EX-99.1 2 dex991.htm SUPPLEMENTAL FINANCIAL INFORMATION FOR QTR ENDING 12/31/2007 Supplemental Financial Information for Qtr ending 12/31/2007

Exhibit 99.1

[THOMAS PROPERTIES GROUP, INC. LOGO]

Thomas Properties Group, Inc.

Supplemental Financial Information

For the Fourth Quarter 2007

 


Thomas Properties Group, Inc.

Supplemental Financial Information

For the Fourth Quarter 2007

TABLE OF CONTENTS

 

 

Corporate

  

Company Background

   3

Quarterly Highlights

   3

Supplemental Financial Information

  

Operating and Financial Information

   4

Consolidated Statements of Operations

   5

Consolidated Balance Sheets

   6

Unconsolidated Real Estate Entities Statements of Operations

   7

Unconsolidated Real Estate Entities Balance Sheets

   8

Pro-Rata Consolidated Statements of Operations

   9

Pro-Rata Consolidated Balance Sheets

   11

Earnings Before Depreciation, Amortization and Deferred Taxes

   12

After Tax Cash Flow

   14

Investment Advisory, Management, Leasing And Development Services

   16

Portfolio Data

   17

Debt Summary

   21

Capital Structure

   23

Other Information

   24

 

This supplemental financial information, together with other statements and information publicly disseminated by Thomas Properties Group, Inc., contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements reflect management’s current views with respect to financial results related to future events. Such statements are also based on assumptions and expectations which may not be realized and are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial or otherwise, may differ from the results discussed in the forward-looking statements. Management does not undertake any obligation to update information provided in forward-looking statements other than regularly scheduled releases of information. A discussion of some of the factors that may affect our future results is set forth under the captions “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in our Form 10-K for the fiscal year ended December 31, 2006, as amended by Amendment No. 1 thereto on Form 10-K/A, and our quarterly reports on Form 10-Q for 2007, which have been filed with the SEC.

 

2


Thomas Properties Group, Inc.

Supplemental Financial Information

COMPANY BACKGROUND

 

Thomas Properties Group, Inc. (TPGI) is a full-service real estate operating company that owns, acquires, develops and manages primarily office, as well as mixed-use and residential properties on a nationwide basis.

Our properties are located in Southern California and Sacramento, California; Philadelphia, Pennsylvania; Northern Virginia; Houston, Texas; and Austin, Texas. As of December 31, 2007, we own interests in and asset manage 25 operating properties with 13.0 million rentable square feet and provide asset and/or property management services on behalf of third parties for an additional four operating properties with 2.2 million rentable square feet. We also own, hold interests in or have the ability to develop land suitable for the development of up to approximately 6.5 million rentable square feet of space.

QUARTERLY HIGHLIGHTS

 

On December 31, 2007, we and our co-general partner acquired the limited partner interest held by the historic tax credit investor in our mixed-use residential/office/retail property located at 2121 Market Street in Philadelphia, Pennsylvania. Our share of the total purchase price of $1.2 million was $600,000. The remaining interests in this project are held equally by us and our co-general partner.

On December 31, 2007, we exercised our option to purchase the remaining 11% interest in One Commerce Square for $2.0 million, resulting in our 100% ownership of One Commerce Square. We intend to exercise our option to purchase the remaining 11% interest in Two Commerce Square in 2008.

During 2007, we recognized $4.4 million of deferred gains related to the sale of a parcel of land at El Segundo in September of 2006 which is to be recognized as we complete required infrastructure improvements. As of December 31, 2007, we have $3.4 million remaining in deferred gains that we expect to recognize during 2008.

During the fourth quarter of 2007, we paid $6.6 million to reduce the principal balance on the Murano loan, which is secured by our preferred equity interest. In addition, the loan was extended through July 8, 2008 and requires monthly payments of $1.5 million. The loan will be fully amortized on the maturity date.

 

3


Thomas Properties Group, Inc.

Supplemental Financial Information

OPERATING AND FINANCIAL INFORMATION

 

Financial Measures

This supplemental financial information includes certain financial measures prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) under the full consolidation accounting method, and certain financial measures prepared in accordance with the pro-rata consolidation method (non-GAAP). Along with net income, we use two additional measures, Earnings before Depreciation, Amortization and Deferred Taxes (“EBDT”) and After Tax Cash Flow (“ATCF”), to report operating results. EBDT and ATCF are non-GAAP financial measures and may not be directly comparable to similarly-titled measures reported by other companies. We believe the financial measures presented under the pro-rata consolidation method provide supplemental information helpful to an understanding of our results of operations. Although these financial measures are not presented in accordance with GAAP, we believe these measures assist investors in understanding our business and operating results. We believe this information provides useful supplemental data regarding the underlying economics of our business operations because operating results presented under GAAP may include items that are nonrecurring or not necessarily relevant to ongoing operations, or difficult to forecast for future periods. Management uses these non-GAAP financial measures to review our company’s operating results for comparative purposes with respect to previous periods or forecasts, and also to evaluate future prospects. Our investors can also use these non- GAAP financial measures as supplementary information to evaluate operating performance. Our non-GAAP financial measures are not intended to be performance measures that should be regarded as alternatives to, or more meaningful than, our GAAP financial measures. Non-GAAP financial measures have limitations as they do not include all items of income and expense that affect our operations, and accordingly should always be considered as supplemental to our financial results presented in accordance with GAAP.

Pro-Rata Consolidated Statements of Operations and Pro-Rata Consolidated Balance Sheet

Included are pro-rata consolidated statements of operations, as well as a pro-rata consolidated balance sheet, because we believe this information is useful to investors as this method reflects the manner in which we operate our business, and provides more detailed information regarding the operations of the unconsolidated investments. We have made investments in which our economic ownership is less than 100% as a means of procuring additional investment opportunities and sharing risk. A significant amount of our business activity has and will continue to be conducted through our unconsolidated investments. Under GAAP, these investments are not consolidated in our financial statements. Under the pro-rata consolidation method, we present the results of our investments proportionate to our share of ownership. Our management considers the performance of our unconsolidated investments both individually and as a contributing factor to our operating performance for purposes of financial planning and making operating decisions. We believe this presentation of the performance of our unconsolidated investments is helpful to investors in understanding and evaluating our current operating performance as well as for purposes of period-to-period comparisons. We provide reconciliations from the full consolidation method to the pro-rata consolidation method in this supplemental financial information.

