  |  |  |  |  |  |
NAREIT Funds From Operations |  |  |  |  | $ | 164,093 |  |  |  |  |  | $ | 140,673 |
Adjustments to reconcile to Core Funds From Operations: |  |  |  |  |  |  |  |  |  |
Development and acquisition pursuit costs |  | $ | 2,429 |  | — |  | 4 |  | 2,433 |  |  | $ | 497 |  | — |  | 26 |  | 523 |
Gain on sale of land |  | (7,234 | ) | — |  | (24 | ) | (7,258 | ) |  | (78 | ) | — |  | 10 |  | (68 | )
Provision for impairment to land |  | 800 |  | (288 | ) | — |  | 512 |  |  | — |  | — |  | — |  | — |
Hedge ineffectiveness |  | — |  | — |  | 3 |  | 3 |  |  | — |  | — |  | 4 |  | 4 |
Early extinguishment of debt |  | — |  | — |  | 14 |  | 14 |  |  | (61 | ) | — |  | — |  | (61 | )
Gain on sale of investments |  | — |  | — |  | — |  | — |  |  | (417 | ) | — |  | — |  | (417 | )
Core Funds From Operations |  |  |  |  | $ | 159,797 |  |  |  |  |  | $ | 140,654 |
Reconciliation of Core FFO to AFFO: |  |  |  |  |  |  |  |  |  |
Core Funds From Operations |  |  |  |  | $ | 159,797 |  |  |  |  |  | $ | 140,654 |
Adjustments to reconcile to Adjusted Funds From Operations: |  |  |  |  |  |  |  |  |  |
Straight line rent, net |  | $ | (3,013 | ) | 116 |  | (881 | ) | (3,778 | ) |  | $ | (3,552 | ) | 104 |  | (825 | ) | (4,273 | )
Above/below market rent amortization, net |  | (1,201 | ) | (4 | ) | (468 | ) | (1,673 | ) |  | (936 | ) | (4 | ) | (591 | ) | (1,531 | )
Derivative amortization |  | 4,499 |  | — |  | — |  | 4,499 |  |  | 4,502 |  | — |  | — |  | 4,502 |
Debt cost and premium/discount amortization |  | 628 |  | 90 |  | 386 |  | 1,104 |  |  | 844 |  | 183 |  | 386 |  | 1,413 |
Stock-based compensation |  | 6,804 |  | — |  | — |  | 6,804 |  |  | 7,113 |  | — |  | — |  | 7,113 |
Capital expenditures |  | (16,675 | ) | — |  | (4,383 | ) | (21,058 | ) |  | (14,782 | ) | — |  | (4,475 | ) | (19,257 | )
Adjusted Funds From Operations |  |  |  |  | $ | 145,695 |  |  |  |  |  | $ | 128,621 |
Reconciliation of Net Income to NAREIT FFO (per diluted share): |  |  |  |  |  |  |  |  |  |
Net Income Attributable to Common Stockholders |  |  |  |  | $ | 0.84 |  |  |  |  |  | $ | 0.61 |
Adjustments to reconcile to Funds From Operations: |  |  |  |  |  |  |  |  |  |
Depreciation and amortization (excluding FF&E) |  | $ | 0.79 |  | (0.01 | ) | 0.19 |  | 0.97 |  |  | $ | 0.75 |  | (0.01 | ) | 0.22 |  | 0.96 |
Provision for impairment to operating properties |  | 0.01 |  | — |  | — |  | 0.01 |  |  | — |  | — |  | — |  | — |
Gain on sale of operating properties |  | (0.06 | ) | — |  | (0.09 | ) | (0.15 | ) |  | (0.07 | ) | — |  | (0.01 | ) | (0.08 | )
Exchangeable operating partnership units |  | — |  | — |  | — |  | — |  |  | — |  | — |  | — |  | — |
NAREIT Funds From Operations |  |  |  |  | $ | 1.67 |  |  |  |  |  | $ | 1.49 |

|  | 20

|  | For the Six Months Ended June 30, 2016 |  | For the Six Months Ended June 30, 2015
|  | Consolidated | Noncontrolling Interests | Share of JVs | Total Pro-Rata Share |  | Consolidated | Noncontrolling Interests | Share of JVs | Total Pro-Rata Share
Reconciliation of NAREIT FFO to Core FFO (per diluted share): |  |  |  |  |  |  |  |  |  |
NAREIT Funds From Operations |  |  |  |  | $ | 1.67 |  |  |  |  |  | $ | 1.49 |
Adjustments to reconcile to Core Funds From Operations: |  |  |  |  |  |  |  |  |  |
Development and acquisition pursuit costs |  | $ | 0.02 |  | — |  | — |  | 0.02 |  |  | $ | — |  | — |  | — |  | — |
Gain on sale of land |  | (0.07 | ) | — |  | — |  | (0.07 | ) |  | — |  | — |  | — |  | — |
Provision for impairment to land |  | 0.01 |  | — |  | — |  | 0.01 |  |  | — |  | — |  | — |  | — |
Hedge ineffectiveness |  | — |  | — |  | — |  | — |  |  | — |  | — |  | — |  | — |
Early extinguishment of debt |  | — |  | — |  | — |  | — |  |  | — |  | — |  | — |  | — |
Gain on sale of investments |  | — |  | — |  | — |  | — |  |  | — |  | — |  | — |  | — |
Core Funds From Operations |  |  |  |  | $ | 1.63 |  |  |  |  |  | $ | 1.49 |
Reconciliation of Core FFO to AFFO (per diluted share): |  |  |  |  |  |  |  |  |  |
Core Funds From Operations |  |  |  |  | $ | 1.63 |  |  |  |  |  | $ | 1.49 |
Adjustments to reconcile to Adjusted Funds From Operations: |  |  |  |  |  |  |  |  |  |
Straight line rent, net |  | $ | (0.03 | ) | — |  | (0.01 | ) | (0.04 | ) |  | $ | (0.04 | ) | — |  | (0.01 | ) | (0.05 | )
Above/below market rent amortization, net |  | (0.02 | ) | — |  | — |  | (0.02 | ) |  | (0.01 | ) | — |  | — |  | (0.01 | )
Derivative amortization |  | 0.04 |  | — |  | — |  | 0.04 |  |  | 0.05 |  | — |  | — |  | 0.05 |
Debt cost and premium/discount amortization |  | 0.01 |  | — |  | — |  | 0.01 |  |  | 0.01 |  | — |  | — |  | 0.01 |
Stock-based compensation |  | 0.07 |  | — |  | — |  | 0.07 |  |  | 0.08 |  | — |  | — |  | 0.08 |
Capital expenditures |  | (0.17 | ) | — |  | (0.04 | ) | (0.21 | ) |  | (0.16 | ) | — |  | (0.05 | ) | (0.21 | )
Adjusted Funds From Operations |  |  |  |  | $ | 1.48 |  |  |  |  |  | $ | 1.36 |

|  | 21

Additional Non-GAAP Disclosures
For the Periods Ended June 30, 2016 and 2015
(in thousands)

Same Property NOI Detail |  | For the Three Months Ended June 30, 2016 |  | For the Three Months Ended June 30, 2015 |  | % Change
|  | Consolidated | Share of JVs | Total Pro-Rata Share |  | Consolidated | Share of JVs | Total Pro-Rata Share |  |
Real Estate Revenues: |  |  |  |  |  |  |  |  |  |
Base Rent |  | $ | 100,574 |  | 22,916 |  | 123,490 |  |  | $ | 97,905 |  | 22,204 |  | 120,109 |  |  |
Recoveries from Tenants |  | 30,177 |  | 7,203 |  | 37,380 |  |  | 30,219 |  | 7,116 |  | 37,335 |  |  |
Percentage Rent |  | 427 |  | 445 |  | 872 |  |  | 300 |  | 437 |  | 737 |  |  |
Termination Fees |  | 86 |  | 9 |  | 95 |  |  | 96 |  | 8 |  | 104 |  |  |
Other Income |  | 2,420 |  | 591 |  | 3,011 |  |  | 1,279 |  | 308 |  | 1,587 |  |  |
Total Real Estate Revenues |  | 133,684 |  | 31,164 |  | 164,848 |  |  | 129,799 |  | 30,073 |  | 159,872 |  |  |
Real Estate Operating Expenses: |  |  |  |  |  |  |  |  |  |
Operating and Maintenance |  | 19,476 |  | 4,589 |  | 24,065 |  |  | 18,939 |  | 4,461 |  | 23,400 |  |  |
Real Estate Taxes |  | 15,324 |  | 3,689 |  | 19,013 |  |  | 14,901 |  | 3,548 |  | 18,449 |  |  |
Ground Rent |  | 1,490 |  | 88 |  | 1,578 |  |  | 1,461 |  | 69 |  | 1,530 |  |  |
Provision for Doubtful Accounts |  | 453 |  | 88 |  | 541 |  |  | 564 |  | 161 |  | 725 |  |  |
Total Real Estate Operating Expenses |  | 36,743 |  | 8,454 |  | 45,197 |  |  | 35,865 |  | 8,239 |  | 44,104 |  |  |
Same Property NOI |  | $ | 96,941 |  | 22,710 |  | 119,651 |  |  | $ | 93,934 |  | 21,834 |  | 115,768 |  |  | 3.4 | %
Same Property NOI without Termination Fees |  | $ | 96,855 |  | 22,701 |  | 119,556 |  |  | $ | 93,838 |  | 21,826 |  | 115,664 |  |  | 3.4 | %
Same Property NOI without Termination Fees or Redevelopments |  | $ | 83,129 |  | 19,718 |  | 102,847 |  |  | $ | 80,866 |  | 18,833 |  | 99,699 |  |  | 3.2 | %
|  | For the Six Months Ended June 30, 2016 |  | For the Six Months Ended June 30, 2015 |  |
|  | Consolidated | Share of JVs | Total Pro-Rata Share |  | Consolidated | Share of JVs | Total Pro-Rata Share |  | % Change
Real Estate Revenues: |  |  |  |  |  |  |  |  |  |
Base Rent |  | 200,684 | 45,589 | 246,273 |  | 194,895 | 44,206 | 239,101 |  |
Recoveries from Tenants |  | 59,314 | 14,524 | 73,838 |  | 58,990 | 14,479 | 73,469 |  |
Percentage Rent |  | 2,124 | 990 | 3,114 |  | 2,108 | 1,029 | 3,137 |  |
Termination Fees |  | 518 | 321 | 839 |  | 223 | 25 | 248 |  |
Other Income |  | 4,072 | 883 | 4,955 |  | 2,573 | 570 | 3,143 |  |
Total Real Estate Revenues |  | 266,712 | 62,307 | 329,019 |  | 258,789 | 60,309 | 319,098 |  |
Real Estate Operating Expenses: |  |  |  |  |  |  |  |  |  |
Operating and Maintenance |  | 39,103 | 9,320 |  | 48,423 |  | 39,123 | 9,333 | 48,456 |  |
Real Estate Taxes |  | 30,306 | 7,454 | 37,760 |  | 29,346 | 7,199 | 36,545 |  |
Ground Rent |  | 2,943 | 175 | 3,118 |  | 2,961 | 137 | 3,098 |  |
Provision for Doubtful Accounts |  | 825 | 176 | 1,001 |  | 1,090 | 305 | 1,395 |  |
Total Real Estate Operating Expenses |  | 73,177 | 17,125 | 90,302 |  | 72,520 | 16,974 | 89,494 |  |
Same Property NOI |  | $ | 193,535 |  | 45,182 |  | 238,717 |  |  | $ | 186,269 |  | 43,335 |  | 229,604 |  |  | 4.0 | %
Same Property NOI without Termination Fees |  | $ | 193,017 |  | 44,861 |  | 237,878 |  |  | $ | 186,046 |  | 43,310 |  | 229,356 |  |  | 3.7 | %
Same Property NOI without Termination Fees or Redevelopments |  | $ | 165,850 |  | 38,774 |  | 204,624 |  |  | $ | 161,049 |  | 37,286 |  | 198,335 |  |  | 3.2 | %

|  | 22

Capital Expenditure Detail |  | For the Three Months Ended June 30, 2016 |  | For the Three Months Ended June 30, 2015 |  |
|  | Consolidated | Share of JVs | Total Pro-Rata Share |  | Consolidated | Share of JVs | Total Pro-Rata Share |  |
Leasing commissions |  | $ | 3,264 |  | 647 |  | 3,911 |  |  | $ | 3,542 |  | 738 |  | 4,280 |  |  |
Tenant improvements and other landlord leasing costs |  | 4,398 |  | 1,037 |  | 5,435 |  |  | 2,847 |  | 880 |  | 3,727 |  |  |
Building improvements |  | 1,107 |  | 717 |  | 1,824 |  |  | 1,757 |  | 310 |  | 2,067 |  |  |
Total capital expenditures |  | $ | 8,769 |  | 2,401 |  | 11,170 |  |  | $ | 8,146 |  | 1,928 |  | 10,074 |  |  |
|  | For the Six Months Ended June 30, 2016 |  | For the Six Months Ended June 30, 2015 |  |
|  | Consolidated | Share of JVs | Total Pro-Rata Share |  | Consolidated | Share of JVs | Total Pro-Rata Share |  |
Leasing commissions |  | $ | 6,031 |  | 1,083 |  | 7,114 |  |  | $ | 5,449 |  | 1,254 |  | 6,703 |  |  |
Tenant improvements and other landlord leasing costs |  | 7,299 |  | 2,162 |  | 9,461 |  |  | 6,358 |  | 2,346 |  | 8,704 |  |  |
Building improvements |  | 3,345 |  | 1,138 |  | 4,483 |  |  | 2,975 |  | 875 |  | 3,850 |  |  |
Total capital expenditures |  | $ | 16,675 |  | 4,383 |  | 21,058 |  |  | $ | 14,782 |  | 4,475 |  | 19,257 |  |  |

|  | 23

Consolidated Statements of Operations (GAAP Basis)
For the Periods Ended June 30, 2016 and 2015
(in thousands)

|  | Three Months Ended |  | Year to Date
|  | 2016 |  | 2015 |  | 2016 |  | 2015
Revenues: |  |  |  |  |  |  |  |
Minimum rent |  | $ | 109,945 |  |  | 102,390 |  |  | $ | 217,619 |  |  | 203,695 |
Percentage rent |  | 453 |  |  | 300 |  |  | 2,156 |  |  | 2,108 |
Recoveries from tenants and other income |  | 35,874 |  |  | 32,431 |  |  | 69,362 |  |  | 63,479 |
Management, transaction, and other fees |  | 6,140 |  |  | 6,008 |  |  | 12,904 |  |  | 12,246 |
Total revenues |  | 152,412 |  |  | 141,129 |  |  | 302,041 |  |  | 281,528 |
Operating Expenses: |  |  |  |  |  |  |  |
Depreciation and amortization |  | 40,299 |  |  | 36,225 |  |  | 79,015 |  |  | 72,218 |
Operating and maintenance |  | 23,709 |  |  | 20,185 |  |  | 46,394 |  |  | 41,358 |
General and administrative |  | 16,350 |  |  | 15,099 |  |  | 32,649 |  |  | 31,477 |
Real estate taxes |  | 16,769 |  |  | 15,667 |  |  | 32,639 |  |  | 30,798 |
Other operating expense |  | 2,440 |  |  | 1,779 |  |  | 4,747 |  |  | 2,943 |
Total operating expenses |  | 99,567 |  |  | 88,955 |  |  | 195,444 |  |  | 178,794 |
Other Expense (Income): |  |  |  |  |  |  |  |
Interest expense, net of interest income |  | 24,401 |  |  | 26,675 |  |  | 48,544 |  |  | 53,308 |
Provision for impairment |  | — |  |  | — |  |  | 1,666 |  |  | — |
Early extinguishment of debt |  | — |  |  | — |  |  | — |  |  | (61 | )
Net investment income |  | (602 | ) |  | (367 | ) |  | (446 | ) |  | (1,000 | )
Total other expense |  | 23,799 |  |  | 26,308 |  |  | 49,764 |  |  | 52,247 |
Income from operations before equity in income of investments in real estate partnerships |  | 29,046 |  |  | 25,866 |  |  | 56,833 |  |  | 50,487 |
Equity in income of investments in real estate partnerships |  | 11,050 |  |  | 6,757 |  |  | 23,971 |  |  | 12,324 |
Income from operations |  | 40,096 |  |  | 32,623 |  |  | 80,804 |  |  | 62,811 |
Gain on sale of real estate |  | 548 |  |  | 5,657 |  |  | 13,417 |  |  | 6,460 |
Net income |  | 40,644 |  |  | 38,280 |  |  | 94,221 |  |  | 69,271 |
Noncontrolling Interests: |  |  |  |  |  |  |  |
Exchangeable operating partnership units |  | (64 | ) |  | (61 | ) |  | (150 | ) |  | (110 | )
Limited partners' interests in consolidated partnerships |  | (504 | ) |  | (473 | ) |  | (853 | ) |  | (977 | )
Net income attributable to noncontrolling interests |  | (568 | ) |  | (534 | ) |  | (1,003 | ) |  | (1,087 | )
Net income attributable to controlling interests |  | 40,076 |  |  | 37,746 |  |  | 93,218 |  |  | 68,184 |
Preferred stock dividends |  | (5,266 | ) |  | (5,266 | ) |  | (10,531 | ) |  | (10,531 | )
Net income attributable to common stockholders |  | $ | 34,810 |  |  | 32,480 |  |  | $ | 82,687 |  |  | 57,653 |
These consolidated statements of operations should be read in conjunction with the Company's most recent Form 10-Q and Form 10-K filed with the Securities and Exchange Commission.
Reconciliation of Income from Operations to Non-GAAP Pro-Rata Same Property NOI (1): |  |  |  |  |  |
Income from operations before tax |  | $ | 40,096 |  |  | 32,623 |  |  | $ | 80,804 |  |  | 62,811 |
Less: |  |  |  |  |  |  |  |
Management, transaction, and other fees |  | (6,140 | ) |  | (6,008 | ) |  | (12,904 | ) |  | (12,246 | )
Other (2) |  | (3,584 | ) |  | (3,618 | ) |  | (7,492 | ) |  | (7,518 | )
Plus: |  |  |  |  |  |  |  |
Depreciation and amortization |  | 40,299 |  |  | 36,225 |  |  | 79,015 |  |  | 72,218 |
General and administrative |  | 16,350 |  |  | 15,099 |  |  | 32,649 |  |  | 31,477 |
Other operating expense, excluding provision for doubtful accounts |  | 1,945 |  |  | 1,222 |  |  | 3,846 |  |  | 1,665 |
Other expense (income) |  | 23,799 |  |  | 26,308 |  |  | 49,764 |  |  | 52,247 |
Equity in income of investments in real estate excluded from NOI (3) |  | 12,008 |  |  | 15,887 |  |  | 21,797 |  |  | 32,587 |
Pro-Rata NOI |  | 124,773 |  |  | 117,738 |  |  | 247,479 |  |  | 233,241 |
Less pro-rata non-same property NOI (4) |  | (5,122 | ) |  | (1,970 | ) |  | (8,762 | ) |  | (3,637 | )
Pro-Rata Same Property NOI |  | $ | 119,651 |  |  | 115,768 |  |  | $ | 238,717 |  |  | 229,604 |
(1) Same Property NOI is a key measure used by management in evaluating the operating performance of our properties.
(2) Includes straight-line rental income, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests.
(3) Includes non-NOI expenses incurred at our unconsolidated real estate partnerships, such as, but not limited to, straight-line rental income, above and
below market rent amortization, depreciation and amortization, and interest expense.
(4) Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests.

