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Thomas Properties Group Inc. (TPGI) filed Quarterly Report for the period ended 2011-09-30.
Thomas Properties Group Inc. has a market cap of $95.5 million; its shares were traded at around $2.575 with and P/S ratio of 1.
This is the annual revenues and earnings per share of TPGI over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of TPGI.
Highlight of Business Operations:
Total revenues. Total revenues increased by $3.1 million, or 12.4%, to $28.2 million for the three months ended September 30, 2011 compared to $25.1 million for the three months ended September 30, 2010. The significant components of revenue are discussed below.Aggregate revenues for the three months ended September 30, 2011 increased by approximately $2.6 million, or 3.6%, to $73.9 million compared to $71.3 million for the three months ended September 30, 2010. The increase is primarily due to the early termination of a lease, which resulted in termination fee revenue and write-off of related below market rent liability. Aggregate operating and other expenses and interest expense for unconsolidated real estate entities remained consistent for the three months ended September 30, 2011 compared to the three months ended September 30, 2010. Depreciation and amortization increased by approximately $4.0 million, or 16.1%, to $28.8 million for the three months ended September 30, 2011 as compared to $24.8 million for the three months ended September 30, 2010. The increase was primarily due to the early termination of a lease and write-off of the respective tenant improvements and deferred lease costs at a property in our Austin portfolio. The gain on extinguishment of debt earned in the three months ended September 30, 2010 was due to the refinancing of the debt at City National Plaza and San Felipe Plaza.
Aggregate revenues for the nine months ended September 30, 2011 increased approximately $0.8 million, or 0.4%, to $214.7 million compared to $213.9 million for the nine months ended September 30, 2010. The increase is primarily due to the early termination of a lease, which resulted in termination fee revenue and write-off of related below market rent liability. Aggregate operating and other expenses for unconsolidated real estate entities decreased by $1.3 million, or 1.2%, to $108.8 million for the nine months ended September 30, 2011 compared to $110.1 million for the nine months ended September 30, 2010. The decrease was due primarily to lower real estate taxes resulting from changes in the assessed value of our buildings. Interest expense increased by approximately $7.0 million, or 9.5%, to $80.5 million for the nine months ended September 30, 2011 as compared to $73.5 million for the nine months ended September 30, 2010. The increase was due primarily to increased interest rates associated with the refinancing of our City National Plaza and City West Place properties in the second half of 2010. Depreciation and amortization increased by approximately $1.1 million, or 1.4%, to $77.1 million for the nine months ended September 30, 2011 as compared to $76.0 million for the nine months ended September 30, 2010. The increase was primarily due to the early termination of a lease and write-off of the respective tenant improvements and deferred lease costs at a property in our Austin portfolio offset by a decrease in in-place lease value amortization. The loss in discontinued operations decreased by $7.8 million to $7.2 million income from discontinued operations for the nine months ended September 30, 2011 as compared to a loss of $0.6 million for the nine months ended September 30, 2010. The change in discontinued operations, which represents assets held for sale (2500 City West and Centerpointe) by our TPG/CalSTRS joint venture, was primarily attributable to a $6.7 million gain on extinguishment of debt at Centerpointe.
Operating activities - Our cash flows from operating activities is primarily dependent upon the occupancy level of our portfolio, the rental rates achieved on our leases, the collectability of rent and recoveries from our tenants, revenues generated and collected from our investment advisory, management, leasing and development services and the level of operating expenses and other general and administrative costs. Our cash provided by operating activities increased by $4.2 million to $2.5 million for the nine months ended September 30, 2011 compared to a net use of cash of $1.7 million for the nine months ended September 30, 2010. The net loss for the nine months ended September 30, 2011 decreased by $1.7 million to $5.5 million compared to a net loss of $7.2 million for the comparable period. After adjustments for non-cash items and before consideration of changes in operating assets and liabilities, our operations generated an additional $5.0 million for the nine months ended September 30, 2011 compared to the comparable period in 2010. Approximately $4.4 million of the $5.0 million related to incentive fees earned based on the performance of the separate account program we manage for CalSTRS. Cash provided by operations also increased by $0.6 million due to operating distributions received from our 2121 Market Street joint venture. Cash was used predominantly to reduce accounts payable and other liabilities by $2.8 million for the nine months ended September 30, 2011, predominately related to the payment of operating and capital expenses, which were accrued at December 31, 2010.
Financing activities - Our net cash related to financing activities is generally impacted by our borrowings, and capital activities. Net cash provided by (used in) financing activities decreased by $3.5 million to a $2.3 million use of cash for the nine months ended September 30, 2011 compared to a $1.2 million source of cash for the nine months ended September 30, 2010. The decrease was primarily a result of 2010 proceeds of $15.1 million from our "at-the-market" equity offering program whereas there were no such equity sales in the nine months ended September 30, 2011. This is offset by lower principal repayments of $8.8 million on the Murano loan due to fewer settlements in 2011. The new Murano loan refinance proceeds in June 2011 of $19.9 million were used to repay the in-place loan of $19.8 million in full.
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