Excel announces third-quarter earnings.SAN DIEGO--(BUSINESS WIRE)--Nov. 1, 1996--Excel Realty Trust Inc. (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. ) (NYSE NYSE See: New York Stock Exchange :XEL XEL New Carlisle, Quebec, Canada - New Carlisle / via Rail Service (Airport Code) ) reported that 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 ), a REIT-industry standard measurement, increased to $8.9 million (59 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. ) for the third quarter ended Sept. 30, 1996, as compared with $7.5 million (57 cents per share) for the same quarter a year ago. Revenue for the third quarter rose to $13.6 million, compared with $13.5 million for the same period last year. Net income for the quarter increased to $6.9 million (46 cents per share), compared with $5.5 million (43 cents per share) in 1995. Funds from operations for the nine months ended Sept. 30, 1996, increased to $23.2 million ($1.67 per share), as compared with $19.1 million ($1.63 per share) for the same period a year ago. Revenue for the nine months was $39.6 million, compared with $39.9 million for the same period last year. Net income for the period increased to $16.9 million ($1.21 per share), compared with $13.1 million ($1.12 per share) in 1995. The company's development entity, ERT Development Corp. (EDV EDV end-diastolic volume. ), contributed approximately $195,000 to the past quarter's earnings. It is sometimes difficult to predict the exact timing of income- producing events within EDV (i.e., property sales, commissions and real estate fees relating to transactions performed by EDV); thus income from the development company is less predictable than income from the balance of the company. Separately, the company announced that it had leased approximately 106,000 square feet of space in its shopping centers during the quarter. The average rent per square foot rose approximately 62 cents per square foot for the leased space. The company expanded existing tenants into approximately 7,500 square feet, leased 45,500 square feet to new tenants, and renewed leases to existing tenants for approximately 53,000 square feet. Excel Realty Trust Inc. currently owns and manages properties that are primarily neighborhood and community shopping centers, anchored by major retail tenants, or single-tenant properties leased to major retail tenants. The company currently has more than 8.7 million square feet under management. CONTACT: Excel Realty Trust Inc., San Diego Graham R. Bullick, 619/485-9400 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion