Net income available to common shareholders was 18 cents per diluted share, or $4.4 million, for the second quarter. This compares to $4.9 million, or 19 cents per diluted share, for the same period last year. Funds from operations was 61 cents per diluted share that quarter, compared with the 60-cent consensus First Call estimate and 60 cents per diluted share for the same quarter in 2002.
"Our performance exceeded expectations primarily due to achieving property operating results at the high end of our range," according to Chris Wheeler, CEO of Gables.
FFO was $18.5 million for the second quarter, compared with $18.6 million for the 2002 quarter.
The company anticipates 2003 sales volume being similar to that of 2002.
Locally based Gables manages 50,783 apartments in 183 communities, owns 86 communities with 23,979 stabilized apartments and has nine communities with 2,388 apartments under development or lease-up.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
