For the nine-month period, Roberts generated net income of $3.5 million, or 67 cents per share, compared to a net loss of $2.6 million, or a loss of 52 cents per share, last year.
In a prepared statement, Roberts officials credit much of the company's improved performance in revenue, operating expenses, net operating income and FFO to the completion of the lease-ups at the Veranda Chase and Addison Place apartment communities. Veranda lease-up was completed in June; Addison Place in September 2002.
The company's bottom line was also helped by the Aug. 6 sale of its Highland Park community which produced a gain of $6 million, or $1.17 per share, net of minority interest of $2.4 million.
Third-quarter funds from operations increased 86.7% to $521,000, or seven cents per share, from $279,000, or four cents per share, in third quarter 2002. For the nine-month period, FFO was $1.6 million, or 22 cents per share, a 2.9% increased from $1.5 million, or 21 cents per share, last year.
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