content_image/73437.jpg content_image/73436.jpg
## Development Activities 

During the year the Company developed or expanded over 0.5 million square feet of retail space in the following shopping centres: 

<img src='content_image/73437.jpg'>

An additional 0.3 million square feet of developable area scheduled to come on line through the second quarter of 2005 in the following shopping centres: 

<img src='content_image/73436.jpg'>

In addition to the properties under development, the Company has eight shopping centres under redevelopment or expansion at year end. The expected costs to complete these projects including tenant inducements total approximately $24 million. 

## Equity One 

Equity One is a U.S. REIT traded on the NYSE (EQY), that principally acquires, renovates, develops and manages community and neighbourhood shopping centres located predominantly in high growth markets in the southern United States. Similar to the Company, Equity One’s shopping centres are primarily anchored by supermarkets or other daily necessity oriented retailers such as drug stores or discount retail stores. 

