Earnings for the quarter ended Dec. 31, known in REIT parlance as funds from operations, were $1 million or 2 cents per common share, compared to $2.3 million or 17 cents per common share for the similar period a year earlier. For the year, earnings for the San Diego-based REIT increased to $11.2 million, or 53 cents per common share, from $10.6 million or 79 cents per common share for the same period in the prior year.
The results for the quarter ended December 31, 2001, as compared to the quarters ended December 31, 2000 and September 30, 2001, were influenced by the weighted average shares outstanding for the quarter as a result of the merger between Excel Legacy Corp. and Price Enterprises Inc. last year.
The results include the additional revenue from the acquisition of five open-air retail properties located in Florida. Acquired on Nov. 1, the properties contributed about $3 million in net income.
Price Legacy also says that none of the recent store closings announced by Kmart Corp. were located in shopping centers owned by the company. At Dec.31, the company had four Kmart store leases that represented about 4.9% of the company's annualized base rental income. In addition the company had two Office Max and one Builder's Square leases that were guaranteed by Kmart. ``We are not overly concerned about our Kmart leases. Our Kmarts are larger, newer stores, in economically strong areas with excellent opportunities for re-tenanting if Kmart should leave,'' says John Visconsi Sr. vice president of asset management.
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