Printer Friendly

LNH REIT ANNOUNCES EARNINGS

 LNH REIT ANNOUNCES EARNINGS
 JACKSON, Miss., Aug. 18 /PRNewswire/ -- LNH REIT, Inc. (NYSE: LHC)


announced today results for the second quarter and six months ended June 30.
 Funds from operations were $.17 per share for the three months ended June 30, compared to $.13 for the same period of 1991. Funds from operations were $.30 per share for the six months ended June 30, compared to $.26 per share for the same period of 1991.
 The loss from operations for the three months ended June 30 was $934,000 ($.43 per share) compared to income from operations of $269,000 ($.13 per share) for the same period of 1991. For the six months ended June 30, loss from operations was $634,000 ($.29 per share) compared to income from operations of $564,000 ($.26 per share) for the same period of 1991.
 The net losses were $2,283,000 ($1.04 per share) and $1,983,000 ($.90 per share) for the three months and six months ended June 30, respectively, compared to net income of $890,000 ($.41 per share) and $1,911,000 ($.87 per share) for the three months and six months ended June 30, 1991, respectively.
 During the three months and six months ended June 30, the company recorded a provision for losses of $1,343,000 ($.61 per share) and $1,356,000 ($.62 per share), respectively, related to investments in real estate and mortgage loans. This provision is included in loss from operations. Management believes that the provision was necessary to reflect the investments at their estimated current net realizable value. In addition to the provision for losses, the company reported a loss on investments for the three months and six months ended June 30 of $1,349,000 ($.61 per share) which represents a writedown of the Linpro Lonestar Commerce Center mortgage loan and land purchase-leaseback investment, located in Fort Lauderdale, Fla., to its estimated net realizable value upon the June 30 in-substance foreclosure. The borrower/lessee on these investments has verbally agreed to grant the company a deed in lieu of foreclosure on the property citing the inability of the net operations of the property to cover current debt service and the unwillingness of the owners to fund such operating shortfalls or capital improvements. The property consists of three buildings comprising 99,000 square feet of multi-use space (warehouse/distribution center/office space) and is currently 100 percent leased.
 The gain on REIT securities of $621,000 ($.28 per share) and $1,347,000 ($.61 per share) for the three months and six months ended June 30, 1991, respectively, represents the financial reporting gain on sale of marketable equity securities.
 On April 27, the $2 million mortgage loan investment secured by the Knollwood Apartments in Denver was prepaid in full. The loan was scheduled to mature Dec. 31, 1994, and had an interest rate of 9.4 percent. Proceeds from the loan payoff were used to fully repay the company's bank debt of $1,325,000, and the remaining amount was invested in an interest-bearing account.
 Although the company recorded an allowance for loss of $1,343,000 and a writedown of $1,349,000, funds from operation has increased compared to last year and the company has no debt.
 LNH REIT
 Qtr. ended 6 mos. ended
 6/30/92 6/30/91 6/30/92 6/30/91
 (In thousands, except per share data)
 Revenues $ 718 $ 672 $ 1,376 $ 1,475
 Expenses (before provision
 for losses) (309) (373) (654) (872)
 Provision for losses (1,343) (30) (1,356) (39)
 Income (loss) from operations (934) 269 (634) 564
 Gain (loss) on investments (1,349) 621 (1,349) 1,347
 Net income (loss) $(2,283) $ 890 $(1,983) $ 1,911
 Per share:
 Income (loss) from operations $ (.43) $ .13 $ (.29) $ .26
 Gain (loss) on investments (.61) .28 (.61) .61
 Total $ (1.04) $ .41 $ (.90) $ .87
 Avg. number of shares outst. 2,200 2,200 2,200 2,200
 -0- 8/18/92
 /CONTACT: N. Keith McKey, senior vice president, chief financial officer and assistant secretary of LNH REIT, 601-948-4091/
 (LHC) CO: LNH REIT, Inc. ST: Mississippi IN: SU: ERN


EA-BN -- AT013 -- 1120 08/18/92 17:13 EDT
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:Aug 18, 1992
Words:704
Previous Article:LECHTERS REPORTS RESULTS
Next Article:LA-Z-BOY HAD RECORD SALES IN FISCAL 1993 FIRST QUARTER
Topics:


Related Articles
LNH REIT, INC. ANNOUNCES EARNINGS
LNH REIT, INC. ANNOUNCES SECOND QUARTER AND SIX MONTHS RESULTS
LNH REIT ANNOUNCES RESULTS
/C O R R E C T I O N -- LNH REIT INC./
LNH REIT ANNOUNCES SECOND QUARTER RESULTS
LNH REIT REPORTS RESULTS
LNH REIT, INC. REPORTS 1994 NET INCOME OF $259,000
LNH REIT, INC. REPORTS FIRST QUARTER 1995 RESULTS
LNH REIT, INC. REPORTS SECOND QUARTER 1995 RESULTS
LNH REIT, INC. REPORTS THIRD QUARTER 1995 RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters