BNP Residential Properties, Inc. Announces Operating Results for the First Quarter of 2001

Apr 27, 2001, 01:00 ET from BNP Residential Properties, Inc.

    CHARLOTTE, N.C., April 27 /PRNewswire/ --
     BNP Residential Properties, Inc. (Amex:   BNP) today announced operating
 results for the quarter ended March 31, 2001.
 
     Overview:  BNP Residential Properties, Inc. is a self-administered,
 self-managed real estate investment trust focused on owning and operating
 apartment communities in North Carolina and Virginia.  We currently own and
 operate fifteen apartment communities containing 3,681 units.  We also own 43
 restaurant properties, which we lease to a third party under a master lease on
 a triple-net basis.  In addition, we manage four apartment communities,
 containing 891 apartment units, for third party owners.
     BNP Residential Properties, Inc., is structured as an UpREIT, or umbrella
 partnership real estate investment trust.  We are the sole general partner and
 own a controlling interest in BNP Residential Properties Limited Partnership,
 the operating partnership.  All of our operations are conducted through the
 operating partnership.
 
     Operating Results:
                         See Tabular Information Below
 
     Revenue:  For the first quarter of 2001, total revenue increased by 5.6%
 over the same period in 2000.  The increase in total revenue is attributable
 to an increase in revenue from apartment operations and other income.  During
 the first quarter of 2001, apartment operations accounted for approximately
 86% of total revenue.
 
     Apartments:  Apartment rental revenue increased by 6.4% for the first
 quarter of 2001 as compared to the same period in 2000.  The increase is
 primarily attributable to the acquisition of Oak Hollow Phase II in late
 December 2000.  Also contributing to the increase in apartment rental revenue
 was an increase in revenue per occupied unit.  For all apartments, revenue per
 occupied unit increased to $736 per month in the first quarter of 2001 as
 compared to $729 per month in 2000.  For the first quarter, average economic
 occupancy for all apartments was 95.2% as compared to 96.4% in 2000.
     On a same units basis, apartment revenue was flat for the quarter, with an
 increase in revenue per occupied unit being offset by a decline in occupancy.
 On a same units basis, revenue per occupied unit increased to $738 per month
 in the first quarter of 2001 as compared to $729 per month in 2000.  Average
 economic occupancy was 95.5% for the first quarter of 2001 as compared to
 96.4% in 2000.
 
     Restaurants:  Restaurant rental revenue for the first quarter of 2001
 declined by 2.3% from the same period in 2000.  The decline in restaurant
 rental revenue was due to the sale of one restaurant in June 2000.  Restaurant
 rental revenue is the greater of a specified minimum rent or a percentage of
 food sales.  For the first quarters of both 2001 and 2000, we received the
 minimum guaranteed rent.
     "Same store" sales (sales at our restaurant properties that were open
 throughout the first quarter of both years) decreased by 6.9% for the first
 quarter of 2001.
 
     Expenses:  Expenses increased by 10.1% for the first quarter.  Apartment
 operations expense increased by 12.8% for the first quarter of 2001.  This
 increase is primarily attributable to the acquisition of Oak Hollow Phase II
 in late December 2000, and increases in onsite personnel costs and insurance.
 Corporate administration expense increased by 22.5%.  This increase is
 primarily attributable to a change in accounting for the unconsolidated
 subsidiary and the timing of professional services for accounting and tax
 preparation.  Interest expense increased primarily as a result of the
 acquisition of Oak Hollow Phase II.
 
     Net Income:  On a per share basis, net income for the first quarter
 decreased to $0.08 per share in 2001 from $0.12 per share in 2000.  This
 decrease reflects the impact of an increase in the non-cash charge for
 depreciation and an increase in interest expense.
 
     Funds from Operations:  On a per share basis, funds from operations
 declined for the first quarter to $0.35 per share from $0.37 per share.
 
     Forward Looking Statement Disclosure: This press release includes forward-
 looking statements concerning the Company's operations, economic performance
 and financial condition, including, in particular, forward-looking statements
 regarding future operations and performance.  Such statements are subject to
 various risks and uncertainties.  Actual results could differ materially from
 those currently anticipated due to a number of factors, including the
 consummation, and timing of, pending acquisitions and those factors identified
 in the Company's annual report on Form 10-K for the year ending
 December 31, 2000.
     Information Requests: More information may be obtained by calling the
 company's Corporate Offices at (704) 944-0100 or on the Internet through the
 company website at www.bnproperties.com.  Information requests may be e-mailed
 to the investor relations department at investor.relations@bnproperties.com.
 
