ElderTrust Announces Second Quarter 1998 Results and Distribution of $0.365 Per Share.KENNETT SQUARE, Pa.--(BUSINESS WIRE)--July 22, 1998--ElderTrust (NYSE NYSE See: New York Stock Exchange :ETT ETT Empresa de Trabajo Temporal (Spain) ETT European Transactions on Telecommunications ETT Exercise Treadmill Test ETT Embedded Training Team ETT Exercise Tolerance Test (cardiology) ) today reported results for the second quarter ended June 30, 1998. 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. (FFO FFO See: Funds from operations ) for the second quarter ended June 30, 1998 totaled $3.4 million, or $.43 per share, on revenues of $5.4 million. Net income for the quarter totaled $2.1 million. The weighted average number of shares and units outstanding totaled 7,874,630 for the second quarter. For the period January 30 through June 30, 1998 (FFO) totaled $5.3 million, or $.67 per share, on revenues of $8.6 million. Net income, before a $2.6 million charge for start-up Start-up The earliest stage of a new business venture. expenses, totaled $3.3 million. The weighted average number of shares and units outstanding totaled 7,873,380 for the period January 30 through June 30, 1998. In addition, the Company announced that its Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. had authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the payment on or about August 14, 1998, to shareholders of record on August 3, 1998, of a quarterly distribution, covering the second quarter ended June 30, 1998, of $0.365 per share, which represents a pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. distribution based on an annual distribution of $1.46 per share. ElderTrust completed its initial public offering on January 30, 1998. The Company had no operations prior to that date. "We are very pleased with the results of our first full quarter since becoming a public company on January 30, 1998." said Ed Romanov, president and chief executive office of ElderTrust. ElderTrust owns and leases a portfolio of 20 buildings and has loaned $44.8 million in construction and term financing on 10 healthcare facilities. Certain matters discussed within this press release may be deemed to be forward looking statements within the meaning of the Private Securities Act of 1995. Although ElderTrust believes the expectations reflected in such forward looking statements are reasonable assumptions, it can give no assurance that its expectations will be attained at·tain v. at·tained, at·tain·ing, at·tains v.tr. 1. To gain as an objective; achieve: attain a diploma by hard work. 2. . Factors that could cause actual results to differ materially from ElderTrust's expectations include real estate conditions, information determined in the course of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. review, changes in the economic conditions and other risks detailed from time to time in the Company's SEC reports and filings, including its registration statement as well as quarterly reports on Form 10-Q Form 10-Q See 10-Q. and reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. . The Company assumes no obligation to update or supplement forward looking statements that become untrue un·true adj. un·tru·er, un·tru·est 1. Contrary to fact; false. 2. Deviating from a standard; not straight, even, level, or exact. 3. Disloyal; unfaithful. because of subsequent events. -0-
FUNDS FROM OPERATIONS
(IN THOUSANDS EXCEPT FOR COMMON SHARE/UNIT INFORMATION)
(unaudited)
For the period
For the three January 30, 1998
months ended through
June 30, 1998 June 30, 1998
-------------- ------------------
Income before income
from investment in
unconsolidated
entities, start-up
expenses and minority
interest $2,112 $3,290
Add back (deduct):
Income from investments in
unconsolidated entities 55 51
Depreciation and amortization
(real estate related) 1,196 1,966
------- -------
Funds from operations $3,363 $5,307
======= =======
Company's share of Operating
Partnership 94% 94%
------- -------
Company's share of funds
from operations $3,157 $4,982
======= =======
Weighted average Common
Shares outstanding 7,392,600 7,391,350
Weighted average Common
Shares and Units
outstanding 7,874,630 7,873,380
--------- ---------
Funds from operations
per Common Share/Unit $0.43 $0.67
========= =========
SUMMARY BALANCE SHEET (IN THOUSANDS)
(unaudited)
June 30, 1998
-------------
Investment in real estate net
of accumulated depreciation $149,598
Real estate loans $44,801
Total assets $209,600
Mortgage debt $36,683
Line of credit $43,347
Total liabilities $83,897
Shareholders' equity and
minority interest $125,703
Total liabilities and
shareholders' equity $209,600
CONTACT: ElderTrust D. Lee McCreary, Jr. Senior Vice President & Chief Financial Officer 610/925-4215 |
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