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ATLANTA-Second-quarter earnings at locally based JDN Realty Corp. surprised hardly anyone. The company took a $47.1 million hit on earnings after settling a class action and related lawsuit and another suit from an Atlanta homeowners association.

Although funds from operations were down for the quarter and the half, second-quarter revenue of $26.5 million was up from $26.3 million in the same period a year ago. The revenue included a $559,000 lease termination fee from the Ocala, FL Wal-Mart store, and a $456,000 impairment charge from the sale of shop space in Fort Walton Beach, FL.

For the second quarter, diluted funds from operations per share, before litigation charges, were 30 cents compared with 34 cents a year ago. FFO before the charges was $9.7 million versus $11 million previously.

Net income attributable to common shareholders before litigation was $3.6 million or 11 cents per diluted share versus $9.4 million or 29 cents per diluted share in second quarter 2000.

For 2002, JDN principals expect FFO per diluted share to be int eh range of $1.17 to $1.22.

“Settling these cases eliminate the need for costly and protracted litigation and allows management to focus all of its resources on implementing the company’s strategy,” Craig Macnab, president and CEO, says in a prepared statement.

Following up on previously disclosed strategic development plans, Macnab says adding more grocery-anchored shopping centers to the company’s investment mix results in “fewer dollars at risk on each project; provides higher risk-adjusted return; creates long-term value; and is more resilient to economic shifts.”

JDN plans to develop about 10 new projects a year after completing existing development jobs, Macnab says.

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