Exhibit 99.2
GOVERNMENT PROPERTIES TRUST, INC.
Supplemental Operating and Financial Data
For the Quarter Ended
September 30, 2006
For the Quarter Ended
September 30, 2006
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TABLE OF CONTENTS
CORPORATE DATA | ||||
| Company Background | 3 | |||
| Investor Information/Common Stock Data/Dividend Per Share | 4 | |||
CONSOLIDATED FINANCIAL RESULTS | ||||
| Financial Highlights | 5 | |||
| Consolidated Balance Sheets | 6 | |||
| Consolidated Statements of Operations | 7 | |||
| Funds from Operations | 8 | |||
| Reconciliation of Earnings Before Interest, Taxes and Depreciation and Amortization | 9 | |||
| Debt Summary | 10 | |||
PORTFOLIO DATA | ||||
| Portfolio Overview | 11 | |||
| Occupancy and Delinquency Rates | 13 | |||
| Forward-looking information and Non-GAAP information | 14 |
| 2 | |||
COMPANY BACKGROUND
Government Properties Trust, Inc. primarily invests in single tenant properties under long-term leases to the U.S. government, state governments, local governments, and government-sponsored enterprises. We are a self-managed, self-administered real estate investment trust, or REIT. We believe that we are the only REIT whose stated business model calls for acquiring and holding for investment solely government-leased properties.
Our business consists of buying and managing recently built or renovated office properties primarily leased to the federal government, acting through the General Services Administration (“GSA”), under long-term leases. We began formal operations with our first property acquisition in December 2002. At September 30, 2006, our portfolio consisted of 21 properties totaling approximately 1.9 million rentable square feet with an aggregate contract purchase price of $434 million. The properties were 98 percent leased and had a weighted average remaining lease term of approximately 10 years.
On October 23, 2006, the Company entered into a definitive merger agreement with Record Realty Trust, an Australian listed property trust (ASX: RRT), whereby a subsidiary of Record Realty Trust will acquire the Company for $10.75 per common share in cash, subject to a potential reduction by an amount not to exceed $0.08 per common share resulting from certain potential contingencies of the Company, and as otherwise provided in the merger agreement. Record Realty Trust is managed by Record Funds Management Limited, a wholly-owned subsidiary of Allco Finance Group (ASX: AFG). The transaction has been unanimously approved by each of the Company’s and Record Realty’s respective boards of directors. Completion of the merger is currently expected to occur during the first quarter of 2007 and is subject to approval by the Company’s stockholders and other customary closing conditions.
This Supplemental Operating and Financial Data package supplements the information provided in our annual and quarterly reports filed with the Securities and Exchange Commission (SEC). Additional information about us and our properties is also available at our websitewww.gptrust.com.
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INVESTOR INFORMATION
| BOARD OF DIRECTORS | ||
| Jerry D. Bringard | Robert M. Ames | |
Chairman | ||
| Philip S. Cottone | Robert A. Peck | |
| Thomas D. Peschio | Richard H. Schwachter | |
| MANAGEMENT | ||
| Thomas D. Peschio | Nancy D. Olson | |
President & Chief Executive Officer | Chief Financial Officer, Treasurer | |
| Oscar Peterson | D. Gary Marron | |
Director of Asset Acquisition | Director of Asset Management | |
| James E. Okell | Edward C. Fuxa | |
Director of Acquisition Processing | Director of Accounting and Finance | |
| John D. Ellsworth | Stephen A. Sharpe | |
General Counsel | Director of Capital Markets | |
COMPANY INFORMATION | ||
Corporate Headquarters | Investor Relations Contact | |
| 13625 California Street | Sharon D. Latham | |
| Suite 310 | (402) 391-0010 ext. 207 | |
| Omaha, Nebraska 68154 | (402) 391-4144 (fax) | |
| (402) 391-0010 | slatham@gptrust.com | |
TRADING MARKET
Our common stock is traded on the New York Stock Exchange under the symbol “GPT.” Our common stock began trading on January 27, 2004.
