Alexander Haagen announces fourth quarter/year-end results.

MANHATTAN BEACH, Calif.--(BUSINESS WIRE)--Feb. 16, 1996-- Alexander Haagen Properties Inc. (ASE:ACH) Friday reported operating results for the year and quarter ended Dec. 31, 1995.

Highlights of the quarter in comparison to the third quarter of 1995 include the following:

o Funds from operations (FFO) on a primary basis for the quarter increased to 39 cents per share from 38 cents per share for the third quarter.

o FFO on a fully diluted basis, assuming conversion of the outstanding convertible debentures, increased to 37 cents per share from 36 cents per share for the third quarter.

o Revenues for the quarter rose to $21.5 million from $20.3 million for the third quarter.

Construction at the Media City Center was completed during the quarter on the 30,000 square-foot Virgin Megastore, a 75,000 square foot three-story building containing six AMC theaters, a Barnes & Noble bookstore and a CompUSA computer store and an additional four AMC theaters inside the enclosed mall. Each of these tenants opened by Dec. 31, 1995.

Alexander Haagen Sr., chairman and chief executive officer, reported that the improvement in FFO was a function of a number of factors, including the opening, during December 1995, of the new buildings at the company's Media City Center and the opening of an 18,000 square-foot Super Trak Auto store in Kenneth Hahn Plaza replacing the J.J. Newberry's which vacated the space in the first quarter.

Haagen noted: "One of the openings during the fourth quarter which has given us particular pleasure is the opening of the Value Plus market in our San Fernando Mission Plaza. This location was previously occupied by a Vons Tianguis market.

"Value Plus is owned by Top Value markets, a local grocery store chain. Since opening, it has been reported that the market has been recording sales in excess of $500 per square foot, which is a testament to the quality of both the retailer and the location of our property."

Revenues increased to $21.5 million for the fourth quarter from $19.4 million for the fourth quarter of 1994. FFO on a primary basis for the fourth quarter of 1995 was 39 cents per share compared with 44 cents per share for the fourth quarter of 1994.

FFO on a fully diluted basis for the quarter was 37 cents per share compared with 40 cents per share for the fourth quarter of 1994. The company reported a net loss for the quarter of 5 cents per share compared with net income in the fourth quarter of 1994 of 3 cents per share.

Revenues increased to $81.3 million for 1995 compared with $72.3 million for 1994. FFO on a primary basis was $1.45 per share for 1995 compared with $1.74 per share for 1994. FFO on a fully diluted basis was $1.41 per share for 1995 compared with $1.56 per share for 1994. The company reported a net loss for the year of 20 cents per share compared with net income of 14 cents per share for 1994.

Alexander Haagen Sr. noted that the increase in revenues was a function of the continued lease-up of the company's development properties, principally Media City Center and Baldwin Hills Crenshaw Plaza and revenues generated by the four properties acquired during the third and fourth quarters of 1994.

Haagen also noted that the decline in funds from operations and net income compared with the prior year, despite the increase in revenues, was a function of a number of factors including increased interest costs and a decrease in commission income received during 1995.

Alexander Haagen Properties, a fully integrated, self-managed real estate investment trust, is a leading developer, owner and manager of retail shopping centers, primarily in Southern California. The company now owns or controls 40 properties, including 14 neighborhood/community shopping centers, eight promotional/power centers, two enclosed malls and 16 single-tenant centers. -0-

                     Alexander Haagen Properties Inc.
                    Financial Highlights -- Unaudited
                             Dec. 31, 1995
              (in thousands, except per share information)

                            Three months ended        Year ended
                                 Dec. 31,              Dec. 31,
                                          Incr.                    Incr.
                         1995     1994   (Decr)   1995     1994   (Decr)

Total revenues         $21,469  $19,410  10.6%  $81,258   $72,269  12.4%
Net income (loss)        ($598)    $416   n/a   ($2,406)   $1,670   n/a
Funds from operations:
 Primary                $5,127   $5,718 -10.3%  $18,936   $21,917 -13.6%
 Fully diluted/a        $8,270   $8,819  -6.2%  $31,506   $34,603  -9.0%
Per share information:
 Net income (loss)
  per share           (5 cents) 3 cents   n/a (20 cents) 14 cents   n/a
Funds from operations:
 Primary              39 cents 44 cents -11.4%    $1.45     $1.74 -16.7%
 Fully diluted/a      37 cents 40 cents  -7.5%    $1.41     $1.56  -9.6%
Cash dividend         36 cents 36 cents   n/a     $1.44     $1.44   n/a
Number of shares:
 Primary/b              13,094   12,897          13,027    12,627
 Fully diluted/a,b      22,461   22,273          22,404    22,249

Note a: Fully diluted information assumes the conversion of the company's debentures into shares of common stock.

Note b: Includes operating partnership units. During the fourth quarter of 1995, the company continued to accrue OP units in connection with leases signed at the development properties. Approximately, 25,500 OP units were accrued in the fourth quarter. Such OP units are not issuable until July 1, 1996.

CONTACT: Alexander Haagen Properties Inc.

Seymour Kreshek/Stuart Gulland, 310/546-4520