The Rouse Company today released financial results for the first quarter of 2002, ended March 31st. As expected, Funds From Operations were down slightly, $70,943,000 compared to $72,637,000 in 2001Â's first quarter, and $.80 per share compared to $.96 per share in the same period last year.
The declines were due to the timing of land sales and, on a per share basis, the dilution caused by the mid-January equity offering of 16.7 million shares of common stock sold to capitalize part of the acquisition of assets from Rodamco North America, N.V. This acquisition, primarily interests in eight premier regional shopping centers, is scheduled to be completed in early May 2002. Net Earnings were $14,703,000 ($.14 per share) down from $31,260,000 ($.40 per share) for the first three months of 2001.
Net Operating Income from the CompanyÂ's portfolio of retail centers increased 6%, to $95.0 million, while Net Operating Income from the office and other properties portfolio declined slightly (3%) to $30.9 million. Net Operating Income from land sales operations in Community Development (primarily Columbia, Md. and Summerlin, Nev.) was down from a record first quarter in 2001. Chairman and CEO, Anthony W. Deering, stated, 'At the end of last year, we anticipated demand would slow in 2002 as a result of the weak economy and reduced tourism in Las Vegas after the tragic events of September 11th. In fact, homebuildersÂ' appetite for land has been stronger than expected, and with buildersÂ' land inventory low, homebuyer demand high and mortgage rates still near historic lows, we expect that as land now under development becomes available for sale, land sales will be very strong in the latter part of 2002.'
For more information please visit www.therousecompany.com.
(source: The Rouse Company)