Article: Bear Stearns' Research Department Adds Shopping Centers to Its REIT Coverage; Shopping Center REITs: Consistent Performance in Challenging Times.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 4, 2003

Bear, Stearns & Co. Inc. is expanding coverage of its REIT universe to include some of the country's biggest owners of strip shopping centers. REIT analyst Ross Smotrich initiated coverage today of Kimco Realty Corp. (KIM) and Equity One, Inc. (EQY) at "Outperform" and New Plan Excel Realty Trust (NXL) at "Peer Perform". Controlling 556 properties incorporating 76.5 million square feet of retail space, Kimco is the largest strip shopping center REIT in the US. Equity One has built a presence mainly in Florida and Texas while New Plan's 50 million square foot portfolio - the second largest in the ...

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