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Thomas Properties Group Inc. Reports Operating Results (10-K)

March 10, 2011 | About:
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10qk

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Thomas Properties Group Inc. (TPGI) filed Annual Report for the period ended 2010-12-31.

Thomas Properties Group Inc. has a market cap of $126.3 million; its shares were traded at around $3.42 with and P/S ratio of 1.3.

Highlight of Business Operations:

Parking and other revenues. Parking and other revenues increased by $0.3 million, or 10.0%, to $3.3 million for the year ended December 31, 2010 from $3.0 million for the year ended December 31, 2009. The increase was primarily related to lease termination fees recognized at One Commerce Square.

Investment advisory, management, leasing and development services revenues. This caption represents revenues earned from services provided to unaffiliated entities in which we have no ownership interest. Revenues from these services decreased by $1.6 million, or 17.2%, from $9.3 million for the year ended December 31, 2009, to $7.7 million for the year ended December 31, 2010 primarily due to lower lease commission revenue of $1.6 million relative to the prior period. We also recognized $1.0 million less fee revenue from the Universal Village entitlement project. The decrease is partially offset by a fee we earned of $1.0 million in connection with the successful completion of the City National Plaza refinancing.

Investment advisory, management, leasing and development services revenues-unconsolidated real estate entities. This caption represents revenues earned from services provided to entities for which we use the equity method to account for our ownership interest since we have significant influence, but not control, over the entities. Revenues from these services from unconsolidated real estate entities increased by $1.5 million, or 10.0%, from $15.0 million for the year ended December 31, 2009 to $16.5 million for the year ended December 31, 2010, primarily due an increase in leasing activity resulting in an increase in lease commission revenue.

Reimbursement of property personnel costs. This caption represents the reimbursement for property personnel salary, payroll taxes and benefits. Reimbursement revenue increased by $0.2 million, or 3.6%, from $5.6 million for the year ended December 31, 2009, to $5.8 million for the year ended December 31, 2010, primarily due to increased bonus compensation in 2010.

Investment advisory, management, leasing and development services expenses. Expenses for these services increased by $0.3 million, or 2.5%, to $12.2 million for the year ended December 31, 2010, compared to $11.9 million for the year ended December 31, 2009, as a result of bad debt expense recognized in 2010.

Reimbursable property personnel costs. This caption represents the reimbursement of property personnel salary, payroll taxes and benefits. Reimbursable expenses increased by $0.2 million, or 3.6%, to $5.8 million for the year ended December 31, 2010, compared to $5.6 million for the year ended December 31, 2009, primarily due to increased bonus compensation in 2010.

Read the The complete Report

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