"We are beginning to see a stability return to the economy," said Ed Glickman, the REIT's president, who observed that the company is near an "inflection point" in its financial performance.
FFO was down, at $25.5 million, compared to $29.3 million during the same year-ago period, as was NOI, which slightly dipped to $71.6 million from $71.9 million.
But other numbers were more encouraging. Sales per square foot in its 54 assets, actually increased from $340 in last year's first quarter to $341. Two malls reached sales per square foot in excess of $500, Cherry Hill (NJ) Mall and Jacksonville (NC) Mall, Occupancy had a slight uptick, from 88.8% to 89.3%.
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