Exhibit 99.1

 

Supplemental Information

(Unaudited)

 

June 30, 2008

 

 

 

Corporate Office Properties Trust

Index to Supplemental Information (Unaudited)

June 30, 2008

 

Highlights and Discussion		Page
Reporting Period Highlights – Quarter Ended June 30, 2008		1
Forward-Looking Statements		3
Financial Statements
Quarterly Selected Financial Summary Data		4
Quarterly Consolidated Balance Sheets		5
Quarterly Consolidated Statements of Operations		6
Quarterly Consolidated Reconciliations of Funds From Operations (FFO), Adjusted Funds From Operations (AFFO) and Earnings per diluted share, as adjusted		7
Quarterly Consolidated Reconciliations of Earnings Before Interest, Income Taxes, Depreciation and Amortization (EBITDA), Combined Net Operating Income (NOI), Discontinued Operations and Gains on Sales of Real Estate		8
Selected Financial Analyses
Quarterly Equity Analysis		9
Quarterly Debt Analysis		10
Quarterly Operating Ratios		11
Quarterly Dividend Analysis		12
Investor Composition and Analyst Coverage		13
Debt Maturity Schedule – June 30, 2008		14
Portfolio Summary
Property Summary by Region – June 30, 2008 – Wholly Owned Properties		15
Property Summary by Region – June 30, 2008 – Joint Venture Properties		21
Property Occupancy Rates by Region by Quarter – Wholly Owned Properties		22
Property Occupancy Rates by Region by Quarter – Joint Venture Properties		23
Top Twenty Office Tenants of Wholly Owned Properties as of June 30, 2008		24
Combined Real Estate Revenue and Combined Net Operating Income by Geographic Region by Quarter		25
Same Office Property Cash and GAAP Net Operating Income by Quarter		26
Average Occupancy Rates by Region for Same Office Properties		27
Office Lease Expiration Analysis by Year for Wholly Owned Properties		28
Quarterly and Year to Date Office Renewal Analysis for Wholly Owned Properties as of June 30, 2008		29
Year to Date Wholly Owned Acquisition and Disposition Summaries as of June 30, 2008		30
Development Summary as of June 30, 2008		31
Total Development Placed into Service as of June 30, 2008		33
Land Inventory as of June 30, 2008		34
Joint Venture Summary as of June 30, 2008		35
Reconciliations of Non GAAP Measurements		36

 

 

To Members of the Investment Community:

 

We prepared this supplemental information package to provide you with additional detail on our properties and operations.  The information in this package is unaudited, furnished to the Securities and Exchange Commission (“SEC”) and should be read in conjunction with our quarterly and annual reports.  If you have any questions or comments, please contact Ms. Mary Ellen Fowler, Vice President and Treasurer at (443) 285-5450 or maryellen.fowler@copt.com.  Reconciliations between GAAP and non GAAP measurements have been provided on page 36.  Refer to our Form 8-K for definitions of certain terms used herein.

 

Corporate Office Properties Trust (COPT) (NYSE: OFC) is a specialty office real estate investment trust (REIT) that focuses on strategic customer relationships and specialized tenant requirements in the U.S. Government, Defense Information Technology and Data sectors.  The Company acquires, develops, manages and leases properties which are typically concentrated in large office parks primarily located adjacent to government demand drivers and/or in growth corridors.  More information on COPT can be found at www.copt.com.

 

Reporting Period Highlights – Quarter Ended June 30, 2008

 

Financial Results

 

·                  Reported FFO – diluted of $34.2 million, or $0.61 per share/unit, for the quarter ended June 30, 2008 as compared to $31.8 million, or $.57 per share/unit, for the comparable 2007 period, representing an increase of 7.0% per share/unit.

 

·                  Reported Net Income Available to Common Shareholders of $8.8 million, or $0.18 per diluted share, for the quarter ended June 30, 2008 as compared to $3.9 million, or $0.08 per diluted share, for the comparable 2007 period.

 

·                  Reported AFFO – diluted of $25.1 million for the quarter ended June 30, 2008 as compared to $21.6 million for the comparable 2007 period, representing an increase of 16.4%.

 

·                  Our diluted FFO payout ratio was 55.5% for the quarter ended June 30, 2008 as compared to 54.0% for the comparable 2007 period.  Our diluted AFFO payout ratio was 75.4% for the quarter ended June 30, 2008 as compared to 79.5% for the comparable 2007 period.

 

Acquisitions / Dispositions

 

·                  During the quarter ended June 30, 2008, we completed the acquisition of three office properties totaling 247,280 square feet for $40.5 million, which included the following:

 

·                  a 124,305 square foot office property located at 3535 Northrop Grumman Point in Colorado Springs, Colorado for $23.2 million on June 10, 2008.  The office property is located in the Colorado Springs Airport Business Park, known as Cresterra.  We were selected as the master developer of a 286 acre parcel of Cresterra that is adjacent to this property in September 2007.  Cresterra is situated at the entrance of the Colorado Springs Airport and adjacent to the Peterson Air Force Base.  The property is 100% leased, long-term, to Northrop Grumman Corporation and is the location of their Colorado Springs headquarters; and

 

·                  two office properties totaling 122,975 square feet, located at 1560 Cable Ranch Road in San Antonio, Texas, that are known collectively as 151 Technology Center for $17.3 million on June 19, 2008.  The office properties are located in the Northwest submarket, near the interchange of Loop 410 and Highway 151, in close proximity to our other San Antonio properties. The buildings are 100% leased, long-term, to Sears, Air Force Federal Credit Union and AFNI.

 

·                  We sold a 41,398 square foot operating property located in Cranbury, New Jersey and a 38,930 square foot operating property located in Suburban Baltimore, Maryland for an aggregate of $8.3 million, resulting in a gain before minority interests of $1.3 million.

 

1

 

Development Activities

 

·                  During the quarter ended June 30, 2008, we placed into service 189,604 square feet in three properties, of which 145,470 square feet, or 76.7%, were leased as of June 30, 2008.

 

·                  During the quarter ended June 30, 2008, we completed leases on 369,106 square feet of space under construction or development, which included the following:

 

·                  100% of the 131,451 square foot property located at 6721 Columbia Gateway Drive in Columbia, Maryland to Integral Systems, Inc. for an 11-year term;

 

·                  100% of the 123,464 square foot property to be located at 5850 University Research Court in College Park, Maryland, which is owned through a joint venture, to a large credit-worthy tenant for a ten-year term;

 

·                  43,721 of the 53,745 square foot property located at 9925 Federal Drive in Colorado Springs, Colorado to Plasmon, LLC for an eight-year term;

 

·                  41,500 square feet of the 116,107 square foot property located at 5825 University Research Court in College Park, Maryland, which is owned through a joint venture, to the University of Maryland’s Earth System Science Interdisciplinary Center (ESSIC) for a five-year term; and

 

·                  28,970 square feet of the 103,970 square foot property located at 655 Space Center Drive in Colorado Springs, Colorado to ITT Corporation, System Division for a ten-year term, bringing the property to a 100% occupancy level.

 

Operations

 

·                  Our wholly owned portfolio was 93.4% occupied and 94.2% leased as of June 30, 2008.  Our entire portfolio was 93.3% occupied and 94.0% leased as of June 30, 2008.

 

·                  Our same office property cash NOI, excluding the effect of an $863,000 reduction in lease termination fees, increased for the quarter ended June 30, 2008 by $1.7 million, or 3.1%, as compared to the quarter ended June 30, 2007.  Including the effect of lower lease termination fees, our same office property cash NOI increased $877,000, or 1.5%, as compared to the quarter ended June 30, 2007.  Our same office portfolio consists of 217 properties and represents 92.4% of the rentable square footage of our consolidated properties as of June 30, 2008.

 

·                  The weighted average lease term of our wholly owned portfolio was 4.8 years as of June 30, 2008, with an average contractual rental rate (including tenant reimbursements of operating costs) of $21.92 per square foot.

 

·                  For the six months ended June 30, 2008, we renewed 781,229 square feet, or 76.1%, of our expiring office leases (based upon square footage), with an average committed cost of $4.58 per square foot.  For our renewed space only during the six months ended June 30, 2008, we realized increases of 10.1% in total rent, as measured from the GAAP straight-line rent in effect preceding the renewal date, and 4.0% in total cash rent.  For our renewed and retenanted space of 994,583 square feet during the six months ended June 30, 2008, we realized increases of 7.2% in total rent, as measured from the GAAP straight-line rent in effect preceding the renewal date, and 1.5% in total cash rent.  The average committed cost for our space renewed and retenanted during the six months ended June 30, 2008 totaled $7.75 per square foot.  For the quarter ended June 30, 2008, we renewed 193,305 square feet, or 60.4%, of our expiring office leases (based upon square footage), with an average committed cost of $7.06 per square foot.

