U-Store-It Trust (NYSE: YSI) announced its operating results for
the three and six months ended June 30, 2011.
U-Store-It Chief Executive Officer Dean Jernigan said, "In the
first six months of the year, we have delivered on our 2011
operational, investment and balance sheet objectives. Strong core
portfolio performance continued in the second quarter and into our
prime rental season providing us the visibility to increase our
expectations for internal growth for the year. In addition to
excellent revenue growth, we have also increased occupancy on our
same-store portfolio 200 basis points from 77.8% last June to 79.8%
this June, and the momentum continued into July as we pushed
occupancy to 80.8% at the end of the month."
Key Highlights
- Funds from Operations ("FFO")
- FFO of $0.15 per share for the three months ended June 30,
2011, representing 36% growth compared to $0.11 per share reported
for the three months ended June 30, 2010.
- Same-store Revenue (350 same-store facilities)
- 2nd quarter - Same-store total revenue increased 3.5% from the
second quarter of 2010.
- Six months ended - Same-store total revenue increased 3.6% in
2011 over 2010.
- Same-store Property Operating Expenses
- 2nd quarter - Same-store property operating expenses decreased
2.3% compared to the second quarter of 2010.
- Six months ended - Same-store property operating expenses
increased 1.5% from 2010 to 2011.
- Same-store Net Operating Income ("NOI")
- 2nd quarter - Same-store NOI increased 7.4% from the second
quarter of 2010.
- Six months ended - Same-store NOI increased 5.0% from the first
six months of 2010.
- Same-store Physical Occupancy
- At June 30, 2011, ending physical occupancy increased 200 basis
points to 79.8% compared to 77.8% at June 30, 2010.
- 2nd quarter - Average physical occupancy was 78.5% for the
second quarter of 2011 on the same-store facilities, an increase of
180 basis points compared to 76.7% for the second quarter of
2010.
- Six months ended - Average physical occupancy was 77.6% for the
six months ended June 30, 2011 on the same-store facilities
compared to 76.0% for the six months ended June 30, 2010.
- Ending sequential quarterly occupancy increased 290 basis
points (79.8% as of June 30, 2011 compared to 76.9% as of March 31,
2011) compared to an increase of 260 basis points in the same
period last year (77.8% as of June 30, 2010 compared to 75.2% as of
March 31, 2010).
- Acquisition Activity
- 2nd quarter - The Company acquired four storage facilities for
an aggregate investment of $45.6 million.
- Six months ended - The Company acquired five storage facilities
for an aggregate investment of $59.8 million.
- Through the date of this release, the Company has acquisitions
closed or under contract totaling $113.6 million.
- Third Party Management
- At June 30, 2011, the Company managed 85 properties totaling
5.6 million square feet.
- Year-to-date, the Company has been awarded new management
contacts related to nine self-storage facilities and has management
agreements for an additional eight facilities in process with final
approval expected during the third quarter.
- Investment Grade Rating
- In July, Moody's Investors Services assigned the Company's
operating partnership, U-Store-It, L.P., a Baa3 issuer rating with
a stable outlook.
- 5-Year and 7-Year Unsecured Term Loans
- In June, the Company closed on a $200 million unsecured term
loan facility and entered into interest rate swaps to fix the
interest rate through loan maturity:
- $100 million 5-year unsecured term loan with an effective fixed
interest rate at closing of 3.70%
- $100 million 7-year unsecured term loan with an effective fixed
interest rate at closing of 4.52%
Funds from Operations
FFO for the second quarter of 2011 was $16.0 million, compared
to $10.6 million for the second quarter of 2010. FFO per share was
$0.15 per share for the second quarter of 2011, compared to $0.11
per share for the same quarter of last year.
2011 Investment Activity
The Company acquired one self-storage facility in the first
quarter of 2011 that contained approximately 91,000 rentable square
feet located in the northern Virginia suburbs of Washington,
D.C.
During the second quarter of 2011, the Company acquired four
self-storage facilities containing approximately 257,000 rentable
square feet located in Miami, Florida; White Plains, New York;
Houston, Texas; and Phoenix, Arizona.
