United States
                       SECURITIES AND EXCHANGE COMMISSION
                               Washington DC 20549

                                    FORM 10-Q

                                   (Mark One)

                [X] For the quarterly period ended March 31, 2004

                                      -or-

           [ ]Transition Report Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

               For the transition period from ________ to ________

                         Commission File Number 0-24763

                              REGENCY CENTERS, L.P.
                              ---------------------
             (Exact name of registrant as specified in its charter)

        Delaware                                           59-3429602
        --------                                           ----------
(State or other jurisdiction of                           (IRS Employer
 incorporation or organization)                         Identification No.)

                       121 West Forsyth Street, Suite 200
                           Jacksonville, Florida 32202
                           ---------------------------
               (Address of principal executive offices) (Zip Code)

                                 (904) 598-7000
                                 --------------
              (Registrant's telephone number, including area code)

                                    Unchanged
                                    ---------
              (Former name, former address and former fiscal year,
                          if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No[ ]

   Indicate by check mark whether the registrant is an accelerated filer (as
           defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]


<PAGE>

                              REGENCY CENTERS, L.P.
                           Consolidated Balance Sheets
                      March 31, 2004 and December 31, 2003
                        (in thousands, except unit data)
                                   (unaudited)

<TABLE>
<CAPTION>
                                                                                 2004                   2003
                                                                                 ----                   ----
<S>                                                                       <C>                           <C>
Assets
------
Real estate investments at cost:
    Land                                                                  $         762,459               738,101
    Buildings and improvements                                                    1,932,646             1,914,075
                                                                            ----------------       ---------------
                                                                                  2,695,105             2,652,176
    Less:  accumulated depreciation                                                 299,127               285,665
                                                                            ----------------       ---------------
                                                                                  2,395,978             2,366,511
    Properties in development                                                       369,752               369,474
    Operating properties held for sale                                                6,319                 4,200
    Investments in real estate partnerships                                         101,404               140,496
                                                                            ----------------       ---------------
    Net real estate investments                                                   2,873,453             2,880,681

Cash and cash equivalents                                                            43,538                29,869
Notes receivable                                                                     70,181                70,782
Tenant receivables, net of allowance for uncollectible accounts
    of $3,372 and $3,353 at March 31, 2004 and December 31, 2003,
    respectively                                                                     38,085                54,573
Deferred costs, less accumulated amortization of $25,266 and
    $29,493 at March 31, 2004 and December 31, 2003, respectively                    38,045                35,804
Acquired lease intangible assets, net                                                 9,764                10,205
Other assets                                                                         13,358                16,315
                                                                            ----------------       ---------------
                                                                          $       3,086,424             3,098,229
                                                                            ================       ===============

Liabilities and Partners' Capital
---------------------------------
Liabilities:
    Notes payable                                                                 1,251,577             1,257,777
    Unsecured line of credit                                                        230,000               195,000
    Accounts payable and other liabilities                                           71,506                94,280
    Acquired lease intangible liabilities, net                                        5,877                 6,115
    Tenants' security and escrow deposits                                             9,549                 9,358
                                                                            ----------------       ---------------
    Total liabilities                                                             1,568,509             1,562,530
                                                                            ----------------       ---------------
Limited partners' interest in consolidated partnerships                               2,380                 4,651
                                                                            ----------------       ---------------
Partners' Capital:
Series B  preferred units, par value $100: 850,000 units issued and
   outstanding at March 31, 2004 and December 31, 2003                               82,800                82,800
Series C preferred units, par value $100: 750,000 units issued, 400,000
   units outstanding at March 31, 2004 and December 31, 2003                         38,964                38,964
Series D  preferred units, par value $100: 500,000 units issued and
   outstanding at March 31, 2004 and December 31, 2003                               49,158                49,158
Series E preferred units, par value $100: 700,000 units issued, 300,000 units
   outstanding at March 31, 2004 and December 31, 2003                               29,238                29,238
Series F  preferred units, par value $100: 240,000 units issued and
   outstanding at March 31, 2004 and December 31, 2003                               23,366                23,366
Series 3 cumulative redeemable preferred units, par value $0.01:
   300,000 units issued and outstanding at March 31, 2004 and
   December 31, 2003; liquidation preference $250                                    75,000                75,000
General partner; 60,694,273 and 59,907,957 units outstanding
   at March 31, 2004 and December 31, 2003, respectively                          1,202,491             1,205,803
Limited partners; 1,026,379 and 1,318,625 units outstanding
   at March 31, 2004 and December 31, 2003, respectively                             20,238                26,544
Accumulated other comprehensive (loss) income                                        (5,720)                  175
                                                                            ----------------       ---------------
    Total partners' capital                                                       1,515,535             1,531,048
                                                                            ----------------       ---------------
Commitments and contingencies
                                                                          $       3,086,424             3,098,229
                                                                            ================       ===============
</TABLE>

See accompanying notes to consolidated financial statements.

                                       1
<PAGE>

                              REGENCY CENTERS, L.P.
                      Consolidated Statements of Operations
               For the three months ended March 31, 2004 and 2003
                      (in thousands, except per unit data)
                                   (unaudited)

<TABLE>
<CAPTION>
                                                                                     2004                   2003
                                                                                     ----                   ----
<S>                                                                           <C>                              <C>
Revenues:
     Minimum rent                                                             $          70,640                 67,064
     Percentage rent                                                                        453                    299
     Recoveries from tenants                                                             20,362                 20,197
     Management fees and commissions                                                      1,610                  1,561
     Equity in income of investments in
        real estate partnerships                                                          2,745                  2,336
                                                                                ----------------       ----------------
     Total revenues                                                                      95,810                 91,457
                                                                                ----------------       ----------------

Operating expenses:
     Depreciation and amortization                                                       20,207                 17,998
     Operating and maintenance                                                           13,367                 12,786
     General and administrative                                                           5,883                  4,135
     Real estate taxes                                                                   10,589                  9,852
     Other expenses                                                                         488                    427
                                                                                ----------------       ----------------
     Total operating expenses                                                            50,534                 45,198
                                                                                ----------------       ----------------

Other expense (income)
     Interest expense, net of interest income of $837 and $893
     in 2004 and 2003, respectively                                                      21,234                 20,582
     Gain on sale of operating properties and properties in development                  (3,983)                (2,376)
                                                                                ----------------       ----------------
     Total other expense                                                                 17,251                 18,206
                                                                                ----------------       ----------------

     Income before minority interests                                                    28,025                 28,053

Minority interest of limited partners                                                       (79)                   (64)
                                                                                ----------------       ----------------

     Income from continuing operations                                                   27,946                 27,989

Income from discontinued operations                                                         337                  1,154
                                                                                ----------------       ----------------

     Net income                                                                          28,283                 29,143

Preferred unit distributions and original issuance costs                                 (6,478)               (10,782)
                                                                                ----------------       ----------------

     Net income for common unit holders                                       $          21,805                 18,361
                                                                                ================       ================

Income per common unit - basic:
     Continuing operations                                                    $            0.35                   0.28
     Discontinued operations                                                               0.01                   0.02
                                                                                ----------------       ----------------
     Net income for common unit holders per unit                              $            0.36                   0.30
                                                                                ================       ================

Income per common unit - diluted:
     Continuing operations                                                    $            0.34                   0.28
     Discontinued operations                                                               0.01                   0.02
                                                                                ----------------       ----------------
     Net income for common unit holders per unit                              $            0.35                   0.30
                                                                                ================       ================
</TABLE>

See accompanying notes to consolidated financial statements.

                                       2
<PAGE>

                              REGENCY CENTERS, L.P.
             Consolidated Statement of Changes in Partners' Capital
                    For the three months ended March 31, 2004
                                 (in thousands)
                                  (unaudited)

<TABLE>
<CAPTION>
                                                                                                       Accumulated
                                                                  General Partner                        Other              Total
                                              Series B-F           Preferred and         Limited       Comprehensive       Partners'
                                            Preferred Units        Common Units          Partner       Income (Loss)       Capital
                                            ---------------        ------------          -------       -------------       --------

<S>                                      <C>                         <C>                  <C>              <C>            <C>
Balance at December 31, 2003             $         223,526           1,280,803            26,544              175         1,531,048
Comprehensive Income:
   Net income                                        5,081              22,816               386                -            28,283
   Change in fair value of deriviative
      instruments                                                                                          (5,895)           (5,895)
                                                                                                                    ---------------
Total comprehensive income                               -                   -                 -                -            22,388
Cash distributions for dividends                                       (31,776)             (679)               -           (32,455)
Preferred unit distributions                        (5,081)             (1,397)                -                -            (6,478)
Units converted for cash                                 -                   -            (7,784)               -            (7,784)
Common Units issued as a result of
  common stock issued by Regency,
  net of repurchases                                     -               8,816                 -                -             8,816
Common Units exchanged for common
  stock of Regency                                       -               2,862            (2,862)               -                 -
Reallocation of limited partners interest                -              (4,633)            4,633                -                 -
                                            ---------------     ---------------   ---------------  ---------------  ----------------
Balance at March 31, 2004                $         223,526           1,277,491            20,238           (5,720)        1,515,535
                                            ===============     ===============   ===============  ===============  ================
</TABLE>


See accompanying notes to consolidated financial statements.



