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SAN DIEGO, CA-Price Legacy Corp.’s total revenue for the first three quarters of 2002 is up significantly from the same period last year, according to a recent report by the locally based retail developer and owner.

Total revenue for the nine months ended September 30, 2002 was $88.7 million, as compared with $51.3 million for the same three quarters in 2001, say company officials. Properties purchased during 2001 and 2002 generated $36.4 million in additional revenues, while product owned in both years brought in $3.4 million in additional revenues. In addition to a rise in total revenue, the company experienced a 13% increase in operating income for third quarter 2002 and a 31% jump on a year-to-date basis compared to the same period last year. Rental revenue also increased, as it rose by $37.4 million “primarily due to the company’s continuing strategy to purchase open-air shopping centers,” according to the Price Legacy report.

Although Price Legacy’s revenue is up for 2002, Funds from Operations is down. An FFO of $0.08 per common share or $3.2 million (before a non-recurring charge) has been reported for the quarter ended September 30, 2002, while an FFO of $3.6 million or $0.22 per share was reported for the same period in 2001. According to company officials, the periods ended September 30, 2001 are “not comparable to the similar periods in 2002 because of the merger which formed Price Legacy on September 18, 2001.” FFO for the third quarter was reduced by a non-recurring charge of $2.8 million or $0.07 per share to $0.3 million or $0.01 per share by a one-time charge to compensation expense.

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