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BOCA RATON, FL-Gables Residential, a locally based developer, builder, owner and manager of luxury multifamily communities, had nearly a 45.7% decline in net income for the first quarter. Net income available to common shareholders was $5 million that quarter, or 17 cents per diluted share, down from $9.2 million, or 38 cents per diluted share, in the same quarter last year. This year’s first-quarter results reflect gains from asset sales of $2.8 million, or 8 cents per share, compared with $5 million, or 17 cents per share, for the 2003 quarter.For the first quarter of this year, funds from operations available to common shareholders was $17.6 million, or 53 cents per diluted share, compared with $19.8 million, or 65 cents per diluted share, for last year’s first quarter. Total revenue increased from $56.6 million in the first quarter of 2003 to $60.4 million a year later.South Florida tied for the Gables market with the highest physical occupancy for this year’s first quarter, having 94.9% occupancy. The company has 4,557 apartment homes in South Florida.

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