SELECTED FINANCIAL DATA
For the Four
Month Period For the Fiscal Years Ended August 31,
Ended -------------------------------------------------------------------
December 31, 1997 1997 1996 1995 1994 1993
----------------- ----------- ----------- ----------- ----------- -----------
(amounts in thousands, except per share data)
Income Statement Data:
Revenues:
Gross revenues from real estate ...... $17,170 $40,231 $38,985 $36,978 $27,640 $21,083
Interest and other income ............ 82 254 171 176 274 542
-------- -------- -------- -------- -------- --------
Total revenues ...................... 17,252 40,485 39,156 37,154 27,914 21,625
Expenses:
Property operating expenses ......... 6,835 16,289 16,102 14,859 11,758 8,959
Depreciation and amortization ......... 2,695 6,259 5,908 5,286 3,541 2,784
General and administrative
expenses ............................ 1,088 3,324 3,119 3,091 2,528 1,873
Interest expense ...................... 4,349 9,086 9,831 8,908 4,162 2,222
Provision for losses on investments -- 500 -- -- 1,795 320
-------- -------- -------- -------- -------- --------
Total expense ..................... 14,967 35,458 34,960 32,144 23,784 16,158
-------- -------- -------- -------- -------- --------
Income before equity in unconsolidated
entities, gains on sales of interests in
real estate, minority interest and
extraordinary item ................... 2,285 5,027 4,196 5,010 4,130 5,467
Equity in income of partnerships and
joint ventures ...................... 2,101 4,337 6,258 6,381 4,416 4,750
Equity in loss of PREIT-RUBIN, Inc. ... 260 -- -- -- -- --
Gains on sales of interests in real
estate .............................. 2,090 1,069 865 119 12,362 3,875
Minority interest ..................... (474) (198) (275) (285) (221) (92)
Extraordinary loss ..................... (300) -- -- -- -- --
-------- -------- -------- -------- -------- --------
Net income ........................... $ 5,962 $10,235 $11,044 $11,225 $20,687 $14,000
======== ======== ======== ======== ======== ========
Basic Income Per Share Results:
Income before gains on sales of
interests in real estate and
extraordinary item ................... $.46 $1.06 $1.17 $1.28 $ .96 $1.17
Gains on sales of interests in real
estate .............................. .23 .12 .10 .01 1.43 .45
Extraordinary item ..................... (.03) -- -- -- -- --
--------- --------- --------- --------- --------- ---------
Net income ........................... $.66 $1.18 $1.27 $1.29 $2.39 $1.62
========= ========= ========= ========= ========= =========
Weighted average number of shares
outstanding (1) ..................... 9,049 8,679 8,676 8,671 8,664 8,643
========= ========= ========= ========= ========= =========
Diluted Income Per Share Results:
Income before gains on sales of
interests in real estate and
extraordinary item .................... $.46 $1.06 $1.17 $1.28 $.96 $1.17
Gains on sales of interest in real
estate .23 .12 .10 .01 1.42 0.45
Extraordinary item ..................... (.03) -- -- -- -- --
--------- --------- --------- --------- --------- ---------
Net income ............................. $.66 $1.18 $1.27 $1.29 $2.38 $1.62
======== ======== ======== ======== ======== ========
Weighted average number of shares
outstanding(1) ........................ 9,099 8,704 8,692 8,688 8,679 8,659
======== ======== ======== ======== ======== ========
For the Four For the Fiscal
Month Period Year Ended
Ended August 31,
December 31, -------------
1997 1997
---------------- -------------
(amounts in thousands, except
per share data)
Balance Sheet Data
(at end of period):
Investments in real estate, at cost ...... $ 287,926 $ 202,443
Total assets. ........................... 265,566 165,657
Total debt .............................. 103,939 117,412
Minority interest ........................ 15,805 540
Shareholder's equity ..................... 138,530 40,899
Other Data:
Cash flows from operating activities....... 4,281 15,219
Cash flows from investing activities....... (57,313) 7,749
Cash flows from financing activities....... 52,957 (22,599)
Funds from operations (2) ............... 8,146 19,660
EBITDA (3). .............................. 14,741 35,169
For the Fiscal Years Ended August 31,
----------------------------------------------------------
1996 1995 1994 1993
------------- ------------- ------------- -------------
(amounts in thousands, except per share data)
Balance Sheet Data
(at end of period):
Investments in real estate, at cost ...... $ 198,542 $ 195,929 $ 154,281 $ 112,262
Total assets. ........................... 177,725 181,336 142,495 107,854
Total debt .............................. 124,148 122,518 80,155 51,929
Minority interest ........................ 542 528 408 331
Shareholder's equity ..................... 46,505 51,771 56,748 51,852
Other Data:
Cash flows from operating activities ...... 15,090 16,672 15,909 13,034
Cash flows from investing activities ...... 933 (40,082) (18,524) (38,683)
Cash flows from financing activities ...... (16,091) 22,356 3,305 25,913
Funds from operations (2) ............... 18,628 18,963 16,417 16,870
EBITDA (3). .............................. 34,423 33,936 24,854 27,161
- ------------
(1) Weighted average number of shares outstanding excludes shares issuable upon
conversion of outstanding Operating Partnership ("OP") units and includes
the dilutive effect of outstanding options. Income allocable to holders of
OP units is included in minority interest.
(2) The White Paper on Funds from Operations approved by the Board of Governors
of NAREIT in March 1995 defines Funds from Operations as net income (loss)
(computed in accordance with GAAP), excluding gains (or losses) from debt
restructuring and sales of properties, plus real estate related
depreciation and amortization and after adjustments for unconsolidated
partnerships and joint ventures. The Company believes that Funds from
Operations is helpful to investors as a measure of the performance of an
equity REIT because, along with cash flows from operating activities,
financing activities, and investing activities, it provides investors with
an indication of the ability of the Company to incur and service debt, to
make capital expenditures and to fund other cash needs. The Company
computes Funds from Operations in accordance with standards established by
NAREIT which may not be comparable to Funds from Operations reported by
other REITs that do not define the term in accordance with the current
NAREIT definition or that interpret the current NAREIT definition
differently than the Company. Funds from Operations does not represent
cash generated from operating activities in accordance with GAAP and
should not be considered as an alternative to net income (determined in
accordance with GAAP) as an indication of the Company's financial
performance or to cash flow from operating activities (determined in
accordance with GAAP) as a measure of the Company's liquidity, nor is it
indicative of funds available to fund the Company's cash needs, including
its ability to make cash distributions.
(3) EBITDA is defined as operating income before interest expense, income
taxes, depreciation and amortization. The Company believes EBITDA is
useful to investors as an indicator of the Company's ability to service
debt and pay cash distributions. EBITDA, as calculated by the Company, may
not be comparable to EBITDA reported by other REITs that do not define
EBITDA exactly as the Company defines the term. EBITDA does not represent
cash generated from operating activities determined in accordance with
GAAP and should not be considered as an alternative to operating income or
net income determined in accordance with GAAP as an indicator of
performance or as an alternative to cash flows from operating activities
as an indicator of liquidity.