For more retail coverage, click GlobeSt.com/RETAIL.

PORT WASHINGTON, NY-Cedar Shopping Centers, based here, saw a 92% increase in revenue growth in 2004. The publicly traded REIT reported revenues of $51.1 million, compared with $26.7 million for the previous year. Gross assets increased to $537 million from $350 million, an increase of more than 53%.

"We have a good first full year as a New York Stock Exchange company," said Leo S. Ullman, Cedar's CEO, during a conference call. "We were able effectively to accomplish and manage very considerable growth while introducing new property reporting systems and internal control mechanisms, meeting Sarbanes-Oxley and New York Stock Exchange requirements."

Ullman said the company's acquisition of an Ohio-based portfolio of 27 drug-store anchored centers will close in 30 to 40 days. This acquisition represents the company's first venture into the state. Ullman said the seller pursued Cedar. "They said they liked what we were doing." The firm has no plans to open an office in the state.