EXHIBIT 99.1
NEWS RELEASE GENERAL GROWTH PROPERTIES, INC.
110 North Wacker Drive
Chicago, IL 60606
(312) 960-5000
FAX (312) 960-5475
FOR IMMEDIATE RELEASE CONTACT: John Bucksbaum
312/960-5005
Bernie Freibaum
312/960-5252
GENERAL GROWTH PROPERTIES, INC. ANNOUNCES FIRST QUARTER RESULTS
CHICAGO, ILLINOIS, MAY 2, 2005 -- General Growth Properties, Inc. (NYSE: GGP)
today announced first quarter 2005 results. Earnings per share - diluted (EPS)
were $.06 for the first quarter of 2005 as compared to $.27 in the first quarter
of 2004. Fully diluted Funds From Operations per share (FFO) were $.72 for the
first quarter of 2005, a 20% increase over $.60 reported in the comparable
period of 2004.
"The first quarter of 2005 was our first full quarter of combined operations of
The Rouse Company and General Growth," said John Bucksbaum, chief executive
officer, General Growth Properties. "Although we have already captured some
efficiencies, there are still significant benefits we expect to obtain
throughout the remainder of this year and next from the expanded and more
valuable platform that we can now offer to all of our constituents."
FINANCIAL AND OPERATIONAL HIGHLIGHTS
- - EPS in the first quarter of 2005 was $.06 per share, versus $.27 in the
comparable period of 2004. Depreciation expense in 2005 was $163.3 million
or $.69 per share, versus $72.9 million or $.33 per share in 2004.
- - FULLY DILUTED FFO PER SHARE increased to $.72 in the first quarter of 2005,
20% above $.60 reported in the first quarter of 2004. TOTAL FFO for the
quarter increased 28% to $209.6 million, from $163.7 million in the first
quarter of 2004. The effects of non-cash rental revenue recognized pursuant
to SFAS No. 141 and 142 resulted in approximately $8.4 million or $.03 of
FFO per fully diluted share in the first quarter of 2005 as compared to
$7.4 million or $.03 in the comparable period of 2004. Straight-line rent
resulted in approximately $21.4 million or $.07 of FFO per fully diluted
share in the first quarter of 2005, versus $2.9 million or $.01 in the same
period of 2004. Straight-line rents in 2005 include approximately $10.1
million or approximately $.04 of FFO per fully diluted share of cumulative
incremental straight-line rent related to a modification in our recognition
policies for tenant rent holidays and inducements.
1 May 2, 2005
- - FFO GUIDANCE for 2005 remains estimated to be at least $3.13 per share. As
future short term interest rates cannot be accurately estimated, the
Company expects to maintain this guidance until the Federal Reserve Board
discontinues its measured increases of interest rates, or until such
earlier time, if applicable, that the Company estimates that full year 2005
FFO per share could be below $3.13.
SEGMENT RESULTS
The Company is presenting for 2005 its operations in two business segments,
Retail and Other, and Community Development. As the Community Development
properties were acquired in November 2004, only one operating segment has been
presented for 2004.
RETAIL AND OTHER SEGMENT
- - REAL ESTATE PROPERTY NET OPERATING INCOME (NOI) for the first quarter of
2005 increased to $511.2 million, 70.6% above the $299.6 million reported
in the first quarter of 2004.
- - REVENUES FROM CONSOLIDATED PROPERTIES were $628.2 million for the quarter,
an increase of 83.7%, compared to $342.0 million for the same period in
2004.
REVENUES FROM UNCONSOLIDATED PROPERTIES at share increased 58.9% to $157.1
million, compared to $98.9 million in the first quarter of 2004.
- - TOTAL TENANT SALES increased 4.2% in 2005 and comparable tenant sales
increased 2.7% versus 2004.
- - COMPARABLE NOI FROM CONSOLIDATED PROPERTIES in the first quarter of 2005
increased by 5.0% compared to the same period last year.
COMPARABLE NOI FROM UNCONSOLIDATED PROPERTIES at share for the quarter
increased by approximately 10.5% compared to the first quarter of 2004.
- - RETAIL CENTER OCCUPANCY decreased to 90.0% at March 31, 2005, compared to
90.4% at March 31, 2004.
- - SALES PER SQUARE FOOT for first quarter 2005 were $416 versus $359 in 2004.
- - AVERAGE RENT
For consolidated properties, average rent per square foot for new/renewal
leases signed during the quarter was $33.23 versus $30.75 for 2004. For
unconsolidated properties, average rent per square foot for new/renewal
leases signed in 2005 was $37.35 versus $35.18 for 2004. Average rent for
consolidated properties leases expiring in 2005 was $29.63 versus $25.69 in
2004. For unconsolidated properties, average rent for leases expiring in
2005 was $32.31 compared to $32.35 in 2004.
2 May 2, 2005
COMMUNITY DEVELOPMENT SEGMENT
- - NOI for the properties in the Community Development segment was $7.6
million for consolidated properties and $2.9 million for unconsolidated
properties.
- - LAND SALE REVENUES were approximately $61.4 million for consolidated
properties and approximately $8.6 million for unconsolidated properties,
amounts which are comparable to the revenues achieved by The Rouse Company
in 2004, excluding bulk sales.
CONFERENCE CALL/WEBCAST
General Growth Properties, Inc. will host a live Webcast of its conference call
regarding this announcement on our Web site, www.generalgrowth.com. This Webcast
will take place on Tuesday, May 3, 2005 at 10:00 a.m., Eastern Time (9:00 a.m.
CT, 7:00 a.m. PT). The Webcast can be accessed by selecting the conference call
icon on the GGP home page.
General Growth Properties, Inc. is the second largest U.S.-based publicly traded
Real Estate Investment Trust (REIT). General Growth currently has ownership
interest and management responsibility for a portfolio of 209 regional shopping
malls in 44 states, as well as ownership in planned community developments and
commercial office buildings. The company portfolio totals approximately 200
million square feet of retail space and includes over 18,000 retailers
nationwide. General Growth Properties, Inc. is listed on the New York Stock
Exchange under the symbol GGP. For more information, please visit the company
Web site at http://www.generalgrowth.com.
NON-GAAP SUPPLEMENTAL FINANCIAL MEASURES AND DEFINITIONS
FUNDS FROM OPERATIONS (FFO)
General Growth, consistent with real estate industry and investment community
preferences, uses FFO as a supplemental measure of operating performance for a
real estate investment trust (REIT). The National Association of Real Estate
Investment Trusts (NAREIT) defines FFO as net income (loss) (computed in
accordance with Generally Accepted Accounting Principles (GAAP)), excluding
gains (or losses) from cumulative effects of accounting changes, extraordinary
items and sales of properties, plus real estate related depreciation and
amortization and after adjustments for unconsolidated partnerships and joint
ventures.
The Company considers FFO a supplemental measure for equity REITs and a
complement to GAAP measures because it facilitates an understanding of the
operating performance of the Company's properties. FFO does not give effect to
real estate depreciation and amortization since these amounts are computed to
allocate the cost of a property over its useful life. Since values for
well-maintained real estate assets have historically increased or decreased
based upon prevailing market conditions, the
3 May 2, 2005
Company believes that FFO provides investors with a clearer view of the
Company's operating performance.
In order to provide a better understanding of the relationship between FFO and
GAAP net income, a reconciliation of FFO to GAAP net income has been provided.
FFO does not represent cash flow from operating activities in accordance with
GAAP, should not be considered as an alternative to GAAP net income and is not
necessarily indicative of cash available to fund cash needs. In addition, the
Company has presented FFO on a consolidated and unconsolidated basis (at the
Company's ownership share) as the Company believes that given the significance
of the Company's operations that are owned through investments accounted for on
the equity method of accounting, the detail of the operations of the Company's
unconsolidated properties provides important insights into the income and FFO
produced by such investments for the Company as a whole.
REAL ESTATE PROPERTY NET OPERATING INCOME (NOI) AND COMPARABLE NOI
General Growth believes that Real Estate Property Net Operating Income (NOI) is
a useful supplemental measure of the Company's operating performance. The
Company defines NOI as operating revenues from continuing operations (rental
income, land sales, tenant recoveries and other income) less property and
related expenses from continuing operations (real estate taxes, land sales
operating costs, repairs and maintenance, marketing and other property
expenses). As with FFO described above, NOI has been reflected on a consolidated
and unconsolidated basis (at the Company's ownership share). Other REITs may use
different methodologies for calculating NOI, and accordingly, the Company's NOI
may not be comparable to other REITs.
