EXHIBIT 99.1
SELECTED QUARTERLY FINANCIAL INFORMATION
(UNAUDITED)
Selected quarterly information for the years ended December 31, 1996 and
1995 is as follows (in thousands, except per share amounts):
Quarter Ended
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1996 December 31 September 30 June 30 March 31
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Revenues from
Rental Operations $ 46,451 $ 41,448 $ 37,724 $ 36,537
Revenues from
Service Operations $ 5,404 $ 5,042 $ 5,137 $ 4,346
Net income available
for common shares $ 15,447 $ 13,478 $ 12,299 $ 9,648
Net income per
common share $ 0.52 $ 0.46 $ 0.42 $ 0.40
Weighted average
common shares 29,455 29,357 29,144 24,284
Funds From
Operations (1) $ 20,966 $ 20,202 $ 19,088 $ 15,823
Cash flow provided
by (used by):
Operating activities $ 26,032 $ 30,001 $ 24,633 $ 14,469
Investing activities (74,241) (108,923) (13,719) (79,865)
Financing activities 41,620 90,559 (22,718) 71,759
1995
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Revenues from
Rental Operations $ 32,298 $ 29,098 $ 26,694 $ 25,551
Revenues from
Service Operations $ 4,496 $ 5,126 $ 4,320 $ 3,835
Net income available
for common shares $ 10,007 $ 9,306 $ 8,290 $ 7,416
Net income per
common share $ 0.41 $ 0.39 $ 0.38 $ 0.36
Weighted average
common shares 24,151 24,136 21,979 20,392
Funds From
Operations (1) $ 14,901 $ 14,888 $ 13,109 $ 11,848
Cash flow provided
by (used by):
Operating activities $ 16,432 $ 21,391 $ 24,905 $ 15,892
Investing activities (100,595) (74,823) (79,456) (34,695)
Financing activities 29,925 77,715 82,158 (13,555)
(1)Funds From Operations is defined by the National Association of
Real Estate Investment Trusts as net income or loss excluding
gains or losses from debt restructuring and sales of property plus
depreciation and amortization, and after adjustments for minority
interest, unconsolidated partnerships and joint ventures
(adjustments for minority interest, unconsolidated partnerships
and joint ventures are calculated to reflect Funds From Operations
on same basis). Funds From Operations does not represent cash flow
from operations as defined by generally accepted accounting
principles, should not be considered as an alternative to net
income as an indicator of the Company's operating performance, and
is not indicative of cash available to fund all cash flow needs.
In March 1995, NAREIT issued a clarification of its definition of
FFO effective for years beginning after December 31, 1995. The
clarification provides that amortization of deferred financing
costs and depreciation of non-rental real estate assets are no
longer to be added back to net income in arriving at FFO. The
Company adopted these changes effective January 1, 1996, and the
calculations of FFO for the quarterly periods during the year
ended December 31, 1995 have been revised accordingly.