Edgar Filing: REGENCY CENTERS CORP

REG 11-KA 12.31.10

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549



	FORM 11-K/A Amendment No.1

(X) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal year ended December 31, 2010

( ) TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission File Number 1-12298

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

REGENCY CENTERS 401(k) PROFIT SHARING PLAN

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

REGENCY CENTERS CORPORATION

One Independent Drive, Suite 114

Jacksonville, Florida 32202

(904) 598-7000

TABLE OF CONTENTS



		Form 11-K/A Report Page


Report of Independent Registered Public Accounting Firm		1

Financial Statements as of December 31, 2010 and 2009 and For the Year Ended December 31, 2010:

	Statements of Net Assets Available for Benefits	2

	Statement of Changes in Net Assets Available for Benefits	3

Notes to Financial Statements		4

Supplemental Schedules as of and For the Year Ended December 31, 2010:
	Schedule H, Line 4d - Schedule of Nonexempt Transactions	13

	Schedule H, Line 4i - Schedule of Assets (Held at End of Year)	14

Signature		15

Exhibit Index		16

Report of Independent Registered Public Accounting Firm

The Employee Benefits and Retirement Investment Committee

Regency Centers 401(k) Profit Sharing Plan:

We have audited the accompanying statements of net assets available for benefits of Regency Centers 401(k) Profit Sharing Plan (the Plan) as of December 31, 2010 and 2009, and the related statement of changes in net assets available for benefits for the year ended December 31, 2010. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2010 and 2009, and the changes in net assets available for benefits for the year ended December 31, 2010 in conformity with accounting principles generally accepted in the United States of America.

Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of (1) Schedule H, Line 4d - Nonexempt Transactions for the year ended December 31, 2010, and (2) Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2010 are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These supplemental schedules are the responsibility of the Plan's management. These supplemental schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole.

/s/ KPMG LLP

June 29, 2011

Jacksonville, Florida

Certified Public Accountants

REGENCY CENTERS 401(k) PROFIT SHARING PLAN

Statements of Net Assets Available for Benefits

December 31, 2010 and 2009



		2010		2009
Assets:
Investments, at fair value (notes 5, 6 and 8):
Wells Fargo Treasury Plus Institutional Money Market Fund	$	133,089		65,246
Common/collective trusts		8,452,758		8,473,471
Mutual funds		30,287,234		25,854,358
Self-directed accounts		294,555		239,344
Regency Centers Corporation common stock		5,501,720		4,143,457
Total investments, at fair value		44,669,356		38,775,876

Participant loans		914,029		722,048
Receivables - employer contributions		1,010,125		1,039,765
Receivables - employee contributions		75,071		—
Due from Plan sponsor (notes 3 and 7)		—		108,265
		46,668,581		40,645,954

Adjustment from fair value to contract value for
interest in collective trust funds relating to
fully benefit-responsive investment contracts		(128,681	)	(12,560	)
Net assets available for benefits	$	46,539,900		40,633,394


See accompanying notes to financial statements.

REGENCY CENTERS 401(k) PROFIT SHARING PLAN

Statement of Changes in Net Assets Available for Benefits

Year ended December 31, 2010



Additions to net assets attributed to:
Investment income:
Net appreciation in fair value of investments (note 5)	$	4,420,946
Interest and dividends		1,018,116
		5,439,062
Contributions (notes 1(b), 3 and 7)
Employer		2,140,505
Participants		2,290,294
Rollovers		29,650
		4,460,449
Total additions		9,899,511

Deductions from net assets attributed to:
Benefits paid to participants		3,989,420
Administrative expenses (note 7)		3,585
Total deductions		3,993,005

Net increase		5,906,506

Net assets available for benefits:
Beginning of year		40,633,394
End of year	$	46,539,900


See accompanying notes to financial statements.

Regency Centers 401(k) Profit Sharing Plan

Notes to Financial Statements

December 31, 2010 and 2009

1. Description of Plan

Regency Centers Corporation (“Regency” or the “Company”) adopted the Regency Centers 401(k) Profit Sharing Plan (“the Plan”) with an original effective date of January 1, 1986, but the amended and restated provisions of the Plan became effective on January 1, 2005.

The following description of the Plan is provided for general information purposes only. Participants should refer to the Plan agreement for a more complete description of the Plan’s provisions.

(a) General

The Plan is a 401(k) and profit sharing defined contribution retirement plan covering all employees of the Company, its subsidiaries and affiliates, who have three months of continuous service and are at least 18 years of age. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

(b) Contributions

Effective January 1, 2008, each eligible employee is automatically enrolled in the Plan, at a contribution rate of 3%, and becomes a participant of the Plan, unless the employee elects to decline participation within 45 days of his or her eligibility date. During 2010, participants who are automatically enrolled but do not make investment elections have their contributions allocated to one of six Wells Fargo age-based default funds. For 2010 and 2009, participants may contribute up to $16,500 of pre-tax annual compensation, as defined in the Plan. Participants who are or will attain age 50 before the end of the Plan year may elect to defer additional amounts up to $5,500 (“catch-up contributions”) to the Plan as of January 1st of that year.

The Company matches participant contributions equal to 100% of salary deferrals up to a maximum matching amount of $3,900 and $3,800 for 2010 and 2009, respectively. Participant and employer matching contributions are invested as directed by the participant. The Company may also elect to make a profit sharing contribution to the Plan in the form of cash. During 2010 and 2009, the Company’s profit sharing contributions amounted to $994,225 and $1,039,765, respectively.

A participant may transfer funds from other qualified plans to the Plan. These funds are set up in a separate participant account referred to as a “Participant’s Rollover Account.”

Under a trust agreement effective October 1, 1999, Wells Fargo Bank, N.A. (“Wells Fargo”) was appointed trustee for the Plan. Wells Fargo also serves as the recordkeeper and asset custodian. The Plan is administered through the Company’s Employee Benefits Committee, which is appointed by the Company’s board of directors.

(d) Participant Accounts

Each participant’s account is credited with the participant’s contributions and allocations of (a) the Company’s contributions, and (b) plan earnings, and (c) a discretionary profit sharing contribution. Allocations of the Company’s profit sharing contributions are based on participant earnings, as defined in the Plan document. Allocations of Plan earnings for investments other than self-directed accounts are based on participants’ account balances. Self-directed accounts are credited with the earnings of the specific investment chosen by the participant. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested accounts.

Regency Centers 401(k) Profit Sharing Plan

Notes to Financial Statements

December 31, 2010 and 2009

(e) Participant Loans

Participants may borrow from the Plan using their vested account balance as security for the loan. Participant loans are repaid through payroll deductions. The minimum loan amount is $1,000 up to a maximum amount equal to the lesser of $50,000 or 50% of the participants’ vested account balance. Generally, the term of the loan may not exceed five years; however, if the loan is for the purchase of a primary residence, the Plan may allow for a longer repayment term. A participant may have only one loan outstanding at any time. The interest rate is fixed over the life of the loan and the interest paid by the participant is credited back to his or her account.

(f) Investment Options

Participants direct the investment of their participant deferrals, Company matching and Company profit sharing contributions into various investment options offered by the Plan. The Plan currently offers 23 investment choices including a self-directed account as investment options for participants. The self-directed account is comprised of assets invested at the discretion of Plan participants within certain guidelines as defined by the Plan.

(g) Vesting

Participants’ contributions and the Company’s matching contributions to the Plan are vested immediately. The vesting schedule for the Company’s discretionary profit sharing contribution is a cliff vesting based on years of service. A participant is 100% vested after three years of service. A year of service is defined as at least 1,000 hours of service during a Plan year. Participants immediately vest in all contributions upon reaching normal retirement age of 65 or early retirement age which is the later of the date of reaching the age of 55 or the date of completion of the third anniversary of Plan participation.

