Great Lakes REIT Reports $0.31 EPS and $0.55 FFO Per Common Share for Second Quarter 2002.Business Editors OAK BROOK, Ill.--(BUSINESS WIRE)--Aug. 1, 2002 Great Lakes Great Lakes, group of five freshwater lakes, central North America, creating a natural border between the United States and Canada and forming the largest body of freshwater in the world, with a combined surface area of c.95,000 sq mi (246,050 sq km). REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). (NYSE NYSE See: New York Stock Exchange : GL). Great Lakes REIT Second Quarter Highlights -- Net Income of $5.2 million, or $0.31 per common share -- Funds From Operations (FFO) of $9.1 million, or $0.55 per common share -- EBITDA of $14.0 million -- Average occupancy of 84% for the second quarter of 2002 -- Lease rates increased 15% on spaces that were renewed or re-leased in 2002 -- Quarterly cash dividend of $0.40 per common share, paid July 2, 2002 Great Lakes REIT (NYSE: GL), a real estate investment trust which holds a portfolio of Midwestern Mid·west or Middle West A region of the north-central United States around the Great Lakes and the upper Mississippi Valley. It is generally considered to include Ohio, Indiana, Illinois, Michigan, Wisconsin, Minnesota, Iowa, Missouri, Kansas, and office properties, today announced second quarter 2002 net income of $5.2 million, or $0.31 per common share, and 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 ) of $9.1 million, or $0.55 per common share. This compares to net income of $0.29 per common share and FFO of $0.56 per common share for the second quarter of 2001. Net income for the 2002 period included $1.0 million of gain on sale of properties. The Company's 38 properties had average occupancy of 84% for the second quarter of 2002. For the six months ended June June: see month. 30, 2002, the Company reported net income of $9.4 million, or $0.57 per common share, compared to $9.9 million, or $0.59 per common share, for the comparable period of 2001. There were no property sales during the six months ended June 30, 2001. Funds from operations totaled $18.1 million, or $1.10 per common share, for the six months ended June 30, 2002, a decrease of $0.02 per common share from the same period in 2001. "Our operating results in 2002 reflect the impact of declining occupancies in our markets and portfolio. Although occupancies declined from 90.5% in July July: see month. 2001 to 82.6% as of July 1, 2002, we are pleased that FFO per common share has decreased only slightly," commented Dick May, Great Lakes REIT's Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "The past year has created leasing challenges for many office property REITs, including the Company, and our focus for the foreseeable fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. future will be on maintaining occupancies at desirable levels. Through the end of the quarter, we have renewed or re-leased 634,000 square feet of our 1,261,000 square feet of 2002 rollover A graphic element in an application or on a Web page that changes its color or shape when the pointer is moved (rolled) over it. See JavaScript rollover. See also n-key rollover. exposure and expect to end 2002 with occupancy levels at approximately 83%." "Despite a weak leasing environment, we have been successful in increasing rents on lease renewals because many of our 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 at rates well below the market," noted Mr. May. "As a result, we anticipate net rent increases on renewals or re-lets averaging close to 10% in 2002. Based on current market conditions, we are estimating 2002 FFO per common share in the range of $2.13 to $2.18, and EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. in the range of $1.45 to $1.50 per common share. We further expect to maintain our monthly dividend of $0.135 per common share during 2002." "We remain confident in the fundamental long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. strength of our Midwestern office markets and anticipate a return to growth in the future as the business climate improves," continued Mr. May. "In addition, we expect portfolio occupancy to return to more normalized levels during the next three to five years, which would produce significant FFO gains. Occupancy levels for the Company's portfolio have averaged 92% over the last five years, considerably above the current and projected year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. levels of 83%. We estimate that every one percent change in annual occupancy would produce a $0.05 change to FFO per common share and earnings per common share." Portfolio Performance Total revenues increased by 4.0% to $25.6 million in the second quarter of 2002 from $24.6 million in last year's second quarter. 