Tower Properties Company Annual Report: Year Ended December 31, 2011

April 2, 2012

Tower Properties Company (OTCPink: TPRP.PK) reported revenues for its year ended December 31, 2011 increased 19.6% to $26.34 million compared to revenues of $22.02 million for the prior year.  Revenues for 2011 benefited primarily from higher revenue from rent and a gain on sale of assets of $1.39 million.

Net income for 2011 came in at $1.19 million or $245.52 per share versus a net loss of $82 thousand or $(16.87) per share.  Net income was positively impacted by the rent and gain benefits noted previously as well as lower maintenance and repairs expense.  These benefits were partially offset by higher interest expense, operating expense as well as higher depreciation and amortization expense.

As of December 31, 2011, the balance sheet reflected investment in commercial properties of $143.31 million, total assets of $159.69 million, mortgage notes of $107.52 million and total liabilities of $122.34 million.  During 2011, stockholders’ investment increased 3.4% to $37.19 million.

Tower Properties Company is primarily engaged in the business of owning, developing, leasing and management of real property.  The companies properties are located in Kansas and Missouri consisting of office buildings, apartment complexes, warehousing, parking lots and land.

Source: Tower Properties Company


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