Cali Realty Corporation announces 14% increase in funds from operations per share.CRANFORD Cranford can mean:
REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Corporation (NYSE NYSE See: New York Stock Exchange :CLI (1) (Call Level Interface) A database programming interface from the SQL Access Group (SAG), an SQL membership organization. SAG's CLI is an attempt to standardize the SQL language for database access. ) today announced its results for the third quarter of 1996. The Company's 3rd quarter FFO FFO See: Funds from operations per share represents a 14% increase over the same quarter 1995. The Company is a fully integrated, self-administered, publicly-owned real estate investment trust (`REIT'). Financial Highlights For the quarter ended September September: see month. 30, 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. before minority interest and after adjustment for straight-lining of rents amounted to $11,071,000 or $.56 per share versus $6,573,000 or $.49 per share for the quarter ended September 30, 1995. For the nine months ended September 30, 1996, funds from operations before minority interest and after adjustment for straight-lining of rents amounted to $30,043,0000 or $1.62 per share versus $19,307,000 or $1.45 per share for the nine months ended September 30, 1995. For the quarter ended September 30, 1996, cash available for distribution equaled $9,924,000 or $.50 per share versus $5,985,000 or $.45 per share for the same period last year. For the nine months ended September 30, 1996, cash available for distribution equaled $26,735,000 or $1.44 per share versus $17,543,000 or $1.32 per share for the same period last year. For the quarter ended September 30, 1996, revenues totaled $22,518,000 versus revenues of $15,777,000 for the quarter ended September 30, 1995. For the nine months ended September 30, 1996 revenues totaled $63,094,000 versus revenues of $44,799,000 for the nine months ended September 30, 1995. For the quarter ended September 30, 1996, net income before minority interest totaled $7,644,000 or $.39 per share versus net income before minority interest of $4,184,000 or $.31 per share for the quarter ended September 30, 1995. For the nine months ended September 30, 1996, income before gain on sale of property, minority interest, and extraordinary item totaled $20,465,000 or $1.41 per share versus $12,120,000 or $.91 per share for the nine months ended September 30, 1995. Leasing Information Cali Realty's portfolio of office buildings was 96.9 percent leased at September 30, 1996 compared to 97 percent at June June: see month. 30, 1996. During the third quarter 1996, the Company executed executed 1) adj. to have been completed. (Example: "it is an executed contract") 2) v. to have completed or fully performed. (Example: "he executed all the promises made in the contract") 3) v. 24 leases totaling 125,600 square feet, consisting of 69,884 square feet of office space and 55,716 square feet of office/flex space; 42,576 square feet for new leases and 83,024 square feet for lease renewals. A schedule is attached highlighting quarterly leasing statistics. About the Company Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) providing leasing, management, acquisition, development, construction and tenant-related services for its portfolio. The Company owns 45 properties, primarily office and office/flex buildings totaling approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 4.6 million square feet. All of the properties are located in New Jersey, 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 and Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York . -0-
Cali Realty Corporation
Condensed Statement of Operations
(In thousands, except per share amounts)
Quarter Ended September 30,
1996 1995
Revenues $22,518 $15,777
Operating and other expense (8,406) (6,237)
Depreciation and amortization (3,747) (3,009)
Interest expense (2,721) (2,347)
Income before minority interest 7,644 4,184
Minority interest (1,045) (911)
Net income $ 6,599 $ 3,273
Weighted average shares
outstanding 17,045 10,400
Net Income per common share $ 0.39 $ 0.31
Dividends declared per
common share $ 0.45 $ 0.43
Cali Realty Corporation
Statement of Funds from Operations and
Cash Available for Distributions
(In thousands, except per share amounts)
Quarter Ended September 30,
1996 1995
Income before minority interest, gain on
sale of property and extraordinary item $ 7,644 $ 4,184
Add:
Real Estate depreciation and amortization 3,456 2,632
Deduct:
Adjustment to rental income for
straight line rents (29) (243)
Funds from operations (1) after adjustment
for straight-lining of rents $ 11,071 $ 6,573
Deduct:
Non-incremental revenue generating
capital expenditures:
Capital improvements (298) (159)
Tenant improvements and lease
commissions (849) (429)
Cash available for distribution $ 9,924 $ 5,985
Weighted average shares/units
outstanding (2) 19,744 13,295
Per share/unit:
Funds from operations $ 0.56 $ 0.49
Cash available for distribution $ 0.50 $ 0.45
Dividend $ 0.45 $ 0.425
Dividend payout ratios:
Funds from operations (1) 80.25% 85.97%
Cash available for distribution 89.53% 94.41%
(1) Funds from operations for both periods are calculated in
accordance with the new National Association of Real Estate
Investment Trusts (NAREIT) definition.
(2) Assumes conversion of 2,699 (1996) and 2,716 (1995) weighted
average limited partnership units in Cali Realty, L.P. to shares of
Cali Realty Corporation.