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 decreased slightly to $14.0 million in the second quarter of 2002 as compared to $14.1 million for the second quarter of 2001. Same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of decreased 9.9% (cash basis) for the three months ended June 30, 2002, as compared to the second quarter of 2002 primarily as a result of the decline in occupancy quarter over quarter. Same store sales decreased 9.3% for the six months ended June 30, 2002 compared to the same period of 2001. Balance Sheet, Market Value and Liquidity At June 30, 2002, the Company's total debt and equity market capitalization Equity Market Capitalization A measure of the total market value of an equity market. The measure is calculated by taking the market capitalization of all companies in the equity market and adding them together to arrive at the capitalization for the market as a whole. was $615.1 million. Debt to total market capitalization Total Market Capitalization The total market value of all of a firm's outstanding securities. was 42.8%, based on equity market capitalization of $352.1 million compared to 45.1% at March 31, 2002. EBITDA coverage of interest expense was 3.7 times for the quarter ended June 30, 2002 and EBITDA coverage of interest and preferred dividends preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) was 3.0 times for the same period, both unchanged from the quarter ended March 31, 2002. The Company had $263.0 million of total debt outstanding at June 30, 2002. The interest rate on approximately 76% of this debt was effectively fixed at an average interest rate of 6.37%. At June 30, 2002, Great Lakes REIT had $110.3 million outstanding and $39.7 million available for future borrowings under the terms of its 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. bank credit facility that the Company uses for acquisitions, development activities and for working capital needs. Dividends and Funds Available for Distribution (FAD FAD - ["FAD, A Simple and Powerful Database Language", F. Bancilon et al, Proc 13th Intl Conf on VLDB, Brighton, England, Sep 1987]. ) On July 2, 2002, the Company paid a regular quarterly cash dividend of $0.40 per common share to owners of record as of June 21, 2002. The Company will commence paying its dividend on a monthly basis in the third quarter of 2002 and has declared dividends declared dividend A dividend authorized by a firm's board of directors. At the time a dividend is declared, the firm creates a liability for the dividend's payment. of $0.135 per common share payable on August 9, September September: see month. 10 and October October: see month. 10, 2002 to shareholders of record on July 29, August 30 and September 30, 2002, respectively. The 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 second quarter of 2002 was 73%. Funds Available for Distribution (FAD) totaled $7.3 million for the three months ended June 30, 2002, or $0.44 per common share. The Company expects FAD of $1.76 to $1.80 per common share in 2002. Outlook Leasing Activity Update The Company has renewed or re-leased 634,000 square feet of its 1,261,000 square feet of rollover exposure for 2002, at net rents averaging 15% higher than rents on the expiring leases. Although current market rents are down approximately 10% from 2001 peak levels and still declining, Great Lakes REIT has been able to increase rents on lease renewals because many of the Company's expiring leases were at rates well below market rates. These below market rents were in place when the Company originally acquired many of its properties and were a primary reason for their acquisition. For year 2002, Great Lakes REIT anticipates net rent increases on renewals or re-leasing averaging approximately 10% including the renewals and re-lets accomplished to date. Leasing Outlook For the second quarter 2002, there was leased space contraction Relativistic effect of apparent contraction of coordinates of moving reference frame in the direction of motion when seen from non moving reference frame. Results mathematically from Lorentz transformations. Also known as Lorentz contraction. in the Company's markets. This contraction contraction, in physics contraction, in physics: see expansion. contraction, in grammar contraction, in writing: see abbreviation. contraction - reduction , along with new property deliveries, has led to vacancy VACANCY. A place which is empty. The term is principally applied to cases where an office is not filled. 2. By the constitution of the United States, the president has the power to fill up vacancies that may happen during the recess of the senate. increases in the Company's markets. The Company anticipates a difficult leasing environment throughout 2002 and into 2003. Great Lakes REIT's primary operations focus is re-leasing the approximately 403,000 square feet of uncommitted leases expiring during the balance of 2002. For the six months ended June 30, 2002, Great Lakes REIT averaged approximately 30,500 square feet of new leasing activity per month. Based on the pace of leasing and the impact of anticipated acquisitions and dispositions, the Company expects that its occupancy levels will be approximately 83% at December December: see month. 