In terms of dollars and cents, Cedar's net income for Q1 was $4 million, compared to $3.1 million the year prior, while revenues for the quarter ended March 31 were $46.9 million, compared to $43.6 in Q1 2008. The REIT's funds from operations for the quarter increased 12.9% to $15.5 million as compared to $13.7 million for the comparable quarter last year.

In a release announcing the quarterly results, Ullman says Cedar's numbers "reflect the continued strength of our company's 'bread and butter,' primarily supermarket-anchored shopping centers. We are executing well on our business plan and we continue to take steps to reinforce the defensive low-risk profile of our portfolio and our operations."

In its Q1 financials, Cedars says it has a development and redevelopment pipeline of approximately $311 million that it expects to put into service largely during the second half of 2009 and continuing into 2010. As of the end of March, the company had spent approximately $219 million of the estimated total project costs of the announced pipeline.