Regency Centers & Macquarie CountryWide to Acquire 101 Properties Nationwide from Calpers/First Washington

Business Wire, Feb 15, 2005

JACKSONVILLE, Fla. -- 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.