SIMON PROPERTY GROUP, INC. INDIANAPOLIS, July 27, 2016 /PRNewswire/ -- Simon, a global leader in retail real estate, today reported results for the quarter ended June 30, 2016.
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Results for the Quarter (1)
-- Net income attributable to common stockholders was $455.4 million, or
$1.45 per diluted share, as compared to $472.9 million, or $1.52 per
diluted share, in the prior year period. Net income attributable to
common stockholders in the prior year period included $80.2 million, or
$0.22 per diluted share, related to a gain upon sale of marketable
securities.
-- Funds from Operations ("FFO") was $952.9 million, or $2.63 per diluted
share, as compared to $955.4 million, or $2.63 per diluted share, in the
prior year period. Funds from Operations in the prior year period
included the aforementioned $0.22 per diluted share gain upon sale of
marketable securities.
-- Growth in comparable FFO per diluted share, which excludes the $0.22 per
diluted share gain in the prior year period, was 9.1% for the three
months ended June 30, 2016.
Results for the Six Months (1)
-- Net income attributable to common stockholders was $936.4 million, or
$3.01 per diluted share, as compared to $1.012 billion, or $3.26 per
diluted share, in the prior year period. Net income attributable to
common stockholders in the prior year period included a non-cash gain of
$206.9 million, or $0.57 per diluted share, solely related to
Klépierre's issuance of additional shares of its common stock to
complete its acquisition of Corio N.V.
-- Funds from Operations ("FFO") was $1.905 billion, or $5.27 per diluted
share, as compared to $1.786 billion, or $4.92 per diluted share, in the
prior year period, an increase of 7.1%.
-- Growth in comparable FFO per diluted share for the six months ended June
30, 2016 was 12.1%.
"This was an excellent quarter for Simon Property Group, with strong financial and operational performance, the opening of a new outlet center, the groundbreaking for our second Premium Outlet in Malaysia, and the acquisition of The Shops at Crystals, a highly productive center," said David Simon, Chairman and Chief Executive Officer. "Today, we raised our quarterly dividend and are once again increasing our full-year 2016 guidance."
(1) For a reconciliation of FFO
and net income per diluted
share on a comparable basis,
please see Footnote G of the
Footnotes to Unaudited
Reconciliation of Non-GAAP
Financial Measures.
U.S. Malls and Premium Outlets Operating Statistics
As of
June 30,
2016 2015
---- ----
Occupancy (1) 95.9% 96.1%
Base Minimum Rent
per sq. ft.(1) $50.43 $48.07
Releasing Spread
per sq. ft. (1)(2) $8.88 $10.87
Total Sales per sq. ft. (3) $607 $620
(1) Represents mall stores in Malls and all owned square footage in Premium Outlets.
(2) Same space measure that compares opening and closing rates on individual spaces leased during
trailing 12-month period
(3) Trailing 12-month sales per square foot for mall stores less than 10,000 square feet in Malls and
stores less than 20,000 square feet in Premium Outlets for 2016.
Portfolio Net Operating Income ("NOI") and Comparable Property NOI
Total portfolio NOI growth for the three months ended June 30, 2016 was 7.4% and was 7.6% for the six months ended June 30, 2016. Total portfolio NOI includes comparable property NOI, NOI from new development, redevelopment, expansion and acquisitions, NOI from international properties and our share of NOI from investments. Comparable property NOI growth for the three months ended June 30, 2016 was 3.2% and was 4.1% for the six months ended June 30, 2016.
Dividends
Today Simon's Board of Directors declared a quarterly common stock dividend of $1.65 per share. This is a 6.5% increase year-over-year. The dividend will be payable on August 31, 2016 to stockholders of record on August 17, 2016.
Simon's Board of Directors also declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on September 30, 2016 to stockholders of record on September 16, 2016.
Development Activity
During the quarter, we completed the transformation of Stanford Shopping Center in Palo Alto, California which included the relocation of Bloomingdale's into a new, 120,000 square foot store. The former Bloomingdale's store has been redeveloped into more than 130,000 square feet of new specialty retail shops and restaurants.
We also opened a 355,000 square foot outlet center in Columbus, Ohio on June 24, 2016. Simon owns 50% of this new center.
Construction continues on two new development projects scheduled to open in 2016:
-- The 500,000 square foot retail component to Brickell City Centre in
Miami, Florida scheduled to open in November of 2016. Simon owns a 25%
interest in this project.
-- Clarksburg Premium Outlets, a 392,000 square foot center in Clarksburg,
Maryland scheduled to open in October of 2016. Simon owns a 66% interest
in this project.
We started construction on two new development projects during the quarter. Norfolk Premium Outlets, a 332,000 square foot center in Norfolk, Virginia is scheduled to open in June of 2017. Simon owns a 65% interest in this project. We also started construction on Genting Highlands Premium Outlets, a 252,000 square foot center in Kuala Lumpur, Malaysia, scheduled to open in the second quarter of 2017. Simon owns a 50% interest in this project.
Construction also continues on four other new development projects scheduled to open in 2017, including The Shops at Clearfork (Fort Worth, Texas), Siheung Premium Outlets (Siheung (Seoul), South Korea), Premium Outlet Collection Edmonton IA (Edmonton, Alberta, Canada) and Provence Designer Outlet (Miramas, France).
During the second quarter, we started construction on significant redevelopment and expansion projects including a 221,000 square foot expansion at La Plaza Mall in McAllen, Texas that will include additional specialty stores, four junior anchors and an exciting dining plaza with a number of first-to-market restaurants.
Construction continues on other significant expansion projects including The Fashion Centre at Pentagon City, King of Prussia, The Galleria in Houston, and Woodbury Common Premium Outlets.
At quarter-end, redevelopment and expansion projects, including the addition of new anchors, were underway at 33 properties in the U.S. and Europe. Simon's share of the costs of all new development and redevelopment projects under construction at quarter-end was approximately $2.1 billion.
Acquisitions
In April 2016, we completed the acquisition of The Shops at Crystals in Las Vegas, Nevada in a 50:50 joint venture with Invesco Real Estate. Simon will lease and manage the center for the joint venture. The purchase price was approximately $1.1 billion.
Financing Activity
The Company was active in both the unsecured and secured credit markets in the first half of the year continuing to lower our effective borrowing costs and extend our maturity profile.
During the quarter, the Company completed a Euro senior notes offering totaling EUR500 million with a 1.25% coupon rate and term of nine years.
During the first six months, we closed or locked rate on 14 new mortgage loans totaling approximately $2.5 billion, or the non-U.S. dollar equivalent thereof, of which Simon's share is $1.6 billion. The weighted average interest rate and term on these loans is 3.73% and 9.4 years, respectively. Included in these loans was a $550 million mortgage for The Shops at Crystals.
As of June 30, 2016, Simon had over $6.0 billion of liquidity consisting of cash on hand, including its share of joint venture cash, and available capacity under its revolving credit facilities.
2016 Guidance
The Company currently estimates net income to be within a range of $6.04 to $6.12 per diluted share for the year ending December 31, 2016 and that FFO will be within a range of $10.77 to $10.85 per diluted share.
The following table provides the reconciliation for the expected range of estimated net income available to common stockholders per diluted share to estimated FFO per diluted share:
For the year ending December 31, 2016
-------------------------------------
Low High
End End
--- ---
Estimated net income available to common stockholders
per diluted share $6.04 $6.12
Depreciation and amortization including Simon's share
of unconsolidated entities 4.80 4.80
Gain upon acquisition of controlling interest, sale or disposal
of assets and interests in unconsolidated entities, net (0.07) (0.07)
----- -----
Estimated FFO per diluted share $10.77 $10.85
====== ======
Conference Call
Simon will hold a conference call to discuss the quarterly financial results today at 9:00 a.m. Eastern Time, Wednesday, July 27, 2016. A live webcast of the conference call will be accessible in listen-only mode at investors.simon.com. An audio replay of the conference call will be available until August 3, 2016. To access the audio replay, dial 1-855-859-2056 (international 404-537-3406) passcode 36644312.
Supplemental Materials and Website
Supplemental information on our second quarter 2016 performance is available at investors.simon.com. This information has also been furnished to the SEC in a current report on Form 8-K.
We routinely post important information online at our investor relations website, investors.simon.com. We use this website, press releases, SEC filings, quarterly conference calls, presentations and webcasts to disclose material, non-public information in accordance with Regulation FD. We encourage members of the investment community to monitor these distribution channels for material disclosures. Any information accessed through our website is not incorporated by reference into, and is not a part of, this document.
Non-GAAP Financial Measures
This press release includes FFO, FFO per share, comparable FFO per share, comparable earnings per share, portfolio net operating income growth and comparable property net operating income growth, which are financial performance measures not defined by generally accepted accounting principles in the United States ("GAAP"). Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release and in Simon's supplemental information for the quarter. FFO and comparable property net operating income growth are financial performance measures widely used in the REIT industry. Our definitions of these non-GAAP measures may not be the same as similar measures reported by other REITs.
Forward-Looking Statements
Certain statements made in this press release may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained, and it is possible that the Company's actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the Company's ability to meet debt service requirements, the availability and terms of financing, changes in the Company's credit rating or outlook, changes in market rates of interest and foreign exchange rates for foreign currencies, changes in value of investments in foreign entities, the ability to hedge interest rate and currency risk, risks associated with the acquisition, development, expansion, leasing and management of properties, general risks related to retail real estate, the liquidity of real estate investments, environmental liabilities, international, national, regional and local economic conditions, changes in market rental rates, security breaches that could compromise our information technology or infrastructure or personally identifiable data of customers of our retail properties, trends in the retail industry, relationships with anchor tenants, the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, risks relating to joint venture properties, the intensely competitive market environment in the retail industry, costs of common area maintenance, risks related to international activities, including, without limitation, the impact of the United Kingdom's vote to leave the European Union, insurance costs and coverage, the loss of key management personnel, terrorist activities, changes in economic and market conditions and maintenance of our status as a real estate investment trust. The Company discusses these and other risks and uncertainties under the heading "Risk Factors" in its annual and quarterly periodic reports filed with the SEC. The Company may update that discussion in its periodic reports, but except as required by law, the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.
About Simon
Simon is a global leader in retail real estate ownership, management and development and an S&P100 company (Simon Property Group) (NYSE:SPG). Our industry-leading retail properties and investments across North America, Europe and Asia provide shopping experiences for millions of consumers every day and generate billions in annual retail sales. For more information, visit simon.com.
Simon Property Group, Inc.
Unaudited Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
For the Three Months For the Six Months
Ended June 30, Ended June 30,
2016 2015 2016 2015
---- ---- ---- ----
REVENUE:
Minimum rent $822,224 $768,138 $1,640,760 $1,521,583
Overage rent 31,250 37,029 60,167 75,986
Tenant reimbursements 367,062 364,309 738,676 704,479
Management fees and other revenues 34,478 40,027 67,878 75,106
Other income 60,366 139,607 144,614 188,191
Total revenue 1,315,380 1,349,110 2,652,095 2,565,345
--------- --------- --------- ---------
EXPENSES:
Property operating 104,756 99,841 207,817 199,598
Depreciation and amortization 303,585 295,778 604,199 583,883
Real estate taxes 107,505 106,487 216,929 213,374
Repairs and maintenance 22,842 22,676 48,907 52,410
Advertising and promotion 33,172 41,215 68,210 59,971
Provision for credit losses 4,944 2,685 8,608 6,533
Home and regional office costs 40,326 39,346 78,933 75,250
General and administrative 15,125 15,345 29,989 30,344
Other 23,889 23,352 44,366 42,426
Total operating expenses 656,144 646,725 1,307,958 1,263,789
------- ------- --------- ---------
OPERATING INCOME 659,236 702,385 1,344,137 1,301,556
Interest expense (213,995) (230,974) (433,185) (463,147)
Income and other taxes (7,115) (3,420) (22,301) (9,781)
Income from unconsolidated entities 84,990 70,196 175,616 135,068
Gain upon acquisition of controlling interests and sale or disposal of assets
and interests in unconsolidated entities, net 4,209 16,339 26,897 223,266
CONSOLIDATED NET INCOME 527,325 554,526 1,091,164 1,186,962
Net income attributable to noncontrolling interests 71,102 80,748 153,111 173,215
Preferred dividends 834 834 1,669 1,669
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $455,389 $472,944 $936,384 $1,012,078
======== ======== ======== ==========
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders $1.45 $1.52 $3.01 $3.26
===== ===== ===== =====
Simon Property Group, Inc.