 

·                  We recognized $54,000 in lease termination fees, net of write-offs of related straight-line rents and accretion of intangible assets and liabilities (i.e., SFAS 141 revenues), in the quarter ended June 30, 2008, as compared to $708,000 in the quarter ended June 30, 2007.

 

Financing Activity and Capital Transactions

 

·                  As of June 30, 2008, our ratio of debt to market capitalization was 47.1%, and our ratio of debt to undepreciated book value of real estate assets was 60.9%.  We achieved an EBITDA to interest coverage ratio of 3.10x and an EBITDA to fixed charge coverage ratio of 2.55x for the quarter ended June 30, 2008.

 

·                  On May 2, 2008, we closed on a $225.0 million construction loan facility that will be utilized to fund most of the Company’s construction costs over the next several years. The facility has a three-year term with a one-year extension option, and requires interest only payments throughout the term. The interest rate is based on a pricing grid that is dependent on the Company’s leverage, with an initial

 

2

 

interest rate on the facility of LIBOR plus 160 basis points.  The facility also has an accordion feature that allows for a potential increase to as much as $325 million at a future date.

 

Subsequent Events

 

·                  On July 18, 2008, we closed on a $221.4 million loan requiring interest only payments for the term at LIBOR plus 225 basis points.  This loan facility has a four-year term with an option to extend by an additional year.  We used $63.5 million of the proceeds from this loan to repay construction loan facilities that were due to mature in 2008, $11.8 million to repay borrowings under an additional construction loan facility and most of the balance to repay borrowings under our Revolving Credit Facility.

 

·                  We completed the following leasing:

 

·                  33,809 of the 145,723 square foot property located at 10807 New Allegiance Drive in Colorado Springs, Colorado to Lockheed Martin Corporation for a six-year term; and

 

·                  27,862 of the 106,512 square foot property located at 5520 Research Park Drive in Baltimore, Maryland to RMF Engineering, Inc. for a ten-year term.

 

Forward-Looking Statements

 

This supplemental information contains “forward-looking” statements, as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are based on our current expectations, estimates and projections about future events and financial trends affecting us.  Forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “expect,” “estimate” or other comparable terminology.  Forward-looking statements are inherently subject to risks and uncertainties, many of which we cannot predict with accuracy and some of which we might not even anticipate.  Accordingly, we can give no assurance that these expectations, estimates and projections will be achieved.  Future events and actual results may differ materially from those discussed in the forward-looking statements.

 

Important factors that may affect these expectations, estimates, and projections include, but are not limited to:

 

·                  our ability to borrow on favorable terms;

 

·                  general economic and business conditions, which will, among other things, affect office property demand and rents, tenant creditworthiness, interest rates and financing availability;

 

·                  adverse changes in the real estate markets including, among other things, increased competition with other companies;

 

·                  risk of real estate acquisition and development, including, among other things, risks that development projects may not be completed on schedule, that tenants may not take occupancy or pay rent or that development or operating costs may be greater than anticipated;

 

·                  risks of investing through joint venture structures, including risks that our joint venture partners may not fulfill their financial obligations as investors or may take actions that are inconsistent with our objectives;

 

·                  our ability to satisfy and operate effectively under federal income tax rules relating to real estate investment trusts and partnerships;

 

·                  governmental actions and initiatives; and

 

·                  environmental requirements.

 

We undertake no obligation to update or supplement any forward-looking statements.  For further information, please refer to our filings with the Securities and Exchange Commission, particularly the section entitled “Risk Factors” in Item 1 of our Annual Report on Form 10-K for the year ended December 31, 2007.

 

3

 

Quarterly Selected Financial Summary Data

(Dollars in thousands)

 

		2008						2007
		June 30			March 31			December 31			September 30			June 30
Revenues from real estate operations		$	98,111		$	97,151		$	94,567		$	94,102		$	90,374
Total revenues		$	113,255		$	106,143		$	103,065		$	105,059		$	102,067
Combined net operating income		$	64,228		$	62,692		$	63,734		$	62,573		$	61,775
EBITDA		$	60,327		$	60,150		$	61,255		$	61,783		$	58,381
Net income		$	12,853		$	11,395		$	9,929		$	11,431		$	7,877
Preferred share dividends		(4,026		)	(4,025		)	(4,025		)	(4,025		)	(4,025		)
Net income available to common shareholders		$	8,827		$	7,370		$	5,904		$	7,406		$	3,852
Earnings per diluted share		$	0.18		$	0.15		$	0.12		$	0.15		$	0.08
Funds from operations (FFO) - diluted		$	34,205		$	32,373		$	32,832		$	32,352		$	31,837
FFO per diluted share		$	0.61		$	0.58		$	0.59		$	0.58		$	0.57
Adjusted FFO - diluted		$	25,148		$	24,490		$	23,232		$	23,856		$	21,614
Payout ratios:
Earnings payout		183.5		%	219.4		%	272.6		%	217.3		%	379.4		%
FFO - diluted		55.5		%	58.5		%	57.5		%	58.3		%	54.0		%
AFFO - diluted		75.4		%	77.4		%	81.2		%	79.1		%	79.5		%
Total dividends/distributions		$	23,160		$	23,134		$	23,064		$	23,059		$	21,377

