The company's total revenues for 3Q 2002 declined slightly, from $144 million to $143.2 million, or less than half a percentage point. For the nine-month period, revenues dropped from $433.5 million in 2001 to $428 million, or 1.3%
But net income for the latest quarter, on a per-share basis, rose by 37.2%, to $34.2 million (59 cents a share) from $24 million (43 cents per share). For the recently ended nine-month period, net income rose from 2001's $98.4 million ($1.74 a share) to $109.9 million ($1.91 a share). That amounts to a 9.8% increase on a per-share basis.
"Despite the uncertainty surrounding the economy, we are pleased to report another quarter of FFO growth, strong occupancies and continued progress in exiting non-core markets and enhancing our geographic focus in our core Northeast market," according to Mitchell E. Hersh, the REIT's CEO.
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