Company Website:
http://www.tpgre.com
LOS ANGELES -- (Business Wire)
Thomas Properties Group, Inc. (Nasdaq: TPGI) reported today the results
of operations for the quarter and year ended December 31, 2011.
The consolidated net income for the three months ended December 31, 2011
was $10.1 million or $0.27 per share compared to consolidated net loss
of $(6.2) million or $(0.18) per share for the three months ended
December 31, 2010. The consolidated net income for the year ended
December 31, 2011 was $5.9 million or $0.16 per share compared to
consolidated net loss of $(11.5) million or $(0.34) per share for the
year ended December 31, 2010. The increase in the consolidated net
income for the year ended December 31, 2011 compared to the consolidated
net loss for the year ended December 31, 2010 is primarily due to our
share of gain on disposition of certain joint venture assets.
After tax cash flow (“ATCF”) for the three months ended
December 31, 2011 was $17.9 million or $0.49 per share compared to ATCF
of $(0.3) million or $(0.01) per share for the three months ended
December 31, 2010. ATCF for the year ended December 31, 2011 was $27.2
million or $0.74 per share compared to ATCF of $9.1 million or $0.27 per
share for the year ended December 31, 2010. The increase in ATCF per
share for the year ended December 31, 2011 compared to the year ended
December 31, 2010 was primarily the result of our share of gain on
disposition of certain joint venture assets. The Company defines ATCF (a
non-GAAP financial measure) as net income (loss) excluding the following
items: noncontrolling interests, deferred income taxes, non-cash charges
for depreciation and amortization and asset impairment, amortization of
loan costs, non-cash compensation expense, straight-line rent
adjustments, adjustments to reflect the fair market value of rent, and
gains from extinguishment of debt and foreclosure of real estate. ATCF
is further described in note (a) to the financial statements below.
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Same Property Highlights:
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Three months ended
December 31, 2011
| | | |
Twelve months ended
December 31, 2011
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Net Operating Income ("NOI") Growth:
| | | | | | | |
|
Cash Basis
| | |
12.4
|
%
| | | | |
9.6
|
%
|
|
GAAP Basis
| | |
6.3
|
%
| | | | |
3.9
|
%
|
| | | | | | |
|
| | |
As of
December 31, 2011
| | | |
As of
December 31, 2010
|
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Percent Leased
| | |
84.2
|
%
| | | | |
83.7
|
%
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NOI is calculated as rental, tenant reimbursement, parking and other
revenues less property operating, maintenance and real estate tax
expense.
"Since the beginning of the fourth quarter 2011, we have successfully
closed the sales of three office properties, three land parcels and a
small retail property, which have generated net proceeds to TPGI of
approximately $33.1 million and reduced our share of mortgage debt by
approximately $43.6 million. We plan to continue to execute our plan to
sell non-strategic assets and to reduce the size of our development
portfolio as a percentage of our total portfolio value," stated Jim
Thomas, Chairman and CEO. “Property operations continue to show
improvement. We have increased our occupancy and are producing strong
same property NOI growth."
Supplemental Materials
The company publishes Supplemental Financial Information which is
available at www.tpgre.com
in the Investor Relations tab, Supplemental Financial Information
section. For a reconciliation of NOI for our operating properties to
pro-rata consolidated NOI, please see the Supplemental Financial
Information. The Company also provides an estimated net asset value
workbook, available for download at www.tpgre.com
in the Investor Relations tab, NAV Workbook section.
Teleconference and Webcast
TPGI will hold a quarterly earnings conference call on Wednesday,
February 15, 2012 at 11:00 a.m. Pacific Time. To participate in the
call, dial (866) 713-8310 and (617) 597-5308 internationally, and
provide confirmation code 54001472.
A live webcast (listen only mode) of the conference call will also 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 March 7, 2012, by calling
(888) 286-8010 and (617) 801-6888 internationally, and providing
confirmation code 87919712. The replay will also be available on Thomas
Properties Group, Inc.’s web site at www.tpgre.com.
The webcast is also being distributed through the Thomson StreetEvents
Network. Individual investors can listen to the call at www.earnings.com,
Thomson’s individual investor portal, powered by StreetEvents.
Institutional investors can access the call via Thomson StreetEvents (www.streetevents.com),
a password-protected event management site.
About Thomas Properties Group, Inc.
Thomas Properties Group, Inc., with headquarters in Los Angeles, is a
full-service real estate company that owns, acquires, develops and
manages primarily office, as well as mixed-use and residential
properties on a nationwide basis. The company’s primary areas of focus
are the acquisition and ownership of premier properties, property
development and redevelopment, and property and investment management
activities. For more information on Thomas Properties Group, Inc., visit www.tpgre.com.
Forward Looking Statements
Statements made in this press release or during the quarterly earnings
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
and equity investors to finance commercial real estate transactions, our
ability to enter into or renew leases at favorable rates, which can be
impacted by the financial condition of our tenants, risks associated
with the success of our development and property redevelopment projects,
general volatility in the securities and credit markets, 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” in our Form 10-K for the year ended December 31, 2010 and
our subsequent Form 10-Q quarterly reports, each of which is filed with
the Securities and Exchange Commission. 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.
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THOMAS PROPERTIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(unaudited)
|
| | | | | |
|
| | | Three months ended December 31, | | | Twelve months ended December 31, |
| | | 2011 |
|
| 2010 | | | 2011 |
|
| 2010 |
| | | | | | | | | | | |
|
|
Revenues:
| | | | | | | | | | | | |
|
Rental
| | |
$
|
7,460
| | | |
$
|
7,412
| | | |
$
|
29,693
| | | |
$
|
29,230
| |
|
Tenant reimbursements
| | |
5,386
| | | |
4,711
| | | |
22,437
| | | |
20,187
| |
|
Parking and other
| | |
734
| | | |
679
| | | |
2,959
| | | |
3,330
| |
|
Investment advisory, management, leasing and
development services
| | |
831
| | | |
2,109
| | | |
8,520
| | | |
7,703
| |
|
Investment advisory, management, leasing and
development services - unconsolidated real estate
entities
| | |
4,172
| | | |
5,344
| | | |
17,862
| | | |
16,470
| |
|
Reimbursement of property personnel costs
| | |
1,421
| | | |
1,584
| | | |
5,810
| | | |
5,797
| |
|
Condominium sales
| | |
1,578
|
| | |
425
|
| | |
7,700
|
| | |
14,984
|
|
|
Total revenues
| | |
21,582
|
| | |
22,264
|
| | |
94,981
|
| | |
97,701
|
|
|
Expenses:
| | | | | | | | | | | | |
|
Property operating and maintenance
| | |
6,205
| | | |
6,390
| | | |
24,589
| | | |
25,049
| |
|
Real estate and other taxes
| | |
1,853
| | | |
1,693
| | | |
7,469
| | | |
6,914
| |
|
Investment advisory, management, leasing and
development services
| | |
2,842
| | | |
4,234
| | | |
12,754
| | | |
12,221
| |
|
Reimbursable property personnel costs
| | |
1,421
| | | |
1,584
| | | |
5,810
| | | |
5,797
| |
|
Cost of condominium sales
| | |
1,049
| | | |
300
| | | |
5,091
| | | |
10,955
| |
|
Interest
| | |
4,309
| | | |
4,871
| | | |
17,938
| | | |
19,239
| |
|
Depreciation and amortization
| | |
3,434
| | | |
3,723
| | | |
13,622
| | | |
14,128
| |
|
General and administrative
| | |
3,632
| | | |
4,363
| | | |
15,434
| | | |
14,224
| |
|
Impairment loss
| | |
8,095
|
| | |
4,500
|
| | |
8,095
|
| | |
4,500
|
|
|
Total expenses
| | |
32,840
|
| | |
31,658
|
| | |
110,802
|
| | |
113,027
|
|
|
Interest income
| | |
10
| | | |
17
| | | |
35
| | | |
72
| |
|
Equity in net income (loss) of unconsolidated real estate
entities
| | |
21,889
| | | |
(246
|
)
| | |
19,951
| | | |
(1,184
|
)
|
|
Gain on sale of real estate
| | |
1,258
|
| | |
—
|
| | |
1,258
|
| | |
—
|
|
|
Income (loss) before income taxes and noncontrolling
interests
| | |
11,899
| | | |
(9,623
|
)
| | |
5,423
| | | |
(16,438
|
)
|
|
Benefit for income taxes
| | |
428
|
| | |
774
|
| | |
1,429
|
| | |
357
|
|
|
Net income (loss)
| | |
12,327
| | | |
(8,849
|
)
| | |
6,852
| | | |
(16,081
|
)
|
|
Noncontrolling interests' share of net (income) loss:
| | | | | | | | | | | | |
|
Unitholders in the Operating Partnership
| | |
(3,263
|
)
| | |
2,804
| | | |
(1,500
|
)
| | |
4,843
| |
|
Partners in consolidated real estate entities
| | |
1,004
|
| | |
(106
|
)
| | |
508
|
| | |
(234
|
)
|
| | |
(2,259
|
)
| | |
2,698
|
| | |
(992
|
)
| | |
4,609
|
|
|
TPGI share of net income (loss)
| | |
$
|
10,068
|
| | |
$
|
(6,151
|
)
| | |
$
|
5,860
|
| | |
$
|
(11,472
|
)
|
|
Income (loss) per share - basic and diluted
| | |
$
|
0.27
|
| | |
$
|
(0.18
|
)
| | |
$
|
0.16
|
| | |
$
|
(0.34
|
)
|
| | | | | | | | | | | |
|
|
Weighted average common shares - basic
| | |
36,647,394
| | | |
35,041,770
| | | |
36,619,558
| | | |
33,684,101
| |
|
Weighted average common shares - diluted
| | |
36,865,327
| | | |
35,041,770
| | | |
36,865,286
| | | |
33,684,101
| |
| | | | | | | | | | | |
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|
Reconciliation of TPGI's share of net income (loss) to ATCF(a):
| | | | | | | | | | | | |
|
Net income (loss)
| | |
$
|
10,068
| | | |
$
|
(6,151
|
)
| | |
$
|
5,860
| | | |
$
|
(11,472
|
)
|
|
Adjustments:
| | | | | | | | | | | | |
|
Income tax benefit
| | |
(428
|
)
| | |
(774
|
)
| | |
(1,429
|
)
| | |
(357
|
)
|
|
Noncontrolling interests - unitholders in the
Operating Partnership
| | |
3,263
| | | |
(2,804
|
)
| | |
1,500
| | | |
(4,843
|
)
|
|
Depreciation and amortization
| | |
3,434
| | | |
3,723
| | | |
13,622
| | | |
14,128
| |
|
Amortization of loan costs
| | |
170
| | | |
203
| | | |
750
| | | |
897
| |
|
Non-cash compensation expense
| | |
238
| | | |
205
| | | |
898
| | | |
672
| |
|
Straight-line rent adjustments
| | |
20
| | | |
(775
|
)
| | |
(150
|
)
| | |
(1,842
|
)
|
|
Adjustments to reflect the fair market value of rent
| | |
7
| | | |
1
| | | |
23
| | | |
2
| |
|
Impairment loss
| | |
8,095
| | | |
4,500
| | | |
8,095
| | | |
4,500
| |
|
Unconsolidated real estate entities:
| | | | | | | | | | | | |
|
Depreciation and amortization
| | |
2,787
| | | |
2,433
| | | |
10,820
| | | |
12,296
| |
|
Depreciation and amortization from discontinued
operations
| | |
248
| | | |
281
| | | |
1,846
