The locally based REIT posted fourth-quarter net earnings of $10.8 million, up 92.7% from $5.6 million in the comparable 2001 period. Net earnings per diluted share increased 77.8% to 32 cents in the fourth quarter compared with 18 cents a year ago.

Fully diluted funds from operations in the quarter increased 20.4% to $12.39 million versus $10.29 million a year ago. For all of 2002, FFO jumped 6.6% to $44.29 million from $$41.55 million in 2001.

For the year, net earnings rose 24.3% to $31.3 million compared with $25.2 million in 2001. Net earnings per diluted share were 95 cents against 83 cents in 2001. Q4 earnings included gains of $3.1 million or nine cents per fully diluted share on the sale of three shopping centers.