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BOCA RATON, FL-Gables Residential, which manages, acquires, develops and builds luxury multifamily communities in high job growth markets, had second-quarter earnings that exceeded consensus estimates but a decline in net income that quarter.

Net income available to common shareholders was 18 cents per diluted share, or $4.4 million, for the second quarter. This compares to $4.9 million, or 19 cents per diluted share, for the same period last year. Funds from operations was 61 cents per diluted share that quarter, compared with the 60-cent consensus First Call estimate and 60 cents per diluted share for the same quarter in 2002.

“Our performance exceeded expectations primarily due to achieving property operating results at the high end of our range,” according to Chris Wheeler, CEO of Gables.

FFO was $18.5 million for the second quarter, compared with $18.6 million for the 2002 quarter.

The company anticipates 2003 sales volume being similar to that of 2002.

Locally based Gables manages 50,783 apartments in 183 communities, owns 86 communities with 23,979 stabilized apartments and has nine communities with 2,388 apartments under development or lease-up.

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