CURRENT DEVELOPMENT PROJECTS: 

PUBLIX SUPER MARKET                                           3500 BLOCK OF DAVIE BLVD.
DAVIE BOULEVARD                                                  FORT LAUDERDALE, FLORIDA
                                                                                    28,800 S.F. PROTOTYPICAL FREESTANDING STORE
                                                                                    TEAR DOWN / REBUILD ON-SITE

PROJECT COMMENCEMENT                                    JANUARY 2004
PROJECT ESTIMATED COMPLETION                      JUNE 2006    
                                    
FINANCING                                                                 $5,500,000 EQUITY
 

PUBLIX SUPER MARKET                                           NWC US-1 AND MCNAB ROAD
POMPANO PLAZA                                                     POMPANO BEACH, FLORIDA
                                                                                    47,802 S.F. PROTOTYPICAL STORE IN 120,000 S.F. CENTER
                                                                                    NEW FAÇADE, DEMOLITION OF EXISTING RETAIL

PROJECT COMMENCEMENT                                    SEPTEMBER 2003
PROJECT ESTIMATED COMPLETION                      FEBRUARY 2006 
                                      
FINANCING                                                                 $8,300,000 DEBT/EQUITY

PUBLIX SUPER MARKET                                           MIAMI LAKES, FL
MIAMI LAKESWAY                                                     54,000 S.F. PROTOTYPICAL FREESTANDING STORE
                                                                                    TEAR DOWN / REBUILD ON-SITE

PROJECT COMMENCEMENT                                    MAY 2004
PROJECT ESTIMATED COMPLETION                      JANUARY 2007

FINANCING                                                                 $7,500,000 EQUITY

PUBLIX SUPER MARKET                                           US-1 SOUTH OF THE MARTIN/PALM BEACH COUNTY LINE
COUNTYLINE PLAZA                                                TEQUSTA, FLORIDA
                                                                                    54,500 S.F. PROTOTYPICAL STORE IN 200,000 S.F. CENTER
                                                                                    TEAR DOWN / RE-BUILD ON-SITE

PROJECT COMMENCEMENT                                    APRIL 2004
PROJECT ESTIMATED COMPLETION                      DECEMBER 2005       
                       

FINANCING                                                                 $6,000,000 CONSTRUCTION LOAN

PUBLIX SUPER MARKET                                           NEC NE 6^TH AVE. & NE 128^TH STREET
NORTH MIAMI                                                           NORTH MIAMI, FLORIDA
                                                                                    28,800 S.F. PROTOTYPICAL STORE / 3,000 LOCAL RETAIL
                                                                                    TEAR DOWN / RE-BUILD ON-SITE

PROJECT COMMENCEMENT                                    JUNE 2003
PROJECT ESTIMATED COMPLETION                      NOVEMBER 2005    
                                                          
FINANCING                                                                 FUNDED BY PUBLIX SUPER MARKETS, INC.
                                                                                    $5,400,000 CONSTRUCTION      

        
COMPLETED DEVELOPMENTS:

PUBLIX SUPER MARKET                                           NWC RED ROAD (NW 57^TH AVE) & NW 7^TH STREET
AIRPARK PLAZA                                                        MIAMI, FLORIDA
                                                                                    33,183 S.F. UNIQUE STORE IN 200,000 S.F. CENTER
                                                                                    TEAR DOWN / RE-BUILD ON-SITE

PROJECT COMMENCEMENT                                    MARCH 2003
PROJECT ESTIMATED COMPLETION                      JANUARY 2005    
                           
FINANCING                                                                 FUNDED BY PUBLIX SUPER MARKETS, INC.
                                                                                    $5,400,000 CONSTRUCTION              

FREESTANDING PUBLIX SUPER MARKET               NEC HIALEAH DRIVE & E. 2^ND AVENUE
PUBLIX CENTRAL HIALEAH                                     HIALEAH, FLORIDA
                                                                                    28,800 S.F. PROTOTYPICAL STORE
                                                                                    TEAR DOWN / RE-BUILD ON-SITE

PROJECT COMMENCEMENT                                    SEPTEMBER 2002
PROJECT ESTIMATED COMPLETION                      NOVEMBER 2003    
                                                          

FINANCING                                                                 FUNDED BY PUBLIX SUPER MARKETS, INC.
                                                                                    $4,700,000 CONSTRUCTION              

FREESTANDING PUBLIX SUPER MARKET               SWC ARVIDA PARKWAY & I-595
PUBLIX AT GLADES CIRCLE                                    WESTON, FLORIDA
                                                                                    44,270 S.F. PROTOTYPICAL STORE
                                                                                    NEW CONSTRUCTION

PROJECT COMMENCEMENT                                    DECEMBER 2001
PROJECT COMPLETION                                           MAY 2003 

FINANCING                                                                 FUNDED BY PUBLIX SUPER MARKETS, INC.
                                                                                    $8,000,000 CONSTRUCTION / LAND ACQUISITION

FREE-STANDING PUBLIX SUPER MARKET              NEC SW 3^RD AVENUE & SW 7^TH STREET
PUBLIX AT MIAMI RIVER                                           MIAMI, FLORIDA
                                                                                    27,887 S.F. STORE / UNDERGROUND PARKING
                                                                                    NEW CONSTRUCTION

PROJECT COMMENCEMENT                                    JUNE 2001
PROJECT COMPLETION                                           JANUARY 2003     
                        

FINANCING                                                                 NEW YORK LIFE / PUBLIX SUPER MARKETS, INC.
                                                                                    $7,000,000 LAND ACQUISITION
                                                                                    $4,000,000 CONSTRUCTION

PUBLIX SUPER MARKET ANCHORED S/C                MCNAB ROAD AND SW 81^ST STREET
WESTERN WOODS S/C                                           NORTH LAUDERDALE, FLORIDA
                                                                                    37,887 S.F. STORE / 10,200 S.F. RETAIL
                                                                                    NEW CONSTRUCTION

PROJECT COMMENCEMENT                                    OCTOBER 2000
PROJECT COMPLETION                                           AUGUST 2002
 

FINANCING                                                                 $6,000,000 PUBLIX -- ACQUISITION / CONSTRUCTION
                                                                                    $6,400,000 WACHOVIA – PERMANENT 

PUBLIX SUPER MARKET ANCHORED S/C                GEORGE BUSH BLVD. AND FEDERAL HIGHWAY
NORTH DELRAY COMMONS S/C                            DELRAY BEACH, FLORIDA
                                                                                    27,887 S.F. STORE / 6,200 S.F. RETAIL
                                                                                    NEW CONSTRUCTION

PROJECT COMMENCEMENT                                    SEPTEMBER 1999
PROJECT COMPLETION                                           FEBRUARY 2001

FINANCING                                                                 $4,200,000 PUBLIX -- ACQUISITION / CONSTRUCTION
                                                                                    $4,050,000 WACHOVIA - PERMANENT

FREE-STANDING PUBLIX SUPER MARKET              SWC SW 3^RD STREET AND CYPRESS ROAD
PUBLIX AT PINE LAKE PLAZA                                  POMPANO BEACH, FLORIDA
                                                                                    44,270 S.F. FREESTANDING STORE
                                                                                    NEW CONSTRUCTION

PROJECT COMMENCEMENT                                    DECEMBER 1998
PROJECT COMPLETION                                           DECEMBER 1999

FINANCING                                                                 $4,400,000 FIRST UNION – CONSTRUCTION / ACQUISITION