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/C O R R E C T I O N -- EXCEL REALTY TRUST/

 In SD003, "Excel Announces Third Quarter Earnings," moved yesterday (Nov. 16), we have been notified by a representative of the company that the first graph, sixth line should read, "The loss reflected a one-time expense of $1,654,812 for having purchased the former advisor contract," rather than "The loss reflected a one-time expense for having purchased the former advisor contract," as originally moved. In addition, the original release had a line missing from the first paragraph. The full, corrected release follows:
 EXCEL ANNOUNCES THIRD QUARTER EARNINGS
 AND SIX SHOPPING CENTERS PLACED UNDER CONTRACT
 SAN DIEGO, Nov. 16 /PRNewswire/ -- Excel Realty Trust Inc. (NYSE: XEL) announced total revenue for the quarter ended Sept. 30, 1993, of $6,018,455, up 318 percent from $1,438,103 reported for the same period last year. Net income for the quarter ended Sept. 30, 1993, was ($273,213) compared to $53,030 for the same quarter last year. The loss reflected a one-time expense of $1,654,812 for having purchased the former advisor contract. Without the loss, the net income would have been $1,381,599.
 Funds from operations, considered a basic measurement of operating performance for REITs, were $2,666,314 for the third quarter compared to $204,264 for the same period last year.
 Revenues for the nine months ended Sept. 30, 1993, were up 217 percent to $13,824,098 compared to $4,356,522 for the same period last year. Net income for the same nine-month period was ($359,191) vs. $484,034 for the same quarter last year. Once again, it reflects the one-time write-down which occurred in the third quarter for the buy-out of the advisor contract. Funds from operations for the nine-month period were up $4,147,760, compared to $923,999 for the same period last year. The increase in results is primarily due to acquisitions and leasing activities.
 In addition, Excel announced the signing of a letter of intent to purchase six shopping centers having a total square footage of approximately 415,000 for an aggregate price of approximately $21.5 million. The net operating income of the combined centers is approximately $2.5 million reflecting a capitalization rate of 11.45 percent. Major tenants of the shopping centers include Wal-Mart, Publix, Walgreens, and Ingels. The centers are approximately 96 percent leased. Excel Realty Trust Inc. will purchase the properties with a combination of stock and cash.
 The company also announced that it sold its property on lease to Fuddruckers located in Tucson, Ariz., and received a profit on the sale of approximately $360,000. The property sold at a capitalization rate of 9 percent. Excel Realty Trust Inc. is a self-administered, self- managed REIT specializing in the ownership of retail properties. Excel Realty Trust Inc. currently owns 99 properties in 27 states.
 -0- 11/17/93
 /CONTACT: Graham R. Bullick, senior VP, Excel Realty Trust, 619-485-9400, ext. 203/
 (XEL)


CO: Excel Realty Trust Inc. ST: California IN: FIN SU: ERN CON

LS-LM -- SD003 -- 5410 11/17/93 11:03 EST
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Publication:PR Newswire
Date:Nov 17, 1993
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