                                       3
<PAGE>


                              REGENCY CENTERS, L.P.
                      Consolidated Statements of Cash Flows
               For the three months ended March 31, 2004 and 2003
                                 (in thousands)
                                   (unaudited)

<TABLE>
<CAPTION>
                                                                            2004                 2003
                                                                            ----                 ----
<S>                                                                  <C>                          <C>
Cash flows from operating activities:
     Net income                                                      $         28,283               29,143
     Adjustments to reconcile net income to net
       cash provided by operating activities:
          Depreciation and amortization                                        20,344               18,863
          Deferred loan cost and debt premium amortization                        616                  532
          Services provided by Regency in exchange for Common Units             3,548                2,869
          Minority interest of limited partners                                    79                   64
          Equity in income of investments in real estate partnerships          (2,745)              (2,336)
          (Gain) loss on sale of operating properties                             (41)                 642
          Distributions from operations of investments in real estate
              partnerships                                                      4,644                2,099
          Hedge settlement                                                     (5,720)                   -
          Changes in assets and liabilities:
              Tenant receivables                                               17,025               12,876
              Deferred leasing costs                                           (2,058)              (2,237)
              Other assets                                                      1,889                2,540
              Accounts payable and other liabilities                          (28,155)             (31,384)
              Tenants' security and escrow deposits                               158                  378
                                                                       ---------------       --------------
                 Net cash provided by operating activities                     37,867               34,049
                                                                       ---------------       --------------

Cash flows from investing activities:
     Acquisition and development of real estate                               (67,289)            (101,882)
     Proceeds from sale of real estate investments                             30,854               31,580
     Repayment of notes receivable, net                                           602               25,753
     Investments in real estate partnerships                                     (512)                (767)
     Distributions received from investments in real estate
        partnerships                                                           17,960                1,350
                                                                       ---------------       --------------
                 Net cash used in investing activities                        (18,385)             (43,966)
                                                                       ---------------       --------------

Cash flows from financing activities:
     Net proceeds from the issuance of Regency stock and
       Common Units                                                            10,761                  969
     Redemption of preferred partnership units                                      -              (75,750)
     Cash paid for conversion of Common Units by limited partner               (7,784)                   -
     Net distributions to limited partners in consolidated partnerships            (2)                   -
     Distributions to preferred unit holders                                   (6,478)              (8,110)
     Cash distributions for dividends                                         (32,455)             (32,076)
     Proceeds from unsecured line of credit, net                               35,000               98,750
     Repayment of notes payable, net                                                -                 (507)
     Scheduled principal payments                                              (1,497)              (1,532)
     Deferred loan costs                                                       (3,358)                   -
                                                                       ---------------       --------------
                 Net cash used in financing activities                         (5,813)             (18,256)
                                                                       ---------------       --------------

                 Net increase (decrease) in cash and cash equivalents          13,669              (28,173)

Cash and cash equivalents at beginning of the period                           29,869               56,447
                                                                       ---------------       --------------

Cash and cash equivalents at end of the period                       $         43,538               28,274
                                                                       ===============       ==============

Supplemental disclosure of cash flow information - cash paid
     for interest (net of capitalized interest of $3,323 and
     $2,784 in 2004 and 2003, respectively)                          $         30,017               29,400
                                                                       ===============       ==============

Supplemental disclosure of non-cash transactions:
     Common Units exchanged for common stock of Regency              $          2,862                  217
                                                                       ===============       ==============
</TABLE>

See accompanying notes to consolidated financial statements.

                                       4

<PAGE>

                           Regency Centers Corporation

                   Notes to Consolidated Financial Statements

                                 March 31, 2004


1.       Summary of Significant Accounting Policies

         (a)  Organization and Principles of Consolidation

              Regency Centers, L.P. ("RCLP" or the "Partnership") is the primary
              entity through which Regency Centers Corporation ("Regency" or the
              "Company"), a self-administered and self-managed real estate
              investment trust ("REIT"), conducts all of its business and owns
              all of its assets.

              The Partnership was formed in 1996 for the purpose of acquiring
              certain real estate properties. At March 31, 2004, Regency owns
              approximately 98% of the outstanding common units of the
              Partnership.

              The Partnership's ownership interests are represented by Units, of
              which there are i) six series of preferred Units, ii) common Units
              owned by the limited partners and iii) common Units owned by
              Regency which serves as the general partner. Each outstanding
              common Unit owned by a limited partner is exchangeable, on a one
              share per one Unit basis, for the common stock of Regency or for
              cash at Regency's election.

              The accompanying consolidated financial statements include the
              accounts of the Partnership, its wholly owned subsidiaries, and
              also partnerships in which it has voting control. All significant
              intercompany balances and transactions have been eliminated in the
              consolidated financial statements.

              The financial statements reflect all adjustments that are of a
              normal recurring nature, and in the opinion of management, are
              necessary to properly state the results of operations and
              financial position. Certain information and footnote disclosures
              normally included in financial statements prepared in accordance
              with accounting principles generally accepted in the United States
              of America have been condensed or omitted although management
              believes that the disclosures are adequate to make the information
              presented not misleading. The financial statements should be read
              in conjunction with the financial statements and notes thereto
              included in the Partnership's December 31, 2003 Form 10-K filed
              with the Securities and Exchange Commission.

         (b)  Revenues

              The Partnership leases space to tenants under agreements with
              varying terms. Leases are accounted for as operating leases with
              minimum rent recognized on a straight-line basis over the term of
              the lease regardless of when payments are due. Accrued rents are
              included in tenant receivables.

              Substantially all of the lease agreements contain provisions that
              grant additional rents based on tenants' sales volume (contingent
              or percentage rent) and reimbursement of the tenants' share of
              real estate taxes and certain common area maintenance ("CAM")
              costs. Percentage rents are recognized when the tenants achieve
              the specified targets as defined in their lease agreements.
              Recovery of real estate taxes and CAM costs are recognized as the
              respective costs are incurred in accordance with their lease
              agreements.



                                       5
<PAGE>

                              Regency Centers, L.P.

                   Notes to Consolidated Financial Statements

                                 March 31, 2004


         (b)  Revenues (continued)

              The Partnership accounts for profit recognition on sales of real
              estate in accordance with Financial Accounting Standards Board
              ("FASB") Statement No. 66, "Accounting for Sales of Real Estate."
              In summary, profits from sales will not be recognized by the
              Partnership unless a sale has been consummated; the buyer's
              initial and continuing investment is adequate to demonstrate a
              commitment to pay for the property; the Partnership has
              transferred to the buyer the usual risks and rewards of
              ownership; and the Partnership does not have substantial
              continuing involvement with the property.

              The Partnership has been engaged by joint ventures to provide
              asset and property management services for their shopping
              centers. The fees are market based and generally calculated as a
              percentage of revenues earned and the estimated values of the
              properties and recognized as services are provided.

         (c)  Real Estate Investments

              Land, buildings and improvements are recorded at cost. All direct
              and indirect costs related to development activities are
              capitalized. Included in these costs are interest and real estate
              taxes incurred during construction as well as estimates for the
              portion of internal costs that are incremental, and deemed
              directly or indirectly related to development activity.
              Maintenance and repairs that do not improve or extend the useful
              lives of the respective assets are reflected in operating and
              maintenance expense. Depreciation is computed using the
              straight-line method over estimated useful lives of up to 40
              years for buildings and improvements, term of lease for tenant
              improvements, and three to seven years for furniture and
              equipment.

              The Partnership allocates the purchase price of acquired
              properties to land, buildings, and identifiable intangible assets
              based on their respective fair values. Management uses various
              methods to determine the fair value of acquired land and
              buildings, including replacement cost, discounted cash flow
              analysis, and comparable sales. Identifiable intangibles include
              amounts allocated to acquired leases for rental rates that are
              above or below market and the value of in-place leases.
              Intangibles related to in place leases are amortized over the
              weighted average life of the leases. Intangibles related to below
              market rate leases are amortized to minimum rent over the
              remaining terms of the underlying leases.

              The Partnership follows the provisions of SFAS No. 144,
              "Accounting for the Impairment or Disposal of Long-Lived Assets"
              ("Statement 144"). In accordance with Statement 144, operating
              properties held for sale includes only those properties available
              for immediate sale in their present condition and for which
              management believes it is probable that a sale of the property
              will be completed within one year. Operating properties held for
              sale are carried at the lower of cost or fair value less costs to
              sell. Depreciation and amortization are suspended during the held
              for sale period.


                                       6
<PAGE>

                              Regency Centers, L.P.

                   Notes to Consolidated Financial Statements

                                 March 31, 2004


         (c)  Real Estate Investments (continued)

              The Partnership reviews its real estate portfolio for impairment
              whenever events or changes in circumstances indicate that the
              carrying amount may not be recoverable. The Partnership
              determines whether impairment has occurred by comparing the
              property's carrying value to an estimate of the future
              undiscounted cash flows. In the event impairment exists, assets
              are adjusted to fair value, for held and used assets, and fair
              value less costs to sell, for held for sale assets.

              The Partnership's properties generally have operations and cash
              flows that can be clearly distinguished from the rest of the
              Partnership. In accordance with Statement 144, the operations and
              gains on sales reported in discontinued operations include those
              operating properties and properties in development that have been
              sold and for which operations and cash flows can be clearly
              distinguished.

              The operations from these properties have been eliminated from
              ongoing operations and the Partnership will not have continuing
              involvement after disposition. Prior periods have been restated
              to reflect the operations of these properties as discontinued
              operations. The operations and gains on sales of operating
              properties sold to real estate partnerships in which the
              Partnership has some continuing involvement are included in
              income from continuing operations.

         (d)  Deferred Costs

              Deferred costs include deferred leasing costs and deferred loan
              costs, net of amortization. Such costs are amortized over the
              periods through lease expiration or loan maturity. Deferred
              leasing costs consist of internal and external commissions
              associated with leasing the Partnership's shopping centers. Net
              deferred leasing costs were $28.2 million and $28.0 million at
              March 31, 2004 and December 31, 2003, respectively. Deferred loan
              costs consist of initial direct and incremental costs associated
              with financing activities. Net deferred loan costs were $9.8
              million and $7.8 million at March 31, 2004 and December 31, 2003,
              respectively.

         (e)  Earnings per Unit and Treasury Stock

              Basic net income per common unit is computed based upon the
              weighted average number of common units outstanding during the
              year. Diluted net income per common unit also includes common
              unit equivalents for Regency's stock options. See note 8 for the
              calculation of earnings per unit.

              Repurchases of the Company's common stock (net of shares retired)
              are recorded at cost and are reflected as Treasury stock in
              Regency's consolidated statement of stockholders' equity.
              Outstanding shares do not include treasury shares. Concurrent
              with the Treasury stock repurchases by Regency, the Partnership
              repurchases the same amount of general partnership units from
              Regency.


                                       7
<PAGE>

                              Regency Centers, L.P.

                   Notes to Consolidated Financial Statements

                                 March 31, 2004


         (f)  Stock-Based Compensation

              Regency is committed to contribute to the Partnership all proceeds
              from the exercise of options or other stock-based awards granted
              under Regency's Stock Option and Incentive Plan. Regency's
              ownership in the Partnership will be increased based on the amount
              of proceeds contributed to the Partnership.

