Business Services Industry
New Plan Excel Realty Trust Reports First Quarter Results
Business Wire, August 12, 1999
New Plan Excel Realty Trust, Inc. - Income Statements (Unaudited)
(In thousands, except share and per share amounts)
Three months ended
------------------------------------------
June 30, 1999 July 31, 1998 July 31, 1998
(Actual) (Actual) (Pro Forma)
Revenues:
Rental revenues $ 90,237 $ 55,507 $ 81,497
Expense reimbursements 13,157 8,986 14,593
Interest, dividend,
and other income 6,027 933 5,300
--------- --------- ---------
Total revenue 109,421 65,426 101,390
--------- --------- ---------
Expenses:
Interest expense 19,410 9,848 16,349
Depreciation and amortization 15,759 8,568 14,457
Real estate and other taxes 9,546 6,068 8,846
Provision for doubtful accounts 1,897 1,185 1,534
Operating costs 20,747 15,486 19,932
General and administrative 1,497 677 1,527
Non-recurring charge 8,429
--------- --------- ---------
Total Operating Expenses 77,285 41,832 62,645
--------- --------- ---------
Income before real
estate sales and minority
interest 32,136 23,594 38,745
Gain (loss) on sale of real
estate 18 328
Minority interest in income
of partnership (348) (408)
--------- --------- ---------
Net Income $ 31,788 $ 23,612 $ 38,665
========= ========= =========
Add:
Depreciation and
amortization $ 15,759 $ 8,568 $ 14,457
Non-recurring
charge 8,429
Minority
interest 348 408
Gain (loss) on sale
of real estate (18) (328)
Deduct: Preferred dividends (5,659) (1,462) (5,988)
--------- --------- ---------
Funds from Operations $ 50,665 $ 30,700 $ 47,214
========= ========= =========
Funds from operations per
share - basic $ 0.57 $ 0.51 $ 0.53
Funds from operations per
share - diluted $ 0.56 $ 0.51 $ 0.52
Net income per common share
- basic $ 0.29 $ 0.37 $ 0.37
Net income per common share
- diluted $ 0.29 $ 0.37 $ 0.36
Weighted average common shares
outstanding - basic 88,815 59,711 87,826
ERP partnership units 2,220 2,202
Options 78 376 726
--------- --------- ---------
Weighted average common shares
outstanding - diluted 91,113 60,087 90,754
========= ========= =========
Six months ended
-----------------------------------------
June 30, 1999 July 31, 1998 July 31, 1998
(Actual) (Actual) (Pro Forma)
Revenues:
Rental revenues $ 179,271 $ 109,045 $ 160,490
Expense reimbursements 28,446 17,872 28,724
Interest, dividend,
and other income 12,870 1,990 10,724
--------- --------- ---------
Total revenue 220,587 128,907 199,938
--------- --------- ---------
Expenses:
Interest expense 38,357 19,602 32,734
Depreciation and amortization 31,398 16,489 28,048
Real estate and other taxes 19,052 11,942 17,733
Provision for doubtful accounts 3,303 2,153 2,972
Operating costs 44,035 30,840 39,305
General and administrative 3,751 1,396 2,768
Non-recurring charge 8,429
--------- --------- ---------
Total Operating Expenses 148,325 82,422 123,560
--------- --------- ---------
Income before real
estate sales and minority
interest 72,262 46,485 76,378
Gain (loss) on sale of real
estate (26) 313
Minority interest in income
of partnership (805) (813)
--------- --------- ---------
Net Income $ 71,457 $ 46,511 $ 75,878
========= ========= =========
Add:
Depreciation and
amortization $ 31,398 $ 16,489 $ 28,048
Non-recurring
charge 8,429
Minority
interest 805 813
Gain (loss) on sale
of real estate (26) (313)
Deduct: Preferred dividends (11,461) (2,925) (11,770)
--------- --------- ---------
Funds from Operations $ 100,628 $ 60,049 $ 92,656
========= ========= =========
Funds from operations per
share - basic $ 1.12 $ 1.01 $ 1.06
Funds from operations per
share - diluted $ 1.10 $ 1.00 $ 1.03
Net income per common share
- basic $ 0.68 $ 0.73 $ 0.74
Net income per common share
- diluted $ 0.67 $ 0.73 $ 0.72
Weighted average common shares
outstanding - basic 88,810 59,616 86,746
ERP partnership units 2,211 2,202
Options 119 446 828
--------- --------- ---------
Weighted average common shares
outstanding - diluted 91,140 60,062 89,776
========= ========= =========
The above does not purport to disclose all items required under GAAP.
The Company's 10-K for the period ended December 31, 1998 and 10-Q for
the periods ending March 31, 1999 and June 30, 1999 should be read in
conjunction with the above information.
COPYRIGHT 1999 Business Wire
COPYRIGHT 2008 Gale, Cengage Learning
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