|  | 24

Summary of Consolidated Debt
June 30, 2016 and December 31, 2015
(in thousands)

Total Debt Outstanding: |  | 6/30/2016 |  | 12/31/2015
Mortgage loans payable: |  |  |  |
Fixed rate secured loans |  | $ | 483,427 |  |  | 509,368 |
Unsecured debt offering fixed rate |  | 1,191,204 |  |  | 1,190,403 |
Unsecured credit facilities variable rate |  | 309,585 |  |  | 164,514 |
Total |  | $ | 1,984,216 |  |  | 1,864,285 |

Schedule of Maturities by Year: |  | Scheduled Principal Payments |  | Mortgage Loan Maturities |  | Unsecured Maturities (1) |  | Total |  | Weighted Average Contractual Interest Rate
2016 |  | $ | 2,963 |  |  | — |  |  | — |  |  | 2,963 |  |  | —%
2017 |  | 5,778 |  |  | 117,298 |  |  | 300,000 |  |  | 423,076 |  |  | 5.9%
2018 |  | 5,103 |  |  | 57,358 |  |  | — |  |  | 62,461 |  |  | 6.2%
2019 |  | 4,393 |  |  | 106,000 |  |  | 310,000 |  |  | 420,393 |  |  | 3.0%
2020 |  | 4,349 |  |  | 84,011 |  |  | 150,000 |  |  | 238,360 |  |  | 6.1%
2021 |  | 3,489 |  |  | 35,190 |  |  | 250,000 |  |  | 288,679 |  |  | 4.9%
2022 |  | 3,477 |  |  | 5,848 |  |  | — |  |  | 9,325 |  |  | 7.7%
2023 |  | 1,794 |  |  | 18,656 |  |  | — |  |  | 20,450 |  |  | 5.8%
2024 |  | 1,110 |  |  | 17,008 |  |  | 250,000 |  |  | 268,118 |  |  | 3.7%
2025 |  | 900 |  |  | — |  |  | 250,000 |  |  | 250,900 |  |  | 3.9%
>10 years |  | 2,414 |  |  | 90 |  |  | — |  |  | 2,504 |  |  | 6.1%
Unamortized debt premium/(discount) and issuance costs (2) |  | — |  |  | 6,198 |  |  | (9,211 | ) |  | (3,013 | ) |  |
|  | $ | 35,770 |  |  | 447,657 |  |  | 1,500,789 |  |  | 1,984,216 |  |  | 4.6%

Percentage of Total Debt: |  | 6/30/2016 |  | 12/31/2015
Fixed |  | 84.4% |  | 91.2%
Variable |  | 15.6% |  | 8.8%
Current Weighted Average Contractual Interest Rates: (3) |  |  |  |
Fixed |  | 5.2% |  | 5.2%
Variable |  | 1.3% |  | 1.2%
Combined |  | 4.6% |  | 4.8%
Current Weighted Average Effective Interest Rate: (4) |  |  |  |
Combined |  | 5.1% |  | 5.5%

Average Years to Maturity: |  |  |  |
Fixed |  | 4.8 |  | 5.1
Variable |  | 2.9 |  | 3.5
(1) Includes unsecured public debt and unsecured credit facilities.
(2) Effective January 1, 2016, the Company adopted ASU 2015-03 resulting in debt issue costs, previously recognized as a deferred asset, being reclassified as a direct deduction from the carrying amount of the debt liability, net of accumulated amortization, with the exception of Line of Credit costs remaining as an asset.
(3) Interest rates are calculated as of the quarter end.
(4) Effective interest rates are calculated in accordance with US GAAP, as of the quarter end, and include the impact of debt premium/(discount) amortization, issuance cost amortization, interest rate swaps, and facility and unused fees.

|  | 25

Summary of Consolidated Debt
As of June 30, 2016 and December 31, 2015
(in thousands)
Lender |  | Collateral |  | Contractual Rate |  | Effective Rate (1) |  | Maturity |  | 6/30/2016 |  | 12/31/2015
Fixed Rate Mortgage Loans |  |  |  |  |  |  |  |  |  |  |  |
Midland Loan Services |  | Hilltop Village |  | 5.6% |  |  |  | 04/06/16 |  | — |  |  | 7,500 |
Berkadia Commercial Mortgage |  | Naples Walk |  | 6.2% |  |  |  | 08/11/16 |  | — |  |  | 14,488 |
Wells Fargo |  | Brick Walk V |  | 6.1% |  |  |  | 03/01/17 |  | 9,700 |  |  | 9,700 |
Jefferson Pilot |  | Peartree Village |  | 8.4% |  |  |  | 06/01/17 |  | 6,502 |  |  | 6,836 |
Allianz Life Insurance Company |  | 4S Commons Town Center |  | 6.0% |  |  |  | 06/10/17 |  | 62,500 |  |  | 62,500 |
Bank of America |  | Grand Ridge Plaza |  | 5.8% |  |  |  | 07/01/17 |  | 11,030 |  |  | 11,125 |
Metropolitan Life Insurance Company |  | Corkscrew Village |  | 6.2% |  |  |  | 08/01/17 |  | 7,495 |  |  | 7,642 |
Wells Fargo |  | Brick Walk II |  | 6.0% |  |  |  | 09/01/17 |  | 6,758 |  |  | 6,810 |
Wells Fargo |  | Brick Walk |  | 5.9% |  |  |  | 09/01/17 |  | 14,896 |  |  | 15,004 |
TIAA-CRER |  | Westchase |  | 5.5% |  |  |  | 07/10/18 |  | 6,784 |  |  | 6,941 |
Guardian Life Insurance Company |  | Amerige Heights Town Center |  | 6.1% |  |  |  | 12/01/18 |  | 16,229 |  |  | 16,349 |
Guardian Life Insurance Company |  | El Cerrito Plaza |  | 6.4% |  |  |  | 12/01/18 |  | 37,619 |  |  | 37,989 |
Allianz Life Insurance Company |  | Tassajara Crossing |  | 7.8% |  |  |  | 07/10/19 |  | 19,800 |  |  | 19,800 |
Allianz Life Insurance Company |  | Plaza Hermosa |  | 7.8% |  |  |  | 07/10/19 |  | 13,800 |  |  | 13,800 |
Allianz Life Insurance Company |  | Sequoia Station |  | 7.8% |  |  |  | 07/10/19 |  | 21,100 |  |  | 21,100 |
Allianz Life Insurance Company |  | Mockingbird Commons |  | 7.8% |  |  |  | 07/10/19 |  | 10,300 |  |  | 10,300 |
Allianz Life Insurance Company |  | Sterling Ridge |  | 7.8% |  |  |  | 07/10/19 |  | 13,900 |  |  | 13,900 |
Allianz Life Insurance Company |  | Frisco Prestonbrook |  | 7.8% |  |  |  | 07/10/19 |  | 6,800 |  |  | 6,800 |
Allianz Life Insurance Company |  | Wellington Town Square |  | 7.8% |  |  |  | 07/10/19 |  | 12,800 |  |  | 12,800 |
Allianz Life Insurance Company |  | Berkshire Commons |  | 7.8% |  |  |  | 07/10/19 |  | 7,500 |  |  | 7,500 |
Allianz Life Insurance Company |  | Willow Festival |  | 7.3% |  |  |  | 01/10/20 |  | 39,505 |  |  | 39,505 |
Nationwide Bank |  | Kent Place |  | 3.3% |  |  |  | 04/01/20 |  | 8,250 |  |  | 8,250 |
CUNA Mutal Insurance Society |  | Ocala Corners |  | 6.5% |  |  |  | 04/01/20 |  | 4,722 |  |  | 4,826 |
PNC Bank |  | Fellsway Plaza |  | 3.4% | (2) |  |  | 10/16/20 |  | 34,154 |  |  | 34,154 |
Wells Fargo |  | University Commons |  | 5.5% |  |  |  | 01/10/21 |  | 37,790 |  |  | 38,000 |
John Hancock Life Insurance Company |  | Kirkwood Commons |  | 7.7% |  |  |  | 10/01/22 |  | 10,258 |  |  | 10,528 |
TD Bank |  | Black Rock Shopping Center |  | 2.8% | (3) |  |  | 04/01/23 |  | 20,000 |  |  | 19,828 |
State Farm Life Insurance Company |  | Tech Ridge Center |  | 5.8% |  |  |  | 06/01/23 |  | 8,269 |  |  | 8,741 |
Great-West Life & Annuity Insurance Co |  | Erwin Square |  | 3.8% |  |  |  | 09/01/24 |  | 10,000 |  |  | 10,000 |
Prudential Insurance Co of America |  | Seminole Shoppes |  | 3.4% |  |  |  | 10/05/24 |  | 9,565 |  |  | 9,698 |
NYLIM Real Estate Group |  | Oak Shade Town Center |  | 6.1% |  |  |  | 05/10/28 |  | 8,957 |  |  | 9,210 |
City of Rollingwood |  | Shops at Mira Vista |  | 8.0% |  |  |  | 03/01/32 |  | 246 |  |  | 250 |
Unamortized premiums on assumed debt of acquired properties and issuance costs (4) |  |  |  |  |  | 6,198 |  |  | 7,494 |
Total Fixed Rate Mortgage Loans |  | 6.1% |  | 6.1% |  |  |  | $ | 483,427 |  |  | 509,368 |

|  | 26

Summary of Consolidated Debt
As of June 30, 2016 and December 31, 2015
(in thousands)
Lender |  | Collateral |  | Contractual Rate |  | Effective Rate (1) |  | Maturity |  | 6/30/2016 |  | 12/31/2015
Fixed Rate Unsecured Debt (Issue Date) |  |  |  |  |  |  |  |  |  |
Debt Offering (6/5/07) |  | Unsecured |  | 5.9% |  |  |  | 06/15/17 |  | 300,000 |  |  | 300,000 |
Debt Offering (6/2/10) |  | Unsecured |  | 6.0% |  |  |  | 06/15/20 |  | 150,000 |  |  | 150,000 |
Debt Offering (10/7/10) |  | Unsecured |  | 4.8% |  |  |  | 04/15/21 |  | 250,000 |  |  | 250,000 |
Debt Offering (5/16/14) |  | Unsecured |  | 3.8% |  |  |  | 06/15/24 |  | 250,000 |  |  | 250,000 |
Debt Offering (8/17/15) |  | Unsecured |  | 3.9% |  |  |  | 11/01/25 |  | 250,000 |  |  | 250,000 |
Unamortized debt discount and issuance costs (4) |  |  |  |  |  |  |  | (8,796 | ) |  | (9,597 | )
Total Fixed Rate Unsecured Debt, Net of Discounts |  | 4.8% |  | 5.5% |  |  |  | $ | 1,191,204 |  |  | 1,190,403 |
Variable Rate Unsecured Debt |  |  |  |  |  |  |  |  |  |  |  |
Wells Fargo Bank |  | $800 Million Line of Credit |  | LIBOR + 0.925% | (5) |  |  | 05/13/19 |  | 145,000 |  |  | — |
Wells Fargo Bank |  | $165 Million Term Loan |  | LIBOR + 0.975% | — |  |  | 06/27/19 |  | 165,000 |  |  | 165,000 |
Unamortized issuance costs (4) |  |  |  |  |  |  |  | $ | (415 | ) |  | (486 | )
Total Variable Rate Unsecured Debt | 1.4% |  | 1.5% |  |  |  | $ | 309,585 |  |  | 164,514 |
Total |  |  |  | 4.6% |  | 5.1% |  |  |  | $ | 1,984,216 |  |  | 1,864,285 |
(1) Effective interest rates are calculated in accordance with US GAAP, as of the quarter end, and include the impact of debt premium/(discount) amortization, issuance cost amortization, interest rate swaps, and facility and unused fees.
(2) Underlying debt is LIBOR+1.50%; however, an interest rate swap is in place to fix the interest rate on $28.1 million of this debt at 3.696% through maturity. Contractual rate represents the blended contractual terms, including the swap.
(3) In 2016, the Company paid the remaining $19,828 balance of 5.4% mortgage debt held with Wells Fargo and secured new mortgage debt of $20,000 at LIBOR+1.50%; however, an interest rate swap is in place to fix the interest rate at 2.803% through maturity.
(4) Effective January 1, 2016, the Company adopted ASU 2015-03 resulting in debt issue costs, previously recognized as a deferred asset, being reclassified as a direct deduction from the carrying amount of the debt liability, net of accumulated amortization, with the exception of Line of Credit costs remaining as an asset.
(5) Rate applies to drawn balance only. Additional annual facility fee of 0.15% applies to entire $800 million line of credit. Maturity is subject to two additional six-month periods at the Company’s option.

|  | 27

Summary of Unsecured Debt Covenants and Leverage Ratios
June 30, 2016

Outstanding Unsecured Credit Facilities and Unsecured Public Debt: |  | Origination |  | Maturity |  | Rate |  | Balance
$800 Million Line of Credit (1) |  | 05/13/15 |  | 05/13/19 |  | LIBOR + 0.925% |  | $ | 145,000 |
$165 Million Term Loan |  | 06/27/14 |  | 06/27/19 |  | LIBOR + 0.975% |  | $ | 165,000 |
Unsecured Public Debt: |  | 06/05/07 |  | 06/15/17 |  | 5.875% |  | $ | 300,000 |
|  | 06/02/10 |  | 06/15/20 |  | 6.000% |  | $ | 150,000 |
|  | 10/07/10 |  | 04/15/21 |  | 4.800% |  | $ | 250,000 |
|  | 05/16/14 |  | 06/15/24 |  | 3.750% |  | $ | 250,000 |
|  | 08/17/15 |  | 11/01/25 |  | 3.900% |  | $ | 250,000 |

Unsecured Public Debt Covenants: |  | Required |  | 3/31/16 |  | 12/31/15 |  | 9/30/15 |  | 6/30/15
Fair Market Value Calculation Method Covenants (2) |  |  |  |  |  |  |  |  |  |
Total Consolidated Debt to Total Consolidated Assets |  | ≤ 65% |  |  | 29 | % |  | 30 | % |  | 33 | % |  | 32 | %
Secured Consolidated Debt to Total Consolidated Assets |  | ≤ 40% |  |  | 8 | % |  | 8 | % |  | 8 | % |  | 8 | %
Consolidated Income for Debt Service to Consolidated Debt Service |  | ≥ 1.5x |  |  | 4.1x |  |  | 3.9x |  |  | 3.8x |  |  | 3.7x |
Unencumbered Consolidated Assets to Unsecured Consolidated Debt |  | >150% |  |  | 380 | % |  | 376 | % |  | 331 | % |  | 328 | %
Note: Debt covenant disclosure is in arrears due to current quarter calculations being dependent on the Company's most recent Form 10-Q or Form 10-K filing.
(1) Rate applies to drawn balance only. Additional annual facility fee of 0.15% applies to entire $800 million line of credit. Maturity is subject to two additional six-month periods at the Company’s option.
(2) For a complete listing of all Debt Covenants related to the Company's Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company's filings with the Securities and Exchange Commission.

|  | 28

Ratios: |  | 6/30/16 |  | 3/31/16 |  | 12/31/15 |  | 9/30/15 |  | 6/30/15
Consolidated Only |  |  |  |  |  |  |  |  |  |
Net debt to total market capitalization |  | 18.4 | % |  | 19.1 | % |  | 20.8 | % |  | 24.4 | % |  | 24.9 | %
Net debt to real estate assets, before depreciation |  | 38.1 | % |  | 37.3 | % |  | 37.8 | % |  | 41.4 | % |  | 40.9 | %
Net debt to total assets, before depreciation |  | 35.6 | % |  | 34.8 | % |  | 35.3 | % |  | 38.7 | % |  | 38.7 | %
Net debt + preferred to total assets, before depreciation |  | 41.6 | % |  | 41.1 | % |  | 41.5 | % |  | 45.0 | % |  | 45.1 | %
Net debt to Core EBITDA - TTM |  | 4.6x |  |  | 4.3x |  |  | 4.4x |  |  | 4.9x |  |  | 4.8x |
Fixed charge coverage |  | 3.6x |  |  | 3.5x |  |  | 3.3x |  |  | 3.2x |  |  | 3.0x |
Fixed charge coverage excluding preferreds |  | 4.1x |  |  | 3.9x |  |  | 3.8x |  |  | 3.6x |  |  | 3.4x |
Interest coverage |  | 4.6x |  |  | 4.4x |  |  | 4.2x |  |  | 4.0x |  |  | 3.9x |
Unsecured assets to total real estate assets |  | 82.5 | % |  | 83.2 | % |  | 80.3 | % |  | 79.4 | % |  | 80.1 | %
Unsecured NOI to total NOI - TTM |  | 80.7 | % |  | 80.9 | % |  | 80.5 | % |  | 79.4 | % |  | 79.4 | %
Unencumbered assets to unsecured debt |  | 265 | % |  | 272 | % |  | 265 | % |  | 234 | % |  | 234 | %
Total Pro-Rata Share |  |  |  |  |  |  |  |  |  |
Net debt to total market capitalization |  | 21.7 | % |  | 22.7 | % |  | 24.7 | % |  | 28.3 | % |  | 29.1 | %
Net debt to real estate assets, before depreciation |  | 41.0 | % |  | 40.5 | % |  | 41.0 | % |  | 44.2 | % |  | 44.1 | %
Net debt to total assets, before depreciation |  | 38.3 | % |  | 37.9 | % |  | 38.3 | % |  | 41.3 | % |  | 41.5 | %
Net debt + preferred to total assets, before depreciation |  | 43.5 | % |  | 43.4 | % |  | 43.7 | % |  | 46.8 | % |  | 47.1 | %
Net debt to Core EBITDA - TTM |  | 5.3x |  |  | 5.1x |  |  | 5.2x |  |  | 5.7x |  |  | 5.7x |
Fixed charge coverage |  | 3.0x |  |  | 2.9x |  |  | 2.8x |  |  | 2.7x |  |  | 2.6x |
Fixed charge coverage excluding preferreds |  | 3.3x |  |  | 3.2x |  |  | 3.0x |  |  | 2.9x |  |  | 2.8x |
Interest coverage |  | 3.9x |  |  | 3.7x |  |  | 3.5x |  |  | 3.4x |  |  | 3.3x |

|  | 29

Summary of Unconsolidated Debt
June 30, 2016 and December 31, 2015
(in thousands)

Total Debt Outstanding: |  | 6/30/2016 |  | 12/31/2015
Mortgage loans payable: |  |  |  |
Fixed rate secured loans |  | $ | 1,360,924 |  |  | 1,383,319 |
Unsecured credit facilities variable rate |  | 9,760 |  |  | 9,760 |
Total |  | $ | 1,370,684 |  |  | 1,393,079 |

Schedule of Maturities by Year: |  | Scheduled Principal Payments |  | Mortgage Loan Maturities |  | Unsecured Maturities |  | Total |  | Regency's Pro-Rata Share |  | Weighted Average Contractual Interest Rate
2016 |  | $ | 8,413 |  |  | 40,375 |  |  | — |  |  | 48,788 |  |  | 11,970 |  |  | 5.8%
2017 |  | 17,517 |  |  | 66,885 |  |  | 9,760 |  |  | 94,162 |  |  | 21,774 |  |  | 6.2%
2018 |  | 18,696 |  |  | 67,022 |  |  | — |  |  | 85,718 |  |  | 27,655 |  |  | 5.1%
2019 |  | 17,934 |  |  | 65,939 |  |  | — |  |  | 83,873 |  |  | 21,618 |  |  | 7.4%
2020 |  | 14,826 |  |  | 222,199 |  |  | — |  |  | 237,025 |  |  | 85,506 |  |  | 5.8%
2021 |  | 10,355 |  |  | 211,432 |  |  | — |  |  | 221,787 |  |  | 82,646 |  |  | 4.7%
2022 |  | 7,239 |  |  | 195,702 |  |  | — |  |  | 202,941 |  |  | 73,204 |  |  | 4.2%
2023 |  | 2,290 |  |  | 125,108 |  |  | — |  |  | 127,398 |  |  | 50,883 |  |  | 4.9%
2024 |  | 117 |  |  | 26,682 |  |  | — |  |  | 26,799 |  |  | 10,124 |  |  | 4.1%
2025 |  | — |  |  | 100,500 |  |  | — |  |  | 100,500 |  |  | 34,100 |  |  | 3.5%
>10 Years |  | — |  |  | 151,000 |  |  | — |  |  | 151,000 |  |  | 64,400 |  |  | 3.8%
Unamortized debt premium/(discount) and issuance costs |  | — |  |  | (9,307 | ) |  | — |  |  | (9,307 | ) |  | (3,428 | ) |  |
|  | $ | 97,387 |  |  | 1,263,537 |  |  | 9,760 |  |  | 1,370,684 |  |  | 480,452 |  |  | 4.9%

Percentage of Total Debt: |  | 6/30/2016 |  | 12/31/2015
Fixed |  | 99.3% |  | 99.3%
Variable |  | 0.7% |  | 0.7%
Current Weighted Average Contractual Interest Rates: (1) |  |  |  |
Fixed |  | 4.9% |  | 5.0%
Variable |  | 2.0% |  | 1.9%
Combined |  | 4.9% |  | 5.0%
Current Weighted Average Effective Interest Rates: (2) |  |  |  |
Combined |  | 5.1% |  | 5.2%
Average Years to Maturity: |  |  |  |
Fixed |  | 5.7 |  | 5.9
Variable |  | 1.4 |  | 1.9
(1) Interest rates are calculated as of the quarter end.
(2) Effective interest rates are calculated in accordance with US GAAP, as of the quarter end, and include the impact of deferred loan cost amortization and interest rate swaps.

|  | 30

Summary of Preferred Stock
June 30, 2016
(in thousands)

|  | Dividend Rate |  | Issuance Date |  | Callable Date |  | Par Value |  | Issuance Costs
Series 6 |  | 6.625% |  | 2/16/2012 |  | 2/16/2017 |  | $ | 250,000 |  |  | $ | 8,614 |
Series 7 |  | 6.000% |  | 8/23/2012 |  | 8/23/2017 |  | 75,000 |  |  | 2,484 |
Weighted Average/Totals |  | 6.481% |  |  |  |  |  | $ | 325,000 |  |  | $ | 11,098 |

31

Property Transactions
June 30, 2016
(in thousands)

Acquisitions:
Date | Property Name | Co-investment Partner (REG %) | Market | Total GLA | Regency’s Share of Purchase Price | Weighted Average Cap Rate | Anchor(s)(2)
Feb-16 | Garden City Park |  | New York, NY | 105 | $ | 17,300 |  |  | King Kullen, Ace Hardware
May-16 | Market Common Clarendon(1) |  | Washington D.C. | 397 | 280,500 |  |  | Whole Foods, Apple
| Total |  |  | 502 | $ | 297,800 |  | 4.0% |
Disposition(s) for Development Funding:
Date | Property Name | Co-investment Partner (REG %) | Market | Total GLA | Regency’s Share of Sales Price | Weighted Average Cap Rate | Anchor(s)(2)
Jan-16 | Whitnall Square Shopping Center | GRI (40%) | Milwaukee, WI | 133 | $ | 4,740 |  |  | Pick N' Save, Harbor Freight Tools, Dollar Tree
Jan-16 | Bowie Plaza | GRI (40%) | Washington D.C. | 106 | 9,700 |  |  | CVS, Fitness 4 Less
Jan-16 | South Lowry Square |  | Denver, CO | 120 | 12,450 |  |  | --
Mar-16 | Signal Hill | Oregon (20%) | Washington D.C. | 95 | 4,520 |  |  | Shoppers Food Warehouse
Mar-16 | Airport Crossing |  | Chicago, IL | 12 | 1,975 |  |  | (Kohl's)
Mar-16 | Augusta Center |  | Chicago, IL | 15 | 5,175 |  |  | (Menard's)
Apr-16 | McHenry Commons | GRI (40%) | Chicago, IL | 99 | 2,180 |  |  | Hobby Lobby
Apr-16 | Plantation Plaza | Oregon (20%) | Jacksonville, FL | 78 | 3,840 |  |  | Publix
Apr-16 | Hibernia Plaza |  | Jacksonville, FL | 8 | 625 |  |  | --
May-16 | Clinton Plaza | Oregon (20%) | Washington D.C. | 206 | 4,016 |  |  | Sears, (Toys "R" Us)
| Total |  |  | 872 | $ | 49,221 |  | 6.5% |
| (1) Purchase price is net of $5.2 million credit received at closing. |  |
| (2) Retailers in parenthesis are shadow anchors and not a part of the owned property |  |

|  | 32

Summary of Development and Redevelopment
June 30, 2016
(in thousands)

Project Name | Market | Grocer/Anchor Tenant | Anchor Opens | Estimated Net Development Costs After JV Buyout | % of Costs Incurred | Development Yield Before JV Buyout (1) | Return After JV Buyout | GLA | % Leased
Projects in Development: |  |  |  |  |  |  |  |  |
Brooklyn Station on Riverside | Jacksonville, FL | The Fresh Market | Oct-14 | $15,067 | 98% | 8.8% | 7.8% | 50 | 93%
CityLine Market Ph II | Dallas, TX | CVS | Jun-16 | $6,172 | 69% | 8.5% | 8.5% | 22 | 100%
Market at Springwoods Village (2) | Houston, TX | Kroger | May-17 | $14,942 | 29% | 8.5% | 8.5% | 89 | 79%
Northgate Marketplace Ph II | Medford, OR | Dick's & HomeGoods | Oct-16 | $39,165 | 35% | 7.3% | 7.3% | 176 | 88%
Willow Oaks Crossing | Charlotte, NC | Publix | Dec-15 | $13,849 | 97% | 8.0% | 8.0% | 69 | 91%
Total Projects in Development | 5 |  |  | $89,194 | 56% | 7.9% | 7.7 | % | (3) | 405 | 88%
Development Completions: |  |  |  |  |  |  |  |  |
Belmont Chase | Washington, DC | Whole Foods Market | Aug-15 | $28,308 |  | 96% | 8.6% | 8.6% | 91 | 95%
CityLine Market | Dallas, TX | Whole Foods Market | Apr-16 | $27,861 | 92% | 8.1% | 7.2% | 81 | 100%
Village at La Floresta | Los Angeles, CA | Whole Foods Market | Feb-16 | $32,451 | 91% | 8.1% | 8.1% | 87 | 97%
Total Development Completions | 3 |  |  | $88,620 | 93% | 8.3% | 8.0% | 258 | 97%
Redevelopment and Renovations: |  |  |  | Incremental Costs (4) | % of Costs Incurred | Incremental Yield |  |  |
Various Properties | 17 |  |  | $111,939 | 37% | 7% - 10% |  |  |
Reconciliation of Summary of Development and Redevelopment to Properties In Development (Balance Sheet): |  |  |  |  |  |
Developments | % of estimated development costs, including GAAP allocations | $53,442 |  |  |  |  |  |
Redevelopments and Renovations | % of incremental costs | 43,487 |  |  |  |  |  |  |
Other costs | Pre-development costs and accruals for costs not yet paid | 37,358 |  |  |  |  |  |  |
Properties in Development (Balance Sheet) | $134,287 |  |  |  |  |  |
NOI from Projects in Development (Current Quarter) |  |  | $429 |  |  |  |  |  |
Base rent from leases signed but not yet rent-paying (Current Quarter) |  |  |  |  |  |  |  |
Development Completions |  |  |  | $158 |  |  |  |  |  |
Redevelopments |  |  |  | $1,191 |  |  |  |  |  |
Notes:
New starts for the quarter are in bold and italicized.
See Earnings and Valuation Guidance in Supplemental for additional disclosures regarding undeveloped land classified on the non-GAAP balance sheet as Land, building, and improvements.
(1) Represents the ratio of Regency's underwritten NOI at stabilization to total estimated net development costs, before any adjustments for expected JV partner buyouts.
(2) Estimated Net Development Costs After JV Buyout reflects Regency's 53% controlling interest |  |  |  |
(3) After allocating land basis for outparcel proceeds, additional interest and overhead capitalization, returns are estimated to be 7.3% for Projects in Development and 7.5% for Development Completions.
(4) Includes Regency's pro-rata share of unconsolidated co-investment partnerships. |  |  |

|  | 33

Unconsolidated Investments
June 30, 2016
(in thousands)

|  |  |  |  |  | Regency
Investment Partner and Portfolio Summary Abbreviation | Number of Properties | Total GLA | Total Assets | Total Debt |  | Ownership Interest | Share of Debt | Investment 6/30/2016 | Equity Pick-up
State of Oregon |  |  |  |  |  |  |  |  |
(JV-C, JV-C2) | 20 | 2,280 |  | $ | 408,004 |  | $ | 219,203 |  |  | 20.00% | $ | 43,841 |  | $ | 14,730 |  | $ | 4,113 |
(JV-CCV) | 1 | 558 |  | 100,521 |  | 59,615 |  |  | 30.00% | 17,884 |  | 11,816 |  | 337 |
| 21 | 2,838 |  | 508,525 |  | 278,818 |  |  |  |  |  |
GRI |  |  |  |  |  |  |  |  |
(JV-GRI) | 70 | 9,096 |  | 1,693,643 |  | 927,710 |  |  | 40.00% | 371,084 |  | 202,928 |  | 17,113 |
CalSTRS |  |  |  |  |  |  |  |  |
(JV-RC) | 7 | 730 |  | 142,591 |  | 57,544 |  |  | 25.00% | 14,386 |  | 17,595 |  | 479 |
USAA |  |  |  |  |  |  |  |  |
(JV-USA) | 8 | 806 |  | 109,949 |  | 66,850 |  |  | 20.01% | 13,376 |  | (174 | ) | 512 |
Publix (1) |  |  |  |  |  |  |  |  |
(JV-O) | 5 | 439 |  | 56,476 |  | — |  |  | 50.00% | — |  | 28,369 |  | 1,264 |
Individual Investor |  |  |  |  |  |  |  |  |
(JV-O) | 1 | 133 |  | 50,335 |  | 39,762 |  |  | 50.00% | 19,881 |  | 4,006 |  | 153 |
| 112 | 14,042 |  | $ | 2,561,519 |  | $ | 1,370,684 |  |  |  | $ | 480,452 |  | $ | 279,270 |  | $ | 23,971 |

|  | 34

Leasing Statistics -Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships
June 30, 2016
(Operating Properties Only)

Leasing Statistics - Comparable |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Rent Growth (spaces vacant < 12 mo)
Total |  | Leasing Transactions |  | GLA (in 000s) |  | Base Rent/Sq. Ft |  | Rent Growth % |  | Weighted Avg. Lease Term |  | Tenant Improvements /Sq. Ft. |  | Leasing Transactions |  | GLA (in 000s) |  | Rent Growth
2nd Quarter 2016 |  | 339 |  | 1,356 |  | $ | 20.52 |  |  | 12.2% |  | 5.4 |  | $ | 2.18 |  |  | 305 |  | 1,270 |  | 11.3%
1st Quarter 2016 |  | 256 |  | 880 |  | 23.25 |  |  | 15.9% |  | 5.6 |  | 2.53 |  |  | 227 |  | 834 |  | 16.2%
4th Quarter 2015 |  | 333 |  | 1,132 |  | 24.14 |  |  | 11.9% |  | 5.4 |  | 2.08 |  |  | 287 |  | 1,030 |  | 12.0%
3rd Quarter 2015 |  | 306 |  | 1,037 |  | 24.69 |  |  | 8.8% |  | 5.8 |  | 2.64 |  |  | 260 |  | 881 |  | 8.7%
Total - 12 months |  | 1,234 |  | 4,405 |  | $ | 22.87 |  |  | 12.1% |  | 5.5 |  | $ | 2.33 |  |  | 1,079 |  | 4,015 |  | 11.9%
|  |  |  |  |  |  |  |  |  |  |  |  |  | Rent Growth (spaces vacant < 12 mo)
New Leases |  | Leasing Transactions |  | GLA (in 000s) |  | Base Rent/Sq. Ft |  | Rent Growth % |  | Weighted Avg. Lease Term |  | Tenant Improvements /Sq. Ft. |  | Leasing Transactions |  | GLA (in 000s) |  | Rent Growth
2nd Quarter 2016 |  | 78 |  | 206 |  | $ | 25.54 |  |  | 29.0% |  | 8.7 |  | $ | 7.66 |  |  | 44 |  | 120 |  | 31.0%
1st Quarter 2016 |  | 55 |  | 108 |  | 30.52 |  |  | 50.0% |  | 8.9 |  | 12.40 |  |  | 26 |  | 63 |  | 93.1%
4th Quarter 2015 |  | 80 |  | 223 |  | 26.03 |  |  | 13.1% |  | 7.5 |  | 8.78 |  |  | 34 |  | 121 |  | 15.5%
3rd Quarter 2015 |  | 79 |  | 241 |  | 25.18 |  |  | 12.9% |  | 9.4 |  | 10.26 |  |  | 33 |  | 85 |  | 18.7%
Total - 12 months |  | 292 |  | 778 |  | $ | 26.38 |  |  | 22.6% |  | 8.6 |  | $ | 9.50 |  |  | 137 |  | 389 |  | 33.1%
|  |  |  |  |  |  |  |  |  |  |  |  |  | Rent Growth (spaces vacant < 12 mo)
Renewals |  | Leasing Transactions |  | GLA (in 000s) |  | Base Rent/Sq. Ft |  | Rent Growth % |  | Weighted Avg. Lease Term |  | Tenant Improvements /Sq. Ft. |  | Leasing Transactions |  | GLA (in 000s) |  | Rent Growth
2nd Quarter 2016 |  | 261 |  | 1,150 |  | $ | 19.66 |  |  | 9.1% |  | 4.8 |  | $ | 1.25 |  |  | 261 |  | 1,150 |  | 9.1%
1st Quarter 2016 |  | 201 |  | 772 |  | 22.09 |  |  | 10.3% |  | 5.1 |  | 0.95 |  |  | 201 |  | 772 |  | 10.3%
4th Quarter 2015 |  | 253 |  | 909 |  | 23.63 |  |  | 11.5% |  | 4.8 |  | 0.29 |  |  | 253 |  | 909 |  | 11.5%
3rd Quarter 2015 |  | 227 |  | 796 |  | 24.53 |  |  | 7.6% |  | 4.6 |  | 0.18 |  |  | 227 |  | 796 |  | 7.6%
Total - 12 months |  | 942 |  | 3,627 |  | $ | 22.09 |  |  | 9.6% |  | 4.8 |  | $ | 0.75 |  |  | 942 |  | 3,627 |  | 9.6%

Leasing Statistics - Comparable and Non-comparable
Total |  | Leasing Transactions |  | GLA (in 000s) |  | Base Rent/Sq. Ft |  | Weighted Avg. Lease Term |  | Tenant Improvements /Sq. Ft.
2nd Quarter 2016 |  | 382 |  | 1,542 |  | $ | 20.13 |  |  | 6.0 |  | $ | 2.56 |
1st Quarter 2016 |  | 298 |  | 1,037 |  | 23.35 |  |  | 6.2 |  | 3.71 |
4th Quarter 2015 |  | 373 |  | 1,251 |  | 24.18 |  |  | 5.6 |  | 3.27 |
3rd Quarter 2015 |  | 346 |  | 1,156 |  | 24.46 |  |  | 5.7 |  | 2.75 |
Total - 12 months |  | 1,399 |  | 4,986 |  | $ | 22.70 |  |  | 5.9 |  | $ | 3.01 |

Notes:
All amounts reported at execution
Number of leasing transactions and GLA leased reported at 100%; All other statistics reported at pro-rata share
Rent growth is calculated on a comparable-space, cash basis for new and renewal leases executed
Tenant Improvements represent the costs to accommodate tenant-specific needs over and above baseline condition

|  | 35

Average Base Rent by CBSA - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships
June 30, 2016
(in thousands)

Largest CBSAs by Population(1) | Number of Properties | GLA | % Leased(2) | ABR | ABR/Sq. Ft. | % of Number of Properties | % of GLA | % of ABR
New York-Northern New Jersey-Long Island | 3 |  | 203 |  | 98.1 | % | $ | 4,571 |  | $ | 22.98 |  | 1.0 | % | 0.7 | % | 0.8 | %
Los Angeles-Long Beach-Santa Ana | 18 |  | 1,654 |  | 99.3 | % | 41,704 |  | 25.24 |  | 5.8 | % | 5.8 | % | 7.6 | %
Chicago-Naperville-Joliet | 12 |  | 1,374 |  | 97.5 | % | 22,444 |  | 16.61 |  | 3.9 | % | 4.8 | % | 4.1 | %
Dallas-Fort Worth-Arlington | 13 |  | 808 |  | 97.2 | % | 16,680 |  | 21.19 |  | 4.2 | % | 2.8 | % | 3.1 | %
Houston-Baytown-Sugar Land | 12 |  | 1,420 |  | 96.0 | % | 24,326 |  | 17.71 |  | 3.9 | % | 4.9 | % | 4.5 | %
Philadelphia-Camden-Wilmington | 8 |  | 695 |  | 93.6 | % | 13,658 |  | 20.83 |  | 2.6 | % | 2.4 | % | 2.5 | %
Washington-Arlington-Alexandria | 29 |  | 1,995 |  | 91.1 | % | 42,790 |  | 23.33 |  | 9.3 | % | 6.9 | % | 7.8 | %
Miami-Fort Lauderdale-Miami Beach | 10 |  | 1,140 |  | 93.9 | % | 23,854 |  | 22.05 |  | 3.2 | % | 4.0 | % | 4.4 | %
Atlanta-Sandy Springs-Marietta | 16 |  | 1,409 |  | 93.8 | % | 25,711 |  | 19.15 |  | 5.1 | % | 4.9 | % | 4.7 | %
Boston-Cambridge-Quincy | 3 |  | 516 |  | 96.1 | % | 11,007 |  | 22.04 |  | 1.0 | % | 1.8 | % | 2.0 | %
San Francisco-Oakland-Fremont | 15 |  | 1,741 |  | 97.4 | % | 48,430 |  | 28.49 |  | 4.8 | % | 6.1 | % | 8.9 | %
Phoenix-Mesa-Scottsdale | 3 |  | 296 |  | 90.5 | % | 3,717 |  | 13.91 |  | 1.0 | % | 1.0 | % | 0.7 | %
Riverside-San Bernardino-Ontario | 3 |  | 316 |  | 91.8 | % | 6,153 |  | 19.99 |  | 1.0 | % | 1.1 | % | 1.1 | %
Detroit | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Seattle-Tacoma-Bellevue | 10 |  | 783 |  | 98.2 | % | 18,180 |  | 23.68 |  | 3.2 | % | 2.7 | % | 3.3 | %
Minneapolis-St. Paul-Bloomington | 5 |  | 207 |  | 99.0 | % | 3,116 |  | 15.22 |  | 1.6 | % | 0.7 | % | 0.6 | %
San Diego-Carlsbad-San Marcos | 10 |  | 1,407 |  | 92.4 | % | 36,130 |  | 27.44 |  | 3.2 | % | 4.9 | % | 6.6 | %
Tampa-St. Petersburg-Clearwater | 8 |  | 1,213 |  | 97.0 | % | 17,620 |  | 14.90 |  | 2.6 | % | 4.2 | % | 3.2 | %
St. Louis | 4 |  | 408 |  | 99.5 | % | 4,255 |  | 10.47 |  | 1.3 | % | 1.4 | % | 0.8 | %
Baltimore-Towson | 5 |  | 349 |  | 96.3 | % | 7,607 |  | 22.68 |  | 1.6 | % | 1.2 | % | 1.4 | %
Denver-Aurora | 12 |  | 998 |  | 95.6 | % | 13,517 |  | 14.10 |  | 3.9 | % | 3.5 | % | 2.5 | %
Charlotte-Gastonia-Concord | 5 |  | 300 |  | 96.1 | % | 6,306 |  | 21.13 |  | 1.6 | % | 1.0 | % | 1.2 | %
Pittsburgh | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Portland-Vancouver-Beaverton | 5 |  | 436 |  | 94.0 | % | 7,271 |  | 17.58 |  | 1.6 | % | 1.5 | % | 1.3 | %
San Antonio | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Top 25 CBSAs by Population | 209 |  | 19,667 |  | 95.5 | % | $ | 399,048 |  | $ | 21.25 |  | 67.2 | % | 68.5 | % | 73.1 | %
CBSAs Ranked 26 - 50 by Population | 54 |  | 5,059 |  | 97.7 | % | 76,461 |  | 15.47 |  | 17.4 | % | 17.6 | % | 14.0 | %
CBSAs Ranked 51 - 75 by Population | 11 |  | 917 |  | 92.2 | % | 25,153 |  | 29.75 |  | 3.5 | % | 3.2 | % | 4.6 | %
CBSAs Ranked 76 - 100 by Population | 8 |  | 462 |  | 96.8 | % | 6,748 |  | 15.10 |  | 2.6 | % | 1.6 | % | 1.2 | %
Other CBSAs | 29 |  | 2,609 |  | 95.7 | % | 38,555 |  | 15.44 |  | 9.3 | % | 9.1 | % | 7.0 | %
Total All Properties | 311 |  | 28,714 |  | 95.8 | % | $ | 545,965 |  | $ | 19.70 |  | 100.0 | % | 100.0 | % | 100.0 | %
(1) 2014 Population Data Source: Synergos Technologies, Inc. |  |  |  |  |  |
(2) Includes leases that are executed but have not commenced. |  |  |  |  |  |

|  | 36

Significant Tenant Rents - Wholly Owned and Regency’s Pro-Rata Share of
Co-investment Partnerships
June 30, 2016
(in thousands)

Tenant |  | Tenant GLA |  | % of Company-Owned GLA |  | Total Annualized Base Rent |  | % of Total Annualized Base Rent |  | Total # of Leased Stores - 100% Owned and JV |  | # of Leased Stores in JV
Kroger |  | 2,580 |  |  | 9.0% |  | $ | 25,502 |  |  | 4.7% |  | 53 |  | 17
Publix |  | 1,828 |  |  | 6.4% |  | 19,280 |  |  | 3.5% |  | 44 |  | 10
Albertsons/Safeway |  | 1,374 |  |  | 4.8% |  | 15,344 |  |  | 2.8% |  | 42 |  | 22
Whole Foods |  | 663 |  |  | 2.3% |  | 12,465 |  |  | 2.3% |  | 20 |  | 7
TJX Companies |  | 799 |  |  | 2.8% |  | 10,652 |  |  | 2.0% |  | 37 |  | 13
CVS |  | 483 |  |  | 1.7% |  | 8,173 |  |  | 1.5% |  | 44 |  | 19
PETCO |  | 327 |  |  | 1.1% |  | 7,213 |  |  | 1.3% |  | 42 |  | 15
Ahold/Delhaize |  | 460 |  |  | 1.6% |  | 6,205 |  |  | 1.1% |  | 14 |  | 9
H.E.B. |  | 344 |  |  | 1.2% |  | 5,439 |  |  | 1.0% |  | 5 |  | —
Ross Dress For Less |  | 306 |  |  | 1.1% |  | 4,982 |  |  | 0.9% |  | 16 |  | 8
Trader Joe's |  | 179 |  |  | 0.6% |  | 4,981 |  |  | 0.9% |  | 19 |  | 6
Wells Fargo Bank |  | 82 |  |  | 0.3% |  | 4,308 |  |  | 0.8% |  | 39 |  | 20
Starbucks |  | 103 |  |  | 0.4% |  | 4,252 |  |  | 0.8% |  | 79 |  | 29
Bank of America |  | 84 |  |  | 0.3% |  | 4,161 |  |  | 0.8% |  | 30 |  | 14
JPMorgan Chase Bank |  | 69 |  |  | 0.2% |  | 4,118 |  |  | 0.8% |  | 25 |  | 4
Nordstrom |  | 138 |  |  | 0.5% |  | 3,813 |  |  | 0.7% |  | 4 |  | —
Kohl's |  | 289 |  |  | 1.0% |  | 3,773 |  |  | 0.7% |  | 4 |  | 1
Dick's Sporting Goods |  | 267 |  |  | 0.9% |  | 3,441 |  |  | 0.6% |  | 5 |  | —
Panera Bread |  | 96 |  |  | 0.3% |  | 3,238 |  |  | 0.6% |  | 26 |  | 6
Sears Holdings |  | 376 |  |  | 1.3% |  | 3,090 |  |  | 0.6% |  | 5 |  | 1
Wal-Mart |  | 466 |  |  | 1.6% |  | 3,026 |  |  | 0.6% |  | 5 |  | 1
Subway |  | 88 |  |  | 0.3% |  | 2,955 |  |  | 0.5% |  | 93 |  | 37
Bed Bath & Beyond |  | 175 |  |  | 0.6% |  | 2,940 |  |  | 0.5% |  | 6 |  | —
Target |  | 359 |  |  | 1.3% |  | 2,907 |  |  | 0.5% |  | 4 |  | 2
Massage Envy |  | 93 |  |  | 0.3% |  | 2,891 |  |  | 0.5% |  | 34 |  | 11
Top 25 Tenants |  | 12,029 |  |  | 41.9% |  | $ | 169,149 |  |  | 31.0% |  | 695 |  | 252

GLA owned and occupied by the anchor not included above: | # of Retailer-Owned Stores |  | # of Stores including Retailer-Owned
Target |  | 1,515 |  |  | 13 |  | 17
Kroger |  | 335 |  |  | 5 |  | 58
Albertsons/Safeway |  | 330 |  |  | 7 |  | 49
Wal-Mart |  | 247 |  |  | 2 |  | 7
Sears Holdings |  | 92 |  |  | 1 |  | 6
Publix |  | 63 |  |  | 1 |  | 45
|  | 2,582 |  |  |  |  |

|  | 37

Tenant Lease Expirations - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships
June 30, 2016
(in thousands)

All Tenants |  |  |  |  |  |  |  |
Lease Expiration Year |  | Expiring GLA |  | Percent of Expiring GLA |  | In-Place Minimum Rent Under Expiring Leases |  | Percent of Expiring Minimum Rent (2) |  | Expiring ABR
(1) |  | 191 |  |  | 0.7 | % |  | $ | 4,600 |  |  | 0.9 | % |  | $ | 24.05 |
2016 |  | 693 |  |  | 2.5 | % |  | 14,755 |  |  | 2.7 | % |  | 21.29 |
2017 |  | 3,043 |  |  | 11.2 | % |  | 65,688 |  |  | 12.2 | % |  | 21.59 |
2018 |  | 2,985 |  |  | 10.9 | % |  | 61,598 |  |  | 11.5 | % |  | 20.64 |
2019 |  | 3,153 |  |  | 11.6 | % |  | 62,247 |  |  | 11.6 | % |  | 19.74 |
2020 |  | 3,099 |  |  | 11.4 | % |  | 65,385 |  |  | 12.2 | % |  | 21.10 |
2021 |  | 2,974 |  |  | 10.9 | % |  | 57,242 |  |  | 10.7 | % |  | 19.24 |
2022 |  | 1,966 |  |  | 7.2 | % |  | 34,169 |  |  | 6.4 | % |  | 17.38 |
2023 |  | 1,152 |  |  | 4.2 | % |  | 24,692 |  |  | 4.6 | % |  | 21.43 |
2024 |  | 1,564 |  |  | 5.7 | % |  | 30,284 |  |  | 5.6 | % |  | 19.36 |
2025 |  | 1,179 |  |  | 4.3 | % |  | 27,824 |  |  | 5.2 | % |  | 23.60 |
10 Year Total |  | 22,000 |  |  | 80.6 | % |  | $ | 448,487 |  |  | 83.5 | % |  | $ | 20.39 |
Thereafter |  | 5,281 |  |  | 19.4 | % |  | 88,475 |  |  | 16.5 | % |  | 16.75 |
|  | 27,281 |  |  | 100.0 | % |  | $ | 536,962 |  |  | 100.0 | % |  | $ | 19.68 |
Anchor Tenants (3) |  |  |  |  |  |  |  |
Lease Expiration Year |  | Expiring GLA |  | Percent of Expiring GLA |  | In-Place Minimum Rent Under Expiring Leases |  | Percent of Expiring Minimum Rent (2) |  | Expiring ABR
(1) |  | 20 |  |  | 0.1 | % |  | $ | 390 |  |  | 0.1 | % |  | $ | 19.77 |
2016 |  | 221 |  |  | 0.8 | % |  | 2,225 |  |  | 0.4 | % |  | 10.07 |
2017 |  | 1,371 |  |  | 5.0 | % |  | 18,269 |  |  | 3.4 | % |  | 13.32 |
2018 |  | 1,536 |  |  | 5.6 | % |  | 18,421 |  |  | 3.4 | % |  | 11.99 |
2019 |  | 1,870 |  |  | 6.9 | % |  | 23,857 |  |  | 4.4 | % |  | 12.76 |
2020 |  | 1,728 |  |  | 6.3 | % |  | 23,070 |  |  | 4.3 | % |  | 13.35 |
2021 |  | 1,797 |  |  | 6.6 | % |  | 21,481 |  |  | 4.0 | % |  | 11.95 |
2022 |  | 1,419 |  |  | 5.2 | % |  | 17,869 |  |  | 3.3 | % |  | 12.59 |
2023 |  | 695 |  |  | 2.5 | % |  | 10,508 |  |  | 2.0 | % |  | 15.13 |
2024 |  | 1,049 |  |  | 3.8 | % |  | 14,853 |  |  | 2.8 | % |  | 14.15 |
2025 |  | 729 |  |  | 2.7 | % |  | 11,075 |  |  | 2.1 | % |  | 15.19 |
10 Year Total |  | 12,436 |  |  | 45.6 | % |  | $ | 162,019 |  |  | 30.2 | % |  | $ | 13.03 |
Thereafter |  | 4,634 |  |  | 16.9 | % |  | 63,271 |  |  | 11.8 | % |  | 13.65 |
|  | 17,069 |  |  | 62.6 | % |  | $ | 225,290 |  |  | 42.0 | % |  | $ | 13.20 |
Reflects in place leases, but does not account for contractual rent steps and assumes that no tenants exercise renewal options.
(1) Leases currently under month to month lease or in process of renewal.
(2) Total Minimum Rent includes base rent for all properties, but excludes additional rent such as percentage rent, common area maintenance, real estate taxes, and insurance reimbursements.
(3) Anchor tenants represent any tenant occupying at least 10,000 square feet.

|  | 38

Tenant Lease Expirations - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships
June 30, 2016
(in thousands)

