Tower Properties Third Quarter Report

November 19, 2011

For the nine month period ended September 30, 2011, Tower Properties Company reported revenues increased 18.36% to $19.4 million.  Net income for the period was $1 million or $208.21 per share compared to a loss of $327 thousand  or ($67.60) per share in 2010.   The increase in revenue and net income was aided by a $1.4 million gain on sale of assets.  The gain was offset in part by a $1 million increase in depreciation and amortization expense due to recent acquisitions.

The balance sheet is in reasonable condition for a real estate company with a net property value of $144 million and mortgage notes of $108 million.  the company has cash/cash equivalents and investment securities of $11.6 million, total assets of $159 million and total liabilities of $123 million.

The company was actively acquiring properties during the first half of 2011 by adding 460 apartment units through the acquisition of four apartment complexes.  These acquisitions gave the company 38% more units under management and is giving the company more balance between commercial and residential.

Source: Tower Properties Company

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