Total revenue of $28.3 million was up over $26.5 million reported previously. Diluted funds from operations were 34 cents per share against 32 cents in the same period last year. FFO was $11.7 million versus $10.5 million a year ago.
The company's reserve fund took an $800,000 charge for abandoned projects. For all of 2002, JDN expects FFO per share to be $1.20 to $1.25.
That projection is based on the company being able to deliver $92.1 million sf of new projects during the rest of the year at an aggregate yield of 9.6%, JDN president/CEO Craig Macnab says in a prepared statement.
The company also anticipates selling $60 million in operating properties at a weighted average cap rate of 9.75%. Additionally, JDN expected to book non-operating land sales gains of $5.5 million.
JDN's rents are creeping upwards. On a same-property basis, annualized base rent per leased sf rose .6% to $8.31 as of March 31, up from $8.26 per sf in the previous year.
The company's 11.3-million-sf portfolio in 20 states was 93.2% leased at the end of the first quarter. Thirty lease renewals were made at an average increased rent of 7.3%. JDN raised rents, averaging 2.8% increases, on 84 tenants.
JDN's Macnab says the company is in good shape. "We delivered over $33 million worth of development projects during the quarter, which exceeded our projections, and our leasing team renewed over 63% of the gross leasable area for anchor leases that are expiring this year," he says.
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