SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549

WASHINGTON, D.C. 20549
FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

~~PURSUANT~~Date TOof ~~SECTION~~report 13(Date ORof ~~15(D~~earliest event reported): OFJune 9, 2003

THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
February 11, 2003
CROWN AMERICAN REALTY TRUST

(Exact Name of Registrant as Specified in its Charter)

~~(Exact Name of Registrant as Specified in its Charter)~~Maryland

(State or Other Jurisdiction of Incorporation)

Maryland 1-12216 25-1713733
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification Number)
1-12216
25-1713733

~~PASQUERILLA~~(Commission ~~PLAZA,~~File ~~JOHNSTOWN,~~Number) (IRS ~~PENNSYLVANIA~~Employer ~~15901~~Identification No.)

~~(Address~~Pasquerilla ofPlaza, ~~principal~~Johnstown, ~~executive~~Pennsylvania, ~~offices)~~15901
(Address of Principal Executive Offices)

(814) -536-4441
(Registrant's Telephone Number Including Area Code)

(Registrant's telephone number)
Item 9. Regulation FD Disclosure
Crown American Realty Trust hereby furnishes Fourth Quarter 2002 Results and Supplemental Financial and Operational Information Package as released on February 11, 2003.
NEWS FROM:
C R O W N A M E R I C A N R E A L T Y T R U S T
CONTACT:
Investors: Terry L. Stevens 814-536-9538 or TStevens@crownamerican.com
Web Site: www.crownamerican.com
IMMEDIATE RELEASE:
CROWN AMERICAN REALTY TRUST REPORTS
FOURTH QUARTER FFO PER SHARE OF $0.40
AND FULL YEAR 2002 FFO PER SHARE OF $1.36
NET INCOME ALLOCATED TO COMMON SHAREHOLDERS
FOR THE FOURTH QUARTER 2002
OF $2.9 MILLION, OR $0.09 PER SHARE
SAME CENTER NOI UP 3.7% FOR THE FOURTH QUARTER
EXPECTS INCREASE IN ANNUAL COMMON DIVIDENDS
--------------------------------------------
CROWN AMERICAN REALTY TRUST ANNOUNCES
FOURTH QUARTER 2002 RESULTS AND DECLARES DIVIDENDS
________________________________________
"Our mall portfolio has continued to perform very well, gaining momentum in the fourth quarter which bodes well for the future," stated Company Chairman, CEO and President, Mark E. Pasquerilla. "Same center net operating income ('NOI') increased 3.7% in the quarter and 2.5% for the full year, primarily due to higher base rental income from higher average rental rates and from record temporary and seasonal leasing revenues. Funds from Operations ("FFO") per common share was $0.40 for the quarter and $1.36 for the full year, which were $0.02 and $0.01 per share, respectively, better than First Call consensus estimates. In assessing the quarterly and full year results, it's important to bear in mind that our results included $0.04 and $0.09 per share dilution, respectively, from the Company's 5.75 million common share offering completed in June; this dilution effect was mitigated by $0.03 in FFO per share contribution from our two mall acquisitions that were partially funded from the offering proceeds. FFO per share this quarter was also impacted by $0.038 in higher net G&A costs compared to last year due to lower cost capitalizations, higher insurance costs, higher incentive compensation, and higher legal and other consulting costs including $0.017 per share in costs associated with the Company's ongoing evaluation of strategic alternatives. Earnings per share ("EPS") in the fourth quarter of 2002 were $0.09 compared to EPS of $0.07 in the fourth quarter of 2001. For the full year 2002, the Company had a loss per share of $0.20, including $0.15 from extraordinary loss on early debt extinguishment, compared to a $0.32 loss per share in 2001.
"As we previously reported, the $47.2 million of proceeds from our common offering were used initially to pay down our revolving line of credit. We re-borrowed approximately $23.3 million from the line of credit in connection with the acquisition of two malls in September and November. The common offering has been somewhat dilutive pending the recently completed acquisitions. We estimate that in 2003 the FFO contribution from our two new malls should fully offset the per share dilution caused by the offering. We believe we have the financial capacity to complete another acquisition similar in size to either of the two we completed in 2002.
"As part of our announced plan to dispose of non-strategic assets, we sold Carlisle Plaza Mall in late October. In all prior periods up to the date of sale, results have been reclassified to show Carlisle Plaza Mall as "held for sale - discontinued operations" as required by generally accepted accounting principles. In addition, Carlisle's contribution to FFO was eliminated in all periods presented. As a result FFO per share for the fourth quarters of 2002 and 2001 was $0.002 higher and $0.007 lower, respectively, and was $0.004 lower and $0.010 lower, respectively, for full year 2002 and 2001. We have also restated prior period operating statistics to remove Carlisle for comparability. Management believes that our two acquisitions and the Carlisle disposition improve the overall quality of our mall portfolio.
"Operating trends in the portfolio showed resilience in the difficult economic environment. Mall shop occupancy ended the year at 87%, down from 88% a year ago. Average mall shop base rent per square foot increased for the 37th consecutive quarter to $20.77 per square foot, up 4% from a year ago. Leasing results for 2002 included 672,000 square feet of leases signed representing $14.3 million in annualized base rental income. A total of 335 leases were signed, including 170 new leases and 165 renewals. Base rent on new leases averaged $24.06 per foot for 2002 compared to $18.38 per foot average prior rents on a same space basis, an uplift of 31%. Tenant allowances for second generation space were only $5.98 psf in 2002, down from $12.63 last year. Average net effective rent on signed leases was up 12% in the fourth quarter and up 1.5% for the full year. Comparable mall shop tenant sales per square foot for 2002 were $270.49, a 0.3% increase over the $269.61 per square foot reported in 2001. Based on "people counters" in 22 of our malls, our customer traffic for 2002 continues to be stronger than the National Retail Traffic Index, down only 0.3% for the Company versus a negative 3.7% for the national index. Our mall shop tenants' occupancy cost percentage was 10.1% at December 31, 2002, the same as it was at December 31, 2001.
Pasquerilla concluded, "The positive operating results for the existing portfolio have been encouraging. Our secondary common share offering completed last June has provided capital for enhanced external growth, and we continue to see acquisition opportunities that meet our investment criteria. The current economic and retail environment remains challenging. Our capital spending requirements, including tenant allowances, have been declining and management will work to lower financial leverage levels over time. Despite the current weak economic environment, we believe that prospects for the Company remain strong. Our common shares produced a 64% total return in 2001 and 29% year in 2002. Our common dividend typically has a large return of capital component (100% for 2002) that produces enhanced returns to taxable investors. Crown's FFO multiple is approximately 20% lower and our dividend yield is 40% higher compared to the regional mall peer company averages. Looking ahead to 2003, we continue to believe FFO per share can range from $1.40 to $1.44 assuming no additional mall acquisitions or dispositions. We believe that Crown American can offer continued strong total returns to investors and our management team is strongly committed to increasing shareholder value."