During the third quarter of 2011, through the date of this
release, the Company acquired four self-storage facilities
containing approximately 227,000 rentable square feet located in
suburban Atlanta, Georgia and Jacksonville, Florida.
The nine assets acquired year-to-date are located in the
Company's targeted investment markets, contain an aggregate 575,000
square feet and were acquired for a total investment of
approximately $70.7 million. The Company expects to close on $42.9
million of additional facility acquisitions during the third
quarter that it currently has under contract. Including closed
facility acquisitions and facility acquisitions under contract,
year-to-date investment activity totals $113.6 million.
Christopher Marr, President & Chief Investment Officer said,
"We continue to execute on our strategy of improving the quality of
the cash flows from our portfolio. Our acquisitions to date in our
core markets, including Washington D.C. and New York City, have us
approaching the high end of our guidance of investing $75 to $125
million. We expect our 2011 dispositions will provide proceeds at
the high end of our $35 to $50 million guidance based on assets
currently under contract or in contract negotiations. We targeted a
15% increase in our third party management contracts and our
activity to date gives us a high degree of confidence in meeting or
exceeding that objective."
Same-Store Results
The Company's same-store pool at June 30, 2011 represented 350
facilities containing approximately 22.8 million rentable square
feet and included approximately 95.3% of the aggregate rentable
square feet of the Company's 367 owned facilities. These same-store
facilities represent approximately 93.0% of property net operating
income for the quarter ended June 30, 2011.
The same-store physical occupancy at period end for the second
quarter of 2011 was 79.8% compared to 77.8% for the same quarter of
last year. Same-store net rental income for the second quarter of
2011 increased 2.4%, same-store total revenues increased 3.5% and
same-store operating expenses decreased 2.3% over the same quarter
in 2010. Same-store net operating income increased 7.4% compared to
the same quarter of 2010.
For the six months ended June 30, 2011, same-store total
revenues, operating expenses and net operating income increased
3.6%, 1.5%, and 5.0%, respectively, as compared to the results for
the six months ended June 30, 2010. Average physical occupancy of
the same-store pool for 2011 was 77.6% as compared to 76.0% during
2010.
Balance Sheet
On June 20, 2011, the Company entered into a $200 million
unsecured term loan facility (the "Term Loan Facility"). The Term
Loan Facility consists of a $100 million term loan with a five-year
maturity and a $100 million term loan with a seven-year maturity.
At closing, the effective fixed interest rate on the five-year term
loan was 3.70% and the effective fixed interest rate on the
seven-year term loan was 4.52%.
Proceeds from the term loans were used to repay $100 million of
the existing unsecured term loan scheduled to mature in 2013,
approximately $31 million of various secured loans having a
weighted average interest rate of 7.25%, amounts drawn on the
Company's unsecured revolving line of credit and for general
corporate purposes.
Pricing on the Term Loan Facility is based on a borrowing spread
over LIBOR. The borrowing spread is determined by our leverage
levels or our investment grade credit rating once received. The
facility contains customary affirmative and negative covenants
that, among other things, require us to comply with leverage,
liquidity and net worth tests. The company entered into interest
rate swap agreements effective on the closing date that fix LIBOR
on both the $100 million five-year term loan and the $100 million
seven-year term loan through their respective maturity dates.
At June 30, 2011, $100 million of unsecured term loan borrowings
and $9 million of unsecured revolving credit facility borrowings
were outstanding under the Credit Facility, $200 million of
unsecured term loan borrowings were outstanding under the Term Loan
Facility, and $241 million was available for borrowing under the
Credit Facility.
During the six months ended June 30, 2011, the Company repaid
$2.7 million of secured loans that had maturity dates in 2011 and
$30.7 million of secured loans that had maturity dates in 2014.
Investment Grade Rating
On July 13, 2011, the Company announced that its operating
partnership, U-Store-It, L.P., was assigned a Baa3 issuer rating by
Moody's Investors Service with a stable outlook.
