Exhibit 99.1
Selected quarterly information for the years ended December 31, 2004 and 2003 is as follows (in thousands, except per share amounts):
| | Quarter Ended | |
| | December 31 | | September 30 | | June 30 | | March 31 | |
2004 | | | | | | | | | |
| | | | | | | | | |
Revenues from continuing Rental Operations | | $ | 196,521 | | $ | 194,331 | | $ | 187,351 | | $ | 187,448 | |
Revenues from continuing Service Operations | | 27,195 | | 17,434 | | 14,739 | | 11,435 | |
Net income available for common shares | | 41,150 | | 42,527 | | 34,716 | | 32,886 | |
Basic income per common share | | $ | 0.29 | | $ | 0.30 | | $ | 0.24 | | $ | 0.24 | |
Diluted income per common share | | $ | 0.29 | | $ | 0.30 | | $ | 0.24 | | $ | 0.23 | |
Weighted average common shares | | 142,716 | | 142,273 | | 142,104 | | 138,398 | |
Weighted average common and dilutive potential common shares | | 157,350 | | 157,105 | | 156,828 | | 156,913 | |
Funds From Operations (1) | | $ | 95,487 | | $ | 89,277 | | $ | 86,724 | | $ | 80,981 | |
| | | | | | | | | |
2003 | | | | | | | | | |
| | | | | | | | | |
Revenues from continuing Rental Operations | | $ | 183,355 | | $ | 178,029 | | $ | 174,964 | | $ | 176,683 | |
Revenues from continuing 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 | |
| | | | | | | | | | | | | | | | | | |
(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 similar adjustments 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 diminishes 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.
