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Thomas Properties Group, Inc. Announces Fourth Quarter 2011 Results

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.

Same Property Highlights:          
Three months ended

December 31, 2011

Twelve months ended

December 31, 2011

Net Operating Income ("NOI") Growth:
Cash Basis 12.4 % 9.6 %
GAAP Basis 6.3 % 3.9 %
 

As ofDecember 31, 2011

As ofDecember 31, 2010

Percent Leased 84.2 % 83.7 %

NOI is calculated as rental, tenant reimbursement, parking and other revenues less property operating, maintenance and real estate tax expense.

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