Banyan Strategic Realty Trust First Quarter Highlights*
-- First Quarter FFO of $2.7 million, or $0.18 per share
-- Revenues of $9.3 million
-- EBITDA of $5.4 million
-- Average occupancy of portfolio 88 percent at March 31, 2000
-- Quarterly cash distribution of $0.12 per share declared
*Per share data presented on diluted basis
CHICAGO, May 10 /PRNewswire/ -- Banyan Strategic Realty Trust
(Nasdaq: BSRTS) a real estate investment trust, today announced first quarter
2000 funds from operation (FFO) of $2.7 million, or $0.18 per share.
Consolidated Financial Results
For the first quarter 2000 Banyan reported net income available to common
shareholders of $1.0 million, or $0.07 per share, on revenues of $9.3 million,
and FFO of $2.7 million, or $0.18 per share. This compared to net income of
$1.2 million, or $0.09 per share, on revenues of $10.4 million and FFO of
$2.8 million, or $0.205 per share during the first quarter the previous year.
EBITDA (earnings before interest, tax, depreciation and amortization) in the
recent quarter was $5.4 million.
Portfolio Performance
Total revenue for the first quarter 2000 was $9.3 million, which
represents a decrease of 10.6 percent from the $10.4 million in revenue
reported during the same period last year. This decrease is due to a
reduction in the number of properties owned by Banyan during the first quarter
2000 subsequent to the disposition of an office/warehouse property and the
entire residential portfolio in late 1999.
On a "same-store" basis when comparing the operational results of the same
properties owned by Banyan during the first quarter 2000 with the same period
last year, total revenues decreased by approximately $0.1 million. This
decrease is primarily attributable to lower occupancy at two of the properties
during the recent quarter.
The average occupancy rate at Banyan's 27 properties was 88 percent at
March 31, 2000.
Balance Sheet
As of March 31, 2000, total debt and equity market capitalization was
approximately $199 million. EBITDA coverage ratio for the three-month period
ended March 31, 2000 was 2.27 to 1. The Trust had approximately $119 million
of total debt outstanding as of March 31, 2000, which represents a decrease of
approximately 10 percent from total debt outstanding at December 31, 1999.
Quarterly Cash Distributions/Funds Available for Distribution
On April 5, 2000 Banyan declared a quarterly cash distribution of $0.12
per share for the first quarter ended March 31, 2000. The distribution is
payable May 22, 2000 to shareholders of record as of April 21, 2000.
Funds Available for Distribution (FAD) totaled $2.2 million for the three
months ended March 31, 2000, or $0.15 per share. This compared to FAD of $2.3
million or $0.17 per share for the same period last year.
Banyan Strategic Realty Trust is an equity Real Estate Investment Trust
(REIT) that owns primarily office and flex/industrial properties. The
properties are located in certain major metropolitan areas of the Midwest and
Southeastern United States, including Atlanta, Georgia and Chicago, Illinois,
and smaller markets such as Huntsville, Alabama; Louisville, Kentucky;
Memphis, Tennessee; and Orlando, Florida. The Trust's current portfolio
consists of 27 properties totaling 3.5 million rentable square feet. As of
this date, the Trust has 14,166,333 shares of beneficial interest outstanding.
Except for the historical information contained herein, certain matters
discussed in this release are forward-looking statements, the achievement of
which involve risks and uncertainties that are detailed from time to time in
our reports filed with the Securities and Exchange Commission, including the
report on Form 10-K for the year ended December 31, 1999. The "Management's
Discussion and Analysis of Financial Condition and results of Operations"
section will be included in our Form 10-Q for the quarter ended March 31, 2000
which will be filed with the Securities and Exchange Commission by
May 15, 2000. Without limitation the foregoing words such as "anticipates,"
"expects," "intends," "plans," and similar expressions are intended to
identify forward-looking statements.
See Banyan's Website at http://www.banyanreit.com .
For further information regarding Banyan free of charge via fax, dial
1-800-PRO-INFO and enter "BSRTS".
