Plaza Realty has steady progress
On August 6,2015 Plaza Realty released it's second quarter results.It was not spectacular but it showed steady progress.It had small gains in all of it's operational statistics.Still it has fallen from it's level in the May to June period where it was at the $4.50 to $4.60 area.In this present stock market environment investors should not count on it moving to the $5.00 level until yearend.On the other hand,it has probably bottomed and this quarterly report should keep it in it's present range.Plaza needs a little better report in the third quarter.On the other hand, steady progress in the third and fourth quarter should be enough to move at least above $4.75.
Operational Statistics
Rental revenues were up 2% over the second quarter in 2014.Same property net operating income (NOI) was up only .5% over 2014.But funds from operations (FFO) was up significantly;it had a 13% gain to $15 million.While AFFO was up 10% to $14 million.The FFO payout ratio went from 84% in the second quarter of 2014 to 80.7% in 2015.While the AFFO payout ratio went from 85 to 83%.And importantly the interest coverage ratio went from 2.01 to 1.73 times. This is surprising as the leverage ratio did not change;the debt to gross book value was constant.
Property Improvements
Operational Statistics
Rental revenues were up 2% over the second quarter in 2014.Same property net operating income (NOI) was up only .5% over 2014.But funds from operations (FFO) was up significantly;it had a 13% gain to $15 million.While AFFO was up 10% to $14 million.The FFO payout ratio went from 84% in the second quarter of 2014 to 80.7% in 2015.While the AFFO payout ratio went from 85 to 83%.And importantly the interest coverage ratio went from 2.01 to 1.73 times. This is surprising as the leverage ratio did not change;the debt to gross book value was constant.
Property Improvements
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