EXECUTION COPY

FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

        THIS FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”) dated as of March 28, 2005, by and among REGENCY CENTERS, L.P., a
Delaware limited partnership (the “Borrower”), REGENCY CENTERS CORPORATION, a
Florida corporation formerly known as Regency Realty Corporation (the “Parent”),
each of the other Guarantors signatory hereto (the “Guarantors”), each of the
Lenders signatory hereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Agent
(the “Agent”).

        WHEREAS, the Borrower, the Parent, the Lenders, the Agent and others are
parties to that certain Amended and Restated Credit Agreement dated as of
March 26, 2004 (as amended and in effect immediately prior to the date hereof,
the “Credit Agreement”); and

        WHEREAS, the parties hereto desire to amend certain provisions of the
Credit Agreement on the terms and conditions contained herein;

        NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by the parties hereto, the parties
hereto hereby agree as follows:

        Section 1.       Specific Amendments to Credit Agreement. The parties
hereto agree that the Credit Agreement is amended as follows:

        (a)        Section 1.1. of the Credit Agreement is amended by adding the
following definitions in the appropriate alphabetical locations in such Section:

          “Acquisition” means the acquisition by Macquarie
CountryWide-Regency II, LLC of all of the issued and outstanding membership
interested in Eastern Shopping Centers Holdings, LLC, USRP Texas GP, LLC and
U.S. Retail Partners, LLC pursuant to the Purchase and Sale Agreement dated as
of February 14, 2005 by and among Macquarie CountryWide-Regency II, LLC, the
Parent, Macquarie CountryWide Trust, California Public Employees’ Retirement
System, USRP Texas GP, LLC, U.S. Retail Partners, LLC, Eastern Shopping Centers
Holdings, LLC and First Washington Investment I, LLC.

          “Acquisition Date” means the date on which the Acquisition occurs.

          “JV CMBS Bridge Facility” means that certain Credit Agreement
effective as of the Acquisition Date by and among Macquarie
CountryWide-Regency II, LLC, the financial institutions from time to time party
thereto as “Lenders”, Wachovia Bank, National Association, as Agent, and the
other parties thereto.

--------------------------------------------------------------------------------

        (b)        The definition of Borrowing Base contained in Section 1.1. of
the Credit Agreement is restated in its entirety as follows:

          “Borrowing Base” means, without duplication, the sum of (i) the
aggregate Unencumbered Pool Values of all Stabilized Retail Operating
Properties, Pre-Stabilized Retail Operating Properties, Qualified Development
Properties and Environmentally Impacted Properties divided by (ii) the Borrowing
Base Factor. Notwithstanding anything set forth in this definition to the
contrary, (a) not more than 7.5% of the Borrowing Base can be attributable to
Environmentally Impacted Properties, (b) not more than 25.0% of the Borrowing
Base can be attributable to Qualified Development Properties, Pre-Stabilized
Retail Operating Properties and Environmentally Impacted Properties and (c) not
more than 15.0% of the Borrowing Base can be attributable to Properties that are
not anchored by grocery store tenants (for purposes of this definition, a Side
Shop Center shall be considered to be anchored by a grocery store tenant). As
used in this definition, the term “Borrowing Base Factor” means 1.67 unless the
Acquisition shall occur in which case it means (x) 1.25 from the Acquisition
Date to and including the date six months following the Acquisition Date,
(y) 1.35 after the date six months following the Acquisition Date to an
including the date nine months following the Acquisition Date and (z) 1.67 at
all times thereafter.

        (c)        The definition of Capitalized EBITDA contained in
Section 1.1. of the Credit Agreement is amended by replacing the reference to
“8.50%” in clause (c) thereof with a reference to “8.25%".

        (d)        The definition of Non-Guarantor Entity contained in
Section 1.1. of the Credit Agreement is restated in its entirety as follows:

          “Non-Guarantor Entity” means any Subsidiary that is not required to
become a party to the Guaranty under Section 8.22.(a).

        (e)        The definition of Unencumbered Pool Value contained in
Section 1.1. of the Credit Agreement is amended by replacing the references to
“8.50%” in clauses (a)(iii) and (b)(ii)(C) thereof with references to “8.25%".

