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Strategies & Market Trends : Gentra .... Any old R/T employees -- Ignore unavailable to you. Want to Upgrade?

To: Sans Souci who wrote (42)	10/24/1997 7:03:00 PM
From: little big man	Respond to of 78

GOOD NEWS!! That is what is up. This stock is going to 10$ within a year. GENTRA ANNOUNCES THIRD QUARTER EARNINGS TORONTO, Oct. 21 /CNW/ - GENTRA today announced earnings for the quarter ended September 30, 1997 of $22 million, compared to $14 million for the same period in 1996. Net income for the nine months of the year was $57 million compared to $40 million for the same period last year. Earnings and cashflow per share for the first nine months of the year were $0.24 and $0.26 per common share respectively compared to $0.15 and $0.17 per common share for the same period in 1996. Net income and earnings per share continue to improve reflecting increased earnings generated from both operational and leasing improvements at the property level, continued strong performance from the Company's loans and investment portfolio and reductions in general and administrative expenses. During the quarter, Gentra announced a number of initiatives to simplify its capital structure. On October 1, 1997 the Company paid $89 million of dividends in arrears to its cumulative preferred shareholders and reinstated cumulative preferred share dividends. Prior to the payment of dividends in arrears, Gentra redeemed in full the $145 million junior subordinated debentures. On October 15, 1997 the Company completed the issue of 24.4 million common shares to holders of $93 million par amount of non-cumulative preferred shares which carried a dividend rate of 9% per annum. The conversion of the preferred shares into common shares has further strengthened Gentra's common equity base. Gentra continued to be active in its core business during the third quarter with the most notable transaction being the acquisition of Bramalea City Centre, one of Canada's largest regional shopping centres. The centre is located in the Greater Toronto Area and consists of 1.1 million square feet of retail space, 2 office buildings and a 143 room Holiday Inn Hotel. Gentra had originally invested in the centre through the purchase of $65 million first mortgage bonds secured by the property in January of 1996. Gentra is now implementing remerchandising plans to further increase occupancy and retail sales in the centre. During the quarter, Gentra also disposed of two properties realizing gains of $5 million. Gentra had undertaken a number of value added initiatives with respect to those properties and the dispositions were consistent with Gentra's ongoing business strategy of acquiring and repositioning properties for sale. Commercial financing activities during the quarter included new loans of $79 million and the syndication of $75 million of existing and new loans. Since the end of the third quarter, Gentra has agreed to purchase Queens Quay Terminal, a 460,000 square foot mixed use complex located on Toronto's downtown waterfront. This unique property was redeveloped in 1983 and contains 2 levels of retail space, 6 levels of office space and 4 levels of exclusive condominiums. After an aggressive leasing and marketing program the property is expected to be fully leased and have a cost to Gentra of approximately $40 million or $87 per square foot, representing approximately one-third of replacement cost. Gentra believes that new developments in the area such as the Air Canada/Raptors project, the expansion of the Convention Centre, the extension of Simcoe Street and the Queen's Quay LRT, all serve to assist in the integration of Queens Quay with the downtown financial district which will result in positive leasing prospects for this asset. Gentra is a real estate investment company. Gentra's seven million square feet of commercial real estate includes a number of landmark office and retail properties. The Company actively acquires real estate assets either for strategic purposes or to enhance their value by repositioning them prior to sale. Gentra also conducts a commercial finance business and provides debt capital to the real estate industry, secured by income producing properties. Gentra's market capitalization exceeds $1.1 billion and its common shares are included in the TSE 300 Index and the Real Estate Index.