Completion of the redevelopment of eight properties in 2006 buoyed operating income at each location, Ron Rubin, chairman and CEO, said during a conference call. At the end of first quarter, average sales per sf throughout the portfolio reached $361 per sf, up more than 4% from an average of $343 per sf the same time a year ago.

Rent rates for new leases signed during the quarter averaged $32.15 per sf, and renewals averaged $21.02 per sf. Both represented increases over prior rates. As redevelopments begin at Jacksonville Mall in North Carolina and North Hanover Mall in Pennsylvania, Joseph Coradino, EVP, said, "we approach ICSC in Las Vegas this month with compelling reasons for expanding retail tenancy," referring to International Council of Shopping Centers' annual convention coming up later this month.

First quarter revenue was $111.9 million, up from $111 million in first quarter 2006. Funds from operations reached $33.2 million, up 4.7% from $31.7 million in the prior-year's opening quarter. Net operating income dropped 2.5% to $73.5 million, compared with $75.4 million in first quarter 2006, primarily because of higher lease termination revenues in prior quarters.