        (f)        The second sentence of Section 7.6. of the Credit Agreement
is restated in its entirety as follows:

  The Borrower, each Guarantor, each of the other Subsidiaries of the Parent or
of the Borrower, each Non-Guarantor Entity and each Unconsolidated Affiliate
have performed and are in compliance with all of the terms of such Indebtedness
and all instruments and agreements relating thereto, and no default or event of
default, or event or condition which with the giving of notice, the lapse of
time, a determination of materiality, the satisfaction of any other condition or
any combination of the foregoing, would constitute such a default or event of
default, exists with respect to any such Indebtedness.

-2-

--------------------------------------------------------------------------------

        (g)        The second sentence of Section 7.21. of the Credit Agreement
is restated in its entirety as follows:

  No Non-Guarantor Entity or Unconsolidated Affiliate that has failed to become
a party to the Guaranty under Section 8.22(a) satisfies any condition contained
in clause (i) of Section 8.22.(a).

        (h)        Section 8.23. of the Credit Agreement is restated in its
entirety as follows:

        SECTION 8.23. Asset Value of Non-Guarantor Entities and Recourse
Indebtedness of Unconsolidated Affiliates.

          (a)       Asset Value. At no time shall the aggregate Asset Value of
the Non-Guarantor Entities obligated in respect of any Indebtedness other than
Nonrecourse Indebtedness exceed 10% of the Gross Asset Value of the Parent and
its Consolidated Subsidiaries.

          (b)       Recourse Indebtedness. At no time shall the aggregate
outstanding principal balance of Indebtedness (other than Nonrecourse
Indebtedness) of Unconsolidated Affiliates of the Parent exceed 25% of the sum
of (i) with respect to all completed Properties of Unconsolidated Affiliates of
the Parent and the Borrower, the Capitalized EBITDA of such Unconsolidated
Affiliates attributable to such Properties for the fiscal quarter most recently
ended and (ii) with respect to all Properties of such Unconsolidated Affiliates
under construction, the aggregate book value of Construction in Process for such
Properties as of the end of such fiscal quarter. For purposes of determining
compliance with this subsection, if the Acquisition shall occur, the
Indebtedness of Macquarie CountryWide-Regency II, LLC and its Subsidiaries in
respect of the JV CMBS Bridge Facility shall be disregarded from the Acquisition
Date to but excluding the date one year after the Acquisition Date and shall be
included thereafter to the extent then outstanding.

        (i)        Section 9.2. of the Credit Agreement is restated in its
entirety as follows:

        SECTION 9.2. Ratio of Total Liabilities to Gross Asset Value.

          The Parent shall not at any time permit the ratio of Total Liabilities
of the Parent and its Consolidated Subsidiaries to Gross Asset Value of the
Parent and its Consolidated Subsidiaries to exceed 0.60 to 1.00; provided,
however, if the Acquisition shall occur, then during the period from the
Acquisition Date to but excluding the date nine months following the Acquisition
Date, such ratio may exceed 0.60 to 1.00 but may not exceed 0.625 to 1.00 at any
time during such period.

-3-

--------------------------------------------------------------------------------

        Section 2.       Effectiveness of Amendment. The effectiveness of
Section 1 of this Amendment is subject to receipt by the Agent of each of the
following in form and substance satisfactory to the Agent:

        (a)        Counterparts of this Amendment executed by each of the
parties hereto;

        (b)        A certificate of the chief executive officer, chief financial
officer or other senior officer of the Parent certifying the matters set forth
in the immediately preceding clause;

        (c)        Evidence of payment of the fees payable under Section 9
below; and

        (d)        Such other documents, instruments and agreements as the Agent
may reasonably request.

        Section 3.       Representations of the Borrower. The Borrower
represents and warrants to the Agent and the Lenders that:

        (a)       Authorization. Each Loan Party a party to this Amendment has
the right and power, and has taken all necessary action to authorize it, to
execute and deliver this Amendment and to perform its obligations hereunder in
accordance with its terms. The Borrower has the right and power, and has taken
all necessary action to authorize it, to perform its obligations under the
Credit Agreement, as amended by this Amendment, in accordance with its terms.
This Amendment has been duly executed and delivered by a duly authorized officer
of each such Loan Party and each of this Amendment and the Credit Agreement, as
amended by this Amendment, is a legal, valid and binding obligation of each Loan
Party a party thereto enforceable against such Loan Party in accordance with its
respective terms except as the same may be limited by bankruptcy, insolvency,
and other similar laws affecting the rights of creditors generally and the
availability of equitable remedies for the enforcement of certain obligations
contained herein or therein may be limited by equitable principles generally.

        (b)       Compliance with Laws, etc. The execution and delivery of this
Amendment by each Loan Party a party hereto and the performance of this
Amendment and the Credit Agreement, as amended by this Amendment, by each Loan
Party a party thereto in accordance with their respective terms, do not and will
not, by the passage of time, the giving of notice or otherwise: (i) require any
Government Approval or violate any Applicable Law relating to any such Loan
Party the failure to possess or to comply with which would have a Materially
Adverse Effect; (ii) conflict with, result in a breach of or constitute a
default under the any such Loan Party’s organizational documents or any
indenture, agreement or other instrument to which any such Loan Party is a party
or by which it or any of its properties may be bound and the violation of which
could reasonably be expected to have a Materially Adverse Effect; or
(iii) result in or require the creation or imposition of any Lien upon or with
respect to any property now owned or hereafter acquired by any Loan Party other
than Permitted Liens.

-4-

--------------------------------------------------------------------------------

        (c)       No Default. No Default or Event of Default has occurred and is
continuing as of the date hereof nor will exist immediately after giving effect
to this Amendment.

        (d)       Ownership of JV. Upon the Acquisition Date, the Borrower shall
own, directly or indirectly, 35% of the membership interests in Macquarie
CountryWide-Regency II, LLC.

        Section 4.       Notice of Acquisition Date. The Borrower shall give the
Agent and each Lender notice of the occurrence of the Acquisition Date (as
defined above in Section 1) within 1 Business Day of the occurrence thereof.

        Section 5.       Reaffirmation of Guaranty by Guarantors. Each Guarantor
hereby reaffirms its continuing obligations to the Agent and the Lenders under
the Guaranty, and agrees that the transactions contemplated by this Amendment
shall not in any way affect the validity and enforceability of such Guaranty, or
reduce, impair or discharge the obligations of such Guarantor thereunder.

        Section 6.       Reaffirmation of Representations. Each Loan Party a
party hereto repeats and reaffirms all representations and warranties made by
such Loan Party to the Agent and the Lenders in the Credit Agreement and the
other Loan Documents to which it is a party on and as of the date hereof (and
after giving effect to this Amendment) with the same force and effect as if such
representations and warranties were set forth in this Amendment in full.

        Section 7.       References to the Credit Agreement. Each reference to
the Credit Agreement in any of the Loan Documents (including the Credit
Agreement) shall be deemed to be a reference to the Credit Agreement, as amended
by this Amendment.

        Section 8.       Expenses. The Borrower shall reimburse the Agent upon
demand for all costs and expenses (including attorneys’ fees) incurred by the
Agent in connection with the preparation, negotiation and execution of this
Amendment and the other agreements and documents executed and delivered in
connection herewith.

        Section 9.       Amendment Fee. In consideration of Lenders party hereto
entering into this Amendment, the Borrower agrees to pay to the Agent for the
account of each Lender a party hereto an amendment fee in the amount equal to
0.05% of the amount of such Lender’s Commitment.

        Section 10.       Benefits. This Amendment shall be binding upon and
shall inure to the benefit of the parties hereto and their respective successors
and assigns.

        Section 11.       GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY,
AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF GEORGIA
APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

-5-

--------------------------------------------------------------------------------

        Section 12.       Effect. Except as expressly herein amended, the terms
and conditions of the Credit Agreement and the other Loan Documents shall remain
in full force and effect.

        Section 13.       Effective Date. This Amendment shall not be effective
until its execution and delivery by the Borrower, the Guarantors and the
Requisite Lenders whereupon its shall be deemed effective as of the date first
written above.

