Excel Announces Fourth Quarter & Year End 1997 Earnings & Acquisition of Shopping Center.SAN DIEGO--(BUSINESS WIRE)--February 18, 1998--Funds from Operations (FFO FFO See: Funds from operations ) increased to $18.9 million ($0.74 per share) for the fourth quarter ended December 31, 1997 as compared to $10.0 million ($0.62 per share) for the same quarter a year ago, a 19% increase on a per share basis. Revenue for the fourth quarter 1997 was $34.4 million compared to $17.2 million for the same period last year, an increase of 100%. Net income for the fourth quarter was $14.8 million ($0.59 per share), compared to $6.9 million ($0.43 per share) in 1996, an increase of 37% on a per share basis. The above per share amounts represent the basic earnings per share ("basic") under the newly issued Financial Accounting Standard No. 128 ("SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System No. 128"), Earnings per Share, which became effective for periods after December 15, 1997. Under the diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of ("diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ") of SFAS No. 128, the Company's FFO was $0.69 per share in 1997 compared to $0.61 per share in 1996 a 13% increase and net income for the fourth quarter was $0.56 compared to $0.41 per share in 1996, a 37% increase. The Company also reported that FFO for the year ended December 31, 1997 increased to $62.6 million ($2.66 per share basic and $2.54 per share diluted) as compared to $33.3 million ($2.31 per share basic and $2.30 per share diluted) for the year ended December 31, 1996. Revenue for 1997 was $105.4 million, compared to $63.1 million for 1996. Net income for the year 1997 was $49.0 million ($2.06 per share basic and $1.97 per share diluted), compared to $23.8 million ($1.66 per share basic and $1.62 per share diluted). Under SFAS No. 128, the Company restated its FFO and net income per share in the previous quarters. Per share information by quarter for 1997 and 1996 is as follows: -0-
Dec. 31 Sept. 30 June 30 March 31
1997:
FFO per share - basic $ 0.74 $ 0.67 $ 0.63 $ 0.60
FFO per share - diluted $ 0.69 $ 0.64 $ 0.61 $ 0.59
Net Income per share - basic $ 0.59 $ 0.50 $ 0.47 $ 0.48
Net Income per share - diluted $ 0.56 $ 0.48 $ 0.46 $ 0.46
1996:
FFO per share - basic $ 0.62 $ 0.59 $ 0.54 $ 0.54
FFO per share - diluted $ 0.61 $ 0.59 $ 0.54 $ 0.54
Net Income per share - basic $ 0.43 $ 0.46 $ 0.31 $ 0.44
Net Income per share - diluted $ 0.41 $ 0.45 $ 0.31 $ 0.44
The increased earnings came from the Company's strong core earnings derived from the existing portfolio and from an aggressive 1997 acquisition program. In January 1998, the Company announced the acquisition of a new neighborhood 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 constructed in 1997 in Temecula, California Temecula is a city in southwestern Riverside County, California, United States. The population was 57,716 at the 2000 census. The current population as of January 2007 has skyrocketed to 97,935. [1] It was incorporated on December 1, 1989. for $9.5 million. The 100,000 sq.ft. center will add approximately $945,000 in annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. base rent and is anchored by Albertson's grocery store and Thrifty Payless Thrifty PayLess Holdings, Inc. was a pharmacy holding company that owned the Thrifty Drugs and PayLess Drug Store chains in the western United States. The combined company was formed when Los Angeles-based TCH Corporation, the parent company of drugstore. The center is 100% leased. The Company also acquired through a joint venture 11 acres immediately adjacent to the center for expansion purposes. Through a joint venture the Company's development affiliate, ERT ERT abbr. estrogen replacement therapy Estrogen replacement therapy (ERT) A treatment in which estrogen is used therapeutically during menopause to alleviate certain symptoms such as hot flashes. Development, acquired 126 acres of prime development land adjacent to the future super-regional mall in Frisco (a suburb suburb, a community in an outlying section of a city or, more commonly, a nearby, politically separate municipality with social and economic ties to the central city. In the 20th cent. of Dallas), Texas. When completed, the Company plans to purchase the approximately 1 million square feet of retail space developed on the site. During the past 12 months the Company has purchased approximately $366 million in new retail properties adding approximately 5 million square feet of retail space to the portfolio. Excel 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.'s property portfolio consists of neighborhood, community and power centers and is currently 96% leased. The Company currently owns and manages over 14.6 million square feet of retail space in 28 states with book assets that exceed $1 billion. CONTACT: Excel Realty Trust, Inc. Graham R. Bullick, Senior Vice President, 619/485-9400 ext. 203 |
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