CHICAGO-A slowdown in condominium sales at Kinzie Station, which recently prompted the owner to change the second phase of the development to a rental property, also cut deeply into Heartland Partners, L.P.'s bottom line. The REIT eked out a third-quarter profit of $25,000, or $0.01 per share, down from $4.4 million and $1.77 per share in the third quarter of 2000.
Heartland reports net income of almost $5.5 million for the first nine months of this year, but that is down from $7.7 million for the same time frame in 2000.
Meanwhile, president and CEO Edwin Jacobson says the company has a contract to sell 166 acres in Fife, WA to a local developer for $17 million. The buyer is in their due diligence phase, he adds. Heartland Partners also continues to shop its subsidiary that owns part of the Goose Island industrial park.
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