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(215) 887-2280 (X3023)
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American Financial Realty Trust Announces 2006 Third Quarter Results
JENKINTOWN, Pa. October 27, 2006American Financial Realty Trust (AFR) (NYSE:AFR), today reported financial results for the quarter ended September 30, 2006. The Company reported third quarter revenues from continuing operations of $123.5 million, an $18.2 million decrease from the second quarter of 2006, which is based on previously reported amounts, and an $8.7 million increase compared to the third quarter of 2005. The decrease in revenues from the second quarter is primarily attributable to the reclassification of 29 buildings containing 1,479,000 square feet from continuing operations to discontinued operations as part of the Companys previously announced repositioning plan. Included in the reclassified assets is State Street Financial Center, which accounts for a majority of the reduction in revenues.
Third quarter funds from operations (FFO)1, computed in accordance with the definition of the National Association of Real Estate Investment Trusts, was $(27.9) million, a decrease of $19.8 million compared to the second quarter of 2006 or $(0.21) per share based upon the Companys weighted average diluted common shares and Operating Partnership units outstanding during the period of 132.2 million.
Third quarter adjusted funds from operations (AFFO)2, inclusive of repositioning charges of $25.4 million were $(5.3) million or $(0.04) on a per share equivalent basis. Before restructuring charges, AFFO was $20.2 million, which was $2.4 million less than the previous quarter. These results reflect the impact of $1.3 million in reserves and charge-offs related to two properties
The following information was filed by American Financial Realty Trust on Friday, October 27, 2006 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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