12.05.2005 01:30:00
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Thomas Properties Group, Inc. Announces First Quarter 2005 Results
Business Editors
LOS ANGELES--(BUSINESS WIRE)--May 11, 2005--Thomas Properties Group, Inc. (Nasdaq:TPGI) reported today the results of operations for the quarter ended March 31, 2005.
The results of operations presented in this release include our results of operations for the three months ended March 31, 2005, and the results of operations of TPGI's predecessor entities for the three months ended March 31, 2004. The consolidated net loss for the first quarter of 2005 was $776,000 compared to a combined net loss of $655,000 for the first quarter of 2004.
On March 2, 2005, TPG/CalSTRS, LLC, a joint venture between TPGI and California State Teachers' Retirement System, completed the acquisition of the four properties in suburban Philadelphia. The purchase price of the properties was $136.0 million and the acquisition and closing costs were $4.2 million. The purchase and closing costs were funded with $105.0 million of first mortgage financing proceeds and $35.2 million of equity provided by the joint venture, of which we provided $8.8 million.
Financial schedules follow. Further information is available in the Supplemental Financial Information for the Quarter Ended March 31, 2005, which is available in the Investor Relations section (Financial Information) on TPGI's website at www.tpgre.com, or by calling Diana Laing, Chief Financial Officer, at the number below.
Teleconference and Webcast
TPGI will hold a quarterly earnings conference call on Thursday, May 12, 2005, at 10:00 a.m. Pacific Time. To participate in the call, dial 800-591-6942 (US) or 617-614-4909 (International), and provide confirmation code 59224314. A live webcast (listen-only mode) of the conference call will be available at this time. A hyperlink to the live webcast will be available from the Investor Relations section of our website at www.tpgre.com. A replay of the call will be available through June 2, 2005, by calling 888-286-8010 (US) or 617-801-6888 (International), and providing confirmation code 22531285. A webcast replay of the call will be available from the Investor Relations section of our website at www.tpgre.com.
The webcast is also being distributed through the Thomson StreetEvents Network to both institutional and individual investors. Individual investors can listen to the call at www.fulldisclosure.com, Thomson/CCBN's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson's password-protected event management site, StreetEvents (www.streetevents.com).
About Thomas Properties Group, Inc.
Thomas Properties Group, Inc. is a full-service real estate company that owns, acquires, develops and manages office, retail and multi-family properties throughout the United States. The company has four primary areas of focus: property operations, property acquisitions, property development and redevelopment, and investment management. The company seeks to capitalize on opportunities for above-average risk-adjusted investment returns from real estate ownership, while managing the volatility associated with the real estate industry through joint-venture ownership structures. For more information on Thomas Properties Group, Inc., visit the company's website at www.tpgre.com.
Forward-Looking Statements
Statements made in this press release or during the conference call that are not historical may contain forward-looking statements. Although TPGI believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, these statements are subject to numerous risks and uncertainties. Factors that could cause actual results to differ materially from TPGI's expectations include actual and perceived trends in various national and economic conditions that affect global and regional markets for commercial real estate services, including interest rates, the availability of credit to finance commercial real estate transactions, and the impact of tax laws affecting real estate. For a discussion of some of the factors that may cause our results to differ from management's expectations, see the information under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations - Factors That May Influence Future Results of Operations" in our 10-K for the year ended December 31, 2004, which has been filed with the SEC. TPGI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
THOMAS PROPERTIES GROUP, INC AND SUBSIDIARIES AND THOMAS PROPERTIES GROUP, INC. PREDECESSOR
CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS (In thousands, except per share data)
TPGI TPGI Predecessor ---------------- --------------- Three months Three months ended March 31, ended March 2005 31, 2004 Revenues: Rental $ 8,280 $ 5,051 Tenant reimbursements 4,914 2,591 Parking and other 1,443 496 Investment advisory, management, leasing, and development services 1,369 1,465 Investment advisory, management, leasing and development services -- unconsolidated/uncombined real estate entities 1,627 989 ---------------- --------------
Total revenues 17,633 10,592 ---------------- --------------
Expenses: Rental property operating and maintenance 3,953 1,879 Real estate taxes 1,581 816 Investment advisory, management, leasing, and development services 2,104 2,535 Rent -- unconsolidated/uncombined real estate entities 58 71 Interest 6,312 5,288 Depreciation and amortization 3,317 1,401 General and administrative 2,209 -- ---------------- --------------
Total expenses 19,534 11,990 ---------------- --------------
Gain on sale of real estate -- 975 Interest income 417 -- Equity in net loss of unconsolidated/uncombined real estate entities (1,328) (232) Minority interest -- unitholders in the Operating Partnership 1,511 -- Minority interests in consolidated real estate entities -- -- ---------------- --------------
Loss before benefit for income taxes (1,301) (655) Benefit for income taxes 525 -- ---------------- --------------
Net loss $ (776) $ (655) ================ ==============
Loss per share -- basic and diluted $ (0.05) Weighted average common shares outstanding -- basic and diluted 14,295,236
THOMAS PROPERTIES GROUP, INC.
CONSOLIDATED BALANCE SHEETS (In thousands, except share data)
March 31, December 31, 2005 2004 (unaudited) ASSETS Investments in real estate: Land and improvements $ 61,029 $ 60,882 Buildings and improvements 252,688 252,009 Tenant improvements 65,281 64,638 ---------------- --------------- 378,998 377,529 Less accumulated depreciation (97,338) (95,044) ---------------- --------------- 281,660 282,485 Investments in unconsolidated real estate entities 43,247 31,624 Cash and cash equivalents 54,547 56,506 Restricted cash 9,442 12,949 Short-term investments -- 14,000 Rents and other receivables, net 2,749 2,731 Receivables -- unconsolidated real estate entities 2,388 381 Deferred rents 27,277 28,453 Deferred leasing and loan costs, net 16,286 16,871 Deferred tax asset 40,663 40,138 Other assets 9,779 5,464 ---------------- --------------- Total assets $ 488,038 $ 491,602 ================ ===============
LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Mortgage loans $ 204,718 $ 206,373 Other secured loans 89,560 89,517 Accounts payable and other liabilities 8,960 9,177 Dividends and distributions payable 1,904 -- Due to affiliate 343 1,852 Prepaid rent 2,773 841 ---------------- --------------- Total liabilities 308,258 307,760 ---------------- ---------------
Minority interests: Unitholders in the Operating Partnership 73,972 76,458 Minority interests in consolidated real estate entities 1,451 1,451 ---------------- --------------- Total minority interests 75,423 77,909 ---------------- ---------------
Commitments and contingencies
Stockholders' equity: Preferred stock, $.01 par value, 25,000,000 shares authorized, none issued or outstanding -- -- Common stock, $.01 par value, 75,000,000 shares authorized, 14,342,481 shares issued and outstanding 143 143 Limited voting stock, $.01 par value, 20,000,000 shares authorized, 16,666,666 shares issued and outstanding 167 167 Additional paid-in capital 106,673 106,673 Deficit and dividends (2,217) (581) Unearned compensation, net (409) (469) ---------------- --------------- Total stockholders' equity 104,357 105,933 ---------------- --------------- Total liabilities and stockholders' equity $ 488,038 $ 491,602 ================ ===============
--30--TM/la*
CONTACT: Thomas Properties Group, Inc. Diana Laing, 213-613-1900 www.tpgre.com
KEYWORD: CALIFORNIA INDUSTRY KEYWORD: REAL ESTATE BUILDING/CONSTRUCTION EARNINGS CONFERENCE CALLS SOURCE: Thomas Properties Group, Inc.
Copyright Business Wire 2005
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