Because NOI excludes general and administrative expenses, interest expense,
depreciation and amortization, gains and losses from property dispositions,
discontinued operations, and extraordinary items, it provides a performance
measure that, when compared year over year, reflects the revenues and expenses
directly associated with owning and operating commercial real estate properties
and the impact on operations from trends in occupancy rates, rental rates, land
values and operating costs. This measure thereby provides an operating
perspective not immediately apparent from GAAP operating or net income. The
Company uses NOI to evaluate its operating performance on a property-by-property
basis because NOI allows the Company to evaluate the impact that factors such as
lease structure, lease rates and tenant base, which vary by property, have on
the Company's operating results, gross margins and investment returns.
In addition, management believes that NOI provides useful information to the
investment community about the Company's operating performance. However, due to
the exclusions noted above, NOI should only be used as an alternative measure of
the Company's financial performance. For reference and as an aid in
understanding of
4 May 2, 2005
management's computation of NOI, a reconciliation of NOI to consolidated
operating income as computed in accordance with GAAP has been presented.
Comparable NOI excludes from both years the NOI of properties with significant
physical or merchandising changes and those properties acquired or opened during
the relevant comparative accounting periods.
PROPERTY INFORMATION
The Company has presented information on its consolidated and unconsolidated
properties separately in the accompanying financial schedules. As a significant
portion of the Company's total operations are structured as joint venture
arrangements which are unconsolidated, management of the Company believes that
operating data with respect to all properties owned provides important insights
into the income produced by such investments for the Company as a whole. In
addition, the individual items of revenue and expense for the unconsolidated
properties have been presented at the Company's ownership share of such
unconsolidated ventures. As the management operating philosophies and strategies
are the same regardless of ownership structure, an aggregate presentation of NOI
and other operating statistics yields a more accurate representation of the
relative size and significance of the elements of the Company's overall
operations.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements, including our FFO
guidance. Actual results may differ materially from the results suggested by
these forward-looking statements, for a number of reasons, including, but not
limited to, the retail market, tenant occupancy and tenant bankruptcies, the
level of our indebtedness and interest rates and our ability to successfully
manage our growth. Readers are referred to the documents filed by General Growth
Properties, Inc. with the SEC, specifically the most recent report on Form 10-K,
which further identify the important risk factors which could cause actual
results to differ materially from the forward-looking statements in this
release. The Company disclaims any obligation to update any forward-looking
statement.
###
5 May 2, 2005
GENERAL GROWTH PROPERTIES, INC.
PORTFOLIO RESULTS
(In thousands)
<Table>
<Caption>
Three Months Ended
March 31,
-----------------------------------------
2005 2004
-------------------- -------------------
FUNDS FROM OPERATIONS (FFO)
Operating Partnership $ 209,615 $ 163,701
Less: Allocations to Operating Partnership unitholders 39,589 33,367
-------------------- -------------------
Company stockholders $ 170,026 $ 130,334
==================== ===================
FFO per share:
Company stockholders - basic $ 0.72 $ 0.60
Operating Partnership - basic 0.72 0.60
Operating Partnership - diluted 0.72 0.60
Weighted average number of Company shares outstanding:
Basic 235,812 217,553
Basic (assuming full conversion of Operating Partnership units) 290,719 273,249
Diluted (assuming full conversion of Operating Partnership units) 291,495 274,175
PORTFOLIO RESULTS
Total property revenues $ 689,558 $ 341,955
Total property operating expenses (267,811) (107,201)
Equity in real estate property net operating income of Unconsolidated Properties 99,917 64,810
-------------------- -------------------
Real estate property net operating income 521,664 299,564
Net property management fees and costs (1,496) (148)
Headquarters/regional costs, general and administrative and
depreciation on non-income producing assets (19,514) (11,191)
Net interest expense (242,811) (86,670)
Income taxes 1,307 (7)
Equity in other FFO of Unconsolidated Properties (39,861) (27,130)
Preferred unit distributions (9,674) (10,717)
-------------------- -------------------
FFO - Operating Partnership $ 209,615 $ 163,701
==================== ===================
SUMMARIZED BALANCE SHEET INFORMATION March 31, December 31,
(In thousands) 2005 2004
-------------------- -------------------
Cash and cash equivalents $ 45,117 $ 39,581
Investment in real estate:
Net land, buildings and equipment $ 19,570,575 $ 19,657,322
Developments in progress 575,129 559,969
Investment in and loans to/from Unconsolidated Real Estate Affiliates 1,978,013 1,945,541
Investment land and land held for development and sale 1,664,299 1,638,013
-------------------- -------------------
Net investment in real estate $ 23,788,016 $ 23,800,845
==================== ===================
Total assets $ 25,602,508 $ 25,718,625
Mortgage and other debt payable $ 20,392,810 $ 20,310,947
Minority interest - Preferred 219,275 403,161
