Total revenue in 2000 was $33.9 million, an increase of 1.2% compared to 1999. Apartment rental income accounted for 86.4% of total revenues for last year compared to 85.5% the previous year. Restaurant rental income was 12.3% of total revenue compared to 13% the previous year.
Apartment rental income of $29.3 million was an increase of 2.3% compared to 1999. The increase reflected improvements in occupancy and average rental rates last year, according to the company.
Average occupancy was 95.9% last year compared to 95.1% in 1999, and average monthly income per unit was $737 compared to $729 in 1999.
BNP owns and operates 15 apartment communities with 3,650 units. The company also owns 43 restaurant properties leased to third party operators on a triple-net basis.
Through its management subsidiary, the company manages another four apartment communities with 891 units. All of its present operations are in North Carolina and Virginia.
The company's latest deal late last year was to acquire Page Mill Apartments, a 240-unit facility in Cary, NC, at a cost of $12.4 million, paid in cash. The property was combined with an adjacent BNP-owned 220-unit apartment, Oak Hollow. The two properties are being combined and operated as one 460-unit community.
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David Wilkening
David Wilkening began his long journalism career as a police reporter for Chicago-area newspapers. He became a writer-editor for major newspapers in Chicago, Washington, Detroit and Florida. He has been a business editor, political editor and travel editor for newspapers and magazines. He tried for a while to be a political operative but did better as an adjunct college professor teaching English and journalism. He is the author of several books, both ghost-written and under his own name. He is also a widely published freelance writer who currently lives in Orlando.
