"We've been working with Credit Suisse First Boston for awhile and they're going to continue to do an evaluation of the company and give us recommendations," Liz Dion, director of corporate marketing, tells Globest.com.

Dion does not know how unusual it is for a REIT to have both those products, but she admits it can lead to some confusion in how to evaluate the investment in its entirely.

"Clients may have to compare apples and oranges, and I think it's more challenging that way," she says.

Analysts say company options include selling off all its properties, the mixed collection of outlet and neighborhood centers. Another possible outcome is that former CEO Morton will put together a package to buy the outlet centers.

But perhaps a stronger possibility, Dion tells GlobeSt.com, is that the company may decide to focus only on its community centers, many of which are in the Carolinas.

Headquartered five miles east of Raleigh, NC and 150 miles northeast of Downtown Charlotte, the 18-year-old company operates or has under development 32 outlet centers and 66 neighborhood centers in 22 states totaling 17.1 million sf.

Among its properties in the Carolina's are Cary's MacGregor Village, North Raleigh's new Falls Pointe Center and Smithfield's Carolina Outlet Center.

Bad news earlier this year included president and CEO C. Mammack Morton quitting after five years on the job. That was followed by the firing of the new CEO, Patrick M. Miniutti. J. Michael Maloney was named interim and chief executive officer in March.

In the fourth quarter ending Dec. 31, the company lost $26.2 million, or 84 cents a share, compared with a loss of $14.9 million, or 49 cents a share a year earlier. Konover's funds from operations were $2 million, or six cents a share, compared with $500,000, or once cent a share last year.

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David Wilkening

David Wilkening began his long journalism career as a police reporter for Chicago-area newspapers. He became a writer-editor for major newspapers in Chicago, Washington, Detroit and Florida. He has been a business editor, political editor and travel editor for newspapers and magazines. He tried for a while to be a political operative but did better as an adjunct college professor teaching English and journalism. He is the author of several books, both ghost-written and under his own name. He is also a widely published freelance writer who currently lives in Orlando.