The company said diluted funds from operations was $2.03 per share for lastyear, taking into consideration a one-time $0.08 non-cash charge relating tothree years of Michigan Single Business Tax returns.
There was a drop. Last year, the company reported diluted FFO was $2.62 pershare in 2001.
Income from continuing operations for the 2002 was about $8.6 million,compared with about $13.1 million in 2001. The decrease in continuingoperations is primarily the result of the gain on the sale of White LakeMarketPlace and Athens Towne Center that was realized in 2001, the companysaid.
However, total revenue received was $91.2 million, a more than $1 millionincrease from 2001.
"With the exception of the one-time, non-cash accounting adjustment, FFO wason track with our business plan, which included taking two significantshopping centers off-line for redevelopment and the issuance of both commonand preferred stock," said Dennis Gershenson, president and CEO. "We opened the first phase of the Tel-Twelve shopping centerredevelopment and commenced the repositioning of The Shoppes of Lakeland.Our two equity offerings raised over $109 million, which we utilized in partto acquire three shopping centers in the Southeast as well as to purchaseour partners' interest in four centers and to pay down debt. Additionally,we renegotiated our credit facilities, renewing and expanding each."
He said looking ahead, the company predicts an increase of FFO of$2.23 to $2.33 per share this year.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.