Equity One, Inc. (NYSE:EQY), an owner, developer, and operator
of shopping centers, announced today its financial results for the
three and twelve months ended December 31, 2011.
Highlights for the quarter and recent activity include:
- Reported Funds From Operations (FFO) of
$0.25 per diluted share for the quarter and $1.21 per diluted share
for the year
- Reported Recurring FFO of $0.29 per
diluted share for the quarter and $1.12 per diluted share for the
year
- Reported core occupancy of 90.7%, an
increase of 10 basis points from September 30, 2011
- Reported a decrease in same property
net operating income of 50 basis points as compared to the fourth
quarter 2010
- Reported full year same property net
operating income growth of 1.3% as compared to 2010
- Closed on the acquisition of four
shopping centers located in Los Angeles, Miami, and Connecticut
having a gross purchase price of $263.4 million
- Disposed of 39 non-strategic assets for
$504 million
- Entered into contracts to acquire four
properties for $190 million consisting of Potrero Center in San
Francisco, California and three shopping centers in Fairfield
County, Connecticut
- Closed a $200 million seven year
unsecured term loan with an effective interest rate of 3.46% per
annum
- Entered into a contract to sell 222
Sutter for $53.8 million
“We were active capital recyclers during 2011 with over $1
billion of acquisitions and $700 million of dispositions,” said
Jeff Olson, Chief Executive Officer of Equity One. “These
transactions significantly upgraded and diversified our portfolio
into our core markets of New York, Boston, San Francisco, Los
Angeles, Atlanta, and Miami.”
Financial Highlights
In the fourth quarter 2011, the company generated FFO of $30.5
million, or $0.25 per diluted share, as compared to $25.8 million,
or $0.27 per diluted share for the same period in 2010. For the
year ended December 31, 2011, the company generated FFO of $146.8
million, or $1.21 per diluted share, as compared to $92.0 million,
or $1.00 per diluted share, for 2010.
Recurring FFO was $35.4 million, or $0.29 per diluted share in
the fourth quarter of 2011 as compared to $26.9 million, or $0.28
per diluted share in the fourth quarter of 2010. Recurring FFO was
$136.2 million, or $1.12 per diluted share for the year ended
December 31, 2011 as compared to $97.9 million, or $1.07 per
diluted share for the year ended December 31, 2010. A
reconciliation of net income (loss) to FFO and the reconciling
components of FFO to Recurring FFO is provided in the tables
accompanying this press release.
Net loss attributable to Equity One was $3.7 million and loss
per diluted share was $0.04 for the quarter ended December 31, 2011
as compared to net income of $8.3 million, or $0.09 per diluted
share, for the fourth quarter 2010. For the year ended December 31,
2011, net income attributable to Equity One was $33.6 million and
earnings per diluted share was $0.29 as compared to net income of
$25.1 million, or $0.27 per diluted share, for the year ended
2010.
Operating Highlights
As of December 31, 2011, occupancy for the company’s
consolidated core portfolio was 90.7% as compared to 90.6% at
September 30, 2011 and 90.3% as of December 31, 2010. On a same
property basis, occupancy decreased 10 basis points to 90.4% as
compared to September 30, 2011 and decreased 40 basis points as
compared to December 31, 2010.
Same property net operating income decreased 0.5% for the fourth
quarter of 2011 as compared to the fourth quarter of 2010. This
decline was primarily attributable to real estate tax adjustments
recorded in the prior year that reduced accruals based on actual
bills received. Excluding the effects of the real estate tax
adjustments recorded in 2010, same property net operating income
would have increased 0.8% for the fourth quarter of 2011 as
compared to the fourth quarter of 2010.
On an annual basis, same property net operating income increased
1.3% during 2011 driven by the Northeast region (+ 10.7%) and South
Florida (+ 2.4%), partially offset by North Florida/Southeast (-
1.1%).
During the fourth quarter of 2011, the company executed 48 new
leases in its core portfolio totaling 92,287 square feet at an
average rental rate of $17.11 per square foot, representing a 10.9%
decrease from prior rents on a same space, cash basis. The negative
spread on new leases was primarily a result of several spaces that
had been vacant for more than two years. Also during the fourth
quarter, the company renewed 81 leases in its core portfolio for
284,460 square feet at an average rental rate of $13.45 per square
foot which was a 4.3% increase to prior rents on a same space, cash
basis.
