SL Green Realty Corp. Reports Second Quarter FFO of $1.22 Per Share.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- SL Green Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Corp. (NYSE NYSE See: New York Stock Exchange : SLG See stereo lithography. ): Second Quarter Highlights --Increased second quarter FFO FFO See: Funds from operations to $1.22 per share (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. ) from $1.02 during the second quarter of 2005, an increase of 19.6%. --Closed on the previously announced transaction involving 609 Fifth Avenue, which valued the property at approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $182.0 million. --Signed 57 office leases totaling 427,862 square feet during the second quarter. --Finished the quarter at 95.9% 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 , up from 95.2% at the end of the first quarter. --Increased average office starting rents by 10.3% over previously fully escalated rents reflecting continued growth in rents for office leases signed during the second quarter. --Recognized combined same-store GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). 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 growth of 5.3% during the second quarter. --Recapitalized 55 Corporate Drive, NJ increasing our ownership interest from 10% to 50%. The property was originally acquired in May 2005 for $125.0 million and was valued at $236.0 million in connection with the recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. in June June: see month. 2006. --Recognized approximately $4.9 million to date ($0.10 per share) of fees, promote and other income resulting from the recapitalization and resolution of our investments with The Gale Companies. --Refinanced 521 Fifth Avenue with a $140.0 million mortgage at LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 100 basis points, a 62.5 basis point reduction in spread. --Invested $15.3 million for a 50% ownership interest in a joint venture with Mack-Cali Realty Corporation which acquired interests in seven class A office properties valued at approximately $127.5 million and encompassing approximately 900,000 square feet. --Originated $44.2 million of structured finance investments with an initial yield of 9.74%. --Invested $20.1 million in Gramercy gra·mer·cy interj. Archaic Used to express surprise or gratitude. [Middle English gramerci, from Old French grand merci : grand, great; see grand + Capital Corp., or Gramercy (NYSE: GKK), in connection with its approximately $80.0 million common stock offering in May 2006. --Received $8.2 million in dividends and fees from our investment in, and management arrangements with, Gramercy, including a $1.6 million incentive fee earned during the quarter. --Issued 2.5 million shares of common stock in July July: see month. 2006 raising 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). of approximately $269.1 million. Summary SL Green Realty Corp. (NYSE: SLG) today reported 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. available to common stockholders, or FFO, of $57.2 million, or $1.22 per share, for the second quarter ended June 30, 2006, a 19.6% increase over the same quarter in 2005. The Company also reported FFO of $2.30 per share for the six months ended June 30, 2006, a 14.4% increase over the same period in 2005, which was $2.01 per share. Net income available to common stockholders totaled $29.1 million, or $0.65 per share for the second quarter and $52.8 million, or $1.19 per share for the six months ended June 30, 2006, a decrease of $27.4 million and $26.6 million over the respective periods in 2005. 2005 results include a gain on sale of 1414 Avenue of the Americas A·mer·i·cas , the See America. ($0.79 per share) All per share amounts are presented on a diluted basis.
Three Months Six Months
Ended June 30, Ended June 30,
--------------- ---------------
(In Millions except per share) 2006 2005 2006 2005
------- ------- ------- -------
Funds from operations $57.2 $46.4 $107.5 $90.9
-- per share (diluted) $1.22 $1.02 $2.30 $2.01
Net income $29.1 $56.5 $52.8 $79.4
-- per share (diluted) $0.65 $1.31 $1.19 $1.85
------- ------- ------- -------
Operating and Leasing Activity For the second quarter of 2006, the Company reported revenues and 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 of $132.8 million and $76.9 million, respectively, increases of $30.7 million (or 30.1%) and $14.7 million (or 23.7%), respectively, over the same period in 2005, largely due to strong leasing activity at 625 Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. and 420 Lexington Lexington. 1 City (1990 pop. 225,366), seat of Fayette co., N central Ky., in the heart of the bluegrass region; inc. 1832, made coextensive with Fayette co. 1974. Avenue as well as the acquisitions in 2005 and 2006, including 28 West 44th Street (February February: see month. 2005), an additional interest in 19 West 44th Street (June 2005) and 521 Fifth Avenue (March 2006). Same-store GAAP NOI on a combined basis increased by 5.3% for the second quarter when compared to the same quarter in 2005, with the wholly-owned properties increasing 7.9% to $47.0 million during the second quarter and the joint venture properties increasing by 0.5% to $24.1 million. Average starting office rents of $46.40 per rentable square foot for the second quarter represented a 10.3% increase over the previously fully escalated rents. Occupancy for the portfolio increased from 95.2% at March 31, 2006 to 95.9% at June 30, 2006. During the quarter, the Company signed 60 leases totaling 437,864 square feet, with 57 leases and 427,862 square feet representing office leases. Significant leasing activities during the second quarter included: --Renewal with Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. and Co., Inc. for approximately
46,300 square feet at 1221 Avenue of the Americas.
