|

CONSOLIDATED STATEMENTS OF INCOME
|
For three months and years ended December 31, 2001 and 2000
(dollars in thousands, except per share amounts)
(unaudited)
|
 |
 Three Months Ended 12/31/01 |
 Three Months Ended 12/31/00 |
 Year Ended 12/31/01 |
 Year Ended 12/31/00 |
 |
| REVENUE |
| Rental |
$ 32,665 |
$ 31,331 |
$ 122,061 |
$ 117,190 |
Gain on sales of
real estate aquired
for resale |
1,001 |
208 |
3,374 |
766 |
| Interest and other |
107 |
90 |
836 |
354 |
 |
| |
33,773 |
31,629 |
126,271 |
118,310 |
 |
| EXPENSES |
| Interest |
5,740 |
8,734 |
26,466 |
31,547 |
Depreciation and
amortization |
7,523 |
8,498 |
29,125 |
29,003 |
General and
administrative |
2,016 |
1,847 |
7,836 |
6,839 |
| Property |
745 |
515 |
2,518 |
2,032 |
| Other |
483 |
254 |
1,796 |
813 |
Provision for
impairment losses |
400 |
-- |
1,450 |
-- |
 |
| |
16,907 |
19,848 |
69,191 |
70,234 |
 |
Income from
operations |
16,866 |
11,781 |
57,080 |
48,076 |
Gain on sales of
investment
properties |
1,557 |
4,881 |
10,478 |
6,712 |
 |
| Net Income |
18,423 |
16,662 |
67,558 |
54,788 |
Preferred stock
dividends |
(2,428) |
(2,428) |
(9,712) |
(9,712) |
 |
Net income available to
common stockholders |
$ 15,995 |
$ 14,234 |
$ 57,846 |
$ 45,076 |
 |
Funds from operations
(FFO) |
$ 22,331 |
$ 17,822 |
$ 77,828 |
$ 67,239 |
Per share information for
common
stockholders: |
|
|
| FFO |
|
|
|
|
| Basic |
$ 0.70 |
$ 0.67 |
$ 2.66 |
$ 2.52 |
| Diluted |
0.70 |
0.67 |
2.66 |
2.52 |
Income from
operations |
|
|
|
|
| Basic |
0.45 |
0.35 |
1.62 |
1.44 |
| Diluted |
0.45 |
0.35 |
1.62 |
1.44 |
| Net Income |
|
|
|
|
| Basic |
0.50 |
0.54 |
1.98 |
1.69 |
| Diluted |
0.50 |
0.54 |
1.98 |
1.69 |
| Cash dividends paid |
0.566 |
0.551 |
2.243 |
2.183
|
 |
|