Funds from operations were $28.4 million or 89 cents per share, up 11.3%, versus $26.5 million or 80 cents per share in the first quarter. Funds available for distribution per share increased 9.7% to 79 cents.
Net income, however, was down--$7.3 million or 35 cents per share compared to $9.4 million or 44 cents per share in the first period. In a prepared statement, the REIT says the decrease was due to a $3.5 million gain on the sale of property in second quarter 2000.
For the quarter, Colonial's multifamily, office and retail divisions posted same-property net operating income growth of 6%, 12.4% and 4.3%, respectively. Occupancies were 94%, 93% and 90% for the multifamily, office and retail sectors, respectively.
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