Fourth Quarter and Year-End 1999 Highlights
-- Reported FFO of $0.42 per share for 4Q'99
-- Reported revenue of $6.9 million for 4Q'99, an 10% increase over 4Q'98
-- Reported FFO of $1.76 per share for 1999
-- Reported revenue of $28.1 million for 1999, a 33% increase over 1998
KENNETT SQUARE, Pa., Feb. 7 /PRNewswire/ -- ElderTrust (NYSE: ETT), an
equity healthcare REIT, today reported results for the fourth quarter and the
year ended December 31, 1999. ElderTrust began operations on January 30,
1998, upon completion of its initial public offering. Accordingly, twelve
month 1998 results discussed below have been adjusted to reflect the full
twelve month equivalent results.
Funds from operations (FFO) for the fourth quarter ended December 31,
1999, totaled $3.2 million, or $0.42 per share, on revenues of $6.9 million.
In comparison, FFO for the fourth quarter of 1998, totaled $3.8 million, or
$0.48 per share, on revenues of $6.3 million.
Net income for the fourth quarter of 1999 totaled $0.4 million or
$0.06 per basic and diluted share. In comparison, net income was
$1.0 million, or $0.13 per basic and diluted share, for the comparable quarter
of 1998.
For the twelve months ended December 31, 1999, FFO totaled $13.6 million,
or $1.76 per share, on revenues of $28.1 million. Net income before
extraordinary item for the twelve months ended December 31, 1999 was
$0.2 million or $0.03 per basic and diluted share. Net loss after the
extraordinary item for the twelve months ended December 31, 1999 was
$(1.0 million), or $(0.14) per basic and diluted share. For the comparable
period in 1998 adjusted FFO totaled $14.4 million, or $1.83 per basic and
diluted share, on adjusted revenues of $23.2 million and adjusted net income
was $4.3 million, or $0.59 per basic and diluted share.
The full year 1999 results of operations include a debt restructuring
expense (extraordinary item) in the third quarter of $1.2 million, net of
minority interest of $86,000, in connection with the prepayment of an existing
mortgage loan.
"This has been a truly productive quarter in that we have reduced the Bank
Credit Facility balance to $40 million and extended the line maturity to June
30, 2001", said D. Lee McCreary, Jr., President and Chief Executive Officer.
"1999 was clearly a year during which we successfully overcame many challenges
and we look forward to the promise that the new year provides."
ElderTrust is a real estate investment trust that invests in real estate
properties used in the healthcare services industry, principally along the
East Coast of the United States. Since commencing operations in January 1998,
the Company has acquired direct and indirect interests in 31 buildings and has
loans outstanding of $49 million in construction and term financing on eight
additional healthcare facilities.
Certain matters discussed within this press release may be deemed to be
forward-looking statements within the meaning of the Private Securities Act of
1995. Although ElderTrust believes the expectations reflected in such
forward-looking statements are reasonable assumptions, it can give no
assurance that its expectations will be attained. Factors that could cause
actual results to differ materially from ElderTrust's expectations include
real estate conditions, the Company's ability to refinance its existing bank
credit facility, changes in the economic conditions and other risks detailed
from time to time in the Company's SEC reports and filings. The Company
assumes no obligation to update or supplement forward-looking statements that
become untrue because of subsequent events.
For more information on ElderTrust via fax at no charge, please dial
1-800-PRO-INFO and enter ticker symbol ETT, or visit ElderTrust's Web site at
http://www.eldertrust.com
ELDERTRUST
Financial Supplement
CONDENSED CONSOLIDATED INCOME STATEMENT
(unaudited)
($000's, except per share data)
For the three months ended For the twelve Period
Dec. 31, months ended from
Dec. 31, Jan. 30
to Dec. 31,
1999 1998 1999 1998
Revenues:
Rental revenues $4,668 $4,125 $18,552 $14,238
Interest 2,244 2,090 9,462 5,904
Fee Income -- -- -- 1,018
Other income 38 121 127 113
Total revenues 6,950 6,336 28,141 21,233
Expenses:
Property operating
expenses 276 270 1,124 975
Interest expense 3,558 2,312 13,136 6,256
Depreciation 1,455 1,436 5,788 4,460
General and administrative 587 407 2,612 1,621
Separation agreement
expenses -- -- 2,800 --
Start-up expenses -- 283 -- 3,027
Total expenses 5,876 4,708 25,460 16,339
Net income before equity
in earnings of
unconsolidated
entities and
minority interest
1,074 1,628 2,681 4,894
Equity in losses of
unconsolidated entities (606) (594) (2,482) (648)
Minority interest (32) (67) (19) (273)
Net income before
extraordinary items $436 $967 $180 $3,973
Extraordinary Items:
Loss on debt restructuring - - (1,296) -
Minority interest
in extraordinary items - - 86 -
Net income (loss) $436 $967 ($1,030) $3,973
Basic and diluted
weighted average
number of common
shares outstanding 7,177 7,314 7,198 7,369
Basic and diluted
net income per
share before
extraordinary items $0.06 $0.13 $0.03 $0.54
Basic and diluted
net income (loss)
per share $0.06 $0.13 ($0.14) $0.54
Funds from operations $3,207 $3,781 $13,583 $13,180
Basic and diluted
weighted average
number of common
shares and
units outstanding 7,691 7,807 7,712 7,854
Basic and diluted per
share funds
from operations $0.42 $0.48 $1.76 $1.68
Distributions per share $0.30 $0.365 $1.395 $1.338
For the three months ended For the Period
twelve from
months ended Jan. 30 to
Dec. 31, Dec. 31,
1999 1998 1999 1998
Adjusted
data
(annualized
to reflect
a full
twelve
months
for 1998):
Revenues $6,950 $6,336 $28,141 $23,164
Net income (loss) $436 $967 ($1,030) $4,334
Basic and diluted
net income (loss)
per share $0.06 $0.13 ($0.14) $0.59
Funds from operations $3,207 $3,781 $13,583 $14,378
Basic and diluted
per share funds
from operations $0.42 $0.48 $1.76 $1.83
ELDERTRUST
Financial Supplement
SELECTED BALANCE SHEET DATA
(unaudited)
($000's)
Dec. 31, Dec. 31,
1999 1998
(dollars in thousands)
Balance Sheet Data
Investments in Real Estate, net $171,681 $176,129
Investments in mortgages and loans 48,646 47,899
Total Real Estate Assets 220,327 224,028
Investments in and
advances to
unconsolidated entities 31,129 34,426
Working capital (A) 2,559 (87,154)
Total assets 266,482 271,317
Total debt (B) 149,754 143,932
Shareholders' equity 103,440 113,296
(A) Working capital is reduced by borrowings outstanding under the Bank
Credit Facility of approximately $0.9 million and $90.2 million as of
December 31, 1999 and 1998, respectively, which mature within one
year from the respective balance sheet dates.
(B) Includes amounts due within the next 12 months on long term debt.
SOURCE ElderTrust
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Related links:
http://www.eldertrust.com
CONTACT:
D. Lee McCreary, Jr., President and Chief
Executive Officer of ElderTrust, 610-925-4200
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