COLUMBUS REALTY TRUST ANNOUNCES FIRST QUARTER 1996 EARNINGS.DALLAS--(BUSINESS WIRE)--April 23, 1996--Columbus 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. Trust (NYSE NYSE See: New York Stock Exchange :CLB CLB Club CLB Columbus Blue Jackets (NHL hockey) CLB Combat Logistics Battalion (US Marine Corps) CLB Configurable Logic Block (microchip technology) ) today reported first quarter 1996 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. ("FFO FFO See: Funds from operations ") of $5,106,000 or $0.44 per share vs. FFO of $4,606,000 or $0.40 per share for the same period of 1994, representing a 10 percent increase on a per share basis for the comparable quarter. Same property residential net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. , for those properties which were fully stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. during the first quarter of 1996 vs. the same period of 1995, increased 4.3 percent. This increase was the result of a 4.7 percent increase in collected 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 offset by a 5.6 percent increase in 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. . Residential 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 the first quarter of 1996 averaged 95.6 percent vs. 94.2 percent in the first quarter of 1995. Robert L. Shaw Robert L. Shaw (born: - died: ) was a politician from Alberta, Canada. Shaw was first elected to the Alberta Legislature in the 1909 Alberta general election. He defeated Conservative candidate J.K. , chief executive officer, commented, "We are very pleased with the results of the first quarter of 1996, having achieved a 10 percent growth in per share funds from operations over the first quarter last year. Average rental rates and occupancies have also increased from the comparable quarter of 1995, reflecting continued healthy demand for housing in our submarkets. We are cautiously optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the Columbus Columbus. 1 City (1990 pop. 178,681), seat of Muscogee co., W Ga., at the head of navigation on the Chattahoochee River; settled and inc. 1828 on the site of a Creek village. properties' performance during the balance of the year, as the Dallas/Fort Worth market continues to efficiently absorb absorb To offset sell orders or a new security offering with buy orders. new apartment units through solid job growth and strong economic activity." The company has also recently completed construction of 226 new units in two properties, Hackberry hackberry: see elm. Creek Phase II and The Abbey abbey, monastic house, especially among Benedictines and Cistercians, consisting of not less than 12 monks or nuns ruled by an abbot or abbess. Many abbeys were originally self-supporting. In the Benedictine expansion after the 8th cent. . These properties are currently 93 percent leased. An additional 1,839 units are under construction, of which we expect 431 to be completed in the second quarter of 1996 (currently 62 percent leased), 220 in the third quarter of 1996 (currently 28 percent leased), 504 in the fourth quarter of 1996 (currently 10 percent leased), and the remaining 684 in 1997. Columbus Realty Trust, headquartered in Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. , is a self- self- pref. 1. Oneself; itself: self-control. 2. Automatic; automatically: self-loading. administered and self-managed real estate investment trust engaged in the business of multi-family residential Multi-family residential is a classification of housing where multiple separate housing units are contained within one building. The most common form is an apartment building. Many intentional communities incorporate multi-family residences, such as in cohousing projects. property development, acquisition, ownership and management. A schedule of selected financial information follows with detail of income and expenses for the three month periods ended March 31, 1996 and 1995, respectively. -0-
COLUMBUS REALTY TRUST
SELECTED FINANCIAL INFORMATION
For the quarters ended
March 31, 1996 and 1995
(in thousands, except share and per share data)
(unaudited)
For the For the
quarter ended quarter ended
March 31, March 31,
1996 1995
------------- -------------
OPERATING DATA:
Revenue:
Rental income $ 10,301 $ 8,911
Property management - third party 75 153
Interest and other 558 350
----------- -----------
Total revenue $ 10,934 $ 9,414
Expenses:
Repairs and maintenance 790 692
Other property operating 590 434
Advertising 113 123
General and administrative - properties 811 634
General and administrative - corporate 508 466
Real estate taxes 1,421 1,175
Interest 1,495 1,111
Interest related to amortization of
deferred financing costs 67 131
Depreciation and amortization 2,443 2,102
----------- -----------
Total expenses $ 8,238 $ 6,868
Net income $ 2,696 $ 2,546
----------- -----------
Funds from operations (A) $ 5,106 $ 4,606
----------- -----------
PER SHARE DATA:
Net income per common share $ 0.23 $ 0.22
----------- -----------
Funds from operations per common share $ 0.44 $ 0.40
----------- -----------
Weighted average number of common
shares outstanding (B) 11,680,081 11,486,544
BALANCE SHEET DATA:
As of As of
March 31, March 31,
1996 1995
--------- ---------
Cash and short term receivables $ 9,605 $ 1,123
Completed real estate at gross book value 291,207 262,205
Less: Accumulated depreciation (34,054) (24,785)
Real estate - construction in progress 69,810 23,213
Other assets 7,626 5,356
--------- ---------
Total assets 344,194 267,112
--------- ---------
Credit line and mortgage debt 169,671 96,679
Other liabilities 15,561 9,765
Minority interest 2,063 --
Shareholders' equity 156,899 160,668
--------- ---------
Total liabilities and shareholders' equity 344,194 267,112
--------- ---------
NOTES TO SELECTED FINANCIAL INFORMATION:
(A) The company computes funds from operations ("FFO") in
conformance with standards established by the National Association of
Real Estate Investment Trusts (NAREIT). Funds from operations is
defined as net income, computed in accordance with generally accepted
accounting principles, excluding gains and losses from debt
restructuring and sales of property, plus depreciation and
amortization, and after adjustments for unconsolidated partnerships
and joint ventures. On March 3, 1995, NAREIT adopted a White Paper
on Funds from Operations which modified the definition and
presentation of FFO. Effective Jan. 1, 1996, the modified
defination is used for the FFO calculation, with the prior year(s)
restated for comparative purposes.
Reconciliation of net income to "new" funds from operations is
shown below:
For the For the
quarter ended quarter ended
March 31, March 31,
1996 1995
------------- -------------
Net income $ 2,696 $ 2,546
Depreciation of real property 2,361 2,014
Amortization related to real property 49 46
--------- ---------
Funds from operations, as adjusted $ 5,106 $ 4,606
--------- ---------
(B) As of March 31, 1996, there were 11,616,918 common shares of beneficial interest actually outstanding. The number of shares shown reflects the fully diluted effect of all common share equivalents. CONTACT: Columbus Realty Trust Robert L. Shaw or J. Michael Lewis Michael Lewis or Mick Lewis may refer to:
214/770-5182 |
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