Corporate Office Properties Trust Announces Third Quarter 2001 Results With 10% Growth In FFO And Continued 97% Occupancy.Business Editors COLUMBIA Columbia, cities, United States Columbia (kəlŭm`bēə). 1 City (1990 pop. 75,883), Howard co., central Md., between Washington, D.C., and Baltimore. , Md.--(BUSINESS WIRE)--Oct. 24, 2001 Corporate Office Properties Trust Corporate Office Properties Trust Inc. (COPT) (NYSE: OFC) is a publicly-traded real estate investment trust (REIT) corporation that specializes in office development, and describes itself as "a fully integrated, self-managed real estate investment trust that focuses on the (NYSE NYSE See: New York Stock Exchange :OFC OFC Office OFC Officer OFC Of Course OFC Oxygen Free Copper OFC Oceania Football Confederation (soccer) OFC Optical Fiber Cable OFC Optical Fiber Communications OFC Optical Fiber Conference ) announced today financial and operating results for the third quarter ended September September: see month. 30, 2001. Third Quarter 2001 Highlights
-- 10.0% increase in third quarter Funds From Operations ("FFO") per diluted
share to $0.33 from $0.30 for third quarter 2000.
-- 17.4% increase in third quarter Adjusted Funds From Operations ("AFFO") per
diluted share to $0.27 from $0.23 in third quarter 2000.
-- 97.2% portfolio occupancy at September 30, 2001, as compared to 96.9%
portfolio occupancy at June 30, 2001.
-- 6.7% increase in third quarter earnings per diluted share on income before
extraordinary item ("EPS") to $0.16 from $0.15 for third quarter 2000.
-- 57.7% of expiring leases renewed, representing 166,604 square feet, with an
average capital cost of $4.40 per square foot.
-- 11.9% increase in base rent on renewed and retenanted space during the
quarter.
-- 5.5% increase in same-property cash net operating income in third quarter
2001 as compared to third quarter 2000.
-- 1,425,000 Series F cumulative redeemable preferred shares issued, raising
$35.6 million in gross proceeds.
-- 5.0% increase in quarterly common dividend from $0.20 to $0.21 per share.
-- $35.3 million acquisition of five 100% leased office properties totaling
284,293 square feet in the Baltimore/Washington corridor.
-- $6.9 million acquisition of the remaining 60% joint venture interest in five
office properties in the BWI Airport submarket totaling 314,594 square feet.
-- Northrop Grumman Systems occupied 61,250 square feet of new space at 201
National Business Park.
Subsequent to Quarter-End -- On October October: see month. 12, 2001, the Company retired its $100 million term credit facility, which had $90.9 million outstanding. "We are pleased to report another solid quarter for the company, especially in light of current economic conditions," stated Clay W. Hamlin Hamlin may refer to: In places:
execute - execution our focused strategy of increasing our market concentration in the Baltimore/Washington area, acquiring $82.4 million in assets year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. . We remain on track to achieve 10% FFO FFO See: Funds from operations growth for the year," he added. Financial Results Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. FFO for the quarter ended September 30, 2001, totaled $11.0 million, or $0.33 per diluted share, as compared to $9.6 million, or $0.30 per diluted share, for the quarter ended September 30, 2000, representing a 10.0% increase on a per share basis. Diluted AFFO AFFO Adjusted Funds From Operation for the quarter ended September 30, 2001, totaled $9.1 million, or $0.27 per diluted share, as compared to $6.7 million, or $0.23 per diluted share, for the quarter ended September 30, 2000, representing a 17.4% increase on a per share basis. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of on income before extraordinary item for the quarter ended September 30, 2001 was $0.16 per share as compared to $0.15 per share for the quarter ended September 30, 2000, representing a 6.7% increase. Diluted FFO for the nine months ended September 30, 2001, totaled $31.8 million, or $0.95 per diluted share, as compared to $27.7 million, or $0.86 per diluted share, for the nine months ended September 30, 2000, representing a 10.5% increase on a per share basis. AFFO for the nine months ended September 30, 2001, totaled $26.0 million, or $0.78 per diluted share, as compared to $20.7 million, or $0.69 per diluted share, for the nine months ended September 30, 2000, representing a 13.0% increase on a per share basis. Diluted earnings per share on income before extraordinary item and cumulative effect of accounting change for the nine months ended September 30, 2001, was $0.48 per share, compared to $0.43 per share for the nine months ended September 30, 2000, representing an 11.6% increase. During the quarter, the Company increased its quarterly common dividend by 5.0%, to $0.21 per share from $0.20 per share. The Company's diluted FFO payout ratio Payout Ratio The percentage of earnings paid out in dividends. It is calculated by dividing dividends per share by earnings per share. Notes: The payout ratio indicates how well earnings support the dividend payments: the lower the ratio, the more secure the dividend. for the third quarter 2001 was 67.9%. On an AFFO basis, the Company's payout ratio was 82.3% for the quarter. As of September 30, 2001, the Company had a total market capitalization Total Market Capitalization The total market value of all of a firm's outstanding securities. of $972.6 million, comprised of $329.2 million of common equity, $134.6 million of preferred equity at redemption value Redemption Value refers to the value that is placed on a party's head after they wrong you in some way. It is seen as the payment you are willing to make to get justice. and $508.7 million in debt, resulting in a 52.3% debt-to-total market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. ratio. For the quarter ended September 30, 2001, the Company's total quarterly weighted average interest rate was 7.1%, the EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become interest coverage ratio was 2.57x, and the fixed charge coverage was 1.99x. Operating Results At September 30, 2001, the Company's portfolio included 97 office properties totaling 7.3 million square feet located predominately in four Mid-Atlantic Adj. 1. mid-Atlantic - of a region of the United States generally including Delaware; Maryland; Virginia; and usually New York; Pennsylvania; New Jersey; "mid-Atlantic states" middle Atlantic submarkets: Baltimore/Washington Corridor The Baltimore/Washington corridor is between Washington, D.C. and Baltimore, MD, consisting principally of Anne Arundel, Howard, Montgomery and Prince George's counties. ; Blue Bell, Pennsylvania Blue Bell is a census-designated place (CDP) in Whitpain Township in Montgomery County, Pennsylvania, in the United States. As of the 2000 census, its population was 6,395. ; Harrisburg, Pennsylvania This article is about the capital city of the Commonwealth of Pennsylvania. For other places named Harrisburg, see Harrisburg (disambiguation). Harrisburg is the capital of the Commonwealth of Pennsylvania, a state of the United States of America. ; and the Princeton, New Jersey
Princeton, New Jersey is located in Mercer County, New Jersey, United States. Princeton University has been sited in the town since 1756. - Exit 8A submarket sub·mar·ket n. A geographic, economic, or specialized subdivision of a market. adj. Being below what is usual in a particular market: submarket wages; submarket interest rates. . At September 30, 2001, the portfolio was 97% occupied oc·cu·py tr.v. oc·cu·pied, oc·cu·py·ing, oc·cu·pies 1. To fill up (time or space): a lecture that occupied three hours. 2. To dwell or reside in. 3. and 98% leased to more than 400 tenants. During the quarter, 57.7% of expiring ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. leases were renewed re·new v. re·newed, re·new·ing, re·news v.tr. 1. To make new or as if new again; restore: renewed the antique chair. 2. , representing 166,604 square feet of office space. The Company achieved a 7.9% increase in cash base rents and an 11.9% increase in straight-line straight-line adj. 1. Lying in a straight line. 2. Relating to a device whose linkage produces or copies motion in straight lines. 3. base rents on the renewed and retenanted space with an average capital expenditure of $4.40 per square foot, including tenant improvements and leasing commissions. "Our consistently high occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy level demonstrates the stability of our high credit, large tenant base and the benefits of our strong franchise in the Baltimore/Washington corridor," stated Randall Randall may refer to the following: In places:
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "Looking ahead, we expect to expand our presence in the Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. metropolitan region and are currently exploring several attractive acquisitions in the 270 corridor and Northern Virginia Northern Virginia (NoVA) consists of Arlington, Fairfax, Loudoun, and Prince William counties and the independent cities of Alexandria, Falls Church, Fairfax, Manassas, and Manassas Park. ," he added. Acquisitions During the third quarter, the Company acquired for $6.9 million the remaining 60% joint venture interest in five office properties in the BWI BWI abbr. British West Indies Airport submarket totaling 314,594 square feet. The buildings are 95% leased. On August 3, 2001, the Company acquired for $11.5 million, a 100% leased office property totaling 97,161 square feet, located in the BWI Airport submarket. This property increases our submarket concentration in the BWI Airport region through our ownership of 42 operating properties comprising 2.9 million square feet. On August 30, 2001, the Company acquired for $23.8 million, a portfolio of four 100% leased office properties. The buildings total 187,132 square feet and are located in the Columbia Gateway Business Park, Columbia, Maryland Columbia is a census-designated place and planned community in Howard County, Maryland, United States. It is a suburb of Baltimore, and, to a lesser degree, Washington, DC. It began with the idea that a city could enhance its residents' quality of life. . This portfolio contributes to our presence in the Columbia Gateway Business Park, now comprising 12 operating properties totaling 744,000 square feet. Construction/Development Activity During the quarter, Northrop Grumman Northrop Grumman Corporation (NYSE: NOC) is an aerospace and defense conglomerate that is the result of the 1994 purchase of Grumman by Northrop. The company is the third largest defense contractor for the U.S. Systems occupied 61,250 square feet at 201 National Business Park in Annapolis Annapolis, river, Canada Annapolis, river, c.75 mi (120 km) long, rising in W Nova Scotia, Canada, and flowing SW past Annapolis Royal to Annapolis Basin, an arm of the Bay of Fundy. Junction The point at which two elements make contact. In a transistor, a junction is the point where an N-type material makes contact with a P-type material. , Maryland Maryland (mâr`ələnd), one of the Middle Atlantic states of the United States. It is bounded by Delaware and the Atlantic Ocean (E), the District of Columbia (S), Virginia and West Virginia (S, W), and Pennsylvania (N). . Financing and Capital Transactions In September, the Company raised $35.6 million in gross proceeds through the issuance of 1,425,000 Series F cumulative redeemable Redeemable Eligible for redemption under the terms of an indenture. preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. . The shares have a 9.875% coupon A certificate evidencing the obligation to pay an installment of interest or a dividend that must be cut and presented to its issuer for payment when it is due. Coupons are usually attached to a document, such as a promissory note, bond, share of stock, or a bearer , a liquidation value Liquidation value Net amount that could be realized by selling the assets of a firm after paying the debt. of $25 per share, and may be redeemed re·deem tr.v. re·deemed, re·deem·ing, re·deems 1. To recover ownership of by paying a specified sum. 2. To pay off (a promissory note, for example). 3. at par, at the Company's option, after October 14, 2006. The Company issued 310,342 common units, valued at $3.3 million ($10.50 per unit) in connection with third quarter acquisitions. During the quarter, the Company closed a six-year term mortgage for $16 million with a 7.14% fixed interest rate. Subsequent Events On October 12, 2001, the Company retired its $100 million term credit facility, which had a balance of $90.9 million. Conference Call The Company will hold a conference call to discuss the third quarter results and provide FFO guidance for the fourth quarter 2001 and the year 2002 on October 25, 2001, beginning at 4:00 p.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT . The conference call may be joined by dialing (719) 457-2633. The confirmation code for the call is 681699. A replay of the conference call will begin at 7:00 p.m., EDT and will be available through Thursday Thursday: see week. , November November: see month. 1, 2001, midnight EST EST electroshock therapy. EST abbr. electroshock therapy . The telephone number for the replay is (719) 457-0820. Company Information Corporate Office Properties Trust is a fully-integrated, self-managed real estate investment trust which focuses on the ownership, management, leasing, acquisition and development of suburban office properties located in select Mid-Atlantic submarkets. The Company currently owns 97 office properties totaling 7.3 million rentable square feet including two properties totaling 105,035 square feet held through joint ventures. Corporate Development Services, the Company's development company, provides a wide range of development and construction management services. In addition, Corporate Office Services provides land planning, design/build services, consulting and merchant development to third-party entities. More information on Corporate Office Properties Trust can be found on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.copt.com. Forward-Looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. Information Note: This press release contains "forward looking" statements, as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, that are based on the Company's current expectations, estimates and projections about future events and financial trends affecting the financial condition of the business. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . These statements are not guarantees of future performance, events or results and involve potential risks and uncertainties. Accordingly, actual results may differ materially. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For further information, please refer to the Company's filings with the Securities and Exchange Commission. Additional information pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to the Company's properties and operations as of and for the period ended September 30, 2001, is available in the Company's Supplemental Information package. This supplemental package is filed on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. with the Securities and Exchange Commission and is available upon request or on our website: www.copt.com. Financial Tables Attached
Corporate Office Properties Trust
Summary Financial Data
(Unaudited)
(all amounts in thousands except per share data)
Three Months Ended
--------------------
Sept. 30, Sept. 30,
2001 2000
-------- --------
Real Estate Operations
Revenues
Rental revenue $ 29,011 $ 23,980
Tenant recoveries and other
revenue 3,754 4,059
-------- --------
Total revenue from real
estate operations 32,765 28,039
-------- --------
Expenses
Property operating 9,656 8,050
Interest 8,342 7,850
Depreciation and
amortization 5,649 4,644
-------- --------
Total expenses from real
estate operations 23,647 20,544
-------- --------
Earnings from real estate
operations before equity in
income of unconsolidated real
estate joint ventures 9,118 7,495
Equity in income of
unconsolidated real estate
joint ventures 27 --
-------- --------
Earnings from real estate
operations 9,145 7,495
Losses from service operations (378) (111)
General and administrative (1,347) (1,319)
-------- --------
Income before minority
interests, income taxes and
extraordinary item 7,420 6,065
Minority interests (2,279) (2,310)
-------- --------
Income before income taxes and
extraordinary item 5,141 3,755
Income tax benefit, net 81 --
-------- --------
Income before extraordinary
item 5,222 3,755
Extraordinary item - loss on
early retirement of debt, net -- (70)
-------- --------
Net income 5,222 3,685
Preferred Share dividends (1,830) (781)
-------- --------
Net income available to Common
Shareholders $ 3,392 $ 2,904
======== ========
Earnings per Common Share on
income before extraordinary
item
Basic $ 0.17 $ 0.15
======== ========
Diluted (1) $ 0.16 $ 0.15
======== ========
Corporate Office Properties Trust
Summary Financial Data
(Unaudited)
(all amounts in thousands except per share data and ratios)
Three Months Ended
-----------------------
Sept. 30, Sept. 30,
2001 2000
--------- ---------
Income before minority interests,
income taxes and extraordinary
item $ 7,420 $ 6,065
Less: Preferred Unit distributions (572) (572)
Less: Preferred Share dividends (1,830) (781)
Minority interests in other
consolidated entities (7) (6)
Income tax benefit, gross 124 --
Add: Real estate related
depreciation and amortization 5,186 4,272
-------- --------
Funds from Operations - basic
("Basic FFO") 10,321 8,978
Add: Preferred Unit
distributions 572 572
Add: Convertible Preferred
Share dividends 136 --
Add: Expense on dilutive
share options 5 --
-------- --------
Funds from Operations
- diluted ("Diluted FFO") 11,034 9,550
Less: Straight line rent adjustments (717) (1,872)
Less: Recurring capital improvements (1,211) (415)
Less: Preferred Unit distributions -- (572)
-------- --------
Adjusted Funds from Operations
- diluted ("Diluted AFFO") $ 9,106 $ 6,691
======== ========
Basic weighted average shares
Weighted average Common Shares 20,141 19,934
Weighted average Common Units 9,415 9,388
-------- --------
Basic weighted average Common
Shares/Units 29,556 29,322
Assumed conversion of share
options 481 239
Conversion of weighted average Conv
Preferred Shares 1,197 --
Conversion of Preferred Units 2,421 2,421
-------- --------
Diluted weighted average Common
Shares on FFO (2) 33,655 31,982
======== ========
Diluted weighted average Common
Shares on AFFO (2) 33,655 29,561
======== ========
Diluted FFO per Common Share $ 0.33 $ 0.30
======== ========
Diluted AFFO per Common Share $ 0.27 $ 0.23
======== ========
Dividends/distributions per
Common Share/Unit $ 0.21 $ 0.20
======== ========
Diluted FFO payout ratio 68% 67%
======== ========
Diluted AFFO payout ratio 82% 88%
======== ========
(1) The effect of the conversions of Preferred Units and Common
Units is antidilutive in calculating diluted earnings per
share for the periods reported.
(2) The Company reports a diluted FFO, which assumes the exercise
of any outstanding in-the-money options and the conversion of
the Company's Operating Partnership's Preferred Units and the
Company's Preferred Shares. The Preferred Units are not
included in the Company's computation of AFFO for the quarter
ended September 30, 2000.
Corporate Office Properties Trust
Summary Financial Data
(Unaudited)
(all amounts in thousands except per share data)
Nine Months Ended
--------------------
Sept. 30, Sept. 30,
2001 2000
-------- --------
Real Estate Operations
Revenues
Rental revenue $ 80,590 $ 69,040
Tenant recoveries and other revenue 10,787 11,277
-------- --------
Total revenue from real estate
operations 91,377 80,317
-------- --------
Expenses
Property operating 26,680 23,095
Interest 24,298 22,188
Depreciation and amortization 16,435 13,441
-------- --------
Total expenses from real estate
operations 67,413 58,724
-------- --------
Earnings from real estate operations
before equity in income of
unconsolidated real estate joint
ventures 23,964 21,593
Equity in income of unconsolidated
real estate joint ventures 181 --
-------- --------
Earnings from real estate operations 24,145 21,593
Losses from service operations (564) (112)
General and administrative (4,122) (3,827)
-------- --------
Income before gain on sales of
properties, minority interests,
income taxes, extraordinary item and
cumulative effect of accounting
change 19,459 17,654
Gain on sales of properties 1,596 57
-------- --------
Income before minority interest,
income taxes, extraordinary item and
cumulative effect of accounting
change 21,055 17,711
Minority interests (6,849) (6,552)
-------- --------
Income before income taxes,
extraordinary item and cumulative
effect of accounting change 14,206 11,159
Income tax benefit, net 133 --
-------- --------
Income before extraordinary item and
cumulative effect of accounting
change 14,339 11,159
Extraordinary item - loss on early
retirement of debt, net (136) (112)
-------- --------
Income before cumulative effect of
accounting change 14,203 11,047
Cumulative effect of accounting
change, net (174) --
-------- --------
Net income 14,029 11,047
Preferred Share dividends (4,324) (3,020)
-------- --------
Net income available to Common
Shareholders $ 9,705 $ 8,027
======== ========
Earnings per Common Share on income
before extraordinary item and
cumulative effect of accounting change
Basic $ 0.50 $ 0.44
======== ========
Diluted (1) $ 0.48 $ 0.43
======== ========
Corporate Office Properties Trust
Summary Financial Data
(Unaudited)
(all amounts in thousands except per share data and ratios)
Nine Months Ended
---------------------
Sept. 30, Sept. 30,
2001 2000
-------- --------
Income before minority interests,
income taxes, extraordinary
item and cumulative effect of
accounting change $ 21,055 $ 17,711
Less: Preferred Unit distributions (1,716) (1,668)
Less: Gain on sales of rental
properties, excluding
redevelopment portion (2) (416) (57)
Less: Preferred Share dividends (4,324) (3,020)
Minority interests in other
consolidated entities (61) (17)
Income tax benefit, gross 202 --
Add: Real estate related
depreciation and amortization 14,924 12,406
-------- --------
Funds from Operations - basic
("Basic FFO") 29,664 25,355
Add: Preferred Unit distributions 1,716 1,668
Add: Convertible Preferred Share
dividends 372 677
-------- --------
Funds from Operations - diluted
("Diluted FFO") 31,752 27,700
Less: Straight line rent adjustments (2,223) (3,307)
Less: Recurring capital improvements (3,480) (2,067)
Less: Preferred Unit distributions -- (1,668)
-------- --------
Adjusted Funds from Operations -
diluted ("Diluted AFFO") $ 26,049 $ 20,658
======== ========
Basic weighted average shares
Weighted average Common Shares 20,070 18,439
Weighted average Common Units 9,379 9,740
-------- --------
Basic weighted average Common
Shares/Units 29,449 28,179
Assumed conversion of share
options 343 146
Assumed conversion of Common Unit
Warrants -- 316
Conversion of weighted average
Conv. Preferred Shares 1,091 1,226
Conversion of Preferred Units 2,421 2,355
-------- --------
Diluted weighted average Common
Shares for FFO (3) 33,304 32,222
-------- --------
Diluted weighted average Common
Shares for AFFO (3) 33,304 29,867
======== ========
Diluted FFO per Common Share $ 0.95 $ 0.86
======== ========
Diluted AFFO per Common Share $ 0.78 $ 0.69
======== ========
Dividends/distributions per Common
Share/Unit $ 0.61 $ 0.58
======== ========
Diluted FFO payout ratio 65% 67%
======== ========
Diluted AFFO payout ratio 79% 82%
======== ========
(1) The effect of the conversions of Preferred Units and Common
Units is antidilutive in calculating diluted earnings per
share for the nine months ended September 30, 2001. The effect
of the conversions of Preferred Shares, Preferred Units and
Common Units is antidilutive in calculating earnings per share
for the nine months ended September 30, 2000.
(2) A portion of the gain from the sale of 19 Commerce Drive in
the second quarter of 2001 is included in FFO since it related
to redevelopment services performed on the property.
(3) The Company reports a diluted FFO, which assumes the exercise
of any outstanding in-the-money options and the conversion of
the Company's Operating Partnership's Preferred Units and
Common Unit Warrants, and the Company's Preferred Shares. The
Preferred Units are not included in the Company's computation
of AFFO for the nine months ended September 30, 2001.
Corporate Office Properties Trust
Summary Financial Data
(Unaudited)
Sept. 30, Dec. 31,
2001 2000
-------- --------
Balance Sheet Data (in thousands)
(as of period end):
Real estate investments, net of
accumulated depreciation $859,274 $751,587
Total assets 914,846 794,837
Mortgages payable 508,715 474,349
Total liabilities 545,279 495,549
Minority interests 105,318 105,560
Beneficiaries' equity 264,249 193,728
Debt to Undepreciated Book Value 56.2% 60.4%
Debt to Total Market Capitalization 52.3% 57.3%
Interest Coverage (on EBITDA) 2.57x 2.33x
Property Data, including joint
ventures (as of period end):
Number of operating properties owned 97 83
Total net rentable square feet owned
(in thousands) 7,303 6,473
Occupancy 97.2% 97.0%
Common Share price (as of period end): $ 10.90 $ 9.9375
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