First, I should emphasize the dividend coverage and growth remains our most important goal and notwithstanding that decrease in AFFO, adjusted cash flow from operations did increase year-to-date from $55.9 million last year to $58.3 million so far this year. Because we increased the dividend the payout ratio also increased slightly from 76% to approximately 79%, but still this demonstrates our continued ability to cover the dividend despite some of the swing factors that I’ll get into in a moment.Returning to AFFO, we reported $1.65 per share for the first half of the year down from $2.79 per share for the same period in 2011. As I just mentioned, the problem with this comparison is that last year’s liquidation of CPA:14 skewed our first half 2001 results. For example, of that $2.79 per share AFFO that we reported for the first half of last year $1.01 of it resulted from the recognition of $52.5 million in termination and subordination disposition revenue that we earned from that liquidation.
W. P. Carey's CEO Discusses Q2 2012 Results - Earnings Call Transcript
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