NRF » Topics » Return on Average Common Book Equity (Pre-G&A and Unrealized Mark-to-Market Gain) ($ in thousands)

This excerpt taken from the NRF 10-Q filed Aug 9, 2007.

Return on Average Common Book Equity (Pre-G&A and Unrealized Mark-to-Market Gain)
($ in thousands)

     
  Northstar Realty Finance Corp.
     Three Months Ended June 30, 2007   Annualized
June 30, 2007(2)
  Year Ended
December 31, 2006
Adjusted Funds from Operations (AFFO)     24,941       99,764 (A)       59,409  
Plus: General & Administrative Expenses     14,057                    
Plus: General & Administrative Expenses from Unconsolidated Ventures     1,470                    
Less: Equity-Based Compensation and Straight-Line Rent included in G&A     4,161                    
AFFO, excluding G&A     36,307       145,228 (B)       85,739  
Average Common Book Equity & Operating Partnership Minority Interest(1)   $ 586,965 (C)               378,628  
Return on Average Common Book Equity (including G&A)     17.0%(A)/(C)                15.7 %  
Return on Average Common Book Equity (excluding G&A)     24.7%(B)/(C)                22.6 %  

(1) Average Common Book Equity and Operating Partnership Minority Interest computed using beginning and ending of period balances.
(2) Annualized numbers are calculated by taking the current quarter amounts and multiplying by 4.
This excerpt taken from the NRF 10-Q filed May 10, 2007.

Return on Average Common Book Equity (Pre-G&A and Unrealized Mark-to-Market Gain)
($ in thousands)

  

The Company

 
  

Three Months
Ended
March 31, 2007

 

Annualized
March 31, 2007(3)

 

Year Ended
December 31, 2006

 
         

Adjusted funds from operations (AFFO)

     

 

24,826

 

99,304

(A)  

59,409

 

Plus: General & Administrative Expenses(1)

  

14,790

 

36,143

   

Less: Equity-Based Compensation and
Straight-Line Rent included in G&A

  

3,916

 

9,813

   

AFFO, excluding G&A

  

35,700

 

142,800

(B)

85,739

 

Average Common Book Equity & Operating
Partnership Minority Interest(2)

 

$

601,054

(C)

  

378,628

 

Return on Average Common Book Equity
(including G&A)

  

16.5

% (A)/(C)

  

15.7

%

Return on Average Common Book Equity
(excluding G&A)

  

23.8

% (B)/(C)  

  

22.6

%




29



——————

(1)

G&A includes insurance expense of $0.3 million which is classified in property operating expenses.

(2)

Average Common Book Equity & Operating Partnership Minority Interest is weighted for additional equity raised during the period.

(3)

Annualized numbers are calculated by taking the current quarter amounts and multiplying by 4.

This excerpt taken from the NRF 10-K filed Mar 15, 2007.

Return on Average Common Book Equity (Pre-G&A and Unrealized Mark-to-Market Gain)
($ in thousands)

  

The Company

 

The Predecessor

 
  

Year Ended December 31, 2006

 

Year Ended December 31, 2005

 

October 29, 2004 to December 31, 2004

 

January 1, 2004 to October 28, 2004

 
 

     

  

     

  

     

  

     

   

Adjusted funds from operations (AFFO)

  

62,584

  

21,531

  

102

  

2,346

 

Less: Unrealized Mark-to-Market Gain(1)

  

3,175

  

821

  

  

454

 

AFFO, Pre-Unrealized Mark-to-Market Gain

  

59,409

  

20,710

  

102

  

1,892

 
              

Plus: General & Administrative Expenses

  

36,143

  

19,068

  

5,852

  

5,437

 

Less: Equity-Based Compensation and Straight-Line Rent included in G&A

  

9,813

  

5,847

  

2,991

  

 

AFFO, Pre-Unrealized Mark-to-Market Gain and G&A

  

85,739

  

33,931

  

2,963

  

7,329

 
              

Average Common Book Equity & Operating Partnership Minority Interest(2)

  

378,628

  

198,651

  

29,293

  

30,990

 

Return on Average Common Book Equity

             

Pre-Unrealized Mark-to-Market Gain

  

15.69

%

 

10.43

%

 

0.35

%

 

6.11

%

Pre-Unrealized Mark-to-Market Gain and G&A

  

22.64

%

 

17.08

%

 

10.12

%

 

23.65

%

——————

(1)

Represents the change in value of off-balance sheet warehouse facilities caused by changes in interest rates.

(2)

Average Common Book Equity & Operating Partnership Minority Interest is weighted for additional equity raised during the period.

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