Thomas Properties Group, Inc. (Nasdaq: TPGI) reported today the results of operations for the quarter ended March 31, 2012.
The results of operations presented in this release include TPGI’s results of operations for the three months ended March 31, 2012 and 2011. The consolidated net loss for the three months ended March 31, 2012 was $(3.1) million or $(0.09) per share compared to consolidated net loss of $(3.3) million or $(0.09) per share for three months ended March 31, 2011.
After tax cash flow (“ATCF”) for the three months ended March 31, 2012 was $1.7 million or $0.05 per share, which was consistent compared to ATCF of $1.8 million or $0.05 per share for the three months ended March 31, 2011. 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 gain from extinguishment of debt. ATCF is further described in note (a) and reconciled to net income (loss) in the financial statements below.
"During the first quarter 2012, our operating portfolio remained stable, achieving rental rate increases as evidenced by our positive leasing spreads,” stated Jim Thomas, Chairman and CEO. “We continue to make progress on our strategy of selling non-strategic assets, with the closing of the sale of Brookhollow in Houston during the quarter. We are marketing additional properties and land in Austin, Philadelphia, Houston and El Segundo. Our balance sheet is healthy and we are pursuing acquisitions."Supplemental Materials The Company publishes a Supplemental Financial Information package which is available at www.tpgre.com in the Investor Relations tab, Supplemental Financial Information section. For information regarding our net operating income for our operating properties discussed in the release, please see the Supplemental Financial Information. The Company also provides an estimated net asset value workbook, available for download at www.tpgre.com in the Investor Relations tab, NAV Workbook section. Teleconference and Webcast TPGI will hold a quarterly earnings conference call on Thursday, May 3, 2012 at 10:00 a.m. Pacific Time. To participate in the call, dial (800) 638-4817 and (617) 614-3943 internationally, and provide confirmation code 43410854.