National Golf Properties reports 11 percent FFO per share growth in 1996.SANTA MONICA Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. , Calif.--(BUSINESS WIRE)--Feb. 25, 1997--National Golf Properties Inc. (NYSE NYSESee: New York Stock Exchange :TEE) reported 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 ) of $42.0 million for the year ended Dec. 31, 1996, a 15% increase from $36.4 million for the year ended Dec 31, 1995. On a per-share basis, NGP NGP Neo-Geo Pocket (SNK) NGP Nearest Grid Point NGP New Growth Point (UK) NGP National Grid Project NGP Next-Generation Program (fire suppression) NGP Next Generation Product reported an 11% increase in FFO to $2.10 per share for the year ended Dec. 31, 1996, from $1.89 per share from a year earlier. The difference in growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. between aggregate FFO and FFO per share is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the issuance of 1,577,820 shares of NGP common stock during the third quarter of 1996 as partial consideration for the purchase of 20 golf courses. NGP has adopted the new definition of FFO published by the National Association of Real Estate Investment Trusts (NAREIT NAREIT National Association of Real Estate Investment Trusts ). Rent revenues increased 28% to $58.9 million in 1996 from $45.9 million in 1995. The increase in rent revenues was due to same-store rent growth of 2.9% and rent received from 35 golf courses acquired during the year. Net income totaled $13.4 million or $1.17 per share in 1996, compared with $13.3 million or $1.25 per share in 1995. The decrease in net income per share was primarily due to increased interest and depreciation expense in 1996. For the year, NGP declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. distributions to stockholders of $1.66 per share and reduced its payout ratio Payout Ratio The percentage of earnings paid out in dividends. It is calculated by dividing dividends per share by earnings per share. Notes: The payout ratio indicates how well earnings support the dividend payments: the lower the ratio, the more secure the dividend. to approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 79% of FFO from approximately 85% a year earlier. For the quarter ended Dec. 31, 1996, FFO increased 17% to $10.9 million from $9.3 million in the fourth quarter of 1995. On a per- per- word element [L.], (1) throughout; completely; extremely; (2) in chemistry, a large amount; combination of an element in its highest valence. per- pref. 1. share basis, NGP reported an 8% increase in FFO to $0.52 per share for the quarter ended Dec. 31, 1996, from $0.48 per share from a year earlier. Rent revenues increased 32% to $15.9 million in the fourth quarter of 1996 from $12.1 million the prior year. Net income increased to $3.6 million or $0.29 per share in fourth quarter of 1996 compared with $2.8 million or $0.27 per share a year earlier primarily due to a gain from the sale of a golf course in the fourth quarter of 1996. NGP acquired 35 golf courses for approximately $155 million in 1996 including the purchase of 20 golf courses from Golf Enterprises for $58 million, a transaction in which NGP issued $41 million of common stock as partial consideration. As expected, this transaction was accretive to FFO per share in 1996. NGP leased 31 if its 35 golf course acquisitions in 1996 to American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Golf Corp., which operates approximately 250 courses in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and United Kingdom. In addition, NGP leased two courses to Cobblestone Golf Group, which operates 22 courses in the southwestern south·west n. 1. Abbr. SW The direction or point on the mariner's compass halfway between due south and due west, or 135° west of due north. 2. An area or region lying in the southwest. 3. United States; one course to The Links Group, which operates 11 courses in the southeastern south·east n. 1. Abbr. SE The direction or point on the mariner's compass halfway between due south and due east, or 135° east of due north. 2. An area or region lying in the southeast. 3. United States; and one course to Evergreen evergreen, term commonly used as synonymous with conifer and applied also to all those broad-leaved plants that bear green leaves throughout the year. Of the latter, most are plants of the tropics, subtropics, and other areas where the growing season is prolonged (e. Alliance Golf Limited, which operates 25 courses in nine states. NGP currently owns 116 golf courses geographically ge·o·graph·ic also ge·o·graph·i·cal adj. 1. Of or relating to geography. 2. Concerning the topography of a specific region. ge diversified diversified (di·verˑ·s among 27 states. The portfolio consists of 53 daily fee courses, 43 private club courses and 20 resort courses. -0-
NATIONAL GOLF PROPERTIES INC.
