Exhibit 99.1
FOR IMMEDIATE RELEASE |
| Contact: |
|
| John C. Popeo, Treasurer |
|
| (617) 332-3990 |
|
| www.hrpreit.com |
Announces Financial Results for the
Quarter Ended March 31, 2004
Newton, MA (May 6, 2004): HRPT Properties Trust (NYSE: HRP) today announced its financial results for the quarter ended March 31, 2004, together with comparative results for the 2003 period as follows:
(in thousands, except per share data)
|
| Quarter Ended March 31, |
| ||||
|
| 2004 |
| 2003 |
| ||
Total revenues |
| $ | 136,578 |
| $ | 120,633 |
|
Net income |
| 49,375 |
| 27,292 |
| ||
Net income available for common shareholders |
| 37,875 |
| 15,792 |
| ||
FFO |
| 61,063 |
| 53,551 |
| ||
FFO available for common shareholders |
| 49,563 |
| 42,051 |
| ||
Common distributions paid |
| 35,454 |
| 25,765 |
| ||
|
|
|
|
|
| ||
Per common share: |
|
|
|
|
| ||
Net income available for common shareholders |
| $ | 0.22 |
| $ | 0.12 |
|
FFO available for common shareholders |
| 0.29 |
| 0.33 |
| ||
Common distributions paid |
| 0.20 |
| 0.20 |
| ||
|
|
|
|
|
| ||
Weighted average common shares outstanding |
| 172,724 |
| 128,846 |
| ||
HRPT Properties Trust is a real estate investment trust headquartered in Newton, MA.
(end)
1
HRPT Properties Trust
Statement of Income and Funds From Operations
(in thousands, except per share data)
|
| Quarter Ended March 31, |
| ||||
|
| 2004 |
| 2003 |
| ||
Revenues: |
|
|
|
|
| ||
Rental income |
| $ | 136,458 |
| $ | 120,590 |
|
Interest and other income |
| 120 |
| 43 |
| ||
Total revenues |
| 136,578 |
| 120,633 |
| ||
Expenses: |
|
|
|
|
| ||
Operating expenses |
| 51,016 |
| 46,025 |
| ||
Interest (including amortization of note discounts and deferred financing fees of $1,435 and $1,473, respectively) |
| 26,225 |
| 25,079 |
| ||
Depreciation and amortization (1) |
| 25,043 |
| 20,274 |
| ||
General and administrative |
| 5,698 |
| 4,500 |
| ||
Loss on early extinguishment of debt |
| 2,866 |
| 1,751 |
| ||
Total expenses |
| 110,848 |
| 97,629 |
| ||
|
|
|
|
|
| ||
Income before equity in earnings of equity investments |
| 25,730 |
| 23,004 |
| ||
Equity in earnings of Senior Housing Properties Trust and Hospitality Properties Trust |
| 3,800 |
| 4,288 |
| ||
Gain on equity transactions of equity investments (2) |
| 19,845 |
| — |
| ||
Net income |
| 49,375 |
| 27,292 |
| ||
Preferred distributions |
| (11,500 | ) | (11,500 | ) | ||
Net income available for common shareholders |
| $ | 37,875 |
| $ | 15,792 |
|
|
|
|
|
|
| ||
Calculation of Earnings before Interest, Taxes, Depreciation and Amortization, or EBITDA: (3) |
|
|
|
|
| ||
Net income |
| $ | 49,375 |
| $ | 27,292 |
|
Loss on early extinguishment of debt |
| 2,866 |
| 1,751 |
| ||
Gain on equity transactions of equity investments |
| (19,845 | ) | — |
| ||
Interest expense |
| 26,225 |
| 25,079 |
| ||
Equity in earnings of equity investments |
| (3,800 | ) | (4,288 | ) | ||
EBITDA from equity investments |
| 9,540 |
| 10,579 |
| ||
Depreciation and amortization |
| 25,043 |
| 20,274 |
| ||
EBITDA |
| $ | 89,404 |
| $ | 80,687 |
|
|
|
|
|
|
| ||
Calculation of Funds From Operations, or FFO: (4) |
|
|
|
|
| ||
Net income |
| $ | 49,375 |
| $ | 27,292 |
|
Loss on early extinguishment of debt: |
|
|
|
|
| ||
Add: amount included in total expenses |
| 2,866 |
| 1,751 |
| ||
Less: portion settled in cash |
| — |
| — |
| ||
Depreciation and amortization |
| 25,043 |
| 20,274 |
| ||
Gain on equity transactions of equity investments |
| (19,845 | ) | — |
| ||
Equity in earnings of Senior Housing and Hospitality Properties |
| (3,800 | ) | (4,288 | ) | ||
FFO from equity investments in Senior Housing and Hospitality Properties |
| 7,424 |
| 8,522 |
| ||
FFO |
| 61,063 |
| 53,551 |
| ||
Preferred distributions |
| (11,500 | ) | (11,500 | ) | ||
FFO available for common shareholders |
| $ | 49,563 |
| $ | 42,051 |
|
|
|
|
|
|
| ||
Weighted average common shares outstanding |
| 172,724 |
| 128,846 |
| ||
|
|
|
|
|
| ||
Per common share: |
|
|
|
|
| ||
Net income available for common shareholders |
| $ | 0.22 |
| $ | 0.12 |
|
FFO available for common shareholders |
| 0.29 |
| 0.33 |
| ||
Common distributions paid |
| 0.20 |
| 0.20 |
| ||
2
(1) Includes amortization of intangible values included in acquired real estate totaling $1,961 and $35 for the quarters ended March 31, 2004 and 2003, respectively, pursuant to Statement of Financial Accounting Standard No. 141, “Business Combinations”, or FAS 141.
(2) We account for our common share investments in Senior Housing and Hospitality Properties using the equity method of accounting. During the quarter ended March 31, 2004, we sold 3,148 of our Senior Housing common shares for a gain of $14,805. In addition, we recognized gains of $5,040 during the quarter ended March 31, 2004, as a result of share issuances by Senior Housing and Hospitality Properties at prices above our per share carrying value.
(3) We compute EBITDA as net income plus loss on early extinguishment of debt, gain on equity transactions of equity investments, interest expense, depreciation and amortization and the difference between EBITDA and earnings from equity investments. We consider EBITDA to be an appropriate measure of performance, along with net income and cash flow from operating, investing and financing activities. EBITDA does not represent cash generated by operating activities in accordance with generally accepted accounting principles, or GAAP, and should not be considered an alternative to net income or cash flow from operating activities as a measure of financial performance or liquidity.
(4) We compute FFO as shown in the calculation above. Our calculation of FFO differs from the NAREIT definition because we exclude loss on early extinguishment of debt not settled in cash. We consider FFO to be an appropriate measure of performance for a REIT, along with net income and cash flow from operating, investing and financing activities. We believe that FFO provides useful information to investors because by excluding the effects of certain historical costs, such as depreciation expense and gains or losses on sales of properties, FFO can facilitate comparison of current operating performance among REITs. FFO does not represent cash generated by operating activities in accordance with generally accepted accounting principles, or GAAP, and should not be considered an alternative to net income or cash flow from operating activities as a measure of financial performance or liquidity. FFO is one important factor considered by our board of trustees in determining the amount of distributions to shareholders. Other important factors include, but are not limited to, requirements to maintain our status as a REIT, limitations in our revolving bank credit facility and public debt covenants, the availability of debt and equity capital to us and our expectation of future performance.
3
HRPT Properties Trust
Balance Sheet
(dollars in thousands)
|
| March 31, |
| December 31, |
| ||
Assets |
|
|
|
|
| ||
Real estate properties, at cost |
| $ | 3,913,170 |
| $ | 3,891,966 |
|
Accumulated depreciation |
| (383,842 | ) | (363,015 | ) | ||
|
| 3,529,328 |
| 3,528,951 |
| ||
Acquired real estate leases (1) |
| 67,569 |
| 68,983 |
| ||
Equity investments |
| 222,589 |
| 260,208 |
| ||
Cash and cash equivalents |
| 43,609 |
| 11,526 |
| ||
Other assets |
| 164,316 |
| 143,576 |
| ||
Total assets |
| $ | 4,027,411 |
| $ | 4,013,244 |
|
Liabilities and Shareholders’ Equity |
|
|
|
|
| ||
Indebtedness |
| $ | 1,571,076 |
| $ | 1,876,821 |
|
Acquired real estate lease obligations (1) |
| 32,096 |
| 33,206 |
| ||
Other liabilities |
| 86,528 |
| 91,566 |
| ||
Shareholders’ equity: |
|
|
|
|
| ||
Preferred (20,000,000 shares outstanding) |
| 482,935 |
| 482,935 |
| ||
Common (177,273,925 and 142,773,925 shares outstanding) |
| 1,854,776 |
| 1,528,716 |
| ||
Total liabilities and shareholders’ equity |
| $ | 4,027,411 |
| $ | 4,013,244 |
|
(1) Reflects estimated allocations of property purchase prices to the value of in place leases pursuant to FAS 141.
4
HRPT Properties Trust
(amounts in thousands)
• Equity in earnings, EBITDA, FFO and cash distributions from equity investments include earnings, EBITDA, FFO and cash distributions from Hospitality Properties and Senior Housing as follows:
|
| Quarter Ended March 31, |
| ||||
|
| 2004 |
| 2003 |
| ||
|
|
|
|
|
| ||
Equity in earnings of equity investments: |
|
|
|
|
| ||
Hospitality Properties |
| $ | 1,590 |
| $ | 1,681 |
|
Senior Housing (1) |
| 2,210 |
| 2,607 |
| ||
|
| $ | 3,800 |
| $ | 4,288 |
|
|
|
|
|
|
| ||
EBITDA from equity investments: |
|
|
|
|
| ||
Hospitality Properties |
| $ | 3,732 |
| $ | 4,158 |
|
Senior Housing (1) |
| 5,808 |
| 6,421 |
| ||
|
| $ | 9,540 |
| $ | 10,579 |
|
|
|
|
|
|
| ||
FFO from equity investments: |
|
|
|
|
| ||
Hospitality Properties |
| $ | 3,427 |
| $ | 3,844 |
|
Senior Housing (1) |
| 3,997 |
| 4,678 |
| ||
|
| $ | 7,424 |
| $ | 8,522 |
|
|
|
|
|
|
| ||
Cash distributions from equity investments: |
|
|
|
|
| ||
Hospitality Properties |
| $ | 2,880 |
| $ | 2,880 |
|
Senior Housing (1) |
| 3,971 |
| 3,971 |
| ||
|
| $ | 6,851 |
| $ | 6,851 |
|
(1) In 2003 we owned 12,809 shares of Senior Housing. In January and February 2004, we sold 3,148 of these shares in an underwritten public offering for $57,303 (net $54,413).
• The geographic sources of property level revenue and net operating income (rental income less operating expenses) for the quarters ended March 31, 2004 and 2003, are as follows:
|
| Property Level Revenue (1) |
| Property Level Net |
| ||||||||
|
| 2004 |
| 2003 |
| 2004 |
| 2003 |
| ||||
Metro Philadelphia, PA |
| $ | 32,949 |
| $ | 33,634 |
| $ | 18,301 |
| $ | 18,982 |
|
Metro Washington, DC |
| 16,207 |
| 16,970 |
| 10,357 |
| 11,160 |
| ||||
Metro Boston, MA |
| 12,462 |
| 9,233 |
| 9,018 |
| 6,472 |
| ||||
Southern California |
| 12,389 |
| 11,913 |
| 8,763 |
| 8,630 |
| ||||
Oahu, HI (2) |
| 10,278 |
| — |
| 8,519 |
| — |
| ||||
Metro Austin, TX |
| 9,807 |
| 11,412 |
| 4,748 |
| 6,062 |
| ||||
Other markets |
| 42,366 |
| 37,428 |
| 25,736 |
| 23,259 |
| ||||
Total |
| $ | 136,458 |
| $ | 120,590 |
| $ | 85,442 |
| $ | 74,565 |
|
(1) Includes some triple net lease revenues.
(2) The Oahu properties were acquired in December 2003.
5
HRPT Properties Trust
(amounts in thousands unless otherwise stated)
• Comparable property level revenue and net operating income (rental income less operating expenses) for properties owned by us continuously since January 1, 2003, for the quarters ended March 31, 2004 and 2003, are as follows:
|
| Property Level Revenue (1) |
| Property Level Net |
| ||||||||
|
| 2004 |
| 2003 |
| 2004 |
| 2003 |
| ||||
Metro Philadelphia, PA |
| $ | 32,949 |
| $ | 33,634 |
| $ | 18,301 |
| $ | 18,982 |
|
Metro Washington, DC |
| 16,207 |
| 16,970 |
| 10,357 |
| 11,160 |
| ||||
Metro Boston, MA |
| 9,048 |
| 8,796 |
| 6,484 |
| 6,048 |
| ||||
Southern California |
| 12,020 |
| 11,914 |
| 8,513 |
| 8,630 |
| ||||
Oahu, HI (2) |
| — |
| — |
| — |
| — |
| ||||
Metro Austin, TX |
| 9,807 |
| 11,412 |
| 4,748 |
| 6,062 |
| ||||
Other markets |
| 34,412 |
| 35,403 |
| 20,564 |
| 21,999 |
| ||||
Total |
| $ | 114,443 |
| $ | 118,129 |
| $ | 68,967 |
| $ | 72,881 |
|
(1) Includes some triple net lease revenues.
(2) The Oahu properties were acquired in December 2003.
• Rental income includes non cash straight line rent adjustments, FAS 141 lease value amortization and lease termination fees as follows:
|
| Quarter Ended |
| ||||
|
| 2004 |
| 2003 |
| ||
Non cash straight line rent adjustments |
| $ | 4,531 |
| $ | 3,860 |
|
FAS 141 lease value amortization |
| 30 |
| — |
| ||
Lease termination fees |
| 138 |
| 408 |
| ||
• Cash expenditures made and capitalized for tenant improvements, leasing costs, building improvements, and development and redevelopment activities are as follows:
|
| Quarter Ended |
| ||
|
| 2004 |
| 2003 |
|
Tenant improvements |
| $3,060 |
| $5,665 |
|
Leasing costs |
| 3,146 |
| 1,439 |
|
Building improvements |
| 3,003 |
| 2,745 |
|
Development and redevelopment activities |
| 1,575 |
| 5,764 |
|
6
• Rents charged for office space which were renewed or released during the quarter ended March 31, 2004, were approximately 8% lower than rents previously charged for the same space. Commitments made for expenditures in connection with leasing this space are as follows:
|
| Total |
| Renewals |
| New Leases |
| |||
Square feet leased during the quarter |
| 490 |
| 319 |
| 171 |
| |||
Total commitments for tenant improvements and leasing costs |
| $ | 10,186 |
| $ | 5,852 |
| $ | 4,334 |
|
Average lease term (years) |
| 6.4 |
| 6.2 |
| 6.7 |
| |||
Leasing costs per square foot per year (whole dollars) |
| $ | 3.25 |
| $ | 2.96 |
| $ | 3.78 |
|
• Debt maturities and weighted average interest rates as of March 31, 2004, are as follows:
Year of Maturity |
| Scheduled |
| Weighted |
|
2004 |
| $5,357 |
| 6.9 | % |
2005 |
| 107,257 |
| 6.7 | % |
2006 |
| 7,769 |
| 6.8 | % |
2007 |
| 17,484 |
| 7.7 | % |
2008 |
| 24,006 |
| 6.9 | % |
2009 |
| 255,331 |
| 2.0 | % |
2010 |
| 55,567 |
| 8.6 | % |
2011 |
| 226,967 |
| 6.8 | % |
2012 |
| 201,115 |
| 6.9 | % |
2013 and thereafter |
| 686,271 |
| 6.2 | % |
Total |
| $1,587,124 |
| 5.9 | % |
7
• As of March 31, 2004, tenants responsible for more than 1% of total annualized rent are as follows:
Tenant or Subsidiary |
| Annualized |
| % of |
| |
U. S. Government |
| $ | 88.6 |
| 16.1 | % |
GlaxoSmithKline plc |
| 14.4 |
| 2.6 | % | |
Towers, Perrin, Forster & Crosby, Inc. |
| 12.8 |
| 2.3 | % | |
PNC Financial Services Group |
| 11.8 |
| 2.1 | % | |
Tyco International Ltd |
| 9.5 |
| 1.7 | % | |
Wachovia Corporation |
| 9.3 |
| 1.7 | % | |
Solectron Corporation |
| 9.2 |
| 1.7 | % | |
Motorola, Inc. |
| 8.4 |
| 1.5 | % | |
Mellon Financial Corporation |
| 7.5 |
| 1.4 | % | |
Ballard Spahr Andrews & Ingersoll, LLP |
| 7.4 |
| 1.4 | % | |
FMC Corporation |
| 7.4 |
| 1.4 | % | |
Fallon Clinics |
| 7.2 |
| 1.3 | % | |
Comcast Corporation |
| 6.0 |
| 1.1 | % | |
Other tenants |
| 349.7 |
| 63.7 | % | |
Over one thousand tenants |
| $ | 549.2 |
| 100.0 | % |
(1) Annualized rent is rents pursuant to signed leases as of March 31, 2004, plus expense reimbursements; includes some triple net lease rents and excludes FAS 141 lease value amortization.
