Funds from operations for the quarter ended Sept. 30 increased to $3.6 million, or 22 cents per diluted common share, from $2.5 million or 19 cents per diluted common share for the same quarter a year ago.
Funds from operations for the nine-month period ended Sept 30 increased to $10.2 million, or 71 cents per common share, from $8.4 million, or 63 cents per common share for the same period in the prior year.
Net income for the quarter increased to $1 million from $300,000 for the year-earlier quarter.
Although the common shares outstanding at the end of the quarter exceeded 40 million due to the shares issued in connection with the merger, the weighted average common shares outstanding for the quarter was about 16 million. Consequently, future net income and funds from operations per common share will be less than reported this quarter.
The company's results were generally influenced by increased income due to real estate acquisitions. The company completed the merger between Price Enterprises, Inc. and Excel Legacy Corp. and also finalized a $100 million investment in Price Legacy Corp. by Warburg Pincus LLP.
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