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GMH Stems Loss, Gets New Credit Facility

NEWTOWN SQUARE, PA-Student housing sales and JVs help turn around the financial fortunes of the specialty REIT, while audit costs still drag on income.

By Marita Thomas | Updated on May 08, 2007

(Read more on the debt and equity markets.)

NEWTOWN SQUARE, PA-Although GMH Communities Trust reported progress on its turnaround strategies during the first quarter of this year, net income was $129,000 compared with $1.1 million for the same quarter a year ago. Funds from operations lifted to $12.7 million, versus $12.2 million in the prior-year quarter.

Expenses of $2.6 million for the audit committee’s special investigation and the amortization of approximately $1.1 million of deferred financing costs negatively impacted both income and FFO. The deferred financing related to the REIT’s line of credit with Wachovia Bank.

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