WASHINGTON, Aug. 15 /PRNewswire-FirstCall/ -- Bresler & Reiner,
Inc. (Pink Sheets: BRER.PK) reported funds from operations for the
six months ended June 30, 2008 of $4,417,000 or $0.81 per common
share compared to $6,929,000 or $1.27 per common share for the same
period in 2007. For the three months ended June 30, 2008, the
Company reported funds from operations of $2,502,000 or $0.46 per
common share compared to $2,509,000 or $0.46 per common share for
the same period in 2007. The Company reported a net loss of
$9,537,000 or ($1.74) per common share on revenues of $47,553,000
for the six months ended June 30, 2008. For the comparable period
in 2007, the Company reported net income of $41,000 or $0.01 per
common share on revenues of $43,962,000. For the three months ended
June 30, 2008 the Company reported a net loss of $4,532,000 or
($0.83) per common share on revenues of $23,059,000. For the
comparable period in 2007, the Company reported a net loss of
$3,742,000 or ($0.68) per common share on revenues of $22,196,000.
Sidney M. Bresler, Chief Executive Officer, said the net loss for
both the three and six month periods ended June 30, 2008 were due
to large amounts of depreciation and amortization expense related
to the Company's depreciable properties. Mr. Bresler added that the
Company's unrestricted cash and cash equivalents, including
investments in principally available-for-sale securities, totaled
$31,038,000 as of June 30, 2008. 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. The following table
reflects the Company's funds from operations for the six months
ended June 30, 2008 for each of the Company's reportable segments:
Developed and Residential and Undeveloped Commercial Commercial
Land Condominiums Rental Total operating revenues $210,000
$3,514,000 $33,480,000 Cost of development sales (370,000)
(3,435,000) Operating expenses (16,074,000) Interest expense
(364,000) (391,000) (12,899,000) Income (loss) from investments in
joint ventures 459,000 51,000 Minority interest (18,000) (96,000)
122,000 General and administrative expenses and other 6,000
(476,000) Interest income Tax benefit (provision) 209,000 (22,000)
2,900,000 Funds From Operations $(333,000) $35,000 $7,104,000
Residential Rental Hospitality Corporate Total Total operating
revenues $8,820,000 $1,382,000 $147,000 $47,553,000 Cost of
development sales (3,805,000) Operating expenses (4,786,000)
(942,000) (21,802,000) Interest expense (4,160,000) (148,000)
(3,222,000) (21,184,000) Income (loss) from investments in joint
ventures (862,000) 94,000 (258,000) Minority interest 1,058,000
1,066,000 General and administrative expenses and other 133,000
(3,564,000) (3,901,000) Interest income 545,000 545,000 Tax benefit
(provision) 841,000 (48,000) 2,323,000 6,203,000 Funds From
Operations $1,044,000 $244,000 $(3,677,000) $4,417,000 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; Houston, Texas; Baltimore, Maryland, Maryland and
Delaware Eastern Shore, and the Tampa and Orlando, Florida
metropolitan areas. Supplemental Information: The Company's
Quarterly and Annual Financial Reports are available at
http://www.breslerandreiner.com/ or may be requested in e-mail or
hard copy formats. 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. DATASOURCE:
Bresler & Reiner, Inc. CONTACT: Darryl M. Edelstein, Executive
VP-Finance and CFO of Bresler & Reiner, Inc., +1-301-945-4300
Web Site: http://www.breslerandreiner.com/
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