EX-99.2 3 ex-992123116.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
December 31, 2016

Non-GAAP Disclosures.............................................................................................................................................. | 1
Earnings Press Release................................................................................................................................................ | 3
Summary Information: |
Summary Financial Information.................................................................................................................................. | 10
Summary Real Estate Information.............................................................................................................................. | 11
Financial Information: |
Consolidated Balance Sheets....................................................................................................................................... | 12
Consolidated Statements of Operations....................................................................................................................... | 13
Supplemental Details of Operations............................................................................................................................ | 14
Supplemental Details of Assets and Liabilities (Real Estate Partnerships Only)........................................................ | 16
Supplemental Details of Operations (Real Estate Partnerships Only)........................................................................ | 17
Supplemental Details of Same Property NOI and Capital Expenditures (Pro-Rata).................................................. | 18
Reconciliations of Non-GAAP Financial Measures.................................................................................................... | 19
Summary of Consolidated Debt ................................................................................................................................. | 21
Summary of Debt Covenants and Leverage Ratios..................................................................................................... | 24
Summary of Unconsolidated Debt.............................................................................................................................. | 25
Summary of Preferred Stock....................................................................................................................................... | 26
Investment Activity: |
Property Transactions.................................................................................................................................................. | 27
Summary of Development, Redevelopment, and Land Held...................................................................................... | 28
Co-investment Partnerships: |
Unconsolidated Investments........................................................................................................................................ | 29
Real Estate Information: |
Leasing Statistics......................................................................................................................................................... | 30
Average Base Rent by CBSA...................................................................................................................................... | 31
Significant Tenant Rents.............................................................................................................................................. | 32
Tenant Lease Expiration.............................................................................................................................................. | 33
Portfolio Summary Report by State............................................................................................................................ | 35
Forward-Looking Information: |
Earnings and Valuation Guidance................................................................................................................................ | 46
Reconciliation of NAREIT FFO and Core FFO Guidance to Net Income................................................................ | 47
Glossary of Terms........................................................................................................................................................ | 48

Non-GAAP Disclosures
December 31, 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 supplemental details of assets and liabilities and supplemental details 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 items labeled as "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 columns labeled "Share of JVs" represent 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 columns labeled ''Noncontrolling Interests”, which represent 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 share.
The presentation of pro-rata financial information 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 supplemental details of assets and liabilities and supplemental details 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 details 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 Core 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 Fourth Quarter and Full Year 2016 Results
JACKSONVILLE, Fla. (February 8, 2017) - Regency Centers Corporation (“Regency” or the “Company”) today reported financial and operating results for the period ended December 31, 2016.
Full-Year 2016 Highlights:

• | Net Income attributable to common stockholders (“Net Income”) of $1.42 per diluted share.

• | NAREIT Funds From Operations (“NAREIT FFO”) of $2.73 per diluted share.

• | Core Funds From Operations (“Core FFO”) of $3.29 per diluted share, representing per share growth of 8.2% over 2015.

• | Same property Net Operating Income (“NOI”), net of termination fees, increased 3.5%.

• | Signed 1,282 new and renewal leases representing 5.0 million rentable square feet on a comparable basis, resulting in a blended rental rate increase of 11.3%.

• | At December 31, 2016, the Company’s total portfolio was 95.4% leased, and its same property portfolio was 96.2% leased.

• | Started $218.2 million of developments and redevelopments at attractive returns.

• | Acquired four properties for $352.3 million.

• | Successfully executed two underwritten public offerings of common stock, resulting in $633 million of gross proceeds.

• | On November 14, 2016, the Company and Equity One, Inc. (“Equity One”) entered into a definitive Agreement and Plan of Merger (the “Merger Agreement”) providing for the merger of Equity One with and into Regency (the “Merger”), which is expected to close on or around March 1, 2017.

“2016 was a significant year of growth for Regency, and I am extremely proud of our achievements. We finished the year with strong fourth quarter performance, which allowed us to accomplish a 3.5% increase in Same property NOI for the full year, marking the fifth consecutive year of Same property NOI growth at 3.5%, or greater,” stated Martin E. “Hap” Stein, Jr., Chairman and Chief Executive Officer. “During the year, we continued to grow the Company, acquiring over $350 million of high quality shopping centers in target markets, and starting nearly $220 million of accretive development and redevelopment projects. Additionally, we further strengthened our balance sheet, reducing leverage and lowering interest costs. Our experienced and motivated team enters 2017 as focused as ever, and our pending merger with Equity One will further establish Regency as the premier national shopping center company, with superior economies of scale and an unmatched pipeline of growth opportunities to drive NOI, NAV and earnings growth and create long term value for our shareholders.”
Financial Results
Regency reported Net Income for the fourth quarter of $55.9 million, or $0.53 per diluted share, compared to Net Income of $17.6 million, or $0.18 per diluted share, for the same period in 2015. For the twelve months ended December 31, 2016 Net Income was $143.9 million, or $1.42 per diluted share, compared to $129.0 million, or $1.36 per diluted share for the same period in 2015.
The Company reported NAREIT FFO for the fourth quarter of $83.1 million, or $0.79 per diluted share, compared to $64.2 million, or $0.67 per diluted share, for the same period in 2015. For the twelve months ended December 31, 2016 NAREIT FFO was $277.3 million, or $2.73 per diluted share, compared to $276.5 million, or $2.91 per diluted share for the same period in 2015.

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Core FFO for the fourth quarter was $89.9 million, or $0.86 per diluted share, compared to $76.0 million, or $0.79 per diluted share, for the same period in 2015. For the twelve months ended December 31, 2016 Core FFO was $334.0 million, or $3.29 per diluted share, compared to $288.9 million, or $3.04 per diluted share for the same period in 2015.
Operating Results
For the period ended December 31, 2016, Regency’s results for wholly-owned properties plus its pro-rata share of co-investment partnerships were as follows:

| Q4 2016 | FY 2016
Percent leased, same properties, at period end | 96.2% | 96.2%
Percent leased, all properties, at period end | 95.4% | 95.4%
Same property NOI growth without termination fees | 3.9% | 3.5%
Same property NOI growth without termination fees or redevelopments | 3.5% | 3.1%
Rental rate growth(1) |  |
New leases | 21.4% | 26.0%
Renewal leases | 9.7% | 8.2%
Blended average | 12.7% | 11.3%
Leasing transactions(2) |  |
Number of new and renewal leasing transactions | 452 | 1,536
Total square feet leased (000s) | 1,862 | 6,185

(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%. Includes developments.

Portfolio Activity
Property Transactions
During the quarter and as previously disclosed, Regency and a co-investment partner acquired Plaza Venezia located in Orlando, FL for a gross purchase price of $92.5 million. Regency’s share of the gross purchase price was $18.5 million. A secured mortgage of $36.5 million was assumed at closing. Regency’s share of the debt was $7.3 million. In 2016, the Company acquired four properties for a combined gross purchase price of $426.3 million. Regency’s share of the gross purchase price was $352.3 million.
Additionally during the quarter and as previously disclosed, Regency sold one wholly-owned property and one co-investment property for a combined gross sales price of $78.7 million. Regency’s share of the gross sales price was $58.7 million. In 2016, the Company sold 18 properties for a combined $296.1 million. Regency’s share of the gross sales proceeds was $168.4 million.
Developments and Redevelopments
During the quarter and as previously announced, the Company started the development of two projects with estimated net development costs totaling $101.8 million. The first, Chimney Rock Crossing, is a 218,000 square foot center located in the New York metro area, within the affluent Somerset County, NJ. With estimated net development costs of $71.2 million, Chimney Rock Crossing will be anchored by Whole Foods Market, Nordstrom Rack, and Saks Off 5th. The second development start, The Village at Riverstone, is a 165,000 square foot center located within Houston’s fastest growing master-planned community of Riverstone. Anchored by Kroger, The Village at Riverstone has estimated net development costs of $30.6 million.
At year end, the Company had 21 properties in development or redevelopment with combined, estimated costs of $290.9 million. In-process developments were a combined 52% funded and 85% leased and committed.

|  | 4

Balance Sheet
Debt Offering
Subsequent to year end, on January 26, 2017, Regency completed the sale of two tranches of senior unsecured notes: $350 million 3.6% notes due 2027 (the “2027 Notes”) and $300 million 4.4% notes due 2047 (the “2047 Notes”). The 2027 Notes are due February 1, 2027 and the 2047 Notes are due February 1, 2047. Interest on both tranches is payable semiannually on February 1st and August 1st of each year, with the first payment on August 1, 2017.
Preferred Redemption
Subsequent to year end, on January 17, 2017, Regency announced that it intends to redeem all of the issued and outstanding 6.625% Series 6 Cumulative Redeemable Preferred Shares. The 10,000,000 shares of Preferred Stock will be redeemed on February 16, 2017 (the “Redemption Date”). The redemption price for the Preferred Stock will be $25.21163 per share, which is equal to $25.00 plus accrued and unpaid dividends to, but excluding, the Redemption Date. The aggregate amount being paid to effect the redemption of the Preferred Stock is $252,116,300.
Merger-Related Activities
Both Regency and Equity One have announced that special stockholder meetings of their respective stockholders will be held on February 24, 2017 to vote on the Merger Agreement and the transactions contemplated thereby, including the Merger. During the fourth quarter, Regency incurred $6.5 million of merger-related costs, or $0.06 per diluted share, which were primarily legal and advisory costs.
Guidance
The Company has updated certain components of its 2017 earnings guidance in light of its recently announced bond offerings. These changes are summarized below. Please refer to the Company’s fourth quarter 2017 supplemental information package for a complete list of updates.

| Full Year 2017 Guidance
| Previous Guidance | Updated Guidance
Net Income per diluted share | $1.41 - $1.47 | $1.34 - $1.40
NAREIT FFO per diluted share | $3.40 - $3.46 | $3.33 - $3.39
Core FFO per diluted share | $3.42- $3.48 | $3.44 - $3.50

The Company’s Guidance disclosure only reflects information related to the Company as a stand-alone entity, and is not meant to reflect or give effect to, in any manner, the Merger. For information related to the Merger, refer to the Company’s filings with the Securities and Exchange Commission (SEC).
Dividend
On February 7, 2017, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.51 per share. The dividend was increased from the Company’s normal dividend of $0.50 per share to reflect the additional period up to the shareholder meeting to approve the Merger. The dividend is payable March 1, 2017 to shareholders of record as of February 24, 2017.

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Conference Call Information
In conjunction with Regency’s fourth quarter results, the Company will host a conference call on Thursday, February 9, 2017 at 11:00 a.m. ET. Dial-in and webcast information is listed below.

Fourth Quarter Conference Call
Date: |  | Thursday, February 9, 2017
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
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. NAREIT FFO and Core FFO are non-GAAP financial measures and should not be considered independently, or as substitutes, for financial information presented in accordance with GAAP. The Company provides a reconciliation of Net Income to NAREIT FFO and 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 December 31, 2016 and 2015 |  | Three Months Ended |  | Year to Date
|  |  |  | 2016 | 2015 |  | 2016 | 2015
Net Income Attributable to Common Stockholders |  | $ | 55,869 |  | 17,608 |  |  | $ | 143,860 |  | 128,994 |
Adjustments to reconcile to Funds From Operations:(1) |  |  |  |  |  |
Depreciation and amortization (excluding FF&E) |  | 50,077 |  | 46,114 |  |  | 193,451 |  | 182,103 |
Provision for impairment to operating properties |  | 2,500 |  | 1,820 |  |  | 3,159 |  | 1,820 |
Gain on sale of operating properties |  | (25,410 | ) | (1,361 | ) |  | (63,426 | ) | (36,642 | )
Exchangeable operating partnership units |  | 92 |  | 37 |  |  | 257 |  | 240 |
NAREIT Funds From Operations |  | $ | 83,128 |  | 64,218 |  |  | $ | 277,301 |  | 276,515 |
NAREIT Funds From Operations |  | $ | 83,128 |  | 64,218 |  |  | 277,301 |  | 276,515 |
Adjustments to reconcile to Core Funds From Operations:(1) |  |  |  |  |  |
Acquisition pursuit and closing costs |  | 242 |  | 367 |  |  | 2,007 |  | 675 |
Development pursuit costs |  | 596 |  | 938 |  |  | 1,503 |  | 1,734 |
Merger related costs |  | 6,539 |  | — |  |  | 6,539 |  | — |
Gain on sale of land |  | (883 | ) | (40 | ) |  | (8,769 | ) | (73 | )
Provision for impairment to land |  | 33 |  | — |  |  | 580 |  | — |
Loss on derivative instruments and hedge ineffectiveness |  | (1 | ) | (1 | ) |  | 40,589 |  | 5 |
Early extinguishment of debt |  | 250 |  | 8,298 |  |  | 14,207 |  | 8,239 |
Change in executive management included in gross G&A |  | — |  | 2,193 |  |  | — |  | 2,193 |
Gain on sale of investments |  | $ | — |  | — |  |  | $ | — |  | (416 | )
Core Funds From Operations |  | $ | 89,904 |  | 75,973 |  |  | $ | 333,957 |  | 288,872 |
Weighted Average Shares For Earnings per Share |  | 104,971 |  | 95,858 |  |  | 101,285 |  | 94,857 |
Weighted Average Shares For Diluted NAREIT FFO and Core FFO per Share |  | 105,125 |  | 96,013 |  |  | 101,439 |  | 95,011 |
(1) Includes pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests

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

For the Periods Ended December 31, 2016 and 2015 |  | Three Months Ended |  | Year to Date
|  |  |  | 2016 | 2015 |  | 2016 | 2015
Income from operations |  | $ | 37,335 |  | 22,146 |  |  | $ | 119,671 |  | 116,937 |
Less: |  |  |  |  |  |
Management, transaction, and other fees |  | (6,568 | ) | (7,531 | ) |  | (25,327 | ) | (25,563 | )
Other (1) |  | (4,976 | ) | (3,980 | ) |  | (16,144 | ) | (16,189 | )
Plus: |  |  |  |  |  |
Depreciation and amortization |  | 42,606 |  | 37,580 |  |  | 162,327 |  | 146,829 |
General and administrative |  | 16,631 |  | 19,373 |  |  | 65,327 |  | 65,600 |
Other operating expense, excluding provision for doubtful accounts |  | 8,033 |  | 2,612 |  |  | 12,376 |  | 5,472 |
Other expense (income) |  | 22,646 |  | 31,701 |  |  | 148,066 |  | 110,236 |
Equity in income of investments in real estate excluded from NOI (2) |  | 12,271 |  | 17,979 |  |  | 33,952 |  | 67,172 |
NOI |  | 127,978 |  | 119,880 |  |  | 500,248 |  | 470,494 |
Less pro-rata non-same property NOI (3) |  | (8,756 | ) | (6,048 | ) |  | (30,750 | ) | (18,462 | )
Same Property NOI |  | $ | 119,222 |  | 113,832 |  |  | $ | 469,498 |  | 452,032 |
Same Property NOI without termination fees |  | $ | 118,943 |  | 114,527 |  |  | $ | 468,274 |  | 452,351 |
Same Property NOI without termination fees or redevelopments |  | $ | 100,754 |  | 97,339 |  |  | $ | 398,049 |  | 385,978 |
(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-K 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: |  | 2017
Net income attributable to common stockholders |  | $ | 1.34 |  | 1.40 |
Adjustments to reconcile net income to NAREIT FFO: |  |  |
Depreciation and amortization |  | 1.99 |  | 1.99 |
Gain on sale of operating properties |  | — |  | — |
All other amounts |  | — |  | — |
NAREIT Funds From Operations |  | $ | 3.33 |  | 3.39 |
Adjustments to reconcile NAREIT FFO to Core FFO: |  |  |
Development pursuit costs |  | 0.02 |  | 0.02 |
Acquisition pursuit and closing costs |  | 0.01 |  | 0.01 |
REdemption of Series 6 Preferred Stock costs |  | 0.08 |  | 0.08 |
All other non-core amounts |  | — |  | — |
Core Funds From Operations |  | $ | 3.44 |  | 3.50 |

The Company has published forward-looking statements and additional financial information in its fourth quarter 2016 supplemental information package that may help investors estimate earnings for 2016. A copy of the Company’s fourth quarter 2016 supplemental information is 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-K for the year ended December 31, 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 307 retail properties encompasses over 42.2 million square feet located in top markets throughout the United States, including co-investment partnerships. Regency has developed 225 shopping centers since 2000, representing an investment at completion of more than $3.5 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 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
December 31, 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 |  | $ | 55,869 |  |  | $ | 17,608 |  |  | $ | 143,860 |  |  | $ | 128,994 |
Net income per share (diluted) |  | $ | 0.53 |  |  | $ | 0.18 |  |  | $ | 1.42 |  |  | $ | 1.36 |
NAREIT Funds From Operations (NAREIT FFO) |  | $ | 83,128 |  |  | $ | 64,218 |  |  | $ | 277,301 |  |  | $ | 276,515 |
NAREIT FFO per share (diluted) |  | $ | 0.79 |  |  | $ | 0.67 |  |  | $ | 2.73 |  |  | $ | 2.91 |
Core Funds From Operations (Core FFO) |  | $ | 89,904 |  |  | $ | 75,973 |  |  | $ | 333,957 |  |  | $ | 288,872 |
Core FFO per share (diluted) |  | $ | 0.86 |  |  | $ | 0.79 |  |  | $ | 3.29 |  |  | $ | 3.04 |
Diluted share and unit count |  |  |  |  |  |  |  |
Weighted average shares (diluted) - Net income |  | 104,971 |  |  | 95,858 |  |  | 101,285 |  |  | 94,857 |
Weighted average shares (diluted) - NAREIT FFO and Core FFO |  | 105,125 |  |  | 96,013 |  |  | 101,439 |  |  | 95,011 |
Dividends paid per share and unit |  | $ | 0.500 |  |  | $ | 0.485 |  |  | $ | 2.000 |  |  | $ | 1.940 |
Payout ratio of Core FFO per share (diluted) |  | 58.1 | % |  | 61.4 | % |  | 60.8 | % |  | 63.8 | %
Debt metrics (pro-rata; trailing twelve months "TTM") |  |  |  |  |  |  |  |
Net Debt-to-Core EBITDA |  |  |  |  |  | 4.4x |  |  | 5.2x |
Fixed charge coverage |  |  |  |  |  | 3.3x |  |  | 2.8x |
|  | As of |  | As of |  | As of |  | As of
Capital Information |  | 12/31/2016 |  | 12/31/2015 |  | 12/31/2014 |  | 12/31/2013
Market price per common share |  | $ | 68.95 |  |  | $ | 68.12 |  |  | $ | 63.78 |  |  | $ | 46.30 |
Market equity value of common and convertible shares |  | $ | 7,215,718 |  |  | $ | 6,632,627 |  |  | $ | 6,012,045 |  |  | $ | 4,282,702 |
Non-convertible preferred stock |  | $ | 325,000 |  |  | $ | 325,000 |  |  | $ | 325,000 |  |  | $ | 325,000 |
Outstanding debt |  | $ | 2,111,450 |  |  | $ | 2,363,238 |  |  | $ | 2,528,137 |  |  | $ | 2,388,837 |
Total market capitalization |  | $ | 9,652,168 |  |  | $ | 9,320,865 |  |  | $ | 8,865,182 |  |  | $ | 6,996,538 |
Total real estate at cost before depreciation |  | $ | 5,230,199 |  |  | $ | 4,852,106 |  |  | $ | 4,743,053 |  |  | $ | 4,385,380 |
Total assets at cost before depreciation |  | $ | 5,613,297 |  |  | $ | 5,234,861 |  |  | $ | 5,130,878 |  |  | $ | 4,758,390 |
Outstanding Classes of Stock and Partnership Units |  |  |  |  |  |  |  |
Common shares outstanding |  | 104,497 |  |  | 97,213 |  |  | 94,108 |  |  | 92,333 |
Exchangeable units held by noncontrolling interests |  | 154 |  |  | 154 |  |  | 154 |  |  | 166 |
Common shares and equivalents issued and outstanding |  | 104,651 |  |  | 97,367 |  |  | 94,262 |  |  | 92,499 |

|  | 10

Summary Real Estate Information
December 31, 2016
(GLA in thousands)

