LNR Sees Record Net Earnings

MIAMI-LNR Property Corp., a publicly traded real estate investment, finance and management company based here reported record net earnings of $34.8 million for the first quarter ended Feb. 28, compared with $28.3 million for the same period the year before. Net earnings per diluted share were up 31% to $1.06, compared with 81 cents for the same quarter in 2002.

“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.