EXHIBIT 99.1
SELECTED FINANCIAL DATA
The following table presents selected financial information of the Company and its subsidiaries. The financial information has been derived from the consolidated balance sheets and statements of operations of the Company and the combined statements of operations of the First Potomac Predecessor, the designation for the entities comprising the Company’s historical operations prior to the closing of the initial public offering.
The following financial information should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and the financial statements and related notes included elsewhere in this Current Report on Form 8-K.
| | | | | | | | | | | | | | | | | | | | |
| | Years Ended December 31, | |
(amounts in thousands, except per share amounts) | | 2007 | | | 2006 | | | 2005 | | | 2004 | | | 2003 | |
Operating Data: | | | | | | | | | | | | | | | | | | | | |
Rental revenue and tenant reimbursements | | $ | 119,589 | | | $ | 99,744 | | | $ | 71,061 | | | $ | 36,500 | | | $ | 17,184 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations | | $ | (1,763 | ) | | $ | 209 | | | $ | (1,534 | ) | | $ | (1,886 | ) | | $ | (10,649 | ) |
Income from discontinued operations | | | 2,296 | | | | 9,822 | | | | 2,884 | | | | 4,516 | | | | 506 | |
| | | | | | | | | | | | | | | |
Net income (loss) | | $ | 533 | | | $ | 10,031 | | | $ | 1,350 | | | $ | 2,630 | | | $ | (10,143 | ) |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Net Income (loss) per share – basic: | | | | | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations | | $ | (0.07 | ) | | $ | 0.01 | | | $ | (0.09 | ) | | $ | (0.16 | ) | | $ | (0.79 | )(1) |
Income from discontinued operations | | | 0.09 | | | | 0.45 | | | | 0.17 | | | | 0.39 | | | | 0.06 | |
| | | | | | | | | | | | | | | |
Net income (loss) per share | | $ | 0.02 | | | $ | 0.46 | | | $ | 0.08 | | | $ | 0.23 | | | $ | (0.73 | )(1) |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) per share — diluted: | | | | | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations | | $ | (0.07 | ) | | $ | 0.01 | | | $ | (0.09 | ) | | $ | (0.16 | ) | | $ | (0.79 | )(1) |
Income from discontinued operations | | | 0.09 | | | | 0.44 | | | | 0.17 | | | | 0.39 | | | | 0.06 | |
| | | | | | | | | | | | | | | |
Net income (loss) per share | | $ | 0.02 | | | $ | 0.45 | | | $ | 0.08 | | | $ | 0.23 | | | $ | (0.73 | )(1) |
| | | | | | | | | | | | | | | |
Cash dividends paid per share | | $ | 1.36 | | | $ | 1.24 | | | $ | 1.125 | | | $ | 0.74 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | |
| | As of December 31, |
(amounts in thousands) | | 2007 | | 2006 | | 2005 | | 2004 | | 2003 |
Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,052,299 | | | $ | 994,567 | | | $ | 727,763 | | | $ | 510,076 | | | $ | 244,148 | |
Mortgage loans and other debt | | | 676,469 | | | | 588,627 | | | | 396,265 | | | | 298,719 | | | | 127,840 | |
Shareholders’ equity | | | 330,811 | | | | 363,586 | | | | 289,331 | | | | 177,693 | | | | 92,132 | |
| | |
(1) | | Loss per share amounts for 2003 are calculated based upon the loss incurred subsequent to the closing of the initial public offering on October 28, 2003. |