-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GhXiJSbil//2HpbDodsnxHxOx+FJhfZrHfQ8o52vFPeBg1Z3PwRJxXBRbhM4VV0e vIBbKo5nKbnbGlALHoYbbA== 0000950152-03-004898.txt : 20030501 0000950152-03-004898.hdr.sgml : 20030501 20030501171738 ACCESSION NUMBER: 0000950152-03-004898 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030501 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030501 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HEALTH CARE REIT INC /DE/ CENTRAL INDEX KEY: 0000766704 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 341096634 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08923 FILM NUMBER: 03677636 BUSINESS ADDRESS: STREET 1: ONE SEAGATE STE 1500 STREET 2: P O BOX 1475 CITY: TOLEDO STATE: OH ZIP: 43604 BUSINESS PHONE: 4192472800 8-K 1 l00645ae8vk.txt HEALTH CARE REIT 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of report (Date of earliest event reported): May 1, 2003 HEALTH CARE REIT, INC. (Exact name of registrant as specified in its charter) DELAWARE 1-8923 34-1096634 (State or other jurisdiction of (Commission File (I.R.S. Employer incorporation or organization) Number) Identification Number) One SeaGate, Suite 1500, Toledo, Ohio 43604 (Address of principal executive office) (Zip Code) (419) 247-2800 (Registrant's telephone number, including area code) ITEM 12. DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION On May 1, 2003, Health Care REIT, Inc. issued a press release that announced operating results of its first quarter ended March 31, 2003. The press release is posted on the Company's website (www.hcreit.com) under the heading Press Releases. A copy of the press release has been furnished as Exhibit 99.1 to this Current Report. SCHEDULE IV - CONTINUED SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant had duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized. HEALTH CARE REIT, INC. By: /s/ GEORGE L. CHAPMAN ----------------------------- George L. Chapman Its: Chairman of the Board and Chief Executive Officer Dated: May 1, 2003 EXHIBIT INDEX DESIGNATION NUMBER UNDER EXHIBIT NO. ITEM 601 OF REGULATION S-K DESCRIPTION - ----------- -------------------------- ----------- 99.1 99 Press release dated May 1, 2003 EX-99.1 3 l00645aexv99w1.txt EXHIBIT 99.1 EXHIBIT 99.1 HEALTH CARE REIT, INC. REPORTS FIRST QUARTER RESULTS Toledo, Ohio, May 1, 2003........HEALTH CARE REIT, INC. (NYSE/HCN) today announced operating results for its first quarter ended March 31, 2003. We continue to meet our financial and operational expectations. "We are pleased to report the third consecutive quarter of strong FFO growth, due in large part to our ability to access reasonably priced capital that enables us to fund our investment strategy. Our continued ability to attract capital was evident this quarter with the $100 million unsecured debt offering, an add-on to the original issuance we made during the third quarter of 2002, for an aggregate principal amount of $250 million," commented George L. Chapman, chief executive officer of Health Care REIT, Inc. "We invested $51.6 million with quality operators in competitive facilities. Given our strong pipeline and continued access to the capital markets, we are increasing our gross investment goal for the year to $325 to $350 million." As previously announced, the Board of Directors declared a dividend for the quarter ended March 31, 2003, of $0.585 per share. The dividend represents the 128th consecutive dividend payment. The dividend will be payable May 20, 2003, to stockholders of record on April 30, 2003.
