Jp Realty Posts Lower Profits

Fri., Nov. 6, 1998

From Staff

JP Realty Inc., the real estate investment company that owns three shopping malls in the Inland Northwest, saw its profits decrease despite increased revenues over the third quarter.

According to the Salt Lake City-based company’s financial statement, revenue increased 29 percent over the third quarter compared with last year, from $21 million to $27 million. Revenue for the first nine months of the year also was up, increasing 31 percent, from $56 million to $74 million.

Net income, however, fell 4 percent during the third quarter, from $6.1 million to $5.8 million, and 2 percent over the first nine months, from $17.7 million to $17.4 million.

The company said major property purchases during that period accounted for both the increases in revenue and decreases in profits.

JP Realty recently bought the Silver Lake Mall in Coeur d’Alene and Spokane’s NorthTown Mall, as well as the Salem Center in Oregon and the Visalia Mall in California.

JP Realty also owns the Spokane Valley Mall.

JP Realty’s stock closed Thursday at $21.19, up 12 cents from Wednesday but down from a 52-week high of $26.50.

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Jp Realty Posts Lower Profits

Jesse Tinsley

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