LENNAR EARNINGS POST MAJOR DIP BUYING NEWHALL LAND CUT PROFITS.Byline: Daily News The parent company of the firm developing Stevenson Ranch - and acquiring The Newhall Land and Farming Company The Newhall Land and Farming Company is a land management company based in Valencia, California, United States. The company is responsible for the master community planning of Valencia, as well as the management of farm land elsewhere in the state. - reported net earnings for its third quarter of $30.3 million, compared with net earnings of $53.7 million, for the same quarter in 2002. Miami-based LNR LNR Local Nature Reserve (United Kingdom) LNR Last Number Redial LNR London News Radio LNR Left/Node/Right (in order binary tree traversal in computer programming) LNR Local Negotiated Rate Property Corp., one of the nation's leading real estate investment, finance and management companies, also reported net earnings for the year so far that totaled $89.9 million, compared with $113.5 million in the first three quarters of 2002. The results reflect a series of investments, changes in leases and the purchase of Newhall Land. ``We continue to see great success in implementing our strategic plan by taking advantage of current economic conditions to create long-term value for our shareholders,'' said Jeffrey P. Krasnoff, president and chief executive officer of LNR. ``We have carefully controlled our investment strategy, keeping our focus on opportunities where our unique franchise, expertise and relationships give us a competitive advantage and an ability to add value, while carefully measuring and controlling downside risk Downside Risk An estimation of a security's potential to suffer a decline in price if the market conditions turn bad. Notes: You can think of this as an estimate of the amount that you could lose on a stock or other investment. .'' ``In addition, we are very excited about other long-term value creation opportunities such as Newhall Land, which we expect will add substantial cash flow and earnings beginning in 2005, and for many years to come.'' Total revenues and other operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. declined slightly by $1.3 million, or 1 percent, compared with last year's third quarter. Total revenues and other operating income increased due to higher gains on sales of operating properties, higher management and servicing fee income and the recognition of a lease termination fee termination fee The one-time charge for terminating or transferring an individual retirement account. If a financial institution charges a termination fee, the fee must be spelled out in the original agreement that is signed when the account is opened. received on one of the company's office properties. Gains on sales of real estate property assets were $10.7 million for the quarter compared with $5.3 million for the same period in 2002. Gains on sales of real estate property assets fluctuate from quarter to quarter, primarily due to the timing of asset sales. Lennar on July 21 announced plans to acquire Newhall Land, and has since completed a 45-day due-diligence period and opened escrow. The transaction is subject to the approval of Newhall Land's unit holders, the California Public Utilities Commission The California Public Utilities Commission (CPUC; also often commonly referred to as simply the PUC) [1] is a state Public Utilities Commission which regulates privately-owned utilities in the state of California, including electric power, due to the change of control of Valencia Water Co., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Newhall Land, and customary closing conditions. With the closing of the transaction, expected to occur in mid-2004, LNR will buy Newhall Land's existing income-producing commercial assets, including the Valencia Town Center mall Town Center Mall may refer to:
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