During the quarter, the company issued 1,081,797 units in its operating limited partnership having a value of approximately $66.6 million in connection with a property acquisition. The company has not issued any common shares under its At-the-Market (ATM) share offering program since the first quarter of 2012.
As of July 24, 2012, the company had cash on hand of approximately $75 million and approximately $1.72 billion available on its revolving credit facility.
Third Quarter 2012 Guidance
The company has established a Normalized FFO guidance range of $0.70 to $0.74 per share for the third quarter of 2012. The difference between the company’s second quarter 2012 Normalized FFO of $0.68 per share and the midpoint of the third quarter guidance range of $0.72 per share is primarily due to:
- A positive impact of approximately $0.03 per share from total property NOI; and
- A positive impact of approximately $0.01 per share from lower preferred share distributions as a result of the redemption of the company’s Series N Preferred Shares and lower interest expense.
|Revenue change||5.0% to 6.0%||5.4% to 5.6%|
|Expense change||1.5% to 2.5%||1.5% to 2.5%|
|NOI change||6.5% to 8.5%||7.0% to 8.0%|
|Acquisitions:||$1.25 billion||$1.25 billion|
|Dispositions:||$1.25 billion||$1.25 billion|
|Cap Rate Spread:||125 basis points||130 basis points|
|Normalized FFO per share:||$2.68 to $2.78||$2.73 to $2.78|
- A positive impact of approximately $0.01 per share from total property NOI;
- A positive impact of approximately $0.01 per share from lower preferred share distributions as a result of the redemption of the company’s Series N Preferred Shares; and
- A positive impact of approximately $0.01 per share from lower interest expense.
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