EX-99.1 12 a05-1804_1ex99d1.htm EX-99.1

Exhibit 99.1

 

SELECTED QUARTERLY FINANCIAL INFORMATION

 

(Unaudited)

 

 

Selected quarterly information for the years ended December 31, 2004 and 2003 is as follows (in thousands, except per unit amounts):

 

 

 

Quarter Ended

 

2004

 

December 31

 

September 30

 

June 30

 

March 31

 

 

 

 

 

 

 

 

 

 

 

Revenues from continuing Rental Operations

 

$

196,531

 

$

194,319

 

$

187,349

 

$

187,448

 

Revenues from continuing Service Operations

 

27,195

 

17,434

 

14,739

 

11,435

 

Net income available for common units

 

45,115

 

46,867

 

39,008

 

36,222

 

Basic income per common unit

 

$

0.29

 

$

0.30

 

$

0.25

 

$

0.24

 

Diluted income per common unit

 

$

0.28

 

$

0.30

 

$

0.25

 

$

0.23

 

Weighted average common units

 

156,400

 

156,211

 

156,045

 

152,444

 

Weighted average common and dilutive potential common units

 

157,350

 

157,105

 

156,828

 

156,913

 

Funds From Operations (1)

 

$

104,673

 

$

98,191

 

$

96,123

 

$

89,198

 

 

 

 

 

 

 

 

 

 

 

2003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from continuing Rental Operations

 

$

183,363

 

$

178,038

 

$

174,969

 

$

176,688

 

Revenues from continuing Service Operations

 

25,440

 

12,453

 

11,421

 

9,182

 

Net income available for common units

 

54,870

 

44,666

 

38,259

 

41,792

 

Basic income per common unit

 

$

0.36

 

$

0.30

 

$

0.25

 

$

0.28

 

Diluted income per common unit

 

$

0.36

 

$

0.30

 

$

0.25

 

$

0.28

 

Weighted average common units

 

150,628

 

150,373

 

150,141

 

149,971

 

Weighted average common and dilutive potential common units

 

151,661

 

151,244

 

151,019

 

150,627

 

Funds From Operations (1)

 

$

103,094

 

$

94,026

 

$

89,545

 

$

85,854

 

 


 (1)  Funds From Operations (“FFO”) is used by industry analysts and investors as a supplemental operating  performance measure of an equity real estate investment trust (“REIT”). FFO is calculated in accordance with the definition that was adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). FFO, as defined by NAREIT, represents net income (loss) determined in accordance with generally accepted accounting principles (“GAAP”), excluding extraordinary items as defined under GAAP and gains or losses from sales of previously depreciated operating real estate assets, plus certain non-cash items such as real estate asset depreciation and amortization, and after similar adjustments for unconsolidated partnerships and joint ventures.

 

Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, many industry investors and analysts have considered the presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. Thus, NAREIT created FFO as a supplemental measure of REIT operating performance that excludes historical cost depreciation, among other items, from GAAP net income. Management believes that the use of FFO, combined with the required primary GAAP presentations, has improved the understanding of operating results of REITs among the investing public and made comparisons of REIT operating results more meaningful. Management considers FFO to be a useful measure for reviewing comparative operating and financial performance (although FFO should be reviewed in conjunction with net income which remains the primary measure of performance) because by excluding gains or losses related to sales of previously depreciated operating real estate assets and excluding real estate asset depreciation and amortization, FFO assists in comparing the operating performance of a company’s real estate between periods or as compared to different companies.