Tarragon Reports Results for 2001 Third Quarter, Nine Months; Posts Large Gains in Funds From Operations
NEW YORK, Nov. 20 /PRNewswire/ -- Tarragon Realty Investors, Inc. (Nasdaq: TARR), a growth-oriented, fully integrated property development, investment and management company, today said it posted a 79 percent increase in Funds From Operations (FFO) from its portfolio of stabilized properties to $2.8 million for the third quarter ended September 30, 2001, up from $1.6 million for the same period last year. For the first nine months of this year, investment portfolio FFO increased 50 percent to $8 million, up from $5.3 million for last year's first nine months.
Tarragon reported revenue for the 2001 third quarter of $27.9 million with a net loss of $1.8 million, or $0.25 loss per common share, compared to revenue of $40.4 million and net income of $14.4 million, or $1.85 per common. Last year's third quarter results included gains on sale and other non- recurring income of more than $18 million while such items came to only $3.1 million in the third quarter this year.
Revenue for the nine months ended September 30, 2001, was $84.2 million with a net loss of $2.5 million, or $0.40 loss per common share, compared to revenue of $83.6 million and net income of $8.7 million, or $1.04 per common share for the same period last year.
For the first nine months of 2001, Tarragon recognized $4 million in net profit on the sale of condominium units at 5600 Collins Avenue and $4.4 million in gains on sale of real estate and other non-recurring income. For the same period in the prior year condominium profits, gains on sale of real estate, and other non-recurring income came to $19.5 million.
William S. Friedman, Tarragon's CEO, commented, "Our investment portfolio is continuing to produce strong growth in cash flow and net operating income. Even with the tragedy of September 11 and the economic uncertainty surrounding it, our overall apartment occupancy is higher than at this time last year and the lease-up of our rental communities in our development portfolio remains on schedule." |
