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| BNP Residential Properties Announces Operating Results For The Third Quarter of 2000 |
CHARLOTTE, N.C., Oct. 27 /PRNewswire/ --
BNP Residential Properties, Inc. (Amex: BNP) today announced operating
results for the quarter ended September 30, 2000 (third quarter of 2000).
Overview: BNP Residential Properties, Inc. (formerly Boddie-Noell
Properties, Inc.) is a real estate investment trust focused on owning and
operating apartment communities. We own and operate fifteen apartment
communities containing a total of 3,440 apartments. BNP Management, Inc., an
unconsolidated subsidiary, provides third-party management services for four
apartment communities containing a total of 891 apartments. In addition to
our apartment properties, we own 43 restaurant properties, which are leased on
a triple net basis to a restaurant operator. We, along with our management
subsidiary, operate in the states of North Carolina and Virginia.
Operating Results:
See Tabular Information Below
Revenue: For the third quarter of 2000, total revenue increased by
2.0 percent over the same period in 1999. For the first nine months of 2000,
total revenue increased by 0.8 percent over the same period in 1999. We have
two principal sources of revenue: apartment operations and restaurant rental
revenue. For both the quarter and first nine months the increase in total
revenue was attributable to an increase in apartment revenue.
Apartments: Revenue from our apartments increased by 3.4 percent for the
third quarter and 2.4 percent for the first nine months of 2000 as compared to
the same periods in 1999. For the third quarter, average economic occupancy
for all apartments was 96.1 percent as compared to 94.7 percent in 1999.
Average revenue received per occupied unit was $737 per month as compared to
$726 in 1999.
For the first nine months of 2000, the average economic occupancy for all
apartments was 96.3 percent as compared to 95.0 percent in 1999. Average
revenue per occupied unit was $734 per month as compared to $730 in 1999.
Restaurants: Restaurant rental revenue for the third quarter and for the
first nine months of 2000 was the minimum rent. However, as a result of the
sale of a restaurant property in the second quarter of 2000 and the sale of
three restaurant properties in 1999, restaurant rental revenue decreased by
2.3 percent in the third quarter of 2000 and decreased by 4.7 percent for the
first nine months period. "Same store" sales at our restaurant properties
decreased by 4.7 percent for the third quarter and decreased by 3.0 percent
for the first nine months compared to 1999 amounts.
Expenses: Expenses increased by 3.8 percent for the third quarter and by
3.5 percent for the first nine months of 2000. Apartment operations expense
increased by 3.7 percent for the third quarter and 4.2 percent for the first
nine months of 2000. The increase in apartment operations expense was
primarily attributable to increased on-site compensation and operating
expenses, and taxes and insurance.
Funds from Operations: Funds from operations of the Operating Partnership
for the third quarter decreased by 1.9 percent to $2,622,000 from $2,673,000
in the third quarter of 1999. Funds from operations per share for the third
quarter remained flat at $0.35 per share. For the first nine months of 2000,
funds from operations for the Operating Partnership decreased by 5.0 percent
to $7,781,000 from $8,191,000 in 1999. On a per share basis, funds from
operations for the first nine months of 2000 decreased to $1.05 per share from
$1.08 per share in 1999. The decline in funds from operations is primarily
attributable to the decline in restaurant rental revenue and an increase in
interest expense.
Net Income: For the third quarter, net income available to common
shareholders decreased by 16.0 percent. For the first nine months of 2000,
net income decreased by 23.5 percent. The decline in net income for the first
nine months reflects the decline in restaurant rental revenue, increase in
interest expense, and the increase in non-cash charges for depreciation.
Dividend Declaration: On October 18, 2000, the Board of Directors declared
a regular quarterly dividend in the amount of $0.31 per share to be paid on
November 15, 2000, to shareholders of record on November 1, 2000.
Forward Looking Statement Disclosure: This press release includes forward-
looking statements concerning the company's operations, economic performance
and financial condition, including, in particular, forward-looking statements
regarding future operations and performance. Such statements are subject to
various risks and uncertainties. Actual results could differ materially from
those currently anticipated due to a number of factors identified in our
annual report on Form 10-K for the year ending December 31, 1999.