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Cali Realty Corporation
Condensed Statement of Operations
(In thousands, except per share amounts)
Nine Months Ended September 30,
1996 1995
Revenues $63,094 $44,799
Gain on sale of property 5,658 --
Operating and other expenses (23,686) (17,582)
Depreciation and amortization (10,655) (8,936)
Interest expense (8,288) (6,161)
Income before minority interest 26,123 12,120
Minority interest (3,866) (2,620)
Extraordinary item-loss on early
retirement of debt (1) (475) --
Net income $ 21,782 $ 9,500
Weighted average shares
outstanding 15,803 10,424
Net income per common share:
Before extraordinary item $ 1.41 $ 0.91
Extraordinary item (.03) --
Net income $ 1.38 $ 0.91
Dividends declared per
common share $ 1.30 $ 1.23
(1) Net of minority interest's share of $86.
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Cali Realty Corporation
Statement of Funds from Operations and
Cash Available for Distributions
(In thousands, except per share amounts)
Nine Months Ended September 30,
1996 1995
Income before minority interest, gain on
sale of property and extraordinary item $ 20,465 $ 12,120
Add:
Real Estate depreciation and amortization 9,811 7,652
Deduct:
Adjustment to rental income for
straight line rents (233) (465)
Funds from operations (1) after adjustment
for straight-lining of rents $ 30,043 $ 19,307
Deduct:
Non-incremental revenue generating
capital expenditures:
Capital improvements (849) (477)
Tenant improvements and lease
commissions (2,459) (1,287)
Cash available for distribution $ 26,735 $ 17,543
Weighted average shares/units
outstanding (2) 18,519 13,299
Per share/unit:
Funds from operations $ 1.62 $ 1.45
Cash available for distribution $ 1.44 $ 1.32
Dividend $ 1.30 $ 1.23
Dividend payout ratios:
Funds from operations (1) 80.13% 84.91%
Cash available for distribution 90.05% 93.44%
(1) Funds from operations for both are calculated in accordance with
the new National Association of Real Estate Investment Trusts
(NAREIT) definition.
(2) Assumes conversion of 2,699 (1996) and 2,716 (1995) weighted
average limited partnership units in Cali Realty, L.P. to shares of
Cali Realty Corporation.
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Cali Realty Corporation
Leasing Statistics
For Quarter Ended September 30, 1996
Leased Area Percentage
Rentable S.F. % Leased
June 30, 1996 4,030,898 97.0%
3rd quarter leasing (8,257)
3rd quarter acquisitions 115,000
September 30, 1996 4,137,641 96.9%
OFFICE SPACE
Third Quarter Leasing Activity:
Number Weighted Average
of Rentable Average Term
Leases S.F. Base Rent (Years)
New Leases:
First generation space 4 16,585 $18.98 5.0
Second generation space 6 19,909 $21.57 5.4
Total new leasing 10 36,494
Renewals & extensions 8 33,390 $19.13 3.0
Total leasing 18 69,884
Capital Expenditures- Tenant Leasing
Second Generation Space: Improvements Commissions Total
Expend. committed-3rd qtr.(1) $352,441(2) $152,326 $504,767
Rentable s.f. leased-3rd qtr. 53,299 53,299 53,299
Cap ex. committed per r.s.f. $6.61 $2.86 $9.47
(1) Represents amounts committed but not necessarily expended during
period.
(2) Equals estimated workletter costs, net of estimated profit and
overhead.
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Cali Realty Corporation
Leasing Statistics
For Quarter Ended September 30, 1996
continued
OFFICE/FLEX SPACE
Number Weighted Average
of Rentable Average Term
Leases S.F. Base Net Rent (Years)
New leases:
Second generation space 2 6,082 $10.49 5.0
Renewals & Extensions: 4 49,634 $10.62 4.4
Total Leasing: 6 55,716
Capital Expenditures- Tenant Leasing
Second Generation Space: Improvements Commissions Total
Expend. committed-3rd qtr.(1) $201,585 (2) $110,947 $312,532
Rentable s.f. leased-3rd qtr. 55,716 55,716 55,716
Cap ex. committed per r.s.f. $3.62 $1.99 $5.61
(1) Represents amounts committed but not necessarily expended during
period.
(2) Equals estimated workletter costs, net of estimated profit and
overhead.
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Lease Renewals
Number of
Leases Rentable S.F.
Leases expiring-3rd quarter 23 133,857
Leases renewed-3rd quarter 12 83,024
Renewal percentage per r.s.f. 52% 62%
Expiring in future periods and
renewed in 3rd quarter
(included in totals above) 4 46,875
CONTACT: Barry Barry, Welsh Barri, town (1991 pop. 45,053) and port, Vale of Glamorgan, S Wales, on the Bristol Channel. Once a major coal-exporting port, its more diversified export products include cement, flour, and steel products. Lefkowitz Chief Financial Officer (908) 272-8000 |
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