BNP Residential Properties, Inc. Announces Operating Results for the Second Quarter of 2005.CHARLOTTE, N.C. -- BNP BNP B-type natriuretic peptide, brain natriuretic peptide Physiology A 32-residue peptide hormone produced predominantly in the ventricles, secreted in response to fluid overload–eg, CHF. See Atrial natriuretic peptide. Residential Properties, Inc. (AMEX AMEX See: American Stock Exchange : BNP) today announced operating results for the quarter ended June June: see month. 30, 2005. Overview: BNP Residential Properties, Inc. is a real estate investment trust focused on owning and operating apartment communities. The Company currently owns and operates 33 apartment communities containing a total of 8,384 units, including 3 communities for which we are general partner of the entity that owns the property. In addition to the apartment properties, the Company owns 40 properties that are leased on a triple net basis to a restaurant operator. The Company currently operates in the states of North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. and Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). . BNP Residential Properties, Inc. is structured as an UPREIT, or umbrella umbrella, a small canopy used as a protection against the sun in China, Egypt, and elsewhere in remote antiquity. It was often an emblem of rank. During the Middle Ages the umbrella became almost extinct in Europe; its usefulness was not rediscovered until the late partnership real estate investment trust. The Company is the sole general partner and owns a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in BNP Residential Properties Limited Partnership, the operating partnership. All of the Company's operations are conducted through the operating partnership. Operating Results: See Tabular tab·u·lar adj. 1. Having a plane surface; flat. 2. Organized as a table or list. 3. Calculated by means of a table. tabular resembling a table. Information Below Results of Operations Results of operations for the second quarter and first six months of 2005, compared to the same periods in 2004, reflect significant growth in our company. We have acquired ten new apartment properties since May 2004, and the second quarter of 2005 includes operations of five new apartment properties we acquired since March 2005. In addition, two additional apartment properties are included in our consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge beginning January January: see month. 2005. 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. : Funds from operations of the operating partnership for the second quarter of 2005 increased by 50.7% to $4.0 million from $2.6 million in the second quarter of 2004. FFO FFO See: Funds from operations per share was $0.34 per share compared to $0.29 per share in 2004. For the first six months of 2005, funds from operations for the operating partnership increased by 36.7% to $7.3 million from $5.3 million in 2004. On a per share basis, FFO for the first six months of 2005 was $0.65 compared to $0.62. (See also "Non-GAAP Information" below) Funds Available for Distribution: Funds available for distribution for the second quarter of 2005 totaled $3.4 million, an increase of 61.0% compared to 2004. For the first six months of 2005, funds available for distribution was $6.3 million, an increase of 37.8% over the same period in 2004. (See also "Non-GAAP Information" below) Net Income/Loss: Net loss for the second quarter of 2005 was $406,000 compared to net income of $217,000 for the second quarter of 2004. Through the first six months of 2005, net loss was $6.4 million compared to net income of $590,000 in 2004. On a 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. basis, net loss attributed to common shareholders was a $0.06 loss per common share for the second quarter of 2005 compared to a $0.01 loss per common share in the second quarter of 2004. On a diluted basis, net loss attributed to common shareholders was a $0.75 loss per common share for the first six months of 2005 compared to net income of $0.01 per common share through the first six months in 2004. Revenues: Total revenues in the second quarter of 2005 were $18.5 million, an increase of 56.0% compared to 2004. Apartment related income (apartment rental income Noun 1. rental income - income received from rental properties income - the financial gain (earned or unearned) accruing over a given period of time plus income from apartment management and investment activities) accounted for 94.8% of total revenue in the second quarter of 2005 compared to 91.9% in 2004. Restaurant rental income was 5.2% of total revenue in the second quarter of 2005 as compared to 8.1% in 2004. For the first six months of 2005, total revenue was $33.9 million, an increase of 46.8% compared to 2004. Apartments: Apartment rental income in the second quarter of 2005 was $17.5 million, an increase of 65.5% compared to 2004. This increase was primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the acquisition of ten apartment communities in 2004 and 2005 and the inclusion of two additional apartment communities in our consolidated financial statements effective January 2005. In addition, we saw increases in rental income at our apartment communities. For the second quarter of 2005, average economic occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy for all apartments was 95.5% and average monthly revenue per occupied oc·cu·py tr.v. oc·cu·pied, oc·cu·py·ing, oc·cu·pies 1. To fill up (time or space): a lecture that occupied three hours. 2. To dwell or reside in. 3. unit was $732. For the first six months of 2005, average economic occupancy for all apartments was 94.9% and average monthly revenue per occupied unit was $739. On a same units basis, apartment revenue increased by 2.4% in the second quarter of 2005, reflecting improved apartment rental RENTAL. A roll or list of the rents of an estate containing the description of the lands let, the names of the tenants, and other particulars connected with such estate. This is the same as rent roll, from which it is said to be corrupted. revenue. On a same units basis, average economic occupancy was 95.2% for the second quarter of 2005 compared to 95.1% in 2004. Average monthly revenue per occupied unit for the same units was $750 in the second quarter of 2005 compared to $732 in 2004. For the first six months, average economic occupancy was 94.9% compared to 95.0% in 2004. Average monthly revenue per occupied unit for the first six months was $747 in 2005 compared to $730 in 2004. On a same units basis, apartment NOI NOI Net Operating Income NOI Notice of Intent NOI Nation of Islam NOI Notice of Inquiry NOI Neuro Orthopaedic Institute NOI New Organizing Institute NOI Notice of Interest NOI No Offense Intended NOI National Olympiad in Informatics (apartment rental income less apartment operations expense) for the second quarter of 2005 increased by 7.2% compared to the second quarter of 2004. For the first six months of 2005, same units NOI increased by 4.8% compared to the first six months of 2004. Restaurants: Restaurant rental income in the second quarters of both 2005 and 2004 was $1.0 million, which is the minimum rent due from the lessee One who rents real property or Personal Property from another. A lessee of land is a tenant. Cross-references Landlord and Tenant. lessee n. the person renting property under a written lease from the owner (lessor). . For the first six months, restaurant rental income remained flat at $1.9 million. Same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of at our restaurant properties decreased by 6.6% in the second quarter and by 5.0% for the first six months of 2005 compared to the same periods in 2004. Other Income: Management fee income for the second quarter of 2005 decreased to $11,000 from $208,000 in 2004. For the first six months, management fee income decreased to $127,000 from $405,000 in 2004. This decrease is attributable to the elimination of management fees for two properties whose operations are now 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: , along with our acquisitions of previously managed properties during 2004 and 2005. Expenses: Total expenses, including non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. for depreciation and amortization, were $19.1 million in the second quarter of 2005, an increase of 63.9% compared to 2004. Expenses for the first six months were $41.8 million, an increase of 86.0% compared to 2004. This increase is primarily attributable to growth in the size of our apartment operations, along with $7.6 million in charges for deficit distributions to a minority partner in a consolidated limited partnership (which had no economic effect or cost to us). We discuss this charge and its impact on our financial reporting in more detail in our Current Reports on Form 10-Q Form 10-Q See 10-Q. filed with the SEC. Apartment operations expense (the direct costs of on-site on-site adj. Done or located at the site, as of a particular activity: on-site monitoring of a production run; an on-site film shoot. operations) was $6.9 million in the second quarter of 2005, an increase of 56.2% compared to 2004. Apartment operations expense was $12.3 million for the first six months of 2005, an increase of 49.0% over 2004. This increase is primarily attributable to the addition of ten apartment communities during 2004 and 2005. Apartment operations expense represented 39.1% of related apartment rental income for the second quarter and 38.9% for the first six months of 2005 as compared to 41.5% and 40.0% respectively, in 2004. On a same units basis, apartment operations expense decreased by 4.2% for the second quarter and 1.8% for the first six months of 2005 compared to 2004. Apartment administrative expense (the costs associated with oversight
Oversight may refer to:
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. for restaurant properties are insignificant because the restaurant properties' triple-net lease arrangement requires the lessee to pay virtually all of the expenses associated with the restaurant properties. Non-cash charges for depreciation, amortization and write-offs of unamortized loan costs totaled $4.3 million in the second quarter of 2005, an increase of 59.1% compared to 2004. For the first six months, these non-cash charges totaled $8.1 million in 2005, an increase of 50.9% compared to 2004. This increase reflects the acquisition of ten properties during 2004 and 2005, along with write-offs of unamortized loan costs in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. of existing notes payable. Interest expense was $5.7 million in the second quarter of 2005, an increase of 72.0% compared to 2004. Interest expense (including $0.5 million in prepayment penalties Prepayment penalty A fee a borrower pays a lender when the borrower repays a loan before its scheduled time of maturity. paid by Marina Marina “a piece of virtue.” [Br. Lit.: Pericles] See : Virtuousness Shores) totaled $10.8 million in the first six months of 2005, an increase of 64.7% compared to the first six months of 2004. Dividend: On July July: see month. 21, 2005, the Board of Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a regular quarterly dividend in the amount of $0.25 per share to be paid on August 15, 2005, to shareholders of record on August 1, 2005. The Board of Directors also declared a preferred quarterly dividend in the amount of $0.275 per share to be paid on August 15, 2005 to the preferred shareholder of record on August 1, 2005. Outlook: With good FFO growth and FFO comparisons we were pleased with the results for the second quarter. Our focus during the second quarter was on increasing same unit apartment revenue, which we were able to do with modest success. We entered the quarter with high occupancy at our apartment properties and knew that any increase in revenue would have to come as a result of an increase in rental rates, not occupancy. During the quarter, continued strength in single-family sin·gle-fam·i·ly adj. Relating to or being a dwelling designed for one family only: a single-family home; single-family occupancy. home sales, fueled in large part by low home mortgage rates, made it difficult to increase rents as fast as we would have liked. Despite this, however, we were able to increase same unit apartment rental revenue by 2.4%, all as the result of increases in rental rates. We continue to be optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the outlook for our properties, our markets and the Company. We believe we will continue to see a slow strengthening in demand for the type of apartment property we operate and that we are well positioned to take advantage of this trend. Conference Call: Management will hold a conference call to discuss these earnings on Monday Monday: see week. , August 8, 2005 at 2:00 p.m. Eastern Time. This call will be webcast by Shareholder.com and can be accessed through BNP's website at www.bnp-residential.com. Institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. may dial 1-800-406-5356 to access the call. Non-GAAP Information: Funds from operations is frequently referred to as "FFO." FFO is defined by the National Association of Real Estate Investment Trusts ("NAREIT NAREIT National Association of Real Estate Investment Trusts ") as "net income (computed in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ), excluding gains (losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures." Our calculation of FFO is consistent with FFO as defined by NAREIT. Because we hold all of our assets in and conduct all of our operations through the operating partnership, we measure FFO at the operating partnership level (i.e., before minority interest in the operating partnership). Historical cost accounting for real estate assets implicitly im·plic·it adj. 1. Implied or understood though not directly expressed: an implicit agreement not to raise the touchy subject. 2. assumes that the value of real estate assets diminishes predictably over time. In fact, real estate values have historically risen or fallen with market conditions. FFO is intended to be a standard supplemental measure of operating performance that excludes historical cost depreciation from - or "adds it back" to - GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). net income. We consider FFO to be useful in evaluating potential property acquisitions and measuring operating performance. Funds available for distribution is frequently referred to as "FAD FAD - ["FAD, A Simple and Powerful Database Language", F. Bancilon et al, Proc 13th Intl Conf on VLDB, Brighton, England, Sep 1987]. ." We define FAD as FFO plus non-cash expense Noun 1. non-cash expense - an expense (such as depreciation) that is not paid for in cash disbursal, disbursement, expense - amounts paid for goods and services that may be currently tax deductible (as opposed to capital expenditures) for amortization and 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 unamortized loan costs, plus (less) gains (losses) from sales of property, less 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. capital expenditures. We believe that, together with net income and cash flows, FAD provides investors with an additional measure to evaluate the ability of the Operating Partnership to incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. and service debt, to fund acquisitions and other capital expenditures, as well as to fund distributions to shareholders and minority unitholders. Funds from operations and funds available for distribution do not represent net income or cash flows from operations as defined by generally accepted accounting principles. You should not consider FFO or FAD to be alternatives to net income as reliable measures of the company's operating performance; nor should you consider FFO or FAD to be alternatives to cash flows from operations as measures of liquidity. Funds from operations and funds available for distribution do not measure whether cash flow is sufficient to fund all of our cash needs, including principal amortization, capital improvements and distributions to shareholders. FFO and FAD do not represent cash flows from operating, investing or financing activities as defined by generally accepted accounting principles. Further, FFO and FAD as disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). by other REITs might not be comparable to our calculation of FFO or FAD. Additional Information: More information may be obtained by calling our corporate offices at (704) 944-0100 or on our web site at www.bnp-residential.com. Information requests may be e-mailed to the investor relations Investor relations The process by which the corporation communicates with its investors. department at investor.relations@bnp-residential.com. Forward Looking Statement Disclosure: This press release includes 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. concerning the company's operations, economic performance and financial condition, including, in particular, forward-looking statements regarding future operations and performance. Such statements are subject to various risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors identified in our 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. for the year ending December December: see month. 31, 2004.
BNP Residential Properties, Inc.
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Consolidated Statements of Operations and Financial Results -Unaudited
(all amounts in thousands except per share amounts)
3 months ended 6 months ended
June 30 June 30
2005 2004 2005 2004
-------- ------- -------- -------
Revenues
Apartment rental income $17,508 $10,579 $31,600 $20,632
Restaurant rental income 957 957 1,915 1,915
Management fee income 11 208 127 405
Interest and other income 26 113 251 136
------- ------- ------- -------
18,502 11,858 33,892 23,089
Expenses
Apartment operations 6,853 4,388 12,296 8,250
Apartment and corporate
administration 1,375 1,175 2,934 2,267
Interest 5,728 3,330 10,818 6,570
Depreciation 4,157 2,690 7,678 5,230
Amortization of deferred loan
costs 117 68 224 156
Write-off of unamortized loan costs
at debt refinance 63 - 223 -
Deficit distributions to minority
partners 800 - 7,621 -
------- ------- ------- -------
19,093 11,650 41,794 22,472
------- ------- ------- -------
(Loss) income before minority
interest (591) 208 (7,902) 616
Loss (income) attributed to
minority interests -
- Consolidated limited
partnerships 14 - 76 -
- Operating partnership 171 9 1,463 (27)
------- ------- ------- -------
Net (loss) income (406) 217 (6,363) 590
Less cumulative preferred dividend (250) (250) (500) (500)
------- ------- ------- -------
(Loss) income attributed to common
shareholders $ (656) $ (33) $(6,863) $ 90
======= ======= ======= =======
(Loss) income before minority
interest $ (591) $ 208 $(7,902) $ 616
Less cumulative preferred dividend (250) (250) (500) (500)
Add amortization of in-place lease
intangible 74 - 74 -
Add depreciation 4,157 2,690 7,678 5,230
Add deficit distributions to
minority partners 800 - 7,621 -
Less minority interest in FFO of
consolidated limited partnerships
(add if FFO is negative) (200) - 338 -
------- ------- ------- -------
Funds from operations $ 3,990 $ 2,648 $ 7,310 $ 5,346
======= ======= ======= =======
Net cash provided by operating
activities $ 4,371 $ 2,325 $ 7,048 $ 5,723
Less recurring capital
expenditures (844) (626) (1,302) (901)
Less cumulative preferred dividend (250) (250) (500) (500)
Add (less) change in operating
assets and liabilities, net 204 614 794 174
Less equity in loss of
unconsolidated limited
partnership (add if income) (0) - (0) -
Add amortization of deferred
interest defeasance 46 26 77 105
Add (less) minority interest in
reconciling items arising from
consolidated limited partnerships (162) - 221 -
------- ------- ------- -------
Funds available for distribution $ 3,364 $ 2,089 $ 6,338 $ 4,600
======= ======= ======= =======
Earnings per common share - basic:
Net (loss) income $ (0.04) $ 0.03 $ (0.70) $ 0.09
(Loss) income attributed to
common shareholders (0.06) (0.01) (0.75) 0.01
Earnings per common share -
diluted:
Net (loss) income (0.04) 0.02 (0.70) 0.07
(Loss) income attributed to
common shareholders (0.06) (0.01) (0.75) 0.01
Funds from operations 0.34 0.29 0.65 0.62
Consolidated Statements of Operations and Financial Results
(unaudited) - continued
(all amounts in thousands except per share amounts)
3 months ended 6 months ended
June 30 June 30
2005 2004 2005 2004
-------- ------- -------- -------
Weighted average shares and units
outstanding:
Preferred B shares and units 909 909 909 909
Common shares 9,239 7,119 9,111 6,763
Operating partnership minority
units 2,408 1,850 2,141 1,846
We calculated basic and diluted per common share amounts using the
following:
Numerators:
----------------------------------
For basic per common share amounts-
Net (loss) income $ (406) $ 217 $(6,363) $ 590
