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Mission West Properties Announces Third Quarter 2008 Operating Results
'We build the buildings for the high tech companies that build the internet'
By: PR Newswire
Oct. 15, 2008 04:15 PM
Net income per diluted share to common stockholders was Financing Activity On The Company paid approximately Company Profile Mission West Properties, Inc. operates as a self-managed,
self-administered and fully integrated REIT engaged in the management,
leasing, marketing, development and acquisition of commercial R&D properties,
primarily located in the Silicon Valley portion of the The matters described herein contain forward-looking statements. Such statements can be identified by the use of forward-looking terminology such as "will," "anticipate," "estimate," "expect," "intends," or similar words. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the Company's control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, the ability to complete acquisitions under the Berg Land Holdings Option Agreement with the Berg Group and other factors detailed in the Company's registration statements, and periodic filings with the Securities & Exchange Commission.
MISSION WEST PROPERTIES, INC.
SELECTED FINANCIAL DATA
(In thousands, except share, per share and property data amounts)
Three Three Nine Nine
Months Months Months Months
Ended Ended Ended Ended
Sept 30, Sept 30, Sept 30, Sept 30,
2008 2007 2008 2007
---------- ---------- ---------- ----------
OPERATING REVENUES:
Rental revenue from
real estate $20,256 $19,000 $58,612 $61,350
Above market lease
intangible asset
amortization - - - (4,091)(1)
Tenant
reimbursements 4,607 3,454 11,900 9,908
Lease termination
and settlement
income - 47,238 1,921 57,515
Other income 292 1,144 769 3,808
---------- ---------- ---------- ----------
Total operating
revenues 25,155 70,836 73,202 128,490
---------- ---------- ---------- ----------
OPERATING EXPENSES:
Operating and
maintenance 2,951 3,382 7,993 7,160
Real estate taxes 2,888 2,846 8,245 8,147
General and
administrative 605 982 1,951 2,369
Depreciation and
amortization of
real estate 5,759(2) 5,533(2) 17,064(2) 17,084(2)
---------- ---------- ---------- ----------
Total operating
expenses 12,203 12,743 35,253 34,760
---------- ---------- ---------- ----------
Operating income 12,952 58,093 37,949 93,730
OTHER INCOME (EXPENSES):
Equity in earnings of
unconsolidated joint
venture 126 371 915 1,058
Interest income 193 751 965 2,101
Interest expense (5,023) (5,061) (14,907) (15,175)
Interest expense -
related parties (309) (180) (1,025) (546)
---------- ---------- ---------- ----------
Income from
continuing
operations
before
minority
interests 7,939 53,974 23,897 81,168
Minority interests
from continuing
operations (6,304) (43,153) (19,021) (64,980)
---------- ---------- ---------- ----------
Income from
continuing
operations 1,635 10,821 4,876 16,188
Discontinued
operations,
net of minority
interests:
Gain from
disposal of
discontinued
operations - 1,127 - 1,127
Income
attributable
to discontinued
operations - (7) - 5
---------- ---------- ---------- ----------
Income from
discontinued
operations - 1,120 - 1,132
---------- ---------- ---------- ----------
Net income to common
stockholders $1,635 $11,941 $4,876 $17,320
========== ========== ========== ==========
Net income to
minority interests $6,304 $48,550 $19,021 $70,469
========== ========== ========== ==========
Income per share
from continuing
operations:
Basic $0.08 $0.55 $0.25 $0.82
========== ========== ========== ==========
Diluted $0.08 $0.54 $0.25 $0.81
========== ========== ========== ==========
Income per share
from discontinued
operations:
Basic - $0.06 - $0.06
========== ========== ========== ==========
Diluted - $0.06 - $0.06
========== ========== ========== ==========
Net income per share
to common
stockholders:
Basic $0.08 $0.61 $0.25 $0.88
========== ========== ========== ==========
Diluted $0.08 $0.60 $0.25 $0.87
========== ========== ========== ==========
Weighted average
shares of common
stock (basic) 19,745,141 19,640,087 19,703,066 19,621,144
========== ========== ========== ==========
Weighted average
shares of common
stock (diluted) 19,783,507 19,818,806 19,769,148 19,914,374
========== ========== ========== ==========
Weighted average
O.P. units
outstanding 85,527,739 85,015,658 85,528,787 85,030,650
========== ========== ========== ==========
FUNDS FROM OPERATIONS
Funds from operations $14,199 $61,016 $42,471 $100,875
========== ========== ========== ==========
Funds from operations
per share (3) $0.13 $0.58 $0.40 $0.96
========== ========== ========== ==========
Outstanding common
stock 19,748,211 19,640,087 19,748,211 19,640,087
========== ========== ========== ==========
Outstanding O.P.
