The company currently has 37 properties in various stages ofdevelopment, up from 16 properties a year ago. It also is undercontract on 17 more development sites, and has identified 26 newsites for future negotiation, possibly in new territories.

|

"We're looking to expand in Virginia and a tad north of there,"said Drew Alexander, president and CEO.

|

These properties generally are slated for completion in the nextthree to four years, the company said. The current housing slump isnot a great concern. "The US economy continues to generate jobgrowth, and job creation is the key to growth," said Robert Smith,senior vp and director of new development. "Virtually all of ourlocations are in major markets."

|

An example, he said, is Palm Coast Landing at Town Center, a423,000-sf power center in Palm Coast, FL. The project, anchored bySuperTarget, TJ Maxx, Ross Dress For Less and Linens 'N Things,will open in spring 2008.

|

Acquisitions remained busy during the quarter, with Weingartenpurchasing a portfolio of 10 industrial buildings, one shoppingcenter, and an additional industrial building. Since then, thecompany has acquired a portfolio of five power centers and oneadditional shopping center.

|

Funds from operations, on a diluted per-share basis were $0.75,up 10% from 2006. Net income, on a diluted per share basis, for thesecond quarter of 2007 was $0.79, compared with $0.95 per share forthe second quarter of 2006. Occupancy for the company's retailproperties was 95.6%, up from 95.2% a year ago.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.