Minority interest - Common 543,378 551,282
Stockholders' equity 2,124,639 2,143,150
-------------------- -------------------
Total capitalization (at cost) $ 23,280,102 $ 23,408,540
==================== ===================
</Table>
GENERAL GROWTH PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended
March 31,
------------------------------------------
2005 2004
-------------------- --------------------
Revenues:
Minimum rents $ 410,484 $ 221,694
Tenant recoveries 182,007 102,222
Overage rents 13,586 8,352
Land sales 61,406 -
Management and other fees 19,563 18,701
Other 22,487 8,857
-------------------- --------------------
Total revenues 709,533 359,826
-------------------- --------------------
Expenses:
Real estate taxes 53,504 28,121
Repairs and maintenance 53,817 24,659
Marketing 12,368 10,440
Other property operating costs 89,763 41,196
Land sales operations 54,105 -
Provision for doubtful accounts 4,254 2,784
Property management and other costs 34,637 25,012
General and administrative 2,811 2,190
Depreciation and amortization 163,309 72,904
-------------------- --------------------
Total expenses 468,568 207,306
-------------------- --------------------
Operating income 240,965 152,520
Interest income 2,217 417
Interest expense (245,028) (87,087)
Income taxes 1,307 (7)
Income allocated to minority interests (12,856) (25,438)
Equity in income of unconsolidated affiliates 26,460 17,930
-------------------- --------------------
Income from continuing operations 13,065 58,335
Income from discontinued operations, net of minority interest - 788
-------------------- --------------------
Net income $13,065 $ 59,123
==================== ====================
Basic earnings per share:
Continuing operations $ 0.06 $ 0.27
Discontinued operations - -
-------------------- --------------------
Total basic earnings per share $ 0.06 $ 0.27
==================== ====================
Diluted earnings per share:
Continuing operations $ 0.06 $ 0.27
Discontinued operations - -
-------------------- --------------------
Total diluted earnings per share $ 0.06 $ 0.27
==================== ====================
</Table>
GENERAL GROWTH PROPERTIES, INC.
BREAKDOWN OF COMPANY PORTFOLIO RESULTS AND FUNDS FROM OPERATIONS
(In thousands)
Three Months Ended
March 31, 2005
------------------------------------------
Consolidated Unconsolidated
Properties Properties (a)
-------------------- --------------------
Property revenues:
Minimum rents (b) $ 410,484 $ 96,668
Tenant recoveries 182,007 43,724
Overage rents 13,586 1,727
Land sales 61,406 8,567
Other (c) 22,075 14,965
-------------------- --------------------
Total property revenues 689,558 165,651
-------------------- --------------------
Property operating expenses:
Real estate taxes 53,504 13,678
Repairs and maintenance 53,817 10,924
Marketing 12,368 3,589
Other property operating costs 89,763 30,828
Land sales operations 54,105 5,658
Provision for doubtful accounts 4,254 1,057
-------------------- --------------------
Total property operating expenses 267,811 65,734
-------------------- --------------------
Real estate property net operating income 421,747 99,917
Management and other fees 19,563 -
Property management and other costs (21,059) -
Headquarters/regional costs (d) (13,578) (5,907)
General and administrative (2,811) (241)
Depreciation on non-income producing
assets, including headquarters buildings (3,125) -
Interest income 2,217 769
Interest expense (242,404) (33,834)
Amortization of deferred finance costs (1,992) (648)
Debt extinguishment costs (632) -
Income taxes 1,307 -
Preferred unit distributions (9,674) -
-------------------- --------------------
Funds From Operations 149,559 60,056 $ 209,615
Equity in Funds From Operations of Unconsolidated Properties 60,056 (60,056) -
-------------------- -------------------- -------------------
Operating Partnership Funds From Operations $ 209,615 $ - $ 209,615
==================== ==================== ===================
Three Months Ended
March 31, 2004
------------------------------------------
Consolidated Unconsolidated
Properties Properties (a)
-------------------- --------------------
Property revenues:
Minimum rents (b) $ 221,694 $ 64,501
Tenant recoveries 102,222 31,730
Overage rents 8,352 1,137
Other (c) 9,687 1,514
-------------------- --------------------
Total property revenues 341,955 98,882
-------------------- --------------------
Property operating expenses:
Real estate taxes 28,121 9,176
Repairs and maintenance 24,659 7,475
Marketing 10,440 3,292
Other property operating costs 41,196 13,424
Provision for doubtful accounts 2,785 705
-------------------- --------------------
Total property operating expenses 107,201 34,072
-------------------- --------------------
Real estate property net operating income 234,754 64,810
Management and other fees 18,701 -
Property management and other costs (18,849) -
Headquarters/regional costs (d) (6,163) (5,592)
General and administrative (2,190) (143)
Depreciation on non-income producing
assets, including headquarters buildings (2,838) -
Interest income 417 409
Interest expense (78,934) (20,645)
Amortization of deferred finance costs (3,074) (728)
Debt extinguishment costs (5,079) (431)
Income taxes (7) -
Preferred unit distributions (10,717) -
-------------------- --------------------
Funds From Operations 126,021 37,680 $ 163,701
Equity in Funds From Operations of Unconsolidated Properties 37,680 (37,680) -
-------------------- -------------------- -------------------
Operating Partnership Funds From Operations $ 163,701 $ - $ 163,701
==================== ==================== ===================
(a) Reflect revenues and expenses of Unconsolidated Properties at Operating
Partnership's ownership share of such items.
