EX-99.1 13 a07-5503_1ex99d1.htm EX-99.1

Exhibit 99.1

SELECTED QUARTERLY FINANCIAL INFORMATION

(Unaudited)

Selected quarterly information for the years ended December 31, 2006 and 2005 is as follows (in thousands, except per unit amounts):

 

Quarter Ended

 

2006

 

December 31

 

September 30

 

June 30

 

March 31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from continuing Rental Operations

 

$

218,016

 

 

$

204,658

 

$

203,660

$

192,336

 

Revenues from continuing Service Operations

 

 

47,927

 

 

 

22,474

 

 

9,718

 

10,006

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available for common unitholders

 

$

55,055

 

 

$

67,970

 

$

24,068

$

12,706

 

Basic income per common unit

 

$

0.37

 

 

$

0.46

 

$

0.16

$

0.09

 

Diluted income per common unit

 

$

0.37

 

 

$

0.45

 

$

0.16

$

0.09

 

Weighted average common units

 

 

147,504

 

 

 

148,328

 

 

148,273

 

148,175

 

Weighted average common units and potential

 

 

 

 

 

 

 

 

 

 

 

 

 

 dilutive common equivalents

 

 

149,020

 

 

 

150,947

 

 

149,364

 

149,265

 

Funds From Operations (1)

 

$

112,674

 

 

$

97,644

 

$

86,729

$

74,523

 

 

2005

 

December 31

 

September 30

 

June 30

 

March 31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from continuing Rental Operations

 

$

175,686

 

 

$

167,740

 

$

167,803

$

157,378

 

Revenues from continuing Service Operations

 

 

13,914

 

 

 

22,584

 

 

23,748

 

21,695

 

Net income available for common unitholders

 

 

33,120

 

 

 

233,689

 

 

44,269

 

28,161

 

Basic income per common unit

 

$

0.22

 

 

$

1.50

 

$

0.28

$

0.18

 

Diluted income per common unit

 

$

0.22

 

 

$

1.48

 

$

0.28

$

0.18

 

Weighted average common units

 

 

150,247

 

 

 

156,110

 

 

156,986

 

156,947

 

Weighted average common units and potential dilutive common equivalents

 

 

151,145

 

 

 

158,468

 

 

157,696

 

157,720

 

Funds From Operations (1)

 

$

92,816

 

 

$

95,478

 

$

96,274

$

89,742

 

 


(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”) like our General Partner. 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”).  NAREIT created FFO as a supplemental measure of REIT operating performance that excludes historical cost depreciation, among other items, from  net income determined in accordance with United States generally accepted accounting principles (“GAAP”).  FFO is a non-GAAP financial measure developed by NAREIT to compare the operating performance of REITs.  The most comparable GAAP measure is net income (loss).  FFO should not be considered as a substitute for net income or any other measures derived in accordance with GAAP and may not be comparable to other similarly titled measures of other companies.

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 presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. FFO, as defined by NAREIT, represents GAAP net income (loss)), 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.

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 provides a useful comparison of the operating performance of our real estate between periods or as compared to different companies.