During the first phase, $332 million was raised and, during thesecond phase $232 million was raised. At the closing of the secondphase, phase one and two of the 184,000-sf Vista Village in Vista,CA were contributed into the open-end, infinite life fund at apurchase price of $61 million. Vista Village is 100% leased withKrikorian Theaters, Staples, Sprouts Market and Linens 'N Things asanchor tenants.

At the closing of the first phase, two properties werecontributed to the fund at a combined acquisition price of $72.6million and a weighted average cap rate of 6.36%. The propertieswere Falcon Ridge Town Center phase one, a 370,000-sf centeranchored by Target and Slater Bros. in Riverside-San Bernardino,CA, and Indian Springs Market Center, a 349,000-sf center anchoredby Wal-Mart Supercenter in Cincinnati. Both centers are 100%leased.

The fund, called Regency Retail Partners, LLC, is expected tohave a total capitalization of approximately $1.4 billion whenfully invested with approximately 60% leverage. Regency, whichcontributed $113 million, owns 20% of the fund. Regency anticipatesthat the fund will provide enough capital for the company to fundits community shopping center development program over the nextthree years.