CommonWealth REIT (NYSE: CWH) today announced financial results
for the quarter and nine months ended September 30, 2011.
Results for the Quarter Ended September 30, 2011:
Normalized funds from operations, or Normalized FFO, available
for common shareholders for the quarter ended September 30, 2011
were $70.0 million, or $0.86 per share basic and diluted, compared
to Normalized FFO available for common shareholders for the quarter
ended September 30, 2010 of $60.7 million, or $0.93 per share basic
and $0.92 per share diluted.
Net income available for common shareholders was $14.7 million
for the quarter ended September 30, 2011, compared to $53.1 million
for the same quarter last year. Net income available for common
shareholders per share, basic and diluted (EPS), for the quarters
ended September 30, 2011 and 2010 was $0.18 and $0.82,
respectively. Net income for the quarter ended September 30, 2011
includes gains of $7.0 million, or $0.09 per share, on the sale of
properties and $11.2 million, or $0.14 per share, from the issuance
of shares by an equity investee, partially offset by a loss of $9.2
million, or $0.11 per share, on asset impairment. Net income for
the quarter ended September 30, 2010 includes gains totaling $27.4
million, or $0.42 per share, on the sale of properties and a gain
of $18.4 million, or $0.28 per share, on the issuance of shares by
an equity investee.
The weighted average number of basic and diluted common shares
outstanding was 81,535,596 and 88,833,761, respectively, for the
quarter ended September 30, 2011, and 65,173,412 and 72,471,577,
respectively, for the quarter ended September 30, 2010.
A reconciliation of net income determined according to U.S.
generally accepted accounting principles, or GAAP, to funds from
operations, or FFO, and Normalized FFO for the quarters ended
September 30, 2011 and 2010 appears later in this press
release.
Results for the Nine Months Ended September 30, 2011:
Normalized FFO available for common shareholders for the nine
months ended September 30, 2011 were $197.8 million, or $2.63 per
share basic and $2.62 per share diluted, compared to Normalized FFO
available for common shareholders for the nine months ended
September 30, 2010 of $180.9 million, or $2.91 per share basic and
$2.87 per share diluted.
Net income available for common shareholders was $61.9 million
for the nine months ended September 30, 2011, compared to $75.1
million for the same quarter last year. Net income available for
common shareholders per share, basic and diluted (EPS), for the
nine months ended September 30, 2011 and 2010 was $0.82 and $1.21,
respectively. Net income for the nine months ended September 30,
2011 includes gains of $41.6 million, or $0.55 per share, on the
sale of properties and $11.2 million, or $0.15 per share, from the
issuance of shares by an equity investee, partially offset by a
loss of $9.2 million, or $0.12 per share, on asset impairment. Net
income for the nine months ended September 30, 2010 includes gains
totaling $38.9 million, or $0.63 per share, on the sale of
properties, and $34.8 million, or $0.56 per share, on the issuance
of shares by an equity investee, partially offset by a loss of
$21.5 million, or $0.35 per share, on asset impairment.
The weighted average number of basic and diluted common shares
outstanding was 75,307,315 and 82,605,480, respectively, for the
nine months ended September 30, 2011, and 62,197,774 and
69,495,939, respectively, for the nine months ended September 30,
2010.
A reconciliation of net income determined according to GAAP to
FFO and Normalized FFO for the nine months ended September 30, 2011
and 2010 appears later in this press release.
Occupancy and Leasing Results (excluding properties
classified in discontinued operations):
As of September 30, 2011, 87.0% of CWH’s total square feet was
leased, compared to 87.5% as of June 30, 2011 and 88.3% as of
September 30, 2010.
CWH signed lease renewals for 1,459,000 square feet and new
leases for 423,000 square feet during the quarter ended September
30, 2011 which had weighted average rental rates that were 1% above
prior rents for the same space. Average lease terms for leases
signed during the third quarter of 2011 were 8.1 years. Commitments
for tenant improvement and leasing commission (TI/LC) costs for
leases signed during the quarter ended September 30, 2011 totaled
$15.05 per square foot on average.
Recent Investment and Sales Activities:
Since the announcement of 2011 second quarter results on August
3, 2011, CWH has entered agreements to acquire two central business
district, or CBD, office properties with approximately 1.9 million
combined square feet for an aggregate purchase price of $249.6
million, including the assumption of approximately $148.0 million
of mortgage debt and excluding closing costs. CWH has also entered
agreements to sell 16 properties with approximately 570,000
combined square feet for an aggregate sale price of $6.5 million,
excluding closing costs.
- In August 2011, CWH entered an
agreement to acquire a CBD office property located in Chicago, IL
with 1,006,574 square feet. This property is 95% leased to 56
tenants for a weighted (by rents) average lease term of 5.1 years.
The purchase price is $150.6 million, including the assumption of
approximately $148.0 million of mortgage debt and excluding closing
costs. CWH expects to acquire this property during the fourth
quarter of 2011; however, this acquisition is subject to CWH’s
satisfactory completion of customary closing conditions, including
the assumption of existing mortgage debt. Accordingly, CWH can
provide no assurance that it will acquire this property in that
time period or at all.
- In October 2011, CWH entered an
agreement to acquire a CBD office property located in Hartford, CT
with 884,669 square feet. This property is 98% leased to 20 tenants
for a weighted (by rents) average lease term of 7.5 years. The
purchase price is $99.0 million, excluding closing costs. CWH
expects to acquire this property during the fourth quarter of 2011;
however, this acquisition is subject to CWH’s satisfactory
completion of diligence and other customary closing conditions and
CWH can provide no assurance that it will acquire this property in
that time period or at all.
- In October 2011, CWH entered an
agreement to sell 16 industrial properties located in Dearborn, MI
with approximately 570,000 combined square feet for $6.5 million,
excluding closing costs. CWH expects to sell these properties
during the fourth quarter of 2011; however, this sale is subject to
satisfactory completion of buyer’s diligence and other customary
closing conditions and CWH can provide no assurance that it will
sell any of these properties in that time period or at all.
Also since August 3, 2011, CWH has closed on the previously
reported purchase of three CBD office properties located in Chicago
(two properties) and New Orleans (one property) with approximately
2.8 million combined square feet for an aggregate purchase price of
approximately $492.0 million, including the assumption of $265.0
million of mortgage debt and excluding closing costs. CWH has also
closed on the previously reported sale to Senior Housing Properties
Trust of 13 properties with approximately 1.3 million combined
square feet for an aggregate sale price of $167.0 million,
excluding closing costs. In addition, CWH has terminated a
previously reported agreement to acquire a CBD office property
located in Portland, OR with 106,658 square feet for $34.1
million.
Recent Financing Activities:
In July 2011, CWH issued 11.5 million common shares in a public
offering, raising net proceeds of approximately $264 million. CWH
used the net proceeds from this offering to repay amounts
outstanding under its revolving credit facility and for general
business purposes, including funding acquisitions.
In July 2011, CWH prepaid at par plus a premium $23.2 million of
8.05% mortgage debt due in 2012, using cash on hand and proceeds
from its 11.5 million common share offering.
In October 2011, CWH amended its existing $750 million unsecured
revolving credit facility. Prior to this amendment, CWH’s revolving
credit facility had a maturity date of August 8, 2013 and interest
paid on drawings was LIBOR plus 200 basis points, subject to
adjustments based on changes to CWH’s credit ratings. The maturity
date of the amended credit facility was extended to October 19,
2015 and interest paid on drawings was reduced to LIBOR plus 125
basis points, subject to adjustments based on changes to CWH’s
credit ratings. The amended revolving credit facility provides CWH
the option to extend the maturity date for one year to October 19,
2016 on certain conditions. In addition, the amended facility
includes a feature under which maximum borrowings may be increased
up to $1.5 billion in certain circumstances.
In October 2011, CWH also amended its existing unsecured term
loan. Prior to this amendment, CWH’s term loan had a principal
balance of $400.0 million, a maturity date of December 15, 2015 and
an interest rate set at LIBOR plus 200 basis points, subject to
adjustments based on changes to CWH’s credit ratings. The amended
term loan increases borrowings to $557.0 million and, for $500.0
million of the term loan, eliminates the prepayment premium,
extends the maturity date to December 15, 2016, and reduces
interest paid on borrowings to LIBOR plus 150 basis points, subject
to adjustments based on changes to CWH’s credit ratings. In
addition, the amended term loan includes a feature under which
maximum borrowings may be increased by up to $1.0 billion in
certain circumstances. Three lenders representing $57.0 million of
aggregate borrowings were unable to commit to the amended term
loan. Accordingly, these three lenders will be subject to the terms
of the old term loan and CWH has agreed to repay these lenders in
December 2012 when there will be no prepayment penalty.
