Excel Realty Trust Inc. announces annual results for 1994.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. , Calif.--(BUSINESS WIRE)--Feb. 6, 1995--Excel Realty Trust Inc. reported that its annual 1994 Funds From Operation (FFO FFO See: Funds from operations ) increased to $21,869,430 or $2.01 per share for the year ended Dec. 31, 1994 compared with $9,216,060 or $1.54 per share for the year ended Dec. 31, 1993. Gross revenues for 1994 were $41,013,929 compared with $21,524,478 for 1993. Net income for the year totaled $13,795,691 or $1.27 per share compared with $3,231,515 or $.55 per share for the previous year. For the fourth quarter ended Dec. 31, 1994, gross revenues were $11,094,688 compared to $8,700,380 for the fourth quarter ended Dec. 31, 1993. Funds From Operation for the fourth quarter totaled $5,564,637 or $.51 per share compared to $4,989,207 or $.48 per share for the fourth quarter ended Dec. 31, 1993. Net income for the quarter was $3,500,460 or $0.32 per share compared to $3,590,706 (which included an extraordinary gain on real estate of $399,290) or $0.35 per share for the fourth quarter ended Dec. 31, 1993. The 1994 growth in revenues resulted from additional income derived from an increase in the number of properties owned by the company, as well as increased leasing activity within the company's properties. During 1994 the company purchased 13 community shopping centers and six single tenant retail properties for a total purchase price of $76.1 million which added over $8.8 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. . The company reported that during 1994, it signed 43 new leases and renewed an additional 32 existing leases bringing the Dec. 31, 1994 occupancy rate Noun 1. occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred) for its portfolio to 99.3%. In addition, four expansion projects were completed on existing shopping centers adding approximately 100,000 square feet to the portfolio. Additionally, the company reported that it sold on Feb. 1, 1995 a single tenant retail drug store which it owned in Phoenix for a sales price of $1,095,000. The company originally purchased the property, which was sublet sub·let tr.v. sub·let, sub·let·ting, sub·lets 1. To rent (property one holds by lease) to another. 2. To subcontract (work). n. to Osco Drug Osco Drug is a chain of pharmacy stores which operate under Supervalu Pharmacies. Most Oscos currently can be found in Jewel supermarkets. Since 2006, Osco is a wholly owned subsidiary of Supervalu Pharmacies of Eden Prairie, Minnesota-based Supervalu. Store, on Aug. 10, 1993 at a price of $855,740. The property was sold pursuant to a 1031 tax deferred exchange. Excel Realty Trust Inc. is an operating real estate company that owns and manages community or regional shopping centers, or single tenant properties leased primarily to national retail tenants. Excel currently manages over 8.7 million square feet which generates 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. rental income Noun 1. rental income - income received from rental properties income - the financial gain (earned or unearned) accruing over a given period of time in excess of $49.1 million. CONTACT: Excel Realty Trust Inc. Graham R. Bullick, 619/485-9400 ext. 203 |
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