Earnings Before Depreciation, Amortization and Deferred Taxes (EBDT) and After Tax Cash Flow (ATCF)

EBDT and ATCF are non-GAAP financial measures and may not be directly comparable to similarly-titled measures reported by other companies. We believe the financial measures presented under the pro-rata consolidation method provide supplemental information helpful to an understanding of our results of operations. Although these financial measures are not presented in accordance with GAAP, we believe these measures assist investors in understanding our business and operating results. EBDT and ATCF reflect operating performance results for our company that assist management in evaluating trends for comparative and planning purposes. However our non-GAAP financial measures are not intended to be regarded as alternatives to, or more meaningful than, our GAAP financial measures.

See pages 12 -13 for a discussion of EBDT and a reconciliation of EBDT to net income (loss) and pages 14—15 for a discussion of ATCF and a reconciliation of ATCF to net income (loss).

 

4


Thomas Properties Group, Inc.

Supplemental Financial Information

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

 

 

     Three months ended
December 31,
    Twelve months ended
December 31,
 
     2007     2006     2007     2006  
     (unaudited)     (unaudited)     (audited)  

Revenues:

        

Rental

   $ 8,072     $ 8,190     $ 32,646     $ 33,076  

Tenant reimbursements

     4,914       5,080       20,287       19,399  

Parking and other

     1,106       886       4,051       3,945  

Investment advisory, management, leasing, and development services

     1,892       2,017       13,535       7,913  

Investment advisory, management, leasing, and development services-unconsolidated real estate entities

     5,884       4,596       21,013       14,241  
                                

Total revenues

     21,868       20,769       91,532       78,574  
                                

Expenses:

        

Rental property operating and maintenance

     4,332       3,326       16,740       15,115  

Real estate taxes

     1,509       1,473       6,087       5,904  

Investment advisory, management, leasing, and development services

     4,727       2,865       15,359       9,759  

Rent—unconsolidated real estate entities

     60       57       241       227  

Interest

     5,316       4,692       17,721       20,570  

Depreciation and amortization

     2,828       3,144       11,604       12,661  

General and administrative

     4,334       5,447       18,937       17,202  
                                

Total expenses

     23,106       21,004       86,689       81,438  
                                

Gain on sale of real estate

     1,151       1,041       4,441       10,640  

Loss from early extinguishment of debt

     —         —         —         (360 )

Interest income

     1,568       1,107       6,014       2,974  

Equity in net loss of unconsolidated real estate entities

     (5,487 )     (3,409 )     (14,853 )     (12,909 )

Minority interests—unitholders in the Operating Partnership

     1,471       849       (249 )     1,577  

Minority interests in consolidated real estate entities

     35       18       122       (472 )
                                

(Loss)/income before (provision) benefit for income taxes

     (2,500 )     (629 )     318       (1,414 )

Benefit (provision) for income taxes

     931       (938 )     (1,221 )     (635 )
                                

Net loss

   $ (1,569 )   $ (1,567 )   $ (903 )   $ (2,049 )
                                

Loss per share-basic

   $ (0.07 )   $ (0.11 )   $ (0.04 )   $ (0.14 )

Loss per share-diluted

   $ (0.07 )   $ (0.11 )   $ (0.04 )   $ (0.14 )

Weighted average common shares—basic

     23,643,502       14,354,703       20,739,371       14,339,032  

Weighted average common shares—diluted

     23,643,502       14,354,703       20,739,371       14,339,032  

 

5


Thomas Properties Group, Inc.

Supplemental Financial Information

CONSOLIDATED BALANCE SHEETS

(In thousands)

 

 

     December 31,
2007
    December 31,
2006
 
     (unaudited)     (audited)  

ASSETS

    

Investments in real estate

     574,983     $ 442,798  

Less accumulated depreciation

   $ (111,619 )     (106,644 )
                
     463,364       336,154  

Investments in unconsolidated real estate entities

     49,199       52,364  

Cash and cash equivalents

     126,647       64,343  

Restricted cash

     26,251       21,500  

Rents and other receivables, net

     2,352       2,195  

Receivables—unconsolidated real estate entities

     6,640       4,074  

Deferred rents

     11,932       17,610  

Deferred leasing and loan costs, net

     15,815       14,707  

Other assets

     18,692       5,133  
                

Total assets

     720,892     $ 518,080  
                

LIABILITIES AND STOCKHOLDERS’ EQUITY

    

Mortgage, other secured, and unsecured loans

   $ 396,007     $ 331,828  

Accounts payable and other liabilities

     74,733       35,458  

Dividends and distributions payable

     2,354       1,916  

Due to affiliate

     2,000       —    

Prepaid rent

     3,402       3,558  

Deferred tax liability

     —         2,392  
                

Total liabilities

     478,496       375,152  
                

Minority interests:

    

Unitholders in the Operating Partnership

     93,492       76,390  

Minority interests in consolidated real estate entities

     4,581       4,288  
                

Total minority interests

     98,073       80,678  
                

Common stock

     237       144  

Limited voting stock

     145       167  

Additional paid-in capital

     159,420       71,095  

Retained deficit and dividends including $329 and $258 of other comprehensive loss as of December 31, 2007 and December 31, 2006, respectively

     (15,479 )     (9,156 )
                

Total stockholders’ equity

     144,323       62,250  
                

Total liabilities and stockholders’ equity

     720,892     $ 518,080  
                

 

6


Thomas Properties Group, Inc.

Supplemental Financial Information

UNCONSOLIDATED REAL ESTATE ENTITIES STATEMENTS OF OPERATIONS

(In thousands)

(unaudited)

 

The following are the statements of operations of our unconsolidated real estate entities for the three and the twelve months ended December 31, 2007 and 2006. See the list of our unconsolidated properties on page 17.