Inline Tenants |  |  |  |  |  |  |  |
Lease Expiration Year |  | Expiring GLA |  | Percent of Expiring GLA |  | In-Place Minimum Rent Under Expiring Leases |  | Percent of Expiring Minimum Rent(2) |  | Expiring ABR
(1) |  | 172 |  |  | 0.6 | % |  | $ | 4,211 |  |  | 0.8 | % |  | $ | 24.54 |
2016 |  | 472 |  |  | 1.7 | % |  | 12,530 |  |  | 2.3 | % |  | 26.53 |
2017 |  | 1,672 |  |  | 6.1 | % |  | 47,419 |  |  | 8.8 | % |  | 28.36 |
2018 |  | 1,449 |  |  | 5.3 | % |  | 43,177 |  |  | 8.0 | % |  | 29.80 |
2019 |  | 1,284 |  |  | 4.7 | % |  | 38,390 |  |  | 7.1 | % |  | 29.91 |
2020 |  | 1,371 |  |  | 5.0 | % |  | 42,315 |  |  | 7.9 | % |  | 30.87 |
2021 |  | 1,177 |  |  | 4.3 | % |  | 35,761 |  |  | 6.7 | % |  | 30.38 |
2022 |  | 547 |  |  | 2.0 | % |  | 16,300 |  |  | 3.0 | % |  | 29.79 |
2023 |  | 457 |  |  | 1.7 | % |  | 14,184 |  |  | 2.6 | % |  | 31.01 |
2024 |  | 515 |  |  | 1.9 | % |  | 15,431 |  |  | 2.9 | % |  | 29.96 |
2025 |  | 450 |  |  | 1.6 | % |  | 16,749 |  |  | 3.1 | % |  | 37.24 |
10 Year Total |  | 9,565 |  |  | 35.1 | % |  | $ | 286,468 |  |  | 53.3 | % |  | $ | 29.95 |
Thereafter |  | 647 |  |  | 2.4 | % |  | 25,204 |  |  | 4.7 | % |  | 38.96 |
|  | 10,212 |  |  | 37.4 | % |  | $ | 311,672 |  |  | 58.0 | % |  | $ | 30.52 |
Reflects in place leases, but does not account for contractual rent steps and assumes that no tenants exercise renewal options.
(1) Leases currently under month to month lease or in process of renewal.
(2) Total Minimum Rent includes base rent for all properties, but excludes additional rent such as percentage rent, common area maintenance, real estate taxes, and insurance reimbursements.

|  | 39

Portfolio Summary Report By State
June 30, 2016
(in thousands)
|  |  |  |  |  | JVs at 100% | REG's pro-rata share | REG's pro-rata share | REG's pro-rata share |  |  |  |
Property Name | JV | REG % | State | CBSA | GLA | GLA | % Leased | % Leased - Operating Properties | Retailer- Owned GLA | Grocery Anchor GLA | Major Tenants(1) | Avg. Base Rent PSF
Shoppes at Fairhope Village |  |  | AL | Mobile | 85 | 85 | 96.7% |  | — | 54 | Publix | $ | 14.80 |
|  |  |  | AL |  | 85 | 85 | 96.7% | 96.7% | — | 54 |  |
Palm Valley Marketplace | C | 20% | AZ | Phoenix-Mesa-Scottsdale | 108 | 22 | 87.4% |  | — | 55 | Safeway | $ | 14.20 |
Pima Crossing |  |  | AZ | Phoenix-Mesa-Scottsdale | 238 | 238 | 94.1% |  | — | — | Golf & Tennis Pro Shop, Inc., SteinMart | $ | 14.26 |
Shops at Arizona |  |  | AZ | Phoenix-Mesa-Scottsdale | 36 | 36 | 67.8% |  | — | — | — | $ | 10.38 |
|  |  |  | AZ |  | 382 | 296 | 90.5% | 90.5% | — | 55 |  |
4S Commons Town Center | M | 85% | CA | San Diego-Carlsbad-San Marcos | 240 | 240 | 98.0% |  | — | 68 | Ralphs, Jimbo's...Naturally! | $ | 30.52 |
Amerige Heights Town Center |  |  | CA | Los Angeles-Long Beach-Santa Ana | 89 | 89 | 100.0% |  | 143 | 58 | Albertsons, (Target) | $ | 28.48 |
Balboa Mesa Shopping Center |  |  | CA | San Diego-Carlsbad-San Marcos | 207 | 207 | 100.0% |  | — | 42 | Von's Food & Drug, Kohl's | $ | 23.93 |
Bayhill Shopping Center | GRI | 40% | CA | San Francisco-Oakland-Fremont | 122 | 49 | 95.7% |  | — | 32 | Mollie Stone's Market | $ | 22.95 |
Blossom Valley | USAA | 20% | CA | San Jose-Sunnyvale-Santa Clara | 93 | 19 | 98.9% |  | — | 34 | Safeway | $ | 25.55 |
Brea Marketplace | GRI | 40% | CA | Los Angeles-Long Beach-Santa Ana | 352 | 141 | 99.2% |  | — | 25 | Sprout's Markets, Target | $ | 17.62 |
Clayton Valley Shopping Center |  |  | CA | San Francisco-Oakland-Fremont | 260 | 260 | 94.1% |  | — | 14 | Grocery Outlet, Orchard Supply Hardware | $ | 21.70 |
Corral Hollow | RC | 25% | CA | Stockton | 167 | 42 | 100.0% |  | — | 66 | Safeway, Orchard Supply & Hardware | $ | 16.71 |
Costa Verde Center |  |  | CA | San Diego-Carlsbad-San Marcos | 179 | 179 | 89.7% |  | — | 40 | Bristol Farms | $ | 35.98 |
Diablo Plaza |  |  |  | CA | San Francisco-Oakland-Fremont | 63 | 63 | 100.0% |  | 53 | 53 | (Safeway) | $ | 37.19 |
East Washington Place |  |  | CA | Santa Rosa-Petaluma | 203 | 203 | 97.9% |  | 137 | 25 | (Target), Dick's Sporting Goods, TJ Maxx | $ | 23.74 |
El Camino Shopping Center |  |  | CA | Los Angeles-Long Beach-Santa Ana | 136 | 136 | 97.7% |  | — | 31 | Bristol Farms | $ | 34.27 |
El Cerrito Plaza |  |  | CA | San Francisco-Oakland-Fremont | 256 | 256 | 97.1% |  | 67 | 78 | (Lucky's), Trader Joe's | $ | 27.96 |
El Norte Pkwy Plaza |  |  | CA | San Diego-Carlsbad-San Marcos | 91 | 91 | 94.5% |  | — | 42 | Von's Food & Drug | $ | 17.12 |
Encina Grande |  |  | CA | San Francisco-Oakland-Fremont | 106 | 106 | 100.0% |  | — | 38 | Whole Foods | $ | 30.01 |
Five Points Shopping Center | GRI | 40% | CA | Santa Barbara-Santa Maria-Goleta | 145 | 58 | 98.7% |  | — | 35 | Smart & Final | $ | 27.22 |
Folsom Prairie City Crossing |  |  | CA | Sacramento--Arden-Arcade--Roseville | 90 | 90 | 94.5% |  | — | 55 | Safeway | $ | 20.03 |
French Valley Village Center |  |  | CA | Riverside-San Bernardino-Ontario | 99 | 99 | 98.4% |  | — | 44 | Stater Bros. | $ | 24.66 |
Friars Mission Center |  |  | CA | San Diego-Carlsbad-San Marcos | 147 | 147 | 99.0% |  | — | 55 | Ralphs | $ | 32.14 |
Gateway 101 |  |  |  | CA | San Francisco-Oakland-Fremont | 92 | 92 | 100.0% |  | 212 | — | (Home Depot), (Best Buy), Sports Authority, Nordstrom Rack | $ | 32.05 |
Gelson's Westlake Market Plaza |  |  | CA | Oxnard-Thousand Oaks-Ventura | 85 | 85 | 100.0% |  | — | 38 | Gelson's Markets | $ | 23.18 |
Golden Hills Promenade |  |  | CA | San Luis Obispo-Paso Robles | 242 | 242 | 98.0% |  | — | — | Lowe's | $ | 7.15 |
Granada Village | GRI | 40% | CA | Los Angeles-Long Beach-Santa Ana | 226 | 91 | 100.0% |  | — | 24 | Sprout's Markets | $ | 22.14 |
Hasley Canyon Village | USAA | 20% | CA | Los Angeles-Long Beach-Santa Ana | 66 | 13 | 100.0% |  | — | 52 | Ralphs | $ | 24.97 |
Heritage Plaza |  |  | CA | Los Angeles-Long Beach-Santa Ana | 230 | 230 | 98.6% |  | — | 44 | Ralphs | $ | 33.68 |
Indio Towne Center |  |  | CA | Riverside-San Bernardino-Ontario | 180 | 180 | 95.8% |  | 236 | 94 | (Home Depot), (WinCo), Toys R Us | $ | 17.92 |
Jefferson Square |  |  | CA | Riverside-San Bernardino-Ontario | 38 | 38 | 55.7% |  | — | — | — | $ | 13.81 |

|  | 40

Portfolio Summary Report By State
June 30, 2016
(in thousands)
|  |  |  |  |  | JVs at 100% | REG's pro-rata share | REG's pro-rata share | REG's pro-rata share |  |  |  |
Property Name | JV | REG % | State | CBSA | GLA | GLA | % Leased | % Leased - Operating Properties | Retailer- Owned GLA | Grocery Anchor GLA | Major Tenants(1) | Avg. Base Rent PSF
Laguna Niguel Plaza | GRI | 40% | CA | Los Angeles-Long Beach-Santa Ana | 42 | 17 | 100.0% |  | 39 | 39 | (Albertsons) | $ | 26.35 |
Shoppes at Homestead fka Loehmanns Plaza California |  |  | CA | San Jose-Sunnyvale-Santa Clara | 113 | 113 | 81.1% |  | 53 | 53 | (Safeway) | $ | 21.67 |
Marina Shores | C | 20% | CA | Los Angeles-Long Beach-Santa Ana | 68 | 14 | 100.0% |  | — | 26 | Whole Foods | $ | 33.45 |
Mariposa Shopping Center | GRI | 40% | CA | San Jose-Sunnyvale-Santa Clara | 127 | 51 | 100.0% |  | — | 43 | Safeway | $ | 19.23 |
Morningside Plaza |  |  | CA | Los Angeles-Long Beach-Santa Ana | 91 | 91 | 100.0% |  | — | 43 | Stater Bros. | $ | 21.95 |
Navajo Shopping Center | GRI | 40% | CA | San Diego-Carlsbad-San Marcos | 102 | 41 | 98.0% |  | — | 44 | Albertsons | $ | 13.67 |
Newland Center |  |  | CA | Los Angeles-Long Beach-Santa Ana | 152 | 152 | 100.0% |  | — | 58 | Albertsons | $ | 23.70 |
Oakbrook Plaza |  |  | CA | Oxnard-Thousand Oaks-Ventura | 83 | 83 | 95.4% |  | — | 44 | Gelson's Markets | $ | 17.83 |
Oak Shade Town Center |  |  | CA | Sacramento--Arden-Arcade--Roseville | 104 | 104 | 99.4% |  | — | 40 | Safeway | $ | 19.95 |
Persimmon Place |  |  | CA | San Francisco-Oakland-Fremont | 153 | 153 | 98.4% |  | — | 40 | Whole Foods, Nordstrom Rack | $ | 34.05 |
Plaza Hermosa |  |  | CA | Los Angeles-Long Beach-Santa Ana | 95 | 95 | 100.0% |  | — | 37 | Von's Food & Drug | $ | 25.18 |
Pleasant Hill Shopping Center | GRI | 40% | CA | San Francisco-Oakland-Fremont | 232 | 93 | 100.0% |  | — | — | Target, Toys "R" Us | $ | 24.57 |
Point Loma Plaza | GRI | 40% | CA | San Diego-Carlsbad-San Marcos | 213 | 85 | 82.9% |  | — | 50 | Von's Food & Drug | $ | 20.99 |
Powell Street Plaza |  |  | CA | San Francisco-Oakland-Fremont | 166 | 166 | 100.0% |  | — | 10 | Trader Joe's | $ | 32.74 |
Raley's Supermarket | C | 20% | CA | Sacramento--Arden-Arcade--Roseville | 63 | 13 | 100.0% |  | — | 63 | Raley's | $ | 12.50 |
Rancho San Diego Village | GRI | 40% | CA | San Diego-Carlsbad-San Marcos | 153 | 61 | 95.2% |  | — | 40 | Smart & Final | $ | 20.86 |
Rona Plaza |  |  |  | CA | Los Angeles-Long Beach-Santa Ana | 52 | 52 | 100.0% |  | — | 37 | Superior Super Warehouse | $ | 20.10 |
San Leandro Plaza |  |  | CA | San Francisco-Oakland-Fremont | 50 | 50 | 100.0% |  | 38 | 38 | (Safeway) | $ | 34.15 |
Seal Beach |  | C | 20% | CA | Los Angeles-Long Beach-Santa Ana | 97 | 19 | 97.8% |  | — | 48 | Von's Food & Drug | $ | 24.86 |
Sequoia Station |  |  | CA | San Francisco-Oakland-Fremont | 103 | 103 | 100.0% |  | 62 | 62 | (Safeway) | $ | 38.28 |
Silverado Plaza | GRI | 40% | CA | Napa | 85 | 34 | 100.0% |  | — | 32 | Nob Hill | $ | 16.85 |
Snell & Branham Plaza | GRI | 40% | CA | San Jose-Sunnyvale-Santa Clara | 92 | 37 | 100.0% |  | — | 53 | Safeway | $ | 17.98 |
South Bay Village |  |  | CA | Los Angeles-Long Beach-Santa Ana | 108 | 108 | 100.0% |  | — | 30 | Wal-Mart, Orchard Supply Hardware | $ | 19.11 |
Strawflower Village |  |  | CA | San Francisco-Oakland-Fremont | 79 | 79 | 94.6% |  | — | 34 | Safeway | $ | 19.04 |
Tassajara Crossing |  |  | CA | San Francisco-Oakland-Fremont | 146 | 146 | 95.9% |  | — | 56 | Safeway | $ | 23.55 |
Twin Oaks Shopping Center | GRI | 40% | CA | Los Angeles-Long Beach-Santa Ana | 98 | 39 | 95.5% |  | — | 41 | Ralphs | $ | 17.61 |
Twin Peaks |  |  |  | CA | San Diego-Carlsbad-San Marcos | 208 | 208 | 77.4% |  | — | — | Target | $ | 20.50 |
The Hub Hillcrest Market (fka Uptown District) |  |  | CA | San Diego-Carlsbad-San Marcos | 149 | 149 | 92.0% |  | — | 52 | Ralphs, Trader Joe's | $ | 36.78 |
Valencia Crossroads |  |  | CA | Los Angeles-Long Beach-Santa Ana | 173 | 173 | 100.0% |  | — | 35 | Whole Foods, Kohl's | $ | 25.76 |
Village at La Floresta |  |  | CA | Los Angeles-Long Beach-Santa Ana | 87 | 87 | 97.1% |  | — | 37 | Whole Foods | $ | 31.85 |
West Park Plaza |  |  | CA | San Jose-Sunnyvale-Santa Clara | 88 | 88 | 100.0% |  | — | 25 | Safeway | $ | 17.59 |
Westlake Village Plaza and Center |  |  | CA | Oxnard-Thousand Oaks-Ventura | 197 | 197 | 100.0% |  | — | 72 | Von's Food & Drug and Sprouts | $ | 35.99 |
Woodman Van Nuys |  |  | CA | Los Angeles-Long Beach-Santa Ana | 108 | 108 | 100.0% |  | — | 78 | El Super | $ | 15.06 |
Woodside Central |  |  | CA | San Francisco-Oakland-Fremont | 81 | 81 | 100.0% |  | 113 | — | (Target) | $ | 23.71 |

