Printer Friendly

BURNHAM PACIFIC PROPERTIES REPORTS RECORD REVENUES, FUNDS FROM OPERATIONS IN 1991

 BURNHAM PACIFIC PROPERTIES REPORTS RECORD REVENUES,
 FUNDS FROM OPERATIONS IN 1991
 SAN DIEGO, March 11 /PRNewswire/ -- Burnham Pacific Properties Inc. (NYSE: BPP) reported new record highs in gross revenues, funds from operations, and net income from operations for the year ended Dec. 31, 1991. Gross revenues totaled $24,838,000, up 5 percent over $23,638,000 in 1990; funds from operations increased to $8,295,000, or $1.34 a share, compared to $7,341,000 ($1.21) the previous year; and net income rose to $2,469,000, or 40 cents a share, 42 percent ahead of $1,735,000, (29 cents) last year.
 For the fourth quarter of 1991, gross revenues amounted to $6,259,000 -- up 7 percent from $5,836,000 in 1990; funds from operations rose to $2,201,000, or 35 cents a share, up from $1,664,000 (27 cents) a year ago; and net income increased to $535,000, or 9 cents a share, from $228,000 (4 cents) a year earlier.
 According to Louis J. Garday, president, BPP's record performance reflects a combination of increased revenues from property operations and decreases in financing costs. "Our properties continue to enjoy an average occupancy rate of nearly 95 percent, and revenues also have been enhanced by a slight improvement in rental rates during the year," he said.
 "The solid 1991 results, when coupled with the recent successful public offering of securities in February 1992, which added $102,600,000 to our capital base, will allow BPP to acquire additional properties this year. This will expand our commercial property portfolio while, at the same time, strengthen funds available for dividend and earnings. All in all," Garday said, "we look forward to an excellent 1992."
 Burnham Pacific Properties, founded in 1963, has 8,100,643 shares listed and outstanding on the NYSE. Additionally, it currently lists its 8 1/2 percent convertible debentures at $75 million and $16.2 million on the New York and American Stock Exchanges, respectively.
 -0- 3/11/92
 /CONTACT: Louis J. Garday, president, 619-525-2620, or Bill Gabriel, 619-525-2642, both of Burnham Pacific/
 (BPP) CO: Burnham Pacific Properties Inc. ST: California IN: FIN SU:


EH-DM -- SD002 -- 7144 03/11/92 07:32 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 11, 1992
Words:373
Previous Article:FNS OFFERS NEWSPAPERS FREE CONSUMER BANKING COLUMN
Next Article:WHERE THE MONEY IS
Topics:


Related Articles
BURNHAM PACIFIC PROPERTIES TO PAY 103RD CONSECUTIVE QUARTERLY DIVIDEND
BURNHAM PACIFIC PROPERTIES REPORTS EARNINGS FOR FIRST QUARTER 1992
BURNHAM PACIFIC PROPERTIES ANNOUNCES FIRST QUARTER 1995 FINANCIAL RESULTS
BURNHAM PACIFIC PROPERTIES ANNOUNCES SECOND QUARTER 1995 FINANCIAL RESULTS
BURNHAM PACIFIC ANNOUNCES FOURTH QUARTER AND YEAR END 1995 FINANCIAL RESULTS
BURNHAM PACIFIC ANNOUNCES FIRST QUARTER 1996 RESULTS
Burnham Pacific Announces Sale of Pacific West Outlet Center

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