"We're doing exactly what we promised we'd do," said Leo Ullman,Cedar's CEO, during the call. "Most of our properties are quitenew, have long anchor leases, and are in excellent geographiclocations. We have purposely focused on mature markets withexcellent existing roads and traffic patterns."

Ullman said the firm will now move into "redevelopment mode" inthe coming years. "Our development operations are also growingremarkably and we have identified a substantial number ofopportunities where we have been able to tie-up development parcelswhile seeking leasing commitments from a number of supermarket anddrug store tenants in our core areas." He expects many to comeonline in the next few years.

Funds from operations for the first quarter increased to $9.5million up from $4.9 million last year. Total revenues were $29.9million, compared to $16.5 million last year. That represents anincrease of approximately 82%. Occupancy as of March 31, includingthe various development/redevelopment properties, was approximately91%. The company's total assets are nearly $1.06 billion comparedto $996.3 million as of Dec. 31.