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Tarragon Realty Posts Increased 2001 Second Quarter Earnings, Revenues And Funds From Operations; Announces New Projects
NEW YORK, Aug. 17 /PRNewswire/ -- Tarragon Realty Investors, Inc. (Nasdaq: TARR), a growth-oriented, fully integrated property development, acquisition and management company, reported today improved financial results for the second quarter and first six months ended June 30, 2001. During this year's second quarter, the Company returned to profitability as revenue increased 26 percent when compared to the same period last year.
Revenue for the second quarter of this year was $28.9 million with a net profit of $1.2 million, or $0.13 per common share, compared to revenue of $22.8 million and a loss of $2.9 million, or $0.35 per common share, for last year's second quarter. For the first six months of this year, revenue grew to $56.4 million as the net loss narrowed significantly to $714,000, or $0.15 per common share, compared to revenue of $43.2 million with a net loss of $5.7 million, or $0.68 per common share for the same period last year.
Funds From Operations (FFO) from the investment portfolio of stabilized properties increased by 80 percent from $1.8 million to $3.2 million for the second quarter 2001 and increased 37 percent from $3.8 million to $5.1 for the six months ended June 30, 2001.
Tarragon also announced the early completion of construction of three luxury residential rental communities: The Vintage at Plantation Bay in Jacksonville, The Vintage at Tampa Palms in Tampa, and The Vintage at Lake Lotta in Ocoee, all located in Florida, with a total of 738 units. In order to appeal to today's freedom-of-choice renter, each community features a complete array of amenities, including garages, nine-foot ceilings, business centers, clubrooms, resort pools and recreational facilities. Following these completions, each of which came in under budget and within the time projected, the Company has begun construction of four, new "Vintage" rental communities with a total of 1,188 apartment units, all designed to meet the needs of demanding tenants. These communities are located in: Jupiter, Florida (390 apartments) and Orlando, Florida (342 apartments); Murfreesboro, Tennessee (278 units), and in Huntsville, Alabama (178 units).
William S. Friedman, Tarragon's CEO, commented, "The increasing cash flow from our portfolio of stabilized properties is providing the resources for our development initiatives. I am proud of our development team's ability to consistently complete high quality projects on time and under budget. The increase in our funds from operations is testimony to our property management team's ability to achieve rapid lease-up of these new communities while increasing occupancy in our other properties." |
