BNP Residential Properties, Inc. Announces Operating Results for First Quarter 2006.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 March 31, 2006. Overview: BNP Residential Properties, Inc. is a real estate investment trust focused on owning and operating apartment communities. The Company currently owns and operates 31 apartment communities containing a total of 8,090 units, and serves as general partner of partnerships that own 3 communities containing 713 units. 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: 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 first quarter of 2006, funds from operations of the operating partnership increased by 28.9% to $4.3 million compared to $3.3 million in 2005. 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, funds from operations per share was $0.34 for the first quarter of 2006 compared to $0.31 for 2005. (See also "Non-GAAP Information" below) Funds Available for Distribution: Funds available for distribution totaled $3.8 million in the first quarter of 2006, an increase of 30.0% compared to 2005. (See also "Non-GAAP Information" below) Net Income/(Loss): For the first quarter of 2006, net loss attributed to common shareholders was $214,000 compared to a net loss of $6.2 million in 2005. On a diluted per share basis, net loss attributed to common shareholders was $0.02 per common share compared to a net loss of $0.69 per common share for 2005. Revenues: Total revenue for the first quarter of 2006 was $20.1 million, an increase of 34.0% compared to 2005. 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 95.2% of total revenue in the first quarter of 2006 compared to 93.6% in 2005. Restaurant rental income was 4.8% of total revenue in the first quarter of 2006 compared to 6.4% in 2005. Apartments: 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 in the first quarter of 2006 was $19.0 million, an increase of 38.3% compared to 2005. This increase was attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to eight apartment properties acquired in 2005 and the inclusion of three additional apartment communities 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 effective January January: see month. 2005. The increase also reflects improvement in performance at our apartment communities. 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 owned apartments was 94.9% in the first quarter of 2006 compared to 94.4% in 2005. 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 for all owned apartments was $755 in the first quarter of 2006 compared to $745 in 2005. On a same-units basis, apartment revenue increased by 4.0% in the first quarter of 2006, reflecting improved apartment performance. On a same-units basis, average economic occupancy was 95.0% in 2006 compared to 94.5% in 2005. Average monthly revenue per occupied unit was $768 in 2006 compared to $743 in 2005. 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 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 the first quarter of 2006 increased by 4.2% compared to 2005. Restaurants: Restaurant rental income in the first quarter of both 2006 and 2005 was $957,000, which is the minimum rent specified spec·i·fy tr.v. spec·i·fied, spec·i·fy·ing, spec·i·fies 1. To state explicitly or in detail: specified the amount needed. 2. To include in a specification. 3. in the lease agreement. 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 increased by 7.4% in the first quarter of 2006. 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 $20.4 million in the first quarter of 2006, a decrease of 8.9% compared to 2005. We experienced increases in operating and finance expenses attributable to the growth in the size of our apartment operations in 2006 compared to 2005. However, expenses in the first quarter of 2005 include significant one time charges related to a loan 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. as well as a one time $6.8 million distribution to a minority partner from refinance proceeds. Apartment operations expense was $7.3 million in the first quarter of 2006, an increase of 37.8% compared to 2005. These increases reflect the addition of eight apartment properties in 2005, along with consolidation of three additional communities. Apartment operations expense represented 38.1% of related apartment rental income compared to 38.4% in 2005. On a same-units basis, apartment operations expense increased by 3.8%, due primarily to expected increases in grounds maintenance and property tax costs tax costs n. a motion to contest a claim for court costs submitted by a prevailing party in a lawsuit. It is called a "Motion to Tax Costs" and asks the judge to deny or reduce claimed costs. . Apartment administrative expense (the costs associated with oversight
Oversight may refer to:
Operating expenses for restaurant properties are insignificant because the restaurant properties' triple-net lease arrangement requires 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). to pay virtually all of the expenses associated with the restaurant properties. Depreciation and amortization totaled $4.9 million in the first quarter of 2006, an increase of 36.6% compared to 2005. This increase reflects property acquisitions in 2005, as well as additions and replacements at other apartment communities. Interest expense was $6.3 million in the first quarter of 2006, an increase of 38.9% compared to 2005. This increase is primarily attributable to new debt issued or assumed 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 acquisitions of apartment properties, the inclusion of interest on debt of the three additional limited partnerships included in our consolidation, and increases in variable interest rates. Dividend: The Company paid common dividend distributions totaling $0.26 per share during the first quarter of 2006 and $0.25 per share during the first quarter of 2005. President's Statement: The first quarter of 2006 was a very good quarter for us with substantial improvement in virtually every category. Most notably, funds from operations increased by 28.9%, and funds available for distribution increased by 30.0%, over first quarter of 2005 levels. Funds from operations per share for the first quarter increased to $0.34 in 2006 from $0.31 in the first quarter of 2005. The results for the first quarter reflect the marked growth in our apartment portfolio in 2005, improved apartment operations and improved market conditions. From both a performance and operations point of view, the first quarter of the year tends to be relatively weak for us. Winter is generally the period in which we experience our lowest occupancy. Normally, our focus in the first quarter is on building occupancy back to strong levels so that we can enter our higher demand seasons, spring and summer, in position to focus on increasing rental rates. This year was somewhat different. We ended 2005 with good occupancy levels and had strong demand for our apartments throughout the first quarter. As a result, same-unit revenue increased by 4.0% for the first quarter of 2006 over the same period in 2005, while same-unit occupancy increased to 95.0% in the first quarter of 2006 from 94.5% in 2005. What was particularly pleasing was that revenue per occupied unit for these same-units increased by 3.4%. We began to see the first signs of a shift towards strengthening rental markets in the summer of 2003 and this trend has continued, albeit slowly, to gain momentum. Rising home mortgage rates, home prices, and the cost of new construction appear to have slowed the out flow of residents from rental apartments to privately owned homes. At the same time, rapidly rising material and construction costs combined with rising interest rates have inhibited in·hib·it tr.v. in·hib·it·ed, in·hib·it·ing, in·hib·its 1. To hold back; restrain. See Synonyms at restrain. 2. To prohibit; forbid. 3. the construction of new apartment properties, especially those that compete directly in our middle-market The term middle-market may refer to either a type of newspaper or a type of company. A middle-market newspaper is one that attempts to cater to readers who want some entertainment value from their newspaper as well as adequate serious coverage of significant news niche niche: see ecology. niche Smallest unit of a habitat that is occupied by an organism. A habitat niche is the physical space occupied by the organism; an ecological niche is the role the organism plays in the community of organisms found in the . The combined effect of these two trends has been to bolster This article is about the pillow called a bolster. For other meanings of the word "bolster", see bolster (disambiguation). A bolster (etymology: Middle English, derived from Old English, and before that the Germanic word bulgstraz demand for our apartments. We are very positive in our outlook. Our portfolio is in excellent physical condition and is well positioned to benefit from continued improvement in our markets. We are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that we will continue to see strong occupancy and good growth in rental rates at our apartment communities for the next few quarters. Conference Call: Management will hold a conference call to discuss these earnings on Monday Monday: see week. , May 8, 2006 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 1-800-289-0468 to access the call. Non-GAAP Information: Funds from operations is frequently referred to as "FFO FFO See: Funds from operations ." 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., after deducting the minority interests in FFO of the 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: limited partnerships but before deducting the 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. We calculate funds available for distribution as FFO plus non-cash expenses 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) , plus (less) gains (losses) from sale 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, funds available for distribution 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 funds from operations or funds available for distribution: --to be alternatives to net income as reliable measures of the company's operating performance, or --to be alternatives to cash flows 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. Funds from operations and funds available for distribution do not represent cash flows from operating, investing or financing activities (as defined by generally accepted accounting principles). Further, funds from operations and funds available for distribution 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 funds from operations or funds available for distribution. 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, 2005.
BNP Residential Properties, Inc.
