Tarragon Realty Reports First Quarter 2002 Results
PR NEWSWIRE - May 21, 2002 07:30
NEW YORK, May 21, 2002 /PRNewswire-FirstCall via COMTEX/ -- Tarragon Realty Investors Inc (Nasdaq: TARR), a growing homebuilder, real estate developer and property investment company, today announced results for the first quarter ended March 31, 2002. Year-to-year revenue grew 49 percent, and comparable profits increased $10.5 million to $1.04 per common share from a loss of $0.25 per common share for the same period of the previous year, as the Company implements its strategic plan to reduce the age of its apartment portfolio properties by monetizing the appreciated value of its older properties while adding newly built assets.
Revenue for the quarter was $39.5 million, an increase of 49 percent over the $26.5 million reported for the same period of 2001. Net income for the quarter ended March 31, 2002, was $8.6 million, up from a loss of $1.9 million for the same period in 2001. The significant increase was principally due to a single transaction resulting in a gain on the sale of a mature portfolio property. Funds From Operation (FFO) for the Investment Division increased 148 percent to $4.5 million for the quarter compared to $1.8 million for the first quarter in 2001.
Chairman & CEO William S. Friedman commented, "While the previously announced sale of older apartment properties were the prime driver of profits for the quarter, the Investment Division's stunning increase in Funds From Operation is the more important story. Higher occupancy and rents for our portfolio in general, lower interest rates and the addition of newly completed apartment properties are continuing to give us strong, year-to-year and quarter-to-quarter comparisons. The performance of our diversified portfolio belies media reports of an apartment glut. Our apartment portfolio produced same store increases in net operating income of 4 percent compared to fourth quarter 2001 and 8.6 percent compared to the year ago quarter |
