EX-99.3 10 j8375_ex99d3.htm EX-99.3

Exhibit 99.3

 

SELECTED QUARTERLY FINANCIAL INFORMATION

(Unaudited)

 

Selected quarterly information for the years ended December 31, 2002 and 2001 is as follows (in thousands, except per share amounts):

 

 

 

Quarter Ended

 

2002

 

December 31

 

September 30

 

June 30

 

March 31

 

 

 

 

 

 

 

 

 

 

 

Revenues from Rental Operations

 

$

176,328

 

$

181,185

 

$

179,506

 

$

174,472

 

Revenues from Service Operations

 

11,641

 

11,824

 

15,604

 

29,511

 

Net income available for common shares

 

28,294

 

39,172

 

48,528

 

45,278

 

Basic income per common share

 

$

0.21

 

$

0.29

 

$

0.36

 

$

0.34

 

Diluted income per common share

 

$

0.21

 

$

0.29

 

$

0.36

 

$

0.34

 

Weighted average common shares

 

134,935

 

134,818

 

134,196

 

131,932

 

Weighted average common and dilutive potential common shares

 

150,692

 

151,256

 

151,092

 

150,270

 

Funds From Operations (1)

 

$

84,520

 

$

80,649

 

$

88,754

 

$

87,279

 

Cash flow provided by (used by):

 

 

 

 

 

 

 

 

 

Operating activities

 

$

91,778

 

$

103,623

 

$

165,793

 

$

208,402

 

Investing activities

 

(129,840

)

(58,260

)

(104,517

)

(45,355

)

Financing activities

 

12,439

 

(4,831

)

(72,281

)

(159,020

)

 

2001

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Rental Operations

 

$

177,188

 

$

176,003

 

$

179,627

 

$

181,921

 

Revenues from Service Operations

 

12,835

 

21,676

 

23,627

 

22,321

 

Net income available for common shares

 

44,420

 

77,102

 

49,675

 

58,770

 

Basic income per common share

 

$

0.34

 

$

0.59

 

$

0.39

 

$

0.46

 

Diluted income per common share

 

$

0.34

 

$

0.58

 

$

0.38

 

$

0.45

 

Weighted average common shares

 

130,970

 

130,104

 

129,131

 

128,399

 

Weighted average common and dilutive potential common shares

 

149,842

 

158,594

 

149,572

 

151,031

 

Funds From Operations (1)

 

$

84,520

 

$

88,881

 

$

88,754

 

$

84,592

 

Cash flow provided by (used by):

 

 

 

 

 

 

 

 

 

Operating activities

 

$

66,084

 

$

168,433

 

$

22,158

 

$

77,507

 

Investing activities

 

(27,948

)

34,670

 

127,918

 

(27,615

)

Financing activities

 

(38,157

)

(296,626

)

(85,940

)

(50,192

)

 

(1)          Funds From Operations is defined by the National Association of Real Estate Investment Trusts as net income or loss, excluding gains or losses from sales of depreciated property, plus operating property depreciation and amortization and adjustments for minority interest and unconsolidated companies on the same basis. Funds From Operations does not represent cash flow from operations as defined by generally accepted accounting principles, should not be considered as an alternative to net income as an indicator of the Company’s operating performance, and is not indicative of cash available to fund all cash flow needs.