2002 Revenues Up for Price Legacy

SAN DIEGO, CA-Price Legacy Corp.’s total revenue for the first three quarters of 2002 is up significantly from the same period last year, according to a recent report by the locally based retail developer and owner.

Total revenue for the nine months ended September 30, 2002 was $88.7 million, as compared with $51.3 million for the same three quarters in 2001, say company officials. Properties purchased during 2001 and 2002 generated $36.4 million in additional revenues, while product owned in both years brought in $3.4 million in additional revenues. In addition to a rise in total revenue, the company experienced a 13% increase in operating income for third quarter 2002 and a 31% jump on a year-to-date basis compared to the same period last year. Rental revenue also increased, as it rose by $37.4 million “primarily due to the company’s continuing strategy to purchase open-air shopping centers,” according to the Price Legacy report.