CAPSTONE CAPITAL CORPORATION ANNOUNCES FIRST QUARTER EARNINGS FUNDS FROM OPERATIONS AND DIVIDEND.Birmingham Birmingham, cities, United States Birmingham (bûr`mĭnghăm') 1 City (1990 pop. 265,968), seat of Jefferson co., N central Ala., in the Jones Valley near the southern end of the Appalachian system; founded and inc. , Alabama--(BUSINESS WIRE)--April 21, 1995--Capstone Capital Corporation (NYSE NYSE See: New York Stock Exchange :CCT CCT Circuit CCT Commission Canadienne du Tourisme (Canadian Tourism Commission) CCT Correlated Color Temperature CCT Common Customs Tariff (EU) CCT Certificate of Completion of Training ) today announced operating results for the three months ended March 31, 1995. Revenues for the quarter ended March 31, 1995, totaled $4.9 million. Net income for the period was $2.4 million, or $0.40 per share. 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 quarter were $2.9 million, or $0.49 per share. Comparative results for 1994 are not applicable since the company commenced operations on June June: see month. 30, 1994. The Company also declared a dividend of $0.425 per share for the quarter ended March 31, 1995 payable on May 15, 1995, to shareholders of record on May 1, 1995. At this rate, quarterly dividends will approximate an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. dividend payment of $1.70 per share. John W. McRoberts, president and chief executive officer, commented, "Capstone's first quarter results clearly demonstrate the positive influence that our operating strategy of pursuing financial arrangements with leading, high quality healthcare providers has on our ability to develop a stable earnings stream. We strongly believe that Capstone is well positioned to continue to be an important source of capital to the rapidly consolidating healthcare industry." Capstone Capital Corporation is a self-administered real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) which currently owns, leases and provides financing for 36 healthcare related properties located in 13 states that are diversified diversified (di·verˑ·s as to operator, facility type and healthcare industry segment. -0-
Capstone Capital Corporation
Financial Highlights
(Unaudited)
Three Months
Ended
March 31, 1995
Revenues:
Rental income $4,480,104
Mortgage interest income and other income 382,876
Total revenues 4,862,980
Expenses:
General and administrative 296,666
Depreciation and amortization 874,716
Interest 1,289,122
Total expenses 2,460,504
Net income $2,402,476
Net income per share $0.40 Funds from operations 2,916,107 Funds from operations per share $0.49 Weighted average shares outstanding 5,980,000 CONTACT: Capstone Capital Corporation Andrew L. Kizer Chief Financial Officer 205-967-2092 or Robert Jones/John D. Lovallo Media contact:Brian Maddox Morgen-Walke Associates 212-850-5600 |
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