·	Board of Directors approves 5.6% increase in quarterly common share dividend from $0.36 to $0.38 per share, $1.52 per share annualized, representing the 15th consecutive year of increased dividends

 

·	5.7% increase in same center net operating income, compared to 3.0% last year

 

·	239 leases signed, totaling 1,079,200 square feet with respect to re-tenanting and renewal activity, including 59.5% of the square footage scheduled to expire during 2008

 

·	17.9% increase in average base rental rates on leases renewed during the quarter, compared to 13.3% last year

 

·	41.7% increase in average base rental rates on released space during the quarter, compared to 37.4% last year

 

·	95.2% period-end wholly-owned portfolio occupancy rate, compared to 95.1% last year

 

·	Reported tenant comparable sales for the rolling three months ended March 31, 2008 increased 3.5%

 

·	$343 per square foot in reported tenant comparable sales for the rolling twelve months ended March 31, 2008

 

·	32.4% debt-to-total market capitalization ratio, 3.43 times interest coverage ratio compared to 3.18 times last year

For the twelve months ended December 31, 2008:
		Low Range	High Range
Estimated diluted net income per share		$.93	$1.01
Minority interest, gain/loss on the sale of real estate,
	depreciation and amortization uniquely
	significant to real estate including minority interest
	share and our share of joint ventures	1.67	1.67
Estimated diluted FFO per share		$2.60	$2.68

					Three Months Ended
					March 31,
					2008				2007
Revenues
	Base rentals (a)				$	37,232			$	35,089
	Percentage rentals					1,178				1,467
	Expense reimbursements					17,478				15,013
	Other income					1,388				1,498
			Total revenues			57,276				53,067
Expenses
	Property operating					19,219				16,913
	General and administrative					5,271				4,277
	Depreciation and amortization					15,583				18,439
			Total expenses			40,073				39,629
Operating income						17,203				13,438
	Interest expense					9,548				10,056
Income before equity in earnings of unconsolidated
	joint ventures, minority interest and discontinued operations					7,655				3,382
Equity in earnings of unconsolidated joint ventures (b)						394				235
Minority interest in operating partnership						(1,088	)			(364	)
Income from continuing operations						6,961				3,253
Discontinued operations, net of minority interest (c)						---				28
Net income						6,961				3,281
Preferred share dividends						(1,406	)			(1,406	)
Net income available to common shareholders					$	5,555			$	1,875
Basic earnings per common share:
	Income from continuing operations				$	.18			$	.06
	Net income					.18				.06
Diluted earnings per common share:
	Income from continuing operations				$	.18			$	.06
	Net income					.18				.06
Summary of discontinued operations:
Operating income from discontinued operations					$	---			$	34
Gain on sale of real estate						---				---
Income from discontinued operations						---				34
Minority interest in discontinued operations						---				(6	)
Discontinued operations, net of minority interest					$	---			$	28

(a)	Includes straight-line rent and market rent adjustments of $683 and $1,081 for the three months ended March 31, 2008 and 2007, respectively.

(b)	Includes Myrtle Beach, South Carolina Hwy 17 and Wisconsin Dells, Wisconsin properties which are operated by us through 50% ownership joint ventures.

(c)	In accordance with SFAS No. 144 “Accounting for the Impairment or Disposal of Long Lived Assets”, the results of operations for properties disposed of in which we have no significant continuing involvement have been reported above as discontinued operations for the periods presented.

