Corporate Profile for National Golf Properties, dated Dec. 8, 1995.--(BUSINESS WIRE)--The following Corporate Profile is available for inclusion in your files. News releases for this client are distributed by Business Wire and also become part of the leading databases and information services See Information Systems. . These include Dow Jones News/Retrieval, Bloomberg Financial Markets, Reuter Company Newsyear, Reuter Business Briefing, DataTimes, Nexis, Dialog, NewsNet, America OnLine, CompuServe, Delphi, Individual's HeadsUp and First!, Desktop Data's NewsEdge, UMI UMI University Microfilms International UMI United States Minor Outlying Islands (ISO Country code) UMI University of Miami UMI Universal Management Infrastructure (IBM) Data Courier, NewsBank, Information Access Company and many others. -0- Published date: Dec. 8, 1995 Company name: National Golf Properties Inc.
Address: 1448 15th St.
Suite 200
Santa Monica, Calif. 90404
Telephone No.: 310/260-5500 Chief Executive Officer: Richard C. Price Chief Financial Officer: Edward R. Sause Investor Relations Contact: Neil M. Miller Business number: 310/260-5500 Public Relations Contact: Neil M. Miller Business number: 310/260-5500 Trading symbol: TEE Industry: Real estate investment trust -- golf Company description: National Golf Properties (NGP NGP Neo-Geo Pocket (SNK) NGP Nearest Grid Point NGP New Growth Point (UK) NGP National Grid Project NGP Next-Generation Program (fire suppression) NGP Next Generation Product ), a self- administered real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ), is the largest publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. in the United States specializing in the acquisition and ownership of golf course properties. NGP is traded under the symbol TEE on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . Since its initial public offering in August 1993, NGP has acquired 34 golf courses. As of Dec. 1, 1995, NGP owns 80 golf courses -- 79 courses geographically diversified among 23 states and one course in the United Kingdom. This geographic distribution helps insulate the portfolio from regional economic influences. NGP's portfolio consists of 42 daily-fee courses, 22 private country club courses and 16 resort courses. Pursuant to the REIT provisions of the Internal Revenue Code The Internal Revenue Code is the body of law that codifies all federal tax laws, including income, estate, gift, excise, alcohol, tobacco, and employment taxes. These laws constitute title 26 of the U.S. Code (26 U.S.C.A. § 1 et seq. , NGP is generally prohibited from operating golf courses. As such, NGP leases the golf courses to experienced and creditworthy cred·it·wor·thy adj. Having an acceptable credit rating. cred  it·wor operators under
long-term triple net leases. The operators pay minimum base rent on
each property. In addition, a percentage rent feature enables NGP to
participate in growth in revenues at the golf courses. The leases
include strict maintenance standards and require the operators to pay
substantially all operating expenses Operating expensesThe amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . Currently, all but one of NGP's courses are leased to American Golf Corp., one of the largest and most experienced golf course operators in the world with more than 190 courses under management. One of NGP's courses is leased to Cobblestone Golf Group, a golf course acquisition and operating company with 16 properties under ownership or management. CONTACT: National Golf Properties Inc., Santa Monica |
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