The joint venture is based on a 20%/80% contribution split betweenthe company and a fund advised by JPMorgan Fleming. New Plan will serve as the managing member and be responsible for initiating acquisitions and providing property management and leasing services.

Some of the properties purchased in the first joint venture--NP/I&G Institutional Retail Co. LLC--include Phase II of Conyers Crossroads, a 125,719-sf shopping center in Conyers, GA, the Plaza at EastChase and the Shoppes at EastChase, which are located contiguously in Montgomery, AL. It also purchased Rolling Meadows, a 130,436-sf center in Rolling Meadows, IL.

"It's been a year of fundamental change," said Glenn J. Rufrano, chief executive officer, during the company's annual conference call. "We also created financial flexibility with a stronger balance sheet, free cash flow and additional private capital sources. In addition, new business transactions with our major retailersdemonstrated our ability to use our infrastructure to maximize value."