SUMMARY OF FIRST QUARTER RESULTS (In thousands, except per share numbers) THREE MONTHS ENDED THREE MONTHS ENDED MARCH 31, 2003 MARCH 31, 2002 Revenues $46,292 $36,083 Net Income Available to Common Stockholders $16,451 $12,511 Funds From Operations (FFO) $28,074 $21,188 Net Income Per Diluted Share $ 0.41 $ 0.37 FFO Per Diluted Share $ 0.69 $ 0.63 Dividend Per Share $ 0.585 $ 0.585 FFO Payout Ratio 85% 93%
Net income available to common stockholders totaled $16.5 million, or $0.41 per diluted share for the first quarter of 2003, compared with $12.5 million, or $0.37 per diluted share, for the same period in 2002. Funds from operations (FFO) totaled $28.1 million, or $0.69 per diluted share, for the first quarter of 2003, compared with $21.2 million, or $0.63 per diluted share, for the same period in 2002. A reconciliation of net income and FFO is presented in Exhibit 14. We had a total outstanding debt balance of $740.8 million at March 31, 2003, as compared with $571.4 million at March 31, 2002, and stockholders' equity of $893.4 million, which represents a debt to total book capitalization ratio of 45 percent. The debt to total market capitalization at March 31, 2003 was 38 percent. Our coverage ratio of EBITDA to interest was 3.65 to 1.00 for the twelve months ended March 31, 2003. PORTFOLIO UPDATE. One assisted living facility stabilized during the quarter and four assisted living facilities in fill-up were acquired. We ended the quarter with 20 assisted living facilities remaining in fill-up, representing nine percent of revenues. Only one of these facilities, representing one percent of revenues, has occupancy of less than 50 percent. We recently reported the bankruptcy filing of Doctors Community Health Care Corporation. Based upon a recent appraisal and the historical performance of our facility, we expect to receive payment in full before December 31, 2003, of the outstanding principal and accrued interest, which we believe we are entitled to as 1Q03 Earnings Release May 1, 2003 - -------------------------------------------------------------------------------- an oversecured creditor. Doctors did not make an interest payment for the first quarter. As previously announced, we do not currently intend to recognize any interest on the loan if payment is not received. We also recently reported the bankruptcy filing of Alterra Healthcare Corporation. Alterra has remained current on rental payments through April 2003 and has acceptable master lease payment coverage of 1.5 times. Alterra filed its plan of reorganization and disclosure statement on March 27, 2003 and indicated its intention to assume the master lease at current rental levels. Based on Alterra's plan and disclosure statement, we expect confirmation in the third quarter. STOCK OPTION EXPENSING. As previously announced, we commenced recognizing compensation expense related to employee stock options on a prospective basis, effective January 1, 2003. We will record the expense related to the 2003 options issued over the option vesting period of five years and will follow the same policy for future stock option issuances. The current year charge is estimated to be $200,000. SUPPLEMENTAL REPORTING MEASURE. We believe that FFO is an important supplemental measure because it is the generally accepted measure of operating performance for the real estate investment trust industry. Along with cash flow provided from operating activities, we consider FFO a supplemental measure of our ability to service debt, to make dividend payments and to fund other cash needs. We primarily utilize FFO to analyze the relationship between dividend payments and FFO to measure our desired payout ratio. We generally use the definition of FFO prescribed by the National Association of Real Estate Investment Trusts (NAREIT). FFO should not be considered as an alternative to net income as a measure of profitability or cash flow provided from operating activities determined in accordance with generally accepted accounting principles. Additionally, FFO, as defined by us, may not be comparable to similarly entitled items reported by other real estate investment trusts. OUTLOOK FOR 2003. We expect to report net income available to common stockholders in the range of $1.69 to $1.74 