MI Developments Inc., majority owner of Magna Entertainment Corp., reported a net income of $17.52 million on revenues of $324.93 million for the first three months of 2004.MID, which Frank Stronach created last September by combining Magna International's real estate division with MEC, earned 36 cents a share for the quarter. A pro forma comparison of last year's first quarter put revenue at $296.67 million and net income at $11.3 million. The company's real estate arm provided $11.27 million in income for the first quarter with MEC chipping in $6.25 million in income.MID's results also reflected $3.9 million in expenses related to retirement allowance paid to two executives. Funds from operations, which is used by analysts to evaluate performance of real estate companies, was $22.4 million, or 46 cents a share for the quarter. Minus the retirement allowances, FFO was $24 million, or 50 cents a share.Shareholders of record on May 28 will receive a dividend of nine cents a share payable on June 15.MID currently has seven properties under development, according to a company press release, including Gulfstream Park. The Gulfstream project includes a new clubhouse/grandstand facility that won't be operational until 2006. Temporary facilities will be built for next year's meet. A new dirt track and turf course at Gulfstream are to be completed by the 2005 meet.