 
     BNP Residential Properties, Inc.
     Consolidated Statements of Operations and Funds from Operations
     Dollars in thousands, except per share data
 
                                                         Three months ended
                                                               March 31
                                                         2001           2000
 
     Revenues
     Apartment rental income                           $7,741         $7,274
     Restaurant rental income                           1,029          1,053
     Interest and other income                            187            153
                                                        8,957          8,480
 
     Expenses
     Apartment operations                               2,573          2,281
     Depreciation and amortization                      2,051          1,914
     Administrative                                       739            641
     Interest                                           2,983          2,747
                                                        8,346          7,582
     Income before minority interest                      611            898
     Minority interest in operating partnership          (141)          (207)
     Net income                                          $470           $691
 
     Income before minority interest                     $611           $898
     Depreciation                                       1,907          1,769
     Amortization of management intangible                102            102
     Funds from operations - Operating Partnership      2,619          2,769
     Minority interest in funds from operations          (603)          (639)
     Funds from operations available to
      shareholders - basic                             $2,016         $2,130
 
     Per share amounts - basic:
      Net income                                        $0.08          $0.12
      Funds from operations                             $0.35          $0.37
 
     Per share amounts - diluted:
      Net income                                        $0.08          $0.12
      Funds from operations                             $0.35          $0.37
 
     Weighted average shares outstanding                5,707          5,709
     Weighted average Operating Partnership
      minority units outstanding                        1,707          1,713
     Weighted average total shares and
      minority units outstanding                        7,414          7,423
 
 
 
     We provide the following information for analysts and other members of the
     financial community to use in their detailed analyses:
 
                                                         Three months ended
                                                               March 31
                                                         2001           2000
 
     Numerators:
 
     For basic per share amounts -
      Net income - basic                                 $470           $691
 
      Income before minority interest                    $611           $898
      Depreciation                                      1,907          1,769
      Amortization of management intangible               102            102
      Minority interest in FFO                           (603)          (639)
      Funds from operations available to
       shareholders - basic                            $2,016         $2,130
 
     For diluted per share amounts -
      Income before minority interest                    $611           $898
 
      Income before minority interest                    $611           $898
      Depreciation                                      1,907          1,769
      Amortization of management intangible               102            102
      Funds from operations available to
       shareholders - diluted                          $2,619         $2,769
 
     Denominators:
 
      For basic per share amounts -
       Weighted average shares outstanding              5,707          5,709
      Effect of dilutive securities:
       Convertible Operating Partnership units          1,707          1,713
       Stock options (a)                                   --             --
      For diluted per share amounts -
       Adjusted weighted average shares
        and assumed conversions                         7,414          7,423
 
     (a) Includes only dilutive stock options.
 
 
     BNP Residential Properties, Inc.
     Summary Consolidated Balance Sheets
 
 
                                                      March 31     December 31
                                                         2001           2000
                                                    (unaudited)
     Assets
     Real estate investments at cost:
      Apartment properties                       $219,034,217   $217,818,208
      Restaurant properties                        39,702,060     39,702,060
                                                  258,736,277    257,520,268
      Less accumulated depreciation               (34,969,870)   (32,815,205)
                                                  223,766,407    224,705,063
     Cash and cash equivalents                      1,166,235      1,056,052
     Other current assets                           2,145,914      1,510,541
     Investment in and advances to Management Company      --        714,892
     Notes receivable                                 100,000        100,000
     Intangible related to acquisition of
      management operations, net                    1,419,738      1,521,288
     Deferred financing costs, net                  1,041,144      1,083,560
     Total assets                                $229,639,438   $230,691,396
 
     Liabilities and Shareholders' Equity
     Mortgage and other notes payable            $163,560,329   $163,611,737
     Accounts payable and accrued expenses          1,666,461        944,248
     Escrowed security deposits and
      deferred revenue                              1,190,175      1,183,626
     Deferred credit for interest defeasance          625,024        666,688
                                                  167,041,989    166,406,299
 
     Minority interest in operating partnership    19,348,383     19,737,035
     Shareholders' equity:
      Common stock, $.01 par value, 100,000,000
       shares authorized, 5,706,950 shares issued
        and outstanding at March 31, 2001,
         and December 31, 2000                         57,069         57,069
      Additional paid-in capital                   69,707,155     69,707,155
      Distributions in excess of net income       (26,515,158)   (25,216,162)
     Total shareholders' equity                    43,249,066     44,548,062
     Total liabilities and shareholders' equity  $229,639,438   $230,691,396
 
 
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SOURCE BNP Residential Properties, Inc.
    CHARLOTTE, N.C., April 27 /PRNewswire/ --
     BNP Residential Properties, Inc. (Amex:   BNP) today announced operating
 results for the quarter ended March 31, 2001.
 
