Net income available to common shareholders was $20.9 million, or 73 cents per diluted share, compared with $11.4 million, or 47 cents per diluted share, for the same quarter in 2002.
The 2003 quarter results include asset sale gains of $20.3 million, or 61 cents per diluted share, compared with $7.7 million, or 25 cents per diluted share, for the 2002 quarter. Also, last year's fourth-quarter results include a $1.3 million, or four cents per diluted share, charge related to the company's redemption of its 8.625% Series B Preferred Units in November.
Net income available to common shareholders was $49.1 million, or $1.87 per diluted share, for the year ended Dec. 31, 2003, compared with $45.7 million, or $1.85 per diluted share, for 2002.
For the quarter, funds from operations available to common shareholders was $17.7 million, or 53 cents per diluted share, compared with $19.9 million, or 66 cents per diluted share, for the same quarter in 2002. Funds from operations available to common shareholders for 2003 was $75 million, or $2.39 per diluted share, compared with $75.8 million, or $2.47 per diluted share, for the year before.
Publicly traded Gables Residential at deadline managed 51,310 apartment homes in 182 communities, owned 84 communities with 22,887 stabilized apartment homes mainly in South Florida, Atlanta, Houston, Austin, Dallas, Tampa and Washington, DC, and has nine communities with 2,593 apartment homes 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.
