Printer Friendly

THE PRICE REIT INC. ANNOUNCES RESULTS

 SAN DIEGO, Feb. 19 /PRNewswire/ -- The Price REIT Inc. announced its operating results for the year ended Dec. 31, 1992.
 Consolidated gross revenues from rental and interest income for the full 12-month period amounted to $18,815,000. Funds from operations (as defined below) for the 12-month period were $6,926,000 and reported earnings per share were $1.41 and dividends per share were $2.26. Results for the period ended Dec. 31, 1991, include only one month as the company did not acquire properties and commence operations until Dec. 3, 1991.
 THE PRICE REIT INC.
 12 months ended One month ended
 Operating Results Dec. 31, 1992 Dec. 31, 1991
 Gross revenues $18,815,000 1,140,000
 Expenses 6,923,000 179,000
 Depreciation 4,675,000 266,000
 Minority interest
 in income 3,099,000 257,000
 Net income 4,118,000 438,000
 Per share data
 Net income per share 1.41 0.15
 Dividend 2.26 0.19
 Shares outstanding 2,928,000 2,928,000
 Funds from operations
 Income before minority
 interest 7,217,000 695,000
 Add: depreciation &
 amortization 4,675,000 266,000
 Less: deferred rental
 income (1,151,000) (70,000)
 Distributions to
 minority partner (3,815,000) (313,000)
 Funds from operations 6,926,000 578,000
 Dividends paid 6,610,000 549,000
 Funds from operations is defined as income before minority interest in income of Price Plaza, a consolidated joint venture, plus depreciation, less deferred rental income and distribution to the minority partner in Price Plazas.
 THE PRICE REIT INC.
 Balance Sheet Data Dec. 31, 1992 Dec. 31, 1991
 Assets
 Rental property, net 186,479,000 113,984,000
 Other 3,531,000 1,064,000
 Liabilities
 Notes 76,980,000 ---
 Other 1,671,000 481,000
 Minority interest 42,628,000 43,344,000
 Stockholder equity 68,731,000 71,223,000
 Price REIT Inc. is a self-administered real estate investment trust which owns outright eight properties and has an interest in a joint venture of five properties with The Price Company. All such retail and warehouse properties have in excess of 2.2 million square feet occupied by some 150 tenants. The properties are located in California, Arizona and Connecticut.
 -0- 2/19/93
 /CONTACT: George Jezek of The Price REIT, 619-551-2320/


CO: The Price REIT Inc. ST: California IN: FIN SU: ERN

EH-MS -- SD003 -- 8451 02/19/93 14:19 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 19, 1993
Words:406
Previous Article:FDA PANEL RECOMMENDS CAPOTEN(R) FOR POST-HEART ATTACK PATIENTS
Next Article:TACOMA POLICE DEPARTMENT EXECUTES SEARCH WARRANT AT DEAN'S PHARMACY
Topics:


Related Articles
CV REIT REPORTS FIRST QUARTER RESULTS; COMPLETES SALE OF WESTWARD SHOPPING CENTER
THE PRICE REIT INC. ANNOUNCES SECOND QUARTER RESULTS
THE PRICE REIT INC. REPORTS RESULTS
THE PRICE REIT INC. ANNOUNCES RESULTS
THE PRICE REIT ANNOUNCES INCREASED REVENUES, NET INCOME, AND FUNDS FROM OPERATIONS
THE PRICE REIT INC. ANNOUNCES REVENUES AND NET INCOME INCREASE
THE PRICE REIT INC. ANNOUNCES INCREASE IN REVENUES, FFO AND NET INCOME
THE PRICE REIT INC. ANNOUNCES EARNINGS AND DIVIDENDS
THE PRICE REIT INC. ANNOUNCES RECORD FFO AND INCREASES DIVIDEND
THE PRICE REIT INC. ANNOUNCES REDUCTION IN INTEREST RATE ON SHORT-TERM BORROWINGS

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