Printer Friendly

THE PRICE REIT INC. ANNOUNCES RESULTS

 SAN DIEGO, May 11 /PRNewswire/ -- The Price REIT Inc. (NASDAQ: PRET) announced its operating results for the three months ended March 31, 1993.
 Total revenues from rental operations and interest income for the three-month period amounted to $5,695,000 as compared with $3,421,000 for the same period last year. The increase can be attributed mostly to revenues from recent acquisitions. Funds from operations (as defined below), which is considered a measure of operating performance for a REIT, for the three-month period were $2,129,000, or $.73 per share, as compared with $1,880,000, or $.64, for the same period last year.
 Three Months Ended
 March 31, March 31,
 1993 1992
 Operating Results
 Gross revenues $5,695,000 $3,421,000
 Expenses 1,224,000 650,000
 Depreciation 1,417,000 797,000
 Interest expense 1,309,000 ---
 Minority interest in income 712,000 652,000
 Net income 1,033,000 1,322,000
 Per share data
 Net income per share .35 .45
 Dividend per share .58 .56
 Shares outstanding(a) 2,928,000 2,928,000
 Funds From Operations(b)
 Income before minority
 interest 1,745,000 1,974,000
 Add: Depreciation and
 amortization 1,417,000 797,000
 Less: Deferred rental
 income (345,000) (211,000)
 Distributions to
 minority partner (688,000) (680,000)
 Funds from operations 2,129,000 1,880,000
 Dividends paid 1,698,000 1,647,000
 (a) With reference to $40,000,000 of notes held by two Sol Price Trusts, the company has been notified that the trusts are waiving their rights under the notes to convert the debt into common stock of the company at $30.00 per share and to receive interest in addition to the stated rate on the notes.
 (b) Funds from Operations is defined as income before minority interest in income of Price Plazas, a consolidated joint venture, plus depreciation, less deferred rental income and distributions to the minority partner in Price Plazas.
 At the company's annual stockholders meeting held May 7, 1993, stockholders approved a proposal to increase the number of authorized shares of common stock of the company from 5,000,000 to 25,000,000 shares and to increase the number of authorized shares of preferred stock from 500,000 to 2,000,000 shares.
 It was also announced at the meeting the company is currently considering the acquisition of additional properties from the Price Co. and that the acquistion may be financed from the proceeds of an underwritten equity offering. At this time, the company has not entered into any definitive agreements or commitments.
 Price REIT Inc. is a self-administered real estate investment trust which commenced operations Dec. 3, 1991, under the laws of the State of Maryland. The company presently has invested assets of approximately $147,700,000. It owns outright or has an interest through its joint venture with The Price Co., in 13 retail properties totaling 2.2 million square feet with a combined occupancy of approximately 97 percent located in California, Arizona and Connecticut.
 -0- 5/11/93
 /CONTACT: George Jezek of The Price REIT, 619-551-2320/
 (PRET)


CO: The Price REIT Inc. ST: California IN: FIN SU: ERN

JB-LS -- SD007 -- 7269 05/11/93 17:16 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 11, 1993
Words:542
Previous Article:POUGHKEEPSIE SAVINGS BANK ANNOUNCES
Next Article:RIBI IMMUNOCHEM: FDA ALLOWS IND FOR MPL-C FOR REPERFUSION INJURY INDICATION; PHASE II TESTING IN PATIENT COHORT PLANNED
Topics:


Related Articles
CV REIT REPORTS FIRST QUARTER RESULTS; COMPLETES SALE OF WESTWARD SHOPPING CENTER
THE PRICE REIT INC. ANNOUNCES SECOND QUARTER RESULTS
THE PRICE REIT INC. REPORTS RESULTS
THE PRICE REIT INC. ANNOUNCES RESULTS
THE PRICE REIT ANNOUNCES INCREASED REVENUES, NET INCOME, AND FUNDS FROM OPERATIONS
THE PRICE REIT INC. ANNOUNCES REVENUES AND NET INCOME INCREASE
THE PRICE REIT INC. ANNOUNCES INCREASE IN REVENUES, FFO AND NET INCOME
THE PRICE REIT INC. ANNOUNCES EARNINGS AND DIVIDENDS
THE PRICE REIT INC. ANNOUNCES RECORD FFO AND INCREASES DIVIDEND
THE PRICE REIT INC. ANNOUNCES REDUCTION IN INTEREST RATE ON SHORT-TERM BORROWINGS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters