In connection with the Series H, I and N redemptions, the Company reported the excess of the redemption amount over the carrying amount of $8.2 million, representing the original issuance costs, as a reduction of net income allocable to common shareholders and unit holders for the three months ended June 30, 2012.
On July 24, 2012, the Company acquired a 958,000 square foot industrial park consisting of eight single-story buildings located in Kent Valley, Washington, for a purchase price of $37.6 million. The park was 52.3% occupied at the time of acquisition.
Financial ConditionThe following are key financial ratios with respect to the Company’s leverage at and for the three months ended June 30, 2012:
|Ratio of FFO to fixed charges (1)||10.7x|
|Ratio of FFO to fixed charges and preferred distributions (1)||3.0x|
Debt and preferred equity to total market capitalization (based on common stock price of $67.72 at June 30, 2012)
|Available balance under the $250.0 million unsecured credit facility at June 30, 2012||$250.0 million|
|(1)||Fixed charges include interest expense of $5.2 million.|