Now I'll turn it over to you, Bruce.
Bruce M. Johnson
Thanks, Hap, and good morning to everyone. I think I speak for all of us here when I say that this quarter's results are encouraging. To recap, recurring FFO per share was $0.62. When you include the onetime charges associated with the preferred stock offering, offset slightly by gains on our parcel sales, total FFO per share is $0.55.
Same property NOI growth, excluding termination fees, was positive 4.2%. There were 2 primary drivers. First, increased base rent from occupancy gains and contractual rent steps, contributed approximately 200 basis points; and second, increased net recoveries resulting from better occupancy and lower expenses contributed approximately 150 basis points.It should be noted that a portion of the expense recovery was caused by timing differences, which could reverse in the second quarter when we complete our tenant reconciliation process, bringing the second quarter growth rate closer to 2%. That being said, we are in fact raising guidance for the 2012 year-end results. We expect NOI growth to stabilize during the last half of the year, put us in the 2% to 3.25% for the year. Additionally, our new percent lease guidance is 93.25% to 94.25% and recurring FFO per share guidance is $2.42 to $2.54. It is also worth mentioning that we changed the fiscal year of our capital insurance come made to end in April. As a result, this year we expect to recognize income from our cap rate [ph] in the second quarter rather than in the third quarter. As you may recall, this income is not included in the same property NOI. We expect the income to be approximately $0.03 to $0.04 per share and incorporate this into our second quarter FFO guidance. Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV