The Company’s Funds From Operations (FFO), a widely accepted supplemental measure of REIT performance established by the National Association of Real Estate Investment Trusts, was $2.1 million for the nine months ended September 30, 2011 compared to $(0.45) million for the nine months ended September 30, 2010. The Company’s business is the ownership, operation and management of real estate. It believes that FFO is helpful to investors when measuring operating performance because it excludes various items that are considered in the determination of net income or loss that do not relate to or are not indicative of operating performance, such as gains or losses from sales of operating properties and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. The following table reflects the reconciliation of FFO to net income (loss) attributable to the Company, the most directly comparable Generally Accepted Accounting Principles measure, for the nine months ended September 30, 2011 and September 30, 2010 (in thousands):
|Nine Months September 30,|
|Net income (loss) attributable to the Company||$||4,232||$||(4,028||)|
|Depreciation and amortization from discontinued operations||922||2,777|
|Gain on sale of discontinued operations attributable to the Company||(15,969||)||4,315|
|Deferred income tax expense (benefit)||3,125||(3,232||)|
|Depreciation and amortization attributable to the Company’s owned properties||9,816||8,753|
The increase in FFO for the nine months ended September 30, 2011 in comparison to the nine months ended September 30, 2011 was primarily due to a gain recognized on litigation settlement.
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