Acquisitions
During the fourth quarter, the company acquired Culver Center, a
216,578 square foot community shopping center located in Culver
City, California, anchored by Ralph’s, Best Buy, and Bally Total
Fitness, and Aventura Square, a 113,450 square foot retail center
located adjacent to Aventura Mall, one of the most productive
shopping centers in the U.S. In addition, the company closed on the
purchase of two Connecticut shopping centers, Danbury Green and
Southbury Green for $92.9 million in a joint venture with one of
its existing owners. Equity One owns 60% of the venture and is the
managing member, responsible for leasing and managing both
properties. Danbury Green is a 98,095 square foot center anchored
by Trader Joe’s, DSW, and Staples and is located in Danbury,
Connecticut. Southbury Green is a 156,215 square foot center
anchored by Shop Rite and Staples and is located in Southbury,
Connecticut.
During the fourth quarter, our joint venture with New York
Common Retirement Fund acquired Old Connecticut Path Marketplace,
an 80,198 square foot center anchored by Stop & Shop located in
Framingham, Massachusetts, for $23.2 million.
Subsequent to the end of the quarter, the company entered into
an agreement to acquire Potrero Center, a 226,699 square foot
retail center located in San Francisco, California, anchored by
Safeway, Ross, and Office Depot. The company also entered into an
agreement to purchase a portfolio of three shopping centers located
on The Post Road in Fairfield County, Connecticut. Compo Acres is a
42,819 square foot center anchored by Trader Joe’s, located in
Westport, Connecticut. Post Road Plaza is a 20,005 square foot
center anchored by Trader Joe’s and Orvis in Darien, Connecticut.
Darinor Plaza is a 152,025 square foot center anchored by Kohl’s,
Old Navy, and Party City, located in Norwalk, Connecticut. The
aggregate purchase price for these four properties is $190 million
and includes the assumption of approximately $19 million of
mortgage debt on one of the properties.
Dispositions
The company sold 36 non-strategic shopping centers to an
affiliate of Blackstone Real Estate Partners VII for $473 million.
The properties were encumbered by approximately $155.7 million of
mortgage debt. The shopping centers sold in this transaction are
predominantly located in the Atlanta, Tampa, and Orlando markets,
with additional properties located in North Carolina, South
Carolina, Alabama, Tennessee, and Maryland.
During the fourth quarter, the company closed on the sale of 595
Colorado, an 85,860 square foot office building located in
Pasadena, California, and on the sale of Park Plaza, a 72,649
square foot office building located in Sacramento, California for
an aggregate sales price of $29.3 million. The properties were
encumbered by approximately $19.6 million of mortgage debt. With
these transactions, the company completed its 2011 planned
dispositions of non-core assets that were acquired as part of the
Capital & Counties transaction that closed earlier in the
year.
During the fourth quarter, the company recognized a gain of $1.2
million pertaining to the sale of one outparcel.
Subsequent to year end, the company entered into a contract to
sell 222 Sutter located in San Francisco, California, for $53.8
million, including the assumption of $27.3 million in mortgage
debt.
Development and Redevelopment
Activities
At December 31, 2011, the company had approximately $182.9
million of active development and redevelopment projects underway.
The estimated remaining cost to complete these projects is
approximately $100.7 million. The Gallery at Westbury Plaza, a
330,000 square foot retail center located on Old Country Road in
the heart of Nassau County, New York is now in the construction
phase with a targeted opening in the fourth quarter of 2012. Leases
have been executed with leading retailers including Trader Joe’s,
Saks Off Fifth, Nordstrom Rack, The Container Store, SA Elite,
Bloomingdale’s Outlet, Verizon Wireless, Ulta, and The Shake
Shack.
Investing and Financing
Activities
Subsequent to year end, the company closed a $200 million
unsecured term loan. The loan has a seven year term and, subject to
certain conditions, can be increased to $250 million through an
accordion feature. The term loan bears interest at the annual rate
of LIBOR plus 190 basis points subject to a pricing grid for
changes in the company’s credit ratings. The company also entered
into interest rate swaps to convert the term loan’s LIBOR rate to a
fixed interest rate, providing the company an effective fixed
interest rate on the term loan of 3.46% per annum based on the
company’s current credit ratings.
Balance Sheet Highlights
At December 31, 2011, the company’s total market capitalization
(including debt and equity) was $3.3 billion, comprising 124.3
million shares of common stock outstanding (on a fully diluted
basis) valued at approximately $2.1 billion and approximately $1.2
billion of net debt (excluding any debt premium/discount and net of
cash). The company’s ratio of net debt to total market
capitalization was 36.7%. In addition, the company had
approximately $103.5 million of cash and cash equivalents on hand
(including cash in escrow and restricted cash) at December 31, 2011
and $138.0 million drawn on its revolving credit facilities.
FFO and Earnings Guidance
The company reaffirms its previous 2012 Recurring FFO guidance
of $1.04 to $1.12 per diluted share which excludes bargain purchase
gains, debt extinguishment gains/losses, land sale gains,
impairment charges, transaction costs and other non-recurring
income or charges.
The following table provides a reconciliation of the range of
estimated net income per diluted share to estimated FFO and
Recurring FFO per diluted share for the full year 2012:
For the year endedDecember 31, 2012
Low
High
Estimated net income attributable to Equity One $ 0.27 $ 0.32
Adjustments: Rental property depreciation and amortization
including pro rata share of joint ventures 0.70 0.72 Net adjustment
for unvested shares and non- controlling interest ((1)) 0.07
0.08 Estimated FFO attributable to Equity One
$ 1.04 $ 1.12 Transaction costs
0.02
0.02
Gain on land sales
(0.02
)
(0.02
) Estimated Recurring FFO attributable to Equity One $ 1.04
$ 1.12
(1) Includes effect of distributions paid with respect to
unissued shares held by a non-controlling interest which are
already included for purposes of calculating earnings per diluted
share.
First Quarter 2012 Dividend
Declared
On February 20, 2012, the company’s Board of Directors declared
a cash dividend of $0.22 per share of its common stock for the
quarter ending March 31, 2012, payable on March 30, 2012 to
stockholders of record on March 16, 2012.
ACCOUNTING AND OTHER DISCLOSURES
We believe FFO (combined with the primary GAAP presentations) is
a useful, supplemental measure of our operating performance that is
a recognized metric used extensively by the real estate industry,
particularly REITs. The National Association of Real Estate
Investment Trusts (“NAREIT”) stated in its April 2002 White Paper
on Funds from Operations, “Historical cost accounting for real
estate assets implicitly assumes that the value of real estate
assets diminishes predictably over time. Since real estate values
instead have historically risen or fallen with market conditions,
many industry investors have considered presentations of operating
results for real estate companies that use historical cost
accounting to be insufficient by themselves.” We also believe that
Recurring FFO is a useful measure of our core operating performance
that facilitates comparability of historical financial periods.
FFO, as defined by NAREIT, is “net income (computed in
accordance with GAAP), excluding gains (or losses) from sales of,
or impairment charges related to, depreciable operating properties,
plus depreciation and amortization, and after adjustments for
unconsolidated partnerships and joint ventures.” NAREIT states
further that “adjustments for unconsolidated partnerships and joint
ventures will be calculated to reflect funds from operations on the
same basis.” We believe that financial analysts, investors and
stockholders are better served by the presentation of comparable
period operating results generated from our FFO measure. Our method
of calculating FFO may be different from methods used by other
REITs and, accordingly, may not be comparable to such other REITs.
In October 2011, NAREIT clarified that FFO should exclude the
impact of impairment losses on depreciable operating properties,
either wholly-owned or in joint ventures. The company has
calculated FFO for all periods presented in accordance with this
clarification.
FFO and Recurring FFO is presented to assist investors in
analyzing our operating performance. Neither FFO nor Recurring FFO
(i) represents cash flow from operations as defined by GAAP, (ii)
is indicative of cash available to fund all cash flow needs,
including the ability to make distributions, (iii) is an
alternative to cash flow as a measure of liquidity, and (iv) should
be considered as an alternative to net income (which is determined
in accordance with GAAP) for purposes of evaluating our operating
performance. We believe net income is the most directly comparable
GAAP measure to FFO and Recurring FFO.
CONFERENCE CALL/WEB CAST INFORMATION
Equity One will host a conference call on Thursday, February 23,
2012 at 9:00 a.m. Eastern Time to review the 2011 fourth quarter
earnings and operating results. Stockholders, analysts and other
interested parties can access the earnings call by dialing (800)
291-9234 (U.S./Canada) or (617) 614-3923 (international) using pass
code 53325036. The call will also be web cast and can be accessed
in a listen-only mode on Equity One’s web site at
www.equityone.net.
A replay of the conference call will be available on Equity
One’s web site for future review. Interested parties may also
access the telephone replay by dialing (888) 286-8010 (U.S./Canada)
or (617) 801-6888 (international) using pass code 66609069 through
March 2, 2012.
FOR ADDITIONAL INFORMATION
For a copy of the company’s fourth quarter supplemental
information package, please access the “Investors” section of
Equity One’s web site at www.equityone.net. To be included in the
company’s e-mail distributions for press releases and other company
notices, please send e-mail addresses to Investor Relations at
investorrelations@equityone.net.
ABOUT EQUITY ONE, INC.
As of December 31, 2011, our consolidated property portfolio
comprised 165 properties totaling approximately 17.2 million square
feet of gross leasable area, or GLA, and included 144 shopping
centers, nine development or redevelopment properties, six
non-retail properties and six land parcels. As of December 31,
2011, our core portfolio was 90.7% leased and included national,
regional and local tenants. Additionally, we had joint venture
interests in 17 shopping centers and two office buildings totaling
approximately 2.8 million square feet.
FORWARD LOOKING STATEMENTS
Certain matters discussed by Equity One in this press release
constitute forward-looking statements within the meaning of the
federal securities laws. Although Equity One believes that the
expectations reflected in such forward-looking statements are based
upon reasonable assumptions, it can give no assurance that these
expectations will be achieved. Factors that could cause actual
results to differ materially from current expectations include
changes in macro-economic conditions and the demand for retail
space in the states in which Equity One owns properties; the
continuing financial success of Equity One’s current and
prospective tenants; the risks that Equity One may not be able to
proceed with or obtain necessary approvals for development or
redevelopment projects or that it may take more time to complete
such projects or incur costs greater than anticipated; the
availability of properties for acquisition; the extent to which
continuing supply constraints occur in geographic markets where
Equity One owns properties; the success of its efforts to lease up
vacant space; the effects of natural and other disasters; the
ability of Equity One to successfully integrate the operations and
systems of acquired companies and properties; changes in Equity
One’s credit ratings; and other risks, which are described in
Equity One’s filings with the Securities and Exchange
Commission.
EQUITY ONE, INC. AND SUBSIDIARIES Consolidated Balance
Sheets December 30, 2011 and 2010 (In thousands,
except share par value amounts)
December 31,2011
December 31,2010
ASSETS Properties: Income producing $ 2,955,605 $ 2,117,245 Less:
accumulated depreciation (299,106 ) (248,528 ) Income
producing properties, net 2,656,499 1,868,717 Construction in
progress and land held for development 104,792 74,402 Properties
held for sale or properties sold 46,655
513,230 Properties, net 2,807,946 2,456,349 Cash and cash
equivalents 10,963 38,333 Cash held in escrow and restricted cash
92,561 - Accounts and other receivables, net 17,790 12,559
Investments in and advances to unconsolidated joint ventures 50,158
59,736 Mezzanine loan receivable, net 45,279 - Goodwill 8,406 9,561
Other assets 186,239 104,024 TOTAL
ASSETS $ 3,219,342 $ 2,680,562 LIABILITIES AND
STOCKHOLDERS’ EQUITY Liabilities: Notes payable: Mortgage notes
payable $ 471,754 $ 354,379 Unsecured senior notes payable 691,136
691,136 Unsecured revolving credit facilities 138,000
- 1,300,890 1,045,515 Unamortized premium (discount)
on notes payable, net 8,181 (1,805 ) Total
notes payable 1,309,071 1,043,710 Other liabilities: Accounts
payable and accrued expenses 50,514 32,885 Tenant security deposits
8,496 7,483 Deferred tax liability, net 11,480 46,523 Other
liabilities 164,188 74,798 Liabilities associated with assets held
for sale or sold 27,587 181,458 Total
liabilities 1,571,336 1,386,857
Redeemable noncontrolling interests 22,804 3,864 Commitments and
contingencies - - Stockholders’ Equity: Preferred stock, $0.01 par
value – 10,000 shares authorized but unissued - - Common stock,
$0.01 par value – 150,000 shares authorized, 112,599 and 102,327
shares issued and outstanding at December 31, 2011 and 2010,
respectively 1,126 1,023 Additional paid-in capital
1,587,874 1,391,762 Distributions in excess of earnings (170,530 )
(105,309 ) Accumulated other comprehensive loss (1,154 )
(1,569 ) Total stockholders’ equity of Equity One, Inc.
1,417,316 1,285,907 Noncontrolling
interests 207,886 3,934 Total
stockholders’ equity 1,625,202 1,289,841
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 3,219,342
$ 2,680,562
EQUITY ONE, INC. AND SUBSIDIARIES
Consolidated Statements of
Operations
For the three months and years ended
December 31, 2011 and 2010
(In thousands, except per share
data)
Three months ended December 31, Year
ended
December 31,
2011 2010 2011 2010
REVENUE: Minimum rent $ 59,167 $ 46,728 $ 222,340 $ 177,199 Expense
recoveries 15,566 11,914 64,099 50,145 Percentage rent 401 156
3,199 1,501 Management and leasing services 697
432 2,287 1,557 Total
revenue 75,831 59,230 291,925
230,402 COSTS AND EXPENSES: Property
operating 20,175 15,187 83,149 64,775 Rental property depreciation
and amortization 25,337 13,371 83,361 50,395 General and
administrative 13,306 10,465
51,707 41,986 Total costs and expenses
58,818 39,023 218,217
157,156 INCOME BEFORE OTHER INCOME AND EXPENSE, TAX
AND DISCONTINUED OPERATIONS 17,013 20,207 73,708 73,246
OTHER INCOME AND EXPENSE: Investment income 1,167 249 4,342 930
Equity in income (loss) of unconsolidated joint ventures 135 31
4,829 (116 ) Other income 149 443 404 648 Interest expense (18,128
) (16,184 ) (70,152 ) (64,247 ) Amortization of deferred financing
fees (565 ) (542 ) (2,224 ) (1,909 ) Gain on bargain purchase - -
30,561 - (Loss) gain on sale of real estate (24 ) - 5,541 254
(Loss) gain on extinguishment of debt (2,646 ) - (2,391 ) 33
Impairment loss (711 ) (522 ) (21,411 )
(557 ) (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND
DISCONTINUED OPERATIONS (3,610 ) 3,682 23,207 8,282 Income tax
benefit of taxable REIT subsidiaries 1,584 608
5,064 1,724 (LOSS) INCOME FROM
CONTINUING OPERATIONS (2,026 ) 4,290
28,271 10,006 DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held for sale
5,438 2,841 16,890 10,245 Gain on disposal of income producing
properties 395 799 4,407 2,257 Impairment loss on income producing
properties sold or held for sale - (130 ) (35,925 ) (130 ) Income
tax (provision) benefit of taxable REIT subsidiaries (4,878
) 473 29,575 2,041 INCOME
FROM DISCONTINUED OPERATIONS 955 3,983
14,947 14,413 NET (LOSS) INCOME
(1,071 ) 8,273 43,218 24,419
Net (income) loss attributable to noncontrolling interests –
continuing operations (2,623 ) 15 (9,630 ) 254 Net loss
attributable to noncontrolling interests – discontinued operations
(8 ) 21 33 439 NET
(LOSS) INCOME ATTRIBUTABLE TO EQUITY ONE, INC. $ (3,702 ) $ 8,309
$ 33,621 $ 25,112 (LOSS) EARNINGS PER
COMMON SHARE – BASIC: Continuing operations $ (0.04 ) $ 0.05 $ 0.16
$ 0.11 Discontinued operations 0.01 0.04
0.13 0.16 $ (0.04)* $ 0.09
$ 0.29 $ 0.27 Number of Shares Used in
Computing Basic (Loss) Earnings per Share 112,567 94,034 110,099
91,536 (LOSS) EARNINGS PER COMMON SHARE – DILUTED:
Continuing operations $ (0.04 ) $ 0.04 $ 0.16 $ 0.11 Discontinued
operations 0.01 0.04 0.13
0.16 $ (0.04)* $ 0.09* $ 0.29 $ 0.27
Number of Shares Used in Computing Diluted (Loss) Earnings per
Share 112,567 94,581 110,241 91,710 *Note: EPS does not foot
due to the rounding of the individual calculations.
EQUITY ONE, INC. AND SUBSIDIARIES
Reconciliation of Net (Loss) Income Attributable to Equity
One to Funds from Operations (FFO) and to Recurring FFO
The following table reflects the reconciliation of FFO and
Recurring FFO to net (loss) income attributable to Equity One, the
most directly comparable GAAP measure, for the periods presented.
In October 2011, NAREIT clarified that FFO should exclude the
impact of impairment losses on depreciable operating properties,
either wholly-owned or in joint ventures. The company has
calculated FFO for all periods presented in accordance with this
clarification.
