However, company officials say those figures include some significant one-time transactions that impact the overall FFO. Not including those one-time items, the company reports its fourth quarter FFO was $13.5 million in 2000 and $25.6 million in 1999, and its fiscal year FFO was $60.5 million in 2000 and $106.7 million in 1999.

The one-time transactions in 2000 include a $2.5 million gain from selling land; $2.4 million in severance and compensation costs; $1.5 million in professional fees for refinancing; and $1.1 million in costs for terminating sales. In 1999, the FFO was impacted by a $16 million provision for abandoned development projects, $6.5 million in expenses when an option to buy a venture partner's interest in Prime Outlets at New River expired, as well as costs for starting up the company's former eOutlets.com subsidiary.

The company attributes the decrease in FFO in 2000 to the sale of its Birch Run Outlets in November 1999 and Prime Outlets in Williamsburg in February 2000; reduced occupancy across its portfolio (91.5% for fiscal 2000, compared to 93.4% in fiscal 1999); higher interest and financing costs; increased expenses and overhead costs; and an increase in un-collectible accounts receivable due to tenant bankruptcies, abandonments and store closings.