EXHIBIT 99.1
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)
|
| Low |
| High |
| ||
Net income available to common shareholders |
| $ | 17,250 |
| $ | 17,750 |
|
Convertible preferred share dividends |
| 544 |
| 544 |
| ||
Numerator for earnings per share-diluted |
| 17,794 |
| 18,294 |
| ||
Real estate related depreciation and amortization |
| 32,800 |
| 32,800 |
| ||
Restricted common share dividends |
| 332 |
| 332 |
| ||
Minority interests-preferred units |
| 2,288 |
| 2,288 |
| ||
Minority interests-common units |
| 7,046 |
| 7,250 |
| ||
Gain on sales of real estate, excluding development portion |
| (2,843 | ) | (2,843 | ) | ||
Numerator for funds from operations per share-diluted |
| $ | 57,417 |
| $ | 58,121 |
|
|
|
|
|
|
| ||
Denominator for earnings per share-diluted |
| 25,600 |
| 25,600 |
| ||
Common units |
| 8,990 |
| 8,990 |
| ||
Restricted shares |
| 340 |
| 340 |
| ||
Convertible preferred units |
| 2,421 |
| 2,421 |
| ||
Denominator for funds from operations per share-diluted |
| 37,351 |
| 37,351 |
| ||
|
|
|
|
|
| ||
Earnings per share-diluted |
| $ | 0.70 |
| $ | 0.71 |
|
Funds from operations per share-diluted |
| $ | 1.54 |
| $ | 1.56 |
|