										March 31,				December 31,
										2008				2007
ASSETS:
	Rental property
			Land							$	130,077			$	130,075
			Building, improvement and fixtures								1,127,956				1,104,459
			Construction in progress								53,036				52,603
											1,311,069				1,287,137
			Accumulated depreciation								(323,520	)			(312,638	)
			Rental property, net								987,549				974,499
	Cash and cash equivalents										2,302				2,412
	Investments in unconsolidated joint ventures										9,193				10,695
	Deferred charges, net										42,302				44,804
	Other assets										31,698				27,870
			Total assets							$	1,073,044			$	1,060,280
LIABILITIES, MINORITY INTEREST AND SHAREHOLDERS’ EQUITY
Liabilities
		Debt
			Senior, unsecured notes (net of discount of $740 and $759, respectively)							$	398,760			$	498,741
			Mortgages payable (including a debt premium
						of $438 and $1,046, respectively)					172,121				173,724
			Unsecured lines of credit								156,900				33,880
						Total debt					727,781				706,345
	Construction trade payables										23,780				23,813
	Accounts payable and accrued expenses										54,203				47,185
							Total liabilities				805,764				777,343
Commitments
Minority interest in operating partnership											31,019				33,733
Shareholders’ equity
			Preferred shares, 7.5% Class C, liquidation preference $25 per share,
					8,000,000 shares authorized, 3,000,000 shares issued and
					outstanding at March 31, 2008 and December 31, 2007						75,000				75,000
			Common shares, $.01 par value, 150,000,000 shares authorized,
				31,539,041 and 31,329,241 shares issued and outstanding at
				March 31, 2008 and December 31, 2007, respectively							315				313
			Paid in capital								353,237				351,817
			Distributions in excess of net income								(177,353	)			(171,625	)
			Accumulated other comprehensive loss								(14,938	)			(6,301	)
							Total shareholders’ equity				236,261				249,204
								Total liabilities, minority interest, and shareholders’ equity		$	1,073,044			$	1,060,280

							Three Months Ended
							March 31,
							2008							2007
FUNDS FROM OPERATIONS (a)
		Net income					$		6,961						$		3,281
		Adjusted for:
			Minority interest in operating partnership						1,088								364
			Minority interest, depreciation and amortization
				attributable to discontinued operations				---								54
			Depreciation and amortization uniquely significant to
				real estate – wholly-owned				15,508								18,364
			Depreciation and amortization uniquely significant to
				real estate – unconsolidated joint ventures				652								654
		Funds from operations (FFO)							24,209								22,717
		Preferred share dividends							(1,406		)						(1,406		)
		Funds from operations available to common shareholders					$		22,803						$		21,311
	Funds from operations available to common shareholders
			per share – diluted				$		.61						$		.57
WEIGHTED AVERAGE SHARES
	Basic weighted average common shares								30,979								30,743
		Effect of exchangeable notes							92								421
		Effect of outstanding options							169								248
	Effect of unvested restricted share awards							96						137
	Diluted weighted average common shares
			(for earnings per share computations)						31,336								31,549
		Convertible operating partnership units (b)							6,067								6,067
		Diluted weighted average common shares
			(for funds from operations per share computations)						37,403								37,616
OTHER INFORMATION
Gross leasable area open at end of period -
	Wholly owned								8,434								8,372
	Partially owned – unconsolidated						667							667
	Managed								---								229
Outlet centers in operation -
	Wholly owned								29								30
	Partially owned – unconsolidated								2								2
	Managed								---								2
States operated in at end of period (c)									21								21
Occupancy at end of period (c) (d)									95.2		%						95.1		%

(a) FFO is a non-GAAP financial measure.  The most directly comparable GAAP measure is net income (loss), to which it is reconciled.  We believe that for a clear understanding of our operating results, FFO should be considered along with net income as presented elsewhere in this report.  FFO is presented because it is a widely accepted financial indicator used by certain investors and analysts to analyze and compare one equity REIT with another on the basis of operating performance.  FFO is generally defined as net income (loss), computed in accordance with generally accepted accounting principles, before extraordinary items and gains (losses) on sale or disposal of depreciable operating properties, plus depreciation and amortization uniquely significant to real estate and after adjustments for unconsolidated partnerships and joint ventures.  We caution that the calculation of FFO may vary from entity to entity and as such the presentation of FFO by us may not be comparable to other similarly titled measures of other reporting companies.  FFO does not represent net income or cash flow from operations as defined by accounting principles generally accepted in the United States of America and should not be considered an alternative to net income as an indication of operating performance or to cash flows from operations as a measure of liquidity.  FFO is not necessarily indicative of cash flows available to fund dividends to shareholders and other cash needs.

(b) The convertible operating partnership units (minority interest in operating partnership) are not dilutive on earnings per share computed in accordance with generally accepted accounting principles.

(c) Excludes Myrtle Beach, South Carolina Hwy 17 and Wisconsin Dells, Wisconsin properties which are operated by us through 50% ownership joint ventures.

(d) Excludes our wholly-owned, non-stabilized center in Charleston, South Carolina for the 2007 period.