"We are optimistic about the balance of 2004 as we bring additional acquisitions and developments on-line and continue our redevelopment program to maximize the value of existing assets," says Dennis Gershenson, president and chief executive officer in a review of the company's performance at the close of the second quarter.
Among the highlights of the last quarter, Gershenson says, are:
* Beginning development of the 400,000-sf Gaines Marketplace in Grand Rapids, MI.
* Began Wal-Mart expansion to a superstore and addition of a 31,000-sf Ross Dress for Less at Northwest Crossing in Knoxville, TN.
* Announced redevelopment of Cox Creek Plaza to include Home Depot in Florence, AL. The REIT has sold two parcels of land to Home Depot, U.S.A. Inc. consisting of 6.2 acres.
* Began work on a Kroger supermarket expansion at recently the acquired Livonia Plaza in Livonia, MI.
* Leased space for 23 new stores at rental rates of $11.39 per sf.
* Renewed 11 non-anchor leases at rental rates 15% above prior rents paid
For the second quarter, diluted funds from operations increased 94.9% or $5,441,000 to $11,177,000 compared with the same period in 2003. In April, Gershenson says the REIT entered into two fixed-rate mortgages amounting to $34.7 million secured by two properties, Auburn Mile and Crossroads Centre. The mortgages bear interest at 5.4% and are due in 2014.
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