Crescent Real Estate Sees 4Q Funds From Ops 60c-63c/Shr>CEI
FORT WORTH, Texas (Dow Jones)--Crescent Real Estate Equities Co. (CEI) expects to report fourth-quarter funds from operations within the range of 60 to 63 cents a share and 1997 FFO within the range of $1.97 to $2 a share.
A First Call consensus of 10 analysts predicts Crescent will report FFO of 54 cents a share for the fourth quarter and $1.87 a share for 1997.
During the year-ago fourth quarter, Crescent reported FFO of $31.9 million, or a split-adjusted 38 cents a share, on revenues of $71.4 million. During 1996, Crescent reported FFO of $87.6 million, or a split-adjusted $1.36 a share, on revenues of $209 million.
In a press release Monday, Crescent cited the better-than-expected performance of its business operations during the fourth quarter. Citing better-than-expected operating results and "continued strong external growth opportunities" seen for 1998, the company said it is "extremely optimistic" about its 1998 earnings outlook.
The First Call consensus survey predicts Crescent FFO of $2.49 a share for 1998.
Crescent also said it completed a $205 million equity placement of 5,375,000 common shares to an affiliate of Merrill Lynch Pierce Fenner & Smith. Net proceeds will be used to repay borrowings outstanding under Crescent's credit facility.
In a separate transaction, Crescent entered into an exchange agreement for 5,375,000 Crescent common shares with Merrill Lynch which provides that, within a term of one year, Crescent will execute a net settlement in its common shares based on the then market price.
The company said the transaction increases its investing liquidity.
Crescent had 112,442,000 shares outstanding at Nov. 30. The company's NYSE-listed stock closed at 37 7/8, down 1/4 or 0.7%.
Crescent is a real estate company that owns primarily owns or holds an interest in commercial properties. |
