JACKSONVILLE, FL-Regency Centers Corp., a $3.5-billion company with a portfolio of 288 shopping centers and single-tenant properties, is reporting first-quarter net income of $34.7 million, or 55 cents per diluted share, versus $21.4 million and 35 cents per diluted share in the comparable 2004 period.

Funds from operations were $57.3 million, or 89 cents per diluted share, compared to $41.9 million and 68 cents last year at this time. The growth rate was 30.9%.

"Regency's first-quarter results were exceptional," says company chairman and CEO Martin E. Stein Jr. "The fundamentals were strong in each key facet of our business--the high quality operating portfolio, development and capital recycling and joint ventures."

At the end of the first quarter, Regency's wholly owned properties and its pro-rata share of joint ventures reported same store net operating income growth of 5%; same store rental rate growth on a cash basis of 9.8%; and an overall leasing percentage of 95.3%.

Regency's total real estate portfolio, including joint ventures at 100%, registered same store net operating income of 5.4%; same store rental rate growth on a cash basis of 9.7%; and an overall occupancy level of 95.6%.

As of March 31, the company had 32 properties under development for an estimated total net investment at completion of $552 million, Stein says. The expected return on these in-process developments is 10.3%.

"The in-process developments are 56% funded and 75% leased, including tenant-owned, gross leasing areas," Stein says. "With the high probability of pipeline exceeding $500 million, new development starts are still expected to be in the range of $300 million to $350 million for the year."