              The Partnership follows the provisions of SFAS No. 148,
              "Accounting for Stock-Based Compensation - Transition and
              Disclosure" ("Statement 148"). Statement 148 provides alternative
              methods of transition for a voluntary change to the fair value
              based method of accounting for stock-based employee compensation.
              In addition, Statement 148 amends the disclosure requirements of
              Statement No. 123, "Accounting for Stock-Based Compensation"
              ("Statement 123"), to require more prominent and frequent
              disclosures in financial statements about the effects of
              stock-based compensation. As permitted under Statement 123 and
              Statement 148, the Partnership will continue to follow the
              accounting guidelines pursuant to Accounting Principles Board
              Opinion No. 25, "Accounting for Stock Issued to Employees"
              ("Opinion 25"), for stock-based compensation and to furnish the
              pro forma disclosures as required under Statement 148.

              The Partnership applies Opinion 25 in accounting for its plan,
              and accordingly, no compensation cost has been recognized for
              Regency's stock options in the consolidated financial statements.
              Had the Partnership determined compensation cost based on the
              fair value at the grant date for Regency's stock options under
              Statement 123, the Partnership's net income for common unit
              holders for the three months ended March 31, 2004 and 2003 would
              have been reduced to the pro forma amounts indicated below (in
              thousands except per unit data):
<TABLE>
<CAPTION>
                                                                                 2004          2003
                                                                                 ----          ----
              <S>                                                    <C>                     <C>
              Net income for common unit holders
                as reported:                                         $         21,805        18,361
              Add:  stock-based employee compensation
                expense included in reported net income                         3,548         2,869
              Deduct:  total stock-based employee
                compensation expense determined under
                fair value based methods for all awards                         4,729         4,094
                                                                        -------------- -------------
              Pro forma net income                                   $         20,624        17,136
                                                                        ============== =============
              Earnings per unit:
                Basic - as reported                                  $           0.36          0.30
                                                                        ============== =============
                Basic - pro forma                                    $           0.34          0.28
                                                                        ============== =============

                Diluted - as reported                                $           0.35          0.30
                                                                        ============== =============
                Diluted - pro forma                                  $           0.33          0.28
                                                                        ============== =============
</TABLE>

                                       8
<PAGE>

                              Regency Centers, L.P.

                   Notes to Consolidated Financial Statements

                                 March 31, 2004


         (g)  Consolidation of Variable Interest Entities

              In December 2003, the FASB issued Interpretation No. 46 ("FIN
              46") (revised December 2003 ("FIN 46R")), "Consolidation of
              Variable Interest Entities", which addresses how a business
              enterprise should evaluate whether it has controlling financial
              interest in an entity through means other than voting rights and
              accordingly should consolidate the entity. FIN 46R replaces FIN
              46, which was issued in January 2003. FIN 46R is applicable
              immediately to a variable interest entity created after January
              31, 2003 and as of the first interim period ending after March
              15, 2004 to those variable interest entities created before
              February 1, 2003 and not already consolidated under FIN 46 in
              previously issued financial statements. The Partnership did not
              create any variable interest entities after January 31, 2003. The
              Partnership has adopted FIN 46R, analyzed the applicability of
              this interpretation to its structures and determined that they
              are not party to any variable interest entities that should be
              consolidated.

         (h)  Segment Reporting

              The Partnership's business is investing in retail shopping
              centers through direct ownership or through joint ventures. The
              Partnership actively manages its portfolio of retail shopping
              centers and may from time to time make decisions to sell lower
              performing properties, or developments not meeting its long-term
              investment objectives. The proceeds of sales are invested into
              higher quality retail shopping centers through acquisitions or
              new developments, which management believes will meet its planned
              rate of return. It is management's intent that all retail
              shopping centers will be owned or developed for investment
              purposes. The Partnership's revenue and net income are generated
              from the operation of its investment portfolio. The Partnership
              will also earn incidental fees from third parties for services
              provided to manage and lease retail shopping centers owned
              through joint ventures.

              The Partnership's portfolio is located throughout the United
              States; however, management does not distinguish or group its
              operations on a geographical basis for purposes of allocating
              resources or measuring performance. The Partnership reviews
              operating and financial data for each property on an individual
              basis, therefore, the Partnership defines an operating segment as
              its individual properties. No individual property constitutes
              more than 10% of the Partnership's combined revenue, net income
              or assets, and thus the individual properties have been
              aggregated into one reportable segment based upon their
              similarities with regard to both the nature of the centers,
              tenants and operational processes, as well as long-term average
              financial performance. In addition, no single tenant accounts for
              10% or more of revenue and none of the shopping centers are
              located outside the United States.


                                       9
<PAGE>

                              Regency Centers, L.P.

                   Notes to Consolidated Financial Statements

                                 March 31, 2004


         (i)  Derivative Financial Instruments

              The Partnership adopted SFAS No. 133 "Accounting for Derivative
              Instruments and Hedging Activities" as amended ("Statement 133"),
              on January 1, 2001. Statement 133 requires that all derivative
              instruments be recorded on the balance sheet at their fair value.
              Gains or losses resulting from changes in the values of those
              derivatives would be accounted for depending on the use of the
              derivative and whether it qualifies for hedge accounting. The
              Partnership uses derivative financial instruments such as
              interest rate swaps to mitigate its interest rate risk on a
              related financial instrument. Statement 133 requires that changes
              in fair value of derivatives that qualify as cash flow hedges be
              recognized in other comprehensive income (loss) while the
              ineffective portion of the derivative's change in fair value be
              recognized immediately in earnings. Upon the settlement of a
              hedge, gains and losses associated with the transaction will be
              recorded in other comprehensive income (loss) and amortized over
              the underlying term of the hedge transaction.

              To determine the fair value of derivative instruments, the
              Partnership uses standard market conventions and techniques such
              as discounted cash flow analysis, option pricing models and
              termination costs at each balance sheet date. All methods of
              assessing fair value result in a general approximation of value,
              and such value may never actually be realized.

         j)   Financial Instruments with Characteristics of Both Liabilities and
              Equity

              In May 2003, the FASB issued Statement of Accounting Standards
              No. 150, "Accounting for Certain Financial Instruments with
              Characteristics of both Liabilities and Equity" ("Statement
              150"). Statement 150 affects the accounting for certain financial
              instruments, including requiring companies having consolidated
              entities with specified termination dates to treat minority
              owners' interests in such entities as liabilities in an amount
              based on the fair value of the entities. Although Statement 150
              was originally effective July 1, 2003, the FASB has indefinitely
              deferred certain provisions related to classification and
              measurement requirements for mandatorily redeemable financial
              instruments that become subject to Statement 150 solely as a
              result of consolidation including minority interests of entities
              with specified termination dates. As a result, Statement 150 has
              no impact on the Partnership's consolidated statements of
              operations for the three months ended March 31, 2004.

              At March 31, 2004, the Partnership held a majority interest in
              four consolidated entities with specified termination dates
              ranging from 2012 to 2049. The minority owners' interests in
              these entities are to be settled upon termination by distribution
              of either cash or specific assets of the underlying entities. The
              estimated fair value of minority interests in entities with
              specified termination dates was approximately $5.2 million at
              March 31, 2004 as compared to the carrying value of $2.4 million.
              The Partnership has no other financial instruments that are
              affected by Statement 150.

         (k)  Reclassifications

              Certain reclassifications have been made to the 2003 amounts to
              conform to classifications adopted in 2004.


                                       10
<PAGE>

                              Regency Centers, L.P.

                   Notes to Consolidated Financial Statements

                                 March 31, 2004


2.       Discontinued Operations

         During the three months ended March 31, 2004, the Partnership sold 100%
         of its interest in three operating properties for net proceeds of $21.3
         million and the combined operating income and gain of $337,602 on these
         sales are included in discontinued operations. The revenues from
         properties included in discontinued operations, including properties
         sold in 2004 and 2003, as well as operating properties held for sale,
         were $775,863 and $3.9 million for the three months ended March 31,
         2004 and 2003, respectively. The operating income from these properties
         was $325,647 and $1.8 million for the three months ended March 31, 2004
         and 2003, respectively.

3.       Real Estate Investments

         The Partnership accounts for all investments in which it owns 50% or
         less and does not have a controlling financial interest using the
         equity method. The Partnership's combined investment in these
         partnerships was $101.4 million and $140.5 million at March 31, 2004
         and December 31, 2003, respectively. Net income, which includes all
         operating results, as well as gains and losses on sales of properties
         within the joint ventures, is allocated to the Partnership in
         accordance with the respective partnership agreements. Such allocations
         of net income are recorded in equity in income of investments in real
         estate partnerships in the accompanying consolidated statements of
         operations.

         The Partnership has a 25% equity interest in Macquarie
         CountryWide-Regency, LLC ("MCWR"), a joint venture with an affiliate of
         Macquarie CountryWide Trust of Australia, a Sydney, Australia-based
         property trust focused on investing in grocery-anchored shopping
         centers. At March 31, 2004, the Partnership held a note receivable from
         MCWR with a balance of $15.5 million for the acquisition of shopping
         centers during the fourth quarter of 2003. The note receivable has an
         interest rate of LIBOR plus 1.5% and was repaid in full on April 16,
         2004.

         The Partnership also has a 20% equity interest in Columbia Regency
         Retail Partners, LLC ("Columbia"), a joint venture with the Oregon
         State Treasury that was formed for the purpose of investing in retail
         shopping centers.

         Recognition of gains from sales to joint ventures is recorded on only
         that portion of the sales not attributable to the Partnership's
         ownership interest. The gains and operations are not recorded as
         discontinued operations because of RCLP's continuing involvement in
         these shopping centers. Columbia and MCWR intend to continue to acquire
         retail shopping centers, some of which they may acquire directly from
         the Partnership. For those properties acquired from third parties, the
         Partnership is required to contribute its pro-rata share of the
         purchase price to the partnership.

         With the exception of Columbia and MCWR, both of which intend to
         continue expanding their investment in shopping centers, the
         investments in real estate partnerships represent single asset entities
         formed for the purpose of developing or owning retail based commercial
         real estate.

