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ORLANDO-Commercial Net Lease Realty Inc. ended the first half with funds from operations of $28.7 million, or 71 cents per share, compared to $28.67 million, or the same per-share number, in the six months ended June 30. But net earnings available to common shareholders were down in both second quarter and half.

Net earnings for the quarter totaled $11.3 million, or 28 cents per share versus, $12.6 million, or 31 cents per share, in the comparable 2002 period. For the six months, net earnings were $20.4 million, or 50 cents per share, versus $24.2 million, or 60 cents per share, for the same period last year.

Second-quarter revenue was $24 million against $22 million last year. For the six months, revenue totaled $47.6 million compared to $45.8 million in the 2002 period.

FFO in the quarter totaled $14.49 million, or 36 cents per share, compared to $14.5 million or the same per-share number a year ago.

But the company’s 350 properties in 39 states with a gross leaseable area of 6.8 million sf was in healthy shape, according to Gary M. Ralston, CNLR’s president and chief operating officer. “We are pleased with our solid 96.9% occupancy which we attribute to the quality of our assets and associates,” he says.

The company is also in a solid cash position, according to its balance sheet filed with the Securities and Exchange Commission. Cash and cash equivalents on June 30 totaled $3.4 million compared to $1.7 million in the first half of 2002. Total assets of $993.7 million are up from $954 million reported last year.

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