 

     Three months ended
December 31,
    Twelve months ended
December 31,
 
     2007     2006     2007     2006  

Revenues:

        

Rental

   $ 51,101     $ 26,614     $ 171,169     $ 97,582  

Tenant reimbursements

     15,765       10,023       48,966       19,998  

Parking and other

     8,823       4,876       30,272       18,070  
                                

Total revenues

     75,689       41,513       250,407       135,650  
                                

Expenses:

        

Rental property operating and maintenance

     29,768       19,919       99,062       68,339  

Real estate taxes

     8,548       5,040       31,777       16,427  

Interest

     36,905       17,259       118,183       56,796  

Depreciation and amortization

     37,657       14,664       107,630       55,504  
                                

Total expenses

     112,878       56,882       356,652       197,066  
                                

Loss from continuing operations

     (37,189 )     (15,369 )     (106,245 )     (61,416 )

Gain on sale of real estate

     —         195       7,932       6,328  

Minority interest

     (26 )     (25 )     (104 )     (1,650 )

Loss from discontinued operations

     (18 )     (716 )     (270 )     (1,621 )
                                

Net loss

   $ (37,233 )   $ (15,915 )   $ (98,687 )   $ (58,359 )
                                

 

7


Thomas Properties Group, Inc.

Supplemental Financial Information

UNCONSOLIDATED REAL ESTATE ENTITIES BALANCE SHEETS

(in thousands)

(unaudited)

 

The following are the balance sheets of our unconsolidated real estate entities as of December 31, 2007 and December 31, 2006. See the list of our unconsolidated properties on page 17.

 

     December 31,
2007
   December 31,
2006

ASSETS

     

Investments in real estate, net

   $ 2,326,679    $ 1,007,854

Land held for sale

     3,418      3,358

Cash and cash equivalents

     35,192      9,903

Restricted cash

     83,263      60,738

Rents, deferred rents and other receivables, net

     62,954      40,754

Deferred charges and other assets, net

     212,082      131,423

Assets associated with discontinued operations

     28      14,767
             

Total assets

   $ 2,723,616    $ 1,268,797
             

LIABILITIES AND OWNERS’ EQUITY

     

Mortgage, other secured, and unsecured loans

   $ 2,162,556    $ 1,037,491

Accounts and interest payable and other liabilities

     208,977      72,664

Obligations associated with discontinued operations

     23      13,676
             

Total liabilities

     2,371,556      1,123,831

Owners’ equity

     352,060      144,966
             

Total liabilities and owners’ equity

   $ 2,723,616    $ 1,268,797
             


Thomas Properties Group, Inc.

Supplemental Financial Information

PRO-RATA CONSOLIDATED STATEMENTS OF OPERATIONS (NON-GAAP)

(in thousands)

(unaudited)

 

The following are the pro-rata consolidated statements of operations of TPGI for the three months ended December 31, 2007 and 2006, including reconciliation from the consolidated statements of operations to the pro-rata consolidated statements of operations.

 

     For the three months ended December 31,
2007
    For the three months ended December 31,
2006
 
     Consolidated     Plus
Unconsolidated
Investments at

Pro-Rata
    Pro-Rata     Consolidated     Plus
Unconsolidated
Investments at
Pro-Rata
    Pro-Rata  

Revenues:

            

Rental

   $ 8,072     $ 9,484     $ 17,556     $ 8,190     $ 6,141     $ 14,331  

Tenant reimbursements

     4,914       2,253       7,167       5,080       2,428       7,508  

Parking and other

     1,106       1,660       2,766       886       1,158       2,044  

Investment advisory, management, leasing, and development services

     1,892       —         1,892       2,017       —         2,017  

Investment advisory, management, leasing, and development services -unconsolidated real estate entities

     5,884       91       5,975       4,596       —         4,596  
                                                

Total revenues

     21,868       13,488       35,356       20,769       9,727       30,496  
                                                

Expenses:

            

Rental property operating and maintenance

     4,332       4,940       9,272       3,326       4,002       7,328  

Real estate taxes

     1,509       1,311       2,820       1,473       1,250       2,723  

Investment advisory, management, leasing, and development services

     4,727       —         4,727       2,865       —         2,865  

Rent—unconsolidated real estate entities

     60       —         60       57       —         57  

Interest

     5,316       6,437       11,753       4,692       4,449       9,141  

Depreciation and amortization

     2,828       6,285       9,113       3,144       3,551       6,695  

General and administrative

     4,334       —         4,334       5,447       —         5,447  
                                                

Total expenses

     23,106       18,973       42,079       21,004       13,252       34,256  
                                                

Gain on sale of real estate

     1,151       —         1,151       1,041       —         1,041  

Interest income

     1,568       —         1,568       1,107       —         1,107  

Equity in net loss of unconsolidated real estate entities

     (5,487 )     5,487       —         (3,409 )     3,409       —    

Minority interests—unitholders in the Operating Partnership

     1,471       —         1,471       849       —         849  

Minority interests in consolidated real estate entities

     35       —         35       18       —         18  
                                                

Loss /income before income/(loss) from discontinued operations and benefit

            

(provision) for income taxes

     (2,500 )     2       (2,498 )     (629 )     (116 )     (745 )

Income (loss) from discontinued operations

     —         (2 )     (2 )     —         116       116  
                                                

Loss before benefit (provision) for income taxes

     (2,500 )     —         (2,500 )     (629 )     —         (629 )

Benefit (provision) for income taxes

     931       —         931       (938 )     —         (938 )
                                                

Net loss

   $ (1,569 )   $ —       $ (1,569 )   $ (1,567 )   $ —       $ (1,567 )
                                                

 

9


Thomas Properties Group, Inc.

Supplemental Financial Information

PRO-RATA CONSOLIDATED STATEMENTS OF OPERATIONS (NON-GAAP)—CONTINUED

(In thousands)

(unaudited)

 

The following are the pro-rata consolidated statements of operations of TPGI for the twelve months ended December 31, 2007 and 2006, including reconciliation from the consolidated statements of operations to the pro-rata consolidated statements of operations.

 

     For the twelve months ended December 31,
2007
    For the twelve months ended December 31,
2006
 
     Consolidated     Plus
Unconsolidated
Investments at

Pro-Rata
    Pro-Rata     Consolidated     Plus
Unconsolidated
Investments at

Pro-Rata
    Pro-Rata  

Revenues:

            

Rental

   $ 32,646     $ 35,322     $ 67,968     $ 33,076     $ 25,238     $ 58,314  

Tenant reimbursements

     20,287       8,450       28,737       19,399       5,087       24,486  

Parking and other

     4,051       6,025       10,076       3,945       4,636       8,581  

Investment advisory, management, leasing, and development services

     13,535       —         13,535       7,913       —         7,913  

Investment advisory, management, leasing, and development services -unconsolidated real estate entities

     21,013       91       21,104       14,241       —         14,241  
                                                

Total revenues

     91,532       49,888       141,420       78,574       34,961       113,535  
                                                

Expenses:

            

Rental property operating and maintenance

     16,740       17,989       34,729       15,115       15,870       30,985  

Real estate taxes

     6,087       5,893       11,980       5,904       4,144       10,048  

Investment advisory, management, leasing, and development services

     15,359       —         15,359       9,759       —         9,759  

Rent—unconsolidated real estate entities

     241       —         241       227       —         227  

Interest

     17,721       23,140       40,861       20,570       14,828       35,398  

Depreciation and amortization

     11,604       19,712       31,316       12,661       14,437       27,098  

General and administrative

     18,937       —         18,937       17,202       —         17,202  
                                                

Total expenses

     86,689       66,734       153,423       81,438       49,279       130,717  
                                                

Gain on sale of real estate

     4,441       1,983       6,424       10,640       1,722       12,362  

Loss from early extinguishment of debt

     —         —         —         (360 )     —         (360 )

Interest income

     6,014       —         6,014       2,974       —         2,974  

Equity in net loss of unconsolidated real estate entities

     (14,853 )     14,853       —         (12,909 )     12,909       —    

Minority interests—unitholders in the Operating Partnership

     (249 )     —         (249 )     1,577       —         1,577  

Minority interests in consolidated real estate entities

     122       —         122       (472 )     —         (472 )
                                                

Income (loss) before income (loss) from discontinued operations and provision for for income taxes

     318       (10 )     308       (1,414 )     313       (1,101 )

Income (loss) from discontinued operations

     —         10       10       —         (313 )     (313 )
                                                

Income (loss) before provision for income taxes

     318       —         318       (1,414 )     —         (1,414 )

Provision for income taxes

     (1,221 )     —         (1,221 )     (635 )     —         (635 )
                                                

Net loss

   $ (903 )   $ —       $ (903 )   $ (2,049 )   $ —       $ (2,049 )
                                                

 

10


Thomas Properties Group, Inc.

Supplemental Financial Information

PRO-RATA CONSOLIDATED BALANCE SHEETS (NON-GAAP) —CONTINUED

(In thousands)

(unaudited)

 

The following is the pro-rata consolidated balance sheets of TPGI as of December 31, 2007 and December 31, 2006, including reconciliations from the consolidated balance sheets to the pro-rata consolidated balance sheets.

 

     December 31, 2007    December 31, 2006
     Consolidated    Plus
Unconsolidated
Investments at

Pro-Rata
    Pro-Rata    Consolidated    Plus
Unconsolidated
Investments at

Pro-Rata
    Pro-Rata

ASSETS

               

Investments in real estate, net

   $ 463,364    $ 366,874     $ 830,238    $ 336,154    $ 251,773     $ 587,927

Investments in unconsolidated real estate entities

     49,199      (49,199 )     —        52,364      (52,364 )     —  

Land held for sale

     —        855       855      —        839       839

Cash and cash equivalents

     126,647      3,421       130,068      64,343      2,554       66,897

Restricted cash

     26,251      15,354       41,605      21,500      14,044       35,544

Rents, deferred rents and other receivables, net

     20,924      14,486       35,410      23,879      10,062       33,941

Deferred charges and other assets, net

     34,507      32,932       67,439      19,840      37,998       57,838

Assets associated with discontinued operations

     —        7       7      —        3,692       3,692
                                           

Total assets

   $ 720,892    $ 384,730     $ 1,105,622    $ 518,080    $ 268,598     $ 786,678
                                           

LIABILITIES AND STOCKHOLDERS’ EQUITY

               

Mortgage, other secured, and unsecured loans

   $ 396,007    $ 355,897     $ 751,904    $ 331,828    $ 246,755     $ 578,583

Accounts payable, dividends and distributions payable, and other

     82,489      28,827       111,316      43,324      18,424       61,748

Obligations associated with discontinued operations

     —        6       6      —        3,419       3,419
                                           

Total liabilities

     478,496      384,730       863,226      375,152      268,598       643,750

Minority interests

     98,073      —         98,073      80,678      —         80,678

Total stockholders’ equity

     144,323      —         144,323      62,250      —         62,250
                                           

Total liabilities and stockholders’ equity

   $ 720,892    $ 384,730     $ 1,105,622    $ 518,080    $ 268,598     $ 786,678
                                           

 

11


Thomas Properties Group, Inc.

Supplemental Financial Information

EARNINGS BEFORE DEPRECIATION, AMORTIZATION AND DEFERRED TAXES (EBD T) (NON-GAAP)

(In thousands, except share and per share data)

(unaudited)

 

We use EBDT as a supplemental performance measure. EBDT excludes the following items: i) deferred income tax expense (benefit); ii) minority interests; iii) non-cash charges for depreciation and amortization; and iv) amortization of loan costs. EBDT provides a performance measure that, when compared year over year, reflects the impact to operations from changes to occupancy rates, rental rates, operating costs, development and redevelopment activities, general and administrative expenses, and interest costs, and provides perspective on operating performance not immediately apparent from net income. EBDT should be considered only as a supplement to net income as a measure of our performance. EBDT also assists our management in identifying trends for purposes of financial planning and forecasting results. However, the usefulness of EBDT as a performance measure is limited and EBDT should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. EBDT also should not be used as a supplement to or substitute for cash flow from operating activities (computed in accordance with GAAP) or as an alternative to net income (loss) as an indicator of our operating performance.

Reconciliation of Net Loss to EBDT:

 

     For the three months ended December 31, 2007     For the three months ended December 31, 2006  
     Consolidated     Plus
Unconsolidated
Investments at

Pro-Rata
   Pro-Rata     Consolidated     Plus
Unconsolidated
Investments at

Pro-Rata
   Pro-Rata  

Net loss

   $ (1,569 )   $ —      $ (1,569 )   $ (1,567 )   $ —      $ (1,567 )

Deferred income tax (benefit) expense

     (931 )     —        (931 )     938       —        938  

Minority interests

     (1,506 )     —        (1,506 )     (867 )     —        (867 )

Depreciation and amortization

     2,828       6,285      9,113       3,144       3,585      6,729  

Depreciation and amortization from discontinued operations

     —         —        —         —         43      43  

Amortization of loan costs

     82       437      519       129       521      650  

Amortization of loan costs from discontinued operations

     —         —        —         —         34      34  
                                              

EBDT

   $ (1,096 )   $ 6,722    $ 5,626     $ 1,777     $ 4,183    $ 5,960  
                                              

TPGI share of EBDT (1)

   $ (663 )   $ 4,068    $ 3,405     $ 802     $ 1,889    $ 2,691  
                                              

EBDT per share—basic

        $ 0.14          $ 0.19  
                          

EBDT per share—diluted

        $ 0.14          $ 0.19  
                          

Weighted average common shares outstanding—basic

          23,643,502            14,354,703  
                          

Weighted average common shares outstanding—diluted

          23,643,502            14,368,763  
                          

 

(1) Based on a weighted average interest in our operating partnership of 60.5% and 45.2% for the three months ended December 31, 2007 and 2006, respectively.

 

12


Thomas Properties Group, Inc.

Supplemental Financial Information

EARNINGS BEFORE DEPRECIATION, AMORTIZATION AND DEFERRED TAXES (EBDT) (NON-GAAP)—CONTINUED

(In thousands, except share and per share data)

(unaudited)

 

Reconciliation of Net Loss to EBDT:

 

     For the twelve months ended December 31, 2007     For the twelve months ended December 31, 2006  
     Consolidated     Plus
Unconsolidated
Investments at
Pro-Rata
   Pro-Rata     Consolidated     Plus
Unconsolidated
Investments at
Pro-Rata
   Pro-Rata  

Net loss

   $ (903 )   $ —      $ (903 )   $ (2,049 )   $ —      $ (2,049 )

Deferred income tax expense

     1,221       —        1,221       635       —        635  

Minority interests

     127       —        127       (1,105 )     —        (1,105 )

Depreciation and amortization

     11,604       19,712      31,316       12,661       14,610      27,271  

Depreciation and amortization from discontinued operations

     —         12      12       —         156      156  

Amortization of loan costs

     327       1,681      2,008       487       1,407      1,894  

Amortization of loan costs from discontinued operations

     —         —        —         —         173      173  
                                              

EBDT

   $ 12,376     $ 21,405    $ 33,781     $ 10,629     $ 16,346    $ 26,975  
                                              

TPGI share of EBDT (1)

   $ 6,943     $ 12,008    $ 18,951     $ 4,787     $ 7,429    $ 12,216  
                                              

EBDT per share—basic

        $ 0.91          $ 0.85  
                          

EBDT per share—diluted

        $ 0.91          $ 0.85  
                          

Weighted average common shares outstanding—basic

          20,739,371            14,339,032  
                          

Weighted average common shares outstanding—diluted

          20,766,182            14,352,913  
                          

 

(1) Based on a weighted average interest in our operating partnership of 56.1% and 45.3% for the twelve months ended December 31, 2007 and 2006, respectively.

 

13


Thomas Properties Group, Inc.

Supplemental Financial Information

AFTER TAX CASH FLOW (ATCF) (NON-GAAP)

(In thousands, except share and per share data)

(unaudited)

 

We define ATCF as net income (loss) excluding the following items: i) deferred income tax expense (benefit); ii) minority interests; iii) non-cash charges for depreciation and amortization; iv) amortization of loan costs; v) non-cash compensation expense; vi) the adjustment to recognize rental revenues using the straight-line method; and vii) the adjustment to rental revenue to reflect the fair-market value of rents. Our management utilizes ATCF data in assessing performance of our business operations in period to period comparisons and for financial planning purposes. ATCF should be considered only as a supplement to net income as a measure of our performance. ATCF should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. ATCF also should not be used as a supplement to or substitute for cash flow from operating activities (computed in accordance with GAAP).

Reconciliation of Net Loss to ATCF:

 

     For the three months ended December 31, 2007     For the three months ended December 31, 2006  
     Consolidated     Plus
Unconsolidated
Investments at
Pro-Rata
    Pro-Rata     Consolidated     Plus
Unconsolidated
Investments at
Pro-Rata
    Pro-Rata  

Net loss

   $ (1,569 )   $ —       $ (1,569 )   $ (1,567 )   $ —       $ (1,567 )

Deferred income tax (benefit) expense

     (931 )     —         (931 )     938       —         938  

Minority interests

     (1,506 )     —         (1,506 )     (867 )     —         (867 )

Depreciation and amortization

     2,828       6,285       9,113       3,144       3,585       6,729  

Depreciation and amortization from discontinued operations

     —         —         —         —         43       43  

Amortization of loan costs

     82       437       519       129       521       650  

Amortization of loan costs from discontinued operations

     —         —         —         —         34       34  

Non-cash compensation expense

     849       —         849       1,381       —         1,381  

Straight-line rent adjustments

     1,473       (669 )     804       1,478       (538 )     940  

Fair market value of rent adjustments

     (12 )     (613 )     (625 )     (1 )     36       35  
                                                

ATCF

   $ 1,214     $ 5,440     $ 6,654     $ 4,635     $ 3,681     $ 8,316  
                                                

TPGI share of ATCF (1)

   $ 735     $ 3,293     $ 4,028     $ 2,093     $ 1,662     $ 3,755  
                                                

ATCF per share—basic

       $ 0.17         $ 0.26  
                        

ATCF per share—diluted

       $ 0.17         $ 0.26  
                        

Weighted average common shares outstanding—basic

         23,643,502           14,354,703  
                        

Weighted average common shares outstanding—diluted

         23,643,502           14,368,763  
                        

 

(1) Based on a weighted average interest in our operating partnership of 60.5% and 45.2% for the three months ended December 31, 2007 and 2006, respectively. 14

 

14


Thomas Properties Group, Inc.

Supplemental Financial Information

AFTER TAX CASH FLOW (ATCF) (NON-GAAP)—CONTINUED

(In thousands, except share and per share data)

( unaudited)

 

Reconciliation of Net Loss to ATCF:

 

     For the twelve months ended December 31, 2007     For the twelve months ended December 31, 2006  
     Consolidated     Plus
Unconsolidated
Investments at
Pro-Rata
    Pro-Rata     Consolidated     Plus
Unconsolidated
Investments at
Pro-Rata
    Pcro-Rata  

Net loss

   $ (903 )   $ —       $ (903 )   $ (2,049 )   $ —       $ (2,049 )

Deferred income tax expense

     1,221       —         1,221       635       —         635  

Minority interests

     127       —         127       (1,105 )     —         (1,105 )

Depreciation and amortization

     11,604       19,712       31,316       12,661       14,610       27,271  

Depreciation and amortization from discontinued operations

     —         12       12       —         156       156  

Amortization of loan costs

     327       1,681       2,008       487       1,407       1,894  

Amortization of loan costs from discontinued operations

     —         —         —         —         173       173  

Non-cash compensation expense

     3,765       —         3,765       3,754       —         3,754  

Straight-line rent adjustments

     5,857       (3,410 )     2,447       5,543       (3,288 )     2,255  

Fair market value of rent adjustments

     (16 )     (1,428 )     (1,444 )     (259 )     76       (183 )
                                                

ATCF

   $ 21,982     $ 16,567     $ 38,549     $ 19,667     $ 13,134     $ 32,801  
                                                

TPGI share of ATCF (1)

   $ 12,332     $ 9,294     $ 21,626     $ 8,890     $ 5,970     $ 14,860  
                                                

ATCF per share—basic

       $ 1.04         $ 1.04  
                        

ATCF per share—diluted

       $ 1.04         $ 1.04  
                        

Weighted average common shares outstanding—basic

         20,739,371           14,339,032  
                        

Weighted average common shares outstanding—diluted

         20,766,182           14,352,913  
                        

 

(1) Based on a weighted average interest in our operating partnership of 56.1% and 45.3% for the twelve months ended December 31, 2007 and 2006, respectively.

 

15


Thomas Properties Group, Inc.

Supplemental Financial Information

INVESTMENT ADVISORY, MANAGEMENT, LEASING AND DEVELOPMENT SERVICES

(In thousands)

(unaudited)

 

 

     Three months ended
December 31,
    Twelve months ended
December 31,
 
     2007     2006     2007     2006  

Property management, leasing, and development services fees

   $ 7,900     $ 7,715     $ 28,811     $ 23,602  

Investment advisory fee:

        

Asset management fees

     2,045       1,574       7,536       5,372  

Acquisition and disposition fees

     150       —         7,833       1,475  
                                

Total fees

     10,095       9,289       44,180       30,449  

Investment advisory, management, leasing and development services expenses

     (4,727 )     (2,865 )     (15,359 )     (9,759 )
                                

Net investment advisory, management, leasing and development services income

   $ 5,368     $ 6,424     $ 28,821     $ 20,690  
                                

GAAP Presentation:

        

Total fees

     10,095       9,289       44,180       30,449  

Elimination of intercompany fee revenues

     (2,319 )     (2,676 )     (9,632 )     (8,295 )
                                

Investment advisory, management, leasing, and development services revenues

   $ 7,776     $ 6,613     $ 34,548     $ 22,154  
                                

 

16


Thomas Properties Group, Inc.

Supplemental Financial Information

PORTFOLIO DATA AS OF DECEMBER 31, 2007

 

Our Ownership Properties

 

    

Location

   TPGI
Percentage

Interest
    Rentable
Square

Feet (1)
    Percent
Leased
    Estimated
Year
Stabilized
(2)
   Estimated
Stabilized Net
Operating
Income (NOI)
(3)
    Expected
Capital
Expenditures to
Complete
Stabilization (4)
   Loan Balance at
December 31, 2007
 

Consolidated properties:

                                             

One Commerce Square

   Philadelphia, PA    100.0 %(5)   942,866     95.1 %   N/A    $12,660,000     N/A    $130,000,000  

Two Commerce Square

   Philadelphia, PA    89.0     (5)   953,276     99.4     N/A    14,159,000 (6)   N/A    149,753,000  
                                   

Total/Weighted Average:

        1,896,142     97.8 %      $26,819,000        $279,753,000  
                                   

Unconsolidated properties:

                                             

2121 Market Street

   Philadelphia, PA    50.0 %(7)   22,136 (7)   100.0 %   N/A    $2,183,000 (7)   N/A    $19,122,000  

Reflections I

   Reston, VA    25.0     123,546     100.0     N/A    2,791,000     N/A    22,527,000  

Reflections II

   Reston, VA    25.0     64,253     100.0     N/A    1,495,000     N/A    9,386,000  

2500 City West

   Houston, TX    25.0     578,284     95.5     N/A    7,394,000     N/A    79,671,000  

Fair Oaks Plaza

   Fairfax, VA    25.0     179,688     85.9     N/A    2,642,000     N/A    44,300,000  

San Felipe Plaza

   Houston, TX    25.0     980,472     97.6     N/A    13,797,000     N/A    111,156,000  

CityWestPlace

   Houston, TX    25.0     1,473,020     97.5     N/A    23,535,000     N/A    211,225,000  

City National Plaza

   Los Angeles, CA    21.3     2,496,084     81.4     2009    65,262,000     $66,665,000    529,250,000  

Four Falls Corporate Center

   Conshohocken PA    25.0     253,985     78.3     2008    4,989,000     2,401,000    52,067,000  

Oak Hill Plaza

   King of Prussia, PA    25.0     164,360     92.9     2009    2,999,000     715,000    44,452,000  

Walnut Hill Plaza

   King of Prussia, PA    25.0     150,573     83.3     2009    2,227,000     1,368,000    —   (8)

Brookhollow Central I, II and III

   Houston, TX    25.0     804,181     66.5     2009    9,513,000     33,212,000    40,900,000  

Centerpointe I, II

   Fairfax, VA    25.0     421,651     87.0     2010    9,139,000     22,281,000    91,000,000  

San Jacinto Center

   Austin, TX    6.3     403,329     91.8     2009    6,950,000     6,788,000    101,000,000  

Frost Bank Tower

   Austin, TX    6.3     530,533     84.7     2009    11,791,000     7,908,000    150,000,000  

One Congress Plaza

   Austin, TX    6.3     517,849     85.1     2009    8,507,000     4,741,000    128,000,000  

One American Center

   Austin, TX    6.3     505,770     80.1     2009    8,939,000     5,709,000    120,000,000  

300 W. 6th

   Austin, TX    6.3     446,637     85.2     2009    9,883,000     3,881,000    127,000,000  

Research Park Plaza I & II

   Austin, TX    6.3     271,882     88.6     2009    4,681,000     1,485,000    51,500,000  

Park 22 I-III

   Austin, TX    6.3     203,716     90.1     2009    2,035,000     2,350,000    —   (9)

Great Hills Plaza

   Austin, TX    6.3     135,333     55.2     2009    2,289,000     2,108,000    —   (9)

Stonebridge Plaza II

   Austin, TX    6.3     193,131     98.1     2009    2,984,000     655,000    37,500,000  

Westech 360 I-IV

   Austin, TX    6.3     178,777     80.1     2009    2,913,000     3,296,000    —   (9)
                                     

Total/Weighted Average:

        11,099,190     86.5 %      $208,938,000     $165,563,000    $1,970,056,000  
                                     

 

(1) Total portfolio square footage includes office properties and mixed-use space (including retail), but excludes 168 apartment units at 2121 Market Street.
(2) For properties under renovation, represents the year in which stabilization, or 93% occupancy, is expected to occur.

