The disclosure emerged in a new earnings report that shows a 33% increase to $92.4 million in recurring income from net rents, interest and fees for the quarter and earnings of $76.2 million before income tax, depreciation and amortization.
A spinoff of Miami-based mega-homebuilder Lennar Corp., LNR reported a 14% yield on a portfolio that includes about 8.6 million sf of office, retail, industrial and warehouse space, 2.2 million sf of ground leases, 1,900 hotel rooms and 15,000 apartments, either completed or under development.
It does not include about $307 million in assets either in development or being repositioned, or another $109 million in the company's affordable housing business.
The company reported net income of $26 million, or 75 cents a share, on total revenue of $111 million for the quarter ended Feb. 28, compared with net of $21.5 million, or 62 cents a share, on revenue of $95.3 million for the same period in 1999.
Although only a single analyst covers the firm, the company beat a market forecast of 66 cents per share by nine cents. It appears the earnings report had little impact on the company's stock, which opened up eight cents at $27.20 on volume of 13,900 about one half hour after the markets opened Wednesday.
Shares were trading just $3.05 off the 52-week high of $30.25. It has traded as low as $18.37 over the same time period.
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