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 | $ | 8,343 | $ | 8,978 | |||
| Numerator for earnings per share-diluted | 8,343 | 8,978 | |||||
| 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) | 7,035 | 7,193 | |||||
| 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 | 28,063 | 28,063 | |||||
| Common units | 8,962 | 8,962 | |||||
| Restricted shares | 325 | 325 | |||||
| Convertible preferred units | 1,110 | 1,110 | |||||
| Convertible preferred shares | 1,197 | 1,197 | |||||
| Denominator for funds from operations per share-diluted | 39,657 | 39,657 | |||||
| Earnings per share-diluted | $ | 0.30 | $ | 0.32 | |||
| Funds from operations per share-diluted | $ | 1.54 | $ | 1.56 | |||