_______________________________
Financial Information - Twelve Months
For the year ended December 31, 2002 Funds from Operations ("FFO") before allocations to minority interest and preferred dividends was $67.6 million, up $4.0 million, or 6% from 2001. FFO allocable to common shareholders for the year ended December 31, 2002 was $40.5 million ($1.36 per common share) compared to $36.3 million ($1.38 per common share) reported in 2001. There were 29,480,000 average common shares outstanding during 2002 compared with 26,208,000 in 2001, as a result of the Company's common share offering in June 2002. The Company acquired two malls during 2002 (Valley View Mall in September and Wiregrass Commons Mall in November) and sold one mall (Carlisle Plaza Mall in late October). Carlisle is shown as discontinued operations in the financial statements and statistics, with the prior periods restated.
The increase in 2002 FFO of $4.0 million before allocations to minority interest and to preferred shareholders was due primarily to the following factors:
A $1.3 million contribution by the two acquisition properties, net of interest expense;
$2.4 million of an increase in base rents, consisting of a $2.7 million increase in mall shop base rents due primarily to higher average rental rates, offset by a $0.3 million decrease in anchor base rents due to a Kmart closing and two PharMor closings;
$1.1 million in higher temporary, promotional, and sponsorship income due to higher rental rates and to the efficient utilization of vacant space throughout the portfolio;
$3.2 million in lower interest expense mostly from lower LIBOR rates on variable-rate debt and from interest savings related to the pay down of approximately $47.2 million of line of credit debt from the proceeds of the Company's common share offering in June. Approximately $23.3 million was subsequently re-borrowed from the line of credit in connection with the two mall acquisitions;
$0.2 million in higher straight-line rents, miscellaneous mall revenues, and cash flow support payments.
These positive variances were partially offset by:
$0.4 million of lower percentage rents from anchors and mall shops due to lower sales from certain anchor tenants and certain national mall stores;
$0.3 million in higher property operating costs, net of tenant reimbursements;
$1.0 million in lower lease buyout income compared to 2001;
$0.4 million in lower net construction income due to a construction contract with an anchor tenant, the final portion of which was recognized as income in 2001; and
$2.1 million of higher net general and administrative costs, of which $0.6 million was due to lower capitalization of costs to leasing and construction activities, $0.8 million was due to higher gross costs for insurance, incentive compensation and general cost increases, and $0.7 million was due to costs associated with the Company's ongoing evaluation of strategic alternatives.
Total 2002 revenues were $189.4 million compared to $182.9 million in 2001, an increase of $6.5 million, or 3.6%. For the full year the Company had net income of $7.7 million, which included a $4.3 million extraordinary loss from early extinguishment of debt that occurred in the first quarter. This compared to net income of $5.2 million in 2001. After deducting preferred dividends, there was a net loss allocable to common shares of $5.9 million for 2002, or $0.20 per share, compared to a net loss of $8.4 million in 2001, or $0.32 per share.
Financial Information - Fourth Quarter
For the quarter ended December 31, 2002, FFO before allocations to minority interest and preferred dividends was $20.2 million, up from $18.5 million in 2001. The primary reasons for the improvement in FFO for the fourth quarter were an increase in mall shop base rents, higher temporary and seasonal leasing revenues, lower interest expense, and the contribution from the two newly acquired malls; these positive contributions were partially offset by higher general and administrative expenses. FFO allocable to common shares was $12.8 million, or $0.40 per common share, compared to $10.9 million, or $0.41 per common share, for the fourth quarter of 2001.
Total revenues for the fourth quarter were $53.8 million, as compared to $49.3 million for the fourth quarter of 2001. For the fourth quarter of 2002, the Company achieved net income of $6.3 million compared to net income of $5.2 million in the fourth quarter of 2001. After deducting preferred dividends, there was $2.9 million in net income allocable to common shares, or $0.09 per share. This compares to net income of $1.8 million allocable to common shares, or $0.07 per share, in the fourth quarter of 2001.
Dividend Information
The Board of Trustees declared regular quarterly dividends of $0.2125 per common share and $1.375 per senior preferred share. Both dividends are payable March 14, 2003 to shareholders of record on March 3, 2003. In recognition of the Company's continuing improved results and positive long term prospects, the Board of Trustees also indicated that it anticipates increasing the annual common dividend rate by $0.01, or 1.2%, effective with the quarterly dividend usually declared by the Board in April and paid in mid-June, assuming no major disruptions occur to the current economic environment.
Operating Information
During the fourth quarter of 2002, leases for 122,000 square feet of mall shops were signed representing $3.0 million in annualized base rental income. This compares to 213,000 square feet for $4.4 million during the same period in 2001. A total of 70 leases were signed, which included 34 renewals and 36 new leases.
For the full year 2002, leases for 672,000 square feet of mall shops were signed representing $14.3 million in annualized base rental income. This compares to 745,000 square feet for $17.1 million during for 2001. A total of 335 leases were signed in 2002, including 165 renewals and 170 new leases. Average rent per square foot for 2002 was $21.29, which includes $24.06 per square foot for new space and $19.04 per square foot for renewals.
The average mall shop base rent of the portfolio as of December 31, 2002 was $20.77 per square foot. This is a 4.1% increase from $19.96 per square foot as of December 31, 2001, and the 37th consecutive quarter that average base rent has increased.
The net effective rent (annual gross rent less the annual amortization of tenant allowances and leasing costs) for new leases signed in 2002 was $21.78 per square foot as compared to $21.45 per square foot for the full year of 2001, a 1.5% increase. Going forward, as the Company continues to lease up less desirable space in the portfolio, net effective rents may suffer marginal decreases.
