Net earnings per diluted share increased 26.3% to 24 cents compared with 19 cents in last year's third quarter. For the nine-month period, net earnings were up 4.6% to $20.5 million versus $19.6 million a year ago.
Third-quarter fully diluted funds from operations rose 1.4% to $10.57 million compared with $10.4 million last year. For the first nine months, FFO totaled $31.9 million against $31.1 million in the same 2001 period.
FFO per fully diluted share were 30 cents in the third quarter compared with 31 cents in the prior-year period. But in the nine-month span, FFO rose 1.1% to 95 cents versus 94 cents previously.
Revenue was up 4.3% in the quarter to $22.6 million versus $21.6 million previously. For the nine-month period, revenue rose 4.1% to $67.8 million compared with $65.1 million a year ago.
"These increases were the result of a full quarter contribution from Lutz Lake Crossing; lower interest expense; and growth in rental income from renewal leasing achieved over the past 12 months," IRT chairman/CEO Thomas H. McAuley says in a prepared statement.
"The dilutive effect of our equity offering earlier this year; the absence of any new acquisitions and the loss of one additional Kmart in the third quarter, contributed to the reduction in per-share results," says McAuley.
The sale of Forest Hills Shopping Center, which gave IRT a gain of $2 million or six cents per share in the third quarter, was the first of three dispositions the company expects to complete by year end, McAuley says.
The IRT chief projects full-year FFO in 2002 to be $1.28 to $1.30 per share. He bases the estimates on expected contributions from new developments completed in 2002 valued at $15 million; a full year impact from new and renewal leasing in 2001; and contributions from two neighborhood shopping centers acquired for a total $14.7 million in 2001 and one retail property acquisition completed in first quarter 2002 for $6.6 million. These numbers are offset by $8 million of asset sales completed during 2001, McAuley says.
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