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Previous: BERRY & BOYLE DEVELOPMENT PARTNERS II, 10-K/A, 1997-10-20 |
Next: TELESERVICES INTERNATIONAL GROUP INC, 8-K, 1997-10-20 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 20, 1997
AMERICAN HEALTH PROPERTIES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 1-9381 95-4084878
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
6400 SOUTH FIDDLER'S GREEN CIRCLE, SUITE 1800
ENGLEWOOD, COLORADO 80111
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (303) 796-9793
<PAGE> 2
Item 5. Other Events.
On October 20, 1997, the Company announced its results for the three
and nine month periods ended September 30, 1997. Attached as Exhibit 99.1 is
summary financial information for the Company for the three and nine months
ended September 30, 1997.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
99.1 American Health Properties, Inc. Financial Highlights, third
quarter and year to date September 30, 1997.
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: October 20, 1997 AMERICAN HEALTH PROPERTIES,
INC.
(Registrant)
By: /s/ Michael J. McGee
Michael J. McGee
Treasurer
-2-
<PAGE> 1
EXHIBIT 99.1
AMERICAN HEALTH PROPERTIES, INC.
FINANCIAL HIGHLIGHTS -- YEAR TO DATE
(In thousands except per share amounts)
(Unaudited)
<TABLE>
<CAPTION>
Consolidated Core Group Psychiatric Group
---------------- ----------------- ------------------
Nine Months Ended September 30,
---------------------------------------------------------------------
1997 1996 1997 1996 1997 1996
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Revenues
Rental income $ 53,572 $51,693 $ 52,294 $50,343 $ 1,278 $1,350
Mortgage interest income 4,661 4,479 112 -- 4,549 4,479
Additional rental and interest income 9,247 9,103 8,691 8,491 556 612
Other property income 107 -- 107 -- -- --
Other interest income 1,467 911 1,201 605 266 306
Interest on loans to Psychiatric Group -- -- 1,176 1,272 -- --
-------- ------- -------- ------- ------- ------
69,054 66,186 63,581 60,711 6,649 6,747
-------- ------- -------- ------- ------- ------
Expenses
Depreciation and amortization 11,627 11,204 11,065 10,646 562 558
Property operating 292 33 192 33 100 --
Interest expense 15,118 16,564 15,118 16,564 -- --
Interest on loans from Core Group -- -- -- -- 1,176 1,272
General and administrative 5,815 5,645 4,918 4,672 897 973
Impairment loss on real estate
investments and other notes receivable 11,000 -- -- -- 11,000 --
-------- ------- -------- ------- ------- ------
43,852 33,446 31,293 31,915 13,735 2,803
-------- ------- -------- ------- ------- ------
Minority Interest 142 169 142 169 -- --
-------- ------- -------- ------- ------- ------
Net Income (Loss) Before Extraordinary Item 25,060 32,571 32,146 28,627 (7,086) 3,944
Extraordinary Loss On Debt Payment (11,427) -- (11,427) -- -- --
-------- ------- -------- ------- ------- ------
Net Income (Loss) $ 13,633 $32,571 $ 20,719 $28,627 $(7,086) $3,944
-------- ------- -------- ------- ------- ------
Funds From Operations $ 47,602 $43,679 $ 43,126 $39,177 $ 4,476 $4,502
-------- ------- -------- ------- ------- ------
Per Share Amounts
Net Income (Loss) Before Extraordinary Item $ 1.36 $ 1.22 $ (3.38) $ 1.89
Extraordinary Loss On Debt Prepayment $ (0.48) -- -- --
Net Income (Loss) $ 0.88 $ 1.22 $ (3.38) $ 1.89
Funds From Operations $ 1.83 $ 1.67 $ 2.13 $ 2.15
Dividends Declared $ 1.575 $ 1.515 $ 2.00 $ 2.00
Average Shares Outstanding 23,585 23,511 2,097 2,092
</TABLE>
<PAGE> 2
AMERICAN HEALTH PROPERTIES, INC.
FINANCIAL HIGHLIGHTS -- THIRD QUARTER
(In thousands except per share amounts)
(Unaudited)
<TABLE>
<CAPTION>
Consolidated Core Group Psychiatric Group
---------------- ----------------- -------------------
Three Months Ended September 30,
----------------------------------------------------------------------
1997 1996 1997 1996 1997 1996
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Revenues
Rental income $ 17,945 $17,315 $ 17,590 $16,911 $ 355 $ 404
Mortgage interest income 1,613 1,493 97 -- 1,516 1,493
Additional rental and interest income 3,124 3,092 2,939 2,882 185 210
Other property income 73 -- 73 -- -- --
Other interest income 195 238 113 126 82 112
Interest on loans to Psychiatric Group -- -- 392 425 -- --
-------- ------- -------- ------- ------- -------
22,950 22,138 21,204 20,344 2,138 2,219
-------- ------- -------- ------- ------- -------
Expenses
Depreciation and amortization 3,910 3,761 3,722 3,575 188 186
Property operating 204 11 129 11 75 --
Interest expense 4,533 5,285 4,533 5,285 -- --
Interest on loans from Core Group -- -- -- -- 392 425
General and administrative 1,987 1,876 1,685 1,546 302 330
-------- ------- -------- ------- ------- -------
10,634 10,933 10,069 10,417 957 941
-------- ------- -------- ------- ------- -------
Minority Interest 48 54 48 54 -- --
-------- ------- -------- ------- ------- -------
Net Income $ 12,268 $11,151 $ 11,087 $ 9,873 $ 1,181 $ 1,278
-------- ------- -------- ------- ------- -------
Funds From Operations $ 16,150 $14,880 $ 14,781 $13,416 $ 1,369 $ 1,464
-------- ------- -------- ------- ------- -------
Per Share Amounts
Net Income $ 0.47 $ 0.42 $ 0.56 $ 0.61
Funds From Operations $ 0.63 $ 0.57 $ 0.65 $ 0.70
Dividends Declared $ 1.525 $ 0.505 $ 0.62 $ 0.65
Average Shares Outstanding 23,649 23,522 2,099 2,093
As of September 30,
------------------------------------------------------------------------
1997 1996 1997 1996 1997 1996
---- ---- ---- ---- ---- ----
Balance Sheet Information
Total Assets $579,593 $579,127 $541,104 $529,639 $51,351 $63,794
Total Debt $234,307 $210,044 $234,307 $210,044 $12,862 $14,306
Total Shareholders' Equity $320,851 $347,125 $284,041 $299,142 $36,810 $47,983
</TABLE>
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