If Oriole Park At Camden Yards GRI does not purchase theremaining

If gleans oriole park at camden yards GRI does oriole feeders details not purchase theremaining 10%, MCW can initiate a distribution in kind to recover its remaining10% equity value. The other option allows Regency to purchase up to an additional 5% interest inthe partnership from MCW. This option must be exercised by the later of March31, 2010, or GRI`s second phase closing. In the event that Regency does notexercise the 5% option, GRI must acquire the additional 5% interest. Assuming Regency exercises all of its options, Regency`s ownership in MCW IIwill increase to 40% and GRI would own 60% of the partnership. Regency willremain the managing member of the partnership and retain management and leasingresponsibilities. Regency will receive a disposition fee from MCW equal to: 1%of the gross sales price paid by GRI for MCW`s partnership interest and a 7.7%discount on its purchase options.

If the options are not exercised by Regency,Regency will receive cash payments of up to $17 million oriole park at camden yard . "This transaction is `bittersweet` given our special relationship with MCW thathas developed and grown over many years oriole park at camden yards seating chart . At the same time, we are excited tohave the opportunity to partner with CalPERS and First Washington oriole park at camden yards seating . Thistransaction will have substantial benefits for Regency including a partnershipwith an outstanding institutional investor, an option to increase our ownershipin a high quality portfolio of shopping centers, maintaining the size of theportfolio's current foot print, and profitable on-going fee income," said MartinE oriole park seating chart . Stein, Jr., Chairman and Chief Executive Officer of Regency Centers. Earnings Guidance RevisionWhile the Company`s second quarter financial results and review by its auditorare not complete, the Company expects that Funds From Operations (FFO) per sharefor the second quarter of 2009 before impairment charges will be in the range of$0.60 - $0.62, which is below the previous guidance range of $0.74 - $0.79 pershare. Approximately $7.8 million, or $0.10 per share, of the decline is due tothe disposition fee from the MCW II partnership sale described above nowexpected in the third quarter rather than the second quarter and $7.0 million,or $0.09 per share, related to increasing reserves for accounts receivable andstraight line rent receivables including Regency`s pro-rata share of increasedreserves in the co-investment partnerships.

These negative items are offset byreductions in estimated incentive compensation oriole park . In addition, the Company isrecognizing an impairment charge of $28.8 million, or $0.37 per share, for twowholly owned Regency shopping centers, two out parcels and 13 properties in theMCW II partnership that are now targeted for sale over the next three years.After these impairment charges, the Company expects that Funds From Operations(FFO) for the second quarter 2009 will be in the range of $0.23 - $0.25 pershare oriole feeders . For the full year 2009, diluted FFO per share before impairment charges isexpected to be in the range of $2.76 - $2.90; lower than the previously issuedguidance of $3.03 - $3.28 oriole park at camden yards seating chart . At this time, the Company`s revised guidance does not include the exercise ofthe purchase options to increase its ownership in MCW II or any chargesassociated with a further reduction in force or other similar cost-reducingmeasures that the Company may make in the future . Full Year 2009 Earnings and Valuation Guidance Revisions:Previous Guidance Revised Guidance Occupancy: 92.0% - 93.0% 90.0% - 92.0% Same store NOI growth: (5.0%) - (3.0%) (9.0%) - (5.0%) Rent Growth: (2.0%) - 2.0% (4.0%) - 0.0% Development starts:$10 - $50 million $14 - $32 million JV Acquisitions-3rd$0 - $200 million $17.9 - $150 millionParty (gross $):JV Acquisitions-REG$0 - $200 million $0 - $125 million contributions (gross $):Disposition of Operating $50 - $225 million$110 - $150 million Properties (REG Pro-Rata):Transaction profits net of taxes $15 - $20 million $23.5 - $26.5 million and dead deal costs: Regency reports FFO in accordance with the standards established by the NationalAssociation of Real Estate Investment Trusts (NAREIT) as a supplemental earningsmeasure. The Company considers this a meaningful performance measurement in theReal Estate Investment Trust industry. Reconciliation of FFO Guidance to Net Income All numbers are per share except weighted average sharesThree Months Ended June 30, 2009Full Year 2009Net income (loss) attributable to common stockholders$ (0.26 ) (0.24) $0.50 0.64 Add (less):Depreciation expense and amortization0.490.491.90 1.90 Loss (gain) on sale of operating properties- - (0.01 )(0.01)Funds From Operations $ 0.230.25 $2.39 2.53Weighted average shares (000's) 77,577 77,040Conference CallRegency will release second quarter 2009 results after market close on August 5,2009.