Regency Centers & Macquarie CountryWide to Acquire 101 Properties Nati

    Business Editors/Building/Construction Writers

    JACKSONVILLE, Fla.--(BUSINESS WIRE)--Feb. 14, 2005--Regency Centers Corporation (NYSE:REG), a leading national owner, operator, and developer focused on grocery-anchored retail centers, announced today that it, along with its joint venture partner, Macquarie CountryWide Trust of Australia, have entered into a definitive agreement to purchase 101 retail centers totaling approximately 13 million square feet from CalPERS/First Washington ("First Washington").
    The transaction is valued at approximately $2.74 billion, with Regency's ownership percentage at 35 percent and Macquarie at 65 percent. The Macquarie CountryWide-Regency partnership intends to fund the acquisition through a combination of assumed debt, new debt financing and equity from each partner. The transaction has been approved by each partners' board of directors and is expected to close in the second quarter.
    The First Washington portfolio is located in 17 states and the District of Columbia with 45 percent of the centers located in Metropolitan Washington D.C./Baltimore as well as Northern and Southern California. The portfolio is 96 percent leased. 83 percent of the portfolio is grocery anchored, with nearly 80 percent of those tenants ranked in the top three in terms of market share in their respective markets. Average household income in the portfolio is approximately $82,000 and population density within three miles of the centers averages greater than 110,000 people.
    "Regency and Macquarie are excited about this unique opportunity to acquire an outstanding portfolio of infill centers with excellent prospects for growth. The quality of the portfolio in terms of top markets, grocer strength and especially demographics, augments Regency's already exceptional portfolio," said Martin E. Stein, Jr., Chairman and Chief Executive Officer of Regency Centers. "The combination of population density and household income makes the First Washington portfolio one of the highest ranking in terms of buying power. In addition, this acquisition allows us to profitably expand into new markets, such as suburban New York and Minneapolis as well as enhance our presence in the key target markets of Chicago, Philadelphia and Washington D.C."

    Conference Call

    In conjunction with this announcement, Regency will be hosting a media conference call on Tuesday, Feb. 15, 2005, at 11:00 a.m. EST. The dial in number is 800-437-3848 and the pass code is 4501934. International callers may dial 312-461-9457. The call will also be broadcast live over the internet on the Company's web site www.RegencyCenters.com. If you are unable to participate during the live Webcast, the call will also be archived on the web site. The replay will be available for two weeks by dialing 888-203-1112 and using pass code 4501934. International callers may hear the replay by dialing 719-457-0820 and using pass code 4501934.

    About Regency Centers Corporation

    Regency is the leading national owner, operator, and developer focused on grocery-anchored, neighborhood retail centers. Subsequent to the purchase, Regency will own or manage 392 retail centers totaling over 49 million square feet of gross leasable area (GLA) located in 26 states. Regency's total assets before depreciation will be $4.1 billion. Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self- administered and self-managed.
    For more information about Regency Centers, visit www.regencycenters.com.

Portfolio Details

PROPERTY MSA GLA ANCHOR -------------------------------- ------------ ----------- ------------ California (CA) Properties 1. Brea Marketplace Los Angeles 298,193 Toys "R" Us 2. Granada Village Shopping Center Los Angeles 224,725 Ralphs 3. Laguna Niguel Plaza Los Angeles 42,124 Albertson's 4. Lake Forest Village Los Angeles 119,706 Albertson's Nob Hill 5. Silverado Plaza Napa 84,916 Foods 6. Twin Oaks Shopping Center Oxnard 98,399 Ralphs Bel Air 7. Auburn Village Sacramento 133,944 Market Bel Air 8. Stanford Ranch Sacramento 89,874 Market 9. Navajo Shopping Center San Diego 102,138 Albertson's 10. Point Loma Plaza San Diego 212,905 Vons 11. Rancho San Diego Village San Diego 152,895 Vons Mollie San Stone's 12. Bayhill Shopping Center Francisco 121,846 Market 13. Pleasant Hill Shopping San Center Francisco 233,678 Target San 14. Ygnacio Plaza Francisco 109,429 Albertson's 15. Mariposa Shopping Center San Jose 126,658 Safeway 16. Snell & Branham Plaza San Jose 99,349 Safeway Santa 17. Five Points Shopping Center Barbara 144,553 Albertson's California Subtotal 2,395,332 -------------------------------- ------------ ----------- ------------

-------------------------------- ------------ ----------- ------------ Colorado (CO) Properties MSA GLA ANCHOR -------------------------------- ------------ ----------- ------------ 18. Arapahoe Village Boulder 159,237 Safeway 19. Applewood Shopping Center Denver 375,622 King Soopers 20. Cherrywood Square Shopping Center Denver 86,161 King Soopers 21. Ralston Square Shopping Center Denver 82,750 King Soopers Colorado Subtotal 703,770 -------------------------------- ------------ ----------- ------------

-------------------------------- ------------ ----------- ------------ Connecticut (CT) Property MSA GLA ANCHOR -------------------------------- ------------ ----------- ------------ 22. Corbin's Corner Hartford 177,207 Toys "R" Us Connecticut Subtotal 177,207 -------------------------------- ------------ ----------- ------------

-------------------------------- ------------ ----------- ------------ Delaware (DE) Properties MSA GLA ANCHOR -------------------------------- ------------ ----------- ------------ 23. First State Plaza Philadelphia 164,576 Shop Rite Dollar 24. Newark Shopping Center Philadelphia 184,017 Express 25. Shoppes of Graylyn Philadelphia 66,676 Rite Aid Delaware Subtotal 415,269 -------------------------------- ------------ ----------- ------------

-------------------------------- ------------ ----------- ------------ District of Columbia (DC) Property MSA GLA ANCHOR -------------------------------- ------------ ----------- ------------ 26. Spring Valley Shopping Washington, Center DC 16,834 CVS/pharmacy District of Columbia Subtotal 16,834 -------------------------------- ------------ ----------- ------------

-------------------------------- ------------ ----------- ------------ Florida (FL) Property MSA GLA ANCHOR -------------------------------- ------------ ----------- ------------ 27. Village Commons Miami 169,053 Publix Florida Subtotal 169,053 -------------------------------- ------------ ----------- ------------

-------------------------------- ------------ ----------- ------------ Illinois (IL) Properties MSA GLA ANCHOR -------------------------------- ------------ ----------- ------------ 28. Brentwood Commons Chicago 125,585 Dominick's 29. Civic Center Plaza Chicago 265,015 Dominick's 30. Mallard Creek Shopping Center Chicago 143,574 Dominick's 31. McHenry Commons Shopping Center Chicago 100,526 Dominick's 32. Riverside Square & River's Edge Plaza Chicago 169,437 Dominick's 33. Riverview Plaza Chicago 139,262 Dominick's 34. Stonebrook Plaza Shopping Center Chicago 95,826 Dominick's 35. The Oaks Shopping Center Chicago 135,084 Dominick's Illinois Subtotal 1,174,309 -------------------------------- ------------ ----------- ------------

-------------------------------- ------------ ----------- ------------ Indiana (IN) Properties MSA GLA ANCHOR -------------------------------- ------------ ----------- ------------ 36. Willow Lake Shopping Center Indianapolis 85,923 Kroger 37. Willow Lake West Shopping Center Indianapolis 52,961 Trader Joe's Indiana Subtotal 138,884 -------------------------------- ------------ ----------- ------------

