Chateau Communities Reports 2003 First Quarter Results.Business Editors GREENWOOD Greenwood. 1 City (1990 pop. 26,265), Johnson co., central Ind.; settled 1822, inc. as a city 1960. A residential suburb of Indianapolis, Greenwood is in a retail shopping area. Manufactures include motor vehicle parts and metal products. VILLAGE, Colo.--(BUSINESS WIRE)--April 29, 2003 Chateau Communities, Inc. (NYSE NYSE See: New York Stock Exchange :CPJ CPJ Committee to Protect Journalists CPJ Citizens for Public Justice (Canada) CPJ Center for Public Justice CPJ Critical Path Job CPJ Common Place Journal CPJ Controlled Pipe Joints CPJ Cooperative Programming in Java CPJ Cd Project ) today released results for the first quarter of 2003. 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 ") for the first quarter were $21.6 million, or $0.62 per 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. common share, compared to $22.7 million, or $0.65 per share, for the same period last year. Net income for the first quarter 2003 was $3.6 million, or $0.12 per share, compared with $5.4 million, and $0.18 per share for the same period of 2002. For the first quarter, same store 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 increased 2.4% to $63.2 million from $61.7 million last year, and same store property 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. increased by 6.1% to $22.8 million from $21.5 million in the same period last year. Same store 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. was flat compared to last year. 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 at the end of the first quarter was 89.3% in the stable portfolio, 75.5% in the expansion portfolio, and 38.9% in the development properties. Total portfolio occupancy at March 31, 2003, was 85.4%. This compares to occupancy at December December: see month. 31, 2002, of 89.7% in the stable portfolio, 75.8% in the expansion portfolio and 36.8% in the development portfolio, or total portfolio occupancy of 85.8%. During the first quarter of 2003, the Company sold two properties for a combined gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. price of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $4.4 million, bringing total dispositions over the past twelve months to approximately $48 million. Chateau subsidiary Community Sales, Inc. ("CSI CSI Crime Scene Investigator CSI CompuServe, Inc. CSI Commodity Systems, Inc. CSI Commodity Systems Inc. (Boca Raton, FL) CSI Crime Scene Investigation (CBS TV show) CSI Christian Schools International ") sold 171 homes in the first quarter, compared to 117 for the same period last year. The Company brokered 300 home sales in the first quarter, which approximated the volume during the same period of 2002. The Company also arranged financing on approximately 80 loans in the first quarter compared to 110 in the first quarter of 2002. Management is reaffirming its previously announced 2003 annual guidance of $2.26 - $2.35 FFO per share. Management will hold a teleconference call Wednesday Wednesday: see week. , April 30, 2003, at 1:00 p.m. Eastern Daylight For other uses, see Daylight (disambiguation). Daylight or the light of day is the combination of all direct and indirect sunlight outdoors during the daytime (and perhaps twilight). Time to discuss first quarter 2003 results. To participate, call toll-free 877/434-1281 and request the Chateau Communities teleconference. Callers outside the U.S. may access the call at 706/634-0185. A webcast will be available in listen-only mode on our home page at www.chateaucomm.com. An audio replay of the call will be available through Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , May 2, 2003. To access the replay, dial toll-free 800/642-1687, reservation A clause in a deed of real property whereby the grantor, one who transfers property, creates and retains for the grantor some right or interest in the estate granted, such as rent or an Easement ,a right of use over the land of another. #9895994. Callers outside the U.S. may access the replay at 706/645-9291. The webcast will be archived for thirty days, through May 30, 2003, also on our home page at www.chateaucomm.com. Headquartered in Greenwood Village, Colorado Greenwood Village is a city in Arapahoe County, Colorado, United States. As of 2005, the city is estimated to have a total population of 12,817.[3] Geography Greenwood Village is located at (39.615888, -104. , Chateau Communities is a fully integrated, self-administered real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ), and the largest owner and operator of manufactured home communities in the U.S. Its portfolio consists of 203 communities, with an aggregate of approximately 68,000 residential homesites and 1,400 park model/RV sites, and 35 managed communities with approximately 7,800 sites. As previously announced, the Company has entered into an agreement to acquire 33 of its managed communities. This transaction is expected to close during the second quarter. In addition, the Company owns 11 greenfield Greenfield, town (1990 pop. 18,666), seat of Franklin co., NW Mass., at the confluence of the Deerfield and Green rivers, near their junction with the Connecticut; settled 1686, set off from Deerfield and inc. 1753. development communities with approximately 4,600 sites when fully developed. Chateau Communities operates in 36 states. Please visit Chateau Communities at www.chateaucomm.com Any forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. contained in this news release are subject to certain risks and uncertainties including the ability to maintain rental RENTAL. A roll or list of the rents of an estate containing the description of the lands let, the names of the tenants, and other particulars connected with such estate. This is the same as rent roll, from which it is said to be corrupted. rates and occupancy, the ability of manufactured home buyers to obtain financing, the level of repossessions by manufactured home lenders, the pace of acquisitions and dispositions, changes in interest rates and the condition of the capital markets, all of which may affect the Company's ability to achieve its objectives.
