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And as usual Mr. Meurer will start with the review of the numbers,Paul Meurer Thanks Tom. As usual let me go through the financial statements briefly, provide a few highlights of the financial results for the quarter, starting with income statement. Total revenue increased 23.6% to $107.39 million this quarter versus $86.8 million during the third quarter of last year. This obviously reflected a significant amount of new acquisitions over the past year, but also positive same store rent increases for the quarterly period of 1.8%. On the expense side, depreciation and amortization expense increased by $7.9 million in the comparative quarter, as depreciation expense increases obviously as our property portfolio continues to grow. Interest expense increased by just over $3.4 million, this increase was due primarily to the June issuance of $150 million of notes in the reopening of our 2035 bond, but also because of the $96.6 million credit facility balance at quarter end. On a related note our coverage ratios both remain strong; interest coverage is now at 3.9 times and fixed charge coverage now at 2.9 times. General administrative or G&A expenses in the third quarter were $7.1 million, representing 6.7% of total revenues, as compared to $6.2 million during the third quarter of last year, which represented 7.1% of total revenues at that time. Our G&A expense has increased a bit, as our acquisition activity has increased and we have invested in some new personnel for future growth. This quarter’s G&A was also impacted by the expensing of $233,000 worth of acquisition due diligence cost. Our current projection for G&A for 2011 is approximately $30 million, which will represent only about 7% of total revenues. Property expenses decreased to just under $1.7 million for the quarter. These expenses are primarily associated with the taxes, maintenance and insurance expenses, which we are responsible for on properties available for lease. Our current estimates for all of 2011 is about $7.5 million.
Income taxes consist of income taxes paid to various states by the company and they were $367,000 during the quarter. Income from discontinued operations for the quarter totaled just over $3.1 million. This income was associated with our property sales activity during the quarter. Our Crest subsidiary did not acquire or sell any properties in the quarter. We did sell 12 properties from our core portfolio resulting in gain on sales of $3.1 million and a reminder that these property sales gains are not included in our FFO or in our AFFO calculation.Preferred stock cash dividends remains at $6.1 million and net income available to common stockholders increased to approximately $34.7 million for the quarter. Funds from operations or FFO increased 32.6% to $63.4 million for the quarter. FFO per share increased 8.7% to $0.50 for the quarter. Adjusted funds from operations or AFFO are the actual cash we have available for distribution as dividends was higher at $0.51 per share for the quarter and our AFFO is usually higher than our FFO because our capital expenditures are fairly low and we have minimal straight line rent in the portfolio. We increased our cash monthly dividend again this quarter, we’ve increased the dividend 56 consecutive quarters and 63 times overall since we went public over 17 years ago this month. Our dividend pay-out ratio for the quarter was 87% of our FFO and 85% of our AFFO. Briefly turning to the balance sheet, we have continued to maintain a conservative and safe capital structure. In September as you know we raised just over $200 million of new capital in a common stock offering. Our current debt to total market capitalization is only 28% and our preferred stock outstanding represents to 5% of our capital structure. And as I mentioned we have $96.6 million of borrowing on our $425 million credit facility. We have no debt maturities until 2013 and so in summary we currently have excellent liquidity and overall balance sheet remains very healthy and safe. Read the rest of this transcript for free on seekingalpha.com