EXHIBIT 99.2
RECONCILIATION OF 2003 PROJECTED EARNINGS PER SHARE—DILUTED
TO PROJECTED FUNDS FROM OPERATIONS PER SHARE—DILUTED
(Dollars and shares in thousands, except per share data)
| Year Ended December 31, 2003 | ||||||
---|---|---|---|---|---|---|---|
| Low | High | |||||
Net income available to common shareholders | $ | 9,046 | $ | 9,681 | |||
Numerator for earnings per share—diluted | 9,046 | 9,681 | |||||
Real estate related depreciation and amortization | 35,257 | 35,257 | |||||
Restricted common share dividends | 353 | 353 | |||||
Minority interests—preferred units | 1,049 | 1,049 | |||||
Minority interests—common units (gross) | 6,332 | 6,490 | |||||
Convertible preferred share dividends | 544 | 544 | |||||
Repurchase of preferred units in excess of recorded book value | 11,224 | 11,224 | |||||
Gain on sales of real estate, excluding development portion | (2,851 | ) | (2,851 | ) | |||
Expense on dilutive options | 19 | 19 | |||||
Numerator for funds from operations per share—diluted | $ | 60,973 | $ | 61,766 | |||
Denominator for earnings per share—diluted | 26,820 | 26,820 | |||||
Common units | 8,962 | 8,962 | |||||
Restricted shares | 325 | 325 | |||||
Convertible preferred units | 1,110 | 1,110 | |||||
Convertible preferred shares | 1,197 | 1,197 | |||||
Additional dilutive share options | 1,243 | 1,243 | |||||
Denominator for funds from operations per share—diluted | 39,657 | 39,657 | |||||
Earnings per share—diluted | $ | 0.34 | $ | 0.36 | |||
Funds from operations per share—diluted | $ | 1.54 | $ | 1.56 |