(b) Minimum rents includes the following for the three months ended March 31:
Consolidated Unconsolidated
2005 Properties Properties
------------------- --------------------
Straight-line rent $ 15,023 $ 6,409
Non-cash rental revenue recognized pursuant to SFAS #141 and #142 7,631 799
2004
Straight-line rent $ 2,115 $ 823
Non-cash rental revenue recognized pursuant to SFAS #141 and #142 5,557 1,842
(c) Includes net FFO of investment property sold in 2004 of $1,250 for the
three months ended March 31, 2004.
(d) Headquarters/regional costs for the Unconsolidated Properties include
property management and other fees to General Growth Management, Inc.
and the Rouse Management Company, Inc.
GENERAL GROWTH PROPERTIES, INC.
SEGMENT RESULTS
(In thousands)
Three Months Ended Three Months Ended
March 31, 2005 March 31, 2004
-------------------------------------------------------- -------------------------
Retail Community Retail
and Other Development Total and Other
----------------- ----------------- ----------------- -------------------------
SEGMENT BASIS (a)
Property revenues:
Minimum rents $ 507,152 $ - $ 507,152 $ 286,195
Tenant recoveries 225,731 - 225,731 133,952
Overage rents 15,313 - 15,313 9,489
Land sales - 69,973 69,973 -
Other 37,039 1 37,040 11,201
----------------- ----------------- ----------------- -------------------------
Total property revenues 785,235 69,974 855,209 440,837
----------------- ----------------- ----------------- -------------------------
Property operating expenses
Real estate taxes 67,182 - 67,182 37,297
Repairs and maintenance 64,741 - 64,741 32,134
Marketing 15,957 - 15,957 13,732
Other property operating costs 120,590 1 120,591 54,620
Land sales operations 259 59,504 59,763 -
Provision for doubtful accounts 5,311 - 5,311 3,490
----------------- ----------------- ----------------- -------------------------
Total property operating expenses 274,040 59,505 333,545 141,273
----------------- ----------------- ----------------- -------------------------
Real estate property net operating income $ 511,195 $ 10,469 $ 521,664 $ 299,564
================= ================= ================= =========================
UNCONSOLIDATED PROPERTIES
Property revenues:
Minimum rents $ 96,668 $ - $ 96,668 $ 64,501
Tenant recoveries 43,724 - 43,724 31,730
Overage rents 1,727 - 1,727 1,137
Land sales - 8,567 8,567 -
Other 14,965 - 14,965 1,514
----------------- ----------------- ----------------- -------------------------
Total property revenues 157,084 8,567 165,651 98,882
----------------- ----------------- ----------------- -------------------------
Property operating expenses
Real estate taxes 13,678 - 13,678 9,176
Repairs and maintenance 10,924 - 10,924 7,475
Marketing 3,589 - 3,589 3,292
Other property operating costs 30,828 - 30,828 13,424
Land sales operations 1 5,657 5,658 -
Provision for doubtful accounts 1,057 - 1,057 705
----------------- ----------------- ----------------- -------------------------
Total property operating expenses 60,077 5,657 65,734 34,072
----------------- ----------------- ----------------- -------------------------
Real estate property net operating income $ 97,007 $ 2,910 $ 99,917 $ 64,810
================= ================= ================= =========================
CONSOLIDATED PROPERTIES
Property revenues:
Minimum rents $ 410,484 $ - $ 410,484 $ 221,694
Tenant recoveries 182,007 - 182,007 102,222
Overage rents 13,586 - 13,586 8,352
Land sales - 61,406 61,406 -
Other 22,074 1 22,075 9,687
----------------- ----------------- ----------------- -------------------------
Total property revenues 628,151 61,407 689,558 341,955
----------------- ----------------- ----------------- -------------------------
Property operating expenses
Real estate taxes $ 53,504 - 53,504 28,121
Repairs and maintenance 53,817 - 53,817 24,659
Marketing 12,368 - 12,368 10,440
Other property operating costs 89,762 1 89,763 41,196
Land sales operations 258 53,847 54,105 -
Provision for doubtful accounts 4,254 - 4,254 2,785
----------------- ----------------- ----------------- -------------------------
Total property operating expenses 213,963 53,848 267,811 107,201
----------------- ----------------- ----------------- -------------------------
Real estate property net operating income $ 414,188 $ 7,559 $ 421,747 $ 234,754
================= ================= ================= =========================
(a) Segment basis results include both Consolidated Properties and the
Operating Partnership's ownership share of the results of operations of
Unconsolidated Properties.
