WASHINGTON, Aug. 15 /PRNewswire-FirstCall/ -- Bresler & Reiner, Inc.
(Pink Sheets: BRER.PK) reported funds from operations for the six months
ended June 30, 2008 of $4,417,000 or $0.81 per common share compared to
$6,929,000 or $1.27 per common share for the same period in 2007. For the
three months ended June 30, 2008, the Company reported funds from
operations of $2,502,000 or $0.46 per common share compared to $2,509,000
or $0.46 per common share for the same period in 2007.
The Company reported a net loss of $9,537,000 or ($1.74) per common
share on revenues of $47,553,000 for the six months ended June 30, 2008.
For the comparable period in 2007, the Company reported net income of
$41,000 or $0.01 per common share on revenues of $43,962,000.
For the three months ended June 30, 2008 the Company reported a net
loss of $4,532,000 or ($0.83) per common share on revenues of $23,059,000.
For the comparable period in 2007, the Company reported a net loss of
$3,742,000 or ($0.68) per common share on revenues of $22,196,000.
Sidney M. Bresler, Chief Executive Officer, said the net loss for both
the three and six month periods ended June 30, 2008 were due to large
amounts of depreciation and amortization expense related to the Company's
depreciable properties. Mr. Bresler added that the Company's unrestricted
cash and cash equivalents, including investments in principally
available-for-sale securities, totaled $31,038,000 as of June 30, 2008.
Funds from operations is defined by the Company as net income computed
in accordance with accounting principles generally accepted in the United
States, excluding gains and losses, net of tax, on sales of depreciable
property, plus depreciation and amortization and after adjustments for
unconsolidated partnerships and joint ventures.
The following table reflects the Company's funds from operations for
the six months ended June 30, 2008 for each of the Company's reportable
segments:
Developed
and Residential and
Undeveloped Commercial Commercial
Land Condominiums Rental
Total operating
revenues $210,000 $3,514,000 $33,480,000
Cost of development
sales (370,000) (3,435,000)
Operating expenses (16,074,000)
Interest expense (364,000) (391,000) (12,899,000)
Income (loss) from
investments in joint
ventures 459,000 51,000
Minority interest (18,000) (96,000) 122,000
General and
administrative
expenses and other 6,000 (476,000)
Interest income
Tax benefit
(provision) 209,000 (22,000) 2,900,000
Funds From Operations $(333,000) $35,000 $7,104,000
Residential
Rental Hospitality Corporate Total
Total operating
revenues $8,820,000 $1,382,000 $147,000 $47,553,000
Cost of
development sales (3,805,000)
Operating expenses (4,786,000) (942,000) (21,802,000)
Interest expense (4,160,000) (148,000) (3,222,000) (21,184,000)
Income (loss) from
investments in
joint ventures (862,000) 94,000 (258,000)
Minority interest 1,058,000 1,066,000
General and
administrative
expenses and
other 133,000 (3,564,000) (3,901,000)
Interest income 545,000 545,000
Tax benefit
(provision) 841,000 (48,000) 2,323,000 6,203,000
Funds From
Operations $1,044,000 $244,000 $(3,677,000) $4,417,000
About the Company:
Bresler & Reiner, Inc. owns and develops land and residential,
commercial and hospitality properties, principally in the Washington, D.C.;
Wilmington, Delaware; Philadelphia, Pennsylvania; Houston, Texas;
Baltimore, Maryland, Maryland and Delaware Eastern Shore, and the Tampa and
Orlando, Florida metropolitan areas.
Supplemental Information:
The Company's Quarterly and Annual Financial Reports are available at
http://www.breslerandreiner.com or may be requested in e-mail or hard copy
formats.
This press release may contain forward-looking statements that are
based on current estimates, expectations, forecasts and projections about
us, our future performance, the industry in which we operate, our beliefs,
and management's assumptions. In addition, other written or oral statements
that constitute forward-looking statements may be made by or on behalf of
us. Words such as "expects," "anticipates," "targets," "goals," "projects,"
"intends," "plans," "believes," "seeks," "estimates," or "would be," and
variations of such words and similar expressions are intended to identify
such forward-looking statements. These statements are not guarantees of
future performance and involve certain risks, uncertainties and assumptions
that are difficult to predict. Therefore, actual outcomes and results may
differ materially from what is expressed or forecasted in such
forward-looking statements. These risks and uncertainties include: our
ability to compete effectively; our exposure to the credit risks of our
tenants; our ability to recruit and retain key personnel; adverse changes
in the local or general economy and market conditions; our ability to
obtain necessary governmental permits and approvals; our ability to
complete development projects in a timely manner and within budget; our
ability to secure tenants for our projects and properties; our ability to
sustain occupancy levels at our properties through keeping existing tenants
and securing new ones; our ability to secure tenants for the residential
and commercial properties that we develop; changes in the interest rate
environment which will affect our ability to obtain mortgage financing on
acceptable terms; future litigation; and changes in environmental health
and safety laws.
See Also:
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- RICS Sets Up Special Task Force in Support of HKSAR Government’s Urban Renewal Strategy Review to Build a Better Community
- Trisul S.A. - Net Revenue Grows 71% Over Second Quarter of 2007, Reaching R$82.2 Million
- Legal & General Mortgage Club Hosts Webcast with Nationwide’s Chief Economist
- National Retail Properties, Inc. Declares Dividend for Its Series C Preferred Stock
[Via Real Estate Newswire]
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