Common Stock

9 Months Ended

Sep. 30, 2011

Common Stock

Common Stock

Note 5. Common Stock

The Company has a Dividend Reinvestment and Direct Stock Purchase Plan ("DRIP") covering up to 5.0 million shares of its common stock.  The DRIP offers a convenient method for shareholders to invest cash dividends and/or make optional cash payments to purchase shares of the Company's common stock at 98% of their market value. On March 17, 2011, an amendment to the DRIP became effective to have all stock purchased at 100% of their market value which was approved by the Board of Directors of the Company. During the nine months ended September 30, 2011, the Company issued 692,000 shares of its common stock at an average price of $6.02 per share and realized proceeds after expenses of approximately $4.1 million.

In connection with an acquisition of a shopping center in 2002, the Operating Partnership issued warrants to purchase approximately 83,000 OP Units to a then minority interest partner in the property. Such warrants have an exercise price of $13.50 per unit, subject to certain anti-dilution adjustments, are fully vested, and will expire on May 31, 2012.