Conference Call:
On November 2, 2011, at 5:00 p.m. Eastern Time, Adam Portnoy,
Managing Trustee and President, and John Popeo, Chief Financial
Officer, will host a conference call to discuss the third quarter
financial results.
The conference call telephone number is (800) 398-9398.
Participants calling from outside the United States and Canada
should dial (612) 332-0718. No pass code is necessary to access
either call. Participants should dial in about 15 minutes prior to
the scheduled start of the call. A replay of the conference call
will be available through 11:59 p.m. Eastern Time on Wednesday,
November 9th. To hear the replay, dial (320) 365-3844. The replay
pass code is 218257.
A live audio webcast of the conference call will also be
available in a listen only mode on CWH’s website, which is located
at www.cwhreit.com. Participants wanting to access the webcast
should visit CWH’s website about five minutes before the call. The
archived webcast will be available for replay on CWH’s website for
about one week after the call. The recording and retransmission in
any way of CWH’s third quarter conference call is strictly
prohibited without the prior written consent of CWH.
Supplemental Data:
A copy of CWH’s Third Quarter 2011 Supplemental Operating and
Financial Data is available for download at CWH’s website,
www.cwhreit.com.
CommonWealth REIT is a real estate investment trust, or REIT,
which primarily owns office and industrial properties located
throughout the United States. As of September 30, 2011, CWH owned
489 properties with 69.4 million square feet, including 17.9
million square feet of industrial and commercial lands in Oahu,
Hawaii and 11 properties with a combined 1.8 million square feet in
Australia. CWH is headquartered in Newton, MA.
Please see the pages attached hereto for a more detailed
statement of our operating results and financial condition and for
an explanation of our calculation of FFO and Normalized FFO. CWH’s
website is not incorporated as part of this press release.
WARNING CONCERNING
FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS STATEMENTS WHICH CONSTITUTE FORWARD
LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. ALSO,
WHENEVER CWH USES WORDS SUCH AS “BELIEVE”, “EXPECT”, “ANTICIPATE”,
“INTEND”, “PLAN”, “ESTIMATE”, OR SIMILAR EXPRESSIONS, CWH IS MAKING
FORWARD LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE
BASED UPON CWH’S PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT
FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT
OCCUR. CWH’S ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE
CONTAINED IN CWH’S FORWARD LOOKING STATEMENTS AS A RESULT OF
VARIOUS FACTORS. FOR EXAMPLE:
- THIS PRESS RELEASE STATES THAT CWH HAS
ENTERED INTO AGREEMENTS TO ACQUIRE AND SELL CERTAIN PROPERTIES.
THESE TRANSACTIONS ARE SUBJECT TO VARIOUS TERMS AND CONDITIONS
TYPICAL OF COMMERCIAL REAL ESTATE TRANSACTIONS. THESE TERMS AND
CONDITIONS MAY NOT BE MET. AS A RESULT, SOME OR ALL OF THESE
TRANSACTIONS MAY BE DELAYED OR MAY NOT OCCUR,
- CONTINUED AVAILABILITY OF BORROWINGS
UNDER CWH’S AMENDED CREDIT FACILITY IS SUBJECT TO CWH’S SATISFYING
CERTAIN FINANCIAL COVENANTS AND MEETING OTHER CUSTOMARY
CONDITIONS,
- ACTUAL ANNUAL COSTS UNDER CWH’S AMENDED
CREDIT FACILITY AND CWH’S AMENDED TERM LOAN WILL BE HIGHER THAN
LIBOR PLUS A PREMIUM ON DRAWINGS BECAUSE OF OTHER FEES AND EXPENSES
ASSOCIATED WITH THESE FACILITIES, AND
- INCREASING THE MAXIMUM BORROWINGS UNDER
CWH’S AMENDED CREDIT FACILITY AND CWH’S AMENDED TERM LOAN IS
SUBJECT TO OBTAINING ADDITIONAL COMMITMENTS FROM LENDERS, WHICH MAY
NOT OCCUR.
THE INFORMATION CONTAINED IN CWH’S FILINGS WITH THE SECURITIES
AND EXCHANGE COMMISSION, OR THE SEC, INCLUDING UNDER "RISK FACTORS"
IN CWH’S PERIODIC REPORTS OR INCORPORATED THEREIN, IDENTIFIES OTHER
IMPORTANT FACTORS THAT COULD CAUSE CWH’S ACTUAL RESULTS TO DIFFER
MATERIALLY FROM THOSE STATED IN CWH’S FORWARD LOOKING STATEMENTS.
