" We were able to achieve the new loan amounts as a directresult ofour redevelopment efforts, which significantly increasedthe value of almostevery one of the centers that secure thisobligation. Our intent is to usethe proceeds primarily to pay downour short term, variable rate debt. Aportion of the funds will beused to complete our 2000 business plan."
The company has a portfolio of 55 shopping centers, withapproximately 11.1million square feet of gross leasable space,located in Michigan, Ohio,Wisconsin, New Jersey, Maryland,Virginia, North Carolina, South Carolina,Tennessee Georgia, Alabamaand Florida. The trust is a publicly-traded realestate investmenttrust (REIT) which owns, develops, acquires, manages andleasescommunity shopping centers, malls and single tenantretailproperties, nationally.
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