EX-99.1 8 dex991.htm SELECTED QUARTERLY FINANCIAL INFORMATION SELECTED QUARTERLY FINANCIAL INFORMATION

Exhibit 99.1

SELECTED QUARTERLY FINANCIAL INFORMATION

(Unaudited)

Selected quarterly information for the years ended December 31, 2008 and 2007 is as follows (in thousands, except per unit amounts):

 

     Quarter Ended

2008

   December 31     September 30    June 30    March 31

Revenues from continuing Rental Operations

   $ 229,611     $ 218,680    $ 221,322    $ 224,576

Revenues from continuing Service Operations

     34,920       29,066      23,136      14,776

Net income available for common unitholders

   $ 22,976 (2)   $ 13,933    $ 18,983    $ 4,309

Basic income per Common Unit

   $ 0.15     $ 0.09    $ 0.12    $ 0.03

Diluted income per Common Unit

   $ 0.15     $ 0.09    $ 0.12    $ 0.03

Weighted average Common Units

     154,914       154,604      154,425      154,189

Weighted average Common Units and potential dilutive securities

     155,347       155,344      155,064      154,596

Funds From Operations (1)

   $ 111,351     $ 102,152    $ 92,710    $ 89,188

2007

   December 31     September 30    June 30    March 31

Revenues from continuing Rental Operations

   $ 226,529     $ 212,592    $ 202,657    $ 210,311

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 securities

     154,467       147,651      148,129      149,465

Funds From Operations (1)

   $ 123,493     $ 99,943    $ 93,479    $ 92,500

 

  (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. 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.

 

  (2) Amount includes a $14.0 million gain on the repurchase of Preferred Units and $11.4 million of non-cash impairment charges on undeveloped land and buildings.