Exhibit 99.3
Selected Financial Information as Previously Reported and as to be Restated
CONSOLIDATED BALANCE SHEETS
June 30, 2005 | ||||||||||||
As Previously Reported | Restatement | As to be | ||||||||||
ASSETS | ||||||||||||
Buildings and improvements, net | $ | 1,431,039 | $ | 19,901 | $ | 1,450,940 | ||||||
Undeveloped land and construction in progress | 133,466 | (2,648 | ) | 130,818 | ||||||||
Accumulated depreciation and amortization | (382,687 | ) | (7,804 | ) | (390,491 | ) | ||||||
Deferred leasing costs and other related intangibles, net | 49,073 | (498 | ) | 48,575 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
Rents received in advance, tenant security deposits and deferred revenue | 20,734 | 15,838 | 36,572 | |||||||||
Minority Interests: Common unitholders of the Operating partnership | 53,934 | (786 | ) | 53,148 | ||||||||
Additional paid-in capital | 522,321 | 226 | 522,547 | |||||||||
Distributions in excess of earnings | (101,591 | ) | (5,523 | ) | (107,114 | ) | ||||||
Accumulated net other comprehensive income | 804 | (804 | ) | — | ||||||||
March 31, 2005 | ||||||||||||
As Previously Reported | Restatement | As to be | ||||||||||
ASSETS | ||||||||||||
Buildings and improvements, net | $ | 1,428,069 | $ | 19,627 | $ | 1,447,696 | ||||||
Undeveloped land and construction in progress | 103,388 | (2,657 | ) | 100,731 | ||||||||
Accumulated depreciation and amortization | (373,514 | ) | (7,318 | ) | (380,832 | ) | ||||||
Deferred leasing costs and other related intangibles, net | 49,586 | (519 | ) | 49,067 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
Rents received in advance, tenant security deposits and deferred revenue | 21,404 | 16,103 | 37,507 | |||||||||
Minority Interests: Common unitholders of the Operating partnership | 56,039 | (796 | ) | 55,243 | ||||||||
Additional paid-in capital | 522,233 | 261 | 522,494 | |||||||||
Distributions in excess of earnings | (85,387 | ) | (5,351 | ) | (90,738 | ) | ||||||
Accumulated net other comprehensive income | 1,084 | (1,084 | ) | — | ||||||||
December 31, 2004 | ||||||||||||
As Previously Reported | Restatement | As to be | ||||||||||
ASSETS | ||||||||||||
Buildings and improvements, net | $ | 1,445,918 | $ | 19,367 | $ | 1,465,285 | ||||||
Undeveloped land and construction in progress | 96,545 | (2,633 | ) | 93,912 | ||||||||
Accumulated depreciation and amortization | (365,831 | ) | (6,825 | ) | (372,656 | ) | ||||||
Deferred leasing costs and other related intangibles, net | 51,251 | (540 | ) | 50,711 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
Rents received in advance, tenant security deposits and deferred revenue | 21,605 | 16,374 | 37,979 | |||||||||
Minority Interests: Common unitholders of the Operating partnership | 60,351 | (860 | ) | 59,491 | ||||||||
Additional paid-in capital | 515,285 | 233 | 515,518 | |||||||||
Distributions in excess of earnings | (83,394 | ) | (6,033 | ) | (89,427 | ) | ||||||
Accumulated net other comprehensive income | 345 | (345 | ) | — | ||||||||
September 30, 2004 | ||||||||||||
As Previously Reported | Restatement | As to be | ||||||||||
ASSETS | ||||||||||||
Buildings and improvements, net | $ | 1,357,626 | $ | 17,659 | $ | 1,375,285 | ||||||
Undeveloped land and construction in progress | 84,218 | (2,765 | ) | 81,453 | ||||||||
Accumulated depreciation and amortization | (353,025 | ) | (6,392 | ) | (359,417 | ) | ||||||
Deferred leasing costs and other related intangibles, net | 39,420 | (550 | ) | 38,870 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
Rents received in advance, tenant security deposits and deferred revenue | 19,974 | 14,839 | 34,813 | |||||||||
Minority Interests: Common unitholders of the Operating partnership | 61,782 | 779 | 61,003 | |||||||||
Additional paid-in capital | 515,086 | (8 | ) | 515,078 | ||||||||
Distributions in excess of earnings | (71,456 | ) | (7,167 | ) | (78,623 | ) | ||||||
Accumulated net other comprehensive income | (1,067 | ) | 1,067 | — |
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CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended September 30, 2004 | Nine Months Ended September 30, 2004 | |||||||||||||||||||||||
As Previously Reported | Restatement | As to be Restated | As Previously Reported | Restatement | As to be Restated | |||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Rental income | $ | 49,554 | $ | 501 | $ | 50,055 | $ | 144,389 | $ | 1,419 | $ | 145,808 | ||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Interest expense | 9,540 | (884 | ) | 8,656 | 27,898 | (2,879 | ) | 25,019 | ||||||||||||||||
Depreciation and amortization | 14,456 | 436 | 14,892 | 42,246 | 1,226 | 43,472 | ||||||||||||||||||
OTHER INCOME: | ||||||||||||||||||||||||
Net settlement payments on interest rate swaps | — | (705 | ) | (705 | ) | — | (2,390 | ) | (2,390 | ) | ||||||||||||||
(Loss) gain on derivative instruments | — | (143 | ) | (143 | ) | — | 2,143 | 2,143 | ||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE MINORITY INTERESTS | 8,234 | 101 | 8,335 | 29,387 | 2,825 | 32,212 | ||||||||||||||||||
MINORITY INTERESTS: | ||||||||||||||||||||||||
Minority interest in earnings of Operating Partnership attributable to continuing operations | (531 | ) | (12 | ) | (543 | ) | (2,484 | ) | (357 | ) | (2,841 | ) | ||||||||||||
INCOME FROM CONTINUING OPERATIONS | 5,266 | 89 | 5,355 | 19,507 | 2,468 | 21,975 | ||||||||||||||||||
NET INCOME | 11,142 | 89 | 11,231 | 26,549 | 2,468 | 29,017 | ||||||||||||||||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | 10,357 | 89 | 10,446 | 24,194 | 2,468 | 26,662 | ||||||||||||||||||
Income from continuing operations per common share—basic | $ | 0.16 | $ | — | $ | 0.16 | $ | 0.61 | $ | 0.09 | $ | 0.70 | ||||||||||||
Income from continuing operations per common share—diluted | $ | 0.16 | $ | — | $ | 0.16 | $ | 0.60 | $ | 0.09 | $ | 0.69 | ||||||||||||
Net income per common share—basic | $ | 0.37 | $ | — | $ | 0.37 | $ | 0.86 | $ | 0.09 | $ | 0.95 | ||||||||||||
Net income per common share—diluted | $ | 0.36 | $ | 0.01 | $ | 0.37 | $ | 0.85 | $ | 0.09 | $ | 0.94 |
Three Months Ended June 30, 2005 | ||||||||||||
As Previously Reported | Restatement | As to be Restated | ||||||||||
REVENUES: | ||||||||||||
Rental income | $ | 53,461 | $ | 536 | $ | 53,997 | ||||||
EXPENSES: | ||||||||||||
Interest expense | 9,568 | 50 | 9,618 | |||||||||
Depreciation and amortization | 16,294 | 465 | 16,759 | |||||||||
OTHER INCOME: | ||||||||||||
Net settlement receipts on interest rate swaps | — | 62 | 62 | |||||||||
Loss on derivative instruments | — | (280 | ) | (280 | ) | |||||||
INCOME FROM CONTINUING OPERATIONS BEFORE MINORITY INTERESTS | 2,197 | (197 | ) | 2,000 | ||||||||
MINORITY INTERESTS: | ||||||||||||
Minority interest in loss of Operating Partnership attributable to continuing operations | 206 | 27 | 233 | |||||||||
INCOME FROM CONTINUING OPERATIONS | 1,006 | (170 | ) | 836 | ||||||||
NET INCOME | 936 | (170 | ) | 766 | ||||||||
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS | (1,466 | ) | (170 | ) | (1,636 | ) | ||||||
Loss from continuing operations per common share—basic | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | ||||
Loss from continuing operations per common share—diluted | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | ||||
Net loss per common share—basic | $ | (0.05 | ) | $ | (0.01 | ) | $ | (0.06 | ) | |||
Net loss per common share—diluted | $ | (0.05 | ) | $ | (0.01 | ) | $ | (0.06 | ) |
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Three Months Ended March 31, 2005 | ||||||||||||||||
As Previously Reported | Restatement | Reclass: Subsequent Dispositions(1) | As to be Restated and Reclassified | |||||||||||||
REVENUES: | ||||||||||||||||
Rental income | $ | 53,268 | $ | 542 | $ | — | $ | 53,810 | ||||||||
EXPENSES: | ||||||||||||||||
Interest expense | 9,622 | (162 | ) | — | 9,460 | |||||||||||
Depreciation and amortization | 16,237 | 472 | (41 | ) | 16,668 | |||||||||||
OTHER INCOME: | ||||||||||||||||
Net settlement payments on interest rate swaps | — | (102 | ) | — | (102 | ) | ||||||||||
Gain on derivative instruments | — | 644 | — | 644 | ||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE MINORITY INTERESTS | 12,003 | 774 | 114 | 12,891 | ||||||||||||
MINORITY INTERESTS: | ||||||||||||||||
Minority interest in earnings of Operating Partnership attributable to continuing operations | (977 | ) | (92 | ) | (14 | ) | (1,083 | ) | ||||||||
INCOME FROM CONTINUING OPERATIONS | 9,629 | 682 | 100 | 10,411 | ||||||||||||
NET INCOME | 15,145 | 682 | — | 15,827 | ||||||||||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | 12,743 | 682 | — | 13,425 | ||||||||||||
Income from continuing operations per common share—basic | $ | 0.34 | $ | (0.05 | ) | $ | (0.01 | ) | $ | 0.28 | ||||||
Income from continuing operations per common share—diluted | $ | 0.33 | $ | (0.05 | ) | $ | — | $ | 0.28 | |||||||
Net income per common share—basic | $ | 0.45 | $ | 0.02 | $ | — | $ | 0.47 | ||||||||
Net income per common share—diluted | $ | 0.44 | $ | 0.03 | $ | — | $ | 0.47 |
(1) | Includes the discontinued operations that have resulted from the disposition of the five operating properties that were sold subsequent to March 31, 2005. The table above does not reflect all line items from the Consolidated Statement of Operations that were impacted by the reclassification of subsequent dispositions. |
Year Ended December 31, 2004 | ||||||||||||||||
As Previously Reported | Restatement | Reclass: Subsequent Dispositions(1) | As to be Restated and Reclassified | |||||||||||||
REVENUES: | ||||||||||||||||
Rental income | $ | 197,981 | $ | 1,898 | $ | (3,688 | ) | $ | 196,191 | |||||||
EXPENSES: | ||||||||||||||||
Interest expense | 37,647 | (3,653 | ) | — | 33,994 | |||||||||||
Depreciation and amortization | 58,422 | 1,637 | (1,439 | ) | 58,620 | |||||||||||
OTHER INCOME AND EXPENSE: | ||||||||||||||||
Net settlement on interest rate swaps | — | (2,893 | ) | (2,893 | ) | |||||||||||
Loss on derivative instruments | — | 3,099 | 3,099 | |||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE MINORITY INTERESTS | 37,688 | 4,120 | (1,808 | ) | 40,000 | |||||||||||
MINORITY INTERESTS: | ||||||||||||||||
Minority interest in earnings of Operating Partnership attributable to continuing operations | (2,927 | ) | (518 | ) | 227 | (3,218 | ) | |||||||||
INCOME FROM CONTINUING OPERATIONS | 23,982 | 3,602 | (1,581 | ) | 26,003 | |||||||||||
NET INCOME | 29,939 | 3,602 | — | 33,541 | ||||||||||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | 26,386 | 3,602 | — | 29,988 | ||||||||||||
Income from continuing operations per common share—basic | $ | 0.85 | $ | 0.12 | $ | (0.18 | ) | $ | 0.79 | |||||||
Income from continuing operations per common share—diluted | $ | 0.84 | $ | 0.13 | $ | (0.18 | ) | $ | 0.79 | |||||||
Net income per common share—basic | $ | 0.93 | $ | 0.13 | $ | — | $ | 1.06 | ||||||||
Net income per common share—diluted | $ | 0.93 | $ | 0.13 | $ | — | $ | 1.06 |
(1) | Includes the discontinued operations that have resulted from the disposition of the five operating properties that were sold subsequent to December 31, 2004. The table above does not reflect all line items from the Consolidated Statement of Operations that were impacted by the reclassification of subsequent dispositions. |
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