Merry Land Properties, Inc. Announces Funds From Operations for the First Quarter 2001 of $0.8 Million.

Apr 20, 2001, 01:00 ET from Merry Land Properties, Inc.

    AUGUSTA, Ga., April 20 /PRNewswire Interactive News Release/ --
 Merry Land Properties, Inc. (Nasdaq: MRYP) reported today that Funds From
 Operations (FFO) for the first quarter of 2001 was $0.8 million or $0.31 per
 share, as compared to $0.7 million or $0.31 per share in 2000.  (Funds from
 operations is a widely accepted measure of performance for real estate
 companies that adds back depreciation and certain other non cash charges to
 income as a customary measure of operating results.)
     At the company's eleven apartment communities, "same store" net operating
 income was up 3.9% for the quarter on revenue growth of 4.2% and expense
 growth of 4.6%.  Charleston NOI was up 2.9% and Savannah NOI was up 4.6%.
 Overall occupancy at March 31 was 97.0%, down slightly from 97.1% a year ago.
     During the quarter, the company broke ground on Merritt at Whitemarsh
 Island, a 241 unit luxury apartment community in Savannah, which will cost
 approximately $19.5 million.  This project is adjacent to Merry Land's
 Hammocks at Long Point community in the high income Islands submarket of
 Savannah.  The company hopes to complete the first buildings late this year.
     Tennent Houston, Chairman and Chief Executive Officer, also reported that
 the company has listed for sale five of its apartment communities which it
 believes have less opportunity for cash flow growth than its remaining
 communities.  The company is negotiating with bidders for these properties,
 but there can be no assurance that any will ultimately be sold.  Proceeds from
 these sales, should any be consummated, will be reinvested in newer properties
 or in new construction.
     For further information please contact Dorrie Green, Vice President, at
 (706) 722-6756 or e-mail dorrie@merryland.com
 
 
                            MERRY LAND PROPERTIES, INC.
                               Financial Highlights
 
     (Thousands, except Per Share Data)
 
     BALANCE SHEET DATA                             3/31/01          12/31/00
     Apartments                                     $83,862           $84,124
     Commercial rental property                       1,859             1,884
     Development in progress                         13,396             9,844
     Land held for mining, development &
      sale                                            5,531             4,017
     Other fixed assets                                 315               333
          Fixed assets                              104,963           100,202
     Investment in joint ventures                       475               475
     Cash and short term investments                  4,101             4,452
     Other assets                                     9,225             9,053
          Total assets                             $118,764          $114,182
 
     Other liabilities                                3,123            $2,729
     Term loan/LOC                                    2,711             1,500
     Mortgage loans                                  90,821            91,030
     Construction loans                               8,070             5,364
          Total liabilities                         104,725           100,623
     Common stock and retained earnings              14,039            13,559
          Total liabilities and
           stockholders' equity                    $118,764          $114,182
     Book value per share                             $6.16             $5.99
 
     INCOME STATEMENTS                               1Q 2001           1Q 2000
     Net operating income - real property            $3,061            $2,962
     Mineral royalties                                  119               108
     Property management fees                            92                21
     Development fees                                    20               152
     Sale of development property                        39                 0
     Other income                                        59                38
                                                      3,390             3,281
 
     General and administrative expenses                868               732
     Interest expense                                 1,760             1,763
     Depreciation expense-real estate                   663               583
     Depreciation/amortization expense-
      other                                              64                87
                                                      3,355             3,165
     Income before taxes and extraordinary
      item                                               35               116
     Income tax expense                                  13                44
     NET INCOME                                         $22               $72
 
 
     FUNDS FROM OPERATIONS*                            $756              $709
 
     WEIGHTED AVERAGE COMMON SHARES
     Basic                                            2,280             2,217
     Diluted                                          2,423             2,293
     PER SHARE DATA
     Net income - basic                               $0.01             $0.03
     Net income - diluted                             $0.01             $0.03
     Funds from operations                            $0.31             $0.31
 
 
     *  Funds from operations is a widely accepted measure of performance for
     real estate companies that adds back depreciation and certain other non-
     cash charges to income as a customary measure of operating results.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X84282683
 
