Net income increased from $6.24 million in the third quarter of last year to $7.93 million in the third quarter of this year. That quarter, income from continuing operations before any gain on the sale of real estate assets was $10.38 million, up from $7.56 million in Q3 of 2001. Income from continuing operations rose to $7.93 million in the third quarter of '02 from $6.08 million for the same period last year. Total third-quarter expenses dropped from $54.92 million in 2001 to $50.33 million this year.

Also during the third quarter, Gables filled its chief investment officer position and hired senior vice president David Fitch, former divisional president of St. Joe Co.