The $134.1 million of FFO for 2010 includes the impact of: (i) $19.5 million of interest refinancing expense; (ii) $2.2 million of non-cash restricted stock expense; (iii) $1.6 million of acquisition deal related expenses; (iv) $1.1 million in proceeds associated with a legal settlement; (v) an $0.8 million gain on the sales of two mortgage backed securities that were bought in the first quarter of 2010 and sold in the second quarter of 2010; and (vi) a $0.7 million net loss associated with owned and operated assets. The $19.5 million of interest refinancing expense was comprised of: (a) a charge of approximately $3.5 million related to the write-off of deferred financing costs associated with the termination of the Company’s 2009 credit facility in the second quarter of 2010; (b) $5.2 million related to the write-off of deferred financing costs and a penalty payment associated with the $100 million GECC term loan paid-off in October 2010; and (c) $10.8 million related to the tender and redemption of all of the Company’s outstanding $310 million 7% Senior Notes due 2014.
Adjusted FFO was $193.3 million, or $1.89 per common share, for the twelve-month period ended December 31, 2011, compared to $156.1 million, or $1.66 per common share, for the same period in 2010. The Company had 7.9 million additional weighted-average shares for the twelve months ended December 31, 2011 compared to the same period in 2010. The increase in weighted-average common shares over the twelve month period was primarily a result of: (i) the timing of 1.4 million common shares issued under the equity shelf programs in 2011; (ii) the timing of 2.9 million common shares issued under the Company’s Dividend Reinvestment and Common Stock Purchase Plan in 2011; coupled with (iii) the timing of 11 million shares issued in 2010. For further information see “Funds From Operations” below.