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REIT retail developer JDN Realty is fielding more bad news as it reported a 34% drop in funds from operations for the second quarter 2000. FFO plummeted to $10.9 million and the per share amount fell to 34 cents from 49 cents for the 1999 second quarter.

The figure was two cents off analysts’ expectations. The company has been struggling to regain balance and credibility since February when the firm discovered that two executives received almost $5 million in undisclosed compensation involving dealings with Wal-Mart and Lowe’s. Since the ensuing investigation, some of the top senior management team has left.

The REIT has engaged Lazard Freres & Co., financial advisors, to study various options to find financing for its retail development. JDN must come up with $118 million to complete 41 shopping centers either under way or planned.

The company anticipates receiving $150 million this year from the sale of shopping centers.The funds will go toward new retail projects.

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