31, 2002. Tenant Credit Issues Legion legion, large unit of the Roman army. It came into prominence c.400 B.C. It originally consisted of 3,000 to 4,000 men drawn into eight ranks: the first six ranks, called hoplites, were heavily armed, while the last two, called velites, were only lightly armed. Insurance Company, which leases 58,000 square feet of space at Milwaukee Milwaukee (mĭlwŏk`ē), city (1990 pop. 628,088), seat of Milwaukee co., SE Wis., at the point where the Milwaukee, Menominee, and Kinnickinnic rivers enter Lake Michigan; inc. 1846. Center, was placed in rehabilitation rehabilitation: see physical therapy. by the Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York Department of Insurance. The first step in the rehabilitation process is a financial evaluation of Legion Insurance by the Pennsylvania Department of Insurance. The two possible outcomes of the process are a plan of rehabilitation for Legion Insurance Company or an orderly orderly /or·der·ly/ (or´der-le) an attendant in a hospital who works under the direction of a nurse. or·der·ly n. An attendant in a hospital. liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of Legion Insurance Company. As of August 1, 2002, the Pennsylvania Department of Insurance has not announced its recommendation for Legion Insurance Company. Based on currently available information, the Company believes it is more likely than not that Legion will fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. all terms of its lease. Legion Insurance Company is current on all its rental payments to date. Great Lakes REIT currently has several tenants that are in default under their leases for failure to make rent payments. In addition, several other tenants that are not currently in default are experiencing financial difficulties which may lead to lease defaults. The Company's current expectation is that the possible negative effect on earnings and FFO in 2002 of additional tenant defaults is in the range of $0.01 to $0.03 per common share for the remainder of 2002. Acquisitions and Dispositions On April 22, 2002, the Company sold its property located at 160 Hansen Han·sen , Gerhard Henrik Armauer 1746-1845. Norwegian physician and bacteriologist who discovered (1869) the leprosy bacillus. Court, Wood Dale, Illinois Wood Dale is a city in DuPage County, Illinois, United States. The population was 13,535 at the 2000 census. Geography Wood Dale is located at (41.963062, -87.978347)GR1. , for a contract price of $2.3 million. The gain on sale from this property was $1.0 million, or $0.06 per common share, and was reflected in the Company's earnings for the second quarter of 2002. On July 1, 2002, the Company sold its property located at 3400 Dundee Dundee, city (1991 pop. 172,294) and council area, E central Scotland, on the Firth of Tay. It is a port and manufacturing city. Dundee is historically known for its manufacture and processing of jute. Its marmalade is also famous. Road, Northbrook Northbrook, village (1990 pop. 32,308), Cook co., NE Ill., a suburb of Chicago; settled 1836. It was incorporated as Shermerville in 1901 and was reincorporated as Northbrook in 1923. , Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. for a contract price of $8.2 million. The gain on sale from this property was approximately $4.0 million, or $0.24 per common share, and will be reflected in the Company's earnings for the third quarter of 2002. The Company has targeted other non-core assets for disposition in 2002 but there can be no assurance that further dispositions will be completed in 2002. In August 2002, the Company expects to acquire 1111 Touhy Avenue, Des Plaines, Illinois “Des Plaines” redirects here. For the river, see Des Plaines River. Des Plaines (pronounced IPA [dɛsˈpleɪnz]) is a city in Cook County, Illinois, United States. , a 148,000 square foot office building, for a contract price of $10 million. Funds for the purchase will come from the sale of 160 Hansen Court and borrowings under the Company's unsecured credit facility. As previously announced, the Company has signed an agreement to acquire eight medical office buildings totaling 460,000 square feet. The transaction remains subject to contingencies Contingencies (ISSN 1048-9851) is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. including the approval of the Company's Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. and completion of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. . The acquisition of the medical office buildings will be funded with a combination of secured long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. , borrowings on its unsecured credit facility and the proceeds of property dispositions completed and expected to be completed in 2002. Great Lakes REIT is a fully integrated, self-administered and self-managed real estate investment trust with a current portfolio of 37 properties totaling 5.4 million square feet of office space in suburban areas of Chicago Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. , Milwaukee, Detroit Detroit, city, United States Detroit (dĭtroit`), city (1990 pop. 1,027,974), seat of Wayne co., SE Mich., on the Detroit River and between lakes St. Clair and Erie; inc. as a city 1815. , Columbus Columbus. 