EX-99.1 15 a04-2962_1ex99d1.htm EX-99.1

Exhibit 99.1

 

SELECTED QUARTERLY FINANCIAL INFORMATION

(Unaudited)

 

Selected quarterly information for the years ended December 31, 2003 and 2002 is as follows (in thousands, except per share amounts):

 

 

 

Quarter Ended

 

 

 

December 31

 

September 30

 

June 30

 

March 31

 

 

 

 

 

 

 

 

 

 

 

2003

 

 

 

 

 

 

 

 

 

Revenues from Rental Operations

 

$

187,455

 

$

181,914

 

$

179,739

 

$

181,302

 

Revenues from Service Operations

 

25,680

 

12,693

 

11,661

 

9,422

 

Net income available for common shares

 

49,711

 

40,185

 

34,538

 

37,477

 

Basic income per common share

 

$

0.37

 

$

0.30

 

$

0.26

 

$

0.28

 

Diluted income per common share

 

$

0.36

 

$

0.30

 

$

0.25

 

$

0.28

 

Weighted average common shares

 

136,105

 

135,706

 

135,386

 

135,170

 

Weighted average common and dilutive potential common shares

 

151,661

 

151,244

 

151,019

 

150,627

 

Funds From Operations (1)

 

$

93,737

 

$

84,730

 

$

80,332

 

$

77,190

 

Cash flow provided by (used by):

 

 

 

 

 

 

 

 

 

Operating activities

 

$

133,855

 

$

72,735

 

$

103,156

 

$

58,882

 

Investing activities

 

(57,596

)

(126,384

)

(75,390

)

(61,326

)

Financing activities

 

(64,558

)

42,909

 

(28,604

)

(2,461

)

 

 

 

 

 

 

 

 

 

 

2002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Rental Operations

 

$

173,127

 

$

177,744

 

$

176,026

 

$

171,175

 

Revenues from Service Operations

 

11,641

 

11,814

 

15,604

 

29,521

 

Net income available for common shares

 

21,568

 

38,595

 

48,528

 

45,278

 

Basic income per common share

 

$

0.16

 

$

0.29

 

$

0.36

 

$

0.34

 

Diluted income per common share

 

$

0.16

 

$

0.28

 

$

0.36

 

$

0.34

 

Weighted average common shares

 

134,935

 

134,818

 

134,196

 

131,932

 

Weighted average common and dilutive potential common shares

 

150,692

 

151,256

 

151,092

 

150,270

 

Funds From Operations (1)

 

$

65,700

 

$

80,072

 

$

88,835

 

$

87,279

 

Cash flow provided by (used by):

 

 

 

 

 

 

 

 

 

Operating activities

 

$

91,778

 

$

103,623

 

$

165,793

 

$

208,402

 

Investing activities

 

(129,840

)

(58,260

)

(104,517

)

(45,355

)

Financing activities

 

12,439

 

(4,831

)

(72,281

)

(159,020

)

 

(1)  Funds From Operations (“FFO”) is used by industry analysts and investors as a supplemental operating  performance measure of an equity real estate investment trust (“REIT”). FFO is calculated in accordance with the definition that was adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). FFO, as defined by NAREIT, represents net income (loss) determined in accordance with generally accepted accounting principles (“GAAP”), excluding extraordinary items as defined under GAAP and gains or losses from sales of previously depreciated operating real estate assets, plus certain non-cash items such as real estate asset depreciation and amortization, and after adjustment for unconsolidated partnerships and joint ventures.

 

Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminished predictably over time. Since real estate values instead have historically risen or fallen with market conditions, many industry investors and analysts have considered the presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. Thus, NAREIT created FFO as a supplemental measure of REIT operating performance that excludes historical cost depreciation, among other items, from GAAP net income. Management believes that the use of FFO, combined with the required primary GAAP presentations, has improved the understanding of operating results of REITs among the investing public and made comparisons of REIT operating results more meaningful. Management considers FFO to be a useful measure for reviewing comparative operating and financial performance (although FFO should be reviewed in conjunction with net income which remains the primary measure of performance) because by excluding gains or losses related to sales of previously depreciated operating real estate assets and excluding real estate asset depreciation and amortization, FFO assists in comparing the operating performance of a company’s real estate between periods or as compared to different companies.