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Income Statement

CONSOLIDATED STATEMENTS OF INCOME
For the three months and years ended December 31, 2004 and 2003
(dollars in thousands, except per share amounts)

Three Months Ended
12/31/04
(unaudited)

Three Months Ended
12/31/03

Year
Ended
12/31/04
(unaudited)

Year Ended
12/31/03

 
REVENUE
Rental $  45,340 $  39,711 $  174,446 $  144,703
Other 429 275 1,109 590
  45,769 39,986 175,555 145,293

 
EXPENSES
Interest 8,599 7,402 34,132 26,413
Depreciation and
    amortization		 10,411 8,946 40,339 32,676
General and
    administrative		 3,496 2,861 13,119 10,616
Property 922 689 3,168 2,461
Income taxes 178 116 699 501
  23,606 20,014 91,457 72,667

 
Income from
     continuing operations		 22,163 19,972 84,098 72,626
Income from
    discontinued operations:		            
          Real estate acquired
          for resale by Crest		 598 4,121 7,847 4,588
          Real estate held for
          investment		 3,795 3,391 11,452 9,221
  4,393 7,512 19,299 13,809

 
Net income 26,556 27,484 103,397 86,435
Preferred stock
    cash dividends		 (2,244) (2,428) (9,455) (9,713)
Excess of redemption value
    over carrying value of
    preferred shares
    redeemed		 -- -- (3,774) --

 
Net income available to
   common stockholders		 $  24,312 $  25,056 $  90,168 $  76,722

 
Funds from operations
   available to common
   stockholders (FFO)		 $  28,792 $  31,305 $  118,181 $  103,366

 
After the market close on December 31, 2004, a 2-for-1 stock split declared on November 17, 2004 became effective. Shareholders received an additional share of common stock for each share they owned. The increase in the number of shares outstanding after the stock split is reflected in all periods presented, and all per share data has been adjusted for the stock split.
 
Per share information for
   common stockholders:		        
   Income from continuing
       operations:		        
       Basic $     0.25 $     0.24 $     0.90 $     0.89
       Diluted $     0.25 $     0.24 $     0.90 $     0.88
   Net income, basic
       and diluted		 $     0.31 $     0.34 $     1.15 $     1.08
   FFO, basic from:        
       FFO before Crest Net
       contribution		 $     0.36 $     0.36 $     1.41 $     1.39
       Crest Net Lease 0.01 0.06 0.10 0.06
       Total FFO      0.36      0.42      1.51      1.45
   FFO, diluted from:        
       FFO before Crest Net
       contribution		 $     0.36 $     0.36 $     1.40 $     1.39
       Crest Net Lease 0.01 0.06 0.10 0.06
       Total FFO      0.36      0.42      1.50      1.45
   Cash dividends paid $   0.328 $   0.298 $   1.241 $   1.181

 

 
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