 

17


Thomas Properties Group, Inc.

Supplemental Financial Information

PORTFOLIO DATA AS OF DECEMBER 31, 2007—CONTINUED

 

 

(3) For properties stabilized as of December 31, 2007, estimated stabilized net operating income (NOI) represents the expected annualized NOI as of December 31, 2007. For properties expected to become stabilized in future years, estimated stabilized NOI represents the sum of i) the annualized straight-line rent under existing leases which will be in place in the year the properties are stabilized, calculated as if the leases began in the year of stabilization; ii) the annualized expected straight-line market rent for the remaining space (up to the stabilized occupancy percentage); and iii) estimated parking and other income, less estimated operating expenses.
(4) For properties under renovation, represents the capital expenditures, including tenant improvements and leasing commissions, expected to be spent to complete the stabilization of the property.
(5) TPGI has an option to purchase the remaining 11% interest in Two Commerce Square for a maximum price of $2 million that we expect to exercise in the first half of 2008. TPGI exercised its option to purchase the 11% interest in One Commerce Square as of December 31, 2007.
(6) A major lease at Two Commerce Square which expires in 2008 and 2009 is at rates that are above market rates. The estimated stabilized NOI above does not include the over-market rental amount. The estimated present value of the over-market rent as of December 31, 2007 is approximately $10,538,000.
(7) The square footage and occupancy information presented for 2121 Market Street represents the information for two retail/office tenants only; the NOI includes 168 residential units comprising 132,823 square feet.
(8) Oak Hill Plaza and Walnut Hill Plaza are co-borrowers under a loan agreement. The loan balance for this property is included with the Oak Hill Plaza loan balance.
(9) Three of our Austin, Texas properties collectively secure a bank term loan in the aggregate amount of $192.5 million.

Lease Expirations

In the tables below, for properties where existing leases have been renewed or replaced, the later expiration date is used.

 

Consolidated Properties’ Lease Expirations

   Unconsolidated Properties’ Lease Expirations    TPGI Percentage Interest Unconsolidated Properties’
Lease Expirations

Year

   Expiring
Rentable
Square Feet
   Annualized
Rent Per
Leased
Square Foot
   Annualized
Rent Per
Leased
Square Foot
at Expiration
   Year    Expiring
Rentable
Square Feet
   Annualized
Rent Per
Leased
Square Foot
   Annualized
Rent Per
Leased
Square Foot
at Expiration
   Year    Expiring
Rentable
Square Feet
   Annualized
Rent Per
Leased
Square Foot
   Annualized
Rent Per
Leased
Square Foot
at Expiration

Vacant

   51,700      —        —      Vacant    1,501,557      —        —      Vacant    262,928      —        —  

2008

   339,211    $ 22.12    $ 21.58    2008    1,038,570    $ 14.88    $ 15.01    2008    194,936    $ 14.29    $ 14.40

2009

   84,249      25.16      14.58    2009    475,606      13.11      14.05    2009    67,130      14.66      15.40

2010

   81,522      27.94      18.98    2010    883,902      14.90      15.58    2010    152,223      15.55      16.26

2011

   112,159      15.04      14.48    2011    728,244      14.71      18.51    2011    119,491      13.82      18.43

2012

   390,945      15.34      16.54    2012    976,400      16.25      19.70    2012    155,074      18.31      18.31

Thereafter

   836,356      22.39      21.63    Thereafter    5,494,911      11.37      19.71    Thereafter    1,089,952      10.33      19.50
                                      

Total

   1,896,142          Total    11,099,190          Total    2,041,733      
                                      

 

18


Thomas Properties Group, Inc.

Supplemental Financial Information

PORTFOLIO DATA AS OF DECEMBER 31, 2007—CONTINUED

 

Our Development Properties

 

Development Properties

  Location   TPGI
Percentage
Interest
    Number
of Acres
 

Property Types

  $Potential
Square Feet upon
Completion/Development
    Book Value   Loan Balance

Four Points Centre

  Austin, TX   100.0 %   259.8   Office/Retail/R&D/Hotel   1,660,000 (1)   $ 35,660,000   $ 4,895,000

Murano

  Philadelphia, PA   73.0     1.1   Residential-condominium   576,000 (2)(3)     132,390,000     90,200,000

2100 JFK Boulevard

  Philadelphia, PA   100.0     0.7   Office/Retail/Residential   366,000       4,857,000     —  

Campus El Segundo

  El Segundo, CA   100.0     26.1   Office/Retail/R&D/Hotel   1,925,000 (4)     48,491,000     17,259,000

2500 City West land

  Houston, TX   25.0     6.3   Office/Retail/Hotel/Residential   500,000       6,902,000     —  

CityWestPlace land

  Houston, TX   25.0     24.0   Office/Retail/Hotel/Residential   1,500,000       21,013,000     —  
                           

Total

      318.0     6,527,000     $ 249,313,000   $ 112,354,000
                           

 

(1) We commenced construction of two buildings totaling approximately 192,000 square feet at Four Points Centre in the second quarter of 2007. We expect construction to be substantially complete in the third quarter of 2008.
(2) We have a $20.5 million preferred equity interest in Murano. Excluding the preferred equity interest, we own a 73.0% ownership interest in Murano.
(3) The construction of Murano, a 302-unit high-rise residential condominium project, commenced in the second quarter of 2006. We expect construction to be substantially complete in the second quarter of 2008.
(4) The total Campus El Segundo development project is comprised of 46.5 acres and, as currently planned, will consist of up to 2.175 million square feet of mixed-use development. A 14.1 acre parcel, which may include up to approximately 250,000 square feet of development, was sold in August 2006. In addition, in August 2006, a 5.4 acre parcel was sold and a 1.0 acre parcel of the Campus El Segundo property was deeded to the City of El Segundo. The remaining 26.1 acre parcel will support up to 1.9 million square feet of development.

 

19


Thomas Properties Group, Inc.

