Exhibit 99.1
SELECTED QUARTERLY FINANCIAL INFORMATION
(Unaudited)
Selected quarterly information for the years ended December 31, 1997 and
1996 is as follows (in thousands, except per share amounts):
Quarter Ended
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1997 December 31 September 30 June 30 March 31
- ----------------------- ----------- ------------ --------- ----------
Revenues from Rental
Operations $ 70,980 $ 56,218 $ 51,586 $ 50,918
Revenues from Service
Operations $ 7,393 $ 5,917 $ 5,129 $ 3,939
Net income available for
common shares $ 19,406 $ 16,911 $ 14,696 $ 14,986
Basic income per common
share (2) $ 0.26 $ 0.26 $ 0.23 $ 0.24
Diluted income per
common share (2) $ 0.25 $ 0.26 $ 0.23 $ 0.24
Weighted average common
shares (2) 75,466 65,309 63,168 61,624
Weighted average common
and dilutive potential
common shares (2) 86,649 72,971 70,576 69,579
Funds From Operations
(1) $ 33,126 $ 26,007 $ 24,406 $ 23,717
Cash flow provided
by (used by):
Operating activities $ 49,057 $ 38,676 $ 42,489 $ 28,973
Investing activities (216,788) (205,129) (134,244) (41,163)
Financing activities 3,952 337,478 81,865 19,853
1996
- ------------------------
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
Basic income per common
share (2) $ 0.26 $ 0.23 $ 0.21 $ 0.20
Diluted income per
common share (2) $ 0. 26 $ 0.23 $ 0.21 $ 0.20
Weighted average common
shares (2) 58,910 58,714 58,288 48,568
Weighted average common
and dilutive potential
common shares (2) 66,885 66,503 66,370 57,778
Funds From Operations
(1) $ 20,966 $ 20,202 $ 19,088 $ 15,823
Cash flow provided by
(used by):
Operating activities $ 26,032 $ 29,987 $ 24,647 $ 14,469
Investing activities (74,241) (108,909) (13,733) (79,865)
Financing activities 41,620 90,559 (22,718) 71,759
(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.
(2) Amounts adjusted to reflect the Company's two-for-one stock split
effected in August 1997.