1 City (1990 pop. 178,681), seat of Muscogee co., W Ga., at the head of navigation on the Chattahoochee River; settled and inc. 1828 on the site of a Creek village. , Minneapolis Minneapolis (mĭn'ēăp`əlĭs), city (1990 pop. 368,383), seat of Hennepin co., E Minn., at the head of navigation on the Mississippi River, at St. Anthony Falls; inc. 1856. , Denver Denver, city (1990 pop. 467,610), alt. 5,280 ft (1,609 m), state capital, coextensive with Denver co., N central Colo., on a plateau at the foot of the Front Range of the Rocky Mts., along the South Platte River where Cherry Creek meets it; inc. 1861. and Cincinnati Cincinnati (sĭnsənăt`ē, –năt`ə), city (1990 pop. 364,040), seat of Hamilton co., extreme SW Ohio, on the Ohio River opposite Newport and Covington, Ky.; inc. as a city 1819. . A copy of the Company's supplemental financial information for the quarter ended June 30, 2002, is available on the Company's web site under the Investor section at www.greatlakesreit.com. This press release contains 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. that involve numerous risks and uncertainties. Statements in this document regarding the Company's expectations for rental rate increases, leasing activity and other expectations regarding leasing activity and rental rates, occupancy rates Noun 1. occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred) , acquisition and disposition volume and opportunities, FFO, earnings per share, FAD, common share dividends and payout ratios, future growth prospects, the future strength of Midwestern office markets, the anticipated effect of tenant defaults and anticipated market and other economic conditions are 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. within the meaning of 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. Such forward-looking statements are based on what the Company believes to be reasonable assumptions and management's current expectations; however, actual results may vary from those implied by such forward-looking statements. Key factors that may cause actual results to differ from projected results include changes in: interest rates; local and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. national economic conditions; the pace of office space development and sub-lease availability; tenant office space demand; the financial position of the Company's tenants, including changes that may lead to increases in tenant defaults; actual tenant default rates compared to anticipated default rates; and other risks inherent in the real estate business. For more information, refer to Great Lakes REIT's filings with the Securities and Exchange Commission. Financial Tables to Follow
Great Lakes REIT
Consolidated Balance Sheets (unaudited)
(In thousands, except per share data) June 30 December 31,
---------------------------
2002 2001
---- ----
Assets
Properties:
Land $61,402 $60,928
Buildings and improvements 446,875 436,047
---------------------------
508,277 496,975
Less accumulated depreciation 60,313 54,319
---------------------------
447,964 442,656
Assets held for sale, net 23,150 23,090
Cash and cash equivalents 4,824 2,896
Real estate tax escrows 181 225
Rents receivable 6,391 6,661
Deferred financing and leasing costs, net of
accumulated amortization 7,220 6,674
Goodwill, net of accumulated amortization 1,061 1,061
Other assets 2,412 3,229
---------------------------
Total assets $493,203 $486,492
===========================
Liabilities and shareholders' equity:
Bank loan payable $110,250 $102,250
Mortgage loans payable 149,052 150,868
Bonds payable 3,620 3,960
Accounts payable and accrued liabilities 8,828 2,960
Accrued real estate taxes 11,623 12,710
Prepaid rent 2,265 3,539
Security deposits 1,675 1,629
----------------------------
Total liabilities 287,313 277,916
----------------------------
Minority interests 662 682
----------------------------
Preferred shares of beneficial interest
($0.01 par value, 37,500 37,500
10,000 shares authorized; 1,500 9 3/4%
Series A Cumulative Redeemable shares, with
a $25.00 per share Liquidation Preference,
issued and outstanding in 2001 and 2000)
Common shares of beneficial interest
($0.01 par value, 60,000 shares 183 183
authorized; 18,309 and 18,275 shares
issued in 2002 and 2001, respectively)
Paid-in-capital 235,430 235,371
Retained earnings (deficit) (19,727) (15,927)
Employee share loans (18,517) (20,083)
Deferred compensation (2,193) (2,325)
Accumulated other comprehensive income (loss) (124) 499
Treasury shares, at cost (1,772 shares) (27,324) (27,324)
----------------------------
Total shareholders' equity 205,228 207,894
----------------------------
Total liabilities and shareholders' equity $493,203 $486,492
============================
Great Lakes REIT
Consolidated Statements of Income (unaudited)
(In thousands, except per share data)
Three months ended June 30,
----------------------------
2002 2001
---- ----
Revenues:
Rental $19,175 $18,639
Reimbursements 5,536 5,075
Parking 127 102
Telecommunications 56 91
Tenant service 66 103
Interest 329 397
Other 274 180
----------------------------
