Printer Friendly

AMERICAN REALTY TRUST REPORTS THIRD QUARTER RESULTS

 AMERICAN REALTY TRUST REPORTS THIRD QUARTER RESULTS
 NEW YORK, Nov. 18 /PRNewswire/ -- American Realty Trust, Inc.


(NYSE: ARB), today announced operating results for the third quarter of 1991. The company reported a net loss of $6.5 million, or $3.07 per share, on revenues of $1.7 million for the period ending Sept. 30, 1991. This compares with a loss of $7.4 million, or $3.50 per share, on revenues of $1.0 million for the third quarter of 1990.
 For the nine months ended Sept. 30, 1991, the company recorded a net loss of $9.9 million, or $4.68 per share, on revenues of $8.4 million, compared with a net loss of $9.7 million, or $4.58 per share, on revenue of $7.7 million in the first nine months of 1990.
 The 1991 results included gains on sale of real estate of $753,000 and $1.0 million for the three and nine months ended Sept. 30, 1991, respectively, compared with gains of $661,000 and $991,000 in the corresponding periods of 1990.
 Interest income on mortgage notes receivable decreased from $2.2 million and $7.7 million for the three and nine months ended Sept. 30, 1990, respectively, compared with $1.8 million and $5.5 million for the three and nine months ended Sept. 30, 1991. This decrease primarily results from foreclosures on seven mortgage notes receivable.
 The company reported equity in losses of investees of $2.0 million and $1.9 million for the three and nine months ended Sept. 30, 1991. The company's share of the investees' equity was a loss of $2.8 million and $3.7 million in the three month and nine months ended Sept. 30, 1990.
 American Realty recorded a charge against earnings of $3.5 million in the three months ended Sept. 30, 1991, as the estimated cost of certain litigation settlements.
 At its last meeting, the board of directors of American Realty accepted the advisor's recommendation for a 50 percent reduction in the advisor's base fee effective Oct. 1, 1991. This reduction will be in effect until the company's earnings for the four preceding quarters equals $2.00 per share. At the same meeting, the board of directors decided to allow the company's qualification as a real estate investment trust (REIT) for the 1991 fiscal year to lapse. The board determined that the benefits of maintaining the qualification were no longer significant and that maintaining REIT status would restrict the company's financial flexibility and opportunities in the current real estate markets.
 AMERICAN REALTY TRUST, INC.
 Financial Highlights
 (In thousands, except share and per share data)
 Periods ended Three Months Nine Months
 Sept. 30 1991 1990 1991 1990
 Revenues $ 1,705 $ 1,015 $ 8,396 $ 7,715
 Net (loss) before income
 taxes and gain from
 sale of properties (7,257) (8,068) (10,927) (10,675)
 Per share $(3.43) $(3.81) $(5.16) $(5.05)
 Income tax provision -- 11 -- 22
 Gain from sale of
 properties 753 661 1,009 991
 Net (loss) $(6,504) $(7,418) $ (9,918) $ (9,706)
 Per share $(3.07) $(3.50) $(4.68) $(4.58)
 Weighted average shares
 outstanding 2,117,467 2,118,357 2,117,708 2,118,439
 -0- 11/18/91
 /CONTACT: Kevin LeBlanc of American Realty Trust, 214-692-4800/
 (ARB) CO: American Realty Trust, Inc. ST: New York IN: FIN SU: ERN GK -- NY026 -- 1320 11/18/91 10:22 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 18, 1991
Words:578
Previous Article:UNITED AMERICAN HEALTHCARE CORPORATION ANNOUNCES STRONG FIRST-QUARTER RESULTS
Next Article:HANS LAUTERBACH NAMED PRESIDENT OF MILES INC. DIAGNOSTICS DIVISION
Topics:


Related Articles
FEDERAL REALTY INVESTMENT TRUST ANNOUNCES THIRD QUARTER RESULTS; FILES REGISTRATION STATEMENT COVERING 2,750,000 SHARES
AMERICAN REALTY TRUST REPORTS SECOND-QUARTER RESULTS
AMERICAN REALTY TRUST ANNOUNCES RECOVERY PLAN
INCOME OPPORTUNITY REALTY TRUST REPORTS FIRST QUARTER RESULTS
AMERICAN REALTY TRUST, INC. REPORTS FIRST QUARTER RESULTS
CLEVETRUST REALTY INVESTORS' FUNDS FROM OPERATIONS INCREASE 46 PERCENT FOR NINE MONTHS ENDING JUNE 30, 1992
AMERICAN REALTY TRUST REPORTS SECOND QUARTER RESULTS
UNITED DOMINION REALTY ANNOUNCES THIRD QUARTER 1992 RESULTS UP SLIGHTLY
UNITED DOMINION REALTY ANNOUNCES THIRD QUARTER 1992 RESULTS UP SLIGHTLY /REPEATING FOR POINTS NEEDED/
FEDERAL REALTY INVESTMENT TRUST ANNOUNCES THIRD QUARTER RESULTS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters