Financial
Highlights
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Produced a total return to shareowners of 13.1% and outperformed
the public sector REIT return of negative 4.6%
•
Increased annual funds from operations per share by 7.1%
to $2.85 per share and accelerated the pace of dividend
growth. The current annual dividend is $2.12 per share
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Raised $240 million of attractively priced external capital
through a strategic joint venture during a period when
public capital pricing was unfavorable
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Raised $100 million through asset dispositions at an average
cap rate of 7.9%
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Repurchased over $55 million of common shares, capitalizing
on the arbitrage between our discounted public valuation
and the private market valuation of our assets
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(1) EBITDA
represents earnings before interest expense, credit enhancement
fees, loss on treasury locks, preferred dividends, income taxes,
depreciation, amortization, minority interest, gain on sale of
real estate assets, long-term compensation expense and extraordinary
items.
(2)
Gables considers funds from operations (FFO) an appropriate measure
of performance of an equity REIT. FFO is defined as net income
in accordance with generally accepted accounting principles, excluding
gains or losses from debt restructuring and sales of assets, plus
certain non-cash items, primarily real estate depreciation, and
after adjustments for unconsolidated partnerships and joint ventures.
For a more thorough discussion of FFO and its inherent limitations
as an alternative to cash flows as a measure of liquidity, refer
to Management’s Discussion and Analysis.
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