     Overview:  BNP Residential Properties, Inc. is a self-administered,
 self-managed real estate investment trust focused on owning and operating
 apartment communities in North Carolina and Virginia.  We currently own and
 operate fifteen apartment communities containing 3,681 units.  We also own 43
 restaurant properties, which we lease to a third party under a master lease on
 a triple-net basis.  In addition, we manage four apartment communities,
 containing 891 apartment units, for third party owners.
     BNP Residential Properties, Inc., is structured as an UpREIT, or umbrella
 partnership real estate investment trust.  We are the sole general partner and
 own a controlling interest in BNP Residential Properties Limited Partnership,
 the operating partnership.  All of our operations are conducted through the
 operating partnership.
 
     Operating Results:
                         See Tabular Information Below
 
     Revenue:  For the first quarter of 2001, total revenue increased by 5.6%
 over the same period in 2000.  The increase in total revenue is attributable
 to an increase in revenue from apartment operations and other income.  During
 the first quarter of 2001, apartment operations accounted for approximately
 86% of total revenue.
 
     Apartments:  Apartment rental revenue increased by 6.4% for the first
 quarter of 2001 as compared to the same period in 2000.  The increase is
 primarily attributable to the acquisition of Oak Hollow Phase II in late
 December 2000.  Also contributing to the increase in apartment rental revenue
 was an increase in revenue per occupied unit.  For all apartments, revenue per
 occupied unit increased to $736 per month in the first quarter of 2001 as
 compared to $729 per month in 2000.  For the first quarter, average economic
 occupancy for all apartments was 95.2% as compared to 96.4% in 2000.
     On a same units basis, apartment revenue was flat for the quarter, with an
 increase in revenue per occupied unit being offset by a decline in occupancy.
 On a same units basis, revenue per occupied unit increased to $738 per month
 in the first quarter of 2001 as compared to $729 per month in 2000.  Average
 economic occupancy was 95.5% for the first quarter of 2001 as compared to
 96.4% in 2000.
 
     Restaurants:  Restaurant rental revenue for the first quarter of 2001
 declined by 2.3% from the same period in 2000.  The decline in restaurant
 rental revenue was due to the sale of one restaurant in June 2000.  Restaurant
 rental revenue is the greater of a specified minimum rent or a percentage of
 food sales.  For the first quarters of both 2001 and 2000, we received the
 minimum guaranteed rent.
     "Same store" sales (sales at our restaurant properties that were open
 throughout the first quarter of both years) decreased by 6.9% for the first
 quarter of 2001.
 
     Expenses:  Expenses increased by 10.1% for the first quarter.  Apartment
 operations expense increased by 12.8% for the first quarter of 2001.  This
 increase is primarily attributable to the acquisition of Oak Hollow Phase II
 in late December 2000, and increases in onsite personnel costs and insurance.
 Corporate administration expense increased by 22.5%.  This increase is
 primarily attributable to a change in accounting for the unconsolidated
 subsidiary and the timing of professional services for accounting and tax
 preparation.  Interest expense increased primarily as a result of the
 acquisition of Oak Hollow Phase II.
 
     Net Income:  On a per share basis, net income for the first quarter
 decreased to $0.08 per share in 2001 from $0.12 per share in 2000.  This
 decrease reflects the impact of an increase in the non-cash charge for
 depreciation and an increase in interest expense.
 
     Funds from Operations:  On a per share basis, funds from operations
 declined for the first quarter to $0.35 per share from $0.37 per share.
 
     Forward Looking Statement Disclosure: This press release includes forward-
 looking statements concerning the Company's operations, economic performance
 and financial condition, including, in particular, forward-looking statements
 regarding future operations and performance.  Such statements are subject to
 various risks and uncertainties.  Actual results could differ materially from
 those currently anticipated due to a number of factors, including the
 consummation, and timing of, pending acquisitions and those factors identified
 in the Company's annual report on Form 10-K for the year ending
 December 31, 2000.
     Information Requests: More information may be obtained by calling the
 company's Corporate Offices at (704) 944-0100 or on the Internet through the
 company website at www.bnproperties.com.  Information requests may be e-mailed
 to the investor relations department at investor.relations@bnproperties.com.
 