Wholly Owned and 100% of Co-investment Partnerships |  | 12/31/2016 |  | 9/30/2016 |  | 6/30/2016 |  | 3/31/2016 |  | 12/31/2015
Number of shopping centers - All properties |  | 307 |  | 307 |  | 311 |  | 314 |  | 318
Number of shopping centers - Operating properties |  | 301 |  | 302 |  | 306 |  | 308 |  | 311
Number of shopping centers - Same properties |  | 289 |  | 292 |  | 298 |  | 302 |  | 300
Number of projects in development |  | 6 |  | 5 |  | 5 |  | 6 |  | 7
Gross Leasable Area (GLA) - All properties |  | 37,831 |  | 37,635 |  | 37,864 |  | 37,849 |  | 38,034
GLA including retailer-owned stores - All properties |  | 42,246 |  | 42,050 |  | 42,300 |  | 42,335 |  | 42,824
GLA - Operating properties |  | 36,923 |  | 37,090 |  | 37,380 |  | 37,279 |  | 37,457
GLA - Same properties |  | 35,316 |  | 35,707 |  | 36,113 |  | 36,492 |  | 36,049
GLA - Projects in development |  | 908 |  | 545 |  | 483 |  | 570 |  | 577
Wholly Owned and Pro-Rata Share of Co-investment Partnerships |  |  |  |
GLA - All properties |  | 28,745 |  | 28,565 |  | 28,714 |  | 28,414 |  | 28,381
GLA including retailer-owned stores - All properties |  | 33,160 |  | 32,979 |  | 33,150 |  | 32,899 |  | 33,170
GLA - Operating properties |  | 27,837 |  | 28,020 |  | 28,231 |  | 27,844 |  | 27,804
GLA - Same properties |  | 26,392 |  | 26,636 |  | 26,964 |  | 27,057 |  | 26,508
Spaces ≥ 10,000 sf |  | 16,113 |  | 16,298 |  | 16,501 |  | 16,536 |  | 16,270
Spaces < 10,000 sf |  | 10,279 |  | 10,338 |  | 10,463 |  | 10,521 |  | 10,238
GLA - Projects in development |  | 908 |  | 545 |  | 483 |  | 570 |  | 577
% leased - All properties |  | 95.4% |  | 95.6% |  | 95.8% |  | 95.8% |  | 95.6%
% leased - Operating properties |  | 96.0% |  | 95.8% |  | 96.0% |  | 96.2% |  | 95.9%
% leased - Same properties (1) |  | 96.2% |  | 96.0% |  | 96.3% |  | 96.3% |  | 96.2%
Spaces ≥ 10,000 sf (1) |  | 98.3% |  | 98.1% |  | 98.7% |  | 99.0% |  | 98.8%
Spaces < 10,000 sf (1) |  | 93.0% |  | 92.7% |  | 92.5% |  | 92.1% |  | 92.0%
Average % leased - Same properties (1) |  | 96.1% |  | 96.2% |  | 96.3% |  | 96.2% |  | 96.2%
% commenced - Same properties(1)(2) |  | 94.3% |  | 94.5% |  | 94.4% |  | 94.7% |  | 94.8%
Same property NOI growth - YTD |  | 3.9% |  | 3.6% |  | 4.0% |  | 4.6% |  | 4.1%
Same property NOI growth without termination fees - YTD |  | 3.5% |  | 3.4% |  | 3.7% |  | 4.1% |  | 4.4%
Same property NOI growth without termination fees or redevelopments - YTD |  | 3.1% |  | 3.0% |  | 3.2% |  | 3.2% |  | 3.2%
Rental rate growth - YTD(3) |  | 11.3% |  | 10.7% |  | 13.7% |  | 15.9% |  | 9.6%
Rental rate growth for spaces vacant less than 12 months - YTD(3) |  | 9.9% |  | 10.3% |  | 13.3% |  | 16.2% |  | 9.3%
(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.

|  | 11

Consolidated Balance Sheets
December 31, 2016 and 2015
(in thousands)

| 2016 |  | 2015
| (unaudited) |  |
Assets |  |  |
Real estate investments at cost: |  |  |
Land, building and improvements | $ | 4,752,621 |  |  | $ | 4,376,210 |
Properties in development | 180,878 |  |  | 169,690 |
| 4,933,499 |  |  | 4,545,900 |
Less: accumulated depreciation | 1,124,391 |  |  | 1,043,787 |
| 3,809,108 |  |  | 3,502,113 |
Investments in real estate partnerships | 296,699 |  |  | 306,206 |
Net real estate investments | 4,105,807 |  |  | 3,808,319 |
Cash and cash equivalents | 17,879 |  |  | 40,623 |
Accounts receivable, net | 31,418 |  |  | 32,292 |
Straight line rent receivables, net | 69,823 |  |  | 63,392 |
Notes receivable | 10,481 |  |  | 10,480 |
Deferred leasing costs, net | 69,000 |  |  | 66,367 |
Acquired lease intangible assets, net | 118,831 |  |  | 105,380 |
Trading securities held in trust, at fair value | 28,588 |  |  | 29,093 |
Other assets | 37,079 |  |  | 26,935 |
Total assets | $ | 4,488,906 |  |  | $ | 4,182,881 |
Liabilities and Equity |  |  |
Liabilities: |  |  |
Notes payable | $ | 1,363,925 |  |  | $ | 1,699,771 |
Unsecured credit facilities | 278,495 |  |  | 164,514 |
Total notes payable | 1,642,420 |  |  | 1,864,285 |
Accounts payable and other liabilities | 138,936 |  |  | 164,515 |
Acquired lease intangible liabilities, net | 54,180 |  |  | 42,034 |
Tenants' security and escrow deposits | 28,868 |  |  | 29,427 |
Total liabilities | 1,864,404 |  |  | 2,100,261 |
Equity: |  |  |  |
Stockholders' Equity: |  |  |
Preferred stock | 325,000 |  |  | 325,000 |
Common stock, $.01 par | 1,045 |  |  | 972 |
Additional paid in capital | 3,277,861 |  |  | 2,722,850 |
Accumulated other comprehensive loss | (18,346 | ) |  | (58,693 | )
Distributions in excess of net income | (994,259 | ) |  | (936,020 | )
Total stockholders' equity | 2,591,301 |  |  | 2,054,109 |
Noncontrolling Interests: |  |  |
Exchangeable operating partnership units | (1,967 | ) |  | (1,975 | )
Limited partners' interest | 35,168 |  |  | 30,486 |
Total noncontrolling interests | 33,201 |  |  | 28,511 |
Total equity | 2,624,502 |  |  | 2,082,620 |
Total liabilities and equity | $ | 4,488,906 |  |  | $ | 4,182,881 |
These consolidated balance sheets 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.

|  | 12

Consolidated Statements of Operations
For the Periods Ended December 31, 2016 and 2015
(in thousands)
unaudited

| Three Months Ended |  | Year to Date
| 2016 |  | 2015 |  | 2016 |  | 2015
Revenues: |  |  |  |  |  |  |
Minimum rent | $ | 114,800 |  |  | 106,389 |  |  | $ | 444,305 |  |  | 415,155 |
Percentage rent | 1,476 |  |  | 1,157 |  |  | 4,128 |  |  | 3,750 |
Recoveries from tenants and other income | 36,717 |  |  | 31,091 |  |  | 140,611 |  |  | 125,295 |
Management, transaction, and other fees | 6,568 |  |  | 7,531 |  |  | 25,327 |  |  | 25,563 |
Total revenues | 159,561 |  |  | 146,168 |  |  | 614,371 |  |  | 569,763 |
Operating Expenses: |  |  |  |  |  |  |
Depreciation and amortization | 42,606 |  |  | 37,580 |  |  | 162,327 |  |  | 146,829 |
Operating and maintenance | 25,256 |  |  | 21,860 |  |  | 95,022 |  |  | 82,978 |
General and administrative | 16,631 |  |  | 19,373 |  |  | 65,327 |  |  | 65,600 |
Real estate taxes | 16,698 |  |  | 15,013 |  |  | 66,395 |  |  | 61,855 |
Other operating expense | 8,289 |  |  | 3,012 |  |  | 14,081 |  |  | 7,836 |
Total operating expenses | 109,480 |  |  | 96,838 |  |  | 403,152 |  |  | 365,098 |
Other Expense (Income): |  |  |  |  |  |  |
Interest expense, net of interest income | 20,222 |  |  | 24,215 |  |  | 90,712 |  |  | 102,622 |
Provision for impairment | 2,533 |  |  | — |  |  | 4,200 |  |  | — |
Early extinguishment of debt | 296 |  |  | 8,301 |  |  | 14,240 |  |  | 8,239 |
Net investment (income) loss | (405 | ) |  | (815 | ) |  | (1,672 | ) |  | (625 | )
Loss on derivative instruments | — |  |  | — |  |  | 40,586 |  |  | — |
Total other expense | 22,646 |  |  | 31,701 |  |  | 148,066 |  |  | 110,236 |
Income from operations before equity in income of investments in real estate partnerships | 27,435 |  |  | 17,629 |  |  | 63,153 |  |  | 94,429 |
Equity in income of investments in real estate partnerships | 9,900 |  |  | 4,517 |  |  | 56,518 |  |  | 22,508 |
Income from operations | 37,335 |  |  | 22,146 |  |  | 119,671 |  |  | 116,937 |
Gain on sale of real estate, net of tax | 24,324 |  |  | 1,392 |  |  | 47,321 |  |  | 35,606 |
Net income | 61,659 |  |  | 23,538 |  |  | 166,992 |  |  | 152,543 |
Noncontrolling Interests: |  |  |  |  |  |  |
Exchangeable operating partnership units | (92 | ) |  | (37 | ) |  | (257 | ) |  | (240 | )
Limited partners' interests in consolidated partnerships | (432 | ) |  | (627 | ) |  | (1,813 | ) |  | (2,247 | )
Net income attributable to noncontrolling interests | (524 | ) |  | (664 | ) |  | (2,070 | ) |  | (2,487 | )
Net income attributable to controlling interests | 61,135 |  |  | 22,874 |  |  | 164,922 |  |  | 150,056 |
Preferred stock dividends | (5,266 | ) |  | (5,266 | ) |  | (21,062 | ) |  | (21,062 | )
Net income attributable to common stockholders | $ | 55,869 |  |  | 17,608 |  |  | $ | 143,860 |  |  | 128,994 |
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.

|  | 13

Supplemental Details of Operations (Consolidated Only)
For the Periods Ended December 31, 2016 and 2015
(in thousands)

| Three Months Ended |  | Year to Date
| 2016 | 2015 |  | 2016 | 2015
Real Estate Revenues: |  |  |  |  |
Base rent | $ | 110,650 |  | 103,891 |  |  | $ | 432,296 |  | 405,184 |
Recoveries from tenants | 32,993 |  | 29,685 |  |  | 127,677 |  | 120,205 |
Percentage rent | 1,476 |  | 1,157 |  |  | 4,128 |  | 3,750 |
Termination fees | 267 |  | 88 |  |  | 878 |  | 433 |
Other income | 3,457 |  | 2,460 |  |  | 12,056 |  | 8,626 |
Total real estate revenues | 148,843 |  | 137,281 |  |  | 577,035 |  | 538,198 |
Real Estate Operating Expenses: |  |  |  |  |
Operating and maintenance | 22,906 |  | 20,513 |  |  | 86,034 |  | 80,712 |
Real estate taxes | 16,698 |  | 15,013 |  |  | 66,395 |  | 61,855 |
Ground rent | 1,798 |  | 1,449 |  |  | 7,049 |  | 525 |
Provision for doubtful accounts | 256 |  | 400 |  |  | 1,705 |  | 2,364 |
Total real estate operating expenses | 41,658 |  | 38,225 |  |  | 161,183 |  | 151,031 |
Other Rent Amounts: |  |  |  |  |
Straight line rent, net | 2,015 |  | 1,957 |  |  | 6,165 |  | 8,231 |
Above/below market rent amortization, net | 1,583 |  | 352 |  |  | 3,905 |  | 1,605 |
Total other rent amounts | 3,598 |  | 2,309 |  |  | 10,070 |  | 9,836 |
Fee Income: |  |  |  |  |
Property management fees | 3,256 |  | 3,243 |  |  | 13,075 |  | 13,124 |
Asset management fees | 1,811 |  | 1,722 |  |  | 6,745 |  | 6,416 |
Leasing commissions and other fees | 1,501 |  | 2,566 |  |  | 5,507 |  | 6,023 |
Total fee income | 6,568 |  | 7,531 |  |  | 25,327 |  | 25,563 |
Interest Expense, net: |  |  |  |  |
Gross interest expense | 18,817 |  | 23,913 |  |  | 85,611 |  | 100,702 |
Derivative amortization | 2,102 |  | 2,244 |  |  | 8,408 |  | 8,900 |
Debt cost and premium/discount amortization | 418 |  | 171 |  |  | 1,355 |  | 1,350 |
Capitalized interest | (859 | ) | (1,336 | ) |  | (3,482 | ) | (6,740 | )
Interest income | (256 | ) | (777 | ) |  | (1,180 | ) | (1,590 | )
Total interest expense, net | 20,222 |  | 24,215 |  |  | 90,712 |  | 102,622 |
General & Administrative, net: |  |  |  |  |
Gross general & administrative | 20,874 |  | 24,851 |  |  | 73,672 |  | 76,185 |
Stock-based compensation | 3,455 |  | 3,294 |  |  | 13,422 |  | 13,869 |
Capitalized direct leasing compensation costs | (2,495 | ) | (3,348 | ) |  | (10,545 | ) | (10,917 | )
Capitalized direct development compensation costs | (5,637 | ) | (6,254 | ) |  | (12,981 | ) | (13,798 | )
Total general & administrative, net | 16,197 |  | 18,543 |  |  | 63,568 |  | 65,339 |
Real Estate (Gains) Losses: |  |  |  |  |
Gain on sale of operating properties | (23,438 | ) | (1,361 | ) |  | (38,573 | ) | (35,533 | )
Provision for impairment of operating properties | 2,500 |  | — |  |  | 3,366 |  | — |
Gain on sale of land | (886 | ) | (30 | ) |  | (8,748 | ) | (73 | )
Provision for impairment of land | 33 |  | — |  |  | 834 |  | — |
Total real estate (gains) losses | (21,791 | ) | (1,391 | ) |  | (43,121 | ) | (35,606 | )
Depreciation, Transaction and Other Expense (Income): |  |  |  |  |
Depreciation and amortization (including FF&E) | 42,606 |  | 37,580 |  |  | 162,327 |  | 146,829 |
Acquisition pursuit and closing costs | 158 |  | 367 |  |  | 1,924 |  | 671 |
Development pursuit costs | 591 |  | 930 |  |  | 1,487 |  | 1,702 |
Merger related costs | 6,539 |  | — |  |  | 6,539 |  | — |
Income tax benefit | — |  | — |  |  | — |  | — |
Loss from deferred compensation plan, net | 29 |  | 15 |  |  | 87 |  | 52 |
Early extinguishment of debt | 296 |  | 8,301 |  |  | 14,240 |  | 8,239 |
Loss on derivative instruments and hedge ineffectiveness | — |  | — |  |  | 40,586 |  | — |
Gain on sale of investments | — |  | — |  |  | — |  | (416 | )
Other expenses | 745 |  | 1,315 |  |  | 2,426 |  | 3,099 |
Total depreciation, transaction and other expense (income) | 50,964 |  | 48,508 |  |  | 229,616 |  | 160,176 |

|  | 14

These consolidated supplemental details 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.

|  | 15

Supplemental Details of Assets and Liabilities (Real Estate Partnerships Only)
December 31, 2016 and 2015
(in thousands)

| Noncontrolling Interests |  | Share of JVs
| 2016 | 2015 |  | 2016 | 2015
Assets |  |  |  |  |
Land, building and improvements | $ | (67,245 | ) | $ | (72,835 | ) |  | $ | 1,084,975 |  | $ | 1,096,187 |
Properties in development | (7,655 | ) | (2,583 | ) |  | 1,858 |  | 3,202 |
| (74,900 | ) | (75,418 | ) |  | 1,086,833 |  | 1,099,389 |
Less: accumulated depreciation | (9,127 | ) | (8,512 | ) |  | 347,074 |  | 331,724 |
Net real estate investments | (65,773 | ) | (66,906 | ) |  | 739,759 |  | 767,665 |
Cash and cash equivalents | (2,366 | ) | (1,054 | ) |  | 6,811 |  | 7,168 |
Accounts receivable, net | (1,311 | ) | (613 | ) |  | 6,299 |  | 6,732 |
Straight line rent receivables, net | (1,213 | ) | (974 | ) |  | 14,514 |  | 13,845 |
Deferred leasing costs, net | (1,007 | ) | (927 | ) |  | 11,527 |  | 11,845 |
Acquired lease intangible assets, net | (1,379 | ) | (1,830 | ) |  | 10,710 |  | 11,362 |
Other assets | (344 | ) | (291 | ) |  | 7,168 |  | 5,778 |
Total assets | $ | (73,393 | ) | $ | (72,595 | ) |  | $ | 796,788 |  | $ | 824,395 |
Liabilities |  |  |  |  |
Notes payable | (35,731 | ) | (40,053 | ) |  | 469,030 |  | 487,564 |
Accounts payable and other liabilities | (1,645 | ) | (1,077 | ) |  | 20,371 |  | 20,426 |
Acquired lease intangible liabilities, net | (604 | ) | (738 | ) |  | 7,336 |  | 6,722 |
Tenants' security and escrow deposits | (245 | ) | (241 | ) |  | 3,352 |  | 3,477 |
Total liabilities | $ | (38,225 | ) | $ | (42,109 | ) |  | $ | 500,089 |  | $ | 518,189 |
Note Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities and Share of JVs represents the Company’s share of co-investment partnerships’ activities, of which each are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP.