per diluted share and FFO in the range of $2.78 to $2.83 per diluted share for the year 2003. The guidance assumes gross investments of $325 to $350 million, net investments of $250 million and non-recognition of interest income on the mortgage loan with Doctors Community Health Care Corporation. Please see Exhibit 15 for a reconciliation of the outlook for net income and FFO. DIVIDEND REINVESTMENT PLAN. We have filed with the Securities and Exchange Commission a registration statement that amends our dividend reinvestment and stock purchase plan. Once the registration statement is effective, existing stockholders will be able to purchase up to $5,000 of common stock per month at a discount, currently set at 4%. Additionally, investors who are not stockholders of the company may use this plan to make an initial investment in the company. We have the discretion to grant waivers for purchases in excess of $5,000 per month. CONFERENCE CALL INFORMATION. We have scheduled a conference call on May 2, 2003, at 11:00 A.M. EDST to discuss our first quarter 2003 results, industry trends, portfolio performance and outlook for the remainder of 2003. To participate on the webcast, log on to www.hcreit.com or www.ccbn.com 15 minutes before the call to download the necessary software. Replays will be available for 90 days through the same websites. This earnings release is posted on our website under the heading Press Releases. Health Care REIT, Inc., with headquarters in Toledo, Ohio, is a real estate investment trust that invests in health care facilities, primarily skilled nursing and assisted living facilities. At March 31, 2003, we had investments in 248 health care facilities in 33 states with 46 operators and had total assets of approximately $1.6 billion. For more information on Health Care REIT, Inc., via facsimile at no cost, dial 1-800-PRO-INFO and enter the company code - HCN. More information is available on the Internet at http://www.hcreit.com. This document may contain "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements concern the possible expansion of our portfolio; the performance of our operators and properties; our ability to enter into agreements with new viable tenants for properties which we take back from financially troubled tenants, if any; our ability to make distributions; our policies and plans regarding investments, financings and other matters; our tax status as a real estate investment trust; our ability to appropriately balance the use of debt and equity; and our ability to access capital markets or other sources of funds. When we use words such as "believe," "expect," "anticipate," or 1Q03 Earnings Release May 1, 2003 - -------------------------------------------------------------------------------- similar expressions, we are making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Our expected results may not be achieved, and actual results may differ materially from our expectations. This may be a result of various factors, including, but not limited to: the status of the economy; the status of capital markets, including prevailing interest rates; compliance with and changes to regulations and payment policies within the health care industry; changes in financing terms; competition within the health care and senior housing industries; and changes in federal, state and local legislation. Finally, we assume no obligation to update or revise any forward-looking statements or to update the reasons why actual results could differ from those projected in any forward-looking statements. FINANCIAL SCHEDULES FOLLOW ##### HEALTH CARE REIT, INC. FINANCIAL SUPPLEMENT CONSOLIDATED BALANCE SHEETS (UNAUDITED) (AMOUNTS IN THOUSANDS)
