The Palm Beach Gardens-based real estate investment trust reported net income of $2.1 million, or 30 cents a share, on revenue of $5.8 million for the three months ended March 31, compared with net of $2.2 million, or 31 cents a share, on revenue of $5.6 million for the same period in 2000.
Funds from operations totaled $3.5 million, or 49 cents a share, for the quarter, down from the $3.6 million, or 50 cents a share, recorded for the same period in 2000. FFO, a financial tool for measuring the health of a REIT, is calculated as net income plus depreciation and amortization minus real estate gains.
News of the decreased earnings, however, had no negative impact on the company's public traded stock, as shares closed up nine cents Tuesday at $12.27 on volume of 38,300 during trading on the New York Stock Exchange.
Shares of the REIT, which closed up 33 cents Wednesday at $12.60 on volume of 148,600, are trading just 10 cents off the 52-week high of $12.70. The issue has traded as low as $9 a share over the same time period.
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