Information Requests: More information may be obtained by calling our
Corporate Offices at (704) 944-0100 or on the Internet through our website at
http://www.bnproperties.com. You may also e-mail information requests to our
investor relations department at investor.relations@bnproperties.com.
BNP Residential Properties, Inc.
Consolidated Statements of Operations and Funds from Operations
Dollars in thousands, except per share data
Three months ended Nine months ended
September 30 September 30
2000 1999 2000 1999
Revenues
Apartment rental
income $ 7,341 $ 7,097 $ 21,961 $ 21,457
Restaurant rental
income 1,029 1,053 3,133 3,286
Interest and other
income 84 137 297 447
8,454 8,288 25,392 25,189
Expenses
Apartment operations 2,397 2,312 7,254 6,962
Depreciation and
amortization 1,929 1,861 5,782 5,611
Administrative 576 605 1,902 1,896
Interest 2,816 2,656 8,324 8,015
7,718 7,434 23,263 22,484
Income before minority
interest 737 854 2,128 2,705
Minority interest in
operating partnership (170) (179) (491) (566)
Net income $ 567 $ 674 $ 1,637 $ 2,140
Income before minority
interest $ 737 $ 854 $ 2,128 $ 2,705
Depreciation 1,784 1,718 5,348 5,182
Amortization of
management intangible 102 102 305 305
Funds from operations -
Operating Partnership 2,622 2,673 7,781 8,191
Minority interest in
funds from operations (605) (561) (1,795) (1,713)
Funds from operations
available to
shareholders -
basic $ 2,018 $ 2,112 $ 5,986 $ 6,479
Per share amounts - basic:
Net income $ 0.10 $ 0.12 $ 0.29 $ 0.36
Funds from
operations $ 0.35 $ 0.35 $ 1.05 $ 1.08
Per share amounts - diluted:
Net income $ 0.10 $ 0.12 $ 0.29 $ 0.36
Funds from
operations $ 0.35 $ 0.35 $ 1.05 $ 1.08
Weighted average
shares outstanding 5,707 6,007 5,708 5,997
Weighted average
Operating Partnership
minority units
outstanding 1,710 1,595 1,711 1,584
Weighted average
total shares and
minority units
outstanding 7,417 7,602 7,419 7,581
We provide the following information for use by analysts and other members
of the financial community for use in their detailed analyses:
Three months ended Nine months ended
September 30 September 30
2000 1999 2000 1999
Numerators:
For basic per share amounts -
Net income - basic $ 567 $ 674 $ 1,637 $ 2,140
Income before minority
interest $ 737 $ 854 $ 2,128 $ 2,705
Depreciation 1,784 1,718 5,348 5,182
Amortization of
management intangible 102 102 305 305
Minority interest in
FFO (605) (561) (1,795) (1,713)
Funds from operations
available to
shareholders
- basic $ 2,018 $ 2,112 $ 5,986 $ 6,479
For diluted per share amounts -
Income before minority
interest $ 737 $ 854 $ 2,128 $ 2,705
Income before minority
interest $ 737 $ 854 $ 2,128 $ 2,705
Depreciation 1,784 1,718 5,348 5,182
Amortization of
management intangible 102 102 305 305
Funds from operations
available to
shareholders -
diluted $ 2,622 $ 2,673 $ 7,781 $ 8,191
Denominators:
For basic per share amounts -
Weighted average
shares outstanding 5,707 6,007 5,708 5,997
Effect of dilutive securities:
Convertible Operating
Partnership units 1,710 1,595 1,711 1,584
Stock options (A) -- -- -- --
For diluted per
share amounts -
Adjusted weighted
average shares
and assumed
conversions 7,417 7,602 7,419 7,581
(A) Includes only dilutive stock options.
SOURCE BNP Residential Properties, Inc.
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CONTACT:
Philip S. Payne, Executive Vice President &
CFO of BNP Residential Properties, Inc., 704-944-0100, or fax,
704-944-2039
