Facebook Twitter

Income up in quarter, year for S.L.-based JP Realty Inc.

SHARE Income up in quarter, year for S.L.-based JP Realty Inc.

Salt Lake-based JP Realty Inc. on Thursday reported funds from operations for the fourth quarter of 2001 were $18.3 million, or 91 cents per share, compared with $17.1 million, or 86 cents per share, for the same period a year earlier.

Net income rose from $8.5 million to $12.8 million, year over year.

Revenue in the quarter was $40 million, up from $39.9 million in the 2000 fourth quarter.

For the year, net income was $27.3 million, or $1.67 per share, on revenues of $144.3 million. That compares with net income of $23.7 million, or $1.45 per share, on revenues of $142.2 million.

The company said slowed retail growth and the company's mall shop occupancy have decreased since late September. The company said it "expects that the low-interest-rate environment will continue to produce positive interest expense comparisons for the next few quarters. The benefits of the lower interest rates should help offset the operational effects of a weakened economy."

JP Realty estimated full-year 2002 funds from operations will be up about 7 percent from the 2001 figure.

The company owns or has an interest in 50 properties, including 18 enclosed regional malls, 25 anchored community centers, one free-standing retail property and six mixed-use commercial/business properties.