| | | |
3,303
| |
|
Amortization of loan costs
| | |
80
| | | |
251
| | | |
311
| | | |
588
| |
|
Amortization of loan costs from discontinued
operations
| | |
36
| | | |
30
| | | |
116
| | | |
130
| |
|
Straight-line rent adjustments
| | |
2
| | | |
(105
|
)
| | |
(215
|
)
| | |
(636
|
)
|
|
Straight-line rent adjustments from discontinued
operations
| | |
(26
|
)
| | |
(189
|
)
| | |
(282
|
)
| | |
(555
|
)
|
|
Adjustments to reflect the fair market value of rent
| | |
(254
|
)
| | |
(252
|
)
| | |
(1,094
|
)
| | |
(1,109
|
)
|
|
Adjustments to reflect the fair market value of rent
from discontinued operations
| | |
4
| | | |
17
| | | |
49
| | | |
7
| |
|
Impairment loss
| | |
3,150
| | | |
—
| | | |
3,150
| | | |
—
| |
|
Impairment loss from discontinued operations
| | |
1,943
| | | |
—
| | | |
1,943
| | | |
—
| |
|
Gain on extinguishment of debt
| | |
—
| | | |
—
| | | |
—
| | | |
(895
|
)
|
|
Gain on extinguishment of debt from discontinued
operations
| | |
(1,297
|
)
| | |
(331
|
)
| | |
(1,630
|
)
| | |
(1,058
|
)
|
|
Gain on foreclosure of real estate from discontinued
operations
| | |
(7,506
|
)
| | |
—
|
| | |
(7,506
|
)
| | |
—
|
|
|
ATCF before income taxes
| | |
$
|
24,034
|
| | |
$
|
263
|
| | |
$
|
36,677
|
| | |
$
|
13,756
|
|
|
TPGI share of ATCF before income taxes (b)
| | |
$
|
17,946
| | | |
$
|
188
| | | |
$
|
27,401
| | | |
$
|
9,759
| |
|
TPGI income tax expense - current
| | |
(64
|
)
| | |
(494
|
)
| | |
(221
|
)
| | |
(639
|
)
|
|
TPGI share of ATCF
| | |
$
|
17,882
|
| | |
$
|
(306
|
)
| | |
$
|
27,180
|
| | |
$
|
9,120
|
|
|
ATCF per share - basic
| | |
$
|
0.49
|
| | |
$
|
(0.01
|
)
| | |
$
|
0.74
|
| | |
$
|
0.27
|
|
|
ATCF per share - diluted
| | |
$
|
0.49
|
| | |
$
|
(0.01
|
)
| | |
$
|
0.74
|
| | |
$
|
0.27
|
|
|
Weighted average common shares - basic
| | |
36,647,394
| | | |
35,041,770
| | | |
36,619,558
| | | |
33,684,101
| |
|
Weighted average common shares - diluted
| | |
36,865,327
| | | |
35,041,770
| | | |
36,865,286
| | | |
33,949,968
| |
| | | | | | | | | | | | | | | |
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|
a.
|
|
ATCF is a non-GAAP financial measure and may not be directly
comparable to similarly-titled measures reported by other companies.
We define ATCF as net income (loss) excluding the following items:
i) deferred income tax expense (benefit); ii) noncontrolling
interests; iii) non-cash charges for depreciation and amortization
and asset impairment; iv) amortization of loan costs; v) non-cash
compensation expense; vi) the adjustment to recognize rental
revenues using the straight-line method; vii) the adjustment to
rental revenue to reflect the fair market value of rents; and viii)
gain on extinguishment of debt. Management utilizes ATCF data in
assessing performance of our business operations in period-to-period
comparisons and for financial planning purposes. ATCF should be
considered only as a supplement to net income as a measure of our
performance. ATCF should not be used as a measure of our liquidity,
nor is it indicative of funds available to fund our cash needs. ATCF
also should not be used as a supplement to or substitute for cash
flow from operating activities (computed in accordance with GAAP).