--New lease with Cardinia Cardinia may refer to:
LLC - Logical Link Control for approximately 54,149 square feet at 485 Lexington Avenue. --New lease with Network Appliance (1) A specialized device for use on a network. For example, Web servers, cache servers and file servers can be implemented as general-purpose computers with the appropriate software or as network appliances, which are computers dedicated to a single function and cannot do anything for approximately 36,223 square feet at 100 Park Avenue. --Commencement of lease with Polo Ralph Lauren Polo Ralph Lauren (NYSE: RL) is American fashion designer Ralph Lauren's luxury lifestyle company. Polo Ralph Lauren specializes in high-end casual/semi-formal wear for men and women, as well as accessories, fragrance, and housewares. for approximately 72,500 square feet at 625 Madison Avenue. Real Estate Investment Activity During the second quarter of 2006, the Company announced new investments totaling approximately $545.5 million. Investment activity announced during the second quarter included: --In June 2006, the Company acquired an additional 40% ownership interest in the venture that owns 55 Corporate Drive, N.J., increasing our ownership interest to 50%. This interest is held as a tenant-in-common interest. Subsequent to this acquisition, which valued the property at $236.0 million, the property was refinanced. The mortgage was repaid and replaced by a $190.0 million, ten-year interest-only mortgage with a fixed stated interest rate of 5.75%. The property is net-leased to a single tenant until 2015. --On June 30, 2006, the Company completed the investment in the previously announced transaction involving 609 Fifth Avenue - a mixed-use mixed-use adj. Containing or zoned for commercial and residential facilities or development: a 40-story mixed-use tower; a mixed-use parcel of land. property that includes New York City's American Girl American Girl, may refer to:
--In May 2006, the Company entered into a joint venture with Mack-Cali Realty Corporation. The joint venture, in which the Company has a 50% ownership interest, acquired interests in seven class A office properties, valued at approximately $127.5 million from entities affiliated af·fil·i·ate v. af·fil·i·at·ed, af·fil·i·at·ing, af·fil·i·ates v.tr. 1. To adopt or accept as a member, subordinate associate, or branch: with The Gale Company in which entities the Company had a preferred equity investment. The properties, which encompass approximately 900,000 square feet, are subject to $102.5 million of mortgage loans at an effective interest rate of approximately 7.57%. Financing and Capital Activity In July 2006, the Company sold 2,500,000 shares of its common stock for net proceeds, after deducting underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. discounts, commissions and transaction expenses, of approximately $269.1 million. Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. acted as sole underwriter underwriter n. a company or person which/who underwrites an insurance policy, issue of corporate securities, business, or project. (See: underwrite) UNDERWRITER, insurances. One who signs a policy of insurance, by which he becomes an insurer. for this offering, and was also granted a 30-day option to purchase up to an additional 250,000 shares solely to cover over-allotments. In April 2006, the Company refinanced the $140.0 million loan on 521 Fifth Avenue with a new $140.0 million five-year loan that bears interest at LIBOR plus 100 basis points. The previous loan bore interest at LIBOR plus 162.5 basis points. Structured Finance Activity The Company's structured finance investments totaled $334.0 million on June 30, 2006, a decrease of $132.2 million over the balance at March 31, 2006. The structured finance investments currently have a weighted average maturity of 7.7 years. The weighted average yield for the quarter ended June 30, 2006 was 10.31%, consistent with the yield for the quarter ended March 31, 2006. During the second quarter 2006, the Company originated $44.2 million of structured finance investments with an initial yield of 9.74%. This includes an investment in a New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. commercial office property, which Gramercy elected e·lect v. e·lect·ed, e·lect·ing, e·lects v.tr. 1. To select by vote for an office or for membership. 2. To pick out; select: elect an art course. not to make. In addition, the Company received redemptions totaling approximately $176.5 million that were yielding 10.97%. In May 2006, Mack-Cali Realty Corporation acquired The Gale Company's interests in the New Jersey properties constituting the Bellmeade portfolio, which interests are in substantially all of the entities in which the Company had a preferred equity investment. This transaction, as well as other redemptions during the quarter, resulted in the recognition of approximately $4.9 million ($0.10 per share) of fee and promote income. Investment In Gramercy Capital Corp. In May 2006, we purchased 750,000 shares of common stock of Gramercy for approximately $20.1 million in connection with its approximately $80.0 million common stock offering. At June 30, 2006, the book value of the Company's investment in Gramercy totaled $116.8 million. Fees earned from various arrangements between the Company and Gramercy totaled approximately $5.4 million for the quarter ended June 30, 2006, including an incentive fee of $1.6 million earned as a result of Gramercy's FFO exceeding the 9.5% annual return on equity performance threshold The point at which a signal (voltage, current, etc.) is perceived as valid. . For the six months ended June 30, 2006, the Company earned $10.2 million in fees from Gramercy. The Company's share of FFO generated from its investment in Gramercy totaled approximately $3.7 million and $6.9 million for the three and six months ended June 30, 2006, respectively, compared to $2.2 million and $3.3 million for the same periods in the prior year. The Company's marketing, general and administrative, or MG&A, expenses include the consolidation of the expenses of its subsidiary GKK Manager LLC, the entity which manages and advises Gramercy. For the quarter ended June 30, 2006, the Company's MG&A includes approximately $2.6 million of costs associated with Gramercy. Dividends During the second quarter of 2006, the Company declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. quarterly dividends on its outstanding common and 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. as follows: --$0.60 per share of common stock. Dividends were paid on July 14, 2006 to stockholders of record on the close of business on June 30, 2006. --$0.4766 and $0.4922 per share on the Company's Series C and D Preferred Stock, respectively, for the period April 15, 2006 through and including July 14, 2006. Distributions were made on July 14, 2006 to stockholders of record on the close of business on June 30, 2006. Distributions reflect regular quarterly distributions, which are the equivalent of an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. distribution of $1.90625 and $1.96875, respectively. Conference Call and Audio Webcast The Company's executive management team, led by Marc Holliday Hol·li·day , Judith Tuvim Known as "Judy." 1922-1965. American comedian best remembered for her performance in the play (1946-1950) and film (1950) Born Yesterday. , President and Chief Executive Officer, will host a conference call and audio web cast on Tuesday Tuesday: see week. , July 25, 2006 at 2:00 p.m. ET to discuss second quarter financial results. The conference call may be accessed by dialing (866) 761-0748 Domestic or (617) 614-2706 International. No pass code is required. The live conference will be simultaneously si·mul·ta·ne·ous adj. 1. Happening, existing, or done at the same time. See Synonyms at contemporary. 2. Mathematics broadcast in a listen-only mode on the Company's web site at www.slgreen.com. The Supplemental Package outlining second quarter 2006 financial results will be available prior to the quarterly conference call on the Company's web site. A replay of the call will be available through Tuesday, August 1, 2006 by dialing (888) 286-8010 Domestic or (617) 801-6888 International, using pass code 38212898. Supplemental Information The Supplemental Package outlining second quarter 2006 financial results will be available prior to the quarterly conference call on the Company's website. Company Profile SL Green Realty Corp. is a self-administered and self-managed real estate investment trust, or REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). , that predominantly pre·dom·i·nant adj. 1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant. 2. acquires, owns, repositions and manages a portfolio of Manhattan Manhattan, indigenous people of North America Manhattan (mănhăt`ən), indigenous people of North America of the Algonquian-Wakashan linguistic stock (see Native American languages). office properties. The Company is the only publicly held REIT that specializes exclusively in this niche niche: see ecology. niche Smallest unit of a habitat that is occupied by an organism. A habitat niche is the physical space occupied by the organism; an ecological niche is the role the organism plays in the community of organisms found in the . As of June 30, 2006, the Company owned 30 office properties totaling 18.8 million square feet. The Company's retail space ownership totals 219,300 square feet at seven properties. To be added to the Company's distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations Investor relations The process by which the corporation communicates with its investors. at 212-216-1601. Disclaimers Non-GAAP Financial Measures During the quarterly conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A reconciliation of each non-GAAP financial measure and the comparable GAAP financial measure (net income) can be found on pages 7 and 9 of this release and in the Company's Supplemental Package. 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 This press release contains forward-looking information based upon the Company's current best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with forward-looking information in this release include the strength of the commercial office real estate markets in New York, competitive market conditions, unanticipated administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. , timing of leasing income, general and local economic conditions, interest rates, capital market conditions, tenant bankruptcies and defaults, the availability and cost of comprehensive insurance, including coverage for terrorist acts, and other factors, which are beyond the Company's control. We undertake no obligation to publicly update or revise any of the forward-looking information. For further information, please refer to the Company's filing with the Securities and Exchange Commission.
SL GREEN REALTY CORP.
STATEMENTS OF OPERATIONS-UNAUDITED
(Amounts in thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
------------------- ------------------
2006 2005 2006 2005
--------- -------- -------- --------
Revenue:
Rental revenue, net $ 87,746 $ 70,974 $170,671 $138,397
Escalations & reimbursement
revenues 16,258 13,017 31,281 24,079
Preferred equity and
investment income 17,305 11,925 30,784 23,071
Other income 11,475 6,140 21,375 12,908
-------- -------- -------- --------
Total revenues 132,784 102,056 254,111 198,455
-------- -------- -------- --------
Equity in net income from
unconsolidated joint ventures 10,596 13,334 20,564 25,393
Expenses:
Operating expenses 29,258 22,729 58,738 45,312
Ground rent 4,921 4,825 9,842 9,253
Real estate taxes 19,090 15,111 37,513 28,915
Marketing, general and
administrative 13,257 10,594 26,243 18,832
-------- -------- -------- --------
Total expenses 66,526 53,259 132,336 102,312
-------- -------- -------- --------
Earnings Before Interest,
Depreciation and Amortization
(EBITDA) 76,854 62,131 142,339 121,536
Interest expense 22,901 19,479 41,751 36,674
Amortization of deferred
financing costs 1,242 907 1,956 1,700
Depreciation and amortization 17,938 14,430 34,204 28,016
-------- -------- -------- --------
Net income from Continuing
Operations 34,773 27,315 64,428 55,146
Income from Discontinued
Operations, net of minority
interests 1,786 1,561 2,901 3,114
Gain on sale of Discontinued
Operations, net of minority
interests --- 33,864 --- 33,846
Minority interests (2,530) (1,301) (4,599) (2,789)
Preferred stock dividends (4,969) (4,969) (9,938) (9,938)
-------- -------- -------- --------
Net income available to common
shareholders $ 29,060 $ 56,470 $ 52,792 $ 79,379
======== ======== ======== ========
Net income per share (Basic) $ 0.67 $ 1.35 $ 1.23 $ 1.91
Net income per share (Diluted) $ 0.65 $ 1.31 $ 1.19 $ 1.85
Funds From Operations (FFO)
---------------------------
FFO per share (Basic) $ 1.26 $ 1.05 $ 2.37 $ 2.06
FFO per share (Diluted) $ 1.22 $ 1.02 $ 2.30 $ 2.01
FFO Calculation:
----------------
Net income from continuing
operations $ 34,773 $ 27,315 $ 64,428 $ 55,146
Add:
----
Depreciation and amortization 17,938 14,430 34,204 28,016
FFO from Discontinued
Operations 2,079 2,134 3,773 4,346
FFO adjustment for Joint
Ventures 7,613 7,651 15,593 13,733
Less:
-----
Dividend on perpetual
preferred stock (4,969) (4,969) (9,938) (9,938)
Depreciation of non-real
estate assets (240) (189) (508) (370)
-------- -------- -------- --------
FFO before minority interests
- BASIC and DILUTED $ 57,194 $ 46,372 $107,552 $ 90,933
======== ======== ======== ========
Basic ownership interest
Weighted average REIT common
shares for net income per
share 43,191 41,790 43,026 41,547
Weighted average partnership
units held by minority
interests 2,230 2,513 2,270 2,522
-------- -------- -------- --------
Basic weighted average shares
and units outstanding for FFO
per share 45,421 44,303 45,296 44,069
======== ======== ======== ========
Diluted ownership interest
Weighted average REIT common
share and common share
equivalents 44,671 42,992 44,505 42,791
Weighted average partnership
units held by minority
interests 2,230 2,513 2,270 2,522
-------- -------- -------- --------
Diluted weighted average
shares and units outstanding 46,901 45,505 46,775 45,313
======== ======== ======== ========
SL GREEN REALTY CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands)
June 30, December 31,
2006 2005
------------ ------------
Assets (Unaudited)
Commercial real estate properties, at cost:
Land and land interests $ 302,821 $ 288,239
Buildings and improvements 1,477,106 1,440,584
Building leasehold and improvements 703,843 481,891
Property under capital lease 12,208 12,208
----------- -----------
2,495,978 2,222,922
Less accumulated depreciation (236,727) (219,295)
----------- -----------
2,259,251 2,003,627
Assets held for sale 170,173 ---
Cash and cash equivalents 14,184 24,104
Restricted cash 61,663 60,750
Tenant and other receivables, net of
allowance of $12,682 and $9,681 in 2006
and 2005, respectively 27,115 23,722
Related party receivables 8,330 7,707
Deferred rents receivable, net of allowance
of $9,570 and $8,698 in 2006 and 2005,
respectively 81,561 75,294
Structured finance investments, net of
discount of $3,514 and $1,537 in 2006 and
2005, respectively 333,989 400,076
Investments in unconsolidated joint
ventures 571,418 543,189
Deferred costs, net 73,747 79,428
Other assets 90,521 91,880
----------- -----------
Total assets $ 3,691,952 $ 3,309,777
=========== ===========
Liabilities and Stockholders' Equity
Mortgage notes payable 1,078,999 $ 885,252
Revolving credit facility 54,645 32,000
Term loans 525,000 525,000
Derivative instruments at fair value --- ---
Accrued interest 7,991 7,711
Accounts payable and accrued expenses 84,977 87,390
Deferred revenue/gain 49,045 25,691
Capitalized lease obligation 16,325 16,260
Deferred land lease payable 16,625 16,312
Dividend and distributions payable 31,725 31,103
Security deposits 30,075 24,556
Liabilities related to assets held for sale 95,379 ---
Junior subordinate deferrable interest
debentures held by trusts that issued
trust preferred securities 100,000 100,000
----------- -----------
Total liabilities 2,090,786 1,751,275
Commitments and contingencies --- ---
Minority interest in other partnerships 37,164 25,012
Minority interest in operating partnership 67,498 74,049
Stockholders' Equity
7.625% Series C perpetual preferred shares,
$0.01 per value, $25.00 liquidation
preference, 6,300 issued and outstanding
at June 30, 2006 and December 31, 2005,
respectively 151,981 151,981
7.875% Series D perpetual preferred shares,
$0.01 per value, $25.00 liquidation
preference, 4,000 issued and outstanding
at June 30, 2006 and December 31, 2005,
respectively 96,321 96,321
Common stock, $0.01 par value 100,000
shares authorized, 43,226 and 42,456
issued and outstanding at June 30, 2006
and December 31, 2005, respectively 432 425
Additional paid - in capital 991,241 959,858
Accumulated other comprehensive income 20,009 15,316
Retained earnings 236,520 235,540
----------- -----------
Total stockholders' equity 1,496,504 1,459,441
----------- -----------
Total liabilities and stockholders' equity $ 3,691,952 $ 3,309,777
=========== ===========
SL GREEN REALTY CORP.
SELECTED OPERATING DATA-UNAUDITED
June 30,
2006 2005
---------- ----------
Operating Data: (1)
Net rentable area at end of period (in 000's) 18,780 18,425
Portfolio percentage leased at end of period 95.8% 95.9%
Same-Store percentage leased at end of period 96.9% 96.5%
Number of properties in operation 30 29
Office square feet leased during quarter
(rentable) 427,862 386,134
Average mark-to-market percentage-office 10.3% 1.7%
Average starting cash rent per rentable square
foot-office $46.40 $43.49
(1) Includes wholly owned and joint venture properties.
SL GREEN REALTY CORP.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES*
(Amounts in thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
------------------ -------------------
2006 2005 2006 2005
-------- -------- -------- --------
Earnings before interest,
depreciation and amortization
(EBITDA): 76,854 $ 62,131 $142,339 $121,536
Add:
----
Marketing, general &
administrative expense 13,257 10,594 26,243 18,832
Operating income from
discontinued operations 2,079 2,151 3,773 4,535
Less:
-----
Non-building revenue (26,484) (15,658) (45,385) (29,881)
Equity in net income from
joint ventures (10,596) (13,334) (20,564) (25,393)
-------- -------- -------- --------
GAAP net operating income
(GAAP NOI) 55,110 46,818 106,406 89,629
Less:
-----
GAAP NOI from other
properties/affiliates (8,131) (2,363) (13,628) (3,954)
-------- -------- -------- --------
Same-Store GAAP NOI $ 46,979 $ 43,521 $ 92,778 $ 85,675
======== ======== ======== ========
* See page 7 for a reconciliation of FFO and EBITDA to net income.
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