EQK Realty Investors I reports 1995 year end results.ATLANTA--(BUSINESS WIRE)--April 3, 1996--EQK 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. Investors I (NYSE NYSE See: New York Stock Exchange symbol:EKR eKr Ennen Kristusta (Finnish: Before Christ) EKR Eigenkapitalrendite (German: Return on Equity) ) today reported its operating results for the year ended Dec. 31, 1995, reporting a net loss of $6,346,000, ($0.68 per share) and 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. of $3,027,000 ($0.33 per share). For 1994, the net loss was $3,459,000 ($0.37 per share) and Funds from Operations were $3,236,000 ($0.35 per share). The increased net loss in 1995 resulted from a third quarter write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of the company's investment in Castleton Park, an office park located in Indianapolis, Ind IND Investigational new drug Therapeutics A status assigned by the FDA to a drug before allowing its use in humans, exempting it from premarketing approval requirements so that experimental clinical trials may be conducted. See Phase 1.2, 3 studies, Sponsorship. . in the amount of $3,200,000 ($0.35 per share), offset somewhat by a gain on the final disposition of this property and a refund TO REFUND. To pay back by the party who has received it, to the party who has paid it, money which ought not to have been paid. 2. On a deficiency of assets, executors and administrators cum testamento annexo, are entitled to have refunded to them legacies of real estate taxes paid in prior years. For the three months ended Dec. 31, 1995, the company's net loss was $526,000, or ($0.06 per share) and Funds from Operations was $677,000, or ($0.07 per share). For the comparable period in 1994, the net loss was $1,290,000 ($0.14 per share) and Funds from Operations was $705,000 ($0.08 per share). As previously reported, the company completed the sale of Castleton Park in December 1995. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). were used to pay outstanding mortgage debt. Subsequent to the paydown Paydown A payment made towards an outstanding loan balance. Notes: Every time you make a mortgage payment you are "paying down" your loan. See also: Loan, Mortgage, Principal paydown In a corporate or U.S. , the company's debt facilities were extended for one year with a new maturity date of Dec. 15, 1996, on terms substantially unchanged from those previously in effect. The trust has one remaining real estate investment, Harrisburg East Mall, a regional shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into located in Harrisburg, Pa. The company's operating statements operating statement See income statement. follow: -0-
EQK Realty Investors I
Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
Three Months Year Ended
ended Dec. 31, Dec. 31,
1995 1994 1995 1994
Revenues from rental
operations $3,692 $4,193 $15,761 $16,512
Operating expenses, net
of tenant reimbursements 1,284 1,527 5,403 5,836
Depreciation and
amortization 1,083 1,132 4,848 4,612
Real estate tax refund -- -- (400) --
Write-down of investment
in real estate -- -- 3,200 --
Write-off of capitalized
predevelopment costs -- 429 -- 429
------- ------- ------- -------
Income from rental
operations 1,325 1,105 2,710 5,635
Interest expense 1,833 2,055 8,302 8,132
Other expenses, net of
interest income 247 340 983 962
-------- ------- ------- -------
Loss before gain on sale
of real estate (755) (1,290) (6,575) (3,459)
Gain on sale of real estate 229 -- 229 --
Net loss (526) (1,290) (6,346) (3,459) Non-cash and non-recurring items: Depreciation/amortization 1,083 1,132 4,848 4,612 Write-down of investment in real estate -- -- 3,200 -- Real estate tax refund -- -- (400) -- Imputed and deferred interest 349 434 1,954 1,654 Write-off of capitalized predevelopment costs -- 429 -- 429 Gain on sale of real estate (229) -- (229) --
-------- ------- ------- -------
Funds from operations $ 677 $ 705 $ 3,027 $ 3,236 Per Share Data: Loss before gain on sale of real estate ($0.08) ($0.14) ($0.71) ($0.37) Net Loss ($0.06) ($0.14) ($0.68) ($0.37) Funds from Operations $ 0.07 $ 0.08 $ 0.33 $ 0.35 NOTE: Per share calculations are based on 9,264,344 weighted average shares outstanding during each period presented. -0- CONTACT: EQK Realty Investors I William G. Brown William Gay Brown can refer to:
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