Chateau Communities, Inc.
Financial Results
For the Three Months Ended
March 31, 2003 and 2002
(Amounts in thousands)
Three Months
Ended
----------------
2003 2002
------- -------
Rental income $63,432 $61,936
Interest income 2,806 2,752
Management fee and other income (loss) (94) 466
------- -------
Total revenue 66,144 65,154
Property operating and maintenance 19,707 18,445
Real estate taxes 4,335 4,214
Administrative 3,102 3,367
------- -------
Operating and administrative expenses 27,144 26,026
------- -------
Income before interest and depreciation 39,000 39,128
Interest and related amortization 16,702 16,800
Depreciation and amortization 17,683 16,277
------- -------
Income before gain on disposition of properties
and minority interests 4,615 6,051
Gain on disposition of properties - 1,164
Minority interests of preferred OP unitholders (1,523) (1,523)
Minority interests of common OP unitholders (496) (950)
------- -------
Income from continuing operations 2,596 4,742
------- -------
Discontinued operations
Income from discontinued operations, net of
minority interests 641 1,467
Impairment/gain on disposition of properties, net
of minority interests 385 -
------- -------
Income from discontinued operations 1,026 1,467
------- -------
Income before cumulative effect of accounting change 3,622 6,209
Cumulative effect of accounting change, net of
minority interests - (845)
------- -------
Net income available to common shareholders $ 3,622 $ 5,364
======= =======
Chateau Communities, Inc.
Financial Results
For the Three Months Ended
March 31, 2003 and 2002
(Amounts in thousands, except per share/OP unit amounts)
Three Months
Ended
----------------
2003 2002
------- -------
Earning per common share/OP unit - basic
-----------------------------------------------------
Income from continuing operations $ 0.09 $ 0.16
Income from discontinued operations 0.03 0.05
------- -------
Income before cumulative effect of accounting change 0.12 0.21
Cumulative effect of accounting change - (0.03)
------- -------
Net income available to common shareholders $ 0.12 $ 0.18
======= =======
Weighted average common shares - basic 29,351 29,185
======= =======
Earning per common share/OP unit - diluted
-----------------------------------------------------
Income from continuing operations $ 0.09 $ 0.16
Income from discontinued operations 0.03 0.05
------- -------
Income before cumulative effect of accounting change 0.12 0.21
Cumulative effect of accounting change - (0.03)
------- -------
Net income available to common shareholders $ 0.12 $ 0.18
======= =======
Weighted average common shares - diluted 29,359 29,344
======= =======
Dividends/distributions declared $ 0.550 $ 0.550
======= =======
FFO Reconciliation
-----------------------------------------------------
Income available to common shareholders $ 3,622 $ 5,364
Adjustments:
Depreciation and amortization on rental properties 17,107 15,835
Net gain on disposition of rental properties - (1,164)
Minority interest of common OP unitholders 693 1,076
Cumulative effect of accounting change - 1,014
Discontinued operations:
Depreciation on rental property 677 620
Gain on disposition of properties (459) -
------- -------
FFO $21,640 $22,745
======= =======
Weighted average common shares/OP Units
outstanding - assuming dilution 34,977 35,201
======= =======
FFO per weighted average common share/
OP Unit - assuming dilution $ 0.62 $ 0.65
======= =======
Chateau Communities, Inc.
Financial Information
(Dollars in thousands)
Same Store Results Three Months Ended
March 31,
---------------------------------- ----------------------
Growth
2003 over
2003 2002 2002
---------- --------- ----------
Property revenues $ 63,187 $ 61,703 2.4 %
Property expenses 22,768 21,461 6.1 %
---------- --------- ----------
Net operating income $ 40,419 $ 40,242 0.4 %
---------- --------- ==========
Manufactured home communities 183 183
---------- ---------
Park model/RV communities 3 3
---------- ---------
Available homesites 65,147 64,771
========== =========
Summarized Financial Information
-------------------------------------------
March 31, December 31,
2003 2002
----------- -----------
(unaudited)
Balance sheet information:
Rental property, net $ 1,285,829 $ 1,335,632
Rental property, before accumulated
depreciation $ 1,636,998 $ 1,682,215
Total assets $ 1,497,673 $ 1,514,988
Total debt $ 1,006,573 $ 1,013,809
Minority interests $ 130,956 $ 134,477
Shareholders' equity $ 290,577 $ 301,239
Common shares outstanding 29,398,309 29,263,416
OP Units outstanding 5,570,084 5,696,686
Property information:
Manufactured home communities 200 201
Park model/RV communities 3 3
Available homesites 67,966 68,016
Occupied homesites 58,065 58,388
Occupancy rate:
Total portfolio 85.4 % 85.8 %
Stable 89.3 % 89.7 %
Expansion 75.5 % 75.8 %
Development 38.9 % 36.8 %
Disposition 86.3 % 87.1 %
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