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And with that, we’ll open it up as we usually do, going over the numbers, to Paul and he will handle that.Paul Meurer Thank you, Tom. As usual, I will comment briefly on our financial statements, provide a few highlights of the results for the quarter and start with the income statement. Total revenue increased 17.9% in the quarter. Our revenue for the quarter was approximately $115 million or about $450 million annualized run rate. This obviously reflects the significant amount of new acquisitions over the past year. Other income was only $255,000 for the quarter. On the expense side, depreciation and amortization increased by about $8.6 million in the comparative quarterly period. Obviously depreciation expense increased as our property portfolio continues to grow. Interest expense increased by just over $3.8 million and this increase was due primarily to the June 2011 issuance of $150 million of notes in the reopening of or 2035 bonds as well as credit facility borrowings during the quarter. On a related note, our coverage ratios both remains strong with interest coverage at 3.5 times and fixed charge coverage is at 2.7 times. General and administrative or G&A expenses in the first quarter was $9.2 million. Our G&A expense has increased a bit as our acquisition activity has increased and we invested this past year in new personnel for future growth. G&A also includes the expensing of additional due diligence costs on the acquisition side, which totaled $242,000 during the quarter. Our current projection for G&A for all of 2012 is approximately $34 million, which will represent only about 7.25% of total revenue projected for the year. Property expenses were $2.5 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 estimate for property expenses for all of 2012 is about $9.4 million. Income taxes consist of income taxes paid to various state company and there were $405,000, during the quarter.
Income from discontinued operations for the quarter totaled $851,000 million and this income is associated with our property sales activity during the quarter. We did sell five properties during the quarter, a reminder again that we do not include these property sales gains in our FFO or AFFO.Preferred stock cash totaled $9. 5 million for the quarter and this increase reflects our issuance of 6 and 5.8% preferred F stock this year. Excess of redemption value over carrying value of preferred shares redeemed, refers to the $3.7 million non-cash redemption charges stemming from the repayment of our outstanding 7.38% preferred D stock from some of the proceeds from our preferred F offering this year. Replacement of this preferred D stock in our capital structure pays us about $1 million cash annually. Obviously, due to the lower coupon of the new preferred F stock that we just issued. Net income available to common stockholders was$26. 1 million for the quarter. Funds from operations, or FFO, per share was $0.46 for the quarter, although excluding the $3.7 million preferred stock redemption charges our FFO for the quarter would have been $0.49 or 2.1% increase over the fully $0.08 earned in the first quarter of last year. Adjusted funds from operations, or AFFO, or the actual cash we have available for distribution as dividend was higher, at $0.50 per share for the quarter , an increase of 2% over $0.49 AFFO earned in the first quarter of last year. As we have always mentioned, our AFFO will continue to be higher than our FFO, and we believe this differential between our AFFO and higher FFO actually continue to increase likely. Our capital expenditures are fairly low. We have minimal straight-line rent adjustments in our portfolio. And we do believe that over time we will continue to have some FAS 141 non-cash reductions to FFO when they purchase large portfolio to have some in place leases. Read the rest of this transcript for free on seekingalpha.com