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|10172 Linn Station Road|
Louisville, Kentucky 40223
|Contact: Gregory A. Wells, Executive Vice President and CFO||Date: March 12, 2008|
FOR IMMEDIATE RELEASE
NTS Realty Holdings Limited Partnership Reports Year Ended December 31, 2007 Results
Louisville, KY (March 12, 2008) (AMEX: NLP) NTS Realty Holdings Limited Partnership (the Company), announced today its results for the year ended December 31, 2007.
Rental income and tenant reimbursements from continuing operations for the years ended December 31, 2007 and 2006 were approximately $41,439,000 and $32,754,000, respectively. The increase of approximately $8,685,000, or 27%, was primarily the result of acquiring two multifamily properties, The Overlook at St. Thomas (March 2007) and Creeks Edge at Stony Point (August 2007), along with an increase in rental income from the Companys multifamily properties.
Loss from continuing operations for the years ended December 31, 2007 and 2006 were approximately $11,396,000 and $10,400,000, respectively.
Net income for the years ended December 31, 2007 and 2006 were approximately $3,946,000 and $41,115,000, respectively. Net income for the year ended December 31, 2007 included a net gain of $13,482,000 related to the sale of two of the Companys office buildings. Net income for the year ended December 31, 2006 included a net gain of $49,950,000 primarily related to the sale of two of the Company's multifamily properties.
Consistent with its past practice, the Company will not conduct an earnings conference call to discuss the aforementioned results.
About NTS Realty
Holdings Limited Partnership
The Company directly, or as a tenant in common with unaffiliated co-owners, currently owns twenty-nine properties, comprised of eleven multifamily properties, fourteen office buildings and business centers, three retail properties and one ground lease. The properties are located in and around Louisville and Lexington, Kentucky, Nashville, Tennessee, Richmond, Virginia, Fort Lauderdale, Florida, Indianapolis, Indiana and Atlanta, Georgia. The Companys limited partnership units are listed on the American Stock Exchange under the trading symbol NLP.
Safe Harbor Under the
Private Securities Litigation Reform Act of 1995
This press release contains forward looking statements that can be identified by the use of words like believe, expect, may, could, intend, project, estimate, or anticipate. These forward looking statements, implicitly or explicitly, include assumptions underlying the statements and other information with respect to the Companys beliefs, plans, objectives, goals, expectations, estimates, intentions, financial condition, results of operations, future performance and business, including its expectation of, and estimates with respect to, revenues, expenses, earnings, return of and on equity, return on assets, asset quality and other financial data and performance ratios. Although the Company believes that the expectations reflected in its forward looking statements are reasonable, these statements involve risks and uncertainties which are subject to change based on various important factors, some of which are beyond the Companys control. Important factors that would cause actual results to differ materially from expectations are disclosed under Risk Factors and elsewhere in the Companys most recent annual report on Form 10-K, which was filed on March 29, 2007, and registration statement on Form S-4, which became effective on October 27, 2004.
If one or more of the factors affecting forward looking information and statements proves incorrect, the Companys actual results of operations, financial condition or prospects could differ materially from those expressed in, or implied by, the forward looking information and statements contained in this press release.
NTS REALTY HOLDINGS LIMITED PARTNERSHIP
Consolidated Statements of Operations for the Years Ended December 31, 2007, 2006 and 2005
|Operating expenses reimbursed to affiliate||4,967,150||3,912,659||2,025,743|
|Property taxes and insurance||5,272,547||3,981,922||2,062,066|
|Professional and administrative expenses||1,411,276||1,922,057||2,660,593|
|Professional and administrative expenses reimbursed to affiliate||1,732,160||1,577,566||1,416,818|
|Depreciation and amortization||16,226,404||12,652,566||4,784,473|
|Total operating expenses||40,682,989||32,886,912||18,022,129|
|OPERATING INCOME (LOSS)||756,211||(132,895||)||(1,024,067||)|
|Interest and other income||92,911||147,087||366,834|
|Loss on disposal of assets||(69,010||)||(143,602||)||(392,861||)|
|Income from investment in joint venture||--||--||953,300|
|LOSS FROM CONTINUING OPERATIONS||(11,396,714||)||(10,399,755||)||(4,563,464||)|
|Discontinued operations, net||1,859,928||1,564,584||2,525,077|
|Gain on sale of discontinued operations||13,482,291||49,950,486||270,842|
|NET INCOME (LOSS)||$||3,945,505||$||41,115,315||$||(1,767,545||)|
|Loss from continuing operations allocated to limited partners||$||(10,681,225||)||$||(9,746,901||)||$||(4,276,988||)|
|Discontinued operations, net allocated to limited partners||1,743,161||1,466,366||2,366,563|
|Gain on sale of discontinued operations allocated to limited partners||12,635,869||46,814,798||253,839|
|NET INCOME (LOSS) ALLOCATED TO LIMITED PARTNERS||$||3,697,805||$||38,534,263||$||(1,656,586||)|
|Loss from continuing operations per limited partnership unit||$||(1.00||)||$||(0.92||)||$||(0.40||)|
|Discontinued operations, net per limited partnership unit||0.16||0.14||0.22|
|Gain on sale of discontinued operations per limited partnership unit||1.19||4.39||0.02|
|NET INCOME (LOSS) PER LIMITED PARTNERSHIP UNIT||$||0.35||$||3.61||$||(0.16||)|
|Number of limited partnership interests||10,666,322||10,667,117||10,667,117|
The following information was filed by Nts Realty Holdings Lp (NLP) on Wednesday, March 12, 2008 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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