" We were able to achieve the new loan amounts as a direct result ofour redevelopment efforts, which significantly increased the value of almostevery one of the centers that secure this obligation. Our intent is to usethe proceeds primarily to pay down our short term, variable rate debt. Aportion of the funds will be used to complete our 2000 business plan."
The company has a portfolio of 55 shopping centers, with approximately 11.1million square feet of gross leasable space, located in Michigan, Ohio,Wisconsin, New Jersey, Maryland, Virginia, North Carolina, South Carolina,Tennessee Georgia, Alabama and Florida. The trust is a publicly-traded realestate investment trust (REIT) which owns, develops, acquires, manages andleases community shopping centers, malls and single tenant retailproperties, nationally.
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