Wednesday, January 21, 2009

Regency Centers Announces Partial Partnership Distribution

JACKSONVILLE, FL--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE:REG) announced that it and its joint venture partner Macquarie Countrywide Trust (MCW) have agreed to dissolve two of their initial co-investment entities.

As a result of the dissolution, the portfolio assets are distributed as 100% ownership interests to MCW and Regency after a selection process as provided for by the terms in the original partnership agreement.

The process allows a one-for-one selection rotation, with Regency selecting first, until the value of the properties selected, as determined by appraisal, equals Regency's existing ownership interest.

Also, the dissolution of the entities results in an additional distribution and liquidation management fee payable to Regency expected to be in the range of $11 million to $15 million.

This amount will be received by Regency in the form of an increased ownership interest as part of the selection process described above. The dissolution is expected to be completed by the end of March subject to required lender consents for ownership transfer.

MCW and Regency remain partners in three co-investment entities that in total own and operate 123 assets.

Contact: Regency Centers Corporation, Jacksonville Lisa Palmer, 904-598-7636 www.RegencyCenters.com

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