CWH’S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION ARE
AVAILABLE ON THE SEC’S WEBSITE AT WWW.SEC.GOV.
YOU SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING
STATEMENTS.
EXCEPT AS REQUIRED BY LAW, CWH DOES NOT INTEND TO UPDATE OR
CHANGE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW
INFORMATION, FUTURE EVENTS OR OTHERWISE.
CommonWealth REIT Condensed Consolidated Statements of
Income and Normalized Funds from Operations (amounts in
thousands, except per share data) (unaudited)
Quarter EndedSeptember 30,
Nine Months EndedSeptember 30,
2011 2010 2011 2010 Rental income $ 238,790 $ 193,059
$ 662,596 $ 572,205 Expenses: Operating
expenses 100,912 83,023 275,760 240,280 Depreciation and
amortization 56,389 42,794 159,072 130,560 General and
administrative 11,450 9,704 33,559 28,081 Loss on asset impairment
— — — 21,491 Acquisition related costs 4,805
1,559 9,722 2,965 Total expenses
173,556 137,080 478,113
423,377
Operating income
65,234
55,979
184,483
148,828
Interest and other income 369 571 1,428 2,134
Interest expense (including net
amortization of debt discounts, premiums and
deferred financing fees of $1,515, $1,784,
$5,467 and $5,260, respectively)
(49,423
)
(44,192
)
(145,037
)
(133,716
)
Gain (loss) on early extinguishment of debt 310 (796 ) 310 (796 )
Equity in earnings of investees 2,768 1,999 8,390 6,643 Gain on
issuance of shares by an equity investee 11,177
18,390 11,177 34,808
Income from continuing operations before income tax expense 30,435
31,951 60,751 57,901 Income tax (expense) benefit (307 )
34 (743 ) (329 ) Income from continuing
operations 30,128 31,985 60,008 57,572 Discontinued operations:
Income from discontinued operations 653 6,673 2,777 16,877 Loss on
asset impairment from discontinued operations (9,247 ) — (9,247 ) —
Loss on early extinguishment of debt from discontinued operations —
(248 ) — (248 ) Gain on sale of properties from discontinued
operations 7,001 4,568 41,573
4,568 Income before gain on sale of properties
28,535 42,978 95,111 78,769 Gain on sale of properties —
22,832 — 34,336
Net income 28,535 65,810 95,111 113,105 Preferred distributions
(13,823 ) (12,667 ) (33,162 ) (38,001 )
Net income available for common shareholders $ 14,712 $
53,143 $ 61,949 $ 75,104 Calculation of
Funds from Operations, or FFO (1): Net income $ 28,535 $ 65,810 $
95,111 $ 113,105 Plus: depreciation and amortization from
continuing operations 56,389 42,794 159,072 130,560 Plus:
depreciation and amortization from discontinued operations 1,336
5,768 4,467 17,440 Plus: FFO from investees 4,918 3,544 14,476
11,302 Less: gain on sale of properties — (22,832 ) — (34,336 )
Less: gain on sale of properties from discontinued operations
(7,001 ) (4,568 ) (41,573 ) (4,568 ) Less: equity in earnings of
investees (2,768 ) (1,999 ) (8,390 )
(6,643 ) FFO 81,409 88,517 223,163 226,860 Less: preferred
distributions (13,823 ) (12,667 ) (33,162 )
(38,001 ) FFO available for common shareholders $ 67,586
$ 75,850 $ 190,001 $ 188,859
CommonWealth REIT Condensed Consolidated Statements of
Income and Normalized Funds from Operations (continued)
(amounts in thousands, except per share data)
(unaudited)
Quarter EndedSeptember 30,
Nine Months EndedSeptember 30,
2011 2010 2011 2010 Calculation of Normalized FFO (1): FFO $
81,409 $ 88,517 $ 223,163 $ 226,860 Plus: acquisition related costs
from continuing operations 4,805 1,559 9,722 2,965 Plus:
acquisition related costs from discontinued operations 5 — 148 7
Plus: loss on asset impairment from continuing operations — — —
21,491 Plus: loss on asset impairment from discontinued operations
9,247 — 9,247 — Plus: Normalized FFO from investees 5,142 4,223
15,175 12,647 Less: (gain) loss on early extinguishment of debt
from continuing operations
(310
)
796
(310
)
796
Less: loss on early extinguishment of debt from discontinued
operations — 248 — 248 Less: early extinguishment of debt settled
in cash (232 ) — (232 ) — Plus: average minimum rent from direct
financing lease 329 — 768 — Less: FFO from investees (4,918 )
(3,544 ) (14,476 ) (11,302 ) Less: interest earned from direct
financing lease (432 ) — (1,036 ) — Less: gain on issuance of
shares by an equity investee (11,177 ) (18,390 )
(11,177 ) (34,808 ) Normalized FFO 83,868 73,409
230,992 218,904 Less: preferred distributions (13,823 )
(12,667 ) (33,162 ) (38,001 ) Normalized FFO
available for common shareholders $ 70,045 $ 60,742 $
197,830 $ 180,903 Weighted average common
shares outstanding – basic 81,536 65,173
75,307 62,198 Weighted average
common shares outstanding – diluted (2) 88,834
72,471 82,605 69,496 Per
common share: Income from continuing operations available for
common shareholders – basic and diluted
$
0.20
$
0.65
$
0.36
$
0.87
(Loss) income from discontinued operations – basic and diluted
($0.02 ) $ 0.17 $ 0.47 $ 0.34 Net income available for common
shareholders – basic and diluted $ 0.18 $ 0.82 $ 0.82 $ 1.21 FFO
available for common shareholders – basic $ 0.83 $ 1.16 $ 2.52 $
3.04 FFO available for common shareholders – diluted $ 0.83 $ 1.13
$ 2.52 $ 2.98 Normalized FFO available for common shareholders –
basic $ 0.86 $ 0.93 $ 2.63 $ 2.91 Normalized FFO available for
common shareholders – diluted $ 0.86 $ 0.92 $ 2.62 $ 2.87
Common distributions paid $ 0.50 $ 0.50 $ 1.50 $ 1.46
CommonWealth REITCondensed
Consolidated Statements of Income and Normalized Funds from
Operations (continued)(amounts in thousands, except per
share data)(unaudited)
(1) CWH computes FFO and Normalized FFO as shown above. FFO is
computed on the basis defined by The National Association of Real
Estate Investment Trusts, or NAREIT, which is net income, computed
in accordance with GAAP, excluding gain or loss on sale of
properties, plus real estate depreciation and amortization and FFO
from equity investees. CWH’s calculation of Normalized FFO differs
from NAREIT's definition of FFO because it excludes acquisition
related costs, gains from issuance of shares by equity investees,
gain and loss on early extinguishment of debt unless settled in
cash, loss on asset impairment, the difference between average
minimum rent and interest earned from direct financing lease and
the difference between FFO and Normalized FFO from equity
investees. CWH considers FFO and Normalized FFO to be appropriate
measures of performance for a REIT, along with net income and cash
flow from operating, investing and financing activities. CWH
believes that FFO and Normalized FFO provide useful information to
investors because by excluding the effects of certain historical
amounts, such as depreciation expense, FFO and Normalized FFO can
facilitate a comparison of operating performances between periods.
FFO and Normalized FFO are among the factors considered by CWH’s
Board of Trustees when determining the amount of distributions to
shareholders. Other factors include, but are not limited to,
requirements to maintain CWH’s status as a REIT, limitations in our
revolving credit facility, term loan agreement and public debt
covenants, the availability of debt and equity capital to CWH and
CWH’s expectation of its future capital requirements and operating
performance. FFO and Normalized FFO do not represent cash generated
by operating activities in accordance with GAAP and should not be
considered as alternatives to net income or cash flow from
operating activities, determined in accordance with GAAP, as
indicators of CWH’s financial performance or liquidity, nor are FFO
and Normalized FFO necessarily indicative of sufficient cash flow
to fund all of CWH’s needs. CWH believes FFO and Normalized FFO may
facilitate an understanding of its consolidated historical
operating results. FFO and Normalized FFO should be considered in
conjunction with net income, net income available for common
shareholders and cash flow from operating activities as presented
in CWH’s condensed consolidated statements of income and condensed
consolidated statements of cash flows. Other REITs and real estate
companies may calculate FFO and Normalized FFO differently than
CWH.
(2) As of September 30, 2011, our 15,180 outstanding series D
preferred shares were convertible into 7,298 common shares. The
effect of a conversion of our series D convertible preferred shares
on income from continuing operations available for common
shareholders per share is anti-dilutive to income, but dilutive to
FFO and Normalized FFO for most periods presented. Set forth below
is the calculation of diluted net income available for common
shareholders, diluted FFO available for common shareholders,
diluted Normalized FFO available for common shareholders and
diluted weighted average common shares outstanding.
Quarter EndedSeptember 30,
Nine Months EndedSeptember 30,
2011 2010 2011 2010
Net income available for common shareholders $14,712 $53,143
$61,949 $75,104 Add - Series D convertible preferred distributions
6,167 6,167 18,501 18,501 Net income available for common
shareholders – diluted $20,879 $59,310 $80,450 $93,605 FFO
available for common shareholders $67,586 $75,850 $190,001 $188,859
Add - Series D convertible preferred distributions 6,167 6,167
18,501 18,501 FFO available for common shareholders – diluted
$73,753 $82,017 $208,502 $207,360 Normalized FFO available
for common shareholders $70,045 $60,742 $197,830 $180,903 Add -
Series D convertible preferred distributions 6,167 6,167 18,501
18,501 Normalized FFO available for common shareholders – diluted
$76,212 $66,909 $216,331 $199,404 Weighted average common
shares outstanding – basic 81,536 65,173 75,307 62,198 Effect of
dilutive Series D preferred shares 7,298 7,298 7,298 7,298 Weighted
average common shares outstanding – diluted 88,834 72,471 82,605
69,496
CommonWealth REIT Condensed Consolidated
Balance Sheets (amounts in thousands, except share data)
(unaudited)
September 30,2011
December 31,2010
ASSETS
Real estate properties: Land $ 1,445,301 $ 1,339,133 Buildings and
improvements 5,746,893 5,018,125
7,192,194 6,357,258 Accumulated depreciation (932,293 )
(850,261 ) 6,259,901 5,506,997 Properties held for sale
43,573 114,426 Acquired real estate leases, net 360,293 233,913
Equity investments 178,652 171,464 Cash and cash equivalents
210,673 194,040 Restricted cash 10,102 5,082 Rents receivable, net
of allowance for doubtful accounts of $12,421 and $12,550,
respectively
212,737
191,237
Other assets, net 182,259 171,380 Total
assets $ 7,458,190 $ 6,588,539
LIABILITIES AND
SHAREHOLDERS’ EQUITY
Revolving credit facility $ 235,000 $ — Senior unsecured debt, net
2,687,600 2,854,540 Mortgage notes payable, net 633,935 351,526
Liabilities related to properties held for sale 463 1,492 Accounts
payable and accrued expenses 148,525 123,842 Assumed real estate
lease obligations, net 72,619 65,940 Rent collected in advance
35,593 27,988 Security deposits 23,710 22,523 Due to related
persons 28,448 8,998 Total liabilities
3,865,893 3,456,849
Shareholders’ equity: Preferred shares of beneficial interest,
$0.01 par value: 50,000,000 shares authorized; Series C preferred
shares; 7 1/8% cumulative redeemable since February 15, 2011;
6,000,000 shares issued and outstanding, aggregate liquidation
preference $150,000
145,015
145,015
Series D preferred shares; 6 1/2% cumulative convertible;
15,180,000 shares issued and outstanding, aggregate liquidation
preference $379,500
368,270
368,270
Series E preferred shares; 7 1/4% cumulative redeemable on or after
May 15, 2016; 11,000,000 and zero shares issued and outstanding,
respectively, aggregate liquidation preference $275,000
265,391
—
Common shares of beneficial interest, $0.01 par value:350,000,000
shares authorized; 83,721,736 and 72,138,686 shares issued and
outstanding, respectively
837
721
Additional paid in capital 3,613,828 3,348,849 Cumulative net
income 2,467,448 2,372,337 Cumulative other comprehensive (loss)
income (21,489 ) 4,706 Cumulative common distributions (2,784,169 )
(2,675,956 ) Cumulative preferred distributions (462,834 )
(432,252 ) Total shareholders’ equity 3,592,297
3,131,690 Total liabilities and shareholders’
equity $ 7,458,190 $ 6,588,539
A Maryland Real Estate Investment Trust with
transferable shares of beneficial interest listed on the New York
Stock Exchange.No shareholder, Trustee or officer is personally
liable for any act or obligation of the Trust.
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