----------------------------------------------------------------------
Financial and Operations Highlights
(all amounts in thousands except per share and
property data amounts)
(unaudited)
Three months
ended
March 31
2006 2005
-------- -------
Apartment rental income $ 19,001 $13,740
Apartment operations expense 7,262 5,271
Apartments NOI 11,739 8,470
Funds from operations - Operating partnership $ 4,281 $ 3,320
Per share - diluted 0.34 0.31
Dividends per share $ 0.26 $ 0.25
Net income (loss) $ (214)$(5,970)
Per share - basic and diluted (0.02) (0.66)
Income (loss) from continuing operations $ (214)$(5,995)
Per share - basic and diluted (0.02) (0.66)
Weighted average shares and units outstanding
Preferred B shares - 909
Common shares 10,396 8,983
Operating partnership minority units 2,535 1,870
Shares and units outstanding at end of period
Preferred B shares - 909
Common shares 10,407 9,233
Operating partnership minority units 2,609 2,408
Occupancy information
-----------------------------------------------------
Average economic occupancy
Owned communities - 2006/05 same units 95.0% 94.5%
Owned communities - all units 94.9% 94.4%
Consolidated limited partnership communities 97.0% 95.1%
Weighted average revenue per occupied unit
Owned communities - 2006/05 same units $ 768 $ 743
Owned communities - all units 755 745
Consolidated limited partnership communities 967 943
Portfolio information
-----------------------------------------------------
Number of apartment communities at end of period
Owned communities 30 27
Consolidated limited partnership communities 3 3
Number of apartment units at end of period
Owned communities 7,946 7,200
Consolidated limited partnership communities 713 713
BNP Residential Properties, Inc.
----------------------------------------------------------------------
Consolidated Statements of Operations and Financial
Results (all amounts in thousands except per share amounts)
(unaudited)
Three months ended
March 31
2006 2005
-------- --------
Revenues
Apartment rental income $ 19,001 $ 13,740
Restaurant rental income 957 957
Management fee income 9 111
Interest and other income 173 226
-------- --------
20,140 15,035
Expenses
Apartment operations 7,262 5,271
Apartment and corporate administration 1,929 1,559
Interest 6,266 4,510
Penalties paid at debt refinance - 516
Depreciation 4,723 3,453
Amortization of deferred loan costs 137 104
Write-off of unamortized loan costs at debt
refinance - 160
Deficit distributions to minority partners 90 6,821
-------- --------
20,407 22,393
-------- --------
(267) (7,358)
Loss attributed to minority interests -
- Consolidated limited partnerships - 62
- Operating partnership 52 1,301
-------- --------
Loss from continuing operations (214) (5,995)
Discontinued operations:
Income from discontinued operations - 30
(Income) attributed to operating partnership
minority - (5)
-------- --------
Income from discontinued operations - 25
------------------
Net loss (214) (5,970)
Less cumulative preferred dividend - (250)
-------- --------
Loss attributed to common shareholders $ (214)$ (6,220)
======== ========
Earnings per common share - basic and diluted:
Loss from
- Continuing operations $ (0.02)$ (0.66)
- Discontinued operations - -
-------- --------
Net loss (0.02) (0.66)
Loss attributed to common shareholders (0.02) (0.69)
Dividends per share $ 0.26 $ 0.25
Weighted average shares outstanding:
Preferred B shares - 909
Common shares 10,396 8,983
Three months
ended
March 31
2006 2005
-------- --------
Net income (loss) $ (214)$ (5,970)
Income (loss) attributed to minority interests (52) (1,358)
Cumulative preferred dividend - (250)
Casualty gains (113) -
Amortization of in-place lease intangible 66 -
Depreciation 4,723 3,453
Depreciation from discontinued operations - 84
Deficit distributions to minority partners 90 6,821
Minority interest in FFO of consolidated limited
partnerships (218) 540
-------- --------
Funds from operations - Operating partnership $ 4,281 $ 3,320
======== ========
Funds from operations per unit - diluted $ 0.34 0.31
Net cash provided by operating activities $ 5,460 $ 2,677
Less recurring capital expenditures (664) (458)
Less cumulative preferred dividend - (250)
Add (less) change in operating assets and
liabilities, net (784) 591
Add (less) minority interest in reconciling items
arising
from consolidated limited partnerships (185) 384
-------- --------
Funds available for distribution - Operating
partnership $ 3,826 $ 2,943
======== ========
Weighted average shares and units outstanding:
Preferred B shares and units - 909
Common shares 10,396 8,983
Operating partnership minority units 2,535 1,870
