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PORT WASHINGTON, NY—Cedar Shopping Centers’ Q1 revenues increased 7.5% over the same quarter last year and its net income rose 28.5% year-over-year, the REIT reported late Tuesday afternoon. CEO Leo Ullman attributed the gains to the company’s reliance on grocery-anchored properties, which have tended to fare better in a general retail downturn.

In terms of dollars and cents, Cedar’s net income for Q1 was $4 million, compared to $3.1 million the year prior, while revenues for the quarter ended March 31 were $46.9 million, compared to $43.6 in Q1 2008. The REIT’s funds from operations for the quarter increased 12.9% to $15.5 million as compared to $13.7 million for the comparable quarter last year.

In a release announcing the quarterly results, Ullman says Cedar’s numbers “reflect the continued strength of our company’s ‘bread and butter,’ primarily supermarket-anchored shopping centers. We are executing well on our business plan and we continue to take steps to reinforce the defensive low-risk profile of our portfolio and our operations.”

In its Q1 financials, Cedars says it has a development and redevelopment pipeline of approximately $311 million that it expects to put into service largely during the second half of 2009 and continuing into 2010. As of the end of March, the company had spent approximately $219 million of the estimated total project costs of the announced pipeline.

As GlobeSt.com previously reported, Cedar in Q1 acquired a pair of shopping centers through joint ventures with UK-based Prime Commercial Properties in which Cedar has 40% interests. The JVs paid a total of $72.5 million for New London Mall in New London, CT and San Souci Center in California, MD; the two supermarket-anchored centers total approximately 523,000 square feet of gross leaseable area.

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