Additional information regarding U-Store-It, L.P.'s rating
assignment can be found in the Moody's press release dated July 13,
2011 available on Moody's website at www.moodys.com. None of the
information on Moody's website, including the press release, is
incorporated by reference into or is otherwise a part of this press
release. The rating is subject to revision or withdrawal at any
time by the rating agency and is not a recommendation to buy, sell
or hold securities.
Operating Results
The Company reported net income attributable to the Company of
$0.9 million in the second quarter of 2011, compared to a net loss
attributable to the Company of $4.5 million or $0.05 per common
share in the second quarter of 2010. Total revenues increased $6.2
million and total property operating expenses increased $1.3
million in the second quarter of 2011, compared to the same period
in 2010. Increases in total revenues are attributable to increased
occupancy levels in the same-store portfolio, revenues generated
from property acquisitions and increased revenues generated from
our third-party management business. Increases in total property
operating expenses are attributable to $1.2 million of increased
expenses associated with newly acquired properties and a full
quarter of expenses related to the addition of 85 management
contracts in April 2010 as compared to the second quarter of
2010.
During the second quarter, the Company repaid $100 million of
unsecured term loan borrowings under its credit facility that
matures in 2013. Under that agreement, the Company may not
re-borrow term loans once repaid. Accordingly, the Company expensed
during the quarter $2.1 million of previously unamortized costs
associated with the portion of the loan that was repaid.
Interest expense decreased approximately $1.6 million in the
second quarter of 2011, compared to the second quarter of 2010,
primarily related to approximately $136 million of net mortgage
loan repayments during the period from April 1, 2010 through June
30, 2011.
The Company's second quarter results include $1.9 million of
income from discontinued operations. This income represents
settlement proceeds the Company received in conjunction with a
property that was taken by the State of California through eminent
domain proceedings in 2009 as part of a roadway expansion
project.
The Company's 367 owned facilities, containing 24.0 million
rentable square feet, had a physical occupancy at June 30, 2011 of
79.5% and an average physical occupancy for the quarter ended June
30, 2011 of 78.2%.
Quarterly Dividend
On June 1, 2011, the Company declared a dividend of $0.07 per
share. The dividend was paid on July 22, 2011, to shareholders of
record on July 7, 2011.
2011 Financial Outlook
"Strong operating performance in the first half of 2011 has
created upward revisions in our internal growth assumptions as well
as our FFO expectations for the year. We have increased our
same-store revenue, net operating income, and FFO per share
expectations and reduced our same-store expense growth
assumptions," said Timothy Martin, Chief Financial Officer. "In
addition to raising our earnings estimates, our year-to-date
investment activity drives our expectation of meeting the upper end
of our acquisition and disposition assumptions. The unsecured term
loans we completed this quarter further improved our balance sheet
position and we received an investment grade rating from Moody's.
We are on track to fully deliver on our strategic objectives for
2011."
The Company is adjusting its previously issued estimates as well
as the underlying same-store assumptions, and now expects that its
fully-diluted FFO per share for 2011 will be between $0.60 and
$0.63 (versus previous estimate of $0.56 to $0.61 per share), and
that its fully-diluted net income per share for the period will be
between $0.05 and $0.08. The Company's estimate is based on the
following key assumptions:
- For 2011, the same-store pool consists of 350 assets totaling
22.9 million square feet
- Same-store revenue growth increased to a current assumption of
3.5% to 3.8% over 2010 (previously 2.5% to 3.5%)
- Same-store expense growth decreased to a current assumption of
1.0% to 2.0% over 2010 (previously 2.0% to 3.0%)
- Same-store net operating income growth increased to a current
assumption of 4.5% to 5.5% over 2010 (previously 2.5% to 3.5%)
- General and administrative expenses of approximately $25.5
million to $26.5 million
2011 Full Year Guidance Range or Value
----------------------------------------------------- ----------------------
Earnings per diluted share allocated to common
shareholders $ 0.05 to $ 0.08
Plus: real estate depreciation and amortization 0.55 0.55
-------- --------
FFO per diluted share $ 0.60 to $ 0.63
======== ========
The Company estimates that its fully-diluted FFO per share for
the quarter ending September 30, 2011 will be between $0.16 and
$0.17, and that its fully-diluted net income per share for the
period will be between $0.02 and $0.03.