4Q96 Financial Summary
(In thousands, except per-share and property data)
Income Statement Data Three Months Ended Year Ended
Dec. 31, Dec. 31,
1996 1995 Growth 1996 1995 Growth
Base Rent Revenue $15,528 $11,219 38.4% $54,609 $42,200 29.4%
Percentage Rent Revenue 403 867 (53.5%) 4,289 3,731 15.0%
Total Rent Revenue $15,931 $12,086 31.8% $58,898 $45,931 28.2%
Funds From Operations
(New Definition) $10,857 $ 9,256 17.3% $41,995 $36,447 15.2%
Per Share $ 0.52 $ 0.48 8.3% $ 2.10 $ 1.89 11.1%
Funds From Operations
(Old Definition) $11,233 $ 9,533 17.8% $43,278 $37,628 15.0%
Per Share $ 0.53 $ 0.49 8.2% $ 2.16 $ 1.95 10.8%
Weighted Average
Common Stock and OP
Units Outstanding 21,028 19,308 -- 20,025 19,308 --
Distributions Declared
Per Share $ 0.42 $ 0.41 2.4% $ 1.66 $ 1.61 3.1%
Payout Ratio (New FFO
Definition) 81% 85% -- 79% 85% --
Payout Ratio (Old FFO
Definition) 79% 84% -- 77% 83% --
Balance Sheet Data Dec. 31, 1996 Dec. 31, 1995
Real Estate Before Accumulated
Depreciation $515,794 $362,068
Total Assets $469,945 $347,967
Variable-Rate Debt $24,890 $12,000
Weighted Average Variable Interest Rate 7.78% 7.44%
Fixed-Rate Debt $205,059 $131,176
Weighted Average Fixed Interest Rate 8.14% 8.22%
Total Debt $229,949 $143,176
Weighted Average Blended Interest Rate 8.10% 8.16%
Market Capitalization (Including Debt) $896,047 $584,845
Total Debt/Market Capitalization 26% 24%
Common Stock Outstanding 12,304 10,622
OP Units Outstanding 8,738 8,686
Total Common Stock & OP Units Outstanding 21,042 19,308
Course Data Feb. 25, 1997 Dec. 31, 1996
Daily Fee Courses 53 52
Private Courses 43 43
Resort Courses 20 19
Total Courses 116 114
Other Data Year Ended
Dec. 31, 1996
Same Store Rent Growth 2.9%
Same Store Revenue Growth (Course Level) 6.3%
Same Store Rounds Growth 0.3%
Golf Course Acquisitions 35
Aggregate Initial Golf Course Investment $155,013
-0-
NATIONAL GOLF PROPERTIES INC.
FFO Reconciliation
(Dollars in thousands, except per-share data)
Three Months Ended Year Ended
Dec. 31, Dec. 31,
1996 1995 1996 1995
Net income $ 3,638 $ 2,829 $13,412 $13,286
Minority interest 2,776 2,393 10,852 11,366
Depreciation & amortization 5,672 4,032 19,124 14,027
Amortization -- restricted stock 321 236 1,089 943
Write off of option payable -- -- -- (101)
(Gain) loss on asset dispositions (1,174) 43 (1,199) (1,893)
Funds from operations -- old
definition 11,233 9,533 43,278 37,628
Amortization -- restricted stock (321) (236) (1,089) (943)
Amortization -- loan costs (44) (30) (147) (195)
Depreciation -- corporate (11) (11) (47) (43)
Funds from operations -- new
definition $10,857 $9,256 $41,995 $36,447
Per share:
Funds from operations -- old
definition $0.53 $0.49 $2.16 $1.95
Funds from operations -- new
definition $0.52 $0.48 $2.10 $1.89
-0-
NATIONAL GOLF PROPERTIES INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
Dec. 31,
1996 1995
ASSETS
Property
Land $63,049 $51,909
Buildings 147,678 108,120
Ground improvements 263,803 168,872
Furniture, fixtures and equipment 30,531 26,646
Construction in progress 10,733 6,521
515,794 362,068
Less: accumulated depreciation (73,031) (58,787)
Net property 442,763 303,281
Cash and cash equivalents 11,224 7,089
Investments 286 809
Mortgage notes receivable 2,971 27,441
Other assets 12,701 9,347
Total assets $469,945 $347,967
LIABILITIES AND STOCKHOLDERS' EQUITY
Notes payable $229,949 $143,176
Accounts payable and other liabilities 3,134 2,077
Due to affiliates 641 1,807
Total liabilities 233,724 147,060
Minority interest 20,831 23,000
Commitments and contingencies
Stockholders' Equity:
Preferred stock, $.01 par value,
5 million shares authorized --
none issued -- --
Common stock, $.01 par value,
40 million shares authorized,
12,303,720 and 10,621,975
shares issued and outstanding at
Dec. 31, 1996 and 1995,
respectively 123 106
Additional paid in capital 219,985 181,730
Accumulated deficit (1,360) (1,360)
Unamortized restricted stock
compensation (3,358) (2,569)
Total stockholders' equity 215,390 177,907
Total liabilities and stockholders'
equity $469,945 $347,967
-0-
NATIONAL GOLF PROPERTIES INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per-share amounts)
For the year
ended
Dec. 31,
1996 1995 1994
Revenues:
Rent from affiliates $57,291 $45,339 $36,637
Rent 1,607 592 --
Gain on sale of property 1,199 1,893 --
Total revenues 60,097 47,824 36,637
Expenses:
General and administrative 4,734 4,258 4,709
Depreciation and
amortization 19,124 14,027 10,413
Total expenses 23,858 18,285 15,122
Operating income 36,239 29,539 21,515
Other income (expense):
Interest income from
affiliates 1,683 2,884 2,759
Interest income 427 1,260 700
Other income 238 114 194
Interest expense (14,067) (8,793) (2,212)
Income before provision for
taxes and minority interest 24,520 25,004 22,956
Provision for taxes (256) (352) (368)
Income before minority interest 24,264 24,652 22,588
Income applicable to minority
interest (10,852) (11,366) (10,712)
Net income $13,412 $13,286 $11,876
Net income per common share $ 1.17 $ 1.25 $ 1.12
Weighted average number of
common stock and common
stock equivalents 11,420 10,643 10,616
-0-
NATIONAL GOLF PROPERTIES INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per-share amounts)
For the quarter
ended Dec. 31,
1996 1995
Revenues:
Rent from affiliates $ 15,285 $ 11,903
Rent 646 183
Gain on sale of property 1,174 (43)
Total revenues 17,105 12,043
Expenses:
General and administrative 1,058 929
Depreciation and amortization 5,672 4,032
Total expenses 6,730 4,961
Operating income 10,375 7,082
Other income (expense):
Interest income from affiliates 1 585
Interest income 111 285
Other income 74 11
Interest expense (4,094) (2,615)
Income before provision for
taxes and minority interest 6,467 5,348
Provision for taxes (53) (125)
Income before minority interest 6,414 5,223
Income applicable to minority
interest (2,776) (2,393)
Net income $ 3,638 $ 2,830
Net income per common share $ 0.29 $ 0.27
Weighted average number of
common stock and common stock
equivalents 12,431 10,668
CONTACT: National Golf Properties Inc., Santa Monica Edward Edward killed his father at his mother’s instigation. [Br. Balladry: Edward in Benét, 302] See : Patricide R. Sause/Neil M. Miller, 310/664-4100 |
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