units 85,526,965 85,557,935 85,526,965 85,557,935
========== ========== ========== ==========
Weighted average
O.P. units and
common stock
outstanding
(diluted) 105,311,246 104,834,464 105,297,934 104,945,024
========== ========== ========== ==========
Three Three Nine Nine
Months Months Months Months
Ended Ended Ended Ended
FUNDS FROM OPERATIONS Sept 30, Sept 30, Sept 30, Sept 30,
CALCULATION 2008 2007 2008 2007
---------- ---------- ---------- ----------
Net income $1,635 $11,941 $4,876 $17,320
Add:
Minority interests (4) 6,171 48,420 18,714 70,098
Depreciation and
amortization of real
estate from
continuing operations 6,204 6,856 18,313 19,168
Depreciation and
amortization of real
estate from
discontinued
operations - 139 - 250
Depreciation and
amortization of real
estate held in
unconsolidated
joint venture 189 189 568 568
Less:
Gain on sale of
real estate - (6,529) - (6,529)
---------- ---------- ---------- ----------
Funds from
operations $14,199 $61,016 $42,471 $100,875
========== ========== ========== ==========
Funds From Operations ("FFO") is a non-GAAP financial measurement used by
real estate investment trusts ("REITs") to measure and compare operating
performance. As defined by NAREIT, FFO represents net income (loss) before
minority interest of unit holders (computed in accordance with GAAP,
accounting principles generally accepted in the United States of America),
excluding gains (or losses) from debt restructuring and sales of property,
plus real estate related depreciation and amortization (excluding
amortization of deferred financing costs and depreciation of non-real
estate assets) and after adjustments for unconsolidated partnerships and
joint ventures. Management considers FFO to be an appropriate supplemental
measure of the Company's operating and financial performance because when
compared year over year, it reflects the impact to operations from trends
in occupancy rates, rental rates, operating costs, general and
administrative expenses and interest costs, providing a perspective not
immediately apparent from net income. In addition, management believes
that FFO provides useful information about the Company's financial
performance when compared to other REITs since FFO is generally recognized
as the industry standard for reporting the operations of REITs. FFO should
neither be considered as an alternative for net income as a measure of
profitability nor is it comparable to cash flows provided by operating
activities determined in accordance with GAAP. FFO is not comparable to
similarly entitled items reported by other REITs that do not define them
exactly as we define FFO.
Three Three Nine Nine
Months Months Months Months
Ended Ended Ended Ended
Sept 30, Sept 30, Sept 30, Sept 30,
2008 2007 2008 2007
PROPERTY AND OTHER DATA: ---------- ---------- ---------- ----------
Total properties,
end of period 111 109 111 109
Total square
feet, end of period 8,047,569 7,861,692 8,047,569 7,861,692
Average
monthly rental revenue
per square foot (5) $1.25 $1.47 $1.24 $1.47
Occupancy for leased
properties 66.7% 62.6% 66.7% 62.6%
Straight-line rent $857 ($2,265) $2,444 ($3,966)
Leasing commissions $606 $746 $1,241 $2,647
Capital expenditures $3,827 $2,212 $6,164 $4,621
---------- ---------- ---------- ----------
BALANCE SHEET September 30, December 31,
2008 2007
Assets
Real estate:
Land $320,911 $312,152
Buildings and improvements 796,638 764,665
Real estate related intangible assets 3,240 2,119
---------- ----------
Total investments in real estate, net 1,120,789 1,078,936
Less accumulated depreciation and
amortization (173,883) (156,819)
---------- ----------
Net investments in properties 946,906 922,117
Cash and cash equivalents - 23,691
Restricted cash 43,275 65,509
Deferred rent receivable, net 17,277 14,833
Investment in unconsolidated joint venture 2,301 2,735
Other assets, net 29,245 25,000
---------- ----------
Total assets $1,039,004 $1,053,885
========== ==========
Liabilities and Stockholders' Equity
Liabilities:
Mortgage notes payable $329,188 $337,520
Note payable - related parties 7,821 -
Mortgage note payable - related parties 8,880 9,224
Revolving line of credit 11,911 -
Interest payable 1,336 1,331
Security deposits 5,627 4,754
Deferred rental income 6,026 3,302
Dividends and distributions payable 21,055 16,832
Accounts payable and accrued expenses 20,607 15,618
---------- ----------
Total liabilities 412,451 388,581
---------- ----------
Commitments and contingencies.
Minority interests 493,632 526,626
---------- ----------
Stockholders' equity:
Common stock, $.001 par value 20 20
Additional paid-in capital 154,223 153,024
Distributions in excess of accumulated
earnings (21,322) (14,366)
---------- ----------
Total stockholders' equity 132,921 138,678
---------- ----------
Total liabilities and stockholders'
equity $1,039,004 $1,053,885
========== ==========
(1) Amortization of an above-market lease intangible asset pursuant to
Statement of Financial Accounting Standard No. 141, "Business
Combinations."
(2) Includes approximately $159 and $347 in amortization expense for the
three months ended September 30, 2008 and 2007, respectively, and $441
and $1,886 in amortization expense for the nine months ended September
30, 2008 and 2007, respectively, for the amortization of in-place
lease value intangible asset pursuant to Statement of Financial
Accounting Standard No. 141, "Business Combinations."
(3) Calculated on a fully diluted basis. Assumes conversion of O.P. units
outstanding into the Company's common stock.
(4) The minority interest for third parties has been deducted from total
minority interest in calculating FFO.
(5) Average monthly rental revenue per square foot has been determined by
taking the cash base rent for the period divided by the number of
months in the period, and then divided by the average occupied square
feet in the period.
SOURCE Mission West Properties, Inc.
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