Corporate Profile for National Golf Properties, dated Jan. 24, 1997.--(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, Prodigy, Comtex, and many others. -0-
Published Date: Jan. 24, 1997
Company Name: National Golf Properties Inc.
Address: 2951 28th St.
Suite 3001
Santa Monica, Calif. 90405
Main Telephone
Number: 310/664-4100
Chief Executive
Officer: Richard C. Price
Chief Financial
Officer: Edward R. Sause
Investor Relations
Contact: Neil M. Miller
Business number: 310/664-4100
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 courses. 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 72 golf courses, representing an aggregate initial investment in excess of $368 million. As of Jan. 15, 1997, NGP owned 116 golf courses geographically diversified among 27 states. This geographic distribution helps insulate the portfolio from regional economic influences. 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 its courses to experienced and creditworthy cred·it·wor·thy adj. Having an acceptable credit rating. cred  it·wor golf course 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
all operating expenses. All but five of NGP's courses are leased
to American Golf Corp. Three courses are leased to Cobblestone Golf
Group, one course is leased to The Links Group, and one course is leased
to Evergreen Alliance Golf Limited.CONTACT: National Golf Properties, Santa Monica |
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