DIVIDENDS
We declared our initial dividend of $0.075 per share of common stock, which we paid on January 31, 2003. We paid subsequent dividends of $0.15 per share each quarter thereafter from April 15, 2003 through April 14, 2006. We paid a dividend of $0.1125 per share on July 14, 2006 and October 13, 2006.
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GOVERNMENT PROPERTIES TRUST, INC.
Third Quarter 2006
FINANCIAL HIGHLIGHTS
Third Quarter 2006
FINANCIAL HIGHLIGHTS
(in thousands, except share amounts)
| (Unaudited) | (Unaudited) | |||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2006 | 2005 | 2006 | 2005 | |||||||||||||
Income Items | ||||||||||||||||
| Total revenue | $ | 12,394 | $ | 8,264 | $ | 34,400 | $ | 19,041 | ||||||||
| Net loss | (493 | ) | (799 | ) | (2,022 | ) | (1,571 | ) | ||||||||
| Net loss per common share | (0.02 | ) | (0.04 | ) | (0.10 | ) | (0.08 | ) | ||||||||
| Funds from operations (FFO) (1) | 3,623 | 2,137 | 9,718 | 5,015 | ||||||||||||
| FFO per common share | 0.18 | 0.10 | 0.47 | 0.24 | ||||||||||||
| Earnings before interest, taxes and depreciation and amortization (EBITDA) (2) | 7,911 | 4,902 | 21,442 | 11,266 | ||||||||||||
| Dividends declared per share | 0.1125 | 0.15 | 0.375 | 0.45 | ||||||||||||
| September 30, 2006 | December 31, 2005 | |||||||
Balance Sheet Items | ||||||||
| Investment in real estate, net | $ | 419,795 | $ | 377,804 | ||||
| Total cash and cash equivalents | 10,971 | 21,744 | ||||||
| Total debt | 286,703 | 242,533 | ||||||
| (1) | For reconciliation of the difference between FFO and net loss, see page 8. | |
| (2) | For reconciliation of the difference between EBITDA and net loss, see page 9. |
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GOVERNMENT PROPERTIES TRUST, INC.
Third Quarter 2006
CONSOLIDATED BALANCE SHEETS
Third Quarter 2006
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
| September 30, | December 31, | |||||||
| 2006 | 2005 | |||||||
| (unaudited) | ||||||||
ASSETS | ||||||||
| Real estate at cost: | ||||||||
| Land | $ | 37,736 | $ | 32,800 | ||||
| Buildings and improvements | 327,904 | 280,861 | ||||||
| Tenant origination costs | 76,656 | 60,405 | ||||||
| Real estate under development | 2,115 | 16,577 | ||||||
| Furniture and equipment | 475 | 456 | ||||||
| 444,886 | 391,099 | |||||||
| Accumulated depreciation | (25,091 | ) | (13,295 | ) | ||||
| 419,795 | 377,804 | |||||||
| Cash and cash equivalents | 5,685 | 4,857 | ||||||
| Restricted cash escrows | 5,286 | 16,887 | ||||||
| Tenant receivables | 9,494 | 6,873 | ||||||
| Notes receivable from tenant | 552 | 603 | ||||||
| Deferred costs, net | 3,856 | 4,020 | ||||||
| Real estate deposits | — | 450 | ||||||
| Other assets | 928 | 1,583 | ||||||
| Total assets | $ | 445,596 | $ | 413,077 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | 6,134 | $ | 8,420 | ||||
| Dividends payable | 2,337 | 3,110 | ||||||
| Lines of credit | 35,080 | 17,500 | ||||||
| Mortgage notes payable | 251,623 | 225,033 | ||||||
| Total liabilities | 295,174 | 254,063 | ||||||
| Stockholders’ equity: | ||||||||
| Common stock ($0.01 par value; 50,000,000 shares authorized, 20,773,136 and 20,721,612 shares issued and outstanding at September 30, 2006 and December 31, 2005, respectively) | 206 | 206 | ||||||
| Additional paid-in capital | 189,918 | 189,123 | ||||||
| Accumulated deficit | (40,725 | ) | (30,916 | ) | ||||
| Accumulated other comprehensive income | 1,023 | 601 | ||||||
| Total stockholders’ equity | 150,422 | 159,014 | ||||||
| Total liabilities and stockholders’ equity | $ | 445,596 | $ | 413,077 | ||||
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GOVERNMENT PROPERTIES TRUST, INC.
