The company sold seven properties, with a total of 935,000 sf,for $47 million. Proceeds from the sale were used to pay some ofthe company's unsecured revolving credit facility and to fund thecompany's business plan. The properties sold were all located intertiary markets. "With these sales, we have reinforced our focuson metropolitan markets. These sales are the first step in thestrengthening of our portfolio," Gershenson said.

The company reported FFO of $13.5 million for the quarter, anincrease of 13.4% from first quarter 2005's FFO of $11.9 million.On a per-share basis, FFO increased 3.3% to 62 cents per dilutedshare, up from 60 cents last year. Net income increased 21.1% to 23cents during the quarter, up from 19 cents in 2005.

Throughout the remainder of 2006, the company plans to continuewith development and redevelopment efforts. At the end of thequarter, the company had four shopping centers under developmentincluding the River City Marketplace in Jacksonville, FL; BeaconSquare in Grand Haven; Rossford Pointe in Rossford, OH; and theShoppes of Fairlane Meadows in Dearborn. In addition, the companyhad seven redevelopment projects with a total cost of $28.6 millionunder way.