Security Capital Industrial Trust announces 11.1 percent increase in first quarter funds from operations per share.DENVER--(BUSINESS WIRE)--April 19, 1996--Security Capital Industrial Trust (SCI (Scalable Coherent Interface) An IEEE standard for a high-speed bus that uses wire or fiber-optic cable. It can transfer data up to 1GBytes/sec. (hardware) SCI - 1. Scalable Coherent Interface. 2. UART. ) (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. Symbol: SCN SCN Scan SCN Sustainable Communities Network SCN System Change Number (Oracle) SCN Scientology SCN Suprachiasmatic Nucleus SCN Switched Circuit Network SCN Standing Committee on Nutrition (UN) ) reported that for the first quarter ended March 31, 1996, SCI generated 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 $25,678,000 or $0.30 per common share, vs. $18,970,000 or $0.27 per common share for the same quarter of 1995, representing a per share increase in FFO of 11.1 percent. Total revenues for the first quarter of 1996 were $50,362,000, compared to $33,013,000 for the same quarter of 1995. SCI had total weighted average common shares outstanding of 86,622,000, compared to 70,337,000 in the first quarter of 1995. SCI Co-Chairman and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. K. Dane Dane n. 1. A native or inhabitant of Denmark. 2. A person of Danish ancestry. [Middle English Dan, from Old Norse Danr. Brooksher said the average increase in rental RENTAL. A roll or list of the rents of an estate containing the description of the lands let, the names of the tenants, and other particulars connected with such estate. This is the same as rent roll, from which it is said to be corrupted. rates for leases which turned in the first quarter was 12.0 percent, which Brooksher attributed to SCI's strong markets and the implementation of the SCI National Operating System operating system (OS) Software that controls the operation of a computer, directs the input and output of data, keeps track of files, and controls the processing of computer programs. (TM). Leasing activity in the first quarter consisted of 267 transactions totaling 4.9 million square feet in 28 SCI markets. SCI's operating properties, totaling 65.1 million square feet, were 94.1 percent leased at March 31, 1996. SCI continues to build its service capabilities and market presence through the SCI National Operating System(TM). With the recent opening of the New Jersey/I-95 corridor office, SCI now has 26 offices nationwide with 255 professionals to provide local service to its customers. In the first quarter of 1996, SCI continued to build its national customer base, bringing the total of national customers to 248 of the top 1,000 targeted users of distribution space. Of that group, 140 are multiple market customers, an 18 percent increase from year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 1995. Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs G. Wattles, SCI Co-Chairman and Chief Investment Officer, said SCI continues to deploy capital to enhance its ability to provide distribution space to its target customers. Wattles said first-quarter acquisitions totaled 3.9 million square feet of distribution space in nine target markets, representing a total investment of $87.3 million, 62.4 percent of estimated replacement cost. These acquisitions are consistent with SCI's strategy to focus on underleased and undermanaged assets. In the first three months of 1996, SCI completed development of 2.8 million square feet of distribution space in 14 target markets, representing a total investment of $90.6 million. Today, buildings completed a year ago during the first quarter of 1995 are 100 percent leased, achieving stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy 56.5 percent faster than planned. Wattles said master-planned distribution parks continue to be a principal focus of SCI's development program. At March 31, 1996, SCI had 7.1 million square feet of inventory buildings under development in 31 master-planned parks, representing a total expected investment of $249.8 million. In the first quarter, SCI acquired 55 acres of land, bringing the total net inventory of land owned or controlled through fixed-price options, contingent Fortuitous; dependent upon the possible occurrence of a future event, the existence of which is not assured. The word contingent denotes that there is no present interest or right but only a conditional one which will become effective upon the happening of the contracts or letters of intent to 2,023 acres for an estimated 34 million square feet of new development at full build-out Build-out is an urban planner’s estimate of the amount and location of potential development for an area. Build-out is one step of the land use planning process. Evaluation of potential development impacts begins with a build-out analysis. . SCI's National Development Group signed leases in the first quarter on a total of 873,000 square feet of new build-to-suit projects, representing a total expected investment of $30.2 million. These projects include an 80,322-square-foot facility for Konica KONICA Konishiroku Shashin Kogyo K.k. USA, Inc., in Orange County, California Orange County is a county in Southern California, United States. Its county seat is Santa Ana. According to the 2000 Census, its population was 2,846,289, making it the second most populous county in the state of California, and the fifth most populous in the United States. , and a 317,900-square-foot building for R.R. Donnelley & Sons in Louisville Louisville (l  `ēvĭl), city (1990 pop. 269,063), seat of Jefferson co., NW Ky., at the Falls of the Ohio; inc. 1780. , Ky. Today, SCI has 2.1 million
square feet of build-to-suits under development, representing a total
expected investment of $72.8 million. In the first 90 days of 1996, SCI
made proposals on 11.7 million square feet of new build-to-suit
opportunities.SCI also reported that today its Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. 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. a regular dividend of $0.2525 per common share, payable on May 16, 1996, to shareholders of record on May 7, 1996. On an 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. basis, this represents a dividend of $1.01 per share, an 8 percent increase over the 1995 dividend level. On March 29, 1996, SCI paid a quarterly dividend of $0.5875 per cumulative redeemable Redeemable Eligible for redemption under the terms of an indenture. Series A preferred share to preferred shareholders of record on March 15, 1996. Brooksher said that 1996 will be the first full year of operation for the SCI National Operating System(TM), and management expects it to contribute significantly to future growth in FFO. Under the SCI National Operating System(TM), the National Services Group markets SCI's services and products to the top 1,000 targeted users of distribution space, providing a single point of contact for SCI's national customers. The Market Officer Group focuses on developing and maintaining local relationships with distribution space users. SCI's market officers provide hands-on hands-on adj. Involving active participation; applied, as opposed to theoretical: "We're involved in hands-on operations, pulling levers, pushing buttons" Arthur R. Taylor. customer service at the local level as well as access to SCI's national expertise. The National Development Group oversees SCI's build-to-suit program and the construction of industry-leading, master- planned distribution parks. SCI is the largest publicly held owner and operator of industrial properties 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. . SCI's primary objective is to achieve long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. , sustainable growth in per share cash flow. SCI expects to achieve this objective through the SCI National Operating System(TM), which is committed to creating shareholder value by providing exceptional customer service. SCI's investment strategy is to acquire generic Generic Describes the characteristics and/or experience of the total universe of a coupon of MBS sector type; that is, in contrast to a specific pool or collateral group, as in a specific CMO issue. distribution facilities and develop full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. , master-planned distribution parks in metropolitan areas that demonstrate strong demographic See demographics. growth and excellent industrial real estate fundamentals. At March 31, 1996, SCI had distribution properties operating or under development in 35 target markets, totaling 74.8 million square feet. -0-
Security Capital Industrial Trust
Unaudited Financial Results: March 31, 1996
(In thousands, except per share data)
For the three months
ended
March 31,
---------------------
1996 1995
--------- ---------
Revenues:
Rental income (1) $ 50,062 $ 32,901
Other real estate income 143 --
Interest income 157 112
--------- ---------
50,362 33,013
--------- ---------
Expenses:
Rental expenses 6,145 3,242
Depreciation & amortization 13,089 8,442
Interest 8,508 6,761
General and administrative,
including REIT management fee 4,890 3,668
Other 468 372
--------- ---------
33,100 22,485
--------- ---------
Net earnings before minority interest 17,262 10,528
Minority interest 756 865
--------- ---------
Net earnings before loss on sale
of real estate 16,506 9,663
Loss on sale of real estate (29) --
--------- ---------
Net earnings 16,477 9,663
Less preferred share dividends 4,673 --
--------- ---------
Net earnings attributable
to common shares $ 11,804 $ 9,663
--------- ---------
Weighted average common
shares outstanding 81,428 64,587
--------- ---------
Per common share amounts:
Net earnings attributable
to common shares $ 0.14 $ 0.15
========= =========
Distributions paid $ 0.2525 $ 0.23375
========= =========
Other Earnings and Funds
From Operations Information:
Net earnings attributable
to common shares $ 11,804 $ 9,663
Depreciation & amortization 13,089 8,442
Minority interest 756 865
Other 29 --
--------- ---------
Funds from operations
attributable to
common shares (2) $ 25,678 $ 18,970
========= =========
Fully converted weighted
average common shares (2) 86,622 70,337
========= =========
Per common share amounts:
Funds from operations
attributable to common shares $ 0.30 $ 0.27
========= =========
(1) Includes $1,118 and $715 of straight-lined rent for the three
months ended March 31, 1996 and 1995, respectively.
(2) Funds from Operations and fully converted weighted average common
shares were calculated as if the minority interest partnership
shares had been converted into SCI shares.
