EVOQ Properties Releases 2013 Financials
LOS ANGELES--(BUSINESS WIRE)--EVOQ Properties, Inc. (“EVOQ” or the “Company”) (OTC - EVOQ.PK), a real estate company owning properties primarily in downtown Los Angeles, today posted its recently completed 2013 financial statements.
“The renaissance of downtown Los Angeles continues, and we are proud to be contributing it, and well positioned to benefit from it.”
The audited statements are available at www.Evoqproperties.com. For the fiscal year ended December 31, 2013, the Company reported:
- 17.0% year-over-year revenue growth resulting in total revenues of $16.3 million (excluding results from discontinued operations), a $2.4 million increase versus 2012.
- Net income of $6.4 million, a $21.9 million increase versus 2012.
- Total cash of $36.6 million, an increase of $22.1 million versus fiscal year end 2012.
- Total secured debt of $129.8 million, a reduction of $96.3 million versus fiscal year end 2012.
- Eight projects were marketed and sold during 2013, generating more than $65.0 million in net proceeds used to retire debt and fund capital improvements at core projects.
EVOQ also announced today the grand opening of the Splendid Ella Moss retail store at its flagship fashion and innovation campus, Alameda Square. This creative hub also recently welcomed Café Dulce, a purveyor of fine gourmet coffees from Little Tokyo, and celebrated opening our doors to Go Jane, an internet retailer owned by Aeropostale, focused on young women’s apparel.
“We continue to attract notable fashion, technology and related businesses to the campus,” said Martin Caverly, the Company’s CEO. “The renaissance of downtown Los Angeles continues, and we are proud to be contributing it, and well positioned to benefit from it.”
About EVOQ Properties
EVOQ is one of the largest non-government property owners in Downtown Los Angeles, with holdings in industrial, office, retail, residential and mixed-use real estate. For additional information on EVOQ and its properties, please visit the Company’s website at www.Evoqproperties.com.
Forward Looking Statements
This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as "anticipate," "continues," "expect," "forecast," "outlook," "believe," "estimate," "should" and "will" and words of similar effect that convey future meaning, concerning the Company's operations, economic performance and management's best judgment as to what may occur in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences. Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company's operations and its financial condition. We undertake no obligation to update information contained in this release.