Business Services Industry
The Mills Corporation Reports Second Quarter Results
Business Wire, August 3, 2004
THE MILLS CORPORATION
THE MILLS LIMITED PARTNERSHIP
SUPPLEMENTAL FINANCIAL DATA
(Unaudited, in thousands, except per unit data)
Three Months Six Months
Ended Ended
June 30, June 30,
---------------------------------
2004 2003 2004 2003
---------------------------------
Statements of Income Data:
Revenues:
Minimum rent $60,517 $46,323 $118,793 $88,564
Percentage rent 1,087 196 1,636 243
Recoveries from tenants 26,369 22,998 53,523 44,552
Other property revenue 3,770 7,590 8,926 11,530
Management fees 3,836 3,238 7,690 6,331
Other fee income -- 1,432 139 2,280
---------------------------------
Total operating revenues 95,579 81,777 190,707 153,500
---------------------------------
Expenses:
Recoverable from tenants 23,948 19,443 47,921 38,250
Other operating expenses 3,639 3,515 7,493 5,108
General and administrative 9,405 4,802 16,814 9,136
Depreciation and amortization 28,897 17,013 56,045 33,643
---------------------------------
Total operating expenses 65,889 44,773 128,273 86,137
---------------------------------
Operating income 29,690 37,004 62,434 67,363
Other income (expense):
Interest expense (20,971)(16,720) (41,897)(30,192)
Foreign currency exchange (losses)
gains (2,388) 20,821 (7,419) 23,080
Other, net (963) 1,867 1,988 4,252
---------------------------------
Income before joint venture
operations and minority interest in
Mills LP 5,368 42,972 15,106 64,503
Equity in earnings of unconsolidated
joint ventures 5,897 5,697 11,467 10,964
Minority interest in consolidated
joint ventures 11,364 -- 11,364 --
Gain on sale of joint venture
interest -- -- 35,193 --
---------------------------------
Mills LP net income 22,629 48,669 73,130 75,467
Minority interest in Mills LP net
income, including Series D preferred
unit distributions (1,770)(11,493) (10,574)(17,610)
---------------------------------
TMC net income 20,859 37,176 62,556 57,857
Preferred stock dividends (9,061) (6,616) (18,122)(10,994)
---------------------------------
Income available to TMC common
stockholders 11,798 30,560 44,434 46,863
Add minority interest reflected as
common equity in Mills LP 1,551 11,260 10,136 17,377
---------------------------------
Income available to Mills LP common
unit holders $13,349 $41,820 $ 54,570 $64,240
======= ======= ======== =======
Earnings per Common Share and Unit:
Basic:
TMC earnings per common share $ 0.21 $ 0.70 $ 0.86 $1.08
======= ======= ======== =====
Mills LP earnings per common unit $ 0.21 $ 0.70 $ 0.86 $1.08
======= ======= ======== =====
Diluted:
TMC earnings per common share $ 0.21 $ 0.69 $ 0.84 $1.07
======= ======= ======== =====
Mills LP earnings per common unit $ 0.21 $ 0.69 $ 0.84 $1.07
======= ======= ======== =====
THE MILLS CORPORATION
THE MILLS LIMITED PARTNERSHIP
SUPPLEMENTAL FINANCIAL DATA (Continued)
(Unaudited, in thousands, except per unit data)
Three Months Six Months
Ended Ended
June 30, June 30,
---------------------------------
2004 2003 2004 2003
---------------------------------
Mills LP Funds From Operations
("FFO"):
Mills LP Net Income $22,629 $48,669 $ 73,130 $75,467
Add:
Depreciation and amortization 26,978 16,162 53,173 32,233
Equity in depreciation and
amortization 16,834 12,536 34,323 24,043
Foreign currency exchange losses
(gains) 2,388 (20,821) 7,419 (23,080)
Deduct:
Gain on sale of joint venture
interest -- -- (35,193) --
Equity in foreign currency exchange
losses (gains) 173 326 92 (1,284)
---------------------------------
FFO 69,002 56,872 132,944 107,379
Less preferred unit distributions (9,280) (6,849) (18,560)(11,227)
---------------------------------
FFO available to Mills LP common unit
holders $59,722 $50,023 $114,384 $96,152
Mills LP FFO per Common Unit (Basic):
Mills LP Net Income $ 0.35 $ 0.81 $ 1.14 $ 1.27
Add:
Depreciation and amortization 0.42 0.27 0.83 0.54
Equity in depreciation and
amortization 0.26 0.21 0.54 0.41
Foreign currency exchange losses
(gains) 0.04 (0.35) 0.12 (0.39)
Deduct:
Gain on sale of joint venture
interest -- -- (0.55) --
Equity in foreign currency
exchange losses (gains) -- 0.01 -- (0.02)
Preferred unit distributions (0.14) (0.11) (0.29) (0.19)
---------------------------------
Mills LP FFO per common unit $ 0.93 $ 0.84 $ 1.79 $ 1.62
Mills LP FFO per Common Unit
(Diluted):
Mills LP Net Income $ 0.35 $ 0.80 $ 1.13 $ 1.25
Add:
Depreciation and amortization 0.41 0.27 0.82 0.54
Equity in depreciation and
amortization 0.26 0.21 0.53 0.40
Foreign currency exchange losses
(gains) 0.04 (0.36) 0.12 (0.38)
Deduct:
Gain on sale of joint venture
interest -- -- (0.54) --
Equity in foreign currency
exchange losses (gains) -- 0.01 -- (0.02)
Preferred unit distributions (0.14) (0.11) (0.29) (0.19)
---------------------------------
Mills LP FFO per common unit $ 0.92 $ 0.82 $ 1.77 $ 1.60
======= ======= ======== =======
Weighted Average Number of Common
Shares and Units Outstanding:
Basic:
Weighted average common shares 53,489 43,562 51,907 43,171
=================================
Weighted average common units 63,972 59,774 63,806 59,389
=================================
Diluted:
Weighted average common shares 54,332 44,441 52,815 43,896
=================================
Weighted average common units 64,815 60,653 64,713 60,204
=================================
THE MILLS CORPORATION
THE MILLS LIMITED PARTNERSHIP
SUPPLEMENTAL FINANCIAL DATA (Continued)
(Unaudited, in thousands, except per unit data)
Three Months Six Months
Ended Ended
June 30, June 30,
----------------------------------
Net Operating Income ("NOI"): 2004 2003 2004 2003
----------------------------------
Consolidated (TMC and Mills LP):
Operating income $29,690 $37,004 $ 62,434 $ 67,363
Add:
General and administration 9,405 4,802 16,814 9,136
Depreciation and amortization 28,897 17,013 56,045 33,643
Deduct:
Management and other fee income (3,836) (4,670) (7,829) (8,611)
----------------------------------
Consolidated NOI $64,156 $54,149 $127,464 $101,531
Unconsolidated Joint Ventures:
Operating income $40,842 $34,242 $ 79,652 $ 59,935
Add:
Management fees (operating
expenses) 3,627 2,900 7,506 5,355
Depreciation and amortization 33,614 25,931 68,353 50,080
----------------------------------
Combined NOI $78,083 $63,073 $155,511 $115,370
COPYRIGHT 2004 Business Wire
COPYRIGHT 2008 Gale, Cengage Learning
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