Less cumulative preferred
dividend (250) (250) (500) (500)
------- ------- ------- -------
(Loss) income attributed to
common shareholders - basic $ (656) $ (33) $(6,863) $ 90
======= ======= ======= =======
For diluted per common share
amounts -
Net (loss) income $ (406) $ 217 $(6,363) $ 590
Adjust for loss (income)
attributed to minority
interest in operating
partnership na(1) (9) na(1) 27
-------- ------- -------- -------
(406) 208 (6,363) 616
Less cumulative preferred
dividend (250) (250) (500) (500)
------- ------- ------- -------
(Loss) income attributed to
common shareholders - diluted $ (656) $ (42) $(6,863) $ 116
======= ======= ======= =======
Denominators:
----------------------------------
For basic per common share income
amounts -
Weighted average common shares
outstanding 9,239 7,119 9,111 6,763
Effect of potentially dilutive
securities:
Operating partnership minority
units na(1) 1,850 na(1) 1,846
Dilutive stock options - 24 - 19
------- ------- ------- -------
For diluted per share income
amounts -
Adjusted weighted average
common shares and assumed
conversions 9,239 8,994 9,111 8,628
======= ======= ======= =======
For funds from operations per
share:
Weighted average common shares
outstanding 9,239 7,119 9,111 6,763
Operating partnership minority
units 2,408 1,850 2,141 1,846
Dilutive stock options - 24 - 19
------- ------- ------- -------
Weighted average operating
partnership common units and
assumed conversions 11,647 8,994 11,252 8,628
======= ======= ======= =======
(1) Operating partnership units are anti-dilutive at June 30, 2005 -
excluded from calculation of diluted per share amounts for net
income and income available to common shareholders.
FFO is calculated at the operating partnership level; this
calculation includes operating partnership minority units.
BNP Residential Properties, Inc.
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Supplemental Consolidating Summary Balance Sheets - Unaudited
(all amounts in thousands)
June 30 December 31
2005 2004
---------------------------------- ------------
Consol Owned (Owned
Consol Elim LPs Properties Properties)
------------------------------------ ------------
Assets
Real estate
investments at
cost: $565,047 $ - $46,716 $ 518,331 $ 426,525
Less accumulated
depreciation (80,120) - (6,711) (73,408) (66,454)
-------- ------- ------- ---------- -----------
484,927 - 40,004 444,923 360,071
Cash and cash
equivalents 2,533 - 696 1,837 517
Prepaid expenses
and other assets 8,209 (3,949) 1,141 11,018 4,516
Intangible assets 1,251 - - 1,251 1,115
Deferred financing
costs, net 2,329 - 599 1,730 1,545
-------- ------- ------- ---------- -----------
Total assets $499,250 $(3,949)$42,439 $ 460,760 $ 367,764
======== ======= ======= ========== ===========
Liabilities and
Shareholders'
Equity
Deed of trust and
other notes
payable $410,480 $(1,914)$47,625 $ 364,769 $ 286,425
Accounts payable
and accrued
expenses 3,700 (73) 280 3,493 897
Accrued interest on
notes payable 1,721 - 190 1,531 1,264
Consideration due
for acquisitions 1,000 - - 1,000 -
Deferred revenue
and security
deposits 2,089 - 133 1,956 1,787
-------- ------- ------- ---------- -----------
418,989 (1,987) 48,228 372,748 290,373
Minority interests -
- Consolidated
limited
partnerships 274 - 274 - -
- Operating
partnership 19,637 - - 19,637 14,394
Shareholders'
equity 60,350 (1,962) (6,062) 68,375 62,997
-------- ------- ------- ---------- -----------
Total liabilities
and shareholders'
equity $499,250 $(3,949)$42,439 $ 460,760 $ 367,764
======== ======= ======= ========== ===========
BNP Residential Properties, Inc.
