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AmREIT Reports Third Quarter Results

AmREIT, Inc. (NYSE:AMRE) (“AmREIT” or the “Company”), today announced financial results for the quarter ended September 30, 2012.

Third Quarter and Year-to-Date Highlights:

Financial Results

  • Funds from Operations (“FFO”) available to common stockholders for the third quarter of 2012 were $3.4 million, or $0.23 per share, as compared to FFO of $3.4 million, or $0.29 per share for the third quarter of 2011. For the nine months ended September 30, 2012, FFO was $10.7 million, or $0.85 per share, as compared to FFO of $9.5 million, or $0.82 per share, for the nine months ended September 30, 2011.
  • Net income available to common stockholders for the third quarter 2012 was $1.0 million, or $0.07 per share, compared to net income of $1.1 million, or $0.10 per share, for the same period in 2011. For the nine months ended September 30, 2012, net income was $3.7 million, or $0.29 per share, as compared to 2011 net income of $3.0 million, or $0.26 per share, for the nine months ended September 30. For the three and nine months ended September 30, 2011, net income included approximately $417,000 in gain on sale.

FFO is a non-GAAP supplemental earnings measure that AmREIT considers meaningful in measuring its operating performance. A reconciliation of FFO to net income is attached to this press release.

Portfolio Results

  • In the third quarter 2012, same-store net operating income (“NOI”) increased 1.6% over the third quarter 2011. For the nine months ended September 30, 2012, same-property NOI increased 3.2%, as compared with the same period in 2011. Since 2010 through the nine months ended September 30, 2012, AmREIT has experienced an average annual increase in same-store NOI of 3.2%.
  • Portfolio occupancy as of September 30, 2012 was 96.8%, an increase of approximately 100 basis points as compared to portfolio occupancy of 95.8% as of December 31, 2011.
  • During the third quarter 2012, AmREIT signed 14 leases for approximately 41,710 square feet of gross leasable area, including both new and renewal leases. The Company’s cash leasing spreads (i.e. new leasing rate per square foot compared to the expiring leasing rate per square foot) remained flat for renewals and increased 45.8% for new comparable leases. On a GAAP basis (which includes the effects of straight-line rent), the Company’s leasing spreads increased 3.8% on renewals and 53.3% on new comparable leases.
  • For the nine months ended September 30, 2012, AmREIT signed 31 leases for approximately 115,455 square feet of gross leasable area, including both new and renewal leases. For the nine months ended September 30, 2012, the Company’s cash leasing spreads increased 4.5% on renewals and 31.5% on new comparable leases. On a GAAP basis, the Company’s leasing spreads increased 10.1% on renewals and 40.8% on new leases.

NOI is a non-GAAP supplemental earnings measure which AmREIT considers meaningful in measuring its operating performance. Further explanation and a reconciliation of NOI to net income is attached to this press release.

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