SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
RECKSON ASSOCIATES REALTY CORP.
By: /s/ Scott H. Rechler
------------------------------------
Scott H. Rechler
Chief Executive Officer
and President
RECKSON OPERATING PARTNERSHIP, L.P.
By: Reckson Associates Realty Corp.,
its General Partner
By: /s/ Scott H. Rechler
-------------------------------------
Scott H. Rechler
Chief Executive Officer
and President
Date: March 3, 2005
3
Exhibit 99.1
PRESS RELEASE
- -------------
Reckson Associates Realty Corp.
225 Broadhollow Road
Melville, NY 11747
(631) 694-6900 (Phone)
(631) 622-6790 (Facsimile)
Contact: Scott Rechler, CEO
Michael Maturo, CFO
- ------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
- ---------------------
Reckson Announces Fourth Quarter and Full Year 2004 Results
-----------------------------------------------------------
Continued Strong Operating Performance and Increased Investment Activity
(MELVILLE, NEW YORK, March 2, 2005) - Reckson Associates Realty Corp. (NYSE:
RA) today reported diluted funds from operations ("FFO") of $35.3 million or
$0.44 per share for the fourth quarter of 2004, including a $9.1 million or
$0.11 per share accounting charge recognized in connection with the redemption
of the Company's remaining Series A preferred stock, as compared to diluted
FFO of $24.2 million or $0.38 per share for the fourth quarter of 2003,
including $11.6 million or $0.18 per share of non-recurring restructuring
charges.
The Company also reported diluted FFO of $145.6 million or $1.99 per share for
the year ended December 31, 2004, including a $15.8 million or $0.21 per share
accounting charge recognized in connection with the redemption of the
Company's Series A preferred stock, on total revenues of $543.6 million, as
compared to diluted FFO of $136.0 million or $2.07 per share for the year
ended December 31, 2003, including $11.6 million or $0.18 per share of
non-recurring restructuring charges.
Commenting on the Company's performance, Scott Rechler, Reckson's President
and Chief Executive Officer, stated, "2004 was a milestone year for Reckson.
We integrated a new management team without losing focus on our core business
as demonstrated by our leasing of approximately 3 million square feet of
office space and increasing our office occupancy to approximately 94%; we
executed our investment strategy with the closing of $488 million of
investments; and we greatly enhanced our balance sheet with the issuance of
over $550 million of common equity at historically high offering prices and
$300 million of unsecured debt at historically low interest rates. In short,
we exceeded all expectations and positioned Reckson to continue to execute on
its long-term growth plan."
Reckson reported net income allocable to common shareholders of $4.5 million
or diluted earnings per share ("EPS") of $0.06 for the fourth quarter of 2004,
including $0.7 million related to gain on sales of real estate and a $9.1
million accounting charge recognized in connection with the redemption of the
Company's remaining Series A preferred stock, as compared to $116.0 million or
diluted EPS of $1.77 for the fourth quarter of 2003, including $115.8 million
related to gain on sales of real estate and $11.6 million of nonrecurring
restructuring charges.
The Company also reported net income allocable to common shareholders of $42.4
million or diluted EPS of $0.61 for the year ended December 31, 2004,
including $11.8 million related to gain on sales of real estate and a $15.8
million accounting charge recognized in connection with the redemption of the
Company's Series A preferred stock, as compared to $142.3 million or diluted
EPS of $1.90 for the year ended December 31, 2003, including $115.8 million
related to gain on sales of real estate and $11.6 million of non-recurring
restructuring charges.
A reconciliation of FFO to net income allocable to common shareholders, the
GAAP measure the Company believes to be the most directly comparable, is in
the financial statements accompanying this press release.
Summary Portfolio Performance
- -----------------------------
The Company reported office occupancy at December 31, 2004 of 94.1%. This
compares to 91.5% at December 31, 2003 and 93.9% at September 30, 2004. The
Company reported portfolio occupancy of 93.1% at December 31, 2004, as
compared to 90.2% at December 31, 2003 and 93.1% at September 30, 2004.
The Company also reported same property office occupancy at December 31, 2004
of 93.7%, as compared to 91.5% at December 31, 2003. The Company reported same
property portfolio occupancy of 92.7% at December 31, 2004, as compared to
90.2% at December 31, 2003.
Net of minority interests in joint ventures, office same property net
operating income (property operating revenues less property operating
expenses) ("NOI") before termination fees for the year ended December 31, 2004
increased 3.3% (on a cash basis) and 3.5% (on a straight-line rent basis),
compared to the year ended December 31, 2003. Net of minority interests in
joint ventures, portfolio same property NOI before termination fees for the
year ended December 31, 2004 increased 3.4% (on a cash basis) and 3.7% (on a
straight-line rent basis), compared to the year ended December 31, 2003.
Net of minority interests in joint ventures, office same property NOI before
termination fees for the fourth quarter of 2004 increased 2.0% (on a cash
basis) and 1.7% (on a straight-line rent basis), compared to the fourth
quarter of 2003. Net of minority interests in joint ventures, portfolio same
property NOI before termination fees for the fourth quarter of 2004 increased
1.9% (on a cash basis) and 1.5% (on a straight-line rent basis), compared to
the fourth quarter of 2003.
Rent performance on renewal and replacement space during the year ended
December 31, 2004 increased 2.5% (on a cash basis) and increased 15.6% (on a
straight-line rent basis) in the office portfolio. Rent performance on renewal
and replacement space during the fourth quarter of 2004 decreased (2.2%) (on a
cash basis) and increased 25.9% (on a straight-line rent basis) in the office
portfolio.
Other Highlights
- ----------------
Leasing Activity
- ----------------
- Executed 61 lease transactions totaling 793,977 square feet during
the fourth quarter of 2004 of which 225,504 square feet related to
the early extension and expansion of King & Spaulding at 1185 Avenue
of the Americas, New York City
- Executed office leasing transactions during the fourth quarter of
2004 that resulted in a 74% renewal rate, excluding 225,504 square
feet that related to the early extension and expansion of King &
Spaulding at 1185 Avenue of the Americas, New York City
Investment Activity
- -------------------
2004 Activity -
- Completed approximately $488 million of investments in total during
2004, including two investments during the fourth quarter of 2004
totaling approximately $75 million
2005 Activity -
- Closed on the acquisition of a 150,000 square foot, Class A office
building located at One Giralda Farms in Madison, New Jersey, for
approximately $24.3 million
- Closed on the acquisition of a 203,000 square foot, Class A office
building located at Seven Giralda Farms in Madison, New Jersey, for
approximately $53.7 million, representing Reckson's third
acquisition since July of 2004 in Giralda Farms, one of New Jersey's
premier office parks
Capital Markets Activity
- ------------------------
- Issued 4.5 million shares of common stock in the fourth quarter of
2004 raising approximately $148.1 million of net proceeds from the
offering, representing $32.90 per share. The Company used the net
proceeds from the sale of the common shares to repay borrowings
under the Company's revolving credit facility.
- Upgraded by Moody's Investors Service to an investment grade rating
of Baa3 from Ba1 for the senior unsecured debt of Reckson Operating
Partnership, L.P. The ratings outlook remains stable.
- Redeemed or converted the Company's remaining 7 5/8% Series A
preferred stock resulting in an accounting charge of approximately
$9.1 million for the fourth quarter of 2004 and approximately $15.8
million for the year ended December 31, 2004
Earnings Guidance
- -----------------
After taking into account the Company's recent equity offering of 4.5 million
shares of common stock in the fourth quarter of 2004, the Company is narrowing
2005 FFO guidance from a range of $2.32 to $2.44 to a range of $2.32 to $2.40
per share. This guidance is in-line with the Company's target annual FFO
growth per share of 5% to 10%, adjusted for the accounting charges recognized
during 2004 in connection with the redemption of the Company's Series A
preferred stock. During the Company's quarterly earnings conference call on
Thursday, March 3rd, management will discuss 2005 FFO guidance.
Reconciliation of Earnings Guidance
- -----------------------------------
The Company's guidance for 2005 FFO is reconciled from GAAP net income below:
Low End of FFO High End of FFO
Guidance for 2005 Guidance for 2005
----------------- -----------------
Net income allocable to common shareholders $0.95 $1.03
Add: Real estate depreciation and amortization 1.43 1.43
Less: Gain on sales of depreciable real estate 0.06 0.06
------ ------
FFO Per Share $2.32 $2.40
====== ======
This guidance is based upon management's current estimates. Actual results may
differ materially. This information involves forward-looking statements which
are subject to uncertainties noted below under Forward-Looking Statements.
Non-GAAP Financial Measures
- ---------------------------
Funds from Operations ("FFO")
- -----------------------------
The Company believes that FFO is a widely recognized and appropriate measure
of performance of an equity REIT. The Company presents FFO because it
considers it an important supplemental measure of the Company's operating
performance and believes it is frequently used by securities analysts,
investors and other interested parties in the
evaluation of REITs, many of which present FFO when reporting their results.
FFO is intended to exclude GAAP historical cost depreciation and amortization
of real estate and related assets, which assumes that the value of real estate
diminishes ratably over time. Historically, however, real estate values have
risen or fallen with market conditions. As a result, FFO provides a
performance measure that, when compared year over year, reflects the impact to
operations from trends in occupancy rates, rental rates, operating costs,
development activities, interest costs and other matters without the inclusion
of depreciation and amortization, providing perspective that may not
necessarily be apparent from net income. The Company computes FFO in
accordance with standards established by the National Association of Real
Estate Investment Trusts ("NAREIT"). FFO is defined by NAREIT as net income or
loss, excluding gains or losses from sales of depreciable properties plus real
estate depreciation and amortization, and after adjustments for unconsolidated
partnerships and joint ventures. FFO does not represent cash generated from
operating activities in accordance with GAAP and is not indicative of cash
available to fund cash needs. FFO should not be considered as an alternative
to net income as an indicator of the Company's operating performance or as an
alternative to cash flow as a measure of liquidity. Since all companies and
analysts do not calculate FFO in a similar fashion, the Company's calculation
of FFO presented herein may not be comparable to similarly titled measures as
reported by other companies.
Reckson Associates Realty Corp. is a self-administered and self-managed real
estate investment trust (REIT) specializing in the acquisition, leasing,
financing, management and development of Class A office properties.
Reckson's core growth strategy is focused on the markets surrounding and
including New York City. The Company is one of the largest publicly traded
owners, managers and developers of Class A office properties in the New York
Tri-State area, with 89 properties comprised of approximately 16.3 million
square feet either owned or controlled, or under contract. For additional
information on Reckson Associates Realty Corp., please visit the Company's web
site at www.reckson.com.
Conference Call and Webcast
- ---------------------------
The Company's executive management team, led by President and Chief Executive
Officer Scott Rechler, will host a conference call outlining fourth quarter
results on Thursday, March 3, 2005 at 2:00 p.m. EST. The conference call may
be accessed by dialing (800) 611-1147 (internationally (612) 332-0802). No
passcode is required. The live conference call will also be webcast in a
listen-only mode on the Company's web site at www.reckson.com, in the Investor
Relations section, with an accompanying slide show presentation outlining the
Company's fourth quarter results.
A replay of the conference call will be available telephonically from March 3,
2005 at 7:30 p.m. EST through March 10, 2005 at 11:59 p.m. EST. The telephone
number for the replay is (800) 475-6701, passcode 768836. A replay of the
webcast of the conference call will also be available via the Company's web
site.
Financial Statements Attached
- -----------------------------
The Supplemental Package and Slide Show Presentation outlining the Company's
fourth quarter 2004 results will be available prior to the Company's quarterly
conference call on the Company's web site at www.reckson.com in the Investor
Relations section, by e-mail to those on the Company's distribution list, as
well as by mail or fax, upon request. To be added to the Company's e-mail
distribution list or to receive a copy of the quarterly materials by mail or
fax, please contact Susan McGuire, Senior Vice President Investor Relations,
Reckson Associates Realty Corp., 225 Broadhollow Road, Melville, New York
11747-4883, investorrelations@reckson.com or (631) 622-6746.
Forward-Looking Statements
- --------------------------
Certain matters discussed herein, including guidance concerning the Company's
future performance, are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Although the Company
believes the expectations reflected in such forward-looking statements are
based on reasonable assumptions, forward-looking statements are not guarantees
of results and no assurance can be given that the expected results will be
delivered. Such forward-looking statements are subject to certain risks,
trends and uncertainties that could cause actual results to differ materially
from those expected. Among those risks, trends and uncertainties are the
general economic climate, including the conditions affecting industries in
which our principal tenants compete; financial condition of our tenants;
changes in the supply of and demand for office properties in the New York
Tri-State area; changes in interest rate levels; changes in the Company's
credit ratings; changes in the Company's cost of and access to capital;
downturns in rental rate levels in our markets and our ability to lease or
re-lease space in a timely manner at current or anticipated rental rate
levels; the availability of financing to us or our tenants; changes in
operating costs, including utility, real estate taxes, security and insurance
costs; repayment of debt owed to the Company by third parties; risks
associated with joint ventures; liability for uninsured losses or
environmental matters; and other risks associated with the development and
acquisition of properties, including risks that development may not be
completed on schedule, that the tenants will not take occupancy or pay rent,
or that development or operating costs may be greater than anticipated. For
further information on factors that could impact Reckson, reference is made to
Reckson's filings with the Securities and Exchange Commission. Reckson
undertakes no responsibility to update or supplement information contained in
this press release.
Reckson Associates Realty Corp. (NYSE: RA)
Consolidated Statements of Income
(in thousands, except share amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------------- ---------------------------
2004 2003 2004 2003
------------------------- ---------------------------
Property Operating Revenues:
Base rents $ 113,560 $ 93,585 $ 440,953 $ 371,019
Tenant escalations and reimbursements 19,106 15,112 73,862 58,900
------------------------- ---------------------------
Total property operating revenues 132,666 108,697 514,815 429,919
------------------------- ---------------------------
Property Operating Expenses:
Operating expenses 31,215 26,440 124,236 104,531
Real estate taxes 22,701 17,456 84,518 69,486
------------------------- ---------------------------
Total property operating expenses 53,916 43,896 208,754 174,017
------------------------- ---------------------------
Net Operating Income 78,750 64,801 306,061 255,902
------------------------- ---------------------------
Gross Margin percentage 59.4% 59.6% 59.5% 59.5%
------------------------- ---------------------------
Other Income 3,069 5,949 19,889 24,436
------------------------- ---------------------------
Other Expenses
Interest
Expense 23,662 21,059 98,050 81,185
Amortization of deferred financing costs 990 824 3,822 3,337
Restructuring charges - net - 11,580 - 11,580
Depreciation and amortization 31,510 24,719 116,480 102,502
Marketing, general and administrative 8,831 7,896 30,879 32,310
------------------------- ---------------------------
Total other expenses 64,993 66,078 249,231 230,914
------------------------- ---------------------------
Income before minority interests, preferred dividends and
distributions and discontinued operations 16,826 4,672 76,719 49,424
Minority partners' interests in consolidated partnerships (3,766) (4,278) (18,507) (16,857)
Distributions to preferred unitholders - (273) (541) (1,093)
Limited partners' minority interest in the operating partnership (161) 453 (1,517) (1,161)
------------------------- ---------------------------
Income before discontinued operations and preferred dividends 12,899 574 56,154 30,313
Discontinued operations (net of minority interests)
Gain on sales of real estate 706 115,771 11,776 115,771
Income from discontinued operations 390 4,969 2,498 17,437
------------------------- ---------------------------
Net income 13,995 121,314 70,428 163,521
Dividends to preferred shareholders (367) (5,317) (12,236) (21,267)
Redemption charges on Series A preferred stock (9,095) - (15,812) -
------------------------- ---------------------------
Net income allocable to common shareholders $ 4,533 $ 115,997 $ 42,380 $ 142,254
========================= ===========================
Common shareholders $ 4,533 $ 104,989 $ 42,380 $ 124,966
Class B common shareholders - 11,008 - 17,288
------------------------- ---------------------------
Net income allocable to common shareholders $ 4,533 $ 115,997 $ 42,380 $ 142,254
========================= ===========================
Basic weighted average common shares outstanding:
Common 76,887,000 52,125,000 68,871,000 49,092,000
Class B common - 5,928,000 - 8,910,000
Basic net income per weighted average common share:
Common stock - income from continuing operations $0.05 ($0.09) $0.41 $0.13
Discontinued operations 0.01 2.10 0.21 2.42
------------------------- ---------------------------
Basic net income per common share $0.06 $2.01 $0.62 $2.55
========================= ===========================
Class B common stock - income from continuing operations - ($0.07) - $0.32
Discontinued operations - 1.93 - 1.62
------------------------- ---------------------------
Basic net income per Class B common share - $1.86 - $1.94
========================= ===========================
Diluted weighted average common shares outstanding:
Common 77,281,000 52,400,000 69,235,000 49,262,000
Class B common - 5,928,000 - 8,910,000
Diluted net income per weighted average common share:
Common $0.06 $2.00 $0.61 $2.54
========================= ===========================
Class B common - $1.77 - $1.90
========================= ===========================
Reckson Associates Realty Corp. (NYSE: RA)
Consolidated Balance Sheets
(in thousands, except share amounts)
December 31, December 31,
2004 2003
--------------- ---------------
Assets:
Commercial real estate properties, at cost:
Land $ 401,350 $ 370,942
Buildings and improvements 2,681,742 2,183,055
Developments in progress:
Land 90,609 89,045
Development costs 21,363 46,770
Furniture, fixtures, and equipment 12,083 11,338
--------------- ---------------
3,207,147 2,701,150
Less: accumulated depreciation (560,307) (457,492)
--------------- ---------------
Investment in real estate, net of accumulated depreciation 2,646,840 2,243,658
Properties and related assets held for sale, net of accumulated depreciation 56,205 107,340
Investment in real estate joint venture 6,657 5,904
Investment in notes receivable 85,855 54,986
Investments in affiliate loans and joint ventures 60,951 71,614
Cash and cash equivalents 25,137 22,831
Tenant receivables 9,532 11,724
Deferred rents receivable 132,251 111,267
Prepaid expenses and other assets 64,013 34,432
Contract and land deposits and pre-acquisition costs 121 20,203
Deferred leasing and loan costs (net of accumulated amortization) 80,046 63,036
--------------- ---------------
Total Assets $ 3,167,608 $ 2,746,995
=============== ===============
Liabilities:
Mortgage notes payable $ 609,518 $ 721,635
Unsecured credit facility 235,500 169,000
Senior unsecured notes 697,974 499,445
Liabilities associated with properties held for sale 785 1,874
Accrued expenses and other liabilities 73,564 69,417
Deferred revenues and tenant security deposits 50,373 23,975
Dividends and distributions payable 35,924 28,290
--------------- ---------------
Total Liabilities 1,703,638 1,513,636
--------------- ---------------
Minority partners' interests in consolidated partnerships 210,678 232,570
Preferred unit interest in the operating partnership 1,200 19,662
Limited partners' minority interest in the operating partnership 53,231 44,518
--------------- ---------------
265,109 296,750
--------------- ---------------
Commitments and contingencies - -
Stockholders' Equity:
Preferred Stock, $.01 par value, 25,000,000 shares authorized
Series A - 0 and 8,834,500 shares issued and outstanding, respectively - 88
Series B - 0 and 2,000,000 shares issued and outstanding, respectively - 20
Common Stock, $.01 par value, 100,000,000 shares authorized
80,618,339 and 58,275,367 shares issued and outstanding, respectively 806 583
Treasury Stock, 3,318,600 shares (68,492) (68,492)
Retained earnings - 35,757
Additional paid in capital 1,266,547 968,653
--------------- ---------------
Total Stockholders' Equity 1,198,861 936,609
--------------- ---------------
Total Liabilities and Stockholders' Equity $ 3,167,608 $ 2,746,995
=============== ===============
Total debt to market capitalization (a): 33.8% 41.2%
=============== ===============
- ---------------
(a) Total debt includes the Company's pro rata share of consolidated and unconsolidated joint venture debt.
Reckson Associates Realty Corp. (NYSE: RA)
Funds From Operations
(in thousands, except per share amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
----------------------- -------------------------
2004 2003 2004 2003
----------------------- -------------------------
Net income allocable to common shareholders $ 4,533 $ 115,997 $ 42,380 $ 142,254
Add: Real estate depreciation and amortization 29,707 23,044 107,945 101,435
Minority partners' interests in consolidated partnerships 6,627 7,545 30,427 30,477
Limited partners' minority interest in the operating partnership 221 11,038 2,303 14,110
Less: Amounts distributable to minority partners in consolidated
partnerships 5,758 6,684 26,743 26,598
Gain on sales of depreciable real estate - 126,789 11,322 126,789
----------------------- -------------------------
Basic Funds From Operations ("FFO") 35,330 24,151 144,990 134,889
Add: Dividends and distributions on dilutive shares and units - - 590 1,093
----------------------- -------------------------
Diluted FFO $ 35,330 $ 24,151 $ 145,580 $ 135,982
======================= =========================
Diluted FFO calculations:
Weighted average common shares outstanding 76,887 58,053 68,871 58,002
Weighted average units of limited partnership interest outstanding 3,583 5,434 3,559 6,882
----------------------- -------------------------
Basic weighted average common shares and units outstanding 80,470 63,487 72,430 64,884
Adjustments for dilutive FFO weighted average shares and units
outstanding:
Common stock equivalents 394 275 364 171
Series B preferred stock - - 28 -
Limited partners' preferred interest 41 - 341 661
----------------------- -------------------------
Total diluted weighted average shares and units outstanding 80,905 63,762 73,163 65,716
======================= =========================
Diluted FFO per weighted average share or unit $ 0.44 $ 0.38 $ 1.99 $ 2.07
Diluted weighted average dividends per share $ 0.42 $ 0.42 $ 1.70 $ 1.70
Diluted FFO payout ratio 97.3% 112.2% 85.4% 81.9%
FFO Data excluding redemption charges incurred on Series A preferred stock:
Diluted FFO per weighted average share or unit $ 0.55 $ 0.38 $ 2.20 $ 2.07
Diluted weighted average dividends per share $ 0.42 $ 0.42 $ 1.70 $ 1.70
Diluted FFO payout ratio 77.4% 112.2% 77.2% 81.9%
Reconciliation from Net Income allocable to common shareholders to Diluted FFO
excluding redemption charges:
Net income allocable to common shareholders $ 4,533 $ 115,997 $ 42,380 $ 142,254
Add: Redemption charges incurred on Series A preferred stock 9,095 - 15,812 -
Real estate depreciation and amortization 29,707 23,044 107,945 101,435
Minority partners' interests in consolidated partnerships 6,627 7,545 30,427 30,477
Limited partners' minority interest in the operating partnership 221 11,038 2,303 14,110
Dividends and distributions on dilutive shares and units 368 - 12,771 1,093
Less: Amounts distributable to minority partners in consolidated 5,758 6,684 26,743 26,598
partnerships
Gain on sales of depreciable real estate - 126,789 11,322 126,789
----------------------- -------------------------
Diluted FFO excluding redemption charges $ 44,793 $ 24,151 $ 173,573 $ 135,982
======================= =========================
Diluted weighted average shares and units outstanding 81,592 63,762 78,821 65,716
======================= =========================
- ----------------------------------------------------------------------------------------------------------------------------------
Reckson Associates Realty Corp. (NYSE: RA)
Cash Available for Distribution
(in thousands, except per share amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
---------------------- -------------------------
2004 2003 2004 2003
---------------------- -------------------------
Basic Funds From Operations $ 35,330 $ 24,151 $ 144,990 $ 134,889
Adjustments for basic cash available for distribution:
Less: Straight line rents and other FAS 141 non-cash rent
adjustments 6,503 3,878 24,944 17,267
Committed non-incremental capitalized tenant improvements and
leasing costs 10,017 4,989 35,378 27,634
Actual non-incremental capitalized improvements 3,188 3,263 9,172 10,388
Add: Redemption charges on Series A preferred stock 9,095 - 15,812 -
Restructuring charges - net - 11,580 - 11,580
---------------------- -------------------------
Basic Cash Available for Distribution ("CAD") 24,717 23,601 91,308 91,180
Add: Dividends and distributions on dilutive shares and units - - - -
---------------------- -------------------------
Diluted CAD $ 24,717 $ 23,601 $ 91,308 $ 91,180
====================== =========================
Diluted CAD calculations:
Weighted average common shares outstanding 76,887 58,053 68,871 58,002
Weighted average units of limited partnership interest
outstanding 3,583 5,434 3,559 6,882
---------------------- -------------------------
Basic weighted average common shares and units outstanding 80,470 63,487 72,430 64,884
Adjustments for dilutive CAD weighted average shares and units
outstanding:
Common stock equivalents 394 275 364 171
Limited partners' preferred interest 41 - - -
---------------------- -------------------------
Total diluted weighted average shares and units outstanding 80,905 63,762 72,794 65,055
====================== =========================
Diluted CAD per weighted average share or unit $ 0.31 $ 0.37 $ 1.25 $ 1.40
Diluted weighted average dividends per share $ 0.42 $ 0.42 $ 1.70 $ 1.70
Diluted CAD payout ratio 139.1% 114.8% 135.5% 120.9%
- ----------------------------------------------------------------------------------------------------------------------------------