Total revenues 25,563 24,587
----------------------------
Expenses:
Real estate taxes 4,043 3,768
Other property operating 6,778 6,194
General and administrative 1,462 1,337
Interest 3,767 3,531
Depreciation and amortization 4,910 4,458
----------------------------
Total expenses 20,960 19,288
----------------------------
Income from continuing operations 4,603 5,299
Gain on sale of properties 1,034 -
Discontinued operations, net 454 528
Minority interests (11) (13)
----------------------------
Net income 6,080 5,814
Income allocated to preferred shareholders 914 914
----------------------------
Net income applicable to common shares $5,166 $4,900
============================
Earnings per common share - basic $0.32 $0.30
============================
Weighted average common shares
outstanding - basic 16,371 16,580
============================
Diluted earnings per common share $0.31 $0.29
============================
Weighted average common shares
outstanding - diluted 16,547 16,730
============================
Comprehensive income:
Net income $6,080 $5,814
Change in fair value of interest rate swaps (922) -
----------------------------
Total comprehensive income $5,158 $5,814
============================
Great Lakes REIT
Consolidated Statements of Income (unaudited)
(In thousands, except per share data)
Six months ended June 30,
---------------------------
2002 2001
---- ----
Revenues:
Rental $37,766 $36,402
Reimbursements 10,934 10,047
Parking 255 192
Telecommunications 128 222
Tenant service 129 177
Interest 670 784
Other 467 332
---------------------------
Total revenues 50,349 48,156
---------------------------
Expenses:
Real estate taxes 8,101 7,366
Other property operating 13,261 11,909
General and administrative 2,570 2,625
Interest 7,527 7,037
Depreciation and amortization 9,528 8,663
---------------------------
Total expenses 40,987 37,600
---------------------------
Income from continuing operations 9,362 10,556
Gain on sale of properties 1,034 -
Discontinued operations, net 889 1,164
Minority interests (23) (25)
---------------------------
Net income 11,262 11,695
Income allocated to preferred shareholders 1,828 1,828
---------------------------
Net income applicable to common shares $9,434 $9,867
===========================
Earnings per common share - basic $0.58 $0.60
===========================
Weighted average common shares
outstanding - basic 16,369 16,577
===========================
Diluted earnings per common share $0.57 $0.59
===========================
Weighted average common shares
outstanding - diluted 16,518 16,720
===========================
Comprehensive income:
Net income $11,262 $11,695
Change in fair value of interest rate swaps (623) -
---------------------------
Total comprehensive income $10,639 $11,695
===========================
Great Lakes REIT
Funds From Operations and Funds Available for Distribution
(unaudited) (In thousands, except per share data)
Three months ended
Funds From Operations: 06/30/2002 06/30/2001
---------------------------
Net income applicable to common shares $5,166 $4,900
Adjustments:
Real estate depreciation 4,976 4,513
Minority interest 12 14
Gain on sale of properties (1,034) -
---------------------------
Funds from operations $9,120 $9,427
===========================
Diluted funds from operations per share $0.55 $0.56
===========================
Weighted average common shares
outstanding - diluted 16,547 16,730
===========================
Funds Available for Distribution:
Funds from operations $9,120 $9,427
Adjustments:
Straight-line rents (194) -
Other depreciation and amortization 225 273
Capital expenditures (1,941) (1,885)
---------------------------
Funds available for distribution $7,210 $7,815
===========================
Weighted average common shares
outstanding - diluted 16,547 16,730
===========================
Diluted funds available for
distribution per share $0.44 $0.47
===========================
Great Lakes REIT
Funds From Operations and Funds Available for Distribution (unaudited)
(In thousands, except per share data)
Six months ended
Funds From Operations: 6/30/02 6/30/01
----------------------------
Net income applicable to common shares $9,434 $9,867
Adjustments:
Real estate depreciation 9,674 8,813
Minority interest 25 28
Gain on sale of properties (1,034) -
----------------------------
Funds from operations $18,099 $18,708
============================
Diluted funds from operations per share $1.10 $1.12
============================
Weighted average common shares outstanding
- diluted 16,518 16,720
============================
Funds Available for Distribution:
Funds from operations $18,099 $18,708
Adjustments:
Straight-line rents (231) -
Other depreciation and amortization 451 500
Capital expenditures (3,823) (3,671)
----------------------------
Funds available for distribution $14,496 $15,537
============================
Weighted average common shares
outstanding - diluted 16,518 16,720
============================
Diluted funds available for distribution
per share $0.88 $0.93
============================
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