|  | 41

Portfolio Summary Report By State
June 30, 2016
(in thousands)
|  |  |  |  |  | JVs at 100% | REG's pro-rata share | REG's pro-rata share | REG's pro-rata share |  |  |  |
Property Name | JV | REG % | State | CBSA | GLA | GLA | % Leased | % Leased - Operating Properties | Retailer- Owned GLA | Grocery Anchor GLA | Major Tenants(1) | Avg. Base Rent PSF
Ygnacio Plaza | GRI | 40% | CA | San Francisco-Oakland-Fremont | 110 | 44 | 82.1% |  | — | 17 | Sports Basement | $ | 37.01 |
|  |  |  | CA |  | 8,272 | 6,578 | 96.5% | 96.5% | 1,153 | 2,463 |  |
Applewood Shopping Center | GRI | 40% | CO | Denver-Aurora | 381 | 152 | 86.3% |  | — | 71 | King Soopers, Wal-Mart | $ | 11.58 |
Arapahoe Village | GRI | 40% | CO | Boulder | 159 | 64 | 96.9% |  | — | 44 | Safeway | $ | 17.60 |
Belleview Square |  |  | CO | Denver-Aurora | 117 | 117 | 98.4% |  | — | 65 | King Soopers | $ | 17.34 |
Boulevard Center |  |  | CO | Denver-Aurora | 79 | 79 | 94.1% |  | 53 | 53 | (Safeway) | $ | 27.33 |
Buckley Square |  |  | CO | Denver-Aurora | 116 | 116 | 97.4% |  | — | 62 | King Soopers | $ | 10.71 |
Centerplace of Greeley III Phase I |  |  | CO | Greeley | 119 | 119 | 100.0% |  | — | — | Sports Authority | $ | 13.68 |
Cherrywood Square | GRI | 40% | CO | Denver-Aurora | 97 | 39 | 97.8% |  | — | 72 | King Soopers | $ | 9.81 |
Crossroads Commons | C | 20% | CO | Boulder | 143 | 29 | 100.0% |  | — | 66 | Whole Foods | $ | 26.83 |
Falcon Marketplace |  |  | CO | Colorado Springs | 22 | 22 | 87.6% |  | 184 | 50 | (Wal-Mart) | $ | 21.65 |
Hilltop Village |  |  | CO | Denver-Aurora | 100 | 100 | 92.4% |  | — | 66 | King Soopers | $ | 9.49 |
Kent Place |  | M | 50% | CO | Denver-Aurora | 48 | 48 | 100.0% |  | — | 30 | King Soopers | $ | 19.33 |
Littleton Square |  |  | CO | Denver-Aurora | 99 | 99 | 100.0% |  | — | 78 | King Soopers | $ | 10.37 |
Lloyd King Center |  |  | CO | Denver-Aurora | 83 | 83 | 96.9% |  | — | 61 | King Soopers | $ | 11.81 |
Marketplace at Briargate |  |  | CO | Colorado Springs | 29 | 29 | 91.8% |  | 66 | 66 | (King Soopers) | $ | 28.58 |
Monument Jackson Creek |  |  | CO | Colorado Springs | 85 | 85 | 100.0% |  | — | 70 | King Soopers | $ | 11.67 |
Ralston Square Shopping Center | GRI | 40% | CO | Denver-Aurora | 83 | 33 | 96.5% |  | — | 55 | King Soopers | $ | 10.15 |
Shops at Quail Creek |  |  | CO | Denver-Aurora | 38 | 38 | 100.0% |  | 100 | 100 | (King Soopers) | $ | 27.82 |
Stroh Ranch |  |  |  | CO | Denver-Aurora | 93 | 93 | 98.5% |  | — | 70 | King Soopers | $ | 12.51 |
Woodmen Plaza |  |  | CO | Colorado Springs | 116 | 116 | 93.0% |  | — | 70 | King Soopers | $ | 12.90 |
|  |  |  | CO |  | 2,008 | 1,462 | 95.9% | 95.9% | 403 | 1,149 |  |
Black Rock |  | M | 80% | CT | Bridgeport-Stamford-Norwalk | 98 | 98 | 97.8% |  | — | — | — | $ | 32.22 |
Brick Walk |  | M | 80% | CT | Bridgeport-Stamford-Norwalk | 124 | 124 | 91.2% |  | — | — | — | $ | 44.46 |
Corbin's Corner | GRI | 40% | CT | Hartford-West Hartford-East Hartford | 186 | 74 | 94.8% |  | — | 10 | Trader Joe's, Toys "R" Us, Best Buy | $ | 26.25 |
Fairfield Center | M | 80% | CT | Bridgeport-Stamford-Norwalk | 94 | 94 | 97.0% |  | — | — | — | $ | 33.55 |
|  |  |  | CT |  | 502 | 390 | 94.9% | 94.9% | — | 10 |  |
Shops at The Columbia | RC | 25% | DC | Washington-Arlington-Alexandria | 23 | 6 | 100.0% |  | — | 12 | Trader Joe's | $ | 37.73 |
Spring Valley Shopping Center | GRI | 40% | DC | Washington-Arlington-Alexandria | 17 | 7 | 100.0% |  | — | — | — | $ | 91.17 |
|  |  |  | DC |  | 40 | 12 | 100.0% | 100.0% | — | 12 |  |
Pike Creek |  |  |  | DE | Philadelphia-Camden-Wilmington | 232 | 232 | 90.3% |  | — | 49 | Acme Markets, K-Mart | $ | 14.04 |
Shoppes of Graylyn | GRI | 40% | DE | Philadelphia-Camden-Wilmington | 67 | 27 | 91.0% |  | — | — | — | $ | 23.44 |
|  |  |  | DE |  | 298 | 258 | 90.4% | 90.4% | — | 49 |  |
Anastasia Plaza |  |  | FL | Jacksonville | 102 | 102 | 98.4% |  | — | 49 | Publix | $ | 12.90 |
Aventura Shopping Center |  |  | FL | Miami-Fort Lauderdale-Miami Beach | 95 | 95 | 63.0% |  | — | 36 | Publix | $ | 22.92 |

|  | 42

Portfolio Summary Report By State
June 30, 2016
(in thousands)
|  |  |  |  |  | JVs at 100% | REG's pro-rata share | REG's pro-rata share | REG's pro-rata share |  |  |  |
Property Name | JV | REG % | State | CBSA | GLA | GLA | % Leased | % Leased - Operating Properties | Retailer- Owned GLA | Grocery Anchor GLA | Major Tenants(1) | Avg. Base Rent PSF
Berkshire Commons |  |  | FL | Naples-Marco Island | 110 | 110 | 96.9% |  | — | 66 | Publix | $ | 13.82 |
Bloomingdale Square |  |  | FL | Tampa-St. Petersburg-Clearwater | 268 | 268 | 97.8% |  | — | 40 | Publix, Wal-Mart, Bealls | $ | 9.50 |
Boynton Lakes Plaza |  |  | FL | Miami-Fort Lauderdale-Miami Beach | 110 | 110 | 94.9% |  | — | 46 | Publix | $ | 15.74 |
Brooklyn Station on Riverside (fka Shoppes on Riverside) |  |  | FL | Jacksonville | 50 | 50 | 93.2% |  | — | 20 | The Fresh Market | $ | 25.17 |
Caligo Crossing |  |  | FL | Miami-Fort Lauderdale-Miami Beach | 11 | 11 | 100.0% |  | 98 | — | (Kohl's) | $ | 46.64 |
Canopy Oak Center | O | 50% | FL | Ocala | 90 | 45 | 91.8% |  | — | 54 | Publix | $ | 19.15 |
Carriage Gate |  |  | FL | Tallahassee | 74 | 74 | 86.6% |  | — | 13 | Trader Joe's | $ | 21.25 |
Chasewood Plaza |  |  | FL | Miami-Fort Lauderdale-Miami Beach | 151 | 151 | 97.8% |  | — | 54 | Publix | $ | 24.19 |
Corkscrew Village |  |  | FL | Cape Coral-Fort Myers | 82 | 82 | 98.3% |  | — | 51 | Publix | $ | 13.44 |
Courtyard Shopping Center |  |  | FL | Jacksonville | 137 | 137 | 100.0% |  | 63 | 63 | (Publix), Target | $ | 3.50 |
Fleming Island |  |  | FL | Jacksonville | 132 | 132 | 99.3% |  | 130 | 48 | Publix, (Target) | $ | 14.94 |
Fountain Square |  |  | FL | Miami-Fort Lauderdale-Miami Beach | 177 | 177 | 95.5% |  | 140 | 46 | Publix, (Target) | $ | 25.25 |
Garden Square |  |  | FL | Miami-Fort Lauderdale-Miami Beach | 90 | 90 | 100.0% |  | — | 42 | Publix | $ | 16.46 |
Grande Oak |  |  |  | FL | Cape Coral-Fort Myers | 79 | 79 | 100.0% |  | — | 54 | Publix | $ | 15.32 |
Hibernia Pavilion |  |  | FL | Jacksonville | 51 | 51 | 89.6% |  | — | 39 | Publix | $ | 15.77 |
John's Creek Center | C | 20% | FL | Jacksonville | 75 | 15 | 100.0% |  | — | 45 | Publix | $ | 14.83 |
Julington Village | C | 20% | FL | Jacksonville | 82 | 16 | 100.0% |  | — | 51 | Publix | $ | 15.44 |
Lynnhaven |  | O | 50% | FL | Panama City-Lynn Haven | 64 | 32 | 95.6% |  | — | 44 | Publix | $ | 12.76 |
Marketplace Shopping Center |  |  | FL | Tampa-St. Petersburg-Clearwater | 90 | 90 | 88.8% |  | — | — | LA Fitness | $ | 18.48 |
Millhopper Shopping Center |  |  | FL | Gainesville | 76 | 76 | 100.0% |  | — | 46 | Publix | $ | 16.37 |
Naples Walk Shopping Center |  |  | FL | Naples-Marco Island | 125 | 125 | 91.0% |  | — | 51 | Publix | $ | 15.43 |
Newberry Square |  |  | FL | Gainesville | 181 | 181 | 83.9% |  | — | 40 | Publix, K-Mart | $ | 7.21 |
Nocatee Town Center |  |  | FL | Jacksonville | 84 | 84 | 100.0% |  | — | 54 | Publix | $ | 16.51 |
Northgate Square |  |  | FL | Tampa-St. Petersburg-Clearwater | 75 | 75 | 98.2% |  | — | 48 | Publix | $ | 14.02 |
Oakleaf Commons |  |  | FL | Jacksonville | 74 | 74 | 90.5% |  | — | 46 | Publix | $ | 14.24 |
Ocala Corners |  |  | FL | Tallahassee | 87 | 87 | 100.0% |  | — | 61 | Publix | $ | 14.39 |
Old St Augustine Plaza |  |  | FL | Jacksonville | 256 | 256 | 99.6% |  | — | 52 | Publix, Burlington Coat Factory, Hobby Lobby | $ | 9.44 |
Pebblebrook Plaza | O | 50% | FL | Naples-Marco Island | 77 | 38 | 100.0% |  | — | 61 | Publix | $ | 14.41 |
Pine Tree Plaza |  |  | FL | Jacksonville | 63 | 63 | 97.8% |  | — | 38 | Publix | $ | 13.44 |
Regency Square |  |  | FL | Tampa-St. Petersburg-Clearwater | 352 | 352 | 98.6% |  | 66 | — | AMC Theater, Michaels, (Best Buy), (Macdill) | $ | 17.23 |
Seminole Shoppes | M | 50% | FL | Jacksonville | 77 | 77 | 100.0% |  | — | 54 | Publix | $ | 21.83 |
Shoppes @ 104 |  |  | FL | Miami-Fort Lauderdale-Miami Beach | 108 | 108 | 98.0% |  | — | 46 | Winn-Dixie | $ | 16.96 |
Shoppes at Bartram Park | O | 50% | FL | Jacksonville | 126 | 63 | 98.7% |  | 97 | 45 | Publix, (Kohl's) | $ | 18.48 |
Shops at John's Creek |  |  | FL | Jacksonville | 15 | 15 | 100.0% |  | — | — | — | $ | 20.14 |

|  | 43

Portfolio Summary Report By State
June 30, 2016
(in thousands)
|  |  |  |  |  | JVs at 100% | REG's pro-rata share | REG's pro-rata share | REG's pro-rata share |  |  |  |
Property Name | JV | REG % | State | CBSA | GLA | GLA | % Leased | % Leased - Operating Properties | Retailer- Owned GLA | Grocery Anchor GLA | Major Tenants(1) | Avg. Base Rent PSF
Starke |  |  |  | FL | Other | 13 | 13 | 100.0% |  | — | — | — | $ | 25.56 |
Suncoast Crossing |  |  | FL | Tampa-St. Petersburg-Clearwater | 118 | 118 | 92.0% |  | 143 | — | Kohl's, (Target) | $ | 6.12 |
Town Square |  |  | FL | Tampa-St. Petersburg-Clearwater | 44 | 44 | 100.0% |  | — | — | — | $ | 29.07 |
University Commons |  |  | FL | Miami-Fort Lauderdale-Miami Beach | 180 | 180 | 100.0% |  | — | 51 | Whole Foods, Nordstrom Rack | $ | 30.63 |
Village Center |  |  | FL | Tampa-St. Petersburg-Clearwater | 187 | 187 | 98.1% |  | — | 36 | Publix | $ | 18.75 |
Welleby Plaza |  |  | FL | Miami-Fort Lauderdale-Miami Beach | 110 | 110 | 91.0% |  | — | 47 | — | $ | 12.41 |
Wellington Town Square |  |  | FL | Miami-Fort Lauderdale-Miami Beach | 107 | 107 | 95.5% |  | — | 45 | Publix | $ | 21.06 |
Westchase |  |  |  | FL | Tampa-St. Petersburg-Clearwater | 79 | 79 | 98.5% |  | — | 51 | Publix | $ | 15.27 |
Willa Springs |  | USAA | 20% | FL | Orlando | 90 | 18 | 100.0% |  | — | 44 | Publix | $ | 19.68 |
|  |  |  | FL |  | 4,825 | 4,449 | 95.8% | 95.8% | 737 | 1,778 |  |
Ashford Place |  |  | GA | Atlanta-Sandy Springs-Marietta | 53 | 53 | 100.0% |  | — | — | — | $ | 20.36 |
Briarcliff La Vista |  |  | GA | Atlanta-Sandy Springs-Marietta | 39 | 39 | 100.0% |  | — | — | — | $ | 20.08 |
Briarcliff Village |  |  | GA | Atlanta-Sandy Springs-Marietta | 190 | 190 | 94.2% |  | — | 43 | Publix | $ | 15.80 |
Brighten Park (fka Loehmanns Plaza Georgia) |  |  | GA | Atlanta-Sandy Springs-Marietta | 138 | 138 | 80.7% |  | — | 25 | The Fresh Market | $ | 25.35 |
Buckhead Court |  |  | GA | Atlanta-Sandy Springs-Marietta | 48 | 48 | 100.0% |  | — | — | — | $ | 21.35 |
Cambridge Square |  |  | GA | Atlanta-Sandy Springs-Marietta | 71 | 71 | 100.0% |  | — | 41 | Kroger | $ | 14.84 |
Cornerstone Square |  |  | GA | Atlanta-Sandy Springs-Marietta | 80 | 80 | 100.0% |  | — | 18 | Aldi | $ | 15.77 |
Delk Spectrum |  |  | GA | Atlanta-Sandy Springs-Marietta | 99 | 99 | 95.7% |  | — | 45 | Publix | $ | 14.71 |
Dunwoody Hall | USAA | 20% | GA | Atlanta-Sandy Springs-Marietta | 86 | 17 | 98.5% |  | — | 44 | Publix | $ | 17.55 |
Dunwoody Village |  |  | GA | Atlanta-Sandy Springs-Marietta | 121 | 121 | 89.9% |  | — | 18 | The Fresh Market | $ | 18.53 |
Howell Mill Village |  |  | GA | Atlanta-Sandy Springs-Marietta | 92 | 92 | 96.0% |  | — | 31 | Publix | $ | 19.47 |
Paces Ferry Plaza |  |  | GA | Atlanta-Sandy Springs-Marietta | 62 | 62 | 70.7% |  | — | — | — | $ | 34.28 |
Powers Ferry Square |  |  | GA | Atlanta-Sandy Springs-Marietta | 101 | 101 | 97.5% |  | — | — | — | $ | 27.95 |
Powers Ferry Village |  |  | GA | Atlanta-Sandy Springs-Marietta | 79 | 79 | 100.0% |  | — | 48 | Publix | $ | 13.51 |
Russell Ridge |  |  | GA | Atlanta-Sandy Springs-Marietta | 101 | 101 | 98.6% |  | — | 63 | Kroger | $ | 13.19 |
Sandy Springs |  |  | GA | Atlanta-Sandy Springs-Marietta | 116 | 116 | 93.3% |  | — | 12 | Trader Joe's | $ | 21.79 |
|  |  |  | GA |  | 1,477 | 1,409 | 93.8% | 93.8% | — | 390 |  |
Civic Center Plaza | GRI | 40% | IL | Chicago-Naperville-Joliet | 265 | 106 | 98.9% |  | — | 87 | Super H Mart, Home Depot | $ | 11.27 |
Clybourn Commons |  |  | IL | Chicago-Naperville-Joliet | 32 | 32 | 100.0% |  | — | — | — | $ | 36.95 |
Glen Oak Plaza |  |  | IL | Chicago-Naperville-Joliet | 63 | 63 | 95.2% |  | — | 12 | Trader Joe's | $ | 23.02 |
Hinsdale |  |  |  | IL | Chicago-Naperville-Joliet | 179 | 179 | 97.8% |  | — | 57 | Whole Foods | $ | 14.99 |
Riverside Sq & River's Edge | GRI | 40% | IL | Chicago-Naperville-Joliet | 169 | 68 | 91.1% |  | — | 74 | Mariano's Fresh Market | $ | 15.92 |
Roscoe Square | GRI | 40% | IL | Chicago-Naperville-Joliet | 140 | 56 | 100.0% |  | — | 51 | Mariano's Fresh Market | $ | 20.43 |
Shorewood Crossing | C | 20% | IL | Chicago-Naperville-Joliet | 88 | 18 | 92.2% |  | — | 66 | Mariano's Fresh Market | $ | 14.46 |
Shorewood Crossing II | C | 20% | IL | Chicago-Naperville-Joliet | 86 | 17 | 100.0% |  | — | — | Babies R Us | $ | 14.08 |

|  | 44

Portfolio Summary Report By State
June 30, 2016
(in thousands)
|  |  |  |  |  | JVs at 100% | REG's pro-rata share | REG's pro-rata share | REG's pro-rata share |  |  |  |
Property Name | JV | REG % | State | CBSA | GLA | GLA | % Leased | % Leased - Operating Properties | Retailer- Owned GLA | Grocery Anchor GLA | Major Tenants(1) | Avg. Base Rent PSF
Stonebrook Plaza Shopping Center | GRI | 40% | IL | Chicago-Naperville-Joliet | 96 | 38 | 90.8% |  | — | 63 | Jewel-Osco | $ | 12.36 |
Westchester Commons (fka Westbrook Commons) |  |  | IL | Chicago-Naperville-Joliet | 139 | 139 | 97.6% |  | — | 51 | Mariano's Fresh Market | $ | 17.69 |
Willow Festival |  |  | IL | Chicago-Naperville-Joliet | 404 | 404 | 100.0% |  | — | 60 | Whole Foods, Lowe's | $ | 16.88 |
|  |  |  | IL |  | 1,661 | 1,120 | 98.0% | 98.0% | — | 522 |  |
Shops on Main | M | 92% | IN | Chicago-Naperville-Joliet | 254 | 254 | 95.4% |  | — | 40 | Whole Foods, Gordmans | $ | 14.93 |
Willow Lake Shopping Center | GRI | 40% | IN | Indianapolis | 86 | 34 | 96.4% |  | 64 | 64 | (Kroger) | $ | 16.31 |
Willow Lake West Shopping Center | GRI | 40% | IN | Indianapolis | 53 | 21 | 100.0% |  | — | 12 | Trader Joe's | $ | 24.71 |
|  |  |  | IN |  | 393 | 310 | 95.8% | 95.8% | 64 | 116 |  |
Fellsway Plaza | M | 75% | MA | Boston-Cambridge-Quincy | 155 | 155 | 100.0% |  | — | 61 | Stop & Shop | $ | 25.31 |
Shops at Saugus |  |  | MA | Boston-Cambridge-Quincy | 87 | 87 | 92.1% |  | — | 11 | Trader Joe's | $ | 28.72 |
Twin City Plaza |  |  | MA | Boston-Cambridge-Quincy | 274 | 274 | 95.2% |  | — | 63 | Shaw's, Marshall's | $ | 17.95 |
|  |  |  | MA |  | 516 | 516 | 96.1% | 96.1% | — | 135 |  |
Burnt Mills |  | C | 20% | MD | Washington-Arlington-Alexandria | 31 | 6 | 100.0% |  | — | 9 | Trader Joe's | $ | 37.96 |
Cloppers Mill Village |  | GRI | 40% | MD | Washington-Arlington-Alexandria | 137 | 55 | 93.5% |  | — | 70 | Shoppers Food Warehouse | $ | 17.53 |
Festival at Woodholme | GRI | 40% | MD | Baltimore-Towson | 81 | 32 | 95.4% |  | — | 10 | Trader Joe's | $ | 37.82 |
Firstfield Shopping Center | GRI | 40% | MD | Washington-Arlington-Alexandria | 22 | 9 | 88.8% |  | — | — | — | $ | 37.40 |
King Farm Village Center | RC | 25% | MD | Washington-Arlington-Alexandria | 118 | 30 | 96.1% |  | — | 54 | Safeway | $ | 25.77 |
Parkville Shopping Center | GRI | 40% | MD | Baltimore-Towson | 163 | 65 | 93.1% |  | — | 41 | Giant Food | $ | 16.24 |
Southside Marketplace | GRI | 40% | MD | Baltimore-Towson | 125 | 50 | 96.0% |  | — | 44 | Shoppers Food Warehouse | $ | 18.71 |
Takoma Park |  | GRI | 40% | MD | Washington-Arlington-Alexandria | 104 | 42 | 93.1% |  | — | 64 | Shoppers Food Warehouse | $ | 12.49 |
Valley Centre | GRI | 40% | MD | Baltimore-Towson | 220 | 88 | 97.0% |  | — | — | Aldi, TJ Maxx | $ | 15.80 |
Village at Lee Airpark |  |  | MD | Baltimore-Towson | 113 | 113 | 97.9% |  | 75 | 63 | Giant Food, (Sunrise) | $ | 28.94 |
Watkins Park Plaza | GRI | 40% | MD | Washington-Arlington-Alexandria | 111 | 45 | 98.5% |  | — | — | LA Fitness | $ | 24.96 |
Woodmoor Shopping Center | GRI | 40% | MD | Washington-Arlington-Alexandria | 69 | 28 | 97.7% |  | — | — | — | $ | 29.15 |
|  |  |  | MD |  | 1,295 | 562 | 95.9% | 95.9% | 75 | 355 |  |
Fenton Marketplace |  |  | MI | Flint | 97 | 97 | 95.7% |  | — | — | Family Farm & Home | $ | 7.69 |
|  |  |  | MI |  | 97 | 97 | 95.7% | 95.7% | — | — |  |
Brentwood Plaza |  |  | MO | St. Louis | 60 | 60 | 100.0% |  | — | 52 | Schnucks | $ | 10.40 |
Bridgeton |  |  |  | MO | St. Louis | 71 | 71 | 97.3% |  | 130 | 63 | Schnucks, (Home Depot) | $ | 11.88 |
Dardenne Crossing |  |  | MO | St. Louis | 67 | 67 | 100.0% |  | — | 63 | Schnucks | $ | 10.84 |
Kirkwood Commons |  |  | MO | St. Louis | 210 | 210 | 100.0% |  | 258 | — | Wal-Mart, (Target), (Lowe's) | $ | 9.91 |
|  |  |  | MO |  | 408 | 408 | 99.5% | 99.5% | 388 | 179 |  |
Apple Valley Square | RC | 25% | MN | Minneapolis-St. Paul-Bloomington | 185 | 46 | 99.0% |  | 87 | 62 | Rainbow Foods, Jo-Ann Fabrics, (Burlington Coat Factory) | $ | 12.56 |
Calhoun Commons | RC | 25% | MN | Minneapolis-St. Paul-Bloomington | 66 | 17 | 100.0% |  | — | 50 | Whole Foods | $ | 24.32 |

|  | 45

Portfolio Summary Report By State
June 30, 2016
(in thousands)
|  |  |  |  |  | JVs at 100% | REG's pro-rata share | REG's pro-rata share | REG's pro-rata share |  |  |  |
Property Name | JV | REG % | State | CBSA | GLA | GLA | % Leased | % Leased - Operating Properties | Retailer- Owned GLA | Grocery Anchor GLA | Major Tenants(1) | Avg. Base Rent PSF
Colonial Square | GRI | 40% | MN | Minneapolis-St. Paul-Bloomington | 93 | 37 | 98.8% |  | — | 44 | Lund's | $ | 22.24 |
Rockford Road Plaza | GRI | 40% | MN | Minneapolis-St. Paul-Bloomington | 204 | 82 | 100.0% |  | — | — | Kohl's | $ | 12.31 |
Rockridge Center | C | 20% | MN | Minneapolis-St. Paul-Bloomington | 125 | 25 | 95.4% |  | — | 89 | Cub Foods | $ | 13.16 |
|  |  |  | MN |  | 674 | 207 | 99.0% | 99.0% | 87 | 245 |  |
Cameron Village | C | 30% | NC | Raleigh-Cary | 558 | 167 | 97.2% |  | — | 87 | Harris Teeter, The Fresh Market | $ | 21.41 |
Carmel Commons |  |  | NC | Charlotte-Gastonia-Concord | 133 | 133 | 96.4% |  | — | 14 | The Fresh Market | $ | 19.16 |
Cochran Commons | C | 20% | NC | Charlotte-Gastonia-Concord | 66 | 13 | 98.2% |  | — | 42 | Harris Teeter | $ | 16.18 |
Colonnade Center |  |  | NC | Raleigh-Cary | 58 | 58 | 100.0% |  | — | 40 | Whole Foods | $ | 26.79 |
Glenwood Village |  |  | NC | Raleigh-Cary | 43 | 43 | 100.0% |  | — | 28 | Harris Teeter | $ | 15.16 |
Harris Crossing |  |  | NC | Raleigh-Cary | 65 | 65 | 92.9% |  | — | 53 | Harris Teeter | $ | 8.52 |
Holly Park |  | M | 99% | NC | Raleigh-Cary | 160 | 160 | 100.0% |  | — | 12 | Trader Joe's | $ | 14.90 |
Lake Pine Plaza |  |  | NC | Raleigh-Cary | 88 | 88 | 100.0% |  | — | 58 | Kroger | $ | 12.22 |
Maynard Crossing | USAA | 20% | NC | Raleigh-Cary | 123 | 25 | 97.4% |  | — | 56 | Kroger | $ | 15.15 |
Phillips Place |  | O | 50% | NC | Charlotte-Gastonia-Concord | 133 | 67 | 99.3% |  | — | — | Dean & Deluca | $ | 31.88 |
Providence Commons | RC | 25% | NC | Charlotte-Gastonia-Concord | 74 | 19 | 100.0% |  | — | 50 | Harris Teeter | $ | 18.17 |
Shops at Erwin Mill (fka Erwin Square) | M | 55% | NC | Durham-Chapel Hill | 87 | 87 | 98.2% |  | — | 53 | Harris Teeter | $ | 17.14 |
Shoppes of Kildaire | GRI | 40% | NC | Raleigh-Cary | 145 | 58 | 98.9% |  | — | 19 | Trader Joe's | $ | 17.58 |
Southpoint Crossing |  |  | NC | Durham-Chapel Hill | 103 | 103 | 96.6% |  | — | 59 | Kroger | $ | 15.55 |
Sutton Square | C | 20% | NC | Raleigh-Cary | 101 | 20 | 98.7% |  | — | 24 | The Fresh Market | $ | 18.74 |
Village Plaza |  | C | 20% | NC | Durham-Chapel Hill | 75 | 15 | 98.0% |  | — | 42 | Whole Foods | $ | 17.07 |
Willow Oaks |  |  |  | NC | Charlotte-Gastonia-Concord | 69 | 69 | 90.8% |  | — | 49 | Publix | $ | 16.01 |
Woodcroft Shopping Center |  |  | NC | Durham-Chapel Hill | 90 | 90 | 95.7% |  | — | 41 | Food Lion | $ | 12.47 |
|  |  |  | NC |  | 2,170 | 1,278 | 97.5% | 97.9% | — | 727 |  |
Plaza Square |  | GRI | 40% | NJ | New York-Northern New Jersey-Long Island | 104 | 42 | 100.0% |  | — | 60 | Shop Rite | $ | 22.37 |
Haddon Commons | GRI | 40% | NJ | Philadelphia-Camden-Wilmington | 54 | 22 | 100.0% |  | — | 34 | Acme Markets | $ | 13.67 |
|  |  |  | NJ |  | 158 | 63 | 100.0% | 100.0% | — | 94 |  |
Garden City Park |  |  |  | NY | New York-Northern New Jersey-Long Island | 105 | 105 | 96.4% |  |  | 52 | — | $ | 17.73 |
Lake Grove Commons | GRI | 40% | NY | New York-Northern New Jersey-Long Island | 141 | 57 | 100.0% |  |  | 48 | Whole Foods, LA Fitness | $ | 32.78 |
|  |  |  | NY |  | 246 | 161 | 97.6% | 100.0% | — | 99 |  |
Cherry Grove |  |  |  | OH | Cincinnati-Middletown | 196 | 196 | 96.1% |  | — | 66 | Kroger | $ | 10.85 |
East Pointe |  |  |  | OH | Columbus | 107 | 107 | 98.7% |  | — | 59 | Kroger | $ | 9.78 |
Hyde Park |  |  |  | OH | Cincinnati-Middletown | 397 | 397 | 99.3% |  | — | 169 | Kroger, Remke Markets | $ | 15.26 |
Kroger New Albany Center | M | 50% | OH | Columbus | 93 | 93 | 97.7% |  | — | 65 | Kroger | $ | 11.56 |

|  | 46

Portfolio Summary Report By State
June 30, 2016
(in thousands)
|  |  |  |  |  | JVs at 100% | REG's pro-rata share | REG's pro-rata share | REG's pro-rata share |  |  |  |
Property Name | JV | REG % | State | CBSA | GLA | GLA | % Leased | % Leased - Operating Properties | Retailer- Owned GLA | Grocery Anchor GLA | Major Tenants(1) | Avg. Base Rent PSF
Maxtown Road (Northgate) |  |  | OH | Columbus | 105 | 105 | 98.5% |  | 90 | 62 | Kroger, (Home Depot) | $ | 10.59 |
Red Bank Village |  |  | OH | Cincinnati-Middletown | 164 | 164 | 100.0% |  | — | — | Wal-Mart | $ | 6.50 |
Regency Commons |  |  | OH | Cincinnati-Middletown | 34 | 34 | 100.0% |  | — | — | — | $ | 22.57 |
Westchester Plaza |  |  | OH | Cincinnati-Middletown | 88 | 88 | 98.4% |  | — | 67 | Kroger | $ | 9.51 |
|  |  |  | OH |  | 1,184 | 1,184 | 98.6% | 98.6% | 90 | 489 |  |
Corvallis Market Center |  |  | OR | Corvallis | 85 | 85 | 100.0% |  | — | 12 | Trader Joe's | $ | 20.08 |
Greenway Town Center | GRI | 40% | OR | Portland-Vancouver-Beaverton | 93 | 37 | 92.8% |  | — | 38 | Whole Foods | $ | 13.36 |
Murrayhill Marketplace |  |  | OR | Portland-Vancouver-Beaverton | 150 | 150 | 87.9% |  | — | 41 | Safeway | $ | 16.05 |
Northgate Marketplace |  |  | OR | Medford | 81 | 81 | 100.0% |  | — | 13 | Trader Joe's | $ | 21.41 |
Northgate Marketplace Ph II |  |  | OR | Medford | 176 | 176 | 88.0% |  | — | — | Dick's Sporting Goods | $ | 13.83 |
Sherwood Crossroads |  |  | OR | Portland-Vancouver-Beaverton | 88 | 88 | 93.8% |  | — | 55 | Safeway | $ | 10.74 |
Tanasbourne Market |  |  | OR | Portland-Vancouver-Beaverton | 71 | 71 | 100.0% |  | — | 57 | Whole Foods | $ | 27.41 |
Walker Center |  |  | OR | Portland-Vancouver-Beaverton | 90 | 90 | 100.0% |  | — | — | Bed Bath and Beyond | $ | 20.03 |
|  |  |  | OR |  | 833 | 778 | 93.9% | 95.6% | — | 215 |  |
Allen Street Shopping Center | GRI | 40% | PA | Allentown-Bethlehem-Easton | 46 | 18 | 92.0% |  | — | 22 | Ahart's Market | $ | 14.28 |
City Avenue Shopping Center | GRI | 40% | PA | Philadelphia-Camden-Wilmington | 162 | 65 | 94.0% |  | — | — | Ross Dress for Less | $ | 18.24 |
Gateway Shopping Center |  |  | PA | Philadelphia-Camden-Wilmington | 221 | 221 | 98.7% |  | — | 11 | Trader Joe's | $ | 28.81 |
Hershey |  |  |  | PA | Harrisburg-Carlisle | 6 | 6 | 100.0% |  | — | — | — | $ | 33.45 |
Lower Nazareth Commons |  |  | PA | Allentown-Bethlehem-Easton | 90 | 90 | 47.7% |  | 244 | 111 | (Wegmans), (Target) | $ | 33.65 |
Mercer Square Shopping Center | GRI | 40% | PA | Philadelphia-Camden-Wilmington | 91 | 37 | 98.0% |  | — | 51 | Weis Markets | $ | 22.47 |
Newtown Square Shopping Center | GRI | 40% | PA | Philadelphia-Camden-Wilmington | 142 | 57 | 84.7% |  | — | 56 | Acme Markets | $ | 17.89 |
Stefko Boulevard Shopping Center | GRI | 40% | PA | Allentown-Bethlehem-Easton | 134 | 54 | 93.9% |  | — | 73 | Valley Farm Market | $ | 7.85 |
Warwick Square Shopping Center | GRI | 40% | PA | Philadelphia-Camden-Wilmington | 90 | 36 | 91.1% |  | — | 51 | Giant Food | $ | 20.25 |
|  |  |  | PA |  | 983 | 584 | 87.8% | 87.8% | 244 | 375 |  |
Buckwalter Village |  |  | SC | Hilton Head Island-Beaufort | 60 | 60 | 100.0% |  | — | 46 | Publix | $ | 15.04 |
Merchants Village | GRI | 40% | SC | Charleston-North Charleston | 80 | 32 | 100.0% |  | — | 38 | Publix | $ | 15.61 |
Queensborough Shopping Center | O | 50% | SC | Charleston-North Charleston | 82 | 41 | 100.0% |  | — | 66 | Publix | $ | 10.38 |
|  |  |  | SC |  | 222 | 133 | 100.0% | 100.0% | — | 149 |  |
Harpeth Village Fieldstone |  |  | TN | Nashville-Davidson--Murfreesboro | 70 | 70 | 100.0% |  | — | 55 | Publix | $ | 14.48 |
Northlake Village |  |  | TN | Nashville-Davidson--Murfreesboro | 138 | 138 | 92.3% |  | — | 75 | Kroger | $ | 13.13 |
Peartree Village |  |  | TN | Nashville-Davidson--Murfreesboro | 110 | 110 | 100.0% |  | — | 61 | Harris Teeter | $ | 18.13 |
|  |  |  | TN |  | 317 | 317 | 96.7% | 96.7% | — | 191 |  |
Alden Bridge |  | USAA | 20% | TX | Houston-Baytown-Sugar Land | 139 | 28 | 100.0% |  | — | 68 | Kroger | $ | 19.49 |
Bethany Park Place | USAA | 20% | TX | Dallas-Fort Worth-Arlington | 99 | 20 | 100.0% |  | — | 83 | Kroger | $ | 11.60 |
CityLine Market |  |  | TX | Dallas-Fort Worth-Arlington | 81 | 81 | 100.0% |  | — | 40 | Whole Foods | $ | 26.57 |