(h) Payment of Benefits

Upon termination of service due to death, disability or retirement, a participant (or beneficiary) may elect to receive cash in either a lump-sum distribution or installments equal to the value of the participant’s vested interest in his or her account. In addition, for all terminations of service, including those for the reasons mentioned above, a participant may receive a distribution in the form of the Company’s common stock (“distribution-in-kind”) equal to the value of the participant’s vested interest in his or her Regency common stock fund account.

In-service hardship distributions are permissible under the Plan and follow the Internal Revenue Service (“IRS”) issued regulations. If a participant is entitled to a distribution of more than $200, then he or she may elect whether to receive the distribution or to roll over the distribution to another retirement plan such as an individual retirement account ("IRA"). If the vested interest in the Plan is greater than $1,000 but less than $5,000 and the participant does not elect to receive or roll over the distribution, then the distribution must be rolled over to an IRA. If the vested interest in the Plan is greater than $5,000, the participant must consent to the distribution before it will be made.

(i) Plan Expenses

Plan expenses are paid by the Plan sponsor. However, the Plan continues to pay and charge participant accounts for the administrative fees to transact new participant loans.

(j) Forfeitures

Forfeitures are allocated in the subsequent year in which the forfeiture occurs to all participants eligible to receive a Company profit sharing contribution, as defined in the Plan document. The amount allocated to each participant is the product of the ratio of his or her compensation to total compensation, multiplied by total forfeitures. During 2010, amounts forfeited in prior years and earnings thereon totaling $113,893 were allocated to participants. At December 31, 2010 and 2009, unallocated forfeitures totaled $29,208 and $114,279, respectively.

Regency Centers 401(k) Profit Sharing Plan

Notes to Financial Statements

December 31, 2010 and 2009

2. Summary of Significant Accounting Policies

(a) Basis of Accounting

The accrual basis of accounting has been used in preparing the accompanying financial statements.

(b) Valuation of Investments and Income Recognition

The Plan accounts for fully benefit-responsive investment contracts in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 962, Plan Accounting—Defined Contribution Pension Plan (“ASC 962”). One of the investment options offered by the Plan, the Wells Fargo Collective Stable Return Fund (N4) (the “Stable Return Fund”), is a common collective trust that is fully invested in Wells Fargo Stable Return Fund G, which is fully invested in contracts deemed to be fully benefit-responsive within the meaning of ASC 962. ASC 962 requires that the Plan report its investment in the Stable Return Fund at fair value. However, contract value is the relevant measure to the Plan because it is the amount that is available for Plan benefits. Accordingly, in the Statements of Net Assets Available for Benefits, the Stable Return Fund, along with the Plan’s other investments, is stated at fair value with a corresponding adjustment to reflect the investment in the Stable Return Fund at contract value.

Investments are carried at fair value which represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 8 for discussion of fair value measurements. The net appreciation in fair value of investments includes the gain or loss on investments bought or sold during the year, as well as, the unrealized change in fair value of investments.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis and dividends are recorded on the ex-dividend date.

Participant loans are not considered investments and are recorded at amortized cost.

(d) Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of additions to, and deductions from net assets during the reporting period. Actual results could differ from those estimates.

(e) Payment of Benefits

Benefits are recorded when paid.

(f) Risks and Uncertainties

The Plan invests in various investment securities. Investments, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investments, including the Plan’s investment in the Company’s common stock in which it has a concentration, will occur in the future and that such changes could materially affect the amounts reported in the Statements of Net Assets Available for Benefits.

Recent market conditions have resulted in an unusually high degree of volatility and increased the risks associated with certain investments held by the Plan, which could impact the value of investments after the date of these financial statements.

Regency Centers 401(k) Profit Sharing Plan

Notes to Financial Statements

December 31, 2010 and 2009

(g) Recently Adopted Accounting Pronouncements

In January 2010, the FASB issued Accounting Standards Update (“ASU”) No. 2010-06, “Fair Value Measurements and Disclosures (820) - Improving Disclosures about Fair Value Measurements” (“ASU 2010-06”). ASU 2010-06 provides amendments to Subtopic 820-10 and requires new disclosures for transfers in and out of Levels 1 and 2 and activity in Level 3 fair value measurements. ASU 2010-06 also clarifies existing disclosure requirements for the level of disaggregation for each class of assets and liabilities and for the inputs and valuation techniques used to measure fair value. ASU 2010-06 is effective for financial statements issued for interim and annual periods ending after December 15, 2009, except for the disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measurements which is effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. The adoption of this ASU did not have a material impact on the Plan's financial statements.

