PORT WASHINGTON, NY-Cedar Shopping Centers Inc. has a potential pipeline of more than $300 million of development that could total between one and two million sf of GLA, company officials detailed during the firm’s first-quarter conference call. The majority of that space is in the Central Pennsylvania area.

“We’re doing exactly what we promised we’d do,” said Leo Ullman, Cedar’s CEO, during the call. “Most of our properties are quite new, have long anchor leases, and are in excellent geographic locations. We have purposely focused on mature markets with excellent existing roads and traffic patterns.”

Ullman said the firm will now move into “redevelopment mode” in the coming years. “Our development operations are also growing remarkably and we have identified a substantial number of opportunities where we have been able to tie-up development parcels while seeking leasing commitments from a number of supermarket and drug store tenants in our core areas.” He expects many to come online in the next few years.

Funds from operations for the first quarter increased to $9.5 million up from $4.9 million last year. Total revenues were $29.9 million, compared to $16.5 million last year. That represents an increase of approximately 82%. Occupancy as of March 31, including the various development/redevelopment properties, was approximately 91%. The company’s total assets are nearly $1.06 billion compared to $996.3 million as of Dec. 31.

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