Correcting FAD per share figure in financial table of Glenborough Realty release.--(BUSINESS WIRE)-- In BW1180, (GLENBOROUGH-REALTY) Increases Dividend to $.32 Per Share, in second table, FAD FAD - ["FAD, A Simple and Powerful Database Language", F. Bancilon et al, Proc 13th Intl Conf on VLDB, Brighton, England, Sep 1987]. per share figure for the twelve months ended Dec. 31, 1996 should read 1.46 (sted 1.39). Corrected table follows. -0-
GLENBOROUGH REALTY TRUST INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share information)
For the Twelve Months Ended
Pro forma
Dec. 31 Dec. 31
1996 1995
REVENUE
Rental revenue $ 17,943 $ 13,495
Management fee income 311 260
Interest and other income 1,080 982
Equity in earnings of Associated Companies 1,598 1,691
Gain on sale of rental property 321 ---
Total revenue 21,253 16,428
OPERATING EXPENSES
Operating expenses 5,266 4,084
General and administrative 1,393 983
Depreciation and amortization 4,575 3,654
Loss provision --- 863
Interest expense 3,913 2,767
Total operating expenses 15,147 12,351
Income from operations before minority
interest 6,106 4,077
Minority interest (293) (281)
Net income excluding Consolidation costs 5,813 3,796
Consolidation costs (6,082) ---
Litigation costs (1,155) ---
Loss on debt refinancing (186) ---
Net income (loss) including Consolidation
costs $ (1,610) $ 3,796
Per Share Data:
Net income excluding Consolidation costs 0.88 0.66
Net income (loss) including Consolidation
costs (0.24) 0.66
OTHER DATA
Income from operations before minority
interest $ 6,106 $ 4,077
Depreciation and amortization 4,575 3,654
Loss provision --- 863
Deduct gain on sale of rental property (321) ---
Adjustment to reflect FFO of Associated
Companies 1,131 1,044
FFO (NAREIT's new definition) 11,491 9,638
Amortization of deferred financing fees 193 173
Capital reserve (1,187) (955)
FAD $ 10,497 $ 8,856
FFO per share 1.59 1.53
FAD per share 1.46 1.41
Weighted average shares outstanding 6,632,707 5,753,709
Fully converted weighted average
shares outstanding 7,203,071 6,296,042
CONTACT: Glenborough Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Trust Inc. Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. Batinovich President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. 415/343-9300 or D.F. King & Co. Inc. Jennifer Jennifer became a common first name for females in English-speaking countries during the 20th century. The name Jennifer is a Cornish variant of Guinevere, deriving ultimately from Proto-Celtic *windo-seibaro- "white ghost", via Brythonic *wino-hibirā (cf. R. Wall Peter C. Harkins 212/269-5550 REPEATS: 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 212-752-9600 or 800-221-2462; Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. 617-236-4266 or |
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