Printer Friendly

THE TOWN & COUNTRY TRUST REPORTS THIRD QUARTER RESULTS

 BALTIMORE, Oct. 21 /PRNewswire/ -- The Town & Country Trust (NYSE: TCT) today announced third quarter 1993 operating results. All reported amounts for the quarter and nine months ended Sept. 30, 1993 represent results for the trust for the 39-day period from Aug. 23, 1993, the closing date of its initial public offering, through Sept. 30, 1993, in combination with the results of the TC Companies, the predecessor company, for periods prior to Aug. 23, 1993. Reported amounts for the quarter and nine months ended Sept. 30, 1992 represent results for the TC Companies. Management reported that combined funds from operations, the most relevant measure of a REIT's performance, were $3,060,000 compared to $1,737,000 for the third quarter of 1992. Combined funds from operations for the nine months ended Sept. 30, 1993 were $6,065,000 compared to $4,844,000 for 1992.
 Combined net loss was $510,000 on revenues of $17,378,000 for the quarter ended Sept. 30, 1993. For the nine months ended Sept. 30, 1993 combined net loss was $3,106,000 on revenues of $48,034,000. Net loss for the third quarter ended Sept. 30, 1992 was $898,000 on revenues of $15,790,000. Net loss for the nine months ended Sept. 30, 1992 was $3,214,000 on revenues of $47,196,000.
 Funds from operations and net income reported above for the period from Aug. 23, 1993 to Sept. 30, 1993 are after provisions for minority interests. Per-share funds from operations and net income for the period from Aug. 23, 1993 to Sept. 30, 1993 were $.19 and $.09, respectively.
 Commenting on the comparison between 1992 and 1993 results, the trust pointed out that 1993 results reflect the inclusion of six properties acquired in connection with the initial public offering and the decrease in interest expense resulting from the reduction in the amount of, and interest rate on, long-term debt.
 The trust also announced that its board has declared an initial dividend for the 39-day period ended Sept. 30, 1993, of $.17 per share payable on Dec. 1, 1993 to record holders on Nov. 11, 1993. The dividend represents a proration of the $1.54 annual dividend contemplated in the trust's initial prospectus.
 The trust also indicated it is currently considering a number of acquisitions of multi-family properties in the mid-Atlantic region.
 The Town & Country Trust is a Maryland real estate investment trust that specializes in owning, managing and acquiring multi-family properties in the central Atlantic region.
 THE TOWN & COUNTRY TRUST
 Summary Statements of Operations
 QUARTER: Town & Country The TC Combined TC
 Trust Companies Companies
 8/23/93 7/1/93 7/1/93 7/1/92
 to to to to
 9/30/93 8/22/93 9/30/93 9/30/92
 Revenues $8,527,516 $8,850,055 $17,377,571 $15,789,947
 Net income after
 allocation to
 minority interests 1,335,500 (1,845,098) (509,598) (897,579)
 Funds from operations
 after allocation to
 minority interest 3,023,867 36,087 3,059,954 1,737,023
 Number of shares
 outstanding 15,511,765 -- -- --
 Per share:
 Net income $0.09 -- -- --
 Funds from opers. 0.19
 Dividend declared 0.17 -- -- --
 NINE MONTHS: Town & Country The TC Combined TC
 Trust Companies Companies
 8/23/93 1/1/93 1/1/93 1/1/92
 to to to to
 9/30/93 8/22/93 9/30/93 9/30/92
 Revenues $8,527,516 $39,506,644 $48,034,160 $47,195,947
 Net income after
 allocation to
 minority interests 1,335,500 (4,441,651) (3,106,151) (3,214,349)
 Funds from operations
 after allocation to
 minority interest 3,023,867 3,041,166 6,065,033 4,843,527
 Number of shares
 outstanding 15,511,765 -- -- --
 Per share:
 Net income $0.09 -- -- --
 Funds from opers. 0.19 -- -- --
 Dividend declared 0.17 -- -- --
 (A) -- Minority interests for the period from Aug. 23, 1993 to Sept. 30, 1993 represent certain limited partnership interests that economically equate to 2,466,535 shares.
 (B) -- Funds from operations is defined as net income plus depreciation and amortization.
 -0- 10/21/93
 /CONTACT: Harvey Schulweis of Town & Country Trust, 212-750-5666; or Peter Rosenthal of Howard J. Rubenstein Associates, Inc., 212-489-6900/
 (TCT)


CO: Town & Country Trust ST: Maryland IN: SU: ERN

CK-WB -- NY106 -- 2120 10/21/93 17:27 EDT
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:Oct 21, 1993
Words:730
Previous Article:QVC ANNOUNCES $4.8 BILLION CASH TENDER OFFER FOR 51 PERCENT OF PARAMOUNT SHARES; BEGINS LITIGATION AGAINST PARAMOUNT, VIACOM
Next Article:DAL-TILE'S COX TO RETIRE, PILLIOD NAMED CHAIRMAN AND CEO
Topics:

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