The San Francisco-based real estate holding and development company reported six-month net income for 2000 as $730,000, or 19 cents a share, on revenue of $1.91 million. In 1999, six-month net income was $2.12 million, or 54 cents a share, on revenue of $2.91 million.

Net income in the three months and six months ended June 30, 2000 included, respectively, a loss of $7,000 and a gain of $597,000 from sales of property within the Company's Meadow Pointe project near Tampa, Florida.

In the same periods of 1999, net income included gains of $865,000 and $1,419,000 from sales of Meadow Pointe property and, in the six month period, included a $656,000 recovery of state income taxes from the California Franchise Tax Board.