Gables Residential Gives 2004 Financial Outlook

BOCA RATON, FL-Gables Residential expects net income available to common shareholders in 2004 to range from $2.02 to $3.08 per diluted share, according to the publicly traded, locally based company’s financial outlook for this year. Furthermore, the company expects funds from operations available to common shareholders to be between $2.37 and $2.48 per diluted share.

Also, same-store total property revenue is anticipated to change 1% to 2% from last year, while property operating and maintenance expenses should change 2% to 3%, and property net operating income is expected to change 0% to 2%. Gables’ operating and investment performance assumptions are based on a continued national economy and job growth recovery.

The company expects same-store performance to improve substantially in the second half of the year, as apartment demand increases and starts to be reflected in higher revenue and rental rates. Gables also expects apartment operations to account for about 95% of total revenue for this year.