Mall shop occupancy was 87% at year-end, down from 88% at the end of 2001, and the same as at the end of the third quarter.
Comparable mall shop sales for 2002 were $270.49 per square foot, a 0.3% increase over the $269.61 per square foot reported for 2001.
Mall shop tenant occupancy cost, which is the sum of base rent, percentage rent and expense recoveries as a percentage of mall shop sales at all properties, was 10.1% as of December 31, 2002, the same as at December 31, 2001.
Temporary and seasonal leasing income for the full year 2002 amounted to $12.1 million, compared to $10.9 million in 2001.
Acquisitions, Dispositions and Financings
On November 19, 2002 the Company acquired for $40.6 million Wiregrass Commons Mall located in Dothan, Alabama, situated in the southeastern corner of Alabama adjacent to Georgia and the Florida panhandle. The mall comprises approximately 633,000 square feet of gross leasable area, of which 230,000 is owned GLA with the remaining GLA owned by the anchors. The mall is anchored by Dillard's, JC Penney, McRae's and Parisian. The year-end mall shop occupancy is 78%. The purchase price also included approximately 60 acres of vacant land most of which can be used for expansion or out-parcel development. The Company funded the acquisition from a $30.0 million floating rate first mortgage loan bearing interest a LIBOR plus 2.0%, and the balance from cash and borrowing under the Company's line of credit (proceeds from the June 2002 common share offering were originally used to pay down the Company's credit line).
On October 29, 2002, Carlisle Plaza Mall, a 342,000 square foot enclosed shopping mall located in Carlisle, PA, was sold to Carlisle Realty Partners LP. The gross purchase price was $5.8 million which generated a gain on sale of $0.04 million. Approximately $6.8 million of debt related to Carlisle Plaza Mall was paid off in connection with the sale.
In November 2002, the Company and a lender executed an agreement to amend the mortgage loan on Schuylkill Mall. Under this amendment, the Company paid $5.0 million to reduce the outstanding loan balance ($27.6 million at year end), the loan's maturity date was extended by four years to December 2008, the annual fixed interest rate was lowered from 8.375% to 7.25%, and the annual debt service was reduced by $0.3 million.
___________________________________________________
Crown American Realty Trust through various affiliates and subsidiaries owns, acquires, operates and develops regional shopping malls in Pennsylvania, Maryland, West Virginia, Virginia, New Jersey, North Carolina, Tennessee, Georgia, Alabama and Wisconsin. The current portfolio includes 28 enclosed regional malls aggregating over 17 million square feet of gross leasable area.
This news release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based on assumptions and expectations, which may not be realized and are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy. Future events and actual results, financial and otherwise, may differ from the results discussed in the forward-looking statements. Risk and other factors that might cause differences, some of which could be material, include, but are not limited to, economic and credit market conditions, the ability to refinance maturing indebtedness, the impact of competition, consumer buying trends, financing and development risks, construction and lease-up delays, cost overruns, the level and volatility of interest rates, the rate of revenue increases versus expense increases and financial stability of tenants within the retail industry, as well as other risks listed from time to time in the Company's reports filed with the Securities and Exchange Commission or otherwise publicly disseminated by the Company
The Company's year-end Supplemental Financial and Operational Information Package for the three and twelve months ended December 31, 2002 follows, and it is also available on the Company's web site, www.crownamerican.com; it was also furnished to the SEC on Form 8-K.
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SUPPLEMENTAL FINANCIAL AND OPERATIONAL INFORMATION PACKAGE
CROWN AMERICAN REALTY TRUST
FOURTH QUARTER 2002
OTHER FINANCIAL AND OPERATING DATA (unaudited)
Three Months Ended December 31, Year Ended December 31,
2002 vs. 2001 2002 vs. 2001
FINANCIAL AND ANALYTICAL DATA: (in thousands, except per share data)
Total FFO - Incr (decr) - 2002 compared to 2001: $ 000 $ per share $ 000 $ per share
Base rents from anchors and mall shops $ 594 $ 0.016 $ 2,429 $ 0.067
Percentage rents from anchors and mall shops 15 0.000 (375) (0.010)
Temporary and seasonal leasing income 235 0.006 1,123 0.031
Mall operating costs, net of tenant recovery income 75 0.002 (309) (0.009)
Utility and misc. mall income, equity in joint venture 18 0.000 24 0.001
Straight line rental income 251 0.007 68 0.002
Core mall operations 1,188 0.033 2,960 0.082
Interest expense, net 326 0.009 2,269 0.062
Property admin. and general & admin. expenses (1,389) (0.038) (2,136) (0.059)
Cash flow support earned 48 0.001 58 0.002
Gain on sale of outparcel land 204 0.006 (68) (0.002)
Depreciation and amortization expense (14) (0.000) 57 0.002
Net construction income (233) (0.006) (414) (0.011)
Lease buyout income (35) (0.001) (1,054) (0.029)
Fees on non-REIT assets 43 0.001 14 0.000
FFO from acquisitions, net of interest expense 1,213 0.028 1,327 0.033
Dilutive impact of new share issuance, net of interest savings 317 (0.045) 920 (0.091)
Change in FFO before pref'd div's and minority interest 1,668 (0.013) 3,933 (0.012)
Allocation to minority interest in Operating Partnership 213 - 276 -
Dilutive effect of common share options - (0.002) - (0.008)
Preferred stock dividends 3 - - -
Rounding to whole cents - 0.005 - -
Change in FFO allocable to common shareholders $ 1,884 $ (0.010) $ 4,209 $ (0.020)
Three Months Ended December 31, Year Ended December 31,
2002 2001 2002 2001
Funds from Operations ($000 except per share data):
Net income $ 6,322 $ 5,180 $ 7,715 $ 5,206
Adjustments:
Minority Interest in Operating Partnership 1,241 1,175 5,351 4,999
Depreciation and amortization - real estate 11,781 11,065 45,555 48,452
Depreciation - joint ventures and in other line items 443 444 1,804 1,734
Cash flow support amounts 768 720 3,125 3,067
(Gain) loss from discontinued operations 72 (50) 142 190
(Gain) loss on sale of assets (425) - (425) -
Extraordinary loss on early extinguishment of debt - - 4,314 -
FFO before allocations to minority interest and pref'd shares 20,202 18,534 67,581 63,648
Allocation to preferred shareholders (preferred dividends) (3,404) (3,407) (13,613) (13,613)
Allocation to minority interest in Operating Partnership (3,980) (4,193) (13,446) (13,722)
FFO allocable to common shares $ 12,818 $ 10,934 $ 40,522 $ 36,313
FFO per common share $ 0.40 $ 0.41 $ 1.36 $ 1.38
Avg. shares outstanding during period - basic 32,017 26,208 29,480 26,208
Avg. shares and partnership units during the period - basic 41,975 36,164 39,436 36,164
Avg. shares outstanding during period for diluted FFO 32,336 26,349 29,791 26,340
Avg. shares and partnership units during the period for diluted FFO 42,294 36,306 39,747 36,297
Components of Minimum Rents:
Anchor - contractual or base rents $ 5,919 $ 6,133 $ 24,217 $ 24,483
Mall shops - contractual or base rents 23,131 20,641 85,576 81,111
Mall shops - percentage rent in lieu of fixed base rent 922 997 2,986 3,037
Straight line rental income 231 (80) 895 767
Ground lease - contractual or base rents 597 576 2,332 2,308
Lease buyout income 95 130 682 1,736
Total minimum rents $ 30,895 $ 28,397 $ 116,688 $ 113,442
Components of Percentage (Overage) Rents:
Anchors $ 950 $ 951 $ 2,573 $ 2,724
Mall shops and ground leases 1,407 1,371 4,102 4,306
$ 2,357 $ 2,322 $ 6,675 $ 7,030
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SUPPLEMENTAL FINANCIAL AND OPERATIONAL INFORMATION PACKAGE
CROWN AMERICAN REALTY TRUST
FOURTH QUARTER 2002
OTHER FINANCIAL AND OPERATING DATA (unaudited)
Three Months Ended December 31, Year Ended December 31,
2002 2001 2002 2001
(in thousands, except as noted)
EBITDA: earnings (including gain on sale of properties and
outparcel land) before interest, taxes, all depreciation and
amortization, extraordinary items and discontinued operations $ 32,821 $ 31,143 $ 117,002 $ 115,533
Debt and Interest:
Fixed rate debt at period end $ 618,538 $ 595,408 $ 618,538 $ 595,408
Variable rate debt at period end 132,638 115,028 132,638 115,028
Total debt at period end $ 751,176 $ 710,436 $ 751,176 $ 710,436
Weighted avg. interest rate on fixed rate debt for the period 7.4 % 7.6 % 7.5 % 7.6 %
Weighted avg. interest rate on variable rate debt for the period 3.6 % 4.6 % 3.9 % 6.4 %
Total interest expense for period $ 13,162 $ 13,095 $ 51,640 $ 54,065
Amort. of deferred debt cost for period (incl. in interest exp) 460 453 1,818 1,834
Capitalized interest costs during period - 4 - 38
Capital Expenditures Incurred:
Allowances for mall shop tenants $ 765 $ 3,578 $ 5,882 $ 9,618
Allowances for anchor/ big box tenants - 860 400 860
Leasing costs and commissions 308 592 1,701 2,545
Operational capital expenditures at properties 1,554 1,431 5,164 5,468
Acquisitions of enclosed malls 40,587 - 90,583 -
Expansions and major renovations 834 980 1,281 4,666
Capital expenditures from discontinued operations 16 217 52 217
All other capital expenditures (included in Other Assets) 265 941 1,100 1,307
Total Capital Expenditures during the period $ 44,329 $ 8,599 $ 106,163 $ 24,681
OPERATING DATA:
Mall shop GLA (000 sq. ft.) 5,944 5,530
Total portfolio occupancy at period end 93.5 % 94.6 %
Mall shop occupancy at period end 87.1 % 87.7 %
Comparable store mall shop sales - 12 months (per sq. ft.) $ 270.49 $ 269.61
Mall shop occupancy cost percentage at period end 10.1 % 10.1 %
Average mall shop base rent at period end (per sq. ft.) $ 20.77 $ 19.96
Mall shop leasing for the period:
New leases - sq. feet (000) 57 114 302 438
New leases - $ per sq. ft. $ 27.61 $ 24.75 $ 24.06 $ 24.82
Number of new leases signed. 36 55 170 226
Net effective rent for new leases signed in the period $ 24.83 $ 22.20 $ 21.78 $ 21.45
Renewal leases - sq. feet (000) 65 99 370 307
Renewal leases - $ per sq. ft. $ 21.09 $ 16.35 $ 19.04 $ 20.44
Number of renewal leases signed. 34 39 165 147
Tenant Allowances for leases signed during the period:
First Generation Space - per sq. ft. $ 11.57 $ 5.06 $ 10.77 $ 32.83
Second Generation Space - per sq. ft. $ 10.34 $ 10.74 $ 5.98 $ 12.63
Leases Signed during the period by:
First Generation Space - sq. feet (000) 3 4 4 36
Second Generation Space - sq. feet (000) 119 209 668 709
Theater and free-standing leasing for the period:
New leases- sq. feet (000) - 7 38 7
New leases-$ per sq. ft. $ - $ 7.53 $ 8.03 $ 7.53
Tenant allowances - $ per sq. ft. $ - $ 1.57 $ 13.79 $ 1.57
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SUPPLEMENTAL FINANCIAL AND OPERATIONAL INFORMATION PACKAGE
CROWN AMERICAN REALTY TRUST
LEASE EXPIRATION SUMMARY FOR 2003 TO 2012
AS OF DECEMBER 31, 2002
(Unaudited)
Mall Shop & Freestanding Tenants
NUMBER OF AVG. BASE
LEASES SQUARE RENT PER
YEAR EXPIRING FEET SQUARE FOOT
2003 242 646,011 $ 14.48
2004 250 604,065 17.92
2005 190 416,783 21.03
2006 220 506,395 20.08
2007 208 623,911 19.26
2008 151 531,738 20.16
2009 157 446,852 21.19
2010 150 440,303 22.75
2011 116 380,116 20.75
2012 98 337,022 20.34
TOTALS 1,782 4,933,196 $ 19.80
Does not consider the impact of options to renew that may be contained in leases. Also excludes Palmer Park Mall, a non-managed 50% joint venture.
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SUPPLEMENTAL FINANCIAL AND OPERATIONAL INFORMATION PACKAGE
CROWN AMERICAN REALTY TRUST
TOP 25 REVENUE-GENERATING TENANTS
LISTED IN ORDER OF SQUARE FEET OCCUPIED
FOR THE YEAR ENDED DECEMBER 31, 2002
(Unaudited)
PERCENT OF TOTAL
TOTAL NUMBER OF SQ FT
TENANT NOTES REVENUES OPEN STORES OCCUPIED
SEARS, ROEBUCK AND CO. 5.0% 23 2,356,444
J C PENNEY INC. (1) 4.1% 26 2,126,725
MAY DEPARTMENT STORES CO. (2) 0.9% 14 1,524,226
THE BON-TON (3) 2.7% 16 1,162,553
VALUE CITY DEPARTMENT STORES 0.9% 5 372,713
THE GAP (4) 2.9% 30 334,636
WAL-MART STORES 0.8% 2 319,753
THE LIMITED STORES INC. (5) 3.7% 65 319,364
FASHION BUG (6) 1.5% 25 190,287
VENATOR GROUP (7) 1.9% 40 161,725
SHOE SHOW OF ROCKY MT. INC. 1.6% 26 130,809
TRANS WORLD ENTERTAINMENT (8) 1.8% 27 121,245
HALLMARK-OWNED STORES 1.6% 28 114,748
BORDERS GROUP, INC. (9) 1.4% 25 106,750
DEB SHOPS, INC. 1.0% 17 103,371
AMERICAN EAGLE OUTFITTERS 1.5% 21 92,829
KB TOYS (BAIN CAPITAL) (10) 1.2% 26 87,564
THE FINISH LINE, INC. 1.1% 17 86,673
PAYLESS SHOESOURCE INC. 1.0% 23 80,634
CHRISTOPHER & BANKS 0.8% 20 67,541
TANDY CORPORATION (11) 0.8% 26 66,575
REGIS STORES (12) 1.2% 55 64,441
STERLING JEWELERS (13) 1.5% 29 39,240
COLE NATIONAL CORPORATION (14) 0.8% 33 34,992
ZALES (15) 1.4% 48 33,456
TOTALS 43.1% 10,099,294
Notes:
(1) Includes 23 J.C. Penney department stores and three Eckerd stores.
(2) Includes eight Kaufmanns and five Hechts department stores, and one David's Bridal stores. Nine of the department stores are tenant owned and do not pay base or
percentage rent.
(3) Includes fifteen department stores and two home stores. One department store is tenant owned and does not pay base or percentage rent and one department store is
leased from a third party and is subleased to Bon Ton.
(4) Includes Gap, Gap Kids and Old Navy.
(5) Includes Limited Express, The Limited (core division) Structures, Bath & Body Works, and Victoria's Secret.
(6) Includes Fashion Bug, Fashion Bug Plus and Lane Bryant.
(7) Includes Footlocker, Lady Footlocker, Champs, and Kids Footlocker.
(8) Includes Camelot Music, Disc Jockey and fye stores.
(9) Operates as Borders and Waldenbooks.
(10) Operates as Kay-Bee Toys and KB Toys.
(11) Operates as Radio Shack.
(12) Operates as Master Cuts, Trade Secrets, Cost Cutters, Super Cuts, Mia & Maxx, Hair Plus and Regis Salons.
(13) Operates as Kay Jewelers, Belden Jewelers, J.B. Robinson Jewelers and Shaw Jewelers.
(14) Operates as Things Remembered and Pearle Vision.
(15) Operates as Gemstone Jewelry, Piercing Pagoda, Plumb Gold, Gordons Jewelers, and Zales Jewelers.
The above data excludes tenants at our 50% owned joint venture property accounted for on the Equity Method. Revenues for this table also excludes utilities billed to tenants.
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SUPPLEMENTAL FINANCIAL AND OPERATIONAL INFORMATION PACKAGE
CROWN AMERICAN REALTY TRUST
Consolidated Statements of Operations
Three Months Ended December 31, Year Ended December 31,
2002 2001 2002 2001
(Unaudited)
(in thousands, except per share data)
Rental operations:
Revenues:
Minimum rent $ 30,895 $ 28,397 $ 116,688 $ 113,442
Percentage rent 2,357 2,322 6,675 7,030
Property operating cost recoveries 10,358 8,856 37,314 35,135
Temporary and seasonal leasing 5,672 5,159 12,109 10,910
Utility redistribution income 3,581 3,442 14,191 14,133
Miscellaneous income 933 1,133 2,447 2,230
53,796 49,309 189,424 182,880
Property operating costs:
Recoverable operating costs 14,456 12,476 50,993 48,262
Property administrative costs 1,281 818 3,425 2,713
Other operating costs 963 1,372 3,053 3,235
Utility redistribution expense 2,667 2,624 11,180 10,769
Depreciation and amortization 11,781 11,065 45,555 48,452
31,148 28,355 114,206 113,431
22,648 20,954 75,218 69,449
Other expenses:
General and administrative 2,551 1,625 6,850 5,426
Interest , net 13,162 13,095 51,640 54,065
15,713 14,720 58,490 59,491
6,935 6,234 16,728 9,958
Property sales, disposals and adjustments:
Gain on sale of outparcel land 275 71 369 437
275 71 369 437
Minority interest in Operating Partnership (1,241) (1,175) (5,351) (4,999)
Income before extraordinary items and
discontinued operations 5,969 5,130 11,746 5,396
Extraordinary loss on early extinguishment of debt - - (4,314) -
Gain (loss) from discontinued operations:
Gain (loss) from operations (72) 50 (142) (190)
Gain on sale of asset 425 - 425 -
353 50 283 (190)
Net income 6,322 5,180 7,715 5,206
Dividends on preferred shares (3,404) (3,407) (13,613) (13,613)
Net income (loss) allocable to
common shareholders $ 2,918 $ 1,773 $ (5,898) $ (8,407)
Per common share information:
Basic and Diluted EPS:
Income (loss) before extraordinary item and
discontinued operations (net of preferred dividends) $ 0.08 $ 0.07 $ (0.06) $ (0.31)
Extraordinary item - - (0.15) -
Gain (loss) from discontinued operations 0.01 - 0.01 (0.01)
Net income (loss) $ 0.09 $ 0.07 $ (0.20) $ (0.32)
Weighted average shares outstanding- basic (000) 32,017 26,208 29,480 26,208
Funds from Operations: (Unaudited)
FFO allocable to common shareholders $ 12,818 $ 10,934 $ 40,522 $ 36,313
Diluted FFO per share $ 0.40 $ 0.41 $ 1.36 $ 1.38
Weighted average shares outstanding - diluted (000) 32,336 26,349 29,791 26,340
Note: Prior-year amounts have been reclassified to present Carlisle Plaza Mall as discontinued operations due to its sale in 2002.
For the fourth quarter 2002 and 2001, basic and diluted eps were the same; the Company's potential dilutive securities include
stock options and convertible units in the Operating Partnership. These items were anti-dilutive for the above periods.
</TABLE>
<TABLE>
<CAPTION>
SUPPLEMENTAL FINANCIAL AND OPERATIONAL INFORMATION PACKAGE
CROWN AMERICAN REALTY TRUST
Consolidated Balance Sheets
(in thousands, except share and per share data)
December 31,
2002 2001
Assets
Income-producing properties:
Land $ 163,751 $ 147,371
Buildings and improvements 1,108,733 1,024,609
Deferred leasing and other charges 44,783 44,678
1,317,267 1,216,658
Accumulated depreciation and amortization (502,216) (461,453)
815,051 755,205
Minority interest in Operating Partnership 3,265 3,303
Investment in joint venture 3,114 3,705
Cash and cash equivalents, non-restricted 14,122 16,999
Restricted cash and escrow deposits 9,123 7,877
Tenant and other receivables 15,232 14,648
Deferred charges and other assets 19,525 19,587
Assets from discontinued operations - 5,456
$ 879,432 $ 826,780
Liabilities and Shareholders' Equity
Debt on income-producing properties $ 751,176 $ 710,436
Accounts payable and other liabilities 44,911 40,731
Liabilities from discontinued operations - 10,490
796,087 761,657
Commitments and contingencies
Shareholders' equity:
Non-redeemable senior preferred shares, 11% cumulative,
$.01 par value, 2,500,000 shares issued at both
December 31, 2002 and 2001. 25 25
Common shares, par value $.01 per share, 120,000,000 shares
authorized, 33,572,694 and 27,742,317 shares issued at
December 31, 2002 and 2001, respectively. 335 277
Additional paid-in capital 365,247 317,450
Accumulated deficit (266,554) (235,980)
99,053 81,772
Less common shares held in treasury at cost; 1,534,398 shares
at both December 31, 2002 and 2001 (14,652) (14,652)
Less preferred shares held in treasury at cost; 25,000 shares
at both December 31, 2002 and 2001. (929) (929)
Accumulated other comprehensive loss (127) (1,068)
83,345 65,123
$ 879,432 $ 826,780
Note: Prior-year amounts have been reclassified to present Carlisle Plaza Mall as discontinued operations due to its sale in 2002.
</TABLE>
<TABLE>
<CAPTION>
SUPPLEMENTAL FINANCIAL AND OPERATIONAL INFORMATION PACKAGE
CROWN AMERICAN REALTY TRUST
Consolidated Statements of Cash Flows
Year Ended December 31,
2002 2001
(in thousands)
Cash flows from operating activities:
Net income $ 7,715 $ 5,206
Adjustments to reconcile net income to net cash
provided by operating activities:
Minority interest in Operating Partnership 5,351 4,999
Equity earnings in joint venture (452) (344)
Depreciation and amortization 48,803 51,712
(Gain) loss on sale of asset - discontinued operations (425) -
Extraordinary loss on early extinguishment of debt 4,314 -
Net changes in:
Tenant and other receivables (584) 3,284
Restricted cash and escrow deposits (746) 279
Deferred charges and other assets (2,259) (1,013)
Accounts payable and other liabilities 5,412 3,799
Net cash provided by discontinued operations 225 470
Net cash provided by operating activities 67,354 68,392
Cash flows from investing activities:
Investment in income properties (14,463) (23,160)
Acquisitions of enclosed shopping malls (90,583) -
Change in investing escrow deposits (34) 201
Net proceeds from asset sale of discontinued operations 5,549 -
Distributions from joint venture 674 694
Capital investments in discontinued operations (23) (217)
Net cash used in investing activities (98,880) (22,482)
Cash flows from financing activities:
Net proceeds from common share issuance and exercise of stock options 47,867 -
Net proceeds from issuance of debt, net of deposits and prepayment penalties 144,154 16,918
Cost of issuance of debt (1,466) (79)
Debt repayments (108,010) (18,901)
Dividends and distributions paid on common shares and partnership units (33,115) (30,287)
Dividends paid on senior preferred shares (13,613) (13,613)
Cash flow support payments 3,125 3,067
Debt repaid on discontinued operations (10,293) (629)
Net cash provided by (used in) financing activities 28,649 (43,524)
Net (decrease) increase in cash and cash equivalents (2,877) 2,386
Cash and cash equivalents, beginning of period 16,999 14,613
Cash and cash equivalents, end of period $ 14,122 $ 16,999
Supplemental Cash Flow Data:
Interest paid (net of capitalized amounts) $ 49,822 $ 52,231
Interest capitalized $ 0 $ 38
Other comprehensive income (loss) - hedging activities $ 941 $ (1,068)
Note: Prior-year amounts have been reclassified to present Carlisle Plaza Mall
as discontinued operations due to its sale in 2002.
</TABLE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
CROWN AMERICAN REALTY TRUST

~~By:~~FORM ~~/s/ Terry L. Stevens Name: Terry L. Stevens Title: Executive Vice President and Chief Financial Officer~~8-K

~~Date:~~FOR ~~February~~THE 11PERIOD ENDED DECEMBER 31, ~~2003~~2002

Item 5. Other Events

Exhibits 99.2, 99.3, 99.4 and 99.5 to this Current Report on Form 8-K, which are incorporated by reference herein, represent restatements of Item 6 - Selected Financial Data, Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations, Item 7(a) - Quantitative and Qualitative Disclosures About Market Risk, and Item 8 - Financial Statements and Supplementary Data, respectively, from the Company's Annual Report on Form 10-K for the year ended December 31, 2002. The restatements relate to the following three matters:

Certain reclassifications necessary to present losses from early extinguishment of debt recorded in 2002, 2000, and 1998 as part of income from continuing operations in accordance with SFAS No. 145 "Rescission of FASB Statements No. 4, 44 and 64, Amendment of FASB Statement No. 13, and Technical Corrections".

Certain reclassifications necessary to present one of the Company's malls - Oak Ridge Mall in Oak Ridge, Tennessee - as discontinued operations in accordance with Statement of Financial Accounting Standards (SFAS) No. 144 "Accounting for the Impairment or Disposal of Long-Lived Assets" as a result of its sale on March 31, 2003.

The May 13, 2003 definitive merger agreement between the Company and Pennsylvania Real Estate Investment Trust, a Pennsylvania business Trust (NYSE: PEI) ("PREIT"), under which the Company agreed to merge into PREIT. The Boards of Trustees of PREIT and the Company have unanimously approved the merger. This merger agreement was publicly announced on May 14, 2003.

The items discussed above did not affect net income for any of the five years in the period ended December 31, 2002.

Except as otherwise expressly noted, the financial statement disclosures, management estimates and forward looking statements contained in this Current Report on Form 8-K have not been updated to reflect any developments subsequent to December 31, 2002.

Item 7. Financial Statements, Proforma Financial Information and Exhibits

23.1 Consent of Ernst & Young LLP (n)

99.1 Certification of CEO and CFO Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act

of 2002 (n)

99.2 Selected Financial Data (n)

99.3 Management's Discussion and Analysis of Financial Condition and Results of Operations (n)

99.4 Quantitative and Qualitative Disclosures About Market Risk (n)

99.5 Financial Statements and Supplementary Data (n)

(n) Filed herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: June 19, 2003	CROWN AMERICAN REALTY TRUST
	/s/ Mark E. Pasquerilla
	Mark E. Pasquerilla Chairman of the Board of Trustees, Chief Executive Officer and President
Date: June 19, 2003	CROWN AMERICAN REALTY TRUST
	/s/ Terry L. Stevens
	Terry L. Stevens Executive Vice President and Chief Financial Officer
Date: June 19, 2003	CROWN AMERICAN REALTY TRUST
	/s/ John A. Washko
	John A. Washko Vice President and Chief Accounting Officer

CERTIFICATION

I, Mark E. Pasquerilla, certify that:

I have reviewed this Current Report on Form 8-K of Crown American Realty Trust, amending certain items of the Company's Annual Report on Form 10-K for the year ended December 31, 2002.

2. Based on my knowledge, this Form 8-K does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Form 8-K;

3. Based on my knowledge, the financial statements, and other financial information included in this Form 8-K, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Form 8-K;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

(a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Form 8-K is being prepared;

(b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this Form 8-K (the "Evaluation Date"); and

(c) presented in this Form 8-K our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):

(a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and

6. The registrant's other certifying officer and I have indicated in this Form 8-K whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Date: June 19, 2003

/s/ Mark E. Pasquerilla

Name: Mark E. Pasquerilla
Title: Chief Executive Officer

CERTIFICATION

I, Terry L. Stevens, certify that:

1. I have reviewed this Current Report on Form 8-K of Crown American Realty Trust, amending certain items of the Company's Annual Report on Form 10-K for the year ended December 31, 2002.

(b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this Form 8-K (the "Evaluation Date"); and

(c) presented in this Form 8-K our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and

Date: June 19, 2003

/s/ Terry L. Stevens

Name: Terry L. Stevens
Title: Chief Financial Officer

EXHIBIT INDEX

Exhibit Number		Exhibit Description

23.1		Consent of Ernst & Young LLP
99.1		Certification of CEO and CFO Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant
		to Section 906 of the Sarbanes-Oxley Act of 2003
99.2		Selected Financial Data
99.3		Management's Discussion and Analysis of Financial
		Condition and Results of Operations
99.4		Quantitative and Qualitative Disclosures About Market Risk
99.5		Financial Statements and Supplementary Data

Maryland	1-12216	25-1713733
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)

SUPPLEMENTAL FINANCIAL AND OPERATIONAL INFORMATION PACKAGE
CROWN AMERICAN REALTY TRUST
FOURTH QUARTER 2002
OTHER FINANCIAL AND OPERATING DATA (unaudited)
			Three Months Ended December 31,						Year Ended December 31,
			2002 vs. 2001					2002 vs. 2001
FINANCIAL AND ANALYTICAL DATA:				(in thousands, except per share data)
Total FFO - Incr (decr) - 2002 compared to 2001:			$ 000		$ per share				$ 000			$ per share
	Base rents from anchors and mall shops		$	594	$		0.016		$	2,429		$	0.067
	Percentage rents from anchors and mall shops			15			0.000			(375)			(0.010)
	Temporary and seasonal leasing income			235			0.006			1,123			0.031
	Mall operating costs, net of tenant recovery income			75			0.002			(309)			(0.009)
	Utility and misc. mall income, equity in joint venture			18			0.000			24			0.001
	Straight line rental income			251			0.007			68			0.002
		Core mall operations		1,188			0.033			2,960			0.082
	Interest expense, net			326			0.009			2,269			0.062
	Property admin. and general & admin. expenses			(1,389)			(0.038)			(2,136)			(0.059)
	Cash flow support earned			48			0.001			58			0.002
	Gain on sale of outparcel land			204			0.006			(68)			(0.002)
	Depreciation and amortization expense			(14)			(0.000)			57			0.002
	Net construction income			(233)			(0.006)			(414)			(0.011)
	Lease buyout income			(35)			(0.001)			(1,054)			(0.029)
	Fees on non-REIT assets			43			0.001			14			0.000
	FFO from acquisitions, net of interest expense			1,213			0.028			1,327			0.033
	Dilutive impact of new share issuance, net of interest savings			317			(0.045)			920			(0.091)
		Change in FFO before pref'd div's and minority interest		1,668			(0.013)			3,933			(0.012)
	Allocation to minority interest in Operating Partnership			213			-			276			-
	Dilutive effect of common share options			-			(0.002)			-			(0.008)
	Preferred stock dividends			3			-			-			-
	Rounding to whole cents			-			0.005			-			-
		Change in FFO allocable to common shareholders	$	1,884	$		(0.010)		$	4,209		$	(0.020)
			Three Months Ended December 31,						Year Ended December 31,
			2002			2001		2002			2001
Funds from Operations ($000 except per share data):
	Net income		$	6,322	$		5,180		$	7,715		$	5,206
	Adjustments:
		Minority Interest in Operating Partnership		1,241			1,175			5,351			4,999
		Depreciation and amortization - real estate		11,781			11,065			45,555			48,452
		Depreciation - joint ventures and in other line items		443			444			1,804			1,734
		Cash flow support amounts		768			720			3,125			3,067
		(Gain) loss from discontinued operations		72			(50)			142			190
		(Gain) loss on sale of assets		(425)			-			(425)			-
		Extraordinary loss on early extinguishment of debt		-			-			4,314			-
	FFO before allocations to minority interest and pref'd shares			20,202			18,534			67,581			63,648
		Allocation to preferred shareholders (preferred dividends)		(3,404)			(3,407)			(13,613)			(13,613)
		Allocation to minority interest in Operating Partnership		(3,980)			(4,193)			(13,446)			(13,722)
	FFO allocable to common shares		$	12,818	$		10,934		$	40,522		$	36,313
	FFO per common share		$	0.40	$		0.41		$	1.36		$	1.38
	Avg. shares outstanding during period - basic			32,017			26,208			29,480			26,208
	Avg. shares and partnership units during the period - basic			41,975			36,164			39,436			36,164
	Avg. shares outstanding during period for diluted FFO			32,336			26,349			29,791			26,340
	Avg. shares and partnership units during the period for diluted FFO			42,294			36,306			39,747			36,297
Components of Minimum Rents:
	Anchor - contractual or base rents		$	5,919	$		6,133		$	24,217		$	24,483
	Mall shops - contractual or base rents			23,131			20,641			85,576			81,111
	Mall shops - percentage rent in lieu of fixed base rent			922			997			2,986			3,037
	Straight line rental income			231			(80)			895			767
	Ground lease - contractual or base rents			597			576			2,332			2,308
	Lease buyout income			95			130			682			1,736
		Total minimum rents	$	30,895	$		28,397		$	116,688		$	113,442
Components of Percentage (Overage) Rents:
	Anchors		$	950	$		951		$	2,573		$	2,724
	Mall shops and ground leases			1,407			1,371			4,102			4,306
			$	2,357	$		2,322		$	6,675		$	7,030

