San Diego-based Excel Legacy expects that its earnings before depreciation, amortization and deferred taxes for the quarter ended June 30 will be $3 million, compared with $2.5 million for the year-earlier quarter. Net income for the quarter is expected to be just under $1 million, compared with a net loss of $200,000 for the quarter ended June 30, 2000.
The quarterly results were influenced by increased income from Price Enterprises due to real estate acquisitions. However, that was offset by expenses relating to the proposed merger between Legacy and Price Enterprises.
Total assets at the quarter's end were estimated to be $348 million. Legacy owns 91.3% of the common stock of Price Enterprises and manages Price Enterprises' property portfolio.
As of June 30, Price Enterprises owned 34 properties totaling about 5 million sf. Price Enterprises expects that its funds from operations for the quarter will be $3.9 million compared to $2.7 million for the previous year's quarter.
Legacy and Price Enterprises announced merger plans in March to form a new company called Price Legacy Corp. At the same time, the companies announced a $100 million investment by Warburg Pincus, the global private equity firm.
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