Excel Announces Third Quarter 1997 Earnings.SAN DIEGO--(BUSINESS WIRE)--Nov. 11, 1997--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., announced the results of its third quarter ended Sept. 30, 1997. 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. increased by 8.5% per share for the quarter ended Sept. 30, 1997 as compared to the same period in 1996 ($0.64 per share, $0.59 per share, respectively). Net Income per share increased 4.4% per share during the same period ($0.48 per share, $0.46 per share, respectively). Total revenue rose to $27.4 million during the third quarter ended Sept. 30, 1997 as compared to $15.9 million for the same period in 1996. Detail Information Funds from operations for the quarter increased to $16.9 million or $0.64 per share which is an increase of 8.5% per share compared to $8.9 million or $0.59 per share for the same quarter a year ago. For the nine months ended Sept. 30, 1997, Funds from Operations were $43.6 million or $1.83 per share compared to $23.2 million or $1.63 per share for the same period a year ago, an increase of 12.3% per share. Revenue for the third quarter of 1997 was $27.4 million, compared to $15.9 million for the same period last year, an increase of 72%. For the nine months ended Sept. 30, 1997, revenue rose from $45.7 million to $71.0 million. The increase in revenue was mainly due to the property acquisitions made by the Company. Net income for the third quarter increased to $12.6 million ($0.48 per common share), compared to $6.9 million ($0.46 per share) in 1996, resulting in a 4.4% per share increase. For the nine months ended Sept. 30, 1997 net income rose to $34.1 million from $16.9 million for the same period a year ago or from $1.21 per share to $1.41 per share, resulting in a 16.5% per share increase. The Company paid distributions of $.50 per common share and a $0.53 per preferred share distribution for the third quarter. At Sept. 30, 1997, the Company's property portfolio was 97% leased. Leases renewed by tenants during the quarter showed an average of $3.71 per square foot increase over leases expiring ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. . The Company acquired 6 properties during the third quarter located in Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). , California, Minnesota, Tennessee and Pennsylvania. A new property management office was opened to manage the Company's California properties. The Company presently owns and manages 14 properties in California with gross leasable area Gross leasable area (GLA) in the retail development industry is a term applied to shopping malls, lifestyle centers, outlet malls and other retail centers to indicate the amount of floor space available to be rented. of 1.7 million square feet. In addition, since the close of the third quarter, the Company has acquired an additional 6 properties for year to date total of 27 properties acquired for approximately $281 million. The properties acquired to date during the fourth quarter of 1997 are located in California, Florida, South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , Pennsylvania and Texas. Excel A full-featured spreadsheet for Windows and the Macintosh from Microsoft. It can link many spreadsheets for consolidation and provides a wide variety of business graphics and charts for creating presentation materials. Realty Trust Inc., currently owns and manages properties which are primarily neighborhood and community shopping centers 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 anchored by major retail tenants, or single tenant properties leased to major retail tenants. The Company currently owns and manages over 13.2 million square feet of retail space which is cared for by the Company's regional property management offices. CONTACT: Excel Realty Trust Inc., San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. Graham R. Bullick, 619/485-9400 ext. 203 |
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