Net earnings for the fourth quarter were $30.4 million, or 91 cents per diluted share. This compares to $35.6 million in net earnings, or $1.02 per diluted share, for the same period a year earlier. For the fiscal year, net earnings totaled $143.9 million, or $4.15 per diluted share, compared to $135.1 million in net earnings, or $3.87 per diluted share, in 2001.

"In spite of a weak economy and sluggish commercial leasing demand, we exceeded our goals and achieved record earnings for the fifth straight year," Jeffrey P. Krasnoff, president and CEO of LNR, says in a statement. "As we look forward to the coming year, with $250 million of new investments already in the pipeline, we are well-positioned both financially and operationally to continue to grow our core businesses."

Due to a continued soft economy and its possible impact on the timing of LNR's planned asset sales, the company has a 2003 goal of $3.70 to $3.90 for earnings per share. Total revenue dropped 3% in the fourth quarter to $115.06 million, compared with fourth quarter 2001 revenue of $119.02 million. Fiscal year 2002 revenue was $472.07 million, compared to $477.68 million the year before.