SUPPLEMENTAL FINANCIAL AND OPERATIONAL INFORMATION PACKAGE
CROWN AMERICAN REALTY TRUST
LEASE EXPIRATION SUMMARY FOR 2003 TO 2012
AS OF DECEMBER 31, 2002
(Unaudited)
Mall Shop & Freestanding Tenants
		NUMBER OF			AVG. BASE
		LEASES	SQUARE		RENT PER
	YEAR	EXPIRING	FEET		SQUARE FOOT
	2003	242	646,011	$	14.48
	2004	250	604,065		17.92
	2005	190	416,783		21.03
	2006	220	506,395		20.08
	2007	208	623,911		19.26
	2008	151	531,738		20.16
	2009	157	446,852		21.19
	2010	150	440,303		22.75
	2011	116	380,116		20.75
	2012	98	337,022		20.34
	TOTALS	1,782	4,933,196	$	19.80
	Does not consider the impact of options to renew that may be contained in leases. Also excludes Palmer Park Mall, a non-managed 50% joint venture.

SUPPLEMENTAL FINANCIAL AND OPERATIONAL INFORMATION PACKAGE
CROWN AMERICAN REALTY TRUST
TOP 25 REVENUE-GENERATING TENANTS
LISTED IN ORDER OF SQUARE FEET OCCUPIED
FOR THE YEAR ENDED DECEMBER 31, 2002
(Unaudited)
		PERCENT OF		TOTAL
		TOTAL	NUMBER OF	SQ FT
TENANT	NOTES	REVENUES	OPEN STORES	OCCUPIED
SEARS, ROEBUCK AND CO.		5.0%	23	2,356,444
J C PENNEY INC.	(1)	4.1%	26	2,126,725
MAY DEPARTMENT STORES CO.	(2)	0.9%	14	1,524,226
THE BON-TON	(3)	2.7%	16	1,162,553
VALUE CITY DEPARTMENT STORES		0.9%	5	372,713
THE GAP	(4)	2.9%	30	334,636
WAL-MART STORES		0.8%	2	319,753
THE LIMITED STORES INC.	(5)	3.7%	65	319,364
FASHION BUG	(6)	1.5%	25	190,287
VENATOR GROUP	(7)	1.9%	40	161,725
SHOE SHOW OF ROCKY MT. INC.		1.6%	26	130,809
TRANS WORLD ENTERTAINMENT	(8)	1.8%	27	121,245
HALLMARK-OWNED STORES		1.6%	28	114,748
BORDERS GROUP, INC.	(9)	1.4%	25	106,750
DEB SHOPS, INC.		1.0%	17	103,371
AMERICAN EAGLE OUTFITTERS		1.5%	21	92,829
KB TOYS (BAIN CAPITAL)	(10)	1.2%	26	87,564
THE FINISH LINE, INC.		1.1%	17	86,673
PAYLESS SHOESOURCE INC.		1.0%	23	80,634
CHRISTOPHER & BANKS		0.8%	20	67,541
TANDY CORPORATION	(11)	0.8%	26	66,575
REGIS STORES	(12)	1.2%	55	64,441
STERLING JEWELERS	(13)	1.5%	29	39,240
COLE NATIONAL CORPORATION	(14)	0.8%	33	34,992
ZALES	(15)	1.4%	48	33,456
TOTALS		43.1%		10,099,294
Notes:
(1) Includes 23 J.C. Penney department stores and three Eckerd stores.
(2) Includes eight Kaufmanns and five Hechts department stores, and one David's Bridal stores. Nine of the department stores are tenant owned and do not pay base or
percentage rent.
(3) Includes fifteen department stores and two home stores. One department store is tenant owned and does not pay base or percentage rent and one department store is
leased from a third party and is subleased to Bon Ton.
(4) Includes Gap, Gap Kids and Old Navy.
(5) Includes Limited Express, The Limited (core division) Structures, Bath & Body Works, and Victoria's Secret.
(6) Includes Fashion Bug, Fashion Bug Plus and Lane Bryant.
(7) Includes Footlocker, Lady Footlocker, Champs, and Kids Footlocker.
(8) Includes Camelot Music, Disc Jockey and fye stores.
(9) Operates as Borders and Waldenbooks.
(10) Operates as Kay-Bee Toys and KB Toys.
(11) Operates as Radio Shack.
(12) Operates as Master Cuts, Trade Secrets, Cost Cutters, Super Cuts, Mia & Maxx, Hair Plus and Regis Salons.
(13) Operates as Kay Jewelers, Belden Jewelers, J.B. Robinson Jewelers and Shaw Jewelers.
(14) Operates as Things Remembered and Pearle Vision.
(15) Operates as Gemstone Jewelry, Piercing Pagoda, Plumb Gold, Gordons Jewelers, and Zales Jewelers.
The above data excludes tenants at our 50% owned joint venture property accounted for on the Equity Method. Revenues for this table also excludes utilities billed to tenants.

SUPPLEMENTAL FINANCIAL AND OPERATIONAL INFORMATION PACKAGE
CROWN AMERICAN REALTY TRUST
Consolidated Statements of Operations
			Three Months Ended December 31,				Year Ended December 31,
			2002		2001		2002		2001
			(Unaudited)
			(in thousands, except per share data)
Rental operations:
	Revenues:
		Minimum rent	$	30,895	$	28,397	$	116,688	$	113,442
		Percentage rent		2,357		2,322		6,675		7,030
		Property operating cost recoveries		10,358		8,856		37,314		35,135
		Temporary and seasonal leasing		5,672		5,159		12,109		10,910
		Utility redistribution income		3,581		3,442		14,191		14,133
		Miscellaneous income		933		1,133		2,447		2,230
				53,796		49,309		189,424		182,880
	Property operating costs:
		Recoverable operating costs		14,456		12,476		50,993		48,262
		Property administrative costs		1,281		818		3,425		2,713
		Other operating costs		963		1,372		3,053		3,235
		Utility redistribution expense		2,667		2,624		11,180		10,769
		Depreciation and amortization		11,781		11,065		45,555		48,452
				31,148		28,355		114,206		113,431
				22,648		20,954		75,218		69,449
Other expenses:
	General and administrative			2,551		1,625		6,850		5,426
	Interest , net			13,162		13,095		51,640		54,065
				15,713		14,720		58,490		59,491
				6,935		6,234		16,728		9,958
Property sales, disposals and adjustments:
	Gain on sale of outparcel land			275		71		369		437
				275		71		369		437
Minority interest in Operating Partnership				(1,241)		(1,175)		(5,351)		(4,999)
Income before extraordinary items and
	discontinued operations			5,969		5,130		11,746		5,396
Extraordinary loss on early extinguishment of debt				-		-		(4,314)		-
Gain (loss) from discontinued operations:
	Gain (loss) from operations			(72)		50		(142)		(190)
	Gain on sale of asset			425		-		425		-
				353		50		283		(190)
Net income				6,322		5,180		7,715		5,206
	Dividends on preferred shares			(3,404)		(3,407)		(13,613)		(13,613)
Net income (loss) allocable to
	common shareholders		$	2,918	$	1,773	$	(5,898)	$	(8,407)
Per common share information:
	Basic and Diluted EPS:
		Income (loss) before extraordinary item and
		discontinued operations (net of preferred dividends)	$	0.08	$	0.07	$	(0.06)	$	(0.31)
		Extraordinary item		-		-		(0.15)		-
		Gain (loss) from discontinued operations		0.01		-		0.01		(0.01)
		Net income (loss)	$	0.09	$	0.07	$	(0.20)	$	(0.32)
		Weighted average shares outstanding- basic (000)		32,017		26,208		29,480		26,208
	Funds from Operations: (Unaudited)
		FFO allocable to common shareholders	$	12,818	$	10,934	$	40,522	$	36,313
		Diluted FFO per share	$	0.40	$	0.41	$	1.36	$	1.38
		Weighted average shares outstanding - diluted (000)		32,336		26,349		29,791		26,340
		Note: Prior-year amounts have been reclassified to present Carlisle Plaza Mall as discontinued operations due to its sale in 2002.
		For the fourth quarter 2002 and 2001, basic and diluted eps were the same; the Company's potential dilutive securities include
		stock options and convertible units in the Operating Partnership. These items were anti-dilutive for the above periods.

SUPPLEMENTAL FINANCIAL AND OPERATIONAL INFORMATION PACKAGE
CROWN AMERICAN REALTY TRUST
Consolidated Balance Sheets
(in thousands, except share and per share data)
			December 31,
				2002		2001
Assets
Income-producing properties:
	Land		$	163,751	$	147,371
	Buildings and improvements			1,108,733		1,024,609
	Deferred leasing and other charges			44,783		44,678
				1,317,267		1,216,658
	Accumulated depreciation and amortization			(502,216)		(461,453)
				815,051		755,205
Minority interest in Operating Partnership				3,265		3,303
Investment in joint venture				3,114		3,705
Cash and cash equivalents, non-restricted				14,122		16,999
Restricted cash and escrow deposits				9,123		7,877
Tenant and other receivables				15,232		14,648
Deferred charges and other assets				19,525		19,587
Assets from discontinued operations				-		5,456
			$	879,432	$	826,780
Liabilities and Shareholders' Equity
Debt on income-producing properties			$	751,176	$	710,436
Accounts payable and other liabilities				44,911		40,731
Liabilities from discontinued operations				-		10,490
				796,087		761,657
Commitments and contingencies
Shareholders' equity:
	Non-redeemable senior preferred shares, 11% cumulative,
		$.01 par value, 2,500,000 shares issued at both
		December 31, 2002 and 2001.		25		25
	Common shares, par value $.01 per share, 120,000,000 shares
		authorized, 33,572,694 and 27,742,317 shares issued at
		December 31, 2002 and 2001, respectively.		335		277
	Additional paid-in capital			365,247		317,450
	Accumulated deficit			(266,554)		(235,980)
				99,053		81,772
	Less common shares held in treasury at cost; 1,534,398 shares
		at both December 31, 2002 and 2001		(14,652)		(14,652)
	Less preferred shares held in treasury at cost; 25,000 shares
		at both December 31, 2002 and 2001.		(929)		(929)
	Accumulated other comprehensive loss			(127)		(1,068)
				83,345		65,123
			$	879,432	$	826,780
		Note: Prior-year amounts have been reclassified to present Carlisle Plaza Mall as discontinued operations due to its sale in 2002.

SUPPLEMENTAL FINANCIAL AND OPERATIONAL INFORMATION PACKAGE
CROWN AMERICAN REALTY TRUST
Consolidated Statements of Cash Flows
						Year Ended December 31,
							2002		2001
						(in thousands)
Cash flows from operating activities:
	Net income					$	7,715	$	5,206
	Adjustments to reconcile net income to net cash
		provided by operating activities:
			Minority interest in Operating Partnership				5,351		4,999
			Equity earnings in joint venture				(452)		(344)
			Depreciation and amortization				48,803		51,712
			(Gain) loss on sale of asset - discontinued operations				(425)		-
			Extraordinary loss on early extinguishment of debt				4,314		-
			Net changes in:
				Tenant and other receivables			(584)		3,284
				Restricted cash and escrow deposits			(746)		279
				Deferred charges and other assets			(2,259)		(1,013)
				Accounts payable and other liabilities			5,412		3,799
			Net cash provided by discontinued operations				225		470
					Net cash provided by operating activities		67,354		68,392
Cash flows from investing activities:
	Investment in income properties						(14,463)		(23,160)
	Acquisitions of enclosed shopping malls						(90,583)		-
	Change in investing escrow deposits						(34)		201
	Net proceeds from asset sale of discontinued operations						5,549		-
	Distributions from joint venture						674		694
	Capital investments in discontinued operations						(23)		(217)
					Net cash used in investing activities		(98,880)		(22,482)
Cash flows from financing activities:
	Net proceeds from common share issuance and exercise of stock options						47,867		-
	Net proceeds from issuance of debt, net of deposits and prepayment penalties						144,154		16,918
	Cost of issuance of debt						(1,466)		(79)
	Debt repayments						(108,010)		(18,901)
	Dividends and distributions paid on common shares and partnership units						(33,115)		(30,287)
	Dividends paid on senior preferred shares						(13,613)		(13,613)
	Cash flow support payments						3,125		3,067
	Debt repaid on discontinued operations						(10,293)		(629)
					Net cash provided by (used in) financing activities		28,649		(43,524)
Net (decrease) increase in cash and cash equivalents							(2,877)		2,386
Cash and cash equivalents, beginning of period							16,999		14,613
Cash and cash equivalents, end of period						$	14,122	$	16,999
Supplemental Cash Flow Data:
	Interest paid (net of capitalized amounts)					$	49,822	$	52,231
	Interest capitalized					$	0	$	38
	Other comprehensive income (loss) - hedging activities					$	941	$	(1,068)
					Note: Prior-year amounts have been reclassified to present Carlisle Plaza Mall
					as discontinued operations due to its sale in 2002.

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