Arbor Property Trust reports first quarter results.W. 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)--May 12, 1997--Arbor Property Trust (NYSE NYSE See: New York Stock Exchange :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 ) Monday Monday: see week. announced its results of operations for the three months ended March 31, 1997 were as follows:
Three months Ended March 31
1997 1996
___________________________
Net Income $ 1,171,000 $ 825,000
Per Weighted Average Share $ 0.10 $ 0.07
Funds from Operations $ 2,405,000 $ 2,115,000
Per Weighted Average Share $ 0.20 $ 0.17
Weighted Average Outstanding
Shares 12,283,800 12,166,430
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In its calculation of Funds from Operations, Arbor Property
Trust reserved, via a reduction, the sum of $125,000 on a quarterly
basis (the sum of $500,000 annually for a five year period) to provide
for the estimated cost of a securitized refinancing of its $118 million
mortgage due August 1998.
The company previously announced declaration of its dividend for
the first quarter of 1997 of $.175 per share, which will be paid
May 15, 1997 to shareholders of record on March 31, 1997.
Arbor Property Trust owns and operates Green Acres Mall, a
super-regional shopping mall and The Plaza at Green Acres, and
adjoining convenience center, located in Nassau County, Long Island,
N.Y.
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The company's operating statement operating statement See income statement. follows: ARBOR PROPERTY TRUST CONDENSED con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. CONSOLIDATED con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: STATEMENTS OF OPERATIONS (In thousands, except shares and per share data) Three months ended March 31, 1997 1996 __________________ Revenues from rental operations $5,761 $5,391 Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , net of tenant reimbursements (including a fee to affiliate of $87 for the three months ended March 31, 1996) 490 246 Provisions for doubtful accounts 60 120 Depreciation and amortization 1,065 1,105 __________________ Income from rental operations $4,146 $3,920 Interest expense (includes amortization) 2,571 2,651 Other expenses, net of interest income 404 444 ------------------ Net income $1,171 $ 825 Adjustments to Reconcile 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. : Depreciation and amortization (including amortization of actual costs of financing in excess of estimated refinancing Refinancing An extension and/or increase in amount of existing debt. costs) 1,234 1,284 __________________ Funds from Operations $2,405 $2,115 __________________ ------------------ Net income per Weighted Average Share $ .10 $ .07 __________________ ------------------ Funds from Operations per Weighted Average Share $ .20 $ .17 __________________ ------------------ Weighted Average number of shares outstanding 12,283,800 12,166,430
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Certain adjustments have been made to the prior year's condensed
consolidated statements of operations in order to conform their
presentation to that used in the current year.
CONTACT: Arbor Property Trust, W. Conshohocken Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. E. Lachs, controller & chief accounting officer, 610/941-9511 |
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