-------------------------------- ------------ ----------- ------------ Maryland (MD) Properties MSA GLA ANCHOR -------------------------------- ------------ ----------- ------------ 38. Elkridge Corners Shopping Center Baltimore 73,529 Super Fresh 39. Festival at Woodholme Baltimore 81,027 Balducci's Shoppers Food 40. Northway Shopping Center Baltimore 98,016 Warehouse 41. Parkville Shopping Center Baltimore 162,433 Super Fresh Shoppers Food 42. Southside Marketplace Baltimore 125,147 Warehouse 43. Valley Centre Baltimore 252,314 T.J. Maxx Washington, 44. Bowie Plaza DC 104,037 Giant Food 45. Clinton Square Shopping Washington, Center DC 18,961 N/A 46. Cloppers Mill Village Washington, Shopper's Shopping Center DC 137,035 Club Washington, 47. Firstfield Shopping Center DC 22,328 N/A Washington, 48. Goshen Plaza DC 45,654 CVS/pharmacy Washington, 49. Mitchellville Plaza DC 156,124 Food Lion Washington, 50. Penn Station Shopping Center DC 244,816 Safeway Washington, 51. Rosecroft Shopping Center DC 119,010 Food Lion Shoppers Washington, Food 52. Takoma Park Shopping Center DC 108,168 Warehouse Washington, 53. Watkins Park Plaza DC 113,443 Safeway Washington, 54. Woodmoor Shopping Center DC 65,791 CVS/pharmacy Maryland Subtotal 1,927,833 -------------------------------- ------------ ----------- ------------

-------------------------------- ------------ ----------- ------------ Minnesota (MN) Properties MSA GLA ANCHOR -------------------------------- ------------ ----------- ------------ Minneapolis- 55. Colonial Square St. Paul 93,200 Lunds Minneapolis- Rainbow 56. Rockford Road Plaza St. Paul 207,897 Foods Minnesota Subtotal 301,097 -------------------------------- ------------ ----------- ------------

-------------------------------- ------------ ----------- ------------ New Jersey (NJ) Property MSA GLA ANCHOR -------------------------------- ------------ ----------- ------------ 57. Edgewater Commons New York 423,620 Pathmark 58. Plaza Square New York 103,842 Shop Rite 59. Westmont Shopping Center Philadelphia 52,640 Acme Market New Jersey Subtotal 580,102 -------------------------------- ------------ ----------- ------------

-------------------------------- ------------ ----------- ------------ North Carolina (NC) Property MSA GLA ANCHOR -------------------------------- ------------ ----------- ------------ 60. Shoppes of Kildaire Raleigh 148,204 Winn-Dixie North Carolina Subtotal 148,204 -------------------------------- ------------ ----------- ------------

-------------------------------- ------------ ----------- ------------ Oregon (OR) Property MSA GLA ANCHOR -------------------------------- ------------ ----------- ------------ Lambs 61. Greenway Town Center Portland 93,100 Thriftway Oregon Subtotal 93,100 -------------------------------- ------------ ----------- ------------

-------------------------------- ------------ ----------- ------------ Pennsylvania (PA) Properties MSA GLA ANCHOR -------------------------------- ------------ ----------- ------------ Ahart's 62. Allen Street Shopping Center Allentown 46,420 Market 63. Stefko Boulevard Shopping Valley Farm Center Allentown 133,824 market Ross Dress 64. City Avenue Shopping Center Philadelphia 156,722 For Less 65. Mayfair Shopping Center Philadelphia 112,275 Shop 'N Bag 66. Mercer Square Shopping Center Philadelphia 91,400 Genuardi's 67. Newtown Square Shopping Center Philadelphia 146,893 Acme Market 68. Towamencin Village Square Philadelphia 122,916 Genuardi's 69. Warwick Square Shopping Center Philadelphia 93,269 Genuardi's 70. Kenhorst Plaza Reading 161,424 Redner's Minnich's 71. Colonial Square York 28,640 Pharmacy Pennsylvania Subtotal 1,093,783 -------------------------------- ------------ ----------- ------------

-------------------------------- ------------ ----------- ------------ Texas (TX) Properties MSA GLA ANCHOR -------------------------------- ------------ ----------- ------------ 72. First Colony Marketplace Houston 111,675 Randalls 73. Memorial Collection Shopping Center Houston 103,382 Randalls 74. Weslayan Plaza East & West Shopping Center Houston 357,250 Randalls 75. Westheimer Marketplace Houston 135,936 Randalls 76. Woodway Collection Houston 111,005 Randalls Texas Subtotal 819,248 -------------------------------- ------------ ----------- ------------

