In connection with the Series M and O redemptions, the Company reported the excess of the redemption amount over the carrying amount of $5.3 million, representing the original issuance costs, as a reduction of net income allocable to common shareholders and unit holders for the three months ended March 31, 2012.
The preferred equity transactions noted above will result in a net reduction in annual cash distributions of $1.4 million.
The following are key financial ratios with respect to the Company’s leverage at and for the three months ended March 31, 2012:
|Ratio of FFO to fixed charges (1)||10.2x|
|Ratio of FFO to fixed charges and preferred distributions (1)||3.1x|
| Debt and preferred equity to total market capitalization (based on
common stock price of $65.54 at March 31, 2012)
|Available balance under the $250.0 million unsecured credit facility at March 31, 2012||$144.0 million|
(1) Fixed charges include interest expense of $5.3 million.