New Plan REIT Announces Q2 Earnings

NEW YORK CITY-Diluted FFO for the second quarter of 2001 of New Plan Excel Realty Trust, based here, rose from $41.6 million (46 cents per share) in Q2 2000 to $43.8 million (48 cps). Diluted FFO year-to-date increased to $86.2 million (95 cps) from $81.3 million (89 cps) for the first six months of last year. Total rental revenues for the second quarter were down $300,000 to $83 million compared to the same period last year while total rental revenues for the first half of the year amounted to $166.2 million, down from 167.6 million for the first six months of 2000. In the second quarter of 2000, diluted FFO included a one-time charge of $915,000 related to executive resignations and which totaled $3.7 million for the first half of that year.

The gross leasable area for the REITs community and neighborhood shopping centers (aside from those that are being redeveloped) was 91% leased, 85% of the GLA at its factory outlet centers was under contract and 89% of GLA of its 281 retail properties was taken. New leases were signed for 82 retail outlets and 97 were renewed for approximately 12.4% more than those that expired. About 92% of the New Plan’s garden apartment communities were occupied with tenants paying an average monthly base rent of $577.

Other activity during the second quarter included the sale of five properties (a vacant building, a shopping center, a department store and two supermarkets and two parcels of land for an aggregate of about $8.6 million. In addition, on May 17, the firm agreed to sell all 53 of its garden apartments communities with 12,550 units to Houlihan-Parnes Realtors LLC and C.L.K. Management for approximately $380 million.

New Plan currently has a portfolio of 334 properties in 31 states and total assets of $2.9 billion.