-------------------------------- ------------ ----------- ------------ Virginia (VA) Properties MSA GLA ANCHOR -------------------------------- ------------ ----------- ------------ 77. Gayton Crossing Richmond 156,915 Ukrop's 78. Glen Lea Centre Richmond 78,493 Winn-Dixie 79. Hanover Village Shopping Center Richmond 96,146 Rack 'n Sack 80. Laburnum Park Shopping Center Richmond 64,993 Ukrop's 81. Laburnum Square Shopping Center Richmond 109,405 Kroger 82. Village Shopping Center Richmond 111,177 Ukrop's Washington, 83. 601 King Street DC 8,499 N/A Shoppers Washington, Food 84. Ashburn Farm Village Center DC 88,917 Warehouse Washington, 85. Brafferton Center DC 94,731 Giant Food Shoppers Washington, Food 86. Centre Ridge Marketplace DC 104,154 Warehouse Shoppers Washington, Food 87. Festival at Manchester Lake DC 165,568 Warehouse Washington, 88. Fox Mill Shopping Center DC 103,269 Giant Food Washington, 89. Greenbriar Town Center DC 345,935 Giant Food 90. Kamp Washington Shopping Washington, Center DC 71,825 Borders Washington, 91. Kings Park Shopping Center DC 77,202 Giant Food Washington, 92. Saratoga Shopping Center DC 101,588 Giant Food 93. Town Center at Sterling Washington, Shopping Center DC 190,069 Giant Food Washington, 94. Willston Centre I DC 105,376 CVS/pharmacy Washington, 95. Willston Centre II DC 127,449 Safeway Virginia Subtotal 2,201,711 -------------------------------- ------------ ----------- ------------

-------------------------------- ------------ ----------- ------------ Washington (WA) Properties MSA GLA ANCHOR -------------------------------- ------------ ----------- ------------ 96. Aurora Marketplace Seattle 106,921 Safeway 97. Eastgate Plaza Seattle 78,230 Albertson's 98. Overlake Fashion Plaza Seattle 80,555 Marshalls Washington Subtotal 265,706 -------------------------------- ------------ ----------- ------------

-------------------------------- ------------ ----------- ------------ Wisconsin (WI) Properties MSA GLA ANCHOR -------------------------------- ------------ ----------- ------------ 99. Cudahy Center Shopping Center Milwaukee 103,254 Pick 'n Save 100. Racine Centre Shopping Piggly Center Milwaukee 135,827 Wiggly 101. Whitnall Square Shopping Center Milwaukee 133,301 Pick 'n Save Wisconsin Subtotal 372,382 -------------------------------- ------------ ----------- ------------

-------------------------------- ------------ ----------- ------------ Total 12,993,824 -------------------------------- ------------ ----------- ------------

    In addition to historical information, the information in this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Regency operates, management's beliefs and assumptions. Forward-looking statements are not guarantees of future performance and involve certain known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, changes in national and local economic conditions, financial difficulties of tenants, competitive market conditions including pricing of acquisitions and sales of properties and out parcels, changes in expected leasing activity and market rents, timing of acquisitions, development starts and sales of properties and out parcels, weather, obtaining governmental approvals and meeting development schedules.
    During the quarter, Regency's corporate representatives may reiterate these forward-looking statements during private meetings with investors, investment analysts, the media and others. At the same time, Regency will keep this information publicly available on its web site www.regencycenters.com.

--30--BD/da*

CONTACT: Michael A. Burns & Associates - Public Relations Jennifer Green, 214-521-8596 jgreen@mbapr.com or Allison Reese, 214-521-8596 areese@mbapr.com or Regency Centers Amy Jones, 214-706-2500 ajones@regencycenters.com

KEYWORD: INDIANA ILLINOIS FLORIDA DISTRICT OF COLUMBIA DELAWARE CONNECTICUT COLORADO CALIFORNIA WISCONSIN WASHINGTON VIRGINIA TEXAS PENNSYLVANIA OREGON NORTH CAROLINA NEW JERSEY MINNESOTA MARYLAND AUSTRALIA INTERNATIONAL ASIA PACIFIC INDUSTRY KEYWORD: REAL ESTATE BUILDING/CONSTRUCTION BANKING CONFERENCE CALLS MERGERS/ACQ SOURCE: Regency Centers Corporation

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