Convertible Senior Notes:
The Company’s only other 2012 debt maturity was the remaining $35 million of its 7.5% convertible senior notes which could be put to the Company by the holders on October 1. We tendered for the notes during September, and $15.8 million of the notes were validly surrendered by the holders and purchased by us and retired on the put date. The remaining approximately $19.2 million of notes remain outstanding and cannot be put to us again for another five years though we may call the debt at any time.
Nine Month Results:
| For the Nine Months
Ended September 30,
|(Amounts in thousands, except per share amounts)||2012||2011|
|Funds from operations||$||42,048||$||27,204|
|Items that affect comparability (income) expense:|
|Gain on investments other than real property, net||(1,009||)||(648||)|
|(Gain) loss on extinguishment of debt, net||(11,012||)||3,698|
|Debt modification costs||916||–|
|Property acquisition costs||321||217|
|Funds from operations, as adjusted for comparability||$||31,264||$||30,471|
For the nine months ended September 30, 2012, the Company reported total revenues of $120.5 million, compared to total revenues of $123.4 million in the comparable period of 2011. The total revenue decline reflects the impact of the 2011 CDO and other asset sales, offset in part by the growth in the owned property portfolio. Rental revenue was up seven percent for the 2012 period, reflecting the new properties acquired.