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Thomas Properties Group, Inc. Announces Fourth Quarter 2012 Results

THOMAS PROPERTIES GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

(unaudited)

       

Three months ended December 31,

Twelve months ended December 31,

2012     2011 2012     2011
Revenues:
Rental $ 7,626 $ 7,460 $ 30,969 $ 29,693
Tenant reimbursements 5,195 5,386 20,941 22,437
Parking and other 741 734 3,012 2,959
Investment advisory, management, leasing and development services 1,914 831 4,583 8,520
Investment advisory, management, leasing and development services -

unconsolidated real estate entities

3,779 4,172 15,688 17,862
Reimbursement of property personnel costs 1,043 1,421 5,183 5,810
Condominium sales 5,974   1,578   10,240   7,700  
Total revenues 26,272   21,582   90,616   94,981  
Expenses:
Property operating and maintenance 6,126 6,205 24,324 24,589
Real estate and other taxes 1,909 1,853 7,536 7,469
Investment advisory, management, leasing and development services 3,833 2,842 12,461 12,754
Reimbursable property personnel costs 1,043 1,421 5,183 5,810
Cost of condominium sales 4,878 1,049 8,129 5,091
Interest 4,188 4,309 16,847 17,938
Depreciation and amortization 3,919 3,434 15,701 13,622
General and administrative 4,725 3,632 17,749 15,434
Impairment loss 12,745   8,095   12,745   8,095  
Total expenses 43,366   32,840   120,675   110,802  
Interest income 22 10 74 35
Equity in net income (loss) of unconsolidated real estate entities (1,059 ) 21,889 (3,672 ) 19,951
Gain (loss) on sale of real estate   1,258     1,258  
Income (loss) before income taxes and noncontrolling interests (18,131 ) 11,899 (33,657 ) 5,423
Benefit (provision) for income taxes 17   428   385   1,429  
Net income (loss) (18,114 ) 12,327 (33,272 ) 6,852
Noncontrolling interests' share of net (income) loss:
Unitholders in the Operating Partnership 3,864 (3,263 ) 7,681 (1,500 )
Partners in consolidated real estate entities 863   1,004   195   508  
4,727   (2,259 ) 7,876   (992 )
TPGI's share of net income (loss) $ (13,387 ) $ 10,068   $ (25,396 ) $ 5,860  
Income (loss) per share - basic and diluted $ (0.29 ) $ 0.27 $ (0.61 ) $ 0.16
Weighted average common shares - basic 45,594,590 36,647,394 41,631,796 36,619,558
Weighted average common shares - diluted 45,594,590 36,865,327 41,631,796 36,865,286
 
Reconciliation of net income (loss) to ATCF (a):
Net income (loss) $ (13,387 ) $ 10,068 $ (25,396 ) $ 5,860
Adjustments:
Income tax (benefit) provision (17 ) (428 ) (385 ) (1,429 )
Noncontrolling interests - unitholders in the Operating Partnership (3,864 ) 3,263 (7,681 ) 1,500
Depreciation and amortization 3,919 3,434 15,701 13,622
Depreciation and amortization - non-controlling interest share (2,130 ) (2,355 )
Amortization of loan costs 142 170 582 750
Amortization of loan costs - non-controlling interest share 33 33
Non-cash compensation expense 169 238 1,404 898
Straight-line rent adjustments 66 20 (230 ) (150 )
Straight-line rent adjustments - non-controlling interest share 192 226
Adjustments to reflect the fair market value of rent 41 7 72 23
Adjustments to reflect the fair market value of rent - non-controlling

interest share

293 293
Impairment loss 12,745 8,095 12,745 8,095
Unconsolidated real estate entities at TPGI's share:
Depreciation and amortization 8,065 2,487 15,568 10,011
Depreciation and amortization from discontinued operations 548 490 2,655
Amortization of loan costs (69 ) 76 118 292
Amortization of loan costs from discontinued operations 40 42 135
Straight-line rent adjustments (590 ) 27 (707 ) (145 )
Straight-line rent adjustments from discontinued operations (51 ) (20 ) (352 )
Adjustments to reflect the fair market value of rent (943 ) (221 ) (1,532 ) (1,017 )
Adjustments to reflect the fair market value of rent from

