As of March 31, the company's funds from operations is expected to be in therange of 37 cents to 38 cents per share. This includes nearly 12 cents pershare of costs incurred during the quarter relating to the unsolicitedhostile tender offer by Simon Property Group and Westfield America Trust.
The company's operating results for the quarter were driven by a nearly 2% year-over-year occupancy increase as well as an 8-cent per shareincrease in lease cancellation revenue. The company does not anticipatethese lease cancellations to materially impact the forecasted occupancy for2003.
The company also announced that it's establishing 2003 net income/loss percommon share guidance (excluding costs related to the hostile tender offer)as well as increasing previously announced guidance for 2003 FFO per shareexcluding such costs. Net loss per common share for 2003 excluding costsrelated to the hostile tender offer is expected to be in the range of 13cents to 26 cents.
For the year, FFO per share excluding costs related to the hostile tenderoffer is expected to be in the range of $1.80 to $1.84, an increase of 5cents for the range. These estimates assume completion of the previouslyannounced $103 million share repurchase program during 2003.
The company will release actual results along with its SupplementalInformation Package on May 9.
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