Crescent Announces First Quarter 2002 Results.Business Editors FORT WORTH, Texas--(BUSINESS WIRE)--May 9, 2002 Crescent Real Estate Equities Company Crescent Real Estate Equities Co. (NYSE: CEI) is a Fort Worth, Texas-based real estate investor with holdings mainly in office and hotel properties, including several landmark buildings in the southern United States. (NYSE NYSE See: New York Stock Exchange :CEI CEI Competitive Enterprise Institute CEI Conferenza Episcopale Italiana (Italian bishop conference) CEI Central European Initiative CEI Comitato Elettrotecnico Italiano (Italian Electrotechnical Committee) ) today announced results for the first quarter 2002. Funds from operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. ("FFO FFO See: Funds from operations ") for the three months ended March 31, 2002 was $64.1 million, or $.54 per share and equivalent unit (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. ), compared to $72.3 million, or $.59 per share and equivalent unit (diluted), for the same period in 2001. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. John C. Goff n. 1. A silly clown. 1. A game. See Golf. , Chief Executive Officer, "We were pleased to have reported better than expected financial results this quarter. We exceeded our original FFO guidance by $.09 per share based on the high end of our range, and our net income was also affected, primarily as a result of three factors: accelerated timing of residential development sales, higher than expected resort operating results and the recognition of a tax benefit associated with obtaining resort/hotel lease interests in February February: see month. . As such, we are reaffirming our 2002 FFO guidance range of $2.00 to $2.30 per share." Net income available to common shareholders for the three months ended March 31, 2002 was $11.9 million, or $.11 per share (diluted), compared to $27.9 million, or $.26 per share (diluted), for the same period in 2001. Net income was reported after the application of two new SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System rulings. A gain of $.03 per share related to an office property sale was recorded as discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with SFAS 144, "Accounting for the Impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. or Disposal of Long-Lived long-lived adj. 1. Having a long life: a long-lived aunt. 2. Lasting a long time; persistent: a long-lived rumor. 3. Assets", and a write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of $.09 per share related to goodwill in the temperature-controlled logistics investment was recorded in accordance with SFAS 142, "Goodwill and Other Intangible Assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. ". BUSINESS SECTOR REVIEW Office Sector (67% of Total Asset Value as of March 31, 2002) Office property same-store net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. ("NOI NOI Net Operating Income NOI Notice of Intent NOI Nation of Islam NOI Notice of Inquiry NOI Neuro Orthopaedic Institute NOI New Organizing Institute NOI Notice of Interest NOI No Offense Intended NOI National Olympiad in Informatics ") declined 0.5% for the three months ended March 31, 2002 over the same period in 2001 for the 25.8 million square feet of office property space owned during both periods. Average 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 for these properties for the three months ended March 31, 2002 was 90.0% compared to 92.6% for the same period in 2001. As of March 31, 2002, the overall office portfolio was 90.5% leased based on executed leases. During the three months ended March 31, 2002 and 2001, Crescent crescent, emblematic representation of the quarter moon. The crescent and star, ancient Byzantine symbols that became the emblems of Constantinople, were also assumed as the standard of the Ottoman Turks. received $1.2 million and $1.7 million, respectively, of lease termination fees termination fee The one-time charge for terminating or transferring an individual retirement account. If a financial institution charges a termination fee, the fee must be spelled out in the original agreement that is signed when the account is opened. . Crescent's policy is to exclude lease termination fees from its same-store NOI growth calculation. The Company leased 1.0 million net rentable square feet during the three months ended March 31, 2002, of which 585,000 square feet was 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. or re-leased. The weighted average FFO net effective rental rate (rental rate less operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. ) increased 13% over the 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. rates for the renewed or re-leased leases, all of which have commenced or will commence within the next twelve months. Tenant improvements related to these leases were $.79 per square foot per year and leasing costs were $.71 per square foot per year. On January January: see month. 18, 2002, Crescent closed on the sale of Cedar Springs Cedar Springs is the name of three cities:
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. in Dallas Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. . The sale generated net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to Crescent of approximately $12 million. Denny Denny may refer to:
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , commented, "We continue to be encouraged by our office leasing activity given the economic uncertainty. Nearly 70% of our 3.9 million square feet of leases expiring in 2002 have been signed or are in active negotiations. And using first quarter renewal and re-leasing activity as a measure, we are experiencing a healthy roll up in net effective rental rates." "As expected, our average occupancy declined to 90% in the first quarter as a result of certain lease expirations early in the year. This caused our same-store net operating income to slightly decline. However, we are pleased with our progress in backfilling An early technique used with XTs and ATs that let DESQview run more programs concurrently. Motherboard chips were disabled and EMS chips were assigned the low memory addresses. that space and anticipate occupancy levels rising over the year. Due to continued economic uncertainty, we remain cautious in projecting 2002 growth for our office segment, and as such, we are reaffirming our same-store growth range of 0% to 4% based on occupancy of 90% to 93%," Alberts added. Resort and Residential Development Sector (22% of Total Asset Value as of March 31, 2002) Destination Resort Properties Based on actual performance of Crescent's five resort properties, same-store net operating income declined 10% for the three months ended March 31, 2002 over the same period in 2001. The average daily rate increased 2% and revenue per available room decreased 5% for the three months ended March 31, 2002 compared to the same period in 2001. Weighted average occupancy was 75% for the three months ended March 31, 2002 compared to 79% for the three months ended March 31, 2001. "Although first quarter results in 2002 were below 2001, resort performance exceeded our expectations and showed a dramatic recovery from fourth quarter 2001 levels. We have seen strong operating results from our Canyon Ranch Canyon Ranch is a brand associated with several properties, communities, resorts, and spas. Properties & communities
Hyatt is a part of the Marmon Group which is owned by Chicago's Pritzker Family. Mark S. Hoplamazian is the current President and CEO of Global Hyatt Corporation. Beaver Creek Beaver Creek may refer to numerous places, mainly stream and towns. The USGS database records 658 waterways and 19 populated places using the name in the United States and numerous others using related forms like Beaver Creek Ditch, Beaver Creek Swamp, Beaver Creek Lake, Beaver properties," commented Alberts. Upscale Residential Development Properties "While we continue to feel the effects of a soft economy in our residential development projects, we are clearly seeing signs that velocity of sales activity is picking up. Based on overall residential performance in the first quarter, we are cautiously optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that our consolidated residential results will meet our expectations for the year," commented Alberts. Investment Sector (11% of Total Asset Value as of March 31, 2002) Upscale Business-Class Hotel Properties Based on actual performance of Crescent's four hotel properties, same-store net operating income declined 17% for the three months ended March 31, 2002 over the same period in 2001. The average daily rate decreased 4%, while revenue per available room decreased 14% for the three months ended March 31, 2002 compared to the same period in 2001. Weighted average occupancy was 65% for the three months ended March 31, 2002 compared to 73% for the three months ended March 31, 2001. Temperature-Controlled Logistics Investment AmeriCold Logistics' same-store EBITDAR Earnings Before Interest, Taxes, Depreciation, Amortization, and Restructuring Costs - EBITDAR An indicator of a company's financial performance calculated as: = Revenue - Expenses (excluding tax, interest, depreciation, amortization, and restructuring costs) (earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
v. de·ferred, de·fer·ring, de·fers v.tr. 1. To put off; postpone. 2. To postpone the induction of (one eligible for the military draft). v.intr. $3.0 million (of the $35.0 million contracted rent) for the first quarter, of which Crescent's share was $1.2 million. Receipt of COPI COPI Chevron Overseas Petroleum Inc. COPI Construction Output Price Index (UK) COPI Court-Ordered Protected Individual Assets As was announced on February 14, 2002, Crescent reached an agreement with Crescent Operating, Inc. ("COPI") under which, during the first quarter, Crescent received COPI's lessee One who rents real property or Personal Property from another. A lessee of land is a tenant. Cross-references Landlord and Tenant. lessee n. the person renting property under a written lease from the owner (lessor). interests in eight of Crescent's resort/hotel properties, the voting interests Voting interest in business and accounting is a percentage of voting stock owned. This notion is different from economic interest that refers to a percentage of all the equity issued, including preferred stock, warrants, and so on. in three of Crescent's residential development corporations and related entities, and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. . As a result, the financial information of the resort/hotel and residential development properties includes operations of these properties beginning on the date Crescent received the assets. BALANCE SHEET REVIEW On April 15, 2002, Crescent's operating partnership completed a private offering of $375 million in 9.25% senior, unsecured Unsecured A loan or equity interest that is given without any guarantee of payment, performance, satisfaction or opportunity for return from the recipient. No property, interest or security is used as collateral in either a guarantee or a pledge. notes due 2009. Proceeds were used to repay existing indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. and redeem redeem v. to buy back, as when an owner who had mortgaged his/her real property pays off the debt. The term also refers to paying the amount due and all charges after a foreclosure (due to failure to make payments when due) has begun. preferred units of one of its subsidiaries. On April 26, 2002, Crescent also completed a preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. issuance of 2.8 million shares of its 6 3/4% Series A convertible cumulative preferred stock Cumulative preferred stock Preferred