Unaudited Consolidated Balance Sheets
(Dollars in thousands, except share amounts)
June 30, December 31,
-------- ------------
2016 2015
---- ----
ASSETS:
Investment properties at cost $34,332,270 $33,463,124
Less - accumulated depreciation 10,344,141 9,915,386
23,988,129 23,547,738
Cash and cash equivalents 884,281 701,134
Tenant receivables and accrued revenue, net 600,817 624,605
Investment in unconsolidated entities, at equity 2,690,821 2,481,574
Investment in Klépierre, at equity 1,878,751 1,943,363
Deferred costs and other assets 1,336,984 1,266,768
Total assets $31,379,783 $30,565,182
=========== ===========
LIABILITIES:
Mortgages and unsecured indebtedness $22,923,941 $22,416,682
Accounts payable, accrued expenses, intangibles, and deferred revenues 1,209,518 1,323,801
Cash distributions and losses in partnerships and joint ventures, at equity 1,402,230 1,368,544
Other liabilities 369,281 214,249
Total liabilities 25,904,970 25,323,276
---------- ----------
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling
redeemable interests in properties 157,436 25,537
EQUITY:
Stockholders' Equity
Capital stock (850,000,000 total shares authorized, $ 0.0001 par value, 238,000,000
shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Series J 8 3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized,
796,948 issued and outstanding with a liquidation value of $39,847 43,569 43,733
Common stock, $ 0.0001 par value, 511,990,000 shares authorized, 319,570,466 and
314,806,914 issued and outstanding, respectively 32 31
Class B common stock, $ 0.0001 par value, 10,000 shares authorized, 8,000
issued and outstanding - -
Capital in excess of par value 9,465,862 9,384,450
Accumulated deficit (4,341,316) (4,266,930)
Accumulated other comprehensive loss (119,915) (252,686)
Common stock held in treasury at cost, 5,346,843 and 5,394,345 shares, respectively (427,141) (437,134)
Total stockholders' equity 4,621,091 4,471,464
Noncontrolling interests 696,286 744,905
Total equity 5,317,377 5,216,369
Total liabilities and equity $31,379,783 $30,565,182
=========== ===========
Simon Property Group, Inc.
Unaudited Joint Venture Statements of Operations
(Dollars in thousands)
For the Three Months Ended For the Six Months Ended
June 30, June 30,
2016 2015 2016 2015
---- ---- ---- ----
REVENUE:
Minimum rent $458,267 $443,485 $897,114 $877,266
Overage rent 46,903 41,342 96,527 92,522
Tenant reimbursements 212,265 199,142 423,206 393,629
Other income 54,806 61,545 113,486 115,539
Total revenue 772,241 745,514 1,530,333 1,478,956
OPERATING EXPENSES:
Property operating 131,413 132,257 262,494 263,061
Depreciation and amortization 149,721 148,607 281,200 290,265
Real estate taxes 59,429 56,477 120,938 115,051
Repairs and maintenance 18,480 17,086 38,234 37,447
Advertising and promotion 20,777 17,388 43,306 34,090
Provision for credit losses 2,885 1,296 5,574 3,149
Other 43,625 38,924 88,679 83,351
Total operating expenses 426,330 412,035 840,425 826,414
------- ------- ------- -------
OPERATING INCOME 345,911 333,479 689,908 652,542
Interest expense (151,022) (149,041) (294,781) (296,062)
Gain on sale or disposal of assets and interests in unconsolidated entities 6,049 35,779 60,522 35,779
NET INCOME $200,938 $220,217 $455,649 $392,259
======== ======== ======== ========
Third-Party Investors' Share of Net Income $100,391 $112,763 $219,200 $201,877
======== ======== ======== ========
Our Share of Net Income 100,547 107,454 236,449 190,382
Amortization of Excess Investment (A) (25,558) (24,387) (48,770) (48,541)
Our Share of Gain on Sale or Disposal of Assets and Interests in
Unconsolidated Entities, net (2,487) (16,339) (2,487) (16,339)
Our Share of Gain on Sale or Disposal of Assets and Interests
Included in Other Income in the Consolidated Financial Statements - - (36,153) -
Income from Unconsolidated Entities (B) $72,502 $66,728 $149,039 $125,502
======= ======= ======== ========
Note: The above financial presentation does not include any information related to our investments in Klépierre S.A.
