Property revenue rose 4.4% during the first quarter while property operating expenses increased 6%, leading to a 3.6% increase in property operating income over the same period in 2000.
Average physical occupancy at stabilized communities improved to 93.6% during the first quarter, compared to 93.4% at the same time in 2000.
Also during the first quarter, the company issued a quarterly dividend of $46 ¼ cents a share. That number represented an annualized dividend of $1.85 per share for 2001, compared to $1.75 in 2000 for a 5.7% increase.
The existing portfolio calls for an FFO of $2.57 per share in 2001, which is achievable, CEO William F. Paulsen says in a prepared statement.
Summit Properties operates, develops and acquires luxury apartment communities. The company currently holds or owns an ownership interest in 64 communities comprising 18,706 units with another 2,471 apartment units under construction.
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