SELECTED FINANCIAL DATA
(Dollars in thousands, except per share data)
Three Months Ended Year Ended
03/31/2000 03/31/1999 12/31/1999
Total revenue $9,350 $10,428 $41,716
Operating expenses (8,040) (9,076) (36,597)
Operating income 1,310 1,352 5,119
Minority interest in
consolidated partnerships (126) (114) (538)
Net gains on disposition of real estate -- -- 4,089
Extraordinary item, net of
minority interest (42) -- (183)
Net income $1,142 $1,238 $8,487
Less Income Attributable to
Preferred Shares $(123) -- --
Net Income Available to Common Shares $1,019 $1,238 $8,487
Basic and Diluted Earnings Available
to Common Shares Per Weighted-Average
Common Share:
Income Before Net Gains and
Extraordinary Item $0.07 $0.09 $0.34
Net Income $0.07 $0.09 $0.63
Weighted average basic shares 14,073,785 13,407,319 13,468,514
Weighted average diluted shares 14,079,232 13,412,875 13,475,072
Funds from Operations
Net Income Attributable to
Common Shares $1,019 $1,238 $8,487
Add:
Depreciation and amortization expense 1,630 1,584 6,629
Less:
Minority interest share of depreciation
and amortization expense (82) (56) (309)
Net Gain on Disposition of Real Estate -- -- (4,089)
Extraordinary item, net of
minority interest 42 -- 183
Funds from operation - Basic $2,609 $2,766 $10,901
Add:
Interest on convertible debt
and preferred dividend 136 -- --
Funds from operation - Diluted $2,745 $2,766 $10,901
Weighted average basic shares 14,073,785 13,407,319 13,468,514
Weighted average diluted shares 15,325,198 13,412,875 13,475,072
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
March 31, December 31,
2000 1999
Investment in Real Estate, at cost: $200,365 $199,264
Less: Accumulated Depreciation (16,853) (15,420)
183,512 183,844
Cash and Cash Equivalents 4,907 13,097
Restricted Cash 3,025 2,668
Other Assets 6,751 7,038
Total Assets $198,195 $206,647
Loans and Bonds Payable $118,898 $132,681
Other Liabilities 6,164 6,415
Minority Interest 2,316 2,256
Shareholders' Equity 70,817 65,295
Total Liabilities and Shareholders' Equity $198,195 $206,647
PORTFOLIO SUMMARY
Scheduled Lease
Expirations
4/1-12/31
Occupancy After
Location Sq. Ft. % 2000 2001 20022002
FLEX/INDUSTRIAL
Milwaukee Industrial
Properties Milwaukee, WI 235,800 85% 11% 16% 32% 26%
Elmhurst Metro Court Elmhurst, IL 140,800 66% 6% 37% 12% 11%
Willowbrook
Industrial Court Willowbrook, IL 84,300 89% 21% 19% 31% 18%
Lexington Business
Center Lexington, KY 308,800 70% 18% 9% 5% 38%
Newtown Business
Center Lexington, KY 87,100 99% 4% 37% 16% 42%
6901 Riverport Drive Louisville, KY 322,100 100% 45% 0% 0% 55%
Avalon Ridge
Business Park Norcross, GA 57,400 100% 0% 0% 0% 100%
Tower Lane Business
Park Bensenville, IL 95,900 100% 37% 15% 30% 18%
Metric Plaza Winter Park, FL 32,000 100% 0% 0% 69% 31%
Park Center Orlando, FL 47,400 80% 9% 25% 24% 22%
University Corporate
Center Winter Park, FL 127,800 77% 9% 33% 21% 14%
Johns Creek Office
and Industrial Duluth and
Park Suwanee, GA 119,300 100% 0% 50% 50% 0%
Sub-Total 1,658,700 86% 19% 18% 18% 31%
OFFICE
Colonial Penn
Building Tampa, FL 79,200 72% 0% 0% 0% 72%
Commerce Center Sarasota, FL 81,100 100% 0% 11% 5% 84%
Woodcrest Office
Park Tallahassee, FL 264,900 94% 18% 17% 19% 40%
Midwest Office Oakbrook
Center Terrace, IL 77,000 92% 32% 19% 31% 10%
Phoenix Business
Park Atlanta, GA 110,600 69% 2% 13% 18% 36%
Butterfield Office
Plaza Oak Brook, IL 200,800 95% 21% 20% 38% 16%
Southlake Corporate
Center Morrow, GA 56,200 87% 6% 35% 35% 11%
University Square
Business Center Huntsville, AL 184,700 96% 25% 25% 25% 21%
Technology Center Huntsville, AL 48,500 65% 0% 0% 0% 65%
Airways Plaza
Office Center Memphis, TN 87,800 10% 0% 4% 3% 3%
Peachtree Pointe
Office Park Norcross, GA 71,700 91% 27% 13% 16% 35%
Avalon Center
Office Park Norcross, GA 53,300 100% 0% 0% 0% 100%
Sand Lake Tech
Center Orlando, FL 84,100 100% 0% 0% 3% 97%
Technology Park Norcross, GA 145,700 100% 13% 28% 4% 55%
Sub-Total 1,545,600 87% 13% 16% 17% 41%
RETAIL
Northlake Tower
Shopping Center Atlanta, GA 321,600 98% 8% 2% 7% 81%
Total 3,525,900 88% 15% 15% 17% 41%
SOURCE Banyan Strategic Realty Trust
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Related links:
http://www.banyanreit.com
CONTACT:
Karen Dickelman, Investor Relations of Banyan
Strategic Realty Trust, 312-683-3671, or General Inquiries, Larry
Stein, 312-640-6794, or Analyst Inquiries, Georganne Palffy,
312-640-6768, both of The Financial Relations Board
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