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2008
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2006 News and Press Releases
For Immediate Release:
Bresler & Reiner, Inc. (OTC: BRER) reports year-end
2005 results
Washington, D.C. — March 31, 2006:
Bresler & Reiner, Inc. reported a net loss of $2,249,000 or
$(0.41) per common share on revenues of $122,944,000 for the year
ended December 31, 2005. For the comparable period in 2004, the
Company reported net income of $4,419,000 or $0.81 per common
share on revenues of $77,646,000.
Funds from operation for the year ended December 31, 2005 were
$12,012,000 compared to $15,953,000 for 2004. Funds from operations
is defined by the Company as net income computed in accordance
with accounting principles generally accepted in the United States,
excluding gains and losses, net of tax, on sales of depreciable
property, plus depreciation and amortization and after adjustments
for unconsolidated partnerships and joint ventures.
Mr. Robert O. Moore, Chief Financial Officer, stated that the
results of operations for 2005 were impacted by pre-tax charges
in 2005 related to: (i) costs associated with the withdrawn Midlantic
Office Trust, Inc. initial public offering that had been sponsored
by the Company, totaling $3,312,000, (ii) early extinguishment
of debt costs totaling $3,171,000, and (iii) retirement benefits
incurred related to one of the co-founders of the Company, totaling
$1,330,000.
The following tables reflect the reconciliation
of net income to funds from operations (in thousands):
| For
the year ended December 31: |
| |
|
2005 |
|
2004 |
|
| Net (loss) income |
|
$ |
(2,249) |
|
$ |
213 |
|
| Add: Depreciation and amortization
including share of unconsolidated real estate
joint ventures |
|
$ |
16,125 |
|
$ |
12,659 |
|
| Add: Income tax expense from
property sales (net of minority interest share
of taxes) |
|
$ |
1,243 |
|
$ |
749 |
|
| Less: Gain on sale of properties
(net of minority interest) |
|
$ |
(3,107) |
|
$ |
(1,874) |
|
| Funds from operations |
|
$ |
12,012 |
|
$ |
15,953
|
|
|
About the Company:
Bresler & Reiner, Inc. owns and develops land and residential,
commercial and hospitality properties, principally in the Washington,
D.C.; Wilmington, Delaware; Philadelphia, Pennsylvania; Baltimore,
Maryland; the Maryland Eastern Shore; and Orlando, Florida metropolitan
areas. As of January 2006 we are also active in the Houston, Texas
metropolitan area.
Supplemental Information:
SEC Filings (Forms 10-Q and 10-K) and supplemental information
packages (Form 8-K’s) are available at www.breslerandreiner.com
or may be requested in e-mail or hard copy formats.
For additional information, contact:
Robert O. Moore, CFO
Bresler & Reiner, Inc.
11200 Rockville Pike, Suite 502
Rockville, Maryland 20852
(301) 945-4300, ext 150
www.breslerandreiner.com
This press release may contain forward-looking statements
that are based on current estimates, expectations, forecasts and
projections about us, our future performance, the industry in
which we operate, our beliefs, and management’s assumptions.
In addition, other written or oral statements that constitute
forward-looking statements may be made by or on behalf of us.
Words such as “expects,” “anticipates,”
“targets,” “goals,” “projects,”
“intends,” “plans,” “believes,”
“seeks,” “estimates,” or “would
be,” and variations of such words and similar expressions
are intended to identify such forward-looking statements. These
statements are not guarantees of future performance and involve
certain risks, uncertainties and assumptions that are difficult
to predict. Therefore, actual outcomes and results may differ
materially from what is expressed or forecasted in such forward-looking
statements. These risks and uncertainties include: our ability
to compete effectively; our exposure to the credit risks of our
tenants; our ability to recruit and retain key personnel; adverse
changes in the local or general economy and market conditions;
our ability to obtain necessary governmental permits and approvals;
our ability to complete development projects in a timely manner
and within budget; our ability to secure tenants for our projects
and properties; our ability to sustain occupancy levels at our
properties through keeping existing tenants and securing new ones;
our ability to secure tenants for the residential and commercial
properties that we develop; changes in the interest rate environment
which will affect our ability to obtain mortgage financing on
acceptable terms; future litigation; and changes in environmental
health and safety laws.
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