Three months ended
December 31,
Year ended
December 31,
2011 2010
2011 2010 (In thousands)
(In thousands) Net (loss) income attributable to
Equity One, Inc. $ (3,702 ) $ 8,309 $ 33,621 $ 25,112 Adjustments:
Rental property depreciation and amortization, including
discontinued operations, net of noncontrolling interest 25,598
17,215 95,254 65,735 Net adjustment for unvested shares and
noncontrolling interest (1) 2,499 - 9,520 - Pro rata share of real
estate depreciation from unconsolidated joint ventures 807 279
3,095 1,178 Impairments of depreciable real estate, net of tax - -
9,360 - Loss (gain) on disposal of depreciable assets, net of tax
(2) 5,287 - (4,082 ) -
Funds From Operations $ 30,489 $ 25,803
$ 146,768 $ 92,025 Transaction costs
associated with acquisition and disposition activity, net of tax
3,176 1,962 12,145 8,818 Impairment of goodwill and land held for
development, net of tax 710 652 12,201 687 Loss (gain) on debt
extinguishment, net of tax 2,376 - 2,121 (63 ) Gain on land sales
(1,180 ) (799 ) (6,353 ) (2,511 ) Gain on bargain purchase - -
(30,561 ) - Other non-recurring income (3) (168 )
(700 ) (168 ) (1,065 )
Recurring Funds From
Operations $ 35,403 $ 26,918 $ 136,153 $
97,891
(1) Includes net effect of: (a) distributions paid with respect
to unissued shares held by a noncontrolling interest which have
already been included for purposes of calculating earnings per
diluted share for the three months and year ended December 31,
2011; and (b) an adjustment to compensate for the rounding of the
individual calculations.
(2) Includes pro rata share of unconsolidated joint
ventures.
(3) Includes gain on sale of securities and insurance
settlement.
Funds from operations and Recurring FFO are non-GAAP financial
measures. We believe that FFO, as defined by NAREIT, is a widely
used and appropriate supplemental measure of operating performance
for REITs, and that it provides a relevant basis for comparison
among REITs. We believe that Recurring FFO provides additional
comparability between historical financial periods.
Reconciliation of Net (Loss) Income Attributable to Equity
One to Funds from Operations per Diluted Share
The following table reflects the reconciliation of FFO and
Recurring FFO to net (loss) income attributable to Equity One, the
most directly comparable GAAP measure, for the periods
presented.
Three months ended
December 31,
Year ended
December 31,
2011 2010
2011 2010 (In
thousands) (In thousands)
(Loss) earnings per diluted share
attributable to Equity One, Inc.
$ (0.04 ) $ 0.09 $ 0.29 $ 0.27 Adjustments: Rental property
depreciation and amortization, including discontinued operations,
net of noncontrolling interest 0.21 0.18 0.78 0.72 Net
adjustment for unvested shares and noncontrolling interest (1) 0.03
- 0.06 - Pro rata share of real estate depreciation from
unconsolidated joint ventures 0.01 - 0.03 0.01 Impairments of
depreciable real estate, net of tax - - 0.08 - Loss (gain) on
disposal of depreciable assets (2) 0.04 -
(0.03 ) -
Funds From Operations per
Diluted Share $ 0.25 $ 0.27 $ 1.21 $ 1.00
Transaction costs associated with acquisition and
disposition activity, net of tax 0.03 0.02 0.10 0.10 Impairment of
goodwill and land held for development, net of tax - 0.01 0.10 0.01
Loss (gain) on debt extinguishment, net of tax 0.02 - 0.01 - Gain
on land sales (0.01 ) (0.01 ) (0.05 ) (0.03 ) Gain on bargain
purchase - - (0.25 ) - Other non-recurring income (3) -
(0.01 ) - (0.01 )
Recurring
Funds From Operations per Diluted Share $ 0.29 $ 0.28
$ 1.12 $ 1.07 Weighted average diluted
shares (4) 124,020 94,581 121,474 91,710
(1) Includes net effect of: (a) distributions paid with respect
to unissued shares held by a noncontrolling interest which have
already been included for purposes of calculating earnings per
diluted share for the three months and year ended December 31,
2011; and (b) an adjustment to compensate for the rounding of the
individual calculations.
(2) Includes pro rata share of unconsolidated joint
ventures.
(3) Includes gain on sale of securities and insurance
settlement.
(4) Weighted average diluted shares for the three months and
year ended December 31, 2011 are higher than GAAP diluted weighted
average shares as a result of the 11.4 million units held by
Liberty International Holdings, Ltd. which are convertible into our
common stock. These convertible units are not included in the
diluted weighted average share count for GAAP purposes because
their inclusion is anti-dilutive.
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