| Thomas Properties Group, Inc. Announces First Quarter 2007 Results
LOS ANGELES--(BUSINESS WIRE)--Thomas Properties Group, Inc. (Nasdaq:TPGI) reported today the results of operations for the quarter ended March 31, 2007. The results of operations presented in this release include TPGI's results of operations for the three months ended March 31, 2007 and 2006. The consolidated net loss for the three months ended March 31, 2007 was $255,000 or $0.02 per share compared to consolidated net loss of $1,428,000 or $0.10 per share for the three months ended March 31, 2006. TPGI's share of after tax cash flow (a non-GAAP financial measure), for the three months ended March 31, 2007 was $3,373,000 or $0.23 per share compared to an after tax cash flow amount of $1,407,000 or $0.10 per share for the three months ended March 31, 2006. We define after tax cash flow (ATCF) as net income (loss) excluding the following items: deferred income tax expense, minority interest, non-cash charges for depreciation and amortization, amortization of loan costs, non-cash compensation expense, straight-line rent adjustments and fair market value rent adjustments.
Mortgage Terminology Explained
When you first apply for a mortgage, you may feel you've stepped into a different culture with a language all its own. More than likely, your mortgage professional is throwing many new terms and expressions your way. It's the responsibility of that same mortgage professional to make sure you understand everything that's being explained to you, so you should never hesitate to ask them to stop and clarify. However, if you can approach your application meeting armed with some familiarity with mortgage terms, everyone can be more comfortable from the very beginning. Familiarize yourself with the following and you'll be a step ahead of the average first-time borrower. HUD: HUD stands for Housing and Urban Development, and refers to the US Department of Housing and Urban Development Settlement Statement documents pertaining to the house being financed.
Development Authority members briefed on financial assets, liabilities
PETERSBURG - The Grant County Development Authority got a rundown of its financial assets and liabilities for the fiscal year ending June 30 during a briefing held at its recent business meeting.Starting with the special projects account, Alicia Reel said it is the operating account for the authority and its funds are unrestricted."Revenue for this account consists of monthly rent payments from Allegheny Dimension of $2,200," she said. The account also reflects $250,000 receivable from the airport authority for a grant received by the development authority from the Small Business Administration and lent to the airport.Member Jim Cookman said that the loan was for the construction of the new terminal building to replace the one flooded out in 1985. There was some question among the members whether it was to be a pass-through grant or a loan.Reel said that a deed of trust was executed in 1996 in the amount of $250,000 to be repaid by the airport authority on or before the end of 20 years.She said, however, that the airport authority does not have the funds to pay it and isn't likely to have them in the future.Moving on to the other accounts, Reel said that the community development grant account was opened to track operating expenditures paid with the state grant funds.
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