• As of March 31, 2004, a division of our tenants based on annualized rent is as follows:
Tenant |
| Annualized |
| % of |
| |
U.S. Government and other governmental tenants |
| $ | 96.8 |
| 18 | % |
Medical related tenants |
| 120.3 |
| 22 | % | |
Industrial land leases (Oahu, HI) |
| 41.3 |
| 7 | % | |
Other investment grade rated tenants (2) |
| 114.4 |
| 21 | % | |
Other tenants |
| 176.4 |
| 32 | % | |
Total |
| $ | 549.2 |
| 100 | % |
(1) Annualized rent is rents pursuant to signed leases as of March 31, 2004, plus expense reimbursements; includes some triple net lease rents and excludes FAS 141 lease value amortization.
(2) Excludes investment grade rated tenants included above.
8
HRPT Properties Trust
(dollars and square feet in thousands unless otherwise stated)
• Property and occupancy statistics as of March 31, 2004 and 2003, are as follows:
|
| All Properties |
| Comparable Properties (1) |
| ||||
|
| 2004 |
| 2003 |
| 2004 |
| 2003 |
|
Total properties (2) |
| 240 |
| 214 |
| 211 |
| 211 |
|
Total square feet (2) |
| 36,026 |
| 24,031 |
| 23,241 |
| 23,241 |
|
Square feet leased (3) |
| 33,569 |
| 22,031 |
| 20,967 |
| 21,314 |
|
Percentage leased |
| 93.2 | % | 91.7 | % | 90.2 | % | 91.7 | % |
(1) Includes properties owned by us continuously since January 1, 2003.
(2) Total properties and square feet at quarter end 2004 include 11 land parcels with 9,755 sq. ft. of developed industrial lands in Oahu, Hawaii acquired in December 2003.
(3) Square feet leased includes space being fitted out for occupancy pursuant to signed leases and space which is leased but being offered for sublease by tenants.
• Properties acquired during the quarter ended March 31, 2004, are as follows:
Date Acquired |
| Location |
| Number of |
| Square |
| Purchase |
| Major Tenant |
|
2/11/04 |
| Arnold, MO |
| 1 |
| 65 |
| $8,343 |
| Convergys Customer Management Group, Inc. |
|
2/24/04 |
| Quincy, MA |
| 1 |
| 46 |
| 7,739 |
| American Express Company |
|
|
|
|
| 2 |
| 111 |
| $16,082 |
|
|
|
(1) Includes closing costs.
9
HRPT Properties Trust
(amounts in thousands unless otherwise stated)
• Lease expiration data at March 31, 2004, is as follows:
|
| Total |
| 2004 |
| 2005 |
| 2006 |
| 2007 and |
| |||||
Leased properties: |
|
|
|
|
|
|
|
|
|
|
| |||||
Metro Philadelphia, PA |
|
|
|
|
|
|
|
|
|
|
| |||||
Total square feet |
| 5,469 |
|
|
|
|
|
|
|
|
| |||||
Leased square feet (1) |
| 5,129 |
| 431 |
| 290 |
| 804 |
| 3,604 |
| |||||
Annualized rent (2) |
| $ | 130,459 |
| $ | 10,706 |
| $ | 6,969 |
| $ | 25,551 |
| $ | 87,233 |
|
Metro Washington, DC |
|
|
|
|
|
|
|
|
|
|
| |||||
Total square feet |
| 2,557 |
|
|
|
|
|
|
|
|
| |||||
Leased square feet (1) |
| 2,373 |
| 251 |
| 666 |
| 160 |
| 1,296 |
| |||||
Annualized rent (2) |
| $ | 66,677 |
| $ | 5,398 |
| $ | 15,143 |
| $ | 4,607 |
| $ | 41,529 |
|
Metro Boston, MA |
|
|
|
|
|
|
|
|
|
|
| |||||
Total square feet |
| 2,620 |
|
|
|
|
|
|
|
|
| |||||
Leased square feet (1) |
| 2,359 |