GENERAL GROWTH PROPERTIES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
(In thousands)
Three Months Ended
March 31,
------------------------------------
2005 2004
------------------ -----------------
RECONCILIATION OF REAL ESTATE PROPERTY NET OPERATING INCOME TO GAAP OPERATING INCOME
Real estate property net operating income including Unconsolidated Properties $ 521,664 $ 299,564
Unconsolidated Properties (99,917) (64,810)
------------------ -----------------
Consolidated Properties 421,747 234,754
Management and other fees 19,563 18,701
Property management and other costs (21,059) (18,849)
Headquarters/regional costs (13,578) (6,163)
General and administrative (2,811) (2,190)
Depreciation and amortization (163,309) (72,904)
Other (a) 412 (829)
------------------ -----------------
GAAP Operating income - Consolidated GGPI $ 240,965 $ 152,520
================== =================
</Table>
(a) Reflects discontinued operations and minority interest in Consolidated
Properties real estate property net operating income.
RECONCILIATION OF FUNDS FROM OPERATIONS (FFO) TO GAAP NET INCOME
FFO:
<Table>
Company stockholders $ 170,026 $ 130,334
Operating Partnership unitholders 39,589 33,367
------------------ -----------------
Operating Partnership 209,615 163,701
Depreciation and amortization of capitalized real estate costs (including SFAS #141
and #142 in-place lease costs) other than amortization of financing costs (193,508) (89,527)
FFO of discontinued operations - (1,250)
Allocations to Operating Partnership unitholders (3,042) (14,589)
------------------ -----------------
Income from continuing operations 13,065 58,335
Income from discontinued operations, net of minority interest - 788
------------------ -----------------
Net income $ 13,065 $ 59,123
================== =================
- -
RECONCILIATION OF EQUITY IN REAL ESTATE PROPERTY NET OPERATING INCOME OF UNCONSOLIDATED
PROPERTIES TO GAAP EQUITY IN INCOME OF UNCONSOLIDATED AFFILIATES
Equity in Real Estate Property Net Operating Income of Unconsolidated Properties $ 99,917 $ 64,810
Equity in net interest expense of Unconsolidated Properties (33,713) (21,395)
Equity in headquarters and general and administrative expenses of Unconsolidated Properties (6,148) (5,735)
--------------- -- -----------------
Operating Partnership Equity in FFO from Unconsolidated Properties 60,056 37,680
Depreciation and amortization of capitalized real estate costs (including SFAS #141
and #142 in-place lease costs) other than amortization of financing costs (33,596) (19,750)
------------------ -----------------
Equity in income of unconsolidated affiliates $ 26,460 $ 17,930
================== =================
- -
RECONCILIATION OF WEIGHTED AVERAGE SHARES OUTSTANDING
Basic:
Weighted average number of shares outstanding - FFO per share 290,719 273,249
Full conversion of Operating Partnership units (54,907) (55,696)
------------------ -----------------
Weighted average number of Company shares outstanding - GAAP EPS 235,812 217,553
================== =================
Diluted:
Weighted average number of shares outstanding - FFO per share 291,495 274,175
Full conversion of Operating Partnership units (54,907) (55,696)
------------------ -----------------
Weighted average number of Company shares outstanding - GAAP EPS 236,588 218,479
================== =================