"We're doing exactly what we promised we'd do," said Leo Ullman, Cedar's CEO, during the call. "Most of our properties are quite new, have long anchor leases, and are in excellent geographic locations. We have purposely focused on mature markets with excellent existing roads and traffic patterns."

Ullman said the firm will now move into "redevelopment mode" in the coming years. "Our development operations are also growing remarkably and we have identified a substantial number of opportunities where we have been able to tie-up development parcels while seeking leasing commitments from a number of supermarket and drug store tenants in our core areas." He expects many to come online in the next few years.

Funds from operations for the first quarter increased to $9.5 million up from $4.9 million last year. Total revenues were $29.9 million, compared to $16.5 million last year. That represents an increase of approximately 82%. Occupancy as of March 31, including the various development/redevelopment properties, was approximately 91%. The company's total assets are nearly $1.06 billion compared to $996.3 million as of Dec. 31.