Regency Centers (REG) Completes 9.2M Share Offering

Regency Centers Corporation (NYSE: REG) announced today the closing of its offering of 9,200,000 shares of common stock which included the full exercise of the over-allotment option by its underwriters of 1,200,000 shares. The public offering was priced at $30.75 per share. The 8,000,000 shares offered to the public are all subject to the forward sale agreements described below. The 1,200,000 shares subject to the underwriters' over-allotment option are not subject to a forward sale agreement.

In connection with this offering, Regency entered into forward sale agreements with affiliates of J.P. Morgan and Wells Fargo Securities, as forward purchasers. Regency intends to use any proceeds it receives upon settlement of the forward sale agreements and from the over-allotment option (which collectively are expected to be $271,584,000, net of underwriters' discount and commissions, but before expenses) to repay or refinance maturing 2010 debt, which includes a portion of its pro rata share of the existing debt of a Regency co-investment partnership, Macquarie CountryWide-Regency II, as such partnership debt matures, and for general corporate purposes. This offering will allow Regency to use existing liquidity to prepay all or a portion of its existing term loan.