Net income for the quarter ended July 31 totaled $67.8 million, or 63 cents per share, compared with $7.5 million, or 7 cents per share, in the year-ago period. Results were helped by the gain on disposition of properties.

Revenue rose to $287.6 million from $250.8 million.

The company said results in its rental properties business remain strong but an industrywide slowdown has hurt its land business more than expected.

"The downturn in the for-sale housing business and the related impacts on the subprime mortgage business lead us to believe that we will see no signs of improvement in the near term and, in fact, we expect to see continued softening," said Charles A. Ratner, president and chief executive.