        In March 2004, the two properties in the OTR/Regency Texas Realty
         Holdings, L.P., an unconsolidated joint venture in which the
         Partnership has a 30% interest, were sold to an outside party for $28.3
         million resulting in a gain of $8.2 million. The Partnership received
         $17.2 million representing $12.9 million for loan repayments and a $4.3
         distribution for the Partnership's 30% interest. The Partnership
         recognized a $1.2 million gain in the equity in income of investments
         in real estate partnerships in the accompanying consolidated statements
         of operations.


                                       11
<PAGE>

                              Regency Centers, L.P.

                   Notes to Consolidated Financial Statements

                                 March 31, 2004


3.       Real Estate Investments (continued)

         The Partnership's investments in real estate partnerships as of March
         31, 2004 and December 31, 2003 consist of the following (in thousands):

<TABLE>
<CAPTION>
                                                                 Ownership            2004           2003
                                                                 ---------            ----           ----

<S>                                                              <C>          <C>                     <C>
        Columbia Regency Retail Partners, LLC                       20%       $          38,747        40,267
        Macquarie CountryWide-Regency, LLC                          25%                  38,167        39,071
        Other investments in real estate partnerships            27% - 50%               24,490        61,158
                                                                                 --------------- -------------
                                                                              $         101,404       140,496
                                                                                 =============== =============
</TABLE>

         Summarized financial information for the unconsolidated investments on
         a combined basis, is as follows (in thousands):

<TABLE>
<CAPTION>
                                                                         March 31,             December 31,
                                                                           2004                    2003
                                                                           ----                    ----
        <S>                                                      <C>                                    <C>
        Balance Sheet:
        Investment in real estate, net                           $              691,156                 727,530
        Acquired lease intangibles, net                                          43,725                  45,252
        Other assets                                                             32,220                  39,408
                                                                    --------------------    --------------------
              Total assets                                       $              767,101                 812,190
                                                                    ====================    ====================

        Notes payable                                            $              328,051                 322,238
        Other liabilities                                                        12,946                  14,102
        Equity and partners' capital                                            426,104                 475,850
                                                                    --------------------    --------------------
              Total liabilities and equity                       $              767,101                 812,190
                                                                    ====================    ====================
</TABLE>

         Unconsolidated partnerships and joint ventures had notes payable of
         $328.1 million at March 31, 2004 and the Partnership's proportionate
         share of these loans was $78.5 million. The Partnership does not
         guarantee any debt of these partnerships beyond their ownership
         percentage.

         The revenues and expenses on a combined basis are summarized as follows
         for the three months ended March 31, 2004 and 2003 (in thousands):


<TABLE>
<CAPTION>
                                                                                 2004                2003
                                                                                 ----                ----
        <S>                                                             <C>                             <C>
        Statement of Operations:
        Total revenues                                                  $            22,463             16,269
        Gain on sale of operating properties                                          8,211                676
        Total expenses                                                               16,007             10,268
                                                                            ----------------    ---------------
             Net income                                                 $            14,667              6,677
                                                                            ================    ===============
</TABLE>


                                       12
<PAGE>

                              Regency Centers, L.P.

                   Notes to Consolidated Financial Statements

                                 March 31, 2004


4.       Acquired Lease Intangibles

         Effective July 1, 2001, the Partnership adopted FAS 141, "Business
         Combinations", to account for the acquisition of shopping centers that
         are considered businesses. In accordance with FAS 141, identifiable
         intangible assets are valued and recorded at the acquisition date. Such
         intangibles include the value of in-place leases and above or
         below-market leases.

         Acquired lease intangible assets are net of accumulated amortization of
         $846,592 and $405,327 at March 31, 2004 and December 31, 2003,
         respectively. These assets have a weighted average amortization period
         of seven years. The aggregate amortization expense from acquired leases
         was $441,265 and $28,712 for the three months ended March 31, 2004 and
         2003, respectively. Acquired lease intangible liabilities are net of
         previously accreted minimum rent of $1.2 million and $953,964 at March
         31, 2004 and December 31, 2003, respectively and have a weighted
         average amortization period of seven years.

5.       Notes Payable and Unsecured Line of Credit

         The Partnership's outstanding debt at March 31, 2004 and December 31,
         2003 consists of the following (in thousands):

<TABLE>
<CAPTION>
                                                                              2004            2003
                                                                              ----            ----
                <S>                                                   <C>                     <C>
                Notes Payable:
                    Fixed rate mortgage loans                         $         210,797         217,001
                    Variable rate mortgage loans                                 41,589          41,629
                    Fixed rate unsecured loans                                  999,191         999,147
                                                                         --------------- ---------------
                          Total notes payable                                 1,251,577       1,257,777
                Unsecured line of credit                                        230,000         195,000
                                                                         --------------- ---------------
                         Total                                        $       1,481,577       1,452,777
                                                                         =============== ===============
</TABLE>

         On April 1, 2004, RCLP completed the sale of $150 million of ten-year
         senior unsecured notes. The 4.95% notes are due April 15, 2014 and were
         priced at 99.747% to yield 4.982%. The proceeds of the offering were
         used to partially repay the $200 million of 7.4% notes maturing on
         April 1, 2004 and the remaining balance due was funded from the
         unsecured line of credit. As a result of two forward-starting interest
         rate swaps initiated in 2003 totaling $144.2 million, the effective
         interest rate is 5.47%. On March 31, 2004, the interest rate swaps were
         settled for $5.7 million, which is recorded in other comprehensive loss
         and will be amortized over ten years to interest expense. The swaps
         qualify for hedge accounting under Statement 133; therefore, the change
         in fair value was recorded through other comprehensive loss.

         On March 26, 2004, the Partnership closed on the amended and restated
         unsecured revolving line of credit (the "Line"). Under the new
         agreement, the Line was reduced from $600 million to $500 million. The
         Line has a three-year term with a one-year extension option at an
         interest rate of LIBOR plus .75% which is a reduction of 10 basis
         points from the prior agreement. The current balance on the Line is
         $230 million. Interest rates paid on the Line, which were based on
         LIBOR plus .85%, were 1.975% on March 31, 2004 and December 31, 2003.
         The spread paid on the Line is dependent upon the Partnership
         maintaining specific investment-grade ratings. The Partnership is also
         required to comply, and is in compliance, with certain financial
         covenants such as Minimum Net Worth, Total Liabilities to Gross Asset
         Value ("GAV") and Secured Indebtedness to GAV and other covenants
         customary with this type of unsecured financing. The Line is used
         primarily to finance the development of real estate, but is also
         available for general working capital purposes.


                                       13
<PAGE>

                              Regency Centers, L.P.

                   Notes to Consolidated Financial Statements

                                 March 31, 2004


5.       Notes Payable and Unsecured Line of Credit (continued)

         Mortgage loans are secured by certain real estate properties and may be
         prepaid, but could be subject to a yield-maintenance premium. Mortgage
         loans are generally due in monthly installments of interest and
         principal and mature over various terms through 2023. Variable interest
         rates on mortgage loans are currently based on LIBOR plus a spread in a
         range of 125 to 150 basis points. Fixed interest rates on mortgage
         loans range from 5.65% to 9.50%.

         The fair value of the Partnership's notes payable and Line are
         estimated based on the current rates available to the Partnership for
         debt of the same remaining maturities. Variable rate notes payable and
         the Line are considered to be at fair value, since the interest rates
         on such instruments reprice based on current market conditions. Fixed
         rate loans assumed in connection with real estate acquisitions are
         recorded in the accompanying financial statements at fair value. Based
         on the borrowing rates currently available to the Partnership for loans
         with similar terms and average maturities, the fair value of long-term
         debt is $1.5 billion.

         As of March 31, 2004, scheduled principal repayments on notes payable
         and the Line were as follows (in thousands):

<TABLE>
<CAPTION>
                                                             Scheduled
                                                             Principal      Term Loan         Total
              Scheduled Payments by Year                     Payments       Maturities       Payments
              --------------------------                   -------------- --------------- ---------------

              <S>                                       <C>                 <C>             <C>
              Current year                              $       3,612         224,485         228,097
              2005                                              3,698         168,538         172,236
              2006                                              3,397          21,126          24,523
              2007 (includes the Line)                          2,891         255,852         258,743
              2008                                              2,697          19,619          22,316
              2009                                              2,657          53,090          55,747
              Beyond 5 Years                                   17,817         697,143         714,960
              Unamortized debt premiums                             -           4,955           4,955
                                                           ----------- --------------- ---------------
                   Total                                $      36,769       1,444,808       1,481,577
                                                           =========== =============== ===============
</TABLE>

6.       Derivative Financial Instruments

         The Partnership is exposed to capital market risk, such as changes in
         interest rates. In order to manage the volatility relating to interest
         rate risk, the Partnership may enter into interest rate hedging
         arrangements from time to time. The Partnership does not utilize
         derivative financial instruments for trading or speculative purposes.

         During 2003, the Partnership entered into two forward-starting interest
         rate swaps of $96.5 million and $47.7 million. The Partnership
         designated the $144.2 million swaps as cash flow hedges to fix the rate
         on a refinancing in April 2004. On March 31, 2004, the Partnership
         settled the swaps with a payment to the counter-party for $5.7 million.
         The swaps qualify for hedge accounting under Statement 133, therefore
         the losses associated with the swaps have been included in accumulated
         other comprehensive loss since the settlement date. These amounts will
         be included as an adjustment to interest expense as interest is
         incurred on the $150 million of ten-year unsecured notes sold April 1,
         2004.


                                       14
<PAGE>

                              Regency Centers, L.P.

                   Notes to Consolidated Financial Statements

                                 March 31, 2004


7.       Regency's Stockholders' Equity and Partners' Capital

         (a)  RCLP has issued Cumulative Redeemable Preferred Units ("Preferred
              Units") in various amounts since 1998. The issues were sold
              primarily to institutional investors in private placements for
              $100 per unit. The Preferred Units, which may be called by RCLP at
              par after certain dates, have no stated maturity or mandatory
              redemption, and pay a cumulative, quarterly dividend at fixed
              rates. At any time after ten years from the date of issuance, the
              Preferred Units may be exchanged by the holder for Cumulative
              Redeemable Preferred Stock ("Preferred Stock") at an exchange rate
              of one share for one unit.  The Preferred Units and the related
              Preferred Stock are not convertible into common stock of the
              Company.  At March 31, 2004 and December 31, 2003, the face value
              of total Preferred Units issued was $229 million with an average
              fixed distribution rate of 8.88%.

