Factory Stores Of America, Inc. Reports Results For Third Quarter And Nine Months; Declares Quarterly Dividend Of $0.51 Per Share; C. Cammack Morton Named Coo

Business Wire, Nov 15, 1995

At September 30, 1995, occupancy for the Factory Stores of America portfolio was 93% Same store sales, which includes those tenants who were in place for both reporting periods, were down .8% for the third quarter and 1.6% for the nine months. Same center sales, which includes all tenants, were up 10.4% for the quarter and 9.6% for the nine months.

During the quarter, Factory Stores completed a 26,700 square foot expansion in Nashville, Tennessee, anchored by Reading China & More and broke ground for a 26,400 square foot expansion in Nebraska City, Nebraska. Also nearing completion is 48,000 square feet of a 98,000 square foot expansion in Smithfield, North Carolina. The Smithfield expansion will add tenants such as Liz Claiborne, Nine West, and Mikasa. In mid- September the first tenant opened in Factory Stores' new Branson, Missouri, project, which at completion will be 281,000 square feet and feature VF Factory Outlet, Spiegel, and Reading China & More as anchor tenants.

Factory Stores of America, a self-administered real estate investment trust, is one of the largest factory outlet REITs in terms of numbers of centers and square footage. Headquartered in Smithfield, North Carolina, the Factory Stores' portfolio at September 30, 1995, included 35 outlet centers in operation totaling 4.3 million square feet of gross leasable area in 21 states and planned expansions of 457,000 square feet. -0-

                     FACTORY STORES OF AMERICA, INC.
                 Consolidated Statements of Operations
               (in thousands, except per share amounts)
                              (Unaudited)