Financial Results (Quarter ended June 30, 2011)
Property revenues from continuing operations were $31.9 million during the second quarter ended June 30, 2011, compared to $31.2 million for the same quarter in 2010, an increase of $0.7 million.
Net operating income (NOI) was $25.2 million in the second quarter of 2011, compared to $26.6 million in the second quarter of 2010, a decrease of $1.4 million. The decrease is primarily due to the $0.6 million in head lease commitments incurred in the second quarter that were not present in the same quarter in 2010.
The Company incurred a loss before taxes from continuing operations of $40.2 million for the second quarter ended June 30, 2011, compared to loss before taxes of $4.3 million in the same period in 2010. The decrease is due primarily to a $12.8 million net decrease in the fair value of investment properties, a $14.2 million decrease in the value of investment properties under development, and a foreign exchange loss of $7.8 million recorded in the second quarter of 2011, compared to a gain of $6.5 million in the second quarter of 2010, a variance of $14.3 million.
For the three-month period ended June 30, 2011, the Company's net loss was $41.1 million or $2.08 per share, compared to a net loss of $112.7 million or $5.60 per share in the second quarter of 2010.
Funds from operations (FFO), net of the sale of properties developed for resale, were a $1.8 million net loss for the three-month period ended June 30, 2011 compared to a net loss of $2.6 million recorded for the same period in 2010.
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