The $46.3 million of FFO for the three-month period ended December 31, 2011 includes a $2.3 million provision on uncollectible notes receivable, $1.5 million of stock-based compensation expense, $1.2 million of expense associated with the 2011 acquisitions and a $50 thousand net loss associated with the run-off of owned and operated assets.
Adjusted FFO was $64.9 million, or $0.58 per common share, for the three months ended December 31, 2012, compared to $51.3 million, or $0.50 per common share, for the same period in 2011. The Company had 9 million additional weighted-average shares for the three months ended December 31, 2012 compared to the same period in 2011. For further information see “Funds From Operations” below.
2012 ANNUAL RESULTS
Operating Revenues and Expenses – Operating revenues for the twelve-month period ended December 31, 2012 were $350.5 million. Operating expenses for the twelve-month period ended December 31, 2012, totaled $135.5 million and were composed of: (i) $113.0 million of depreciation and amortization expense; (ii) $15.4 million of general and administrative expense; (iii) $5.9 million of stock-based compensation expense; (iv) $0.9 million of expense associated with 2012 acquisitions; and (v) $0.3 million of provision for impairments on real estate assets.Other Income and Expense – Other income and expense for the twelve-month period ended December 31, 2012 was a net expense of $106.1 million, which was composed of: (i) $95.5 million of interest expense; (ii) $7.9 million of interest refinancing costs to write-off deferred financing costs associated with (a) the tender and redemption of the Company’s $175 million of 7% Senior Notes due 2016 and (b) the termination of the Company’s 2011 credit facility; and (iii) $2.6 million of amortized deferred financing costs. Funds From Operations – For the twelve-month period ended December 31, 2012, reportable FFO available to common stockholders was $222.2 million, or $2.06 per common share on 108 million weighted-average common shares outstanding, compared to $172.5 million, or $1.69 per common share on 102 million weighted-average common shares outstanding, for the same period in 2011. The $222.2 million of FFO for the twelve-month period ended December 31, 2012 includes: (i) $7.9 million of interest refinancing costs; (ii) $5.9 million of non-cash stock-based compensation expense; (iii) $0.9 million of 2012 acquisition related expenses; and (iv) $0.8 million of one-time revenue associated with the collection of former owned and operated receivables and one-time deferred mortgage interest income.
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