| 205 |
| 186 |
| 276 |
| 1,692 |
| |||||
Annualized rent (2) |
| $ | 49,256 |
| $ | 3,010 |
| $ | 7,041 |
| $ | 6,141 |
| $ | 33,064 |
|
Southern California |
|
|
|
|
|
|
|
|
|
|
| |||||
Total square feet |
| 1,797 |
|
|
|
|
|
|
|
|
| |||||
Leased square feet (1) |
| 1,722 |
| 63 |
| 43 |
| 179 |
| 1,437 |
| |||||
Annualized rent (2) |
| $ | 49,626 |
| $ | 3,529 |
| $ | 2,554 |
| $ | 6,937 |
| $ | 36,606 |
|
Oahu, HI |
|
|
|
|
|
|
|
|
|
|
| |||||
Total square feet |
| 9,755 |
|
|
|
|
|
|
|
|
| |||||
Leased square feet (1) |
| 9,642 |
| — |
| — |
| — |
| 9,642 |
| |||||
Annualized rent (2) |
| $ | 41,317 |
| $ | — |
| $ | — |
| $ | — |
| $ | 41,317 |
|
Metro Austin, TX |
|
|
|
|
|
|
|
|
|
|
| |||||
Total square feet |
| 2,843 |
|
|
|
|
|
|
|
|
| |||||
Leased square feet (1) |
| 2,218 |
| 188 |
| 191 |
| 62 |
| 1,777 |
| |||||
Annualized rent (2) |
| $ | 37,800 |
| $ | 3,681 |
| $ | 4,547 |
| $ | 1,278 |
| $ | 28,294 |
|
Other markets |
|
|
|
|
|
|
|
|
|
|
| |||||
Total square feet |
| 10,985 |
|
|
|
|
|
|
|
|
| |||||
Leased square feet (1) |
| 10,126 |
| 512 |
| 916 |
| 1,227 |
| 7,471 |
| |||||
Annualized rent (2) |
| $ | 174,048 |
| $ | 10,674 |
| $ | 15,177 |
| $ | 19,692 |
| $ | 128,505 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Totals: |
|
|
|
|
|
|
|
|
|
|
| |||||
Total square feet |
| 36,026 |
|
|
|
|
|
|
|
|
| |||||
Leased square feet (1) |
| 33,569 |
| 1,650 |
| 2,292 |
| 2,708 |
| 26,919 |
| |||||
Percent of leased square feet |
|
|
| 4.9 | % | 6.8 | % | 8.1 | % | 80.2 | % | |||||
Annualized rent (2) |
| $ | 549,183 |
| $ | 36,998 |
| $ | 51,431 |
| $ | 64,206 |
| $ | 396,548 |
|
Percent of annualized rent |
|
|
| 6.7 | % | 9.4 | % | 11.7 | % | 72.2 | % | |||||
(1) Leased square feet includes space being fitted out for occupancy pursuant to signed leases and space which is leased but being offered for sublease by tenants.
(2) Annualized rent is rents pursuant to signed leases as of March 31, 2004, plus expense reimbursements; includes some triple net lease rents and excludes FAS 141 lease value amortization.
10
• Leverage and coverage ratios are as follows:
|
| March 31, |
| December 31, |
|
Leverage Ratios |
| 2004 |
| 2003 |
|
Total Debt / Total Assets |
| 39.0 | % | 46.8 | % |
Total Debt / Real Estate Properties, at Cost |
| 39.7 | % | 47.7 | % |
Total Debt / Total Book Capitalization |
| 40.2 | % | 48.3 | % |
Mortgage Debt / Total Assets |
| 8.1 | % | 8.2 | % |
Variable Rate Debt / Total Book Capitalization |
| 6.4 | % | 10.6 | % |
|
| Quarter Ended March 31, |
| ||
Coverage Ratios |
| 2004 |
| 2003 |
|
EBITDA / Interest Expense |
| 3.4 | x | 3.2 | x |
EBITDA / Interest Expense + Preferred Distributions |
| 2.4 | x | 2.2 | x |
|
| Quarter Ended March 31, |
| ||||
Cash Flow Data |
| 2004 |
| 2003 |
| ||
Cash flow from (used in): |
|
|
|
|
| ||
Operating activities |
| $ | 29,970 |
| $ | 46,449 |
|
Investing activities |
| 33,744 |
| (105,072 | ) | ||
Financing activities |
| (31,631 | ) | 70,822 |
| ||
11
