Excel raises dividend.SAN DIEGO--(BUSINESS WIRE)--June 4, 1996--For the sixth consecutive year, Excel Realty Trust today increased the dividend paid on its common stock. The increase is from $1.78 to $1.84 per year and will be effective for the second quarter dividend which will be 46 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 all shareholders of record on July 1, 1996. This is the third dividend increase since the company's listing on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. in August 1993. Excel completed an excellent year of growth during 1995 where net income per share increased 18.9 percent, 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 ) per share increased 14.9 percent and total revenue increased 35 percent. This has also been the seventh consecutive year of increases in funds from operations, net income, operating income and total revenue. During 1995, the company had a conservative dividend payout ratio Dividend Payout Ratio The percentage of earnings paid to shareholders in dividends. Calculated as: (dividend/FFO) of 77 percent. Separately, the company announced its DownREIT, Excel Realty Partners (ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. ) had added a commercial building in Minneapolis to its partnership for a total acquisition price of $6.25 million. ERP paid $300,000 cash, assumed a long-term industrial revenue bond of $5.9 million with an interest rate of 5.5 percent and issued 2,247 operating partnership units valued at $22.25 per unit. The units are each convertible into one share of Excel common stock after a lockout period of one year. The building currently produces approximately $761,000 in net operating income and approximately $400,000 in funds from operations. The property is approximately 90 percent occupied. The company derives its revenue from 115 properties located in 27 states leased to major retail tenants. Approximately 60 percent of the company's 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 rental (ABR) income comes from tenants with leases longer than 10 years. Forty percent of the ABR comes from tenants with investment grade credit ratings and 95 percent of the ABR comes from tenants that are national or regional in scope. If for any reason you did not receive the complete news release or for further information please contact Graham Bullick. All past news releases are available. CONTACT: Graham Bullick, 619/485-9400, ext. 203 |
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