Regency Centers Awash in Black Ink

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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.