Commenting on the results, CEO Kenneth Bernstein notes that, "While both the redevelopment and non-core disposition activities caused FFO dilution, they are moving us in the direction of increasing net asset value and creating long-term shareholder value."
Arcadia, an UPREIT that specializes in shopping centers and is based in Long Island, NY, saw an increase in its overall portfolio occupancy rise 60 basis points to 90.3%, up from 89.7% at the end of 2000. Also, during the first quarter, Home Depot leased more than 105,000 sf at its Crescent Plaza in Brockton, MA, bringing the center to 99% occupancy.
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