Alexander Haagen properties reports fourth-quarter/year-end results.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)--March 3, 1995-- Alexander Haagen Properties Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :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 reported results for the fourth quarter and year ended Dec 31, 1994. Revenues from recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. operations for the fourth quarter of 1994 increased 11.4 percent to $19.8 million vs. $17.8 million for the fourth quarter of 1993. For the full year, revenues increased 13.2 percent to $72.3 million vs. $63.8 million in 1993. 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. for the fourth quarter of 1994 rose to $5.7 million or 44 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. on 12.9 million shares (including OP units) vs. $4 million, or 36 cents per share, on 11.3 million shares (including OP units) outstanding for the fourth quarter of 1993. For the full year, funds from operations increased to $21.9 million, or $1.74 a share, on 12.6 million shares, from $18 million, or $1.59 a share, on 11.3 million shares in 1993. 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. funds from operations for the fourth quarter of 1994 increased 19.3% to $8.8 million, or 40 cents per share, on 22.3 million shares vs. $7.4 million, or 33 cents per share, for the fourth quarter of 1993. For the full year, fully diluted funds from operations increased 10.1 percent to $34.6 million vs. $31.4 million on 22.3 million shares. The fourth quarter of 1994 includes charges from the write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of proposed secondary offering costs incurred during the year, increased interest costs on low floater Floater A bond or other type of debt whose coupon rate changes with market conditions (short-term interest rates). Also known as "floating-rate debt". Notes: For example, a floater bond may have the coupon rate set at "T-bill rate plus 0.5%". tax-exempt bonds Tax-exempt bond A bond usually issued by municipal, county, or state governments whose interest payments are not subject to federal and, in some cases, state and local income tax. tax-exempt bond See municipal bond. to the maximum rate cap, and reduction in the amount of percentage rents (primarily from reduced sales at Sam's Warehouse Clubs), resulting in charges of $465,000, or 2 cents a share fully diluted. Chairman and Chief Executive Officer Alexander Haagen said: ``Leasing in our major mall projects has proceeded at record levels. Major new lease announcements are expected in the next month.'' He further noted: ``We are very pleased with the progress we made during our first year as a public company and look forward to continued growth in 1995. ``We are also very pleased to announce that we are under construction on the 56,900-square-foot 12-screen theater complex and parking structure at our Baldwin Hills Crenshaw Plaza Baldwin Hills Crenshaw Plaza (BHCP) opened in November 1947 in Los Angeles, California as the Broadway-Crenshaw Center with 550,000 square feet (51,000 m²) and 13 acres of parking. 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 .'' The theater complex is a joint venture between Earvin ``Magic'' Johnson and Sony Retail Entertainment, and is scheduled to open in July 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 Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . The company now owns or controls 40 properties, including 16 community/neighborhood shopping centers, six ``power centers,'' three regional malls and 15 single-tenant centers. -0-
Alexander Haagen Properties Inc.
Financial Highlights -- Recurring Operations
For the 3 Months Ended For the Year Ended
Dec. 31, Dec. 31,
1994 1993(a) 1994 1993(a)
Revenues $19,804,000 $17,779,000 $72,269,000 $63,821,000 Primary(b) Funds from operations $5,718,000 $4,037,000 $21,917,000 $18,010,000 Net income (loss) $457,000 ($495,000) $1,806,000 $787,000 Per share: Funds from operations 44 cents 36 cents $1.74 $1.59 Net income 4 cents (4 cents) 14 cents 7 cents Weighted avg. shares outstanding 12,896,859 11,300,000 12,626,770 11,300,000 Fully Diluted(b)(c) Funds from operations $8,819,000 $7,393,000 $34,603,000 $31,435,000 Per share: funds from operations 40 cents 33 cents $1.56 $1.41 Weighted avg. shares outstanding 22,273,206 22,225,200 22,249,201 22,225,200 No. of operating properties owned (at end of period) --- --- 40 36 Gross leasable area owned (sq. ft.) (at end of period, excluding to be built GLA) --- --- 6,478,000 5,659,000 (a) ProForma, represents the results of operations as if the company's December 1993 initial public offering was completed on Jan. 1, 1993. (b) Assuming conversion of 1,021,233 OP units into shares of common stock on a one-to-one basis. (c) Assuming conversion of all convertible and exchangeable debentures at $18 per share. The fourth quarter of 1994 includes charges from the write-off of offering costs, increased interest costs on floating rate debt to the maximum rate cap, and reduction in the amount of percentage rents (primarily from reduced sales at Sam's Warehouse Clubs), resulting in charges of $465,000, or 2 cents a share fully diluted. CONTACT: Alexander Haagen Properties Inc., Manhattan Beach Lorie Schkud, 310/546-4520 |
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