Per share amount comparisons for AFFO, FFO and net earnings were adversely affected by a 2.7% increase in the number of shares outstanding in the current quarter resulting from the Company’s equity issuance in the first quarter of 2011.
Revenues from rental properties included in continuing operations include approximately $12.6 million and $9.6 million for the three months ended March 31, 2012 and 2011, respectively, of rent contractually due or received from tenants other than Marketing. The increase in rent contractually due or received from these tenants for the three months ended March 31, 2012 was primarily due to rental income from properties the Company acquired in January and March 2011.
Revenues contractually due from Marketing included in continuing operations for the three months ended March 31, 2012 were approximately $18.0 million as compared to $15.1 million for the three months ended March 31, 2011. However, for the three months ended March 31, 2012, the Company provided $10.0 million of additional reserves for bad debts, which are included in general and administrative expenses, against the $18.0 million in revenues contractually due from Marketing, which the Company does not expect to collect. The reported increase in the rent contractually due from Marketing was primarily due to a $2.8 million increase in the real estate taxes the Company pays and bills to Marketing.
Rental property expenses included in continuing operations, which are primarily comprised of rent expense and real estate and other state and local taxes, were $6.7 million for the three months ended March 31, 2012, as compared to $3.5 million for the three months ended March 31, 2011. The increase in rental property expenses is principally due to additional real estate tax and rent expense paid by the Company and reimbursable by the Company’s tenants related to properties and leasehold interests acquired in 2011 and accrued past due real estate taxes historically paid by Marketing.