3. Plan Termination

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become fully vested in all employer contributions and earnings thereon. Additionally, the Company may direct benefits to be distributed as soon as practicable or the Trust, created by the Plan, be continued and benefits be distributed as if the Plan had not been terminated.

The recession that ended in 2009 resulted in two reductions in force during the 2009 Plan year. As part of these reductions in force, the Company laid off a number of employees that participated in the Plan and has determined that a partial plan termination has occurred. Per IRS and ERISA guidelines, all participating employees who had a severance from employment during the 2009 Plan year must be fully vested in their accrued benefits to the extent funded on that date, or in the amounts credited to their accounts. An additional employer contribution of $89,018 was required to restore the fully vested benefits of certain participants that severed their employment in 2009 and associated market gains. The contribution was recorded as an amount due from Plan sponsor in the accompanying Statement of Net Assets Available for Benefits as of December 31, 2009 and was funded during 2010.

4. Income Tax Status

The sponsor of the prototype plan, on which this standardized plan is based, received a tax opinion letter from the IRS dated August 30, 2001, which indicates that the Plan, as designed, was in compliance with the applicable requirements of the Internal Revenue Code (“the Code”). Although the Plan has been amended since receiving the determination letter, in the opinion of the Plan administrator and its counsel, the Plan has operated in accordance with the Code and the Plan document and therefore remains qualified and tax exempt.

The Plan recognizes tax positions in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions shall initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company believes that it has appropriate support for the income tax positions taken based on an assessment of many factors including past experience and interpretations of tax laws applied to the facts of each matter. The plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

Regency Centers 401(k) Profit Sharing Plan

Notes to Financial Statements

December 31, 2010 and 2009

5. Investments

Participants may direct Wells Fargo, the trustee, as to the investment selection for their personal and Company matching and profit sharing contributions into 23 permissible investment vehicles including self-directed accounts. At December 31, 2010, the mutual fund and common stock investment options include the following:

American Funds Europacific Growth (R4)

American Funds Growth Fund of America (R4)

American Funds New Perspective (R4)

Baron Small Cap

Fidelity Balanced Fund

Goldman Sachs Small Cap Value (Instl)

Invesco Real Estate (A)

Lord Abbett Small-Cap Blend (A)

MFS Value (R3)

Regency Centers Corporation Common Stock Fund/Wells Fargo

Treasury Plus Institutional Money Market Fund [Note (1)]

RS Investments Value (A)

Self Directed Fund

T. Rowe Price Midcap Growth

Wells Fargo Advantage - Dow Jones Target Today (I)

Wells Fargo Advantage - Dow Jones Target 2010 (I)

Wells Fargo Advantage - Dow Jones Target 2020 (I)

Wells Fargo Advantage - Dow Jones Target 2030 (I)

Wells Fargo Advantage - Dow Jones Target 2040 (I)

Wells Fargo Advantage - Dow Jones Target 2050 (INST)

Wells Fargo Advantage Index (Admin)

Wells Fargo Advantage Total Return Bond (Admin)

Wells Fargo Collective Stable Return Fund (N4)

WF Collective (BGI) S&P Midcap Index (N)

Note (1): The Regency Centers Corporation ("RCC") Common Stock Fund is invested in the common stock of RCC and approximately 2% in the Wells Fargo Treasury Plus Institutional Money Market Fund. The value of the RCC Common Stock Fund was calculated based on a unitized per share value.

