The Boca Raton-based commercial estate investment company reported a net loss of $561,729, or 13 cents a share, on total revenue of $2.3 million for the three months ended March 31, compared with a net gain of $1.6 million, or 37 cents a share, on revenue of $6 million for the same period in 2000.
In an earnings statement, the company attributed the decreased revenue to reduced rents from the sale of underlying properties by their owners during 2000. Revenue for the first-quarter this year included no gains on sale of real estate or real estate-related assets, compared with a gain of $3.6 million for the same period in 2000.
The earnings report follows the announcement in April that a management group agreed to acquire outstanding common shares in the company. The proposal emerged from negotiations with a group of minority shareholders that sought an improvement in the value of the company's stock.
Although it posted net losses, the company also reported a reduction in total expenses to $2.8 million for the quarter--down from $3.52 million for the same period in 2000.
The company attributed the reduction in expenses to a decrease in master lease, interest expense, salaries, general and administrative costs resulting from the sale of underlying properties by their owners during 2000.
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