First quarter net income of $14.2 million or 38 cents per diluted share compared with $19.9 million or 51 cents in the comparable 2001 quarter.
Total revenue from continuing operations of $86.1 million was off from $98.6 million a year ago. Funds from operations logged in at $30.2 million or 72 cents per diluted share versus $39.7 million or 90 cents for the same 2001 period.
Even average occupancy at the company's 68 apartment communities containing 24,063 units was down--90.3% compared with 95.4% earlier.
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