Jp Realty Earnings Decline

Sat., May 6, 2000

From Staff

First-quarter earnings declined for Salt Lake City-based real estate investment trust JP Realty, which owns NorthTown, the Spokane Valley Mall and Silver Lake Mall.

For the first quarter of 2000, JP Realty Inc.’s funds from operation - the measure used for REITs - totaled $11.68 million, down 10 percent from the first quarter of 1999.

Earnings per share were also down during the first quarter, from 36 cents per share in 1999 to 28 cents per share this year. First-quarter revenues were $32.9 million, up from $32.4 million last year, but quarterly net income dropped from $6.36 million in 1999 to $4.66 million during the same period this year. JP Realty restated its FFO for the first quarter of 1999 to include a non-recurring lease termination gain of $978,000.

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Jp Realty Earnings Decline

Jesse Tinsley

Jim Meehan

Molly Quinn

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