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IRT PROPERTY COMPANY REPORTS INCREASED EARNINGS AND FUNDS FROM OPERATIONS

 ATLANTA, Nov. 11 /PRNewswire/ -- IRT Property Company (NYSE: IRT), the southeastern shopping center REIT, today announced its operating results for the third quarter and nine months ended Sept. 30.
 Funds from operations -- the most accurate measure of performance for a real estate investment company -- increased 43 percent to $5,121,602 for the third quarter of 1993 from $3,585,563 for the previous year's third quarter.
 Third quarter 1993 earnings before extraordinary items increased 90 percent to $3,358,700 or $.14 per share from $1,767,881 or $.13 per share for the comparable period in 1992. Earnings before extraordinary items included a gain on sale of $306,625 in 1993.
 For the nine months ended Sept. 30 funds from operations increased 47 percent to $14,971,039 from $10,188,964 for the comparable period of 1992. Earnings before extraordinary items increased 67 percent to $9,339,482 or $.43 per share for the nine months ended Sept. 30 from $5,588,745 or $.40 per share for the comparable period in 1992. Earnings before extraordinary items included gains on sales of properties of $306,625 in 1993 and $183,357 in 1992.
 During the third quarter of 1993, the company repaid nine mortgage notes payable and recognized an extraordinary loss on extinguishment of debt of $1,440,478.
 On Aug. 31 the company completed public offerings of 4,127,580 shares of common stock and $86,250,000 of 7.3 percent convertible subordinated debentures for net proceeds of approximately $126,336,000. These proceeds were used to repay $30 million of bank indebtedness and $19,302,000 of mortgage notes payable, with the remaining proceeds temporarily invested in short-term money market instruments.
 In announcing the results, Donald W. MacLeod, chairman and president, stated: "The operating results for the nine months of 1992 included $119,000 or $.01 per share of bankruptcy claims received from Revco in June 1992. Additionally, the operating results for 1993 did not include approximately $650,000 or $.03 per share of rental income received through the income stream guarantees related to two major portfolio acquisitions."
 MacLeod further stated: "The operating results for 1993 reflected temporary dilution due to investing a portion of the 1993 offering proceeds in short-term money market instruments. This temporary dilution will cease once the remaining proceeds are invested in real estate."
 A self-administered equity real estate investment trust (REIT), IRT specializes in southeastern United States shopping centers. Anchor tenants include Wal-Mart, Kmart and Harris Teeter, Publix and Kroger supermarkets. The portfolio of 68 shopping center investments represents approximately 6.8 million square feet of retail space.
 IRT PROPERTY COMPANY
 9 mos. ended Sept. 30 1993 1992
 Gross revenues $33,519,595 $25,009,767
 Earnings from operations $ 9,032,857 $ 5,405,388
 Gain on sales of properties 306,625 183,357
 Earnings before extraord. item 9,339,482 5,588,745
 Extraord. item -- loss on
 extinguishment of debt (1,440,478) (2,631)
 Net earnings $ 7,899,004 $ 5,586,114
 Funds from operations (a) $14,971,039 $10,188,964
 Average shares 21,508,332 13,791,330
 Per share:
 Earnings from operations $ .42 $ .39
 Gain on sales of properties .01 .01
 Earnings before extraord. items .43 .40
 Extraordinary item (.06) ---
 Net earnings $ .37 $ .40
 3 mos. ended Sept. 30 1993 1992
 Gross revenues $11,656,376 $ 9,498,487
 Earnings from operations $ 3,052,075 $ 1,767,881
 Gain on sales of properties 306,625 ---
 Earnings before extraord. item 3,358,700 1,767,881
 Extraord. item -- loss on
 extinguishment of debt (1,440,478) ---
 Net earnings $ 1,918,222 $ 1,767,881
 Funds from operations (a) $ 5,121,602 $ 3,585,563
 Average shares 22,417,222 13,983,846
 Per share:
 Earnings from operations $ .14 $ .13
 Gain on sales of properties .01 ---
 Earnings before extraord. item .15 .13
 Extraordinary item (.06) ---
 Net earnings $ .09 $ .13
 (a) Funds from operations is defined as net cash flows from operating activities before changes in accrued assets and liabilities.
 -0- 11/11/93
 /CONTACT: Mary M. Thomas, executive vice president and treasurer, IRT Property, 404-955-4406/
 (IRT)


CO: IRT Property Company ST: Georgia IN: SU: ERN

RA-BN -- AT005 -- 3115 11/11/93 09:32 EST
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Date:Nov 11, 1993
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