| |
December 31, |
|
December 31, |
|
December 31, |
| (In thousands) |
2003 |
|
2002 |
|
2001 |
 |
| Net income |
$ |
72,937 |
|
|
$ |
109,305 |
|
|
$ |
79,061 |
|
| Depreciation and amortization |
|
138,433 |
|
|
|
137,245 |
|
|
|
131,909 |
|
| Minority interest |
|
7,705 |
|
|
|
12,642 |
|
|
|
(8,225 |
) |
| Gain on sale of properties |
|
(14,477 |
) |
|
|
(34,737 |
) |
|
|
(4,464 |
) |
| Preferred stock dividends, dividends on |
|
|
|
|
|
|
|
|
|
|
|
| unvested restricted stock, and issuance |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| costs of redeemed preferred stock |
|
(26,148 |
) |
|
|
(34,636 |
) |
|
|
(34,705 |
) |
|
|
| Diluted funds from operations1 |
$ |
178,450 |
|
|
$ |
189,819 |
|
|
$ |
163,576 |
|
|
|
| 1. |
FFO is a widely used measure of operating performance for real estate
companies. We provide FFO as a supplement to net income calculated in accordance
with GAAP. Although FFO is a widely used measure of operating performance
for equity REITs, FFO does not represent net income calculated in accordance
with GAAP. As such, it should not be considered an alternative to net income
as an indication of our operating performance. In addition, FFO does not
represent cash generated from operating activities in accordance with GAAP,
nor does it represent cash available to pay distributions and should not
be considered as an alternative to cash flow from operating activities,
determined in accordance with GAAP as a measure of our liquidity, nor is
it indicative of funds available to fund our cash needs, including our
ability to make cash distributions. We believe that FFO is helpful to investors
as a measure of our performance because it excludes various items included
in net income that do not relate to or are not indicative of our operating
performance, such as gains and losses on sales of real estate and real
estate related depreciation and amortization,which can make periodic analyses
of operating performance more difficult to compare. Our management believes,
however, that FFO, by excluding such items, which can vary among owners
of similar assets in similar condition based on historical cost accounting
and useful life estimates, can help compare the operating performance of
a company's real estate between periods or as compared to different companies.
Our FFO may not be comparable to FFO reported by other REITs. |