|  | 47

Portfolio Summary Report By State
June 30, 2016
(in thousands)
|  |  |  |  |  | JVs at 100% | REG's pro-rata share | REG's pro-rata share | REG's pro-rata share |  |  |  |
Property Name | JV | REG % | State | CBSA | GLA | GLA | % Leased | % Leased - Operating Properties | Retailer- Owned GLA | Grocery Anchor GLA | Major Tenants(1) | Avg. Base Rent PSF
CityLine Market Phase II |  |  | TX | Dallas-Fort Worth-Arlington | 22 | 22 | 100.0% |  | — | — | — | $ | 25.88 |
Cochran's Crossing |  |  | TX | Houston-Baytown-Sugar Land | 138 | 138 | 94.1% |  | — | 63 | Kroger | $ | 17.49 |
Hancock |  |  |  | TX | Austin-Round Rock | 410 | 410 | 98.6% |  | — | 90 | H.E.B., Sears | $ | 14.76 |
Hickory Creek Plaza |  |  | TX | Dallas-Fort Worth-Arlington | 28 | 28 | 100.0% |  | 81 | 81 | (Kroger) | $ | 28.16 |
Hillcrest Village |  |  | TX | Dallas-Fort Worth-Arlington | 15 | 15 | 100.0% |  | — | — | — | $ | 44.40 |
Indian Springs Center |  |  | TX | Houston-Baytown-Sugar Land | 137 | 137 | 96.0% |  | — | 79 | H.E.B. | $ | 22.84 |
Keller Town Center |  |  | TX | Dallas-Fort Worth-Arlington | 120 | 120 | 96.9% |  | — | 64 | Tom Thumb | $ | 15.20 |
Lebanon/Legacy Center |  |  | TX | Dallas-Fort Worth-Arlington | 56 | 56 | 100.0% |  | 63 | 63 | (Wal-Mart) | $ | 23.52 |
Market at Preston Forest |  |  | TX | Dallas-Fort Worth-Arlington | 96 | 96 | 100.0% |  | — | 64 | Tom Thumb | $ | 20.25 |
Market at Round Rock |  |  | TX | Austin-Round Rock | 123 | 123 | 100.0% |  | — | 30 | Sprout's Markets | $ | 17.04 |
Market at Springwoods Village | M | 53% | TX | Houston-Baytown-Sugar Land | 167 | 167 | 78.7% |  | — | 100 | — | $ | 10.92 |
Mockingbird Common |  |  |  | TX | Dallas-Fort Worth-Arlington | 120 | 120 | 91.2% |  | — | 49 | Tom Thumb | $ | 17.82 |
North Hills |  |  | TX | Austin-Round Rock | 144 | 144 | 97.3% |  | — | 60 | H.E.B. | $ | 21.93 |
Panther Creek |  |  |  | TX | Houston-Baytown-Sugar Land | 166 | 166 | 100.0% |  | — | 66 | Randall's Food | $ | 19.15 |
Prestonbrook |  |  |  | TX | Dallas-Fort Worth-Arlington | 92 | 92 | 100.0% |  | — | 64 | Kroger | $ | 13.90 |
Preston Oaks |  |  | TX | Dallas-Fort Worth-Arlington | 104 | 104 | 94.8% |  | — | 30 | H.E.B. Central Market | $ | 30.76 |
Shiloh Springs | USAA | 20% | TX | Dallas-Fort Worth-Arlington | 110 | 22 | 95.5% |  | — | 61 | Kroger | $ | 14.44 |
Shops at Mira Vista |  |  | TX | Austin-Round Rock | 68 | 68 | 100.0% |  | — | 15 | Trader Joe's | $ | 21.21 |
Signature Plaza |  |  | TX | Dallas-Fort Worth-Arlington | 32 | 32 | 94.8% |  | 62 | 62 | (Kroger) | $ | 21.30 |
Southpark at Cinco Ranch |  |  | TX | Houston-Baytown-Sugar Land | 265 | 265 | 99.2% |  | — | 101 | Kroger, Academy Sports | $ | 13.04 |
Sterling Ridge |  |  | TX | Houston-Baytown-Sugar Land | 129 | 129 | 100.0% |  | — | 63 | Kroger | $ | 20.16 |
Sweetwater Plaza | C | 20% | TX | Houston-Baytown-Sugar Land | 134 | 27 | 100.0% |  | — | 65 | Kroger | $ | 16.99 |
Tech Ridge Center |  |  | TX | Austin-Round Rock | 185 | 185 | 96.0% |  | — | 84 | H.E.B. | $ | 21.42 |
Weslayan Plaza East | GRI | 40% | TX | Houston-Baytown-Sugar Land | 168 | 67 | 100.0% |  | — | — | Berings | $ | 19.81 |
Weslayan Plaza West | GRI | 40% | TX | Houston-Baytown-Sugar Land | 186 | 74 | 98.9% |  | — | 52 | Randall's Food | $ | 19.15 |
Westwood Village |  |  | TX | Houston-Baytown-Sugar Land | 184 | 184 | 97.6% |  | 127 | — | (Target) | $ | 19.07 |
Woodway Collection | GRI | 40% | TX | Houston-Baytown-Sugar Land | 97 | 39 | 98.8% |  | — | 45 | Whole Foods | $ | 27.40 |
|  |  |  | TX |  | 3,814 | 3,158 | 96.9% | 98.0% | 333 | 1,644 |  |
Ashburn Farm Market Center |  |  | VA | Washington-Arlington-Alexandria | 92 | 92 | 100.0% |  | — | 49 | Giant Food | $ | 23.98 |
Ashburn Farm Village Center | GRI | 40% | VA | Washington-Arlington-Alexandria | 89 | 36 | 97.3% |  | — | 57 | Shoppers Food Warehouse | $ | 14.86 |
Belmont Chase |  |  | VA | Washington-Arlington-Alexandria | 91 | 91 | 95.3% |  | — | 40 | Whole Foods | $ | 28.76 |
Braemar Shopping Center | RC | 25% | VA | Washington-Arlington-Alexandria | 96 | 24 | 97.9% |  | — | 58 | Safeway | $ | 21.42 |
Centre Ridge Marketplace | GRI | 40% | VA | Washington-Arlington-Alexandria | 104 | 42 | 94.2% |  | — | 55 | Shoppers Food Warehouse | $ | 17.14 |
Culpeper Colonnade |  |  | VA | Culpeper | 171 | 171 | 98.8% |  | 127 | 70 | Martin's, Dick's Sporting Goods, (Target) | $ | 15.10 |
Fairfax Shopping Center |  |  | VA | Washington-Arlington-Alexandria | 68 | 68 | 71.5% |  | — | — | — | $ | 9.77 |

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Portfolio Summary Report By State
June 30, 2016
(in thousands)
|  |  |  |  |  | JVs at 100% | REG's pro-rata share | REG's pro-rata share | REG's pro-rata share |  |  |  |
Property Name | JV | REG % | State | CBSA | GLA | GLA | % Leased | % Leased - Operating Properties | Retailer- Owned GLA | Grocery Anchor GLA | Major Tenants(1) | Avg. Base Rent PSF
Festival at Manchester Lakes | GRI | 40% | VA | Washington-Arlington-Alexandria | 169 | 67 | 98.6% |  | — | 65 | Shoppers Food Warehouse | $ | 25.58 |
Fox Mill Shopping Center | GRI | 40% | VA | Washington-Arlington-Alexandria | 103 | 41 | 100.0% |  | — | 50 | Giant Food | $ | 22.60 |
Gayton Crossing | GRI | 40% | VA | Richmond | 158 | 63 | 93.1% |  | 55 | 38 | Martin's, (Kroger) | $ | 15.26 |
Greenbriar Town Center | GRI | 40% | VA | Washington-Arlington-Alexandria | 340 | 136 | 97.0% |  | — | 62 | Giant Food | $ | 25.06 |
Hanover Village Shopping Center | GRI | 40% | VA | Richmond | 90 | 36 | 98.4% |  | — | 18 | Aldi | $ | 9.00 |
Hollymead Town Center | C | 20% | VA | Charlottesville | 154 | 31 | 93.8% |  | 143 | 61 | Harris Teeter, (Target) | $ | 22.67 |
Kamp Washington Shopping Center | GRI | 40% | VA | Washington-Arlington-Alexandria | 72 | 29 | 95.0% |  | — | — | Golfsmith | $ | 37.07 |
Kings Park Shopping Center | GRI | 40% | VA | Washington-Arlington-Alexandria | 93 | 37 | 100.0% |  | — | 28 | Giant Food | $ | 27.88 |
Lorton Station Marketplace | C | 20% | VA | Washington-Arlington-Alexandria | 132 | 26 | 98.2% |  | — | 63 | Shoppers Food Warehouse | $ | 21.97 |
Market Common Clarendon |  |  | VA | Washington-Arlington-Alexandria | 393 | 393 | 73.5% |  | — | 34 | Whole Foods, Crate & Barrel | $ | 30.74 |
Saratoga Shopping Center | GRI | 40% | VA | Washington-Arlington-Alexandria | 113 | 45 | 100.0% |  | — | 56 | Giant Food | $ | 19.40 |
Shops at County Center |  |  | VA | Washington-Arlington-Alexandria | 97 | 97 | 92.8% |  | — | 52 | Harris Teeter | $ | 20.20 |
Shops at Stonewall |  |  | VA | Washington-Arlington-Alexandria | 314 | 314 | 99.1% |  | — | 140 | Wegmans, Dick's Sporting Goods | $ | 16.73 |
Town Center at Sterling Shopping Center | GRI | 40% | VA | Washington-Arlington-Alexandria | 187 | 75 | 91.5% |  | — | 47 | Giant Food | $ | 19.77 |
Village Center at Dulles | C | 20% | VA | Washington-Arlington-Alexandria | 298 | 60 | 94.5% |  | — | 48 | Shoppers Food Warehouse, Gold's Gym | $ | 25.66 |
Village Shopping Center | GRI | 40% | VA | Richmond | 111 | 44 | 95.8% |  | — | 45 | Martin's | $ | 22.79 |
Willston Centre I | GRI | 40% | VA | Washington-Arlington-Alexandria | 105 | 42 | 83.8% |  | — | — | — | $ | 26.15 |
Willston Centre II | GRI | 40% | VA | Washington-Arlington-Alexandria | 136 | 54 | 94.3% |  | 141 | 59 | Safeway, (Target) | $ | 23.38 |
|  |  |  | VA |  | 3,777 | 2,115 | 91.5% | 91.5% | 465 | 1,195 |  |
Aurora Marketplace | GRI | 40% | WA | Seattle-Tacoma-Bellevue | 107 | 43 | 92.4% |  | — | 49 | Safeway | $ | 15.58 |
Broadway Market | C | 20% | WA | Seattle-Tacoma-Bellevue | 140 | 28 | 99.0% |  | — | 64 | Quality Food Centers | $ | 24.40 |
Cascade Plaza | C | 20% | WA | Seattle-Tacoma-Bellevue | 215 | 43 | 93.9% |  | — | 49 | Safeway | $ | 11.73 |
Eastgate Plaza | GRI | 40% | WA | Seattle-Tacoma-Bellevue | 78 | 31 | 100.0% |  | — | 29 | Albertsons | $ | 24.09 |
Grand Ridge |  |  |  | WA | Seattle-Tacoma-Bellevue | 326 | 326 | 100.0% |  | — | 45 | Safeway, Regal Cinemas | $ | 22.47 |
Inglewood Plaza |  |  | WA | Seattle-Tacoma-Bellevue | 17 | 17 | 100.0% |  | — | — | — | $ | 36.37 |
Overlake Fashion Plaza | GRI | 40% | WA | Seattle-Tacoma-Bellevue | 81 | 32 | 100.0% |  | 230 | — | (Sears) | $ | 24.57 |
Pine Lake Village |  |  | WA | Seattle-Tacoma-Bellevue | 103 | 103 | 100.0% |  | — | 41 | Quality Food Centers | $ | 22.89 |
Sammamish-Highlands |  |  | WA | Seattle-Tacoma-Bellevue | 101 | 101 | 100.0% |  | 55 | 67 | (Safeway) | $ | 30.51 |
Southcenter |  |  |  | WA | Seattle-Tacoma-Bellevue | 58 | 58 | 86.2% |  | 112 | — | (Target) | $ | 29.38 |
|  |  |  | WA |  | 1,226 | 783 | 98.2% | 98.2% | 397 | 343 |  |
Regency Centers Total |  |  |  |  | 37,864 | 28,714 | 95.8% | 96.0% | 4,437 | 13,032 |  |
(1) Major Tenants are the grocery anchor and any tenant over 35,000 square feet. Retailers in parenthesis are a shadow anchor and not a part of the owned property. |  |

|  | 49

C: | Co-investment Partnership with Oregon |  |  |  |  |  |  |
GRI: | Co-investment Partnership with GRI |  |  |  |  |  |  |
O: | Other, single property co-investment Partnerships |  |  |  |  |  |  |
RC: | Co-investment Partnership with CalSTRS |  |  |  |  |  |  |
USAA: | Co-investment Partnership with USAA |  |  |  |  |  |  |
M: | Co-investment Partnership with Minority Partner |  |  |  |  |  |  |

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Earnings and Valuation Guidance
June 30, 2016

| 2015A | 1Q16A | 2Q16A | 2016E
Core FFO / Share |  |  |  | $3.22 - $3.27
NAREIT FFO / Share |  |  |  | $2.71 - $2.76
Same Property |  |  |  |
Same property percent leased at period end (pro-rata) | 95.8% | 96.2% | 96.3% | 96.0% - 96.5%
Same property NOI growth without termination fees (pro-rata) | 4.4% | 4.1% | 3.4% | 2.75% - 3.50%
New Investments |  |  |  |
Development and Redevelopment starts (pro-rata) | $116,676 | $48,293 | $6,238 | $125,000 - $225,000
Estimated yield (weighted average) | 7.5% | 8.1% | 7.9% | 7.0% - 8.0%
Acquisitions (pro-rata) | $80,500 | $17,300 | $280,500 | $334,000
Cap rate (weighted average) | 5.2% | 4.4% | 4.0% | 4.1%
Disposition Activity |  |  |  |
Dispositions for development funding (pro-rata) | $69,964 | $38,560 | $10,661 | $115,000 - $125,000
Cap rate (weighted average) | 6.9% | 6.4% | 6.8% | 6.2% - 6.4%
Dispositions for acquisition funding (pro-rata) | $50,000 | $0 | $0 | $0
Cap rate (weighted average) | 5.1% | 0.0% | 0.0% | 0.0%
Net Asset Valuation Guidance: |  |  |  |
Estimated market value of undeveloped land(1) |  |  |  |
Land held for sale or future development |  |  | $ | 44,498 |  |
Outparcels at operating properties |  |  | 21,288 |  |
Total |  |  | $ | 65,786 |  |
NOI from Projects in Development (current quarter) |  |  | $ | 429 |  |
Base Rent from leases signed but not yet rent-paying (current quarter) |  |  |  |
Operating Properties |  |  | $ | 2,105 |  |
Development Completions (from disclosure on page 32) |  |  | 158 |  |
Redevelopment of Operating Properties (from disclosure on page 32) |  |  | 1,077 |  |
Total |  |  | $ | 3,340 |  |
(1) Not included in Properties in Development on Balance Sheet |  |  |  |
Forward-looking statements involve risks, uncertainties and assumptions. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation with the SEC, specifically the most recent reports on forms 10K and 10Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements.

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Reconciliation of NAREIT FFO and Core FFO Guidance to Net Income
June 30, 2016
(per diluted share)

NAREIT FFO and Core FFO Guidance: |  | Full Year 2016
Net income attributable to common stockholders |  | $ | 0.92 |  | 0.97 |
Adjustments to reconcile net income to NAREIT FFO: |  |  |
Depreciation and amortization |  | 1.93 |  | 1.93 |
Gain on sale of operating properties |  | (0.15 | ) | (0.15 | )
All other amounts |  | 0.01 |  | 0.01 |
NAREIT Funds From Operations |  | $ | 2.71 |  | 2.76 |
Adjustments to reconcile NAREIT FFO to Core FFO: |  |  |
Development and acquisition pursuit costs |  | 0.04 |  | 0.04 |
Gain on sale of land |  | (0.07 | ) | (0.07 | )
Early extinguishment of debt |  | 0.15 |  | 0.15 |
Derivative settlement |  | 0.40 |  | 0.40 |
All other non-core amounts |  | (0.01 | ) | (0.01 | )
Core Funds From Operations |  | $ | 3.22 |  | 3.27 |

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Glossary of Terms
June 30, 2016
Adjusted Funds From Operations (AFFO): An additional performance measure used by Regency to reflect the Company’s ability to fund cash needs, including cash distributions to shareholders. AFFO is calculated by adjusting Core FFO for (i) capital expenditures necessary to maintain the Company’s portfolio of properties, (ii) the non-cash effects of straight line rents, above/below market rents, stock based compensation and interest charges and (iii) other non-cash amounts as they occur. The Company provides a reconciliation of Core FFO to AFFO.
Core EBITDA: Earnings before interest, taxes, depreciation and amortization, real estate gains and losses, and development and acquisition pursuit costs.
Core Funds From Operations (Core FFO): An additional performance measure used by Regency as the computation of NAREIT FFO includes certain non-cash and non-comparable items that affect the Company's period-over-period performance. Core FFO excludes from NAREIT FFO, but is not limited to: (i) transaction related gains, income or expense; (ii) impairments on land; (iii) gains or losses from the early extinguishment of debt; and (iv) other non-core amounts as they occur. The Company provides a reconciliation of NAREIT FFO to Core FFO.
Development Completion: A project in development is deemed complete upon the earliest of: (i) 90% of total estimated net development costs have been incurred and percent leased equals or exceeds 95%, or (ii) the project features at least two years of anchor operations, or (iii) three years have passed since the start of construction. Once deemed complete, the property is termed an Operating Property.
Fixed Charge Coverage Ratio: Core EBITDA divided by the sum of the gross interest and scheduled mortgage principal paid to our lenders plus dividends paid to our preferred stockholders.
NAREIT Funds From Operations (NAREIT FFO): NAREIT FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (“NAREIT”) defines as net income, computed in accordance with GAAP, excluding gains and losses from sales of depreciable property, net of tax, excluding operating real estate impairments, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Regency computes NAREIT FFO for all periods presented in accordance with NAREIT's definition. Many companies use different depreciable lives and methods, and real estate values historically fluctuate with market conditions. Since NAREIT FFO excludes depreciation and amortization and gains and losses from depreciable property dispositions, and impairments, it provides a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, NAREIT FFO is a supplemental non-GAAP financial measure of the Company's operating performance, which does not represent cash generated from operating activities in accordance with GAAP and therefore, should not be considered a substitute measure for cash flows from operations.
Net Operating Income (NOI): Base rent, percentage rent, and recoveries from tenants and other income, less operating and maintenance, real estate taxes, ground rent, and provision for doubtful accounts from the properties owned by the Company. NOI excludes straight-line rental income, above and below market rent and ground rent amortization and other fees. The Company also provides disclosure of NOI excluding termination fees, which excludes both termination fee income and expenses.
Non-Same Property: A property acquired, sold or a Development Completion during either calendar year period being compared. Corporate activities, including the captive insurance program, are part of Non-Same Property.
Operating Property: Any property not termed a Project In Development.
Project In Development: A property owned and intended to be developed, including partially operating properties acquired specifically for redevelopment and excluding land held for future development.
Same Property: Operating properties that were owned and operated for the entirety of both calendar year periods being compared. This term excludes all Projects In Development and Non-Same Properties.

|  | 53