|  | 16

Supplemental Details of Operations (Real Estate Partnerships Only)
For the Periods Ended December 31, 2016 and 2015
(in thousands)

| Noncontrolling Interests |  | Share of JVs
| Three Months Ended |  | Year to Date |  | Three Months Ended |  | Year to Date
| 2016 | 2015 |  | 2016 | 2015 |  | 2016 | 2015 |  | 2016 | 2015
Real Estate Revenues: |  |  |  |  |  |  |  |  |  |  |
Base rent | $ | (1,559 | ) | (1,824 | ) |  | $ | (6,678 | ) | (6,872 | ) |  | $ | 23,011 |  | 23,215 |  |  | $ | 91,872 |  | 92,068 |
Recoveries from tenants | (388 | ) | (456 | ) |  | (1,689 | ) | (1,873 | ) |  | 7,332 |  | 7,441 |  |  | 28,753 |  | 29,490 |
Percentage rent | — |  | (1 | ) |  | (5 | ) | (2 | ) |  | 91 |  | 88 |  |  | 1,230 |  | 1,310 |
Termination fees | — |  | — |  |  | (4 | ) | (26 | ) |  | 12 |  | 102 |  |  | 356 |  | 149 |
Other income | (27 | ) | (30 | ) |  | (143 | ) | (132 | ) |  | 399 |  | 380 |  |  | 2,331 |  | 1,762 |
Total real estate revenues | (1,974 | ) | (2,311 | ) |  | (8,519 | ) | (8,905 | ) |  | 30,845 |  | 31,226 |  |  | 124,542 |  | 124,779 |
Real Estate Operating Expenses: |  |  |  |  |  |  |  |  |  |  |
Operating and maintenance | (313 | ) | (344 | ) |  | (1,283 | ) | (1,408 | ) |  | 4,711 |  | 4,769 |  |  | 18,413 |  | 18,926 |
Real estate taxes | (257 | ) | (275 | ) |  | (1,049 | ) | (1,045 | ) |  | 3,772 |  | 3,858 |  |  | 14,984 |  | 15,305 |
Ground rent | (25 | ) | (24 | ) |  | (100 | ) | (95 | ) |  | 92 |  | 86 |  |  | 361 |  | 308 |
Provision for doubtful accounts | (1 | ) | 3 |  |  | (13 | ) | (4 | ) |  | 99 |  | 17 |  |  | 314 |  | 560 |
Total real estate operating expenses | (596 | ) | (640 | ) |  | (2,445 | ) | (2,552 | ) |  | 8,674 |  | 8,730 |  |  | 34,072 |  | 35,099 |
Other Rent Amounts: |  |  |  |  |  |  |  |  |  |  |
Straight line rent, net | (82 | ) | (61 | ) |  | (229 | ) | (295 | ) |  | 256 |  | 174 |  |  | 1,283 |  | 1,016 |
Above/below market rent amortization, net | (15 | ) | (4 | ) |  | (22 | ) | 14 |  |  | 222 |  | 341 |  |  | 903 |  | 1,211 |
Total other rent amounts | (97 | ) | (65 | ) |  | (251 | ) | (281 | ) |  | 478 |  | 515 |  |  | 2,186 |  | 2,227 |
Fee Income: |  |  |  |  |  |  |  |  |  |  |
Asset management fees | — |  | — |  |  | — |  | — |  |  | (267 | ) | (259 | ) |  | (1,080 | ) | (1,030 | )
Total fee income | — |  | — |  |  | — |  | — |  |  | (267 | ) | (259 | ) |  | (1,080 | ) | (1,030 | )
Interest Expense, net: |  |  |  |  |  |  |  |  |  |  |
Gross interest expense | (393 | ) | (448 | ) |  | (1,738 | ) | (1,881 | ) |  | 5,580 |  | 6,248 |  |  | 23,326 |  | 26,250 |
Derivative amortization | — |  | (35 | ) |  | — |  | (143 | ) |  | — |  | 86 |  |  | — |  | 258 |
Debt cost and premium/discount amortization | 5 |  | 67 |  |  | 132 |  | 315 |  |  | 187 |  | 201 |  |  | 759 |  | 780 |
Interest income | — |  | — |  |  | — |  | — |  |  | — |  | — |  |  | — |  | (1 | )
Total interest expense, net | (388 | ) | (416 | ) |  | (1,606 | ) | (1,709 | ) |  | 5,767 |  | 6,535 |  |  | 24,085 |  | 27,287 |
General & Administrative, net: |  |  |  |  |  |  |  |  |  |  |
Gross general & administrative | — |  | — |  |  | — |  | — |  |  | 24 |  | (22 | ) |  | 159 |  | 239 |
Total general & administrative, net | — |  | — |  |  | — |  | — |  |  | 24 |  | (22 | ) |  | 159 |  | 239 |
Real Estate (Gains) Losses: |  |  |  |  |  |  |  |  |  |  |
Gain on sale of operating properties | — |  | — |  |  | 128 |  | — |  |  | (1,972 | ) | — |  |  | (24,981 | ) | (1,109 | )
Provision for impairment of operating properties | — |  | — |  |  | (207 | ) | — |  |  | — |  | 1,820 |  |  | — |  | 1,820 |
Gain on sale of land | — |  | — |  |  | — |  | — |  |  | 3 |  | (10 | ) |  | (21 | ) | — |
Provision for impairment of land | — |  | — |  |  | (253 | ) | — |  |  | — |  | — |  |  | — |  | — |
Total real estate (gains) losses | — |  | — |  |  | (332 | ) | — |  |  | (1,969 | ) | 1,810 |  |  | (25,002 | ) | 711 |
Depreciation, Transaction and Other Expense (Income): |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization (including FF&E) | (599 | ) | (678 | ) |  | (2,465 | ) | (2,625 | ) |  | 8,443 |  | 9,589 |  |  | 34,786 |  | 39,290 |
Acquisition pursuit and closing costs | — |  | — |  |  | — |  | — |  |  | 84 |  | — |  |  | 84 |  | 4 |
Development pursuit costs | — |  | — |  |  | — |  | — |  |  | 5 |  | 8 |  |  | 16 |  | 32 |
Early extinguishment of debt | (46 | ) | — |  |  | (46 | ) | — |  |  | — |  | (3 | ) |  | 14 |  | — |
Loss on derivative instruments and hedge ineffectiveness | — |  | — |  |  | — |  | — |  |  | (1 | ) | (1 | ) |  | 3 |  | 5 |
Other expenses | (9 | ) | (15 | ) |  | (63 | ) | (53 | ) |  | 129 |  | 319 |  |  | 913 |  | 801 |
Total depreciation, transaction and other expense (income) | (654 | ) | (693 | ) |  | (2,574 | ) | (2,678 | ) |  | 8,660 |  | 9,912 |  |  | 35,816 |  | 40,132 |
Note Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities and Share of JVs represents the Company’s share of co-investment partnerships’ activities, of which each are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP.

|  | 17

Supplemental Details of Same Property NOI and Capital Expenditures (Pro-Rata)
For the Periods Ended December 31, 2016 and 2015
(in thousands)

| Three Months Ended |  | Year to Date
| 2016 | 2015 |  | 2016 | 2015
Same Property NOI Detail(1): |  |  |
Real Estate Revenues: |  |  |  |  |
Base Rent | $ | 123,110 |  | 119,884 |  |  | $ | 486,776 |  | 473,468 |
Recoveries from Tenants | 36,775 |  | 35,410 |  |  | 144,383 |  | 142,189 |
Percentage Rent | 1,506 |  | 1,188 |  |  | 5,213 |  | 4,943 |
Termination Fees | 279 |  | 155 |  |  | 1,224 |  | 531 |
Other Income | 2,679 |  | 2,098 |  |  | 10,019 |  | 7,227 |
Total Real Estate Revenues | 164,349 |  | 158,735 |  |  | 647,615 |  | 628,358 |
Real Estate Operating Expenses: |  |  |  |  |
Operating and Maintenance | 24,802 |  | 24,227 |  |  | 95,434 |  | 94,235 |
Real Estate Taxes | 18,537 |  | 17,961 |  |  | 74,589 |  | 72,873 |
Ground Rent | 1,593 |  | 1,493 |  |  | 6,360 |  | 6,098 |
Provision for Doubtful Accounts | 195 |  | 372 |  |  | 1,734 |  | 2,270 |
Total Real Estate Operating Expenses | 45,127 |  | 44,903 |  |  | 178,117 |  | 176,326 |
Same Property NOI | $ | 119,222 |  | 113,832 |  |  | $ | 469,498 |  | 452,032 |
% change | 4.7 | % |  |  | 3.9 | % |
Same Property NOI without Termination Fees | $ | 118,943 |  | 114,527 |  |  | $ | 468,274 |  | 452,351 |
% change | 3.9 | % |  |  | 3.5 | % |
Same Property NOI without Termination Fees or Redevelopments | $ | 100,754 |  | 97,339 |  |  | $ | 398,049 |  | 385,978 |
% change | 3.5 | % |  |  | 3.1 | % |
Capital Expenditures Detail(1): |  |  |
Leasing commissions | $ | 3,345 |  | 3,964 |  |  | $ | 13,990 |  | 14,597 |
Tenant improvements and other landlord leasing costs | 7,314 |  | 4,598 |  |  | 20,807 |  | 17,689 |
Building improvements | 7,361 |  | 5,120 |  |  | 16,143 |  | 13,532 |
Total capital expenditures | $ | 18,020 |  | 13,682 |  |  | $ | 50,940 |  | 45,818 |
(1) Includes pro-rata share of unconsolidated co-investment partnerships.

|  | 18

Reconciliations of Non-GAAP Financial Measures
For the Periods Ended December 31, 2016 and 2015
(in thousands, except per share data)

| Three Months Ended |  | Year to Date
| 2016 | 2015 |  | 2016 | 2015
Reconciliation of Net Income to NAREIT FFO: |  |  |  |  |
Net Income Attributable to Common Stockholders | $ | 55,869 |  | 17,608 |  |  | $ | 143,860 |  | 128,994 |
Adjustments to reconcile to Funds From Operations(1): |  |  |  |  |
Depreciation and amortization (excluding FF&E) | 50,077 |  | 46,114 |  |  | 193,451 |  | 182,103 |
Provision for impairment to operating properties | 2,500 |  | 1,820 |  |  | 3,159 |  | 1,820 |
Gain on sale of operating properties | (25,410 | ) | (1,361 | ) |  | (63,426 | ) | (36,642 | )
Exchangeable operating partnership units | 92 |  | 37 |  |  | 257 |  | 240 |
NAREIT Funds From Operations | $ | 83,128 |  | 64,218 |  |  | $ | 277,301 |  | 276,515 |
NAREIT FFO per share (diluted) | $ | 0.79 |  | 0.67 |  |  | $ | 2.73 |  | 2.91 |
Weighted average shares (diluted) | 105,125 |  | 96,013 |  |  | 101,439 |  | 95,011 |
Reconciliation of NAREIT FFO to Core FFO: |  |  |  |  |
NAREIT Funds From Operations | $ | 83,128 |  | 64,218 |  |  | $ | 277,301 |  | 276,515 |
Adjustments to reconcile to Core Funds From Operations(1): |  |  |  |  |
Acquisition pursuit and closing costs | 242 |  | 367 |  |  | 2,007 |  | 675 |
Development pursuit costs | 596 |  | 938 |  |  | 1,503 |  | 1,734 |
Merger related costs | 6,539 |  | — |  |  | 6,539 |  | — |
Gain on sale of land | (883 | ) | (40 | ) |  | (8,769 | ) | (73 | )
Provision for impairment to land | 33 |  | — |  |  | 580 |  | — |
Loss on derivative instruments and hedge ineffectiveness | (1 | ) | (1 | ) |  | 40,589 |  | 5 |
Early extinguishment of debt | 250 |  | 8,298 |  |  | 14,207 |  | 8,239 |
Change in executive management included in gross G&A | — |  | 2,193 |  |  | — |  | 2,193 |
Gain on sale of investments | — |  | — |  |  | — |  | (416 | )
Core Funds From Operations | $ | 89,904 |  | 75,973 |  |  | $ | 333,957 |  | 288,872 |
Core FFO per share (diluted) | $ | 0.86 |  | 0.79 |  |  | $ | 3.29 |  | 3.04 |
Weighted average shares (diluted) | 105,125 |  | 96,013 |  |  | 101,439 |  | 95,011 |
Reconciliation of Core FFO to Adjusted Core FFO: |  |  |  |  |
Core Funds From Operations | $ | 89,904 |  | 75,973 |  |  | $ | 333,957 |  | 288,872 |
Adjustments to reconcile to Adjusted Funds From Operations(1): |  |  |  |  |
Straight line rent, net | (2,189 | ) | (2,070 | ) |  | (7,219 | ) | (8,952 | )
Above/below market rent amortization, net | (1,790 | ) | (690 | ) |  | (4,786 | ) | (2,830 | )
Derivative amortization | 2,102 |  | 2,244 |  |  | 8,408 |  | 8,900 |
Debt cost and premium/discount amortization | 610 |  | 439 |  |  | 2,246 |  | 2,445 |
Stock-based compensation | 3,455 |  | 3,294 |  |  | 13,422 |  | 13,869 |
Capital expenditures | (18,020 | ) | (13,682 | ) |  | (50,940 | ) | (45,818 | )
Adjusted Core Funds From Operations | $ | 74,072 |  | 65,508 |  |  | $ | 295,088 |  | 256,486 |
(1) Includes pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests.

|  | 19

Reconciliations of Non-GAAP Financial Measures (continued)
For the Periods Ended December 31, 2016 and 2015
(in thousands)

| Three Months Ended |  | Year to Date
| 2016 | 2015 |  | 2016 | 2015
Reconciliation of Income from Operations to Same Property NOI(1): |  |  |  |  |
Income from operations | 37,335 |  | 22,146 |  |  | 119,671 |  | 116,937 |
Less: |  |  |  |  |
Management, transaction, and other fees | $ | (6,568 | ) | $ | (7,531 | ) |  | $ | (25,327 | ) | $ | (25,563 | )
Other(2) | (4,976 | ) | (3,980 | ) |  | (16,144 | ) | (16,189 | )
Plus: |  |  |  |  |
Depreciation and amortization | 42,606 |  | 37,580 |  |  | 162,327 |  | 146,829 |
General and administrative | 16,631 |  | 19,373 |  |  | 65,327 |  | 65,600 |
Other operating expense, excluding provision for doubtful accounts | 8,033 |  | 2,612 |  |  | 12,376 |  | 5,472 |
Other expense (income) | 22,646 |  | 31,701 |  |  | 148,066 |  | 110,236 |
Equity in income of investments in real estate excluded from NOI(3) | 12,271 |  | 17,979 |  |  | 33,952 |  | 67,172 |
NOI | 127,978 |  | 119,880 |  |  | 500,248 |  | 470,495 |
Less non-same property NOI(4) | $ | (8,756 | ) | $ | (6,048 | ) |  | $ | (30,750 | ) | $ | (18,462 | )
Same Property NOI | 119,222 |  | 113,832 |  |  | 469,498 |  | 452,032 |
(1) Same Property NOI is a non- GAAP key measure used by management in evaluating the operating performance of our properties
and includes pro-rata share of unconsolidated co-investment partnerships.
(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.

|  | 20

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

Total Debt Outstanding: |  | 12/31/2016 |  | 12/31/2015
Secured debt: |  |  |  |
Fixed-rate mortgage loans |  | $ | 465,255 |  |  | 503,314 |
Variable-rate mortgage loans |  | 6,500 |  |  | 6,054 |
Unsecured debt: |  |  |  |
Fixed-rate public bonds |  | 892,170 |  |  | 1,190,403 |
Fixed-rate credit facilities and term loans |  | 263,495 |  |  | — |
Variable-rate credit facilities and term loans |  | 15,000 |  |  | 164,514 |
Total |  | $ | 1,642,420 |  |  | $ | 1,864,285 |

Schedule of Maturities by Year: |  | Scheduled Principal Payments |  | Mortgage Loan Maturities |  | Unsecured Maturities (1) |  | Total |  | Weighted Average Contractual Interest Rate on Maturities
2017 |  | $ | 5,279 |  |  | 86,339 |  |  | — |  |  | 91,618 |  |  | 6.2%
2018 |  | 4,829 |  |  | 57,358 |  |  | — |  |  | 62,187 |  |  | 6.2%
2019 |  | 4,205 |  |  | 106,000 |  |  | 15,000 |  |  | 125,205 |  |  | 7.0%
2020 |  | 4,636 |  |  | 84,411 |  |  | 150,000 |  |  | 239,047 |  |  | 5.8%
2021 |  | 3,780 |  |  | 35,190 |  |  | 250,000 |  |  | 288,970 |  |  | 4.9%
2022 |  | 3,781 |  |  | 5,848 |  |  | 265,000 |  |  | 274,629 |  |  | 2.1%
2023 |  | 1,946 |  |  | 49,241 |  |  | — |  |  | 51,187 |  |  | 3.1%
2024 |  | 847 |  |  | 10,000 |  |  | 250,000 |  |  | 260,847 |  |  | 3.8%
2025 |  | 900 |  |  | — |  |  | 250,000 |  |  | 250,900 |  |  | 3.9%
2026 |  | 956 |  |  | — |  |  | — |  |  | 956 |  |  | —%
>10 years |  | 1,458 |  |  | 90 |  |  | — |  |  | 1,548 |  |  | 6.1%
Unamortized debt premium/(discount) and issuance costs (2) |  | — |  |  | 4,662 |  |  | (9,336 | ) |  | (4,674 | ) |  |
|  | $ | 32,617 |  |  | 439,139 |  |  | 1,170,664 |  |  | 1,642,420 |  |  | 4.5%

Percentage of Total Debt: |  | 12/31/2016 |  | 12/31/2015
Fixed |  | 98.7% |  | 90.9%
Variable |  | 1.3% |  | 9.1%
Current Weighted Average Contractual Interest Rates: (3) |  |  |  |
Fixed |  | 4.4% |  | 5.2%
Variable |  | 0.2% |  | 0.4%
Combined |  | 4.5% |  | 4.8%
Current Weighted Average Effective Interest Rate: (4) |  |  |  |
Combined |  | 5.1% |  | 5.5%

Average Years to Maturity: |  |  |  |
Fixed |  | 5.2 |  | 5.1
Variable |  | 2.4 |  | 3.5
(1) Includes unsecured public debt, unsecured Term Loan, and unsecured credit facility.
(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.