As stated in Note 2(b), the Stable Return Fund, which is deemed to be fully benefit-responsive, is stated at fair value on the accompanying Statements of Net Assets Available for Benefits, with a corresponding adjustment to reflect contract value. The fair value of this fund as of December 31, 2010 and 2009 was $5,918,483 and $6,290,583, respectively. The contract value of this fund as of December 31, 2010 and 2009, which is a component of net assets available for benefits, totaled $5,789,802 and $6,278,023, respectively. During 2010 and 2009, this fund yielded approximately 2.6% and 2.9%, respectively.

Regency Centers 401(k) Profit Sharing Plan

Notes to Financial Statements

December 31, 2010 and 2009

As of December 31, 2010 and 2009, the following investments, at fair value, represent 5% or more of the Plan’s net assets:



		2010	2009
Wells Fargo Collective Stable Return Fund (N4); 126,615 and 140,940 shares, respectively	$	5,918,483	6,290,583
Regency Centers Corporation Common Stock Fund; 130,249 and 117,900 shares, respectively		5,501,720	4,143,457
American Funds New Perspective (R4); 134,834 and 128,982 shares, respectively		3,822,544	3,277,445
Wells Fargo Advantage Total Return Bond (Admin); 262,528 and 251,127 shares, respectively		3,273,726	3,176,761
Fidelity Balanced Fund; 186,770 and 184,907 shares, respectively		3,404,811	3,025,086
American Funds Europacific Growth (R4); 78,537 and 78,735 shares, respecitvely		3,194,866	2,969,882
Wells Fargo Advantage Index (Admin); 68,599 and 64,389 shares, respectively		3,021,807	2,616,130
American Funds Growth Fund of America (R4); 80,752 and 82,298 shares, respectively		2,437,914	2,231,087
WF Collective (BGI) S&P Midcap Index (N); 34,588 and 37,610 shares, respectively		2,534,275	2,182,888
MFS Value (R3); 103,337 and 99,645 shares, respectively		2,350,913	2,064,646

During 2010, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated in value as follows:



Common/collective trusts	$	704,541
Mutual funds		2,812,250
Regency Centers Corporation Common Stock Fund		904,155
Net appreciation in fair value of investments	$	4,420,946

6. Investment in Common Collective Trusts

The Plan invests in common collective trust funds (“CCT Funds”) managed by Wells Fargo, which include the Stable Return Fund and the Wells Fargo Collective (BGI) S&P Midcap Index (N) (the “S&P Midcap Index Fund”). The Stable Return Fund invests in guaranteed investment contracts and synthetic investment contracts. The S&P Midcap Index Fund invests in equities of the S&P Midcap Index with the objective of approximating, before fees and expense, the total return of the S&P 400 Midcap Index. The CCT Funds are credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses. Additionally, the CCT Funds do not have finite lives, unfunded commitments, or restrictions on redemptions.

As described in Note 2, the Stable Return Fund, which is deemed to be fully benefit-responsive, is stated at fair value in the accompanying Statements of Net Assets Available for Benefits, with a corresponding adjustment to reflect contract value. The fair value of the Stable Return Fund as of December 31, 2010 and 2009 was $5,918,483 and $6,290,583, respectively. The contract value of the Stable Return Fund as of December 31, 2010 and 2009 was $5,789,802 and $6,278,023, respectively. During 2010 and 2009, the average yield of the Stable Return Fund was approximately 2.4% and 3.4%, respectively. This represents the annualized earnings of all investments in the Stable Return Fund, divided by the fair value of all investments in the Stable Return Fund. During 2010 and 2009, the crediting interest rate of the Stable Return Fund was approximately 2.9% and 3.3%, respectively. This represents the annualized earnings credited to participants in the Stable Return Fund, divided by the fair value of all investments in the Stable Return Fund.

The credit rating assigned to the issuers of each investment contract is currently at least an A- rating. There are no reserves against the contract value for credit risk of the contract issuer or otherwise. The crediting interest rate is based upon a formula agreed upon with the issuer but will not be less than zero percent. Such crediting rates are reset on a quarterly basis.

