"Our numbers are in line with expectations and are reflective of significant changes occurring in our portfolio," says Dennis Gershenson, president and chief executive officer. "We anticipated a drop in earnings this year as we take income off line for the de-malling of our Tel-Twelve shopping center and the expansion and re-tenanting of Lakeland. These projects demonstrate the company's willingness to accept a short-term decrease in FFO in order to achieve a long-term increase in shareholder value. The income from our new national tenants will begin to come on line in late 2002 and 2003."
Earlier this month, the company estimated FFO per share for 2002 is expected to be slightly lower, in the range of $2.20 to $2.30 per share.
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