EX-99.1 12 a08-2535_1ex99d1.htm EX-99.1

Exhibit 99.1

 

SELECTED QUARTERLY FINANCIAL INFORMATION

(Unaudited)

 

Selected quarterly information for the years ended December 31, 2007 and 2006 is as follows (in thousands, except per unit amounts):

 

 

 

 

Quarter Ended

 

 

2007

 

 

December 31

 

September 30

 

 

June 30

 

 

 

March 31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from continuing Rental Operations

 

$ 219,068

 

 

$ 202,799

 

 

$ 196,893

 

 

$  205,109

 

 

Revenues from continuing Service Operations

 

42,316

 

 

20,273

 

 

22,039

 

 

14,730

 

 

Net income available for common unitholders

 

$   61,990

 

 

$   57,061

 

 

$   39,725

 

 

$    73,473

 

 

Basic income per Common Unit

 

$       0.40

 

 

$       0.39

 

 

$       0.27

 

 

$        0.50

 

 

Diluted income per Common Unit

 

$       0.40

 

 

$       0.39

 

 

$       0.27

 

 

$        0.49

 

 

Weighted average Common Units

 

153,769

 

 

146,752

 

 

146,703

 

 

146,552

 

 

Weighted average Common Units and potential

 

 

 

 

 

 

 

 

 

 

 

 

 

dilutive common equivalents

 

154,467

 

 

147,651

 

 

148,129

 

 

149,465

 

 

Funds From Operations (1)

 

$ 123,619

 

 

$   99,943

 

 

$   93,510

 

 

$   92,500

 

 

 

2006

 

 

December 31

 

September 30

 

 

June 30

 

 

 

March 31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from continuing Rental Operations

 

$ 208,426

 

 

$ 195,609

 

 

$ 194,648

 

 

$ 182,864

 

 

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

 

 

 

(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 analysts and investors 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 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, improves the understanding of operating results of REITs among the investing public and makes comparisons of REIT operating results more meaningful. Management believes FFO is 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 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.