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HOLLY RESIDENTIAL PROPERTIES INC. REPORTS RESULTS FOR SIX MONTHS ENDED JUNE 30, 1993

 TACOMA, Wash., Aug. 16 /PRNewswire/ -- Holly Residential Properties Inc. (NYSE: HLY) said earnings increased and reported its funds from operations for the six months ended June 30, 1993.
 Pro forma net income for the six months increased to $1.8 million or 25 cents per share on revenues of $16.4 million versus net income of $959,000 or 13 cents per share on revenues of $15.1 million in the comparable pro forma period of 1992. The company had only 12 days of operations since completing its initial public offering and acquisition of 31 multifamily properties on June 18, 1993. Consequently, the company reported its earnings on a combined pro forma basis that assumes the offering and the acquisitions had occurred at the beginning of the period.
 Daniel M. Kelley, president and chief executive officer, attributed the growth in net income to the completion of lease-up of several properties during the second quarter, resulting in increased revenues and a reduction of initial lease-up costs.
 The company's funds from operations (FFO) on an adjusted pro forma basis for the six months ended June 30, 1993, were $7.4 million or $1.02 per share. The company said the results were in line with the estimated FFO used in establishing its initial dividend rate of $1.80 per year. FFO is net income adjusted for non-cash items, such as depreciation and amortization.
 Holly Residential Properties Inc. is a fully integrated, self-administered and self-managed real estate investment trust that owns or holds interest in, and manages, 31 multifamily residential properties in the Puget Sound area in Western Washington. The company is the largest multifamily residential property owner in the Puget Sound region.
 HOLLY RESIDENTIAL PROPERTIES INC.
 PRO FORMA UNAUDITED FINANCIAL RESULTS
 (In thousands of dollars, except shares and per-share amounts)
 Six Months Ended June 30,
 1993 1992
 Revenues $16,412 $15,117
 Net income $ 1,816 $ 959
 Estimated funds from
 operations $ 7,361 N/A
 Shares outstanding 7,231,224 7,231,224
 Per share data:
 Net income $ 0.25 $ 0.13
 Estimated funds from
 operations $ 1.02 N/A
 Dividend paid (a) $ 0.06 N/A
 (a) For the 12-day period June 18 to June 30, 1993, the period following the initial public offering, representing the pro-rated amount of the company's initial quarterly dividend of 45 cents per share.
 -0- 8/16/93
 /CONTACT: Jim Fuller of Holly Residential Properties, 206-627-5800, or Susan McAllister of Corporate Communications, 206-728-1778, for Holly Residential Properties/
 (HLY)


CO: Holly Residential Properties ST: Washington IN: SU: ERN

SB-TM -- SE001 -- 2933 08/16/93 09:31 EDT
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Publication:PR Newswire
Date:Aug 16, 1993
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