Thomas Properties Group, Inc. Announces Second Quarter 2012 Results
Thomas Properties Group, Inc. (Nasdaq: TPGI) reported today the results of operations for the quarter ended June 30, 2012.
The results of operations presented in this release include TPGI’s results of operations for the three and six months ended June 30, 2012 and 2011. The consolidated net loss for the three months ended June 30, 2012 was $(4.8) million or $(0.12) per share compared to consolidated net loss of $(3.0) million or $(0.08) per share for the three months ended June 30, 2011. The consolidated net loss for the six months ended June 30, 2012 was $(7.9) million or $(0.21) per share compared to consolidated net loss of $(6.3) million or $(0.17) per share for six months ended June 30, 2011. The increase in the consolidated net loss is primarily due to lower tenant reimbursements and lower investment advisory, management, leasing and development services revenues. Also contributing to the increase in net loss is a decrease in condominium unit sales at Murano, as we closed on the sale of four condominium units during the six months ended June 30, 2012 compared to six units during the six months ended June 30, 2011.
After tax cash flow (“ATCF”) for the three months ended June 30, 2012 was $0.4 million or $0.01 per share compared to ATCF of $2.0 million or $0.05 per share for the three months ended June 30, 2011. After tax cash flow for the six months ended June 30, 2012 was $2.1 million or $0.05 per share compared to after tax cash flow of $3.8 million or $0.10 per share for the six months ended June 30, 2011. The decrease in ATCF per share for the six months ended June 30, 2012 compared to the six months ended June 30, 2011 was primarily the result of the decreased revenues and the increased number of shares of our common stock outstanding resulting from the issuance of common stock in 2012. 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.
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