3rd Quarter 2011 Guidance Range or Value
----------------------------------------------------- ----------------------
Earnings per diluted share allocated to common
shareholders $ 0.02 to $ 0.03
Plus: real estate depreciation and amortization 0.14 0.14
-------- --------
FFO per diluted share $ 0.16 to $ 0.17
======== ========
Conference Call
Management will host a conference call at 11:00 a.m. ET on
Friday, August 5, 2011, to discuss financial results for the three
and six months ended June 30, 2011.
A live webcast of the conference call will be available online
from the investor relations page of the Company's corporate website
at www.u-store-it.com. The dial-in numbers are 1-877-317-6789 for
domestic callers and +1-412-317-6789 for international callers.
After the live webcast, the call will remain available on
U-Store-It's website for thirty days. In addition, a telephonic
replay of the call will be available until September 6, 2011. The
replay dial-in number is 877-344-7529 for domestic callers and
+1-412-317-0088 for international callers. The reservation number
for both is 451776.
Supplemental operating and financial data as of June 30, 2011 is
available on our corporate website under Investor Relations -
Financial Information - Financial Reports.
About U-Store-It Trust
U-Store-It Trust is a self-administered and self-managed real
estate investment trust. The Company's self-storage facilities are
designed to offer affordable, easily accessible and secure storage
space for residential and commercial customers. According to the
Self-Storage Almanac, U-Store-It Trust is one of the top four
owners and operators of self-storage facilities in the United
States.
Non-GAAP Performance Measurements
FFO is a widely used performance measure for real estate
companies and is provided here as a supplemental measure of
operating performance. The Company calculates FFO in accordance
with the best practices described in the April 2002 National Policy
Bulletin of the National Association of Real Estate Investment
Trusts (the "White Paper"). The White Paper defines FFO as net
income (computed in accordance with GAAP), excluding gains (or
losses) from sales of property, plus depreciation and amortization,
and after adjustments for unconsolidated partnerships and joint
ventures.
Management uses FFO as a key performance indicator in evaluating
the operations of the Company's facilities. Given the nature of its
business as a real estate owner and operator, the Company considers
FFO a key measure of its operating performance that is not
specifically defined by accounting principles generally accepted in
the United States. The Company believes that FFO is useful to
management and investors as a starting point in measuring its
operational performance because it excludes various items included
in net income that do not relate to or are not indicative of its
operating performance such as gains (or losses) from sales of
property and depreciation, which can make periodic and peer
analyses of operating performance more difficult. FFO should not be
considered as an alternative to net income (determined in
accordance with GAAP) as an indicator of the Company's financial
performance, is not an alternative to cash flow from operating
activities (determined in accordance with GAAP) as a measure of the
Company's liquidity, and is not indicative of funds available to
fund the Company's cash needs, including its ability to make
distributions.
We define net operating income, which we refer to as "NOI," as
total continuing revenues less continuing property operating
expenses. NOI also can be calculated by adding back to net income
(loss): interest expense on loans, loan procurement amortization
expense, loan procurement amortization expense - early repayment of
debt, acquisition related costs, amounts attributable to
noncontrolling interests, other expense, depreciation and
amortization expense, general and administrative expense, and
deducting from net income: income from discontinued operations,
gains on disposition of discontinued operations, other income, and
interest income. NOI is not a measure of performance calculated in
accordance with GAAP.
Management uses NOI as a measure of operating performance at
each of our facilities, and for all of our facilities in the
aggregate. NOI should not be considered as a substitute for
operating income, net income, cash flows provided by operating,
investing and financing activities, or other income statement or
cash flow statement data prepared in accordance with GAAP.
Forward-Looking Statements
This presentation, together with other statements and
information publicly disseminated by U-Store-It Trust ("we," "us,"
"our" or the "Company"), contains certain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). Such statements are based on
assumptions and expectations that may not be realized and are
inherently subject to risks, uncertainties and other factors, many
of which cannot be predicted with accuracy and some of which might
not even be anticipated. Although we believe the expectations
reflected in these forward-looking statements are based on
reasonable assumptions, future events and actual results,
performance, transactions or achievements, financial and otherwise,
may differ materially from the results, performance, transactions
or achievements expressed or implied by the forward-looking
statements. Risks, uncertainties and other factors that might cause
such differences, some of which could be material, include, but are
not limited to:
- national and local economic, business, real estate and other
market conditions;
- the competitive environment in which we operate, including our
ability to raise rental rates;
- the execution of our business plan;
- the availability of external sources of capital;
- financing risks, including the risk of over-leverage and the
corresponding risk of default on our mortgage and other debt and
potential inability to refinance existing indebtedness;
- increases in interest rates and operating costs;
- counterparty non-performance related to the use of derivative
financial instruments;
- our ability to maintain our status as a real estate investment
trust ("REIT") for federal income tax purposes;
- acquisition and development risks;
- increases in taxes, fees, and assessments from state and local
jurisdictions;
- changes in real estate and zoning laws or regulations;
- risks related to natural disasters;
- potential environmental and other liabilities;
- other factors affecting the real estate industry generally or
the self-storage industry in particular; and
- other risks identified in our Annual Report on Form 10-K and,
from time to time, in other reports we file with the Securities and
Exchange Commission (the "SEC") or in other documents that we
publicly disseminate.
We undertake no obligation to publicly update or revise these
forward-looking statements, whether as a result of new information,
future events or otherwise except as may be required in securities
laws.
U-STORE-IT TRUST AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
June 30, December 31,
2011 2010
------------ ------------
ASSETS
Storage facilities $ 1,781,331 $ 1,743,021
Less: Accumulated depreciation (318,770) (314,530)
------------ ------------
Storage facilities, net 1,462,561 1,428,491
Cash and cash equivalents 1,845 5,891
Restricted cash 9,747 10,250
Loan procurement costs, net of amortization 12,672 15,611
Other assets, net 22,637 18,576
------------ ------------
Total assets $ 1,509,462 $ 1,478,819
============ ============
LIABILITIES AND EQUITY
Revolving credit facility $ 9,000 $ 43,000
Unsecured term loans 300,000 200,000
Mortgage loans and notes payable 347,645 372,457
Accounts payable, accrued expenses and other
liabilities 37,105 36,172
Distributions payable 7,260 7,275
Deferred revenue 9,532 8,873
Security deposits 490 489
------------ ------------
Total liabilities 711,032 668,266
------------ ------------
Noncontrolling interests in the Operating
Partnership 49,789 45,145
------------ ------------
Commitments and contingencies
Equity
Common shares $.01 par value, 200,000,000
shares authorized, 98,854,160 and 98,596,796
shares issued and outstanding at June 30,
2011 and December 31, 2010, respectively 989 986
Additional paid in capital 1,028,640 1,026,952
Accumulated other comprehensive loss (113) (1,121)
Accumulated deficit (321,053) (302,601)
------------ ------------
Total U-Store-It Trust shareholders' equity 708,463 724,216
------------ ------------
Noncontrolling interest in subsidiaries 40,178 41,192
------------ ------------
Total equity 748,641 765,408
------------ ------------
Total liabilities and equity $ 1,509,462 $ 1,478,819
============ ============
U-STORE-IT TRUST AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share data)
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ------------------
2011 2010 2011 2010
-------- -------- -------- --------
REVENUES
Rental income $ 52,906 $ 48,156 $104,777 $ 95,870
Other property related income 5,650 4,417 10,406 8,220
Property management fee income 848 590 1,757 634
-------- -------- -------- --------
Total revenues 59,404 53,163 116,940 104,724
-------- -------- -------- --------
OPERATING EXPENSES
Property operating expenses 25,085 23,755 50,688 46,102
Depreciation and amortization 15,945 15,930 31,518 31,878
General and administrative 6,841 6,844 12,874 12,711
-------- -------- -------- --------
Total operating expenses 47,871 46,529 95,080 90,691
-------- -------- -------- --------
OPERATING INCOME 11,533 6,634 21,860 14,033
-------- -------- -------- --------
OTHER INCOME (EXPENSE)
Interest:
Interest expense on loans (8,020) (9,625) (16,133) (19,676)
Loan procurement amortization
expense (1,396) (1,620) (3,031) (3,159)
Loan procurement amortization
expense - early repayment of
debt (2,085) - (2,085) -
Interest income 5 62 14 597
Acquisition related costs (146) (300) (255) (300)
Other (198) (35) (201) (76)
-------- -------- -------- --------
Total other expense (11,840) (11,518) (21,691) (22,614)
-------- -------- -------- --------
INCOME (LOSS) FROM CONTINUING
OPERATIONS (307) (4,884) 169 (8,581)
INCOME FROM DISCONTINUED OPERATIONS 1,895 495 1,895 1,000
-------- -------- -------- --------
NET INCOME (LOSS) 1,588 (4,389) 2,064 (7,581)
NET LOSS (INCOME) ATTRIBUTABLE TO
NONCONTROLLING INTERESTS
Noncontrolling interests in the
Operating Partnership (44) 233 (39) 411
Noncontrolling interest in
subsidiaries (642) (365) (1,240) (826)
-------- -------- -------- --------
NET INCOME (LOSS) ATTRIBUTABLE TO
THE COMPANY $ 902 $ (4,521) $ 785 $ (7,996)
======== ======== ======== ========
Basic and diluted loss per share
from continuing operations
attributable to common shareholders $ (0.01) $ (0.05) $ (0.01) $ (0.10)
Basic and diluted earnings per share
from discontinued
operations attributable to common
shareholders $ 0.02 $ - $ 0.02 $ 0.01
-------- -------- -------- --------
Basic and diluted earnings (loss)
per share attributable to common
shareholders $ 0.01 $ (0.05) $ 0.01 $ (0.09)
======== ======== ======== ========
Weighted-average basic and diluted
shares outstanding 98,844 92,925 98,807 92,880
AMOUNTS ATTRIBUTABLE TO THE
COMPANY'S COMMON SHAREHOLDERS:
Loss from continuing operations $ (906) $ (4,992) $ (1,023) $ (8,947)
Total discontinued operations 1,808 471 1,808 951
-------- -------- -------- --------
Net income (loss) $ 902 $ (4,521) $ 785 $ (7,996)
======== ======== ======== ========
Same-store facility results (350 facilities)
(in thousands, except percentage and per square foot data)
Three months ended
--------------------
June 30, June 30, Percent
2011 2010 Change
--------- --------- --------
REVENUES
Net rental income $ 49,279 $ 48,137 2.4%
Other property related income 4,876 4,201 16.1%
--------- --------- --------
Total revenues 54,155 52,338 3.5%
--------- --------- --------
OPERATING EXPENSES
Property taxes 6,696 6,696 0.0%
Personnel expense 6,001 5,599 7.2%
Advertising 1,627 2,644 -38.5%
Repair and maintenance 755 646 16.9%
Utilities 1,980 1,991 -0.6%
Property insurance 723 740 -2.3%
Other expenses 2,988 2,950 1.3%
--------- --------- --------
Total operating expenses 20,770 21,266 -2.3%
--------- --------- --------
Net operating income (1) $ 33,385 $ 31,072 7.4%
========= ========= ========
Gross margin 61.6% 59.4%
Period Average Occupancy (2) 78.5% 76.7%
Period End Occupancy (3) 79.8% 77.8%
Total rentable square feet 22,849 22,849
Realized annual rent per occupied square
foot (4) $ 10.99 $ 10.99 0.0%
Scheduled annual rent per square foot (5) $ 11.95 $ 11.70 2.1%
Reconciliation of Same-Store Net Operating
Income to Operating Income
Same-store net operating income (1) $ 33,385 $ 31,072
Non same-store net operating income (1) 2,529 (34)
Indirect property overhead (6) (1,595) (1,630)
Depreciation and amortization (15,945) (15,930)
General and administrative expense (6,841) (6,844)
--------- ---------
Operating Income $ 11,533 $ 6,634
========= =========
(1) Net operating income (NOI) is a non-GAAP (generally accepted accounting
principles) financial measure that excludes the impact of depreciation and
general & administrative expense.
