Capstone Capital Corporation announces third quarter and nine months earnings and funds from operations.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)--October 23, 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 third quarter and nine months ended September September: see month. 30, 1995. The Company also announced that its Board of Directors has approved a quarterly cash dividend of $.445 per share for the quarter ended September 30, 1995. The dividend is payable on November November: see month. 15, 1995, to shareholders of record on November 1, 1995. For the third quarter ended September 30, 1995, revenues increased 81% to $6.8 million, from the $3.7 million reported in last year's third quarter. Net income for the quarter was $2.3 million, or $0.38 per share, compared to $2.3 million, or $0.39 per share for the year ago quarter. 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 $3.1 million, or $0.51 per share primary and $0.49 per share fully 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. , over the $2.7 million, or $0.45 per share, in the similar period last year. For the first nine months, revenues totaled $17.6 million. Net income for the period was $6.9 million, or $1.15 per share. Funds from operations for the nine months were $8.9 million, or $1.49 per share primary and $1.43 per share diluted. Comparative results for the nine month period ended September 30, 1994 are not applicable since the company commenced operations on June 30, 1994. John W. McRoberts, President and Chief Executive Officer, commented, "We are pleased with the results for our third quarter. We continue to make acquisitions that will expand and diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. our portfolio of healthcare facilities, which has grown to 42 facilities from 33 at the end of our fourth quarter. "In October, we instituted a dividend reinvestment plan Dividend Reinvestment Plan (DRP) Plan which provides for automatic reinvestment of shareholder dividends in more shares of a company's stock, often without commissions. Some plans provide for the purchase of additional shares at a discount to market price. for our shareholders. Adoption of the Plan should promote increased stock ownership in Capstone by providing stockholders with an opportunity to purchase shares of common stock at a discount from the current market price," concluded McRoberts. 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 42 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)
Quarter Ended Nine Months Ended
Sept. 30 Sept. 30 (1)
1995 1994 1995
Revenues:
Rental income $6,295,719 $3,594,085 $16,252,590
Mortgage interest income
and other income 475,956 140,182 1,299,084
Total revenues 6,771,675 3,734,267 17,551,674
Expenses:
General and
administrative 473,347 205,124 1,109,610
Depreciation and
amortization 1,330,106 660,555 3,356,408
Interest 2,665,206 523,351 6,178,298
Total expenses 4,468,659 1,389,030 10,644,316
Net income $2,303,016 $2,345,237 $6,907,358
Funds from operations 3,105,450 2,714,466 8,942,842
Per share amounts (primary): Net income $0.38 $0.39 $1.15 Funds from operations $0.51 $0.45 $1.49 Per share amounts (diluted): Net income $0.38 - $1.15 Funds from operations $0.49 - $1.43 Weighted average shares outstanding: Primary 5,996,534 Diluted 8,165,308 (1) Financial results for the nine month period ended September 30, 1994 are not shown because the Company commenced operations on June 30, 1994. -0- CONTACT: Capstone Capital Corporation Andrew L. Kizer Chief Financial Officer 205-967-2092 or Robert Jones/John D. Lovallo Media Contact:Michelle Zawrotny Morgen-Walke Associates 212-850-5600 |
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