(For more retail coverage, click GlobeSt.com/RETAIL.)
PORT WASHINGTON, NY-Cedars Shopping Centers, based here, has purchased or entered into contracts to acquire a number of land tracts aggregating approximately 194 acres primarily in Central Pennsylvania, as well as Egg Harbor Township, NJ and Kingston and Kinderhook, NY. The sites could be potentially be developed into as much as one million sf of retail properties. The Pennsylvania properties are in Carlisle, Ephrata, Halifax, Harrisburg, Honesdale, Newport and Williamsport.
"We're happy with our footprint," said Cedar's CEO Leo Ullman, during a company conference call. "Central Pennsylvania has been quite a sweet spot for us." He added that the REIT plans to do much of its redevelopment "in-house. We'll have to replace debt at some point, but that's pretty far out."
Additional acquisitions for 2006 could amount to between $50 million and $100 million, but firm officials have not placed a definitive number on it. Ullman foresees possible opportunities in Maryland, Virginia, Connecticut and Massachusetts. "The acquisition and effective absorption of more than 50 properties, representing well over $400 million in value added to our property portfolio has enabled us to raise capital and to expand our credit facility." Tom O'Keeffe, CFO, added that total assets have nearly doubled.
The company's total revenues for the 12 months ended Dec. 31, 2005 increased 54.5% to $78.9 million from $51.1 million. FFO for the same time frame was $25.9 million ($1.03 per share/OP Unit), compared with $15.6 million ($0.91 per share/OP Unit) in 2004. Total assets were $996.3 million, compared to $537.2 million as of Dec. 31, 2004. Cedar's FFO guidance for 2006 in the range of $1.20 to $1.30 per share/OP Unit. As of Dec. 31, the REIT had a portfolio of 84 shopping center properties, mostly supermarket-anchored shopping centers and drug store-anchored convenience centers, located in nine states with approximately 8.4 million sf of GLA.
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