(2) Square feet occupancy represents the weighted average occupancy for the
period.
(3) Represents occupancy at June 30 of the respective year.
(4) Realized annual rent per occupied square foot is computed by dividing
rental income by the weighted average occupied square feet for the period.
(5) Scheduled annual rent per square foot represents annualized contractual
rents per available square foot for the period.
(6) Includes property management fee income earned in conjunction with
managed properties.
Same-store facility results (350 facilities)
(in thousands, except percentage and per square foot data)
Six months ended
--------------------
June 30, June 30, Percent
2011 2010 Change
--------- --------- --------
REVENUES
Net rental income $ 98,288 $ 95,736 2.7%
Other property related income 9,052 7,883 14.8%
--------- --------- --------
Total revenues 107,340 103,619 3.6%
--------- --------- --------
OPERATING EXPENSES
Property taxes 13,345 13,722 -2.7%
Personnel expense 11,946 11,351 5.2%
Advertising 3,273 3,367 -2.8%
Repair and maintenance 1,403 1,258 11.5%
Utilities 4,338 4,420 -1.9%
Property insurance 1,413 1,473 -4.1%
Other expenses 6,630 6,133 8.1%
--------- --------- --------
Total operating expenses 42,348 41,724 1.5%
--------- --------- --------
Net operating income (1) $ 64,992 $ 61,895 5.0%
========= ========= ========
Gross margin 60.5% 59.7%
Period Average Occupancy (2) 77.6% 76.0%
Period End Occupancy (3) 79.8% 77.8%
Total rentable square feet 22,849 22,849
Realized annual rent per occupied square
foot (4) $ 11.09 $ 11.03 0.5%
Scheduled annual rent per square foot (5) $ 11.93 $ 11.66 2.3%
Reconciliation of Same-Store Net Operating Income to Operating
Income
Same-store net operating income (1) $ 64,992 $ 61,895
Non same-store net operating income (1) 4,460 257
Indirect property overhead (6) (3,200) (3,298)
Depreciation and amortization (31,518) (31,878)
General and administrative expense (12,874) (12,711)
--------- ---------
Operating Income $ 21,860 $ 14,265
========= =========
(1) Net operating income (NOI) is a non-GAAP (generally accepted accounting
principles) financial measure that excludes the impact of depreciation and
general & administrative expense.
(2) Square feet occupancy represents the weighted average occupancy for the
period.
(3) Represents occupancy at June 30 of the respective year.
(4) Realized annual rent per occupied square foot is computed by dividing
rental income by the weighted average occupied square feet for the period.
(5) Scheduled annual rent per square foot represents annualized contractual
rents per available square foot for the period.
(6) Includes property management fee income earned in conjunction with
managed properties.
Non-GAAP Measure - Computation of Funds From Operations
(in thousands, except per share data)
Three months ended Six months ended
-------------------- --------------------
June 30, June 30, June 30, June 30,
2011 2010 2011 2010
--------- --------- --------- ---------
Net income (loss) $ 1,588 $ (4,389) $ 2,064 $ (7,581)
Add (deduct):
Real estate depreciation and
amortization 15,531 15,950 30,787 31,920
Noncontrolling interests in
subsidiaries' share of FFO (1,092) (934) (2,155) (1,955)
--------- --------- --------- ---------
FFO $ 16,027 $ 10,627 $ 30,696 $ 22,384
========= ========= ========= =========
Earnings (loss) per share
attributable to common
shareholders - basic and
diluted $ 0.01 $ (0.05) $ 0.01 $ (0.09)
FFO per share and unit - fully
diluted $ 0.15 $ 0.11 $ 0.29 $ 0.23
Weighted-average basic and
diluted shares outstanding 98,844 92,925 98,807 92,880
Weighted-average diluted shares
and units outstanding 105,071 98,802 104,959 98,655
Dividend per common share and
unit $ 0.07 $ 0.025 $ 0.14 $ 0.05
Payout ratio of FFO (Dividend
per share divided by FFO per
share) 47% 23% 48% 22%
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