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b.
| |
Based on an interest in our operating partnership of 74.67% and
74.71% for the three and twelve months ended December 31, 2011,
respectively, and 71.83% and 70.95% for the three and twelve months
ended December 31, 2010, respectively.
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THOMAS PROPERTIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
|
| | | | |
|
| | December 31,
2011 | | | December 31,
2010 |
| |
(unaudited)
| | |
(audited)
|
| ASSETS | | | | | |
|
Investments in real estate:
| | | | | |
|
Operating properties, net
| |
$
|
265,202
| | | |
$
|
265,565
| |
|
Land improvements—development properties
| |
80,254
|
| | |
96,635
|
|
| |
345,456
|
| | |
362,200
|
|
|
Condominium units held for sale
| |
45,217
| | | |
49,827
| |
|
Investments in unconsolidated real estate entities
| |
8,834
| | | |
17,975
| |
|
Cash and cash equivalents, unrestricted
| |
79,320
| | | |
42,346
| |
|
Restricted cash
| |
10,616
| | | |
13,069
| |
|
Rents and other receivables, net
| |
1,903
| | | |
1,754
| |
|
Receivables from unconsolidated real estate entities
| |
2,918
| | | |
2,979
| |
|
Deferred rents
| |
17,866
| | | |
14,592
| |
|
Deferred leasing and loan costs, net
| |
12,283
| | | |
13,538
| |
|
Other assets, net
| |
17,465
| | | |
17,875
| |
|
Assets associated with land held for sale
| |
1,107
|
| | |
4,080
|
|
|
Total assets
| |
$
|
542,985
|
| | |
$
|
540,235
|
|
| LIABILITIES AND EQUITY | | | | | |
|
Liabilities:
| | | | | |
|
Mortgage and other secured loans
| |
$
|
289,523
| | | |
$
|
299,261
| |
|
Accounts payable and other liabilities, net
| |
32,443
| | | |
29,009
| |
|
Prepaid rent and deferred revenue
| |
3,019
| | | |
2,888
| |
|
Obligations associated with land held for sale
| |
27
|
| | |
1,286
|
|
|
Total liabilities
| |
325,012
|
| | |
332,444
|
|
| | | | |
|
|
Equity:
| | | | | |
| Stockholders’ equity: | | | | | |
|
Preferred stock, $.01 par value, 25,000,000 shares authorized, none
issued or outstanding as of December 31, 2011 and 2010
| |
—
| | | |
—
| |
|
Common stock, $.01 par value, 225,000,000 shares authorized,
37,094,995 and 36,943,394 shares issued and outstanding as of
December 31, 2011 and December 31, 2010, respectively
| |
371
| | | |
369
| |
|
Limited voting stock, $.01 par value, 20,000,000 shares authorized,
12,313,331 and 12,313,331 shares issued and outstanding as of
December 31, 2011 and December 31, 2010, respectively
| |
123
| | | |
123
| |
|
Additional paid-in capital
| |
208,473
| | | |
207,953
| |
|
Retained deficit and dividends
| |
(55,472
|
)
| | |
(60,790
|
)
|
|
Total stockholders’ equity
| |
153,495
|
| | |
147,655
|
|
| Noncontrolling interests: | | | | | |
|
Unitholders in the Operating Partnership
| |
52,983
| | | |
51,478
| |
|
Partners in consolidated real estate entities
| |
11,495
|
| | |
8,658
|
|
|
Total noncontrolling interests
| |
64,478
|
| | |
60,136
|
|
|
Total equity
| |
217,973
|
| | |
207,791
|
|
|
Total liabilities and equity
| |
$
|
542,985
|
| | |
$
|
540,235
|
|
| | | | | | | | |
|
Contacts:
Thomas Properties Group, Inc.
Diana Laing, Chief Financial Officer
213-613-1900
www.tpgre.com
Source: Thomas Properties Group, Inc.
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