stock whose dividends accrue, should the issuer not make timely dividend payments. Related: Non-cumulative preferred stock. to an institutional investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. . Proceeds of $50 million were used to redeem preferred units of one of its operating partnership subsidiaries. "The successful placement of the senior unsecured notes with institutional investors and the issuance of the preferred stock gives us substantial financial flexibility. By paying down our line of credit with proceeds from the unsecured notes, we are in a position to repay the remaining $98 million of unsecured notes due in September September: see month. and a $63.5 million mortgage loan due in December December: see month. . Effectively, we will have no significant debt maturities prior to 2005," commented Goff. 2002 OUTLOOK FFO Per Share Crescent's management reaffirms its previously disclosed 2002 FFO guidance range of $2.00 to $2.30 per share, of which $.43 to $.45 is expected for the second quarter. SUPPLEMENTAL OPERATING AND FINANCIAL DATA Crescent's supplemental and operating financial data report for the first quarter 2002 is available on the Company's website (www.cei-crescent.com) in the investor relations Investor relations The process by which the corporation communicates with its investors. section. To request a hard copy, please call the Company's investor relations department at 817/321-2180. CONFERENCE CALL, WEBCAST AND PRESENTATION The Company will also host a conference call and audio webcast, both open to the general public, at 10:00 A.M. Central Time on Thursday Thursday: see week. , May 9, 2002, to discuss the first quarter results and provide a Company update. To participate in the conference call, please dial 800/818-4442 domestically or 706/679-3110 internationally, or you may access the audio webcast on the Company's website (www.cei-crescent.com) in the investor relations section. During the call, reference will be made to a presentation that will also be posted on the Company's website. A replay of the conference call will be available through May 16, 2002, by dialing 800/642-1687 domestically or 706/645-9291 internationally with a passcode of 3622930. The webcast and presentation will be available on Crescent's website for 30 days. 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. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are generally characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. by terms such as "believe", "expect" and "may". Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, the Company's actual results could differ materially from those described in the forward-looking statements. The following factors might cause such a difference: -- The Company's ability, at its office properties, to timely lease unoccupied square footage and timely re-lease occupied square footage upon expiration on favorable terms, which may be adversely affected by changes in real estate conditions (including rental rates and competition from other properties and new development of competing properties or a general downturn in the economy); -- Further deterioration in the resort/business-class hotel markets or in the market for residential land or luxury residences, including single-family homes, townhomes and condominiums, or in the economy generally; -- Financing risks, such as the ability to generate revenue sufficient to service and repay existing or additional debt, increases in debt service associated with increased debt and with variable-rate debt, the ability to meet financial covenants, the Company's ability to fund the share repurchase program and the Company's ability to consummate financings and refinancings on favorable terms and within any applicable time frames; -- Crescent's inability to obtain the confirmation of a prepackaged bankruptcy plan of COPI binding all creditors and stockholders; -- The inability of Crescent successfully to integrate the lessee interests in the resort/hotel properties and the voting interests in its residential development corporations and related entities with its current business and operations; -- The inability of Crescent to complete the distribution to its shareholders of the shares of a new entity to purchase the AmeriCold tenant interest from COPI; -- Further adverse conditions in the temperature-controlled logistics business (including both industry-specific conditions and a general downturn in the economy which may further jeopardize the ability of the Company's tenant to pay all current rent due to the Company); -- Adverse changes in the financial condition of existing tenants; -- The concentration of a significant percentage of the Company's assets in Texas; -- The Company's ability to find acquisition and development opportunities which meet the Company's investment strategy; -- The existence of complex regulations relating to the Company's status as a REIT, the effect of future changes in REIT requirements as a result of new legislation and the adverse consequences of the failure to qualify as a REIT; and -- Other risks detailed from time to time in the Company's filings with the SEC. Given these uncertainties, readers are cautioned not to place undue reliance on such statements. The Company is not obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to update these forward-looking statements to reflect any future events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . ABOUT THE COMPANY Crescent Real Estate Equities Company, through its subsidiaries, owns and manages some of the highest quality properties in the country. Its portfolio consists primarily of 76 office properties (which includes 3 retail properties) totaling over 28 million square feet located in six states, as well as world-renowned world-re·nowned adj. Widely known and acclaimed. luxury resorts and spas and upscale residential developments.
March 31, December 31,
2002 2001
(unaudited) (audited)
ASSETS:
Investments in
real estate:
Land $ 314,577 $ 252,109
Land held
for investment
or development 521,199 108,274
Building and
improvements 3,049,553 2,954,666
Furniture,
fixtures and
equipment 104,600 72,247
Properties held
for disposition,
net 27,337 35,158
Less - accumulated
depreciation (694,622) (642,531)
---------------- ----------------
Net investment
in real estate $ 3,322,644 $ 2,779,923
Cash and cash
equivalents $ 66,890 $ 36,285
Restricted cash
and cash equivalents 82,252 115,531
Accounts receivable,
net 52,793 28,654
Deferred rent
receivable 65,839 66,362
Investments in real
estate mortgages
and equity
of unconsolidated
companies 526,918 838,317
Notes receivable,
net 103,670 132,065
Income tax
asset-current
and deferred,
net 27,806 -
Other assets, net 202,062 145,012
---------------- ----------------
Total assets $ 4,450,874 $ 4,142,149
================ ================
LIABILITIES:
Borrowings under
Credit Facility 334,500 283,000
Notes payable 2,045,883 1,931,094
Accounts payable,
accrued expenses
and other
liabilities 333,173 220,068
------------- -------------
Total liabilities $ 2,713,556 $ 2,434,162
---------------- ----------------
MINORITY INTERESTS:
Operating partnership,
6,591,837 and 6,594,521
units, respectively $ 66,960 $ 69,910
Consolidated real
estate partnerships 284,825 232,137
---------------- ----------------
Total minority interests $ 351,785 $ 302,047
---------------- ----------------
SHAREHOLDERS' EQUITY:
Preferred shares,
$.01 par value,
authorized 100,000,000
shares:
6 3/4% Series A
Convertible Cumulative
Preferred Shares,
liquidation preference
of $25.00 per share,
8,000,000 shares
issued and outstanding
at March 31, 2002
and December 31, 2001 $ 200,000 $ 200,000
Common shares, $.01 par
value, authorized
250,000,000 shares,
123,959,962 and 123,396,017
shares issued and outstanding
at March 31, 2002 and
December 31, 2001, respectively 1,233 1,227
Additional paid-in
capital 2,240,107 2,234,360
Deferred compensation
on restricted shares (5,253) -
Accumulated deficit (665,892) (638,435)
Accumulated other
comprehensive income (24,922) (31,484)
---------------- ----------------
$ 1,745,273 $ 1,765,668
Less - shares held
in treasury, at cost,
18,770,953 and 18,770,418
common shares at March 31, 2002
and December 31, 2001,
respectively (359,740) (359,728)
---------------- ----------------
Total shareholders' equity $ 1,385,533 $ 1,405,940
---------------- ----------------
Total liabilities
and shareholders'
equity $ 4,450,874 $ 4,142,149
================ ================
TOTAL COMMON SHARES
AND UNITS OUTSTANDING 118,372,683 117,814,641
COMMON SHARE PRICE $19.40 $18.11
MARKET VALUE OF EQUITY $2,496,430 $2,333,623
TOTAL MARKET
CAPITALIZATION
INCLUDING DEBT $4,876,813 $4,547,717
For the three months
ended March 31,
------------------------------------
2002 2001
REVENUE:
Office property $ 143,471 $ 153,384
Resort/Hotel
property 38,524 15,949
Residential Development
property 48,065 -
Interest and
other income 2,226 9,003
---------------- ----------------
Total revenue $ 232,286 $ 178,336
---------------- ----------------
EXPENSE:
Office property
real estate
taxes $ 21,272 $ 22,825
Office property
operating expenses 44,555 43,661
Resort/Hotel
property expense 23,890 -
Residential Development
property expense 42,215 -
Corporate general
and administrative 6,392 5,264
Interest expense 42,272 47,448
Amortization of
deferred financing costs 2,320 2,425
Depreciation and
amortization 33,822 30,442
Impairment and
other charges
related
to real estate assets - 2,150
---------------- ----------------
Total expense $ 216,738 $ 154,215
---------------- ----------------
Operating income $ 15,548 $ 24,121
---------------- ----------------
OTHER INCOME AND EXPENSE:
Equity in net income
(loss) of unconsolidated
companies:
Office and retail
properties $ 1,310 $ 1,093
Residential
development
properties 12,483 10,708
Temperature-controlled
logistics properties (310) 2,719
Other (4,061) 1,846
---------------- ----------------
Total equity in
net income of
unconsolidated
companies $ 9,422 $ 16,366
---------------- ----------------
Gain on property sales - 330
---------------- ----------------
Total other
income and
expense $ 9,422 $ 16,696
---------------- ----------------
INCOME BEFORE
INCOME TAXES,
MINORITY INTERESTS,
DISCONTINUED
OPERATIONS AND
CUMULATIVE EFFECT
OF A CHANGE IN
ACCOUNTING PRINCIP $ 24,970 $ 40,817
Minority interests (8,043) (9,752)
Income tax benefit 4,283 -
---------------- ----------------
INCOME BEFORE
DISCONTINUED
OPERATIONS AND
CUMULATIVE EFFECT
OF A CHANGE IN
ACCOUNTING PRINCIP $ 21,210 $ 31,065
Discontinued operations -
income and gain on
assets held for sale 3,216 183
Cumulative effect of
a change in accounting
principle (9,172) -
NET INCOME $ 15,254 $ 31,248
6 3/4% Series A
Preferred Share
distributions (3,375) (3,375)
---------------- ----------------
NET INCOME AVAILABLE
TO COMMON SHAREHOLDERS $ 11,879 $ 27,873
BASIC EARNINGS
(LOSS) PER SHARE DATA:
Income from continuing
operations $ 0.17 $ 0.26
Discontinued operations -
income and gain on
assets held for sale 0.03 -
Cumulative effect of
a change in accounting
principle (0.09) -
---------------- ----------------
Net income - basic $ 0.11 $ 0.26
================ ================
DILUTED EARNINGS
(LOSS) PER SHARE
DATA:
Income from
continuing
operations $ 0.17 $ 0.26
Discontinued operations -
income and gain on
assets held for sale 0.03 -
Cumulative effect of
a change in accounting
principle (0.09) -
---------------- ----------------
Net income - diluted $ 0.11 $ 0.26
================ ================
WEIGHTED AVERAGE SHARES
OUTSTANDING - BASIC 104,938,208 107,377,133
================ ================
WEIGHTED AVERAGE SHARES
OUTSTANDING - DILUTED 105,447,648 108,992,880
================ ================
DEBT SERVICE COVERAGE RATIO 2.4 2.6
================ ================
For the three months
ended March 31,
2002 2001
(unaudited)
NET INCOME $ 15,254 $ 31,248
ADJUSTMENTS:
Depreciation
and amortization
of real
estate assets 32,139 29,495
Gain on property
sales, net (3,764) (330)
Cumulative effect
of change in
accounting
principle 9,172 -
Impairment and
other charges
related to
real estate assets 600 1,150
Adjustment for
investments
in real estate
mortgages and
equity of
unconsolidated
companies:
Office properties 2,162 2,040
Residential
development
properties 903 2,358
Temperature-controlled
logistics properties 5,711 5,606
Other 2,646 -
Unitholder minority
interest 2,679 4,069
6 3/4% Series A
Preferred Share
distributions (3,375) (3,375)
----------------- -----------------
FUNDS FROM
OPERATIONS (a) $ 64,127 $ 72,261
================== ==================
INVESTMENT SEGMENTS:
Office properties $ 80,572 $ 90,153
Resort/hotel
properties 20,910 15,752
Residential
development
properties 15,561 13,066
Temperature-controlled
logistics properties 5,401 8,325
Corporate general &
administrative (6,392) (5,264)
Interest expense (42,272) (47,448)
6 3/4% Series A
Preferred Share
distributions (3,375) (3,375)
Other (b) (6,278) 1,052
------------------ -------------------
FUNDS FROM
OPERATIONS (a) $ 64,127 $ 72,261
================== ==================
WEIGHTED AVERAGE
SHARES
OUTSTANDING -
BASIC 104,938,208 107,377,133
WEIGHTED AVERAGE
SHARES/UNITS
OUTSTANDING -
DILUTED 118,632,753 122,973,205
DIVIDEND PAID
PER SHARE
DURING PERIOD $ 0.375 $ 0.550
SUPPLEMENTAL
INFORMATION:
Rental income from
straight-line rents $ (481) $ (925)
Residential development
capital expenditures (133) (132)
Temperature-controlled
capital expenditures (951) (950)
Non-incremental
revenue generating
exp.:
Resort/hotel
property capital
expenditures (3,887) (1,320)
Office property
capital
expenditures (1,910) (1,789)
Tenant improvement
and leasing costs (4,756) (6,458)
Depreciation and
amortization of
non-real
estate assets 1,449 755
Amortization of
deferred financing
costs 2,320 2,425
(a) To calculate Basic Fund from Operations ("FFO") per share,
deduct Unitholder minority interest from FFO and divide by basic
weighted average shares outstanding.
(b) Includes interest and other income, behavioral healthcare
income, preferred return paid to GMAC, other unconsolidated companies,
less depreciation and amortization of non-real estate assets and
amortization of deferred financing costs.
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