Supplemental Financial Information

PORTFOLIO DATA AS OF DECEMBER 31, 2007—CONTINUED

 

Our Managed Properties

 

Managed Properties

   Location    Rentable Square
Feet
   Percent
Leased
 

800 South Hope Street

   Los Angeles, CA    242,176    90.1 %

Pacific Financial Plaza

   Newport Beach, CA    279,474    99.0  

1835 Market Street

   Philadelphia, PA    686,503    82.4  

CalEPA Headquarters

   Sacramento, CA    950,939    100.0  
              

Total/Weighted Average

      2,159,092    93.2 %
              

 

20


Thomas Properties Group, Inc.

Supplemental Financial Information

DEBT SUMMARY

(in thousands)

 

The table below summarizes our outstanding consolidated debt as of December 31, 2007:

 

Secured debt

   Interest Rate     Outstanding debt    Maturity  

One Commerce Square mortgage loan

   5.7 %   $ 130,000    1/6/2016  

Two Commerce Square:

       

Mortgage Loan

   6.3       110,019    5/9/2013  

Senior mezzanine loan

   18.3       35,449    1/9/2010  

Junior mezzanine loan

   15.0       4,285    1/9/2010  

Campus El Segundo mortgage loan

   7.5       17,259    10/10/2008 (1)

Four Points Centre construction loan

   7.3       4,895    6/11/2010  

Murano construction loan

   7.9       79,321    7/31/2009  

Murano loan

   8.6       10,879    7/7/2008 (2)
           

Total secured debt

     $ 392,107   
           

Unsecured and other debt

                 

Former minority partner

   5.0 %     3,900    10/12/2009  
           
     $ 3,900   
           

Weighted-average interest rate at December 31, 2007

   7.6 %     

 

(1) The loan has two one-year extension options at our election.

 

(2) The loan balance will be fully amortized on the maturity date of the loan.

 

21


Thomas Properties Group, Inc.

Supplemental Financial Information

DEBT SUMMARY—CONTINUED

(in thousands)

 

The table below summarizes the outstanding debt for the unconsolidated properties as of December 31, 2007:

 

     Interest
Rate
    Principal
Amount
   Maturity
Date
       TPGI
Share of
Principal
Amount

City National Plaza

   6.3 %   $ 529,250    7/17/08   (1)    $ 112,943

CityWestPlace

            

Senior mortgage loan

   6.2       121,000    7/6/16        30,250

Senior mortgage loans (Note A and B)

   5.7       90,225    6/1/08   (2)      22,556

San Felipe

   5.5       111,156    8/11/10        27,789

2500 City West

   5.6       79,671    8/11/10        19,918

Brookhollow Central I, II, and III

   6.9       40,900    8/9/08   (1)      10,226

Four Falls Corporate Center

   5.8       52,067    3/6/10        13,017

Oak Hill Plaza/Walnut Hill Plaza

   5.8       44,452    3/6/10        11,113

2121 Market Street

   6.1       19,122    8/1/33        9,561

Reflections I

   5.2       22,527    4/1/15        5,632

Reflections II

   5.2       9,386    4/1/15        2,347

Centerpointe I and II

   5.9       91,000    1/31/09   (2)      22,750

Fair Oaks Plaza

   5.5       44,300    1/31/17        11,075

San Jacinto

   6.1       101,000    6/11/17        6,313

Frost Bank Tower

   6.1       150,000    6/11/17        9,375

One Congress Plaza

   6.1       128,000    6/11/17        8,000

One American Center

   6.0       120,000    6/11/17        7,500

300 W. 6th St.

   6.0       127,000    6/11/17        7,938

Research Park Plaza I & II

   5.9       51,500    6/9/09   (2)      3,219

Stonebridge Plaza II

   5.8       37,500    6/9/09   (2)      2,344

Austin bank term loan

   6.9       192,500    6/1/13        12,031
                    
     $ 2,162,556         $ 355,897
                    

Weighted-average interest rate at December 31, 2007

   5.9 %          

 

  (1) The loan has two one-year extension options at our election.

 

  (2) The loan has three one-year extension options at our election.

 

22


Thomas Properties Group, Inc.

Supplemental Financial Information

CAPITAL STRUCTURE

(in thousands, except share data)

 

The following is the capital structure of TPGI as of December 31, 2007:

 

Debt         Aggregate Principal

Mortgage loans

      $ 257,278

Other Loans

        138,729
         

Total consolidated debt

        396,007

Company share of unconsolidated debt

        355,897
         

Total combined debt

        751,904
         
Equity    Shares/Units
Outstanding
   Market Value (1)

Common stock

   23,747,936    $ 256,003

Operating partnership units

   15,485,002      166,928
           

Total common equity

   39,232,938    $ 422,931
           
     
         

Total consolidated market capitalization

      $ 818,938
         

Total combined market capitalization (2)

      $ 1,174,835
         

 

(1) Based on the closing price of $10.78 per share of TPGI common stock on December 31, 2007.

 

(2) Includes TPGI’s share of debt of unconsolidated real estate entities.

 

23


Thomas Properties Group, Inc.

Supplemental Financial Information

OTHER INFORMATION

 

Principal Corporate Office

Thomas Properties Group, Inc.

515 South Flower Street

Sixth Floor

Los Angeles, CA 90071

Phone: (213) 613-1900

Fax: (213) 633-4760

www.tpgre.com

The information contained on our website is not incorporated herein by reference and does not constitute a part of this supplemental financial information.

 

Investor Relations

Diana M. Laing

Chief Financial Officer

515 South Flower Street

Sixth Floor

Los Angeles, CA 90071

Phone: (213) 613-1900

E-mail: dlaing@tpgre.com

 

Transfer Agent and Registrar

Computershare Trust Company

P.O. Box 43023

Providence, RI 02940-3023

Phone: (781) 575-2879

 

Stock Market Listing

NASDAQ: TPGI

 

Board of Directors and Executive Officers

 

  

James A. Thomas

Randall L. Scott

John R. Sischo

Thomas S. Ricci

Diana M. Laing

Robert D. Morgan

R. Bruce Andrews

Edward D. Fox

John L. Goolsby

Winston H. Hickox

    

Chairman, President and CEO

Executive Vice President, Director

Executive Vice President, Director

Executive Vice President

Chief Financial Officer and Secretary

Senior Vice President, Accounting and Administration

Director

Director

Director

Director

 

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