AmREIT, Inc. (“AmREIT”) (NYSE:AMRE), a Houston-based real estate company that has elected to be taxed as a real estate investment trust, today announced a $0.20 dividend per share and its financial results for the second quarter ended June 30, 2012, the first quarter following our public stock offering.
AmREIT announced today that its Board of Directors approved a $0.20 per share dividend on its Common Stock. The regular common stock dividend will be payable on September 28, 2012 to stockholders of record as of September 18, 2012.
In the second quarter of 2012, AmREIT generated funds from operations (“FFO”) of $3.7 million, or $0.32 per share, as compared to FFO of $3.0 million, or $0.26 per share, in the second quarter of 2011. For the six months ended June 30, 2012, AmREIT generated FFO of $7.3 million, or $0.63 per share, compared to $6.1 million, or $0.53 per share, for the comparable six-month period in 2011.
Net income was $1.4 million and earnings per share was $0.12 per share for the second quarter of 2012, as compared to net income of $566,000 and earnings per share of $0.05 for the second quarter of 2011. For the six months ended June 30, 2012, AmREIT reported net income of $2.7 million and earnings per share of $0.23. This compares to net income of $1.9 million and earnings per share of $0.16 for the six months ended June 30, 2011.
FFO is a non-GAAP supplemental earnings measure which AmREIT considers meaningful in measuring its operating performance. Further explanation and a reconciliation of FFO to net income is attached to this press release.
During the second quarter of 2012, same-store net operating income (NOI) increased 4.9% over the second quarter of 2011. For the six months ended June 30, 2012, same-store NOI increased 3.9% over the same period in 2011.