DEVELOPER SETS EARNINGS RECORD; SPEEDY GROWTH ENRICHES NEWHALL LAND.Byline: Patricia Farrell Aidem Daily News Staff Writer The Newhall Land and Farming Company The Newhall Land and Farming Company is a land management company based in Valencia, California, United States. The company is responsible for the master community planning of Valencia, as well as the management of farm land elsewhere in the state. made more money in three months of 1998 than any full year in the developer's history. Valencia-based Newhall Land reported $16.3 million in net income for the third quarter of this fiscal year, compared to $12.5 million last year. Gross revenue was $78.1 million compared to $67.3 million, respectively. Contributing to third-quarter earnings, covering July through September, was the close of escrow on 168 residential lots, the opening of the 244-room Hyatt Valencia Hotel and the sale of 42 industrial acres, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a company report. ``Sales activities are at record levels and properties are selling at substantially higher prices than appraised values at the end of 1997,'' Tom Lee, Newhall Land's chairman and chief executive officer, said in a statement. ``As a result 1998 is expected to be our fifth consecutive year of increased revenues and earnings.'' Expected to boost the company's profile in the final quarter of the year is the completion of Newhall Land's new six-story office building that will house Princess Cruises' headquarters and the opening of an extension of the Valencia Town Center Mall Town Center Mall may refer to:
Princess Cruises Princess Cruises is an American cruise line, based out of Santa Clarita, California, that operates cruise ships also shares the same building with Cunard Line headquarters. It is one of the many cruise lines operated by the Carnival Corporation. will relocate 700 employees from Century City by the end of the year. The newest stretch of Town Center Drive, 194,000 square feet of retail space, is already 71 percent leased to retail outlets. An entertainment complex now under construction will include Borders Books, an Imax 3-D Theatre and 11 additional movie screens. The completion of the Town Center is expected to add $12 million to $13 million in 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. to the Newhall Land portfolio. Lee pointed out that the company's current performance will stir the region's economy. ``When industrial acreage sold during the past three years is developed, more than 6,000 jobs will be added, creating more demand for residential housing, retail and other services,'' he said. The activity, Lee added, will accelerate the development of Valencia and of the company's proposed 22,000-home Newhall Ranch project west of Santa Clarita Santa Clarita, city (1990 pop. 110,642), Los Angeles co., S Calif., suburb 30 mi (48 km) NW of downtown Los Angeles, on the Santa Clara River; inc. 1987. Situated in the Santa Clara valley and nearby canyons, Santa Clarita includes the former towns of Canyon Country, . Tuesday's hearing on Newhall Ranch before the Los Angeles County Board of Supervisors The Los Angeles County Board of Supervisors is the five member governing board of Los Angeles County, California. Members of the board of supervisors are elected by district, the current members as of April 2006 are:
To Be Continued to Nov. 24 as both sides negotiate. In residential development, two projects in Valencia's NorthPark neighborhood sold out and escrow closed on two developments surrounding the Valencia Country Club. During the quarter, Newhall Land captured 40 percent of the Santa Clarita Valley's new home sales New Home Sales An economic indicator that measures sales of newly built homes. Released by the U.S. Department of Commerce's Census Bureau, it includes both quantity and price statistics. , and 8 percent of home sales countywide. Industrial properties also sold. Escrow closed during the quarter on five parcels totaling 59 acres. By comparison, escrow closed on 70 acres of industrial land in all of 1997, and on just 20 acres in 1996. CAPTION(S): Photo PHOTO (Color) Construction continues apace on expanding the Valencia Town Center, one of numerous, and lucrative, Newhall Land developments. Shaun Dyer/Special to the Daily News |
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