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AmREIT Reports Third Quarter Results And Fourth Quarter Dividend

Stocks in this article: AMRE

AmREIT, Inc. (NYSE:AMRE) (“AmREIT” or the “Company”), today announced financial results for the third quarter ended September 30, 2013 and dividends for the fourth quarter ended December 31, 2013.

Third Quarter and Year-to-Date Highlights:

Financial Results

  • Core Funds from Operations ("Core FFO") available to common stockholders for the third quarter of 2013 was $4.5 million, or $0.24 per share, compared to $3.7 million, or $0.26 per share for the comparable period in 2012. For the nine months ended September 30, 2013, Core FFO was $12.9 million, or $0.76 per share, compared to $11.1 million, or $0.88 per share for the comparable nine month period in 2012.
  • FFO available to common stockholders for the third quarter of 2013 was $4.8 million, or $0.26 per share, compared to $3.4 million, or $0.23 per share for the comparable period in 2012. For the nine months ended September 30, 2013, FFO was $13.0 million, or $0.76 per share, compared to $10.7 million, or $0.85 per share for the comparable nine month period in 2012. Included in FFO for the three months ended September 30, 2013 was a $799,000 gain from the sale of a non-core, single-tenant asset, $171,000 in acquisition costs related to the Woodlake Square acquisition in September 2013 and a $279,000 one-time charge recorded in connection with our acquisition of the Preston Royal Village fee interest in July 2013. Included in FFO for the nine months ended September 30, 2013, were the aforementioned third quarter items plus $164,000 in acquisition costs (our 30% portion) recorded by the MacArthur Park joint venture with Goldman Sachs in March 2013 and $126,000 in acquisition costs related to the Fountain Oaks purchase in June 2013.
  • Net income available to common stockholders for the third quarter of 2013 was $1.3 million, or $0.06 per share, compared to $1.0 million, or $0.07 per share, for the same period in 2012. Included in net income for the three months ended September 30, 2013 was a $799,000 gain from the sale of a non-core, single-tenant asset, $171,000 in acquisition costs related to the Woodlake Square acquisition in September 2013 and a $279,000 one-time charge recorded in connection with our acquisition of the Preston Royal Village fee interest in July 2013. For the nine months ended September 30, 2013, net income was $10.6 million, or $0.62 per share, compared to $3.7 million, or $0.29 per share for the comparable nine month period in 2012. Included in net income for the nine months ended September 30, 2013 were the aforementioned third quarter items plus a $7.7 million gain on sale related to the sale of AmREIT's MacArthur Park Property into the joint venture with Goldman Sachs in March 2013, $164,000 in acquisition costs (our 30% portion) recorded by the MacArthur Park joint venture and an additional $126,000 in acquisition costs related to the Fountain Oaks purchase in June 2013.

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

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