The Miami-based real estate investment, finance and managementcompany also beat the forecast of 96 cents per share, as tracked byThomson/First Call, while about half of its remaining propertyportfolio is still undergoing development or repositioning.
Since most of the properties under development are pre-leased,the company anticipates increased income in future quarters fromtenant rent as those properties are completed.
Although reporting about a 6% increase in third-quarterearnings, the company also is showing a 10% decline in totalrevenue. The company attributed the decline to the timing of assetsales, reduced interest income on floating-rate assets and a shiftin the mix of assets.
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