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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.”

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