The company also recorded an adjustment to a previously recognized gain on sale of property of approximately $4.2 million in the fourth quarter 2012 related to required infrastructure repairs on a retail asset that was originally developed by the company and sold in the fourth quarter of 2007. The company recognized a pre-tax gain of approximately $12.8 million when the property was originally sold in 2007. The company is evaluating its options with respect to, among other things, recovery of some or all of the costs associated with the repairs from the general contractor responsible for the infrastructure and site work.Additionally, $1.8 million of restructuring charges were recorded in the fourth quarter 2012, related to severance costs associated with the departure of the company’s President and Chief Financial Officer, as well as departures of other management personnel as a result of additional simplification of the company’s operations.
|Plus: Real Estate Depreciation & Amortization||1.35||–||1.35|
|Less: Gain on Sale of Operating Properties||(0.30||)||–||(0.40||)|
|Total Diluted FFO per share||$||1.34||–||$||1.40|
- Multifamily same-property net operating income: growth of 4.00 to 6.00 percent.
- Revenue: Increase of 4.25 to 5.25 percent
- Expense: Increase of 4.00 to 5.00 percent
- Development spending of $125 million to $150 million.
- Acquisitions of $150 million to $175 million.
- Dispositions of $275 million to $325 million.
- Corporate G&A expenses of $18 million to $19 million.