American Financial swings to FFO loss |
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Wed, 28 Feb 2007 15:11
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JENKINTOWN, Pa. (AP) - American Financial Realty Trust, a real estate investment trust that leases property to banks, said Wednesday it swung to a fourth-quarter funds from operations loss.American Financial posted an FFO loss of $75.4 million, or 57 cents per share, compared with an FFO gain of $7.2 million, or 6 cents per share, for the same quarter in 2005.Taking in account one-time charges and gains, the company posted adjusted FFO of $21.4 million, or 16 cents per share, for the 2006 fourth quarter.Analysts polled by Thomson Financial had expected funds from operations of 15 cents per share.FFO, a widely used gauge of real estate operating performance, adds depreciation and amortization expenses, as well as other non-operating items, back to net income.Net income was $45.5 million, or 35 cents per share, compared with a loss of $21 million, or 17 cents per share, in the year-ago period.The company posted a loss from continuing operations of $26.7 million, or 21 cents per share, compared with a loss of $21.5 million, or 17 cents per share, for the 2005 period.Revenue rose to $109.2 million from $102.9 million in the 2005 quarter.For the full year 2006, American Financial posted a funds from operations loss of $101.8 million, or 77 cents per share, compared with a profit of $46.8 million, or 37 cents per share, for 2005.Net loss narrowed to $20.6 million, or 17 cents per share, from a loss of $93.6 million, or 78 cents per share, in 2005.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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