-------- --------
12,932 11,762
======== ========
Three months
ended
March 31
2006 2005
-------- --------
We calculated basic and diluted per common share
amounts using the following:
Numerators:
----------------------------------------------------
For basic per common share amounts -
Net income (loss) $ (214)$ (5,970)
Less cumulative preferred dividend - (250)
-------- --------
Income (loss) attributed to common shareholders -
basic $ (214)$ (6,220)
======== ========
For diluted per common share amounts -
Net income (loss) $ (214)$ (5,970)
Adjust for income (loss) attributed to
minority interest in operating partnership na(1) na(1)
Less cumulative preferred dividend - (250)
-------- --------
Income (loss) attributed to common shareholders
- diluted $ (214)$ (6,220)
======== ========
Denominators:
----------------------------------------------------
For basic per common share income amounts -
Weighted average common shares outstanding 10,396 8,983
less weighted average nonvested shares
outstanding (200) -
-------- --------
Weighted average common shares - basic 10,196 8,983
Effect of potentially dilutive securities:
Operating partnership minority units na(1) na(1)
Nonvested shares outstanding na(2) -
Dilutive stock options na(2) na(2)
------------------
For diluted per share income amounts -
Adjusted weighted average common shares
and assumed conversions 10,196 8,983
======== ========
For funds from operations per share or unit:
Weighted average common shares - basic 10,196 8,983
Weighted average operating partnership minority
units 2,535 1,870
-------- --------
Weighted average common shares and units
outstanding 12,732 10,853
Nonvested shares outstanding na(2) -
Dilutive stock options na(2) na(2)
------------------
Weighted average operating partnership
common units and assumed conversions -
diluted 12,732 10,853
======== ========
(1) Operating partnership units are anti-dilutive -
excluded from calculation of diluted per share amounts for net
income and income attributed to common shareholders.
FFO is calculated at the operating partnership level; this
calculation includes operating partnership minority units.
(2) Nonvested shares and stock options are anti-dilutive - excluded
from calculation of diluted per share amounts for net income,
income attributed to common shareholders, and funds from
operations.
BNP Residential Properties, Inc.
---------------------------------------------------------------------
Supplemental Consolidating Summary Statements of Operations
(all amounts in thousands)
(unaudited)
2006 2005
------------------------------ -------
Three months ended Mar 31 - Consol Owned Owned
Consol Elim LPs Properties Properties
-------------------------------- -----------
Revenues
Apartment rental income $19,001 $ - $1,978 $17,022 $12,473
Restaurant rental income 957 - - 957 957
Management fee income 9 (101) - 110 174
Casualty gains 113 - - 113 -
Interest and other
income 60 (42) 2 100 243
------- ----- ------ ------- -------
20,140 (143) 1,981 18,302 13,848
Expenses
Apartment operations 7,262 (101) 829 6,534 4,811
Apartment and corporate
administration 1,929 - - 1,929 1,559
Interest 6,266 (42) 668 5,639 4,092
Penalties paid at debt
refinance - - - - -
Depreciation 4,723 - 394 4,329 3,092
Amortization of deferred
loan costs 137 - 15 122 91
Write-off of unamortized
loan costs at debt
refinance - - - - -
Deficit distributions to
minority partners 90 - 90 - -
------- ----- ------ ------- -------
20,407 (143) 1,996 18,554 13,645
------- ----- ------ ------- -------
(Loss) income from
continuing operations (267) - (15) (252) 204
Income from discontinued
operations - - - - 30
------- ----- ------ ------- -------
(Loss) income before
minority interests (267)$ - $ (15) $ (252) $ 234
===== ====== ======= =======
Loss (income) attributed
to minority interests -
- Consolidated LPs -
- Operating partnership 52
-------
Net (loss) income (214)
Less cumulative
preferred dividend -
-------
(Loss) income attributed
to common shareholders $ (214)
=======
Calculation of FFO:
(Loss) income before
minority interest $ (267)$ - $ (15) $ (252) $ 234
Casualty gains (113) - - (113) -
Cumulative preferred
dividend - - - - (250)
Amortization of in-place
lease intangible 66 - - 66 -
Depreciation 4,723 - 394 4,329 3,092
Depreciation related to
discontinued operations - - - - 84
Deficit distributions 90 - 90 - -
------- ----- ------ ------- -------
4,499 - 469 4,030 3,159
Minority interest in
consolidated LPs (218) - (218) - -
------- ----- ------ ------- -------
FFO - Operating
partnership $ 4,281 $ - $ 250 $ 4,030 $ 3,159
======= ===== ====== ======= =======
BNP Residential Properties, Inc.
------------------------------------------------------------------
Supplemental Consolidating Summary Balance Sheets
(all amounts in thousands)
(unaudited)
March 31 Dec. 31
2006 2005
--------------------------------- --------
Consol Owned Owned
Consol Elim LPs Properties Properties
------------------------------------ -----------
Assets
Real estate
investments at
cost: $599,256 $ - $49,822 $549,434 $547,209
Less accumulated
depreciation (92,188) - (8,093) (84,095) (79,956)
-------- ------- ------- -------- --------
507,068 - 41,729 465,339 467,253
Cash and cash
equivalents 2,689 - 936 1,753 2,306
Prepaid expenses and
other assets 8,813 4,432 852 3,530 2,938
Deferred financing
costs, net 2,600 - 435 2,165 1,930
Intangible assets 1,174 - - 1,174 1,240
-------- ------- ------- -------- --------
Total assets $522,345 $ 4,432 $43,953 $473,960 $475,668
======== ======= ======= ======== ========
Liabilities and
Shareholders'
Equity
Deed of trust and
other notes payable $435,898 $(2,324)$50,251 $387,972 $388,576
Accounts payable and
accrued expenses 2,995 (86) 354 2,727 1,332
Accrued interest on
notes payable 1,844 - 204 1,640 1,141
Consideration due
for acquisitions - - - - 1,000
Deferred revenue and
security deposits 2,188 - 2 2,186 1,982
-------- ------- ------- -------- --------
442,925 (2,410) 50,810 394,526 394,031
Minority interest in
operating
partnership 21,553 - - 21,553 21,207
Shareholders' equity 57,867 6,842 (6,857) 57,882 60,429
-------- ------- ------- -------- --------
Total liabilities and
shareholders' equity $522,345 $ 4,432 $43,953 $473,960 $475,668
======== ======= ======= ======== ========
BNP Residential Properties, Inc.
----------------------------------------------------------------------
Supplemental Information
(all amounts in thousands except per apartment unit data)
(unaudited)
Debt maturities as of March 31, 2006
Owned Properties
------------------------------------------
Variable-rate
Fixed-rate debt debt
---------------- ---------------
Average Average
Total Amount Rate Amount Rate
--------- ---------------- ---------------
Remainder of 2006 $ 9,563 $ 1,558 5.9% $ 8,006 6.8%
2007 10,491 2,254 5.9% 8,237 6.8%
2008 66,241 41,946 6.5% 24,296 6.7%
2009 44,309 31,247 5.3% 13,062 6.7%
2010 20,914 20,914 6.8% -
Thereafter 236,454 236,454 5.7% -
--------- --------- --------
$387,972 $334,371 5.8% $53,601 6.7%
========= ========= ========
(1) Does not include $1.0 million debt premium to adjust one
loan to fair value in consolidation.
BNP Residential Properties, Inc.
----------------------------------------------------------------------
Supplemental Information
(all amounts in thousands except per apartment unit data)
(unaudited)
Debt maturities
as of March 31, 2006
Consolidated
Limited
Partnerships
-------------------
Fixed-rate debt
-------------------
Average
Amount(1) Rate
-------------------
Remainder of 2006 $ 463 5.7%
2007 664 5.7%
2008 698 5.7%
2009 743 5.7%
2010 786 5.7%
Thereafter 43,594 5.8%
-------
$46,948 5.8%
=======
(1) Does not include $1.0 million debt premium to adjust one
loan to fair value in consolidation.
Capital expenditures for Owned Properties
Year-to-date March 31, 2006
Per
Total unit
----------------
Recurring capital
expenditures:
Floor coverings $281 $48
Appliances/HVAC 95 16
Computer/support
equipment 25 4
Other 194 32
----------------
$595 $101
================
Non-recurring capital
expenditures:
Acquisition improvements at
apartment properties $1,367
Casualty replacements 256
Additions and betterments at
apartment properties 123
Computer/support
equipment 66
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$1,812
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