NATIONAL INCOME REALTY TRUST REPORTS THIRD-QUARTER RESULTS
DALLAS, Nov. 15 /PRNewswire/ -- National Income Realty Trust (NASDAQ: NIRTS) today announced operating results for the third quarter and nine months ended Sept. 30, 1991.
For the three months ended Sept. 30, 1991, the trust recorded a net loss of $1.2 million, or 35 cents per share, on revenues of $7.2 million, compared with a net loss of $2.7 million, or 74 cents per share, on revenues of $7.4 million in the third quarter of the prior year.
For the nine months ended Sept. 30, 1991, the trust recorded a net loss of $1 million, or 30 cents per share, on revenues of $21.8 million. This compares with a net loss of $584,000, or 16 cents per share, on revenues of $22.1 million for the first nine months of 1990. The trust recorded an extraordinary gain of $2.2 million and a gain on sale of real estate of $167,000 in the first nine months of 1991. This compares with an extraordinary gain of $686,000 and a gain on sale of real estate of $5.9 million in the comparable period of 1990.
Net rental income (rental income less property operation expenses, excluding debt service) decreased from $2.4 million and $7.1 million for the three and nine months ended Sept. 30, 1990, respectively, to $1.9 million and $6.7 million for the three and nine months ended Sept. 30, 1991. Net rental income at the properties sold or transferred to the lienholder was greater than the net rental income at properties acquired since September 1990.
Depreciation expense for 1991's third quarter decreased significantly from $2.1 million to $843,000. This decrease was primarily a result of the standardization of the estimated useful life of the trust's commercial and apartment buildings.
National Income sold two properties during the quarter -- The French Quarter Apartments, in Southfield, Mich., for $2.7 million, and the Mariposa Manor Apartments, in Los Angeles for $1.1 million. The trust did not report a gain or loss on either sale in 1991. Also during the quarter the trust purchased Southgate Shopping Center, in Waco, Texas, for $3 million.
National Income Realty Trust is a combination mortgage and equity real estate investment trust which operates nationwide.
NATIONAL INCOME REALTY TRUST
(In thousands, except share and per-share amounts)
Periods ended Three months Nine months
Sept. 30 1991 1990 1991 1990
Total revenues $7,196 $7,427 $21,800 $22,057
Gain on sale
of real estate -- -- 167 5,934
Extraordinary gain -- -- 2,170 686
Net (loss) (1,203) (2,658) (1,049) (584)
Per share $(0.35) $(0.74) $(0.30) $(0.16)
Weighted average shares
outstanding 3,480,020 3,580,477 3,506,780 3,654,772
/CONTACT: Jean Krone Bono, 214-692-4800, for National Income Realty Trust/
(NIRTS) CO: National Income Realty Trust ST: Texas IN: FIN SU: ERN CK -- NY046 -- 1516 11/15/91 11:51 EST