"We continue to take advantage of the liquid market for our valuable assets, realizing sizable gains on sales and recycling the proceeds back into the company," Jeffrey P. Krasnoff, president and CEO of LNR, says in the recently released financial statement. "In addition, several new multi-year financings helped us to further strengthen our balance sheet and liquidity."

Total revenue and other income increased 20% to $114.75 million during the first quarter. This is attributable to increased rental income, higher equity in earnings from unconsolidated partnerships and higher gains on sales of assets.

Net rents grew 21%, or $2.7 million, in the first quarter, compared with the same quarter in 2002. This was a result of properties previously under development or undergoing repositioning being completed and tenants beginning to pay rent.