On a per share basis, the third-quarter decrease was 17%, to $1.61, compared to 2001.

"Our financial results for the quarter were on track and on plan," says Dennis Gershenson, president and chief executive officer. "We are very pleased with the progress we have made on those shopping centers already in redevelopment. Our outlook remains positive and we believe that we are well-positioned to achieve our stated business goals for 2002."

The real estate investment trust expects that 2002 annual diluted FFO per share will be between $2.10 and $2.15 per share and that 2003 annual diluted FFO per share will be between $2.23 and $2.33.

The company had more than a few projects going on out of state, including retail space in Florida. The "de-malling" of Tel-Twelve Mall in Southfield is progressing on schedule, company officials say, with construction of a new Lowe's Home Improvement set to open in early 2003.

Seventeen new non-anchor stores opened in the third quarter, according to the company.

The REIT has a portfolio of 59 shopping centers, with approximately 11.5 million sf of gross leasable area.