Third Quarter 2006
CONSOLIDATED STATEMENTS OF OPERATIONS
Third Quarter 2006
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in thousands, except per share amounts)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2006 | 2005 | 2006 | 2005 | |||||||||||||
Revenue | ||||||||||||||||
| Rental income | $ | 11,696 | $ | 7,822 | $ | 32,527 | $ | 18,287 | ||||||||
| Tenant reimbursements | 698 | 442 | 1,873 | 754 | ||||||||||||
| Total revenue | 12,394 | 8,264 | 34,400 | 19,041 | ||||||||||||
Expenses | ||||||||||||||||
| Property operations | 2,017 | 1,343 | 5,720 | 3,322 | ||||||||||||
| Real estate taxes | 1,017 | 897 | 2,955 | 1,922 | ||||||||||||
| Depreciation and amortization | 4,135 | 2,946 | 11,796 | 6,611 | ||||||||||||
| General and administrative | 1,306 | 1,304 | 3,945 | 3,644 | ||||||||||||
| Total expenses | 8,475 | 6,490 | 24,416 | 15,499 | ||||||||||||
| Operating income | 3,919 | 1,774 | 9,984 | 3,542 | ||||||||||||
| Other income (expense) | ||||||||||||||||
| Interest income | 100 | 249 | 333 | 1,348 | ||||||||||||
| Interest expense | (4,269 | ) | (2,755 | ) | (11,668 | ) | (6,226 | ) | ||||||||
| Amortization of deferred financing fees | (243 | ) | (67 | ) | (671 | ) | (235 | ) | ||||||||
| Net loss | $ | (493 | ) | $ | (799 | ) | $ | (2,022 | ) | $ | (1,571 | ) | ||||
| Earnings per share (basic and diluted) | ||||||||||||||||
| Net loss | $ | (0.02 | ) | $ | (0.04 | ) | $ | (0.10 | ) | $ | (0.08 | ) | ||||
| Distributions declared per share | $ | 0.1125 | $ | 0.15 | $ | 0.375 | $ | 0.45 | ||||||||
| Weighted average shares outstanding (basic and diluted) | 20,636 | 20,578 | 20,624 | 20,565 | ||||||||||||
| Net loss | $ | (493 | ) | $ | (799 | ) | $ | (2,022 | ) | $ | (1,571 | ) | ||||
| Other comprehensive (loss) income | ||||||||||||||||
| Unrealized derivative (loss) gain on forward-starting interest rate swaps | (2,410 | ) | 1,563 | 462 | 194 | |||||||||||
| Comprehensive (loss) income | $ | (2,903 | ) | $ | 764 | $ | (1,560 | ) | $ | (1,377 | ) | |||||
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GOVERNMENT PROPERTIES TRUST, INC.
Third Quarter 2006
FUNDS FROM OPERATIONS
Third Quarter 2006
FUNDS FROM OPERATIONS
(unaudited and in thousands, except per share amounts)
| Three Months | Nine Months | |||||||||||||||
| Ended | Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2006 | 2005 | 2006 | 2005 | |||||||||||||
| Net loss | $ | (493 | ) | $ | (799 | ) | $ | (2,022 | ) | $ | (1,571 | ) | ||||
| Adjustments to reconcile to funds from operations: | ||||||||||||||||
| Real estate depreciation and amortization (a) | 4,116 | 2,936 | 11,740 | 6,586 | ||||||||||||
| Funds from operations | $ | 3,623 | $ | 2,137 | $ | 9,718 | $ | 5,015 | ||||||||
| Funds from operations per common share | $ | 0.18 | $ | 0.10 | $ | 0.47 | $ | 0.24 | ||||||||
| (a) | Excludes depreciation of non-real estate assets of $19,000 and $10,000 for the three months ended September 30, 2006 and 2005, respectively, and $56,000 and $25,000 for the nine months ended September 30, 2006 and 2005, respectively. |
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GOVERNMENT PROPERTIES TRUST, INC.
Third Quarter 2006
EARNINGS BEFORE INTEREST, TAXES AND DEPRECIATION
AND AMORTIZATION
Third Quarter 2006
EARNINGS BEFORE INTEREST, TAXES AND DEPRECIATION
AND AMORTIZATION
| Three Months | Nine Months | |||||||||||||||
| Ended | Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2006 | 2005 | 2006 | 2005 | |||||||||||||
| Net loss | $ | (493 | ) | $ | (799 | ) | $ | (2,022 | ) | $ | (1,571 | ) | ||||
| Adjustments for: | ||||||||||||||||
| Depreciation and amortization | 4,135 | 2,946 | 11,796 | 6,611 | ||||||||||||
| Interest expense | 4,269 | 2,755 | 11,668 | 6,226 | ||||||||||||
| Earnings before interest, taxes and depreciation and amortization | $ | 7,911 | $ | 4,902 | $ | 21,442 | $ | 11,266 | ||||||||
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GOVERNMENT PROPERTIES TRUST, INC.
Third Quarter 2006
DEBT SUMMARY
Third Quarter 2006
DEBT SUMMARY
(in thousands)
| Interest | Principal | Maturity | Due at | |||||||||||||
| Rate | Balance | Date | Date | |||||||||||||
Fixed Interest Rate Debt | ||||||||||||||||
| Bakersfield DEA Property | 5.867 | % | $ | 1,415 | 03/01/2020 | $ | 1,048 | |||||||||
| Baton Rouge VA Property | 5.867 | % | 4,739 | 03/01/2020 | 3,510 | |||||||||||
| Charleston SSA Property | 5.74 | % | 13,402 | 05/01/2013 | 11,868 | |||||||||||
| Clarksburg GSA Property | 5.74 | % | 7,969 | 05/01/2013 | 7,056 | |||||||||||
| Charleston Federal Courthouse Property | 5.867 | % | 14,311 | 03/01/2020 | 10,600 | |||||||||||
| College Park FDA Property | 6.75 | % | 16,006 | 10/26/2026 | 121 | |||||||||||
| Dallas SSA Property | 5.09 | % | 6,172 | 10/01/2015 | 5,153 | |||||||||||
| Harlingen USCIS | 6.266 | % | 19,900 | 06/01/2016 | 17,084 | |||||||||||
| Kingsport SSA Property | 8.23 | % | 2,176 | 04/01/2010 | 2,008 | |||||||||||
| Lenexa FDA Property | 5.44 | % | 7,726 | 08/11/2009 | 7,286 | |||||||||||
| Martinsburg IRS Property | 5.24 | % | 19,580 | 08/01/2015 | 16,694 | |||||||||||
| Parkersburg BPD Property | 5.40 | % | 26,438 | 03/15/2021 | 10,354 | |||||||||||
| Parkersburg BPD Property | 5.75 | % | 5,000 | 03/15/2021 | 5,000 | |||||||||||
| Pittsburgh FBI Property | 5.50 | % | 20,233 | 08/01/2009 | 19,033 | |||||||||||
| Pittsburgh USCIS Property | 5.13 | % | 7,722 | 12/11/2011 | 6,893 | |||||||||||
| Portland Property | 5.49 | % | 39,100 | 05/11/2015 | 32,632 | |||||||||||
| Riverside CA Property | 5.79 | % | 8,808 | 12/01/2014 | 7,584 | |||||||||||
| Sterling DEA Property | 7.98 | % | 15,171 | 03/01/2020 | 3,383 | |||||||||||
| Vicksburg Corps of Engineers Property | 5.62 | % | 14,400 | 08/01/2016 | 14,400 | |||||||||||
| $ | 250,268 | $ | 181,707 | |||||||||||||
DEBT MATURITIES
| Period ending September 30, | Amount | |||
| 2007 | $ | 4,143 | ||
| 2008 | 4,468 | |||
| 2009 | 30,999 | |||
| 2010 | 4,418 | |||
| 2011 | 4,695 | |||
| Thereafter | 201,545 | |||
| $ | 250,268 | |||
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GOVERNMENT PROPERTIES TRUST, INC.
Third Quarter 2006
PROPERTY PORTFOLIO
Third Quarter 2006
PROPERTY PORTFOLIO
| (in thousands) | Lease | |||||||||||||||||||||
| Gross Estimated | Maturity/ | |||||||||||||||||||||
| Tenant/ | Year Built/ | Rentable | Rent/ | Annualized | Early | |||||||||||||||||
| Location | Occupant | Renovated | Sq. Ft. | Sq. Foot | Rent | Termination | Lease Type | |||||||||||||||
| Bakersfield, California | U.S. Drug Enforcement Administration | 2000 | 9,800 | $ | 32.33 | $ | 317 | Nov. 2010/ Nov. 2008 | Modified Gross Lease | |||||||||||||
| Kingsport, Tennessee | U.S. Social Security Administration | 1999 | 22,848 | $ | 17.61 | $ | 402 | Oct. 2014/ Oct. 2009 | Modified Gross Lease | |||||||||||||
| Charleston, West Virginia | U.S. Social Security Administration | 1959/1999 | 90,050 | $ | 22.60 | $ | 2,035 | Dec. 2019/ None | Modified Gross Lease | |||||||||||||
| Clarksburg, West Virginia | U.S. Department of Justice, Drug Enforcement Administration, Federal Bureau of Investigation, Social Security Administration | 1998 | 55,443 | $ | 23.55 | $ | 1,306 | Jan. 2019/ Jan. 2016 | Modified Gross Lease | |||||||||||||
| Mineral Wells, West Virginia | U.S. Bureau of Public Debt | 2003 | 38,324 | $ | 16.36 | $ | 627 | Sep. 2017/ Sep. 2012 | Modified Gross Lease | |||||||||||||
| Pittsburgh, Pennsylvania | U.S. Federal Bureau of Investigation | 2001 | 87,178 | $ | 37.81 | $ | 3,296 | Oct. 2016/ None | Modified Gross Lease | |||||||||||||
| Lenexa, Kansas | U.S. Food and Drug Administration | 1991 | 53,500 | $ | 22.25 | $ | 1,190 | Jun. 2012/ None | Modified Gross Lease | |||||||||||||
| Baton Rouge, Louisiana | U.S. Veterans Administration | 2004 | 30,000 | $ | 24.47 | $ | 734 | Jun. 2019/ None | Modified Gross Lease | |||||||||||||
| Charleston, South Carolina | United States Federal Courthouse | 1999 | 44,250 | $ | 37.93 | $ | 1,679 | Jul. 2019/ None | Modified Net Lease | |||||||||||||
| College Park, Maryland | U.S. Food and Drug Administration | 2004 | 65,760 | $ | 36.99 | $ | 2,432 | Aug. 2014/ None | Modified Gross Lease | |||||||||||||
| Portland, Oregon | U.S.- Various Agencies, Integra Telecom | 2002 | 217,508 | $ | 22.93 | $ | 4,987 | Apr. 2015/ None | Modified Gross Leases | |||||||||||||
| Pittsburgh, Pennsylvania | U.S. Citizenship and Immigration Services | 2004 | 36,153 | $ | 33.91 | $ | 1,226 | Feb. 2014/ None | Modified Gross Lease | |||||||||||||
| Parkersburg, West Virginia | U.S. Bureau of Public Debt | 2004 | 182,500 | $ | 25.64 | $ | 4,679 | Mar. 2019/ None | Modified Gross Lease | |||||||||||||
| Buffalo, New York (Niagara Center) | U.S. — Various Agencies | 2004 | 248,311 | $ | 23.87 | $ | 5,927 | Jun. 2015/ Jun. 2010 | Modified Gross Lease | |||||||||||||
| Buffalo, New York | U.S. Social Security Administration | 2003 | 32,223 | $ | 25.71 | $ | 829 | May 2015/ May 2010 | Modified Gross Lease | |||||||||||||
Note: Property Portfolio continued on next page.
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GOVERNMENT PROPERTIES TRUST, INC.
