Arbor Property Trust Reports Third Quarter Results.CONSHOHOCKEN Conshohocken (kŏn'shəhŏk`ən), industrial borough (1990 pop. 8,064), Montgomery co., SE Pa., on the Schuylkill River; inc. 1850. Food, fabricated metals, and electronic products are produced. , Pa.--(BUSINESS WIRE)--Nov. 13, 1997--Arbor Property Trust (NYSE NYSE See: New York Stock Exchange Symbol:ABR (1) (AutoBaud Rate detect) The analysis of the first characters of a message to determine its transmission speed and number of start and stop bits. (2) (Available Bit R ) Thursday Thursday: see week. announced its results of operations for the nine months ended Sept. 30, 1997 as follows: -0-
Nine months ended Sept. 30
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1997 1996
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Net Income $ 2,539,000 $ 1,390,000
Per Weighted Average Share $ .21 $ .11
Funds from Operations $ 5,766,000 $ 4,694,000
Per Weighted Average Share $ .47 $ .39
Weighted Average Outstanding Shares 12,289,644 12,170,520
Results for the three months ended Sept. 30, 1997 were as follows:
Three months ended Sept. 30
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1997 1996
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Net Income $ 137,000 $ 709,000
Per Weighted Average Share $ .01 $ .06
Funds from Operations $ 1,218,000 $ 1,786,000
Per Weighted Average Share $ .10 $ .15
Weighted Average Outstanding Shares 12,295,227 12,176,460
-0- Arbor arbor Garden shelter providing privacy and partial protection from the weather, most commonly a lightweight, latticed framework (trellis) of wood or metal with interlaced branches of vines or climbing shrubs trained over it. Propery Trust will be merged into Vornado Realty Trust Vornado Realty Trust (NYSE: VNO) is a New York based real estate investment trust. It is the inheritor of real estate formerly controlled by companies including Two Guys and Alexander's. on Dec. 4, 1997, provided a majority of Arbor's shareholders vote to approve the merger. The company's operating statement operating statement See income statement. follows: -0-
Arbor Property Trust
Statement of Operations and Funds from Operations
(In Thousands, except shares and per share amounts - Unaudited)
Three months Ended Nine months Ended
Sept. 30, Sept. 30,
1997 1996 1997 1996
---- ---- ----- ----
Total Rental Revenue $ 5,076 $ 5,270 $16,289 $15,402
Operating Expenses (851) (376) (1,462) (1,297)
------ ------ ------- -------
Net Operating Income $ 4,225 $ 4,894 $14,827 $14,105
Interest Expense (2,560) (2,648) (7,704) (8,034)
Other Expenses, Net of
Interet Income (447) (460) (1,357) (1,377)
Depreciation and amortization (1,081) (1,077) (3,227) (3,304)
------- ------- ------- -------
Net Income $ 137 $ 709 $ 2,539 $ 1,390
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Adjustments to Convert Net
Income to Funds from
Operations:
Depreciation and
Amortization 1,081 1,077 3,227 3,304
------ ------ ------ ------
Funds from Operations $ 1,218 $ 1,786 $ 5,766 $ 4,694
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Weighted Average Number
of Shares Outstanding 12,295,227 12,176,460 12,289,644 12,170,520
---------- ---------- ---------- ----------
Funds from Operations
per share $ .10 $ .15 $ .47 $ .39
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Net Income per share $ .01 $ .06 $ .21 $ .11
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-0- CONTACT: Arbor Property Trust, Conshohocken Donna M. Knapp Knapp (pronounced like English "nap") can refer to:
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