First Quarter 2000 Highlights
-- Authorized 1Q'00 distribution of $0.30 per share
-- Reported FFO of $0.41 per share for 1Q'00
-- Reported revenue of $7.0 million for 1Q'00
KENNETT SQUARE, Pa., April 17 /PRNewswire/ -- ElderTrust (NYSE: ETT), an
equity healthcare REIT, today reported results for the first quarter ended
March 31, 2000.
Funds from operations (FFO) for the first quarter ended March 31, 2000,
totaled $3.2 million, or $0.41 per share, on revenues of $7.0 million. In
comparison, FFO for the first quarter of 1999, totaled $3.6 million, or $0.47
per share, on revenues of $7.0 million.
Net income for the first quarter of 2000 totaled $516,000 or $0.07 per
basic and diluted share. In comparison, net income was $959,000 million, or
$0.13 per basic and diluted share, for the comparable quarter of 1999.
In addition, the Company announced that its Board of Trustees had
authorized the payment on or about May 16, 2000, to shareholders of record on
April 28, 2000, of a quarterly distribution, covering the first quarter ended
March 31, 2000, of $0.30 per share.
"The first quarter results from operations are consistent with prior
quarters," said D. Lee McCreary, Jr., President and Chief Executive Officer.
"With no new investments and relative stability in expenses, the quarter
reflects very little change in ongoing operations. The most significant
events for the quarter were the previously reported March 21, 2000
announcements by our principal tenant, Genesis Health Ventures, Inc., and The
Multicare Companies, Inc., a 43.6% owned consolidated subsidiary of Genesis,
that they had begun debt restructuring discussions with their senior and
subordinated lenders. We continue to have discussions with these significant
customers to determine what impact their debt restructuring negotiations will
have on the Company."
"Due to the stability of this quarter's operations, we were able to
maintain the dividend at $0.30 per share. However, due to the uncertainty of
the Genesis and Multicare situation, as well as the continued uncertainty in
the long-term care financing environment as a whole, we can provide no
assurances as to future dividend levels."
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
Litigation Reform 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 when it matures in June 2001, 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)
Three months ended March 31,
2000 1999
Revenues:
Rental revenues $4,680 $4,623
Interest, net of amortization of
deferred loan origination costs 1,319 1,465
Interest from unconsolidated
equity investees 947 941
Other income 58 19
Total revenues 7,004 7,048
Expenses:
Property operating expenses 294 298
Interest expense, including
amortization of deferred
finance costs 3,387 2,935
Depreciation 1,454 1,440
General and administrative 647 753
Total expenses 5,782 5,426
Net income before equity in losses
of unconsolidated entities and
minority interest 1,222 1,622
Equity in losses of
unconsolidated entities, net (666) (593)
Minority interest (40) (70)
Net income $516 $959
Basic and diluted weighted average
number of common shares outstanding 7,119 7,215
Net income per share - basic
and diluted $0.07 $0.13
Funds from operations $3,166 $3,620
Basic and diluted weighted
average number of common shares
and units outstanding 7,632 7,728
Basic and diluted per share
funds from operations $0.41 $0.47
Distributions per share $0.30 $0.365
ELDERTRUST
Financial Supplement
SELECTED BALANCE SHEET DATA
(unaudited)
($000's)
March 31, December 31,
2000 1999
(dollars in thousands)
Balance Sheet Data
Investments in Real Estate, net $170,271 $171,681
Investments in mortgages and loans 48,646 48,646
Total Real Estate Assets 218,917 220,327
Investments in and advances to
unconsolidated entities 30,314 31,129
Working capital (A) 2,129 2,559
Total assets 263,734 266,482
Total debt (B) 149,234 149,754
Shareholders' equity 101,820 103,440
(A) Working capital is reduced by borrowings outstanding under the Bank
Credit Facility of approximately $1.0 million and $0.9 million as of
March 31, 2000 and December 31, 1999, 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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