              Terms and conditions of the Preferred Units outstanding as of
              March 31, 2004 are summarized as follows:

<TABLE>
<CAPTION>
                   Units              Issue              Amount       Distribution       Callable        Exchangeable
   Series       Outstanding           Price           Outstanding         Rate        by Partnership     by Unitholder
--------------------------------------------------------------------------------------------------------------------------

<S>                 <C>              <C>         <C>                     <C>             <C>               <C>
Series B              850,000        100.00               85,000,000     8.750%          09/03/04          09/03/09
Series C              400,000        100.00               40,000,000     9.000%          09/03/04          09/03/09
Series D              500,000        100.00               50,000,000     9.125%          09/29/04          09/29/09
Series E              300,000        100.00               30,000,000     8.750%          05/25/05          05/25/10
Series F              240,000        100.00               24,000,000     8.750%          09/08/05          09/08/10
               ---------------                      -----------------
                    2,290,000                    $       229,000,000
               ===============                      =================
</TABLE>


                                       15
<PAGE>

                             Regency Centers, L.P.

                   Notes to Consolidated Financial Statements

                                 March 31, 2004


8.       Earnings per Unit

         The following summarizes the calculation of basic and diluted earnings
         per common unit for the three months ended March 31, 2004 and 2003,
         respectively (in thousands except per unit data):

<TABLE>
<CAPTION>
                                                                                       2004                2003
                                                                                       ----                ----
<S>                                                                            <C>                            <C>
Numerator:
Income from continuing operations                                                         27,946              27,989
Discontinued operations                                                        $             337               1,154
                                                                                   --------------      --------------
Net income                                                                                28,283              29,143
Less:  Preferred unit distributions and original
   issuance costs                                                                          6,478              10,782
                                                                                   --------------      --------------
Net income for common unit holders - basic and diluted                         $          21,805              18,361
                                                                                   ==============      ==============

Denominator:
Weighted average common units outstanding for basis EPU                                   61,294              61,661
Incremental units to be issued under the Company's
   common stock options using the Treasury method                                            347                 437
                                                                                   --------------      --------------
Weighted average common units outstanding for diluted EPU                                 61,641              62,098
                                                                                   ==============      ==============

Income per common unit - basic
Income from continuing operations                                              $            0.35                0.28
Discontinued operations                                                                     0.01                0.02
                                                                                   --------------      --------------
Net income for common unit holders per unit                                    $            0.36                0.30
                                                                                   ==============      ==============

Income per common unit - diluted
Income from continuing operations                                              $            0.34                0.28
Discontinued operations                                                                     0.01                0.02
                                                                                   --------------      --------------
Net income for common unit holders per unit                                    $            0.35                0.30
                                                                                   ==============      ==============
</TABLE>

9.       Contingencies

         The Partnership is involved in litigation on a number of matters and is
         subject to certain claims which arise in the normal course of business,
         none of which, in the opinion of management, is expected to have a
         material adverse effect on the Partnership's consolidated financial
         position, results of operations or liquidity.


                                       16
<PAGE>

Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations

         In addition to historical information, the following information
contains forward-looking statements as defined under federal securities laws.
These statements are based on current expectations, estimates and projections
about the industry and markets in which Regency Centers Corporation ("Regency"
or the "Company") operates, and managements' 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; the ability to obtain governmental approvals; and meeting
development schedules. The following discussion should be read in conjunction
with the accompanying Consolidated Financial Statements and Notes thereto of
Regency Centers, L.P. ("RCLP" or the "Partnership") appearing elsewhere within.

Introduction and Strategic Overview
-----------------------------------

         Regency is a qualified real estate investment trust ("REIT"), which
began operations in 1993. Our primary operating and investment goal is long-term
growth in earnings per share and total shareholder return by focusing on a
strategy of owning and operating grocery anchored shopping centers that are
anchored by market-leading supermarkets, and that are located in areas with
attractive demographics.

         Currently, our real estate investments before depreciation total $3.2
billion with 260 shopping centers in 21 states. At March 31, 2004, our gross
leasable area ("GLA") totaled 29.8 million square feet and was 92.8% leased.
Geographically, 20.1% of our GLA is located in Florida, 19.8% in California,
15.9% in Texas, 6.7% in Georgia, 6.4% in Ohio, and 31.1% spread throughout 16
other states. Regency owns and operates its shopping centers through its
operating partnership, RCLP, in which we currently own 98% of the operating
partnership units. Regency's operating, investing and financing activities are
generally performed by RCLP.

         We earn revenues and generate operating cash flow by leasing space to
grocers and retail side-shop tenants in our shopping centers. We experience
growth in revenues by increasing occupancy and rental rates at currently owned
shopping centers, and by developing new shopping centers. A neighborhood center
is a convenient, cost-effective distribution platform for food retailers.
Grocery anchored centers generate substantial daily traffic and offer
sustainable competitive advantages to their tenants. This high traffic generates
increased sales, thereby driving higher occupancy, rental rates and rental-rate
growth for Regency, which we expect to sustain our growth in earnings per share
and increase the value of our portfolio over the long term.

         We seek a range of strong national, regional and local specialty
tenants, for the same reason that we choose to anchor our centers with leading
grocers. We have created a formal partnering process -- the Premier Customer
Initiative ("PCI") -- to promote mutually beneficial relationships with our
non-grocer specialty retailers. The objective of PCI is for Regency to build a
base of specialty tenants who represent the "best-in-class" operators in their
respective merchandising categories. Such tenants reinforce the consumer appeal
and other strengths of a center's grocery anchor, help to stabilize a center's
occupancy, reduce re-leasing downtime, reduce tenant turnover and yield higher
sustainable rents.

         We primarily grow our shopping center portfolio through new shopping
center development, where we acquire the land and construct the building.
Development is customer-driven, meaning we generally have an executed lease from
the anchor before we start construction. Developments serve the growth needs of
our grocery and specialty retail customers, result in modern shopping centers
with long-term leases from the grocery anchors and produce attractive returns on
our invested capital. This development process can require up to 36 months from
initial land or redevelopment acquisition through construction, lease-up and
stabilization of rental income, depending upon the size of the project.


                                       17
<PAGE>

Generally, anchor tenants begin operating their stores prior to construction
completion of the entire center, resulting in rental income during the
development phase.

         We intend to maintain a conservative capital structure to fund our
growth programs without compromising our investment-grade ratings. Our approach
is founded on our self-funding business model. This model utilizes center
"recycling" as a key component. Our recycling strategy calls for us to re-deploy
the proceeds from the sales of properties into new higher quality developments
that we expect to generate sustainable revenue growth and more attractive
returns on invested capital. Our commitment to maintaining a high-quality
shopping center portfolio dictates that we continually assess the value of all
of our properties and sell those that no longer meet our long-term investment
standards.

         Joint venturing of shopping centers also provides us with a capital
source for new development, as well as the opportunity to earn fees for asset
and property management services. As asset manager, we are engaged by our
partners to apply similar operating, investment, and capital strategies to the
portfolios owned by the joint ventures. Joint ventures grow their shopping
center investments through acquisitions from third parties or direct purchases
of shopping centers from Regency. Although selling properties to joint ventures
reduces our ownership interest, we continue to share in the risks and rewards of
centers that meet our long-term investment strategy. Regency is not subject to
liability and has no obligations or guarantees of the joint ventures beyond its
ownership percentage.

         We have identified certain significant risks and challenges affecting
our industry, and we are addressing them accordingly. A further economic
downturn could result in declines in occupancy levels at our shopping centers,
which would reduce our rental revenues; however, we believe that our investment
focus on grocery anchored shopping centers that provide daily necessities will
minimize the impact of a downturn in the economy. Increased competition from
super-centers such as Wal-Mart could result in grocery anchor closings or
consolidations in the grocery store industry. We currently have 29 shopping
centers, less than 15% of our portfolio, that operate within three miles of a
super-center and we closely monitor their performance and tenants' sales. A slow
down in our shopping center development program would reduce operating revenues
and gains from sales. We believe that developing shopping centers in markets
with strong demographics with leading grocery stores will enable us to continue
to maintain our development program at historical averages.

Shopping Center Portfolio
-------------------------

         The following table summarizes general operating statistics related to
our shopping center portfolio, including properties partially owned in joint
ventures, that we use to evaluate and monitor our performance:

                                                     3/31/04           12/31/03
                                                     -------           --------
  Number of Properties                                 260               265
  Properties in Development                             33                36

  Gross Leaseable Area (GLA)                        29,761,376        30,347,744
  Percent Leased - All Properties                     92.8%             92.2%
  Percent Leased - Non development                    95.4%             95.4%

  Same Property Growth Rate                            2.3%              2.7%
  Lease Renewal Rate                                   81%               75%
  Base Rent Growth on Re-Leasing                       8.5%              9.5%


                                       18
<PAGE>

          A list of our shopping centers summarized by state and in order of
largest holdings follows, including those properties that we partially own in
joint ventures:

<TABLE>
<CAPTION>
                                        March 31, 2004                                  December 31, 2003
                                        --------------                                  -----------------

      Location           # Properties           GLA         % Leased       # Properties           GLA         % Leased
      --------           ------------           ---         --------       ------------           ---         --------
<S>                          <C>             <C>             <C>               <C>             <C>           <C>
Florida                       50              5,969,835       94.9%             50              5,943,345      94.3%
California                    47              5,885,932       93.1%             49              5,917,372      90.8%
Texas                         38              4,719,882       87.4%             41              5,086,086      88.1%
Georgia                       20              2,008,066       95.4%             20              2,008,066      95.8%
Ohio                          14              1,901,538       89.7%             14              1,901,538      90.6%
Colorado                      15              1,623,654       95.7%             14              1,623,674      94.2%
Virginia                      10              1,272,244       90.0%             10              1,272,369      89.1%
North Carolina                10              1,054,561       97.7%             10              1,050,061      98.7%
Washington                    10              1,047,532       94.5%              9              1,020,470      96.4%
Oregon                         8                838,715       92.2%              8                838,715      92.2%
Arizona                        7                653,000       93.2%              7                652,906      91.5%
Tennessee                      6                444,234       96.5%              6                444,234      96.5%
Illinois                       3                408,211       96.3%              3                408,211      97.0%
Alabama                        5                380,607       84.7%              6                543,330      85.5%
Michigan                       4                368,260       88.4%              4                368,260      87.2%
South Carolina                 5                339,926       96.0%              5                339,926      95.7%
Kentucky                       3                321,525       98.3%              3                323,029      97.8%
Delaware                       2                240,418       99.4%              2                240,418      99.5%
Maryland                       1                188,243       91.5%              1                188,243      90.2%
New Jersey                     1                 88,993       93.9%              1                 88,993      89.4%
Pennsylvania                   1                  6,000      100.0%              1                  6,000     100.0%
Missouri                       -                      -         -                1                 82,498      91.5%
                       ----------------- --------------- ---------------- ---------------- --------------- ---------------
    Total                    260             29,761,376       92.8%            265             30,347,744      92.2%
                       ================= =============== ================ ================ =============== ===============
</TABLE>

          The following summarizes the four largest grocery tenants occupying
our shopping centers, including those partially owned through joint ventures at
March 31, 2004:

<TABLE>
<CAPTION>
                                                    Percentage of      Percentage of
                     Grocery        Number of       Company-owned        Annualized
                     Anchor         Stores (a)        GLA (b)           Base Rent (b)
                     ------         ----------      -------------       -------------
                    <S>                <C>              <C>                 <C>
                    Kroger             58               11.1%               8.1%
                    Publix             53               8.2%                5.1%
                    Safeway            48               6.2%                4.8%
                    Albertsons         23               2.9%                2.2%
</TABLE>

         (a)    Includes stores owned by the grocery anchor that are attached to
                our centers.
         (b)    GLA includes 100% of the GLA in unconsolidated joint ventures.
                Annualized base rent includes only Regency's pro-rata share of
                rent from unconsolidated joint ventures.

Liquidity and Capital Resources
-------------------------------

General
-------

         We expect that cash generated from revenues will provide the necessary
funds on a short-term basis to pay our operating expenses, interest expense,
scheduled principal payments on outstanding indebtedness, recurring capital
expenditures necessary to maintain our shopping centers properly, and
distributions to stock and unit holders. Net cash provided by operating
activities was $37.9 million and $34.0 million for the three months ended March
31, 2004 and 2003, respectively. During the three months ended March 31, 2004
and 2003, we incurred capital expenditures of $1.4 million and $2.6 million


                                       19
<PAGE>

to maintain our shopping centers, paid scheduled principal payments of $1.5
million and $1.5 million to our lenders, and paid dividends and distributions of
$38.9 million and $40.2 million to our share and unit holders, respectively.

         Although base rent is supported by long-term lease contracts, tenants
who file bankruptcy are able to cancel their leases and close the related
stores. In the event that a tenant with a significant number of leases in our
shopping centers files bankruptcy and cancels its leases, we could experience a
significant reduction in our revenues. We are not currently aware of any current
or pending bankruptcy of any of our tenants that would cause a significant
reduction in our revenues, and no tenant represents more than 10% of Regency's
annual base rental revenues.

         We expect to meet long-term capital requirements for maturing preferred
units and debt, the acquisition of real estate, and the renovation or
development of shopping centers from: (i) residual cash generated from operating
activities after the payments described above, (ii) proceeds from the sale of
real estate, (iii) joint venturing of real estate, (iv) refinancing of debt, and
(v) equity raised in the private or public markets. Regency currently has $325
million available for equity securities under their shelf registration and RCLP
has $185 million available for debt under their shelf registration.
Additionally, we have the right to call and repay, at par, outstanding preferred
units five years after their issuance date, at our discretion.

         We intend to continue to grow our portfolio through new development and
acquisitions, either directly or through our joint venture relationships.
Because development and acquisition activities are discretionary in nature, they
are not expected to burden the capital resources we have currently available for
liquidity requirements. Capital necessary to complete developments-in-process
are funded from our line of credit. Regency expects that cash provided by
operating activities, unused amounts available under our line of credit and cash
reserves are adequate to meet short-term and committed long-term liquidity
requirements.

Shopping Center Development, Acquisitions and Sales
---------------------------------------------------

         At March 31, 2004, we had 33 projects under construction or undergoing
major renovations, which, when completed, will represent an expected investment
of $613.7 million before the estimated reimbursement of certain tenant-related
costs and projected sales proceeds from adjacent land and out-parcels of $127.6
million. Costs necessary to complete these developments will be $241.7 million,
are generally already committed as part of existing construction contracts, and
will be expended through 2006. These developments are approximately 61% complete
and 78% pre-leased. The costs necessary to complete these developments will be
funded from our line of credit which has a commitment amount of $500 million and
a balance of $230.0 million at March 31, 2004. In the first quarter of 2004, we
started one new development of $4.9 million based on total costs that we expect
to expend through completion.

         At March 31, 2004, we sold three retail centers to third parties for
$27.0 million, compared with three retail centers sold for $14.0 million during
the first quarter of 2003 as part of our asset recycling program. Of the centers
sold in 2004, all three were operating during 2004 and are included in
discontinued operations in our accompanying consolidated statements of
operations. The three centers sold during the first quarter of 2003 were
operating and are included in discontinued operations. We have land out-parcels
adjacent to our shopping centers that we routinely develop, lease, or sell. At
March 31, 2004 and 2003, sales related to out-parcels were $10.0 million and
$19.1 million, respectively.

         Investments in new developments and acquisitions, and proceeds from the
sale of properties to third parties or partial sales to joint ventures are
included in investing activities in the accompanying consolidated statements of
cash flows. Net cash used in investing activities was $18.4 million and $44.0
million for the three months ended March 31, 2004 and 2003, respectively.


                                       20
<PAGE>

Investments in Real Estate Partnerships
---------------------------------------

       At March 31, 2004, we had investments in real estate partnerships of
$101.4 million, primarily comprised of two partnerships, a 20% investment
interest in Columbia Regency Retail Partners, LLC ("Columbia"), a joint
venture with the Oregon State Treasury, and a 25% investment interest in
Macquarie CountryWide-Regency, LLC ("MCWR"), a joint venture with an affiliate
of Macquarie CountryWide Trust of Australia, a Sydney, Australia-based
property trust. The purpose of these partnerships is to invest in retail
shopping centers, and we have been engaged by our partners to provide asset
and property management services.

       The following is a summary of unconsolidated combined assets and
liabilities of these partnerships, and our pro-rata share at March 31, 2004
and December 31, 2003 ($ amounts in thousands):

<TABLE>
<CAPTION>
                                                               2004            2003
                                                               ----            ----
                    <S>                                     <C>             <C>
                    Number of Joint Ventures                     7              8
                    Regency's Ownership                       20%-50%        20%-50%
                    Number of Properties                        44              46

                    Combined Assets                         $ 767,101       $ 812,190
                    Combined Liabilities                      340,997         336,340
                    Combined Equity                           426,104         475,850

                    Regency's Share of:
                        Assets                              $ 182,554       $ 239,801
                        Liabilities                            81,150          99,305
                        Equity                                101,404         140,496
</TABLE>

         At March 31, 2004 and 2003 total unconsolidated combined net income was
$14.7 million and $6.7 million, and our pro-rata share was $2.7 million and $2.3
million, respectively.

         At March 31, 2004, Columbia owned 13 shopping centers and had total
assets of $291.8 million. At March 31, 2004, MCWR owned 26 shopping centers and
had total assets of $408.6 million. At March 31, 2004, we held a note receivable
from MCWR with a balance of $15.5 million for the acquisition of shopping
centers during the fourth quarter of 2003. The note receivable was repaid in
full on April 16, 2004.

         The gain we recognize on the sales of our properties to Columbia and
MCWR is recorded on only the portion attributable to their ownership percentage.
The gains and operations are not recorded as discontinued operations because of
our continuing involvement in these shopping centers. Columbia and MCWR intend
to continue to acquire retail shopping centers, some of which they may acquire
directly from us. For those properties acquired from third parties, we are
required to contribute our pro-rata share of the purchase price to the
partnership.

         In March 2004, the only two properties owned by the OTR/Regency Texas
Realty Holdings, L.P. were sold to a third party for $28.3 million resulting in
a gain of $8.2 million. We received $17.2 million and recognized our share of
the gain of $1.2 million in equity in income of investments in real estate
partnerships.


                                       21
<PAGE>

Debt and Equity
---------------

         Outstanding debt at March 31, 2004 and December 31, 2003 consists of
the following (in thousands):

<TABLE>
<CAPTION>
                                                                             2004            2003
                                                                             ----            ----
                <S>                                                   <C>                    <C>
                Notes Payable:
                    Fixed-rate mortgage loans                         $        210,797         217,001
                    Variable-rate mortgage loans                                41,589          41,629
                    Fixed-rate unsecured loans                                 999,191         999,147
                                                                         -------------- ---------------
                          Total notes payable                                1,251,577       1,257,777
                Unsecured line of credit                                       230,000         195,000
                                                                         -------------- ---------------
                         Total                                        $      1,481,577       1,452,777
                                                                         ============== ===============
</TABLE>

         Mortgage loans are secured and may be prepaid, but could be subject to
yield maintenance premiums. Mortgage loans are generally due in monthly
installments of interest and principal, and mature over various terms through
2023. Variable interest rates on mortgage loans are currently based on LIBOR,
plus a spread in a range of 125 to 150 basis points. Fixed interest rates on
mortgage loans range from 5.65% to 9.5%.

         On March 26, 2004, we entered into a new unsecured revolving line of
credit (the "Line"). Under the new agreement, we reduced the line commitment
from $600 million to $500 million, but have the right to expand the Line by an
additional $150 million subject to additional lender syndication. The new
facility has a three-year term, a one-year extension option at maturity, and an
interest rate of LIBOR plus .75% which is a reduction of 10 basis points from
the previous agreement. Interest rates paid on the Line, which were based on
LIBOR plus .85%, were 1.975% on March 31, 2004 and December 31, 2003. The spread
that we pay on the Line is dependent upon maintaining specific investment-grade
ratings. We are also required to comply, and are in compliance, with certain
financial covenants such as Minimum Net Worth, Total Liabilities to Gross Asset
Value ("GAV") and Secured Indebtedness to GAV and other covenants customary with
this type of unsecured financing. The Line is used primarily to finance the
development of real estate, but is also available for general working capital
purposes.

         As of March 31, 2004, scheduled principal repayments on notes payable
and the Line were as follows (in thousands):

<TABLE>
<CAPTION>
                                                             Scheduled
                                                             Principal      Term-Loan         Total
            Scheduled Payments by Year                       Payments       Maturities       Payments
            --------------------------                     -------------- --------------- ---------------

            <S>                                         <C>                    <C>             <C>
            Current year                                $          3,612         224,485         228,097
            2005                                                   3,698         168,538         172,236
            2006                                                   3,397          21,126          24,523
            2007 (includes the Line)                               2,891         255,852         258,743
            2008                                                   2,697          19,619          22,316
            2009                                                   2,657          53,090          55,747
            Beyond 5 Years                                        17,817         697,143         714,960
            Unamortized debt premiums                                  -           4,955           4,955
                                                           -------------- --------------- ---------------
                 Total                                  $         36,769       1,444,808       1,481,577
                                                           ============== =============== ===============
</TABLE>

         Our investments in real estate partnerships had unconsolidated notes
and mortgage loans payable of $328.1 million at March 31, 2004, and our
proportionate share of these loans was $78.5 million. We do not guarantee any
debt of these partnerships beyond our ownership percentage.

         We are exposed to capital market risk such as changes in interest
rates. In order to manage the volatility related to interest-rate risk, we
originate new debt with fixed interest rates, or we consider entering into
interest-rate hedging arrangements. At March 31, 2004, 82% of our total debt had
fixed


                                       22
<PAGE>

interest rates, compared with 84% at December 31, 2003. We intend to limit
the percentage of variable interest- rate debt to be no more than 30% of total
debt, which we believe to be an acceptable risk. Based upon the variable
interest-rate debt outstanding at March 31, 2004, if variable interest rates
were to increase by 1%, our annual interest expense would increase by $2.7
million. We do not utilize derivative financial instruments for trading or
speculative purposes. We account for derivative instruments under Statement of
Financial Accounting Standards No. 133, "Accounting for Derivative Instruments
and Hedging Activities" as amended ("Statement 133").

         On April 1, 2004, RCLP completed the sale of $150 million ten-year
senior unsecured notes (the "Notes"). The 4.95% Notes are due April 15, 2014 and
were priced at 99.747% to yield 4.982%. The proceeds of the offering combined
with borrowings from the Line were used to repay $200 million of 7.4% notes
maturing on April 1, 2004. Related to the offering, we settled two
forward-starting interest rate swaps that were initiated in 2003 totaling $144.2
million. Our settlement payment of $5.7 million is recorded in other
comprehensive loss and will be amortized over the ten year term of the Notes
into interest expense. The swaps qualified for hedge accounting under Statement
133; and therefore, the change in fair value was recorded in other comprehensive
loss. After taking into effect the hedge settlement, the effective interest
rate on the Notes is 5.47%.

         We have issued Preferred Units in various amounts since 1998, the net
proceeds of which we used to reduce the balance of the Line. We issued Preferred
Units primarily to institutional investors in private placements. The Preferred
Units, which may be called by us in 2004 and 2005, have no stated maturity or
mandatory redemption, and they pay a cumulative, quarterly dividend at fixed
rates ranging from 8.75% to 9.125%. At any time after ten years from the date of
issuance, the Preferred Units may be exchanged by the holders for Cumulative
Redeemable Preferred Stock at an exchange rate of one share for one unit. The
Preferred Units and the related Preferred Stock are not convertible into Regency
common stock. At March 31, 2004 and December 31, 2003, the face value of total
Preferred Units issued was $229 million with an average fixed distribution rate
of 8.88%. Included in Preferred Units are original issuance costs of $5.5
million that will be expensed as the underlying Preferred Units are redeemed in
the future.

         In summary, net cash used in financing activities related to the debt
and equity activity discussed above was $5.8 million and $18.3 million for the
three months ended March 31, 2004 and 2003, respectively.

Critical Accounting Policies and Estimates
------------------------------------------

         Knowledge about our accounting policies is necessary for a complete
understanding of our financial results, and discussions and analysis of these
results. The preparation of our financial statements requires that we make
certain estimates that impact the balance of assets and liabilities at a
financial statement date and the reported amount of income and expenses during a
financial reporting period. These accounting estimates are based upon our
judgments and are considered to be critical because of their significance to the
financial statements and the possibility that future events may differ from
those judgments, or that the use of different assumptions could result in
materially different estimates. We review these estimates on a periodic basis to
ensure reasonableness. However, the amounts we may ultimately realize could
differ from such estimates.

         Capitalization of Costs - We have an investment services group with an
established infrastructure that supports the due diligence, land acquisition,
construction, leasing and accounting of our development properties. All direct
costs related to these activities are capitalized. Included in these costs are
interest and real estate taxes incurred during construction, as well as
estimates for the portion of internal costs that are incremental and deemed
directly or indirectly related to our development activity. If future accounting
standards limit the amount of internal costs that may be capitalized, or if our
development activity were to decline significantly without a proportionate
decrease in internal costs, we could incur a significant increase in our
operating expenses.


                                       23
<PAGE>

         Valuation of Real Estate Investments - Our long-lived assets, primarily
real estate held for investment, are carried at cost unless circumstances
indicate that the carrying value of the assets may not be recoverable. We review
long-lived assets for impairment whenever events or changes in circumstances
indicate such an evaluation is warranted. The review involves a number of
assumptions and estimates used to determine whether impairment exists. Depending
on the asset, we use varying methods such as i) estimating future cash flows,
ii) determining resale values by market, or iii) applying a capitalization rate
to net operating income using prevailing rates in a given market. These methods
of determining fair value can fluctuate significantly as a result of a number of
factors, including changes in the general economy of those markets in which we
operate, tenant credit quality and demand for new retail stores. If we determine
that impairment exists due to our inability to recover an asset's carrying
value, a provision for loss is recorded to the extent that the carrying value
exceeds estimated fair value.

         Discontinued Operations - The application of current accounting
principles that govern the classification of any of our properties as held for
sale on the balance sheet, or the presentation of results of operations and
gains on the sale of these properties as discontinued, requires management to
make certain significant judgments. In evaluating whether a property meets the
criteria set forth by Financial Accounting Standards Board ("FASB") Statement
No. 144 "Accounting for the Impairment and Disposal of Long-Lived Assets"
("Statement 144"), the Partnership makes a determination as to the point in time
that it can be reasonably certain that a sale will be consummated. Given the
nature of all real estate sales contracts, it is not unusual for such contracts
to allow potential buyers a period of time to evaluate the property prior to
formal acceptance of the contract. In addition, certain other matters critical
to the final sale, such as financing arrangements often remain pending even upon
contract acceptance. As a result, properties under contract may not close within
the expected time period, if at all. Due to these uncertainties, it is not
likely that the Partnership can meet the criteria of Statement 144 prior to the
sale formally closing. Therefore, any properties categorized as held for sale
represent only those properties that management has determined are probable to
close within the requirements set forth in Statement 144. The Partnership also
makes judgments regarding the extent of involvement it will have with a property
subsequent to its sale, in order to determine if the results of operations and
gain on sale should be reflected as discontinued. Consistent with Statement 144,
any property sold to an entity in which the Partnership has significant
continuing involvement (most often joint ventures) are not considered to be
discontinued. In addition, any property which the Partnership sells to an
unrelated third party, but retains a property or asset management function, is
also not considered discontinued. Thus, only properties sold, or to be sold, to
unrelated third parties for which the Partnership, in its judgment, has no
continuing involvement are classified as discontinued.

         Income Tax Status - The prevailing assumption underlying the operation
of our business is that we will continue to operate so as to qualify as a REIT,
defined under the Internal Revenue Code. We are required to meet certain income
and asset tests on a periodic basis to ensure that we continue to qualify as a
REIT. As a REIT, we are allowed to reduce taxable income by all or a portion of
our distributions to stockholders. We evaluate the transactions that we enter
into and determine their impact on our REIT status. Determining our taxable
income, calculating distributions, and evaluating transactions requires us to
make certain judgments and estimates as to the positions we take in our
interpretation of the Internal Revenue Code. Because many types of transactions
are susceptible to varying interpretations under federal and state income tax
laws and regulations, our positions are subject to change at a later date upon
final determination by the taxing authorities.

Results from Operations
-----------------------

Comparison of the three months ended March 31, 2004 to 2003

         At March 31, 2004, we were operating or developing 260 shopping
centers. We identify our shopping centers as either development properties or
stabilized properties. Development properties are defined as properties that are
in the construction and initial lease-up process and are not yet fully leased
(fully leased generally means greater than 93% leased) or occupied. Stabilized
properties are those properties that are generally greater than 93% leased and,
if they were developed, are more than three years beyond their original
development start date. At March 31, 2004, we had 227 stabilized shopping
centers that were 95.4% leased.


                                       24
<PAGE>

         Our revenues increased by $4.4 million, or 5%, to $95.8 million in
2004. This increase was related to changes in occupancy for the combined
portfolio of stabilized and development properties, growth in re-leasing rental
rates, and revenues from new developments commencing operations in 2004, net of
a reduction in revenues from properties sold. During the first quarter of 2004,
our rental rates grew by 8.5% from renewal leases and new leases replacing
previously occupied spaces in the stabilized properties. In addition to
collecting minimum rent from our tenants for the GLA that they lease from us, we
also collect contingent rent based upon tenant sales, which we refer to as
percentage rent. Tenants are also responsible for reimbursing us for their
pro-rata share of the expenses associated with operating our shopping centers.
In 2004, our minimum rent increased by $3.6 million, or 5%, and our recoveries
from tenants increased $164,820, or 1%. Percentage rent was $453,410 in 2004
compared with $298,841 in 2003 due to an increase related to higher tenant
sales.

