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Last10K.com | 10-K Annual Report Thu Mar 10 2005
EX-99.1 2 e20558ex99_1.txt PRESS RELEASE [LOGO] AMERICAN FINANCIAL REALTY TRUST AT THE COMPANY AT FINANCIAL RELATIONS BOARD Muriel Lange Claire Koeneman Joe Calabrese Investor Relations (Analyst Info) (General Info) (215) 887-2280 (312) 640-6745 (212) 827-3772 Email: mlange@afrt.com AMERICAN FINANCIAL REALTY TRUST PROVIDES SUPPLEMENTAL FINANCIAL INFORMATION FOR 2004 JENKINTOWN, Pa., March 7, 2005 - American Financial Realty Trust (NYSE: AFR), a real estate investment trust focused on acquiring and leasing properties occupied by financial institutions, today released additional supplemental information regarding the Company's financial results for the year ended December 31, 2004, that were originally announced on February 24, 2005. The Company is providing the supplemental materials in response to requests during the Company's recent earnings call for this additional information. Attached as Exhibit A to this press release is the Company's unaudited balance sheet as of December 31, 2004. An audited balance sheet will be included in the Company's Form 10-K, which will be filed later this month. In its future quarterly press releases, the Company intends to include unaudited summary balance sheet information as of the period end date for which the Company's earnings are being presented. Attached as Exhibit B to this press release is a reconciliation of the Company's previously reported net income and funds from operations ("FFO") for the year ended December 31, 2004, to FFO as defined by the National Association of Real Estate Investment Trusts ("NAREIT"). In its future quarterly press releases, the Company intends to include a reconciliation of net income both to the NAREIT definition of FFO and to FFO and adjusted funds from operations ("AFFO") as defined by the Company. About American Financial Realty Trust American Financial Realty Trust is a self-administered, self-managed real estate investment trust that acquires properties from, and leases properties to, regulated financial institutions. The Company owns and manages its assets primarily under long-term triple net and bond net leases with banks. The Company is led by chief executive officer Nicholas S. Schorsch and non-executive chairman Lewis S. Ranieri. The Company is traded on the New York Stock Exchange under the ticker symbol AFR. Forward-Looking Statements The forward-looking statements contained in this release are subject to various risks and uncertainties, including the uncertainties associated with the availability, timing and occurrence of transaction closings and changes in real estate and general market conditions. American Financial does not undertake a duty to update forward-looking statements. It may, in its discretion, provide information in future public announcements regarding its outlook that may be of interest to the investment community. The format and extent of future outlooks may be different from the format and extent of the information contained in this release. EXHIBIT A AMERICAN FINANCIAL REALTY TRUST CONSOLIDATED BALANCE SHEETS December 31, 2004 and December 31, 2003 (Unaudited - In thousands, except share and per share data) EXHIBIT B Set forth below is a reconciliation of the Company's previously reported GAAP net income (loss) and FFO as defined by the Company to FFO as defined by NAREIT for the year ended December 31, 2004: Year Ended December 31, (in thousands, except per share data) 2004 ----------- (unaudited) Funds from operations: Net loss (1).............................................. $ (22,245) Minority interest in Operating Partnership................ (899) Depreciation and amortization............................. 109,466 Amortization of fair market rental adjustment, net......................................... 1,031 --------- Funds from operations (Company definition)................ 87,353 Gain on sale of minority interest in State Street Financial Center........................................ (17,693) --------- 69,660 Gains on sales of properties, net of taxes ............... (11,864) --------- Funds from operations (NAREIT definition) (1)............. $ 57,796 ========= Funds from operations per share (Company definition, diluted)............................................... $ 0.76 ========= Funds from operations per share (NAREIT definition, diluted) ............................................. $ 0.50 ========= (1) Net loss includes property impairments of $3,614 ($0.03 per share). These impairments relate to properties subsequently sold or which were held for sale as of December 31, 2004. Pursuant to NAREIT's guidance published in February 2004, these impairments have not been added back to net loss in calculating FFO as defined by NAREIT, even though they relate to properties sold or held for sale. Non-GAAP Financial Measures The Company believes that FFO is helpful to investors as a measure of the Company's performance as an equity REIT because it provides investors with an understanding of the Company's operating performance and profitability. The Company includes gains and losses from property sales in its definition of FFO because it believes that strategic disposition of properties is a significant component of the Company's business model, and that gains and losses from dispositions demonstrate (in part) the Company's execution of its business model. FFO is a non-GAAP financial measure commonly used in the REIT industry, and therefore this measure may be useful in comparing the Company's performance with that of other REITs. However, the Company's definition of FFO differs from NAREIT's definition of FFO and investors should take definitional differences into account when comparing FFO reported by other REITs (including particularly those REITs that exclude gains and losses from property sales in their definition of FFO). Additionally, FFO and FFO per share should be evaluated along with GAAP net income and net income per share (the most directly comparable GAAP measures) in evaluating the performance of equity REITs.