("Klépierre") and HBS Global Properties ("HBS"). For additional information, see footnote B.
Simon Property Group, Inc.
Unaudited Joint Venture Balance Sheets
(Dollars in thousands)
June 30, December 31,
2016 2015
---- ----
Assets:
Investment properties, at cost $17,928,316 $17,186,884
Less - accumulated depreciation 5,915,080 5,780,261
12,013,236 11,406,623
Cash and cash equivalents 745,868 818,805
Tenant receivables and accrued
revenue, net 331,377 354,133
Deferred costs and other assets 336,854 482,024
Total assets $13,427,335 $13,061,585
=========== ===========
Liabilities and Partners' Deficit:
Mortgages $14,272,584 $13,827,215
Accounts payable, accrued expenses,
intangibles, and deferred revenue 759,250 985,159
Other liabilities 441,536 468,005
Total liabilities 15,473,370 15,280,379
Preferred units 67,450 67,450
Partners' deficit (2,113,485) (2,286,244)
Total liabilities and partners'
deficit $13,427,335 $13,061,585
=========== ===========
Our Share of:
Partners' deficit $(914,222) $(854,562)
Add: Excess Investment (A) 2,015,542 1,788,749
Our net Investment in
unconsolidated entities, at equity $1,101,320 $934,187
========== ========
Note: The above financial presentation does not include any information related to our investments in Klépierre
and
HBS Global Properties. For additional information, see footnote B attached hereto.
Simon Property Group, Inc.
Unaudited Reconciliation of Non-GAAP Financial Measures (C)
(Amounts in thousands, except per share amounts)
Reconciliation of Consolidated Net Income to FFO
For the Three Months Ended For the Six Months Ended
June 30, June 30,
-------- --------
2016 2015 2016 2015
---- ---- ---- ----
Consolidated Net Income (D) $527,325 $554,526 $1,091,164 $1,186,962
Adjustments to Arrive at FFO:
Depreciation and amortization from consolidated
properties 291,853 597,376 576,080
300,179
Our share of depreciation and amortization from
134,893 128,184 253,135 252,068
unconsolidated entities, including Klépierre and HBS
Gain upon acquisition of controlling interests and sale or disposal
(4,209) (16,339) (26,897) (223,266)
of assets and interests in unconsolidated entities, net
Net income attributable to noncontrolling interest holders in
(609) (1,294) (1,298)
properties (565)
Noncontrolling interests portion of depreciation and amortization (3,439) (946) (6,155) (1,833)
Preferred distributions and dividends (1,313) (1,313) (2,626) (2,626)
------ ------ ------ ------
FFO of the Operating Partnership (E) $952,871 $955,356 $1,904,703 $1,786,087
======== ======== ========== ==========
Diluted net income per share to diluted FFO per share reconciliation:
Diluted net income per share 1.45 $1.52 $3.01 $3.26
$
Depreciation and amortization from consolidated properties
and our share of depreciation and amortization from unconsolidated
entities, including Klépierre and HBS, net of noncontrolling
1.19 1.16 2.33 2.28
interests portion of depreciation and amortization
Gain upon acquisition of controlling interests and sale or disposal
of assets and interests in unconsolidated entities, net (0.01) (0.05) (0.07) (0.62)
----- ----- ----- -----
Diluted FFO per share (F) 2.63 $2.63 $5.27 $4.92
$
===
Details for per share calculations:
FFO of the Operating Partnership (E) $952,871 $955,356 $1,904,703 $1,786,087
Diluted FFO allocable to unitholders (127,386) (137,682) (264,285) (257,987)
-------- -------- -------- --------
Diluted FFO allocable to common stockholders $825,485 $817,674 $1,640,418 $1,528,100
======== ======== ========== ==========
Basic and Diluted weighted average shares outstanding 313,399 310,499 311,408 310,799
Weighted average limited partnership units outstanding 48,363 52,263 50,170 52,472
Basic and Diluted weighted average shares and units outstanding 361,762 362,762 361,578 363,271
======= ======= ======= =======
Basic and Diluted FFO per Share (F) $2.63 $2.63 $5.27 $4.92
Percent Change 0.0% 7.1%
-------------- --- ---
Simon Property Group, Inc.