discontinued operations

(29 ) (31 ) (28 )
Impairment loss 600 3,150 600 3,150
Impairment loss from discontinued operations 1,943 1,943
Gain on extinguishment of debt from discontinued operations (1,297 ) (1,630 )
Gain of foreclosure of real estate from discontinued operations   (7,506 )   (7,506 )
ATCF before income taxes $ 5,265   $ 24,034   $ 9,537   $ 36,677  
TPGI's share of ATCF before income taxes (b) $ 4,143 $ 17,946 $ 7,346 $ 27,401
TPGI's income tax refund (expense) - current (20 ) (64 ) 88   (221 )
TPGI's share of ATCF $ 4,123   $ 17,882   $ 7,434   $ 27,180  
ATCF per share - basic $ 0.09   $ 0.49   $ 0.18   $ 0.74  
ATCF per share - diluted $ 0.09   $ 0.49   $ 0.18   $ 0.74  
Dividends paid per share $ 0.02   $ 0.015   $ 0.065   $ 0.015  
Weighted average common shares - basic 45,594,590   36,647,394   41,631,796   36,619,558  
Weighted average common shares - diluted 45,983,130   36,865,327   42,004,936   36,865,286  
 
  a.     ATCF is a non-GAAP financial measure and may not be directly comparable to similarly-titled measures reported by other companies. We define ATCF as net income (loss) excluding the following items: i) deferred income tax expense (benefit); ii) noncontrolling interests; iii) non-cash charges for depreciation and amortization and asset impairment; iv) amortization of loan costs; v) non-cash compensation expense; vi) the adjustment to recognize rental revenues using the straight-line method; vii) the adjustment to rental revenue to reflect the fair market value of rents; and viii) gain from extinguishment of debt. Our management utilizes ATCF data in assessing performance of our business operations in period to period comparisons and for financial planning purposes. ATCF should be considered only as a supplement to net income as a measure of our performance. ATCF should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. ATCF also should not be used as a substitute for cash flow from operating activities (computed in accordance with GAAP).
 
b. Based on an interest in our operating partnership of 78.68% and 77.03% for the three and twelve months ended December 31, 2012, respectively, and 74.67% and 74.71% for the three and twelve months ended December 31, 2011, respectively.
 

THOMAS PROPERTIES GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands)

       

December 31, 2012

December 31, 2011

(unaudited) (audited)
ASSETS
Investments in real estate:
Operating properties, net $ 270,487 $ 265,270
Land improvements—development properties, net 57,944   76,876  
328,431   342,146  
Condominium units held for sale 37,891 45,217
Investments in unconsolidated real estate entities 106,210 11,372
Cash and cash equivalents, unrestricted 76,689 79,320
Restricted cash 11,611 10,616
Rents and other receivables, net 1,825 1,903
Receivables from unconsolidated real estate entities 2,347 2,918
Deferred rents 18,994 17,866
Deferred leasing and loan costs, net 10,716 12,283
Other assets, net 11,441 17,465
Assets associated with land held for sale 4,837   4,417  
Total assets $ 610,992   $ 545,523  
LIABILITIES AND EQUITY
Liabilities:
Mortgage loans $ 281,375 $ 289,523
Accounts payable and other liabilities, net 28,346 32,443
Losses and distributions in excess of investments in unconsolidated real estate

entities

10,084 2,538
Prepaid rent 1,784 2,116
Deferred revenue 10,566 903
Obligations associated with land held for sale   27  
Total liabilities 332,155   327,550  
 
Equity:
Stockholders’ equity:
Preferred stock, $.01 par value, 25,000,000 shares authorized, none issued or

outstanding as of December 31, 2012 and 2011

Common stock, $.01 par value, 225,000,000 shares authorized, 46,126,481 and

37,094,995 shares issued and outstanding as of December 31, 2012 and

2011, respectively

461 371
Limited voting stock, $.01 par value, 20,000,000 shares authorized, 12,313,331

shares issued and outstanding as of December 31, 2012 and 2011,

respectively

123 123
Additional paid-in capital 258,780 208,473
Retained deficit and dividends (83,635 ) (55,472 )
Total stockholders’ equity 175,729   153,495  
Noncontrolling interests:
Unitholders in the Operating Partnership 44,154 52,983
Partners in consolidated real estate entities 58,954   11,495  
Total noncontrolling interests 103,108   64,478  
Total equity 278,837   217,973  
Total liabilities and equity $ 610,992   $ 545,523  




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