LNR Nearly Doubles Net Income

MIAMI BEACH, FL-LNR Property Corp., a national real estate investment, finance and management company based here, nearly doubled its net earnings for its second quarter, ended May 31, compared with the same quarter last year.The company recorded net earnings of $47.5 million, or $1.57 per diluted share, this year, compared with $24.8 million, or 84 cents per diluted share, for the 2003 quarter. For the six months ended May 31, the company’s net earnings were $76 million, or $2.51 per share, compared with $59.6 million, or $1.90 per share, for the same period last year. The earnings-per-share were up 87% to an all-time high.”Our record results this quarter again demonstrate how well our franchise adds and then realizes value through all phases of the real estate cycle,” Jeffrey P. Krasnoff, president and CEO of LNR, says in a statement. “During the past three months, we continued to take advantage of the extremely strong demand for our income-producing assets, bringing in almost $300 million of cash proceeds from sales and recognizing over $60 million in gains. A number of these sales were planned for later in the year, but with such unprecedented demand, we were able to close them in the current quarter and realize the value we added earlier.”