For the three months ending Dec. 31, diluted FFO increased by $3,835,000 to $10,441,000, compared with $6,606,000 for the three months ending Dec. 31, 2002. On a per share basis the increase was 25.6%, or $0.11, to $0.54 compared with $0.43 in 2002. Total revenues increased 17.6% or $4,389,000, to a total of $29,285,000, compared with $24,896,000 in 2002. Income from continuing operations for the three months ending Dec. 31, 2003, was $3,666,000 compared with $1,528,000 in 2002.

For 2003, FFO increased $5,474,000, to $34,654,000 compared with $29,180,000 for 2002. Total revenues increased 19.4% or $17,640,000 to a total of $108,400,000 compared with $90,760,000 in 2002. Income from continuing operations for 2003 was $9,982,000 compared with $8,435,000 in 2002.

"Our overall shareholder return for the year was 51.8% and total market capitalization reached the $1 billion mark," Gershenson says. "In a very competitive acquisition environment, we purchased six shopping centers. We also completed four shopping center repositionings, commenced six redevelopments projects and began development of Beacon Square, a Home Depot anchored shopping center in Grand Haven, MI. Heading into 2004 we find ourselves well-positioned for continued success in all key areas of our business and maintain our 2004 FFO guidance of $2.35 to $2.40 per share," he went on to say.