EXHIBIT 99.1
SELECTED QUARTERLY FINANCIAL INFORMATION
(UNAUDITED)
Selected quarterly information for the years ended December 31, 1995 and 1994
is as follows (in thousands, except per share amounts):
Quarter Ended
-------------------------------------------------------
1995 DECEMBER 31 SEPTEMBER 30 JUNE 30 MARCH 31
- ---------------------------------------- ----------- ------------ ------- --------
Revenues from Rental Operations $ 32,298 $ 29,098 $ 26,694 $ 25,551
Revenues from Service Operations $ 4,496 $ 5,125 $ 4,321 $ 3,835
Net income $ 10,007 $ 9,306 $ 8,290 $ 7,416
Net income per share $ 0.41 $ 0.39 $ 0.38 $ 0.36
Weighted average shares 24,151 24,136 21,979 20,392
Funds From Operations (1) $ 16,313 $ 14,857 $ 13,076 $ 12,230
Cash flow provided by (used by):
Operating activities 16,432 21,391 24,905 15,892
Investing activities (100,325) (74,823) (79,456) (34,965)
Financing activities 29,925 77,715 82,158 (13,555)
1994
- ----------------------------------------
Revenues from Rental Operations $ 23,611 $ 23,089 $ 21,592 $ 21,007
Revenues from Service Operations $ 4,486 $ 4,968 $ 4,610 $ 4,409
Net income $ 7,111 $ 7,685 $ 5,821 $ 5,599
Net income per share $ 0.35 $ 0.48 $ 0.36 $ 0.35
Weighted average shares 20,304 16,072 16,046 16,046
Funds From Operations (1) $ 11,644 $ 9,774 $ 9,225 $ 8,772
Cash flow provided by (used by):
Operating activities 25,901 193 15,896 9,883
Investing activities (28,045) (29,137) (49,155) (9,901)
Financing activities 9,025 57,466 30,251 (2,009)
(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. The calculation of Funds From Operations for each
of the above quarters has been revised to conform with the presentation for
annual 1995 Funds From Operations which excludes amounts attributable to
minority interests.