Alexander Haagen Properties Announces Third-Quarter Results, Acquisition of Retail Center.MANHATTAN BEACH Manhattan Beach, city (1990 pop. 32,063), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1912. It is a residential and beach community with an oil refinery and nearby factories that produce transportation and electrical equipment, computers, and pottery. , Calif.--(BUSINESS WIRE)--Nov. 10, 1997--Alexander Haagen Properties Inc. (AMEX AMEX See: American Stock Exchange :ACH (Automated Clearing House) A system of the U.S. Federal Reserve Bank that provides electronic funds transfer (EFT) between banks. It is used for all kinds of fund transfer transactions, including direct deposit of paychecks and monthly debits for routine payments to ), a real estate investment trust, Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant announced third-quarter (ending Sept. 30, 1997) operating results. Concurrently con·cur·rent adj. 1. Happening at the same time as something else. See Synonyms at contemporary. 2. Operating or acting in conjunction with another. 3. Meeting or tending to meet at the same point; convergent. , the company announced the acquisition of a 153,000-square-foot shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into for $14.4 million in the Pacific Northwest For names and places containing the slightly longer word 'northwestern' (or variants), see . Northwest or north west is the ordinal direction halfway between north and west on a compass. It is the opposite of southeast. . Funds from operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. (FFO FFO See: Funds from operations ), a widely accepted measure of REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). performance, were in line with First Call estimates. FFO for the quarter, on a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis, was $8.7 million, or $.32 per share, compared with $9.1 million, or $.35 per share, for the same quarter a year ago. On a primary basis, FFO for the quarter was $5.2 million, or $.29 per share, compared with $5.6 million, or $.34 per share. Revenues for the quarter were $21.9 million, compared with $22 million for the same period last year. Net income for the quarter was $0.6 million, or $.04 per share, compared with $1.2 million, or $.10 per share, for the same quarter in 1996. FFO for the nine months ended Sept. 30, 1997, on a fully diluted basis, was $26.3 million or $1.00 per share, compared with $25.7 million, or $1.06 per share, in 1996. On a primary basis, FFO was $15.9 million, or $.94 per share, compared with $15.3 million, or $1.03 per share, for the same period of 1996. Revenues for the nine months ended Sept. 30, 1997, increased to $65.4 million from $64.1 million for the same period of 1996. Net income for the nine months rose to $2.1 million, or $.17 per share, from a loss of $1.3 million, or $.11 per share, in the same period a year earlier. The increase principally resulted from net non-recurring charges recorded in the first nine months of 1996. Commenting on the quarter, Alexander Haagen Sr., chairman and chief executive officer, noted: "Results for the quarter were in line with Wall Street's expectations. The decrease in FFO per share for the quarter was principally a result of the closures of the IKEA IKEA Ingvar Kamprad Elmtaryd Agunnaryd (Swedish home furnishings retailer founder's initials and location) store in Empire Center in Fontana Fontana, city (1990 pop. 87,535), San Bernardino co., S Calif., at the foot of the San Bernardino Mts.; inc. 1952. Fabricated metal products, construction materials, and transportation equipment are manufactured, and there is a small steel mill. , Calif., and the Sears store in Covina Covina (kōvē`nə), city (1990 pop. 43,207), Los Angeles co., S Calif.; inc. 1901. The area was settled in 1842, citrus crops were introduced in 1886, and the citrus industry reached its peak in the 1930s when Covina was one of the world's Town Square, Covina, Calif. "We continue to work with IKEA and various potential anchors to facilitate a replacement operator at Empire Center. Construction of the 30-plex AMC (Advanced Mezzanine Card) See AdvancedTCA. Theater at Covina Town Square continues as planned with an expected opening date of February February: see month. 1998." Separately, Haagen announced that on Oct. 31, 1997, the company completed the acquisition of Frontier Village Frontier Village was a 30 acre amusement park in San Jose, California that operated from 1961 to September 1980. It was located at the intersection of Monterey Road and Branham Lane. , a 153,433-square-foot community shopping center in Lake Stevens Stevens, family of U.S. inventors. John Stevens, 1749–1838, b. New York City, was graduated from King's College (now Columbia Univ.) in 1768. , Wash., anchored by Safeway Safeway is a brand name used by several companies around the world: Supermarket chains
Fred (Friendly Rollabout Engineered for Doctors) A mobile medical conferencing unit. See videoconferencing. 1. FRED - Robert Carr. Language used by Framework, Ashton-Tate. 2. Bruning, senior vice president, acquisitions and development, commented: "This acquisition continues our commitment to building the premier West Coast portfolio of unenclosed shopping centers. In conjunction with our existing properties, we now have approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 1.1 million square feet of retail assets in the Pacific Northwest. We will continue to expand our presence in Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. and Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. as we grow our portfolio." The acquisition was financed by the sale of 500,000 shares of common stock to an affiliate of Lazard Lazard Ltd. (NYSE: LAZ) is the parent company of Lazard LLC, a New York-based, independent investment bank with approximately 2,200 employees in Europe, North America, Asia and Australia. Freres Real Estate Investors A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. (LFREI) and by drawings against the company's secured credit facility. This represents the continued investment in common stock of the company pursuant to the $235 million equity commitment by LFREI approved by the shareholders on Aug. 14, 1997. As of Oct. 31, 1997, LFREI owned 18.8 percent of the outstanding common stock of the company and 14.6 percent of the company giving effect to Operating partnership units. Assuming full funding of the Lazard equity commitment, the company would have a market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. of approximately $1 billion. Alexander Haagen Properties, a fully integrated, self-managed real estate investment trust, is a leading developer, owner and manager of retail shopping centers in the Western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century . The company owns or controls a portfolio of 42 properties, composed of 18 neighborhood/community shopping centers, eight promotional/power centers, two regional malls and 14 single-tenant facilities. -0-
ALEXANDER HAAGEN PROPERTIES INC.
