For the third quarter, FFO were $3,127,000 ($4,088,000 before a charge for early extinguishment of debt) compared with funds from operations in the third quarter of 2002 of $3,432,000. Diluted funds from operations per share were $0.49 per share ($0.64 per share before a charge for early extinguishment of debt) compared with $0.67 per share for the third quarter of 2002. Net income decreased to $1,857,000 as a result of a charge for early extinguishment of debt, or $0.33 per share on a diluted basis, compared with net income for the third quarter of 2002 of $2,137,000, or $0.48 per share. Total revenues increased 11.5% to $6,843,000, compared with total revenues of $6,140,000 in the third quarter of 2002.

For the nine months ended Sept. 30, 2003, funds from operations were $10,548,000 ($11,509,000 before a charge for early extinguishment of debt) compared with funds from operations for the nine months ended September 30, 2002 of $10,056,000. Diluted funds from operations per share were $1.90 per share ($2.07 per share before a charge for early extinguishment of debt) compared with $1.96 per share for the third quarter of 2002. Net income was $6,475,000, or $1.33 per share on a diluted basis, compared with net income for the comparable period last year of $6,200,000, or $1.39 per share. Total revenues increased 12.8% to $20,549,000, compared with total revenues of $18,211,000 for the comparable period last year.

The company paid a cash dividend of $0.485 per share on Oct. 16, 2003 to shareholders of record on Sept. 30, 2003. The dividend is equivalent to an annualized dividend of $1.94 per share and represents a payout ratio of 75.3% of funds from operations before a charge for early extinguishment of debt for the quarter.