---------------------------------------------------------------------
Supplemental Consolidating Summary Statements of Operations -Unaudited
(all amounts in thousands)
Three months ended
June 30 - 2005 2004
---------------------------------- -----------
Consol Owned (Owned
Consol Elim LPs Properties Properties)
------------------------------------ ------------
Revenues
Apartment rental
income $ 17,508 $ - $ 1,830 $ 15,678 $ 10,579
Restaurant rental
income 957 - - 957 957
Management fee
income 11 (92) - 103 208
Interest and other
income 26 (44) 11 59 113
------ ------ ------ ------ ------
18,502 (136) 1,841 16,798 11,858
Expenses
Apartment
operations 6,853 (92) 745 6,200 4,388
Apartment and
corporate
administration 1,375 - - 1,375 1,175
Interest 5,728 (44) 637 5,135 3,330
Depreciation 4,157 - 197 3,960 2,690
Amortization of
deferred loan
costs 117 - 17 100 68
Write-off of
unamortized loan
costs at debt
refinance 63 - - 63 -
Deficit
distributions to
minority partners 800 - 800 - -
-------- ------- ------- ---------- -----------
19,093 (136) 2,396 16,833 11,650
-------- ------- ------- ---------- -----------
Income (loss)
before minority
interest (591)$ - $ (555)$ (35) 208
======= ======= ==========
Loss (income)
attributed to
minority interests-
- Consolidated LPs 14 -
- Operating
partnership 171 9
-------- -----------
Net income (loss) (406) 217
Less cumulative
preferred dividend (250) (250)
-------- -----------
Income (loss)
attributed to
common shareholders $ (656) $ (33)
======== ===========
Calculation of FFO:
Income (loss)
before minority
interest $ (591)$ - $ (555)$ (35) $ 208
Cumulative
preferred dividend (250) - - (250) (250)
Amortization of in-
place lease
intangible 74 - - 74 -
Depreciation 4,157 - 197 3,960 2,690
Deficit
distributions 800 - 800 - -
-------- ------- ------- ---------- -----------
4,190 $ - $ 442 $ 3,748 2,648
======= ======= ==========
Minority interest
in consolidated
LPs (200) -
-------- -----------
FFO - Operating
partnership $ 3,990 $ 2,648
======== ===========
BNP Residential Properties, Inc.
---------------------------------------------------------------------
Supplemental Consolidating Summary Statements of Operations -Unaudited
(all amounts in thousands)
Six months ended
June 30 - 2005 2004
---------------------------------- -----------
Consol Owned (Owned
Consol Elim LPs Properties Properties)
------------------------------------ ------------
Revenues
Apartment rental
income $ 31,600 $ - $ 3,013 $ 28,586 $ 20,632
Restaurant rental
income 1,915 - - 1,915 1,915
Management fee
income 127 (151) - 277 405
Interest and other
income 251 (56) 5 302 136
-------- ------- ------- ---------- -----------
33,892 (207) 3,018 31,081 23,089
Expenses
Apartment
operations 12,296 (151) 1,217 11,230 8,250
Apartment and
corporate
administration 2,934 - - 2,934 2,267
Interest 10,818 (56) 1,548 9,326 6,570
Depreciation 7,678 - 543 7,135 5,230
Amortization of
deferred loan
costs 224 - 29 196 156
Write-off of
unamortized loan
costs at debt
refinance 223 - 160 63 -
Deficit
distributions to
minority partners 7,621 - 7,621 - -
-------- ------- ------- ---------- -----------
41,794 (207) 11,119 30,882 22,472
-------- ------- ------- ---------- -----------
Income (loss)
before minority
interest (7,902)$ - $(8,100)$ 199 616
======= ======= ==========
Loss (income)
attributed to
minority interests-
- Consolidated LPs 76 -
- Operating
partnership 1,463 (27)
-------- -----------
Net income (loss) (6,363) 590
Less cumulative
preferred dividend (500) (500)
-------- -----------
Income (loss)
attributed to
common shareholders $(6,863) $ 90
======== ===========
Calculation of FFO:
Income (loss)
before minority
interest $ (7,902)$ - $(8,100)$ 199 $ 616
Cumulative
preferred dividend (500) - - (500) (500)
Amortization of in-
place lease
intangible 74 - - 74 -
Depreciation 7,678 - 543 7,135 5,230
Deficit
distributions 7,621 - 7,621 - -
-------- ------- ------- ---------- -----------
6,971 $ - $ 64 $ 6,907 5,346
======= ======= ==========
Minority interest
in consolidated
LPs 338 -
-------- -----------
FFO - Operating
partnership $ 7,310 $ 5,346
======== ===========
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