Regency Centers Corporation has begun construction on the first phase of Shops on Main, a 147,851-square-foot community shopping center anchored by Gordmans, Ross Dress for Less, HomeGoods and DSW Designer Shoe Warehouse. The center is strategically located at the intersection of two main arterial roads, U.S. Route 41 and Main Street, in the regional retail hub of Schererville, Ind., 25 miles southeast of Chicago. The initial phase will cost $50 million, and some anchors are scheduled to open in spring 2014. The center will be anchored by leading fashion, footwear and home furnishings retailers, including Gordmans (50,079 square feet), Ross Dress for Less (25,069 square feet), HomeGoods (23,969 square feet) and DSW Designer Shoe Warehouse (18,361 square feet). Developed in conjunction with Boyer Properties, the first phase will include two shop buildings and five pads on 28 acres of the 35-acre site.

Regency Centers Corporation reported earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported core funds from operations of $58.3 million, or $0.64 per diluted share, compared to $56.3 million, or $0.62 per diluted share, for the same period in 2012. Funds from operations were $57.9 million, or $0.64 per diluted share. For the same period in 2012, the company reported FFO of $49.9 million, or $0.55 per diluted share. The company reported net income attributable to common stockholders of $15.6 million, or $0.17 per diluted share, compared to net income of $13.2 million, or $0.14 per diluted share, for the same period in 2012. The company revised earnings guidance for the year 2013. For the year, the company expects FFO per diluted share of $2.47 to $2.54 compared to previous guidance of $2.45 to $2.53. Core FFO per diluted share is expected to be in the range of $2.50 to $2.57 compared to previous guidance of $2.48 to $2.56. In response to the continued strength in operating fundamentals, the company now expects same-property NOI growth, excluding termination fees, to be in the range of 2.5% to 3.2%. Approximately 2/3 of the same-property NOI growth in the first quarter did come from base rent. The other drivers, other income, recoveries and percentage rent are expected to normalize over the remainder of the year. Additionally, although the impact of redevelopments added 30 basis points in the first quarter, the company expects that ramp up and redevelopments later in the year will take some NOI off-line and will moderate 2013 growth from this point forward. The company expects second quarter of 2013 FFO per share in the range of $0.62 to $0.64. On May 6, 2013, the Board of Directors of the company declared a quarterly cash dividend on the company's common stock of $0.4625 per share, payable on June 5, 2013 to shareholders of record on May 22, 2013.

New York State Teachers' Retirement System, J.P. Morgan Asset Management, Inc. and State of Michigan Retirement Systems, The, partners of EDENS Inc. are reportedly in talks to change the ownership structure of EDENS. According to sources, J.P. Morgan Asset Management wants to remain as partner and The State of Michigan Retirement System might exit EDENS. According to Reuters, spokeswoman for J.P. Morgan, New York State Teachers' Retirement System, State of Michigan Retirement Systems and EDENS declined to comment. The partners have various options including, a buyout of one or both of the partners, bringing in another partner and keeping EDENS private. The partners reportedly could also sell EDENS to Federal Realty Investment Trust (NYSE:FRT) or Regency Centers Corporation (NYSE:REG). Alternatively, EDENS could reportedly launch an initial public offering. According to sources, State of Michigan Retirement Systems has hired Evercore Partners Inc. (NYSE:EVR), New York State Teachers' Retirement System has hired Green Street Advisors, Inc. and EDENS has hired Eastdil Secured LLC as financial advisor.