Cedar Reports Positive First Quarter

PORT WASHINGTON, NY—Cedar Shopping Centers’ Q1 revenues increased 7.5% over the same quarter last year and its net income rose 28.5% year-over-year, the REIT reported late Tuesday afternoon. CEO Leo Ullman attributed the gains to the company’s reliance on grocery-anchored properties, which have tended to fare better in a general retail downturn.

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.”