Funds from operations for the quarter were $1.6 million compared to $3 million for the same quarter a year ago. Total revenues for the quarter were $29.4 million compared to $17.8 million for the year-ago period.

The results for the quarter ended March 31 were influenced by the shares outstanding for the quarter. The results represent the new combined entity following the Sept. 18 merger.The company is continuing with its strategy to dispose of non-core assets. During the first quarter of 2002, the company sold two properties ‹ both land parcels associated with properties the company owns in Tucson, Ariz. and Hollywood, Fla.

"We are committed to our strategy of owning and operating high quality open-air retail shopping centers," says Graham R. Bullick, president of Price Legacy. "The capital received by the company from the disposition of our non-core assets will continue to fuel our acquisition of these types of centers."

After the close of the quarter, the company acquired a neighborhood shopping center on May 3 in Silver Springs Shores, Fla. The 2-year-old center was purchased for approximately $7.2 million in cash. The company also announced a $30 million tax increment financing granted by the city of Anaheim for the Anaheim GardenWalk project. The company has now received the necessary entitlements and expects construction to begin this year.