MARCH 31 ---------------------------- 2003 2002 ----------- ----------- ASSETS Real estate investments: Real property owned Land $ 120,640 $ 98,901 Buildings & improvements 1,312,218 1,044,243 Construction in progress 26,162 0 ----------- ----------- 1,459,020 1,143,144 Less accumulated depreciation (125,173) (89,221) ----------- ----------- Total real property owned 1,333,847 1,053,923 Loans receivable Real property loans 205,634 240,128 Subdebt investments 17,613 24,212 ----------- ----------- 223,247 264,340 Less allowance for losses on loans receivable (5,205) (7,111) ----------- ----------- 218,042 257,229 ----------- ----------- Net real estate investments 1,551,889 1,311,152 Other assets: Equity investments 7,101 6,550 Deferred loan expenses 5,518 6,823 Cash and cash equivalents 33,878 8,122 Receivables and other assets 43,454 36,333 ----------- ----------- 89,951 57,828 ----------- ----------- TOTAL ASSETS $ 1,641,840 $ 1,368,980 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Borrowings under unsecured line of credit obligations $ 74,100 $ 78,000 Senior unsecured notes 615,000 412,250 Secured debt 51,730 81,123 Accrued expenses and other liabilities 7,637 16,047 ----------- ----------- Total liabilities 748,467 587,420 Stockholders' equity: Preferred stock 127,500 150,000 Common stock 40,207 33,947 Capital in excess of par value 793,541 637,920 Cumulative net income 599,793 528,725 Cumulative dividends (664,446) (563,473) Accumulated other comprehensive income (344) (995) Other equity (2,878) (4,564) ----------- ----------- TOTAL STOCKHOLDERS' EQUITY 893,373 781,560 ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,641,840 $ 1,368,980 =========== ===========
HEALTH CARE REIT, INC. FINANCIAL SUPPLEMENT CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED MARCH 31 ---------------------- 2003 2002 -------- -------- Revenues: Rental income $ 40,760 $ 28,739 Interest income 4,940 6,787 Commitment fees and other income 592 557 -------- -------- Gross revenues 46,292 36,083 Expenses: Interest expense 11,875 9,479 Provision for depreciation 11,652 8,293 General and administrative 2,611 2,261 Loan expense 635 577 Provision for losses 250 250 -------- -------- Total expenses 27,023 20,860 -------- -------- Income from continuing operations 19,269 15,223 Discontinued operations: Gain (loss) on sales of properties 34 0 Income (loss) from discontinued operations, net (6) 665 -------- -------- 28 665 -------- -------- Net income 19,297 15,888 Preferred dividends 2,846 3,377 -------- -------- Net income available to common stockholders $ 16,451 $ 12,511 ======== ======== Average number of common shares outstanding: Basic 39,971 32,946 Diluted 40,473 33,693 Net income available to common stockholders per share: Basic $ 0.41 $ 0.38 Diluted 0.41 0.37 Funds from operations $ 28,074 $ 21,188 Funds from operations per share: Basic $ 0.70 $ 0.64 Diluted 0.69 0.63 Dividends per share $ 0.585 $ 0.585
HEALTH CARE REIT, INC. FINANCIAL SUPPLEMENT - MARCH 31, 2003 PORTFOLIO COMPOSITION ($000'S) EXHIBIT 1 - ------------------------------
BALANCE SHEET DATA # Properties # Beds/Units Balance % Balance ------------------------------------------------------------------------------- Real Property 226 20,276 $ 1,333,847 86% Loans Receivable 22 2,631 205,634 13% Subdebt Investments 0 0 17,613 1% ------------------------------------------------------------------------------- Total Investments 248 22,907 $ 1,557,094 100% INVESTMENT DATA # Properties # Beds/Units Investment (1) % Investment ------------------------------------------------------------------------------- Assisted Living Facilities 162 10,815 $ 892,161 57% Skilled Nursing Facilities 78 10,788 545,165 35% Specialty Care Facilities 8 1,304 127,613 8% ------------------------------------------------------------------------------- Real Estate Investments 248 22,907 $ 1,564,939 100%
NOTES: (1) REAL ESTATE INVESTMENTS INCLUDE GROSS REAL ESTATE INVESTMENTS AND CREDIT ENHANCEMENTS WHICH AMOUNTED TO $1,557,094,000 AND $7,845,000, RESPECTIVELY. REVENUE COMPOSITION ($000'S) EXHIBIT 2 - ----------------------------
Three Months Ended March 31, 2003 ------------------------------------- REVENUE BY INVESTMENT TYPE (1) Real Property $ 41,200 89% Loans Receivable 4,833 10% Subdebt Investments 259 1% ------------------------------------- Total $ 46,292 100% REVENUE BY FACILITY TYPE (1) Assisted Living Facilities $ 25,835 56% Skilled Nursing Facilities 17,505 38% Specialty Care Facilities 2,952 6% ------------------------------------- Total $ 46,292 100%
NOTES: (1) REVENUES INCLUDE GROSS REVENUES AND REVENUES FROM DISCONTINUED OPERATIONS. PERATOR CONCENTRATION ($000'S) EXHIBIT 3 - ------------------------------
ONCENTRATION BY INVESTMENT # Properties Investment % Investment ---------------------------------------------------------------------- Commonwealth Communities L.L.C. 14 $ 196,240 12% Merrill Gardens L.L.C. 15 124,633 8% Life Care Centers of America, Inc. 17 118,889 8% Home Quality Management, Inc. 19 115,518 7% Alterra Healthcare Corporation 45 105,562 7% Remaining Operators (41) 138 904,097 58% ---------------------------------------------------------------------- Total 248 $ 1,564,939 100%
ONCENTRATION BY REVENUE # Properties Revenue (1) % Revenue ---------------------------------------------------------------------- Commonwealth Communities L.L.C. 14 $ 6,696 14% Merrill Gardens L.L.C. 15 4,053 9% Life Care Centers of America, Inc. 17 3,588 8% Alterra Healthcare Corporation 45 3,449 7% Home Quality Management, Inc. 19 3,261 7% Remaining Operators (41) 138 25,245 55% ---------------------------------------------------------------------- Total 248 $ 46,292 100%
NOTES: (1) THREE MONTHS ENDED MARCH 31, 2003. GEOGRAPHIC CONCENTRATION ($000'S) EXHIBIT 4 - ---------------------------------
CONCENTRATION BY REGION # Properties Investment % Investment ----------------------- ------------------- ---------------------- South 136 $ 681,741 44% Northeast 41 380,946 24% Midwest 37 251,614 16% West 34 250,638 16% ----------------------- ------------------- ---------------------- Total 248 $ 1,564,939 100%
CONCENTRATION BY STATE # Properties Investment % Investment ----------------------- ------------------- ---------------------- Massachusetts 21 $ 237,127 15% Florida 29 153,172 10% Texas 31 114,433 7% Ohio 13 109,641 7% California 10 87,434 6% Remaining States (28) 144 863,132 55% ----------------------- ------------------- ---------------------- Total 248 $ 1,564,939 100%
REVENUE BY STATE # Properties Revenue (1) % Revenue ----------------------- ------------------- ---------------------- Massachusetts 21 $ 8,328 18% Florida 29 4,271 9% Texas 31 3,829 8% Ohio 10 3,401 7% North Carolina 12 2,686 6% Remaining States (28) 145 23,777 52% ----------------------- ------------------- ---------------------- Total 248 $ 46,292 100%
NOTES: (1) THREE MONTHS ENDED MARCH 31, 2003. COMMITTED INVESTMENT BALANCES EXHIBIT 5 - ------------------------------ ($000'S EXCEPT INVESTMENT PER BED/UNIT) Committed Investment # Properties # Beds/Units Balance (1) per Bed/Unit ---------------------------------------------------------------------------- Assisted Living Facilities 162 10,815 $ 913,517 $ 84,468 Skilled Nursing Facilities 78 10,788 545,165 50,534 Specialty Care Facilities 8 1,304 142,796 109,506 ---------------------------------------------------------------------------- Total 248 22,907 $ 1,601,478 -na-
NOTES: (1) COMMITTED BALANCE INCLUDES GROSS REAL ESTATE INVESTMENTS, CREDIT ENHANCEMENTS AND UNFUNDED COMMITMENTS FOR WHICH INITIAL FUNDING HAD COMMENCED. LEASE UP STATISTICS ON ASSISTED LIVING FACILITIES ($000'S) EXHIBIT 6 - ----------------------------------------------------------
Average Months OCCUPANCY # Properties in Operation Revenue (1) % of Revenue ---------------------------------------------------------------------------------- 0% - 50% 1 21 $ 557 1% 50% - 70% 7 28 2,225 5% 70% + 12 16 1,364 3% ---------------------------------------------------------------------------------- 20 -na- $ 4,146 9%
NOTES: (1) INTEREST AND RENTAL INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2003. SELECTED FACILITY DATA EXHIBIT 7 - ----------------------
Coverage Data -------------------------------- % Payor Mix --------------------------------- Before After Census Private Medicare Mgt. Fees Mgt. Fees -------------------------------------------------------------------------------- Assisted Living Facilities 86% 95% 0% 1.31x 1.11x Skilled Nursing Facilities 85% 20% 13% 1.69x 1.29x Specialty Care Facilities 66% 12% 20% 1.98x 1.57x -------------------------------- Weighted Averages 1.50x 1.20x
CREDIT SUPPORT ($000'S) EXHIBIT 8 - -----------------------
Balance % Investment -------------------------------- Cross Defaulted $ 1,475,555 94% of gross real estate investments Cross Collateralized 169,415 82% of loans receivable Master Leases 1,163,545 87% of real property owned
CURRENT CAPITALIZATION ($000'S) LEVERAGE & PERFORMANCE RATIOS - ----------------------------------- ----------------------------------------- Balance % Balance --------------------------------- Borrowings Under Bank Lines $ 74,100 4% Debt/Total Book Cap 45% Long-Term Debt Obligations 666,730 41% Debt/Total Market Cap 38% Stockholders' Equity 893,373 55% Interest Coverage 3.62x 1st Qtr. --------------------------------- 3.65x L12M Total Book Capitalization $ 1,634,203 100% FFO Payout Ratio 85% 1st Qtr. 86% L12M
REVENUE MATURITIES ($000'S) EXHIBIT 9 - --------------------------- OPERATING LEASE EXPIRATIONS & LOAN MATURITIES
Current Lease Current Interest Interest and Year Revenue (1) Revenue (1) Lease Revenue % of Total ------------------------------------------------------------------------------------------------------------------ 2003 $ 3,670 $ 420 $ 4,090 2% 2004 410 1,408 1,818 1% 2005 0 5,936 5,936 3% 2006 942 4,321 5,263 3% 2007 0 0 0 0% Thereafter 154,698 9,289 163,987 91% --------------------------------------------------------------------------------------------- Total $ 159,720 $ 21,374 $ 181,094 100%
NOTES: (1) REVENUE IMPACT BY YEAR, ANNUALIZED. DEBT MATURITIES AND PRINCIPAL PAYMENTS ($000'S) EXHIBIT 10 - -----------------------------------------------
Year Lines of Credit (1) Senior Notes Secured Debt (1) Total - ------------------------------------------------------------------------------------------------------------ 2003 $ 25,000 $ 0 $ 316 $ 25,316 2004 0 40,000 64,453 104,453 2005 175,000 0 494 175,494 2006 0 50,000 519 50,519 2007 0 175,000 552 175,552 2008 0 100,000 601 100,601 2009 0 0 641 641 Thereafter 0 250,000 44,154 294,154 ------------------------------------------------------------------------------------- Total $ 200,000 $ 615,000 $ 111,730 $ 926,730
NOTES: (1) REFLECTED AT 100% CAPACITY. INVESTMENT ACTIVITY ($000'S) EXHIBIT 11 - ----------------------------
Three Months Ended March 31, 2003 ---------------------------------- FUNDING BY INVESTMENT TYPE Real Property $ 38,798 75% Loans Receivable 9,653 19% Subdebt Investments 3,187 6% ---------------------------------- Total $ 51,638 100% FUNDING BY FACILITY TYPE Assisted Living Facilities $ 31,979 62% Skilled Nursing Facilities 14,061 27% Specialty Care Facilities 5,598 11% ---------------------------------- Total $ 51,638 100%
DISPOSITION ACTIVITY ($000'S) EXHIBIT 12 - -----------------------------
Three Months Ended March 31, 2003 ---------------------------------- DISPOSITIONS BY INVESTMENT TYPE Real Property $ 110 1% Loans Receivable 15,606 99% --------------- -------- Total $ 15,716 100% DISPOSITIONS BY FACILITY TYPE Assisted Living Facilities $ 15,716 100% Skilled Nursing Facilities 0 0% Specialty Care Facilities 0 0% --------------- -------- Total $ 15,716 100%
DISCONTINUED OPERATIONS ($000'S) EXHIBIT 13
Three Months Ended March 31, 2003 ------------------------ REVENUES Rental income $ 0 EXPENSES Interest expense 1 Provision for depreciation 5 ------------------------ Income (loss) from discontinued operations, net $ (6)
FUNDS FROM OPERATIONS RECONCILIATION EXHIBIT 14 - ------------------------------------- (AMOUNTS IN 000'S EXCEPT PER SHARE DATA)
Three Months Ended March 31 --------------------------- 2003 2002 ----------- ------------ Net income available to common stockholders $ 16,451 $ 12,511 Provision for depreciation (1) 11,657 8,677 Loss (gain) on sales of properties (34) 0 ----------- ------------ Funds from operations $ 28,074 $ 21,188 Average common shares outstanding: Basic 39,971 32,946 Diluted 40,473 33,693 Per share data: Net income available to common stockholders Basic $ 0.41 $ 0.38 Diluted 0.41 0.37 Funds from operations Basic $ 0.70 $ 0.64 Diluted 0.69 0.63
NOTES: (1) PROVISION FOR DEPRECIATION INCLUDES PROVISION FOR DEPRECIATION FROM DISCONTINUED OPERATIONS. FFO OUTLOOK RECONCILIATION EXHIBIT 15 - ---------------------------- (AMOUNTS IN 000'S EXCEPT PER SHARE DATA)
Year Ended December 31, 2003 ------------------------------------------ Low High ----------------- ----------------- Net income available to common stockholders $ 73,601 $ 75,699 Provision for depreciation 47,382 47,382 ----------------- ----------------- Funds from operations $ 120,983 $ 123,081 Average common shares outstanding (diluted) 43,505 43,505 Per share data (diluted): Net income available to common stockholders $ 1.69 $ 1.74 Funds from operations 2.78 2.83
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