Galileo transactions

One project recently added to the list is the open-air Point Orlando lifestyle center in Florida, which company officials currently label as an "abomination." Once completed, New Plan anticipates a decrease in square footage--the center will go from 460,000 sf to 440,000 sf--but has already attracted such new tenants as Capital Grill and BB Kings.

"It's been very active," commented Glenn J. Rufrano, chief executive officer, during the company's second-quarter conference call. The biggest news of the quarter was New Plan's agreement with Galileo to sell 69 centers for approximately $968 million.

Total rental revenues for the second quarter of 2005 increased to $132.5 million from $120.8 million in the second quarter of 2004. Funds from operations was $56.4 million, compared with $55 million last year. Total rental revenues for the six months ended June 30 were $261.7 million as compared with $244.0 million in the first six months of 2004. FFO for the first six months was $112.4 million, compared with $107.3 million, in the first six months of 2004.