FFO

  • FFO of $0.95 per diluted share for 1Q08 as compared to $1.02 per diluted share in 1Q07

  • Unusual charges for 1Q08 of $1.1 million, or $ $0.07 per diluted share

  • Same-store GAAP NOI decrease of $257,000 or 0.9% for 1Q08 as compared to 1Q07

  • Same-store cash NOI increase of $414,000 or 1.5% for 1Q08 as compared to 1Q07

Included in FFO per diluted share are the following amounts:                            (in thousands, except average rent per square foot and average occupancy)

Description

  

Q1 2008

  

Q1 2007
         

Unusual Items:

        

   Non-cash purchase accounting adjustment

  

 $

(657)

  

 $

- 

   Net gain/(loss) on extinguishment of debt

  

(401)

  

124 

   

 $

(1,058)

  

 $

124 

         

Other Items of Note:

        

   Lease termination fees (1)

  

 $

1,067 

 

 $

194 

   Straight-line rent (1)

  

 $

216 

 

 $

959 

   Amortization of above market rent (1)

  

 $

(140)

  

 $

(426)

   Gain on sale of land

  

 $

- 

 

 $

50 

 

        

   Average rent per square foot (2)(3)

  

 $

21.73 

  

 $

20.69 

   Average occupancy (2)(4)

  

91.0 %

  

91.1 %

   Total office square feet under ownership (2)

  

14,120 

  

13,258 

   Total office square feet under management (5)

  

15,846 

  

14,430 

 
(1) These items include 100% of amounts from wholly-owned assets plus the Company’s allocable share of these items recognized from the assets held in consolidated joint ventures.  
(2) Includes total office square feet of wholly-owned assets, consolidated joint ventures and unconsolidated joint ventures.
(3) Average rent per square foot is defined as the weighted average annual gross rental rate, including escalations for operating expenses, divided by occupied square feet.
(4) Average occupancy is defined as average occupied square feet divided by average total rentable square feet.
(5) Includes total office square feet of wholly-owned assets, consolidated joint ventures, unconsolidated joint ventures and third-party management agreements.