JACKSONVILLE, FL-Regency Centers Corp. is reporting another healthy balance sheet for the first quarter of this year. Funds from operations were $58.8 million, or 85 cents per diluted share, compared to $57.3 million and 89 cents for the same period last year. Net income was $65.9 million, or 97 cents per diluted share, versus $34.7 million and 55 cents in first quarter 2005.

The per-share net income figure was 76% higher for the same period last year. The company says gain on the sale of operating properties drove the increase of $38.8 million for the quarter versus $1.6 million in the prior year.

At March 31, Regency's total assets before depreciation were $4 billion. The company owned 386 shopping centers and single-tenant properties, including those held in joint ventures. The portfolio totaled 50.4 million sf, including tenant-owned sf.

The REIT also reported same-store net operating income growth of 3.85%; same store rental rate growth on a cash basis of 10.6%; and an occupancy level of 95.1% in operating properties. Leasing transactions for the year totaled 444 new and renewal lease deals for a total two million sf.

During the first quarter, Regency sold four wholly owned operating properties at an average cap rate of 7% and a combined gross sales price of $72 million. Four joint venture operating properties were sold at an average cap rate of 8.1%. The gross sales price was $44.3 million with Regency's share being $11.1 million. The company also sold 11 outparcels for total proceeds of $14.5 million.

As of Dec. 31, Regency Centers owned 393 retail properties, including those with joint venture partners. All total, including tenant-owned square footage, the portfolio contains 50.8 million sf throughout the US.