         Our operating expenses increased by $5.3 million, or 12%, to $50.5
million in 2004. Our combined operating, maintenance, and real estate taxes
increased by $1.3 million, or 6%, during 2004 to $24.0 million. This increase
was primarily due to new developments that incurred operating expenses for only
a portion of the previous year and general increases in operating expenses on
the stabilized properties. Our general and administrative expenses were $5.9
million during 2004, compared with $4.1 million in 2003, or 42% higher,
primarily related to accruing higher incentive compensation based upon growth in
revenues and earnings per unit. Our depreciation and amortization expense
increased $2.2 million during the current year related to development properties
placed in service during 2004.

         Our net interest expense increased to $21.2 million in 2004 from $20.6
million in 2003. Average interest rates on our outstanding debt declined to
6.45% at March 31, 2004 compared with 6.84% at March 31, 2003, primarily due to
reductions in the LIBOR rate. Our average fixed interest rates were 7.46% at
March 31, 2004, compared with 7.49% at March 31, 2003. Our weighted average
outstanding debt at March 31, 2004 was $1.5 billion compared with $1.4 billion
at March 31, 2003.

         We account for profit recognition on sales of real estate in accordance
with FASB Statement No. 66, "Accounting for Sales of Real Estate." Profits from
sales of real estate will not be recognized by us unless a sale has been
consummated; the buyer's initial and continuing investment is adequate to
demonstrate a commitment to pay for the property; we have transferred to the
buyer the usual risks and rewards of ownership; and we do not have substantial
continuing involvement with the property. Gains from the sale of operating and
development properties were $4.0 million in 2004 related to the sale of seven
out-parcels for $10.0 million. During 2003, we recorded gains of $2.4 million
related to the sale of ten out-parcels for $19.1 million. These gains are
included in continuing operations rather than discontinued operations because
they were either properties that had no operating income, or they were
properties sold to joint ventures where we have a continuing minority
investment.

         We review our real estate portfolio for impairment whenever events or
changes in circumstances indicate that we may not be able to recover the
carrying amount of an asset. We determine whether impairment has occurred by
comparing the property's carrying value to an estimate of fair value based upon
methods described in our Critical Accounting Policies. In the event a property
is impaired, we write down the asset to fair value for "held-and-used" assets
and to fair value less costs to sell for "held-for-sale" assets.

         Our income from discontinued operations was $337,602 in 2004 related to
three centers sold to third parties for $27.0 million, which produced gains on
sale of $11,955. In compliance with the adoption of SFAS No. 144, "Accounting
for the Impairment or Disposal of Long-Lived Assets" ("Statement 144") in
January 2002, if we sell an asset in the current year, we are required to
reclassify its operating income into discontinued operations for all prior
periods. This practice results in a reclassification of amounts previously
reported as continuing operations into discontinued operations. Reclassified
operating income from discontinued operations was $1.8 million in 2003, a result
of reclassifying the historical operations of the properties sold in 2004 as
well as properties sold subsequent to March 31, 2003. During the first quarter
of 2003, we sold two properties for $9.2 million to third parties, which
resulted in a loss of $642,116.


                                       25
<PAGE>

         In March of 2003, we redeemed $35 million of Series C 9% Preferred
Units and $40 million of Series E 8.75% Preferred Units. At the time of
redemption, the premium and $1.9 million of previously deferred costs related to
the original preferred units' issuance were recognized in the consolidated
statements of operations as a component of preferred unit distributions.
During August of 2003, we redeemed the $80 million Series A 8.125% Preferred
Units. As a result of these redemptions, the preferred unit distributions was
$4.3 million lower for the three months ended March 31, 2004.

         Net income for common unit holders was $21.8 million in 2004, compared
with $18.4 million in 2003 or a 19% increase for the reasons previously
discussed. Diluted earnings per unit were $0.35 in 2004, compared with $0.30 in
2003, or 17% higher, related to the increase in net income and a decrease in
weighted average common units of 457,098 units.

Environmental Matters
---------------------

         We are subject to numerous environmental laws and regulations and we
are primarily concerned with dry cleaning plants that currently operate or have
operated at our shopping centers in the past. We believe that the tenants who
currently operate plants do so in accordance with current laws and regulations.
Generally, we use all legal means to cause tenants to remove dry cleaning plants
from our shopping centers or convert them to environmentally approved systems.
Where available, we have applied and been accepted into state-sponsored
environmental programs. We have a blanket environmental insurance policy that
covers us against third-party liabilities and remediation costs on shopping
centers that currently have no known environmental contamination. We have also
placed environmental insurance, where possible, on specific properties with
known contamination, in order to mitigate our environmental risk. We believe
that the ultimate disposition of currently known environmental matters will not
have a material effect on Regency's financial position, liquidity, or
operations; however, we can give no assurance that existing environmental
studies with respect to our shopping centers have revealed all potential
environmental liabilities; that any previous owner, occupant or tenant did not
create any material environmental condition not known to us; that the current
environmental condition of the shopping centers will not be affected by tenants
and occupants, by the condition of nearby properties, or by unrelated third
parties; or that changes in applicable environmental laws and regulations or
their interpretation will not result in additional environmental liability to
us.

Inflation
---------

         Inflation has remained relatively low and has had a minimal impact on
the operating performance of our shopping centers; however, substantially all of
our long-term leases contain provisions designed to mitigate the adverse impact
of inflation. Such provisions include clauses enabling us to receive percentage
rentals based on tenants' gross sales, which generally increase as prices rise;
and/or escalation clauses, which generally increase rental rates during the
terms of the leases. Such escalation clauses are often related to increases in
the consumer price index or similar inflation indices. In addition, many of our
leases are for terms of less than ten years, which permits us to seek increased
rents upon re-rental at market rates. Most of our leases require tenants to pay
their share of operating expenses, including common area maintenance, real
estate taxes, and insurance and utilities, thereby reducing our exposure to
increases in costs and operating expenses resulting from inflation.


                                       26
<PAGE>

Item 3.  Quantitative and Qualitative Disclosures about Market Risk

Market Risk
-----------

         We are exposed to interest-rate changes primarily related to the
variable interest rate on the line of credit and the refinancing of long-term
debt which currently contain fixed interest rates. Our interest-rate risk
management objective is to limit the impact of interest-rate changes on earnings
and cash flows and to lower our overall borrowing costs. To achieve these
objectives, we borrow primarily at fixed interest rates and may enter into
derivative financial instruments such as interest-rate swaps, caps and treasury
locks in order to mitigate our interest-rate risk on a related financial
instrument. We have no plans to enter into derivative or interest-rate
transactions for speculative purposes.

         Our interest-rate risk is monitored using a variety of techniques. The
table below presents the principal cash flows (in thousands), weighted average
interest rates of remaining debt, and the fair value of total debt (in
thousands), by year of expected maturity to evaluate the expected cash flows and
sensitivity to interest-rate changes.

<TABLE>
<CAPTION>
                                                                                                                       Fair
                             2004       2005       2006       2007       2008     2009    Thereafter      Total        Value
                             ----       ----       ----       ----       ----     ----    ----------      -----        -----

<S>                      <C>           <C>         <C>       <C>        <C>      <C>         <C>        <C>          <C>
Fixed rate debt          $  211,509    147,236     24,523     28,743    22,316   55,747      714,960    1,205,034    1,267,218
Average interest rate
    for all debt              7.60%      7.60%      7.60%      7.59%     7.61%    7.59%        7.34%            -            -

Variable rate LIBOR
  debt                   $   16,589     25,000          -    230,000         -        -            -      271,589      271,589
Average interest rate
  for all debt                1.89%      1.84%          -      1.84%         -        -            -            -            -
</TABLE>


         As the table incorporates only those exposures that exist as of March
31, 2004, it does not consider those exposures or positions, which could arise
after that date. Moreover, because firm commitments are not presented in the
table above, the information presented above has limited predictive value. As a
result, our ultimate realized gain or loss with respect to interest-rate
fluctuations will depend on the exposures that arise during the period, our
hedging strategies at that time, and actual interest rates.

Item 4.  Controls and Procedures

         Under the supervision and with the participation of the Partnership's
management, including the Partnership's Chief Executive Officer, Chief Operating
Officer and Chief Financial Officer, the Partnership has evaluated the
effectiveness of the design and operation of its disclosure controls and
procedures as of the end of the period covered by this report, and, based on
their evaluation, the Chief Executive Officer, Chief Operating Officer and Chief
Financial Officer have concluded that these disclosure controls and procedures
are effective. There were no significant changes in our internal controls or in
other factors that could significantly affect these controls subsequent to the
date of their evaluation.


                                       27
<PAGE>

PART II

Item 6.  Exhibits and Reports on Form 8-K

                  (a)      Exhibits:
                  10.      Material Contracts
                           10.1 Credit Agreement dated as of March 26, 2004 by
and among Regency Centers, L.P., Regency, each of the financial institutions
initially a signatory thereto, and Wells Fargo Bank, National Association
(incorporated by reference to Exhibit 10.1 of Regency Centers Corporation's Form
10-Q filed May 10, 2004).
                  31.1    Rule 15d-14 Certification of Chief Executive Officer.
                  31.2    Rule 15d-14 Certification of Chief Financial Officer.
                  31.3    Rule 15d-14 Certification of Chief Operating Officer.
                  32.1    Section 1350 Certification of Chief Executive Officer.
                  32.2    Section 1350 Certification of Chief Financial Officer.
                  32.3    Section 1350 Certification of Chief Operating Officer.

                  (b) Reports on Form 8-K:

                           Form 8-K filed for the purpose of filing exhibits
                           under registration statement no. 333-58966.



                                       28
<PAGE>

                                    SIGNATURE

Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


         Date:  May 7, 2004             REGENCY CENTERS , L.P.
                                        By:  Regency Centers Corporation,
                                             General Partner


                                        By:   /s/  J. Christian Leavitt
                                           -------------------------------------
                                              Senior Vice President and
                                              Chief Accounting Officer




                                       29