Thursday, real estate company Thomas Properties Group, Inc. (TPGI) reported a wider fourth-quarter loss, impacted by impairment charges related to the company's condominium project and joint venture investments.
Net loss for the fourth quarter widened to $6 million or $0.25 per share, from a loss of $1.6 million or $0.07 per share in the prior-year period. Quarterly results include a $12.2 million charge related to company's Murano condominium project and $1.2 million pre-tax, non-cash impairment charge related to joint venture investments.
After tax cash flow, or net loss excluding minority interest, income taxes, non-cash compensation expense, straight-line rent adjustments and fair market value of rent adjustments, was $1.2 million or $0.05 per share compared $4.03 million or $0.17 per share last year.
Total revenues declined to $21.3 million from $23.4 million a year ago.
Segment-wise, rental revenues declined to $7.2 million from $8.1 million and tenant reimbursements revenue was down to $5.8 million from $6.5 million.
Parking and other revenues for the quarter increased to $1.12 million from $1.10 million, while investment advisory, management, leasing and development services' revenues declined to $4.6 million from $4.8 million last year.
For the full-year 2008, net loss was $3.8 million or $0.16 per share, higher than last year's loss of $0.9 thousand or $0.04 per share. After tax cash flow was $23.3 million or $0.98 per share, compared to $21.6 million or $1.04 per share. Total revenues increased to $171.6 million from $97.5 million previous year.
The stock closed Wednesday, at $1.36 on the Nasdaq.
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