|  | 21

Summary of Consolidated Debt
As of December 31, 2016 and December 31, 2015
(in thousands)
Lender |  | Collateral |  | Contractual Rate |  | Effective Rate (1) |  | Maturity |  | 12/31/2016 |  | 12/31/2015
Secured Debt - 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 |
Jefferson Pilot |  | Peartree Village |  | 8.4% |  |  |  | 06/01/17 |  | 6,153 |  |  | 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 |  | 10,931 |  |  | 11,125 |
Metropolitan Life Insurance Company |  | Corkscrew Village |  | 6.2% |  |  |  | 08/01/17 |  | 7,343 |  |  | 7,642 |
TIAA-CREF |  | Westchase |  | 5.5% |  |  |  | 07/10/18 |  | 6,623 |  |  | 6,941 |
Guardian Life Insurance Company |  | Amerige Heights Town Center |  | 6.1% |  |  |  | 12/01/18 |  | 16,105 |  |  | 16,349 |
Guardian Life Insurance Company |  | El Cerrito Plaza |  | 6.4% |  |  |  | 12/01/18 |  | 37,237 |  |  | 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 |  | 5.8% |  |  |  | 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 |  | 4,615 |  |  | 4,826 |
PNC Bank |  | Fellsway Plaza |  | 3.4% | (2) |  |  | 10/16/20 |  | 34,600 |  |  | 34,154 |
Wells Fargo |  | University Commons |  | 5.5% |  |  |  | 01/10/21 |  | 37,532 |  |  | 38,000 |
John Hancock Life Insurance Company |  | Kirkwood Commons |  | 7.7% |  |  |  | 10/01/22 |  | 9,978 |  |  | 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 |  | 7,784 |  |  | 8,741 |
TD Bank |  | Brick Walk Shopping Center |  | 3.2% | (4) |  |  | 11/01/23 |  | 33,000 |  |  | 31,514 |
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% | (5) |  |  | 10/05/24 |  | — |  |  | 9,698 |
NYLIM Real Estate Group |  | Oak Shade Town Center |  | 6.1% |  |  |  | 05/10/28 |  | 8,695 |  |  | 9,210 |
City of Rollingwood |  | Shops at Mira Vista |  | 8.0% |  |  |  | 03/01/32 |  | 242 |  |  | 250 |
Unamortized premiums on assumed debt of acquired properties and issuance costs (8) |  |  |  |  |  | 4,662 |  |  | 7,494 |
Total Fixed Rate Mortgage Loans |  | 5.8% |  | 6.0% |  |  |  | $ | 471,755 |  |  | 509,368 |

|  | 22

Summary of Consolidated Debt
As of December 31, 2016 and December 31, 2015
(in thousands)
Lender |  | Collateral |  | Contractual Rate |  | Effective Rate (1) |  | Maturity |  | 12/31/2016 |  | 12/31/2015
Unsecured Debt |  |  |  |  |  |  |  |  |  |
Debt Offering (6/5/07) |  | Fixed-rate unsecured |  | 5.9% |  |  |  | 06/15/17 |  | — |  |  | 300,000 |
Debt Offering (6/2/10) |  | Fixed-rate unsecured |  | 6.0% |  |  |  | 06/15/20 |  | 150,000 |  |  | 150,000 |
Debt Offering (10/7/10) |  | Fixed-rate unsecured |  | 4.8% |  |  |  | 04/15/21 |  | 250,000 |  |  | 250,000 |
Debt Offering (5/16/14) |  | Fixed-rate unsecured |  | 3.8% |  |  |  | 06/15/24 |  | 250,000 |  |  | 250,000 |
Debt Offering (8/17/15) |  | Fixed-rate unsecured |  | 3.9% |  |  |  | 11/01/25 |  | 250,000 |  |  | 250,000 |
$265 Million Term Loan |  | Fixed-rate unsecured |  | 2.0% | (6) |  |  | 01/05/22 |  | 265,000 |  |  | 165,000 |
$800 Million Line of Credit |  | Variable-rate unsecured |  | LIBOR + 0.925% | (7) |  |  | 05/13/19 |  | 15,000 |  |  | — |
Unamortized debt discount and issuance costs (8) |  |  |  |  |  |  |  | (9,335 | ) |  | (10,083 | )
Total Unsecured Debt, Net of Discounts |  | 3.9% |  | 4.8% |  |  |  | $ | 1,170,665 |  |  | 1,354,917 |
Total |  |  |  | 4.5% |  | 5.1% |  |  |  | 1,642,420 |  |  | 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 weighted average contractual rate, including the swap.
(3) Underlying debt is LIBOR+1.50%; however, an interest rate swap is in place to fix the interest rate at 2.803% through maturity. Contractual rate represents a blended contractual terms, including the swap.
(4) Underlying debt is LIBOR+1.70%; however, an interest rate swap is in place to fix the interest rate at 3.190% through maturity. Contractual rate represents a blended contractual terms, including the swap.
(5) Effective July 1, 2016, Seminole Shoppes was deconsolidated upon conversion to a tenancy-in-common. The debt remains outstanding and is now included in the Summary of Unconsolidated Debt.
(6)Effective July 7, 2016, the interest rate on the underlying debt is LIBOR + 0.95%, with an interest rate swap in place to fix the interest rate on the entire $265,000 Term Loan balance at 2.00% through maturity.
(7) 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.
(8) 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.

|  | 23

Summary of Unsecured Debt Covenants and Leverage Ratios
December 31, 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% |  | $ | 15,000 |
$265 Million Term Loan (2) |  | 07/07/16 |  | 01/05/22 |  | LIBOR + 0.950% |  | $ | 265,000 |
Unsecured Public Debt: |  | 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 |  | 9/30/16 |  | 6/30/16 |  | 3/31/16 |  | 12/31/15
Fair Market Value Calculation Method Covenants (3) |  |  |  |  |  |  |  |  |  |
Total Consolidated Debt to Total Consolidated Assets |  | ≤ 65% |  |  | 25 | % |  | 30 | % |  | 29 | % |  | 30 | %
Secured Consolidated Debt to Total Consolidated Assets |  | ≤ 40% |  |  | 7 | % |  | 7 | % |  | 8 | % |  | 8 | %
Consolidated Income for Debt Service to Consolidated Debt Service |  | ≥ 1.5x |  |  | 4.3x |  |  | 4.4x |  |  | 4.1x |  |  | 3.9x |
Unencumbered Consolidated Assets to Unsecured Consolidated Debt |  | >150% |  |  | 479 | % |  | 346 | % |  | 380 | % |  | 376 | %
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) An interest rate swap is in place to fix the interest rate at 2.00% through maturity.
(3) 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.
Ratios: |  | 12/31/16 |  | 9/30/16 |  | 6/30/16 |  | 3/31/16 |  | 12/31/15
Consolidated Only |  |  |  |  |  |  |  |  |  |
Net debt to total market capitalization |  | 17.7 | % |  | 15.8 | % |  | 18.4 | % |  | 19.1 | % |  | 20.8 | %
Net debt to real estate assets, before depreciation |  | 31.1 | % |  | 30.6 | % |  | 38.1 | % |  | 37.3 | % |  | 37.8 | %
Net debt to total assets, before depreciation |  | 29.0 | % |  | 28.7 | % |  | 35.6 | % |  | 34.8 | % |  | 35.3 | %
Net debt + preferred to total assets, before depreciation |  | 34.8 | % |  | 34.6 | % |  | 41.6 | % |  | 41.1 | % |  | 41.5 | %
Net debt to Core EBITDA - TTM |  | 3.6x |  |  | 3.6x |  |  | 4.6x |  |  | 4.3x |  |  | 4.4x |
Fixed charge coverage |  | 4.0x |  |  | 3.8x |  |  | 3.6x |  |  | 3.4x |  |  | 3.3x |
Fixed charge coverage excluding preferreds |  | 4.7x |  |  | 4.4x |  |  | 4.1x |  |  | 3.9x |  |  | 3.8x |
Interest coverage |  | 5.3x |  |  | 4.9x |  |  | 4.6x |  |  | 4.4x |  |  | 4.2x |
Unsecured assets to total real estate assets |  | 83.0 | % |  | 83.0 | % |  | 82.5 | % |  | 83.2 | % |  | 80.3 | %
Unsecured NOI to total NOI - TTM |  | 81.5 | % |  | 81.2 | % |  | 80.7 | % |  | 80.9 | % |  | 80.5 | %
Unencumbered assets to unsecured debt |  | 347 | % |  | 349 | % |  | 265 | % |  | 272 | % |  | 265 | %
Total Pro-Rata Share |  |  |  |  |  |  |  |  |  |
Net debt to total market capitalization |  | 21.4 | % |  | 19.4 | % |  | 21.7 | % |  | 22.7 | % |  | 24.7 | %
Net debt to real estate assets, before depreciation |  | 34.6 | % |  | 34.3 | % |  | 41.0 | % |  | 40.5 | % |  | 41.0 | %
Net debt to total assets, before depreciation |  | 32.4 | % |  | 32.2 | % |  | 38.3 | % |  | 37.9 | % |  | 38.3 | %
Net debt + preferred to total assets, before depreciation |  | 37.5 | % |  | 37.4 | % |  | 43.5 | % |  | 43.4 | % |  | 43.7 | %
Net debt to Core EBITDA - TTM |  | 4.4x |  |  | 4.4x |  |  | 5.3x |  |  | 5.1x |  |  | 5.2x |
Fixed charge coverage |  | 3.3x |  |  | 3.2x |  |  | 3.0x |  |  | 2.9x |  |  | 2.8x |
Fixed charge coverage excluding preferreds |  | 3.8x |  |  | 3.5x |  |  | 3.3x |  |  | 3.2x |  |  | 3.0x |
Interest coverage |  | 4.4x |  |  | 4.1x |  |  | 3.9x |  |  | 3.7x |  |  | 3.5x |

|  | 24

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

Total Debt Outstanding: |  | 12/31/2016 |  | 12/31/2015
Mortgage loans payable: |  |  |  |
Fixed rate secured loans |  | $ | 1,290,296 |  |  | 1,383,319 |
Unsecured credit facilities variable rate |  | 19,635 |  |  | 9,760 |
Total |  | $ | 1,309,931 |  |  | 1,393,079 |

Schedule of Maturities by Year: |  | Scheduled Principal Payments |  | Mortgage Loan Maturities |  | Unsecured Maturities (1) |  | Total |  | Regency's Pro-Rata Share |  | Weighted Average Contractual Interest Rate on Maturities
2017 |  | $ | 17,795 |  |  | — |  |  | 19,635 |  |  | 37,430 |  |  | 10,505 |  |  | 2.3%
2018 |  | 18,983 |  |  | 67,022 |  |  | — |  |  | 86,005 |  |  | 27,799 |  |  | 5.1%
2019 |  | 18,231 |  |  | 65,939 |  |  | — |  |  | 84,170 |  |  | 21,766 |  |  | 7.4%
2020 |  | 15,133 |  |  | 222,199 |  |  | — |  |  | 237,332 |  |  | 85,660 |  |  | 5.8%
2021 |  | 10,674 |  |  | 211,432 |  |  | — |  |  | 222,106 |  |  | 82,806 |  |  | 4.7%
2022 |  | 7,569 |  |  | 195,702 |  |  | — |  |  | 203,271 |  |  | 73,369 |  |  | 4.2%
2023 |  | 2,631 |  |  | 125,108 |  |  | — |  |  | 127,739 |  |  | 51,053 |  |  | 4.9%
2024 |  | 380 |  |  | 33,690 |  |  | — |  |  | 34,070 |  |  | 13,760 |  |  | 3.9%
2025 |  | — |  |  | 137,000 |  |  | — |  |  | 137,000 |  |  | 41,400 |  |  | 3.6%
2026 |  | — |  |  | 101,000 |  |  | — |  |  | 101,000 |  |  | 44,400 |  |  | 3.8%
>10 Years |  | — |  |  | 50,000 |  |  | — |  |  | 50,000 |  |  | 20,000 |  |  | 4.0%
Unamortized debt premium/(discount) and issuance costs (2) |  | — |  |  | (10,192 | ) |  | — |  |  | (10,192 | ) |  | (3,488 | ) |  |
|  | $ | 91,396 |  |  | 1,198,900 |  |  | 19,635 |  |  | 1,309,931 |  |  | 469,030 |  |  | 4.7%

Percentage of Total Debt: |  | 12/31/2016 |  | 12/31/2015
Fixed |  | 98.5% |  | 99.3%
Variable |  | 1.5% |  | 0.7%
Current Weighted Average Contractual Interest Rates: (3) |  |  |  |
Fixed |  | 4.8% |  | 5.0%
Variable |  | 2.3% |  | 1.9%
Combined |  | 4.7% |  | 5.0%
Current Weighted Average Effective Interest Rates: (4) |  |  |  |
Combined |  | 4.9% |  | 5.2%
Average Years to Maturity: |  |  |  |
Fixed |  | 5.7 |  | 5.9
Variable |  | 0.9 |  | 1.9
(1) Includes unsecured credit facility.
(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 Preferred Stock
December 31, 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 |

26

Property Transactions
December 31, 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
Jul-16 | Klahanie Shopping Center |  | Seattle, WA | 67 | 35,988 |  |  | (QFC)
Dec-16 | Plaza Venezia | Oregon (20%) | Orlando, FL | 202 | 18,500 |  |  | Publix
| Total |  |  | 771 | $ | 352,288 |  | 4.2% |
Dispositions 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)
Jul-16 | Lynn Haven | Publix (50%) | Panama City, FL | 64 | 6,325 |  |  | Publix
Jul-16 | Canopy Oak Center | Publix (50%) | Ocala, FL | 90 | 14,175 |  |  | Publix
Jul-16 | Queensborough | Publix (50%) | Charleston, NC | 82 | 6,675 |  |  | Publix
Jul-16 | Buckwalter Place |  | Hilton Head, SC | 60 | 13,700 |  |  | Publix
Jul-16 | Shoppes at Fairhope |  | Mobile, AL | 85 | 18,700 |  |  | Publix
Jul-16 | Signature Plaza |  | Dallas, TX | 32 | 7,000 |  |  | (Kroger)
Dec-16 | Shorewood Crossing I & II | Oregon (20%) | Chicago, IL | 88 | 6,500 |  |  | Mariano's Fresh Market
Dec-16 | Pima Crossing |  | Phoenix, AZ | 238 | 46,150 |  |  | Golf & Tennis Pro Shop, SteinMart
| Total |  |  | 1,611 | $ | 168,446 |  | 6.6% |
| (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 |  |

|  | 27

Summary of Development and Redevelopment
December 31, 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: |  |  |  |  |  |  |  |  |
Chimney Rock | New York, NY | Whole Foods, Nordstrom Rack & Saks Off 5th | May-18 | $71,175 | 27.3% | 6.5% | 6.5% | 218 | 65.9%
Market at Springwoods Village (4) | Houston, TX | Kroger | May-17 | $14,942 | 49.6% | 8.5% | 8.5% | 89 | 81.5%
Northgate Marketplace Ph II | Medford, OR | Dick's & HomeGoods | Oct-16 | $40,700 | 91.1% | 7.3% | 7.3% | 177 | 90.9%
The Village at Riverstone | Houston, TX | Kroger | Aug-18 | $30,638 | 42.3% | 8.0% | 7.8% | 165 | 72.3%
The Village at Tustin Legacy | Los Angeles, CA | Stater Brothers | Oct-17 | $37,822 | 50.5% | 8.3% | 8.3% | 112 | 82.3%
Willow Oaks Crossing | Charlotte, NC | Publix | Dec-15 | $13,996 | 98.8% | 8.0% | 8.0 | % |  | 69 | 92.9%
Total Projects in Development | 6 |  |  | $209,273 | 52.4% | 7.4% | 7.4 | % | (2) | 830 | 78.6%
Development Completions: |  |  |  |  |  |  |  |  |
Belmont Chase | Washington, DC | Whole Foods Market | Aug-15 | $28,308 | 95.6% | 8.6% | 8.6% | 91 | 100.0%
Brooklyn Station on Riverside | Jacksonville, FL | The Fresh Market | Oct-14 | $14,987 | 99.4% | 8.7% | 7.8% | 50 | 97.2%
CityLine Market | Dallas, TX | Whole Foods Market | Apr-16 | $27,861 | 92.0% | 8.1% | 7.2% | 81 | 100.0%
CityLine Market Ph II | Dallas, TX | CVS | Jun-16 | $5,597 | 94.0% | 9.4% | 9.4% | 22 | 100.0%
Village at La Floresta | Los Angeles, CA | Whole Foods Market | Feb-16 | $32,451 | 91.2% | 8.1% | 8.1% | 87 | 100.0%
Total Development Completions | 5 |  |  | $109,204 | 93.8% | 8.4% | 8.0 | % | (2) | 330 | 99.6%
Redevelopment and Renovations: |  |  | Incremental Costs (3) | % of Costs Incurred | Incremental Yield |  |  |
Various Properties | 15 |  |  | $81,669 | 31.4% | 7% - 10% |  |  |  |
Reconciliation of Summary of Development and Redevelopment to Properties In Development (Balance Sheet): |  |  |
Developments | % of estimated development costs, including GAAP allocations | $119,618 |  |  |  |  |  |
Redevelopments | % of incremental costs | $26,177 |  |  |  |  |  |
Other Costs | Pre-development costs and accruals for costs not yet paid | $29,286 |  |  |  |  |  |
Properties in Development (Pro Rata) |  | $175,081 |  |  |  |  |  |
NOI from Projects in Development (Current Quarter) |  | $636 |  |  |  |  |  |
Base rent from leases signed but not yet rent-paying (Current Quarter)
Development Completions |  |  |  | $119 |  |  |  |  |  |
Redevelopments |  |  |  | $1,454 |  |  |  |  |  |
Notes:
New starts for the quarter are in bold and italicized.
See Page 47 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) After allocating land basis for outparcel proceeds, additional interest and overhead capitalization, returns are estimated to be 6.8% for Projects in Development and 7.5% for Development Completions.
(3) Includes Regency's pro-rata share of unconsolidated co-investment partnerships. |
(4) Estimated Net Development Costs After JV Buyout reflects Regency's 53% controlling interest |

|  | 28

Unconsolidated Investments
December 31, 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 12/31/2016 | Equity Pick-up
State of Oregon |  |  |  |  |  |  |  |  |
(JV-C, JV-C2) | 19 | 2,307 |  | $ | 483,499 |  | $ | 238,646 |  |  | 20.00% | $ | 47,729 |  | $ | 24,437 |  | $ | 7,420 |
(JV-CCV) | 1 | 558 |  | 99,967 |  | 59,653 |  |  | 30.00% | 17,896 |  | 11,877 |  | 695 |
| 20 | 2,865 |  | 583,466 |  | 298,299 |  |  |  |  |  |
GRI |  |  |  |  |  |  |  |  |
(JV-GRI) | 70 | 9,085 |  | 1,676,134 |  | 921,541 |  |  | 40.00% | 368,617 |  | 201,240 |  | 29,791 |
CalSTRS |  |  |  |  |  |  |  |  |
(JV-RC) | 7 | 730 |  | 141,827 |  | 41,028 |  |  | 25.00% | 10,257 |  | 21,516 |  | 1,080 |
USAA |  |  |  |  |  |  |  |  |
(JV-USA) | 8 | 806 |  | 109,665 |  | — |  |  | 20.01% | — |  | 13,176 |  | 1,180 |
Publix |  |  |  |  |  |  |  |  |
(JV-O) | 2 | 203 |  | 31,572 |  | — |  |  | 50.00% | — |  | 15,283 |  | 15,875 |
Individual Investors |  |  |  |  |  |  |  |  |
(JV-O) | 2 | 210 |  | 66,078 |  | 49,063 |  |  | 50.00% | 24,531 |  | 9,170 |  | 477 |
| 109 | 13,899 |  | $ | 2,608,742 |  | $ | 1,309,931 |  |  |  | $ | 469,030 |  | $ | 296,699 |  | $ | 56,518 |

|  | 29

Leasing Statistics -Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships
December 31, 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
4th Quarter 2016 |  | 375 |  | 1,358 |  | $ | 23.89 |  |  | 12.7% |  | 7.2 |  | $ | 2.96 |  |  | 335 |  | 1,145 |  | 8.8%
3rd Quarter 2016 |  | 312 |  | 1,358 |  | 24.20 |  |  | 5.8% |  | 5.3 |  | 1.51 |  |  | 288 |  | 1,292 |  | 5.3%
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%
Total - 12 months |  | 1,282 |  | 4,952 |  | $ | 22.84 |  |  | 11.3% |  | 5.9 |  | $ | 2.29 |  |  | 1,155 |  | 4,541 |  | 9.9%
|  |  |  |  |  |  |  |  |  |  |  |  |  | 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
4th Quarter 2016 |  | 83 |  | 328 |  | $ | 22.45 |  |  | 21.4% |  | 11.5 |  | $ | 8.22 |  |  | 43 |  | 115 |  | 2.8%
3rd Quarter 2016 |  | 60 |  | 138 |  | 27.05 |  |  | 14.3% |  | 8.1 |  | 9.18 |  |  | 36 |  | 72 |  | 14.2%
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%
Total - 12 months |  | 276 |  | 780 |  | $ | 25.21 |  |  | 26.0% |  | 9.8 |  | $ | 8.87 |  |  | 149 |  | 370 |  | 25.6%
Renewals |  | Leasing Transactions |  | GLA (in 000s) |  | Base Rent/Sq. Ft |  | Rent Growth % |  | Weighted Avg. Lease Term |  | Tenant Improvements /Sq. Ft. |  |  |  |  |  |
4th Quarter 2016 |  | 292 |  | 1,030 |  | $ | 24.48 |  |  | 9.7% |  | 5.5 |  | $ | 0.83 |  |  |  |  |  |  |
3rd Quarter 2016 |  | 252 |  | 1,220 |  | 23.79 |  |  | 4.6% |  | 4.9 |  | 0.39 |  |  |  |  |  |  |
2nd Quarter 2016 |  | 261 |  | 1,150 |  | 19.66 |  |  | 9.1% |  | 4.8 |  | 1.25 |  |  |  |  |  |  |
1st Quarter 2016 |  | 201 |  | 772 |  | 22.09 |  |  | 10.3% |  | 5.1 |  | 0.95 |  |  |  |  |  |  |
Total - 12 months |  | 1,006 |  | 4,172 |  | $ | 22.33 |  |  | 8.2% |  | 5.0 |  | $ | 0.87 |  |  |  |  |  |  |

Leasing Statistics - Comparable and Non-comparable
Total |  | Leasing Transactions |  | GLA (in 000s) |  | Base Rent/Sq. Ft |  | Weighted Avg. Lease Term |  | Tenant Improvements /Sq. Ft.
4th Quarter 2016 |  | 435 |  | 1,582 |  | $ | 24.73 |  |  | 6.9 |  | $ | 3.59 |
3rd Quarter 2016 |  | 356 |  | 1,450 |  | 24.41 |  |  | 5.4 |  | 1.88 |
2nd Quarter 2016 |  | 382 |  | 1,542 |  | 20.13 |  |  | 6.0 |  | 2.56 |
1st Quarter 2016 |  | 298 |  | 1,037 |  | 23.35 |  |  | 6.2 |  | 3.71 |
Total - 12 months |  | 1,471 |  | 5,611 |  | $ | 23.00 |  |  | 6.1 |  | $ | 2.90 |

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.

|  | 30

Average Base Rent by CBSA - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships
December 31, 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 | 4 |  | 421 |  | 81.4 | % | $ | 9,031 |  | $ | 26.36 |  | 1.3 | % | 1.5 | % | 1.6 | %
Los Angeles-Long Beach-Santa Ana | 19 |  | 1,766 |  | 98.3 | % | 45,027 |  | 25.78 |  | 6.2 | % | 6.1 | % | 8.0 | %
Chicago-Naperville-Joliet | 10 |  | 1,339 |  | 98.0 | % | 22,211 |  | 16.78 |  | 3.3 | % | 4.7 | % | 4.0 | %
Dallas-Fort Worth-Arlington | 12 |  | 775 |  | 97.8 | % | 16,124 |  | 21.10 |  | 3.9 | % | 2.7 | % | 2.9 | %
Houston-Baytown-Sugar Land | 13 |  | 1,585 |  | 94.0 | % | 26,018 |  | 17.24 |  | 4.2 | % | 5.5 | % | 4.6 | %
Philadelphia-Camden-Wilmington | 8 |  | 694 |  | 93.2 | % | 13,691 |  | 21.00 |  | 2.6 | % | 2.4 | % | 2.4 | %
Washington-Arlington-Alexandria | 29 |  | 2,002 |  | 90.6 | % | 43,547 |  | 23.69 |  | 9.4 | % | 7.0 | % | 7.8 | %
Miami-Fort Lauderdale-Miami Beach | 10 |  | 1,140 |  | 96.0 | % | 25,537 |  | 23.11 |  | 3.3 | % | 4.0 | % | 4.6 | %
Atlanta-Sandy Springs-Marietta | 16 |  | 1,412 |  | 93.9 | % | 26,495 |  | 19.57 |  | 5.2 | % | 4.9 | % | 4.7 | %
Boston-Cambridge-Quincy | 3 |  | 516 |  | 95.5 | % | 10,704 |  | 21.43 |  | 1.0 | % | 1.8 | % | 1.9 | %
San Francisco-Oakland-Fremont | 15 |  | 1,741 |  | 98.1 | % | 49,291 |  | 28.77 |  | 4.9 | % | 6.1 | % | 8.8 | %
Phoenix-Mesa-Scottsdale | 2 |  | 57 |  | 71.4 | % | 494 |  | 12.08 |  | 0.7 | % | 0.2 | % | 0.1 | %
Riverside-San Bernardino-Ontario | 3 |  | 316 |  | 89.6 | % | 6,182 |  | 20.55 |  | 1.0 | % | 1.1 | % | 1.1 | %
Detroit | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Seattle-Tacoma-Bellevue | 11 |  | 849 |  | 98.6 | % | 20,490 |  | 24.45 |  | 3.6 | % | 3.0 | % | 3.7 | %
Minneapolis-St. Paul-Bloomington | 5 |  | 207 |  | 98.8 | % | 3,120 |  | 15.27 |  | 1.6 | % | 0.7 | % | 0.6 | %
San Diego-Carlsbad-San Marcos | 10 |  | 1,407 |  | 96.3 | % | 38,300 |  | 27.84 |  | 3.3 | % | 4.9 | % | 6.8 | %
Tampa-St. Petersburg-Clearwater | 8 |  | 1,213 |  | 89.1 | % | 17,284 |  | 15.90 |  | 2.6 | % | 4.2 | % | 3.1 | %
St. Louis | 4 |  | 408 |  | 99.5 | % | 4,277 |  | 10.52 |  | 1.3 | % | 1.4 | % | 0.8 | %
Baltimore-Towson | 5 |  | 352 |  | 96.2 | % | 7,670 |  | 22.46 |  | 1.6 | % | 1.2 | % | 1.4 | %
Denver-Aurora | 12 |  | 994 |  | 96.7 | % | 13,928 |  | 14.40 |  | 3.9 | % | 3.5 | % | 2.5 | %
Charlotte-Gastonia-Concord | 5 |  | 300 |  | 97.3 | % | 6,500 |  | 21.52 |  | 1.6 | % | 1.0 | % | 1.2 | %
Pittsburgh | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Portland-Vancouver-Beaverton | 5 |  | 436 |  | 91.9 | % | 7,144 |  | 17.67 |  | 1.6 | % | 1.5 | % | 1.3 | %
San Antonio | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Top 25 CBSAs by Population | 209 |  | 19,930 |  | 94.9 | % | $ | 413,065 |  | $ | 21.83 |  | 68.1 | % | 69.3 | % | 73.8 | %
CBSAs Ranked 26 - 50 by Population | 55 |  | 5,084 |  | 97.5 | % | 78,856 |  | 15.90 |  | 17.9 | % | 17.7 | % | 14.1 | %
CBSAs Ranked 51 - 75 by Population | 10 |  | 876 |  | 96.7 | % | 25,640 |  | 30.27 |  | 3.3 | % | 3.0 | % | 4.6 | %
CBSAs Ranked 76 - 100 by Population | 8 |  | 462 |  | 96.8 | % | 6,821 |  | 15.25 |  | 2.6 | % | 1.6 | % | 1.2 | %
Other CBSAs | 25 |  | 2,391 |  | 94.3 | % | 35,202 |  | 15.61 |  | 8.1 | % | 8.3 | % | 6.2 | %
Total All Properties | 307 |  | 28,743 |  | 95.4 | % | $ | 559,584 |  | $ | 20.21 |  | 100.0 | % | 100.0 | % | 100.0 | %
(1) 2015 Population Data Source: Synergos Technologies, Inc. |  |  |  |  |  |
(2) Includes leases that are executed but have not commenced. |  |  |  |  |  |

|  | 31

Significant Tenant Rents - Wholly Owned and Regency’s Pro-Rata Share of
Co-investment Partnerships
December 31, 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 |  | 2,686 |  |  | 9.3% |  | $ | 26,288 |  |  | 4.7% |  | 54 |  | 17
Publix |  | 1,641 |  |  | 5.7% |  | 17,617 |  |  | 3.1% |  | 40 |  | 9
Albertsons/Safeway |  | 1,361 |  |  | 4.7% |  | 15,178 |  |  | 2.7% |  | 41 |  | 21
Whole Foods |  | 713 |  |  | 2.5% |  | 13,895 |  |  | 2.5% |  | 21 |  | 7
TJX Companies |  | 807 |  |  | 2.8% |  | 10,895 |  |  | 1.9% |  | 38 |  | 14
CVS |  | 498 |  |  | 1.7% |  | 8,644 |  |  | 1.5% |  | 45 |  | 19
PETCO |  | 324 |  |  | 1.1% |  | 7,218 |  |  | 1.3% |  | 41 |  | 14
Ahold/Delhaize |  | 460 |  |  | 1.6% |  | 6,301 |  |  | 1.1% |  | 14 |  | 9
H.E.B. |  | 344 |  |  | 1.2% |  | 5,762 |  |  | 1.0% |  | 5 |  | —
Trader Joe's |  | 179 |  |  | 0.6% |  | 4,995 |  |  | 0.9% |  | 19 |  | 6
Ross Dress For Less |  | 306 |  |  | 1.1% |  | 4,982 |  |  | 0.9% |  | 16 |  | 8
Nordstrom |  | 174 |  |  | 0.6% |  | 4,937 |  |  | 0.9% |  | 5 |  | —
Bank of America |  | 88 |  |  | 0.3% |  | 4,580 |  |  | 0.8% |  | 31 |  | 14
Target |  | 410 |  |  | 1.4% |  | 4,441 |  |  | 0.8% |  | 5 |  | 2
Starbucks |  | 106 |  |  | 0.4% |  | 4,424 |  |  | 0.8% |  | 81 |  | 30
Wells Fargo Bank |  | 85 |  |  | 0.3% |  | 4,416 |  |  | 0.8% |  | 41 |  | 21
JPMorgan Chase Bank |  | 64 |  |  | 0.2% |  | 3,995 |  |  | 0.7% |  | 25 |  | 5
Kohl's |  | 289 |  |  | 1.0% |  | 3,950 |  |  | 0.7% |  | 4 |  | 1
Dick's Sporting Goods |  | 267 |  |  | 0.9% |  | 3,441 |  |  | 0.6% |  | 5 |  | —
Panera Bread |  | 97 |  |  | 0.3% |  | 3,359 |  |  | 0.6% |  | 27 |  | 7
Sears Holdings |  | 376 |  |  | 1.3% |  | 3,090 |  |  | 0.6% |  | 5 |  | 1
Bed Bath & Beyond |  | 175 |  |  | 0.6% |  | 2,940 |  |  | 0.5% |  | 6 |  | —
Subway |  | 85 |  |  | 0.3% |  | 2,927 |  |  | 0.5% |  | 91 |  | 37
Massage Envy |  | 89 |  |  | 0.3% |  | 2,808 |  |  | 0.5% |  | 33 |  | 11
Rite Aid |  | 171 |  |  | 0.6% |  | 2,807 |  |  | 0.5% |  | 19 |  | 12
Top 25 Tenants |  | 11,795 |  |  | 40.8% |  | $ | 173,890 |  |  | 30.9% |  | 712 |  | 265

GLA owned and occupied by the anchor not included above: | # of Retailer-Owned Stores |  | # of Stores including Retailer-Owned
Target |  | 1,515 |  |  | 13 |  | 18
Kroger |  | 313 |  |  | 5 |  | 59
Albertsons/Safeway |  | 330 |  |  | 7 |  | 48
Wal-Mart |  | 247 |  |  | 2 |  | 6
Sears Holdings |  | 92 |  |  | 1 |  | 6
Publix |  | 63 |  |  | 1 |  | 41
|  | 2,560 |  |  |  |  |

|  | 32

Tenant Lease Expirations - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships
December 31, 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) |  | 158 |  |  | 0.6 | % |  | $ | 3,699 |  |  | 0.7 | % |  | $ | 23.41 |
2017 |  | 2,219 |  |  | 8.2 | % |  | 48,215 |  |  | 8.9 | % |  | 21.73 |
2018 |  | 2,783 |  |  | 10.3 | % |  | 59,549 |  |  | 11.0 | % |  | 21.40 |
2019 |  | 3,229 |  |  | 12.0 | % |  | 64,178 |  |  | 11.9 | % |  | 19.88 |
2020 |  | 3,094 |  |  | 11.5 | % |  | 65,686 |  |  | 12.1 | % |  | 21.23 |
2021 |  | 3,324 |  |  | 12.3 | % |  | 68,210 |  |  | 12.6 | % |  | 20.52 |
2022 |  | 2,645 |  |  | 9.8 | % |  | 50,047 |  |  | 9.3 | % |  | 18.92 |
2023 |  | 1,153 |  |  | 4.3 | % |  | 25,352 |  |  | 4.7 | % |  | 21.99 |
2024 |  | 1,513 |  |  | 5.6 | % |  | 30,311 |  |  | 5.6 | % |  | 20.03 |
2025 |  | 1,191 |  |  | 4.4 | % |  | 28,304 |  |  | 5.2 | % |  | 23.76 |
2026 |  | 1,176 |  |  | 4.4 | % |  | 28,639 |  |  | 5.3 | % |  | 24.35 |
10 Year Total |  | 22,485 |  |  | 83.4 | % |  | $ | 472,190 |  |  | 87.3 | % |  | $ | 21.00 |
Thereafter |  | 4,466 |  |  | 16.6 | % |  | 68,781 |  |  | 12.7 | % |  | 15.40 |
|  | 26,951 |  |  | 100.0 | % |  | $ | 540,971 |  |  | 100.0 | % |  | $ | 20.07 |
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) |  | 10 |  |  | 0.0 | % |  | $ | 126 |  |  | 0.0 | % |  | $ | 12.60 |
2017 |  | 913 |  |  | 3.4 | % |  | 11,133 |  |  | 2.1 | % |  | 12.19 |
2018 |  | 1,362 |  |  | 5.1 | % |  | 16,704 |  |  | 3.1 | % |  | 12.26 |
2019 |  | 1,886 |  |  | 7.0 | % |  | 24,042 |  |  | 4.4 | % |  | 12.75 |
2020 |  | 1,718 |  |  | 6.4 | % |  | 22,942 |  |  | 4.2 | % |  | 13.35 |
2021 |  | 1,856 |  |  | 6.9 | % |  | 22,844 |  |  | 4.2 | % |  | 12.31 |
2022 |  | 1,786 |  |  | 6.6 | % |  | 23,882 |  |  | 4.4 | % |  | 13.37 |
2023 |  | 675 |  |  | 2.5 | % |  | 10,301 |  |  | 1.9 | % |  | 15.26 |
2024 |  | 983 |  |  | 3.6 | % |  | 13,997 |  |  | 2.6 | % |  | 14.24 |
2025 |  | 729 |  |  | 2.7 | % |  | 11,083 |  |  | 2.0 | % |  | 15.20 |
2026 |  | 706 |  |  | 2.6 | % |  | 11,925 |  |  | 2.2 | % |  | 16.89 |
10 Year Total |  | 12,624 |  |  | 46.8 | % |  | $ | 168,979 |  |  | 31.2 | % |  | $ | 13.39 |
Thereafter |  | 4,061 |  |  | 15.1 | % |  | 53,293 |  |  | 9.9 | % |  | 13.12 |
|  | 16,685 |  |  | 61.9 | % |  | $ | 222,272 |  |  | 41.1 | % |  | $ | 13.32 |
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.

|  | 33

Tenant Lease Expirations - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships
December 31, 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) |  | 148 |  |  | 0.5 | % |  | $ | 3,573 |  |  | 0.7 | % |  | $ | 24.14 |
2017 |  | 1,306 |  |  | 4.8 | % |  | 37,082 |  |  | 6.9 | % |  | 28.39 |
2018 |  | 1,421 |  |  | 5.3 | % |  | 42,845 |  |  | 7.9 | % |  | 30.15 |
2019 |  | 1,343 |  |  | 5.0 | % |  | 40,136 |  |  | 7.4 | % |  | 29.89 |
2020 |  | 1,377 |  |  | 5.1 | % |  | 42,745 |  |  | 7.9 | % |  | 31.04 |
2021 |  | 1,468 |  |  | 5.4 | % |  | 45,366 |  |  | 8.4 | % |  | 30.90 |
2022 |  | 859 |  |  | 3.2 | % |  | 26,165 |  |  | 4.8 | % |  | 30.46 |
2023 |  | 478 |  |  | 1.8 | % |  | 15,050 |  |  | 2.8 | % |  | 31.49 |
2024 |  | 530 |  |  | 2.0 | % |  | 16,314 |  |  | 3.0 | % |  | 30.78 |
2025 |  | 462 |  |  | 1.7 | % |  | 17,221 |  |  | 3.2 | % |  | 37.27 |
2026 |  | 471 |  |  | 1.7 | % |  | 16,714 |  |  | 3.1 | % |  | 35.49 |
10 Year Total |  | 9,863 |  |  | 36.6 | % |  | $ | 303,211 |  |  | 56.0 | % |  | $ | 30.74 |
Thereafter |  | 403 |  |  | 1.5 | % |  | 15,489 |  |  | 2.9 | % |  | 38.43 |
|  | 10,266 |  |  | 38.1 | % |  | $ | 318,700 |  |  | 58.9 | % |  | $ | 31.04 |
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.

|  | 34

Portfolio Summary Report By State
December 31, 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
Palm Valley Marketplace | C | 20% | AZ | Phoenix-Mesa-Scottsdale | 108 | 22 | 89.7% |  | — | 55 | Safeway | $ | 14.51 |
Shops at Arizona |  |  | AZ | Phoenix-Mesa-Scottsdale | 36 | 36 | 60.4% |  | — | — | — | $ | 9.91 |
|  |  |  | AZ |  | 143 | 57 | 71.4% | 71.4% | — | 55 |  |
4S Commons Town Center | M | 85% | CA | San Diego-Carlsbad-San Marcos | 240 | 240 | 100.0% |  | — | 68 | Ralphs, Jimbo's...Naturally! | $ | 31.93 |
Amerige Heights Town Center |  |  | CA | Los Angeles-Long Beach-Santa Ana | 89 | 89 | 100.0% |  | 143 | 58 | Albertsons, (Target) | $ | 28.79 |
Balboa Mesa Shopping Center |  |  | CA | San Diego-Carlsbad-San Marcos | 207 | 207 | 100.0% |  | — | 42 | Von's Food & Drug, Kohl's | $ | 25.07 |
Bayhill Shopping Center | GRI | 40% | CA | San Francisco-Oakland-Fremont | 122 | 49 | 97.3% |  | — | 32 | Mollie Stone's Market | $ | 23.67 |
Blossom Valley | USAA | 20% | CA | San Jose-Sunnyvale-Santa Clara | 93 | 19 | 98.9% |  | — | 34 | Safeway | $ | 25.32 |
Brea Marketplace | GRI | 40% | CA | Los Angeles-Long Beach-Santa Ana | 352 | 141 | 99.0% |  | — | 25 | Sprout's Markets, Target | $ | 17.83 |
Clayton Valley Shopping Center |  |  | CA | San Francisco-Oakland-Fremont | 260 | 260 | 94.7% |  | — | 14 | Grocery Outlet, Orchard Supply Hardware | $ | 22.03 |
Corral Hollow | RC | 25% | CA | Stockton | 167 | 42 | 100.0% |  | — | 66 | Safeway, Orchard Supply & Hardware | $ | 16.74 |
Costa Verde Center |  |  | CA | San Diego-Carlsbad-San Marcos | 179 | 179 | 90.1% |  | — | 40 | Bristol Farms | $ | 35.41 |
Diablo Plaza |  |  |  | CA | San Francisco-Oakland-Fremont | 63 | 63 | 100.0% |  | 53 | 53 | (Safeway) | $ | 38.08 |
East Washington Place |  |  | CA | Santa Rosa-Petaluma | 203 | 203 | 100.0% |  | 137 | 25 | (Target), Dick's Sporting Goods, TJ Maxx | $ | 24.04 |
El Camino Shopping Center |  |  | CA | Los Angeles-Long Beach-Santa Ana | 136 | 136 | 98.4% |  | — | 31 | Bristol Farms | $ | 35.14 |
El Cerrito Plaza |  |  | CA | San Francisco-Oakland-Fremont | 256 | 256 | 97.2% |  | 67 | 78 | (Lucky's), Trader Joe's | $ | 28.01 |
El Norte Pkwy Plaza |  |  | CA | San Diego-Carlsbad-San Marcos | 91 | 91 | 94.5% |  | — | 42 | Von's Food & Drug | $ | 17.81 |
Encina Grande |  |  | CA | San Francisco-Oakland-Fremont | 106 | 106 | 100.0% |  | — | 38 | Whole Foods | $ | 30.42 |
Five Points Shopping Center | GRI | 40% | CA | Santa Barbara-Santa Maria-Goleta | 145 | 58 | 98.7% |  | — | 35 | Smart & Final | $ | 27.70 |
Folsom Prairie City Crossing |  |  | CA | Sacramento--Arden-Arcade--Roseville | 90 | 90 | 98.7% |  | — | 55 | Safeway | $ | 20.49 |
French Valley Village Center |  |  | CA | Riverside-San Bernardino-Ontario | 99 | 99 | 100.0% |  | — | 44 | Stater Bros. | $ | 25.49 |
Friars Mission Center |  |  | CA | San Diego-Carlsbad-San Marcos | 147 | 147 | 100.0% |  | — | 55 | Ralphs | $ | 32.87 |
Gateway 101 |  |  |  | CA | San Francisco-Oakland-Fremont | 92 | 92 | 100.0% |  | 212 | — | (Home Depot), (Best Buy), Target, Nordstrom Rack | $ | 32.05 |
Gelson's Westlake Market Plaza |  |  | CA | Oxnard-Thousand Oaks-Ventura | 85 | 85 | 100.0% |  | — | 38 | Gelson's Markets | $ | 23.77 |
Golden Hills Promenade |  |  | CA | San Luis Obispo-Paso Robles | 244 | 244 | 98.9% |  | — | — | Lowe's | $ | 7.56 |
Granada Village | GRI | 40% | CA | Los Angeles-Long Beach-Santa Ana | 226 | 91 | 100.0% |  | — | 24 | Sprout's Markets | $ | 22.57 |
Hasley Canyon Village | USAA | 20% | CA | Los Angeles-Long Beach-Santa Ana | 66 | 13 | 100.0% |  | — | 52 | Ralphs | $ | 25.03 |
Heritage Plaza |  |  | CA | Los Angeles-Long Beach-Santa Ana | 230 | 230 | 98.6% |  | — | 44 | Ralphs | $ | 34.76 |
Indio Towne Center |  |  | CA | Riverside-San Bernardino-Ontario | 180 | 180 | 92.4% |  | 236 | 94 | (Home Depot), (WinCo), Toys R Us | $ | 17.94 |
Jefferson Square |  |  | CA | Riverside-San Bernardino-Ontario | 38 | 38 | 49.3% |  | — | — | — | $ | 15.80 |
Laguna Niguel Plaza | GRI | 40% | CA | Los Angeles-Long Beach-Santa Ana | 42 | 17 | 100.0% |  | 39 | 39 | (Albertsons) | $ | 27.35 |
Shoppes at Homestead (fka Loehmanns Plaza California) |  |  | CA | San Jose-Sunnyvale-Santa Clara | 113 | 113 | 100.0% |  | 53 | 53 | (Safeway) | $ | 22.28 |
Marina Shores | C | 20% | CA | Los Angeles-Long Beach-Santa Ana | 68 | 14 | 100.0% |  | — | 26 | Whole Foods | $ | 34.82 |

|  | 35

Portfolio Summary Report By State
December 31, 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
Mariposa Shopping Center | GRI | 40% | CA | San Jose-Sunnyvale-Santa Clara | 127 | 51 | 100.0% |  | — | 43 | Safeway | $ | 19.33 |
Morningside Plaza |  |  | CA | Los Angeles-Long Beach-Santa Ana | 91 | 91 | 98.8% |  | — | 43 | Stater Bros. | $ | 22.31 |
Navajo Shopping Center | GRI | 40% | CA | San Diego-Carlsbad-San Marcos | 102 | 41 | 98.0% |  | — | 44 | Albertsons | $ | 13.76 |
Newland Center |  |  | CA | Los Angeles-Long Beach-Santa Ana | 152 | 152 | 99.1% |  | — | 58 | Albertsons | $ | 22.93 |
Oakbrook Plaza |  |  | CA | Oxnard-Thousand Oaks-Ventura | 83 | 83 | 95.4% |  | — | 44 | Gelson's Markets | $ | 18.21 |
Oak Shade Town Center |  |  | CA | Sacramento--Arden-Arcade--Roseville | 104 | 104 | 99.4% |  | — | 40 | Safeway | $ | 20.03 |
Persimmon Place |  |  | CA | San Francisco-Oakland-Fremont | 153 | 153 | 100.0% |  | — | 40 | Whole Foods, Nordstrom Rack | $ | 34.28 |
Plaza Hermosa |  |  | CA | Los Angeles-Long Beach-Santa Ana | 95 | 95 | 100.0% |  | — | 37 | Von's Food & Drug | $ | 25.62 |
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 | $ | 21.40 |
Powell Street Plaza |  |  | CA | San Francisco-Oakland-Fremont | 166 | 166 | 100.0% |  | — | 10 | Trader Joe's | $ | 32.87 |
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 | 93.1% |  | — | 40 | Smart & Final | $ | 21.02 |
Rona Plaza |  |  |  | CA | Los Angeles-Long Beach-Santa Ana | 52 | 52 | 100.0% |  | — | 37 | Superior Super Warehouse | $ | 20.31 |
San Leandro Plaza |  |  | CA | San Francisco-Oakland-Fremont | 50 | 50 | 100.0% |  | 38 | 38 | (Safeway) | $ | 34.45 |
Seal Beach |  | C | 20% | CA | Los Angeles-Long Beach-Santa Ana | 97 | 19 | 97.8% |  | — | 48 | Von's Food & Drug | $ | 23.47 |
Sequoia Station |  |  | CA | San Francisco-Oakland-Fremont | 103 | 103 | 100.0% |  | 62 | 62 | (Safeway) | $ | 39.17 |
Silverado Plaza | GRI | 40% | CA | Napa | 85 | 34 | 98.4% |  | — | 32 | Nob Hill | $ | 16.60 |
Snell & Branham Plaza | GRI | 40% | CA | San Jose-Sunnyvale-Santa Clara | 92 | 37 | 100.0% |  | — | 53 | Safeway | $ | 18.26 |
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 | $ | 19.76 |
Tassajara Crossing |  |  | CA | San Francisco-Oakland-Fremont | 146 | 146 | 95.9% |  | — | 56 | Safeway | $ | 23.63 |
Tustin Legacy |  |  | CA | Los Angeles-Long Beach-Santa Ana | 112 | 112 | 82.3% |  | — | 44 | Stater Bros. | $ | 28.57 |
Twin Oaks Shopping Center |  | GRI | 40% | CA | Los Angeles-Long Beach-Santa Ana | 98 | 39 | 96.9% |  | — | 41 | Ralphs | $ | 18.26 |
Twin Peaks |  |  |  | CA | San Diego-Carlsbad-San Marcos | 208 | 208 | 96.9% |  | — | — | Target | $ | 19.74 |
The Hub Hillcrest Market (fka Uptown District) |  |  | CA | San Diego-Carlsbad-San Marcos | 149 | 149 | 97.6% |  | — | 52 | Ralphs, Trader Joe's | $ | 37.72 |
Valencia Crossroads |  |  | CA | Los Angeles-Long Beach-Santa Ana | 173 | 173 | 100.0% |  | — | 35 | Whole Foods, Kohl's | $ | 26.03 |
Village at La Floresta |  |  | CA | Los Angeles-Long Beach-Santa Ana | 87 | 87 | 100.0% |  | — | 37 | Whole Foods | $ | 32.70 |
West Park Plaza |  |  | CA | San Jose-Sunnyvale-Santa Clara | 88 | 88 | 100.0% |  | — | 25 | Safeway | $ | 17.71 |
Westlake Village Plaza and Center |  |  | CA | Oxnard-Thousand Oaks-Ventura | 197 | 197 | 100.0% |  | — | 72 | Von's Food & Drug and Sprouts | $ | 36.97 |
Woodman Van Nuys |  |  | CA | Los Angeles-Long Beach-Santa Ana | 108 | 108 | 100.0% |  | — | 78 | El Super | $ | 15.33 |
Woodside Central |  |  | CA | San Francisco-Oakland-Fremont | 81 | 81 | 100.0% |  | 113 | — | (Target) | $ | 23.98 |
Ygnacio Plaza | GRI | 40% | CA | San Francisco-Oakland-Fremont | 110 | 44 | 100.0% |  | — | 17 | Sports Basement | $ | 35.45 |
|  |  |  | CA |  | 8,386 | 6,692 | 97.6% | 97.9% | 1,153 | 2,507 |  |
Applewood Shopping Center | GRI | 40% | CO | Denver-Aurora | 372 | 149 | 91.5% |  | — | 71 | King Soopers, Wal-Mart | $ | 12.02 |

|  | 36

Portfolio Summary Report By State
December 31, 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
Arapahoe Village | GRI | 40% | CO | Boulder | 159 | 64 | 95.2% |  | — | 44 | Safeway | $ | 17.48 |
Belleview Square |  |  | CO | Denver-Aurora | 117 | 117 | 100.0% |  | — | 65 | King Soopers | $ | 18.02 |
Boulevard Center |  |  | CO | Denver-Aurora | 79 | 79 | 94.1% |  | 53 | 53 | (Safeway) | $ | 28.32 |
Buckley Square |  |  | CO | Denver-Aurora | 116 | 116 | 100.0% |  | — | 62 | King Soopers | $ | 11.05 |
Centerplace of Greeley III Phase I |  |  | CO | Greeley | 119 | 119 | 64.7% |  | — | — | — | $ | 13.70 |
Cherrywood Square | GRI | 40% | CO | Denver-Aurora | 97 | 39 | 97.8% |  | — | 72 | King Soopers | $ | 9.88 |
Crossroads Commons | C | 20% | CO | Boulder | 143 | 29 | 100.0% |  | — | 66 | Whole Foods | $ | 26.95 |
Falcon Marketplace |  |  | CO | Colorado Springs | 22 | 22 | 93.8% |  | 184 | 50 | (Wal-Mart) | $ | 21.83 |
Hilltop Village |  |  | CO | Denver-Aurora | 100 | 100 | 91.1% |  | — | 66 | King Soopers | $ | 9.38 |
Kent Place |  | M | 50% | CO | Denver-Aurora | 48 | 48 | 100.0% |  | — | 30 | King Soopers | $ | 19.49 |
Littleton Square |  |  | CO | Denver-Aurora | 99 | 99 | 100.0% |  | — | 78 | King Soopers | $ | 10.46 |
Lloyd King Center |  |  | CO | Denver-Aurora | 83 | 83 | 96.9% |  | — | 61 | King Soopers | $ | 11.83 |
Marketplace at Briargate |  |  | CO | Colorado Springs | 29 | 29 | 91.8% |  | 66 | 66 | (King Soopers) | $ | 30.11 |
Monument Jackson Creek |  |  | CO | Colorado Springs | 85 | 85 | 100.0% |  | — | 70 | King Soopers | $ | 11.73 |
Ralston Square Shopping Center | GRI | 40% | CO | Denver-Aurora | 83 | 33 | 100.0% |  | — | 55 | King Soopers | $ | 11.01 |
Shops at Quail Creek |  |  | CO | Denver-Aurora | 38 | 38 | 96.5% |  | 100 | 100 | (King Soopers) | $ | 28.01 |
Stroh Ranch |  |  |  | CO | Denver-Aurora | 93 | 93 | 98.5% |  | — | 70 | King Soopers | $ | 12.71 |
Woodmen Plaza |  |  | CO | Colorado Springs | 116 | 116 | 94.1% |  | — | 70 | King Soopers | $ | 13.05 |
|  |  |  | CO |  | 1,999 | 1,459 | 94.0% | 94.0% | 403 | 1,149 |  |
Black Rock |  | M | 80% | CT | Bridgeport-Stamford-Norwalk | 98 | 98 | 97.8% |  | — | — | — | $ | 32.14 |
Brick Walk |  | M | 80% | CT | Bridgeport-Stamford-Norwalk | 124 | 124 | 90.5% |  | — | — | — | $ | 44.57 |
Corbin's Corner | GRI | 40% | CT | Hartford-West Hartford-East Hartford | 186 | 74 | 94.8% |  | — | 10 | Trader Joe's, Toys "R" Us, Best Buy | $ | 26.39 |
Fairfield Center | M | 80% | CT | Bridgeport-Stamford-Norwalk | 94 | 94 | 97.0% |  | — | — | — | $ | 33.94 |
|  |  |  | CT |  | 502 | 390 | 94.7% | 94.7% | — | 10 |  |
Shops at The Columbia | RC | 25% | DC | Washington-Arlington-Alexandria | 23 | 6 | 100.0% |  | — | 12 | Trader Joe's | $ | 40.51 |
Spring Valley Shopping Center | GRI | 40% | DC | Washington-Arlington-Alexandria | 17 | 7 | 100.0% |  | — | — | — | $ | 91.76 |
|  |  |  | DC |  | 40 | 12 | 100.0% | 100.0% | — | 12 |  |
Pike Creek |  |  |  | DE | Philadelphia-Camden-Wilmington | 232 | 232 | 93.6% |  | — | 49 | Acme Markets, K-Mart | $ | 14.20 |
Shoppes of Graylyn | GRI | 40% | DE | Philadelphia-Camden-Wilmington | 64 | 26 | 92.6% |  | — | — | — | $ | 23.46 |
|  |  |  | DE |  | 298 | 258 | 92.0% | 92.0% | — | 49 |  |
Anastasia Plaza |  |  | FL | Jacksonville | 102 | 102 | 98.4% |  | — | 49 | Publix | $ | 13.06 |
Aventura Shopping Center |  |  | FL | Miami-Fort Lauderdale-Miami Beach | 95 | 95 | 84.8% |  | — | 36 | Publix | $ | 32.49 |
Berkshire Commons |  |  | FL | Naples-Marco Island | 110 | 110 | 96.9% |  | — | 66 | Publix | $ | 13.76 |
Bloomingdale Square |  |  | FL | Tampa-St. Petersburg-Clearwater | 268 | 268 | 64.5% |  | — | 40 | Publix, Bealls | $ | 12.78 |
Boynton Lakes Plaza |  |  | FL | Miami-Fort Lauderdale-Miami Beach | 110 | 110 | 94.9% |  | — | 46 | Publix | $ | 15.89 |

