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Thomas Properties Group, Inc. Announces Third Quarter 2012 Results

Thomas Properties Group, Inc. (Nasdaq: TPGI) reported today the results of operations for the quarter ended September 30, 2012.

The results of operations presented in this release include TPGI’s results of operations for the three and nine months ended September 30, 2012 and 2011. The consolidated net loss for the three months ended September 30, 2012 was $4.1 million or $0.09 per share compared to consolidated net income of $2.1 million or $0.06 per share for the three months ended September 30, 2011. The consolidated net loss for the nine months ended September 30, 2012 was $12.0 million or $0.30 per share compared to consolidated net loss of $4.2 million or $0.11 per share for nine months ended September 30, 2011. The increase in the consolidated net loss is primarily due to lower tenant reimbursement revenues and a decrease in investment advisory fees. Also contributing to the increase in net loss is a decrease in condominium unit sales at Murano, as we closed on the sale of nine condominium units during the nine months ended September 30, 2012 compared to twelve units during the nine months ended September 30, 2011.

After tax cash flow (“ATCF”) for the three months ended September 30, 2012 was $1.3 million or $0.03 per share compared to ATCF of $5.6 million or $0.15 per share for the three months ended September 30, 2011. After tax cash flow for the nine months ended September 30, 2012 was $3.4 million or $0.08 per share compared to after tax cash flow of $9.3 million or $0.25 per share for the nine months ended September 30, 2011. The decrease in ATCF per share for the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011 was primarily the result of the decreased revenues resulting from fewer Murano condominium sales 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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