 

SOURCE Merry Land Properties, Inc.
    AUGUSTA, Ga., April 20 /PRNewswire Interactive News Release/ --
 Merry Land Properties, Inc. (Nasdaq: MRYP) reported today that Funds From
 Operations (FFO) for the first quarter of 2001 was $0.8 million or $0.31 per
 share, as compared to $0.7 million or $0.31 per share in 2000.  (Funds from
 operations is a widely accepted measure of performance for real estate
 companies that adds back depreciation and certain other non cash charges to
 income as a customary measure of operating results.)
     At the company's eleven apartment communities, "same store" net operating
 income was up 3.9% for the quarter on revenue growth of 4.2% and expense
 growth of 4.6%.  Charleston NOI was up 2.9% and Savannah NOI was up 4.6%.
 Overall occupancy at March 31 was 97.0%, down slightly from 97.1% a year ago.
     During the quarter, the company broke ground on Merritt at Whitemarsh
 Island, a 241 unit luxury apartment community in Savannah, which will cost
 approximately $19.5 million.  This project is adjacent to Merry Land's
 Hammocks at Long Point community in the high income Islands submarket of
 Savannah.  The company hopes to complete the first buildings late this year.
     Tennent Houston, Chairman and Chief Executive Officer, also reported that
 the company has listed for sale five of its apartment communities which it
 believes have less opportunity for cash flow growth than its remaining
 communities.  The company is negotiating with bidders for these properties,
 but there can be no assurance that any will ultimately be sold.  Proceeds from
 these sales, should any be consummated, will be reinvested in newer properties
 or in new construction.
     For further information please contact Dorrie Green, Vice President, at
 (706) 722-6756 or e-mail dorrie@merryland.com
 
 
                            MERRY LAND PROPERTIES, INC.
                               Financial Highlights
 
     (Thousands, except Per Share Data)
 
     BALANCE SHEET DATA                             3/31/01          12/31/00
     Apartments                                     $83,862           $84,124
     Commercial rental property                       1,859             1,884
     Development in progress                         13,396             9,844
     Land held for mining, development &
      sale                                            5,531             4,017
     Other fixed assets                                 315               333
          Fixed assets                              104,963           100,202
     Investment in joint ventures                       475               475
     Cash and short term investments                  4,101             4,452
     Other assets                                     9,225             9,053
          Total assets                             $118,764          $114,182
 
     Other liabilities                                3,123            $2,729
     Term loan/LOC                                    2,711             1,500
     Mortgage loans                                  90,821            91,030
     Construction loans                               8,070             5,364
          Total liabilities                         104,725           100,623
     Common stock and retained earnings              14,039            13,559
          Total liabilities and
           stockholders' equity                    $118,764          $114,182
     Book value per share                             $6.16             $5.99
 
     INCOME STATEMENTS                               1Q 2001           1Q 2000
     Net operating income - real property            $3,061            $2,962
     Mineral royalties                                  119               108
     Property management fees                            92                21
     Development fees                                    20               152
     Sale of development property                        39                 0
     Other income                                        59                38
                                                      3,390             3,281
 
     General and administrative expenses                868               732
     Interest expense                                 1,760             1,763
     Depreciation expense-real estate                   663               583
     Depreciation/amortization expense-
      other                                              64                87
                                                      3,355             3,165
     Income before taxes and extraordinary
      item                                               35               116
     Income tax expense                                  13                44
     NET INCOME                                         $22               $72
 
 
     FUNDS FROM OPERATIONS*                            $756              $709
 
     WEIGHTED AVERAGE COMMON SHARES
     Basic                                            2,280             2,217
     Diluted                                          2,423             2,293
     PER SHARE DATA
     Net income - basic                               $0.01             $0.03
     Net income - diluted                             $0.01             $0.03
     Funds from operations                            $0.31             $0.31
 
 
     *  Funds from operations is a widely accepted measure of performance for
     real estate companies that adds back depreciation and certain other non-
     cash charges to income as a customary measure of operating results.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X84282683
 
 SOURCE  Merry Land Properties, Inc.

RELATED LINKS

http://www.merryland.com