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Flagler Development Logs $10M Operating Profit

JACKSONVILLE, FL-The real estate development arm of Florida East Coast Industries, however, took a hit in the rental and services column, reporting $16.4 million for the second quarter versus $17.1 million in the same 2002 period.

By Alex Finkelstein | Updated on August 04, 2003

JACKSONVILLE, FL-Flagler Development Co., one of the state’s largest real estate developers, reports gross second-quarter rental properties’ operating profit increased 1.6% to $10 million compared to $2.1 million in the 2002 period.

However, the real estate development arm of railroad operator Florida East Coast Industries took a hit in both the rental and services column, and in rental properties’ operating profit.

Flagler reported $16.4 million versus $17.1 million in the same 2002 period for rental services revenue. Rental properties’ operating profit was $3.3 million versus $6 million in second quarter 2002.

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