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AmREIT Reports Fourth Quarter Results And Announces 2013 Guidance

AmREIT, Inc. (NYSE:AMRE) (“AmREIT” or the “Company”), today announced financial results for the quarter and year ended December 31, 2012 and its 2013 guidance.

Fourth Quarter and Year-to-Date Highlights:

Financial Results

  • Core Funds from Operations ("Core FFO") available to common stockholders for the fourth quarter of 2012 was $3.9 million, or $0.24 per share, compared to $4.5 million, or $0.39 per share for the comparable period in 2011. For the twelve months ended December 31, 2012, Core FFO was $14.6 million, or $1.08 per share, compared to $13.8 million, or $1.19 per share, for the comparable period in 2011.
  • FFO available to common stockholders for the fourth quarter of 2012 was $3.2 million, or $0.20 per share, compared to $3.6 million, or $0.31 per share for the comparable period in 2011. For the twelve months ended December 31, 2012, FFO was $13.9 million, or $1.03 per share, compared to $13.1 million, or $1.13 per share, for the comparable period in 2011.
  • Net income available to common stockholders for the fourth quarter of 2012 was $734,000, or $0.04 per share, compared to $1.2 million, or $0.11 per share, for the same period in 2011. For the twelve months ended December 31, 2012, net income was $4.5 million, or $0.32 per share, compared to $4.2 million, or $0.36 per share, for the same period in 2011. Net income for the three and twelve months ended December 31, 2011 was positively impacted by a gain on sale of approximately $417,000.

FFO and Core FFO are non-GAAP supplemental earnings measures that AmREIT consider meaningful in measuring its operating performance. A reconciliation of FFO and Core FFO to net income is attached to this press release.

Portfolio Results

  • In the fourth quarter of 2012, same-store net operating income (“NOI”) increased 3.2% over the prior year period. For the twelve months ended December 31, 2012, same-store NOI increased 3.0%, compared with the same period in 2011. From January 1, 2010 through December 31, 2012, AmREIT has experienced an average annual increase in same-store NOI of 3.2%.
  • Portfolio occupancy as of December 31, 2012 was 96.7%, an increase of approximately 80 basis points as compared to portfolio occupancy of 95.9% as of December 31, 2011.
  • During the fourth quarter of 2012, AmREIT signed eight leases for 30,373 square feet of gross leasable area, including both new and renewal leases, and cash leasing spreads (i.e. new leasing rate per square foot compared to the expiring leasing rate per square foot) increased 9.1% for renewals and increased 3.2% for new comparable leases. On a GAAP basis (which includes the effects of straight-line rent), leasing spreads increased 11.8% on renewals and 8.0% on new comparable leases.
  • For the twelve months ended December 31, 2012, AmREIT signed 39 leases for 145,828 square feet of gross leasable area, including both new and renewal leases, and cash leasing spreads increased 5.7% on renewals and 28.0% on new comparable leases. On a GAAP basis, leasing spreads increased 10.5% on renewals and 36.6% on new leases.

NOI is a non-GAAP supplemental earnings measure that 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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