CENTREFUND REALTY CORPORATION ANNOUNCES FIRST QUARTER RESULTS.TORONTO--(BUSINESS WIRE)--May 16, 1995--CENTREFUND REALTY realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. CORP (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : CFE CFE Conventional Forces in Europe (treaty) CFE Cash Flow to Equity (finance/accounting) CFE Comisión Federal de Electricidad (México) CFE Certified Fraud Examiner ) Centrefund Realty Corporation announced today that its net earnings for the three months ended March 31, 1995, were $597,000 or 13 cents per common share. Cash flow or distributable income, defined as net income plus depreciation and deferred income taxes, amounted to $951,000 or 20 cents per common share for the three month period. This level of cash flow or distributable income per share represents a 19 percent increase, on 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. basis, above the level forecast in connection with the Company's initial public offering of securities. Centrefund completed its initial public offering on March 29, 1994, and accordingly, comparable figures for the same period in the previous year do not exist. The board of directors of Centrefund has adopted a policy of paying 95 percent of distributable income by way of dividends on common shares on an annual basis. Based on anticipated distributable income for the year ending December 31, 1995, the board has declared a quarterly dividend of 19 cents per common share payable on May 31, 1995, to shareholders of record on May 23, 1995. Centrefund is engaged in the acquisition and ownership of retail shopping centres and currently owns fourteen shopping centres containing 2,290,000 square feet of gross leasable area Gross leasable area (GLA) in the retail development industry is a term applied to shopping malls, lifestyle centers, outlet malls and other retail centers to indicate the amount of floor space available to be rented. located in Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. . -0-
Summary of Financial Results for the
three months ended March 31, 1995:
Rental Income $6,941,000
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Net Income $ 597,000
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Cash Flow $ 951,000
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Earnings per share $ .13
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Cash Flow per share $ .20
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CONTACT: Peter F. Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , C.A. President and Chief Executive Officer 416/515-1400 INDUSTRY KEYWORD: BANKING EARNINGS REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston 617-330-5311 or 80 |
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