EXHIBIT 99.1

 

RECONCILIATION OF 2003 PROJECTED EARNINGS PER SHARE-DILUTED TO PROJECTED FUNDS FROM OPERATIONS PER SHARE-DILUTED (dollars and shares in thousands, except per share data)

 

 

 

Low

 

High

 

Net income available to common shareholders

 

$

17,250

 

$

17,750

 

Convertible preferred share dividends

 

544

 

544

 

Numerator for earnings per share-diluted

 

17,794

 

18,294

 

Real estate related depreciation and amortization

 

32,800

 

32,800

 

Restricted common share dividends

 

332

 

332

 

Minority interests-preferred units

 

2,288

 

2,288

 

Minority interests-common units

 

7,046

 

7,250

 

Gain on sales of real estate, excluding development portion

 

(2,843

)

(2,843

)

Numerator for funds from operations per share-diluted

 

$

57,417

 

$

58,121

 

 

 

 

 

 

 

Denominator for earnings per share-diluted

 

25,600

 

25,600

 

Common units

 

8,990

 

8,990

 

Restricted shares

 

340

 

340

 

Convertible preferred units

 

2,421

 

2,421

 

Denominator for funds from operations per share-diluted

 

37,351

 

37,351

 

 

 

 

 

 

 

Earnings per share-diluted

 

$

0.70

 

$

0.71

 

Funds from operations per share-diluted

 

$

1.54

 

$

1.56