The CWS Communities Trust purchase was made in August.
Funds from operations, the most widely accepted measure of a real estate investment trust's performance, increased 10.8% for the third quarter to $23.5 million.
On a diluted, per-share basis, FFO increased to $0.69 per share in 2001 from $0.66 per share for the same period in 2000.
For the first nine months of the year, total revenues were $169.8 million, up 12.5% from 2000.
Year-to-date funds from operations were $67.1 million, a 6.1% increase from the same period last year. FFO per share increased 3.6% to $2.03 for the first nine months of 2001.
Same-store net operating income for the third quarter was relatively flat at $30.3 million. Same-store rental income increased 3% percent to $48.3 million. Same-store property operating expenses increased by 6.9% to $18.0 million.
Same store net operating income for the nine months ended Sept. 30 was $93.2 million, up 3.4%.
Rental income increased 4.1% from $139.3 million, and same-store property operating expenses increased 5.3% year to date to $51.8 million.
For the full portfolio, third-quarter rental income increased 28.2% percent to $60.9 million. Operating expenses rose to $23.6 million, a 40.3% increase. Net operating income for the full portfolio increased 21.5% to $37.3 million in the third quarter.
"Given the uncertainty in the national economy, we are pleased with the overall performance of the portfolio,'' says Chateau CEO Gary McDaniel.
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