America First Apartment Investors, Inc Announces Second Quarter Results and Dividend Declaration.OMAHA Omaha, city, United States Omaha (ō`məhä, –hô), city (1990 pop. 335,795), seat of Douglas co., E Nebr., on the west bank of the Missouri River; inc. 1857. , Neb. -- America First America First may refer to:
APRO Asia Pacific Regional Organization APRO Adjusted Production (baseball statistic) APRO Army Personnel Research Office ) reported 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 ") of $1,739,696, or $0.26 per share, and a Net Loss of $200,754, or $0.03 per share, for the second quarter ended June 30, 2004. In the prior year's second quarter, FFO was $5,771,363, or $1.14 per share, and Net Income was $4,521,806, or $0.89 per share. The prior year's FFO and Net Income included the gain recorded on the repayment of a subordinated loan In the field of finance, a subordinated loan is a type of loan which ranks after other debts should a company fall into receivership or be closed. It is also known as subordinated debt, or as junior debt. resulting from the sale of Jefferson Place Apartments. The gain recorded associated with the Jefferson Place sale was $4,444,452. Funds from Operations ("FFO") for the six months ended June 30, 2004 was $3,003,792, or $0.51 per share, and Net Loss was $182,101, or $0.03 per share. In the prior year, FFO for the six months was $7,203,127, or $1.42 per share, and Net Income was $4,692,022, or $0.92 per share. The prior year's FFO and Net Income included the gain recorded on the repayment of a subordinated loan resulting from the sale of Jefferson Place Apartments. FFO is a common measure of operating performance for real estate investment trusts. A reconciliation and discussion of FFO can be found later in this release. Merger with America First Real Estate Investment Partners, L.P. As previously announced, the Company merged with America First Real Estate Investment Partners, L.P. in June of this year. The second quarter results include the combined operations For the department of the British War Office during World War II, see . In the military, combined operations are operations conducted by forces of two or more allied nations acting together for the accomplishment of a single mission. See also
Area, 52,586 sq mi (136,198 sq km). Pop. , Florida, Michigan, Tennessee, Ohio and Illinois. As a result of the merger, the Company's asset base increased from $166.9 million at December 31, 2003 to $295.7 million as of June 30, 2004. Additionally, total common shares outstanding increased from 5,074,897 as of December 31, 2003 to 10,505,558 as of June 30, 2004. Management Comments "Our current financial results continue to reflect soft market conditions being experienced in many of the markets currently served by the Company", commented Jack Cassidy For the bass guitarist from Jefferson Airplane, see Jack Casady. Jack Cassidy (March 5, 1927 – December 12, 1976) was an American actor, who achieved success in theater, cinema and television. , CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "In response to these conditions, we remain focused on the attraction and retention of quality tenants and the effective management of operating costs operating costs npl → gastos mpl operacionales . We are encouraged by recent occupancy trends and believe we may be entering a period of improving operations. The additional diversification of our property portfolio will help insulate the Company's results during soft market conditions and grow earnings as the economy continues to improve. Our current business strategy includes the expansion of our property portfolio through acquisitions of multifamily apartment properties. As part of this strategy, in June 2004, we filed a Form S-3 registration statement for $200 million of capital stock which may be sold from time to time in order to raise additional equity capital in order to support such acquisitions." Company financial statements and other required disclosures for the second quarter of 2004 may be found in the Company's quarterly report on Form 10-Q Form 10-Q See 10-Q. filed with the Securities and Exchange Commission on August 16, 2004. Dividend Declaration On August 12, 2004, the Company's board of directors declared a regular quarterly dividend in the amount of $0.25 per share to be paid on October 29, 2004 to shareholders of record on September 30, 2004. America First Apartment Investors, Inc. is an equity real estate investment trust focused on multifamily apartment properties located throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Its portfolio currently includes 29 multifamily properties and one commercial property. America First Apartment Investors, Inc. press releases are available on the World Wide Web at www.am1st.com Information contained in this Press Release contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc , without limitation, future performance, plans and objectives of management for future operations and projections of revenue and other financial items, which can be identified by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "estimate" or "continue" or the negative thereof or other variations thereon or comparable terminology. Several factors with respect to such forward-looking statements, including certain risks and uncertainties, could cause actual results to differ materially from those in such forward-looking statements. Reference is hereby made to the filings of America First Apartment Investors, Inc., with the Securities and Exchange Commission, including quarterly reports on Form 10-Q, reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. and its annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . FFO is calculated in accordance with the definition of FFO that is recommended by the National Association of Real Estate Investment Trusts ("NAREIT NAREIT National Association of Real Estate Investment Trusts "). To calculate FFO under the NAREIT definition, depreciation and amortization expenses related to the Company's real estate, gains or losses realized from the disposition of real estate assets, and certain extraordinary items are added back to the Company's net income (loss). The Company believes that FFO is helpful in understanding the Company's operating performance because FFO excludes the depreciation expense on real estate assets. While cost depreciation is recorded as an expense under accounting principles generally accepted in the United States ("GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). "), and, therefore, reduces GAAP net income (loss), the Company believes that historical cost depreciation of real estate assets does not generally correlate with actual changes in the fair value of its real estate since the value of these assets does not necessarily decrease predictably over time, as historical cost depreciation implies. While the Company uses the NAREIT definition of FFO, the Company's FFO may not be comparable to other REITs or real estate companies with similar assets. This is due in part to the differences in capitalization policies used by different companies and the significant effect these capitalization policies have on FFO. Real estate costs incurred in connection with real estate operations which are accounted for as capital improvements are added to the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of the property and depreciated Depreciated may refer to:
Although the Company considers FFO to be a useful measure of its operating performance, FFO should not be considered as an alternative to net income (loss) or net cash flows from operating activities which are calculated in accordance with GAAP. The following sets forth a reconciliation of the Company's net income (loss) as determined in accordance with GAAP and its FFO for the periods set forth.
For the For the
Three Three For the Six For the Six
Months Months Months Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
2004 2003 2004 2003
----------- ----------- ----------- -----------
Net income (loss) $(200,754) $4,521,806 $(182,101) $4,692,022
Depreciation expense 1,537,200 1,249,557 2,782,643 2,511,105
Amortization of in-
place lease
intangibles 403,250 - 403,250 -
----------- ----------- ----------- -----------
Funds From
Operations $1,739,696 $5,771,363 $3,003,792 $7,203,127
=========== =========== =========== ===========
Weighted average
number of shares
outstanding - basic 6,745,870 5,074,236 5,910,383 5,074,070
Weighted average
number of shares
outstanding - diluted 6,745,870 5,078,483 5,910,383 5,075,940
Net income (loss) per
share - basic $(0.03) $0.89 $(0.03) $0.92
Net income (loss) per
share - diluted $(0.03) $0.89 $(0.03) $0.92
Funds From Operations
per share - basic $0.26 $1.14 $0.51 $1.42
Funds From Operations
per share - diluted $0.26 $1.14 $0.51 $1.42
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