Regency Centers 401(k) Profit Sharing Plan

Notes to Financial Statements

December 31, 2010 and 2009

Certain events could limit the ability of the Plan to transact at contract value with the issuer. Such events include the following: (1) the Plan’s failure to qualify under Section 401(a) or Section 401(k) of the IRC, (2) the establishment of a defined contribution plan that competes with the Plan for employee contributions, (3) any substantive modification of the Stable Return Fund or the administration of the Stable Return Fund that is not consented to by the issuer, (4) any change in law, regulation or administrative ruling applicable to the Plan that could have a material adverse effect on the Stable Return Fund’s cash flow, (5) any communication given to participants by the Plan’s sponsor or fiduciary or Wells Fargo that is designed to induce or influence participants to avoid investing in the Stable Return Fund or to transfer assets out of the Stable Return Fund, and (6) any transfer of assets from the Stable Return Fund directly to a competing investment option. The occurrence of any of these events which would limit the Plan’s ability to transact at contract value with participants is not probable.

7. Parties-in-interest Transactions

Certain Plan investments are units or shares of mutual funds and common collective trust funds managed by Wells Fargo. Wells Fargo is the trustee as defined by the Plan and, therefore, these transactions qualify as party-in-interest transactions. Fees paid by the Plan to the trustee for administrative services amounted to $3,585 for the year ended December 31, 2010. The Plan also invests in the common stock of the Company (see Note 5) from which it received dividend income of $237,195 during 2010.

The Company concluded that the unintentional withholding of funds from a participant during the 2009 plan year constituted a prohibited transaction under the federal laws and regulations applicable to employee benefit plans. The Company reimbursed the Plan for this unintentional prohibited transaction and associated gain totaling $20,265. This contribution was recorded as an amount due from Plan sponsor in the accompanying Statement of Net Assets Available for Benefits as of December 31, 2009 and was funded during 2010.

8. Fair Value Measurements

Fair value is a market-based measurement, not an entity-specific measurement. Therefore, fair value measurement is determined based on the assumptions that market participants would use in pricing the asset. As a basis for considering market participant assumptions in fair value measurements, the Plan uses a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from independent sources (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the Plan’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). The three levels of inputs used to measure fair value are as follows:

• Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Plan has the ability to access.

• Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.

• Level 3 - Unobservable inputs for the asset or liability, which are typically based on the Plan’s own assumptions, as there is little, if any, related market activity.

The valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. The availability of observable market data is monitored to assess the appropriate classifications of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period.

We evaluated the significance of transfers between levels based upon the nature of the financial instrument and size of the transfer relative to total net assets available for benefits. For the year ended December 31, 2010, there were no significant transfers in or out of levels 1, 2 or 3.

Regency Centers 401(k) Profit Sharing Plan

Notes to Financial Statements

December 31, 2010 and 2009

Plan Investments

Money market funds

The assets held in money market funds are valued at the net asset value (NAV) of the underlying funds. The NAV of money market funds are based on quoted prices in an active market and have been classified within Level 1.

Common/collective trusts

The investments held in common/collective trusts are valued at the NAV of the underlying funds. The NAV of common/collective trusts are based on observable inputs other than quoted prices and have been classified within Level 2.

Mutual funds

Shares of mutual funds are valued at the NAV of shares held by the Plan at December 31, 2010. The NAV of the mutual funds are based on quoted prices in active markets and have been classified within Level 1.

Self-directed accounts

The investments held in self-directed accounts are shares of money market funds and mutual funds valued at the NAV of shares held by the Plan at December 31, 2010. The NAV of the money market funds and mutual funds are based on quoted prices in active markets and have been classified within Level 1.

Regency Centers Corporation Common Stock Fund

Equity securities directly held by the Plan consist of common stock of the Company with quoted prices in active markets and have been classified within Level 1.

The following table sets forth, by level within the fair value hierarchy, the Plan’s investments measured at fair value as of December 31, 2010:



		Investments at Estimated Fair Value as of
		December 31, 2010
		Level 1	Level 2	Level 3	Total
Money market funds	$	133,089	—	—	133,089
Common/collective trusts		—	8,452,758	—	8,452,758
Mutual funds		30,287,234	—	—	30,287,234
Self-directed accounts		294,555	—	—	294,555
Regency Centers Corporation Common Stock Fund		5,501,720	—	—	5,501,720
Total Investments	$	36,216,598	8,452,758	—	44,669,356

Regency Centers 401(k) Profit Sharing Plan

Notes to Financial Statements

December 31, 2010 and 2009

9. Reconciliation of Financial Statements to Form 5500

The following is a reconciliation of the financial statements to Form 5500:



		2010
Change in net assets available for benefits
per financial statements	$	5,906,506
Add: Receipt of amounts due from plan sponsor		108,265
Change in net assets available for benefits per Form 5500	$	6,014,771

10. Subsequent Events

The Plan's management has evaluated subsequent events through the date on which the financial statements were issued and no additional disclosures were required.



REGENCY CENTERS 401(k) PROFIT SHARING PLAN
Schedule H, Line 4d - Schedule of Nonexempt Transactions
Year Ended December 31, 2010


Identity of party involved	Relationship to plan, employer or other party-in-interest	Description of transactions including maturity date, rate of interest, collateral, par or maturity value	Cost of asset	Current Value of asset	Net gain (loss) on each transaction

Regency Centers Corporation	Plan Sponsor	Funds were unintentionally withheld from participant account in 2009. The Company remitted the contribution and lost earnings to the Plan on July 14, 2010	$11,865	$20,265	$8,400





See accompanying Report of Independent Registered Public Accounting Firm.

REGENCY CENTERS 401(k) PROFIT SHARING PLAN

Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

December 31, 2010



Description		Units/Shares		Current Value
*	Wells Fargo Treasury Plus Institutional Money Market Fund	—	$	133,089
Common/collective trusts:
*	Wells Fargo Collective Stable Return Fund (N4) (shown at contract value)	126,615		5,789,802
*	WF Collective (BGI) S&P Midcap Index (N)	34,588		2,534,275
Mutual funds:
*	Wells Fargo Advantage Total Return Bond (Admin)	262,528		3,273,726
	Fidelity Balanced Fund	186,770		3,404,811
	American Funds New Perspective (R4)	134,834		3,822,544
	MFS Value (R3)	103,337		2,350,913
	Lord Abbett Small-Cap Blend (A)	101,553		1,540,558
	American Funds Growth Fund of America (R4)	80,752		2,437,914
	American Funds Europacific Growth (R4)	78,537		3,194,866
	RS Investments Value (A)	72,144		1,869,263
	T. Rowe Price Midcap Growth	5,748		336,448
	Goldman Sachs Small Cap Value (Instl)	3,796		157,146
	Invesco Real Estate (A)	76,579		1,642,618
*	Wells Fargo Advantage Index (Admin)	68,599		3,021,807
*	Wells Fargo Advantage - Dow Jones Target 2030 (I)	58,773		851,625
*	Wells Fargo Advantage - Dow Jones Target 2020 (I)	51,835		719,469
	Baron Small Cap	26,979		641,560
*	Wells Fargo Advantage - Dow Jones Target 2040 (I)	34,976		561,021
*	Wells Fargo Advantage - Dow Jones Target 2010 (I)	12,416		158,927
*	Wells Fargo Advantage - Dow Jones Target Today (I)	5,222		55,665
*	Wells Fargo Advantage - Dow Jones Target 2050 (INST)	27,042		246,353
Other:
*	Regency Centers Corporation Common Stock Fund	130,249		5,501,720
	Self Directed Funds	—		294,555
*	Participant loans (at interest rates from 4.25% to 9.25% maturing through 2025)			914,029
	Total		$	45,454,704

*	Party-in-interest to the Plan


See accompanying Report of Independent Registered Public Accounting Firm.

SIGNATURES

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



June 29, 2011	REGENCY CENTERS CORPORATION

	By:	/s/ J. Christian Leavitt
		J. Christian Leavitt, Senior Vice President and Treasurer (Principal Accounting Officer)

EXHIBIT INDEX



Exhibit No.	Description of Exhibit

23	Consent of Independent Registered Public Accounting Firm