The figure was two cents off analysts' expectations. The company has been struggling to regain balance and credibility since February when the firm discovered that two executives received almost $5 million in undisclosed compensation involving dealings with Wal-Mart and Lowe's. Since the ensuing investigation, some of the top senior management team has left.
The REIT has engaged Lazard Freres & Co., financial advisors, to study various options to find financing for its retail development. JDN must come up with $118 million to complete 41 shopping centers either under way or planned.
The company anticipates receiving $150 million this year from the sale of shopping centers.The funds will go toward new retail projects.
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