FINANCIAL HIGHLIGHTS -- Sept. 30, 1997
BALANCE SHEET
(Numbers in thousands, except per-share amounts)
Sept. 30, Dec. 31,
1997 1996
(Unaudited)
ASSETS
Rental properties $ 707,779 $ 659,565
Accumulated depreciation and amortization (116,608) (104,330)
Rental properties, net 591,171 555,235
Cash and cash equivalents 9,705 5,941
Tenant receivables, net 4,866 5,987
Other receivables 3,845 3,650
Receivable from management company 32 1,055
Investment in management company 640 621
Restricted cash 3,269 3,252
Deferred charges, net 17,395 18,365
Other assets 3,293 770
Total $ 634,216 $ 594,876
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Secured debt $ 265,820 $ 242,641
7-1/2% convertible subordinated debentures 138,599 138,599
7-1/4% exchangeable subordinated debentures 30,000 30,000
Accrued distributions 6,746 7,039
Accrued interest 3,537 5,490
Accounts payable and other accrued expenses 5,053 5,340
Accrued construction costs 1,093 1,207
Tenant security and other deposits 4,206 4,287
Total liabilities 455,054 434,603
MINORITY INTERESTS
Operating Partnership 40,641 41,640
Other minorities 1,768 2,007
Total minority interest 42,409 43,647
STOCKHOLDERS' EQUITY
Common stock ($.01 par value, 50 million
shares authorized; 14,451,532 and
12,024,378 shares issued and outstanding
at Sept. 30, 1997, and Dec. 31, 1996,
respectively) 145 120
Additional paid-in capital 206,680 174,792
Accumulated distributions and deficit (70,072) (58,286)
Total stockholders' equity 136,753 116,626
Total $ 634,216 $ 594,876
-0-
ALEXANDER HAAGEN PROPERTIES INC.
FINANCIAL HIGHLIGHTS -- Sept. 30, 1997 (Unaudited)
INCOME STATEMENT
(Numbers in thousands, except per-share amounts)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1997 1996 1997 1996
Rental revenues $ 16,083 $ 15,956 $ 47,717 $ 46,618
Expense reimbursements 4,525 4,875 14,022 13,927
Percentage rents 187 145 625 552
Other income 1,043 1,012 2,995 2,980
Total revenues 21,838 21,988 65,359 64,077
Interest 9,088 8,946 27,010 26,669
Depreciation and amortization 4,567 4,248 13,357 12,745
Property operating costs:
Common area 3,288 3,143 9,855 9,445
Property taxes 1,797 1,899 5,678 5,474
Leasehold rentals 408 404 1,228 1,211
Marketing 94 234 246 705
Other operating 540 391 1,214 1,172
General and administrative 1,224 1,274 3,714 3,663
Non-recurring charge --
straight line rents -- -- -- 6,900
Total expenses 21,006 20,539 62,302 67,984
Income (loss) from
operations 832 1,449 3,057 (3,907)
Non-recurring gain on sale
of property -- -- -- 2,502
Equity in income of management
company 19 54 19 16
Minority interests --
operating partnership (182) (222) (726) 303
Minority interests -- other (69) (61) (216) (210)
Net Income (Loss) $ 600 $ 1,220 $ 2,134 $ (1,296)
Net Income (Loss) per share $0.04 $ 0.10 $ 0.17 $ (0.11)
Weighted average number
of shares 13,777 12,024 12,653 12,024
-0-
ALEXANDER HAAGEN PROPERTIES INC.
FINANCIAL HIGHLIGHTS -- Sept. 30, 1997 (Unaudited)
COMPUTATION OF FUNDS FROM OPERATIONS
(Numbers in thousands, except per-share amounts)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1997 1996 1997 1996
Funds from operations (FFO):
Net income (loss) $ 600 $ 1,220 $ 2,134 $(1,296)
Adjustments to reconcile
net income (loss) to FFO:(a)
Non-recurring charge
-- straight line rents -- -- -- 6,900
Non-recurring gain on sale
of property -- -- -- (2,502)
Depreciation of real property 4,539 4,235 13,311 12,703
Minority interests 97 158 494 (505)
Funds from operations
-- primary 5,236 5,613 15,939 15,300
Adjustments to reconcile
primary to fully diluted FFO:
Debenture interest 3,143 3,146 9,427 9,430
Amortization of deferred
costs -- debentures 325 325 975 975
Funds from operations
-- fully diluted(b) $8,704 $9,084 $26,341 $25,705
Funds available for
distribution (FAD):
Funds from operations
-- primary $5,236 $5,613 $15,939 $15,300
Adjustments to reconcile
primary FFO to FAD:
Amortization of deferred
costs -- debt 230 182 690 558
Amortization of deferred
costs -- debentures 325 325 975 975
Non-revenue generating
capital expenditures (66) (312) (506) (786)
Funds available for
distribution -- primary $5,725 $5,808 $17,098 $16,047
Per share:
Funds from operations
-- primary(a) $0.29 $0.34 $0.94 $1.03
Funds from operations
-- fully diluted(a), (b) $0.32 $0.35 $1.00 $1.06
Funds available for
distribution -- primary $0.32 $0.36 $1.01 $1.08
Dividend $0.36 $0.36 $1.08 $1.08
Number of shares:
Primary (a) 18,063 16,310 16,940 14,899
Fully Diluted (a),(b) 27,430 25,677 26,306 24,266
(a) Includes operating partnership units.
(b) Fully diluted information assumes the conversion of the
company's debentures.
CONTACT: Alexander Haagen Properties Inc., Manhattan Beach Stuart Gulland, 310/546-4520 |
|
|||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion