DALLAS-AmREIT's Q2 2013 earnings numbers showed somewhat of a mixed bag. Though same-store NOI had increased by 2.8% from the same period the year before, overall vacancy dropped 160 basis points to 95.1%, down from 96.7% recorded Dec. 31, 2012.

The retail REIT pointed out that the driver behind the occupancy decline was due to its acquisition of Fountain Oaks in Atlanta, GA (which was 89% occupied as of June 30, 2012) and a vacancy at Courtyard at Post Oak in Houston (which was 30% occupied at the end of June, 2013).

Other earnings information included:

  • Core funds from operations at $4.1 million ($0.25 per share), compared to $3.7 million ($0.32 per share) for the comparable period in 2012.
  • Net income available to common stockholders for Q2 2013 was $981,000 ($0.06 per share) versus $1.4 million ($0.12 per share) for the same period in 2012.
  • On June 21, 2013, the REIT filed a self registration statement with the Securities and Exchange Commission to register the offer and sale, from time to time, of up to $250 million of securities. The SEC declared the registration effective on July 1, 2013.
  • AmREIT adjusted its full-year guidance, which took into account the issuance of 3.45 million shares of common stock on July 19, 2013:
 

Projected 2013 Range
 

High

Low

Core FFO

$1.03

$0.98

FFO

$0.96

$0.91

"As I look back on the past twelve months, I am gratified that we have met or exceeded the objectives we set forth during our IPO, and we now turn our attention to the next chapter of our growth," said H. Kerr Taylor, Chairman and CEO of AmREIT. "We will continue to strive to unlock value for our stockholders.

"First, we remain focused on maximizing our internal growth of portfolio operations. We believe our Irreplaceable Corner portfolio will continue to put up strong numbers.

"Second, we expect to deliver steady growth in our core markets. As a local sharpshooter, we know our markets very well and believe we can grow our portfolio with discipline at a pace which will give us an advantage.

"Third, we anticipate a continued benefit from our Advised Fund platform as we have in the past year. Its continued growth should drive recurring fee income and acquisition opportunities in the future.

"And finally, we will strive to continue to deliver organic growth through incremental redevelopment at projects like Uptown Park in Houston, Texas."

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