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NEW YORK CITY-Locally based Tarragon Realty Investors Inc. bucked the economic mudslide, posting a 79% increase in funds from operations from its portfolio of stabilized properties. FFO for these assets rose from $1.6 million in Q3 of last year to $2.8 million in the quarter ended Sept. 30, 2001.

The property development and management company’s investment portfolio also showed dramatic increases in the first nine months of this year, shooting up 50%, from $5.3 million last year to $8 million in 2001.

The company’s reported revenue for third quarter declined to $27.9 million with a net loss of $1.8 million compared to revenue of $40.4 million and net income of $14.4 million last year. Last year’s results included gains on sale and other non-recurring income exceeding $18 million compared to $3.1 million is similar income this year.

Tarragon owns or controls nearly 20,000 residential units primarily in Florida, Connecticut, Texas and California as well as roughly 2.5 million sf of office parks and retail centers.

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