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JDN Net Down but FFO and Rents are Up

ATLANTA-The locally based owner/operator of 11.3 million sf of gross leasable area in 20 states posted first-quarter net income of $6.4 million or 19 cents per share versus $13.1 million or 40 cents per share for the first three months in 2001.

By Alex Finkelstein | Updated on May 06, 2002

ATLANTA-JDN Realty Corp., recovering from financial hits, lawsuits and corporate changes over the past two years, posted first-quarter net income of $6.4 million or 19 cents per share compared with $13.1 million or 40 cents per share for the first three months of 2001.

Total revenue of $28.3 million was up over $26.5 million reported previously. Diluted funds from operations were 34 cents per share against 32 cents in the same period last year. FFO was $11.7 million versus $10.5 million a year ago.

The company’s reserve fund took an $800,000 charge for abandoned projects. For all of 2002, JDN expects FFO per share to be $1.20 to $1.25.

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