Although it will retain the same corporate identity, the Boca Raton-based commercial real estate development and investment company now operates as a privately owned holding of Concord Assets.
Under terms of the agreement, the principal shareholders in Concord Assets offered $2.65 per share for all common stock not owned by Concord or its affiliates. The company offered $2.91 per share for all preferred stock.
Following the transaction, the company voluntarily delisted Milestone's common stock from publicly trading over the counter across the bulletin board.
Prior to the closing, Milestone Properties reported a net loss of $561,729, or 13 cents a share, on total revenue of $2.3 million for the three months ended March 31, compared with a net gain of $1.6 million, or 37 cents a share, on revenue of $6 million for the same period in 2000.
In the earnings statement, the company attributed the decreased revenue to reduced rents from the sale of underlying properties by their owners during 2000. Revenue for the first-quarter this year included no gains on sale of real estate or real estate-related assets, compared with a gain of $3.6 million for the same period in 2000.
Although it posted net losses, the company also reported a reduction in total expenses to $2.8 million for the quarter--down from $3.52 million for the same period in 2000.The company attributed the improvement to a decrease in master lease, interest expense, salaries, general and administrative costs that resulted from the sale of underlying properties by their owners during 2000.
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