        Section 14.       Counterparts. This Amendment may be executed in any
number of counterparts, each of which shall be deemed to be an original and
shall be binding upon all parties, their successors and assigns.

        Section 15.       Definitions. All capitalized terms not otherwise
defined herein are used herein with the respective definitions given them in the
Credit Agreement.

[Signatures on Next Page]

-6-

--------------------------------------------------------------------------------

        IN WITNESS WHEREOF, the parties hereto have caused this First Amendment
to Amended and Restated Credit Agreement to be executed as of the date first
above written.

REGENCY CENTERS, L.P.
  By: Regency Realty Corporation, its sole general partner

  By:__________________________________________________       Name: John F.
Euart, Jr.       Title: Managing Director

  REGENCY CENTERS CORPORATION

  By:__________________________________________________       Name: John F.
Euart, Jr.       Title: Managing Director

[Signatures Continued on Next Page]

-7-

--------------------------------------------------------------------------------

[SIGNATUREPAGE TO FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT
DATED AS OF MARCH 28, 2005 WITH REGENCY CENTERS, L.P.].

WELLS FARGO BANK, NATIONAL ASSOCIATION,
  individually and as the Agent

   By:__________________________________________________
      Name:___________________________________________
      Title:__________________________________________

  WACHOVIA BANK, NATIONAL ASSOCIATION

  By:______________________________________________
      Name:_______________________________________
      Title:______________________________________

  PNC BANK, NATIONAL ASSOCIATION

  By:______________________________________________
      Name:_______________________________________
      Title:______________________________________

  JPMORGAN CHASE BANK

  By:______________________________________________
      Name:_______________________________________
      Title:______________________________________

[Signatures Continued on Next Page]

-8-

--------------------------------------------------------------------------------

[SIGNATUREPAGE TO FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT DATED
AS OF MARCH 28, 2005 WITH REGENCY CENTERS, L.P.]

SUNTRUST BANK

  By:______________________________________________
      Name:_______________________________________
      Title:______________________________________

  COMMERZBANK AG, NEW YORK BRANCH,

  By:______________________________________________
      Name:_______________________________________
      Title:______________________________________

  By:______________________________________________
      Name:_______________________________________       Title:

  AMSOUTH BANK

  By:______________________________________________
      Name:_______________________________________
      Title:______________________________________

  ING REAL ESTATE FINANCE (USA) LLC

  By:______________________________________________
      Name:_______________________________________
      Title:______________________________________

[Signatures Continued on Next Page]

-9-

--------------------------------------------------------------------------------

[SIGNATUREPAGE TO FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT DATED
AS OF MARCH 28, 2005 WITH REGENCY CENTERS, L.P.]

U.S. BANK, NATIONAL ASSOCIATION

  By:______________________________________________
      Name:_______________________________________
      Title:______________________________________

  SUMITOMO MITSUI BANKING CORPORATION

  By:______________________________________________
      Name:_______________________________________
      Title:______________________________________

  CHEVY CHASE BANK, F.S.B.

  By:______________________________________________
      Name:_______________________________________
      Title:______________________________________

  COMPASS BANK, an Alabama banking corporation

  By:______________________________________________
      Name:_______________________________________
      Title:______________________________________

  COMMERCEBANK, N. A.

  By:______________________________________________       Name: Alan Hills
      Title: Vice President

[Signatures Continued on Next Page]

-10-

--------------------------------------------------------------------------------

[SIGNATUREPAGE TO FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT DATED
AS OF MARCH 28, 2005 WITH REGENCY CENTERS, L.P.]

FIRST HORIZON BANK, a division of First Tennessee Bank, N.A.

  By:______________________________________________

        Name:_______________________________________
      Title:______________________________________

  ISRAEL DISCOUNT BANK OF NEW YORK

  By:______________________________________________
      Name:_______________________________________
      Title:______________________________________

  By:______________________________________________
      Name:_______________________________________
      Title:______________________________________

  CHANG HWA COMMERCIAL BANK, LTD., NEW YORK BRANCH

  By:______________________________________________
      Name:_______________________________________
      Title:______________________________________

  COMERICA BANK

  By:______________________________________________
      Name:_______________________________________
      Title:______________________________________

-11-