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NEW YORK CITY-Tarragon Realty Investors is back in the black with second-quarter earnings spiking up 26% over the same period last year, according to the company’s newly released results for the first half of 2001.

Revenue for the New York-based firm’s second quarter was $28.9 million with a net profit of $1.2 million or $0.13 per common share, compared to revenue of $22.8 million and a loss of $2.9 million, or $0.35 per common share, for last year’s second quarter.

Funds From Operations from the investment portfolio of stabilized properties increased by 80 percent from $1.8 million to $3.2 million for the second quarter 2001 and increased 37 percent from $3.8 million to $5.1 for the six months ended June 30, 2001.In a statement, William S. Friedman, Tarragon’s CEO, says, “The increasing cash flowfrom our portfolio of stabilized properties is providing the resources for ourdevelopment initiatives.”

Tarragon, which deals in property development, acquisition and management, and has a portfolio of nearly 20,000 apartment units, also announced completion on three luxury residential rental communities in Florida comprising a total of 738 units. The company also has assets in Connecticut, Texas and California. The Company also manages a portfolio of almost 2 million squarefeet of office and retail space.

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