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U BLI C TO RAGE,NC. 1999 N N UAL REP O RT
ELECTED INANCIAL IGHLIGHTS
1
(In thousands, except per share data)
For the year ended December 31, 1999
(1)
1998
(1)
1997
(1)
1996
(1)
1995
(1)
Revenues:
Rental income $ 627,851 $ 535,869 $ 434,008 $ 294,426 $ 202,134
Equity in earnings of real estate entities 32,183 26,602 17,569 22,121 3,763
Interest and other income 16,700 18,614 17,474 19,829 6,301
676,734 581,085 469,051 336,376 212,198
Expenses:
Cost of operations 216,816 205,835 165,714 94,285 72,247
Depreciation and amortization 137,719 111,799 92,750 64,999 40,760
General and administrative 12,491 11,635 13,462 5,698 3,982
Interest expense 7,971 4,507 6,792 8,482 8,508
Environmental cost ————2,741
Advisory fee ————6,437
374,997 333,776 278,718 173,464 134,675
Income before minority interest and disposition gain 301,737 247,309 190,333 162,912 77,523
Minority interest in income (16,006) (20,290) (11,684) (9,363) (7,137)
Net income before gain on disposition of real estate 285,731 227,019 178,649 153,549 70,386
Gain on disposition of real estate 2,154————
Net income $ 287,885 $ 227,019 $ 178,649 $ 153,549 $ 70,386
Per Common Share:
Distributions $ 1.52 $ 0.88 $ 0.88 $ 0.88 $ 0.88
Net income — Basic $ 1.53 $ 1.30 $ 0.92 $ 1.10 $ 0.96
Net income — Diluted $ 1.52 $ 1.30 $ 0.91 $ 1.10 $ 0.95
Weighted average common shares — Basic 126,308 113,929 98,446 77,117 41,039
Weighted average common shares — Diluted 126,669 114,357 98,961 77,358 41,171
Balance Sheet Data:
Total assets $4,214,385 $3,403,904 $3,311,645 $2,572,152 $1,937,461
Total debt $ 167,338 $ 81,426 $ 103,558 $ 108,443 $ 158,052
Minority interest $ 186,600 $ 139,325 $ 288,479 $ 116,805 $ 112,373
Shareholders’equity $3,689,100 $3,119,340 $2,848,960 $2,305,437 $1,634,503
Other Data:
Net cash provided by operating activities $ 459,177 $ 372,992 $ 294,557 $ 245,361 $ 123,579
Net cash used in investing activities $ (448,529) $ (355,231) $ (408,313) $ (479,626) $ (248,672)
Net cash provided by (used in) financing activities $ (6,748) $ (7,991) $ 128,355 $ 180,685 $ 185,378
Funds from operations
(2)
$ 428,962 $ 336,363 $ 272,234 $ 224,476 $ 105,199
1. During 1999, 1998, 1997, 1996 and 1995, we completed several significant business combinations and equity transactions. See Notes 3 and 10 to the
Company’s consolidated financial statements.
2. Funds from operations (“FFO”), means net income (loss) (computed in accordance with GAAP) before (i) gain (loss) on early extinguishment of debt,
(ii) minority interest in income and (iii) gain (loss) on disposition of real estate, adjusted as follows: (i) plus depreciation and amortization (including the
Company’s pro-rata share of depreciation and amortization of unconsolidated equity interests and amortization of assets acquired in a merger, including
property management agreements and excess purchase cost over net assets acquired), and (ii) less FFO attributable to minority interest. FFO is a supplemental
performance measure for equity REITs as defined by the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”).The NAREIT definition
does not specifically address the treatment of minority interest in the determination of FFO or the treatment of the amortization of property management
agreements and excess purchase cost over net assets acquired. In the case of the Company, FFO represents amounts attributable to its shareholders after
deducting amounts attributable to the minority interests and before deductions for the amortization of property management agreements and excess purchase
cost over net assets acquired. FFO is presented because management, as well as many analysts, consider FFO to be one measure of the performance of the
Company and it is used in certain aspects of the terms of the Class B Common Stock. FFO does not take into consideration scheduled principal payments
on debt, capital improvements, distributions and other obligations of the Company.Accordingly, FFO is not a substitute for the Company’s cash flow or net
income as a measure of the Company’s liquidity or operating performance or ability to pay distributions. FFO is not comparable to similarly entitled items
reported by other REITs that do not define it exactly as the Company defines it.