Funds from operations, a measure of operating performance for REITs, which excludes gains from sales of properties, was $3.8 million, or 40 cents per share, for the first quarter of 2001, essentially unchanged from the year-earlier period.
"We continued to generate stable returns on our core portfolio during the first quarter of 2001 as a result of maintaining a relatively static portfolio of high-quality properties," says President and CEO Patrick Beach. He adds the company did not commit to any new property acquisitions or development projects, and did not earn any one-time acquisition fees in the latest three months.
Captec leases about properties 250 to national and regional franchised retailers and restaurants.
"We continued to market certain property assets for sale with proceeds being used for select property acquisitions," Beach says. "In the first quarter, we realized a net gain totaling $445,000 form the sale of five properties. Acquisitions of six properties were completed during the quarter."
Captec's board of directors continues to pursue a sale of the company based on the Sept. 28, 2000 recommendation of its financial advisor.
Company revenues for the first quarter of 2001 were $6.3 million, 17% less than last year as a result of a 64% decrease in fees earned from affiliated joint ventures, as well as a decline in the investment base resulting from asset dispositions, the company says.
During the first quarter, the company sold five properties for an aggregate gross sale price of $5.7 million, generating a gain on the sale of properties of $445,321, which contributed to net income for the quarter.
FFO and net income for last year's first quarter included a non-recurring charge of $1.1 million associated with the terminated merger announced in May 2000.
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