That compared to $8.6 million or 28 cents per share in the comparable 2000 period.
Funds from operations were down, however. FFO of $10.9 million or 36 cents per share compared to $11.2 million or 37 cents per share in the same period last year. The stock is trading on the New York Stock Exchange at $12.34 per share.
The company's profits were helped by the sale of 10 properties for $18.1 million in the first quarter, generating a net gain of $2.9 million. Seven properties were leased to Hi-Lo Automotive and three to Barnes & Noble.
"Our focus on long-term, net-leased, freestanding retail real estate in quality locations, combined with our (trademarked) LandServant philosophy helped sustain strong occupancy levels at the end of the quarter," CNLR president Gary M. Ralston says in a prepared statement.
He credits the company's success to tenant diversification. The REIT's rent roll comprises 18 retail lines of trade.
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