The North Miami Beach-based real estate investment trust met a market forecast of 34 cents per diluted share as tracked by Thompson/First Call.
The REIT reported funds from operation of $4.5 million or 34 cents per diluted share on total revenue of $9.9 million for the three months ended June 30, compared with FFO of $3.8 million, or 33 cents per diluted share, on total revenue of $8 million for the same period in 2000.
Net income for the quarter totaled $3.2 million, or 24 cents per diluted share, up from $2.8 million, or 24 cents a share, for the same period in 2000.
News of the earnings growth comes as the company's board of directors prepares to vote on whether to close on the acquisitions of Toronto-based Centrefund Realty (U.S.) Corp. and Houston-based United Investors Realty Trust.
The REIT also reported FFO of $8.9 million, or 67 cents per diluted share, on total revenue of $19.8 million for the six months ended June 30, compared with FFO of $7.5 million, or 64 cents per diluted share, on total revenue of $16.1 million for the same period in 2000.
Net income for the six months totaled $6.2 million, or 48 cents per diluted share, up from $5.4 million, or 47 cents a share, for the same period in 2000.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
