Reconciliation of MFFO to Net Income
| | 3 mos. ended | | 3 mos. ended | |
(in millions, except per share amounts) | | Mar 31, 2012 | | Mar 31, 2011 | |
Net income (loss) attributable to common stockholders | | $ | 4.4 | | $ | (5.8 | ) |
Real estate depreciation and amortization, net of noncontrolling interests | | 18.2 | | 12.9 | |
Gain on sale of real estate | | (13.5 | ) | — | |
FFO attributable to common stockholders(1) | | 9.1 | | 7.1 | |
Acquisition expenses, net of noncontrolling interests | | 0.5 | | — | |
Straight-line rents, net of noncontrolling interests | | 0.1 | | 0.3 | |
Amortization of premium on debt investment, net of noncontrolling interests | | (0.1 | ) | — | |
MFFO attributable to common stockholders(2) | | $ | 9.6 | | $ | 7.4 | |
GAAP weighted average common shares | | 164.5 | | 107.5 | |
Net income (loss) per share | | $ | 0.03 | | $ | (0.05 | ) |
FFO per common share | | $ | 0.06 | | $ | 0.07 | |
MFFO per common share | | $ | 0.06 | | $ | 0.07 | |
(1) Funds from operations (FFO) is defined by the National Association of Real Estate Investment Trusts as net income (loss), computed in accordance with GAAP, excluding extraordinary items, as defined by GAAP, and gains (or losses) from sales of property, plus depreciation and amortization on real estate assets, impairment write-downs of depreciable real estate or of investments in unconsolidated real estate partnerships, joint ventures and subsidiaries that are driven by measurable decreases in the fair value of depreciable real estate assets, and after adjustments for unconsolidated partnerships, joint venture and subsidiaries, and noncontrolling interests. FFO should not be considered as an alternative to net income (loss) or as an indication of our liquidity.
(2) In addition to FFO, we use modified funds from operations (MFFO)—as defined by the Investment Program Association, which primarily excludes from FFO acquisition-related costs, straight-line rents, and adjustments to fair value for derivatives not qualifying for hedge accounting—to further evaluate our sustainable operating performance in future periods, particularly after our offering and registration stages are complete.
FFO and MFFO should not be considered as alternatives to net income (loss) or as indications of our liquidity, nor is either indicative of funds available to fund our cash needs, including our ability to make distributions. Both should be reviewed in connection with other GAAP measurements.
Same Store Combined NOI(3)
| | 3 mos. ended | | 3 mos. ended | | 3 mos. ended | | 3 mos. ended | |
(in millions) | | Mar. 31, 2012 | | Mar. 31, 2011 | | Mar. 31, 2012 | | Dec. 31, 2011 | |
Rental revenue | | $ | 31.3 | | $ | 28.9 | | $ | 45.5 | | $ | 44.7 | |
| | | | | | | | | |
Expenses: | | | | | | | | | |
Property operating expenses | | 8.5 | | 8.5 | | 12.1 | | 13.1 | |
Real estate taxes | | 4.2 | | 4.3 | | 6.1 | | 5.1 | |
Total expenses | | 12.7 | | 12.8 | | 18.2 | | 18.2 | |
| | | | | | | | | |
Same Store Combined NOI | | $ | 18.6 | | $ | 16.1 | | $ | 27.3 | | $ | 26.5 | |
(3) We define Same Store Combined NOI as rental revenue, less property operating expenses, real estate taxes, and property management fees, including similar amounts related to unconsolidated real estate joint ventures for properties owned for the entirety of the current and comparable periods. The same store comparison for the three months ended March 31, 2012, and 2011 includes 24 same store properties, and the same store comparison for the three months ended March 31, 2012, and December 31, 2011, includes 35 same store properties.
Date Published 06/12
© 2012 Behringer Harvard | 1398-1 MF1 Q1 Report 2012 |
