Continental Mortgage and Equity Trust Announces 1998 First Quarter Results
DALLAS, May 19 /PRNewswire/ -- Continental Mortgage and Equity Trust (Nasdaq: CMETS) today announced results for the first quarter of 1998. The Trust reported net income of $3.6 million, or 89 cents per share, on revenues of $15.0 million for the three months ended March 31, 1998. This compares with a net loss of $398,000, or 10 cents per share, on revenues of $13.3 million for the first quarter of 1997.
Rents increased to $14.8 million for the quarter ended March 31, 1998. This compares with $13.1 million in the comparable period in 1997. Of this increase, $2.4 million is due to the acquisition of three apartment complexes and five commercial properties subsequent to March 31, 1997. The remainder of the increase is due to increased rental and occupancy rates at the Trust's properties. These increases are partially offset by a decrease of $1.9 million due to the sale of four commercial properties in 1997 and an apartment complex in 1998.
For the quarter ended March 31, 1998, the Trust recognized a gain on the sale of real estate of $5.6 million on the sale of Edgewood Apartments, a 353 unit apartment complex in Lansing, Illinois, that was under contract for sale at December 31, 1997. There was no such gain during the corresponding period in 1997.
During April 1998, the Trust acquired Fontenelle Hills, a 338 unit apartment complex in Bellevue, Nebraska, for $12.8 million. The Trust paid $2.0 million in cash and obtained new mortgage financing of $10.8 million. |