 

Note:  The above presentation does not separately report discontinued operations.

 

4

 

Quarterly Consolidated Balance Sheets

(Dollars in thousands except per share data)

 

		2008						2007
		June 30			March 31			December 31			September 30			June 30
Assets
Investment in real estate:
Land - operational		$	420,182		$	416,632		$	416,711		$	415,061		$	414,870
Land - development		208,742			210,449			214,696			218,890			205,887
Construction in progress		247,422			198,514			181,316			193,081			163,811
Buildings and improvements		2,145,700			2,095,178			2,079,963			2,029,300			1,996,094
Less: accumulated depreciation		(320,879		)	(303,709		)	(288,747		)	(270,899		)	(255,571		)
Net investment in real estate		2,701,167			2,617,064			2,603,939			2,585,433			2,525,091
Cash and cash equivalents		12,857			37,607			24,638			21,895			15,123
Restricted cash		23,066			16,712			15,121			16,874			20,482
Accounts receivable, net		23,452			19,832			24,831			20,680			18,826
Deferred rent receivable		59,238			56,330			53,631			50,891			47,579
Intangible assets on real estate acquisitions, net		104,136			102,647			108,661			116,368			123,861
Deferred charges, net		48,620			48,231			49,051			46,019			47,292
Prepaid and other assets		37,934			38,321			51,981			57,863			56,475
Total assets		$	3,010,470		$	2,936,744		$	2,931,853		$	2,916,023		$	2,854,729
Liabilities and shareholders’ equity
Liabilities:
Mortgage and other loans payable		$	1,704,351		$	1,645,968		$	1,625,842		$	1,599,912		$	1,552,478
3.5% Exchangeable Senior Notes		200,000			200,000			200,000			200,000			200,000
Accounts payable and accrued expenses		82,526			66,210			75,535			80,281			61,018
Rents received in advance and security deposits		32,569			33,169			31,234			25,568			27,967
Dividends and distributions payable		22,548			22,519			22,441			22,433			20,754
Deferred revenue associated with acquired operating leases		12,762			10,665			11,530			12,475			13,522
Distributions in excess of investment in unconsolidated real estate joint ventures		4,506			4,215			4,246			4,124			3,852
Other liabilities		8,820			10,171			8,288			6,855			6,618
Total liabilities		2,068,082			1,992,917			1,979,116			1,951,648			1,886,209
Minority interests:
Common units in the Operating Partnership		111,033			111,904			114,127			115,837			119,297
Preferred units in the Operating Partnership		8,800			8,800			8,800			8,800			8,800
Other consolidated real estate joint ventures		10,259			8,421			7,168			6,970			2,654
Total minority interests		130,092			129,125			130,095			131,607			130,751
Commitments and contingencies		—			—			—			—			—
Shareholders’ equity:
Preferred Shares ($0.01 par value; 15,000,000 authorized)		81			81			81			81			81
Common Shares of beneficial interest ($0.01 par value; 75,000,000 authorized, 47,701,812 shares issued as of June 30, 2008)		477			476			474			473			472
Additional paid-in capital		956,683			953,473			950,615			949,392			944,818
Cumulative distributions in excess of net income		(142,330		)	(134,960		)	(126,156		)	(115,963		)	(107,277		)
Accumulated other comprehensive loss		(2,615		)	(4,368		)	(2,372		)	(1,215		)	(325		)
Total shareholders’ equity		812,296			814,702			822,642			832,768			837,769
Total shareholders’ equity and minority interests		942,388			943,827			952,737			964,375			968,520
Total liabilities and shareholders’ equity		$	3,010,470		$	2,936,744		$	2,931,853		$	2,916,023		$	2,854,729

 

Note:  The above presentation does not separately report discontinued operations.

 

5

 

Quarterly Consolidated Statements of Operations

(Dollars and units in thousands)

 

		2008						2007
		June 30			March 31			December 31			September 30			June 30
Revenues
Rental revenue		$	83,154		$	81,710		$	81,046		$	80,038		$	78,337
Tenant recoveries and other real estate operations revenue		14,957			15,441			13,521			14,064			12,037
Construction contract revenues		14,619			8,514			7,716			10,047			10,620
Other service operations revenues		525			478			782			910			1,073
Total revenues		113,255			106,143			103,065			105,059			102,067
Expenses
Property operating expenses		33,957			34,542			31,090			31,577			29,032
Depreciation and amortization associated with real estate operations		24,955			24,892			25,889			26,025			26,834
Construction contract expenses		14,192			8,283			7,597			9,507			10,136
Other service operations expenses		454			602			733			806			1,126
General and administrative expenses		6,036			5,933			5,758			5,743			5,326
Total operating expenses		79,594			74,252			71,067			73,658			72,454
Operating income		33,661			31,891			31,998			31,401			29,613
Interest expense		(19,437		)	(20,309		)	(20,719		)	(20,968		)	(20,437		)
Amortization of deferred financing costs		(910		)	(803		)	(970		)	(901		)	(921		)
Gain on sales of non-real estate investments		5			46			—			—			1,033
Income from continuing operations before equity in loss of unconsolidated entities, income taxes and minority interests		13,319			10,825			10,309			9,532			9,288
Equity in loss of unconsolidated entities		(56		)	(54		)	(27		)	(46		)	(57		)
Income tax benefit (expense)		107			(112		)	(89		)	(197		)	(178		)
Income from continuing operations before minority interests		13,370			10,659			10,193			9,289			9,053
Minority interest in income from continuing operations
Common units in the Operating Partnership		(1,378		)	(987		)	(916		)	(789		)	(807		)
Preferred units in the Operating Partnership		(165		)	(165		)	(165		)	(165		)	(165		)
Other consolidated entities		(120		)	14			32			12			31
Income from continuing operations		11,707			9,521			9,144			8,347			8,112
Income (loss) from discontinued operations, net of minority interests		1,115			1,072			424			2,046			(396		)
Income before gain on sales of real estate		12,822			10,593			9,568			10,393			7,716
Gain on sales of real estate, net of income taxes and minority interests		31			802			361			1,038			161
Net income		12,853			11,395			9,929			11,431			7,877
Preferred share dividends		(4,026		)	(4,025		)	(4,025		)	(4,025		)	(4,025		)
Net income available to common shareholders		$	8,827		$	7,370		$	5,904		$	7,406		$	3,852
For EPS Computations:
Numerator for Dilutive EPS		$	8,827		$	7,370		$	5,904		$	7,406		$	3,852
Denominator:
Weighted average common shares - basic		47,110			47,001			46,947			46,781			46,686
Dilutive effect of share-based compensation awards		888			765			914			1,005			1,105
Weighted average common shares - diluted		47,998			47,766			47,861			47,786			47,791
Earnings per diluted share		$	0.18		$	0.15		$	0.12		$	0.15		$	0.08

 

6

 

Quarterly Consolidated Reconciliations of Funds From Operations (FFO), Adjusted Funds From

Operations (AFFO) and Earnings per diluted share, as adjusted

(Dollars in thousands)

 

		2008						2007
		June 30			March 31			December 31			September 30			June 30
Net income		$	12,853		$	11,395		$	9,929		$	11,431		$	7,877
Combined real estate related depreciation and other amortization		24,955			24,944			26,607			26,266			27,087
Depreciation and amortization of unconsolidated real estate entities		163			164			163			166			169
Depreciation and amortization allocable to minority interests in other consol. entities		(75		)	(49		)	(51		)	(48		)	(47		)
(Gain) loss on sales of real estate properties, excluding development, net of income taxes		(1,250		)	(1,380		)	(1,049		)	(2,789		)	11
Funds from operations (FFO)		36,646			35,074			35,599			35,026			35,097
Minority interest - common units, gross		1,585			1,324			1,258			1,351			765
Preferred share dividends		(4,026		)	(4,025		)	(4,025		)	(4,025		)	(4,025		)
Funds from operations (FFO) - basic & diluted		34,205			32,373			32,832			32,352			31,837
Straight line rent adjustments		(2,778		)	(2,656		)	(2,680		)	(3,247		)	(3,224		)
Amortization of deferred market rental revenue		(458		)	(445		)	(416		)	(585		)	(473		)
Recurring capital expenditures		(5,821		)	(4,782		)	(6,504		)	(4,664		)	(6,526		)
Adjusted funds from operations (AFFO) - diluted		$	25,148		$	24,490		$	23,232		$	23,856		$	21,614
Preferred dividends		$	4,026		$	4,025		$	4,025		$	4,025		$	4,025
Preferred distributions		165			165			165			165			165
Common distributions		2,772			2,771			2,777			2,777			2,574
Common dividends		16,197			16,173			16,097			16,092			14,613
Total dividends/distributions		$	23,160		$	23,134		$	23,064		$	23,059		$	21,377
Denominator for earnings per share - diluted		47,998			47,766			47,861			47,786			47,791
Common units		8,151			8,154			8,167			8,297			8,313
Denominator for funds from operations per share - diluted		56,149			55,920			56,028			56,083			56,104

 

7

 

Quarterly Consolidated Reconciliations of Earnings Before Interest, Income Taxes, Depreciation and Amortization (EBITDA),

Combined Net Operating Income (NOI), Discontinued Operations and Gains on Sales of Real Estate

(Dollars in thousands)

 

		2008						2007
		June 30			March 31			December 31			September 30			June 30
Net income		$	12,853		$	11,395		$	9,929		$	11,431		$	7,877
Combined interest expense		19,447			20,350			20,799			21,145			21,074
Combined amortization of deferred financing costs		910			803			970			901			921
Combined income tax (benefit) expense (1)		(102		)	685			1,201			197			181
Depreciation of furniture, fixtures and equipment FF&E		392			384			358			339			342
Combined real estate related depreciation and other amortization		24,955			24,944			26,607			26,266			27,087
Minority interest - preferred units		165			165			165			165			165
Minority interest - other consolidated entities		122			100			(32		)	(12		)	(31		)
Minority interest - common units, gross		1,585			1,324			1,258			1,351			765
Earnings before interest, income taxes, depreciation and amortization (EBITDA)		$	60,327		$	60,150		$	61,255		$	61,783		$	58,381
Add back:
General and administrative		6,036			5,933			5,758			5,743			5,326
Depreciation of FF&E included in general and administrative expense		(392		)	(384		)	(358		)	(339		)	(342		)
Income from service operations		(498		)	(107		)	(168		)	(644		)	(431		)
(Gain) loss on sales of depreciated real estate properties		(1,250		)	(1,276		)	(1,093		)	(2,789		)	11
Gain on sale of non-real estate investments		(5		)	(46		)	—			—			(1,033		)
Non-operational property sales and real estate services		(46		)	(1,632		)	(1,687		)	(1,227		)	(194		)
Equity in loss of unconsolidated entities		56			54			27			46			57
Combined net operating income (NOI)		$	64,228		$	62,692		$	63,734		$	62,573		$	61,775
Discontinued Operations
Revenues from real estate operations		$	85		$	270		$	549		$	736		$	796
Property operating expenses		(11		)	(187		)	(292		)	(688		)	(363		)
Depreciation and amortization		—			(52		)	(718		)	(241		)	(253		)
Income taxes		—			—			(44		)	—			—
Interest		(10		)	(41		)	(80		)	(177		)	(637		)
Gain (loss) on sales of depreciated real estate properties		1,250			1,276			1,093			2,789			(11		)
Income (loss) from discontinued operations		1,314			1,266			508			2,419			(468		)
Minority interests in discontinued operations		(199		)	(194		)	(84		)	(373		)	72
Income (loss) from discontinued operations, net of minority interests		$	1,115		$	1,072		$	424		$	2,046		$	(396	)
Gain on sales of real estate, net, per statements of operations		$	31		$	802		$	361		$	1,038		$	161
Add income taxes and minority interest		15			830			1,326			189			33
Gain (loss) on sales of real estate from discontinued operations		1,250			1,276			1,093			2,789			(11		)
Combined gain (loss) on sales of real estate		1,296			2,908			2,780			4,016			183
Non-operational property sales and real estate services		(46		)	(1,632		)	(1,687		)	(1,227		)	(194		)
Gain (loss) on sales of depreciated real estate properties		$	1,250		$	1,276		$	1,093		$	2,789		$	(11	)

 

(1)

Includes income taxes from continuing operations, discontinued operations and gains on other sales of real estate (see components on page 36).

 

8