Acquisitions pending announced last month are the $33 million purchase of Trexler Mall, in Trexlertown, PA, and the $8-million buy of Mills Shopping Center, in Columbia, MD. Acquisitions that have been have been in play since the company's Q2, which ended June 30, are four redevelopment properties in Michigan and Pennsylvania, for $24 million and eight supermarket-anchored centers in Pennsylvania and Virginia for $95 million.
Besides the purchases it has in the works, Cedar is combing the market for buys, said Leo Ullman, CEO of Cedar, during the company's quarterly conference call. "We're comfortable that the assets are out there for us to acquire."
During the second quarter, Cedar closed on 25-drugstore-anchored centers for $89.3 million. The company also has four centers totaling 720,000 sf under redevelopment as well as one 91,000-sf center under construction, in Hershey, PA. Cedar currently owns 58 centers in Connecticut, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, and Ohio.
For its Q2, Cedar's year-over-year FFO increased 28.9%, to $5.5 million. Revenue jumped 34.9%, to $17 million, and net income was $3.4 million, up from $1.9 million in last year's Q2.
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