MGI
FYI... ? termination of trust?
Sunday April 10, 05:50 PM Eastern time
Company Press Release
SOURCE:MGI Properties
MGI Properties ('MGI') Announces Additional Property
Sale; Reports First Quarter Results
BOSTON, April 10 /PRNewswire/ --
Property Sale
W. Pearce Coues, Chairman of the Board of Trustees, today announced that MGI Properties
(NYSE: MGI) has sold a retail property located in Aurora, Illinois for a sale price of 22.6 million.
Mr. Coues noted that this is the second property sale to occur during MGI's second quarter of
fiscal 2000 and the fourth property sale since January 2000.
First Quarter Results
MGI Properties today reported 2000 first quarter results. Net income for the quarter ended
February 29, 2000 was 1,177,000, or .09 per share (basic) compared to 7,437,000, or .54 per
share (basic) for the first quarter one year ago. The change in net income, when the first quarter of
2000 is compared to the first quarter of 1999, primarily results from the sale of 62 properties which
occurred in the 12 months ended February 29, 2000 pursuant to the Plan of Liquidation and
Termination of the Trust.
This Press Release contains forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These
forward-looking statements are dependent on a number of factors which could cause actual results
to differ materially from those expressed or implied in the forward-looking statements. Such factors
include, among other things, the risks of future action or inaction by the Board of Trustees with
respect to the Plan of Liquidation (and the actual results thereof), including the possibility of litigation
pertaining thereto the net realizable value of and the timing of the sales of the Trust's remaining
properties during the course of the liquidation the amount and timing of liquidating distributions
changes in national and local economic and financial market conditions, as well as those factors set
forth in MGI's Form 10-K for the year ended November 30, 1999, including those set forth under
"Forward-Looking Statements," "Other" and Item 1 - "Adoption and Implementation of Liquidation
Plan," and the Form 10-Q for the quarter ended February 29, 2000.
MGI PROPERTIES
SELECTED FINANCIAL INFORMATION
For the Three Months Ended
Feb. 29, 2000 Feb. 28, 1999
Consolidated Statements of Earnings
Income:
Rental $2,563,000 $18,667,000
Interest 571,000 144,000
Total Income(A) 3,134,000 18,811,000
Expenses:
Property operating expenses 435,000 4,106,000
Real estate taxes 310,000 2,215,000
Depreciation and amortization 80,000 359,000
Interest 87,000 2,560,000
General and administrative 587,000 727,000
Liquidation plan 541,000 978,000
Total Expenses 2,040,000 10,945,000
Income before net gains 1,094,000 7,866,000
Net gains (loss) from sale of real estate 83,000 (143,000)
Income before extraordinary items 1,177,000 7,723,000
Extraordinary item - Prepayment of debt - (286,000)
Net Income $1,177,000 $7,437,000
Basic Earnings Per Share $0.09 $0.54
Diluted Earnings Per Share $0.08 $0.52
Average shares outstanding 13,774,221 13,770,999
NOTE(A) Total income excludes gains or losses.
MGI PROPERTIES
SELECTED FINANCIAL INFORMATION
Consolidated Balance Sheets
Feb. 29, 2000 Nov. 30, 1999
(Unaudited)
Assets
Properties held for sale $48,341,000 $56,310,000
Cash and cash equivalents 46,618,000 38,232,000
Accounts receivable 772,000 747,000
Other assets 3,285,000 3,222,000
$99,016,000 $98,511,000
Liabilities and Shareholders' Equity
Liabilities:
Loans payable $4,546,000 $4,585,000
Liquidating liabilities 12,137,000 12,715,000
Other liabilities 2,318,000 2,373,000
Total liabilities 19,001,000 19,673,000
Shareholders' equity:
Common shares -- $1 par value;
17,500,000 shares authorized;
13,774,221 issued
13,774,000 13,774,000
Additional paid-in capital 208,363,000 208,363,000
Distributions in excess of net income (142,122,000) (143,299,000)
Total shareholders' equity 80,015,000 78,838,000
$99,016,000 $98,511,000
Portfolio Leasing (at February 29, 2000):
Total Percentage
Property Type Square FeetLeased
Retail(A) 609,200 96.7%
Office 203,900 99.1%
Total Commercial Portfolio 813,100 97.3%
(A) Subsequent to February 29, 2000, two retail properties aggregating
508,700 square feet were sold for 30.8 million.
Contact:
Phillip C. Vitali, Executive Vice President and Treasurer of
MGI Properties, 617-422-6000 |
