This excerpt taken from the WRE 8-K filed Feb 16, 2006.
FOR IMMEDIATE RELEASE
Page 3 of 6
Per Share Data
Income from continuing operations
(Basic)
$
0.26
$
0.25
$
0.96
$
0.98
(Diluted)
$
0.26
$
0.25
$
0.96
$
0.97
Net income
(Basic)
$
0.26
$
0.30
$
1.85
$
1.09
(Diluted)
$
0.26
$
0.30
$
1.84
$
1.09
Funds from continuing operations
(Basic)
$
0.54
$
0.50
$
2.07
$
1.92
(Diluted)
$
0.54
$
0.49
$
2.06
$
1.91
Funds from operations
(Basic)
$
0.54
$
0.53
$
2.08
$
2.06
(Diluted)
$
0.54
$
0.52
$
2.07
$
2.05
Dividends paid
$
0.4025
$
0.3925
$
1.6000
$
1.5500
Weighted average shares outstanding
42,013
41,711
42,069
41,642
Fully diluted weighted average shares outstanding
42,131
41,911
42,203
41,863
(1)
Funds From Operations (“FFO”) – The National Association of Real Estate Investment Trusts, Inc. (“NAREIT”) defines FFO (April, 2002 White
Paper) as net income (computed in accordance with generally accepted accounting principles (“GAAP”)) excluding gains (or losses) from sales of property plus real estate depreciation and amortization. We consider FFO to be a standard
supplemental measure for equity real estate investment trusts (“REITs”) because it facilitates an understanding of the operating performance of our properties without giving effect to real estate depreciation and amortization, which
historically assumes that the value of real estate assets diminishes predictably over time. Since real estate values have instead historically risen or fallen with market conditions, we believe that FFO more accurately provides investors an
indication of our ability to incur and service debt, make capital expenditures and fund other needs.
(2)
Funds Available for Distribution (“FAD”) is calculated by subtracting from FFO (1) recurring expenditures, tenant improvements and leasing costs that
are capitalized and amortized and are necessary to maintain our properties and revenue stream and (2) straight line rents, then adding (3) non-real estate depreciation and amortization and (4) non-cash rent abatement amortization, and
adding or subtracting amortization of lease intangibles, as appropriate. FAD is included herein, because we consider it to be a measure of a REIT’s ability to incur and service debt and to distribute dividends to its shareholders. FAD is a
non-GAAP and non-standardized measure, and may be calculated differently by other REITs.
(3)
Tenant improvements for the twelve months ended December 31, 2004 include payments to one tenant of $1.1 million.