 
     BNP Residential Properties, Inc.
     Consolidated Statements of Operations and Funds from Operations
     Dollars in thousands, except per share data
 
                                                         Three months ended
                                                               March 31
                                                         2001           2000
 
     Revenues
     Apartment rental income                           $7,741         $7,274
     Restaurant rental income                           1,029          1,053
     Interest and other income                            187            153
                                                        8,957          8,480
 
     Expenses
     Apartment operations                               2,573          2,281
     Depreciation and amortization                      2,051          1,914
     Administrative                                       739            641
     Interest                                           2,983          2,747
                                                        8,346          7,582
     Income before minority interest                      611            898
     Minority interest in operating partnership          (141)          (207)
     Net income                                          $470           $691
 
     Income before minority interest                     $611           $898
     Depreciation                                       1,907          1,769
     Amortization of management intangible                102            102
     Funds from operations - Operating Partnership      2,619          2,769
     Minority interest in funds from operations          (603)          (639)
     Funds from operations available to
      shareholders - basic                             $2,016         $2,130
 
     Per share amounts - basic:
      Net income                                        $0.08          $0.12
      Funds from operations                             $0.35          $0.37
 
     Per share amounts - diluted:
      Net income                                        $0.08          $0.12
      Funds from operations                             $0.35          $0.37
 
     Weighted average shares outstanding                5,707          5,709
     Weighted average Operating Partnership
      minority units outstanding                        1,707          1,713
     Weighted average total shares and
      minority units outstanding                        7,414          7,423
 
 
 
     We provide the following information for analysts and other members of the
     financial community to use in their detailed analyses:
 
                                                         Three months ended
                                                               March 31
                                                         2001           2000
 
     Numerators:
 
     For basic per share amounts -
      Net income - basic                                 $470           $691
 
      Income before minority interest                    $611           $898
      Depreciation                                      1,907          1,769
      Amortization of management intangible               102            102
      Minority interest in FFO                           (603)          (639)
      Funds from operations available to
       shareholders - basic                            $2,016         $2,130
 
     For diluted per share amounts -
      Income before minority interest                    $611           $898
 
      Income before minority interest                    $611           $898
      Depreciation                                      1,907          1,769
      Amortization of management intangible               102            102
      Funds from operations available to
       shareholders - diluted                          $2,619         $2,769
 
     Denominators:
 
      For basic per share amounts -
       Weighted average shares outstanding              5,707          5,709
      Effect of dilutive securities:
       Convertible Operating Partnership units          1,707          1,713
       Stock options (a)                                   --             --
      For diluted per share amounts -
       Adjusted weighted average shares
        and assumed conversions                         7,414          7,423
 
     (a) Includes only dilutive stock options.
 
 
     BNP Residential Properties, Inc.
     Summary Consolidated Balance Sheets
 
 
                                                      March 31     December 31
                                                         2001           2000
                                                    (unaudited)
     Assets
     Real estate investments at cost:
      Apartment properties                       $219,034,217   $217,818,208
      Restaurant properties                        39,702,060     39,702,060
                                                  258,736,277    257,520,268
      Less accumulated depreciation               (34,969,870)   (32,815,205)
                                                  223,766,407    224,705,063
     Cash and cash equivalents                      1,166,235      1,056,052
     Other current assets                           2,145,914      1,510,541
     Investment in and advances to Management Company      --        714,892
     Notes receivable                                 100,000        100,000
     Intangible related to acquisition of
      management operations, net                    1,419,738      1,521,288
     Deferred financing costs, net                  1,041,144      1,083,560
     Total assets                                $229,639,438   $230,691,396
 
     Liabilities and Shareholders' Equity
     Mortgage and other notes payable            $163,560,329   $163,611,737
     Accounts payable and accrued expenses          1,666,461        944,248
     Escrowed security deposits and
      deferred revenue                              1,190,175      1,183,626
     Deferred credit for interest defeasance          625,024        666,688
                                                  167,041,989    166,406,299
 
     Minority interest in operating partnership    19,348,383     19,737,035
     Shareholders' equity:
      Common stock, $.01 par value, 100,000,000
       shares authorized, 5,706,950 shares issued
        and outstanding at March 31, 2001,
         and December 31, 2000                         57,069         57,069
      Additional paid-in capital                   69,707,155     69,707,155
      Distributions in excess of net income       (26,515,158)   (25,216,162)
     Total shareholders' equity                    43,249,066     44,548,062
     Total liabilities and shareholders' equity  $229,639,438   $230,691,396
 
 
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 SOURCE  BNP Residential Properties, Inc.