December 31, --------------------------- Assets: 2004 2003 ------------- ------------- Real estate investments, at cost: Land.................................................................... $ 415,833 $ 225,287 Building and improvements............................................... 2,280,490 1,228,254 Equipment and fixtures.................................................. 352,731 196,142 Leasehold interests..................................................... 4,972 5,040 ---------- ----------- Total real estate investments, at cost............................ 3,054,026 1,654,723 Less accumulated depreciation........................................... (147,478) (57,727) ---------- ----------- Total real estate investments, net................................ 2,906,548 1,596,996 Cash and cash equivalents..................................................... 110,607 211,158 Restricted cash............................................................... 59,905 28,330 Marketable investments and accrued interest................................... 24,272 67,561 Tenant and other receivables, net............................................. 34,667 15,425 Prepaid expenses and other assets............................................. 65,551 6,848 Assets held for sale.......................................................... 102,333 82,002 Intangible assets, net of accumulated amortization of $25,749 and $5,330...... 590,341 115,084 Deferred costs, net of accumulated amortization of $7,637 and $2,926.......... 57,623 18,935 ---------- ----------- Total assets...................................................... $3,951,847 $2,142,339 ========== =========== Liabilities and Shareholders' Equity: Mortgage notes payable........................................................ $2,008,554 $ 921,355 Credit facility............................................................... 270,000 -- Convertible notes, net........................................................ 445,926 -- Accounts payable.............................................................. 4,947 2,079 Accrued interest expense...................................................... 24,510 8,050 Accrued expenses and other liabilities........................................ 60,098 29,716 Dividends and distributions payable........................................... 29,805 28,295 Below-market lease liabilities, net of accumulated amortization of $3,396 and $1,463........................................................ 59,182 49,485 Deferred revenue.............................................................. 105,745 33,569 Liabilities related to assets held for sale................................... 8,022 55,824 ---------- ----------- Total liabilities................................................. 3,016,789 1,128,373 ---------- ----------- Minority interest............................................................. 65,099 36,365 Shareholders' equity: Preferred shares, 100,000,000 shares authorized at $0.001 per share, no shares issued and outstanding at December 31, 2004 and December 31, 2003.................................................... -- -- Common shares, 500,000,000 shares authorized at $0.001 per share, 111,001,935 and 108,096,217 issued and outstanding at December 31, 2004 and December 31, 2003....................................... 111 108 Capital contributed in excess of par.................................... 1,130,034 1,102,561 Deferred compensation................................................... (16,518) (16,291) Accumulated deficit..................................................... (229,380) (94,557) Accumulated other comprehensive loss.................................... (14,288) (14,220) ---------- ----------- Total shareholders' equity........................................ 869,959 977,601 ---------- ----------- Total liabilities and shareholders' equity........................ $3,951,847 $ 2,142,339 ========== ===========
The following information was filed by American Financial Realty Trust on Monday, March 7, 2005 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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American Financial Realty Trust provided additional information to their SEC Filing as exhibits
Exhibit 3.2: Articles Of Amendment
Exhibit 10.49: Purchase Agreement
Exhibit 21.1: Subsidiaries Of The Registrant
Exhibit 23.1: Consent Of Independent Registered Public Accounting Firm
Exhibit 31.1: Section 302 Ceo Certification
Exhibit 31.2: Section 302 Cfo Certification
Exhibit 32.1: Section 906 Ceo/Cfo Certifications
CIK: 1193558
Form Type: 10-K Annual Report
Accession Number: 0001193125-05-045680
Submitted to the SEC: Wed Mar 09 2005 5:55:44 PM EST
Accepted by the SEC: Thu Mar 10 2005
Period: Friday, December 31, 2004
Industry: Real Estate Investment Trusts
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