Tarragon reports increased earnings.Tarragon tarragon (târ`əgŏn), perennial aromatic Old World herb (Artemisia dracunculus) of the family Asteraceae (aster family), of the same genus as wormwood and sagebrush. Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Investors, Inc., a developer of multi-family rental and for-sale housing, announced that for the quarter ended June 30, 2003, revenues rose 14% to $31.8 million, versus $27.8 million in the prior-year period. The company reported a net loss allocable al·lo·ca·ble adj. Capable of being allocated. Adj. 1. allocable - capable of being distributed allocatable, apportionable distributive - serving to distribute or allot or disperse to common stockholders of $5.2 million, which includes depreciation and amortization of $8.7 million, compared to a net loss allocable to common of $5.4 million for the second quarter of 2002. For the six-month period, revenues were $57 million, which included a loss of $0.9 million from unconsolidated affiliates, down from revenues of $66.2 million in the prior period. The six-month net was a loss allocable to common of $4.1 million, including depreciation and amortization of $15.9 million, versus a net profit allocable to common of $3 million in the prior period. Tarragon's president and chief executive officer, William S William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack . Friedman, said, "Our for sale housing division has a development and construction pipeline of over $1.3 billion in homes, which we expect to complete and sell over the next four years. Because of the long lead time for most of our communities, we incur significant overhead, sales and marketing costs long before we recognize any sales revenue. All of the $2.6 million in additional overhead incurred in the first two quarters this year related to staffing up to handle the increased activity we foresee." Friedman also noted that the second-quarter and six-month losses were lower than the non-cash depreciation and amortization charges for the same periods. Depreciation and amortization in the first half of 2003 increased by $1.8 million, due to completion of several development properties and write-offs of deferred borrowing costs in connection with loan refinancing Refinancing An extension and/or increase in amount of existing debt. . Tarragon reported a one and two percent increase in same-store rental revenue for the quarter and for the six months over the prior-year periods. Same-store investment division net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. fell 6% from the prior quarter and fell 4% for the six-month period, due mostly to increased marketing, leasing, and weather related expenses. Investment division same-store 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. decreased 12% for the quarter, and fell 5% for the six-month period, due primarily to higher write-offs of deferred borrowing costs and prepayment penalties Prepayment penalty A fee a borrower pays a lender when the borrower repays a loan before its scheduled time of maturity. related to refinancing. For the six months, housing sales were down 2%, but this figure rose 87% in the second quarter, with closings at three communities. |
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