Security Capital Industrial Trust
Unaudited Financial Results: March 31, 1996
(In thousands, except number of properties)
Investment in Real Estate:
3/31/96 12/31/95
---------------------- ---------------------
Total Total
Expected Balance Expected Balance
Investment Sheet Investment Sheet
---------- ---------- ---------- ----------
In Dollars:
Operating Properties $1,862,377 $1,787,388 $1,675,760 $1,622,404
Properties Under
Development 336,812 124,558 304,766 137,902
Land Held for
Future Development n/a 51,697 n/a 60,363
No. of Square No. of Square
Properties Feet Properties Feet
---------- ---------- ---------- ----------
In Square Feet:
Operating Properties 819 65,123 751 58,493
Properties Under
Development 73 9,699 68 9,012
---------- ---------- ---------- ----------
Total 892 74,822 819 67,505
========== ========== ========== ==========
Increase
Debt and Shareholders' 3/31/96 12/31/95 (Decrease)
Equity: ---------- ---------- ----------
Line of Credit $ 28,500 $ 81,000 $ (52,500)
Long Term Debt 324,541 324,527 14
Mortgage Notes Payable 144,438 145,276 (838)
Minority Interest 58,321 58,741 (420)
Shareholders' Equity 1,340,286 1,136,191 204,095
---------- ---------- ----------
$1,896,086 $1,745,735 $ 150,351
========== ========== ==========
Share Information as of:
Total Common Shares
Outstanding 81,443 81,416 27
========== ========== ==========
Total Fully Converted
Common Shares Outstanding 86,637 86,611 26
========== ========== ==========
Total Series A Preferred
Shares Outstanding 5,400 5,400 0
========== ========== ==========
Total Series B Preferred
Shares Outstanding 8,050 0 8,050
========== ========== ==========
Security Capital Industrial Trust
Unaudited Financial Results: March 31, 1996
(In thousands, except number of acres)
OPERATIONS 3/31/96
----------------------------------
Square Balance Percent
Feet Sheet Leased
---------- ---------- ----------
Operating Properties
Central Region 20,262 $ 486,409 95.0%
Mid-Atlantic Region 12,258 332,717 89.1%
Pacific Region 12,861 483,975 92.3%
Southeast Region 19,742 484,287 97.3%
---------- ---------- ----------
Total 65,123 $1,787,388 94.1%
========== ========== ==========
3/31/96
-----------------------------------------
Distribution Total
Space Service Stabilized
Bulk Light Center Portfolio
------- ------- ------- ----------
Stabilized Properties (1)
Percent Leased 97.3% 95.0% 95.9% 96.9%
Rental Rate Growth (2) 11.5% 11.2% 11.8% 11.5%
Turnover Costs $ 0.70 $ 1.59 $ 5.15 $ 1.15
For the three months ended
INVESTMENTS 3/31/96
----------------------------
Total
Square Expected
Feet Investment
-------- ----------
Development
Development Starts 3,547 $ 126,272
======== ==========
Development Shell Completions 2,766 $ 90,598
======== ==========
Building Acquisitions 3,907 $ 87,256
======== ==========
Land Acquisitions (Acres) 55 $ 6,622
======== ==========
Building Dispositions (3) 46 $ 1,080
======== ==========
(1) Stabilized Portfolio is comprised of 56.6 million square feet
as of March 31, 1996.
(2) Rental rate growth is based on the increase in the new net
effective lease rate over the last in place lease rate.
(3) Building dispositions indicates net sales proceeds. CONTACT: Security Capital Industrial Trust, Denver Denver, city (1990 pop. 467,610), alt. 5,280 ft (1,609 m), state capital, coextensive with Denver co., N central Colo., on a plateau at the foot of the Front Range of the Rocky Mts., along the South Platte River where Cherry Creek meets it; inc. 1861. K. Scott Canon canon, in music canon, in music, a type of counterpoint employing the strictest form of imitation. All the voices of a canon have the same melody, beginning at different times. Successive entrances may be at the same or at different pitches. , 800/820-0181 Gerard Gerard is a male forename of Germanic origin, variations of which exist in many Germanic and Romance languages. The name derives from Old Germanic 'ger' ('spear') and 'hard' ('hard/strong/brave'). Its meaning is 'strong/brave with the spear'. de Gunzburg, 212/838-9292 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion