Funds from operations for the Q4 totaled $25.6 million or 62 cents per diluted share compared to $33.7 million or 80 cents in the comparable 2001 period, excluding charges of 41 cents. For the full year, FFO was $110.4 million or $2.63 per diluted share compared to $150.6 million or $3.47 per diluted share.
Q4 total revenue from continuing operations at 65 mature communities totaling 22,618 apartment units was $82.8 million versus $86.4 million in the same 2001 period. For the full year, revenue was $330 million compared to $365.3 million.
Total revenue for the mature communities decreased 6.3% during the quarter while operating expenses decreased 6%. This produced a 6.5% decline in net operating income, or $2.9 million (loss of 6.9 cents per diluted share).
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