The company said in a statement that consensus estimates are at the low end of its prior guidance of 63 cents to 65 cents per diluted share. Earnings that quarter have been impacted positively by the success with property tax appeal settlements and by lower-than-previously-projected interest rates. Gables also said in the statement that the mid-point of its outlook for the 2003 year is in line with first-call consensus estimates of $2.49 per diluted share for FFO.

Gables Residential is involved in the management, development, acquisition and construction of luxury multifamily communities in high-job-growth markets. The company manages 45,024 apartment homes in 158 communities; owns 81 communities with 22,910 stabilized apartment homes; and has 11 communities with 2,843 apartment homes under development or lease-up mainly in South Florida, Tampa, Houston, Austin, Dallas, Atlanta and Washington, D.C.