|  | 37

Portfolio Summary Report By State
December 31, 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
Brooklyn Station on Riverside (fka Shoppes on Riverside) |  |  | FL | Jacksonville | 50 | 50 | 97.2% |  | — | 20 | The Fresh Market | $ | 25.52 |
Caligo Crossing |  |  | FL | Miami-Fort Lauderdale-Miami Beach | 11 | 11 | 100.0% |  | 98 | — | (Kohl's) | $ | 46.84 |
Carriage Gate |  |  | FL | Tallahassee | 74 | 74 | 86.6% |  | — | 13 | Trader Joe's | $ | 21.40 |
Chasewood Plaza |  |  | FL | Miami-Fort Lauderdale-Miami Beach | 151 | 151 | 100.0% |  | — | 54 | Publix | $ | 24.76 |
Corkscrew Village |  |  | FL | Cape Coral-Fort Myers | 82 | 82 | 97.0% |  | — | 51 | Publix | $ | 13.55 |
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) | $ | 15.09 |
Fountain Square |  |  | FL | Miami-Fort Lauderdale-Miami Beach | 177 | 177 | 96.4% |  | 140 | 46 | Publix, (Target) | $ | 25.55 |
Garden Square |  |  | FL | Miami-Fort Lauderdale-Miami Beach | 90 | 90 | 100.0% |  | — | 42 | Publix | $ | 16.72 |
Grande Oak |  |  |  | FL | Cape Coral-Fort Myers | 79 | 79 | 98.2% |  | — | 54 | Publix | $ | 15.29 |
Hibernia Pavilion |  |  | FL | Jacksonville | 51 | 51 | 89.6% |  | — | 39 | Publix | $ | 15.81 |
John's Creek Center | C | 20% | FL | Jacksonville | 75 | 15 | 100.0% |  | — | 45 | Publix | $ | 14.63 |
Julington Village | C | 20% | FL | Jacksonville | 82 | 16 | 98.0% |  | — | 51 | Publix | $ | 15.35 |
Marketplace Shopping Center |  |  | FL | Tampa-St. Petersburg-Clearwater | 90 | 90 | 88.8% |  | — | — | LA Fitness | $ | 19.53 |
Millhopper Shopping Center |  |  | FL | Gainesville | 76 | 76 | 100.0% |  | — | 46 | Publix | $ | 16.47 |
Naples Walk Shopping Center |  |  | FL | Naples-Marco Island | 125 | 125 | 93.9% |  | — | 51 | Publix | $ | 15.90 |
Newberry Square |  |  | FL | Gainesville | 181 | 181 | 83.3% |  | — | 40 | Publix, K-Mart | $ | 7.12 |
Nocatee Town Center |  |  | FL | Jacksonville | 107 | 107 | 89.6% |  | — | 54 | Publix | $ | 17.80 |
Northgate Square |  |  | FL | Tampa-St. Petersburg-Clearwater | 75 | 75 | 98.2% |  | — | 48 | Publix | $ | 14.14 |
Oakleaf Commons |  |  | FL | Jacksonville | 74 | 74 | 90.5% |  | — | 46 | Publix | $ | 14.14 |
Ocala Corners |  |  | FL | Tallahassee | 87 | 87 | 100.0% |  | — | 61 | Publix | $ | 13.74 |
Old St Augustine Plaza |  |  | FL | Jacksonville | 256 | 256 | 100.0% |  | — | 52 | Publix, Burlington Coat Factory, Hobby Lobby | $ | 9.77 |
Pebblebrook Plaza | O | 50% | FL | Naples-Marco Island | 77 | 38 | 100.0% |  | — | 61 | Publix | $ | 14.58 |
Pine Tree Plaza |  |  | FL | Jacksonville | 63 | 63 | 90.7% |  | — | 38 | Publix | $ | 13.58 |
Plaza Venezia | C | 20% | FL | Orlando | 202 | 40 | 95.1% |  | — | 51 | Publix | $ | 25.61 |
Regency Square |  |  | FL | Tampa-St. Petersburg-Clearwater | 352 | 352 | 95.9% |  | 66 | — | AMC Theater, Michaels, (Best Buy), (Macdill) | $ | 16.74 |
Seminole Shoppes | O | 50% | FL | Jacksonville | 77 | 38 | 100.0% |  | — | 54 | Publix | $ | 22.04 |
Shoppes @ 104 |  |  | FL | Miami-Fort Lauderdale-Miami Beach | 108 | 108 | 97.4% |  | — | 46 | Winn-Dixie | $ | 16.98 |
Shoppes at Bartram Park | O | 50% | FL | Jacksonville | 126 | 63 | 100.0% |  | 97 | 45 | Publix, (Kohl's) | $ | 19.13 |
Shops at John's Creek |  |  | FL | Jacksonville | 15 | 15 | 100.0% |  | — | — | — | $ | 20.78 |
Starke |  |  |  | FL | Other | 13 | 13 | 100.0% |  | — | — | — | $ | 25.56 |
Suncoast Crossing |  |  | FL | Tampa-St. Petersburg-Clearwater | 118 | 118 | 92.0% |  | 143 | — | Kohl's, (Target) | $ | 6.14 |
Town Square |  |  | FL | Tampa-St. Petersburg-Clearwater | 44 | 44 | 100.0% |  | — | — | — | $ | 29.32 |
University Commons |  |  | FL | Miami-Fort Lauderdale-Miami Beach | 180 | 180 | 100.0% |  | — | 51 | Whole Foods, Nordstrom Rack | $ | 31.11 |

|  | 38

Portfolio Summary Report By State
December 31, 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
Village Center |  |  | FL | Tampa-St. Petersburg-Clearwater | 187 | 187 | 99.9% |  | — | 36 | Publix | $ | 19.24 |
Welleby Plaza |  |  | FL | Miami-Fort Lauderdale-Miami Beach | 110 | 110 | 91.0% |  | — | 47 | Publix | $ | 12.54 |
Wellington Town Square |  |  | FL | Miami-Fort Lauderdale-Miami Beach | 107 | 107 | 94.0% |  | — | 45 | Publix | $ | 21.84 |
Westchase |  |  |  | FL | Tampa-St. Petersburg-Clearwater | 79 | 79 | 98.5% |  | — | 51 | Publix | $ | 15.49 |
Willa Springs |  | USAA | 20% | FL | Orlando | 90 | 18 | 100.0% |  | — | 44 | Publix | $ | 19.99 |
|  |  |  | FL |  | 4,896 | 4,397 | 93.9% | 93.9% | 737 | 1,731 |  |
Ashford Place |  |  | GA | Atlanta-Sandy Springs-Marietta | 53 | 53 | 100.0% |  | — | — | — | $ | 20.87 |
Briarcliff La Vista |  |  | GA | Atlanta-Sandy Springs-Marietta | 39 | 39 | 100.0% |  | — | — | — | $ | 20.17 |
Briarcliff Village |  |  | GA | Atlanta-Sandy Springs-Marietta | 190 | 190 | 98.4% |  | — | 43 | Publix | $ | 16.01 |
Brighten Park (fka Loehmanns Plaza Georgia) |  |  | GA | Atlanta-Sandy Springs-Marietta | 138 | 138 | 97.8% |  | — | 25 | The Fresh Market | $ | 24.54 |
Buckhead Court |  |  | GA | Atlanta-Sandy Springs-Marietta | 48 | 48 | 100.0% |  | — | — | — | $ | 21.67 |
Cambridge Square |  |  | GA | Atlanta-Sandy Springs-Marietta | 71 | 71 | 100.0% |  | — | 41 | Kroger | $ | 14.97 |
Cornerstone Square |  |  | GA | Atlanta-Sandy Springs-Marietta | 80 | 80 | 87.6% |  | — | 18 | Aldi | $ | 16.56 |
Delk Spectrum |  |  | GA | Atlanta-Sandy Springs-Marietta | 99 | 99 | 93.8% |  | — | 45 | Publix | $ | 14.89 |
Dunwoody Hall | USAA | 20% | GA | Atlanta-Sandy Springs-Marietta | 86 | 17 | 98.5% |  | — | 44 | Publix | $ | 17.60 |
Dunwoody Village |  |  | GA | Atlanta-Sandy Springs-Marietta | 121 | 121 | 94.4% |  | — | 18 | The Fresh Market | $ | 18.78 |
Howell Mill Village |  |  | GA | Atlanta-Sandy Springs-Marietta | 92 | 92 | 98.6% |  | — | 31 | Publix | $ | 21.69 |
Paces Ferry Plaza |  |  | GA | Atlanta-Sandy Springs-Marietta | 65 | 65 | 75.7% |  | — | — | — | $ | 31.82 |
Powers Ferry Square |  |  | GA | Atlanta-Sandy Springs-Marietta | 101 | 101 | 74.3% |  | — | — | — | $ | 32.97 |
Powers Ferry Village |  |  | GA | Atlanta-Sandy Springs-Marietta | 79 | 79 | 100.0% |  | — | 48 | Publix | $ | 13.58 |
Russell Ridge |  |  | GA | Atlanta-Sandy Springs-Marietta | 101 | 101 | 98.6% |  | — | 63 | Kroger | $ | 12.82 |
Sandy Springs |  |  | GA | Atlanta-Sandy Springs-Marietta | 116 | 116 | 88.6% |  | — | 12 | Trader Joe's | $ | 21.56 |
|  |  |  | GA |  | 1,481 | 1,412 | 93.9% | 93.9% | — | 390 |  |
Civic Center Plaza | GRI | 40% | IL | Chicago-Naperville-Joliet | 265 | 106 | 98.1% |  | — | 87 | Super H Mart, Home Depot | $ | 11.25 |
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 | $ | 23.19 |
Hinsdale |  |  |  | IL | Chicago-Naperville-Joliet | 179 | 179 | 97.8% |  | — | 57 | Whole Foods | $ | 15.10 |
Riverside Sq & River's Edge | GRI | 40% | IL | Chicago-Naperville-Joliet | 169 | 68 | 91.1% |  | — | 74 | Mariano's Fresh Market | $ | 16.04 |
Roscoe Square | GRI | 40% | IL | Chicago-Naperville-Joliet | 140 | 56 | 100.0% |  | — | 51 | Mariano's Fresh Market | $ | 20.49 |
Stonebrook Plaza Shopping Center | GRI | 40% | IL | Chicago-Naperville-Joliet | 96 | 38 | 90.8% |  | — | 63 | Jewel-Osco | $ | 12.09 |
Westchester Commons (fka Westbrook Commons) |  |  | IL | Chicago-Naperville-Joliet | 139 | 139 | 97.6% |  | — | 51 | Mariano's Fresh Market | $ | 17.73 |
Willow Festival |  |  | IL | Chicago-Naperville-Joliet | 404 | 404 | 100.0% |  | — | 60 | Whole Foods, Lowe's | $ | 16.94 |
|  |  |  | IL |  | 1,487 | 1,085 | 98.0% | 98.0% | — | 456 |  |
Shops on Main | M | 92% | IN | Chicago-Naperville-Joliet | 254 | 254 | 97.9% |  | — | 40 | Whole Foods, Gordmans | $ | 15.33 |

|  | 39

Portfolio Summary Report By State
December 31, 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
Willow Lake Shopping Center | GRI | 40% | IN | Indianapolis | 86 | 34 | 100.0% |  | 64 | 64 | (Kroger) | $ | 16.72 |
Willow Lake West Shopping Center | GRI | 40% | IN | Indianapolis | 53 | 21 | 100.0% |  | — | 12 | Trader Joe's | $ | 24.94 |
|  |  |  | IN |  | 393 | 310 | 98.3% | 98.3% | 64 | 116 |  |
Fellsway Plaza | M | 75% | MA | Boston-Cambridge-Quincy | 155 | 155 | 100.0% |  | — | 61 | Stop & Shop | $ | 22.69 |
Shops at Saugus |  |  | MA | Boston-Cambridge-Quincy | 87 | 87 | 94.4% |  | — | 11 | Trader Joe's | $ | 28.86 |
Twin City Plaza |  |  | MA | Boston-Cambridge-Quincy | 274 | 274 | 93.2% |  | — | 63 | Shaw's, Marshall's | $ | 18.16 |
|  |  |  | MA |  | 516 | 516 | 95.5% | 95.5% | — | 135 |  |
Burnt Mills |  | C | 20% | MD | Washington-Arlington-Alexandria | 31 | 6 | 100.0% |  | — | 9 | Trader Joe's | $ | 38.25 |
Cloppers Mill Village |  | GRI | 40% | MD | Washington-Arlington-Alexandria | 137 | 55 | 92.5% |  | — | 70 | Shoppers Food Warehouse | $ | 17.34 |
Festival at Woodholme | GRI | 40% | MD | Baltimore-Towson | 81 | 32 | 95.4% |  | — | 10 | Trader Joe's | $ | 38.09 |
Firstfield Shopping Center | GRI | 40% | MD | Washington-Arlington-Alexandria | 22 | 9 | 95.5% |  | — | — | — | $ | 37.89 |
King Farm Village Center | RC | 25% | MD | Washington-Arlington-Alexandria | 118 | 30 | 95.3% |  | — | 54 | Safeway | $ | 26.04 |
Parkville Shopping Center | GRI | 40% | MD | Baltimore-Towson | 163 | 65 | 92.5% |  | — | 41 | Giant Food | $ | 15.88 |
Southside Marketplace | GRI | 40% | MD | Baltimore-Towson | 125 | 50 | 96.0% |  | — | 44 | Shoppers Food Warehouse | $ | 19.34 |
Takoma Park |  | GRI | 40% | MD | Washington-Arlington-Alexandria | 104 | 42 | 100.0% |  | — | 64 | Shoppers Food Warehouse | $ | 13.02 |
Valley Centre | GRI | 40% | MD | Baltimore-Towson | 220 | 88 | 97.0% |  | — | 18 | Aldi, TJ Maxx | $ | 15.77 |
Village at Lee Airpark |  |  | MD | Baltimore-Towson | 117 | 117 | 97.9% |  | 75 | 63 | Giant Food, (Sunrise) | $ | 28.13 |
Watkins Park Plaza | GRI | 40% | MD | Washington-Arlington-Alexandria | 111 | 45 | 100.0% |  | — | — | LA Fitness | $ | 25.45 |
Woodmoor Shopping Center | GRI | 40% | MD | Washington-Arlington-Alexandria | 69 | 28 | 98.1% |  | — | — | — | $ | 29.71 |
|  |  |  | MD |  | 1,299 | 566 | 96.5% | 96.5% | 75 | 373 |  |
Fenton Marketplace |  |  | MI | Flint | 97 | 97 | 97.1% |  | — | — | Family Farm & Home | $ | 7.88 |
|  |  |  | MI |  | 97 | 97 | 97.1% | 97.1% | — | — |  |
Brentwood Plaza |  |  | MO | St. Louis | 60 | 60 | 100.0% |  | — | 52 | Schnucks | $ | 10.48 |
Bridgeton |  |  |  | MO | St. Louis | 71 | 71 | 97.3% |  | 130 | 63 | Schnucks, (Home Depot) | $ | 11.93 |
Dardenne Crossing |  |  | MO | St. Louis | 67 | 67 | 100.0% |  | — | 63 | Schnucks | $ | 10.85 |
Kirkwood Commons |  |  | MO | St. Louis | 210 | 210 | 100.0% |  | 258 | — | Wal-Mart, (Target), (Lowe's) | $ | 9.97 |
|  |  |  | 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) | $ | 12.63 |
Calhoun Commons | RC | 25% | MN | Minneapolis-St. Paul-Bloomington | 66 | 17 | 100.0% |  | — | 50 | Whole Foods | $ | 24.34 |
Colonial Square | GRI | 40% | MN | Minneapolis-St. Paul-Bloomington | 93 | 37 | 97.4% |  | — | 44 | Lund's | $ | 22.38 |
Rockford Road Plaza | GRI | 40% | MN | Minneapolis-St. Paul-Bloomington | 204 | 82 | 100.0% |  | — | — | Kohl's | $ | 12.38 |
Rockridge Center | C | 20% | MN | Minneapolis-St. Paul-Bloomington | 125 | 25 | 96.0% |  | — | 89 | Cub Foods | $ | 13.15 |
|  |  |  | MN |  | 674 | 207 | 98.8% | 98.8% | 87 | 245 |  |
Cameron Village | C | 30% | NC | Raleigh-Cary | 558 | 167 | 91.6% |  | — | 87 | Harris Teeter, The Fresh Market | $ | 21.75 |

|  | 40

Portfolio Summary Report By State
December 31, 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
Carmel Commons |  |  | NC | Charlotte-Gastonia-Concord | 133 | 133 | 99.2% |  | — | 14 | The Fresh Market | $ | 19.72 |
Cochran Commons | C | 20% | NC | Charlotte-Gastonia-Concord | 66 | 13 | 98.2% |  | — | 42 | Harris Teeter | $ | 16.26 |
Colonnade Center |  |  | NC | Raleigh-Cary | 58 | 58 | 100.0% |  | — | 40 | Whole Foods | $ | 27.19 |
Glenwood Village |  |  | NC | Raleigh-Cary | 43 | 43 | 100.0% |  | — | 28 | Harris Teeter | $ | 15.34 |
Harris Crossing |  |  | NC | Raleigh-Cary | 65 | 65 | 92.9% |  | — | 53 | Harris Teeter | $ | 8.54 |
Holly Park |  | M | 99% | NC | Raleigh-Cary | 160 | 160 | 93.3% |  | — | 12 | Trader Joe's | $ | 15.32 |
Lake Pine Plaza |  |  | NC | Raleigh-Cary | 88 | 88 | 100.0% |  | — | 58 | Kroger | $ | 12.35 |
Maynard Crossing | USAA | 20% | NC | Raleigh-Cary | 123 | 25 | 98.9% |  | — | 56 | Kroger | $ | 15.32 |
Phillips Place |  | O | 50% | NC | Charlotte-Gastonia-Concord | 133 | 67 | 96.9% |  | — | — | Dean & Deluca | $ | 32.29 |
Providence Commons | RC | 25% | NC | Charlotte-Gastonia-Concord | 74 | 19 | 100.0% |  | — | 50 | Harris Teeter | $ | 18.20 |
Shops at Erwin Mill (fka Erwin Square) | M | 55% | NC | Durham-Chapel Hill | 87 | 87 | 97.2% |  | — | 53 | Harris Teeter | $ | 16.97 |
Shoppes of Kildaire | GRI | 40% | NC | Raleigh-Cary | 145 | 58 | 98.6% |  | — | 19 | Trader Joe's | $ | 17.91 |
Southpoint Crossing |  |  | NC | Durham-Chapel Hill | 103 | 103 | 93.9% |  | — | 59 | Kroger | $ | 15.52 |
Sutton Square | C | 20% | NC | Raleigh-Cary | 101 | 20 | 98.7% |  | — | 24 | The Fresh Market | $ | 18.79 |
Village Plaza |  | C | 20% | NC | Durham-Chapel Hill | 75 | 15 | 96.8% |  | — | 42 | Whole Foods | $ | 16.89 |
Willow Oaks |  |  |  | NC | Charlotte-Gastonia-Concord | 69 | 69 | 92.9% |  | — | 49 | Publix | $ | 16.68 |
Woodcroft Shopping Center |  |  | NC | Durham-Chapel Hill | 90 | 90 | 95.7% |  | — | 41 | Food Lion | $ | 12.67 |
|  |  |  | NC |  | 2,170 | 1,278 | 95.9% | 96.1% | — | 727 |  |
Chimney Rock Crossing |  |  |  | NJ | New York-Northern New Jersey-Long Island | 218 | 218 | 65.9% |  | — | 50 | Whole Foods, Nordstrom Rack | $ | 29.73 |
Plaza Square |  | GRI | 40% | NJ | New York-Northern New Jersey-Long Island | 104 | 42 | 100.0% |  | — | 60 | Shop Rite | $ | 22.45 |
Haddon Commons | GRI | 40% | NJ | Philadelphia-Camden-Wilmington | 54 | 22 | 100.0% |  | — | 34 | Acme Markets | $ | 13.67 |
|  |  |  | NJ |  | 376 | 281 | 73.6% | 100.0% | — | 94 |  |
Garden City Park |  |  |  | NY | New York-Northern New Jersey-Long Island | 105 | 105 | 96.4% |  |  | 52 | King Kullen | $ | 19.55 |
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 | 92.3% |  | — | 66 | Kroger | $ | 11.88 |
East Pointe |  |  |  | OH | Columbus | 107 | 107 | 98.7% |  | — | 59 | Kroger | $ | 9.82 |
Hyde Park |  |  |  | OH | Cincinnati-Middletown | 397 | 397 | 99.3% |  | — | 169 | Kroger, Remke Markets | $ | 15.63 |
Kroger New Albany Center | M | 50% | OH | Columbus | 93 | 93 | 100.0% |  | — | 65 | Kroger | $ | 11.98 |
Maxtown Road (Northgate) |  |  | OH | Columbus | 105 | 105 | 100.0% |  | 90 | 62 | Kroger, (Home Depot) | $ | 12.62 |
Red Bank Village |  |  | OH | Cincinnati-Middletown | 164 | 164 | 100.0% |  | — | — | Wal-Mart | $ | 6.53 |
Regency Commons |  |  | OH | Cincinnati-Middletown | 34 | 34 | 100.0% |  | — | — | — | $ | 22.83 |
Westchester Plaza |  |  | OH | Cincinnati-Middletown | 88 | 88 | 100.0% |  | — | 67 | Kroger | $ | 9.68 |

|  | 41

Portfolio Summary Report By State
December 31, 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
|  |  |  | OH |  | 1,184 | 1,184 | 98.4% | 98.4% | 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 | 94.7% |  | — | 38 | Whole Foods | $ | 13.62 |
Murrayhill Marketplace |  |  | OR | Portland-Vancouver-Beaverton | 150 | 150 | 85.9% |  | — | 41 | Safeway | $ | 16.03 |
Northgate Marketplace |  |  | OR | Medford | 81 | 81 | 100.0% |  | — | 13 | Trader Joe's | $ | 21.68 |
Northgate Marketplace Ph II |  |  | OR | Medford | 177 | 177 | 90.9% |  | — | — | Dick's Sporting Goods | $ | 14.68 |
Sherwood Crossroads |  |  | OR | Portland-Vancouver-Beaverton | 88 | 88 | 93.8% |  | — | 55 | Safeway | $ | 10.86 |
Tanasbourne Market |  |  | OR | Portland-Vancouver-Beaverton | 71 | 71 | 100.0% |  | — | 57 | Whole Foods | $ | 27.53 |
Walker Center |  |  | OR | Portland-Vancouver-Beaverton | 90 | 90 | 92.4% |  | — | — | Bed Bath and Beyond | $ | 20.32 |
|  |  |  | OR |  | 835 | 779 | 93.4% | 94.1% | — | 215 |  |
Allen Street Shopping Center | GRI | 40% | PA | Allentown-Bethlehem-Easton | 46 | 18 | 100.0% |  | — | 22 | Ahart's Market | $ | 14.44 |
City Avenue Shopping Center | GRI | 40% | PA | Philadelphia-Camden-Wilmington | 162 | 65 | 89.6% |  | — | — | Ross Dress for Less | $ | 19.23 |
Gateway Shopping Center |  |  | PA | Philadelphia-Camden-Wilmington | 221 | 221 | 94.8% |  | — | 11 | Trader Joe's | $ | 29.40 |
Hershey |  |  |  | PA | Harrisburg-Carlisle | 6 | 6 | 100.0% |  | — | — | — | $ | 28.00 |
Lower Nazareth Commons |  |  | PA | Allentown-Bethlehem-Easton | 90 | 90 | 94.2% |  | 244 | 111 | (Wegmans), (Target) | $ | 24.31 |
Mercer Square Shopping Center | GRI | 40% | PA | Philadelphia-Camden-Wilmington | 91 | 37 | 95.9% |  | — | 51 | Weis Markets | $ | 22.60 |
Newtown Square Shopping Center | GRI | 40% | PA | Philadelphia-Camden-Wilmington | 143 | 57 | 84.3% |  | — | 56 | Acme Markets | $ | 17.80 |
Stefko Boulevard Shopping Center | GRI | 40% | PA | Allentown-Bethlehem-Easton | 134 | 54 | 93.9% |  | — | 73 | Valley Farm Market | $ | 7.89 |
Warwick Square Shopping Center | GRI | 40% | PA | Philadelphia-Camden-Wilmington | 90 | 36 | 95.1% |  | — | 51 | Giant Food | $ | 20.56 |
|  |  |  | PA |  | 983 | 584 | 93.3% | 93.3% | 244 | 375 |  |
Merchants Village | GRI | 40% | SC | Charleston-North Charleston | 80 | 32 | 100.0% |  | — | 38 | Publix | $ | 15.70 |
|  |  |  | SC |  | 80 | 32 | 100.0% | 100.0% | — | 38 |  |
Harpeth Village Fieldstone |  |  | TN | Nashville-Davidson--Murfreesboro | 70 | 70 | 100.0% |  | — | 55 | Publix | $ | 14.65 |
Northlake Village |  |  | TN | Nashville-Davidson--Murfreesboro | 138 | 138 | 91.5% |  | — | 75 | Kroger | $ | 13.23 |
Peartree Village |  |  | TN | Nashville-Davidson--Murfreesboro | 110 | 110 | 100.0% |  | — | 61 | Harris Teeter | $ | 18.32 |
|  |  |  | TN |  | 317 | 317 | 96.3% | 96.3% | — | 191 |  |
Alden Bridge |  | USAA | 20% | TX | Houston-Baytown-Sugar Land | 139 | 28 | 100.0% |  | — | 68 | Kroger | $ | 19.70 |
Bethany Park Place | USAA | 20% | TX | Dallas-Fort Worth-Arlington | 99 | 20 | 100.0% |  | — | 83 | Kroger | $ | 11.63 |
CityLine Market |  |  | TX | Dallas-Fort Worth-Arlington | 81 | 81 | 100.0% |  | — | 40 | Whole Foods | $ | 26.57 |
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 | $ | 17.77 |
Hancock |  |  |  | TX | Austin-Round Rock | 410 | 410 | 98.0% |  | — | 90 | H.E.B., Sears | $ | 14.86 |
Hickory Creek Plaza |  |  | TX | Dallas-Fort Worth-Arlington | 28 | 28 | 100.0% |  | 81 | 81 | (Kroger) | $ | 25.51 |
Hillcrest Village |  |  | TX | Dallas-Fort Worth-Arlington | 15 | 15 | 100.0% |  | — | — | — | $ | 45.81 |
Indian Springs Center |  |  | TX | Houston-Baytown-Sugar Land | 137 | 137 | 100.0% |  | — | 79 | H.E.B. | $ | 23.76 |

|  | 42

Portfolio Summary Report By State
December 31, 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
Keller Town Center |  |  | TX | Dallas-Fort Worth-Arlington | 120 | 120 | 96.9% |  | — | 64 | Tom Thumb | $ | 15.31 |
Lebanon/Legacy Center |  |  | TX | Dallas-Fort Worth-Arlington | 56 | 56 | 100.0% |  | 63 | 63 | (Wal-Mart) | $ | 24.01 |
Market at Preston Forest |  |  | TX | Dallas-Fort Worth-Arlington | 96 | 96 | 100.0% |  | — | 64 | Tom Thumb | $ | 20.35 |
Market at Round Rock |  |  | TX | Austin-Round Rock | 123 | 123 | 100.0% |  | — | 30 | Sprout's Markets | $ | 17.31 |
Market at Springwoods Village | M | 53% | TX | Houston-Baytown-Sugar Land | 167 | 167 | 81.5% |  | — | 100 | Kroger | $ | 11.81 |
Mockingbird Common |  |  |  | TX | Dallas-Fort Worth-Arlington | 120 | 120 | 95.0% |  | — | 49 | Tom Thumb | $ | 16.86 |
North Hills |  |  | TX | Austin-Round Rock | 144 | 144 | 98.7% |  | — | 60 | H.E.B. | $ | 22.16 |
Panther Creek |  |  |  | TX | Houston-Baytown-Sugar Land | 166 | 166 | 100.0% |  | — | 66 | Randall's Food | $ | 19.31 |
Prestonbrook |  |  |  | TX | Dallas-Fort Worth-Arlington | 92 | 92 | 100.0% |  | — | 64 | Kroger | $ | 14.04 |
Preston Oaks |  |  | TX | Dallas-Fort Worth-Arlington | 104 | 104 | 94.8% |  | — | 30 | H.E.B. Central Market | $ | 31.28 |
Shiloh Springs | USAA | 20% | TX | Dallas-Fort Worth-Arlington | 110 | 22 | 92.4% |  | — | 61 | Kroger | $ | 14.21 |
Shops at Mira Vista |  |  | TX | Austin-Round Rock | 68 | 68 | 100.0% |  | — | 15 | Trader Joe's | $ | 21.58 |
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 | $ | 20.38 |
Sweetwater Plaza | C | 20% | TX | Houston-Baytown-Sugar Land | 134 | 27 | 97.5% |  | — | 65 | Kroger | $ | 16.88 |
Tech Ridge Center |  |  | TX | Austin-Round Rock | 185 | 185 | 98.8% |  | — | 84 | H.E.B. | $ | 23.05 |
The Village at Riverstone |  |  | TX | Houston-Baytown-Sugar Land | 165 | 165 | 72.3% |  | — | 100 | Kroger | $ | 9.97 |
Weslayan Plaza East | GRI | 40% | TX | Houston-Baytown-Sugar Land | 168 | 67 | 100.0% |  | — | — | Berings | $ | 19.44 |
Weslayan Plaza West | GRI | 40% | TX | Houston-Baytown-Sugar Land | 186 | 74 | 98.9% |  | — | 52 | Randall's Food | $ | 19.25 |
Westwood Village |  |  | TX | Houston-Baytown-Sugar Land | 184 | 184 | 96.7% |  | 127 | — | (Target) | $ | 18.42 |
Woodway Collection | GRI | 40% | TX | Houston-Baytown-Sugar Land | 97 | 39 | 98.8% |  | — | 45 | Whole Foods | $ | 27.53 |
|  |  |  | TX |  | 3,947 | 3,291 | 96.2% | 98.4% | 271 | 1,682 |  |
Ashburn Farm Market Center |  |  | VA | Washington-Arlington-Alexandria | 92 | 92 | 98.8% |  | — | 49 | Giant Food | $ | 25.31 |
Ashburn Farm Village Center | GRI | 40% | VA | Washington-Arlington-Alexandria | 89 | 36 | 97.3% |  | — | 57 | Shoppers Food Warehouse | $ | 13.99 |
Belmont Chase |  |  | VA | Washington-Arlington-Alexandria | 91 | 91 | 100.0% |  | — | 40 | Whole Foods | $ | 30.32 |
Braemar Shopping Center | RC | 25% | VA | Washington-Arlington-Alexandria | 96 | 24 | 97.9% |  | — | 58 | Safeway | $ | 21.63 |
Centre Ridge Marketplace | GRI | 40% | VA | Washington-Arlington-Alexandria | 104 | 42 | 95.7% |  | — | 55 | Shoppers Food Warehouse | $ | 17.86 |
Culpeper Colonnade |  |  | VA | Culpeper | 171 | 171 | 98.8% |  | 127 | 70 | Martin's, Dick's Sporting Goods, (Target) | $ | 15.13 |
Fairfax Shopping Center |  |  | VA | Washington-Arlington-Alexandria | 68 | 68 | 58.7% |  | — | — | — | $ | 6.69 |
Festival at Manchester Lakes | GRI | 40% | VA | Washington-Arlington-Alexandria | 169 | 67 | 100.0% |  | — | 65 | Shoppers Food Warehouse | $ | 26.44 |
Fox Mill Shopping Center | GRI | 40% | VA | Washington-Arlington-Alexandria | 103 | 41 | 100.0% |  | — | 50 | Giant Food | $ | 24.04 |
Gayton Crossing | GRI | 40% | VA | Richmond | 158 | 63 | 87.1% |  | 55 | 38 | Martin's, (Kroger) | $ | 15.11 |
Greenbriar Town Center | GRI | 40% | VA | Washington-Arlington-Alexandria | 340 | 136 | 97.7% |  | — | 62 | Giant Food | $ | 24.76 |
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) | $ | 22.74 |

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Portfolio Summary Report By State
December 31, 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
Kamp Washington Shopping Center | GRI | 40% | VA | Washington-Arlington-Alexandria | 72 | 29 | 95.0% |  | — | 20 | Earth Fare | $ | 38.11 |
Kings Park Shopping Center | GRI | 40% | VA | Washington-Arlington-Alexandria | 93 | 37 | 100.0% |  | — | 28 | Giant Food | $ | 28.03 |
Lorton Station Marketplace | C | 20% | VA | Washington-Arlington-Alexandria | 132 | 26 | 90.5% |  | — | 63 | Shoppers Food Warehouse | $ | 23.00 |
Market Common Clarendon |  |  | VA | Washington-Arlington-Alexandria | 393 | 393 | 71.5% |  | — | 34 | Whole Foods, Crate & Barrel | $ | 31.09 |
Saratoga Shopping Center | GRI | 40% | VA | Washington-Arlington-Alexandria | 113 | 45 | 96.5% |  | — | 56 | Giant Food | $ | 19.35 |
Shops at County Center |  |  | VA | Washington-Arlington-Alexandria | 97 | 97 | 91.6% |  | — | 52 | Harris Teeter | $ | 20.15 |
Shops at Stonewall |  |  | VA | Washington-Arlington-Alexandria | 321 | 321 | 99.1% |  | — | 140 | Wegmans, Dick's Sporting Goods | $ | 17.12 |
Town Center at Sterling Shopping Center | GRI | 40% | VA | Washington-Arlington-Alexandria | 187 | 75 | 90.2% |  | — | 47 | Giant Food | $ | 19.49 |
Village Center at Dulles | C | 20% | VA | Washington-Arlington-Alexandria | 298 | 60 | 93.3% |  | — | 48 | Shoppers Food Warehouse, Gold's Gym | $ | 25.72 |
Village Shopping Center | GRI | 40% | VA | Richmond | 111 | 44 | 98.2% |  | — | 45 | Martin's | $ | 23.04 |
Willston Centre I | GRI | 40% | VA | Washington-Arlington-Alexandria | 105 | 42 | 89.1% |  | — | — | — | $ | 25.98 |
Willston Centre II | GRI | 40% | VA | Washington-Arlington-Alexandria | 136 | 54 | 96.1% |  | 141 | 59 | Safeway, (Target) | $ | 24.71 |
|  |  |  | VA |  | 3,783 | 2,122 | 90.8% | 90.8% | 465 | 1,215 |  |
Aurora Marketplace | GRI | 40% | WA | Seattle-Tacoma-Bellevue | 107 | 43 | 92.3% |  | — | 49 | Safeway | $ | 16.06 |
Broadway Market | C | 20% | WA | Seattle-Tacoma-Bellevue | 140 | 28 | 96.0% |  | — | 64 | Quality Food Centers | $ | 24.43 |
Cascade Plaza | C | 20% | WA | Seattle-Tacoma-Bellevue | 215 | 43 | 92.6% |  | — | 49 | Safeway | $ | 11.68 |
Eastgate Plaza | GRI | 40% | WA | Seattle-Tacoma-Bellevue | 78 | 31 | 100.0% |  | — | 29 | Albertsons | $ | 24.24 |
Grand Ridge |  |  |  | WA | Seattle-Tacoma-Bellevue | 326 | 326 | 100.0% |  | — | 45 | Safeway, Regal Cinemas | $ | 22.65 |
Inglewood Plaza |  |  |  | WA | Seattle-Tacoma-Bellevue | 17 | 17 | 100.0% |  | — | — | — | $ | 37.39 |
Klahanie Shopping Center |  |  | WA | Seattle-Tacoma-Bellevue | 67 | 67 | 93.3% |  | 40 | 40 | (QFC) | $ | 30.52 |
Overlake Fashion Plaza | GRI | 40% | WA | Seattle-Tacoma-Bellevue | 81 | 32 | 100.0% |  | 230 | — | (Sears) | $ | 24.93 |
Pine Lake Village |  |  | WA | Seattle-Tacoma-Bellevue | 103 | 103 | 100.0% |  | — | 41 | Quality Food Centers | $ | 23.29 |
Sammamish-Highlands |  |  | WA | Seattle-Tacoma-Bellevue | 101 | 101 | 100.0% |  | 55 | 67 | (Safeway) | $ | 31.00 |
Southcenter |  |  |  | WA | Seattle-Tacoma-Bellevue | 58 | 58 | 100.0% |  | 112 | — | (Target) | $ | 28.66 |
|  |  |  | WA |  | 1,293 | 849 | 98.6% | 98.6% | 437 | 383 |  |
Regency Centers Total |  |  |  |  | 37,831 | 28,745 | 95.4% | 96.0% | 4,415 | 12,913 |  |
(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. |  |

C: | Co-investment Partnership with Oregon |  |  |  |  |  |  |
GRI: | Co-investment Partnership with GRI |  |  |  |  |  |  |
O: | Other, single property co-investment Partnerships |  |  |  |  |  |  |

|  | 44

RC: | Co-investment Partnership with CalSTRS |  |  |  |  |  |  |
USAA: | Co-investment Partnership with USAA |  |  |  |  |  |  |
M: | Co-investment Partnership with Minority Partner |  |  |  |  |  |  |

|  | 45

Earnings and Valuation Guidance
December 31, 2016

| 2015A | 2016A | 2017E
Net Income / Share |  |  | $1.34 - $1.40
Core FFO / Share |  |  | $3.44 - $3.50
NAREIT FFO / Share |  |  | $3.33 - $3.39
Same Property |  |  |
Same property percent leased at period end (pro-rata) | 95.8% | 96.2% | +/- 96.0%
Same property NOI growth without termination fees (pro-rata) | 4.4% | 3.5% | 2.25% - 3.0%
New Investments |  |  |
Development and Redevelopment starts (pro-rata) | $116,676 | $218,247 | $150,000 - $250,000
Estimated yield (weighted average) | 7.5% | 7.6% | 6.75% - 7.75%
Acquisitions (pro-rata) | $80,500 | $352,288 | $0 - $80,000
Cap rate (weighted average) | 5.2% | 4.2% | +/- 5.0%
Disposition Activity |  |  |
Dispositions for development funding (pro-rata) | $69,964 | $168,446 | $0 - $90,000
Cap rate (weighted average) | 6.9% | 6.6% | 6.0% - 7.0%
Dispositions for acquisition funding (pro-rata) | $50,000 | $— | $0
Cap rate (weighted average) | 5.1% | 0.0% | 0.0%
Net Asset Valuation Guidance: |  |  |
Estimated market value of undeveloped land(1) |  |  |
Land held for sale or future development |  | $ | 43,845 |  |
Outparcels at operating properties |  | 21,868 |  |
Total |  | $ | 65,713 |  |
NOI from Projects in Development (current quarter) |  | $ | 636 |  |
Base Rent from leases signed but not yet rent-paying (current quarter) |  |  |
Operating Properties |  | $ | 977 |  |
Development Completions (from disclosure on page 29) |  | 119 |  |
Redevelopment of Operating Properties (from disclosure on page 29) |  | 1,454 |  |
Total |  | $ | 2,549 |  |
(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.

|  | 46

Reconciliation of NAREIT FFO and Core FFO Guidance to Net Income
December 31, 2016
(per diluted share)

NAREIT FFO and Core FFO Guidance: |  | Full Year 2017
Net income attributable to common stockholders |  | $ | 1.34 |  | 1.40 |
Adjustments to reconcile net income to NAREIT FFO: |  |  |
Depreciation and amortization |  | 1.99 |  | 1.99 |
All other amounts |  | — |  | — |
NAREIT Funds From Operations |  | $ | 3.33 |  | 3.39 |
Adjustments to reconcile NAREIT FFO to Core FFO: |  |  |
Development pursuit costs |  | 0.02 |  | 0.02 |
Acquisition pursuit and closing costs |  | 0.01 |  | 0.01 |
Redemption of Series 6 Preferred Stock costs |  | 0.08 |  | 0.08 |
All other non-core amounts |  | — |  | — |
Core Funds From Operations |  | $ | 3.44 |  | 3.50 |

|  | 47

Glossary of Terms
December 31, 2016
Adjusted Core 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 of 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 and expense, 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.

|  | 48