The increases, which translated to income of 27 cents per partnership unit versus two cents last year, resulted primarily from the sales of 217 residential lots, the company reported.

Thus far this year the company has sold 949 residential lots and 57.1 acres of commercial land, two office buildings, the Chiquita Canyon Landfill and Newhall's option to purchase land in Broomfield, Colo.

Demand for industrial land in Valencia's business parks remains low and prices are flat, the company reported. Of the more than 16 million sf of industrial space constructed in the company's business parks, a little under 2 million sf, or roughly 12% percent, is vacant. It said no industrial land was sold or in escrow during the three and nine months ended Sept. 30, but a 3-acre parcel is expected to be sold in the fourth quarter. Two commercial parcels totaling 1.6 acres closed escrow in the third quarter, and as of Sept. 30 a total of 8.6 acres of commercial land was in escrow for approximately $7 million.

The company repurchased 85,900 partnership units at an average price of $26.26 per unit during the third quarter, a program that it started more than a year ago, but it said it has reduced the pace of purchases "due to the uncertainties of the economy."