Footnotes to Unaudited Reconciliation of Non-GAAP Financial Measures
Notes:
(A) Excess investment represents the unamortized difference of our investment over equity in the underlying net assets of the related
partnerships and
joint ventures shown therein. The Company generally amortizes excess investment over the life of the related properties.
(B) The Unaudited Joint Venture Statements of Operations do not include any operations or our share of net income or excess investment
amortization related to our investments in Klépierre and HBS Global Properties. Amounts included in Footnotes D below exclude our
share of
related activity for our investments in Klépierre and HBS Global Properties. For further information on Klépierre, reference should
be made to
financial information in Klépierre's public filings and additional discussion and analysis in our Form 10-Q.
(C) This report contains measures of financial or operating performance that are not specifically defined by GAAP, including FFO, FFO per
share,
comparable FFO per share and comparable EPS. FFO is a performance measure that is standard in the REIT business. We believe FFO
provides investors with additional information concerning our operating performance and a basis to compare our performance with those
of
other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these
non-GAAP
measures may not be the same as similar measures reported by other REITs.
We determine FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts ("NAREIT"). We
determine
FFO to be our share of consolidated net income computed in accordance with GAAP, excluding real estate related depreciation and
amortization, excluding gains and losses from extraordinary items, excluding gains and losses from the sales or disposals of, or any
impairment
charges related to, previously depreciated retail operating properties, plus the allocable portion of FFO of unconsolidated joint
ventures based
upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP.
We have adopted NAREIT's clarification of the definition of FFO that requires it to include the effects of nonrecurring items not
classified as
extraordinary, cumulative effect of accounting changes, or a gain or loss resulting from the sale or disposal of, or any impairment
charges
relating to, previously depreciated retail operating properties. We include in FFO gains and losses realized from the sale of land,
outlot
buildings, marketable and non-marketable securities, and investment holdings of non-retail real estate. However, you should
understand that
FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income
determined in
accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity.
(D) Includes our share of:
- Gains on land sales of $0.5 million and $3.6 million for the three months ended June 30, 2016 and 2015, respectively, and $2.1 million
and $3.7
million for the six months ended June 30, 2016 and 2015, respectively.
- Straight-line adjustments increased minimum rent by $15.9 million and $16.8 million for the three months ended June 30, 2016 and 2015,
respectively, and $31.0 million and $33.2 million for the six months ended June 30, 2016 and 2015, respectively.
- Amortization of fair market value of leases from acquisitions increased income by $2.2 million and $3.2 million for the three months
ended June
30, 2016 and 2015, respectively, and $4.8 million and $6.6 million for the six months ended June 30, 2016 and 2015, respectively.
- Debt premium amortization of $3.8 million and $5.4 million for the three months ended June 30, 2016 and 2015, respectively, and $8.0
million
and $12.6 million for the six months ended June 30, 2016 and 2015, respectively.
(E) Includes FFO of the operating partnership related to the sale of marketable securities of $80.2 million for the three and six months
ended June
30, 2015.
(F) Includes Basic and Diluted FFO per share related to the sale of marketable securities of $0.22 for the three and six months ended June
30,
2015.
(G) Reconciliation of reported earnings per share to comparable earnings per share and FFO per share to comparable FFO per share:
THREE MONTHS SIX MONTHS
ENDED ENDED
JUNE 30, JUNE 30,
-------- --------
2016 2015 2016 2015
---- ---- ---- ----
Reported earnings per share $1.45 $1.52 $3.01 $3.26
Less: Gain upon sale of marketable
securities - (0.22) - (0.22)
Less: Non-cash gain on equity method
investment - - - (0.57)
Comparable earnings per share $1.45 $1.30 $3.01 $2.47
===== ===== ===== =====
Comparable earnings per share
growth 11.5% 21.9%
THREE MONTHS SIX MONTHS
ENDED ENDED
JUNE 30, JUNE 30,
-------- --------
2016 2015 2016 2015
---- ---- ---- ----
Reported FFO per share $2.63 $2.63 $5.27 $4.92
Less: Gain upon sale of marketable
securities - (0.22) - (0.22)
Comparable FFO per share $2.63 $2.41 $5.27 $4.70
===== ===== ===== =====
Comparable FFO per share growth 9.1% 12.1%
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