"We're happy with our footprint," said Cedar's CEO Leo Ullman,during a company conference call. "Central Pennsylvania has beenquite a sweet spot for us." He added that the REIT plans to do muchof its redevelopment "in-house. We'll have to replace debt at somepoint, but that's pretty far out."

Additional acquisitions for 2006 could amount to between $50million and $100 million, but firm officials have not placed adefinitive number on it. Ullman foresees possible opportunities inMaryland, Virginia, Connecticut and Massachusetts. "The acquisitionand effective absorption of more than 50 properties, representingwell over $400 million in value added to our property portfolio hasenabled us to raise capital and to expand our credit facility." TomO'Keeffe, CFO, added that total assets have nearly doubled.

The company's total revenues for the twelve months endedDecember 31, 2005 increased 54.5% to $78.9 million from $51.1million. FFO for the same time frame was $25.9 million ($1.03 pershare/OP Unit), compared with $15.6 million ($0.91 per share/OPUnit) in 2004. Total assets were $996.3 million, compared to $537.2million as of December 31, 2004. Cedar's FFO guidance for 2006 inthe range of $1.20 to $1.30 per share/OP Unit. As of December 31,the REIT had a portfolio of 84 shopping center properties, mostlysupermarket-anchored shopping centers and drug store-anchoredconvenience centers, located in nine states with approximately 8.4million sf of GLA.