Security Capital Industrial Trust announces 20.2 percent increase in 1995 per share funds from operations.DENVER--(BUSINESS WIRE)--Jan. 31, 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 financial results today for the calendar year and fourth quarter of 1995. For the year ended Dec. 31, 1995, 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 ) attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to common shares of $84,060,000 or $1.13 per common share, on total revenues of $158,503,000, compared to $46,307,000 or $0.94 per share on total revenues of $71,737,000 for the year ended Dec. 31, 1994. For the year, this resulted in a 20.2 percent increase in FFO per common share over 1994. SCI had total weighted average common shares outstanding of 74,409,000 in 1995, compared to 49,019,000 in 1994. For the fourth quarter ended Dec. 31, 1995, SCI generated FFO of $25,426,000 or $0.29 per common share, on total revenues of $48,201,000, compared to $16,899,000 or $0.25 per share on total revenues of $25,977,000 for the quarter ended Dec. 31, 1994. For the quarter, SCI had total weighted average common shares outstanding of 86,384,000 compared to 68,682,000 in the fourth quarter of 1994. 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 that 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) produced excellent results in 1995, contributing significantly to the operating performance of the company. SCI signed 781 leases in 33 target markets, and its operating properties, totaling 58.5 million square feet, were 95.03 percent leased at Dec. 31, 1995, compared to 39.1 million square feet that were 94.04 percent leased at Dec. 31, 1994. 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. rate growth in SCI's 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. asset base averaged 9.2 percent in 1995, compared to 5.2 percent in 1994. During 1995, SCI continued to establish itself as the leading provider of distribution space in the industrial real estate sector. Mr. Brooksher said SCI's 220 professionals focused their efforts on identifying customers' needs and providing state-of-the-art facilities and superior service to meet those needs through implementation of the SCI National Operating System(TM). Working together, the operating system's three components -- the Market Officer Group, the National Services Group and the National Development Group -- increased the number of multi-market customers to 119 by year's end. As of Dec. 31, 1995, the National Services Group was providing services and products to 230 national customers. 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's Co-Chairman and Chief Investment Officer, said that 1995 acquisitions reflect SCI's continuing focus on investing in underleased and undermanaged assets. The local market expertise of SCI's Market Officers helps SCI identify individual properties that can be acquired at significant discounts to replacement cost. In 1995, SCI acquired 14.7 million square feet of existing properties in 54 transactions, at a total investment cost of $397.4 million. Mr. Wattles also emphasized em·pha·size tr.v. em·pha·sized, em·pha·siz·ing, em·pha·siz·es To give emphasis to; stress. [From emphasis.] Adj. 1. that development will play an increasingly important role in SCI's growth, as the company develops more build-to- suit distribution facilities and master-planned distribution parks to meet customers' expansion or relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. needs. In 1995, SCI commenced development of 19 new parks New Parks is an area in the city of Leicester, England. It is in the west of the city, close by the county border (west of which is Glenfield. South of New Parks is the Western Parks area, and to the east is the Newfound Pool area. , bringing the total number of distribution parks SCI has commenced development of since its inception INCEPTION. The commencement; the beginning. In making a will, for example, the writing is its inception. 3 Co. 31 b; Plowd. 343. Vide Consummation; Progression. to 39. During 1995, SCI made proposals on 35.3 million square feet of new build-to-suit opportunities and finalized See finalization. terms and commenced development of 3.6 million square feet at a total expected investment of $121.6 million. In 1995, SCI also commenced development of 6.6 million square feet of inventory buildings, 87 percent of which are in master-planned distribution parks, at a total budgeted investment of $225.9 million. Through Dec. 31, 1995, completed inventory buildings were 84.93 percent leased and 91.15 percent leased and committed. During 1995, SCI acquired 746 acres of land at a total investment of $86.2 million, bringing SCI's total net inventory of land owned or controlled through fixed-price options, rights of first refusal REFUSAL. The act of declining to receive or to do something. 2. A grantee may refuse a title, vide Assent; one appointed executor may refuse to act as such. , 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 1,649 acres in 24 target markets as of Dec. 31, 1995, which will allow for an additional 28.2 million square feet of industrial space 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. . The SCI National Operating System(TM) provides the highest level of customer service to distribution space users throughout 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. . In management's view, the SCI National Operating System(TM) is in the early stages of creating 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. franchise value, which should positively impact the company's performance. The National Services Group markets SCI's services and products to a targeted list of the 1,000 largest users of distribution space. By building long-term relationships with industrial customers, the National Services Group is dedicated to creating multi-market and build-to-suit opportunities by 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. 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 as well as 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. SCI's primary objective is to achieve long-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 Dec. 31, 1995, SCI had distribution properties operating or under development in 35 target markets, totaling 67.5 million square feet. -0-
Security Capital Industrial Trust
Unaudited Financial Results: Dec. 31, 1995
(In thousands, except per share data)
For the three months For the year
ended ended
Dec. 31, Dec. 31,
--------------------- ---------------------
1995 1994 (2) 1995 1994 (2)
--------- --------- --------- ---------
Revenues:
Rental income $ 45,266 $ 25,118 $ 153,879 $ 70,609
Other real estate
income 1,899 -- 2,899 --
Interest and other
income 1,036 859 1,725 1,093
--------- --------- --------- ---------
48,201 25,977 158,503 71,702
--------- --------- --------- ---------
Expenses:
Rental expenses 6,150 2,657 18,460 7,244
Depreciation &
amortization 11,629 6,387 39,767 18,169
Interest 7,704 2,562 32,005 7,568
General and
administrative,
including REIT
management fee 4,614 3,349 15,046 9,443
Other 1,134 520 2,234 1,220
--------- --------- --------- ---------
31,231 15,475 107,512 43,644
--------- --------- --------- ---------
Net earnings before
minority interest 16,970 10,502 50,991 28,058
Minority interest 785 822 3,331 2,992
--------- --------- --------- ---------
Net earnings before
gain on sale of
real estate 16,185 9,680 47,660 25,066
Gain on sale of real
estate 1,053 -- 1,053 35
--------- --------- --------- ---------
Net earnings 17,238 9,680 48,713 25,101
Less preferred share
dividends 3,173 -- 6,698 --
--------- --------- --------- ---------
Net earnings
attributable to
common shares $ 14,065 $ 9,680 $ 42,015 $ 25,101
========= ========= ========= =========
Weighted average
common shares
outstanding 81,190 63,492 68,924 44,265
========= ========= ========= =========
Per common share amounts:
Net earnings
attributable to
common shares $ 0.17 $ 0.15 $ 0.61 $ 0.57
========= ========= ========= =========
Distributions paid$ 0.23375 $ 0.2125 $ 0.935 $ 0.85
========= ========= ========= =========
Other Earnings and Funds
From Operations Information:
Net earnings
attributable to
common shares $ 14,065 $ 9,680 $ 42,015 $ 25,101
Depreciation &
amortization 11,629 6,387 39,767 18,169
Minority interest 785 822 3,331 2,992
Other (1,053) 10 (1,053) 45
--------- --------- --------- ---------
Funds from operations
attributable to
common shares (1) $ 25,426 $ 16,899 $ 84,060 $ 46,307
========= ========= ========= =========
Fully converted weighted
average common
shares (1) 86,384 68,682 74,409 49,019
========= ========= ========= =========
Per common share amounts:
Funds from operations
attributable to
common shares $ 0.29 $ 0.25 $ 1.13 $ 0.94
========= ========= ========= =========
(1) Funds from Operations and fully diluted weighted average
common shares were calculated as if the minority interest partnership
shares had been converted into SCI shares.
(2) In January 1995, SCI changed to a more conservative policy of
expensing the amortization of loan costs in determining Funds from
Operations. For comparability, Funds from Operations for 1994 has
been restated to give effect to this policy as if it had been in
effect since January 1994.
Security Capital Industrial Trust
Unaudited Financial Results: December 31, 1995
(In thousands, except number of properties)
Investment in Real Estate:
12/31/95 12/31/94
---------------------- ---------------------
Total Total
Expected Balance Expected Balance
Cost Sheet Cost Sheet
---------- ---------- ---------- ----------
In Dollars:
Operating Properties $1,675,760 $1,622,404 $1,139,303 $1,073,026
Properties Under
Development 304,766 137,902 123,113 55,134
Land Held for
Future Development n/a 60,363 n/a 42,147
No. of Square No. of Square
Properties Feet Properties Feet
---------- ---------- ---------- ---------
In Square Feet:
Operating Properties 751 58,493 526 39,054
Properties Under
Development 68 9,012 40 3,844
---------- ---------- ---------- ----------
Total 819 67,505 566 42,898
========== ========== ========== ==========
Increase
Debt and Shareholders' 12/31/95 12/31/94 (Decrease)
Equity: ---------- ---------- ----------
Line of Credit $ 81,000 $ 160,000 $ (79,000)
Long Term Debt 324,527 -- 324,527
Mortgage Notes Payable 145,276 144,262 1,014
Minority Interest 58,741 66,555 (7,814)
Shareholders' Equity 1,136,191 777,775 358,416
---------- ---------- ----------
$1,745,735 $1,148,592 $ 597,143
========== ========== ==========
Share Information as of:
Total Common Shares Outstanding 81,416 64,587 16,829
========== ========== ==========
Total Fully Converted Common
Shares Outstanding 86,611 69,954 16,657
========== ========== ==========
Total Series A Preferred
Shares Outstanding 5,400 -- 5,400
========== ========== ==========
CONTACT: 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 or 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, both for Security Capital Industrial Trust |
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