Gables Residential Increases FFO Projections

MIAMI-Gables Residential, a Boca Raton, FL-based public company involved in luxury multifamily communities, expects fourth quarter funds from operations (FFO) to exceed first-call consensus estimates by three cents to four cents per diluted share.

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.