Third Quarter 2006
PROPERTY PORTFOLIO, Continued
Third Quarter 2006
PROPERTY PORTFOLIO, Continued
| (in thousands) | Lease | |||||||||||||||||||||
| Gross Estimated | Maturity/ | |||||||||||||||||||||
| Tenant/ | Year Built/ | Rentable | Rent/ | Annualized | Early | |||||||||||||||||
| Location | Occupant | Renovated | Sq. Ft. | Sq. Foot | Rent | Termination | Lease Type | |||||||||||||||
| Sterling, Virginia | U.S. Drug Enforcement Agency | 2002 | 49,692 | $ | 45.07 | $ | 2,240 | Mar. 2020/ None | Modified Gross Lease | |||||||||||||
| Martinsburg, West Virginia | U.S. Internal Revenue Service | 1996 | 122,475 | $ | 24.72 | $ | 3,027 | July 2015/ None | Modified Net Lease | |||||||||||||
| Dallas, Texas | U.S. Social Security Administration | 2005 | 27,200 | $ | 40.15 | $ | 1,092 | Aug. 2020/ Aug. 2015 | Modified Gross Lease | |||||||||||||
| Vicksburg, Mississippi | U.S. Army Corps of Engineers | 1997 | 199,404 | $ | 16.73 | $ | 3,336 | July 2016/ None | Modified Gross Lease | |||||||||||||
| Riverside, California | County of Riverside — Department of Child Support Services | 1989/1994 | 117,168 | $ | 20.22 | $ | 2,369 | Jan. 2017/ None | Gross Lease | |||||||||||||
| Harlingen, Texas | U.S. Citizenship and Immigration Services | 1997/2002 | 127,001 | $ | 22.71 | $ | 2,884 | Oct. 2022/ None | Modified Gross Leases | |||||||||||||
| 1,856,788 | $ | 25.10 | $ | 46,614 | ||||||||||||||||||
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GOVERNMENT PROPERTIES TRUST, INC.
Third Quarter 2006
OCCUPANCY AND DELINQUENCY RATES
Third Quarter 2006
OCCUPANCY AND DELINQUENCY RATES
During our history, each of our properties have had no delinquencies.
As of September 30, 2006, our current vacancies consist of:
| • | Approximately 15,000 rentable square feet in our College Park FDA property | ||
| • | Approximately 8,000 rentable square feet in our Portland property | ||
| • | Approximately 34,000 rentable square feet in our Buffalo Niagara Center property, of which 14,300 has been leased but not yet occupied. |
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GOVERNMENT PROPERTIES TRUST, INC.
LEGAL NOTICES
Forward-looking information
This report contains forward-looking statements. These forward-looking statements include estimates regarding our gross annualized rent.
These and other forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “intends,” “continue,” or the negative of such terms, or other comparable terminology. Forward-looking statements also include the assumptions underlying or relating to any of the foregoing statements.
Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various risks and other negative factors, including the fact that our management only recently joined us; we must invest the net proceeds of our January, 2004 IPO into the acquisition of acceptable properties which we are still in the process of consummating; we depend on the U.S. government for a significant portion of our revenues; our properties may have a higher risk of terrorist attack because the U.S. government is our principal tenant; we plan to incur debt to finance, on average, approximately 75% of the acquisition cost of the properties we buy; most of our leases do not provide for a full pass-through of increases in property operating costs; we have made and expect to continue to make quarterly dividend distributions that include a return of capital. Other such considerations may be disclosed from time to time in our SEC filings.
All forward-looking statements included in this report are based on information available to us on the date hereof. We assume no obligation to update any forward-looking statements.
Non-GAAP Financial Information
This report contains non-GAAP financial information, including funds from operations (FFO) and earnings before interest, taxes, depreciation and amortization (EBITDA). This report also contains the most directly comparable GAAP information and a GAAP to non-GAAP reconciliation.
We believe FFO and EBITDA are useful to investors as indicators of our ability to service debt and pay cash distributions. We use FFO and EBITDA for internal budgeting and planning purposes.
FFO and EBITDA, as calculated by us, may not be comparable to FFO and EBITDA reported by other companies that do not define these terms exactly as we define them. FFO and EBITDA do not represent cash generated from operating activities determined in accordance with GAAP, and should not be considered as an alternative to operating income or net income determined in accordance with GAAP as an indicator of performance or as an alternative to cash flows from operating activities as an indicator of liquidity.
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